Document:

EX-10.25

 Exhibit 10.25 

(TRANSLATION) 

[Bears the symbol of “VM Energía”] 

¡ Villar Mir Group 

ELECTRICITY SUPPLY AGREEMENT FOR THE FACILITIES 

OF “FERROATLÁNTICA, S.L.” SITUATED AT THE SABÓN 

INDUSTRIAL ESTATE, ARTEIXO (A CORUÑA, SPAIN) 

 
 In Madrid, Spain, on
29 December 2010 

 ARTICLES TABLE OF CONTENT 

 

					
	 ONE. PURPOSE OF THE AGREEMENT
		 	3	  
	 TWO. CHARACTERISTICS OF THE ELECTRICITY SUPPLY AND ELECTRICITY GRID ACCESS CHARGES
		 	3	  
	 THREE. INVOICING OF THE ELECTRICITY SUPPLIED
		 	3	  
	 FOUR. EFFECTIVE TERM
		 	5	  
	 FIVE. QUALITY OF THE ELECTRICITY SUPPLY
		 	5	  
	 SIX. TAXES
		 	5	  
	 SEVEN. REVIEW OF PRICES FOR REGULATORY CHANGES
		 	5	  
	 EIGHT. MEASUREMENT EQUIPMENT
		 	6	  
	 NINE. INVOICING AND PAYMENT TERMS AND CONDITIONS
		 	6	  
	 TEN. ELECTRICITY CONSUMPTION FORECAST
		 	8	  
	 ELEVEN. SETTLEMENT CALCULATIONS
		 	9	  
	 TWELVE. TEMPORARY SUSPENSION OF THE ELECTRICITY SUPPLY
		 	9	  
	 THIRTEEN. FORCE MAJEURE
		 	9	  
	 FOURTEEN. TERMINATION OF THE AGREEMENT
		 	10	  
	 FIFTEEN. APPLICABLE LAW AND JURISDICTION
		 	10	  
	 SIXTEEN. PARTIAL NULLITY
		 	10	  
	 SEVENTEEN. CONFIDENTIALITY
		 	11	  
	 EIGHTEEN. NOTIFICATIONS
		 	11	  
	 SCHEDULE 1: FIXED PRICE ELECTRICITY SUPPLY FORM
		 	12	  

  
  

			
	  

ELECTRICITY SUPPLY AGREEMENT FOR THE FACILITIES OF “FERROATLÁNTICA, S.L.” SITUATED AT THE SABÓN
INDUSTRIAL ESTATE, ARTEIXO (A CORUÑA, SPAIN)
		  
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 In Madrid, Spain, on 29 December 2010, between 

AS THE ONE PARTY: 
 FERROATLÁNTICA, S.L.,
(hereinafter, the “Purchaser” or the “Client”), with N.I.F. (V.A.T. No.) B-80420516, with its registered office situated at Paseo de la Castellana, 259 D, 49th floor, Madrid, Spain, with Mr Carlos Oliete Fernández acting
on behalf of and representing the foregoing company, in exercise of the powers conferred upon him by virtue of the public deed executed before the Notary Public, Mr José María Lucena Conde, dated 4 December 1992, under number 2794
of his official notary records. 
 AND AS THE OTHER PARTY: 

VILLAR MIR ENERGÍA, S.L. (hereinafter, the “Marketer”), with C.I.F. (V.A.T. No.) B-85253888, with its registered office situated at Paseo de
la Castellana, 259-D, planta 47th floor, Madrid, Spain, with Mr José Luis González-Haba González acting on behalf of and representing the foregoing company, in exercise of the powers conferred upon her by virtue of the public
deed executed before the Notary Public of Madrid, Mr Jaime Recarte Casanova, dated 18 March 2010 under number 838 of his official notary records. 

WHEREAS 
 ONE. The Purchaser is the
owner of industrial facilities situated at the Sabón Industrial Estate, s/n, Arteixo, A Coruña, Spain (hereinafter, the “Facilities” and constitutes, in relation to the foregoing Facilities, a “qualified client”,
pursuant to paragraph 3 of Article One of Royal Decree 2820/1998, of 23 December, which established charges for access to the electricity grids, and accordingly the Purchaser is entitled to opt for the electricity supply regime established for
the foregoing category of qualified clients. The Universal Supply Point Code (CUPS) for the Facilities is ES0022000004991271ZM1P. Furthermore, the Purchaser, in relation to the foregoing Facilities, has formalised its registration at the
Administrative Register of Electricity Distributors, Marketers and Qualified Consumers, namely as a Qualified Consumer. The following table sets out the main characteristics of the Facilities: 

 

									
	 FACTORY
	  	 CUPS

(Universal Supply Point Code)
	  	 SUPPLY

ADDRESS
	  	 VOLTAGE

(kV)
	  	 ATR

(Grid access

charge)

	 SABÓN 
	  	ES0022000004991271ZM1P	  	 “Sabón” Industrial Estate, s/n, Arteixo, A Coruña,
Spain
	  	220	  	6.4

 TWO. The Marketer is currently in a position to commence the supply of electricity, as it has notified the date of
commencement of the supply activities to the Spanish Ministry of Industry, Tourism and Trade on 4 June 2010. 
 THREE. The Purchaser intends to
contract the supply of electricity through the Marketer for the FERROATLÁNTICA-SABÓN Facilities (CUPS (Universal Supply Point Code): ES0022000004991271ZM1P). 

Accordingly, the foregoing parties hereby formalise this electricity supply agreement (hereinafter, the “Agreement”) which shall be governed by the
provisions of the following articles: 

  
  

			
	  
 ELECTRICITY SUPPLY AGREEMENT FOR THE FACILITIES OF
“FERROATLÁNTICA, S.L.” SITUATED AT THE SABÓN INDUSTRIAL ESTATE, ARTEIXO (A CORUÑA, SPAIN)
	 	  
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 ARTICLES 

ONE. PURPOSE OF THE AGREEMENT 
 By virtue of this
Electricity Supply Agreement, the Marketer hereby undertakes to provide to the Purchaser, and the Purchaser hereby undertakes to acquire from the Marketer, the electricity which is consumed from the distribution network at the facilities of
FERROATLÁNTICA, S.L. in Arteixo (A Coruña, Spain). 
 Accordingly, the Purchaser, by means of this Agreement, hereby expressly ratifies and
authorises the purchase of the electricity which is consumed by the Facilities through the Marketer. 
 The delivery or supply point of the electricity
shall be that which corresponds to the point where the meter is situated for the measurement of the electricity consumption of the Facilities. The supply of the electricity shall be deemed to be effected when the electricity is provided to the
Purchaser at the foregoing supply point. 
 TWO. CHARACTERISTICS OF THE ELECTRICITY SUPPLY AND ELECTRICITY GRID ACCESS CHARGES 

The electricity supply voltage and the contracted power, for the purpose of the grid access charge, shall be defined by the Purchaser at least seven
(7) days prior to the entry into force of this Agreement. Notwithstanding the foregoing, the Purchaser may, on a temporary basis, effect hourly and quarter-hourly electricity consumption which exceeds the defined average power supply. 

The Purchaser shall contract its electricity grid access directly with the Distributor, and accordingly the Marketer shall not invoice any sums whatsoever in
relation to the contracting of the Grid Access Charges. 
 THREE. INVOICING OF THE ELECTRICITY SUPPLIED 

3.1 Price of the electricity supply 
 The invoiceable
amount of the electricity supplied and which is measured at the central terminal/buss, is obtained through the application of a price formula which is indexed to the hourly daily and intraday markets price, as well as by the components which
comprise the final market price. 
  

	•	 	Hourly daily market price 

 The hourly daily market price is defined as the marginal prices (one price for each
hour) of the Daily Market for Electricity Production within the Spanish system as published by the Market Operator Ibérico de Energía – Polo Español, S.A.” on the web page //www.omel.com. 

 

	•	 	Intraday market price 

 The price of the intraday market is defined as the marginal prices (one price for each
hour) of the Intraday Market for Electricity Production corresponding to the activities of the Client within the Spanish system as published by the Market Operator “Ibérico de Energía – Polo Español, S.A.” on the
web page //www.omel.com. 

  
  

			
	  
 ELECTRICITY SUPPLY AGREEMENT FOR THE FACILITIES OF
“FERROATLÁNTICA, S.L.” SITUATED AT THE SABÓN INDUSTRIAL ESTATE, ARTEIXO (A CORUÑA, SPAIN)
		  
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	•	 	Costs of the System Operator 

 The hourly costs for the foregoing concepts shall be calculated on an hourly
basis, as published on the web site of the information systems of the System Operator, Red Eléctrica de España (e-sios). The operating costs of the system shall include the reduction of costs for demand by reason of the deviation
excesses. 
  

	•	 	Capacity payments 

 The capacity payments shall be billed pursuant to the provisions of applicable regulations,
in force from time to time. 
  

	•	 	Losses 

 The losses shall be billed pursuant to the provisions of applicable regulations, in force from time to
time. 
 3.2 Service management costs 
 The foregoing
concept includes the following costs: 
  

	•	 	Sales margin. 

  

	•	 	Provision of services provided through a web application. 

  

	•	 	Expenses incurred by the Marketer by way of guarantees and financial hedging agreements. 

 The Marketer shall
bill to the Purchaser an amount for operating expenses for the net electricity supplied (at the boundary point), as defined in the Specific Terms and Conditions of the Agreement. 

3.3 Option of establishing a fixed price for the electricity supply 

The Purchaser may opt for establishing a fixed price for the power per energy periods or blocks and for the term he/she may determine. Accordingly, the
Purchaser must file a request which sets out the specific power for which a fixed price is requested (power for each period) and the Marketer shall establish a fixed price for each period which shall take into account the current situation of the
electricity markets for the energy, the period in question and the energy profile which has been requested. 
 In the event that the Purchaser does not
consume part of the energy block subject to a fixed price, the Marketer shall solely and exclusively carry out a settlement for the differences between the prices of the aforementioned fixed price and the average registered price in the market
during the applicable period. Furthermore, the management expenses provided for under this article shall also be billed for said volume of energy. 

Schedule 1 of this Agreement sets out the fixed price electricity supply agreement form between the Marketer and the Purchaser. 

3.4 Deviation screening 
 Average deviation percentage
(%) is defined as the sum of the hourly difference of the absolute values between the “Final hourly profile” and the final consumption (measured in kWh) divided between the final consumption (measured in kWh) for the month in question
and shall, hereinafter, be referred to as “Deviation”. 
 In addition to the price of the electricity measured at the central terminal/buss, an
additional surcharge shall be applied which shall be associated to the deviations mentioned in this article. Said surcharges are set out in the Specific Terms and Conditions of the Agreement. 

  
  

			
	  
 ELECTRICITY SUPPLY AGREEMENT FOR THE FACILITIES OF
“FERROATLÁNTICA, S.L.” SITUATED AT THE SABÓN INDUSTRIAL ESTATE, ARTEIXO (A CORUÑA, SPAIN)
		  
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 The Marketer may provide the Client with the option of requesting the program subject to a maximum purchase price
limit, as provided for through the Marketer’s software application. Pursuant to said modality, the Client would assume that said program may not have been implemented within the market and as a result thereof its consumption may have to be
modified. In said situation, costs of any possible deviations which may be incurred by the Client if it were not to modify its consumption would be assumed by the Client not subject to screening. 

All corresponding taxes and levies shall be applicable to the foregoing sums and amounts. 

3.5 Application of current taxes 
 In particular, the
special electricity tax shall be applicable to the aforementioned invoicing amounts for the purchase of electricity, as well as all surcharges for use of public services (known as Municipal Tax). 

FOUR. EFFECTIVE TERM 
 This Agreement shall enter
into force and effect on 1 January 2011 and shall conclude on 30 June 2011, although it may be extended by way of mutual agreement between the parties. Without prejudice to the foregoing provisions, validity of this Agreement and
accordingly, the commencement of electricity supply and the effects thereof, shall be subject to and conditional upon formalisation of the grid access by the distributor company, without prejudice to the terms and provisions set out hereinbelow.

 Irrespective of the final date of commencement of electricity supply, the date of conclusion of the Agreement shall be that of 30 June 2011. In the
event that the connection of the Facilities to the distribution grid were to be delayed by more than 3 months, as from 1 January 2011, the Agreement shall be subject to and conditional upon the review, by way of mutual agreement between the
parties, of the economic terms and conditions for the Supply Point the subject thereof. Alternatively, the Agreement shall be deemed to be null and void. 

FIVE. QUALITY OF THE ELECTRICITY SUPPLY 
 The
supply of electricity through the distribution network shall be carried out in accordance with the provisions of current regulations and the Marketer hereby undertakes to promote the incorporation of advanced meter technologies and devices for the
quality control of the electricity supply. 
 The Marketer may assign the performance of services to a subsidiary company, and, in any event whatsoever,
shall assume the legal obligations and liabilities vis-à-vis the Purchaser. 
 SIX. TAXES 

All types of charges (taxes, levies, public tariffs) and territorial surcharges which may be established by any type of State, Autonomous Region or local rule
or regulation or by way of any judicial resolution shall be for the cost and account of the Purchaser, which shall be obliged to effect payment thereof at the currently applicable rates and with the effects thereof which may be established from time
to time. Furthermore, the corresponding Value Added Tax shall be applied to the foregoing amounts. 
 SEVEN. REVIEW OF PRICES FOR REGULATORY CHANGES

 In the event that variations or modifications are implemented to regulated components of the electricity price, said variations or modifications
shall be fully applicable to the prices of the Agreement. Regarding the foregoing review, tariffs provided for under Order ITC/3519/2009, of 28 December, shall be considered to constitute benchmark values. 

