| a. | Affiliate: in      relation to Mr Carl Johan Martin Eliasch, born in Stockholm (Sweden) on      the fifteenth day of February nineteenhundred and    sixty-two: |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | any      Person (as defined below) directly or indirectly controlled by Mr Carl      Johan Martin Eliasch, aforementioned (for the purposes of this meaning,      “control”, including with correlative meanings the terms “controlling”,      “controlled by” or “under common control with”, as used with respect to      any Person, shall mean the possession, directly or indirectly, of the sole      power to direct or cause the direction of the management and the policies      of such Person, whether through the ownership of voting securities, the      authority to appoint board members, or by contract    otherwise); |
|--------|---|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | the      parents and the sister of Mr Carl Johan Martin Eliasch,      aforementioned; |
|--------|---|---------------------------------------------------------------------------------------|

|   | - | any      spouse and lineal descendant(s) of Mr Carl Johan Martin Eliasch,      aforementioned, or spouse(s) of such lineal descendant(s);    and |
|--------|---|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | any      trust and entity the beneficiaries of which consist solely of one or more      of the persons identified above; |
|--------|---|--------------------------------------------------------------------------------------------------------------------------|

| b. | the annual      meeting: the general meeting of share­holders held for the      pur­pose of dealing with the annual accounts and the annual      report; |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| c. | Change of      Control: with respect to the Stichting (as defined below), the      occurrence of the event that Mr Carl Johan Martin Eliasch, aforementioned,      or his Affiliate (as defined above) fails to control (as defined in the      definitions under a above) theStichting; |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| d. | Change of      Ownership: with respect to Mr Carl Johan Martin Eliasch,      aforementioned, the occurrence of the event that Mr Carl Johan Martin      Eliasch, aforementioned, and/or his Affilate (as defined above) fails to      beneficially own any share in the capital of the  company; |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| e. | depository      receipts: depository receipts in respect of shares issued by the      company; |
|----|------------------------------------------------------------------------------------------------|

| f. | the distributable part      of the net assets: that part of the com­pany’s capital and      reserves which exceeds the aggregate of the part of the capital which has      been paid-up and called and the reserves which must be main­tained by      virtue of the law or these articles of  association; |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| g. | the general      meeting: the body of the company formed by share­holders and      other persons entitled to vote; |
|----|-------------------------------------------------------------------------------------------------------------------------|

| h. | the general meeting of      shareholders: the meeting of shareholders and other persons      entitled to at­tend the generalmeetings; |
|----|--------------------------------------------------------------------------------------------------------------------------------------------|

----

| i. | group company:      a legal entity or company together with which the compa­ny, in      accordance with the meaning of article 24b, Book 2 of the Civil Co­de,      forms a group; |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| j. | Ordinary      Meeting: the body of the company formed by the holders of      ordinary  shares and other persons entitled to vote on ordinary      shares; |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| k. | Person: an      individual, a partnership, a joint venture, a corporation, an association,      a trust, or any other entity ororganization; |
|----|----------------------------------------------------------------------------------------------------------------------------------------------|

| l. | Preference      Meeting: the body of the company formed by the holders of      preference shares and other persons entitled to vote on preference      shares; |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| m. | Stichting:      Stichting Head Option Plan, a foundation under Dutch law (“stichting”), having its      official seat in Rotterdam; |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------|

| n. | subsidiary: |
|----|-------------|

|   | - | a      legal entity in which the company or one or more of its subsidia­ries,      whether or not by virtue of agreement with other persons who can cast      votes, can exercise alone or to­gether more than half of the voting      rights in the general meeting of members or shareholders of that legal      entity; or |
|--------|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | a      legal entity in respect of which the com­pany or one or more of its      subsidiaries is a member or shareholder and, whether or not by vir­tue      of agreement with other persons who can cast votes, alone or together, can      appoint or dismiss more than half the Board of Mana­gement      mem­bers or the Supervisory Board members, also in the event all the      persons who can cast votes, vote; |
|--------|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a      partnership acting in its own name shall be regarded as a sub­sidiary,      where the company or one or more sub­sidiaries, as a partner, is fully      liable to creditors for debts; |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | all      this with due observance of all provisions of the paragraphs 3 and 4 of      article 24a, Book 2 of the CivilCode. |
|--------|-----------------------------------------------------------------------------------------------------------------------------|

| 1. | The      name of the company is: Head  N.V. |
|----|---------------------------------------------|

| 2. | It      shall have its seat in Rotterdam. |
|----|-------------------------------------------|

| 1. | The      authorised capital amounts to one million nine hundred and ninety-one      thousand thirty-three euro and eighty-four eurocents      (EUR 1,991,033.84). |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | It      is divided into: |
|----|--------------------------|

----

|   | - | ninety-nine      million five hundred and fifty-one thousand six hundred and ninety-two      (99,551,692) ordinary shares with a nominal value of one eurocent      (EUR 0.01) each;      and |
|--------|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | - | ninety-nine      million five hundred and fifty-one thousand six hundred and ninety-two      (99,551,692) preference shares with a nominal value of one eurocent      (EUR 0.01) each. |
|--------|---|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | The      ordinary shares may, at the option of the sharehol­der, be registered      sha­res or bearer shares. The preference shares are registered      shares. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | Wherever      the articles of association refer to “shares” or “share­holders”, such      terms shall be understood to refer to both classes of shares mentioned in      paragraph 2 and the holders thereof, unless the contrary is apparent from      the context. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | The      company may lend its co-operation to the issuance of depository      re­ceipts of its shares. |
|----|-------------------------------------------------------------------------------------------------------------|

| 1. | On      the occasion of a subscription to ordinary shares a subscriber      beco­ming entitled to an ordinary share may require the company, in      writ­ing, the delivery of a registered ordinary  share. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Without      such request, the subscriber shall obtain a bearer ordinary share in      conformity with the provisions of thisarticle. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------|

| 2. | All      bearer ordinary shares shall initially be embodied by one single share      certifi­cate (the “Global Share  Certificate”). |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | The      form of the Global Share Certificate shall be determined by the Board of      Management, with due observance of the regulations of the clearing house      where the bearer certificate will bedeposited. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | The      Board of Management shall, with due observance of the regulations of the      clearing house involved and the Dutch statutory provisions regarding the      transfer of shares, give rules on the conversion of one or more bearer      ordinary shares into one or more registered ordinary shares and vice      versa. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | Registered      shares shall be available: |
|----|--------------------------------------------|

|   | (i) | either      in the form of an entry in the register of shareholders without issue of a      share certificate; shares of this type are referred to in these articles      of association as “type I      shares”; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | at      the discretion of the Board of Management, in the form of an entry in the      register of shareholders with issue of a share certificate, which share      certificate shall consist of a “mantel” (main part) only; shares of this      type are referred to in these articles of association as “type II shares”      and “type II share certificates”. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Type      II share certificates shall be available in such denominations as the      Board of Management shalldetermine. |
|----|--------------------------------------------------------------------------------------------------------------------------|

| 3. | On      behalf of the company, all share certificates shall be signed by or on      behalf of a member of the Board of Management; the signature may be      effected by printed facsimile. In addition all share certificates may be      validly signed on behalf of the company by one or more persons designated      by the Board of Management for thatpurpose. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.  | All      share certificates shall be identified by numbers and/or      letters. |
|----------|---------------------------------------------------------------------------------|

