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| - | Mr. Eloy Martínez Sagrera; |
|---|---------------------------------|

| - | Ms. Irene Muñoz Sagrera; |
|---|-------------------------------|

| - | Ms. Irene Martínez Muñoz; |
|---|-------------------------------------|

| - | Ms. María del Carmen Martínez Muñoz; |
|---|-----------------------------------------------------|

| - | Mr. Eloy Jesús Martínez Muñoz; |
|---|-----------------------------------------------|

| - | Ms. María Asunción Martínez Muñoz; and |
|---|------------------------------------------------------------|

| - | Ms. Rosa Martínez Sagrera. |
|---|---------------------------------|

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| 1 Execution date                             | March 12, 2012. Confirmation of the public deed by the owners of the Property will took place on March 26, 2012. Registration of the surface area with the Land Registry is pending.                                                                                                                                                                 |
|----------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2. Landowners                                | -Mr. Eloy Martínez Sagrera;-Ms. Irene Muñoz Sagrera;-Ms. Irene Martínez Muñoz;-Ms. María del Carmen Martínez Muñoz;-Mr. Eloy Jesús Martínez Muñoz;-Ms. María Asunción Martínez Muñoz; and-Ms. Rosa Martínez Sagrera.                                                                |
| 3. Tenant                                    | Ellomay Spain, S.L.                                                                                                                                                                                                                                                                                                                                            |
| 4. Portion of the land                       | Portion of land with a surface area of 81,103 m2 within a rural property identified by the Cadastre as rural cadastral plot 12 of rural cadastral area 69 in Córdoba, with cadastral reference 14900A069000120000FK, and registered with the Land Registry number 3 of Córdoba at volume 2,070, book 343, folio 33, registered property 11,000. |
| 5. Term                                      | 25 years commencing May 27, 2010.                                                                                                                                                                                                                                                                                                                              |
| 6. Extension and Renewal                     | The tenant is entitled to request to extend or shorten the original term of 25 years in the event of a change of law related with the maximum term of the feed in tariff of the Plant. Additionally, by mutual agreement, both parties are entitled to extend the original term of 25 years for additional terms from 1 to 3 years.                       |
| 7. Annual Rent                               | Annual rent (canon) of Euro 24,330.9 + VAT paid in four installments within 5 days of the end of each quarter.                                                                                                                                                                                                                                                 |
| 8. Withdrawal/Termination right (tenant)     | The tenant is entitled to early termination of the surface right, among others, in the event of change of law related with the economic regime of the Plant (i.e. amount of feed in tariff to which the titleholder of the Plant is entitled).                                                                                                                 |
| 9. Withdrawal/Termination right (landowners) | The landowners are entitled to early termination of the surface right, among others, in the event of default on payment of two quarterly installments, whether consecutive or not.                                                                                                                                                                             |
| 10. Easements                                | Along with the surface right, the owners grant an easement of pass in favor of the tenant for the access to the Site and the Plant.                                                                                                                                                                                                                            |
| 11. Plant removal                            | Upon termination of the surface right, the tenant is obliged to remove the Plant from the Property within 6 months as from the date of expiry of the surface right.                                                                                                                                                                                            |
| 12. Assignment                               | The tenant is entitled to assign the surface right to any partner or any company of its group but only for the remaining term of the surface right.                                                                                                                                                                                                            |
| 13. Governing Law and Competent Court        | Spanish legislation. Courts and Tribunals of Córdoba (Spain).                                                                                                                                                                                                                                                                                             |

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