Document:

EX-10.27

 Exhibit 10.27 

(TRANSLATION) 

LEASE OF URBAN PROPERTY FOR NONRESIDENTIAL USE 

“TORRE ESPACIO” BUILDING 

PASEO CASTELLANA N° 259 D MADRID 28046 

DOCUMENT INDEX 
  

	I.	SPECIAL CLAUSES 

 I.I. ANNEXES 

 

	 	•	 	Annex no. 1: Plan of the floor where the Leased Property is located. 

  

	 	•	 	Annex no. 2: Notice letter regarding pledge of credits 

  

	II.	GENERAL CLAUSES 

 II.I. ANNEXES 

 

	 	•	 	Annex no. 1: Internal Regulations (Reglamento de Régimen Interno, or “R.R.l.”) 

  

	 	•	 	Annex no. 2: Self-protection plan 

  

	 	•	 	Annex no. 3: Budget 

  

	 	•	 	Annex no. 4: Technical Guide for Private Construction (Guía Técnica de Obras Privativas, or “GTOP”) 

 LEASE OF URBAN PROPERTIES FOR NONRESIDENTIAL USE 

I.- SPECIAL CLAUSES 

Madrid, 2 April 2012 

BETWEEN 
 As one party: TORRE
ESPACIO CASTELLANA, S.A., domiciled in Madrid at Paseo de Ia Castellana no. 259-D, planta 51a, 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 4667, Sheet M-76714, and with tax identification code (C.I.F.) A-78917440. 

Signing in representation of this company is Mr. José Antonio Fernández Gallar, 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. Martin Ma Recarte Casanova, at number 2031 in his notary record. 

With domicile for purposes of notices: at Paseo de Ia Castellana no 259D, 50a 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: FERROATLANTICA, S.A.U., domiciled in Madrid at Paseo de Ia Castellana, 259-D, planta 49a, constituted for an indefinite term by deed executed on 29 September 1992 before Barcelona notary Mr. Raul Vail Vidardell, with number 3016 in his notary record, registered in the Madrid
Commercial Registry at Book 0, Folio 204, Volume 29125, Sheet M-63610, and with tax identification code (C.I.F.) A-80420516. 
 Signing in representation of
this company is Mr. Pedro Larrea Paguaga, as Chairman and Managing Director, in use of the authority conferred on him by virtue of a deed of appointment dated 13 January 2012, attested by Madrid notary Mr. Jaime Recarte
Casanova, at number 111 in his notary record. 
 With domicile for purposes of notices: at Paseo de Ia Castellana, no 259-D, planta 49a. 
 28046-Madrid 

  
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 Person authorised to receive communications regarding this agreement: Mr. José Ramón
Ramos Sánchez. 
 Email: jramos@ferroatlantica.es 

Tel.: 91-590.32.19 
 Fax: 91-562.82.27 

(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 an office building called “Torre Espacio”, which is duly registered in its name in Property Registry no. 34 of Madrid at Volume 1006, Book 184, Folio 99, Property 8244, Entry 4o, located in Madrid at Paseo de la Castellana, no 259D. 
 It is the owner by virtue of a
public deed of Declaration of New Construction executed before Madrid notary Mr. Jaime Recarte Casanova on 19 November 2007, with number 4110 in his notary record. 

II. The “Torre Espacio” building has 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. The entire building is to be leased to third parties by the LESSOR. 

The LESSEE turn is interested in leasing from the LESSOR premises on floor 45 South (using the commercial numbering, equivalent to floor 38
using the construction numbering), identified as being for “Office Use”, with a rentable surface area of approximately 577.93 m2. Hereinafter in this agreement called
the “LEASED PROPERTY” or the “OFFICE”. 
 The LEASED PROPERTY referred to above has a share in the Common
Expenses of the Building of 0.9609320%.  
 This percentage will apply to all expenses and items from time to time included in the
Current Budget (Annex no. 3 to the GENERAL CLAUSES of this Agreement) 
 Taking account of the background above the parties agree to be bound by the
following 

  
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 SPECIAL CLAUSES 

FIRST.- SUBJECT MATTER OF AGREEMENT.- 
 1.1.-
Subject matter and commitments assumed 
 The LESSOR leases the OFFICE 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 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. 

Attached to this agreement is a plan marking the space occupied by the LEASED PROPERTY (annex no. 1). 

1.2.- Services for the OFFICE. 
 The delivery of the
OFFICE is 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). 

Obtaining the corresponding municipal permit in order to be able to conduct the business constituting its corporate purpose in the OFFICE will
be at the cost and risk of the LESSEE, with the consequences contemplated for failure to obtain the permits or revocation thereof after they are granted as set forth in CLAUSE FIFTH, section 5.5 of the GENERAL CLAUSES of this agreement. 

From the date of signature of this agreement the LESSEE may use the services the LESSOR makes available to all lessees of the building. 

1.3.- Official date of delivery 
 The LEASED PROPERTY is
delivered and made available to the LESSEE on the same day as the signature of this agreement, that is, 2 April 2012, with this document serving as the delivery document or certificate therefor. 

SECOND.- . TERM OF THE AGREEMENT.- 
 2.1.-
Initial term 
 The duration of this agreement is established for a mandatory term of FIVE (5) YEARS, counted on a date to date basis from its
signature date, that is until 1 April 2017). 
 2.2.- Enforceability of obligations and computation of terms 

This agreement will enter into effect and will have all of its legal effects from its signature date, the LESSEE’s obligation to pay rent arising from
that time. 
 Also, in all other aspects of this agreement, in particular including the computation for purposes of rent adjustments, the beginning date of
the leasehold relationship will be the signature date. 

  
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 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 PROPERTY. 
 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 PROPERTY 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. 
 The other conditions for the aforesaid
return of the LEASED PROPERTY, 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. 

  
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 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 2013), 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 second year prior to the year in which the rent is to be adjusted, to 31 December of the 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.  

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, every three years during the term of the agreement, provided that one of the parties so requests at least one month in advance of the ending date of the 3rd year it is in effect (or the 6th, 9th or 12th, in the event of an extension or
extensions of the agreement) 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. 

  
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 3.3.- Base rent to be adjusted. Cumulation 

If rent is corrected using the method described in point 3.2., the rent for later years (until the following adjustment based on the market) will be adjusted
as established in paragraph 1 of 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. 

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 FORTY-SIX THOUSAND TWO HUNDRED THIRTY-FOUR EUROS AND FORTY CENTS ON THE EURO (€46,234.40), which corresponds to two months of the initial rent agreed in this agreement. This amount 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 of 24 November 1994. 

  
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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 or decreased 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 PROPERTY and its facilities will be
examined to determine whether it is 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 PROPERTY, 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 PROPERTY, 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 PROPERTY 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 performance of the construction necessary in
order to return the LEASED PROPERTY to its initial status or the one 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
TWO HUNDRED SEVENTY-SEVEN THOUSAND FOUR HUNDRED SIX EUROS AND FORTY CENTS ON THE EURO (€277,406.40) payable monthly in an amount of TWENTY-THREE THOUSAND ONE HUNDRED SEVENTEEN EUROS AND TWENTY CENTS ON THE EURO (€23,117.20),
in advance within the first five days of each calendar month.  

  
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 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, 2012, amount to 7.20 €/m2, which results in an initial monthly amount
payable for the OFFICE of €4161.10 
 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. 
 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.: 0030/151808/0000012271 

Domicile: Avda. Gran Vía de Hortaliza, 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. 

  
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 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 Recarte Casanova. 

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 Bankia current account, of which it is the owner: 
 Bankia, S.A. 

Alberto Alcocer, 46 
 28016
Madrid 
 cc: 2038/583791/6000679703 
 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.- 
 6.1.- 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.- GENERAL CLAUSES 

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

6.2.- It is noted that the LESSEE declares that it is familiar with and has read the annexes listed below that are delivered in digital format (pdf) on
a separate CD. 
 ANNEXES CORRESPONDING TO THE GENERAL CLAUSES: 

Annex 1: INTERNAL REGULATIONS Annex 2: SELF-PROTECTION PLAN 

Annex 3: BUDGET 
 Annex 4: TECHNICAL GUIDE FOR PRIVATE
CONSTRUCTION 
 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. 
  

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

  
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 [Plan of Floor 45 North] 

 Madrid, 2 April 2012 

We hereby acknowledge that we have been advised that the credit rights deriving from the lease agreement for PREMISES on floor 45 South (using
the commercial numbering, and floor 38 using the construction numbering), which is identified as being for “Office Use”, with a rentable surface area of 577.93 m2, of the “Torre
Espacio” Building, of which we are lessees, have been pledged in favour of Calyon Sucursal en España. 
 Sincerely, 

 

	
	FERROATLÁNTICA, S.A.U.
	
	By:
	
	[Signature of Mr. Pedro Larrea Paguaga]

 LEASE OF URBAN PROPERTIES FOR NONRESIDENTIAL USE 

II.- GENERAL CLAUSES 

Madrid, 2 April 2012 
 IDENTIFICATION
OF THE BUILDING IN WHICH THE PROPERTY SUBJECT TO THE LEASE AGREEMENT IS LOCATED: 
 BUILDING: called “TORRE
ESPACIO”, 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. 

Registration INFORMATION: Madrid Property Registry no. 34 at Volume 1006, Book 184, Folio 99, Property 8244, Entry 4 as an independent
property under the ownership of TORRE ESPACIO CASTELLANA, S.A. 
 CONTRACTING PARTIES: 

THE “LESSOR”: TORRE ESPACIO CASTELLANA, S.A.U., domiciled in Madrid at Paseo de Ia Castellana no. 259-D, planta 51a, 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 4667, Sheet M-76714, and with tax identification code (C.I.F.) A-78917440. 
 Signing
in representation of this company is Mr. Eduardo Corral Pazos de Provens, as General Attorney in Fact, in use of the authority conferred on him by virtue of a deed of Appointment and Power of Attorney dated 22 June 2006, attested by
Madrid notary Mr. Martin Ma Recarte Casanova, at number 2056 in his notary record. 
 THE “LESSEE”: FERROATLANTICA, S.A.U.,
domiciled in Madrid at Paseo de Ia Castellana, no 259-D, planta 49a, constituted for an indefinite term by deed executed on 29 September 1992 before Barcelona notary Mr. Raúl
Vali Vidardell, with number 3016 in his notary record, registered in the Madrid Commercial Registry at Book 0, Folio 204, Volume 29125, Sheet M-63610, and with tax identification code (C.I.F.) A-80420516. 