----

| 5. | The      Board of Management can determine that for the purpose to permit or      facilitate trading of ordinary shares at a foreign stock exchange, type II      share certificates shall be issued in such form as the Board of Management      may determine, in order to comply with the requirements set by such      foreign exchange. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | The      expression “type II share certificate” as used in these articles of      association shall include a share certificate in respect of more than one      ordinary registered share. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | In      the event of the loss, theft or destruction of type II share certificates,      the Board of Management may issue a duplicate certificate in respect of      the certificate concerned. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | The      issue of a duplicate shall render the original document worthless with      regard to the company. |
|----|-------------------------------------------------------------------------------------------------------------|

| 3. | The      new certificate shall make clear that it is a  duplicate. |
|----|--------------------------------------------------------------------|

| 1. | The      Board of Management shall keep a register containing the names and      addresses of all holders of registered shares, with reference to the class      of shares. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Every      holder of one or more registered shares and any person having a right of      usufruct or a right of pledge over one or more such shares shall be      obliged to pro­vide the company in writing with their      address. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | All      entries and notes in a register shall be signed by a member of the Board      of Management. |
|----|-------------------------------------------------------------------------------------------------------|

| 4. | Article      85, Book 2 of the Civil Code also applies to the  register. |
|----|--------------------------------------------------------------------------|

| 5. | Upon      his request a shareholder shall be provided with written evidence of the      contents of the register with regard to the type I shares registered in      his name free of charge, and the statement so issued may be validly signed      on behalf of the company by a person to be designated for that purpose by      the Board of Management. Such extract from the register is not      marketable. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | Shares      shall be issued pursuant to a resolution of the Board of Manage­ment.      This authority of the Board of Management shall relate to all unissued      shares of the authorised capital, as appli­cable now. The      dur­ation of this authority shall be established by a resoluti­on      of the general meeting and shall be for a period of maximum five years,      without prejudice to the provi­sions of article  48. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Designation      of the Board of Management as the corpor­ate body competent to issue      shares may be extended by an amendment to the articles of association or      by a reso­lution of the general meeting for a period not exceeding      five years in each case. The number of shares which may be issued shall be      determined at the time of this desig­na­tion, provided that it may      not concern more than all |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | non-issued      shares of the authorised capital as it reads at the time of the      designation. The resolution of the general meeting to designate the Board      of Management as the corporate body competent to issue shares shall only      be adopted on a proposal of the Board of Management. The designa­tion      by the general mee­ting can be revoked. The resolution of the general      meeting to revoke the designation shall only be adopted on the proposal of      the Board of Management and shall require an affirmative vote of a      majority of ninety per cent (90%) of the votes  cast. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Upon      termination of the authority of the Board of Management, the issue of      shares shall thenceforth require a resolution of the general meeting, save      where another corporate body has been designated by the general      meet­ing. The resolution of the general meeting to issue shares or to      desig­nate another corporate body shall only be adopted on proposal of      the Board of Management. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  4. | The      provisions of paragraph 1 to 3 inclusive shall be equally ap­plicable      to the granting of rights to sub­scribe for shares but shall not be      applicable to the issue of shares to persons exercising a previously      granted right to sub­scribe forshares. |
|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | Article      96, Book 2 of the Civil Code also applies to the issuance of shares and      the granting of rights to take upshares. |
|----|------------------------------------------------------------------------------------------------------------------------------------|

| 1. | The      price and further conditions of issuance shall be determined in the      resolution to issue shares. The issue price may be no lower than the      nominal value, without prejudice to the provi­sion of article 80      paragraph 2, Book 2 of the CivilCode. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Upon      the issuance of ordinary shares, every holder of ordinary shares shall      have a preferential right in accordance with article 96a, Book 2 of the      Civil Code. The same applies to the granting of rights for the taking up      of ordinary shares. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | The      pre-emptive right may be restricted or excluded by a resolution of the      Board of Management. The authority granted to the Board of Management      shall terminate on the date of termination of the authority of the Board      of Management to issue shares. Paragraph 1 to 3 inclusive of article 9      shall be equally applicable. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | Articles      96a and 97, Book 2 of the Civil Code also apply to the conditions of      issuance and to the pref­erentialright. |
|----|--------------------------------------------------------------------------------------------------------------------------------------|

| 1. | Upon      the taking up of each ordinary share, the total nominal value shall be      paid toge­ther with, if the share is taken up at a higher price, the      difference be­tween these amounts, without prejudice to the provisions      in article 80 paragraph 2, Book 2 of the Civil  Code. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Upon      the taking up of each preference share, at least one fourth of the par      value shall be paid. Further payments on preference shares shall be made,      up to the par value as a maximum, at the request of the  Board      of Management. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Payment      for ordinary shares must be made in cash to the extent that no other      man­ner of payment has been agreed upon. Payment for preference shares      can only be made in cash. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | The      Board of Management shall be authorised to enter into transactions      concerning non-monetary contribu­tions on ordinary shares, and the      other |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | transacti­ons      referred to in article 94 paragraph 1, Book 2 of the Civil Code, without      the prior approval of the generalmeeting. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | Articles      80, 80a, 80b and 94b, Book 2 of the Civil Code also apply to pay­ments      on shares and non-monet­arycontributions. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | The      company shall be entitled to acquire fully paid-up shares in its own      capital or depository receipts in respect thereof, provided either no      valuable con­sideration is given or provided  that: |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a. | the      distributable part of the net assets is at least equal to the purchase      price; and |
|--------|----|-------------------------------------------------------------------------------------------------|

