Document:

Exhibit 10.1

                       AMENDMENT NO. 1 TO CREDIT AGREEMENT

                  AMENDMENT NO. 1 (this "Amendment"), dated as of September 19,
2005, to CREDIT AGREEMENT, dated as of January 7, 2005 (as the same may be
amended, restated, supplemented or otherwise modified from time to time, the
"Credit Agreement"), among NOVELIS INC., a corporation organized under the
Canada Business Corporations Act (the "Company" or the "Canadian Borrower"),
NOVELIS CORPORATION, a Texas corporation (the "US Borrower"), NOVELIS
DEUTSCHLAND GMBH, a limited liability company (GmbH) organized under the laws of
Germany (the "German Borrower"), NOVELIS UK LIMITED, a limited company organized
under the laws of England and Wales with registered number 00279596 (the "UK
Borrower"), NOVELIS AG, a stock corporation (AG) organized under the laws of
Switzerland (the "Swiss Borrower" and, together with the Canadian Borrower, the
US Borrower, the German Borrower and the UK Borrower, the "Borrowers"), the
Lenders and Issuers party thereto and CITICORP NORTH AMERICA, INC. ("Citicorp"),
as administrative agent and collateral agent for the Lenders and the Issuers (in
such capacity, the "Administrative Agent"). Capitalized terms used herein but
not defined herein are used as defined in the Credit Agreement, as amended
hereby.

                              W I T N E S S E T H:

                  WHEREAS, the Borrowers have requested an amendment to the
Credit Agreement as herein set forth; and

                  WHEREAS, the Borrowers, the Lenders signatory to a consent and
the Administrative Agent have agreed to amend the Credit Agreement on the terms
and subject to the conditions herein provided.

                  NOW, THEREFORE, in consideration of the foregoing, the mutual
covenants and obligations herein set forth and other good and valuable
consideration, the adequacy and receipt of which is hereby acknowledged, and in
reliance upon the representations, warranties and covenants herein contained,
the parties hereto, intending to be legally bound, hereby agree as follows:

         Section 1. Amendments to the Credit Agreement. As of the Effective Date
                    ----------------------------------
(defined below), the Credit Agreement is hereby amended as follows:

         (a)      by inserting the following definitions in Section 1.1 (Defined
Terms) in alphabetical order (which definitions, if applicable, shall replace in
their entirety the corresponding definitions in such section):

                  "Bank Guarantee" means a bank guarantee Issued pursuant to
Section 2.4 (Letters of Credit) that provides for the Issuer to make payment
upon the presentation of specified documentation complying with the terms and
conditions of the guarantee.

<PAGE>

                  "Canadian Base Rate" means the rate determined by the
         Administrative Agent (i) in the case of Canadian Dollar Loans
         denominated in Canadian Dollars, as the rate displayed at or about
         10:30 a.m. (New York time) on display page CAPRIME of the Reuters
         Screen as the prime rate for loans denominated in Canadian Dollars by
         Canadian banks to borrowers in Canada; provided, however, that, in the
         event that such rate does not appear on the Reuters Screen on such day
         or if the basis of calculation of such rate is changed after the date
         hereof and, in the reasonable judgment of the Administrative Agent,
         such rate ceases to reflect each Canadian Lender's cost of funding to
         the same extent as on the date hereof, then the "Canadian Base Rate"
         shall be the average of the floating rate of interest per annum
         established (or commercially known) as "prime rate" for loans
         denominated in Canadian Dollars on such day by three major Canadian
         banks selected by the Administrative Agent or (ii) in the case of
         Canadian Dollar Loans denominated in Dollars, as the fluctuating
         interest rate per annum as shall be in effect from time to time, which
         rate per annum shall be equal at all times to the higher of the
         following:

                           (a)      the rate of interest announced publicly from
         time to time by Citibank, N.A., Canadian Branch, from time to time, as
         Citibank, N.A., Canadian Branch's base rate for loans denominated in
         Dollars; and

                           (b)      0.5% per annum plus the Federal Funds Rate.

                  "Cash Concentration Account" means any deposit account in the
         name of a Loan Party, located in a jurisdiction satisfactory to the
         Administrative Agent, that is subject to a first priority perfected
         security interest in favor of the Administrative Agent on terms and
         conditions satisfactory to the Administrative Agent.

                  "Intercompany Note" means a promissory note or other
         documentation evidencing intercompany loans issued by a Subsidiary of
         the Company in favor of the Company or another Subsidiary of the
         Company or by the Company in favor of a Subsidiary of the Company, in
         each case, in form and substance acceptable to the Administrative
         Agent.

                  "Issuer" means each Lender or Affiliate of a Lender that (a)
         in the case of letters of credit, is listed on the signature pages
         hereof as an "Issuer" or (b) in the case of letters of credit or Bank
         Guarantees, as the case may be, hereafter becomes an Issuer with
         respect to the letters of credit or Bank Guarantees, as the case may
         be, with the approval of the Administrative Agent and the Company by
         agreeing pursuant to an agreement with and in form and substance
         satisfactory to the Administrative Agent and the Company to be bound by
         the terms hereof applicable to Issuers.

                  "Letter of Credit" means any letter of credit or Bank
         Guarantee Issued pursuant to Section 2.4 (Letters of Credit).

                  "Minimum Currency Threshold" means (i) in the case of Loans
         denominated in Dollars, $5,000,000 or an integral multiple of
         $1,000,000 in excess thereof, (ii) in the case of Canadian Dollar Loans
         denominated in Canadian Dollars, C$5,000,000 or an integral multiple of
         C$1,000,000 in excess thereof, (iii) in the case of Loans denominated
         in Euros, (euro)5,000,000 or an integral multiple of (euro)1,000,000 in
         excess thereof, (iv) in the case of Loans denominated in Sterling,
         (pound)2,500,000 or an integral multiple of (pound)500,000 in excess
         thereof and (v) in the case of Loans denominated in Francs,
         CHF5,000,000 or an integral multiple of CHF1,000,000 in excess thereof.

                                                                               2
<PAGE>

                  "Permitted Benefit Plan Transfer" means the transfer of assets
         and accrued benefit liabilities from the Alcancorp Pension Plan to a
         pension plan sponsored by the U.S. Borrower in accordance with Section
         414(l) of the Code and Section 4044 of ERISA relating to current
         employees of the Company and its Subsidiaries; provided, however, that
         (i) the amount of the projected benefit obligations, as determined for
         financial reporting purposes in accordance with the Statement of
         Financial Accounting Standards No. 87, does not exceed the market value
         of the transferred assets by more than $75,000,000, (ii) cash charges
         to the Company or any of its Subsidiaries related to such transfer,
         excluding any annual contributions to, or other expenses incurred in
         connection with, such plan in the ordinary course of business, do not
         exceed $2,000,000 in the aggregate, (iii) no Default or Event of
         Default is continuing or would result therefrom and (iv) such transfer
         is completed by December 31, 2006, unless otherwise agreed to by the
         Administrative Agent in its sole discretion.

         (b)      by deleting Section 2.1(a)(ii) (The Commitments) in its
entirety and inserting in lieu thereof the following:

                           "(ii)    Canadian Dollar Commitments. On the terms
         and subject to the conditions contained in this Agreement, each
         Canadian Dollar Lender severally agrees to make loans in Canadian
         Dollars or Dollars (in either case, each a "Canadian Dollar Loan") to
         the Canadian Borrower from time to time on any Business Day during the
         period from the date hereof until the Revolving Credit Termination Date
         in an aggregate principal amount at any time outstanding for all such
         loans by such Canadian Dollar Lender not to exceed such Canadian Dollar
         Lender's Canadian Dollar Commitment; provided, however, that at no time
         shall any Canadian Dollar Lender be obligated to make a Canadian Dollar
         Loan in excess of such Canadian Dollar Lender's Ratable Portion of the
         Canadian Dollar Available Credit. Within the limits of the Canadian
         Dollar Commitment of each Canadian Dollar Lender and the Canadian
         Dollar Available Credit, amounts of Canadian Dollar Loans repaid may be
         reborrowed by the Canadian Borrower under this Section 2.1(a)(ii)."

         (c)      by deleting Section 2.2(a)(ii) (Borrowing Procedures) in its
entirety and inserting in lieu thereof the following:

                           "(ii)    Canadian Facility. Each Borrowing of
         Canadian Dollar Loans shall be made on a Notice of Borrowing given by
         the Canadian Borrower to the Administrative Agent not later than (x) in
         the case of a Borrowing of Canadian Base Rate Loans, 12:00 noon (New
         York time) one Business Day prior to the date of the proposed Borrowing
         and (y) in the case of a Borrowing of BA Rate Loans or Eurocurrency
         Rate Loans, 12:00 noon (New York time) three Business Days prior to the
         date of the proposed Borrowing. Each such Notice of Borrowing shall
         specify (A) the date of such proposed Borrowing, (B) the aggregate
         amount of such proposed Borrowing denominated in Canadian Dollars or
         Dollars, as the case may be, (C) whether any portion thereof will be of
         Canadian Base Rate Loans, BA Rate Loans or Eurocurrency Rate Loans, (D)
         the applicable Interest Period or Interest Periods for any such BA Rate
         Loans or Eurocurrency Rate Loans and (E) such Borrower's Available
         Credit (after giving effect to the proposed Borrowing). The Canadian
         Dollar Loans shall be made as Canadian Base Rate Loans unless, subject
         to Section 2.14 (Special Provisions Governing Eurocurrency Rate Loans
         and BA Rate Loans) the Notice of Borrowing specifies that all or a
         portion thereof shall be BA Rate Loans or Eurocurrency Rate Loans, as
         applicable. Each Borrowing shall be in an aggregate amount of not less
         than the Minimum Currency Threshold."

                                                                               3
<PAGE>

         (d)      by deleting "one or more Letters of Credit" in the lead-in
paragraph of Section 2.4(a)(Letters of Credit) and inserting in lieu thereof
"letters of credit or Bank Guarantees, as applicable";

         (e)      by inserting "or Bank Guarantees, as applicable," after "for
the Issuance of letters of credit" and before "of the type" in Section
2.4(a)(vi);

         (f)      by deleting Sections 2.8(a) and 2.8(b) (Optional Prepayments)
in their entirety and inserting in lieu thereof the following:

                           "(a)     Revolving Loans. Any Borrower may, upon (i)
         one Business Day's prior notice in the case of Base Rate Loans and (ii)
         at least three Business Days' prior notice in the case of Eurocurrency
         Rate Loans or BA Rate Loans to the Administrative Agent stating the
         proposed date and aggregate principal amount of the prepayment, prepay
         the outstanding principal amount of any or all of the Multi-Currency
         Loans, Canadian Dollar Loans and Swing Loans in whole or in part at any
         time in the applicable currencies; provided, however, that if any
         prepayment of any Eurocurrency Rate Loan or BA Rate Loan is made by
         such Borrower other than on the last day of an Interest Period for such
         Loan, such Borrower shall also pay all interest and fees accrued to the
         date of such prepayment on the principal amount prepaid and any amount
         owing pursuant to Section 2.14(e) (Breakage Costs); provided, further,
         that each partial prepayment shall be an aggregate principal amount not
         less than the applicable Minimum Currency Threshold. Upon the giving of
         such notice of prepayment, the principal amount of Revolving Loans
         specified to be prepaid shall become due and payable on the date
         specified for such prepayment.

                           (b)      Term Loans. Any Borrower may, upon (i) one
         Business Day's prior notice in the case of Base Rate Loans and (ii) at
         least three Business Days' prior notice in the case of Eurocurrency
         Rate Loans to the Administrative Agent stating the proposed date and
         aggregate principal amount of the prepayment, prepay the outstanding
         principal amount of the U.S. Term Loans and the Canadian Term Loans, in
         whole or in part, together with accrued interest to the date of such
         prepayment on the principal amount prepaid; provided, however, that if
         any prepayment of any Eurocurrency Rate Loan is made by a Borrower
         other than on the last day of an Interest Period for such Loan, such
         Borrower shall also pay any amounts owing pursuant to Section 2.14(e)
         (Breakage Costs); and, provided, further, that each partial prepayment
         shall be in an aggregate amount not less than the Minimum Currency
         Threshold and that any such partial prepayment shall be applied to
         reduce the remaining installments of the outstanding principal amount
         of the Term Loans as directed by the Company, but in any event on a pro
         rata basis between the U.S. Term Loans and the Canadian Term Loans.
         Upon the giving of such notice of prepayment, the principal amount of
         the Term Loans specified to be prepaid shall become due and payable on
         the date specified for such prepayment."

                                                                               4
<PAGE>

         (g)      by deleting Section 2.9(b) (Mandatory Prepayments) in its
entirety and inserting in lieu thereof the following:

                           "(b)     Other Prepayments.

                                    (i)      The Borrowers shall prepay the Term
                  Loans in accordance with clause (c) below, within 95 days
                  after the last day of each Fiscal Year, in an amount equal to
                  50% of Excess Cash Flow for the previous Fiscal Year;
                  provided, however, that, if the Leverage Ratio as of the last
                  day of such Fiscal Year is less than 3.0 to 1, then such
                  percentage shall be reduced to 25%.

                                    (ii)     The Borrowers shall promptly, but
                  in any event within five Business Days, prepay the Term Loans
                  in accordance with clause (c) below in an amount equal to any
                  Investment made pursuant to Section 8.3(e)(vii) (Investments);
                  provided, however, that such prepayment shall not be required
                  if on the date of such Investment, the Leverage Ratio, as of
                  the last day of the most recent Fiscal Quarter for which
                  Financial Statements have been delivered pursuant to Section
                  6.1(a) or (b) (Financial Statements), is less than 3.0 to 1.

                                    (iii)    The Borrowers shall promptly, but
                  in any event within five Business Days, prepay the Term Loans
                  in accordance with clause (c) below in an amount equal to any
                  Investment made pursuant to Section 8.3(e)(ix) (Investments)."

         (h)      by deleting Section 2.10(a)(i) (Interest) in its entirety and
inserting in lieu thereof the following:

                                    "(i)     Subject to the terms and conditions
                  set forth in this Agreement, at the option of the Borrower,
                  (x) all Dollar Loans and Term Loans shall be made as Base Rate
                  Loans or Eurocurrency Rate Loans, (y) all Canadian Dollar
                  Loans denominated in Canadian Dollars shall be made as
                  Canadian Base Rate Loans or BA Rate Loans and (z) all Canadian
                  Dollar Loans denominated in Dollars shall be made as Canadian
                  Base Rate Loans or Eurocurrency Rate Loans; provided, however,
                  that all such Loans shall be made as Base Rate Loans unless,
                  subject to Section 2.16 (Special Provisions Governing
                  Eurocurrency Rate Loans and BA Rate Loans), the Notice of
                  Borrowing specifies that all or a portion thereof shall be
                  Eurocurrency Rate Loans or BA Rate Loans, as the case may be.
                  All U.S. Swing Loans shall be made as Base Rate Loans, and all
                  Euro Loans, all U.K. Swing Loans and all Swiss Swing Loans
                  shall be made as Eurocurrency Rate Loans, subject to
                  conversion pursuant to Section 2.3(d) (Swing Loans)."

         (i)      by deleting Section 2.11(a) (Conversion/Continuation Option)
in its entirety and inserting in lieu thereof the following:

                           "(a)     Each Borrower may elect (i) at any time on
         any Business Day to convert (x) U.S. Base Rate Loans (other than Swing
         Loans) or Canadian Base Rate Loans denominated in Dollars or any
         portion thereof to Eurocurrency Rate Loans or (y) Canadian Base Rate
         Loans denominated in Canadian Dollars to BA Rate Loans and (ii) at the
         end of any applicable Interest Period, to convert Eurocurrency Rate
         Loans or BA Rate Loans or any portion thereof into the applicable Base
         Rate Loans or to continue such Eurocurrency Rate Loans or BA Rate Loans
         or any portion thereof for an additional Interest Period; provided,
         however, that the aggregate amount of the Eurocurrency Rate Loans or BA
         Rate Loans, as the case may be, for each Interest Period must be not
         less than the Minimum Currency Threshold. Each conversion or
         continuation shall be allocated among the Loans of each Lender in
         accordance with such Lender's Ratable Portion. Each such election shall
         be in substantially the form of Exhibit F (Form of Notice of Conversion
         or Continuation) (a "Notice of Conversion or Continuation") and shall
         be made by giving the Administrative Agent at least three Business
         Days' prior written notice specifying (A) the amount and type of Loan
         being converted or continued, (B) in the case of a conversion to or a
         continuation of Eurocurrency Rate Loans or BA Rate Loans, the
         applicable Interest Period and (C) in the case of a conversion, the
         date of such conversion."

                                                                               5
<PAGE>

         (j)      by deleting Section 6.1(g) (Financial Statements) in its
entirety and inserting in lieu thereof the following:

                           "(g)     Intercompany Loan Balances. Together with
         each delivery of any Financial Statement pursuant to clause (a), a
         summary of (i) the outstanding balance of all Pledged Intercompany
         Notes and (ii) the credit or debit balance of each of the Company and
         its Subsidiaries in all Cash Concentration Accounts, in each case, as
         of the last day of the Fiscal Quarter covered by such Financial
         Statement, certified by a Responsible Officer of the Company."

         (k)      by deleting Section 8.3(e)(v) (Investments) in its entirety
and inserting in lieu thereof the following:

                           "(v)     any Subsidiary of the Company that is not a
         Loan Party to any Loan Party (other than the German Borrower) or to
         another Subsidiary of the Company that is not a Loan Party; provided,
         however, that each such intercompany loan is subordinated to the
         Obligations of such Loan Party on terms satisfactory to the
         Administrative Agent;"

         (l)      by inserting the following new clauses (vii), (viii) and (ix)
in Section 8.3(e)(Investments):

                           "(vii)   the German Borrower to any other Loan Party
         (other than directly to the Company, Novelis Aluminium Holdings Company
         or Novelis Europe Holdings Ltd.); provided, however, that (A) no
         Default or Event of Default shall have occurred and be continuing or
         would result therefrom, (B) each such intercompany loan shall be
         evidenced by an Intercompany Note that is a Pledged Secured
         Intercompany Note and (C) for each such intercompany loan, a
         corresponding amount is applied to the payment of the Obligations to
         the extent required by Section 2.9(b)(ii) (Mandatory Prepayments);

                           (viii)   the Company or any Subsidiary of the Company
         to any Cash Concentration Account or from any such Cash Concentration
         Account to the Company or any Subsidiary of the Company; provided,
         however, that, at any time, (A) the aggregate amount owed by all
         Subsidiaries of the Company that are not Loan Parties to all such Cash
         Concentration Accounts minus the aggregate amount on deposit from such
         Persons in all such Cash Concentration Accounts shall not exceed
         $50,000,000 and (B) the aggregate amount on deposit from the German
         Borrower in all such Cash Concentration Accounts shall not exceed the
         lesser of (1) $25,000,000 and (2) the aggregate principal amount of the
         Term Loans prepaid under Section 2.8(b) (Optional Prepayments) after
         the Effective Date; or

                                                                               6
<PAGE>

                           (ix)     Novelis do Brasil Ltda to any Loan Party;
         provided, however, that (A) such intercompany loan shall be evidenced
         by an Intercompany Note that is a Pledged Secured Intercompany Note;
         and (B) for each such intercompany loan, a corresponding amount is
         applied to the payment of the Obligations as required by Section
         2.9(b)(iii) (Mandatory Prepayments);"

         (m)      by deleting Section 8.3(k) (Investments) in its entirety and
inserting in lieu thereof the following:

                           "(k)     Investments not otherwise permitted hereby,
         including other Investments in any Subsidiary of the Company or any
         other Permitted Joint Venture; provided, however, that (i) the Dollar
         Equivalent of the aggregate outstanding amount of all such Investments
         (less any dividends or distributions or repayment of principal received
         in respect thereof) shall not exceed $50,000,000 at any time and (ii)
         in the case of Investments in the form of intercompany loans, each such
         loan shall be (A) evidenced by a Pledged Secured Intercompany Note if
         such intercompany loan is from a Loan Party to any other Loan Party,
         (B) evidenced by a Pledged Intercompany Note if such intercompany loan
         is from a Loan Party to a Subsidiary of the Company that is not a Loan
         Party and (C) made from the proceeds of the Canadian Dollar Loans if
         such intercompany loan is from the Canadian Borrower to the German
         Borrower; and"

         (n)      by inserting the following new clause (l) in Section
8.3(Investments):

                           "(l)     Investments in the form of capital
         contributions to Novelis PAE and Novelis Specialites not to exceed
         $15,000,000 in the aggregate."

         (o)      by deleting Section 8.5(a) (Restricted Payments) in its
entirety and inserting in lieu thereof the following:

                           "(a)     (i) in the case of any Wholly-Owned
         Subsidiary of any Borrower, Restricted Payments by such Subsidiary to
         such Borrower or any Guarantor and (ii) in the case of any Subsidiary
         that is a Permitted Joint Venture, any Restricted Payment made by such
         Subsidiary to all Persons holding such Subsidiary's Stock; provided,
         however, that the Restricted Payments received by each Person that is
         not a Loan Party or a Subsidiary of a Loan Party shall not exceed such
         Person's pro rata interest in such Restricted Payments based upon such
         Person's ownership percentage of such Subsidiary's Stock (other than
         Restricted Payments of up to $13,000,000 required to be paid as a
         priority payment to Taihan Electric Wire Co., Ltd. under the
         Constituent Documents of NKL);"

         (p)      by deleting Section 8.5(c) (Restricted Payments) in its
entirety and inserting in lieu thereof the following:

                           "(c)     cash dividends on the Stock of the Company
         in an aggregate amount not to exceed the following amounts paid and
         declared in any Fiscal Year ending after the Closing Date: (i) for the
         Fiscal Year ending December 31, 2005, $45,000,000 and (ii) for each
         Fiscal Year thereafter, 50% of the Consolidated Net Income of the
         Company for the previous Fiscal Year; provided, however, that (A) the
         Restricted Payments described in this clause (c) shall not be permitted
         if a Default or Event of Default shall have occurred and be continuing
         at the date of declaration or payment thereof or would result therefrom
         and (B) Consolidated Net Income shall be calculated for purposes of
         this clause (c) without giving effect to non-cash after-tax gains and
         losses resulting from the mark-to-market of any Hedging Contract in
         accordance with the Statement of Financial Accounting Standards No. 133
         or non-cash after-tax gains or losses relating to any balance sheet
         translation in accordance with the Statement of Financial Accounting
         Standards No. 52 and, in either case, assuming an applicable tax rate
         equal to 35%."

                                                                               7
<PAGE>

         (q)      by inserting "(other than in connection with the Permitted
Benefit Plan Transfer)" in Section 9.1(h) (Events of Default) after "the
definition of 'ERISA Event' shall occur" and before "and the Dollar Equivalent."

         Section 2. Conditions Precedent. This Amendment shall become effective
                    --------------------
as of the date (the "Effective Date") on which each of the following conditions
precedent shall have been satisfied or duly waived:

         (a)      Certain Documents. The Administrative Agent shall have
received each of the following, in form and substance satisfactory to the
Administrative Agent:

                  (i)      this Amendment, duly executed by each of the Loan
Parties and the Administrative Agent;

                  (ii)     Acknowledgment and Consent, in the form set forth
hereto as Exhibit A, duly executed by each of the Requisite Lenders;

                  (iii)    such additional documentation as the Administrative
Agent may reasonably require.

         (b)      Payment of Fees Costs and Expenses. The Administrative Agent
shall have received payment of all fees, costs and expenses, including, without
limitation, all fees, costs and expenses of the Administrative Agent (including,
without limitation, the reasonable fees and out-of-pocket expenses of counsel
for the Administrative Agent) in connection with this Amendment, the Credit
Agreement and each other Loan Document, as required by Section 4 hereof.

         (c)      Representations and Warranties. Each of the representations
and warranties contained in Section 3 below shall be true and correct.

