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' L  M  L  M    & a 4L  M  .gr.  TmiskvWi. `  'a+T TL  M  Grein4.1.BreytingYessiaWalsamningnumskalundirrituWogafhentafaWilumtveimur " eintkum.Hvorteintaktelstfrumeintakogjafngilthinu. # XESSUTILSTAVFESTUhefursjundiviWaukasamningurinnviWaWalsamninginnveriW !W% undirritaWurfyrirhndrkisstj;rnarinnar,ogAlcanHoldingsSwitzerlandLtd.Yanndagsem J""& upphafigreinir,tveimureintkum. #' *5Y6ddd Xdd Xdd X  ,p , , +  $ )$  Fyrirhnd '% * ' '% + 'Fyrirhnd '% , 'R0KISSTJ:RNAR0SLANDS: 'n&F"- ' 'n&F". 'ALCANHOLDINGSSWITZERLANDLTD: .%n&F"/ . ''#0% ' .%'#1 .('#2  % (ЇL  M  L  M    UKIS,.  SEVENTHAMENDMENTTO ( TheMasterAgreementL  M    L  M  betweenL  M   a L  M  TheGovernmentofIcelandL  M   T, aL  M  ndL  M    L  M  ALCANHOLDINGSSWITZERLANDLTD.  dated28March1966   togetherwith  X L  M  sixL  M  SupplementalAgreements K #  dated28October1969,10December1975,5November1984,    11November1985,16November1995and5March2007,    togetherwiththescheduleddocumentsspecifiedintheMasterAgreement   andSupplementalAgreements wO  YL  M  THEGOVERNMENTOFICELAND L  M  Ԁ(hereinafteralsoreferredtoasthe L  M  Governmen L  M  t),    representedbyitsMinisterofIndustry,oftheFirstPart,L  M     L  M  and nF L  M  ALCANHOLDINGSSWITZERLANDLTD. L  M  Ԁ(hereinafteralsoreferredtoas L  M  Alcan L  M  ),  acompanyorganizedandoperatedunderthelawsofSwitzerlandandhavingitsregistered  officeatMaxHggerStrasse6,P.OBox,CH8048,Zurich,Switzerland,oftheSecondPart,L  M   r L  M  (withbothpartieshereinafterreferredtojointlyasthe L  M  Parties L  M  ),L  M   0 L  M  haveonL  M  the7thofDecemberL  M  200L  M  9L  M  ,enteredintothefollowingL  M      L  M  SL  M  EVENTHL  M  ԀSUPPLEMENTALAGREEMENTTOTHEMASTERAGREEMENT ' OF22MARCH1966,WITHL  M  SIXL  M  SUBSEQUENTAMENDMENTS L  M    aWHEREAStheGovernmentandSwissAluminiumLtd.enteredintoanagreementrelating `  totheconstructionandoperationofanaluminiumreductionplantandappurtenantfacilities S+! atStraumsvkdatedMarch28,1966,ratifiedbyActoftheAlthingNo.76,May13,1966, " andeffectiveasofSeptember20,1966,amended(I)byaFirstAmendmentdatedOctober # 28,1969,ratifiedbyActoftheAlthingNo.19,April6,1970,andeffectiveasofApril16,  $ 1970,(ii)byaSecondAmendmentdatedDecember10,1975,ratifiedbyActoftheAlthing !W% No.42,May25,1976,andeffectiveasofJune12,1976,(iii)byaThirdAmendmentdated J""& November5,1984,ratifiedbyActoftheAlthingNo.104,November30,1984,andeffective #' asofNovember30,1984,(iv)byaFourthAmendmentdatedNovember11,1985,ratified #( byActoftheAlthingNo.111,December31,1985,andeffectiL  M  veasofDecember31,1985, $ ) L  M  (v)L  M  byL  M  aFifthAmendmentdated16November1995,ratifiedbyActoftheAlthingNo. v%N!