  
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 Signing in representation of this company is Mr. Pedro Larrea Paguada, as Chairman
and Managing Director, in use of the authority conferred on him by virtue of a deed of appointment dated 13 January 2012, attested by Madrid notary Mr. Jaime Recarte Casanova, at number 111 in his notary record. 

Both parties acknowledge the legal capacity necessary to enter into this lease agreement for non-residential use, and taking account of the background and
special clauses set forth in a separate document, the parties also agreed to be bound by the following 
 GENERAL CLAUSES 

FIRST.- SUBJECT MATTER OF AGREEMENT.- 

The content of this clause has been regulated by the parties in the SPECIAL CLAUSES of this Agreement. 

Henceforth the subject matter of this agreement will be referred to as the “LEASED PROPERTY OR PROPERTIES” or the
“OFFICE OR OFFICES” if the reference is only to the leased premises. 
 SECOND.-TERM OF THE AGREEMENT.- 

The content of this clause has been regulated by the parties in the SPECIAL CLAUSES of this Agreement. 

THIRD.- RENT.- DIRECT DEBIT OF PAYMENTS.- DEFAULT.- 

The content of this clause has been regulated by the parties in the SPECIAL CLAUSES of this agreement. 

FOURTH.- ADJUSTMENT OF RENT.- 
 The
content of this clause has been regulated by the parties in the SPECIAL CLAUSES of this Agreement. 
 FIFTH.- USE OF THE LEASED PROPERTY.-

 5.1.- Use or activity 

The LEASED PROPERTY will be used by the LESSEE, to the exclusion of any other use, as offices for the conduct of the business constituting its
corporate purpose, and supplementary services. 
 The LESSOR expressly reserves the right to freely lease the other properties comprising the
Building of which it is the owner, to individuals or legal persons, whether or not they have the same activity or corporate purpose as the LESSEE. Also, it gives no guarantee whatever regarding occupancy of the other properties comprising the
Building. 
 5.2.- Peaceful use 

The LESSOR covenants to assure the LESSEE the peaceful use of the LEASED PROPERTIES, in accordance with the terms agreed herein, and to fulfil
all of the obligations imposed on it by the Agreement. 

  
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 5.3.- Prohibited activities. 

The LESSEE covenants to refrain from any activity that is unhealthy, immoral, damaging or dangerous, and from storing toxic and flammable
materials or installing any machinery that causes smoke, noise or vibrations or represents a danger to persons, property or the building, and to observe the rules contained in the Internal Regulations (R.R.L) for the functioning thereof
(Annex no. 1 of this agreement), as well as the national, regional and municipal legislation in effect from time to time, with particular attention to evacuation and emergency plans and the rules existing regarding fire safety in the
LEASED PROPERTIES (set forth in the Self Protection Plan, Annex no. 2 of this agreement), maintaining the equipment in good working order, in accordance with the aforesaid regulations. It also covenants to maintain the LEASED
PROPERTIES in a good state of use and conservation. 
 The LESSEE covenants not to take actions that could cause a nuisance or damage to
other tenants and occupants of the building, or cause sanctions, complaints or claims of third parties. In this regard, the LESSEE guarantees to the LESSOR that it will be fully indemnified against any complaint or claim that may be filed on account
of its conduct. 
 5.4.- Liability in use 

In the use of the LEASED PROPERTY, the LESSEE will be liable to the LESSOR and to third persons for such damages as may be attributable to it,
caused with mens rea or negligently, without prejudice to such action to terminate the agreement, if any, as may be appropriate. 
 The
LESSOR will have no liability whatever of an employment nature regarding the personnel employed by the LESSEE in the LEASED PROPERTY, which will report solely and exclusively to the latter. 

The LESSOR also assumes no liability for any action of the other lessees of the Building or those acting under their auspices. 

5.5.- Licences and permits 

The LESSEE at its cost must take such actions as may be necessary to obtain and maintain such permits and licences of all kinds as may be
necessary for the development, opening and functioning of its own business in the LEASED PROPERTY, as well as such additional ones as may be required subsequent to occupancy of the LEASED PROPERTY. 

As a result, all expenses, fees, taxes and other amounts driving from processing and obtaining the aforesaid authorisations and conduct of the
business will be exclusively for its account. 
 The LESSEE will keep the LESSOR informed regarding the progress of the applications for all
licences and covenants to act with due diligence in order to secure the licences, satisfying such requirements and complying with such resolutions as may be notified to or demanded of it by the competent authorities. 

The LESSOR makes no guarantee and has no liability whatever if the competent authorities, national or municipal, do not grant the
administrative licences necessary for the functioning of the LESSEE’s business, or they are prohibited or those already existing or additional ones once authorised are suspended. 

  
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 5.6.- Use outside normal hours 

The LESSEE must give advance notice of its intention to access the LEASED PROPERTY outside normal office hours or normal hours for opening to
the public, or on holidays, and may so access the LEASED PROPERTY with prior written consent of the LESSOR. All of the foregoing is to be pursuant to the procedures set forth in the R.R.I. that is attached to this Agreement as annex no. 1. 

If THE LESSOR consents and the LESSEE opens the LEASED PROPERTY to the public or its employees outside normal hours, the LESSEE must pay the
LESSOR the additional costs, if any, it incurs in the form of extraordinary services and consumption. 
 SIXTH.- SERVICES AND SUPPLIES.- GENERAL
OR COMMON EXPENSES.- 
 6.1.- General Expenses 

THE LESSOR (contracting directly with the supplier Companies) will provide the LESSEE with various general services and supplies that, as it is
of interest to both parties, are contemplated and commonly organised for the various properties in the Building. 
 The LESSEE will be
required to pay the LESSOR for all supplies, expenses, charges, taxes or instalments corresponding to the LEASED PROPERTY, both in the context of ownership and in the context of general use of the Building, in particular those deriving from use,
functioning, conservation, repair and replacement of common elements and private elements of common use, dedicated to the general use and appropriate functioning of the Building and the area in which it is located, in accordance with the share of
expenses fixed for each Property in BACKGROUND item III.- of the SPECIAL CLAUSES of this Agreement (in the corresponding proportion based on the surface area of the OFFICE and the percentage it represents of the total surface area owned by the
LESSOR in the Building, and in accordance with the Budget in effect from time to time, an example of which is attached to this Agreement as Annex no. 3.  

Henceforth in this Agreement they will be referred to as “General Expenses”, and they are listed in Annex no. 3, cited above.

 6.2.- Temporary interruption of the services 

Temporary interruption of the common services in the LEASED PROPERTY for reasons not attributable to the LESSOR will not result in any
reduction of the expenses, or any kind of claim against the LESSOR. However, the LESSOR will exert its best efforts so that the aforesaid temporary interruption is as short as possible and has the least possible effect on the LESSEE. 

6.3.- Monthly provision and settlement of General Expenses 

The LESSEE, together with payment of rent, will pay, monthly in advance, as General Expenses, one twelfth of the annual fixed amount
corresponding to the LEASED PROPERTIES by reason thereof. 
 Once the annual accounts of the LESSOR are closed it will report and justify to
the LESSEE the amount of the difference between the monthly provisions paid and the expenses actually incurred. That amount will be paid by the debtor, the LESSOR or the LESSEE as applicable, together with the receipt corresponding to the month of
February (within the first five calendar days of that month) of the year following the year the budget for which has closed. 

  
 Page 4 of 17 

 Notwithstanding the foregoing, if from the definitive calculation the LESSOR is the debtor, the
LESSEE may choose between requesting that the LESSOR pay the difference within the aforesaid term of five calendar days of the month February, or retaining those amounts, considering them to be a delivery on account of the payments of a similar
nature for the following month. 
 6.4.- Extraordinary Expenses 

In this Agreement “Extraordinary Expenses” are those deriving from services and supplies that the LESSOR provides to the LESSEE, on
request of the latter, other than during the hours and on the schedule considered to be normal and defined as such in the R.R.I. (annex no. 1 of this agreement) 

6.5.- Essential term 
 The
parties expressly agree that the General Expenses and Extraordinary Expenses defined in this Clause will be amounts assimilated to rent, and failure to pay within the terms contemplated in this agreement will entitle the LESSOR to terminate it in
the same way and following the same procedure as if it were a failure to pay rent, and also to demand interest for the delay in payment, on the terms set forth in CLAUSE FIFTH 5.7.- of the SPECIAL CLAUSES of this Agreement. 

SEVENTH.- CONSTRUCTION.- LESSOR’S RIGHT OF ACCESS.- LIGHTED AND UNLIGHTED SIGNS.- ACCESS TO OFFICES AND SECURITY SYSTEMS.- 

7.1.- Construction in private areas 

The LESSEE at its expense must perform the finishing work, decoration and installation in its LEASED PROPERTY, and in the performance of such
work the LESSEE must take account of the other construction to be undertaken by the LESSOR and other third party lessees, with the Standards set forth in the Technical Guide for Private Construction (GTOP), which is hereby delivered to the
LESSEE as Annex no 4 of this Agreement, being established for due coordination. 
 7.2.- Procedure for performing private
construction 
 The procedure for performing construction and the private areas is covered in detail in the aforesaid GTOP.
Notwithstanding the fact that it is, the general lines of action in this regard are reflected below. 
  

	 	(i)	All construction necessary in order for the LEASED PROPERTY covered by this Agreement to be used for its purpose will be performed by the LESSEE, within the minimum conditions agreed by the parties, in accordance with
the plan presented by the LESSEE and approved by the LESSOR, with a degree of commercial design, image and quality consistent with the characteristics, architectural design and qualities of the Building. 

In any event, the LESSEE may not perform construction that affects the structure or safety of the Building or its facilities, common facilities
or elements, the strength of materials used in its construction, the exterior façade and blinds of the LEASED PROPERTY, and the LESSEE must notify the LESSOR of the commencement and completion and type of the construction to be performed.

  
 Page 5 of 17 

	 	(ii)	The Private Construction Coordination Team (Equipo de Coordinación de Obras Privativas, or “E.C.O.P.”) of the LESSOR will supervise and inspect the aforesaid construction, both during
construction and once it has been completed. 

  

	 	(iii)	The LESSEE, for purposes of development and performance of the construction in private areas, must: 

  

	 	•	 	Appoint a competent technician to be officially responsible for the private construction project. 

  

	 	•	 	Secure Civil Liability Insurance and deliver a copy to the E.C.O.P. 

  

	 	•	 	Comply and cause the technician appointed by it to comply with the guidelines and standards established by the E.C.O.P., and submit to its control. 

 

	 	•	 	Take responsibility for full completion of the private construction within the established term. 