         (d)      No Default or Event of Default. After giving effect to this
Amendment, no Default or Event of Default shall have occurred and be continuing.

         Section 3. Representations and Warranties. Each Loan Party hereby
                    ------------------------------
jointly and severally represents and warrants to the Administrative Agent and
each Lender, with respect to all Loan Parties, as follows:

         (a)      After giving effect to this Amendment, each of the
representations and warranties in the Credit Agreement and in the other Loan
Documents are true and correct in all material respects on and as of the date
hereof as though made on and as of such date, except to the extent that any such
representation or warranty expressly relates to an earlier date and except for
changes therein expressly permitted by the Credit Agreement.

                                                                               8
<PAGE>

         (b)      The execution, delivery and performance by each Loan Party of
this Amendment have been duly authorized by all requisite corporate, limited
liability company or limited partnership action on the part of such Loan Party
and will not violate any of the articles of incorporation or bylaws (or other
constituent documents) of such Loan Party.

         (c)      This Amendment has been duly executed and delivered by each
Loan Party, and each of this Amendment and the Credit Agreement as amended
hereby constitutes the legal, valid and binding obligation of such Loan Party,
enforceable against such Loan Party in accordance with their terms, except as
the same may be limited by bankruptcy, insolvency, reorganization, moratorium or
other similar laws affecting the rights of creditors generally and by general
principles of equity.

         (d)      After giving effect to this Amendment, no Default or Event of
Default has occurred and is continuing as of the date hereof.

         Section 4. Costs and Expenses. As provided in Section 11.3(a) (Costs
                    ------------------
and Expenses) of the Credit Agreement, the Borrower agrees to reimburse the
Administrative Agent for all reasonable fees, costs and expenses, including the
reasonable fees, costs and expenses of counsel or other advisors for advice,
assistance or other representation in connection with this Amendment.

         Section 5. Reference to and Effect on the Loan Documents.
                    ---------------------------------------------

         (a)      As of the Effective Date, each reference in the Credit
Agreement and the other Loan Documents to "this Agreement," "hereunder,"
"hereof," "herein," or words of like import, and each reference in the other
Loan Documents to the Credit Agreement (including, without limitation, by means
of words like "thereunder", "thereof" and words of like import), shall mean and
be a reference to the Credit Agreement as amended hereby, and this Amendment and
the Credit Agreement shall be read together and construed as a single
instrument. Each of the table of contents and lists of Exhibits and Schedules of
the Credit Agreement shall be amended to reflect the changes made in this
Amendment.

         (b)      Except as expressly amended hereby, all of the terms and
provisions of the Credit Agreement and all other Loan Documents are and shall
remain in full force and effect and are hereby ratified and confirmed.

         (c)      The execution, delivery and effectiveness of this Amendment
shall not, except as expressly provided herein, operate as a waiver of any
right, power or remedy of the Administrative Agent, any Lender or any Issuer
under the Credit Agreement or any Loan Document, or constitute a waiver or
amendment of any other provision of the Credit Agreement or any Loan Document
except as and to the extent expressly set forth herein.

         (d)      Each Loan Party hereby confirms that the guaranties, security
interests and liens granted pursuant to the Loan Documents continue to guarantee
and secure the Obligations as set forth in the Loan Documents and that such
guaranties, security interests and liens remain in full force and effect.

         Section 6. Counterparts. This Amendment may be executed in any number
                    ------------
of counterparts and by different parties hereto in separate counterparts, each
of which when so executed shall be deemed to be an original and all of which
taken together shall constitute one and the same agreement. Receipt by the
Administrative Agent of a facsimile copy of an executed signature page hereof
shall constitute receipt by the Administrative Agents of an executed counterpart
of this Amendment.

                                                                               9
<PAGE>

         Section 7. Governing Law. This Amendment and the rights and obligations
                    -------------
of the parties hereto shall be governed by, and construed and interpreted in
accordance with, the law of the State of New York. Section 8. Headings. Section
headings contained in this Amendment are included herein for convenience of
reference only and shall not constitute a part of this Amendment for any other
purposes.

         Section 9. Waiver of Jury Trial. EACH OF THE PARTIES HERETO IRREVOCABLY
                    --------------------
WAIVES TRIAL BY JURY IN ANY ACTION OR PROCEEDING WITH RESPECT TO THIS AMENDMENT
OR ANY OTHER LOAN DOCUMENT.

                            [SIGNATURE PAGES FOLLOW]

                                                                              10
<PAGE>

        IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed by their respective officers and members thereunto duly authorized, on
the date indicated below.

                                        NOVELIS INC.
                                        as Borrower and Guarantor

                                        By:
                                               ---------------------------------
                                        Name:
                                        Title:

                                        NOVELIS CORPORATION,
                                        as Borrower and Guarantor

                                        By:
                                               ---------------------------------
                                        Name:
                                        Title:

                                        NOVELIS DEUTSCHLAND GMBH,
                                        as Borrower and Guarantor

                                        By:
                                               ---------------------------------
                                        Name:
                                        Title:

                                        NOVELIS UK LIMITED,
                                        as Borrower and Guarantor

                                        By:
                                               ---------------------------------
                                        Name:
                                        Title:

                                        NOVELIS AG,
                                        as Borrower and Guarantor

                                        By:
                                               ---------------------------------
                                        Name:
                                        Title:

                                        EUROFOIL INC. (USA),
                                        as Guarantor

                                        By:
                                               ---------------------------------
                                        Name:
                                        Title:

                   [SIGNATURE PAGE TO NOVELIS AMENDMENT NO. 1]

<PAGE>

                                        NOVELIS PAE CORPORATION,
                                        as Guarantor

                                        By:
                                               ---------------------------------
                                        Name:
                                        Title:

                                        NOVELIS CAST HOUSE TECHNOLOGY LTD.,
                                        as Guarantor

                                        By:
                                               ---------------------------------
                                        Name:
                                        Title:

                                        4260848 CANADA INC.,
                                        as Guarantor

                                        By:
                                               ---------------------------------
                                        Name:
                                        Title:

                                        4260856 CANADA INC.,
                                        as Guarantor

                                        By:
                                               ---------------------------------
                                        Name:
                                        Title:

                                        NOVELIS EUROPE HOLDINGS LTD.,
                                        as Guarantor

                                        By:
                                               ---------------------------------
                                        Name:
                                        Title:

                                        NOVELIS UK LTD.,
                                        as Guarantor

                                        By:
                                               ---------------------------------
                                        Name:
                                        Title:

                   [SIGNATURE PAGE TO NOVELIS AMENDMENT NO. 1]

<PAGE>

                                        NOVELIS DO BRASIL LTDA,
                                        as Guarantor

                                        By:
                                               ---------------------------------
                                        Name:
                                        Title:

                                        NOVELIS SWITZERLAND S.A.,
                                        as Guarantor

                                        By:
                                               ---------------------------------
                                        Name:
                                        Title:

                                        NOVELIS TECHNOLOGY AG,
                                        as Guarantor

                                        By:
                                               ---------------------------------
                                        Name:
                                        Title:

                                        NOVELIS ALUMINIUM HOLDINGS COMPANY,
                                        as Guarantor

                                        By:
                                               ---------------------------------
                                        Name:
                                        Title:

                   [SIGNATURE PAGE TO NOVELIS AMENDMENT NO. 1]

<PAGE>

                                        CITICORP NORTH AMERICA, INC.,
                                        as Administrative Agent under the
                                        Credit Agreement

                                        By:
                                               ---------------------------------
                                        Name:
                                        Title:
                                        Date:

                   [SIGNATURE PAGE TO NOVELIS AMENDMENT NO. 1]EX-10.1

MORGUARD REAL ESTATE INVESTMENT TRUST

 

Landlord

- and -

DELPHAX TECHNOLOGIES CANADA LIMITED

Tenant

LEASE OF INDUSTRIAL SPACE

SINGLE TENANT INDUSTRIAL PROJECT

	 	 	 
	LEASED PREMISES:

	 	5030/5040 Timberlea Blvd.

Mississauga, Ontario

L4W 2S5

1

I N D E X

	 	 	 	 	 	 	 	 	 
	SECTIONPAGE
	 
	 	Term Sheet
	 	 	1	 
	 
	 	ARTICLE 1.00 - DEFINITIONS	 	 	 	 
	1.01
	 	Definitions
	 	 	3	 
	 
	 	ARTICLE 2.00 - GRANT OF LEASE AND GENERAL COVENANTS	 	 	 	 
	2.01
	 	Grant
	 	 	3	 
	2.02
	 	Landlord's General Covenants
	 	 	3	 
	2.03
	 	Tenant's General Covenants
	 	 	3	 
	 
	 	ARTICLE 3.00 - TERM AND POSSESSION	 	 	 	 
	3.01
	 	Term
	 	 	4	 
	3.02
	 	(Intentionally Deleted)
	 	 	4	 
	3.03
	 	(Intentionally Deleted)
	 	 	4	 
	3.04
	 	Acceptance of Leased Premises
	 	 	4	 
	 
	 	ARTICLE 4.00 - RENT	 	 	 	 
	4.01
	 	Rent
	 	 	4	 
	4.02
	 	(Intentionally Deleted)
	 	 	4	 
	4.03
	 	Intent
	 	 	5	 
	4.04
	 	Payment of Rent - General
	 	 	5	 
	4.05
	 	Partial Month
	 	 	5	 
	4.06
	 	Payment of Tenant's Occupancy Costs
	 	 	5	 
	4.07
	 	Area Determination
	 	 	6	 
	4.08
	 	(Intentionally Deleted)
	 	 	6	 
	 
	 	ARTICLE 5.00 - USE, OCCUPATION AND CONTROL	 	 	 	 
	5.01
	 	Use of Leased Premises
	 	 	7	 
	5.02
	 	Compliance with Laws
	 	 	7	 
	5.03
	 	Prohibited Uses
	 	 	8	 
	5.04
	 	Hazardous Use
	 	 	8	 
	5.05
	 	Tenant’s Security Interest
	 	 	8	 
	5.06
	 	Rules and Regulations
	 	 	8	 
	5.07
	 	Permitted Signs
	 	 	8	 
	5.08
	 	Window Coverings
	 	 	8	 
	5.09
	 	Authorization of Enquiries
	 	 	8	 
	5.10
	 	Records
	 	 	9	 
	5.11
	 	Overloading
	 	 	9	 
	5.12
	 	Telecommunications
	 	 	9	 
	 
	 	ARTICLE 6.00 - MAINTENANCE, REPAIR AND ALTERATIONS	 	 	 	 
	 
	 	BY LANDLORD	 	 	 	 
	6.01
	 	Maintenance, Repair and Replacement
	 	 	9	 
	6.02
	 	Alterations by Landlord
	 	 	9	 
	6.03
	 	Access by Landlord
	 	 	9	 
	6.04
	 	Energy Conservation
	 	 	9	 
	6.05
	 	Supervision and Extended Services
	 	 	10	 
	6.06
	 	Landlord's Work
	 	 	10	 
	6.07
	 	Interruption
	 	 	10	 
	 
	 	ARTICLE 7.00 - PAYMENT FOR SERVICES AND MAINTENANCE, REPAIR AND	 	 	 	 
	 
	 	ALTERATIONS BY TENANT	 	 	 	 
	7.01
	 	Utilities
	 	 	10	 
	7.02
	 	Heating, Ventilation and Air Conditioning
	 	 	10	 
	7.03
	 	Alterations by Tenant
	 	 	10	 
	7.04
	 	Tenant's Trade Fixtures and Personal Property
	 	 	11	 
	7.05
	 	Maintenance and Repair
	 	 	11	 
	7.06
	 	Inspection
	 	 	12	 
	7.07
	 	Failure to Maintain
	 	 	12	 
	7.08
	 	Liens
	 	 	12	 
	7.09
	 	Roof
	 	 	12	 
	 
	 	ARTICLE 8.00 - TAXES	 	 	 	 
	8.01
	 	Taxes Payable by Landlord
	 	 	12	 
	8.02
	 	Taxes Payable by Tenant
	 	 	13	 
	8.03
	 	GST
	 	 	13	 
	8.04
	 	Right to Contest
	 	 	13	 
	 
	 	ARTICLE 9.00 - INSURANCE, LIABILITY AND ENVIRONMENTAL	 	 	 	 
	9.01
	 	Landlord's Insurance
	 	 	13	 
	9.02
	 	Tenant's Insurance
	 	 	14	 
	9.03
	 	Placement of Tenant’s Insurance by Landlord
	 	 	15	 
	9.04
	 	Limitation of Landlord's Liability
	 	 	15	 
	9.05
	 	Environmental Issues
	 	 	15	 
	 
	 	ARTICLE 10.00 - DAMAGE AND DESTRUCTION	 	 	 	 
	10.01
	 	Limited Damage
	 	 	18	 
	10.02
	 	Major Damage
	 	 	18	 
	10.03
	 	No Abatement
	 	 	18	 
	10.04
	 	Notify Landlord
	 	 	18	 
	10.05
	 	Expropriation
	 	 	18	 
	 
	 	ARTICLE 11.00 - DEFAULT	 	 	 	 
	11.01
	 	Arrears
	 	 	19	 
	11.02
	 	Costs of Enforcement
	 	 	19	 
	11.03
	 	Performance of Tenant's Obligations
	 	 	19	 
	11.04
	 	Remedies on Default
	 	 	19	 
	11.05
	 	Availability of Remedies
	 	 	20	 
	11.06
	 	Waiver
	 	 	20	 
	11.07
	 	Waiver of Exemption and Redemption
	 	 	21	 
	11.08
	 	Companies' Creditors Arrangement Act
	 	 	21	 
	 
	 	ARTICLE 12.00 - ASSIGNMENT, SUBLETTING AND OTHER TRANSFERS	 	 	 	 
	12.01
	 	Request for Consent
	 	 	21	 
	12.02
	 	Basis for Consent
	 	 	21	 
	12.03
	 	Terms and Conditions Relating to Consents
	 	 	22	 
	12.04
	 	Subsequent Transfers
	 	 	22	 
	12.05
	 	Profit Rents upon Transfers
	 	 	22	 
	12.06
	 	Advertising
	 	 	22	 
	12.07
	 	Grant of Security Interest by Transferee
	 	 	23	 
	 
	 	ARTICLE 13.00 - TRANSFERS BY LANDLORD	 	 	 	 
	13.01
	 	Sale, Conveyance and Assignment
	 	 	23	 
	13.02
	 	Effect of Transfer
	 	 	23	 
	13.03
	 	Subordination
	 	 	23	 
	13.04
	 	Attornment
	 	 	23	 
	13.05
	 	Effect of Attornment
	 	 	23	 
	13.06
	 	Repurchase
	 	 	23	 
	 
	 	ARTICLE 14.00 - SURRENDER	 	 	 	 
	14.01
	 	Possession and Restoration
	 	 	24	 
	14.02
	 	Tenant's Trade Fixtures and Personal Property
	 	 	24	 
	14.03
	 	Overholding
	 	 	24	 
	 
	 	ARTICLE 15.00 - GENERAL	 	 	 	 
	15.01
	 	Estoppel Certificates
	 	 	25	 
	15.02
	 	Entire Agreement
	 	 	25	 
	15.03
	 	Registration of Lease
	 	 	25	 
	15.04
	 	(Intentionally Deleted)
	 	 	25	 
	15.05
	 	"For Lease" Signs	 	 	25	 
	15.06
	 	Unavoidable Delays
	 	 	25	 
	15.07
	 	Limitation of Recourse
	 	 	25	 
	15.08
	 	Notice
	 	 	26	 
	15.09
	 	Delegation of Authority
	 	 	26	 
	15.10
	 	Relationship of Parties
	 	 	26	 
	15.11
	 	Governing Law
	 	 	26	 
	15.12
	 	Amendment or Modification
	 	 	26	 
	15.13
	 	Legal and Administration Costs
	 	 	26	 
	15.14
	 	Construction
	 	 	26	 
	15.15
	 	Captions and Headings
	 	 	26	 
	15.16
	 	Interpretation
	 	 	27	 
	15.17
	 	Time of the Essence
	 	 	27	 
	15.18
	 	Successors and Assigns
	 	 	27	 
	15.19
	 	Counterparts
	 	 	27	 
	15.20
	 	Further Schedules
	 	 	27	 
	15.21
	 	Independent Legal Advice
	 	 	27	 
	15.22
	 	No Offer
	 	 	27	 
	15.23
	 	(Intentionally Deleted
	 	 	27	 
	15.24
	 	Survival of Covenants and Indemnities
	 	 	28	 
	15.25
	 	Exculpatory Provisions
	 	 	28	 
	15.26
	 	Brokerage Commissions
	 	 	28	 
	15.27
	 	Covenants to be Performed at Landlord's Option
	 	 	28	 
	15.28
	 	Radiation
	 	 	28	 
	15.29
	 	Underground and Aboveground Storage Tanks
	 	 	28	 

SCHEDULES

	 	 	 	 	 	 	 	 	 
	Schedule A
	 	 	—	 	 	Plan of Project

	Schedule A1
	 	 	—	 	 	Legal Description of Land

	Schedule B
	 	 	—	 	 	Definitions

	Schedule C
	 	 	—	 	 	Rules and Regulations

	Schedule D
	 	 	—	 	 	Landlord's and Tenant's Work

	Schedule E
	 	 	—	 	 	Additional Covenants, Agreements and Conditions (if any)

	Schedule F
	 	 	—	 	 	(Intentionally Deleted)

	Schedule G
	 	 	—	 	 	Security Interest - Remedies on Default

	Schedule H
	 	 	—	 	 	Contents of Leased Premises

	Schedule I
	 	 	—	 	 	Certificate of Compliance

2

PAGE 1 OF TERM SHEET — FORMING PART OF LEASE OF INDUSTRIAL SPACE — SINGLE TENANT

	 	 	 	 	 	 	 	 	 
	1.
	 		(a)		 	LANDLORD: MORGUARD REAL ESTATE INVESTMENT TRUST

	 
	 	 	 	 	 	ADDRESS:

	 
	 	 	 	 	 	c/o Morguard Investments Limited TELEPHONE:    905.281.3800
	 
	 	 	 	 	 	800-55 City Centre Drive  FAX NUMBER:  905.281.4826
	 
	 	 	 	 	 	Mississauga, Ontario

	 
	 	 	 	 	 		L5B 1M3	
	 
	 	 	 	 	 	Attention: Vice President, Property

	 
	 	 	 	 	 	Management, Office/Industrial, Eastern Canada

(b) LANDLORD’S HEAD OFFICE:

	 	 	 	 	 	 	 	 	 
	c/o Morguard Investments Limited	 	TELEPHONE: 905.281.3800

	800 – 55 City Centre Drive
	 	FAX NUMBER:
	 	 	905.281.1800	 
	Mississauga, ON L5B 1M3
	 	 	 	 	 	 	 	 

Attention: President

(c) Landlord’s “Environmental Contact”: Toronto Industrial Operations Manager

	 	(d)	 	Morguard Realty Holdings Inc. holds registered title to the Project as nominee
of the Landlord *

	 	 	 	 	 	 	 	 	 
	2.
	 	TENANT (legal name):
	 	DELPHAX TECHNOLOGIES
	 
	 	 	 	 	 	CANADA LIMITED
	 
	 	 	 	 	 	TELEPHONE:  905.238.2961

	 
	 	ADDRESS:
	 	FAX NUMBER: 905.238.3402

	 
	 	5030-5040 Timberlea Blvd.	 	 	 	 
	 
	 	Mississauga, Ontario
	 	 	 	 
	 
	 	 	L4W 2S5	 	 	 	 	 
	 
	 	Attention: Ray Vella
	 	 	 	 
	 
	 	Sean Gallagher
	 	 	 	 
	 
	 	TENANT'S HEAD OFFICE:
	 	TELEPHONE:

	 
	 	 	 	 	 	FAX NUMBER:

	3.
	 	PROJECT NAME:
	 	5030-5040 Timberlea Blvd.
	 
	 	MUNICIPAL ADDRESS OF PROJECT:
	 	5030-5040 Timberlea Blvd.
	 
	 	 	 	 	 	Mississauga, Ontario

4. LEASED PREMISES:

Attached as Schedule A to this Lease is a plan of the Project showing the Leased Premises by
hatching.

5. RENTABLE AREA OF BUILDING:

178,878 square feet subject to adjustment in accordance with the definition of Rentable Area
and Section 4.07.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	6.
	 	 	(a)	 	 	SECURITY DEPOSIT:
	 	$	0.00	 	 	(SECTION 4.02)

	 
	 	 	(b)	 	 	OTHER DEPOSIT:
	 	$	0.00	 	 	(towards first month’s Rent)

	 
	 	 	 	 	 	 	 	 	 	$	0.00	 	 	(towards last month’s Rent)

PAGE 2 OF TERM SHEET — FORMING PART OF LEASE OF INDUSTRIAL SPACE — SINGLE TENANT

	 	 	 	 	 	 	 
	7.

	 	TERM:
	 	5 years, 0 months, 0 days.
	 	

	 
	 	 	 	 	 	 
	
 
	 	(a)
	 	FIRST DAY OF TERM:
	 	December 1, 2006
	 
	 	 	 	 	 	 
	
 
	 	(b)
	 	LAST DAY OF TERM:
	 	November 30, 2011

8. BASIC RENT:

From: December 1, 2006 To: November 30, 2007 $1,010,660.70 per annum $84,221.73 per mo.
calculated at a rate of $5.65 per square foot per annum of the Rentable Area of the Leased
Premises;

From: December 1, 2007 To: November 30, 2008 $1,037,492.40 per annum $86,457.70 per mo.
calculated at a rate of $5.80 per square foot per annum of the Rentable Area of the Leased
Premises;

From: December 1, 2008 To: November 30, 2009 $1,064,324.10 per annum $88,693.68 per mo.
calculated at a rate of $5.95 per square foot per annum of the Rentable Area of the Leased
Premises;

From: December 1, 2009 To: November 30, 2010 $1,091,155.80 per annum $90,929.65 per mo.
calculated at a rate of $6.10 per square foot per annum of the Rentable Area of the Leased
Premises;

From: December 1, 2010 To: November 30, 2011 $1,117,987.50 per annum $93,165.63 per mo.
calculated at a rate of $6.25 per square foot per annum of the Rentable Area of the Leased
Premises;

	 	9.	 	USE OF LEASED PREMISES:

The Leased Premises shall be used solely for the purpose of office, warehousing, light
manufacturing, assembly, laboratory and testing facilities (manufactures and distributes
continuous feed and cut-sheet electronic page printing systems, print management software,
high speed on-press variable printing systems, high-speed image output models and related
components and supplies, and for no other purpose. The Leased Premises shall not be used
for any use prohibited by Article 5.00 or Section 9.05.

Additional Covenants, Agreements and Conditions (if any) listed here are more particularly set out
in Schedule E.

	 	1.	 	Option

	 	2.	 	Restoration

	 	3.	 	Structural Defects

	 	4.	 	Right of First Offer to Purchase

	 	5.	 	Right of First Refusal to Purchase

	 	6.	 	Consent to Sublease

3

LEASE OF INDUSTRIAL SPACE

SINGLE TENANT INDUSTRIAL PROJECT

THIS LEASE is made as of the 3rd day of August, 2005.

BETWEEN:

MORGUARD REAL ESTATE INVESTMENT TRUST

(the “Landlord”)

AND:

DELPHAX TECHNOLOGIES CANADA LIMITED

a company incorporated under the laws of the Province of Ontario

(the “Tenant”)

IN CONSIDERATION of the mutual covenants contained herein, the parties hereby agree as follows:

ARTICLE 1.00 — DEFINITIONS

1.01 Definitions — In this Lease the terms defined in Schedule B shall have the meanings
designated therein respectively.

ARTICLE 2.00 — GRANT OF LEASE AND GENERAL COVENANTS

2.01 Grant — The Landlord hereby leases to the Tenant and the Tenant hereby leases from the
Landlord the Leased Premises, to have and to hold during the Term, subject to the terms and
conditions of this Lease.

