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

Tembec Inc.