Document:

Shareholders' Agreement

 EXHIBIT 10.35 
  
  
 ACH SHAREHOLDERS’
AGREEMENT 
 April 2nd, 2007 
  
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
		
	 ARTICLE 1 INTERPRETATION
	  	2
			
	 SECTION 1.1
	  	DEFINITIONS	  	2
	 SECTION 1.2
	  	HEADINGS FOR REFERENCE ONLY	  	4
	 SECTION 1.3
	  	SEVERABILITY	  	4
	 SECTION 1.4
	  	ENTIRE AGREEMENT	  	4
	 SECTION 1.5
	  	WAIVER	  	5
	 SECTION 1.6
	  	GOVERNING LAW	  	5
		
	 ARTICLE 2 GOVERNANCE OF GP
	  	5
			
	 SECTION 2.1
	  	BOARD OF DIRECTORS	  	5
	 SECTION 2.2
	  	BUSINESS AND AFFAIRS OF GP	  	7
	 SECTION 2.3
	  	DIRECTORS EXPENSES	  	7
	 SECTION 2.4
	  	BUSINESS AND AFFAIRS OF LP	  	7
	 SECTION 2.5
	  	DISCLOSURE OF INTEREST OF DIRECTORS AND OFFICERS OF GP	  	7
	 SECTION 2.6
	  	CONFLICTS OF INTEREST OF DIRECTORS	  	7
	 SECTION 2.7
	  	CONFLICTS OF INTEREST BETWEEN ACCC, LP AND GP	  	8
	 SECTION 2.8
	  	CDPQ’S VETO RIGHTS	  	8
	 SECTION 2.9
	  	CLAIM UNDER THE INDEMNIFICATION PROVISIONS OF THE ACQUISITION
AGREEMENT	  	9
	 SECTION 2.10
	  	GENERAL MANAGER TO SEND COPIES OF NOTICES OF DEFAULT
	  	9
		
	 ARTICLE 3 GENERAL MATTERS RELATING TO THE TRANSFER AND ISSUANCE OF SHARES
	  	10
			
	 SECTION 3.1
	  	REPRESENTATIONS AND WARRANTIES BY THE GP SHAREHOLDERS	  	10
	 SECTION 3.2
	  	UNANIMOUS SHAREHOLDERS AGREEMENT	  	10
	 SECTION 3.3
	  	TRANSFER RESTRICTIONS ON SHARES	  	10
	 SECTION 3.4
	  	APPLICABILITY OF PRE-EMPTIVE RIGHT TO SHARES	  	10
	 SECTION 3.5
	  	NOTATION ON CERTIFICATES	  	11
		
	 ARTICLE 4 GENERAL PROVISIONS
	  	11
			
	 SECTION 4.1
	  	ALL SHARES SUBJECT TO THIS AGREEMENT	  	11
	 SECTION 4.2
	  	AMENDMENTS	  	11
	 SECTION 4.3
	  	TERM	  	11
	 SECTION 4.4
	  	TERMINATION NOT TO AFFECT RIGHTS OR OBLIGATIONS	  	11
	 SECTION 4.5
	  	NOTICES	  	12
	 SECTION 4.6
	  	DAVIES WARD PHILLIPS & VINEBERG LLP ACTING FOR MORE THAN
ONE PARTY	  	13
	 SECTION 4.7
	  	FURTHER ASSURANCES	  	13
	 SECTION 4.8
	  	SUCCESSORS AND ASSIGNS	  	14
	 SECTION 4.9
	  	COUNTERPARTS	  	14
	 SECTION 4.10
	  	AUTHORSHIP	  	14
	 SECTION 4.11
	  	FRENCH LANGUAGE VERSION	  	14

 SHAREHOLDERS’ AGREEMENT 
 THIS AGREEMENT is made as of the 2nd
 day of April, 2007 
 AMONGST: 
 ABITIBI-CONSOLIDATED HYDRO INC., a corporation incorporated under the laws of Canada (“GP”); 
 ABITIBI-CONSOLIDATED COMPANY OF CANADA, a corporation amalgamated under the laws of Québec (“ACCC”); 
 CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC, a legal person constituted under the laws of Québec (“CDPQ”);
and 
 ACH LIMITED PARTNERSHIP, a limited partnership formed under the laws of Manitoba (“LP”). 
 RECITALS: 
 The authorized capital of LP consists of
an unlimited number of LP Units, of which, as at the date hereof 4,750,000 Common LP Units are issued and outstanding and owned by CDP Investissements Inc., a wholly-owned subsidiary of CDPQ, 14,250,000 Common LP Units are issued and outstanding and
owned by ACCC, and one Common LP Unit is issued and outstanding and owned by GP. 
 The authorized share capital of GP consists of an
unlimited number of Shares, of which, as at the date hereof, 75% of all issued and outstanding Shares are owned by ACCC and 25% of all issued and outstanding Shares are owned by CDPQ. 
 The parties wish to enter into this Agreement to provide, inter alia, for certain matters related to the composition of the Board of Directors and
restrictions on the transfer and issuance of Shares. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained in this Agreement and other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged by each of the parties), the parties hereto hereby agree as follows: 

 ARTICLE 1 
 INTERPRETATION 
 Section 1.1 Definitions. 
 In this Agreement, words in the singular number include the plural and words in the plural number include the singular, and the masculine includes the feminine and neuter. In this Agreement, except where the context
otherwise requires: 
 “Absentee” has the meaning ascribed thereto in Section 2.1(5). 
 “ACCC” means Abitibi-Consolidated Company of Canada. 
 “ACI” means Abitibi-Consolidated Inc., a corporation amalgamated under the laws of Canada. 
 “Act” means the
Canada Business Corporations Act, as the same may be amended from time to time, including the regulations promulgated thereunder, and any successor legislation thereto. 
 “affiliate” has the meaning ascribed thereto in the Act. 
 “Agreement” means this
agreement as the same may be supplemented, amended or amended and restated from time to time, and “herein”, “hereof, “hereto”, “hereby”, “hereunder” and similar expressions refer to the Agreement
and include every instrument supplemental or ancillary to or in implementation of the Agreement and, except where the context otherwise requires, not to any particular Article, Section or other portion hereof or thereof. 
 “Board of Directors” means the board of directors of GP. 
 “Business Day” means any day other than a Saturday, Sunday or statutory holiday, when banks are generally open in the City of Toronto, in the Province of Ontario, and in the City of Montreal, in the Province of Quebec, for
the transaction of banking business. 
 “CDPQ” means Caisse de dépôt et placement du Quebec. 
 “Common LP Units” has the meaning ascribed thereto in the Limited Partnership Agreement. 
 “Definitive Agreements” means the agreements listed on Schedule “A” hereto. 
 “Electricity Supply Agreement” means the electricity supply agreement dated as of March 31, 2007 between ACCC, as vendor, and LP, as purchaser. 
 “Encumbrance” means any mortgage, charge, pledge, hypothecation, security interest, assignment, encumbrance, lien (statutory or otherwise), title retention agreement or arrangement, restrictive
covenant and any other encumbrances of any nature or any other arrangement or condition that in substance secures payment or performance of an obligation. 
  

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 “GAAP” means, at any time, accounting principles generally accepted in Canada as recommended in the
Handbook of the Canadian Institute of Chartered Accountants at the relevant time, applied on a consistent basis. 
 “GP” means
Abitibi-Consolidated Hydro Inc./Hydroélectricité Abitibi-Consolidated Inc. (formerly known as 4349440 Canada Inc.), a corporation incorporated under the laws of Canada and having its head office at 1155 Metcalfe Street, Suite 800,
Montreal, Quebec, H3B 5H2, and includes, where applicable, its permitted successor under the Limited Partnership Agreement. 
 “GP Shareholder”
means each of ACCC and CDPQ and such other Persons as may become a shareholder of GP from time to time in accordance with the provisions hereof. 
 “Limited Partnership Agreement” means the amended and restated limited partnership agreement of LP entered into on March 30, 2007 between GP, as general partner, and ACCC, as initial limited partner, as the same may be
amended, supplemented or amended and restated from time to time. 
 “LP” means ACH Limited Partnership (formerly known as Orion Limited
Partnership), a limited partnership governed by the laws of the Province of Manitoba. 
 “LP Unitholder” means each of ACCC, CDP
Investissements Inc., GP and such other Persons as may become Partners (as defined in the Limited Partnership Agreement) from time to time. 
 “LP
Units” means, collectively, the Common LP Units and the Preferred LP Units, and will, where the context permits, include (i) any securities into which such LP Units may be converted, reclassified, redesignated, subdivided, consolidated
or otherwise changed, (ii) any securities of LP or of any other Person received by the holders of such LP Units as a result of any merger, amalgamation, reorganization, arrangement or other similar transaction involving LP, (iii) any
securities of LP which are received by any one or more Persons as a distribution on or in respect of such securities, and (iv) any security, other instrument or right that is convertible into or evidences the right to acquire any of the
foregoing securities. 
 “Operations, Maintenance and Services Agreement” means the operations, maintenance and services agreement to be
entered into on or prior to the date hereof pursuant to which ACCC provides LP and GP operations, maintenance, administrative and management services in respect of the Facilities (as such term is defined in the Limited Partnership Agreement).

 “Person” means and includes individuals, corporations, limited partnerships, general partnerships, joint stock companies, unlimited
liability corporations, joint ventures, associations, companies, trusts, banks, trust companies, pension funds, business trusts or any other organization, whether or not legal entities and governments and agencies and political subdivisions thereof.

 “Preferred LP Units” has the meaning ascribed thereto in the Limited Partnership Agreement.  
 “Reconvened Meeting” has the meaning ascribed thereto in Section 2.1(5). 
  

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 “retiring director” has the meaning specified in Section 2.1(2). 
 “Shares” means the common shares in the share capital of GP and will, where the context permits, include (i) any securities into which such Shares
may be converted, reclassified, redesignated, subdivided, consolidated or otherwise changed, (ii) any securities of GP or of any other Person received by the holders of such Shares as a result of any merger, amalgamation, reorganization,
arrangement or other similar transaction involving GP, (iii) any securities of GP, which are received by any one or more Persons as a distribution on or in respect of such securities, and (iv) any security, other instrument or right that
is convertible into or evidences the right to acquire any of the foregoing securities. 
 “Transfer” includes, in reference to any
securities, (i) any transfer of such securities, directly or indirectly, by operation of law, by court order, by judicial process, or by foreclosure, levy or attachment and (ii) any sale, assignment, gift, donation, redemption, conversion
or other disposition of such securities, directly or indirectly, pursuant to an agreement, arrangement, instrument or understanding by which legal title to or beneficial ownership of such securities passes from one Person to another Person or to the
same Person in a different legal capacity, whether or not for value, and in each case any agreement to effect any of the foregoing; and the words “Transferred”, “Transferring” and similar words have corresponding meanings.

 “Unitholders’ Agreement” means the unitholders’ agreement entered into on the date hereof among ACCC, CDP Investissements Inc.,
GP and LP, immediately prior to the execution of this Agreement. 
 Section 1.2 Headings for reference only. 
 The headings preceding the Articles and Sections hereof have been inserted for convenience and reference only and shall not be construed to affect the
meaning, construction or effect of this Agreement. 
 Section 1.3 Severability. 
 The provisions of this Agreement are severable and if any provisions are in conflict with any applicable law, the conflicting provisions shall be deemed
never to have constituted a part of this Agreement and shall not affect or impair any of the remaining provisions thereof. If any provision of this Agreement shall be held invalid or unenforceable in any jurisdiction, such invalidity or
unenforceability shall attach only to such provision in such jurisdiction and shall not in any manner affect or render invalid or unenforceable such provision in any other jurisdiction or any other provision of this Agreement in any jurisdiction.

 Section 1.4 Entire Agreement. 
 This Agreement constitutes the entire agreement between the parties hereto with respect to the subject-matter hereof and supersede all prior agreements, understandings, negotiations and discussions, whether oral or written, of the parties
hereto. 
  

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 Section 1.5 Waiver. 
 No waiver of any provision of this Agreement will be implied, and no waiver will be valid unless it is in writing and signed by the person or party giving such waiver. No waiver of any breach of any of the terms,
provisions or conditions of this Agreement will be construed as or held to be a waiver of any other breach, or a waiver of, acquiescence in, or consent to, any further or succeeding breach hereof. 
 Section 1.6 Governing Law. 
 This Agreement shall
be interpreted and governed by, take effect and be construed exclusively in accordance with the laws of the Province of Quebec and the laws of Canada applicable therein. Any and all disputes arising under this Agreement, whether as to
interpretation, performance or otherwise, shall be subject to the exclusive jurisdiction of the courts of the Province of Quebec and the parties hereby irrevocably attorn to the exclusive jurisdiction of the courts of such province. 
 ARTICLE 2 
 GOVERNANCE OF GP 

 Section 2.1 Board of Directors. 
  

	(1)	As long as ACCC owns more than 50% and CDPQ owns at least 15% of the Shares, the Board of Directors shall be comprised of four directors, one of whom shall be appointed by CDPQ and
three appointed by ACCC, and CDPQ shall have the right to be represented on all committees, if any, of the Board of Directors. CDPQ shall no longer have the right to appoint a director on the Board of Directors or the right to be represented on
committees of the Board of Directors should it hold less than 15% of the Shares. 

  

	(2)	On the appointment or election of each director who is nominated pursuant to Section 2.1(1), the nominating Person shall, subject to applicable law, be entitled by direction in
writing to remove its nominee and nominate a successor who shall, promptly upon the resignation of the existing director, be elected as director to replace the individual previously nominated; provided, however, that CDPQ shall only be entitled to
exercise such right as long as it holds at least 15% of the Shares. If a director (a “retiring director”) ceases to be a director for any reason (other than CDPQ ceasing to hold at least 15% of the Shares), the Board of Directors
shall fill the resulting vacancy by appointing as soon as practicable that individual who is nominated by the Person entitled to nominate the retiring director; provided, however, that CDPQ shall only be entitled to exercise such right as long as it
holds at least 15% of the Shares. If a Person entitled to nominate a director fails for any reason to nominate an individual to fill a vacancy within thirty (30) days after the vacancy arises, the Board of Directors will appoint an individual
of its choice to fill the vacancy, which individual will serve until a successor is nominated by such Person. 

  

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	(3)	If CDPQ ceases to hold at least 15% of the Shares, then the director nominated by CDPQ shall cease to be a director. In such case, the procedure for filling the vacancy on the Board
of Directors will be as follows. The Board of Directors will use its best efforts to nominate an individual to fill the vacant position within fifteen (15) days of such resignation, but in any event as soon as practicable. For greater clarity,
the retiring director will not participate in the nomination of his successor nominee. Within fifteen (15) days of the individual’s nomination (and on not less than ten days’ notice to the GP Shareholders) a meeting of the
shareholders of GP will be held where the individual nominated will stand for election by the GP Shareholders. The individual must receive a majority of the votes cast at the meeting in order to be elected. In the event that the individual is not
elected, the Board of Directors will forthwith and, in any event, within five days nominate a new individual and hold another shareholders’ meeting. The foregoing procedure will be followed until a nominee is elected by the GP Shareholders. The
successor nominee will stand for re-election at the next annual meeting of the GP Shareholders. 

  

	(4)	Each nominee for the position of director of GP must be an individual who is not disqualified from acting as a director under the Act. 

  

	(5)	Quorum for each meeting of the Board of Directors shall consist of three directors including, at any time CDPQ holds at least 15% of the Shares, the director nominated by CDPQ. If,
at any time CDPQ holds at least 15% of the Shares, the director nominated by CDPQ fails to attend a duly called meeting of the Board of Directors, any of the other directors of GP or ACCC may send a notice to the director nominated by CDPQ setting
forth the date (which shall be a Business Day) and the time (which shall be at least five (5) days after the date called for the original meeting) at which such meeting (the “Reconvened Meeting”) shall take place, and the
quorum at such Reconvened Meeting shall, if the director nominated by CDPQ is absent at such Reconvened Meeting (the “Absentee”), consist of the other directors of GP, and all decisions made or actions taken by all or a majority of
such other directors of GP at such Reconvened Meetings shall be binding on and enforceable against the Absentee and CDPQ with the same effect and to the same extent as if the Absentee had been present at such Reconvened Meeting and had voted in
favour of all such decisions or actions. The chairperson of any meeting of the Board of Directors shall not have a second or casting vote. 

  

	(6)	As long as the Operations, Maintenance and Services Agreement is in force, the Board of Directors shall ensure that a General Manager (as defined therein) is duly appointed at all
times. 

  

	(7)	The Board of Directors shall not approve any Transfer of LP Units made in contravention of the Unitholders’ Agreement. 

  

	(8)	The consent of LP required pursuant to Section 15.2(b) of the Operations, Maintenance and Services Agreement, in respect of an assignment by the Operator (as such term is
defined therein), shall be given only if authorized by a unanimous decision of the Board of Directors. 

  

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	(9)	No change in the name of GP or LP may be made unless authorized by a unanimous decision of the Board of Directors. 

 Section 2.2 Business and Affairs of GP. 
 Each of
the parties to this Agreement shall do everything in its power to promptly cause such meetings to be held, votes to be cast, resolutions to be passed, by-laws to be made and confirmed, documents to be executed and all other things and acts to be
done, at all times, to the extent permitted by law, to give effect to this Agreement. 
 Section 2.3 Directors Expenses. 
 All Board of Director members shall be entitled to reimbursement of reasonable out-of-pocket expenses, other than travel expenses, to attend meetings.

 Section 2.4 Business and Affairs of LP. 
 The parties hereto acknowledge that pursuant to the terms of the Limited Partnership Agreement, GP is the general partner of LP, and as such is responsible for managing, controlling, administering and operating the business and affairs of
LP and making decisions regarding the undertaking and business of LP, and doing any act, taking any proceeding, making any decision and executing and delivering any instrument, deed, agreement or document necessary for or incidental to carrying out
objects, purposes and the business of LP for and on behalf of and in the name of LP, all in accordance with the terms of the Limited Partnership Agreement. 
 Section 2.5 Disclosure of Interest of Directors and Officers of GP 
 The parties hereto acknowledge that, given that
some of the directors and officers of GP are also directors and/or officers of ACCC and/or ACI, these directors and officers are to be regarded as interested for the purpose of section 120(1) of the Act in all material transactions or material
contracts entered or to be entered into between LP and ACCC and/or ACI. The parties hereto hereby acknowledge and agree that such directors and officers have validly and sufficiently declared their interests to the Board of Directors in relation to
all transactions and contracts entered into or to be entered into between LP and ACC and/or ACI. 
 Section 2.6 Conflicts of Interest of Directors.

 If, by reason of a potential or actual conflict of interest, a director of GP is legally prevented from voting on any matter at a
meeting of the directors of GP, including when a director of GP, in his or her sole discretion, determines that it is not advisable for him or her to vote in light of his or her fiduciary duties to both GP and another party involved in a transaction
or contract, then the matter will be submitted to the GP Shareholders and decided upon or settled by the shareholders holding a majority of the voting shares of GP, and not by the directors of GP, who will no longer have any powers with respect to
such matter. 
  

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 Section 2.7 Conflicts of Interest Between ACCC, LP and GP. 
 Except as may be specifically provided otherwise in any agreements between ACCC and LP and/or GP, whenever a potential conflict of interest exists or
arises between ACCC or any of its affiliates (other than LP and GP), on the one hand, and LP or GP, on the other hand, including in connection with matters covered by the Operations, Maintenance and Services Agreement, the following shall apply:

  

	 	(a)	Any resolution or course of action in respect of such conflict of interest shall be permitted and deemed approved by LP and CDPQ if ACCC reasonably believes such resolution or
course of action is fair and reasonable to LP. ACCC shall be authorized in connection with its resolution of any conflict of interest to consider: (i) the relative interests of all parties (including ACCC, LP and their respective affiliates)
involved in such conflict or affected by such action; (ii) prudent industry practice; (iii) past practice; (iv) any applicable generally accepted accounting practices or principles; and (v) such additional factors as ACCC
determines in its reasonable discretion to be relevant, reasonable or appropriate under the circumstances. 

  

	 	(b)	In the event that ACCC determines that its interests or those of its affiliates (other than LP and GP) conflict or may conflict with those of LP, GP or their affiliates (other than
ACCC), and ACCC is unable to resolve such conflict, ACCC shall notify CDPQ of the existence of such conflict and of any actions taken or proposed to be taken by ACCC in relation thereto and thereafter ACCC and CDPQ will unanimously make all
decisions with respect to the matters giving rise to such conflict. 

  

	 	(c)	Notwithstanding paragraph (b) above, ACCC may act in its own interests or the interests of any of its affiliates (other than LP and GP), without regard for the interests of LP
if ACCC so notifies LP in writing and pays LP an amount sufficient to put LP in the same financial position it would be in if ACCC did not take the proposed course of action. For greater certainty, such amount may include compensation not only for
losses, but also for lost profit and/or lost opportunity, if applicable in the circumstances, but is not intended to result in any financial gain to LP. 

 ACCC shall keep the General Manager (as such term is defined in the Operations, Maintenance and Services Agreement) informed of conflicts of interest identified and resolved in accordance with the foregoing paragraphs
so as to permit the General Manager to report on such matters to the Board of Directors on a regular basis or as the Board of Directors may request. 
 Section 2.8 CDPQ’s Veto Rights. 
 The parties hereto acknowledge that CDPQ, as long at it holds at least 15% of the
Shares, shall have a veto right in the following circumstances: 
  

	 	(a)	in the event of the purchase by LP of any hydro-electric generating facility other than the Facilities (as such term is defined in the Limited Partnership Agreement);

  

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	 	(b)	in the event of a sale by LP of any of the Facilities (as such term is defined in the Limited Partnership Agreement) (other than, for greater certainty, the Norman Adjacent Property
(as such term is defined in the Limited Partnership Agreement) or the sale of all or substantially all the assets of LP in a single transaction or series of related transactions); 

  

	 	(c)	in the event of a merger, plan of arrangement, reorganization or any other similar transaction involving LP directly; 

  

	 	(d)	in respect of any long term debt financing of LP with a lender other than CDPQ, but only if such financing (i) involves an increase in the amounts then available to LP under
its current long term debt financing, or (ii) is made on terms and conditions which are less favourable to the LP Unitholders, in their capacity as LP Unitholders; 

  

	 	(e)	on any modification to any of the Definitive Agreements; 

  

	 	(f)	any involvement of LP in a proposal of ACCC pursuant to the Companies Creditors’ Arrangement Act (Canada), to the extent that LP is not insolvent; and

  

	 	(g)	on any transaction not at arms’ length, other than in respect of any matter covered in the Definitive Agreements and matters reasonably ancillary thereto.

 Section 2.9 Claim under the Indemnification Provisions of the Acquisition Agreement. 
 The parties hereto acknowledge that CDPQ, acting reasonably based on the advice of legal counsel, shall have the right to cause at any time LP, in its
capacity as purchaser pursuant to the Acquisition Agreement (as such term is defined in the Limited Partnership Agreement), to make a claim under the indemnification provisions of such Acquisition Agreement. 
 Section 2.10 General Manager to send Copies of Notices of Default. 
 GP shall cause the General Manager (as such term is defined in the Operations, Maintenance and Services Agreement) to send to each GP Shareholder, as soon as reasonably practicable, a copy of each notice of default
sent or received by GP or LP pursuant to the terms of the Acquisition Agreement (as such term is defined in the Limited Partnership Agreement), the Electricity Supply Agreement or the Operations, Maintenance and Services Agreement. 
  

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 ARTICLE 3 
 GENERAL MATTERS RELATING TO THE 
 TRANSFER AND ISSUANCE OF SHARES 
 Section 3.1 Representations and Warranties by the GP Shareholders. 
 Each GP Shareholder represents and warrants: 
  

	 	(a)	that such GP Shareholder owns beneficially and of record the number of Shares, which are expressed to be owned by it in the recitals contained in this Agreement and that the Shares
owned beneficially by such GP Shareholder are not subject to any Encumbrance and that no Person has any rights to become a holder or possessor of any of such Shares or of the certificates representing the same; 

  

	 	(b)	that such GP Shareholder has the capacity to enter into and give full effect to this Agreement; 

  

	 	(c)	that this Agreement constitutes a valid and binding obligation enforceable in accordance with its terms, subject to the usual exceptions as to bankruptcy and the availability of
equitable remedies; and 

  

	 	(d)	that all of the foregoing representations and warranties (other than with regards to the number of Shares owned beneficially or held by such GP Shareholder) will continue to be true
and correct during the continuance of this Agreement with respect to such GP Shareholder. 

 Section 3.2 Unanimous Shareholders
Agreement. 
 This agreement entered into by all the shareholders of GP shall constitute, pursuant to section 146(1) of the Act, a
unanimous shareholders agreement of GP. 
 Section 3.3 Transfer Restrictions on Shares. 
 No GP Shareholder may Transfer any of the Shares owned by it except in order to permit the LP Unitholders to comply with the provisions of
Section 2.4 of the Unitholders’ Agreement. Any attempted Transfer of Shares made in violation of this Agreement will be null and void, and the Board of Directors will not approve any Transfer of Shares made in contravention of this
Agreement, and GP will not permit any such Transfer to be recorded on the securities register of GP. CDPQ hereby acknowledges having taken cognizance of the Limited Partnership Agreement and the Unitholders’ Agreement and hereby undertakes to
take all actions required to ensure that CDP Investissements Inc. complies with its obligations under said Section 2.4 and paragraphs (a) and (b) of Section 2.2(7) of the Unitholders’ Agreement. 
 Section 3.4 Applicability of Pre-Emptive Right to Shares. 
 The provisions of Section 3.1 of the Unitholders’ Agreement apply, mutatis mutandis, to the Shares. 
  

