Document:

EX-10.1

 Exhibit 10.1 
 FORM OF AMENDED AND RESTATED 
 SHAREHOLDERS AGREEMENT 

CONCERNING 
 CONSTELLIUM N.V. 

DATED AS OF [—]

 BY AND AMONG 

THE PARTIES SIGNATORY HERETO 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	 ARTICLE 1 Interpretation
	  	 	2	 
	 Section 1.1
	  	Definitions	  	 	2	 
	 Section 1.2
	  	Other Interpretation Provisions	  	 	6	 
	 Section 1.3
	  	Schedules	  	 	7	 
		
	 ARTICLE 2 Board of Directors
	  	 	7	 
	 Section 2.1
	  	Board of Directors	  	 	7	 
	 Section 2.2
	  	Board Observers	  	 	8	 
	 Section 2.3
	  	Director Removal and Resignation; Filling of Vacancies	  	 	8	 
		
	 ARTICLE 3 Information Rights
	  	 	9	 
	 Section 3.1
	  	Access to Information	  	 	9	 
	 Section 3.2
	  	Confidentiality	  	 	10	 
	 Section 3.3
	  	Compliance with Antitrust Laws	  	 	11	 
	 Section 3.4
	  	Public Statements	  	 	11	 
		
	 ARTICLE 4 Registration Rights
	  	 	12	 
	 Section 4.1
	  	Demand Registration Rights	  	 	12	 
	 Section 4.2
	  	Piggyback Registration Rights	  	 	15	 
		
	 ARTICLE 5 Certain Other Undertakings
	  	 	19	 
	 Section 5.1
	  	Additional Consideration Deed	  	 	19	 
		
	 ARTICLE 6 Miscellaneous
	  	 	19	  
	 Section 6.1
	  	Further Assurances	  	 	19	 
	 Section 6.2
	  	No Waiver	  	 	19	 
	 Section 6.3
	  	Amendments	  	 	19	 
	 Section 6.4
	  	Assignments; Binding Effect	  	 	19	 
	 Section 6.5
	  	Invalidity	  	 	19	 
	 Section 6.6
	  	No Partnership	  	 	19	 
	 Section 6.7
	  	Entire Agreement	  	 	20	 
	 Section 6.8
	  	Company Organizational Documents; Further Undertakings	  	 	20	 
	 Section 6.9
	  	No Fetter on the Company	  	 	20	 
	 Section 6.10
	  	Notices	  	 	20	 
	 Section 6.11
	  	English Language	  	 	20	 
	 Section 6.12
	  	Disputes	  	 	21	 
	 Section 6.13
	  	Injunctive Relief	  	 	21	 
	 Section 6.14
	  	Counterparts	  	 	21	 
	 Section 6.15
	  	No Rights Under Contracts (Rights of Third Parties) Act of 1999	  	 	21	 
	 Section 6.16
	  	Governing Law	  	 	22	 
			
	 SCHEDULES:
	  		  			
		
	 Schedule 1:     Notices
	  			

  
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 FORM OF AMENDED AND RESTATED SHAREHOLDERS AGREEMENT 

dated [—], 2013 

This AMENDED AND RESTATED SHAREHOLDERS AGREEMENT dated as of [—], 2013 (this
“Agreement”), by and among CONSTELLIUM N.V., a public limited liability company incorporated and existing under the laws of the Netherlands (the “Company”), and the parties hereto (the
“Parties”), amend and restate that certain Shareholders Agreement, dated as of January 4, 2011 (the “Original Agreement”), by and among the Parties. 
 PARTIES: 
  

	(A)	Constellium N.V., a public limited liability company incorporated and existing under the laws of the Netherlands, whose principal executive office is at Tupolevlaan
41-61, 1119 NW, Schiphol-Rijk, the Netherlands. 

  

	(B)	Apollo Omega (Lux) S.à r.l., a private limited liability company incorporated under the laws of Luxembourg, whose registered office is at 7, Val Ste Croix, L1371
Luxembourg. 

  

	(C)	AMI (Luxembourg) S.à r.l., a private limited liability company incorporated under the laws of Luxembourg, whose registered address is at L-2540 Luxembourg, Rue
Edward Steichen 15 (each of Apollo Omega (Lux) S.à r.l. and AMI (Luxembourg) S.à r.l., an “Apollo Shareholder” and together, the “Apollo Shareholders”). 

 

	(D)	Rio Tinto International Holdings Ltd., a private limited company incorporated under the laws of England and Wales, whose registered office is at 2 Eastbourne Terrace,
London, W2 6LG, United Kingdom (“Rio Tinto Shareholder”). 

  

	(E)	Fonds Stratégique d’Investissement, a société anonyme incorporated under the laws of France, whose registered office is at 56 rue de
Lille, 75007, Paris (“FSI Shareholder”). 

 WHEREAS: 

 

	(A)	On December 23, 2010, the Company entered into a sale and purchase agreement with Alcan Holdings Switzerland AG and certain affiliates thereof (the
“SPA”) relating to the acquisition by the Company of Rio Tinto plc’s Engineered Products business, which consists of the fabrication, production and transformation of aluminium and composites plates and wide aluminium coils,
flat rolled products, aluminium extrusions and aluminium and composites solutions. 

  

	(B)	The parties entered into the Original Agreement, effective as of the time of Completion, in order to set out the terms governing the relationship of Apollo, Rio Tinto
and FSI as shareholders of the Company and certain aspects of their affairs and dealings with the Company and its Subsidiaries. 

  

	(C)	The parties and the Company desire to amend and restate the Original Agreement in connection with the initial public offering of ordinary shares of the Company (the
“IPO”), which the Company completed on [—], 2013. 

	(D)	Pursuant to Section 9.3 of the Original Agreement, the Original Agreement may be amended with the written consent of all the Parties. The Parties have, by
executing and delivering this Agreement, provided such written consent. 

 IT IS
AGREED: 
 ARTICLE 1 
 INTERPRETATION 
 Section 1.1 Definitions. As
used in this Agreement, the following terms have the following meanings: 
 “Additional Consideration Deed”
means the additional consideration deed dated as of the date of this Agreement, by and among the Apollo Shareholders, the FSI Shareholder, Alcan Holdings Switzerland AG and the Company. 

“affiliate” shall mean, with respect to any Person, any other Person directly or indirectly controlling, controlled by,
or under common control with such Person, including, but not limited to, such Person’s Subsidiaries. Unless otherwise specifically stated, the term “affiliate” does not include: 

(i) the Company or any of its Subsidiaries when used with respect to any Investor or any affiliate thereof; 

(ii) Investors and their affiliates (who are not members of the Group) when used with respect to the Company or any
Subsidiary of the Company; or 
 (iii) any controlled portfolio company or portfolio investment of Apollo or FSI
when used with respect to Apollo and FSI, respectively. 
 The terms “affiliated” and
“affiliation” shall have correlative meanings. For purposes of this definition, the terms “control,” “controlling” and “controlled” as they relate to any Person mean the power,
direct or indirect – alone or as a concert party together with one or more affiliates of such Person – to direct or cause the direction of the management and policies of such Person whether by ownership of voting securities, by contract or
otherwise. 
 “Agreement” means this Amended and Restated Shareholders Agreement, as it may be amended from
time to time. 
 “AL-Li Information” has the meaning set forth in Section 3.1(d). 

“Apollo” means the Apollo Shareholders and any affiliate thereof that holds Shares in accordance with this Agreement.

 “Apollo Registration Demand” has the meaning set forth in Section 4.1(a). 

“Apollo Shareholder” and “Apollo Shareholders” each has the meaning set forth in the preamble to this
Agreement. 

  
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 “Board” has the meaning set forth in Section 2.1(a). 

“Board Rules” means the rules governing the Board’s best practices and principles, as they may be further amended
from time to time. 
 “Business” means the business of the Group as of Completion, together with extensions and
revisions to such business consistent with industry and technological developments from time to time. 
 “Business
Day” means any day other than a Saturday, a Sunday or a day on which banks in London, Amsterdam and New York are authorized or obligated by law or executive order to close. 

“Company” has the meaning set forth in the preamble to this Agreement. 

“Company Articles” means the Company’s amended and restated articles of association, as they may be further amended
from time to time. 
 “Company Registration” has the meaning set forth in Section 4.2(a). 

“Company Securities” has the meaning set forth in Section 4.2(c)(i). 

“Completion” has the meaning set forth in the SPA. 

“Completion Date” means January 4, 2011. 
 “Confidential Information” has the meaning set forth in Section 3.2(a). 
 “Demand Notice” has the meaning set forth in Section 4.1(a). 

“Director” has the meaning set forth in Section 2.1(a). 

“Dispute” has the meaning set forth in Section 6.12(a). 

“FSI” means FSI Shareholder and any affiliate thereof that holds Shares in accordance with this Agreement. 

“FSI Registration Demand” has the meaning set forth in Section 4.1(c). 

“FSI Shareholder” has the meaning set forth in the preamble to this Agreement. 

“Governmental Authority” means any nation or government, any state or other political subdivision thereof, any entity,
authority or body exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including any government authority, agency, department, board, body, commission or instrumentality of France, the
Netherlands, the United Kingdom or any other nation, or any state or other political subdivision thereof, any court, tribunal or arbitrator, and any self-regulatory organization. 

“Group” means the Company and its Subsidiaries. 

  
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 “Information Recipient” has the meaning set forth in Section 3.2(a).

 “Insolvency Event” means any of the following steps being taken in respect of the relevant member of the
Group: 
 (i) winding up or dissolving the relevant member of the Group; 

(ii) obtaining an administration order in respect of the member of the Group; 

(iii) inviting any person to appoint a receiver or receiver and manager of the whole or any part of the business or assets
of the relevant member of the Group; 
 (iv) presenting a petition or convening a meeting for the bankruptcy,
winding-up, recovery or similar proceedings (including a general agreement with any of its creditors) in respect of the relevant member of the Group; 
 (v) proposing or making any arrangement or composition with, or any assignment for the benefit of, its creditors generally, or proposing or making any arrangement involving conversion or exchange of any
material part of its indebtedness to or for equity interests in any member of the Group; or 
 (vi) doing
anything similar or analogous to those steps referred to in paragraphs (i) to (v) above, in any jurisdiction. 

“Investor” means each of Apollo, Rio Tinto and FSI. 

“Investor Registration Demand” has the meaning set forth in Section 4.1(c). 

“Law” means any law, constitution, treaty, code, statute, rule, regulation, ordinance or other pronouncement of a
Governmental Authority having a similar effect and any Order. 
 “LCIA” has the meaning set forth in
Section 6.12(c). 
 “Management Equity Plan” means the management equity plan of the Company. 

“Observer” has the meaning set forth in the Section 2.2. 

“Order” means any order, writ, judgment, stipulation, decree, injunction, award or decision of, or consent agreement or
similar arrangement with, any Governmental Authority. 
 “Original Agreement” has the meaning set forth in the
preamble to this Agreement. 
 “parties” has the meaning set forth in the preamble to this Agreement and
each other Person who may become a party to this Agreement, and “party” means each of them individually. 
 “Percentage Interest” means, with respect to any Investor at any time, the percentage derived by dividing (i) the total number of Shares owned by such Investor and its affiliates by
(ii) the total number of outstanding Shares (but excluding Shares issued pursuant to the Management Equity Plan). 

  
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 “Person” means any individual, partnership, corporation, limited liability
company, association, unincorporated organization, trust, joint venture or other entity or any Governmental Authority. 

“Purchaser’s Group” means the group of companies comprising the Company and its direct and indirect Subsidiaries.

 “Registrable Securities” means any Shares held or acquired by an Shareholder, and any other securities
issued or issuable with respect to such Shares by way of a share dividend or share split or in connection with a combination of shares, recapitalization, merger, consolidation or reorganization; provided that no Share shall be a Registrable
Security if (a) a Registration Statement covering such Registrable Security has been declared effective by the SEC and such Registrable Security has been disposed of by the Investor pursuant to such effective Registration Statement, (b) it
has been issued to the Investor pursuant to an effective registration statement, (c) it is sold under circumstances in which all of the applicable conditions of Rule 144 (or any similar provisions then in force) under the Securities Act are met
or it is eligible for sale under such Rule 144 without regard to any volume limitations, (d) it shall have been otherwise transferred and a new certificate for it not bearing a legend restricting further transfer under the Securities Act shall
have been delivered by the Company, or (e) such Shares shall have ceased to be outstanding; provided, further, that any security that has ceased to be a Registrable Security shall not thereafter become a Registrable Security and
any security that is issued or distributed in respect of securities that have ceased to be Registrable Securities is not a Registrable Security. 
 “Registration Expenses” means all expenses incurred by the Company in complying with Section 4.2, including, without limitation, all registration and filing fees, printing expenses,
road show expenses, fees and disbursements of counsel and independent public accountants for the Company, fees and expenses (including counsel fees) incurred in connection with complying with state securities or “blue sky” laws, fees of
the Financial Industry Regulatory Authority, Inc., transfer taxes, fees of transfer agents and registrars, and the reasonable fees and disbursements of one counsel for the selling holders of Registrable Securities and one local counsel per foreign
jurisdiction, but excluding any underwriting discounts and selling commissions only to the extent applicable on a per share basis to Registrable Securities of the selling holders. 

“Registration Statement” means any registration statement of the Company filed or to be filed with the SEC under the
rules and regulations promulgated under the Securities Act, including the related prospectus, amendments and supplements to such registration statement, and including pre- and post-effective amendments, and all exhibits and all material incorporated
by reference in such registration statement. 
 “Representatives” means a Person’s affiliates and the
directors, officers, employees, representatives, advisers or agents of such Person and such Person’s affiliates. 

“Rio Tinto” means Rio Tinto Shareholder and any affiliate thereof that holds Shares in accordance with this Agreement.

  
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 “Rio Tinto Registration Demand” has the meaning set forth in
Section 4.1(b). 
 “Rio Tinto Shareholder” has the meaning set forth in the preamble to this Agreement.

 “Section 4.2(c) Sale Number” has the meaning set forth in Section 4.2(c). 

“Section 4.2(d) Sale Number” has the meaning set forth in Section 4.2(d). 

“Securities Act” means the Securities Act of 1933, as amended, or any successor federal statute, and the rules and
regulations of the SEC thereunder, all as the same shall be in effect at the time. 
 “Shareholder
Registration” has the meaning set forth in Section 4.2(a). 
 “Shareholder Registration Demand”
has the meaning set forth in Section 4.1(c). 
 “Shareholders” means the Apollo Shareholders, the Rio
Tinto Shareholder and the FSI Shareholder collectively. 
 “Shares” means ordinary shares of the Company, par
value €0.01 per share. 
 “Shelf Registration Statement” has the meaning set forth in
Section 4.1(d)(i). 
 “SPA” has the meaning set forth in the recitals. 

“Subsidiary” means, with respect to any Person, any corporation 50 percent or more of whose stock of any class or
classes having by the terms thereof ordinary voting power to elect a majority of the directors of such corporation is at the time owned by such Person, directly or indirectly through one or more Subsidiaries, and any other Person, including, but not
limited to, a joint venture, a general or limited partnership or a limited liability company, in which such Person, directly or indirectly through one or more Subsidiaries, at the time owns at least 50 percent or more of the ownership interests
entitled to vote in the election of managing partners, managers or trustees thereof (or other Persons performing similar functions) or acts as the general partner, managing member, trustee (or Persons performing similar functions) of such other
Person; provided that, notwithstanding the foregoing, the Company and its Subsidiaries shall not be deemed to be Subsidiaries of any Investor or any Investor’s affiliates (other than affiliates who are Group members) for purposes of this
Agreement. 
 “Underwritten Offering” means a sale of Shares to an underwriter for reoffering to the public.

 Section 1.2 Other Interpretation Provisions. 

(a) The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms. 

(b) The words “hereof,” “herein,” “hereunder” and similar words refer to this
Agreement as a whole and not to any particular provision of this Agreement, and any subsection, Section and Schedule references are to subsections and sections of, and schedules to, this Agreement unless otherwise specified. 

  
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 (c) The term “including” is not limiting and means “including
without limitation.” 
 (d) The captions and headings of this Agreement are for convenience of reference only and shall
not affect the interpretation of this Agreement. 
 (e) Whenever the context requires, any pronouns used herein shall include
the corresponding masculine, feminine or neuter forms. 
 Section 1.3 Schedules. The Schedules attached to this
Agreement shall be deemed to be incorporated into and form a part of this Agreement. 
 ARTICLE 2 

BOARD OF DIRECTORS 

Section 2.1 Board of Directors. 
 (a) The Board of Directors of the Company (the “Board”) shall be made up of the number of individuals (each, a “Director”) as specified in the Company Articles and Board
Rules. The Company Articles and Board Rules govern Board proceedings. 
 (b) In the event that any Investor’s Percentage
Interest becomes less than any Percentage Interest that is specified in the provisions of this Article 2 or Section 3.1(c) as the minimum Percentage Interest required in order to be entitled to certain rights, such rights shall terminate and
cease to be effective from and after the time that its Percentage Interest becomes less than such specified minimum Percentage Interest, notwithstanding any subsequent increase in such Investor’s Percentage Interest. 

(c) Subject to the requirements of applicable listing standards and applicable best practices (it being agreed that an Investor may opt
out of these provisions if it would be deemed to be acting in concert with one or more other Investors and does not wish to do so): 
 (i) Rio Tinto shall be entitled to designate for binding nomination one Director to the Board so long as its Percentage Interest is equal to or greater than 10 percent or it continues to hold all of the
Shares it subscribed for at Completion; 
 (ii) FSI shall be entitled to designate for binding nomination one
Director to the Board so long as its Percentage Interest is equal to or greater than or equal to 4 percent or it continues to hold all of the Shares it subscribed for at Completion; and 

(iii) Apollo shall be entitled to designate for binding nomination (i) a majority of the Directors comprising the
Board for so long as its Percentage Interest is equal to or greater than 40 percent or it continues to hold all of the Shares it subscribed for at Completion, and in each case provided no person who is not an affiliate of Apollo holds a majority of
the Shares then in issue, or (ii) in the event that Apollo does not satisfy either of the foregoing requirements, two Directors to the Board so long as its Percentage Interest is equal to or greater than 10 percent. 

  
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 For purposes of this Section 2.1(c), the amount of Shares that each Investor subscribed for at
Completion shall be equitably adjusted for stock splits, stock dividends, combinations, reorganizations or similar events. 

(d) Each of the Investors and the individuals designated by the Investors will use its and their reasonable best efforts and will
promptly take all actions required to effectuate fully the provisions of this Section 2.1 to ensure that the individuals included in the binding nomination to the Board are the individuals designated by the non-executive directors for binding
nomination at the general meeting or any special meeting of the Company’s shareholders. In addition, each of the Investors agrees that it shall vote in a favor for each Director included in the binding nomination as designated by the Investors
in accordance with this Section 2.1 at any general or special meetings of the Company’s shareholders, or participating in an action by written consent. 
 Section 2.2 Board Observers. Rio Tinto so long as its Percentage Interest equals or exceeds 10 percent, and FSI so long as (a) its Percentage Interest equals or exceeds 7.5 percent
or (b) it continues to hold at least the number of Shares it held as of immediately following the effective time of IPO (including all Shares acquired by the FSI Shareholder from the Apollo Shareholders, the Rio Tinto Shareholder and/or the
underwriters in the IPO in accordance with the Share Purchase Agreement, dated as of [—], 2013, between the FSI Shareholder, the Apollo Shareholders and the Rio Tinto Shareholder), and subject to
equitable adjustment for stock splits, stock dividends, combinations, reorganizations or similar events, shall each be entitled upon written request to appoint one individual as an observer to attend all meetings of the Board of Directors (the
“Observer”), which individual shall be reasonably acceptable to the Board (such approval not to be unreasonably withheld or delayed). The Company shall give each Observer written notice of each meeting of the Board of Directors,
together with any materials provided to members of the Board at the same time such materials and information are given to the members of the Board and shall permit each Observer to attend as an observer at all meetings (including executive sessions)
thereof. Notwithstanding the foregoing, the Company or the Board shall have the right to withhold any information and to exclude any Observer from any meeting or portion thereof if the Board reasonably determines in good faith, after consultation
with counsel, that attendance by such Observer would conflict with requirements under applicable Law or would be necessary to protect the attorney-client privilege between the Company and counsel. Each Investor shall cause its Observer to agree to
hold in confidence and to act in a fiduciary manner with respect to all information provided to such Observer. No Observer shall have any right to vote on any matter presented to the Board or any committee thereof. 

Section 2.3 Director Removal and Resignation; Filling of Vacancies. Each Director designated for nomination by an Investor
pursuant to Section 2.1 shall hold such position until a successor is designated for nomination by such Investor or until his or her earlier death, disability, resignation or removal, or such earlier time as the Investor who appointed such
Director is no longer entitled to designate for nomination such Director pursuant to Section 2.1. In the event of a vacancy caused by the death, disability, resignation or removal of a Director, the Investor who had designated that Director for
nomination pursuant to Section 2.1 shall have the right to designate for nomination a different individual to fill the vacancy, and each Investor and 

  
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the individuals designated by the Investors will use their reasonable endeavours to ensure such individual is nominated by the Board for binding nomination at the general meeting or any special
meeting of the Company’s shareholder and the Company shall cooperate in this regard. In the event that any Investor ceases to hold the Percentage Interest referenced in Section 2.1(c) and as a result ceases to have the right to designate
for binding nomination one or more Directors, (i) such Investor shall procure the immediate removal of such Director(s), and (ii) the Company and each other Investor agrees to use its reasonable endeavours to assist with the removal of
such Director(s). 
 ARTICLE 3 
 INFORMATION RIGHTS 
 Section 3.1
Access to Information. 
 (a) Subject to applicable law, the Company shall provide to each Investor: 

(i) a copy of the audited consolidated accounts of the Group in respect of each fiscal year as soon as reasonably
available and in any event not later than 120 calendar days after the end of each fiscal year; 
 (ii) a copy of
the unaudited consolidated accounts of the Group in respect of each fiscal quarter for the first three fiscal quarters of each fiscal year as soon as reasonably available and in any event not later than 75 calendar days after the end of each such
fiscal quarter; 
 (iii) a copy of the annual budget for the Group for each fiscal year, as well as a business
plan of the Group, in each case in such form as the Company prepares in the ordinary course of business, as soon as reasonably available and in any event not later than 10 Business Days prior to the proposed date of the Board meeting to approve such
budgets and plans; provided that each Investor shall have a reasonable right of consultation with respect to the preparation of and any agreement on the annual budget and business plan prior to presentation thereof to the Board; 

(iv) a copy of any monthly management report and rolling 13-week liquidity forecast prepared by the Company in the
ordinary course, as soon as reasonably available; and 
 (v) any information (A) reasonably required by a
requesting Investor in order for such Investor to comply with applicable Laws and any tax, investor or regulatory reporting requirements, or (B) which the Investor reasonably requests to keep it properly informed about the financial and
business affairs of the Group, it being agreed that Investors shall not require, except as required by applicable Law, tax, regulatory or reporting requirements, the Company to prepare new reports outside the ordinary course. 

(b) Each of the Investors will have equal rights of access to information regarding the Company and the Group, subject to the specific
provisions of this Article 3. 

  
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 (c) The information rights provided by this Section 3.1 shall terminate with respect to
any Investor: 
 (i) in the case of Sections 3.1(a)(i) and (ii), at such time as the Investor’s Percentage
Interest is less than 1 percent; 
 (ii) in the case of Sections 3.1(a)(iv), 3.1(a)(v)(B) and 3.1(b), at such
time as an Investor no longer has the right to designate at least one Director; and 
 (iii) in the case of
Section 3.1(a)(iii) and 3.1(a)(v)(A), at such time as the Investor’s Percentage Interest is less than 2 percent; provided, however, that the consultation right afforded by the proviso in Section 3.1(a)(iii) shall
terminate at such time as the Investor’s Percentage Interest is less than 4 percent. 
 (d) Notwithstanding anything to the
contrary in this Agreement, the Company shall be entitled to withhold from Rio Tinto, its Affiliates and its designated Directors, any technical, proprietary or commercially sensitive competitive information relating to the Group’s production
of Aluminium-Lithium Alloys and strategic plans, initiatives and opportunities in connection therewith (the “AL-Li Information”), and any Directors designated for election or appointment to the Board by Rio Tinto and any Observers
appointed by Rio Tinto pursuant to Section 2.2, shall recuse themselves from the portion of the Board meeting at which such information, plans, initiatives and opportunities are to be discussed by the Board. No other Board agenda items other
than in relation to the AL-Li Information shall be substantively discussed while such Directors are recused. With respect to materials provided to the Board that contain both AL-Li Information and other information, the Company may redact the AL-Li
Information from materials provided to Rio Tinto or Rio Tinto-designated Directors. 
 Section 3.2 Confidentiality.

 (a) As used in this Agreement, “Confidential Information” means all information relating to the financial
condition, business, operations or prospects of the Company or any of its Subsidiaries, or of any Investor or affiliate of any Investor (in each case including information relating to their respective customers or suppliers), which is furnished to
any Investor or any affiliate of an Investor or, in the case of Confidential Information of any Investor or affiliate thereof, to the Company or its Subsidiaries (each recipient, in such capacity, an “Information Recipient”)
pursuant to this Agreement or otherwise in connection with the business or governance of the Group. 
 (b) Subject to
Section 3.2(c), each Information Recipient undertakes that it shall, and shall procure that its Representatives shall: 
 (i) use Confidential Information solely in connection with its investment in the Company and the operation of the Group’s businesses, and for no other purpose; 

(ii) treat all Confidential Information with the same degree of care and confidentiality that it affords its own trade
secrets and proprietary information; and 

  
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 (iii) keep confidential at all times and not permit or cause the disclosure
of any Confidential Information to any Person, other than, to the extent permitted by Law, to Representatives of such Information Recipient who need to know such information in the normal course of the performance of their duties reasonably related
to the Company or the Information Recipient’s investment in the Company, and who are informed of and agree to comply with the terms and conditions of this Section 3.2, and provided such Representative is not directly involved in the
operational or management affairs of any Person who competes with the Group. 
 Each Investor shall be responsible for any breach of the terms
of this Section 3.2 by any of its affiliates who is an Information Recipient, and its and their Representatives. 
 (c) The
obligation of confidentiality under Section 3.2(b) shall not apply to: 
 (i) information which at the date
of disclosure is within the public domain (other than as a result of a breach of this Section 3.2); 
 (ii)
the disclosure of information to the extent required (based on advice of counsel) by Law or any Governmental Authority; provided that such Information Recipient shall give the Company and relevant Investor prompt notice of such request(s), to
the extent practicable, so that the Company or the relevant Investor may seek an appropriate protective order or similar relief (and the Information Recipient shall cooperate with such endeavours, and shall in any event make only the minimum
disclosure required by such law, rule or regulation); 
 (iii) the disclosure of Confidential Information
provided to a bona fide potential purchaser of an Investor’s Shares or other securities of the Company, so long as (A) such purchaser is not a material competitor of the Group, (B) prior to receipt of any Confidential Information,
such potential purchaser enters into a customary confidentiality undertaking with the Company, and (C) the disclosing Investor consults with the Company regarding provision of Confidential Information and follows the Company’s directions,
if any, with respect to non-disclosure of commercially sensitive information; or 
 (iv) information which is
independently developed by the Information Recipient, other than from Confidential Information. 
 Section 3.3
Compliance with Antitrust Laws. Each Investor shall, and shall cause its affiliates to, comply with applicable antitrust Laws regarding the sharing of information relating to the Company or any of its Subsidiaries. 

Section 3.4 Public Statements. Each Investor will refrain from making public statements relating to the business affairs of
the Group and the Shares, except to the extent such statements either (a) are materially consistent with prior public statements made and agreed by the parties, (b) has received prior approval from the Company or (c) is permitted in
accordance with Section 3.2(c)(ii) above. The Investors will cooperate with each other and provide prior notice of any such disclosures, except as covered by clause (a) of this Section 3.4. 

  
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 ARTICLE 4 
 REGISTRATION RIGHTS 
 Section 4.1
Demand Registration Rights. 
 (a) Apollo Registration Rights. Subject to the provisions of this Section 4.1,
at any time and from time to time after the date of this Agreement, Apollo may make up to 4 written demands, but no more than one such demand in any one hundred eighty (180)-day period (each, an “Apollo Registration Demand”) to the
Company requiring the Company to register, under and in accordance with the provisions of the Securities Act, all of Apollo’s Shares or a part of the Apollo’s Shares for which the anticipated proceeds from the sale of such Shares is in
excess of $50 million. All Apollo Registration Demands made pursuant to this Section 4.1 will specify the aggregate amount of Shares to be registered, the intended methods of disposition thereof (including whether the offering is to be an
Underwritten Offering) and the registration procedures to be undertaken by the Company in connection therewith (a “Demand Notice”). 
 (b) Rio Tinto Registration Rights. Subject to the provisions of this Section 4.1, at any time and from time to time after the date of this Agreement, Rio Tinto Shareholder may make up to 3
written demands, but no more than one such demand in any one hundred eighty (180)-day period (each, a “Rio Tinto Registration Demand”) to the Company requiring the Company to register, under and in accordance with the provisions of
the Securities Act, all of Rio Tinto’s Shares or a part of Rio Tinto’s Shares for which the anticipated proceeds from the sale of such Shares is in excess of $50 million. All Rio Tinto Registration Demands made pursuant to this
Section 4.1 will be pursuant to a Demand Notice. 
 (c) FSI Registration Rights. Subject to the provisions of this
Section 4.1, at any time and from time to time after the date of this Agreement, FSI may make up to 2 written demands, but no more than one such demand in any one hundred eighty (180)-day period (each, a “FSI Registration
Demand” and collectively with the Apollo Registration Demand and Rio Tinto Registration Demand, “Investor Registration Demand”) to the Company requiring the Company to register, under and in accordance with the provisions
of the Securities Act, all of FSI’s Shares or a part of FSI’s Shares for which the anticipated proceeds from the sale of such Shares is in excess of $50 million. All FSI Registration Demands made pursuant to this Section 4.1 will be
pursuant to a Demand Notice. 
 (d) Shelf Registration Demands. 

(i) Notwithstanding Sections 4.1(a), 4.1(b) or 4.1(c), at any time that the Company shall be eligible to file a shelf
registration statement (a “Shelf Registration Statement”) pursuant to Rule 415 promulgated under the Securities Act or any successor form under any successor rule, as applicable, with respect to the Registrable Securities of a
Shareholder, but such Shelf Registration is not effective, any Investor may demand that a Shelf Registration Statement be filed, and such request shall be treated by the Company as an Investor Demand Request under the terms of this Agreement, but
such demand will not count as one of the Investor’s demands. 

  
 - 12 -

 (ii) At any time a Shelf Registration shall be effective, each Investor
shall be permitted to effect an unlimited number of (A) non-Underwritten Offerings or (B) shelf-take-downs off the Shelf Registration Statement (which may be underwritten public offerings), including any underwritten “block
trades,” in each case, without notice to, or inclusion of, any other Investor’s Registrable Securities, it being understood that the Company’s obligations in Section 4.1(e) hereof shall in no way be reduced in such case.

 (e) Registration Obligations and Procedures. 

(i) Subject to the remaining provision in this Section 4.1(e), promptly upon receipt of any such Demand Notice, the
Company will file the applicable Registration Statement as soon as reasonably practicable and will use its best efforts to, in accordance with the terms set forth in the Demand Notice, effect within one hundred eighty (180) days of the filing
of such Registration Statement the registration under the Securities Act (including, without limitation, appropriate qualification under applicable blue sky or other state securities laws and appropriate compliance with the applicable regulations
promulgated under the Securities Act) of Shares that the Company has been so required to register. Notwithstanding the prior sentence, but subject to Section 4.1(d)(ii), the Company shall have no obligation to effect more than two registrations
pursuant to any Investor Registration Demand in any 180-day period. 
 (ii) Notwithstanding the first sentence of
Sections 4.1(a), 4.1(b) or 4.1(c), in the event that a Shareholder withdraws an Investor Registration Demand prior to (i) in the case of a registration on a Form F-3 Registration Statement or any similar short form registration statement
available for use under the Securities Act, the filing of the preliminary prospectus in respect of such offering, or (ii) in the case of a registration on any other form available for use under the Securities Act, including a Form F-1
Registration Statement, prior to the filing of the initial registration statement in respect of such offering, then, in each case, upon such withdrawal, such request for registration shall not be considered an Investor Registration Demand and shall
not reduce the number of applicable Investor Registration Demands available to the applicable Investor. 
 (iii)
If the Company receives an Investor Registration Demand and the Company furnishes to the Investor making such demand a copy of a resolution of the Board certified by the secretary of the Company stating that in the good faith judgment of the Board
it would be materially adverse to the Company for a Registration Statement to be filed on or before the date such filing would otherwise be required hereunder, the Company shall have the right to defer such filing for a period of not more than sixty
(60) days after receipt of the demand for such registration from Apollo, Rio Tinto or the FSI Shareholder, respectively. The Company shall not be permitted to provide such notice more than twice in any three hundred sixty (360)-day period. If
the Company shall so postpone the filing of a Registration Statement, the Investor may withdraw the applicable Investor Registration Demand by so advising the Company in writing within thirty (30) days after receipt of the notice of
postponement. In the event that an Investor withdraws the applicable Investor Registration Demand in the manner provided in the preceding sentence, such request for registration shall not be considered an Investor Registration Demand and shall not
reduce the number of applicable Investor Registration Demands 

  
 - 13 -

 
available to the applicable Investor. In addition, if the Company receives an Investor Registration Demand and the Company is then in the process of preparing to engage in a public offering, the
Company shall inform the notifying Investor of the Company’s intent to engage in a public offering and may require such Investor to withdraw such Investor Registration Demand, as the case may be, for a period of up to one hundred twenty
(120) days so that the Company may complete its public offering. In the event that the Company ceases to pursue such public offering, it shall promptly inform Apollo, Rio Tinto or FSI, as applicable, and such Investor shall be permitted to
submit a new Demand. For the avoidance of doubt, each Investor shall have the right to participate in the Company’s public offering of Shares as provided in Section 4.2 pro rata based on its Percentage Interest. 

(iv) Registrations under this Section 4.1 shall be on such appropriate registration form of the SEC (A) as shall
be selected by the Company and as shall be reasonably acceptable to Apollo, Rio Tinto or the FSI Shareholder, as applicable, and (B) as shall permit the disposition of such shares in accordance with the intended method or methods of disposition
specified in the Demand Notice; provided, however, that (i) the Company shall provide each Investor and its counsel with a reasonable opportunity to review and comment on such Registration Statement and each prospectus included
therein (and each amendment or supplement thereto) prior to filing with the SEC, and (ii) the Company shall notify each Investor and its counsel of the issuance by the SEC or any state securities authority of any stop order suspending the
effectiveness of a Registration Statement or the initiation of any proceedings for that purpose, including the receipt by the Company of any notice or objection of the SEC to the use of a Shelf Registration Statement or any post-effective amendment
thereto and take all reasonable action required to prevent the entry of such stop order or similar notice or to remove it if entered. If, in connection with any registration under this Section 4.1 that is proposed by the Company to be on Form
F-3 or any successor form, the managing underwriter, if any, shall advise the Company in writing that in its opinion the use of another permitted form is of material importance to the success of the offering, then such registration shall be on such
other permitted form. 
 (v) The Company shall use its reasonable best efforts to keep any Registration Statement
filed in response to any Investor Registration Demand effective for as long as is necessary for the Investor to dispose of the covered securities. The Company shall notify the Investors upon discovery that, or upon the happening of any event as a
result of which, the prospectus included in such Registration Statement contains an untrue statement of material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading, and the Company shall promptly prepare a supplement or amendment to such prospectus so that such prospectus shall not contain an untrue statement of material fact or omit to state any
material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading (unless the Company makes the election provided in Section 4.1(e)(iii)).

