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Exhibit 1.1

SIEMENS





This edition of our Articles of Association,
prepared for the convenience of English-speaking
readers, is a translation of the German original.









Articles of Association of
Siemens Aktiengesellschaft





Updated as of December 2002





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-2-

Part one

GENERAL PROVISIONS

§ 1

Siemens Aktiengesellschaft (the Company), formed as a partnership under the
name Siemens & Halske in 1847, reorganized as a limited partnership in 1889 and
again as a stock corporation in 1897, has its registered offices in Berlin and
Munich.

§ 2



|1. |  | The object of the Company is:
|-- |  | -----------------------------



| | a) |  | to manufacture and distribute industrial products in the fields
of electrical engineering, mechanical engineering, precision
mechanics and all related sectors of engineering, as well as research
and development in these fields,
| | -- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
| | b) |  | to develop, plan, design and distribute systems and component
parts for the generation, transmission and processing of information
and energy, and to use them in processes of all kinds,                                          
|
| | c) |  | to manufacture and distribute goods which, as accessories or
auxiliary material, are useful in connection with the products
manufactured and distributed.                                                                          



|2. |  | The Company may engage in business of any kind and take any and all
measures related to, or which are directly or indirectly useful in
promoting, the objects of the Company. The Company may operate both
domestic and foreign factories; establish branch offices; found, acquire,
consolidate with, or participate in other companies; conclude or
participate in other management contracts; and enter into joint ventures.
|-- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

§ 3

Notices of the Company required by law or these Articles of Association shall
be published in the Official Gazette of the Federal Republic of Germany.





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-3-

Part two

CAPITAL STOCK; SHARES

§ 4



|1. |  | The capital stock amounts to EUR 2,671,122,003, divided into 890,374,001
shares of no par value.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|-- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|2. |  | The shares of stock shall be registered in the names of the holders. For
purposes of recording the shares in the Companys stock register,
shareholders are required to submit to the Company the number of shares
held by them and e-mail address if they have one and, in the case of
individuals, their name, address and date of birth, or in the case of
legal entities, their company name, business address and registered
offices.                                                                                                                                                                                                               
|  
|3. |  | The right of shareholders to have their ownership interests evidenced by
document shall be excluded, unless such evidence is required under the
regulations of a stock exchange on which the shares are listed. Collective
share certificates may be issued.                                                                                                                                                                                                                                                                                                                                                                                             
|  
|4. |  | The share capital is conditionally increased by up to nominal EUR
2,505,420. The conditional capital increase shall be effected exclusively
through the issuance of up to 835,140 new shares of stock registered in
the names of the holders with entitlement to dividends as of the beginning
of the fiscal year in which they are issued, and only to the extent to
which former shareholders of Siemens Nixdorf Informationssysteme AG take
advantage of the settlement offered to them following the integration of
Siemens Nixdorf Informationssysteme AG into Siemens AG.                                                                          
|  
|5. |  | The Managing Board, with the approval of the Supervisory Board, is
authorized until February 1, 2003 to increase the capital stock by up to
EUR 90,000,000 nominal through the issuance of up to 30,000,000 shares of
no par value registered in the names of the holders against contributions
in kind. This authorization may be implemented in installments. The
pre-emptive rights of existing shareholders shall be excluded. The
Managing Board, with the approval of the Supervisory Board, is authorized
to determine the further content of the rights embodied in the shares and
the conditions of the share issue (Authorized Capital 1998).  
|  
|6. |  | The Managing Board, with the approval of the Supervisory Board, is
authorized until February 1, 2004 to increase the capital stock by up to
EUR 210,000,000 nominal through the issuance of up to 70,000,000 shares of
no par value registered in the names of the holders against contributions
in kind. This authorization may be implemented in installments. The
pre-emptive rights of existing shareholders shall be excluded. The
Managing Board, with the approval of the Supervisory Board, is authorized
to determine the further content of the rights embodied in the shares and
the conditions of the share issue (Authorized Capital 1999). 
|  
|7. |  | The capital stock is conditionally increased by up to EUR 44,587,272
nominal. The conditional capital increase shall be effected exclusively
through the issuance of up to 14,862,424 new shares of stock registered in
the names of the holders with entitlement to dividends as of the beginning
of the fiscal year in which they are issued, and only to the extent to
which holders of stock options
granted under the 1999 Siemens Stock Option Plan or the 2001 Siemens Stock
Option Plan, in accordance with the authorization dated February 18, 1999
or February 22, 2001 respectively, exercise their Stock options
(Conditional Capital 1999).





