Document:

EX-10.14

 Exhibit 10.14 
 HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITAL, INC., 
 HANNON
ARMSTRONG SUSTAINABLE INFRASTRUCTURE, L.P., 
 MISSIONPOINT HA PARALLEL FUND III, LLC 

AND 

MISSIONPOINT HA PARALLEL FUND, L.P. 
  

 
 CONTRIBUTION
AGREEMENT 
  
  

 

 CONTENTS 

 

							
	Clause	 	 	  	Page	 
	 Article I Definitions
	 		  	 	2	  
	 Section 1.01.
	 	Definitions	  	 	2	  
	 Section 1.02.
	 	Rules of Application	  	 	5	  
		
	 Article II The Contribution
	  	 	5	  
	 Section 2.01.
	 	Effect of the Contribution	  	 	5	  
	 Section 2.02.
	 	Closing Date	  	 	5	  
	 Section 2.03.
	 	Consideration	  	 	6	  
	 Section 2.04.
	 	Termination	  	 	6	  
	 Section 2.05.
	 	Tax Treatment	  	 	6	  
	 Section 2.06.
	 	Tax Withholding	  	 	6	  
		
	 Article III Conditions and Covenants
	  	 	6	  
	 Section 3.01.
	 	Conditions to the Obligations of the Parent and the Operating Partnership	  	 	6	  
	 Section 3.02.
	 	Conditions to the Obligations of Fund III	  	 	7	  
	 Section 3.03.
	 	Covenants of Fund III	  	 	8	  
	 Section 3.04.
	 	Covenants of the Splitter Partnership	  	 	9	  
		
	 Article IV Representations and Warranties
	  	 	9	  
	 Section 4.01.
	 	Representations and Warranties of Fund III	  	 	9	  
	 Section 4.02.
	 	Representations and Warranties of the Parent	  	 	12	  
	 Section 4.03.
	 	Representations and Warranties of the Operating Partnership	  	 	13	  
		
	 Article V Defaults and Remedies
	  	 	14	  
	 Section 5.01.
	 	Default by Fund III	  	 	14	  
		
	 Article VI Indemnification
	  	 	15	  
	 Section 6.01.
	 	Indemnification	  	 	15	  
	 Section 6.02.
	 	Method of Asserting Claims	  	 	15	  
	 Section 6.03.
	 	Survival	  	 	16	  
	 Section 6.04.
	 	Waiver of Claims	  	 	16	  
	 Section 6.05.
	 	Character of Indemnity Payments	  	 	16	  

  
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	 Article VII Miscellaneous
	  	 	16	  
	 Section 7.01.
	 	Marketing	  	 	16	  
	 Section 7.02.
	 	Entire Agreement; No Amendment	  	 	17	  
	 Section 7.03.
	 	Certain Expenses	  	 	17	  
	 Section 7.04.
	 	Transfer Taxes	  	 	17	  
	 Section 7.05.
	 	Power of Attorney	  	 	17	  
	 Section 7.06.
	 	Notices	  	 	18	  
	 Section 7.07.
	 	No Assignment	  	 	18	  
	 Section 7.08.
	 	Governing Law	  	 	18	  
	 Section 7.09.
	 	Multiple Counterparts	  	 	19	  
	 Section 7.10.
	 	Further Assurances	  	 	19	  
	 Section 7.11.
	 	Miscellaneous	  	 	19	  
	 Section 7.12.
	 	Invalid Provisions	  	 	19	  
	 Section 7.13.
	 	Attorneys’ Fees	  	 	19	  
	 Section 7.14.
	 	Waiver of Jury Trial	  	 	20	  

  
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 THIS CONTRIBUTION AGREEMENT (this “Agreement”) is dated as of April
[•], 2013, by and among HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITAL, INC., a Maryland corporation (the “Parent”), HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE, L.P., a Delaware limited liability partnership
(the “Operating Partnership”), MISSIONPOINT HA PARALLEL FUND III, LLC, a Delaware limited liability company (“Fund III”), and MISSIONPOINT HA PARALLEL FUND, L.P., a Delaware limited liability
partnership (the “Splitter Partnership”). 
 W I T N E S S E T H: 

WHEREAS, prior to the execution and delivery of this Agreement, Fund III owned a certain number of Series A Participating
Preferred Units and/or Class A Common Units (collectively, the “LLC Equity Interests”) of Hannon Armstrong Capital LLC, a Maryland limited liability company (“Hannon LLC”), indirectly through its limited
partner interest in the Splitter Partnership; 
 WHEREAS, prior to the Closing Date (as defined herein), the Splitter
Partnership shall distribute the LLC Equity Interests to Fund III; 
 WHEREAS, Fund III desires to contribute, and the
Operating Partnership desires to acquire, the LLC Equity Interests, free and clear of all Liens, in exchange for [•] operating partnership units in the Operating Partnership (the “OP Units”) (such contribution, the
“Contribution”); 
 WHEREAS, the manager of Fund III has (a) determined that it is in the best
interests of Fund III, and declared it advisable, to enter into this Agreement; and (b) approved the Contribution and the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby,
including the Contribution; 
 WHEREAS, following the closing of the Contribution, Upstream Merger Sub (as defined
herein) intends to adopt and approve an amended and restated limited liability company agreement of Hannon LLC substantially in the form set forth on Exhibit B of this Agreement to replace the Existing LLC Agreement (as defined herein).

 WHEREAS, the board of directors of the Parent has, on the terms and subject to the conditions set forth in this
Agreement, approved this Agreement, the Contribution and the consummation of the transactions contemplated hereby; 

WHEREAS, the Parent, in its capacity as the general partner of the Operating Partnership, has, on the terms and subject to the
conditions set forth in this Agreement, approved the Contribution and the consummation of the transactions contemplated hereby; 

WHEREAS, each of the parties hereto has been advised by the other parties and acknowledges that such other parties would not be
entering into this Agreement without the representations, warranties and covenants which are being made and agreed to herein by each party hereto and that such parties are entering into this Agreement in reliance on such representations, warranties
and other covenants; and 

 NOW, THEREFORE, in consideration for the mutual agreements contained herein and other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS 

Section 1.01. Definitions. The following terms as used in this Agreement shall have the meanings attributed to them as set
forth below unless the context clearly requires another meaning. Other capitalized terms used herein shall, unless the context otherwise requires, have the meanings assigned to such terms herein. 

“Accredited Investor” means, for purposes of this Agreement, a Person who qualifies as an “accredited
investor” under Rule 501(a) of Regulation D of the Securities Act and who affirmatively certifies as such on Exhibit A to this Agreement as to the basis for such certification. 

“Affiliate” means, with respect to any Person, any other Person that (a) directly, or indirectly through one or
more intermediaries, owns, Controls, is Controlled by or is under common Control with a specified Person or (b) is a family member of a specified Person; provided, however, that neither the Parent nor the Operating Partnership
shall be deemed to be an Affiliate of Fund III or any of its subsidiaries or other Affiliates. 
 “Agreement”
has the meaning set forth in the preamble. 
 “Attorney-in-Fact” has the meaning set forth in
Section 7.05(a). 
 “Authority” means a governmental body or agency having jurisdiction over such Person.

 “Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in the State
of Maryland are authorized or required by law to close. 
 “Closing” and “Closing Date” have
the meanings set forth in Section 2.02. 
 “Code” means the Internal Revenue Code of 1986, as in effect
from time to time. 
 “Common Stock” has the meaning set forth in the recitals. 

“Contribution” has the meaning set forth in the recitals. 

“Control” (including the terms “Controlled by” and “under common Control with”) means,
with respect to a Person, the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of Voting Interests, by contract or otherwise. 

  
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 “Existing Agreements” has the meaning set forth in Section 4.01(e).

 “Existing LLC Agreement” means Hannon LLC’s Third Amended and Restated Operating Agreement,
dated as of April 26, 2010, as amended. 
 “Existing Registration Rights Agreement” means that
certain Registration Rights Agreement, dated as of May 31, 2007, as amended, by and among Hannon LLC and the other parties thereto. 
 “Fund III” has the meaning set forth in the preamble. 

“Fund III Material Adverse Effect” means any material adverse change in any of the assets, business, condition
(financial or otherwise), results of operation or prospects of Fund III and its subsidiaries taken together. 

“Governmental Authority” means any government or agency, bureau, board, commission, court, department, official,
political subdivision, tribunal or other instrumentality of any government, whether federal, state or local, domestic or foreign. 
 “Hannon LLC” has the meaning set forth in the recitals. 

“Indemnified Parties” means the Parent, the Operating Partnership and each of their subsidiaries, equity holders,
affiliates, directors, officers, employees, successors and assigns. 
 “Indemnifying Party” means Fund III.

 “Investor Rights Agreement” means the Investor Rights Agreement, dated as of May 31, 2007, by and among
Hannon LLC, the Splitter Partnership, Jeffrey W. Eckel and the other investors party thereto, as amended. 

“Laws” means laws, statutes, rules, regulations, codes, orders, ordinances, judgments, injunctions, decrees and policies
of any Governmental Authority. 
 “Liabilities” means liabilities, obligations or commitments of any nature
whatsoever, asserted or unasserted, known or unknown, absolute or contingent, accrued or unaccrued, matured or unmatured or otherwise. 
 “Liens” means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), other charge or security interest or any preferential
arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement), and any obligations under capital leases having substantially the same economic effect as any of the foregoing. 

“LLC Equity Interests” has the meaning set forth in the recitals. 

  
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 “Loss” or “Losses” means any and all direct claims,
losses, damages, costs, liabilities, fines, penalties, deficiencies, diminution of value, causes of action and expenses, including, without limitation, attorney’s fees and disbursements, and exclusive of all contingent or consequential items.

 “OP Material Adverse Effect” means any material adverse change in any of the assets, business, condition
(financial or otherwise), results of operation or prospects of the Operating Partnership and its subsidiaries taken together. 

“OP Units” has the meaning set forth in the recitals. 

“Operating Partnership” has the meaning set forth in the preamble. 

“Organizational Documents” means (i) the charter, articles of organization, certificate of formation or certificate
of limited partnership for such Person, (ii) the bylaws, operating agreement, limited liability company agreement, or limited partnership agreement for such Person and (iii) any certificate of qualification or foreign entity registration
for such Person (together with all supplements, amendments, modifications, consents and waivers related to any of the foregoing). 
 “Parent” has the meaning set forth in the preamble. 

“Parent Material Adverse Effect” means any material adverse change in any of the assets, business, condition (financial
or otherwise), results of operation or prospects of the Parent and its subsidiaries taken together. 
 “Person”
means an individual, partnership, corporation (including a business trust, statutory trust or real estate investment trust), limited liability company, joint stock company, trust, unincorporated association, joint venture or other entity, or a
government or any political subdivision or agency thereof. 
 “Power of Attorney” has the meaning set forth in
Section 7.05(a). 
 “Registration Rights Agreement” means that certain Registration Rights Agreement,
effective as of the Closing Date, by and among the Parent and the persons listed on Schedule I thereto. 
 “Securities
Act” means the Securities Act of 1933, as in effect from time to time, and applicable rules and regulations thereunder. Any reference herein to a specific section or sections of the Securities Act shall be deemed to include a reference to
any corresponding provision of future law. 
 “Splitter Partnership” has the meaning set forth in the preamble.

  
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 “Tax” means any and all U.S. federal, state, county, local, non-U.S. or
other income, gross receipts, license, payroll, employment, excise, severance, stamp, occupation, premium, windfall profits, environmental, customs duties, capital stock, franchise, profits, withholding, social security (or similar, including FICA),
unemployment, disability, real property, personal property, sales, use, transfer, registration, value added, alternative or add-on minimum, estimated, or other tax of any kind or any charge of any kind in the nature of (or similar to) taxes
whatsoever, including any interest, penalty, or addition thereto, whether disputed or not. 
 “Tax Authority”
means any Governmental Authority responsible for the collection, operation or administration of Taxes. 
 “Upstream
Merger Sub” means HA Merger Sub III LLC, a Maryland limited liability company and a wholly owned subsidiary of the Parent. 
 “Voting Interests” means, with respect to any Person, ownership interests, the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of
directors (or persons performing similar functions) of such Person, even if the right to vote has been suspended by the happening of such a contingency. 
 “Waiver Letter” means that certain ownership waiver letter, effective as of the Closing Date, executed by the Parent for the benefit of Fund III. 

