Document:

Exhibit 4.3

 

U.S.$400,000,000

 

BUNGE LIMITED FINANCE CORP.

 

5.10% Senior Notes Due 2015

 

Fully and Unconditionally Guaranteed by

 

BUNGE LIMITED

 

 

Exchange And
Registration Rights Agreement

 

 

July 11, 2005

Citigroup
Global Markets Inc. 

J.P. Morgan Securities Inc.

Morgan Stanley & Co. Incorporated

As Representatives of the

Initial Purchasers as set forth in

Schedule I to the Purchase Agreement (defined below)

 

c/o Citigroup Global Markets Inc.

388 Greenwich Street

New York, New York  10013

 

J.P. Morgan
Securities Inc. 

270 Park Avenue

New York, New York 
10017

 

Morgan Stanley & Co.
Incorporated

1585 Broadway

New York, New
York 10036

 

Ladies and
Gentlemen:

 

Bunge Limited Finance Corp., a Delaware corporation (the “Company”), proposes to issue and sell to Citigroup Global
Markets Inc., J.P. Morgan Securities Inc. and Morgan Stanley & Co.
Incorporated (collectively, the “Initial Purchasers”),
upon the terms and subject to the conditions set forth in a purchase agreement
dated July 6, 2005 (the “Purchase Agreement”),
U.S.$400,000,000 aggregate principal amount of its 5.10% Senior Notes Due 2015
(the “Notes”) to be fully and unconditionally
guaranteed by Bunge Limited, a Bermuda company (the “Guarantor”).  The Notes will be issued pursuant to an
Indenture, dated as of

 

 

July 11, 2005 (the “Indenture”) among the Company, the Guarantor and SunTrust
Bank, as trustee (the “Trustee”).  Capitalized terms used but not defined herein
shall have the meanings given to such terms in the Purchase Agreement.

 

As an inducement to the Initial Purchasers
to enter into the Purchase Agreement and in satisfaction of a condition to the
obligations of the Initial Purchasers thereunder, the Company and the Guarantor
agree with the Initial Purchasers, for the benefit of the holders (including
the Initial Purchasers) of the Notes and the Exchange Notes (as defined herein)
(collectively, the “Holders”), as
follows:

 

1.             Registered Exchange Offer.  The Company and the Guarantor shall (i)
prepare and, not later than 150 days following the date of original issuance of
the Notes (the “Issue Date”), file with the
Commission a registration statement (the “Exchange Offer
Registration Statement”) on an appropriate form under the Securities
Act of 1933, as amended (the “Securities Act”)
with respect to a proposed offer to the Holders of the Notes (the “Registered Exchange Offer”) to issue and deliver to such
Holders, in exchange for the Notes, a like aggregate principal amount of debt
securities of the Company (the “Exchange Notes”)
that are identical in all material respects to the Notes, except for the
transfer restrictions and registration rights relating to the Notes, (ii) use
their reasonable best efforts to cause the Exchange Offer Registration
Statement to be declared effective under the Securities Act no later than 180
days after the Issue Date and the Registered Exchange Offer to be consummated
no later than 210 days after the Issue Date and (iii) keep the Exchange Offer
Registration Statement effective until the closing of the Registered Exchange
Offer.  The Exchange Notes will be issued
under the Indenture.

 

Upon the
effectiveness of the Exchange Offer Registration Statement, the Company and the
Guarantor shall promptly commence the Registered Exchange Offer, it being the
objective of such Registered Exchange Offer to enable each Holder electing to
exchange Notes for Exchange Notes (assuming that such Holder (a) is not an
affiliate of the Company, the Guarantor or an Exchanging Dealer (as defined
herein) not complying with the requirements of the next sentence, (b) is not an
Initial Purchaser holding Notes that have, or that are reasonably likely to
have, the status of an unsold allotment in an initial distribution, (c)
acquires the Exchange Notes in the ordinary course of such Holder’s business and
(d) has no arrangements or understandings with any person to participate in the
distribution of the Exchange Notes) and to trade such Exchange Notes from and
after their receipt without any limitations or restrictions under the
Securities Act and without material restrictions under the securities laws of
the several states of the United States. 
The Company, the Guarantor, the Initial Purchasers and each Exchanging
Dealer acknowledge that, pursuant to current interpretations by the
Commission’s staff of Section 5 of the Securities Act, each Holder that is a
broker-dealer electing to exchange Notes, acquired for its own account as a
result of market-making activities or other trading activities, for Exchange
Notes (an “Exchanging Dealer”) is required to
deliver a prospectus meeting the requirements of the Securities Act and the
applicable interpretations of the staff of the Commission in connection with
any resale of Exchange Notes.

 

2

 

In connection
with the Registered Exchange Offer, the Company and the Guarantor shall:

 

(a)           mail
to each Holder a copy of the prospectus forming part of the Exchange Offer
Registration Statement, together with an appropriate letter of transmittal and
related documents;

 

(b)           keep the Registered
Exchange Offer open for not less than 20 business days (or longer, if required
by applicable law) after the date on which notice of the Registered Exchange
Offer is transmitted to the Holders (such period being called the “Exchange Offer Registration Period”);

 

(c)           utilize
the services of a depositary for the Registered Exchange Offer with an address
in the Borough of Manhattan, The City of New York;

 

(d)           permit Holders to
withdraw tendered Notes at any time prior to the close of business, New York
City time, on the last business day on which the Registered Exchange Offer
shall remain open; and

 

(e)           otherwise comply in
all material respects with all laws that are applicable to the Registered
Exchange Offer, including, without limitation, ensuring that the Exchange Offer
Registration Statement (as of the date of its effectiveness) and any prospectus
forming part thereof (as of its date) and any amendments or supplements thereto
comply in all material respects with the Securities Act and the rules and
regulations of the Commission thereunder and that such documents do not include
any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary in order to make the statements
therein (in the case of any prospectus, in light of the circumstances under
which they were made) not misleading.

 

As soon as practicable after the close of the Registered Exchange
Offer, the Company and the Guarantor shall:

 

(a)           accept for
exchange all Notes validly tendered and not validly withdrawn pursuant to the
Registered Exchange Offer;

 

(b)           deliver,
or cause to be delivered, to the Trustee for cancellation all Notes so accepted
for exchange by the Company and the Guarantor; and

 

(c)           cause
the Trustee promptly to authenticate and deliver to each Holder, Exchange Notes
equal in principal amount to the Notes of such Holder so accepted for exchange.

