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                                                                    Exhibit 4.6

                            OMNIBUS PLEDGE AGREEMENT

TO:      THE TORONTO-DOMINION BANK In its capacity as administration agent for
         and on behalf of and for the benefit of the Secured Parties (as defined
         below)
         Corporate and Investment Banking
         66 Wellington Street West, 38th Floor
         Toronto-Dominion Bank Tower
         Toronto, Ontario
         M5K 1A2

         (the "PLEDGEE")

DATED for reference 19 July 2002.

         Each Pledgor refers to its Trust Deed dated for reference 9 August 2001
with respect to any Norske Company (as defined below); 1 September 2001 with
respect to any Pacifica Company (as defined below) or 10 September 2001 with
respect to NorskeCanada (a partnership of Norske Skog Canada Limited and Norske
Skog Canada Pulp Operations Limited) (the "PARTNERSHIP") (together with any
additional security relating thereto, each referred to herein as a "TRUST DEED"
and collectively as the "TRUST DEEDS") executed by such Pledgor in favour of The
Canada Trust Company, as Trustee (the "TRUSTEE").

         Each Pledgor also refers to the following debentures which each has
issued under, and which are secured by, its Trust Deed:

         (a)      a 25% Debenture designated as Series A No. 3 of such Pledgor
                  in the principal amount of ONE BILLION DOLLARS
                  ($1,000,000,000) in lawful currency of Canada dated as of 19
                  July 2002, payable on demand and in fully registered form in
                  the name of the Pledgee;

         (b)      a 25% Debenture designated as Series A No. 4 of such Pledgor
                  in the principal amount of ONE BILLION DOLLARS
                  ($1,000,000,000) in lawful currency of Canada dated as of 19
                  July 2002, payable on demand and in fully registered form in
                  the name of the Pledgee;

         (c)      a 25% Debenture designated as Series A No. 5 of such Pledgor
                  in the principal amount of FIVE HUNDRED MILLION DOLLARS
                  ($500,000,000) in lawful currency of Canada dated as of 19
                  July 2002, payable on demand and in fully registered form in
                  the name of the Pledgee;

         (d)      a 25% Debenture designated as Series B No. 2 of such Pledgor
                  in the principal amount of FIVE HUNDRED MILLION DOLLARS
                  ($500,000,000) in lawful currency of Canada dated as of 19
                  July 2002, payable on demand and in fully registered form in
                  the name of the Pledgee; and

         (e)      a 25% Debenture designated as Series B No. 3 of such Pledgor
                  in the principal amount of TWO HUNDRED FIFTY MILLION DOLLARS
                  ($250,000,000) in lawful currency

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                  of Canada dated as of 19 July 2002, payable on demand and in
                  fully registered form in the name of Pledgee.

Any reference to the "Debentures" herein shall be interpreted as referring to
"the Debentures or any of them".

         Each of the Pledgors jointly and severally agrees with the Pledgee as
follows:

1.       In this Pledge Agreement, unless something in the subject matter or
context is inconsistent therewith:

         (a)      "SYNDICATED CREDIT AGREEMENT" means the credit agreement dated
                  for reference 19 July 2002 between the Pledgors and others as
                  Restricted Parties (as defined therein, each a "RESTRICTED
                  PARTY"), the Lenders (as defined therein) from time to time
                  party thereto and the Pledgee, as amended, supplemented,
                  restated or replaced from time to time. Any reference to the
                  "Restricted Parties" herein shall be interpreted as referring
                  to "the Restricted Parties or any of them";

         (b)      "EVENT OF DEFAULT" means (i) the occurrence of an "event of
                  default" or a "termination event" as defined in any of the
                  Secured Agreements or (ii) the occurrence of any event by
                  which the Obligations Secured (or any of them) have become due
                  and payable by reason of (1) any default under any of the
                  Secured Agreements or (2) any demand for payment validly made
                  by any creditor pursuant to any Secured Agreement which is not
                  met in accordance with the terms of the demand or within any
                  applicable grace period;

         (c)      "NORSKE COMPANY" means Norske Skog Canada Finance Limited,
                  Norske Skog Canada Limited, Norske Skog Canada Pulp Operations
                  Limited, Norske Skog Canada Pulp Sales Inc., Norske Skog
                  Canada Sales Inc., Norske Skog Canada (USA) Inc., Norske Skog
                  Canada (Japan) Ltd., Norske Skog Pulp Sales (Japan) Ltd., Elk
                  Falls Pulp and Paper Limited or NSCL Holdings Inc.;

         (d)      "OBLIGATIONS SECURED" means, collectively, the obligations
                  secured by this Pledge Agreement as described in paragraphs 2,
                  3 and 4 below;

         (e)      "PACIFICA COMPANY" means Pacifica Papers Sales Ltd., Pacifica
                  Papers Sales Inc., Pacifica Papers Kabushiki Kaisha, Pacifica
                  Poplars Ltd., Pacifica Poplars Inc. or Pacifica Papers U.S.
                  Inc.;

         (f)      "PLEDGORS" means any one or more of Norske Skog Canada Finance
                  Limited, Norske Skog Canada Limited, Norske Skog Canada Pulp
                  Operations Limited, Norske Skog Canada Pulp Sales Inc., Norske
                  Skog Canada Sales Inc., Norske Skog Canada (USA) Inc., Norske
                  Skog Canada (Japan) Ltd., Norske Skog Pulp Sales (Japan) Ltd.,
                  Elk Falls Pulp and Paper Limited, NSCL Holdings Inc., Pacifica
                  Papers Sales Ltd., Pacifica Papers Sales Inc., Pacifica Papers
                  Kabushiki Kaisha, Pacifica Poplars Ltd., Pacifica Poplars
                  Inc., Pacifica Papers U.S. Inc. and the Partnership, jointly
                  and severally, and "Pledgor" means any one of them, and any
                  reference to the "Pledgors" herein shall be interpreted as
                  referring to "the Pledgors or any of them";

         (g)      "SECURED AGREEMENTS" means:

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                  (i)      the Syndicated Credit Agreement; and

                  (ii)     the agreements under which the Restricted Parties, or
                           any of them, from time to time owe Other Secured
                           Obligations (as defined in the Syndicated Credit
                           Agreement) including all amendments, supplements,
                           restatements and replacements thereto or thereof from
                           time to time.

                  Any reference to the "Secured Agreements" herein shall include
                  any one or more of them; and

         (h)      "SECURED PARTIES" means:

                  (i)      all persons from time to time being "Lenders" or the
                           "Agent" as those terms are understood under the
                           Syndicated Credit Agreement; and

                  (ii) all holders of Other Secured Obligations.

                  Any reference to the "Secured Parties" herein shall be
                  interpreted as referring to "the Secured Parties or any of
                  them".

         Capitalized terms that are used but not defined in this Pledge
Agreement have the meanings defined in the Syndicated Credit Agreement.

2.       Each Pledgor hereby assigns, pledges and hypothecates to the Pledgee,
and grants to the Pledgee for and on behalf of and for the benefit of the
Secured Parties a security interest in, its Debentures designated as Series A
No. 3 and Series B No. 2 as general and continuing collateral security for
the payment and performance by such Pledgor of all obligations of the Pledgor
to the Lenders (as defined in the Syndicated Credit Agreement) under or in
connection with the Syndicated Credit Agreement, including but not limited to
all debts, liabilities and obligations in any currency, present or future,
direct or indirect, absolute or contingent, choate or inchoate, matured or
not, at any time owing by the Pledgor to the Lenders or remaining unpaid by
the Pledgor to the Lenders under or in connection with the Syndicated Credit
Agreement, whether arising from dealings between the Lenders and the Pledgor
or from any other dealings or proceedings by which the Lenders may be or
become in any manner whatever a creditor of the Pledgor under or in
connection with the Syndicated Credit Agreement, and wherever incurred, and
whether incurred by the Pledgor alone or with another or others under or in
connection with the Syndicated Credit Agreement, and whether as principal or
surety (including but not limited to debts, liabilities and obligations under
or in connection with guarantee(s) delivered by the Pledgor under or in
connection with the Syndicated Credit Agreement), and all interest,
commissions, reasonable legal and other costs (including reasonable legal
fees as between a solicitor and its own client), charges and expenses
relating thereto or under or in connection with the Syndicated Credit
Agreement or this Pledge Agreement. In this paragraph, "the Lenders" shall be
interpreted as "the Lenders, or any of them." Notwithstanding the foregoing
description of the obligations secured by the pledge of each Series A No. 3
Debenture and each Series B No. 2 Debenture, (i) the pledge of each Series A
No. 3 Debenture shall only secure those obligations to the extent that
(taking into account other obligations that must be accounted for in
determining whether the "Threshold Amount" as defined in and calculated in
accordance with the Syndicated Credit Agreement has been exceeded) they do
not exceed the Threshold Amount and (ii) the pledge of each Series B No. 2
Debenture shall only secure those obligations to the extent that they do
exceed the Threshold Amount. For greater certainty, the foregoing assignment,

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pledge and hypothecation does not secure the Other Secured Obligations (as
defined in the Syndicated Credit Agreement).

3.       Each Pledgor hereby assigns, pledges and hypothecates to the
Pledgee, and grants to the Pledgee for and on behalf of and for the benefit
of the Secured Parties a security interest in, its Debentures designated as
Series A No. 4 as general and continuing collateral security for the payment
and performance by such Pledgor of all "Other Secured Obligations" of the
Pledgor as defined in the Syndicated Credit Agreement that are classified by
Norske Skog Canada Limited as being incurred under clauses (v) and (vi) of
the definition of "Permitted Indebtedness" in the 1999 Indenture (as defined
in the Syndicated Credit Agreement) and the definition of "Permitted Debt" in
the 2001 Indenture (as defined in the Syndicated Credit Agreement). For
greater certainty, the pledge of each Series A No. 4 Debenture shall continue
to secure the Other Secured Obligations described above notwithstanding the
termination of the Syndicated Credit Agreement for any reason.