|   | b. | the      nominal value of the shares or the de­pository receipts in respect      thereof which the company acquires, holds or holds in pledge or which are      held by a subsidiary does not exceed one tenth of the issu­ed      capital. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | The      Board of Management shall require the authorisation of the general meeting      for an acquisition for valu­able consideration. This authorisation may      be given for a maximum of eighteen months. At the time of gra­nting      such authorisation, the general meeting must determine how many shares or      depository receipts the­reof may be acquired and between which limits      the price must be. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | The      company may acquire its own shares or depository receipts thereof in order      to transfer them, pursuant to a regulation to that effect, to staff      em­ployed by the company or by a group  company. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | The      acquisition or alienation by the company of its own shares shall take      place pursuant to a decision of the Board of  Management. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | Articles      89a, 95, 98, 98a, 98b, 98c, 98d and 118, Book 2 of the Civil Code also      apply to own shares or depository receipts  thereof. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | The      general meeting may decide to reduce the issued capital, but only at the      proposal of the Board ofManagement; |
|----|----------------------------------------------------------------------------------------------------------------------------|

|   | a. | by      cancelling shares; or |
|--------|----|-------------------------------|

|   | b. | by      reducing the amount of the shares by amendment of the articles of      association. |
|--------|----|---------------------------------------------------------------------------------------------|

|   | A      resolution of the general meeting to reduce the capital must designate the      shares to which the resol­ution relates and must include provisions      for the implementation of theresolution. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | A      resolution to cancel shares may onlyinvolve: |
|----|-----------------------------------------------------|

|   | a. | shares      or depository receipts in respect thereof held by the company itself;      or |
|--------|----|-------------------------------------------------------------------------------------------|

|   | b. | all      ordinary shares or all preference shares, in both cases with the consent      of respectively the Ordinary Meeting or the Preference      Meeting. |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | In      case of cancellation of all preference shares, without prejudice to any      provision of the law on the subject, there shall, to the extent possible,      be paid in respect of these shares an amount equal to the nominal amount      paid on those shares, increased by any outstanding dividend referred to in      article 32 |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | paragraph      1, which div­idend shall then be calculated over the period ending on      the date on which the payment shall become  payable. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | Partial      repayment of shares or exemption from the obligation to pay calls on      shares is only possible in order to implement a decision to reduce the      amount of the shares. Such repayment or exemption shall take      place: |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a. | with      regard to all shares; or |
|--------|----|------------------------------------|

|   | b. | with      regard to either all ordinary shares or all preference shares, in both      cases with the consent of respectively the Ordinary Meeting or the      Preference Meeting. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | The      transfer of a registered share or the transfer of a right-in-rem therein      shall be effected by means of a deed and, except where the company itself      is a party to the transaction, acknowledgement in writing of the transfer      by the company. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Acknowledgement      is effected in the deed, or by a dated declaration of ac­knowledgement      either on the deed or on a copy or extract thereof which is cer­tified      by a civil law notary or by the transferor. Official service of that deed      or that copy or extract on the company shall rank as      acknowledge­ment. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | A      right of pledge may also be created without acknow­ledgement or      official service of notice to the com­pany. In such case, article 239,      Book 3 of the Civil Code applies accordingly, on the understanding that      the communicati­on referred to in paragraph 3 of that article, shall      then be replaced by ac­knowl­edgement by or official service on      the company. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | The      acknowledgement shall be signed by a member of the Board of      Mana­gement. |
|----|---------------------------------------------------------------------------------------------|

| 4. | The      provisions of paragraphs 1 and 3 apply according­ly to the allocation      of registered shares on the div­ision of jointly held      property. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | The      shareholder shall have voting rights in res­pect of a share in which      the right of usufruct or the right of pledge is created. However, the      vot­ing rights shall accrue to the beneficiary of the right of      usufruct or the pledgee in the event that it was so stipu­lated at the      creation of the right of usufruct or the right of pledge. The shareholder      who holds no voting rights and the benefi­ciary of a right of usufruct      or pledgee who does hold voting rights shall have the rights which the law      attri­butes to hol­ders of depository receipts in res­pect of      shares in a company which are issued with that company’s co-operation. A      benefi­ciary of a right of usufruct or a pledgee who holds no voting      rights shall not have the rights referred to in the preced­ing      sentence. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | The      rights attached to a share in which a right of usufruct is created,      relating to the acquisition of shares shall accrue to the      share­holder. However, the share­holder shall compensate the      beneficiary of the right of usufruct for the value thereof to the extent      that the latter is entitled thereto by virtue of his right of      usufruct. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1. | The      management of the company shall be constituted by a Board ­of      Mana­gement consisting of one or more  members. |
|----|---------------------------------------------------------------------------------------------------------------------------------------|

| 2. | If      the Board of Management is constituted by two or more members, then      the  Board of Management may designate one of its members as      “Chairman” (the “Board of Management Chairman”) and one of the members as      “Chief Executive Officer”. One member of the Board of Management may have      both designations. Also in the event the Board of Management is      constituted by one member, the Board of Management can designate this      member as Board of Management Chairman and/or Chief Executive      Officer. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | Members      of the Board of Management shall be appointed by the general meeting from      a list of nominees, to be drawn up by the  Stichting. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | If      the list of candidates contains the names of at least two persons it shall      be binding. However, the general meeting may at any time, by resolution      passed by the affirmative vote of at least two thirds of the votes cast      resolve that such list shall not bebinding. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | If      the Stichting should fail to draw up a list of nominees within three      months after the vacancy has occurred the general meeting may appoint a      member of the Board of Management at its own  discretion. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | If      the Stichting has drawn up a non-binding nomination, the appointment of a      member to the Board of Management in contravention of the nomination shall      require a resolution of the general meeting adopted by the affirmative      vote of at least two/thirds of the votes      cast. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | The      authority of the Stichting to make nominations referred to in this article      and a proposal referred to in paragraph 2 of article 17 shall cease upon a      Change of Control and/or upon a Change of Ownership. After such Change of      Control and/or such Change of Ownership these rights shall be exercised by      the Supervisory Board. The Stichting shall upon request of the Board of      Management, provide the Board of Management with such information as the      Board of Management may reasonably require in order to determine whether a      Change of Control and/or a Change of Ownership has occurred. The Board of      Management shall notify the Trade Register of the Chamber of Commerce in      Rotterdam about such Change of Control and/or Change of      Ownership. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | Each      member of the Board of Management may be suspended or removed at any time      by the general meeting. |
|----|------------------------------------------------------------------------------------------------------------------|