  

	 	(iv)	It may not build any space in a manner forming a higher level or “mezzanine” without express written consent of the LESSOR. 

7.3.- Maintenance of private construction 

Also for the sole and exclusive account of the LESSEE will be maintenance of the aforesaid construction in a good state of conservation,
functioning, safety and cleanliness, as well as the accessories, equipment and installations, having responsibility therefor. 
 The LESSEE
therefore also must assume the performance and cost of such construction as may be necessary as a result of damages deriving from negligence or mens rea in the use of the LEASED PROPERTY. 

7.4.- Subsequent construction 

The LESSEE will require express written authorisation of the LESSOR to perform any kind of construction subsequent to the construction related
to its occupancy following delivery of the LEASED PROPERTIES. 
 However, the LESSEE may freely decorate the OFFICE and change its interior
distribution by way of movable or removable partitions, provided that the aforesaid work does not interfere with the activity of other lessees, or affect common elements or the structure of the building. 

In any event the LESSEE must notify the LESSOR of the work it intends to perform, indicating the details of performance thereof, and the
construction if applicable must be performed under the corresponding permits, which must be obtained by the LESSEE, complying with the requirements set forth in the GTOP (Annex no. 4 of this Agreement) and those indicated to it by the E.C.O.P. 

  
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 7.5.- Incorporation of construction 

All such construction and installations as may be performed by the LESSEE, and integrated by way of construction in the OFFICE, will be for the
benefit of the LESSOR, being incorporated into the PREMISES as they are performed, without this giving any right of compensation or indemnification whatever in favour of the LESSEE. 

In accordance with the foregoing the LESSEE may not remove from the OFFICE such objects and installations as are incorporated therein by way of
construction without express written permission of the LESSOR. 
 7.6.- Notice of construction to be performed 

Each of the LESSEE and the LESSOR reciprocally covenants to advise the other of the need to perform any repair work that is its responsibility,
during the term of this Agreement, and also of any loss or damage of which it is aware that may affect the obligations or rights of one of the Parties. 

In particular, the LESSEE must notify the LESSOR as quickly as possible, no more than 24 hours after learning thereof, of the need for any
repair or the existence of any defect or damage, accident or deterioration occurring in the LEASED PROPERTIES, their installations, services or accessories. Breach of this reporting obligation will result in the obligation of the LESSEE to
compensate the LESSOR for any direct or indirect damage that may result to it by reason of that loss or deterioration, as well as the delay in presentation of the timely declaration thereof to insurance companies. 

7.7.- Access of the LESSOR to the LEASED PROPERTIES 

The LESSEE will allow free access to the LESSOR, as well as any person representing the LESSOR or authorised to do so, to undertake its
functions of: 
  

	 	a.	INSPECTION of the functioning of any service, as well as verification of compliance with the other obligations established in the Agreement, provided that (I) there is timely notice in order to disrupt the
Lessee as little as possible; and (ii) the visit is made in the presence of the Lessee, except as provided in the following paragraph. 

  

	 	b.	URGENT WORK: In the event of urgency or force majeure, the LESSOR, itself or through an authorised person, also may access the LEASED PROPERTIES, even outside their opening hours, to make such repairs or
inspections as may be appropriate. In these cases, the LESSOR will report to the LESSEE immediately. 

 For its part, the
LESSEE covenants to proceed immediately with any repair or work, if it is urgent to avoid imminent loss or damage to the LEASED PROPERTIES, independently of passing the cost thereof on to the LESSOR if the repair is one that it is to assume in
accordance with the provisions of this agreement. 
  

	 	c.	IMPROVEMENTS: Also, the LESSEE will be required to allow the LESSOR to enter the LEASED PROPERTIES to perform such construction as, although being non-urgent improvement work, should not be deferred until
conclusion of the lease. 

  
 Page 7 of 17 

 If the LESSOR proposes to perform such construction it must, if possible under the circumstances
of the case, notify the LESSEE in writing, at least seven (7) days in advance, of its nature and expected duration. 
 The LESSEE will
not be entitled to any indemnification or reduction of rent, or to withdraw from the agreement, in the case of construction that does not prevent it from continuing with its business in the LEASED PROPERTIES. 

If the construction totally prevents access of its employees or third parties to the LEASED PROPERTIES, the LESSEE will be entitled to suspend
monthly payment of rent, exclusively during the duration of the absolute impossibility of conduct of the business, if applicable being calculated pro rata temporis. 
  

	 	d.	SECURITY AND SURVEILLANCE: The LESSEE at all times also must allow access to the interior of the LEASED PROPERTY by the security personnel for the building, and use such security measures as it deems to be
appropriate, with that if necessary including checking packaging and merchandise (always by agreement with the security personnel of the LESSEE if it has its own). 

 

	 	e.	Termination OF THE AGREEMENT If the Agreement is expected to expire normally, the LESSEE, from the time its departure from the LEASED PROPERTIES is agreed, must allow visits of the LESSOR with possible new
lessees. 

 7.8.- Signs or posters 

The LESSEE may place signs or posters indicating its corporate name, commercial name or trademark, but only in the interior of the LEASED
PROPERTY or in other places it considers to be appropriate that are approved by the LESSOR, provided that they are not placed on and do not protrude from the façade of the building, and are not visible from outside the building. 

Also, the dimensions, kind and form of any sign or poster must have the express prior written approval of the LESSOR, in order to achieve
greater aesthetic uniformity in the Building. 
 7.9.- Access to the OFFICES 

Access to the LEASED PROPERTY by the LESSEE, its employees and third persons authorised by it may only be through the main door of the building
and the lobby or reception area therefor (or from the garage, but also crossing through the reception area). In the aforesaid general reception area of the building a system for security and registration of visitors and employees is planned. 

The LESSEE is expressly authorised to contract its own security system within the OFFICE, whether mechanical or using human resources, which
will complement the one established on a general basis for the rest of the building, provided that the system is expressly approved in advance and in writing by the LESSOR. 

EIGHTH.- DEPOSIT.- ADDITIONAL SECURITY.- 

The content of this clause has been regulated by the parties in the SPECIAL CLAUSES of this agreement. 

  
 Page 8 of 17 

 NINTH.- ASSIGNMENT AND SUBLEASE.- ENCUMBRANCE OF LEASE RIGHTS.- DOMICILES OF COMPANIES.- RIGHT OF FIRST
REFUSAL.- TRANSFER OR ENCUMBRANCE OF THE LEASED PROPERTIES OR THE BUILDING.- 
 9.1.- Assignment and sublease 

Except with prior written authorisation of the LESSOR, the LESSEE may not assign or sublease the LEASED PROPERTY, in whole or in part, or
transfer its contractual position and/or rights and obligations deriving from this Agreement, in whole or in part, to a third party, including franchisees or licensees. 

If the LESSOR gives its written authorisation for such transactions, it reserves the economic rights set forth in arts. 14, 32, 39 and 42 of
the Urban Lease Act (L.A.U.). 
 9.2.- Prohibition of encumbrance of rights of the LESSEE 

The rights accruing in favour of the LESSEE by virtue of the Agreement may not be made subject to any lien or encumbrance. Attachment,
assignment or enforcement of any of the rights deriving from this Agreement will considered to be an unauthorised assignment, resulting in termination of the Agreement. 

9.3.- Domiciles of Companies. 

The LESSEE in all cases will refrain from establishing the domiciles of companies in the OFFICE, unless there is express prior written
authorisation of the LESSOR. If the LESSOR so authorises, that authorisation will be deemed not to confer any right on the domiciled companies, which must change their domiciles upon termination of the Agreement. 

9.4.- Exceptions to prohibition of assignment 

There will not be deemed to be any assignment (solely for purposes of breach of the obligations assumed by the LESSEE in this agreement) if it
is made in favour of companies in the same group as the LESSEE (as that concept is defined in article 4 of the Securities Market Act). 
 In
the event of merger, splitup, or transformation of the LESSEE, or in the event of change of control, direct or indirect, of the LESSEE when it is a company, in particular the transfer of shares or quotas of the LESSEE, or of those companies that
directly or indirectly control more than fifty percent (50%) of the LESSEE, no assignment will be deemed to exist provided that the following requirements are satisfied: 

(i) at the time of the assignment the LESSEE is not in breach of any of the essential terms or obligations under this Agreement. 

(ii) the company resulting from the merger, splitup, transformation or change of control commits in writing, in a form and manner acceptable to
the LESSOR, to assume all terms and obligations arising from the Agreement. 
 (iii) the company resulting from the merger, splitup,
transformation or change of control, based on an updated financial certification (which must be delivered to the LESSOR at least thirty (30) days before the merger, splitup, transformation or change of control), is financially capable of
satisfying the obligations of the LESSEE deriving from the Agreement. 

  
 Page 9 of 17 

 Notwithstanding the foregoing, in the event of transformation, merger or splitup or transfer of
shares or quotas of the LESSEE, the LESSOR also reserves the economic rights conferred by the new version of art. 32.2 of the Urban Lease Act. 

9.5.- Right of pre-emption 

The LESSEE expressly waives the right of pre-emption regulated in article 31 of Urban Lease Act 29/1994, for which reason it may not enforce
such rights of first refusal and withdrawal as may have corresponded to it in the context of any transfer by the LESSOR of the LEASED PROPERTY or the BUILDING in which it is located. 

9.6.- Transfer or encumbrance of the leased properties or the building 

Based on the foregoing, the LESSOR, or those acting its stead, are entitled to transfer the LEASED PROPERTIES, alone or together with other
premises and properties, to any person, at any time during the term of this Agreement, without need of any authorisation from the LESSEE, by any means or formula (contribution, sale, exchange, lease, etc.), and to transfer any right or obligation
deriving from this Agreement and constitute a mortgage or any other in rem lien on the LEASED PROPERTIES, provided that the rights of the LESSEE are not affected as a result of the constitution thereof. 

