##### 



Exhibit 4.6
 COMBINATION AGREEMENT
  AXALTO HOLDING N.V.
 GEMPLUS INTERNATIONAL S.A.
 T3 PARTNERS, LP
 TPG GIANT, LLC
 TPG PARTNERS III, LP
 ACTON 1. BETEILIGUNGS GMBH
 ACTON 2. BETEILIGUNGS GMBH
 ACTON 3. BETEILIGUNGS GMBH
 JOHANNA QUANDT
  STEFAN QUANDT
 December 6, 2005




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##### 



TABLE OF CONTENTS
 PageARTICLE I Corporate Proceedings; Filings; Labor Matters
    
    21.1
    
    Corporate Authorizations of Axalto
    
    21.2
    
    Corporate Authorizations of Gemplus; Gemplus Board Recommendation
    
    31.3
    
    Executive Chairman of the Board of Directors of Gemalto
    
    41.4
    
    Senior Executive Officers of Gemalto
    
    41.5
    
    Required Filings
    
    41.6
    
    Labor Matters
    
    4ARTICLE II Gemplus Distribution; Contribution in Kind
    
    42.1
    
    Gemplus Distribution
    
    42.2
    
    Contribution in Kind of the Gemplus Shares Held by S1 and S2
    
    52.3
    
    Consideration for the Contribution in Kind
    
    52.4
    
    Regulatory Filings
    
    62.5
    
    Closing of the Contribution in Kind
    
    6ARTICLE III Offer
    
    73.1
    
    Launching by Gemalto of the French Offer
    
    73.2
    
    Launching by Gemalto of the US Offer
    
    73.3
    
    Specific Guarantee for Holders of Gemplus Stock Options
    
    7ARTICLE IV Strategy; Integration
    
    84.1
    
    Strategy of the Combined Companies
    
    84.2
    
    Integration Team
    
    8ARTICLE V Representations of Axalto
    
    85.1
    
    Organization, Good Standing and Qualification
    
    95.2
    
    Capital Structure
    
    95.3
    
    Authority Relative to this Combination Agreement
    
    95.4
    
    Governmental Filings; No Violations
    
    10
 - i -




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##### 



Page5.5
    
    Axalto Reports; Financial Statements
    
    105.6
    
    Employee Benefits
    
    115.7
    
    Intellectual Property
    
    115.8
    
    Absence of Certain Changes
    
    125.9
    
    Litigation
    
    125.10
    
    Absence of Undisclosed Liabilities
    
    125.11
    
    Compliance with Laws; Permits
    
    135.12
    
    Tax Matters
    
    135.13
    
    Dividends
    
    14ARTICLE VI Representations of Gemplus
    
    146.1
    
    Organization, Good Standing and Qualification
    
    146.2
    
    Capital Structure
    
    146.3
    
    Authority Relative to this Combination Agreement
    
    156.4
    
    Governmental Filings; No Violations
    
    156.5
    
    Gemplus Reports; Financial Statements
    
    166.6
    
    Employee Benefits
    
    166.7
    
    Intellectual Property
    
    176.8
    
    Absence of Certain Changes
    
    176.9
    
    Litigation
    
    176.10
    
    Absence of Undisclosed Liabilities
    
    186.11
    
    Compliance with Laws; Permits
    
    186.12
    
    Tax Matters
    
    186.13
    
    Dividends
    
    19ARTICLE VII Representations of S1 and S2
    
    197.1
    
    Representations of S1
    
    197.2
    
    Representations of S2
    
    19ARTICLE VIII Additional Covenants of Axalto
    
    208.1
    
    Indemnification of Gemplus Directors and Officers
    
    20
 - ii -




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##### 



Page8.2
    
    Disposition of Shares of Gemalto Held by S1 or S2
    
    20ARTICLE IX Additional Covenants of S1 and S2
    
    219.1
    
    Lock-Up Commitment of S1 and S2
    
    219.2
    
    Commitment to Vote
    
    21ARTICLE X Additional Covenants of the Parties
    
    2110.1
    
    Antitrust; Foreign Investment Laws
    
    2110.2
    
    Conduct of Business; Interim Operations
    
    2210.3
    
    Best Efforts; Cooperation; Consents; Listings
    