| 2. | A      resolution of the general meeting to suspend or dismiss a member of the      Board of Management without the Stichting (with due observance of      paragraph 5 of article 16) having proposed such a suspension or dismissal,      may be adopted only by the affirmative vote of at least two thirds of the      votes cast. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Any      suspension may be extended one or more times, but may not last longer than      three months in the aggregate. If at the end of that period no decision      has been taken about termination of the suspension, or about dismissal,      the suspension shall end. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1. | Subject      to the restrictions imposed by these ar­ticles of associ­ation,      the Board of Management shall be entrusted with the manage­ment of the      company. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | The      Board of Management Chairman may draw up a set of rules governing the      pas­sing of resolutions by the Board of Management (the “By-laws Board      of Management”). |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | All      resolutions of the Board of Management shall be adopted with a simple      majority of the votes cast, except to the extent that the By-laws Board of      Management require a differentvote. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | The      Board of Management Chairman may determine the duties with which each      member of the Board of Management will be charged in particular. The      allocation of duties shall be notified to the Super­visory      Board. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | The      Board of Management may form a “Management Team” and appoint “Officers”      and allocate certain of its duties to such Management Team and Officers.      Such allocation shall not effect the ultimate responsibility of the Board      of Management for the duties thusallocated. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | The      Board of Management shall be authorised to represent the company.      The  Board of Management Chairman acting solely shall also be      authorised to repre­sent thecompany. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The      Board of Management may grant to one or more of its members a power of      attorney to represent the company alone or jointly with due observance of      the restrictions of the power ofattorney. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | In      the event of a conflict of interest between the company and a member of      the Board of Management, the com­pany shall be represented by such      member of the Board of Management or of the Supervisory Board, as the      Supervisory Board and the Board of Management jointly shall designate for      this pur­pose which  shall be an independent/desinterested      member. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | The      Supervisory Board, in agreement with the Board of      Management,  is entitled to require resolutions of the Board of      Management to be subject to its approval. Such resolutions shall be agreed      between the Supervisory Board and the Board of Management and clearly      specified and notified to the Board of Management in    writing. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | The      lack of approval of the Supervisory Board in respect of a resolution of      the Board of Management referred to in paragraph 1 of this article does      not affect the author­ity of the Board of Management or its members to      represent the com­pany. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | In      case a resolution of the Board of Management is in accordance with      paragraph 1 of this article subject to approval of the Supervisory Board,      a resolution of the Board of Management approving such resolution of any      body of a company in which the company participates and has effective      management control shall be treated as a resolution of the Board of      Management which also requires the approval of the Supervisory      Board. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1. | If      the Board of Management Chairman is absent or is pre­vented from      perfor­ming his duties, he shall be temporarily replaced by the person      appointed to that effect by the Supervisory  Board. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | If      another member of the Board of Management is absent or is pre­vented      from perfor­ming his duties, the remaining members or member of the      Board ­of Manage­ment shall be temporar­ily en­trusted      with the entire management of the com­pa­ny. If all members or the      sole member of the Board of Management are absent or are pre­vented      from per­form­ing their duties, and there is no replacement for      the Board of Management Chairman, the management of the company shall be      tempor­arily entrusted to the Super­visory Board which shall then      be aut­hor­ised to entrust the management temporarily to one or      more per­sons, whether or not from among its    mem­bers. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | The      company shall have a Supervisory Board. The Supe­rvisory Board can      consist of individuals only. As long as the      Stichting has the right to appoint, suspend and remove one or more      Supervisory Directors as provided for in paragraph 1 of article 24 and      paragraph 1 of article 25, the Supervisory Board shall consist of a number      of Supervisory Directors which is divisible by three, provided that it has      at least to consist of a minimum of three Supervisory      Directors. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Subject      to paragraph 1 of this article, the Supervisory Board shall determine the      number of Supervisory Directors, except to the extent that the By-laws      Supervisory Board (as referred to in paragraph 1 of article 28) prescribe      differently. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | If      there are fewer Supervisory Directors, as determined by the Supervisory      Board or if applicable as prescribed by the By-laws Supervisory Board, the      Su­pervis­ory Board shall be com­petent, but shall proceed      without delay to make up the number ornumbers. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | At      most one third of the Supervisory Directors will be appointed by the      Stichting and the other Supervisory Directors will be appointed by the      general meeting from a list of nominees, to be drawn up by the      Stichting. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | The      provisions of paragraphs 2, 3 and 4 of article 16 shall (mutatis mutandis)      apply accordingly to the appointment of members of the Supervisory Board      by the general meeting. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | The      authority of the Stichting to make nominations referred to in this article      and a proposal referred to in paragraph 3 of article 25 shall cease upon a      Change of Control and/or a Change of Ownership. After such Change of      Control and/or such Change of Ownership these rights shall be exercised by      the Supervisory Board. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The      authority of the Stichting to appoint Supervisory Directors referred to in      paragraph 1 of article 24 and to suspend or remove Supervisory Directors      referred to in paragraph 1 of article 25 shall cease to exist upon a      Change of Control and/or a Change of Ownership, as a consequence whereof      all Supervisory Directors shall be appointed, suspended and removed by the      general meeting. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1. | A      Supervisory Director appointed by the Stichting may be suspended or      removed by the Stichting (with due observance of paragraph 3 of article      24) at any time and the other Supervisory Directors may be suspended or      removed at any time by the generalmeeting. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | If      the Supervisory Board amends the number of Supervisory Directors as a      consequence whereof the number of Supervisory Directors appointed by the      Stichting would exceed one third of the amended number of Supervisory      Directors, then the Stichting shall forthwith remove such a number of      Supervisory Directors appointed by it in order to achieve that at most one      third of the Supervisory Directors is appointed by it and subsequently the      general meeting shall (if necessary) remove such a number of Supervisory      Directors appointed by it in order to achieve that the Supervisory Board      consists of a number of Supervisory Directors in accordance with the      amended number of SupervisoryDirectors. |
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| 3. | The      provisions of paragraphs 2 and 3 of article 17 shall also be applicable to      the suspension and removal of Supervisory Directors by the general      meeting. |
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| 4. | The      Supervisory Directors, other than the Supervisory Directors appointed by      the Stichting, shall retire period­ical­ly in ac­cordance with      a rotation plan to be drawn up by the Supervisory Board. Each resigning      Supervis­ory Director may be re-appointed as long as he has not      reached the age limit. |
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| 1. | It      shall be the duty of the Supervisory Board to sup­ervise the Board of      Management’s management and the gen­eral course of affairs in the      com­pany and in the bus­iness conducted by  it. |
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|   | It      shall advise the Board of Management. In per­forming their duties the      Supervisory Directors shall act in accord­ance with the interests of      the com­pany and of the business conducted by  it. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | The      Board of Management shall promptly supply the Super­visory Board with      the information required for the performance of its  duties. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | The      Supervisory Board shall have access to the build­ings and premises of      the company and shall be author­ised to inspect the books and records      of the company. The Supervisory Board may des­ignate one or more      per­sons from among its members or an ex­pert to exercise these      powers. The Su­pervisory Board may be assisted by experts in other      cases also. |
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| 4. | The      Supervisory Board may appoint from amongst its members a del­egate      Supervisory Director (the “Delegate Supervisory Director”) who will      esp­ecially be charged with the day-to-day contact with and      supervision on the Board of Management in all mat­ters related to the      company. |
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|   | The      Supervisory Board may also delegate, under its own      responsibility, |
|--------|----------------------------------------------------------------------------------|

