Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

NATURAL RESOURCE PARTNERS L.P. 

NRP FINANCE CORPORATION 

$300,000,000 
 9.125% Senior Notes
due 2018 
 Purchase Agreement 

September 13, 2013 
 Citigroup Global Markets
Inc. 
 As Representative of the Initial Purchasers 
 c/o
Citigroup Global Markets Inc. 
 388 Greenwich Street 
 New
York, New York 10013 
 Ladies and Gentlemen: 

Natural Resource Partners L.P., a limited partnership organized under the laws of Delaware (the “Partnership”), and
NRP Finance Corporation, a corporation organized under the laws of Delaware (the “Co-Issuer” and, together with the Partnership, the “Issuers”), propose to issue and sell to the several parties named
in Schedule I hereto (the “Initial Purchasers”), for whom you are acting as representative (the “Representative”), $300,000,000 principal amount of their 9.125% Senior Notes due 2018 (the
“Securities”). The Securities are to be issued under an indenture (the “Indenture”), to be dated as of the Closing Date, between the Issuers and Wells Fargo Bank, National Association, as trustee (the
“Trustee”). The Securities will have the benefit of a registration rights agreement (the “Registration Rights Agreement”) to be dated as of the Closing Date (as defined below), among the Issuers and
the Initial Purchasers, pursuant to which the Issuers will agree will agree to file with the Securities and Exchange Commission (the “Commission”) (i) a registration statement under the Securities Act of 1933, as amended
(the “Act”), relating to another series of debt securities of the Issuers with terms substantially identical to the Securities (the “Exchange Notes”) to be offered in exchange for the Securities (the
“Exchange Offer”), and (ii) to the extent required by the Registration Rights Agreement, a shelf registration statement pursuant to Rule 415 of the Act relating to the resale by certain holders of the Securities, and in
each case, to use their commercially reasonable efforts to cause such registration statements to be declared effective. The use of the neuter in this purchase agreement (the “Agreement”) shall include the feminine and
masculine wherever appropriate. Certain terms used herein are defined in Section 22 hereof. 
 GP Natural Resource
Partners LLC, a Delaware limited liability company (the “Managing General Partner”), is the general partner of NRP (GP) LP, a Delaware limited partnership (the “General Partner”), which in turn is the
general partner of the Partnership. The Partnership owns its subsidiaries, other than the Co-Issuer and NRP Oil and Gas LLC, a  

 
Delaware limited liability company (“NRP Oil and Gas”), through a wholly owned operating company, NRP (Operating) LLC, a Delaware limited liability company (the “Operating
Company”). 
 The sale of the Securities to the Initial Purchasers will be made without registration of the
Securities under the Act in reliance upon exemptions from the registration requirements of the Act. 
 In connection with the sale of the
Securities, the Issuers have prepared a preliminary offering memorandum, dated September 6, 2013 (as amended or supplemented at the date thereof, including any and all exhibits thereto and any information incorporated by reference therein, the
“Preliminary Memorandum”), and a final offering memorandum, dated September 13, 2013 (as amended or supplemented at the Execution Time, including any and all exhibits thereto and any information incorporated by reference
therein, the “Final Memorandum”). Each of the Preliminary Memorandum and the Final Memorandum sets forth certain information concerning the Issuers and the Securities. Each of the Issuers hereby confirms that they have
authorized the use of the Disclosure Package, the Preliminary Memorandum and the Final Memorandum, and any amendment or supplement thereto, in connection with the offer and sale of the Securities by the Initial Purchasers. Unless stated to the
contrary, any references herein to the terms “amend,” “amendment” or “supplement” with respect to the Final Memorandum shall be deemed to refer to and include any information filed under the Exchange Act subsequent to
the Execution Time that is incorporated by reference therein. 
 1. Representations and Warranties. The Issuers jointly and severally
represent and warrant to, and agree with, each Initial Purchaser as set forth below in this Section 1. 
 (a) The Preliminary
Memorandum, at the date thereof, did not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading. At
the Execution Time and on the Closing Date, the Final Memorandum did not and will not (and any amendment or supplement thereto, at the date thereof and at the Closing Date will not) contain any untrue statement of a material fact or omit to state
any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that the Issuers make no representation or warranty as to the information contained in or
omitted from the Preliminary Memorandum or the Final Memorandum, or any amendment or supplement thereto, in reliance upon and in conformity with information furnished in writing to the Issuers by or on behalf of the Initial Purchasers through the
Representative specifically for inclusion therein, it being understood and agreed that the only such information furnished by or on behalf of any Initial Purchaser consists of the information described as such in Section 8(b) hereof. 

(b) As of the Execution Time, (i) the Disclosure Package and (ii) each electronic road show, when taken together as a whole with the
Disclosure Package, does not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. The
preceding sentence does not apply to statements in or omissions from the Disclosure Package based upon and in conformity with written information furnished to the Issuers 

  
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by any Initial Purchaser through the Representative specifically for use therein, it being understood and agreed that the only such information furnished by or on behalf of any Initial Purchaser
consists of the information described as such in Section 8(b) hereof. 
 (c) None of the Issuers, their Affiliates, or any person
acting on their behalf (other than the Initial Purchasers, as to whom the Issuers make no representation or warranty) has, directly or indirectly, made offers or sales of any security, or solicited offers to buy, any security under circumstances
that would require the registration of the Securities under the Act. 
 (d) None of the Issuers, their Affiliates, or any person acting on
their behalf has (i) engaged in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with any offer or sale of the Securities or (ii) engaged in any directed selling efforts
(within the meaning of Regulation S) with respect to the Securities; and each of the Issuers, their Affiliates and each person acting on its or their behalf has complied with the offering restrictions requirement of Regulation S. 

(e) The Securities satisfy the eligibility requirements of Rule 144A(d)(3) under the Act. 

(f) Subject to compliance by the Initial Purchasers with the representations, warranties and covenants set forth in Sections 4 and 5 hereof,
no registration under the Act of the Securities is required for the offer and sale of the Securities to or by the Initial Purchasers in the manner contemplated herein, in the Disclosure Package and the Final Memorandum. 

(g) Neither Issuer is required, and after giving effect to the offering and sale of the Securities and the application of the proceeds thereof
as described in the Disclosure Package and the Final Memorandum, neither Issuer will be required to register as, an “investment company” as defined in the Investment Company Act. 

(h) The Issuers have not paid or agreed to pay to any person any compensation for soliciting another to purchase any securities of the Issuers
(except as described in the Offering Memorandum). 
 (i) The Issuers have not taken, directly or indirectly, any action designed to or that
has constituted or that might reasonably be expected to cause or result, under the Exchange Act or otherwise, in stabilization or manipulation of the price of any security of the Issuers to facilitate the sale or resale of the Securities. 

(j) Each of the Managing General Partner, the General Partner, the Partnership, the Co-Issuer, NRP Oil and Gas, the Operating Company and
their respective subsidiaries listed on Annex A hereto (collectively, the “Partnership Group,” and the subsidiaries listed on Annex A hereto, the “Operating Subsidiaries”) has been duly formed or
incorporated, as applicable, and is validly existing in good standing under the laws of its jurisdiction of formation or incorporation, as applicable, with all limited liability company, corporate or limited partnership power and authority necessary
to own or hold its properties and to conduct the businesses in which it is engaged, and, in the case of the Managing General Partner, to act as the general partner of the General Partner, and in the case of the General Partner, to act as the general
partner of the Partnership, in each case in all material respects as described in the Disclosure Package and the 

  
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Final Memorandum. Each member of the Partnership Group is duly registered or qualified as a foreign limited liability company, corporation or limited partnership, as the case may be, for the
transaction of business under the laws of each jurisdiction listed opposite its name on Annex A hereto, such jurisdictions being the only jurisdictions in which the ownership or lease of property or the character of the business conducted by it
makes such qualification or registration necessary, except where the failure so to register or qualify would not have a material adverse effect on the condition (financial or otherwise), business, prospects, assets or results of operations of the
Partnership Group, taken as a whole, whether or not arising from transactions in the ordinary course of business (a “Material Adverse Effect”). 

(k) The General Partner is the sole general partner of the Partnership with a 2.0% general partner interest in the Partnership; such general
partner interest has been duly authorized and validly issued in accordance with the partnership agreement of the Partnership, as amended or restated to date (the “Partnership Agreement”); and the General Partner owns such
general partner interest free and clear of all liens, encumbrances, security interests, equities, charges or claims (“Liens”). 

(l) Robertson Coal Management LLC, a Delaware limited liability company (“RCM LLC”), owns 100% of the issued and outstanding
membership interests in the Managing General Partner; such membership interests have been duly authorized and validly issued in accordance with the limited liability company agreement of the Managing General Partner, as amended to date (the
“Managing General Partner LLC Agreement”), and are fully paid (to the extent required under the Managing General Partner LLC Agreement) and nonassessable (except as such nonassessability may be affected by Sections 18-607 and
18-804 of the Delaware Limited Liability Company Act (the “Delaware LLC Act”); and RCM LLC owns such membership interests free and clear of all Liens. 

(m) The Managing General Partner is the sole general partner of the General Partner with a 0.001% general partner interest in the General
Partner; such general partner interest has been duly authorized and validly issued in accordance with the partnership agreement of the General Partner, as amended or restated to date (the “General Partner Partnership
Agreement”); and the Managing General Partner owns such general partner interest free and clear of all Liens. 
 (n) Other than
(i) the Partnership’s ownership of 100% of the outstanding capital stock of the Co-Issuer, a 100% ownership interest in NRP Oil and Gas and a 100% membership interest in the Operating Company, (ii) the Operating Company’s
ownership of a direct or indirect 100% membership interest in each of the Operating Subsidiaries and a 51.0% member interest in BRP LLC, a Delaware limited liability company (“BRP”), (iii) BRP’s ownership of a 100%
membership interest in CoVal Leasing Company, LLC, and (iv) NRP Trona LLC’s, a Delaware limited liability company, ownership of a 49% general partner interest in OCI Wyoming L.P., a Delaware limited partnership (“OCI
LP”), neither the Partnership nor the Operating Company owns, directly or indirectly, any equity or long-term debt securities of any corporation, partnership, limited liability company, joint venture, association or other entity. Other
than its ownership of its partnership interests in the Partnership, the General Partner does not own, directly or indirectly, any equity or long-term debt securities of any corporation, partnership, limited liability company, joint venture,
association or other entity. 

  
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 (o) All of the partnership interests of the Partnership have been duly authorized and validly
issued in accordance with the Partnership Agreement and are fully paid (to the extent required under the Partnership Agreement) and nonassessable (except as such nonassessability may be affected by Sections 17-303, 17-607 and 17-804 of the Delaware
LP Act and as otherwise set forth in the Disclosure Package and the Final Memorandum). 
 (p) The statements in the Preliminary Memorandum
and the Final Memorandum under the headings “Certain Relationships and Related Party Transactions,” “Description of Other Indebtedness,” “Description of Notes,” “Certain United States Federal Income and Estate Tax
Considerations” and “Exchange Offer; Registration Rights” fairly summarize in all material respects the matters described therein. 

(q) This Agreement and the Registration Rights Agreement have been duly authorized, executed and delivered by the Issuers; the Indenture has
been duly authorized by the Issuers and, assuming due authorization, execution and delivery thereof by the Trustee, when executed and delivered by the Issuers, will constitute a legal, valid, binding instrument enforceable against the Issuers in
accordance with its terms (subject, as to the enforcement of remedies, to (i) applicable bankruptcy, reorganization, insolvency, moratorium or other laws affecting creditors’ rights generally from time to time in effect and to general
principles of equity and (ii) public policy, applicable law relating to fiduciary duties and indemnification and an implied covenant of good faith and fair dealing); and the Securities have been duly authorized, and, when executed and
authenticated in accordance with the provisions of the Indenture and delivered to and paid for by the Initial Purchasers, will have been duly executed and delivered by the Issuers and will constitute the legal, valid and binding obligations of the
Issuers entitled to the benefits of the Indenture (subject, as to the enforcement of remedies, to (i) applicable bankruptcy, reorganization, insolvency, moratorium or other laws affecting creditors’ rights generally from time to time in
effect and to general principles of equity and (ii) public policy, applicable law relating to fiduciary duties and indemnification and an implied covenant of good faith and fair dealing). 

(r) No consent, approval, authorization, filing with or order of any court or governmental agency or body is required in connection with the
transactions contemplated herein, in the Registration Rights Agreement or in the Indenture, except such as may be required under the blue sky laws of any jurisdiction in which the Securities are offered and sold and, in the case of the Indenture and
the Registration Rights Agreement, such as will be made or obtained under the Act and the Trust Indenture Act. 
 (s) None of the execution
and delivery of this Agreement, the Registration Rights Agreement or the Indenture, the issuance and sale of the Securities, or the consummation of any other of the transactions herein or therein contemplated, or the fulfillment of the terms hereof
or thereof will conflict with, result in a breach or violation or imposition of any lien, charge or encumbrance upon any property or assets of the Partnership or any of its subsidiaries pursuant to, (i) the charter or by-laws or comparable
constituting documents of the Partnership or any of its subsidiaries; (ii) the terms of any indenture, contract, lease, mortgage, deed of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to
which the Partnership or any of its subsidiaries is a party or bound or to which its or their property is subject; or (iii) any statute, law, rule, regulation, judgment, order or decree of any court, regulatory body, administrative agency,
governmental body, arbitrator or other authority having jurisdiction over the Partnership or any of its subsidiaries or any of its or their properties. 

  
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 (t) The consolidated historical financial statements and schedules of the Partnership and its
consolidated subsidiaries and, to the Issuer’s knowledge, OCI Wyoming Co., a Delaware corporation (“OCI Co”), OCI LP and their consolidated subsidiaries included or incorporated by reference in the Disclosure Package and the Final
Memorandum present fairly the financial condition, results of operations and cash flows of the Partnership, OCI Co and OCI LP as of the dates and for the periods indicated, comply as to form with the applicable accounting requirements of Regulation
S-X and have been prepared in conformity with generally accepted accounting principles in the United States applied on a consistent basis throughout the periods involved (except as otherwise noted therein). The selected financial data set forth
under the caption “Selected Historical Financial Data” in the Preliminary Memorandum and the Final Memorandum fairly present, on the basis stated in the Preliminary Memorandum and the Final Memorandum, the information included therein.

 (u) No action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving any member
of the Partnership Group or any subsidiaries of the Partnership or its or their property is pending or, to the knowledge of the Issuers, threatened that (i) could reasonably be expected to have a material adverse effect on the performance of
this Agreement, the Indenture or the Registration Rights Agreement or the consummation of any of the transactions contemplated hereby or thereby or (ii) could reasonably be expected to have a Material Adverse Effect, except as set forth in or
contemplated in the Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement thereto). 
 (v) The Operating
Company and the Operating Subsidiaries have good and indefeasible title to all real property and good title to all personal property described in the Disclosure Package and the Final Memorandum, free and clear of all Liens except (1) as
described, and subject to the limitations contained, in the Disclosure Package and the Final Memorandum or (2) such as do not materially interfere with the use of such properties taken as a whole as they are currently used and are proposed to
be used in the future as described in the Disclosure Package and the Final Memorandum; provided that, with respect to any real property and buildings held under lease by the Operating Company and the Operating Subsidiaries, such real property and
buildings are held under valid and subsisting and enforceable leases with such exceptions as do not materially interfere with the use of such properties taken as a whole as they have been used in the past and are proposed to be used in the future as
described in the Disclosure Package and the Final Memorandum. 
 (w) No member of the Partnership Group is (i) in violation of its
organizational documents, (ii) in violation of any law, statute, ordinance, administrative or governmental rule or regulation applicable to it or of any order, judgment, decree or injunction of any court or governmental agency or body having
jurisdiction over it, or (iii) in breach, default (and no event that, with notice or lapse of time or both, would constitute such a default has occurred or is continuing) or violation in the performance of any obligation, agreement or condition
contained in any bond, debenture, note or any other evidence of indebtedness or in any agreement, indenture, lease or other instrument to which it is a party or by which it or any of its 

  
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properties may be bound, which breach, default or violation, in the case of clause (ii) or (iii), would, if continued, have a Material Adverse Effect, or would materially impair the
ability of the Issuers to perform their obligations under this Agreement. To the knowledge of the Partnership, no third party to any indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which any member of
the Partnership Group is a party or by which any of them are bound or to which any of their properties are subject, is in default under any such agreement, which breach, default or violation would, if continued, have a Material Adverse Effect. 

