Document:

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                                                                    EXHIBIT 10.1

            THIRD AMENDMENT TO SECOND AMENDED AND RESTATED REVOLVING
                     CREDIT AND GOLD CONSIGNMENT AGREEMENT

      THIS THIRD AMENDMENT TO SECOND AMENDED AND RESTATED REVOLVING CREDIT AND
GOLD CONSIGNMENT AGREEMENT (this "Amendment") is entered into as of the 6th day
of April, 2005 by and among the banks that are or may from time to time become
parties hereto (individually a "Bank" and collectively, the "Banks"), LASALLE
BANK NATIONAL ASSOCIATION, a national banking association, as administrative
agent ("Administrative Agent") and collateral agent, ABN AMRO BANK N.V., as
syndication agent, JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as documentation
agent, BACK BAY CAPITAL FUNDING LLC ("Back Bay"), as an Accommodation Bank, and
WHITEHALL JEWELLERS, INC., a Delaware corporation (the "Borrower").

                                   WITNESSETH:

      WHEREAS, the Agents (as defined in the Agreement), the Banks and the
Borrower are parties to that certain Second Amended and Restated Revolving
Credit and Gold Consignment Agreement dated as of July 29, 2003, as amended by
that certain First Amendment to Second Amended and Restated Revolving Credit and
Gold Consignment Agreement dated as of March 23, 2004 and that certain Second
Amendment to Second Amended and Restated Revolving Credit and Gold Consignment
Agreement dated as of January 31, 2005 (collectively, the "Agreement"); and

      WHEREAS, the Borrower and the Banks have agreed to further amend the
Agreement in accordance with the terms and conditions of this Amendment.

      NOW, THEREFORE, for and in consideration of the premises and mutual
agreements herein contained and for the purposes of setting forth the terms and
conditions of this Amendment, the parties, intending to be bound, hereby agree
as follows:

      1.    Incorporation of the Agreement. All capitalized terms which are not
defined hereunder shall have the same meanings as set forth in the Agreement,
and the Agreement, to the extent not inconsistent with this Amendment, is
incorporated herein by this reference as though the same were set forth in its
entirety. To the extent any terms and provisions of the Agreement are
inconsistent with the amendments set forth in Paragraph 2 below, such terms and
provisions shall be deemed superseded hereby. Except as specifically set forth
herein, the Agreement shall remain in full force and effect and its provisions
shall be binding on the parties hereto.

      2.    Amendment of the Agreement.

                  (i)   The definitions of the terms "Accommodation Facility",
      "Accommodation Facility Commitment Amount," "Accommodation Bank,"
      "Accounts Payable," "Appraised (GOB) Percentage of Eligible Inventories,"
      "Effective Percentage," "Eligible Credit Card Receivables," "Field
      Examination Reserve," "Minimum Excess Availability," "Non-consenting
      Bank," "NRLV," "Required Availability Reserve," and "Revolving Loan
      Borrowing Base" are hereby added to Section 1.1 of the Agreement to read
      as follows:

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      ACCOMMODATION FACILITY. AS DEFINED IN SECTION 2.12.

      ACCOMMODATION FACILITY COMMITMENT AMOUNT. FIFTEEN MILLION DOLLARS
($15,000,000.00).

      ACCOMMODATION BANK. LASALLE AND BACK BAY AND ANY REPLACEMENT BANK PURSUANT
TO SECTION 26 .

      ACCOUNTS PAYABLE. AS OF ANY DATE OF DETERMINATION, ALL ACCOUNTS PAYABLE
RECORDED ON THE BOOKS AND RECORDS OF THE BORROWER IN ACCORDANCE WITH GENERALLY
ACCEPTED ACCOUNTING PRINCIPLES, AND IN ACCORDANCE WITH THE BORROWER'S HISTORICAL
PRACTICES.

      APPRAISED (GOB) PERCENTAGE OF ELIGIBLE INVENTORIES. THE FOLLOWING
SPECIFIED PERCENTAGES DURING THE CORRESPONDING DESIGNATED PERIODS, BUT IN NO
EVENT GREATER THAN 100% OF THE COST OF THE BORROWER'S ELIGIBLE INVENTORY
MULTIPLIED BY THE NRLV OF ELIGIBLE INVENTORY:

<TABLE>
<CAPTION>
              PERIOD                               PERCENTAGE
-----------------------------------                ----------
<S>                                                <C>
            APRIL, 2005                              65.0%
             MAY, 2005                               65.0%
            JUNE, 2005                               64.0%
            JULY, 2005                               63.5%
           AUGUST, 2005                              63.5%
SEPTEMBER 1, 2005-NOVEMBER 30, 2005                  65.0%
DECEMBER 1, 2005-DECEMBER 15, 2005                   65.0%
DECEMBER 16, 2005-JANUARY 31, 2006                   60.0%
  FEBRUARY 1, 2006-JULY 31, 2006                     65.0%
</TABLE>

      EFFECTIVE PERCENTAGE. THE FOLLOWING SPECIFIED PERCENTAGES DURING THE
CORRESPONDING DESIGNATED PERIODS:

<TABLE>
<CAPTION>
                  PERIOD                                      PERCENTAGE
-------------------------------------------                   ----------
<S>                                                           <C>
  APRIL 1, 2005 THROUGH DECEMBER 19, 2005                        100%
DECEMBER 20, 2005 THROUGH DECEMBER 30, 2005                       90%
     DECEMBER 31, 2005 AND THEREAFTER                             88%
</TABLE>

      ELIGIBLE CREDIT CARD RECEIVABLES. ACCOUNTS RECEIVABLE DUE TO THE BORROWER
ON A NON RECOURSE BASIS FROM VISA, MASTERCARD, AMERICAN EXPRESS CO.,
DISCOVERCARD, DINERS

                                       2
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CLUB, AND OTHER MAJOR CREDIT CARD PROCESSORS, OR FROM DEBIT CARD AND TELECHECK,
IN EACH CASE ACCEPTABLE TO THE ADMINISTRATIVE AGENT, AS ARISE IN THE ORDINARY
COURSE OF BUSINESS, WHICH HAVE BEEN EARNED BY PERFORMANCE AND ARE DEEMED BY THE
ADMINISTRATIVE AGENT IN ITS DISCRETION TO BE ELIGIBLE FOR INCLUSION IN THE
CALCULATION OF THE BORROWING BASE AND THE REVOLVING LOAN BORROWING BASE. WITHOUT
LIMITING THE FOREGOING, NONE OF THE FOLLOWING SHALL BE DEEMED TO BE ELIGIBLE
CREDIT CARD RECEIVABLES:

      (a) ACCOUNTS FROM VISA, MASTERCARD, AMERICAN EXPRESS CO., DISCOVERCARD,
DINERS CLUB, AND OTHER MAJOR CREDIT CARD PROCESSORS THAT REMAIN OUTSTANDING PAST
FIVE (5) BUSINESS DAYS FROM THE DATE OF SALE;

      (b) ACCOUNTS WITH RESPECT TO WHICH THE BORROWER DOES NOT HAVE GOOD, VALID
AND MARKETABLE TITLE THERETO, FREE AND CLEAR OF ANY ENCUMBRANCE (OTHER THAN
ENCUMBRANCES GRANTED TO THE COLLATERAL AGENT);

      (c) ACCOUNTS THAT ARE NOT SUBJECT TO A PERFECTED FIRST PRIORITY SECURITY
INTEREST IN FAVOR OF THE COLLATERAL AGENT;

      (d) ACCOUNTS WHICH ARE DISPUTED, ARE WITH RECOURSE, OR WITH RESPECT TO
WHICH A CLAIM, COUNTERCLAIM, OFFSET OR CHARGEBACK HAS BEEN ASSERTED (BUT ONLY TO
THE EXTENT OF SUCH DISPUTE, CLAIM, COUNTERCLAIM, OFFSET OR CHARGEBACK); OR

      (e) ACCOUNTS WHICH THE ADMINISTRATIVE AGENT DETERMINES IN ITS REASONABLE
DISCRETION TO BE UNCERTAIN OF COLLECTION.

      FIELD EXAMINATION RESERVE. A RESERVE IN THE AMOUNT OF SEVEN MILLION
DOLLARS ($7,000,000.00) WHICH SHALL BE MAINTAINED UNLESS AND UNTIL THE
ACCOMMODATION BANKS APPROVAL OF ANY REDUCTION OR ELIMINATION OF THE FIELD
EXAMINATION RESERVE BASED ON THE SUBSTANCE OF THE FIELD EXAMINATION AND AUDIT
REPORT OF THE BORROWER TO COMMENCE ON OR ABOUT APRIL 4, 2005.

      MINIMUM EXCESS AVAILABILITY. TWO MILLION DOLLARS ($2,000,000).

      NON-CONSENTING BANK. AS DEFINED IN SECTION 26.

      NRLV MEANS THAT PERCENTAGE, AS DETERMINED BY THE ADMINISTRATIVE AGENT FROM
THE THEN MOST RECENT APPRAISAL OF THE BORROWER'S INVENTORY UNDERTAKEN AT THE
REQUEST OF THE ADMINISTRATIVE AGENT, REFLECTING THE ESTIMATE OF THE NET RECOVERY
ON THE BORROWER'S INVENTORY IN THE EVENT OF AN IN-STORE LIQUIDATION OF THAT
INVENTORY.

      REQUIRED AVAILABILITY RESERVE. SHALL MEAN (i) DURING THE PERIOD COMMENCING
ON THE FUNDING DATE AND ENDING ON JANUARY 31, 2006, FIFTEEN MILLION DOLLARS
($15,000,000) AND (ii) COMMENCING ON FEBRUARY 1, 2006, TWENTY MILLION DOLLARS
($20,000,000).

      REVOLVING LOAN BORROWING BASE. AT THE RELEVANT TIME OF REFERENCE THERETO,
AN AMOUNT DETERMINED BY THE ADMINISTRATIVE AGENT BY REFERENCE TO THE MOST RECENT
BORROWING BASE REPORT DELIVERED TO THE BANKS AND THE AGENTS PURSUANT TO SECTION
10.4(f), WHICH IS EQUAL TO (i) THE SUM OF (a) 85% OF ELIGIBLE CREDIT CARD
RECEIVABLES PLUS (b) ELIGIBLE INVENTORY MULTIPLIED BY THE APPLICABLE APPRAISED
(GOB) PERCENTAGE OF ELIGIBLE INVENTORIES MINUS (ii) THE SUM OF (a) THE REQUIRED
AVAILABILITY RESERVE, (b) THE INVENTORY SHRINK RESERVE, (c) THE LAYAWAY RESERVE,
(d) THE FIELD EXAMINATION RESERVE, AND (e) SUCH OTHER RESERVES AS MAY BE
ESTABLISHED BY THE ADMINISTRATIVE AGENT IN ACCORDANCE WITH THE TERMS AND
CONDITIONS OF THIS AGREEMENT.

                                       3
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            (b) The first sentence contained within the definition of the term
"Borrowing Base" is hereby amended and restated to read as follows:

            AT THE RELEVANT TIME OF REFERENCE THERETO, AN AMOUNT EQUAL TO THE
            LESSER OF (i) $125,000,000, (ii) THE SUM OF THE REVOLVING LOAN
            BORROWING BASE PLUS THE PRINCIPAL BALANCE OUTSTANDING OF THE
            ACCOMMODATION FACILITY OR (iii) THE SUM OF (a) ELIGIBLE INVENTORY
            MULTIPLIED BY THE APPRAISED (GOB) PERCENTAGE OF ELIGIBLE INVENTORIES
            MULTIPLIED BY THE EFFECTIVE PERCENTAGE PLUS (b) 85% OF ELIGIBLE
            CREDIT CARD RECEIVABLES MINUS (c) THE INVENTORY SHRINK RESERVE,
            MINUS (d) THE LAYAWAY RESERVE, MINUS (e) THE FIELD EXAMINATION
            RESERVE, MINUS (F) SUCH OTHER RESERVES AS MAY BE ESTABLISHED BY THE
            ADMINISTRATIVE AGENT IN ACCORDANCE WITH THE TERMS AND CONDITIONS OF
            THIS AGREEMENT.

            (c) The Definition of the term "Eligible Accounts Receivable" is
hereby deleted in its entirety.

            (d) The definition of the term "Eligible Inventory" is hereby
amended and restated to read as follows:

            ELIGIBLE INVENTORY. WITH RESPECT TO THE BORROWER, FINISHED GOODS,
            FABRICATED BUT UNFINISHED GOODS, AND PRECIOUS STONE (WHETHER OR NOT
            PLACED IN FINDINGS) INVENTORY OWNED BY THE BORROWER, PROVIDED THAT
            ELIGIBLE INVENTORY SHALL NOT INCLUDE ANY INVENTORY (i) HELD ON
            CONSIGNMENT, OR NOT OTHERWISE OWNED BY THE BORROWER, OR OF A TYPE NO
            LONGER SOLD BY THE BORROWER, (ii) WHICH IS DAMAGED OR NOT
            IMMEDIATELY SALEABLE OR SUBJECT TO ANY LEGAL ENCUMBRANCE OTHER THAN
            PERMITTED LIENS, (iii) WHICH IS NOT IN THE POSSESSION OF THE
            BORROWER UNLESS IT IS IN TRANSIT FROM ONE PERMITTED INVENTORY
            LOCATION WITHIN THE UNITED STATES OF AMERICA TO ANOTHER PERMITTED
            INVENTORY LOCATION WITHIN THE UNITED STATES OF AMERICA, (iv) AS TO
            WHICH APPROPRIATE UNIFORM COMMERCIAL CODE FINANCING STATEMENTS
            SHOWING THE BORROWER AS DEBTOR AND THE COLLATERAL AGENT AS SECURED
            PARTY HAVE NOT BEEN FILED IN THE PROPER FILING OFFICE OR OFFICES IN
            ORDER TO PERFECT THE COLLATERAL AGENT'S SECURITY INTEREST THEREIN,
            (v) WHICH HAS BEEN SHIPPED TO A CUSTOMER OF THE BORROWER REGARDLESS
            OF WHETHER SUCH SHIPMENT IS ON A CONSIGNMENT BASIS, (vi) WHICH IS
            NOT EITHER (A) LOCATED AT A PERMITTED INVENTORY LOCATION WITHIN THE
            UNITED STATES OF AMERICA OR (B) IN TRANSIT FROM ONE PERMITTED
            INVENTORY LOCATION WITHIN THE UNITED STATES OF AMERICA TO ANOTHER
            PERMITTED INVENTORY LOCATION WITHIN THE UNITED STATES OF AMERICA,
            (vii) WHICH THE ADMINISTRATIVE AGENT REASONABLY DEEMS TO BE OBSOLETE
            OR NOT MARKETABLE, OR (viii) WHICH IS DESIGNATED AS
            "RETURN-TO-VENDOR" INVENTORY. "ELIGIBLE INVENTORY" MAY INCLUDE
            INVENTORY, NOT TO EXCEED $3,500,000.00 IN THE AGGREGATE, LOCATED AT
            LOCATIONS OTHER THAN AS SPECIFIED IN CLAUSE (vi) ABOVE, PROVIDED
            THAT SUCH INVENTORY IS SUBJECT TO A THIRD PARTY BAILMENT AGREEMENT
            ACCEPTABLE TO THE ADMINISTRATIVE AGENT, IN THE ADMINISTRATIVE
            AGENT'S SOLE DISCRETION, PURSUANT TO WHICH THE APPLICABLE BAILEE HAS
            ACKNOWLEDGED THE EXISTENCE AND PRIORITY (AS AGAINST SUCH BAILEE) OF
            THE SECURITY INTEREST OF THE COLLATERAL AGENT IN SUCH INVENTORY AND
            HAS WAIVED ANY RIGHT OF SETOFF AGAINST SUCH INVENTORY, SUCH AS, BY
            EXAMPLE, INVENTORY LOCATED IN THE POSSESSION OF P & J MANUFACTURING,
            INC. FOR REPAIR.

