**Exhibit 1.1**

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**ARTICLES OF ASSOCIATION**

of:  STMicroelectronics N.V.  with corporate seat in Amsterdam  dated April 29, 2004

| **NAME, SEAT AND DURATION.** |
|------------------------------|

|           |
|----------------|
| **Article 1.** |

|   |                                                         |
|--------|--------------------------------------------------------------|
| 1.1.   | The name of the company          is: STMicroelectronics N.V. |

|   |                                              |
|--------|---------------------------------------------------|
| 1.2.   | The company is established          at Amsterdam. |

|   |                                                         |
|--------|--------------------------------------------------------------|
| 1.3.   | The company will continue          for an indefinite period. |

|         |
|--------------|
| **OBJECTS.** |

|           |
|----------------|
| **Article 2.** |

The objects of the company shall      be to participate or take in any manner any interests in other business      enterprises, to manage such enterprises, to carry on the business in semi-conductors      and electronic devices, to take and grant licenses and other industrial      property interests, assume commitments in the name of any enterprises with      which it may be associated within a group of companies, to take financial      interests in such enterprises and to take any other action, such as but      not limited to the granting of securities or the undertaking of obligations      on behalf of third parties, which in the broadest sense of the term, may      be related or contribute to the aforesaid objects.

| **SHARE CAPITAL.** |
|--------------------|

|           |
|----------------|
| **Article 3.** |

|   |                                                                                                                                                                                                                                                                                                                                                                             |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.1.   | The authorised capital          of the company amounts to one billion eight hundred nine million six          hundred thousand euro (EUR 1,809,600,000), consisting of one billion          two hundred million (1,200,000,000) ordinary shares and five hundred          forty million (540,000,000) preference shares of one euro and four          eurocents (EUR 1.04) each. |

|   |                                                                                                                                                                                                                                                          |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.2.   | Where in these articles          of association reference is made to shares and shareholders this shall          include the shares of each class as well as the holders of shares of          each class respectively, unless explicitly provided otherwise. |

|                 |
|----------------------|
| **ISSUE OF SHARES.** |

|           |
|----------------|
| **Article 4.** |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.1.   | The supervisory board shall          have the power to issue shares and to determine the terms and conditions          of such issue if and in so far as the supervisory board has been designated          by the general meeting of shareholders as the authorized body for this          purpose. A designation as referred to above shall only take place for          a specific period of no more than five years and may not be extended          by more than five years on each occasion. |

|   |                                                                                                                                                                                                                                                                       |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.2.   | If a designation as referred          to in the first paragraph is not in force, the general meeting of shareholders          shall have the power, upon the proposal of and on the terms and conditions          set by the supervisory board to resolve to issue shares. |
|   |                                                                                                                                                                                                                                                                       |

| 4.3. | In the event of an issue          of ordinary shares, shareholders shall have a pre-emptive right in          proportion to the number of ordinary shares which they own, notwithstanding          the provisions of the law. In respect of the issue of shares there          shall be no pre-emptive right to shares issued against a contribution          other than in cash or issued to employees of the company or of a group          company. In the event of an issue of preference shares none of the          shareholders shall have a pre-emptive right. The supervisory board          shall have the power to limit or debar the pre-emptive right accruing          to shareholders, if and in so far as the supervisory board has also          been designated by the general meeting of shareholders for this purpose          as the authorized |
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|   | body for the period of          such designation. The provisions in the second sentence of the first          paragraph shall equally apply. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------|

|   |                                                                                                                                                                                                                                                                      |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.4.   | If a designation as referred          to in the third paragraph is not in force, the general meeting of shareholders          shall have the power, upon the proposal of the supervisory board to          limit or debar the pre-emptive right accruing to shareholders. |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                           |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.5.   | A resolution of the general          meeting of shareholders to limit or exclude pre-emptive rights or to          designate the Supervisory Board as authorized to resolve upon limiting          or excluding of pre-emptive rights requires a majority of at least          two-thirds of the votes cast in a meeting if in such meeting less than          one-half of the issued share capital is present or represented. |

|   |                                                                                                                                                 |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.6.   | Without prejudice to what          has been provided in section 80, paragraph 2, Civil Code:2, shares          shall at no time be issued below par. |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                     |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.7.   | Ordinary shares shall be          issued only against payment in full; preference shares may be issued          against partial payment, provided that the proportion of the nominal          amount that must be paid on each preference share, irrespective of          when it was issued, shall be the same and that at least one quarter          of the nominal amount is paid up in full when the share is taken. |

|   |                                                                                                                                                                                                |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.8.   | Payment must be made in          cash to the extent that no other contribution has been agreed upon.          If the company so allows, payment in cash can be made in a foreign          currency. |

|   |                                                                                                                                                                                                                                                                                                                                        |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | In the event of payment          in a foreign currency the obligation to pay is for the amount which          can be freely exchanged into Dutch currency. The decisive factor is          the rate of exchange on the day of payment, or as the case may be after          application of the next sentence, on the day mentioned therein. |

|   |                                                                                                                                                                                                                                                                                                                                                     |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | The company can require          payment at the rate of exchange on a certain day within two months          prior to the last day when payment shall have to be made provided the          shares or depositary receipts for shares after having been issued – shall          immediately be incorporated in the price list of an exchange abroad. |

|   |                                                                                                                                                                                                                  |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.9.   | This article shall equally          apply to the granting of rights to take shares, but shall not apply          to the issue of shares to someone who exercises a previously acquired          right to take shares. |

|   |                                                                                                                                                                                                                                                                                                                                                                                       |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.10.  | The managing board shall          determine, subject to approval by the supervisory board, when and in          what amount payment is to be made in respect of partially paid preference          shares. The managing board shall notify the shareholders concerned          thereof in writing at least thirty days before the date on which the          payment must finally be made. |

|   |                                                                                                                                                                                     |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 4.11.  | All notifications to shareholders          will be made in accordance with the provisions relating to giving of          notice to convene a general meeting as set out in article 27.2. |

|                      |
|---------------------------|
| **REPURCHASE OF SHARES.** |

|           |
|----------------|
| **Article 5.** |

|   |                                                                                                                        |
|--------|-----------------------------------------------------------------------------------------------------------------------------|
| 5.1.   | The company may acquire,          for valuable consideration, shares in its own share capital if and          in so far as: |

|   |   |                                                                                                                                                                                                                    |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | a.     | its equity less the purchase          price of these shares is not less than the aggregate amount of the          paid up and called up capital and the reserves which must be maintained          pursuant to the law; |

|   |   |                                                                                                                                                                                                                                      |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | b.     | the par value of the shares          in its capital which the company acquires, holds or holds in pledge,          or which are held by a subsidiary company, amounts to no more than          one-tenth of the issued share capital; and |

|   |   |                                                                                                                                                                                                         |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | c.     | the general meeting of          shareholders has authorized the managing board to acquire such shares,          which authorization may be given for no more than eighteen months on          each occasion, |

|   |                                                       |
|--------|------------------------------------------------------------|
|   | notwithstanding the further          statutory provisions. |

|   |                                                                                                                                                                                                                                                                                                                                                                                  |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 5.2.   | The company may, without          being authorized thereto by the general meeting of shareholders and          notwithstanding to what is provided in paragraph 1 under a and b, acquire          shares in its own share capital in order to transfer those shares to          the employees of the company or a group company under a scheme applicable          to such employees. |

 

