Exhibit 4.1


 


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Ardagh Metal Packaging S.A.


56,
Rue Charles Martel, L-2134 Luxembourg, Luxembourg


R.C.S.  Luxembourg: B 251465


 


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ARTICLES OF ASSOCIATION


 


11 JULY 2022


 


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TABLE OF CONTENTS


 


	INTERPRETATION	4
	1.	Definitions	4
	FORM, NAME, DURATION AND REGISTERED OFFICE	6
	2.	Form and Name	6
	3.	Duration	6
	4.	Registered Office	6
	CORPORATE OBJECTS	7
	5.	Corporate Objects	7
	SHARES	8
	6.	Share Capital	8
	7.	Power to Issue Shares	9
	8.	Power of the Company to Purchase or otherwise Acquire its own Shares	9
	9.	Suspension and/or Waiver of Voting Right; Voting by Incapacitated Holders	11
	10.	Statements of Share Ownership	12
	REGISTRATION OF SHARES	12
	11.	Register of Shareholders	12
	12.	Transfer of Shares	13
	13.	Compulsory Transfer of Shares	13
	ALTERATION OF SHARE CAPITAL	17
	14.	Power to Alter Capital	17
	DIVIDENDS, OTHER DISTRIBUTIONS AND LEGAL RESERVE	17
	15.	Dividends and Other Distributions	17
	16.	Legal Reserve	18
	MEETINGS OF SHAREHOLDERS	19
	17.	General Meetings	19
	18.	Record Date For Shareholder Notice; Voting.	19
	19.	Convening of General Meetings	19
	20.	Participation by telephone or video conference	20
	21.	Quorum at General Meetings	20
	22.	Voting on Ordinary and Special Resolutions	21
	23.	Instrument of Proxy	21
	24.	Adjournment of General Meeting	22
	DIRECTORS AND OFFICERS	22
	25.	Number of Directors	22



 






    


     


    

 


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	26.	Election of Directors	22
	27.	Classes of Directors	23
	28.	Term of Office of Directors	24
	29.	Removal of Directors	24
	30.	Vacancy in the Office of Director	24
	31.	Remuneration of Directors	25
	32.	Directors to Manage Business	25
	33.	Powers of the Board of Directors	25
	34.	Interested Directors	26
	35.	Competition and Corporate Opportunities	27
	36.	Appointment of Chairman and Secretary	29
	37.	Appointment, Duties and Remuneration of Officers	29
	38.	Indemnification of Directors and Officers	29
	39.	Binding Signatures	31
	MEETINGS OF THE BOARD OF DIRECTORS	31
	40.	Board Meetings	31
	41.	Notice of Board Meetings	31
	42.	Participation by telephone or video conference	31
	43.	Quorum at Board Meetings	31
	44.	Board to Continue in the Event of Vacancy	32
	45.	Written Resolutions	32
	46.	Validity of Acts of Directors	32
	CORPORATE RECORDS	32
	47.	Minutes of the Meetings of the Shareholders	32
	48.	Minutes of the Meetings of the Board	32
	49.	Place Where Corporate Records Kept	32
	50.	Service of Notices	32
	FINANCIAL YEAR	34
	51.	Financial Year	34
	AUDITOR	34
	52.	Appointment of Auditor	34
	VOLUNTARY WINDING-UP AND DISSOLUTION	34
	53.	Winding-Up	34
	CHANGES TO CONSTITUTION	35
	54.	Changes to Articles	35
	55.	Governing Law	35



 






    


    


    

 


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INTERPRETATION


 


		1.	Definitions



 


In these Articles, the following
words and expressions shall, where not inconsistent with the context, have the following meanings, respectively:


 


Acquiror
has the meaning ascribed in Article 13.1;


 


Acquiror
Expert has the meaning ascribed in Article 13.1;


 


Acquiror
Purchase Price has the meaning ascribed in Article 13.2;


 


Act
means the Luxembourg law of 10 August 1915 pertaining to commercial companies, as amended from time to time;


 


Affiliate
means, with respect to a person, any person directly or indirectly Controlling, Controlled by or under common Control with
such person;


 


Articles
means these articles, as amended from time to time in accordance with Article 54;


 


Article 13
Notice has the meaning ascribed in Article 13.1;


 


Auditor
means one or more independent auditors (réviseurs d’entreprises) appointed in accordance with these Articles
and includes an individual, company or partnership;


 


Board
means the board of directors appointed or elected from time to time pursuant to these Articles;


 


Chairman
means the chairman of the Board;


 


Clear
Days means, in relation to the period of a notice, that period excluding the day when the notice is given or deemed to be
given and the day for which it is given or on which it is to take effect;


 


Company
means the company for which these Articles are approved and confirmed;


 


Compulsory
Acquisition Notice has the meaning ascribed in Article 13.2;


 


Control
means, with respect to any person, the possession, directly or indirectly, by another person of the power to direct or cause
the direction of the management and policies of such first person, whether through the ownership of voting securities, by contract or
otherwise;


 


Depository
has the meaning ascribed in Article 11.4;


 


Director
means a director of the Company;


 


EUR
means the single currency of participating member states of the European Union and the lawful currency for the time being
of Luxembourg;


 


Fair
Market Value has the meaning ascribed in Article 8.6;


 


Indemnified
Party has the meaning ascribed in Article 38.1;


 


Luxembourg
has the meaning ascribed in Article 4.1;


 


New
Shares has the meaning ascribed in Article 7.3;


 


Notice
means written notice as further provided in these Articles unless otherwise specifically stated;


 






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Notice
of Objection has the meaning ascribed in Article 13.3;


 


Notice
to the Company means written notice addressed to the Secretary or another officer identified by the Company to Shareholders
from time to time, delivered to the registered office of the Company by hand or mail, or to the Company by facsimile or electronic mail
(with customary proof of confirmation that such notice has been transmitted);


 


Officer
means any person appointed as an officer of the Company by the Board, with such title, powers and duties as designated by
resolution of the Board in accordance with Article 37;


 


Ordinary
Resolution means a resolution adopted at an ordinary general meeting (including the annual general meeting) with the quorum
set forth in Article 21.1 and the majority set forth in Article 22.1;


 


Ordinary
Shares means the ordinary Shares of the Company with the rights and obligations set forth in the Articles;


 


Preferred
Shares means the redeemable preferred shares of the Company without voting rights and with the rights and obligations set
forth in the Articles;


 


Purchase
Price has the meaning ascribed in Article 13.3;


 


Register
of Shareholders means the register of shareholders referred to in these Articles;


 


Remaining
Holder Expert has the meaning ascribed in Article 13.3;


 


Remaining
Holders has the meaning ascribed in Article 13.1;


 


Remaining
Shares has the meaning ascribed in Article 13.1;


 


Secretary
means the person appointed as secretary of the Company by the Board, including any deputy or assistant secretary and any person
appointed by the Board to perform any of the duties set forth in Article 34.2 and specifically entrusted by resolution to the Secretary;


 


Shares
has the meaning ascribed in Article 6.1;


 


Share
Capital in Issue means the sum of the aggregate par value of the issued Shares, taking into account the respective par value
of each Share;


 


Shareholder
means any person registered in the Register of Shareholders as the holder of Shares in the Company;


 


Special
Resolution means a resolution adopted at an extraordinary general meeting with the quorum set forth in Article 21.2 and
the majority set forth in Article 22.2;


 


Subsidiary
means an incorporated or unincorporated entity in which another person (a) has a majority of the shareholders’
or members’ voting rights or (b) has the right to appoint or remove a majority of the members of the administrative, management
or supervisory body and is at the same time a shareholder in or member of such entity; and


 


Treasury
Share means a Share that was or is treated as having been acquired and held by the Company and has been held (or is treated
as having been held) continuously by the Company since it was so acquired and has not been cancelled.


 






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		1.1	In
                                            these Articles, where not inconsistent with the context:



 


(a)            words
denoting the plural number include the singular number and vice versa;




 


(b)            words
denoting the neuter gender include the masculine and feminine genders;




 


(c)            the
word:




 


		(i)	“may”
                                            shall be construed as permissive;



 


		(ii)	“shall”
                                            shall be construed as imperative; and



 


		(iii)	“including”
                                            shall be deemed to be followed by the words “without limitation”;



 


(d)            a
reference to statutory provision shall be deemed to include any amendment or re-enactment thereof;


 


(e)            if
the numbering of the articles within the Act is subsequently changed, reference to a given article of the Act in these Articles shall
be deemed to be replaced by the new number;


 


(f)            the
word “corporation” means a legal entity (personne morale); and




 


(g)            the
word “person” means any individual, corporation, partnership, joint venture, limited liability company, trust or other incorporated
or unincorporated organisation or any other entity, including a governmental entity or authority; and


 


(h)            unless
otherwise provided herein, words or expressions used in these Articles and defined in the Act shall bear the same meaning in these Articles
as in the Act.


 


1.2            In
these Articles expressions referring to writings shall, unless inconsistent with the context, include facsimile, printing, lithography,
photography, electronic mail and other modes of representing words in visible form.


 


1.3            Headings
used in these Articles are for convenience only and are not to be used or relied upon in the construction hereof.


 


FORM, NAME, DURATION AND REGISTERED
OFFICE


 


		2.	Form and
                                            Name



 


The Company’s legal
name is “Ardagh Metal Packaging S.A.” and it is a public limited liability company (société anonyme).


 


		3.	Duration



 


The Company is incorporated for an
unlimited duration.


 


		4.	Registered
                                            Office



 


4.1            The
registered office of the Company is established in the City of Luxembourg, Grand Duchy of Luxembourg (“Luxembourg”).
It may be transferred within Luxembourg by a resolution of the Board, which may amend these Articles accordingly.


 


4.2            If
the Board determines that extraordinary political or military developments or events have occurred or are imminent and that these developments
or events would interfere with the normal activities of the Company at its registered office, or with the ease of communication between
such office and persons abroad, the registered office may be temporarily transferred abroad until the complete cessation of these extraordinary
circumstances. Such temporary measures shall have no effect on the nationality of the Company


 






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which,
notwithstanding the temporary transfer of its registered office, will remain a Luxembourg incorporated company. Such temporary
measures will be taken by the Board and notified to the Shareholders.