Section 1.02. Rules of Application. The definitions in Section 1.01 and elsewhere in this Agreement shall apply equally
to both the singular and plural forms of the terms defined. Whenever the context may require, any pronoun used herein shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes,” and
“including” shall be deemed to be followed by the phrase “without limitation.” The words “herein,” “hereof,” “hereunder,” and similar terms shall refer to this Agreement, unless the context otherwise
requires. 
 ARTICLE II 
 THE CONTRIBUTION 
 Section 2.01. Effect of the Contribution. On
the terms and subject to the conditions set forth in this Agreement and in accordance with the Delaware Limited Liability Company Act and the Delaware Revised Uniform Partnership Act, Fund III shall contribute, transfer, assign, convey and deliver
to the Operating Partnership, and the Operating Partnership shall acquire and accept, the LLC Equity Interests. 

Section 2.02. Closing Date. Unless this Agreement is sooner terminated or extended pursuant to its terms or unless otherwise
agreed to in writing by the parties hereto, the closing of the transactions contemplated by this Agreement (the “Closing”) shall become effective upon the closing of the Parent’s initial public offering of the Common Stock (the
“Closing Date”). 

  
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 Section 2.03. Consideration. On the Closing Date, the Operating Partnership
shall, in exchange for the transfer of the LLC Equity Interests to the Operating Partnership, issue [326,437] OP Units (the “Contribution Consideration”) to Fund III in accordance with the terms and conditions of this Agreement.

 Section 2.04. Termination. Notwithstanding anything to the contrary contained herein, this Agreement may be
terminated at any time prior to the Closing, as follows: 
 (a) by mutual consent of all the parties; 

(b) by the Parent, the Operating Partnership or Fund III, if the Closing has not occurred by December 31, 2013; 

(c) by the Parent or the Operating Partnership if any of the conditions set forth in Section 3.01 have not been satisfied or waived
by the Parent and the Operating Partnership; or 
 (d) by the Parent or the Operating Partnership pursuant to Article V.

 If any party elects to terminate this Agreement pursuant to this Section, then such party shall provide written notice to the
other parties of such election and the reason for terminating this Agreement and the termination of this Agreement shall be effective upon the non-issuing parties’ receipt of the termination notice. 

Section 2.05. Tax Treatment. The parties intend and agree that, the Contribution, for U.S. federal income tax purposes, shall
be treated as a contribution to a partnership pursuant to Section 721 of the Code and shall not maintain a position on their respective U.S. federal income tax returns or otherwise that is inconsistent therewith. 

Section 2.06. Tax Withholding. Notwithstanding anything in this Agreement to the contrary, the Parent shall be entitled to
deduct and withhold from the Contribution Consideration or any other payment made by it under this Agreement such amounts that it reasonably determines, after consultation with Fund III, that it is required to deduct and withhold under applicable
law, and any amounts so deducted and withheld shall be treated for all purposes of this Agreement as having been paid to the Person in respect of which such deduction and withholding was made. 

ARTICLE III 
 CONDITIONS AND COVENANTS 
 Section 3.01. Conditions to the
Obligations of the Parent and the Operating Partnership. The obligation of the Parent and the Operating Partnership to consummate the Contribution shall be subject to the satisfaction or waiver by the Parent and the Operating Partnership of each
of the conditions set forth below and the performance by Fund III of its obligations set forth below and elsewhere in this Agreement: 

  
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 (a) Accuracy of Representations and Warranties. The representations and warranties of
Fund III contained in Section 4.01 shall be true and correct as of the date of this Agreement and the Closing Date; 
 (b)
Fund III Compliance. Fund III shall have fully complied with all of its obligations hereunder required to be performed on or prior to the Closing Date; 
 (c) Splitter Partnership Compliance. The Splitter Partnership shall have fully complied with all of its obligations hereunder required to be performed on or prior to the Closing Date; 

(d) Initial Public Offering. Other than consummation of the transactions contemplated hereby, all conditions precedent to the
closing of the initial public offering of the Common Stock shall have been satisfied or irrevocably and unconditionally waived; and 
 (e) Certification of Non-Foreign Status. Prior to the Closing, Fund III shall have provided to the Parent a certification in the form contained in Section 1.1445-2(b)(2)(iv) of the Treasury
Regulations to the effect that Fund III is not a “foreign person.” 
 If any of the foregoing conditions have not been
satisfied (or waived by the Parent and the Operating Partnership) as of the Closing Date, the Parent and the Operating Partnership shall have the right, in accordance with Section 2.04, to terminate this Agreement in full and, except as
expressly set forth elsewhere in this Agreement, no party hereto shall thereafter have any obligation under any provision of this Agreement. 
 Section 3.02. Conditions to the Obligations of Fund III. The obligation of Fund III to consummate the Contribution shall be subject to the satisfaction or waiver by Fund III of each of the
conditions set forth below and the performance by the Parent and the Operating Partnership of their obligations set forth below and elsewhere in this Agreement: 
 (a) Accuracy of Representations and Warranties. The representations and warranties of the Parent and the Operating Partnership contained in Sections 4.02 and 4.03, respectively, shall be true and
correct as of the date of this Agreement and the Closing Date; 
 (b) Registration Rights Agreement. The Parent shall
have entered into the Registration Rights Agreement; 
 (c) Initial Public Offering. Other than consummation of the
transactions contemplated hereby, all conditions precedent to the closing of the initial public offering of the Common Stock shall have been satisfied or irrevocably and unconditionally waived other than those in the control of Fund III; and

  
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 (d) Waiver Letter. The Parent shall have executed the Waiver Letter. 

Section 3.03. Covenants of Fund III. 
 (a) Facilitate the Contribution. From the date of this Agreement until the earlier to occur of the Closing or the termination of this Agreement in accordance with the terms set forth in
Section 2.04, Fund III shall not take or fail to take, or agree or commit to take or fail to take, any action that would reasonably be expected to, individually or in the aggregate, prevent, materially delay or materially impede the
consummation of the Contribution, the initial public offering of the Common Stock or the other transactions contemplated by this Agreement. 
 (b) Hannon LLC Agreement. Fund III shall not take or fail to take, or agree or commit to take or fail to take, any action that would reasonably be expected to, individually or in the aggregate,
prevent, materially delay or materially impede the approval and adoption by Upstream Merger Sub of an amended and restated limited liability company agreement of Hannon LLC substantially in the form set forth on Exhibit B of this Agreement to
replace the Existing LLC Agreement. 
 (c) Investor Rights Agreement. Fund III shall not take or fail to take, or agree
or commit to take or fail to take, any action that would reasonably be expected to, individually or in the aggregate, prevent, materially delay or materially impede the termination of the Investor Rights Agreement or the Existing Registration Rights
Agreement. 
 (d) Initial Public Offering. Fund III hereby irrevocably and unconditionally waives any consent, condition
or other similar right to approve or delay the closing of the initial public offering of the Common Stock. 
 (e) Ownership
and Transfer. From the date of this Agreement until the earlier to occur of the Closing or the termination of this Agreement in accordance with the terms set forth in Section 2.04, Fund III shall not transfer (or permit to be transferred),
sell, or otherwise dispose of, or cause the sale, transfer or disposition of (or agree to do any of the foregoing) all or any portion of the LLC Equity Interests. Fund III will not have any outstanding warrants, options, convertible securities, or
any other type of right pursuant to which any person could acquire any of the LLC Equity Interests. 
 (f) Liabilities.
From the date of this Agreement until the earlier to occur of the Closing or the termination of this Agreement in accordance with the terms set forth in Section 2.04, Fund III shall not pledge, hypothecate or encumber all or any portion of the
LLC Equity Interests. As a result of the transactions contemplated by this Agreement, the Operating Partnership will not assume any liability of Fund III. 

  
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 Section 3.04. Covenants of the Splitter Partnership. 

(a) Hannon LLC Agreement. Upon the transfer of its ownership interest in the LLC Equity Interests to the Merging Entity, the
Splitter Partnership hereby irrevocably and unconditionally (i) consents to the termination of the Existing LLC Agreement, (ii) waives all rights under the Existing LLC Agreement other than its right to have the OP Units to be received by
Fund III in connection with the Contribution and (iii) consents to the approval and adoption by Upstream Merger Sub of an amended and restated limited liability company agreement of Hannon LLC substantially in the form set forth on Exhibit B of
this Agreement to replace the Existing LLC Agreement. 
 (b) Investor Rights Agreement. Upon the transfer of its
ownership interest in the LLC Equity Interests to the Merging Entity, the Splitter Partnership hereby irrevocably and unconditionally consents to the termination of the Investor Rights Agreement and waives all its rights under the Investor Rights
Agreement and the Existing Registration Rights Agreement. 
 (c) Initial Public Offering. The Splitter Partnership hereby
irrevocably and unconditionally waives any consent, condition or other similar right to approve or delay the closing of the initial public offering of the Common Stock. 
 (d) LLC Equity Interests. Between the date of this Agreement and the Closing Date, the Splitter Partnership shall transfer all of its ownership interest in the LLC Equity Interests to Fund III.

 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES 
 Section 4.01. Representations and
Warranties of Fund III. Fund III hereby represents and warrants to the Parent and the Operating Partnership, as of the date of this Agreement and the Closing Date, as follows: 

(a) Existence and Power. Fund III has been duly formed and validly exists as a limited liability company under the laws of the
State of Delaware. Fund III has all power and authority to enter into this Agreement, and all other documents to be executed and delivered in connection with the transactions that are the subject of this Agreement, and to perform its obligations in
connection with the transactions that are the subject of this Agreement. 
 (b) Authorization; No Contravention. The
execution and delivery of this Agreement by Fund III and the performance of its obligations hereunder have been duly authorized by all requisite corporate action, and all necessary authorizations, consents, approvals, elections and waivers have been
obtained as of the Closing Date. This Agreement constitutes the valid, legal and binding obligations of Fund III, enforceable against Fund III in accordance with its terms, subject to bankruptcy and similar laws affecting the remedies or resources
of creditors generally and principles 

  
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of equity. The execution and delivery of this Agreement and the consummation of the transactions contemplated herein will not conflict with, or result in any violation of, or default (with or
without notice or lapse of time or both) under, give rise to a right of termination, cancellation or acceleration of, or give any Person the right to exercise any remedy under, any contractual obligation, under: (i) any agreement, order or
decree to which Fund III is a party or such Person is bound or to which any of such Person’s assets are subject, (ii) the Organizational Documents of Fund III, or (iii) any law applicable to Fund III. Other than the requisite
corporate action, and all necessary authorizations, consents, approvals, elections and waivers that have been obtained, no authorization, approvals or consents from, or registration, declaration or filings with, any lender, partner, member,
shareholder, beneficiary, tenant, creditor, investor, Authority or other Person is required in order for Fund III to execute and deliver this Agreement and consummate the transactions contemplated herein. 

(c) No Injunction. Fund III is not subject to any order, writ, judgment, decree, injunction or settlement that could
reasonably prohibit the transactions contemplated hereby. 
 (d) No Consents. No consent, waiver, approval,
authorization, order, license, permit or registration of, qualification, designation, declaration or filing with, any Person or Governmental Authority or under any applicable Laws is required to be obtained by Fund III in connection with the
execution, delivery and performance of this Agreement and the transactions contemplated hereby and thereby, except for those consents, waivers, approvals, authorizations, orders, licenses, permits, registrations, qualifications, designations,
declarations or filings, the failure of which to obtain or to file would not, individually or in the aggregate, reasonably be expected to have a Fund III Material Adverse Effect. 

(e) Ownership of the LLC Equity Interests. As of the Closing Date, the LLC Equity Interests held by Fund III have been, since Fund
III’s date of formation, and, except for the Existing LLC Agreement, the Investor Rights Agreement, the Existing Registration Rights Agreement and the Splitter Partnership Agreement of Limited Partnership (collectively, the
“Existing Agreements”), are owned free and clear of all Liens, charges, security interests, mortgages, pledges, options, preemptive rights, rights of first refusal or first offer, proxies, levies, voting trusts or agreements, or
other adverse claims or restrictions on title or transfer of any nature whatsoever. 