  
 - 14 -

 (vi) In the case of an Underwritten Offering in connection with an Apollo
Registration Demand, Apollo shall select the underwriters, provided that the managing underwriter shall be a nationally recognized investment banking firm. Apollo shall determine the pricing of the Registrable Securities offered pursuant to
any such Registration Statement in connection with an Apollo Registration Demand, the applicable underwriting discount and other financial terms (including the material terms of the applicable underwriting agreement) and determine the timing of any
such registration and sale, subject to this Section 4.1(d), and Apollo shall be solely responsible for all such discounts and fees payable to such underwriters in such Underwritten Offering (except with respect to any Shares sold by another
Investor or the Company). 
 (vii) In the case of an Underwritten Offering in connection with a Rio Tinto
Registration Demand, Rio Tinto shall select the underwriters, provided that the managing underwriter shall be a nationally recognized investment banking firm. Rio Tinto shall determine the pricing of the Registrable Securities offered
pursuant to any such Registration Statement in connection with a Rio Tinto Registration Demand, the applicable underwriting discount and other financial terms (including the material terms of the applicable underwriting agreement) and determine the
timing of any such registration and sale, subject to Section 4.1(d), and Rio Tinto shall be solely responsible for all such discounts and fees payable to such underwriters in such Underwritten Offering (except with respect to any Shares sold by
another Investor or the Company). 
 (viii) In the case of an Underwritten Offering in connection with a FSI
Registration Demand, FSI shall select the underwriters, provided that the managing underwriter shall be a nationally recognized investment banking firm. FSI shall determine the pricing of the Registrable Securities offered pursuant to any
such Registration Statement in connection with a FSI Registration Demand, the applicable underwriting discount and other financial terms (including the material terms of the applicable underwriting agreement) and determine the timing of any such
registration and sale, subject to Section 4.1(d), and FSI shall be solely responsible for all such discounts and fees payable to such underwriters in such Underwritten Offering (except with respect to any Shares sold by another Investor or the
Company). 
 (f) No Inconsistent Agreements. The Company represents and warrants that it has not granted and is not a
party to any proxy, voting trust or other agreement that is inconsistent with or conflicts with this Section 4.1. The Company shall not hereafter enter into any agreement with respect to its securities that is inconsistent with or conflicts
with the rights granted under this Section 4.1. 
 Section 4.2 Piggyback Registration Rights. 

(a) Piggyback Rights. Subject to Section 4.2(d), if the Company at any time proposes to register any Shares for its own
account (a “Company Registration”) or for the account of any Investor possessing demand rights (including in connection with an Investor Registration Demand) (a “Shareholder Registration”) under the Securities Act
by registration on Form F-1 or Form F-3 or any successor or similar form(s) (except registrations on any such Form or similar form(s) solely for registration of securities in connection with an employee benefit plan, a

  
 - 15 -

 
dividend reinvestment plan or a merger or consolidation, or incidental to a transaction that is not a public offering within the meaning of Section 4(a)(2) of the Securities Act, including a
resale under Rule 144A thereunder), it will at such time give prompt written notice to any Investor owning Registrable Securities of its intention to do so, including the anticipated filing date of the Registration Statement and, if known, the
number of Shares to be included in such Registration Statement, and of the Investor’s rights under Section 4.2. Upon the written request of a Shareholder (which request shall specify the maximum number of Registrable Securities intended to
be disposed of by such Shareholder and such other information as is reasonably required to effect the registration of such Shares), made as promptly as practicable and in any event within fifteen (15) days after the receipt of any such notice
(five (5) days if the Company states in such written notice or gives telephonic notice to such Shareholder, with written confirmation to follow promptly thereafter, stating that (i) such registration will be on Form F-3 and (ii) such
shorter period of time is required because of a planned filing date), the Company, subject to Section 4.2(c), shall use its commercially reasonable efforts to effect the registration under the Securities Act of all Registrable Securities which
the Company has been so requested to register by the Shareholders; provided, however, that if, at any time after giving written notice of its intention to register any securities and prior to the effective date of the Registration
Statement filed in connection with such registration, the Company shall determine for any reason not to register or to delay registration of such securities, the Company shall give written notice of such determination to the Shareholders requesting
registration under this Section 4.2 (which such Shareholders will hold in strict confidence) and (i) in the case of a determination not to register, shall be relieved of its obligation to register any Registrable Securities in connection
with such registration (but not from any obligation of the Company to pay the Registration Expenses in connection therewith), and (ii) in the case of a determination to delay registering, shall be permitted to delay registering any Registrable
Securities, for the same period as the delay in registering such other securities. 
 (b) Investor Withdrawal. Each
Investor shall have the right to withdraw its request for inclusion of its Registrable Securities in any Registration Statement pursuant to this Section 4.2 at any time prior to the execution of an underwriting agreement with respect thereto by
giving written notice to the Company of its request to withdraw, provided, however, that in the case of an underwritten offering, an Investor requesting that its shares be included may only subsequently withdraw its shares if the anticipated
price per share falls below the low end of the range set forth in the latest preliminary prospectus. 
 (c) Company
Registration Underwriters’ Cutback. In the case of a Company Registration, if the managing underwriter of any underwritten offering shall inform the Company by letter of its belief that the number of Registrable Securities requested to be
included in such registration pursuant to this Section 4.2, when added to the number of other securities to be offered in such registration by the Company, would materially adversely impact the purchase price obtained for the securities to be
included or the total proceeds contemplated in such offering, then the Company shall include in such registration, to the extent of the total number of securities which the Company is so advised can be sold in (or during the time of) such offering
without so materially adversely affecting such offering (the “Section 4.2(c) Sale Number”), securities in the following priority: 
 (i) first, all Shares or securities convertible into, or exchangeable or exercisable for, Shares that the Company proposes to register for its own account (the “Company Securities”); and

  
 - 16 -

 (ii) second, to the extent that the number of Company Securities to be
included is less than the Section 4.2(c) Sale Number, the Registrable Securities requested to be included by the Investors; the securities requested to be included pursuant to this Section 4.2(c)(ii) shall be included on a pro rata basis
based on the number of Registrable Securities subject to registration rights owned by each holder requesting inclusion in relation to the number of Registrable Securities then owned by all holders requesting inclusion. 

(d) Shareholder Registration Underwriters’ Cutback. In the case of a Shareholder Registration, if the managing underwriter of
any underwritten offering shall inform the Company by letter of its belief that the number of Shares and Registrable Securities requested to be included in such registration would materially adversely impact the purchase price obtained for the
securities to be included or the total proceeds contemplated in such offering, then the Company shall include in such registration, to the extent of the total number of securities which the Company is so advised can be sold in (or during the time
of) such offering without so materially adversely affecting such offering (subject to the last paragraph of this Section 4.2(d), the “Section 4.2(d) Sale Number”), securities in the following priority: 

(i) first, the Registrable Securities requested to be included by the Persons exercising demand rights in connection with
such Shareholder Registration (it being understood that Shareholders may jointly exercise demand rights); and 

(ii) second, to the extent that the number of securities to be included in the registration pursuant to
Section 4.2(d)(i) is less than the Section 4.2(d) Sale Number, the Registrable Securities requested to be included by the Investors exercising piggyback rights pursuant to this Section 4.2; the securities requested to be included
pursuant to this Section 4.2(d)(ii) shall be included on a pro rata basis based on the number of Registrable Securities subject to registration rights owned by each holder requesting inclusion in relation to the number of Registrable Securities
then owned by all holders requesting inclusion. 
 (e) Participation in Underwritten Offerings. 

(i) Any participation by the Investors in a registration by the Company shall be in accordance with the plan of
distribution of the Company (subject, in the case of an Investor Registration pursuant to an Investor Registration Demand, to the rights of Apollo, Rio Tinto or FSI, as applicable, in Section 4.1). Except as provided in Sections 4.1(e)(vi),
(vii) and (viii), in all Underwritten Offerings, the Company shall have sole discretion to select the underwriters. 
 (ii) In connection with any proposed registered offering of securities of the Company in which any Shareholder has the right to include Registrable Securities pursuant to this Section 4.2, such
Shareholder agrees (A) to supply any information 

  
 - 17 -

 
reasonably requested by the Company in connection with the preparation of a Registration Statement and/or any other documents relating to such registered offering and (B) to execute and
deliver any agreements and instruments being executed by all holders on substantially the same terms reasonably requested by the Company to effectuate such registered offering, including, without limitation, underwriting agreements, custody
agreements, lock-ups, “hold back” agreements pursuant to which such Shareholder agrees not to sell or purchase any securities of the Company for the same period of time following the registered offering as is agreed to by the other
participating holders, powers of attorney and questionnaires. The Company shall enter into such customary agreements (including an underwriting agreement in customary form) and take all such other actions as are reasonably required in order to
effect such registered offering and facilitate the disposition of such Registrable Securities, including (i) to furnish customary opinions of counsel representing the Company addressed to the underwriters, if any, in customary form, scope and
substance, (ii) to provide a comfort letter from the independent auditors of the Company addressed to the underwriters, if any, in customary form, scope and substance, and (iii) if necessary and requested by a Shareholder including
Registrable Securities in the offering, the reasonable participation of Company management in roadshows in manner and for a duration customary for offerings of such size. 

(iii) If the Company requests that the Shareholders take any of the actions referred to in paragraph (ii) of this
Section 4.2(e), the Shareholders shall take such action promptly but in any event within three (3) Business Days following the date of such request. Furthermore, the Company agrees that it shall use commercially reasonably efforts to
obtain any waivers to the restrictive sale and purchase provisions of any “hold back” agreement that are reasonably requested by a Shareholder. 
 (f) Copies of Registration Statements. The Company will, if requested, prior to filing any Registration Statement pursuant to this Section 4.2 or any amendment or supplement thereto, furnish
to the Shareholders, and thereafter furnish to the Shareholders, such number of copies of such Registration Statement, amendment and supplement thereto (in each case including all exhibits thereto and documents incorporated by reference therein) and
the prospectus included in such Registration Statement (including each preliminary prospectus) as the Shareholders may reasonably request in order to facilitate the sale of the Registrable Securities by the Shareholders. 

(g) Expenses. The Company shall pay all Registration Expenses in connection with a Company Registration or any Shareholder
Registration, provided that each Shareholder shall pay all applicable underwriting fees, discounts and similar charges pro rata according to the number of securities to be registered under the applicable Registration Statement. 

(h) Termination of Registration Rights. An Investor’s rights under this Article 4 shall terminate at such time as an Investor
no longer owns any Registrable Securities. 

  
 - 18 -

 ARTICLE 5 
 CERTAIN OTHER UNDERTAKINGS 

Section 5.1 Additional Consideration Deed. Notwithstanding any other provision of this Agreement, no transfer by Apollo, FSI
or any Future Transferee of any MOIC Equity Securities (as each such term is defined in the Additional Consideration Deed) shall be permitted at any time, to a Person who is such transferor’s affiliate unless as a condition to such transfer the
Relevant Transferee first agrees to be subject to the terms of and becomes a party to the Additional Consideration Deed as an “Obligor” (as defined therein). 
 ARTICLE 6 
 MISCELLANEOUS 

Section 6.1 Further Assurances. Each party shall, upon the request from time to time of the Company and without further
consideration, promptly do, execute and perform all such other acts, deeds and documents as may be reasonably requested by any party to carry out fully the purposes and intent of this Agreement, including by procuring that any Directors appointed by
it pursuant to Article 2 comply with the restrictions and obligations applicable to Directors under the terms of this Agreement. 
 Section 6.2 No Waiver. Except as otherwise specifically provided herein, any party may waive any right of such party under this Agreement by an instrument signed in writing by such party. No
waiver by a party of a failure by any other party to perform any provision of this Agreement operates or is to be construed as a waiver in respect of any other failure whether of a like or different character. 

Section 6.3 Amendments. This Agreement may only be amended or modified by a writing signed by each of the parties to this
Agreement. 
 Section 6.4 Assignments; Binding Effect. Except as provided in this Section 6.4, no Investor or
other party hereto may assign any of its respective rights or delegate any of its respective obligations under this Agreement without the prior written consent of the other parties hereto, and any attempted assignment or delegation in violation of
the foregoing shall be null and void. Subject to the foregoing, this Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and permitted assigns. 

Section 6.5 Invalidity. If any provision of this Agreement is held to be invalid or unenforceable, then so far as it is
invalid or unenforceable it has no effect and is deemed not to be included in this Agreement. This shall not invalidate any of the remaining provisions of this Agreement. The parties shall use all reasonable endeavours to replace any invalid or
unenforceable provision by a valid provision the effect of which is as close as possible to the intended effect of the invalid or unenforceable provision. 
 Section 6.6 No Partnership. Nothing in this Agreement (or any of the arrangements contemplated by it) is or shall be deemed to constitute a partnership between the parties nor, except as may
be expressly set out in it, constitute a party as the agent of any other party for any purpose. 

  
 - 19 -

 Section 6.7 Entire Agreement. This Agreement, the Schedules attached to it, and
the documents and agreements referred to in it set out the entire agreement and understanding between the parties with respect to the subject matter of it and each party confirms that it is not party to any other agreement, whether orally or in
writing, with respect thereto. This Agreement supersedes any prior agreement, whether orally or in writing, which ceases to have any further force or effect. Each party acknowledges that in entering into this Agreement, it is not relying upon any
pre-contractual statement which is not set out in this Agreement. Except in the case of fraud, no party shall have any right of action against any other party to this Agreement arising out of or in connection with any pre-contractual statement
except to the extent that it is repeated in this Agreement. For the purposes of this Section 6.7, pre-contractual statement means any draft, agreement, undertaking, representation, warranty, promise, assurance or arrangement of any nature
whatsoever, whether or not in writing, relating to the subject matter of this Agreement made or given by any person at any time prior to the date of this Agreement. 
 Section 6.8 Company Organizational Documents; Further Undertakings. The parties shall, so far as they are legally able: 

(a) exercise all voting and other rights and powers available to them to give effect to the provisions of this Agreement, and refrain
from exercising, asserting or making any claims to enforce any rights and powers available to them under the Company Articles and the Dutch Civil Code to the extent inconsistent with the terms and conditions of this Agreement; and 

(b) procure that any amendment required to give effect to the provisions of this Agreement is made to the Company Articles, Board Rules
or other constitutional documents of the Company or any of its Subsidiaries. 
 Section 6.9 No Fetter on the
Company. The Company is not bound by any provision of this Agreement to the extent that it constitutes an unlawful fetter on any statutory power of the Company. This shall not affect the validity of the relevant provision as between the other
parties to this Agreement or the respective obligations of the other parties as between themselves under Section 6.8. 

Section 6.10 Notices. Any notice or other formal communication to be given under this Agreement shall be effective if in
writing and signed by or on behalf of the party giving it and (a) delivered by hand, (b) sent by facsimile or (c) sent by reliable overnight courier to the addresses set forth on Schedule 1. Each of the parties may specify a
different address for purposes of this Section 6.10 by giving notice pursuant to this Section 6.10 to each of the other parties hereto. Unless otherwise specified herein, notices or other communications shall be deemed effective and
delivered (a) on the date received, if delivered by hand, (b) on the date transmitted if delivered by facsimile before 5:00 p.m., local time in the jurisdiction of the recipient on a Business Day, and otherwise on the next Business Day or
(c) two Business Days after being sent by overnight courier. 
 Section 6.11 English Language. All notices or
formal communications under or in connection with this Agreement shall be in the English language. 

  
 - 20 -

 Section 6.12 Disputes. 

(a) In the event of any dispute, controversy or claim arising out of or in connection with this Agreement, including the breach,
termination or invalidity of this Agreement (a “Dispute”), a party may serve formal written notice on each other party that a Dispute has arisen. The parties shall use all reasonable endeavours for a period of 20 Business Days from
the date on which such notice of dispute is delivered by one party to each other party (or such longer period as may be agreed in writing between the parties) to resolve the Dispute on an amicable basis. 

(b) If the parties are unable to resolve the Dispute by amicable negotiation within the time period referred to in Section 6.12(a),
the Dispute shall be immediately referred to the respective senior executive officer of each party who shall attempt, for a period of 10 Business Days from the expiry of the time period referred to in Section 6.12(a), to resolve the Dispute. In
the event that the respective chairmen of each party are unable to resolve the Dispute within the stated time period (or such longer agreed period), the Dispute shall be referred to arbitration in accordance with the remaining provisions of this
Section 6.12. 
 (c) Subject to Sections 6.12(a) and (b), the Dispute shall be referred to and finally resolved by
arbitration by the London Court of International Arbitration (“LCIA”) under the LCIA Rules, which are deemed to be incorporated by reference into this Section 6.12. The tribunal shall consist of three arbitrators appointed in
accordance with the LCIA Rules. The seat of arbitration shall be London, England. The language to be used in the arbitral proceedings shall be English. The parties shall have the right to seek interim relief from a court of competent jurisdiction in
England, at any time before and after the arbitrator has been appointed, up until the arbitrator has made his final award. 

Section 6.13 Injunctive Relief. The parties hereto hereby acknowledge and agree that a violation of any of the terms of this
Agreement will cause the other parties and the Company irreparable injury for which an adequate remedy at law is not available, and if any party hereto institutes any action or proceeding to enforce the provisions hereof, any other party against
whom such action or proceeding is brought hereby waives the claim or defense therein that an adequate remedy at law exists. Accordingly, it is agreed that each of the parties hereto and the Company will be entitled to an injunction, restraining
order or other equitable relief to prevent breaches of this Agreement and to enforce specifically such provisions hereof in any court of competent jurisdiction, in addition to any other remedy to which they may be entitled at law or equity, except
as otherwise specifically provided in this Agreement. Each party hereby waives any requirement of any posting of bond. 

Section 6.14 Counterparts. This Agreement may be executed in any number of counterparts and by the parties to it on separate
counterparts, each of which shall be an original but all of which together shall constitute one and the same instrument. 

Section 6.15 No Rights Under Contracts (Rights of Third Parties) Act of 1999. Nothing in this Agreement, express or implied,
is intended to confer on any person or entity, other than the parties, any rights or remedies under, or by reason of, this Agreement and the Contracts (Rights of Third Parties) Act of 1999 shall not apply to this Agreement. 

  
 - 21 -

 Section 6.16 Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of England. 
 [Signature Page Follows] 

  
 - 22 -

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

			
	CONSTELLIUM N.V.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 APOLLO OMEGA (LUX) S.à R.L.
 (société à responsabilité limitée)
 Registered office: 44,
Avenue J. F. Kennedy
 L - 1855 Luxembourg, Grand Duchy of Luxembourg
 Share capital: EUR 12,500
 R.C.S. Luxembourg: B 153.031

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 AMI (LUXEMBOURG) S.À R.L.
 (société à responsabilité limitée)
 Registered office: 44,
Avenue J. F. Kennedy
 L - 1855 Luxembourg, Grand Duchy of Luxembourg
 Share capital: EUR 12,500
 R.C.S. Luxembourg: B 141.573

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	RIO TINTO INTERNATIONAL HOLDINGS LTD.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	FONDS STRATÉGIQUE D’INVESTISSEMENT
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 Schedule 1 
 Notices 
 Notices provided pursuant to the Shareholders Agreement shall be delivered as
follows: 
 If to the Company, to: 

Constellium N.V. 
 Tupolevlaan 41-61 

1119 NW, Schiphol-Rijk, 
 The Netherlands

 Facsimile: 
 Attention: 

and to: 
 Apollo Management International LLP

 25 St. George Street 
 London W1S 1FS

 United Kingdom 
 Facsimile:
    +44 (0) 20 7016 5066 
 Attention:     Mr. Gareth Turner 

    Mr. Matthew Nord 
 If to Apollo, to: 
 Apollo Omega (Lux) S.à r.l. 

AMI (Luxembourg) S.à r.l. 
 c/o Apollo
Management International LLP 
 25 St. George Street 
 London W1S 1FS 
 United Kingdom 
 Facsimile:     +44 (0) 20 7016 5066 
 Attention:
    Mr. Gareth Turner 
     Mr. Matthew Nord 

With a copy (which shall not constitute notice) to: 
 Wachtell, Lipton, Rosen & Katz 
 51 West 52nd Street 
 New York, New York 10019 
 United States 
 Facsimile:     +1 212-403-2000 
 Attention:
    Mr. Andrew J. Nussbaum 

  
 Schedule 1-1

 If to Rio Tinto, to: 
 Rio Tinto International Holdings Ltd. 
 2 Eastbourne Terrace 

London W2 6LG 
 United Kingdom 

Facsimile:     +44 (0)20 7781 1812 
 Attention:     Group Counsel - Strategic Projects 
 With a copy (which shall
not constitute notice) to: 
 Linklaters LLP 
 One Silk Street 
 London 
 EC2Y 8HQ 
 Facsimile:     +44 (0)20 7456 2222 

Attention:     Ian Bagshaw / Jessamy Gallagher 
 If to FSI, to: 
 Fonds Stratégique d’Investissement 

56 rue de Lille 
 Paris 75007 

France 
 Facsimile:     + 33
1 58 50 12 07 
 Attention:     Mr. Bertrand Finet 

  
 Schedule 1-2EX-10.7

 Exhibit 10.7 
 Execution Version 
 4 January 2011 

 

	(1)	ALCAN RHENALU as French Seller 

  

	(2)	ALCAN AEROSPACE as French Seller 

  

	(3)	ALCAN SOFTAL as French Seller 

  

	(4)	ALCAN FRANCE EXTRUSIONS as French Seller 

  

	(5)	ALCAN AVIATUBE as French Seller 

  

	(6)	OMEGA HOLDCO II B.V. as Parent Company 

  

	(7)	ENGINEERED PRODUCTS SWITZERLAND A.G. as Sellers’ Agent 

  

	(8)	GE FACTOFRANCE as Factor 

  

 
 FACTORING
AGREEMENT 
  
  

 

					
		 		 	

  

					
	            72208170	 	 	 	

            

 TABLE OF CONTENTS 

 

							
	Clause	  	Page	 
	 1
	 	Definitions and Interpretation	  	 	4	  
	 2
	 	Purpose	  	 	15	  
	 3
	 	Scope	  	 	16	  
	 4
	 	Representations, warranties and undertakings	  	 	20	  
	 5
	 	Payment and financing of Receivables	  	 	26	  
	 6
	 	Approval	  	 	33	  
	 7
	 	Collection Mandate and Cashing Mandate	  	 	35	  
	 8
	 	Factoring Accounts	  	 	43	  
	 9
	 	Remuneration of the Factor	  	 	47	  
	 10
	 	Taxes	  	 	49	  
	 11
	 	Term and Termination	  	 	51	  
	 12
	 	Revision of the allocation of the Maximum Financing Amount	  	 	55	  
	 13
	 	Access to Web Services	  	 	56	  
	 14
	 	Costs and expenses	  	 	57	  
	 15
	 	Confidentiality - Utilisation of information collected by the Factor – Substitution	  	 	57	  
	 16
	 	Applicable law - Jurisdiction	  	 	59	  
	 17
	 	Miscellaneous provisions	  	 	60	  

  

					
	            72208170	 	2	 	

            

 THIS FACTORING AGREEMENT is made on 4 January 2011 

BETWEEN: 
  

	(i)	ALCAN RHENALU S.A.S., a company incorporated under the laws of France as a société par actions simplifiée with a share capital
of EUR 123,547,875.00, whose registered office is located at La Défense, 2-17 Place des Reflets, 92400 Courbevoie, France, registered with the Trade and Companies Registry of Nanterre under number 672 014 081, whose seller codes (codes
vendeur) are No. 24862 (for domestic invoices) and No. 24861 (for export invoices) (“Alcan Rhenalu”); 

  

	(ii)	ALCAN AEROSPACE S.A.S., a company incorporated under the laws of France as a société par actions simplifiée with a share
capital of EUR 26,296.90, whose registered office is located at La Défense, 2-17 Place des Reflets, 92400 Courbevoie, France, registered with the Trade and Companies Registry of Nanterre under number 479 791 931, whose seller codes (codes
vendeur) are No. 24876 (for domestic invoices) and No. 24875 (for export invoices) (“Alcan Aerospace”); 

  

	(iii)	ALCAN SOFTAL S.A.S., a company incorporated under the laws of France as a société par actions simplifiée with a share capital
of EUR 22,265,000.00, whose registered office is located at Route de Tonnerre, Germigny, 89600 Saint-Florentin, France, registered with the Trade and Companies Registry of Auxerre under number 662 032 374, whose seller codes (codes vendeur)
are No. 24865 (for domestic invoices) and No. 24864 (for export invoices) (“Alcan Softal”); 

  

	(iv)	ALCAN FRANCE EXTRUSIONS S.A.S., a company incorporated under the laws of France as a société par actions simplifiée with a
share capital of EUR 15,000,000, whose registered office is located at Route de Tonnerre, Germigny, 89600 Saint-Florentin, France, registered with the Trade and Companies Registry of Auxerre under number 352 610 646, whose seller codes (codes
vendeur) are No. 24872 (for domestic invoices) and No. 24871 (for export invoices) (“Alcan France Extrusions”); 

 

	(v)	ALCAN AVIATUBE S.A.S., a company incorporated under the laws of France as a société par actions simplifiée with a share capital of
EUR 3,284,400, whose registered office is located at Zone Industrielle, 44470 Carquefou, France, registered with the Trade and Companies Registry of Nantes under number 712 032 705, whose seller codes (codes vendeur) are No. 24869 (for
domestic invoices) and No. 24867 (for export invoices) (“Alcan Aviatube”) 

(Alcan Rhenalu, Alcan Aerospace, Alcan Softal, Alcan France Extrusions and Alcan Aviatube hereinafter collectively referred to as the
“French Sellers” and individually, as a “French Seller”); 
  

	(vi)	OMEGA HOLDCO II B.V., a company incorporated under the laws of the Netherlands as a besloten vennootschap, whose registered office is located at
Amsteldijk 166, 1079LH Amsterdam, The Netherlands, registered with the Trade and Companies Registry of The Netherlands under number 34393946 0000, in its capacity of holding company of the French Sellers as from completion of the Acquisition (the
“Parent Company”); 

  

	(vii)	ENGINEERED PRODUCTS SWITZERLAND AG, a company incorporated under the laws of Switzerland with a share capital of CHF 600,000.00, whose registered office is
located at Max Högger-Strasse 6 8048 Zürich, Switzerland, registered with the Commercial Registry of Zürich under number CH17030058406, acting as agent of the French Sellers pursuant to Clause 1.3 for certain matters relating to the
Agreement (the “Sellers’ Agent”); 

  

					
	            72208170	 	3	 	

            

 AND 
  

	(viii)	GE FACTOFRANCE S.N.C., a company incorporated under the laws of France as a société en nom collectif and licensed as a credit institution
(établissement de crédit), whose registered office is located at Tour Facto, 18, rue Hoche, 92988 Paris-La Défense Cedex, France, registered with the Trade and Companies Registry of Nanterre under number 063 802 466 (the
“Factor”) 

 (the French Sellers, the Parent Company, the Sellers’ Agent and the Factor
hereinafter collectively referred to as the “Parties” and individually, as a “Party”). 
 WHEREAS:

  

	(A)	Each of the French Sellers have decided to finance their general corporate requirements by entering into Financing Facilities provided by the Factor.

  

	(B)	Subject to the terms and conditions of the Agreement, (i) the French Sellers will assign the Relevant Receivables to the Factor pursuant to the provisions of
Article L. 313-23 et seq. of the French Monetary and Financial Code, (ii) the Factor will pay the Transferred Receivables to the French Sellers by way of Payments and will Finance the Financeable Amounts prior to the collection of the
Transferred Receivables, it being understood that the Financing Facilities made available by the Factor to the French Sellers shall not exceed the Maximum Financing Amount. 

 

	(C)	The Parties have therefore decided to enter into this Agreement in order to set out the terms and conditions applicable to the assignment of the Relevant Receivables to
the Factor and the Financing Facilities resulting therefrom. 

 IT IS HEREBY AGREED AS FOLLOWS: 

 

	1	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

 In this Agreement, the
following expressions used with a capital letter shall, except where the context otherwise requires, have the following meanings: 

“Acquisition” means the purchase, directly or indirectly, by the Parent Company from Alcan Holdings Switzerland A.G. and others, of
inter alia all the shares and other equity interests in the capital of the Sellers pursuant to the terms of a share sale agreement dated 4 August 2010. 
 “Acquisition Steps Paper” means the steps paper (reasonably satisfactory to the Factor and based on the draft acquisition steps paper provided to the Factor on 4 August 2010) to be
delivered by the Parent Company to the Factor pursuant to the Agreement evidencing that the funds raised from the Financing Facilities (i) will be used for general corporate purposes (including the refinancing of any of working capital
facilities and, subject to compliance with financial assistance rules, the financing or refinancing of any debt used to finance the Acquisition of any of the German Sellers and Swiss Seller (other than the French Sellers and the shareholders of the
French Sellers) or of any of their respective direct or indirect shareholders) and (ii) will not be used for the financing or refinancing of any equity used to capitalize Omega Holdco B.V. (which equity will be used, among other, to acquire the
French Sellers). 
 “Additional Tax Payment” has the meaning ascribed to such term in Clause 10(g). 

  

					
	            72208170	 	4	 	

            

 “Affected Receivables” has the meaning ascribed to such term in Clause 5.7.

 “Affiliate” means as to a specified entity, an entity that directly, or indirectly through one or more
intermediaries, controls or is controlled by, or is under common control with, the entity specified. 

“Agreement” means the present factoring agreement dated the date hereof, as amended from time to time. 

“Apollo” means Apollo Management VII, L.P.; each Affiliate of Apollo Management VII, L.P.; and/or any individual who is a
partner or employee of Apollo Management, L.P. or of Apollo Management VII, L.P. 
 “Apollo/FSI Term Loan” means
the USD 135,000,000 term loan made available by AIF VII Euro Holdings L.P and the Fonds Stratégique d’Investissement to the Group on or about the completion of the Acquisition. 

“Approval” means the approval given by the Credit Insurer in relation to a particular Debtor whereby the Credit Insurer
agrees to insure the Approved Receivables up to the Approval Limit in accordance with the Credit Insurance Policy. 
 “Approval
Limit” has the meaning ascribed to such term in Clause 6.3. 
 “Approved Jurisdiction” means any
of the jurisdictions contemplated in the column “Jurisdiction of incorporation of the Debtor” of the Jurisdiction Matrix (as listed in Annex 13 and amended from time to time); or such other jurisdiction that may be approved
by the Factor from time to time upon receiving satisfactory legal advice to that effect. 
 “Approved Law” means
any of the laws referred to in the column “Governing Law of the Transferred Receivable” of the Jurisdiction Matrix (as listed in Annex 13 and amended from time to time); or such other law that may be approved by the Factor
from time to time upon receiving satisfactory legal advice to that effect. 
 “Approved Receivables” has the
meaning ascribed to such term in Clause 6.3. 
 “Arrangement Fee” has the meaning ascribed to such term in Clause
9.3. 
 “Asset Account” means the account recording the outstanding amounts of Transferred Receivables.

 “Authority” has the meaning ascribed to such term in Clause 10(f). 

“Assignment” means any assignment of receivables (cession á titre d’escompte) made by any French Seller
to the Factor in accordance with article L. 313-23 et seq. of the French Monetary and Financial Code, the Agreement and each Deed of Transfer executed and remitted or electronically transferred, as the case may be, to the Factor in relation
thereto; and to “Assign” means the making of an Assignment pursuant to the Agreement. 
 “Authorized
Assignee” means any entity in the GE Group, any special purpose vehicle created pursuant to Articles L. 214-42-1 et seq. of the French Monetary and Financial Code, or any other securitization vehicle, or any regulatory or
banking institution, as set out in Clause 17.5. 
 “Availability Account” means the Sub-Account to which Payments
corresponding to Financeable Amounts for which no Funding Request has been made are transferred. 

  

					
	            72208170	 	5	 	

            

 “Average Dilution Rates” means, in relation to any French Seller, as observed
over the last three (3) calendar months, the average rate of the Dilutions calculated by the Factor on a monthly basis as a percentage of the aggregate amount of all Transferred Receivables relating to that French Seller. 

“Ban on Assignment” means, for the purposes of any Assignment under this Agreement, any requirement of any prior consent
from the relevant Debtor or from any third parties which would validly prevent the legal transfer of the Receivable if such consent would not be obtained. 
 “Banks” means the credit institutions in the books of which the Collection Accounts are opened, that is, BNP Paribas, HSBC and Deutsche Bank, together with any other credit
institution that may be agreed from time to time between the Factor and the relevant French Seller. 
 “Business
Day” means a day (other than a Saturday or a Sunday) on which banks are generally open in Paris for normal business. 

“Capital Structure” means the features of the capital structure of Omega Holdco B.V. and the Parent Company to be met on
completion of the Acquisition, that is, the fact that, on or about the date of completion of the Acquisition, (a) a cash equity contribution of seventy-six million two hundred and fifty thousand United States Dollars (USD 76,250,000) has been
made in satisfaction of the purchase price of shares and/or assets from Rio Tinto corresponding to sixty-one per cent (61%) of the equity of Omega Holdco B.V., (b) a final long form credit agreement has been signed between Omega Holdco
B.V. and Apollo for the term loan substantially in the form agreed by the Factor on 4 August 2010 and (c) the gross proceeds of at least one hundred and thirty five million United States Dollars (USD 135,000,000) from the Apollo/FSI Term
Loan have been funded into the Parent Company. 
 “Cashing Mandate” has the meaning ascribed to such term in
Clause 7.3. 
 “Change of Control” has the meaning ascribed to such term in Clause 11.2.2(c)(vi). 

“Client Guide” means the guide which has been given by the Factor to the French Sellers and which is also accessible
through Web Services. 
 “Closing Date” has the meaning ascribed to such term in Clause 11.1(a). 

“Collectability” means the right to demand or claim payment to the Debtor in respect of a Transferred Receivable.

 “Collectability List” means the list of countries attached as Annex 12; as amended and updated from
time to time by the Factor (acting reasonably). 
 “Collection Accounts” means, for each French Seller, the bank
accounts listed in Annex 11 hereto (as amended from time to time) opened in the name of each of the French Sellers for each relevant currency in the books of the Banks and under which the settlements that each of the French Sellers will
receive under the Collection Mandate will be credited or any other bank account opened after the date hereof for the purposes of receiving the settlements under the Transferred Receivables originated by the French Sellers, as agreed from time to
time between the relevant French Seller and the Factor. 
 “Collection Accounts Guarantee Agreements” means the
agreements entered into between each of the French Sellers and the Factor and which provide for the assignment for the benefit of the Factor of the receivable arising from the positive balance of the Collection Accounts, in accordance with the
provisions of Article L.313-23 to L.313-35 of the French Monetary and Financial Code. 
 “Collection Accounts Opening
Agreements” means the agreements relating to the Collection Accounts entered into between each of the French Sellers, the relevant Bank and the Factor and setting forth, together with the principles detailed in Clause 7.3 below, the
main terms and conditions for the operation of the Collection Accounts. 

  

					
	            72208170	 	6	 	

            

 “Collection Mandate” has the meaning ascribed to such term in Clause 7.2. 

“Commitment Period” means a period of sixty (60) months from the Closing Date (unless this Agreement is terminated
earlier). 
 “Computer Relationship Guide” means the procedures and outlines as set out by the Factor, as amended
from time to time, that shall be used by the French Sellers for formatting and tele-transmitting information to the Factor in accordance with the Client Guide specifications, as set out in Annex 8 hereto. 

“Concentration Limit” means, for all French Sellers, that the maximum (including VAT) of the Financeable Amounts in
respect of a Debtor shall not exceed forty percent (40%) of the total amount of the Transferred Receivables in respect of all Debtors. 

“Confidential Information” has the meaning ascribed to such term in Clause 15. 

“Credit and Collection Procedures” means the French Sellers’ own credit and collection procedures and processes, as
amended from time to time, as set out in Annex 7 hereto. 
 “Credit Insurance Assignment Agreements” means
the credit insurance assignment agreements entered into at the latest on 4 January 2011 by and between (i) the Factor, (ii) each of the French Sellers and (iii) the Credit Insurer, by which each of the French Sellers delegates to
the Factor its rights to Insurance Indemnification under the Credit Insurance Policy to the Factor. 
 “Credit Insurance
Policy” means the credit insurance policy of the Credit Insurer subscribed by each French Seller with the Credit Insurer in relation to the Transferred Receivables. 
 “Credit Insurer” means (i) COFACE, a French société anonyme, with registered offices at 12, cours Michelet, La Défense 10, 92800 Puteaux
(postal address being Coface, 92065 Paris La Défense Cedex), registered with the Trade and Companies Registry of Nanterre under number 552 069 791; (ii) EULER-HERMES, a French société anonyme, with registered offices
at 1, rue Euler, 75008 Paris, registered with the Trade and Companies Registry of Paris under number 552 040 594; or (iii) any other credit insurer whose long term unguaranteed and unsubordinated debt obligations are being rated at least
“A-” by Standard & Poor’s or “A3” by Moody’s and capable of making electronic data transfers with the Factor. 
 “Credit Note” means any credit note issued by a French Seller to a Debtor in respect of an invoice relating to a Transferred Receivable for the same or lower amount than the invoice.