The LESSEE accepts and consents to any transfer that may be formalised at any time during the term of the lease agreement, expressly waiving
such rights and actions, including rights of pre-emption and challenge, as may be contrary to such acceptance. 
 As a result, the transfer
involves subrogation of the acquirer, by way of simple notice to the LESSEE, to the position the LESSOR holds under this lease agreement, with all authority remaining in effect for the new lessor and all waivers agreed herein remaining for the
LESSEE. 
 Under such circumstances, for purposes of payment of rent and the amounts the payment of which have been assumed herein, the
LESSEE must pay them to the new LESSOR and they will be understood to be paid to the new LESSOR as the owner. 
 If the transfer is made in
the form of a financial lease, the parties furthermore expressly agree, now and in the future, on transformation of the lease agreement into a sublease agreement, in which everything agreed therein will remain in effect with the legal nature of a
sublease, which will be converted into a lease agreement upon exercise by the LESSOR or the one acting in its stead of the purchase option under the financial lease, with everything agreed therein and in this document again being effective,
particularly all waivers of the LESSEE contained therein. 
 TENTH.- Return OF THE LEASED PROPERTIES.- 

10.1.- Return Certification 

Once the termination date of this agreement is reached for any reason, the LESSEE must return the LEASED PROPERTY, in the same good condition
in which it received it, otherwise paying the amounts necessary to make such repairs as may be required. 
 For these purposes, on the ending
date of the Agreement, the LESSOR will issue a “Return Certification”, describing the apparent status of the LEASED PROPERTIES, and the LESSEE will indicate its agreement with the list of repairs that must be made and charged to it. 

  
 Page 10 of 17 

 If the LESSEE does not appear on the date and at the time fixed for inspection of the LEASED
PROPERTIES or refuses to sign the Return Certification, or there is total or partial disagreement between the LESSOR and the LESSEE, the aforesaid Certification will be issued by a Technician appointed by the LESSOR, to the final and nonappealable
decision of which both Parties irrevocably submit. 
 10.2.- Status of the LEASED PROPERTIES upon their return 

Therefore the LESSEE must vacate the LEASED PROPERTIES, leaving them empty, unobstructed, tidy and clean, with the necessary repairs completed,
the interior and exterior signs and posters removed, free of those movable elements that can be removed without causing damage to or deterioration of the PREMISES, without weakening the structure of the Building, the removal of which has been agreed
with the LESSOR. It must also return the parking and building access keys and cards. 
 10.3.- Restoration 

The LESSOR may require that the LESSEE restore the OFFICE to the status it had prior to the construction performed by it during the term of the
Agreement, even if authorised by the LESSOR, being entitled to require that the restoration be partial, with maintenance of one or more of the elements of construction or improvements introduced, without right of any indemnification for the LESSEE.
If the LESSEE refuses to perform the aforesaid construction at the end of the Agreement, the LESSOR may undertake it for the account of the LESSEE and claim the corresponding expenses from it, or totally or partially enforce the guarantee that has
been delivered. 
 10.4.- Personal property and installations 

The delivery of the OFFICE or its vacation implies delivery of the personal property and installations found therein, and lawful ownership
thereof, unless the LESSEE otherwise certifiably advises the LESSOR. Therefore, if the LESSOR chooses to leave such assets and installations for the benefit of the property or decides to sell them to a third party it will do so by virtue of good
faith possession under art. 464 of the Civil Code, equivalent to ownership, being exempt from any liability to third parties. 
 Nonetheless
the LESSOR may charge to the LESSEE the damages occurring by reason of return to the lawful owner of the personal property of which it was disposing. 

10.5.- Delayed return 

The LESSOR henceforth and for the time of expiration or termination of the Agreement and return of the LEASED PROPERTIES, expressly indicates
that the LESSEE’s remaining therein after that date cannot be taken to be forbearance (in particular for purposes of Article 1566 of the Civil Code regarding tacit renewal), nor will it be allowed in any case absent express agreement of the
parties to the contrary. 
 Therefore, if the delivery does not occur on a timely basis and in proper form, without prejudice to exercise by
the LESSOR of the appropriate legal actions, the LESSEE must pay the LESSOR, as a penal clause or cumulative penalty, an amount equivalent to double the last monthly rent payable, calculated “pro rata temporis” for the period of time it
delays in vacating the premises, counted from the termination date or, if applicable, the date of judicial declaration thereof. 

  
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 10.6.- Change of registered office 

If the LESSEE or the companies in its group have established their registered offices and/or tax domiciles at the address of the LEASED
PROPERTY, they must change them within a maximum term of one month after the date of termination of the Agreement. 
 ELEVENTH.- EXPENSES AND
TAXES.- 
 11.1.- Expenses or taxes deriving from the LESSEE’s business 

The taxes, levies, duties and other charges imposed on the business and/or activity of the LESSEE, or by reason thereof, are exclusively for
the account and the responsibility of the LESSEE. 
 Common and Extraordinary Expenses. Real Estate Tax 

The LESSEE in addition covenants to pay the amount of any tax, contribution, assessment, fee, insurance, services and/or supplies (Common
Expenses and Extraordinary Expenses) imposed on the LEASED PROPERTY, which amounts will be passed on to the LESSEE on the terms set forth in Clause SIXTH above. 

Specifically for the account of the LESSEE, based on the percentage for the LEASED PROPERTY set forth in BACKGROUND item III.- of the SPECIAL
CLAUSES of this Agreement, that is, by reference to the surface area thereof, will be the Real Estate Tax (Impuesto sobre Bienes Inmuebles, or “IBI”) imposed on ownership of the Building, the fees for collection of garbage, accesses and
any others of a similar nature that are applicable, whether municipal, regional or national, currently in effect or created in the future. 

11.3.- LESSEE breach 

Those expenses or taxes that under this Agreement are for the account of the LESSEE, the payment of which to third parties is advanced by the
LESSOR, by reason of breach or delay of the LESSEE as regards the time for payment contemplated in this agreement, will be invoiced by it to the LESSEE, without prejudice, if applicable, to charging such damages as may have arisen or exercising such
actions as may be contemplated in this Agreement for breach by the LESSEE of its contractual obligations. 
 TWELFTH.- INSURANCE AND LIABILITY.-

 12.1 During fitting-out Clause with no content in this agreement.  

12.2 LESSEE insurance from opening of the OFFICE 

Clause with no content in this agreement 

12.3.- Insurance for the account of the LESSOR 

The LESSOR as its responsibility will insure the LEASED PROPERTY, independently of or as a part of the insurance covering the risks of the
Building of which it is a part (that is, “the structure”), specifically its new replacement value, by way of a Property Damage Policy. 

The LESSEE assumes responsibility for such risks as may occur in the LEASED PROPERTY it occupies, hereby covenanting not to engage in activity
invalidating such insurance as is secured, and that if as a result of the LESSEE’s activities there is an increase in the risk inherent in the building, the LESSEE will assume such increase in the insurance premium for the BUILDING, if any, as
may occur. 

  
 Page 12 of 17 

 The LESSOR at no time is responsible for such damages as may be suffered by the LESSEE or the
other persons or property thereof by reason acts of God or force majeure, nor is it responsible for such possible damages as may be caused by the signs or posters the LESSEE installs. 

Furthermore, as agreed in Clause ELEVENTH of this Agreement, the LESSEE as a part of the common charges of the Building, based on the
percentage corresponding to the LEASED PROPERTIES, will pay the amount corresponding to the premiums on the insurance secured by the LESSOR. 

THIRTEENTH.- BREACH.- 
 13.1.-
Consequences of breach 
 Breach by either of the parties of the essential obligations contained in this Agreement, and those set forth
in its annexed documents, will entitle the other to choose to demand performance or terminate the Agreement, in both cases with the corresponding compensation for damages and payment of interest (the foregoing without prejudice to survival of the
obligation to perform, if so demanded). 

  
 Page 13 of 17 

 13.2.- LESSEE breach 

Specifically, grounds for termination of this Agreement will include any breach of the LESSEE’s obligations, and if applicable those of
its personnel, set forth in both the clauses contained in this Agreement (GENERAL AND SPECIAL CLAUSES), and in its annexed documents that are an integral part thereof. 

In no case will it be necessary for the LESSOR to make prior demand of performance of the LESSEE in order to terminate and initiate eviction,
with all judicial expenses caused to the LESSOR being for the account of the LESSEE, as well as the fees of barristers and solicitors, even if their participation is not mandatory. 

13.3.- No demand or delay 

The fact that one of the parties does not demand strict compliance of the other with its obligations, or delays in making such demand, may not
be interpreted as an amendment or surrender of its rights. For this reason it at any time may demand the most strict application of the clauses set forth herein. 

FOURTEENTH.- INDIVISIBILITY.- JOINT AND SEVERAL OBLIGATIONS.- 

14.1.- Indivisibility 

This Agreement, fully comprised of its GENERAL AND SPECIAL CLAUSES and its ANNEXES, is indivisible for the LESSEE, without prejudice to the
LESSOR’s entitlement to assign it to third parties, in whole or in part. 
 14.2.- Joint and several obligations 

If there are multiple lessees, each and every one of them will be jointly and severally liable to the LESSOR for performance of the obligations
arising for the LESSEE from this agreement, with express waiver of the benefits of order, discussion and division. 
 FIFTEENTH.-
CONFIDENTIALITY.- 
 15.1.- General rule 

Without consent of the other, neither of the parties will disclose any information or clause set forth in this Agreement. 

15.2.- Exceptions 
 As an
exception, such information may be disclosed, after notice to the other party: 
  

	 	•	 	When it is necessary to comply with any requirement or rule of law or of a regulatory agency or of the Spanish tax authorities. 

  

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

  

	 	•	 	When the issue and content of a joint press release is agreed between the parties. 

  

	 	•	 	In the case of the LESSOR: confidentially to its professional advisors, to any mortgage creditor of the Building and its professional advisors or others participating in the sale, financing, encumbrance or valuation of
the Building or the LESSOR’s business. 

  

	 	•	 	In the case of the LESSEE: confidentially to its professional advisors and, if applicable, those of its Parent Company. 

  

	 	•	 	In the event of execution of a public deed or registration of this lease agreement in the Property Registry. 

  
 Page 14 of 17 

 SIXTEENTH.- DOMICILE FOR PURPOSES OF NOTICES.- 

16.1.- Domicile 
 All
notifications, requests, demands, waivers, consents, approvals, notices and other communications required or permitted hereby will be in writing, sent to the addresses indicated in this Agreement or, in the event of a change, to the most recent
address that has been communicated in writing. 
 Specifically, the domiciles of the LESSOR and the LESSEE, respectively, are established as
those set forth for both in the SPECIAL CLAUSES of this Agreement. However, from the time the LESSEE takes possession of the LEASED PROPERTIES and for so long as it occupies them, the LESSOR also may notify it of any communications related to this
lease at the OFFICES or the leased premises. 
 16.2.- Means of notification 

Notices delivered by Bureaufax will be considered to be validly given for all purposes (except in those cases in which this Agreement expressly
provides for a different type of communication). 
 Also, communications sent by fax or email (or any other means that is valid in law) to
the numbers and addresses set forth in the SPECIAL CLAUSES, or delivered in person to the indicated registered addresses, will be deemed to be valid for all purposes of this Agreement (except in those cases in which this Agreement expressly provides
for a different kind of communication), provided that an acknowledgment of receipt thereof, using the same means of communication, is made to arrive to the party sending the fax or email, or a copy with acknowledgment of receipt is delivered, signed
by an authorised person of the recipient company to whom the communication was sent. 
 16.3.- Change of domicile 

Each of the parties reserves the right to change the domicile designated for receipt of notifications, its physical or email address or fax
number for purposes of this Agreement, by giving notice of this fact and the new information to the other party, the change being binding on the latter from the date of receipt of the notice of change. 