 

The Company and the Guarantor shall use their reasonable best efforts
to keep the Exchange Offer Registration Statement effective and to amend and
supplement the prospectus contained therein in order to permit such prospectus
to be used by all persons subject to the prospectus delivery requirements of
the Securities Act for such period of time as such persons

 

3

 

must comply with such requirements in order to resell
the Exchange Notes; provided that
(i) in the case where such prospectus and any amendment or supplement thereto
are required by law or applicable interpretations thereof by the staff of the
Commission to be delivered by an Exchanging Dealer, such period shall be the
lesser of 180 days and the date on which all Exchanging Dealers have sold all
Exchange Notes held by them and (ii) the Company shall make such prospectus and
any amendment or supplement thereto available to any broker-dealer for use in
connection with any resale of any Exchange Notes for a period of not less than
180 days after the consummation of the Registered Exchange Offer.

 

Interest on each Exchange Note issued pursuant to the Registered
Exchange Offer will accrue from the last interest payment date on which
interest was paid on the Notes surrendered in exchange therefor or, if no
interest has been paid on the Notes, from the Issue Date. The Registered Exchange
Offer shall not be subject to any conditions, other than (i) that the
Registered Exchange Offer, or the making of any exchange by a Holder, does not
violate applicable law or any applicable interpretation of the staff of the
Commission, (ii) that no action or proceeding shall have been instituted or
threatened in any court or before any governmental agency with respect to the
Registered Exchange Offer which, in the Company’s or the Guarantor’s reasonable
judgment, would materially impair the ability of the Company and the Guarantor
to proceed with the Registered Exchange Offer, (iii) that no law, rule or
regulation or applicable interpretations of the staff of the Commission has
been issued or promulgated which, in the reasonable judgment of the Company or
the Guarantor, does not permit the Company and the Guarantor to effect the
Registered Exchange Offer and (iv) that the Holders tender the Notes to the
Company in accordance with the Registered Exchange Offer.

 

Each Holder participating in the Registered Exchange Offer shall be
required to represent to the Company that at the time of the consummation of
the Registered Exchange Offer (i) any Exchange Notes received by such Holder
will be acquired in the ordinary course of business, (ii) such Holder has no
arrangements or understandings with any person to participate in the
distribution of the Notes or the Exchange Notes within the meaning of the
Securities Act, (iii) such Holder is not acting on behalf of any Person who
could not truthfully make the foregoing representation,  (iv) such Holder is not an affiliate of the
Company or the Guarantor or, if it is such an affiliate, such Holder will
comply with the registration and prospectus delivery requirements of the Securities
Act to the extent applicable, and (v) such Holder shall make such other
representations as may be reasonably necessary under applicable Commission
rules or regulations or interpretations of the staff of the Commission to
render the use of Form F-4 or another appropriate form under the Securities Act
available or for the Exchange Offer Registration Statement to be declared
effective. To the extent permitted by law, the Company shall inform the Initial
Purchasers of the names and addresses of the Holders to whom the Registered
Exchange Offer is made, and the Initial Purchasers shall have the right to
contact such Holders and otherwise facilitate the tender of Notes in the
Registered Exchange Offer.

 

Notwithstanding any other provisions hereof, the Company and the
Guarantor will ensure that (i) any Exchange Offer Registration Statement and
any amendment thereto and any prospectus forming part thereof and any
supplement thereto complies in all material respects with the Securities Act
and the rules and regulations thereunder, (ii) any Exchange Offer Registration

 

4

 

Statement and any amendment thereto does not, when it
becomes effective, contain an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the
statements therein not misleading and (iii) any prospectus forming part of any
Exchange Offer Registration Statement, and any supplement to such prospectus,
does not include an untrue statement of a material fact or omit to state a material
fact required to be stated therein or necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not
misleading.

 

2.     Shelf Registration.  If, and only if, (i) because of any change in
law or applicable interpretations thereof by the staff of the Commission the
Company or the Guarantor are not permitted to effect the Registered Exchange
Offer as contemplated by Section 1 hereof, or (ii) for any other reason the
Registered Exchange Offer is not consummated within 210 days after the Issue
Date, or (iii) any Initial Purchaser so requests within 210 days after the
consummation of the Registered Exchange Offer with respect to Notes not
eligible to be exchanged for Exchange Notes in the Registered Exchange Offer
and held by it following the consummation of the Registered Exchange Offer, or
(iv) any applicable law or interpretations do not permit any Holder (other than
an Initial Purchaser) to participate in the Registered Exchange Offer, or (v)
any Holder (other than an Initial Purchaser) that participates in the
Registered Exchange Offer does not receive freely transferable Exchange Notes
in exchange for tendered Notes (other than as a result of such Holder being an
affiliate of the Company or the Guarantor), then the following provisions shall
apply:

 

(a)           The
Company and the Guarantor shall use their reasonable best efforts to file as
promptly as practicable (but in no event more than 60 days after so required or
requested pursuant to this Section 2 and not earlier than 180 days after the
Issue Date) with the Commission (the “Shelf Filing Date”),
and thereafter shall use their reasonable best efforts to cause to be declared
effective, a shelf registration statement on an appropriate form under the
Securities Act relating to the offer and sale of the Transfer Restricted
Securities (as defined below) by the Holders thereof from time to time in
accordance with the methods of distribution set forth in such registration
statement (a “Shelf Registration Statement” and,
together with any Exchange Offer Registration Statement, a “Registration Statement”); provided,
however, that, with respect to Exchange Notes received by the
Initial Purchasers in exchange for Notes constituting any portion of an unsold
allotment and with respect to Notes or Exchange Notes held by an Exchanging
Dealer, the Company and the Guarantor may, if permitted by current
interpretations by the staff of the Commission, file a post-effective amendment
to the Exchange Offer Registration Statement containing the information
required by Items 9.B and 9.D of Form 20-F, as applicable, in satisfaction of
their obligations under this subsection (a) with respect thereto, and any such
Exchange Offer Registration Statement, as so amended, shall be referred to
herein as, and governed by the provision herein applicable to, a Shelf
Registration Statement.

