----

| 1. | The      participation in, collaboration with and financing, administration and      management of other enterprises and companies and the performance of all      acts, activities and services which are related or may be conducive      thereto: |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | The      engagement in banking and stockbroking activities, the management of third      party assets, acting as trustee, administrator, executor of wills and      executive director, non-executive director or liquidator of companies or      other organisations, the provision of insurances and the performance of      all other acts and activities which are related or may be conducive      thereto, all in the broadest possiblesense; |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | The      fostering of the direct and indirect interests of all those who are      involved in any way in the Company and the safeguarding of the continuity      of the Company and its affiliatedenterprise(s). |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | The      shares shall be registered shares. |
|----|---------------------------------------------|

| 2. | Where      more than one party is entitled to a share or the said share forms part of      jointly-owned property, the persons entitled may only be represented in      relation to the Company by one person, appointed by them in writing for      that purpose. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | The      Managing Board shall maintain a register of the holders of registered      shares, in which such entries and annotations shall be made, from which      such extracts shall be issued and which shall be available for inspection      in such a manner and by such parties as prescribed by  law. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Each      holder of registered shares, or usufructuary or lienholder in relation to      such shares shall be obliged to notify the Managing Board in writing of      his address and any change ofaddress. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | All      entries and annotations made in the registers shall be signed by two      members of the Managing Board or by one member of the Managing Board |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4. | The      registers referred to in this Article may consist of more than one part;      they may be maintained, either in whole or in part, in more than one copy      and in more than one place. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | The      transfer of a Share shall require a notarial deed, to be executed for that      purpose before a civil law notary registered in the Netherlands, to which      deed those involved in the transfer shall be  parties. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | The      provisions of the preceding paragraph shall apply mutatis mutandis to the      establishment and transfer of the right of usufruct or lien and to the      allotment of registered shares in case of a division of any      community. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | The      issue of shares shall be effected by a resolution to that effect passed by      the General Meeting of Shareholders following a proposal submitted by the      Managing Board and approved by the Supervisory Board.  With due      observance of the relevant statutory provisions, the General Meeting of      Shareholders shall be authorised to appoint the Managing Board as the body      which is authorised, subject to the approval of the Supervisory Board, to      issue shares, in this case, the Managing Board shall also be authorised to      determine the share price and further terms of  issue. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | The      above provisions with respect to the issue of shares shall also apply to      the granting of rights to acquire shares; they shall not, however, apply      to the issue of shares to a party exercising a previously obtained right      to acquire shares. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1. | When      shares are issued, each holder of shares shall have a pre-emptive right,      in proportion to the aggregate amount of his shares, except in the case of      an issue of shares for a consideration other than in cash or an issue of      shares to employees of the Company or of a group  company. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | The      body authorised to issue shares may, with due observance of the statutory      provisions, restrict or exclude the pre-emptive right for any      issue.  If the Managing Board has been appointed as the body      authorised to issue shares, the prior approval of the Supervisory Board      shall be required for a decision to thateffect. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Shareholders      shall have no pre-emptive rights with respect to shares issued to a party      exercising a previously obtained right to acquire  shares. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | Shares      shall only be issued against payment infull. |
|----|----------------------------------------------------------|

| 2. | Payment      shall be made in cash unless a non-cash contribution has been agreed.      Payment may only be made other than in a euro-based currency with the      Company’s consent. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a. | in      relation to the acquisition of shares whereby special commitments are      imposed upon the Company; |
|--------|----|--------------------------------------------------------------------------------------------------------------|

|   | b. | in      connection with the acquisition of shares on conditions other than those      on which participation in the Company is made available to the      public; |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c. | concerning      payment for shares other than incash. |
|--------|----|-------------------------------------------------------|

| 1. | The      Company may acquire fully paid-up shares or depositary receipts for shares      in its own capital for a consideration if and in so far as the General      Meeting of Shareholders has authorised the Managing Board thereto, with      due observance of the provisions of Section 98 of Book 2 of the      Netherlands Civil Code. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | The      said authorisation shall not be required for the acquisition by the      Company of shares in its own capital for the purpose of transferring the      said shares to employees in the service of the Company or of a group      company under a scheme which applies to the said  employees. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1. | The      Company shall not cooperate in the issuance of registered depositary      receipts for Shares. |
|----|---------------------------------------------------------------------------------------------------------|

