Reykjavk, 27 November 2013

Reference is made to a general bond executed on 9 February 2005 between the Pledger and Kaupthing Bank hf. as agent and trustee (“Kaupthing”) for each and any secured party (as defined therein), under which certain assets of the Pledger were charged to Kaupthing as agent and security trustee thereunder (the “General Bond”).

Kaupthing has confirmed with a declaration that it currently neither acts as security trustee or agent under the General Bond, nor holds any rights or obligations there under.

The parties hereto intend to amend the terms of the General Bond with this amendment agreement such that certain of the pledged assets under the General Bond dated 9 February 2005 shall be released and the following terms shall fully replace the previous terms and hereafter constitute the General Bond (the “Amended and Restated General Bond”).

The following terms shall have the following meanings:

The board of directors of Norðurál Grundartangi ehf., acknowledge by their signature on this Amended and Restated General Bond that the Pledger undertakes to pay or discharge in full the Secured Liabilities, the principal amount of which is set out in the Facilities Agreement.

Amount in numerals: USD 385.000.000,- plus interest and default interest and all other expenses and costs as further defined above as Secured Liabilities.

Amount in words: Three hundred and eighty five million U.S. dollars.

To ensure the punctual and full payment of, and/or performance or discharge of, the Secured Liabilities in accordance with the Facilities Agreement the following assets are hereby charged to the Pledgee with a first-ranking charge:

Notwithstanding any other provision contained herein the parties hereto acknowledge that until the expiry of the Security Period, any proceeds of the Charged Assets shall, upon the exercise of any enforcement of the remedies hereunder in respect thereof, be applied to the payment of the Secured Liabilities in the following order of priorities, but without prejudice to the right of the Pledgee to recover any shortfall from the Pledger:

First: to pay all unpaid cost and expenses incurred in connection with such enforcement:

Second; to pay all unpaid interest, including but not limited to default interest, on the Secured Liabilities and all fees under the Facilities Agreement, until payments in full of all such interest and fees shall have been made;

Third: to pay the unpaid principal of the Secured Liabilities in accordance with the provisions of the

Facilities Agreement, until payment in full of the principal has been made (or so provided for); and

Fourht: to pay to the Pledger, or as a court of competent jurisdiction may direct, any surplus then remaining from the proceeds of the Charged Assets owned by it.

If the security constituted hereby becomes enforceable (in addition to any other rights and remedies provided for herein or which may otherwise be available at law, in equity or otherwise), the Pledgee may in its absolute discretion enforce all or part of the security in any manner it sees fit which shall include:

The right to have the Charged Asset(s) sold directly on a distress sale for the outstanding Secured Liabilities without a prior court judgement, settlement or enforcement measure according to sub-paragraph 2 of paragraph 1 of Article 6 of the Distress Sale Act No. 90/1991;and

The right to redeem the Charged Asset(s); and

The right to have the Charged Asset(s) sold at a private sale.

Enforcement measures may also be taken in order to ensure the payment of the debt without prior court judgment or court settlement under item 7 of paragraph 1 of Article 1 of the Enforcement Measures Act No. 90/1989, following a prior call for payment under Article 7 of the same Act.

The Pledger agrees that from time to time, upon request of the Pledgee, and at the expense of the Pledger, to promptly execute and deliver all further instruments and documents, and take all further action that may be necessary or that the Pledgee may reasonably request, in order to create, preserve, perfect or protect the security granted or purported to be granted hereby or the priority thereof.

The Pledger furthermore agrees, upon the reasonable request of the Pledgee, to provide the Pledgee with information, records and other documents pertaining to the Charged Assets for the purposes of enabling the Pledgee to monitor the status of the Charged Assets.

The Pledger shall pay all filing, registration and recording fees or re-filing, re-registration and re-recording fees, and all expenses incidental to the execution and acknowledgement of the Amended and Restated General Bond, any agreement supplemental thereto (including (for avoidance of doubt) any Supplemental Appendix or any other instrument or document updating the Amended and Restated General Bond), and all stamp taxes and other taxes, duties, and charges arising out of or in connection with the execution and delivery of this Amended and Restated General Bond, or any agreement supplemental hereto and any instruments of further assurance in connection herewith.

The Pledgee may assign and transfer all of its respective rights and obligations hereunder to replacement Pledgee appointed in accordance with the terms of the Facilities Agreement. The Pledger shall promptly take such action as may be necessary in order that this Amended and Restated General Bond and replacements therefore shall provide for effective and perfected security in favour of any successor or replacement of the Pledgee in accordance with the Facilities Agreement.

The Pledger undertakes that it shall not at any time assign, transfer, novate or dispose of any of its rights, interests or obligations in respect of this Amended and Restated General Bond to any person (or agree to do any of the foregoing).

All notices or other communications under or in connection with this Amended and Restated General Bond shall be sent by registered mail and email.

A notice given in accordance with the above but received on a non-Business Day or after business hours in the place of receipt will be deemed to be given on the next Business Day.

the acceleration of the maturity of any of the Secured Liabilities or any other modification of the time of payment thereof or the failure to perfect any other security granted to, or in favour of, the Pledgee;

any substitution, release or exchange of any other security from or guarantee of any of the Secured Liabilities or the failure to create, preserve, perfect or protect any other security granted or purported to be granted to, or in favour of the Pledgee; or

the occurrence of any other event or circumstances of a similar or different nature that might otherwise constitute a defence available to the Pledger as a surety or a guarantor.

This Agreement shall be governed by and construed in accordance with Icelandic Law. Any legal actions arising from this Amended and Restated General Bond may be brought before the Reykjavik District Court.

This Amended and Restated General Bond has been prepared in three copies, one of which has been delivered to the Pledger, one to the Pledgee and one to be filed in the relevant Magistrate Offices.

In confirmation and acceptance of the above, the legal representative of the Pledger signs this Amended and Restated General Bond in the presence of two witnesses summoned for the purpose.