 

(b)           The
Company and the Guarantor shall use their reasonable best efforts to keep the
Shelf Registration Statement continuously effective in order to permit the
prospectus forming part thereof to be used by Holders of Transfer Restricted
Securities for a period ending on the earliest of (i) two years from the Issue
Date, (ii) the date on which all the Transfer Restricted Securities covered by
the Shelf Registration Statement have been sold pursuant thereto

 

5

 

and (iii) the date on which the
Notes become eligible for resale without volume restrictions pursuant to Rule
144 under the Securities Act (in any such case, such period being called the “Shelf Registration Period”).

 

(c)           Notwithstanding
any other provisions hereof, the Company and the Guarantor will ensure that (i)
any Shelf Registration Statement and any amendment thereto when it becomes
effective, and any prospectus forming part thereof and any supplement thereto
complies in all material respects with the Securities Act and the rules and
regulations of the Commission thereunder, (ii) any Shelf Registration Statement
and any amendment thereto when it becomes effective (in either case, other than
with respect to information included therein in reliance upon or in conformity
with written information furnished to the Company by or on behalf of any Holder
specifically for use therein (the “Holders’ Information”))
does not contain an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements
therein not misleading and (iii) any prospectus forming part of any Shelf
Registration Statement, and any supplement to such prospectus (in either case,
other than with respect to Holders’ Information), does not include an untrue
statement of a material fact or omit to state a material fact necessary in
order to make the statements therein, in the light of the circumstances under
which they were made, not misleading.

 

3.     Additional Interest.  (a)  If
(i) the Exchange Offer Registration Statement is not filed with the Commission
within 150 days after the Issue Date or the Shelf Registration Statement is not
filed with the Commission on or before the Shelf Filing Date, (ii) the Exchange
Offer Registration Statement is not declared effective within 180 days after
the Issue Date or the Shelf Registration Statement is not declared effective
within 60 days of the Shelf Filing Date, (iii) the Registered Exchange Offer is
not consummated within 210 days after the Issue Date and a Shelf Registration
Statement has not been filed, or (iv) the Shelf Registration Statement is filed
and declared effective within 60 days after the Shelf Filing Date but shall
thereafter cease to be effective (at any time that the Company and the
Guarantor are obligated to maintain the effectiveness thereof) or use of the
Shelf Registration Statement or the related prospectus shall be suspended for
one or more periods longer than permitted pursuant to Section 3(d) hereof (each
such event referred to in clauses (i) through (iv), a “Registration
Default”), the Company and the Guarantor will be jointly and
severally obligated to pay additional cash interest to each Holder of Transfer
Restricted Securities, during the period of one or more such Registration
Defaults, in an amount equal to 0.25% per annum of the principal amount of
Transfer Restricted Securities held by such Holder during the first 90-day
period following such Registration Default, increasing by an additional 0.25%
per annum during each subsequent 90-day period up to a maximum of .50% per
annum, until each Registration Default has been cured.  Such additional interest shall not be payable
under more than one of clauses (i) through (iv) at any
given time.  Following the cure of all
Registration Defaults, the accrual of additional interest will cease.  As used herein, the term “Transfer Restricted Securities” means each Note until the
earliest to occur of (i) the date on which such Note has been exchanged for a
freely transferable Exchange Note in the Registered Exchange Offer, (ii) the
date on which it has been effectively registered under the Securities Act and
disposed of in accordance with the Shelf Registration Statement or (iii) the
date on which it is distributed to the public pursuant to Rule 144 under the
Securities Act or is saleable pursuant to Rule 144(k) under the Securities
Act.  Notwithstanding

 

6

 

anything to the contrary in
this Section 3(a), neither the Company nor the Guarantor shall be required to
pay additional interest to a particular Holder of Transfer Restricted
Securities if such Holder failed to comply with its obligations to make the
representations set forth in the second to last paragraph of Section 1 or
failed to provide the information required to be provided by it, if any,
pursuant to Section 4(n).

 

(b)           The
Company shall notify the Trustee and the Paying Agent under the Indenture
promptly upon the happening of each and every Registration Default. The
additional interest due shall be payable on each interest payment date
specified by the Indenture and the Notes in the manner specified in the
Indenture.  For the purposes described in
this Section 3, neither the Company nor the Guarantor may act as Paying
Agent.  Each obligation to pay additional
interest shall be deemed to accrue from and including the date of the
applicable Registration Default.

 

(c)           The
parties hereto agree that the additional interest provided for in this Section
3 constitutes a reasonable estimate of, and is intended to constitute all of,
the damages that will be suffered by Holders of Transfer Restricted Securities
by reason of the failure of (i) the Shelf Registration Statement or the
Exchange Offer Registration Statement to be filed, (ii) the Shelf Registration
Statement to remain effective or available for use or (iii) the Exchange Offer
Registration Statement to be declared effective and the Registered Exchange
Offer to be consummated, in each case to the extent required by this Agreement.

 

(d)           The
Company and the Guarantor may, by notice to each Holder of Transfer Restricted
Securities that are the subject of the Shelf Registration Statement at such
time in accordance with Section 10(b) hereof, suspend the availability of a
Shelf Registration Statement and the use of the related prospectus for up to
four periods of up to 30 consecutive days during any 365-day period, but for no
more than 90 days in the aggregate during any 365-day period, if any event
shall occur or be pending as a result of which it is necessary, in the
reasonable judgment of the board of directors of the Company or the Guarantor
upon advice of counsel, to suspend the use of the Shelf Registration Statement
pending public announcement of such event and, if necessary, to amend the Shelf
Registration Statement or amend or supplement any related prospectus or
prospectus supplement in order that each such document not include any untrue
statement of fact or omit to state a material fact necessary to make the
statements therein not misleading in light of the circumstances under which
they were made, without incurring any obligation to pay additional interest
pursuant to Section 3(a) hereof.  Any
such period during which the Company and the Guarantor fail to keep the Shelf
Registration Statement effective and usable for offers and sales of Transfer
Restricted Securities is referred to as a “Suspension Period.”  A Suspension Period shall commence on and
include the date on which the Company or the Guarantor gives written notice to
each Holder of Transfer Restricted Securities that are the subject of the Shelf
Registration Statement at such time of such suspension pursuant to this Section
3(d), and shall end when each such Holder of Transfer Restricted Securities
either receives copies of a supplemented or amended prospectus or is advised in
writing by the Company or the Guarantor that use of the prospectus included in
the Shelf Registration Statement may be resumed.