4.       Each Pledgor hereby assigns, pledges and hypothecates to the
Pledgee, and grants to the Pledgee for and on behalf of and for the benefit
of the Secured Parties a security interest in, its Debentures designated as
Series A No. 5 and Series B No. 3 as general and continuing collateral
security for the payment and performance by such Pledgor of all "Other
Secured Obligations" of the Pledgor as defined in the Syndicated Credit
Agreement that are not secured by the assignment, pledge and hypothecation of
its Series A No. 4 Debenture. Notwithstanding the foregoing description of
the obligations secured by the pledge of each Series A No. 5 Debenture and
each Series B No. 3 Debenture, (i) the pledge of each Series A No. 5
Debenture shall only secure those obligations to the extent that (taking into
account other obligations that must be accounted for in determining whether
the "Threshold Amount" as defined in and calculated in accordance with the
Syndicated Credit Agreement has been exceeded) they do not exceed the
Threshold Amount and (ii) the pledge of each Series B No. 3 Debenture shall
only secure those obligations to the extent that they do exceed the Threshold
Amount. For greater certainty, the pledge of each Series A No. 5 and Series B
No. 3 Debenture shall continue to secure the Other Secured Obligations
described in this paragraph notwithstanding the termination of the Syndicated
Credit Agreement for any reason.

5.       Notwithstanding that the Debentures are held by the Pledgee as
pledgee, the Pledgors acknowledge that, subject to the provisions of this
Pledge Agreement, the Pledgee shall have and be entitled to exercise all the
rights, remedies, powers, privileges, security and recourses of a holder of
the Debentures under the Trust Deeds in the same manner and to the same
extent as though it were the absolute owner of the Debentures, and that the
Trustee under the Trust Deeds shall act on the instructions and directions of
the Pledgee as the holder of the Debentures on the basis set forth in the
Trust Deeds.

6.       Notwithstanding that the Debentures are expressed to be payable on
demand, the Pledgee shall be entitled to demand payment of the Debentures and
the Debentures and the Obligations Secured shall immediately become payable
and the security constituted by the Trust Deeds shall immediately become
enforceable only if an Event of Default occurs, is continuing and has not
been waived and as a result payment or performance of part or all of the
Obligations Secured is required or demanded.

7.       The Pledgors shall pay to the Pledgee upon demand the amount of all
reasonable expenses incurred by the Pledgee or the Trustee in recovering any
Obligations Secured or in enforcing this Pledge Agreement or the Trust Deeds
(including reasonable legal expenses on a solicitor and his own client basis
and other expenses) with interest thereon from the date of the incurring of
such expenses at the rate of 3.0% per annum above the prime rate of The
Toronto-Dominion Bank from time to time in effect. For the purposes of this
Pledge Agreement, "PRIME RATE" means the interest rate per annum publicly

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announced from time to time by The Toronto-Dominion Bank as being its
reference rate then in effect for determining interest rates on commercial
loans in Canadian dollars made by it in Canada.

8.       Notwithstanding the terms of the Debentures relating to interest,
interest shall not be calculated or payable at a rate greater than that
provided for in connection with the Obligations Secured in the Secured
Agreements.

9.       If the Debentures and the Obligations Secured become payable and the
security constituted by the Trust Deeds becomes enforceable in accordance
with paragraph 5 above, the Pledgee, without notice, advertisement, demand
for payment or any other formality (all of which are hereby waived by the
Pledgors), (and without limiting the Pledgee's right referred to in paragraph
4 above) may retain or, subject to paragraph 10 hereof, sell by public or
private sale or otherwise deal with the Debentures in such manner as the
Pledgee thinks fit and the Pledgee may hold the proceeds in lieu of the
Debentures if realized and appropriate the proceeds on account of all or any
of the Obligations Secured as the Pledgee thinks fit.

10.      The security constituted by this Pledge Agreement shall not be
considered as satisfied or discharged by any intermediate payment of the
whole or part of the Obligations Secured but shall constitute and be a
continuing security for a current or running account and shall be in addition
to and not in substitution for any other security now or hereafter held to
secure the Obligations Secured. The remedies of the Pledgee under this Pledge
Agreement may be exercised from time to time separately or in combination and
are in addition to and not in substitution for any other rights of the
Pledgee however created. The Pledgee may grant extensions of time or other
indulgences, take and give up securities, accept compositions from and grant
releases and discharges to the Pledgors and otherwise deal with the Pledgors
and with the other parties, guarantors, sureties or securities held by the
Trustee or the Pledgee as security for the Obligations Secured, all as the
Trustee or the Pledgee may see fit without prejudices to the rights of the
Pledgee hereunder.

11.      The Pledgee acknowledges that the Debentures have been executed and
delivered subject to this Pledge Agreement and as collateral security for the
Obligations Secured and, accordingly, agrees that, in any realization
proceeding in respect of the Debentures or the Trust Deeds, the Pledgee shall
not claim and the Pledgors shall not be liable to pay the Pledgee or any
subsequent holder of the Debentures any greater amount than the Obligations
Secured and the Pledgee shall only be entitled to sell, assign, transfer or
otherwise deal with the Debentures subject to and together with this Pledge
Agreement and upon any assignee or transferee acknowledging and agreeing in
writing that it shall be bound by the provisions of this Pledge Agreement as
Pledgee.

12.      This Pledge Agreement shall be construed in accordance with the laws
of the Province of British Columbia and the laws of Canada applicable in such
Province and shall be treated in all respects as a British Columbia contract.
The parties hereto irrevocably submit to the non-exclusive jurisdiction of
the courts of the Province of British Columbia and all courts competent to
hear appeals therefrom.

13.      This Pledge Agreement shall enure to the benefit of and be binding
upon the parties hereto and their respective successors and, with respect to
the Pledgee, its assigns. The Pledgee may only assign its interest in this
Pledge Agreement in accordance with its right to assign its interest in the
Syndicated Credit Agreement and upon the assignee agreeing in writing that it
shall be bound by the provisions of this Pledge Agreement as Pledgee. None of
the Pledgors may assign any benefit or obligation under this Pledge Agreement.

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14.      This Pledge Agreement may be executed in any number of counterparts,
each of which when executed and delivered shall be deemed to be an original,
and such counterparts together shall constitute one and the same agreement.
For the purposes of this paragraph, the delivery of a facsimile copy of an
executed counterpart of this Pledge Agreement shall be deemed to be valid
execution and delivery of this Pledge Agreement, but each Pledgor delivering
a facsimile copy shall deliver the original executed counterpart of this
Pledge Agreement as soon as possible after delivering the facsimile copy.

15.      This Pledge Agreement may be referred to as being dated 19 July 2002
or as of 19 July 2002, notwithstanding the actual date of execution.

         IN WITNESS WHEREOF the corporate seal of each of the Pledgors (other
than Norske Skog Canada (Japan) Ltd., Norske Skog Pulp Sales (Japan) Ltd. and
Pacifica Papers Kabushiki Kaisha) and of Norske Skog Canada Limited as the
Managing Partner of the Partnership has been affixed in the presence of, and
this Pledge Agreement has been executed by, its duly authorized officer(s) or
director(s), executing in such capacity and not in their personal capacity, as
of the date first set forth above.

NORSKE SKOG CANADA FINANCE LIMITED

                                                                             c/s

By:  /s/ Peter Staiger
   -----------------------------------------
         PETER STAIGER
         Treasurer

NORSKE SKOG CANADA LIMITED

                                                                             c/s

By:  /s/ Ralph Leverton
   -----------------------------------------
         RALPH LEVERTON,
         Vice-President, Finance and
         Chief Financial Officer

By:  /s/ Peter Staiger
   -----------------------------------------
         PETER STAIGER,
         Treasurer

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NORSKE SKOG CANADA PULP OPERATIONS LIMITED

                                                                             c/s

By:  /s/ Peter Staiger
   -----------------------------------------
         PETER STAIGER,
         Treasurer

NORSKE SKOG CANADA PULP SALES INC.

                                                                             c/s

By:  /s/ Peter Staiger
   -----------------------------------------
         PETER STAIGER,
         Treasurer

NORSKE SKOG CANADA SALES INC.

                                                                             c/s

By:  /s/ Peter Staiger
   -----------------------------------------
         PETER STAIGER,
         Treasurer

NORSKE SKOG CANADA (USA) INC.

                                                                             c/s

By:  /s/ Peter Staiger
   -----------------------------------------
         PETER STAIGER,
         Treasurer

NORSKE SKOG CANADA (JAPAN) LTD.

By:  /s/ James E. Armitage
   -----------------------------------------
         JAMES E. ARMITAGE,
         Director

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NORSKE SKOG PULP SALES (JAPAN) LTD.

By:  /s/ Paul Simkin
   -----------------------------------------
         PAUL D. SIMKIN,
         Director

ELK FALLS PULP AND PAPER LIMITED

                                                                             c/s

By:  /s/ Peter Staiger
   -----------------------------------------
         PETER STAIGER,
         President

NSCL HOLDINGS INC.

                                                                             c/s

By:  /s/ Peter Staiger
   -----------------------------------------
         PETER STAIGER,
         Treasurer

PACIFICA PAPERS SALES LTD.