2.02 Landlord’s General Covenants — The Landlord covenants with the Tenant:

	 	(a)	 	subject to the provisions of this Lease, for quiet enjoyment of the Leased Premises so long
as the Tenant shall observe and perform all of the covenants and obligations of the Tenant
herein; and

(b) to observe and perform all the covenants and obligations of the Landlord herein.

2.03 Tenant’s General Covenants — The Tenant covenants with the Landlord:

(a) to pay Rent without any deduction, abatement or set-off whatsoever; and

(b) to observe and perform all the covenants and obligations of the Tenant herein.

ARTICLE 3.00 — TERM AND POSSESSION

3.01 Term — The Term of this Lease shall begin on the Commencement Date and end on the date
set out in Item 7(b) of the Term Sheet unless terminated earlier as provided in this Lease.

3.02 (Intentionally Deleted)

3.03 (Intentionally Deleted)

3.04 Acceptance of Leased Premises — Taking possession of, or occupation of, all or any
part of the Leased Premises by the Tenant or its contractors or subcontractors shall be conclusive
evidence as against the Tenant that the Leased Premises or such part thereof are in satisfactory
condition on the date of possession or occupation subject only to latent defects and to
deficiencies (if any) listed in writing in a notice delivered by the Tenant to the Landlord not
more than 10 days after the date of possession or occupation.

ARTICLE 4.00 — RENT

4.01 Rent  — The Tenant shall pay to the Landlord as Rent for the Leased Premises the
aggregate of:

	 	(a)	 	Basic Rent in respect of each year of the Term, payable in advance and without notice or
demand in monthly instalments as set out in Item 8 of the Term Sheet commencing on the
Commencement Date and on the first day of each calendar month thereafter during the Term;

	 	(b)	 	Tenant’s Occupancy Costs, payable in monthly instalments at the times and in the manner
provided in Section 4.06; and

	 	(c)	 	all amounts (other than payments under Subsections 4.01(a) and (b)) payable by the Tenant to
the Landlord under this Lease, at the times and in the manner provided in this Lease or, if
not so provided, as reasonably required by the Landlord.

4.02 (Intentionally Deleted)

4.03 Intent — It is the purpose and intent of the Landlord and the Tenant that this Lease
and the Rent payable under Section 4.01 shall be fully net and carefree to the Landlord.
Accordingly, subject only to the exceptions stated herein, the Tenant will pay or will reimburse to
the Landlord all expenses relating to the Leased Premises, their use and occupancy, their contents,
or the business carried on therein, or the part of such costs attributable thereto. Nothing in
this Lease shall limit the generality of this Section. The Tenant will not be responsible for the
Landlord’s income taxes. Capital Tax and GST are not income taxes for the purposes of this Lease.

4.04 Payment of Rent — General — All amounts payable by the Tenant to the Landlord pursuant
to this Lease shall be deemed to be Rent and shall be payable and recoverable as Rent in the manner
herein provided and the Landlord shall have all rights against the Tenant for default in any such
payment as in the case of arrears of Rent. Rent shall be paid to the Landlord in lawful money of
Canada, without deduction, abatement or set-off at the local address of the Landlord set out in
Item 1 of the Term Sheet or to such other Person or such other address as the Landlord may from
time to time designate in writing. The Tenant’s obligation to pay Rent shall survive the
expiration or earlier termination of this Lease. Any Rent or other sum received or accepted by the
Landlord and paid by anyone other than the Tenant, on behalf of the Tenant, shall not release or in
any way affect the covenants of the Tenant set out in this Lease and shall not be deemed to
constitute or evidence the Landlord’s consent to a Transfer under Article 12.00. Any Rent or other
sum received by the Landlord from or for the account of the Tenant while the Tenant is in default
under this Lease may be applied at the Landlord’s option to the satisfaction in whole or in part of
any of the obligations of the Tenant then due under this Lease in such manner as the Landlord sees
fit, regardless of any designation or instruction of the Tenant to the contrary.

4.05 Partial Month — If the Commencement Date is a day other than the first day of a
calendar month, or if the Term ends on any day other than the last day of a calendar month, Rent
for the fractions of a month at the beginning and at the end of the Term shall be adjusted pro rata
on a per diem basis.

4.06 Payment of Tenant’s Occupancy Costs

(1) Estimate and Payment

	 	(a)	 	The Landlord shall deliver to the Tenant a written estimate or a written revised estimate of
the Tenant’s Occupancy Costs for each Fiscal Year. The Tenant shall pay to the Landlord the
amount so estimated in equal monthly instalments (except as otherwise required in this Section
4.06 with respect to Property Taxes) in advance over that Fiscal Year simultaneously with the
Tenant’s payments on account of Basic Rent. If the Landlord does not deliver to the Tenant
such an estimate, the Tenant shall continue to pay the Tenant’s Occupancy Costs based on the
last such estimate delivered by the Landlord until a further estimate is delivered by the
Landlord and the next payment on account of the Tenant’s Occupancy Costs shall be adjusted to
take into account any over or under payment in the preceding instalments paid in the Fiscal
Year to which the estimate or revised estimate relates. Notwithstanding the foregoing, as
soon as bills for all or any portion of amounts included in Operating Costs as so estimated
are received, the Landlord may bill the Tenant for same and the Tenant shall pay the Landlord
such amounts so billed (less all amounts previously paid on account by the Tenant on the basis
of the Landlord’s estimate as aforesaid) as Rent within 5 days following demand therefor.

	 	(b)	 	Provided the Landlord has not directed the Tenant to pay Taxes directly to the taxing
authority pursuant to Section 8.01, within a reasonable time after the date in each calendar
year when the final instalment of Property Taxes is due in respect of commercial properties
generally in the municipality in which the Project is located (the “Final Payment Date”), the
Landlord shall deliver a statement (the “Tax Statement”) to the Tenant that: (i) specifies the
amount of Taxes for the Property Tax Year; and (ii) sets out the total (the “Prepayment
Total”) of amounts payable under this Subsection 4.06(1)(b) that have been paid by the Tenant
between the Final Payment Date in the previous Property Tax Year and the Final Payment Date of
the current Property Tax Year. If the Prepayment Total, less any amounts that were previously
credited to the Tenant, and any amounts paid for arrears in respect of previous Property Tax
Years, (the “Net Prepayment Total”) is less than the Taxes payable by the Tenant as specified
in the Tax Statement, the Tenant shall pay the deficiency with the next monthly payment of
Basic Rent. If the Net Prepayment Total exceeds the Taxes payable by the Tenant as specified
in the Tax Statement, the Landlord shall, unless the Tenant is then in default under this
Lease, credit the excess to the Tenant on account of the next succeeding payments of the
Tenant’s Occupancy Costs. The Landlord may estimate Property Taxes for the Property Tax Year
following the then current Property Tax Year and the Tenant shall continue after the Final
Payment Date to make monthly payments in advance, in amounts determined by the Landlord, for
periods determined by the Landlord. The monthly payments paid by the Tenant after the Final
Payment Date shall be credited against the Tenant’s Occupancy Costs for the subsequent
Property Tax Year.

	 	(c)	 	Any portion of Taxes accrued with respect to the Term or any part thereof paid by the
Landlord prior to the Commencement Date shall be reimbursed by the Tenant to the Landlord on
the Commencement Date or on demand thereafter.

Notwithstanding the foregoing, the Landlord shall always have the right:

(i) to revise the amount of instalments on account of Property Taxes payable by the Tenant
to an amount that allows the Landlord to collect all Property Taxes payable by the Tenant by
the final due date of Property Taxes for the calendar year; and/or

(ii) to schedule and require payment by the Tenant of instalments on account of Property
Taxes payable by the Tenant such that by the final due date of Property Taxes for any
calendar year, the Tenant shall have paid to the Landlord the full amount of Property Taxes
payable by the Tenant for such calendar year, which arrangement may include payment of
instalments by the Tenant in a calendar year on account of Property Taxes payable by the
Tenant for the next calendar year.

(2) Annual Statement and Adjustment - The Landlord shall deliver to the Tenant within 120 days
after the end of each Fiscal Year or as soon after that date as the same shall be prepared by or
for the Landlord, a written statement setting out in reasonable detail the amount of the Tenant’s
Occupancy Costs for such Fiscal Year. If the total of monthly instalments of the Tenant’s
Occupancy Costs actually paid by the Tenant to the Landlord during that Fiscal Year differs from
the amount of the Tenant’s Occupancy Costs payable for that Fiscal Year under Subsection 4.01(b),
the Tenant shall pay to the Landlord or, if the Tenant is not in default, the Landlord shall credit
to the Tenant on account of the next succeeding payments of the Tenant’s Operating Costs and Taxes,
as the case may be, the difference, without interest, within 30 days after the date of delivery of
the statement.

(3) Disputes - If the Tenant disputes the Landlord’s statement setting out Operating Costs or the
Tax Statement for any Fiscal Year, the Tenant shall provide notice thereof in writing to the
Landlord within 60 days of delivery of the applicable statement in respect of that Fiscal Year.
Notwithstanding delivery of such notice, the Tenant shall continue to pay Rent in accordance with
the terms of this Lease. In the event of a dispute, the determination of the Tenant’s Occupancy
Costs as made by the Landlord’s auditors shall be conclusive and binding upon both the Landlord and
the Tenant. All costs of obtaining such determination shall be included in Operating Costs;
provided that if the Landlord’s auditors confirm the Landlord’s calculations within a variance of
5%, the Tenant shall be solely responsible for the entire cost of such determination and shall pay
such costs to the Landlord forthwith upon demand.

4.07 Area Determination — The Landlord and the Tenant agree that the Rentable Area of the
Leased Premises, unless the parties otherwise agree in writing, is established at 178,878 square
feet for the Term or any renewal periods thereof and that the Tenant shall be required to pay Rent
based on this area. The Landlord may from time to time, as it deems necessary, cause the Rentable
Area of the Building to be recalculated or remeasured and the cost thereof shall be included in
Operating Costs (except as otherwise provided in this Section 4.08). Upon any such recalculation
or remeasurement, Rent (including without limitation Basic Rent) shall be adjusted accordingly. If
any calculation or determination by the Landlord of the Rentable Area of the Building is disputed
or called into question, it shall be calculated or determined by the Landlord’s architect or
surveyor from time to time appointed for that purpose, whose certificate shall be conclusive and
binding upon the parties hereto. The cost of such calculation or determination shall be included
in Operating Costs; provided that if the Tenant disputes the Landlord’s calculation or
determination and the calculation or determination by the Landlord’s architect or surveyor agrees
with the Landlord’s calculation or determination within a 2% variance, the Tenant shall pay the
full cost of such calculation or determination forthwith upon demand.

If any error shall be found in the calculation of the Rentable Area of the Building, Rent
(including without limitation Basic Rent) shall be adjusted for the Fiscal Year in which the error
is discovered and for the Fiscal Year preceding the Fiscal Year in which the error was discovered,
if any, and thereafter, but not for any prior period.

4.08 (Intentionally Deleted)

ARTICLE 5.00 — USE, OCCUPATION AND CONTROL

5.01 Use of Leased Premises — The Tenant shall use and occupy the Leased Premises only for
the purpose set out in Item 9 of the Term Sheet and shall not use or permit the Leased Premises or
any part thereof to be used or occupied for any other purpose or business except as otherwise
expressly permitted under this Lease or by any Person other than the Tenant and the Tenant may keep
or permit in the Leased Premises only those materials and Pollutants set out in Schedule H (other
than standard office furnishings and supplies). Schedule H (“Contents of Leased Premises”) is an
extension of this Section 5.01. Any change to the list of materials and Pollutants identified in
Schedule H shall require the Landlord’s prior written consent which consent may be arbitrarily or
unreasonably withheld by the Landlord and, if granted, shall be evidenced by way of agreement
amending this Lease.

The Tenant shall be responsible for obtaining at its expense all necessary approvals, licences and
permits, including, but not limited to, zoning, development, building, occupancy and business
approvals, licences and permits for its intended use of the Leased Premises and shall submit all
applications for such approvals, licences and permits to the Landlord for its consent (which
consent, if the application pertains to the zoning applicable to the Project or may adversely
affect the value or use of the Project or any part thereof, may be arbitrarily withheld by the
Landlord), prior to making application. Notwithstanding the Landlord’s consent to an application,
the Tenant shall indemnify and defend the Landlord and hold it harmless from and against any and
all Claims incurred or suffered by the Landlord directly or indirectly arising out of the Tenant’s
application for such approvals, licences or permits or the resulting approvals, licences and
permits with respect to the use, intended or otherwise, of the Leased Premises whether such Claims
are in respect of the Leased Premises or in respect of the Building. The Landlord makes no
representation or warranty, express or implied, respecting the present, future or intended use of
the Leased Premises by the Tenant or respecting whether or not necessary approvals, licences and
permits can be obtained for the Tenant’s use or intended use.

5.02 Compliance with Laws — The Tenant shall promptly and at its own cost comply with all
present and future laws, regulations and orders relating to, and obtain and maintain in force all
approvals, permits, licences and registrations required for, any of the following:

(a) the occupation or use of and the conduct of any business in or from the Leased Premises;

	 	(b)	 	the condition of the Leasehold Improvements, fixtures, furniture and equipment installed
therein;

	 	(c)	 	Pollutants and the protection of the environment so far as those laws, regulations and orders
or any of them relate to the Project; and

	 	(d)	 	the making by the Tenant of any repairs, changes or improvements in or to the Project;

and the Tenant shall immediately give written notice to the Landlord of the occurrence of any event
in the Leased Premises constituting an offence thereunder or being in breach thereof and if the
Tenant shall, either alone or with others, cause the happening of any such event, the Tenant shall
immediately give the Landlord notice to that effect and thereafter give the Landlord from time to
time written notice of the extent and nature of the Tenant’s compliance with the foregoing
provisions of this Section.

The Tenant agrees that if the Landlord determines in its sole discretion that the Landlord, its
property, its reputation or the Leased Premises or any one or more of the foregoing is placed in
any jeopardy, as determined by the Landlord, by the requirements for any work required to ensure
compliance with the foregoing provisions of this Section 5.02, or the Tenant is unable to fulfil
its obligations under this Section, the Landlord may itself undertake such work or any part thereof
at the cost and expense of the Tenant.

The Tenant shall, at its own expense, remedy any damage to the Leased Premises caused by such event
or work or by the performance of the Tenant’s obligations under this Section.

If alterations or improvements to the Leasehold Improvements or to the Leased Premises are
necessary to comply with any of the foregoing provisions of this Section or with the requirements
of insurance carriers, the Tenant shall forthwith complete such work, complying always with the
applicable provisions of this Lease, to the extent that it can be done within the Leased Premises
and in any event shall pay the entire cost of alterations and improvements so required.

In the event that structural repairs or upgrading of the Building, including but not limited to
seismic upgrading, is required to permit the Tenant’s use, the Landlord may, at its sole
discretion, terminate this Lease.

5.03 Prohibited Uses — The Tenant shall not commit, cause or permit any nuisance in or
about or any damage to the Leased Premises or any part thereof, the Building, the Project or any of
the Leasehold Improvements or goods or fixtures therein, any overloading of the floors of the
Leased Premises or any use or manner of use causing annoyance to the owners and/or occupants of
properties in the immediate vicinity of the Project. Without limiting the generality of the
foregoing, the Tenant shall not use or permit the use of any portion of the Leased Premises for any
dangerous, illegal, noxious, odorous or offensive trade, business or occurrence. The Tenant shall
keep the Leased Premises free of debris, Pollutants and anything of a dangerous, noxious, odorous
or offensive nature or which could create a fire hazard (through undue load on electrical circuits
or otherwise) or vibration, heat, odour or noise detectable outside the Leased Premises in the sole
discretion of the Landlord. The Tenant shall not use equipment in the Leased Premises in a manner
that results in its being seen or heard outside the Leased Premises.

5.04 Hazardous Use — The Tenant shall not do, omit to do or permit to be done anything
which will cause or may have the effect of causing the cost of the Landlord’s insurance in respect
of the Project or any part thereof to be increased at any time during the Term or any policy of
insurance on or relating to the Project to be subject to cancellation. Without waiving or limiting
the foregoing prohibition, the Landlord may demand and the Tenant shall pay to the Landlord upon
demand, the amount of any increase in the cost of insurance caused by anything so done or omitted
or permitted to be done. The Tenant shall forthwith upon the Landlord’s request comply with the
requirements of the Landlord’s insurers, cease any activity complained of and make good any
circumstance which has caused any increase in insurance premiums or the cancellation or threatened
cancellation of any insurance policy. In determining the amount of increased premiums for which the
Tenant is responsible, a schedule or statement issued by the Person who computes the insurance
rates for the Landlord showing the components of the rate shall be conclusive evidence of the items
that make up the rate. If any policy of insurance in respect of the Project or any part thereof is
cancelled or becomes subject to cancellation by reason of anything so done or omitted or permitted
to be done, the Landlord may without prior notice terminate this Lease and re-enter the Leased
Premises.

5.05 Tenant’s Security Interest — The Tenant shall not, without the Landlord’s prior
written consent, create a security interest in Leasehold Improvements installed by the Tenant or
the Landlord in the Leased Premises.

5.06 Rules and Regulations — The Tenant shall observe and cause its employees, servants,
agents, invitees, customers, subtenants, licensees and others over whom the Tenant can reasonably
be expected to exercise control to observe the rules and regulations attached as Schedule C hereto
and such further and other reasonable rules and regulations and amendments and additions thereto as
may be made by the Landlord and notified to the Tenant by mailing a copy thereof to the Tenant or
by posting same in a conspicuous place in the Building. All such rules and regulations now or
hereafter in force shall be read as forming part of this Lease; provided that if there is a
conflict between the rules and regulations and this Lease, the terms of this Lease shall prevail.

5.07 Permitted Signs — The Tenant may install and maintain at its cost an identification
sign on the exterior of the Building, which shall be subject to the prior written approval of the
Landlord, shall be in accordance with the sign criteria established by the Landlord from time to
time for the Project, and shall comply with all applicable by-laws, regulations and codes. Such
sign shall contain only the name under which the Tenant carries on business.

The Tenant shall not place any other sign, advertisement or decoration in or upon the Leased
Premises so as to be visible from outside the Leased Premises or install or erect any fence,
aerial, satellite dish or mast or do any exterior painting or make any change to the building front
except with the prior written consent of the Landlord, which consent may be arbitrarily withheld or
rescinded. Should the Landlord at any time object to any sign, symbol, notice, lettering,
decoration or display either affixed to or visible from the outside of the Leased Premises, or to
any fence, aerial, satellite dish, mast or exterior painting, the Tenant shall remove the same
forthwith at its cost, repair any damage caused by such removal and indemnify the Landlord against
any Claims arising therefrom.

5.08 Window Coverings — Without the prior written consent of the Landlord, the Tenant shall
not install any blinds, drapes, curtains, awnings or any other window coverings in the Building and
shall not remove, add to or change the blinds, drapes, curtains or other window coverings installed
by the Landlord from time to time.

5.09 Authorization of Enquiries — The Tenant hereby authorizes the Landlord to make
enquiries from time to time of any government or municipality or governmental or municipal agency
with respect to the Tenant’s compliance with any and all laws and regulations pertaining to the
Tenant or the business conducted in the Leased Premises including, without limitation, laws and
regulations pertaining to Pollutants and the protection of the environment; and the Tenant
covenants and agrees that the Tenant shall from time to time provide to the Landlord such written
authorization as the Landlord may reasonably require in order to facilitate the obtaining of such
information.

5.10 Records — The Tenant shall keep on the Leased Premises or at the Tenant’s head office
complete records of all goods stored on, or processed, manufactured, packaged or used in any
process in the Leased Premises by the Tenant and by any other occupant of the Leased Premises or
any part thereof. The Landlord may examine such records and the Tenant shall provide extracts from
or copies thereof all as required by the Landlord from time to time. This requirement to maintain
such records shall survive the expiry or earlier termination of the Term.

5.11 Overloading — The Tenant shall not install or permit the installation of equipment or
storage of items that, in the opinion of the Landlord’s engineer, overloads the capacity of any
utility or of any electrical or mechanical facility in the Project or which may exceed the
load-bearing capacity of the floors of the Building. If damage is caused to the Building or to the
Project as a result of any installation in contravention of this Section, the Tenant shall repair
the damage or, at the Landlord’s option, pay to the Landlord on demand the cost of repairing the
damage incurred by the Landlord.

5.12 Telecommunications

(1) The Tenant may utilize a telecommunication service provider of its choice with the Landlord’s
prior written consent, which consent shall not be unreasonably withheld, subject to the provisions
of this Lease, including but not limited to the following:

	 	(a)	 	prior to commencing any work in the Project, the service provider shall execute and deliver
the Landlord’s standard form of licence agreement;

	 	(b)	 	the Landlord shall incur no expense or liability whatsoever with respect to any aspect of the
provision of telecommunication services, including without limitation, the cost of
installation, service, materials, repairs, maintenance, removal, interruption or loss of
telecommunication service; and

	 	(c)	 	the Tenant shall indemnify and hold harmless the Landlord for all losses, claims, demands,
expenses and judgments against the Landlord caused by or arising out of, either directly or
indirectly, any acts or omissions by the service provider or the Tenant or those for whom
either of them is responsible at law.

(2) The Tenant shall be responsible for the costs associated with the supply and installation of
telephone, computer and other communication equipment and systems and related wiring within the
Leased Premises to the boundary of the Leased Premises for hook up or other integration with
telephone and other communication equipment and systems of a telephone or other communication
service provider, which equipment and systems of the service provider are located or are to be
located in the Building pursuant to the Landlord’s standard form of licence agreement and, subject
to the provisions of Section 14.01, for the removal of same.

ARTICLE 6.00 — MAINTENANCE, REPAIR AND ALTERATIONS BY LANDLORD

6.01 Maintenance, Repair and Replacement — At the expense of the Tenant, the Landlord, or
at the Landlord’s option, the Tenant shall maintain, repair and replace the systems, facilities and
equipment necessary for the proper operation of the Project (except as may be installed by or be
the property of the Tenant) and shall maintain and repair the foundations, structure and roof of
the Building and repair damage to the Building which the Landlord is obligated to insure against
under Article 9.00.

6.02 Alterations by Landlord — The Landlord may from time to time dedicate for public
purposes part or parts of the Project if so required by any authority having jurisdiction.

6.03 Access by Landlord — The Tenant shall permit the Landlord to enter the Leased Premises
at any time in case of an emergency or a health related issue, either real or perceived, and
otherwise during normal business hours as the Landlord may reasonably require to: (i) examine,
inspect and show the Leased Premises for purposes of leasing, sale or financing; (ii) provide
Services or make repairs, replacements, changes or alterations as provided for in this Lease; or
(iii) take such steps as the Landlord may deem necessary for the safety, improvement or
preservation of the Leased Premises or the Project. The Tenant shall cooperate with the Landlord
in any such showing of the Leased Premises. The Landlord shall, whenever possible, consult with or
give reasonable notice to the Tenant prior to entry but no such entry shall constitute an eviction
or a breach of the Landlord’s covenant for quiet enjoyment or entitle the Tenant to any abatement
of Rent.

6.04 Energy Conservation — The Landlord shall not be in default of its obligations under
this Lease if it acts in accordance with a directive, policy or request of an authority having
jurisdiction in the field of energy conservation, security or environmental matters.

6.05 Supervision and Extended Services — The Landlord may supervise any work done by the
Tenant in the Leased Premises and the moving of heavy articles. In each case, the Tenant shall pay
the Landlord’s costs and expenses together with a reasonable administration fee promptly upon
receipt of invoices.

6.06 Landlord’s Work — The Tenant agrees that it has entered into this Lease on the express
understanding that, unless otherwise specifically provided in Schedule D or Schedule E, the Leased
Premises are being leased “as is” and that the Landlord’s work in respect of the Leased Premises is
limited to the scope delineated as Landlord’s work in Schedule D. All other improvements to the
Leased Premises shall be performed at the sole expense of the Tenant in accordance with the terms
of this Lease including, but not limited to, Section 7.03.