  
  

			
	  
 ELECTRICITY SUPPLY AGREEMENT FOR THE FACILITIES OF
“FERROATLÁNTICA, S.L.” SITUATED AT THE SABÓN INDUSTRIAL ESTATE, ARTEIXO (A CORUÑA, SPAIN)
		  
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 Furthermore, in the case that regulatory modifications are implemented which introduce new components to the
final price or which remove any of the existing components of the price of electricity, said modifications shall be included to the price formulas for the supply modalities which are included under Article Two hereof. 

EIGHT. MEASUREMENT EQUIPMENT 
 The Purchaser hereby
undertakes to install, at the supply point, electricity measurement equipment which shall enable a register log to be kept as well as quarter-hourly remote telemetering data regarding the active and reactive energy consumption, in a perfect state of
repair, and the Purchaser shall enable the Marketer or the distributor to access the supply point in order to verify the correct installation and operation thereof. 

The Client is responsible for the measurement equipment and must not manipulate it, and must immediately notify the measurement equipment’s supplier of
any incident which may be detected in relation to the functioning thereof. Furthermore, the Client must enable the distributor company and the Marketer (or any duly authorised legal representative that acts in the name and on behalf thereof) to
access the measurement equipment, at all times, for the purposes of carrying out the necessary readings for the invoicing thereof, as well as to examine the functioning thereof and to verify the correct maintenance thereof. 

Measurement equipment’s installation and verification shall be paid by the Purchaser. Furthermore, the Purchaser shall install, at its own cost and
expense, a dedicated telephone line in order that the measurement equipment may be connected to by the Marketer via modem. In the situation in which the measurement equipment were to fail, and if electricity consumption data was unavailable, the
electricity shall be invoiced in accordance with the provisions established for said effects and purposes. If said provisions had not been established, the historical invoiced consumption values in relation to the same period of the year and for
similar conditions regarding the Facilities operation, shall be used as a benchmark. 
 NINE. INVOICING AND PAYMENT TERMS AND CONDITIONS 

The Client shall not be obliged to provide any guarantees whatsoever, provided that the payment terms and conditions set out under the following point
(“Invoicing and Payments”) of this Agreement are duly complied with, based upon a schedule of fortnightly payments. 
 Invoicing and
Payments 
 Two types of invoices shall be issued, one for the electricity supplied and another for the management expenses. 

The invoices which correspond to the supply of electricity shall be issued in accordance with a fortnightly advance payment schedule, and, accordingly, the
PAYMENTS shall comply with an advance payment schedule as per the following structure: 
 On the 16th
day of each month, an invoice shall be issued for the electricity scheduled for each hour as from day 1 of the month to day 15, both inclusive, and the program shall determine the Daily Market Price at each hour; and on day 1 of the following month,
another invoice shall be issued for the electricity scheduled for each hour as from day 16 of the month until the final day of the invoiced month, both inclusive, and the and the program shall determine the Daily Market Price at each hour. Said
invoices shall be paid within 3 days after the date of receipt thereof by means of direct debit mandate authority, or, in the case of public holidays, on the first business day thereafter. The corresponding VAT amount shall be applied to the
foregoing amounts. 
 These fortnightly payments shall be considered to constitute on account payments for month M settlement, Month M Settlement:
Extraordinary costs and surcharges associated with the purchase (Capacity payment, Secondary band, Restrictions, Taxes, etc.) shall be charged through 

  
  

			
	  
 ELECTRICITY SUPPLY AGREEMENT FOR THE FACILITIES OF
“FERROATLÁNTICA, S.L.” SITUATED AT THE SABÓN INDUSTRIAL ESTATE, ARTEIXO (A CORUÑA, SPAIN)
		  
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the monthly settlement, together with the settlement of positive or negative deviation of corresponding Daily Market Price, in accordance with the schedule of extraordinary costs and surcharges
set out in the Specific Terms and Conditions. After REE and OMEL have provided VME with the plants activities results within the market, the corresponding invoice shall be issued for month M settlement, together with details of the calculation
method applied. Ferroatlántica shall have the period of 3 business days, as from receipt thereof, in order to validate the invoice for month M settlement. In the case of agreement, Ferroatlántica shall effect payment of the invoice
within the period of 3 business days thereafter. 
 In the event that discrepancies exist in relation to the invoice, within the period of 3 business days
following the receipt of the invoice, Ferroatlántica shall effect payment of the sum corresponding to the lesser value of the invoice balances under dispute. Both parties herby establish a limit of 10 business days, after day 15 of the month
following electricity consumption, in order to reach agreement regarding any said discrepancies, in which case, Ferroatlántica shall effect payment within the period of 3 days following the agreement. In the event that the parties are unable
to reach agreement within the foregoing period of 10 days, the dispute shall be resolved through the jurisdiction of the Courts and Tribunals of the city of Madrid. 

Invoices which correspond to “Management Expenses” incurred by the Marketer shall be separately issued, within the period of 5 days following the
month in which electricity has been consumed, for electricity settled in the corresponding month. Payment shall be effected on the 15th of the month following the month in which the electricity has been consumed or, if a public holiday, on the first
business day thereafter. Said “Management Expenses” provisions are set out under the Specific Terms and Conditions of this Agreement. 
 All
scheduling, control and invoicing shall be carried out independently for each one of the points of electricity consumption which are agreed to between the parties to this Agreement. 

Without the need for any prior notification or request whatsoever, the Client shall pay interest at the Base Rate (Euribor for one-month deposits in Euros as
published by the European Banking Federation for the interest accrual date) plus 3% per annum, applicable to the due and payable amount the subject of default, as from the date on which payment was required until the date on which payment
thereof is actually effected. Said interest shall accrue on a daily basis and shall be settled and must be paid on the date on which the defaulted invoice has finally been paid. 

The payment of the invoices shall be effected by way of bank transfer. 

Suspension of the Electricity Supply 
 Without
prejudice to any other rights that may be available to the Marketer, in the event that the Client was to default on payment of the amounts payable pursuant to this Agreement that are not subject of dispute, and at the payment date thereof, and
should said payment default not be rectified within the period of two (2) business days after the receipt by the Client of the notice of payment default which has been issued by the Marketer, then the Marketer may suspend each and every one of
the electricity supplied until such time as said amount (together with the interest corresponding to the Base Rate plus 3% per annum) and any other amounts, penalties or surcharges which may be claimed by any third party from the Marketer as a
result of the suspension of the electricity supply to the Client pursuant to the provisions of Article 3.3, have been totally and fully paid. 

Nonetheless, in the event that any amount which is due and payable by the Client, and which is not the subject of dispute, were to remain unpaid for a period
equal to or exceeding two (15) days, and without prejudice to the right of VILLAR MIR ENERGÍA, S.L. to terminate the Agreement and to claim payment of any outstanding amounts in accordance with the terms thereof, the Marketer may suspend
the electricity supplies to the Client and may furthermore instruct the distributor to suspend access to the electricity grid (disconnection from the electricity grid) until such time as the Client has paid the Marketer the totality of the amounts
which are due and payable pursuant to the Agreement, together with any other expenses inherent to the re-connection of the Client, which may be paid directly to the distributor company. 

  
  

			
	  
 ELECTRICITY SUPPLY AGREEMENT FOR THE FACILITIES OF
“FERROATLÁNTICA, S.L.” SITUATED AT THE SABÓN INDUSTRIAL ESTATE, ARTEIXO (A CORUÑA, SPAIN)
		  
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 Concepts included within the Price of the Agreement 

The parties hereby agree that the Price of the Agreement includes the concepts set out under the Specific Terms and Conditions. 

Concepts not included within the Price of the Agreement 

The Price of the Agreement does not include the electricity grid access charges, the surcharges for excess power and for reactive energy, as well as any other
concepts other than the concepts which are set out under Article Three thereof, and accordingly all said expenses and charges shall be solely and exclusively for the cost and account of the Client. 

Taxes 
 It shall be understood that the amounts to
be paid by virtue of the terms of this Agreement do not include the Value Added Tax, which must be paid by the Client at the tax rate applicable from time to time. 

TEN. ELECTRICITY CONSUMPTION FORECAST 
 In order to
optimise the purchase of electricity within the wholesale electricity market, the Purchaser shall send to the Marketer the future electricity consumption forecasts for the Facilities. In particular, the Purchaser shall carry out the following
communications: 
  

	1.	Monthly electricity consumption schedule: Daily electricity consumption schedule for the complete month M+1. The monthly electricity consumption schedule shall be provided to the Marketer prior to the 15th of each month. 

  

	2.	Weekly electricity consumption schedules: The monthly electricity consumption schedule may be corrected by means of re-schedules which shall be notified to the Marketer prior to Thursday at 6:00 pm for the reference
period which shall include Saturday, Sunday and the entire subsequent week. The weeks may also form part of different months. The period of the electricity consumption schedules may also be variable, however must be included within the reference
period. 

  

	3.	Daily electricity consumption schedules: The weekly electricity consumption schedules may be corrected by means of re-schedules, which must be notified as soon as practicable, in order to adjust the schedules to the
real electricity consumption of the Facilities. In light of the foregoing, the Client may send the schedule for day D, prior to 09:55 am the day beforehand, namely D-1. Notwithstanding the foregoing, the Client shall use its best endeavours to
provide the Marketer with an estimation of the electricity consumption schedule for day D prior to 09:15 am on day D-1. 

  

	4.	Unforeseen incidents: Any unforeseeable incidents or changes which may significantly affect the forecast electricity consumption and which are not included within the monthly electricity consumption schedule or in the
weekly electricity consumption schedules, may be notified to the Marketer at any time whatsoever. 

 Said notifications shall be carried out
by means of the web software application of VME, by e-mail or telephonically. 

  
  

			
	  
 ELECTRICITY SUPPLY AGREEMENT FOR THE FACILITIES OF
“FERROATLÁNTICA, S.L.” SITUATED AT THE SABÓN INDUSTRIAL ESTATE, ARTEIXO (A CORUÑA, SPAIN)
		  
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 ELEVEN. SETTLEMENT CALCULATIONS 

In order to optimise the notification of the respective electricity consumption schedules, the Marketer shall install, at its cost and expense, a specific
software application by which the electricity consumption schedules may be send and unforeseen incidents may also be resolved. 
 In turn, in order to
provide the best possible detailed information, the Marketer shall provide a software application for the downloading of provisional settlements. 

TWELVE. TEMPORARY SUSPENSION OF THE ELECTRICITY SUPPLY 
  

	1.	The Marketer shall be authorised and empowered to temporarily suspend the electricity supply, without being held liable for said suspension, in any of the following situations: 

 

	 	•	 	In the event of any situation of force majeure, in accordance with the provisions of Article Fourteen hereinbelow. 

  

	 	•	 	If any of the situations which authorise and empower the Marketer to terminate the Agreement were to take place, and in particular, in the event of any default by the Purchaser of any of the amounts due and payable to
the Marketer. 

  

	2.	In any event, the Marketer shall notify the Purchaser of the date of the temporary suspension of the electricity supply as soon as practicable and with as much notice as possible. Furthermore, the supply shall be
re-established as soon as reasonably possible by the Marketer, which shall carry out the necessary procedures and actions in order to minimise the period of interruption of the electricity supply. 

 

	3.	When the reason for the disconnection from the electricity grid was that of a payment default by the Purchaser, any subsequent re-connection or re-establishment of the electricity supply shall be conditional upon and
subject to the payment by the Purchaser to the Marketer of the outstanding amounts and of all of the costs and expenses incurred by reason of the suspension and re-connection of the electricity supply and, as the case may be, the establishment of
any type of guarantee or deposit. 

  

	4.	Furthermore, the Marketer may exercise its right to terminate the Agreement, in accordance with the provisions of the article relating to the termination of this document. 

THIRTEEN. FORCE MAJEURE 

Neither of the Parties shall be held liable for the breach of any of their respective obligations pursuant to the terms of this Agreement, when said breach has
been caused by any situation of force majeure or any unforeseeable or accidental situation, in accordance with the provisions of Article 1,105 of the Spanish Civil Code or by reason of the adoption or implementation by the Government of any
of the measures provided for under Section 10 of the Spanish Electricity Sector Act (hereinafter, “Force Majeure”), provided that: 
  

	 	•	 	The circumstances of the situation of Force Majeure are not the result, in full or in part, of any breach, omission or negligence of the party which claims to be released from its obligations; 

 

	 	•	 	The party which claims to be released from its obligations notifies the other party of the circumstances of the situation of Force Majeure as soon as practicable; and 

 

	 	•	 	The party which claims to be released from its obligations adopts and implements all of the reasonable measures in order to minimise the effects and impacts of said situation of Force Majeure. 