(x) Ernst & Young LLP, who have certified certain financial statements of the Partnership and its consolidated
subsidiaries and delivered their report with respect to the audited consolidated financial statements and schedules included or incorporated by reference in the Disclosure Package and the Final Memorandum, are independent public accountants with
respect to the Partnership within the meaning of the Act and the applicable rules and regulations thereunder adopted by the Commission and the Public Company Accounting Oversight Board (United States) (the “PCAOB”).

 (y) To the Issuers’ knowledge, Deloitte & Touche LLP, who have certified certain financial statements of OCI Co,
OCI LP and their consolidated subsidiaries and delivered their report with respect to the audited consolidated financial statements and schedules included or incorporated by reference in the Disclosure Package and the Final Memorandum, are
independent public accountants with respect to each of OCI Co and OCI LP within the meaning of the Act and the applicable rules and regulations thereunder adopted by the Commission and the PCAOB. 

(z) There are no stamp or other issuance or transfer taxes or duties or other similar fees or charges required to be paid in connection with
the execution and delivery of this Agreement or the issuance or sale of the Securities. 
 (aa) Each member of the Partnership Group has
filed (or has obtained extensions with respect to) all material federal, state and foreign income and franchise tax returns required to be filed through the date of this Agreement, which returns are complete and correct in all material respects, and
has timely paid all taxes shown to be due, if any, pursuant to such returns, other than those (i) that are being contested in good faith and for which adequate reserves have been established in accordance with generally accepted accounting
principles or (ii) that, if not paid, would not have a Material Adverse Effect. 
 (bb) No dispute with the employees of any member of
the Partnership Group exists or, to the knowledge of the Issuers, is threatened or imminent and the Issuers are not aware of any existing or imminent labor disturbance by the employees of any of the lessees of the Partnership Group that would be
reasonably likely to have a Material Adverse Effect. 
 (cc) No subsidiary of the Partnership is currently prohibited, directly or
indirectly, from paying any dividends to the Partnership, from making any other distribution on such subsidiary’s capital stock, from repaying to the Partnership any loans or advances to such subsidiary from the Partnership or from transferring
any of such subsidiary’s property or assets to the Partnership or any other subsidiary of the Partnership, except pursuant to the Operating Company’s term loan facility, revolving credit facility and existing senior notes, pursuant to NRP
Oil and Gas’s revolving credit facility and as described in or contemplated in the Disclosure Package or the Final Memorandum. 

  
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 (dd) The Partnership Group maintains insurance with insurers of recognized financial
responsibility covering their properties, operations, personnel and businesses against such losses and risks and in such amounts as are reasonably adequate to protect them and their businesses in a manner consistent with other businesses similarly
situated. No member of the Partnership Group has received notice from any insurer or agent of such insurer that substantial capital improvements or other expenditures will have to be made in order to continue such insurance. All such insurance is
outstanding and duly in force on the date hereof and will be outstanding and duly in force on the Closing Date. Each member of the Partnership Group is in compliance with the terms of such policies and instruments in all material respects; and there
are no material claims by any member of the Partnership Group under any such policy or instrument as to which any insurance company is denying liability or defending under a reservation of rights clause. 

(ee) Each member of the Partnership Group has such permits, consents, licenses, franchises, certificates and authorizations of governmental or
regulatory authorities (“permits”) as are necessary to own or lease its properties and to conduct its business in the manner described in the Disclosure Package and the Final Memorandum, subject to such qualifications as may be set
forth in the Disclosure Package and the Final Memorandum and except for such permits that, if not obtained, would not have, individually or in the aggregate, a Material Adverse Effect; each member of the Partnership Group has fulfilled and performed
all its material obligations with respect to such permits in the manner described, and subject to the limitations contained, in the Disclosure Package and the Final Memorandum and no event has occurred that would prevent the permits from being
renewed or reissued or that allows, or after notice or lapse of time would allow, revocation or termination thereof or results or would result in any impairment of the rights of the holder of any such permit, except for such non-renewals,
non-issues, revocations, terminations and impairments that would not, individually or in the aggregate, have a Material Adverse Effect. 

(ff) The Partnership (i) makes and keeps books, records and accounts that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of assets and (ii) maintains and has maintained effective internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act and a system of internal accounting controls
sufficient to provide reasonable assurances that (A) transactions are executed in accordance with management’s general or specific authorization; (B) transactions are recorded as necessary to permit preparation of financial statements
in conformity with generally accepted accounting principles and to maintain accountability for assets; (C) access to assets is permitted only in accordance with management’s general or specific authorization; and (D) the recorded
accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The Partnership’s internal controls over financial reporting are effective and the Partnership
is not aware of any material weakness in its internal control over financial reporting. 
 (gg) The Partnership has established and
maintains disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), (ii)

  
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such disclosure controls and procedures are designed to ensure that the information required to be disclosed by the Partnership in the reports its files or submits under the Exchange Act is
accumulated and communicated to the management of the Partnership, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure to be made and (iii) such
disclosure controls and procedures are effective in all material respects to perform the functions for which they were established. 
 (hh)
Except as described in the Disclosure Package and the Final Memorandum, the entities comprising the Partnership Group (i) are in compliance with any and all applicable federal, state and local laws and regulations relating to the protection of
human health and safety and the environment or imposing liability or standards of conduct concerning any Hazardous Materials (as defined below) (“Environmental Laws”), (ii) have received all permits required of them
under applicable Environmental Laws to conduct their respective businesses, (iii) are in compliance with all terms and conditions of any such permits and (iv) do not have any liability in connection with the release into the environment of
any Hazardous Material, except where such noncompliance with Environmental Laws, failure to receive required permits, failure to comply with the terms and conditions of such permits or liability in connection with such releases would not,
individually or in the aggregate, have a Material Adverse Effect. The term “Hazardous Material” means (A) any “hazardous substance” as defined in the Comprehensive Environmental Response, Compensation and
Liability Act of 1980, as amended, (B) any “hazardous waste” as defined in the Resource Conservation and Recovery Act, as amended, (C) any petroleum or petroleum product, (D) any polychlorinated biphenyl and (E) any
pollutant or contaminant or hazardous, dangerous or toxic chemical, material, waste or substance regulated under or within the meaning of any other Environmental Law. 

(ii) No member of the Partnership Group or any ERISA Affiliate (as defined below) has, or is reasonably expected to incur, any material
liability under Title IV of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and the regulations and published interpretations thereunder with respect to any employee benefit plan (within the meaning of
Section 3(3) of ERISA). “ERISA Affiliates” means the General Partner and each of its subsidiaries. 
 (jj) The
operations of each member of the Partnership Group and, to the knowledge of the Partnership, OCI LP are and have been conducted at all times in compliance with applicable financial recordkeeping and reporting requirements and the money laundering
statutes and the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Money Laundering Laws”) and no action, suit or
proceeding by or before any court or governmental agency, authority or body or any arbitrator involving any member of the Partnership Group or, to the knowledge of the Partnership, OCI LP with respect to the Money Laundering Laws is pending or, to
the knowledge of the Partnership, threatened. 
 (kk) No member of the Partnership Group nor, to the knowledge of the Partnership, OCI LP or
any director, officer, agent or employee of any member of the Partnership Group (i) is currently subject to any sanctions administered imposed by the United States (including any administered or enforced by the Office of Foreign Assets Control
of the U.S. Treasury Department (“OFAC”) or (ii) will, directly or indirectly, use the proceeds of this offering, 

  
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or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person in any manner that will result in a violation of any economic sanctions
imposed by the United States (including any administered or enforced by OFAC, the U.S. Department of State, or the Bureau of Industry and Security of the U.S. Department of Commerce), the United Nations Security Council, the European Union, or the
United Kingdom (including sanctions administered or controlled by Her Majesty’s Treasury) (collectively, “Sanctions” and such persons, “Sanction Persons”) by, or could result in the imposition of
Sanctions against, any person (including any person participating in the offering, whether as underwriter, advisor, investor or otherwise). 

(ll) No member of the Partnership Group nor, to the knowledge of the Partnership, OCI LP or any director, officer, agent or
employee of any member of the Partnership Group, is a person that is, or is 50% or more owned or otherwise controlled by a person that is: (i) the subject of any Sanctions; or (ii) located, organized or resident in a country or territory
that is, or whose government is, the subject of Sanctions that broadly prohibit dealings with that country or territory (currently, Cuba, Iran, North Korea, Sudan, and Syria) (collectively, “Sanctioned Countries” and each, a
“Sanctioned Country”). 
 (mm) Except as has been disclosed to the Initial Purchasers or is not
material to the analysis under any Sanctions, no member of the Partnership Group or, to the knowledge of the Partnership, OCI LP has engaged in any dealings or transactions with or for the benefit of a Sanctioned Person, or with or in a Sanctioned
Country, in the preceding 3 years, nor does any member of the Partnership Group or, to the knowledge of the Partnership, OCI LP have any plans to increase its dealings or transactions with Sanctioned Persons, or with or in Sanctioned Countries. 

(nn) There is and has been no failure on the part of the Partnership and any of the Partnership’s directors or officers, in their
capacities as such, to comply in all material respects with the applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith (the “Sarbanes-Oxley Act”), including
Section 402 relating to loans and Sections 302 and 906 relating to certifications. 
 (oo) No member of the Partnership Group nor, to
the knowledge of the Partnership, OCI LP or any director, officer, agent or employee of any member of the Partnership Group is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of the Foreign
Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the “FCPA”), including, without limitation, making use of the mails or any means or instrumentality of interstate commerce corruptly in furtherance of an
offer, payment, promise to pay or authorization of the payment of any money, or other property, gift, promise to give, or authorization of the giving of anything of value to any “foreign official” (as such term is defined in the FCPA) or
any foreign political party or official thereof or any candidate for foreign political office, in contravention of the FCPA; and each member of the Partnership Group and, to the knowledge of the Partnership, OCI LP have conducted their businesses in
compliance with the FCPA and have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to ensure, continued compliance therewith. 

  
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 (pp) All information related to the coal reserves of the Partnership Group (including, without
limitation, information related to (x) proven, probable and total recoverable coal reserves in the aggregate and by region and mining complex location, (y) underground and surface coal reserves, and (z) sulfur quality (including with
respect to compliance coal), typical quality and type of coal) included in the Disclosure Package as of the Execution Time and the Final Memorandum as of its date and the Closing Date (the “Coal Reserve Information”), was and
is accurate in all material respects as of the date with respect to which such information is given. The Coal Reserve Information has been calculated in accordance with standard mining engineering procedures used in the coal industry and applicable
government reporting requirements and applicable law. All assumptions used in the calculation of the Coal Reserve Information were reasonable in all material respects when made. 

(qq) Any certificate signed by any officer of the Managing General Partner and delivered to the Representative or counsel for the Initial
Purchasers in connection with the offering of the Securities shall be deemed a representation and warranty by the Partnership, as to matters covered thereby, to each Initial Purchaser. 

2. Purchase and Sale. Subject to the terms and conditions and in reliance upon the representations and warranties herein set forth, the
Issuers agree to sell to each Initial Purchaser, and each Initial Purchaser agrees, severally and not jointly, to purchase from the Issuers, at a purchase price of 97.007% of the principal amount thereof, plus accrued interest, if any, from
September 13, 2013 to the Closing Date, the principal amount of Securities set forth opposite such Initial Purchaser’s name in Schedule I hereto. 

3. Delivery and Payment. Delivery of and payment for the Securities shall be made at 10:00 A.M., New York City time, on
September 18, 2013, or at such time on such later date not more than three Business Days after the foregoing date as the Representative shall designate, which date and time may be postponed by agreement between the Representative and the
Issuers or as provided in Section 9 hereof (such date and time of delivery and payment for the Securities being herein called the “Closing Date”). Delivery of the Securities shall be made to the Representative for the
respective accounts of the several Initial Purchasers against payment by the several Initial Purchasers through the Representative of the purchase price thereof to or upon the order of the Issuers by wire transfer payable in same-day funds to the
account specified by the Issuers. Delivery of the Securities shall be made through the facilities of The Depository Trust Company unless the Representative shall otherwise instruct. 

4. Offering by Initial Purchasers. (a) Each Initial Purchaser acknowledges that the Securities have not been and will not be
registered under the Act and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the
Act. 

  
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 (b) Each Initial Purchaser, severally and not jointly, represents and warrants to and agrees with
the Issuers that: 
 (i) it has not offered or sold, and will not offer or sell, any Securities within the United States or
to, or for the account or benefit of, U.S. persons (x) as part of their distribution at any time or (y) otherwise until 40 days after the later of the commencement of the offering and the date of the closing of the offering except: 

 

	 	(A)	to those it reasonably believes to be “qualified institutional buyers” (as defined in Rule 144A under the Act) or 

  

	 	(B)	in accordance with Rule 903 of Regulation S; 

 (ii) neither it nor any
person acting on its behalf has made or will make offers or sales of the Securities in the United States by means of any form of general solicitation or general advertising (within the meaning of Regulation D) in the United States; 

(iii) in connection with each sale pursuant to Section 4(b)(i)(A), it has taken or will take reasonable steps to ensure
that the purchaser of such Securities is aware that such sale may be made in reliance on Rule 144A; 
 (iv) neither it,
nor any of its Affiliates nor any person acting on its or their behalf has engaged or will engage in any directed selling efforts (within the meaning of Regulation S) with respect to the Securities; 

(v) it is an “accredited investor” (as defined in Rule 501(a) of Regulation D); 

(vi) it has complied and will comply with the offering restrictions requirement of Regulation S; and 

(vii) at or prior to the confirmation of sale of Securities (other than a sale of Securities pursuant to
Section 4(b)(i)(A) of this Agreement), it shall have sent to each distributor, dealer or person receiving a selling concession, fee or other remuneration that purchases Securities from it during the distribution compliance period (within the
meaning of Regulation S) a confirmation or notice to substantially the following effect: 
 “The Securities covered hereby have not been
registered under the U.S. Securities Act of 1933, as amended (the “Act”), and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (i) as part of their distribution at any time or
(ii) otherwise until 40 days after the later of the commencement of the offering and the date of closing of the offering, except in either case in accordance with Regulation S or Rule 144A under the Act. Terms used in this paragraph have the
meanings given to them by Regulation S.”; 
 5. Agreements. The Issuers agree with each Initial Purchaser that: 

(a) The Issuers will furnish to each Initial Purchaser and to counsel for the Initial Purchasers, without charge, during the period referred
to in Section 5(c) below, as many copies of the materials contained in the Disclosure Package and the Final Memorandum and any amendments and supplements thereto as they may reasonably request. 

  
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 (b) The Issuers will prepare a final term sheet, containing a description of final terms of the
Securities and the offering thereof, in the form approved by you and attached as Schedule II hereto. 
 (c) The Issuers will not amend or
supplement the Disclosure Package or the Final Memorandum without the prior written consent of the Representative. 
 (d) If at any time
prior to the completion of the sale of the Securities by the Initial Purchasers (as determined by the Representative), any event occurs as a result of which the Disclosure Package or the Final Memorandum, as then amended or supplemented, would
include any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made or the circumstances then prevailing, not misleading, or if it
should be necessary to amend or supplement the Disclosure Package or the Final Memorandum to comply with applicable law, the Issuers will promptly (i) notify the Representative of any such event; (ii) subject to the requirements of
Section 5(c), prepare an amendment or supplement that will correct such statement or omission or effect such compliance; and (iii) supply any supplemented or amended Disclosure Package or Final Memorandum to the several Initial Purchasers
and counsel for the Initial Purchasers without charge in such quantities as they may reasonably request. 
 (e) Without the prior written
consent of the Representative, the Issuers have not given and will not give to any prospective purchaser of the Securities any written information concerning the offering of the Securities other than materials contained in the Disclosure Package,
the Final Memorandum or any other offering materials prepared by or with the prior written consent of the Representative. 
 (f) The Issuers
will arrange, if necessary, for the qualification of the Securities for sale by the Initial Purchasers under the laws of such jurisdictions as the Representative may designate (including certain provinces of Canada) and will maintain such
qualifications in effect so long as required for the sale of the Securities; provided that in no event shall the Issuers be obligated to qualify to do business in any jurisdiction where it is not now so qualified or to take any action that
would subject it to service of process in suits, other than those arising out of the offering or sale of the Securities, in any jurisdiction where it is not now so subject. The Issuers will promptly advise the Representative of the receipt by the
Issuers of any notification with respect to the suspension of the qualification of the Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose. 