6.07 Interruption — The Landlord’s obligations under this Article 6.00 are subject to the
following limitations and restrictions:

	 	(a)	 	if and so long as all or part of the systems, facilities and equipment in the Project or the
supply of utilities to the Project are destroyed, damaged or interrupted, the Landlord shall
have a reasonable time in which to complete any necessary repair or replacement and, during
that time, shall only be required to maintain such services as are reasonably possible in the
circumstances;

	 	(b)	 	the Landlord shall not be liable under any circumstances for any consequential damage,
whether direct or indirect, to any Person or property resulting from any failure to carry out
its obligations under this Article 6.00;

	 	(c)	 	no reduction or discontinuance of services under this Article 6.00 shall be construed as a
breach of the Landlord’s covenant for quiet enjoyment or as an eviction of the Tenant or
entitle the Tenant to any abatement of Rent or release the Tenant from any obligation under
this Lease;

	 	(d)	 	the Landlord shall have no responsibility for any inadequacy of performance of any systems
within the Leased Premises if the Leased Premises or the use thereof depart from the design
criteria for such systems as established by the Landlord for the Building;

	 	(e)	 	the Landlord shall not be liable under any circumstances for any damage caused by
interruption or failure of any satellite, telecommunications system, utility or wiring;

(f) nothing contained in this Article 6.00 shall derogate from Article 10.00; and

	 	(g)	 	the Landlord shall not be required to expend more upon repair of damage to the Building which
the Landlord is obliged to insure against under Article 9.00 than the proceeds of insurance
actually received by the Landlord.

ARTICLE 7.00 — PAYMENT FOR SERVICES AND MAINTENANCE,

REPAIR AND ALTERATIONS BY TENANT

7.01 Utilities — The Tenant shall pay as same become due all rates, charges, costs and
expenses as may be assessed or levied by any supplier of utilities to the Leased Premises.

7.02 Heating, Ventilation and Air Conditioning — The Tenant shall be responsible for the
heating, ventilation and air conditioning of the Building and any or all parts thereof and shall be
responsible for the costs of operating, repairing, replacing and maintaining the systems and
facilities therefor in a good operating condition, to the satisfaction of the Landlord. The Tenant
covenants, at its expense, to heat the Building at all times to a reasonable temperature for the
reasonable use thereof, so that a comfortable level of temperature is maintained, and no part of
the Building is damaged by frost, heat or humidity. The Landlord may at its sole discretion elect
to provide the maintenance service for heating, ventilation and air conditioning under a uniform
service contract, the cost of which shall be included in Operating Costs, plus an administration
fee payable to the Landlord of 15% of such cost.

7.03 Alterations by Tenant — The Tenant may from time to time at its own expense make
changes, additions and improvements to the Leased Premises to better adapt the same to its
business, provided that any change, addition or improvement shall:

	 	(a)	 	comply with the requirements of the Landlord’s insurers and any governmental or municipal
authority having jurisdiction;

	 	(b)	 	be made only if, prior to preparation of any plans and specifications and prior to
commencement of any work in the Leased Premises, including, without limiting the generality of
the foregoing, any demolition, construction or alterations, the Tenant has determined through
testing at its own cost and expense what Pollutants, if any, are present in the Leased
Premises and, if the Tenant fails to do so, the Tenant acknowledges and agrees that it shall
indemnify and hold harmless the Landlord from and against any and all Claims growing or
arising out of the Tenant’s failure to do so;

	 	(c)	 	be made only after detailed plans and specifications therefor have been submitted to the
Landlord and received the prior written approval of the Landlord, all at the expense of the
Tenant, and should the Landlord provide its written approval, such approval shall not be
deemed to mean that the proposed changes, additions or improvements comply with any existing
or future municipal by-laws or any other applicable laws, by-laws, codes or requirements;

	 	(d)	 	equal or exceed the then current standard for the Building;

	 	(e)	 	be carried out in a good and workmanlike manner and, subject to Subsection 7.03 (c), only by
Persons selected by the Tenant and approved in writing by the Landlord who shall, if required
by the Landlord, deliver to the Landlord before commencement of the work, performance and
payment bonds as well as proof of workers’ compensation and public liability and property
damage insurance coverage, with the Landlord and the Landlord’s Agent and nominee (if any)
named as additional insureds, in amounts, with companies and in a form reasonably satisfactory
to the Landlord, which shall remain in effect during the entire period in which the work will
be carried out;

	 	(f)	 	to the extent that they relate to the roof, structure or to systems of the Building, be done
by the Landlord, the Tenant’s contractors with the prior approval of the Landlord, at the
expense of the Tenant;

	 	(g)	 	not require the Landlord to do any work or incur any expense except as the Landlord may
approve; and

	 	(h)	 	be made only after the Tenant has provided to the Landlord evidence of all requisite permits
and licences and any other information reasonably required by the Landlord.

Upon completion of such change, addition or improvement, the Tenant shall provide to the Landlord
as-built drawings and/or a CAD disk of same in a format useable by the Landlord, together with
evidence satisfactory to the Landlord of a final inspection of such change, addition or improvement
(including inspection of mechanical and electrical systems where applicable) by the authority which
issued the permit or licence for same.

The applicable provisions of Schedule D shall govern any work performed by the Tenant pursuant to
this Section 7.03, mutatis mutandis.

7.04 Tenant’s Trade Fixtures and Personal Property — The Tenant may install in the Leased
Premises its usual trade fixtures and personal property in a proper manner; provided that no
installation or repair shall interfere with or damage the mechanical or electrical systems or the
structure of the Building. If the Tenant is not then in default hereunder, the trade fixtures and
personal property installed in the Leased Premises by the Tenant may be removed by the Tenant from
time to time in the ordinary course of the Tenant’s business or in the course of reconstruction,
renovation or alteration of the Leased Premises by the Tenant as required or permitted hereunder,
subject to the provisions of Article 14.00 of this Lease, and provided that the Tenant promptly
repairs at its own expense any damage to the Leased Premises and the Building resulting from the
installation and removal and provided further that in the event of removal of trade fixtures except
at the expiration of the Term, the Tenant shall promptly replace such trade fixtures with trade
fixtures of equal or greater quality and value, subject to the provisions of Section 14.01.

7.05 Maintenance and Repair — Except to the extent that the Landlord elects to perform such
work at the Tenant’s cost, the Tenant, at its cost, shall maintain, repair and replace (where
applicable) the Leased Premises including, without limitation, all Leasehold Improvements so as to
keep them in good order and condition, and in compliance with the requirements of all authorities
having jurisdiction including, without limitation:

	 	(a)	 	keeping the Leased Premises and surrounding area in a clean and tidy condition and free of
debris and garbage;

	 	(b)	 	painting the interior and exterior of the Building to the Landlord’s standards as specified
by the Landlord’s architect or engineer at least every 5 years to prevent building
deterioration, and cleaning and maintaining drapes and any other window coverings, floors and
carpets as reasonably required by the Landlord;

	 	(c)	 	making repairs and replacements, including structural, to, and maintaining the Leased
Premises including, without limitation, the heating, air conditioning and ventilation
apparatus, roof and roof membrane, internal and external glass within or on the exterior of
the Leased Premises, doors, hardware, partitions, walls, fixtures, lighting and plumbing
fixtures, wiring, piping, ceilings, floors, floor coverings and thresholds in the Building and
the driveways, parking areas and facilities and grounds, including keeping the grass well cut
and shrubs trimmed and replanting the grass and shrubs when required, and keeping the snow
cleared from all public walkways, parking lots, driveways and loading areas adjacent to the
Leased Premises as and when necessary or as reasonably required by the Landlord;

	 	(d)	 	making all reasonable repairs and replacements as necessary or advisable as determined by the
Landlord to keep the Leased Premises from deteriorating in value or condition (reasonable wear
and tear excepted); and

	 	(e)	 	at reasonable intervals and as otherwise required, oiling, cleaning and servicing the
plumbing, heating, ventilating, air conditioning and other building services or equipment on
the Leased Premises. The Tenant further agrees, subject to Section 7.02, during the Term to
obtain normal and usual service and maintenance contracts for the care and upkeep of the
heating, ventilating and air conditioning system on the Leased Premises and to promptly
provide copies thereof to the Landlord or the Landlord’s Agent.

7.06 Inspection — The Landlord and its Consultants may from time to time enter upon the
Leased Premises:

	 	(a)	 	to inspect the Leased Premises, the building systems and equipment and their condition; and
the Tenant shall, within 5 days from receipt of notice from the Landlord, at its own cost,
make good any deficiency in the condition of the Leased Premises; and

	 	(b)	 	to inspect any work being done by the Tenant, both during the course of such work and
following completion thereof.

If the Landlord or the Landlord’s Agent shall determine that the work being done by the Tenant is
in breach of this Lease or fails to comply with the requirements of this Lease in any respect, the
Tenant shall forthwith remedy such breach or failure to comply and shall desist from continuing the
same.

7.07 Failure to Maintain — If the Tenant fails to perform any obligation under this Article
7.00, then on not less than 5 days’ notice to the Tenant, the Landlord may enter the Leased
Premises and perform the obligation without liability to the Tenant for any loss or damage thereby
incurred. The Tenant shall promptly after receiving the Landlord’s invoice therefor reimburse the
Landlord for all costs incurred by the Landlord in performing the obligation plus 20% of the costs
for overhead and supervision.

7.08 Liens — The Tenant shall:

	 	(a)	 	pay promptly when due all costs for work done or caused to be done or goods affixed by the
Tenant in the Leased Premises which could result in any lien or encumbrance on the Landlord’s
interest in the Project or any part thereof, or the filing or registration of any security
interest or notice thereof;

	 	(b)	 	keep the title to the Project, including every part thereof and the Leasehold Improvements,
free and clear of any lien, encumbrance or security interest or notice thereof; and

	 	(c)	 	indemnify and hold harmless the Landlord against any Claims arising out of the supply of
goods, materials, services or labour for the work.

The Tenant shall immediately notify the Landlord of any lien, encumbrance, claim of lien, security
interest, or notice thereof or other action of which it has, or reasonably should have, knowledge
and which affects the title to the Project or any part thereof and, except for those contemplated
by Section 15.23, shall cause the same to be removed within 5 Business Days (or such additional
time as the Landlord may consent to in writing), failing which the Landlord may take such action as
the Landlord deems necessary to remove same and the entire cost thereof shall immediately become
due and payable by the Tenant to the Landlord. The Tenant shall not affix or cause to be affixed
to the Project any goods acquired under conditional sale or with respect to which any lien,
encumbrance or security interest exists. The Landlord may from time to time post such notices in
such places on the Leased Premises as the Landlord considers advisable to prevent or limit the
creation of any liens upon the Project or any part thereof.

7.09 Roof — The Tenant shall not be entitled to install upon the roof of the Building any
equipment except as consented to in writing by the Landlord, which consent may be arbitrarily
withheld, but if given shall be subject to whatever conditions the Landlord, in its sole
discretion, deems necessary in the circumstances.

ARTICLE 8.00 — TAXES

8.01 Taxes Payable by Landlord — The Landlord covenants and agrees to pay all Taxes
assessed against the Landlord or the Project on account of its ownership when due (except for
Business Taxes payable directly to the taxing authority by the Tenant under Subsection 8.02(b)) and
subject to the provisions hereinafter contained in this Article 8.00. Provided however, that the
Landlord may defer payment of any such Taxes or defer compliance with any statute, law, by-law,
regulation or ordinance in connection with the levy of such Taxes in each case to the fullest
extent permitted by law as long as it shall diligently prosecute any contest or appeal of such
Taxes. Notwithstanding the foregoing or the provisions of Section 4.06, the Landlord may by notice
in writing direct the Tenant to pay all such Taxes directly to the taxing authority and to provide
receipts for such payments within 5 Business Days of the Landlord’s request therefore.

8.02 Taxes Payable by Tenant — The Tenant shall pay promptly when due all Taxes upon or on
account of the following:

	 	(a)	 	to the Landlord or at the Landlord’s direction, to the taxing authority, the Taxes payable
pursuant to Section 8.01; and

	 	(b)	 	to the taxing authority or to the Landlord at the Landlord’s direction, any Taxes imposed or
assessed against or in respect of the personal property and Leasehold Improvements of the
Tenant in the Leased Premises or in respect of any business operations carried on or in
respect of the use or occupancy thereof by the Tenant or by any subtenant or licensee, if
levied or assessed separately from Taxes upon the Land and Building and referred to herein as
“Business Taxes”.

The Tenant agrees to provide to the Landlord within 3 days of receipt thereof, an original or
duplicate copy of any separate bill for Taxes. The Tenant shall deliver promptly, upon request of
the Landlord, receipts for all such payments and will furnish such other information as the
Landlord may require.

8.03 GST — The Tenant shall pay to the Landlord the amount of all GST accruing due with
respect to Rent at the time the Rent is due and payable to the Landlord under this Lease. The
Tenant’s obligation to pay GST under this Section shall not be limited or precluded by any
limitation contained in this Lease upon the Landlord’s right to recover or receive payment from the
Tenant of taxes upon the Landlord’s income or profits or otherwise.

8.04 Right to Contest — Each of the Landlord and the Tenant (provided the Tenant is legally
entitled to do so) shall have the right to contest in good faith the validity or amount of any
Taxes which, in the case of the Landlord, the Landlord is responsible to pay under this Article
8.00 and which, in the case of the Tenant, the Tenant is responsible to pay under Subsection
8.02(b) and for which it is separately assessed. Notwithstanding anything to the contrary herein,
the Tenant may, upon prior written notice to the Landlord, defer payment of any amount payable by
it pursuant to Subsection 8.02(b) for which it is separately assessed, to the extent permitted by
law; provided that no contest by the Tenant shall involve the possibility of forfeiture, sale or
disturbance of the Landlord’s interest in the Leased Premises or the imposition of any penalty or
interest, charge or lien and that, upon the final determination of any contest by the Tenant, the
Tenant shall immediately pay and satisfy the amount found to be due, together with any costs,
penalties and interest. If, as a result of any contest by the Tenant, any tax, rate, levy,
assessment, fee or other charge is increased, the Tenant shall be responsible for the full amount
of such increase in respect of the period to which the contest relates and to any subsequent tax
periods which commence during the Term.

The Tenant shall not contest any amount payable by it under Subsection 8.02(a) but may contest any
amount payable by it under Subsection 8.02(b) or appeal any assessment therefor subject to
complying with the following:

	 	(a)	 	the Tenant shall deliver to the Landlord any notices of appeal or other like instrument and
obtain the Landlord’s consent thereto, which consent shall not be unreasonably withheld,
before filing the same;

(b) the Tenant shall deliver whatever security the Landlord reasonably requires;

	 	(c)	 	the Tenant shall promptly and diligently prosecute the contest or appeal at its sole expense;
and

(d) the Tenant shall keep the Landlord fully informed thereof.

ARTICLE 9.00 — INSURANCE, LIABILITY AND ENVIRONMENTAL

9.01 Landlord’s Insurance — During the Term, the Landlord shall place insurance coverage on
and with respect to the Project excluding the area(s) to be insured by the Tenant as set out in
Section 9.02, which coverage shall include the following, if available at reasonable cost in the
opinion of the Landlord:

	 	(a)	 	all risks insurance for the full reconstruction value of the Project, excluding Leasehold
Improvements, as determined by the Landlord;

	 	(b)	 	as an extension to the insurance maintained pursuant to Subsection 9.01(a), insurance on the
rental income derived by the Landlord from the Project on a gross rental income form with a
period of indemnity of not less than the period as estimated by the Landlord from time to time
which would be required to rebuild and, if necessary, to re-tenant the Project in the event of
the complete destruction thereof;

	 	(c)	 	boiler and machinery insurance, including repair or replacement and rental income coverage,
if applicable;

(d) plate glass insurance if deemed appropriate by the Landlord;

(e) commercial general liability insurance; and

	 	(f)	 	such other insurance which is or may become customary or reasonable for owners of projects
similar to the Project to carry in respect of loss of, or damage to, the Project or liability
arising therefrom.

The insurance referred to in this Section shall be carried in amounts determined reasonably by the
Landlord. The insurance shall be written in the name of the Landlord with loss payable to the
Landlord and to any mortgagee (including any trustee under a deed of trust and mortgage) of the
Project from time to time. The policies of insurance referred to in Subsections 9.01(a), (b), (c),
(d) and (e) shall contain a waiver of the insurer’s right of subrogation as against the Tenant.
The Landlord hereby waives its right of recovery against the Tenant, its employees and those for
whom the Tenant is in law responsible with respect to all Claims required to be insured against by
the Landlord hereunder.

Notwithstanding any contribution by the Tenant to insurance premiums as provided for in this Lease,
no insurable interest is conferred upon the Tenant under policies carried by the Landlord. Except
as specifically provided in this Lease, the Landlord shall in no way be accountable to the Tenant
regarding the use of the insurance proceeds arising from any Claims.

9.02 Tenant’s Insurance — At its own expense the Tenant shall take out and thereafter
maintain in force at all times during the Term and at all times when the Tenant is in possession of
the Leased Premises insurance policies as follows:

	 	(a)	 	all risks insurance on Leasehold Improvements and on all other property of every description,
nature and kind owned by the Tenant or for which the Tenant is legally liable, which is
installed, located or situate within or on the Leased Premises, including without limitation,
all inventory or stock-in-trade in an amount not less than the full replacement cost thereof
without deduction for depreciation; such insurance shall be subject to a replacement cost
endorsement and shall include a stated amount co-insurance clause and a breach of conditions
clause;

	 	(b)	 	commercial general liability insurance to respond to any and all incidents occurring in the
Leased Premises in the minimum amount of $5,000,000.00 per occurrence including the following
extensions: owners and contractors protective; limited pollution coverage endorsement;
products and completed operations; personal injury; occurrence basis property damage; blanket
contractual and non-owned automobile liability; such insurance shall include the Landlord and
the Landlord’s Agent and nominee (if any) as named additional insureds, and shall protect and
indemnify the Landlord and the Landlord’s Agent and nominee (if any) in respect of all Claims,
including Claims by the Tenant, as if the Landlord and the Landlord’s Agent and nominee (if
any) were separately insured; such insurance shall include cross liability and severability of
interest clauses;

	 	(c)	 	boiler and machinery or equipment breakdown insurance, including repair or replacement
endorsement, in an amount satisfactory to the Landlord and providing coverage with respect to
all objects introduced into the Leased Premises by or on behalf of the Tenant or otherwise
constituting Leasehold Improvements;

	 	(d)	 	plate glass insurance on all internal and external glass within or fronting the Leased
Premises; however, notwithstanding the foregoing, the Tenant may elect to self-insure for the
insurance described in this Subsection 9.02(d);

	 	(e)	 	business interruption insurance on the profit form providing all risks coverage with a period
of indemnity and subject to a stated amount co-insurance clause;

	 	(f)	 	tenant’s legal liability insurance for the full replacement cost of the Leased Premises,
including loss of use thereof; and

	 	(g)	 	any other form of insurance in such amounts and against such risks as the Landlord may from
time to time reasonably require.

The Tenant acknowledges and agrees that it shall be solely responsible for insuring the Leasehold
Improvements, its equipment and stock and any other property owned or brought into the Leased
Premises by the Tenant whether affixed to the Building or not.

The insurance policies referred to in this Section shall be subject to such higher limits as the
Tenant, or the Landlord acting reasonably, or any mortgagee of the Landlord’s interest in the
Project may require from time to time. The policies of insurance referred to in Subsections
9.02(a), (b), (c), (d), (e), (f) and (g) shall contain a waiver of the insurer’s right of
subrogation as against the Landlord. The Tenant hereby waives its right of recovery against the
Landlord, its employees and those for whom the Landlord is in law responsible with respect to all
Claims required to be insured against by the Tenant hereunder. Any and all deductibles in the
Tenant’s insurance policies shall be borne solely by the Tenant and shall not be recovered or
attempted to be recovered from the Landlord. In addition, all such policies shall be
non-contributing with, and will apply only as primary and not excess to, any insurance proceeds
available to the Landlord.

The Tenant shall provide to the Landlord at the commencement of the Term and at least 30 days prior
to the renewal of all insurance referred to in this Section 9.02, and promptly at any time upon
request, a certificate of insurance evidencing the insurance coverage maintained by the Tenant in
accordance with this Section 9.02. The delivery to the Landlord of a certificate of insurance or
any review thereof by or on behalf of the Landlord shall not limit the obligation of the Tenant to
provide and maintain insurance pursuant to this Section 9.02 or derogate from the Landlord’s rights
if the Tenant shall fail to fully insure.

All policies shall provide that the insurance shall not be cancelled or changed to the prejudice of
the Landlord without at least 30 days’ prior written notice given by the insurer to the Landlord.
All policies of insurance shall be placed with a company licensed to sell commercial insurance in
Canada.

The Tenant acknowledges and agrees that, if it fails to obtain and maintain in force any of the
insurance policies set out in this Section 9.02, then the Tenant shall indemnify and hold harmless
the Landlord in respect of any losses arising therefrom.

9.03 Placement of Tenant’s Insurance by Landlord — If the Tenant fails to place or maintain
all or any of the insurance coverage referred to in Section 9.02, the Landlord may, at its option,
place all or any part of such insurance in the name of or on behalf of the Tenant and the Tenant
shall pay to the Landlord upon demand all costs incurred by the Landlord in so doing including,
without limitation, the premium or premiums for such insurance together with the Landlord’s
administrative fee of 15% of such premium.

9.04 Limitation of Landlord’s Liability — The Landlord, the Landlord’s Agent and employees
and any Person for whom any of them are in law responsible shall not be liable under any
circumstances for any damage resulting from the exercise of the Landlord’s control over the Project
or any part thereof.

9.05 Environmental Issues

(1) Landlord’s Requirements - The Tenant shall maintain in the Leased Premises or Project only
those Pollutants set out in Schedule H hereto, and if requested at any time or from time to time by
the Landlord during the Term, provide the Landlord with a list indicating the type, quantity and
purpose of such Pollutants set out in Schedule H. The Tenant shall notify the Landlord in writing
of any proposed changes to Schedule H and the Tenant must receive the Landlord’s prior written
consent to any such changes, which consent may be arbitrarily withheld. It is expressly prohibited
for the Leased Premises to be used for the sale, transport, transfer, production, storage,
manufacture, processing, packaging of, or other dealing with, any Pollutants except if, and so long
as, approved by the Landlord in writing (which approval may be withdrawn at any time
notwithstanding any provision of this Lease or the Term Sheet) and whenever such approval is given,
such sale, transport, transfer, production, storage, manufacture, processing, packaging thereof, or
other dealing therewith, shall be only in accordance with the written directions of, and
conditions imposed by, the Landlord, from time to time, and any present or future governmental
requirements. The Tenant shall immediately notify the Landlord of the existence of any Pollutants
in the Leased Premises of which it becomes aware.

(2) Tenant’s Inspection of Goods - The Tenant shall inspect all goods delivered to the Leased
Premises and will ensure that no Pollutants are brought into the Leased Premises by or for the
Tenant or its employees, licensees or invitees except pursuant to and in accordance with Subsection
9.05(1) or with the Landlord’s prior written consent. The Tenant shall at its own cost cause any
goods, the nature of which is not known to the Tenant with certainty, to be tested by a qualified
Person to determine whether they are or contain any Pollutants before accepting the same into the
Leased Premises. If the Tenant is found to be in breach of the requirements of this Subsection
9.05(2), the Landlord may, on behalf of the Tenant, rectify such breach and the Tenant shall
promptly reimburse the Landlord for the cost of any test, analysis or inspection of goods in the
Leased Premises which are, or which the Landlord has reason to suspect, may be or contain
Pollutants.

