| ·   | it appeared from the main register kept by SGG S.A. and the Branch Register kept by DnB NOR Bank ASA of Oslo produced to the Meeting together with proxies duly filed within the statutory period that 70,912,447 Common Shares out of 194,953,972 issued Common Shares and 183,429,857 outstanding Common Shares as at March 29, 2010 were represented. |
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| ·   | the notice of the Meeting was published according to the legal requirements in the “Luxemburger Wort” a Luxembourg daily newspaper and in the "Mémorial C" on May 10, 2010 and May 19, 2010 as evidenced by the documents presented to the Meeting and in accordance with article 26 of the Articles of Incorporation (i) notice of this Meeting together with a proxy card, a letter of explanation and a business reply envelope have been mailed to the Common Shareholders on the Company’s Registers as of March 29, 2010 and (ii) notice of this Meeting together with a proxy card, the letter of explanation and a business reply envelope were also mailed to the holders of American Depositary Shares (ADSs) (each of which represents one Common Share of the Company) on the register of Deutsche Bank Trust Company Americas, Depositary for the ADSs, as of March 29, 2010. |
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| ·   | in order to attend the present Meeting, the Common Shares represented complied with the legal and statutory requirements. |
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| ·   | the present Meeting was therefore regularly convened and has the legal power to act on the items 1 to 15 inclusive of the agenda. |
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| ·   | The Chairman refers to the agenda as published in the Luxembourg daily and the Mémorial. |
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| ·   | The Chairman explained the variances between the agenda as published and the agenda sent to the shareholders. The reason for this change is that Luxembourg law in particular law 18, December 2009 (the “Law”) provides that only authorised statutory auditors in Luxembourg have the right to report and certify accounts of Luxembourg companies. The Chairman recites the relevant legal provisions. |
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| (1)   | To consider (i) the report of Deloitte S.A., Luxembourg, Authorised Statutory Auditor (“Réviseurs d’entreprises agrées”) on the unconsolidated and the consolidated financial statements of the Company, (ii) the reports by the Board of Directors of the Company in respect of the unconsolidated and consolidated financial statements of the Company, for the fiscal year ended November 30, 2009. |
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| (2)   | To approve the unconsolidated balance sheet and statement of profit and loss of the Company for the fiscal year ended November 30, 2009. |
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| (3)   | To approve the consolidated balance sheet and statements of operations of the Company for the fiscal year ended November 30, 2009. |
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| (4)   | To discharge the Board of Directors of the Company in respect of the proper performance of their duties for the fiscal year ended November 30, 2009. |
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| (5)   | To authorise the Company, or any wholly-owned subsidiary or sub-subsidiary, to purchase Common Shares of the Company up to a maximum of 10% of the issued Common Shares net of the Common Shares previously repurchased and still held, at a price reflecting such open market price and on such other terms as shall be determined by the Board of Directors of the Company, provided (a) the maximum price to be paid for such Common Shares shall not exceed the average closing price for such Common Shares on the Oslo Stock Exchange (or the average closing price for American Depositary Shares (ADSs) on the NASDAQ Global Select Market, if applicable) for the five most recent trading days prior to such purchase and b) the minimum price to be paid for such Common Shares shall not be less than the par value (i.e. U.S. $2.00 per share) thereof and further provided such purchases are in conformity with Article 49-2 of the Luxembourg Company Law, such authorisation being granted for purchases completed on or before August 31, 2011. |
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| (6)   | To re-elect Sir Peter Mason as an independent Director of the Company to hold office until the next Annual General Meeting of Shareholders or until his successor has been duly elected. |
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| (7)   | To re-elect Mr. Tom Ehret as an independent Director of the Company to hold office until the next Annual General Meeting of Shareholders or until his successor has been duly elected. |
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| (8)   | To re-elect Mr. Jean Cahuzac as a Director of the Company to hold office until the next Annual General Meeting of Shareholders or until his successor has been duly elected. |
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| (9)   | To re-elect Dr. Thorleif Enger as an independent Director of the Company to hold office until the next Annual General Meeting of Shareholders or until his successor has been duly elected. |
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| (10)   | To re-elect Mr. Dod A. Fraser as an independent Director of the Company to hold office until the next Annual General Meeting of Shareholders or until his successor has been duly elected. |
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| (11)   | To re-elect Mr. J. Frithjof Skouverøe as an independent Director of the Company to hold office until the next Annual General Meeting of Shareholders or until his successor has been duly elected. |
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| (12)   | To re-elect Mr. Trond Westlie as an independent Director of the Company to hold office until the next Annual General Meeting of Shareholders or until his successor has been duly elected. |