  
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 (f) Accredited Investor. Fund III qualifies as an Accredited Investor and has
affirmatively certified as such and indicated on Exhibit A attached hereto the basis for such certification and understands the risks of, and other considerations relating to, the OP Units. Fund III, by reason of its business and financial
experience, together with the business and financial experience of those persons, if any, retained to represent or advise Fund III: 
 (i) has such knowledge, sophistication and experience in financial and business matters and in making investment decisions of this type that Fund III is capable of evaluating the merits and risks of an
investment in the Operating Partnership and of making an informed investment decision; 
 (ii) is capable of protecting Fund
III’s own interest or has engaged representatives or advisors to assist it in protecting such interests; 
 (iii) is
capable of bearing the economic risk of such investment; and 
 (iv) in making Fund III’s decision to enter into this
Agreement has conducted its own due diligence, has been represented by competent counsel and financial advisors and has not relied on oral or written advice from the Parent, the Operating Partnership or their Affiliates, representatives, or agents
or on representations or warranties of the Parent and the Operating Partnership other than those set forth in this Agreement. 

(g) Investment For Own Account. The OP Units to be received in connection with the Contribution will be acquired for investment
only and not with a view to, or with any intention of, a distribution or resale thereof, in whole or in part, or the grant of any participation therein in violation of the securities laws. 

(h) Access to Information. Fund III has been afforded: 
 (i) the opportunity to ask such questions as Fund III has deemed necessary of, and to receive answers from, representatives of the Parent concerning the terms and conditions of the issuance and/or
delivery of the OP Units to be received in connection with the Contribution; and 
 (ii) access to information about the Parent
and its financial condition and results of operations sufficient to evaluate Fund III’s investment in, or receipt of, the OP Units to be received in connection with the Contribution. 

(i) Unregistered Securities. Fund III understands that: 
 (i) the OP Units to be received in connection with the Contribution have not been registered under the Securities Act or state securities laws by reason of a specific exemption or exemptions from
registration under the Securities Act and applicable state securities laws; 

  
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 (ii) the Parent’s reliance on such exemptions is predicated in part on the accuracy
and completeness of the representations and warranties of Fund III contained herein; 
 (iii) the OP Units to be received in
connection with the Contribution cannot be resold unless registered under the Securities Act and applicable state securities laws, or unless an exemption from registration is available; 

(iv) there may be no public market for the OP Units to be received in connection with the Contribution or the shares of common stock of
the Parent for which such OP Units may be exchanged; 
 (v) because of the restrictions on transfer or assignment of the OP
Units to be received in connection with the Contribution, the economic risk of such OP Units may need to be borne for an indefinite period of time; and 
 (vi) certificates (if any) representing the OP Units to be received in connection with the Contribution will bear a legend substantially similar to the following: 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR UNDER ANY STATE SECURITIES LAWS, AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR SUCH STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION THEREUNDER.

 (j ) Tax Matters. 
 (i) There are no Liens for Taxes (other than statutory Liens for Taxes not yet due and payable) upon any of the LLC Equity Interests held by Fund III. 

(ii) Fund III is a “United States person” (as defined in Section 7701(a)(30) of the Code). 

Section 4.02. Representations and Warranties of the Parent. The Parent hereby represents and warrants to Fund III, as of the
date of this Agreement and the Closing Date, as follows: 
 (a) Existence and Power. The Parent has been duly formed
and validly exists as a corporation under the laws of the State of Maryland. The Parent has all power and authority to enter into this Agreement and all other documents to be executed and delivered in connection with the transactions that are the
subject of this Agreement, and to perform its obligations in connection with the transactions that are the subject of this Agreement. 

  
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 (b) Authorization; No Contravention. The execution and delivery of this Agreement by
the Parent and the performance of its obligations hereunder have been duly authorized by all requisite corporate action, and all necessary authorizations, consents, approvals, elections and waivers have been obtained as of the Closing Date. This
Agreement constitutes the valid, legal and binding obligations of the Parent, enforceable against the Parent in accordance with its terms, subject to bankruptcy and similar laws affecting the remedies or resources of creditors generally and
principles of equity. The execution and delivery of this Agreement and the consummation of the transactions contemplated herein will not conflict with, or result in any violation of, or default (with or without notice or lapse of time or both)
under, give rise to a right of termination, cancellation or acceleration of, or give any Person the right to exercise any remedy under, any contractual obligation, under: (i) any agreement, order or decree to which the Parent is a party or such
Person is bound or to which any of such Person’s assets are subject, (ii) the Organizational Documents of the Parent, or (iii) any law applicable to the Parent. Other than as may be required for the consummation of the initial public
offering of the Common Stock and the actions to be take in connection therewith, no authorization, approvals or consents from, or registration, declaration or filings with, any lender, partner, member, stockholder, beneficiary, tenant, creditor,
investor, Authority or other Person is required in order for the Parent to execute and deliver this Agreement and consummate the transactions contemplated herein. 
 (c) No Consents. Other than as may be required for the consummation of the initial public offering of the Common Stock and the actions to be taken in connection therewith, no consent, waiver,
approval, authorization, order, license, permit or registration of, qualification, designation, declaration or filing with, any Person or Governmental Authority or under any applicable Laws is required to be obtained by Parent in connection with the
execution, delivery and performance of this Agreement and the transactions contemplated hereby and thereby, except for those consents, waivers, approvals, authorizations, orders, licenses, permits, registrations, qualifications, designations,
declarations or filings, the failure of which to obtain or to file would not, individually or in the aggregate, reasonably be expected to have a Parent Material Adverse Effect. 

Section 4.03. Representations and Warranties of the Operating Partnership. The Operating Partnership hereby represents and
warrants to Fund III, as of the date of this Agreement and the Closing Date, as follows: 
 (a) Existence and
Power. The Operating Partnership has been duly formed and validly exists as a limited partnership under the laws of the State of Delaware. The Operating Partnership has all power and authority to enter into this Agreement and all other
documents to be executed and delivered in connection with the transactions that are the subject of this Agreement, and to perform its obligations in connection with the transactions that are the subject of this Agreement. 

(b) Authorization; No Contravention. The execution and delivery of this Agreement by the Operating Partnership and the performance
of its obligations hereunder have been duly authorized by all requisite action, and all necessary authorizations, consents, approvals, elections and waivers have been obtained as of the Closing Date. This Agreement constitutes the

  
 - 13 -

 
valid, legal and binding obligations of the Operating Partnership, enforceable against the Operating Partnership in accordance with its terms, subject to bankruptcy and similar laws affecting the
remedies or resources of creditors generally and principles of equity. The execution and delivery of this Agreement and the consummation of the transactions contemplated herein will not conflict with, or result in any violation of, or default (with
or without notice or lapse of time or both) under, give rise to a right of termination, cancellation or acceleration of, or give any Person the right to exercise any remedy under, any contractual obligation, under: (i) any agreement, order or
decree to which the Operating Partnership is a party or such Person is bound or to which any of such Person’s assets are subject, (ii) the Organizational Documents of the Operating Partnership, or (iii) any law applicable to the
Operating Partnership. No authorization, approvals or consents from, or registration, declaration or filings with, any lender, partner, member, stockholder, beneficiary, tenant, creditor, investor, Authority or other Person is required in order for
the Operating Partnership to execute and deliver this Agreement and consummate the transactions contemplated herein. 
 (c)
No Consents. No consent, waiver, approval, authorization, order, license, permit or registration of, qualification, designation, declaration or filing with, any Person or Governmental Authority or under any applicable Laws is required to be
obtained by the Operating Partnership in connection with the execution, delivery and performance of this Agreement and the transactions contemplated hereby and thereby, except for those consents, waivers, approvals, authorizations, orders, licenses,
permits, registrations, qualifications, designations, declarations or filings, the failure of which to obtain or to file would not, individually or in the aggregate, reasonably be expected to have a OP Material Adverse Effect. 

(d) OP Units. The OP Units to be received in connection with the Contribution have been duly authorized for issuance and, upon
such issuance, will be validly issued and fully paid. 
 ARTICLE V 

DEFAULTS AND REMEDIES 
 Section 5.01. Default by Fund III. If the Closing is not consummated because of a default by Fund III under this Agreement, then the Parent and the Operating Partnership may either
(i) seek specific performance of this Agreement by requiring Fund III to assign the LLC Equity Interests to the Operating Partnership and in connection therewith Fund III shall reimburse the Parent and the Operating Partnership for the actual
out-of-pocket expenses incurred by the Parent or the Operating Partnership in connection with seeking such specific performance, or (ii) terminate this Agreement in full and, except as expressly set forth elsewhere in this Agreement, no party
hereto shall thereafter have any obligation under any provision of this Agreement. 

  
 - 14 -

 ARTICLE VI 
 INDEMNIFICATION 
 Section 6.01. Indemnification. Subject to the
limitations provided below, from and after the Closing Date, Fund III agrees to indemnify, defend and hold harmless each of the Indemnified Parties from and against all Losses that are incurred or suffered by any of them based upon, arising out of,
in connection with or by reason of (i) the breach of any of the representations or warranties of Fund III under this Agreement or (ii) any breach by Fund III of its obligations under this Agreement; provided, however, that the
maximum aggregate liability of the Indemnifying Party under this Section 7.01 shall not exceed $1,000,000. Fund III’s indemnification obligation pursuant to this Section 7.01 shall be secured by a pledge of the LLC Equity Interests in
accordance with the terms and conditions of a pledge agreement to be entered into between the Parent and Fund III. 

Section 6.02. Method of Asserting Claims. All claims for indemnification by any Indemnified Party under this Article VI shall
be asserted and resolved as follows: 
 (a) If an Indemnified Party intends to seek indemnification under this Article VI, it
shall promptly notify Fund III in writing of such claim. The failure to provide such notice will not affect any rights hereunder except to the extent Fund III is materially prejudiced thereby. 

(b) If such claim involves a claim by a third-party against the Indemnified Party, Fund III shall, within ten days after receipt of such
notice and upon notice to the Indemnified Party, assume, with counsel reasonably satisfactory to the Indemnified Party, at the sole cost and expense of Fund III, the settlement or defense thereof (in which case any Loss associated therewith shall be
the sole responsibility of Fund III), provided that the Indemnified Party may participate in such settlement or defense through counsel chosen by it. If the Indemnified Party determines in good faith that representation by Fund III’s counsel of
(i) the Indemnifying Party and (ii) the Indemnified Party may present such counsel with a conflict of interest, then Fund III shall pay the reasonable fees and expenses of the Indemnified Party’s counsel. Notwithstanding the
foregoing, (i) the Indemnified Party may, at the sole cost and expense of Fund III, at any time prior to the delivery of the notice referred to in the first sentence of this Section 6.02(b) by Fund III, file any motion, answer or other
pleadings or take any other action that the Indemnified Party reasonably believes to be necessary or appropriate to protect its interests, (ii) the Indemnified Party may take over the control of the defense or settlement of a third-party claim
at any time if it irrevocably waives its right to indemnity under this Article VI with respect to such claim and (iii) Fund III may not, without the consent of the Indemnified Party, settle or compromise any action or consent to the entry of
any judgment. So long as Fund III is contesting any such claim in good faith, the Indemnified Party shall not pay or settle any such claim without Fund III’s consent, such consent not to be unreasonably withheld. Notwithstanding the foregoing,
if the compromise or settlement of a third-party claim could reasonably be expected to adversely affect the status of the Parent as a real estate investment trust within the meaning of Section 856 of the Code, then the Parent shall make such
decision to compromise or settle the third-party claim without the need to obtain the other 

  
 - 15 -

 
party’s consent. If Fund III is not entitled to assume the defense of the claim pursuant to the foregoing provisions or is entitled but does not contest such claim in good faith (including
if Fund III does not notify the Indemnified Party of its assumption of the defense of such claim within the ten-day period set forth above), then the Indemnified Party may conduct and control, through counsel of its own choosing and at the expense
of Fund III, the settlement or defense thereof, and Fund III shall cooperate with it in connection therewith. The failure of the Indemnified Party to participate in, conduct or control such defense shall not relieve Fund III of any obligation it may
have hereunder. Any defense costs required to be paid by Fund III shall be paid as incurred, promptly against delivery of invoices therefor. 
 Section 6.03. Survival. This Article VI shall survive until six months following the Closing or the termination of the parties’ obligations to consummate the transactions
contemplated by this Agreement. Except as provided otherwise in this Agreement, all representations and warranties contained in this Agreement shall survive the Closing for a period of one-year and shall not be deemed to be merged into or waived by
the instruments of the Closing. 
 Section 6.04. Waiver of Claims. Deliverance of the OP Units provided in this
Agreement shall serve to waive all claims against the Parent, the Operating Partnership and Hannon LLC. 
 Section 6.05.
Character of Indemnity Payments. The parties agree that any indemnification payments made with respect to this Agreement shall be treated for all Tax purposes as an adjustment to the Contribution Consideration, unless otherwise required by
law (including by a determination of a Tax Authority that, under applicable law, is not subject to further review or appeal). If an indemnification payment by law cannot be treated as an adjustment to the Contribution Consideration, the Indemnifying
Party will pay an amount to the Indemnified Party that reflects the hypothetical Tax consequences of the receipt or accrual of such indemnification payment, using the maximum applicable statutory rate (or, in the case of an item that affects more
than one Tax, rates) of Tax and reflecting, for example, the effect of deductions available for Taxes such as state and local income Taxes. 
 ARTICLE VII 
 MISCELLANEOUS 

Section 7.01. Marketing. Fund III shall not market the LLC Equity Interests for sale or entertain or discuss any offer to
purchase or acquire the LLC Equity Interests with any Person other than the Parent, the Operating Partnership and their Affiliates unless this Agreement is terminated in accordance with the terms set forth in Section 2.04. 