 


CORPORATE OBJECTS


 


		5.	Corporate
                                            Objects



 


5.1            The
corporate objects of the Company are to hold, directly or indirectly, equity or other interests in other persons, including its Subsidiaries,
and take all actions as are necessary or useful to realise these objects.


 


		5.2	The
                                            Company has the power to carry out the following actions:



 


(a)            the
acquisition, holding, management and disposal, in any form, by any means, directly or indirectly, of participations, rights and interests
in, and obligations of, Luxembourg and non-Luxembourg companies, partnerships or other incorporated or non-incorporated entities;


 


(b)            the
acquisition by purchase, subscription, assumption or in any other manner and the transfer by sale, exchange or in any other manner of
equity securities, bonds, debentures, notes and other securities or financial instruments of any kind and contracts thereon or related
thereto;


 


(c)            the
ownership, administration, development and management of a portfolio of assets, including real estate assets and the assets referred
to in paragraphs (a) and (b) of this Article 5.2;


 


(d)            the
holding, acquisition, disposal, development, licensing or sublicensing, and management of, or the investment in, any patents or other
intellectual property rights of any nature or origin as well as the rights deriving therefrom;


 


(e)            the
issuance of debt and equity securities in any currency and in any form including by way of:


 


		(i)	the
                                            issue of shares, notes, bonds, debentures or any other form of debt or equity security and
                                            in any manner, whether by way of private placement, public offering or otherwise; and



 


		(ii)	borrowing
                                            from any third party, including banks, financial institutions, or other person whether or
                                            not affiliated with the Company;



 


(f)            to
the extent permitted under Luxembourg law, the provision of any form of equity or debt funding or any other form of financial assistance
in any currency and whether or not financed by any of the methods mentioned in paragraph (e) of this Article 5.2 and whether
subordinated or unsubordinated, to any person including to the Company’s Subsidiaries, Affiliates and/or any other persons that
may or may not be Shareholders or Affiliates of the Company;


 


(g)            the
giving of guarantees (including up-stream and cross-stream) or the creation of any form of encumbrance or security over all or any of
its assets to guarantee or secure its own obligations or those obligations and undertakings of any other companies or persons that


 






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may or may not be Shareholders or Affiliates,
and, generally, for its own benefit and/or the benefit of any other persons that may or may not be Shareholders or Affiliates of the
Company; and


 


(h)            taking
any actions designed or intended to protect the Company against credit, currency exchange, interest rate or other risks.


 


5.3            The
objects and powers described in this Article 5 are to be interpreted in their broadest sense and any transaction or agreement which
is entered into by the Company that is not inconsistent with the foregoing objects or powers will be deemed to be within the scope of
such objects or powers.


 


SHARES


 


		6.	Share
                                            Capital



 


6.1            The
authorised share capital of the Company is set at one billion Euro and zero Cents (EUR 1,000,000,000), divided into up to one hundred
billion (100,000,000,000) shares (the “Shares”) represented by Ordinary Shares and Preferred Shares.


 


6.2            The
Share Capital in Issue of the Company amounts to two hundred fifty six million thirty three thousand two hundred twenty one Euros and
two Euro Cents (EUR 256,033,221.02) represented by:


 


-     six
hundred three million three hundred and twenty two thousand two hundred and thirty eight (603,322,238) Ordinary Shares with a par value
of one Euro cent (EUR 0.01) each and


 


-     fifty
six millions three hundred and six thousand three hundred and six (56,306,306) Preferred Shares with a par value of four Euros and forty-four
Euro cents (EUR 4.44) each.


 


6.3            The
Company may issue additional Shares in accordance with these Articles.


 


6.4            The
Ordinary Shares are voting shares of the Company, each carrying one vote. The Preferred Shares are non-voting shares of the Company,
except where mandatorily required by the Act, where each Preferred Share shall carry one vote irrespective of its nominal value.


 


6.5            All
Preferred Shares are issued in the form of redeemable shares and are redeemable at the sole discretion of the Company at such date as
decided by the Board. The holders of Preferred Shares have no right to request the redemption of their Preferred Shares. Without prejudice
to the conditions set forth in the Act, the Preferred Shares will be redeemed pursuant to Article 8 and by serving a Notice (the
 “Purchase Notice”) to the owner of the Preferred Shares to be repurchased, specifying the Preferred Shares to be repurchased,
the purchase price to be paid for such Preferred Shares and the place at which the purchase price in respect of such Preferred Shares
is payable. Immediately after the close of business on the date specified in the Purchase Notice such holder shall cease to be the holder
of the Preferred Shares specified in such Purchase Notice and its name shall be removed as the holder of such Preferred Shares from the
Register of Shareholders. Any such holder will cease to have any right as a Shareholder with respect to the Preferred Shares to be repurchased
as from the date specified


 






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in the Purchase Notice.


 


		7.	Power
                                            to Issue Shares



 


7.1            Subject
to the provisions of the Act, any Share may be issued either at par or at a premium and with such rights and/or restrictions, whether
in respect of dividends, voting, return of capital, transferability or otherwise, as the Company may from time to time direct.


 


7.2            Any
share premium created upon the issue of shares pursuant to Article 7.1 shall be available for repayment to the Shareholders, the
payment of which shall be within the absolute discretion of the Board. Without limiting the foregoing, the Board is authorised to use
any share premium for the purpose of making any share premium repayment to Shareholders or repurchasing Shares.


 


7.3            (a) The
Board is authorised for a period of five (5) years from 8 July 2022 to increase the Share Capital in Issue, once or more, (i) by
the issue of new Shares irrespective of their class with a par value of one Euro cent (EUR 0.01) for each Ordinary Share, and four Euros
and forty-four Euro cents (EUR 4.44) for each Preferred Share (the “New Shares”), (ii) by granting options to subscribe
for New Shares, (iii) by issuing any other instruments convertible into or repayable by or exchangeable for New Shares (whether
provided in the terms at issue or subsequently provided), (iv) by issuing bonds with warrants or other rights to subscribe for New
Shares attached, or (v) through the issue of standalone warrants or any other instrument carrying an entitlement to, or the right
to subscribe for, New Shares, up to a maximum of the authorised but as yet unissued share capital of the Company to such persons and
on such terms as the Board determines in its absolute discretion. The Board may set the subscription price for the New Shares so issued,
as well as determining the form of consideration to be paid for any such New Shares which may include (A) cash, including the setting
off of claims against the Company that are certain, due and payable, (B) payment in kind, and (C) reallocation of the share
premium, profit reserves or other reserves of the Company. The Board is also authorised to issue New Shares free of charge within the
limitations of Article 420-26 (6) of the Act.


 


(b) The Board is authorised
to withdraw or limit the Luxembourg statutory preemption provisions upon the issuance of the New Shares pursuant to the authority conferred
by Article 7.3.


 


7.4            The
Board shall be authorised to appoint, in its absolute discretion, a representative, to appear before a public notary in Luxembourg for
the purpose of recording each share capital increase by way of notarial deed and amending the Articles to reflect the changes resulting
from such share capital increases to the Share Capital In Issue.


 


		8.	Power
                                            of the Company to Purchase or otherwise Acquire its own Shares



 


8.1            The
Company may purchase, acquire or receive its own Shares for cancellation or to hold them as Treasury Shares within the limits, and subject
to the conditions, set forth in the Act and other applicable laws and regulations. In relation to the Preferred Shares, the Board of
Directors has


 






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full discretion to decide if and when the Preferred
Shares should be redeemed.


 


8.2            Pursuant
to and in conformity with the provisions of Article 430-15 of the Act, and in conformity with all other applicable laws and regulations
(including any rules and regulations of any stock market, exchange or securities settlement system on which the Ordinary Shares
are traded, as may be applicable to the Company), the Company is authorised to purchase, acquire, receive and/or hold Shares, from time
to time, provided that:


 


(a)            the
Shares hereby authorised to be purchased shall all be fully paid-up issued Shares;


 


(b)            the
maximum number of Shares purchased, acquired or received by the Company shall be such that the aggregate nominal value or the aggregate
accounting par value of the Shares held by persons other than the Company does not fall below the minimum issued share capital prescribed
by the Act;


 


(c)            the
maximum price which may be paid for each Share shall not exceed the Fair Market Value (as defined in Article 8.6);


 


(d)            the
minimum price which may be paid for each Share shall be the par value of the Share; and


 


(e)            the
acquisitions, including the Shares previously acquired by the Company and held by it, and Shares acquired by a person acting in its own
name but on the Company’s behalf,may not have the effect of reducing the net assets of the Company below the amount mentioned in
paragraphs (1) and (2) of Article 461-2 of the Act.


 


8.3            The
authority set forth in this Article 8 (unless previously revoked, varied or renewed by the general meeting) is granted for a period
of five (5) years from and commencing on 8 July 2022.


 


8.4            The
authority set forth in this Article 8 relates only to:


 


(a)            one
or more market purchases (being a purchase of Shares by the Company of Shares offered for sale by any Shareholder on any stock exchange
on which the Shares are traded), as the Board shall determine without such acquisition offer having to be made to all Shareholders; and


 


(b)            purchases
effected in circumstances other than those referred to in Article 8.4(a), where an offer on the same terms has been made by the
Company to all Shareholders in a similar situation, it being understood that holders of Preferred Shares shall not be deemed to be in
a similar situation to holders of Ordinary Shares.


 


8.5            The
Board shall be authorised to appoint, in its absolute discretion, a representative, to appear before a public notary in Luxembourg for
the purpose of amending these Articles to reflect the changes resulting from the cancellation of any Shares repurchased in accordance
with the terms of this Article 8, if such election is made to cancel the Shares.


 


8.6            For
the purposes of this Article 8, “Fair Market Value” means, in respect of any Ordinary Share:


 


(a)            the
actual price at which the Company effects a purchase of its own Shares pursuant to an announced open market repurchase program on the
New York Stock Exchange or, if the


 






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Company’s Shares are not listed on the
New York Stock Exchange, on such other securities exchange on which the Company’s shares are then listed or traded; or


 


(b)            in
the case of any repurchase of Shares that is not effected pursuant to an announced open market repurchase program on the New York Stock
Exchange or another securities exchange, the fair market value determined in good faith by an independent auditor (réviseur
d'entreprises) appointed by the Board on the basis of such information and facts as available to, and deemed relevant by, the independent
auditor;


 


and in respect of any Preferred
Share,


 


(i) its nominal value
plus the Delta and any New Delta (each as defined in article 15.3), if any, plus


 


(ii) its nominal value
multiplied by 0.75% (zero point seventy-fiver per cent) multiplied by the number of months elapsed between the date of issuance of the
Preferred Share and of its redemption (it being understood that a month will always be calculated in full irrespective of the effective
day of issuance and redemption), plus


 


(iii) in case any Delta
or New Delta exists with respect to any financial year, an amount equal to 9% (nine per cent) per year, calculated pro rata temporis
on the Delta or New Delta, from the first day of the financial year following the existence of a Delta or New Delta and until the date
of payment of such Delta or New Delta or to the redemption date (it being understood that a month will always be calculated in full irrespective
of the effective day of the payment or redemption), less


 


(iv) the total amount
of any dividend paid, if any, in relation to the Preferred Share since its issuance.