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 Section 3.5 Notation on Certificates. 
 In addition to any legends required pursuant to applicable laws, all certificates representing Shares shall have a statement in substantially the
following form conspicuously noted thereon until such time as the Shares represented by such certificates are no longer subject to the provisions of this Agreement: 
 “There are restrictions on the right to transfer the shares represented by this certificate.
In addition, such shares are subject to a unanimous shareholders’ agreement dated the 2nd day of April, 2007, as the same may be amended from
time to time, and may not be pledged, sold or otherwise transferred except in accordance with the provisions thereof.” 
 All
certificates representing securities issued by GP which are convertible into or exercisable for Shares or evidencing a right to acquire Shares will contain a statement substantially to the same effect, until such time as the underlying Shares
represented by such certificates are no longer subject to the provisions of this Agreement. 
 ARTICLE 4 
 GENERAL PROVISIONS 
 Section 4.1 All Shares
Subject to this Agreement. 
 Each of the GP Shareholders agrees that it shall be bound by the terms of this Agreement with respect to all
Shares held by it from time to time. 
 Section 4.2 Amendments. 
 This Agreement may only be modified, amended, altered or supplemented by the execution and delivery of a written agreement executed by or on behalf of ACCC, CDPQ, LP and GP. 
 Section 4.3 Term. 
 This Agreement shall come
into force and effect as of the date set out on the first page of this Agreement and, except as provided below, shall continue in force until the earliest of the date on which: (i) this Agreement is terminated by written agreement by or on
behalf of all of the GP Shareholders; (ii) any one GP Shareholder holds all of the Shares; and (iii) in the event the Unitholders’ Agreement is terminated. 
 With respect to any GP Shareholder, this Agreement shall cease to be binding on the date on which such GP Shareholder no longer holds any Share. 
 Section 4.4 Termination Not to Affect Rights or Obligations. 
 Neither termination of this
Agreement nor GP ceasing to be a party to this Agreement shall affect or prejudice any rights or obligations which have accrued or arisen under this 

  

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Agreement prior to the time of termination and such rights and obligations, including, without limitation, any indemnities, shall survive the termination of
this Agreement, or GP ceasing to be a party to this Agreement. 
 Section 4.5 Notices. 
 Any notice or other communication required or permitted to be given hereunder will be in writing and will be given by prepaid first-class mail, by
facsimile or by delivery as hereafter provided. Any such notice or other communication, if mailed by prepaid first-class mail at any time other than during a general discontinuance of postal service due to strike, lockout or otherwise, will be
deemed to have been received on the fourth Business Day after the postmarked date thereof, or if sent by facsimile, will be deemed to have been received on the Business Day following the sending, or if delivered by hand will be deemed to have been
received at the time it is delivered to the applicable address noted below either to the individual designated below or to an individual at such address having apparent authority to accept deliveries on behalf of the addressee. Notice of change of
address will also be governed by this Section 4.5. In the event of a general discontinuance of postal service due to strike, lock-out or otherwise, notices or other communications will be delivered by hand or sent by facsimile and will be
deemed to have been received in accordance with this Section 4.5. Notices and other communications will be addressed as follows: 
  

	(a)	if to ACCC: 

 Abitibi-Consolidated Company of Canada

 1155 Metcalfe Street 
 Suite
800 
 Montreal, QC 
 H3B 5H2

  

			
	Attention:	  	Legal Department
	Fax:	  	(514) 394-3644

  

	(b)	if to GP or LP: 

 Abitibi-Consolidated Hydro Inc.

 1155 Metcalfe Street 
 Suite
800 
 Montreal, QC 
 H3B 5H2

  

			
	Attention:	  	General Manager
	Fax:	  	(514) 394-3624

  

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 with a copy to: 
 Abitibi-Consolidated Company of Canada 
 1155 Metcalfe Street 
 Suite 800 
 Montreal, QC 
 H3B 5H2 
  

			
	Attention:	  	Legal Department
	Fax:	  	(514) 394-2230

  

	(c)	if to CDPQ: 

 Caisse de dépôt et placement du
Québec 
 Centre CDP Capital 
 1000 Place Jean-Paul-Riopelle 
 Suite A-300 
 Montreal, QC 
 H2Z 2B6 
  

			
	Attention:	  	Cyrille Vittecoq
	Fax:	  	(514) 847-2498

 with a copy to : 
  

			
	Attention:	  	Robert Côté
	Fax:	  	(514) 281-5212

 Section 4.6 Davies Ward Phillips & Vineberg LLP Acting for More Than One
Party. 
 Each of the parties to this Agreement has been advised and acknowledges that Davies Ward Phillips & Vineberg LLP is
acting as counsel to and jointly representing ACI, ACCC, GP and LP (each a “Client” and, collectively, “Clients”) and, in this role, information disclosed to Davies Ward Phillips & Vineberg LLP by one
Client will not be kept confidential and will be disclosed to all Clients and each of the parties consents to Davies Ward Phillips & Vineberg LLP so acting. In addition, should a conflict arise between any Clients, Davies Ward
Phillips & Vineberg LLP may not be able to continue to act for any of such Clients. 
 Section 4.7 Further Assurances. 
 Each of the GP Shareholders shall vote and act at all times as a shareholder of GP and each other party to this Agreement shall act and in all other
respects use reasonable efforts to take all such steps, execute all such documents and do all such acts and things as may be reasonably within his, her or its power to implement to their full extent the provisions of this Agreement and to cause GP
to act in the manner contemplated by this Agreement. 
  

 13 

 Section 4.8 Successors and Assigns. 
 The provisions of this Agreement shall enure to the benefit of, and be binding upon, the parties and their respective successors and permitted assigns.

 Section 4.9 Counterparts. 
 This
Agreement and any amendment, supplement or restatement may be executed in several counterparts, including counterparts by facsimile, each of which when so executed shall be deemed to be an original and such counterparts together shall constitute one
and the same instrument, which shall be sufficiently evidenced by any such original counterpart. 
 Section 4.10 Authorship. 
 The parties hereto agree that the terms and language of this Agreement are the result of negotiations between the parties hereto and, as a result there will be no
presumption that any ambiguity in this Agreement will be resolved against any party hereto. 
 Section 4.11 French Language Version. 

The parties acknowledge and agree that (i) they will execute a French version of this
Agreement (except Schedule “A” hereto, which the parties agree will not be translated) by no later than the 30th day following the
date of this Agreement (or such later date as the parties may agree to) and that (ii) upon the execution of the French version, both the French version and this English version of this Agreement will be read and construed as, and will together
constitute, one and the same agreement, with neither one of such version having precedence over the other in the interpretation of this Agreement. Prior to the execution by the parties of the French version of this Agreement, LP will request its
counsel to issue a favourable legal opinion addressed to the parties, confirming that the French version constitutes a complete and accurate translation of the English version of this Agreement other than Schedule “A” hereto.

 [Balance of page intentionally left blank] 
  

 14 

 IN WITNESS WHEREOF the parties have executed this Agreement. 
  

			
	 ABITIBI-CONSOLIDATED HYDRO INC.

		
	 By:
	 	 

	 Name:
	 	Pierre Rougeau
	 Title:
	 	President and Secretary
		
	 By:
	 	 

	 Name:
	 	Bruno Tremblay
	 Title:
	 	Director
	
	ABITIBI-CONSOLIDATED COMPANY CANADA
		
	By:	 	 

	Name:	 	Pierre Rougeau
	Title:	 	Senior Vice-President, Corporate Development and Chief Financial Officer
		
	By:	 	 

	Name:	 	Bruno Tremblay
	Title:	 	Senior Vice-President, Business Support

 [Signature Pages – ACH Shareholders’ Agreement] 

			
	ACH LIMITED PARTNERSHIP, by its sole general partner, Abitibi-Consolidated Hydro Inc.
		
	By:	 	 

	Name:	 	Pierre Rougeau
	Title:	 	President and Secretary
		
	By:	 	 

	Name:	 	Bruno Tremblay
	Title:	 	Director
	
	CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
		
	By:	 	 

	Name:	 	Curille Vittecoq
	Title:	 	Vice-President, Investments
		
	By:	 	 

	Name:	 	Eric Cantin
	Title:	 	Managee, Investments

 [Signature Pages – ACH Shareholders’ Agreement] 

 SCHEDULE A  
 QUÉBEC DEFINITIVE AGREEMENTS 
  

	1.	the shareholders’ agreement dated as of April 2, 2007 among ACCC, GP, LP and CDPQ; 

  

	2.	the unitholders’ agreement dated as of April 2, 2007 among ACCC, GP, LP and CDP Investissements Inc.; 

  

	3.	the asset purchase agreement dated as of March 31, 2007 between ACCC and LP; 

  

	4.	the operations, management and services agreement dated as of March 31, 2007 between LP and ACCC; and 

  

	5.	the license agreement to use certain intellectual property dated as of March 31, 2007 between Abitibi-Consolidated Inc. (“ACI”) and LP.

 ONTARIO DEFINITIVE AGREEMENTS 
  

	6.	the lease dated as of March 31, 2007 between LP and ACI as nominee for ACCC pertaining to the Iroquois Falls facility property; 

  

	7.	the electricity supply agreement dated as of March 31, 2007 between the ACCC and LP; 

  

	8.	the lease agreement for the first floor of GS1 dated as of March 31, 2007 between LP and ACI as nominee for ACCC; 

  

	9.	the shared services agreements for the Iroquois Falls facility and mill, and the Fort Frances facility and mill, respectively, both dated as of March 31, 2007 between LP and
ACCC; 

  

	10.	the debt retirement charge reporting and data access agreement dated as of March 31, 2007 between LP and ACCC; 

  

	11.	the prior assignment agreements listed below (collectively, the “Prior Assignment Agreements”): 

  

	 	(i)	assignment and assumption of Lease 173 between ACCC and ACH Island Falls Inc. dated August 17, 2006 and related assignment and assumption of lease between ACCC and LP dated
August 17,2006; 

  

	 	(ii)	assignment and assumption of Lease 174 between ACCC and ACH Twin Falls Inc. dated August 17, 2006 and related assignment and assumption of lease between ACCC and LP dated
August 17, 2006; 

  

	 	(iii)	assignment and assumption of Lease 175 between ACCC and ACH Iroquois Falls Inc. dated August 17, 2006 and related assignment and assumption of lease between ACCC and LP dated
August 17, 2006; 

  

	 	(iv)	assignment and assumption of licence between ACCC and LP dated October 5, 2006 (Licence of Occupation 10086); 

  

	 	(v)	assignment and assumption of Lease 192 between ACCC and ACH Calm Lake Inc. dated October 5, 2006 and related assignment and assumption of lease between ACCC and LP dated
October 5, 2006; 

	 	(vi)	assignment and assumption of licence between ACCC and LP dated October 5, 2006 (Licence of Occupation 8671); 

  

	 	(vii)	assignment and assumption of licence between ACCC and LP dated October 5, 2006 (Licence of Occupation 8672); 

  

	 	(viii)	assignment and assumption of licence between ACCC and LP dated October 5, 2006 (Licence of Occupation 8674); 

  

	 	(ix)	assignment and assumption of licence between ACCC and LP dated October 5, 2006 (Licence of Occupation 8677); 

  

	12.	the nominee agreements listed below (collectively, the “Nominee Agreements”): 

  

	 	(x)	the nominee agreement made as of October 5, 2006 between LP and ACH Calm Lake Inc.; 

  

	 	(xi)	the nominee agreement made as of March 31, 2007 between LP and ACH Calm Lake Inc.; 

  

	 	(xii)	the nominee agreement made as of March 31, 2007 between LP and ACH Fort Frances Inc.; 

  

	 	(xiii)	the nominee agreement made as of August 17, 2006, as amended by a nominee amending agreement made as of March 31, 2007, both between LP and ACH Iroquois Falls Inc.;

  

	 	(xiv)	the nominee agreement made as of August 17, 2006 between LP and ACH Island Falls Inc.; 

  

	 	(xv)	the nominee agreement made as of March 31, 2007 between LP and ACH Kenora Inc.; 

  

	 	(xvi)	the nominee agreement made as of March 31, 2007 between LP and ACH Norman Inc.; 

  

	 	(xvii)	the nominee agreement made as of August 17, 2006 between LP and ACH Twin Falls Inc.; 

  

	 	(xviii)	nominee agreement made as of March 31, 2007 between LP and ACH Twin Falls Inc.; and 

  

	13.	the easement agreements listed below (collectively, the “Easement Agreements”): 

  

	(a)	Easement agreement made as of March 31, 2007 between ACI and ACH Fort Frances Inc. with respect to an easement in perpetuity in favour of ACH Fort Frances Inc. over the lands
lying immediately south of and adjacent to the New Lot from Central Avenue to the west limit of the New Lot to provide ingress, egress and access to the New Lot. 

  

	(b)	 Easement agreement made as of March 31, 2007 between ACI and ACH Fort Frances Inc. with respect to an easement in perpetuity in favour of ACH Fort Frances Inc.
in 

  

 - 2 - 

	 	respect of the land located fifty feet on each side of the centre line from the dam and powerhouse structures to the New Lot for the purposes of an electrical transmission line and
electrical transmission towers upon the land located between the New Lot and the dam and powerhouse structures. 

  

	 	(c)	Easement agreement made as of March 31, 2007 between ACI and ACH Fort Frances Inc. with respect to a non-exclusive easement in perpetuity in favour of ACH Fort Frances Inc.
benefiting the New Lot in, over, under, upon, through and across “mill” property and buildings on “mill” property for all purposes incidental to the construction, operation, maintenance, replacement and repair of the electrical
transmission lines and electrical transmission towers, appurtenances thereto and any other equipment, structure or facility related thereto, upon the “mill” property. 

 MANITOBA DEFINITIVE AGREEMENT 
  

	 	14.	the amended and restated limited partnership agreement entered into on March 30, 2007 in respect of LP between GP, as general partner, and ACCC, as initial limited partner.

  

 - 3 -ACH - Amended and Restated LP Agr

 EXHIBIT 10.36 
  
  
 ACH LIMITED PARTNERSHIP 
 AMENDED AND RESTATED 
 LIMITED PARTNERSHIP AGREEMENT 
 March 30, 2007

  
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	 Page

	ARTICLE 1 INTERPRETATION	  	3
	 1.1
	  	Definitions	  	3
	 1.2
	  	Headings and Preamble for Reference Only	  	11
	 1.3
	  	Interpretation	  	11
	 1.4
	  	Currency	  	11
	 1.5
	  	Severability	  	11
	 1.6
	  	Entire Agreement	  	11
	 1.7
	  	Statutes	  	12
	 1.8
	  	Accounting Terms	  	12
	 1.9
	  	References to Include Successors and Assigns	  	12
	 1.10
	  	Waiver, Amendment	  	12
	 1.11
	  	Governing Law	  	12
	 1.12
	  	Certain Phrases, etc.	  	13
	 1.13
	  	Schedules	  	13
		
	ARTICLE 2 RELATIONSHIP BETWEEN PARTNERS	  	13
	 2.1
	  	Formation of Partnership	  	13
	 2.2
	  	Name of Partnership	  	13
	 2.3
	  	Office of Partnership	  	13
	 2.4
	  	Purpose of the Partnership; Powers	  	14
	 2.5
	  	Business in Other Jurisdictions	  	14
	 2.6
	  	Duration of Partnership	  	14
	 2.7
	  	Fiscal Year	  	14
	 2.8
	  	Title to Partnership Assets	  	15
	 2.9
	  	Representations and Warranties and Covenants of General Partner	  	15
	 2.10
	  	Representations and Warranties and Covenants of Limited Partners	  	16
	 2.11
	  	Survival of Representations and Warranties	  	17
	 2.12
	  	Special Covenant of the Initial Limited Partner	  	18
	 2.13
	  	Limitation on Authority of Limited Partners	  	18
	 2.14
	  	Power of Attorney	  	19
	 2.15
	  	Limited Liability	  	20
	 2.16
	  	Indemnity of Limited Partners	  	21
	 2.17
	  	Compliance with Laws	  	21
	 2.18
	  	General Partner May Hold LP Units	  	21
	 2.19
	  	General Partner as a Limited Partner	  	21
	 2.20
	  	Authority of General Partner to Make Tax Elections	  	22
	 2.21
	  	No Other Business By General Partner	  	22
	 2.22
	  	Right of First Offer on Additional Hydroelectric Facilities	  	22
		
	ARTICLE 3 UNITS OF THE PARTNERSHIP	  	23
	 3.1
	  	Units	  	23
	 3.2
	  	Issuances of LP Units on Closing	  	24
	 3.3
	  	Issuance of Additional LP Units	  	24
	 3.4
	  	Subscription for LP Units	  	24

					
	 3.5
	  	Admittance as Limited Partner	  	25
	 3.6
	  	Withdrawal as a Limited Partner	  	25
	 3.7
	  	Effective Date	  	25
	 3.8
	  	Record of Limited Partners	  	26
	 3.9
	  	Changes in Membership of Partnership	  	26
	 3.10
	  	Notice of Change to General Partner	  	26
	 3.11
	  	Inspection of Record	  	26
	 3.12
	  	Transfer and Encumbering of LP Units	  	26
	 3.13
	  	Transfer Procedures	  	27
	 3.14
	  	Form of Transfer	  	28
	 3.15
	  	Amendment of Declaration or Record	  	28
	 3.16
	  	Non-Recognition of Trusts or Beneficial Interests	  	28
	 3.17
	  	Incapacity, Death, Insolvency or Bankruptcy	  	28
	 3.18
	  	No Transfer of Fractions	  	29
	 3.19
	  	No Transfer upon Dissolution	  	29
	 3.20
	  	LP Unit Certificates	  	29
	 3.21
	  	Transferee Bound	  	29
	 3.22
	  	Transfer to a Resident of Canada	  	30
		
	ARTICLE 4 CAPITAL CONTRIBUTIONS AND ACCOUNTS	  	30
	 4.1
	  	Capital	  	30
	 4.2
	  	Initial Limited Partner Contribution	  	30
	 4.3
	  	General Partner Contribution	  	31
	 4.4
	  	Limited Partner Contributions	  	31
	 4.5
	  	Accounts	  	31
	 4.6
	  	Withdrawal of Capital Contribution	  	31
	 4.7
	  	Distribution of Capital Contributions	  	32
		
	ARTICLE 5 PARTNERSHIP FINANCE	  	32
	 5.1
	  	Expenses of Partnership	  	32
	 5.2
	  	Allocation of Net Income and Loss for Tax Purposes	  	32
	 5.3
	  	Amount of Income Allocated	  	33
	 5.4
	  	Where No Cash Distribution	  	33
	 5.5
	  	Distributions	  	33
	 5.6
	  	Repayments	  	35
	 5.7
	  	Tax Matters	  	35
	 5.8
	  	Set-off	  	35
	 5.9
	  	Distribution of Assets	  	35
	 5.10
	  	Default on Senior Indebtedness	  	35
	 5.11
	  	Default by the Initial Limited Partner to Make Payment	  	35
		
	ARTICLE 6 POWERS, DUTIES AND OBLIGATIONS OF GENERAL PARTNER	  	37
	 6.1
	  	Powers, Duties and Obligations	  	37
	 6.2
	  	Specific Powers and Duties of General Partner	  	38
	 6.3
	  	Restrictions upon the General Partner	  	41
	 6.4
	  	Borrowings	  	41
	 6.5
	  	Exercise of Duties	  	41
	 6.6
	  	Limitation of Liability	  	41

					
	 6.7
	  	Indemnity of General Partner	  	42
	 6.8
	  	Liability of Indemnitees	  	43
	 6.9
	  	Reimbursement of General Partner	  	44
	 6.10
	  	Resolution of Conflicts of Interest	  	44
	 6.11
	  	Other Matters Concerning the General Partner	  	44
	 6.12
	  	Indemnity of Partnership	  	44
	 6.13
	  	Removal of the General Partner	  	45
	 6.14
	  	Voluntary Withdrawal of the General Partner	  	45
	 6.15
	  	Condition Precedent	  	46
	 6.16
	  	Transfer to New General Partner	  	46
	 6.17
	  	General Partner to be Held Harmless by Partnership	  	46
	 6.18
	  	New General Partner	  	46
	 6.19
	  	Transfer of General Partner Interest	  	46
	 6.20
	  	Fiduciary Duties and Liabilities	  	47
		
	ARTICLE 7 FINANCIAL INFORMATION	  	47
	 7.1
	  	Books and Records	  	47
	 7.2
	  	Right to Inspect Partnership Books and Records	  	47
	 7.3
	  	Income Tax Information	  	48
	 7.4
	  	Accounting Policies	  	48
	 7.5
	  	Financial Statements	  	48
	 7.6
	  	Appointment of Auditor	  	48
		
	ARTICLE 8 MEETINGS OF THE LIMITED PARTNERS	  	49
	 8.1
	  	Requisitions of Meetings	  	49
	 8.2
	  	Place of Meeting	  	49
	 8.3
	  	Notice of Meeting	  	49
	 8.4
	  	Record Dates	  	49
	 8.5
	  	Proxies	  	50
	 8.6
	  	Validity of Proxies	  	50
	 8.7
	  	Form of Proxy	  	50
	 8.8
	  	Revocation of Proxy	  	50
	 8.9
	  	Entities	  	50
	 8.10
	  	Attendance of Others	  	50
	 8.11
	  	Chairperson	  	51
	 8.12
	  	Quorum	  	51
	 8.13
	  	Voting Procedure	  	51
	 8.14
	  	Poll	  	52
	 8.15
	  	Powers of Limited Partners; Resolutions Binding	  	52
	 8.16
	  	Powers Exercisable by Special Resolution	  	52
	 8.17
	  	Conditions to Action by Limited Partners	  	53
	 8.18
	  	Minutes	  	53
	 8.19
	  	Additional Rules and Procedures	  	54
		
	ARTICLE 9 REGISTRATION RIGHTS	  	54
	 9.1
	  	Demand Registration Rights	  	54
	 9.2
	  	Piggy-Back Registration Rights	  	55
	 9.3
	  	Conditions of the Demand Registration Rights and Piggy-Back Registration Rights	  	55

					
	 9.4
	  	Expenses	  	56
	 9.5
	  	Market Stand-off Agreement	  	56
		
	ARTICLE 10 AMENDMENT	  	56
		
	ARTICLE 11 DISSOLUTION AND LIQUIDATION	  	56
	 11.1
	  	Dissolution of Partnership	  	56
	 11.2
	  	No Dissolution	  	57
	 11.3
	  	Procedure on Dissolution	  	57
	 11.4
	  	Disproportionate Distributions	  	57
	 11.5
	  	Termination	  	58
	 11.6
	  	No Right to Dissolve	  	58
	 11.7
	  	Survival	  	58
		
	ARTICLE 12 MISCELLANEOUS	  	58
	 12.1
	  	Notices	  	58
	 12.2
	  	Further Acts	  	59
	 12.3
	  	Counterparts	  	59
	 12.4
	  	Binding Agreement	  	59
	 12.5
	  	Taxes on Indemnities and Similar Payments	  	59
	 12.6
	  	Davies Ward Phillips & Vineberg LLP Acting for More Than One Party	  	59
	 12.7
	  	Language	  	60

 SCHEDULE “A” 
 SCHEDULE “B” 
 SCHEDULE “C” 
 SCHEDULE “D” 
 SCHEDULE “E” 

 AMENDED AND RESTATED 
 LIMITED PARTNERSHIP AGREEMENT 
 ACH LIMITED PARTNERSHIP 
 THIS AGREEMENT is made on the 30th
 day of March, 2007  
 A M O N G: 
 ABITIBI-CONSOLIDATED HYDRO INC., a corporation duly constituted and existing under the Canada Business Corporations Act; 
 (the “General Partner”) 
 -
and- 
 ABITIBI-CONSOLIDATED COMPANY OF CANADA, a company duly constituted and existing under the Companies Act (Quebec);

 (the “Initial Limited Partner”) 
 -and- 
 Each Person who is admitted to the Partnership in accordance with the terms hereof;

 WHEREAS the parties hereto entered into a limited partnership agreement on
June 1st, 2006 (the “Initial Agreement”) pursuant to which a limited partnership was formed under the laws of the Province of
Manitoba under the name “Orion Limited Partnership” (the “Partnership”); 
 AND WHEREAS the Partnership has
been formed to acquire and hold all of the assets of the Initial Limited Partner relating to the operation of the Facilities (as defined below) as well as own, lease, acquire, sell and operate other power generating facilities and sell, retail or
buy electricity, ancillary services or other electricity related products or services and in connection with such business, the Partnership can own, operate and lease assets and property, borrow money, make investments and hold other direct or
indirect rights and engage in activities properly ancillary and incidental thereto (the “Business”); 
 AND WHEREAS
the parties hereto entered into an Amending Agreement on August 9, 2006 whereby the name of the Partnership was changed from “Orion Limited Partnership” to “ACH Limited Partnership” (and its French version,
“Société en commandite ACH”); 
 AND WHEREAS, as part of the acquisition of the Facilities, on or about
August 17, 2006, the Initial Limited Partner assigned to the Partnership certain water leases entered into with the Ontario Minister of Natural Resources; 
  

 - 2 - 

 AND WHEREAS, as part of the acquisition of the Facilities, on or about October 5, 2006, the
Initial Limited Partner assigned to the Partnership a water power lease and certain licenses of occupation; 
 AND WHEREAS at the time
the Partnership was formed, the parties to the Initial Agreement expected that the Partnership would be comprised in a structure involving a publicly listed business income trust and, as a result, the Initial Agreement provided for the issuance of
Class A LP Units and further provided that the Class B LP Units (as defined therein) could be, in certain circumstances, exchanged for securities of such publicly listed business income trust; 
 AND WHEREAS no such Class A LP Units were ever issued; 
 AND WHEREAS the parties hereto, being currently the sole partners of the Partnership, have determined and agreed that the structure referred to above, involving a publicly listed business income trust, will not
be put in place and that it is in the best interest of the Partners that no Class A LP Units (as defined in the Initial Agreement) ever be issued, that the Class B LP Units (as defined in the Initial Agreement) be renamed and known as and from
the date hereof as “Common LP Units” and that the exchangeable feature attached to such Class B LP Units be removed therefrom and terminated; 
 AND WHEREAS nothing herein contained shall be construed as novating or affecting in any way the interests acquired by the Initial Limited Partner and the General Partner in the Partnership prior to the date
hereof; 
 AND WHEREAS the parties hereto have agreed to further amend and to restate the Initial Agreement on the terms and
conditions set out herein; 
 NOW THEREFORE in consideration of the mutual covenants and agreements contained in this Agreement and
other good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged), the parties hereto agree as follows: 
 ARTICLE 1 
 INTERPRETATION 
 1.1 Definitions 
 In this Agreement and the recitals hereto, except where the context otherwise requires, all capitalized
terms shall have the respective meanings assigned thereto below: 
  