  
 - 16 -

 Section 7.02. Entire Agreement; No Amendment. This Agreement and the
Registration Rights Agreement represents the entire agreement among each of the parties hereto with respect to the subject matter hereof. It is expressly understood that no representations, warranties, guarantees or other statements shall be valid
or binding upon a party unless expressly set forth in this Agreement or the Registration Rights Agreement. It is further understood that any prior agreements or understandings between the parties with respect to the subject matter hereof have merged
in this Agreement and the Registration Rights Agreement which fully expresses the entire agreement of the parties hereto as to the subject matter hereof and supersedes all such prior agreements and understandings. This Agreement may not be amended,
modified or otherwise altered except by a written agreement signed by the party hereto against whom enforcement is sought. 

Section 7.03. Certain Expenses. Except as otherwise agreed by the parties herein, each party hereto will pay all of its own
expenses incurred in connection with this Agreement and the transactions contemplated hereby (whether or not the Closing shall take place), including, without limitation, all costs and expenses herein stated to be borne by such party and all of its
respective accounting, legal, investigatory and appraisal fees. 
 Section 7.04. Transfer Taxes. All transfer,
registration, stamp, documentary, sales, use and similar Taxes (including all applicable real estate transfer or gains Taxes and transfer Taxes), any penalties, interest and additions to Tax, and fees incurred in connection with the Contribution
shall be the responsibility of and be timely paid 50% by Fund III, on one hand, and 50% by the Operating Partnership, on the other hand. Fund III and the Operating Partnership shall cooperate in the timely making of all filings, returns, reports and
forms as may be required in connection therewith. 
 Section 7.05. Power of Attorney. 

(a) By executing this Agreement, Fund III hereby irrevocably appoints the Parent (or its designee) and any successor thereof from time to
time (such Parent or designee or any such successor of any of them acting in his, her or its capacity as attorney-in-fact pursuant hereto, the “Attorney-in-Fact”) as the true and lawful attorney-in-fact and agent of Fund III, to act
in the name, place and stead of Fund III to make, execute, acknowledge and deliver all assignments, contracts, orders, receipts, notices, requests, instructions, certificates, consents, letters and other writings (including, without limitation,
(i) the execution of any documents relating to the Contribution or the initial public offering of the Common Stock, and (ii) to provide information to the Securities and Exchange Commission and others about the transactions contemplated
hereby) and, in general, to do all things and to take all actions which the Attorney-in-Fact in its sole discretion may consider necessary or proper in connection with or to carry out the transactions contemplated by this Agreement as fully as could
Fund III if personally present and acting (the “Power of Attorney”). 

  
 - 17 -

 (b) The Power of Attorney and all authority granted hereby shall be coupled with an interest
and therefore shall be irrevocable and shall not be terminated by any act of Fund III, and if any other such act or events shall occur before the completion of the transactions contemplated by this Agreement, the Attorney-in-Fact nevertheless shall
be authorized and directed to complete all such transactions as if such other act or events had not occurred and regardless of notice thereof. Fund III hereby authorizes the reliance of third parties on the Power of Attorney. 

Section 7.06. Notices. All notices and other communications hereunder shall be in writing and shall be deemed to have been
duly given if personally delivered with proof of delivery thereof (any notice or communication so delivered being deemed to have been received at the time delivered), or sent by United States certified mail, return receipt requested, postage prepaid
(any notice or communication so sent being deemed to have been received two Business Days after mailing in the United States), with failure or refusal to accept delivery to constitute delivery for all purposes of this Agreement, addressed to the
respective parties as follows: 
 If to Fund III or the Splitter Partnership, to the address listed on Fund III or the Splitter
Partnership’s signature page to this Agreement. 
 If to the Parent or the Operating Partnership, to: 

Hannon Armstrong Sustainable Infrastructure Capital, Inc. 
 Attention: Office of the General Counsel 
 1906 Towne Centre Blvd 

Suite 370 

Annapolis, MD 21401 
 with a copy to: 
 Jay L. Bernstein 

Clifford Chance US LLP 
 31 West 52nd
Street 
 New York, New York 10019 
 Section 7.07. No Assignment. Except as provided in this Section below, neither this Agreement nor any of the rights or obligations hereunder may be assigned by any party hereto without the
prior written consent of the other parties. 
 Section 7.08. Governing Law. This Agreement shall be governed by and
construed in accordance with the internal laws of the State of Delaware without giving effect to any choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application of laws of
any jurisdiction other than those of the State of Delaware. 

  
 - 18 -

 Section 7.09. Multiple Counterparts. This Agreement may be executed in multiple
counterparts. If so executed, all of such counterparts shall constitute but one agreement, and, in proving this Agreement, it shall not be necessary to produce or account for more than one such counterpart. To facilitate execution of this Agreement,
the parties may execute and exchange by facsimile or electronic mail PDF copies of counterparts of the signature pages. 

Section 7.10. Further Assurances. From and after the date of this Agreement and after the Closing, the parties hereto shall
take such further actions and execute and deliver such further documents and instruments as may be reasonably requested by the other parties and are reasonably necessary to provide to the respective parties hereto the benefits intended to be
afforded hereby, including, without limitation, all books and records relating to the LLC Equity Interests. 

Section 7.11. Miscellaneous. Whenever herein the singular number is used, the same shall include the plural, and the plural
shall include the singular where appropriate, and words of any gender shall include the other gender when appropriate. The headings of the Articles and the Sections contained in this Agreement are for convenience only and shall not be taken into
account in determining the meaning of any provision of this Agreement. The words “hereof” and “herein” refer to this entire Agreement and not merely the Section in which such words appear. If the last day for performance of any
obligation hereunder is not a Business Day, then the deadline for such performance or the expiration of the applicable period or date shall be extended to the next Business Day. This Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective heirs, legal representatives, successors and assigns. The Exhibits attached hereto are hereby incorporated herein and shall be deemed a part of this Agreement. 

Section 7.12. Invalid Provisions. If any provision of this Agreement is held to be illegal, invalid or unenforceable under
present or future laws, such provision shall be fully severable, this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Agreement, and the remaining provisions of this
Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Agreement. 
 Section 7.13. Attorneys’ Fees. If this Agreement or the transactions contemplated herein give rise to a lawsuit, arbitration or other legal proceeding between the parties hereto, the
prevailing party shall be entitled to recover its costs and reasonable attorney fees in addition to any other judgment of the court or arbitrator(s). 

  
 - 19 -

 Section 7.14. Waiver of Jury Trial. To the fullest extent permitted by
applicable law, the parties hereto waive trial by jury in any action, proceeding or counterclaim brought by any party(ies) against any other party(ies) on any matter arising out of or in any way connected with this Agreement or the relationship of
the parties created hereunder. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 - 20 -

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date
first above written. 
  

			
	HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITAL, INC.
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE, L.P.
		
	By:	 	 
		 	Name:
		 	Title:

 IN WITNESS WHEREOF, the undersigned has executed this Agreement as of the date first
above written. 
  

			
	MISSIONPOINT HA PARALLEL FUND III, LLC
		
	By: 	 	MissionPoint Capital Partners LLC, its Manager
		
	By: 	 	 
		 	Name: Jesse Fink
		 	Title: Executive Committee Member
		
	By: 	 	 
		 	Name: Mark Cirilli
		 	Title: Executive Committee Member
	
	Name in which OP Units are to be registered
	
	  

	
	State of
organization:                                
	
	EIN
number:                                        

	
	Address:                          
                                         
     
		
		 	  

	
	Telephone
number:                                        
               
	
	Email:                          
                                         
         
	
	MISSIONPOINT HA PARALLEL FUND, L.P.
		
	By:	 	MPCP I GP, LLC, its General Partner
		
	By:	 	MissionPoint Capital Partners LLC, its Manager
		
	By:	 	 
		 	Name: Jesse Fink
		 	Title: Executive Committee Member
		
	By:	 	 
		 	Name: Mark Cirilli
		 	Title: Executive Committee Member

 EXHIBIT A 

[Purposefully Left Blank] 

  
 Exh. A-1

 EXHIBIT B 

[Purposefully Left Blank] 

  
 Exh. B-1EX-4.1.13

 Exhibit 4.1.13 

 
 Allens > < Linklaters 

Subscription Agreement 
 Alumina Limited 
 CITIC Limited 

Bestbuy Overseas Co., Ltd 
 Agreement for the subscription for ordinary shares to be issued by Alumina Limited 
 Allens 101 Collins Street 
 Melbourne VIC 3000

 Tel +61 3 9614 1011 Fax +61 3 9614 4661 

wr¡r¡r¡r. al lens. com. au 
 @ Copynght Allens, Australia 2013 
 Allens is an
independent partnership operating in alliance with Linklaters LLP 

 

 
 Subscription Agreement Allens > < Linklaters 

Table of Contents 
 1 Definitions and lnterpretation 1 
 1.1
Definitions 1 
 1.2 lnterpretation 4 
 1.3 Business Days 5 
 2 Subscription Shares 5

 2.1 Subscription 5 
 2.2 Use of Subscription Amount 5 
 2.3 Agreement to
serve as application 5 
 2.4 Settlement and allotment of Subscription Shares þ 

3. Rights Attaching to Shares and Quotation 6 
 3.1 Rights attaching to the Shares 6 
 3.2
Quotation 6 
 4. Undertakings 7 
 4.1 The Company’s undertakings 7 
 4.2 The
Subscriber’s and Holdco’s undertakings 7 
 5. On-sale of Subscription Shares 7 

5.1 lssue without disclosure document 7 
 5.2 Acknowledgements and confirmations by the Subscriber and Holdco 7 
 6 Representations and Warranties I 
 6.1 By all
parties I 
 6.2 By the Company I 
 6.3 By the Subscriber and Holdco I 
 6.4
lndependence 8 
 6.5 Reliance I 
 6.6 Acknowledgments I 
 6.7 Notice of breach 9

 6.8 Sulival 10 
 7 Shareholding 10 
 7.1 No insider trading 10

 7.2 Acquisition of Shares 10 
 7.3 Restriction on Disposal of Shares 12 
 7.4
Permitted Disposals of Shares 13 
 7.5 Remedies 13 

7.7 Exception for CITIC Securities Company Limited 13 

8. Termination 14 
 8.1 Termination by the Subscriber and Holdco 14 

8.2 Termination by the Company 14 
 9 General 15 
 9.1 Costs 15 

9.2 Governing law 15 
 gzbm A01 24234882v54 1 2026 1 61 4 Page (i) 

 

 
 Su bscription Ag reement Allens > < Linklaters 

9.3 Process agent 15 
 9.4 GST 15 
 9.5 Confidentiality Deed l6

 9.6 Public announcements 16 
 10. Notices 16 
 10.1 How to give a notice 16 10.2
When a notice is given 17 10.3 Address for notices 17 
 ‘11. Acknowledgments 17 

11.1 Rights personal 17 
 11.2 No waiver 18 
 11.3 Several and not joint
liability 18 11.4 Severability 18 11.5 Extent of obligations 18 11.6 Entire agreement 18 
 11.7
Furtherassurances 18 
 11.8 No merger 18 11.9 Counterparts 18 

Schedule 21 
 Warranties 21 
 Annexure 23 

Draft Release to the ASX 23 
 4 Page (ii) gzbm A0 1 24234882v54 1 20261 6 1 

 

 
 Subscription Ag reement Allens > < Linklaters 

Date 14 February 2013 
 Parties 
 Alumina Limited (ABN 85 004 820 419)of
Level 12, IBM Centre, 60 City Road, 
 South bank, Victoria, Austral ia (the C o m p a ny). 