  
  

			
	  
 ELECTRICITY SUPPLY AGREEMENT FOR THE FACILITIES OF
“FERROATLÁNTICA, S.L.” SITUATED AT THE SABÓN INDUSTRIAL ESTATE, ARTEIXO (A CORUÑA, SPAIN)
		  
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 In the event of a situation of Force Majeure, the parties shall jointly decide upon
the measures to be adopted and if the situation of Force Majeure were to be prolonged, without interruption, for a period of more than one (1) month, without the parties having been able to reach agreement in respect
thereof, either of the parties shall be empowered to terminate this Agreement.  
 FOURTEEN. TERMINATION OF THE AGREEMENT 

The following situations shall constitute grounds for the termination of the Agreement: 

 

	 	1.	The breach by either of the parties of any of their respective obligations pursuant to the Agreement. 

  

	 	2.	When either of the parties the subject of any situation of bankruptcy, payments suspension1, or general situation of insolvency. 

 

	 	3.	By reason of the expiry of the contractual term provided for in this Agreement as well as any of the extension or renewal periods thereof. 

Any of the parties that intend to exercise said right of termination based upon the grounds for resolution provided for under points 1 and 2 of this article,
must notify the other party thereof in order that the other party may rectify the breach in question within the non-extendible period of 7 days. After the expiry of said period, should the ground for termination not have been rectified by the party
in question, the other party shall be empowered to terminate the Agreement. 
 In the event that the Purchaser was the party in breach of any of the
aforementioned grounds for termination of the Agreement, the Marketer may, in any event, suspend the electricity supply, by way of notification to the Purchaser at least 24 hours beforehand. And all of the foregoing, without prejudice to the right
of the Marketer to exercise its right to terminate the Agreement, as provided for under this article. 
 Upon the termination of the Agreement, the
Purchaser shall be obliged to pay all of the deposited amounts as provided for under the Invoicing and Payment Terms and Conditions Article. 
 Without
prejudice to the foregoing, the Marketer hereby expressly reserves the right to claim the corresponding compensation sums, for the amount of the losses and damages which may be incurred thereby as a result of the acts or omissions of the Purchaser.

 FIFTEEN. APPLICABLE LAW AND JURISDICTION 

This Agreement shall be governed and shall be interpreted by applicable Spanish law and in particular, pursuant to the Spanish Electricity Sector Act 54/97, of
27 November, as well as the implementation regulations thereof. In relation to any dispute or disagreement which may arise in relation to the interpretation, execution or performance of this Agreement, the parties hereby expressly submit
themselves to the jurisdiction of the Courts and Tribunals of Madrid, and expressly waive any rights to any other jurisdiction which may otherwise have been available thereto. 

SIXTEEN. PARTIAL NULLITY 
 In the event that any of
the articles contained in this Agreement were to be declared to be null and void by any Court or competent authority, said articles shall be deemed to not form part of this Agreement and accordingly shall be rendered null and void, however said
nullity shall not affect, in any way whatsoever, the rest of the articles of this Agreement. In any event, the parties hereby undertake to negotiate, in good faith and in accordance with the spirit of this agreement, an alternative wording to the
article or articles which have been rendered null and void. 
  

	1 	Translator’s note: In this context, the term “payments suspension” refers to a type of debt moratorium or temporary receivership situation where a suspension is imposed on payments. 

  
  

			
	  
 ELECTRICITY SUPPLY AGREEMENT FOR THE FACILITIES OF
“FERROATLÁNTICA, S.L.” SITUATED AT THE SABÓN INDUSTRIAL ESTATE, ARTEIXO (A CORUÑA, SPAIN)
		  
 Page 10 of
13    

 SEVENTEEN. CONFIDENTIALITY 

All of the information acquired or received as a result of or in relation to the Agreement, including the terms thereof in relation to the other party, shall
be considered to constitute strictly confidential information. 
 EIGHTEEN. NOTIFICATIONS 

Any notification which must be effected by virtue of this Agreement shall be effected in writing and must be signed by the party in question and furthermore
said notification shall be sent by way of telex, facsimile or registered mail to the address and for the attention of the respective persons which are set out hereinbelow, unless any modification to the following information has been formally
notified to the other party. 
  

					
			On behalf of the Marketer:		On behalf of the Purchaser:
			
	Name		Mr José Luis González-Haba González		Mr Carlos Oliete Fernández
			
	Telephone		+34 91 590 32 32		+34 981 706 300
			
	Fax		+34 91 561 76 06		+34 981 746 704
			
	Address		Paseo de la Castellana, 259 D, 47th Floor, 28046, Madrid, Spain		Carretera de Muros, s/n, 15270 Cee – A Coruña, Spain

 And in witness thereof, the parties hereby execute this document, in duplicate copies which together constitute a single
document, at the place and on the date set out hereinabove. 
  

					
	FERROATLÁNTICA, S.L.				VILLAR MIR ENERGÍA, S.L.
			
	 [Illegible signature]
				 [Illegible signature]

			
	Mr Carlos Oliete Fernández				Mr José Luis González-Haba González

  
  

			
	  
 ELECTRICITY SUPPLY AGREEMENT FOR THE FACILITIES OF
“FERROATLÁNTICA, S.L.” SITUATED AT THE SABÓN INDUSTRIAL ESTATE, ARTEIXO (A CORUÑA, SPAIN)
		  
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13    

 SCHEDULE 1: FIXED PRICE ELECTRICITY SUPPLY FORM 

Operation Date: XXXXXXXXXXXX 
 As the first party: 

FERROATLÁNTICA, S.L., (hereinafter, the “Purchaser” or the “Client”), with N.I.F. (V.A.T. No.) B-80420516, with its registered
office situated at Paseo de la Castellana, 259 D, 49th floor, Madrid, Spain, with Mr Carlos Oliete Fernández acting on behalf of and representing the foregoing company, in exercise of the
powers conferred upon him by virtue of the public deed executed before the Notary Public, Mr José María Lucena Conde, dated 4 December 1992, under number 2794 of his official notary records. 

And as the other party: 
 VILLAR MIR ENERGÍA, S.L.
(hereinafter, “VME”), with C.I.F. (V.A.T. No.) B-85253888, with its registered office situated at Paseo de la Castellana, 259-D, planta 47th floor, Madrid, Spain, with Mr José
Luis González-Haba González acting on behalf of and representing the foregoing company, in exercise of the powers conferred upon her by virtue of the public deed executed before the Notary Public of Madrid, Mr Jaime Recarte Casanova,
dated 18 March 2010 under number 838 of his official notary records. 
 Whereas: 

VME and the Client hereby agree to provide the electricity supply, whether in full or in part, to the facilities owned by FERROATLÁNTICA situated in
Arteixo (A Coruña) subject to a fixed price regime. 
 VME and the Client hereby establish a Fixed Price for a Fixed Volume of electricity
consumption in order to change the component of the Daily Market Price for a Fixed Price for a specific volume of electricity. 
 VME and the Client shall
settle the scheduled periods in accordance with the following price schedule. 
  

							
	 PERIOD
	  	BASE
LOAD (MW)	  	BASE LOAD PRICE
(€/MWh)	  	VOLUME (MWh)
		  		  		  	

 Each hour, the Client shall pay to VME the BASE LOAD PRICE for the MW established in the foregoing table. 

Each hour, if: 
 The electricity consumption exceeds the BASE
LOAD, the Client shall pay VME the value of the Daily Market Price multiplied by the difference between the electricity consumption and the BASE LOAD. 
 If
the electricity consumption were less than the BASE LOAD, the VME shall pay the Client the value of the Daily Market Price multiplied by the difference between the BASE LOAD and the electricity consumption. 

The stipulated prices shall only relate to electricity, the rest of the concepts (losses, demand surcharges and taxes) shall be invoiced in accordance with
the provisions of Article Three of the Supply Agreement. 

  
  

			
	  
 ELECTRICITY SUPPLY AGREEMENT FOR THE FACILITIES OF
“FERROATLÁNTICA, S.L.” SITUATED AT THE SABÓN INDUSTRIAL ESTATE, ARTEIXO (A CORUÑA, SPAIN)
	 	  
 Page 12 of
13    

 Early Termination. In the event that any of the parties were to exercise their right of Early
Termination of this Agreement, said party must compensate the other party, according to the following formula: 
 Compensation = (A – B) x (C+
€2/MWh) 
 Where: 
 A: VOLUME OF ELECTRICITY 

B: BASE LOAD for the number of hours from the date of Early Termination of the Agreement to the expiry date thereof. 

C: OMIP Future Price as at the date of Early Termination – OMIP Future Price on the date of execution of the Agreement. The value of C shall be expressed
in Euros/MWh and in absolute values. Where the OMIP Future Price on the date of Early Termination shall constitute the mere arithmetic average of the Future Market Prices of the period between the final date which has been settled subsequent to the
notification of the Early Termination and the expiry date of the Agreement as provided for under the Specific Terms and Conditions. Such prices are published by OMIP OPERADOR DEL MERCADO IBÉRICO DE ENERGÍA – POLO PORTUGUES, S.A.
at its internet web site, with URL: http://www.omip.pt/; if said prices are no longer published at the foregoing web site, but are published by OMIP or the entity which replaces OMIP at another internet URL or through any other means or support
media, as from said time the prices shall be those which are published at said new internet URL or through said new support media. If either of the parties was to have knowledge of any change of URL or change of support media at or through which the
prices are published, said party must notify the other party thereof within the period of five (5) business days thereafter. The prices shall be rounded to a maximum of three decimal places, whereby 0.0005 shall be rounded up to 0.001. 

 

					
	[Illegible signature]				[Illegible signature]
			
	Signed by:				Signed by:
	Mr Carlos Oliete Fernández				Mr José Luis González-Haba González
	Client: FERROATLÁNTICA, S.L.				VILLAR MIR ENERGÍA, S.L.

  
  

			
	  
 ELECTRICITY SUPPLY AGREEMENT FOR THE FACILITIES OF
“FERROATLÁNTICA, S.L.” SITUATED AT THE SABÓN INDUSTRIAL ESTATE, ARTEIXO (A CORUÑA, SPAIN)
		  
 Page 13 of
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 [Bears the symbol of “VM Energía”]

Electricity Supply Agreement 
SPECIFIC TERMS AND CONDITIONS 
Marketer: VILLAR MIR ENERGÍA, S.L., with its registered office situated at Paseo de la Castellana, 259D, 47th Floor, Madrid, Spain; C.I.F. (V.A.T. No.) B-85253888.
Telephone: (+34) 91 590 32 30 Fax: (+34) 91 561 76 06 
Client FERROATLÁNTICA, S.L. C.I.F. (V.A.T. No.) B-80420516 
Registered Office: Paseo de la Castellana, 259 D, 49th Floor, Madrid, Spain Telephone: (+34) 981 706 300 Fax: (+34) 981 746 704 
Supply Point: SABÓN FACTORY (CUPS (Universal Supply Point Code): ES0022000004991271ZM1P)

The Marketer and the Client hereby agree to formalise this final electricity Supply Agreement, subject to the following Specific Terms and Conditions and the terms
and conditions provided for in the Supply Agreement executed on 29 December 2010 between both parties. 
Commencement date: 1-1-2011 Date of expiry of the
agreement 30-6-2011 Supply Voltage >145 kV 
Management Costs: (€/MWh) 0.140 
ELECTRICITY PRICE 
The price of the electricity the subject of this Agreement shall be the sum
of the following concepts, subject to the subsequent application of the corresponding taxes: 
DAILY MARKET PRICE and/or INTRADAY MARKET PRICE POWER CAPACITY

DEMAND PRICE FOR RESTRICTIONS IN PBF (BASE CONSUMPTION SCHEDULE) DEMAND PRICE FOR SECONDARY BAND (SB) DEMAND PRICE FOR REAL TIME RESTRICTIONS 
REDUCTION OF DEMAND COSTS FOR DEVIATION EXCESSES 
The foregoing concepts shall be applied to
the real demand measured at the central terminal/buss The Electricity Deviation Price (PDESV) shall be calculated in accordance with the following table: 
%
Deviation Penalty in BL (€/MWh) < 3% 0 3 – 5% 0.15 5 – 10% 0.2 > 10% 0.4 
Whereby the % deviation corresponds to the sum of the absolute values
of the deviated MWh each hour divided by the electricity consumption measured at the central terminal/buss. The calculation is a monthly calculation. 
The
corresponding surcharges for Taxes and Levies shall be applicable to all of the foregoing concepts. 
During the term of the supply, FERROATLÁNTICA may hedge
consumption base loads (in accordance with Schedule 1). 
FERROATLÁNTICA, S.L. VILLAR MIR ENERGÍA, S.L. 
[Illegible signature] [Illegible signature] 
Name: Mr Carlos Oliete Fernández Name: Mr
José Luis González-Haba González 
Date: 29 December 2010 Date: 29 December 2010 
VILLAR MIR ENERGÍAEX-10.26

 Exhibit 10.26 

(TRANSLATION) 

LEASE AGREEMENT FOR URBAN PROPERTIES IN A BUILDING UNDER 

CONSTRUCTION 

1.- SPECIAL CLAUSES 

Madrid, 9 August 2007 

BETWEEN 
 As one party: TORRE
ESPACIO CASTELLANA, S.A., domiciled in Madrid at Paseo de la Castellana no. 91, 9a planta, constituted for an indefinite term by deed executed on 17 October 1988 before Madrid notary Mr. Rafael Ruiz Gallardón, with number
2973 in his notary record, registered in the Madrid Commercial Registry at Book 0, Folio 102, Volume 4,667, Sheet M-76714, and with tax identification code (C.I.F.) A-78917440.  