            (e) The Borrower acknowledges and agrees that there are presently
existing no Obligations outstanding pursuant to Article 4 of the Loan Agreement.
The commitment of the Gold Fronting Bank to make any Purchase and Consignment of
Precious Metal as set forth in Section 4.1 of the Agreement is hereby
terminated. The several provisions of the Agreement relating to the Purchase and
Consignment of Precious Metal and all related terms and conditions are hereby
deemed modified so as to be not inconsistent with the foregoing modification.

            (f) The definition of the term "Reserve" is hereby amended and
restated to read as follows:

                                       4
<PAGE>

            RESERVES. AS DETERMINED BY THE ADMINISTRATIVE AGENT IN ACCORDANCE
            WITH ITS REASONABLE CREDIT DISCRETION, INCLUDING SUCH AMOUNTS AS THE
            ADMINISTRATIVE AGENT MAY FROM TIME TO TIME ESTABLISH AND REVISE (a)
            TO REFLECT EVENTS, CONDITIONS, CONTINGENCIES OR RISKS WHICH DO OR
            MAY (i) ADVERSELY AFFECT EITHER (A) ANY COLLATERAL, THE RIGHTS OF
            THE COLLATERAL AGENT, ANY OF THE OTHER AGENTS OR ANY OF THE BANKS IN
            ANY COLLATERAL OR ITS VALUE OR (B) THE SECURITY INTEREST AND OTHER
            RIGHTS OF THE COLLATERAL AGENT, ANY OF THE OTHER AGENTS OR ANY OF
            THE BANKS IN THE COLLATERAL (INCLUDING THE ENFORCEABILITY,
            PERFECTION AND PRIORITY THEREOF) OR (ii) ADVERSELY AFFECT IN ANY
            MATERIAL RESPECT THE ASSETS (OTHER THAN ANY COLLATERAL) OR BUSINESS
            OR FINANCIAL CONDITION OF THE BORROWER OR ANY OF ITS SUBSIDIARIES OR
            (b) TO REFLECT THE BELIEF OF THE ADMINISTRATIVE AGENT THAT ANY
            BORROWING BASE REPORT OR OTHER COLLATERAL REPORT OR FINANCIAL
            INFORMATION FURNISHED BY OR ON BEHALF OF THE BORROWER TO ANY OF THE
            AGENTS OR ANY OF THE BANKS IS OR MAY HAVE BEEN INCOMPLETE,
            INACCURATE OR MISLEADING IN ANY MATERIAL RESPECT.

            (g) Section 2.11 of the Agreement is hereby deleted in its entirety.

            (h) The proviso at the end of the first sentence of Section 2.1 of
the Agreement is hereby amended and restated to read as follows:

            ; PROVIDED, THAT THE SUM OF THE OUTSTANDING AMOUNT OF THE REVOLVING
            CREDIT LOANS (AFTER GIVING EFFECT TO ALL AMOUNTS REQUESTED AND
            EXCLUDING ALL LOANS UNDER THE ACCOMMODATION FACILITY) PLUS THE
            MAXIMUM DRAWING AMOUNT AND ALL REIMBURSEMENT OBLIGATIONS SHALL NOT
            AT ANY TIME EXCEED THE LESSER OF (i) THE TOTAL REVOLVER COMMITMENT
            LESS THE OUTSTANDING PRINCIPAL AMOUNT OF THE ACCOMMODATION FACILITY
            AND (ii) THE REVOLVING LOAN BORROWING BASE; AND PROVIDED, FURTHER,
            THAT THE SUM OF THE OUTSTANDING AMOUNT OF THE REVOLVING CREDIT LOANS
            (AFTER GIVING EFFECT TO ALL AMOUNTS REQUESTED AND INCLUDING ALL
            LOANS UNDER THE ACCOMMODATION FACILITY) PLUS THE MAXIMUM DRAWING
            AMOUNT AND ALL REIMBURSEMENT OBLIGATIONS SHALL NOT AT ANY TIME
            EXCEED THE LESSER OF (i) THE TOTAL REVOLVER COMMITMENT AND (ii) THE
            BORROWING BASE.

            (i) A new Section 2.12 is hereby inserted, as follows:

            2.12 ACCOMMODATION FACILITY. AS A SUBFACILITY WITHIN THE TOTAL
            REVOLVER COMMITMENT, THE ACCOMMODATION BANKS HEREBY ESTABLISH AN
            "ACCOMMODATION FACILITY" (SO-CALLED) PURSUANT TO WHICH THE
            ACCOMMODATION BANKS AGREE TO LEND TO THE BORROWER ON APRIL 6, 2005
            (THE "FUNDING DATE"), UPON NOTICE BY THE BORROWER TO THE
            ADMINISTRATIVE AGENT, AN AMOUNT EQUAL TO THE ACCOMMODATION FACILITY
            COMMITMENT AMOUNT. THE ACCOMMODATION BANKS' COMMITMENT TO LEND UNDER
            THE ACCOMMODATION FACILITY IS INCLUDED WITHIN, AND IS NOT IN
            ADDITION TO, THE COMMITMENT OF THE ACCOMMODATION BANKS GENERALLY.

                  (a) THE ACCOMMODATION FACILITY SHALL BE FULLY FUNDED ON THE
            FUNDING DATE AND SHALL NOT BE SUBJECT TO THE REVOLVING NATURE OF THE
            REVOLVING CREDIT LOANS. UPON THE ADVANCE OF THE ACCOMMODATION
            FACILITY ON THE FUNDING DATE, THE COMMITMENT OF THE ACCOMMODATION
            BANKS UNDER THE ACCOMMODATION FACILITY SHALL TERMINATE. ONCE REPAID,
            LOANS OUTSTANDING UNDER THE ACCOMMODATION FACILITY MAY NOT BE
            REBORROWED.

                  (b) AMOUNTS OUTSTANDING UNDER THE ACCOMMODATION FACILITY
            CONSTITUTE OBLIGATIONS, ARE SECURED BY ALL COLLATERAL, CONSTITUTE A
            PORTION OF THE REVOLVING CREDIT LOANS, AND THE PRINCIPAL BALANCE OF
            THE ACCOMMODATION FACILITY SHALL CONSTITUTE A PORTION OF THE
            OUTSTANDING FACILITY AMOUNTS. HOWEVER, AMOUNTS OUTSTANDING UNDER THE
            ACCOMMODATION FACILITY SHALL BE REPAID ON A "LAST-OUT" BASIS, IN
            ACCORDANCE WITH THE WATERFALL PROVISIONS SET FORTH IN SECTIONS
            5.8.3, 5.9(c), AND 5.10 OF THIS CREDIT AGREEMENT.

                  (c) ALL AMOUNTS OUTSTANDING UNDER THE ACCOMMODATION FACILITY
            SHALL BE DUE AND PAYABLE IN FULL, WITHOUT DEMAND, NOTICE, OR
            PROTEST, ALL OF WHICH ARE HEREBY EXPRESSLY WAIVED BY THE BORROWER,
            ON JULY 31, 2006 (THE "ACCOMMODATION FACILITY MATURITY DATE").

                                       5
<PAGE>

                  (d) INTEREST SHALL ACCRUE AND BE PAID BY THE BORROWER ON THE
            OUTSTANDING BALANCE OF THE ACCOMMODATION FACILITY FROM THE FUNDING
            DATE AND UNTIL THE PRINCIPAL BALANCE THEREOF HAS BEEN PAID IN FULL
            AT A PER ANNUM RATE EQUAL TO THE SUM OF THE BASE RATE PLUS EIGHT
            PERCENT (8%). INTEREST SHALL BE CALCULATED ON A 360 DAY YEAR, AND
            ACTUAL DAY MONTHS. INTEREST SHALL BE PAID ("CURRENT PAY INTEREST")
            MONTHLY IN ARREARS ON THE FIRST BUSINESS DAY OF EACH CALENDAR MONTH,
            COMMENCING MAY 1, 2005, AND CONTINUING ON THE LIKE DAY OF EACH
            CALENDAR MONTH THEREAFTER, AND ON THE ACCOMMODATION FACILITY
            MATURITY DATE. AFTER THE OCCURRENCE OF A DEFAULT OR AN EVENT OF
            DEFAULT, CURRENT PAY INTEREST SHALL BE INCREASED TO THE AGGREGATE OF
            THE THEN PREVAILING RATE, PLUS AN ADDITIONAL TWO PERCENT (2%) PER
            ANNUM IN ACCORDANCE WITH SECTION 5.21. ACCRUED INTEREST ON THE
            OUTSTANDING PRINCIPAL AMOUNT OF THE ACCOMMODATION FACILITY,
            INCLUDING INTEREST ACCRUING AT THE DEFAULT RATE, SHALL CONSTITUTE
            OBLIGATIONS. SUCH INTEREST SHALL BE FOR THE SOLE BENEFIT OF THE
            ACCOMMODATION BANKS.

                  (e) THE BORROWER SHALL PAY TO THE ACCOMMODATION BANKS THE
            "COMMITMENT FEE," THE "COLLATERAL MONITORING FEE," AND THE "EARLY
            TERMINATION FEE" IN ACCORDANCE WITH THAT CERTAIN ACCOMMODATION
            FACILITY LETTER AGREEMENT, DATED APRIL 6, 2005 ENTERED INTO BY AND
            BETWEEN THE BORROWER AND THE ACCOMMODATION BANKS (AS THE SAME MAY BE
            AMENDED FROM TIME TO TIME, THE "ACCOMMODATION FACILITY LETTER
            AGREEMENT"). SUCH FEES SHALL BE FOR THE SOLE BENEFIT OF THE
            ACCOMMODATION BANKS AND SHALL CONSTITUTE OBLIGATIONS.

                  (f) LASALLE, IN ITS SOLE DISCRETION, MAY MAKE ADVANCES IN
            EXCESS OF THE ACCOMMODATION FACILITY COMMITMENT AMOUNT ("PERMITTED
            OVERADVANCE") PROVIDED SUCH PERMITTED OVERADVANCES (i) ARE MADE TO
            MAINTAIN, PROTECT OR PRESERVE THE COLLATERAL, (ii) DO NOT EXCEED
            $2,000,000 IN AGGREGATE PRINCIPAL AMOUNT OUTSTANDING AT ANY TIME,
            (iii) DO NOT REMAIN OUTSTANDING FOR MORE THAN FORTY-FIVE (45)
            CONSECUTIVE DAYS WITHOUT THE CONSENT OF THE REQUIRED BANKS AND BACK
            BAY AND (iv) ARE ADVANCED NO MORE THAN TWO (2) TIMES ON OR BEFORE
            THE MATURITY DATE. THE PERMITTED OVERADVANCES SHALL ACCRUE INTEREST
            AT THE RATE OF INTEREST APPLICABLE TO LOANS UNDER THE ACCOMMODATION
            FACILITY AND SHALL CONSTITUTE OBLIGATIONS. FOR THE AVOIDANCE OF
            DOUBT, THE MAKING OF A PERMITTED OVERADVANCE SHALL CONSTITUTE AN
            EVENT OF DEFAULT.

                  (g) EXCEPT AS OTHERWISE SPECIFICALLY PROVIDED FOR IN SECTIONS
            5.8.3, 5.9(c) AND 5.10 HEREOF AND EXCLUDING CURRENT PAY INTEREST, NO
            ACCOMMODATION BANK SHALL ACCEPT OR RECEIVE FROM THE BORROWER
            DIRECTLY OR INDIRECTLY BY WAY OF PAYMENT, SETOFF OR OTHERWISE, ANY
            SUMS WHICH MAY NOW OR HEREAFTER BE OWING TO ANY ACCOMMODATION BANK
            OR ANY OF THEIR SUCCESSORS OR ASSIGNS IN RESPECT OF THE
            ACCOMMODATION FACILITY INCLUDING WITHOUT LIMITATION A RECEIVER,
            TRUSTEE OR DEBTOR IN POSSESSION UNLESS AND UNTIL THE OBLIGATIONS TO
            THE BANKS UNDER THIS CREDIT AGREEMENT (OTHER THAN TO THE
            ACCOMMODATION BANKS UNDER THE ACCOMMODATION FACILITY) HAVE BEEN PAID
            IN FULL IN CASH OR CASH EQUIVALENT AND THE COMMITMENTS HEREUNDER
            HAVE BEEN TERMINATED. IN THE EVENT ANY SUCH PAYMENT SHALL BE
            RECEIVED BY AN ACCOMMODATION BANK IN RESPECT OF THE ACCOMMODATION
            FACILITY, IT SHALL BE HELD IN TRUST FOR THE BENEFIT OF THE BANKS
            (OTHER THAN THE ACCOMMODATION BANKS UNDER THE ACCOMMODATION
            FACILITY) UNDER THIS CREDIT AGREEMENT.

            (j) The Agreement is hereby amended to delete the option of the
Borrower to select any Type of Revolving Credit Loan, other than Base Rate Loans
on or after the occurrence of a Default or an Event of Default. On or after the
occurrence of a Default or an Event of Default, no LIBOR Loans may be requested
by the Borrower, nor shall any LIBOR Loans be made by the Banks. With respect to
any LIBOR Loans outstanding as of the date of the occurrence of a Default or an
Event of Default, each such LIBOR Loan shall automatically be converted to a
Base Rate Loan upon the expiry of its existing Interest Period. Upon the
occurrence of a Default or an Event of Default, the several provisions of the
Agreement addressing the selection by the Borrower of different Types of
Revolving Credit Loans, the

                                       6
<PAGE>

conversion of Revolving Credit Loans from one Type to another Type, and all
related terms and conditions shall be deemed modified so as to be not
inconsistent with the foregoing modifications.

            (k) Section 5.8.3 of the Agreement is hereby amended and restated as
follows:

            5.8.3 APPLICATIONS OF MANDATORY PREPAYMENTS. EACH ASSET DISPOSITION
            PREPAYMENT OR NEW ISSUANCE PREPAYMENT (COLLECTIVELY, "MANDATORY
            PREPAYMENTS") RECEIVED BY THE ADMINISTRATIVE AGENT SHALL BE APPLIED
            TO THE OBLIGATIONS AS FOLLOWS:

            (i) FIRST, TO PAY ALL FEES AND EXPENSES THEN DUE AND PAYABLE UNDER
            THIS CREDIT AGREEMENT (INCLUDING FEES AND EXPENSES FOR CASH
            MANAGEMENT, BUT EXCLUDING THE EARLY TERMINATION FEE);

            (ii) SECOND, TO PAY ALL PERMITTED OVERADVANCES, PLUS ALL ACCRUED AND
            UNPAID INTEREST THEREON;

            (iii) THIRD, TO PAY ALL ACCRUED AND UNPAID INTEREST ON THE REVOLVING
            CREDIT LOANS (INCLUDING LOANS UNDER THE ACCOMMODATION FACILITY);

            (iv) FOURTH, TO CASH COLLATERALIZE ALL REIMBURSEMENT OBLIGATIONS,
            INCLUDING 102% OF THE FACE AMOUNT OF ALL OUTSTANDING LETTERS OF
            CREDIT;

            (v) FIFTH, TO REPAY THE REVOLVING CREDIT LOANS (OTHER THAN UNDER THE
            ACCOMMODATION FACILITY) WHICH ARE BASE RATE LOANS;

            (vi) SIXTH, TO REPAY THE REVOLVING CREDIT LOANS (OTHER THAN UNDER
            THE ACCOMMODATION FACILITY) WHICH ARE LIBOR LOANS;

            (vii) SEVENTH, TO REPAY ALL OTHER OBLIGATIONS DUE AND OWING TO THE
            AGENTS AND THE BANKS (OTHER THAN THE ACCOMMODATION BANKS UNDER THE
            ACCOMMODATION FACILITY) UNDER THE LOAN DOCUMENTS;

            (viii) EIGHTH, TO REPAY THE REVOLVING CREDIT LOANS WHICH ARE
            OUTSTANDING UNDER THE ACCOMMODATION FACILITY;

            (ix) NINTH, TO PAY ANY EARLY TERMINATION FEE AND ALL OTHER
            OBLIGATIONS DUE AND OWING TO THE ACCOMMODATION BANKS UNDER THE LOAN
            DOCUMENTS; AND

            (ix) TENTH, TO THE BORROWER'S OPERATING ACCOUNTS.