2 clTlC Limited (+E+lEffi’ltìä‘FR^Ël) (incorporated in China) of Capital Mansion, 

6 Xinyuannanlu, Chaoyang District, Beijing 100004, China (Holdco). 

3. Bestbuy Overseas Co., Ltd (Company Number 363344, incorporated in British 

Virgin lslands) having its registered office at PO Box 957, Offshore lncorporations Centre, Road Town, Tortola, British
Virgin lslands (the Subscriber). 
 Recitals 

A The Subscriber agrees to subscribe for the Subscription Shares on the terms and conditions of this Agreement.

 It is agreed as follows. 
 1. Definitions and lnterpretation 
 1.1 Definitions

 The following definitions apply in this Agreement unless the contrary intention appears or the context
othenryise requires. 
 ASIC means the Australian Securities and lnvestments Commission. 

Assoclafe means, in relation to a person, an associate (within the meaning given in sections 12 fo 17 of the Corporations
Act) of the person in relation to the Company. 
 ASX means ASX Limited (ABN 98 008 624 691) and, where the
context requires, its 
 Related Bodies Corporate, or the financial market known as ‘ASX’ operated by
ASX Limited. 
 Authorisation means: 
 (a) an authorisation, consent, licence, declaration, approval, exemption or waiver, however it is described; and (b) in relation to anything that could be prohibited or restricted by
law if a Government Agency acts in any way within a specified period, the expiry of that period without that action being taken, 
 including any renewal or amendment of any of the above. 
 AWAC Joint Venture means the Alcoa World Alumina and Chemicals joint venture. 
 gzbm A01 24234882v54 1 20261 61 4 Page I 

 

 
 Su bscription Agreement Allens > < Linklaters 

AWAC Joint Venture Agreemenf means all those agreements governing the establishment and operation of the AWAC Joint
Venture, including but not limited to the following key agreements: 
 (a) the Formation Agreement dated
21 December 1994 between, among others, Alcoa lnc. and the Company; 
 (b) the ChaÍer of the
Strategic Council dated 21 December 1994 between Alcoa lnc. and the Company; and 
 (c) the Shareholders
Agreement regarding Alcoa of Australia Limited dated 10 May 1996 between Alcoa Australian Holdings Pty Ltd (as successor to Alcoa lnternational Holdings Company) and the Company. 

Bank Accounf means the bank account established in the name of “Alumina Limited” with Australia and New Zealand
Banking Group Limited, the details of which are as follows. 
 Address: Cnr Queen & Creek Streets,
Brisbane Qld 4000, Australia 
 Swift lD: ANZBAU3M 

BSB Number: 014 002 Account Number: 8373-1 6664 Board means the board of directors of the Company. Busrness Dayhas the
meaning given in the Listing Rules. 
 Company Securrfies means: 

(a) any shares in or other securities of the Company, or any securities convertible into shares in or other securities of
the Company; or (b) any legal or equitable interest in such shares or securities. 
 Confidentiality Deed
means the deed of that name entered into between CITIC Resources Holdings Limited and the Company on 31 July 2012. 
 Corporations Acf means lhe Corporations Act 2001 (Clh). 
 Disclosure Materialmeans all information disclosed by, or on behalf of, the Company to Holdco, the Subscriber or any of their respective Related Bodies Corporate in connection with the
Subscriber’s proposed investment in the Company, including information relating to the business, assets or affairs of the Company or any of its Related Bodies Corporate or any of the entities of the AWAC Joint Venture, and all past, current and
prospective financial, accounting, legal, trading, marketing, technical and business information. 
 Dlspose
means, in relation to a Share (or any interest in the Share), to enter into a transaction: (a) which results in a person other than the registered holder of the Share: (i) acquiring or having any equitable or beneficial interest in the
Share, including an equitable interest arising under a declaration of trust, an agreement for sale and purchase or an option agreement or an agreement creating a charge or other Security lnterest over the Share; or 

gzbm A0 1 24234882v54 I 2026 1 61 4 Page 2 

 

 
 Subscription Ag reement Allens > < Linklaters 

(ii) having any financial interest in, or economic exposure to, a Share, but only in circumstances where the transaction
creating that interest or exposure arises through entry into an equity swap or derivative; or (iii) acquiring or having any rights of pre-emption, first refusal or other direct or indirect control over the disposal of the Share; or 

(iv) acquiring or having any rights of direct or indirect control over the exercise of any voting rights or rights to
appoint directors attaching to the Share; or (b) which results in a person other than the registered holder of the Share othenryise acquiring or having legal or equitable rights against the registered holder of the 

Share (or against a person who directly or indirectly controls the affairs of the registered holder of the Shares) which
have the effect of placing the other person in substantially the same position as if the person had acquired a legal or equitable interest in the Share itself, 
 but excludes a transaction permitted by this Agreement, and Disposal has a corresponding meaning. 
 FATA means the Foreþn Acquisitions and Takeovers Act 1975 (Cth). 
 Government Agency means any: 
 (a) government or
governmental, semi-governmental or judicial entity; or 
 (b) minister, department, office, commission, delegate,
instrumentality, agency, board or authority of any government. 
 It also includes any regulatory organisation
established under statute or any stock exchange. 
 lnsolvency Event means any of the following events in
relation to a party: 
 (a) a liquidator, receiver, receiver and manager, administrator, official manager or
other controller (as defined in the Corporations Act), trustee or controlling trustee or similar official is appointed over any of the property or undeftaking of the party; 
 (b) the party is, or becomes unable to, pay its debts when they are due or is or becomes unable to pay its debts within the meaning of the Corporations Act, or is presumed to be insolvent
under the Corporations Act; 
 (c) something having a substantially similar effect to (a) or
(b) happens in connection with the party under the law of any jurisdiction; (d) the party stops or suspends or threatens to stop or suspend payment of all or a class of its debts; 

(e) the party ceases to carry on business; or 
 (D an order is made for the administration, winding up or liquidation of the party or a resolution is passed to liquidate the party, othenruise than for the purpose of an amalgamation or
reconstruction. 
 gzbm A01 24234882v54 1 2026 1 61 4 Page 3 

 

 
 Subscription Ag reement Allens > < Linkìaters 

Listing Rules means the Listing Rules of the ASX (including the ASX Settlement 

Operating Rules, the ASX Operating Rules and the ASX Clear Operating Rules) as waived or modified by the ASX in respect of
the Company in any particular case. 
 Placement /ssue lime means 10 am on the second Business Day after the date
of this Agreement. 
 Placement Payment lime means 5 pm on the first Business Day after the date of this
Agreement. 
 P resc ri bed Percentage m eans : 

(a) for the period of 24 months from the date of this Agreement—15.0o/oi and (b) thereafter—19.99%.

 Professional or Sophisf icated lnvestor means a category of investor under sections 708(8) or 708(11) of the
Corporations Act to whom an offer of a body’s securities can be made without disclosure. 
 Represenfafiye
means an employee, agent, officer, director, sub-contractor, professional adviser, lawyer, investment bank, accountant, auditor or other person who may be employed or engaged by the Company to act for it, or on its behalf. 

Security Interest includes any mortgage, pledge, lien or charge or any security or preferential interest or arrangement of
any kind or any other right of, or arrangement with, any creditor to have its claim satisfied in priority to other creditors with, or from the proceeds of, any asset. lt includes retention of title other than in the ordinary course of day to day
trading and a deposit of money by way of security but it excludes a charge or lien arising in favour of a Government Agency by operation of statute unless there is default in payment of money secured by that charge or lien. 

Shares means fully paid ordinary shares in the capital of the Company. 

Subscription Amount means $1 80,81 8,537. I 9. 
 Subscription Shares means 146,411,771 Shares. 
 1.2
lnterpretation 
 Headings are for convenience only and do not affect interpretation. The following rules apply
in interpreting this Agreement unless the contrary intention appears or the context othenruise requires. 
 (a)
The singular includes the plural and the converse. (b) A gender includes all genders. 
 (c) Where a word or
phrase is defined, its other grammatical forms have a corresponding meaning. 
 (d) A reference to a person,
corporation, trust, partnership, unincorporated body or other entity includes any of them. 
 (e) A reference to
a clause is a reference to a clause of this Agreement. 
 (0 A reference to time is a reference to the time in
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(g) A reference to a party to this Agreement or another agreement or document includes the party’s successors and
substitutes or assigns. 
 (h) A reference to any agreement or document is to the agreement or document as
amended, novated, supplemented, varied or replaced from time to time, except to the extent prohibited by this Agreement. 
 (i) A reference to legislation or to a provision of legislation includes a modification or re-enactment of or substitution for it and a regulation or statutory instrument issued under it.

 (i) A reference to dollars and $ is a reference to the lawful currency of Australia. 

(k) A reference to writing includes a facsimile transmission and any means of reproducing words in a tangible and
permanently visible form. 
 (t) A reference lo conduct includes an omission, statement or undertaking, whether
or not in writing. 
 (m) A reference lo includes or including means includes, without limitation, or including,
without limitation, respectively. 
 (n) Unless stated otherwise, one provision does not limit the effect of
another. 
 (o) All obligations in this Agreement are to be peformed duly and punctually. 

(p) A term or expression starting with a capital letter which is defined in the 

Corporations Act but is not defined in this Agreement, has the meaning given in the Corporations Act. 

1.3 Business Days 
 lf the day on or by which a person must do something under this Agreement is not a 
 Business Day: 
 (a) if the act involves a payment
that is due on demand, the person must do it on or by the next Business Day; and 
 (b) in any other case, the
person must do it on or by the previous Business Day. 
 2. Subscription Shares 

2.1 Subscription 
 The Subscriber will subscribe, and the Company will issue to the Subscriber, the 
 Subscription Shares at or before the Placement lssue Time for the Subscription Amount. 
 2.2 Use of Subscription Amount 
 The Company must
use the funds paid to it by the Subscriber as the Subscription Amount for the general corporate purposes of the Company and its Related Bodies Corporate. 
 2.3 Agreement to serve as application 
 On
execution of this Agreement by all parties, this Agreement serves as an application by the Subscriber to subscribe for the Subscriptron Shares and it will not be necessary for the 

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Subscriber to provide a separate application form to the Company for the Subscription Shares. The Subscriber agrees to be
bound by the constitution of the Company upon the issue of the Subscription Shares. 
 2.4 Settlement and
allotment of Subscription Shares 
 (a) The Subscriber must pay the Subscription Amount in Australian dollars to
the Company in immediately available funds to the Company’s Bank Account at or before the Placement Payment Time. 
 (b) The funds received by the Company from the Subscriber under clause 2.4(a) must be held by or on behalf of the Company in trust for the Subscriber pending the issue of the Subscription
Shares to the Subscriber. 
 (c) At or before the Placement lssue Time, in consideration for the Subscriber
applying for the Subscription Shares and paying the Subscription Amount to the Company. the Company must issue the Subscription Shares to the Subscriber. The obligation of the Company to issue the Subscription Shares to the Subscriber is conditional
on the Subscriber paying the Subscription Amount to the Company at or before the Placement Payment Time. 
 3.
Rights Attaching to Shares and Quotation 
 3.1 Rights attaching to the Shares 

When issued, the Subscription Shares will: (a) be issued free from any Security lnterest; 

(b) be credited as fully paid; and 
 (c) rank equally in all respects with the existing Shares on issue. 
 3.2 Quotation 
 ln respect of the Subscription
Shares, the Company must: (a) on or before their day of issue: 
 (i) cause the Company’s share
register to register the Subscriber as the holder of the Subscription Shares; and (ii) apply for, and do everything the ASX reasonably requires to obtain, quotation of the Subscription Shares on the ASX; and (b) no later than 7 days after
their day of issue, cause the Company’s share register to provide the Subscriber with a holding statement or other confirmation stating its shareholding in the Company. 
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4. Undertakings 
 4.1 The Company’s undertakings 
 The Company
will: 
 (a) at all times, be in compliance with all material obligations imposed on it under the Listing Rules
and the Corporations Act; (b) prepare and lodge on a prompt and timely basis all documents required by the Listing Rules and the Corporations Act as necessary for the consummation of the transactions contemplated by this Agreement; 

(c) use all reasonable efforts to co-operate with the Subscriber and Holdco to prepare all announcements, circulars and
other documents as are required to be issued by 
 Holdco in connection with the execution, delivery and
performance of this Agreement and the transactions contemplated by it (to the e)dent that such documents relate to the Company); and 
 (d) use all reasonable efforts to take, or cause to be taken, all other action and do, or cause to be done, all other things necessary or appropriate to consummate the transactions
contemplated by this Agreement. 
 4.2 The Subscriber’s and Holdco’s undeÉakings 

(a) The Subscriber and Holdco will use all reasonable efforts to co-operate with the 

Company and its Representatives to prepare all documents to be lodged by the Company with the ASX in connection with the
execution, delivery and performance of this Agreement and the transactions contemplated by it (to the extent that such documents relate to the Subscriber or Holdco, respectively). 