Signing in representation of this company is Mr. José-Antonio Fernández Ganar, as General Manager and Attorney in Fact, in use of
the authority conferred on him by virtue of a deed of Appointment and Power of Attorney dated 24 July 2002, attested by Madrid notary Mr. Martín Ma Recarte Casanova, at number 2031 in his notary record. 

With domicile for purposes of notices: at Paseo de la Castellana no 91, 4a planta. 28046-Madrid 

Person authorised to receive communications regarding this agreement: Mr. Eduardo Corral Pazos de Provens 

Email: ecorral©ie-sa es 
 Tel.: 91-417.69.30

 Fax: 91-556.53.34 
 (Hereinafter the
“LESSOR”)  
 As the other party: FERROATLÁNTICA, S.L.U., domiciled in Madrid at Paseo de Ia Castellana, no 86, 7a
planta, constituted for an indefinite term by deed executed on 29 September 1992 before Barcelona notary Mr. Raúl Vall Vidardell, with number 3016 in his notary record, registered in the Madrid Commercial Registry at Book 0, Folio
188, Volume 3.720, Sheet M-63610, and with tax identification code (C.I.F.) B-80420516. 
 Signing in representation of this company is Mr. Javier
de Peñaranda y Algar, as Managing Director, in use of the authority conferred on him by virtue of a deed of appointment dated 4 December 1992, attested by Madrid notary Mr. José Maria Lucena Conde, at number 2785 in his
notary record. 
 With domicile for purposes of notices: at Paseo de la Castellana no 86, 7a planta. 28046-Madrid 

Person authorised to receive communications regarding this agreement: Mr. José Ramón Ramos Sánchez. 

Email: jramosererroatlantica.es 
 Tel.: 91-590.32.19

 Fax: 91-562.82.27 

  
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 (Hereinafter the “LESSEE”)  

Both parties acknowledge the legal capacity necessary to enter into this lease agreement for non-residential use, in accordance with the following 

BACKGROUND 
 I.
The LESSOR is the fee simple owner of a parcel, called “P-4”, which is duly registered in its name in Property Registry no. 34 of Madrid at Volume 1006, Book 184, Section 2, Folio 96, Property 8244, Entry 1. 

II. The LESSOR is constructing an office building on that parcel, with a maximum above-ground includable surface area of 56.250 m2, divided into 54 floors (Ground Floor, three Mezzanines, 45 Floors of Offices, two double Mechanical Floors and a single one, and a Roof, plus a floor with the firefighting tank, plus coping; with
maximum cornice height of 224 metres without counting the external communication elements; at least 1150 parking spaces in 6 underground basements. 

III. Once the building has been completed, the LESSOR intends to use it entirely for rentals. 

Once the building is completed, the LESSEE in turn is interested in renting premises on floor 49, identified on the Construction Plan
as being for “Office Use”, with a rentable surface area of approximately 1143.45 m2, and 22 parking spaces (2 of them special), all located in basement 3. Hereafter
in this agreement they are called the “LEASED PROPERTIES” or the “OFFICE” if referring only to the leased premises. 

The LEASED PROPERTIES referred to above have shares in the Common Expenses of the Building of 1.901229% for the OFFICE, and for
the rented parking spaces the unit share in the Common Expenses is determined by way of the ratio of those of the Expenses that are allocable to the parking floors, and the number of parking spaces in existence. 

These ratios will be applied to the total of expenses and categories set forth from time to time in the Current Budget (annex no. 3 to the
GENERAL CLAUSES of this Agreement). 

  
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 Taking account of the background above the parties agree to be bound by the following 

SPECIAL CLAUSES 
 FIRST.-
SUBJECT MATTER OF AGREEMENT.- 
 1.1.- Subject matter and commitments assumed 

The LESSOR leases the OFFICE and the parking spaces referred to in BACKGROUND item III of this agreement to the LESSEE, which takes and accepts it, on the
terms and conditions set forth herein. 
 Thus the LESSEE by signing this agreement covenants to receive the LEASED PROPERTIES at the due time and fulfil
the obligations deriving for it, to which it hereby consents and which it accepts, which are set forth below as SPECIAL or specific CLAUSES of this agreement, and in the attached GENERAL CLAUSES as regards provisions common to all lessees of the
aforesaid building. 
 The parties declare that it is not necessary to ratify any of the terms, rights and obligations deriving from this Agreement or the
waivers contained herein, either after completion and delivery of the LEASED PROPERTIES or at the beginning of the leasehold relationship as such. 

Attached to this agreement are plans of the floors on which the LEASED PROPERTIES are located (annex no. 1). 

1.2.- Changes in the Building or in the LEASED PROPERTIES 

As has been stated, the subject matter of this lease agreement is certain properties under construction, for which reason the LESSEE accepts and authorises the
existence of possible changes in the Building in general and in the LEASED PROPERTIES, provided that the changes are made for technical or legal reasons or contribute to improving the general functioning of the Building, not substantially changing
the subject matter of this agreement. 
 1.3.- Delivery of the LEASED PROPERTIES. “Certificate of Delivery and Acceptance” 

For the same reason as indicated above, given the fact that this agreement deals with a building and certain properties that are not yet completed, although
from the date of this agreement the parties are bound by the terms agreed herein, the obligations and rights for them and the duration of the leasehold relationship generally will begin at the time of official delivery (fixed in section 1.4 below)
and taking possession of the 

  
 3/33 

 
LEASED PROPERTIES, which will be evidenced by the signature by both parties of a “Certificate of Delivery and Acceptance” (in which the LESSEE, which previously will have been able to
examine the LEASED PROPERTIES, declares that it is aware of and accepts the exact conditions in which they are found, as well as the urban development and administrative status thereof and of the Building in which they are located). 

If, as an exception, occupancy thereof is permitted before the aforesaid date of official delivery or such occupancy occurs thereafter (on the terms
contemplated in section 1.5.- below), the Certificate of Delivery and Acceptance will fix the beginning date of the term of the agreement, from which payment of rent will be required, and any other date affecting the application of the rights
and obligations deriving for the parties from this agreement. 
 A form of the Certificate of Delivery and Acceptance is attached to this Agreement (as
annex no. 2). 
 The delivery of the OFFICE will be made with finished toilets, uncovered raised floor and ceiling, as well as air-conditioning, fire
protection, lighting and emergency public address facilities, an electrical panel, fibre-optic and copper terminals for voice and data and remote control of shades and lighting (details appear in the Technical Guide for Private Construction
(G.T.O.P.), which is attached as document no. 4 of the GENERAL CLAUSES of this Agreement). 
 The existence of defects in or objections to the LEASED
PROPERTIES will not prevent or delay delivery. They will be noted and a term indicated for cure thereof. 
 Notwithstanding the foregoing, if the
deficiencies or objections are of such nature that they prevent normal commencement of the fitting out of the OFFICE, acceptance thereof will be deemed to be delayed (and it will be so noted in the Certificate of Delivery and Acceptance) until the
date fixed by the parties in the aforesaid Certificate as the date for cure of the aforesaid defects. 
 Once the LEASED PROPERTIES have been delivered, the
LESSEE will bear the cost and risk of obtaining the corresponding municipal permit in order to be able to conduct its business therein, with the consequences contemplated for the case of not obtaining permits, or revocation thereof after they are
granted, in CLAUSE FIFTH, section 5.5.- of the GENERAL CLAUSES of this agreement. 
 1.4.- Official date of delivery 

The LEASED PROPERTIES generally will be officially delivered to the LESSEE on 1 October 2007. 

  
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 1.5.- Occupancy on a date other than the contemplated official delivery date 

As an exception, if the LESSEE proceeds, with the consent of the LESSOR, to occupy the LEASED PROPERTIES in whole or in part (the OFFICE or OFFICES and a part
or all of the parking spaces), prior to or after the official delivery date contemplated in point 1.4.- above, whatever the reason, it will be deemed to have proceeded with acceptance thereof, and the Certificate of Delivery and Acceptance signed by
the parties, as already stated, will establish the date of commencement of computation of the term of the agreement and the effective dates of the obligations and rights deriving for the parties therefrom, which may be the same as the signature
date, or another date. 
 In any event, although there may be postponement, by reference to the date of signature of the Certificate of Delivery and
Acceptance, of payment of rent and general expenses for all or a part of the LEASED PROPERTIES in a given case, the LESSEE will be required to pay the amounts resulting from use of water, light, containers and other supplies and services
(“construction services and consumption”) that are made available to it by the LESSOR, from the date of signature of the Certificate until the beginning of the term of the agreement, calculating them individually if possible and, if not,
applying the OFFICE’s fixed percentage share in the General Expenses based on the Budget in effect at that time. 
 It also will pay the amount of rent
and common expenses corresponding to the parking spaces made available to it, so that they can be used by the persons designated by the LESSEE to monitor or encourage the progress of the fitting out work for the OFFICE. 

1.6.- Failure of LESSEE to appear 
 If the LESSEE does not
appear on the day and at the time notified for the delivery, or if it refuses to accept the LEASED PROPERTIES and sign the aforesaid Certificate of Delivery and Acceptance, all of the amounts paid by the LESSEE will become the property of the LESSOR
in the form of a fixed indemnification, with the LESSOR also being entitled, if applicable, to consider the agreement to have been terminated by operation of law upon simple notice to the LESSEE, without prejudice to claiming such damages as may
have been caused to it to the extent they exceed the aforesaid amounts. 
 SECOND.- TERM OF THE AGREEMENT.- 

2.1.- Initial term 
 The term of this agreement is
established for a mandatory term of FIVE (5) YEARS, counted from date to date from the day for these purposes determined in the Certificate of Delivery and Acceptance of the LEASED PROPERTIES (in principle, 1 October 2007). 

  
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 2.2.- Enforceability of obligations and computation of terms 

From the date indicated in the Certificate of Delivery and Acceptance, this agreement will have full legal effects, with the LESSEE’s obligation to pay
rent arising from that moment. 
 Also, in all other aspects of this agreement, in particular including the computation made for purposes of adjusting rent,
the beginning date of the leasehold relationships will be the one recognised as such in the Certificate of Delivery and Acceptance. 
 2.3.- Extensions

 The foregoing term of FIVE years from that date having elapsed, this agreement will be automatically renewable, up to a maximum of two extensions of
FIVE years each, if neither of the parties renounces it (by certified letter with acknowledgment of receipt or through a notary) six months in advance of the maturity of the agreement or any of its extensions. 

Thus, if notice of termination is given by either of the parties, the LESSEE will be required to vacate the LEASED PROPERTY and make it wholly and freely
available to the LESSOR on the day contemplated in the aforesaid notice (which will coincide with the day contemplated in this agreement as the maturity of the initial term or, if applicable, the last day of the extension in question), and if
neither of the parties exercises its right or does not exercise it on a timely basis in proper form, the agreement will be understood to be fully effective until the new maturity date of the automatic extension. 

2.4.- Delay in return of the LEASED PROPERTIES 
 The
agreed term of the lease or its extensions having expired, the agreement will be terminated by operation of law and the LESSEE must return the keys and unrestricted possession and availability of the LEASED PROPERTIES covered thereby to the LESSOR,
being deemed from that time to have been notified for purposes of the provisions of article 1566 of the Civil Code, having been warned that breach of this obligation will carry with it, as a penalty clause or a cumulative penalty, the obligation to
indemnify the LESSOR in an amount equivalent to double the last monthly rent payable, calculated “pro rata temporis” for the period of time it delays in vacating, counted from the date of termination or, if applicable, the date of judicial
declaration thereof, without prejudice to such actions as may be available to make judicial demand therefor. 

  
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 The other conditions for the aforesaid return of the LEASED PROPERTIES, also applicable to termination of the
agreement for any reason, have been set forth in CLAUSE TENTH of the GENERAL CLAUSES of this Agreement. 
 2.5.- Essential term 

This lease has been agreed based in particular on the agreed duration, since it is an element essential to the development of the project to exploit the
Building. 
 It is for this reason that, if the Agreement is terminated before the agreed maturity, for any reason attributable to the LESSEE, the LESSOR
will be entitled to indemnification, which is agreed as a penalty clause, without need of evidencing the losses and damages, as is expressly accepted as being just by the LESSEE, by express agreement of the parties not being modifiable by the
courts, in an amount equivalent to EIGHTEEN (18) months of rent, amounts assimilated thereto and liens in effect in the month of the termination, without prejudice to the right to be indemnified for such losses and damages in excess of
the aforesaid penalty as the LESSOR may prove. 
 THIRD.- ADJUSTMENT OF RENT.- 

3.1.- Criteria for ordinary adjustment (C.P.I.) 
 The rent
adjustments will occur based on the following criteria: 
 1st.- The agreed rent will be
adjusted on 31 January of each year of the agreed term of the agreement (the first adjustment occurring on 31 January 2009), applying the following upward or downward corrections to the annual rent: 

Of general application will be the percentage variation, upward or downward, experienced by the Consumer Price System General Index (Índice General del
Sistema de Índices de Precios al Consumo) (set by the National Statistics Institute or such agency as may replace it) for the entire country (General Index) for the period of twelve months immediately prior to 1 January of each
year in which rent is adjusted, that is, the percentage variation of the National General Index in a year counted from 31 December of the year prior to the year in which the rent is to be adjusted, to 31 December of the second prior year.