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| 5.3. | Shares thus acquired may          again be disposed of. The company shall not acquire shares in its own          share capital as referred to in paragraph 1 – if an authorization          as referred to in such paragraph is in force – or as referred          to in paragraph 2 without the prior approval of the supervisory board.          The company shall also not dispose of shares in its own share capital – with          the exception of shares in the company’s own share capital acquired          pursuant to paragraph 2 – without the prior approval of the supervisory          board. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |                                                                                                                                                                                                                                   |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | If depositary receipts          for shares in the company have been issued, such depositary receipts          shall for the application of the provisions of this paragraph and the          preceding paragraph be treated as shares. |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 5.4.   | In the general meeting          no votes may be cast in respect of (a) share(s) held by the company          or a subsidiary company; no votes may be cast in respect of a share          the depositary receipt for which is held by the company or a subsidiary          company. However, the holders of a right of usufruct and the holders          of a right of pledge on shares held by the company and its subsidiary          companies, are nonetheless not excluded from the right to vote such          shares, if the right of usufruct or the right of pledge was granted          prior to the time such share was held by the company or a subsidiary          company. Neither the company nor a subsidiary company may cast votes          in respect of a share on which it holds a right of usufruct or a right          of pledge. |

|   |                                                                                                                                                                                                                                                                                                                                                    |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Shares in respect of which          voting rights may not be exercised by law or by the articles of association          shall not be taken into account, when determining to what extent the          shareholders cast votes, to what extent they are present or represented          or to what extent the share capital is provided or represented. |

|   |                                                                                                                                                                                                                                                                                                                                                                                             |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 5.5.   | Upon the proposal of the          supervisory board the general meeting of shareholders shall have the          power to decide (i) to cancel shares acquired by the company from its          own share capital, and (ii) to cancel all preference shares against          repayment of the amount paid up on those shares, all subject however          to the statutory provisions concerned. |

|                                                       |
|------------------------------------------------------------|
| **SHARES, SHARE CERTIFICATES,            SHARE REGISTER.** |

|           |
|----------------|
| **Article 6.** |

|   |                                         |
|--------|----------------------------------------------|
| 6.1.   | Shares shall be in registered          form. |

|   |                                         |
|--------|----------------------------------------------|
| 6.2.   | Ordinary shares shall be          available: |

|   |   |                                                                                                                                                                          |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | – | in the form of an entry          in the share register without issue of a share certificate; shares          of this type are referred to in these articles as type I shares; |

|   |   |                                                                                                                                                                                                                                                                                                                                                         |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | – | and – should the supervisory          board so decide – in the form of an entry in the share register          with issue of a certificate, which certificate shall consist of a main          part without dividend coupon; shares of this type and share certificates          of this type are referred to in these articles as type II shares. |

|   |                                                                                  |
|--------|---------------------------------------------------------------------------------------|
|   | Preference shares shall          only be made available in the form of type I shares. |

|   |                                                                                                                                                                                                                                                      |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 6.3.   | The supervisory board can          decide that the registration of type I shares may only take place for          one or more quantities of shares – which quantities are to be          specified by the supervisory board – at the same time. |

|   |                                                                                                                            |
|--------|---------------------------------------------------------------------------------------------------------------------------------|
| 6.4.   | Type II share certificates          shall be available in such denominations as the supervisory board shall          determine. |

|   |                                                                                                                                                                                                                                                                                                                                                  |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 6.5.   | All share certificates          shall be signed by or on behalf of a managing director; the signature          may be effected by printed facsimile. Furthermore type II share certificates          shall, and all other share certificates may, be countersigned by one          or more persons designated by the managing board for that purpose. |

|   |                                                                           |
|--------|--------------------------------------------------------------------------------|
| 6.6.   | All share certificates          shall be identified by numbers and/or letters. |

|   |                                                                                                                                                                                                                                                                                                                                                                    |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 6.7.   | The supervisory board can          determine that for the purpose of effecting trading or transfer of          shares at foreign exchanges share certificates shall be issued in such          form as the supervisory board may determine, complying with the requirements          set by said foreign exchange(s) and not provided with any dividend          sheet. |

|   |                                                                                                                                                          |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 6.8.   | The expression “share          certificate” as used in these articles shall include a share certificate          in respect of more than one share. |

 

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| **Article 7.** |
|----------------|

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 7.1.   | Upon written request from          a shareholder, missing or damaged share certificates, or parts thereof,          may be replaced by new certificates or by duplicates bearing the same          numbers and/or letters, provided the applicant proves his title and,          in so far as applicable, his loss to the satisfaction of the supervisory          board, and further subject to such conditions as the managing board          may deem fit. |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 7.2.   | In appropriate cases, at          its own discretion, the managing board may stipulate that the identifying          numbers and/or letters of missing documents be published three times,          at intervals of at least one month, in at least three newspapers to          be indicated by the managing board announcing the application made;          in such a case new certificates or duplicates may not be issued until          six months have expired since the last publication, always provided          that the original documents have not been produced to the managing          board before that time. |

|   |                                                                                             |
|--------|--------------------------------------------------------------------------------------------------|
| 7.3.   | The issue of new certificates          or duplicates shall render the original document invalid. |

|           |
|----------------|
| **Article 8.** |

|   |                                                                                                                                                                                                                                                                                                                                              |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 8.1.   | Notwithstanding the statutory          provisions in respect of registered shares a register shall be kept          by or on behalf of the company, which register shall be regularly updated          and, at the discretion of the managing board, may, in whole or in part,          be kept in more than one copy and at more than one place. |

|   |                                                                                                                                                                     |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | A part of the register          may be kept abroad in order to meet requirements set out by foreign          statutory provisions or provisions of the foreign exchange. |

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|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 8.2.   | Each shareholder’s          name, his address and such further data as the managing board deems          desirable, whether at the request of a shareholder or not, shall be          entered in the register. |

|   |                                                                                                                                                                                 |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 8.3.   | The form and the contents          of the share register shall be determined by the managing board with          due regard to the provisions of paragraphs 1 and 2 of this article. |

|   |                                                                                                                                                                                 |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | The managing board may          determine that the records shall vary as to their form and contents          according to whether they relate to type I shares or to type II shares. |

|   |                                                                                                                                                                                                                                                                                                                              |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 8.4.   | Upon request a shareholder          shall be given free of charge a declaration of what is stated in the          register with regard to the shares registered in his name, which declaration          may be signed by one of the specially authorized persons to be appointed          by the managing board for this purpose. |

|   |                                                                                                                                                                                                                                                                 |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 8.5.   | The provisions of the last          four paragraphs shall equally apply to those who hold a right of usufruct          or of pledge on one or more registered shares, with the proviso that          the other data required by law must be entered in the register. |

|           |
|----------------|
| **Article 9.** |

|   |                                                                                                                                                                                                                                                                                   |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 9.1.   | Subject to the provisions          of article 6, the holder of an entry in the share register for one          or more type I shares may, upon his request and at his option, have          issued to him one or more type II share certificates for the same nominal          amount. |

|   |                                                                                                                                                                                                                                                                                                                                         |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 9.2.   | Subject to the provisions          of article 6, the holder of a type II share certificate registered          in his name may, after lodging the share certificate with the company,          upon his request and at his option, either have one or more type I          shares entered in the share register for the same nominal amount. |

|   |                                                                                                                                                                                                                 |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 9.3.   | A request as mentioned          in this article shall, if the supervisory board so requires, be made          on a form obtainable from the company free of charge, which shall be          signed by the applicant. |

