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" Alusuisseskaleigartt,efYaW;skarYess,aWsltaISALogleysaYaWupp.Farisvo, # skalfariWmeWslitflagsins,Y.m.t.eignirYess,skuldirogrttindihluthafa,eftir  $ almennum,slenskumlgumumslitoguppgjrflagasbr.oggrein20.01. !W%      13.gr. #' Breytingartilkynningum.  #( C13.1.0  0staWorWanna?Alusuisse og?Alusuisse-LonzaHoldingsLtd. 53.gr.koma $ ) ?AlcanogAlusuisse og?AlcanHoldingsSwitzerlandLtd. nskrWaWMax v%N!* HggerStrasse6,POBox1954,CH-8048Zurich,Switzerland.A&"+      '",    &   14.gr. 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K #  gr.laganr.90/2003,umtekjuskatt.lagningunaskalskattstj;ritilkynnaISAL    skriflegaogmarkarp;stlagningYeirrartilkynningarupphaf30dagakrufreststil    skattstj;ra,sbr.99.gr.laganr.90/2003.GjalddagilagWragjaldasbr.framangreint   er1.dagurnstamnaWareftiraWlagningertilkynntogeindagi30dgumsWar. wO  0YvfelsteinnigaWtollstj;rinnReykjavkskalinnan6mnaWafrlgfestingu B  viWaukaYessakvarWaISALaWflutningsgjldvegnasendingasemISALhefurfengiW    tollafgreiddarfr1.janar2005tillgfestingardagsviWaukansmeWvsantil   almennrakvWalagaumlagninguaWflutningsgjaldaogstj;rnvaldsfyrirmla {  settumsamkvmtYeim.nF   0 b 0b b 0  XaugjldsemlgWverWastaWframleiWslugjaldsgjaldfallaviWlagningu.Greitt 9 framleiWslugjaldskoWastseminnborgunuppYlagninusemekkiskalvaxtareikna.   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J""& NU15.1.0  FyrningargrunnurvaranlegrarekstrarfjrmunaYann1.janar2005skalverab;kfrt #' verWYeirraYann31.desember2004skv.endurskoWaWrifyrningarskUrsluvegna #( framleiWslugjalds.$ )     v%N!*    & X  16.gr. ( TmiskvWi.   W16.1.0  BreytingYessiaWalsamningnumskalundirrituWogafhentafaWilumtveimur  eintkum.Hvorteintaktelstfrumeintakogjafngilthinu.a   0 b v XESSUTILSTAVFESTUhefursjttiviWaukasamningurinnviWaWalsamninginnveriW  undirritaWurfyrirhndrkisstj;rnarinnar,ogAlcanHoldingsSwitzerlandLtd.Yanndag  semupphafigreinir,tveimureintkum.'X( W b b  H" vvbt?vvbHFyrirhnd0 t Fyrirhnd  t t  R0KISSTJ:RNAR0SLANDS: t ALCANHOLDINGSSWITZERLANDLTD:    ___________________________0 t _____________________________________B t t       SIXTHAMENDMENTTO  TheMasterAgreement a between T, TheGovernmentofIceland  and  ALCANHOLDINGSSWITZERLANDLTD.   dated28March1966 K #  togetherwith    fiveSupplementalAgreements    dated28October1969,10December1975,5November1984,11November1985and16 wO  November1995, B  togetherwiththescheduleddocumentsspecifiedintheMasterAgreementand   SupplementalAgreements {  [  AGREEMENTMADE  ONTHE5THDAYOFTHEMONTHOFMARCH,2007.  ]Q%? >vvb vvbtQӀ 0 b v THEGOVERNMENTOFICELAND (hereinafteralsoreferredtoasthe  Governmen t), e= representedbyitsMinisterofIndustryandCommerce,oftheFirstPart,0b b  and   &  0 b v ALCANHOLDINGSSWITZERLANDLTD. (hereinafteralsoreferredtoas  Alcan ),a \4 companyorganizedandoperatedunderthelawsofSwitzerlandandhavingitsregistered ' officeatMaxHgger-Strasse6,P.OBox,CH-8048,Zurich,Switzerland,oftheSecond  Part,b b  U" vvbt? >vvb7^U'\_(withbothpartieshereinafterreferredtojointlyasthe  Parties ), S+! haveonthis5dayofthemonthofMarch,2007,enteredintothefollowing #   SIXTHSUPPLEMENTALAGREEMENTTOTHEMASTERAGREEMENT J""& OF22MARCH1966,WITHFIVESUBSEQUENTAMENDMENTS  #' WbQ%? mvb vvbtQ0 b v WHEREAStheGovernmentandSwissAluminiumLtd.enteredintoanagreementrelating $ ) totheconstructionandoperationofanaluminiumreductionplantandappurtenant v%N!