 

7

 

4.     Registration Procedures.  In connection with any Registration
Statement, the following provisions shall apply:

 

(a)           The
Company shall (i) furnish to each Initial Purchaser, prior to the filing
thereof with the Commission, a copy of the Registration Statement and each
amendment thereof and each supplement, if any, to the prospectus included
therein and shall use its reasonable best efforts to reflect in each such
document, when so filed with the Commission, such comments as the Initial
Purchasers may reasonably propose; and (ii) if requested by any Initial
Purchaser, include the information required by Items 9.B and 9.D of Form 20-F,
as applicable, in the prospectus forming a part of the Exchange Offer
Registration Statement.

 

(b)           The
Company shall advise each Initial Purchaser, each Exchanging Dealer that has
provided in writing to the Company a telephone number, facsimile number or
address for notices, and the Holders (if applicable) and, if requested by any
such person, confirm such advice in writing (which advice pursuant to clauses
(ii) through (v) of this Section 4(b) shall be accompanied by an instruction to
suspend the use of the prospectus until the requisite changes have been made):

 

(i)            when
any Registration Statement and any amendment thereto has been filed with the
Commission and when such Registration Statement or any post-effective amendment
thereto has become effective;

 

(ii)           of
any request by the Commission for amendments or supplements to any Registration
Statement or the prospectus included therein or for additional information;

 

(iii)          of
the issuance by the Commission of any stop order suspending the effectiveness
of any Registration Statement or the initiation of any proceedings for that
purpose;

 

(iv)          of the receipt by
the Company of any notification with respect to the suspension of the
qualification of the Notes or the Exchange Notes for sale in any jurisdiction
or the initiation or threatening of any proceeding for such purpose; and

 

(v)           of the happening of
any event that requires the making of any changes in any Registration Statement
or the prospectus included therein in order that the statements therein are not
misleading and do not omit to state a material fact required to be stated
therein or necessary to make the statements therein (in the case of the
prospectus, in light of the circumstances under which they were made) not
misleading.

 

(c)           The
Company and the Guarantor will make every reasonable effort to obtain the
withdrawal at the earliest possible time of any order suspending the
effectiveness of any Registration Statement.

 

(d)           The
Company will furnish (or otherwise make publicly available on the website of
the Commission) to each Holder of Transfer Restricted Securities included
within the

 

8

 

coverage of any Shelf Registration Statement, without charge, at least
one conformed copy of such Shelf Registration Statement and any post-effective
amendment thereto including, if any such Holder so requests in writing, all
exhibits thereto (including those, if any, incorporated by reference).

 

(e)           The
Company will, during the Shelf Registration Period, promptly deliver to each
Holder of Transfer Restricted Securities included within the coverage of any
Shelf Registration Statement, without charge, as many copies of the prospectus
(including each preliminary prospectus) included in such Shelf Registration
Statement and any amendment or supplement thereto as such Holder may reasonably
request; and the Company and the Guarantor consent to the use of such
prospectus or any amendment or supplement thereto by each of the selling
Holders of Transfer Restricted Securities in connection with the offer and sale
of the Transfer Restricted Securities covered by such prospectus or any
amendment or supplement thereto.

 

(f)            The
Company will furnish (or otherwise make publicly available on the website of
the Commission) to each Initial Purchaser and each Exchanging Dealer, and to
any other Holder who so requests, without charge, at least one conformed copy
of the Exchange Offer Registration Statement and any post-effective amendment
thereto, including,  if any Initial
Purchaser or Exchanging Dealer or any such Holder so requests in writing, all
exhibits thereto (including those, if any, incorporated by reference).

 

(g)           The
Company will, during the Exchange Offer Registration Period or the Shelf
Registration Period, as applicable, promptly deliver to each Initial Purchaser,
each Exchanging Dealer and such other persons that are required to deliver a
prospectus following the Registered Exchange Offer, without charge, as many
copies of the final prospectus included in the Exchange Offer Registration
Statement or the Shelf Registration Statement and any amendment or supplement
thereto as such Initial Purchaser, Exchanging Dealer or other persons may
reasonably request; and the Company and the Guarantor consent to the use of
such prospectus or any amendment or supplement thereto by any such Initial
Purchaser, Exchanging Dealer or other persons, as applicable, as aforesaid.

 

(h)           Prior
to the effective date of any Registration Statement, the Company and the
Guarantor will use their reasonable best efforts to register or qualify, or
cooperate with the Holders of Notes or Exchange Notes included therein and
their respective counsel in connection with the registration or qualification
of, such Notes or Exchange Notes for offer and sale under the securities or
blue sky laws of such jurisdictions as any such Holder reasonably requests in
writing and do any and all other acts or things necessary or advisable to
enable the offer and sale in such jurisdictions of the Notes or Exchange Notes
covered by such Registration Statement; provided
that the Company and the Guarantor will not be required to qualify generally to
do business in any jurisdiction where it is not then so qualified or to take
any action which would subject it to general service of process or to taxation
in any such jurisdiction where it is not then so subject.

 

(i)            The
Company and the Guarantor will cooperate with the Holders of Notes or Exchange
Notes to facilitate the timely preparation and delivery of certificates
representing

 

9

 

Notes or Exchange Notes to be sold pursuant to any Registration
Statement free of any restrictive legends and in such denominations and
registered in such names as the Holders thereof may request in writing prior to
sales of Notes or Exchange Notes pursuant to such Registration Statement.

 

(j)            If
any event contemplated by Section 4(b)(ii) through (v) occurs during the period
for which the Company and the Guarantor are required to maintain an effective
Registration Statement, the Company and the Guarantor will promptly prepare and
file with the Commission a post-effective amendment to the Registration
Statement or a supplement to the related prospectus or file any other required
document so that, as thereafter delivered to purchasers of the Notes or
Exchange Notes from a Holder, the prospectus will not include an untrue
statement of a material fact or omit to state a material fact necessary in
order to make the statements therein, in the light of the circumstances under
which they were made, not misleading.

