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Alcan ),semer  fyrirtkistofnaWogstarfrktsamkvmtlgumSviss,oghefurhfuWstWvarsnaraW  MaxHgger-Strasse6,P.OBox,CH-8048,Zurich,Sviss,Wrulagi,`  C?vb?mvb%C(enhreftireruframangreindirtveiraWilarsameiginleganefndir? aWilar ), " hafahinn5.dagmarsmnaWar2007gertmeWsrYennan  $    SJTTAVIVAUKASAMNINGVIVAVALSAMNINGINN #' FR22.MARS1966MEVFIMMS0VARIBREYTINGUM  #( 'MEV0  XV0AVrkisstj;rn0slandsogSwissAluminiumLtd.gerWumeWsrsamningumbygg A&"+ inguogreksturlbrWsluogannarramannvirkjaStraumsvk,dags.28.mars1966,  '", semstaWfesturvarmeWlgumfrAlYinginr.76,13.ma1966ogt;kgildi20.sept '#- ember1966,meWorWnumbreytingumsamkvmt(i)fyrstaviWauka,dags.28.okt;ber ( 1969,semstaWfesturvarmeWlgumfrAlYinginr.19,6.aprl1970ogt;kgildi16.  aprl1970,(ii)WrumviWauka,dags.10.desember1975,semstaWfesturvarmeWlg  umfrAlYinginr.42,25.ma1976ogt;kgildi12.jn1976,(iii)YriWjaviWauka, a dags.5.n;vember1984,semstaWfesturvarmeWlgumfrAlYinginr.104,30.n;v T, ember1984ogt;kgildi30.n;vember1984,(iv)fj;rWaviWauka,dags.11.n;vember  1985,semstaWfesturvarmeWlgumfrAlYinginr.111,31.desember1985ogt;k  gildi31.desember1985,og(v)fimmtaviWauka,dags.16.n;vember1995,semstaW   festurvarmeWlgumfrAlYinginr.155/1995ogt;kgildiYann29.desember1995,  X samtfylgiskjlumogviWaukasamningum(hreftirnefndur?aWalsamningurinn );K #  ЀMEV0  XV0AVnafniSwissAluminiumLtd.varbreyttAluzuisse-LonzaHoldingsLtd.Yann    2.janar1990ogAlcanHoldingsSwitzerlandLtd.Yann20.jl2001ogYarsem   AlcanHoldingsSwitzerlandLtd.hefurgengiWinnllrttindiogskyldurSwiss wO  AluminiumLtd.samkvmtaWalsamingnum;B  <?mvb?vb<0 m 0vmm m MEVXV0AVkvWi33.03aWalsamningnumerISALveittheimildgildistmasamn   ingsinsaWveljaYannkostaWltaalmennum,slenskumskattalgumsemgildieru {  hverjusinni;nFvv 0 m 0vmm m MEVXV0AVsamkvmtnefndukvWi33.03aWalsamningnumskuluaWilarsamningsins  YegargangatilsamningaumyfirfrsluISALalmenna,slenskaskattkerfiW,berist  tilkynningYaraWltandifrISAL;rvv 0 m 0vmm m MEVXV0AVAlcanogISALhafameWbrfi,dags.28.ma2003,beinttilkynningusam 0 kvmtnefndukvWi33.03aWalsamningnumtilrkisstj;rnarinnarumaWISAL  veljiYannkostaWltaalmennum,slenskumskattalgumfrogmeW1.janar2004;vv 0 m 0vmm m MEVXV0AVYaWersameiginlegurskilninguraWilaaWbreytingyfirhiWalmenna,slenska \4 skattkerfiverWiekkigerWnemameWYvaWfellaniWurallarskatta-oggjaldaundan ' Ygur,semogsrreglurYvsviWi,semISALnUtursamkvmtaWalsamningnum;vv 0 m 0vmm m MEVXV0AVrkisstj;rninogAlcanviljan,kjlfarsamningaviWrWnaumaWnframan `  greindummarkmiWum,breytaYeimkvWumaWalsamningsinssemltaaWskattlegri S+! meWferWogskattgreiWslumYannigaWstarfsemiISALltislenskumskattalgumog " reglumfr1.janar2005;#vv 0 m 0vmm m HAFAXV0aWilarhrmeWsamYykktaWgeraeftirfarandibreytingaraWalsamningnum !W% samrmiviW51.gr.aWalsamningsins,dags.28.mars1966,samtfimmviWauka J""& samningum,(1)dags.28.okt.1969,(2)dags.10.des.1975,(3)dags.5.n;v.1984, #' (4)dags.11.n;v.1985og(5)16.n;v.1995:#(vv   v%N!*   ??vvb?mvb?1.gr. ( HeitisamningsYessaogorWskUringarviWhann.   N)1.1.0  0SamningurYessiheitirsjttiviWaukasamningurviWaWalsamninginn. 1.2.0  0EfsamhengikrefstekkiannarsskuluhugtksemnotuWerusamningiYessumhafa a smumerkinguogYeimergefin1.gr.aWalsamningsins.T,    2.gr.  BreytingaraWalsamningierltaaWbyrgWum.    +2.1.0  0Grein3.04ii)orWastsvo:fallinopinbergjldmeWYeimlgum,Y.m.t.drttarvxtum,  X semgildasamkvmtalmennumslenskumlgumogreglumsemgildieruhverjum K #  tma.      3.gr.   BreytingaraWalsamningierltaaWgjaldifyrirhfnoghafnarmannvirki.  wO  I-3.1.0  00sWarimlsliWgreinar8.03skulustaWorWsins?fastagjald komaorWin?gjld B  samkvmtalmennumslenskumlgumogreglumsemgildieruhverjumtma .     4.gr. {  BreytingaraWalsamningierltaaWaWflutnings-ogtflutningsgjldum.  nF .4.1.0  014.gr.semfjallarumaWflutnings-ogtflutningsgjldfellurbrott.9    5.gr.  BreytingaraWalsamningierltaaWleyfumfyrirbyggingu r ogreksturbrWslunnar.  e= .05.1.0  00staWorWanna?veraYau,ergreinirmlsgrein31.01samningiYessum. lok15.gr., 0 kemur?faraeftiralmennum,slenskumlgumogreglumsemgildieruhverjum  tma .   6.gr. \4 BreytingaraWalsamningierltaaWgjaldeyrioggjaldeyrisreikningum.  ' %26.1.0  016.gr.semfjallarumgjaldeyrioggjaldeyrisreikningafellurbrott.    7.gr. `  BreytingaraWalsamningierltaaWaWgerWumtilaWkomavegfyrirtvskttun S+! vegnateknastarfsmannasemhafabsetuannarsstaWaren0slandi.  " P37.1.0  0SWarimlsliWurgreinar17.04verWursvohlj;Wandi:# 0  00?AWWruleytigildaumlagninguskattatekjurogeignirerlendrarkisborgara,sem  $ heimilisfestihafaWrurkien0slandiendveljahrlandihlutarri,almennslensk !W% lgogreglur,svoogalYj;WasamningarogsamningarsemslenskarkiWhefurgertviW J""& erlendrkitilaWkomavegfyrirtvskttun. #'   8.gr. $ ) BreytingaraWalsamningierltaaWfyrirvaraumtakmarkanir v%N!* afhlfurkisstj;rnarinnar. A&"+  68.1.0  0eftirorWinu?fyrirmli 1.mlsliWgreinar18.03btist?nnurenleiWaafalmenn  '", um,slenskumlgumogreglumsemgildieruhverjumtma .'#- Ї8.2.0  0OrWin?,einsogYettaertilgreintstafliWd)mlsgr.14.01samningiYessum .falla ( brott. G   9.gr.  BreytingaraWalsamningierltaaWframleiWslugjaldi.   99.1.0  00staWorWsins?FramleiWslugjald fyrirsgnVI.kaflaogsemundirheiti25.gr.kemur s ?Skattlagning .f> Ѐ9.2.0  0Ngildandigreinar25til33fallabrottheildsinniogkvWi25.gr.orWastsvo:1  0  00AWYvleytisemISAL,hluthafarYess,d;tturogm;Wurflg,starfsmennogaWrirsem   tengjastflaginueruskattskyldirhrlandi,skalsskattlagningltaalmennum   slenskumskattalgum.kvWiWtekurm.a.tilframtalsogskila,lagningar,greiWslu,  j  innheimtuogupplUsingagjafarvegnaallraskattaogopinberragjaldasemlgWeru ] 5  sambrilegfyrirtki,neWasWar,eftiralmennumslenskumlgumogstj;rnvalds (  fyrirmlum.ISALnUturengraundanYga,srkjaraeWasrreglnavarWandiskattaog   opinbergjldutanYesssemleiWirafalmennumlgum,aWteknutillititilalYj;Wa   samningaogsamningasemslenskarkiWhefurgertviWerlendrkitilaWkomaveg a  fyrirtvskttun.T,    10.gr.   BreytingaraWalsamningierltaaWkvWiummeWferWfjrfestinga.   ?10.1.0  ViWgrein35.02btisteftirfarandisetning:X 0  00?kvWiYettatekurekkitilbreytingasemkunnaaWverWafjrfestingumkjlfar K# yfirfrsluISALyfirhiWalmennaskattkerfisamkvmt6.viWaukasamningiviW  aWalsamninginn.      11.gr. wO BreytingaraWalsamningierltaaWdeilum.  B A11.1.0  ViW46.greinbtistnUmlsgreinsemverWursvohlj;Wandi:  0  00?VarWideilaskylduISALtilgreiWsluhverskonaropinberraskattaeWagjalda,skal  leystrhennifyrirslenskumyfirvldumogd;mst;lum,eftirYeimreglumsemum { slkadeilugildaeftiralmennum,slenskumlgum,enekkifyrirgerWard;mi. nF    12.gr.  BreytingaraWalsamningierltaaWrttindumogskyldumaWloknum   samningstmaeWaviWriftun.  r! xD12.1.0  Grein50.01verWursvohlj;Wandi:e=" 0  00?XegarsamningurYessiogfylgisamningarnirrennateWaYeimerrift,skuluallar 0 # fjrfestingarAlusuisseogsrhverssamYykktshluthafaveraframYeirranafni.  $ Alusuisseskaleigartt,efYaW;skarYess,aWsltaISALogleysaYaWupp.Farisvo, !% skalfariWmeWslitflagsins,Y.m.t.eignirYess,skuldirogrttindihluthafa,eftir "i& almennum,slenskumlgumumslitoguppgjrflagasbr.oggrein20.01. \#4'    13.gr. $ ) Breytingartilkynningum.  %!* "H13.1.0  0staWorWanna?Alusuisse og?Alusuisse-LonzaHoldingsLtd. 53.gr.koma?Alcan &`"+ ogAlusuise og?AlcanHoldingsSwitzerlandLtd. nskrWaWMaxHgger-Strasse S'+#, 6,POBox1954,CH-8048Zurich,Switzerland.(#- Ї   14.gr. ( GildiogstaWasamningsYessa.   I14.10  0ViWundirritunsamningsYessaafhlfuaWilahansogviWlokagerWhanstekurhann  gildi,sbr,gr.14.3.SamkomulagerY;meWaWilumumaWYaukvWisamningsYessa a sembreytakvWumaWalsamningsinsvarWandiskattaoggjaldskylduskulieigiaW T, sWurtakagildifrogmeW1.janar2005.0YvfelstaWISALskalstandaskattstj;ra  ReykjanesumdmisskilskattframtlumfyrirliWingjaldrinnan6mnaWafr  lgfestinguviWaukaYessa.FramtlumskalaWlluleytihagasamrmiviWslenskar   reglurskattarttarhverjugjaldranna.Skattstj;riskalinnantveggjamnaWafr  X lokumframtalsfrestsleggjaISALopinbergjldsamrmiviWkvWi95.og96.gr. K #  laganr.90/2003,umtekjuskatt.lagningunaskalskattstj;ritilkynnaISALskriflega    ogmarkarp;stlagningYeirrartilkynningarupphaf30dagakrufreststilskattstj;ra,    sbr.99.gr.laganr.90/2003.GjalddagilagWragjaldasbr.framangreinter1.dagur   nstamnaWareftiraWlagningertilkynntogeindagi30dgumsWar.0Yvfelst wO  einnigaWtollstj;rinnReykjavkskalinnan6mnaWafrlgfestinguviWaukaYessa B  kvarWaISALaWflutningsgjldvegnasendingasemISALhefurfengiWtollafgreiddar    fr1.janar2005tillgfestingardagsviWaukansmeWvsantilalmennrakvWalaga   umlagninguaWflutningsgjaldaogstj;rnvaldsfyrirmlasettumsamkvmtYeim.