	 	(a)	“Abitibi Vendor” has the meaning ascribed to it in Section 2.22; 

  

	 	(b)	“ACI” means Abitibi-Consolidated Inc.; 

  

	 	(c)	“Act” means The Partnership Act (Manitoba), as the same may be amended from time to time; 

  

	 	(d)	 “Acquisition Agreement” means the asset purchase agreement to be entered into on Closing between the Initial Limited Partner and the Partnership
whereby the assets relating to the operation of the Facilities will be transferred to the 

  

 - 3 - 

	 	 
Partnership and, if the Kenora Sale Alternative applies, includes the purchase agreement to be entered into on Closing between the Initial Limited Partner
and the Partnership whereby the Norman Adjacent Property will be transferred to the Partnership; 

  

	 	(e)	“Additional Assets” has the meaning ascribed to it in Section 2.22; 

  

	 	(f)	“Adverse Claim” means any security interest, lien, mortgage, charge, pledge, assignment, title retention agreement, hypothec, encumbrance, ownership interest or
other right or claim of any Person other than the Partnership; 

  

	 	(g)	“affiliate” has the meaning that would be ascribed thereto in the Securities Act (Ontario), as amended from time to time, if the word company were changed to
Person (as defined herein); 

  

	 	(h)	“Agreement” means this amended and restated limited partnership agreement, as same may be supplemented or amended or restated from time to time;

  

	 	(i)	“associate” has the meaning that would be ascribed thereto in the Securities Act (Ontario), as amended from time to time, if the word company were changed to
Person (as defined herein); 

  

	 	(j)	“Auditor” means the firm of chartered accountants appointed as the auditors of the Partnership from time to time in accordance with the provisions hereof and,
initially, means PricewaterhouseCoopers LLP; 

  

	 	(k)	“BNRA” means The Business Names Registration Act (Manitoba), as the same may be amended from time to time; 

  

	 	(1)	“Business” has the meaning ascribed to it in the recitals to this Agreement; 

  

	 	(m)	“Business Day” means any day other than a Saturday, Sunday or statutory holiday when banks are generally open in the City of Toronto, in the Province of Ontario,
and in the City of Montreal, in the Province of Quebec, for the transaction of banking business; 

  

	 	(n)	“Calm Lake Facility” means the hydroelectric generating station and dam located in the Township of Bennett, Rainy River District, Ontario and all related assets and
rights including any related transmission lines and distribution lines, and the related Raft Lake dam; 

  

	 	(o)	“Capital Contribution” means the capital contributed by a Partner to the Partnership pursuant to Article 4; 

  

	 	(p)	“CCAA Plan” has the meaning ascribed to it in Section 2.12; 

  

	 	(q)	“CDPQ” means CDP Investissements Inc., a wholly-owned subsidiary of Caisse de dépôt et placement du Québec; 

  

 - 4 - 

	 	(r)	“Closing” means the closing of the transactions contemplated by the Acquisition Agreement and of the transactions related thereto, including the subscription by
CDPQ to Common LP Units and the establishment of the New Credit Facilities; 

  

	 	(s)	“Common LP Units” means the voting Common LP Units of the Partnership; 

  

	 	(t)	“Declaration” means the declaration filed under the BNRA in respect of the Partnership, as amended, as the same may be further amended, corrected or replaced from
time to time; 

  

	 	(u)	“Demand Registration” has the meaning ascribed thereto in 9.1 (a); 

  

	 	(v)	“Departing Partner” means a former general partner of the Partnership; 

  

	 	(w)	“Distributable Cash”, in respect of any Distribution Period, means all available cash and cash equivalents on hand at the end of a Distribution Period, excluding
the proceeds of disposition of any of the Norman Adjacent Property, less reasonable reserves (as determined by the board of directors of the General Partner) for or on account of: (i) operating, general, administrative and other costs,
expenses, obligations or liabilities of the Partnership or, if incurred in connection with the duties of the General Partner arising hereunder, the General Partner, (ii) debt service obligations on any indebtedness of the Partnership,
(iii) working capital requirements, (iv) capital expenditures requirements and (v) any other reserve that the General Partner may consider reasonable; 

  

	 	(x)	“Distribution Period” means each quarter in each calendar year from and including the first day thereof and to and including the last day thereof, except that the
first Distribution Period will begin on April 2, 2007 and end on June 30, 2007; 

  

	 	(y)	“Facilities” means, collectively, the Calm Lake Facility, the Fort Frances Facility, the Iroquois Falls Facility, the Island Falls Facility, the Kenora Facility,
the Norman Facility, the Sturgeon Falls Facility and the Twin Falls Facility; 

  

	 	(z)	“Fiscal Year” has the meaning ascribed to it in Section 2.7; 

  

	 	(aa)	“Fort Frances Facility” means the hydroelectric generating station and dam located in the Town of Fort Frances, Ontario, adjacent to the Initial Limited
Partner’s pulp and paper mill complex, and all related assets and rights, including any related transmission lines and distribution lines, and the related Kettle Lake and Squirrel Falls dams; 

  

	 	(bb)	“General Partner” means Abitibi-Consolidated Hydro Inc./Hydroélectricité Abitibi-Consolidated Inc. (formerly known as 4349440 Canada Inc.), a corporation
constituted and existing under the Canada Business Corporations Act, any of its successors and any successor general partner of the Partnership appointed in accordance with this Agreement; 

  

 - 5 - 

	 	(cc)	“Governmental Authority” means any: 

  

	 	(i)	multinational, federal, provincial, state, municipal, local or foreign governmental or public: department, central bank, court, commission, board, bureau, agency or other
instrumentality; 

  

	 	(ii)	any subdivision or authority of any of the foregoing; 

  

	 	(iii)	any quasi-governmental, self-regulatory organization or private body exercising any regulatory, expropriation or taxing authority under or for the account of its members or any of
the above; or 

  

	 	(iv)	any arbitrator exercising jurisdiction over the affairs of the applicable Person, asset, obligation or other matter; 

  

	 	(v)	and includes, for greater certainty, the OEB, the OPA, the IESO, the National Energy Board and their respective successors; 

  

	 	(dd)	“hereof, “herein”, “hereto”, “hereunder”, “hereby” and similar expressions refer to this Agreement, and, except where the context
otherwise requires, not to any particular Article, Section or other portion hereof or thereof; 

  

	 	(ee)	“IESO” means the Independent Electricity System Operator, created pursuant to the Electricity Act, 1998 (Ontario); 

  

	 	(ff)	“Income for Tax Purposes” means income of the Partnership, determined in accordance with the provisions of the Tax Act; 

  

	 	(gg)	“Indemnified Parties” has the meaning ascribed to it in Schedule “E”; 

  

	 	(hh)	“Indemnitee” has the meaning ascribed to it in Subsection 6.7(a); 

  

	 	(ii)	“Initial Agreement” has the meaning ascribed to it in the recitals to this Agreement; 

  

	 	(jj)	“Initial Limited Partner” means Abitibi-Consolidated Company of Canada, a company amalgamated and existing under the Companies Act (Quebec);

  

	 	(kk)	“Insolvency” means, when used in reference to any Person, that such Person shall suffer, or there shall have occurred with respect to such Person, one or more of
the following events: 

  

	 	(i)	such Person shall generally not pay its debts as they become due; 

  

	 	(ii)	such Person shall admit in writing its inability to pay its debts generally or shall make a general assignment for the benefit of creditors; 

  

 - 6 - 

	 	(iii)	a receiver shall be appointed for such Person or any substantial part of its property; 

  

	 	(iv)	any proceeding shall be instituted by or against such Person, seeking to adjudicate it a bankrupt or insolvent or seeking liquidation, winding-up, reorganization, arrangement,
adjustment, protection, relief or composition of such Person or its debts under any law relating to bankruptcy, insolvency, reorganization or relief of debtors, or seeking the entry of an order for relief by the appointment of a receiver, trustee,
custodian or other similar official for such Person or any substantial part of its property, where any such proceeding has not been stayed or dismissed within 45 days of a receiver, trustee, custodian or other similar official being appointed for
such Person or any substantial part of its property; or 

  

	 	(v)	such Person, if a corporation, takes any corporate action to authorize any of the actions described in clauses (i) to (iv) above; 

  

	 	(11)	“Iroquois Falls Facility” means the hydroelectric generating station and dam located in the Town of Iroquois Falls, Ontario, adjacent to the Initial Limited
Partner’s pulp and paper mill complex, and all related assets and rights, including any related transmission lines and distribution lines; 

  

	 	(mm)	“Island Falls Facility” means the hydroelectric generating station and dam located in the Townships of Menapia and Tolmie, Ontario, and all related assets and
rights, including any related transmission lines and distribution lines; 

  

	 	(nn)	“Kenora Facility” means the hydroelectric generating station and dam located in the City of Kenora, Ontario, on the east branch of the Winnipeg River, and all
related assets and rights, including any related transmission lines and distribution lines; 

  

	 	(oo)	“Kenora Sale Alternative” has the meaning ascribed to it in Schedule “A” attached to this Agreement; 

  

	 	(pp)	“Limited Partners” means the Initial Limited Partner and any Person who is from time to time admitted to the Partnership as a limited partner of the Partnership and
“Limited Partner” means any of them; 

  

	 	(qq)	“Loss for Tax Purposes” means loss of the Partnership, determined in accordance with the provisions of the Tax Act; 

  

	 	(rr)	“LP Unit” used alone, means a Common LP Unit or a Preferred LP Unit as applicable in the context, and “LP Units” means the issued and outstanding
Common LP Units and Preferred LP Units in the aggregate; 

  

 - 7 - 

	 	(ss)	“New Credit Facilities” means the senior unsecured credit facilities to be made available to the Partnership on or before Closing; 

  

	 	(tt)	“New General Partner” shall have the meaning ascribed to it in Subsection 6.13(b); 

  

	 	(uu)	“Norman Adjacent Property” has the meaning ascribed to it in Schedule “A” attached to this Agreement; 

  

	 	(vv)	“Norman Facility” means the hydroelectric generating station and dam located in the City of Kenora, Ontario, on the west branch of the Winnipeg River, and all
related assets and rights, including any related transmission lines and distribution lines; 

  

	 	(ww)	“OEB” means the Ontario Energy Board, created pursuant to the Ontario Energy Board Act, 1998; 

  

	 	(xx)	“O&M Agreement” means the operations, maintenance and services Agreement to be entered into on or prior to Closing pursuant to which the Initial Limited Partner
provides the Partnership and the General Partner operations, maintenance, administrative and management services in respect of the Facilities; 

  

	 	(yy)	“OPA” means the Ontario Power Authority, created pursuant to the Electricity Restructuring Act, 2004 (Ontario); 

  

	 	(zz)	“Ordinary Resolution” means: 

  

	 	(i)	a resolution approved by more than 50% of the votes cast in person or by proxy at a duly constituted meeting of Partners (or the relevant class thereof) who are entitled to vote or
at any adjournment of that meeting, called in accordance with this Agreement; or 

  

	 	(ii)	a written resolution in one or more counterparts signed by all the Partners (or all the Partners of that relevant class of Partners); 

  

	 	(aaa)	“Partners” means, collectively, the General Partner and the Limited Partners, and “Partner” means any of them; 

  

	 	(bbb)	“Partnership” means ACH Limited Partnership, the limited partnership formed under the laws of the Province of Manitoba pursuant to the Initial Agreement, as
amended; 

  

	 	(ccc)	“Partnership Units” means, collectively, the LP Units and such other classes of partnership interests that may be issued from time to time by the Partnership as
contemplated in Subsection 3.1 (a); 

  

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	 	(ddd)	“Permitted Transferee” means the Partnership or a wholly-owned subsidiary of a holder of Common LP Units (which shall be deemed to include, in the case of CDPQ, a
wholly-owned subsidiary of Caisse de dépôt et placement du Québec) or, in the case of the Initial Limited Partner, any of its affiliates, provided, in all cases, that (i) such wholly-owned subsidiary or affiliate, as the
case may be, is resident in Canada for the purposes of the Tax Act, and (ii) the provisions of the Securityholders’ Agreements have been complied with; 

  

	 	(eee)	“Person” means and includes individuals, corporations, limited partnerships, general partnerships, joint stock companies, unlimited liability corporations, banks,
trust companies, pension funds, business trusts or any other organization, whether or not legal entities and governments) and agencies and political subdivisions thereof; 

  

	 	(fff)	“Piggy-Back Registration” has the meaning ascribed thereto in 9.2(b); 

  

	 	(ggg)	“Power of Attorney and Declaration Form” means a power of attorney and declaration form substantially in the form of Schedule “B” attached to this
Agreement or in any other form or forms as may be approved by the General Partner; 

  

	 	(hhh)	“Preferred LP Units” means the non voting, retractable Preferred LP Units of the Partnership; 

  

	 	(iii)	“Proposal” has the meaning ascribed to it in Section 2.12; 

  

	 	(jjj)	“Prospectus” means a “preliminary prospectus”, an “amended preliminary prospectus” and a “final prospectus” as those terms are used in
the Securities Laws, including all amendments and supplements thereto; 

  

	 	(kkk)	“Public Distribution” means a distribution of securities to the public by way of a Prospectus under Securities Laws in any applicable jurisdiction in Canada;

  

	 	(111)	“Record” means the current record of the Partners and their respective Capital Contribution required by the Act and this Agreement to be kept current by the General
Partner; 

  

	 	(mmm)	”Registration Rights” has the meaning ascribed thereto in 9.3; 

  

	 	(nnn)	“Residency Requirements” has the meaning ascribed to it in Section 3.4; 

  

	 	(ooo)	“Requisitioning Partners” has the meaning ascribed to it in Section 8.1; 

  

	 	(ppp)	“Sale Notice” has the meaning ascribed to it in Section 2.22; 

  

	 	(qqq)	“Securities Laws” means securities laws of each of the provinces of Canada and the applicable rules, regulations, instruments and policies enacted pursuant thereto;

  

 - 9 - 

	 	(rrr)	“Securities Regulators” has the meaning ascribed to it in Schedule “E”; 

  

	 	(sss)	“Securityholders’ Agreements” means, collectively, the Shareholders’ Agreement and the Unitholders’ Agreement; 

  

	 	(ttt)	“Senior Indebtedness” means indebtedness of the Partnership arising pursuant to, under or in connection with the New Credit Facilities or any credit facility
replacing them; 

  

	 	(uuu)	“Shareholders’ Agreement” means the shareholders’ agreement to be entered on or prior to Closing among the Partnership, the General Partner and Caisse de
dépôt et placement du Québec and the Initial Limited Partner as shareholders of the General Partner; 

  

	 	(vvv)	“Special Resolution” means: 

  

	 	 (i)
	 a resolution approved by more than 66  2/3
% of the votes cast in person or by proxy at a duly constituted meeting of Partners (or the relevant class thereof) who are entitled to vote or at any adjournment of that meeting, called in accordance
with this Agreement; or 

  

	 	(ii)	a written resolution in one or more counterparts signed by all the Partners (or all the Partners of that relevant class of Partners); 

  

	 	(www)	“Sturgeon Falls Facility” means the hydroelectric generating station and dam located in an unsurveyed Township on the Seine River east of the Town of Fort Frances,
Ontario, and all related assets and rights, including any related transmission lines and distribution lines; 

  

	 	(xxx)	“Subordination Agreement” has the meaning ascribed to it in Subsection 2.15(b); 

  

	 	(yyy)	“Subscription Form” means a subscription form and power of attorney drawn up in English or in French, in a form as approved from time to time by the General
Partner, which incorporates language substantially similar to that contained in the Power of Attorney and Declaration Form; 

  

	 	(zzz)	“Subsidiary” has the meaning ascribed thereto in the Securities Act (Ontario); 

  

	 	(aaaa)	“Tax Act” means the Income Tax Act (Canada) and the regulations thereunder, in each case as the same may be amended from time to time;

  

	 	(bbbb)	“Termination Date” has the meaning ascribed to it in Section 11.1; 

  

	 	(cccc)	“Transfer Form” means a transfer and power of attorney substantially in the form of Schedule “C” attached to this Agreement or in any other form or forms
as may be approved by the General Partner; 

  

 - 10 - 

	 	(dddd)	“Twin Falls Facility” means the hydroelectric generating station and dam located in the Township of Teefy, Ontario, and all related assets and rights, including any
related transmission lines and distribution lines; 

  

	 	(eeee)	“Unit Certificate” has the meaning ascribed to it in Subsection 3.20(a); 

  

	 	(ffff)	“Unitholder” or “holder” means a holder of one or more LP Units; and 

  

	 	(gggg)	“Unitholders’ Agreement” means the unitholders’ agreement to be entered on or prior to Closing among CDPQ, the Initial Limited Partner, the Partnership
and the General Partner. 

 1.2 Headings and Preamble for Reference Only 
 The headings preceding the Articles and sections hereof have been inserted for convenience and reference only and shall not be construed to affect the
meaning, construction or effect of this Agreement. The preamble and recitals hereto (and all definitions therein contained) shall form an integral part of this Agreement. 
 1.3 Interpretation 
 In this Agreement, unless the context otherwise requires, words importing the
singular include the plural and vice versa, and words importing gender include all genders. If at any time and from time to time the Partnership has more than one general partner, all references to General Partner shall be read and construed in the
plural. 
 1.4 Currency 
 Except as
otherwise may be expressly provided in this Agreement, all amounts in this Agreement are stated and shall be paid in Canadian currency. 
 1.5
Severability 
 The provisions of this Agreement are severable, and if any provisions are in conflict with any applicable law, the
conflicting provisions shall be deemed never to have constituted a part of this Agreement and shall not affect or impair any of the remaining provisions thereof. If any provision of this Agreement shall be held invalid or unenforceable in any
jurisdiction, such invalidity or unenforceability shall attach only to such provision in such jurisdiction and shall not in any manner affect or render invalid or unenforceable such provision in any other jurisdiction or any other provision of this
Agreement in any jurisdiction. 
 1.6 Entire Agreement 
 This Agreement amends and restates the Initial Agreement, as amended on August 9, 2006, and constitutes the entire agreement between the parties hereto pertaining to the subject matter of this Agreement. There
are no warranties, representations, conditions or agreements in connection with such subject matter except as specifically set forth or referred to in this Agreement. No reliance is placed on any warranty, representation, opinion, advice or 

  

 - 11 - 

 
assertion of fact made prior to, contemporaneous with or after entering into this Agreement or any amendment or supplement hereto, by any of the parties
hereto, or its directors, trustees, officers or agents, to any other party hereto or its directors, trustees, officers or agents, except to the extent that the same has been reduced to writing and included as a term of this Agreement. None of the
parties to this Agreement has been induced to enter into it or any amendment or supplement hereto by reason of any such warranty, representation, opinion, advice or assertion of fact. Accordingly, there shall be no liability, either in tort or in
contract, assessed in relation to any such warranty, representation, opinion, advice or assertion of fact, except to the extent contemplated above. 
 1.7
Statutes 
 Unless the context otherwise requires, any reference to a statute shall include, and shall be deemed to be a reference also
to, all amendments made to such statute and the regulations made pursuant thereto and in force from time to time and to any statute or regulation that may be passed which has the effect of supplementing or superseding the statute so referred to or
the regulations made pursuant thereto. 
 1.8 Accounting Terms 
 All accounting terms not specifically defined herein shall be construed in accordance with Canadian generally accepted accounting principles, and any reference herein to generally accepted accounting principles shall
mean such principles consistently applied from year to year, to the extent possible. 
 1.9 References to Include Successors and Assigns 

Except as otherwise provided the provisions of this Agreement enure to the benefit of, and shall be binding upon, the parties and their respective
successors and assigns. 
 1.10 Waiver, Amendment 
 Except as expressly provided in this Agreement, no amendment or waiver of this Agreement shall be binding unless executed in writing by the party to be bound thereby. No waiver of any provision of this Agreement shall constitute a waiver of
any other provision, nor shall any waiver of any provision of this Agreement constitute a continuing waiver unless otherwise expressly provided. 
 1.11
Governing Law 
 This Agreement shall be interpreted and governed by, take in effect and be construed exclusively in accordance with the
laws of the Province of Manitoba and the laws of Canada applicable therein. Any and all disputes arising under this Agreement, whether as to interpretation, performance or otherwise, shall be subject to the exclusive jurisdiction of the courts of
the Province of Québec and the Partners hereby irrevocably attorn, and each Limited Partner shall be deemed to hereby irrevocably attorn, to the exclusive jurisdiction of the courts of such province. 
  

 - 12 - 

 1.12 Certain Phrases, etc. 
 In this Agreement (i) the words “including” and “includes” mean “including (or includes) without limitation”, and (ii) the phrases “the aggregate of”, “the total
of”, “the sum of”, or a phrase of similar meaning mean “the aggregate (or total or sum), without duplication, of”. 
 1.13
Schedules 
 The following are schedules to this Agreement. 
 Schedule “A” - Kenora Sale Alternative 
 Schedule “B” - Power of Attorney and Declaration
Form 
 Schedule “C” - Transfer Form 
 Schedule “D” - Additional Assets 
 Schedule “E” - Registration Procedures 
 ARTICLE 2 
 RELATIONSHIP BETWEEN
PARTNERS 
 2.1 Formation of Partnership 
 The Initial Limited Partner and the General Partner have formed the Partnership pursuant to the Initial Agreement. The General Partner is the general partner of the Partnership, and has filed the Declaration as required by law, and, if, as
and when required by law or by this Agreement, shall file any declaration of changes or new declarations and make such other necessary filings, and may file a declaration of change at any time for any proper purpose as the General Partner may
determine, and shall take all necessary action on the basis of information available to it in order to maintain the status of the Partnership as a limited partnership. 
 2.2 Name of Partnership 
 The Partnership shall carry on its business and activities only under the
name “ACH Limited Partnership”, its French version “Société en commandite ACH” or, provided that the General Partner makes all necessary filings under the Act and the BNRA and otherwise required by law, such other name
or names as the General Partner from time to time may deem appropriate. The General Partner shall notify each Limited Partner of any change in the name of the Partnership within 20 Business Days of such change. The Partnership shall hold itself out
as an entity separate from any other Person or entity. 
 2.3 Office of Partnership 
 The registered office of the Partnership shall be 1155 Metcalfe Street, Suite 800, Montreal, Quebec H3B 5H2, or such other office in Canada as the General
Partner may designate from time to time. The General Partner shall notify each Limited Partner of any change in the registered office of the Partnership within 20 Business Days of such change. 
  

 - 13 - 

 2.4 Purpose of the Partnership; Powers 
 The business of the Partnership is the Business and its purpose shall include to directly or indirectly make investments in and undertake the business,
ownership, operation, maintenance and purchase, sale, lease or other disposition of assets and property in connection with the Business, and in furtherance thereof, the Partnership shall: 
  

	 	(a)	apply the Distributable Cash in accordance with this Agreement; and 

  

	 	(b)	engage in any and all activities reasonably related to the investment of its funds and which the General Partner deems necessary or desirable from time to time, including
purchasing, selling, leasing or otherwise disposing of the Norman Adjacent Property. 

 The Partnership possesses and may
exercise all the powers and privileges granted under the Act or by any other law or under this Agreement, together with any powers incidental thereto, including such powers and privileges as are necessary or convenient to the conduct, promotion or
attainment of the Business. 
 2.5 Business in Other Jurisdictions 
  

	 	(a)	The Partnership will not carry on business in any jurisdiction in which the laws do not recognize the liability of the Limited Partners to be limited unless, in the opinion of the
General Partner, the risks associated with the possible absence of limited liability in that jurisdiction are not significant considering the relevant circumstances. 

  

	 	(b)	The Partnership will carry on business in a manner so as to ensure to the greatest extent possible that the liability of the Limited Partners (other than any Limited Partner that is
also the General Partner) remains limited, and the General Partner will register the Partnership in any jurisdiction where the General Partner considers it appropriate to do so. 

 2.6 Duration of Partnership 
 The Partnership commenced on June 1st, 2006 and shall continue until it is dissolved and liquidated in
accordance with this Agreement, the Act and the BNRA. 
 2.7 Fiscal Year 
 In accordance with the provisions of the Tax Act, the first fiscal period of the Partnership will end on December 31, 2006. Thereafter, each fiscal period commences January 1 in each year and ends on the
earlier of December 31 in that year or on the date of dissolution or other termination of the Partnership or such other date that the General Partner may determine from time to time, provided that the General Partner has obtained any necessary
consents from taxation authorities. Each fiscal period is referred to in this Agreement as a “Fiscal Year”. 
  

 - 14 - 

 2.8 Title to Partnership Assets 
 Title to the assets of the Partnership, whether real, personal, movable, immovable or mixed and whether tangible or intangible, corporeal or incorporeal, shall be deemed to be owned by the Partnership as an entirety,
and no Partner individually shall have any ownership interest in the assets of the Partnership or any portion thereof. Title to all of the Partnership’s assets shall be held in the name of the General Partner or of any of its nominees or in
such other names as the General Partner may determine from time to time, for and on behalf of the Partnership, and the General Partner is authorized to so hold such assets. The General Partner declares and warrants that any assets of the Partnership
which are held in the name of the General Partner or in the name of any of its nominees shall be so held for and on behalf of the Partnership in accordance with the provisions of this Agreement. All of the assets of the Partnership shall be recorded
as the property of the Partnership on its books and records, irrespective of the name in which legal title to such assets is held. 
 2.9 Representations
and Warranties and Covenants of General Partner 
 The General Partner represents and warrants and covenants to each Limited Partner as
follows: 
  

	 	(a)	The General Partner is, and will continue to be for so long as it remains the General Partner, incorporated, organized and validly subsisting under the laws of Canada.