            (l) The first paragraph of Section 5.9 (c) of the Agreement is
hereby amended and restated as follows:

            (c) PRIOR TO THE OCCURRENCE OF AN EVENT OF DEFAULT, ALL FUNDS
            TRANSFERRED TO THE CONCENTRATION ACCOUNTS AND ANY AMOUNTS REQUIRED
            TO BE REPAID PURSUANT TO SECTION 5.9(b)(i) SHALL BE APPLIED TO THE
            OBLIGATIONS AS FOLLOWS:

            (A) FIRST, TO PAY ALL FEES AND EXPENSES THEN DUE AND PAYABLE UNDER
            THIS CREDIT AGREEMENT (INCLUDING FEES AND EXPENSES FOR CASH
            MANAGEMENT, BUT EXCLUDING ANY EARLY TERMINATION FEE);

            (B) SECOND, TO PAY ALL PERMITTED OVERADVANCES, PLUS ALL ACCRUED AND
            UNPAID INTEREST THEREON;

                                       7
<PAGE>

            (C) THIRD, TO PAY ALL ACCRUED AND UNPAID INTEREST ON THE REVOLVING
            CREDIT LOANS (INCLUDING LOANS UNDER THE ACCOMMODATION FACILITY);

            (D) FOURTH, BUT ONLY IN THE CASE OF A REQUIRED REPAYMENT PURSUANT TO
            SECTION 5.9(b)(i), TO CASH COLLATERALIZE ALL REIMBURSEMENT
            OBLIGATIONS, INCLUDING 102% OF THE FACE AMOUNT OF ALL OUTSTANDING
            LETTERS OF CREDIT;

            (E) FIFTH, TO REPAY REVOLVING CREDIT LOANS (OTHER THAN UNDER THE
            ACCOMMODATION FACILITY) WHICH ARE BASE RATE LOANS;

            (F) SIXTH, TO REPAY REVOLVING CREDIT LOANS (OTHER THAN UNDER THE
            ACCOMMODATION FACILITY) WHICH ARE LIBOR LOANS;

            (G) SEVENTH, TO REPAY ALL OTHER OBLIGATIONS DUE AND OWING TO THE
            AGENTS AND THE BANKS (OTHER THAN THE ACCOMMODATION BANKS UNDER THE
            ACCOMMODATION FACILITY) UNDER THE LOAN DOCUMENTS;

            (H) EIGHTH, TO REPAY REVOLVING CREDIT LOANS WHICH ARE OUTSTANDING
            UNDER THE ACCOMMODATION FACILITY;

            (I) NINTH, TO PAY ANY EARLY TERMINATION FEE AND ALL OTHER
            OBLIGATIONS DUE AND OWING TO THE ACCOMMODATION BANKS UNDER THE LOAN
            DOCUMENTS; AND

            (J) TENTH, TO THE BORROWER'S OPERATING ACCOUNTS.

            (m) Section 5.10 of the Agreement is hereby amended and restated as
follows:

            5.10 REPAYMENTS OF LOANS AND DISTRIBUTION OF COLLATERAL PROCEEDS
            AFTER EVENT OF DEFAULT. IN THE EVENT THAT FOLLOWING THE OCCURRENCE
            AND DURING THE CONTINUANCE OF AN EVENT OF DEFAULT, THE COLLATERAL
            AGENT, ANY OTHER AGENT OR ANY BANK, AS THE CASE MAY BE, RECEIVES ANY
            MONIES, WHETHER PURSUANT TO SECTION 4.4(c), SECTION 8.14 OR SECTION
            13.4 OR OTHERWISE WITH RESPECT TO THE REALIZATION UPON ANY OF THE
            COLLATERAL, SUCH MONIES SHALL BE DISTRIBUTED FOR APPLICATION AS
            FOLLOWS (THE BORROWER HEREBY AUTHORIZING AND CONSENTING TO SUCH
            APPLICATION):

            (a) FIRST, TO THE PAYMENT OF, OR (AS THE CASE MAY BE) THE
            REIMBURSEMENT OF THE AGENTS FOR OR IN RESPECT OF ALL REASONABLE
            COSTS, EXPENSES, DISBURSEMENTS AND LOSSES WHICH SHALL HAVE BEEN
            INCURRED OR SUSTAINED BY THE AGENTS IN CONNECTION WITH THE
            COLLECTION OF SUCH MONIES BY THE AGENTS, FOR THE EXERCISE,
            PROTECTION OR ENFORCEMENT BY THE COLLATERAL AGENT OF ALL OR ANY OF
            THE RIGHTS, REMEDIES, POWERS AND PRIVILEGES OF THE COLLATERAL AGENT,
            FOR THE BENEFIT OF THE AGENTS AND THE BANKS, UNDER THIS CREDIT
            AGREEMENT OR ANY OF THE OTHER LOAN DOCUMENTS OR IN RESPECT OF THE
            COLLATERAL, INCLUDING, WITHOUT LIMITATION, THE FEES AND EXPENSES OF
            COUNSEL TO THE AGENTS AND SPECIAL COUNSEL TO ANY ACCOMMODATION BANK
            THAT IS NOT ITSELF THE AGENT, OR IN SUPPORT OF ANY PROVISION OF
            ADEQUATE INDEMNITY TO THE AGENTS AGAINST ANY TAXES OR LIENS WHICH BY
            LAW SHALL HAVE, OR MAY HAVE, PRIORITY OVER THE RIGHTS OF THE AGENTS
            TO SUCH MONIES;

            (b) SECOND, TO PAY ALL PERMITTED OVERADVANCES, PLUS ALL ACCRUED AND
            UNPAID INTEREST THEREON;

            (c) THIRD, TO PAY ALL ACCRUED AND UNPAID INTEREST ON THE REVOLVING
            CREDIT LOANS (INCLUDING LOANS UNDER THE ACCOMMODATION FACILITY);

            (d) FOURTH, TO CASH COLLATERALIZE ALL REIMBURSEMENT OBLIGATIONS,
            INCLUDING 102% OF THE FACE AMOUNT OF ALL OUTSTANDING LETTERS OF
            CREDIT;

                                       8
<PAGE>

            (e) FIFTH, TO REPAY THE REVOLVING CREDIT LOANS (OTHER THAN UNDER THE
            ACCOMMODATION FACILITY) WHICH ARE BASE RATE LOANS;

            (f) SIXTH, TO REPAY THE REVOLVING CREDIT LOANS (OTHER THAN UNDER THE
            ACCOMMODATION FACILITY) WHICH ARE LIBOR LOANS;

            (g) SEVENTH, TO REPAY ALL OTHER OBLIGATIONS DUE AND OWING TO THE
            AGENTS AND THE BANKS (OTHER THAN THE ACCOMMODATION BANKS UNDER THE
            ACCOMMODATION FACILITY) UNDER THE LOAN DOCUMENTS;

            (h) EIGHTH, TO REPAY THE REVOLVING CREDIT LOANS WHICH ARE
            OUTSTANDING UNDER THE ACCOMMODATION FACILITY;

            (i) NINTH, TO PAY ANY EARLY TERMINATION FEE AND ANY OTHER
            OBLIGATIONS DUE AND OWING TO THE ACCOMMODATION BANKS UNDER THE LOAN
            DOCUMENTS;

            (j) TENTH, UPON PAYMENT AND SATISFACTION IN FULL OR OTHER PROVISIONS
            FOR PAYMENT IN FULL SATISFACTORY TO EACH OF THE BANKS AND THE AGENTS
            OF ALL OF THE OBLIGATIONS, TO THE PAYMENT OF ANY UNPAID OBLIGATIONS
            REQUIRED TO BE PAID PURSUANT TO SECTION 9-615(a) OF THE UNIFORM
            COMMERCIAL CODE OF THE STATE OF ILLINOIS; AND

            (k) ELEVENTH, THE EXCESS, IF ANY, SHALL BE RETURNED TO THE BORROWER
            OR TO SUCH OTHER PERSONS AS ARE ENTITLED THERETO.

            ALL DISTRIBUTIONS IN RESPECT OF (i) SUCH OBLIGATIONS SHALL BE MADE
            PARI PASSU AMONG OBLIGATIONS WITH RESPECT TO THE AGENTS' FEES
            PAYABLE PURSUANT TO SECTION 5.12, AND ALL OTHER OBLIGATIONS AND (ii)
            OBLIGATIONS OWING TO THE BANKS WITH RESPECT TO EACH TYPE OF
            OBLIGATION UNDER EACH OF THE CATEGORIES SPECIFIED ABOVE SUCH AS
            INTEREST, PRINCIPAL, FEES AND EXPENSES, SHALL BE MADE AMONG THE
            BANKS ENTITLED THERETO PRO RATA, IN ACCORDANCE WITH THEIR RESPECTIVE
            COMMITMENT PERCENTAGES (OR IN THE CASE OF THE ACCOMMODATION BANKS,
            IN ACCORDANCE WITH THEIR RESPECTIVE SHARE OF THE ACCOMMODATION
            FACILITY COMMITMENT AMOUNT); AND PROVIDED, FURTHER, THAT THE AGENTS
            MAY IN THEIR DISCRETION MAKE PROPER ALLOWANCE TO TAKE INTO ACCOUNT
            ANY OBLIGATIONS NOT THEN DUE AND PAYABLE.

            (n) The clause "No more frequently than once each calendar year or
more frequently as determined by the Agents if an Event of Default shall have
occurred and be continuing," in the first sentence of Section 8.9.2 of the
Agreement is hereby deleted. The clause "the Borrower will obtain and deliver to
the Administrative Agent " contained in the first sentences of Sections 8.9.2
and 8.9.3 of the Agreement is hereby deleted and replaced with the clause "the
Administrative Agent shall obtain."

            (o) Section 10.1 of the Agreement is hereby amended and restated to
read as follows:

            10.1 FIXED CHARGE COVERAGE RATIO. THE BORROWER SHALL NOT PERMIT ITS
      FIXED CHARGE COVERAGE RATIO (AS DEFINED BELOW), FOR THE TRAILING TWELVE
      MONTH PERIOD TESTED AS OF THE LAST DAY OF EACH OF THE MONTHS LISTED BELOW,
      TO BE LOWER THAN THE CORRESPONDING "MINIMUM RATIO" SET FORTH IN THE CHART
      BELOW. FOR PURPOSES HEREIN, "FIXED CHARGE COVERAGE RATIO" IS DEFINED AS
      THE RATIO OF (a) THE SUM OF (i) CONSOLIDATED EBITDA FOR SUCH PERIOD PLUS
      (ii) CONSOLIDATED MINIMUM STORE RENT FOR SUCH PERIOD TO (b) THE SUM OF (i)
      CONSOLIDATED MINIMUM STORE RENT FOR SUCH PERIOD PLUS (ii) CONSOLIDATED
      CASH INTEREST EXPENSE FOR SUCH PERIOD. NOTWITHSTANDING THE FOREGOING,
      SOLELY FOR PURPOSES OF CALCULATING CONSOLIDATED EBITDA IN THE FIXED CHARGE
      COVERAGE RATIO, THE BORROWER MAY EXCLUDE (i) ANY CASH OR NON-CASH CHARGES
      ARISING FROM THE APPLICATION OF THE FINANCIAL ACCOUNTING

                                       9
<PAGE>

      STANDARD BOARD'S STATEMENT NO. 5, (ii) UPON WRITTEN APPROVAL OF THE
      ADMINISTRATIVE AGENT, A DEDUCTION FOR CASH AND NON-CASH EXPENSES INCURRED
      BY THE BORROWER FOR LEGAL, ACCOUNTING AND CONSULTANT'S FEES AND EXPENSES
      ARISING FROM THE CAPITAL FACTORS LAWSUIT AND THE RESULTING SEC INQUIRY AND
      THE U.S. ATTORNEY INVESTIGATION ASSOCIATED THEREWITH, AND (iii) INCLUDE
      ANY STATE OR FEDERAL INCOME TAX REFUND RECEIVED IN CASH BY THE BORROWER
      DURING THE SUBJECT PERIOD.

<TABLE>
<CAPTION>
MONTH                                                  MINIMUM RATIO
-----                                                  -------------
<S>                                                    <C>
APRIL 2005 - OCTOBER 2005                                0.75:1.00
NOVEMBER 2005                                            0.80:1.00
DECEMBER 2005 AND AT ALL TIMES THEREAFTER                1.00:1.00
</TABLE>

            (p) Section 10.2 of the Agreement is hereby amended and restated to
read as follows:

                10.2 MINIMUM ACCOUNTS PAYABLE. THE BORROWER SHALL HAVE
      ACCOUNTS PAYABLE FOR THE MONTHS SET FORTH BELOW, CALCULATED ON A MONTHLY
      BASIS COMMENCING APRIL 2005, AND TESTED AS OF THE LAST DAY OF THE MONTH
      AND REPORTED ON THE MONTHLY BORROWING BASE REPORT, OF AT LEAST THE
      CORRESPONDING AMOUNTS SET FORTH IN THE CHART BELOW:

<TABLE>
<CAPTION>
 END OF MONTH                                  MINIMUM ACCOUNTS PAYABLE
---------------                                ------------------------
<S>                                            <C>
APRIL, 2005                                           $45,800,000
MAY, 2005                                             $43,200,000
JUNE, 2005                                            $39,200,000
JULY, 2005                                            $38,700,000
AUGUST, 2005                                          $39,000,000
SEPTEMBER, 2005                                       $40,900,000
OCTOBER, 2005                                         $51,300,000
NOVEMBER, 2005                                        $52,100,000
DECEMBER, 2005                                        $36,400,000
JANUARY, 2006 AND AT ALL TIMES                        $39,400,000
THEREAFTER
</TABLE>

            (q) A new Section 10.3 and a new Section 10.4 are hereby added to
the Agreement to read as follows:

                10.3 CAPITAL EXPENDITURES. THE BORROWER SHALL NOT PERMIT ITS
      CAPITAL EXPENDITURES TO BE MORE THAN $5,500,000 FOR ANY FISCAL YEAR.

                10.4. MINIMUM BORROWING AVAILABILITY. THE BORROWER SHALL NOT
      PERMIT ITS BORROWING AVAILABILITY UNDER THE BORROWING BASE TO BE LESS THAN
      THE MINIMUM EXCESS AVAILABILITY AT ANY TIME.

            (r) Section 16 of the Agreement is hereby amended by the addition of
the following sentence before the last sentence thereof :

                "THE FOREGOING SHALL ALSO BE FOR THE BENEFIT OF EACH
            ACCOMMODATION BANKS AND THE BORROWER AGREES TO PAY ALL SUCH COSTS
            AND EXPENSES OF EACH OF THE ACCOMMODATION BANKS, INCLUDING THE FEES
            AND EXPENSES OF ONE SPECIAL COUNSEL TO ANY ACCOMMODATION BANK THAT
            IS NOT ITSELF THE AGENT."