|                    |
|-------------------------|
| **TRANSFER OF SHARES.** |

|            |
|-----------------|
| **Article 10.** |

|   |                                                                                                                                                                                                                                                                                                   |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.1.  | The transfer of a registered          share shall be effected either by service upon the company of the instrument          of transfer or by written acknowledgement of the transfer by the company,          subject however to the provisions of the following paragraphs of this          article. |
|   |                                                                                                                                                                                                                                                                                                   |

| 10.2. | Where a transfer of a type          II share is effected by service of an instrument of transfer on the          company, the company shall, at the discretion of the managing board,          either endorse the transfer on the share certificate |
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|   | or cancel the share certificate          and issue to the transferee one or more new share certificates registered          in his name to the same nominal amount. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |                                                                                                                                                                                                                                                                                                                                                                            |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.3.  | The Company’s written          acknowledgement of a transfer of a type II share shall, at the discretion          of the managing board, be effected either by endorsement of the transfer          on the share certificates or by the issue to the transferee of one          or more new share certificates registered in his name to the same nominal          amount. |

|   |                                                                                                                                                                                                                                                                                                                                                                                            |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.4.  | The provisions of the foregoing          paragraphs of this article shall equally apply to the allotment of          registered shares in the event of a judicial partition of any community          of property or interests, the transfer of a registered share as a consequence          of a judgement execution and the creation of limited rights in rem          on a registered share. |

|   |                                                                                                                                                                                                                                                                                                          |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | If a share certificate          has been issued, the acknowledgement can only be effected either by          putting an endorsement to that effect on this document, signed by or          on behalf of the company, or by replacing this document by a new certificate          in the name of the acquirer. |

|   |                                                                                                                                                                                                                                                                      |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.5.  | The submission of requests          and the lodging of documents referred to in articles 7 to 10 inclusive          shall be made at a place to be indicated by the managing board and          in any case the places where the company is admitted to a stock exchange. |

|   |                                                                                                             |
|--------|------------------------------------------------------------------------------------------------------------------|
|   | Different places may be          indicated for the different classes and types of shares and share certificates. |

|   |                                                                                                                                                                                                                                               |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.6.  | The company is authorized          to charge amounts to be determined by the managing board not exceeding          cost price to those persons who request any services to be carried          out by virtue of articles 7 up to and including 10. |

|                                                                     |
|--------------------------------------------------------------------------|
| **USUFRUCTUARIES, PLEDGEES,            HOLDERS OF DEPOSITARY RECEIPTS.** |

|            |
|-----------------|
| **Article 11.** |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                         |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 11.1.  | The usufructuary, who in          conformity with the provisions of section 88, Civil Code:2 has no right          to vote, and the pledgee who in conformity with the provisions of section          89, Civil Code:2 has no right to vote, shall not be entitled to the          rights which by law have been conferred on holders of depositary receipts          for shares issued with the cooperation of the company. |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 11.2.  | Where in these articles          of association persons are mentioned, entitled to attend meetings of          shareholders, this shall include to holders of depositary receipts          for shares issued with the cooperation of the company, and persons          who in pursuance of paragraph 4 in section 88 or section 89, Civil          Code:2 have the rights that by law have been conferred on holders of          depositary receipts for shares issued with the cooperation of the company. |

|                |
|---------------------|
| **MANAGING BOARD.** |

|            |
|-----------------|
| **Article 12.** |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 12.1.  | The company shall be managed          by a managing board consisting of one or more managing directors under          the supervision of the supervisory board. The number of members of          the managing board shall be resolved upon by the general meeting of          shareholders upon the proposal of the supervisory board. The members          of the managing board shall be appointed for three years, a year being          understood as meaning the period between two Annual General Meetings          of Shareholders adopting the Accounts of the previous fiscal year or          the meeting in which a postponement of this is granted. |

|   |                                                                                                                                                                     |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 12.2.  | Managing directors shall          be appointed by the general meeting of shareholders upon the proposal          of the supervisory board for each vacancy to be filled. |

|   |                                                                                                                                                                                                                                                    |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 12.3.  | Without prejudice to the          provisions of article 28, paragraph 2, a proposal to make one or more          appointments to the managing board may be placed on the agenda of a          general meeting of shareholders by the supervisory board. |

|   |                                                                                                                                                               |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 12.4.  | The supervisory board shall          determine the salary, the bonus, if any, and the other terms and conditions          of employment of the managing directors. |

|   |                                                                                                                             |
|--------|----------------------------------------------------------------------------------------------------------------------------------|
| 12.5.  | The general meeting of          shareholders shall decide in accordance with the provisions of article          32, paragraph 1. |

 

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|   | Votes in respect of persons          who have not been so nominated shall be invalid. |
|--------|---------------------------------------------------------------------------------------|

|            |
|-----------------|
| **Article 13.** |

|   |                                                                                                                                                                                                                                                                                                                                            |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 13.1.  | The general meeting of          shareholders shall be entitled to suspend or dismiss one or more managing          directors, provided that at least half of the issued share capital          is represented at the meeting. No such quorum shall be required where          the suspension or dismissal is proposed by the supervisory board. |

|   |                                                                                                                                                                                                                                                                                                                                   |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 13.2.  | Where a quorum under paragraph          1 is required but is not present, a further meeting shall be convened,          to be held within four weeks after the first meeting, which shall be          entitled, irrespective of the share capital represented, to pass a          resolution in regard to the suspension or dismissal. |

|   |                                                                                                                                                                                                                                                                                                                  |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 13.3.  | The managing directors          can be jointly or individually suspended by the supervisory board.          After suspension a general meeting of shareholders shall be convened          within three months, at which meeting it shall be decided whether the          suspension shall be cancelled or maintained. |

|   |                                                                                                    |
|--------|---------------------------------------------------------------------------------------------------------|
|   | The person involved shall          be given the opportunity to account for his actions at that meeting. |

|                |
|---------------------|
| **REPRESENTATION.** |

|            |
|-----------------|
| **Article 14.** |

|   |                                                                                            |
|--------|-------------------------------------------------------------------------------------------------|
| 14.1.  | The entire managing board          as well as each managing director may represent the company. |

|   |                                                                                                                                                                                                                                                           |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 14.2.  | The managing board may          grant powers of attorney to persons, whether or not in the service          of the company, to represent the company and shall thereby determine          the scope of such powers of attorney and the titles of such persons. |

|   |                                                                                                                                                                                                                                                                                               |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 14.3.  | The managing board shall          have power to perform legal acts as specified in section 2:94, paragraph          1, Civil Code in so far as such power is not expressly excluded or          limited by any provision of these articles or by any resolution of          the supervisory board. |

|            |
|-----------------|
| **Article 15.** |

|   |                                                                                                                                                                                                                                  |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 15.1.  | The supervisory board shall          appoint one of the managing directors as chairman of the managing board.          Appointment of the chairman shall be resolved with the majority mentioned          in article 22, paragraph 1. |

|   |                                                                                                                                                                                                   |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 15.2.  | Resolutions of the managing          board shall be passed by simple majority of votes. In the event of          a tie of votes the chairman of the managing board shall have a casting          vote. |

|            |
|-----------------|
| **Article 16.** |

|   |                                                                                                                                             |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------|
| 16.1.  | Without prejudice to provisions          made elsewhere in these articles, the managing board shall require          the prior express approval: |

|   |   |                                                           |
|--------|--------|----------------------------------------------------------------|
|   | (i)    | from the supervisory board          for decisions relating to: |