SEVENTEENTH.- AUTOMATED DATA PROCESSING.- 

In accordance with the provisions of article 5 of Organic Act 15/1999 on Data Protection, the parties agree that the personal information
provided by virtue of this agreement and such information provided to the LESSOR in order to document entry into the Building and the system of security and surveillance, will be included in an automated database owned by the LESSOR and maintained
under its responsibility. The purpose of the aforesaid database is to ensure faithful compliance with the provisions of this agreement and possible novations hereof. 

The LESSEE authorises the automated processing of its information, and is entitled to access, correct or suppress the information about it that
appears in the LESSOR’s files. If it wishes to exercise the aforesaid rights or receive information or offers of other real estate products from other companies in the LESSOR’s group, it must apply to it at the domicile fixed for purposes
of this Agreement. 

  
 Page 15 of 17 

 EIGHTEENTH.- APPLICABLE LAW.- 

18.1.- Agreements of the parties and supplementary rules 

The lease relationship formalised hereby will be governed by the agreements of the parties in this Agreement (GENERAL AND SPECIAL CLAUSES) and
in its annexed documents. 
 Also applicable to this Agreement will be the mandatory, nonwaivable rules in titles I and IV of Urban Lease Act
29/1994 (Ley 29/1994 de Arrendamientos Urbanos, the “LAU”), for which reason the obligations and rights of the parties, to the extent not expressly contemplated in this Agreement, will be governed by the provisions in title III of the LAU
and, by way of supplement, by the provisions of the Civil Code. 
 18.2.- Express waivers 

As a result, in accordance with art. 4 section 4 of current Urban Lease Act 29/1994, the parties expressly, clearly and conclusively waive any
scheme contemplated in the aforesaid text or rules that is contradictory to the express provisions of this Agreement, in particular to: 
  

	 	a)	The scheme of pre-emption regulated in art. 31 by remission from article 25. 

  

	 	b)	The scheme for Assignment of Contract and sublease set forth in art. 32 (on the terms set forth in CLAUSE NINTH above). 

  

	 	c)	The scheme of Indemnification for expiration of the contractual term of the Lease as set forth in art. 34. 

  

	 	d)	The scheme of conservation, improvement and construction by the LESSEE under article 30, together with articles 21, 22, 23 and 26, to the extent applicable. 

 

	 	e)	The provisions of article 33, governing the continuation by an heir of the business engaged in in the leased premises by a deceased LESSEE. 

NINETEENTH.- FORUM.- 
 For solution of any dispute
arising from this Agreement, the parties, waiving any forum that might correspond to them, submit to the jurisdiction of the courts and tribunals of the capital city of Madrid, in which the LEASED PROPERTY is located. 

TWENTIETH.- TRANSLATIONS.- 

Translations to other languages may be made of the content of this agreement and its annexes for merely informational purposes. For this
reason, in any event, only the Spanish version, duly signed, will be fully valid and effective between the contracting parties. 

  
 Page 16 of 17 

 In witness whereof, the parties sign this Agreement in duplicate for a single purpose in the place and on the
date in the preamble. 
  

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

  
 Page 17 of 17 

 II.I. ANNEXES TO THE GENERAL CLAUSES 

Date of the Lease agreement: 2 April 2012  

Leased Properties: PREMISES on floor 45 South (using the commercial numbering, and Floor 38, using the construction numbering), identified as
being for “Office Use”, with a rentable surface area of approximately 577.93 m2, in the “Torre Espacio” Building. 

Madrid, 2 April 2012 
 The
LESSEE hereby declares that it has received, in digital format (PDF), by the LESSOR’s delivery of a CD, the documents comprising the Annexes to the General Clauses, as listed below: 

 

	 	•	 	Annex no. 1: Internal Regulations (Reglamento de Régimen Interno, or “R.R.l.”) 

  

	 	•	 	Annex no. 2: Self-protection plan 

  

	 	•	 	Annex no. 3: Budget 

  

	 	•	 	Annex no. 4: Technical Guide for Private Construction (Guía Técnica de Obras Privativas, or “GTOP”) 

The aforesaid documents are an integral part of the lease agreement signed with TORRE ESPACIO CASTELLANA, S.A.U. Unipersonal as referred to
above. 
 Received and accepted, 

FERROATLÁNTICA, S.A.U. 

By: 
 {Signature of Pedro
Larrea Paguaga} 
 Mr. Pedro Larrea PaguagaEX-10.28

 Exhibit 10.28 

(TRANSLATION) 
 [Logo of
Enérgya-VM Generación] 
 ADDENDUM TO AGENCY AGREEMENT 

1. CLIENT DETAILS 
 Name/Company Name:
FERROATLANTICA, S.A. 
 Tax Code (CIF): A-80420516 

Registered office: Paseo de la Castellana 259D, Torre Espacio, Floor 49, 28046 Madrid. 

2. RECITALS 
  

	 	I.	Whereas Enérgya-VM Generación, S.L.U. and the Client signed an Agency Agreement on 30 June 2012. 

  

	 	II.	Whereas the Parties wish to modify the terms contained in the Agency Agreement pursuant to the contents of this Addendum: 

3. MODIFICATION OF THE AGREEMENT 
  

	3.1	The Parties hereby agree to modify Clause 3 of the individual terms and conditions of the Agreement, which shall henceforth read as follows: 

Once the Initial Term of the Agreement (beginning on the Commencement Date and ending on the Agreement Expiry Date set out in the Individual
Terms and Conditions) has elapsed, the Agreement shall be tacitly extended for periods of one year unless either of the Parties gives written notice that it does not wish to extend the Agreement, at least one month in advance of the ordinary expiry
date of the Agreement or any of its extensions. 
 4. OTHER CONDITIONS 
  

	4.1	The Parties hereby agree that the contents of this Addendum shall come into effect from 1 January 2014. The Parties shall remain fully bound by any other clauses that have not been modified by means of this
Addendum. 

  

	4.2	The contents of this Addendum shall be governed by Spanish law. In the event of any disagreement or dispute, the Parties hereby submit to the terms and conditions of the Agreement. 

In witness whereof, both Parties hereby sign this present Addendum in duplicate, to one sole effect, on the dates indicated below. 

			
	For Enérgya-VM Generación, S.L.U.		For the Client (PP)
		
	[illegible signature]		[illegible signature]
		
	María Luisa Huidobro Arreba (Spanish Identity Document 05229360-B)		María Luisa Huidobro Arreba (Spanish Identity Document 05229360-B)
		
	General Manager, Attorney, pursuant to a deed of Power of Attorney executed on 2 April 2013 in the presence of Madrid Notary Public Martín Maria Recarte Casanova, deed reference number 587.		Attorney, pursuant to a deed of Power of Attorney executed on 23 May 2013 in the presence of Madrid Notary Public Martín Recarte Casanova, deed reference number 938.
		
	Date: 20 December 2013		Date: 20 December 2013

 (TRANSLATION) 

REPRESENTATION AGREEMENT 
 General Terms

  

	1.	OBJECT, VALIDITY AND TERMS OF THE AGREEMENT 

  

	1.1	By virtue of this Agreement and throughout its life, the Client designates Enérgya VM Generación (“Enérgya”) to act as its representative which, in turn, hereby accepts and undertakes to
provide to the Client the necessary representation services in order to sell the electricity generated by the facilities described in the Specific Terms, pursuant to the terms and conditions foreseen in the Agreement and other applicable electricity
sector regulations (the “Services”). 

  

	1.2	This Agreement will be effective and binding between the Parties following its execution and will have an Initial Term covering the period between the Commencement and Completion Dates of the Services established in the
Specific Terms. The Commencement Date of the Services will be subject and conditioned to completion of all the necessary administrative steps, to specifically include notification by the Client to the OM and OS that Enérgya will act as its
representative, in the form established in the Specific Terms, and that both the OM and OS have recognised Enérgya for these purposes. If, during the month following signature of the Agreement, for reasons not attributable to Enérgya,
Enérgya has not been recognised in these terms or the Client has not completed all the necessary steps to trade on the organized production market by the Commencement Date of the Services, Enérgya will be entitled to terminate this
Agreement. Once the Initial Term has elapsed, it will be extended only and only if this is foreseen in the Specific Terms. Otherwise, no extension will take place if one of the Parties informs the other in writing and by authentic means of its wish
to not extend the Agreement at least one month before expiration of the Initial Term or any extension thereof. By default, the Agreement will end on the Final Date of the Agreement. 

 

	1.3	In any case, Enérgya will be released from any obligations binding the Client prior to signature of this Agreement. Consequently, if a claim is brought against Enérgya for any obligations prior to
signature of the Agreement, and Enérgya is held liable, the Parties hereby agree that Enérgya will be entitled to charge the Client for any amounts paid for these items. In any case, the Client will hold Enérgya harmless from
any loss and damage. 

  

	1.4	Enérgya will be entitled to propose an amendment of the RS, RC and RB, if any, provided that a subsequent regulatory change has arisen with respect to the terms in force at the signature date of the Agreement,
binding on either Party, significantly affecting the balance of mutual services provided by the Parties by virtue of this Agreement. In such case, Enérgya will forward the proposed amendment to the Client, and the Client may expressly
challenge such amendment by authentic means, within fifteen days following notice of the proposed amendment (provided that the effective date of such regulatory change falls within this term), in which case Enérgya may apply for termination
of the Agreement. If, upon expiration of said fifteen-day term, the Client has not brought any challenge, the proposed amendment will be deemed as accepted. 

  

	1.5	 At the signature date of the Agreement, the Parties hereby declare that this Agreement does not infringe any third party rights, commitments or prior
agreements executed by the Parties. In particular, the Client hereby declares that it is fully entitled to act on behalf of the Owner of the Facilities; the latter will be 

	 	
consequently bound by all the commitments and obligations foreseen in this Agreement. Likewise, the Parties hereby declare that they hold all the necessary rights, permits, authorisations and
licences to execute this Agreement and to develop their respective corporate objects; the Parties have not been declared in bankruptcy, nor is any bankruptcy procedure pending with respect to the same, nor are they in any situation evidencing their
current or imminent insolvency, pursuant to applicable regulations. If any change occurs with respect to the foregoing situation, the Party in a different situation must immediately inform the other Party. 