(3) Governmental Requirements – If, during the Term or any renewal or extension of this Lease or at
any time thereafter, any governmental authority having jurisdiction shall require the clean-up of
any Pollutants held in, discharged in or from, released from, abandoned in, or placed upon the
Leased Premises or released into the environment by the Tenant or any Person for whom the Tenant is
in law responsible in the course of the Tenant’s business or as a result of the Tenant’s use or
occupancy of the Leased Premises, whether during the Tenant’s occupancy of the Leased Premises
pursuant to this Lease or any prior lease of the Leased Premises, then the Tenant shall, at its own
expense, prepare all necessary studies, plans and proposals and submit the same for approval,
provide all bonds and other security required by any governmental authority having jurisdiction or
required by the Landlord and carry out the work required and shall provide to the Landlord full
information with respect to proposed plans and comply with the Landlord’s reasonable requirements
with respect to such plans. The Tenant agrees that if the Landlord determines, in its own
discretion, that the Landlord, its property, its reputation or the Leased Premises is placed in any
jeopardy by the requirement for any such work, the Landlord may itself undertake such work or any
part thereof at the cost and expense of the Tenant.

(4) Environmental Covenants - In addition to and without restricting any other obligations or
covenants herein, the Tenant covenants that it will:

	 	(a)	 	comply in all material respects with all Environmental Laws (including, but not limited to,
obtaining any required permits, licences or similar authorizations) relating to the Leased
Premises or the use of the Leased Premises by the Tenant;

	 	(b)	 	promptly notify the Landlord in writing of any charges laid by any governmental authority
alleging violation of any Environmental Laws including, but not limited to, spills or releases
of Pollutants relating to the Leased Premises or the operations therein and of any notice by
any governmental authority alleging or concerning violation of, or imposing requirements or
asserting responsibility under, or pursuant to, any Environmental Laws, and of any order made
by any governmental authority against the Tenant. The Tenant shall also promptly notify the
Landlord in writing of any notice received by it from any other third party concerning any
release or alleged release of any Pollutants from the Leased Premises. The Tenant undertakes
to notify the appropriate regulatory authorities if so required under any Environmental Laws
within the time period set out in such law or regulation and failure by the Tenant to do so
shall authorize but not obligate the Landlord to notify the said regulatory authorities;

	 	(c)	 	permit the Landlord to enter and inspect the Leased Premises and the Tenant’s operations;
conduct tests and environmental assessments or appraisals; remove samples from the Leased
Premises; examine and make abstracts from and copies of any documents or records relating to
the Leased Premises; and interview the Tenant’s employees all at such reasonable times and
intervals as the Landlord may desire;

	 	(d)	 	not cause or permit a release at or from the Leased Premises of any Pollutants except in
compliance with Environmental Laws and not seek or permit at any time during the Term of this
Lease to dispose of any Pollutants in the Leased Premises without the prior written approval
of the Landlord to do so;

	 	(e)	 	not permit any Person to engage in any activity on the Leased Premises that may reasonably be
anticipated to lead to a violation of any Environmental Laws or the imposition or assertion of
liability or responsibility under any Environmental Laws on such Person, the Tenant or the
Landlord, including, without limitation, the issuance of an order;

	 	(f)	 	upon the expiration or termination of this Lease or any renewal or extension thereof, remove
promptly from the Leased Premises any Pollutants brought onto the Leased Premises during the
Term or any renewal or extension of this Lease or used or released by the Tenant on the Leased
Premises (or if removal of such Pollutants is prohibited by any Environmental Laws, the Tenant
shall take whatever action is required to ensure compliance with any Environmental Laws) in
accordance with any Environmental Laws;

	 	(g)	 	upon the expiration or termination of this Lease or any renewal or extension thereof, remove
any aboveground or underground storage tanks, pipes and other equipment associated with such
tanks, including but not limited to any product which is in and has escaped from such tanks,
installed at the Leased Premises by or on behalf of, or used by the Tenant;

	 	(h)	 	upon the expiration or earlier termination of this Lease or any renewal or extension thereof,
remove by excavation or other method approved by the Landlord in its sole discretion all
Pollutants which have been spilled or otherwise released at and from the Leased Premises
and/or the Project and make good any and all damage caused by such removal;

	 	(i)	 	promptly provide to the Landlord a copy of any environmental site assessment of the Leased
Premises conducted by or for the Tenant at any time during the Term of this Lease or any
renewal thereof;

	 	(j)	 	maintain all environmental and operating documents and records, including but not limited to
permits and orders relating to the Tenant’s operations at the Leased Premises in the manner
and for the time periods required by any Environmental Laws, which may be reviewed by the
Landlord at any time during the Term on 24 hours’ prior written notice, excepting emergencies,
whether real or perceived;

	 	(k)	 	if requested by the Landlord, provide the Landlord with written confirmation of any prior or
existing spills of Pollutants, non-compliance issues, notices, violations, orders or charges
caused by the Tenant or alleged, laid or issued against the Tenant by any governmental
authority; and

	 	(l)	 	if requested by the Landlord, the Tenant agrees to complete and execute the Certificate of
Compliance, a sample copy of which is attached hereto as Schedule I, certifying that the
Tenant is and has been since the date of the last Certificate of Compliance completed and
executed by the Tenant or during the last 12 months, whichever is the longer period, in
compliance with all Environmental Laws.

(5) Environmental Indemnification - The Tenant shall, during the Term and at all times thereafter,
indemnify and hold the Landlord harmless at all times from and against any and all losses, damages,
penalties, fines, costs, fees and expenses (including legal fees on a solicitor and client or
substantial indemnity basis and Consultants’ fees and expenses) resulting from:

	 	(a)	 	any breach of or non-compliance with the environmental obligations and covenants of the
Tenant as set out in this Lease; and

	 	(b)	 	any legal or administrative action commenced by, or claim made or notice from, any third
party, including, without limitation, any governmental authority, to or against the Landlord
and pursuant to or under any Environmental Laws or concerning a release or alleged release of
Pollutants at the Leased Premises into the environment and related to or as a result of the
operations of the Tenant or those acting under its authority or control at the Leased Premises
and any and all costs associated with air quality issues, if any, and whether during the Term
of this Lease or any prior lease by the Tenant of the Leased Premises.

(6) General Requirements

	 	(a)	 	Pollutants — If the Tenant shall bring or create upon the Leased Premises any Pollutants or
if the conduct of the Tenant’s business shall cause there to be any Pollutants upon the Leased
Premises then, notwithstanding any statute or rule of law to the contrary, such Pollutants
shall be and remain the sole and exclusive property of the Tenant and shall not become the
property of the Landlord notwithstanding the degree of affixation of the Pollutants or the
goods containing the Pollutants to the Leased Premises , and notwithstanding the expiry,
repudiation, disclaimer or earlier termination of this Lease, and at the option of the
Landlord, any substance or material contaminated by such Pollutants shall become the property
of the Tenant and the Tenant, or, at the Landlord’s option, the Landlord, in addition to its
obligation to remove such Pollutants, if directed by the Landlord, shall remove from the
Project any substance or material contaminated by such Pollutants and make good any damage
done in so doing; all at the cost and expense of the Tenant and upon terms and conditions
approved by the Landlord.

	 	(b)	 	Survival of Covenants — The obligations of the Tenant hereunder relating to Pollutants shall
survive the expiry, assignment, repudiation, disclaimer or earlier termination of this Lease.

To the extent that the performance of those obligations requires access to or entry upon the Leased
Premises or any part thereof, the Tenant shall have such entry and access after such expiry,
repudiation, disclaimer or earlier termination only at such times and upon such terms and
conditions as the Landlord may from time to time specify.

The Landlord may, at the Tenant’s cost and expense, itself or by its agents, servants, employees,
contractors and subcontractors, undertake the performance of any necessary work in order to
complete such obligations of the Tenant; but having commenced such work, the Landlord shall have no
obligation to the Tenant to complete such work.

This Subsection 9.05(6) supersedes any other provision of this Lease to the contrary.

ARTICLE 10.00 — DAMAGE AND DESTRUCTION

10.01 Limited Damage  — If during the Term, the Building or any part of the Leased Premises
providing access or services essential to the Building, shall be destroyed or damaged by any hazard
against which the Landlord is obligated to insure pursuant to Section 9.01, the Landlord, if
permitted by law to do so, shall proceed with reasonable diligence to rebuild and restore or repair
the Building or comparable premises or such access routes or service systems, as the case may be,
in conformance with current laws to the extent of insurance proceeds received. The covenants of
the Tenant to repair shall not include any repairs of damage required to be made by the Landlord
under this Section 10.01. For greater certainty, it is understood and agreed that, upon substantial
completion of the Landlord’s work, the Tenant shall repair or restore the Leased Premises as
required by Section 7.05. Rent payable by the Tenant shall abate from the date of such damage or
destruction to the date of substantial completion of the Landlord’s work as determined by the
Landlord’s architect or engineer or restoration of access or services, as the case may be. If less
than all of the Building is destroyed or damaged as contemplated in this Section 10.01, Rent
payable by the Tenant shall abate from the date of such damage or destruction to the date of
substantial completion of the Landlord’s work in the same proportion as the Rentable Area of the
Building so damaged or destroyed is of the total Rentable Area of the Building.

10.02 Major Damage — Notwithstanding any other right of termination contained herein, if in
the reasonable opinion or determination of the Landlord or the Landlord’s architect or engineer,
rendered within 45 Business Days of the happening of damage or destruction, the Building shall be
damaged or destroyed to the extent that any one or more of the following conditions exist:

	 	(a)	 	in the reasonable opinion of the Landlord the Building must be totally or partially
demolished, whether or not to be reconstructed in whole or in part;

	 	(b)	 	in the reasonable opinion of the Landlord’s architect or engineer the Building shall be
incapable of being rebuilt or repaired or restored with reasonable diligence within 6 months
after the occurrence of such damage or destruction;

	 	(c)	 	more than 55% of the Rentable Area of the Building is damaged or destroyed as reasonably
determined by the Landlord’s architect or engineer; or

	 	(d)	 	all of the heating, ventilating, air conditioning, electrical or mechanical systems in the
Building are damaged or destroyed as reasonably determined by the Landlord’s architect or
engineer;

then the Landlord or the Tenant may at its sole option terminate this Lease by notice in writing to
the other. If notice is given by the Landlord or the Tenant under this Section 10.02, then this
Lease shall terminate from the date of such notice and the Tenant shall immediately surrender the
Leased Premises and all interest therein to the Landlord and Rent shall be apportioned and shall be
payable by the Tenant only to the date of such notice and the Landlord may thereafter re-enter and
repossess the Leased Premises. If the Building is damaged to the extent described in this Section
10.02 and the Landlord or the Tenant does not terminate this Lease, the Landlord will, to the
extent of insurance proceeds received, rebuild or repair the Building to base building standards,
but the rebuilt or repaired Building may be different in configuration and design from that
comprising the Building prior to the damage or destruction. For greater certainty, it is
understood and agreed that: (i) if the Landlord or the Tenant does not elect to terminate this
Lease as aforesaid, upon substantial completion of the Landlord’s work, the Tenant shall repair or
restore the Leased Premises as required by Section 7.05; and (ii) if the Landlord or the Tenant
elects to terminate this Lease as aforesaid, the Tenant shall pay to the Landlord forthwith upon
demand the cost of repairing or restoring the Leased Premises, as determined by the Landlord’s
architect or engineer, acting reasonably (but not in any event to exceed the replacement cost of
the then existing Leasehold Improvements), by way of insurance proceeds available to the Tenant or
otherwise.

10.03 No Abatement — Except as specifically provided in this Article 10.00, there shall be
no abatement of Rent and the Landlord shall have no liability to the Tenant by reason of any injury
to, loss of or interference with the Tenant’s business or property arising directly or indirectly
from fire or other casualty, howsoever caused, or from the making of any repairs resulting
therefrom or to any portion of the Building or the Leased Premises.

10.04 Notify Landlord — The Tenant shall immediately notify the Landlord or its
representative of any accident or defect in the Leased Premises or any systems thereof and, as
well, of any matter or condition which may cause injury or damage to the Leased Premises or any
person or property located therein.

10.05 Expropriation — In the event of Expropriation of all or part of the Leased Premises
and/or the Building, neither the Landlord nor the Tenant shall have a claim against the other for
the shortening of the Term, nor the reduction or alteration of the Leased Premises or the Building.
The Landlord and the Tenant shall each look only to the Expropriating authority for compensation.
The Landlord and the Tenant agree to cooperate with one another so that each is able to obtain the
maximum compensation from the Expropriating authority as may be permitted in law in relating to
their respective interests in the Leased Premises and the Building. Nothing herein contained shall
be deemed or construed to prevent the Landlord or the Tenant from enforcing and prosecuting a claim
for the value of their respective interests in any Expropriation proceedings. However, to the
extent that a part of the Project other than the Leased Premises is Expropriated, the full proceeds
paid or awarded therefor will belong solely to the Landlord and the Tenant will assign to the
Landlord any rights it might have or acquire in respect of such proceeds or awards and will execute
those documents that the Landlord reasonably requires in order to give effect to this intention.

Where used in this Section 10.05 “Expropriation” means expropriated by a governmental or municipal
authority, or transferred, conveyed or dedicated in contemplation of a threatened expropriation and
“Expropriated” and “Expropriating” have corresponding meanings.

ARTICLE 11.00 — DEFAULT

11.01 Arrears — The Tenant shall pay monthly to the Landlord interest at a rate per annum
equal to the lesser of the Prime Rate plus 5% and the maximum rate permitted by applicable law upon
all Rent required to be paid hereunder from the due date for payment thereof until the same is
fully paid and satisfied.

11.02 Costs of Enforcement — The Tenant shall indemnify the Landlord against all costs and
charges (including legal fees on a solicitor and client or substantial indemnity basis and the
Landlord’s reasonable administration charges) reasonably incurred either during or after the Term
in enforcing payment of Rent hereunder and in obtaining possession of the Leased Premises after
default of the Tenant or upon expiration or earlier termination of this Lease or in enforcing any
covenant, proviso or agreement of the Tenant herein contained, or in determining the Landlord’s
rights or the Tenant’s obligations under this Lease or both. All such costs and charges shall be
paid by the Tenant to the Landlord forthwith upon demand.

11.03 Performance of Tenant’s Obligations — All covenants and agreements to be performed by
the Tenant under any of the terms of this Lease shall be performed by the Tenant, at the Tenant’s
sole cost and expense, and without any abatement of Rent. If the Tenant fails to perform any act
to be performed by it hereunder then, in the event of an emergency, either real or perceived, or if
the failure continues for 10 days following notice thereof, the Landlord may (but shall not be
obligated to) perform the act without waiving or releasing the Tenant from any of its obligations
relative thereto; but having commenced to do so may cease to do so without completing performance
thereof. All sums paid and costs incurred by the Landlord in so performing the act, in whole or
part, plus 20% of the cost for overhead and supervision, together with interest thereon at the rate
set out in Section 11.01 from the date payment was made or such cost was incurred by the Landlord,
shall be payable by the Tenant to the Landlord on demand.

11.04 Remedies on Default — Upon the happening of an Event of Default the Landlord may, at
its option, and in addition to and without prejudice to all rights and remedies of the Landlord
available to it either by any other provision of this Lease or by statute or the general law,
exercise any one or more of the following remedies:

	 	(a)	 	be entitled to the full amount of the current month’s and the next ensuing 3 months’
instalments of Rent which shall immediately become due and payable and the Landlord may
immediately distrain for the same, together with any arrears then unpaid;

	 	(b)	 	without notice or any form of legal process, forthwith re-let or sublet the Leased Premises
or any part or parts thereof for whatever term or terms and at whatever rent and upon whatever
other terms, covenants and conditions the Landlord considers advisable including, without
limitation, the payment or granting of inducements all on behalf of the Tenant; and on each
such re-letting or subletting the rent received by the Landlord therefrom will be applied
first to reimburse the Landlord for any such inducements and for any expenses, capital or
otherwise, incurred by the Landlord in making the Leased Premises ready for re-letting or
subletting; and secondly to the payment of any costs and expenses of re-letting or subletting
including brokerage fees and legal fees on a solicitor and client or substantial indemnity
basis; and third to the payment of Rent; and the residue, if any, will be held by the Landlord
and applied to payment of Rent as it becomes due and payable. If rent received from
re-letting or subletting during any month is less than Rent to be paid during that month
hereunder, the Tenant will pay the deficiency which will be calculated and paid monthly on or
before the first day of every month; and no re-letting or subletting of the Leased Premises by
the Landlord or entry by the Landlord or its agents upon the Leased Premises for the purpose
of re-letting or subletting or other act of the Landlord relating thereto including, without
limitation, changing or permitting a subtenant to change locks, will be construed as an
election on its part to terminate this Lease unless a written notice of termination is given
to the Tenant; and if the Landlord elects to re-let or sublet the Leased Premises without
terminating, it may afterwards elect to terminate this Lease at any time by reason of any
Event of Default then existing;

	 	(c)	 	seize and sell such goods, chattels and equipment of the Tenant as are in the Leased Premises
and the Landlord may, but shall not be obligated to, apply the proceeds thereof to all Rent to
which the Landlord is then entitled under this Lease. Any such sale may be effected by public
auction, private sale or otherwise, and either in bulk or by individual item, or partly by one
means and partly by another, all as the Landlord in its sole discretion may decide;

	 	(d)	 	terminate this Lease by leaving upon the Leased Premises notice in writing of the
termination, and such termination shall be without prejudice to the Landlord’s right to
damages, it being agreed that the Tenant shall pay to the Landlord on demand as damages the
loss of income of the Landlord to be derived from this Lease and the Leased Premises for the
unexpired portion of the Term had it not been terminated; or

	 	(e)	 	re-enter into and upon the Leased Premises or any part thereof in the name of the whole and
repossess and enjoy the same as of the Landlord’s former estate, anything herein contained to
the contrary notwithstanding;

and the Tenant shall pay to the Landlord forthwith upon demand all expenses of the Landlord in
re-entering, terminating, re-letting, collecting sums due or payable by the Tenant or realizing
upon assets seized or otherwise exercising its rights and remedies under this Section 11.04
including tenant inducements, leasing commissions, legal fees on a solicitor and client or
substantial indemnity basis and all disbursements and the expense of keeping the Leased Premises in
good order, repairing the same and preparing the same for re-letting.

In addition, and without limiting the generality of the foregoing provisions of this Section 11.04,
upon the happening of an Event of Default, and whether or not this Lease is terminated in
accordance with such provisions: (i) the Landlord shall have no further liability to pay to the
Tenant or any third party any amount on account or in respect of a refund of any Security Deposit,
prepaid Rent or prepaid Taxes or any tenant inducement, leasehold improvement allowance, lease
takeover or lease subsidy or any other concession or inducement otherwise provided to the Tenant
under or with respect to this Lease, and any Rent free period otherwise provided to the Tenant
hereunder shall be null and void and of no further force or effect and Rent shall be payable in
full hereunder without regard to any such Rent free period; and (ii) any cash allowance, inducement
payment, and the value of any other benefit paid to or conferred on the Tenant by or on behalf of
the Landlord in connection with the Leased Premises or this Lease shall be recoverable in full as
additional Rent and shall be payable to the Landlord on demand.

11.05 Availability of Remedies — The Landlord may from time to time resort to any or all of
the rights and remedies available to it upon the occurrence of an Event of Default either by any
provision of this Lease or by statute or the general law, all of which rights and remedies are
intended to be cumulative and not alternative, and the express provisions herein as to certain
rights and remedies are not to be interpreted as excluding any other or additional rights or
remedies available to the Landlord by statute or the general law.

11.06 Waiver — If the Landlord shall overlook, excuse, condone or suffer any default,
breach or non-observance by the Tenant of any obligation hereunder, this shall not operate as a
waiver of the obligation in respect of any continuing or subsequent default, breach or
non-observance, and no such waiver shall be implied but shall only be effective if expressed in
writing.

The Landlord’s acceptance of Rent after a default is not a waiver of any preceding default under
this Lease even if the Landlord knows of the preceding default at the time of acceptance of the
Rent. No term, covenant or condition of this Lease shall be considered to have been waived by the
Landlord or the Tenant unless the waiver is in writing. The Tenant waives any statutory or other
rights in respect of abatement, set-off or compensation in its favour that may exist or come into
existence hereafter with respect to Rent.

11.07 Waiver of Exemption and Redemption — Notwithstanding anything contained in any
statute now or hereafter in force limiting the right of distress, none of the Tenant’s goods or
chattels in the Leased Premises at any time during the Term shall be exempt from levy by distress
for Rent in arrears, and this agreement of the Tenant in this Section may be pleaded as an estoppel
against the Tenant.

11.08 Companies’ Creditors Arrangement Act — By virtue of its interest in this Lease, the
importance of the Tenant continuing to carry on business in the Leased Premises in accordance with
this Lease, and the Landlord’s entitlement to damages where this Lease is terminated by reason of
an Event of Default, the Landlord does and will (despite any changes in circumstances of the Tenant
or its business) constitute a separate class or category of creditor in any plan of arrangement or
other proposal submitted by or on behalf of the Tenant under the Companies’ Creditors Arrangement
Act (Canada) or any similar legislation for bankrupt or insolvent debtors.

ARTICLE 12.00 — ASSIGNMENT, SUBLETTING AND OTHER TRANSFERS

12.01 Request for Consent — The Tenant shall not effect a Transfer of this Lease or of all
or part of the Leased Premises without the prior consent in writing of the Landlord, which consent
shall not, provided no Event of Default has occurred, be unreasonably withheld. Provided that the
Tenant shall, at the time the Tenant shall request the consent of the Landlord, deliver to the
Landlord such information in writing (herein called the “required information”) as the Landlord may
reasonably require respecting the proposed Transferee including, without limitation, the name,
address, nature of business, financial responsibility and standing of such proposed Transferee.
Provided further that after receiving such request, the Landlord shall have the right, at its
option, to terminate this Lease if the request relates to all of the Leased Premises or, if the
request relates to a portion of the Leased Premises only, to terminate this Lease with respect to
such portion, by giving, within 10 days after receiving the required information, not less than 30
nor more than 60 days’ written notice of termination to the Tenant. In the event of such
termination, the Rent and other payments required to be made by the Tenant hereunder shall be
adjusted to the date of termination and, in the case of a partial termination, Rent shall abate in
the proportion that the area of the portion of the Leased Premises for which this Lease is
terminated bears to the area of the Leased Premises and this Lease shall be deemed to be amended
accordingly.

If the Landlord elects to terminate this Lease as to all or part of the Leased Premises, the Tenant
may by written notice (given within 10 days or such longer time as the Landlord may consent to in
writing after receipt of the Landlord’s notice of termination) notify the Landlord of the Tenant’s
intention to refrain from the Transfer which gave rise to the Landlord’s notice of termination or
of the Tenant’s intention to accept such notice of termination. If the Tenant gives written notice
to the Landlord within such time period that it intends to refrain from such Transfer, then the
Landlord’s election to terminate this Lease in whole or in part shall become null and void.
Otherwise, the Landlord’s termination shall take effect on the date stipulated by the Landlord in
its notice of termination.

12.02 Basis for Consent — Notwithstanding anything in the Landlord and Tenant Act, the
Commercial Tenancies Act or any other statute or law and without limiting the grounds upon which a
consent may be refused, the Landlord will not be deemed to be unreasonable in refusing consent
when:

	 	(a)	 	the proposed use by the Transferee is not substantially the same as that of the Tenant;

	 	(b)	 	such consent is requested for a mortgage, charge, debenture (secured by floating charge or
otherwise) or other encumbrance of, or in respect of, this Lease or the Leased Premises or any
part of them;

	 	(c)	 	the Transferee, in the opinion of the Landlord: (i) does not have a history of successful
business operation in the business to be conducted in the Leased Premises; (ii) does not have
a good credit rating or a substantial net worth; or (iii) there is a history of default under
other leases by the Transferee or by companies or partnerships that the Transferee was a
principal shareholder of or a partner in at the time of the default;

	 	(d)	 	in the case of a Transfer to a subtenant of less than the entire Leased Premises, if such
would result in a configuration which: (i) would require access to be provided through space
leased or held for lease to another tenant or improvements to be made outside of the Leased
Premises; or (ii) would, in the sole opinion of the Landlord, be unreasonable to attempt to
re-lease to a third party;

	 	(e)	 	the required information received from the Tenant or the Transferee is not sufficient in the
Landlord’s opinion to enable the Landlord to make a determination concerning the matters set
out above; or

	 	(f)	 	the use of the Leased Premises by the proposed Transferee, in the Landlord’s opinion arrived
at in good faith, could result in excessive use of the systems or services in the Project, be
inconsistent with the image and standards of the Project or expose the occupants of the
Project to risk of harm, damage or interference with their use and enjoyment thereof or reduce
the value of the Project.