* 155/1995andeffectiveasof29December1995,L  M  Ԁand(vi)aSixthAmendmentdated5March A&"+ 2007,ratifiedbyActofAlthingNo112/2007andeffectiveasof21June2007,L  M  Ԁtogetherwith  '", scheduleddocumentsandsupplementaryagreements(hereinafterassoamendedreferredto '#- asthe ML  M  asterAgreement); (z$. L  M  WHEREAStheMinisterofFinanceandtheMinisterofIndustry,forthefirstpart,andthe ( ConfederationofIcelandicEmployers(SA)andlargescaleusersofelectricity,forthe  secondpart,haveagreedonmeasuresdesignedtopromoteincreasedgenerationofrevenues  fortheStateTreasuryintheyears2010,2011and2012andstimulateinvestmentinIceland a forthepurposeofpromotingthecreationofemploymentandimprovingtheeconomy; T, WHEREASinthelightoftheeconomicrecessionandtheresultingdifficultpositionofthe  StateTreasuryanagreementhasbeenreachedwithsomeofthelargestusersofelectricity   inIcelandtopayanannualamountofISK1,200millionintheyears2010,2011,and2012  X asanadvancepaymentofprospectiveleviesofpublictaxesintheyears2013!2018.The K #  advancepaymentwillbedividedamongthepartiesinproportiontotheiruseofelectricity.    Theadvancepaymentislinkedtothereportingcurrencyoftheundertakingsinquestion;    WHEREASthisarrangement,togetherwithtaxesonelectricityandcarbonemissionsfrom wO  liquidfueltobeleviedunderseparatelegislationwillbeinplaceforthreeyears,startingin B  2010.Thetaxesaretemporaryandwillbediscontinuedattheendof2012.Itisanticipated    thatIcelandwillbecomeapartytoaninternationalemissiontradingsystemforgreenhouse   gases,whichcouldenterintoeffectin2013,butitisnotclearyetwhatformthetrading {  systemwilltake.Theobjectiveisthatsuchtaxationshouldnotresultingenerallyless nF favourableoperatingconditionsforundertakingsoperatinginIcelandincomparisonwith 9 otherEuropeanstatesandforeigncompetitorsinthesamemarkets.L  M    L  M  NOWTHEREFOREthePartieshaveagreedtomakethefollowingamendmentstothe r MasterAgreementpursuanttoArticle51oftheAgreementdated28March1966,together e= withfiveamendments(1)dated28October1969,(2)dated10December1975,(3)dated5 0 November1984,(4)dated11November1985L  M  ,L  M  (5)dated16November1995L  M  Ԁand(6)dated  5March2007L  M  .L  M      L  M  Article1 \4 TitleofthisAgreementandDefinitionsUsedTherein '  .tL  M  Section1.1.L  M  ThisAgreementshallbeknownastheSL  M  eventhL  M  AmendmenttotheMaster  Agreement. `  L  M  Section1.2.L  M  Unlessthecontextotherwiserequires,thetermsusedinthisAgreementshall " havethemeaningsassignedtotheminArticle1oftheMasterAgreement.L  M   # L  M    L  M  Article2 !W% AmendmentstotheMasterAgreementrelatingtoL  M  Ԁprepaymentoftaxes J""& in2010,2011and2012L  M   #'  vL  M  Section2.1.AtransitionalprovisionshallbeaddedtotheMasterAgreementwhichreadsas $ ) follows: v%N!*  L  M  NotwithstandingtheprovisionsofArticle112oftheIncomeTaxActNo.90/L  M  2003L  M  ,cf.  '", ArticleL  M  25L  M  ԀoftheL  M  MasterL  M  Agreement,theMinisterofFinanceisauthorisedtoprovide '#- specificallybyagovernmentregulationthattheCompanyshouldpay,inthree_equal (z$. paymentsintheyears2010,2011and2012,anadvanceonthelevyofpublictaxesinthe ( years2013!2018.L  M  Forcalculationpurposes,tL  M  heamountofthepaymentshalltakeaccountof  theproportionaluseofelectricitybytheCompany,whichcorrespondstoaproportionof  L  M  22,73L  M  %ofthecompanieswhicharesubjecttoasimilararrangement.Asadvancepayment a pursuanttothisprovision,theCompanyisthereforerequired,intheyears2010,2011and T, 2012,topayL  M  22,73L  M  %ofL  M  thesumofISK1.200m,orISK272.760.000L  M  Ԁperyear.  