    2310.4
    
    Acquisition Proposals; Board Recommendations
    
    2410.5
    
    Access to Information; Notification of Certain Matters
    
    2410.6
    
    Operations of Gemalto
    
    25ARTICLE XI Conditions Precedent
    
    2511.1
    
    Conditions Precedent to Certain Obligations of Axalto
    
    2511.2
    
    Conditions Precedent to Certain Obligations of Gemplus
    
    2611.3
    
    Conditions Precedent to Certain Obligations of S1 and S2
    
    28ARTICLE XII Termination
    
    2912.1
    
    Termination
    
    2912.2
    
    Effect of Termination
    
    30ARTICLE XIII Definitions
    
    3013.1
    
    Definitions
    
    30ARTICLE XIV Miscellaneous
    
    3714.1
    
    Press Release
    
    3714.2
    
    Costs and Expenses
    
    3714.3
    
    Successors and Assigns
    
    3714.4
    
    Third Party Beneficiaries
    
    3714.5
    
    Entire Agreement
    
    3714.6
    
    Severability
    
    3714.7
    
    Amendments and Waivers
    
    38
 - iii -




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##### 



Page14.8
    
    Notices
    
    3814.9
    
    Governing Law
    
    4014.10
    
    Dispute Resolution
    
    40
 - iv -




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##### 



Exhibits
 Exhibit 1.1(a)
    
    Axalto Board ResolutionsExhibit 1.1(b)
    
    Axalto Shareholders Meeting ResolutionsExhibit 1.1(c)
    
    Revised Articles of Association of GemaltoExhibit 1.1(d)
    
    Initial Board of Directors of GemaltoExhibit 1.2(a)
    
    Gemplus Board ResolutionsExhibit 1.2(c)(i)
    
    Gemplus Shareholders Meeting ResolutionsExhibit 1.2(c)(ii)
    
    Restructured Gemplus Board of DirectorsExhibit 1.3
    
    Roles of Executive Chairman and CEOExhibit 1.4
    
    Initial Senior Executive Officers of GemaltoExhibit 2.2(c)(i)
    
    S1 Transfer InstructionExhibit 2.2(c)(ii)
    
    S2 Transfer InstructionExhibit 2.3
    
    Contribution SharesExhibit 5.5
    
    Axalto Consolidated Statements of Income and of Cash Flows and Balance Sheet Data for the Third Quarterof 2005 and Year-to-Date September 30, 2005Exhibit 11.1(h)((i)
    
    Form of Authorized Representative's Certificate of GemplusExhibit 11.1(h)((ii)
    
    Form of Authorized Representative's Certificate of S1Exhibit 11.1(h)((iii)
    
    Form of Authorized Representative's Certificate of S2Exhibit 11.2(h)
    
    Form of Authorized Representative's Certificate of Axalto delivered to GemplusExhibit 11.3(h)
    
    Form of Authorized Representative's Certificate of Axaltodelivered to each of S1 and S2Exhibit 14.1
    
    Form of Joint Press Release
 - v -




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##### 



COMBINATION AGREEMENT
 Combination Agreement
 1.
    
    Axalto Holding N.V., a naamloze vennootschaporganized under the laws of The Netherlands,
(Axalto),2.
    
    Gemplus International S.A., a société anonymeorganized under the laws of Luxemburg,
(Gemplus),3.
    
    T3 Partners, LP, TPG Giant, LLC and TPG Partners III, LP, jointly and severally among them
(S1), and4.
    
    Acton 1. Beteiligungs GmbH, Acton 2. Beteiligungs GmbH, Acton 3. Beteiligungs GmbH, Johanna
Quandt and Stefan Quandt, jointly and severally among them (S2).
  RECITALS
 Eurolist Euronext Paris S.A.
 Eurolist Euronext Paris S.A.
 S1 Shares ,
 S2 Shares Contribution Shares ,
 Combination Exchange
Ratio Section 2.1




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##### 



IN CONSIDERATION OF THE FOREGOING, IT IS AGREED AS FOLLOWS:
 ARTICLE I  Corporate Proceedings; Filings; Labor Matters
 Corporate Authorizations of Axalto
 Exhibit
1.1(a) Axalto Shareholders Meeting Exhibit
1.1(b) Axalto Shareholders Meeting Resolutions inter alia Section 11.1 Exhibit 1.1(c) statutaire bestuurders
 -2-




