Ontario · CCAA

This Fiftieth Report of the Monitor (the “ Fiftieth Report ”) is to provide information to the Court on the following: (a) an update on the activities of the Monitor, including in respect of its role as court-appointed Interim Land Restructuring Officer of the Land Vehicle (as defined herein) (the “ LRO ”); and (b) the Land Vehicle’s actual receipts and disbursements to May 31, 2020 and the amended short term cash flow budget through December 31, 2020, attached as Appendix to this Fiftieth Report, including the request, contained in the motion described below, to obtain authorization for the Land Vehicle and the LRO on behalf of the Land Vehicle to make any expenditures consistent with the amended short term cash flow budget; and. (c) the motion being brought by the Monitor for an Order substantially in the form attached to the Monitor’s Notice of Motion for a motion to be held on June 26, 2020: i. confirming the authority of the Monitor, in its capacity as LRO, to execute, for and on behalf of Lake Erie Nominee (as defined later herein), the Parcel D Transaction Documents (defined below) related to the sale of certain lands owned by the Lake Erie Nominee to NST Terminal Three (“NST”) (referred to herein as the Parcel D Transaction (defined below)) and to perform its obligations thereunder; ii. ordering that, effective upon the conveyance to NST of the real property being sold pursuant to the Parcel D Transaction Documents, the LRO’s Charge (as defined in and created under Section 18 of the Interim Land Governance Order (defined below)) will be automatically released and discharged against the lands being sold as part of the Parcel D Transaction (defined below); iii. approving the amended short-term cash flow budget for the Land Vehicle (the “Land Vehicle Budget”) through December 31, 2020, and authorizing the Land Vehicle, and the LRO on behalf of the Land Vehicle, to make any expenditures consistent with the Land Vehicle Budget; iv. ordering and directing that an aggregate amount of $1,000,000 from the proceeds of the 242 Queen Street Transaction (defined below) shall be added to the reserve Land Vehicle Cost Reserve established, held and maintained by the LRO pursuant to paragraph 11 of the Burlington Street, Ponderosa and 242 Queen Street Authorization Order (defined below), as security for future costs and expenses of the Land Vehicle as set out in the Land Vehicle Budget; v. ordering that, subject to the LRO retaining the Land Vehicle Cost Reserve, the LRO shall be authorized and directed to pay the balance of the net proceeds from the 242 Queen Street Transaction and the Parcel D Transaction to Morneau Shepell Ltd., in its capacity as Administrator (as defined below) toward funding the five main registered pension plans (the Stelco Plans ; through the Pension Deficit Funding Trust to be distributed in accordance with the Pension Deficit Funding Trust Agreement ; and vi. approving this Fiftieth Report, and the Monitor’s Forty-Ninth Report dated November 20, 2019 (the “Forty-Ninth Report” and collectively with the Fiftieth Report, the “ Reports ”), and the activities of the Monitor, including in its capacity as LRO, described in the Reports

Court officer report · 23 June 2020