 “Cross-Default” means (i) with respect to the GE US ABL, any event of default or termination event that has occurred
and is continuing thereunder; and (ii) with respect to the German Agreements and the Swiss Agreement, any event of default or termination event that has occurred and is continuing thereunder which has led the German Purchaser to notify the
German Sellers and the Swiss Seller of the termination of all of the German Agreements and the Swiss Agreement. 
 “Cure
Notice” has the meaning ascribed to such term in Clause 11.2.1(a). 
 “Current Accounts” means the accounts opened in
the Factor’s books in the name of each of the French Sellers and recording the amounts paid or payable by the Factor to each French Seller pursuant to the Agreement and those which are due for any reason whatsoever by each of the French
Sellers. 

  

					
	            72208170	 	7	 	

            

 “Debtor” means, with respect to each Transferred Receivable, any legal entity being
primarily obliged to pay all or part of the amount due under the corresponding Transferred Receivable, as clearly identified at any time in the records of the relevant French Seller. 
 “Debtor Outstanding Threshold” means five per cent (5%) of the aggregate outstanding amount of all Transferred Receivables of all French Sellers. 

“Decision Process Charts” means the charts, attached as Annex 14, for illustration purposes only, showing the eligibility
procedure for the Untested Receivables. 
 “Deed of Transfer” means any deed of transfer (acte de cession de créances
professionnelles) of Relevant Receivables pursuant to the provisions of Article L. 313-23 et seq of the French Monetary and Financial Code, in the form described in Annex 3. 
 “Default” means any event or circumstance which, with the expiry of a grace period (if any), the giving of notice (if any), the satisfaction of any condition (if any) or combination of
the foregoing, would constitute an Event of Default. 
 “Default Notice” has the meaning ascribed to such term in Clause 11.2.

 “Defaulted Receivable” has the meaning ascribed to such term in Clause 5.4. 

“Deferred Availability Accounts (or Reserves)” has the meaning ascribed to such term in Clause 8.5.1. 

“Definance” means, for each Transferred Receivable to be definanced pursuant to the terms of the Agreement, the fact of debiting, from
the relevant Current Account, an amount equal to the amount of that Transferred Receivable and of crediting such amount to the relevant Deferred Availability Account. 
 “Determination Date” has the meaning ascribed to such term in Clause 3.3(d). 

“Dilution” means, with respect to the Transferred Receivables of any specific French Seller, (i) all Reductions or Cancellations
Items as well as (ii) all Transfer-Backs of Receivables occurring pursuant to the Agreement. For the avoidance of doubt, the Dilutions shall exclude (i) any Reductions or Cancellations Items due to Insolvency Proceedings or protracted
default (carence) of the relevant Debtor and (ii) such amounts accounted for in the Specific Reserve. 
 “Disputed
Receivable” means, with respect to any Transferred Receivable, a refusal to pay by a Debtor of all or part of the net amount of a Transferred Receivable to a French Seller on the Collection Account, for a reason other than (i) its
“insolvency” (as such term is defined in the Credit Insurance Policy) or (ii) all amounts already taken into account into the Specific Reserve. Such Transferred Receivable shall be deemed to be a “Disputed Receivable”
up to the relevant amount so disputed. 
 “Embraer Receivable” means any Receivable arising from time to time from any contract
between the relevant French Sellers and Embraer and its Affiliates located in Brazil. 
 “Effective Global Rate” has the
meaning ascribed to such term in Clause 9.6. 
 “EURIBOR” means, in respect of the Special Financing Commission, on any day:

  

	(i)	the applicable percentage rate per annum determined by the Banking Federation of the European Union for Euros on such day and for a three month term, as displayed on
the appropriate page of the Reuters screen (being specified that if the relevant page is replaced or the service ceases to be available, the Factor, after consultation with the Parent Company and the relevant French Seller(s), may specify another
page or service displaying the appropriate rate); or 

  

					
	            72208170	 	8	 	

            

	(ii)	(if no such rate is available) the arithmetic mean of the rates (rounded upwards to four decimal places) as supplied to the Factor at its request quoted by
Société Générale, Natixis and Crédit Industriel et Commercial to leading banks in the European interbank market, 

 at such time as is customary for fixing the rate applicable to such term for the offering of deposits in Euro for a period comparable to that term. 

“Event(s) of Default” means an event referred to in Clause 11.2.1(c) (for all French Sellers and the Parent Company) or in Clause
11.2.2(c) (for any French Seller). 
 “Exceeding Amount” means the amount calculated by the Factor on each date an Assignment
is made pursuant to the Agreement and which shall be equal to: 
  

	(i)	the positive difference between the Financeable Amounts with respect to a Debtor and the Concentration Limit for such Debtor; and 

 

	(ii)	the outstanding amount of all Untested Small Receivables which exceed the Debtor Outstanding Threshold. 

“Excluded Receivables” has the meaning ascribed to such term in Clause 3.2. 
 “Factoring Commission” has the meaning ascribed to such term in Clause 9.1. 

“Finance” means the fact, for the Factor, of making the Financing available to the French Sellers pursuant to the terms of Clause 5.2 of
the Agreement. 
 “Financeable Amounts” has the meaning ascribed to such term in Clause 5.2.1. 

“Financed Amounts” means such amounts referred to in Clauses 5.2.4(a) and 5.2.4(b). 

“Financing” means the financing made available by the Factor to the French Sellers in respect of Financeable Amounts pursuant to the
terms of Clause 5.2 of the Agreement. 
 “Financing Facilities” means the financing facilities made available by the Factor to
the French Sellers under the Agreement. 
 “Financing Facilities Documents” means (i) the Agreement, (ii) the
Intercreditor Agreement, (iii) the Parent Performance Guarantee, (iv) the Collection Account Opening Agreements, (v) the Collection Account Guarantee Agreements, (vi) the Credit Insurance Assignment Agreements, (vii) any
Deed of Transfer and (viii) the reporting file(s) (including the Transferred Receivables Ledgers, the reports on Tolling and Pseudo Tolling referred to in Clause 4.2(m)(ii)(c) transmitted by any French Seller to the Factor pursuant to the
Agreement. 
 “First Assignment Date” has the meaning ascribed to such term in Clause 5.1.3(b). 

“Foreign Eligibility Conditions” means, in relation to any Receivable purported to be Assigned under the Agreement, the following
eligibility conditions: (i) it must be governed by an Approved Law, (ii) the Debtor thereof must be incorporated in an Approved Jurisdiction and (iii) no Ban on Assignment shall be preventing its Assignment to the Factor (unless the
relevant Debtor has given its consent in accordance with Clause 3.1 (vi) below). 
 “Funding Request” has the meaning
ascribed to such term in Clause 5.2.3. 

  

					
	            72208170	 	9	 	

            

 “GE Group” means any entity which is an Affiliate of the Factor. 

“GE US ABL” means the GE US ABL/Credit Facility made available by General Electric Capital Corporation to the US Seller
pursuant to the terms of a credit facility agreement dated at the latest on 4 January 2011 by and between General Electric Capital Corporation and the US Seller. 
 “German Agreements” means the factoring agreements entered into on 16 December 2010 between GE Capital Bank AG and each of Alcan Singen GmbH and Alcan Aluminium
Presswerke GmbH. 
 “German Purchaser” means GE Capital Bank AG, Heinrich-von-Brentano-Straße 2, 55130
Mainz, Amtsgericht Mainz HRB 0224. 
 “German Sellers” means Alcan Singen GmbH and Alcan Aluminium Presswerke
GmbH. 
 “Group” means Omega Holdco B.V., the Parent Company (or, as the case may be, any holding company of the
French Sellers that may be substituted subsequently to the rights and obligations of the Parent Company), the US Seller, the French Sellers, the German Sellers, the Swiss Seller, together with any entities owned or controlled directly or indirectly
by Omega Holdco B.V., the Parent Company or by any such subsequent holding company. 
 “Holdback Reserve” has the
meaning ascribed to such term in Clause 8.4. 
 “Indemnification Basis” has the meaning ascribed to such term in
Clause 6.3. 
 “Indirect Payment” means any payment by a Debtor in respect of a Transferred Receivable which is
not remitted to a Collection Account. 
 “Indirect Payment and Dilutions Threshold” has the meaning ascribed to
such term in Clause 7.7.1.2. 
 “Insolvency Proceeding” means, in respect of any person, (a) any of the
following procedures specified in Livre VI of the French Commercial Code as amended from time to time: (i) a safeguard procedure (procédure de sauvegarde), (ii) a judicial restructuring (redressement judiciaire), or
(iii) a liquidation procedure (liquidation judiciaire), or (b) any analogous procedures under the law of the jurisdiction applicable to that person. 
 “Insurance Indemnification” has the meaning ascribed to such term in Clause 6.3. 
 “Intercreditor Agreement” means the intercreditor agreement entered into on 4 January 2011 by and among, Omega Holdco B.V., the Parent Company, the French Sellers, the
German Sellers, the Swiss Seller, the Factor and the German Purchaser. 
 “Jurisdiction Matrix” means the
document attached in Annex 13 hereto, as amended from time to time by the French Sellers’ external counsel, at the French Sellers’ costs. 
 “Legal Reservations” means any legal reservations that are inserted in the legal opinions delivered in relation to this Agreement. 

“Liquidity Test” means the liquidity to be available at the level of the Group on any Quarter Date, being calculated so
that the sum of (i) cash and (ii) any unfunded availability under the Transaction Documents, the GE US ABL, the Apollo/FSI Term Loan and any other financing available to the Group is equal to a minimum of the Euro equivalent of fifty
million United States Dollars (USD 50,000,000). 
 “Mandates” means the Collection Mandate and the Cashing
Mandate. 

  

					
	            72208170	 	10	 	

            

 “Material Adverse Effect” means a material adverse effect on: 

 

	(i)	the ability of the Parent Company or the French Sellers to perform their payment or other material obligations (including with respect to their obligations pursuant to
the Mandates) under the Financing Facilities Documents; or 

  

	(ii)	the Collectability or credit quality of the Transferred Receivables (taken as a whole), on a French Seller by French Seller basis; or 

 

	(iii)	the validity or the enforceability of any of the Financing Facilities Documents. 

 “Maximum Financeable Amount” has the meaning ascribed to such term in Clause 5.2.2(b). 
 “Maximum Financing Amount” means, on the date of signature of the Agreement, three hundred million Euros (EUR 300,000,000), allocated among the Sellers as follows:

  

	(i)	two hundred million Euros (EUR 200,000,000), collectively available to the French Sellers; and 

 

	(ii)	one hundred million Euros (EUR 100,000,000), collectively available to the German Sellers and the Swiss Seller, 

as such allocation may be revised pursuant to Clause 12. 
 “Monthly Cut-off Date” means, in relation to any calendar month, the last day of such month. 
 “Non-Approved Receivables” has the meaning ascribed to such term in Clause 6.3. 
 “Non-Cooperative Jurisdiction” means a “non-cooperative state or territory” (Etat ou territoire non coopératif), as set out in the list referred to
in Article 238-0 A of the French Tax Code (Code Général des Impóts), as such list may be amended from time to time. 

“Non-Financeable Amounts” means the sum of (without double counting): 

 

	(i)	the amounts of the Non-Approved Receivables; and 

  

	(ii)	the Exceeding Amount. 

“Non-Utilization Fee” means, for each given French Seller, one per cent (1%) per annum (excluding VAT) of the monthly
average credit balance of the relevant Availability Account. 
 “Offset and Adjustment Account” or
“OAA” is a Sub-Account the characteristics of which are set out in Clause 8.3. 
 “Outstandings
Test” has the meaning ascribed to such term in Clause 3.3(c). 
 “Overdue Threshold” has the
meaning ascribed to such term in Clause 7.7.1.2. 
 “Parent Performance Guarantee” means the performance
guarantee dated the Closing Date, an agreed form copy of which is attached hereto as Annex 5, granted to the Factor by the Parent Company, in order to guarantee the performance of all the obligations of, notably, the French Sellers under the
Financing Facilities Documents. 
 “Pay” means the making of a Payment in respect of the Transferred Receivables.

  

					
	            72208170	 	11	 	

            

 “Payment” means the payment of any Transferred Receivables by way of the
credit of any amount on the Current Account. 
 “Pseudo Tolling” means any repurchase by the relevant French
Seller of inventory from any Debtor. 
 “Quarter Date” means 31 March, 30 June, 30 September and
31 December of each calendar year. 
 “Receivables” means any indebtedness owed to a French Seller by a
Debtor as the price for goods or services supplied by such French Seller to such Debtor in the ordinary course of its business (including, without limitation, any applicable value added tax), together with all rights to payment and the proceeds
thereof including (i) all records related to such Receivable, (ii) all accessory rights, guarantees and security interests, (iii) the right to demand payment of principal, interest (except late payment interest, as indicated in Clause
3.2(iii)) and any other sum howsoever due in respect of such Receivable and all proceeds at any time howsoever arising out of the resale, redemption or other disposal of (net of collection costs) such Receivable and (iv) to the extent
applicable and permitted under French law, the French Seller’s rights to refunds from the relevant tax authorities on account of, if applicable, value added tax in respect of any goods sold or services rendered to a Debtor. 

“Reductions or Cancellation Items” means, with respect to the Transferred Receivables, all reductions or cancellations
materialized or not by Credit Notes granted by a French Seller resulting inter alia from invoicing error, volume rebates, bonuses, premiums or monthly discounts. 
 “Relevant Receivables” means the Receivables (i) which are eligible for assignment to the Factor, in accordance with the eligibility criteria and procedures specified
in Clause 3.1 and Clause 3.3 (as the case may be); and (ii) which shall not be Excluded Receivables. 
 “Remaining
Indemnification Amount” has the meaning ascribed to such term in Clause 6.3. 
 “Reserves” means
the Deferred Availability Accounts. 
 “Sellers” means the French Sellers, the German Sellers, the Swiss Seller
and the US Seller. 
 “Sellers Code” means the following seller codes (codes vendeur) to be used by each
French Seller to record the invoices relating to the Transferred Receivables: 
  

					
	 Alcan Rhenalu
	  	 	24862	  
	 Alcan Aerospace
	  	 	24876	  
	 Alcan Softal
	  	 	24865	  
	 Alcan Aviatube
	  	 	24869	  
	 Alcan France Extrusion
	  	 	24872	  

 “Special Financing Commission” or “SFC” has the meaning
ascribed to such term in Clause 9.2. 
 “Specific Reserve” has the meaning ascribed to such term in Clause 8.5.2.

 “Sub-Account(s)” means any sub-account(s) opened by the Factor under each of the Current Accounts. 

“Substitute Sellers’ Agent” has the meaning ascribed to such term in Clause 1.3(f). 

“Swiss Agreement” means the factoring agreement entered into on 16 December 2010 between the Swiss Seller and the
German Purchaser. 
 “Swiss Seller” means Alcan Aluminium Valais S.A., a company incorporated under the laws of
Switzerland as a société anonyme, whose registered office is located at 3960 Sierre, Switzerland, registered under number CH-626.3.000.048-9. 

  

					
	            72208170	 	12	 	

            

 “Tax” has the meaning ascribed to such term in Clause 10(a). 

“Tax Deduction” has the meaning ascribed to such term in Clause 10(c). 

“Tax Saving” has the meaning ascribed to such term in Clause 10(g). 

“Tax Saving Risk” has the meaning ascribed to such term in Clause 10(h). 

“Termination Notice” has the meaning ascribed to such term in Clause 11.2.1(b). 

“Tested Approved Receivables” means any Receivables offered for Assignment by a French Seller pursuant to this Agreement
(either as at the First Assignment Date or at any time thereafter) and for which it has been effectively determined by the relevant French Seller (pursuant to their testing under the Jurisdiction Matrix or any legal analysis provided to the Factor
(and satisfactory to it)) that all the Foreign Eligibility Conditions have been met in respect thereof. 

“Tolling” means any provision of services by the relevant French Seller to any Debtor out of inventory owned by such
Debtor. 
 “Top Five Debtors” means, for all French Sellers, the five Debtors in respect of which the largest
outstanding amounts of Receivables are expected to be Assigned to the Factor under the Agreement for the twelve (12) coming months from each anniversary date of the relevant Credit Insurance Policy, as determined by the Sellers’ Agent and
communicated to the Factor pursuant to Clause 6.1(b). 
 “Transaction” means the financing facilities
provided by the Factor and the German Purchaser to the French Sellers, the German Sellers and the Swiss Seller pursuant to the Transaction Documents. 
 “Transaction Document(s)” means (i) the Financing Facilities Documents, (ii) the German Agreements and (iii) the Swiss Agreement. 

“Transferred Back” and “Transferring Back” means any retransfer of Transferred Receivables
from the Factor to the relevant French Sellers arising as a result of Clauses 2.2. and 5.3. to 5.6. and made pursuant to the procedure set forth in Clause 5.7. 
 “Transfer-Back File” has the meaning ascribed to such term in Clause 5.7. 
 “Transfer-Back Price” has the meaning ascribed to such term in Clause 5.7. 
 “Transferred Receivable Ledgers” means the monthly reportings of the outstanding Transferred Receivables into the French Seller’s account receivable ledger including
the month end balance of each Transferred Receivable and to be provided in the manner set forth in Clause 7.4., substantially in the form of Annex 9 hereto. 
 “Transferred Receivables” means the Relevant Receivables assigned to the Factor pursuant to the Agreement and which have not been Transferred Back. 

“Untested Large Receivables” has the meaning ascribed to such term in Clause 3.3(c). 

“Untested Receivables” has the meaning ascribed to such term in Clause 3.3(a). 

“Untested Small Receivables” has the meaning ascribed to such term in Clause 3.3(b). 

“US Seller” means Alcan Rolled Products Ravenswood, LLC. 
 “Value Dates” has the meaning ascribed to such term in Clause 9.2.3. and Annex 1. 

  

					
	            72208170	 	13	 	

            

 “VAT” means value added tax. 

“Web Services” has the meaning ascribed to such term in Clause 13. 

 

	1.2	Interpretation 

  

	(a)	The Agreement sets forth all the rights and obligations of the Parties. It replaces and substitutes any and all prior letters, proposals, offers and agreements between
the Parties. 

  

	(b)	In this Agreement, unless the contrary intention appears, any reference to: 

 

	 	(i)	this Agreement includes a reference to its Recitals and the Annexes; 

  

	 	(ii)	a Clause, a Paragraph or an Annex is a reference to a clause, a paragraph or an annex of this Agreement; 

 

	 	(iii)	the singular shall include the plural and vice-versa; and 

  

	 	(iv)	time in this Agreement are to local time in Paris (France), unless expressly provided to the contrary. 

 

	(c)	Words appearing therein in French shall have the meaning ascribed to them under French law and such meaning shall prevail over their translation into English, if any.

  

	(d)	Where an obligation is expressed in a Financing Facility Document to be performed on a date which is not a Business Day, such date shall be postponed to the first
following day that is a Business Day unless that day falls in the next month in which case that date will be the first preceding day that is a Business Day. 

 

	(e)	Unless expressly provided to the contrary in a Financing Facility Document, any reference in a Financing Facility Document to: 

 

	 	(i)	any agreement or other deed, arrangement or document shall be construed as a reference to the relevant agreement, deed, arrangement or document as the same may have
been, or may from time to time be, replaced, extended, amended, varied, supplemented or superseded; 

  

	 	(ii)	any statutory provision or legislative enactment shall be deemed also to refer to any re-enactment, modification or replacement and any statutory instrument, order or
regulation made thereunder or under any such re-enactment; and 

  

	 	(iii)	any party to a Financing Facility Document shall include references to its successors, permitted assigns and any person deriving title under or through it; references
to the address of any person shall, where relevant, be deemed to be a reference to the location of its then registered office or equivalent as current from time to time. 

 

	(f)	Unless expressly provided to the contrary, all references made in this Agreement to a day, are references to a calendar day. 

 

	(g)	A Default or an Event of Default is “continuing” if it has not been remedied (within the applicable grace period, if any) or waived. 

  

					
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	1.3	Appointment of Sellers’ Agent 

  

	(a)	Each French Seller hereby appoints the Sellers’ Agent as its lawful agent (mandataire) in order to do all such things that may be specifically delegated to
it under this Agreement for and on behalf of such French Seller. 

  

	(b)	The Sellers’ Agent hereby accepts its appointment to act as lawful agent (mandataire) of each French Seller in respect of the foregoing tasks.

  

	(c)	Subject to sub-paragraph (f) below, the appointment, duties and authority of the Sellers’ Agent shall be valid and effective as from the date of its appointment
and remain in full force and effect until the termination of this Agreement. 

  

	(d)	The Sellers’ Agent shall have such rights, powers and authorities and discretions as are conferred on it by this Agreement, together with such rights, powers and
discretions as are reasonably incidental thereto. 

  

	(e)	The performance of its obligations by the Sellers’ Agent shall release and discharge the relevant French Seller with respect to, and to the extent of, the
obligations, duties and liabilities so performed by the Sellers’ Agent. 

  

	(f)	The Sellers’ Agent may be replaced by another member of the Group (a “Substitute Sellers’ Agent”) upon written request sent by
all French Sellers to the Factor subject to 30 days’ prior written notice and provided that such Substitute Sellers’ Agent has accepted in writing to perform all obligations of the Sellers’ Agent hereunder. 

 

	(g)	The Sellers’ Agent shall not be liable to any person for any breach by any French Seller of this Agreement (or any other document) or be liable to any French
Seller for any breach by any other person of this Agreement or any other document. 

  

	(h)	The Sellers’ Agent shall not be remunerated. 

  

	2	PURPOSE 

  

	2.1	Services provided by the Factor 

  

	(a)	The Agreement sets forth the terms and conditions upon and subject to which (i) each French Seller assigns to the Factor, Relevant Receivables pursuant to articles
L. 313-23 to L. 313-34 and R. 313-15 et seq. of the French Monetary and Financial Code and (ii) the Factor will purchase Relevant Receivables from the French Sellers. The Agreement shall apply automatically to any Deed of Transfer
delivered by each French Seller to the Factor. 

  

	(b)	Subject to the terms and conditions of the Agreement, and for all Relevant Receivables assigned to it by the French Sellers pursuant to the Agreement, the Factor shall:

  

	 	(i)	Pay the Transferred Receivables to the relevant French Seller; and 

  

	 	(ii)	Finance the Financeable Amounts prior to the collection of the Transferred Receivables. 

 

	(c)	It is agreed between the Parties that (i) no notice of Assignment shall be sent to Debtors and (ii) the Factor grants Mandates to each of the French Sellers
for the collection and cashing of the Transferred Receivables assigned by it to the Factor. However, in case of revocation of the Mandates, the Factor shall be responsible for: 

 

	 	(i)	notifying the Debtors of the Assignment of the Transferred Receivables; 

  

					
	            72208170	 	15	 	

            

	 	(ii)	ensuring the collection and cashing of the Transferred Receivables; and 

  

	 	(iii)	managing the Debtors’ positions. 

  

	2.2	Exclusive rights 

  

	(a)	As consideration for the services provided by the Factor, each of the French Sellers undertakes to transfer title to the Transferred Receivables exclusively to the
Factor. Consequently, the French Sellers undertake not to enter into any agreement which would grant rights to third parties over such Transferred Receivables which would negatively affect the rights granted to the Factor hereunder over those
Transferred Receivables. For the avoidance of doubt, this Clause 2.2. does not affect the right for a French Seller to grant Reductions or Cancellations Items in respect of a Transferred Receivable. 

 

	(b)	In addition, once a Transferred Receivable has been assigned to the Factor in relation to a Debtor, the French Sellers undertake to subsequently offer to transfer to
the Factor all the Relevant Receivables related to such Debtor. 

  

	(c)	Should Financed Amounts in respect of Transferred Receivables over a given Debtor represent less than seventy per cent (70%) of the total amount of Transferred
Receivables over that Debtor, any French Seller may request the Factor in writing to no longer transfer Receivables over such given Debtor. The Factor shall consent to such request within ten (10) Business Days of receipt thereof, it being
understood that, upon the Factor agreeing to such request, all Transferred Receivables over that Debtor shall be Transferred Back to the relevant French Seller pursuant to Clause 5.7. 

 

	(d)	The Parties agree that, in the event any portfolio of outstanding Receivables over a given Debtor is no longer included in the scope of the Agreement (including as a
result of all Transferred Receivables relating to that Debtor having been Transferred-Back), the relevant French Seller may raise financing with third parties (by way of assignment, pledge or transfer) out of the Receivables over such Debtor,
provided that, in case such French Seller intends to raise financing out of Receivables which have been previously Assigned pursuant to the Agreement, it shall inform the Factor prior to raising that financing. 

 

	3	SCOPE 

  

	3.1	Relevant Receivables 

 Each Relevant
Receivable under this Agreement shall meet, on the date on which it is transferred to the Factor, the following eligibility criteria: 
  

	(i)	it shall correspond to the firm sale of products (or to the related provision of services) by each of the French Sellers in the ordinary course of its business and in
accordance with any document evidencing the origination of the Receivables; 

  

	(ii)	it shall have been originated and monitored pursuant to the Credit and Collection Procedures; 

 

	(iii)	it shall be denominated in Euros (EUR), Great Britain Pounds (GBP), United States Dollars (USD) or Swiss Francs (CHF) or any other currency approved by the Factor;

  

	(iv)	 it shall be a Receivable (1) on a Debtor incorporated in a jurisdiction appearing in the Collectability List and (2) which is either a Tested
Approved Receivable or an Untested Receivable which complies with the eligibility procedure set forth in Clause 3.3 below; it 

  

					
	            72208170	 	16	 	

            

	 	
being understood that the Embraer Receivables, on the basis of the legal analysis carried out as at the date hereof showing that they do not comply with the Foreign Eligibility Conditions, will
be treated as Tested Unapproved Receivables and will not be eligible for Assignment to the Factor (i) unless the Factor, at its entire discretion, accept at the request of the relevant French Seller to purchase such Receivables (provided that
the Factor may at any time cease to purchase such Receivables) and (ii) provided that the Factor shall have recourse against the relevant French Seller pursuant to Clause 5.5 in case the Assignment of those Embraer Receivables to the Factor
proves to be invalid and/or would prove to be unenforceable after notification is made to the relevant Debtor by way of a letter; 

  

	(v)	the relevant Debtor shall not be an affiliated company of any of the Sellers (an affiliate being the Parent Company and any other entities that are controlled by the
Parent Company); 

  

	(vi)	it shall be fully capable of transfer without any Ban on Assignment; and when a consent is required (such as in case of a Ban on Assignment), such consent must have
been obtained (a) to the satisfaction of the Factor, in a form and substance substantially similar to the model form of consent letter set out in Annex 10, and (b) from the relevant Debtor (acting on its behalf) or from the relevant
Affiliate of that Debtor (acting on behalf of the relevant Debtor), on or prior to the date on which the Receivable is intended to be Assigned (for the avoidance of doubt, failing to receive such consent, the Receivables shall not be eligible for
Assignment to the Factor), it being understood that the consent letters received as of the date of signature of the Agreement in respect of the contracts existing with Rexam and Crown shall be deemed to be satisfactory; 

 

	(vii)	each Receivable shall exist and constitute legal valid, binding and enforceable payment obligations of the relevant Debtor; 

 

	(viii)	it shall be free from any security interest, rights of third parties or adverse claims, and shall not have been previously assigned to third parties or as the case may
be, such security interest, rights of third parties or adverse claims will have been waived to the satisfaction of the Factor prior to the transfer of the relevant Transferred Receivable; 

 

	(ix)	subject to Clause 5.1.3, the invoice documenting it shall have been issued less than 30 calendar days prior to the contemplated assignment to the Factor;

  

	(x)	its maturity date shall fall after the date of the contemplated assignment to the Factor and its maturity shall not be contrary to applicable law and in no case exceed
one hundred and twenty (120) calendar days from the date of the invoice (except as specifically set out in the Credit and Collection Procedures); and 

  

	(xi)	except for the Receivables deriving from contractual relationships with Debtors that include Tolling and/or Pseudo Tolling transactions (such Receivables being subject
to the application of Clause 8.5.2 below), a Receivable shall not be subject to a right of set-off or counterclaim of the relevant Debtor (except if it is strictly related to such Receivables (such as Reductions or Cancellations Items)). In
particular, for so long as a prepayment (or similar arrangement) including from Airbus Operation SAS or Airbus Operation Limited is outstanding, such Receivables held against each entity having granted such outstanding prepayment will not be
eligible for assignment to the Factor unless, prior to any proposed transfer, such Debtor has written to the relevant French Seller and the Factor in terms satisfactory to the Factor agreeing that it will not set off any such prepayment (or similar
arrangement) due to it from the French Seller against monies payable by it in respect of that Receivable to the Factor. 

  

					
	            72208170	 	17	 	

            

	3.2	Excluded Receivables 

 The following
Receivables shall be excluded from the scope of application of the Agreement: 
  

	(i)	receivables arising from a contract of which the performance has been wholly or partly subcontracted under French 
law n°75-1334 of 31 December 1975, or any
similar applicable law or regulation granting to the subcontractor a direct claim on the relevant Debtor for the payment owed to it by the relevant French Seller under the subcontract (save if, to the reasonable satisfaction of the Factor, bank
guarantees (to guarantee payments to the relevant subcontractors) or other relevant arrangements have been implemented in advance in accordance with the above laws and regulations so as to avert the exercise of any such direct claim);

  

	(ii)	receivables the payment of which, even if unconditionally accepted by the Debtor, is on the date on which is transferred to the Factor, is the subject of verifying the
performance of an obligation by the relevant French Seller; 

  

	(iii)	receivables evidenced by invoices solely corresponding to penalties and late payment interests; 

 

	(iv)	receivables evidenced by invoices corresponding to Receivables which are, on the date on which it is transferred to the Factor, Disputed Receivables.

  

	3.3	Eligibility Procedure for the Untested Receivables 

  

	(a)	Untested Receivables 

  

	 	(i)	Any Receivable on any Debtor (whether it is a new Debtor or an existing Debtor) that any French Seller wishes to offer for Assignment pursuant to this Agreement (either
as at the First Assignment Date or at any time thereafter) and in relation to which no effective determination has been made by such French Seller as to its compliance with the Foreign Eligibility Conditions shall be deemed to be an
“Untested Receivable”. 

  

	 	(ii)	For the avoidance of doubt, subject to Clauses 3.1 and 3.2 above, the relevant French Seller shall not be obliged, in relation to such Untested Receivables, to carry
out any audit or analysis to assess their compliance with the Foreign Eligibility Conditions for the purposes of their Assignment under the Agreement until such date as they become Untested Large Receivables. 

 

	(b)	Untested Small Receivables 

 All
Untested Receivables on any Debtor (whether it is a new Debtor or an existing Debtor and with respect to all French Sellers) the aggregate outstanding amount of which is below five hundred thousand Euros (EUR 500,000) as at any date on which an
Assignment is made under this Agreement shall be deemed to be “Untested Small Receivables”. 
  

	(c)	Outstandings Test and Untested Large Receivables 

  

	 	(i)	On each Quarter Date, each French Seller (or the Sellers’ Agent) shall carry out a test (the “Outstandings Test”) over each Debtor whose
Receivables are currently Assigned to the Factor under the Agreement as Untested Small Receivables. 

  

	 	(ii)	If it appears that, on such Quarter Date, the aggregate outstanding amount of the Receivables Assigned by such French Seller(s) over a given Debtor on such Quarter Date
and as at the two (2) immediately preceding Monthly Cut-off Dates exceeds five hundred thousand Euros (EUR 500,000), then, the Receivables to be Assigned to the Factor over that Debtor shall as from such date be treated as “Untested
Large Receivables”. 

  

					
	            72208170	 	18	 	

            

	 	(iii)	Each French Seller (or the Sellers’ Agent) shall communicate the results of the Outstandings Test to the Factor in the manner and timing set forth in Clause
4.2(m)(iv). 

  

	(d)	Eligibility procedure for the Untested Receivables 

  

	 	(i)	Subject to Clause 3.1 and 3.2 above and this Clause 3.3(d), all Untested Receivables shall be eligible for Assignment pursuant to the Agreement, provided that:

  

	 	(A)	with respect to Untested Small Receivables: 

  

	 	(i)	the Factor shall have recourse against the relevant French Seller (by way of Definancing or Transfer-Back, as the case may be) with respect to Untested Small
Receivables, in accordance with the terms and subject to the conditions set out in Clause 5.5 below, in case the Assignment of such Untested Small Receivables to the Factor proves to be invalid and/or would prove to be unenforceable after
appropriate notification is made to the relevant Debtor; 

  

	 	(ii)	the portion of the outstanding amount of the Untested Small Receivables exceeding the Debtor Outstanding Threshold shall be considered as Exceeding Amounts (such excess
portion to be allocated among the French Sellers by applying, for each French Seller, the pro rata share of such French Seller in the aggregate balance of the Asset Accounts of all French Sellers, unless otherwise notified by the
Sellers’ Agent to the Factor); 

  

	 	(B)	with respect to the Untested Large Receivables: 

  

	 	(i)	within 20 Business Days from the Quarter Date on which Untested Receivables are deemed Untested Large Receivables pursuant to Clause 3.3(c) above (the
“Determination Date”), the relevant French Seller shall (A) determine on the basis of any appropriate audit (and having regard in particular to the Jurisdiction Matrix and provided that such French Seller may decide to provide
the Factor with additional legal analysis for the purpose of updating the Jurisdiction Matrix in case the Jurisdiction Matrix does not contemplate the relevant governing law and/or jurisdiction of incorporation of the relevant Debtor) whether such
Untested Large Receivables are (a) eligible for Assignment to the Factor or (b) not eligible for Assignment to the Factor (in particular if any of the Foreign Eligibility Conditions has failed to be met) and (B)communicate to the Factor
the results of such determination in the manner and timing set forth in Clause 4.2(m)(iv); 

  

	 	(ii)	 subject to Clause 3.1 and 3.2 above, all Untested Large Receivables Assigned or intended to be Assigned over such Debtor under the Agreement shall be
eligible for Assignment pursuant to the Agreement only to the extent it has been effectively determined by the relevant French Seller (on the basis of its audit and provided that any additional legal analysis made for the purpose of the updating of
the Jurisdiction Matrix that may be requested by such French Seller (if any) shall have been approved by the Factor, acting reasonably) that, as at the relevant Determination Date, such Untested Large Receivables qualify as Tested Approved
Receivables (it being understood that Untested Large Receivables (i) for which it has been determined in the manner set out above that at least one of the Foreign Eligibility Conditions has failed to

  

					
	            72208170	 	19	 	

            

	 	
be met or is no longer met, shall not be eligible for Assignment to the Factor; or (ii) for which no effective determination has been made on the Foreign Eligibility Conditions, shall not be
Financed by the Factor so long as and until the time the determination on the Foreign Eligibility Conditions has not been completed in the manner set out above to the satisfaction of the Factor (acting reasonably). 

 

	 	(ii)	For the avoidance of doubt, any Receivables on a new Debtor the aggregate outstanding amount of which is above five hundred thousand Euros (EUR 500,000) (with respect
to all French Sellers) as at any date on which an Assignment is purported to be made for the first time pursuant to Clause 5.1.3 of this Agreement must be a Tested Approved Receivable to be eligible for Assignment pursuant to the Agreement.

  

	(e)	The Parties agree (i) that the Factor shall inform the French Sellers and the Sellers’ Agent (x) promptly, each time the Collectability List is being
updated and (y) as soon as practicable upon being aware that the Collectability List will be updated; and (ii) to update the Jurisdiction Matrix from time to time to include the results of any additional legal analysis reasonably
satisfactory to it provided by any French Seller. 

  

	(f)	The Parties have agreed to attach the Decision Process Charts, as Annex 14, to summarise the provisions of Clause 3.1(iv) and this Clause 3.3. The Parties
further agree that the Decision Process Charts are attached herein for illustration purposes only and that, in case of discrepancy between the provisions of Clause 3.1(iv) or this Clause 3.3 and the Decision Process Charts, the provisions of
Clause 3.1(iv) and this Clause 3.3, as applicable, shall prevail. 

  

	4	REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS 

  

	4.1	Representations and warranties 

 Each of
the French Sellers, the Sellers’ Agent and the Parent Company (each only for itself) represents and warrants to the Factor as follows in Clause 4.1.1 and Clause 4.1.2 These representations and warranties are made by the French Sellers, the
Sellers’ Agent and the Parent Company as of the Closing Date, and they shall be repeated in the manner set out in Clause 4.1.3 below. 
  