(g) The Issuers will not, and will not permit any of their Affiliates to, resell any Securities that have been acquired by any of them. 

(h) None of the Issuers, their Affiliates, or any person acting on the Issuers’ or their Affiliates’ behalf (other than the Initial
Purchasers, as to whom no covenant is given) will, directly or indirectly, make offers or sales of any security, or solicit offers to buy any security, under circumstances that would require the registration of the Securities under the Act. 

  
 - 13 - 

 (i) None of the Issuers, their Affiliates, or any person acting on the Issuers’ or their
Affiliates’ behalf (other than the Initial Purchasers, as to whom no covenant is given) will engage in any directed selling efforts (within the meaning of Regulation S) with respect to the Securities; and each of them will comply with the
offering restrictions requirement of Regulation S. 
 (j) None of the Issuers, their Affiliates, or any person acting on the Issuers’
or their Affiliates’ behalf (other than the Initial Purchasers, as to whom no covenant is given) will engage in any form of general solicitation or general advertising (within the meaning of Regulation D) in connection with any offer or
sale of the Securities in the United States. 
 (k) For so long as any of the Securities are outstanding and are “restricted
securities” within the meaning of Rule 144(a)(3) under the Act, the Partnership, during any period in which it is not subject to and in compliance with Section 13 or 15(d) of the Exchange Act or it is not exempt from such reporting
requirements pursuant to and in compliance with Rule 12g3-2(b) under the Exchange Act, will provide to each holder of such restricted securities and to each prospective purchaser (as designated by such holder)
of such restricted securities, upon the request of such holder or prospective purchaser, any information required to be provided by Rule 144A(d)(4) under the Act. This covenant is intended to be for the benefit of the holders, and the prospective
purchasers designated by such holders, from time to time of such restricted securities. 
 (l) The Issuers will cooperate with the
Representative and use its best efforts to permit the Securities to be eligible for clearance and settlement through The Depository Trust Company. 

(m) Each of the Securities will bear the legend contained in “Notice to Investors” in the Preliminary Memorandum and the Final
Offering Memorandum for the time period and upon the other terms stated therein. 
 (n) The Issuers will not for a period of 60 days
following the Execution Time, without the prior written consent of the Representative, offer, sell, contract to sell, pledge, otherwise dispose of, or enter into any transaction which is designed to, or might reasonably be expected to, result in the
disposition (whether by actual disposition or effective economic disposition due to cash settlement or otherwise) by the Issuers or any person in privity with the Issuers), directly or indirectly, or announce the offering, of any debt securities
issued or guaranteed by either of the Issuers (other than the Securities and the Exchange Notes). 
 (o) The Issuers will not take, directly
or indirectly, any action designed to, or that has constituted or that might reasonably be expected to, cause or result, under the Exchange Act or otherwise, in stabilization or manipulation of the price of any security of either Issuer to
facilitate the sale or resale of the Securities. 
 (p) The Partnership will, for a period of twelve months following the Execution Time,
furnish to the Representative (i) all reports or other communications (financial or other) generally made available to its shareholders, and deliver such reports and communications to the Representative as soon as they are available, unless
such documents are furnished to or filed with the Commission or any securities exchange on which any class of securities of the Partnership is listed and generally made available to the public and (ii) such additional information concerning

  
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the business and financial condition of the Partnership as the Representative may from time to time reasonably request (such statements to be on a consolidated basis to the extent the accounts of
the Partnership and its subsidiaries are consolidated in reports furnished to its shareholders). 
 (q) The Issuers agree to pay the costs
and expenses relating to the following matters: (i) the preparation of the Indenture and the Registration Rights Agreement and the issuance of the Securities and the fees of the Trustee; (ii) the preparation, printing or reproduction of
the materials contained in the Disclosure Package and the Final Memorandum and each amendment or supplement to either of them; (iii) the printing (or reproduction) and delivery (including postage, air freight charges and charges for counting
and packaging) of such copies of the materials contained in the Disclosure Package and the Final Memorandum, and all amendments or supplements to either of them, as may, in each case, be reasonably requested for use in connection with the offering
and sale of the Securities; (iv) the issuance and delivery of the Securities; (v) any stamp or transfer taxes in connection with the original issuance and sale of the Securities; (vi) the printing (or reproduction) and delivery of
this Agreement, any blue sky memorandum and all other agreements or documents printed (or reproduced) and delivered in connection with the offering of the Securities; (vii) any registration or qualification of the Securities for offer and sale
under the securities or blue sky laws of the several states, the provinces of Canada and any other jurisdictions specified pursuant to Section 5(e) (including filing fees and the reasonable fees and expenses of counsel for the Initial
Purchasers relating to such registration and qualification); (viii) the transportation and other expenses incurred by or on behalf of representatives of the Issuers in connection with presentations to prospective purchasers of the Securities;
and (ix) all other costs and expenses incident to the performance by the Issuers of their obligations hereunder. 
 6. Conditions to
the Obligations of the Initial Purchasers. The obligations of the Initial Purchasers to purchase the Securities shall be subject to the accuracy of the representations and warranties of the Issuers contained herein at the Execution Time and the
Closing Date, to the accuracy of the statements of the Issuers made in any certificates pursuant to the provisions hereof, to the performance by the Issuers of their obligations hereunder and to the following additional conditions: 

(a) The Issuers shall have requested and caused (i) Vinson & Elkins LLP, counsel for the Issuers, to furnish to the
Representative its opinion and negative assurance letter, dated the Closing Date and addressed to the Initial Purchasers, in form and substance reasonably satisfactory to the Initial Purchasers and (ii) Wyatt L. Hogan, general counsel for the
Issuers, to furnish to the Representative his opinion, dated the Closing Date and addressed to the Initial Purchasers, in form and substance reasonably satisfactory to the Initial Purchasers. 

(b) The Representative shall have received from Cahill Gordon & Reindel LLP, counsel for the Initial Purchasers, such
opinion and negative assurance letter, dated the Closing Date and addressed to the Initial Purchasers, with respect to the issuance and sale of the Securities, the Indenture, the Registration Rights Agreement, the Disclosure Package, the Final
Memorandum (as amended or supplemented at the Closing Date) and other related matters as the Representative may reasonably require, and the Issuers shall have furnished to such counsel such documents as they request for the purpose of enabling them
to pass upon such matters. 

  
 - 15 - 

 (c) The Managing General Partner shall have furnished to the Representative a certificate of the
Managing General Partner, signed by (x) the Chairman of the Board or the President and (y) the principal financial or accounting officer of the Managing General Partner, dated the Closing Date, to the effect that the signers of such
certificate have carefully examined the Disclosure Package and the Final Memorandum and any supplements or amendments thereto, and this Agreement and that: 

(i) the representations and warranties of the Issuers in this Agreement are true and correct on and as of the Closing Date with
the same effect as if made on the Closing Date, and the Issuers have complied with all the agreements and satisfied all the conditions on its part to be performed or satisfied hereunder at or prior to the Closing Date; and 

(ii) since the date of the most recent financial statements included in the Disclosure Package and the Final Memorandum
(exclusive of any amendment or supplement thereto), there has been no material adverse change in the condition (financial or otherwise), prospects, earnings, business or properties of the Partnership and its subsidiaries, taken as a whole, whether
or not arising from transactions in the ordinary course of business, except as set forth in or contemplated in the Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement thereto). 

(d) At the Execution Time and at the Closing Date, the Issuers shall have requested and caused (i) Ernst & Young LLP to furnish
to the Representative a “comfort letter,” dated as of the Execution Time, and a bring down comfort letter, dated as of the Closing Date, in form and substance satisfactory to the Representative, confirming that they are independent
accountants within the meaning of the Exchange Act and the applicable published rules and regulations thereunder and confirming certain matters with respect to the audited and unaudited financial statements and other financial and accounting
information of the Partnership and its consolidated subsidiaries contained in or incorporated by reference in the Disclosure Package and Final Memorandum, including any amendment or supplement thereto as of the date of the applicable letter and
(ii) Deloitte & Touche LLP to furnish to the Representative a “comfort letter,” dated as of the Execution Time, in form and substance satisfactory to the Representative, confirming that they are independent accountants within
the meaning of the Exchange Act and the applicable published rules and regulations thereunder and confirming certain matters with respect to the audited and unaudited financial statements and other financial and accounting information of OCI Co, OCI
LP and their consolidate subsidiaries contained in or incorporated by reference in the Disclosure Package and Final Memorandum, including any amendment or supplement thereto as of the date of the applicable letter. 

All references in this Section 6(d) to the Preliminary Memorandum and the Final Memorandum include any amendment or supplement thereto at
the date of the applicable letter. 
 (e) Subsequent to the Execution Time or, if earlier, the dates as of which information is given in the
Disclosure Package (exclusive of any amendment or supplement thereto) and the Final Memorandum (exclusive of any amendment or supplement thereto), there shall not have been (i) any material change or decrease specified in the letter or letters
referred to 

  
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in paragraph (d) of this Section 6; or (ii) any change, or any development involving a prospective change, in or affecting the condition (financial or otherwise), prospects,
earnings, business or properties of the Partnership and its subsidiaries taken as a whole, whether or not arising from transactions in the ordinary course of business, except as set forth in or contemplated in the Disclosure Package and the Final
Memorandum (exclusive of any amendment or supplement thereto), the effect of which, in any case referred to in clause (i) or (ii) above, is, in the sole judgment of the Representative, so material and adverse as to make it impractical or
inadvisable to proceed with the offering or delivery of the Securities as contemplated in the Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement thereto). 

(f) The Securities shall be eligible for clearance and settlement through The Depository Trust Company. 

(g) Prior to the Closing Date, the Issuers shall have furnished to the Representative such further information, certificates and documents as
the Representative may reasonably request. 
 (h) At the Closing Date, the Issuers and the Trustee shall have entered into the Indenture and
the Representative shall have received an executed copy thereof. 
 (i) At the Closing Date, the Issuers and the Representative shall have
entered into the Registration Rights Agreement and the Representative shall have received an executed copy thereof. 
 If any of the
conditions specified in this Section 6 shall not have been fulfilled when and as provided in this Agreement, or if any of the opinions and certificates mentioned above or elsewhere in this Agreement shall not be reasonably satisfactory in form
and substance to the Representative and counsel for the Initial Purchasers, this Agreement and all obligations of the Initial Purchasers hereunder may be cancelled at, or at any time prior to, the Closing Date by the Representative. Notice of such
cancellation shall be given to the Issuers in writing or by telephone or facsimile confirmed in writing. 
 The documents required to be
delivered by this Section 6 will be delivered at the office of counsel for the Initial Purchasers, at 80 Pine Street, New York, New York 10005, on the Closing Date. 

7. Reimbursement of Expenses. Subject to Section 5(q), if the sale of the Securities provided for herein is not consummated
because any condition to the obligations of the Initial Purchasers set forth in Section 6 hereof is not satisfied or because of any refusal, inability or failure on the part of the Issuers to perform any agreement herein or comply with any
provision hereof other than by reason of a default by any of the Initial Purchasers, the Issuers will reimburse the Initial Purchasers severally through Citigroup on demand for all expenses (including reasonable fees and disbursements of counsel)
that shall have been incurred by them in connection with the proposed purchase and sale of the Securities. 
 8. Indemnification and
Contribution. (a) The Issuers agrees to indemnify and hold harmless each Initial Purchaser, the directors, officers, employees, Affiliates and agents of each Initial Purchaser and each person who controls any Initial Purchaser within the
meaning of either the Act or the Exchange Act against any and all losses, claims, damages or liabilities, 

  
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joint or several, to which they or any of them may become subject under the Act, the Exchange Act or other U.S. federal or state statutory law or regulation, at common law or otherwise, insofar
as such losses, claims, damages or liabilities or actions in respect thereof arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in the Preliminary Memorandum, the Final Memorandum, any Issuer
Written Information or any other written information used by or on behalf of the Issuers in connection with the offer or sale of the Securities, or in any amendment or supplement thereto, or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and agrees to reimburse each such indemnified party,
as incurred, for any legal or other expenses reasonably incurred by it in connection with investigating or defending any such loss, claim, damage, liability or action; provided, however, that the Issuers will not be liable in any such
case to the extent that any such loss, claim, damage or liability arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made in the Preliminary Memorandum or the Final Memorandum, or in
any amendment thereof or supplement thereto, in reliance upon and in conformity with written information furnished to the Issuers by or on behalf of any Initial Purchaser through the Representative specifically for inclusion therein. This indemnity
agreement will be in addition to any liability that the Issuers may otherwise have. 
 (b) Each Initial Purchaser severally, and not
jointly, agrees to indemnify and hold harmless the Issuers, each of their directors, each of their officers, and each person who controls the Issuers within the meaning of either the Act or the Exchange Act, to the same extent as the foregoing
indemnity to each Initial Purchaser, but only with reference to written information relating to such Initial Purchaser furnished to the Issuers by or on behalf of such Initial Purchaser through the Representative specifically for inclusion in the
Preliminary Memorandum or the Final Memorandum (or in any amendment or supplement thereto). This indemnity agreement will be in addition to any liability that any Initial Purchaser may otherwise have. The Issuers acknowledge that the statements set
forth under the heading “Plan of Distribution” in the fourth and fifth sentences of the seventh paragraph and the eighth paragraph in the Preliminary Memorandum and the Final Memorandum constitute the only information furnished in writing
by or on behalf of the Initial Purchasers for inclusion in the Preliminary Memorandum or the Final Memorandum or in any amendment or supplement thereto. 