  

	 	(b)	The General Partner has and will continue to have the capacity and corporate authority to act as the general partner of the Partnership and to perform its obligations under this
Agreement, and such obligations (i) do not and will not conflict with, nor do they or will they result in a breach of any of the constating documents or by-laws of the General Partner or resolutions of its directors or its shareholders or any
agreement by which the General Partner is bound, and (ii) do not and will not require the approval or consent of, or any notice to or filing with, any Governmental Authority. 

  

	 	(c)	The General Partner has taken all necessary corporate action to authorize the execution, delivery and performance of this Agreement, and this Agreement constitutes a valid and
binding obligation of the General Partner, enforceable in accordance with the terms of this Agreement. 

  

	 	(d)	The General Partner holds and shall maintain the registrations and filings (and any amendments thereto and renewals thereof) necessary for the conduct of its activities and has and
shall continue to have all licences and permits necessary to carry on its business and activities as the general partner of the Partnership in all jurisdictions where the activities of the Partnership require such licensing or other form of
registration of or by the General Partner. 

  

	 	(e)	No authorization, consent or approval of, or filing with or notice to, any Person is required in connection with the execution, delivery or performance of this Agreement by the
General Partner. 

  

 - 15 - 

	 	(f)	There are no actions, suits or proceedings pending or, to the knowledge of the General Partner, threatened, against or affecting the General Partner or any of its assets or
undertaking at law or in equity or before any arbitrator or any Governmental Authority having jurisdiction which, if determined adversely, could affect adversely the General Partner, and the General Partner is not in default with respect to any law,
regulation, order, writ, judgment, injunction or award of any competent Governmental Authority, court, arbitrator or instrumentality which would have such an effect. 

  

	 	(g)	The General Partner is not a “non-resident” within the meaning of the Tax Act, its interest in the Partnership is not a “tax shelter investment” within the
meaning of the Tax Act, is not a Person an interest in which would be a “tax shelter investment” within the meaning of the Tax Act, and shall ensure that its status as described in this Subsection 2.9(g) shall not be modified.

  

	 	(h)	The General Partner shall act with fairness and good faith toward the Partnership and the Limited Partners in respect of the exercise of the powers of the General Partner in
pursuance of the purpose and operations of the Partnership, provided that in taking any action in compliance with section 2.7(c) of the Shareholders’ Agreement the General Partner shall be deemed to have acted with fairness and in good faith
toward the Partnership and the Limited Partners. 

  

	 	(i)	The General Partner will devote its best efforts to, and for the benefit of (subject to the Securityholders’ Agreements) the Partnership and will devote as much time as is
necessary for the conduct and prudent management of the activities and affairs of the Partnership. 

  

	 	(j)	The General Partner will not, unless otherwise authorized by Ordinary Resolution, carry on any operations in addition to its activities as general partner of the Partnership and
will, in the conduct of the business and affairs of the Partnership, act in the best interests of (subject to the Securityholders’ Agreements) the Partnership and, in particular, will diligently enforce the rights of the Partnership pursuant to
the terms and provisions of any instrument or document on behalf of and in the name of the Partnership from time to time as may be reasonably determined by the General Partner to be in the best interests of (subject to the Securityholders’
Agreements) the Partnership. 

  

	 	(k)	The General Partner will do all things and take all actions as may be necessary to ensure and protect, to the extent reasonably possible, the limited liability of the Limited
Partners, including, without limitation, the making of all filings within prescribed time periods. 

 2.10 Representations and Warranties
and Covenants of Limited Partners 
 Each Limited Partner severally represents and warrants and covenants to the General Partner and each
of the other Limited Partners as follows: 
  

	 	(a)	If it is a Person other than an individual, such Limited Partner is incorporated or formed and validly subsisting under the laws of its jurisdiction of incorporation or formation.

  

 - 16 - 

	 	(b)	Such Limited Partner has and will continue to have the capacity and necessary authority to enter into this Agreement and to perform its obligations hereunder, and such obligations
(i) if it is a Person other than an individual, do not and will not conflict with, nor do they or will they result in a breach of any of, the constating documents or by-laws of the Limited Partner or resolutions of its trustees, directors or
shareholders (or its sole shareholder, as the case may be) or any agreement by which it is bound and, in the case of any Limited Partner that is itself a limited partnership, any resolutions of the directors or the sole shareholder of its general
partner or any agreement by which its general partner is bound or its respective limited partnership agreement, and (ii) do not and will not require the approval or consent of, or any notice to or filing with, any Governmental Authority, other
than those which have been obtained. 

  

	 	(c)	Such Limited Partner has taken all necessary action to authorize the execution, delivery and performance of this Agreement (if it is a Person other than an individual), and this
Agreement constitutes a valid and binding obligation of the Limited Partner, enforceable in accordance with the terms of this Agreement. 

  

	 	(d)	No authorization, consent or approval of, or filing with or notice to, any Person is required in connection with the execution, delivery or performance of this Agreement by such
Limited Partner, other than those which have been obtained. 

  

	 	(e)	Such Limited Partner is not and will not become a “non-resident” or a partnership that is not a “Canadian partnership”, each within the meaning of the Tax Act,
or otherwise change its status as represented herein or transfer or purport to transfer any of its LP Units to any Person that is a “non-resident” of Canada or a partnership that is not a “Canadian partnership” for purposes of
the Tax Act. 

  

	 	(f)	Such Limited Partner is not and will not become a Person an interest in which is a “tax shelter investment” for the purposes of the Tax Act and such Limited Partner’s
interest in the Partnership will not be a “tax shelter investment” for the purposes of the Tax Act. 

 2.11 Survival of
Representations and Warranties 
 Each of the parties agrees that the representations and warranties made by it in Section 2.9 or
2.10, as applicable, are true and correct on the date hereof and that they shall survive the execution of this Agreement, notwithstanding such execution or any investigations made by or on behalf of any of the other Partners and each Partner
covenants and agrees to ensure that each representation and warranty it has made remains true and correct so long as such party remains a Partner. 
  

 - 17 - 

 2.12 Special Covenant of the Initial Limited Partner 
 The Initial Limited Partner covenants to the General Partner and each of the other Limited Partners that, in the event that the Initial Limited Partner
files or in its capacity as insolvent debtor or as a subsidiary of an insolvent debtor is subject to any plan of arrangement under the Companies’ Creditors Arrangement Act (Canada) (a “CCAA Plan”) or makes or in its
capacity as insolvent debtor or as a subsidiary of an insolvent debtor is subject to a proposal under the Bankruptcy and Insolvency Act (Canada) (a “Proposal”) or any proposal or plan under any foreign bankruptcy or
insolvency laws, the Initial Limited Partner shall not subject, or cause to be subjected, the assets of either the General Partner or the Partnership to the CCAA Plan or, as the case may be, the Proposal, and the Initial Limited Partner shall not
permit either the General Partner or the Partnership to make any joint filing with the Initial Limited Partner for an arrangement or proposal under the Companies’ Creditors Arrangement Act (Canada) or the Bankruptcy and Insolvency Act
(Canada). The Initial Limited Partner shall at all times vote its Common LP Units in order to comply with its obligations under this Section 2.12. 
 2.13 Limitation on Authority of Limited Partners 
 No Limited Partner (other than any Limited Partner that is also the
General Partner) shall: 
  

	 	(a)	take part in the administration, management, control or operations of the Business or exercise any power in connection therewith; 

  

	 	(b)	take an active part in the business of the Partnership; 

  

	 	(c)	transact any matters on behalf of the Partnership or make any commitment on behalf of or otherwise obligate or bind the Partnership; 

  

	 	(d)	other than by voting on a resolution of the Partners (where the Partner is entitled to vote), execute any document which binds or purports to bind any other Partner or the
Partnership; 

  

	 	(e)	hold itself out as having the power or authority to bind any other Partner or the Partnership or deal with any Person on behalf of the Partnership and, if contacted by any Person in
respect of the Partnership, shall inform such Person that it is a limited partner of the Partnership, it does not take an active part in the business or activities of the Partnership, and does not act or make decisions on behalf of the Partnership
and then refer such Person to the General Partner; 

  

	 	(f)	have any authority or power to act for, or undertake any obligation or responsibility on behalf of, any other Partner or the Partnership; 

  

	 	(g)	bring any action for partition or sale or otherwise in connection with the Partnership or any interest in any assets of the Partnership, whether real, personal, movable, immovable
or mixed or whether tangible or intangible, corporeal or incorporeal, or file or register, or permit to be filed, registered or remain undischarged, any Adverse Claim in respect of any assets of the Partnership; 

  

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	 	(h)	bring any action for the dissolution of the Partnership; 

  

	 	(i)	compel or seek a partition, judicial or otherwise, of any of the assets of the Partnership distributed or to be distributed to the Partners in kind in accordance with this
Agreement; or 

  

	 	(j)	take any action that will jeopardize or eliminate the status of the Partnership as a limited partnership or a “Canadian partnership” for the purposes of the Tax Act.

 For greater certainty, the General Partner has the exclusive power, rights, obligations and authority to administer and bind
the Partnership, and the General Partner shall not be subject to the restrictions that apply to Limited Partners (except as provided herein). Each Limited Partner shall comply with the Act and shall not take any action which may jeopardize or
eliminate the Partnership’s status as a limited partnership. 
 2.14 Power of Attorney 
  

	 	(a)	Each Limited Partner hereby makes, constitutes and appoints the General Partner as that Limited Partner’s agent and true and lawful attorney-in-fact for the Limited Partner and
on the Limited Partner’s behalf with full power and authority in the Limited Partner’s name, place and stead to, and only to, execute, deliver, swear to, make and record or file as and where required in the opinion of the General Partner
(and hereby ratifies and confirms such execution, delivery, swearing, making, recording and filing): 

  

	 	(i)	this Agreement, the Record, the Declaration, any amendment to this Agreement, the Record or the Declaration and any other instruments or documents required to continue and keep in
good standing the Partnership as a limited partnership under the Act and the BNRA, or otherwise to comply with the laws of any jurisdiction in which the Partnership may carry on business or own or lease property in order to maintain the limited
liability of the Limited Partners and to comply with the applicable laws of that jurisdiction (including any amendments to the Declaration or the Record as may be necessary to reflect the admission to the Partnership of subscribers for or
transferees of LP Units as contemplated by this Agreement); 

  

	 	(ii)	all instruments and documents, including any amendments to the Declaration or the Record, necessary to reflect any amendments to this Agreement; and 

  

	 	(iii)	the instruments and documents on the Limited Partner’s behalf and in the Limited Partner’s name as may be necessary to give effect to the admission of a subscriber for, or
transferee of, LP Units. 

  

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	 	(b)	To evidence the foregoing, each Subscription Form and Transfer Form will contain a power of attorney incorporating by reference, ratifying and confirming some or all of the powers
described above. 

  

	 	(c)	Each of the powers of attorney granted in this Agreement is a special power of attorney, coupled with an interest and is irrevocable during the existence of the Partnership and in
connection with the dissolution or winding up thereof, and will survive the insolvency, dissolution, winding up, bankruptcy, death or disability of a Limited Partner and will survive the transfer or assignment by the Limited Partner, to the extent
of the obligations of a Limited Partner under this Agreement, of the whole or any part of the interest of the Limited Partner in the Partnership, extends to the heirs, executors, administrators, other legal representatives and successors,
transferees and assigns of the Limited Partner, and may be exercised by the General Partner on behalf of each Limited Partner in executing any instrument by a facsimile signature or by listing all the Limited Partners and executing that instrument
with a single signature as attorney and agent for all of them. 

  

	 	(d)	Each Limited Partner agrees to be bound by any representations or actions made or taken in good faith by the General Partner pursuant to this power of attorney and hereby waives any
and all defences which may be available to contest, negate or disaffirm the action of the General Partner taken in good faith under this power of attorney. 

  

	 	(e)	This power of attorney will continue in respect of the General Partner so long as it is the general partner of the Partnership, and will terminate thereafter.

  

	 	(f)	A purchaser or transferee of an LP Unit will, upon becoming a Limited Partner, be conclusively deemed to have acknowledged and agreed to be bound by the provisions of this Agreement
as a Limited Partner and will be conclusively deemed to have provided the General Partner with the power of attorney described in this Section 2.14. 

 2.15 Limited Liability 
  

	 	(a)	Subject to the Act, Subsection 2.15(b) and any specific assumption by such Limited Partner, each Limited Partner’s liability for the debts, liabilities and obligations of the
Partnership is limited to such Limited Partner’s Capital Contribution plus such Limited Partner’s share of the undistributed income of the Partnership. Subject to the Act, following payment of a Limited Partner’s Capital Contribution,
the Limited Partner will not be liable for any further claims or assessments or be required to make further contributions to the Partnership, except that, where a Limited Partner has received the return of all or part of that Limited Partner’s
Capital Contribution, the Limited Partner is nevertheless liable to the Partnership or, where the Partnership is dissolved, to its creditors, for any amount, not in excess of the amount returned with interest, necessary to discharge the liabilities
of the Partnership to all creditors who extended credit or whose claims otherwise arose before the return of the Capital Contribution. 

  

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	 	(b)	If any asset of the Partnership should be distributed or declared to be distributable to Partners contrary to the provisions of any subordination agreement (each a
“Subordination Agreement”) between the Partnership and the persons entitled to enforce any of the indebtedness of the Partnership, then the persons entitled to enforce such Subordination Agreements or provisions shall be entitled to
pursue whatever remedies may be available to them to enforce such Subordination Agreements or provisions and the limitations in Subsection 2.15(a) shall not apply to any judgment in respect of (and to the extent only based on) such contrary
distribution and no Partner shall have the right to enforce any distribution contrary to such Subordination Agreements or provisions. 

 2.16 Indemnity of Limited Partners 
 The General Partner will operate the Partnership to ensure to the greatest extent
possible that the liability of the Limited Partners remains limited and will indemnify and hold harmless each Limited Partner (including former Limited Partners) for all costs, expenses, damages or liabilities suffered or incurred by the Limited
Partner if the limited liability of that Limited Partner is lost, but only if that Limited Partner’s limited liability is lost directly as a result of the gross negligence or wilful misconduct of the General Partner in performing its duties and
obligations under this Agreement. 
 2.17 Compliance with Laws 
 At the request of the General Partner, each Limited Partner shall execute immediately any documents or instruments considered by the General Partner to be necessary to comply with the terms of this Agreement or with
any applicable law or regulation or for the continuation, operation or good standing of the Partnership or in connection with the qualification of the Partnership to carry on its activities or own its assets and undertaking. 
 2.18 General Partner May Hold LP Units 
 A general
partner of the Partnership may subscribe for and acquire LP Units or purchase LP Units by private contract or in any market on which the LP Units are sold and will be shown on the Record as a Limited Partner in respect of the number of LP Units held
by such partner from time to time. 
 2.19 General Partner as a Limited Partner 
 If the General Partner holds any LP Units, it will be entitled to all of the rights of a Limited Partner under this Agreement in respect of its
contribution as a Limited Partner but otherwise will have the same rights and powers and will be subject to the same restrictions as a general partner. 
  

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 2.20 Authority of General Partner to Make Tax Elections 
 The General Partner shall be responsible for all tax matters and tax elections of the Partnership under the Tax Act or any other taxation legislation.

 2.21 No Other Business By General Partner 
 Unless otherwise approved by Ordinary Resolution, the General Partner will not engage in any business other than the business of the General Partner being the Business of the Partnership and the conduct of its obligations and
responsibilities under this Agreement and all activities necessarily incidental thereto. 
 2.22 Right of First Offer on Additional Hydroelectric
Facilities 
  

	 	(a)	At any time CDPQ holds Common LP Units, in the event that ACI, the Initial Limited Partner or any of their affiliates or subsidiaries (ACI, the Initial Limited Partner or any of
their affiliates or subsidiaries, as applicable, being referred to herein as the “Abitibi Vendor”) decides to dispose of any of the additional hydroelectric facilities listed in Schedule “D” hereto (the “Additional
Assets”), other than (i) in the context of a sale of one or more mills or other installations which comprise, as an accessory, a hydroelectric facility or (ii) in the context of an internal corporate reorganization of ACI
or the Initial Limited Partner provided that, in the case of such a reorganization, the transferee agrees to be bound by the terms of this Section 2.22, the Abitibi Vendor shall, subject to paragraph (b) of this Section 2.22, give
notice (the “Sale Notice”) to the Partnership that it desires to dispose of Additional Assets. The Partnership shall have thirty (30) days from receipt of such Sale Notice to offer to the Abitibi Vendor to purchase such
Additional Assets. Should the Initial Limited Partner, as the controlling shareholder of the General Partner, decide that the Partnership will not make an offer to purchase such Additional Assets, and provided that Caisse de dépôt et
placement du Québec has not exercised its veto right as a shareholder of the General Partner to prevent the Partnership from making an offer to purchase such Additional Assets, CDPQ shall have the right, exercisable in writing within thirty
(30) days from the expiry of the first 30-day period, to offer to the Abitibi Vendor to purchase all, but not less than all, such Additional Assets. In the event neither the Partnership nor CDPQ exercises its right of first offer or in the
event the Abitibi Vendor does not accept CDPQ’s offer, then the Abitibi Vendor shall have the right to sell such Additional Assets to a third party, provided that, if the Abitibi Vendor sells, or executes a binding offer to sell, the Additional
Assets to such third party within six (6) months from the expiry of the second 30-day period, such sale or binding offer shall be on terms not less favourable than those offered by CDPQ or the Partnership for a comparable transaction, failing
which the right of first offer shall again apply. For greater certainty, the parties acknowledge and agree that the right of first offer provided in this section 2.22 is personal to CDPQ and may not be assigned to any third party, except to a
Permitted Transferee of CDPQ. 

  

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	 	(b)	Nothing in this Section 2.22 shall require an Abitibi Vendor to give a Sale Notice or permit the exercise of any right of first offer by the Partnership or CDPQ if the giving
of such a Sale Notice or permitting the exercise of such a right of first offer would constitute a violation, contravention or breach of (i) any statutory, contractual or other obligation or covenant of such Abitibi Vendor relating to the joint
ownership, co-tenancy or similar arrangements in respect of the facilities identified as Manicouagan Power Company, Exploits River and Star Lake on Schedule “D” hereto or (ii) any right of first refusal or similar rights granted to
any Governmental Authority or any other third party prior to the date hereof. 

 ARTICLE 3 
 UNITS OF THE PARTNERSHIP 
 3.1 Units 

 

	 	(a)	The Partnership is authorized to issue various classes of partnership interests, including an unlimited number of Common LP Units and 1,000 Preferred LP Units, except that the
Partnership is no longer authorized to issue any Class A LP Units (as defined in the Initial Agreement). 

  

	 	(b)	Each Class B LP Unit (as defined in the Initial Agreement) issued prior to the date hereof shall be renamed as and from the date hereof as a “Common LP Unit” (it being
understood and agreed, for greater certainty, that the exchangeable feature attributed to such LP Units pursuant to the Initial Agreement no longer applies) and each Class C LP Unit (as defined in the Initial Agreement) issued prior to the date
hereof shall be renamed as and from the date hereof as a “Preferred LP Unit”. The parties hereto acknowledge and confirm that no Class A LP Unit (as defined in the Initial Agreement) was ever issued. 

  

	 	(c)	A partnership interest is personal property. A Partner has no interest in specific Partnership property by way of his, her or its Partnership Unit interests.

  

	 	(d)	Except as otherwise provided in this Agreement, no Common LP Unit shall have any preference or right in any circumstances over any other Common LP Unit. The holders of the Common LP
Units shall have the right to one vote for each Common LP Unit held in respect of all matters to be decided by the Limited Partners. The Common LP Units represent the right to participate in the distributions of the Partnership as provided for
herein. 

  

	 	(e)	 If, and only if, the Kenora Sale Alternative applies, the Initial Limited Partner will be issued all of the 1,000 Preferred LP Units. The Preferred LP Units shall
not carry any voting rights. The Preferred LP Units will be redeemed by the Partnership, in whole or in part, at such time as the Partnership disposes of any asset comprising the Norman Adjacent Property, in exchange for the net proceeds (after
deducting all internal and external expenses incurred in connection with the sale) of any such disposition. The Initial Limited Partner shall be responsible for all representations, warranties and covenants in connection with the sale of any asset
comprising the Norman Adjacent Property to a third party and for all 

  

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indemnification obligations relating thereto, and shall use its best efforts to provide such representations, warranties and covenants directly to the third
party purchaser as principal obligor, failing which the Partnership shall be the principal obligor to the third party purchaser and the Initial Limited Partner shall act as guarantor of the Partnership and shall indemnify the Partnership for all
losses incurred by the Partnership as a result of the Partnership having provided such representations, warranties, covenants and indemnification obligations to the third party purchaser. For greater certainty, the Initial Limited Partner shall not
be required to act as principal obligor to the third party if the sale to the third party would be jeopardized or adversely affected (including lower price or more onerous terms) by the Partnership not being the principal obligor. The Preferred LP
Units shall not give the right to participate in any distributions of the Partnership other than as provided in this Subsection 3.1(e). The Preferred LP Units are not transferable except to a Permitted Transferee of the holder thereof.

  

	 	(f)	The General Partner shall have the right to receive distributions in respect of its interest only as expressly provided for in this Agreement. 

 3.2 Issuances of LP Units on Closing 
 On Closing, the
Partnership shall issue to the Initial Limited Partner Common LP Units in connection with the Partnership’s acquisition of the Facilities and, if the Kenora Sale Alternative applies, 1,000 Preferred LP Units in connection with the
Partnership’s acquisition of the Norman Adjacent Property and shall then issue to CDPQ Common LP Units. The Partnership shall issue such Common LP Units and Preferred LP Units, and one or more promissory notes to the Initial Limited Partner, in
accordance with the Acquisition Agreement and shall issue such Common LP Units to CDPQ for an aggregate subscription price payable in cash, in accordance with a Subscription Form. 
 3.3 Issuance of Additional LP Units 
 Except as otherwise set forth herein or in the
Securityholders’ Agreements, the General Partner may, in its discretion, cause the Partnership to issue additional LP Units on any terms and conditions of offering and sale of LP Units as the General Partner, in its discretion, may determine,
from time to time hereafter, including accepting payment of consideration therefor in the form of cash, promissory notes, property and/or past services, and may do all things in that regard, including preparing and filing prospectuses, offering
memoranda and other documents, and paying the expenses of issue and entering into agreements with any Person providing for a commission or fee. 
 3.4
Subscription for LP Units 
 No subscription may be made or will be accepted for a fraction of an LP Unit. Each Person wishing to
subscribe for LP Units shall complete and execute a Subscription Form setting out, among other things, the number of LP Units such Person would like to subscribe for and the aggregate subscription price for such LP Units (which subscription price
will be that Person’s agreed upon Capital Contribution in respect of such LP Units) and shall comply with the residency requirements set out in this Section 3.4. 
  

 - 24 - 

 No subscription may be made by or will be accepted from a Person that is a “nonresident” of
Canada or a partnership which is not a “Canadian partnership”, both within the meaning of the Tax Act (collectively, the “Residency Requirements”). Any issuance of LP Units to a Person (whether as registered or beneficial
owner or as agent or nominee) that, at the time of issuance does not comply with the Residency Requirements, shall be void ab initio and the Unit Certificates representing the LP Units shall be cancelled. The holders of such cancelled LP
Units shall not be entitled to receive any Distributable Cash and shall be required to refund to the Partnership any Distributable Cash that was paid in respect of such LP Units. 
 Notwithstanding any other provision of this Agreement, no Subscription Form shall be required for the issuance of LP Units to (a) the Initial
Limited Partner pursuant to the Acquisition Agreement or pursuant to Section 4.2, provided that the Initial Limited Partner completes and executes a Power of Attorney and Declaration Form on or about or as of the date of execution of the
Acquisition Agreement; or (b) the General Partner pursuant to Section 4.3. 
 3.5 Admittance as Limited Partner 
 Subject to the terms of the Securityholders’ Agreements, the General Partner is authorized to admit to the Partnership, in addition to the Initial
Limited Partner, one or more additional Limited Partners, provided the General Partner receives a duly completed Subscription Form. If the General Partner admits such additional Limited Partners, all Partners shall be deemed to consent to such
admission. The General Partner shall amend the Record accordingly, file or amend any such documents as may be required by the Act, the BNRA or under legislation similar to the Act or the BNRA in other provinces or territories to be filed or amended
as required to afford limited liability to the Limited Partners so admitted to the greatest extent possible, and update the Partnership’s books and records. 
 3.6 Withdrawal as a Limited Partner 
 A Limited Partner may only withdraw from the Partnership by transferring his, her or
its LP Units in accordance with the provisions of this Agreement and the Securityholders’ Agreements or by the Partnership entering into an agreement with the Limited Partner for the repurchase of his, her or its LP Units. 
 3.7 Effective Date 
 The rights and obligations of a
subscriber as a Limited Partner under this Agreement commence and are enforceable by and upon the Limited Partner as between the Limited Partner and the other Partners from the date upon which the last of the following events occurs: 
  

	 	(a)	the Subscription Form has been accepted by the General Partner; 

  

	 	(b)	the General Partner has authorized the issuance of LP Units as subscribed; 

  

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	 	(c)	the General Partner is in receipt of the consideration for the LP Units; and 

  

	 	(d)	the Limited Partner agrees in writing to be bound by this Agreement and any other documents necessary or desirable as determined by the General Partner. 