	4.1.1	Representations and warranties relating to the French Sellers 

  

	(a)	Status: it is a company validly incorporated and existing under the laws of its place of incorporation, it is in compliance with all of the applicable
laws and regulations relating to its incorporation; 

  

	(b)	Powers, authorisations and consents: it has full power and authority to enter into the Financing Facilities Documents to which it is a party, and no
governmental or regulatory consent is required in order to enter into the Financing Facilities Documents to which it is a party, and it has taken all action necessary to authorise the execution, delivery and performance by it of the Financing
Facilities Documents to which it is a party; 

  

	(c)	Non-violation: the execution, delivery and performance of the Financing Facilities Documents to which it is a party do not contravene or violate
(i) its memorandum and Articles of association, (ii) any law, rule, regulation or orders applicable to it, (iii) any restrictions under any agreement, contract, deed or instrument to which it is a party or by which it or any of its
property is bound, or (iv) any order, writ, judgement, award, injunction or decree binding on or affecting it or its property, and do not result in the creation or imposition of any adverse claim on or with respect to any of its assets or
undertakings to the extent that such contravention, violation or result would have a Material Adverse Effect; 

  

					
	            72208170	 	20	 	

            

	(d)	Legal validity: Subject to the Legal Reservations, its obligations under the Financing Facilities Documents currently in force to which it is a party
constitute legal, valid and binding obligations enforceable against it in accordance with their respective terms; 

  

	(e)	Accounts: each of the French Sellers’ most recent audited annual accounts, and the Parent Company’s most recent non audited consolidated
quarterly accounts and audited consolidated annual accounts, copies of which have been furnished to the Factor pursuant to the Agreement, respectively (i) present a true and fair view of each of the French Sellers’ and the Parent
Company’s financial condition (for the audited accounts) or (ii) have been prepared in good faith by the Parent Company pursuant to the Group’s accounting policy and practice (for the unaudited accounts), as applicable, as at that
date and of the results of their operations for the period then ended, all in accordance with applicable accounting standards consistently applied; 

  

	(f)	No litigation: there are to its knowledge no current material actions, suits or proceedings pending against or affecting it, in or before any judicial or
administrative court, arbitrator or regulatory authority, which, based on information provided by it as well as any public information relating to such actions, suits or proceedings, which has a Material Adverse Effect; 

 

	(g)	No default: it is not in default with respect to any order of any court, arbitrator or governmental body, or under any contractual or other obligation,
which is material to its business or operations and which has a Material Adverse Effect; 

  

	(h)	Accuracy of information: to its best knowledge, all information furnished in writing by it to the Factor (excluding the accounts mentioned in Clause
4.1.1(e)), and including the information provided in connection with each Assignment) for the purposes of or in connection with the Financing Facilities Documents, is true and accurate in every material respect on the date such information is stated
or certified and does not contain any material misstatement of fact; 

  

	(i)	Principal place of business: in relation to the French Sellers only, its principal place of business and main executive office and the offices where it
keeps all its books, records and documents evidencing the Transferred Receivables and the related contracts are located at the addresses stated in Annex 15; 

 

	(j)	Capacity to identify and individualise: in relation to the French Sellers only, it has operating systems capable of identifying and individualising in a clear
and precise manner each Transferred Receivable and all collections received in respect thereof; 

  

	(k)	Records: in relation to the French Sellers only, all IT and accounting records are accurate in all material respects and all back-up systems are
accessible to the Factor and are regularly updated in light of the Group’s current business practices; 

  

	(l)	No VAT: in relation to the French Sellers only, no VAT or equivalent tax is applicable in respect of any sale of Transferred Receivables by it to the
Factor. 

 4.1.2 Representations and warranties relating to the Receivables 

 

	(a)	No fraud, etc: (i) each of the Relevant Receivables has not been offered for Assignment to the Factor as a result of fraud, gross negligence or wilful
misconduct (dol) from the relevant French Seller and (ii) subject to the Untested Receivables which have been Assigned to the Factor pursuant to the Agreement, the relevant French Seller has not knowingly offered Receivables for
Assignment that do not comply, at the time of the relevant offer and assignment date, with the criteria set out in Clause 3.1 or are Excluded Receivables and to the extent only that such offer affect a material portion of the outstanding amount of
Transferred Receivables in respect of such French Seller (for the avoidance of doubt, it is specified that the Factor shall not be responsible for verifying such compliance); 

  

					
	            72208170	 	21	 	

            

	(b)	No Violation: upon any Assignment of Relevant Receivables, such Transferred Receivables will not be available any longer to the creditors of the relevant French
Seller in the context of an Insolvency Proceeding or any other procedure under Livre VI of the French Commercial Code, as amended from time to time; and 

  

	(c)	Transfer of title: subject to the Legal Reservations, upon the assignment of any Transferred Receivables, the Factor will have all the rights, interests and
title of the relevant French Seller in respect thereof as well as the related and accessory security then existing in respect thereof. 

 4.1.3 Repetition 
 The representations and warranties in this Clause 4.1 are made by the
French Sellers, the Sellers’ Agent and the Parent Company as of the Closing Date, and they shall be repeated in the frequency set out below, in each case, by reference to the facts and circumstances existing on that date, as long as any amount
or any obligation is outstanding towards the Factor under the Agreement: 
  

	(a)	the representations and warranties set out in Clauses 4.1.1(e) and 4.1.1(l) shall not be repeated after the Closing Date; 

 

	(b)	the representation and warranty set out in Clause 4.1.1(e) shall be repeated on each date of remittance to the Factor of the relevant annual or quarterly or accounts;

  

	(c)	the representations and warranties set out in Clauses 4.1.1(f), 4.1.1(g), 4.1.1(h), 4.1.1(k) shall be repeated on the first Business Day of each calendar month; and

  

	(d)	the representations and warranties set out in Clauses 4.1.1(a), 4.1.1(b), 4.1.1(c), 4.1.1(d), 4.1.1(j) and 4.1.2(a) to 4.1.2(c) shall be repeated on each date of
Assignment of Relevant Receivables. 

  

	4.2	Undertakings 

 Each of the French Sellers,
the Sellers’ Agent and the Parent Company (each only for itself) undertakes to the Factor as follows. These undertakings are to be complied by each of the French Sellers, the Sellers’ Agent and the Parent Company as long as any amount or
any obligation is outstanding towards the Factor under the Agreement. 
  

	(a)	Obligation of transfer: following any assignment of a Transferred Receivable regarding a specific Debtor, it shall be obliged to offer to transfer to the Factor
all Relevant Receivables arising from time to time in respect of the said Debtor, except if all Transferred Receivables relating to that Debtor have been Transferred Back, in particular, pursuant to Clause 2.2; 

 

	(b)	 Delivery of documents, obligation of information and access: (i) it shall supply to the Factor (or to any person appointed by the Factor)
such documents and information with respect to itself and to the Transferred Receivables and the related security as the Factor may reasonably request, notably, in order to verify each of the French Sellers’ compliance with its obligations
under the Agreement; (ii) it shall, as soon as possible upon becoming aware of such facts or events, notify the Factor of any facts or events concerning the Transferred Receivables or the Parent Performance Guarantee which has a Material
Adverse Effect; and (iii) it shall permit the Factor and its agents or representatives, upon reasonable notice, to visit its operational offices at least twice a year for field audits during normal office hours, to carry out a financial review
with respect to it and the relevant Transferred Receivables (such review 

  

					
	            72208170	 	22	 	

            

	 	
being on field or not, as the case may be) and to examine, make and take away copies of the records that are in its possession or under its control including, without limitation, any contracts
related to the transactions under the Agreement, and to discuss matters relating to the Transferred Receivables or its performance under the Financing Facilities Documents, with any of the officers or employees designated by it as having knowledge
of such matters (provided that if the delivery of any document is not possible or may, in such French Seller’s reasonable opinion, affect the best commercial interests of the relevant French Seller, then the French Sellers undertake to make
available any such document for inspection by the Factor or its agents in every instance (provided that each French Seller is entitled not to disclose the parts of the documents that it in good faith considers as (a) commercially sensitive
information and (b) not necessary for the purpose of the Factor preserving or exercising its rights under the Transferred Receivables)) 

  

	(c)	Collection and cashing: as far as each French Seller is concerned, it shall maintain and implement the Credit and Collection Procedures, and procure that they
are maintained and implemented (including, without limitation, an ability to recreate records in the event of their destruction), and it shall keep and maintain, all documents, computer discs, books, records and other information necessary for the
collection of all Transferred Receivables, and procure that they be kept and maintained (including, without limitation, records adequate to permit the daily identification of all collections); 

 

	(d)	Payment of taxes (Transferred Receivables): it shall pay punctually all amounts of VAT, if any, and other taxes in connection with any Transferred Receivables or
any related contract and shall comply with all obligations with respect thereto; 

  

	(e)	No assignment: it shall not (otherwise than in accordance with the Agreement) (a) sell, assign or otherwise dispose of, or create or suffer to exist any
adverse claim upon or in respect to any Transferred Receivable or any contracts relating thereto, nor (b) assign any right to receive payment in respect thereof and it shall defend the title and interest of the Factor in, to and under any of
the foregoing property relating to any Transferred Receivable, against all claims of third parties as if it were the owner of such Transferred Receivable; 

  

	(f)	No change in business: it shall not make any change in its business which might materially and adversely impair (a) the Collectability of any of the
Transferred Receivables or (b) the enforcement of any related contracts against the underlying Debtors or (c) the operation of the Agreement or which might materially and adversely decrease the credit quality of the Transferred Receivables
(taken as a whole) or otherwise materially and adversely affect the interests or remedies of the Factor; 

  

	(g)	Preservation of corporate existence: it shall preserve and maintain its corporate existence and shall maintain all licences, authorizations and certifications
necessary to the performance of its business, where failure to maintain or preserve would have a Material Adverse Effect; 

  

	(h)	Safe-keeping of documents: it shall hold in a reasonably secure and safe from damage location all documents relating to Transferred Receivables;

  

	(i)	No amendment to the contracts: it shall not modify the terms and conditions of any contract relating to any Relevant Receivable to be offered for assignment or,
any Transferred Receivable, which adversely affect or could adversely affect the eligibility or the Collectability thereof, unless it has received the prior written approval of the Factor (not to be unreasonably withheld); 

 

	(j)	No change in place of storage: it will not change any office or location mentioned in Annex 15 where books, records and documents evidencing the
Transferred Receivables are kept without prior notifying the Factor at the latest thirty (30) calendar days before making such change of the new location of such books, record and documents; 

  

					
	            72208170	 	23	 	

            

	(k)	Notification: it will notify the Factor within ninety (90) calendar days prior to changing its name, identity or corporate structure or relocating its
registered office; 

  

	(l)	No merger: it shall not, if it would have a Material Adverse Effect, operate a legal reorganization, merge or consolidate with or into, or contribute, transfer
or otherwise dispose of (whether in one transaction or in a series of transactions, and except as otherwise contemplated herein) all or substantially all of its assets (whether now owned or hereafter acquired) to, or acquire all or substantially all
of the assets of, any person, it being understood that should a voluntary reorganization or restructuration of companies of the Group (including by a way of amalgamation, merger, demerger, spin-off or voluntary liquidation) involving one or more
French Sellers is intended to take place, the relevant French Sellers shall notify the Factor of any such event as soon as possible after all internal corporate approvals have been obtained and being legally entitled to do so;

  

	(m)	Provision of financial information: 

  

	 	(i)	each of the French Sellers and the Parent Company, as applicable, will deliver to the Factor: 

 

	 	(a)	if applicable, as from the Closing Date and until the First Assignment Date, monthly, and no more than 30 days after its month end (and forty-five (45) days for
the first six (6) monthly statements to be remitted as from the Closing Date), an interim unaudited monthly income statement and balance sheet for each French Seller (on a reporting unit basis); 

 

	 	(b)	the Transferred Receivable Ledgers, in the manner set out in Clause 7.4 below; 

 

	 	(ii)	each of the French Sellers and the Parent Company, as applicable, will deliver to the Factor: 

 

	 	(a)	annually, as soon as reasonably practicable and no more than one hundred and fifty (150) days from its year end (and one hundred and eighty (180) days from
year end in respect of the 2010 financial year), copies of (A) the audited consolidated annual financial statements (balance sheet, related income statement and cash flow statement) of the Parent Company (including its consolidated subsidiaries
and the French Sellers), and (B) the audited statutory annual financial statements prepared under French GAAP (balance sheet and related income statement) of each of the French Sellers and each of their respective subsidiaries (to the extent
that filing of the same is required under applicable law), in each case together with the relevant auditors’ reports; 

  

	 	(b)	as from 30 June 2011, quarterly, and no more than forty-five (45) days after each Quarter Date (seventy-five (75) days for the Quarter Date occurring on
30 June 2011 and sixty (60) days for the Quarter Dates occurring on 30 September 2011 and 31 December 2011), copies of (A) the Parent Company’s unaudited and unreviewed consolidated quarterly balance sheet and related
income statement (including its consolidated subsidiaries and the French Sellers) (together with a quarterly cash flow statement), (B) each of the French Seller’s (to the extent that filing of the same is required under applicable law)
unaudited and unreviewed quarterly balance sheet and related income statement (on a reporting unit basis) and (C) a certificate from the Parent Company in an agreed form justifying compliance of the Group with (i) the Liquidity Test as at
the preceding Quarter Date and (ii) the covenants set out in Clause 8.2(b) of the Intercreditor Agreement; 

  

					
	            72208170	 	24	 	

            

	 	(c)	monthly, and no more than thirty (30) days after its month end, copies of the monthly account payable ledger and monthly Tolling, Pseudo Tolling and scrap report
of each of the French Sellers; 

  

	 	(d)	monthly, and no more than thirty (30) days after its month end (and forty-five (45) days for the first six (6) monthly statements to be remitted as from
the Closing Date), copies of each of the French Seller’s (to the extent that filing of the same is required under applicable law) unaudited and unreviewed monthly balance sheet and related income statement (on a reporting unit basis); and

  

	 	(e)	such other financial information as the Factor may reasonably request in writing; 

 It being understood that the Parties agree to reconsider the terms of this sub-paragraph (ii) within one (1) year after the date of signature of the Agreement in order to amend, in light of the
Group’s current practices and as required for the performance of the Agreement, the relevant reporting obligations of the French Sellers and the Parent Company; 
  

	 	(iii)	it undertakes to the Factor, in relation to any financial projection or forecast transmitted or to be transmitted to the Factor, if any, to prepare such financial
projection or forecast on the basis of recent historical information and on the basis of reasonable assumptions; 

  

	 	(iv)	each French Seller (or the Sellers’ Agent) shall, no later than each Determination Date occurring after each Quarter Date, communicate to the Factor (A) the
results of the Outstandings Test and (B) the results of the appropriate audits made by it pursuant to Clause 3.3(d)(i)(B) to determine whether the relevant Untested Large Receivables are eligible for Assignment to the Factor or not and, on that
basis, it shall indicate to the Factor the names of the Debtors in relation to which Untested Large Receivables have been determined as non-eligible for Assignment or eligible for Assignment pursuant to 
Clause 3.3(d) above.

  

	(n)	Authorisations: it will promptly obtain, maintain and comply with the terms of, any authorisation required under any law or regulation (i) to enable it to
perform its obligations under, or (ii) for the validity or enforceability of, the relevant Financing Facility Documents; 

  

	(o)	No security interest: it will not create or allow to exist any pledge, lien, charge, assignment or security interest, or any other agreement or arrangement
having a similar effect, on the Transferred Receivables or on the Collection Account (except as contemplated in the Financing Facility Documents); 

  

	(p)	Financial records: it will record the Assignment of a Transferred Receivable pursuant to the Agreement in its financial records; 

 

	(q)	Rebates: it shall supply to the Factor, (i) prior to the First Assignment Date (if applicable) and (ii) thereafter on a monthly basis, no more than
thirty (30) days after the relevant month end, reports listing the accrued rebates or rebate payments remaining due to the Debtors; 

  

	(r)	Information on Insolvency Proceedings: subject to applicable law, and as soon as becoming aware of such event, it undertakes to inform the Factor of the
commencement or taking of any step relating to it that would constitute or already constitutes an Insolvency Proceeding (or any other procedure under Livre VI of the French Commercial Code, as amended from time to time, or any equivalent proceeding
under any applicable law); 

  

					
	            72208170	 	25	 	

            

	(s)	Liquidity Test: the Liquidity Test, as determined by the Parent Company, will be complied with on each Quarter Date, it being understood that only the Parent
Company is making this undertaking under Clause 4.2(s); 

  

	(t)	Apollo/FSI Term Loan: no termination, cancellation, material amendment or repayment of the whole or any part of the Apollo/FSI Term Loan shall be made without
the prior consent of the Factor, such consent not to be unreasonably withheld if the Factor is satisfied that, notwithstanding any such termination, cancellation, amendment or repayment, Omega Holdco B.V. (as parent company of the Parent Company)
continues to comply with the Liquidity Test; 

  

	(u)	Information on the Acquisition: if applicable, as from the Closing Date until the First Assignment Date, any of the French Sellers or the Parent Company
undertake to notify the Factor, as soon as reasonably practicable, of any change to the Capital Structure that would cause (i) the draft Acquisition Steps Paper provided to the Factor on 4 August 2010 to cease to be accurate and up-to-date
in any material respect (for the purpose of assessing compliance with financial assistance rules) or (ii) applicable financial assistance rules to be breached; 

 

	(v)	Use of proceeds: each of the French Sellers and the Parent Company undertakes to use the proceeds arising from the Financing Facilities in a manner compliant
with applicable laws by using such proceeds in particular, for the avoidance of doubt, for the refinancing of working capital facilities and, subject to compliance with financial assistance rules, for the financing or refinancing of any debt used to
finance the purchase price of the Acquisition of any of the German Sellers or Swiss Seller (to the exclusion of the French Sellers and the shareholders of the French Sellers) or of any of their respective direct or indirect shareholders, but in any
case not for the financing or refinancing of any equity used to capitalize Omega Holdco B.V. (which equity will be used, among other, to acquire the French Sellers); 

 

	(w)	Change in Credit and Collection Procedures: each of the French Sellers will promptly inform the Factor of any change made or to be made in the Credit and
Collection Procedures which is likely to have a Material Adverse Effect; and 

  

	(x)	Ban on Assignment: upon renegotiating the terms of its commercial contracts with Can Pack, Crown, Rexam and Ball Packaging in 2010 and onwards, it undertakes to
use its best efforts so that any “Ban on Assignment” clause be deleted from such contracts. 

  

	5	PAYMENT AND FINANCING OF RECEIVABLES 

  

	5.1	Payment and Assignment of Transferred Receivables 

  

	5.1.1	Submission of invoices by the French Sellers 

 On the terms and subject to the conditions of this Agreement, each French Seller may offer to assign (and the Factor undertakes to accept to purchase) all Relevant Receivables arising from time to time,
provided that each French Seller shall, subject to the terms hereof, either provide the Factor with, or make available to the Factor, the invoices evidencing such Relevant Receivables. 

 

	5.1.1.1	Frequency of submissions 

 Each French
Seller (or the Factor, in the event of the revocation of the Mandates) shall be responsible for sending originals of the invoices to the Debtors. Submissions of the relevant lists of invoices by each of the French Sellers to the Factor shall be made
once or twice a week. 

  

					
	            72208170	 	26	 	

            

	5.1.1.2	Justifying documents 

  

	(a)	Each of the French Sellers undertakes to promptly upon request provide the Factor with relevant invoices at first demand together with any other documents evidencing
the Relevant Receivables. 

  

	(b)	In relation to each assignment of a Transferred Receivable, each of the French Sellers shall: 

 

	 	(i)	transmit by tele-transmission to the Factor a file complying with the Computer Relationship Guide (together with the relevant Sellers Codes); and

  

	 	(ii)	keep the following documents at its premises, to be remitted to the Factor promptly upon request: 

 

	 	•	 	 any document evidencing the origination of the Receivables (apart from invoices); 

 

	 	•	 	 purchase order (bon de commande); 

  

	 	•	 	 certificate of transport (bon du transporteur) or expedition certificate (bon d’expédition); 

 

	 	•	 	 delivery certificate (bon de livraison); 

 or any equivalent documents issued by the Debtor (fax, e-mail, etc.), and, more generally, any documents evidencing the existence and validity of the Transferred Receivables. 

 

	5.1.1.3	Other specific requirements 

 Prior to any invoicing in connection with a contract entered into by a French Seller with the French public entity being the signatory of the public sector contract (marché public), each of
the French Sellers agrees to assign to the Factor, pursuant to Articles L. 313-23 to L. 313-35 of the French Monetary and Financial Code and in the manner set out in the Agreement, the public sector contract (marché public) in
connection with which the invoice has been issued and to deliver to the Factor the sole original (exemplaire unique) of the public sector contract or, if applicable, the certificate of assignability (certificat de cessibilité).

  

	5.1.2	Assignments - Payment by the Factor 

  

	(a)	Each Assignment made pursuant to the Agreement shall be made by each French Seller to the Factor by remittance or electronic transmission of a duly completed and signed
Deed of Transfer to the Factor on the frequency set out in Clause 5.1.1.1. 

  

	(b)	 Each Deed of Transfer shall be prepared in compliance with the model form set out in Annex 3 and shall (i) clearly identify the relevant
Transferred Receivables (together with the relevant Sellers Codes) and incorporate all specific requirements of Article L. 313-23 et seq of the French Monetary and Financial Code and all regulations in force relating thereto, (ii) be
signed by an authorised representative of the relevant French Seller and (iii) set out the Factor as assignee. The Parties agree that, should a French Seller fail to provide, on or before the expiry of the powers of attorney (or other
appropriate corporate authorisation) entitling any authorised representative(s) thereof to sign the relevant Deeds of Transfer on its behalf, the Factor with certified copies of the relevant corporate documents evidencing that such powers of
attorney (or other appropriate corporate authorisation) have been renewed or extended in an appropriate manner (or that new powers of attorney or other appropriate corporate authorisation have been granted), the Factor shall be entitled to stop
accepting, as from that 

  

					
	            72208170	 	27	 	

            

	 	
date, the purchase of Relevant Receivables from that French Seller so long as and until it has received the justification that such powers of attorney have been renewed or extended in an
appropriate manner (or that new powers of attorney or other appropriate corporate authorisation have been granted). 

  

	(c)	Each Deed of Transfer shall be delivered (or electronically transmitted) by the relevant French Seller to the Factor and the Factor shall date the Deed of Transfer
forthwith upon delivery by the relevant French Seller and shall hold such Deed of Transfer. 

  

	(d)	Each of the French Sellers guarantees to the Factor: 

  

	 	(i)	the legal validity of each Deed of Transfer, and in particular the existence of the Transferred Receivables (subject to any Credit Notes appearing on the file relating
to the Transferred Receivables attached to the Deed of Transfer and sent by the French Sellers to the Factor); and 

  

	 	(ii)	the fact that the Transferred Receivables and the Assignment of such Transferred Receivables would be, as from the date on which the relevant formalities described in
the Jurisdiction Matrix are complied with, enforceable against the Debtors and (from a French law perspective) any and all other third parties (subject to Untested Receivables which have been Assigned to the Factor pursuant to the terms of the
Agreement). 

  

	(e)	The Assignments carried out in accordance with the Agreement shall constitute outright assignments (cessions à titre d’escompte) under Article
L. 313-23 et seq. of the French Monetary and Financial Code of the Transferred Receivables in favour of the Factor. 

  

	(f)	With respect to each Relevant Receivable, the transfer of ownership shall operate at the date of delivery of the Deed of Transfer in which such Transferred Receivable
is identified. 

  

	(g)	In accordance with Article L. 313-23 et seq. of the French Monetary and Financial Code, the delivery or transmission of any Deed of Transfer pursuant to the
terms and conditions of this Agreement shall transfer absolute title and full ownership to the Factor of: 

  

	 	(i)	the principal amount of the Transferred Receivables transferred by way of such Deed of Transfer, the interest and all other accessory rights (accessoires)
relating thereto; and 

  

	 	(ii)	all accessory rights, guarantees and security interests existing with respect to these Transferred Receivables, and 

as from that date, the Factor shall have absolute title to, and shall remain the sole owner of any Transferred Receivable so assigned,
even in the event that the relevant Current Account is debited and until the Transferred Receivable shall have been actually Transferred Back pursuant to the terms of the Agreement and the Transfer-Back Price has been fully paid to the Factor.

  

	(h)	Without prejudice to the provisions of the Financing Facilities Documents and in accordance with Article L. 313-24 of the French Monetary and Financial Code, none of
the French Sellers shall be jointly and severally liable for the payment of the Transferred Receivables. 

  

					
	            72208170	 	28	 	

            

	(i)	The Factor shall: 

  

	 	(i)	if the relevant Deed of Transfer is received not later than 12.00 noon Paris time on any Business Day, on the Business Day immediately following such receipt;

  

	 	(ii)	if the relevant Deed of Transfer is received after 12.00 noon Paris time on any Business Day, on the second Business Day following such receipt,

 send the relevant French Seller with the details of the Financeable Amount and, as the case may be, the Maximum
Financeable Amount and Pay the Transferred Receivables by crediting the relevant Current Account of the relevant French Seller with an amount equal to the face value of such Transferred Receivables. Such payment will constitute a Payment as a
consideration of which each of the French Sellers have assigned those Transferred Receivables to the Factor under the Agreement. 
  

	5.1.3	Takeover of existing Relevant Receivables 

  

	(a)	At any time Receivables on new Debtors are purported to be offered for Assignment by a French Seller pursuant to this Agreement (either as at the First Assignment Date
or at any time thereafter, for the takeover of all Relevant Receivables over new Debtors), the relevant French Seller shall offer to Assign all Relevant Receivables already existing and outstanding on that Debtor as at that relevant date, provided
that (i) such Relevant Receivables have not been discounted (escomptées), pledged or assigned previously to a third party, (ii) no Relevant Receivables dating more than 365 days as from the date the Agreement enters into
force shall be Assigned to the Factor and (iii) the Factor shall not Finance Relevant Receivables so Assigned which are more than 30 days overdue. 

  

	(b)	Subject to such conditions and in accordance with the terms of the Agreement, the Factor will proceed to a Payment in respect of all Relevant Receivables over new
Debtors that may be assigned to the Factor at any time after the First Assignment Date, provided the Factor has received a duly completed Deed of Transfer together with the related IT files and the Transferred Receivables Ledgers at the latest five
(5) Business Days prior to making such Payment. For the purposes of the Payment relating to the first Assignment of Relevant Receivables to be made pursuant to this Agreement on any Business Day falling on or after the Closing Date (the
“First Assignment Date”), the relevant Deed of Transfer shall be delivered by no later than 12.00 noon Paris time to the Factor on 3 January 2011 (in case the First Assignment occurs on 4 January 2011) or, otherwise, on
the Business Day before the intended First Assignment Date, together with the related IT files and Transferred Receivables Ledgers and provided that a copy of such IT files and Transferred Receivables Ledgers shall have been transferred to the
Factor by no later than 10.00 am Paris time on 30 December 2010 (in case the First Assignment occurs on 4 January 2011) or, otherwise, three (3) Business Days before the intended First Assignment Date. 

 

	5.2	Financing of Financeable Amounts 

Following the receipt of each Deed of Transfer, the Factor shall communicate to the French Sellers and the Sellers’ Agent, within the timeframe
specified in Clause 5.1.2(h) above: 
  

	(a)	the Financeable Amounts; and 

  

	(b)	as the case may be, the Maximum Financeable Amount. 

  

					
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	5.2.1	Financeable Amounts 

 The amounts which
may be Financeable (the “Financeable Amounts”) shall correspond to the sum of (without double counting): 
  

	(a)	the amounts of the Approved Receivables, less the amounts of the Holdback Reserve and the Specific Reserve; and 

 

	(b)	the Non-Financeable Amounts that the Factor has elected, in its absolute discretion, to convert into Financeable Amounts. 

 

	5.2.2	Maximum Financeable Amount 

  

	(a)	The Parties agree that (i) the relevant Financeable Amounts, for all French Sellers, cannot exceed in aggregate the Maximum Financing Amount less the aggregate
Financed Amounts and (ii) that, for the avoidance of doubt, the total amount of the Financed Amounts shall never exceed the Maximum Financing Amount. 

  

	(b)	Should the aggregate Financeable Amounts for all French Sellers potentially exceed the Maximum Financing Amount less the aggregate Financed Amounts, the maximum
Financeable Amount in respect of which such French Sellers may request Financing from the Factor shall be reduced pro tanto up to the Maximum Financing Amount less the aggregate Financed Amounts (the “Maximum Financeable
Amount”). 

  

	(c)	The Factor shall allocate the Maximum Financeable Amount among the French Sellers by applying, for each French Seller, the pro rata share of such French Seller
in the aggregate balance of the Asset Accounts of all French Sellers, unless otherwise notified by the Sellers’ Agent to the Factor at the latest at the time the relevant Funding Request is sent to the Factor. 

 

	5.2.3	Funding Requests 

  

	(a)	Following receipt by the French Sellers of the determinations made by the Factor pursuant to Clauses 5.2.1 and 5.2.2 above, each French Seller (or the Seller’s
Agent, acting on behalf of the relevant French Sellers) shall promptly send to the Factor an e-mail specifying the relevant Financeable Amount in respect of which each such French Seller is authorized to request Financing from the Factor (a
“Funding Request”). Funding Requests shall be sent to the following addressees: 
gefacto-dge2@ge.com; and francois.moriniere@ge.com. 

 

	(b)	If a Funding Request is sent by the relevant French Seller (or the Seller’s Agent) to the Factor (i) before 10 a.m. on a given Business Day, Financing will be
made available by the Factor to such French Seller on the same Business Day, or (ii) after 10 a.m. on a given Business Day, Financing will be made available by the Factor to such French Seller on the following Business Day.

  

	5.2.4	Financing, transfer to the Availability Account, or transfer to a Deferred Availability Account 

 

	(a)	For each French Seller, in respect of the Financeable Amounts for which a Funding Request has been sent to the Factor, the Factor shall promptly make the Financing
available to the relevant French Seller by debiting such amounts from the available balance of the applicable Current Account and paying them to the relevant French Seller by issuing a wire transfer (virement) to the account of the
Seller’s Agent (acting on behalf of all French Sellers) or to such account as such French Seller may from time to time specify. The Financeable Amounts referred to in this sub-paragraph (a) shall become Financed Amounts.

  

					
	            72208170	 	30	 	

            

	(b)	In respect of the Financeable Amounts for which no Funding Request has been made to the Factor, the Factor shall promptly debit such amounts from the available balance
of the Current Account applicable to the relevant French Seller and credit them to the relevant Availability Account. The Financeable Amounts referred to in this sub-paragraph (b) shall also become Financed Amounts. 

 

	(c)	In case of a Funding Request concerning an amount credited to the Availability Account, the Factor will promptly debit such amount from the Availability Account
applicable to the relevant French Seller, credit it to the applicable Current Account, and then make the Financing available to such French Seller by debiting such amount from the available balance of the applicable Current Account and paying it to
the relevant French Seller by issuing a wire transfer (virement) to the account of the Seller’s Agent (acting on behalf of all French Sellers) or to such account as such French Seller may from time to time specify.

  

	(d)	The Factor shall debit the relevant Non-Financeable Amounts (to the extent not converted into Financeable Amounts in accordance with Clause 5.2.1(b)) from the Current
Account applicable to the relevant French Seller and credit them to the applicable Deferred Availability Account. 

  

	5.2.5	Request for transfer of amounts collected with respect to Financed Amounts for which no Funding Request has been made and with respect to Non-Financeable Amounts

  

	(a)	For each French Seller, amounts collected with respect to (i) Transferred Receivables corresponding to Financeable Amounts for which no Funding Request has been
made and (ii) Non-Financeable Amounts will be credited by the Factor to the available balance of the relevant Current Account of the relevant French Seller. Such French Seller may request to the Factor, once per calendar week only (except if
the available balance of the applicable Current Account is above five million Euros (EUR 5,000,000), or the Euro equivalent thereof for any applicable foreign currency, in which case such amount may be requested at any time, once per Business Day
and before 10.00 am on that Business Day), the payment of such amounts by sending an e-mail to the addressees specified in Clause 5.2.3. For the avoidance of doubt, the amounts so collected shall not be credited to the relevant Availability Account.

  

	(b)	Any payment made under this Clause shall be made available by the Factor to the relevant French Seller by debiting such amounts from the available balance of the
relevant Current Account and paying them to such relevant French Seller by issuing a wire transfer (virement) to the account of the Seller’s Agent (acting on behalf of all French Sellers) or to such account as such French Seller may from
time to time specify. Cut-off times and value date terms shall be the same as those specified in Clause 5.2.3. 

  

	5.3	Definancing or Transfer-Back of Disputed Receivables 

  

	(a)	Each French Seller undertakes to promptly inform the Factor upon becoming aware that a Transferred Receivable has become a Disputed Receivable.

  

	(b)	From the issuance of a notice of dispute by the French Seller to the Factor, the relevant French Seller shall have a maximum term of thirty (30) calendar days to
obtain a commitment to pay from the Debtor of the relevant non matured Disputed Receivable. If the relevant Disputed Receivable is overdue, such period shall not exceed thirty (30) calendar days after its due date. At the end of such period and
in case of non payment, a Disputed Receivable shall be deemed a Non-Approved Receivable. Disputed Receivable becoming Non-Approved Receivables may be Definanced. 

  

					
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	(c)	In any case, at the sole discretion of the Factor, any Disputed Receivable remaining unpaid in whole or in part by a Debtor for over one hundred and twenty
(120) days after its due date may be Transferred Back pursuant to the procedure set forth in Clause 5.7 below. Without prejudice to the foregoing, the relevant French Seller shall be entitled, at any time, to request that a Disputed
Receivable be Transferred Back pursuant to the procedure set forth in Clause 5.7 below. 

  

	(d)	If the claim concerns the existence of the Transferred Receivable (absence of an order or delivery, etc.) or if the Transferred Receivable is disputed in the context of
a legal action, the relevant French Seller may not benefit from the period mentioned in paragraph (b) above and the Transferred Receivable may be immediately Transferred Back pursuant to the procedure set forth in Clause 5.7 below.

  

	5.4	Definancing of Defaulted Receivables 

  

	(a)	Any Transferred Receivable remaining unpaid in whole or in part by a Debtor for over thirty (30) calendar days after its due date (a “Defaulted
Receivable”) will be Definanced by way of debit from the relevant Current Account of an amount equal to the amount of the Defaulted Receivable and of credit of such amount to the relevant Deferred Availability Account.

  

	(b)	So long as the relevant French Seller is not in breach of its obligations under the Financing Facilities Documents, the procedure detailed in paragraph (a) above
shall not apply if the relevant French Seller has requested the Credit Insurer to handle the collection of such Defaulted Receivables, in which case the relevant French Seller shall (a) notify the Factor of its intention to do so no later than
five (5) Business Days before the end of the 30-calendar day past due period for the Defaulted Receivables and (b) provide the Factor with satisfactory evidence in relation to the taking of proceedings and/or recovery under the Credit
Insurance Policy so as to demonstrate that the relevant French Seller has duly informed the Credit Insurer (including by making the required declarations to the Credit Insurer in a timely manner), it being understood that if such Defaulted
Receivable remains unpaid for a period of ninety (90) calendar days following its due date, the Factor will have the right to Definance the Defaulted Receivable. 

 

	(e)	In any case, at the sole discretion of the Factor, any Defaulted Receivable remaining unpaid in whole or in part by a Debtor for over one hundred and twenty
(120) days after its due date may be Transferred Back pursuant to the procedure set forth in Clause 5.7 below. Without prejudice to the foregoing, the relevant French Seller shall be entitled, at any time, to request that a Defaulted
Receivable be Transferred Back pursuant to the procedure set forth in Clause 5.7 below. 

  

	5.5	Definancing or Transfer-Back of Untested Small Receivables or Embraer Receivables 

 The Factor may, at its entire discretion (subject to prior notice to the relevant French Seller and to the Seller’s Agent), Definance or, at the request of the relevant French Seller, Transfer Back,
any Untested Small Receivable or Embraer Receivable (i) that proves to be invalid and/or would prove to be unenforceable after appropriate notification is made to the relevant Debtor; or (ii) representing Exceeding Amounts (as the case may
be). 
  

	5.6	Transfer-Backs of certain Transferred Receivables 

  

	(a)	Any Transferred Receivable (i) which did not comply with the eligibility criteria set forth in Clause 3.1 above at the time of its Assignment or (ii) was an
Excluded Receivable at the time of its Assignment to the Factor may be Transferred Back either at any time by the Factor or at the request of the relevant French Seller (subject to the approval of the Factor, acting reasonably).

