----

| 1.   | the participation in, collaboration with and financing, administration and management of other enterprises and companies, to provide security for the debts of third parties, and the performance of all acts, activities and services which are related or may be conducive thereto; |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | to render services and to perform activities as a financial services provider (financiële dienstverlener) as defined in the Financial Supervision Act (Wet op het financieel toezicht) and the performance of all other acts and activities which are related or may be conducive thereto, all in the broadest possible sense; and |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 affiliated enterprise(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 the laws of the Netherlands. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 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 of address. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 and one officer expressly authorised thereto by the said Board, or by two officers authorised thereto. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 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 that effect. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 in full. |
|----------------|------------------------------------------------------|

| 2.   | Payment shall be made in cash unless a non-cash contribution has been agreed. |
|----------------|-------------------------------------------------------------------------------|

| 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 in cash. |
|----------------|---------------------------------------------------|

| 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 2:98 of the Dutch 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. |
|----------------|----------------------------------------------------------------------------------|

| 2.   | A right of lien may also be vested in shares in the Company’s capital. |
|----------------|------------------------------------------------------------------------------|

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

----

| 1.   | The Company shall be managed by a Managing Board. |
|----------------|---------------------------------------------------|

| 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 reasonably possible. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 is appointed, the Supervisory Board shall retain the right to make a new binding or non-binding nomination at a next meeting. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 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. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.   | 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. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 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 Company shall be represented by the Managing Board. Each member of the Managing Board shall also be authorised to represent the Company. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | The Company may also be represented by authorised signatories, with due observance of any restrictions imposed upon their representative authority. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 case 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 |
|--------|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 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 admission of the instruments as referred to under a. and b. to trading on a regulated market or a multilateral trading facility as defined in section 1:1 of the Financial Supervision Act (Wet op het financieel toezicht) or on a system similar to a regulated market or a multilateral trading facility from a state which is not a member state or the application for the cancellation of such an admission; |
|--------|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 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 of Association; |
|--------|----------------|--------------------------------------------------|

|   | 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 three 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 three 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 three members. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.   | The Supervisory Board shall appoint from among its members a Chairman and one or more Deputy Chairmen. |
|----------------|--------------------------------------------------------------------------------------------------------|

| 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 |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 5.   | The nomination or recommendation for appointment or re-appointment must be accounted for by giving reasons for it. In case of re-appointment, the performance in the past period of the candidate as a Supervisory Board member shall be taken into account. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 half of the economic value of the capital as defined in paragraph 3 of Article 18. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 Advisory 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 supervision respectively. |
|--------|----------------|-----------------------------------------------------------------------------------------------------------------------------------|

| 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 the laws of the Netherlands 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 (1%) 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 2:110, 111 and 112 of the Dutch 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. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 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 the meeting. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 attending the meeting and exercising their voting rights and on all other issues relating to the proper conduct of the meeting. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 one vote. |
|----------------|-----------------------------------------------------|

| 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 laws of the Netherlands. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.   | Shares in respect of which the laws of the Netherlands 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 or represented. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| 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 |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1.   | Shareholders may adopt resolutions of the General Meeting in writing without holding a meeting, provided they are adopted by the unanimous vote of all shareholders entitled to vote. The provisions of Article 30 paragraph 7 shall apply by analogy. Adoption of resolutions outside of meetings shall not be permissible if there are persons with rights of holder of depository receipts. |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.   | Each shareholder must ensure that the Managing Board and the Supervisory Board are informed of the written resolutions thus adopted as soon as possible in writing. The Managing Board shall keep record of the resolutions adopted and it shall add such records to those referred to in Article 31 paragraph 2. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 Supervisory Board. |
|----------------|--------------------------------------------------------------------------------------------------------------------|

| 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 2:393 of the Dutch 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. |
|----------------|----------------------------------------------------------------------------------------------------------------------------------------------|

| 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. |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 the laws of the Netherlands shall be available for inspection by the holders of shares and depositary receipts for |
|----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 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 the laws of the Netherlands 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. |
|--------|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (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. |
|--------|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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. |
|----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 2:105, subsection 4 of the Dutch 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 of Shareholders. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 Managing 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. |
|----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1.   | In the event that the Company is wound up, liquidation shall be effected with due observance of the statutory provisions. |
|----------------|---------------------------------------------------------------------------------------------------------------------------|

| 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 the laws of the Netherlands, with the party appointed for that purpose by the General Meeting of Shareholders. |
|----------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----