 


8.7             Voting
rights attaching to a Treasury Share shall be suspended and shall not be exercised by the Company while it holds such Treasury Shares
and, except where required by the Act, all Treasury Shares shall be excluded from the calculation of any percentage or fraction of the
share capital, or shares, of the Company for determining the quorum and majority requirements of any general meeting. The aforementioned
restrictions on voting rights shall apply to Shares issued by the Company and held by direct and indirect subsidiaries, in accordance
with Article 430-23 of the Act.


 


9.            Suspension
and/or Waiver of Voting Right; Voting by Incapacitated Holders


 


9.1            The
Board may suspend the right to vote of any Shareholder if such Shareholder does not fulfil its obligations under these Articles or any
deed of subscription or deed of commitment entered into by such Shareholder.


 


9.2            Any
Shareholder may individually decide not to exercise, temporarily or definitively, such Shareholder’s right to vote all or any of
such Shareholder’s shares. Any such Shareholder shall be bound by such waiver, which shall be enforceable by the Company from the
date of the Company’s receipt of Notice from such Shareholder of such waiver.


 


9.3            If
the voting rights of one or more Shareholders are suspended in accordance with this Article 9 or a Shareholder has temporarily or
permanently waived such Shareholder’s voting right in accordance with this Article 9, such Shareholders shall receive Notice
of and


 






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may attend any general meeting of Shareholders
but the Shares with respect to which such Shareholder does not have, or has waived, voting rights in accordance with this Article 9
shall not be taken into account for determining whether the quorum and majority vote requirements are satisfied.


 


9.4            If
an individual Shareholder is of unsound mind or an order has been made in respect of such Shareholder by any court having jurisdiction
(whether in Luxembourg or elsewhere) in matters concerning mental disorder, such Shareholder’s committee, receiver, guardian or
other person appointed by that court and any such committee, receiver, guardian or other person may vote such Shareholder’s Shares,
including by proxy. Evidence to the satisfaction of the Board of the authority of the person claiming to exercise the right to vote shall
be deposited at the registered office of the Company or at such other place as is specified in accordance with these Articles for the
deposit of proxies, not less than forty-eight (48) hours before the time appointed for holding the meeting or adjourned meeting at which
the right to vote is exercised, failing which the right to vote shall not be exercised.


 


		10.	Statements
                                            of Share Ownership



 


At the request of a Shareholder,
the Company shall issue a statement of share ownership evidencing the number of Shares registered in such Shareholder’s name in
the Register of Shareholders on the date of such statement.


 


REGISTRATION OF SHARES


 


		11.	Register
                                            of Shareholders



 


11.1            The
Shares are and will remain in registered form (actions nominatives) and the Shareholders are not permitted to request the conversion
of their shares into bearer form.


 


11.2            The
Board shall cause to be kept a Register of Shareholders and shall enter therein the particulars required by the Act.


 


11.3            The
Company shall be entitled to treat the registered holder of any Share as the absolute owner thereof and accordingly shall not be bound
to recognise any equitable claim or other claim to, or interest in, such Share on the part of any other person.


 


11.4            Where
Shares are recorded in the Register of Shareholders on behalf of one or more persons in the name of a securities settlement system or
the operator of such system, or in the name of a professional depository of securities, or any other depository (such system, professional
or other depository, being referred to as “Depository”) or of a sub-depository designated by one or more Depositories,
the Company, subject to it having received from the Depository with which those Shares are kept in account satisfactory evidence of the
underlying ownership of Shares by those persons and their authority to vote the Shares, will permit those persons to exercise the rights
attaching to those Shares, including admission to and voting at general meetings. A Notice may be given by the Company to the holders
of Shares held through a Depository by giving such Notice to the Depository the name of which is listed in the Register of Shareholders
in respect of the Shares, and any such Notice shall be regarded as proper Notice


 






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to all underlying holders of Shares. Notwithstanding
the foregoing, the Company shall make payments, by way of dividends or otherwise, in cash, shares or other assets as permitted pursuant
to these Articles, only to the Depository or sub-depository recorded in the Register of Shareholders or in accordance with its instructions,
and such payment by the Company shall release the Company from any and all obligations in respect of such payment.


 


11.5            In
the case of joint holders of Shares, the Company shall treat the first named holder on the Register of Shareholders as having been appointed
by the joint holders to receive all Notices and to give a binding receipt for any dividend(s) payable in respect of such Share(s) on
behalf of all joint holders, without prejudice to the rights of the other holders to information as set out in the Act.


 


		12.	Transfer
                                            of Shares



 


12.1            Any
Shareholder may, subject to the provisions of the Act and the restrictions contained in these Articles, transfer all or any of such Shareholder’s
Shares by written instrument of transfer; provided that shares listed or admitted to trading on a stock exchange may be transferred in
accordance with the rules and regulations of such exchange.


 


		13.	Compulsory
                                            Transfer of Shares



 


13.1            If,
at any time, a person is or becomes, directly or indirectly, the owner of seventy-five per cent (75%) or more of the number of Ordinary
Shares in issue, such person (the “Acquiror”) may require the holders of the remaining Ordinary Shares in issue (such holders
of Ordinary Shares, the “Remaining Holders” and such Ordinary Shares, the “Remaining Shares”) to sell such Remaining
Shares to the Acquiror. The Acquiror shall exercise its right to acquire the Remaining Shares by giving Notice to the Company (an “Article 13
Notice”) that specifies: (a) the identity and contact details of the Acquiror, (b) if then determined, the price that
the Acquiror will pay for the Remaining Shares (being the fair market value thereof as determined in accordance with this Article 13)
and the identity of the independent investment banking firm of international reputation (the “Acquiror Expert”) engaged or
that will be engaged by the Acquiror to determine the fair market value of the Remaining Shares; (c) the Acquiror’s sources
of payment of the purchase price for the Remaining Shares (which payment must be in the form of cash), and evidence that the Acquiror
has secured funds sufficient to make such payment; and (d) subject to this Article 13, any other conditions governing the purchase
of the Remaining Shares.


 


13.2            Promptly
(but, in any event, within fourteen (14) days) following receipt by the Company of an Article 13 Notice, the Company shall serve
Notice on all the Remaining Holders (the “Compulsory Acquisition Notice”), setting forth (a) that the Acquiror
has served an Article 13 Notice and outlining the consequences of such Article 13 Notice pursuant to this Article 13,
(b) the name of the Acquiror Expert retained or to be retained by the Acquiror to determine the fair market value of the Remaining
Shares, and (c) if the Acquiror has so notified the Company, the price determined by the Acquiror Expert as the fair market value
of the


 






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Remaining Shares (the “Acquiror Purchase
Price”). If the Acquiror Purchase Price has not been determined by the Acquiror Expert on the date of the delivery by the Acquiror
of the Article 13 Notice, the Acquiror shall cause the Acquiror Expert to determine the Acquiror Purchase Price within twenty-one
(21) days of such date, and shall promptly (but in any event within three (3) days) following such determination, give Notice to
the Company thereof. The Company shall promptly thereafter serve Notice on all the Remaining Holders setting forth the Acquiror Purchase
Price.


 


13.3            If
Remaining Holders holding at least ten per cent 10% of the Remaining Shares object to the Acquiror Purchase Price, such Remaining Holders
may provide Notice of such objection to the Acquiror (the “Notice of Objection”), with a copy to the Company, no later
than ten (10) days after the date on which the Company notified the Remaining Holders of the Acquiror Purchase Price. If no Notice
of Objection is provided to the Acquiror within such time period, the Acquiror Purchase Price shall be final and binding on the Acquiror
and all the Remaining Holders and shall be the “Purchase Price” for purposes of this Article 13. The Acquiror
and the objecting Remaining Holders may attempt to agree on the fair market value of the Remaining Shares, and any fair market value
agreed by the Acquiror and Remaining Holders holding a majority of the Remaining Shares held by all objecting Remaining Holders shall
be final and binding on the Acquiror and all the Remaining Holders and shall the “Purchase Price” for purposes of
this Article 13. Failing agreement on such fair market value within fifteen (15) days of the date of the Notice of Objection, the
objecting Remaining Holders may engage, at the expense of the Company, an investment banking firm of international reputation (the “Remaining
Holder Expert”) to determine the fair market value of the Remaining Shares. The Remaining Holder Expert shall determine such
fair market value within thirty-five (35) days of the date of the Notice of Objection. If the difference between the fair market value
determined by the Remaining Holder Expert and the Acquiror Purchase Price is not more than ten percent (10%) of the higher valuation,
the purchase price for the Remaining Shares shall be the average of the Acquiror Purchase Price and the fair market value determined
by the Remaining Holder Expert. If the difference between the fair market value determined by the Remaining Holder Expert and the Acquiror
Purchase Price is greater than ten percent (10%) of the higher valuation, the Acquiror Expert and the Remaining Holder Expert shall select
and engage, at the expense of the Company, a third investment banking firm of international reputation to determine the fair market value
of the Remaining Shares within sixty-five (65) days of the date of the Notice of Objection. The fair market value of the Remaining Shares
shall be the average of the fair market value of the two (2) closest valuations of the three (3) investment banking firms,
and such valuation shall be final and binding on the Acquiror and all the Remaining Holders (the fair market value as determined by the
Acquiror Expert, as agreed by the Acquiror and the objecting Remaining Holders in accordance with the second sentence of this Article 13.3
or as determined by the investment banking firms in accordance with this


 






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Article 13.3, the “Purchase Price”).
Subject to execution by the Acquiror Expert, the Remaining Holder Expert and the third investment banking firm of customary confidentiality
agreements, the Company shall provide each of them with such financial and other information as they reasonably request to enable them
to make their determinations under this Article 13; provided that all three (3) investment banking firms shall receive the
same financial and other information. Promptly following the determination of the Purchase Price, the Company shall serve Notice on all
the Remaining Holders setting forth the Purchase Price.