  

					
	            72208170	 	32	 	

            

	(b)	Any Transferred Receivable in respect of which a Default under Clause 11.2.2(c)(iii) has occurred may be Transferred Back at the request of the relevant French Seller,
unless the relevant Transfer-Back relates to a Default under Clause 11.2.2(c)(iii) which has occurred in respect of Clause 4.1.2(a), in which case the Transfer-Back shall be subject to the prior approval of the Factor (not to be unreasonably
withheld). 

  

	5.7	Procedure for the Transfer-Back of Transferred Receivables 

  

	(a)	The Parties agree that any Transfer-Back of all relevant Transferred Receivables to be made pursuant to this Agreement shall take place through an automatic rescission
(résolution de plein droit) of the Assignment having taken place over such Transferred Receivables, in accordance with the following procedure: 

 

	 	(i)	if the Transfer-Back is requested by a Party pursuant to the Agreement, by no later than 10.00 a.m. on each relevant Business Day, that Party shall deliver to the other
Party a Transfer-Back File containing the list of all outstanding Transferred Receivables originated by such French Seller which have been assigned to the Factor and that are to be Transferred Back to it (the “Affected
Receivables”), 

  

	 	(ii)	by no later than 10.00 a.m. on the immediately following Business Day, the Factor shall notify to the relevant French Seller the details of the calculations of the
rescission price of the Affected Receivables which shall be, unless otherwise agreed by the Parties, equal to the amount of the Payment made by the Factor with respect to such Affected Receivables less the collections, the Reductions or
Cancellations Items and any Insurance Indemnification relating thereto (the “Transfer-Back Price”); 

  

	 	(iii)	by no later than 10.00 a.m. on the immediately following Business Day, the relevant French Seller shall instruct the Factor to make the payment of the relevant
Transfer-Back Price by way of debit of such relevant Transfer-Back Price from the relevant Current Account and credit of such amount to the Asset Account, provided that the payment of such Transfer-Back Price shall only be deemed to occur once the
rule set forth in Clause 8.1.5 has been complied with. 

  

	(b)	Upon full payment of the agreed Transfer-Back Price, the Assignment of the Transferred Receivables shall be automatically rescinded (résolu de plein
droit) without any further formality. 

  

	6	APPROVAL 

 Each of the French
Sellers’ rights to Insurance Indemnification under the Credit Insurance Policies shall be delegated to the Factor pursuant to the Credit Insurance Assignment Agreements. 

 

	6.1	Management of the Credit Insurance Policies 

  

	(a)	Each of the French Sellers shall remain responsible for managing the Credit Insurance Policy being applicable to it and the obligations attaching thereto, and in
particular, each of the French Sellers will seek the Approval of the Credit Insurer by providing the Credit Insurer with a list of Debtors. 

  

	(b)	The Parties agree that the Credit Insurance Policy for each French Seller shall be structured such that in each year, the annual Credit Insurer maximum liability
(limite maximum de décaissement, as defined in the Credit Insurance Policy) under the relevant Credit Insurance Policy is sufficient to cover the applicable Top Five Debtors, it being understood that the list of the Top Five Debtors
shall be determined by the Sellers’ Agent and provided by the French Sellers (or by the Sellers’Agent) to the Factor at the latest 45 days before the anniversary date of each relevant Credit Insurance Policy. 

  

					
	            72208170	 	33	 	

            

	(c)	Each of the French Sellers undertakes to provide the Factor, promptly at its first request, with a copy of its turnover statements, as well as evidence of payment of
premiums and evidence of filings of insurance claims (déclarations de sinistre) by the relevant French Sellers to the Credit Insurer. 

  

	(d)	It is agreed between the Parties that the Factor may, in order to protect its rights, after a period of 5 days following a written notice to the relevant French Seller,
step in and act in the name and on behalf of any French Seller as may be required with respect to: 

  

	 	•	 	 production and management of statements of factored turnover; 

 

	 	•	 	 payment of due premiums out of the available amount in the Current Account; 

 

	 	•	 	 notifications relating to litigation and extensions of payment due dates; 

 

	 	•	 	 notification of non-payments pursuant to the terms of the relevant Credit Insurance Policy. 

 

	(e)	Each of the French Sellers expressly authorises the Factor and the Credit Insurer to exchange all information relating to a French Seller, its business,
clientèle and all payment defaults likely to arise in connection with the Transferred Receivables. 

  

	6.2	Changes to the Credit Insurance Policy 

  

	(a)	Each of the French Sellers shall seek the prior approval of the Factor for any change relating to the terms of any Credit Insurance Policy, the Credit Insurer (to the
extent such credit insurer does not meet the criteria set out in the definition of Credit Insurer) or the terms of the Credit Insurance Assignment Agreements, unless any such change shall not affect the level of protection or management of the
Credit Insurance Policy from which the Factor benefits pursuant to the terms of the Financing Facilities Documents. 

  

	(b)	Any non-renewal or termination of a Credit Insurance Policy or any other circumstance that may result in the Factor no longer benefitting from the delegation of rights
to Insurance Indemnification under the Credit Insurance Assignment Agreements, must be promptly notified to the Factor, and if the Factor is not informed in due time by the French Sellers, the Factor shall be entitled to terminate the Agreement
without notice, without prejudice to any other rights it may have. 

  

	(c)	The Factor shall be entitled to terminate the Agreement with respect to one or more French Sellers in case: 

 

	 	(i)	the Credit Insurer’s rating falls below “investment grade” (that is, below BBB-for Standard & Poor’s and below Baa3 for Moody’s) and,
within thirty (30) calendar days of the Factor notifying the relevant French Seller of the downgrading, (A) the relevant French Seller does not find a successor credit insurer capable of making electronic data transfers with the Factor and
whose rating is at least “investment grade” and (B) the Factor does not benefit from satisfactory replacement Credit Insurance Assignment Agreements from the new credit insurer, it being understood that, during that 30-day period, the
Factor may Finance new Receivables from the relevant French Sellers at its entire discretion; 

  

					
	            72208170	 	34	 	

            

	 	(ii)	it cannot benefit, in full or in part, of the delegation of rights to Insurance Indemnification under the Credit Insurance Assignment Agreements.

  

	(d)	The Factor shall be entitled to terminate the Agreement in case of termination or non-renewal of a Credit Insurance Policy, with effect as of such termination date or
non-renewal date and such terminated Credit Insurance Policy has not been replaced, as of such termination date, by another Credit Insurance Policy approved by the Factor. 

 

	6.3	No recourse up to the Insurance Indemnification 

  

	(a)	Any Transferred Receivable, taken individually, (i) being within the Approval Limit and (ii) subject to sub-paragraphs (b) and (c) below, remaining
within the limit of the Credit Insurer’s maximum liability (limite maximum de décaissement) shall be deemed to be an “Approved Receivable” and the Transferred Receivables which are not Approved Receivables shall
be deemed to be “Non-Approved Receivables”. 

  

	(b)	For the avoidance of doubt, upon any claim (sinistre) arising in respect of a Transferred Receivable and any Insurance Indemnification being paid by the Credit
Insurer in that respect, the Credit Insurer’s maximum liability (limite maximum de décaissement) shall be adjusted to an amount equal to (i) the Credit Insurer’s maximum liability (limite maximum de
décaissement) prior to that indemnification event less (ii) the amount of such Insurance Indemnification (the “Remaining Indemnification Amount”). 

 

	(c)	It is further understood that, following the application of sub-paragraph (b) above, the determination of whether or not a Transferred Receivable is an Approved
Receivable shall be made pursuant to (i) the relevant Approval Limit and (ii) the applicable Remaining Indemnification Amount. 

  

	(d)	The amount up to which the Credit Insurer has given its Approval in relation to the Approved Receivables shall constitute the “Approval Limit”.

  

	(e)	The “Indemnification Basis” will be determined by the Credit Insurer after the conduct of all customary checks of any potential disputes and exclusions
under the Credit Insurance Policy. 

  

	(f)	The “Insurance Indemnification” actually paid by the Credit Insurer will be calculated as the Indemnification Basis multiplied by the applicable
indemnification rate as specified in the Credit Insurance Policy. 

  

	(g)	The Factor shall have no recourse against the French Sellers up to the Insurance Indemnification according to the terms and conditions of the relevant Credit Insurance
Policy as amended from time to time (including, for the avoidance of doubt, as from the date of this Agreement, Insolvency Proceeding (or any equivalent proceedings under any applicable law) or protracted default (carence).

  

	7	COLLECTION MANDATE AND CASHING MANDATE 

Each of the French Sellers has well-proven administrative structures and methods for the management of its Receivables and the Parties agree that each
French Seller should retain control of collection and cashing in respect of its Debtors. Consequently, the Factor accepts to grant each of the French Sellers mandates (mandats) under the terms specified below and subject to compliance by each
of the French Sellers with the Credit and Collection Procedures, which form an integral part of the Agreement. 

  

					
	            72208170	 	35	 	

            

	7.1	Common interest 

 The Mandates are
stipulated in the joint interest of both Parties. Consequently, the Parties agree that the Mandates are not without consideration, since each of the French Sellers has an essential commercial interest in keeping control of collection and cashing
from its Debtors and the terms and conditions of the Mandates have been considered by the Parties in the context of the global economy of the Agreement. In particular, the remuneration to be paid by the French Sellers to the Factor takes into
account the fact that there is no collection fee to be paid by the Factor to the French Sellers in consideration for the collection of the Transferred Receivables. 
  

	7.2	Collection Mandate 

 Each of the French
Sellers is appointed by the Factor as its agent (mandataire) to carry out collection (recouvrement) of Transferred Receivables (the “Collection Mandate”). 

 

	7.3	Cashing Mandate 

  

	(a)	Each of the French Sellers is appointed by the Factor as its agent (mandataire) to receive the collections of the Transferred Receivables onto the Collection
Accounts in accordance with the Collection Accounts Opening Agreements (encaissement and lettrage, the “Cashing Mandate”). 

  

	(b)	Each of the French Sellers shall expressly indicate the domiciliation and details of the relevant Collection Account in any of the invoices sent to the Debtors. The
settlements and payments that each of the French Sellers will receive under the Collection Mandate and Cashing Mandate will be credited to the Collection Account, the operating methods of which are established in the relevant Collection Account
Opening Agreement. 

  

	(c)	The Collection Account Opening Agreement shall expressly provide in this respect that: 

 

	 	(i)	the exclusive purpose of the Collection Account is to receive funds corresponding to Transferred Receivables in order for those funds to be swept on a daily basis onto
the Factor’s account in accordance with the terms and conditions set forth in the Collection Accounts Opening Agreements; 

  

	 	(ii)	each of the French Sellers shall refrain from debiting funds from the Collection Account, the Factor being the only Party authorised to withdraw funds by debiting the
Collection Account; and 

  

	 	(iii)	the Bank shall refrain from operating any set-off between the balance of the Collection Account and that of any other accounts opened with the Bank in the name of each
of the French Sellers. 

  

	(d)	(i)     Should: 

  

	 	(A)	the Factor (in its reasonable opinion) require a French Seller to open a new Collection Account with a new Bank as a result of either (i) the inability of the
intended parties to a Collection Account Opening Agreement to agree on terms of a Collection Account Opening Agreement which are satisfactory to the Factor or the termination of the relevant Collection Account Opening Agreement; or (ii) the
occurrence or continuation of any issue in the performance of the relevant Collection Account Opening Agreement resulting from the non compliance by the Bank of its obligations under the relevant Collection Account Opening Agreements; or
(iii) the long term unguaranteed and unsubordinated debt obligations of the Bank falling under “A” (for Standard & Poor’s) and “A2” (Moody’s), or 

  

					
	            72208170	 	36	 	

            

	 	(B)	the relevant French Seller be required to open a new Collection Account (and consequently the relevant French Seller and the Factor be required to enter into a new
Collection Account Opening Agreement and a new Collection Account Guarantee Agreement) with a new Bank as a result of the existing Bank having sent a notice in order to terminate the relevant Collection Account Opening Agreement pursuant to the
terms thereof (and the applicable termination period), 

 then, in each case, the relevant French Seller(s) shall
use its best efforts (obligation de moyens) (by the sending of written notices instructing the Debtors to pay on such new Collection Account with the new Bank) to ensure that such Debtors effectively pay the Transferred Receivables to the
credit of the relevant new Collection Account. 
  

	 	(ii)	If a Debtor continues to settle the invoices sent to it be the relevant French Seller on to an erroneous bank account for more than four (4) months from the
receipt by the relevant Debtor of the initial written notice from the relevant French Seller instructing such Debtor to pay on such new Collection Account pursuant to sub-paragraph (i) above, the relevant French Seller may be required by the
Factor to send to the relevant Debtors monthly reminders of such new payment instructions and the Factor shall have the right to: 

  

	 	(A)	exclude the relevant Debtor from the Financing Facilities until such time as such Debtor effectively pays the Transferred Receivables into the relevant and adequate
Collection Account; or 

  

	 	(B)	with the prior consent of the French Seller, disclose the purchase and assignment of the Transferred Receivables to the relevant Debtor by sending a notification letter
to the relevant Debtor. 

  

	 	(iii)	Should any Debtor not comply with the instruction received by it from the relevant French Seller to pay the Transferred Receivables into the new Collection Account,
such non-compliance shall not be deemed to adversely affect the rights and obligations of the French Sellers under the Financing Facilities so as to give rise to a Default hereunder. 

 

	(e)	Any amount (including any Insurance Indemnification) relating to (i) Receivables that have been Definanced or Transferred Back by the Factor pursuant to the
Agreement or (ii) Receivables which have not been assigned to the Factor or (iii) any amounts unrelated to the Transaction will be turned over to the relevant French Seller following reconciliation of the relevant French Seller’s
debtor files with the Factor’s debtor files, such reconciliation to be initiated by the relevant French Seller. Such amounts shall be paid by the Factor to such account as the relevant French Seller may designate, at the latest on the day
falling five (5) Business Days following the sending by such French Seller of a written and justified request. 

  

	7.4	Diligence and general obligations of the agent 

  

	(a)	Each of the French Sellers undertakes to identify and individualise the Transferred Receivables, both in its computer systems and accounting ledgers, as from the entry
into force of the Agreement. In order to prove its diligence, each of the French Sellers will forward the Transferred Receivable Ledgers (made substantially in the form of Annex 9 hereto) to the Factor at the latest five (5) Business
Days after the end of each month, or at any time upon the request of the Factor (acting reasonably), for the purposes of the reconciliation of the relevant Asset Accounts with the Transferred Receivables Ledgers. 

  

					
	            72208170	 	37	 	

            

	(b)	Each of the French Sellers undertakes to exercise its duties under the Mandates in a wise and prudent manner as if it were managing its own Receivables and if it were
handling the collection and cashing of its own Transferred Receivables, the preservation of its rights related thereof and, more generally, to perform its obligations under the Mandates in the manner of a careful, diligent and informed agent
(mandataire). Furthermore, each of the French Sellers undertakes to comply with its Credit and Collection Procedures. 

  

	7.5	Report on the performance of the Mandates 

Each of the French Sellers undertakes to: 
  

	(a)	report on the performance of the Mandates on a weekly basis to the Factor in accordance with the Credit and Collection Procedures, by providing all information relating
to the management of the Transferred Receivables and in particular, any related breakdown of cashing and related charges (it being understood that this report shall take the form of the A/R ledger (grand livre clients non soldés));

  

	(b)	promptly notify the Factor, by any written means or any other support approved by the Parties, of it becoming aware of the occurrence of any demand for extension,
litigation relating to the Transferred Receivables or Insolvency Proceeding in relation to any Debtor to the extent an outstanding Transferred Receivable owed by such Debtor is in an amount in excess of one hundred and fifty thousand Euros (EUR
150,000); and 

  

	(c)	inform the Factor of any change affecting the terms and conditions governing its contractual relations with its Debtors, to the extent such change may have a Material
Adverse Effect. 

  

	7.6	Factor’s controls and audits 

  

	(a)	The Factor shall be entitled at all times to carry audits or financial reviews on each of the French Sellers, by itself or through a third party, in accordance with
Clause 4.2(b). The cost of each such audit (except the financial review, which shall be free of charge) is established at three thousand Euros (EUR 3,000), excluding VAT and disbursements. Such costs shall be borne by each relevant French Seller up
to an aggregate maximum amount per year of six thousand Euros (EUR 6,000) and in any case to an aggregate amount of thirty thousand Euros (EUR 30,000) for all the French Sellers and, in any amount beyond this limit by the Factor.

  

	(b)	Each of the French Sellers undertakes to provide its full cooperation to the Factor for the implementation of these audits and controls, as well as for all procedures
of issuing circulars to the Debtors on the relevant French Seller’s letterhead, with a view to obtain confirmation from that Debtor on the outstanding amount of their receivables toward such French Seller. In order to preserve the
confidentiality of the transactions during the term of the Mandates, these circulars will be addressed on the relevant French Seller’s letterhead. 

  

	(c)	For compliance purposes, subject to Clause 4.2(b) above, the Factor (or its designee) will also be entitled to review, on a random basis, during the two yearly field
audits referred to in Clause 4.2(b) above, any and all documents evidencing the existence and validity of the Transferred Receivables including, notably, the related invoices (factures), purchase orders (bans de commande), certificates
of transport (bons du transporteur), or expedition certificate (bon d’expédition), or delivery certificate (bon de livraison). 

  

					
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	7.7	Revocation of Mandates 

  

	7.7.1	Global revocation 

  

	7.7.1.1	Revocation of Mandates as a result of the termination of the Agreement 

 The termination of the Agreement may, at the sole discretion of the Factor, entail the simultaneous revocation of the Mandates. 

 

	7.7.1.2	Revocation on specific grounds 

 The
global revocation of the Mandates for any French Seller, notified in accordance with Clause 17.1, may occur in the following cases: 
  

	(a)	Revocation of the Mandates with ten 10 (ten) Business Days’ prior notice 

 

	 	(i)	irrespective of whether a Default Notice has been sent to the Factor in that respect, in case of the occurrence of (A) a material change in a French Seller’s
legal situation; or (B) a significant deterioration of a French Seller’s financial position; or (C) severe deficiencies in a French Seller’s accounting management; or (D) significant delays or any aggravation of delays for
payment in respect of suppliers and unsecured or secured creditors (such as inter alia the French Trésor Public, Urssaf, caisses de retraite etc.) of a French Seller (other than resulting from the normal course of such French
Seller’s business) which, individually or collectively, would have a Material Adverse Effect; 

  

	 	(ii)	for a period of forty-five (45) days, the occurrence of at least three (3) seizures or attachments from several creditors of a French Seller (or other
equivalent proceedings under relevant laws, such as inter alia under French law avis à tiers détenteurs and saisies of all types) for an aggregate amount in excess of (A) three hundred thousand Euros
(EUR 300,000), for any of the French Sellers (other than Alcan Rhenalu); and (B) six hundred thousand Euros (EUR 600,000), for Alcan Rhenalu, unless such seizures or attachments are finally dismissed within forty-five (45) days from the
sending of a notice to that effect to the relevant French Seller; 

  

	 	(iii)	in case of the occurrence of any Event of Default with respect to a French Seller which is continuing (other than resulting from Clause 11.2.2(c)(iv)), for which the
Factor has decided not to terminate the Agreement, and in particular, a failure by a French Seller to comply with its Credit and Collection Procedures or a failure to domicile payments of Transferred Receivables in the relevant Collection Account;

 then the Factor may, by sending a ten (10) Business Days prior notice to the relevant French Seller (with a
copy to the Parent Company) terminate the Mandates in relation to such relevant French Seller; 
  

	(b)	Revocation of the Mandates with a twenty (20) Business Days’ prior notice 

in case of the Factoring Accounts, the ledgers or any documents of a French Seller in relation to the Transferred Receivables evidence any
of the following events: 
  

	 	(i)	for a continuous period of three (3) consecutive months, the percentage of invoices overdue by more than thirty (30) calendar days is in excess of ten per
cent (10%) of the outstanding amount of Transferred Receivables assigned to the Factor as calculated on a monthly basis (the “Overdue Threshold”), provided that: 

  

					
	            72208170	 	39	 	

            

	 	(A)	if, upon the Overdue Threshold being exceeded, it appears that the invoices overdue by more than thirty (30) calendar days for one Debtor account for more than
seven per cent (7%) of the outstanding amount of Transferred Receivables, the Factor may terminate the Mandates of such relevant French Seller in relation to that Debtor only and the Factor shall be entitled to stop being assigned Receivables
over that Debtor, and, then 

  

	 	(B)	if the Overdue Threshold is still in excess of ten per cent (10%) of the outstanding amount of Transferred Receivables after having excluded the amount of invoices
overdue relating to the Debtor referred in sub-paragraph (A) above from the calculation thereof, the Factor may terminate the Mandates of such relevant French Seller in relation to all Debtors of that French Seller; 

 

	 	(ii)	for a continuous period of three (3) consecutive months, the existence of Indirect Payments and Dilutions, in excess of ten per cent (10%) of the outstanding
amount of Transferred Receivables assigned to the Factor, without prejudice of the application of Clause 8.4, (the “Indirect Payments and Dilutions Threshold”), provided that: 

 

	 	(A)	if, upon the Indirect Payments and Dilutions Threshold being exceeded, it appears that the Indirect Payments and Dilutions for one Debtor account for more than seven
per cent (7%) of the outstanding amount of Transferred Receivables, the Factor may terminate the Mandates of such relevant French Seller in relation to that Debtor only and the Factor shall be entitled to stop being assigned Receivables over
that Debtor; and, then 

  

	 	(B)	if the Indirect Payments and Dilutions Threshold is still in excess of ten per cent (10%) of the outstanding amount of Transferred Receivables after having
excluded the amount of Indirect Payments and Dilutions relating to the Debtor referred in sub-paragraph (A) above from the calculation thereof, the Factor may terminate the Mandates of such relevant French Seller in relation to all Debtors of
that French Seller; 

  

	 	(iii)	for a continuous period of three (3) consecutive months, a negative difference of ten per cent (10 %) or more between (i) the amount of settlements actually
cashed, as recorded to the credit of the OAA and (ii) cash application details (lettrage), as recorded to the debit balance of the OAA; 

  

	 	(iv)	any absence of credit movements noted in the relevant Collection Account for five (5) consecutive Business Days (or ten (10) consecutive Business Days during
each month of August); 

  

	 	(v)	breach of any of a French Seller’s undertakings under Clause 4.2 to the extent that such breach has a Material Adverse Effect; 

 

	 	(vi)	any change in the Credit and Collection Procedures (to the extent that such change has a Material Adverse Effect) and has not been approved by the Factor,

 then the Factor may, by sending a twenty (20) Business Days prior notice to the relevant French Seller
(with a copy to the Parent Company), terminate the Mandates in relation to such relevant French Seller. 

  

					
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	7.7.2	Specific revocation 

 The Mandates cease
to be applicable when a Transferred Receivable is Transferred Back to a French Seller or when a legal action is filed by the Factor under Clause 5.4. For the avoidance of doubt, in case of a Transfer-Back of a Transferred Receivable, Clause 7.8
shall not be applicable. 
  

	7.8	Consequences of the revocation of the Mandates 

  

	7.8.1	Information of the Debtors, collection and cashing by the Factor 

  

	(a)	Upon revocation of the Mandates, the Factor may in relation to the relevant French Seller: 

 

	 	(i)	notify the Debtors, and any other third parties as the case may be, of the existence of this Agreement and the Assignment of the Transferred Receivables, and it shall
restrain them from paying the French Sellers. Such notification shall be made under the form set out in Annex 4; 

  

	 	(ii)	address to the Debtors the originals of invoices obtained from such French Seller; 

 

	 	(iii)	ensure the collection of all Transferred Receivables, including Transferred Receivables assigned prior to the date of revocation of the Mandates;

  

	 	(iv)	set the Holdback Reserve for all new Receivables to be Assigned as from the relevant revocation date, at the higher of (i) ten per cent (10%) of all
Transferred Receivables outstanding, including VAT, less (A) the Specific Reserve and (B) the sums credited to the relevant Deferred Availability Accounts; (ii) the sum of ten per cent (10%) and the Average Dilution Rate of all
Transferred Receivables outstanding, including VAT, less (A) the Specific Reserve and (B) the sums credited to the relevant Deferred Availability Accounts; and (iii) the minimum amount set out in Clause 8.4.2(b) below;

  

	 	(v)	charge five Euros (EUR 5) of fixed servicing and notification costs per outstanding Transferred Receivable or Receivable to be Assigned as from the relevant revocation
date (if any) by immediate debit of the Current Account. 

  

	(b)	As soon as the revocation of the Mandates becomes effective and in relation to any new Transferred Receivable (if any), the relevant French Seller shall include the
following wording in its invoices: “La créance relative à la présente facture a été cédée à GE FACTOFRANCE SNC dans le cadre des articles L. 313-23 à L. 313-34 du Code
monélaire et financier. Pour étre libératoire, votre réglement doit étre effectué directement à I’ordre de GE FACTOFRANCE Tour FACTO - 18 rue Hoche - Cedex 88 - 92988 LA DEFENSE CEDEX TEL:
01.46.35.70.00 – GE FACTOFRANCE (RIB: [—]) qui devra être avisé de toute réclamation relative à cette créance”. 

 

	7.8.2	Management of the Debtors positions 

  

	7.8.2.1	Ordinary Collection 

  

	(a)	As from the revocation of the Mandates and as long as it remains the owner of the Transferred Receivables, the Factor (or its agent, as the case may be) shall have the
exclusive right to manage the collection and recovery thereof. It shall manage the relevant accounts, grant or refuse any postponements, extensions or arrangements, with or without discounts, as may be requested by the Debtors. Subject to actual
collection, the Factor (or its agent, as the case may be) shall credit payments to the Asset Account. 

  

					
	            72208170	 	41	 	

            

	(b)	Each of the French Sellers agrees to provide its assistance to the Factor and to provide in particular any and all documents, correspondence and special powers of
attorney that may be reasonably requested in writing by the Factor for the purpose of collecting the Transferred Receivables (subject to confidentiality undertaking). For the Non-Approved Receivables which are also Disputed Receivables, the Factor
shall not bear the duly justified collection fees and expenses which may be incurred after their maturity date for a contested collection. In the event that the Factor prepays such duly justified fees and expenses, the Factor shall be entitled to
debit the relevant amounts from the Current Account. 

  

	7.8.2.2	Power of Attorney 

 In order to enable the
Factor to cash without delay any instruments of payment relating to a Transferred Receivable received by it from the Debtors, each of the French Sellers grants the Factor a power of attorney in order to affix any indication or signature necessary
onto the said instruments of payment. In the event that it appears that payments made in favour of the Factor are not related to Transferred Receivables, the Factor shall be deemed to have cashed the same in its capacity as an agent, even after the
termination of this Agreement. Amounts so cashed shall be credited to the Current Account and the provisions of Clause 7.3(e) shall apply. The powers of attorney mentioned in this Clause are stipulated in the joint interest of both Parties.

  

	7.8.2.3	Retention of title 

  

	(a)	For sales made subject to retention of title, the Factor shall not be required to exercise the French Sellers’ rights of revendication in its stead, unless
requested in writing by the relevant French Seller and accepted by the Factor. 

  

	(b)	Any such exercise of the relevant French Seller’ rights of revendication shall be carried out at the French Seller’s expense. In the event that the relevant
French Seller’s rights of revendication are exercised by the Factor, the French Seller agrees to provide any assistance necessary to the Factor, in particular for the identification and recovery of the assets and to repurchase the
recovered assets for a price which may not be less than two thirds of the amount initially invoiced to the Debtor. In any event, the French Seller shall not be entitled to require the Factor to bear the risks of loss or destruction of the goods
sold. 

  

	7.8.2.4	Penalties and late payment interest 

 Each
of the French Sellers shall remain entitled to waive its rights to any penalties and late payment interests payable by the Debtors in relation to the Transferred Receivables and to make corresponding adjustments to its books. For this purpose, each
of the French Sellers shall verify the Asset Account by all means at its disposal. As specified in Clause 3.2, invoices corresponding to penalties and late payment interests are Excluded Receivables. 

 

	7.8.3	Direct payments, Credit Notes 

  

	7.8.3.1	Payment to the French Sellers 

 When
Indirect Payments are made directly to the French Sellers for the payment of Transferred Receivables, the French Sellers may only receive them as an agent of the Factor, and an equivalent amount shall be paid once a week by such French Seller to the
Collection Account or to such other account as the Factor may designate in writing. Failing such repayment being made within five (5) Business Days after receipt of such Indirect Payment, the Factor may debit the corresponding amount from the
Current Account, without prejudice to any other recourse. 

  

					
	            72208170	 	42	 	

            

	7.8.3.2	Compliant Credit Notes 

 Each of the
French Sellers agrees not to change the scope of the rights attached to a Transferred Receivable in a manner which would negatively affect the rights granted to the Factor hereunder over those Transferred Receivables, subject to the Factor’s
approval. Notwithstanding the foregoing, the Factor shall be deemed to have accepted (i) Credit Notes and adjusted invoices issued in the normal course of business and in accordance with normal trade practices or (ii) any extension on
payment terms, within the limit set forth in the relevant Credit Insurance Policy or subject to the Factor’s approval. In any event, the French Sellers agree to deliver to the Factor all information on Credit Notes or extensions on payment
terms related to the Transferred Receivables no later than five (5) Business Days after their issuance or granting. For the avoidance of doubt, such Credit Notes will be included in the file transmitted by the French Sellers to the Factor
pursuant to Clause 5.1.1.2(b)(i). 
  

	7.8.3.3	Non-compliant Credit Notes 

 Credit notes
that are not in accordance with usual business practices or issued in fraud of the Factor’s rights shall be deemed unenforceable against the Factor even where they have been credited to the Asset Account. Without prejudice to any and all
recourse existing against the French Sellers, this rule shall apply in particular to all unsubstantiated or non-compliant Credit Notes, Credit Notes for which a written justification has not yet been provided by the relevant French Seller to the
Factor five (5) Business Days following a request to that effect. 
  

	8	FACTORING ACCOUNTS 

 The Factor shall open
and manage the Current Accounts (as well as all related sub-accounts detailed below) in order to record the amounts paid or payable by the Factor to each French Seller pursuant to the Agreement and those which are due for any reason whatsoever by
each of the French Sellers to the Factor. 
  

	8.1	Current Accounts 

  

	8.1.1	Single Accounts 

  

	(a)	Transferred Receivables and liabilities of each French Seller towards the Factor (and vice-versa) which are reciprocal, connected and indivisible, shall be reflected as
respective credit and debit items under the Current Accounts and shall therefore be subject to set-off when due for payment. The same rule shall apply in the event of the opening of Sub-Accounts in order to enhance the monitoring of the transactions
made under the Agreement. 

  

	(b)	There shall be one Current Account between each of the French Sellers and the Factor for each currency in which Transferred Receivables are denominated in accordance
with the Agreement. 

  

	(c)	Each of the Current Accounts and the Sub-Accounts shall form an indivisible whole and single account between each of the French Sellers and the Factor and the overall
balance thereof after set-off of credits and debits shall be considered at all times - and in particular after the termination of the factoring transactions arising hereunder - as the balance of each of the Current Accounts.

  

	(d)	At the request of either a French Seller or the Factor, if such Parties agree to do so, the Factor may set-off the credit and debit balances of Current Accounts
denominated in different currencies. 

  

					
	            72208170	 	43	 	

            

	8.1.2	Overdraft 

 The existence of a Current
Account shall not give rise to any overdraft rights. Any debit balance shall be immediately due without any need for a formal notice and shall be immediately reconstituted with amounts resulting from the Assignments of new Transferred Receivables
or, failing such Assignments, with cash transferred by the relevant French Sellers upon request from the Factor, it being understood that the relevant French Seller shall make the requested cash payment within five (5) Business Days from such
request. In any case, any debit balance of a Current Account shall bear interest, even after the relevant Current Account shall have been closed, at the rate of the Special Financing Commission, until full reimbursement. 

 

	8.1.3	Transactions 

 Each Current Account shall
in particular be credited with the amount of the relevant Transferred Receivables, as well as all with debits from the Sub-Accounts. 
 The
Current Account shall be debited by the amounts made available by the Factor to the relevant French Seller, as well as the amounts transferred to the credit of the Sub-Accounts and any and all amounts due by any French Seller to the Factor, in
particular under this Agreement. 
  

	8.1.4	Statements 

 Monthly statements issued by
the Factor shall be deemed to have been irrevocably accepted by the French Sellers, except if a written and valid claim is raised within the applicable statute of limitations for commercial matters, that is, five (5) years from the closing date
of the said statements. 
 Any French Seller (or the Parent Company) shall be entitled to request in writing from the Factor any information or
justification relating to any credit or debit entry. 
  

	8.1.5	Payments 

 Any payment made with respect
to a Transferred Receivable by way of debit from the relevant Current Account shall be deemed to have effectively occurred only up to, and to the extent of, the amount of the credit balance (if any) of the Current Account as at the relevant date the
Current Account is so debited. 
  

	8.1.6	Closing 

 After the termination of the
Agreement and the complete settlement of transactions with respect to the relevant French Sellers, the Current Accounts with respect to such relevant French Sellers shall be closed and the remaining balances (if they are positive) shall be refunded
to such relevant French Sellers. 
  

	8.2	Asset Account 

 Outstanding amounts of
Transferred Receivables are recorded as debit items under the Asset Account. Any payments related to Transferred Receivables are recorded as credit items under the Asset Account. For the avoidance of doubt, the Asset Account is not a Sub-Account.

  

	8.3	Offset and Adjustment Account 

 In order
to enable an accounting follow-up of the performance of the Mandates, it is agreed to record, in a Sub-Account named Offset and Adjustment Account, the following operations: 

 

	(i)	on the credit side, cashing of Transferred Receivables, 

  

					
	            72208170	 	44	 	

            

	(ii)	on the debit side, information on transfers, cheques for cashing and bills due as itemised in the “settlements situation” files forwarded by each of the
French Sellers, in accordance with the technical methods approved by the Parties, as well as pursuant to Clause 5.1.1.2(b)(i). 

In principle, the balance of the Offset and Adjustment Account should be zero. In practice, this will not be the case due to the time difference of
operations. If there are credit balances relating to payments of amounts which are not related to Transferred Receivables, such balances will thus be charged to the Current Account, after evidence from the relevant French Seller substantiating them
as indicated in Clause 7.3(e). In case of a debit balance of the Offset and Adjustment Account, such balance may be applied to a Deferred Availability Account. 
  

	8.4	Holdback Reserve 

  

	8.4.1	Purpose 

 The Holdback Reserve is a
Sub-Account the purpose of which is to guarantee that the Factor may exercise all contractual remedies. 
  

	8.4.2	Constitution 

  

	(a)	For each French Seller, the Holdback Reserve shall be set at the higher of (i) ten per cent (10%) of all Transferred Receivables outstanding, including VAT,
less (A) the Specific Reserve and (B) the sums credited to the relevant Deferred Availability Accounts, (ii) the sum of five per cent (5%) and the Average Dilution Rate of all Transferred Receivables outstanding, including VAT,
less (A) the Specific Reserve and (B) the sums credited to the relevant Deferred Availability Accounts and (iii) the minimum amount set out in paragraph (b) below, and shall be funded by way of direct debit on Payments. Downward
or upward adjustments shall be calculated by the Factor and shall apply to new Receivables to be Assigned and made by it by crediting the relevant Current Account at the relevant Assignment date. Any event taken into account in the Holdback Reserve
shall be taken into account only once, and only with respect to such reserve (to the exclusion of the Specific Reserve). 

  

	(b)	The minimum amount of the Holdback Reserve is fixed for each French Seller as follows: 

 

	 	(i)	for Alcan Rhenalu, at EUR 12,350,000; 

  

	 	(ii)	for Alcan Aerospace, at EUR 1,150,000; 

  

	 	(iii)	for Alcan Softal, at EUR 370,000; 

  

	 	(iv)	for Alcan France Extrusions, at EUR 940,000; and 

  

	 	(v)	for Alcan Aviatube, at EUR 160,000. 

 In any case, the amount of the Holdback Reserve for all French Sellers shall never be higher than the total outstanding amount of the Transferred Receivables. 

 

	(c)	In the event that a French Seller is placed under an Insolvency Proceeding or that the termination of the Agreement occurs, the applicable Holdback Reserve for all new
Receivables to be Assigned as from the relevant date shall be increased by another ten per cent (10%) of all Transferred Receivables outstanding, including VAT, less (A) the Specific Reserve and (B) the sums credited to the relevant
Deferred Availability Accounts. 