The Landlord shall not be liable for any claims, actions, damages, liabilities, losses or expenses
of the Tenant or any proposed Transferee arising out of the Landlord’s unreasonably withholding its
consent to any Transfer and the Tenant’s only recourse will be to bring an application for a
declaration that the Landlord must grant its consent to the Transfer.

In no event shall any Transfer to which the Landlord may have consented release or relieve the
Tenant or any Indemnifier from its obligations fully to perform all the terms, covenants and
conditions of this Lease, the Indemnity Agreement or any renewals or extensions of this Lease or
the Term on its part to be performed and, in any event, the Tenant shall be liable for the
Landlord’s costs incurred in connection with the Tenant’s request for consent as set out in
Subsection 12.03(g).

12.03 Terms and Conditions Relating to Consents — The following terms and conditions apply
in respect of a consent given by the Landlord to a Transfer:

	 	(a)	 	the consent by the Landlord is not a waiver of the requirement for consent to subsequent
Transfers, and no Transfer shall relieve the Tenant of its obligations under this Lease,
unless specifically so provided in writing;

	 	(b)	 	no acceptance by the Landlord of Rent or other payments by a Transferee is: (i) a waiver of
the requirement for the Landlord to consent in writing to the Transfer; (ii) the acceptance of
the Transferee as tenant or subtenant; or (iii) a release of the Tenant or Indemnifier from
its obligations under this Lease or any Indemnity Agreement;

(c) the Landlord may apply amounts collected from the Transferee to any unpaid Rent;

	 	(d)	 	the Transferor, unless the Transferee is a subtenant of the Tenant, will retain no rights
under this Lease in respect of obligations to be performed by the Landlord or in respect of
the use or occupation of the Leased Premises after the Transfer and will execute an Indemnity
Agreement on the Landlord’s standard form in respect of obligations to be performed after the
Transfer by the Transferee;

	 	(e)	 	the Transferee shall, when required by the Landlord, jointly and severally with the Tenant,
enter into an agreement directly with the Landlord agreeing to be bound by this Lease as if
the Transferee had originally executed this Lease as the Tenant, and the Tenant will not be
released nor relieved from its obligations under this Lease including, without limitation, the
obligation to pay Rent;

	 	(f)	 	in the event that this Lease is disaffirmed, disclaimed or terminated by any trustee in
bankruptcy of a Transferee, the original Tenant named in this Lease shall be deemed, upon
notice by the Landlord given within 30 days of such disaffirmation, disclaimer or termination
to have entered into a lease with the Landlord containing the same terms and conditions as in
this Lease, with the exception of the Term of such Lease which shall expire on the date on
which this Lease would have ended save for such disaffirmation, disclaimer or termination; and

	 	(g)	 	any documents relating to a Transfer or the Landlord’s consent will be prepared by the
Landlord or its solicitors and a reasonable administration charge of at least $250.00 and the
greater of: (i) a reasonable document preparation fee of at least $450.00; or (ii) those legal
fees on a solicitor and client or substantial indemnity basis incurred by the Landlord will be
paid to the Landlord by the Tenant on demand.

12.04 Subsequent Transfers — The Landlord’s consent to a Transfer shall not be deemed to be
consent to any subsequent Transfer, whether or not so stated.

12.05 Profit Rents upon Transfers — In the event of any Transfer by the Tenant by virtue of
which the Tenant receives a rent in the form of cash, goods or services from the Transferee which
is greater than the Rent payable hereunder to the Landlord, the Tenant shall pay any such excess to
the Landlord in addition to all Rent payable under this Lease, and such excess rent shall be deemed
to be further Rent payable hereunder.

12.06 Advertising — The Tenant shall not advertise the Leased Premises or any part thereof
as being available for leasing or this Lease as being available for transfer in any medium and will
not cause or permit any such advertisement unless the Landlord has permitted the Tenant to do so in
writing and has given written approval of the wording of such advertisement, which permission and
approval may be arbitrarily withheld.

12.07 Grant of Security Interest by Transferee — The Tenant will cause any Transferee and
any new Indemnifier of this Lease to grant a mortgage, charge and security interest to the Landlord
in form corresponding to the Security Interest granted in Section 15.23 by delivery of a written
security agreement in form and substance satisfactory to the Landlord prior to the effective date
of the Transfer.

The Tenant shall pay all costs associated with the granting and perfection of mortgages, charges
and security interests granted pursuant to this Lease upon any Transfer.

ARTICLE 13.00 — TRANSFERS BY LANDLORD

13.01 Sale, Conveyance and Assignment — Nothing in this Lease shall restrict the right of
the Landlord to sell, convey, assign, pledge or otherwise deal with the Project subject (except as
provided in Section 13.03) only to the rights of the Tenant under this Lease.

13.02 Effect of Transfer — A sale, conveyance or assignment of the Project by the Landlord
shall operate to release the Landlord from liability from and after the effective date thereof in
respect of all of the covenants, terms and conditions of this Lease, express or implied, except as
they may relate to the period prior to the effective date, and the Tenant shall thereafter look
solely to the Landlord’s successor in interest.

13.03 Subordination — Subject to Section 13.04, this Lease, at the option of any mortgagee,
trustee or chargee, is and shall be subject and subordinate in all respects to any and all
mortgages (including deeds of trust and mortgage) now or hereafter registered against title to the
Building or Land and all advances thereunder, past, present and future and to all renewals,
modifications, consolidations, replacements and extensions thereof. The Tenant agrees to execute
promptly and in any event within 10 days after request therefor by the Landlord or the mortgagee or
trustee under any such mortgage or deed of trust and mortgage an instrument of subordination as may
be requested.

13.04 Attornment — The Tenant agrees, whenever requested by any mortgagee, trustee or
chargee (in this Section 13.04 and in Section 13.05 called the “Mortgagee”) taking title to the
Project by reason of foreclosure or other proceedings for enforcement of any mortgage or deed of
trust, or by delivery of a deed in lieu of such foreclosure or other proceeding, to attorn to such
Mortgagee as a tenant under all of the terms of this Lease. The Tenant agrees to execute promptly
and in any event within 10 days after a request by any Mortgagee an instrument of attornment as may
be required by it.

13.05 Effect of Attornment — Upon attornment pursuant to Section 13.04, this Lease shall
continue in full force and effect as a direct lease between the Mortgagee and the Tenant, upon all
of the same terms, conditions and covenants as are set forth in this Lease except that, after
attornment, the Mortgagee and its successors in title shall not be:

(a) liable for any act or omission of the Landlord;

(b) subject to any offset or defence which the Tenant might have against the Landlord; or

	 	(c)	 	bound by any prepayment by the Tenant of more than 1 month’s instalment of Rent unless the
prepayment shall have been approved in writing by the Mortgagee or by any predecessor of the
Mortgagee’s former interest as mortgagee of the Project.

13.06 Repurchase — The Tenant acknowledges and agrees that should the Landlord sell,
convey, assign, pledge or otherwise deal with the Project, or any interest therein, or intend to
deal with the Project or any interest therein, in any manner described herein then the Landlord
may, at its option, if the Landlord has provided the Tenant with Basic Rent free periods, Rent free
periods and/or other inducements during the Term and/or any renewal or extension of the Term of
this Lease, reimburse the Tenant for the then present value of any then unexpired Basic Rent free
periods or Rent free periods and/or other inducements provided to the Tenant under this Lease, in
an amount equal to the discounted cash value thereof determined by applying the then current yield
of 10 year Canadian Government Bonds plus 4%(hereinafter referred to in this Section 13.06 as the
“Discounted Cash Value”) to the dollar amount of such outstanding Basic Rent free periods, Rent
free periods and/or other inducements and the Tenant agrees that any such periods or inducements
for which it has received such Discounted Cash Value from the Landlord will no longer exist or be
payable or be of any force or effect from and after the date on which such Discounted Cash Value is
received by the Tenant from the Landlord. The Tenant agrees to forthwith execute any agreement
prepared by the Landlord, the purpose of which agreement is to amend this Lease by deleting such
Basic Rent free periods, Rent free periods and/or other inducements from this Lease for which the
Tenant has received the Discounted Cash Value from the Landlord.

ARTICLE 14.00 — SURRENDER

14.01 Possession and Restoration

(1) Upon the expiration or other termination of the Term, the Tenant shall immediately quit and
surrender possession of the Leased Premises and all Leasehold Improvements in substantially the
condition in which the Tenant is required to maintain the Leased Premises, excepting only
reasonable wear and tear and damage covered by the Landlord’s insurance under Section 9.01, and the
Tenant shall deliver to the Landlord the keys, mechanical or otherwise, and combinations, if any,
to the locks in the Leased Premises and entries thereto. Notwithstanding the foregoing, the
Landlord shall have the right, at its sole option upon expiration or other termination of the Term,
to require that the Tenant remove or cause to be removed at the Tenant’s cost all or any part of
Leasehold Improvements in the Leased Premises whether or not installed by or on behalf of the
Tenant or installed by or on behalf of a previous tenant or during a previous term and to restore
the Leased Premises to base building standards. Notwithstanding the foregoing, the Landlord may,
at its sole option, perform the said removal and restoration work at the Tenant’s sole cost and
expense. In addition, the Landlord shall have the right, at its sole option upon expiration or
other termination of the Term, to require that the Tenant remove or cause to be removed at the
Tenant’s cost all or any part of any wiring, cables, risers or similar installations appurtenant
thereto installed by the Tenant or on the Tenant’s behalf in the Leased Premises (the “Wiring”) and
to restore any part of the Leased Premises affected by the installation or removal of the Wiring to
its condition existing prior to the installation of the Wiring (the “Wire Restoration Work”).
Notwithstanding the foregoing, the Landlord may, at its sole option, perform the Wire Restoration
Work at the Tenant’s sole cost and expense. Upon surrender, all right, title, and interest of the
Tenant in the Leased Premises and all Leasehold Improvements located therein and in all Wiring
shall cease.

(2) If the Landlord elects to perform the said removal and restoration work and/or the Wire
Restoration Work, 90 days (or as soon after such date as is reasonably possible) prior to the
expiration of the Term the Landlord may inspect the Leased Premises to determine the extent of the
Wire Restoration Work and the work required to restore the Leased Premises to base building
standards and upon receipt of the Landlord’s estimate of the costs thereof (the “restoration cost”)
the Tenant shall provide to the Landlord, by certified cheque, the restoration cost.

14.02 Tenant’s Trade Fixtures and Personal Property — After the expiration or other
termination of the Term, or in the event of the abandonment of the Leased Premises by the Tenant,
all of the Leasehold Improvements and the Tenant’s trade fixtures and personal property remaining
in the Leased Premises shall be deemed conclusively to have been abandoned by the Tenant and may be
appropriated, sold, destroyed or otherwise disposed of by the Landlord without notice or obligation
to compensate the Tenant or to account therefor, and the Tenant shall pay to the Landlord upon
written demand all of the costs incurred by the Landlord in connection therewith.

14.03 Overholding — If the Tenant remains in the Leased Premises or any part thereof after
the expiration or other termination of the Term:

	 	(a)	 	without the consent of the Landlord, no yearly or other periodic tenancy shall be created and
the Tenant shall be deemed, notwithstanding any statutory provision or legal assumption to the
contrary, to be occupying the Leased Premises as a tenant at will of the Landlord, which
tenancy may be terminated at any time by the Landlord without the necessity of any prior
notice to the Tenant, but the Tenant shall be bound by the terms and provisions of this Lease
except any options thereby granted to the Tenant and except the Basic Rent which shall be
twice the greater of: (i) the rate provided for herein for the final year of the Term; and
(ii) the market rate for similar premises as determined by the Landlord at the time of such
overholding, plus, in either case, the sum of $200.00 daily, and subject to such additional
obligations and conditions as the Landlord may impose by notice to the Tenant; or

	 	(b)	 	with the consent of the Landlord and agreement as to the Rent payable, the tenancy shall be
month-to-month at the Rent agreed and otherwise on the terms and conditions of this Lease but
without any option to renew or for a new lease.

The Landlord may recover possession of the Leased Premises during any period with respect to which
the Tenant has prepaid the amount payable under Subsection 14.03(a).

The Tenant shall promptly indemnify and hold harmless the Landlord from and against all Claims
against the Landlord as a result of the Tenant remaining in possession of all or any part of the
Leased Premises after the expiry of the Term without the consent of the Landlord (including,
without limitation, any compensation to any new tenant or tenants which the Landlord may elect to
pay whether to offset the cost of overtime work or otherwise).

ARTICLE 15.00 — GENERAL

15.01 Estoppel Certificates — The Tenant shall whenever requested by the Landlord, a
prospective purchaser or any mortgagee (including any trustee under a deed of trust and mortgage)
promptly, and in any event within 10 days after request, execute and deliver to the Landlord or to
any party or parties designated by the Landlord a certificate in writing as to the then status of
this Lease, including as to whether it is in full force and effect, is modified or unmodified,
confirming the Rent payable hereunder and each element hereof and the then state of the accounts
between the Landlord and the Tenant, the existence or non-existence of defaults, and any other
matters pertaining to this Lease in respect of which the Landlord shall request a certificate, and
provide such other information as may reasonably be required, including a copy of the Tenant’s most
recent audited financial statements. The party or parties to whom such certificates are addressed
may rely upon them.

15.02 Entire Agreement — There is no promise, warranty, representation, undertaking,
covenant or understanding by or binding upon the Landlord except such as are expressly set forth in
this Lease, and this Lease including the Term Sheet and schedules hereto contains the entire
agreement between the parties hereto.

15.03 Registration of Lease — The Tenant acknowledges the confidential nature of this Lease
and agrees with the Landlord not to register or apply to register this Lease and waives any
statutory obligation upon the Landlord to execute and deliver this Lease in registrable form. If
the Tenant wishes to register a caveat or notice of this Lease, the Landlord agrees to execute at
the expense of the Tenant, an acknowledgement or short form of lease sufficient for such purpose in
such form as the Landlord shall have approved which shall preserve the confidentiality of the Rent
and other financial terms of this Lease; provided that if there is a conflict between the
provisions of such acknowledgement or short form of lease and this Lease, the provisions of this
Lease shall govern. The Tenant shall, at its own cost, promptly on request, whether before or
after the expiration or earlier termination of the Term, discharge any such caveat or notice or any
other registration carried out contrary to this Section and the Tenant shall, at the time of
requesting preparation of the said acknowledgement or short form of lease, provide the Landlord
with an executed discharge of the notice of lease or caveat together with a certified cheque in an
amount determined by the Landlord, acting reasonably, to cover the cost of registration of the
discharge at the expiry or other termination of this Lease.

15.04 (Intentionally Deleted)

15.05 “For Lease” Signs — The Landlord shall have the right during the last 12 months of
the Term to place upon the Leased Premises a notice of reasonable dimensions stating that the
Leased Premises are “for lease” and the Tenant shall not obscure or remove such notice or permit
the same to be obscured or removed.

15.06 Unavoidable Delays — If the Landlord or the Tenant (the “delayed party”) shall be
delayed, hindered or prevented in or from the performance of any of its covenants under this Lease
by any cause not within the control of the delayed party, as determined by the Landlord acting
reasonably (excluding lack of finances of the delayed party), the performance of the covenant shall
be excused for the period during which performance is rendered impossible and the time for
performance thereof shall be extended accordingly, but this shall not excuse the Tenant from the
prompt payment of Rent or from the performance of any of its other obligations under this Lease not
related to such cause.

15.07 Limitation of Recourse — The Tenant acknowledges that, notwithstanding any other
provision contained in this Lease, the obligations of and rights against the Landlord under this
Lease shall be performed, satisfied and paid only out of and enforced against, and recourse
hereunder shall be had only after judgment and only against, the right, title and interest of the
Landlord from time to time in, and the Landlord’s revenue derived from, the Project. No obligation
of the Landlord hereunder or in respect hereof is personally binding upon, nor shall any resort or
recourse be had, judgment issued or execution or other process levied against, the Landlord (except
to the extent necessary for enforcement under the first sentence of this Section 15.07 and only for
that purpose) or against any other assets or revenues of the Landlord. The only remedy against the
Landlord shall be an action for damages, except that if the Tenant is of the opinion that any
consent requested pursuant to Article 12.00 hereof has been wrongfully withheld, its remedies are
as set out in Section 12.02.

If the Landlord is, or this Lease is assigned by the Landlord to, a real estate investment trust
(“REIT”), the parties acknowledge and agree that the obligations of the REIT hereunder and under
all documents delivered pursuant hereto (and all documents to which this document may be pursuant)
or which give effect to, or amend or supplement, the terms of this Lease are not personally binding
upon any trustee thereof, any registered or beneficial holder of units (a “Unitholder”) or any
annuitant under a plan of which a Unitholder acts as a trustee or carrier, or any officers,
employees or agents of the REIT and resort shall not be had to, nor shall recourse or satisfaction
be sought from, any of the foregoing or the private property of any of the foregoing, but the
Project only shall be bound by such obligations and recourse or satisfaction may only be sought
from the revenue of the Project.

15.08 Notice — Any notice required or contemplated by any provision of this Lease shall be
given in writing and delivered either: (i) personally; (ii) by prepaid courier service; (iii) by
facsimile with confirmation of transmission; or (iv) by registered mail, postage prepaid, and if to
the Landlord at the Landlord’s local office as specified in Item 1(a) of the Term Sheet, with a
copy to the Landlord’s head office address as specified in Item 1(b) of the Term Sheet and if to
the Tenant at the Leased Premises (whether or not the Tenant has departed from, vacated or
abandoned the same), or, at the Landlord’s option, to the Tenant’s head office address as specified
in Item 2 of the Term Sheet. Notwithstanding the provision of any statute or law relating thereto,
service by means of electronic mail of any notice required to be given in writing by either party
hereto pursuant to this Lease shall not constitute good and effective service.

Any notice shall be considered to have been given or made: (i) if delivered personally or by
prepaid courier, on the day of delivery; (ii) if sent by facsimile and received on or before 4:30
p.m. local time for the recipient, on the day of transmission; (iii) if sent by facsimile and
received after 4:30 p.m. local time for the recipient, on the next Business Day following); or (iv)
if sent by registered mail, 3 Business Days following the date upon which it was mailed. Either
party may from time to time by notice in writing to the other designate another address or
addresses in Canada as the address to which notices are to be sent. If the postal service is
interrupted or substantially delayed or threatened to be interrupted or delayed, any notice shall
only be delivered by one of the alternate methods stated above.

If two or more Persons are named as, or bound to perform the obligations of, the Tenant hereunder,
notice given as herein provided to any one of the Persons constituting the Tenant or so bound shall
be deemed to be notice simultaneously to all Persons constituting the Tenant and to all Persons so
bound. Any notice given to the Indemnifier or the Tenant shall be deemed to have been given
simultaneously to the other of them and to all Persons bound by their obligations hereunder.

15.09 Delegation of Authority — The Landlord’s Agent may act on behalf of the Landlord in
any manner provided for herein. The Tenant acknowledges that, if this Lease has been executed for
and on behalf of, in the name of and with the authority of the Landlord by the Landlord’s Agent,
the covenants and agreements of the Landlord are obligations of the Landlord and its successors and
assigns only and are not obligations personal to or enforceable against the Landlord’s Agent in its
own right.

15.10 Relationship of Parties — Nothing contained in this Lease shall create any
relationship between the parties hereto other than that of landlord and tenant and, if applicable,
indemnifier.

15.11 Governing Law — This Lease shall be construed and enforced in accordance with, and
the rights of the parties shall be governed by, the laws of the province in which the Project is
situated and the laws of Canada applicable therein and shall be subject to the exclusive
jurisdiction of the courts of the province in which the Project is situated.

15.12 Amendment or Modification — No amendment, modification or supplement to this Lease
shall be valid or binding unless set out in writing and executed by the Landlord and the Tenant
with the same degree of formality as the execution of this Lease.

15.13 Legal and Administration Costs — The Tenant shall indemnify the Landlord against all
legal fees on a solicitor and client or substantial indemnity basis and disbursements incurred by
the Landlord or by the Landlord’s Agent in connection with the negotiation, preparation and
execution of any amendment, assignment, cancellation, approval or consent requested by the Tenant
in connection with this Lease, including the Landlord’s reasonable administration charges. All
such costs and charges shall be paid by the Tenant to the Landlord forthwith upon demand.

15.14 Construction — All of the provisions of this Lease are to be construed as covenants
and agreements. If any provision of this Lease is illegal or unenforceable, it shall be considered
separate and severable from the remaining provisions of this Lease, which shall remain in force and
be binding as though the provision had never been included. Any language or wording in this Lease
which has been struck out shall be deemed not to have ever been included herein and shall not be
considered in construing or interpreting any other provision of this Lease, nor shall there be any
implication that by the deletion of any language or wording, the parties hereto intended to state
the opposite of the struck out language or wording.

15.15 Captions and Headings — The captions and headings contained in this Lease are for
convenience of reference only and are not intended to limit, enlarge or otherwise affect the
interpretation of the Articles, Sections or parts hereof to which they apply.

15.16 Interpretation  — In this Lease, “herein”, “hereof”, “hereunder”, “hereafter” and
similar expressions refer to this Lease and not to any particular Article, Section or other portion
thereof unless there is something in the subject matter or context inconsistent therewith.
Wherever necessary or appropriate in this Lease, the plural shall be interpreted as singular, the
masculine gender as feminine or neuter and vice versa; and when there are two or more parties bound
by the Tenant’s covenants herein contained, their obligations shall be joint and several. If the
Tenant is a partnership each Person who is presently a member of such partnership and each Person
who becomes a member of any successor partnership shall be and continue to be liable jointly and
severally for the performance of the obligations of this Lease, whether or not such Person ceases
to be a member of such partnership or successor partnership and after the partnership ceases to
exist.

15.17 Time of the Essence — Time shall be of the essence hereof and no extension or
variation of this Lease shall operate as a waiver of this provision.

15.18 Successors and Assigns — Subject to specific provisions contained in this Lease to
the contrary, this Lease shall enure to the benefit of and be binding upon the successors and
assigns of the Landlord and the heirs, executors and administrators and the permitted successors
and assigns of the Tenant.

15.19 Counterparts — This Lease may be executed in counterparts and the counterparts
together shall constitute an original.

15.20 Further Schedules — Any additional covenants, agreements and conditions forming part
of this Lease will be attached as Schedule E and the Tenant agrees with the Landlord to comply with
the provisions of Schedule E. If an Indemnifier is a party hereto the form of Indemnity Agreement
to be executed by the Indemnifier and the Landlord as a separate agreement will be attached as
Schedule F.

15.21 Independent Legal Advice — The Tenant and the Indemnifier each acknowledge that the
Landlord hereby advises each of the Tenant and the Indemnifier to obtain advice from independent
legal counsel prior to signing this Lease and/or the Indemnity Agreement. The Tenant and the
Indemnifier further acknowledge that any information provided by the Landlord is not to be
construed as legal, tax or any other expert advice and the Tenant and the Indemnifier are cautioned
not to rely on any such information without seeking legal, tax or other expert advice.