{  0  00XaugjldsemlgWverWastaWframleiWslugjaldsgjaldfallaviWlagningu.Greitt nF framleiWslugjaldskoWastseminnborgunuppYlagninusemekkiskalvaxtareikna.9 Ѐ14.2.0  SamningurYessiergerWursemviWb;tarsamningurviWaWalsamninginnsamkvmt  kvWum51.gr.hansogskaltalinn;aWskiljanlegurhlutiafaWalsamningnum(meW  orWnumbreytingum)svosemhannvrifelldurinnmeginmlhans.kvWiaWal r samningsins,meWllumrttindumhansogskyldum,takaekkiWrumbreytingumen e= YeimsemgerWarerusamningiYessumoghaldaaWWruleytifullugildi.Allartil 0 vsanirtilaWalsamningsins,semgerWarerufylgiskjlumeWafylgisamningunum,eWa  hversYeirrasemer,eWaverWagerWarsWar,skulutaldarveragerWartilaWalsamn  ingsinseinsoghonumhefurWurveriWbreyttogeinsoghonumhefurveriWbreyttmeW i samningiYessum,nemasamhengikrefjistannars.\4 14.30  0XegarsamningurYessihefurveriWundirritaWurafaWilumogtilkynningveriWgefint ' svosemmlterum51.gr.aWalsamningsins,skalsamningurYessi,samtlagafrum  varpiYaraWltandi,lagWurfyrirAlYingitilstaWfestingarogsamYykktar.ViWstaWfest  inguogaWfullngWumWrumlggjafar-ogtilkynningaratriWumskalsamningurYessi `  Wlastgildi(?gildistkudagur )oghafalagagildi0slandisvosemkveWiWverWurum S+! staWfestingarlgunum,sbr.Y;grein14.1."    15.gr.  $ BrWabirgWakvWi.  !W% Y15.10  0FyrningargrunnurvaranlegrarekstrarfjrmunaYann1.janar2005skalverab;kfrt J""& verWYeirraYann31.desember2004skv.endurskoWaWrifyrningarskUrsluvegnafram #' leiWslugjalds.#(    1& a 6.gr. v%N!* TmiskvWi.  A&"+ k[16.1.0  Breyting'av%x[YessiaWalsamningnumskalundirrituWogafhentafaWilumtveimur  '", eintkum.Hvorteintaktelstfrumeintakogjafngilthinu.'#- ЇE? mvb?vvbE0 m 0mm m XESSUTILSTAVFESTUhefursjttiviWaukasamningurinnviWaWalsamninginnveriW ( undirritaWurfyrirhndrkisstj;rnarinnar,ogAlcanHoldingsSwitzerlandLtd.Yanndag  semupphafigreinir,tveimureintkum. I?vvb? mvb\IH"? vvb?vvbHFyrirhnd    0  Fyrirhnd R0KISSTJ:RNAR0SLANDS:  ALCANHOLDINGSSWITZERLANDLTD:  ___________________________0  _____________________________________K #         SIXTHAMENDMENTTO  TheMasterAgreement T, between  TheGovernmentofIceland  and   ALCANHOLDINGSSWITZERLANDLTD.  X dated28March1966    togetherwith    fiveSupplementalAgreements   dated28October1969,10December1975,5November1984,11November1985and16 B  November1995,    togetherwiththescheduleddocumentsspecifiedintheMasterAgreementand {  SupplementalAgreements nF 6`  AGREEMENTMADE  ONTHE5THDAYOFTHEMONTHOFMARCH,2007.  bQ%? >vvb? vvbQӀ 0  > THEGOVERNMENTOFICELAND (hereinafteralsoreferredtoasthe  Governmen t), e= representedbyitsMinisterofIndustryandCommerce,oftheFirstPart,0 and   0  > ALCANHOLDINGSSWITZERLANDLTD. (hereinafteralsoreferredtoas  Alcan ), \4 acompanyorganizedandoperatedunderthelawsofSwitzerlandandhavingitsregistered ' officeatMaxHgger-Strasse6,P.OBox,CH-8048,Zurich,Switzerland,oftheSecond  Part, U"? vvb? >vvbNcU(withbothpartieshereinafterreferredtojointlyasthe  Parties ), S+! haveonthis5dayofthemonthofMarch,2007,enteredintothefollowing #   SIXTHSUPPLEMENTALAGREEMENTTOTHEMASTERAGREEMENT J""& OF22MARCH1966,WITHFIVESUBSEQUENTAMENDMENTS  #' OgQ%? mvb? vvbQ0 m 0mm m WHEREAStheGovernmentandSwissAluminiumLtd.enteredintoanagreementrelating $ ) totheconstructionandoperationofanaluminiumreductionplantandappurtenant v%N!* facilitiesatStraumsvkdatedMarch28,1966,ratifiedbyActoftheAlthingNo.76, A&"+ May13,1966,andeffectiveasofSeptember20,1966,amended(i)byaFirst  '", AmendmentdatedOctober28,1969,ratifiedbyActoftheAlthingNo.19,April6, '#- 1970,andeffectiveasofApril16,1970,(ii)byaSecondAmendmentdatedDecember ( 10,1975,ratifiedbyActoftheAlthingNo.42,May25,1976,andeffectiveasofJune  12,1976,(iii)byaThirdAmendmentdatedNovember5,1984,ratifiedbyActofthe  AlthingNo.104,November30,1984,andeffectiveasofNovember30,1984,(iv)by a aFourthAmendmentdatedNovember11,1985,ratifiedbyActoftheAlthingNo.111, T, December31,1985,andeffectiveasofDecember31,1985,and(v)aFifthAmendment  dated16November1995,ratifiedbyActoftheAlthingNo.155/1995andeffectiveas  of29December1995,togetherwithscheduleddocumentsandsupplementary   agreements(hereinafterassoamendedreferredtoasthe MasterAgreement); X Ѐ0 m 0mm m WHEREASSwissAluminiumLtd.hasbeenrenamedtoAluzuisse-LonzaHoldingsLtd.on    January2,1990andtoAlcanHoldingsSwitzerlandLtd.onJuly20,2001andasAlcan    HoldingsSwitzerlandLtd.continuestoassumetherightsandobligationspreviously   assumedbySwissAluminiumLtd.pursuanttotheMasterAgreement;wO  0 m 0mm m WHEREASSection33.03oftheMasterAgreementpermitsISAL,duringtheTermofthe    Agreement,toelecttobesubjecttothegeneralIcelandictaxlawsasexistingfromtime   totime;{  0 m 0mm m WHEREASaccordingtothesaidSection33.03oftheMasterAgreementthePartiesshall 9 