  

					
	            72208170	 	45	 	

            

	8.4.3	Utilisation 

 The Factor may draw from the
Holdback Reserve the sums necessary to cover a debit position of the relevant Current Account. In such case, the contractual percentage and/or threshold shall be immediately reconstituted with amounts resulting from the Assignments of new
Transferred Receivables or, failing such Assignments, with cash transferred by the relevant French Sellers upon request from the Factor, it being understood that the relevant French Seller shall make the requested cash payment within five
(5) Business Days from such request. Upon termination of the relationship between the Parties or at any other time as agreed between the Factor and the relevant French Seller, the remaining balance (if it is positive) of the Holdback Reserve,
as calculated on the basis of the amounts of all Transferred Receivables outstanding (including VAT) and the Specific Reserve fifteen (15) Business Days prior to the agreed restitution date, may be restituted to the relevant French Seller, in
which case it shall be transferred to the credit of the relevant Current Account on the agreed restitution date. 
  

	8.5	Deferred Availability Accounts or Reserves 

  

	8.5.1	Purpose 

 Deferred Availability Accounts
(or Reserves) will be opened for each French Seller (in relation to each applicable currency) to facilitate the monitoring of (i) Non-Financeable Amounts, (ii) Disputed Receivables which have been Definanced, (iii) Defaulted
Receivables which have been Definanced and (iv) the debit balance of the Offset and Adjustment Accounts, as well as amounts which are subject to seizure or opposition. These amounts are transferred to the credit of the Current Account upon the
regularization of the relevant transaction. 
  

	8.5.2	Constitution of a Specific Reserve 

  

	(a)	The Specific Reserve refers to Tolling and Pseudo Tolling reserve which is respectively set up for each French Seller in order to cover compensation risks arising from
Transferred Receivables deriving from contractual relationships with Debtors that include Tolling and/or Pseudo Tolling transactions, unless non set-off agreements satisfactory to the Factor are entered into between the French Sellers and their
relevant Debtors. For the avoidance of doubt, such agreements shall be fully enforceable by the Factor against the relevant Debtors. Any event taken into account in the Specific Reserve shall be taken into account only once, and only with respect to
such reserve (to the exclusion of the Holdback Reserve). 

  

	(b)	The Specific Reserve shall be determined by the Factor on the Closing Date on the basis of the Tolling report for the month of November 2010, as transmitted to the
Factor on or prior to the Closing Date and shall be adjusted on a monthly basis by the Factor according to the representation and data received from the relevant French Sellers and based on and in respect of the account payable ledger and the
Tolling report provided by the French Sellers in accordance with the provisions of Clause 4.2(m)(ii)(c). 

  

	8.6	Availability Account 

 The Availability
Account is a Sub-Account to be opened for each French Seller (in relation to each applicable currency), the purpose of which is to record the amount of Financeable Amounts (as determined by the Factor pursuant to Clause 5.2 which are available to
the French Sellers and for which the relevant French Sellers have not sent a Funding Request to the Factor in relation thereto. 

  

					
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	9	REMUNERATION OF THE FACTOR 

  

	9.1	Factoring Commission 

  

	9.1.1	Purpose 

 The Factor shall receive a
Factoring Commission in consideration of the non-financial services it provides to the French Sellers, as specified in Clause 2.1. 
  

	9.1.2	Establishment 

  

	(a)	The rate of the Factoring Commission is set at zero point fifteen per cent (0.15%) (excluding VAT) of the amount (including VAT) of each Transferred Receivable. The
aggregate minimum annual amount of the Factoring Commission for all French Sellers shall be one million two hundred thousand Euros (EUR 1,200,000) excluding VAT. 

 

	(b)	The aggregate amount of Factoring Commission collected during a calendar year shall not, in any case, be less than the minimum annual amount referred to in
sub-paragraph (a) above (such amount to be calculated, upon termination of the Agreement, on a pro rata basis from the beginning of the calendar year until the termination date). 

 

	(c)	In case of termination of the Agreement by reason of the Factor’s decision, the minimum annual amount referred to in sub-paragraph (a) above shall only be
paid with respect to the then current six-month period at the termination of the notice period. In case of termination of the Agreement resulting from the French Sellers’ decision, the minimum annual amount referred to in sub-paragraph
(a) above shall be immediately payable as soon as the termination of the Agreement is notified. 

  

	(d)	Should the Agreement be terminated after the Commitment Period, the minimum annual amount referred to in sub-paragraph (a) above shall be calculated, upon
termination of the Agreement, on a pro rata temporis basis from the beginning of the calendar year until the termination date. 

  

	9.2	Special Financing Commission (SFC) 

  

	9.2.1	Principle 

  

	(a)	The Factor shall be entitled to a Special Financing Commission in respect of the amounts it Finances. 

 

	(b)	The Special Financing Commission shall be equal to: 

  

	 	(i)	with respect to the Receivables denominated in Euro, the arithmetic average of the daily EURIBOR 3month rates of the preceding month plus two point twenty five per cent
(2.25%) per annum (excluding VAT); and 

  

	 	(ii)	with respect to the Receivables denominated in currencies other than Euro (Great Britain Pounds (GBP), United States Dollars (USD) or Swiss Francs (CHF) and, in respect
of any other currency, such applicable rate as the Parties may agree), the arithmetic average of the daily LIBOR 3month rates of the preceding month applicable to that currency plus two point twenty five per cent (2.25%) per annum (excluding
VAT). 

  

	(c)	It shall be calculated at the end of each month on the outstanding amounts Financed and actually paid by the Factor from the sending of Funding Requests (including VAT)
and it shall be paid monthly. 

  

					
	            72208170	 	47	 	

            

	(d)	At the end of each month, after taking into account the Value Date applied to the cash receipts and outlays, an SFC statement shall be prepared and the debit balance
shall be debited from the relevant Current Account. 

  

	9.2.2	Reduction of the Special Financing Commission 

 As soon as the Holdback Reserve will be at least equal to the minimum threshold amount specified in Clause 8.4.2, and as long as it will remain at least the same, the Holdback Reserve will be remunerated
by an amount equal to one hundred per cent (100%) of the Special Financing Commission rate. Once calculated, such amount will be deducted from the Special Financing Commission to be paid by the relevant French Seller in accordance with Clause
9.2 for the relevant month. 
  

	9.2.3	Value Dates 

 Any payment made from the
Current Account, or to the Asset Account, shall be made for value in accordance with the provisions of Annex 1 (Value Dates). 
  

	9.3	Arrangement Fee 

 An Arrangement Fee equal
to two point twenty five per cent (2.25%) of the Maximum Financing Amount (excluding VAT) shall be paid by the French Sellers and the Parent Company, acting jointly and severally, to the Factor, which fee shall come into existence as at the
date of signature of the Agreement and shall become due and payable at completion of the Acquisition. 
  

	9.4	Non-Utilization Fee 

 So long as the
Commitment Period is outstanding, each of the French Sellers shall pay monthly the Non-Utilization Fee to the Factor. 
  

	9.5	Specific pricing and collection or transfer charges 

  

	(a)	All additional services of the Factor other than those described in Clause 2.1 shall be subject to a specific price determination detailed in the Client Guide or,
otherwise, in a quotation submitted to the French Sellers for their approval. 

  

	(b)	The Current Account shall be debited by the amount of collection or transfer charges all of which shall be entirely borne by the French Sellers.

  

	9.6	Effective Global Rate 

  

	(a)	For the application of the provisions of Clause R.313-1-1 of the French Monetary and Financial Code, each Party acknowledges that, taking into account the specificity
of this Agreement (in particular the variable nature of the SFC rate), the Effective Global Rate cannot be calculated on the signing date of the Agreement but an indicative calculation of such rate shall be provided in this Clause 9.6.

  

	(b)	In application of Clause R.313-1-1 of the French Monetary and Financial Code, the indicative calculation, as of 9 December 2010, on the basis of a EURIBOR 3 month
at 1.04% as of 9 December 2010, of the Effective Global Rate applicable to the Agreement is 3.35% per year. 

  

					
	            72208170	 	48	 	

            

	(c)	This rate is calculated, as an indication only, on the basis of a 365 day year (366 days for leap years) during the term of the Agreement, pursuant to the terms and
conditions that normally apply, namely the following assumptions: 

  

	 	(i)	an average delay in payments by the Debtors of sixty (60) calendar days; 

 

	 	(ii)	a Special Financing Commission as specified in Clause 9.2; and 

  

	 	(iii)	a Non-Utilization Fee as specified in Clause 9.4; and 

  

	 	(iv)	the Holdback Reserve as specified in Clause 8.4. 

  

	(d)	Even if the reference rate of the Special Financing Commission does not vary, the Effective Global Rate may increase or decrease during the term of the Agreement
depending on changes to the various assumptions set out above and/or contractual parameters. 

  

	10	TAXES 

  

	(a)	Each of the French Sellers shall pay all duties, taxes (including withholding tax) and levies (a “Tax”) which are due in connection with the Assignment
of the Transferred Receivables and the perfection of such Assignments, as of the date of their performance (except corporate income Taxes or branch profit Taxes derived from profit recorded at the level of the Factor). 

 

	(b)	The Factor declares that it will act for the purposes of this Agreement from its head office in France. The Factor shall inform the French Sellers if it intends to act
through another office outside of France and undertakes not to act from an establishment or office situated in a Non-Cooperative Jurisdiction. Should the establishment or office through which the Factor acts under this Agreement become situated in a
Non-Cooperative Jurisdiction, the Factor undertakes to take all reasonable steps to mitigate any circumstances which arise and which would result in any amount becoming not deductible from that French Seller’s taxable income for French tax
purposes by reason of that amount being paid or accrued to the Factor being established or acting through an establishment or office situated in a Non-Cooperative Jurisdiction, including (but not limited to) by transferring its rights and
obligations under the Factoring Agreement to another establishment or office. 

  

	(c)	Each French Seller and the Parent Company shall make all payments to be made by it hereunder without any tax deduction or withholding (a “Tax
Deduction”), unless a Tax Deduction is required by law. 

  

	(d)	Each of the French Sellers shall promptly upon becoming aware that it must make a Tax Deduction (or that there is any change in the rate or the basis of a Tax
Deduction) notify the Factor accordingly. During the thirty (30) days following the giving of the notice to the Factor of the Tax Deduction, the relevant Parties shall negotiate in good faith in order to mitigate the application of that Tax
Deduction, it being understood that, during that thirty (30) day period, the relevant French Seller shall be entitled, by sending another four (4) Business Days prior notice to the Factor, to suspend temporally the offer of the affected
Receivables. The Parties further agree to negotiate in good faith the consequences of any change in the laws or regulations on the VAT rate being applicable to assignment of receivables. 

 

	(e)	If a Tax Deduction is required by law to be made by a French Seller and that no agreement is found by the Parties at the end of the thirty (30) day period referred
in sub-paragraph (d) above, the amount of the payment due from the French Seller (including the payment of fees) pursuant to the terms of the Agreement shall be increased to an amount which (after making any Tax Deduction) leaves an amount
equal to the payment which would have been due if no Tax Deduction had been required. 

  

					
	            72208170	 	49	 	

            

	(f)	A payment shall not be increased under sub-paragraph (e) above by reason of a Tax Deduction on account of Tax imposed by France on a payment made to the Factor if
such Tax Deduction is imposed solely because this payment is made to an account opened in the name of or for the benefit of that Factor in a financial institution situated in a Non-Cooperative Jurisdiction. 

 

	(e)	To this effect, the Factor is hereby authorised to debit the relevant Current Account by the full amounts due by the French Seller to the Factor under this Agreement
assuming that there is no Tax Deduction required or, if required, by the effect of the application of sub-paragraph (e) above. 

  

	(f)	If a French Seller makes any payment in respect of which it is required to make any deduction or withholding, it shall pay the full amount required to be deducted or
withheld to the relevant taxation or other authority (an “Authority”) within the time allowed for such payment under Applicable Law and shall deliver the Factor within thirty (30) days after receipt thereof an original receipt
issued by such Authority evidencing the payment to such Authority. 

  

	(g)	In the event that any French Seller pays any additional amount or amounts pursuant to sub-paragraph (e) above (an “Additional Tax
Payment”), and in the event the recipient thereof determines in good faith, that, as a result of such Additional Tax Payment, it (or the tax group to which it belongs) is effectively entitled to obtain and retain a refund of any taxes or a
tax credit in respect of taxes which reduces the tax liability of such recipient (or the tax group to which it belongs) (a “Tax Saving”), then such recipient shall, after effective receipt of such Tax Saving, under the terms and
conditions under sub-paragraphs (h) and (i), reimburse to such French Seller such amount as such recipient shall reasonably determine in good faith to be the proportion of the Tax Savings as will leave such recipient (after such reimbursement)
in no better or worse position than it would have been in had the payment by such French Seller in respect of which the foregoing additional tax payment was made not been subject to any withholding or deduction on account of Taxes.

  

	(h)	No provision of this Agreement shall interfere with the right of the Factor to arrange its Tax or any other affairs in whatever manner it thinks fits. Therefore, if the
Factor determines that a claim of any Tax Saving entails an identified tax risk for it or requires the Factor to disclose information relating to its Tax or other affairs in a manner which is identified as being possibly harmful to the Factor (the
“Tax Saving Risk”), then upon reasonable justification of such Tax Saving Risk to the French Seller, the Parties agree to discuss the tax issue of the Tax Saving to which the French Seller is entitled to under the terms and
conditions of sub-paragraph (g) and negotiate in good faith to try to avoid or mitigate any damageable consequences of such Tax Saving. The Parties agree that this negotiation will take place no later than ninety (90) days following the
end of the financial year to which the Tax Saving relates. 

  

	(i)	If the Factor makes any payment to a French Seller pursuant to sub-paragraph (g) and the Factor subsequently determines, subject to reasonable justification to the
French Seller, that the Tax Saving in respect of which the reimbursement was made was not available or has been withdrawn or that it was unable to use such Tax Saving in full, the Seller shall reimburse the Factor such amount equal to the Tax Saving
previously reimbursed to the Seller that became unavailable, withdrawn or that the Factor was not able to use. 

  

	(j)	The rights of the Factor under this Clause 10 shall not benefit to any Authorised Assignee (or more generally to any assignee of the Transferred Receivables other than
the Factor). 

  

	(k)	If a Tax Deduction is required by law to be made by a French Seller (or that there is any increase in the rate or the basis of a Tax Deduction), or if any amount
payable to the Factor is not, or will not be (when the relevant corporate income tax is calculated) treated as a deductible charge or expense for French tax purposes for that French Seller by reason of that amount being paid or accrued to the Factor
being incorporated, domiciled, established or acting through an office situated in a Non-Cooperative Jurisdiction, and as a result such French Seller decides to withdraw from this Agreement, then no early termination premium will be due by such
French Seller or the Parent Company. 

  

					
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	11	TERM AND TERMINATION 

  

	11.1	Term 

  

	(a)	This Agreement is entered into on the date hereof, that is, 4 January 2011, and shall not come into effect, and no Assignment of Receivables shall be made pursuant
to the Agreement, until the Acquisition has been completed and all of the conditions precedent set forth in Annex 2 have been satisfied in full (the “Closing Date”). 

 

	(b)	During the Commitment Period, and subject to the application of Clauses 11.2 and 11.3, the Factor and each of the French Sellers agree not to terminate the Agreement.

  

	(c)	As from the end of the Commitment Period, this Agreement will be deemed to be of indeterminate duration, with each of the Factor and the French Sellers having the right
to terminate the Agreement at any time, subject to a three (3) month prior notice, by sending a registered mail, return receipt requested. 

  

	11.2	Termination by the Factor 

 To the best of
its knowledge, upon the relevant French Seller or the Parent Company becoming aware of the occurrence of an event occurring under this Clause 11.2 and constituting a Default, it shall promptly notify the Factor of the occurrence of such Default by
sending a default notice to the Factor (the “Default Notice”). 
  

	11.2.1	Termination by the Factor for all French Sellers and the Parent Company 

 

	(a)	Upon receiving a Default Notice from the relevant French Seller or the Parent Company in respect of a Default referred to in this Clause 11.2.1, or upon becoming aware
of a Default referred to in this Clause 11.2.1, the Factor may send a cure notice to the French Sellers and the Parent Company (a “Cure Notice”) setting forth the relevant Default(s) and the applicable grace period(s) (if any).

  

	(b)	If the relevant Default(s) referred to in the Cure Notice is(are) not cured or waived within applicable grace period (if any), the Factor may, after due consideration
of the impact of such termination on the situation of the French Sellers (taken as a whole), terminate the Agreement with respect to all the French Sellers and the Parent Company, upon three (3) Business Day notice (a “Termination
Notice”) sent to the French Sellers and the Parent Company to that effect. 

  

	(c)	Each of the following events constitutes an Event of Default in respect of the French Sellers and the Parent Company, whether or not the occurrence of the relevant
event is outside the control of any entity of the Group or any other person: 

  

	 	(i)	a French Seller or the Parent Company (i) is in a state of cessation des paiements (or becomes insolvent for the purposes of any insolvency law); or
(ii) by reason of its actual or anticipated financial difficulties, suspends making payments on all or a substantial part of its debts; 

  

					
	            72208170	 	51	 	

            

	 	(ii)	steps have been taken by the Parent Company or a French Seller or, so far as the Parent Company any French Seller is aware, by any other person, that would constitute,
or already constitutes, an Insolvency Proceeding in respect of such French Seller or the Parent Company (or any other equivalent proceeding under any applicable law) unless, in relation to such steps or procedures effectively taken or started, such
steps or procedures are (i) promptly contested by the relevant French Seller or the Parent Company and (ii) are finally dismissed within twenty (20) days from the sending of the Cure Notice; 

 

	 	(iii)	the occurrence of a Cross-Default; 

  

	 	(iv)	the occurrence of an Event of Default as specified in Clause 11.2.2(c) below with respect to all French Sellers; 

 

	 	(v)	(A) any party to the Factoring Agreement, the Parent Performance Guarantee or the Intercreditor Agreement (other than the Factor or the German Purchaser) challenges the
validity or enforceability (opposabilité) of any material right or obligation thereunder (subject to Untested Receivables which have been Assigned to the Factor pursuant to the Agreement); or (B) subject to the Legal Reservations,
any of the Factoring Agreement, the Parent Performance Guarantee or the Intercreditor Agreement ceases to be legal, valid, binding and enforceable (opposable) in its entirety unless, with respect to the Parent Performance Guarantee, it is
replaced by equivalent security (satisfactory to the Factor) within ten (10) Business Days from the sending of the Cure Notice; or 

  

	 	(vi)	a change of control occurs with respect to any French Seller or the Parent Company, pursuant to which: 

 

	 	(a)	Apollo ceases to own (whether directly or indirectly through any natural person or legal entity) (i) at least thirty five per cent (35%) of the issued share
capital of the Parent Company or of any French Seller; (ii) the issued share capital having the right to cast at least thirty five per cent (35%) of the votes capable of being cast in general meetings of the Parent Company or of any French
Seller; or (iii) the right to determine the composition of the majority of the board of directors or equivalent body of the Parent Company or to designate the Président of any French Seller (as the case may be); or

  

	 	(b)	any person (other than an intermediate holding company or a person, in either case, controlled directly or indirectly by Apollo) shall own a greater proportion of the
voting rights of any French Seller or the Parent Company than Apollo 

 (in either case, a “Change of
Control”); 
 Provided that if, prior to the occurrence of a Change of Control, (a) the Factor is informed by the
Parent Company or any of the French Sellers that any shareholder (or group of shareholders acting in concert) other than Apollo, the FSI or Rio Tinto is purporting to own (whether directly or indirectly through any natural person or legal entity)
such portion of the issued share capital and/or voting rights of the relevant entity as would give rise to a Change of Control in respect of the Parent Company or of the relevant French Seller(s) and (b) such new shareholder (or group of
shareholders) is approved by the Factor (such approval not to be unreasonably withheld), then the relevant Change of Control shall not constitute an Event of Default pursuant to this Agreement. 

  

					
	            72208170	 	52	 	

            

 11.2.2 Termination by the Factor for any French Seller 

 

	(a)	Upon receiving a Default Notice from the relevant French Seller in respect of a Default referred to in this Clause 11.2.2, or upon becoming aware of a Default referred
to in this Clause 11.2.2, the Factor may send a Cure Notice to the relevant French Seller setting forth the relevant Default(s) and the applicable grace period(s) (if any). 

 

	(b)	If the relevant Default(s) referred to in the Cure Notice is (are) not cured or waived within applicable grace period (if any), the Factor may, after due consideration
of the impact of such termination on the situation of the French Sellers (taken as a whole), terminate the Agreement with respect to the relevant French Seller, upon three (3) Business Day Termination Notice sent to the relevant French Seller
to that effect. 

  

	(c)	Each of the following events constitutes an Event of Default in respect of the relevant French Seller, whether or not the occurrence of the relevant event is outside
the control of any entity of the Group or any other person: 

  

	 	(i)	steps have been taken by a French Seller or, so far as any French Seller is aware, by any other person, that would constitute, or already constitutes any in respect of
such French Seller, any proceeding (other than an Insolvency Proceeding) under Livre VI of the French Commercial Code, as amended from time to time (or equivalent proceeding under any applicable law) unless, in relation to such steps or procedures
effectively taken or started, such steps or procedures are (i) promptly contested by the relevant French Seller and (ii) are finally dismissed within twenty (20) days from the sending of the Cure Notice to the relevant French Seller;

  

	 	(ii)	a French Seller fails to comply with its obligations under the Financing Facilities Documents (other than resulting from Clause 4) to the extent such failure has a
Material Adverse Effect and, if capable of remedy, continues unremedied for a period of five (5) Business Days from the sending of the Cure Notice to the relevant French Seller; 

 

	 	(iii)	a French Seller is in breach of any of the representations, warranties and undertakings given in Clause 4 to the extent such failure has a Material Adverse Effect, and,
if capable of remedy, continues unremedied for a period of: 

  

	 	(A)	five (5) Business Days, for the events referred to in Clauses 4.1.1(e), 4.1.2(b), 4.1.2(c), 4.2(b) to 4.2(d), 4.2(f), 4.2(h) to 4.2(n) and 4.2(p) to 4.2(x); or

  

	 	(B)	seven (7) Business Days, for the events referred to in Clauses 4.1.1(a) and 4.1.1(d); or 

 

	 	(C)	ten (10) Business Days, for the events referred to in Clauses 4.1.1(b), 4.1.1(c) 4.1.1(f) to 4.1.1(i), 4.1.1(k), 4.1.1(1), 4.2(e), 4.2(g) and 4.2(o); or

  

	 	(D)	fifteen (15) Business Days, for the event referred to in Clause 4.1.1(j); or 

 

	 	(E)	up to the next Assignment date, for the event referred to in Clause 4.2(a); 

 from the sending of the Cure Notice to the relevant French Seller; 
  

	 	(iv)	 the occurrence of (A) a material change in a French Seller’s legal situation; or (B) a significant deterioration of a French
Seller’s financial position; or (C) severe deficiencies in a French Seller’s accounting management; or (D) significant delays or any aggravation of delays for payment in respect of suppliers and unsecured or

  

					
	            72208170	 	53	 	

            

	 	
secured creditors (such as inter alia the French Trésor Public, Urssaf, caisses de retraite etc.) of a French Seller (other than resulting from the normal course of such
French Seller’s business) which, individually or collectively, would have a Material Adverse Effect; 

  

	 	(v)	(A) any party to any of the Financing Facilities Documents (other than the Factoring Agreement, the Parent Performance Guarantee or the Intercreditor Agreement) (other
than the Factor) challenges the validity or enforceability (opposabilité) of any material right or obligation thereunder, subject to Untested Receivables which have been Assigned to the Factor pursuant to the Agreement; or
(B) subject to the Legal Reservations and Clause 7.3(d), any of the Financing Facilities Documents (other than the Factoring Agreement, the Parent Performance Guarantee or the Intercreditor Agreement) ceases to be legal, valid, binding and
enforceable (opposable) in its entirety (or, with respect to the Deeds of Transfer, would prove to be unenforceable after appropriate notification is made to the Debtor) unless, with respect to the Collection Account Assignment Agreements or
the Credit Insurance Assignment Agreements, it is replaced by equivalent security (satisfactory to the Factor) within ten (10) Business Days from the sending of the Cure Notice; 

 

	 	(vi)	a French Seller has knowingly omitted or concealed material information or has knowingly made false statements to the Factor regarding any material information to be
provided by a French Seller upon the signature of any of the Financing Facilities Documents or during the course of the performance thereof; or 

  

	 	(vii)	the occurrence of one of the events specified in Clause 6.2(b) to (d) above with respect to a French Seller. 

 

	11.3	Voluntary Withdrawal 

  

	(a)	Any or all French Sellers shall be entitled to withdraw from the Agreement at any time, subject to: 

 

	 	(i)	thirty (30) days’ prior notice; and 

  

	 	(ii)	in case voluntary termination of the Agreement is requested for all French Sellers, the payment by the French Sellers and the Parent Company, acting jointly and
severally, on the date of termination of an early termination premium equal to one million two hundred thousand Euros (EUR 1,200,000); and 

  

	 	(iii)	in case voluntary termination of the Agreement is requested for a given French Seller, the payment by such French Seller and the Parent Company, acting jointly and
severally, on the date of termination of an early termination premium equal to its pro rata share of one million two hundred thousand Euros (EUR 1,200,000), it being understood that such pro rata share shall be calculated according to
the respective outstanding amount of Transferred Receivables assigned by such French Seller compared to the total aggregate amount of all Transferred Receivables assigned by all French Sellers. 

 

	(b)	The relevant French Seller(s) shall, to the extent possible, specify in their termination notice whether the Financing Facilities should be terminated by way of
buy-back in full of the outstanding Transferred Receivables or by way of amortization of the Transferred Receivables. 

  

					
	            72208170	 	54	 	

            

	(c)	For the avoidance of doubt, upon termination of the Agreement (such termination to occur at the end of the notice period specified in paragraph (a) above) and
subject to the payment of the early termination premium specified in paragraph (b) above: (a) the relevant French Seller(s) shall no longer make offers to the Factor for the purchase of Receivables, (b) the Factor shall not be
committed any longer to purchase Relevant Receivables, (c) Non-Utilization Fee and Factoring Commission shall no longer be payable by the relevant French Seller(s) to the Factor and (d) the relevant French Seller(s) will cease to be
subject to any obligations under the Agreement other than to obligations outstanding on the date of termination. 

  

	(d)	If the relevant French Seller(s) elect to buy-back the Transferred Receivables, the Parties shall then agree in good faith during the notice period referred to in
paragraph (a) above on the terms of the buy-back documentation and the buy-back will be implemented as soon as reasonably practicable following termination of the Agreement. 

 

	(e)	The buy-back will be completed on the date on which the outstanding Transferred Receivables are transferred back to the relevant French Seller(s) having originated such
Transferred Receivables and an amount equal to the outstanding amount paid by the Factor to acquire such outstanding Transferred Receivables less all amounts and collections received by the Factor in relation to such Receivables plus any funding
costs related to the Financing not yet charged by the Factor that are due by the relevant French Seller(s) on the date of payment shall be paid to the Factor. 

 

	11.4	Consequence of termination 

 As a
consequence of the termination of the Agreement, the Factor shall no longer be obliged to purchase any new Receivables. The Transferred Receivables already recorded in the Asset Accounts will wind down according to their amortization. 

 

	11.5	Preservation of parameters 

 Upon
termination of the Agreement with respect to a French Seller arising under Clause 11.2.2 or the withdrawal of a French Seller arising under Clause 11.3, the Parties agree to negotiate in good faith on any amendment to the Agreement or the Financing
Facilities Documents which would be required or desirable to ensure the economic and financial parameters of the Transaction, as originally set out on the date of signature of the Agreement, are preserved. 

 

	12	REVISION OF THE ALLOCATION OF THE MAXIMUM FINANCING AMOUNT 

  

	(a)	Subject to the conditions set forth in sub-paragraph (b) below, the Parent Company shall be entitled to send a notice in the form described in Annex 6 to
the Factor and the German Purchaser with a view to revise the allocation of the Maximum Financing Amount among the Sellers. 

  

	(b)	The allocation of the Maximum Financing Amount may only be revised within the following parameters: 

 

	 	(i)	such revision shall only be requested by the Parent Company once a quarter, at the latest sixty (60) days before each Quarter Date; 

 

	 	(ii)	upon written agreement of the Factor and the German Purchaser to the proposed revision of the allocation of the Maximum Financing Amount, such revised allocation shall
take effect on the following the request mentioned in paragraph (i) above. 

  

	(c)	The French Sellers and the Parent Company undertake to provide all information necessary to the Factor enabling the Factor to submit the contemplated revision of
allocation to its credit committee for approval and the German Sellers, the Swiss Seller and the Parent Company shall do the same vis-à-vis the German Purchaser. 

  

					
	            72208170	 	55	 	

            

	13	ACCESS TO WEB SERVICES 

  

	13.1	General 

  

	(a)	In order to enable the French Sellers to access all management information in connection with this Agreement, the Factor has created Web Services (FACTONET) the content
and mode of operation whereof are described in the Client Guide. Web Services provide detailed online information regarding each of the French Sellers’ factoring accounts and those of its Debtors, which the French Sellers may download onto its
micro-computer. The French Sellers shall bear all related costs, including the costs of telecommunications. Access to the Web Services is only possible through confidential codes, an identification code and a password, which shall be communicated to
the French Sellers upon the signature of this Agreement. 

  

	(b)	Web Services as a whole will be free of charge for the French Sellers. Any additional information services, namely documentation in paper form, will be subject to the
specific pricing outlined in the Client Guide or, failing this, in a quotation submitted to the French Sellers’ approval. Such remuneration will be drawn on the Current Account. 

 

	13.2	Intellectual property rights – Granting of a license 

  

	(a)	All intellectual property rights and copyright concerning the Web Services, their presentation, contents (software, visual, sound functionalities, Clauses and generally
all information contained in relation to such services) are works protected by the French Intellectual Property Code and international agreements concerning copyright, that exclusively belong to the Factor, in their former, current and future
versions. Any complete or partial reproduction or broadcast by whatever means, is strictly forbidden without the prior written agreement of the Factor. 

  

	(b)	The Factor grants to the French Sellers a non exclusive license to use the specific software referred to in Clause 13.1 above, exclusively for its own use and for the
sole purpose of carrying out, in connection with the performance of this Agreement, the transactions which are described in the Client Guide. The French Sellers shall comply with the conditions of the license contract which shall be given to it with
the software. It agrees to return the said software to the Factor upon the expiration of the Agreement and to destroy all copies thereof which it may have made. 

 

	13.3	Factor’s liability 

 The Factor shall
not be liable for the malfunction of the telephone lines and equipment necessary for using the Web Services, for the use which is made thereof or for the results obtained. Moreover, it may interrupt or modify at any time the operation of the Web
Services, in particular in order to maintain the quality, reliability, safety and/or performance thereof. In no event shall it be liable for the consequences, in particular, loss of data, operational losses or any other financial loss which may
result from any of the events above. 
  

	13.4	Confidentiality – Liability 

 The
Factor has taken all necessary measures in order to protect the confidentiality of access to information. The French Sellers agree that the access codes shall remain secret. It shall be solely responsible for the said codes, including their
conservation, confidentiality and use. The Factor shall in no event be liable in the event of abusive or fraudulent use thereof, due to a voluntary or involuntary 

  

					
	            72208170	 	56	 	

            

 
disclosure of the confidential codes by the French Sellers to any person whatsoever. The French Sellers guarantee that it will at all times comply with all laws and regulations applicable to the
use of Web Services. The French Sellers undertake that its employees shall comply with the provisions of this Clause. 
  

	14	COSTS AND EXPENSES 

  

	(a)	Subject to paragraph (b) below, the French Sellers and the Parent Company shall bear all external costs and expenses reasonably incurred and duly documented by the
Factor, if any (including external counsel and other third party costs) in connection with (i) due diligences carried out in relation to the Financing Facilities Documents, (ii) the preparation, negotiation, execution and completion of the
Financing Facilities Documents, (iii) legal opinions or confirmations required by the Factor under the Financing Facilities Documents, including, without limitation, in relation to the Parent Performance Guarantee or for conflicts of law
purposes and (iv) all costs and expenses (including legal fees) incurred by the Factor in connection with the formalities required to be carried out for the enforceability of the transfers of Receivables being made pursuant to the transaction.

  

	(b)	Provided the Acquisition is consummated, but regardless of whether the Transaction Documents are executed, the Parties agree that the total amount of external legal
fees, costs and expenses of the Factor and the German Purchaser (including their external counsel and selected Swiss counsel and other third party costs) shall be limited to a maximum cap of three hundred and ten thousand Euros (EUR 310,000),
subject to the conditions set out in the fee cap provided by the legal counsel to the Factor. In the event that the fees of counsel shall exceed the cap as a result of services rendered falling outside the defined scope of work that is subject to
the cap, then prior to such additional work being carried-out, a new cap for that additional work must be agreed between such counsel, the Parent Company and the Sellers as a condition to the Sellers and the Parent Company assuming any increased
fees arising from that additional work. 

  

	(c)	The French Sellers and the Parent Company shall bear all costs and expenses reasonably incurred and duly documented by the Factor in connection with the protection or
enforcement of any guarantee, pledge or any other security interest constituted pursuant to, or in relation with, the Financing Facilities Documents. 

  

	15	CONFIDENTIALITY – UTILISATION OF INFORMATION COLLECTED BY THE FACTOR – SUBSTITUTION 

 

	15.1	Confidentiality 

  

	(a)	Each Party agrees that both prior to the end of the Commitment Period and thereafter until the expiry of a (24) twenty four month period therefrom it will
(i) keep confidential and not divulge or disclose to any individual, person or entity whatsoever, in whole or in part, neither orally nor in writing nor in whatever other form, any information of whatever nature obtained in the context of the
Transaction relating to the French Sellers, the Debtors, the Receivables and the Factor or any other matters communicated by a Party to another in the context of the Transaction or of which it may otherwise have come in possession in the context of
the Transaction (including the Financing Facilities Documents and any information concerning the identity of any Debtors) (the “Confidential Information”) and (ii) take all the steps necessary to avoid any such disclosure or
use so as to ensure that all Confidential Information is protected with security measures and a degree of care that would apply to its own confidential information and not use, in whole or in part, any Confidential Information for any purpose other
than the purpose for which it is disclosed. 

  

					
	            72208170	 	57	 	

            

	(b)	Upon request of a Party, the recipient shall promptly return to such Party, or confirm in writing to such Party, the intervened destruction of any documents containing
Confidential Information, with the exception such copies (i) as have become a part of the recipient’s corporate records and which shall be required for audit, legal, regulatory or internal compliance purposes as set out below or
(ii) that the relevant Party reasonably needs for the protection or enforcement of any of its rights under this Agreement, insofar as such disclosure is expressly permitted by the provisions of the Financing Facilities Documents or strictly
necessary for the purpose of discharging its obligations under or in connection with the Financing Facilities Documents. Such return, or confirmation of destruction, shall be not only of all such documents, but also of any copies thereof made by the
recipient and any other documents in the possession of the recipient incorporating Confidential Information. 

  

	(c)	The relevant recipient will be responsible for making its own evaluation of, and enquiries with respect to, the Confidential Information. A Party does not make any
representation as to the accuracy or completeness of the Confidential Information and shall have no liability as a result or use of, or reliance on, any information delivered to the recipient in accordance with this Agreement.

  

	(d)	Without prejudice to any other provision of this Clause 15.1, the following information may be disclosed by the Factor, GE Capital Bank AG, General Electric Capital
Corporation, Apollo, the Parent Company, the French Sellers or their respective advisers for the conduct of their commercial communication without the other Parties’ prior written consent: the amount of the Transaction, the countries involved,
the number of the Sellers, the names of the Sellers, the main features of the structure utilised, the identity of the legal advisors involved in the Transaction and the signing date of the Transaction. 

 

	(e)	The provisions of this Clause 15.1 shall not apply to the divulgation or disclosure of Confidential Information by any of the parties to the Financing Facilities
Documents: 

  

	 	(i)	to its employees, officers or agents; 

  

	 	(ii)	in connection with any proceedings arising out of or in connection with the Financing Facilities Documents or the preservation or maintenance of its rights thereunder;

  

	 	(iii)	if required to disclose Confidential Information by an order of a court of competent jurisdiction whether in pursuance of any procedure for discovering documents or
otherwise; 

  

	 	(iv)	pursuant to any law or regulation or requirement of any governmental agency in accordance with which that party is required or accustomed to act;

  

	 	(v)	to any governmental, regulatory, banking or taxation authority having jurisdiction over that party; and 

 

	 	(vi)	to its auditors or legal or other professional advisers on a “need-to-know basis” only (provided that such third party owe a duty of confidentiality to that
party). 