| 2. | Where      reference is made in these Articles of Association to “holders of      depositary receipts”, these shall be understood to mean all those who have      the same rights as holders of depositary receipts for shares issued with      the cooperation of the Company. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | A      right of usufruct may be established on shares in the Company’s capital.      The voting rights shall be vested in the usufructuary provided such was      determined when the usufruct wasestablished. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | A      right of lien may also be vested in shares in the Company’s      capital.  The voting rights shall be vested in the lienholder      provided such has been determined when the right of lien was established;      if a right of lien is established on a preference share, however, the      voting right may not be vested in the  lienholder. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Shareholders      not having voting rights and usufructuaries and lienholders having voting      rights shall have the rights as assigned by law to holders of depositary      receipts issued with the cooperation of the Company. Usufructuaries or      lienholders not having voting rights shall not have the aforementioned      rights. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1. | The      Company shall be managed by a ManagingBoard. |
|----|-------------------------------------------------------|

| 2. | The      Managing Board shall consist of at least five  members. |
|----|------------------------------------------------------------------|

| 3. | The      Managing Board shall determine the allocation of its duties in mutual      consultation. |
|----|---------------------------------------------------------------------------------------------------|

| 4. | A      resolution of the Managing Board shall be evidenced by a document setting      forth such resolution and signed by the chairman or the secretary of the      Managing Board, or a deputy of the chairman or the secretary of the      Managing Board. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | The      Members of the Managing Board shall be appointed by the General Meeting of      Shareholders.  Members of the Managing Board must be approved in      accordance with Section 33 paragraph 2 of the Decree on the prudential      rules for financial undertakings active on the financial markets (Besluit prudentiële regels      Wft)”. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | The      Supervisory Board shall nominate one or more candidates for each vacant      seat and, if not at least five Managing Board members are in office, it      will do so as soon as reasonablypossible. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | If      the nomination by the Supervisory Board with respect to a vacant seat      consists of a list of two or more candidates, such list shall be binding      and the vacant seat must be filled by election of a person from the      binding list of candidates.  However, the General Meeting of      Shareholders may, at any time, by a resolution passed with a majority of      at least two-thirds of the votes cast resolve that such list shall not be      binding. A      resolution of the General Meeting of Shareholders to appoint a Managing      Board member other than in accordance with a binding or non-binding      nomination by the Supervisory Board shall require at least two-thirds of      the votes cast. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | At      a General Meeting of Shareholders, votes in respect of the appointment of      a Managing Board member, can only be cast for candidates named in the      agenda of the meeting of the explanatory notes thereto, unless the      resolution is adopted unanimously during a meeting in which the entire      issued share capital is represented.  If none of the candidates      nominated by the Supervisory Board |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 5. | A      nomination or recommendation to appoint a Managing Board member shall      state the candidate’s age and the positions he holds or has held, insofar      as these are relevant for the performance of the duties of a Managing      Board member.  The nomination or recommendation must state the      reasons on which it is based. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | The      Managing Board and the Supervisory Board shall together appoint a chairman      from among the members of the Managing Board, each member present being      entitled to cast one vote (this meeting shall be referred to hereinafter      as the combined meeting). |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | The      Company shall pursue a policy in the field of the remuneration of the      Managing Board.  This policy is determined by the General      Meeting; the Supervisory Board shall make a proposal with respect      thereto.  The remuneration policy shall contain at least the      subjects described in Sections 2:383c through 2:283e of the Dutch Civil      Code, to the extent these subjects concern the Managing    Board. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| l. | The      Supervisory Board may suspend members of the Managing Board at any      time.  If the General Meeting of Shareholders fails to reach a      decision within three (3) months of the suspension of a member of the      Managing Board, on whether that member should be dismissed, the suspension      shall be lifted.  The suspended member shall be given an      opportunity at this meeting to account for his/her actions.  The      member concerned may arrange for an adviser to be present to assist      him/her. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | A      decision to suspend a member of the Managing Board may only be carried at      a meeting of the Supervisory Board at which at least two-thirds of the      incumbents are present.  If less than two-thirds of the      Supervisory Board members make their appearance at this meeting, a second      meeting of the Supervisory Board shall be convened within a term of two      weeks, at which a decision shall be taken regardless of the number      incumbent members present. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | The      General Meeting of Shareholders may suspend or dismiss members of the      Managing Board at any time.  The resolution to do so must give      reasons. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 2. | Where      the General Meeting of Shareholders has suspended a member of the Managing      Board, the suspension shall be lifted if the General Meeting of      Shareholders has not taken a decision on that member’s dismissal within      three (3) months.  The suspended member shall be given an      opportunity at this meeting to account for his/her actions.  The      member concerned may arrange for an adviser to be present to assist      him/her. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | A      suspension or dismissal other than on a motion of the Supervisory Board      shall require a majority of two thirds of the votes  cast. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | The      authority to represent the Company shall either reside with two members of      the Managing Board acting jointly, or with one member of the Managing      Board and one duly authorised signatory acting  jointly. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | The      Company may also be represented by authorised signatories, with due      observance of any restrictions imposed upon their representative      authority. The Managing Board shall decide on their authority, their job      title and the terms of appointment, on the understanding that the title of      Senior Executive Vice President may only be granted in consultation with      the Supervisory Board. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | The      Managing Board shall require the approval of the General Meeting of      Shareholders for resolutions entailing a significant change in the      identity or character of the Company or its business, in any ease      concerning: |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a. | the      transfer of (nearly) the entire business of the Company to a third      party; |
|--------|----|-----------------------------------------------------------------------------------------|