 

(k)           The
Company will provide a CUSIP number for the Notes and the Exchange Notes, not
later than the effective date of the applicable Registration Statement, and
will provide the Trustee with global certificates for the Notes or the Exchange
Notes in a form eligible for deposit with The Depository Trust Company.

 

(l)            The
Company and the Guarantor will make generally available to its security holders
promptly after the effective date of the applicable Registration Statement an
earning statement satisfying the provisions of Section 11(a) of the Securities
Act.

 

(m)          The
Company and the Guarantor will cause the Indenture to be qualified under the
Trust Indenture Act as required by applicable law in a timely manner.

 

(n)           The
Company may require each Holder of Transfer Restricted Securities to be
registered pursuant to any Shelf Registration Statement to furnish to the
Company or their counsel such information concerning the Holder and the
distribution of such Transfer Restricted Securities as the Company may from time
to time reasonably require for inclusion in such Shelf Registration Statement,
and the Company may exclude from such registration the Transfer Restricted
Securities of any Holder that fails to furnish such information within a
reasonable time after receiving such request.

 

(o)           In
the case of a Shelf Registration Statement, each Holder of Transfer Restricted
Securities to be registered pursuant thereto agrees by acquisition of such
Transfer Restricted Securities that, upon receipt of any notice from the Company
pursuant to Section 4(b)(ii) through (v), such Holder will discontinue
disposition of such Transfer Restricted Securities until such Holder’s receipt
of copies of the supplemental or amended prospectus contemplated by Section
4(j) or until advised in writing (the “Advice”) by the
Company that the use of the applicable prospectus may be resumed.  If the Company shall give any notice under
Section 4(b)(ii) through (v) during the period that the Company is required to
maintain an effective Registration Statement (the “Effectiveness
Period”), such Effectiveness Period shall be extended by the number
of days during such period from and including the date of the giving of such
notice to and including the date when each seller of Transfer Restricted
Securities covered by such Registration Statement shall have received (x) the
copies of the supplemental or

 

10

 

amended prospectus contemplated
by Section 4(j) (if an amended or supplemental prospectus is required) or (y)
the Advice (if no amended or supplemental prospectus is required).

 

(p)           In
the case of a Shelf Registration Statement involving an underwritten offering,
the Company and the Guarantor shall enter into such customary agreements
(including, if requested, an underwriting agreement in customary form) and take
all such other action, if any, as Holders of a majority in aggregate principal
amount of the Notes and Exchange Notes being sold or the managing underwriters
(if any) shall reasonably request in order to facilitate any disposition of
Notes and Exchange Notes pursuant to such Shelf Registration Statement,
including, without limitation, (i) causing its counsel to deliver an opinion in
customary form, (ii) causing its officers to execute and deliver all customary
documents and certificates and (iii) causing its independent public accountants
to provide a comfort letter or letters in customary form.

 

(q)           In
the case of a Shelf Registration Statement involving an underwritten offering,
the Guarantor shall (i) make reasonably available for inspection by a
representative of, and Special Counsel (as defined below) acting for, Holders
of a majority in aggregate principal amount of the Notes and Exchange Notes
being sold and any underwriter participating in any disposition of Notes or
Exchange Notes pursuant to such Shelf Registration Statement, all relevant
financial and other records, pertinent corporate documents and properties of
the Guarantor and its material subsidiaries that are reasonably requested and (ii)
use its reasonable best efforts to have its officers, directors, employees,
accountants and counsel supply all relevant information reasonably requested by
such representative, Special Counsel or any such underwriter (an “Inspector”) in connection with such Shelf Registration
Statement; provided that any such
records, documents, properties and such information that is designated in
writing by the Company and the Guarantor, reasonably and in good faith, as
confidential at the time of delivery of such records, documents, properties or
information shall be kept confidential by any such representative, underwriter
or Special Counsel and shall be used only in connection with such Shelf
Registration Statement, unless such information has become available (not in
violation of this Agreement) to the public generally or through a third party
without an accompanying obligation of confidentiality, and except that such
representative, underwriter or Special Counsel shall have no liability, and
shall not be in breach of this provision, if disclosure of such confidential
information is made in connection with a court proceeding or required by
applicable law.  Each such person will be
required to agree or acknowledge that information obtained by it as a result of
such inspections shall be deemed confidential and shall not be used by it as
the basis for any market transactions in the securities of the Company or the
Guarantor unless and until such is made generally available to the public
through no fault or action of such person not otherwise permitted under this
Section 4(q).  Each such Holder of Notes
will be required to further agree that it will, upon learning that disclosure
of confidential information is necessary, give notice to the Company to allow
the Company at its expense to undertake appropriate action to prevent
disclosure of such confidential information. 
Notwithstanding any provision of this Section 4(q) to the contrary, such
representative, underwriter or Special Counsel shall be entitled to use such
confidential information, to the extent it deems necessary or appropriate, for
purposes of establishing any due diligence or other defense under applicable
law

 

11

 

in connection with any action or
claim arising from or relating to any Registration Statement or related
prospectus or this Agreement.

 

5.     Registration Expenses.  The Company and the Guarantor will bear all
expenses incurred in connection with the performance of their obligations under
Sections 1, 2, 3 and 4 and the Company and the Guarantor will reimburse the
Initial Purchasers and the Holders for the reasonable fees and disbursements of
one firm of attorneys (in addition to the reasonable fees and disbursements of
counsel in connection with state or other securities or blue sky qualification
of any of the Notes or Exchange Notes) chosen by the Holders of a majority in
aggregate principal amount of the Notes and the Exchange Notes to be sold
pursuant to each Registration Statement (the “Special
Counsel”) acting for the Initial Purchasers or Holders in connection
therewith.  Each Holder shall pay all
underwriting discounts and commissions and transfer taxes, if any, relating to
the sale or disposition of such Holder’s Notes pursuant to a Registration
Statement.