(b) The Subscriber and Holdco will use all reasonable efforts to take, or cause to be taken, all other action and do, or
cause to be done, all other things necessary or appropriate to consummate the transactions contemplated by this Agreement. 
 5. On-sale of Subscription Shares 
 5.1 lssue
without disclosure document 
 As no formal disclosure document (such as a prospectus) will be lodged with ASIC
for the issue of the Subscription Shares, the Subscription Shares will only be offered and issued to a person that is a Professional or Sophisticated lnvestor. 
 5.2 Acknowledgements and confirmations by the Subscriber and Holdco 
 The Subscriber and Holdco acknowledge: 
 (a) that
section 707(3) of the Corporations Act imposes certain restrictions on the capacity of a person to whom securities have been issued other than pursuant to a formal disclosure document to on-sell those securities within 12 months after their

 ISSUE; 
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(b) that this Agreement imposes no obligation on the Company, whether express or implied, to assist the Subscriber to
on-sell the Subscription Shares, including by way of a disclosure document or a notice under section 7084(5)(e) of the Corporations Act; and (c) that the Company is not issuing the Subscription Shares for the purposes of the Subscriber selling
or transferring them, or granting, issuing or transferring interests in, or options or warrants over, them, and that the Company requires that the Subscriber acquires the Subscription Shares as an investment to be held for at least the medium term
(ie longer lhan 12 months), subject to the terms of this Agreement. 
 The Subscriber further confirms that it is
not subscribing for the Subscription Shares for the purposes of selling or transferring them, or granting, issuing or transferring interests in, or options or warrants over, them within the period of l2 months from their date of issue. 

6. Representations and Warranties 
 6.1 By all parties 
 Each party represents and
warrants to the other pafties that each of the matters set out in Part 1 of the Schedule, in so far as it relates to itself, is true, accurate and not misleading as at the date of this Agreement and immediately prior to the issue of the Subscription
Shares. 
 6.2 By the Company 
 The Company represents and warrants to the Subscriber and Holdco that each of the matters set out in Part 2 of the Schedule is true, accurate and not misleading as at the date of this
Agreement. 
 6.3 By the Subscriber and Holdco 

The Subscriber and Holdco severally represent and warrant to the Company that each of the matters set out in Part 3 of the
Schedule, in so far as it relates to itself, is true, accurate and not misleading as at the date of this Agreement and immediately prior to the issue of the Subscription Shares. 

6.4 lndependence 
 Each of the paragraphs set out in the Schedule shall be construed independently and no paragraph shall be limited by implications arising from any other paragraph. 

6.5 Reliance 
 Each party acknowledges that each other party has executed this Agreement and agreed to take part in the transactions that this Agreement contemplates in reliance on the representations
and warranties that are made in clauses 6.1 to 6.3. 
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6.6 Acknowledgments 
 The Subscriber and Holdco acknowledge and agree that: 
 (a) except as expressly set out in this Agreement, neither the Company, its 
 Representatives nor any other person acting on behalf of or associated with the 
 Company has made any representation, given any advice or given any warranty or undertaking, promise or forecast of any kind in relation to the Subscription Shares, the Company, the
Disclosure Material or this Agreement, (b) without limiting paragraph (a), no representation, no advice, no warranty, no undertaking, no promise and no forecast is given in relation to: (i) any economic, flscal or other interpretations or
evaluations by the 
 Company or any person acting on behalf of or associated with the Company or any other
person; or 
 (ii) future matters, including future or forecast costs, prices, revenues or profits; 

(c) without limiting paragraph (a) or (b), and except for the statements made in the 

Schedule, no statement or representation by the Company or its Representatives: 

(i) has induced or influenced the Subscriber or Holdco to enter into this Agreement or agree to any or all of its terms;
(ii) has been relied on in any way as being accurate by the Subscriber or Holdco; (iii) has been warranted to the Subscriber or Holdco as being true; or (iv) has been taken into account by the Subscriber or Holdco as being important
to its decision to enter into this Agreement or agree to any or all of its terms; and 
 (d) without limiting
paragraph (a), (b) or (c), to the maximum extent permitted by law neither the Company, its Representatives nor any other person acting on behalf of or associated with the Company (each, a Relevant Person) is liable in any way for, and each of
the Subscriber and Holdco unconditionally and irrevocably releases each Relevant Person from any liability for and waives any right to make any claim in respect of, any inaccuracy, incompleteness or other defect in any information relating to future
matters (if any) provided in the Disclosure Material (including without limitation information (if any) as to future or forecast costs, prices, revenues, profits or dividends) by a Relevant Person to (or for the benefit of) the Subscriber, Holdco,
any of their Related Bodies Corporate or any of their respective employees, offlcers, advisers or agents, including liability in negligence or other tort, or for misrepresentation or misleading and deceptive conduct. 

6.7 Notice of breach 
 (a) The Company undertakes to the Subscriber and Holdco that it will notify them as soon as practicable after it becomes aware of a breach of any representation or 

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warranty under clause 6.1 relating to it or of any representation or warranty under clause 6.2 or any undertaking given by
it in this Agreement. 
 (b) The Subscriber and Holdco each undertakes to the Company that it will notify the
Company as soon as practicable after it becomes aware of a breach of any representation or warranty under clause 6.1 relating to it or of any representation or warranty under clause 6.3 or any undertaking given by it in this Agreement. 

6.8 Survival 
 The representations and warranties given by a party under this Agreement shall not merge upon completion of the transactions contemplated by this Agreement. 

7. Shareholding 
 7.1 No insider trading 
 The Subscriber and Holdco
each acknowledges that some of the Disclosure Material may be ‘inside information’ within the meaning of Part 7.10, Division 3 of the Corporations Act in relation to Company Securities. Without limiting anything else in this Agreement,
each of the Subscriber and Holdco must not do, and must each ensure that none of its directors, officers, employees or Related Bodies Corporate does, anything which results or could result in the Subscriber, Holdco or their respective directors,
offlcers, employees or Related Bodies Corporate or the Company being in breach of any provision of Part 7.10, Division 3 of the Corporations Act, including by dealing or causing any person to deal in any Company Securities. 

7.2 Acquisition of Shares 
 (a) Subject to clause 7 .2(b), each of the Subscriber and Holdco must: (i) not undertake any action; (ii) procure that its Subsidiaries do not undeftake any action; and

 (lii) use its best endeavours to procure that its other Related Bodies Corporate, and its reasonable
endeavours to procure that its other Associates, do not undertake any action, 
 that would result in:

 (iv) the aggregate Voting Power (without duplication) of the Subscriber, CITIC Group Corporation (+ tr
+‘lËtEă|1Râ\fl of Capital Mansion, 
 6 Xinyuannanlu, Chaoyang District, Beijing 100004,
China) and their respective Related Bodies Corporate (the RelevantEntities and each a 
 Relevant Ent¡ty) in
the Company exceeding (or further exceeding) the Prescribed Percentage; or (v) the aggregate economic interests (without duplication) in, or exposure to, the Company of the Relevant Entities and their respective Associates exceeding (or further
exceeding) that attaching to Shares which represent the Prescribed Percentage of the share capital of the Company from time 
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to time, including through entry into any derivative, swap, option or any other fìnancial instrument or
arrangement, 
 without the prior written approval of the Company and, if such approval is granted, only to the
extent of such approval. 
 (b) The restriction in paragraph (a) shall not apply: 

(i) to acquisitions pursuant to a takeover bid by a Relevant Entity or an Associate of a Relevant Entity in respect of all
issued Shares, where that bid is made: (A) after a third party (not being a Relevant Entity or an Associate of a Relevant Entity) has made a takeover bid in respect of all issued Shares which was not solicited by a Relevant Entity or an
Associate of a Relevant Entity (Third Party Bid¡, offers under that 
 Third Party Bid remain capable of
acceptance and a majority of the 
 Board has recommended that holders of Shares accept such offers; or

 (B) after the Company has proposed a scheme of arrangement under Part 5.1 of the Corporations Act pursuant to
which a third party (not being a Relevant Entity or an Associate of a Relevant Entity) would acquire all Shares not already held by it, and the Company has not ceased to prosecute that scheme of arrangement; (ii) to acquisitions pursuant to a
capital raising by the Company, including: 
 (A) a dividend reinvestment plan (other than in the capacity of
sub-undenryriter of such a plan); 
 (B) a pro-rata offer to its shareholders (to the extent only of the pro rata
interest of a Relevant Entity or an Associate of a Relevant Entity); or (C) a share purchase plan of the Company; or 
 (iii) to increases in the aggregate Voting Power (without duplication) of the 
 Relevant Entities in the Company above the Prescribed Percentage as a direct result of a reduction in the number of Shares on issue (for example, if a Relevant Entity does not participate
in a Share buy-back by the Company). 
 (c) lf, before the expiration of 24 months from the date of this
Agreement, the 
 Subscriber is interested in acquiring more shares in the Company but would be prevented from
doing so under clause 7 .2(a), the Company and the Subscriber will have discussions in good faith and the Company will give consideration to increasing the Prescribed Percentage and permitting such an acquisition on the basis of such terms and
timing as may be agreed at the time between the Company and the Subscriber. 
 (d) lf the Company proposes to
issue any Shares or securities convertible into Shares before or after the expiration of 24 months from the date of this Agreement by way 
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of a placemenl (Fufther Placement) and, at that time, the Relevant Entities hold in aggregate full legal and beneficial
interests in at least 7.5% of all Shares then on issue, then, except to the extent that the Board considers its fiduciary or statutory duties require othenruise, the Company and the Subscriber will have discussions in good faith and the Company will
give consideration to the Subscriber or one or more of its Related Bodies Corporate participating in that Fufther Placement (on the same terms and conditions as any other participant in the Further Placement and otheruvise subject to the ASX Listing
Rules and Australian law) in such a manner as to prevent the Subscriber’s Voting Power in the Company from being diluted as a result of the Further Placement. 
 7.3 Restriction on Disposal of Shares 
 (a) Subject
to clauses 7.3(c) and 7 .4, each of the Subscriber and Holdco must not, and must procure that its Subsidiaries do not, Dispose of any Subscription Shares at any time before the expiration of 24 months from the date of this Agreement without the
prior written approval of the Company and, if such approval is granted, only to the extent of such approval. 

(b) lf the Subscriber wishes to Dispose of any Subscription Shares before the expiration of 24 months from the date of
this Agreement but would be prevented from doing so under clause 7.3(a), the Subscriber and the Company will have discussions in good faith and the Company will give consideration to permitting such a Disposal on the basis of such terms and timing
as may be agreed at the time between the Company and the Subscriber. 
 (c) Clause 7.3(a) does not restrict a
Disposal occurring at least 12 months after the date of issue of the Subscription Shares, where such Disposal: (i) involves the grant of a Security lnterest in respect of the Subscription Shares in connection with any financing arrangement
entered into by the Subscriber or any of its Related Bodies Corporate, provided that the provider of that financing arrangement does so, and obtains the Security lnterest, in the ordinary course of its financial services business and not pursuant
to, or paft of, any transaction or proposal for a person to acquire a Relevant lnterest in 20% or more of all Shares then on issue or of the total number of any other Company Securities; or (¡i) is made to a Related Body Corporate of the
Subscriber, provided that clause 7.3(d) (to the extent applicable) is first complied with. 
 (d) Prior to the
Subscriber, Holdco or any of their respective Subsidiaries Disposing of any Subscription Shares, whether before or after the expiration of 24 months from the date of this Agreement, to a Related Body Corporate of the Subscriber that is not a
Subsidiary of the Subscriber (the lransferee), the Transferee and any Related Body Corporate of the Transferee specified by the Company (acting reasonably) must execute a deed with the Company and Holdco agreeing to be bound by the obligations
imposed on the Subscriber and Holdco (as applicable) in 
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this Agreement. The Subscriber and Holdco will remain liable to the Company for any subsequent breach of this Agreement by
the Transferee. 
 (e) Holdco shall procure that if any Subsidiary of Holdco that holds Subscription Shares
ceases to be a Subsidiary of Holdco, prior to that entity ceasing to be a Subsidiary of Holdco the entity transfers its Subscription Shares to Holdco or another Subsidiary of Holdco. 