----

|   | b. | entering      into or terminating a long term cooperation between the Company or any of      its subsidiaries and another legal entity or company or as a fully liable      partner in a limited partnership or general partnership, if such      cooperation or termination is of fundamental importance for the      Company; |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c. | acquiring      or disposing of a participation in the capital of a company if the value      of such participation is at least one third of the sum of the assets of      the Company according to its balance sheet and explanatory notes or, if      the Company prepares a consolidated balance sheet, its consolidated      balance sheet and explanatory notes according to the last adopted annual      accounts of the Company, by the Company or any of its      subsidiaries. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | With      prejudice to the provisions as stipulated elsewhere in these Articles of      Association, the Managing Board shall require the approval of the      Supervisory Board for the following management  decisions: |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a. | the      issue and acquisition of shares and debentures in the Company or      debentures in a limited partnership or general partnership in which the      Company is fully liable partner; |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | b. | cooperation      in the issue of depositary receipts for shares in the Company’s      capital; |
|--------|----|------------------------------------------------------------------------------------------------------|

|   | c. | application      for listing or cancellation of listing of the securities as referred to      under a. and b. in the Official Price List of any stock      exchange; |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | d. | entering      into or severing a lasting collaboration, either between the Company or a      dependent company and another legal entity or company, or in its capacity      as fully liable partner in a limited or general partnership if the said      collaboration or severing is of material significance for the      Company; |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | e. | participation      by the Company or a dependent company in the capital of another company to      an amount of at least one quarter of the value of the issued capital and      reserves of the Company as disclosed in its balance sheet and accompanying      notes, or any material increase or reduction in such      participation; |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | f. | investments      requiring an amount equal to at least one-quarter of the issued capital      and reserves of the Company as disclosed in its balance sheet and      accompanying notes; |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | g. | a      proposal to amend the Articles ofAssociation; |
|--------|----|------------------------------------------------------|

|   | h. | a      proposal to wind up the Company; |
|--------|----|-----------------------------------------|

|   | i. | filing      for bankruptcy and applying for moratorium of  payment; |
|--------|----|---------------------------------------------------------------------|

|   | j. | termination      of employment for a significant number of employees of the Company or of a      dependent company, either at the same time or within a short period of      time; |
|--------|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | k. | material      changes in the employment conditions of a significant number of employees      of the Company or of a dependent company, either at the same time or      within a short period of time; |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | l. | a      proposal relating to a reduction of the issued  capital. |
|--------|----|-----------------------------------------------------------------|