 


13.4            Upon
the service of the Compulsory Acquisition Notice, or, if later, the date on which the Remaining Holders are notified by the Company of
the Purchase Price, subject to Article 13.5, each of the Remaining Holders shall be required to sell all of the Remaining Shares
held by them to the Acquiror, and, subject to Article 13.4, Article 13.5 and the conditions set forth in the Article 13
Notice, the Acquiror shall be bound to acquire all of such Remaining Shares, for the Purchase Price, and, in furtherance thereof, pay
to the Company at the closing of the sale and purchase of the Remaining Shares, for remittance to the Remaining Holders, the consideration
to be paid by the Acquiror for all the Remaining Shares.


 


13.5            In
selling its Remaining Shares to the Acquiror and accepting the Purchase Price therefor, each Remaining Holder shall represent (or be
deemed by virtue of Article 13.7 to represent) to the Acquiror that (a) it has full right, title and interest to such Remaining
Holder’s Remaining Shares, (b) has all necessary power and authority, and has taken all necessary actions to sell such Remaining
Holder’s Remaining Shares to the Acquiror, and (c) such Remaining Holder’s Remaining Shares are free and clear of all
liens or encumbrances except those imposed by applicable law or these Articles. Other than the foregoing representations, no Remaining
Holder shall be required to (i) make any representations to the Acquiror in connection with the sale of its Remaining Shares under
this Article 13, (ii) provide or otherwise grant any right to indemnification in favor of such Acquiror in connection with
such sale or (iii) otherwise agree to be bound by any restrictive covenants in connection with such sale. If any Remaining Holder
does not (or cannot) make any such representations, or the Acquiror determines before or after its acquisition of the Remaining Shares
held by such Remaining Holder that such representations are incorrect, then the Acquiror may, at its option, determine not to acquire
such Remaining Holder’s Remaining Shares or, if it has already acquired such shares, pursue any remedies it has against such Remaining
Holder for breach of such representations, as applicable.


 


13.6            The
closing of such sale and purchase shall occur as promptly as practicable after the service of the Compulsory Acquisition Notice or the
determination of the Purchase Price (whichever is later); provided that no Remaining Holder shall be required to sell, and the Acquiror
shall not be required to purchase, any Remaining Shares if such purchase or sale would violate any applicable law, regulation or order.


 


13.7            Upon
the service of the Compulsory Acquisition Notice, the Company shall be required to take all such actions as may reasonably be requested
by the Acquiror to enable it to


 






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implement the acquisition by it, and registration
in the Register of Shareholders in its name (and/or those of its designee(s)), of all of the Remaining Shares on the terms and conditions
set forth in this Article 13.


 


13.8            In
furtherance (but not in limitation) of the provisions of this Article 13, the Chairman for the time being (or some other person
appointed by the Company for this purpose) shall be deemed to have been appointed attorney of each of the Remaining Holders with full
power (and obligation, if so requested by the Acquiror) to execute, complete and deliver, in the name and on behalf of each Remaining
Holder (a) a transfer in favor of the Acquiror and/or its designee(s) of all of the Remaining Shares held by such Remaining
Holder against delivery to the Company of the Purchase Price for such Remaining Holder’s Remaining Shares and (b) subject
to Article 13.4, such other closing documents and deliverables as the Acquiror may reasonably require so as to vest all rights and
entitlements in or in respect of the shares held by such Remaining Holder in the Acquiror and/or its designee(s) (including a power
of attorney in favor of the Acquiror and/or its designee(s) to vote and exercise all rights in respect of such shares pending the
registration in the Register of Shareholders of the Acquiror and/or its designee(s) as the holder(s) of such shares).


 


13.9            The
Acquiror, on delivery to the Company of the consideration to which the Remaining Holders are entitled in accordance with this Article 13,
shall be deemed to have obtained a good discharge for such consideration and, on delivery of such consideration and execution and delivery
of the closing documents required to be executed by the Acquiror to effect its purchase of the Remaining Shares, the Acquiror shall be
entitled to require the Company to register its name (or that of its designee) in the Register of Shareholders as the holder by transfer
of each of the Remaining Shares.


 


13.10            The
Company shall, as soon as practicable after its receipt of the consideration for the Remaining Shares and the other closing documents
and deliverables required to effect the transfer of such shares, deliver to each Remaining Holder the consideration to which such Remaining
Holder is entitled in accordance with this Article 13 or, if in the opinion of the Board it is not reasonably practical to do so
at such time, pay the same into a separate bank account, in the name of the Company and shall hold such consideration in trust for the
applicable Remaining Holder until such time as the Board considers it appropriate to release such consideration.


 


13.11            If,
at the end of the one hundred and eightieth (180th) day after delivery by the Acquiror of the Article 13 Notice, the sale of all
of the Remaining Shares has not been completed because of the failure of the Acquiror to take any action required to effect such sale
within such time period, the Article 13 Notice shall be deemed null and void, the Acquiror shall no longer have the right (or obligation)
to purchase the Remaining Shares under this Article 13, and each Remaining Holder and the Company shall be released from their obligations
under this Article 13 in respect of the sale of the Remaining Shares.


 






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ALTERATION OF SHARE CAPITAL


 


		14.	Power
                                            to Alter Capital



 


14.1            The
Company may from time to time by Special Resolution and subject to any greater quorum or majority requirements as may be provided for
in the Act, increase, divide, consolidate, subdivide, change the currency denomination of, diminish or otherwise alter or reduce its
Share Capital In Issue in any manner permitted by the Act or these Articles; provided, that nothing herein shall affect or diminish the
authority granted to the Board under Article 7 or Article 8.


 


14.2            If,
following any alteration or reduction of the Share Capital In Issue, a Shareholder would receive a fraction of a Share, the Board may,
subject to the Act, address such issue in such manner as it thinks fit, including by disregarding such fractional entitlement.


 


DIVIDENDS, OTHER DISTRIBUTIONS AND
LEGAL RESERVE


 


		15.	Dividends
                                            and Other Distributions



 


15.1            Subject
to the provisions of the Act, the general meeting may declare dividends by Ordinary Resolution, but no dividend shall exceed the amount
recommended by the Board.


 


15.2            The
Board may, subject to these Articles and the terms and conditions provided for and under the Act, declare an interim dividend (acompte
sur dividendes) if it determines that it is appropriate to pay such an interim dividend based on the amount of distributable reserves
of the Company. Any such interim dividend will be paid to the Shareholders, in proportion to the number of Shares held by them, in the
relevant class in respect of which the interim dividend is declared, and such dividend may be paid in cash or wholly or partly in specie
in which case the Board may fix the value for distribution in specie of any assets. Any interim dividends declared by the Board and paid
during a financial year will be put to the Shareholders at the following general meeting to be declared as final. The Company shall not
be required to pay interest with respect to any dividend or distribution declared by the Company, regardless of when or if paid.


 


15.3            Each
Preferred Share is entitled to an annual preferred dividend amounting to 9% (nine per cent) of its nominal value computed on the basis
of a 360-day year comprised of twelve 30-day months (the “Annual Preferred Share Dividend”). The first pro rata Annual Preferred
Share Dividend shall be calculated from the date of issuance of a Preferred Share (with the month of issuance being computed as a full
month) until the end of the financial year of the date of issue, and all the subsequent Annual Preferred Share Dividend will be calculated
per financial year of the Company. The entitlement to the Annual Preferred Share Dividend only becomes payable if and when such dividend
is declared and then at such date as shall be determined by the Board of Directors in its discretion. If at the end of a financial year,
the Annual Preferred Share Dividend has not been declared or paid in full, the difference between the Annual Preferred Share Dividend


  






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and the portion of the Annual Preferred
Share Dividend effectively paid (the “Delta”) shall be rolled-over until the next financial year(s) but can also be
deferred indefinitely by the Board of Directors in its sole discretion subject to articles 15.4, 8.6 and 6.5. The Delta shall be set
at the Annual Preferred Share Dividend if no Annual Preferred Share Dividend is approved at any annual general meeting or otherwise paid
by way of an interim dividend during a financial year. If any Delta exists at the beginning of a financial year, any payment made on
the Preferred Share will first be applied in reimbursement of such Delta and if such Delta and the Annual Preferred Share Dividend of
the relevant financial year are not paid in full on the last day of such financial year, the difference will constitute a new Delta (a
 “New Delta”) rolled-over to the next financial year.


 


15.4            No
distributions may be made to the Ordinary Shareholder(s) during a financial year if there is any Delta or New Delta, or unless all
the Preferred Shares are redeemed.


 


15.5            Subject
to applicable laws and regulations, in order for the Company to determine which Shareholders shall be entitled to receipt of any dividend,
the Board may fix a record date, which record date will be the close of business (or such other time as the Board may determine) on the
date determined by the Board. In the absence of a record date being fixed, the record date for determining Shareholders entitled to receipt
of any dividend shall the close of business in Luxembourg on the day the dividend is declared.


 


15.6            The
Board may propose to the general meeting such other distributions (in cash or in specie) to the Shareholders as may be lawfully made
out of the assets of the Company.


 


15.7            Any
dividend or other payment to any particular Shareholder or Shareholders may be paid in such currency or currencies as may from time to
time be determined by the Board and any such payment shall be made in accordance with such rules and regulations (including in relation
to the conversion rate or rates) as may be determined by the Board in relation thereto.


 


15.8            Any
dividend or other payment which has remained unclaimed for five (5) years from the date the dividend or other payment became due
for payment shall, if the Board so resolves, be forfeited and cease to remain owing by the Company. The payment by the Board of any unclaimed
dividend or other moneys payable in respect of a Share into a separate account shall not constitute the Company a trustee in respect
thereof.


 


		16.	Legal
                                            Reserve



 


The Company shall be required
to allocate a sum of at least five per cent (5%) of its annual net profit to a legal reserve, until such time as the legal reserve amounts
to ten per cent (10%) of the Share Capital in Issue. If and to the extent that this legal reserve falls below such ten per cent (10%)
amount, the Company shall allocate a sum of at least five per cent (5%) of its annual net profit to restore the legal reserve to the
minimum amount required by law.