* facilitiesatStraumsvkdatedMarch28,1966,ratifiedbyActoftheAlthingNo.76,May A&"+ 13,1966,andeffectiveasofSeptember20,1966,amended(i)byaFirstAmendment  '", datedOctober28,1969,ratifiedbyActoftheAlthingNo.19,April6,1970,andeffective '#- asofApril16,1970,(ii)byaSecondAmendmentdatedDecember10,1975,ratifiedby (z$. ActoftheAlthingNo.42,May25,1976,andeffectiveasofJune12,1976,(iii)bya ( ThirdAmendmentdatedNovember5,1984,ratifiedbyActoftheAlthingNo.104,  November30,1984,andeffectiveasofNovember30,1984,(iv)byaFourthAmendment  datedNovember11,1985,ratifiedbyActoftheAlthingNo.111,December31,1985,and a effectiveasofDecember31,1985,and(v)aFifthAmendmentdated16November1995, T, ratifiedbyActoftheAlthingNo.155/1995andeffectiveasof29December1995,  togetherwithscheduleddocumentsandsupplementaryagreements(hereinafterasso  amendedreferredtoasthe MasterAgreement); b b  Ѐ0 b v WHEREASSwissAluminiumLtd.hasbeenrenamedtoAluzuisse-LonzaHoldingsLtd.on K #  January2,1990andtoAlcanHoldingsSwitzerlandLtd.onJuly20,2001andasAlcan    HoldingsSwitzerlandLtd.continuestoassumetherightsandobligationspreviously    assumedbySwissAluminiumLtd.pursuanttotheMasterAgreement; b b  0 b v WHEREASSection33.03oftheMasterAgreementpermitsISAL,duringtheTermofthe B  Agreement,toelecttobesubjecttothegeneralIcelandictaxlawsasexistingfromtime    totime; b b  0 b v WHEREASaccordingtothesaidSection33.03oftheMasterAgreementthePartiesshall nF promptlyenterintonegotiationsonthetransitionofISALtothegeneraltaxsystemifsuch 9 noticeisgivenbyISAL;b b  0 b v WHEREASAlcanandISALhave,byaletterdated28May2003senttotheGovernmenta r noticepursuanttothesaidSection33.03oftheMasterAgreementtotheeffectthatISAL e= electstosubmittothegeneraltaxsystemasof1January2004;0b b  0 b v WHEREASitisthejointunderstandingofthePartiesthatthetransitionto&  theGeneral  Icelandictax'nԀsystemcannotbeeffectedexceptbyremovingallderogationsfromtaxesand i charges,aswellasspecialrulesinthisrespect,enjoyedbyISALundertheMaster \4 Agreement;'b b  0 b v WHEREAStheGovernmentandAlcan,followingnegotiationsonachievingtheobjectives  statedabove,wishtoamendtheprovisionsoftheMasterAgreementrelatingtotaxation `  andtaxpaymentssothatISAL'soperationwillbesubjecttotheIcelandictaxlawsand S+! regulationsfromthe1stofJanuary2005;"b b  0 b v NOW& a THEREFOREthePartieshaveagreedtomakethefollowingamendmentstothe  $ MasterAgreementpursuanttoArticle51oftheAgreementdated28March1966,together !W% withfiv'a qeamendments(1)dated28October1969,(2)dated10December1975,(3)dated J""& 5November1984,(4)dated11November1985and(5)dated16November1995.#'b b    Article1 $ ) TitleofthisAgreementandDefinitionsUsedTherein  v%N!* s1.1.0  0  ThisAgreementshallbeknownastheSixthAmendmenttotheMasterAgreement.A&"+   1.2.0  0  Unlessthecontextotherwiserequires,thetermsusedinthisAgreementshallhave  '", themeaningsassignedtotheminArticle1oftheMasterAgreement.'#-    (z$.   & , Article2 ( AmendmentstotheMasterAgreementrelatingtoGuarantees   u2.1.0  0  Subsection3.04(ii)shallreadasfollows:accruedtaxestogetherwithanylevies,  includingpenaltyinterest,which',(umaybeapplicablepursuanttoIcelandiclawand a regulationsascurrentatanytime.T,     Article3  AmendmentstotheMasterAgreementrelatingtoCharges   fortheHarbourandHarbourFacilities   X |w3.1.0  0  InthesecondsentenceofSection8.03thewords fixedrentalarereplacedbythe K #  words chargespursuanttogeneralIcelandiclawsandregulationsascurrentatany    time.       Article4 wO  AmendmentstotheMasterAgreementrelatingtoImportandExportDuties  B  hy4.1.  0  Article14,whichconcernsImportandExportDuties,isdeleted.       & a Article5 {  AmendmentstotheMasterAgreementrelatingtoLicences nF fortheConstructionandOperationoftheSmelter 'az 9 z5.1.0  0  Thewords thoseprovidedforinsubsectionofSection31.01ofthisAgreement.at  theendofArticle15shallbereplacedbythewords subjecttogeneralIcelandic  lawsandregulationsascurrentatanytime.r     & , Article6 0 AmendmentstotheMasterAgreementrelatingto  ForeignExchangeandCurrencyAccounts  | 6.1.0  0  Article16,whichconcernsforeignexchangeandcurrencyaccounts,isdeleted.',0|i     &  Article7 ' AmendmentstotheMasterAgreementrelatingtomeasurestopreventdouble  taxationoftheincomeofemployeesdomiciledoutsideIceland   -~7.1.0  0  ThesecondsentenceofSection17.04shallreadasfollows:`    0 b 0b b 0   Inotherrespectsthelevyoftaxesontheincomeandassetsofforeignnationals S+! domiciledoutsideIceland,but''<~residentinIcelandforpartoftheyear,shallbe " governedbyIcelandiclawsandregulationsandinternationalconventionsandtreaties # enteredintobytheRepublicofIcelandwithforeignstatesfortheavoidanceof  $ doubletaxation.!W%     Article8 #' AmendmentstotheMasterAgreementrelatingtoprovisionsconcerning #( restrictionsimposedbytheGovernment  $ ) 8.1.0  0  Followingtheword directionsinthefirstsentenceofSection18.03shallbeadded v%N!* thewords otherthandirectionsresultingfromIcelandiclawsandregulationsin A&"+ effectatanytime. '",   8.2.0  0  &  Thewords asspecifiedinsubsection(d)ofSection14.01ofthisAgreementare '#- deleted.''(z$.   Ї  Article9 ( AmendmentstotheMasterAgreementrelatingtoConsolidatedTax   9.1.0  0  Thewords ConsolidatedTaxintheheadingofChapterVIandthesubheadingof  Article25shallbereplacedbytheword Taxation.a   9.2.0  0  ThecurrentSections25to33aredeletedintheirentirety,andtheprovisionsof T, Article25shallreadasfollows:   0 b 0b b 0  TotheextentthatISAL,itsshareholders,subsidiariesandparentcompanies,  employeesandotherpartiesrelatedtothecompanyaretaxableentitiesinIceland,   suchtaxationshallbesubjecttogenerallegislationontaxesinIceland.This  X provisionapplies,interalia,todeclarationsandreturns,levies,payment,collection K #  andreportingasregardsalltaxesandpublicleviesimposedoncomparable    undertakings,atpresentorinfuture,accordingtogeneralIcelandiclawand    administrativeactions.ISALshallenjoynoexemptions,specialtermsorspecialrules   asregardsthelevyoftaxesandcharges,exceptasprovidedbygeneralIcelandiclaw, wO  takingintoaccountinternationalconventionsandtreatiesenteredintobyIceland B  withforeignstatesforthepurposeofavoidingdoubletaxation.       &  Article10 {  AmendmentstotheMasterAgreementrelatingtoprovisions nF ontheTreatmentofInvestments  9 10.1.0  ThefollowingsentenceisappendedtoSection35.02:   0 b 0b b 0   Thisprovisiondoesnotaffectanypotentialchangesininvestmentsresultingfrom  thetransitionofISALtothegeneralIcelandictaxsystempursuanttotheSixth r AmendmenttotheMasterAgreement.e=    b   Article11  AmendmentstotheMasterAgreementRelatingtoDisputes   11.1.0  AnewparagraphisaddedtoArticle46,asfollows:i   0 b 0b b 0   IntheeventthatadisputeconcernstheobligationofISALtopayanypublictaxes \4 orcharges,thedisputeshallberesolvedbeforetheIcelandicauthoritiesorcourtsof ' lawpursuanttotherulesapplicabletosuchdisputesundergeneralIcelandic  legislation,andnotbeforeanarbitrationtribunal.   ' (  Article12 S+! AmendmentstotheMasterAgreementrelatingto " RightsuponExpirationorTermination  # k12.1.0  Section50.01shallreadasfollows: $   0 b 0b b 0   UponexpirationorterminationofthisAgreementandtheScheduledContracts,all !W% investmentsofAlusuisseandanyApprovedShareholdershallremaininsuch J""& personsnames.Alusuisseshallhavetheright,ifitchooses,towindupanddissolve #' ISAL.InsuchaneventthewindingupoftheCompany,includingitsassets, #( liabilities,obligationsandshareholdersrights,shallbesubjecttoIcelandic $ ) legislationonthewindingupanddissolutionofcompanies,cf.alsoSection20.01.v%N!*     A&"+   &   Article13 ( AmendmentsrelatingtoNotices   E13.1.0  InArticle53,thewords Alusuisseand Alusuisse-LonzaHoldingsLtd.are  replacedbythewords AlcanandAlusuisserespectively andAlcanHoldings a SwitzerlandLtd.atitsrecently'(TԀchangedaddressMaxHgger-Strasse6,POBox T, 1954,CH-8048Zurich,Switzerland.   