----

| 3. | The      absence of approval by the General Meeting or the Supervisory Board,      respectively, of a resolution as referred to in paragraph 1 or 2 shall not      affect the authority of the Managing Board or its members to represent the      Company. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | The      Company shall have a Supervisory Board consisting of at least five      members.  With due observance of the above provisions, the      Supervisory Board will fix the number of its  members. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Without      prejudice to the provisions as stipulated elsewhere in these Articles of      Association, it shall be the duty of the Supervisory Board to supervise      the conduct of business of the Managing Board as well as the general      course of affairs in the Company and its affiliated      enterprise(s). |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | The      Managing Board shall provide the Supervisory Board in good time with the      information required for the performance of its  duties. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | If      the Supervisory Board has fewer than five members in office, it shall      convene a General Meeting of Shareholders immediately in order to fill the      vacancy or vacancies.  The Supervisory Board shall retain its      powers throughout periods when there are vacancies or there are fewer than      five members. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | Convocations      and other notifications to holders of shares and depositary receipts for      shares shall be made by means of an announcement in at least one national      daily newspaper and in the Official Price List, published by Amsterdam      Exchanges N.V. or one of her subsidiaries, the Official Price List      hereafter to he mentioned as: the Official Price  List. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | A      resolution of the Supervisory Board shall be evidenced by a document      setting forth such resolution and signed by the chairman or the secretary      of the Supervisory Board, or by a deputy of the chairman or the secretary      of the Supervisory Board. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | The      Supervisory Board may, without prejudice to its responsibilities,      designate one or more committees from among its members, which shall have      the responsibilities specified by the Supervisory Board.  The      composition of any such committee shall be determined by the Supervisory      Board.  The General Meeting of Shareholders may grant additional      compensation to the members of the committee(s) for their service on the      committee(s). |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | Each      member of the Supervisory Board shall receive a fixed remuneration, the      level of which is determined, and may be changed, by the General Meeting      of Shareholders following a proposal to that effect by the said      Board. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1. | The      members of the Supervisory Board shall be appointed by the General Meeting      of Shareholders. |
|----|-----------------------------------------------------------------------------------------------------------|

| 2. | The      Supervisory Board shall nominate one or more candidates for each vacant      seat. |
|----|---------------------------------------------------------------------------------------------|

| 3. | The      provisions in paragraphs 3 and 4 of Article 18 shall apply mutatis      mutandis to the appointment of a Supervisory Board  member. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | Any      nomination of a candidate for appointment as Supervisory Board member      shall state the candidate’s age and occupation, the number of shares the      candidate holds in the Company’s capital and the functions the candidate      holds or has held in the past, to the extent that these are relevant to      fulfilling the task of Supervisory Board member.  It shall also      name any other legal persons for which the candidate is already a      non-executive director.  Where these include legal persons      belonging to the same group, it shall suffice to refer to that      group. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | Shareholders      and/or persons with rights of holders of depository receipts issued with      the cooperation of the Company representing in the aggregate at least      [one-tenth] of the Company’s issued capital may request the Management      Board or the Supervisory Board to convene a General Meeting of      Shareholders, stating specifically the business to be      discussed.  If the Management Board or the Supervisory Board has      not given proper notice of a General Meeting of Shareholders within four      weeks following receipt of such request such that the meeting can be held      within six weeks after receipt of the request, the applicants shall be      authorised to convene a meetingthemselves. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | Members      of the Supervisory Board shall retire from office not later than on the      day of the first General Meeting of Shareholders following the day on      which they have been a member of the Supervisory Board for a period of      four years from their most recent appointment or      reappointment.  Retiring Supervisory Board members shall be      eligible for immediate reappointment. The General Meeting of Shareholders      may suspend members of the Supervisory Board at any  time. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Where      the General Meeting of Shareholders has suspended a member of the      Supervisory Board, the suspension shall be lifted if the General Meeting      of Shareholders has not taken a decision on that member’s dismissal within      three (3) months.  The suspended member shall be given an      opportunity at this meeting to account for his/her actions.  The      member concerned may arrange for an adviser to be present to assist      him/her. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | The      General Meeting of Shareholders may suspend or dismiss any member of the      Supervisory Board at any time.  The resolution to do so must      give reasons. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | A      suspension or dismissal other than on a motion of the Supervisory Board      shall require a majority of two thirds of the votes cast, representing at      least |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1. | The      Managing Board may establish an Advisory  Committee. |
|----|---------------------------------------------------------------|

