Alumax Inc. and Consolidated Subsidiaries - Page 38

                                       - 30 -                                         
               filed by the Combined Consolidated Group and the AMAX                  
               Consolidated Group [the Amax group], Alumax shall have                 
               the sole and exclusive authority to contest, compromise                
               or settle any proposed adjustment or assessed or as-                   
               serted deficiency relating to or resulting from any                    
               Alumax Consolidated Return Item.  AMAX shall with                      
               respect to each taxable year for which a Combined                      
               Consolidated Return is filed and each Post-Consolida-                  
               tion Year for which the tax liability of the AMAX                      
               Consolidated Group is affected by Alumax Consolidated                  
               Return Items provide Alumax with an executed power of                  
               attorney, in a form satisfactory to Alumax, appointing                 
               persons designated by Alumax as attorneys-in-fact to                   
               represent AMAX before the Internal Revenue Service in                  
               connection with any examination of the return or initi-                
               ation or conduct of any refund claim for that taxable                  
               year, to the extent related to Alumax Consolidated                     
               Return Items, and shall not revoke the power without                   
               first obtaining the written consent of Alumax.  AMAX                   
               shall promptly notify Alumax of and shall not object to                
               any requests by the Internal Revenue Service to deal                   
               directly with any member of the Alumax Consolidated                    
               Group in the course of an audit.  AMAX shall not con-                  
               test, compromise or settle any proposed adjustment or                  
               assessed or asserted deficiency relating to or result-                 
               ing from an Alumax Consolidated Return Item or that                    
               would affect the Pro Forma Alumax Return [pro forma                    
               returns] * * * or the actual federal income tax liabil-                
               ity of the Alumax Consolidated Group for any taxable                   
               year or seek a refund relating to an Alumax Consoli-                   
               dated Return Item without first obtaining the written                  
               consent of Alumax.  Alumax shall keep AMAX fully in-                   
               formed of the status of any contest concerning an                      
               Alumax Consolidated Return Item.                                       
               The tax-sharing agreement provided that it was to be binding           
          upon and was to inure to the benefit of any successor, by merger,           
          acquisition of assets, or otherwise, to any of the parties to the           
          same extent as if the successor had been an original party to               
          that agreement.                                                             
               Also in connection with the 1984 restructuring, on or about            
          March 9, 1984, (1) a pledge and indemnity agreement (pledge and             





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