----

|   | certain      of its powers to the Del­egate Supervisory  Director. |
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|   | The      Supervisory Board may as well appoint one or more vice delegate      Su­pervisory Directors for the purpose of substituting the Delegate      Super­visory Director in case of his absence or incapability to      act. |
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|   | The      Board of Management shall contact and consult to the extent poss­ible      the Delegate Supervisory Director in all important  matters. |
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| 1. | With      due observance of the provisions of these articles of association the      Supervisory Board may adopt regulations (the “By-laws Supervisory      Board”). |
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| 2. | The      Supervisory Board shall have a “Chairman” (the “Supervisory Board      Chairman”) and a “Vice-Chairman” who shall take the place of the      Supervisory Board Chairman in the lat­ter’s absence, both of whom      shall be elected from amongst its mem­bers in accordance with the      provisions of the By-laws Supervisory Board. It shall appoint a secretary,      who need not be a me­mber of the Supervisory Board, and make      arra­nge­ments for substitu­tion in case of      ab­sence. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | The      Supervisory Board will meet as often as it deems necessary but at least      once a year and will conduct its affairs in accordance with the By-laws      Supervisory Board. |
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| 4. | All      resolutions of the Supervisory Board shall be adopted with a simple      majority of the votes cast, except to the extent that the By-laws      Supervisory Board require a differentvote. |
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| 5. | Except      as otherwise provided in the By-laws Supervisory Board, the Supervisory      Board can only validly adopt resolutions if the Supervisory Director(s)      appointed by the Stichting is/are present or represented at such meeting      and vote in favour of the proposal. |
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| 6. | The      secretary shall keep minutes of the proceed­ings at meetings of the      Supervisory Board. The minutes shall be adopted in the same meeting or in      a follow­ing meeting of the Supervisory Board and shall be signed by      the Supervisory Board Chairman and the secretary as evidence      thereof. |
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| 7. | A      Supervisory Director may be represented by a co-member of the      Supe­rvi­s­ory Board authorised in writing. The expression “in      writing” shall include any mes­sage transmitted by current means of      com­muni­cation and received in writing. A Supervisory Director      may not act as represen­ta­tive for more than one      co-member. |
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| 8. | The      Supervisory Board may also take decisions outside a meet­ing,      pro­vided the proposal concerned is sub­mit­ted to all      Super­visory Directors and none of them objects to this manner of      taking decisions. The sec­retary shall draw up a report regarding a      decision thus taken and shall at­tach the re­plies re­ceived      to the report, which shall be signed by the Supervisory Board Chairman and      the secretary. |
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| 9. | The      Supervisory Board shall meet together with the Board of Manage­ment as      often as the Supervisory Board or Board of Management deems such      necess­ary. |
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| 1. | The      company shall indemnify any person who is or was a Supervisory Director or      a member of the Board of Management and who was or is a party or is      threatened to be made a party to any threatened, pending or      completed |
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----

|   | action,      suit or pro­ceeding, whether civil, criminal, admini­strative or      investiga­tive (other than an action by or in the name of the company)      by reason of the fact that he is or was a Supervisory Direc­tor,      member of the Boa­rd of Management, Officer, employee or agent of the      com­pany, or is or was serving at the request of the com­pany as a      super­visory director, member of the Board ­of Management,      officer, director, employee, trustee or agent of another company, a      partnership, joint ven­ture, trust or other enter­prise or entity,      including with respect to employee benefit plans maintained or sponsored      by the company or for the benefit of its or any of its group companies’      employees or consultants. This indemnification is applicable to all      expenses (including attorneys’ fees), judgements, fines and amounts paid      in settlement actually and reasonab­ly incurred by such person in      connection with such action, suit or pro­ceeding if he acted in good      faith and in a man­ner he reasonably believed to be in or not opposed      to the best inter­ests of the company, and, with respect to any      crimi­nal action or pro­ceed­ing, had no reason­able cause      to believe his conduct was unlawful or outside of his man­date. The      termina­tion of any action, suit or pro­ceeding by a judgement,      order, settlement, con­viction, or upon a plea of nolo con­tende      or its equivalent, shall not, of itself, cre­ate a      pre­sump­tion that the person did not act in good faith and not in      a manner which he reasonably could believe to be in or not opposed to the      best interests of the com­pany, and, with respect to any criminal      action or pro­ceed­ing, had reasonable cause to believe that his      conduct was unlawful. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | The      company shall indemnify any person who is or was a Supervisory Director or      a member of the Board of Management and who was or is a party or is      threatened to be made a party to any threatened, pending or completed      action or proceeding by or in the name of the company to procure a      judge­ment in its favour, by reason of the fact that he is or was a      Supervisory Direc­tor, member of the Board ­of Management,      Officer, employee or agent of the company, or is or was serving at the      request of the company as a super­visory director, member of the      Boa­rd of Management, officer, director, employee, trustee or agent of      another company, a partnership, joint venture, trust or other      enter­prise or entity, including with respect to employee benefit      plans maintained or sponsored by the company or for the benefit of its or      any of its group companies’ employees or consultants. This indemnification      is applicable to all expenses (including attorneys’ fees) judgements,      fines and amounts paid in settle­ment, actually and reason­ably      incurred by him in con­nection with such action, suit or      proceed­ing if he acted in good faith and in a man­ner he      reasonably believed to be in or not opposed to the best      in­ter­ests of the com­pany, except that no      indemnifi­cation shall be made in respect of any claim, issue or      mat­ter as to which such person shall have been adjudged to be liable      for gross negli­gence or wilful misconduct in the perform­ance of      his duty to the com­pany, unless and only to the extent that the court      in which such action or proceeding was brought or any other court      hav­ing appropriate juris­diction shall determine upon      appli­cation that, des­pite the adjudi­cation of liability but      in view of all of the circum­stances of the case, such person is      fairly and rea­sonably entitled to indemnification against such      expenses which the court in which such action or pro­ceed­ing was      brought or such other court having appro­priate jurisdiction shall      deem proper. |
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| 3. | To      the extent that a Supervisory Director or member of the Board      of |
|----|-------------------------------------------------------------------------------|