 2nd.- The rent so adjusted will be applicable from the month of February (included) of the year in question. 

3rd.- If on that date the correcting index is not known due to a delay in its publication, the
LESSOR will be entitled to make provisional adjustments or adjustments on account, applying provisional indexes if known, and if not known to issue invoices of a provisional nature based on the rent then in effect, settling the increases or
decreases corresponding to months elapsed by way of a supplementary invoice, once those indexes are published. 

  
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 4th.- In the two foregoing cases (adjustments based
on provisional indexes or based on current rent), the provisional adjustment so implemented will be considered to be fully valid, effective and definitive, except for the right of either of the parties, within the six
(6) months following the date it enters into effect, to insist on exact calculation thereof by application of the definitive official indexes that have been published. 

5th.- If for any reason the Consumer Price Indexes are no longer published by the National
Statistics Institute, or by another agency assuming its functions, they will be replaced by the indexes replacing them or, if none, by other publications or official data reflecting changes in the cost of living, or otherwise by a court judgment in
response to the request of the first to file. 
 3.2.- Adjustment based on market rent 

On an exceptional basis, if either the parties so requests a minimum of one month in advance of the end of each three years of the term of the agreement (that
is one month in advance of 1 February of the 4th year, and if its term is extended for the two contemplated periods of five years, one month in advance of 1 February of the 7th, 10th and 13th years), the following will apply: 

A rent adjustment, upward or downward, to equate it to the rent in effect in the market for premises having equal or comparable characteristics and location,
leased on the same or similar terms. 
 For such purposes market rent for premises having equal or similar characteristics and location will be understood
to be the arithmetic average of the amounts from time to time determined by any two of the following companies: Richard Ellis, Aguirre Newman, DTZ or Jones Lang Lasalle (in the case of disappearance of the four, any other similar companies) based on
the gross rental value per m2 of properties having similar characteristics in the same area and municipal district. 

3.3.- Base rent to be adjusted. Cumulation 
 If rent is
corrected using the method described in point 3.1., paragraph 2nd, the rent for later years (until the following adjustment based on the market) will be adjusted as established in paragraph 1st.- of the same point 3.1.- (that is, by applying the percentage variation in the Consumer Price System General Index to the rent corresponding to the year in question). 

Similarly, if neither of the parties notifies the other of its intention to adjust the rent to market rent, in order to adjust the rent for following years
(up to the following adjustment based on the market) the provisions of paragraph 1st of this section 3.1. above also will apply as regards the system for adjustment of rent. 

  
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 The adjustments will be cumulative, so the first adjustment will be made on the basis of the initially-agreed
rent, and successive adjustments will be based on the rent as increased (rent + increments) or decreased as a result of the preceding adjustments. 

3.4.- Binding notice 
 For purposes of adjustment of rent,
the parties agreed that a written notice given by the LESSOR addressed to the LESSEE (for adjustment by way of application of the C.P.I.), in the month prior to the month the rent adjustment is to be effective (in the month of January) will be fully
effective and binding (absent material errors in calculation). 
 3.5.- Delay in applying adjustment  

In no case will delayed or late application of the aforesaid adjustment imply loss or waiver of the right of the LESSOR to make it. 

3.6.- Essential term 
 The foregoing terms referring to
adjustment of rent are an essential and determinative element of this Agreement, without which the LESSOR would not have executed it, which the LESSEE expressly acknowledges and accepts. 

As a result the parties expressly note that the adjustment will be proper and will be made both during the contractual term and, if applicable, during such
extensions as may be expressly agreed. 
 FOURTH.- DEPOSIT.- ADDITIONAL SECURITY.- 

4.1.- Deposit 
 The LESSEE hereby delivers to the LESSOR
the amount of NINETY-EIGHT THOUSAND SIX HUNDRED SEVENTY-SIX EUROS (€98,676.00), which corresponds to two months of the initial rent agreed in this agreement, which amount: 

1st.- will be deposited with the Regional Government or public entity determined by
law, until the end of the Agreement, as the legal deposit contemplated in article 36.1 of the current Urban Lease Act, Act 29/1994, or 

2nd.- if the LESSEE does not attend the acceptance of the LEASED PROPERTIES when
requested to do so, or if it refuses to accept the LEASED PROPERTIES and sign the “Certificate of Delivery and Acceptance”, it will be definitively retained by the LESSOR as fixed indemnification as established in CLAUSE FIRST 1.6.- above.

  
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 4.2.- Terms governing the deposit 

The deposit that is delivered will be governed by the following terms: 

1st.- During the initial years of the term of the lease, the legal deposit will not
be subject to adjustment; but that term having elapsed, that is, each time the lease is extended or the rent is adjusted based on the market, the deposit will be increased in such manner that its amount coincides with the amount of two
(2) months of the Rent in effect in the year in which each of the extensions begins or the new market rent becomes effective. 
 2nd.- The posting of the deposit does not relieve the lessee from payment of rent or assimilated amounts, nor as a result may it use the former to pay the latter. 

3rd.- The indicated deposit will serve to back performance of the obligations of
the LESSEE, and if applicable will be returned at the end of this agreement, provided that it is not subject to the corresponding liabilities. The deposit does not represent a limitation of that liability. 

4th.- At the end of the lease the status of the LEASED PROPERTIES and their
facilities will be examined to determine whether they are in the agreed status or construction or installations other than as expressly authorised have been undertaken. 

If damages have occurred or it is necessary to undertake repairs, fitting-out or restoration to the initial status of the LEASED PROPERTIES,
that work will be undertaken by the LESSEE. 
 If it does not perform the work within a term of fifteen days after it is requested to do so,
the work will be performed by the LESSOR at the expense of the LESSEE, after first deducting the amount of the deposit that was delivered. 

5th.- In the latter case, during the time the LESSOR cannot make use of the LEASED
PROPERTIES, because it is making the necessary repairs for the account of the LESSEE, an express penalty clause is established that it must pay to the LESSOR, which for the unavailability of the LEASED PROPERTIES will be entitled to receive an
amount equal to double the amount of the last rent in effect until completion of total repair of the damages and deterioration, and 

  
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performance of the construction necessary in order to return the LEASED PROPERTIES to their initial status or the status established by the LESSOR, as set forth in CLAUSE TENTH of the GENERAL
CLAUSES of this Agreement. 
 4.3.- Additional security 

Clause with no content in this agreement. 
 FIFTH.-
RENT.- DIRECT DEBIT OF PAYMENTS.- DEFAULT.- 5.1.- Rent 
 It is agreed at the annual amount of FIVE HUNDRED NINETY-TWO THOUSAND FIFTY-SIX EUROS
(€592,056.00) payable monthly in an amount of FORTY-NINE THOUSAND THREE HUNDRED THIRTY-EIGHT EUROS (€49,338.00), in advance within the first five days of each calendar month. 

Of that monthly payment, the amount of €45,738.00 corresponds to monthly rent for the OFFICE, and €3,600.00 corresponds to the rented parking
spaces. 
 5.2.- Assimilated amounts 
 Also, the lessee
within the same term must pay the amount corresponding to it in the category of amounts assimilated to rent, as provided in BACKGROUND item III.- of the SPECIAL CLAUSES of this Agreement, and in CLAUSE SIXTH of the GENERAL CLAUSES thereof, which for
this year, 2007, amount to 6 €/m2, which results in an initial monthly amount payable of: 

1st.- For the OFFICE, €6860.70. 

2nd.- For each of the 22 rented parking spaces, €15 (a total of €330.00)

 And all such others, if any, as it owes as a result of application of the provisions of this agreement, such as extraordinary consumption or expenses
deriving from entering the OFFICE outside customary hours, as set forth in CLAUSE FIFTH, section 5.6.- of the GENERAL CLAUSES of this agreement. 

5.3.- Withholding 
 The LESSOR will demonstrate to the
LESSEE that it has satisfied the requirements of law in order for the LESSEE not to be required to withhold on the terms contemplated in art. 59,i, 3rd of the Companies Tax Regulations (Royal
Decree 1777/2004 of 30 July 2004. If it does not do so, the LESSEE will withhold such percentage of the monthly rent as may from time to time be established, proceeding to file a return in respect thereof and deposit it on account within the
terms fixed by law. 

  
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 The LESSEE in this case must send the LESSOR a copy of each return and deposit on account it makes, within the
ten days following filing thereof. 
 5.4.- Direct debit 

To facilitate collection of rent, expenses, taxes and, in general, any amount owed by the LESSEE to the LESSOR by virtue of this Agreement, the parties agree
that the rent is to be paid by the LESSEE by way of payment on the receipt that will be presented to it for collection by the LESSOR. For this reason the LESSEE expressly and irrevocably authorises the LESSOR to debit all amounts owed to it, upon
maturity thereof, against the current account designated in the Direct Debit Order that is attached as Annex no. 3 to this Agreement. The LESSEE hereby designates: 

BANK/SAVINGS BANK: Banco Español de Crédito 

Account no.: 0030/1518/08/0000012271 

Domicile: Avda. Gran Vía de Hortaleza, no 3. 28043 Madrid 

This designated bank account will be the domicile for payment only to the extent that the account is provided with sufficient funds, and the LESSOR does not
use its right to collect in another manner, in accordance with the provisions of the last paragraph of this section. 
 Total or partial non-payment during
the term of the agreement of any of the receipts presented to the bank for direct debit will release the LESSOR, automatically and without need of any demand made on the LESSEE, in order to avoid expenses, from presenting the receipts to the bank or
savings bank for direct debit collection. 
 If the LESSEE wishes to change the bank for direct debit, it must send the LESSOR, by any means acceptable in
law that evidences receipt, a new direct debit form, completed and signed, at least fifteen (15) calendar days in advance of the accrual of the next payment. 

The direct debit authorisation given by the LESSEE to the LESSOR constitutes an essential term of this Agreement. As a result, any interference by the LESSEE
with such direct debit or any breach in this regard will entitle the LESSOR to terminate the Agreement. 
 In any event THE LESSOR reserves the right to
demand payment of rent at its own offices, and may establish any other system, with prior notice to the LESSEE at least fifteen (15) calendar days in advance of the accrual of the next payment. 

5.5.- Notice of Pledge of credits deriving from the lease agreement 

The LESSOR has pledged the credit rights that, as such, correspond to it by virtue of the lease agreement hereby signed with the LESSEE to Hypo Real Estate
Bank International. All of the foregoing is by virtue of the agreement signed on 28 May 2004 before Madrid notary Mr. Jaime Roca Casanova. 

  
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 As a result of the foregoing, the LESSOR advises the LESSEE that any amount that is invoiced to it regarding the
aforesaid lease will be deposited by the LESSOR in the following Caja Madrid current account, of which it is the owner: 
 Caja de Ahorros y Monte de Piedad
de Madrid Plaza Celenque, 2 
 28013 Madrid 
 cc:
2038/5837/96/6000621109 
 The only obligation of the LESSEE deriving from the provisions of this section is signature of the letter addressed to Hypo Real
Estate Bank International, a draft of which is attached to this Agreement as annex no. 5, in which it acknowledges having been advised of the provisions hereof. 

5.6.- V.A.T. 
 On the current rent, the assimilated
amounts and those from time to time resulting from payments to be made by the LESSEE in application of the provisions of this agreement, the LESSOR will pass on the Value Added Tax (VAT), pursuant to the regulations of the aforesaid tax or those
replacing them in the future, with the LESSEE covenanting to assume any change occurring in the implementation of the aforesaid regulations in the future. 

5.7.- Breach 
 If the LESSEE breaches the obligation to
pay the rental price and/or the assimilated amounts, within the first five days of each month, the LESSOR will be fully entitled to terminate the agreement and, if applicable, initiate judicial proceedings, whether for eviction for failure to pay
that price or to claim the amount. 
 It is expressly agreed that simple delay in payment of any monetary obligation deriving from this Agreement, in any
category (rent, assimilated amounts, etc.), will accrue default interest in favour of the LESSOR in an amount equivalent to the legal interest rate on money increased by three (3) points. 

The default interest clause does not imply any authorisation or entitlement whatever to delay in the agreed payments. Therefore, the demand for interest will
not prevent termination of the Agreement for non-payment. 
 The accrual of the interest will occur from the time the payments were to be made pursuant to
the agreement, without need of any demand by the LESSOR, which the LESSEE expressly waives. 

  
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 5.8.- Allocation of amounts 

If there are various debits due from the LESSEE to the LESSOR, the latter is entitled to freely determine the debit to payment of which each of the amounts
received from the LESSEE will be applied. For that purpose, the LESSEE in favour of the LESSOR expressly waives the allocation contemplated in articles 1172 to 1174 of the Civil Code. 

SIXTH.- MISCELLANEOUS.- 
 It is expressly noted that the
order of application and priority in interpretation in the event of differences between the various documents constituting this lease agreement will be as follows: 

1st.- SPECIAL CLAUSES 

2nd.- Annex no. 2 to the SPECIAL CLAUSES (Certificate of Delivery and Acceptance) 

3rd.- GENERAL CLAUSES 

3rd.- The other Annexes corresponding to any of the above 

In witness of their agreement with the foregoing, the parties sign this agreement in duplicate for a single purpose, in the place and on the date stated in
the preamble, with its annexes forming an inseparable part hereof, particularly the GENERAL CLAUSES of this lease agreement, to which the parties remit to avoid unnecessary repetition, for all matters not expressly set forth in this document. 