(c) Promptly after receipt by an indemnified party under this Section 8 of notice of the commencement of any action, such indemnified
party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 8, notify the indemnifying party in writing of the commencement thereof; but the failure so to notify the indemnifying party (i) will
not relieve it from liability under paragraph (a) or (b) above unless and to the extent it did not otherwise learn of such action and such failure results in the forfeiture by the indemnifying party of substantial rights and defenses and
(ii) will not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification obligation provided in paragraph (a) or (b) above. The indemnifying party shall be entitled to
appoint counsel (including local counsel) of the indemnifying party’s choice at the indemnifying party’s expense to represent the indemnified party in any action for which indemnification is sought (in which case the indemnifying party
shall not thereafter be responsible for the fees and expenses of any separate counsel, other than local counsel if not appointed by the indemnifying party, retained by the 

  
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indemnified party or parties except as set forth below); provided, however, that such counsel shall be satisfactory to the indemnified party. Notwithstanding the indemnifying
party’s election to appoint counsel (including local counsel) to represent the indemnified party in an action, the indemnified party shall have the right to employ separate counsel (including local counsel), and the indemnifying party shall
bear the reasonable fees, costs and expenses of not more than one such counsel (plus separate local counsel) if (i) the use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with a
conflict of interest; (ii) the actual or potential defendants in, or targets of, any such action include both the indemnified party and the indemnifying party and the indemnified party shall have reasonably concluded that there may be legal
defenses available to it and/or other indemnified parties that are different from or additional to those available to the indemnifying party; (iii) the indemnifying party shall not have employed counsel satisfactory to the indemnified party to
represent the indemnified party within a reasonable time after notice of the institution of such action; or (iv) the indemnifying party shall authorize the indemnified party to employ separate counsel at the expense of the indemnifying party.
An indemnifying party will not, without the prior written consent of the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in respect of
which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent includes an unconditional release of each
indemnified party from all liability arising out of such claim, action, suit or proceeding. 
 (d) In the event that the indemnity provided
in paragraph (a) or (b) of this Section 8 is unavailable to or insufficient to hold harmless an indemnified party for any reason, the Issuers and the Initial Purchasers severally agree to contribute to the aggregate losses, claims,
damages and liabilities (including legal or other expenses reasonably incurred in connection with investigating or defending any loss, claim, damage, liability or action) (collectively “Losses”) to which the Issuers and one
or more of the Initial Purchasers may be subject in such proportion as is appropriate to reflect the relative benefits received by the Issuers on the one hand and by the Initial Purchasers on the other from the offering of the Securities;
provided, however, that in no case shall any Initial Purchaser be responsible for any amount in excess of the purchase discount or commission applicable to the Securities purchased by such Initial Purchaser hereunder. If the allocation
provided by the immediately preceding sentence is unavailable for any reason, the Issuers and the Initial Purchasers severally shall contribute in such proportion as is appropriate to reflect not only such relative benefits but also the relative
fault of the Issuers on the one hand and the Initial Purchasers on the other in connection with the statements or omissions that resulted in such Losses, as well as any other relevant equitable considerations. Benefits received by the Issuers shall
be deemed to be equal to the total net proceeds from the offering (before deducting expenses) received by them, and benefits received by the Initial Purchasers shall be deemed to be equal to the total purchase discounts and commissions. Relative
fault shall be determined by reference to, among other things, whether any untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information provided by the Issuers on the one
hand or the Initial Purchasers on the other, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. The Issuers and the Initial Purchasers agree that it
would not be just and equitable if contribution were determined by pro rata allocation or any other method of allocation that does not take account of the equitable considerations referred to above. Notwithstanding the

  
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provisions of this paragraph (d), no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who
was not guilty of such fraudulent misrepresentation. For purposes of this Section 8, each person who controls an Initial Purchaser within the meaning of either the Act or the Exchange Act and each director, officer, employee, Affiliate and
agent of an Initial Purchaser shall have the same rights to contribution as such Initial Purchaser, and each person who controls the Issuers within the meaning of either the Act or the Exchange Act and each officer and director of the Issuers shall
have the same rights to contribution as the Issuers, subject in each case to the applicable terms and conditions of this paragraph (d). 

9. Default by an Initial Purchaser. If any one or more Initial Purchasers shall fail to purchase and pay for any of the Securities
agreed to be purchased by such Initial Purchaser hereunder and such failure to purchase shall constitute a default in the performance of its or their obligations under this Agreement, the remaining Initial Purchasers shall be obligated severally to
take up and pay for (in the respective proportions which the principal amount of Securities set forth opposite their names in Schedule I hereto bears to the aggregate principal amount of Securities set forth opposite the names of all the
remaining Initial Purchasers) the Securities which the defaulting Initial Purchaser or Initial Purchasers agreed but failed to purchase; provided, however, that in the event that the aggregate principal amount of Securities which the
defaulting Initial Purchaser or Initial Purchasers agreed but failed to purchase shall exceed 10% of the aggregate principal amount of Securities set forth in Schedule I hereto, the remaining Initial Purchasers shall have the right to purchase
all, but shall not be under any obligation to purchase any, of the Securities, and if such nondefaulting Initial Purchasers do not purchase all the Securities, this Agreement will terminate without liability to any nondefaulting Initial Purchaser or
the Issuers. In the event of a default by any Initial Purchaser as set forth in this Section 9, the Closing Date shall be postponed for such period, not exceeding five Business Days, as the Representative shall determine in order that the
required changes in the Final Memorandum or in any other documents or arrangements may be effected. Nothing contained in this Agreement shall relieve any defaulting Initial Purchaser of its liability, if any, to the Issuers or any nondefaulting
Initial Purchaser for damages occasioned by its default hereunder. 
 10. Termination. This Agreement shall be subject to termination
in the absolute discretion of the Representative, by notice given to the Issuers prior to delivery of and payment for the Securities, if at any time prior to such time (i) trading in securities generally on the New York Stock Exchange shall
have been suspended or limited or minimum prices shall have been established on such exchange; (ii) a banking moratorium shall have been declared either by U.S. federal or New York State authorities; or (iii) there shall have occurred any
outbreak or escalation of hostilities, declaration by the United States of a national emergency or war or other calamity or crisis the effect of which on financial markets is such as to make it, in the sole judgment of the Representative,
impractical or inadvisable to proceed with the offering or delivery of the Securities as contemplated in the Disclosure Package and the Final Memorandum (exclusive of any amendment or supplement thereto). 

11. Representations and Indemnities to Survive. The respective agreements, representations, warranties, indemnities and other
statements of the Issuers or its officers and of the Initial Purchasers set forth in or made pursuant to this Agreement will remain in full force and effect, regardless of any investigation made by or on behalf of the Initial Purchasers or the

  
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Issuers or any of the indemnified persons referred to in Section 8 hereof, and will survive delivery of and payment for the Securities. The provisions of Sections 7 and 8 hereof shall
survive the termination or cancellation of this Agreement. 
 12. Notices. All communications hereunder will be in writing and
effective only on receipt, and, if sent to the Representative, will be mailed, delivered or telefaxed to the Citigroup General Counsel (fax no.: (212) 816-7912) and confirmed to Citigroup at 388 Greenwich Street, New York, New York 10013,
Attention: General Counsel; or, if sent to the Partnership, will be mailed, delivered or telefaxed to Wyatt L. Hogan, Natural Resource Partners L.P., 601 Jefferson Street, Suite 3600, Houston, Texas 77002 (fax no.: (713-751-7563). 

13. Successors. This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective successors and
the indemnified persons referred to in Section 8 hereof and their respective successors, and, except as expressly set forth in Section 5(k) hereof, no other person will have any right or obligation hereunder. 

14. Jurisdiction. The Issuers agree that any suit, action or proceeding against the Issuers brought by any Initial Purchaser, the
directors, officers, employees and agents of any Initial Purchaser, or any person who controls any Initial Purchaser, arising out of or based upon this Agreement or the transactions contemplated hereby may be instituted in any State or U.S. federal
court in The City of New York and County of New York, and waives any objection which they may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the jurisdiction of such courts in any suit, action or
proceeding. 
 15. Integration. This Agreement supersedes all prior agreements and understandings (whether written or oral) between
the Issuers and the Initial Purchasers, or any of them, with respect to the subject matter hereof. 
 16. Applicable Law. This
Agreement will be governed by and construed in accordance with the laws of the State of New York applicable to contracts made and to be performed within the State of New York. 

17. Waiver of Jury Trial. The Issuers hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to
trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. 
 18. No
Fiduciary Duty. The Issuers hereby acknowledge that (a) the purchase and sale of the Securities pursuant to this Agreement is an arm’s-length commercial transaction between the Issuers, on the one hand, and the Initial Purchasers and
any Affiliate through which it may be acting, on the other, (b) the Initial Purchasers are acting as principal and not as an agent or fiduciary of the Issuers and (c) the Issuers’ engagement of the Initial Purchasers in connection
with the offering and the process leading up to the offering is as independent contractors and not in any other capacity. Furthermore, the Issuers agree that they are solely responsible for making its own judgments in connection with the offering
(irrespective of whether any of the Initial Purchasers has advised or is currently advising the Issuers on related or other matters). The Issuers agree that they will not claim that the Initial Purchasers have rendered advisory services of any
nature or respect, or owe an agency, fiduciary or similar duty to the Issuers, in connection with such transaction or the process leading thereto. 

  
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 19. Waiver of Tax Confidentiality. Notwithstanding anything herein to the contrary,
purchasers of the Securities (and each employee, representative or other agent of a purchaser) may disclose to any and all persons, without limitation of any kind, the U.S. tax treatment and U.S. tax structure of any transaction contemplated herein
and all materials of any kind (including opinions or other tax analyses) that are provided to the purchasers of the Securities relating to such U.S. tax treatment and U.S. tax structure, other than any information for which nondisclosure is
reasonably necessary in order to comply with applicable securities laws. 
 20. Counterparts. This Agreement may be signed in one or
more counterparts, each of which shall constitute an original and all of which together shall constitute one and the same agreement. 
 21.
Headings. The section headings used herein are for convenience only and shall not affect the construction hereof. 
 22.
Definitions. The terms that follow, when used in this Agreement, shall have the meanings indicated. 

“Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations of the Commission
promulgated thereunder. 
 “Affiliate” shall have the meaning specified in
Rule 501(b) of Regulation D. 
 “Business Day” shall mean any day other than a
Saturday, a Sunday or a legal holiday or a day on which banking institutions or trust companies are authorized or obligated by law to close in The City of New York. 

“Citigroup” shall mean Citigroup Global Markets Inc. 

“Code” shall mean the Internal Revenue Code of 1986, as amended. 

“Commission” shall mean the Securities and Exchange Commission. 

“Disclosure Package” shall mean (i) the Preliminary Memorandum, as amended or supplemented at the
Execution Time, (ii) the final term sheet prepared pursuant to Section 5(b) hereto and in the form attached as Schedule II hereto and (iii) any Issuer Written Information. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations
of the Commission promulgated thereunder. 
 “Execution Time” shall mean the date and
time that this Agreement is executed and delivered by the parties hereto. 

  
 - 22 - 

 “Investment Company Act” shall mean the Investment Company
Act of 1940, as amended, and the rules and regulations of the Commission promulgated thereunder. 

“Issuer Written Information” shall mean any writings in addition to the Preliminary Memorandum that the
parties expressly agree in writing to treat as part of the Disclosure Package. 

“Regulation D” shall mean Regulation D under the Act. 

“Regulation S” shall mean Regulation S under the Act. 

“Regulation S-X” shall mean Regulation S-X under the Act. 

“Trust Indenture Act” shall mean the Trust Indenture Act of 1939, as amended, and the rules and
regulations of the Commission promulgated thereunder. 

  
 - 23 - 

 If the foregoing is in accordance with your understanding of our agreement, please sign and
return to us the enclosed duplicate hereof, whereupon this letter and your acceptance shall represent a binding agreement between the Partnership and the several Initial Purchasers. 

 

					
	 	 	      Very truly yours,
	
	NATURAL RESOURCE PARTNERS L.P.
		
	By:	 	NRP (GP) LP, its general partner
		
		 	  By: GP Natural Resource Partners LLC, its general partner
			
		 	  By:	 	     /s/ Wyatt L. Hogan

		 	  Name: Wyatt L. Hogan
		 	  Title:   Vice President, General Counsel and Secretary

 

					
	NRP FINANCE CORPORATION
		
	By:	 	       /s/ Wyatt L. Hogan

		 	      Name: Wyatt L. Hogan
		 	      Title:   Vice President, General Counsel and Secretary

 Signature Page to Purchase Agreement 

 The foregoing Agreement is hereby 

confirmed and accepted as of the 
 date first above written. 

For itself and the other several 
 Initial Purchasers named in

 Schedule I to the foregoing Agreement. 
  

			
	CITIGROUP GLOBAL MARKETS INC.
		
	By:	 	 /s/ Justin Tichauer

	      Name: Justin Tichauer
	      Title: Director

 Signature Page to Purchase AgreementEX-10.1

 Exhibit 10.1 

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED 

BANK OF AMERICA, N.A. 

One Bryant Park 
 New
York, NY 10036 
 September 16, 2013 

Packaging Corporation of America 
 1900 West Field Court 

Lake Forest, Illinois 60045 
  

			
	Attention:	 	Richard B. West
		 	Senior Vice President and Chief Financial Officer

 Project Barn 

Commitment Letter 
 Ladies and
Gentlemen: 
 You have advised Bank of America, N.A. (“Bank of America”) and Merrill Lynch, Pierce,
Fenner & Smith Incorporated (together with Bank of America, the “Commitment Parties”, “we” or “us”) that you (the “Borrower”) and Bee
Acquisition Corporation, a Delaware corporation and a direct or indirect newly formed wholly owned subsidiary of the Borrower (“Merger Sub”), intend to acquire (the “Acquisition”) the company
previously identified to us and code-named “Barn” (the “Acquired Company”). The Acquisition will be effected by the purchase of a majority of the outstanding shares of the Acquired Company pursuant to a cash tender
offer, immediately followed by the consummation of a short-form merger of Merger Sub with and into the Acquired Company, with the Acquired Company as the surviving entity. The Borrower, the Acquired Company and their respective subsidiaries are
sometimes collectively referred to herein as the “Companies.” This letter agreement and the annexes hereto (collectively, the “Summary of Terms”) are referred to collectively as this
“Commitment Letter.” 
 In connection with the Acquisition, (i) the existing senior secured credit facilities
of the Acquired Company (the “Acquired Company Credit Facilities”) will be repaid and the commitments thereunder terminated, (ii) the outstanding 9% senior notes due 2016 and 8% senior notes due 2020 of the Acquired
Company will be redeemed and the related indentures discharged, and (iii) the Borrower’s existing senior unsecured revolving and term loan credit facilities under that certain Five Year Credit Agreement dated as of October 11, 2011
among the Borrower and the lenders and agents party thereto (as such agreement is in effect on the date hereof, the “Existing Credit Agreement”) will be repaid and the commitments thereunder terminated (collectively, the
“Refinancing”). 
 The consideration for the Acquisition and funds required to effect the Refinancing are
contemplated to be provided by (a) initial borrowings under new senior unsecured credit facilities of the Borrower (the “New Bank Facilities”), comprised of a $350,000,000 five-year revolving credit facility (the
“Revolving Facility”) (which will not be drawn to finance the Acquisition or the Refinancing), and term loan facilities (the “Term Facilities”) aggregating $1,300,000,000, comprised of a five-year term
loan facility (the “Five-Year Term Facility”) and a seven-year term loan facility (the “Seven-Year Term Facility”), (b) issuance of $700,000,000 aggregate principal amount of senior unsecured
notes of the Borrower (the “Notes” and, together with the Term Facilities, the “Permanent Financing”), in each case after execution of this Commitment Letter and on or prior to the date of consummation
of the Acquisition (the “Closing Date”) and (c) available cash on hand of the Borrower and its subsidiaries. 