 

	2.	SUPPLY OF INFORMATION AND PROGRAMMING OF ELECTRICITY SURPLUS ON THE PRODUCTION MARKET 

  

	2.1	The Client undertakes to provide Enérgya with the information it may require in order to fulfil the obligations stemming from this Agreement. Any programmed stop in the Facilities will be notified by the Client
to Enérgya at least one week before the scheduled date, indicating when operation in the Facilities will be reinstated. In the event of other incidents that may arise in the Facilities, which may affect the operating state or electricity
generation in the Facilities, the Client will immediately report them and, in any case, will do so no later than the day following their occurrence. 

  

	2.2	For the purposes of communicating the Generation Timetable Programme for surplus electricity (“PPROD”), the Client will inform Enérgya no later than 9:00 hours on day “D-1” of its PPROD, with
respect to each programmed timetable for the following day “D”. Each PPROD will be notified to Enérgya by the Client through the Enérgya Generators Web (or, otherwise, through an FTP server made available by Enérgya).
If the Client fails to inform Enérgya of its PPROD, Enérgya will consider that the PPROD of each programmed timetable for “D” is zero. In any case, the Client will be responsible for any differences arising with respect to
the PPROD, and Enérgya will be responsible for any differences arising due to not applying the reported PPROD. 

  

	2.3	Enérgya will instrument the sale of electricity generated at the Facilities by making offers on the daily, intra-daily and system adjustment services markets (the “Production Market”), which may be
presented on an aggregate and joint basis with the offers of other facilities it also represents, without the Client being able to demand from Enérgya any individualized sale offers for all or part of its generated electricity. Enérgya
will use its best endeavours to handle any possible changes in PPROD, notified by the Client at least one hour before each trading session begins, establishing the programming timespan for such session. Enérgya is hereby expressly authorised
by the Client to change any nominations and sale and purchase offers made by the Facilities on the Production Market with respect to the PPROD effectively notified by the Client, as long as the technical possibilities of the Facilities so allow.

  

	3.	MEASUREMENT EQUIPMENT 

  

	3.1	 The Client will connect its Facilities to any measurement and remote-measurement equipment (the “Measurement Equipment”) that is necessary
to adequately perform this Agreement. In particular, the Client hereby represents, warrants and undertakes to maintain compliance by the Measurement Equipment of any applicable regulatory provisions. Both Parties hereby agree that the Client will
allow Enérgya to access, by telephone or by other remote means, the Facility measurement meter, providing Enérgya to that effect with the necessary 

	 	
parameters, link addresses, entry passwords, including a telephone number or public IP address, and will provide Enérgya with the necessary software to read and receive the measurements of
electricity generated by the Facilities; in any case, Enérgya will not be liable for any conduct of third parties not attributable to Enérgya. Furthermore, the Client hereby entitles Enérgya to access the OS Primary
Concentrator, on its behalf. 

  

	4.	SETTLEMENTS AND METHOD OF PAYMENT 

  

	4.1	With respect to RC, Enérgya will provide the Client with a report stating the electricity effectively generated by the Facilities and sold on the Production Market during the preceding month in question (the
“Report”). The Report will be forwarded to the Client as soon as Enérgya has said information according to the settlement calendars provided by the OS, OM and distributor or National Energy Commission (CNE). In the event of direct
representation, the Client will directly receive from such OS, OM and distributor or CNE the settlements for electricity sold on the Production Market. For all other indirect representation situations the Client, during five days following closure
of the settlement by the OS, OM and distributor or National Energy Commission (CNE), for the previous month (m), and once Enérgya has received the relevant settlement amounts, will issue an invoice to Enérgya as RC for the month in
question, payable by Enérgya within ten days following receipt. Enérgya will charge the Client for any amounts that may be debited thereto or incurred as OM financing, pursuant to RD 485/2009, of 3 April, including any other
amounts debited to Enérgya and payable by the Client. Said amount will be deducted from the amount payable as RC to the Client. 

  

	4.2	With respect to RS Enérgya, within five days following closure of the settlement for the OS, OM and distributor or National Energy Commission (CNE), applicable to the previous month (m), and once Enérgya
has received the relevant settlement amounts, will provide the Client with an invoice indicating the RS settlement applicable to the previous month (m), plus Value Added Tax and any other applicable duties, which will be payable by the Client within
ten days following the issue date of Enérgya’s invoice. If the Parties disagree as to any settlement items or amounts, the Debtor Party will in each case notify in writing the reasons justifying such difference, before the date it is
obliged to pay the Creditor Party, quantifying the amount charged to each; the Debtor Party will pay any undisputed settlement amount by the deadline foreseen. Upon receipt of the Debtor Party’s writ, the Creditor Party will reply in writing
within a maximum of ten days in relation to such difference, indicating whether or not it agrees with the same. In any case, once the dispute is resolved through negotiations or, otherwise, in court, any amount to be paid or returned, as the case
may be, as a result of such resolution, will accrue default interest. Any amounts due and not paid will be subject to the legal default interest rate published by the Bank of Spain, levied on the amount due and not paid since the date when payment
should have been made and until the effective payment date. This interest will accrue daily and will be settled and payable on the payment date of the outstanding invoice. Furthermore, the Parties hereby agree to settle any financial items derived
from performance of this Agreement, within a maximum of forty-five days following its effective termination. 

  

	5.	CONTRACTUAL TERMINATION 

  

	5.1	The following will constitute events of termination of the Agreement, as well as mutual agreement of the Parties and any other cases foreseen by law: 

 

	i.	A definitive loss by either Party of any licences, permits or administrative authorisations required to exercise its respective activities. 

	ii.	The uninterrupted continuation of an event of force majeure preventing total performance of the Agreement for longer than forty-five days. 

 

	iii.	A breach by either Party of the obligations foreseen in this Agreement if, once ten days have elapsed since the other Party requested that the breach be remedied, such remedy has not taken place. 

 

	iv.	In the event that either Party notifies the other by authentic means of the impossibility of being able to regularly and promptly fulfil its obligations. 

 

	v.	Further to Clause 1.4 of the General Terms, in the event that the Client challenges, expressly and by authentic means, a change in the RS, RC and RB, if any, as foreseen in this Agreement, or applicable regulations
prevent Enérgya from performing the representation services foreseen herein. 

  

	vi.	In the event that: (a) one of the Parties waives payment of its general debt, or a specific type of debt, or announces its wish to do so without having applied for bankruptcy proceedings; or (b) a resolution
is passed to commence the dissolution process of either Party, or (c) an attachment is ordered over all or most of the assets of one of the Parties; or (d) either Party ceases its business. 

 

	vii.	In the event that, as a result of a merger or transfer of all or part of either Party’s assets to another company, the Party’s credit risk is insufficient to cover the commitments foreseen in this Agreement,
or the new resulting company does not undertake each and every one of the obligations of this Agreement. 

  

	viii.	In the event of a breach of the provisions established in Clause 1.5 of the General Terms, Enérgya may apply for termination at any time, and in any case Enérgya will be released from any liability that
may arise as a result of such breach. 

  

	5.2	Termination of this Agreement, for any cause, will not release the Parties from any settlement, invoicing, remuneration, payment and adjustment obligations that remain outstanding at the termination date. Such
obligations will be fulfilled and settled as soon as possible following the contractual termination date and, in any case, no later than one month thereafter; in any case, the settlement intervals applied by the OM, OS and distributor or CNE at the
time will be taken into account. 

  

	5.3	If the Agreement is terminated in advance for a reason other than as foreseen in Clauses 5.1.ii) and/or 5.1.v) above, the Party in breach- consequently causing such early termination- will indemnify the other for any
direct and indirect loss and damage suffered as a result of this termination; the Party Not In Breach will be in charge of objectively calculating such indemnification. 

 

	5.4	In the event of early termination of this Agreement, the Party Not In Breach will be entitled to set off any amounts due as indemnification against any other amounts due by the Party Not In Breach to the Party In
Breach. The Parties hereby agree that the Party In Breach may not demand that the Party Not In Breach pay any amount, until the Party In Breach has effectively paid the entire indemnification referred to in this clause, including any other payment
obligation owed by the Party In Breach to the Party Not In Breach. 

	6.	DATA PROCESSING 

  

	6.1	The Client hereby agrees that Enérgya may use its data, pursuant to applicable regulations, which will be processed and incorporated by Enérgya into the relevant automated files it owns. Any automated data
collection and processing will be directed at ensuring the successful outcome of the contractual relationship established with the Client, as well as Enérgya’s management, administration and provision of the object of the Agreement, and
delivery, by traditional and/or electronic means, of any technical, operating and commercial information on the products and services offered both by Enérgya and its group companies. Furthermore, the Client hereby expressly authorises
Enérgya to fully record, using any technically valid support to that effect, any telematic communications and instructions involving the Client, during the use of any service with Enérgya or other group company. The Client is hereby
acknowledged, and may exercise, its rights of access, cancellation, rectification and challenge by providing written notice to Enérgya. 

  

	7.	MISCELLANEOUS 

  

	7.1	Any relevant communications for contractual purposes exchanged by the Parties will be made in writing and sent by bureaufax, whereas communications made for operating purposes may be made by fax or e-mail, or by any of
the means made available by Enérgya to the Client, as foreseen in Clause 2 of the General Terms. The Parties’ representatives, indicated in the Specific Terms, will be the only persons entitled, for and on behalf of each Party, to issue
and receive any communications, instructions, consultations and/or notification of incidents that may arise during performance of this Agreement; any steps taken by other parties will be totally invalid and ineffective. For the purposes of sending
summons and delivering/receiving notifications or communications, the Parties hereby provide the fax numbers and e-mail addresses indicated in the Specific Terms of this Agreement, for communication purposes. Any change with respect to what is
agreed and consolidated in the Specific and/or General Terms will not be effective, unless it is expressly authorised by the other party and formalized in writing. 

 

	7.2	Neither Party may assign its contractual position under this Agreement to a third party, unless the other Party has provided its prior, express and written consent. Without prejudice to the foregoing the Client hereby
expressly agrees that Enérgya may assign its contractual position under this Agreement to any company of the Villar Mir Group that is likewise duly authorised to act as its representative. 

 

	7.3	If the Client deregisters any of the Facilities from the competent registry, it will duly notify Enérgya one month before the effective deregistration date, at all times following the procedures foreseen for this
purpose by the OM, OS and CNE. 