promptlyenterintonegotiationsonthetransitionofISALtothegeneraltaxsystemif  suchnoticeisgivenbyISAL; 0 m 0mm m WHEREASAlcanandISALhave,byaletterdated28May2003senttotheGovernment e= anoticepursuanttothesaidSection33.03oftheMasterAgreementtotheeffectthat 0 ISALelectstosubmittothegeneraltaxsystemasof1January2004; 0 m 0mm m WHEREASitisthejointunderstandingofthePartiesthatthetransitionto&  theGeneral i Icelandictax'0tԀsystemcannotbeeffectedexceptbyremovingallderogationsfromtaxes \4 andcharges,aswellasspecialrulesinthisrespect,enjoyedbyISALundertheMaster ' Agreement; 0 m 0mm m WHEREAStheGovernmentandAlcan,followingnegotiationsonachievingtheobjectives `  statedabove,wishtoamendtheprovisionsoftheMasterAgreementrelatingtotaxation S+! andtaxpaymentssothatISAL'soperationwillbesubjecttotheIcelandictaxlawsand " regulationsfromthe1stofJanuary2005;# 0 m 0mm m NOWTHEREFOREthePartieshaveagreedtomakethefollowingamendmentstothe !W% MasterAgreementpursuanttoArticle51oftheAgreementdated28March1966, J""& togetherwithfiveamendments(1)dated28October1969,(2)dated10December1975, #' (3)dated5November1984,(4)dated11November1985and(5)dated16November #( 1995.$ )   A&"+   Article1 ( TitleofthisAgreementandDefinitionsUsedTherein   "y1.1.0  0ThisAgreementshallbeknownastheSixthAmendmenttotheMasterAgreement. 1.2.0  0Unlessthecontextotherwiserequires,thetermsusedinthisAgreementshallhavethe a meaningsassignedtotheminArticle1oftheMasterAgreement.T,   Article2  AmendmentstotheMasterAgreementrelatingtoGuarantees    ){2.1.0  0Subsection3.04(ii)shallreadasfollows:accruedtaxestogetherwithanylevies,in  X cludingpenaltyinterest,whichmaybeapplicablepursuanttoIcelandiclawand K #  regulationsascurrentatanytime.     Article3   AmendmentstotheMasterAgreementrelatingtoChargesfortheHarbour wO  andHarbourFacilities  B  |3.1.0  0InthesecondsentenceofSection8.03thewords fixedrentalarereplacedbythe   words chargespursuanttogeneralIcelandiclawsandregulationsascurrentatany {  time.nF   Article4  AmendmentstotheMasterAgreementrelatingtoImportandExportDuties   ~4.1.  0  Article14,whichconcernsImportandExportDuties,isdeleted.r   & a Article5 0 AmendmentstotheMasterAgreementrelatingtoLicencesfortheConstructionand  OperationoftheSmelter 'a0  5.1.0  0Thewords thoseprovidedforinsubsectionofSection31.01ofthisAgreement.at i theendofArticle15shallbereplacedbythewords subjecttogeneralIcelandiclaws \4 andregulationsascurrentatanytime.'   Article6  AmendmentstotheMasterAgreementrelatingtoForeignExchange `  andCurrencyAccounts S+! 1 6.1.0  0Article16,whichconcernsforeignexchangeandcurrencyaccounts,isdeleted."   Article7  $ AmendmentstotheMasterAgreementrelatingtomeasurestopreventdouble !W% taxationoftheincomeofemployeesdomiciledoutsideIceland  J""& 7.1.0  0ThesecondsentenceofSection17.04shallreadasfollows:#' 0 m 0mm0 Inotherrespectsthelevyoftaxesontheincomeandassetsofforeignnationals #( domiciledoutsideIceland,butresidentinIcelandforpartoftheyear,shallbe $ ) governedbyIcelandiclawsandregulationsandinternationalconventionsandtreaties v%N!* enteredintobytheRepublicofIcelandwithforeignstatesfortheavoidanceofdouble A&"+ taxation. '",  '#-   Article8 ( AmendmentstotheMasterAgreementrelatingtoprovisionsconcerning  restrictionsimposedbytheGovernment    8.1.0  0Followingtheword directionsinthefirstsentenceofSection18.03shallbeadded a thewords otherthandirectionsresultingfromIcelandiclawsandregulationsineffect T, atanytime. 8.2.0  0Thewords asspecifiedinsubsection(d)ofSection14.01ofthisAgreementare  deleted.    Article9 K #  AmendmentstotheMasterAgreementrelatingtoConsolidatedTax     ͉9.1.0  0Thewords ConsolidatedTaxintheheadingofChapterVIandthesubheadingof    Article25shallbereplacedbytheword Taxation.  9.2.0  0ThecurrentSections25to33aredeletedintheirentirety,andtheprovisionsofArticle wO  25shallreadasfollows:B  0 m 0mm0TotheextentthatISAL,itsshareholders,subsidiariesandparentcompanies,em    ployeesandotherpartiesrelatedtothecompanyaretaxableentitiesinIceland,such   taxationshallbesubjecttogenerallegislationontaxesinIceland.Thisprovision {  applies,interalia,todeclarationsandreturns,levies,payment,collectionand nF reportingasregardsalltaxesandpublicleviesimposedoncomparableundertakings, 9 atpresentorinfuture,accordingtogeneralIcelandiclawandadministrativeactions.  