7.4 Permitted Disposals of Shares 
 The Subscriber, Holdco and each of their respective Subsidiaries may Dispose of all or any of the Subscription Shares at any time pursuant to: 

(a) the acceptance of an offer made in connection with a takeover bid for all issued Shares where that bid is made after a
third party (not being a Relevant Entity or an 
 Associate of a Relevant Entity) has made a takeover bid and:

 (i) the third party has acquired a Relevant lnterest in more than 50% of all 

Shares; or 
 (ii) a majority of the Board has recommended that the third party’s bid be accepted; (b) a scheme of arrangement under Paft 5.1 of the Corporations Act between the Company and
its members (and, for the avoidance of doubt, Relevant Entities and their Associates are not precluded from voting at a meeting to approve such scheme of arrangement); or 
 (c) a buy-back of Shares by the Company. 
 7.5
Remedies 
 lf the Subscriber or Holdco contravenes any provision of this clause 7, the Company may take any
action lawfully available to it to remedy that contravention. 
 7.7 Exception for CITIC Securities Company
Limited 
 Clause 7.2(a) shall not apply to increases in Voting Power or aggregate economic interests in, or
exposure to, the Company arising solely as a result of action undertaken by CITIC Securities Company Limited (of CITIC Securities Tower, No. 48 Liangmaqiao Road, Chaoyang District, Beijing 100125, China) or any of its Subsidiaries: (a) in
the ordinary course of its business of providing financial or securities services; and (b) not pursuant to, or part of, any transaction or proposal for a person to acquire a Relevant lnterest in 20o/o or more of all Shares then on issue or of
the total number of any other Company Securities; and (c) not undertaken on behalf of a Relevant Entity or an Associate of a Relevant Entity. 
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8. Termination 
 8.1 Termination by the Subscriber and Holdco 
 The
Subscriber and Holdco may jointly (but not severally) terminate their obligations under this Agreement (but only to the extent that such obligations have not been performed as at the date of termination) at any time prior to: 

(a) in the case of paragraphs (c), (e) and (g), the Placement Payment Time; and (b) in the case of paragraphs
(d), (f) and (h), the issue of any Subscription Shares, by notice to the Company if: (c) any of the representations and warranties made by the Company in the Schedule is not true and correct or is misleading in any material respect as at
the date of this Agreement; (d) an lnsolvency Event occurs in relation to the Company or any of its Related Bodies Corporate; (e) an lnsolvency Event occurs in relation to any of the entities of the AWAC Joint Venture that are material to
the business and operations of the AWAC Joint Venture; (0 the AWAC Joint Venture is dissolved, or the relevant parties issue a valid notice or othenruise initiate formal steps in accordance with the AWAC Joint Venture Agreement to terminate or
dissolve the AWAC Joint Venture; (g) the Company is in material breach of the AWAC Joint Venture Agreement; or (h) the Company is prohibited from proceeding with the issue of the Subscription Shares by order from ASIC or any other
Australian and United States regulatory body or Australian or United States court order. 
 8.2 Termination by
the Company 
 The Company may terminate its obligations under this Agreement (but only to the extent not yet
performed) at any time prior to: (a) in the case of paragraph (c), the Placement Payment Ttme; and (b) in the case of paragraphs (d), (e) and (f), the issue of any Subscription Shares, by notice to the Subscriber and Holdco if:
(c) any of the representations and warranties made by the Subscriber or Holdco in the Schedule is not true and correct or is misleading in any material respect as at the date of this Agreement; (d) the Company is prohibited from proceeding
with the issue of any Subscription Shares by order from ASIC or any other Australian or United States regulatory body or Australian or United States court order; (e) an lnsolvency Event occurs in relation to the Subscriber; or 

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(f) the Subscriber does not pay the Subscription Amount to the Company in accordance with clause 2 al or before the
Placement Payment Time. 
 9. General 
 9.1 Gosts 
 Each party must bear its own costs
arising out of the negotiation, preparation and execution of this Agreement. 
 9.2 Governing law 

This Agreement is governed by the laws of Victoria, Australia. The parties submit to the non-exclusive jurisdiction of
courts exercising jurisdiction there, and agree that they will not object to the venue or claim that the relevant action or proceedings have been brought in an inconvenient forum. 

9.3 Process agent 
 (a) Each of Holdco and the Subscriber irrevocably: 

(i) nominates CITIC Resources Australia Pty Ltd (ACN 1 07 652 817) as its agent to receive service of process or other
documents in any action or proceedings in the courts of Australia; and 
 (ii) agrees that service on that agent
or any other person appointed under paragraph (b) will be sufficient service on it. 
 (b) Each of Holdco
and the Subscriber shall ensure that its process agent remains authorised to accept service on its behalf. lf the process agent ceases to have an office in the place specified, each of Holdco and the Subscriber shall ensure that there is another
person in Australia acceptable to the Company to receive process on its behalf and shall promptly notity the Company of the appointment of that other person. 
 9.4 GST 
 (a) Terms used in this clause 9.4 have
the same meaning as the meaning given to those terms in the A New Tax Sysfem (Goods and Services Tax) Act f 999 (Cth) and related imposition Acts. GST Amount means in relation to a Taxable Supply the amount of GST payable on that Taxable Supply.

 (b) lf GST is payable on a Taxable Supply made under, by reference to or in connection with this Agreement,
the party providing the Consideration for that 
 Taxable Supply must also pay the GST Amount as additional
Consideration. No payment is required until the supplier has provided a Tax lnvoice. This clause does not apply to the extent that the Consideration for the Taxable Supply is expressly stated to be GST inclusive. 

(c) Any reference in the calculation of any indemnity, reimbursement or similar amount to a cost, expense or other
liability incurred by a party, must exclude the amount of 
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any lnput Tax Credit entitlement in relation to the relevant cost, expense or other liability. 

(d) This clause 9.4 will continue to apply after expiration or termination of this Agreement. 

9.5 Confidentiality Deed 
 (a) Subject to paragraph (b) and clause 9.6, each of Holdco and the Subscriber agrees to abide by the obligations imposed on CITIC Resources Holdings Limited under the Confidentiality
Deed as if it were a party to that Deed. 
 (b) The parties acknowledge that the Confidentiality Deed was amended
by the parties to that deed on or about the date of this Agreement by deleting clauses 6.2 to 6.4 and 7 of the Confidentiality Deed. 
 9.6 Public announcements 
 (a) Subject to paragraph
(b), a party must not make any public announcement or statement concerning this Agreement or its terms or effect (or, in the case of the Company, concerning the Subscriber or Holdco) without the prior approval of the other parties except to the
extent (and only to the extent) it is unable to do so as a result of applicable legislation or other legal requirement or under the rules or regulations of any recognised stock exchange which are applicable to the disclosure. Subject to any
requirements of law and paragraph (b), the parties must use their reasonable endeavours to agree on the wording and timing of all public announcements and statements by them in connection with this Agreement and its subject matter before the
relevant announcement or statement is made. 
 (b) The initial public announcement by the Company to the ASX in
relation to the subject matter contemplated by this Agreement shall be substantially in the form set out in the Annexure. lt is agreed and acknowledged that, together with or subsequent to the initial public announcement, the Company may disclose
this Agreement in its entirety to the ASX and that the consent of the other parties shall not be required to such disclosure. 
 10. Notices 
 10.1 How to give a notice 

A notice, consent, approval, waiver or other communication under this agreement is only effective if it is: (a) in
writing, signed by or on behalf of the person giving it; (b) addressed to the person to whom it is to be given; and (c) either: (i) delivered or sent by pre-paid mail (by airmail, if the addressee is overseas) to that person’s
address; or 
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(ii) sent by fax to that person’s fax number and the machine from which it is sent produces a report that states that
it was sent in full. 
 10.2 When a notice is given 

A notice, consent approval, waiver or other communication that complies with this clause is regarded as given and
received: (a) if it is delivered or sent by fax: (i) by 5pm (local time in the place of receipt) on a Business Day—on that day; or (ii) after Spm (local time in the place of receipt) on a Business Day, or on a day that is not a
Business Day—on the next Business Day; and 
 (b) if it is sent by mail—on actual receipt. 

10.3 Address for notices 
 A person’s address and fax number are those set out below, or as the person notifies the sender: 
 Company 
 Address: Level 12,lBM Centre, 60 City
Road, Southbank, Victoria 3006, Australia Fax number: +61 3 8699 2650 Attention: Company Secretary 
 Holdco

 Address: Capital Mansion, 6 Xinyuannanlu, Chaoyang District, Beijing 100004, China Fax number: +86 10 5966
0658 Attention: Ms. Yimin Mao, Assistant Director General of Finance Department 
 Subscriber 

Address: Capital Mansion, 6 Xinyuannanlu, Chaoyang District, Beijing 100004, China Fax number: +86 10 5966 0658 Attention:
Ms. Yimin Mao, Director 
 11. Acknowledgments 

11.1 Rights personal 
 The Subscriber and Holdco acknowledge that the offer for the Subscriber to subscribe for the Subscription Shares is personal to the Subscriber, and the Subscriber and Holdco may not
assign, transfer or othenruise deal with their rights or obligations under this Agreement without the prior written consent of the Company. 
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11.2 No waiver 
 No acquiescence, waiver or other indulgence granted by a party to any other party will in any way discharge or relieve that other party from any of its other obligations under this
Agreement. 
 11.3 Several and not ioint liability 

Holdco shall not be liable to the Company or any other party for any breach of this 

Agreement by the Subscriber, except to the extent that this Agreement expressly imposes on Holdco an obligation to procure
(or to use any endeavours to procure) that the Subscriber does or does not do any thing, whether by reference specifically to the Subscriber or by reference to the Subscriber as a Subsidiary, Related Body Corporate or Associate of Holdco, and except
to the extent that any other obligation of Holdco under this Agreement to do any thing or take any action would require Holdco to procure that the Subscriber does any things or takes any action. 

11.4 Severability 
 Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction will be ineffective as to that jurisdiction to the extent of the prohibition or unenforceability.
That will not invalidate the remaining provisions of this Agreement nor affect the validity or enforceability of that provision in any other jurisdiction. 
 11.5 Extent of obligations 
 lf any payment under
this Agreement becomes void by any statutory provision or othenruise, the obligations of the pady that made the payment will be taken not to have been discharged in respect of that payment and the pafties shall be restored to the rights which each
respectively would have had if that payment had not been made. 
 11.6 Entire agreement 

This Agreement contains the entire agreement of the parties with respect to its subject matter. lt sets out the only
conduct relied on by the pafties and supersedes all earlier conduct by the parties with respect to its subject matter. 
 11.7 Further assurances 
 Each party must do all
things necessary to give full effect to this Agreement and the transactions contemplated by this Agreement 

11.8 No merger 
 The rights and obligations of the parties will not merge on the completion of any transaction contemplated by this Agreement. They will survive the execution and delivery of any assignment
or other document entered into for the purpose of implementing a transaction. 
 11.9 Counterparts 

(a) This Agreement may be executed in any number of counterparts. All counterparts together will be taken to constitute
one instrument. 
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(b) lf a party executes this Agreement and provides a signed copy to the other parties 

(including a copy that is faxed or an original or copy in PDF format that is transmitted by email), any subsequent failure
or delay in providing the other parties with an original signed counterpart shall in no way invalidate its agreement or otherwise impugn the ability of the other parties to proceed in reliance on the existence of a binding agreement. 