| 2. | Whenever      the Advisory Committee considers it necessary or whenever a request to      that effect is submitted to it by the Managing Board, the Committee shall      advise that Board on matters which are relevant to the conduct of      business.  The Managing Board may also request advice to that      effect from individual members of the Advisory  Committee. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | General      meetings of shareholders shall be held in Amsterdam, or in The Hague,      Rotterdam, Utrecht or Haarlemmermeer(Schiphol). |
|----|-----------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Annual      meetings shall be held within six months of the end of each financial      year. |
|----|----------------------------------------------------------------------------------------------|

| 3. | The      following items shall be included on the agenda of the Annual      Meeting: |
|----|--------------------------------------------------------------------------------------|

|   | a. | the      Annual Report; |
|--------|----|-------------------------|

|   | b. | adoption      of the Annual Accounts; |
|--------|----|---------------------------------------|

|   | c. | announcement      concerning vacancies in the Managing Board and the Supervisory      Board; |
|--------|----|----------------------------------------------------------------------------------------------|

|   | d. | discharge      of the members of the Managing Board and Supervisory Board in respect of      their management and supervisionrespectively. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | General      Meetings of Shareholders shall furthermore be held as frequently as deemed      necessary by the Managing Board or the Supervisory Board and whenever such      is required either by law or on the basis of the provisions of the      Articles of Association. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | Shareholders      and/or persons with rights of holders of depository receipts representing      in the aggregate at least one percent (l %) of the Company’s issued      capital may request the Management Board or the Supervisory Board to      convene a General Meeting of Shareholders, stating specifically the      business to be discussed.  If the Management Board or the      Supervisory Board has not given proper notice of a General Meeting of      Shareholders within four weeks following receipt of such request such that      the meeting can be held within six weeks after receipt of the request, the      applicants shall be authorised to convene a meeting      themselves. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | General      Meetings of Shareholders shall be convened by the Managing Board or the      Supervisory Board, without prejudice to the provisions of Sections 110,      111 and 112 of Book 2 of the Netherlands Civil  Code. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 2. | Convocation      shall take place not later than on the fifteenth day prior to the day of      the meeting. |
|----|-------------------------------------------------------------------------------------------------------------|

| 3. | The      convocation to the meeting shall state the items to be discussed;      alternatively, notice shall be given that the holders of shares and      depositary receipts for shares may inspect such items at the Company’s      offices. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | Proposals      to amend the Articles of Association or proposals relating to a reduction      of the Company’s capital shall, however, always be included in the actual      convocation.  Convocations to meetings at which a proposal is      made relating to a reduction of the Company’s capital shall furthermore      include the object of the said capital reduction and the method whereby it      shall be realised. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | The      notice convening the meeting shall be sent to the addresses of the      Shareholders, usufructuaries or lienholders shown in the register of      Shareholders. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | Each      shareholder, each usufructuary or pledgee of shares holding voting rights,      as well as each depositary receipt holder is entitled to attend the      General Meeting of Shareholders and to speak and – where – applicable to      vote in the meeting, either in person or by a proxy granted in      writing. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | When      convening a General Meeting of Shareholders, the Managing Board is      authorized to determine that those entitled to attend and vote at said      General Meeting, in accordance with the provisions of Section 2:117      subsections 1 and 2 of the Dutch Civil Code, shall be determined on the      basis of the names of the persons who, on a specified date which may not      be earlier than provided for by statutory provisions, are listed as      holding rights with respect to shares or depositary receipts in a register      to be designated by the Managing Board, irrespective of whether or not      they are the rightful holders of rights with respect to such shares or      depositary receipts on the date of the General Meeting of      Shareholders. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Shareholders      and usufructuaries and pledgees of shares holding voting rights as well as      holders of depositary receipts, or their proxies (as the case may be),      shall only be admitted to the meeting on presentation of an admission      ticket obtained in the manner set forth in the notice of the      meeting. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | A      shareholder, a usufructuary or pledgee of shares holding voting rights, as      well as a depositary receipt holder who wishes to be represented at the      general meeting by a proxy authorised in writing shall be obliged to      submit the proxy for the meeting at the place and within the period      stipulated in the notice of themeeting. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | The      Company may request shareholders, depositary receipt holders or their      proxies to sign the attendance list before the start of the      meeting. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | The      Chairman of the General Meeting of Shareholders shall decide on any      disputes as to whether holders of shares or depositary receipts for shares      or their proxies have submitted adequate proof of their identity for the      purpose of |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 7. | The      Supervisory Board members and Managing Board members shall have the right      to attend the General Meeting of Shareholders in person and to address the      meeting.  They shall have the right to give advice in the      meeting. Also, the external auditor of the Company shall be authorized to      attend and address the General Meetings of  Shareholders. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | The      chairman of the meeting shall decide upon the admittance to the meeting of      persons other than those mentioned in paragraphs 1 and  7. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | General      Meetings of Shareholders shall be chaired by the Chairman of the      Supervisory Board or, in the absence of the said Chairman, by a Deputy      Chairman. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Minutes      shall be kept of the meeting, except where notarial records are made of      the items discussed.  The Chairman and the Secretary of the      Meeting appointed by him shall approve the minutes and sign them in      evidence thereof. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | Each      share shall confer the right to cast onevote. |
|----|---------------------------------------------------------|