 To the extent that less than $2,000,000,000 aggregate principal amount of Notes and Term
Facilities is incurred on or prior to the Closing Date, you intend to finance the Acquisition and the Refinancing with (1) up to $2,000,000,000 aggregate principal amount of senior unsecured bridge loans (the “Bridge
Loans” or the “Bridge Facilities” and, together with the New Bank Facilities, the “Facilities”) made available to the Borrower as interim financing and (2) available cash on hand of
the Borrower and its subsidiaries. 
 The Acquisition, the Refinancing, the entering into and initial borrowings under the New Bank
Facilities (if they occur on or prior to the Closing Date), the issuance of Notes (if it occurs on or prior to the Closing Date), the entering into and funding of the Bridge Loans (if they occur on the Closing Date), the payment of fees and expenses
in connection with the foregoing and all related transactions contemplated by this Commitment Letter are hereinafter collectively referred to as the “Transaction.” The date that this Commitment Letter is accepted by the
Borrower is referred to herein as the “Commitment Date.” 
 1. Commitments. In connection with the foregoing:

 (a) Bank of America is pleased to advise you of its commitment to provide 100% of the Bridge Loans (in such capacity, the
“Initial Bridge Lender”) and its willingness, and you hereby engage Bank of America, to act as the sole and exclusive administrative agent (in such capacity, the “Bridge Administrative Agent”) for the
Bridge Loans, all upon and subject to the terms set forth in this Commitment Letter and the Fee Letter of even date herewith among the parties hereto (the “Fee Letter”); 

(b) Merrill Lynch, Pierce, Fenner & Smith Incorporated (or any of its affiliates designated to act in such capacity,
“MLPFS”) is pleased to advise you of its willingness, and you hereby engage MLPFS, to act as the sole and exclusive lead arranger and sole and exclusive bookrunning manager (in such capacity, the “Bridge Lead
Arranger”) for the Bridge Loans, and in connection therewith to form a syndicate of lenders for the Bridge Loans (collectively, the “Bridge Lenders”) in consultation with and reasonably acceptable to you (and you
hereby agree that each lender under the Existing Credit Agreement is reasonably acceptable to you as a lender under the Bridge Facilities), including Bank of America; 

(c) Bank of America is pleased to advise you of its commitment to provide $65,000,000 of the commitments in respect of the
Revolving Facility and $100,000,000 of the Five-Year Term Facility (in such capacity, the “Initial Bank Lender” and together with its capacity as the Initial Bridge Lender, the “Initial Lender”) and
its willingness, and you hereby engage Bank of America, to act as the sole and exclusive administrative agent (in such capacity, the “Administrative Agent”) for the Term Facilities , all upon and subject to the terms set
forth in this Commitment Letter and the Fee Letter; and 
 (d) MLPFS is pleased to advise you of its willingness, and you
hereby engage MLPFS, to act as the “left” lead arranger for the Five-Year Term Facility and a joint lead arranger and bookrunning manager for the Revolving Facility and the Seven-Year Term Facility (in such capacity, the “Bank
Lead Arranger” and MLPFS as the Bridge Lead Arranger and/or the Bank Lead Arranger, the “Lead Arranger”) for the New Bank Facilities, and in connection therewith to use commercially reasonable efforts to form a
syndicate of lenders for the New Bank Facilities (collectively, the “Bank Lenders” and, together with the Bridge Lenders, the “Lenders”) in consultation with and reasonably acceptable to you (and you
hereby agree that each lender under the Existing Credit Agreement and each member institution of the Farm Credit System is reasonably acceptable to you as a lender under the Term Facilities), including Bank of America; provided

  
 -2- 

 
that (i) MLPFS shall receive “top left” placement in any marketing materials for the Five-Year Term Facility and shall have all rights customarily associated with such position and
such name placement and (ii) MLPFS and CoBank shall be the exclusive joint lead arrangers and bookrunning managers in respect of the Seven-Year Term Facility. 

The commitments of the Lenders and the undertaking of the Lead Arranger to provide the services described herein are subject to the
satisfaction of each of the conditions precedent set forth herein and in the Summary of Terms. All capitalized terms used and not otherwise defined herein shall have the same meanings as specified therefor in the Summary of Terms. 

2. Syndication. The Lead Arranger intends to commence syndication of the Facilities promptly after your acceptance of the terms of this
Commitment Letter and the Fee Letter. The commitment of the Initial Bridge Lender in respect of the Bridge Facilities shall be reduced dollar-for-dollar as and when corresponding commitments are received from Lenders selected in consultation with
and reasonably acceptable to you (and you hereby agree that each lender under the Existing Credit Agreement is reasonably acceptable to you as a lender under the Bridge Facilities), in each case pursuant to a written joinder to, or amendment or
amendment and restatement of, this Commitment Letter (any such joinder, amendment or amendment and restatement, a “Joinder”) or an executed loan agreement. You agree to actively assist the Lead Arrangers in achieving a
syndication of the Facilities that is satisfactory to the Lead Arrangers and you. Such assistance shall include your (a) providing and causing your advisors to provide, and your using commercially reasonable efforts (consistent with the terms
of the Acquisition Agreement) to cause the Acquired Company, its subsidiaries and its advisors to provide, the Lead Arranger and the Lenders promptly upon request with all information reasonably deemed necessary by the Lead Arranger to complete
syndication, including, but not limited to, information and evaluations prepared by you, the Acquired Company and your and its advisors, or on your or its behalf, relating to the Transaction (including the Projections (as hereinafter defined), the
“Information”), (b) assisting in the preparation of an information memorandum and other materials to be used in connection with the syndication of the Facilities (collectively with the Summary of Terms, the
“Information Materials”), (c) using commercially reasonable efforts to ensure that the syndication efforts of the Lead Arrangers benefit materially from your existing banking relationships, (d) using commercially
reasonable efforts to obtain, within 30 days after the Commitment Date, affirmation of the public ratings from Moody’s Investors Service, Inc. (“Moody’s”) and Standard & Poor’s, a division of The
McGraw Hill Companies, Inc. (“S&P”) on your long-term senior unsecured non-credit enhanced debt, giving pro forma effect to the Transaction (collectively, the “Ratings”), (e) until the date
which is the earlier of 60 days after the Closing Date and Successful Syndication (as defined in the Fee Letter), your ensuring that the neither the Borrower nor any of its subsidiaries shall, and using your commercially reasonable efforts
(consistent with the terms of the Acquisition Agreement) to ensure that neither the Acquired Company nor any of its subsidiaries shall, syndicate or issue, attempt to syndicate or issue, announce or authorize the announcement of the syndication or
issuance of, or engage in discussions concerning the syndication or issuance of, any syndicated debt financing or capital market financing of the Companies including any renewals or refinancings of any existing debt (other than the Facilities and
the Notes), without the prior written consent of the Lead Arranger, and (f) otherwise assisting the Lead Arranger in its syndication efforts, including by making your officers and advisors, and using your commercially reasonable efforts to make
the officers and advisors of the Acquired Company, available, at reasonable times and upon reasonable notice, to attend and make presentations regarding the business and prospects of the Companies and the Transaction, at one or more meetings of (or,
at the option of the Lead Arranger, conference calls with), prospective Lenders. 
 It is understood and agreed that Bank of America will
manage and control all aspects of the syndication of the Facilities in consultation with you and, in the case of the Seven-Year Term Facility only, CoBank, including decisions as to the selection of prospective Lenders and any titles offered to
proposed Lenders, when commitments will be accepted and the final allocations of the commitments and fees 

  
 -3- 

 
among the Lenders. It is understood that no Lender participating in any of the Facilities will receive compensation from you in order to obtain its commitment, except on the terms contained
herein and in the Summary of Terms and the Fee Letter and except for an arrangement fee in respect of the Seven-Year Term Facility. 
 Bank
of America agrees that its commitment to provide the Bridge Loans hereunder is not conditioned upon the syndication of, or the receipt of commitments from other lenders for, the Bridge Facility and in no event shall the commencement of or successful
completion of the syndication of the Bridge Facility be a condition to the funding of the Bridge Loans. 
 3. Information
Requirements. You represent, warrant and covenant that (a) all written financial projections concerning the Companies prepared by you or on your behalf that have been or are hereafter made available to the Lead Arranger or the Lenders by
you or any of your representatives (or on your or their behalf) (the “Projections”) have been or will be prepared in good faith based upon assumptions believed by you to be reasonable at the time made available (it being
understood that projections are inherently uncertain and no assurances are given that the results reflected in the Projections will actually be achieved) and (b) all written information, other than Projections, which has been or is hereafter
made available to the Lead Arranger or the Lenders by you or any of your representatives (or on your or their behalf) in connection with any aspect of the transactions contemplated hereby, as and when furnished, when taken as a whole, does not and
will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein, in light of the circumstances under which they were made, not misleading; provided that any
representation regarding information about the Acquired Company is made to your knowledge. You agree that if at any time prior to the earlier of the 60 days after the Closing Date and the Successful Syndication, any of the representations in the
preceding sentence would be incorrect in any material respect if the Information and Projections were being furnished or made available, and such representations were being made, at such time, then you will promptly supplement, or cause to be
supplemented, the Information and Projections so that such representations will be correct in all material respects at such time. In issuing this commitment and in arranging and syndicating the Facilities, the Lead Arranger is and will be using and
relying on the Information without independent verification thereof. 
 You acknowledge that the Commitment Parties on your behalf will make
available Information Materials to the proposed syndicate of Lenders by posting the Information on IntraLinks or another similar electronic system. In connection with the syndication of the Facilities, unless the parties hereto otherwise agree in
writing, you shall be under no obligation to provide Information Materials suitable for distribution to any prospective Lender (each, a “Public Lender”) that has personnel who do not wish to receive material non-public
information (within the meaning of the United States federal securities laws, “MNPI”) with respect to the Companies or their respective affiliates, or the respective securities of any of the foregoing. You agree, however,
that the Credit Documentation (as hereinafter defined) will contain provisions concerning Information Materials to be provided to Public Lenders and the absence of MNPI therefrom. Prior to distribution of Information Materials to prospective
Lenders, you shall provide us with a customary letter authorizing the dissemination thereof. 
 4. Fees and Indemnities.  

(a) You agree to pay the fees set forth in the Fee Letter. You also agree to reimburse the Commitment Parties from time to time on demand for
all reasonable and documented out-of-pocket fees and expenses (including, but not limited to, (a) the reasonable and documented fees, disbursements and other charges of Cahill Gordon & Reindel LLP, as counsel to the Commitment Parties
(but not any other counsel without your consent), (b) due diligence expenses and (c) all CUSIP fees for registration with the Standard & Poor’s CUSIP Service Bureau) incurred in connection with the Facilities, the syndication
thereof, 

  
 -4- 

 
the preparation of the Credit Documentation therefor and the other transactions contemplated hereby, whether or not the Closing Date occurs or any Credit Documentation is executed and delivered
or any extensions of credit are made under the Facilities. You acknowledge that we may receive a benefit, including, without limitation, a discount, credit or other accommodation, from any of such counsel based on the fees such counsel may receive
on account of their relationship with us including, without limitation, fees paid pursuant hereto. 
 (b) You also agree to indemnify and
hold harmless each of the Commitment Parties, each other Bridge Lender and each of their affiliates, successors and assigns and their respective officers, directors, employees, agents, advisors and other representatives (each, an
“Indemnified Party”) from and against (and will reimburse each Indemnified Party as the same are incurred for) all claims, damages, losses, liabilities and reasonable and documented expenses (including, without limitation,
the reasonable and documented fees, disbursements and other charges of one firm of counsel for all such Indemnified Parties and, if necessary, of a single local counsel in each appropriate jurisdiction (which may include a single special counsel
acting in multiple jurisdictions) for all such Indemnified Parties (and, in the case of an actual or perceived conflict of interest where the Indemnified Party affected by such conflict informs you of such conflict and thereafter retains its own
counsel, of another firm of counsel for such affected Indemnified Party) that may be incurred by or asserted or awarded against any Indemnified Party, in each case arising out of or in connection with or by reason of (including, without limitation,
in connection with any investigation, litigation or proceeding or preparation of a defense in connection therewith) (a) any aspect of the Transaction or (b) the Facilities or any use made or proposed to be made with the proceeds thereof,
except to the extent such claim, damage, loss, liability or expense (a) is found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from (i) the gross negligence, bad faith or willful misconduct of
such Indemnified Party or any Related Indemnified Person (as defined below) or (ii) the material breach by such Indemnified Party or any Related Indemnified Person of its obligations under this Commitment Letter or the Credit Documentation or
(b) results from any Proceeding (defined below) that does not involve an act or omission of you or any of your subsidiaries and that is brought by an Indemnified Party against any other Indemnified Party, other than claims against any
Commitment Party (or an affiliate thereof) in its capacity as an agent or arranger with respect to the Facilities. In the case of any claim, litigation, investigation or proceeding (any of the foregoing, a “Proceeding”) to
which the indemnity in this paragraph applies, such indemnity shall be effective whether or not such Proceeding is brought by you, your equity holders or creditors or an Indemnified Party, whether or not an Indemnified Party is otherwise a party
thereto and whether or not any aspect of the Transaction is consummated. You also agree that no Indemnified Party shall have any liability (whether direct or indirect, in contract or tort or otherwise) to you, the Acquired Company or your or its
subsidiaries or affiliates or to your or their respective equity holders or creditors or any other person arising out of, related to or in connection with any aspect of the Transaction, except to the extent of direct (as opposed to special,
indirect, consequential or punitive) damages determined in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from such Indemnified Party’s bad faith, gross negligence or willful misconduct. It is further
agreed that the Commitment Parties shall only have liability to you (as opposed to any other person), and that the Commitment Parties shall be severally liable solely in respect of their respective commitments to the Bridge Facilities, on a several,
and not joint, basis with any other Bridge Lender. Notwithstanding any other provision of this Commitment Letter, no Indemnified Party shall be liable for any damages arising from the use by others of information or other materials obtained through
electronic telecommunications or other information transmission systems, other than for direct, actual damages resulting from the gross negligence or willful misconduct of such Indemnified Party as determined by a final, non-appealable judgment of a
court of competent jurisdiction. You shall not, without the prior written consent of an Indemnified Party (which consent shall not be unreasonably withheld), effect any settlement of any pending or threatened Proceeding against an Indemnified Party
in respect of which indemnity could have been sought hereunder by such Indemnified Party unless (i) such settlement includes an unconditional release of such Indemnified Party from all liability or claims that are the subject

  
 -5- 

 
matter of such Proceeding and (ii) does not include any statement as to any admission. For purposes hereof, a “Related Indemnified Person” of an Indemnified Party
means (1) any subsidiary of such Indemnified Party, (2) the respective directors, officers, or employees of such Indemnified Party or any of its subsidiaries, (3) the respective agents, advisors or other representatives of such
Indemnified Party or any of its subsidiaries, in the case of this clause (3), acting on behalf of or at the instructions of such Indemnified Party or such subsidiary and (4) any controlled affiliate of such Indemnified Party. 

You shall not be liable for any settlement of any Proceeding effected without your consent (which consent shall not be unreasonably withheld,
conditioned or delayed), but if settled with your written consent or if there is a judgment by a court of competent jurisdiction for the plaintiff in any such Proceeding, you agree to indemnify and hold harmless each Indemnified Party from and
against any and all losses, claims, damages, liabilities and expenses by reason of such settlement or judgment in accordance with the provisions of the immediately preceding paragraph. 

5. Conditions to Financing. The commitment of the Initial Lender in respect of the Facilities and the undertaking of the Lead Arranger
to provide the services described herein are subject to the satisfaction of each of the conditions set forth in Annex III hereto and each of the following conditions precedent in a manner acceptable to the Lead Arranger: (a) the negotiation,
execution and delivery of definitive documentation with respect to the Facilities consistent with this Commitment Letter and the Fee Letter (the “Credit Documentation”); (b) in the case of the New Bank Facilities,
receipt by the Borrower of the portion of the commitments for the Revolving Facility and proceeds of the Term Facilities not committed to by the Commitment Parties, which, in the case of the Revolving Facility (if Bank of America is the
administrative agent or an issuing lender), shall be from financial institutions reasonably satisfactory to the Commitment Parties; and (c) satisfaction of all conditions set forth in Annex I (in respect of the Bridge Facilities) under the
heading “Conditions Precedent” and Annex II (in the case of the New Bank Facilities) under the heading “Conditions Precedent to Closing” and in the case of the Revolving Facility under the heading “Conditions Precedent to
All Extensions of Credit under Revolving Facility.” 
 Notwithstanding anything in this Commitment Letter, the Fee Letter, the Credit
Documentation or any other letter agreement or other undertaking concerning the financing of the Acquisition to the contrary, the only representations the accuracy of which shall be a condition to the availability of the Bridge Facilities and the
Term Facilities on the Closing Date shall be (i) the representations made by or with respect to the Acquired Company and its subsidiaries in the Acquisition Agreement as are material to the interests of the Lenders, but only to the extent that
you have or your affiliate has the right to terminate your obligations under the Acquisition Agreement, or to decline to consummate the Acquisition pursuant to the Acquisition Agreement (as hereinafter defined), as a result of a breach of such
representations in the Acquisition Agreement (the “Acquisition Agreement Representations”) and (ii) the Specified Representations (as hereinafter defined). For purposes hereof, “Specified
Representations” means the representations and warranties relating to corporate status, corporate power and authority to enter into the Credit Documentation, due authorization, execution, delivery and enforceability of the Credit
Documentation, no conflicts of the Credit Documentation with or consents under applicable laws or charter documents of the Borrower and the Guarantors (other than consents that have been obtained), Solvency (as defined in the Existing Credit
Agreement), Federal Reserve margin regulations, the U.S.A. Patriot Act, the Investment Company Act, FCPA, OFAC and compliance with anti-terrorism and anti-money laundering laws. For the avoidance of doubt, the limitations set forth in this paragraph
shall not apply to the conditions for borrowing under the Revolving Facility. 
 6. Confidentiality and Other Obligations. This
Commitment Letter and the Fee Letter and the contents hereof and thereof are confidential and may not be disclosed in whole or in part to any person or entity without our prior written consent except (i) on a confidential basis to your
accountants, attorneys and other professional advisors in connection with the Transaction, (ii) pursuant to the order of 