  




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MEETINGS OF SHAREHOLDERS


 


		17.	General
                                            Meetings



 


17.1         An
annual general meeting shall be held in each year (commencing in 2022) within six (6) months following the end of the financial
year at the Company’s registered office or at such other place in Luxembourg as may be specified in the convening Notice.


 


17.2          For
at least eight (8) days prior to the annual general meeting, each Shareholder may obtain a copy of the annual accounts of the Company
for the preceding financial year at the registered office of the Company and inspect all documents of the Company required by the Act
to be made available by the Company for their inspection.


 


17.3          Other
general meetings may be held at such place and time as may be specified in the respective convening Notices of the meeting whenever such
a meeting is necessary.


 


		18.	Record
                                            Date For Shareholder Notice; Voting.



 


18.1          In
order for the Company to determine which Shareholders are entitled to Notice of or to vote at any meeting of Shareholders or any adjournment
thereof, the Board may fix, in advance, a record date, which shall not be more than sixty (60) days before the date of such meeting.
If the Board does not fix a record date, the record date for determining Shareholders entitled to Notice of or to vote at a meeting of
Shareholders shall be at the close of business in Luxembourg on the day that is not a Saturday, Sunday or Luxembourg public holiday next
preceding the day on which Notice is given.


 


18.2         A
determination of Shareholders of record entitled to Notice of or to vote at a meeting of Shareholders shall apply to any adjournment
of the meeting; provided, however, that the Board may, acting in its sole discretion, fix a new record date for the adjourned meeting.


 


		19.	Convening
                                            of General Meetings



 


19.1         The
Board may convene a general meeting whenever in its judgment such a meeting is necessary. The Board may delegate its authority to call
the general meeting to the Chairman or any committee of the Board or to one or more board members by resolution. The convening notice
for every general meeting shall contain the agenda, be communicated to Shareholders in accordance with the provisions of the Act on at
least eight (8) Clear Days’ Notice, unless otherwise provided in the Act, and specify the time and place of the meeting and
the general nature of the business to be transacted. The convening notice need not bear the signature of any Director or Officer of the
Company.


 


19.2         The
Board shall convene a general meeting within a period of one (1) month upon Notice to the Company from Shareholders representing
at least ten per cent (10%) of the Share Capital in Issue on the date of such Notice. In addition, one or more Shareholders that together
hold at least ten per cent (10%) of the Share Capital in Issue on the date of the Notice to the Company may require that the Company
include on the agenda of such general meeting one or more additional items. Such Notice to the Company shall be sent at least five (5) Clear
Days prior to the holding of such general meeting. The rights of Shareholders under this Article


  




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19.2
to require that a general meeting be convened or an item be included on the agenda for a general
meeting shall be subject to compliance by such Shareholders with Article 19.3.


 


19.3          To
be in proper form for purposes of the actions to be taken pursuant to Article 19.2, the Notice to the Company given pursuant to
Article 19.2 must set forth as to each Shareholder(s) requesting the general meeting or the addition of an item to the agenda
for a general meeting: (a) a brief description of, as applicable, the purpose of the general meeting or the business desired to
be brought before the general meeting, the text of the proposal or business (including the text of any resolutions proposed for consideration
and, in the event that such business includes a proposal to amend these Articles, the language of the proposed amendment) and the reasons
for conducting such business at the general meeting; (b) the name and record address of such Shareholder(s) and the name and
address of the beneficial owner, if any, on behalf of which the business is being proposed; (c) the class or series and number of
Shares which are registered in the name of or beneficially owned by such Shareholder(s) or beneficial owner (including any shares
as to which such Shareholder(s) or beneficial owner has a right to acquire ownership at any time in the future); (d) a description
of all derivatives, swaps or other transactions or series of transactions engaged in, directly or indirectly, by such Shareholder(s) or
beneficial owner, the purpose or effect of which is to give such Shareholder(s) or beneficial owner economic risk similar to ownership
of Shares; and (e) a description of all agreements, arrangements, understandings or relationships between such Shareholder(s) or
beneficial owner and any other person or persons (including their names) in connection with the proposal of such business by such Shareholder(s) and
any material interest of such Shareholder(s) or beneficial owner in such business.


 


19.4            No
business may be transacted at a general meeting, other than business that is properly brought before the general meeting by or at the
direction of the Board, including upon the request of any Shareholder or Shareholders in accordance with the Act or these Articles. Except
as otherwise provided by law, the chairman of the general meeting at which the business proposed by a Shareholder is to be transacted
shall have the power and duty to determine whether such Shareholder has complied with this Article 19 in proposing such business,
and if any such proposal was not made in accordance with this Article 19, to declare that such proposed business shall not be transacted.


 


		20.	Participation
                                            by telephone or video conference



 


The Board may organise participation
of the Shareholders in general meetings by telephone or video conference and participation in such a meeting shall constitute presence
in person at such meeting. The participation in a meeting by these means is deemed equivalent to a participation in person at the general
meeting.


 


		21.	Quorum
                                            at General Meetings



 


21.1         At
any ordinary general meeting (including the annual general meeting) the holders of in excess of one-third (1/3) of the Share Capital
in Issue present in person or by proxy


  




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shall form a quorum for the transaction of business.


 


21.2         At
any extraordinary general meeting the holders of in excess of one half (1/2) of the Share Capital in Issue present in person or by proxy
shall form a quorum for the transaction of business.


 


		22.	Voting
                                            on Ordinary and Special Resolutions



 


22.1          Subject
to the Act, any question proposed for the consideration of the Shareholders at any ordinary general meeting shall be decided by the affirmative
votes of a simple majority of the votes validly cast on such resolution by Shareholders entitled to vote in accordance with these Articles
and in the case of an equality of votes the resolution shall fail.


 


22.2          Subject
to the Act, any question proposed for the consideration of the Shareholders at any extraordinary general meeting shall be decided by
the affirmative votes of at least two-thirds (2/3) of the votes validly cast on such resolution by Shareholders entitled to vote in accordance
with these Articles.


 


22.3          For
the avoidance of doubt, votes validly cast shall not include votes attaching to Shares in respect of which the Shareholder has not taken
part in the vote or has abstained or has returned a blank or invalid vote.


 


		23.	Instrument
                                            of Proxy



 


23.1         A
Shareholder may appoint a proxy by an instrument in writing in such form as the Board may approve from time to time and make available
to Shareholders to represent such Shareholder at the general meetings of Shareholders.


 


23.2         The
Shareholders may vote in writing (by way of a voting form provided by the Company) on resolutions submitted to the general meeting, provided
that the voting form includes (a) the name, first name, address and the signature of the relevant Shareholder, (b) the indication
of the shares for which the Shareholder will exercise such right, (c) the agenda as set forth in the convening Notice and (d) the
voting instructions (approval, refusal, abstention) for each point of the agenda.


 


23.3         The
appointment of a proxy or submission of a completed voting form must be received by the Company no later than forty-eight (48) hours
prior to the scheduled meeting date (or such other time as may be determined by the Company and notified in writing to the Shareholders)
at the registered office or at such other place or in such manner as is specified in the Notice convening the meeting or in any instrument
of proxy or voting form sent out by the Company in relation to the meeting at which the person named in the appointment proposes to vote,
and appointment of a proxy or the submission of a voting form which is not received in the manner so permitted shall be invalid.


 


23.4         A
Shareholder that is the holder of two (2) or more shares may appoint more than one (1) proxy to represent such Shareholder
and vote on its behalf in respect of different shares.


  




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23.5          The
decision of the chairman of any general meeting as to the validity of any appointment of a proxy or any voting form shall be final.


 


		24.	Adjournment
                                            of General Meeting



 


24.1          The
chairman of a general meeting is entitled, at the request or with the authorisation of the Board, to adjourn a general meeting, while
in session, for four (4) weeks. The chairman shall so adjourn the meeting at the request of one or more Shareholders representing
at least one tenth (1/10) of the Share Capital in Issue. No general meeting may be adjourned more than once. Any adjournment of a general
meeting shall cancel any resolution passed at such meeting prior to such adjournment.


 


24.2          Unless
the meeting is adjourned to a specific date, place and time announced at the meeting being adjourned, which date, place and time will
be publicly announced by the Company, Notice of the date, place and time for the resumption of the adjourned meeting shall be given to
each Shareholder entitled to attend and vote at the meeting in accordance with these Articles. No business shall be transacted at any
adjourned meeting other than business which might properly have been transacted at the meeting had the adjournment not taken place.


 


DIRECTORS AND OFFICERS


 


		25.	Number
                                            of Directors



 


The Board shall consist of
no fewer than three (3) Directors and no more than fifteen (15) Directors, with the number of Directors within that range being
determined by the Board from time to time. Notwithstanding the foregoing, for so long as the Company has one Shareholder, the Board may
consist of one Director or such other number of Directors as determined by such Shareholder.


 


		26.	Election
                                            of Directors



 


26.1         The
Board or one or more Shareholders that together hold at least ten per cent (10%) of the Share Capital in Issue on the date of the Notice
to the Company may nominate any person for election as a Director. Where any person, other than a person proposed for re- election or
election as a Director by the Board, is to be nominated for election as a Director, Notice to the Company, complying with the requirements
of this Article 26.1, must be given of the intention to nominate such person. Where a person is nominated for election as a Director
other than by the Board:


 


(a)            such
Notice to the Company must set forth: (i) in respect of each person whom the Shareholder proposes to nominate for election as a
Director, (A) the name, age, business address and residence address of each such person, (B) the principal occupation or employment
of each such person, (C) the class or series and number of Shares owned beneficially or of record by each such person and (D) any
other information relating to each such person that would be required to be disclosed in a proxy statement or other filings required
to be made in connection with solicitations of proxies for election of Directors pursuant to applicable laws or regulations or that the
Company may reasonably request in order to determine the eligibility of


  




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each such person to serve as a Director; (ii) the
name and record address of each Shareholder giving the Notice and the name and address of the beneficial owner, if any, on behalf of
which the person is being nominated; and (iii) the class or series and number of Shares which are registered in the name of or beneficially
owned by such Shareholder or beneficial owner (including any shares as to which any such Shareholder or beneficial owner has a right
to acquire ownership at any time in the future); (iv) a description of all derivatives, swaps or other transactions or series of
transactions engaged in, directly or indirectly, by such Shareholder or beneficial owner, the purpose or effect of which is to give such
Shareholder or beneficial owner economic risk similar to ownership of Shares; and (v) a description of all agreements, arrangements,
understandings or relationships between such Shareholder or beneficial owner and any other person or persons (including their names)
in connection with the proposed nomination by such Shareholder and any material relationship between such Shareholder or beneficial owner
and the person proposed to be nominated for election; and


 


(b)            such
Notice must be accompanied by a written consent of each person whom the Shareholder proposes to nominate for election as a Director to
being named as a nominee and to serve as a Director if elected.