                                                                             c/s

By:  /s/ Peter Staiger
   -----------------------------------------
         PETER STAIGER,
         President

PACIFICA PAPERS SALES INC.

                                                                             c/s

By:  /s/ Peter Staiger
   -----------------------------------------
         PETER STAIGER,
         Treasurer

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PACIFICA PAPERS KABUSHIKI KAISHA

By:  /s/ Peter Staiger
   -----------------------------------------
         PETER STAIGER,
         Director

PACIFICA POPLARS LTD.

                                                                             c/s
By:  /s/ Peter Staiger
   -----------------------------------------
         PETER STAIGER,
         President

PACIFICA POPLARS INC.

                                                                             c/s
By:  /s/ Peter Staiger
   -----------------------------------------
         PETER STAIGER,
         Treasurer

PACIFICA PAPERS U.S. INC.

                                                                             c/s
By:  /s/ Peter Staiger
   -----------------------------------------
         PETER STAIGER,
         Treasurer

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NORSKECANADA

By its Managing Partner:

         NORSKE SKOG CANADA LIMITED

                                                                             c/s

         By:   /s/ Ralph Leverton
               -----------------------------------------
                  RALPH LEVERTON,
                  Vice-President, Finance and
                  Chief Financial Officer

         By:   /s/ Peter Staiger
               -----------------------------------------
                  PETER STAIGER,
                  Treasurer

Acknowledged and agreed to as of the date first set forth above.

THE TORONTO-DOMINION BANK,
as Agent

By:      /s/ authorized signatory
         ---------------------------------
         Name:
         Title:

By:      /s/ authorized signatory
         ---------------------------------
         Name:
         Title:

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                                                                    Exhibit 4.7

                          AGGREGATE REPRICING AGREEMENT

This Agreement is made as of the 14th day of May, 2003

BETWEEN       NORSKE SKOG CANADA FINANCE LIMITED ("NSCFL")

AND           ROYAL BANK OF CANADA
              HSBC BANK CANADA
              THE TORONTO-DOMINION BANK
              as "Hedging Parties"

AND           ROYAL BANK OF CANADA
              as "Group Valuation Agent"

WHEREAS NSCFL and the Hedging Parties or their affiliates are party to a credit
agreement dated as of July 19, 2002 (as amended, supplemented, restated or
replaced from time to time, the "Credit Agreement");

AND WHEREAS the terms and conditions of the Credit Agreement permit NSCFL to
enter into Hedging Transactions with one or more of the Hedging Parties;

AND WHEREAS the Credit Agreement requires that Hedging Parties be parties to
this Aggregate Repricing Agreement if they enter into Special Derivatives with
NSCFL and permits, but does not require, Hedging Parties to be parties if they
are only entering into Hedging Transactions that are not Special Derivatives;

AND WHEREAS NSCFL has agreed to the repricing arrangements as more fully
described herein;

AND WHEREAS the terms and conditions of each ISDA Agreement may permit NSCFL to
reprice, terminate or transfer Hedging Transactions in accordance with the
repricing arrangements set forth in such ISDA Agreement;

AND WHEREAS the parties hereto agree that the Group Valuation Agent will perform
certain calculations and reporting on behalf of the Hedging Parties;

NOW THEREFORE THIS AGREEMENT WITNESSES That, in consideration of the mutual
representations, warranties and covenants contained herein and other good and
valuable consideration (the receipt and sufficiency of which are hereby
acknowledged by each of the parties), the parties hereto agree as follows:

1.       DEFINED TERMS AND INTERPRETATION

(a)      Hedging Transactions and Hedging Parties. Unless otherwise expressly
indicated in this Aggregate Repricing Agreement, all references to Hedging
Transactions and Hedging Parties apply to all Hedging Transactions and
Hedging Parties, whether or not the relevant Hedging Parties are parties
hereto. While Hedging Parties who are not parties hereto may agree in the
Credit Agreement to specific terms of this Aggregate Repricing Agreement that
are incorporated
<Page>

by reference in the Credit Agreement, they are not bound by this Aggregate
Repricing Agreement.

(b)      CALCULATION. The purpose of this Aggregate Repricing Agreement is,
in part, to address amounts payable by NSCFL to Hedging Parties in respect of
Hedging Transactions, i.e. amounts by which NSCFL is "out of the money."
Amounts payable by NSCFL shall be expressed as positive numbers in this
Aggregate Repricing Agreement, while amounts payable by Hedging Parties to
NSCFL (i.e. where NSCFL is "in the money") shall be expressed as negative
numbers. Negative numbers shall be netted against positive numbers in
determining aggregate amounts owing by NSCFL to individual Hedging Parties in
respect of multiple Hedging Transactions (any aggregate amount being
expressed as a negative number if NSCFL is "in the money" on an aggregate
basis with an individual Hedging Party) and in determining aggregate amounts
owing by NSCFL to all Hedging Parties. For example, in calculating the
Hedging Transaction Exposure for a Hedging Party, if it was party to two
Hedging Transactions and NSCFL owed CAD 5,100,000 in respect of one Hedging
Transaction and was owed CAD 2,700,000 in respect of the other, the Hedging
Transaction Exposure would be CAD 5,100,000 minus CAD 2,700,000 or CAD
2,400,000. If another Hedging Party was a party to one Hedging Transaction
and owed NSCFL CAD 1,300,000 in respect of that Hedging Transaction, its
Hedging Transaction Exposure would be negative CAD 1,300,000. If there were
only those two Hedging Parties, the Aggregate Hedging Transaction Exposure
would be CAD 2,400,000 minus CAD 1,300,000 or CAD 1,100,000 and the Aggregate
Positive Hedging Transaction Exposure would be CAD 2,400,000.

(c)      DEFINED TERMS. All capitalized terms used herein and not otherwise
defined shall have the meaning ascribed to them in the ISDA Agreement. In
addition,

         "Administration Agent" means the "Agent" under the Credit Agreement.

         "Aggregate Hedging Transaction Exposure" means, as of any Valuation
         Date, the net amount calculated in accordance with Section 1(b) above
         by aggregating all Hedging Parties' Hedging Transaction Exposures.

         "Aggregate Positive Hedging Transaction Exposure" means, as of any
         Valuation Date, the sum of all Positive Hedging Transaction Exposures
         under each ISDA Agreement.

         "Aggregate Positive Special Derivative Exposure" means, as of any
         Valuation Date, the sum of all Positive Special Derivative Exposures.

         "Aggregate Special Derivative Exposure" means as of any Valuation Date,
         the net amount calculated in accordance with Section 1(b) above by
         aggregating all Hedging Parties' Special Derivative Exposures.

         "Excess Credit Agreement Exposure Amount" means the amount, as
         determined by the Administration Agent pursuant to Section 7.7.2 of the
         Credit Agreement, by which the Aggregate Hedging Transaction Exposure
         needs to be reduced in order to satisfy the requirements under Section
         7.7.2 of the Credit Agreement.

         "Excess Hedging Transaction Exposure" means (subject to section 5(e)
         below) the Aggregate Hedging Transaction Exposure minus CAD
         135,000,000.

                                      -2-
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         "Excess Special Derivative Exposure" means the Aggregate Special
         Derivative Exposure minus the Permitted Special Derivative Exposure
         plus CAD 15,000,000.

         "Floating Rate Transaction" means any interest rate swap Hedging
         Transaction under which the obligation of NSCFL is to pay a floating
         interest rate.

         "Hedging Party" means each person that enters into a Hedging
         Transaction with NSCFL.

         "Hedging Transaction" means any transaction entered into by NSCFL that
         is an "Other Secured Obligation" as defined in section 1.1.79 of the
         Credit Agreement, and, for greater certainty, includes without
         limitation all Special Derivatives.

         "Hedging Transaction Exposure" means, with respect to a Hedging Party
         on any Valuation Date, the estimated net amount that would be payable
         to or by that Hedging Party pursuant to Section 6(e)(ii)(2)(A) of an
         ISDA Agreement to which it is a party as if such ISDA Agreement and all
         Hedging Transactions thereunder were being terminated; provided that,
         in estimating the amount that would be payable, the Group Valuation
         Agent shall use its estimates at mid-market of the amounts that would
         be paid for Replacement Transactions (as defined within the definition
         of "Market Quotation" in the ISDA Agreement) in respect of all Hedging
         Transactions. In addition, if any Hedging Transaction is terminated
         other than as required by this Aggregate Repricing Agreement, it shall
         be considered not to have been terminated for the purposes of
         calculating the Hedging Transaction Exposure until any amount payable
         by NSCFL to the Hedging Party as a result of the termination has been
         paid.

         "ISDA Agreement" means the 1992 ISDA Master Agreement entered into
         between the relevant Hedging Party and NSCFL in respect of one or more
         Hedging Transactions, except that, for the purposes of this Aggregate
         Repricing Agreement, any Hedging Transaction shall be deemed to be
         governed by the 1992 ISDA Master Agreement in the form attached hereto
         if the relevant Hedging Party has not entered into a 1992 ISDA Master
         Agreement and to the extent that there is a relevant difference between
         the 1992 ISDA Master Agreement entered into and the form attached
         hereto.

         "Oil and Gas Transaction" means any Hedging Transaction under which the
         obligations of the parties are derived from the price of oil or natural
         gas.