The Landlord and the Tenant understand, acknowledge and agree that this Lease has been freely
negotiated by both parties and that, in any dispute or contest over the meaning, interpretation,
validity or enforceability of this Lease or any of its terms or conditions, there shall be no
inference, presumption or conclusion drawn whatsoever against either party by virtue of that party
having drafted this Lease or any portion thereof.

15.22 No Offer — The Landlord will not be deemed to have made an offer to the Tenant by
furnishing an unexecuted copy of this Lease with particulars inserted. Notwithstanding that a
Security Deposit or payment of advance Rent is received by the Landlord when this Lease is received
by the Landlord for execution, no contractual or other right will exist between the Landlord and
the Tenant with respect to the Leased Premises until the Landlord, the Tenant and the Indemnifier,
if any, have executed and delivered this Lease and any required Indemnity Agreement.

15.23 (Intentionally Deleted)

15.24 Survival of Covenants and Indemnities — All obligations of the Tenant which arise
during the Term pursuant to this Lease and which have not been satisfied at the end of the Term and
all indemnities of the Tenant contained in this Lease shall survive the expiration or other
termination of this Lease.

15.25 Exculpatory Provisions — In all provisions of this Lease containing a release,
indemnity or other exculpatory language in favour of the Landlord, reference to the Landlord
includes reference also to the Landlord’s Agent and nominee (if any) and any Person for whom any
one or more of them is in law responsible and the directors, officers and employees of the
Landlord, the Landlord’s Agent and nominee (if any) and any Person for whom they are in law
responsible (including the agents of any of them) while acting in the ordinary course of their
employment (collectively the “Released Persons”), it being understood and agreed that, for the
purposes of this Section 15.25, the Landlord is deemed to be acting as the agent or trustee on
behalf of and for the benefit of the Released Persons solely to the extent necessary for the
Released Persons to take the benefit of this Section 15.25.

15.26 Brokerage Commissions — The Tenant covenants that no act of the Tenant has given rise
nor shall give rise to any Claims against the Landlord for any brokerage commission, finder’s fee
or similar fee in respect of this Lease. The Tenant hereby indemnifies and agrees to hold the
Landlord harmless from any Claims for such commission or fees with respect to this Lease except any
which were directly contracted for by the Landlord.

15.27 Covenants to be Performed at Landlord’s Option — Where any provision in this Lease
gives the Landlord the option of having the Landlord or the Tenant perform the covenants set out in
such provision, the Tenant shall perform such covenants unless the Tenant is otherwise directed by
way of written notice from the Landlord.

15.28 Radiation — Only if the Landlord believes on reasonable grounds that radiation is or
has been used or created by the Tenant or any Person permitted by the Tenant to be in the Leased
Premises shall this Section 15.28 apply to the Tenant.

The Tenant agrees, if so requested by the Landlord, to conduct at its own expense a survey by an
accredited firm of consultants acceptable to the Landlord to determine the level of radiation in
the Leased Premises, and if such levels are in excess of those allowable under Environmental Laws
and set by the applicable regulatory authorities governing radiation, the Tenant agrees, at its own
cost and expense and on terms and conditions approved by the Landlord, to reduce the level of
radiation to a level allowable under Environmental Laws and set by such applicable regulatory
authorities.

15.29 Underground and Aboveground Storage Tanks — Only if underground and/or aboveground
storage tanks are to be or have been installed by or on behalf of the Tenant, or will be used or
have been used by the Tenant in the Leased Premises shall this Section 15.29 apply to the Tenant.

Upon receiving the prior written consent of the Landlord, which consent may be arbitrarily
withheld, the Tenant may install underground and/or aboveground storage tanks in the Leased
Premises necessary to conduct its business in the Leased Premises providing the Tenant undertakes,
at its cost to:

	 	(a)	 	prior to installation, provide the Landlord with a description of any and all underground and
aboveground storage tanks including but not limited to the construction of the tanks, age of
the tanks and leak detection system;

	 	(b)	 	have a leak detection system in place for all underground storage tanks and associated
piping, and ensure that the fill spouts of all underground and aboveground storage tanks are
protected by overfill or spill protection devices that meet provincial requirements and any
and all other applicable Environmental Laws;

	 	(c)	 	have secondary containment in place for all aboveground storage tanks capable of holding 150%
of the volume of the aboveground storage tanks, and ensure that the fill spouts of all
aboveground tanks are protected by drip pads or some other means to prevent spillage into the
environment;

	 	(d)	 	comply with all applicable Environmental Laws and all federal and provincial legislation,
guidelines and regulations with respect to underground and aboveground storage tanks
including, but not limited to, their design, installation, operation, testing and removal,
maintain records with regard to such operation and testing, and provide the Landlord with
written confirmation of such compliance if so requested by the Landlord;

	 	(e)	 	provide the Landlord annually and at any other time during the Term, upon the request of the
Landlord, the Landlord acting reasonably, with leak detection test records, including without
limitation tank and line tightness tests and product/inventory reconciliation and calculation
records, with regard to any underground and/or aboveground storage tanks and associated
equipment, including piping. In the event such tests and/or records show or indicate a loss
or failure, the Tenant shall rectify the cause of such loss or failure at its sole cost and
expense forthwith;

	 	(f)	 	in the event of any spill, leak or unreconciled product loss from an underground and/or
aboveground storage tank which is greater than 5 litres, to immediately contact the party
identified as the “Environmental Contact” in Item 1 of the Term Sheet; and

	 	(g)	 	in the event of any spill, leak or unreconciled product loss from any underground or
aboveground storage tank, remove, decontaminate, dispose of and replace the affected tanks,
associated equipment, contents and any substance contaminated by same, all in compliance with
the applicable Environmental Laws and all federal and provincial legislation, regulations and
guidelines respecting underground or aboveground storage tanks.

Notwithstanding the foregoing, the Tenant agrees to design and locate all underground and/or
aboveground storage tanks in a location so as to minimize discharge or leak of any product
contained in the underground and/or aboveground storage tank, into the environment, including the
Leased Premises.

IN WITNESS WHEREOF the parties hereto have executed this Lease as of the date first set forth
above.

LANDLORD:

MORGUARD REAL ESTATE INVESTMENT

TRUST by its agent MORGUARD

INVESTMENTS LIMTED

By: /s/ John Borrelli 9/15/05

Name: John Borrelli

Title: Authorized Signatory            c/s

—

By: /s/ Tullio Capulli 9/15/05

Name: Tullio Capulli

Title: Authorized Signatory            c/s

We have authority to bind the Corporation

which has authority to bind the Trust

4

	 	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	WITNESS to signature

	 	TENANT:
	 	

	 
	 	 	 	 
	of Tenant:

	 	DELPHAX TECHNOLOGIES CANADA
	 	

	 
	 	 	 	 
	
 
	 	LIMITED
	 	

	 
	 	 	 	 
	signature: /s/ William Claque

	 	By: /s/ Dieter P. Schilling
	 	

	 
	 	 	 	 
	
 
	 	Name: Dieter P. Schilling
	 	

	 
	 	 	 	 
	print name: Mr. William Claque

	 	Title: Corp VP Eng & Mfg
	 	c/s
	 
	 	 	 	 
	address: 48 Maryann Price Lane

	 	By: /s/ Ray Vella 9/8/05
	 	

	 
	 	 	 	 
	Cambridge ON

	 	Name: Ray Vella
	 	

	 
	 	 	 	 
	
 
	 	Title: Controller
	 	

	 
	 	 	 	 
	occupation: Owner VIP Catering

	 	I/We have authority to bind the Corporation
	 	

5

SCHEDULE A

PLAN OF PROJECT

Original Document Included a Floor Plan Diagram.

6

SCHEDULE A1

LEGAL DESCRIPTION OF LAND

5030-5040 TIMBERLEA BLVD.

MISSISSAUGA, ONTARIO

ALL AND SINGULAR that certain parcel or tract of land and premises situate,
lying and being in the City of Mississauga, in the Regional Municipality of
Peel, and being composed of part of Block H, according to a Plan filed in
the Land Registry Office for the Land Titles Division of Peel as Number
M-219, designated as Parts 3 and 7 on a Plan of Survey of Record registered
in the said Land Registry Office as Number 43R-6987.

RESERVING the rights set out as set out I Instrument No. 234803;

SUBJECT to an easement over that part of Block H, designated as Part 7 on
Reference Plan 43R-6987, as set out in Instrument No. 207133.

Being the whole of Parcel H-12 in the register for Section M-219.

7

SCHEDULE B

DEFINITIONS

“Article”, “Item”, “Schedule”, “Section” and “Subsection” mean the specified article, item,
schedule, section or subsection, as the case may be, of this Lease.

"Basic Rent” means the amount set out in Item 8 of the Term Sheet payable by the Tenant to the
Landlord in respect of each year of the Term.

"Bio-Medical Waste” shall mean and include the following:

	 	(a)	 	(i) surgical waste including all materials discarded from surgical procedures, including but
not limited to, disposable gowns, soiled dressings, sponges, casts, lavage tubes, drainage
sets, underpads and surgical gloves;

(ii) pathological waste including all human tissues and anatomical parts which emanate from
surgery, obstetrical procedures, autopsy and laboratory;

(iii) biological waste including blood and blood products, excretions, exudates, secretions,
suctionings and other body fluids including solid/liquid waste from renal dialysis;

(iv) isolation waste including all waste emanating from the care or treatment of a patient
on any type of isolation or precaution except reverse (protective) isolation;

(v) cultures and stocks of etiologic agents and associated biologicals including, without
limitation, specimen cultures, cultures and stocks of etiologic agents, wastes from
production of biologicals and serums, and discarded live and attenuated vaccines;

(vi) laboratory waste which has come in contact with pathogenic organisms, including but not
limited to, culture dishes, devices used to transfer, inoculate and mix cultures, paper and
cloth which has come in contact with specimens or cultures;

(vii) animal carcasses exposed to pathogens in research, their bedding and other waste from
such animals;

(viii) sharps, including any discarded article that may cause punctures or cuts, including
but not limited to, needles, IV tubing with needles attached, scalpel blades, glassware, and
syringes that have been removed from their original sterile containers; and

(ix) any other wastes identified as infectious or similar wastes in any other applicable
federal, provincial or municipal laws, regulations and guidelines; and

	 	(b)	 	“Chemotherapy Waste” (also known as antineoplastic or cytotoxic waste) means and includes
discarded items, including but not limited to, masks, gloves, gowns, empty IV tubing bags,
vials, syringes and other contaminated materials which have been contaminated by
chemotherapeutic drugs or antineoplastic agents; and

(c) any waste defined as bio-medical waste under any applicable law or regulation.

"Building” means the buildings, structures and improvements from time to time during the Term
erected in, upon or under the Land municipally identified in Item 3 of the Term Sheet and all
alterations and additions thereto and replacements thereof.

“Business Day” means any day which is not a Saturday, Sunday or a statutory holiday observed in the
province in which the Project is situated.

"Capital Tax” means the applicable amount of any tax or taxes including but not limited to Large
Corporations Tax payable based upon or computed by reference to the paid-up capital or place of
business of the Landlord as determined for the purposes of such tax or taxes; provided that for the
purposes hereof, the “applicable amount” of such tax or taxes shall mean the amount thereof that
would be payable if the Project were the only establishment of the Landlord in the jurisdiction of
the taxing authority or if any other establishment of the Landlord therein were located outside
that jurisdiction.

"Claims” means claims, losses, actions, suits, proceedings, causes of action, demands, damages
(direct, indirect, consequential or otherwise), judgments, executions, liabilities,
responsibilities, costs, charges, payments and expenses including, without limitation, any
professional, consultant and legal fees on a solicitor and client or substantial indemnity basis
and any associated disbursements, and including, without limiting the generality of the foregoing,
any of the foregoing relating to, arising out of, resulting from or in any way connected with any
release, spill, leak, emission, escape, leaching, migration, disposal or dumping into or within the
air, land, groundwater or surface water in, over, upon or from the Leased Premises of any
Pollutants including without limitation all costs, penalties, fines and expenses of any remediation
or restoration of the Leased Premises, and/or any property adjoining or in the vicinity of the
Leased Premises required or mandated by Environmental Laws.

“Collateral” has the meaning ascribed in Section 15.23.

"Commencement Date” means the first day of the Term as specified in Item 7(a) of the Term Sheet.

"Consultants” means any reference in this Lease to the Landlord’s accountant, auditor, architect,
surveyor or other consultant shall be deemed to be such duly qualified consultant appointed by the
Landlord in its absolute discretion for the purposes of this Lease or of any provision hereof; and
they will act in accordance with this Lease and the principles and standards of their professions.
In determining any cost allocation the Landlord may rely on, and the parties shall be bound by, the
decision or determination of the Landlord’s Consultants.

"Environmental Laws” shall include any domestic and foreign federal, provincial, municipal, or
local laws, statutes, regulations, ordinances, guidelines, policies, judge made laws or common laws
and any orders of a court or governmental authority, relating in any way to the natural or human
environment (including land, surface water, groundwater, and real, personal, moveable and
immoveable property), public or occupational health and safety, and the manufacture, importation,
handling, use, reuse, recycling, transportation, storage, disposal, elimination and treatment of a
substance, hazardous or otherwise.

"Event of Default” means any of the following events:

(a) all or any part of the Rent hereby reserved is not paid within 5 days of when due;

	 	(b)	 	the Term or any goods, merchandise, stock in trade, chattels or equipment of the Tenant or
any Indemnifier is or are seized or taken or exigible in execution or in attachment or if a
creditor takes possession thereof or if a writ of execution is issued against the Tenant or
any Indemnifier;

	 	(c)	 	the Tenant or any Indemnifier or any Person bound to perform the obligations of the Tenant in
this Lease either as guarantor or indemnifier or as one of the parties constituting the Tenant
takes any steps in furtherance of or suffers any order to be made for its winding-up or other
termination of its corporate existence or becomes insolvent or commits an act of bankruptcy or
becomes bankrupt or takes the benefit of any statute that may be in force for bankrupt or
insolvent debtors or becomes involved in voluntary or involuntary winding-up proceedings or if
a receiver or receiver/manager shall be appointed for all or any part of the business,
property, affairs or revenues of the Tenant or such Indemnifier or Person;

	 	(d)	 	the Tenant makes a bulk sale of its goods or moves or commences, attempts or threatens to
move its goods, chattels and equipment, or any of them, out of the Leased Premises (other than
in the normal course of its business) or ceases to conduct business in the Leased Premises;

	 	(e)	 	the Tenant fails to move into or take possession of the Leased Premises or vacates or
abandons the Leased Premises in whole or in part or fails to actively carry on business
therein;

	 	(f)	 	a report or statement required from the Tenant under this Lease is materially false or
misleading except if it results from an innocent clerical error as determined by the Landlord;

	 	(g)	 	any policy of insurance taken out by either the Landlord or the Tenant with respect to the
Project shall be cancelled by reason of any act or omission of the Tenant;

	 	(h)	 	the Tenant enters into a Transfer except in compliance with the provisions of this Lease; or

	 	(i)	 	the Tenant or any Indemnifier or any Person bound to perform the obligations of the Tenant
pursuant to this Lease either as guarantor or indemnifier or as one of the parties
constituting the Tenant fails to observe, perform and keep each and every covenant, agreement,
provision, stipulation and condition herein contained to be observed, performed and kept by
the Tenant or the Indemnifier, including observance and performance of the rules and
regulations, (other than payment of Rent) and persists in the failure after 10 days’ written
notice by the Landlord requiring the Tenant to remedy, correct, desist or comply (or if any
breach would reasonably require more than 10 days to rectify, unless the Tenant commences
rectification within the 10 day notice period and thereafter promptly, effectively and
continuously proceeds with the rectification of the breach.

“Expropriated”, “Expropriating” and “Expropriation” have the meanings ascribed in Section
10.05.

"Fiscal Year” means a period, from time to time determined by the Landlord all or part of which
falls within the Term, at the end of which the Landlord’s accounts in respect of the Project are
balanced for auditing or bookkeeping purposes. Such period shall be 12 months except when the
Landlord designates a new date upon which the fiscal year shall end.

"GST” means goods and services tax being that tax payable pursuant to Parts VIII and IX of the
Excise Tax Act, as amended and re-enacted from time to time and other like taxes levied from time
to time and includes any blended sales tax which combines GST and provincial tax.

“Indemnifier” means the Person, if any, so identified in the Term Sheet and who has signed this
Lease as Indemnifier.

“Indemnity Agreement” means the agreement attached as Schedule F.

"Land” means those lands legally described in Schedule A1 as same may be expanded or contracted
from time to time.

"Landlord’s Agent” means the Person retained by the Landlord from time to time to operate or manage
the Project which, as of the date of this Lease, is Morguard Investments Limited.

"Lease” means this lease, the Term Sheet and all Schedules attached hereto which are referred to in
this lease and every properly executed instrument which by its terms amends, modifies or
supplements this lease.

"Leased Premises” means the Project.

"Leasehold Improvements” means all improvements, fixtures, installations, alterations and additions
from time to time made, erected or installed to or in the Leased Premises, in addition to, beyond
or replacing the base building standards including all partitions however affixed (including
moveable and demountable partitions), millwork and affixed wall units, internal stairways, doors,
hardware, light fixtures, carpeting and other applied floor finishes, and heating, ventilating and
air conditioning equipment and other building services not forming part of the Landlord’s base
building equipment and services; whether or not installed by or on behalf of the Tenant and whether
or not installed during the Term including, without limitation, all fixtures (except trade
fixtures) in the Leased Premises.

“Mortgagee” has the meaning ascribed in Section 13.04.

"Operating Costs” means in respect of any Fiscal Year the total of all costs, expenses and amounts,
incurred or accrued in that Fiscal Year for or with respect to ownership, management, operation,
maintenance, repair, upkeep, insurance, supervision, decoration, cleaning and upgrading of the
Project and the determination and allocation of such costs, expenses and amounts, whether incurred
or accrued by or on behalf of the Landlord or by or on behalf of the Landlord’s Agent including,
without limitation and without duplication:

A. Inclusions

(a) rents for leased equipment;

(b) the costs of services performed by Consultants appointed by the Landlord;

	 	(c)	 	the cost of acquiring equipment for operation or maintenance of the Project if expensed fully
in the Fiscal Year in which such equipment is acquired;

	 	(d)	 	all costs expensed fully in the Fiscal Year in which the expense is incurred, and the cost of
work done whether on-site or off-site which, in the opinion of the Landlord:

(i) will reduce or limit increases in Operating Costs; or

(ii) is required by any insurers of the Project; or

(iii) is required by any governmental authority having jurisdiction;

including any work necessary to comply with energy conservation, pollution and environmental
control standards and the cost of investigating and remedying air quality and moisture
issues and issues related thereto, if any;

	 	(e)	 	the cost of investigating, testing, monitoring, removing, enclosing, encapsulating or abating
any Pollutants which are in or about the Project or any part thereof or which have entered the
environment from the Project, if the Landlord is required to do so or if, in the Landlord’s
opinion, it is harmful or hazardous to any Person or to the Project or any part thereof or to
the environment;

	 	(f)	 	the cost of all insurance taken out and maintained by the Landlord under Article 9.00 and the
cost of any deductible amount paid by the Landlord in connection with a claim under its
insurance;

	 	(g)	 	at the Landlord’s election (such election to be evidenced by the method of calculating
Operating Costs for each Fiscal Year) either:

(i) amortization, in an amount determined by the Landlord’s accountant, (with interest at
the Prime Rate plus 1.5% per annum) of the cost (whether or not incurred before or during
the Term and whether or not incurred by the party constituting the Landlord at any time or
its predecessor in title or interest) of any work done with respect to the Project and of
all equipment required for the operation and maintenance of the Project unless fully
expensed in the Fiscal Year in which it is incurred; or

(ii) depreciation in an amount determined by the Landlord’s accountant based on the cost
(whether or not incurred before or during the Term and whether or not incurred by the party
constituting the Landlord at any time or its predecessor in title or interest) of any of
those items which the Landlord in its absolute discretion has elected to treat as capital in
nature together with an amount equal to interest at the Prime Rate plus 1.5% per annum on
the undepreciated amount thereof;

	 	(h)	 	the amount of all salaries, wages and fringe benefits paid to or for the benefit of employees
and others engaged in such matters relating to the Project and/or a proportionate part
thereof, all as estimated by the Landlord;

(i) the cost of energy audits and conservation studies;

(j) all Taxes; and

	 	(k)	 	any Capital Tax imposed upon the Landlord provided that if the Capital Tax payable by the
Landlord in this connection is for a period not coinciding with the Fiscal Year, the amount of
the Capital Tax included in Operating Costs in each Fiscal Year shall be that amount payable
by the Landlord accruing during the Fiscal Year;

plus a management fee equal to that amount paid to the Landlord’s Agent in respect of management of
the Project or any part thereof or the Landlord’s reasonable charges in lieu thereof if the
Landlord elects to self manage the Project or any part thereof, which fee shall be in keeping with
the industry standard.

B. Exclusions — Operating Costs shall exclude, without duplication and without limiting the
generality of the foregoing, and except to the extent expressly included above:

	 	(a)	 	the Landlord’s costs of acquiring the Project, whether paid as debt service or ground rents;
and

(b) Tenant improvement allowances, leasing commissions and leasing costs.

C. Deductions - There shall be deducted from Operating Costs, without duplication, but only to the
extent that related expenses were actually included therein for that Fiscal Year:

(a) the proceeds of insurance.

All amounts taken into account in determining Operating Costs shall be determined on the basis of
payments made during the Fiscal Year with respect to which the calculation is made except as the
Landlord may from time to time reasonably require or as otherwise provided in this Lease. Amounts
not finally determined may be estimated by the Landlord, acting reasonably.

"Person” means an individual, partnership, firm, corporate entity, trust, government or any
department or agency thereof or any combination of the foregoing.

"Pollutants” means any substance which is regulated by or which would be considered a contaminant,
pollutant, waste or deleterious or hazardous substance under Environmental Laws, or which is or may
be hazardous to persons or property or detrimentally affect property value and includes, without
limiting in any way the generality of the foregoing:

(a) radioactive materials;

(b) explosives;

	 	(c)	 	any substance that, if added to any air, land and/or water would degrade or alter or form
part of a process of degradation or alteration of the quality of that air, land and/or water
to the extent that it is detrimental to its use by human beings or by any animal or plant;

	 	(d)	 	any solid, liquid, gas, microorganism, mould, sound, vibration, ray, heat, radiation, odour
or combinations of any of them that is likely to alter the quality of the environment
(including air, land and water) in any way or the presence of which in the environment is
prohibited by regulation or is likely to affect the life, health, safety, welfare or comfort
of human beings or animals or to cause damage to or otherwise impair the quality of soil,
vegetation, wildlife or property;

(e) toxic substances;

	 	(f)	 	substances declared to be hazardous or toxic under any law or regulation now or hereafter
enacted or promulgated by any governmental or municipal authority having jurisdiction over the
Landlord, the Tenant or the Project;

	 	(g)	 	any substance, the use or transportation of which or the release of which into the
environment is prohibited, regulated, controlled or licensed under Environmental Laws;

(h) anything contaminated by any Pollutants; and

(i) Bio-Medical Waste.

"Prime Rate” means the rate of interest per annum established from time to time by The Bank of Nova
Scotia (or such other bank being one of the 5 largest Canadian chartered banks measured by assets
as the Landlord may designate from time to time) at its head office in Toronto, Ontario as the
reference rate of interest to determine interest rates it will charge on Canadian dollar loans to
its Canadian customers and which it refers to as its “prime rate”.

"Project” means the Land and the Building.

"Property Tax Year” means the 12 month period set by the municipal taxing authorities as the period
for and over which Property Taxes and, where applicable, business taxes are assessed, charged and
payable by the owner or occupant of the Project, whether on a calendar or fiscal year or any other
basis.