 


26.2          Except
as otherwise provided by law, the chairman of the general meeting at which Directors are to be elected shall have the power and duty
to determine whether a proposal to elect Directors made by a Shareholder was made in accordance with this Article 26, and if any
such proposal was not made in accordance with this Article 26, to declare that such proposal shall be disregarded.


 


26.3          Except
in the case of a vacancy in the office of Director filled by the Board, as provided for in Article 30, the Company may elect Directors
by Ordinary Resolution. In a contested election where the number of persons validly proposed for election or re-election to the Board
exceeds the number of seats to be filled on the Board at the applicable general meeting, Directors shall be elected by the votes cast
by Shareholders present in person or by proxy at such meeting, such that the persons receiving the most affirmative votes (up to the
number of Directors to be elected) shall be elected as Directors at such general meeting, and the affirmative vote of a simple majority
of the votes cast by Shareholders present in person or by proxy at such meeting shall not be required to elect Directors in such circumstance.
No Shareholder shall be entitled to cumulate its vote in such circumstance, but may only cast a vote for or against each candidate for
each Share it owns.


 


		27.	Classes
                                            of Directors



 


The
Directors shall be divided into three (3) classes designated Class I, Class II and Class III. The Board shall designate
the Directors who will initially serve in each of Class I, Class II and Class III. Each class of Directors shall consist,
as nearly as possible, of one third (1/3) of the total number of Directors constituting the entire Board.


  




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		28.	Term
                                            of Office of Directors



 


At the first general meeting
which is held after the date of adoption of these Articles for the purpose of electing Directors, the Class I Directors shall be
elected for an one (1) year term of office, the Class II Directors shall be elected for a two (2) year term of office
and the Class III Directors shall be elected for a three (3) year term of office. At each succeeding annual general meeting,
successors to the class of Directors whose term expires at that annual general meeting shall be elected for a three (3) year term
of office. If the number of Directors is changed, any increase or decrease shall be apportioned by the Board among the classes so as
to maintain the number of Directors in each class as near to equal as possible, and any Director of any class elected to fill a vacancy
shall hold office for a term that shall coincide with the remaining term of the other Directors of that class, but in no case shall a
decrease in the number of Directors shorten the term of any Director then in office. A Director shall hold office until the annual general
meeting for the year in which his or her term expires, subject to his or her office being vacated pursuant to Article 30.


 


		29.	Removal
                                            of Directors



 


29.1         The
mandate of any Director may be terminated, at any time and with or without cause, by the general meeting of Shareholders by means of
an Ordinary Resolution in favour of such termination.


 


29.2          If
a Director is removed from the Board under Article 29.1, the Shareholders may by means of an Ordinary Resolution fill the vacancy
at the meeting at which such Director is removed, provided that any nominee for the vacancy who is proposed by Shareholders shall be
proposed in accordance with Article 26.1.


 


		30.	Vacancy
                                            in the Office of Director



 


		30.1	The
                                            office of Director shall be vacated if the Director:



 


		(a)	is
                                            removed from office pursuant to these Articles or is prohibited from being a Director by
                                            law;



 


		(b)	is
                                            or becomes bankrupt, or makes any arrangement or composition with his or her creditors generally;



 


		(c)	is
                                            or becomes of unsound mind or dies; or



 


		(d)	resigns
                                            his or her office by Notice to the Company.



 


30.2         The
Board shall have the power to appoint any person as a Director to fill a vacancy on the Board occurring for any reason other than where
the appointment of a Director to fill a vacancy has been made by the Shareholders in accordance with Article 29.2. A Director so
appointed shall be appointed to the class of Directors that the Director he or she is replacing belonged to, provided that such Director
shall hold office only until ratification by the Shareholders of his or her appointment at the next following general meeting and, if
such general meeting does not ratify the appointment, such Director shall vacate his or her office at the conclusion thereof.


 




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		31.	Remuneration
                                            of Directors



 


The remuneration (if any)
of the Directors shall be determined by the Board subject to ratification by Shareholders at a general meeting of Shareholders. Such
remuneration shall be deemed to accrue from day to day. Any Director who holds an executive office (including for this purpose the office
of Chairman) or who serves on any Board committee, or who otherwise performs services that in the opinion of the Board are outside the
scope of the ordinary duties of a director, may be paid such additional remuneration for such additional services as the Board may determine.
The Directors may also be paid all travel, hotel and other expenses properly incurred by them in attending and returning from Board meetings
or general meetings, or in connection with the business of the Company or their duties as Directors generally.


 


		32.	Directors
                                            to Manage Business



 


The business of the Company
shall be managed and conducted by or under the direction of the Board. In managing the business of the Company, the Board may exercise
all such powers of the Company as are not, by the Act or by these Articles, required to be exercised by the Company in a general meeting.


 


		33.	Powers
                                            of the Board of Directors



 


Without limiting the powers
of the Board as described in Article 32, the Board shall represent and bind the Company vis-à-vis third parties and may:


 


(a)            appoint,
suspend, or remove any manager, secretary, clerk, agent or employee of the Company and may fix their remuneration and determine their
duties;


 


(b)            exercise
all the powers of the Company to borrow money and to mortgage or charge or otherwise grant a security interest in its undertaking, property
and uncalled capital, or any part thereof, and may authorise the issuance by the Company of debentures, debenture stock and other securities
whether outright or as security for any debt, liability or obligation of the Company or any third party;


 


(c)            appoint
one or more persons to the office of chief executive officer of the Company, who shall, subject to the Control of the Board, supervise
and administer all of the general business and affairs of the Company;


 


(d)            appoint
a person to act as manager of the Company’s day-to-day business (délégué à la gestion journalière)
and may entrust to and confer upon such manager such powers and duties as it deems appropriate for the management and conduct of such
daily management and affairs of the Company;


 


(e)            by
power of attorney, appoint any one or more persons, whether nominated directly or indirectly by the Board, to be an attorney of the Company
for such purposes and with such powers, authorities and discretions (not exceeding those vested in or exercisable by the Board) and for
such period and subject to such conditions as it may think fit and any such power of attorney may contain such provisions for the protection
and convenience of persons dealing with any such attorney as the Board may think fit and may also authorise any such


  




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attorney to sub-delegate all or any of the powers,
authorities and discretions so vested in the attorney;


 


(f)            delegate
any of its powers (including the power to sub-delegate) to one or more committees of one or more persons appointed by the Board which
may consist partly of non- Directors, provided that every such committee shall consist of a majority of the Directors and shall conform
to such directions as the Board shall impose on them, and the meetings and proceedings of any such committee shall be governed by the
provisions of these Articles regulating the meetings and proceedings of the Board, so far as the same are applicable and are not superseded
by directions imposed by the Board;


 


(g)            delegate
any of its powers (including the power to sub-delegate) to any person(s) on such terms and in such manner as the Board may see fit
(not exceeding those vested in or exercisable by the Board);


 


(h)            present
any petition and make any application in connection with the liquidation or reorganisation of the Company, take any action, both as plaintiff
and as defendant before any court, obtain any judgments, decrees, decisions, awards and proceed therewith to execution, acquiesce in
settlement, compound and compromise any claim in any manner determined by the Board to be in the interest of the Company;


 


(i)            in
connection with the issue of any Share, pay such commission and brokerage as may be permitted by law;


 


(j)            subject
to the provisions of Article 31, provide benefits, whether by way of pensions, gratuities or otherwise, for any Director, former
Director or other officer or former officer of the Company or to any person who holds or has held any employment with the Company or
any of its Subsidiaries or associated companies or any predecessor of the Company or of any such Subsidiary or associated company and
to any member of his or her family or any person who is or was dependent on him or her, and may set up, establish, support, alter, maintain
and continue any scheme for providing all or any such benefits, and for such purposes any Director may be, become or remain a member
of, or rejoin, any scheme and receive or retain for his or her own benefit all benefits to which such Director may be or become entitled
thereunder, and the Board may authorise the payment out of the funds of the Company of any premiums, contributions or sums payable by
the Company under the provisions of any such scheme in respect of any of the persons described in this Article 33(j); and


 


(k)            authorise
any person or persons to act on behalf of the Company for any specific purpose and in connection therewith to execute any deed, agreement,
document or instrument on behalf of the Company.


 


		34.	Interested
                                            Directors



 


34.1          No
contract or transaction between the Company and one or more of its Directors, or between the Company and any other person in which its
Director has a direct or indirect financial interest conflicting with that of the Company, shall be void or voidable solely


 




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for this reason, or solely because the Director
is present at the meeting of the Board or Board committee that authorizes the contract or transaction so long as the provisions of this
Article 34 are observed.


 


34.2          If
a Director has a direct or indirect financial interest in any contract or transaction to which the Company will be party, such interested
Director shall advise the Board thereof, cause a record of his or her statement to be included in the minutes of the meeting, and may
not take part in the deliberations of the Board or any Board committee with respect to such contract or transaction.


 


34.3          If
one or more Directors are prevented from participating in the deliberations of the Board or of a Board committee by reasons of a direct
or indirect financial interest in a contract or transaction, the required quorum for the deliberations on the relevant item will be two
(2) non-conflicted Directors present in person at the meeting and the required vote for decisions on such item to be approved by
the Board or the Board committee will be the majority of the non-conflicted Directors or the majority of the non-conflicted members of
the Board committee, in each case, present in person (or by representation in accordance with Article 40.2) at the meeting; provided
that, if there are only two non-conflicted Directors, the affirmative vote of both will be required. To the extent the quorum cannot
be reached at the level of a Board committee, the decision shall be referred by the Board committee to the Board. To the extent the quorum
cannot be reached at the level of the Board, the Board may decide to refer the decision on such item to the general meeting of Shareholders
to be approved by means of an Ordinary Resolution. If the Board consists of one Director in accordance with the provisions of Article 25,
and such Director is a conflicted Director, the decision shall be referred by this Director to the general meeting of Shareholders to
be approved by means of an Ordinary Resolution.