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-4-



|8.  |  | The Managing Board, with the approval of the Supervisory Board, is
authorized until February 1, 2006 to increase the capital stock by up to
EUR 400,000,002 nominal through the issuance of up to 133,133,334 shares
of no par value registered in the names of the holders against
contributions in cash. This authorization may be implemented in
installments. The shares shall be offered to underwriting banks under the
condition that they are offered to existing shareholders for purchase. The
Managing Board, with the approval of the Supervisory Board, is authorized
to determine the further content of the rights embodied in the shares and
the conditions of the share issue and to make use of any residual amounts
after excluding the pre-emptive rights of existing shareholders thereon
(Authorized Capital 2001/I).                                                                        
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|   
|9.  |  | The Managing Board, with the approval of the Supervisory Board, is
authorized until February 1, 2006 to increase the capital stock by up to
EUR 66,630,000 nominal through the issuance of up to 22,210,000 shares of
no par value registered in the names of the holders against contributions
in cash. This authorization may be implemented in installments. The
pre-emptive rights of existing shareholders shall be excluded. The new
shares shall be issued under the condition that they are offered
exclusively to employees of the Company and its subsidiaries, provided
these subsidiaries are not listed companies themselves and do not have
their own employee share schemes. The Managing Board, with the approval of
the Supervisory Board, is authorized to determine the further content of
the rights embodied in the shares and the conditions of the share issue
(Authorized Capital 2001/II).
|   
|10. |  | The capital stock is conditionally increased by up to EUR 147,000,000
nominal. The conditional capital increase shall be effected exclusively
through the issuance of up to 49,000,000 new shares of no par value
registered in the names of the holders with entitlement to dividends as of
the beginning of the fiscal year in which they are issued, and only to the
extent to which holders of stock options granted under the 2001 Siemens
Stock Option Plan, in accordance with the authorization dated February 22,
2001 respectively, exercise their Stock options (Conditional Capital
2001).                                                                                                                                                                                                                                                                                                             

§ 5

In the event of liquidation, dissolution or winding up of the Company, all
corporate assets shall be distributed to all shareholders in proportion to the
ownership in the capital stock held by them.

§ 6

By subscription to or by otherwise acquiring shares or interim certificates for
shares, the shareholder submits to the jurisdiction of the courts of the
Companys legal domicile in all disputes with the Company or its governing
bodies.





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-5-

Part three

CONSTITUTION AND ADMINISTRATION OF THE COMPANY

§ 7

The governing bodies of the Company are:
     the Managing Board,
     the Supervisory Board,
     the Shareholders ́ Meeting.

MANAGING BOARD

§ 8



|1. |  | The Managing Board shall consist of more than one member. The Supervisory
Board shall determine the number of members of the Managing Board.                                                                                                                                                    
|-- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|2. |  | The Supervisory Board shall be empowered to appoint the members of the
Managing Board, to enter into contracts for their employment, and to
revoke their appointment. It shall also determine the assignment of
functions to the various members of the Managing Board.                         
|  
|3. |  | The Company shall be legally represented by two members of the Managing
Board, or by one member of the Managing Board jointly with a
Prokurist.(1)
Otherwise the Company shall be represented by Prokurists or other duly
authorized signatories to the extent authorized by the Managing Board.

§ 9

The Supervisory Board may appoint a Chairman of the Managing Board as well as a
Vice Chairman.

§ 10

The members of the Managing Board shall be obligated to the Company to keep
within the limitations which the Shareholders Meeting, these Articles of
Association, the Supervisory Board or the rules of procedure have determined
under the provisions of the law with regard to the managerial powers.



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|(1) |  | Prokurist is a holder of a special statutory authority, referred to as
Prokura, granted in accordance with Article 48 of the German Commercial
Code.
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------