  
 -6- 

 
any court or administrative agency in any pending legal or administrative proceeding, or otherwise as required by applicable law or compulsory legal process based on the reasonable advice of your
legal counsel (in which case you agree to inform us promptly thereof), (iii) this Commitment Letter and (to the extent redacted in a manner reasonably satisfactory to us to remove specific fee information, amounts set forth in the
“flex” provisions and the hold levels set forth therein) the Fee Letter may be disclosed on a confidential basis to the Acquired Company, and the board of directors, officers and advisors of the Acquired Company in connection with their
consideration of the Transaction and (iv) this Commitment Letter (but not the Fee Letter) in one or more filings with the Securities and Exchange Commission. Notwithstanding the foregoing, (a) you may disclose the aggregate amounts payable
as fees under the Fee Letter as part of aggregate transaction expenses included in any sources and uses disclosure and (b) if the Commitment Letter is filed with the Securities Exchange Commission pursuant to clause (iv) above, the
restrictions in this paragraph with respect to confidentiality of the Commitment Letter shall cease to apply after such filing. 
 The
Commitment Parties shall use all confidential information provided to them by or on behalf of you hereunder solely for the purpose of providing the services which are the subject of this letter agreement and otherwise in connection with the
Facilities and shall treat confidentially all such information; provided, however, that nothing herein shall prevent the Commitment Parties from disclosing any such information (i) pursuant to the order of any court or
administrative agency or in any pending legal or administrative proceeding, or otherwise as required by applicable law or compulsory legal process (in which case the Commitment Parties agree to inform you promptly thereof prior to such disclosure to
the extent not prohibited by law, rule or regulation), (ii) upon the request or demand of any regulatory authority having jurisdiction over the Commitment Parties or any of their respective affiliates (in which case the Commitment Parties
agree, except with respect to any audit or examination conducted by bank accountants or any self-regulatory authority or governmental regulatory authority exercising examination or regulatory authority, to inform you promptly thereof prior to such
disclosure to the extent not prohibited by law, rule or regulation), (iii) to the extent that such information becomes publicly available other than by reason of disclosure in violation of this agreement by the Commitment Parties, (iv) to
the Commitment Parties’ affiliates, employees, legal counsel, independent auditors and other experts or agents who need to know such information in connection with the Transaction and are informed of the confidential nature of such information,
(v) for purposes of establishing a “due diligence” defense, (vi) (A) was available to the Commitment Parties on a non-confidential basis prior to its disclosure by the Commitment Parties by the Borrower or any of its
affiliates or (B) becomes available to the Commitment Parties on a non-confidential basis from a person other than the Borrower or its affiliates who, to the best knowledge of the Commitment Parties, is not otherwise bound by a confidentiality
agreement with the Borrower or any of its affiliates, or is not otherwise prohibited from transmitting the information to the Commitment Parties, (vii) to the extent that such information is independently developed by the Commitment Parties or
(viii) to potential Lenders, participants or assignees who agree to be bound by the terms of this paragraph (or language substantially similar to this paragraph or as otherwise reasonably acceptable to you and each Commitment Party, including
as may be agreed in any confidential information memorandum or other marketing material). This paragraph shall terminate on the second anniversary of the date hereof. 

You acknowledge that the Commitment Parties or their affiliates may be providing financing or other services to parties whose interests may
conflict with yours. The Commitment Parties agree that they will not furnish confidential information obtained from you to any of their other customers and will treat confidential information relating to the Companies and their respective affiliates
with the same degree of care as they treat their own confidential information. The Commitment Parties further advise you that they will not make available to you confidential information that they have obtained or may obtain from any other customer.
In connection with the services and transactions contemplated hereby, you agree that the Commitment Parties are permitted to access, use and share with any of their bank or non-bank affiliates, agents, advisors (legal or otherwise) or
representatives any information concerning the Companies or any of their respective affiliates that is or may come into the possession of the Commitment Parties or any of such affiliates. 

  
 -7- 

 In connection with all aspects of each transaction contemplated by this Commitment Letter, you
acknowledge and agree that: (i) each of the Facilities and any related arranging or other services described in this Commitment Letter is an arm’s-length commercial transaction between you, on the one hand, and the Commitment Parties, on
the other hand, (ii) the Commitment Parties have not provided any legal, accounting, regulatory or tax advice with respect to any of the transactions contemplated hereby and you have consulted your own legal, accounting, regulatory and tax
advisors to the extent you have deemed appropriate, (iii) you are capable of evaluating, and understand and accept, the terms, risks and conditions of the transactions contemplated hereby, (iv) in connection with each transaction
contemplated hereby and the process leading to such transaction, each of the Commitment Parties has been, is, and will be acting solely as a principal and has not been, is not, and will not be acting as an advisor, agent or fiduciary, for you or any
of your affiliates, stockholders, creditors or employees or any other party, (v) the Commitment Parties have not assumed and will not assume an advisory, agency or fiduciary responsibility in your or your affiliates’ favor with respect to
any of the transactions contemplated hereby or the process leading thereto (irrespective of whether any of the Commitment Parties has advised or is currently advising you or your affiliates on other matters) and the Commitment Parties have no
obligation to you or your affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth in this Commitment Letter and (vi) the Commitment Parties and their respective affiliates may be engaged in a
broad range of transactions that involve interests that differ from yours and those of your affiliates, and the Commitment Parties have no obligation to disclose any of such interests to you or your affiliates. To the fullest extent permitted by
law, you hereby waive and release any claims that you may have against the Commitment Parties with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated by this Commitment
Letter. 
 The Commitment Parties hereby notify you that pursuant to the requirements of the USA PATRIOT Act, Title III of Pub. L. 107-56
(signed into law October 26, 2001) (the “U.S.A. Patriot Act”), each of them is required to obtain, verify and record information that identifies you, which information includes your name and address and other information
that will allow the Commitment Parties, as applicable, to identify you in accordance with the U.S.A. Patriot Act. 
 7. Survival of
Obligations. The provisions of Sections 2, 3, 4, 6 and 8 shall remain in full force and effect regardless of whether any Credit Documentation shall be executed and delivered and notwithstanding the termination of this Commitment Letter or any
commitment or undertaking of the Commitment Parties hereunder, except that the provisions of paragraphs 2 and 3 shall not survive if the commitments and undertakings of the Commitment Parties are terminated prior to the funding of the Facilities.

 8. Miscellaneous. This Commitment Letter and the Fee Letter may be executed in multiple counterparts and by different parties
hereto in separate counterparts, all of which, taken together, shall constitute an original. Delivery of an executed counterpart of a signature page to this Commitment Letter or the Fee Letter by telecopier, facsimile or other electronic
transmission (e.g., a “pdf” or “tiff”) shall be effective as delivery of a manually executed counterpart thereof. Headings are for convenience of reference only and shall not affect the construction of, or be taken into
consideration when interpreting, this Commitment Letter or the Fee Letter. 
 This Commitment Letter and the Fee Letter shall be governed
by, and construed in accordance with, the laws of the State of New York. Each party hereto hereby irrevocably waives any and all right to trial by jury in any action, proceeding or counterclaim (whether based on contract, tort or otherwise) arising
out of or relating to this Commitment Letter, the Fee Letter, the Transaction and the other 

  
 -8- 

 
transactions contemplated hereby and thereby or the actions of the Commitment Parties in the negotiation, performance or enforcement hereof. Each party hereto hereby irrevocably and
unconditionally submits to the exclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in the Borough of Manhattan in New York City in respect of any suit, action or proceeding arising out of or
relating to the provisions of this Commitment Letter, the Fee Letter, the Transaction and the other transactions contemplated hereby and thereby and irrevocably agrees that all claims in respect of any such suit, action or proceeding shall be heard
and determined in any such court. The parties hereto agree that service of any process, summons, notice or document by registered mail addressed to you shall be effective service of process against you for any suit, action or proceeding relating to
any such dispute. Each party hereto waives, to the fullest extent permitted by applicable law, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceedings brought in any such court, and any
claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. A final judgment in any such suit, action or proceeding brought in any such court may be enforced in any other courts to whose
jurisdiction you are or may be subject by suit upon judgment. 
 This Commitment Letter, together with the Fee Letter, embodies the entire
agreement and understanding among the parties hereto and your affiliates with respect to the Facilities and supersedes all prior agreements and understandings relating to the subject matter hereof. No party has been authorized by the Commitment
Parties to make any oral or written statements that are inconsistent with this Commitment Letter. Neither this Commitment Letter (including the attachments hereto) nor the Fee Letter may be amended or any term or provision hereof or thereof waived
or modified except by an instrument in writing signed by each of the parties hereto. 
 This Commitment Letter may not be assigned by you
without our prior written consent (and any purported assignment without such consent will be null and void), is intended to be solely for the benefit of the parties hereto and is not intended to confer any benefits upon, or create any rights in
favor of, any person other than the parties hereto (and the Indemnified Parties). Each Commitment Party may assign its commitment hereunder, in whole or in part, to any of its affiliates or to any Lender; provided that no Commitment Party
shall be released from its commitment hereunder except to the extent set forth and in accordance with the first sentence of Section 2 above. 

Please indicate your acceptance of the terms of the Facilities set forth in this Commitment Letter and the Fee Letter by returning to us
executed counterparts of this Commitment Letter and the Fee Letter, and paying the fees specified in the Fee Letter to be payable upon acceptance of this Commitment Letter with respect to the Facilities by wire transfer of immediately available
funds to the account specified by us, not later than 11:59 p.m. (New York City time) on September 16, 2013, whereupon the undertakings of the parties with respect to the Facilities shall become effective to the extent and in the manner
provided hereby. This offer shall terminate with respect to the Facilities if not so accepted by you at or prior to that time. Thereafter, all commitments and undertakings of the Commitment Parties hereunder will expire on the earliest of
(a) January 15, 2014, unless the Closing Date occurs on or prior thereto, (b) the closing of the Acquisition without the use of the Facilities, (c) the acceptance by the Acquired Company or any of its affiliates of an offer for all or
any substantial part of the capital stock or property and assets of the Acquired Company other than as part of the Acquisition and (d) the termination of the Acquisition Agreement. 

[The remainder of this page intentionally left blank.] 

  
 -9- 

 We are pleased to have the opportunity to work with you in connection with this important
financing. 
  

					
	Very truly yours,
	
	BANK OF AMERICA, N.A.
		
	By:	 	 /s/ Mike Delaney

		 	Name:	 	Mike Delaney
		 	Title:	 	Director
	
	MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
		
	By:	 	 /s/ Chris Newton

		 	Name:	 	Chris Newton
		 	Title:	 	Director

 Signature Page to Commitment Letter 

					
	The provisions of this Commitment Letter are accepted and agreed to as of the date first written above:
	
	PACKAGING CORPORATION OF AMERICA
		
	By:	 	 /s/ Richard B. West

		 	Name:	 	Richard B. West
		 	Title:	 	Senior Vice President and Chief Financial Officer

 Signature Page to Commitment Letter 

 ANNEX I 

SUMMARY OF TERMS AND CONDITIONS 

BRIDGE LOANS 
 Capitalized
terms not otherwise defined herein have the same meanings as specified therefor in the Commitment Letter to which this Annex I is attached. 
  

					
	Borrower:	 	“Puma”.
		
	Guarantors:	 	Same as the Existing Credit Agreement.
		
	Administrative Agent:	 	Bank of America, N.A. or an affiliate thereof will act as sole and exclusive administrative agent for the Bridge Lenders (the “Administrative Agent”).
		
	Sole Lead Arranger and Sole Bookrunning Manager:	 	Merrill Lynch, Pierce, Fenner & Smith Incorporated (or any of its affiliates designated to act in such capacity, “MLPFS”) will act as the sole and exclusive lead arranger and sole and
exclusive bookrunning manager for the Bridge Loans (in such capacity, the “Lead Arranger”).
		
	Bridge Lenders:	 	Bank of America, N.A. or an affiliate thereof (“Bank of America”; or the “Initial Bridge Lender”) and other financial institutions and institutional lenders in accordance
with the Commitment Letter (the “Bridge Lenders”).
		
	Bridge Facilities:	 	A $1,300,000,000 tranche A facility (the “Tranche A Bridge Facility”) and a $700,000,000 tranche B facility (the “Tranche B Bridge Facility” and, together with the Tranche
A Bridge Facility, the “Bridge Facilities”), in each case, subject to reductions pursuant to the section entitled “Mandatory Prepayments and Commitment Reduction” below. The loans under the Tranche A Bridge Facility
(the “Tranche A Bridge Loans”) and the loans under the Tranche B Bridge Facility (the “Tranche B Bridge Loans” and, together with the Tranche A Bridge Loans, the “Bridge Loans”)
will be available to the Borrower in one drawing upon consummation of the Acquisition.
		
	Ranking:	 	The Bridge Loans will be senior unsecured obligations of the Borrower and rank pari passu in right of payment with or senior to all other unsecured obligations of the Borrower.
		
	Security:	 	None.
		
	Purpose:	 	The proceeds of the Bridge Loans shall be used to finance the Acquisition and the Refinancing.
		
	Interest Rate:	 	The Bridge Loans will bear interest at a per annum rate equal to either, at the Borrower’s option, (i) LIBOR plus the Applicable Margin, as determined in accordance with the grid set forth below or (ii) the Base
Rate (to be defined as the highest of (a) the Federal Funds Rate plus  1⁄2

  
 Annex I-1 

					
		 	of 1%, (b) the Bank of America prime rate and (c) one-month LIBOR plus 1.00%) plus the Applicable Margin, as set forth in accordance with the grid set forth below.
		
		 	The Borrower may select interest periods of seven days or one or three months for the LIBOR Option. Interest shall be payable at the end of the selected interest period, but no less frequently than quarterly.
		
		 	“Applicable Margin” shall be, during each period after the Closing Date set forth in the table below, the basis points per annum set forth opposite such period under the applicable
Ratings:

  

																									
	 	  	BBB / Baa2 (Level I)	 	  	BBB- / Baa3 (Level II)	 	  	Lower than BBB- /
Baa3 (Level III)	 
	 	  	LIBOR
Loans	 	  	Base Rate
Loans	 	  	LIBOR
Loans	 	  	Base Rate
Loans	 	  	LIBOR
Loans	 	  	Base Rate
Loans	 
	 Day 0-89 after the Closing Date
	  	 	150	  	  	 	50	  	  	 	175	  	  	 	75	  	  	 	200	  	  	 	100	  
	 Day 90-179 after the Closing Date
	  	 	175	  	  	 	75	  	  	 	200	  	  	 	100	  	  	 	225	  	  	 	125	  
	 Day 180-269 after the Closing Date
	  	 	200	  	  	 	100	  	  	 	225	  	  	 	125	  	  	 	250	  	  	 	150	  
	 Day 270-364 after the Closing Date
	  	 	225	  	  	 	125	  	  	 	275	  	  	 	175	  	  	 	300	  	  	 	200	  

  

					
		 	If either of Moody’s or S&P does not have in effect a Rating, then the Rating assigned by the other rating agency shall be used. If neither Moody’s nor S&P has in effect a Rating, the highest pricing
(i.e., Level III) shall apply. If the relevant Ratings assigned by Moody’s and S&P fall within different pricing levels, the Applicable Margin shall be based on the higher of the two Ratings, unless one of the two Ratings is two pricing
levels lower than the other, in which case the Applicable Margin shall be based on the pricing level corresponding to the Rating that is the midpoint between the two Ratings or, if there is no such midpoint, the pricing level that is one level lower
than the pricing level corresponding to the higher Rating.
		
		 	During the continuance of any event of default, the Applicable Margin shall increase by 200 basis points per annum (subject, in all cases other than a bankruptcy default or a default in the payment of principal when
due, to the request of Bridge Lenders holding more than 50% of the aggregate advances and commitments under the Bridge Facilities).
		