 


34.4          The
provisions of this Article 34 shall not apply to any contract or transaction that is within the ordinary course of business of the
Company or its Subsidiaries and is entered into on an arms’ length basis under market conditions.


 


		35.	Competition
                                            and Corporate Opportunities



 


35.1          In
recognition and anticipation that members of the Board who are not employees of the Company (the “Non-Employee Directors”)
and their respective Affiliates and Affiliated Entities may engage in the same or similar activities or related lines of business as
those in which the Company, directly or indirectly, may engage or other business activities that overlap with or compete with those in
which the Company, directly or indirectly, engages, the provisions of this Article 35 are set forth to regulate and define the conduct
of certain affairs of the Company with respect to certain classes or categories of business opportunities as they may involve any of
the Non-Employee Directors or their respective Affiliates and the powers, rights, duties and liabilities of the Company and its Directors
and Officers in connection therewith.


 




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35.2          For
purposes of this Article 35 (a) “Affiliate” means, in respect of each (i) Non- Employee Director, any
person that, directly or indirectly, is Controlled by such Non-Employee Director (other than the Company and any entity that is Controlled
by the Company), and (ii) in respect of the Company, any person that, directly or indirectly, is Controlled by the Company; and
(b) “Affiliated Entity” means (i) any person of which a Non-Employee Director serves as an officer, director,
employee, agent or other representative (other than the Company and any person that is Controlled by the Company), (ii) any direct
or indirect partner, shareholder, member, manager or other representative of such person or (iii) any affiliate of any of
the foregoing.


 


35.3         No
Non-Employee Director (including any Non-Employee Director who serves as an officer of the Company in both his or her director and officer
capacities) or his or her Affiliates or Affiliated Entities (such persons being referred to, collectively, as “Identified Persons”
and, individually, as an “Identified Person”) shall, to the fullest extent permitted by law, have any duty to refrain
from directly or indirectly (a) engaging in the same or similar business activities or lines of business in which the Company or
any of its Affiliates now engages or proposes to engage or (b) otherwise competing with the Company or any of its Affiliates, and,
to the fullest extent permitted by law, no Identified Person shall be liable to the Company or its Shareholders or to any Affiliate of
the Company for breach of any fiduciary duty solely by reason of the fact that such Identified Person engages in any such activities.


 


35.4         To
the fullest extent permitted by law, the Company, on behalf of itself and its Affiliates, hereby renounces any interest or expectancy
in, or right to be offered an opportunity to participate in, any business opportunity that may be a corporate opportunity for an Identified
Person and the Company or any of its Affiliates, except as provided in Article 35.5. Subject to Article 35.5, in the event
that any Identified Person acquires knowledge of a potential transaction or other business opportunity that may be a corporate opportunity
for itself, herself or himself and the Company or any of its Affiliates, such Identified Person shall, to the fullest extent permitted
by law, have no duty to communicate or offer such transaction or other business opportunity to the Company or any of its Affiliates and,
to the fullest extent permitted by law, shall not be liable to the Company or its Shareholders or to any Affiliate of the Company for
breach of any fiduciary duty as a shareholder, director or officer of the Company solely by reason of the fact that such Identified Person
pursues or acquires such corporate opportunity for itself, herself or himself, or offers or directs such corporate opportunity to another
person.


 


35.5         The
Company does not renounce its interest in any corporate opportunity offered to any Non-Employee Director (including any Non-Employee
Director who serves as an officer of this Company) if such opportunity is expressly offered to such person solely in his or her capacity
as a Director or Officer of the Company, and the provisions of Article 35.4 shall not apply to any such corporate opportunity.


 


35.6          In
addition to and notwithstanding the foregoing provisions of this Article 35, a corporate opportunity shall not be deemed to be a
potential corporate opportunity for the


 




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Company or any of its Affiliates if it is a business
opportunity that (a) the Company or its Affiliates are unable, financially or legally, or not contractually permitted to undertake,
(b) from its nature, is not in the line of the Company’s or its Affiliates’ business or is of no practical advantage
to the Company or its Affiliates or (c) is one in which the Company or its Affiliates has no interest or reasonable expectancy.


 


35.7         To
the fullest extent permitted by applicable law, any person purchasing or otherwise acquiring any interest in any Shares shall be deemed
to have Notice of and to have consented to the provisions of this Article 35.


 


		36.	Appointment
                                            of Chairman and Secretary



 


36.1         A
Chairman may be appointed by the Board from among its members from time to time for such term as the Board deems fit. Unless otherwise
determined by the Board, the Chairman shall preside at all meetings of the Board and of the Shareholders. In the absence of the Chairman
from any meeting of the Board or of the Shareholders, the Board shall designate an alternative person to serve as the chairman of such
meeting.


 


36.2         A
Secretary may be appointed by the Board from time to time for such term as the Board deems fit. The Secretary need not be a Director
and shall be responsible for (a) sending convening Notices of general meetings as per the instruction of the Board, (b) calling
Board meetings as per the instruction of the Chairman, (c) keeping the minutes of the meetings of the Board and of the Shareholders
and (d) any other duties entrusted from time to time to the Secretary by the Board.


 


		37.	Appointment,
                                            Duties and Remuneration of Officers



 


37.1         The
Board may appoint such Officers (who may or may not be Directors) as the Board may determine for such terms as the Board deems fit.


 


37.2         The
Officers shall have such powers and perform such duties in the management, business and affairs of the Company as may be designated by
resolution of the Board from time to time.


 


		37.3	The
                                            Officers shall receive such remuneration as the Board may determine.



 


		38.	Indemnification
                                            of Directors and Officers



 


38.1         The
Directors, Chairman, Secretary and other Officers (such term to include any person appointed to any committee by the Board) acting in
their capacities as such or, at the request of the Company, as a director, officer, employee or agent of another person, including any
Subsidiary of the Company, or as the liquidator or trustee (if any) for the Company or any Subsidiary thereof, and every one of them
(whether for the time being or formerly), and their heirs, executors and administrators (each, an “Indemnified Party”),
shall, to the extent possible under applicable law, be indemnified and held harmless by the Company from and against all actions, costs,
charges, losses, damages and expenses which any of them incur or sustain by or by reason of any act performed or omitted to be performed
by any Director, Chairman, Secretary or Officer in their capacities as such or in the other capacities described above, and, to the extent


 




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possible under applicable law, no Director, Chairman,
Secretary or Officer shall be liable for the actions, omissions or defaults of any other Indemnified Party, or for the actions of any
advisors to the Company or any other persons, including financial institutions, with which any moneys or assets belonging to the Company
are lodged or deposited for safe custody, or for insufficiency or deficiency of any security received by the Company in respect of any
of its moneys or assets, or for any other loss, misfortune or damage which may happen in the course of their serving as a Director, Chairman,
Secretary or Officer of the Company or, at the request of the Company, as a director, officer, employee or agent of another person, including
any Subsidiary of the Company, or as the liquidator or trustee (if any) for the Company or any Subsidiary thereof, or in connection therewith,
provided that these indemnity and exculpation provisions shall not extend to any matter in respect of any fraud or dishonesty, gross
negligence, wilful misconduct or action giving rise to criminal liability in relation to the Company which may attach to any of the indemnified
parties. Each Shareholder agrees to waive any claim or right of action such Shareholder might have, whether individually or by or in
the right of the Company, against any Director, Chairman, Secretary or Officer on account of any action taken by such person, or the
failure of such person to take any action in the performance of his or her duties with or for the Company or, at the request of the Company,
any other person, provided that such waiver shall not extend to any matter in respect of any fraud or dishonesty, gross negligence, wilful
misconduct or action giving rise to criminal liability in relation to the Company which may attach to such person.


 


38.2         The
Company may, to the extent possible under applicable law, purchase and maintain insurance for the benefit of any Director or Officer
against any liability (to the extent permitted by law) incurred by him or her under the Act in his or her capacity as a Director or Officer
or indemnifying such Director or Officer in respect of any loss arising or liability attaching to him or her by virtue of any rule of
law in respect of any negligence, default, breach of duty or breach of trust of which the Director or Officer may be guilty in relation
to the Company or any Subsidiary thereof.


 


38.3         The
Company may, to the extent possible under applicable law, advance moneys to an Indemnified Party for the costs, charges and expenses
incurred by such Indemnified Party in defending any civil or criminal proceedings against such person, on condition that such Indemnified
Party shall repay the advance if any allegation of fraud or dishonesty in relation to the Company is proved against such person.


 


38.4          The
rights conferred on indemnified parties under this Article 38 are contract rights, and any right to indemnification or advancement
of expenses under this Article 38 shall not be eliminated or impaired by an amendment to these Articles after the occurrence of
the act or omission with respect to which indemnification or advancement of expenses is sought.


 


38.5         The
Company is authorised to enter into agreements with any Indemnified Party providing indemnification or advance of expenses rights to
any such person, to the extent


 




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possible under applicable law.


 


		39.	Binding
                                            Signatures



 


Towards third parties, the
Company is in all circumstances committed either by the joint signatures of any two (2) Directors irrespective of their class or
by the sole signature of the delegate of the Board acting within the limits of his or her powers.


 


MEETINGS OF THE BOARD OF DIRECTORS


 


		40.	Board
                                            Meetings



 


40.1          The
Board may meet for the transaction of business, adjourn and otherwise regulate its meetings as it sees fit. Each Director shall have
one (1) vote, and a resolution put to the vote at a Board meeting shall be carried by the affirmative votes of a majority of the
votes cast and in the case of an equality of votes, the resolution shall fail and the Chairman of the meeting shall not have a casting
vote.


 


40.2           Each
Director present at a meeting of the Board shall, in addition to his or her own vote, be entitled to one (1) vote in respect of
each other Director not present at the meeting who shall have authorised such Director in respect of such meeting to vote for such other
Director in the absence of such other Director.


 


40.3          Any
such authority may relate generally to all meetings of the Board or to any specified meeting or meetings and must be in writing and may
be sent by mail, facsimile or electronic mail (with customary proof of confirmation that such Notice has been transmitted) or any other
means of communication approved by the Board and may bear a printed or facsimile signature of the Director giving such authority. The
authority must be delivered to the Company for filing prior to or must be produced at the meeting at which a vote is to be cast pursuant
thereto.