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##### 



Exhibit 1.1(d) Exhibit 1.1(d)
 Corporate Authorizations of Gemplus; Gemplus Board Recommendation
 December Gemplus Board Meeting Conseil
dAdministration , Exhibit 1.2(a) , Gemplus Board
Recommendation Section 1.2(b)
 Section 10.4 Autorité des marchés financiers AMF Section 3.1 Section 1.2(c) Section 11.2 Reiteration of the Gemplus Board Recommendation Section 1. 2(a) Exhibit 11.2(h) Section 11.2(h)
 Gemplus
Shareholders Meeting Exhibit
1.2(c)(i) Gemplus Shareholders Meeting Resolutions inter alia Exhibit 1.2(c)(ii) , Exhibit 1.2(c)(ii)
 -3-




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##### 



Executive Chairman of the Board of Directors of Gemalto
 Section 1.1 Section 1.1 Commencement of Executive Period Executive Period Exhibit 1.3
 Senior Executive Officers of Gemalto
 Section 1.1 Exhibit 1.4
 Required Filings
 HSR Act EC Antitrust Act Antitrust Laws
 Labor Matters
 comité dentreprise
 ARTICLE II
 Gemplus Distribution; Contribution in Kind
 Gemplus Distribution
 inter alia Avis de Dépôt pro rata Gemplus Distribution
 Section 2.1(a)
 -4-




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##### 



Section 10.4
  Section 2.3
 Contribution in Kind of the Gemplus Shares Held by S1 and S2
 Section 11.3 S1 Contribution Section 2. 2(c) S1 Contribution
Agreement
 Section 11.3 S2 Contribution " Contribution in
Kind Section 2. 2(c) S2 Contribution Agreement Contribution Agreements
 Section 11.3 , Exhibit 2.2(c)(i) Avis de Dépôt Avis de Dépôt S1 Transfer Instruction Exhibit 2.2(c)(ii) Avis de Dépôt S2 Transfer Instruction , Transfer Instructions
 Avis de Dépôt
 Consideration for the Contribution in Kind
  -5-




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##### 



Consideration Shares Exhibit 2.3
 Regulatory Filings
 S1 Section 1.5
 Axalto Application for Listing Form Eurolist Euronext
 Closing of the Contribution in Kind
 Closing of the Contribution in Kind
 (a)
    
    Axalto shall deliver to Gemplus the certificate required by Section 11.2(h);(b)
    
    Axalto shall deliver to each of S1 and S2 the respective certificates required by Section
11.3(h);(c)
    
    Each of Gemplus, S1 and S2 shall deliver to Axalto the respective certificates required by
Section 11.1(h);(d)
    
    S1, jointly with Axalto,shall deliver the S1 Transfer Instruction to the Registrar and
S2, jointly with Axalto,shall deliver the S2 Transfer Instruction to the Registrar pursuant to
Section 2.2(c);(e)
    
    The Reiteration of the Gemplus Board Recommendation shall occur pursuant to Section 1.2(b)
(except insofar as the Reiteration of the Gemplus Board Recommendation does not occur as a result
of Gemplus having entered into a binding Agreement pursuant to Section 10.4);(f)
    
    Axalto shall file the appropriate documents to launch the French Offer pursuant to Section
3.1;(g)
    
    Axalto shall deliver to the Registrar a copy of the Avis de Dépôtpursuant to Section
2.2(c);
 -6-




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##### 



Section 2.1
 Section 2.2(c)
 Section 2.3
 Section 1.1
 Section 1.2(c)
 ARTICLE III  Offer
 Launching by Gemalto of the French Offer
 Section
11.1 French
Offer Offer Article 232-1 et seq. Réglement
général Section 3.2 Section 3.2
 Launching by Gemalto of the US Offer
 US Offer
 Specific Guarantee for Holders of Gemplus Stock Options
  -7-




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##### 



Section 3.3(b)
 ARTICLE IV  Strategy; Integration
 Strategy of the Combined Companies
  Integration Team
 Section 4.1
 ARTICLE V  Representations of Axalto
  -8-




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##### 



Organization, Good Standing and Qualification
 Section 5.1
 Capital Structure
 pari passu
 Authority Relative to this Combination Agreement
   -9-




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##### 



Governmental Filings; No Violations.
 Euronext Securities
Laws
  Axalto Reports; Financial Statements
  -10-




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##### 



Exhibit 5.5
 Employee Benefits
  Intellectual Property
  -11-




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##### 



Absence of Certain Changes
  Litigation
  Absence of Undisclosed Liabilities
  -12-




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##### 



Compliance with Laws; Permits
  Tax Matters
 Axalto Returns
 -13-




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##### 



Dividends
  ARTICLE VI  Representations of Gemplus
  Organization, Good Standing and Qualification
 Section 6.1
 Capital Structure
  -14-