 

			
	THE LESSOR		THE LESSEE
		
	[Illegible signature]		[Illegible signature]

  
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 (TRANSLATION) 

LEASE OF URBAN PROPERTIES IN A BUILDING UNDER CONSTRUCTION 

II. GENERAL CLAUSES 

Madrid, 9 August 2007 
 IDENTIFICATION
OF THE BUILDING UNDER CONSTRUCTION WHICH WILL CONTAIN THE PROPERTIES TO BE LEASED: 
 BUILDING: The building called
“TORRE ESPACIO”, with a maximum above-ground gross floor area with a proportional share of the common areas (superficie computable) of 56,250 m2, divided into 54 floors (Ground
Floor, three Mezzanines, 45 Floors of Offices, a single and two double Mechanical Floors and a Roof), plus a floor with the fire-fighting tank, plus coping; maximum cornice height of 224 metres without counting the external communications elements;
at least 1,150 parking spaces in 6 underground basements. 
 UNDER CONSTRUCTION ON THE REGISTER PROPERTY: Madrid Land Register
No. 34, Volume 1,006, Book 184, Section 2, Folio 96, Property no. 8,244, Entry no. 1, as a separate property and under the ownership of TORRE ESPACIO CASTELLANA, S.A. 

PARTIES TO THE CONTRACT: 
 THE
“LESSOR”: TORRE ESPACIO CASTELLANA, S.A., with registered address at Paseo de la Castellana, 91, 9a planta, Madrid (Spain), incorporated for an indefinite time under a deed
executed on 17 October 1988 before Madrid Notary Public Mr Rafael Ruiz Gallardón under no. 2,973 of his protocol and registered in Book 0, Folio 102, Volume 4,667, Sheet no. M-76714 of Madrid Commercial Register, with Corporate Tax Code
(CIF) no. A-789174400. 
 The person signing on behalf of this Company is Mr José-Antonio Fernández Gallar, as General
Manager and Attorney in Fact, pursuant to the powers conferred on him by the deed of Appointment and Power of Attorney dated 24 July 2002, attested by Madrid Notary Public Mr Martín María Recarte Casanova under number 2,031 of his
protocol. 
 THE “LESSEE”: FERROATLÁNTICA S.L.U., with registered address at Paseo de la Castellana, 86, 7a planta, Madrid (Spain), incorporated for an indefinite time in a deed executed on 29 September 1992, before Barcelona Notary Public Mr Raúl Vall Vidardell under no. 3,016 of his
protocol and registered in Book 0, Folio 188, Volume 3,720, Sheet no. M-63610 of Madrid Commercial Register, with Corporate Tax Code (CIF) no. B-80420516. 

The person signing on behalf of this Company is Mr Javier de Peñaranda y Algar, as Managing Director, pursuant to the powers
conferred on him by the deed of appointment of 4 December 1992, attested by Madrid Notary Public Mr José María Lucena Conde under protocol number 2,785. 

  
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 The parties acknowledge each other’s necessary legal capacity to enter into this lease for
non-residential use and, taking into account the recitals and the special clauses agreed in a separate document, the parties also agree to be bound by the following: 

GENERAL CLAUSES 

ONE. OBJECT 
 The content of
this clause has been established by the parties in the SPECIAL CLAUSES of this Contract. 
 The subject matter of this contract shall
hereinafter be referred to as “the LEASED PROPERTY/IES” or “the OFFICE(S)”. 
 TWO. TERM 

The content of this clause has been established by the parties in the SPECIAL CLAUSES of this Contract. 

THREE. RENT. STANDING ORDER. DELAY 

The content of this clause has been established by the parties in the SPECIAL CLAUSES of this Contract. 

FOUR. RENT REVIEW 
 The
content of this clause has been established by the parties in the SPECIAL CLAUSES of this Contract. 
 FIVE: USE AND APPLICATION OF THE
LEASED PROPERTY 
 5.1. Use and Activity 

THE LEASED PROPERTY shall be used by the LESSEE, excluding any other use, as offices in accordance with its corporate aim and for other related
services. 
 The LESSOR expressly reserves the right to freely lease the other properties that make up the Building it owns to any natural or
legal persons, regardless of whether or not they carry out the same activity, or have the same corporate aim, as the LESSEE. In addition, it does not give any warranties regarding the occupation of the other properties that make up the Building.

  
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 5.2. Peaceful Use 

The LESSOR undertakes to keep the LESSEE in the peaceful use of the LEASED PROPERTIES in accordance with the conditions agreed in this Contract
and to comply with all its obligations under the Contract. 
 5.3. Prohibited Activities 

The LESSEE undertakes to refrain from engaging in any activity that is unsanitary, immoral, harmful or dangerous, and from storing toxic or
flammable goods or installing any machinery that causes smoke, noise or vibrations or which poses danger to persons, objects or the building, and to observe the rules set forth in the Internal Regulations (Reglamento de Régimen
Interno) (IR) (Annex no. 1 of this contract) for its operation, as well as the national, regional and local legislation in force from time to time, with particular reference to the emergency and evacuation plans and the current fire
Safety legislation in relation to the LEASED PROPERTIES (set forth in the Self-Protection Plan (Plan de Autoprotección), Annex no. 2 of this contract), keeping the equipment in good working order in accordance with
the above mentioned legislation. It also undertakes to keep the LEASED PROPERTIES in good working order and condition. 
 The LESSEE agrees
to refrain from carrying out any actions that may disturb or cause damage to the other tenants and occupants of the building, and penalties, complaints or claims by third parties. In this regard, the LESSEE warrants to the LESSOR that it will hold
it fully harmless from any claims or complaints that may be brought as a result of its conduct. 
 5.4. Liability in Connection with Use

 When using the LEASED PROPERTIES, the LESSEE shall be liable to the LESSOR and third parties for any damage attributable to it whether
it is caused by wilful misconduct or by negligence. This is without prejudice to the action for termination of the contract that may be appropriate where applicable. 

The LESSOR will not accept any employment-related liability in relation to the staff employed by the LESSEE in the LEASED PROPERTIES, and such
staff shall be employed solely and exclusively by the latter. 
 Neither will the LESSOR accept any liability for any action carried out by
the other lessees of the Building or the people authorised by them. 
 5.5. Licences and Permits 

The LESSEE must take, at its expense, any action that may be necessary to obtain and maintain all licences and permits of any kind that are
necessary for the pursuit, opening and operation of its activity in the LEASED PROPERTIES as well as any new ones that may be required of it after it occupies the LEASED PROPERTIES. 

  
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 It shall therefore bear all expenses, rates, taxes and other charges resulting from processing
and obtaining such authorisations and the pursuit of the activity. 
 The LESSEE shall keep the LESSOR informed of the progress of the
applications for all licences and undertakes to act with due diligence in order to obtain the licences, complying with any requests or resolutions of which it may be notified or which may be required of it by the competent authorities. 

The LESSOR does not give any warranty, or accept any liability, in the event that the relevant national or local bodies do not grant the LESSEE
the necessary administrative licences to carry out its activity, or if the existing or new ones are prohibited or suspended after they have been authorised. 

5.6. Use Outside Normal Hours 

The LESSEE must inform in advance of its intention to access the LEASED PROPERTY outside its normal office or public opening hours or on public
holidays, and may gain such access following the LESSOR’s prior written consent. All this according to the procedure set forth in the IR attached hereto as Annex no. 1. 

If the latter provides such consent and the LESSEE opens the LEASED PROPERTIES to the public or its employees outside normal hours, the LESSEE
must pay the LESSOR any additional costs incurred by the latter in respect of extraordinary services and consumption. 
 SIX: SERVICES AND
SUPPLIES. COMMON OR GENERAL EXPENSES 
 6.1. General Expenses 

The LESSOR shall provide to the LESSEE (dealing directly with the suppliers) various general services and supplies which, being of interest to
both parties, will be envisaged and arranged together for the various properties in the Building. 
 The LESSEE shall be required to pay the
LESSOR for all supplies, costs, charges, taxes or contributions pertaining to the LEASED PROPERTIES both in relation to ownership and in relation to the general use of the Building, and particularly in relation to the use, operation, upkeep, repair
and restoration of the communal elements and private elements for shared use, which are available for general use and the proper functioning of the Building and the development in which it is located, in accordance with the ratio or share of
expenses set for each Property in RECITAL III of the SPECIAL CLAUSES of this Contract (in the appropriate proportion based on the area of the OFFICE and its percentage of the total area owned by the LESSOR in the Building as well as the number of
parking spaces rented) and in accordance with the Budget in force from time to time, a copy of which is attached hereto as Annex no. 3. 

  
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 These shall hereinafter be referred to as “General Expenses” and are listed in
the above mentioned Annex no. 3 itself. 
 6.2. Services and Supplies Preceding the Payment of Rent 

The LESSEE shall also bear, from the time it accesses the LEASED PROPERTIES if this is allowed by the LESSOR prior to the date set in the
“Certificate of Delivery and Receipt” as the start of the term of the contract and the start date for the fulfilment of the rights and obligations assumed by the parties, the amounts accrued from the consumption of water, electricity, use
of rubbish skips and other supplies and services (“site services and supplies”) that may be made available by the LESSOR from the date of signature of the Certificate until the start of the term of the contract, calculated individually if
possible and, if it is not, applying the fixed percentage share in the General Expenses for the LEASED PROPERTIES on the Budget in force at that time. 

6.3. Temporary Interruption of the Services 

The temporary interruption of the common services in the LEASED PROPERTY for reasons not attributable to the LESSOR shall not result in any
reduction in expenses or in any claim of any kind against the LESSOR. However, the LESSOR shall use its best endeavours to ensure that this temporary interruption is as short as possible and affects the LESSEE as little as possible. 

6.4. Monthly Provision and Settlement of General Expenses 

The LESSEE shall pay, together with its rent payments, monthly in advance and by way of monthly provision for such General Expenses, one
twelfth of the estimated annual share corresponding to the LEASED PROPERTIES as a result thereof. 
 Following the closure of the annual
accounts, the LESSOR shall inform and justify to the LESSEE the amount of any difference there may be between the monthly provisions paid and the expenses actually incurred. This amount shall be paid by the debtor, which will be the LESSOR or the
LESSEE as appropriate, with the February bill (within the first five calendar days of the said month) of the year following the year to which the closed budget relates. 

Notwithstanding the foregoing, if the final settlement results in the LESSOR being the debtor, the LESSEE may choose to either ask the LESSOR
to pay the difference in the above mentioned term of the first five calendar days in February or retain those amounts and consider them a payment on account of the following month’s payments of a similar nature. 

6.5. Extraordinary Expenses 

The term “Extraordinary Expenses” in this Contract shall mean those expenses derived from services and supplies provided by the
LESSOR to the LESSEE, at the latter’s request, outside the hours and schedule envisaged as normal and defined as such in the IR (attached hereto as an annex). 

  
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 6.6. Essential Condition 

The parties expressly agree that the General Expenses and Extraordinary Expenses defined in this Clause shall be amounts treated as rent, and
failure to pay them within the times specified in this contract shall entitle the LESSOR to terminate it in the same manner and with the same procedure as for non-payment of rent, and to charge interest for delay in payment, in accordance with the
conditions set forth in CLAUSE FIVE 5.7. of the SPECIAL CLAUSES of this Contract. 
 SEVEN. WORKS. THE LESSOR’S RIGHT OF ACCESS. SIGNS
AND LIT SIGNS. ACCESS TO THE OFFICES AND SECURITY SYSTEMS 
 7.1. Works in Private Areas 

The LESSEE must perform the completion, decoration and installation works in its LEASED PROPERTY at its expense, and in the performance of such
works it must take into account the other works carried out by the LESSOR and other third party lessees, and the Rules set forth in the Technical Guide for Private Works (Guía Técnica de Obras Privativas, GTOP), which is hereby
given to the LESSEE as Annex 4 of this Contract, are established for the proper coordination of the works. 
 7.2. Procedure for Carrying
Out Private Works 
 The procedure for carrying out works in private areas is set out in detail in the above mentioned GTOP. However, the
general guidelines for action in this area are set out below. 
  

	 	(i)	All works required to enable the LEASED PROPERTY forming the subject matter of this Contract to be used for its intended purpose shall be carried out by the LESSEE, within the minimum conditions to be agreed between the
parties, according to the plan submitted by the LESSEE and approved by the LESSOR, with a degree of commercial design, image and quality which is in accordance with the Building’s characteristics, architectural design and building
specifications. 

 In any event, the LESSEE may not carry out any works affecting the structure or safety of the Building or
its installations, or its shared elements or installations, or the resistance of the materials used in its construction, or the external façade and blinds of the LEASED PROPERTY, and the LESSEE must inform the LESSOR of the start and end and
type of the works to be carried out. 
  

	 	(ii)	The LESSOR’s Private Works Coordination Team (Equipo de Coordinación de Obras Privativas, ECOP) shall oversee and inspect such works, both during their execution and
after their completion. 

  
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	 	(iii)	In connection with the development and execution of works in private areas, the LESSEE must: 

  

	 	•	 	Appoint a skilled technician with official responsibility for the private works project. 