  

	15.2	Utilisation of information collected by the Factor 

  

	(a)	For the purpose of internal control, the Factor is expressly authorised by the French Sellers to provide the information referred to in Article L.511-34 al. 1 of the
French Monetary and Financial Code, to its shareholder. 

  

					
	            72208170	 	58	 	

            

	(b)	Any information to which the Factor may have access to in the context of the performance of this Agreement may be provided (i) to any majority-owned entity of the
GE Group, for statistical, commercial or risk purposes, subject to a confidentiality undertaking; or (ii) to any entity outside of the GE Group for statistical purposes only; or (iii) for the performance of the Agreement, to agents
(mandataires) of the Factor, subject (for items (ii) and (iii)) to a confidentiality undertaking (satisfactory to the Sellers’ Agent) and provided that no commercially sensitive information shall be disclosed to any such parties
without the relevant French Sellers’ prior consent (not to be unreasonably withheld). 

  

	(c)	The French Sellers may, unless they express a contrary desire, receive commercial proposals from companies of the GE Group, including through the intermediation of the
Factor. The French Sellers will inform their banks of the existence of the Agreement and of its scope and provide evidence of such information to the Factor. 

 

	(d)	In case it happens that, pursuant to the Agreement, the Factor has access or has knowledge of any Confidential Information relating to a Debtor or the business of such
Debtor, the Factor undertakes to promptly execute a confidentiality undertaking (in a form and substance satisfactory to the Factor) as may be requested from time to time by such Debtor (acting reasonably and in relation to Confidential Information
relating to it or its business only). 

  

	15.3	Substitution 

 Unless agreed in writing by
the Factor, the French Sellers shall not in any form whatsoever be substituted by another party for the performance of its rights and obligations under this Agreement. 
  

	15.4	Collection of personal data 

  

	(a)	In compliance with the provisions of French Data Protection Law No. 78-17 of 6 January 1978, as amended by the Law of 6 August 2004, the Factor
automatically processes personal information relating to the corporate officers of the French Sellers and some of its employees, in particular, the Factor’s contact persons or the representatives that sign the Deeds of Transfer and related
documents. 

  

	(b)	Personal data is processed and kept strictly to provide the services hereunder. However, the Factor may need to provide such data to other companies of the group to
which it belongs, in particular, in the USA, in accordance with applicable law or regulations. In this regard, the French Sellers acknowledge and agree that its corporate officers and employees agree that the information referred to in this clause
may be transferred. 

  

	(c)	The individuals in question may have access to their personal data and request that any errors relating to them be rectified or deleted by contacting the Factor’s
sales department at the address mentioned in Clause 17.1. 

  

	16	APPLICABLE LAW – JURISDICTION 

  

	(a)	The provisions of the Agreement shall be governed by French law. For the performance of the Agreement, the Parties elect domicile at their respective head offices.

  

	(b)	The Parties agree that any and all disputes arising in connection with the Agreement and in particular with its validity, interpretation, performance or
non-performance, shall be exclusively referred to the competent courts of the Paris Court of Appeals. 

  

					
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	17	MISCELLANEOUS PROVISIONS 

  

	17.1	Notices between the Parties 

  

	(a)	Notices shall be deemed to have been given on the date of the first presentation of a registered letter, or on the date of the document attesting the receipt of a fax
or an e-mail by the duly authorised representative of the other Party. In the event that contractual provisions provide for notification without specifying the form thereof, the said notification may be made by e-mail, fax, normal letter mailed or
hand delivered, registered letter or registered letter return receipt requested. 

  

	(b)	The address and fax number (and the department or officer, if any, to whom attention the communication is addressed) of each Party for any communication or document to
be made or delivered under or in connection with this Agreement is, in the case of each Party that identified with its name below, or any substitute address, fax number or department or officer as the Party may notify to the other Party by not less
than five (5) Business Days’ notice: 

 Alcan Rhenalu 

Address: Alcan CRV - Le Signac - 1 Av du General de Gaulle - 92230 Gennevilliers 

Attention: Mr. Jean-Paul Moreau 
 e-mail: jean-paul.moreau@riotinto.com 
 Fax: + 33 (0)1 49 68 38 93 

Alcan Aerospace 
 Address: Alcan Rhenalu, Site d’Issoire, ZI des Listes - 63502 Issoire 

Attention: Ms. Ariane Frossard 
 e-mail: ariane.frossard@alcan.com 
 Fax: + 33 (0)4 73 55 78 19 

Alcan Softal 
 Address: Alcan France Extrusion, Route de Tonnerre - 89600 Germigny 
 Attention:
Mr. Matthieu Tardi 
 e-mail: Matthieu.Tardi@alcan.com 

Fax: + 33 (0)3 86 43 57 36 
 Alcan France Extrusions 
 Address: Alcan France Extrusions, Route de
Tonnerre - 89600 Germigny 
 Attention: Mr. Matthieu Tardi 

e-mail: Matthieu.Tardi@alcan.com 
 Fax : +33.(0)3.86 43 57 36 
 Alcan Aviatube 

Address: 6, rue Pierre et Marie Curie - 49245 Montreuil-Juigne 
 Attention: Mr. Laurent Chaigneau 
 e-mail: Laurent.chaigneau@alcan.com

 Fax: + 33 (0)2.41.37.44.07 
 each time with a copy to the Sellers’ Agent and to Mr. Jeremy Leach, VP and General 
 Counsel AEP - Tour Reflets - 17 place des Reflets - 92097 Paris La Défense Cedex, France - 
 Fax : + 33 (0) 1 57 00 33 07 - jeremy.leach@alcan.com 
 The
Sellers’ Agent 
 Address: Engineered Products Switzerland AG, Max-Högger-Strasse 6 - 8048 Zurich 

Attention: Mr. Patrick Mortier, Director Treasury & Enterprise Risk Management 

e-mail: Patrick.Mortier@alcan.com 
 Fax: + 41 43 49 74 014 

  

					
	            72208170	 	60	 	

            

 Omega Holdco II B.V. 

Amsteldijk 166 

1079LH Amsterdam 

Fax: +31 (0) 20 6442735 
 Attention: Ms Karlien Jehee 
 With a copy to: 

Alcan Engineered Products 
 Tour Reflets, 17, place des Reflets 
 92097 Paris La Défense, France

 Fax: +33-15700-3397 
 Attention: Chief Legal Officer 
 The Factor 

Address:   GE Factofrance SNC 
                   Tour Facto, 18, rue Hoche, 92988 Paris La Défense 

Attention: Mr. François Morinière 
 e-mail:      francois.moriniere@ge.com 

Fax:           +33 (0)1 46.35.68.52 (fax : 17.04) 

 

	17.2	Rights of the Parties 

 No failure to
exercise, nor any delay in exercising, on the part of any Party, any right or remedy under this Agreement shall operate as a waiver, nor shall any single or partial exercise of any right or remedy prevent any further or other exercise or the
exercise of any other right or remedy. The rights and remedies provided in this Agreement are cumulative and not exclusive of any rights or remedies provided by law. 
  

	17.3	Amendments 

 Any amendment of the terms of
the Agreement shall be made in writing by the Parties. 
  

	17.4	Partial invalidity 

 If, at any
time, any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions nor the legality, validity or
enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired. 
  

	17.5	Assignment 

  

	(a)	The French Sellers are not authorized to assign all or part of its rights and obligations under the terms of the Financing Facilities Documents.

  

	(b)	The Factor may, for the purposes of its refinancing, (a) assign, sell, transfer or pledge as security to any Authorized Assignees, in full or in part, its rights
and/or obligations under the Financing Facilities Documents and (b) enter into any sub-participation or syndication agreement relating thereto, subject, however, to informing the Parent Company in advance and to ensuring that no assignee or
pledgee is entitled to notify any Debtor or to inform any of them of any Assignment if and to the extent the Mandates have not been revoked pursuant to the terms of this Agreement. 

  

					
	            72208170	 	61	 	

            

	(c)	If the assignee referred to in sub-paragraph (b) above is not an Authorized Assignee, the Factor shall obtain the prior consent of the Parent Company, such consent
not to be unreasonably withheld. 

  

	17.6	Signatories 

 The signatories of the
Agreement are the legal representatives of the Parties or their duly authorized representatives. They procure that the Parties they represent will comply with the contractual obligations mentioned herein. 

 
  
 Executed in Paris, in eight (8) originals, on 4 January 2011 
  

					
	

	  		  	

	ALCAN RHENALU	  		  	ALCAN AEROSPACE
			
	

	  		  	

	ALCAN SOFTAL	  		  	ALCAN FRANCE EXTRUSIONS
			
	

	  		  	

	ALCAN AVIATUBE	  		  	GE FACTOFRANCE SNC
			
		  		  	

  

					
	            72208170	 	62	 	

            

					
			
	 	  		  	
	OMEGA HOLDCO II B.V.	  		  	
			
	

	  		  	
	 ENGINEERED PRODUCTS
 SWITZERLAND AG
	  		  	
			
		  		  	
		  		  	

					
			
		  		  	

  

					
	            72208170	 	63	 	

            

 ANNEX 1 
 VALUE DATES 
 ANNEX 1.1 

PAYMENTS FROM THE CURRENT ACCOUNT 
  

			
	 Payment type
	  	 Value date

		
	Check to the French Sellers	  	Issue date
		
	Wire transfer to the French Sellers	  	Issue date

 ANNEX 1.2 
 PAYMENTS TO THE ASSET ACCOUNT 
  

			
	 Payment type
	  	 Value date

		
	Check payable by a bank located in Paris	  	Date on which the payment is recorded by the Factor plus one (1) Business Day
		
	Check payable by a bank in France out of Paris	  	Date on which the payment is recorded by the Factor plus one (1) Business Day
		
	Fixed maturity negotiable instrument (effet de commerce payable à échéance)	  	Instrument’s maturity date
		
	Bearer negotiable instrument (effet de commerce payable à vue)	  	Paying date of the instrument plus one (1) Business Day
		
	Bank or postal wire transfer	  	Transferee’s bank value date
		
	Foreign wire transfer	  	Date on which the payment is recorded by the Factor

  

					
	            72208170	 	64	 	

            

 ANNEX 2 
 CONDITIONS PRECEDENT 
  

			
	 CP
	  	 Items

	 1.
	  	Constitutional documents and authorizations/KYC
		
	 1.1.
	  	 Certified copies of the constitutional documents (Statuts or equivalent document) of:

 
 1.      Omega
Holdco;
 2.      the Parent Company;

3.      Alcan Rhenalu;

4.      Alcan Aerospace;

5.      Alcan Aviatube;

6.      Alcan France Extrusions;

7.      Alcan Softal;

8.      Sellers’ Agent.

		
	 1.2.
	  	 An original copy or certified copy of the certificate of incorporation (K-bis extract or equivalent document) dated no later
than one month prior the signing date of the Agreement and to the first assignment of Receivables under the Agreement of:
  

1.      Omega Holdco;

2.      the Parent Company;

3.      Alcan Rhenalu;

4.      Alcan Aerospace;

5.      Alcan Aviatube;

6.      Alcan France Extrusions;

7.      Alcan Softal; and

8.      Sellers’ Agent.

		
	 1.3.
	  	 Original copies of a solvency certificate (certificat de non faillite or equivalent in the relevant jurisdiction) issued by
the relevant Trade and Companies Registry in relation dated no later than two weeks prior to the signing date of the Agreement and to the first assignment of Receivables under the Agreement of:

 
 1.      Omega
Holdco;
 2.      the Parent Company;

3.      Alcan Rhenalu;

4.      Alcan Aerospace;

5.      Alcan Aviatube;

6.      Alcan France Extrusions; and

7.      Alcan Softal;

8.      Sellers’ Agent.

		
	 1.4.
	  	 Copies of the resolutions of the board of directors (or any competent body) approving the terms of, the transactions contemplated by,
and the execution, delivery and performance of the Financing Facilities Documents to which they are parties of:
  

1.      Omega Holdco;

2.      the Parent Company;

3.      Alcan Rhenalu;

4.      Alcan Aerospace;

5.      Alcan Aviatube;

6.      Alcan France Extrusions;

7.      Alcan Softal; and

8.      Sellers’Agent

  

					
	            72208170	 	65	 	

            

			
	 CP
	  	 Items

	 1.5.
	  	 Powers of attorney of the persons signing the Financing Facilities Documents on the date of signing, as well as the powers of
attorney for all persons signing the Bordereau Dailly on an ongoing basis during the life of the transaction, for:
  

1.      Omega Holdco (as applicable);

2.      the Parent Company;

3.      Alcan Rhenalu;

4.      Alcan Aerospace;

5.      Alcan Aviatube;

6.      Alcan France Extrusions;

7.      Alcan Softal; and

8.      Sellers’ Agent.

		
	 1.6.
	  	 A certificate of an authorized signatory certifying that each copy/document specified in this Section 1 is correct and complete and
that the original of each of those documents is in full force and effect and has not been amended or superseded as at a date no earlier than the Signing Date of the French Factoring Agreement and/or the first assignment of Receivables under the
French Factoring Agreement, as the case may be, of:
  
 1.      Omega Holdco;

2.      the Parent Company;

3.      Alcan Rhenalu;

4.      Alcan Aerospace;

5.      Alcan Aviatube;

6.      Alcan France Extrusions;

7.      Alcan Softal; and

8.      Sellers’ Agent.

		
	 1.7.
	  	 Specimens of the signature of each person authorized to execute the Financing Facilities Documents or to sign any document or notice
in connection with the Financing Facilities Documents to which they are parties on behalf of:
  

1.      Alcan Rhenalu;

2.      Alcan Aerospace;

3.      Alcan Aviatube;

4.      Alcan France Extrusions; and

5.      Alcan Softal.

		
	 1.8.
	  	 Certified copies of the identification papers of the directors and all authorised signatories of:

 
 1.      the
Parent Company;
 2.      Alcan Rhenalu;

3.      Alcan Aerospace;

4.      Alcan Aviatube;

5.      Alcan France Extrusions; and

6.      Alcan Softal;

7.      Sellers’ Agent.

		
	 1.9.
	  	Copy of the power of attorney granted by Mr. Patrice Coulon (Directeur Général Adjoint of the Factor) to Mr. Francois Terrade or Mrs. Hélène
Dubly.
		
	 2.
	  	Transaction Documents
		
	 2.1.
	  	Collection Account Opening Agreements
		
	 2.1.1.
	  	 Each of the Collection Account Opening Agreements entered into with BNPP in respect of the Collection Accounts relating to:

 
 1.      Alcan
Rhenalu;
 2.      Alcan Aerospace;

3.      Alcan Aviatube;

4.      Alcan France Extrusions; and

5.      Alcan Softal

		
	 2.1.2.
	  	 Each of the Collection Account Opening Agreements entered into with Deutsche Bank in respect of the Collection Accounts relating
to:
  

1.      Alcan Rhenalu;

2.      Alcan Aerospace;

3.      Alcan Aviatube;

4.      Alcan France Extrusions; and

5.      Alcan Softal.

  

					
	            72208170	 	66	 	

            

			
	 CP
	  	 Items

	 2.1.3.
	  	 Each of the Collection Account Opening Agreements entered into with HSBC in respect of the Collection Accounts relating
to:
  

1.      Alcan Rhenalu;

2.      Alcan Aerospace;

3.      Alcan Aviatube:

4.      Alcan France Extrusions; and

5.      Alcan Softal.

		
	 22.
	  	Collection Account Guarantee Agreements (Bordereaux Dailly)
		
	 2.2.1.
	  	 Each of the Collection Account Guarantee Agreements (Bordereaux Dailly) entered into with BNPP relating to:

 
 •   Alcan
Rhenalu;
 •   Alcan Aerospace;

•   Alcan Aviatube;

•   Alcan France Extrusions; and

•   Alcan Softal.

		
	 2.2.2.
	  	 Each of the Collection Account Guarantee Agreements (Bordereaux Dailly) entered into with Deutsche Bank relating
to:
  
 •   Alcan
Rhenalu;
 •   Alcan Aerospace;

•   Alcan Aviatube;

•   Alcan France Extrusions; and

•   Alcan Softal.

		
	 2.2.3.
	  	 Each of the Collection Account Guarantee Agreements (Bordereaux Dailly) entered into with HSBC relating to:

 
 •   Alcan
Rhenalu;
 •   Alcan Aerospace;

•   Alcan Aviatube;

•   Alcan France Extrusions; and

•   Alcan Softal.

		
	 2.3.
	  	Copy of the existing Credit Insurance Policies.
		
	 2.4.
	  	 Each of the Credit Insurance Delegation Agreements and all standard credit insurance information relating to:

 
 1.      Alcan
Rhenalu;
 2.      Alcan Aerospace;

3.      Alcan Aviatube;

4.      Alcan France Extrusions; and

5.      Alcan Softal.

		
	 2.5.
	  	A list of the Debtors with the Approval Limits delivered, a letter from the Credit Insurer stating the amount of the Insurance Indemnification paid or to be paid for the
outstanding insurance period.
		
	 2.6.
	  	Execution of the Intercreditor Agreement.
		
	 2.7.
	  	The Parent Guarantee (France).
		
	 2.8.
	  	Certified copy of the executed Share Purchase Agreement between inter alia AIF VII Euro Holdings, L.P. and Rio Tinto in the form agreed by the Factor, together with evidence
reasonably satisfactory to the Factor and the German Purchaser that completion of the Acquisition has occurred.
		
	 3.
	  	Other documents and factual matters
		
	 3.1.
	  	Legal opinion delivered by law firm appointed by the Parent Company and satisfactory to the Factor in respect of the capacity and authority of the Parent Company in connection
with the execution and performance of the relevant Financing Facilities Documents to which it is a party (including the Agreement) and all other relevant Transaction Documents.
		
	 3.2.
	  	Legal opinions delivered by law firm appointed by the Parent Company and satisfactory to the Factor in respect of the capacity (including vis-â-vis any prohibition or
restriction of assignment) and authority of the French Sellers in connection with the execution and performance of the Financing Facilities Documents and all other relevant Transaction Documents.

  

					
	            72208170	 	67	 	

            

			
	 CP
	  	 Items

	 3.3.
	  	Legal opinions delivered by counsel to the Factor relating to the validity of the Financing Facilities Documents governed by French law and all other relevant Transaction
Documents governed by French law.
		
	 3.4.
	  	Transferred Receivables Ledgers
		
	 3.5.
	  	Certified copy confirming the account number(s) of the bank account(s) on which Financings shall be made to the French Sellers.
		
	 3.6.
	  	Implementation of IT and electronic systems in a form satisfactory to the Factor in order to exchange debtor data and other technical data, required for the operation of the
Financing Facilities by the French Sellers.
		
	 3.7.
	  	Approval by the Factor of the Credit and Collection Procedures of each of the French, German and Swiss Sellers, such approval which will not be unreasonably
withheld.
		
	 3.8.
	  	Confirmation by legal opinions delivered by a law firm appointed by Apollo that the AR Financing Facilities are not in conflict with the Seller’s existing financing
facilities.
		
	 3.9.
	  	Confirmation from Omega Holdco BV, satisfactory to the Factor, evidencing that the funds raised from the Financing Facilities (i) will be used for general corporate purposes
(including the refinancing of any of their relevant working capital facilities and, subject to compliance with financial assistance rules, the financing or refinancing of any debt used to finance the Acquisition of any of the German Sellers and
Swiss Seller (other than the French Sellers and the shareholders of the French Sellers) or of any of their respective direct or indirect shareholders) and (ii) will not be used for the financing or refinancing of any equity used to capitalize the
Omega Holdco (which equity will be used, among other, to acquire the French Sellers); the confirmation from Omega Holdco of the compliance with financial assistance rules will be evidenced by the delivery to the Factor of the Acquisition Steps Paper
(reasonably satisfactory to the Factor and the German Purchaser and based on the draft acquisition steps paper provided to the Factor and the German Purchaser on 4 August 2010) and a legal memorandum (reasonably satisfactory to the Factor) from
Apollo’s counsel and addressed to the Factor and confirming, on the basis of the information contained in the Acquisition Steps Paper, compliance of the Capital Structure with financial assistance rules (if any) in France, Germany and
Switzerland.
		
	 3.10.
	  	A certificate of an authorized signatory of the Parent Company confirming that, since the delivery to the Factor of the draft Acquisition Steps Paper on 4 August 2010, there has
been no change to the Capital Structure that would cause financial assistance rules to be breached.
		
	 3.11.
	  	Certificates by the French Sellers stating that there are no security interests over or in respect of all Transferred Receivables or the Collection Accounts.
		
	 3.12.
	  	Delivery to the Factor of sufficient customary information reasonably satisfactory to the Factor on the existing Relevant Receivables to be purchased on the first assignment
date.
		
	 3.13.
	  	Evidence that, where applicable, each Debtor has been advised of the applicable details (and Collection Account) to pay by means of electronic transmission (to the extent new
Collection Accounts need to be established).
		
	 3.14.
	  	Evidence that the $275,000,000 AIF VII Euro Holdings, L.P. and the Fonds Stratégique d’lnvestissement term loan agreement will be made available to Omega
Holdco II B.V. with a total funding at Closing Date of at least USD 135,000,000.
		
	 3.15.
	  	Confirmation by the French Sellers of the implementation of IT and electronic systems in a form satisfactory to the Factor in order to exchange debtor data and other technical
data, required for the operation of the Financing Facilities by the French Sellers.
		
	 3.16.
	  	an audited balance sheet and income statement in connection with the Acquisition (comprised of all of the operating entities, divisions and businesses included in the Engineered
Products operating segment of Rio Tinto Alcan, excluding its Cablc and Composite operating entities, divisions and businesses) prepared on a carve-out basis for the fiscal period ending 31 December 2009, with 2008 comparative
figures.
		
	 4.
	  	Costs and expenses
		
	 4.1.
	  	Evidence that all costs and expenses then due and payable by each of the French Sellers and the Parent Company under the Financing Facilities Documents have been or will be paid
on or around the date of first assignment of Receivables under the French Factoring Agreement.

  

					
	            72208170	 	68	 	

            

 ANNEX 3 
 ACTE DE CESSION DE CREANCES PROFESSIONNELLES 
 SOUMIS AUX DISPOSITIONS DES
ARTICLES L.313-23 A L.313-34 DU CODE 
 MONETAIRE ET FINANCIER 

 

	1.	ACTE DE CESSION 

 Le présent acte
de cession de créances professionnelles est soumis aux dispositions des articles L.313-23 à L.313-34 du Code monétaire et financier et est établi en application des stipulations d’un contrat en langue anglaise
intitulé Factoring Agreement conclu le 4 janvier 2011 entre, notamment, le Cédant (French Seller), Omega HoldCo II B.V. (Parent Company) et GE Factofrance SNC (Factor) (le “Contrat”).

  

	2.	IDENTIFICATION DU CEDANT 

 [•],
société [•] de droit [•] ayant son siège social [•], immatriculée au Registre du commerce et des sociétés sous le numéro [•] RCS [•] (le Cédant). 

 

	3.	IDENTIFICATION DU CESSIONNAIRE 

 GE
FACTOFRANCE, société en nom collectif de droit français ayant le statut d’établissement de crédit, dont le siège social est situé Tour Facto, 18, rue Hoche, 92988 Paris-La Défense
Cedex, France, immatriculée au Registre du commerce et des sociétés sous le numéro 063 802 466 RCS Nanterre (le “Cessionnaire”). 

 

	4.	DESIGNATION DES CREANCES 

 Le
Cédant cède au Cessionnaire les créances qu’il détient au titre des factures dont la liste figure dans le fichier informatique transmis au Cessionnaire par le Cédant concomitamment à la remise du
présent acte de cession. 
 Conformément à l’Article L. 313-23 du Code monétaire et financier, le fichier ainsi
transmis permet l’identification des créances cédées au titre du présent acte. En outre : 
  

	(i)	le nombre total de créances cédées au titre du présent acte est de [•]; et 

 

	(ii)	le montant global des créances cédées au titre du présent acte est de [•]. 

NB: Il est nécessaire de remettre, concomitamment à la remise du bordereau ci-dessus, le fichier informatique comprenant la liste des
créances cédées au titre du bordereau, telles d’identifiées par les enregistrements “101” (avec, dans la mesure du possible, l’indication du débiteur cédé, du montant de la
créance, de la référence ou du numéro de facture, du lieu et de l’échéance de paiement). Ce fichier doit permettre l’identification des créances cédées. 

Conformément à l’article L. 313-24 du Code monétaire et financier, le Cédant n’est pas garant solidaire du paiement
des créances cédées au titre du présent acte. 
 Fait à
                    , le
                            , en 1 (un) exemplaire.1 

 

	1 	 Date à apposer par GE Factofrance 

  

					
	            72208170	 	69	 	

            

 [Dénomination sociale du Cédant] 

en sa qualité de Cédant 
  

 
 Par: [Nom du signataire
autorisé] 
 Le présent acte de cession est stipulé à ordre, transmissible par endos au profit d’un autre
établissement de crédit. 

  

					
	            72208170	 	70	 	

            

 (TRANSLATION FOR INFORMATION PURPOSES ONLY) 

FORM OF ASSIGNMENT OF PROFESSIONAL RECEIVABLES 
 PURSUANT TO ARTICLES L.313-23 TO L.313-34 OF THE FRENCH MONETARY AND 

FINANCIAL CODE 
  

	1.	FORM OF ASSIGNMENT 

 This form of
assignment of professional receivables is subject to the provisions of the articles L.313-23 to L.313-34 of the French Monetary and Financial Code and is made pursuant to the agreement encaptioned “Factoring Agreement” entered into on
4 January 2011 among, notably, the Assignor (as French Seller), Omega HoldCo II B.V. (as Parent Company) and GE Factofrance SNC (as Factor) (the “Agreement”). 
 Unless the context otherwise requires, capitalised terms used in this form of assignment of professional receivables shall have the meaning ascribed to such term in the Agreement. 

 

	2.	ASSIGNOR 

 [•], a company
incorporated under the laws of France as a société [•], whose registered office is located at [•], registered with the Trade and Companies Registry under number [•] RCS [•] (the “Assignor”).

  

	5.	ASSIGNEE 

 GE FACTOFRANCE SNC, a
company incorporated under the laws of France as a société en nom collectif and licensed as a credit institution (établissement de crédit), whose registered office is at Tour Facto, 18, rue Hoche, 92988
Paris-La Défense Cedex, France, registered with the Trade and Companies Registry (Registre du Commerce et des Sociétés) under number 063 802 466 RCS Nanterre. 

 

	4.	IDENTIFICATION OF THE RECEIVABLES 

 The
Assignor assigns to the Assignee the receivables owed to it under the invoices listed and identified in the electronic file transmitted to the Assignee by the Assignor on the date this assignment form has been remitted to the Assignee. 

Pursuant to Article L. 313-23 of the French Monetary and Financial Code, the file so transmitted will allow for the identification of the receivables
assigned hereunder. Moreover, 
  

	(i)	the total number of the receivables assigned hereunder is [•]; and 

  

	(ii)	the total amount of the receivables assigned hereunder is [•] €. 

 Note: It is necessary to hand, at the same time the assignment form is remitted to the Assignee, an electronic file listing and identifying the receivables assigned hereunder as identified pursuant
to the “101” records (with, if possible, the debtor’s name, the amount of the receivable, the reference of the invoice, the location and date of payment). This file will allow the identification of the assigned receivables.:

 Pursuant to Article L. 313-24 of the French Monetary and Financial Code, the Assignor shall not be jointly and severally liable for
the payment of the receivables assigned hereunder. 

  

					
	            72208170	 	71	 	

            

 Executed in
            , on                 , in one original.2 

 

	
	 [Insert Name of Assignor]

As Assignor

	
	 
	 Name: [Insert name of authorised signatory]
  

This assignment form may be transferred to any financial institution by 
endorsement.

  

	2 	 Date to be inserted by GE Foctofrancc (in its name and in the name of the Beneficiaries). 

  

					
	            72208170	 	72	 	

            

 ANNEX 4 
 FORM OF NOTIFICATION TO DEBTORS 
 [Papier à en-tête de GE
Factofrance SNC] 
 Acte de Notification de Cession de Créances Professionnelles 

Lettre recommandée avec accusé de réception 
 Le [•] 
 [Identification du débiteur cédé] 

Messieurs, 
 Réf: Acte
de notification de cession de créances professionnelles 
 Dans les conditions prévues par les articles L. 313-23 à L.
313-35 du Code monétaire et financier, la société [•], société [•] de droit [•] ayant son siège social [•], immatriculée au Registre du commerce et des sociétés sous
le numéro [•] RCS [•] (le Cédant) nous a cédé des créances identifiées ci-après dont vous êtes débiteur envers elle. 

Les créances dont la cession est l’objet de la présente notification sont identifiées et individualisées par leur
numéro, montant et date de facture énumérées dans la liste figurant en annexe de la présente lettre (les “Créances”). 
 Conformément aux dispositions de l’article L. 313-28 du Code monétaire et financier, nous vous demandons de cesser, à compter de la présente notification, tout paiement au
titre de ces Créances à la société [Insérer dénomination sociale du Cédant]. 
 En conséquence, le règlement de votre dette devra être effectué à l’ordre de GE Factofrance par virement bancaire au crédit du compte dont les
coordonnées figurent ci-après : [Insérer références IBAN du numéro de compte]. 
 Par ailleurs, conformément à l’article R. 313-16 du Code monétaire et financier, nous vous demandons de faire figurer sur toute facture présente ou future relative
à toute Créance qui ne serait pas en notre possession les mentions obligatoires suivantes : “La créance relative à la présente facture a été cédée à GE Factofrance SNC
dans le cadre des articles L. 313-23 à L. 313-34 du Code monétaire et financier. Le paiement doit être effectué par virement au compte n° [Insérer références IBAN du numéro
de compte] chez [Insérer nom de la banque teneuse de compte]. 
 Cette lettre, ainsi que toute annexe y
attachée, fait partie intégrant de la présente notification. 
 Cordialement, 

 
  
 GE Factofrance 
 Par: [•] 

  

					
	            72208170	 	73	 	

            

 Annexe 1 
 Créances 
 [A compléter] 

  

					
	            72208170	 	74	 	

            

 [Letterhead of GE Factofrance SNC] 

Notice of Assignment of Professional Receivables 
 Registered letter with acknowledgement of receipt 
 [Date] 

[Identification of Assigned Debtor] 

Dear Sirs, 
 Re: Form of Notice of
Assignment of Professional Receivables 
 In compliance with the terms and conditions set out in Articles L. 313-23 to L. 313-35 of the
French Monetary and Financial Code, [•], a company incorporated under the laws of France as a société [•], whose registered office is located at [•], registered with the Trade and Companies Registry under number
[•] RCS [•] (the “Assignor”) has assigned to us the receivables identified below owed by you to the Assignor. 
 The
receivables whose assignment are subject to this notification are identified and individualized by their number, amount, invoice date, as mentioned in the listed appended hereto (the “Receivables”). 

In accordance with the provisions of Article L. 313-28 of the French Monetary and Financial Code, we hereby request you to cease to make, as of the date
hereof, any payment with respect to the Receivables to [Insert name of Assignor]. 
 As a consequence, payment of these Receivables shall
be in our favour by wire transfer to the credit of the bank account with number: [Insert IBAN references]. 
 Moreover, pursuant to
Article R. 313-16 of the French Monetary and Financial Code, we hereby request you that all present and future invoice(s) not in our possession relating to the Receivables include the following compulsory mention: “The receivable arising out
of the present invoice has been assigned to GE Factofrance SNC pursuant to Articles L. 313-23 à L. 313-34 of the French Monetary and Financial Code. Payment must be made by wire transfer to the following account No. [Insert
IBAN references] with [Insert name of bank account]. 
 This letter, as well as any schedule appended thereto, shall
be an integral part of this notification. 
 Truly yours, 
  

 
 GE Factofrance 

By: [•] 

  

					
	            72208170	 	75	 	

            

 Schedule 1 
 Receivables 
 [To be completed] 

  

					
	            72208170	 	76	 	

            

 ANNEX 5 
 PARENT PERFORMANCE GUARANTEE 
 [Please refer to following page]

  

					
	            72208170	 	77	 	

            

C    L     I     F     F    O 
   R    D 

C    H    A    N    C    E 

EXECUTION COPY 
 4 January 2011 
 Between 

OMEGA HOLDCO II B.V. 
 as Guarantor 
 and 

GE FACTOFRANCE 
 as Beneficiary 
  

 
 PERFORMANCE
GUARANTEE AGREEMENT 
 (acte de cautionnement solidaire) 

 
  

  

					
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 CONTENTS 

 

							
	Clause	  	 	  	Page	 
	1.	  	Definitions - Interpretation	  	 	3	  
			
	2.	  	Guarantee - Undertaking to Pay	  	 	5	  
			
	3.	  	Waiver of Defences	  	 	5	  
			
	4.	  	Representations and Warranties	  	 	7	  
			
	5.	  	Enforcement and Payments	  	 	7	  
			
	6.	  	Fees and expenses	  	 	8	  
			
	7.	  	Term	  	 	8	  
			
	8.	  	Application of amounts received	  	 	9	  
			
	9.	  	Benefit of the Performance Guarantee	  	 	9	  
			
	10.	  	Amendments and Waivers	  	 	9	  
			
	11.	  	Return of Performance Guarantee	  	 	9	  
			
	12.	  	Absence of waiver	  	 	9	  
			
	13.	  	Notices	  	 	9	  
			
	14.	  	Governing Law - Jurisdiction	  	 	9	  
		
	 Schedule 1 Request for Payment
	  	 	10	  

  

					
	PARIS-1-1108409-v5	 	-2-	 	80-40465510    

        

 THIS PERFORMANCE GUARANTEE AGREEMENT IS ENTERED INTO 

BETWEEN 
  

	(1)	OMEGA HOLDCO II B.V., a company incorporated under the laws of the Netherlands as a besloten vennootschap, whose registered office is located at
Amsteldijk 166, 1079LH Amsterdam, The Netherlands, registered with the Trade and Companies Registry of The Netherlands under number 34393946 0000, acting as guarantor (the “Guarantor” or the “Parent Company”); and

  

	(2)	GE FACTOFRANCE, a company incorporated under the laws of France as a société en nom collectif and licensed as a credit institution
(établissement de crédit), whose registered office is located at Tour Facto, 18, rue Hoche, 92988 Paris-La Défense Cedex, France, registered with the Trade and Companies Registry of Nanterre under number 063 802 466 (the
“Beneficiary” or the “Factor”). 

 Each of the companies referred to above are each hereafter
referred to as a “Party” and together as the “Parties”. 
 WHEREAS: 

 

	(A)	The Guarantor as Parent Company, and Alcan Rhenalu, Alcan Aerospace, Alcan Softal, Alcan France Extrusion and Alcan Aviatube as the French Sellers (the “French
Sellers”), and the Beneficiary as Factor, have entered into a factoring agreement dated on or about the date hereof (the “Factoring Agreement”) pursuant to which the French Sellers have agreed to assign from time to time
certain of their receivables to the French Factor and the French Factor has agreed to purchase those receivables. 

  

	(B)	As a condition precedent to first Assignment of Receivables (as defined in the Factoring Agreement) under the Factoring Agreement, the Guarantor has agreed to issue a
performance guarantee (cautionnement solidaire) (the “Performance Guarantee”) for the benefit of the Beneficiary, in respect of the obligations of the French Sellers under the Factoring Agreement on the terms and subject to
the conditions set out herein (the “Agreement”). 

 IT IS HEREBY AGREED AS FOLLOWS: 

 

	1.	DEFINITIONS – INTERPRETATION 

  

	1.1	Definitions 

  

	 	1.1.1	 Factoring Agreement 

 Save
as expressly provided herein to the contrary (including, in particular, in Clause 1.1.2 (Additional Definitions) below) and unless the context otherwise requires, capitalised words and expressions used in this Agreement shall have the
meanings ascribed to them in the Factoring Agreement. 