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##### 



Section 2.1(a)
 Authority Relative to this Combination Agreement
  Section 1. 2(b)
 Governmental Filings; No Violations.
   -15-




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##### 



Gemplus Reports; Financial Statements
  Employee Benefits
  -16-




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##### 



Intellectual Property
  Absence of Certain Changes
  Litigation
  -17-




---



##### 



Absence of Undisclosed Liabilities
  Compliance with Laws; Permits
  Tax Matters
 Gemplus Returns
 -18-




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##### 



Dividends
  ARTICLE VII  Representations of S1 and S2
 Representations of S1
 Corporate Existence and Power
 Authorization S1
 Title to the S1 Shares
 Representations of S2
 Corporate Existence and Power
 Authorization
 -19-




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##### 



Title to the S2 Shares
 ARTICLE VIII  Additional Covenants of Axalto
 Indemnification of Gemplus Directors and Officers
     Disposition of Shares of Gemalto Held by S1 or S2
 Section 8.2(b)
 Ge alto
 -20-




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##### 



, Section 8.2
 Section 8. 2(a)
 ARTICLE IX
Additional Covenants of S1 and S2
 Lock-Up Commitment of S1 and S2
 Lock-Up
Period
   Commitment to Vote
  ARTICLE X  Additional Covenants of the Parties
 Antitrust; Foreign Investment Laws
  -21-




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##### 



Conduct of Business; Interim Operations
         -22-




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##### 



Best Efforts; Cooperation; Consents; Listings
 Section 10.4
   Eurolist Euronext
  -23-




---



##### 



Acquisition Proposals; Board Recommendations
 except Section 10.4(a)
  Access to Information; Notification of Certain Matters
 Representatives
 -24-




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##### 



Operations of Gemalto
     ARTICLE XI  Conditions Precedent
 Conditions Precedent to Certain Obligations of Axalto
  except
   Section 10.4
 -25-




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##### 



Section 10.2 Section 10.4
  Section 10.4
 Exhibit 11.1(h)(i) Exhibit 11.1(h)(ii) Exhibit
11.1(h)(iii) Section 10.4 Section
11. 1(c) , Section 11. 1(d) Section 11. 1(e) Section 11. 1(g)
  , , Section 2.2
 Conditions Precedent to Certain Obligations of Gemplus
 unless Section 11.2(c)
 -26-




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##### 



Section 11.2(h)
 except
   Section 10.4
 Section 10.2 Section 10.4
  Section 10.4
 -27-




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##### 



Exhibit 11.2(h) Section 10.4 Sections 11. 2(b) , 11.2(d) 11. 2(e) 11.2(g)
  Conditions Precedent to Certain Obligations of S1 and S2
 Section 11.3(c)
 except
   Section 10.4
 Section 10.2
 -28-




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##### 



Section 10.4
  Section 10.4
 Exhibit 11.3(h) Section 10.4 Sections 11. 3(b) , 11.3(d) 11. 3(e) 11.3(g)
 S1 S2;
 Section 10.4(a)
  ARTICLE XII  Termination
 Termination
    -29-




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##### 



Article XI
   Effect of Termination
 Article XII Section 12.2 Section 10.5 Article XIV
 Section 10.4 Section 12.1(b) Section 1.2(b)
 ARTICLE XIII  Definitions
 Definitions
  Acquisition Proposal
 Affiliate control controlling controlled by under common control
 -30-




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##### 



with
 Agreement
 AMF Section 1.2(b)
 Antitrust Laws Section 1.5
 Avis de Dépôt Section 2.1(a)
 Axalto Preamble
 Axalto Application for Listing Form Section
2.4(b)
 Axalto Audit Date
 Axalto Balance Sheet
 Axalto Common Stock
 Axalto Compensation and Benefit Plan
 Axalto Executive Officers
 Axalto Group
 Axalto Material Adverse Effect
 Axalto Reports
 -31-




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##### 



Axalto Returns Section 5.12
 Axalto Shareholders Meeting Section 1.1
 Axalto Shareholders Meeting Resolutions Section
1.1
 Axalto Subsidiary
 Best Efforts
 Business Day
 Claims
 Closing of the Contribution in Kind Section 2.5
 Combination Recital E
 Combination Agreement Preamble
 Commencement of Executive Period Section 1.3
 Completion of the Contribution in Kind
 Completion of the Offer
 Confidential Material Section 14.1
 Confidentiality Agreement Section 14.5
 Consideration Shares Section 2.3
 Contract
 -32-