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| (13)   | To elect Mr. Ron Henderson as a new independent Director of the Company to hold office until the next Annual General Meeting of Shareholders or until his successor has been duly elected. |
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| (14)   | To elect Deloitte S.A., Luxembourg as Authorised Statutory Auditor (“Réviseurs d’entreprises agrées”) to audit the unconsolidated and the consolidated financial statements of the Company, for a term to expire at the next Annual General Meeting of Shareholders. |
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| (15) | To approve the determination of dividends of the Company for the fiscal year ended November 30, 2009, namely approval of the recommendation of the Board of Directors of the Company of payment of a final dividend of U.S. $0.23 per Common Share, payable on June 18, 2010 to Shareholders (and June 23, 2010 for holders of ADSs) of record as of June 3, 2010. (Note: The first trading date ex-dividend will be June 1, 2010). |
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| 1.   | to consider (i) the report of Deloitte S.A., Luxembourg, Independent Auditors (“Réviseurs d’entreprises”) on the unconsolidated and the consolidated financial statements of the Company, (ii) the reports by the Board of Directors of the Company, in respect of the unconsolidated and consolidated financial statements of the Company for the fiscal year ended November 30, 2009; |
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| 2.   | to approve the unconsolidated balance sheet and statement of profit and loss of the Company for the fiscal year ended November 30, 2009; |
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| 3.   | to approve the consolidated balance sheet and statements of operations of the Company for the fiscal year ended November 30, 2009; |
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| 4.   | to approve the discharge of the Board of Directors of the Company in respect of the proper performance of their duties for the fiscal year ended November 30, 2009; |
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| 5.   | to authorise the Company, or any wholly-owned subsidiary or sub-subsidiary, to purchase Common Shares of the Company, up to a maximum of 10% of the issued Common Shares net of the Common Shares previously repurchased and still held, at a price reflecting such open market price and on such other terms as shall be determined by the Board of Directors of the Company, provided (a) the maximum price to be paid for such Common Shares shall not exceed the average closing price for such Common Shares on the Oslo Stock Exchange (or the average closing price for American Depositary Shares (ADSs) on the Nasdaq Global Select Market, if applicable) for the five most recent trading days prior to such purchase and b) the minimum price to be paid for such Common Shares shall not be less than the par value (i.e. U.S. $2.00 per share) thereof and further provided such purchases are in conformity with Article 49-2 of the Luxembourg Company Law, such authorisation being granted for purchases completed on or before August 31, 2011. |
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| 6.   | to re-elect Sir Peter Mason as an independent Director of the Company to hold office until the next Annual General Meeting of Shareholders or until his successor has been duly elected. |
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| 7.   | to re-elect Mr. Tom Ehret as an independent Director of the Company to hold office until the next Annual General Meeting of Shareholders or until his successor has been duly elected. |
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| 8.   | to re-elect Mr. Jean Cahuzac as a Director of the Company to hold office until the next Annual General Meeting of Shareholders or until his successor has been duly elected. |
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| 9.   | to re-elect Dr. Thorleif Enger as an independent Director of the Company to hold office until the next Annual General Meeting of Shareholders or until his successor has been duly elected. |
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| 10.   | to re-elect Mr Dod A. Fraser as an independent Director of the Company to hold office until the next Annual General Meeting of Shareholders or until his successor has been duly elected. |
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| 11.   | to re-elect Mr J. Frithjof Skouveroe as an independent Director of the Company to hold office until the next Annual General Meeting of Shareholders or until his successor has been duly elected. |
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| 12.   | to re-elect Mr. Trond Westlie as an independent Director of the Company to hold office until the next Annual General Meeting of Shareholders or until his successor has been duly elected. |
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| 13.   | to elect Mr Ron Henderson as an independent Director of the Company to hold office until the next Annual General Meeting of Shareholders or until his successor has been duly elected. |
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| 14.   | to elect Deloitte S.A., Luxembourg, as Authorised Statutory Auditor (“Réviseurs d’entreprises agrées”) to audit the unconsolidated and the consolidated financial statements of the Company, for a term to expire at the next Annual General Meeting of Shareholders. |
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| 15.   | to approve the determination of dividends of the Company for the fiscal year ended November 30, 2009, namely (i) approval of the recommendation of the Board of Directors of the Company of payment of a final dividend of U.S. $0.23 per Common Share, payable on June 18, 2010 to Shareholders (and June 23, 2010 for holders of ADRs) of record as of June 3, 2010, and (ii) transfer of all undistributed profits to the retained earnings of the Company. (Note: The first trading date ex-dividend will be June 1, 2010). |
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| C. BONVALET  C. MATHU | P. HOSS   | A. PEEL  |
|---------------------------------|-----------|----------|
| Ballot-judges                   | Secretary | Chairman |