            (s) Article 19 of the Agreement is hereby amended by the addition of
a new Section 19.10 to read as follows:

                                      10
<PAGE>

                  19.10 THE INITIAL ACCOMMODATION BANKS (LASALLE AND BACK BAY)
      AGREE THAT, EXCEPT IN THE CASE OF A BUYOUT AND REPLACEMENT OF A
      "NON-CONSENTING BANK" PURSUANT TO SECTION 26 OF THIS AGREEMENT: SO LONG AS
      BACK BAY HOLDS ITS ENTIRE INITIAL INTEREST IN THE LOANS UNDER THE
      ACCOMMODATION FACILITY FOR ITS OWN ACCOUNT, LASALLE (OR AN AFFILIATE OF
      LASALLE) SHALL AT ALL TIMES CONTINUE TO HOLD ITS ENTIRE INITIAL INTEREST
      IN THE LOANS UNDER THE ACCOMMODATION FACILITY FOR ITS OWN ACCOUNT; SO LONG
      AS LASALLE HOLDS ITS ENTIRE INITIAL INTEREST IN THE LOANS UNDER THE
      ACCOMMODATION FACILITY FOR ITS OWN ACCOUNT, BACK BAY (OR AN AFFILIATE OF
      BACK BAY) SHALL AT ALL TIMES CONTINUE TO HOLD ITS ENTIRE INITIAL INTEREST
      IN THE LOANS UNDER THE ACCOMMODATION FACILITY FOR ITS OWN ACCOUNT.

            (t) The second sentence of Section 26 is hereby amended by adding
the following at the end thereof.

                "(g) THE DEFINITIONS OF "RESERVES" AND SECTIONS 2.12, 8.9.2,
            8.9.3, 10.1, 10.2, 10.3, 15.9, 16 AND ARTICLE 13 OF THE LOAN
            AGREEMENT MAY NOT BE AMENDED OR WAIVED WITHOUT THE CONSENT OF THE
            REQUIRED BANKS AND EACH ACCOMMODATION BANK, (h) SECTION 19.10 OF THE
            LOAN AGREEMENT MAY NOT BE AMENDED OR WAIVED WITHOUT THE CONSENT OF
            EACH ACCOMMODATION BANK, (i) THE DEFINITIONS OF "APPRAISED (GOB)
            PERCENTAGE OF ELIGIBLE INVENTORIES," "BORROWING AVAILABILITY,"
            "BORROWING BASE," "MINIMUM EXCESS AVAILABILITY," "REQUIRED
            AVAILABILITY RESERVE," "REVOLVING LOAN BORROWING BASE," "TOTAL
            COMMITMENT" AND "TOTAL REVOLVER COMMITMENT" (AND ALL OTHER COMPONENT
            TERMS OF THE FOREGOING) AND SECTIONS 2.1, 5.8, 5.9, 5.10 AND 10.4 OF
            THE LOAN AGREEMENT MAY NOT BE AMENDED OR WAIVED WITHOUT THE CONSENT
            OF ALL OF THE BANKS AND EACH OF THE ACCOMMODATION BANKS, (j) NO
            RESERVE ESTABLISHED BY THE ADMINISTRATIVE AGENT MAY BE REDUCED OR
            ELIMINATED WITHOUT THE CONSENT OF ALL OF THE BANKS AND EACH OF THE
            ACCOMMODATION BANKS (OTHER THAN THE FIELD EXAMINATION RESERVE WHICH
            MAY ONLY BE REDUCED OR ELIMINATED WITH THE CONSENT OF EACH
            ACCOMMODATION BANK) AND (k) THIS SECTION 26 OF THE LOAN AGREEMENT
            MAY NOT BE AMENDED OR WAIVED WITHOUT THE CONSENT OF THE REQUIRED
            BANKS AND EACH ACCOMMODATION BANK, PROVIDED, THAT PROVISIONS OF THIS
            SECTION 26 PROVIDING FOR THE CONSENT OF ALL BANKS AND EACH OF THE
            ACCOMMODATION BANKS MAY NOT BE AMENDED OR WAIVED WITHOUT THE CONSENT
            OF ALL BANKS AND EACH OF THE ACCOMMODATION BANKS AND PROVIDED,
            FURTHER THAT , PARAGRAPH (h) OF THIS SECTION 26 PROVIDING FOR THE
            CONSENT OF EACH OF THE ACCOMMODATION BANKS MAY NOT BE AMENDED OR
            WAIVED WITHOUT THE CONSENT OF EACH OF THE ACCOMMODATION BANKS."

            (u) Section 26 of the Agreement is hereby amended by adding the
following two paragraphs at the end thereof:

                IF ANY ACTION TO BE TAKEN HEREUNDER REQUIRES THE CONSENT,
            AUTHORIZATION, OR AGREEMENT OF EACH ACCOMMODATION BANK, AND AN
            ACCOMMODATION BANK (THE "NON-CONSENTING BANK") FAILS TO GIVE ITS
            CONSENT, AUTHORIZATION, OR AGREEMENT AND BUT FOR SUCH FAILURE TO
            GIVE SUCH CONSENT, AUTHORIZATION OR AGREEMENT, THE ACTION WOULD BE
            HAVE BEEN APPROVED TO BE TAKEN, THEN THE ADMINISTRATIVE AGENT, UPON
            AT LEAST 5 BUSINESS DAYS PRIOR IRREVOCABLE NOTICE TO THE
            NON-CONSENTING BANK, MAY PERMANENTLY REPLACE THE NON-CONSENTING BANK
            WITH ONE OR MORE SUBSTITUTE ACCOMMODATION BANKS (EACH, A
            "REPLACEMENT BANK"), AND THE NON-CONSENTING BANK SHALL HAVE NO RIGHT
            TO REFUSE TO BE REPLACED HEREUNDER. SUCH NOTICE TO REPLACE THE
            NON-CONSENTING BANK SHALL SPECIFY AN EFFECTIVE DATE FOR SUCH
            REPLACEMENT, WHICH DATE SHALL NOT BE LATER THAN 12 BUSINESS DAYS
            AFTER THE DATE SUCH NOTICE IS GIVEN. NOTWITHSTANDING THE DELIVERY BY
            THE ADMINISTRATIVE AGENT OF NOTICE TO THE NON-CONSENTING BANK THAT A
            REPLACEMENT BANK IS TO BE SUBSTITUTED IN THE PLACE OF THE
            NON-CONSENTING BANK, IF THE NON-CONSENTING BANK DOES IN FACT
            THEREAFTER PROVIDE ITS EXPRESS WRITTEN CONSENT TO THE SUBJECT ACTION
            PRIOR TO THE DATE THAT THE NON-CONSENTING BANK HAS ACTUALLY BEEN
            REPLACED BY A REPLACEMENT BANK, THEN THE NOTICE TO REPLACE THE
            NON-CONSENTING BANK SHALL BE DEEMED OF NO FURTHER FORCE AND EFFECT
            AND THE PREVIOUSLY DESIGNATED NON-CONSENTING BANK SHALL REMAIN AS AN
            ACCOMMODATION BANK.

                                      11
<PAGE>

            PRIOR TO THE EFFECTIVE DATE OF SUCH REPLACEMENT, THE NON-CONSENTING
            BANK AND EACH REPLACEMENT BANK SHALL EXECUTE AND DELIVER AN
            ASSIGNMENT AND ACCEPTANCE AGREEMENT, SUBJECT ONLY TO THE
            NON-CONSENTING BANK BEING REPAID ITS SHARE OF THE OUTSTANDING
            ACCOMMODATION FACILITY OBLIGATIONS (INCLUDING AN ALLOCABLE PORTION
            (SUCH PORTION TO BE DETERMINED BASED ON THE RELATIVE PORTION OF THE
            ACCOMMODATION FACILITY COMMITMENT AMOUNT ADVANCED BY THE
            NON-CONSENTING BANK) OF THE EARLY TERMINATION FEE TO THE EXTENT IT
            IS RECEIVED BY THE ACCOMMODATION BANKS) WITHOUT ANY PREMIUM OR
            PENALTY OF ANY KIND WHATSOEVER. IN THE EVENT THE CONDITIONS TO THE
            PAYMENT OF THE EARLY TERMINATION FEE ARE SATISFIED, THE REPLACEMENT
            BANK SHALL USE REASONABLE EFFORTS TO COLLECT SUCH EARLY TERMINATION
            FEE. IF THE NON-CONSENTING BANK SHALL REFUSE OR FAIL TO EXECUTE AND
            DELIVER ANY SUCH ASSIGNMENT AND ACCEPTANCE AGREEMENT PRIOR TO THE
            EFFECTIVE DATE OF SUCH REPLACEMENT, THE NON-CONSENTING BANK SHALL BE
            DEEMED TO HAVE EXECUTED AND DELIVERED SUCH ASSIGNMENT AND ACCEPTANCE
            AGREEMENT. THE REPLACEMENT OF ANY NON-CONSENTING BANK SHALL BE MADE
            IN ACCORDANCE WITH THE TERMS OF SECTION 19.

            (v) Schedule 1 to the Agreement setting forth the Commitments and
Commitment Percentages with respect to the Banks is hereby deleted and replaced
with the Schedule attached hereto as Schedule 1. All references in the Agreement
to the terms "Commitment" and "Commitment Percentage" shall refer to such terms
as modified to give effect to the loans advanced under the Accommodation
Facility.

            (w) The definition of the term "Borrowing Availability" is hereby
amended and restated to read as follows:

            ""BORROWING AVAILABILITY." FOR ANY PERIOD OF DETERMINATION, AN
            AMOUNT EQUAL TO THE BORROWING BASE MINUS THE OUTSTANDING FACILITY
            AMOUNTS."

            (x) Section 2.5 of the Agreement is hereby amended and restated to
read as follows:

            ""INTEREST ON REVOLVING CREDIT LOANS." EXCEPT AS OTHERWISE PROVIDED
            IN SECTIONS 5.21 AND 2.12, THE REVOLVING CREDIT LOANS SHALL BEAR
            INTEREST IN ACCORDANCE WITH THE PROVISIONS OF SECTION 5.1 HEREOF."

            (y) The lead-in clause of Section 5.1 of the Agreement is hereby
amended and restated to read as follows:

            "INTEREST ON LOANS. EXCEPT AS OTHERWISE PROVIDED IN SECTIONS 5.21
            AND 2.12,"

            (z) Section 5.7(a) of the Agreement is hereby amended (i) by the
addition of the clause "Except as provided in Section 2.12," at the beginning of
the first sentence thereof and (ii) by the addition of the clause "Subject to
Sections 5.8.3, 5.9(c) and 5.10 hereof," at the beginning of the last sentence
thereof.

            (aa) Section 2.10 of the Agreement is hereby amended by deleting the
reference to "Section 7.7 hereof" therein and replacing it with "Section 5.7
hereof."

            (bb) The definition of the term "Maturity Date" in the Agreement is
hereby amended and restated to read as follows:

            ""MATURITY DATE." JULY 31, 2006."

                                      12
<PAGE>

            (cc) The definition of the term "LIBOR Applicable Margin" is hereby
amended and restated to read as follows:

            ""LIBOR APPLICABLE MARGIN." AT ALL TIMES, THREE PERCENT (3.00%).

            (dd) Schedule A to the Agreement (Borrowing Base Report) is hereby
deleted and replaced with the Schedule attached hereto as Schedule A (Borrowing
Base Report).

            (ee) Section 13.1 of the Agreement is amended by the addition of the
following sentence at the end thereof:

            "EACH ACCOMMODATION BANK SHALL HAVE THE RIGHT, EXERCISABLE AT ANY
TIME AFTER 60 DAYS FOLLOWING AN EVENT OF DEFAULT ARISING FROM THE BREACH BY THE
BORROWER OF THE COVENANT CONTAINED IN SECTION 10.4 BY NOTICE TO THE
ADMINISTRATIVE AGENT, TO DIRECT THE ADMINISTRATIVE AGENT TO DECLARE ALL AMOUNTS
OWING WITH RESPECT TO THIS CREDIT AGREEMENT, THE NOTES AND THE OTHER LOAN
DOCUMENTS AND ALL REIMBURSEMENT OBLIGATIONS IMMEDIATELY DUE AND PAYABLE."

            (ff) Section 13.2 of the Agreement is amended by the addition of the
following sentence at the end thereof:

            "EACH ACCOMMODATION BANK SHALL HAVE THE RIGHT, EXERCISABLE AT ANY
TIME AFTER 60 DAYS FOLLOWING AN EVENT OF DEFAULT ARISING FROM THE BREACH BY THE
BORROWER OF THE COVENANT CONTAINED IN SECTION 10.4 BY NOTICE TO THE
ADMINISTRATIVE AGENT, TO DIRECT THE ADMINISTRATIVE AGENT TO NOTIFY THE BORROWER
TO TERMINATE THE UNUSED PORTION OF THE CREDIT UNDER THIS CREDIT AGREEMENT."

            (gg) Section 13.3 of the Agreement is amended by the addition of the
following sentence at the end thereof:

            "EACH ACCOMMODATION BANK SHALL HAVE THE RIGHT, EXERCISABLE AT ANY
TIME AFTER (i) 60 DAYS FOLLOWING AN EVENT OF DEFAULT ARISING FROM THE BREACH BY
THE BORROWER OF THE COVENANT CONTAINED IN SECTION 10.4 OR (ii) THE OCCURRENCE OF
AN EVENT OF DEFAULT SPECIFIED IN SECTIONS 13.1(g) OR 13.1 (h), TO PROCEED (OR BY
NOTICE TO THE ADMINISTRATIVE AGENT TO DIRECT THE ADMINISTRATIVE AGENT TO SO
PROCEED) TO PROTECT AND ENFORCE ITS RIGHTS BY SUIT IN EQUITY, ACTION AT LAW, OR
OTHER APPROPRIATE PROCEEDING , WHETHER FOR THE SPECIFIC PERFORMANCE OF ANY
COVENANT OR AGREEMENT CONTAINED IN THIS CREDIT AGREEMENT AND THE OTHER LOAN
DOCUMENTS OR ANY INSTRUMENT PURSUANT TO WHICH THE OBLIGATIONS ARE EVIDENCED,
INCLUDING AS PERMITTED BY APPLICABLE LAW THE OBTAINING OF THE EX PARTE
APPOINTMENT OF A RECEIVER, AND IF SUCH AMOUNT SHALL HAVE BECOME DUE, BY
DECLARATION OR OTHERWISE, PROCEED TO ENFORCE THE PAYMENT THEREOF OR ANY OTHER
LEGAL OR EQUITABLE RIGHT OF AGENTS AND BANKS."

      3.    Assignments. Effective as of April 6, 2005, (i) ABN AMRO Bank N.V.
is selling and assigning to LaSalle a $1,875,000 interest in and to the rights,
benefits, indemnities and obligations of ABN AMRO Bank N.V. under the Agreement
equaling one and one half percent (1.5%) of the Total Revolver Commitment, (ii)
JPMorgan Chase Bank, N.A. is selling and assigning to LaSalle a $1,875,000
interest in and to the rights, benefits, indemnities and obligations of JPMorgan
Chase Bank, N.A. under the Agreement equaling one and one half percent (1.5%) of
the Total Revolver Commitment, (iii) Fleet Retail Group, Inc. is selling and
assigning to LaSalle a $1,875,000 interest in and to the rights, benefits,
indemnities and obligations of Fleet Retail Group, Inc. under the Agreement
equaling one and one half percent (1.5%) of the Total Revolver Commitment, (iv)
Sovereign Bank is selling and assigning to LaSalle a $1,875,000 interest in and
to the rights, benefits, indemnities and obligations of Sovereign Bank under the
Agreement equaling one and one half percent (1.5%) of the Total

                                      13
<PAGE>

Revolver Commitment, and (v) LaSalle is selling and assigning to Back Bay a
$7,500,000 interest in and to the rights, benefits, indemnities and obligations
of LaSalle under the Agreement equaling six percent (6.0%) of the Total Revolver
Commitment (the foregoing, collectively, the "Assignments"). Each of the Banks,
the Agents and the Borrower hereby (i) consents to the Assignments, (ii) waives
with respect to the Assignments the requirements of Section 19 of the Agreement
requiring assignments to be in an amount of at least $5,000,000, (iii) agrees
that notwithstanding the provisions of Section 19, the Assignments shall be
effective as of April 6, 2005 and (iv) agrees that notwithstanding the
provisions of the Agreement, Back Bay shall be deemed an "Eligible Assignee" for
purposes of the Agreement.