  

	7.4	The Client hereby authorises Enérgya to provide the Services covered by this Agreement, accordingly empowering it to act before the OM, OS and CNE. In any case, this power of attorney will be terminated in the
event of revocation, upon completion of the Agreement or if it is otherwise rendered null and void for any other cause foreseen in the Agreement or in applicable laws or regulations, or in an administrative or judicial order. Without prejudice to
the foregoing, Enérgya will be specifically entitled to carry out, on behalf of the Client and following the invalidity of the Agreement in the foregoing terms, any steps that may be strictly indispensable to complete the processing of any
settlements or other matters that may remain outstanding as a result of the transactions executed to date. 

	7.5	During the term of the Agreement, the Client may not be bound, in relation to the Facilities, to any entity that is legally entitled to purchase or own the electricity generated by the facilities adhered to the
Agreement, other than Enérgya, through any contractual form. 

  

	7.6	The Parties hereby mutually authorise each other to set off any amounts arising from this Agreement against any other amounts outstanding or due by virtue thereof, or derived from other contractual relations.

  

	7.7	All the information contained in this Agreement and any related thereto or to its performance, as well as its terms and conditions, will be deemed confidential during the term of this Agreement and for two years
thereafter. 

  

	7.8	In the event that the Facilities constitute sources of renewable energy or high-efficiency co-generation sources, as foreseen in Article 3 of Order ITC/1522/2007, the Client undertakes to apply to the National Energy
Commission, before 31 January each year (or any other date established at the time) for the issue of guarantees for the source of electricity generated by the Facilities each year, in accordance with the application procedure established in
current laws at all times, provided that this Agreement remains in full force for the parties. Furthermore, the Client will transfer said source guarantees, assigned to the Facilities, to Enérgya, before 15 March each year (or any other
date that may be established at the time), as foreseen in applicable law. 

  

	7.9	This Agreement will be governed by Spanish law. For the resolution of any matter that may arise in relation to the interpretation or performance of this Agreement, the Parties will submit to the competence of the Courts
and Tribunals of the city of Madrid, expressly waiving any other forum to which they may be entitled. 

  

	7.10	In the event that, as a result of a regulatory change, or change in market rules, occurring after the signature of this Agreement, the settlements of electricity sales need to obligatorily foresee or include any
surcharge, supplement or taxes whatsoever, or these need to be added thereto, the Parties hereby agree that they will be paid by the Party that is obliged under applicable law or, in the absence of specific provisions, the Parties will negotiate who
will bear the same. 

  

	7.11	In the event that any of the provisions of this Agreement is declared null and void by any competent court or authority, it will be deemed as not included and the nullity of such provision will not affect in any way the
other provisions of the Agreement. In such case, the Parties undertake to negotiate in good faith, in accordance with the spirit of the Agreement, in order to provide an alternative wording to the void clause. 

In witness whereof, both parties hereby sign these General Terms, along with the Specific Terms, both of which constitute an integral and inseparable part of
the Agreement, on two copies and for a single purpose, on the dates indicated below. 
 By ENÉRGYA VM GENERACIÓN (By Proxy) 

[Signed] 
 Ms. María Luisa Huidobro Arreba (DNI:
052293600-B) 

 Empowered according to a Public Deed executed by the Notary Public in Madrid, Mr. Antonio Luis Reina
Gutiérrez, under number 6,152 of his official records, dated 4 November 2010. 
 Date: 30 June 2012 

By FERROATLÁNTICA S.A. (the CLIENT) (By Proxy) 
 [Signed]

 Mr. José Luis González-Haba González (DNI: 24.071.407-K) 

Empowered according to a Public Deed executed by the Notary Public in Madrid, Mr. Martín Recarte Casanova, under number 2735 of his official
records, dated 24 November 2008. 
 Date: 30 June 2012 

 ADDENDA TO THE REPRESENTATION AGREEMENT DATED 30 JUNE 2012 

1. CLIENT DETAILS 
  

							
	Identity/Company Name	  	Ferroatlántica, S.A.	  	CIF	  	A-80420516
	Registered address	  	Paseo de la Castellana no 259-D, planta 49, 28046 Madrid	  	Company registration details	  	Madrid, Tome 2933, Folio 175, Sheet M- 50335

 2. FACILITY DETAILS 
 See
Agreement. 
 3. TYPE OF REPRESENTATION 
 Following the
publication of Royal Decree-Law 2/2013, of 1 February, on urgent measures in the electricity system and financial sector, the Parties have agreed to adjust the sale option as follows: 

 

							
	 	  	 Before the

	 	  	 Market Operator (“OM”)
	  	 System Operator (“OS”)
	  	 Distributor or CNE

	Tariff (Art. 24.1.a) of RD 661/07)	  	Indirect	  	Indirect	  	Direct

 4. CLIENT REMUNERATION (RC) 

RC (€) = LIQOM+LIQOS 
 5. VALIDITY AND EFFECTIVE DATE

 This Addenda will be valid as of its signature date, with retrospective effects pursuant to the provisions established in Royal Decree-Law 2/2013.
Consequently, the Agreement will apply insofar as it is consistent with the provisions of this Addenda. 
 In witness whereof, both parties hereby sign
these Specific Terms, along with the General Terms, both of which are an integral and inseparable part of the Agreement, on two copies and for a single purpose, on the dates indicated below. 

 

					
	By ENÉRGYA VM GENERACIÓN (By Proxy)	 		 	By FERROATLÁNTICA, S.A. (the CLIENT) (By Proxy)
			
	[Signed]	 		 	[Signed]
			
	Ms. María Luisa Huidobro Arreba (DNI: 052293600-B)	 		 	Mr. José Luis González-Haba González (DNI: 24.071.407-K)
			
	Empowered according to a Public Deed executed by the Notary Public in Madrid, Mr. Antonio Luis Reina Gutiérrez, under number 6,152 of his official records, dated 4 November 2010.	 		 	Empowered according to a Public Deed executed by the Notary Public in Madrid, Mr. Martín Recarte Casanova, under number 2735 of his official records, dated 24 November 2008.
			
	Date: 6 February 2013	 		 	Date: 6 February 2013

 (TRANSLATION) 

 

			
	

	  	
		
	AGENCY AGREEMENT	  	Special Terms and Conditions

 1. CUSTOMER DETAILS 
  

							
	Name / Company name	 	Ferroatlántica, S.A.	 	CIF	 	A-80420516
	Registered office	 	Paseo de la Castellana 259 D, Torre Espacio planta 49 28046 Madrid	 	Registration details of the company	 	Madrid, Volume 2,933; Folio 175; Sheet M-50335, Entry 400

 2. DATA OF FACILITIES 
  

															
	Facility	 	Santa Eugenia I	 	Santa Eugenia II	 	Novo Pindo	 	Castrelo	 	Ponte Olveira	 	Carantoña	 	Fervenza
	Holder	 	Ferroatlántica, S.A.
	CIF	 	A80420516
	Special Reg. Code	 	RE-95F-11/1	 	RE-95F-11/2	 	RE-006095	 	RE-95F-7	 	RE-001292	 	RE-001293	 	RE-001294
	RD	 	DT1 ● RD 661 /2007 (RD 436/2004)
	Group	 	b.5	 	b.5	 	b.4	 	b.5	 	b.4	 	b.4	 	b.4
	Power (kW)	 	49,072	 	49,072	 	9,751	 	28,700	 	2,700	 	5,000	 	3,600

 3. DURATION 
 This
Agreement enters into force on 1 July 2012 and ends on 31 December 2013, but may be extended by mutual agreement between the parties. 
 4.
TYPE OF REPRESENTATION 
  

							
	 	 	 Before the

	 	 	 Market Operator (“OM”)
	 	 System Operator (“OS”)
	 	 CNE (National Energy Commission)

	Market (art. 24.1.b of RD 661/07)	 	Direct	 	Indirect	 	Direct

 3.1 Enérgya agrees to deposit and maintain during the term of this Agreement the legally established guarantees
before the OM and OS, if the type of representation is Indirect. In all other cases, this commitment will be fully undertaken by the Customer. 
 3.2
In case of a change in the type of energy sale option in relation to the situation prior to this Agreement, the Customer agrees to apply for, within the shortest possible time after its signing, to the Directorate General for Energy and Mines
Policies, the modification in the entry in relation with the sale option chosen by the Facilities, and furthermore, to inform both the OM and OS or any entity that may at the time be appropriate, the type of representation held by Enérgya in
relation with the Customer and the authority vested for such purpose. 
 3.3 For the purposes of this Agreement, Direct representation means that the
Customer directly undertakes all relations with OM, OS and CNE (National Energy Commission) for purposes of settlements, guarantees or any other obligation. Meanwhile, Indirect representation implies that Enérgya shall act as representative
of the Customer before OM, OS or CNE, accepting the obligations agreed to in this Agreement. 
 5. REMUNERATION OF REPRESENTATION SERVICES (RS) 

4.1 The Parties agree to the following remuneration formula for representation services of all the Facilities under this contract: 

Enérgya shall invoice the Customer monthly, an amount equal to 2% of the monthly income for production (LIQOM + LIQOS + LIQCNE),
provided that the Customer’s Total Income up to such month is less than 27 M€. 
 Enérgya shall invoice the Customer
monthly, an amount equal to 6% of monthly income for production (LIQOM + LIQOS + LIQCNE), provided that the Customer’s Total Income up to such month are greater than 27 M€ and less than 34.5 M€. 

 Enérgya shall invoice the Customer monthly, an amount equal to
8% of monthly income for production (LIQOM + LIQOS + LIQCNE), provided that the Customer’s Total Income up to such month are greater than 34.5 M€ and less than 38 M€. 

Enérgya shall invoice the Customer monthly, an amount equal to 10 % of the monthly income for production (LIQOM + LIQOS + LIQCNE),
provided that the Customer’s Total Income up to such month is less than 38 M€. 
 Where, 

LIQOM (€): Total amount of the settlement made by the OM for the Facilities for the energy actually matched in the Production Market. 

LIQOS (€): Total amount of the settlement made by the OS for the energy actually exported to the transmission and distribution network by
the Facilities. 
 LIQCNE (€): Total amount of the settlement made by the CNE (National Energy Commission) in respect of Special Regime
Equivalent Premium for energy actually exported to the transmission network and distribution network by the Facilities. 

  
 ENÉRGYA VM GENERACIÓN,
S.L. (previously CÉNTRICA ENERGÍA GENERACIÓN, S.L.U) CIF B-84070036 with registered address in Madrid, calle Ribera del Loira, No.6, and registered in the Companies Registry of Madrid in Volume 20330, Folio 185, Sheet.M-359488. 