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-6-

SUPERVISORY BOARD

§ 11



|1. |  | The Supervisory Board shall consist of twenty members, ten to be elected
by the Shareholders Meeting, and ten to be elected in accordance with the
German Codetermination Act.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|-- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|2. |  | Unless otherwise specified at the time of their election, the term of
office of the members of the Supervisory Board shall expire at the close
of that Shareholders Meeting which is called upon to ratify the acts of
the Supervisory Board for the fourth fiscal year after the beginning of
their term of office. In this calculation there shall be excluded the
fiscal year during which such term of office begins. The election of a
replacement for a member retiring before the expiration of his term of
office shall take effect for the remainder of the term of office of such
retiring member; the same applies in the event an election is contested
and must be held again.                                            
|  
|3. |  | Substitute members may be elected for some or all of the shareholders
members of the Supervisory Board, who shall replace, in an order
determined at the time of their election, shareholders members of the
Supervisory Board who have retired early or whose election has been
successfully contested. If a substitute member replaces a retired member,
his/her office shall expire at the end of the Shareholders Meeting at
which a replacement is elected in accordance with Subsection 2 above, or
at the latest when the term of office of the retired member would have
expired. The election of substitute members for the employees members of
the Supervisory Board shall be governed by the German Codetermination Act.
|  
|4. |  | Any member of the Supervisory Board may resign his/her office after
giving notice. Such notice must be given one month in advance.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      

§ 12



|1. |  | The Supervisory Board shall elect from among its members a Chairman and a
Vice-Chairman in accordance with the German Codetermination Act and,
additionally, a second Vice Chairman.                                                                                                                                                                           
|-- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|2. |  | In all cases in which a Vice Chairman takes the chair because the
Chairman is prevented from doing so, the Vice Chairman shall have the same
rights as the Chairman, except for the second vote accorded to the
Chairman pursuant to the German Codetermination Act.                                                                                           
|  
|3. |  | In the event the Chairman or a Vice-Chairman retires from office during
his/her term of office, a new election for such office shall take place
without delay.                                                                                                                                                                                                 
|  
|4. |  | The Chairman and the Vice Chairmen may be removed only for important
cause. The continuing disability of the Chairman or a Vice Chairman shall
be deemed to constitute an important cause. The removal of the Chairman or
the Vice Chairman elected in accordance with the German Codetermination
Act shall be subject to the same procedure as their election.





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-7-

§ 13



|1. |  | The Supervisory Board shall have all rights and obligations assigned to
it by law and by these Articles of Association.                                                                                                                                                                                                                                                                                                                              
|-- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|2. |  | The Supervisory Board may adopt purely formal amendments to these
Articles of Association.                                                                                                                                                                                                                                                                                                                                                           
|  
|3. |  | The Managing Board shall report regularly to the Supervisory Board as
prescribed by law. In addition, the Supervisory Board may at any time
request a report on the Companys affairs, on its legal and business
relations with subsidiary companies and on such business transaction
associated with these subsidiaries that may have a significant impact on
the Companys situation.                                                              
|  
|4. |  | The Supervisory Board may require that certain kinds of action taken by
the Managing Board shall be subjected to its approval.                                                                                                                                                                                                                                                                                                                       
|  
|5. |  | To the extent permitted by law or by these Articles of Association, the
Supervisory Board may delegate its rights and obligations to its Chairman,
to individual members, or to committees appointed from among its members.
If the Chairman of the Supervisory Board is a member of any such committee
and if there is a tie vote in the committee, then the Chairman shall have
two votes in case a second vote taken should again result in a tie.
|  
|6. |  | The Supervisory Board shall determine its own rules of procedure.                                                                                                                                                                                                                                                                                                                                                                                    
|  
|7. |  | If binding declarations must be made or received in order to carry out
resolutions of the Supervisory Board, the Chairman or, in the event of his
disability, a Vice Chairman shall act for the Supervisory Board. Other
documents and notices of the Supervisory Board shall be signed by the
Chairman or a Vice Chairman.                                                                                                                          

§ 14

Notice of meetings of the Supervisory Board shall be given at least two weeks
in advance by the Chairman or, in the event of his disability, by a Vice
Chairman. This period may be reduced in urgent cases if no member of the
Supervisory Board objects. Notice may be given in writing, by fax, by telex or
by telephone. In other respects the statutory provisions governing the calling
of meetings of the Supervisory Board shall apply, as well as the provisions of
the rules of procedure of the Supervisory Board.