         "Permitted Special Derivative Exposure" means (subject to sections 5(e)
         and 6(b) below), as of any Valuation Date, an amount determined by the
         following formula:

                  CAD 135,000,000 - (an aggregate amount determined by adding
                  the amounts calculated by multiplying the notional amount of
                  each Special Derivative outstanding on such Valuation Date,
                  subject to the adjustments referred to immediately below, by
                  the volatility factor for that type of Special Derivative
                  established in accordance with the attached Schedule A and
                  section 6(b) below)

         For the purpose of the foregoing formula, the notional amount shall be
         the notional amount specified in the terms of the relevant Special
         Derivative, converted to Canadian dollars if necessary using the Group
         Valuation Agent's mid rate (i.e. the average of the Group Valuation
         Agent's spot buying and selling rates) at the relevant time. If the
         notional amount is expressed in units of a commodity rather than in
         currency, the

                                      -3-
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         notional amount shall be determined by multiplying the notional
         amount expressed in units by the fixed price per unit to be paid to
         or received by NSCFL for the commodity under the relevant Special
         Derivative. In addition, in determining the notional amount of
         Special Derivatives for the purpose of the foregoing formula:

         (A)      the Group Valuation Agent shall net commodity purchase Special
                  Derivatives entered into by NSCFL against commodity sale
                  Special Derivatives entered into by NSCFL (whether or not with
                  the same Hedging Party), where (a) the commodities that are
                  the subject of the relevant Special Derivatives are determined
                  by the Group Valuation Agent to be the same in all material
                  respects and (b) either (i) the settlement dates of both the
                  commodity sale Special Derivatives and the commodity purchase
                  Special Derivatives to be netted are at least 45 days after
                  the Valuation Date or (ii) the settlement dates of the
                  commodity sale Special Derivatives and the commodity purchase
                  Special Derivatives to be netted are within five Local
                  Business Days of each other, and the Group Valuation Agent
                  shall apply the volatility factor to the net notional amount
                  and include only the resulting amount in the foregoing
                  formula; and

         (B)      if NSCFL has entered into other Special Derivatives that do
                  not fall within item (A) above, but relate to commodities of
                  the same type (each of Oil and Gas Transactions, Pulp and
                  Paper Transactions, and other types established under section
                  6(b) below being deemed to be the same type), the Group
                  Valuation Agent shall add the notional amounts of those
                  Special Derivatives of each type in which NSCFL's role is
                  seller and those in which its role is buyer and shall not
                  apply the volatility factor to, or include in the foregoing
                  formula, those Special Derivatives of each type having the
                  smaller sum of notional amounts. For example, if the aggregate
                  notional amount of Pulp and Paper Transactions that do not
                  fall within item (A) above where NSCFL is seller is smaller
                  than the aggregate notional amount of those Pulp and Paper
                  Transactions where NSCFL is buyer, and the aggregate notional
                  amount of Oil and Gas Transactions that do not fall within
                  item (A) above where NSCFL is buyer is smaller than the
                  aggregate notional amount of those Oil and Gas Transactions
                  where NSCFL is seller, the Group Valuation Agent shall not
                  apply the respective volatility factors to, or include in the
                  foregoing formula, the Pulp and Paper Transactions that do not
                  fall within item (A) above where NSCFL is seller or the Oil
                  and Gas Transactions that do not fall within item (A) above
                  where NSCFL is buyer.

         "Positive Hedging Transaction Exposure" means, as of any Valuation
         Date, the amount that would be payable, if any, to a Hedging Party (but
         not by a Hedging Party) as a result of the calculation of the Hedging
         Transaction Exposure of such Hedging Party.

         "Positive Special Derivative Exposure" means, as of any Valuation Date,
         the amount that would be payable, if any, to a Hedging Party (but not
         by a Hedging Party) as a result of the calculation of the Special
         Derivative Exposure of such Hedging Party.

         "Pro Rata Excess Credit Agreement Exposure Amount" means, in respect of
         a Hedging Party, the amount determined by the following formula,
         rounded up to the nearest integral multiple of CAD 100,000:

                                      -4-
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                  Excess Credit Agreement Exposure Amount X (the Positive
                  Hedging Transaction Exposure applicable to such Hedging Party
                  / the Aggregate Positive Hedging Transaction Exposure)

         "Pro Rata Hedging Transaction Exposure Reduction Amount" means, in
         respect of a Hedging Party, the amount determined by the following
         formula, rounded up to the nearest integral multiple of CAD 100,000:

                  Excess Hedging Transaction Exposure X (the Positive Hedging
                  Transaction Exposure applicable to such Hedging Party / the
                  Aggregate Positive Hedging Transaction Exposure)

         "Pro Rata Special Derivative Exposure Reduction Amount" means, in
         respect of a Hedging Party the amount determined by the following
         formula, rounded up to the nearest integral multiple of CAD 100,000:

                  Excess Special Derivative Exposure X (the Positive Special
                  Derivative Exposure applicable to such Hedging Party / the
                  Aggregate Positive Special Derivative Exposure)

         "Pulp and Paper Transaction" means any Hedging Transaction under which
         the obligations of the parties are derived from the price of pulp or
         paper.

         "Special Derivative" means a Hedging Transaction described in Sections
         1.1.79(c), 1.1.79(d) and 1.1.79(e) of the Credit Agreement and entered
         into by NSCFL, and "Special Derivatives" means all such Hedging
         Transactions.

         "Special Derivative Exposure" means, with respect to a Hedging Party on
         any Valuation Date, the estimated net amount that would be payable to
         or by that Hedging Party pursuant to Section 6(e)(ii)(2)(A) of the ISDA
         Agreement as if such ISDA Agreement and all Special Derivatives
         thereunder (but no other Hedging Transactions) were being terminated;
         provided that, in estimating such amount that would be payable, the
         Group Valuation Agent shall use its estimates at mid-market of the
         amounts that would be paid for Replacement Transactions in respect of
         all Special Derivatives. In addition, if any Special Derivative is
         terminated other than as required by this Aggregate Repricing
         Agreement, it shall be considered not to have been terminated for the
         purposes of calculating the Special Derivative Exposure until any
         amount payable by NSCFL to the Hedging Party as a result of the
         termination has been paid.

         "Valuation Date" means daily beginning on 14 May, 2003 except that, if
         the then-current Aggregate Hedging Transaction Exposure and Aggregate
         Special Derivative Exposure are low in comparison to the maximum
         amounts permitted herein, the Group Valuation Agent may from time to
         time establish the Valuation Date as occurring not less frequently than
         monthly.

(d)      INTERPRETATION. In the event of any inconsistency between the
provisions of this Aggregate Repricing Agreement and any ISDA Agreement the
terms of this Aggregate Repricing Agreement will prevail.

                                      -5-
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2.       EXPOSURE REDUCTION PAYMENT AND AMENDMENTS

         (a)      RIGHT TO DEMAND PRO RATA EXPOSURE REDUCTION AMOUNT. The Group
                  Valuation Agent will, promptly following (A) a Valuation Date
                  on which the Aggregate Hedging Transaction Exposure is greater
                  than or equal to CAD 150,000,000 or (B) a Valuation Date on
                  which the Aggregate Special Derivative Exposure is greater
                  than the Permitted Special Derivative Exposure or (C) its
                  receipt of a notice from the Administration Agent that there
                  is an Excess Credit Agreement Exposure Amount, notify NSCFL of
                  the Pro Rata Hedging Transaction Exposure Reduction Amount,
                  the Pro Rata Special Derivative Exposure Reduction Amount, or
                  the Pro Rata Excess Credit Agreement Exposure Amount, in each
                  case, as applicable to each Hedging Party. The Group Valuation
                  Agent agrees to promptly notify the Hedging Parties of any
                  such notification to NSCFL.

         (b)      ELECTION. Within three (3) Local Business Days of receiving
                  the notice described in Section 2(a), NSCFL will consult with
                  each Hedging Party having a Pro Rata Hedging Transaction
                  Exposure Reduction Amount, Pro Rata Special Derivative
                  Exposure Reduction Amount, or Pro Rata Excess Credit Agreement
                  Exposure Amount, as applicable (taking into account any
                  reduction of up to CAD 1,000,000 referred to below), and
                  determine whether it will (A) terminate Hedging Transactions
                  with the Hedging Party, (B) reprice certain Hedging
                  Transactions with the Hedging Party on the basis described in
                  Section 2(d), and/or (C) transfer NSCFL's obligations in
                  respect of Hedging Transactions to a third party acceptable to
                  the Hedging Party in its sole discretion that will assume
                  NSCFL's obligations. Such actions shall be taken so that the
                  Hedging Transaction Exposure or the Special Derivative
                  Exposure, as applicable, with respect to such Hedging Party is
                  reduced by an amount at least equal to the Pro Rata Hedging
                  Transaction Exposure Reduction Amount and the Pro Rata Special
                  Derivative Exposure Reduction Amount, respectively, applicable
                  to such party or, if the notice under Section 2(a) relates to
                  an Excess Credit Agreement Exposure Amount, so that the
                  Hedging Transaction Exposure is reduced by an amount equal to
                  or greater than the Pro Rata Excess Credit Agreement Exposure
                  Amount. However, the Hedging Transaction Exposure or the
                  Special Derivative Exposure, as applicable, with respect to
                  any particular Hedging Party may be reduced by up to CAD
                  1,000,000 less than the amount required by the preceding
                  sentence if the Excess Credit Agreement Exposure Amount, the
                  Excess Hedging Transaction Exposure or the Excess Special
                  Derivative Exposure, as applicable, is entirely eliminated as
                  a result of reductions with other Hedging Parties being
                  greater than the required minimums. If NSCFL chooses to
                  terminate or transfer Hedging Transactions, it will, after
                  consultation with the applicable Hedging Party, provide the
                  Hedging Party with a list of those Hedging Transactions that
                  will be terminated and/or transferred. Any amounts payable as
                  a result of the termination of Hedging Transactions will be
                  calculated in accordance with the Loss method of calculation
                  and payments shall be made in accordance with the Second
                  Method. For that purpose, references to the Defaulting Party
                  and Non-Defaulting Party will be deemed to be references to
                  NSCFL and the applicable Hedging Party, respectively.