|   |   |   |                                                                                         |
|--------|--------|--------|----------------------------------------------------------------------------------------------|
|   |   | 1.     | all proposals to be submitted          to a vote at the general meeting of the shareholders; |

|   |   |   |                                                                                                                                                       |
|--------|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   | 2.     | the formation of all companies,          acquisition or sale of any participation, and conclusion of any cooperation          and participation agreement; |

|   |   |   |                                                                                                                             |
|--------|--------|--------|----------------------------------------------------------------------------------------------------------------------------------|
|   |   | 3.     | all pluriannual plans of          the company and the budget for the first coming year, covering the          following matters: |

|   |   |   |   |               |
|--------|--------|--------|--------|--------------------|
|   |   |   | – | investment policy; |

|   |   |   |   |                                                                                             |
|--------|--------|--------|--------|--------------------------------------------------------------------------------------------------|
|   |   |   | – | policy regarding research          and development, as well as commercial policy and objectives; |

|   |   |   |   |                      |
|--------|--------|--------|--------|---------------------------|
|   |   |   | – | general financial policy; |

|   |   |   |   |                        |
|--------|--------|--------|--------|-----------------------------|
|   |   |   | – | policy regarding personnel; |
|   |   |   |   |                        |

|   |   | 4. | all acts, decisions or          operations covered by the above list and constituting a significant          change with respect to decisions already adopted by the supervisory          board or not provided |
|--------|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

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|   |   |   | for in the above list and          as specifically laid down by the supervisory board by resolution passed          by it to that effect. |
|--------|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |                                                                         |
|--------|--------|------------------------------------------------------------------------------|
|   | (ii)   | from the general meeting          of shareholders for decisions relating to: |

|   |   |   |                                                                                                 |
|--------|--------|--------|------------------------------------------------------------------------------------------------------|
|   |   | – | sale of all or of an important          part of the company’s assets or business enterprise(s); |

|   |   |   |                                                                                                                                     |
|--------|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------|
|   |   | – | entering into mergers,          acquisitions or joint ventures, which the supervisory board considers          of material significance, |

|   |                                                                                                   |
|--------|--------------------------------------------------------------------------------------------------------|
|   | the absence of the approval          provided for above may not be raised by or against third parties. |

|   |                                                                                                                                                                                                                                                                                                                                                                                    |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 16.2.  | Without prejudice to provisions          made elsewhere in these articles, the managing board shall require          the approval of the general meeting of shareholders according to the          law and the provisions of these articles as well as such resolutions          as are clearly defined by a resolution of the general meeting of shareholders          to that effect. |

|            |
|-----------------|
| **Article 17.** |

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| In the event of the absence          or inability to act of one of more managing directors the remaining          managing directors or managing director shall temporarily be responsible          for the entire management. In the event of the absence or inability          to act of all managing directors, one or more persons appointed by          the supervisory board for this purpose at any time shall be temporarily          responsible for the management. |

|                   |
|------------------------|
| **SUPERVISORY BOARD.** |

|            |
|-----------------|
| **Article 18.** |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 18.1.  | The supervisory board shall          be responsible for supervising the policy pursued by the managing board          and the general course of affairs of the company and the business enterprise          which it operates. The supervisory board shall assist the managing          board with advice relating to the general policy aspects connected          with the activities of the company. In fulfilling their duties the          supervisory directors shall serve the interests of the company and          the business enterprise which it operates. |

|   |                                                                                                                                                                                                                                   |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 18.2.  | The managing board shall          provide the supervisory board in good time with all relevant information          as well as the information the supervisory board requests, in connection          with the exercise of its duties. |

|            |
|-----------------|
| **Article 19.** |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 19.1.  | The supervisory board shall          consist of at least six members, to be appointed by the general meeting          of shareholders upon the proposal of the supervisory board for each          vacancy to be filled. The number of supervisory directors shall without          prejudice to the preceding sentence be resolved upon by the general          meeting of shareholders upon the proposal of the supervisory board. |

|   |                                                                                                                                 |
|--------|--------------------------------------------------------------------------------------------------------------------------------------|
| 19.2.  | The general meeting of          shareholders shall decide in accordance with the provisions of article          32 paragraph 1. |

|   |                                                                                                                                                                                                                                                         |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 19.3.  | Without prejudice to the          provisions of article 28, paragraph 2, a proposal to make one or more          appointments to the supervisory board may be placed on the agenda of          the general meeting of shareholders by the supervisory board. |

|   |                                                                                                                                                                                    |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 19.4.  | The supervisory board shall          appoint from their number a chairman and a vice-chairman of the supervisory          board with the majority mentioned in article 22, paragraph 1. |

|   |                                                                                                                                                                                       |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 19.5.  | Upon the appointment of          the supervisory directors the particulars as referred to in section          142, paragraph 3, Civil Code:2 shall be made available for prior inspection. |

|            |
|-----------------|
| **Article 20.** |

|   |                                                                                                                                                                                                                                                                                                                                                                     |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 20.1.  | The supervisory board may          appoint one or more of its members as delegate supervisory director          in charge of supervising the managing board on a regular basis. They          shall report their findings to the supervisory board. The offices of          chairman of the supervisory board and delegate supervisory director          are compatible. |

|   |                                                                                                                                                                                                  |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 20.2.  | With due observance of          these articles of association, the supervisory board may adopt rules          regulating the division of its duties among its various supervisory          directors. |

 

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|   | The Supervisory Board may          also delegate certain of its powers to committees which exclusively          consist of members of the Supervisory Board, such as an audit committee,          a compensation committee or any other committee as the Supervisory          Board may resolve to install. In case the authority to resolve upon          the issuance of new shares is delegated to the Supervisory board, the          Supervisory Board may install a pricing committee which shall exclusively          consist of members of the Supervisory Board and which shall be authorised          within the range set in the delegation mentioned above to determine          on behalf of the Supervisory Board the price and conditions for newly          issued shares. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 20.3.  | The supervisory board may          decide that one or more of its members shall have access to all premises          of the company and shall be authorized to examine all books, correspondence          and other records and to be fully informed of all actions which have          taken place, or may decide that one or more of its supervisory directors          shall be authorised to exercise a portion of such powers. |

|   |                                                                                                                                                                                         |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 20.4.  | At the expense of the company,          the supervisory board may obtain such advice from experts as the supervisory          board deems desirable for the proper fulfilment of its duties. |

|            |
|-----------------|
| **Article 21.** |

|   |                                                                                                                                                                              |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 21.1.  | A supervisory director          shall retire no later than at the ordinary general meeting of shareholders          held after a period of three years following his appointment. |

|   |                                                                   |
|--------|------------------------------------------------------------------------|
|   | A retired supervisory director          may immediately be re-elected. |

|   |                                                                                                                                                                                    |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 21.2.  | A supervisory director          shall retire at the annual general meeting of the year in which he          reaches the age prescribed by law for retirement of a supervisory director. |

|   |                                                            |
|--------|-----------------------------------------------------------------|
| 21.3.  | The supervisory board may          establish a rotation scheme. |

|   |                                                                                                                                                                                                                                                                                              |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 21.4.  | The supervisory directors          may be suspended or dismissed by the general meeting of shareholders.          The supervisory board may make a proposal to the general meeting of          shareholders for the suspension or dismissal of one or more of its          supervisory directors. |