ISALshallenjoynoexemptions,specialtermsorspecialrulesasregardsthelevyof  taxesandcharges,exceptasprovidedbygeneralIcelandiclaw,takingintoaccount r internationalconventionsandtreatiesenteredintobyIcelandwithforeignstatesfor e= thepurposeofavoidingdoubletaxation.0   Article10  AmendmentstotheMasterAgreementrelatingtoprovisionsonthe i TreatmentofInvestments  \4 H10.1.0  ThefollowingsentenceisappendedtoSection35.02:' 0 m 0mm0 Thisprovisiondoesnotaffectanypotentialchangesininvestmentsresultingfromthe  transitionofISALtothegeneralIcelandictaxsystempursuanttotheSixthAmend  menttotheMasterAgreement.`   m   Article11 " AmendmentstotheMasterAgreementRelatingtoDisputes  # Ȓ11.1.0  AnewparagraphisaddedtoArticle46,asfollows: $ 0 m 0mm0 IntheeventthatadisputeconcernstheobligationofISALtopayanypublictaxesor !W% charges,thedisputeshallberesolvedbeforetheIcelandicauthoritiesorcourtsoflaw J""& pursuanttotherulesapplicabletosuchdisputesundergeneralIcelandiclegislation, #' andnotbeforeanarbitrationtribunal.#(   Article12 v%N!* AmendmentstotheMasterAgreementrelatingtoRightsupon A&"+ ExpirationorTermination   '", ~12.1.0  Section50.01shallreadasfollows:'#- 0 m 0mm0 UponexpirationorterminationofthisAgreementandtheScheduledContracts,all ( investmentsofAlusuisseandanyApprovedShareholdershallremaininsuchpersons  names.Alusuisseshallhavetheright,ifitchooses,towindupanddissolveISAL.In  suchaneventthewindingupoftheCompany,includingitsassets,liabilities, a obligationsandshareholdersrights,shallbesubjecttoIcelandiclegislationonthe T, windingupanddissolutionofcompanies,cf.alsoSection20.01.   Article13   AmendmentsrelatingtoNotices   X ;13.1.0  InArticle53,thewords Alusuisseand Alusuisse-LonzaHoldingsLtd.are K #  replacedbythewords AlcanandAlusuisserespectively andAlcanHoldings    SwitzerlandLtd.atitsrecentlychangedaddressMaxHgger-Strasse6,POBox    1954,CH-8048Zurich,Switzerland.  Ѐ  Article14 B  ValidityandStatusofthisAgreement     @14.10  0ThisAgreementshalltakeeffectonitssignatureonthepartofthePartiesandits   execution,asprovidedinSection14.3.However,thepartieshaveagreedthatthe {  provisionsoftheAgreementamendingArticlesintheMasterAgreementrelatingto nF taxesandtaxabilityshallnonethelesstakeeffectasofJanuary1,2005.Thisentails 9 thatISALshallfiletaxreturnswiththeReykjanesTaxCommissionerwithin6months  fromtheratificationofthisAmendment.Taxreturnsshallinallrespectscomplywith  therulesofIcelandictaxlawascurrentinanyofthetaxyears.TheTaxCommissioner r shall,withintwomonthsfromthedeadlineforfilingtaxreturns,levytaxesonISAL e= inaccordancewithArticles95and96ofActNo90/2003onIncomeTax.TheTax 0 CommissionershallnotifyISALinwritingofthelevyandthepostingofthat  notificationsignalsthestartofthe30daycomplaintperiodtotheTaxCommissioner  pursuanttoArticle99ofActNo90/2003.Theduedateoftaxesleviedpursuanttothe i aboveisthefirstdayofthemonthfollowingthenotificationofthelevyandthefinal \4 duedateis30dayslaterThisalsoentailsthattheDirectorateofCustomsinReykjavk ' shall,within6monthsfromthedateofratificationofthisAmendment,levyimport  dutiesonshipmentsinrespectofwhichISALhasreceivedcustomclearanceinthe  periodfromJanuary12005untilthedateofratificationoftheAmendmentwith `  referencetogeneralprovisionsoflawconcerningimportdutiesandadministrative S+! instructionsissuedundersuchprovisionsoflaw." 0 m 0mm0AnytaxesleviedinlieuoftheConsolidatedTaxshallbedueonthedateontheirlevy. # AnyConsolidatedTaxpaidinrespectofthesameyearsshallconstituteadvance  $ paymentandinterestratesshallnotbeaddedtothepayment.!W% 14.2.0  ThisAgreementismadeassupplementalagreementtothe&  MasterAgreementpursuant J""& totheprovisionsofArticl'J"0e51thereofandshallbedeemedtobeanintegralpartofthe #' MasterAgreement(aspreviouslyamended)asfullyasifitwereincorporatedtherein. #( Exceptasmodifiedhereby,theprovisionsoftheMasterAgreement,withallitsrights $ ) andobligations,shallnotbechangedoraffectedandshallremaininfullforceand v%N!* effect.Unlessthecontextotherwiserequires,anyreferencetotheMasterAgreement A&"+  madeintheScheduledDocumentsortheScheduledContracts,oranyofthem,or  '", otherwisemadehereaftershallbedeemedtobeareferencetothe&   MasterAgreement ( aspreviousl'(AyamendedandasamendedbythisAgreement. 