  

	 	•	 	Have Civil Liability Insurance in place and provide a copy to the ECOP. 

  

	 	•	 	Comply with, and cause the technician appointed by it to comply with, the guidelines and rules established by the ECOP, as well as submit to its control. 

 

	 	•	 	Be responsible for the full completion of the private works within the time established. 

  

	 	(iv)	No spaces may be built in such a way that they form a higher level or “mezzanine” without the LESSOR’s express written consent. 

7.3. Maintenance of Private Works 

The LESSOR shall also have sole and exclusive responsibility for maintaining such works in good condition, working order, and safe and clean,
as well as in relation to the ancillary elements, equipment and installations, and it accepts all responsibility in this regard. 
 THE
LESSEE shall therefore also be responsible for the performance and cost of the necessary works that have to be undertaken as a result of damage from negligence or wilful misconduct in the use of the LEASED PROPERTY. 

7.4. Subsequent Works 

The LESSEE shall require express written authorisation from the LESSOR to carry out any kind of works subsequent to those pertaining to its own
installation after the delivery of the LEASED PROPERTIES. 
 However, the LESSEE may freely decorate the OFFICE and change its internal
layout by means of movable or removable partitions, provided that such work does not detrimentally affect the activities of other lessees or affect the common elements or the structure of the building. 

In any event, the LESSEE must notify the LESSOR of any work it intends to carry out, providing details of its execution; and, where applicable,
the works must be performed with the appropriate licences, which must be obtained at the LESSEE’s cost and expense and in accordance with the requirements set forth in GTOP (Annex 4 of this Contract) and any indicated by the ECOP. 

  
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 7.5. Incorporation of Works 

All works and installations carried out by the LESSEE, integrated in the OFFICE by means of works to the property, will remain for the benefit
of the LESSOR and will become part of the PREMISES as they are carried out, without any right to compensation or indemnity thereby arising in favour of the LESSEE. 

In accordance with the foregoing, the LESSEE may not remove from the OFFICE any items or installations which have been incorporated thereto by
means of works to the property without the LESSOR’s express written permission. 
 7.6. Reporting of Works to be Carried Out

 The LESSEE and the LESSOR undertake to inform each other of the need to make any repairs at their expense, during the term of this
Contract, as well as of any incident or damage of which they become aware that can affect the rights or obligations of either Party. 
 In
particular, the LESSEE must inform the LESSOR, in the shortest time possible and no later than 24 hours after becoming aware of it, of the need for any repair or of the existence of any fault or breakdown, incident or damage in the LEASED
PROPERTIES, their installations, the services and ancillary items. Failure to comply with this reporting obligation will result in an obligation for the LESSEE to compensate the LESSOR for any direct or indirect loss resulting for the latter from
such incident or damage, as well as for the delay in submitting the appropriate declaration to the insurance companies. 
 7.7. Access by
the LESSOR to the LEASED PROPERTIES 
 The LESSEE shall allow the LESSOR, as well as any persons representing or authorised by the
LESSOR, free access to carry out its functions in relation to: 
 a. INSPECTING the operation of any service, as well as checking
compliance with the other obligations stipulated in the Contract, provided that: (i) appropriate notice is given in order to minimise disruption to the Lessee; and (ii) the visit is made in the latter’s presence, except as provided in
the following paragraph. 
 b. URGENT WORKS: In the event of urgency or force majeure, the LESSOR may also, either directly or through
an authorised person, access the LEASED PROPERTIES, even outside their normal opening hours, to make any repairs or inspections that may be appropriate. In such cases, the LESSOR shall immediately inform the LESSEE. 

The LESSEE in turn undertakes to immediately make any repairs or carry out any works if they are urgent and in order to avoid imminent loss or
harm to the LEASED PROPERTIES, regardless of the ability to charge the LESSOR for the cost thereof if the repairs are of a type that should be undertaken by the latter under the provisions of this contract. 

  
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 c. IMPROVEMENT WORKS: The LESSEE must likewise allow the LESSOR entry into the LEASED
PROPERTIES to carry out those works which, in spite of being for improvement and not urgent, must not be deferred until the end of the lease. 

If the LESSOR intends to perform any such works, it must, whenever possible in accordance with the circumstances, give written notice to the
LESSEE at least seven (7) days in advance, with details of their nature and expected duration. 
 The LESSEE shall not be entitled to
any compensation or rent reduction, or to terminate the contract, if the works do not prevent it from continuing to carry out its activities in the LEASED PROPERTIES. 

If the works fully prevent access to the LEASED PROPERTIES by its employees or third parties, the LESSEE shall be entitled to suspend the
monthly payment of rent solely for the time during which it is absolutely impossible to carry out its activity, where appropriate calculating it pro rata temporis. 

d. SECURITY AND SURVEILLANCE: The LESSEE must also allow the building’s security services access into the LEASED PROPERTY at any
time, and must put in place any security measures that may be deemed appropriate, including, if necessary, the monitoring of packages and goods (always with the agreement of the LESSEE’s security service if it has one). 

e. TERMINATION OF THE CONTRACT: In the event that the normal expiry of the Contract is envisaged, the LESSEE must allow the LESSOR, from
the moment its departure from the LEASED PROPERTIES is agreed, to visit the said properties with potential new lessees. 
 7.8. Signs or
Posters 
 The LESSEE may place signs or posters stating its company name, trade name or brand, but only inside the LEASED PROPERTY or in
any other places that it may deem appropriate and that are approved by the LESSOR, and provided that they are not placed on, or protrude from, the façade of the building and they are not visible from the outside of the building. 

In addition, the dimensions, type and shape of any sign, poster or placard must have the LESSOR’s prior express written approval with the
aim of achieving the greatest aesthetic uniformity for the building. 
 7.9. Access to the OFFICES 

The LEASED PROPERTY may only be accessed by the LESSEE, its employees and third parties authorised by it through the front door of the building
and its lobby or 

  
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reception (or from the garage but also going through reception). It is envisaged that the said general reception of the building will have a security system and visitor and employee log. 

The LESSEE is expressly authorised to contract its own security system for inside the OFFICE, be it human or mechanical, which will supplement
the one generally in place for the rest of the building, provided that its own system is previously and expressly approved in writing by the LESSOR. 

EIGHT. DEPOSIT. ADDITIONAL SECURITY 

The content of this clause has been established by the parties in the SPECIAL CLAUSES of this Contract. 

NINE. ASSIGNMENT AND SUBCONTRACTING. CHARGES ON THE LESSEE’S RIGHTS. COMPANY ADDRESSES. RIGHT OF FIRST REFUSAL. TRANSFER OF, OR CHARGES
ON, THE BUILDING OR THE LEASED PROPERTIES 
 9.1. Assignment and Subletting 

The LESSEE may not, save with the LESSOR’s prior written authorisation, assign or sublet the LEASED PROPERTY, in full or in part, or
transfer to a third party, including franchisees and licensees, any or all of its contractual position and/or rights or obligations arising from this Contract. 

In the event that the LESSOR provides written authorisation for such operations, it reserves the economic rights set forth in Arts. 14, 32, 39
and 42 of the Urban Lease Law (Ley de Arrendamientos Urbanos, LAU). 
 9.2. Prohibition on Establishing Charges on the
LESSEE’s Rights 
 The rights arising for the LESSEE under the Contract may not be the subject of any charge or encumbrance. The
seizure, assignment or enforcement of any rights of any kind arising from this Agreement shall be deemed to be an unauthorised assignment and shall result in termination of the Contract. 

9.3. Company Addresses 

The LESSEE shall in any event refrain from establishing the OFFICE as the address of any company save with the LESSOR’s express prior
written authorisation. If the LESSOR authorises it, it is understood that such authorisation does not confer any right on the companies whose addresses have been established at the OFFICES, and they must change their respective addresses when the
Contract comes to an end. 

  
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 9.4. Exceptions to the Prohibition on Assignment 

It shall not be considered that an assignment has taken place (for the sole purpose of breach of the LESSEE’s obligations hereunder) if it
is made in favour of companies belonging to the same group as the LESSEE (as this concept is defined in Article 4 of the Securities Market Law (Ley del Mercado de Valores)). 

In the event of merger, division or transformation of the LESSEE, or in the event of change of direct or indirect control of the LESSEE if the
latter is a company, and in particular in the event of transfer of shares or ownership units of the LESSEE or of those companies that directly or indirectly control more than fifty (50%) of the LESSEE, an assignment shall not be deemed to have
taken place provided that the following conditions are met: 
 (i) That, at the time of the assignment, the LESSEE is not in breach of any of
the essential conditions or obligations under this Contract. 
 (ii) That the company resulting from the merger, division, transformation or
change of control undertakes, in writing and in a form and manner that is acceptable to the LESSOR, to assume all of the obligations and conditions arising from the Contract. 

(iii) That the company resulting from the merger, division, transformation or change of control is financially capable, according to an
up-to-date financial certificate (to be provided to the LESSOR at least thirty (30) days prior to the merger, division, transformation or change of control) of complying with the LESSEE’s obligations hereunder. 

Notwithstanding the foregoing, in the event of transformation, merger or division or of a transfer of shares or ownership units of the LESSEE,
the LESSOR similarly reserves the economic rights conferred on it by the latest version of Article 32.2 of the Urban Lease Law. 
 9.5.
Right of First Refusal 
 The LESSEE expressly waives the right of first refusal governed by Article 31 of Law 29/1994, the Urban Lease
Law, and may therefore not exercise the rights of first refusal and pre-emption to which it might have been entitled in the event of any transfer by the LESSOR of the LEASED PROPERTY or of the BUILDING in which it is located. 

9.6. Transfer of, or Charges on, the Building or the Leased Properties 

In view of the foregoing, the LESSOR, or any assignees thereof, may transfer to any person, at any time during the term of this Contract and
without the need for any authorisation of any kind by the LESSEE, the LEASED PROPERTIES, alone or grouped together with other premises or properties and through any method or formula (contribution, sale and purchase, exchange, financial leasing,
etc.), as well as confer 

  
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any rights or obligations arising from this Contract and establish a mortgage or any other real charge on the LEASED PROPERTIES provided that the LESSEE’s rights and obligations are not
affected as a result of its establishment. 
 The LESSEE accepts and agrees to any transfer that may be carried out at any time during the
term of the lease contract, expressly waiving any rights and actions, including the right of first refusal and right to challenge, that might contradict such acceptance. 

The transfer will therefore entail the transferee’s subrogation, by simply notifying the LESSEE, in the position currently held by the
LESSOR in this lease contract, with all the powers agreed herein remaining valid for the new LESSOR, and all waivers agreed herein remaining valid for the LESSEE. 

In such a case, the LESSEE must pay rent and all amounts undertaken by it in this contract to the new LESSOR, and they shall be deemed to have
been paid to the new LESSOR as owner. 
 In the event that the transfer is carried out as a financial lease, the parties also expressly
agree, now and for that moment, to transform the lease contract into a sublease contract, in which everything agreed herein shall remain in force with the legal nature of the said sublease, which will become a lease contract in the event that the
LESSOR or its assignee exercises the purchase option under the financial lease, and everything contained in it and agreed herein shall apply again, especially all the waivers of the LESSOR contained herein. 

TEN. RETURN OF THE LEASED PROPERTIES 

10.1. Certificate of Return 

Once the date of termination of this contract has been reached for any reason, the LESSEE must return the LEASED PROPERTY in the same good
condition in which it received it; paying the amounts needed for any repairs that may be necessary if this is not the case. 
 To this end,
on the day on which the Contract comes to an end, the LESSOR shall issue a “Certificate of Return” (a draft of which is attached hereto as Annex no. 5) describing the apparent situation of the LEASED PROPERTIES, and the LESSEE shall state
its agreement with the list of repairs to be carried out at its expense. 
 If the LESSEE does not appear on the date and at the time set for
the inspection of the LEASED PROPERTIES or if it refuses to sign the Certificate of Return, or in the event of full or partial disagreement between the LESSOR and the LESSEE, the said Certificate shall be issued by a Technician to be appointed by
the LESSOR, and both Parties irrevocably submit to his or her decisive opinion, which will not be subject to appeal. 

  
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 10.2. Condition of the LEASED PROPERTIES at the Time of their Return 

For this reason, the LESSEE must leave the LEASED PROPERTIES, leaving them empty, clear, tidy and clean, with the necessary repairs carried
out, the internal and external signs, posters or advertisements removed, and without those movable items that can be removed without causing damage or deterioration to the PREMISES and without affecting the structure of the Building and whose
removal has been agreed with the LESSOR. It must also return the keys and access cards for the building and car parks. 
 10.3.
Restoration of Pre-Works Condition 
 The LESSOR may require the LESSEE to restore the OFFICE to its condition prior to any works that
may have been carried out by the latter during the term of the Contract, even if they were authorised by the LESSOR, and the latter may require partial restoration keeping one or more of the works or improvements made, without any right to
compensation thereby arising for the LESSEE. In the event that the LESSEE refuses to carry out such works at the end of the Contract, the LESSOR may carry them out itself and claim their cost from the LESSEE or enforce, in full or in part, the
guarantee given. 
 10.4. Movable Items and Installations 

The delivery of, or departure from, the OFFICE is understood to include that of the movable property or installations contained therein, which
will entail lawful ownership thereof, unless otherwise stated by the LESSEE to the LESSOR in a certified manner. Therefore, in the event that the LESSOR chooses to leave such movable items or installations for the benefit of the building or decides
to sell them to a third party, it shall do so with the good faith equivalent to legal title envisaged in Art. 464 of the Spanish Civil Code (Código Civil), and will have no liability vis-à-vis any third parties. 