|            |
|-----------------|
| **Article 22.** |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 22.1.  | The supervisory board may          pass resolutions by at least three quarters of the votes of the members          in office. Each supervisory director has the right to cast one vote.          In case of absence a supervisory director may issue a proxy, however,          only to another supervisory director. The proxy should explicitly indicate          in which way the vote must be cast. The supervisory board may pass          resolutions in writing without holding a meeting provided that the          proposals for such resolutions have been communicated in writing to          all supervisory directors and no supervisory director is opposed to          this method of passing a resolution. |

|   |                                                                                                                                                                                                                                    |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 22.2.  | A certificate signed by          two supervisory directors to the effect that the supervisory board          has passed a particular resolution shall constitute evidence of such          a resolution in dealings with third parties. |

|   |                                                                                                                  |
|--------|-----------------------------------------------------------------------------------------------------------------------|
| 22.3.  | The managing directors          shall attend meetings of the supervisory board at the latter’s          request. |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 22.4.  | The supervisory board shall          meet whenever two or more of its members or the managing board so requests.          Meetings of the supervisory board shall be convened by the chairman          of the supervisory board, either on request of two or more supervisory          directors or on request of the managing board, or by the supervisory          directors requesting the meeting to be held. If the chairman fails          to convene a meeting to be held within four weeks of the receipt of          the request, the supervisory board members making the request are entitled          to convene the meeting. |

|   |                                                                                                                                                                                                                                                  |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 22.5.  | The supervisory board shall          draw up standing orders regulating inter alia the manner of convening          board meetings and the internal procedure at such meetings. These meetings          may be held by telephone as well as by video. |

|            |
|-----------------|
| **Article 23.** |

The general meeting of shareholders      determines the compensation to the members of the Supervisory Board or      to one or more of its members. The meeting shall have authority to decide      whether such compensation will consist of a fixed amount and/or an amount      that is variable in proportion to profits or any other factor. The Supervisory      Board members shall be reimbursed for their expenses.

 

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| **INDEMNIFICATION.** |
|----------------------|

|            |
|-----------------|
| **Article 24.** |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 24.1.  | The company shall indemnify          any person who was or is a party or is threatened to be made a party          to any threatened, pending or completed action, suit or proceeding,          whether civil, criminal, administrative or investigative (other than          an action by or in the right of the company) by reason of the fact          that he is or was a supervisory director, managing director, officer          or agent of the company, or was serving at the request of the company          as a supervisory director, managing director, officer or agent of another          company, a partnership, joint venture, trust or other enterprise, against          all expenses (including attorneys’ fees) judgements, fines and          amounts paid in settlement actually and reasonably incurred by him          in connection with such action, suit or proceeding if he acted in good          faith and in a manner he reasonably believed to be in or not opposed          to the best interests of the company, and, with respect to any criminal          action or proceeding, had no reasonable cause to believe his conduct          was unlawful or out of his mandate. The termination of any action,          suit or proceeding by a judgement, order, settlement, conviction, or          upon a plea of nolo contendere or its equivalent, shall not, of itself,          create a presumption that the person did not act in good faith and          not in a manner which he reasonably believed to be in or not opposed          to the best interests of the company, and, with respect to any criminal          action or proceeding, had reasonable cause to believe that his conduct          was unlawful. |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 24.2.  | The company shall indemnify          any person who was or is a party or is threatened to be made a party          to any threatened, pending or completed action or proceeding by or          in the right of the company to procure a judgement in its favor, by          reason of the fact that he is or was a supervisory director, managing          director, officer or agent of the company, or is or was serving at          the request of the company as a supervisory director, managing director,          officer or agent of another company, a partnership, joint venture,          trust or other enterprise, against expenses (including attorneys’ fees)          actually and reasonably incurred by him in connection with the defense          or settlement of such action or proceeding if he acted in good faith          and in a manner he reasonably believed to be in or not opposed to the          best interests of the company and except that no indemnification shall          be made in respect of any claim, issue or matter as to which such person          shall have been adjudged to be liable for gross negligence or wilful          misconduct in the performance of his duty to the company, unless and          only to the extent that the court in which such action or proceeding          was brought or any other court having appropriate jurisdiction shall          determine upon application that, despite the adjudication of liability          but in view of all the circumstances of the case, such person is fairly          and reasonably entitled to indemnification against such expenses which          the court in which such action or proceeding was brought or such other          court having appropriate jurisdiction shall deem proper. |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 24.3.  | To the extent that a supervisory          director, managing director, officer or agent of the company has been          successful on the merits or otherwise in defense of any action, suit          of proceeding, referred to in paragraphs 1 and 2, or in defense of          any claim, issue or matter therein, he shall be indemnified against          expenses (including attorney’s fees) actually and reasonable incurred          by him in connection therewith. |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 24.4.  | Any indemnification by          the company referred to in paragraphs 1 and 2 shall (unless ordered          by a court) only be made upon a determination that indemnification          of the supervisory director, managing director, officer or agent is          proper in the circumstances because he had met the applicable standard          of conduct set forth in paragraphs 1 and 2. Such determination shall          be made: |

|   |   |                                                                                                                                                                                                                                                                |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | a.     | either by the supervisory          board by a majority vote in a meeting in which a quorum as mentioned          in article 22, paragraph 1, and consisting of supervisory directors          who where not parties to such action, suit or proceeding, is present; |

|   |   |                                                                                                                                                                                                           |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | b.     | or, if such a quorum is          not obtainable or although such a quorum is obtained if the majority          passes a resolution to that effect, by independent legal counsel in          a written opinion; |

|   |   |                                                |
|--------|--------|-----------------------------------------------------|
|   | c.     | or by the general meeting          of shareholders. |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 24.5.  | Expenses incurred in defending          a civil or criminal action, suit or proceeding may be paid by the company          in advance of the final disposition of such action, suit or proceeding          upon a resolution of the supervisory board with respect to the specific          case upon receipt of an undertaking by or on behalf of the supervisory          director, managing director, officer or agent to repay such amount          unless it shall ultimately be determined that he is entitled to be          indemnified by the company as authorized in this article. |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |

| 24.6. | The indemnification provided          for by this article shall not be deemed exclusive of any other right          to which a person seeking indemnification may be entitled under any          by-laws, agreement, resolution of the general |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

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|   | meeting of shareholders          or of the disinterested supervisory directors or otherwise, both as          to actions in his official capacity and as to actions in another capacity          while holding such position, and shall continue as to a person who          has ceased to be a supervisory director, managing director, officer          or agent and shall also inure to the benefit of the heirs, executors          and administrators of such a person. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 24.7.  | The company shall have          the power to purchase and maintain insurance on behalf of any person          who is or was a supervisory director, managing director, officer or          agent of the company, or is or was serving at the request of the company          as a supervisory director, managing director, officer, employee or          agent of another company, a partnership, joint venture, trust or other          enterprise, against any liability asserted against him and incurred          by him in any such capacity or arising out of his capacity as such,          whether or not the company would have the power to indemnify him against          such liability under the provisions of this article. |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 24.8.  | Whenever in this article          reference is being made to the company, this shall include, in addition          to the resulting or surviving company also any constituent company          (including any constituent company of a constituent company) absorbed          in a consolidation or merger which, if its separate existence had continued,          would have had the power to indemnify its supervisory directors, managing          directors, officers and agents, so that any person who is or was a          supervisory director, managing director, officer or agent of such constituent          company, or is or was serving at the request of such constituent company          as a supervisory director, managing director, officer or agent of another          company, a partnership, joint venture, trust or other enterprise, shall          stand in the same position under the provisions of this article with          respect to the resulting or surviving company as he would have with          respect to such constituent company if its separate existence had continued. |