| 2. | No      votes may be cast at the General Meeting of Shareholders with respect      either to shares belonging to the Company or a subsidiary company or to      shares the depositary receipts of which are held by the Company or a      subsidiary company, without prejudice to any further provisions of the      law. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Shares      in respect of which the law prescribes that they shall not confer a right      to vote shall be disregarded for the purpose of determining the proportion      of the shareholders voting, present or represented, or the proportion of      the share capital present orrepresented. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | All      resolutions by the General Meeting of Shareholders shall be passed by      absolute majority of validly cast votes, unless the law or the Articles of      Association prescribe a greatermajority. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | All      votes shall be cast verbally. |
|----|----------------------------------------|

----

| 6. | Votes      may be cast by acclamation provided none of the shareholders present      objects. |
|----|-----------------------------------------------------------------------------------------------|

| 7. | Blank      votes and invalidly cast votes shall be deemed not to have been      cast. |
|----|---------------------------------------------------------------------------------------|

| 8. | In      the event of a tied vote concerning matters, the proposal shall be deemed      to have been defeated. |
|----|---------------------------------------------------------------------------------------------------------------|

| 9. | If      a simple majority – to the extent that these Articles of Association do      not require a different majority – is not reached on the first vote in the      case of the election of persons, a second ballot shall be      held.  If a simple majority is not reached for a second time, a      ballot shall be held between the two persons who acquired the most votes      at the second ballot.  The person who acquires the most votes      during the final ballot shall be elected.  If more than those      persons qualify for the aforementioned second ballot as a result of a tied      vote between them, an interim ballot shall decide the two persons between      whom the final ballot is to be held or which of them shall go into the      final ballot with the person who acquired the most votes at the second      ballot.  In the event of a tied vote, the matter shall be      decided by the drawing of lots. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | The      financial year shall be concurrent with the calendar  year. |
|----|----------------------------------------------------------------------|

| 2. | Each      year, within a period of five months of the end of the financial year, the      Managing Board shall draw up the Annual  Accounts. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | The      Annual Accounts shall be signed by all members of the Managing Board and      all members of the SupervisoryBoard. |
|----|-----------------------------------------------------------------------------------------------------------------------------|

| 4. | The      Annual Accounts shall be submitted to the Supervisory Board, together with      the Annual Report. |
|----|-------------------------------------------------------------------------------------------------------------|

| 5. | The      General Meeting of Shareholders shall adopt the Annual      Accounts. |
|----|--------------------------------------------------------------------------------|

| 6. | The      General Meeting of Shareholders shall take all decisions regarding the      discharge of the members of the Managing Board and Supervisory Board in      respect of their management and supervision  respectively. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1. | The      Company shall appoint an expert, within the meaning of Section 393 of Book      2 of the Netherlands Civil Code, to audit the Annual    Accounts. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Without      prejudice to the statutory provisions, the Supervisory Board shall be      obliged to appoint the said expert if the General Meeting of Shareholders      has failed to do so. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | The      expert shall report on his audit to the Supervisory Board and the Managing      Board. |
|----|-------------------------------------------------------------------------------------------------|