      4.    Representations, Warranties and Covenants. The representations and
warranties set forth in Section 7 and all covenants set forth in Sections 8, 9
and 10 of the Agreement shall be deemed remade and affirmed as of the date
hereof by the Borrower, except any and all references to the Agreement in such
representations, warranties and covenants shall be deemed to include this
Amendment.

      5.    Payment of Fee; Delivery of Documents/Information. Prior to entering
into this Amendment, the Administrative Agent shall have received from the
Borrower (i) an amendment fee in the amount of $100,000.00 for the ratable
benefit of the Banks (excluding those Banks that are Accommodation Banks)(the
Administrative Agent being hereby authorized by the Borrower to make a Revolving
Credit Loan to pay such fee), and (ii) each of the following fully executed
documents, in form and substance satisfactory to Administrative Agent and each
Bank, and all of the transactions contemplated by each such document shall have
been consummated or each condition contemplated by each such document shall have
been satisfied:

            (a) This Amendment;

            (b) Secretary's Certificate of the Borrower with resolutions and
incumbency; and

            (c) A Borrowing Base report dated April 1, 2005 confirming that the
Borrower had Borrowing Availability as of such date in an amount not less than
$20,000,000.00;

            (d) The duly executed Accommodation Facility Letter Agreement, along
with the Commitment Fee and the Collateral Monitoring Fee specified therein;

            (e) The Borrower's February, 2005 month end financial statements and
financial reporting, as required pursuant to the Loan Agreement, and

            (f) Such other documents, certificates and opinions as
Administrative Agent may request.

      6.    On or before April 22, 2005, the Borrower shall deliver to the
Administrative Agent the annual financial statements of the Borrower required by
Section 8.4(a) of the Agreement for the fiscal year ended January 31, 2005,
certified without qualification by the Borrower's independent public
accountants.

      7.    Reference to the Effect on the Agreement.

                                      14
<PAGE>

            (a) References. Upon the date of this Amendment and on and after the
date hereof, each reference in the Agreement to "this Agreement," "hereunder,"
"hereof," "herein" or words of like import shall mean and be a reference to the
Agreement, as amended hereby.

            (b) Ratification. As specifically modified above, the Agreement and
all other documents, instruments and agreements executed and/or delivered in
connection therewith shall remain in full force and effect, and are hereby
ratified and confirmed.

      8.    Representations and Warranties of the Borrower. The Borrower hereby
represents and warrants to Administrative Agent and the Banks as of the date
hereof as follows:

            (a) The execution and delivery of this Amendment and the performance
by Borrower of its obligations hereunder are within the Borrower's powers and
authority, have been duly authorized by all necessary corporate action and do
not and will not contravene or conflict with the Certificate of Incorporation or
By-laws of the Borrower;

            (b) The Agreement (as amended by this Amendment) and the other Loan
Documents constitute legal, valid and binding obligations enforceable in
accordance with their terms by the Administrative Agent and the Banks against
the Borrower, and the Borrower expressly reaffirms each of its obligations under
the Agreement (as amended by this Amendment) and each of the other Loan
Documents, including, without limitation, the Borrower's Obligations. The
Borrower further expressly acknowledges and agrees that Administrative Agent has
a valid, duly perfected, first priority and fully enforceable security interest
in and lien against each item of Collateral except as otherwise set forth in the
Agreement. The Borrower agrees that it shall not dispute the validity or
enforceability of the Agreement (as it was stated before and after this
Amendment) or any of the other Loan Documents or any of its respective
obligations thereunder, or the validity, priority, enforceability or extent of
Administrative Agent's security interest in or lien against any item of
Collateral, in any judicial, administrative or other proceeding;

            (c) No consent, order, qualification, validation, license, approval
or authorization of, or filing, recording, registration or declaration with, or
other action in respect of, any governmental body, authority, bureau or agency
or other Person is required in connection with the execution, delivery or
performance of, or the legality, validity, binding effect or enforceability of,
this Amendment; and

            (d) The execution, delivery and performance of this Amendment by the
Borrower does not and will not violate any law, governmental regulation,
judgment, order or decree applicable to the Borrower and does not and will not
violate the provisions of, or constitute a default or any event of default
under, or result in the creation of any security interest or lien upon any
property of the Borrower pursuant to, any indenture, mortgage, instrument,
contract, agreement or other undertaking to which the Borrower is a party or is
subject or by which the Borrower or any of its real or personal property may be
bound.

            (e) The Borrower hereby acknowledges and agrees that there is no
basis nor set of facts on which any amount (or any portion thereof) owed by the
Borrower under the Loan Documents could be reduced, offset, waived, or forgiven,
by rescission or otherwise; nor is there

                                      15
<PAGE>

any claim, counterclaim, offset, or defense (or other right, remedy, or basis
having a similar effect) available to the Borrower with regard thereto; nor is
there any basis on which the terms and conditions of any of the Obligations
could be claimed to be other than as stated on the written instruments which
evidence such Obligations.

            (f) The Borrower hereby acknowledges and agrees that it has no
offsets, defenses, claims, or counterclaims against the Administrative Agent or
the Banks, or their respective parents, affiliates, predecessors, successors, or
assigns, or their respective officers, directors, employees, attorneys, or
representatives, with respect to the Obligations, or otherwise, and that if the
Borrower now has, or ever did have, any offsets, defenses, claims, or
counterclaims against the Administrative Agent or the Banks, or their respective
parents, affiliates, predecessors, successors, or assigns, or their respective
officers, directors, employees, attorneys, or representatives, whether known or
unknown, at law or in equity, from the beginning of the world through this date
and through the time of execution of this Amendment, all of them are hereby
expressly WAIVED, and the Borrower hereby RELEASES the Administrative Agent and
the Banks, and their respective officers, directors, employees, attorneys,
representatives, affiliates, predecessors, successors, and assigns from any
liability therefor.

      9.    Fees and Expenses. (a) The Borrower agrees to pay on demand all
costs, fees and expenses of or incurred by the Administrative Agent in
connection with the evaluation, negotiation, preparation, execution and delivery
of this Amendment and the other instruments and documents executed and delivered
in connection with the transactions described herein (including the filing or
recording thereof), including, but not limited to, the reasonable fees and
expenses of counsel for the Administrative Agent, search fees, the reasonable
fees and expenses of counsel to Back Bay and taxes payable in connection with
this Amendment and any future amendments to the Agreement.

      (b) In the event that after the date of this Amendment, the Banks (other
than the Accommodation Banks) become entitled to any increase in the interest
rate payable on the Revolving Loans held by such Banks or any additional or
increased fees payable to such Banks, the Accommodation Banks shall be entitled
to a corresponding proportional (based on the total amount of all Revolving
Loans outstanding) increase in the interest rate or additional fee or increased
fee payable to the Accommodation Banks, as the case may be.

      10.   Counterparts. This Amendment may be executed in two or more
counterparts, each of which shall be deemed an original, and all of which
together shall constitute one and the same instrument.

                            [SIGNATURE PAGE FOLLOWS]

                                      16
<PAGE>

      (THIRD AMENDMENT TO SECOND AMENDED AND RESTATED REVOLVING CREDIT AND
                  GOLD CONSIGNMENT AGREEMENT SIGNATURE PAGE)

            IN WITNESS WHEREOF, the parties hereto have duly executed this Third
Amendment to Second Amended and Restated Revolving Credit and Gold Consignment
Agreement as of the date first above written.

                                        WHITEHALL JEWELLERS, INC.

                                        By: /s/ John R. Desjardins
                                            ------------------------------------
                                        Name: John R. Desjardins
                                        Title: Chief Financial Officer

                                        LASALLE BANK NATIONAL
                                        ASSOCIATION, for itself as a Bank and an
                                        Accommodation Bank and as
                                        Administrative Agent for the Banks

                                        By: /s/ Robert Barnhard
                                            ------------------------------------
                                        Name: Robert Barnhard
                                        Title: Senior Vice President, Group Head

                                        JPMORGAN CHASE BANK, NATIONAL
                                        ASSOCIATION, individually and as
                                        Documentation Agent

                                        By: /s/ Irene B. Spector
                                            ------------------------------------
                                        Name: Irene B. Spector
                                        Title: Vice President

                                        ABN AMRO BANK N.V., individually and
                                        as Syndication Agent

                                        By: /s/ Jeffrey Sarfaty
                                            ------------------------------------
                                        Name: Jeffrey Sarfaty
                                        Title: Vice President

                                        By: /s/ Frederick G. Jennings
                                            ------------------------------------
                                        Name: Frederick Jennings
                                        Title: Vice President

<PAGE>

      (THIRD AMENDMENT TO SECOND AMENDED AND RESTATED REVOLVING CREDIT AND
             GOLD CONSIGNMENT AGREEMENT SIGNATURE PAGE, CONTINUED)

                                        FLEET RETAIL GROUP, INC., as a Bank

                                        By: /s/ Christine Hutchinson
                                            ----------------------------
                                        Name: Christine Hutchinson
                                        Title: Vice President

                                        SOVEREIGN BANK, as a Bank

                                        By: /s/ Irene A. Ogarek
                                            ----------------------------
                                        Name: Irene A. Ogarek
                                        Title: Vice President

                                        BACK BAY CAPITAL FUNDING LLC, as
                                        a Bank and an Accommodation Bank

                                        By: /s/ Kristan O'Connor
                                            ----------------------------
                                        Name: Kristan O'Connor
                                        Title: Managing Directorexv10w1

 

Exhibit 10.1

ACCENTURE SCA

Société en commandite par actions partnership limited by shares

Siège social: 1, rue Guillaume Kroll, L-1882 Luxembourg

Registre de Commerce
Luxembourg n° B 79 874

STATUTS COORDONNES

à la date du 17 janvier 2005

CONSOLIDATED UPDATED ARTICLES OF ASSOCIATION

as at January 17th, 2005

 

 

Articles of Incorporation of ACCENTURE
S.C.A.                    2
/ 16

ARTICLES OF ASSOCIATION

Article 1 — Form

There exists among Accenture Ltd, a company limited by shares organised under the laws
of Bermuda, being the general partner (gérant commandité) (the “General Partner” or “Accenture
Ltd”) of Accenture SCA, a partnership limited by shares
(société en commandité par actions)
(hereinafter referred to as the “Company”) and Accenture Minority IV, Ltd, a Gibraltar company
being the current limited shareholder (associé commanditaire) of the Company and all those
persons who shall become limited shareholders (associés commanditaires) (the “Limited
Shareholders”) of the Company.

Hereinafter the Limited Shareholders and the General Partner will be referred to individually
as a Shareholder and collectively as the Shareholders.

Article 2 — Term

The Company is incorporated for an unlimited period of time. However, the Company shall come to
an end in the event of a resolution to dissolve the Company adopted at a general meeting of
Shareholders deciding in compliance with the conditions of quorum and majority required for
amendments to the articles of association of the Company (the “Articles of Association”). The
Company shall not end in the event of the resignation, dissolution, bankruptcy or insolvency of
the General Partner.

Article 3 — Purposes

The Company shall have as its business purpose the holding of participations, in any form
whatsoever, in Luxembourg and foreign companies, the acquisition by purchase, subscription, or
in any other manner as well as the transfer by sale, exchange or otherwise of stock, bonds,
debentures, notes and other securities of any kind, and the ownership, administration,
development and management of its participations and of its asset portfolio.

The Company may carry on any commercial, industrial and/or financial activity or maintain a
commercial establishment open to the public. The Company may
participate directly or indirectly
in the establishment and development of any financial, industrial or commercial enterprises in
Luxembourg and abroad and it may render them every assistance, whether of a financial nature or
not, such as, without limitation, the granting of loans or advances, guarantees for their
benefit or other forms of assistance. The Company may borrow in any form and proceed to the
issuance of bonds and notes whether or not convertible or exchangeable in shares of the Company
or into shares of other companies.

The Company may enter into and perform under global alliances and marketing arrangements and
any other contracts aimed at promoting and furthering the development and the operation of the
Accenture group, including but not limited to actions involving or relating to staff of any and
all affiliated group companies.

In general, it may take any controlling and supervisory measures and carry out any operation
which it may deem useful for the accomplishment and development of its purposes.

Article 4 — Registered office

The registered office of the Company is established in Luxembourg City, Grand Duchy of
Luxembourg. The General Partner may establish branches or other offices either in Luxembourg
or abroad.

In the event that the General Partner determines that extraordinary political, economic or
social developments have occurred or are imminent that interfere or are likely to 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 which,
notwithstanding the temporary transfer of its registered office, will remain a Luxembourg
partnership limited by shares.

Article 5 — Capital

The Company has a subscribed, issued and fully paid nominal share capital of EUR 1,802,814,702.75
(one billion eight hundred and two million eight hundred and fourteen thousand seven hundred and
two

 

 

Articles of Incorporation of ACCENTURE
S.C.A.                    3
/ 16

Euro and seventy-five Cents)
divided into shares (actions de commandité) held by the General
Partner and having a par value of one Euro and twenty-five cents (EUR 1.25) each and shares
(actions de commanditaires) held by the Limited Shareholder(s) having a par value of one Euro and
twenty-five cents (EUR 1.25) each. The Shares are divided into
766,591,027 (seven hundred sixty-six
million five hundred and ninety-one thousand twenty-seven) Class I Common Shares (“Class I Common
Shares”), 5,000,000 (five million) Class I-A Common
Shares (“Class I-A Common Shares”), 5,000,000
(five million) Class I-B Common Shares (“Class I-B
Common Shares”), 10,000,000 (ten million) Class
I-C Common Shares (“Class I-C Common Shares”),
10,000,000 (ten million) Class I-D Common Shares
(“Class I-D Common Shares”), 15,000,000 (fifteen million) Class I-E Common Shares (“Class I-E
Common Shares”), 15,000,000 (fifteen million) Class I-F Common Shares (“Class I-F Common Shares”),
20,000,000 (twenty million) Class I-G Common Shares
(“Class I-G Common Shares”), 25,000,000
(twenty-five million) Class I-H Common Shares
(“Class I-H Common Shares”), 5,000,000 (five million)
Class I-I Common Shares (“Class I-I Common
Shares”), 5,000,000 (five million) Class I-J Common
Shares (“Class I-J Common Shares”), 16,050,000
(sixteen million fifty thousand)
Class I-K Common
Shares (“Class I-K Common Shares”), 5,025,720 (five million twenty-five thousand seven hundred and
twenty) Class I-L Common Shares (“Class I-L Common
Shares”), 68,626,707 (sixty-eight million six
hundred and twenty-six thousand seven hundred seven) Class I-M Common Shares (“Class I-M Common
Shares”), 12,747,835 (twelve million seven hundred forty-seven thousand eight hundred and
thirty-five) Class I-N Common Shares (“Class I-N
Common Shares”) and 470,958,308 (four hundred
seventy million nine hundred fifty-eight thousand three hundred eight) Class II Common Shares
(“Class II Common Shares”) having the same characteristics and rights save as to those differences
outlined in these articles of association. The Class I-A Common Shares, the Class I-B Common
Shares, the Class I-C Common Shares, the Class I-D Common Shares, the Class I-E Common Shares, the
Class I-F Common Shares, the Class I-G Common Shares, the Class I-H Common Shares, the Class I-I
Common Shares, the Class I-J Common Shares, the Class I-K Common Shares, the Class I-L Common
Shares, the Class I-M Common Shares and the Class I-N Common Shares are individually referred to as
a “Class I Letter Share” and collectively as the “Class I Letter Shares”. Unless otherwise noted in
these articles of association, all the references to a Class I Common Share or the Class I Common
Shares shall include a Class I Letter Share or the Class I Letter Shares, respectively. The Class I
Common Shares and the Class II Common Shares are individually referred to as a “Share” and
collectively as the “Shares”. The Class I Common Shares and the Class II Common Shares are issued
as redeemable shares in accordance with the terms of article 49-8 of the law of 10 August 1915, on
commercial companies, as amended (the Law), and the redemption features laid down in Article 7
hereof shall apply thereto.