----

|   | Management,      Officer, employee or agent of the com­pany has been successful on the      merits or other­wise in defence of any action, suits of      pro­ceed­ing, referred to in paragraphs 1 and 2, or in defence of      any claim, issue or matter there­in, he shall be indemnified against      all expenses (includ­ing attorneys’ fees) actually and reasonably      incurred by him in con­nectiontherewith. |
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| 4. | Any      indemnification by the company referred to in paragraphs 1 and 2 shall      (unless ordered by a court) only be made by the Company upon a      determina­tion that indemnifica­tion of the Supervisory Director      or mem­ber of the Boa­rd of Management is proper under the      circumstances because he had met the appli­cable stan­dard of      conduct set forth in paragraph 1 and 2 of this article 29. Such      deter­mi­nation shall bemade: |
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|  | a. | by      a decision of the Supervisory Board adopted by a majority of the votes      cast by Supervisory Directors who are not parties to such action, suit or      proceeding, even though such decision is taken at a meeting at which such      Supervisory Directors present or represented are less than a majority of      all the Supervisory Directors, or; |
|--|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b. | if      there are no Supervisory Directors who are not named as parties to such      action, suit or proceed­ing or if the Supervisory Directors who are      not named as parties to such action, suit or proceed­ing so direct, by      independent legal counsel in a written opin­ion;  or |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | c. | by      the general meeting ofshareholders. |
|--|----|---------------------------------------------|

| 5. | Expenses      (including attorney’s fees) incurred by a Supervisory Director or a member      of the Board of Management in defending a civil or crimi­nal action,      suit or proceeding may be paid by the company in advance of the final      disposition of such action, suit or proceeding upon receipt of an      undertaking by or on behalf of the Supervisory Director or member of the      Board of Management to repay such amount if it shall ultimately be      deter­mined that he is not entitled to be indemnified by the company      as authorised in this article. Such expenses incurred by Officers,      employees or agents may be so paid upon such terms and conditions as the      Supervisory Board decides. |
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| 6. | The      indemnification provided for by this article shall not be deemed exclusive      of any other right to which a person seeking indemnification or      advancement of expenses may be entitled under the laws of the Netherlands      as from time to time amended or under any by-laws, agreement, resolution      of the general meeting of shareholders or of the disin­terested      members of the Supervisory Board or other­wise, both as to actions in      his official capacity and as to actions in another capacity while holding      such position, and shall continue as to a person who has ceased to be a      Supervisory Director, member of the Board of Management, Officer,      director, employee, trustee or agent and shall also inure to the benefit      of the heirs, executors, administrators and the estate of such a person.      The company may, to the extent authorised from time to time by the      Supervisory Board, grant rights to indemnification and to the advancement      of expenses to any officer, employee or agent of the company to the      fullest extent of the provisions of this article 29 with respect to the      indemnification and advancement of expenses of Supervisory Directors and      members of the Board of Management of the  company. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | The      company may, to the extent authorised from time to time by the Supervisory      Board, purchase and maintain insurance on behalf of any person who is or      was a Supervisory Director, member of the Boa­rd of      Management, |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | Officer,      employee or agent of the company, or is or was serving at the request of      the com­pany as a super­vis­ory director, member of the      Boa­rd of Manage­ment, officer, director, employee, trustee or      agent of another company, a partner­ship, joint ven­ture, trust or      other enterprise, or entity, against any lia­bility asserted against      him and incurred by him in any such capacity or aris­ing out of his      capacity as such, whether or not the company would have the power to      indemnify him against such liability under the provi­sions of this      article. |
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| 8. | Whenever      in this article reference is made to the company, this shall include, in      addition to the resulting or surviving company also any constitu­ent      company (including any constituent company of a con­stituent company)      absorbed in a consolida­tion or merger which, if its separate      existence had continued, would have had the power to indem­nify its      supervisory directors, members of the Board of Management, officers,      employees and agents, so that any per­son who is or was a      supervis­ory director, member of the Board ­of Management,      officer, employee or agent of such constitu­ent com­pany, or is or      was serving at the request of such constituent company as a      super­visory director, member of the Boa­rd of Management,      officer, director, employee, trustee or agent of another com­pany, a      partnership, joint ven­ture, trust or other enter­prise or entity,      shall stand in the same position under the provisions of this article with      respect to the resulting or surviv­ing company as he would have with      respect to such constituent com­pany if its separate existence had      continued. |
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| 9. | No      person shall be personally liable to the company or its shareholders for      monetary damages for breach of fiduciary duty as a Supervisory Director or      member of the Board of Management; provided, however, that the foregoing      shall not eliminate or limit the liability of a Supervisory Director or      member of the Board of Management (1) for any breach of such individual’s      duty of loyalty to the company or its shareholders, (2) for acts or      omissions not in good faith or which involve inten­tional misconduct      or a knowing violation of law, (3) for any transaction from which the      direc­tor derived an improper personal benefit or (4) for      per­sonal lia­bility which is imposed by Dutch law, as from time      to time amended. No amendment, repeal or modification of this article 29      shall adversely affect any right or protection of any person entitled to      indemnification or advancement of expenses under this article 29 prior to      such amend­ment, repeal ormodification. |
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| 1. | The      financial year of the company shall be the calen­dar    year. |
|----|-----------------------------------------------------------------------------|

| 2. | Annually,      the Board of Management shall draw up annual accounts and shall deposit      these at the company’s office for inspection by share­holders, not      later than five months after the end of the financial year, unless under      special circumstances this term is extended by the general meeting by not      more than six months. Within this period, the Board of Management shall      also submit the annual report. |
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| 3. | Within      the period referred to in paragraph 2, the Board of Management shall also      submit the annual accounts and the annual report to the      Su­per­visory Board. |
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| 4. | The      Supervisory Board shall present its report on the annual accounts to      the |
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----

| 5. | Articles      101, 102 and 103 and Title 9, Book 2 of the Civil Code also apply to the      annual accounts and to the annualreport. |
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| 1. | The      annual accounts shall be adopted by the general  meeting. |
|----|--------------------------------------------------------------------|

| 2. | A      discharge granted to the members of the Board of Management for their      manage­ment and to the Supervisory Directors for their supervision      thereof, relates only to the management insofar as such management is      apparent from the financialstatements. |
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| 1. | Out      of the profit - the positive balance of the profit- and loss account - an      amount of dividend shall be paid on the preference shares of which the      percentage - to be calculated over the paid up part of the nominal value -      is equal to the average deposit rate of the European Central Bank,      decreased or increased by a discount or upcount, with a maximum of three      percent (3%), to be determined by the Board of Management, averaged over      the number of days over which the payment is  made. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | If      for any financial year the distributi­on referred to above cannot or      cannot entirely be made because the profit does not so allow, payment of      deficit shall be made from the profit of the following finan­cial      years. |
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| 2. | Subsequently,      the Board of Management shall determine which part of the profit - the      positive balance of the pro­fit- and loss account - shall be allocated      to the reserves. |
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| 3. | Any      part of the profits remaining thereafter shall be paid as a dividend on      the ordinary shares. |
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| 4. | The      Board of Management may resolve to pay an interim  dividend. |
|----|-----------------------------------------------------------------------|