		 	All calculations of interest shall be made on the basis of actual number of days elapsed in a 360-day year.

  
 Annex I-2 

							
	Duration Fees:	 	 The Borrower shall pay to the Administrative Agent, for the ratable benefit of the Bridge Lenders, a duration fee on each date
set forth below equal to the basis points set forth opposite such date times the aggregate principal amount of the Bridge Loans outstanding on such date:

											
				
	 	  	 Date
	  	 Fee Amount
	 	  	  
	  	  
 90 days after the Closing
Date
	  	  
  
	  
 50
	  
   
	  
	  	  
 180 days after the Closing
Date
	  	  
  
	  
 75
	  
   
	  
	  	  
 270 days after the Closing
Date
	  	  
  
	  
 100
	  
   
	  

  

					
		 	; provided that if the Ratings are not BBB- or higher by S&P and Baa3 or higher by Moody’s, then the amount set forth in the table above for each date shall be 25 basis points higher.
		
	Maturity:	 	364 days after the Closing Date.
		
	Amortization:	 	None.
		
	Optional Prepayments and Commitment Reductions:	 	The Borrower may prepay the Bridge Facilities in whole or in part at any time without premium or penalty, subject to reimbursement of the Bridge Lenders’ breakage and redeployment costs. The unutilized portion of
the commitments under the Bridge Facilities may be irrevocably reduced or terminated by the Borrower at any time without penalty. Any optional prepayments or commitment reductions shall be applied ratably to the Tranche A Bridge Facility and the
Tranche B Bridge Facility.
		
	Mandatory Prepayments and Commitment Reductions:	 	The Borrower shall prepay the Bridge Loans, and prior to the Closing Date, the commitments in respect thereof shall be automatically reduced, without premium or penalty together with accrued interest to the prepayment
date, with the following:
			
		 	(a)	  	100% of the net cash proceeds from the issuance or incurrence after the Commitment Date of additional debt of the Borrower or any of its subsidiaries, other than (i) revolving credit borrowings incurred under the Existing Credit
Agreement or under the Borrower’s receivables credit agreement as in effect on the Commitment Date, (ii) capital leases and purchase money security interests in the ordinary course of business and (iii) debt owing to the Borrower or any of its
subsidiaries;
			
		 	(b)	  	100% of the net cash proceeds from any issuance of equity interests by the Borrower, other than equity interests issued under employee or director stock compensation plans or arrangements in the ordinary course of business;
and
			
		 	 (c)
	  	100% of the net cash proceeds from any disposition by the Borrower or any of its subsidiaries outside the ordinary course of business (including the sale of any capital stock of any subsidiary), excluding up to an aggregate of
$25,000,000 of net cash proceeds from dispositions received after the Commitment Date.

  
 Annex I-3 

					
		 	Mandatory prepayments and commitment reductions shall be applied ratably to the Tranche A Term Loans and Tranche B Term Loans (or commitments in respect thereof); provided that (A) net cash proceeds from the
issuance of Notes shall be applied, first, to prepayment of the Tranche B Bridge Loans or, prior to the funding thereof, the reduction of commitments in respect thereof and, second, to prepayment of the Tranche A Bridge Loans or, prior
to the funding thereof, the reduction of commitments in respect thereof, and (B) net cash proceeds from the incurrence of the Term Facilities shall be applied, first, to prepayment of the Tranche A Bridge Loans and, second, to
prepayment of the Tranche B Bridge Loans.
		
		 	In addition, upon effectiveness of the Credit Documentation in respect of the New Bank Facilities, the aggregate amount of commitments in respect of the Term Facilities under the Credit Documentation shall be applied to
the reduction of commitments in respect of, first, the Tranche A Bridge Facility and, second, the Tranche B Bridge Facility.
		
	Conditions Precedent:	 	The conditions specified in Section 5 of the Commitment Letter and Annex III to the Commitment Letter.
		
	Bridge Facilities Documentation:	 	The Credit Documentation with respect to the Bridge Facilities will be consistent with the Existing Credit Agreement, with changes and modifications (x) that reflect the terms of this Commitment Letter and the Fee
Letter, (y) modifications to reflect changes in law or accounting standards or cure mistakes or defects and (z) as are reasonably necessary to take into account the customary operational and agency provisions of the Administrative
Agent.
		
	Representations and Warranties:	 	The same as the Existing Credit Agreement plus each of the following: (i) compliance with the U.S.A. Patriot Act; and (ii) FCPA, OFAC, anti-terrorism and anti-money laundering laws.
		
	Covenants:	 	The same as the Existing Credit Agreement plus each of the following: (i) use commercially reasonable efforts to refinance the Bridge Facilities with the proceeds of the Permanent Financing as promptly as practicable
following the Closing Date; and (ii) compliance with FCPA, OFAC, anti-terrorism and anti-money laundering laws.
		
		 	Financial covenants as follows:
		
		 	 •     Minimum Interest Coverage Ratio of: for the fiscal quarters ending prior to June 30,
2014, 4.00 to 1.00; for the fiscal quarters

  
 Annex I-4 

					
		 	ending June 30, 2014 and September 30, 2014, 3.75 to 1.00; and for the fiscal quarter ending December 31, 2014 and all fiscal quarters thereafter, 3.50 to 1.00.
		
		 	 •     Maximum Net Leverage Ratio of: for the fiscal
quarters ending prior to June 30, 2014, 4.00 to 1.00; for the fiscal quarters ending June 30, 2014 and September 30, 2014, 3.75 to 1.00; and for the fiscal quarter ending December 31, 2014 and all fiscal quarters thereafter, 3.50 to
1.00.

		
		 	Each of the ratios referred to above will be calculated on a consolidated basis for each consecutive four fiscal quarter period and consistently with the Existing Credit Agreement. For purposes of the financial
covenants, all costs and expenses related to the Transaction (including financing fees and make-whole amounts paid in connection with the redemption of the Acquired Company’s bonds) shall be added back to EBITDA.
		
	Events of Default:	 	The same as the Existing Credit Agreement.
		
	Assignments and Participations:	 	Each Bridge Lender will be permitted to make assignments in minimum amounts to be agreed to other entities approved by the Administrative Agent and, prior to the Closing Date and so long as no event of default exists,
the Borrower, which approvals shall not be unreasonably withheld or delayed; provided, however, that no such approval shall be required in connection with assignments to other Bridge Lenders or any of their affiliates. Each Bridge
Lender will also have the right, without any consent, to assign as security all or part of its rights under the Credit Documentation to any Federal Reserve Bank. Bridge Lenders will be permitted to sell participations with voting rights limited to
significant matters such as changes in amount, rate and maturity date. An assignment fee in the amount of $3,500 will be charged with respect to each assignment unless waived by the Administrative Agent in its sole discretion.
		
	Waivers and Amendments:	 	Amendments and waivers of the provisions of the Credit Documentation will require the approval of Bridge Lenders holding advances and commitments representing more than 50% of the aggregate advances and commitments under
the Bridge Facilities, except that the consent of all of the directly affected Bridge Lenders will be required with respect to, among other things, (i) increases in commitment amounts, (ii) reductions of principal, interest, or fees, (iii)
extensions of scheduled maturities or times for payment and (iv) changes that impose any restriction on the ability of any Bridge Lender to assign any of its rights or obligations. Certain matters affecting the tranches of Bridge Facilities
differently will be subject to tranche voting.
		
	 Cost and Yield Protection;

Indemnification; Expenses:
	 	 Same as the Existing Credit Agreement.

  
 Annex I-5 

					
	Governing Law:	 	New York.
		
	Counsel to Bridge Lead Arranger:	 	Cahill Gordon & Reindel LLP.
		
	Miscellaneous:	 	Each of the parties shall (i) waive its right to a trial by jury and (ii) submit to non-exclusive New York jurisdiction.

  
 Annex I-6 

 ANNEX II 

SUMMARY OF TERMS AND CONDITIONS

NEW BANK FACILITIES 

Capitalized terms not otherwise defined herein have the same meanings as specified therefor in the Commitment Letter to which this Annex II is
attached. 
  

			
	Borrower:	  	“Puma”.
		
	Guarantors:	  	Same as the Existing Credit Agreement.
		
	Administrative Agent:	  	Bank of America, N.A. or an affiliate thereof will act as sole and exclusive administrative agent for the Bank Lenders under the Term Facilities (the “Term Administrative Agent”) and a financial institution
to be determined will act as sole and exclusive administrative agent for the Bank Lenders under the Revolving Facility (the “Revolving Administrative Agent”).
		
	Lead Arranger and Bookrunning Manager:	  	Merrill Lynch, Pierce, Fenner & Smith Incorporated (or any of its affiliates designated to act in such capacity, “MLPFS”) will act as “left” lead arranger and bookrunning manager for the New
Bank Facilities (in such capacity, the “Lead Arranger”).
		
	Bank Lenders:	  	Bank of America, N.A. or an affiliate thereof (“Bank of America”; or the “Initial Bank Lender”) and other financial institutions and institutional lenders selected in accordance with
the Commitment Letter (the “Bank Lenders”).
		
	Credit Facilities:	  	An aggregate principal amount of $1,650,000,000 will be available through the following facilities:
		
		  	Revolving Facility: a $350,000,000 revolving credit facility (the “Revolving Facility”), which will include a $50,000,000 sublimit for the issuance of standby letters of credit (each a
“Letter of Credit”). Letters of Credit will be issued by Bank of America or another Lender acceptable to the Borrower and the Revolving Administrative Agent (in such capacity, a “Fronting Bank”), and
each Lender will purchase an irrevocable and unconditional participation in each Letter of Credit. The Revolving Facility shall terminate and all amounts outstanding thereunder shall be due and payable in full five (5) years after the Bank
Facilities Closing Date.
		
		  	Term Facilities: a five-year term loan facility (the “Five-Year Term Facility”) and a seven-year term loan facility (the “Seven-Year Term Facility” and, together with the
Five-Year Term Facility, the “Term Facilities”) in the aggregate principal amount of $1,300,000,000, all of which will be drawn on the Bank Facilities Closing Date referred to below. It is currently expected that the
Five-Year Term Facility will be in the aggregate principal amount of $650,000,000, and the Seven-Year

  
 Annex II-1 

			
		  	Term Facility will be in the aggregate principal amount of $650,000,000, but the amounts of the Term Facilities may be reallocated between them as agreed by the Borrower and the Lead Arranger.
		
	Ranking:	  	The New Bank Facilities will be senior unsecured obligations of the Borrower and rank pari passu in right of payment with or senior to all other unsecured obligations of the Borrower.
		
	Security:	  	None.
		
	Purpose:	  	The proceeds of the Term Facilities shall be used (x) if incurred on the Bank Facilities Closing Date, to finance in part the Transaction, or (y) if incurred after the Bank Facilities Closing Date and the Bridge Facilities have been
funded, to refinance all or any portion of, first, the Tranche A Bridge Loans and, second, the Tranche B Bridge Loans. The proceeds of the Revolving Facility shall be used for working capital and other lawful corporate
purposes.
		
	Closing Date:	  	The execution of Credit Documentation for the New Bank Facilities and the making of the initial credit extension thereunder (the “Bank Facilities Closing Date”).
		
	Interest Rate:	  	As set forth in Addendum I to this Annex III.
		
	Availability/Scheduled Amortization:	  	Revolving Facility: Loans under the Revolving Facility may be made on a revolving basis up to the full amount of the Revolving Facility and Letters of Credit may be issued up to the sublimit for Letters of
Credit.
		  	 Five-Year Term Facility: Beginning with the first full fiscal quarter ending after the Bank Facilities Closing Date, the
Five-Year Term Facility will amortize in equal quarterly installments in the annual amounts (set forth as a percentage of the original aggregate principal amount of the Five-Year Term Facility) set forth below (except that in Year 5, payments shall
be 3.75% of the original aggregate principal amount of the Five-Year Term Facility for each of the first three quarters and the remaining outstanding principal amount of the Five-Year Term Facility shall be due and payable in full on the fifth
anniversary of the Bank Facilities Closing Date).
  

                          
              Year
1                              5.0%

                          
              Year
2                            10.0%

                          
              Year
3                            10.0%

                          
              Year
4                            15.0%

                          
              Year
5                            60.0%

		
		  	Seven-Year Term Facility: Beginning with the first full fiscal quarter ending after the Bank Facilities Closing Date, the Seven-Year Term Facility will be subject to quarterly amortization of principal in the amount of
0.25% of the original aggregate principal amount of the Seven-Year Term Facility. The remaining outstanding principal amount of the Seven-Year Term Facility shall be due and payable in full on the seventh anniversary of the Bank Facilities Closing
Date.

  
 Annex II-2 

			
		
	Optional Prepayments and Commitment Reductions:	  	The Borrower may prepay the New Bank Facilities in whole or in part at any time without premium or penalty, subject to reimbursement of the Bank Lenders’ breakage and redeployment costs in the case of prepayment of LIBOR
borrowings. Each prepayment of either Term Facility shall be applied to the principal installments thereof as directed by the Borrower. The unutilized portion of the commitments under the Revolving Facility may be irrevocably reduced or terminated
by the Borrower at any time without penalty.
		
	Conditions Precedent to Closing:	  	The conditions specified in Section 5 of the Commitment Letter and Annex III to the Commitment Letter.
		
	Conditions Precedent to All Extensions of Credit under Revolving Facility:	  	Extensions of credit under the Revolving Facility shall be subject, in addition to the conditions set forth above under “Conditions Precedent to Closing,” to the conditions consistent with Section 3.02 of the Existing
Credit Agreement.
		
	Bank Facilities Documentation:	  	The Credit Documentation with respect to the New Bank Facilities will be consistent with the Existing Credit Agreement, with changes and modifications (x) that reflect the terms of this Commitment Letter and the Fee Letter,
(y) modifications to reflect changes in law or accounting standards or cure mistakes or defects and (z) as are reasonably necessary to take into account the customary operational, letter of credit and agency provisions of the Term
Administrative Agent and the Revolving Administrative Agent.
		
	Representations and Warranties:	  	The same as the Existing Credit Agreement plus each of the following: (i) compliance with the U.S.A. Patriot Act; and (ii) FCPA, OFAC, anti-terrorism and anti-money laundering laws.
		
	Covenants:	  	The same as the Existing Credit Agreement plus each of the following: (i) use commercially reasonable efforts to refinance the Bridge Facilities with the proceeds of the Permanent Financing as promptly as practicable following the
Closing Date; and (ii) compliance with FCPA, OFAC, anti-terrorism and anti-money laundering laws.
		
		  	Financial covenants as follows:
		
		  	 •      Minimum Interest Coverage Ratio of: for the fiscal quarters ending prior to June 30, 2014,
4.00 to 1.00; for the fiscal quarters ending June 30, 2014 and September 30, 2014, 3.75 to 1.00; and for the fiscal quarter ending December 31, 2014 and all fiscal quarters thereafter, 3.50 to
1.00.

  
 Annex II-3 

			
		  	 •      Maximum Net Leverage Ratio of: for the fiscal quarters ending prior to June 30, 2014,
4.00 to 1.00; for the fiscal quarters ending June 30, 2014 and September 30, 2014, 3.75 to 1.00; and for the fiscal quarter ending December 31, 2014 and all fiscal quarters thereafter, 3.50 to 1.00.

		
		  	Each of the ratios referred to above will be calculated on a consolidated basis for each consecutive four fiscal quarter period and consistently with the Existing Credit Agreement. For purposes of the financial covenants, all costs
and expenses related to the Transaction (including financing fees and make-whole amounts paid in connection with the redemption of the Acquired Company’s bonds) shall be added back to EBITDA.
		
	Events of Default:	  	The same as the Existing Credit Agreement.
		
	Assignments and Participations:	  	Revolving Facility Assignments: Subject to the consents described below (which consents will not be unreasonably withheld or delayed), each Bank Lender will be permitted to make assignments to other financial
institutions in respect of the Revolving Facility in a minimum amount equal to $5,000,000.
		