| 4. | The      expert shall state the results of his examination in an auditors’ opinion      on the truthfulness and fairness of the Annual  Accounts. |
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| 5. | With      due observance of the statutory provisions, the Annual Accounts may not be      adopted if the General Meeting of Shareholders has not been in a position      to inspect the auditors’ opinion drawn up by the  expert. |
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| 1. | From      the day of convocation to the Annual Meeting to the end of the said      Meeting, the Annual Accounts and the Annual Report of the Managing Board      and the other information to be included by law shall be available for      inspection by the holders of shares and depositary receipts for shares at      the offices of the Company and at the offices as stated in the      notification.  The said holders of shares and depositary      receipts for shares may obtain a full copy free of  charge. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | The      Managing Board shall submit the Annual Accounts, within a period of six      (6) months of the end of the financial year, to the General Meeting of      Shareholders.  The Managing Board shall also submit the Annual      Report within the same period. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | The      Managing Board shall simultaneously submit the Annual Accounts to the      Staff Council for discussion. |
|----|-------------------------------------------------------------------------------------------------------------------|

| 1. | The      Company may make distributions to the shareholders and other parties      entitled to the profit available for distribution in so far as its      shareholders’ equity exceeds the paid and called portion of the capital      plus the reserves required by law to be  maintained. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | The      profit as stated in the approved annual accounts shall be distributed as      follows: |
|----|-------------------------------------------------------------------------------------------------|

|   | a. | Such      reserves shall be formed and charged against the profit as determined by      the Managing Board and approved by the Supervisory Board.  The      allocation of the amount remaining shall be determined by the General      Meeting of Shareholders.  The Managing Board, subject to the      approval of the Supervisory Board, shall make a proposal to that      effect.  A proposal to pay a dividend shall be dealt with as a      separate agenda item at the General Meeting of    Shareholders. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | b. | The      Company’s policy on reserves and dividends shall be determined and can be      amended by the Supervisory Board, upon the proposal of the Managing      Board. The      adoption and thereafter each amendment of the policy on reserves and      dividends shall be discussed and accounted for at the General Meeting of      Shareholders under a separate agendaitem. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Subject      to the approval of the Supervisory Board, the Managing Board may make the      dividend or interim dividend on the shares payable, at the discretion of      the holders, either in cash or, provided it is authorised to issue shares,      partly or wholly in shares in the Company’s capital or in a combination      thereof, such combination to be determined by the Managing      Board. |
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| 4. | Subject      to the approval of the Supervisory Board, the Managing Board shall be      authorised, in so far as such is permitted by the profit as evidenced by      an interim balance sheet drawn up with due observance of the provisions of      Section 105, Subsection 4 of Book 2 of the Netherlands Civil Code, to make      payable an interim dividend on the shares once or more frequently in the      course of any financial year and prior to the approval of the Annual      Accounts by the General Meeting ofShareholders. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | Subject      to the approval of the Supervisory Board, the Managing Board may decide on      a distribution charged against reserves in cash or, if the Board is      authorised to issue shares, in the form of  shares. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | Any      resolution to amend the Articles of Association or dissolve the Company      may only be passed by the General Meeting of Shareholders following a      proposal by the Managing Board which has been approved by the Supervisory      Board. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | A      copy of the proposal containing the literal text of the proposed      amendments shall be made available for inspection by the holders of shares      and depositary receipts for shares at the offices of the Company and at      the offices stated in the convocation to the meeting, from the day of      convocation to the end of the said Meeting.  Each holder of      shares or depositary receipts for shares may obtain a full copy of the      said proposal free of charge. |
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| 1. | In      the event that the Company is wound up, liquidation shall be effected with      due observance of the statutoryprovisions. |
|----|------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Where      possible, the Articles of Association shall remain in force during the      liquidation proceedings. |
|----|-----------------------------------------------------------------------------------------------------------------|

| 3. | The      remainder of the company’s assets after settlement of all its debts shall      be distributed to the holders of shares in proportion to their      shareholding. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | Following      completion of the liquidation, the books and documents of the Company      shall continue to reside, for the periods as prescribed by law, with the      party appointed for that purpose by the General Meeting of      Shareholders. |
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