  

					
	PARIS-1-1108409-v5	 	-3-	 	80-40465510    

        

	 	1.1.2	Additional Definitions 

 In
addition, in this Agreement: 
 “Alcan Aerospace” means Alcan Aerospace S.A.S, a company incorporated under the
laws of France as a société par actions simplifiée with a share capital of EUR 26,296.90, whose registered office is located at La Défense, 2-17 Place des Reflets, 92400 Courbevoie, France, registered with the
Trade and Companies Registry of Nanterre under number 479 791 931. 
 “Alcan Aviatube” means
Alcan Aviatube S.A.S, a company incorporated under the laws of France as a société par actions simplifiée with a share capital of EUR 3,284,400, whose registered office is located at Zone Industrielle, 44470 Carquefou,
France, registered with the Trade and Companies Registry of Nantes under number 712 032 705. 
 “Alcan France
Extrusions” means Alcan France Extrusions S.A.S, a company incorporated under the laws of France as a société par actions simplifiée with a share capital of EUR 15,000,000, whose registered office is located at
Route de Tonnerre, Germigny, 89600 Saint-Florentin, France, registered with the Trade and Companies Registry of Auxerre under number 352 610 646. 
 “Alcan Rhenalu” means Alcan Rhenalu S.A.S, a company incorporated under the laws of France as a société par actions simplifiée with a share capital of EUR
123,547,875.00, whose registered office is located at La Défense, 2-17 Place des Reflets, 92400 Courbevoie, France, registered with the Trade and Companies Registry of Nanterre under number 672 014 081. 

“Alcan Softal” means Alcan Softal S.A.S, a company incorporated under the laws of France as a société
par actions simplifiée with a share capital of EUR 22,265,000.00, whose registered office is located at Route de Tonnerre, Germigny, 89600 Saint-Florentin, France, registered with the Trade and Companies Registry of Auxerre under number
662 032 374. 
 “Beneficiary Collection Account” means the bank account to which the Requested Amount shall be
credited, as specified in the Request for Payment. 
 “Business Day” means a day (other than a Saturday or
Sunday) on which banks generally are open for business in Amsterdam and Paris. 
 “Intercreditor Agreement”
means the intercreditor agreement dated 4 January 2010 entered into among Omega Holdco B.V as Omega, Omega Holdco II B.V as Parent Company, Alcan Rhenalu, Alcan Aerospace, Alcan Softal, Alcan France Extrusions and Alcan Aviatube as French
Sellers, Alcan Singen GmbH and Alcan Aluminium Presswerke GmbH as German Sellers, Alcan Aluminium Valais SA as Swiss Seller, GE Factofrance as French Purchaser and GE Capital Bank AG as German Purchaser. 

“Merger Event” has the meaning given to such term in Clause 3.6 of this Agreement. 

  

					
	PARIS-1-1108409-v5	 	-4-	 	80-40465510    

        

 “Requested Amount” has the meaning given to such term in Clause 5.3.1 of
this Agreement. 
 “Request for Payment” has the meaning given to such term in Clause 2 (Guarantee -
Undertaking to Pay) of this Agreement. 
  

	1.2	Interpretation 

 This
Agreement shall be construed in accordance with the principles of construction set out in clause 1.2 (Interpretation) of the Factoring Agreement which are incorporated herein by reference as if such principles had been set out in full in this
Agreement. 
  

	2.	GUARANTEE - UNDERTAKING TO PAY 

  

	 	(a)	The Guarantor hereby irrevocably guarantees to the Beneficiary on a joint and several basis, as a caution solidaire, in accordance with the provisions of Article
2288 et seq. of the French Code civil and subject to the terms and conditions of this Agreement, the prompt and complete payment when due by the French Sellers to the Beneficiary of all amounts (including without limitation principal,
interest, fees, costs, expenses and indemnities) (taking into account any contractually agreed grace period) under or arising out of or in connection with the Factoring Agreement. 

 

	 	(b)	Accordingly, subject to the terms hereof, the Guarantor, in its capacity as caution solidaire hereunder irrevocably undertakes, to pay to the Beneficiary, within
five (5) Business Days of receipt of a request for payment (a “Request for Payment”) from the Beneficiary in accordance with Clause 5.2 (Request for Payment) and in the form set out in Schedule 1 (Request for
Payment), any amount (including without limitation principal, interest, fees, costs, expenses and indemnities) due under the Factoring Agreement and unpaid on its agreed due date (taking into account any contractually agreed grace period) by any
French Seller under any circumstances pursuant to the Factoring Agreement (the “Guaranteed Obligations”). 

  

	3.	WAIVER OF DEFENCES 

  

	3.1	The Guarantor hereby expressly and irrevocably waives the benefit of discussion (bénéfice de discussion) provided for in article 2298 of the French
Code civil. The Guarantor hereby expressly waives any right of division (bénéfice de division) provided for by article 2303 of the French Code civil. 

 

	3.2	The Guarantor hereby expressly renounces the benefit of article 2309 of the French Code Civil. 

 

	3.3	This Agreement is irrevocable and the obligations of the Guarantor under this Agreement shall not be affected by an act, omission, matter or thing (whether or not known
by it or by the Beneficiary) which would reduce, release, prejudice or provide a defense to any of those obligations of the Guarantor, including without any prejudice to the accessory nature of the Performance Guarantee: 

 

	 	3.3.1	any renewal, or extension of the term of the Factoring Agreement and/or the amounts due or which may be due by any French Seller under the Factoring Agreement;

  

					
	PARIS-1-1108409-v5	 	-5-	 	80-40465510    

        

	 	3.3.2	any time, waiver, release or consent granted to, or composition with, any other person under the Factoring Agreement; 

 

	 	3.3.3	subject to Clause 7 (Term), any abstention or delay by the Beneficiary in perfecting or enforcing any of its rights or remedies that it may, now or at any time
in the future, have from or against the Guarantor; 

  

	 	3.3.4	any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of a French Seller; 

 

	 	3.3.5	any amendment of the Factoring Agreement; 

  

	 	3.3.6	any change in the legal, financial or other condition of a French Seller, including without limitation, a French Seller becoming the subject of an Insolvency
Proceeding. 

  

	3.4	The Guarantor hereby agrees that, until the unconditional and irrevocable payment and discharge in full of all amounts owed by a French Seller (whether payable or not)
under the Factoring Agreement, it shall not exercise any right of set-off (compensation) that it may have under Article 1294 of the French Code civil. 

 

	3.5	The Guarantor hereby agrees that it shall not avail itself at any time of any indulgence, release of payment, whether in whole or in part, or any other measures imposed
on any French Seller. 

  

	3.6	None of the obligations of the Guarantor under the Performance Guarantee shall be discharged, impaired or otherwise affected (A) in the case of any merger,
split-off, winding-up, contribution of assets or similar transaction or in case of any dissolution, liquidation or similar act or process (whether judicial or amicable) (any such transaction for the purpose of this Clause, a “Merger
Event”) involving the Guarantor or any, some or all of the French Sellers together. The obligations of the Guarantor under the Performance Guarantee shall be binding on its successors and assigns, including as a consequence of a Merger
Event of the Guarantor. 

  

	3.7	In respect of the payment of any Requested Amount whatsoever made by the Guarantor to the Beneficiary pursuant to this Performance Guarantee, and until the
unconditional and irrevocable payment and discharge of all amounts due by any French Seller under the Factoring Agreement, the Guarantor hereby expressly waives its right to invoke any right of subrogation or other similar available rights against
the relevant French Seller and shall not exercise any right to be repaid by, to receive any amount from or to be indemnified by that French Seller by virtue of the Performance Guarantee, whether such rights arise by law, contract or otherwise. Until
such unconditional and irrevocable payment and discharge in full, the Guarantor hereby expressly and irrevocably waives the right it may have to exercise any recourse, whether present or future, against the relevant French Seller, the indebtedness
and obligations of which are guaranteed by the Performance Guarantee. 

  

					
	PARIS-1-1108409-v5	 	-6-	 	80-40465510    

        

	3.8	The liabilities, obligations and undertakings of the Guarantor under this Performance Guarantee may be enforced by the Beneficiary in accordance with the terms of this
Agreement, from time to time, once or pursuant to several Requests for Payment. This Performance Guarantee may be called by the Beneficiary as many times as it shall require with a view to recovering any Guaranteed Obligations, irrespective of
whether steps have been taken or proceedings have been commenced against the relevant French Seller in respect of amounts due and unpaid on their agreed due date under the Factoring Agreement by such French Seller to the Beneficiary.

  

	4.	REPRESENTATIONS AND WARRANTIES 

 In addition to the representations and warranties made by it to the Beneficiary under the Factoring Agreement and the Intercreditor Agreement, the Guarantor represents and warrants to the Beneficiary that
it will deal with the financial situation of the French Sellers in any way it deems appropriate and does not regard the financial situation and the solvency of French Sellers or the existence and maintenance of guarantees or other security interests
as the principal reason for its decision to grant this Performance Guarantee. 
  

	5.	ENFORCEMENT AND PAYMENTS 

  

	5.1	No prior steps 

 Without
prejudice to the other provisions of this Agreement, it is expressly agreed by the Guarantor that the performance by it of its undertakings under this Performance Guarantee with respect to a given French Seller shall not require any prior approval
of any French Seller or any other person nor any confirmation, calculation data or notification whatsoever that is not expressly provided for in this Agreement or the Factoring Agreement. 

 

	5.2	Request for Payment 

  

	 	5.2.1	Any Request for Payment under this Performance Guarantee shall be substantially in the form of Schedule 1 (Request for Payment). 

 

	 	5.2.2	Each Request for Payment shall enclose a certificate executed by a duly authorised signatory of the Beneficiary that shall state : 

 

	 	(a)	the Requested Amount which payment is requested to the Guarantor; 

  

	 	(b)	the statement that the Requested Amount is owed to the Beneficiary under the Factoring Agreement and has not been paid by the relevant French Seller on its agreed due
date (taking into account any contractually agreed grace period); 

  

	 	(c)	the name of the relevant French Seller; 

  

	 	(d)	the details of the calculation of the Requested Amount; 

  

	 	(e)	the date on which the Requested Amount was due for payment (taking into account any contractually agreed grace period); 

  

					
	PARIS-1-1108409-v5	 	-7-	 	80-40465510    

        

	 	(f)	the request to pay the Requested Amount in accordance with the provisions of Clause 5.3.1; and 

 

	 	(g)	the relevant Beneficiary Collection Account to which the Requested Amount shall be credited. 

 

	5.3	Payments 

  

	 	5.3.1	The Guarantor shall pay the amount requested pursuant to Clause 2 (Undertaking to pay) by the Beneficiary (the “Requested Amount”) in accordance
with Clause 5.2 directly to the Beneficiary, by transferring such Requested Amount to the credit of the relevant Beneficiary Collection Account. 

  

	 	5.3.2	Each Party to this Agreement agrees that the Guarantor’s payment under this Agreement shall not be subject to any condition other than delivery of a duly executed
Request for Payment in accordance with Clause 5.2. 

  

	 	5.3.3	All payments by the Guarantor to the Beneficiary (including without limitation principal, interest, fees, costs, expenses and indemnities) under this Performance
Guarantee shall be made in Euro and without any deduction or withholding. 

  

	 	5.3.4	Any payment by the Guarantor to the Beneficiary under this Performance Guarantee (including without limitation principal, interest, fees, costs, expenses and
indemnities) shall be made for value on the date when any such payment is due under the terms of this Performance Guarantee. Any amount payable by the Guarantor under this Agreement which is not paid when due shall bear interest at the rate of the
Special Financing Commission (as defined in the Factoring Agreement) until full payment thereof. 

  

	 	5.3.5	Any payment of the entire Requested Amount by the Guarantor to the Beneficiary under this Performance Guarantee (including without limitation principal, interest, fees,
costs, expenses and indemnities) will entail full and definitive discharge of the payment obligations of the relevant French Seller, if applicable, up to the amount paid, only when effectively credited to the Beneficiary Collection Account.

  

	6.	FEES AND EXPENSES 

 All
costs, fees and expenses in relation to the Performance Guarantee shall be borne by the Guarantor in accordance with the terms and conditions of Clause 14 of the Factoring Agreement. 

 

	7.	TERM 

 The Guarantor shall
be bound by the terms of this Performance Guarantee with respect to any French Seller’s obligations under the Factoring Agreement, with effect as of the date hereof and shall remain so bound until the date on which all the Guaranteed
Obligations have been paid or discharged in full. 

  

					
	PARIS-1-1108409-v5	 	-8-	 	80-40465510    

        

	8.	APPLICATION OF AMOUNTS RECEIVED 

 All monies received, recovered or realised by the Beneficiary under or pursuant to this Performance Guarantee shall be immediately applied towards discharge of the Guaranteed Obligations. 

 

	9.	BENEFIT OF THE PERFORMANCE GUARANTEE 

 Any reference in this Agreement to the Beneficiary shall include its successors, parties subrogated to its rights and assigns, and such parties shall be treated as initial parties to this Agreement, as
the case may be, as if they had been party to this Agreement at the time of its execution. 
  

	10.	AMENDMENTS AND WAIVERS 

This Performance Guarantee (including the Guaranteed Obligations) may only be amended or waived with the written consent of the
Beneficiary and the Guarantor. 
  

	11.	RETURN OF PERFORMANCE GUARANTEE 

 The Beneficiary shall promptly return each of the original copies of the Performance Guarantee to the Guarantor as of the date on which all the Guaranteed Obligations have been paid or discharged in full.

  

	12.	ABSENCE OF WAIVER 

 No
delay or abstention by the Beneficiary in perfecting or enforcing this Performance Guarantee shall constitute a waiver to the benefit of any provision of this Agreement. The Beneficiary shall not entail any responsibility to the Guarantor or its
successors by reason of the late exercise or non-exercise of the rights and remedies which are attributed to them under this Agreement. 
  

	13.	NOTICES 

 Notices shall be
made in accordance with the terms and conditions of the Intercreditor Agreement. 
  

	14.	GOVERNING LAW – JURISDICTION 

  

	14.1	This Performance Guarantee shall be governed by and construed in accordance with the laws of France. 

 

	14.2	Any dispute arising in connection with this Performance Guarantee, in particular regarding the performance, interpretation or consequences of this Performance
Guarantee, shall be subject to the exclusive jurisdiction of the competent courts of Paris. 

 Signed in Paris, in two
(2) original copies. 

  

					
	PARIS-1-1108409-v5	 	-9-	 	80-40465510    

        

 SCHEDULE 1 
 REQUEST FOR PAYMENT 
 [letterhead of the Beneficiary] 

 

	To:	OMEGA HOLDCO II B.V. 

 Amsteldijk
166, 1079LH Amsterdam 
 The Netherlands 
 Att:        [l] 

Fax:       [l] 

E-mail:  [l]

 [Date] 
 Dear Sirs,

 Performance Guarantee Agreement dated [4] January 2010 – Payment for Request 

We refer to the Performance Guarantee Agreement entered into on [4] January 2010 between ourselves and yourselves (the “Performance
Guarantee”). 
 Capitalised terms used in this Payment Request have the meaning ascribed to them in the Performance Guarantee.

 This is a Request of Payment as defined in the Performance Guarantee. 
 The undersigned certified that [he]/[she] is a duly authorised signatory of GE Factofrance. 

Pursuant to Clause 2 (Guarantee - Undertaking to Pay) of the Performance Guarantee, Omega Holdco II B.V. as Guarantor, has irrevocably undertaken,
on a joint and several basis, to pay us, within [five (5)] Business Days of receipt of a Request for Payment, any amount (including without limitation principal, interest, fees, costs, expenses and indemnities) due under the Factoring Agreement and
unpaid on its agreed due date (taking into account any contractually agreed grace period) by any French Seller under any circumstances pursuant to the Factoring Agreement. 
 In accordance with clause 5.3 of the Performance Guarantee, we confirm that, at [11.00 am.] on [specify relevant payment date] the following French Seller, [insert name], failed to pay
[specify nature: amount due, other] in an amount equal to [specify amount] which was due on [date] (taking into account any contractually agreed grace period) (the “Requested Amount”). 

  

					
	PARIS-1-1108409-v5	 	-10-	 	80-40465510    

        

 Accordingly, we request you pay the Requested Amount specified above no later than
[specify the date]1 for same day value by wire transfer to the bank account opened in the name of the Beneficiary with the following
references: 
 Bank:  [l] 
 Swift:  [l] 
 IBAN: [l] 
 Acc.:  
[l] 
 Ref:
    [l] 
 The details of the calculation of the Requested Amount are attached hereto. 
 Yours faithfully,

 Beneficiary 
 GE
FACTOFRANCE 
 By:      [l] 
 Title:  
[l] 
  

 

	1 	 Such date falling no less than five (5) Business Days following the date of receipt of this Payment Request by the Guarantor pursuant to clause 2 (Guarantee - Undertaking to Pay) of the
Guarantee. 

  

					
	PARIS-1-1108409-v5	 	-11-	 	80-40465510    

        

 SIGNATORIES 

 

			
	GE FACTOFRANCE
		
	By	 	 

			
	Name:	 	
	Address:	 	

  

			
	OMEGA HOLDCO II B.V.
		
	By	 	 

			
	Name:	 	
	Address	 	

  

					
	PARIS-1-1108409-v5	 	-12-	 	80-40465510    

        

 ANNEX 6 
 REQUEST FOR THE REVISION OF THE ALLOCATION OF THE MAXIMUM 
 FINANCING
AMOUNT 
  

	Date:	[l] 

 

	From:	[Name of the Parent Company] 

  

	To:	GE Factofrance / GE Capital Bank AG 

 Dear Sirs,

 We refer to the agreement encaptioned “Factoring Agreement” entered into on 4 January 2011 among, notably, certain French
entities of the Alcan Group (as French Sellers), Omega HoldCo II B.V. (as Parent Company) and GE Factofrance SNC (as Factor) (the “Agreement”). 
 [Insert any relevant background information, if needed] 
 We write to inform you that,
pursuant to Clause 12 of the Agreement, we request that the allocation of the Maximum Financing Amount be revised as follows: 
 [l] 
 We would appreciate
if you could acknowledge receipt of this letter by returning a signed copy of this letter to our attention. 
  

	
	
	 
	Parent Company

 Acknowledged and agreed 

	
	
	 
	[GE]

  

  

					
	            72208170	 	78	 	

            

 ANNEX 7 
 CREDIT AND COLLECTION PROCEDURES 
 [Please refer to following page]

  

					
	            72208170	 	79	 	

            

 ALCAN ENGINEERED PRODUCT  

CREDIT & COLLECTION POLICY – French Sites 

DECEMBER 2010 
 This Policy
is applicable to Alcan Rhenalu, Alcan Softal, Alcan, Aerospace, Alcan Aviatube and Alcan France Extrusion. 
 1. INTRODUCTION 

The objectives of this Credit & Collection Policy are: 
 (1) To manage the liquidity risk of doing business with third party customers; 
 (2) To limit
exposure to sovereign risk related to third-party export sales (i.e., cross-border transactions); 
 (3) To ensure the highest quality of
accounts receivable possible consistent with achieving sales objectives; 
 (4) To participate in optimizing cash flow through sound
credit & collection management practices. 
 Financial Controllers and Credit Managers are responsible, at their respective
levels, for the consistent application of and compliance with this Credit & Collection Policy. 
 2. CREDIT MANAGEMENT

 Credit review on all customers should be performed before the opening of any new customer account and on all existing customers at least
once a year, with a view to manage the risk of potential bad debt losses. 
 A credit limit must be defined for each customer. These
credit limits must be reviewed regularly but no less than once a year by BU and Site Financial Controllers or Credit Managers. Adverse information, whenever received, should trigger an immediate reassessment of the customer’s credit
limit (i.e., prior to the next periodic review). 
 BU and Site Financial Controllers and/or Credit Managers must be given sufficient
authority to delay shipments to customers perceived as risky until the perceived risk is mitigated or dismissed. 
 Systems should be in
place to halt (if possible automatically, otherwise manually) any orders placed that, if invoiced, will put the customer in excess of the approved credit limit level. 

  

					
	 	 	 	 	

            

 3. CREDIT PROTECTION 
 Use of Credit Insurance is highly recommended. In case a Business Unit chooses not to insure a particular receivable, it must document its justification. A Trade Credit Insurance Program is
in place with Coface and is already used by all the sites in scope of this policy. 
 Exhibit 1 provides information as to which countries are
deemed acceptable to sell to on an open terms basis and those that are deemed unacceptable. In the latter case, sales can only proceed if appropriate protective measures are taken, namely confirmed irrevocable letter of credit (with a bank
authorized by Treasury Dept), export credit insurance or cash in advance. Exception to this rule must be approved by AEP’s CFO and Treasurer. 
 4. PAYMENT TERMS 
 Payment terms must be compliant with local regulations and in any case
be less than 120 days. Payment terms of 120 days or more must be approved by AEP’s CFO and Treasurer. In particular, if and to the extent approved by AEP’s CFO and Treasurer, Crown may be given the right to defer payments due to AEP in
November and December until January of the following year. 
 If a customer challenges the invoice due date for a valid reason (for instance if
it has not yet received the merchandise) the Credit Manager responsible shall be entitled to extend proportionally the payment term of the receivable. 
 As stated in Coface contract, the maximum credit is 180 days after invoice date. 
 5. CASH
COLLECTION 
 The designated Collection Officer shall use all reasonable efforts (including contacting the relevant customer) in order to
allocate promptly and accurately the cash received and any associated credit memo to the relevant customer. 
 All cheques received shall be
lodged to the relevant Bank at the latest 5 business days after the reception date. 
 In case of payment made by way of set-off by a customer,
the collection officer shall contact, via phone, mail or fax, such customer to determine which Receivables have been paid in such manner. 

Customer communications should, as much as possible, be developed prior to any past due situation 

The designated Collection Officer should contact customers (via telephone, mail or fax) promptly when an invoice is due and enquire about the causes for
non-payment. Collection calls need to be performed at least one time within the 15 days following the due date and then occur at least once every 2 weeks. 

  

					
	 	 	 	 	

            

 The BU / Site Financial Controller has the capacity to block an order if he /she believes that the failure
to pay result from a cash flow or credit difficulty from the relevant customer, irrespective of such customer not having exhausted the approved credit limit. If receivables remain unpaid for more than 30 days without reasonable explanation, the BU /
Site Financial Controller will block the order or find appropriate solution with the customer. 
 In case a commercial dispute relating to a
Receivable remains unresolved for more than 60 days after the invoice due date, the Collection Officer is authorised to commence any administrative, legal or other action to obtain payment of the Receivable. 

The relevant BU / Site will promptly communicate to Coface all insured receivables that have not been paid within 210 days following the invoice date
(“déclaration de menace de sinistre”) and ask Coface to intervene for litigation after 270 days following the invoice date. 

6. CREDIT MEMO PROCEDURES 
 If a customer
makes a deduction from the amount payable by it under any receivable (except if such deduction results from any rebate, discount or allowance) or upon receipt of a notification from a customer related to any discrepancies such as shortages, or
damaged merchandise, improper pricing or other claim, the designated Collection Officer shall promptly investigate such claim or reduction. If the relevance of the claim is proved, the BU / Site shall promptly issue a credit memo to clear the claim.

 In the event that the site challenges or refuses the validity of the claim or the claimed amount, it shall promptly conduct negotiations with
the relevant customer to resolve the dispute as soon as possible. 
 If a customer returns products or goods, as soon as the merchandise is
returned at the shipping location, a credit memo shall be issued. 
 7. ACCRUAL FOR BAD DEBTS AND WRITE OFF 

As soon as the BU / Site has any doubt about the financial capacity of any customer to honour the payment of any Receivables, it shall promptly accrue a
bad debt provision in relation to such customer adjusted, as appropriate, for the effect of any applicable Coface credit insurance. 
 As soon
as the site has the information that a receivable is uncollectible (e.g., the customer has filed for bankruptcy), the BU / Site shall write-off the relevant Receivable adjusted, as appropriate, for the effect of any applicable Coface credit
insurance. 

  

					
	 	 	 	 	

            

 8. MONTHLY REPORTING 
 Every month, BUs must communicate the list of customers with a Receivable balance in excess of USD 3 million (or its equivalent in another currency) and/or overdues in excess of USD 500 thousand
(or its equivalent in another currency) to AEP HQ by means of the Monthly Management Report. This information is consolidated in a global AEP Credit Report and communicated to BU / Site senior management and AEP HQ management, with follow-up
discussion—as deemed appropriate—in the monthly senior management review meetings. 

  

					
	 	 	 	 	

            

 EXHIBIT 1 
 LIST OF COUNTRIES WITH ACCEPTABLE SOVEREIGN RISK 
 (PROVIDED ALWAYS THAT
THE CUSTOMER CREDIT IS APPROVED) 
 Andorra, Aruba, Australia, Austria 
 Bahamas, Bahrain, Belgium, Bermuda, Botswana 
 Canada, Chile, China, Cyprus, Czech Republic

 Denmark 
 Estonia 

Finland, France 
 Germany, Greece 

Hong Kong 
 Ireland, Israel, Italy 

Japan 
 Kuwait 

Liechtenstein, Luxembourg 
 Malaysia, Malta

 Netherlands, New Zealand, Norway 

Oman 
 Poland, Portugal 

Qatar 
 Saudi Arabia, Singapore, Slovak Republic,
Slovenia, South Korea, Spain, Sweden, 
 Switzerland 
 Taiwan, Trinidad & Tobago, Republic of 
 UAE (Abu Dhabi, Emirate of Ras, Al Khaimah and
Dubai), United Kingdom, United States 
 COUNTRIES FOR WHICH SOVEREIGN RISK IS NOT ACCEPTABLE 

Argentina 
 Barbados, Belarus, Belize, Benin,
Bolivia, Brazil, Bulgaria, Burkina Faso, Cambodia 
 Cameroon, Columbia, Costa Rica, Croatia 

Dominican Republic B Stable 
 Ecuador, Egypt, El
Salvador 
 Fiji 
 Gabon, Georgia,
Ghana, Grenada, Guatemala 
 HondurasHungary 
 Iceland, India, Indonesia 
 Jamaica, Jordan 

Kazakhstan, Kenya 
 Latvia, Lebanon, Lithuania,
Macedonia (Republic of) 
 Madagascar (Republic of), Mexico, Mongolia, Montenegro, Montserrat, Morocco, 

Mozambique (Republic of) 
 Nigeria 

Pakistan, Panama (Republic of), Papua New Guinea, Paraguay, Peru, Philippines 
 Romania, Russia, 
 Senegal, Serbia, South Africa, Sri Lanka, Suriname 

Thailand, Tunisia, Turkey, Ukraine, Uruguay 

Venezuela, Vietnam 

  

					
	 	 	 	 	

            

 ANNEX 8 
 COMPUTER RELATIONSHIP GUIDE 
 [Please refer to following page]

  

					
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 ANNEX 9 
 TRANSFERRED RECEIVABLE LEDGERS 
 [Please refer to following page]

  

					
	            72208170	 	81	 	

            

 

 

  

					
			
	 	 	 	 	

            

 

 

  

					
			
	 	 	 	 	

            

 

 

  

					
			
	 	 	 	 	

            

 ANNEX 10 
 FORM OF CONSENT LETTER 
 [Letterhead of Alcan [—]] 
  

	Date:	[—] 

  

	From:	Alcan [—] 

  

	to:	Name of Debtor 

 Dear Sirs, 

We refer to the [supply/purchase] agreement dated [—] between [Name of Debtor] and Alcan [—] (the “Agreement”). 
 [Insert any relevant background information, if
needed] 
 We write to inform you that we will be seeking to raise finance for our general corporate and other purposes and that we will
obtain such financing by way of transferring, assigning or collateralizing receivables payable to us by our customers, including [Name of Debtor], notably pursuant to the Agreement. 
 In this context, we will be assigning, pledging, transferring or otherwise disposing of, by way of security or otherwise, some or all of our receivables arising (whether in the past, now or in the future)
from the Agreement to one or more persons (which will be entities providing financing to the Alcan Engineered Products Group, being either (a) financial institutions or (b) special purpose entities funded by (i) financial institutions
and/or (ii) the capital markets, in each case in the context of factoring/true sale arrangements, which are in line with general market standards) in connection with any such proposed financing and we kindly ask you (on your own behalf and for
and on behalf of your European and Middle East affiliates from time to time party to the Agreement (whether in the past, now or in the future) (together, from time to time, your “Affiliates”)) to consent and agree to us doing so, if
and to the extent such consent and agreement is required by the Agreement. 
 We also kindly ask you to confirm that, by your signature of this
letter, each of your Affiliates from time to time party to the Agreement (whether in the past, now or in the future) will also have consented and agreed to and be bound by the matters contemplated by this letter. 

Your (including those of your Affiliates) and our rights and obligations under the Agreement otherwise remain unchanged. 

If you have any questions concerning this letter, please contact us at +[—]. 

Yours faithfully, 

	
	
	 
	Alcan [—]

  

					
	            72208170	 	82	 	

            

 We hereby consent, on our own behalf and for and on behalf of our Affiliates (as defined in the above
letter), whose consent and agreement and agreement to be bound we are duly authorized to give, to Alcan [—] assigning, pledging, transferring or otherwise disposing of, by way of security or
otherwise, some or all of its receivables arising under the Purchase Agreement (as described and on the terms of the above letter). 
  

	
	
	 
	 duly authorized for and on behalf of
 [Name of Debtor]
 acting on our own behalf and for and

on behalf of our Affiliates (as defined in the above letter)

  

					
	            72208170	 	83	 	

            

 ANNEX 11 
 COLLECTION ACCOUNTS 
  
 

 

  

					
			
	                       
     72208170	 	84	 	

            

 ANNEX 12 
 COLLECTABILITY LIST 
  

			
	 ANDORRA
	  	LITHUANIA
	 ARGENTINA
	  	Luxembourg
	 ARUBA
	  	MALAYSIA
	 AUSTRALIA
	  	MALTA
	 AUSTRIA
	  	MAURITIUS
	 BAHAMAS
	  	MEXICO
	 BELGIUM
	  	MONACO
	 BRAZIL
	  	MOROCCO
	 BRUNEI DARRUSSALAM
	  	NETHERLANDS
	 BULGARIA
	  	NEW ZEALAND
	 CANADA
	  	NORWAY
	 CHANNEL ISLANDS
	  	PERU
	 CHILE
	  	POLAND
	 COSTA RICA
	  	Portugal including AZORES MADEIRA
	 CROATIA
	  	ROMANIA
	 CYPRUS
	  	RUSSIA
	 CZECH REPUBLIC
	  	SAN MARINO
	 DENMARK
	  	SINGAPORE
	 ESTONIA
	  	SLOVAKIA
	 FINLAND
	  	SLOVENIA
	 FRANCE & O. DPTS & TERRIT.
	  	SOUTH AFRICA
	 GERMANY
	  	SOUTH KOREA
	 GREECE
	  	SPAIN
	 HONG KONG
	  	SWEDEN
	 HUNGARY
	  	SWITZERLAND
	 ICELAND
	  	TAIWAN
	 INDIA
	  	THAILAND
	 IRELAND AND NORTH IRELAND
	  	TUNISIA
		  	TURKEY
	 ITALY
	  	
	 JAPAN
	  	UAE (Dubaï)
	 JORDAN
	  	UNITED KINGDOM
	 LATVIA
	  	USA
	 LIECHTENSTEIN
	  	

  

					
	            72208170	 	85	 	

            

 ANNEX 13 
 JURISDICTION MATRIX* 
  

							
	 No.    
	  	 Governing Law of the Transferred

Receivable

(Approved Law)
	  	
Jurisdiction of incorporation of the
 Debtor
 (Approved Jurisdiction)
	  	 Comments

	1.	  	Austrian Law	  	European Union	  	
	2.	  	Austrian Law	  	Turkey	  	
	3.	  	Austrian Law	  	Canada (Ontario)	  	
	4.	  	Austrian Law	  	Jordan	  	
	5.	  	Austrian Law	  	UAE (Dubaï)**	  	
	6.	  	Austrian Law	  	USA (Tennessee)	  	
	7.	  	Austrian Law	  	Australia	  	
	8.	  	Austrian Law	  	Switzerland	  	
	9.	  	Belgian Law	  	European Union	  	
	10.	  	Belgian Law	  	Turkey	  	
	11.	  	Belgian Law	  	Canada (Ontario and Quebec)	  	
	12.	  	Belgian Law	  	Jordan	  	
	13.	  	Belgian Law	  	UAE (Dubaï)**	  	
	14.	  	Belgian Law	  	USA (State of Tennessee)	  	
	15.	  	Belgian Law	  	Australia	  	
	16.	  	Belgian Law	  	Switzerland	  	
	17.	  	Dutch Law	  	European Union	  	
	18.	  	Dutch Law	  	Turkey	  	
	19.	  	Dutch Law	  	Canada (Ontario and Quebec)	  	
	20.	  	Dutch Law	  	Jordan	  	
	21.	  	Dutch Law	  	UAE (Dubaï)**	  	
	22.	  	Dutch Law	  	USA (State of Tennessee)	  	
	23.	  	Dutch Law	  	Australia	  	
	24.	  	Dutch Law	  	Switzerland	  	
	25.	  	English Law	  	European Union	  	
	26.	  	English Law	  	Turkey	  	
	27.	  	English Law	  	Canada (Ontario and Quebec)	  	
	28.	  	English Law	  	Jordan	  	
	29.	  	English Law	  	South Korea	  	
	30.	  	English Law	  	UAE (Dubaï)**	  	
	31.	  	English Law	  	USA (State of Tennessee)	  	
	32.	  	English Law	  	Australia	  	
	33.	  	English Law	  	Switzerland	  	
	34.	  	French Law	  	European Union	  	
	35.	  	French Law	  	Turkey	  	
	36.	  	French Law	  	Canada (Ontario and Quebec)	  	
	37.	  	French Law	  	Jordan	  	
	38.	  	French Law	  	South Korea	  	
	39.	  	French Law	  	UAE (Dubaï)**	  	
	40.	  	French Law	  	USA (State of Tennessee)	  	
	41.	  	French Law	  	Australia	  	
	42.	  	French Law	  	Switzerland	  	
	43.	  	Italian Law	  	European Union	  	
	44.	  	Italian Law	  	Turkey	  	
	45.	  	Italian Law	  	Canada (Ontario and Quebec)	  	
	46.	  	Italian Law	  	Jordan	  	
	47.	  	Italian Law	  	UAE (Dubaï)**	  	
	48.	  	Italian Law	  	USA (State of Tennessee)	  	
	49.	  	Italian Law	  	Australia	  	

  

					
	            72208170	 	86	 	

            

							
	 No.    
	  	 Governing Law of the Transferred

Receivable

(Approved Law)
	  	 Jurisdiction of incorporation of the

Debtor
 (Approved
Jurisdiction)
	  	 Comments

	50.	  	Italian Law	  	Switzerland	  	
	51.	  	New York Law	  	European Union	  	
	52.	  	New York Law	  	Turkey	  	
	53.	  	New York Law	  	Canada (Ontario and Quebec)	  	
	54.	  	New York Law	  	Jordan	  	
	55.	  	New York Law	  	UAE (Dubaï)**	  	
	56.	  	New York Law	  	USA (State of Tennessee)	  	
	57.	  	New York Law	  	Australia	  	
	58.	  	New York Law	  	Switzerland	  	
	59.	  	Swiss Law	  	European Union	  	
	60.	  	Swiss Law	  	Turkey	  	
	61.	  	Swiss Law	  	Canada (Ontario and Quebec)	  	
	62.	  	Swiss Law	  	Jordan	  	
	63.	  	Swiss Law	  	UAE (Dubaï)**	  	
	64.	  	Swiss Law	  	USA (State of Tennessee)	  	
	65.	  	Swiss Law	  	Australia	  	
	66.	  	Swiss Law	  	Switzerland	  	
	67.	  	Laws of Quebec	  	European Union	  	
	68.	  	Laws of Quebec	  	Turkey	  	
	69.	  	Laws of Quebec	  	Canada (Ontario and Quebec)	  	
	70.	  	Laws of Quebec	  	Jordan	  	
	71.	  	Laws of Quebec	  	UAE (Dubaï)**	  	
	72.	  	Laws of Quebec	  	USA (State of Tennessee)	  	
	73.	  	Laws of Quebec	  	Australia	  	
	74.	  	Laws of Quebec	  	Switzerland	  	

  

	*	Based on the memorandum from Clifford Chance Europe LLP to Apollo Management International LLP (with a copy to the Factor) entitled “Jurisdiction Matrix” and
dated 16 December 2010. 

	**	Subject to consent from any relevant Debtor(s) located in Dubaï other than Crown. 

  

					
	            72208170	 	87	 	

            

 ANNEX 14 
 DECISION PROCESS CHARTS 
  
 

 

  

					
			
	                       
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     72208170	 	89

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