14.3  0  UponthesignatureofthisAgreementbythepartieshereto,anduponnoticebeing  givenasprovidedinArticle51oftheMasterAgreement,thisAgreement,accom a paniedbyalegislativebillrelatingthereto,shallbesubmittedtotheAlthingforratifi T, cationandapproval.Uponratificationandthecompletionofallotherlegislativeand  notificationrequirements,thisAgreementshallbecomeeffective( EffectiveDate)  andhavetheforceoflawinIcelandasprovidedintheRatifyingActsubjecttosection   14.1. X   Article15    InterimProvisions     15.1  0  Thedepreciationbaseforproperty,plantandequipmenton1January2005shallbe   theirbookvalueasat31December2004pursuanttothereviseddepreciationreport wO  relatingtotheConsolidatedTax.B    Article16   Furtherprovisions  {  ;16.1.0  ThisAmendmenttotheMasterAgreementshallbesignedanddeliveredbytheParties nF intwocopies.Eachsuchcopyshallconstituteanauthenticoriginalofequalvalidity 9 withtheothercopy. Q"? mvb? mvbQ0 m 0mm m INWITNESSWHEREOF,thisSixthAmendmenttotheMasterAgreementhasbeensigned r onbehalfoftheGovernmentandAlcanHoldingsSwitzerlandLtd.asofthedatefirst e= abovewritten,intwocopies.0 K? mvb? mvbKFor   v  b       For i THEGOVERNMENTOFICELAND:  ALCANHOLDINGSSWITZERLANDLTD: \4 ___________________________  _____________________________________     $ E?vvb? mvbE@ #dggAthugasemdirviWlagafrumvarpYetta.#ggd!Ԉ (  1.Inngangur.     MeWfrumvarpiYessuerlagttilaWlgfesturverWisamningurmillirkisstj;rnar0slandsog  AlcanHoldingsSwitzerlandLtd.umlbrWsluStraumsvk.0samningnumersamiWumY a meginbreytinguaWAlcanltifrogmeW1.janar2005slenskumskattalgumeinuogllu T, einsogaWrirlgaWilarerbera;takmarkaWaskattskylduhrlandi.EruYessarbreytingar  settarframsjttaviWaukasamningsinssemdagsetturer5.mars2007ogiWnaWarrWherra  hefurundirritaWfyrirhndrkisstj;rnarinnarmeWfyrirvaraumsamYykkiAlYingis.ViWauki   YessierlagWurframsemhlutiaffrumvarpinubWislenskuogensku.  X   MeWbrfidags.28.ma2003tilkynntiAlcanHoldingsSwitzerlandLtd.rkisstj;rn K #  0slandsaWflagiWveldiYannkostaWltaalfariWslenskumlgumogreglumhvaWvarWar    skattlagningufyrirtkisinsfrogmeW1.janar2004.ByggWiststilkynningheimild    grein33.03aWalsamningnum.0samakvWisegirennfremuraWYegarslkbeiWniberist   skuliaWilarYegargangatilsamningaumbreytingunayfirhiWalmennaskattkerfi.Flj;tlega wO  eftiraWtilkynningAlcanbarsth;fustformlegarviWrWurmillifulltrarkisinsannarsvegar B  ogfulltrarAlcanhinsvegarumyfirfrsluna.XrviWrWurhafahinsvegardregistogekki    nWistendanlegtsamkomulagumyfirfrslunafyrrenbyrjunmarsmnaWar2007.     XaWersameiginlegurskilningursamningsaWilaaWsamningumfelistaWviWgildistku {  hansmuniallarsrreglurogundanYgurumskatta,gjldogtolla,semgildaumstarfsemi nF lversins,fallaniWur.MeWsamningsviWaukanumeruYvfelldniWurllkvWiaWalsamn 9 ingsinservarWaaWflutningsgjld,skattaognnuropinbergjldogfrogmeWgildistku  breytingannaberISALaWgreiWatekjuskattognnuropinbergjldsemalmennterulgW  hrlandi,eftirYeimreglumsemumYaWmunugildasamkvmtlgumhverjumtma. r SamkomulagnWistumYaWmilliaWilaaWsamningurinngildifr1.janar2005. e=   AWilarhafaYvsamYykktaWgeraeftirfarandibreytingaraWalsamningnumsamrmi 0 viW51.gr.aWalsamningsins,dags.28.mars1966,samtfimmviWaukasamningum,(1)dags.  28.okt;ber1969,(2)dags.10.desember1975,(3)dags.5.n;vember1984,(4)dags.11.  n;vember1985og(5)16.n;vember1995. i  2.MeginefnisjttaviWaukaviWaWalsamninginn.  '   MeWsamningsviWaukanumeruallarsrreglurogundanYgurumskattaogopinbergjld,  semgildaumstarfsemilversinsStraumsvkfelldartraWalsamningnum    0kvWi14.gr.samningsinserkveWiWumtolla,aWflutnings-ogtflutningsgjld.0sam `  rmiviWmegintilgangviWaukans,umaWllgjldsemrkiogaWriropinberiraWilarleggja S+! ISALskulifaraeftiralmennumreglum,erYettakvWifelltbrott. "   015.gr.aWalsamningsinsermltfyrirumleyfi,m.a.byggingarleyfiogkveWiWumsr # regluvegnaleyfisveitinga.XessukvWierbreyttYannigaWframvegisskalumYessa  $ gjaldtkufarasamkvmtalmennum,slenskumlgumogreglumsemgildieruhverjum !W% tma. J""&   kvWi16.gr.aWalsamningsinsfjallarumgjaldeyrioggjaldeyrisreikninga.XarerumaW #' rWasrreglusemfelldverWurrgildimeWYessumviWaukasamningi. #(   SWarimlsliWurgreinar17.04erfrWurtilntmahorfsogkveWiWumaWumlagningu $ ) skattavegnateknaogeignaerlendrarkisborgara,semheimilisfestihafaWrurkien0slandi v%N!