                                      -6-
<Page>

         (c)      PROPOSAL. Within one (1) Local Business Day of finalizing
                  NSCFL's election under Section 2(b), if NSCFL has decided to
                  reprice Hedging Transactions with a Hedging Party, such
                  Hedging Party will make a proposal to NSCFL (a "Proposal"),
                  with a copy to the Group Valuation Agent, outlining the
                  amendments to an existing Hedging Transaction or Hedging
                  Transactions in accordance with Section 2(d) below, which
                  Proposal shall be drafted based on the consultation with NSCFL
                  in Section 2(b) above.

         (d)      CONTENT OF PROPOSAL. The Proposal will provide for the payment
                  of the Pro Rata Hedging Transaction Exposure Reduction Amount,
                  the Pro Rata Special Derivative Exposure Reduction Amount or
                  the Pro Rata Excess Credit Agreement Exposure Amount, as
                  applicable, by NSCFL to that Hedging Party (less amounts paid
                  to that Hedging Party as a result of termination of Hedging
                  Transactions, less reductions resulting from the transfer of
                  Hedging Transactions and subject to the adjustments of up to
                  CAD 1,000,000 permitted under Section 2(b) above) and will
                  identify the Hedging Transaction or Hedging Transactions to be
                  amended and the proposed amendments. Subject to amounts paid
                  and reductions as a result of termination or transfer of
                  Hedging Transactions and subject to the adjustments permitted
                  under Section 2(b) above, any amendments (A) will be
                  variations of the applicable reference rates effective from
                  the date that payment of each Pro Rata Hedging Transaction
                  Exposure Reduction Amount, each Pro Rata Special Derivative
                  Exposure Reduction Amount or each Pro Rata Excess Credit
                  Agreement Exposure Amount, as applicable, is received by that
                  Hedging Party, (B) are to reflect current market and banking
                  practices, (C) if applicable, are to create a portfolio of
                  Hedging Transactions between NSCFL and such Hedging Party that
                  results in a Hedging Transaction Exposure that is equal to the
                  Hedging Transaction Exposure as it existed prior to the
                  payment of the Pro Rata Hedging Transaction Exposure Reduction
                  Amount minus the Pro Rata Hedging Transaction Exposure
                  Reduction Amount, (D) if applicable, are to create a portfolio
                  of Special Derivatives between NSCFL and such Hedging Party
                  that results in a Special Derivative Exposure that is equal to
                  the Special Derivative Exposure as it existed prior to the
                  payment of the Pro Rata Special Derivative Exposure Reduction
                  Amount minus the Pro Rata Special Derivative Exposure
                  Reduction Amount, (E) if applicable, are to create a portfolio
                  of Hedging Transactions between NSCFL and such Hedging Party
                  that results in a Hedging Transaction Exposure that is equal
                  to the Hedging Transaction Exposure as it existed prior to the
                  payment of the Pro Rata Excess Credit Agreement Exposure
                  Amount minus the Pro Rata Excess Credit Agreement Exposure
                  Amount and (F) will be calculated using the Hedging Party's
                  estimates at mid-market of the amounts that would be paid for
                  Replacement Transactions (as defined within the definition of
                  "Market Quotation" in the ISDA Agreement) in respect of the
                  relevant Hedging Transactions. Any Proposal that is in
                  accordance with the foregoing requirements shall be
                  implemented by NSCFL.

         (e)      TIMING FOR PAYMENT OR TRANSFER. If NSCFL has chosen to
                  transfer or terminate any Hedging Transactions, such transfer
                  or termination and any termination payment will be made by the
                  fifth (5th) Local Business Day following the receipt by NSCFL
                  of notice under Section 2(a). If NSCFL has chosen to reprice
                  certain Hedging Transactions and if the Proposal is received
                  by NSCFL by 11:00 am,

                                      -7-
<Page>

                  Toronto time, on a Local Business Day, then the relevant
                  payments to the Hedging Party will be made by the later of
                  (A) close of business on the next Local Business Day and
                  (B) the fifth (5th) Local Business Day following the
                  receipt by NSCFL of notice under Section 2(a). If the
                  Proposal is received by NSCFL after 11:00 Toronto time on a
                  Local Business Day, the relevant payments will be made by
                  the later of (X) the second Local Business Day thereafter
                  and (Y) the fifth (5th) Local Business Day following the
                  receipt by NSCFL of notice under Section 2(a).

         (f)      NON-SIGNATORY HEDGING PARTIES. To the extent that NSCFL is
                  unable or does not wish to implement the provisions of
                  Sections 2(b) to 2(e) inclusive with any Hedging Party that is
                  not a party hereto, NSCFL shall entirely eliminate the Excess
                  Credit Agreement Exposure Amount or the Excess Hedging
                  Transaction Exposure, as applicable, by reductions with other
                  Hedging Parties in excess of the minimums required by this
                  Aggregate Repricing Agreement.

         (g)      CONFIRMATIONS. Upon settlement of any amendments to Hedging
                  Transactions in accordance with the Proposals, NSCFL and each
                  Hedging Party will promptly execute a replacement Confirmation
                  evidencing each such amended Hedging Transaction.

         (h)      CALCULATIONS. Unless otherwise specified, all calculations of
                  Hedging Transaction Exposure, Special Derivative Exposure,
                  Excess Hedging Transaction Exposure and Excess Special
                  Derivative Exposure will be made by the Group Valuation Agent
                  in accordance with current market and banking practices. When
                  those calculations are to be made as of a particular day, they
                  may be made either at or around noon, Toronto time on such
                  Valuation Date or as of the close of business in the city of
                  the Group Valuation Agent on the immediately preceding Local
                  Business Day. For greater certainty, the Group Valuation Agent
                  shall not be responsible for calculating the Excess Credit
                  Agreement Exposure Amount, but shall be responsible for
                  calculating each Hedging Party's Pro Rata Excess Credit
                  Agreement Exposure Amount.

3.       REPORTING REQUIREMENTS

         (a)      On the next Local Business Day after NSCFL enters into a
                  Hedging Transaction with a Hedging Party, NSCFL shall notify
                  and provide the particulars of such Hedging Transaction to the
                  Group Valuation Agent; provided that, if NSCFL enters into a
                  Hedging Transaction with a Hedging Party and NSCFL has actual
                  notice that it will be syndicated to some or all of the other
                  Hedging Parties, NSCFL shall notify the Group Valuation Agent
                  of such Hedging Transaction on the next Local Business Day
                  after the relevant Hedging Parties have been notified of their
                  portion of the Hedging Transaction. NSCFL further agrees to
                  deliver a copy of the relevant trade confirmation(s) to the
                  Group Valuation Agent promptly upon request.

         (b)      NSCFL shall, on the next Local Business Day, notify the Group
                  Valuation Agent and provide the particulars of any amendment
                  of a Hedging Transaction that

                                      -8-
<Page>

                  could reasonably be expected to affect the calculation of
                  any Hedging Transaction Exposure or Special Derivative
                  Exposure.

         (c)      Upon request by the Group Valuation Agent, each Hedging Party
                  agrees to promptly provide trade details of any Hedging
                  Transaction that may be required by the Group Valuation Agent
                  to facilitate its calculations under this Agreement. Each
                  Hedging Party agrees to promptly notify the Group Valuation
                  Agent of any Event of Default or Potential Event of Default
                  known to it under that Hedging Party's ISDA Agreement.

         (d)      Where either NSCFL or any Hedging Party exercises an optional
                  early termination provision under any Hedging Transaction or
                  otherwise terminates or cancels any Hedging Transaction
                  (including voluntary unwinding of any such Hedging
                  Transaction), NSCFL agrees to notify and provide the
                  particulars of such Hedging Transaction and the termination or
                  unwinding thereof to the Group Valuation Agent on the next
                  Local Business Day after such termination, cancellation or
                  unwinding is effective.

         (e)      Upon request by NSCFL, any Hedging Party or the Administration
                  Agent, on any Local Business Day, the Group Valuation Agent
                  agrees to provide a statement of its calculations hereunder
                  for the previous Valuation Date. The Group Valuation Agent
                  shall also confirm, on request, that any particular Hedging
                  Transaction has been reported to it by NSCFL. The Group
                  Valuation Agent shall, at the request of any Hedging Party,
                  advise that Hedging Party of each valuation and calculation by
                  the Group Valuation Agent in respect of each Hedging
                  Transaction between that Hedging Party and NSCFL.

         (f)      If the then-current Aggregate Hedging Transaction Exposure and
                  Aggregate Special Derivative Exposure are low in comparison to
                  the maximum amounts permitted herein, the Group Valuation
                  Agent may permit NSCFL to reduce its reporting frequency to
                  not less frequently than once each week (in respect of Special
                  Derivatives) or once each month (in respect of other Hedging
                  Transactions), but the Group Valuation Agent may revoke any
                  such permission at any time. In any event, NSCFL shall report
                  to the Group Valuation Agent at least weekly or monthly,
                  respectively, including by "nil" report if applicable.