 

6.     Indemnification.  (a)  In
the event of a Shelf Registration Statement or in connection with any
prospectus delivery pursuant to an Exchange Offer Registration Statement by an
Initial Purchaser or Exchanging Dealer, as applicable, each of the Company and
the Guarantor shall jointly and severally indemnify and hold harmless each
Holder (including, without limitation, any such Initial Purchaser or Exchanging
Dealer), its affiliates, their respective officers, directors, employees,
representatives and agents, and each person, if any, who controls such Holder
within the meaning of the Securities Act or the Exchange Act (collectively
referred to for purposes of this Section 6 and Section 7 as a Holder) from and
against any loss, claim, damage or liability, joint or several, or any action
in respect thereof (including, without limitation, any loss, claim, damage,
liability or action relating to purchases and sales of Notes or Exchange
Notes), to which that Holder may become subject, whether commenced or threatened,
under the Securities Act, the Exchange Act, any other federal or state
statutory law or regulation, at common law or otherwise, insofar as such loss,
claim, damage, liability or action arises out of, or is based upon,
(i) any untrue statement or alleged untrue statement of a material fact
contained in any such Registration Statement or any prospectus forming part
thereof or in any amendment or supplement thereto or (ii) the omission or
alleged omission to state therein a material fact required to be stated therein
or necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading, and shall reimburse
each Holder promptly upon demand for any legal or other expenses reasonably
incurred by that Holder in connection with investigating or defending or
preparing to defend against or appearing as a third party witness in connection
with any such loss, claim, damage, liability or action as such expenses are
incurred; provided, however, that the Company and the
Guarantor shall not be liable in any such case to the extent that any such
loss, claim, damage, liability or action arises out of, or is based upon, an
untrue statement or alleged untrue statement in or omission or alleged omission
from any Registration Statement or any prospectus forming a part thereof or any
amendment or supplement thereto in reliance upon and in conformity with any
Holders’ Information or information supplied by any Initial Purchasers or
Exchanging Dealer expressly for inclusion therein; and provided  further,
that with respect to any such untrue statement in or omission from any related
preliminary prospectus, the indemnity agreement contained in this Section 6(a)
shall not inure to the benefit of any Holder from whom the person asserting any
such

 

12

 

loss, claim, damage, liability
or action received Notes or Exchange Notes to the extent that such loss, claim,
damage, liability or action of or with respect to such Holder results from the
fact that both (A) a copy of the final prospectus was not sent or given to
such person at or prior to the written confirmation of the sale of such Notes
or Exchange Notes to such person and (B) the untrue statement in or omission
from the related preliminary prospectus was corrected in the final prospectus
unless, in either case, such failure to deliver the final prospectus was a
result of non-compliance by the Company with Section 4(d), 4(e), 4(f) or
4(g); and provided, further, that
the indemnity agreement contained in this Section 6(a) shall not inure to the
benefit of any Holder to the extent that any such loss, claim, damage,
liability or action results from the use by such Holder of a prospectus
otherwise than in connection with an offer or sale of Notes or Exchange
Notes.  Each Holder acknowledges that the
indemnity agreement in this subsection (a) does not extend to any liability
which such Holder might have under Section 5(b) of the Securities Act by reason
of the fact that such Holder sold Notes or Exchange Notes to a person to whom
there was not sent or given, at or prior to written confirmation of such sale,
a copy of the prospectus.

 

(b)           In
the event of a Shelf Registration Statement, each Holder shall indemnify and
hold harmless the Company, the Guarantor and their respective affiliates, their
respective officers, directors, employees, representatives and agents, and each
person, if any, who controls the Company or the Guarantor within the meaning of
the Securities Act or the Exchange Act (collectively referred to for purposes
of this Section 6(b) and Section 7 as the Company), from and against any loss,
claim, damage or liability, joint or several, or any action in respect thereof,
to which the Company may become subject, whether commenced or threatened, under
the Securities Act, the Exchange Act, any other federal or state statutory law
or regulation, at common law or otherwise, insofar as such loss, claim, damage,
liability or action arises out of, or is based upon, (i) any untrue statement
or alleged untrue statement of a material fact contained in any such
Registration Statement or any prospectus forming part thereof or in any
amendment or supplement thereto or (ii) the omission or alleged omission to
state therein a material fact required to be stated therein or necessary in
order to make the statements therein, in the light of the circumstances under
which they were made, not misleading, but in each case only to the extent that
the untrue statement or alleged untrue statement or omission or alleged
omission was made in reliance upon and in conformity with any Holders’
Information furnished to the Company by such Holder, and shall reimburse the
Company for any legal or other expenses reasonably incurred by the Company in
connection with investigating or defending or preparing to defend against or
appearing as a third party witness in connection with any such loss, claim,
damage, liability or action as such expenses are incurred.

 

(c)           Promptly
after receipt by an indemnified party under this Section 6 of notice of any
claim or the commencement of any action, the indemnified party shall, if a
claim in respect thereof is to be made against the indemnifying party pursuant
to Section 6(a) or 6(b), notify the indemnifying party in writing of the
claim or the commencement of that action; provided,
however, that the failure to
notify the indemnifying party shall not relieve it from any liability which it
may have under this Section 6 except to the extent that it has been materially
prejudiced (through the forfeiture of substantive rights or defenses) or harmed
by such failure; and provided  further, that the failure to notify the
indemnifying party shall not relieve it from any liability which it may have to
an indemnified party otherwise than under this Section 6.  If any

 

13

 