* endveljahrlandihlutarri,farieftiralmennumslenskumlgumogreglum,svoog A&"+ alYj;WasamningumogsamningumsemslenskarkiWhefurgertviWerlend&  rkitilaWkoma  '", ' 'vegfyrirtvskttun. '#-   kvWiVI.kaflaaWalsamningsins,Y.e.25.!33.gr.,fallabrott.KaflinnhefuraWgeyma ( reglurumframleiWslugjaldiWsemISALhefurgreittstaWtekjuskatts,eignarskatts,fasteigna  skattsogfleiriskattaoggjaldasemnhafaveriWlgWniWur,sbr.upptalningugrein30.06  aWalsamningsins.AukYesserVI.kaflaaWfinnaUmsarsrreglurumskattlagningu,m.a. a milliverWlagninguoggreiWsluoguppgjrshtti.LokserkaflanumkvWiumheimildISAL T, tilaWgangainnalmennaskattkerfiW.FyrirsgnVI.kaflamunbreytastsemogundirheiti25.  gr.FramvegismunkaflinnberaheitiW?Skattlagning staW?FramleiWslugjald .Kaflinnmun  aWeinshafaaWgeymaeittkvWiY.e.25.gr.,semmunorWastsvo:     ?AWYvleytisemISAL,hluthafarYess,d;tturogm;Wurflg,starfsmennogaWrirsem  X tengjastflaginueruskattskyldirhrlandi,skalsskattlagningltaalmennumslenskum K #  skattalgum.kvWiWtekurm.a.tilframtalsogskila,lagningar,greiWslu,innheimtuog    upplUsingagjafarvegnaallraskattaogopinberragjaldasemlgWerusambrilegfyrirtki,    neWasWar,eftiralmennumslenskumlgumogstj;rnvaldsfyrirmlum.ISALnUturengra   undanYga,srkjaraeWasrreglnavarWandiskattaogopinbergjldutanYesssemleiWiraf wO  almennumlgum,aWteknutillititilalYj;WasamningaogsamningasemslenskarkiWhefur B  gertviWerlendrkitilaWkomavegfyrirtvskttun.      3.Nnarumeinstakargreinarsamningsins.  {    Um1.gr. 9   kvWiWYarfnastekkiskUringa.    Um2.gr. r   XarsemllkvWiumframleiWslugjaldfallabrotternauWsynlegtaWbreytakvWi3.04 e= aWalsamningisemfjallarumbyrgWir.SamkvmtsamningsviWaukanummunulgurY.m.t. 0 drttarvextirvegnafallinnaopinberragjaldafaraeftiralmennumslenskumlgumog  reglumsemgildahverjumtma.    Um3.gr. \4 u  0YessukvWierubreytingaraWalsamningierltaaWgjaldifyrirhfnoghafnarmann ' virki.OrWiW?fastagjald fellurniWurogYessstaWkomaorWin?gjldsamkvmtalmennum  slenskumlgumogreglumsemgildieruhverjumtma .  Ѐ  U&  m4.gr. S+!   kvWi14.gr.aWalsamningsinssemhefuraWgeyma'S+srreglurerltaaWaWflutnings-og " tflutningsgjldumerufelldtraWalsamningiheildsinni.Eftirgildistkusamningsins # munISALYvgreiWaaWflutnings-ogtflutningsgjldsamkvmtalmennumreglum.  $   Um5.gr. J""&   kvWi15.gr.aWalsamningsinsfjallarumleyfitilbyggingarogrekstursbrWslunnar.0 #' staWYessaWleyfisgjldsureiknuWsamkvmtsrkvWi,semeraWfinnagrein31.01sem #( fellderbrottmeWYessumsamningi,muntilvsuntilYeirrargreinarfallabrottoglok15. $ ) gr.orWastsvo:?faraeftiralmennum,slenskumlgumogreglumsemgildieruhverjum v%N!* tma . A&"+    '",   &   Um6.gr. ( X  kvWi'(g16.gr.aWalsamningsinsumgjaldeyrioggjaldeyrisreikningaerufelldtr  aWalsamningiheildsinni.Xarerm.a.kveWiWumheimildirISALtilaWtakaviWerlendum  gjaldeyrioggeymahann.EinnigerYarfjallaWumheimildirstarfsf;lkstilaWyfirfraYann a hlutaaflaunum,semekkihefurveriWeytt0slandi,tiltlanda.kvWineruekkitaktviW T, YrreglursemngildaumheimildirtilmeWferWargjaldeyriogvoruaWilarsammlaum  aWYaubriaWfellatraWalsamningnum.    Um7.gr.  X   kvWi17.gr.aWalsamningsinsfjallarumstarfsliWogstarfsf;lkISAL.0samnings K #  viWaukanumerorWalagYesskvWis17.gr.semfjallarumaWferWirtilaWkomavegfyrir    tvskttunfrttilntmahorfs.XaWmunYveftirbreytingunaorWastsvo:?AWWruleytigilda    umlagninguskattatekjurogeigniraWilasemheimilsfestihafaWrurkien0slandien   dveljahrlandihlutarri,almennslensklgogreglur,svoogalYj;Wasamningarog wO  samningarsemslenskarkiWhefurgertviWerlendrkitilaWkomavegfyrirtvskttun.  B    Um8.gr.     8.1 v 0kvWi18.03aWalsamningnumeraWfinnaloforWafhlfurkisinsumaWYaWmuni {  ekkisetjatakmarkanireWafyrirmliviWtilteknaraWstWur.TilaWtakaafallanvafaumaW nF slkuloforWisekkitlaWaWntilatriWaervarWaskattaoggjldereftirfaranditextabtt 9 viW1.mlsl.greinar18.03:?nnurenleiWaafalmennum,slenskumlgumogreglumsem  gildieruhverjumtma .    8.2TilvsunorWin:?einsogYettaertilgreintstafliWd)mlsgr.14.01samningi r Yessum fallabrottendaer14.gr.heildsinnifelldtraWalsamningimeWbreytingunni. e=   Um9.gr.  Y  9.1.OrWiW?FramleiWslugjald fellurbrott,bWirfyrirsgnVI.kaflaaWalsamningsins  ogsemundiheiti25.gr.samningsins.XessstaWkemurorWiW:?Skattlagning .Eftirgildis i tkubreytingarinnarmunframleiWslugjaldiWheyrasgunnitilogYarmeWverWurheiti \4 kaflansaWbreytast. '   9.2.25.!33.gr.eruheildsinnifelldartraWalsamningi.ViWYessabreytingufrist  starfsemiISALaWlluleytiundirhiWalmennaskattkerfieinsogYaWverWurhverjumtma  0slandi. `    Um10.gr. " w  SamkvmtkvWi35.02gr.aWalsamningsinsnj;taAlusuisse,minnihlutihluthafaog # ISALverndargegnYvaWslenskarkiWsviptiYfjrfestingum.MeWkvWinuertekinnaf  $ allurvafiumaWslkverndsekkitilstaWarYegaraWskattheimtukemur. !W%   Um11.gr. #' !  