 Subsequently, the General Partner will ensure the Record is amended to reflect the Limited Partner’s subscription, and will arrange for the proper
filings to be made, as required under the Act and the BNRA, adding that Limited Partner as a Limited Partner of the Partnership. 
 3.8 Record of Limited
Partners 
 The General Partner will maintain at the General Partner’s registered office a current Record for each class of LP Units
stating, for each Limited Partner in such class, information including the Limited Partner’s name, address, corporation number, if any, the amount of money and/or the value of other property contributed or to be contributed by the Limited
Partner to the Partnership and the number of LP Units of such class held by each Limited Partner and such other information as required by the Act and the BNRA. 
 3.9 Changes in Membership of Partnership 
 No change of name or address of a Limited Partner and no transfer of an LP Unit
and no admission of a Limited Partner in the Partnership will be effective for the purposes of this Agreement until all reasonable requirements as determined by the General Partner with respect to that change, transfer or admission have been met,
including the requirements set out in this Article 3. The names of the Limited Partners as reflected from time to time in the Record, and all addresses of the Partners as reflected from time to time in the records of the Partnership maintained by
the General Partner in accordance with Section 3.8, as from time to time amended, will be conclusive as to those facts for all purposes of the Partnership. 
 3.10 Notice of Change to General Partner 
 No name or address of a Limited Partner will be changed and no transfer of an LP
Unit or substitution or addition of a Limited Partner in the Partnership will be recorded on the records of the Partnership except pursuant to a notice in writing received by the General Partner. 
 3.11 Inspection of Record 
 A Limited Partner, or an
agent of a Limited Partner duly authorized in writing, has the right to inspect and make copies from the records of the Partnership during ordinary business hours. 
 3.12 Transfer and Encumbering of LP Units 
 A Limited Partner may not sell, assign or otherwise transfer or exchange any LP
Unit except in accordance with this Agreement and the Securityholders’ Agreements. The Preferred LP Units and all the rights attached thereto are not transferable except to a Permitted Transferee of the Unitholder. At any time and from time to
time, any Limited Partner may, upon 

  

 - 26 - 

 
prior written notice to the General Partner, grant an Adverse Claim on any or all of the LP Units held by it, directly or indirectly, to any third party as
security for any bona fide financing of the Limited Partner or as security for any guarantee granted by such Limited Partner in respect of the obligations of its affiliates to such third party for any bona fide financing.
Notwithstanding the foregoing, at any time CDPQ holds Common LP Units, the Initial Limited Partner shall not be allowed to grant an Adverse Claim on any of its Common LP Units or Preferred LP Units to any creditor as security without the prior
written consent of CDPQ, such consent not to be unreasonably withheld. 
 3.13 Transfer Procedures 
  

	 	(a)	Transfers of LP Units are subject to the provisions of this section and Sections 3.9, 3.10, 3.12, 3.14, 3.17, 3.18, 3.19, 3.21, 3.22 and 8.4, and are subject to compliance with
applicable securities laws, the Unitholders’ Agreement and the payment by the transferee of an administration fee to the Partnership, if any, of up to $100.00. No transfer of an LP Unit will be accepted by the General Partner unless (i) a
Transfer Form, duly completed and signed by the registered holder of the LP Unit and the transferee and any Unit Certificate held by the registered holder representing the LP Units being transferred have been remitted to the General Partner; and
(ii) the provisions of the Securityholders’ Agreements have been complied with. 

  

	 	(b)	The General Partner has the right to deny the transfer of LP Units in respect of which there has been default in payment of the subscription price until all amounts required to be
paid on account of the subscription price, including any interest on the subscription price, have been paid in full and no transferee will become a Limited Partner until: 

  

	 	(i)	the Transfer Form has been accepted by the General Partner; and 

  

	 	(ii)	the transferee agrees in writing to be bound by this Agreement and any other documents necessary or desirable as determined by the General Partner. 

 Where the transferee complies with all applicable provisions and is entitled to become a Limited Partner pursuant to the provisions of this Agreement,
the General Partner admits the transferee to the Partnership as a Limited Partner and the Limited Partners hereby consent to the admission of, and will admit, the transferee to the Partnership as a Limited Partner, without further act of the Limited
Partners (other than as may be required by law). A transferee who becomes a Limited Partner will be subject to the obligations and be entitled to the rights of a Limited Partner under this Agreement, and will be deemed to be a substituted limited
partner under the Act, on the date on which the transfer is duly reflected in an amendment to the Record. Subsequent thereto, the General Partner shall ensure that all proper filings have been made, as may be required by the Act and the BNRA, to
reflect the transfer. 
  

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	 	(c)	No transfer of LP Units will be accepted by the General Partner (i) if the transferee is not either resident in Canada or a “Canadian partnership” for the purposes of
the Tax Act or (ii) if the transferee is a Person or partnership, an interest in which would be a “tax shelter investment” or which is acquiring the interest as a “tax shelter investment”, all within the meaning of the Tax
Act. 

 3.14 Form of Transfer 
 If required by the General Partner, the Transfer Form will be signed by the transferor and by the transferee and will be accompanied by the LP Unit certificate(s), if any, issued by the Partnership representing the LP Units to be
transferred. 
 3.15 Amendment of Declaration or Record 
 The General Partner, on behalf of the Partnership, will from time to time promptly effect filings, recordings, registrations and amendments to the Record and the Declaration and to any other documents and at any
places as in the opinion of counsel to the Partnership are necessary or advisable to reflect changes in the membership of the Partnership, transfers of LP Units and dissolution of the Partnership as provided in this Agreement and to constitute a
transferee as a Limited Partner. 
 3.16 Non-Recognition of Trusts or Beneficial Interests 
 LP Units may be held by nominees on behalf of the beneficial owners of the LP Units (subject to the other terms, conditions and restrictions of this
Agreement). Notwithstanding the foregoing, except as provided in this Agreement, as required by law or as recognized by the General Partner in its sole discretion, no Person will be recognized by the Partnership or any Limited Partner as holding any
LP Unit in trust, or on behalf of another Person with the beneficial interest in that other Person, and the Partnership and Limited Partners will not be bound or compelled in any way to recognize (even when having actual notice) any equitable,
contingent, future or partial interest in any LP Unit or in any fractional part of an LP Unit or any other rights in respect of any LP Unit except an absolute right to the entirety of the LP Unit of the Limited Partner shown on the Record as holder
of that LP Unit. 
 3.17 Incapacity, Death, Insolvency or Bankruptcy 
 Where a Person becomes entitled to LP Units on the incapacity, death, insolvency, or bankruptcy of a Limited Partner, or otherwise by operation of law, in addition to the requirements of Sections 3.9, 3.10, 3.13 and
3.14, that entitlement will not be recognized or entered into the Record until that Person: 
  

	 	(a)	has produced evidence satisfactory to the General Partner of that Person’s entitlement; 

  

	 	(b)	has agreed in writing to be bound by the terms of this Agreement and any other documents necessary or desirable as determined by the General Partner and to assume the obligations of
a Limited Partner under this Agreement; and 

  

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	 	(c)	has delivered such other evidence, approvals and consents in respect of such entitlement as the General Partner may require and as may be required by applicable law and this
Agreement. 

 3.18 No Transfer of Fractions 
 No transfer of a fraction of an LP Unit may be made or will be accepted or entered into the records of the Partnership. 
 3.19 No Transfer upon Dissolution 
 No transfer of LP Units may be made or will be accepted or entered into the Record after
the occurrence of any of the events set out in Section 11.1. 
 3.20 LP Unit Certificates 
  

	 	(a)	Upon acceptance by the General Partner of a subscription for the LP Units, the General Partner will issue to the subscribing Limited Partner, an LP Unit certificate (“Unit
Certificate”) indicating that the holder of the Unit Certificate is the owner of the number and type of LP Units set out on the Unit Certificate; 

  

	 	(b)	Every Unit Certificate must be signed by at least one officer of the General Partner; 

  

	 	(c)	If any Unit Certificate is lost, mutilated, stolen or destroyed, the General Partner will, upon request by a Limited Partner, issue a replacement Unit Certificate to the Limited
Partner upon receipt of evidence satisfactory to the General Partner of that loss, mutilation or destruction, and upon receiving such indemnification (including an indemnity bond provided at the expense of the Limited Partner) as it deems
appropriate in the circumstances; and 

  

	 	(d)	The General Partner, upon request by the transferee, will issue a new Unit Certificate for any LP Units transferred. In the case of a transfer of less than all of the Units
represented by a Unit Certificate, the General Partner, upon request by the transferor, will issue a new Unit Certificate for the balance of the LP Units retained by the transferor. 

 3.21 Transferee Bound 
 As of and from the time
referred to in Subsection 3.13(b), the transferee automatically shall become bound by, and be subject to all of the rights and obligations of a Limited Partner under, this Agreement without execution of further instrument. Without limiting the
generality of the foregoing, as of and from the time referred to in Subsection 3.13(b), the transferee shall be deemed to make all of the representations and warranties and covenants of a Limited Partner contained in Section 2.10 and to grant
the power of attorney contained in Section 2.14. 
  

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 3.22 Transfer to a Resident of Canada 
 If at any time, any Partner ceases to comply with the Residency Requirements, such Partner shall immediately send written notice to that effect to the
General Partner and take the necessary steps to transfer its LP Units to a Person that complies with the Residency Requirements. If the General Partner becomes aware of, or determines that, a Partner ceases to comply with the Residency Requirements,
or if the Partner fails to provide evidence satisfactory to the General Partner that such Partner complies with the Residency Requirements, the General Partner shall require the Partner to dispose of all its LP Units to a Person that complies with
the Residency Requirements, failing which the General Partner, subject to compliance with applicable securities laws, shall be entitled to sell the LP Units or to acquire the LP Units on behalf of the Partnership. A Partner that ceases to comply
with the Residency Requirements shall be deemed to have ceased to be a Partner with effect immediately before the date such Partner ceases to comply with the Residency Requirements and shall not be entitled to any distributions of Distributable Cash
from such time and any LP Units shall be deemed not to be outstanding until acquired by a new Partner that complies with the Residency Requirements. The holders of other LP Units shall not be entitled to any portion of the Distributable Cash paid in
respect of LP Units that have been so deemed not to be outstanding. In the event of the sale or acquisition of a Partner’s LP Units by the General Partner pursuant to this section, such Partner shall have the right only to receive the net
proceeds therefrom. 
 ARTICLE 4 
 CAPITAL CONTRIBUTIONS AND ACCOUNTS 
 4.1 Capital 
 The capital of the Partnership consists of the aggregate of all sums of money or other property contributed by the Partners as Capital Contributions and not returned to them. For greater certainty, the amount added to
the capital in respect of the LP Units issued in consideration for the transfer of property to the Partnership will be the fair market value of such property. 
 4.2 Initial Limited Partner Contribution 
 The Initial Limited Partner has contributed $100 to the capital of the Partnership
in full satisfaction of its initial Capital Contribution and has received ten Class B LP Units (as defined in the Initial Agreement). On or about August 17, 2006, the Initial Limited Partner assigned certain water leases to the Partnership, in
consideration for which the Partnership issued a total of 4,992,834 Class B LP Units (as defined in the Initial Agreement) to the Initial Limited Partner and promissory notes for an aggregate amount of $3,959,464. In addition, on or about
October 5, 2006, the Initial Limited Partner assigned a water lease and certain licenses of occupation to the Partnership, in consideration for which the Partnership issued a total of 8,548,639 Class B LP Units (as defined in the Initial
Agreement) to the Initial Limited Partner and promissory notes for an aggregate amount of $6,779,323. As provided in Subsection 3.1(b) above, each of such Class B LP Units shall be renamed as and from the date hereof as a “Common LP Unit”
such that the Initial Limited Partner’s contribution to the Partnership is now equal to 13,541,483 Common LP Units. The General Partner shall issue to the Initial Limited Partner a certificate representing 13,541,483 Common LP Units upon the
Initial Limited Partner delivering to the General Partner, for cancellation, the certificates representing the said Class B LP Units issued to the Initial Limited Partner. 
  

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 4.3 General Partner Contribution 
 The General Partner has contributed $10 to the capital of the Partnership in full satisfaction of its initial Capital Contribution and has received one Class B LP Unit (as defined in the Initial Agreement). As
provided in Subsection 3.1(b) above, such Class B LP Unit shall be renamed as and from the date hereof as a “Common LP Unit” such that the General Partner’s contribution to the Partnership is now equal to one Common LP Unit. The
General Partner shall cancel the certificate representing the said Class B LP Unit issued to it prior to the date hereof and replace it with a certificate representing the Common LP Unit held by the General Partner. 
 4.4 Limited Partner Contributions 
 The Capital
Contribution of each Partner, giving effect to the transactions described in Section 3.2, will be set out in the records of the Partnership. 
 4.5
Accounts 
 The Partnership shall maintain on its books of account a separate capital account for each of the Partners. The General
Partner (a) shall credit the capital account of each Partner with the amount of Capital Contribution made by such Partner to the Partnership (including, for greater certainty, in the case of a Limited Partner, the amount received in respect of
the Capital Contribution of such Limited Partner) and (b) shall debit the capital account of each Partner with the amount of Capital Contribution returned to such Partner by the Partnership. The Partnership shall establish current accounts on
its books for the General Partner and each of the Limited Partners to which net income and all amounts, other than capital to which the Partners are entitled, will be credited and to which net loss and all distributions, other than distributions on
account of capital, will be charged, all in accordance with generally accepted accounting principles. No Partner has the right to receive interest on any credit balance in any accounts maintained on the books of the Partnership, and no Partner is
liable to pay interest to the Partnership on any deficit in any accounts maintained on the books of the Partnership. The interest of a Partner shall not terminate by reason of a negative or zero balance in any accounts maintained on the books of the
Partnership. Subject to the Act, the Partners shall not be obligated to make any further contribution to the capital of the Partnership but may do so in their sole discretion and with the approval of the General Partner. 
 4.6 Withdrawal of Capital Contribution 
 No Partner
has any right to withdraw any of its Capital Contribution to the Partnership or other amount or to receive any cash or other distribution from the Partnership except as provided for in this Agreement and except as permitted by the Act or otherwise
at law. No Partner shall be entitled to interest on the amount of its Capital Contribution to the Partnership. 
  

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 4.7 Distribution of Capital Contributions 
 Subject to the Act, the General Partner may distribute all or part of a Limited Partner’s Capital Contributions to such Limited Partner in such
amounts and at such times as determined in the General Partner’s sole discretion. 
 ARTICLE 5 
 PARTNERSHIP FINANCE 
 5.1 Expenses of Partnership

 The Partnership shall reimburse the General Partner, as and when determined by the General Partner, for all reasonable costs and
expenses incurred on the Partnership’s behalf by the General Partner in the performance of its duties hereunder, including costs and expenses of the General Partner reasonably allocable to the board of directors, the officers and the employees
of the General Partner engaged in activities on behalf of the Partnership, all legal and audit expenses, filing and reporting fees and other expenses incurred solely for the purpose of maintaining the corporate existence of the General Partner,
unless the General Partner otherwise agrees, but specifically excluding expenses of any action, suit or other proceedings in which, or in relation to which, the General Partner is adjudged to be, or to have been, grossly negligent or to be engaged
in, or to have engaged in, wilful misconduct. 
 5.2 Allocation of Net Income and Loss for Tax Purposes 
 The Income for Tax Purposes or Loss for Tax Purposes for a given Fiscal Year shall be calculated in accordance with the provisions of the Tax Act. In
computing the Income for Tax Purposes or Loss for Tax Purposes, the General Partner shall have discretion as to the extent, if any, of the discretionary deductions to be claimed by the Partnership. The Income for Tax Purposes or Loss for Tax
Purposes for a given Fiscal Year will be allocated as follows: 
  

	 	(i)	all Income for Tax Purposes or Loss for Tax Purposes generated by any of the Norman Adjacent Property and all gains attributable to the disposition of any of the Norman Adjacent
Property shall be allocated to the holders of Preferred LP Units; 

  

	 	(ii)	the General Partner shall be allocated a portion of the Income for Tax Purposes or Loss for Tax Purposes from each source for that Fiscal Year equal to the amount obtained by
multiplying the Income For Tax Purposes or Loss For Tax Purposes by a fraction, the numerator of which is the cash distributions received by it with respect to that Fiscal Year, and the denominator of which is the total amount of the cash
distributions made by the Partnership to the General Partner and the Limited Partners with respect to that Fiscal Year; and 

  

	 	(iii)	 the balance of all Income for Tax Purposes or Loss for Tax Purposes for that Fiscal Year, and all other items of income, gain, loss, deduction, recapture and credit
of the Partnership, which are 

  

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allocable for the purposes of the Tax Act and other relevant taxing statutes, shall be allocated to the Limited Partners (including, for greater certainty,
Limited Partners who become or cease to be Limited Partners during the Fiscal Year) in an amount calculated by multiplying the Income for Tax Purposes or Loss for Tax Purposes to be allocated to the Limited Partners by a fraction, the numerator of
which is the sum of the cash distributions received by that Limited Partner and the aggregate amount of any loans made by the Partnership to that Limited Partner in lieu of a distribution pursuant to Subsection 5.5(b) with respect to that Fiscal
Year, and the denominator of which is the total amount of the cash distributions and the aggregate amount of all loans under Subsection 5.5(b) made by the Partnership to all Limited Partners with respect to that Fiscal Year.

 The income or loss of the Partnership for accounting purposes for a given Fiscal Year shall be allocated among the
Partners in the same proportion as Income for Tax Purposes or Loss for Tax Purposes is allocated for such Fiscal Year. 
 5.3 Amount of Income Allocated

 The amount of income allocated to a Limited Partner may exceed or be less than the amount of cash distributed by the Partnership to
that Limited Partner in respect of a given Fiscal Year. 
 5.4 Where No Cash Distribution 
 If, with respect to a given Fiscal Year, no cash distribution is made by the Partnership to its Limited Partners, the Income for Tax Purposes or Loss for
Tax Purposes from each source for that Fiscal Year will be allocated to the General Partner and the Limited Partners at the end of that Fiscal Year, based upon their respective interests in the Partnership Units and to each Limited Partner in
proportion to the LP Units held by each of them. 
 5.5 Distributions 
  

	 	(a)	Subject to Subsection 5.5(d), the Partnership will, to the extent not prohibited by the terms of any agreement entered into between the Partnership and its lenders in respect of the
New Credit Facilities, distribute, within 15 days of the end of a Distribution Period, to the Unitholders whose names appear on the Record on the last day of each Distribution Period their pro rata share of the Distributable Cash as
contemplated hereby (based on their interests in the LP Units) in respect of such Distribution Period. The Partnership may, in addition, to the extent not prohibited by the terms of any agreement entered into between the Partnership and its lenders
in respect of the New Credit Facilities, make a distribution at any other time. For greater certainty, distributions that are made after the end of a Fiscal Year, but which are payable on or before the end of that Fiscal Year will be deemed to be
distributions with respect to that Fiscal Year for purposes of Article 5. Distributions made under this Agreement will be net of any tax required by law to be withheld by the General Partner on behalf of the Partnership. 

  

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	 	(b)	Notwithstanding Subsection 5.5(a), each Limited Partner may, in lieu of receiving the distributions described above at the time indicated above, choose to be loaned amounts from the
Partnership equal to those amounts which would otherwise have been distributed, and to have the aggregate of all distributions described above made to it on the first Business Day following the end of the Fiscal Year in which such distributions
would otherwise have been made. Each loan made in a Fiscal Year will not bear interest and will be due and payable in full on the first Business Day following the end of the Fiscal Year during which the loan was made. Any Person who has received
loans in lieu of distributions in a Fiscal Year in which such Person has ceased to be a Limited Partner shall receive distributions on the first Business Day following the end of that Fiscal Year equal to the amount that would otherwise have been
distributed to such Person during that portion of the Fiscal Year in which such Person was a Limited Partner. With respect to amounts distributed to a Limited Partner or a person who has ceased to be a Limited Partner at any time after the making of
a loan to a Limited Partner pursuant to this Subsection 5.5(b), the Limited Partner shall be deemed to have irrevocably directed that the amount of any such distribution first be applied to repay loans previously advanced. Any amounts distributed to
a Limited Partner under this Subsection 5.5(b) will not be considered to be a cash distribution received by such Limited Partner for purposes of calculating the income or loss of the Partnership under Section 5.2. 

  

	 	(c)	Distributions payable pursuant to this Section 5.5 will be paid in cash or other immediately available funds. Any payment by the General Partner to a Partner pursuant to this
Agreement will be conclusively deemed to have been made upon mailing of a cheque in a postage pre-paid envelope, addressed to the Partner at the Partner’s address appearing in the Record, unless such cheque is dishonoured upon presentment. Upon
such payment, the General Partner will be discharged from all liability to the Partner in respect of such payment; provided, however, that if such cheque is lost or destroyed then, upon the presentation of evidence satisfactory to the General
Partner of such loss or destruction, together with such indemnity as the General Partner may reasonably require, the General Partner will issue a replacement cheque to the Partner. Notwithstanding the foregoing, the General Partner, in lieu of
forwarding or causing to be forwarded a cheque, may enter into an agreement with a Partner providing for the payment to such Partner of amounts hereunder by electronic funds transfer or by any other method at a place or places other than the place
or places specified herein. Any payment of any amount pursuant to such agreement will, notwithstanding any other provision of this Agreement, be valid and binding on the General Partner, the Partnership and the relevant Partner.

  

	 	 (d)
	 Notwithstanding any provision of this Agreement to the contrary, all net income of the Partnership generated up to and
including April 1st, 2007 shall be distributed to the Initial Limited Partner within 15 days of the end of the first Distribution Period and all
Income for Tax Purposes relating to such period shall be allocated for tax purposes to the Initial Limited Partner. 

  

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 5.6 Repayments 
 If, as determined by the Auditor, it appears that any Partner has received an amount under this Article 5 that is in excess of that Partner’s entitlement hereunder, the Partner will, promptly upon notice from the
General Partner, reimburse the Partnership to the extent of the excess. 
 5.7 Tax Matters 
 The Partnership shall be treated as a limited partnership for federal, provincial and municipal income tax and other tax purposes. The General Partner
shall prepare, or cause to be prepared, any federal, provincial and municipal tax or information returns required to be filed by the Partnership and all financial statements required by each Partner to enable the filing of any tax or information
return which is required to be filed by such Partner. 
 5.8 Set-off 
 The Partnership may set off any of its obligations to make distributions to any of the Partners against any liabilities or obligations of such Partners to the Partnership under this Agreement. 
 5.9 Distribution of Assets 
 Notwithstanding
Section 5.2, where assets of the Partnership are distributed in kind to a Partner and the distribution results in Income for Tax Purposes or Loss for Tax Purposes to the Partnership, for the purposes of computing the Income for Tax Purposes or
Loss for Tax Purposes of a Partner, the income or amount shall be allocated to the Partner receiving the distribution, unless the Partners otherwise agree. 
 5.10 Default on Senior Indebtedness 
 No distributions on the Partnership Units shall be made by the Partnership or received
by the Partners, whether in cash, property or securities by set-off or otherwise, if at the time of such distribution or immediately after giving effect thereto, there shall exist under any Senior Indebtedness or any agreement or instrument pursuant
to which any Senior Indebtedness is outstanding, any event of default or any default, condition, event or act which with notice, lapse of time, or both, would constitute an event of default thereunder. 
 5.11 Default by the Initial Limited Partner to Make Payment 
 At any time CDPQ holds Common LP Units, in the event of a default by the Initial Limited Partner to make any payment of (a) amounts owing to the Partnership under the Initial Limited Partner’s indemnification obligations under the
Acquisition Agreement, or (b) amounts owing to the Partnership under the indemnity for early termination provided for at section 10.6 of the O&M Agreement, provided that such amounts are liquidated and due as 

  

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acknowledged in writing by the Initial Limited Partner or as determined by an enforceable, final and non appealable arbitration ruling or judicial decision,
the Partnership shall have the right to offset any declared but unpaid distributions payable to the Initial Limited Partner on its Common LP Units against any such amounts owing by the Initial Limited Partner to the Partnership pursuant thereto. In
addition, in such event, the Partnership can also suspend the payment of any further distributions to the Initial Limited Partner until the Initial Limited Partner has fully remedied such payment default. In the event that any amounts referred to in
clause (a) of this Section 5.11 remain unpaid at the time the Initial Limited Partner becomes bankrupt under the Bankruptcy and Insolvency Act (Canada), the payment of such amounts, to the extent not satisfied by offset as described
above, shall be satisfied by the issuance of a number of Common LP Units to CDPQ calculated using the following formula: 
  

							
		 	X =	  	(A + B) x (0.25 x C)	  	
		 		  	(A x V) - (0.25 x C)	  	

  

			
	 where:
	  	
		
	 X =
	  	number of additional Common LP Units to be issued to CDPQ
		
	 A =
	  	number of Common LP Units initially held by the Initial Limited Partner, i.e., 14,250,000
		
	 B =
	  	number of Common LP Units initially held by CDPQ, i.e., 4,750,000
		
	 C =
	  	dollar amount of claim
		
	 V =
	  	value of each Common LP Unit as at Closing, i.e., $10/unit, adjusted to take into account any increase in the per unit value of the equity of the Partnership resulting from (1) the
acquisition of additional assets by the Partnership or (2) the reduction of the Partnership’s net indebtedness.

 It is agreed that the foregoing formula is based on the following assumptions: 
 1. 25% of the claim made by the Partnership which remains unpaid by the Initial Limited Partner is incurred by CDPQ; 
 2. CDPQ is indemnified for its loss by being issued LP Units, based on the per unit value at the time of its initial investment (adjusted to take into
account the acquisition of additional assets by the Partnership or the reduction of its net indebtedness); 
 3. it is impossible for the
Initial Limited Partner to transfer LP Units and, consequently, a dilution mechanism is put in place to achieve the same results; and 
  

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 4. as a result of applying such formula, the number of LP Units and the value of the equity interest held
by CDPQ increases, while the number of LP Units held by the Initial Limited Partner remains unchanged and the value of the Initial Limited Partner’s equity interest in the Partnership decreases. 
 For greater certainty, the parties acknowledge and agree that the right of CDPQ to receive additional Common LP Units as provided in this section 5.11 is personal to
CDPQ and may not be assigned to any third party, except to a Permitted Transferee of CDPQ. 
 ARTICLE 6 
 POWERS, DUTIES AND OBLIGATIONS OF GENERAL PARTNER 
 6.1 Powers, Duties and Obligations 
  

	 	(a)	The General Partner has: 

  

	 	(i)	unlimited liability for the debts, liabilities and obligations of the Partnership; 

  

	 	(ii)	subject to the terms of this Agreement and the Securityholders’ Agreements and to any applicable limitations set out in the Act, the full and exclusive right, power and
authority to manage, control, administer and operate the business and affairs of the Partnership and to make decisions regarding the undertaking and business of the Partnership; and 

  

	 	(iii)	subject to the terms of this Agreement and the Securityholders’ Agreements, the full and exclusive right, power and authority to do any act, take any proceeding, make any
decision and execute and deliver any instrument, deed, agreement or document necessary for or incidental to carrying out objects, purposes and the business of the Partnership for and on behalf of and in the name of the Partnership.