such claim or action shall be
brought against an indemnified party, and it shall notify the indemnifying
party thereof, the indemnifying party shall be entitled to participate therein
and, to the extent that it wishes, jointly with any other similarly notified
indemnifying party, to assume the defense thereof with counsel reasonably
satisfactory to the indemnified party. 
After notice from the indemnifying party to the indemnified party of its
election to assume the defense of such claim or action, the indemnifying party
shall not be liable to the indemnified party under this Section 6 for any legal
or other expenses subsequently incurred by the indemnified party in connection
with the defense thereof other than the reasonable costs of investigation; provided, however,
that an indemnified party shall have the right to employ its own counsel in any
such action, but the fees, expenses and other charges of such counsel for the
indemnified party will be at the expense of such indemnified party unless (1)
the employment of counsel by the indemnified party has been authorized in
writing by the indemnifying party, (2) the indemnified party has reasonably
concluded (based upon advice of counsel to the indemnified party) that there
may be legal defenses available to it or other indemnified parties that are
different from or in addition to those available to the indemnifying party, (3)
a conflict or potential conflict exists (based upon advice of counsel to the
indemnified party) between the indemnified party and the indemnifying party (in
which case the indemnifying party will not have the right to direct the defense
of such action on behalf of the indemnified party) or (4) the indemnifying party
has not in fact employed counsel reasonably satisfactory to the indemnified
party to assume the defense of such action within a reasonable time after
receiving notice of the commencement of the action, in each of which cases the
reasonable fees, disbursements and other charges of counsel will be at the
expense of the indemnifying party or parties. 
It is understood that the indemnifying party or parties shall not, in
connection with any proceeding or related proceedings in the same jurisdiction,
be liable for the reasonable fees, disbursements and other charges of more than
one separate firm of attorneys (in addition to any local counsel) at any one
time for all such indemnified party or parties. 
Each indemnified party, as a condition of the indemnity agreements
contained in Sections 6(a) and 6(b), shall use its reasonable best efforts to
cooperate with the indemnifying party in the defense of any such action or
claim.  No indemnifying party shall be
liable for any settlement of any such action effected without its written
consent (which consent shall not be unreasonably withheld), but if settled with
its written consent or if there be a final judgment for the plaintiff in any
such action, the indemnifying party agrees to indemnify and hold harmless any indemnified
party from and against any loss or liability by reason of such settlement or
judgment.  Notwithstanding the foregoing
sentence, if at any time an indemnified party shall have requested that an
indemnifying party reimburse the indemnified party for fees and expenses of
counsel as contemplated by this Section 6(c), the indemnifying party shall be
liable for any settlement of any proceeding effected without its written
consent if (i) such settlement is entered into more than 60 days after receipt by
the indemnifying party of such request and (ii) the indemnifying party shall
not have reimbursed the indemnified party in accordance with such request prior
to the date of such settlement; provided
that an indemnifying party shall not be liable for any such settlement effected
without its consent if such indemnifying party (1) reimburses such indemnified
party in accordance with such request to the extent it considers, in good
faith, to be reasonable and (2) provides written notice to the indemnified party
substantiating the unpaid balance as unreasonable, in each case prior to the
date of settlement.  No indemnifying
party shall, without the written consent of the indemnified party, effect any
settlement of any pending or threatened proceeding in respect of which any
indemnified party is

 

14

 

or could have been a party and indemnification could have been sought
hereunder by such indemnified party, unless such settlement (x) includes an
unconditional release of such indemnified party in form and substance
reasonably satisfactory to such indemnified party from all liability on claims
that are the subject matter of such proceeding and (y) does not include any
statement as to or any admission of fault, culpability or a failure to act by
or on behalf of any indemnified party.

 

7.     Contribution.  If the indemnification provided for in
Section 6 is unavailable or insufficient to hold harmless an indemnified party
under Section 6(a) or 6(b), then each indemnifying party shall, in lieu of
indemnifying such indemnified party, contribute to the amount paid or payable
by such indemnified party as a result of such loss, claim, damage or liability,
or action in respect thereof, (i) in such proportion as shall be appropriate
to reflect the relative benefits received by the Company and the Guarantor from
the offering and sale of the Notes, on the one hand, and a Holder with respect
to the sale by such Holder of Notes or Exchange Notes, on the other hand, or
(ii) if the allocation provided by clause (i) above is not permitted by
applicable law, in such proportion as is appropriate to reflect not only the
relative benefits referred to in clause (i) above but also the relative fault
of the Company and the Guarantor on the one hand and such Holder on the other
hand with respect to the statements or omissions that resulted in such loss,
claim, damage or liability, or action in respect thereof, as well as any other
relevant equitable considerations.  The
relative benefits received by the Company and the Guarantor on the one hand and
a Holder on the other hand with respect to such offering and such sale shall be
deemed to be in the same proportion as the total net proceeds from the offering
of the Notes (before deducting expenses) received by or on behalf of the
Company as set forth in the Offering Memorandum, on the one hand, and the total
proceeds received by such Holder with respect to its sale of Notes or Exchange
Notes, on the other hand, bear to the total gross proceeds from the sale of the
Notes or Exchange Notes.  The relative
fault shall be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to the Company and the
Guarantor or information supplied by the Company and the Guarantor on the one
hand or to any Holders’ Information supplied by such Holder on the other, the
intent of the parties and their relative knowledge, access to information and
opportunity to correct or prevent such untrue statement or omission.  The parties hereto agree that it would not be
just and equitable if contributions pursuant to this Section 7 were to be
determined by pro rata allocation or by any
other method of allocation that does not take into account the equitable
considerations referred to herein.  The
amount paid or payable by an indemnified party as a result of the loss, claim,
damage or liability, or action in respect thereof, referred to above in this
Section 7 shall be deemed to include, for purposes of this Section 7 and
subject to the limitations described herein, any legal or other expenses
reasonably incurred by such indemnified party in connection with investigating
or defending or preparing to defend any such action or claim.  Notwithstanding the provisions of this
Section 7, an indemnifying party that is a Holder of Notes or Exchange Notes
shall not be required to contribute any amount in excess of the amount by which
the total price at which the Notes or Exchange Notes sold by such indemnifying
party to any purchaser exceeds the amount of any damages which such
indemnifying party has otherwise paid or become liable to pay by reason of any
untrue or alleged untrue statement or omission or alleged omission.  No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the

 

15

 

Securities Act) shall be
entitled to contribution from any person who was not guilty of such fraudulent
misrepresentation.

 

8.     Rules 144 and 144A.  Each of the Company and the Guarantor shall
use its reasonable best efforts to file the reports required to be filed by it
under the Securities Act and the Exchange Act in a timely manner so long as
necessary to permit sales of such Holder’s securities pursuant to Rules 144 and
144A.  The Company and the Guarantor
covenant that they will take such further action as any Holder of Transfer
Restricted Securities may reasonably request, all to the extent required from
time to time to enable such Holder to sell Transfer Restricted Securities
without registration under the Securities Act within the limitation of the
exemptions provided by Rules 144 and 144A (including, without limitation, the
requirements of Rule 144A(d)(4) in the event that the Company or the Guarantor
ceases to be a company subject to or in compliance with Schedule 13 or 15(d) of
the Exchange Act).  Upon the written
request of any Holder of Transfer Restricted Securities, the Company and the
Guarantor shall deliver to such Holder a written statement as to whether it has
complied with such requirements. Notwithstanding the foregoing, nothing in this
Section 8 shall be deemed to require the Company to register any of its
securities pursuant to the Exchange Act.