         (g)      Each Hedging Party shall provide NSCFL by the fourth Local
                  Business Day of each month with a listing of its Hedging
                  Transactions as of the end of the preceding month and NSCFL
                  shall provide the Group Valuation Agent by the fifth Local
                  Business Day of each month with copies of those listings. The
                  Group Valuation Agent shall, by the eighth Local Business Day
                  of each month provide each Hedging Party with its calculations
                  as of the end of the preceding month in respect of each
                  Hedging Transaction between that Hedging Party and NSCFL. Each
                  Hedging Party shall promptly compare the Group Valuation
                  Agent's calculations with similar calculations by the Hedging
                  Party and, if there is any material discrepancy, shall
                  promptly contact the Group Valuation Agent to reconcile the
                  discrepancy.

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<Page>

4.       ADDITIONAL HEDGING TRANSACTIONS

         NSCFL agrees that, so long as the Credit Agreement remains in effect,
         it will not enter into any transaction of the kind described in section
         1.1.79 of the Credit Agreement with any entity other than a Hedging
         Party under which it agrees to provide security over its property.
         NSCFL may provide letters of credit issued under the Credit Agreement
         to entities other than Hedging Parties with whom it enters into
         transactions of the kind described in section 1.1.79 of the Credit
         Agreement.

5.       EVENT OF DEFAULT AND CLOSE-OUT OF HEDGING TRANSACTIONS

         (a)      HEDGING TRANSACTION EXPOSURE AMOUNT AND EXCESS CREDIT
         AGREEMENT EXPOSURE AMOUNT. For purposes of the ISDA Agreement
         between NSCFL and each Hedging Party, an Event of Default will exist
         with respect to NSCFL if NSCFL fails to make, when due, any payment
         in respect of the Excess Hedging Transaction Exposure or the Excess
         Credit Agreement Exposure Amount required to be made by it or to
         otherwise comply with the provisions of Section 2(b) or 2(e) above
         in relation to the Excess Hedging Transaction Exposure or the Excess
         Credit Agreement Exposure Amount and such failure to pay or comply
         continues for one (1) Local Business Day after notice of that
         failure is given to NSCFL by such Hedging Party.

         (b)      SPECIAL DERIVATIVE EXPOSURE AMOUNT. The ISDA Agreement between
         NSCFL and each Hedging Party is hereby amended to provide that (i) an
         Additional Termination Event will exist with NSCFL as the Affected
         Party and the Affected Transactions shall be deemed to be all Special
         Derivatives entered into between NSCFL and each Hedging Party if NSCFL
         fails to make, when due, any payment in respect of the Excess Special
         Derivative Exposure required to be made by it or to otherwise comply
         with the provisions of Section 2(b) or 2(e) above in relation to the
         Excess Special Derivative Exposure and (ii) an Event of Default will
         exist with respect to NSCFL if NSCFL fails to make, when due, any
         payment in respect of the Excess Special Derivative Exposure required
         to be made by it or to otherwise comply with the provisions of Section
         2(b) or 2(e) above in relation to the Excess Special Derivative
         Exposure, and such failure to pay or comply continues for one Local
         Business Day after notice of that failure is given to NSCFL by such
         Hedging Party.

         (c)      IMMEDIATE TERMINATIONS OF SPECIAL DERIVATIVES: The Group
         Valuation Agent shall immediately notify each Hedging Party as soon
         as the Aggregate Special Derivative Exposure is equal to or exceeds
         CAD 135,000,000 (or any lower amount established in accordance with
         section 5(e) below). If the Aggregate Special Derivative Exposure at
         any time is equal to or exceeds CAD 135,000,000 (or the lower
         amount), notwithstanding any provision herein to the contrary, there
         shall be an automatic termination (on the date that the Group
         Valuation Agent determines the Aggregate Special Derivative Exposure
         is equal to or exceeds CAD 135,000,000 (or the lower amount)) of
         those Special Derivatives necessary to equal or exceed the Excess
         Special Derivative Exposure, beginning with the Special Derivatives
         (regardless of the respective Hedging Parties involved) that have
         the largest individual Positive Special Derivative Exposures (i.e.
         the Positive Special Derivative Exposure calculated as if each
         Special Derivative was the only Special Derivative entered into by a
         particular Hedging Party). For purposes of such termination, an
         Additional Termination Event shall be deemed to have occurred with

                                      -10-
<Page>

         NSCFL as the Affected Party and the Hedging Party as the
         Non-Affected Party, and the Special Derivatives that are designated
         as being terminated by the preceding sentence shall be deemed to be
         Affected Transactions. The Loss method of calculation shall be used
         in determining the amount payable and the Second Method shall apply
         for the purposes of Section 6(e) of the ISDA Agreement. The Group
         Valuation Agent shall immediately confirm to NSCFL, each Hedging
         Party and the Administration Agent the identity of the Special
         Derivatives that have been automatically terminated. Each Hedging
         Party shall immediately notify the Group Valuation Agent, NSCFL and
         the Administration Agent of the amount payable by NSCFL in respect
         of the automatically terminated Special Derivatives to which it is a
         party, the Administration Agent shall immediately notify NSCFL, the
         Group Valuation Agent and each Hedging Party as to whether or not an
         advance may be made under the Credit Agreement equal to those
         amounts and NSCFL shall pay those amounts not later than the second
         Local Business Day after such notice is given by the Hedging Party.
         If NSCFL fails to make any payment when due as required by this
         Section 5(c), or if the Administration Agent has notified NSCFL, the
         Group Valuation Agent and the Hedging Parties that an advance is not
         available under the Credit Agreement, then without further notice
         there shall be an automatic termination of all remaining Special
         Derivatives effective on the date that the Administration Agent
         gives notice that an advance is not available, or on the second
         Local Business Day if payment is not made, whichever is earlier. For
         purposes of such termination, an Event of Default shall be deemed to
         have occurred with NSCFL as the Defaulting Party. The Loss method of
         calculation shall be used in determining the amount payable and the
         Second Method shall apply for the purposes of Section 6(e) of the
         ISDA Agreement. Each Hedging Party shall immediately notify the
         Group Valuation Agent, NSCFL and the Administration Agent of the
         amount payable by or to NSCFL in respect of any further
         automatically terminated Special Derivatives to which it is a party.
         The ISDA Agreement between NSCFL and each Hedging Party is hereby
         amended to incorporate this Section 5(c).

         (d)      LIMIT ON LIABILITY UNDER SPECIAL DERIVATIVES: The ISDA
         Agreement between NSCFL and each Hedging Party is hereby amended to
         incorporate this Section 5(d). Notwithstanding any other terms of
         this Aggregate Repricing Agreement but in all other respects subject
         to the terms hereof, for as long as the 1999 Notes, the 2001 Notes
         or any Similar Notes (each as defined in the Credit Agreement) are
         outstanding and do not expressly permit the incurrence of Special
         Derivatives, the liability of the Restricted Parties (as defined in
         the Credit Agreement) in respect of all Special Derivatives
         outstanding at any time with all Hedging Parties is limited to an
         aggregate amount of CAD 150,000,000. The foregoing limitation shall
         not, however, in any way limit the liability of the Restricted
         Parties in respect of Hedging Transactions other than Special
         Derivatives, nor shall it prevent the Hedging Parties from
         recovering interest on Unpaid Amounts owing by the Restricted
         Parties in respect of terminated Special Derivatives, nor shall it
         apply to any derivative transaction that would have been a Special
         Derivative but for it not being reported to the Group Valuation
         Agent as required by this Aggregate Repricing Agreement. The
         aggregate liability of the Restricted Parties for the purpose of
         this Section 5(d) shall be calculated at any time using the methods
         described in Section 5(c) in respect of all Special Derivatives that
         have then been terminated and in respect of which there are Unpaid
         Amounts outstanding, by netting amounts payable by Hedging Parties
         to NSCFL against amounts payable by NSCFL to Hedging Parties, in
         each case under such terminated Special Derivatives. The agreement
         of the Hedging Parties to

                                      -11-
<Page>

         limit the liability of NSCFL is conditional upon such netting
         occurring. In order to effect the netting, any net amount payable by
         a Hedging Party to NSCFL (taking into account all terminated Special
         Derivatives between that Hedging Party and NSCFL) shall instead be
         paid to the Group Valuation Agent and distributed by it to the
         Hedging Parties to whom net amounts are payable by NSCFL in respect
         of Special Derivatives, PRO RATA in accordance with the respective
         net amounts payable to them. If, following such netting, the
         aggregate liability of the Restricted Parties in respect of Special
         Derivatives would exceed CAD 150,000,000 but for the limitation
         established in this section 5(d), the excess shall be borne by the
         Hedging Parties to whom amounts are payable by NSCFL in respect of
         Special Derivatives, PRO RATA in accordance with the respective net
         amounts that would have been payable to them but for the limitation.

         (e)      AMENDMENT TO LIMIT ON LIABILITY UNDER SPECIAL DERIVATIVES:
         NSCFL may from time to time reduce the CAD 150,000,000 limit
         specified in section 5(d), and thereafter increase it, in accordance
         with the following: (A) the limit shall never be less than CAD
         25,000,000 or more than CAD 150,000,000, (B) the references to CAD
         135,000,000 in the definition of "Permitted Special Derivative
         Exposure" and in section 5(c) and the reference to CAD 15,000,000 in
         the definition of "Excess Special Derivative Exposure" shall each be
         automatically reduced or increased by the same percentage that the
         CAD 150,000,000 limit specified in section 5(d) is reduced or
         increased, (C) any change in the limit must not result in there
         being a positive Excess Credit Agreement Exposure Amount or Excess
         Special Derivative Exposure, taking into account the changes in (B),
         (D) no amendment may be made within 30 days of the preceding
         amendment, and (E) NSCFL shall give the Group Valuation Agent at
         least ten Local Business Days' notice of the proposed amendment and
         the Group Valuation Agent shall promptly notify each of the Hedging
         Parties of the amendment. For greater certainty, references in this
         section 5(e) to particular CAD amounts specified in other sections
         or definitions are to the current amounts specified in those
         sections or definitions and, following any amendment pursuant to
         this section, references to those amounts shall be interpreted
         having regard to the previous amendment(s).