  

	 	(b)	Subject to the terms and conditions of this Agreement, an action taken by the General Partner on behalf of the Partnership is deemed to be the act of the Partnership and binds the
Partnership. 

  

	 	(c)	Notwithstanding anything to the contrary herein contained, all material transactions or agreements entered into by the Partnership, other than those agreements entered into in
connection with the formation of the Partnership must be approved by the General Partner. 

  

	 	(d)	The authority and power vested in the General Partner to manage the business and affairs of the Partnership will include all authority necessary or incidental to make all decisions
regarding the Partnership, to bind the Partnership in respect of any such decision, to carry out the objects, purposes and business of the Partnership including the ability to engage agents to assist the General Partner in carrying out, and the
ability to delegate all of, its management obligations and administrative functions, including as contemplated in the O&M Agreement. 

  

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	 	(e)	The General Partner will take all actions necessary to ensure that the Partnership constitutes a “Canadian partnership” at all times for the purposes of the Tax Act and
does not constitute a “tax shelter investment” for the purposes of the Tax Act. 

  

	 	(f)	The General Partner will take all reasonable actions necessary to maintain the limited liability of the limited partners of the Partnership. 

 6.2 Specific Powers and Duties of General Partner 
 Without limiting the generality of Section 6.1, the General Partner shall have full power and authority for and on behalf of and in the name of the Partnership to: 
  

	 	(a)	negotiate, execute and perform all agreements which require execution by or on behalf of the Partnership involving matters or transactions with respect to the Business (and those
agreements may limit the liability of the Partnership to the assets of the Partnership, with the other party to have no recourse to the assets of the General Partner, even if the same results in the terms of the agreement being less favourable to
the Partnership); 

  

	 	(b)	open and manage bank accounts in the name of the Partnership and spend the capital of the Partnership in the exercise of any right or power exercisable by the General Partner under
this Agreement; 

  

	 	(c)	subject to Section 6.4, borrow funds or incur indebtedness or liabilities in the name of the Partnership from time to time from the General Partner or its affiliates or
associates, or from any recognized financial institutions selected by the General Partner and guarantee the payment and performance of the obligations of any subsidiary of the Partnership; 

  

	 	(d)	issue Common LP Units or Preferred LP Units to Limited Partners as contemplated in this Agreement; 

  

	 	(e)	make distributions of Distributable Cash; 

  

	 	(f)	issue debt and/or debt instruments of the Partnership from time to time; 

  

	 	(g)	mortgage, charge, assign, hypothecate, pledge or otherwise create a security interest in all or any property of the Partnership or any affiliate of the Partnership now owned or
later acquired, to secure any present and future borrowings, indebtedness or liabilities or guarantees and related expenses of the Partnership or any subsidiary of the Partnership, and to sell all or any of that property pursuant to a foreclosure or
other realization upon the foregoing encumbrances; 

  

	 	(h)	 manage, control and develop all the activities of the Partnership and take all measures necessary or appropriate for the Business of the Partnership or ancillary

  

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to the Business and may, from time to time, in its sole discretion propose combinations with other partnerships or other entities, which proposal(s) will be
subject to requisite approval by the Partners; 

  

	 	(i)	incur all costs and expenses in connection with the Partnership or relating to the Business of the Partnership; 

  

	 	(j)	employ, retain, engage or dismiss from employment, personnel, agents, representatives or professionals with the powers and duties upon the terms and for the compensation as in the
discretion of the General Partner may be necessary or advisable in the carrying on of the Business of the Partnership; 

  

	 	(k)	engage agents, including any affiliate or associate of the General Partner (including the Initial Limited Partner), to provide goods or services to the Partnership or otherwise
assist the General Partner to carry out its management obligations to the Partnership (provided that, if the Partnership is to reimburse the General Partner for the costs and expenses of those goods or services, the General Partner reasonably
believes the costs of those goods or services are fair and reasonable to the Partnership) or subcontract administrative functions to any affiliate or associate of the General Partner (including the Initial Limited Partner) or any of their respective
affiliates or associates; 

  

	 	(1)	invest cash assets of the Partnership that are not immediately required for the Business of the Partnership in any investment approved by the General Partner in its sole discretion;

  

	 	(m)	acquire, hold, transfer, vote or otherwise deal with securities of entities engaged primarily in the Business; 

  

	 	(n)	maintain, improve or change any assets from time to time of the Partnership; 

  

	 	(o)	see to the sound management of the Partnership, and to manage, control and develop all the activities of the Partnership and take all measures necessary or appropriate for the
Business of the Partnership or ancillary thereto; 

  

	 	(p)	act as attorney-in-fact or agent of the Partnership in disbursing and collecting moneys for the Partnership, paying debts and fulfilling the obligations of the Partnership and
handling and settling any claims of the Partnership; 

  

	 	(q)	commence or defend any action or proceeding by, against or in connection with the Partnership; 

  

	 	(r)	file returns or other documents (including tax returns) required by any Governmental Authority or like authority; 

  

	 	(s)	retain legal counsel, experts, advisors or consultants as the General Partner considers appropriate and rely upon the advice of those Persons; 

  

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	 	(t)	acquire or, subject to Section 8.16, dispose of assets of the Partnership; 

  

	 	(u)	enter into hedge contracts (including, without limitation, electricity hedge contracts) or similar arrangements to permit the Partnership to mitigate or eliminate the
Partnership’s exposure to interest rate, foreign exchange or other risks associated with the Business; 

  

	 	(v)	enter into and perform the obligations of the Partnership under the Securityholders’ Agreements; 

  

	 	(w)	do anything that is in furtherance of or incidental to the Business of the Partnership or that is provided for in this Agreement; 

  

	 	(x)	execute, acknowledge and deliver the documents necessary to effectuate any or all of the foregoing or otherwise in connection with the Business of the Partnership;

  

	 	(y)	file any tax elections, forms or similar documents on behalf of the Partnership and (to the extent necessary) on behalf of the Partners under the Tax Act or any other tax
legislation; 

  

	 	(z)	apply for, hold and maintain all licences, permits, authorizations, registrations, certificates and approvals required under applicable law to conduct the Business;

  

	 	(aa)	obtain any insurance coverage; and 

  

	 	(bb)	carry out the objects, purposes and Business of the Partnership. 

 No Persons dealing with the Partnership will be required to enquire into the authority of the General Partner to do any act, take any proceeding, make any decision or execute and deliver any instrument, deed, agreement or document for or on
behalf of or in the name of the Partnership. The General Partner will make all reasonable efforts to insert, and to cause agents of the Partnership to insert, the following clause in any contracts or agreements to which the Partnership is a party or
by which it is bound: 
 “The parties hereto acknowledge that ACH Limited Partnership is a limited partnership formed under the laws of
the Province of Manitoba, a limited partner of which is only liable for any of its liabilities or any of its losses to the extent of the amount that the limited partner has contributed or agreed to contribute to the capital of the limited
partnership and the limited partner’s pro rata share of any undistributed income. The parties hereto acknowledge that the obligations of ACH Limited Partnership shall not be personally binding upon, nor shall resort be had to, the property of
any of the limited partners, their heirs, successors and assigns, and that resort shall only be had to the property of ACH Limited Partnership or the property of its general partner. Abitibi-Consolidated Hydro Inc. is the sole general partner of the
limited partnership and [INSERT NAMES OF LIMITED PARTNERS] are the limited partners of the limited partnership.” 
  

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 6.3 Restrictions upon the General Partner 
 The General Partner’s powers and authorities do not extend to any powers, actions or authority enumerated or referred to in Section 8.16 unless
and until the requisite Special Resolution is passed by the applicable Partners. In addition, the General Partner will not: 
  

	 	(a)	commingle the funds of the Partnership with its own funds or the funds of any of its affiliates or associates or any other Person; 

  

	 	(b)	dissolve the affairs of the Partnership, except in accordance with the provisions of Article 11; or 

  

	 	(c)	except as permitted by Section 6.19, assign, transfer or otherwise dispose of its entire interest as General Partner without the approval of the Limited Partners.

 6.4 Borrowings 
 The
General Partner (and its affiliates or associates) or any Limited Partner (and its affiliates or associates) may, but will not be obligated to, advance or loan to the Partnership funds which may be necessary for the payment of operating expenses of
the Partnership or for any other purpose. The rate of interest and any other expenses relative to those advances or borrowings will not materially exceed that which the Partnership could obtain from a Canadian chartered bank with respect to similar
borrowings. 
 6.5 Exercise of Duties 
 The General Partner covenants that it will exercise its powers and discharge its duties under this Agreement honestly, in good faith, and in the best interests of the Partnership, that it will act with fairness toward the Partnership and
the Limited Partners, and that it will exercise the degree of care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances. Furthermore, the General Partner covenants that it will maintain the confidentiality
of financial and other information and data which it may obtain through or on behalf of the Partnership, the disclosure of which may adversely affect the interests of the Partnership or a Limited Partner. 
 6.6 Limitation of Liability 
 The General Partner is
not personally liable for the return of any Capital Contribution made by a Limited Partner to the Partnership. Moreover, notwithstanding anything else contained in this Agreement, but subject to Section 2.16, neither the General Partner nor its
officers, directors, shareholders, employees or agents are liable, responsible for or accountable in damages or otherwise to the Partnership or a Limited Partner for an action taken or failure to act on behalf of the Partnership within the scope of
the authority conferred on the General Partner by this Agreement or by law unless the act or omission constituted gross negligence or wilful misconduct of the General Partner in performing its obligations under this Agreement. 
  

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 6.7 Indemnity of General Partner 
  

	 	(a)	To the fullest extent permitted by law, but subject to the limitations expressly provided in this Agreement, the General Partner, any Departing Partner, any Person who is or was an
officer, director, employee, partner, agent or trustee of the General Partner or any Departing Partner, or any Person who is or was serving at the request of the General Partner or any Departing Partner as a director, officer, employee, partner,
agent or trustee of another Person (collectively, an “Indemnitee”) will be indemnified and held harmless by the Partnership from and against any and all losses, claims, damages, liabilities, joint or several, expenses (including
legal fees and expenses on a full indemnity basis), judgments, fines, settlements and other amounts arising from any and all claims, demands, actions, suits or proceedings, whether civil, criminal, administrative or investigative, in which any
Indemnitee may be involved, or is threatened to be involved, as a party or otherwise, by reason of its status as: 

  

	 	(i)	the General Partner or a Departing Partner; or 

  

	 	(ii)	an officer, director, employee, partner, agent or trustee of the General Partner or any Departing Partner; or 

  

	 	(iii)	a Person serving at the request of the General Partner or any Departing Partner as a director, officer, employee, agent or trustee of another Person; 

 provided, that 
  

	 	(iv)	in each case the Indemnitee acted honestly and in good faith with a view to the best interests of the Partnership; 

  

	 	(v)	in the case of a criminal or administrative action or proceeding that is enforced by monetary penalty, the Indemnitee had reasonable grounds for believing its conduct was lawful;
and 

  

	 	(vi)	no indemnification pursuant to this Section 6.7 will be available to an Indemnitee where the Indemnitee has been adjudged by a final decision of a court of competent
jurisdiction in any Province of Canada or final arbitration ruling that is no longer appealable to have been grossly negligent in the performance of its obligations under this Agreement. The termination of any action, suit or proceeding by judgment,
order, settlement or conviction will not create a presumption that the Indemnitee acted in a manner contrary to that specified above. 

 Any indemnification pursuant to this Subsection 6.7(a) will be made only out of the assets of the Partnership. 
  

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	 	(b)	To the fullest extent permitted by law, expenses (including legal fees and expenses on a full indemnitee basis) incurred by an Indemnitee in defending any claim, demand, action,
suit or proceeding will, from time to time, be advanced by the Partnership prior to the final disposition of any claim, demand, action, suit or proceeding upon receipt by the Partnership of an undertaking by or on behalf of the Indemnitee to repay
that amount if it is determined that the Indemnitee is not entitled to be indemnified as authorized in this Section 6.7. 

  

	 	(c)	The indemnification provided by this Section 6.7 will be in addition to any other rights to which an Indemnitee may be entitled under any agreement, pursuant to any vote of the
Partners, as a matter of law or otherwise, as to actions in the Indemnitee’s capacity as: 

  

	 	(i)	the General Partner or a Departing Partner; 

  

	 	(ii)	an officer, director, employee, partner, agent or trustee of the General Partner or any Departing Partner; or 

  

	 	(iii)	a Person serving at the request of the General Partner or any Departing Partner as a director, officer, employee, agent or trustee of another Person, 

  

	 	(iv)	and will continue as to an Indemnitee who has ceased to serve in that capacity. 

  

	 	(d)	The Partnership may purchase and maintain (or reimburse the General Partner or its affiliates for the cost of) insurance, on behalf of those Persons as the General Partner
determines, against any liability that may be asserted against or expense that may be incurred by that Person in connection with the Partnership’s activities, whether or not the Partnership would have the power to indemnify those Persons
against those liabilities under the provisions of this Agreement. 

  

	 	(e)	The General Partner will hold the benefit of this indemnity in trust and as agent for the Indemnitees. 

 6.8 Liability of Indemnitees 
  

	 	(a)	Notwithstanding anything to the contrary set forth in this Agreement, no Indemnitee shall be liable for monetary damages to the Partnership or the Partners or their respective
successors and assigns for losses sustained or liabilities incurred as a result of any error of judgment or any act or omission, provided the Indemnitee acted in good faith, unless such Indemnitee’s actions constituted gross negligence, wilful
misconduct or fraud. 

  

	 	(b)	The General Partner may exercise any of the powers or authority granted to it by this Agreement and perform any of the duties imposed upon it hereunder either directly or by or
through its agents (as contemplated hereby), and the General Partner shall not be responsible for any misconduct or negligence on the part of any such agent appointed by the General Partner in good faith. 

  

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 6.9 Reimbursement of General Partner 
 The Partnership will reimburse the General Partner for all direct costs and expenses, excluding any recoverable applicable taxes, incurred by the General Partner in the performance of its duties under this Agreement
on behalf of the Partnership. 
 6.10 Resolution of Conflicts of Interest 
 Whenever a potential conflict of interest exists or arises between the Initial Limited Partner or any of its affiliates (other than the Partnership and
the General Partner), on the one hand, and the Partnership or the General Partner, on the other hand, any resolution or course of action in respect of such conflict of interest shall be permitted and deemed approved by all Partners, and shall not
constitute a breach of this Agreement, or of any standard of care or duty stated or implied by law, if such resolution or course of action is made or taken in accordance with the provisions of the Securityholders’ Agreements. 
 6.11 Other Matters Concerning the General Partner 
  

	 	(a)	The General Partner may rely and will be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request,
consent, order, bond, debenture, or other paper or document believed by it to be genuine and to have been signed or presented by the proper party or parties. 

  

	 	(b)	The General Partner may consult with legal counsel, accountants, appraisers, management consultants, investment bankers and other consultants and advisors selected by it, and any
act taken or omitted in reliance upon the opinion (including an opinion of counsel, who may be an employee of the General Partner or the Partnership) of any of those Persons as to matters that the General Partner reasonably believes to be within
that Person’s professional or expert competence will be conclusively presumed to have been done or omitted in good faith and in accordance with that opinion. 

  

	 	(c)	The General Partner has the right, in respect of any of its powers, authorities or obligations under this Agreement, to act through any of its duly authorized officers.

 6.12 Indemnity of Partnership 
 The General Partner hereby indemnifies and holds harmless the Partnership and each Limited Partner from and against all costs, expenses, damages or liabilities suffered or incurred by the Partnership or any Limited Partner by reason of an
act of wilful misconduct, gross negligence or fraud by the General Partner or of any act or omission not believed by the General Partner in good faith to be within the scope of the authority conferred on the General Partner by this Agreement.

  

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 6.13 Removal of the General Partner 
  

	 	(a)	Except as provided for in this Section 6.13, the General Partner may not be removed as a general partner of the Partnership. 

  

	 	(b)	Upon the passing of any resolution of the directors or shareholders of the General Partner requiring or relating to the bankruptcy, dissolution, liquidation or winding-up or the
making of any assignment for the benefit of creditors of the General Partner, or upon the appointment of a receiver of the assets and undertaking of the General Partner where such appointment is not revoked or withdrawn within 15 days of the
appointment, or upon the General Partner failing to maintain its status under Subsections 2.9(a) and 2.9(g), the General Partner will cease to be qualified to act as a general partner under this Agreement and will be deemed to have been removed as a
general partner of the Partnership and, if such removal would result in the Partnership having no General Partner, a new General Partner (a “New General Partner”) will be appointed by the Limited Partners by a Special Resolution
within 180 days of receipt of written notice of that event (which written notice will be provided by the General Partner promptly upon the occurrence of that event) provided that the successor General Partner must have the same ownership and
governance structure as the General Partner and agrees to act as general partner of the Partnership and the General Partner will not cease to be the General Partner until the earlier of the appointment of a successor General Partner and the expiry
of the 180 day period. 

  

	 	(c)	The General Partner may also be removed if the General Partner has committed a material breach of this Agreement which breach has continued for 30 days after notice of such breach,
and as long as the removal is approved by a Special Resolution pursuant to Subsection 8.16(a) and another General Partner exists at the time of such removal or a successor general partner agrees to act as General Partner. Any removal of the General
Partner by the Limited Partners under this Subsection 6.13(c) that would result in the Partnership having no general partner must also provide for the election and admission of a New General Partner approved by a Special Resolution. Any removal
under this Subsection 6.13(c) will be effective immediately upon such removal, where another General Partner exists, or concurrently with the election and admission of the successor general partner to the Partnership, where such removal would result
in the Partnership having no general partner. 

 6.14 Voluntary Withdrawal of the General Partner 
 The General Partner may resign, with the prior written consent of all Limited Partners, which resignation will become effective upon the date agreed upon
by the General Partner and the Limited Partners; provided, however, where the resignation of the General Partner would result in the Partnership having no general partner, the resignation will not become effective until the earlier of: 

 

	 	(a)	the appointment of a New General Partner by the Limited Partners pursuant to a Special Resolution; and 

  

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	 	(b)	180 days following the consent of all Limited Partners; 

 and provided
further that Limited Partners will not consent to the resignation of the General Partner if the effect would be to dissolve the Partnership. The General Partner may withdraw its resignation at any time prior to the effective date of resignation upon
written notice to the Limited Partners. 
 6.15 Condition Precedent 
 As a condition precedent to the removal of the General Partner, the Partnership will pay all amounts payable by the Partnership to the General Partner pursuant to this Agreement and accrued to the date of removal
subject to the payment of all liabilities of the General Partner to the Partnership. 
 6.16 Transfer to New General Partner 
 On the admission of a New General Partner, if any, to the Partnership on the resignation or removal of the General Partner, the resigning General Partner,
or General Partner being removed, will do all things and take all steps to transfer the administration, management, control and operation of the business of the Partnership, the books, records and accounts of the Partnership to the New General
Partner and will execute and deliver all deeds, certificates, declarations and other documents necessary or desirable to effect that transfer in a timely fashion. 
 6.17 General Partner to be Held Harmless by Partnership 
 On the resignation or removal of the General Partner, the
Partnership will hold harmless the General Partner resigning or being removed, from any costs, expenses, damages or liabilities suffered or incurred by the General Partner as a result of or arising out of events which occur in relation to the
Partnership after that resignation or removal. 
 6.18 New General Partner 
 A New General Partner must not be a “non-resident” of Canada within the meaning of the Tax Act. The New General Partner will become a party to
this Agreement and the Securityholders’ Agreements by signing a counterpart to such agreements and will agree to be bound by all of the provisions of the agreements and to assume the obligations, duties and liabilities of the General Partner
under the agreements as from the date the New General Partner becomes a general partner. 
 6.19 Transfer of General Partner Interest 
 The General Partner may not, without the prior written approval of the Limited Partners by way of Special Resolution, transfer its general partner
interest in the Partnership. 
  

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 6.20 Fiduciary Duties and Liabilities 
 The provisions of this Agreement are intended by the parties to replace entirely any duties (including fiduciary duties) and liabilities relating thereto
that at law or in equity any Partner or any other Person might otherwise have to another Partner or other Person, and the parties hereby specifically agree that no Partner or any other Person shall have any duties (including fiduciary duties) and
liabilities relating thereto to any other Partner or other Person that derive from the Act, the common law or any other law or principle of equity and the only duties and obligations of the Partners and other Persons shall be as expressly set forth
in this Agreement. 
 ARTICLE 7 
 FINANCIAL INFORMATION 
 7.1 Books and Records 
 The General Partner shall keep, or cause to be kept on behalf of the Partnership, during the term of the Partnership and for a period of six years thereafter (or any other period required by any statute), at the
registered office of the General Partner, books of proper and complete accounts, records and registers of the operations and affairs of the Partnership, including the Record. Any books and records maintained by or on behalf of the Partnership in the
regular course of its business, including books of account and records of Partnership proceedings, may be kept on, or be in the form of, computer disks, hard disks, magnetic tape, or any other information storage device, provided, that the books and
records so maintained are convertible into clearly legible written form within a reasonable period of time. The books of the Partnership shall be maintained, for financial reporting purposes, on an accrual basis in accordance with Canadian generally
accepted accounting principles. 
 7.2 Right to Inspect Partnership Books and Records 
  

	 	(a)	In addition to other rights provided by this Agreement or by applicable law, and except as limited by Subsection 7.2(b), each Limited Partner has the right, for a purpose reasonably
related to that Limited Partner’s own interest as a limited partner in the Partnership, upon reasonable demand and at that Limited Partner’s own expense, to receive: 

  

	 	(i)	a current list of the name and last known address of each Limited Partner; 

  

	 	(ii)	copies of this Agreement, the Declaration, the Record and amendments to those documents; 

  

	 	(iii)	copies of all documents filed by the Partnership with a securities regulatory authority in Canada or a stock exchange upon which the LP Units are listed for trading;

  

	 	(iv)	copies of minutes of meetings of the Partners; and 

  

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	 	(v)	any other information regarding the affairs of the Partnership as is just and reasonable. 

  

	 	(b)	Notwithstanding Subsection 7.2(a), the General Partner may keep confidential from the Limited Partners for any period of time as the General Partner deems reasonable, any
information of the Partnership (other than information referred to in clause (ii) or clause (iv) of Subsection 7.2(a)), which, in the reasonable opinion of the General Partner, should be kept confidential in the interests of the
Partnership or that the Partnership is required by law or by agreements with third parties to keep confidential. 

 7.3 Income Tax
Information 
 The General Partner will send or cause to be sent to each Person who was a Limited Partner: 
  

	 	(a)	on the last day of a Distribution Period in any Fiscal Year, or 

  

	 	(b)	at the date of dissolution of the Partnership, 

 within 5 months of the
following year or within 5 months of dissolution, as the case may be, or within any other shorter period as may be required by applicable law, all information, in suitable form, relating to the Partnership necessary for a Person to prepare that
Person’s Canadian federal and provincial income tax returns. The General Partner will file, on behalf of itself and the Limited Partners, annual information returns and any other information returns required to be filed under the Tax Act and
any other applicable tax legislation in respect of the Partnership. 
 7.4 Accounting Policies 
 The General Partner is authorized to establish, from time to time, accounting policies with respect to the financial statements of the Partnership and to
change, from time to time, any policy that has been so established, provided that such policies are consistent with generally accepted accounting principles and this Agreement. 
 7.5 Financial Statements 
 The Partnership shall maintain separate financial statements from each of
the Partners and the Partnership shall provide to each of the Partners copies of its unaudited quarterly financial statements no later than 45 days following each of the first three fiscal quarters each year and copies of its audited annual
financial statements no later than 90 days following each fiscal year end, in each case prepared in accordance with Canadian generally accepted accounting principles. 
 7.6 Appointment of Auditor 
 The General Partner shall appoint PricewaterhouseCoopers LLP, or some
other member of the Canadian Institute of Chartered Accountants in good standing, the auditors of the Partnership. The Auditor may be replaced or a new auditor appointed by the General Partner. 
  

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 ARTICLE 8 
 MEETINGS OF THE LIMITED PARTNERS 
 8.1 Requisitions of Meetings 
 The General Partner may call a general meeting of Partners at any time and place as it deems appropriate in its absolute discretion for the purpose of
considering any matter set out in the notice of meeting. In addition, where Limited Partners holding not less than 10% of the outstanding LP Units in number (the “Requisitioning Partners”) give notice signed by each of them to the
General Partner, requesting a meeting of the Partners, the General Partner will, within 30 days of receipt of that notice, convene a meeting, and if it fails to do so, any Requisitioning Partner may convene a meeting by giving notice in accordance
with this Agreement. Every meeting of Partners, however convened, will be conducted in accordance with this Agreement. 
 8.2 Place of Meeting

 Every meeting of Partners will be in any place in Canada as the General Partner (or Requisitioning Partners, if the General Partner
fails to call the meeting in accordance with Section 8.1) may designate from time to time. 
 8.3 Notice of Meeting 
 Notice of any meeting of Partners will be given to each Limited Partner not less than 10 days (but not more than 30 days) prior to the meeting, and will
state: 
  

	 	(a)	the time, date and place of the meeting; and 

  

	 	(b)	in general terms, the nature of the business to be transacted at the meeting in sufficient detail to permit a Partner to make a reasoned decision on that business.