IfthereportingcurrencyoftheCompanyisacurrencyotherthanIcelandic_kr;nur_,the   advancepaymentshallbeL  M  convertedL  M  basedontheexchangerateoftheCompanysreporting  X currencyonthedateofpayment.Theamountsocalculatedshallbesetoffagainstthepublic K #  taxesleviedontheCompany,convertedintoIcelandic_kr;nur_L  M  ԀonthedaythetaxesareleviedL  M  ,    intheyears2013!2018.Theadvancepaymentforeachyearwillthusundergonochanges    otherthanthosethatmayresultfromexchangeratetrendsfromthepaymentdateuntilthe   dateofL  M  setoffL  M  againstleviedpublictaxes.L  M  ԀL  M  Iftaxesleviedin2013!2018donotexceedthe wO  advancepaymentsmadeintheperiod2010!2012,thentheremainingamountshallbe B  refundedinfullbytheendof2018.L  M        L  M  Article3L  M   {  ValidityandStatusofthisAgreement nF  L  M  Section3.1.L  M  ThisAgreementshalltakeeffectonitssignatureonthepartoL  M  fthePartiesand  itsexecution.  Section3.2.L  M  ThisAgreementismadeassupplementalagreementtotheMasterAgreement e= pursuanttotheprovisionsofArticle51thereofandshallbedeemedtobeanintegralpartof 0 theMasterAgreement(aspreviouslyamended)asfullyasifitwereincorporatedtherein.  Exceptasmodifiedhereby,theprovisionsoftheMasterAgreement,withallitsrightsand  obligations,shallnotbechangedoraffectedandshallremaininfullforceandeffect.Unless i thecontextotherwiserequires,anyreferencetotheMasterAgreementmadeintheScheduled \4 DocumentsortheScheduledContracts,oranyofthem,orotherwisemadehereaftershallbe ' deemedtobeareferencetotheMasterAgreementaspreviouslyamendedandasamended  bythisAgreement.  L  M  Section3L  M  .3L  M  .L  M  UponthesignatureofthisAgreementbythepartieshereto,anduponnotice S+! beinggivenasprovidedinArticle51oftheMasterAgreement,thisAgreement,accompa " niedbyalegislativebillrelatingthereto,shallbesubmittedtothe_Althing_Ԁforratificationand # approval.Uponratificationandthecompletionofallotherlegislativeandnotification  $ requirements,thisAgreementshallbecomeeffective( EffectiveDate)andhavetheforce !W% oflawinIcelandasprovidedintheRatifL  M  yingActL  M  .L  M   J""&   L  M  Article4 #( Furtherprovisions $ )  dL  M  Section4.1.L  M  ThisAmendmenttotheMasterAgreementshallbesignedanddeliveredbythe A&"+ Partiesintwocopies.Eachsuchcopyshallconstituteanauthenticoriginalofequalvalidity  '", withtheothercopy. '#-  (z$. _ԇINWITNESSWHEREOF,thisSeventhL  M  AmendmenttotheMasterAgreementhasbeen ( signedonbehalfoftheGovernmentandAlcanHoldingsSwitzerlandLtd.asofthedatefirst  abovewritten,intwocopies.  Y*8Y;ddp p   5Y6  ,p , , +  T,T, THEGOVERNMENTOFICELAND:IS,.UK,.YUKIS,. ' ' ' 'ALCANHOLDINGSSWITZERLANDLTD:IS,.UK,.UKIS,. ' ' '  ' '   '(     (*=Y>ddp p   8Y;  ,* ,F , , , +      ByIS,.UK,.7UKIS,. .%v N  . 'v N % ' 'v N  'ByIS,.UK,.DԀUKIS,. .%v N .(v N % (L  M  IS,.UK,.A%N)  dE4A u  @ `X=X#SamYykktAlYingi22.desember2009.##XX=#