|                                 |
|--------------------------------------|
| **GENERAL MEETING OF SHAREHOLDERS.** |

|            |
|-----------------|
| **Article 25.** |

|   |                                                                                                                                            |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------|
| 25.1.  | The ordinary general meeting          of shareholders shall be held each year within six months after the          close of the financial year. |

|   |                                                  |
|--------|-------------------------------------------------------|
| 25.2.  | At this general meeting          shall be dealt with: |

|   |   |                                                                                                                                                                                                                                        |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | a.     | the written report of the          managing board on the course of business of the company and the conduct          of its affairs during the past financial year, and the report of the          supervisory board on the annual accounts; |

|   |   |                                                                                                                     |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------|
|   | b.     | adoption of the annual          accounts and the declaration of dividend in the manner laid down in          article 37; |

|   |   |                                                                                                                                                                                                                            |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | c.     | granting of discharge to          the members of the Managing Board for their management during the past          financial year and to the members of the Supervisory Board for their          supervision on such management; |

|   |   |                                                                                              |
|--------|--------|---------------------------------------------------------------------------------------------------|
|   | d.     | filling vacancies on the          managing board in accordance with the provisions of article 12; |

|   |   |                                                                                                 |
|--------|--------|------------------------------------------------------------------------------------------------------|
|   | e.     | filling vacancies on the          supervisory board in accordance with the provisions of article 19; |

|   |   |                                                                                                                                                                                                               |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | f.     | the proposals placed on          the agenda by the managing board or by the supervisory board, together          with proposals made by shareholders in accordance with the provisions          of these articles. |

|            |
|-----------------|
| **Article 26.** |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 26.1.  | Extraordinary general meetings          of shareholders shall be held as often as deemed necessary by the supervisory          board and shall be held if one or more shareholders and other persons          entitled to attend the meetings of shareholders jointly representing          at least one-tenth of the issued share capital make a written request          to that effect to the managing board or supervisory board, specifying          in detail the business to be dealt with. |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                         |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 26.2.  | If the managing board or          supervisory board fail to comply with a request under paragraph 1 above          in such manner that the general meeting of shareholders can be held          within six weeks after the request, the persons making the request          may be authorized by the President of the Court within whose jurisdiction          the company is established to convene the meeting themselves. |

 

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| **Article 27.** |
|-----------------|

|   |                                                                                                                                                                                                                                                                                             |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 27.1.  | General meetings of shareholders          shall be held at Amsterdam, Haarlemmermeer (Schiphol Airport), Rotterdam          or The Hague; the notice convening the meeting shall inform the shareholders          and other persons entitled to attend the meetings of shareholders accordingly. |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 27.2.  | The notice convening a          general meeting of shareholders shall be published by advertisement          which shall at least be published in a national daily newspaper and          abroad in at least one daily newspaper appearing in each of these countries          other than the United States, where, on the application of the company,          the shares have been admitted for official quotation. In addition,          holders of registered shares shall be notified by letter that the meeting          is being convened. |

|   |                                                                                                                                                                                                     |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 27.3.  | The notice convening the          meeting shall be issued by the managing board, by the supervisory board          or by those who according to the law or these articles are entitled          thereto. |

|            |
|-----------------|
| **Article 28.** |

|   |                                                                                                                                                                |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 28.1.  | The notice convening the          meeting referred to in the foregoing article shall be issued no later          than on the twenty-first day prior to the meeting. |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 28.2.  | The agenda shall contain          such business as may be placed thereon by the person(s) entitled to          convene the meeting, and furthermore such business as one or more shareholders,          representing at least one-tenth of the issued share capital, have requested          the managing board or supervisory board to place on the agenda at least          five days before the date on which the meeting is convened. Nominations          for appointment to the managing board and the supervisory board cannot          be placed on the agenda by the managing board. No resolution shall          be passed at the meeting in respect of matters not on the agenda. |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                               |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 28.3.  | Without prejudice to the          relevant provisions of law, dealing with withdrawal of shares and amendments          to articles of association, the notice convening the meeting shall          either mention the business on the agenda or state that the agenda          is open to inspection by the shareholders and other persons entitled          to attend the meetings of shareholders at the office of the company. |

|            |
|-----------------|
| **Article 29.** |

|   |                                                                                                                                                                                                                                                                                                                                                                                   |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 29.1.  | General meetings of shareholders          shall be presided over by the chairman of the supervisory board or          in his absence by the vice-chairman of the supervisory board. In case          of absence of the chairman and the vice-chairman of the supervisory          board the meeting shall be presided by any other person nominated by          the supervisory board. |

|   |                                                                                                                                                                                                                                                        |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 29.2.  | Minutes shall be kept of          the business transacted at a general meeting of shareholders, which          minutes shall be drawn up and signed by the chairman and by a person          appointed by him immediately after the opening of the meeting. |

|   |                                                                                                                                                                        |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 29.3.  | Where the minutes are drawn          up before a civil law notary, the chairman’s signature, together          with that of the civil law notary, shall be sufficient. |

|            |
|-----------------|
| **Article 30.** |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 30.1.  | All shareholders and other          persons entitled to vote at general meetings of shareholders are entitled          to attend the general meetings of shareholders, to address the general          meeting of shareholders and to vote. The general meeting of shareholders          may lay down rules regulating, inter alia, the length of time for which          shareholders may speak. In so far as such rules are not applicable,          the chairman may regulate the time for which shareholders may speak          if he considers this to be desirable with a view to the orderly conduct          of the meeting. |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                   |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 30.2.  | In order to exercise the          rights mentioned in paragraph 1, the holders of registered shares shall          notify the company in writing of their intention to do so no later          than on the day and at the place mentioned in the notice convening          the meeting, and also – in so far as type II shares are concerned – stating          the serial number of the shares certificate. |

|   |                                                                                                                                                                             |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | They may only exercise          the said rights at the meeting for the shares registered in their name          both on the day referred to above and on the day of the meeting. |

 

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| 30.3. | The company shall send          a card of admission to the meeting to holders of registered shares          who have notified the company of their intention in accordance with          the provision in the foregoing paragraph. |
|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |                                                                                                                                                                                                                                                      |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 30.4.  | The provisions laid down          in paragraphs 2 up to and including 4 are mutatis mutandis applicable          to shares from which usufructuaries and pledgees who do not have the          voting right attached to those shares derive their rights. |

|            |
|-----------------|
| **Article 31.** |

|   |                                                                                                                                                                                       |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 31.1.  | Shareholders and other          persons entitled to attend meetings of shareholders may be represented          by proxies with written authority to be shown for admittance to a meeting. |

|   |                                                                                                                                                                                                                                                                                                                                                                   |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 31.2.  | All matters regarding the          admittance to the general meeting, the exercise of voting rights and          the result of votings, as well as any other matters regarding the affairs          at the general meeting shall be decided upon by the chairman of that          meeting, with due observance of the provisions of section 13, Civil          Code:2. |

|            |
|-----------------|
| **Article 32.** |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 32.1.  | Unless otherwise stated          in these articles, resolutions shall be adopted by simple majority          of votes of the shareholders having the right to vote in a meeting          of shareholders where at least fifteen per cent of the issued capital          is present or represented. Blank and invalid votes shall not be counted.          The chairman shall decide on the method of voting and on the possibility          of voting by acclamation. |

|   |                                                                                                                                                                                                                                                                                                                                                                     |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 32.2.  | Where the voting concerns          appointments, further polls shall, if necessary, be taken until one          of the nominees has obtained a simple majority, such with due observance          of the provision of paragraph 1 of this article. The further poll or          polls may, at the chairman’s discretion, be taken at a subsequent          meeting. |