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##### 



Contribution in Kind Section 2.2(b)
 Contribution Agreements Section 2.2(b)
 Contribution Shares Recital D
 December Gemplus Board Meeting Section 1.2(a)
 EC Antitrust Act Section 1.5
 Encumbrance
 Exchange Act
 Exchange Ratio Recital E
 Executive Period Section 1.3
 Foreign Investment Laws
 French Offer Section 3.1
 GAAP
 Gemalto Common Stock
 Gemalto Material Adverse Effect
 Gemalto Offering
 Gemplus Preamble
 Gemplus Audit Date
 Gemplus Balance Sheet
 Gemplus Board Recommendation Section 1.2(a)
 Gemplus Common Stock
 Gemplus Compensation and Benefit Plan
 -33-




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##### 



Gemplus Distribution Section 2.1(a)
 Gemplus Executive Officers
 Gemplus French Subsidiary
 Gemplus Group
 Gemplus Material Adverse Effect
 Gemplus Reports
 Gemplus Returns Section 6.12
 Gemplus Shareholders Meeting Section 1.2(c)
 Gemplus Shareholders Meeting Resolutions Section
1.2(c)
 Gemplus Subsidiary
 Governmental Entity
 HSR Act Section 1.5
 IFRS
 Intellectual Property
 -34-




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##### 



Knowledge
 Law
 Lock-Up Period Section 9.1(a)
 Material Adverse Change
 Material Adverse Effect
 Offer Section 3.1
 Party Parties Preamble
 Person
 Registrar HSBC, Direction des Titre Teneur de comptes
nominatifs.
 -35-




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##### 



Reiteration of the Gemplus Board Recommendation Section 1.2(b)
 Representatives Section 10.5
 S1 Preamble
 S1 Contribution Section 2.2(a)
 S1 Contribution Agreement Section 2.2(a)
 S1 Recital C
 S1 Transfer Instruction Section 2.2(c)
 S2 Preamble
 S2 Contribution Section 2.2(b)
 S2 Contribution Agreement Section 2.2(b)
 S2 Shares Recital D
 S2 Transfer Instruction Section 2.2(c)
 SAIT Dividend
 SEC
 Securities Act
 Securities Laws Section 5.4(a)
 Side Letter Confidentiality Agreement Section 14.5
 Subsidiary
 Superior Offer
 -36-




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##### 



Tax Taxes
 US Offer Section 3.2
 ARTICLE XIV  Miscellaneous
 Press Release
 Exhibit 14.1
 Costs and Expenses
  Successors and Assigns
  Third Party Beneficiaries
  Entire Agreement
 Confidentiality Agreement Side Letter Confidentiality Agreement
 Severability
  -37-




---



##### 



Amendments and Waivers
  Notices
   
   
 
  nd
  -38-




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##### 



mnp
 
  
   
   
  
 -39-




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##### 



Section 14.8
 Governing Law
  Dispute Resolution
 amiable composition
 -40-




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##### 



Axalto Holding N.V.
    
    
    
    T3 Partners, L.P.By:
    
    TPG Advisors III, Inc.,its General PartnerBy:
    
    /s/ Olivier PiouName: Olivier PiouTitle: Chief Executive Officer
    
    
    
    
    
    By:
    
    /s/ Geoffrey Fink*Name: David SpuriaTitle: Authorized RepresentativeGemplus International S.A.
    
    
    
    TPG Giant, LLCBy:
    
    TPG Advisors III, Inc.,its Managing MemberBy:
    
    /s/ Alex J. MandlName: Alex J. MandlTitle: Chief Executive Officer
    
    
    
    
    
    By:
    
    /s/ Geoffrey Fink*Name: David SpuriaTitle: Authorized RepresentativeActon 1. Beteiligungs GmbH
    
    
    
    TPG Partners III, L.P.Acton 3. Beteiligungs GmbHJohanna Quandt
    
    
    
    By:
    
    TPG Advisors III,
Inc., its General PartnerStefan QuandtBy:
    
    /s/ Dr. Johannes Fritz

Dr. Johannes Fritz
Attorney-in-Fact
    
    
    
    
    
    By:
    
    /s/ Geoffrey Fink*

Name: David Spuria
Title: Authorized Representative* Attorney-in-FactActon 2. Beteiligungs GmbHBy:
    
    /s/ Dr. Johannes Fritz

Dr. Johannes FritzManaging Director
 -41-