§ 15



|1. |  | The Chairman or, in the event of his disability, a Vice Chairman, shall
preside at the meetings of the Supervisory Board.                                                                                                                                                                                                                                
|-- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|2. |  | To constitute a quorum for any resolution it shall be necessary that at
least half of the number of members of the Supervisory Board prescribed by
law shall participate in the resolution. Resolutions on items of the
agenda which were not included in the notice of the meeting may be
considered only if no member of the Supervisory Board objects.
|  
|3. |  | Absent members of the Supervisory Board whose written votes are cast by
another member of the Supervisory Board personally present shall be deemed
to have participated in the resolution for purposes of Subsection 2,
Sentence 1, above.                                                                                                               





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-8-



|4. |  | Meetings held and resolutions made by telephone and in writing, by fax or
by telex or using some other means of telecommunication are permissible if
the Chairman of the Supervisory Board decides accordingly in a particular
case.
|-- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|5. |  | Resolutions shall be adopted by simple majority of the votes cast unless
otherwise required by law. In the event of a tie, the Chairman shall have
two votes if a second vote taken should again result in a tie.                   

§ 16

Minutes, signed by the Chairman of the meeting and the person taking the
minutes, shall be kept at all meetings of the Supervisory Board.

§ 17



|1. |  | Each member of the Supervisory Board shall receive, apart from the
reimbursement of his/her expenses, a fixed remuneration of EUR 6,000
payable after the end of the fiscal year and, in addition, a variable
remuneration of EUR 3,500 for each EUR 0.05 dividend per share, in excess
of EUR 0.20 per share entitled to the full dividend, declared by the
Shareholders Meeting and distributed to the shareholders.             
|-- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|2. |  | The Chairman shall receive double, and each Vice Chairman and each other
member of a Supervisory Board committee (other than statutory committees)
shall receive one and a half times, these amounts.                                                                                                                                                                                                                               
|  
|3. |  | In addition, each member of the Supervisory Board shall receive 1,500
Value Creation Rights (VCRs) per year, which shall be granted and
exercised under the same terms as those set forth under the then current
Stock Option Plan of the Company as approved by the Shareholders Meeting
in the year in which such VCRs are issued. Holders of VCRs are not
entitled to receive shares of stock, but shall be compensated in cash.
|  
|4. |  | The Company shall reimburse each member of the Supervisory Board for the
sales tax to be paid on his/her remuneration.                                                                                                                                                                                                                                                                                                              





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-9-

SHAREHOLDERS MEETING

§ 18



|1. |  | An Annual Shareholders Meeting shall be held within the first eight
months of each fiscal year.                                                                                                                                                                                                                                                                                                                            
|-- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|2. |  | The Shareholders Meeting shall be called by the Managing Board or the
Supervisory Board.                                                                                                                                                                                                                                                                                                                                   
|  
|3. |  | Shareholders whose combined shares amount to at least one twentieth of
the capital stock may demand in writing the call of a Shareholders
Meeting, stating the purpose and reasons for it. In the same way,
shareholders whose combined shares represent a proportionate ownership of
at least EUR 500,000 in the capital stock may demand that items be placed
on the agenda for consideration at a Shareholders Meeting.
|  
|4. |  | Notice of Shareholders Meeting shall be given at least one month prior
to the day by which the shareholders must give notification of attendance.
The day on which notice of the meeting is given and the last day on which
shareholders must give notification of attendance shall not be included.                                                                                                                       

§ 19



|1. |  | Every share of stock shall have one vote.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           
|-- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|2. |  | All shareholders of record who are registered in the Companys Stock
register and have duly given notification of attendance shall be entitled
to attend the Shareholders Meeting.                                                                                                                                                                                                                                                                                                                                                                                                 
|  
|3. |  | The notification of attendance shall be submitted to the Managing Board
at the Companys registered offices either in writing or by some means of
electronic communication to be specified in more detail by the Company and
must be received at least six full days before the date of the
Shareholders Meeting. The Managing Board may reduce this period in the
notice to attend the Shareholders Meeting. Details of the notification of
attendance shall be published in the bulletins of company announcements
together with the notice convening the Shareholders Meeting.
|  
|4. |  | Shareholders of record or their proxies entitled to attend the
Shareholders Meeting shall be issued with admission tickets and voting
cards.                                                                                                                                                                                                                                                                                                                                                                                                                                       





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-10-

§ 20

Votes may also be cast by proxy.

If the proxy is neither an underwriting bank nor an association of
shareholders, the authorization may be submitted in writing or by some means of
electronic communication to be specified in more detail by the Company. The
details relating to the issuance of such authorizations shall be published in
the bulletin of company announcements together with the notice convening the
Shareholders Meeting.