"Property Taxes” means all taxes, rates, levies, duties and assessments whatsoever whether
municipal, school, provincial, parliamentary or otherwise levied, charged, imposed or assessed
against the Project or upon the Landlord in respect thereof or from time to time levied, charged,
imposed or assessed in the future in lieu thereof or in addition thereto, including, without
limitation, those levied, charged, imposed or assessed for education, school and local improvements
and all business taxes, if any, from time to time payable by the Landlord or levied against the
Landlord on account of its ownership of or interest in or the operation of the Project; and all
costs and expenses incurred by the Landlord in good faith in contesting, resisting or appealing any
such taxes, rates, duties, levies or assessments including, without limitation, legal fees on a
solicitor and client or substantial indemnity basis and other professional fees and interest and
penalties on deferred payments, but excluding income or profits taxes upon the income of the
Landlord. If any portion of the Project is assessed or taxed other than at the prevailing
commercial assessment rates and mill rates due to the occupancy of the Tenant or the nature of the
Tenant’s operation, then the amount of such taxes, rates, levies, duties or assessments shall be
adjusted to be an amount equal to the amount which would have been incurred had such portion of the
Project been assessed and taxed at the prevailing commercial assessment rates and mill rates
throughout the entire period for which the calculation is being made. Provided that if any such
taxes are levied for a period not coinciding with the Fiscal Year, the amount of such taxes, rates,
duties, levies or assessments included herein in each Fiscal Year shall be that amount accruing
during that Fiscal Year. Property Taxes shall not include any Business Taxes payable by the Tenant
pursuant to Section 8.02.

"Rent” means the aggregate of all amounts payable by the Tenant to the Landlord under this Lease.
Provided that any and all amounts so payable which are collectible by the Landlord as agent of a
taxing authority and which are Taxes imposed by that authority on the Tenant are included in Rent
so as to determine the Landlord’s rights and remedies in the case of delay or failure to pay the
same notwithstanding that the same do not accrue to the Landlord as rent hereunder.

"Rentable Area” means the area of the Building as determined by the Landlord, which may be adjusted
from time to time to give effect to any structural or functional change and which shall be
calculated by measurement from:

(a) the exterior face of all exterior walls, doors and windows; and

(b) the exterior edge of any mezzanine which is not bounded by a wall.

The Rentable Area of the Building includes all interior space, whether or not occupied by
projections, structures, stairs, elevators, escalators or columns, structural or non-structural and
includes, without limitation, any mezzanine space.

“Security Deposit” has the meaning ascribed in Section 4.02.

“Security Interest” has the meaning ascribed in Section 15.23.

"Service(s)” means those activities, personnel, facilities, systems and supplies required for the
complete decoration, repair, administration, replacement, maintenance, improvement and operation of
the Project.

"Taxes” means comprehensively all various classes and types of taxes, rates, levies, fees, duties,
charges and assessments from whatever source arising and levied, rated, imposed, assessed,
conferred or chargeable against the Project or in respect of the occupancy and activity carried on
therein or on account of the Landlord’s ownership of or interest in the Project or on account of
rents payable with respect therefor and includes Property Taxes, business taxes or any like tax or
other amount levied or assessed in lieu of, in addition to, or in substitution therefor, whether or
not similar to or of the foregoing character and whether or not in existence on the date hereof
together with an administrative charge for allocation of Taxes and all costs and expenses incurred
by the Landlord in good faith in contesting, resisting or appealing any such taxes, rates, duties,
levies or assessments including, without limitation, legal fees on a solicitor and client or
substantial indemnity basis and other professional fees and interest and penalties on deferred
payments, but excluding income or profits taxes upon the income of the Landlord.

"Tenant’s Occupancy Costs” means for each Fiscal Year all Operating Costs for that Fiscal Year.

"Term” means the period of time set out in Item 7 of the Term Sheet unless sooner terminated.

"Term Sheet” means the pages identified as Term Sheet attached to this Lease; and all information
and particulars contained therein shall form part of this Lease.

"Transfer” means:

	 	(a)	 	an assignment, sublease, licensing or other disposition by the Tenant of this Lease or any
interest therein or any interest in the Leased Premises (whether or not by operation of law)
or in a partnership that is the Tenant under this Lease, or a mortgage or charge (floating or
otherwise) or other encumbrance of or upon this Lease by the Tenant, except a Transfer that
occurs on the death of the Transferor;

(b) a parting with or sharing of possession of all or part of the Leased Premises; and

	 	(c)	 	a transfer or issue by sale, assignment, bequest, inheritance, operation of law or other
disposition, or by subscription, of all or part of the corporate shares of the Tenant which
results in a change in the effective voting control of the Tenant (unless the Tenant is a
corporation whose shares are traded on a stock exchange in Canada or the United States of
America or is a subsidiary of such a corporation).

"Transferor” and “Transferee” have meanings corresponding to the definition of “Transfer”. In the
case of a Transfer described in item (c) of the definition of Transfer, the Transferor is the
Person that has or would have effective voting control before the Transfer and the Transferee is
the Person that has or would have effective voting control after the Transfer. The singular and
plural forms of defined words and phrases shall have corresponding meanings.

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8

SCHEDULE C

RULES AND REGULATIONS

1. Definition — In these rules and regulations, “Tenant” includes the employees, servants,
agents, invitees, subtenants and licensees of the Tenant and others over whom the Tenant can
reasonably be expected to exercise its control.

2. Deliveries — The Tenant shall not permit the parking of delivery vehicles so as to
interfere with the use of any driveway, walkway, parking area, or other common areas. The Tenant
shall ensure that deliveries of materials and supplies to the Leased Premises are made through such
entrances, elevators and corridors and at such times as may from time to time be designated by the
Landlord and shall promptly pay or cause to be paid to the Landlord the cost of repairing any
damage in or to the Building caused by any person making such deliveries. The Landlord reserves
the right to remove at the expense and risk of the owner any vehicle not using designated vehicle
standing areas.

3. Locks — At the Landlord’s request, Tenant shall provide to the Landlord keys to all
locks on entrances to the Building for use by the Landlord in event of any emergency, whether real
or perceived. Upon termination of the Lease, the Tenant shall surrender to the Landlord all keys
of the Leased Premises and other part or parts of the Building together with any parking passes or
other devices permitting entry.

4. Exterior — The Tenant shall not mount or place anything of any nature on the exterior of
the Leased Premises or the Building without the prior written consent of the Landlord.

5. Garbage and Waste — The handling and disposal of garbage shall comply with arrangements
prescribed by the Landlord from time to time. No disproportionate or abnormal quantity of waste
material shall be allowed to accumulate in or about the Leased Premises and the cost of removal or
clearing in excess of such normally provided service may be charged to the Tenant by the Landlord.

6. Maintenance — The Tenant shall provide adequate facilities and means to prevent the
soiling of floors, walls and ceilings, interior and exterior, in and abutting the Building by any
acts or omissions of the Tenant or otherwise.

7. Installations and Wiring — The Tenant shall not mark, paint, drill into or in any way
deface the walls, ceilings, partitions, floors or other parts of the Leased Premises and the
Building except with the prior written consent of the Landlord and as it may direct. If the Tenant
desires electrical or communications connections, the Landlord reserves the right to coordinate
qualified persons as to where and how the wires should be introduced, and without such directions,
no boring or cutting for wires will be permitted. No gas pipe or electric wire will be permitted
which has not been ordered or authorized in writing by the Landlord and later installed without
proper municipal or provincial approvals.

8. Heating, Air Conditioning and Plumbing Systems — The Tenant shall not attempt any
repairs or alterations or modifications to the heating, air conditioning or plumbing systems
without the prior written consent of the Landlord unless a maintenance program has been established
between the Landlord and the Tenant.

9. Water Fixtures — The Tenant shall not use the plumbing facilities for any other purpose
than that for which they are constructed, and no Pollutant or foreign substance of any kind shall
be thrown therein, and the Tenant shall pay the cost of any breakage, stoppage or damage resulting
from a violation of this provision.

10. Personal Use of Leased Premises — The Leased Premises shall not be used for
residential, lodging or sleeping purposes or for the storage of personal effects or property not
required for business purposes as permitted under the Lease.

11. Heavy Articles — The Tenant shall not, in the Leased Premises or the Building, bring
in, take out, position, construct, install or move anything liable to injure or destroy any part of
the Building including, without limiting the generality of the foregoing, any safe, business
machinery or other heavy machinery or equipment without the prior written consent of the Landlord.
In giving such consent, the Landlord shall have the right, in its sole discretion, to prescribe the
permitted weight and the position thereof, and the use and design of planks, skids or platforms
required to distribute the weight thereof as determined by a structural engineer. All damage done
to the Building by moving or using any such heavy equipment or machinery shall be repaired at the
expense of the Tenant. The moving of all heavy equipment or other machinery shall occur only by
prior notice, approval and arrangement with the Landlord.

12. Animals — The Tenant shall not bring any animals, except for guide dogs, into the
Building.

13. Heating / Cooling — The Tenant shall not use any means of heating or cooling the Leased
Premises other than that provided by or specifically otherwise permitted by the Landlord.

14. Undue Electrical Loads, Heat, Vibration — No material or equipment which could cause
undue loads on electrical circuits, or undue vibration, heat or noise shall be brought into the
Building or used therein by or on behalf of the Tenant, and no machinery or tools of any kind shall
be affixed to or used in the Leased Premises without the prior written consent of the Landlord.

15. Fire Regulations — No Tenant shall do or permit anything to be done in the Leased
Premises or bring or keep anything therein which will in any way increase the risk of fire, or
violate or act at variance with the laws relating to fires or with the regulations of the fire
department or the board of health based upon inspections from time to time.

16. Flammable Materials — No flammable oils or other flammable, dangerous or explosive
materials shall be kept or permitted to be kept in the Leased Premises.

17. Notice of Accidents — The Tenant shall give immediate notice to the Landlord in case of
fire or accident in the Leased Premises or in the Building, or in case of structural, mechanical,
electrical and plumbing defects therein or in any fixtures or equipment thereof, notwithstanding
the Landlord may have no obligations with respect thereto.

18. Dangerous or Immoral Activities — The Tenant shall not make any use of the Leased
Premises which could result in the risk of injury to any person, nor shall the Leased Premises be
used for any immoral or criminal purpose.

19. Inspection — The Landlord and the Tenant shall, at least annually, carry out an
inspection of the Leased Premises and the Building, including the roof, structure and mechanical,
electrical and plumbing systems.

20. Additional Rules and Regulations — The Landlord shall have the right to make such other
and further rules and regulations as in its sole judgment may from time to time be necessary or of
benefit for the safety, care, cleanliness and appearance of the Leased Premises, and for the
preservation of good order therein.

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9

SCHEDULE D

LANDLORD’S AND TENANT’S WORK

TENANT’S WORK AND TENANT’S INDUCEMENT

The Leased Premises shall be accepted by the Tenant on an “as is” basis and the Landlord shall not
be required to do any work in respect thereof. Any installations, removals, alterations,
additions, partitions, repairs or improvements which are necessary to enable the Tenant to carry on
its business on the Leased Premises shall be made, erected or installed at the sole cost of the
Tenant, subject as hereinafter provided, and subject to and in accordance with the provisions of
Section 7.04 of this Lease.

As an inducement to the Tenant to enter into this Lease, the Landlord shall pay to the Tenant or
credit against Basic Rent as it becomes due hereunder, an amount equal to $370,956.00, plus
applicable goods and services tax on such amount eligible pursuant to Part IX of the Excise Tax Act
(Canada) (the “Inducement”). The Tenant shall complete the following work (the “Tenant’s Work)
using the Inducement:

1. Roof restoration; and

	 	2.	 	Repairs and maintenance to the parking lot, grounds, exterior lighting and
signage.

Such Inducement shall not be due and payable by the Landlord until after the occurrence or
completion of all of the following:

(a) the Tenant’s execution and delivery of this Lease and any acknowledgements required;

(b) (intentionally deleted);

(c) completion of all Tenant’s Work and acceptance thereof by the Landlord’s Architect;

(d) commencement by the Tenant of the conduct of its business in the Leased Premises;

	 	(e)	 	delivery to the Landlord of the following:

	 	(i)	 	a statutory declaration of an officer of the contractor which
performed the Tenant’s Work that the contract under which such work was
performed has been completed or abandoned, as those terms are defined under the
Construction Lien Act (the “Act);

and one of:

	 	(ii)	 	declarations of last supply in the form prescribed in the Act
given by officers of all of the sub-contractors employed by the contractor in
its performance of the Tenant’s Work;

or

	 	(iii)	 	a certificate of completion in the form prescribed in the Act
in respect of the sub-contract of each sub-contractor employed by the
contractor that has performed the Tenant’s Work, together with evidence of
delivery of a copy of such certificate to the sub-contractor in respect of
whose sub-contract it was given;

	 	(f)	 	the expiry of the periods pursuant to the Act within which workers, materialmen,
contractors or suppliers in connection with completion of the Tenant’s Work may file a
claim for lien for unpaid work or service performed or material supplied, provided no
claim for lien for unpaid work or service performed or material supplied has been filed,
and if such liens have been filed, then only upon such liens being discharged and
vacated;

	 	(g)	 	the delivery to the Landlord of a current certificate or proof of payment of
Workers’ Compensation assessments for all Tenant’s contractors and sub-contractors; and

	 	(h)	 	receipted and paid invoices, totalling not less than this Inducement verifying
the actual cost of installing the Tenant’s permanently affixed leasehold improvements in
the Leased Premises.

Further, the inducement shall not be due and payable if, at the time it is otherwise payable, the
Tenant is in default under this Lease, or the Landlord has re-entered or become entitled to do so,
or the Landlord has distrained, or the Tenant has become bankrupt, or any right, title or interest
in such payment has been assigned, voluntarily or otherwise, to anyone other than the Tenant.

At the time the Inducement is paid or credited to the Tenant or at any time thereafter, upon
request by the Landlord, the Tenant shall execute and deliver to the Landlord a written
acknowledgement in a form satisfactory to the Landlord that the Inducement has been so paid and
credited and that all of the Landlord’s obligations under this provision have been fully performed
and thereafter this Lease shall be deemed to have been amended by deleting this provision
therefrom.

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10

SCHEDULE E

ADDITIONAL COVENANTS, AGREEMENTS AND CONDITIONS

(if any)

	 	1.	 	OPTION

	 	 	 	Provided that, and for so long only as:

	 	(a)	 	the Tenant pays the rents and performs each and every of the covenants,
conditions and agreements in the Lease reserved and contained and on the part of the
Tenant to be paid and performed and is not and has not been in default in respect of
any of the same and there has been no adverse change of any sort in the Tenant’s
financial condition or capacity; and

	 	(b)	 	the Tenant is DELPHAX TECHNOLOGIES CANADA LIMITED or a subsidiary, parent or
affiliated corporation of the Tenant (within the meaning of the Canada Business
Corporations Act)  and is itself in possession of and occupying and
conducting its business in the whole of the Leased Premises and the Lease has not been
assigned and no part of the Leased Premises has been subleased by the Tenant,

the Landlord will, upon the request in writing by the Tenant given at least 9 months and not
more than 12 months prior to the expiration of the Term (the “Notice Period”), grant to the
Tenant a new lease of the Leased Premises for 1 further term of 5 years upon and subject to
the covenants, conditions and agreements as are set forth in the Landlord’s standard form of
lease for the Building then in use, and the new lease shall not contain any provision for
further new leases or for renewal and the annual Basic Rent shall be the market rate for
similar premises of similar size, use and location 120 days prior to the expiry date of this
Lease, without deduction or allowance for or consideration of any tenant inducements,
leasehold improvement allowances, rent-free periods, lease takeovers, turnkey or
“build-to-suit” arrangements or other concessions or inducements offered or given by
landlords to achieve such rental (the “New Annual Basic Rent”). If requested by the Tenant
during the Notice Period, the Landlord will provide the Tenant with a copy of its standard
form of lease for the Building then in use. The New Annual Basic Rent shall be mutually
agreed to by the Landlord and the Tenant at least 90 days prior to the expiration of the
Term.

In no event shall the New Annual Basic Rent be less than the annual Basic Rent payable
during the last 12 months of the Term.

2. RESTORATION

The Tenant shall have no obligation to remove the following installed leasehold improvements
at the end of the term of this Lease or any renewal thereof consisting of:

	 	(i)	 	the storm and sanitary drains under the flooring of the Leased Premises for
purposes of servicing the Tenant’s laboratories and “clean rooms”; and

	 	(ii)	 	the installation of doors and other openings in the concrete wall between units
1,2 and 3 of the building.

	 	3.	 	STRUCTURAL DEFECTS

The Landlord covenants with the Tenant to make all repairs to the roof, walls, foundation
and floor of the Leased Premises required as a result of structural defects and arising out
of defects in design or construction of the Leased Premises (provided that such repairs are
required for the reasonable use of the Leased Premises by the Tenant and unless such repairs
are caused or necessitated by the negligent act or omission of the Tenant or those for whom
it is in law responsible, in which event the Tenant shall perform such repair at its sole
cost and expense).

4. RIGHT OF FIRST OFFER TO PURCHASE

The Tenant shall have a one-time right of first offer to purchase the Leased Premises that
if during the Term of this Lease and any renewals, the Landlord wishes to sell the Leased
Premises, it shall first, before any such sale, deliver a notice to this effect (the “Sale
Notice”) to the Tenant. The Sale Notice shall contain an offer to sell the Leased Premises
to the Tenant on terms set out in the Sale Notice (such price and terms being called the
“Sale Terms”). The Sale Terms shall include the Landlord’s requested price, amount of
deposit required, proposed closing date (which shall be between 60 and 120 days), whether
the Landlord is prepared to accept a mortgage back in partial satisfaction of the purchase
price and the interest rate and the term of such mortgage to be assumed in part satisfaction
the purchase price, and any other information reasonably necessary to permit the Tenant to
prepare an offer to purchase the Leased Premises. Thereupon, the Tenant may, within the 15
day period after receipt of the Sale Notice (the “Option Period”) deliver an offer to
purchase incorporating the Sale Terms.

If before the end of the Option Period the Tenant fails to elect to accept the offer
contained in the Sale Notice, or the Tenant advises the Landlord in writing that it does not
wish to accept the offer contained in the Sale Notice, the Landlord shall have the right to
offer the Leased Premises for sale to a third party and accept any purchase price and
thereafter this right of first offer to purchase shall be null and void and the Landlord
will be released from any further obligation to offer the Leased Premises to the Tenant.

5. RIGHT OF FIRST REFUSAL TO PURCHASE

If the Landlord receives and accepts an unsolicited offer (the “Offer”) from a bona
fide third party (the “Offeror”) to purchase the Leased Premises, it shall first, before any
such sale deliver a notice to this effect to the Tenant with a true copy of the Offer
attached (the “Offering Notice”). Thereupon, the Tenant may, within the 5 day period after
receipt of the Offering Notice (the “Option Period”) deliver notice (the “Election Notice”)
to the Landlord that the Tenant elects to purchase the Leased Premises upon the terms and
conditions contained in the Offer, which purchase shall be completed within 45 days
following expiry of the Option Period or within such longer period of time as may be
provided for in the Offer.

If before the end of the Option Period, the Tenant fails to deliver the Election Notice to
the Landlord, the Landlord shall be entitled to sell the Leased Premises.

6. CONSENT TO SUBLEASE

The Landlord acknowledges that the Tenant is currently leasing the Leased Premises from the
Landlord under a lease dated the 27th day of June, 1986 and as amended and
assigned (the “Current Lease”) between the Landlord and the Tenant (which Current Lease
expires on the day prior to the Commencement Date) and, pursuant to the terms of the Current
Lease, the Tenant has subleased approximately 22,171 square feet of the Leased Premises to
Access Metal Service Inc. (the “Subtenant”). If the Tenant intends to enter into a further
sublease with the Subtenant during the Term of this Lease, the Landlord hereby agrees that
it shall consent to such sublease subject to the Tenant and the Subtenant, prior to the
commencement date of such sublease, executing the Landlord’s consent to sublease document as
required pursuant to the terms of Article 12 of this Lease.

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11

SCHEDULE F

FORM OF INDEMNITY AGREEMENT (if applicable)

INTENTIONALLY DELETED

12

SCHEDULE G

SECURITY INTEREST — REMEDIES ON DEFAULT

INTENTIONALLY DELETED

13

SCHEDULE H

CONTENTS OF LEASED PREMISES

The following Schedule H is referred to in Section 9.05, Environmental Issues, in the Lease.

All contents and materials, other than standard office furnishings and supplies, stored in the
Leased Premises are as follows:

(please include, in detail, all materials, Pollutants, including but not limited to,
chemicals and related items that are used and/or stored in the Leased Premises)

14

SCHEDULE I

CERTIFICATE OF COMPLIANCE

	 	 	 
	
 
	 	DATED: August 3, 2005
	 
	 	 
	NAME OF TENANT:

	 	DELPHAX TECHNOLOGIES CANADA LIMITED
	 
	 	 
	PHONE NUMBER: 905.238.2961

	 	FAX NUMBER: 905.238.3402
	 
	 	 
	ADDRESS:

	 	5030-5040 Timberlea Blvd.
	 
	 	 
	
 
	 	Mississauga, Ontario
	 
	 	 
	
 
	 	L4W 2S5
	 
	 	 
	SUITE NO.:

	 	5030/5040

LEGAL DESCRIPTION OF PROPERTY

:

ALL AND SINGULAR that certain parcel or tract of land and premises situate, lying and being
in the City of Mississauga, in the Regional Municipality of Peel, and being composed of
part of Block H, according to a Plan filed in the Land Registry Office for the Land Titles
Division of Peel as Number M-219, designated as Parts 3 and 7 on a Plan of Survey of Record
registered in the said Land Registry Office as Number 43R-6987.

RESERVING the rights set out as set out I Instrument No. 234803;

SUBJECT to an easement over that part of Block H, designated as Part 7 on Reference Plan
43R-6987, as set out in Instrument No. 207133.

Being the whole of Parcel H-12 in the register for Section M-219.

The Tenant hereby represents and warrants to the Landlord after due inquiry and investigation,
that, during the past 12 months prior to the date of this Certificate of Compliance, or from and
after the last Certificate of Compliance executed by the Tenant, whichever period is the longer,
the Tenant is and has been in compliance with all applicable Environmental Laws, and that no
environmental incidents have occurred that have the potential to impact on or impair the value of
the Landlord’s Project in any manner, or the Landlord’s security interest.

The Tenant authorizes the Landlord to request from any municipal, provincial or federal government
authority or regulatory agency detailed information about any environmental risk or liability
associated with the Tenant and the Leased Premises, including but not limited to copies of any
certificates, consents, permits, approvals or orders issued by any of them. The Tenant agrees to
provide its written consent to any municipal, provincial or federal government authority or
regulatory agency which may require such consent in order to provide such information to the
Landlord.

The Tenant undertakes to promptly notify the Landlord in writing should any new or existing
environmental hazard or incident involving the Tenant’s operations in the Leased Premises become
known to the Tenant.

	 	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	WITNESS to signature

	 	TENANT:
	 	

	 
	 	 	 	 
	of Tenant:

	 	DELPHAX TECHNOLOGIES CANADA
	 	

	 
	 	 	 	 
	
 
	 	LIMITED
	 	

	 
	 	 	 	 
	signature: /s/ William Claque

	 	By: /s/ Dieter P. Schilling
	 	

	 
	 	 	 	 
	
 
	 	Name: Dieter P. Schilling
	 	

	 
	 	 	 	 
	print name: Mr. William Claque

	 	Title: Corp VP Eng & Mfg
	 	c/s
	 
	 	 	 	 
	address: 48 Maryann Price Lane

	 	By: /s/ Ray Vella 9/8/05
	 	

	 
	 	 	 	 
	Cambridge ON

	 	Name: Ray Vella
	 	

	 
	 	 	 	 
	
 
	 	Title: Controller
	 	

	 
	 	 	 	 
	occupation: Owner VIP Catering

	 	I/We have authority to bind the

Corporation
	 	

	 
	 	 	 	 

15

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}]]