|   |                                                                                                                                                       |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 32.3.  | Except as provided in paragraph          2, in case of an equality of the votes cast the relevant proposal shall          be deemed to have been rejected. |

|            |
|-----------------|
| **Article 33.** |

|                                                                                                |   |
|-----------------------------------------------------------------------------------------------------|--------|
| At the general meeting          of shareholders each share shall confer the right to cast one vote. |

|                                                                |
|---------------------------------------------------------------------|
| **MEETINGS OF HOLDERS            OF SHARES OF A PARTICULAR CLASS.** |

|            |
|-----------------|
| **Article 34.** |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 34.1.  | A meeting of holders of          preference shares shall be held whenever required by virtue of the          provisions of these articles of association and further whenever the          managing board and/or the supervisory board shall decide, and also          whenever one or more holders of preference shares so request the managing          board and/or the supervisory board in writing, stating the items of          business to be transacted. |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                     |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | If after receipt of a request          as referred to in the preceding sentence neither the managing board          nor the supervisory board has called a meeting in such a way that the          meeting is held within four weeks of receipt, the applicant(s) shall          be authorised to call the meeting themselves, with due observance of          the relevant provisions of these articles of association. |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                 |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 34.2.  | The managing directors          and the supervisory directors shall have the right to attend meetings          of holders of preference shares; in that capacity they shall have an          advisory vote. Notice of a meeting of holders of preference shares          shall be given by letters sent to all holders of preference shares.          The notice shall state the items of business to be transacted. |

|   |                                                                                                                                                                                                                        |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 34.3.  | Article 27, paragraphs          1 and 3, article 28, article 29, article 30, paragraph 1, article 31,          article 32 and article 33 shall apply mutatis mutandis to meetings          of holders of preference shares. |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 34.4.  | At a meeting of holders          of preference shares at which the entire issued capital in shares of          those class is represented, valid resolutions may be adopted, provided          that they are passed by unanimous vote, even if the requirements in          respect of the place of the meeting, the manner of notice, the term          of notice and the stating in the notice of the items of business to          be transacted, have not been observed. |

|   |                                                                                                                                           |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------|
| 34.5.  | All resolutions which may          be adopted by the holders of preference shares at a meeting may also          be adopted outside a meeting. |

 

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|   | Resolutions may be adopted          outside a meeting only if all holders of preference shares and holders          of a right of usufruct on preference shares entitled to vote have declared          themselves in favour of the proposal by letter, by telegram, by telex          communication or telecopier. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |                                                                                                                                         |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------|
|   | The resolution shall be          recorded in the minute book of the meeting of holders of preference          shares by a managing director. |

|   |                                                                                                                                                                                                                                                                        |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 34.6.  | A meeting of holders of          ordinary shares shall be held whenever required by virtue of the provisions          of these articles of association. Articles 27 up to and including 33          shall apply mutatis mutandis to meetings of holders of ordinary shares. |

|                                                                                 |
|--------------------------------------------------------------------------------------|
| **ANNUAL ACCOUNTS, REPORT            OF THE BOARD OF MANAGEMENT AND DISTRIBUTIONS.** |

|            |
|-----------------|
| **Article 35.** |

|   |                                                                                                                               |
|--------|------------------------------------------------------------------------------------------------------------------------------------|
| 35.1.  | The financial year shall          run from the first day of January up to and including the thirty-first          day of December. |

|   |                                                                                                                                                                                                                                                                                                                  |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 35.2.  | Each year the managing          board shall cause annual accounts to be drawn up, consisting of a balance          sheet as at the thirty-first day of December, of the preceding year          and a profit and loss account in respect of the preceding financial          year with the explanatory notes thereto. |

|   |                                                                                                                                                           |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 35.3.  | The managing board shall          be bound to draw up the aforesaid annual accounts in accordance with          established principles of business management. |

|            |
|-----------------|
| **Article 36.** |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 36.1.  | The supervisory board shall          cause the annual accounts to be examined by one or more registered          accountant(s) designated for the purposes by the general meeting of          shareholders or other experts designated for the purpose in accordance          with section 393, Civil Code:2, and shall report to the general meeting          of shareholders on the annual accounts, notwithstanding the provisions          of the law. |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 36.2.  | Copies of the annual accounts          which have been made up, of the report of the supervisory board, of          the report of the managing board and of the information to be added          pursuant to the law shall be deposited for inspection by shareholders          and other persons entitled to attend meetings of shareholders, at the          office of the company as from the date of serving the notice convening          the general meeting of shareholders at which meeting those items shall          be discussed, until the close thereof. |

|                 |
|----------------------|
| **PROFIT AND LOSS.** |

|            |
|-----------------|
| **Article 37.** |

|   |                                                                                                                                                                      |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 37.1.  | Distribution of profits          pursuant to this article shall be made following approval of the annual          accounts which show that the distribution is permitted. |

|   |                                                                                                                                                                                                                                                                  |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | The company may only make          distributions to shareholders and other persons entitled to distributable          profits to the extent that its equity exceeds the total amount of its          issued capital and the reserves which must be maintained by law. |

|   |                                                                                                        |
|--------|-------------------------------------------------------------------------------------------------------------|
|   | A deficit may only be offset          against the reserves prescribed by law in so far as permitted by law. |

|   |                                                                                                                                                                                                                                         |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 37.2.  | Upon proposal of the managing          board, the supervisory board shall determine what portion of the profit          shall be retained by way of reserve, having regard to the legal provisions          relating to obligatory reserves. |

|   |                                                                                                                                                                                                                                   |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 37.3.  | The portion of the profit          that remains after application of paragraph 2, shall be at the disposal          of the general meeting of shareholders, with due observance of the          provisions of article 38, paragraph 2. |
|   |                                                                                                                                                                                                                                   |

| 37.4. | In case the general meeting          of shareholders resolves upon distribution of profits made in the latest          financial year, first, if possible, an amount equal to the percentage          referred to below of the paid up part of their par value shall be paid          as dividend on the preference shares. No further distributions shall          be made on the preference shares. The percentage referred to above          is equal to the average of the Euro Interbank Offered Rates applying          to cash loans with a term of one year – weigthed on the basis          of the number of days for which these rates applied – during the          financial year in respect of which the distribution takes place. If          the amount to be paid on the preference shares has been reduced or,          pursuant to a resolution for further payment, has been increased in          the financial year in respect of which the distribution referred to |
|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

