This JOINT ACTION PLAN (“JAP”) sets forth the basic understandings between INVEST IN ICELAND AGENCY (“Invest in Iceland”), an agency of the Ministry of Industry and Landsvirkjun (the National Power Company) with its office in Reykjavik, Iceland and ALCOA INC. (“Alcoa”), a Pennsylvania corporation with a mailing address of 201 Isabella Street, Pittsburgh, Pennsylvania, USA, regarding the evaluation of an Alcoa aluminum smelting opportunity in Iceland.