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 Su bscri ption Ag reement Allens > < Linklaters 

Executed as an agreement. 
 Executed in accordance with section 127 of the Corporations Act 2001 by Alumina Limited: 
 Director Signature 
 Print Name 

Executed by CITIC Limited by its duly authorised signatory: 

Signature of authorised signatory 
 Print Name 
 Executed by Bestbuy Overceas Co., Ltd
by its duly authorised signatory: 
 Signature of authorised signatory 

Print Name 
 Director/Secretary Signature 
 Print Name

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 S ubscription Ag reement Allens > < Linklafers 

Executed as an agieerìlent 
 Executed rn accordance with section 127 of lhe Corporalions Acl 2001 by Alumina 
 Limited 
 Director Stgnature
D¡rector/Secretary Signatu re 
 Print Name Prinl Name 

Executed by CITIC Limited by its duly authorised signatory: 

Signature cl authorised signaiory 
 Print Name 
 Executed by Bestbuy Overseas Co., Ltd
by its duly authorised sÍgnatory: 
 Srgnature of authorised signatory 

Print Name 
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 Subscription Ag reement Allens > < Linklaters 

Schedule 
 Warranties 
 Part I By the Parties 

(a) (Status) lt is a company limited by shares under the laws of the place of its incorporation. 

(b) (Capacity) lt has full legal capacity and power to enter into this Agreement and to carry out the transactions
contemplated by this Agreement. 
 (c) (Gorporate authority) lt has taken all corporate action that is necessary
or desirable to authorise its entry into this Agreement and its carrying out of the transactions that this Agreement contemplates. 
 (d) (Authorisation) lt holds each Authorisation that is necessary to: 
 (i) execute this Agreement and to carry out the transactions that this Agreement contemplates; (ii) ensure that this Agreement is legal, valid, binding and admissible in evidence; and
(iii) enable it to properly carry on its business, and it is complying with any conditions to which any of these Authorisations is subject. 
 (e) (Agreement effective) This Agreement constitutes its legal, valid and binding obligations, enforceable against it in accordance with its terms subject to any necessary stamping or
registration. 
 Part2 By the Company 
 (a) (Subscription Shares) On the issue of the Subscription Shares to the Subscriber in accordance with this Agreement, full beneficial and legal title in the Subscription Shares will vest
in the Subscriber. 
 (b) (Share capital) There are 2,440,196,187 Shares on issue as at the date of this

 Agreement. There is not outstanding any right (whether present, or future and whether contingent or not)
granted by the Company or any of its Related Bodies Corporate under which any person may call for the allotment or issue of any shares in the Company (including option and conversion rights, but excluding any right granted under an employee
incentive scheme operated by the Company), there are no Security lnterests in the Subscription Shares and there are no dividends or other distributions that have been declared or determined by the Company but not yet paid in which the Subscription
Shares willnot participate. 
 (c) (Listing Rules) The issue of the Subscription Shares will not contravene the
Listing Rules (as waived) in respect of the Company or with any provision of the Corporations Act or any other relevant Australian legislation. 
 (d) (Compliance with Listing Rule 3.1) The Company is in compliance with Listing Rule 3.1, such that all information concerning the Company that a reasonable person would expect

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 Subscription Agreement Allens > < Linklaters 

to have a material effect on the price or value of Shares has been disclosed to the ASX, and there is no information which
has been withheld from disclosure under that rule (excluding under any one of the permitted exceptions to that rule). 
 (e) (Disclosure of other material information) Any information which the Company is withholding from disclosure under one of the permitted exceptions to Listing Rule 3.1 has been disclosed
to the Subscriber (or to one of its Related Bodies Corporate or Associates for the benefit of the Subscriber), and (without limiting clause 5.2(b)) there is no other information that the Company would be required to set out in a notice under section
7084(5)(e) of the Corporations Act in order to comply with section 7084(6)(e) (taking into account sections 7084(7) and (8)) of the Corporations Act and, to the best of the Company’s knowledge and belief acting in good faith, all
historical information comprised in the Disclosure Material disclosed by, or on behalf of, the Company to (or for the benefit of) the Subscriber is (taking into account all other information that the Company has disclosed to the ASX or that is
othenruise in the public domain) complete and accurate in all material respects and is not misleading in any material respect. To avoid doubt, no warranty is given by the Company as to the completeness, accuracy or non-misleading nature of future
matters (if any) included in any information disclosed in the Disclosure Material or otherwise by, or on behalf of, the Company to (or for the benefit of) the 
 Subscriber, including without limitation information (if any) as to future or forecast costs, prices, revenues, profits or dividends. 

(f) (lnsolvency Event) No lnsolvency Event has occurred or subsists in relation to the Company or any of its Related
Bodies Corporate. 
 Part 3 By the Subscriber and Holdco 

(a) (FATA) The requisite approval of the Treasurer of Australia has been obtained for the Subscriber to acquire the
Subscription Shares. 
 (b) (Professional or Sophisticated lnvestor) The Subscriber is a Professional or

 Sophisticated I nvestor. 
 (c) (Gompliance with law) The Subscriber is a person to whom the offer and issue of Shares as contemplated by this Agreement can be undertaken in compliance with all applicable laws, and
all relevant Chinese regulatory approvals required in order for the Subscriber to enter into and carry out the transactions contemplated by this Agreement, including those from the National Development Reform Commission and the Ministry of Finance,
have been obtained and are final, unconditional, irrevocable and in full force and effect. 
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Annexure 
 Draft Release to the ASX 
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 To: The Manager Announcements 

Company Announcements Office 
 Australian Securities Exchange 
 ALUMINA

 LIMITED 
 Public Announcement 2013—3AWC 
 ALUMINA
LIMITED SECURES STRATEGIC INVESTMENT OF A$452M BY CITIC 
 . Strategic investment of A$452 million in Alumina by
CITIC 
 . Funds will be used primarily to repay bank debt 

. Vice Chairman and CEO of CITIC Resources Holdings Limited, Mr Chen Zeng, will be . appointed to the Alumina Board The
placement has received all necessary approvals and is not subject to any conditions 
 Alumina Limited
(“Alumina”) today announced that CITIC* will unconditionally subscribe, in aggregate, for 366,029 ,428 fully paid ordinary shares in Alumina, being 1 5% of Alumina’s current capital base, representing 13.04% of Alumina’s capital
base following completion (the “Placement”). The Placement will raise approximately A$452 million based on an issue price of A$1.235 per share, which reflects a premium of approximately 3% to the closing price of Alumina shares on
13 February 2013 and a premium of 11% to the volume weighted average price of Alumina shares for the month ending 13 February 2013. The new shares issued under the Placement, which is to be completed in two tranches, today and by Monday
18 February 2013, will rank equally from allotment in all respects with existing Alumina shares. 
 The
Placement introduces CITIC as a strategically aligned and fìnancially strong long{erm investor to the Alumina share register. The funds raised under the Placement will be applied by Alumina primarily to repay bank debt. Alumina’s net
debt position will fallfrom approximately US$681 million currently to approximately US$216 million as a result of the Placement. 
 The Alumina board of directors intends to enlarge its board by appointing Mr Chen Zeng as a director. Mr Zeng is the Vice Chairman and CEO of CITIC Resources Holdings Limited, a company
listed on the Hong Kong 
 Stock Exchange. Following appointment, Mr Zeng would be subject to election at
Alumina’s Annual General Meeting in May 2013. Alumina Limited 
 ABN 85 004 820 419 

Alumina Limited CEO, John Bevan, commented, “This secures a strategic, premium to our recent price. CITIC’s GPO
Box 541 1 long-term investor at a share 
 Melbourne Vic 3001 

investment demonstrates their confidence in the alumina industry and their position global Australia understanding of
Alumina Limited’s unique in the market. 
 We look fonruard to working with CITIC on ways to enhance the
value of Level 12 IBM Centre joint 60 City Road 
 Alumina’s interest in the AWAC venture. 

Southbank Vic 3006 Australia 
 Tel +Ot 8699 2600 
 19¡3 

Fax +61 (0)3 8699 2699 

 

 
 “ClTlC has a long history of investment in the metals and mining industry in
Australia. CITIC’s first Australian investment was in the AWAC joint venture’s Portland Aluminium Smelter in 1986 and it now owns a 22.5% stake in the Smelter. We look forward to the industry expertise and insight into the market that Mr
Zeng will bring to the Board of Alumina Limited”. 
 Mr Zeng commented, “ClTlC is a diversified energy
and natural resources investment company with existing investment in the aluminium sector, so today’s investment in Alumina is a natural progression of our strategy. The Placement provides CITIC with the opportunity to invest in one of
Australia’s leading companies with a world class, global portfolio of upstream mining and refining operations in the aluminium sector.” 
 Su bscription Ag reements 
 Alumina and CITIC have
entered into two Subscription Agreements to give effect to the Placement. A full copy of each of the two Subscription Agreements is attached to this announcement. 
 CITIC’s investment in Alumina via the Placement has been approved by the Treasurer of the Commonwealth of Australia under the Foreign Acquisitions and Takeovers Act 1975 (Cth), and by
the National Development and Reform Commission of the People’s Republic of China and other relevant Chinese regulatory authorities. 
 Flagstaff Partners is acting as financial adviser to Alumina 
 ANZ Corporate Advisory is acting as financial adviser to ClTlC. 
 Shareholder Enquiries 
 For investor enquiries: For
media enquiries 
 John Bevan Nerida Mossop Chief Executive Offlcer Hinton and Associates Phone: +61 3 8699 2601
Phone: +61 3 9600 1979 Mobile: +61 437 361 433 
 Chris Thiris 

Chief Financial Offlcer Phone: +61 3 8699 2607 

 

 
 About Alumina Limited 

Alumina Limited is a leading Australian company listed on the ASX and the NYSE. lts strategy is to invest world-wide in
bauxite mining, alumina refining and selected aluminium smelting operations through the 40% ownership of Alcoa World Alumina & Chemicals (AWAC), the world’s largest alumina business. Our partner, Alcoa, owns the remaining 60% of AWAC
and is the manager. 
 About CITIC 
 CITIC Group Corporation is a state-owned enterprise established in 1979 with the approval of the 
 State Council of the People’s Republic of China and a large multinational conglomerate based in China. lt has a full range of financial businesses, including banking, securities,
insurance, trust, fund management, asset management and futures. lt also has extensive interests in a number of other industries including real estate and regional development, project contracting, infrastructure, resources and energy, machinery
manufacturing, lT and high-tech industries. CITIC Limited, a wholly-owned subsidiary of CITIC Group Corporation, was established on 27 December 20111o hold most of CITIC’s operating assets. 

CITIC Group Corporation indirectly holds approximately 59% of CITIC Resources Holdings Limited, a company listed on the
Hong Kong Stock Exchange with a market capitalisation of approximately A$1.2bn (HK$9.3bn). 
 *The indirect
wholly-owned subsidiary of subscribers are CITIC Resources Australia Pty Ltd, an CITIC Resources Holdings Limited, and Bestbuy Overseas Co., Ltd, an indirect wholly-owned subsidiary of CITIC Limited. 

 

 
 NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES 

This announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United
States or to, or for the account or benefit of, any “U.S. person” (as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”)) (“U.S. Persons”). The securities to be issued
in the Placement and the Entitlement Offer have not and will not be registered under the U.S. Securities Act. Securities may not be offered or sold in the United States or to, or for the account or benefit of, U.S. Persons unless the securities have
been registered under the U.S. Securities Act or in a transaction exempt from, or not subject to, the registration requirements of the U.S. Securities Act. 
 lmportant information 
 Some statements in this
public announcement are fon¡rard-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995. Fonruard-looking statements also include those containing such words as’anticipate’,
‘estimates’, ‘should’, ‘will’, ‘expects’, ‘plans’ or similar expressions. Fonruard-looking statements involve risks and uncertainties that may cause actual outcomes to be different from the
forward-looking statements. lmportant factors that could cause actual results to differ from the forward-looking statements include: (a) material adverse changes in global economic, alumina or aluminium industry conditions and the markets
served by AWAC; (b) changes in production and development costs and production levels or to sales agreements; (c) changes in laws or regulations or policies; (d) changes in alumina and aluminium prices and currency exchange rates; and
(e) the other risk factors summarised in Alumina’s Form 20-F for the year ended 31 December2011. 

Stephen Foster Company Secretary 
 14 February 2013

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