 Notice of an adjourned meeting of Partners need not be given if the adjourned meeting is held within 14 days of the original meeting.
Otherwise, but subject to Section 8.12, notice of adjourned meetings will be given not less than 10 days in advance of the adjourned meeting and otherwise in accordance with this section, except that the notice need not specify the nature of
the business to be transacted if unchanged from the original meeting. 
 8.4 Record Dates 
 For the purpose of determining the Limited Partners who are entitled to vote or act at any meeting of Partners or any adjournment of a meeting, or for the
purpose of any other action, the General Partner may from time to time cause the transfer books of the Partnership to be closed for a period, not exceeding 10 days, as the General Partner may determine or, without causing the transfer books to be
closed, the General Partner may fix a date not more than 30 days prior to the date of any meeting of Partners or other action as a record date for the determination of Limited Partners entitled to vote at that meeting or any adjournment of the
meeting or to be treated as Limited Partners of record for purposes of any other action, and any Limited Partner who was a Limited Partner at the time so fixed will be entitled to vote (if applicable) at the 

  

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meeting or any adjournment of the meeting even though that Limited Partner has since that date disposed of the Limited Partner’s LP Units, and no
Limited Partner becoming a Limited Partner after that fixed date will be a Limited Partner of record for purposes of that action. A Person will be a Limited Partner of record at the relevant time if the Person’s name appears in the Record, as
amended and supplemented, at that time. 
 8.5 Proxies 
 Any Limited Partner entitled to vote at a meeting of Partners may vote by proxy if a form of proxy has been received by the General Partner or the chairperson of the meeting for verification prior to the time fixed by
the General Partner preceding the meeting, or any adjournment of the meeting. 
 8.6 Validity of Proxies 
 A proxy purporting to be executed by or on behalf of a Limited Partner will be considered to be valid unless challenged at the time of or prior to its
exercise. The Person challenging the proxy will have the burden of proving to the satisfaction of the chairperson of the meeting that the proxy is invalid and any decision of the chairperson concerning the validity of a proxy will be final.

 8.7 Form of Proxy 
 Every proxy will be
substantially in the form as may be approved by the General Partner or as may be satisfactory to the chairperson of the meeting at which it is sought to be exercised. 
 8.8 Revocation of Proxy 
 A vote cast in accordance with the terms of an instrument of proxy will be
valid notwithstanding the previous death, incapacity, insolvency or bankruptcy of the Limited Partner giving the proxy or the revocation of the proxy unless written notice of that death, incapacity, insolvency, bankruptcy or revocation has been
received by the chairperson of the meeting prior to the commencement of the meeting. 
 8.9 Entities 
 A Limited Partner that is not an individual may appoint an officer, director or other Person as its representative to attend, vote and act on its behalf
at a meeting of Partners. 
 8.10 Attendance of Others 
 Any officer or director of the General Partner, legal counsel for the General Partner and the Partnership and representatives of the Auditor will be entitled to attend any meeting of Partners. The General Partner has
the right to authorize the presence of any Person at a meeting regardless of whether the Person is a Partner, and, with the approval of the General Partner, any such Person is entitled to address the meeting. 
  

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 8.11 Chairperson 
 The General Partner may nominate a Person (who need not be a Limited Partner), including an officer or director of the General Partner, to be chairperson of a meeting of Partners and the Person nominated by the
General Partner will be chairperson of that meeting unless the Partners elect another chairperson by Special Resolution. 
 8.12 Quorum 
 A quorum at any meeting of Partners will consist of one or more Partners holding LP Units present in person or by proxy. If, within half an hour after the
time fixed for the holding of the meeting, a quorum for the meeting is not present, the meeting: 
  

	 	(a)	if called by or on the requisition of Limited Partners, will be terminated; and 

  

	 	(b)	if called by the General Partner, may thereafter be held on 10 days’ prior written notice to all of the Limited Partners of the second meeting to transact the business set
forth in the original notice in respect of that meeting and at the reconvened meeting the quorum will consist of the Partners then present in person or represented by proxy. 

 8.13 Voting Procedure 
  

	 	(a)	Every question submitted to a meeting of Partners: 

  

	 	(i)	which requires a Special Resolution under this Agreement will be decided by a poll; and 

  

	 	(ii)	which does not require a Special Resolution will be decided by an Ordinary Resolution on a show of hands unless otherwise required by this Agreement or a poll is demanded by a
Partner, in which case a poll will be taken; 

 and, in the case of an equality of votes, the chairperson will not have a
casting vote and the resolution will be deemed to be defeated. The chairperson will be entitled to vote in respect of any LP Units held by the chairperson or for which the chairperson may be a proxyholder. On any vote at a meeting of Partners, a
declaration of the chairperson concerning the result of the vote will be conclusive. Any Limited Partner who is in default in payment of the subscription price for that Limited Partner’s Units will not be entitled to vote in respect of those LP
Units. 
  

	 	(b)	 On a poll each Person present at the meeting will have one vote for each LP Unit in respect of which the Person is shown on the Record as a Limited Partner at the
record date and for each LP Unit in respect of which the Person is the proxyholder. Each Partner present at the meeting and entitled to vote at the meeting will have one vote on a show of hands. If LP Units are held jointly by two or more Persons
and only one of them is present or represented by proxy at a 

  

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meeting of Unitholders, that Unitholder may, in the absence of the other or others, vote with respect to those Units, but if more than one of them is present
or represented by proxy, they will vote together on the whole LP Units held jointly. 

  

	 	(c)	The General Partner, as general partner, shall be entitled to one vote on any poll or on a show of hands at any meeting of Partners. 

  

	 	(d)	Notwithstanding any provision of this Agreement, in the event that any matter to be voted upon affects the rights, benefits or entitlements of the holders of a class of LP Units
differently and adversely than the holders of any other class of LP Units, then, the holders of LP Units shall be entitled to vote separately by class. 

 8.14 Poll 
 A poll requested or required will be taken at the meeting of Partners or an adjournment of
the meeting in any manner as the chairperson directs. 
 8.15 Powers of Limited Partners; Resolutions Binding 
 Subject to the terms of the Securityholders’ Agreements, the Limited Partners will have only the powers set out in this Agreement and any additional
powers provided by law. Subject to the foregoing sentence, any resolution passed in accordance with this Agreement will be binding on each Partner and that Partner’s respective heirs, executors, administrators, successors and assigns, whether
or not that Partner was present in person or voted against any resolution so passed. 
 8.16 Powers Exercisable by Special Resolution 
 Subject to Section 8.17 and the terms of the Securityholders’ Agreements, in addition to those powers which are only exercisable by Special
Resolution as provided elsewhere in this Agreement (including, without limitation, as provided in Section 6.3, Subsections 6.13(a) and (c) and 6.14(a), Sections 6.19 and 8.11), the following powers will only be exercisable by Special
Resolution passed by the Partners entitled to vote at the meeting (including the affirmative vote of the General Partner with respect to Subsections 8.16(d), 8.16(f) and 8.16(g)): 
  

	 	(a)	removing the General Partner where the General Partner has committed a material breach of this Agreement, which breach has continued for 30 days after notice and, if such removal
would result in the Partnership having no general partner, electing a New General Partner as provided in Subsection 6.13(c); 

  

	 	(b)	waiving any default, other than in respect of any insolvency, receivership or bankruptcy of the Partnership, on the part of the General Partner on those terms as the Limited
Partners may determine and releasing the General Partner from any claims in respect thereof; 

  

	 	(c)	amending, modifying, altering or repealing any Special Resolution previously passed by Unitholders; 

  

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	 	(d)	a merger, arrangement, consolidation or similar transaction involving the Partnership, except for a merger or consolidation involving only the Partnership and its affiliates;

  

	 	(e)	selling, leasing or exchanging all or substantially all of the assets or property of the Partnership other than in connection with an internal reorganization;

  

	 	(f)	a consolidation, subdivision or reclassification of the LP Units; 

  

	 	(g)	electing the chairperson of a meeting of Partners as provided in Section 8.11; 

  

	 	(h)	continuing the Partnership if the Partnership is terminated by operation of law; 

  

	 	(i)	requiring the General Partner on behalf of the Partnership to enforce any obligation or covenant on the part of any Limited Partner; 

  

	 	(j)	adding to, changing or removing any right, privilege, restriction or condition attaching to the LP Units which may reasonably be considered materially adverse to the holders of the
LP Units; and 

  

	 	(k)	consenting to any judgement entered in a court of competent jurisdiction against the Partnership. 

 8.17 Conditions to Action by Limited Partners 
 The right of the Limited Partners to amend this
Agreement, to dissolve the Partnership or to remove the General Partner and to admit a replacement or to exercise any of the powers set out in Section 8.16 or to approve or initiate the taking of, or take, any other action at any meeting of
Partners will not come into existence or be effective in any manner unless and until, if requested by written notice of a Limited Partner to the General Partner prior to the exercise of any right or the taking of any action, the Partnership has
received an opinion of counsel (who may be an employee of the General Partner or the Partnership) advising the Limited Partners (at the expense of the Limited Partners) as to the effect that the exercise of those rights or the taking of those
actions may have on the limited liability of any Limited Partners other than those Limited Partners who have initiated that action, each of whom expressly acknowledges that the exercise of the right or the taking of the action may subject each of
those Limited Partners to liability as the General Partner. 
 8.18 Minutes 
 The General Partner will cause minutes to be kept of all proceedings and resolutions at every meeting and will cause all minutes and all resolutions of
the Partners consented to in writing to be made and entered in books to be kept for that purpose. Any minutes of a meeting signed by the chairperson of the meeting will be deemed prima facie evidence of the matters stated in them and the meeting
will be deemed to have been duly convened and held and all resolutions and proceedings shown in them will be deemed to have been duly passed and taken. 
  

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 8.19 Additional Rules and Procedures 
 To the extent that the rules and procedures for the conduct of a meeting of the Partners are not prescribed in this Agreement, the rules and procedures will be determined by the General Partner. 
 ARTICLE 9 
 REGISTRATION RIGHTS 

 9.1 Demand Registration Rights 
  

	 	 (a)
	 At any time on or after the seventh (7th) anniversary of the Closing, CDPQ may request that the Partnership uses its commercial best efforts to make an underwritten Public Distribution of securities in Canada in which CDPQ shall sell all (subject to
underwriter cutbacks) of its equity interests in the Partnership or in the corporate entity resulting from any conversion of the Partnership into a corporation in connection with such underwritten Public Distribution (the “Demand
Registration”), by giving written notice of such Demand Registration to the Partnership. The Partnership shall, subject to applicable Securities Laws, use its commercial best efforts to file one or more Prospectuses under Securities Laws in
order to permit the Public Distribution in Canada of all of CDPQ’s equity interests in LP or in the corporate entity resulting from any conversion of the Partnership into a corporation in connection with such underwritten Public Distribution.
The parties shall cooperate in a timely manner in connection with such disposition and the procedures in Schedule “E” shall apply. 

  

	 	(b)	The Partnership shall not be obliged to effect: 

  

	 	(1)	more than one Demand Registration pursuant to a long-form Prospectus provided the Distribution related thereto has been completed or more than two Demand Registrations in any
12-month period as requested by CDPQ pursuant to 9.1; 

  

	 	(2)	a Demand Registration in the event the board of directors of the General Partner determines in its good faith judgment that (i) either (A) the effect of the filing of a
Prospectus would impede the ability of the Partnership to consummate a significant transaction; or (B) there exists at the time material non-public information relating to the Partnership the disclosure of which would be adverse to the
Partnership, and (ii) it is therefore in the best interests of the Partnership to defer the filing of a Prospectus at such time, in which case the Partnership’s obligations under this 9.1 will be deferred provided that any such deferral
cannot exceed 90 days from the date of receipt of the request of CDPQ for a Demand Registration. 

  

	 	(c)	Any request by CDPQ pursuant to 9.1 hereof shall: 

  

	 	(1)	express the intention of CDPQ to offer such securities; and 

  

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	 	(2)	contain the undertaking of CDPQ to provide all such information regarding its holdings and the proposed manner of distribution thereof as may be required in order to permit the
Partnership to comply with all Securities Laws. 

 9.2 Piggy-Back Registration Rights 
  

	 	(a)	In the event of a Public Distribution of securities of the Partnership other than at CDPQ’s request, CDPQ shall have the option but not the obligation to sell all or any
portion (subject to underwriter approval and cutbacks) of its equity interests in the Partnership as part of such Public Distribution. 

  

	 	(b)	The Partnership will, at that time, promptly give CDPQ written notice of the proposed Public Distribution. Upon the written request of CDPQ given within ten (10) Business Days
after mailing of that notice by the Partnership, the Partnership will use its commercial best efforts to, in conjunction with the proposed Public Distribution, cause to be included in such Public Distribution all or any portion of the equity
interests that CDPQ has requested to be included in such Public Distribution pursuant to the Securities Laws (the “Piggy-Back Registration”) unless the lead underwriter or underwriters for the Partnership determine that including
such securities in the Public Distribution would materially adversely affect the Partnership’s Public Distribution. If the underwriters make such a determination, the Partnership shall include in such registration (i) first, the number of
securities the Partnership proposes to sell, (ii) second, the number of securities requested to be included in such registration by CDPQ. The parties shall cooperate in a timely manner in connection with such disposition and the procedures in
Schedule “E” shall apply. 

  

	 	(c)	If at any time after giving written notice of its intention to file a Prospectus in respect of any securities and prior to the issuance of a receipt for the final Prospectus, the
Partnership determines for any reason not to continue or to delay, at its election, completion of Public Distribution of such securities, the Partnership may give written notice of such determination to CDPQ, and: 

  

	 	(A)	in the case of a determination not to complete a Public Distribution, will be relieved of its obligation to complete such abandoned Public Distribution, without prejudice, however,
to the rights of CDPQ under 9.1 or 9.4; and 

  

	 	(B)	in the case of a determination to delay a Public Distribution, will be permitted to delay the completion of the Public Distribution of securities for the same period as the delay in
Public Distribution of its LP Units. 

 9.3 Conditions of the Demand Registration Rights and Piggy-Back Registration Rights 

The foregoing Demand Registration rights and Piggy-Back Registration rights (collectively the “Registration Rights”) shall be subject
to the following conditions: 
  

	 	(a)	The Initial Limited Partner shall have the right to select the underwriters provided that such selection shall also be reasonably satisfactory to CDPQ. The Partnership shall have
the right to select the lead counsel for the Public Distribution. 

  

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	 	(b)	The Initial Limited Partner shall have a right of first refusal on any security to be sold by CDPQ under the terms and conditions provided in Section 2.2(4) of the
Unitholders’ Agreement. 

 9.4 Expenses 
 Underwriters’ fees and out-of-pocket expenses (excluding fees and expenses of legal counsel or other advisors engaged by the underwriters) will be assumed by CDPQ and the other holders of securities participating
in such Public Distribution, as the case may be, in proportion to their respective pro rata share of the securities sold pursuant to the Public Distribution. CDPQ may retain its own legal counsel in connection with a Public Distribution, in
which case the Partnership will assume the cost up to a maximum of $25,000, and CDPQ will be responsible for any amount above this maximum. All other fees, costs and expenses incidental to the Public Distribution will be assumed by the Partnership.

 9.5 Market Stand-off Agreement 
 In the
event that either the Initial Limited Partner or CDPQ does not offer any of its securities pursuant to any such Public Distribution, such non-participating securityholder will agree not to publicly offer its securities during the 7-day period prior
to the closing of the Public Distribution, and during the following periods following the closing of the Public Distribution: (i) 6 months in the case of an initial Public Distribution, and (ii) 90 days in the case of any other Public
Distribution. 
 ARTICLE 10 
 AMENDMENT 
 This Agreement may be amended only in writing and only with the consent of all holders of LP Units. 

ARTICLE 11 
 DISSOLUTION AND
LIQUIDATION 
 11.1 Dissolution of Partnership 
 Unless otherwise agreed by the parties hereto, the Partnership shall terminate on the date (the “Termination Date”) of the occurrence of any of the following events or dates: 
  

	 	(a)	the removal or deemed removal of a sole General Partner unless such General Partner is replaced as provided in this Agreement; 

  

	 	(b)	the written consent of all holders of LP Units; and 

  

	 	(c)	the date of dissolution caused by operation of law. 

  

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 11.2 No Dissolution 
 The Partnership shall not dissolve or terminate by reason of the admission, withdrawal, death, mental incompetence, removal, insolvency or dissolution of a Partner or the transfer of LP Units by any Partner.

 11.3 Procedure on Dissolution 
 Upon
the occurrence of any of the events set out in Section 11.1, the General Partner (or in the event of an occurrence specified in Subsection 11.1 (a), any other Person who may be appointed in writing by all of the holders of LP Units other than
the General Partner being or deemed to be removed) will act as a receiver and liquidator of the assets of the Partnership and will, subject to the Act: 
  

	 	(a)	sell or otherwise dispose of that part of the Partnership’s assets as the receiver considers appropriate; 

  

	 	(b)	pay or provide for the payment of the debts and liabilities of the Partnership and liquidation expenses; 

  

	 	(c)	if there are any assets of the Partnership, other than the Norman Adjacent Property, remaining, distribute to the Limited Partners of record of each class of LP Units on the date of
dissolution in proportion to the total Capital Contributions paid in respect of LP Units of each class, and within each class proportionate to the number of LP Units of the relevant class held by them, an amount equal to the amount in cash or kind
of all Capital Contributions paid in respect of LP Units of the relevant class less any amounts of Capital Contribution previously distributed to Limited Partners of the relevant class under this Agreement; 

  

	 	(d)	distribute any remaining Norman Adjacent Property to the holders of Preferred LP Units and all of the other remaining assets of the Partnership, if any, to the General Partner and
to Limited Partners of record on the date of dissolution, in the same proportions as the allocations required by Section 5.5; and 

  

	 	(e)	file the declaration of dissolution prescribed by the Act and the BNRA and satisfy all applicable formalities in those circumstances as may be prescribed by the laws of all
jurisdictions where the Partnership is registered. 

 11.4 Disproportionate Distributions 
 In connection with any distribution under Subsections 11.3(c) or 11.3(d), upon agreement of all Limited Partners, cash and non-cash assets may be
distributed on a basis which is not proportional on a class of asset basis, but which is proportional having regard to the fair value of the total assets distributed to each Partner, as determined by the General Partner. 
  

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 11.5 Termination 
 The Partnership will terminate upon the completion of all matters set out in Section 11.3. 
 11.6 No Right to
Dissolve 
 Except as provided for in Section 11.1 or under the Act, no Limited Partner has the right to ask for the dissolution of
the Partnership, for the winding-up of its affairs or for the distribution of its assets. 
 11.7 Survival 
 All rights to indemnification permitted in this Agreement and payment or reimbursement of expenses shall survive the termination of this Agreement.

 ARTICLE 12 
 MISCELLANEOUS 
 12.1 Notices 
 Any communication required or permitted to be given hereunder shall be in writing and shall be given properly if delivered personally or by facsimile transmission, addressed as follows: 
  

					
	(a)	  	if to the Initial Limited Partner:
		
		  	Abitibi-Consolidated Company of Canada
		  	1155 Metcalfe Street
		  	Suite 800
		  	Montreal, QC
		  	H3B 5H2
			
		  	Attention:	  	Legal Department
		  	Fax:	  	(514)394-3644
		
	(b)	  	if to the General Partner or the Partnership:
		
		  	Abitibi-Consolidated Hydro Inc.
		  	1155 Metcalfe Street
		  	Suite 800
		  	Montreal, QC
		  	H3B 5H2
			
		  	Attention:	  	General Manager
		  	Fax:	  	(514)394-2230

 or, in each case, at such other address or facsimile number as a party hereto may specify from time to time by
notice given in accordance with this Section 12.1. Any notice or other 

  

 - 58 - 

 
communication hereunder shall be deemed to have been delivered on the date received, if received at or prior to 5:00 p.m. (Eastern time), and on the next
succeeding Business Day, if received after 5:00 p.m. (Eastern time). 
 12.2 Further Acts 
 The parties hereto shall perform, and cause to be performed, such further and other acts and things and execute and deliver, or cause to be executed and
delivered, such further and other documents as counsel to the Partnership considers necessary or desirable to carry out the terms and intent of this Agreement. 
 12.3 Counterparts 
 This Agreement and any amendment, supplement or restatement may be executed in several counterparts,
including counterparts by facsimile, each of which when so executed shall be deemed to be an original and such counterparts together shall constitute one and the same. 
 12.4 Binding Agreement 
 Except as otherwise provided the provisions of this Agreement shall enure to
the benefit of, and be binding upon, the parties and their respective successors and assigns. 
 12.5 Taxes on Indemnities and Similar Payments

 If the General Partner, acting reasonably, determines that any indemnity payment made under this Agreement and in particular any
payment referred to in Sections 2.16, 6.7 and 6.12 or referred to in Section 2 of Schedule “E”, is subject to GST or ORST, or is deemed by Section 182 (or any other provision) of the Excise Tax Act (Canada), or any
provision of any provincial legislation, to be inclusive of GST, ORST or any other similar sales or value-added federal or provincial tax, the indemnifying party agrees to pay to the indemnified party, in addition to the amount due by virtue of a
Section of this Agreement, an additional amount equal to all GST, ORST or other similar sales or value-added tax payable or remittable in connection with such payment. 
 12.6 Davies Ward Phillips & Vineberg LLP Acting for More Than One Party 
 Each of the parties
to this Agreement has been advised and acknowledges that Davies Ward Phillips & Vineberg LLP is acting as counsel to and jointly representing ACI, the Initial Limited Partner, the General Partner and the Partnership (each a
“Client” and, collectively, “Clients”) and, in this role, information disclosed to Davies Ward Phillips & Vineberg LLP by one Client will not be kept confidential and will be disclosed to all Clients and
each of the parties consents to Davies Ward Phillips & Vineberg LLP so acting. In addition, should a conflict arise between any Clients, Davies Ward Phillips & Vineberg LLP may not be able to continue to act for any of such
Clients. 
  

 - 59 - 

 12.7 Language 
 The parties have expressly requested that this Agreement and all related documents be drafted in English only. Les parties aux présentes ont demandé que la présente convention et tous les documents qui y sont
afférents soient rédigés en anglais. 
 [Balance of page intentionally left blank] 
  

 - 60 - 

 IN WITNESS WHEREOF the parties hereto have executed this Agreement. 
  

			
	ABITIBI-CONSOLIDATED HYDRO INC.
		
	By:	 	 

	Name:	 	Pierre Rougeau
	Title:	 	President and Secretary
		
	By:	 	 

	Name:	 	Bruno Tremblay
	Title:	 	Director
	
	ABITIBI-CONSOLIDATED COMPANY OF CANADA
		
	By:	 	 

	Name:	 	Pierre Rougeau
	Title:	 	Senior Vice-President, Corporate Development and Chief Financial Officer
		
	By:	 	 

	Name:	 	Bruno Tremblay
	Title:	 	Senior Vice-President, Business Support

 [Signature Pages – Amended and Restated Limited Partnership Agreement] 

 INTERVENTION OF ACI 
 AND HERETO intervened Abitibi-Consolidated Inc. which acknowledges having taken communication of the foregoing Amended and Restated Limited Partnership Agreement and agrees to be bound by the provisions of
Sections 2.12 and 2.22 thereof. 
 Signed on March 30, 2007 
  

			
	ABITIBI-CONSOLIDATED INC.
		
	By:	 	 

	Name:	 	Pierre Rougeau
	Title:	 	Senior Vice-President, Corporate Development and Chief Financial Officer
		
	By:	 	 

	Name:	 	Bruno Tremblay
	Title:	 	Senior Vice-President, Business Support

 [Signature Pages – Amended and Restated Limited Partnership Agreement] 

 SCHEDULE “A”  
 KENORA SALE ALTERNATIVE 
  

	1.	ACI is the registered owner and the Initial Limited Partner is the beneficial owner of certain lands in the City of Kenora, Ontario, on the east branch of the Winnipeg River, a
portion of which is designated as Block A on Plan M-158 and is required for the Kenora Facility (such portion, together with the adjoining bed of the Winnipeg River owned by the Initial Limited Partner which is also required for the Kenora Facility,
the “Kenora Facility Property”) and another portion of which is not required for the Kenora Facility (the “Kenora Adjacent Property”). 

  

	2.	ACI is the registered owner and the Initial Limited Partner is the beneficial owner of certain lands in the City of Kenora, Ontario, on the west branch of the Winnipeg River, a
portion of which is required for the Norman Facility (the “Norman Facility Property”) and a portion of which (which includes a portion of the land designated as Tunnel Island and certain land to the south) is not required for the
Norman Facility (the “Norman Adjacent Property”). 

  

	3.	The Initial Limited Partner has determined that it can only sell the Kenora Facility Property to the Partnership, without also concurrently selling the Kenora Adjacent Property to
the Partnership, and that it can only sell the Norman Facility Property to the Partnership, without also concurrently selling the Norman Adjacent Property to the Partnership, if either of the following occurs: 

  

	 	(a)	the Initial Limited Partner obtains a consent under the Planning Act (Ontario) from the City of Kenora or the Ontario Municipal Board (the “OMB”) or any
court having jurisdiction for the severance of the Kenora Facility Property and the severance of the Norman Facility Property, such consent not being subject to appeal and being on such terms and conditions as are reasonably acceptable to the
Initial Limited Partner; or 

  

	 	(b)	the transactions contemplated in the Memorandum of Understanding and Agreement (the “MOU”) dated November 8, 2006 among The Corporation of the City of Kenora,
Grand Council Treaty #3 and ACI shall have closed to the satisfaction of the Initial Limited Partner, such that ACI and the Initial Limited Partner are able to transfer the Kenora Facility Property and the Norman Facility Property without requiring
approval from the City of Kenora or any other governmental or regulatory authority; 

 (collectively, the “Kenora
Transfer Conditions”). 
  

