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By letter dated 3/9/00, Tembec Inc. has requested the transfer of "Contract No. EJ7774.1" dated 3/23/98 to the National Bank of Canada pursuant to Section 7 of the ISDA Master, to be effective April 1, 2000, but with Q1 payment to be made to Tembec. We do have a master with the National Bank of Canada. Please let us know if this transfer is approved. SS

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Tembec Inc.