		  	Term Facilities Assignments: Subject to the consents described below (which consents will not be unreasonably withheld or delayed), each Bank Lender will be permitted to make assignments to other financial institutions
in respect of either Term Facility in a minimum amount equal to $1,000,000.
		
		  	Consents: The consent of the Borrower will be required unless (i) an event of default has occurred and is continuing or (ii) the assignment is to a Bank Lender, an affiliate of a Bank Lender or an Approved Fund (as
such term is defined in the Existing Credit Agreement). The consent of the Term Administrative Agent or Revolving Administrative Agent, as applicable, will be required for any assignment (i) in respect of the Revolving Facility or an unfunded
commitment under any Term Facility to an entity that is not a Bank Lender with a commitment in respect of the Revolving Facility, an affiliate of such a Bank Lender or an Approved Fund in respect of such a Bank Lender or (ii) of any outstanding term
loan to an entity that is not a Bank Lender, an affiliate of a Bank Lender or an Approved Fund. The consent of each Fronting Bank will be required for any assignment under the Revolving Facility.
		
		  	Assignments Generally: An assignment fee in the amount of $3,500 will be charged to the assigning and/or assignee Bank Lender with respect to each assignment unless waived by the Term Administrative Agent or Revolving
Administrative Agent, as applicable, in its sole discretion. Each Bank Lender will also have the right, without consent of the Borrower or the Term Administrative Agent or the Revolving Administrative Agent, to assign as security all or part of its
rights under the loan documentation to any Federal Reserve Bank.

  
 Annex II-4 

			
		  	Participations: Bank Lenders will be permitted to sell participations with voting rights limited to significant matters such as changes in amount, rate, maturity date and releases of all or substantially all of the
value of the guaranties of the Borrower’s obligations made by the Guarantors.
		
		  	No Assignment or Participation to Certain Persons: No assignment or participation may be made to natural persons, the Borrower or any of its affiliates or subsidiaries, or any Defaulting Lender (to be defined in the
loan documentation). The loan documentation shall include restrictions on assignments to competitors of the Borrower consistent with the Existing Credit Agreement.
		
	Waivers and Amendments:	  	Amendments and waivers of the provisions of the Credit Documentation will require the approval of Bank Lenders holding advances and commitments representing more than 50% of the aggregate advances and commitments under the New Bank
Facilities (the “Required Lenders”), except that the consent of all of the directly affected Bank Lenders will be required with respect to, among other things, (i) increases in commitment amounts, (ii) reductions of
principal, interest, or fees, (iii) extensions of scheduled maturities or times for payment and (iv) changes that impose any restriction on the ability of any Bank Lender to assign any of its rights or obligations. Notwithstanding the foregoing, if
any Lender shall be a Defaulting Lender at such time, then the outstanding loans and unfunded commitments under the New Bank Facilities of such Defaulting Lender shall be excluded from the determination of Required Lenders. Certain matters affecting
the tranches of New Bank Facilities differently will be subject to tranche voting.
		
	Cost and Yield Protection; Indemnification; Expenses:	  	Same as the Existing Credit Agreement.
		
	Governing Law:	  	New York.
		
	Miscellaneous:	  	Each of the parties shall (i) waive its right to a trial by jury and (ii) submit to non-exclusive New York jurisdiction.

  
 Annex II-5 

 ADDENDUM I 

PRICING, FEES AND EXPENSES 
  

			
	Interest Rates:	  	The loans under the New Bank Facilities will bear interest at a per annum rate equal to either, at the Borrower’s option, (i) LIBOR plus the Applicable Margin, as determined in accordance with the Performance Pricing grid set
forth below or (ii) the Base Rate (to be defined as the highest of (a) the prime rate as determined by the Term Administrative Agent for purposes of the Term Facilities and by the Revolving Administrative Agent for purposes of the Revolving
Facility, (b) the Federal Funds rate plus 0.50% and (c) a daily rate equal to one-month LIBOR plus 1.0%) plus the Applicable Margin, as determined in accordance with the Performance Pricing grid set forth in Schedule A below.
		
		  	The Borrower may select interest periods of one, two, three or six months for LIBOR loans, subject to availability. Interest shall be payable at the end of the selected interest period, but no less frequently than
quarterly.
		
		  	During the continuance of any event of default under the loan documentation, the Applicable Margin on obligations owing under the loan documentation shall increase by 200 basis points per annum (subject, in all cases other than
a bankruptcy default or a default in the payment of principal when due, to the request of the Required Lenders).
		
	Facility Fee:	  	The Borrower will pay a fee (the “Facility Fee”), determined in accordance with the Performance Pricing grid set forth in Schedule A below, on each Bank Lender’s commitment amount under the Revolving
Facility, regardless of usage (and, if amounts remain outstanding after the commitments have terminated, on such outstanding amounts). The Facility Fee is payable quarterly in arrears, commencing on the first quarterly payment date to occur after
the Closing Date.
		
	Letter of Credit Fees:	  	The Borrower will pay a fee (the “Letter of Credit Fee”), determined in accordance with the Performance Pricing grid set forth in Schedule A below, on the maximum amount available to be drawn under each
Letter of Credit that is issued and outstanding. The Letter of Credit Fee is payable quarterly in arrears, commencing on the first quarterly payment date to occur after the Closing Date, and will be shared proportionately by the Bank Lenders. In
addition, the Borrower will pay a fronting fee to the applicable Fronting Bank for its own account, in an amount set forth in a separate letter agreement with such Fronting Bank.

  
 Annex II-Addendum 1-1

			
	Performance Pricing:	  	The Applicable Margin and Facility Fee for the New Bank Facilities shall be determined on the basis of the Borrower’s Ratings in accordance with the grid set forth in Schedule A below. Each change in the Applicable Margin or
Facility Fee resulting from a publicly announced change in the Ratings shall be effective during the period commencing on the date of the public announcement thereof and ending on the date immediately preceding the effective date of the next such
change.
		
		  	In all cases in determining the Applicable Margin or the Facility Fee, the applicable Level shall be based on the higher of the two ratings (i.e., the lower pricing); provided that if (a) if there is a split in the Ratings of
more than one level, then the Pricing Level that is one level higher than the Pricing Level of the lower Rating shall apply; (b) if the Borrower has only one Rating, the Pricing Level corresponding to such Rating shall apply; and (c) if the Borrower
does not have any Rating, Pricing Level V shall apply.
		
	Calculation of Interest and Fees:	  	Other than calculations in respect of interest at the prime rate (which shall be made on the basis of actual number of days elapsed in a 365/366-day year), all calculations of interest and fees shall be made on the basis of actual
number of days elapsed in a 360-day year.

  
 Annex II-Addendum 1-2

 Schedule A 

New Bank Facilities Pricing Grid 
  

																																			
	 	  	 	  	Revolving Facility	 	 	Five-Year Term Facility	 	 	Seven-Year Term Facility	 
	 Pricing
Level
	  	Ratings	  	Facility
Fee	 	 	Applicable
Margin for
LIBOR Loans
and Letter of
Credit Fees	 	 	All-In Drawn
Spread for
LIBOR Loans and
Letter of Credit
Fees	 	 	Applicable
Margin
for Base Rate
Loans	 	 	Applicable
Margin for
LIBOR Loans	 	 	Applicable
Margin
for Base Rate
Loans	 	 	Applicable
Margin for
LIBOR
Loans	 	 	Applicable
Margin
for Base Rate
Loans	 
	 I
	  	3BBB+ from S&P/

Baa1 from Moody’s
	  	 	0.125	% 	 	 	1.125	% 	 	 	1.250	% 	 	 	0.125	% 	 	 	1.250	% 	 	 	0.250	% 	 	 	1.500	% 	 	 	0.500	% 
	 II
	  	BBB from S&P/
 Baa2 from Moody’s
	  	 	0.175	% 	 	 	1.200	% 	 	 	1.375	% 	 	 	0.200	% 	 	 	1.375	% 	 	 	0.375	% 	 	 	1.625	% 	 	 	0.625	% 
	 III
	  	BBB- from S&P/
 Baa3 from Moody’s
	  	 	0.225	% 	 	 	1.275	% 	 	 	1.500	% 	 	 	0.275	% 	 	 	1.500	% 	 	 	0.500	% 	 	 	1.750	% 	 	 	0.750	% 
	 IV
	  	BB+ from S&P/
 Ba1 from Moody’s
	  	 	0.250	% 	 	 	1.500	% 	 	 	1.750	% 	 	 	0.500	% 	 	 	1.750	% 	 	 	0.750	% 	 	 	2.000	% 	 	 	1.000	% 
	 V
	  	£BB from S&P/
 Ba2 from Moody’s
	  	 	0.300	% 	 	 	1.700	% 	 	 	2.000	% 	 	 	0.700	% 	 	 	2.000	% 	 	 	1.000	% 	 	 	2.250	% 	 	 	1.250	% 

  
 Annex II-Addendum
1-Schedule A 

 ANNEX III 

CONDITIONS PRECEDENT TO CLOSING 

Capitalized terms not otherwise defined herein have the same meanings as specified therefor in the Commitment Letter to which this Annex III
is attached. 
 The funding of the Facilities will be subject to satisfaction of the following conditions: 

(i) The Commitment Parties shall be satisfied with the definitive agreement relating to the Acquisition (including all
schedules and exhibits thereto) (the “Acquisition Agreement”), and with all other agreements, instruments and documents relating to the Transaction (it being understood that the Commitment Parties are satisfied with the draft
of the Acquisition Agreement provided to the Commitment Parties at 2:12 a.m. on September 16, 2013). The Acquisition shall have been consummated, or shall be consummated substantially concurrently with the funding under the applicable
Facilities, in all material respects in accordance with the Acquisition Agreement and such other agreements, instruments and documents relating to the Transaction without giving effect to any amendment, waiver, consent, modification or supplement
that is materially adverse to the interests of the Commitment Parties without the prior written consent of the Lead Arranger, it being understood that any change in purchase price shall be deemed to be materially adverse to the interests of the
Commitment Parties. The Acquisition Agreement Representations shall be true and correct, and the Specified Representations shall be true and correct in all material respects. 

(ii) Since December 31, 2012, there has been no change, event, occurrence or development that, individually or in the
aggregate with any other changes, events, occurrences or developments, has had or would reasonably be expected to have a Company Material Adverse Effect. “Company Material Adverse Effect” means any change, event, occurrence
or development that has a material adverse effect on the business, results of operations, assets, liabilities or financial condition of the Company and its Subsidiaries, taken as a whole; provided, however, that none of the following
shall constitute or be deemed to contribute to a Company Material Adverse Effect or shall otherwise be taken into account in determining whether a Company Material Adverse Effect has occurred or would reasonably be likely to occur: any adverse
effect arising out of, resulting from or attributable to (a) changes or proposed changes in applicable Laws, GAAP or the interpretation or enforcement thereof, (b) changes in general economic, business, labor or regulatory conditions, or
changes in securities, credit or other financial markets, in the United States or globally, or changes generally affecting the industries in which the Company or its Subsidiaries compete in the United States or globally, (c) changes in global
or national political conditions (including the outbreak or escalation of war, military action, sabotage or acts of terrorism) or changes due to natural disasters, (d) the effects of the actions or omissions specifically required of the Company
under this Agreement (other than those actions or omissions required pursuant to Section 7.1) in connection with the Transactions, (e) the negotiation, announcement or pendency of this Agreement and the Transactions, including the
identity of, or the effect of any fact or circumstance relating to, Parent or any of its Affiliates or any communication by Parent or any of its Affiliates regarding plans, proposals or projections with respect to the Company, its Subsidiaries or
their employees, (f) any item specifically disclosed in the SEC Documents or specifically disclosed in the reports and other documents furnished to the SEC by the Company or any of its Subsidiaries following January 1, 2011 and publicly
available prior to the date hereof (other than disclosures in any documents incorporated by reference therein, and other than any forward-looking statements or risk factors contained therein), (g) changes in the trading price or trading

  
 Annex III-1 

 
volume of Shares, provided that the underlying cause of such changes may be taken into account in determining whether a Company Material Adverse Effect has occurred, (h) any failure
by the Company or its Subsidiaries to meet any revenue, earnings or other financial projections or forecasts, although the underlying cause of such failure may be taken into account in determining whether a Company Material Adverse Effect has
occurred, or (i) any item set forth on Section 1.1 of the Company Disclosure Schedule, except in the case of clauses (a), (b) and (c), to the extent that any such change, event, effect, occurrence, state of facts or development
disproportionately affects the Company and its Subsidiaries when compared with other Persons operating in the same industries in which the Company and its Subsidiaries operate. Without limiting the generality of the foregoing, a Company Material
Adverse Effect shall be deemed to have occurred if any shutdown, idling or cessation of production of any of (i) the I1 paper machine at the International Falls, MN facility of the Company or its Subsidiaries, (ii) the J3 paper machine at
the Jackson, AL facility of the Company or its Subsidiaries, or (iii) the D1 paper machine at the DeRidder, LA facility of the Company or its Subsidiaries shall have occurred and such shutdown, idling or cessation continued for, or would
reasonably be expected to continue for, a period of sixty (60) consecutive days or more. Capitalized terms used but not otherwise defined in the definition of “Acquired Company Material Adverse Effect” shall have the meanings assigned
to such terms in the Acquisition Agreement as in effect on the date hereof. 
 (iii) The Administrative Agent shall have
received customary (A) legal opinions in substantially the form of the legal opinions delivered in connection with the closing under the Existing Credit Agreement, modified to reflect the Facilities and the Acquisition, (B) evidence of
authority (including the incumbency of officers executing the Credit Documentation), (C) corporate resolutions, (D) good standing certificates, (E) closing certificates regarding satisfaction of the conditions precedent to funding of
the Facilities, (F) pay-off letters in respect of all indebtedness to be repaid as part of the Refinancing and (G) notice of borrowing. 

(iv) The Commitment Parties shall have received: (A) within 90 days after the end of each fiscal year of the Borrower and
the Acquired Company ending after the date of the Commitment Letter, the consolidated balance sheet of each of the Borrower and the Acquired Company as of the end of such fiscal year and related consolidated statements of operations, cash flows and
shareholders’ equity, accompanied by a report thereon of the Borrower’s or Acquired Company’s auditors, as applicable (it being acknowledged that the Lead Arranger has received such financial statements for the three fiscal years
ended prior to the date of the Commitment Letter); (B) within 45 days after the end of each fiscal quarter of the Acquired Company or the Borrower ending after the date of the Commitment Letter, an unaudited balance sheet and related statements
of operations and cash flows of each of the Borrower and the Acquired Company for such fiscal quarter and for the comparable periods of the prior fiscal year (the “Quarterly Financial Statements”) and (C) solely as a
condition with respect to availability of the Tranche B Bridge Facility, pro forma consolidated financial statements of the Borrower for the latest fiscal year and for the period elapsed from the beginning of the current fiscal year to the end of
the latest fiscal quarter covered by the Quarterly Financial Statements and as of end of such fiscal quarter, after giving effect to the Transaction as if it occurred at the beginning of the period presented in the case of the income statement and
as of such date in the case of the balance sheet. 
 (v) The Borrower shall have complied with all of its obligations under,
and the terms of, the Fee Letter. All fees due to the Administrative Agent, the Lead Arranger and the Bridge Lenders shall have been paid, and all expenses to be paid or reimbursed to the Administrative Agent and the Lead Arranger that have been
invoiced a reasonable period of time prior to the Closing Date shall have been paid, in each case, from the proceeds of the initial funding under the Facilities. 

  
 Annex III-2 

 (vi) The Borrower shall have provided the documentation and other information to
the Administrative Agent that are required by regulatory authorities under applicable “know-your-customer” rules and regulations, including the U.S.A. Patriot Act, at least seven days prior to the Closing Date. 

(vii) Solely in the case of the Revolving Facility, there shall have been no change, occurrence or development since
December 31, 2012 that either individually or in the aggregate could reasonably be expected to have a material adverse effect on the business, condition (financial or otherwise), operations, performance or properties of the Borrower and its
subsidiaries taken as a whole. 

  
 Annex III-3

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