 


		41.	Notice
                                            of Board Meetings



 


A Director may, and the Secretary
on the requisition of a Director shall, at any time convene a Board meeting. Notice of a Board meeting shall be deemed to be duly given
to a Director if it is given to such Director verbally (including in person or by telephone) or otherwise communicated or sent to such
Director by mail or facsimile or electronic mail (with customary proof of confirmation that such Notice has been transmitted) at such
Director's last known address or in accordance with any other instructions given by such Director to the Company for this purpose.


 


		42.	Participation
                                            by telephone or video conference



 


Directors may participate
in any meeting by video conference or by such telephonic or other communication facilities or means as permit all persons participating
in the meeting to communicate with each other simultaneously, and such participation in a meeting shall constitute presence in person
at such meeting.


 


		43.	Quorum
                                            at Board Meetings



 


The quorum necessary for
the transaction of business at a Board meeting shall be two (2)


 




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Directors present in person. If the Board consists
of one Director in accordance with the provisions of Article 25, the quorum shall be one Director.


 


		44.	Board
                                            to Continue in the Event of Vacancy



 


The Board may act notwithstanding
any vacancy in its number, provided that, if the number of Directors is less than the number fixed by the Act as the minimum number of
directors, the continuing Director(s) shall, on behalf of the Board, summon a general meeting for the purpose of appointing new
Directors to fill the vacancies or for the purpose of adopting any measures within the competence of the general meeting.


 


		45.	Written
                                            Resolutions



 


A resolution signed by all
the Directors, which may be in counterparts, shall be as valid as if it had been passed at a Board meeting duly called and constituted,
such resolution to be effective on the date on which the resolution is signed by the last Director.


 


		46.	Validity
                                            of Acts of Directors



 


All actions taken at any
meeting of the Board or by any Director, notwithstanding that it is subsequently discovered that there was a defect in the appointment
of a Director or that a Director was disqualified from holding office or had vacated office, shall be as valid as if such Director had
been duly appointed, was qualified or had continued to be a Director and had been entitled to take any such action.


 


CORPORATE RECORDS


 


		47.	Minutes
                                            of the Meetings of the Shareholders



 


47.1         The
minutes of general meetings of Shareholders shall be drawn up and shall be signed by the Chairman of the general meeting.


 


47.2          Copies
of or extracts from the minutes of the general meeting of Shareholders may be certified by the Chairman or the Secretary.


 


		48.	Minutes
                                            of the Meetings of the Board



 


The minutes of any meeting
of the Board, or extracts thereof, shall be signed by the Chairman or any Director who participated in the meeting.


 


		49.	Place
                                            Where Corporate Records Kept



 


Minutes prepared in accordance
with the Act and these Articles shall be kept by the Secretary at the registered office of the Company.


 


		50.	Service
                                            of Notices



 


50.1          A
Notice (including a Notice convening a general meeting) or any other document to be served or delivered by the Company to Shareholders
pursuant to these Articles may be served on or delivered to any Shareholder by the Company:


 


(a)            by
hand delivery to such Shareholder or its authorised agent (and in the case of a Notice convening a general meeting, only if such Shareholder
has individually agreed to receive Notice in such manner);


 


(b)            by
mailing such Notice or document to such Shareholder at its address as


 




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recorded in the Register of Shareholders (and
in the case of a Notice convening a general meeting, only if such Shareholder has individually agreed to receive Notice in such manner);


 


(c)            by
facsimile telecommunication, when directed to a number at which such Shareholder has individually consented in writing to receive Notices
or documents from the Company (including a Notice convening a general meeting);


 


(d)            by
electronic mail, when directed to an electronic mail address at which such Shareholder has individually consented in writing to receive
Notice or documents from the Company (including a Notice convening a general meeting); or


 


(e)            by
registered letter to such Shareholder at its address as recorded in the Register of Shareholders in respect of a Notice convening a general
meeting in circumstances where a Shareholder has not individually consented to receiving Notice by other means of communication.


 


50.2           Where
a Notice or document is served or delivered pursuant to Article 50.1(a), the service or delivery thereof shall be deemed to have
been affected at the time such Notice or document was delivered to the Shareholder or its authorised agent.


 


50.3          Where
a Notice or document is served or delivered pursuant to Article 50.1(b), service or delivery thereof shall be deemed to have been
affected at the expiration of forty-eight (48) hours after such Notice or document was mailed. In proving service or delivery it shall
be sufficient to prove that the envelope containing such Notice or document was properly addressed, stamped and mailed.


 


50.4          Where
a Notice or document is served or delivered pursuant to Article 50.1(c) or Article 50.1(d), service or delivery thereof
shall be deemed to be affected at the time the facsimile or electronic mail was sent, as evidenced by the records of the Company generated
at such time and available to the recipient of such electronically transmitted Notice or document upon its request.


 


50.5          Without
prejudice to the provisions of Articles 50.1(b) and 50.3, if at any time by reason of the suspension or curtailment of postal services
within Luxembourg, the Company is unable to convene a general meeting by Notices sent through the mail, a general meeting may be convened
by a Notice advertised in at least one (1) leading national daily newspaper in Luxembourg, filed with the register of commerce and
companies and published on the Recueil Electronique des Sociétés et Associations at least fifteen (15) days before
the affected general meeting. In such case, such Notice shall be deemed to have been duly served on all Shareholders entitled thereto
at noon on the day on which such advertisement shall appear. In any such case the Company shall send, from Luxembourg or elsewhere (as
the Board in its opinion considers practical), confirmatory copies of the Notice convening the general meeting at least eight (8) days
before the meeting by mail (or by facsimile or electronic mail in the case of Shareholders that have consented in writing to receive
Notices by facsimile or electronic mail as described in Article 50.1(c) and Article 50.1(d)) to those Shareholders the
registered addresses of which are outside Luxembourg or are in areas of Luxembourg unaffected by such suspension or


 




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curtailment of postal services. If at least eight
(8) days prior to the time appointed for the holding of the general meeting, the mailing of Notices to Shareholders in Luxembourg,
or any part thereof that was previously affected, has again (in the opinion of the Board) become practical, to the extent such Shareholders
have not received Notices convening such meeting by facsimile or electronic mail, the Company shall send confirmatory copies of the Notice
by mail to such Shareholders. The accidental omission to give any such confirmatory copy of a Notice of a general meeting to, or the
non-receipt of any such confirmatory copy by, any Shareholder (whether by mail or, if applicable, facsimile or electronic mail) shall
not invalidate the proceedings at such general meeting, and no proof need be given that this formality has been complied with.


 


50.6            Notwithstanding
anything contained in this Article 50, the Company shall not be obliged to take account of or make any investigations as to the
existence of any suspension or curtailment of postal services within or in relation to all or any part of any jurisdiction or other area
other than Luxembourg.


 


FINANCIAL YEAR


 


		51.	Financial
                                            Year



 


The first full financial
year of the Company shall begin on 1 January and all financial years of the Company shall end on 31 December in each year.


 


AUDITOR


 


		52.	Appointment
                                            of Auditor



 


52.1         The
operations of the Company shall be supervised by one or several approved statutory auditors (réviseur(s) d'entreprises
agréé) as applicable.


 


52.2          Subject
to the Act, the Shareholders shall appoint the auditor(s) selected by the audit committee of the Company to hold office for such
term as the Shareholders deem fit but not exceeding six (6) years or until a successor is appointed. The auditor shall be eligible
for re-appointment.


 


52.3          The
Auditor may be a Shareholder but no Director, Officer or employee of the Company shall, during his or her continuance in office, be eligible
to act as an Auditor of the Company.


 


VOLUNTARY WINDING-UP AND DISSOLUTION


 


		53.	Winding-Up



 


53.1          The
Company may be dissolved at any time by the Shareholders by means of a Special Resolution. In the event of dissolution of the Company,
liquidation shall be carried out by one or more liquidators, who may be natural or legal persons, appointed by the general meeting, which
shall determine the powers and remuneration of such liquidators.


 


53.2          If
the Company shall be dissolved and the assets available for distribution among the Shareholders shall be insufficient to repay the total
paid up share capital of the Shares, such assets shall be (a) first distributed to the holder(s) of Preferred Shares which
will first, and in


 




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priority to any entitlement of the Ordinary Shareholder(s),
be entitled to an amount equal to their redemption value as calculated in accordance with Article 8.6 (b) then distributed
to the holders of Ordinary Shares in proportion to the number of Ordinary Shares held by them, without regard to the par value of their
Shares. If in a dissolution the assets available for distribution among the Shareholders shall be more than sufficient to repay the total
paid up share capital of Shares at the commencement of the dissolution, the excess shall be distributed among the Shareholders in proportion
to the number of Shares held by them at the commencement of the dissolution, without regard to the par value of their Shares


 


53.3            The
liquidator may, with the sanction of the Shareholders by means of an Ordinary Resolution, divide amongst the Shareholders in specie or
in kind the whole or any part of the assets of the Company (whether they shall consist of property of the same kind or not) and may,
for such purpose, set such value as the liquidator deems fair upon any property to be divided as aforesaid and, subject to these Articles
and the rights attaching to each Share, may determine how such division shall be carried out as between the Shareholders or different
classes of Shareholders. The determinations of the liquidator in respect of the distributions described in Article 53.2 and this
Article 53.3 shall be final.


 


CHANGES TO CONSTITUTION


 


		54.	Changes
                                            to Articles



 


54.1          No
Article may be rescinded, altered or amended and no new Article may be made save in accordance with the Act and until it has
been approved by the Shareholders by means of a Special Resolution or approved by the Board in accordance with these Articles.


 


		55.	Governing
                                            Law



 


55.1          All
matters not governed by these Articles shall be determined in accordance with the laws of Luxembourg.


 


55.2          Notwithstanding
anything contained in these Articles, the provisions of these Articles are subject to any applicable law and legislation, including the
Act, except where these Articles contain provisions which are stricter than those required pursuant to any applicable law and legislation,
including the Act.


 


55.3          Should
any clause of these Articles be declared null and void, this shall not affect the validity of the other clauses of these Articles.


 


55.4          In
the case of any divergences between the English and the French text, the English text will prevail.


 






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