An extraordinary meeting of Shareholders, resolving in the manner required for the amendment of
these Articles of Association, and with the consent of the General Partner, may increase the
subscribed and issued capital.

Notwithstanding the preceding paragraph, the General Partner of the Company is authorised and
empowered to render effective an increase of the subscribed and issued capital, in whole or in
part, from time to time, within a period starting as of 19 December 2001, and expiring on the
fifth anniversary of such date, by issuing shares representing such whole or partial increase of
the capital up to the total amount of the authorised share capital and for the number and classes
of Shares being the object of the authorisation. The General Partner shall accept subscriptions
for such shares.

In connection with this authorisation to increase the capital and in compliance with article 32-3
(5) of the Law, the General Partner of the Company is authorised, at its discretion, to waive
entirely or partially or to limit, or to set conditions in respect of any preferential
subscription rights of the existing Shareholders for the same period of five years and to
determine the amount of issue premium (if any) which will have to be
paid by the subscriber(s) in
the context of this capital increase.

Class I Common Shares are convertible into Class II Common Shares by a resolution of an
extraordinary meeting of Shareholders resolving in the manner required for amendments of these
Articles of Association. The conversion ratio shall be 1 Class I Common Share for 10 Class II
Common Shares. Upon such resolution, the nominal capital shall be increased by EUR 11.25 per
Class I Common Share so converted and Class II Common Shares shall be issued in accordance with
the conversion ratio in replacement of the Class I Common Shares so converted.

 

 

Articles of Incorporation of ACCENTURE
S.C.A.                    4
/ 16

Class II Common Shares are convertible into Class I Common Shares (excluding the Class I
Letter Shares) by a resolution of an extraordinary meeting of shareholders resolving in the
manner required for amendments of these Articles of Association. The conversion ratio shall be 10
Class II Common Shares for 1 Class I Common Share (excluding the Class I Letter Share). Upon such
resolution, the nominal capital shall be reduced by EUR 11.25 per 10 Class II Common Shares so
converted and the amount of the nominal share capital reduction shall be allocated to the share
premium reserve of the Company. In addition, additional Class I Common Shares (excluding the
Class I Letter Shares) shall be issued in accordance with the conversion ratio in replacement of
the Class II Common Shares so converted.

The authorised capital of the Company is set at EUR 50,000,000,000 consisting of 19,868,950,000
Class I Common Shares (excluding the Class I Letter Shares) of a par value of one euro and
twenty-five cents (EUR 1.25) each, 5,000,000 Class I-A Common Shares of a par value of one euro
and twenty-five cents (EUR 1.25) each, 5,000,000 Class I-B Common Shares of a par value of one
euro and twenty-five cents (EUR 1.25) each, 10,000,000 Class I-C Common Shares of a par value of
one euro and twenty-five cents (EUR 1.25) each, 10,000,000 Class I-D Common Shares of a par value
of one euro and twenty-five cents (EUR 1.25) each, 15,000,000 Class I-E Common Shares of a par
value of one euro and twenty-five cents (EUR 1.25) each, 15,000,000 Class I-F Common Shares of a
par value of one euro and twenty-five cents (EUR 1.25) each, 20,000,000 Class I-G Common Shares
of a par value of one euro and twenty-five cents (EUR 1.25) each, 25,000,000 Class I-H Common
Shares of a par value of one euro and twenty-five cents (EUR 1.25) each, 5,000,000 Class I-I
Common Shares of a par value of one euro and twenty-five cents (EUR 1.25) each, 5,000,000 Class
I-J Common Shares of a par value of one euro and twenty-five cents (EUR 1.25) each, 16,050,000
Class I-K Common Shares of a par value of one euro and twenty-five cents (EUR 1.25) each and of
20,000,000,000 Class II Common Shares of a par value of one euro and twenty-five cents (EUR 1.25)
each.

The General Partner is authorised and empowered to issue Class I Common Shares and/or Class II
Common Shares and/or new classes of shares from time to time in one or several series bearing
different numbers or letters in order to identify them.

The authorisation granted to the General Partner includes the authorisation to issue Shares to
itself.

The General Partner is hereby authorised and empowered to determine the conditions attaching to
any subscription of Shares, and it may, from time to time, effect such whole or partial increase
upon the conversion of any net profit of the Company into capital and the attribution of
fully-paid Shares to Shareholders in lieu of dividends.

The General Partner is further authorised to cause the Company to issue warrants, convertible
bonds or assimilated instruments or bonds with warrants or subscription rights or to issue any
financial instruments convertible into Shares under the terms and conditions to be set by the
General Partner.

Each time the General Partner shall act to render effective the increase of capital, as
authorised, Article 5 of the Articles of Association of the Company shall be amended so as to
reflect the result of such action and the General Partner shall take or authorise any person to
take any necessary steps for the purpose of the recording and publication of such increase and
such amendment.

The Company recognises only one holder per Share; in case a Share is held by more than one
person, the Company has the right to suspend the exercise of all rights attached to that Share
until one person is appointed or designated by the joint holders as the sole owner in relation to
the Company.

The Shares of the Company are and they continue to stay in registered form. The Shares are not
certificated, but a certificate (certificat d’inscription nominative) witnessing the registration
of the relevant Shareholder in the share register of the Company and the number of Shares held by
it shall be issued by the Company on request of the Shareholder.

A share register shall be kept at the registered office of the Company and, to the extent the
General Partner shall so decide, with a transfer agent and registrar. Such register shall set
forth the name of each Shareholder, its residence or elected notice address, the number of Shares
held by it, the class of Shares, the amounts paid in on each such Share, the transfers of Shares
and the dates of such transfers.

Unpaid amounts, if any, on issued and outstanding Shares may be called at any time at the
discretion of the General Partner, provided however that calls shall be made on all the Shares in
the same proportion

 

 

Articles of Incorporation of ACCENTURE
S.C.A.                    5
/ 16

and at the same time. Any sum, the payment of which is in arrear, automatically attracts
interest in favour of the Company at the rate of ten per cent (10%) per year or such other rate as
may be determined by the General Partner from time to time calculated from the date when the
payment was due until the date of the actual payment.

Article 6 — Transfer of Shares

Except for a redemption made pursuant to Article 7, no Transfer (as defined below) of Shares of
the Company by a Limited Shareholder shall be made unless the Supervisory Board of the Company or
its delegate shall have given its prior approval to a contemplated Transfer.

If a Limited Shareholder wants to transfer or dispose of all or part of its shares in the Company
or of all or part of the rights attached thereto, in any form whatsoever, including, without
limitation, via a sale, gift, pledge or some other form of encumbrance or otherwise (a
“Transfer”), it must submit a written application beforehand to the Supervisory Board or its
delegate by registered mail with acknowledgement of receipt or any other means approved by the
Supervisory Board or its delegate. A Transfer application shall contain the name of the
contemplated transferee, the contemplated sale price or consideration as well as any other
relevant information.

The decision of the Supervisory Board will be made known to the applicant as soon as reasonably
practicable after it shall have been taken. The Supervisory Board or its delegate’s decision in
respect of the application must be made known to the Limited Shareholder by registered mail with
acknowledgement of receipt or any other means approved by the General Partner.

Any Transfer not made in compliance with the terms hereof shall, with respect to the Company, be
deemed to be null and void and the Company shall not proceed with the registration of any
transferee in the share register unless (i) the Transfer to such transferee has been approved in
writing by the Supervisory Board or its delegate and (ii) the transferee shall have signed any
and all relevant documents as may be required by the Supervisory Board or its delegate.

Article 7 — Redemption of Shares

The Company is authorised to redeem Class II Common Shares or any series thereof at the request
of the General Partner and upon the written approval of the Supervisory Board in accordance with
the procedures laid down in Article 16 hereto. If the redemption of the Class II Common Shares or
of a series thereof will be done in the context of or accompanied by a share capital reduction of
the Company, the redemption of Class II Common Shares or a series thereof must in addition be
approved by a resolution at a meeting of Shareholders passed by a two thirds majority of those
present and voting including the consent of the General Partner.

Subject to any contractual restrictions on Transfer by a holder set forth in any contract or
agreement to which the Company or any of its affiliates is a party or set forth in Article 8 of
these Articles of Association, Class I Common Shares shall be redeemable for cash at the option
of the holder by giving irrevocable notice of an election for redemption to the Company.

Notwithstanding the preceding paragraph, at the option of the Company represented by the General
Partner, the redemption price payable to any Limited Shareholder that becomes a Limited
Shareholder after May 31, 2001 (or such other date that the Supervisory Board shall declare to be
the date of the consummation of the Accenture group of companies’ transition to a corporate
structure) (a “Subsequent Limited Shareholder”) in connection with any redemption under this
Article 7 may be paid in cash or in Accenture Ltd Class A Common Shares and any holder and the
Company may agree that the Company may redeem such holder’s Class I Common Shares for different
consideration.

At the request of the General Partner, the Company is authorised to redeem any Class I Common
Share or any series held by any Subsequent Limited Shareholder for Accenture Ltd Class A Common
Shares if the Company receives a satisfactory opinion from an internationally recognized counsel
or professional tax advisor that such redemption should be tax-free with respect to such
Subsequent Limited Shareholder. If the redemption of the Class I Common Share will be done in the
context of or accompanied by a share capital reduction of the Company, the redemption must in
addition be approved by a resolution at a meeting of Shareholders passed by a two-thirds majority
of those present and voting, including the consent of the General Partner.

 

 

Articles of Incorporation of ACCENTURE
S.C.A.                    6
/ 16

The redemption price for a Class I Common Share to be paid in Accenture Ltd Class A
Common Shares shall equal a number of Accenture Ltd Class A Common Shares equal to the Valuation
Ratio (as defined below). The redemption price for a Class I Common Share to be paid in cash
shall equal the Valuation Ratio multiplied by the Market Price of an Accenture Ltd Class A
Common Share (as defined below) as of the U.S. trading day following the United States trading
day on which the Company receives a notice of an election for redemption with respect to such
Class I Common Share.

Notwithstanding anything to the contrary, (i) no redemption at the option of a holder may be made
prior to the time that the Accenture Ltd Class A Common Shares shall have been listed for trading
on the New York Stock Exchange and (ii) the Company may refuse to honor a request for redemption
at any time or during any period, including, without limitation, during a so-called “blackout
period” (and the Class I Common Shares shall not be redeemable at such time or during such
period), if the Company determines, based on the advice of counsel (which may be inside counsel),
that there is material non-public information that may affect the Average Price Per Share (as
defined below) at such time or during such period.

For the purposes of the Articles of Association a Luxembourg business day shall mean a day on
which banks are ordinarily open for business in the City of Luxembourg, Luxembourg.

The Company may adopt reasonable procedures for the implementation of the redemption provisions
set forth in this Article 7, including, without limitation, procedures for the giving of notice
of an election for redemption.

Article 8 — Transfer Restrictions Applicable to Covered Shares

1. Each Covered Person shall at all times be the Sole Beneficial Owner of all Covered Shares
beneficially
owned by such Covered Person as of or prior to the IPO Date, except as provided herein. Any
Covered
Shares Transferred in compliance with this Article 8 shall no longer be subject to such
provisions.
Capitalized terms used in this Article 8 shall have the meanings ascribed to such terms in
paragraph 24 of
this Article 8.

2. Notwithstanding paragraph 1, an Employee Covered Person may:

(i) on or prior to the date that is four years after the IPO Date, Transfer an aggregate of up to
35% of the aggregate number of Covered Shares beneficially owned by such Employee Covered Person
as of the IPO Date;

(ii) commencing on the date that is four years after the IPO Date, Transfer an aggregate
(together with all other Transfers made pursuant to this paragraph 2) of up to 45% of the
aggregate number of Covered Shares beneficially owned by such Employee Covered Person as of the
IPO Date;

(iii) commencing on the date that is five years after the IPO Date, Transfer an aggregate
(together with all other Transfers made pursuant to this paragraph 2) of up to 55% of the
aggregate number of Covered Shares beneficially owned by such Employee Covered Person as of the
IPO Date;

(iv) commencing on the date that is six years after the IPO Date, Transfer an aggregate (together
with all other Transfers made pursuant to this paragraph 2) of up to 65% of the aggregate number
of Covered Shares beneficially owned by such Employee Covered Person as of the IPO Date; and

(v) commencing on the date that is seven years after the IPO Date, Transfer an aggregate
(together with all other Transfers made pursuant to this paragraph 2) of up to 75% of the
aggregate number of Covered Shares beneficially owned by such Employee Covered Person as of the
IPO Date.

3. Notwithstanding paragraph 1, a Covered Person may Transfer any Covered Shares beneficially owned
by such Covered Person as of the IPO Date commencing on the later of (i) the date that is eight
years after
the IPO Date and (ii) the date that such Covered Person ceases
to be an employee of the Company.

4. Notwithstanding paragraph 1, an Employee Covered Person that retires (or has retired) at the age
of 50
or older and is not in contavention of the Non-Competition Agreement (a “Retired Employee”) may:

 

 

Articles of Incorporation of ACCENTURE
S.C.A.                    7
/ 16

(i) if such Retired Employee retires (or has retired) at age 50, Transfer up to that number
of Covered Shares beneficially owned by such Retired Employee as of the IPO Date which is equal to
the product of (x) the aggregate number of Covered Shares beneficially owned by such Retired
Employee as of the IPO Date multiplied by (y) the sum of (a) the percentage of Covered Shares
eligible for sale at the date of such retirement pursuant to paragraph 2 of this Article 8 (the
“Base Eligible Sales”) and (b) the product of (A) (1
minus Base Eligible Sales) multiplied by (B)
0.25;

(ii) if such Retired Employee retires (or has retired) at age 51, Transfer up to that number of
Covered Shares beneficially owned by such Retired Employee as of the IPO Date which is equal to
the product of (x) the aggregate number of Covered Shares beneficially owned by such Retired
Employee as of the IPO Date multiplied by (y) the sum of (a) the percentage of the Base Eligible
Sales and (b) the product of (A) (1 minus Base Eligible Sales)
multiplied by (B) 0.375;

(iii) if such Retired Employee retires (or has retired) at age 52, Transfer up to that number of
Covered Shares beneficially owned by such Retired Employee as of the IPO Date which is equal to
the product of (x) the aggregate number of Covered Shares beneficially owned by such Retired
Employee as of the IPO Date multiplied by (y) the sum of (a) the percentage of the Base Eligible
Sales and (b) the product of (A) (1 minus Base Eligible Sales)
multiplied by (B) 0.50;

(iv) if such Retired Employee retires (or has retired) at age 53, Transfer up to that number of
Covered Shares beneficially owned by such Retired Employee as of the IPO Date which is equal to
the product of (x) the aggregate number of Covered Shares beneficially owned by such Retired
Employee as of the IPO Date multiplied by (y) the sum of (a) the percentage of the Base Eligible
Sales and (b) the product of (A) (1 minus Base Eligible Sales) multiplied by (B) 0.625;

(v) if such Retired Employee retires (or has retired) at age 54, Transfer up to that number of
Covered Shares beneficially owned by such Retired Employee as of the IPO Date which is equal to the
product of (x) the aggregate number of Covered Shares beneficially owned by such Retired Employee
as of the IPO Date multiplied by (y) the sum of (a) the percentage of the Base Eligible Sales and
(b) the product of (A) (1 minus Base Eligible Sales) multiplied
by (B) 0.75;

(vi) if such Retired Employee retires (or has retired) at age 55, Transfer up to that number of
Covered Shares beneficially owned by such Retired Employee as of the IPO Date which is equal to the
product of (x) the aggregate number of Covered Shares beneficially owned by such Retired Employee
as of the IPO Date multiplied by (y) the sum of (a) the percentage of the Base Eligible Sales and
(b) the product of (A) (1 minus Base Eligible Sales) multiplied
by (B) 0.875; and

(vii) if such Retired Employee retires (or has retired) at age 56 or above, Transfer 100% of the
Covered Shares beneficially owned by such Retired Employee as of the IPO Date.