| 5. | In      addition, payments to shareholders are subject to articles 103, 104 and      105, Book 2 of the Civil Code. |
|----|---------------------------------------------------------------------------------------------------------------------|

| 6. | All      distributions on ordinary shares, either as an (interim)dividend or      other­wise, shall be made such that on each ordinary share an equal      amount or value shall be paid. Ordinary shares held by the company shall      not be taken into account in determining the distribution on an ordinary      share. |
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| 1. | The      general meeting may, at the proposal of the Boa­rd of Management,      resolve that a pay­ment of dividend on ordinary shares be wholly or      partly paid by a dis­tribution of ordinary shares in the      company. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | The      Board of Management, provided the Board of Management, in accordance with      article 9, is authorised to issue shares, may decide that a distribution      on ordinary hares shall not take place in cash but in ordinary      shares. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | The      general meeting may, at the proposal of the Boa­rd of Management,      resolve that distribu­ti­ons to holders of ordinary shares be made      out of the distributable part of the net assets. Paragraph 1 shall      accordingly apply. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | The      Board of Management may decide to effect payment of the amounts payable to      holders of preference shares in accordance with article 32 paragraph 1 by      such pay­ment being charged to the distributable part of the net      assets. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1. | The      annual meeting shall be held each year, within six months of the end of      the company’s finan­cial year. |
|----|---------------------------------------------------------------------------------------------------------------------------------|

| 2.  | The      agenda for such meeting shall contain, inter alia, the follow­ing      mat­ters: |
|----------|-----------------------------------------------------------------------------------------------------|

|  | a.  | the      annual report; |
|--|----------|-------------------------|

|  | b.  | adoption      of the annual accounts; |
|--|----------|---------------------------------------|

|   | c. | discharge      of the members of the Board of Management and the members of the      Supervisory Board; |
|--------|----|---------------------------------------------------------------------------------------------------------|

|  | d.  | appointments      to any vacancies; |
|--|----------|-------------------------------------|

|   | e. | any      other proposals put forward for discussion by the Supervis­ory Board      or the Board of Management, such as proposals concerning the      designa­tion of a body competent to issue shares and to grant rights      to subscribe for shares and the authorisation of the Board of      Manage­ment to cause the acqui­sition of own shares or depository      receipts ther­eof by thecompany. |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | General      meetings of shareholders shall be convened by the Super­visory Board      or the Board of Management. |
|----|-------------------------------------------------------------------------------------------------------------------------|

| 2. | The      convocation shall take place no later than on the fifteenth day prior to      the date of the meet­ing. |
|----|-----------------------------------------------------------------------------------------------------------------------|

| 3. | The      notice of the meeting shall state the agenda or it shall state that the      shareholders may find details thereof at the compa­ny’s office,      without prejudice to the provisions of article 46 paragraph 2 of the      articles of association and of article 99 paragraph 7, Book 2 of the Civil      Code. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | The      notice of the meeting shall state the requirement for admission to the      meeting as described in article 45. |
|----|--------------------------------------------------------------------------------------------------------------------------|

| 5. | Convocation      shall be made in the manner stated in article  45. |
|----|---------------------------------------------------------------------|

| 6. | Matters      not stated in the notice of the meeting may be further announced, subject      to the time limit per­taining to the convocation of meetings, in the      manner stated in article 43. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | Unless      the notice of the meeting includes the con­tents of all documents      which, according to the law or the articles of association, are to be      avail­a­ble to shareholders for inspection in connection with the      meeting to be held, these documents are to be made available free of      charge to share­hol­ders at the office of the company and such      other place to be designated in the notice of the  meeting. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | The      expression “shareholders” in this article shall include beneficiaries of a      right of usufruct and pledgees to which the voting rights on shares      accrue. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1. | The      general meetings of shareholders shall be chaired by the Supervisory Board      Chairman. In the event that the Supervisory Board Chairman is absent, the      Super­visory Direc­tors present shall elect a chairman from their      midst. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | If      the chairman has not been appointed in accord­ance with para­graph      1, the meeting shall itself choose a chairman. Until that moment a      mem­ber of the Board ­of Management designated thereto by the      Board of Manage­ment shall act aschairman. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | Minutes      shall be kept of the proceedings at every general meeting of      sha­reholders by a secretary to be des­ignated by the chairman.      The min­utes shall be adopted by the chairman and the secretary and      shall be signed by them as evidencethereof. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | The      Supervisory Board or the chairman may determine that notarial      min­u­tes shall be drawn up of the pro­ceed­ings of the      meeting. The notarial mi­nutes shall be co-signed by the      chairman. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | Each      shareholder entitled to vote and each benefici­ary of a right of      usufruct or pledgee to whom the voting rights accrue shall be entitled to      attend the general meeting of shareholders, to ad­dress the      meet­ing and to exer­cise his voting rights. Where it concerns      reg­istered shares, the Board of Mana­gement must be notified in      writing of the intention to attend the meeting. Such notice must be      received by the Board of Management not later than on the date mentioned      in the notice of the meeting. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | The      right to take part in the meeting in accord­ance with para­graph 1      may be exercised by a proxy authorised in writing, provided that the power      of attorney has been received by the Board of Management not later than on      the date mentioned in the notice of themeeting. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | The      date mentioned in the notice of the meeting, referred to in      para­graphs 1 and 2, cannot be prior than the seventh day prior to the      date of the mee­t­ing. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | If      the voting rights on a share accrue to the benefi­ciary of a right of      usufruct or to a pledgee, instead of to the shareholder, the shareholder      is also authori­sed to attend the general meeting of share­holders      and to address the mee­ting, provided that, where it concerns      registered shares, the Board of Ma­nagement has been notified of the      intention to attend the meeting in ac­cordance with paragraph      1. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Paragraph      2 applies accordingly. |
|--------|---------------------------------------|

| 5. | With      respect to shares in bearer form the company shall also recognise as      shareholder the person or entity mentioned in a written statement of a      credit institution as being entitled to a given number of bearer shares.      Such credit institution(s) shall be mentioned in the convocation for the      meeting. The statement should confirm that the person or entity shall      remain entitled to the shares until the close of the meeting and must be      filed with the offices of the company or such other place as to be      announced in the convocation to the meeting, in return for a receipt which      shall be a ticket of admission to the meeting. The convocation to the      meeting shall  mention the date on which the filing of the      statement must have been effected at the latest. This date      cannot |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | be      prior to the fifth day preceding the date of the  meeting. |
|--------|--------------------------------------------------------------------|

