NAL has determined that of the $1.08 per trust unit in cash distributions declared to unitholders in 2010 and to be included in the 2010 “T3 Supplementary” slips (“T3”), 100% is deemed income (taxable) and no portion of the 2010 distributions is considered “Return of Capital”.

The following information is provided to assist individual Canadian unitholders of NAL in the preparation of their 2010 Income Tax Return and is not to be considered tax advice to any particular individual but rather, general information.

Trust units held within a deferred plan
Unitholders who held their trust units in a deferred plan such as an RRSP, RRIF RESP, RPP or DPSP do not need to report any amounts for tax purposes.

Trust units held outside of a deferred plan
Canadian beneficial unitholders who received distributions in 2010 outside of a deferred plan will receive a T3 from their broker. Canadian registered unitholders who held their units outside of a deferred plan will receive a T3 from Computershare Trust Company of Canada.

The deadline for mailing all T3 Supplementary Information slips to unitholders as required by Canada Revenue Agency is March 31, 2010.

2010 U.S. Unitholder Tax Information

For U.S. tax purposes NAL has not elected to be a partnership and, according to its tax advisors, should be treated as a corporation by its U.S. investors. Under U.S. federal tax law, 100% of the Trust’s 2010 distributions should be considered dividends for U.S. income tax purposes.

NAL believes that the 2010 distributions paid to U.S. residents should be treated as "qualified dividends" under the Jobs and Growth Tax Relief Reconciliation Act of 2003 and, generally, these dividends should be eligible for the maximum tax rate of 15% applicable to "qualified dividends". However, the individual taxpayer’s situation must be considered before making this determination.

Unitholders who are resident in the U.S. are subject to a 15% Canadian withholding tax on the distributions received from NAL. U.S. unitholders should receive a NR4 statement regarding, among other things, the aggregate distributions NAL paid for the year and the amount of Canadian withholding tax withheld from such distributions.

Canadian withholding taxes should generally qualify for a foreign tax credit for the purposes of computing U.S. federal income taxes, subject to certain limitations.

The above information is of a general nature only and does not address U.S. state or local tax treatment, and is not intended to constitute legal or tax advice to any holder of NAL units. U.S. investors should consult their own legal or tax advisors as to their particular tax consequences of holding NAL units, including the proper U.S. federal income tax treatment of distributions from NAL.

WITHHOLDING TAX INFORMATION
US shareholders that hold their common shares in certain tax-exempt accounts may be eligible for zero percent withholding tax on dividends paid on their common shares. Dividends received by a trust, company, organization or other arrangement that is a resident of the US, generally exempt from income taxation in a taxation year in the US and operated exclusively to administer or provide pension, retirement or employee benefits, are exempt from Canadian withholding tax at source in that taxation year. The process for obtaining the zero percent withholding tax treatment is dependent on whether the US shareholder is a registered shareholder or a beneficial shareholder. A discussion pertaining to both types of shareholders follows.

The information contained herein is intended to be a general guideline only and not an exhaustive discussion of all possible income tax consequences. It is not intended to constitute legal or tax advice to any holder or potential holder of common shares. Holders or potential holders of common shares should consult their own legal or tax advisors as to their particular tax consequences of holding common shares.

BENEFICIAL SHAREHOLDERS

A shareholder who holds their common shares through a broker, investment dealer, financial institution or other nominee is not a registered shareholder (such a shareholder is often referred to as a "beneficial shareholder"). NAL does not directly withhold taxes on dividends ultimately paid to such shareholders. Most brokers, investment dealers, and financial institutions deposit their clients' securities (including common shares) with the Depository Trust Company ("DTC"). The DTC solicits these brokers, investment dealers, and financial institutions for withholding instructions in respect of the deposited securities. The Canadian Depository for Securities Limited ("CDS"), DTC's withholding agent, then uses these instructions to withhold Canadian tax from payments (including dividends) made in respect of the deposited securities.

The administrator (e.g., brokers, investment dealers and financial institutions) of a tax-exempt account that has common shares deposited with the DTC is required to provide the DTC with proper withholding instructions to take advantage of the reduced withholding tax rate as may be applicable. Information on the provision of the required instructions in Canadian tax withholdings is available on the DTC website at:

http://www.dtcc.com/downloads/products/asset/global_tax/Canada.pdf

Such information should also be provided to NAL at Suite 1000, 550 - 6th Avenue S.W., Calgary, Alberta T2P 0S2, Attention: Manager, Tax Planning and Compliance.

REGISTERED SHAREHOLDERS

A shareholder who holds a physical share certificate to evidence their ownership of common shares is a registered shareholder. A registered shareholder receives dividends on their common shares from NAL's transfer agent, Computershare Trust Company of Canada.

To qualify for a zero percent Canadian withholding rate, a tax-exempt account must have a valid, unexpired letter of exemption from the Canada Revenue Agency. Otherwise, Computershare will continue to withhold Canadian tax from dividend payments. For information on how to obtain such a letter, please contact the International Tax Services Office at Canada Revenue Agency by telephone at 1-800-267-3395, by fax at 613-941-6905 or by clicking the following link to their website:

http://www.cra-arc.gc.ca/cntct/international-eng.html

Once obtained, a copy of the exemption letter should be delivered to NAL's transfer agent at the following address:

Computershare Trust Company of Canada
100 University Avenue
9th Floor, North Tower
Toronto, Ontario M5J 2Y1

Attention: Tax Department

Should the registered shareholder have their exemption letter withdrawn by the Canada Revenue Agency, they are required to immediately advise NAL's transfer agent, Computershare Trust Company of Canada.

REFUND OF CANADIAN WITHHOLDING TAX PREVIOUSLY PAID

For those US shareholders holding common shares in a tax-exempt account that believe withholding tax has been improperly applied to their particular situation, the following discussion describes the process for claiming a refund of Canadian withholding tax.

Beneficial Shareholders

To obtain a refund of any Canadian withholding tax (i.e., Part XIII tax) incorrectly paid in respect of common shares held on deposit with DTC, the US holder of an eligible tax-exempt account has 2 options:

1. Quick refund through DTC; or
2. File Form NR7-R "Application for Refund of Part XIII Tax Withheld" with
Copy 3 of the NR4 supplementary (provided by your broker or other
intermediary) with the Canada Revenue Agency for each relevant taxation
year. Click the following link to access the Form NR7-R: http://www.cra-
arc.gc.ca/E/pbg/tf/nr7-r/README.html

Form NR7-R has to be filed with the Canada Revenue Agency no later than two years from the end of the calendar year in which the withholding tax was remitted.

DTC Important Notice #4664-09 which provides more details on how to obtain a refund of Canadian withholding tax is available on the DTC website at:

http://www.dtcc.com/downloads/legal/imp_notices/2009/dtc/div/4664-09.pdf

Registered Shareholders

To obtain a refund of any Canadian withholding tax (i.e., Part XIII tax) incorrectly paid, the US holder of an eligible tax-exempt account should complete Form NR7-R "Application for Refund of Part XIII Tax Withheld" and file the form with Copy 3 of the NR4 supplementary (to be provided by Computershare Trust Company of Canada) with the Canada Revenue Agency for each relevant taxation year. Click the following link to access the Form NR7-R: http://www.cra-arc.gc.ca/E/pbg/tf/nr7-r/README.html

The Form NR7-R must be filed with the Canada Revenue Agency no later than two years from the end of the calendar year in which the withholding tax was remitted.

Stock Information