	4.	At such time as all other conditions of closing set forth in the letter of intent dated January 26, 2007 entered into among Caisse de dépôt et placement du
Québec, the Initial Limited Partner and ACI (the “LOI”) have been satisfied or waived: 

  

	 	(a)	if the Initial Limited Partner determines that either one of the Kenora Transfer Conditions has been satisfied or will be satisfied on or prior to Closing, then at Closing:

  

	 	(i)	the Initial Limited Partner will sell the Kenora Facility Property and the Norman Facility Property to the Partnership pursuant to the Acquisition Agreement; and

	 	(ii)	the Initial Limited Partner will retain the Kenora Adjacent Property and the Norman Adjacent Property if the condition in paragraph 3(a) above is satisfied, or convey the Kenora
Adjacent Property and the Norman Adjacent Property to the City of Kenora if the condition in paragraph 3(b) is satisfied; 

  

	 	(b)	if the Initial Limited Partner determines that neither of the Kenora Transfer Conditions has been satisfied or will be satisfied on or prior to Closing, then at Closing the parties
will enter into the following transactions (the “Kenora Sale Alternative”): 

  

	 	(i)	the Initial Limited Partner will sell the Kenora Facility Property and Norman Facility Property to the Partnership pursuant to the Acquisition Agreement; 

 

	 	(ii)	the Initial Limited Partner will retain the Kenora Adjacent Property and will procure that ACI will grant to the Partnership an access easement for the road between the Kenora
Facility Property and the public road known as Veterans’ Drive for a period of 21 years less one day; and 

  

	 	(iii)	the Initial Limited Partner will concurrently sell the Norman Adjacent Property to the Partnership pursuant to the Adjacent Property Purchase Agreement (as such term is defined in
the LOI). Under the terms of this Agreement, the Preferred LP Units to be issued by the Partnership to the Initial Limited Partner in consideration for the sale of the Norman Adjacent Property will be redeemed by the Partnership, in whole or in
part, at such time as the Partnership disposes of any asset comprising the Norman Adjacent Property, in exchange for the net proceeds of any such disposition. 

  

 A-2 

 SCHEDULE “B” 
 POWER OF ATTORNEY AND DECLARATION FORM  
 ACH LIMITED PARTNERSHIP

  

	 1.
	 The undersigned, a limited partner of ACH Limited Partnership (the “Partnership”), hereby agrees to be
bound, as a party to and as a limited partner in the Partnership, by the terms of the Amended and Restated Limited Partnership Agreement dated the 30th day of March, 2007 relating to the Partnership (the “Agreement”), as from time to time amended, as if the undersigned had executed the Agreement and hereby ratifies, for all legal purposes, execution of the Agreement on
behalf of the undersigned and all actions taken on behalf of the undersigned pursuant to the Agreement. 

  

	2.	The undersigned declares that the undersigned is not a “non-resident” of Canada nor a partnership that is not a “Canadian partnership”, both within the meaning
of the Income Tax Act (Canada), and is not an investor who is a person or partnership an interest in which is a “tax shelter investment”, or whose interest in the Partnership, if acquired by that investor, would be a “tax
shelter investment” in each case within the meaning of the Income Tax Act (Canada) or amendments to that act, and the undersigned has the capacity and competence and, if a corporation, it has the necessary corporate authority, to execute
this Power of Attorney and Declaration and to enter into the Agreement. 

  

	3.	The undersigned agrees to be bound as a Limited Partner in the Partnership by the terms of the Agreement as from time to time amended and in effect and hereby expressly ratifies and
confirms the power of attorney given to the General Partner in Section 2.14 of the Agreement. The undersigned further agrees to be bound by the terms of the Securityholders’ Agreements as from time to time amended and in effect.

  

	4.	The undersigned hereby constitutes and appoints the General Partner as its true and lawful attorney and agent as set out in Section 2.14 of the Agreement.

  

	5.	Unless otherwise indicated, capitalized terms used in this form have the meanings given to them in the Agreement. 

  

	6.	This form shall be governed by and construed in accordance with the laws of the Province of Québec and the federal laws of Canada applicable therein. 

 

	7.	The undersigned accepts that this Power of Attorney and Declaration, the Agreement and related documents be in the English language only. Le soussigné accepte que cette
procuration et déclaration, ainsi que tous documents connexes, ne soient rédigés qu’en anglais. 

 DATED at
                    ,     , in the Province of
                                        
    , this         day of                     , in the year
             
  

									
					
	  
 SIGNED,
 SEALED AND
 DELIVERED in the presence of

	 		 	 

  
	 		 	
	 		 	 		 	
	 		 	 		 	
	 	 		 	 	 	 	 
	Witness	 		 		 	 •        
	 	
		 		 		 	OR	 	
					
		 		 		 	 •        
	 	
		 		 		 		 	
					
		 		 		 	Per:	 	  

		 		 		 	Name:	 	
		 		 		 	Title:	 	

  

 B-2 

 SCHEDULE “C” 
 TRANSFER AND POWER OF ATTORNEY FORM  
 ACH LIMITED PARTNERSHIP 

I,
                                        
                    , a Limited Partner of ACH Limited Partnership (the “Partnership”), hereby transfer, assign and sell to:
                                        
                     (Name of Transferee) (Address)
                                        
LP Unit(s) registered in my name and constitute the above-named transferee as a substitute Limited Partner to the extent of that number of LP Units and I agree to execute and deliver to the General Partner any documents required to effect a valid
transfer of the Units or which are necessary or advisable, in the opinion of the General Partner, to preserve the status of the Partnership as a limited partnership. I agree that the power of attorney previously granted to the General Partner will
be effective for the purpose of executing and filing all certificates, amendments and other instruments necessary to give effect to this transfer. 
 DATED
at                     , in the Province of
                        , this      day of
                        , in the year         . 
  

					
	  
	 		 	  

	            (Guarantor)	 		 	            (Signature of Limited Partner)
			
		 		 	  

		 		 	            (Surname) (Given Name) (Please Print)
			
		 		 	  

		 		 	            (Address - No Post Office Box)
			
		 		 	  

		 		 	            (City, Province, Postal Code)

 TERMS AND CONDITIONS 
  

	1.	If requested by the General Partner, the signature of the Limited Partner must be guaranteed by a Canadian chartered bank, a trust company qualified to carry on business in a
Province of Canada, a member of The Investment Dealers Association of Canada or a member of any recognized Canadian stock exchange. 

	2.	This transfer must be for a whole LP Unit or for whole LP Units. Transfers of fractional LP Units will not be recognized or entered in the register of the Partnership.

  

	 3.
	 The undersigned (who is the above-named transferee) hereby accepts this transfer and hereby agrees to be bound, as a
party to and as a limited partner in the Partnership, by the terms of the Amended and Restated Limited Partnership Agreement dated the 30th day of
March, 2007 relating to the Partnership (the “Agreement”), as from time to time amended, as if the undersigned had executed the Agreement and hereby ratifies, for all legal purposes, execution of the Agreement on behalf of the
undersigned and all actions taken on behalf of the undersigned pursuant to the Agreement. 

  

	4.	The undersigned declares that the undersigned is not a “non-resident” of Canada nor a partnership that is not a “Canadian partnership”, both within the meaning
of the Income Tax Act (Canada), and is not an investor who is a person or partnership an interest in which is a “tax shelter investment”, or whose interest in the Partnership, if acquired by that investor, would be a “tax
shelter investment” in each case within the meaning of the Income Tax Act (Canada) or amendments to that act, and the undersigned has the capacity and competence and, if a corporation, it has the necessary corporate authority, to execute
this Transfer and Power of Attorney and to enter into the Agreement. 

  

	5.	In consideration of the General Partner accepting this transfer and conditional on that acceptance, the undersigned agrees to be bound as a Limited Partner in the Partnership by the
terms of the Agreement as from time to time amended and in effect and hereby expressly ratifies and confirms the power of attorney given to the General Partner in Section 2.14 of the Agreement. 

  

	6.	The undersigned hereby constitutes and appoints the General Partner as its true and lawful attorney and agent as set out in Section 2.14 of the Agreement.

  

	7.	Unless otherwise indicated, capitalized terms used in this form have the meanings given to them in the Agreement. 

  

	8.	This form shall be governed by and construed in accordance with the laws of the Province of Québec and the federal laws of Canada applicable therein. 

 

	9.	The undersigned accepts that this Transfer and Power of Attorney Form, the Agreement and related documents be in the English language only. Le soussigné accepte que le
présent document ainsi que tous documents connexes, ne soient rédigés qu’en anglais. 

  

 C-2 

 DATED at
                    , in the Province of
                        , this      day of
                        , in the year         . 
  

					
	  
	 		 	  

	            (Signature of Guarantor)	 		 	            (Signature of Transferee)
			
		 		 	  

		 		 	            (Surname) (Given Name) (Please Print)
			
		 		 	  

		 		 	            (Address - No Post Office Box)
			
		 		 	  

		 		 	            (City, Province, Postal Code)

 Direction 
 (To
be used where the Limited Partner wishes LP Units the Limited Partner is entitled to receive to be registered in the name of the Limited Partner’s dealer or broker firm or the firm’s nominees. Please consult with your dealer or broker to
confirm the appropriate name and address to be inserted below.) 
  

	
	To:
	
	  

	(Insert name of dealer or broker firm or the firm’s nominees)
	
	  

	(Insert name of dealer or broker firm or the firm’s nominees)
	
	  

	Re: ACH LIMITED PARTNERSHIP (the “Partnership”)

 Enclosed is a Transfer and Power of Attorney Form in respect of limited partnership units (the “LP
Units”) which I have acquired. The Transfer and Power of Attorney Form has been signed by me, with signature guaranteed, but with the name and address of the transferee left blank. I 

  

 C-3 

 
have directed the Partnership to deliver to you the LP Units to be issued to me so that you may seek the reregistration of those LP Units in your name or in
the name of your nominee (including CDS Clearing and Depository Services Inc.). 
 You are hereby directed to insert your name and address or the name and
address of your nominee on the Transfer and Power of Attorney Form in the Section to be completed by the transferor, to complete the Section to be completed by the transferee and to deliver the properly completed Transfer and Power of Attorney Form
to the General Partner, to re-register my LP Units in your name (or that of your nominee) so that you (or your nominee) will hold the LP Units on my behalf on the basis that I remain the beneficial owner of the LP Units. 
 DATED at                     , in the Province of
                        , this      day of
                        , in the year         . 
  

					
	  
	 		 	  

	            (Signature of Guarantor)	 		 	            (Signature of Depositing Limited Partner)
			
		 		 	  

		 		 	            (Given Name)
			
		 		 	  

		 		 	            (Social Insurance Number)
			
		 		 	  

		 		 	            (Mail Address - No Post Office Box)
			
		 		 	  

		 		 	            (City, Province, Postal Code)

  

 C-4 

 SCHEDULE “D” 
 ADDITIONAL ASSETS 
  

											
	 Facility
	  	Installed
Capacity
(MW)	  	Province/State	  	Energy Type	  	ACI Share of
Installed
Capacity
(MW)	  	Ownership
(%)
	ACI Owned Hydroelectric Generating Facilities - Hydro Saguenay	  		  		  	
	 Jim Gray
	  	60.0	  	Québec	  	Hydroelectric	  	60.0	  	100
	 Adam Cunningham
	  	6.4	  	Québec	  	Hydroelectric	  	6.4	  	100
	 Chute-aux-Galets
	  	13.6	  	Québec	  	Hydroelectric	  	13.6	  	100
	 Murdock Wilson
	  	52.0	  	Québec	  	Hydroelectric	  	52.0	  	100
	 Bésy
	  	18.0	  	Québec	  	Hydroelectric	  	18.0	  	100
	 Jonquière
	  	4.5	  	Québec	  	Hydroelectric	  	4.5	  	100
	 Chicoutimi
	  	8.0	  	Québec	  	Hydroelectric	  	8.0	  	100
						
	 ACI Owned Hydroelectric Generating Facilities - Newfoundland
	  		  		  		  		  	
	 Grand Falls
	  	61.0	  	Newfoundland	  	Hydroelectric	  	61.0	  	100
						
	 ACI Hydroelectric Generation Partnership Facilities
	  		  		  		  		  	
	 Manicouagan Power Company(1)
	  	326.0	  	Québec	  	Hydroelectric	  	195.6	  	60
	 Exploits River
	  	37.0	  	Newfoundland	  	Hydroelectric	  	18.1	  	49
	 Star Lake
	  	15.0	  	Newfoundland	  	Hydroelectric	  	7.7	  	51
		  	 	  		  		  	 	  	
	Total	  	601.5	  		  		  	444.9	  	

  
 Note: 
  

	 (1)
	 ACI owns a 60% interest in this facility and, pursuant to contractual arrangements with the co-owner of this facility,
has approximately 25% of the rights to the installed capacity of the Facility until January 1, 2011, at which point its rights to the installed capacity will equal its 60% ownership interest. 

 SCHEDULE “E” 
 REGISTRATION PROCEDURES 
 ARTICLE 1 
 REGISTRATION 
 1.1 Registration Procedures 
  

	 	(a)	In connection with the Partnership’s registration obligations pursuant to Article 9 of this Agreement, the Partnership will use its commercial best efforts to effect the
qualification for the offer and sale or other disposition or Public Distribution of securities of the Partnership owned by CDPQ, and pursuant thereto the Partnership will as expeditiously as possible: 

  

	 	(i)	prepare and, in any event, within 150 days, in the case of a long-form prospectus, or within 30 days, in the case of a short-form prospectus, after a request has been made to the
Partnership, file with the Canadian securities authorities (collectively, the “Securities Regulators”) a preliminary Prospectus and Prospectus relating to the applicable Demand Registration or Piggy-Back Registration including all
documents and financial statements required by the Securities Regulators to be filed therewith, and use its commercial best efforts to cause such Prospectus to be receipted; provided that at least thirty Business Days, in the case of a
long-form prospectus, or ten Business Days, in the case of a short-form prospectus, before filing a preliminary Prospectus and Prospectus, or any amendments or supplements thereto, the Partnership will furnish CDPQ and their counsel copies of all
documents proposed to be filed, which documents and the filing thereof will be subject to the reasonable approval of CDPQ and such counsel; 

  

	 	(ii)	furnish to CDPQ and the lead underwriters, if any, copies of such preliminary Prospectus and Prospectus and any amendments or supplements in the form filed with the Securities
Regulators, simultaneously with the filing of such preliminary Prospectus and Prospectus, amendments or supplements; 

  

	 	(iii)	comply with the provisions of the Securities Laws with respect to the sale or other Public Distribution of all such securities during the applicable period in accordance with the
intended methods of disposition by CDPQ set forth in such preliminary Prospectus and Prospectus; 

  

	 	(iv)	prepare and file with the Securities Regulators such amendments to the preliminary Prospectus and Prospectus as may be necessary to complete the Public Distribution of all such
securities and as required under any applicable provisions of Securities Laws; 

	 	(v)	notify CDPQ and the lead underwriters, if any, and (if requested) confirm such advice in writing, as soon as practicable after notice thereof is received by the Partnership
(i) when the preliminary Prospectus and Prospectus or any amendment thereto has been filed or been receipted, and, furnish CDPQ and lead underwriters with copies of any relevant document, (ii) of any request by the Securities Regulators
for amendments to the preliminary Prospectus, the Prospectus or for additional information, (iii) of the issuance by the Securities Regulators of any stop order or cease trade order relating to the Prospectus or any order preventing or
suspending the use of any preliminary Prospectus or Prospectus or the initiation or threatening for any proceedings for such purposes, and (iv) of the receipt by the Partnership of any notification with respect to the suspension of the
qualification of the securities for Public Distribution or sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; 

  

	 	(vi)	promptly notify CDPQ and the lead underwriters, if any, at any time during the distribution period set forth in clause (iii) of Section 1.1(a) of this Schedule, when
the Partnership becomes aware of the happening of any event as a result of which the preliminary Prospectus or the Prospectus contains any untrue statement of a material fact or omits to state a material fact necessary to make the statement therein
(in the case of the preliminary Prospectus or Prospectus in light of the circumstances under which they were made) when such preliminary Prospectus or the Prospectus was delivered not misleading or, if for any other reason it will be necessary
during such time period to amend or supplement the preliminary Prospectus or the Prospectus in order to comply with Securities Laws and, in either case as promptly as practicable thereafter, prepare and file with the Securities Regulators, and
furnish without charge to CDPQ and the lead underwriters, if any, a supplement or amendment to such preliminary Prospectus or Prospectus which will correct such statement or omission or effect such compliance; 

  

	 	(vii)	use its commercial best efforts to obtain the withdrawal of any stop order, cease trade order or other order suspending the use of any preliminary Prospectus or Prospectus or
suspending any qualification of the securities covered by the Prospectus; 

  

	 	(viii)	otherwise use its commercial best efforts to comply with all applicable rules and regulations of the Securities Regulators; 

  

	 	(ix)	furnish to CDPQ and each lead underwriter, without charge, one executed copy and as many conformed copies as they may reasonably request, of the Prospectus and any amendment or
supplement thereto, including financial statements and schedules, all documents incorporated therein by reference, and provide CDPQ and their counsel with a reasonable opportunity to review, and provide comments to the Partnership thereon;

  

 E-2 

	 	(x)	deliver to CDPQ and the underwriters, if any, without charge, as many copies of the preliminary Prospectus and the Prospectus and any amendment or supplement thereto as such Persons
may reasonably request (it being understood that the Partnership consents to the use of the preliminary Prospectus and the Prospectus or any amendment thereto by CDPQ and the underwriters, if any, in connection with the Public Distribution of the
securities covered by the preliminary Prospectus and the Prospectus or any amendment or supplement thereto) and such other documents as CDPQ may reasonably request in order to facilitate the Public Distribution of the securities by such Person;

  

	 	(xi)	on or prior to the date on which a receipt is issued for the Prospectus by the applicable Securities Regulators, use its commercial best efforts to qualify, and cooperate with CDPQ,
the lead underwriter or agent, if any, and their respective counsel in connection with the qualification of such securities for offer and sale under the Securities Laws of each province and other jurisdiction of Canada as any such Person,
underwriter or agent reasonably requests in writing provided that the Partnership will not be required to qualify generally to do business in any jurisdiction where it is not then so qualified or to take any action which would subject it to general
service of process in any such jurisdiction where it is not then so subject; 

  

	 	(xii)	enter into such customary agreements (including an underwriting agreement in customary form) and take such other actions as CDPQ or the underwriters, if any, reasonably request in
order to expedite or facilitate the Public Distribution of such securities; 

  

	 	(xiii)	as promptly as practicable after filing with the Securities Regulators any document which is incorporated by reference into the Prospectus, provide copies of such document to
counsel for CDPQ and to the lead underwriters, if any; 

  

	 	(xiv)	use its commercial best efforts to obtain a customary legal opinion addressed to the underwriters participating in the Public Distribution; 

  

	 	(xv)	use its commercial best efforts to obtain a “comfort” letter from the auditors of the Partnership in customary form and covering matters of the type customarily covered as
the underwriters participating in the Public Distribution shall reasonably request; and 

  

	 	(xvi)	 make available for inspection by representatives of CDPQ, by any underwriter participating in any Public Distribution to be effected pursuant to such Prospectus and
by any attorney, accountant or other agent retained by CDPQ or any such underwriter, all pertinent financial and other records, pertinent corporate documents and properties of the Partnership and its subsidiaries, and cause the Partnership’s
and its subsidiaries’ 

  

 E-3 

	 	 
officers, directors and employees, if any, to supply all information reasonably requested by CDPQ, to any such underwriter, attorney, accountant or agent in
connection with such Prospectus. 

  

	 	(b)	the Partnership may require CDPQ to furnish to the Partnership such information regarding the Public Distribution of such securities and such other information relating to CDPQ and
its ownership of securities as the Partnership may from time to time reasonably request in writing. CDPQ agrees to furnish such information to the Partnership and to cooperate with the Partnership as necessary to enable the Partnership to comply
with the provisions of this Agreement. CDPQ shall execute an underwriting agreement on normal market terms. CDPQ shall notify the Partnership immediately of the occurrence of any event known to CDPQ as a result of which any of the aforesaid
Prospectuses includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances under which they are made.

 ARTICLE 2 
 INDEMNIFICATION 
 2.1 Indemnification by the Partnership and the General Partner 
 In the event of any qualification of securities by the Partnership under the Securities Laws pursuant to this Agreement, the Partnership and the General
Partner will, and hereby agree to, indemnify and hold harmless, CDPQ as seller of any securities covered by such Prospectus and each Person who participates as an underwriter in any Public Distribution of the securities, their directors and officers
and each other Person, if any, who controls CDPQ or an underwriter within the meaning of the Securities Laws (collectively, the “Indemnified Parties”), against any and all losses, claims, damages or liabilities, joint or several,
and expenses to which the Indemnified Parties may become subject under the Securities Laws or otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings in respect thereof) arise out of or are based upon
(a) any untrue statement or alleged untrue statement of any material fact contained in any preliminary Prospectus or Prospectus, or any amendment or supplement thereto under which securities were qualified under the Securities Laws, or
(b) any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and the Partnership and the General Partner will reimburse such Indemnified Party
for any legal or any other expenses reasonably incurred by it in connection with investigating or defending any such loss, claim, liability, action or proceeding; provided that the Partnership and the General Partner shall not be liable to
any Indemnified Party in any such case to the extent that any such loss, claim, damage, liability, (or action or proceeding in respect thereof) or expense arises out of or is based upon any untrue statement or any alleged untrue statement or
omission or alleged omission made in any such preliminary Prospectus or Prospectus or amendment or supplement thereto in reliance upon and in conformity with written information, furnished to the Partnership, by or on behalf of such Indemnified
Parties for use in the preparation thereof, or prepared by or on behalf of such Indemnified Parties; and 

  

 E-4 

 
provided, further, that the Partnership and the General Partner will not be liable to any Indemnified Party (including any person controlling
such Indemnified Party), who is obligated to deliver a Prospectus pursuant to the Securities Laws, with respect to any preliminary Prospectus or Prospectus or the preliminary Prospectus or Prospectus as amended or supplemented, as the case may be,
to the extent that any such loss, claim, damage or liability of such Indemnified Party arises out of or is based upon an untrue statement or an alleged untrue statement or omission or alleged omission contained in any preliminary Prospectus and such
securities were sold to a person to whom there was not sent or given, at or prior to the written confirmation of such sale, a copy of the Prospectus as then amended or supplemented (excluding any documents incorporated by reference therein),
whichever is most recent, if the Partnership has previously furnished a copy thereof to such Indemnified Party and such Prospectus corrects such untrue statement or omission or alleged untrue statement or omission. Such indemnity shall remain in
full force and effect regardless of any investigation made by or on behalf of any Indemnified Party and shall survive the transfer of securities by CDPQ. 
 2.2 Indemnification by CDPO 
 In the event of any qualification of any securities of the Partnership under the
Securities Laws pursuant to this Agreement, CDPQ as seller of securities shall indemnify and hold harmless (in the same manner and to the same extent as set forth in Section 2.1) the Partnership and the General Partner and their respective
partners, directors and officers and other Persons, if any, who control the Partnership and the General Partner, within the meaning of the Securities Laws, with respect to any statement or alleged statement in or omission or alleged omission from
such preliminary Prospectus or Prospectus contained therein, or any amendment or supplement, if such statement or alleged statement or omission or alleged omission was made in reliance upon and in conformity with written information furnished to the
Partnership by or on behalf of CDPQ for use in the preparation of such preliminary Prospectus or Prospectus or amendment or supplement, or a document incorporated by reference into any of the foregoing. Such indemnity shall remain in full force and
effect regardless of any investigation made by or on behalf of the Partnership and the General Partner, or any of their respective partners, directors or controlling Persons and shall survive the transfer of securities by CDPQ. 
 2.3 Notices of Claims, Etc. 
 Promptly after
receipt by an indemnified party hereunder of written notice of the commencement of any action or proceeding with respect to which a claim of indemnification may be made pursuant to Sections 2.1 or 2.2, as the case may be, such indemnified party
will, if a claim in respect thereof is to be made against an indemnifying party, give written notice to the latter of the commencement of such action; provided, that the failure of the indemnified party to give notice as provided herein shall not
relieve the indemnifying party of its obligations under Sections 2.1 or 2.2, as the case may be, except to the extent that the indemnifying party is actually prejudiced by such failure to give notice. In case any such action is brought against an
indemnified party, the indemnifying party will be entitled to participate in and to assume the defense thereof, jointly with any other indemnifying party similarly notified to the extent that it may wish, with counsel 

  

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reasonably satisfactory to such indemnified party, and after notice from the indemnifying party to such indemnified party of its election so to assume the
defense thereof, the indemnifying party will not be liable to such indemnified party for any legal or other expenses subsequently incurred by the latter in connection with the defense thereof other than reasonable costs of investigation, unless in
such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist in respect of such claim (in which event such indemnified party and any other indemnified party to which such
conflict of interest applies shall be reimbursed for the reasonable expenses incurred in connection with retaining one separate legal counsel for all such indemnified parties in connection with any one such action or separate but substantially
similar or related actions in the same jurisdiction arising out of the same general allegations or circumstances). No indemnifying party will, without the prior written consent of the indemnified party (which consent shall not be unreasonably
withheld or delayed), consent to entry of any judgment or enter into any settlement in respect of any such indemnifiable claim, unless any such judgment or settlement includes as an unconditional term thereof, the giving by the claimant or plaintiff
to such indemnified party of a release from all liability in respect to such claim or litigation. No indemnified party will, without the prior written consent of the indemnifying party (which consent shall not be unreasonably withheld or delayed),
consent to entry of any judgment or enter into any settlement in respect of any such indemnifiable claim which the indemnifying party is defending in good faith. 
 2.4 Contribution 
  

	 	(a)	If for any reason the indemnity provided for in Sections 2.1 or 2.2, as the case may be, is unavailable or is insufficient to hold harmless an indemnified party under Sections 2.1
or 2.2, as the case may be, then the indemnifying party, in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages or liabilities in such
proportion as is appropriate to reflect the relative fault of the indemnifying party and of the indemnified party in connection with the actions, statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any
other relevant equitable considerations. The relative fault of the indemnifying party, on the one hand, and of the indemnified party, on the other, shall be determined by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact relates to information supplied by such party, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

  

	 	(b)	The parties hereto agree that it would not be just and equitable if contribution pursuant to this Section 2.4 were determined by pro rata allocation or by any other method of
allocation that does not take account of the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable by an indemnified party as a result of the losses, claims, damages or liabilities referred to in the
immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim.

  

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 2.5 Non-Exclusivity 
 The obligations of the parties under Sections 2.1 or 2.2, as the case may be, shall be in addition to any liability which any party may otherwise have to any other party. 
 2.6 Limitations 
 The parties shall only be
entitled to make a claim under Sections 2.1 or 2.2, as the case may be, during a period of five years from the filling of the final Prospectus with the Securities Regulators. 
  

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