kvWi46.gr.aWalsamningsinstekurtilmeWferWarogrlausnargreiningsogdeilnasem #( uppgetakomiWmillisamningsaWila.ErkvWinugengiWtfrYvaWtakistaWilumekki $ ) aWjafnaYanngreiningeruppkemurgetiYeirsamiWumaWvsadeilunnitilslenskra v%N!* d;mst;laeWaslensksgerWard;ms.NistekkisamkomulagviWYaWskulivsaslkrideilutil A&"+ alYj;WlegsgerWard;ms.011.gr.samningsviWaukanservikiWfrYessuognUjukvWibtt  '", viWsemkveWurumaWvarWideilanskylduISALtilgreiWsluhverskonaropinberragjalda '#- skulileysarhennifyrirslenskumyfirvldumogd;mst;lumeftirYeimreglumsemum ( slkadeilugildaeftiralmennumslenskumlgumenekkifyrirgerWard;mi.    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MeWYessarigreinerlgfestsrstaktkvWiumgildistkusamningsins.ViWundirritun   samningsYessaafhlfuaWilahansogviWlokagerWhanstekurhanngildi.SamkomulagerY; wO  meWaWilumumaWYaukvWisamningsYessasembreytakvWumaWalsamningsins B  varWandiskattaoggjaldskylduskulieigiaWsWurgildafrogmeW1.janar2005.Xer    kvWinufjallaWumfrestitilaWstandaskilskattframtlumfyrirliWingjaldrog   mlsmeWferWviWlagninguopinberragjalda.NauWsynlegteraWkveWasrstaklegaumYetta {  Yarsemalmennurframtalsfresturvegnarsins2005erliWinn,semogkrufrestur.Xer nF einnigkveWiWumkvrWunaWflutningsgjaldavegnaallsinnflutningsISALfr1.janar 9 2005tillgfestingardagsviWaukans.LokserkveWiWumaWYaugjldsemlgWverWistaW  framleiWslugjaldsvegnaliWinnaragjaldfalliviWlagninguogaWgreittframleiWslugjaldfyrir  smurskoWistseminngreiWslavegnaopinberragjaldasemekkiberiaWvaxtareikna.ViW r uppgjrvegnaliWinnaraerYvekkigertrWfyriraWvxtumverWibttviWkvarWaWar e= fjrhWir. 0   kvWi14.2og14.3YarfnastekkiskUringa.    Um15.gr. i    0kvWinueraWfinnaregluumYaWmeWhvaWahttikvarWaskulifyrningargrunnvegna \4 varanlegrarekstrarfjrmunaISALviWgildistkubreytingarinnar.ISALhefurreiknaW ' fyrningarsamkvmtsrreglumsemekkiverWagildieftirbreytinguna.ViWyfirfrsluna  munfyrningargrunnurvaranlegrarekstrarfjrmunaverab;kfrtverWYeirraeinsogYaWer  31.desemberriWundan. `    Um16.gr. " i  kvWiWYarfnastekkiskUringa. #   J""&  Fylgiskjal. ( mAU?) dE?$ A^m   FjrmlarWuneyti, a fjrlagaskrifstofa: T,    @ UmsgnumfrumvarptillagaumlagagildiviWaukasamningsmillirkisstj;rnar  0slandsogAlcanHoldingSwitzerlandLtd.umlbrWsluviWStraumsvk.      MeWfrumvarpinuerlagttilaWlgfesturverWiviWaukasamningurviWAlcanHolding  X SwitzerlandLtd.umaWfrogmeW1.janar2005ltifyrirtkiWslenskumskattalgumeins K #  oggildirumaWralgaWilasembera;takmarkaWaskattskylduhrlandi.VerWifrumvarpiW    aWlgumfellurframleiWslugjaldafliniWurfrogmeWrinu2005enstaWinnmun    fyrirtkiWgreiWatekjuskattrkissj;WogfasteignarskattatilHafnarfjarWarbjar.AWauki   munfyrirtkiWgreiWaiWnaWarmlagjaldsemrennurtilSamtakaiWnaWarinsogmarkaWsgjald wO  tilfjrmgnunarBtflutningsrWs.riW2005greiddifyrirtkiWsamtalsum990m.kr. B  framleiWslugjaldmiWaWviWmeWalgengi2005.Xaraferuum880m.kr.gjaldnett;hagnaW    ogum112m.kr.framleiWslugjaldhverttonnafli.AfframleiWslugjaldihverttonn   runnu73m.kr.tilHafnarfjarWarbjarog39m.kr.rkissj;W.Samkvmtgr;fumtlunum {  frendurskoWunarskrifstofunniDeloittehf.mgerarWfyriraWtekjuskattsgreiWslurfyrir nF tkisinshefWunumiWum420m.kr.riW2005,iWnaWarmlagjaldum20m.kr.ogmarkaWs 9 gjaldrmri1m.kr.effyrirtkiWhefWiveriWskattlagtsamkvmtslenskumskattalgum.X  ertlaWaWfasteignagjldhefWunumiWum164m.kr.MiWaWviWYrforsendurerutekjur  rkissj;WssamtalstlaWar440m.kr.riW2005miWaWviWalmennskattalg,enm;tifalla r niWur880m.kr.framleiWslugjaldhagnaWog39m.kr.tekjurafframleiWslugjaldihvet e= tonn,aukYessaWrkissj;Wurskilar20m.kr.tekjumtilSamtakaiWnaWarinsog1m.kr.til 0 BtflutningsrWs.tlaWeraWbreytingaraWflutningsgjldumhafi;veruleghriftekjur  rkissj;Wstilhkkunar.AWllusamanlgWuerYvtlaWaWafkomarkissj;WsrUrnium520  m.kr.riW2005miWaWviWframangreindarforsendur.tlaWeraWtekjurHafnarfjarWarbjar i affasteignagjldumnemium164m.kr.,enm;tifalliniWur73m.kr.tekjurafframleiWslu \4 gjaldi.Nett;tekjuaukisveitarflagsinsreiknastYvrmlega90m.kr.miWaWviWtluWskatt ' skilriW2005.GeraverWurYannfyrirvaraaWfyrirtkiWgerirframleiWslugjaldupp  bandarkjadlumoghefurgengiuppgjrsdagYvhrifniWurstWuna.EkkieraWsvo  stddumgulegtaWmetahrifbreytingannariW2006Yarsemrsreikningaroglagning `  fyrirYaWrliggjaekkifyrir.Skattskilflagsinsvegnarsins2005ogframvegisverWagerW S+! uppsamrmiviWsmuskattalgoggildaumaWralgaWilasembera;takmarkaWaskatt " skylduhrlandisamrmiviWfrumvarpiWogviWaukasamninginn. #