6.       RESTRICTED PAYMENTS/TRANSACTIONS

         (a)      RESTRICTED PAYMENTS. Upon any Early Termination Date occurring
                  with respect to a Hedging Transaction or any Hedging
                  Transactions being terminated prior to the stated maturity, in
                  each case, if the Hedging Party or Hedging Parties (for the
                  purposes of this provision, the "Payers") are required to make
                  a payment to NSCFL in accordance with the settlement
                  obligations under such Hedging Transaction(s), such payment
                  shall be made to NSCFL provided that immediately after such
                  payment and termination (i) the Aggregate Hedging Transaction
                  Exposure does not exceed CAD 150,000,000, (ii) the Aggregate
                  Special Derivative Exposure does not exceed the Permitted
                  Special Derivative Exposure and (iii) there is no Excess
                  Credit Agreement Exposure Amount. The Payers, NSCFL and the
                  Administration Agent shall consult the Group Valuation Agent
                  to determine if the Aggregate Hedging Transaction Exposure
                  will exceed CAD 150,000,000 or if the Aggregate Special
                  Derivative Exposure will exceed the Permitted Special
                  Derivative Exposure or if there will be any Excess Credit
                  Agreement Exposure Amount. In the event that the Aggregate
                  Hedging Transaction Exposure will exceed CAD 150,000,000 or in
                  the event that the

                                      -12-
<Page>

                  Aggregate Special Derivative Exposure will exceed the
                  Permitted Special Derivative Exposure or in the event that
                  there will be any Excess Credit Agreement Amount, in each
                  case, immediately after such payment and termination, NSCFL
                  agrees that the Payers may withhold the applicable payment,
                  and such failure to pay will not be a default under any
                  ISDA Agreement, until the Excess Hedging Transaction
                  Exposure or the Excess Special Derivative Exposure or the
                  Excess Credit Agreement Amount, as applicable, that would
                  have been created if the withheld payment had been made is
                  reduced in accordance with this Agreement and any payments
                  made by NSCFL hereunder to reduce the Excess Hedging
                  Transaction Exposure or the Excess Special Derivative
                  Exposure or the Excess Credit Agreement Exposure Amount, as
                  applicable, may be set off against amounts owed to NSCFL by
                  the Payers.

         (b)      RESTRICTED TRANSACTIONS. Each of the parties hereto agrees
                  that it shall not enter into any Special Derivative other than
                  a Floating Rate Transaction, an Oil and Gas Transaction, a
                  Pulp and Paper Transaction or a Special Derivative of a type
                  previously dealt with under this Section 6(b) without giving
                  at least ten Local Business Days' notice to the Group
                  Valuation Agent and without receiving the subsequent notice
                  from the Group Valuation Agent that is referred to below. The
                  parties agree that, upon any such notice being given to the
                  Group Valuation Agent, the Group Valuation Agent and the
                  Administration Agent, after consulting NSCFL, shall establish
                  a volatility factor for the additional type of Special
                  Derivative. The Group Valuation Agent shall then notify all
                  parties of the volatility factor that has been established.

7.       FURNISH SPECIFIED INFORMATION

         Section 4(a)(ii) of each ISDA Agreement between NSCFL and a Hedging
         Party that is a party hereto is deemed to be amended to read as
         follows:

         "(ii) any other documents specified in the Schedule, any Confirmation
         or the Aggregate Repricing Agreement dated as of 14 May, 2003 as
         amended, restated or replaced from time to time, entered into between,
         among others, Party B and Party A as a Hedging Party thereto; and"

8.       REPRESENTATIONS AND WARRANTIES

         Each party hereto represents and warrants to the other parties as
follows:

         (a)      it has full power and authority to execute and deliver this
                  Aggregate Repricing Agreement and to perform and observe the
                  provisions hereof;

         (b)      the execution, delivery and performance of this Aggregate
                  Repricing Agreement either have been or will be duly
                  authorized by all necessary corporate action and do not and
                  will not contravene any requirement of law, its charter or
                  by-laws or any contractual restriction or agreement binding on
                  or affecting such party or its assets; and

                                      -13-
<Page>

         (c)      this Aggregate Repricing Agreement has been duly and properly
                  executed and delivered by such party and constitutes and will
                  constitute the legal, valid and binding obligation of such
                  party enforceable in accordance with its terms.

9.       NOTICES

         Unless otherwise specified, all notices and other communications to be
         given to a party hereunder shall be given to the address, facsimile
         (confirmed if requested) or telephone number and to the individual or
         department specified by such party on Schedule B hereto or such other
         address, facsimile or telephone number as such party may hereafter
         specify for the purpose by notice given in accordance with this
         section. Unless otherwise specified, any notice, instruction or other
         communication shall be effective upon receipt if given in accordance
         with this section.

10.      AMENDMENTS

         (a)      No amendment, modification, supplement or waiver in respect of
                  this Aggregate Repricing Agreement will be effective unless in
                  writing and signed by each of the parties intended to be bound
                  thereby.

         (b)      If the Credit Agreement is amended in accordance with the
                  terms thereof, the parties shall in good faith negotiate and
                  enter into any amendments hereof which are reasonably required
                  as a result of such amendment of the Credit Agreement.

         (c)      Any person that is not a party hereto and is otherwise
                  entitled to be a party to an Other Secured Obligation (as
                  defined in the Credit Agreement) may become a Hedging Party
                  hereunder and agree to be bound hereby by executing such
                  instrument or agreement as the Group Valuation Agent may
                  reasonably prescribe in order to evidence its accession
                  hereto. Any ISDA agreement entered into between NSCFL and such
                  person shall have substantially the same terms and conditions
                  as the ISDA Agreement. In particular, each ISDA agreement
                  shall continue to be based on the 1992 ISDA Master Agreement
                  notwithstanding any subsequent form of ISDA Master Agreement
                  being issued.

11.      GROUP VALUATION AGENT

         (a)      The Group Valuation Agent shall have no duties or obligations
                  other than as expressed herein, and without limitation, the
                  Group Valuation Agent does not undertake, and the Hedging
                  Parties relieve the Group Valuation Agent from, any implied
                  duties (including fiduciary duties) and there shall not be
                  construed against the Group Valuation Agent any implied
                  covenants or terms. The Group Valuation Agent may execute or
                  perform, and may delegate the execution and performance of,
                  any of its duties hereunder through or to any of its own
                  employees or to a recognized dealer designated by it.
                  References herein or in any of the other agreements to the
                  Group Valuation Agent shall include references to any such
                  employees or recognized dealers to whom the Group Valuation
                  Agent shall have delegated any of it duties.

                                      -14-
<Page>

         (b)      The Group Valuation Agent shall not be obliged to incur or
                  subject itself to any cost or expenditure in connection
                  herewith unless it is first indemnified or furnished with
                  security by the Hedging Parties on a rateable basis, in form
                  and substance satisfactory to it (which may include further
                  agreements of indemnity or the deposit of funds or security or
                  other suitable measures).

         (c)      Neither the Group Valuation Agent nor its directors, officers,
                  agents or employees shall be liable to NSCFL or any Hedging
                  Party for any action taken or omitted to be taken by it or
                  them under or in connection with this Aggregate Repricing
                  Agreement except for its or their own gross negligence or
                  wilful misconduct. Without limiting the generality of the
                  foregoing, the Group Valuation Agent (i) makes no warranty or
                  representation to NSCFL nor any Hedging Party (except as set
                  out in section 8 above) and shall not be responsible to NSCFL
                  or any Hedging Party for the form, substance, accuracy or
                  completeness of this Aggregate Repricing Agreement or any
                  other documents, information or financial data made available
                  to the parties hereto, or for any statements, warranties or
                  representations made by others in or in connection with this
                  Aggregate Repricing Agreement; (ii) shall not have any duty to
                  ascertain or to inquire as to the existence of an Event of
                  Default or Potential Event of Default or the performance or
                  observance of any of the terms or conditions of this Aggregate
                  Repricing Agreement on the part of NSCFL or any Hedging Party;
                  (iii) shall not be responsible to NSCFL nor any Hedging Party
                  for the due execution, legality, validity enforceability,
                  genuineness, sufficiency or value of this Aggregate Repricing
                  Agreement other than the representations and warranties made
                  herein with respect to the Group Valuation Agent; and (iv)
                  shall incur no liability under or in respect of this Aggregate
                  Repricing Agreement by acting upon any notice, consent,
                  certificate or other instrument or writing (which may have
                  been sent by facsimile transmission, by telex or by hand)
                  believed by it in good faith to be genuine and signed or sent
                  by the proper party or parties.

         (d)      With respect to Hedging Transactions between Royal Bank of
                  Canada ("RBC") and NSCFL, RBC has the same rights and powers
                  under this Aggregate Repricing Agreement as any other Hedging
                  Party hereunder and may exercise the same as though it were
                  not the Group Valuation Agent and the term "Hedging Party" or
                  "Hedging Parties" shall, unless otherwise expressly indicated,
                  include it in its individual capacity. RBC and its affiliates
                  may accept deposits from, lend money to, act as trustee under
                  indentures of, and generally engage in any kind of business
                  with NSCFL and its affiliates or any person who may do
                  business with or own securities of NSCFL, all as if it were
                  not the Group Valuation Agent, and without any duty to account
                  therefor to the Hedging Parties.