| 6. | Each      share confers the right to cast one (1)vote. |
|----|--------------------------------------------------------|

| 7. | Each      person entitled to vote or his proxy shall sign the attend­ance      list. |
|----|-------------------------------------------------------------------------------------------|

| 8. | The      Supervisory Directors and the members of the Boa­rd of Manage­ment      shall, as such, have the right to advise the general meeting of      sha­rehol­ders. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9. | The      chairman shall decide whether persons other than those who shall be      admitted in accordance with the above provisions of this article shall be      admitted to the meeting. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | Except      where the law or these articles of asso­ci­ation otherwise      require, all resolutions shall be adopted by absolute majority of the      votes cast regardless of the percentage of the company’s issued capital      present or represented at themeeting. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | If      in an election of persons a majority is not obtained, a second free vote      shall be taken. |
|----|-------------------------------------------------------------------------------------------------------|

|   | If      again a majority is not obtained, further votes shall be taken until      either one person obtains a maj­ority or the election is between two      per­sons only, both of whom receive an equal number of      votes. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | In      the event of such fur­ther elections (not including the second free      vote), each elec­tion shall be between the persons who participated in      the preced­ing elec­tion, but with the exclusion of the person who      received the smal­lest num­ber of votes in that preced­ing      election. If in a pre­ced­ing election more than one person      received the smallest number of votes, it shall be decided by lot which of      these per­sons should not participate in the new    election. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | If      there is a tie of votes in an election between two persons, it shall be      decided by lot who is elected, without prejudice to the provision of the      following paragraph. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | In      the event of a tie of votes in an election from a binding list of      candi­da­tes, the candidate whose name appears first on the list      shall be elected. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | If      there is a tie of votes in a vote other than a vote for the election of      per­sons, the proposal is thusrejected. |
|----|-----------------------------------------------------------------------------------------------------------------------------------|

| 5. | All      votes may be cast orally. |
|----|------------------------------------|

| 6. | Abstentions      and invalid votes shall not be counted asvotes. |
|----|------------------------------------------------------------------|

| 7. | Voting      by acclamation shall be possible if none of the persons present and      entitled to vote objects againstit. |
|----|--------------------------------------------------------------------------------------------------------------------------|

| 8. | The      provisions of the articles 13 paragraphs 3 and 4, and 117, Book 2 of the      Civil Code also apply to the general meeting of    shareholders. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | Meetings of holders      of ordinary shares shall be convened by the Board of Management,      the Supervi­s­ory Board or one or more holders of ordinary      shares. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The      meetings shall be held as often as the Board of Management, the      Su­pervisory Board or the shareholder(s) concerned deem      nece­ssary, and also whenever such is required in accord­ance with      the law or these articles ofassociation. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | With      regard to these meetings, the provisions regard­ing the general      mee­tings of shareholders shall, to the extent possible,      apply. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | Meetings      of holders of preference shares shall be convened by the Board      of |
|----|--------------------------------------------------------------------------------------|

----

|   | Management,      the Supervi­s­ory Board or one or more holders of preference      shares. |
|--------|------------------------------------------------------------------------------------------------------|

|   | The      meetings shall be held as often as the Board of Management, the      Su­pervisory Board or the shareholder(s) concerned deem      nece­ssary, and also whenever such is required in accord­ance with      the law or these articles ofassociation. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | With      regard to these meetings, the provisions regard­ing the general      mee­tings of shareholders shall, to the extent possible,      apply. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Resolutions      of the Preference Meeting may also be adopted in writing without recourse      to a meeting, provided they are adopted with unanimous vote of all holders      of preference shares and there are no persons holding rights conferred by      Dutch law upon holders of depositary receipts issued with a company’s      cooperation for preference shares in its  capital. |
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| 1. | All      announcements for the general meetings of share­holders, all      notifica­ti­ons concerning dividend and other payments and all      other communica­tions to share­holders shall be effected by means      of a notice in a Dutch national daily paper and a national daily paper or      official gazette in each of the countries where the company’s ordinary      shares are listed, without prejudice to the provi­sions of article 96a      paragraph 4, Book 2 of the CivilCode. |
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| 2. | The      expression “shareholders” in paragraph 1 shall include the      beneficia­ries of a right of usufruct and ple­dgees to which the      voting rights on shares accrue. |
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| 1. | A      resolution of the general meeting to amend the articles of association, to      merge or split the company within the meaning of Title 7 of Book 2 of the      Civil Code, shall only be adopted on a proposal of the Board of Management      and after approval of the Supervisory Board and shall require an      affirmative vote of two/thirds of the votes cast, provided that a      resolution to amend the articles of association with respect to article 4      shall shall only be adopted on a proposal of the Board of Management and      after approval of the Supervisory Board and shall require an affirmative      vote of an absolute majority of the votescast. |
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|   | A      resolution of the general meeting to dissolve the company, shall only be      adopted on a proposal of the Board of Management and after approval of the      Supervisory Board and shall require an affirmative vote of three quarters      of the votes cast. |
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| 2. | When      a proposal to amend the articles of association or to dissolve the company      is to be submitted to the general meeting, such must be      men­tio­ned in the notice of the general meeting of shareholders      and, if an amend­ment to the articles of association is to be      discussed, a copy of the propo­sal, setting forth the text of the      proposed amendment verba­tim, shall at the same time be deposited at      the company’s office and at such place to be designa­ted in the notice      of the meeting for inspection and shall be held available for shareholders      as well as for beneficiaries of a right of usufruct and pledgees      to |
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|   | which      the voting rights on share accrue, free of charge until the end of the      meeting. |
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| 1. | In      the event of dissolution of the company by vir­tue of a      resol­ution of the general meeting, the Board ­of Management shall      be charged with the liqui­dation of the business of the company and      the Super­visory Board with the supervision  thereof. |
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| 2. | During      liquidation, the provisions of these ar­ticles of associ­ation      shall re­main in force as far as  poss­ible. |
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| 3. | From      the balance remaining after payment of debts there shall first, as far as      possible, be transferred to the holders of preference shares, in      proportion to the total amount of the preference shares held by each of      them: |
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|   | a. | an      amount equal to any dividend arrears as referred to in article 32      paragraph 1, which shall then be calculated over the period ending on the      day on which the liquidation payment shall become payable;    and |
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|   | b. | the      nominal amount paid on the preferenceshares. |
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| 4. | Out      of the remainder shall be transferred to the holders of ordinary shares in      proportion to the total number of ordinary shares held by each of      them. |
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| 5. | The      liquidation shall otherwise be subject to the provisions of Title 1, Book      2 of the Civil Code. |
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