  
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	AGENCY AGREEMENT		Special Terms and Conditions

  

 4.2 The Customer accepts the obligation to report at least two (2) hours before the start of each
Timeline, if an order has been sent thereto to limit its flow or production. 
 4.3 The Customer authorizes Enérgya to carry out, in any case,
charges for the RS through the bank account it holds. 
 5. REMUNERATION OF CUSTOMER (RC) 

RC (€) = LIQOS 
 6. CONTACT DETAILS 

Implementation and operation 
 ENÉRGYA. 24h/7.Ribera del
Loira, 6. 28042 Madrid (Tel.: 91 722 3949/50 / Fax: 91 722 3901/pret@energya.es 
 CUSTOMER. José Antonio Rodríguez Legarreta /
FERROATLÁNTICA S.A. Ctra. al Mirador, s/n 15297 - Ézaro. Dumbría. (A Coruña) / Tel.: 981 706 700 / Fax: 981 712 793 / jose.legarreta@ferroatlantica es 

Settlement and invoicing 
 ENÉRGYA. Ignacio Sánchez
/ Ribera del Loira, 6. 28042 Madrid / Tel.: 91 722 39 20 / Fax. 91 722 3901 / liquidaciones@energyavm.es 
 CUSTOMER. José Antonio
Rodríguez Legarreta / FERROATLÁNTICA S.A. Ctra. al Mirador, s/n 15297 - Ézaro. Dumbría. (A Coruña) / Tel.: 981 706 700 / Fax: 981 712 793 / iose.leqarreta@ferroatlantlca.es and
operaciones@vmenergia.es 
 7. OTHER TERMS OF THE AGREEMENT 
  

	8.1	By means of this Agreement, the Customer expresses its commitment to endeavour making its best efforts to participate in the complementary services of deviation management and tertiary regulation with the Facilities,
provided it is authorised to do so by the OS and the necessary administrative bodies qualifying the Facilities as manageable. Consequently, the Customer authorizes Enérgya, by signing this agreement, to undertake on its behalf all the
necessary steps before the OS or other bodies as appropriate, aimed at enabling the Facilities to provide the previously cited services. 

  

	8.2	Amendment to the clauses 2.2 and 2.3 of the General Terms and Conditions, which shall read as follows: 

2.2 In order for Enérgya to perform its functions, the Customer agrees to provide any information Enérgya may require
in order to fulfil the obligations under this Agreement, including, in particular: 
 (i) Before the Contract Start Date and on each
anniversary thereof if extended, the Customer will deliver to Enérgya its production estimate for the Facility, with a monthly breakdown insofar as possible, for the twelve (12) months of the following year, and the operation,
maintenance and unavailability agenda planned for the Facilities. 
 (ii) Notwithstanding the foregoing, prior to D-2 day of the
changing month, the Customer shall notify Enérgya the production target of the Facility within a Timeline (biweekly or weekly), which may be modified throughout the month based on production conditions, and always with a prior notice period
of two (2) before the start of each Timeline. Should the Customer fail to carry out the said notification to Enérgya, the production target will be deemed to be, including the limitations of flow or production, equal to that notified in
the immediately preceding period. 
 (iii) Notwithstanding the foregoing, the Customer must notify Enérgya, no later than 9:00
am on “D-1” day of its EREF win relation to each of the hourly scheduling periods of the next “D” day. The EREF shall be communicated to Enérgya by the Customer through the Generators Web of Enérgya (or failing
that, via e-mail or recorded conversation). If the Customer does not communicate any EREF to Enérgya, Enérgya will consider that the EREF for each hourly scheduled period for “D” day will be the EEREF of the day before.
Enérgya will not be able to bid above the maximum or below the minimum power scheduled by the Customer in any of the segments of the markets referred to in this Agreement. 

(iv) The Parties agree that Enérgya shall only be required to nominate a change of production hourly schedule in the immediate
aftermath intraday market (EREFEXTRA) provided that this change on the EREF, being subsequently reported after the close of the daily market session, results from abnormal and unforeseen circumstances in production. 

2.3 Enérgya will perform whatever actions it deems necessary or desirable to complete under optimal market conditions, on behalf of
the Customer, the sale in the Production Market of electric energy produced in the Facility subject to the provisions of the Agreement and current legislation, always working to achieve the maximum benefit for the Customer. 

Enérgya shall orchestrate the sale of the electricity produced by the Facilities through the formulation of bids in the daily,
intraday, complementary services and system-setting services markets (the “Production Market”). It may do so in an aggregate and joint form, with offers of other Facilities, which it also represents, without the Customer being able to
require individualized formulation of Enérgya sales offers for all or part of its electricity production. Enérgya shall enjoy full autonomy in the provision of the contracted Service, being it expressly authorized by the Customer to
change the nominations and bids for the purchase and sale of the Facilities in the Production Market regarding the EREF effectively communicated by the Customer. 

Enérgya will communicate to the Customer any changes made to the EREF before the market in which they are to be negotiated via email
or through the control centre. The Customer accepts all financial liability, which may arise from the settlement of the RS and RC due to failure to follow up the changes in its production schedule informed by Enérgya in accordance with the
preceding paragraph. 

  
 ENÉRGYA VM GENERACIÓN,
S.L. (previously CÉNTRICA ENERGÍA GENERACIÓN, S.L.U) CIF B-84070036 with registered address in Madrid, calle Ribera del Loira, No.6, and registered in the Companies Registry of Madrid in Volume 20330, Folio 185, Sheet.M-359488. 

  
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	AGENCY AGREEMENT		Special Terms and Conditions

  

	8.4	The Parties agree to amend clause 4, which shall read as follows: 

 4.1 Regarding the RC, for
cases of direct representation, the Customer will receive directly from such OS, OM and distributor or CNE, the payments for energy sold in the Production Market. For the other cases of indirect representation, the Customer shall, within five days
from the completion of the settlement of the OS, OM and distributor or National Energy Commission (CNE), for the previous month (m) and following receipt by Enérgya of the corresponding amounts for such settlements, forward an invoice to
Enérgya for RC in respect of such month, which shall be payable by Enérgya within ten days from receipt thereof. Enérgya shall pass on to the Customer the amounts, if any, that are charged for financing the OM, according to RD
485/2009, of 3 April and other amounts that are charged to Enérgya and that should be paid by the Customer. This amount will be deducted from the amount of RC to be satisfied by the Customer. 

4.2 Enérgya will forward, before the issuance of the RS invoice, a report on the settlements made by the OM and OS, which shall
include the amount of the settlement of the electricity produced by the Facility and sold in the Production Market during the five (5) previous timelines (hereinafter, the “Report”). In the event that these five (5) timelines
exceed in total more than thirty-five (35) days, Enérgya will be required to submit a report with the settlement on the energy produced in the previous month. 

In consideration of the RS, Enérgya within 5 days from the issuance of the report mentioned in the previous paragraph and provided
that the closing of the settlement of the OS, OM and corresponding National Energy Commission (CNE) has occurred in accordance with the affected timelines, and that Enérgya has received the corresponding amounts for such settlements, the
Customer will be given an invoice with the RS settlement corresponding to the 5 timelines mentioned above. This invoice will additionally include Value Added Tax and any other taxes applicable, if any, and shall be payable by the Customer within ten
days from the date of issue by Enérgya of the invoice in question. 
 4.3 In case of disagreement between the Parties on the
items or amounts of any settlement, the Debtor shall notify in writing in each case the reasons for such discrepancy before the date on which it was required to pay to the Creditor, quantifying the impact of each of them and the Debtor must pay on
time the part that is not under dispute. Having received the letter from the Debtor, the Creditor shall reply in writing within a period of ten days in connection with the discrepancy, indicating compliance therewith or not. In any case, the dispute
being resolved, by way of negotiation, or otherwise, by legal means, default interests will be applied to any amount to be paid or returned, where appropriate, because of that decision. The statutory rate of default interest published by the Bank of
Spain on amounts due and unpaid will be applied to all amounts due and unpaid, from the date on which the payment should have been made until the effective date of payment. Such interest shall accrue daily, shall be settled, and must be paid on the
date on which the payment of the unpaid invoice is made. Moreover, the Parties agree to settle all economic concepts derived from the execution of this contract within a maximum period of forty-five days from the effective termination thereof.

  

	8.5	The Parties agree to amend clause 8.3 of the General Terms and Conditions, which shall read as follows: 

5.3 In the event of Early Termination of the Contract for any reason other than those provided in clause 5.1. ii), and / or 5.1.v) above,
the Defaulting Party and therefore causing the early termination shall indemnify the other party for all direct and indirect damages and losses incurred as a result of the resolution, the non-defaulting party being liable for the objective
determination of such compensation. By way of criminal clause, and additionally to the previously established, the non-defaulting party shall be entitled to claim from the defaulting party the equivalent of a compensation corresponding to the
average daily IA of the non-defaulting party in the period between the effective dates of ordinary termination of the Contract, multiplied by the number of days between those dates. 

 

	8.5	The parties expressly acknowledge the ability to repay sums due and owed to each other and to other companies belonging to their business groups. The parties expressly acknowledge the ability to repay sums due and owed
to each other and with other companies belonging to their business groups. Particularly, in relation to Enérgya, the group companies referred to above shall be limited to, Enérgya VM Gestión de Energía S.L.U. and
Enérgya VM Energías Especiales S.L.U. 

 In addition, in proof of compliance with the above, both parties sign these Special
Conditions, along with the General Terms, Conditions, being both terms and conditions inseparable, and integral parts of the Agreement. They sign a duplicate copy and for one single purpose on the dates indicated below. 

  

			
			By ENÉRGYA (PP)
		
			Ms Maria Luisa Huidobro Arreba (National ID (DNI) No.: 05229360-B)
		
			Attorney-in-fact by Public Deed executed by the Notary of Madrid,
			Mr Antonio Luis Reina Gutiérrez, with protocol number 6152 of
			04 November 2010
			Date
		
			By THE CUSTOMER (PP)
		
			Mr Jose Luis González-Haba González (National ID (DNI) No.: 24.071.407-K)
		
			Attorney-in-fact by Public Deed executed by the Notary of Madrid,
			Mr Martin María Recarte Casanova, with protocol number 2735 of
			24 November 2008
			Date

  
 ENÉRGYA VM GENERACIÓN,
S.L. (previously CÉNTRICA ENERGÍA GENERACIÓN, S.L.U) CIF B-84070036 with registered address in Madrid, calle Ribera del Loira, No.6, and registered in the Companies Registry of Madrid in Volume 20330, Folio 185, Sheet.M-359488. 

  
 Page 3 of 3

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