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|   | above is made, the distribution          on these shares shall be reduced or, as the case may be, increased          if possible by an amount equal to the percentage referred to above          of the amount of the reduction or, as the case may be, the increase,          calculated from the time of the reduction or, as the case may be, from          the time at which further payments become obligatory. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |                                                                                                                                                                                                               |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 37.5.  | The general meeting of          shareholders is empowered either to distribute the profits in cash          or in kind or to withhold distribution of the said portion of the profit          in whole or in part. |

|            |
|-----------------|
| **Article 38.** |

|   |                                                                                                                                                                                                                                                                                                                                                       |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 38.1.  | Upon the proposal of the          supervisory board, the general meeting of shareholders shall be entitled          to resolve to make distributions charged to the share premium reserve          or charged to the other reserves shown in the annual accounts not prescribed          by the law, with due observance of the provisions of paragraph 2. |

|   |                                                                                                                                                                                                                                                                                                                                                                                                   |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 38.2.  | The supervisory board shall          be entitled to resolve that distributions, the amount of which distributions          has been resolved upon by the general meeting of shareholders, to shareholders          under article 37, article 38, paragraph 1 and article 39 may be made          in full or partially in the form of the issue of shares in the share          capital of the company. |

|   |                                                                                                                                                                                                                                                                                                                                                                                                 |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | The distribution to a shareholder          according to the preceding sentence shall be made to a shareholder          in cash or in the form of shares in the share capital of the company,          or partially in cash and partially in the form of shares in the share          capital of the company, such, if the supervisory board so resolves,          at the option of the shareholders. |

|            |
|-----------------|
| **Article 39.** |

|                                                                                                                                                                                                                                                                                                                                |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| At its own discretion and          subject to section 105, paragraph 4, Civil Code:2, the supervisory          board may resolve to distribute one or more interim dividends on the          shares before the annual accounts for any financial year have been          approved and adopted at a general meeting of shareholders. |

|            |
|-----------------|
| **Article 40.** |

|   |                                                                                                                                                                                                                                                                                                                                                                                                    |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 40.1.  | Distributions under articles          37, 38 or 39 shall be payable as from a date to be determined by the          supervisory board. The date of payment set in respect of shares for          which certificates are outstanding or in respect of type I shares may          differ from the date of payment set in respect of shares for which          type II share certificates are outstanding. |

|   |                                                                                                                                                                                                                           |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 40.2.  | Distributions under articles          37, 38 or 39 shall be made payable at a place or places, to be determined          by the supervisory board; at least one place shall be designated thereto          in the Netherlands. |

|   |                                                                                                                           |
|--------|--------------------------------------------------------------------------------------------------------------------------------|
| 40.3.  | The supervisory board may          determine the method of payment in respect of cash distributions on          type I shares. |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 40.4.  | Cash distributions under          articles 37, 38 or 39 in respect of shares for which a type II share          certificate is outstanding shall, if such distributions are made payable          only outside the Netherlands, be paid in the currency of a country          where the shares of the company are listed on a stock exchange not          being the Euro, converted at the rate of exchange determined by the          European Central Bank at the close of business on a day to be fixed          for that purpose by the supervisory board. If and in so far as on the          first day on which a distribution is payable, the company is unable,          in consequence of any governmental action or other exceptional circumstances          beyond its control, to make payment at the place designated outside          the Netherlands or in the relevant currency, the supervisory board          may in that event designate one or more places in the Netherlands instead.          In such event the provisions of the first sentence of this paragraph          shall no longer apply. |

|   |                                                                                                                                                                                                                                                                                                                      |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 40.5.  | The person entitled to          a distribution under articles 37, 38 or 39 on registered shares shall          be the person in whose name the share is registered at the date to          be fixed for that purpose by the supervisory board in respect of each          distribution for the different types of shares. |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 40.6.  | Notice of distributions          and of the dates and places referred to in the preceding paragraphs          of this article shall at least be published in a national daily newspaper          and abroad in at least one daily newspaper appearing in each of those          countries other than the United States, where the shares, on the application          of the company, have been admitted for official quotation, and further          in such manner as the supervisory board may deem desirable. |

 

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| 40.7. | Distributions in cash under          articles 37, 38 or 39 that have not been collected within five years          after they have become due and payable shall revert to the Company. |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 40.8.  | In the case of a distribution          under article 38, paragraph 2, any shares in the company not claimed          within a period to be determined by the supervisory board shall be          sold for the account of the persons entitled to the distribution who          failed to claim the shares. The period and manner of sale to be determined          by the supervisory board, as mentioned in the preceding sentence, shall          be notified according to paragraph 6. The net proceeds of such sale          shall thereafter be held at the disposal of the above persons in proportion          to their entitlement; distributions that have not been collected within          five years after the initial distributions in shares have become due          and payable shall revert to the Company. |

|   |                                                                                                                                                                                                                                                                                                                                                                       |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 40.9.  | In the case of a distribution          in the form of shares in the company under article 38, paragraph 2,          on registered shares, those shares shall be added to the share register.          A type II share certificate for a nominal amount equal to the number          of shares added to the register shall be issued to holders of type          II shares. |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 40.10. | The provisions of paragraph          5 shall apply equally in respect of distributions – including          pre-emptive subscription rights in the event of a share issue – made          otherwise than under articles 37, 38 or 39, provided that in addition          thereto in the “Staatscourant” (Dutch Official Gazette) shall          be announced the issue of shares with a pre-emptive subscription right          and the period of time within which such can be exercised. |

|   |                                                                                                                                                                               |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Such pre-emptive subscription          right can be executed during at least two weeks after the day of notice          in the “Staatscourant” (Dutch Official Gazette). |

|                                                                            |
|---------------------------------------------------------------------------------|
| **ALTERATIONS TO ARTICLES            OF ASSOCIATION, WINDING UP, LIQUIDATION.** |

|            |
|-----------------|
| **Article 41.** |

|   |                                                                                                                             |
|--------|----------------------------------------------------------------------------------------------------------------------------------|
| 41.1.  | A resolution to alter the          articles of association or to wind up the company shall be valid only          provided that: |

|   |   |                                                                                                                                   |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------|
|   | a.     | the proposal to such a          resolution has been proposed to the general meeting of shareholders          by the supervisory board; |

|   |   |                                                                                                                                                                                                                                                                                 |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | b.     | the full proposals have          been deposited for inspection by shareholders and other persons entitled          to attend meetings of shareholders, at the office of the company as          from the day on which the notice is served until the close of that          meeting. |

|   |                                                                                                                                                                                                                              |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 41.2.  | A resolution to amend the          articles of association by which the rights conferred on holders of          shares of a specific class as such are changed shall require the approval          of the relevant class meeting. |

|            |
|-----------------|
| **Article 42.** |

|   |                                                                                                                                                                                                                          |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 42.1.  | If the company is wound          up, the liquidation shall be carried out by any person designated for          that purpose by the general meeting of shareholders, under the supervision          of the supervisory board. |

|   |                                                                                                                                                                                                                                                                      |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 42.2.  | In passing a resolution          to wind up the company, the general meeting of shareholders shall upon          the proposal of the supervisory board fix the remuneration payable          to the liquidators and to those responsible for supervising the liquidation. |

|   |                                                                                                                                                                                                                                      |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 42.3.  | The liquidation shall take          place with due observance of the provisions of the law. During the          liquidation period these articles of association shall, to the extent          possible, remain in full force and effect. |

|   |                                                                                                                                 |
|--------|--------------------------------------------------------------------------------------------------------------------------------------|
| 42.4.  | After settling the liquidation,          the liquidators shall render account in accordance with the provisions          of the law. |

|   |                                                                                                                                                                                                                |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 42.5.  | After the liquidation has          ended, the books and records of the company shall remain in the custody          of the person designated for that purpose by the liquidators during          a ten-year period. |

|            |
|-----------------|
| **Article 43.** |

From what is left of the company’s      assets after all creditors have been satisfied, first, if possible, all      holders of preference shares shall have returned to them the paid up part      of the nominal amount of their preference shares.

 

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|   | The residue shall be divided          amongst the holders of ordinary shares pro rata to their respective          holdings of ordinary shares. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------|

|            |
|-----------------|
| **Article 44.** |

Any amounts payable to shareholders      or due to creditors which have not been claimed within six months after      the last distribution was made payable, shall be deposited with the Public      Administrator of Unclaimed Debts.

 

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