Ѐ  Article14   ValidityandStatusofthisAgreement   X s14.1.0  ThisAgreementshalltakeeffectonitssignatureonthepartofthePartiesandits K #  execution,asprovidedinSection14.3.However,thepartieshaveagreedthatthe    provisionsoftheAgreementamendingArticlesintheMasterAgreementrelatingto    taxesandtaxabilityshallnonethelesstakeeffectasofJanuary1,2005.Thisentails   thatISALshallfiletaxreturnswiththeReykjanesTaxCommissionerwithin6 wO  monthsfromtheratificationofthisAmendment.Taxreturnsshallinallrespects B  complywiththerulesofIcelandictaxlawascurrentinanyofthetaxyears.TheTax    Commissionershall,withintwomonthsfromthedeadlineforfilingtaxreturns,levy   taxes&  onISALinaccordancewithArticles95and96ofActNo90/2003onIncome {  Tax.TheTaxCommissionershallnotifyISALinwritingofthelevyandtheposting nF ofthatnotificationsignalsthestartofthe30daycomplaintperiodtotheTax 9 CommissionerpursuanttoArticle99ofActNo90/2003.Theduedateoftaxeslevied  pursuanttotheaboveisthefirstdayofthemonthfollowingthenotificationofthe  levyandthefinalduedateis30dayslaterThisalsoentailsthattheDirectorateof r Custo'Amsin&  ԀReykjavkshall,within6monthsfromthedateofratificationofthis e= Amendment,levyimportdutiesonshipmentsinrespectofwhichISALhasreceived 0 customclearanceintheperiodfromJanuary12005untilthedateofratificationof  theAmendmentwithreferencetogeneralprovisionsoflawconcerningimportduties  andadministrativeinstructionsissuedundersuchprovisionsoflaw.i   0 b 0b b 0  AnytaxesleviedinlieuoftheConsolidatedTaxshallbedueonthedateontheir \4 levy.AnyConsolidatedTaxpaidinrespectofthesameyearsshallconstitute ' advancepaymentandinterestratesshallnotbeaddedtothepayment.   14.2.0  ThisAgreementismadeassupplementalagreementtotheMasterAgreement  pursuanttotheprovisionsofArticle51thereofandshallbedeemedt'eќobeanintegral `  partoftheMasterAgreement(aspreviouslyamended)asfullyasifitwere S+! incorporatedtherein.Exceptasmodifiedhereby,theprovisionsoftheMaster " Agreement,withallitsrightsandobligations,shallnotbechangedoraffectedand # shallremaininfullforceandeffect.Unlessthecontextotherwiserequires,any  $ referencetotheMasterAgreementmadeintheScheduledDocumentsorthe !W% ScheduledContracts,oranyofthem,orotherwisemadehereaftershallbedeemed J""& tobeareferencetothe&  MasterAgreementaspreviousl'#yamendedandasamended #' bythisAgreement.#(   14.3.0  UponthesignatureofthisAgreementbythepartieshereto,anduponnoticebeing $ ) givenasprovidedinArticle51oftheMasterAgreement,thisAgreement, v%N!* accompaniedbyalegislativebillrelatingthereto,shallbesubmittedtotheAlthing A&"+ forratificationandapproval.Uponratificationandthecompletionofallother  '", legislativeandnotificationrequirements,thisAgreementshallbecomeeffective '#- ( EffectiveDate)andhavetheforceoflawinIcelandasprovidedintheRatifying (z$. Actsubjecttosection14.1.(     Article15  InterimProvisions  a צ15.1.0  Thedepreciationbaseforproperty,plantandequipmenton1January2005shallbe T, theirbookvalueasat31December2004pursuanttothereviseddepreciationreport  relatingtotheConsolidatedTax.     Article16  X Furtherprovisions  K #  `16.1.0  ThisAmendmenttotheMasterAgreementshallbesignedanddeliveredbythe    Partiesintwocopies.Eachsuchcopyshallconstituteanauthenticoriginalofequal    validitywiththeothercopy.    0 b v INWITNESS&  WHEREOF,thisSixthAmendmenttotheMasterAgreementhasbeensigned B  onbehalfoftheGovernmentandAlcanHoldingsSwitzerlandLtd.asofthedatefirst    abovewritten,intwocopies. b b  T% mvb? mvbTFor0      For9   THEGOVERNMENTOFICELAND:  ALCANHOLDINGSSWITZERLANDLTD:  _____________________________  __________________________________ e= ##A%N)  dEA \4 'B@ ^X!XSamYykktAlYingi13.jn2007.#XX!#Ԉ #