§ 21



|1. |  | The Shareholders Meeting shall be chaired by the Chairman of the
Supervisory Board or, in the event of his disability, by a member of the
Supervisory Board designated by the Chairman. If neither the Chairman nor
another member of the Supervisory Board designated by him is present, then
the chairman of the meeting shall be elected by the present shareholders
members of the Supervisory Board.                                                                       
|-- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|2. |  | The chairman of the meeting shall direct the procedure of the
Shareholders Meeting. He may, particularly in exercising rules of order,
make use of assistants. He shall determine the sequence of speakers and
may set a time limit on speeches or order the end of the debate on
individual items of the agenda, to the extent necessary for the orderly
progress of the Shareholders Meeting.                                                                                 
|  
|3. |  | The chairman of the meeting shall decide the order of the agenda and the
sequence of voting. In case of the use of ballots or other such voting
means he may decide that several items shall be put to the vote
simultaneously.                                                                                                                                                                                                                                                   
|  
|4. |  | Shareholders not wishing to participate in a vote must, prior to the
beginning of the voting, so notify the chairman of the meeting in the form
prescribed by him. In calculating the voting results, only the negative
votes and the abstentions shall be counted. Votes of shareholders present
in person or by proxy who have neither announced their nonparticipation in
the vote, nor cast a negative vote, nor abstained from voting, shall be
counted as affirmative votes.
|  
|5. |  | The chairman of the meeting may alter the voting procedure set forth in
Subsections 3 and 4 above and may also prescribe a different procedure,
such as a voice vote or a show of hands.                                                                                                                                                                                                                                                                                          
|  
|6. |  | Provided this is announced in the notice to attend the Shareholders
Meeting, the chairman of the meeting may also permit attendance of the
Shareholders Meeting, transmission thereof and participation in the
voting by electronic means, where permitted by law.                                                                                                                                                                                                              
|  
|7. |  | Except for election of substitute members of the Supervisory Board (§ 11
Subsection 2, Sentence 3, of the Articles of Association) a plurality of
the votes shall determine the result of any election. In the event of a
tie, a lot to be drawn by the chairman of the meeting shall decide.                                                                                                                                                                                     

§ 22



|1. |  | Minutes of the Shareholders Meeting shall be kept by a German Notary.                                 
|-- |  | -------------------------------------------------------------------------------------------------------
|  
|2. |  | The minutes shall be conclusive for the shareholders among themselves and
in relation to their proxies.
|  
|3. |  | The proxy statements need not be appended to the minutes.                                              





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-11-

§ 23



|1. |  | The Shareholders Meeting shall resolve with binding force for all
shareholders all matters referred to it by law.                                                                                                                          
|-- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|2. |  | Except as otherwise provided by § 21, subsection 7, of these Articles of
Association with respect to elections, resolutions of the Shareholders
Meeting shall require a simple majority vote, unless a greater majority is
required by law.





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-12-

Part four
ANNUAL FINANCIAL STATEMENTS, APPROPRIATION OF NET INCOME

§ 24



|1. |  | The fiscal year shall run from October 1st to September 30th of the
following year.                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|-- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|2. |  | The Managing Board shall prepare the annual financial statements and
Managements discussion and analysis for the past fiscal year and submit
them to the independent auditors. Immediately after receipt of the
auditors report, the Managing Board shall submit the annual financial
statements, Managements discussion and analysis, and the auditors report
to the Supervisory Board together with the proposal for the appropriation
of net income available for distribution which the Managing Board wishes
to recommend to the Shareholders Meeting.
|  
|3. |  | The annual financial statements, Managements discussion and analysis,
the report of the Supervisory Board and the proposal of the Managing Board
for the appropriation of net income available for distribution shall be
made available at the offices of the Company for inspection by
shareholders from the date on which Notice of the Shareholders Meeting is
given.                                                                                                                                                                                      
|  
|4. |  | Each year the Shareholders Meeting, after having received the report to
be prepared by the Supervisory Board, shall during the first eight months
of the fiscal year determine on the appropriation of net income available
for distribution, the discharge from responsibility of the Managing Board
and the Supervisory Board, the appointment of the independent auditors
and, in those cases provided for by law, the approval of the annual
financial statements.                                                                                         

§ 25



|1. |  | The annual net income available for distribution shall be employed for
the equal distribution of a dividend to the shareholders in proportion to
the ownership in the capital stock held by them, unless the Shareholders
Meeting shall exclude such net income wholly or in part from distribution.
|-- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|  
|2. |  | In the event of an increase in the capital stock, the participation in
such net income by the new shares need not conform with Article 60 (2) of
the German Corporation Act.