5. A Retired Employee may also Transfer the Covered Shares beneficially owned by such Retired
Employee as of the IPO Date in accordance with paragraph 2 of this Article 8 as if such Retired
Employee
were an Employee Covered Person.

6. Following the first
anniversary of the IPO Date, a Retired Employee that reaches (or has
reached) the
age of 56 may also Transfer 100% of the Covered Shares beneficially owned by such Retired Employee
as of the IPO Date.

7. Notwithstanding paragraph 1, a Covered Person that became disabled while an employee of the
Company (a “Disabled Employee”) prior to June 15, 2001, may Transfer 100% of Covered Shares
beneficially owned by such Disabled Employee as of the IPO Date. A Covered Person that becomes (or
has become) a Disabled Employee following June 15, 2001 may (i) if such Disabled Employee becomes
disabled (or has become disabled) prior to reaching the age of 50, Transfer Covered Shares
beneficially
owned by such Disabled Employee as of the IPO Date in accordance with the provisions of paragraph
2 of this Article 8 as if such Disabled Employee were an Employee Covered Person and (ii) if such
Disabled Employee becomes (or has become) disabled after reaching the age of 50, Transfer Covered
Shares beneficially owned by such Disabled Employee as of the IPO Date in accordance with the
provisions of paragraph 4 of this Article 8 as if such Disabled Employee were a Retired Employee.

 

 

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8. Notwithstanding paragraph 1, a Covered Person may Transfer Covered Shares beneficially
owned by
such Covered Person as of the IPO Date pursuant to bona fide pledges of Covered Shares approved by
the
Supervisory Board or its delegate in writing and any foreclosures thereunder, provided that the
pledge
has agreed in writing with the Supervisory Board or its delegate (any such agreement to be
satisfactory to
the Supervisory Board or its delegate in its sole discretion) that the Company shall have a right
of first
refusal to purchase such Covered Shares at the market price prior to any sale of such Covered
Shares by
such pledgee.

9. Notwithstanding paragraph
1, commencing on June 15, 2004, the Covered Shares are redeemable at
the
option of the Covered Person for a redemption price per share equal to the lower of (i) the
Valuation
Ratio multiplied by the Market Price of an Accenture Ltd Class A Common Share and (ii) one United
States dollar.

10. Each Covered Person, for so long as such Covered Person is an Employee Covered Person, will
comply with any restrictions on Transfer relating to Class I Common Shares imposed by the Company
pursuant to the Company’s insider trading policies from time to time and notified to such Covered
Person
from time to time.

11. All Transfers of Covered Shares beneficially owned by a Covered Person as of or prior to the
IPO
Date made by such Covered Person before the adoption of this Article 8 shall be aggregated, for
purposes
of paragraphs 2 through 4, with all Transfers of Covered Shares beneficially owned by such Covered
Person as of or prior to the IPO Date made by such Covered Person after the adoption of this
Article 8.

12. Notwithstanding paragraph 2, each Covered Person will not Transfer any Covered Shares until
July
24, 2005, except (A) to participate in underwritten public offerings, share repurchases, sales or
redemptions or other transactions, in each case as approved in writing by the Company and/or (B)
to
estate and/or tax planning vehicles, family members and charitable organizations that become bound
to
the terms of Article 8 of these Articles of Association by express agreement in writing, in each
case as
approved in writing by the Company (which approval may be subject to other conditions, including
upon
the requirement that any transferee become bound by any other agreement, that the Company may
require
in its sole discretion). The preceding sentence shall not preclude any Transfer permitted under
paragraph
8 or 9 of this Article 8.

13. All Covered Shares beneficially owned by a Covered Person (in each case other than Covered
Shares
held of record by a trustee in a compensation or benefit plan administered by the Company and other
Covered Shares that have been pledged to the Company (or to a third party agreed to in writing by
the
Company) shall, at the sole discretion of the Company, be registered in the name of a nominee for
such
Covered Person and/or shall be held in the custody of a custodian until otherwise determined by the
Company or until such time as such Covered Shares are released pursuant to paragraph 17 or 18 of
this
Article 8. The form of the custody agreement and the identity of the custodian and/or nominee shall
be
as determined by the Supervisory Board or its delegate from time to time.

14. Whenever any nominee holder shall receive any dividend or other distribution in respect of any
Covered Shares, satisfied otherwise than in Covered Shares, the Company will give or cause to be
given
notice or direction to the applicable nominee and/or custodian referred to in paragraph 13 to
permit the
prompt distribution of such dividend or distribution to the beneficial owner of such Covered
Shares, net
of any tax withholding amounts required to be withheld by the nominee, unless the distribution of
such
dividend or distribution is restricted by the terms of another agreement between the Covered Person
and
the Company (or with any other person with respect to which the Company has expressly agreed in
writing) known to the Company.

15. Any share certificate representing Covered Shares beneficially owned by a Covered Person, and
any
agreement or other instrument evidencing restricted share units, options or other rights to receive
or
acquire Covered Shares beneficially owned by such Covered Person, may bear a legend noted
conspicuously on each such certificate, agreement or other instrument reading substantially as
follows:

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO TRANSFER RESTRICTIONS SET FORTH
IN THE COMPANY’S ARTICLES OF ASSOCIATION. THE

 

 

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SECURITIES REPRESENTED BY THIS CERTIFICATE MAY BE SOLD, EXCHANGED, TRANSFERRED, ASSIGNED,
PLEDGED, PARTICIPATED, HYPOTHECATED OR OTHERWISE DISPOSED OF ONLY IN ACCORDANCE THEREWITH.”

16. The Company shall refuse to register the transfer of Covered Shares not made in compliance with
these Articles of Association and it may enter stop transfer orders against the transfer of Covered
Shares
not made in compliance with these Articles of Association.

17. All Covered Shares of each Covered Person who is not an Employee Covered Person which could be
Transferred without contravening any provision of this Article 8 shall be released from the custody
of the
custodian pursuant to procedures to be developed by the Company to or at the direction of such
Covered
Person free and clear of all restrictions and legends described above.

18. A specified number of Covered Shares of an Employee Covered Person shall be released from the
custody of the custodian, pursuant to procedures to be developed by the Company, upon the request
of
such Employee Covered Person and to or at the direction of such Employee Covered Person (free and
clear of all restrictions and legends described in this Article 8), provided that such request is
accompanied
by a certificate of such requesting Employee Covered Person (i) indicating such requesting Employee
Covered Person’s intention to Transfer promptly such specified number of Covered Shares and (ii)
establishing that such specified number of Covered Shares are then permitted to be Transferred
without
contravening any Transfer Restrictions (which evidence must be satisfactory to the Company).

19. Each Covered Person shall be responsible for all expenses of such Covered Person incurred in
connection with compliance by such Covered Person with its obligations under this Article 8,
including
expenses incurred by the Company in enforcing the provisions of Article 8 relating to such
obligations.

20. In the event of any change in the outstanding Class I Common Shares by reason of stock
dividends,
stock splits, reverse stock splits, recapitalizations, combinations, exchanges of shares and the
like, the
term “Covered Shares” shall refer to and include the securities received or resulting therefrom,
but only to
the extent such securities are received in exchange for or in respect of Covered Shares. Upon the
occurrence of any event described in the immediately preceding sentence, the Company shall make
such
adjustments to or interpretations of the provisions of this Article 8 as the Company shall deem
necessary or
desirable to carry out the intent of such provisions. If the Company deems it advisable, any such
adjustments may take effect from the record date, the “when issued trading date,” the “ex dividend
date”
or another appropriate date.

21. The provisions of this Article 8 shall be binding upon the respective legatees, legal
representatives,
successors and assigns of the Covered Persons; provided, however, that a Covered Person may not
assign
or otherwise transfer any of its obligations under such provisions without the prior written
consent of the
Supervisory Board or its delegate and any assignment or other transfer of rights and/or obligations
under
this Article 8 by a Covered Person without such consent of the Supervisory Board or its delegate
shall be
void.

22. If requested by the Supervisory Board or its delegate, each Covered Person shall execute such
documents and take such further action as may be reasonably necessary to effect the provisions of
this
Article 8.

23. The Supervisory Board or its delegate may waive any of the provisions of this Article 8 to
permit
particular Covered Persons, a particular class of Covered Persons or all Covered Persons to
Transfer
Covered Shares in particular situations (such as Transfers to family members, partnerships or
trusts) or
generally. The Supervisory Board or its delegate may impose such conditions as the Supervisory
Board or
its delegate determines on the granting of such waivers. The determinations of the Supervisory
Board or
its delegate under this paragraph 23 shall be final and binding and need not to be uniform and may
be
made selectively among Covered Persons (whether or not such Covered Persons are similarly
situated).

24. For purposes of this Article 8, the following terms have the following meanings:

A “beneficial owner” of a security includes any person who, directly or indirectly, through any
contract, arrangement, understanding, relationship or otherwise, has or shares: (i) voting
power, which includes the power to vote, or to direct the voting of, such security and/or (ii)
investment power, which includes the

 

 

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power to dispose, or to direct the disposition of, such security, but for purposes of
these Articles of Association a person shall not be deemed a beneficial owner of Covered Shares
(A) solely by virtue of the application of the United States Securities Exchange Act of 1934, as
amended from time to time (the “Exchange Act”) Rule 13d-3(d) or Exchange Act Rule 13d-5 as in
effect on April 18, 2001, (B) solely by virtue of the possession of the legal right to vote
securities under applicable law (such as by proxy, power of attorney or appointment as corporate
representative) or (C) held of record by a “private foundation” subject to the requirements of
Section 509 of the United States Internal Revenue Code of 1986, as amended from time to time, and
the applicable rulings and regulations thereunder (or equivalent in other jurisdictions as
determined from time to time by the Supervisory Board or its delegate). “Beneficially own” and
“beneficial ownership” shall have correlative meanings. For purposes of the determination of
beneficial ownership only, the provisions of Article 8 shall not
be deemed to transfer the
investment power with respect to any Class I Common Shares.

“Covered Person” or “Covered Persons” shall mean those persons, other than the Company, who were
Shareholders on the IPO Date; provided that any Covered Person who was not also a party to that
certain Common Agreement dated as of April 19, 2002 among the Company and the other parties
thereto on the date of adoption of this Article 8 shall not be
subject to paragraph 12 of this
Article 8.

“Company means Accenture SCA, together, as the case may be and if the context so requires, with
its Subsidiaries from time to time.

A Covered Person’s “Covered Shares” shall mean any Class I Common Shares beneficially owned by
such Covered Person at the time in question. “Covered Shares” shall also include the securities
that are defined to be “Covered Shares” in paragraph 20 of this Article 8. A Covered Person
“acquires” Covered Shares when such Covered Person first acquires beneficial ownership over such
Covered Shares.

The term “disabled” shall mean “disabled” as defined (i) in any employment agreement then in
effect between the employee and the Company, or (ii) if not defined therein, or if there shall be
no such agreement, as defined in the Company’s long-term disability plan as in effect from time
to time, or (iii) if there shall be no plan, the inability of an employee to perform in all
material respects his duties and responsibilities to the Company for a period of six (6)
consecutive months or for an aggregate of nine (9) months in any twenty-four (24) consecutive
month period by reason of a physical or mental incapacity. Any question as to the existence of a
disability as to which the employee and the Company cannot agree shall be determined in writing
by a qualified independent physician mutually acceptable to the employee and the Company. If the
employee and the Company cannot agree as to a qualified independent physician, each shall appoint
such a physician and those two physicians shall select a third who shall make such determinations
in writing. The determination of disability made in writing to the Company and the employee shall
be final and conclusive for all purposes of this Article 8.

An “employee” shall include, without limitation, the owners and employees of partner personal
service companies in certain countries with which the Company has personal service contracts (in
each case as agreed by the Supervisory Board or its delegate), and any other similarly situated
person designated as an “employee” by the Supervisory Board or its delegate.

“Employee Covered Person” shall mean a Covered Person that is an employee of the Company at the
time in question, provided that if the Company has received notice that any Covered Person
intends to terminate such Covered Person’s employment with the Company (except in the case of
notice with respect to retirement or disability), such Covered Person shall be deemed not to be
an Employee Covered Person.

“IPO Date” shall mean July 24, 2001, the date of completion of Accenture Ltd’s initial public
offering.

“Non-Competition Agreement” shall mean, collectively, any Non-Competition Agreement, dated as of
April 18, 2001, among the Company and the partners from time to time party thereto as such
agreement may be amended from time to time or any agreement having a similar effect.

“Permitted Basket Transaction” shall mean the purchase or sale of, or the establishment of a
long or short position in, a basket or index of securities (or of a derivative financial
instrument with respect to a basket or index of securities) that includes securities of the
Company, in each case if such purchase, sale or establishment is permitted under the Company’s
policy on hedging with respect to securities of the

 

 

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Company and other relevant policies, including insider trading policies, as announced from
time to time.

“Sole Beneficial Owner” shall mean a person who is the beneficial owner of Covered Shares, who
does not share beneficial ownership of such Covered Shares with any other person (other than
pursuant to these Articles of Association, the Non-Competition Agreement or applicable community
property laws) and who is the only person (other than pursuant to applicable community property
laws) with a direct economic interest in the Covered Shares. An economic interest of the Company
(or of any other person with respect to which the Company has expressly agreed to in writing) as
pledgee shall be disregarded for this purpose. A Covered Person that holds Covered Shares
indirectly through a wholly-owned personal holding company shall be considered the “Sole
Beneficial Owner” of such Covered Shares, provided that such personal holding company is a
Covered Person hereunder. In respect of Covered Shares held a personal holding company or a trust
structure, the share register shall refer both to the legal entity or trust, respectively, as the
legal owner and record owner of the Covered Shares and the beneficial owner(s) of the legal
entity or trust, respectively.

“Subsidiary” shall mean any person in which Accenture SCA owns, directly or indirectly, at least
a majority of the equity, economic or voting interest.

“Transfer” shall mean any sale, transfer, pledge, hypothecation or other disposition, whether
direct or indirect, whether or not for value, and shall include any disposition of the economic or
other risks of ownership of Covered Shares, including short sales of securities of the Company,
option transactions (whether physical or cash settled) with respect to securities of the Company,
use of equity or other derivative financial instruments relating to securities of the Company and
other hedging arrangements with respect to securities of the Company, in each such case other than
Permitted Basket Transaction.

Article 9 — Liability of Shareholders

The Limited Shareholders are only liable up to the amount of their capital contribution made to
the Company.

The General Partner’s liability is and shall be unlimited.

Article 10 — Meetings of Shareholders

The annual general meeting of Shareholders shall be held, in accordance with Luxembourg law, in
Luxembourg at the registered office of the Company, or at such other place in Luxembourg as may
be specified in the notice of meeting, on 15th January, at 12:00 noon. If such day is not a
Luxembourg business day, the annual general meeting shall be held on the next following
Luxembourg business day.