Notwithstanding the foregoing, the LESSOR may claim from the LESSEE any loss arising from restoring to the rightful owner the items of which it
was disposing. 
 10.5. Delayed Return 

The LESSOR expressly states, now and for the time of expiry or termination of the Contract and return of the LEASED PROPERTIES, that, if the
LESSEE remains at the said properties after that date, this cannot be deemed to constitute tolerance (especially for the purposes envisaged in Article 1,566 of the Civil Code on tacit renewal) and will not be allowed under any circumstances unless
expressly agreed by the parties. 
 Therefore, if such delivery does not take place in a proper and timely manner, and without prejudice to
the LESSOR’s ability to take appropriate legal action, the LESSEE must pay the LESSOR, by way of penalty under the contract or cumulative penalty, an amount equal to twice the last monthly rent payable, calculated pro rata temporis with
respect to the time it takes to evict it, counted from the date of termination or, where applicable, from the date of a court ruling to that end. 

  
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 10.6. Change of Registered Address 

If the LESSEE or the companies in its group have established their registered office and/or tax address at the address of the LEASED PROPERTY,
it/they must change it within no more than one month after the date of termination of the Contract. 
 ELEVEN. TAXES AND EXPENSES 

11.1. Taxes or Expenses Arising from the LESSEE’s Activity 

All taxes, local taxes, rates and other charges payable in relation to THE LESSEE’s business and/or activity or by reason thereof are at
the LESSEE’s sole cost and expense. 
 11.2. Common and Extraordinary Expenses. Real Property Tax (IBI): 

The LESSEE undertakes to pay, in addition, the amount of any tax, contribution, local tax, rate, insurance payment, services and/or supplies
(Common Expenses and Extraordinary Expenses) that apply to the LEASED PROPERTY, and such amounts shall be recovered from the LESSEE as set forth in Clause SIX above. 

In particular, the LESSEE shall bear, in accordance with the percentage established for the LEASED PROPERTIES in the RECITALS of the SPECIAL
CLAUSES of this Contract; i.e. in relation to their surface area and the number of parking spaces rented, the Real Property Tax (IBI) chargeable for ownership of the Building, the fees for rubbish collection, private roads and any others of a
similar nature that may be applicable, be they local, regional or national, now in force or that may be created in the future. 
 11.3.
Breach by the LESSEE 
 Any expenses or taxes that are to be borne by the LESSEE under this Contract and whose payment to third parties
is expected to have to be made by the LESSOR due to failure or delay by the LESSEE in relation to the time of payment stipulated in this contract, shall be billed by the LESSOR to the LESSEE without prejudice to its ability to claim from it for any
loss or damage that may arise therefrom or to exercise the actions set forth herein for the event of breach of the LESSEE’s contractual obligations. 

TWELVE. INSURANCE AND LIABILITY 

12.1. During the Refurbishments 

Clause with no content in this contract. 

12.2. LESSEE’s Insurance Policies from the Opening of the OFFICE 

Clause with no content in this contract. 

  
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 12.3. Insurance Policies to be Taken Out by the LESSOR 

The LESSOR shall insure the LEASED PROPERTIES at its expense, regardless or as part of the insurance covering the risks to the Building to
which it belongs (i.e. buildings insurance) and, specifically, its replacement value, by means of a Property Damage Policy. 
 The LESSEE
accepts responsibility for any risks that may affect the LEASED PROPERTIES occupied by it, and it hereby undertakes to refrain from engaging in any activities that invalidate the insurance policy taken out; and, if the LESSEE’s activity results
in an increase in the risk to the building, the LESSEE shall assume any increase there may be in the Building’s insurance premium. 

The LESSOR shall at no time be liable for any loss or damage that may be suffered by the LESSEE or the other persons or property thereof due to
an act of God or force majeure, and neither shall it be liable for any loss or damage that may be caused by the signs or posters that may be fitted by the LESSEE. 

Furthermore and as agreed in Clause ELEVEN of this Contract, the LESSEE shall pay, as part of the common charges of the Building and according
to the percentage established as the share of the LEASED PROPERTIES, the appropriate amount of the insurance premiums taken out by the LESSOR. 

THIRTEEN. BREACH 
 13.1.
Consequences of Breach 
 Failure by either party to fulfil its essential obligations under this Contract and the obligations set forth
in its annexes shall entitle the other party to choose to either enforce performance or terminate the Contract, in either case with the appropriate compensation for damages and payment of interest (without prejudice to the fact that the performance
obligation will still apply if the non-defaulting party chooses to enforce performance). 
 13.2. Breach by the LESSEE 

In particular, any breach of the LESSEE’s obligations and, where applicable, any breach by its staff, which are set forth both in the
provisions contained in this Contract (GENERAL AND SPECIAL CLAUSES) and in the annexes thereto that form an integral part thereof, shall be considered grounds for termination of this Contract. 

In no event will it be mandatory for the LESSOR to require compliance by the LESSEE before it can terminate the Contract and initiate eviction,
and the LESSEE shall bear all legal expenses incurred by the LESSOR, as well as Lawyers’ and Procurators’ fees even if their involvement is not mandatory. 

  
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 13.3. Failure or Delay in Requiring Compliance 

Failure by a party to demand from the other strict compliance with its obligations, or delay in demanding such compliance, may not be
interpreted as a modification or abandonment of that party’s rights, and such party may at any time require the strictest possible application of the clauses set forth in this document. 

FOURTEEN. INDIVISIBILITY. JOINT AND SEVERAL LIABILITY 

14.1. Indivisibility 
 This
Contract, which is formed as a whole by its GENERAL AND SPECIAL CLAUSES and its ANNEXES, is indivisible for the LESSEE. This is without prejudice to the LESSOR’s ability to fully or partially assign it to third parties. 

14.2. Joint and Several Liability 

In the event that there are several lessees, each and every one of them shall be jointly and severally liable to the LESSOR for compliance with
the obligations arising for the LESSEE under this contract, expressly waiving the benefits of priority, excussion and division. 
 FIFTEEN.
CONFIDENTIALITY 
 15.1. General Rule 

Neither party shall disclose any information or provisions of this Contract without the other party’s consent. 

15.2. Exceptions 

Exceptionally, such information may be disclosed, after notifying the other party, in the following cases: 

 

	 	•	 	When it is necessary in order to comply with a legal rule or requirement or a request from a regulatory body or the Tax Administration (Administración Tributaria). 

 

	 	•	 	When it is necessary in order to comply with the terms of the Lease or to give effect to them. 

  

	 	•	 	When the parties agree to the issue and content of a joint press release. 

  

	 	•	 	For the LESSOR: confidentially to its professional advisers, to any mortgagee of the Building and its professional advisers or any others involved in the sale, financing, creation of a charge or valuation of the
Property or of the LESSOR’s affairs. 

  

	 	•	 	For the LESSEE: confidentially to its professional advisers or, where applicable, its Parent Company. 

  

	 	•	 	In the event of execution of a public deed or of registration of this lease contract at the Land Register. 

  
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 SIXTEEN. ADDRESS FOR NOTICES 

16.1. Address 
 All
notifications, requests, demands, waivers, consents, approvals, summonses or other communications that may be required or allowed by this document shall be made in writing and sent to the addresses provided in this Contract or, in the event of
changes thereto, to the last addresses that have been notified in writing. 
 Specifically, the LESSOR’s and the LESSEE’s addresses
are those set forth for each of them in the SPECIAL CLAUSES of this Contract. However, from the moment the LESSEE takes possession of the LEASED PROPERTIES and as soon as it occupies them, the LESSOR may also send it any communications concerning
this lease to the OFFICES. 
 16.2. Notification Methods 

Notifications sent by registered fax shall be deemed to be valid for all purposes (except where a different type of communication is expressly
provided for in this Contract). 
 Similarly, any communications made by fax or e-mail (or by any other method that is valid in law) to the
numbers and addresses set forth in the SPECIAL CLAUSES, or delivered in person at the registered offices specified, shall be deemed to be valid for all purposes of this Contract (except where this Agreement expressly provides a different type of
communication), provided that an acknowledgement of receipt is sent by the same method to the party that sent the fax or email, or a copy with an acknowledgement of receipt signed by a person authorised by the receiving company is given to the
person that delivered the communication. 
 16.3. Changes of Address 

Both parties reserve the right to change their respective addresses for notices, their postal or electronic address or their fax numbers for
the purpose of this Contract, notifying the other party of this fact and providing it with the new details, and the latter shall be bound from the date of receipt of such notification of change. 

SEVENTEEN. AUTOMATED DATA PROCESSING 

In accordance with the provisions of Article 5 of Law 15/1999, the Data Protection Law (Ley de Protección de Datos), the parties
agree that the personal data provided under this contract and any that may be provided by the LESSOR in order to manage entry to the Building and the security and surveillance system, will be included in an automated database belonging to the LESSOR
and kept under its responsibility. The purpose of the said database is none other than to ensure full compliance with the provisions of this contract and any possible amendments thereto. 

  
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 The LESSEE authorises the automated processing of its data and has the right to learn or access,
cancel or correct the data in the LESSOR’s files that concerns it. If you wish to exercise the above mentioned rights or receive information or offers relating to a variety of real estate products from other companies in the LESSOR’s
group, please contact the LESSOR at the address specified for the purposes of this Contract. 
 EIGHTEEN. APPLICABLE LAW 

18.1. Agreements between the Parties and Additional Rules 

The lease relationship entered into shall be governed by the provisions agreed between the parties in this Contract (GENERAL AND SPECIAL
CLAUSES) and its annexes. 
 This Contract shall also be governed by the mandatory rules, which cannot be waived, of Titles I and IV of Law
29/1994, the Urban Lease Law, so that any aspects not expressly provided for in this Contract relating to the rights and obligations of the parties shall be governed by the provisions of Title III of the Urban Lease Law and, additionally, by the
provisions of the Civil Code. 
 18.2. Express Waivers 

Therefore and in accordance with Art. 4.4 of the current Urban Lease Law, Law 29/1994, the parties hereby expressly, clearly and finally waive
any provisions set forth in the said law or legislation that are in express contradiction with the provisions of this Contract and, in particular: 

a) The rules on the right of first refusal contained in Art. 31 and by reference to Article 25. 

b) The rules on Assignment of the Contract and subletting set forth in Art. 32 (in the terms envisaged in CLAUSE NINE above). 

c) The rules on compensation for expiry of the contractual term of the Lease contained in Art. 34. 

d) The rules on maintenances, improvement and works by the LESSEE under Article 30 in conjunction with Articles 21, 22, 23 and 26, as
may be applicable. 
 e) The provisions of Article 33, which governs the continuation by heirs of the activity carried out by the
deceased LESSEE in the leased premises. 

  
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 NINETEEN. JURISDICTION 

The parties, waiving any other jurisdiction that might otherwise apply to them, submit the resolution of any disputes arising from this
Contract to the jurisdiction of the Courts and Tribunals of Madrid city, where the LEASED PROPERTY is located. 
 TWENTY. TRANSLATIONS 

The content of this contract and its annexes may be translated into other languages for information purposes only, and only the duly signed
Spanish version shall therefore have full force and effect between the parties in any event. 
 In token of their agreement with all of the
foregoing, the parties sign two copies of this Contract, in duplicate and for a single purpose, at the time and place first above written. 
  

					
	THE LESSOR				THE LESSEE
	[SIGNATURE]				[SIGNATURE]

  
 33/33 

 (TRANSLATION) 

ANNEX No 3 

“Direct debit instruction” 

LEASE OF URBAN PROPERTIES IN A BUILDING UNDER CONSTRUCTION I. - SPECIAL CONDITIONS 

Madrid 9 August 2007 
 Lease date:
9 August 2007 
 Leased properties: Premises on the 49th. floor, and 22 parking spaces (including 2 special parking spaces) all on basement level 3.

 I would be grateful if you could pay the invoices from TORRE ESPACIO CASTELLANA, S.A.U., holder of C.I.F. (corporate taxpayer identity code) A-
78917440, by direct debit from the account indicated below: 
  

			
	BANK/BUILDING SOCIETY:		Banco Español de Crédito
		
	BRANCH:		Avda. Gran Vía de Hortaleza, no 3
		
	PROVINCE:		28034 Madrid
		
	CURRENT ACCT.:		0030/1518/08/0000012271

  

	
	                [Signature]
	
	FERROATLÁNTICA, S.L.U.
	
	For Javier de Peñaranda y Algar

 Madrid, 9 August 2007 

We confirm that we have been given notice that the credit claims under the lease of premises on the 49th. floor, and 22 parking spaces
(including 2 special parking spaces) all on basement level 3 of the building “Torre Espacio”, of which we are the lessee, have been pledged to Hypo Real Estate Bank International. 

Yours faithfully, 
  

	
	                [Signature]
	
	FERROATLÁNTICA, S.L.U.
	
	For Javier de Peñaranda y Algar

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