12.      REPLACEMENT OF GROUP VALUATION AGENT

         In the event that: (A) the Group Valuation Agent resigns (which
         resignation shall be given in writing to the parties hereto with at
         least 5 Business Days notice); (B) the Group Valuation Agent materially
         breaches its duties hereunder; or (C) NSCFL or the other Hedging
         Parties notify the other parties to this Aggregate Repricing Agreement
         on at least 5 Business Days notice that they wish to replace the Group
         Valuation Agent, NSCFL will appoint a replacement Group Valuation Agent
         who is a Hedging Party with

                                      -15-
<Page>

         the consent of such successor and the consent of the remaining
         Hedging Parties, which consent shall not be unreasonably withheld.
         The successor Group Valuation Agent shall succeed to and become
         vested with all the rights, powers and duties of the Group Valuation
         Agent as described herein and the retiring Group Valuation Agent
         shall be discharged from its duties and obligations in its capacity
         as Group Valuation Agent.

13.      GOVERNING LAW AND SEVERABILITY

         This Aggregate Repricing Agreement shall be construed in accordance
         with and governed by the laws of the Province of British Columbia
         without reference to choice of law doctrine. Wherever possible each
         provision of this Aggregate Repricing Agreement shall be interpreted in
         such manner as to be effective and valid under applicable law, but if
         any provision of this Aggregate Repricing Agreement shall be prohibited
         by or be invalid or unenforceable under such law, such provision shall
         be ineffective to the extent of such prohibition, invalidity or
         unenforceability without otherwise affecting the validity or
         enforceability of such provision or the remaining provisions of this
         Aggregate Repricing Agreement.

14.      COUNTERPARTS

         This Aggregate Repricing Agreement (and any amendment hereto) may be
         executed and delivered in counterparts (including by facsimile
         transmission), each of which will be deemed an original.

                                      -16-
<Page>

IN WITNESS WHEREOF, the parties hereto have caused this Aggregate Repricing
Agreement to be duly executed by their respective authorized officers as of
the date first above written.

NORSKE SKOG CANADA FINANCE LIMITED                  ROYAL BANK OF CANADA, as a
                                                    Hedging Party and Group
                                                    Valuation Agent

By: /s/ authorized signatory                        By: /s/ authorized signatory
    ------------------------                            ------------------------

Name:                                               Name:

Title:                                              Title:

By: /s/ authorized signatory                        By: /s/ authorized signatory
    ------------------------                            ------------------------

Name:                                               Name:

Title:                                              Title:

[NOTE:  ADD OTHER SIGNATURE BLOCKS AS REQUIRED]

                                      -17-
<Page>

                                                    THE TORONTO-DOMINION BANK,
                                                    as a Hedging Party

                                                    By: /s/ authorized signatory
                                                        ------------------------

                                                    Name:

                                                    Title:

                                                    By: /s/ authorized signatory
                                                        ------------------------

                                                    Name:

                                                    Title:

[SIGNATURE PAGE FOR AGGREGATE REPRICING AGREEMENT DATED AS OF 14 MAY, 2003
RELATING TO NORSKE SKOG CANADA FINANCE LIMITED ET AL]

<PAGE>

                                                    MERRILL LYNCH CAPITAL
                                                    CANADA INC., as a Hedging
                                                    Party

                                                    By: /s/ authorized signatory
                                                        ------------------------

                                                    Name:

                                                    Title:

                                                    By: /s/ authorized signatory
                                                        ------------------------

                                                    Name:

                                                    Title:

[SIGNATURE PAGE FOR AGGREGATE REPRICING AGREEMENT DATED AS OF 14 MAY, 2003
RELATING TO NORSKE SKOG CANADA FINANCE LIMITED ET AL]

<PAGE>

                                                    THE BANK OF NOVA SCOTIA,
                                                    as a Hedging Party

                                                    By: /s/ authorized signatory
                                                        ------------------------

                                                    Name:

                                                    Title:

                                                    By: /s/ authorized signatory
                                                        ------------------------

                                                    Name:

                                                    Title:

[SIGNATURE PAGE FOR AGGREGATE REPRICING AGREEMENT DATED AS OF 14 MAY, 2003
RELATING TO NORSKE SKOG CANADA FINANCE LIMITED ET AL]

<PAGE>

                                                    BANK OF MONTREAL, as a
                                                    Hedging Party

                                                    By: /s/ authorized signatory
                                                        ------------------------

                                                    Name:

                                                    Title:

                                                    By: /s/ authorized signatory
                                                        ------------------------

                                                    Name:

                                                    Title:

[SIGNATURE PAGE FOR AGGREGATE REPRICING AGREEMENT DATED AS OF 14 MAY, 2003
RELATING TO NORSKE SKOG CANADA FINANCE LIMITED ET AL]

<PAGE>

                                                    HSBC BANK CANADA, as a
                                                    Hedging Party

                                                    By: /s/ authorized signatory
                                                        ------------------------

                                                    Name:

                                                    Title:

                                                    By: /s/ authorized signatory
                                                        ------------------------

                                                    Name:

                                                    Title:

[SIGNATURE PAGE FOR AGGREGATE REPRICING AGREEMENT DATED AS OF 14 MAY, 2003
RELATING TO NORSKE SKOG CANADA FINANCE LIMITED ET AL]

<PAGE>

                                                    LAURENTIAN BANK OF CANADA,
                                                    as a Hedging Party

                                                    By: /s/ authorized signatory
                                                        ------------------------

                                                    Name:

                                                    Title:

                                                    By: /s/ authorized signatory
                                                        ------------------------

                                                    Name:

                                                    Title:

[SIGNATURE PAGE FOR AGGREGATE REPRICING AGREEMENT DATED AS OF 14 MAY, 2003
RELATING TO NORSKE SKOG CANADA FINANCE LIMITED ET AL]

<PAGE>

                                                    CANADIAN WESTERN BANK,
                                                    as a Hedging Party

                                                    By: /s/ authorized signatory
                                                        ------------------------

                                                    Name:

                                                    Title:

                                                    By: /s/ authorized signatory
                                                        ------------------------

                                                    Name:

                                                    Title:

[SIGNATURE PAGE FOR AGGREGATE REPRICING AGREEMENT DATED AS OF 14 MAY, 2003
RELATING TO NORSKE SKOG CANADA FINANCE LIMITED ET AL]

<PAGE>

                                                     BANK OF AMERICA, N.A.
                                                     CANADA BRANCH, as a
                                                     Hedging Party

                                                    By: /s/ authorized signatory
                                                        ------------------------

                                                     Name:

                                                     Title:

                                                    By: /s/ authorized signatory
                                                        ------------------------

                                                     Name:

                                                     Title:

[SIGNATURE PAGE FOR AGGREGATE REPRICING AGREEMENT DATED AS OF 14 MAY, 2003
RELATING TO NORSKE SKOG CANADA FINANCE LIMITED ET AL]

<PAGE>

                                                    CANADIAN IMPERIAL BANK OF
                                                    COMMERCE, as a Hedging
                                                    Party

                                                    By: /s/ authorized signatory
                                                        ------------------------

                                                    Name:

                                                    Title:

                                                    By: /s/ authorized signatory
                                                        ------------------------

                                                    Name:

                                                    Title:

[SIGNATURE PAGE FOR AGGREGATE REPRICING AGREEMENT DATED AS OF 14 MAY, 2003
RELATING TO NORSKE SKOG CANADA FINANCE LIMITED ET AL]

<PAGE>

                                   SCHEDULE A

                               VOLATILITY FACTORS

The volatility factors for the currently contemplated types of Special
Derivatives are as follows:

Floating Rate Transactions - nil

Oil and Gas Transactions - 0.25

Pulp and Paper Transactions - 0.10

<PAGE>

                                   SCHEDULE B

                              ADDRESSES FOR NOTICE

NORSKE SKOG CANADA FINANCE LIMITED         ROYAL BANK OF CANADA
16TH FLOOR                                 2ND FLOOR, ROYAL BANK PLAZA
250 HOWE STREET                            200 BAY STREET
VANCOUVER, BRITISH COLUMBIA                TORONTO, ONTARIO
V6C 3R8                                    M5J 2W7

ATTENTION:  TREASURER                      ATTENTION:  MANAGING DIRECTOR
                                                       GLOBAL MIDDLE OFFICE

FACSIMILE NO.:  (604) 654-4254
TELEPHONE NO.:  (604) 654-4372             FACSIMILE NO.:  (416) 842-4334
                                           TELEPHONE NO.:  (416) 842-6656

HSBC BANK CANADA                           THE TORONTO-DOMINION BANK
SUITE 500, 885 WEST GEORGIA STREET         6TH FLOOR, TD TOWER
VANCOUVER, BRITISH COLUMBIA                66 WELLINGTON STREET WEST
V6C 3E9                                    TORONTO, ONTARIO
                                           M5K 1A2

ATTENTION:  HEAD OF TREASURY - WESTERN
            CANADA                         ATTENTION:   VICE-PRESIDENT
                                                        MARGINED ACCOUNTS

FACSIMILE NO.:  (604) 641-1841
TELEPHONE NO.:  (604) 641-1935             FACSIMILE NO.:  (416)-307-1222
                                           TELEPHONE NO.:  (416)-308-7000

[NOTE:  ADD ADDITIONAL ADDRESSES;  MULTIPLE CONTACTS
SHOULD BE PROVIDED IF POSSIBLE]

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