Other meetings of Shareholders may, subject to applicable law, be held at such place and at such
time as may be specified by the General Partner in the respective notices of meeting.

All general meetings shall be chaired by the General
Partner.

Article 11 — Notice, quorum, proxies, majority

The notice periods and quorum rules required by the Law shall apply with respect to the meetings
of Shareholders of the Company, as well as with respect to the conduct of such meetings, unless
otherwise provided herein.

Each Share is entitled to one vote. A Shareholder may act at any meeting of Shareholders by
appointing another person in writing (whether in original or by telefax, cable, telegram or
telex), whether a Shareholder or not, as its proxy.

Except as otherwise required by law or by these Articles of Association, resolutions at a meeting
of Shareholders will be passed by a simple majority of those Shares represented and voting at the
meeting and with the consent of the General Partner.

The following matters shall require a quorum (if and when required as a matter of the Law) of
half of the Company’s issued and outstanding Shares and a two-thirds majority vote of those
Shares represented and voting at the meeting:

(i) amendment of these Articles of Association;

 

 

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(ii) dissolution and the liquidation of the Company;

(iii) setting of the authorised share capital and the authorisation given to the General
Partner to increase the Company’s share capital within the limits of the authorisation;

(iv) decrease of the Company’s share capital; and

(v) sale of all or substantially all of the Company’s assets.

The following matters shall require a unanimous resolution of all the Shareholders of the
Company:

(i) the redomestication of the Company (i.e. its migration) by the change of the
nationality of the Company; and

(ii) the assessment of the Shareholders.

The Shares shall, as a rule, vote as a single class. Matters adversely affecting the rights of
the holders of a specific share class only shall require a quorum (if and when required as a
matter of the Law) of half of the class’ issued and outstanding Shares and a two-thirds majority
vote of the Shares of that share class and, in respect of such matters but only in respect of
such matters, the holders shall vote as a separate class.

Article 12 — Convening notice

Shareholders’ meetings shall be convened by the General Partner or by the Supervisory Board,
pursuant to a notice setting forth the agenda and sent by registered mail at least eight days
prior to the meeting to each Shareholder at the Shareholder’s notice address on record or,
failing which, its residence address on record in the share register of the Company or by two
publications in each of the Luxembourg press and in the Luxembourg Official Gazette (Mémorial),
whereby the first publication shall be made so that the second publication shall be made at
least eight days prior to the meeting and with there being at least an eight-day interval
between the first and the second publications for the meeting.

If all the Shareholders are present or represented at a meeting of Shareholders, and if they
state that they have been informed of the agenda of the meeting, the meeting may be held without
prior notice.

The General Partner may determine all reasonable conditions that must be fulfilled by
Shareholders for them to participate in any meeting of Shareholders.

Article 13 — Powers of the meeting of Shareholders

Any regularly constituted meeting of Shareholders of the Company shall represent the entire body
of Shareholders of the Company. The meeting of Shareholders may resolve on any item only with
the consent of the General Partner.

Article 14 — Management

The Company shall be managed
by the General Partner who shall be the liable partner (associé
—
gérant — commandité) and who shall be personally, jointly and severally liable with the Company
for all liabilities which cannot be met out of the assets of the Company.

The General Partner is vested with the broadest powers to perform all acts of administration and
disposition in the Company’s interest which are not expressly reserved by the Law or by these
Articles of Association to the meeting of Shareholders or to the Supervisory Board.

The General Partner shall have the sole authority to institute and direct court proceedings and
to negotiate, settle and compromise disputes on behalf of the Company and may delegate this
authority to such persons or committees as it may designate, provided the Supervisory Board
shall have approved the persons to whom the delegation by the General Partner of such authority
is made.

The General Partner shall have the power on behalf and in the name of the Company to carry out
any and all of the purposes of the Company and to perform all acts and enter into and perform
all contracts and other undertakings that it may deem necessary, advisable or useful or
incidental thereto. Except as otherwise expressly provided, the General Partner has, and shall
have full authority in its discretion to exercise, on behalf of and in the name of the Company,
all rights and powers necessary or convenient to carry out the purposes of the Company.

 

 

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Article 15 — Authorised signature

The Company shall be bound by the corporate signature of the General Partner as made by the
individual or joint signatures of any other persons to whom authority shall have been delegated
by the General Partner as the General Partner shall determine in its discretion, provided the
Supervisory Board shall have approved the persons to whom the delegation by the General Partner
of such authority is made.

Article 16 — Remuneration of General Partner; Expenses

The General Partner shall receive no remuneration from the Company for its duties. To the largest
extent permitted by applicable law, but without prejudice to the second paragraph of Article 8,
the Company shall bear, and reimburse for, the costs and expenses incurred by the General Partner
resulting from the performance of its duties and/or actions taken on behalf of and/or for the
benefit of the Company and may make advances to the General Partner in connection therewith
(including, without limitation, losses, damages and defense costs resulting from actual or
threatened third party claims).

Article 17 — Supervisory Board

The affairs of the Company and its financial situation including particularly its books and
accounts shall be supervised by a supervisory board composed of at least three board members
(herein referred to as the “Supervisory Board”).

The Supervisory Board shall be consulted by the General Partner on such matters as the General
Partner may determine, and it shall authorise any actions of the General Partner that may,
pursuant to the Law or under these Articles of Association, exceed the powers of the General
Partner.

The Supervisory Board shall approve those individuals put forth from time to time by the General
Partner to exercise the General Partner’s powers with respect to the management of the Company,
and the General Partner shall act only through such individuals.

The Supervisory Board shall be elected by a simple majority vote of the general meeting of
Shareholders for a maximum term of six years, which shall be renewable.

The general meeting of Shareholders shall determine the remuneration of the Supervisory Board, if
any.

The Supervisory Board shall be convened by its chairman (as appointed by the Supervisory Board
from the Board members) or by the General Partner.

Written notice of any meeting of the Supervisory Board shall be given to all members of the
Supervisory Board with at least eight days prior notice, except in circumstances of emergency, in
which case the nature of such circumstances shall be set forth in the notice of the meeting. This
notice may be waived by the consent in writing, whether in original or by cable, telegram,
telefax or telex of each member. Separate notice shall not be required for individual meetings
held at times and places prescribed in a schedule previously adopted by resolution of the
Supervisory Board. If all the members of the Supervisory Board are present or represented at a
meeting of Supervisory Board, and if they state that they have been informed of the agenda of the
meeting, the meeting may be held without prior notice.

Any member may act at any meeting of the Supervisory Board by appointing in writing, whether in
original or by cable, telegram, telex, telefax or other electronic transmission another member as
his proxy.

The Supervisory Board can deliberate or act validly only if at least the majority of its members
are present or represented. Resolutions shall be approved if taken by a majority of the votes of
the members present or represented at such meeting. Resolutions may also be taken in one or
several written instruments signed by all the members.

No member of the Supervisory Board shall be liable in respect of any negligence, default or
breach of duty on his own part in relation to the Company and each member of the Supervisory
Board shall be indemnified out of the funds of the Company against all liabilities, losses,
damages or expenses arising out of the actual or purported execution or discharge of his duties
or the exercise of his powers or otherwise in relation to or in connection with his duties,
powers or office; provided that this exemption from liability and indemnity shall not extend to
any matter which would render them void pursuant to Luxembourg law.

 

 

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Article 18 — Accounting year — Accounts

The accounting year of the Company shall begin on 1st September and it shall terminate on 31st
August of each year.

The accounts of the Company shall be stated in euro and/or United States dollars or in any other
fungible currency as decided by the General Partner.

Article 19 — Allocation of profits

From the annual net profits of the Company, five per cent (5 %) shall be allocated to the legal
reserve as required by the Law. This allocation shall cease to be required as soon as such legal
reserve amounts to ten per cent (10 %) of the nominal issued share capital of the Company as
stated in Article 5 hereof as increased or reduced from time to time.

The General Partner shall determine how the annual net profits shall be disposed of, and it shall
decide to pay dividends from time to time, as it, in its discretion, believes to suit best the
corporate purpose and policy of the Company. A general meeting of Shareholders shall have to
approve the General Partner’s decision to pay dividends as well as the profit allocation proposed
by the General Partner.

Each Shareholder shall have dividend rights corresponding to its share. Each Class II common
Share shall entitle its holder to receive a dividend equal to 10% of any dividend to which a
Class I Common Share entitles its holder, whether in cash or in kind.

The dividends may be paid in Euro or in United States Dollars or in any other currency determined
by the General Partner and they may be paid at such places and times as shall be determined by
the General Partner.

The General Partner may decide to pay interim dividends under the conditions and within the
limits laid down in the Law.

Article 20 — Dissolution and liquidation

The Company may be voluntarily dissolved by a resolution passed at a general meeting of
Shareholders with the consent of the General Partner.

The liquidation shall be carried out by one or several liquidators (who may be physical persons
or legal entities) named by a general meeting of Shareholders which shall also determine their
powers and their remuneration.

Each holder of Shares of the Company shall be entitled (to the extent of the availability of
funds or assets in sufficient amount), to the repayment of the nominal share capital amount
corresponding to its Share holdings. The liquidation proceeds (if any), including the return of
nominal share capital, shall be paid so that each Class II Common Share shall entitle its holder
to receive a liquidation payment equal to 10% of any liquidation payment to which a Class I
Common Share entities its holder.

Article 21 — Amendments

These Articles of Association may be amended from time to time by a general meeting of
Shareholders, subject to the quorum and majority requirements provided by the laws of Luxembourg,
and subject to the consent of the General Partner.

Article 22 — Tax Matters

The General Partner may, in its sole discretion, make any tax elections with respect to the
Company, provided that the General Partner reasonably determines that any such election would not
have an adverse tax impact on any Shareholder.

Article 23 — Applicable law

All matters not governed by these Articles of Association shall be determined by application of
the provisions of Luxembourg law, and, in particular, of the Law.

Article 24 — Definitions

The “Average Price Per Share” as of any day shall equal the average of the high and low sales
prices of Accenture Ltd Class A Common Shares as reported on the New York Stock Exchange (or if
the Accenture Ltd Class A Common Shares are not listed or admitted to trading on the New York
Stock

 

 

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Exchange, on the American Stock Exchange, or if the Accenture Ltd Class A Common Shares are
not listed or admitted to trading on the American Stock Exchange, on the Nasdaq National Market,
or if the Accenture Ltd Class A Common Shares are quoted on the Nasdaq National Market, on the
over-the-counter market as furnished by any nationally recognized New York Stock Exchange member
firm selected by Accenture Ltd for such purpose), net of customary brokerage and similar
transaction costs as determined with respect to the Company and by the Company.

The “Market Price of an Accenture Ltd Class A Common Share” as of any day shall equal the Average
Price Per Share as of such day, unless Accenture Ltd sells (i.e. trade date) shares of its Class
A Common Shares on such day for cash other than in a transaction with any employee or an
affiliate and other than pursuant to a preexisting obligation; in which case the “Market Price of
an Accenture Ltd Class A Common Share” as of such day shall be the weighted average sale price
per share, net of brokerage and similar costs.

The “Valuation Ratio” at any time shall equal 1.00, provided that the Valuation Ratio shall be
subject to adjustment from time to time pursuant to the following provisions of this Article 23.
If at any time:

	(i)  	Accenture Ltd acquires or otherwise holds more than a de miminis amount of assets other
than:

	 	(a)  	its shareholding in the Company,
	 
	 	(b)  	any direct or indirect interest in its own shares (provided that such shares
would not be
treated as an asset of Accenture Ltd on a consolidated balance sheet of Accenture Ltd
prepared in accordance with generally accepted accounting principles in the United
States
of America) or
	 
	 	(c)  	any assets that it holds only transiently prior to contributing or loaning such
assets to the
Company (provided that any such transiently held assets are so contributed or loaned
prior
to the end of the then current fiscal quarter of Accenture Ltd),

	(i)  	Accenture Ltd incurs or otherwise is liable for more than a de miminis amount of
liabilities other than any liability for which it is the obligee under a corresponding
liability of the Company or

	(ii)  	circumstances otherwise require, then

	 	(1)  	the General Partner shall promptly inform the Supervisory Board and those
members of the Supervisory Board that are also Limited Shareholders (in such capacity,
the
“Limited Shareholders Committee”) of such fact,
	 
	 	(2)  	the General Partner shall provide the Limited Shareholders Committee with such
other information, including financial information or statements, as the
Limited
Shareholders Committee may reasonably require in connection with the determinations
contemplated by the following clause (3) of this sentence and
	 
	 	(3)  	each of the General Partner and the Limited Shareholders Committee shall use
their
best efforts to promptly:

	 	(x)  	determine whether an adjustment to the Valuation Ratio is required in
order to reflect the relative fair market values of an Accenture Ltd Class A
Common Share and a Class I Common Share and
	 
	 	(y)  	if such an adjustment is so required, determine a process for
equitable adjustment of the Valuation Ratio (whether based on the financial
statements of Accenture Ltd or otherwise and whether a process for a one-time
adjustment or recurring adjustments).

If the General Partner and the Limited Shareholders Committee determine that an adjustment in the
Valuation Ratio is so required and determine a process for equitable adjustment of the Valuation
Ratio, then the Valuation Ratio shall be adjusted by such process. If no agreement can be reached
promptly (but in any event within 45 days) between the General Partner and the Limited
Shareholders Committee as to whether any such adjustment is so required or as to a process for
equitable adjustment, then the General Partner and the Limited Shareholders Committee shall
choose an independent arbitrator (which may be a leading international investment bank) who is a
recognized expert in the field of company valuation to (x) determine whether an adjustment to the
Valuation Ratio is required in order to reflect the relative fair market values of an Accenture
Ltd Class A Common Share and a Class I Common Share

 

 

	 	 	 
	

	Articles
of Incorporation of ACCENTURE
S.C.A.                    16/ 16

	 	 
	

and (y) if such an adjustment is so required, determine a process for equitable adjustment
of the Valuation Ratio (whether based on the financial statements of Accenture Ltd or otherwise
and whether a process for a one-time adjustment or recurring adjustments). If the arbitrator
determines that an adjustment in the Valuation Ratio is so required and determines a process for
equitable adjustment of the Valuation Ratio, then the Valuation Ratio shall be adjusted by such
process.

If Accenture Ltd:

	(i)  	pays a dividend or makes a distribution on its Accenture Ltd Class A Common Shares
in Accenture Ltd Class A Common Shares,
	 
	(ii)  	subdivides its outstanding Accenture Ltd Class A Common Shares into a greater number
of shares,
	 
	(iii)  	combines its outstanding Accenture Ltd Class A Common
Shares into a smaller number of shares,
	 
	(iv)  	makes a distribution on its Accenture Ltd Class A Common Shares in shares of its share
capital other than Accenture Ltd Class A Common Shares or
	 
	(v)  	issues by reclassification of its Accenture Ltd Class A Common Shares any shares of
its share capital,

then the Valuation Ratio in effect immediately prior to such action shall be adjusted so that the
holder of Class I Common Shares thereafter redeemed may receive
the redemption price or number of shares
of share capital of Accenture Ltd, as the case may be, which it would have owned
immediately following such action if it had redeemed immediately
prior to such action (after
taking into account any corresponding action taken by the Company).

In the event of any business combination, amalgamation, restructuring, recapitalization or other
extraordinary transaction directly or indirectly involving Accenture Ltd or any of its securities
or assets as a result of which the holders of Accenture Ltd Class A Common Shares shall hold
voting securities of an entity other than Accenture Ltd, the terms “Accenture Ltd Class A Common
Shares” and “Accenture Ltd” shall refer to such voting securities formerly representing or
distributed in respect of Accenture Ltd Class A Common Shares and such entity, respectively.

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