 

9.     Underwritten
Registrations.  If any of the
Transfer Restricted Securities covered by any Shelf Registration Statement are
to be sold in an underwritten offering, the investment banker or investment
bankers and manager or managers that will administer the offering will be
selected by the Holders of a majority in aggregate principal amount of such
Transfer Restricted Securities included in such offering, subject to the
consent of the Company (which shall not be unreasonably withheld or delayed),
and such Holders shall be responsible for all underwriting commissions and
discounts in connection therewith.

 

No person may participate in any underwritten registration hereunder
unless such person (i) agrees to sell such person’s Transfer Restricted
Securities on the basis reasonably provided in any underwriting arrangements
approved by the persons entitled hereunder to approve such arrangements and
(ii) completes and executes all questionnaires, powers of attorney,
indemnities, underwriting agreements and other documents reasonably required
under the terms of such underwriting arrangements.

 

10.   Miscellaneous.  (a) 
Amendments and Waivers.  The
provisions of this Agreement, including the provisions of this sentence, may
not be amended, modified or supplemented, and waivers or consents to departures
from the provisions hereof may not be given, unless the Company has obtained
the written consent of Holders of a majority in aggregate principal amount of
the Notes and the Exchange Notes, taken as a single class.  Notwithstanding the foregoing, a waiver or
consent to depart from the provisions hereof with respect to a matter that
relates exclusively to the rights of Holders whose Notes or Exchange Notes are
being sold pursuant to a Registration Statement and that does not directly or
indirectly affect the rights of other Holders may be given by Holders of a
majority in aggregate principal amount of the Notes and the Exchange Notes
being sold by such Holders pursuant to such Registration Statement.

 

(b)           Notices.  All notices and other communications provided
for or permitted hereunder shall be made in writing by hand-delivery,
first-class mail, telecopier or air courier

 

16

 

guaranteeing next-day delivery at
the addresses set forth below (unless such party notifies the other parties
hereto in writing of an alternative address):

 

(i)            if to a Holder, at
the most current address given by such Holder to the Company in accordance with
the provisions of this Section 10(b), which address initially is, with respect
to each Holder, the address of such Holder maintained by the Registrar under
the Indenture, with a copy in like manner to the Initial Purchasers at the
addresses set forth in the Purchase Agreement;

 

(ii)           if
to an Initial Purchaser, at the addresses set forth in the Purchase Agreement;

 

(iii)          if
to the Company, at the address of the Company set forth in the Purchase
Agreement; and

 

(iv)            if
to the Guarantor, at the address of the Guarantor set forth in the Purchase
Agreement.

 

All such notices and communications shall be deemed to have been duly
given:  when delivered by hand, if
personally delivered; one business day after being delivered to a next-day air
courier; five business days after being deposited in the mail; and when receipt
is acknowledged by the recipient’s telecopier machine,
if sent by telecopier.

 

(c)           Successors
And Assigns. 
This Agreement shall be binding upon the Company, the Guarantor and
their respective successors, assigns and transferees, including, without
limitation and without the need for an express assignment, subsequent Holders; provided that nothing herein shall be
deemed to permit any assignment, transfer or other disposition of Exchange
Notes in violation of the terms hereof or of the Purchase Agreement or the
Indenture.  If any transferee of any
Holder shall acquire Exchange Notes in any manner, whether by operation of law
or otherwise, such Exchange Notes shall be held subject to all of the terms of
this Agreement, and by taking and holding such Exchange Notes, such person
shall be deemed to have agreed to be bound by, and to perform its obligations
under, this Agreement, including the restrictions on resale set forth in this
Agreement and, if applicable, the Purchase Agreement, and such person shall be
entitled to receive the benefits hereof.

 

(d)           Counterparts.  This Agreement may be executed in any number
of counterparts (which may be delivered in original form or by telecopier) and by the parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original
and all of which taken together shall constitute one and the same agreement.

 

(e)           Definition
of Terms.  For purposes of this
Agreement, (a) the term “business day”
means any day on which the New York Stock Exchange, Inc. is open for trading,
and (b) except where otherwise expressly provided, the term “affiliate” has the meaning set forth in Rule 405 under
the Securities Act.

 

17

 

(f)            Headings.  The headings in this Agreement are for
convenience of reference only and shall not limit or otherwise affect the
meaning hereof.

 

(g)           Governing
Law.  This Agreement shall be
governed by and construed in accordance with the laws of the State of New York.

 

(h)           Consent
to Jurisdiction.  The Guarantor
irrevocably submits to the non-exclusive jurisdiction of any New York state or
U.S. federal court sitting in the Borough of Manhattan, The City of New York,
in any suit, action or proceeding relating to its obligations, liabilities or
any other matter arising out of or in connection with this Agreement.  The Guarantor hereby irrevocably agrees that
all claims in respect of any such action or proceeding may be heard and
determined in such New York state or U.S. federal court.  The Guarantor also hereby irrevocably waives,
to the fullest extent permitted by law, any objection to venue or the defense
of an inconvenient forum to the maintenance of any such action or proceeding in
any such court.

 

(i)            Appointment
of Agent for Service of Process.  The
Guarantor hereby (i) irrevocably designates and appoints its Chief Financial
Officer (from time to time) located at its principal executive offices at 50
Main Street, White Plains, New York 10606 (together with any successor, the “Authorized Agent”), as its agent upon which process may be
served in any suit, action or proceeding described in the first sentence of
Section 10(h) hereof and represents and warrants that the Authorized Agent has
accepted such designation and (ii) agrees that service of process upon the
Authorized Agent and written notice of said service to the Guarantor mailed or
delivered to its Secretary at its registered office at 2 Church Street,
Hamilton HM11, Bermuda, shall be deemed in every respect effective service of
process upon the Guarantor in any such suit or proceeding.  The Guarantor further agrees to take any and
all action, including the execution and filing of any and all such documents
and instruments, as may be necessary to continue such designation and
appointment of the Authorized Agent in full force and effect so long as any of
the Notes shall be outstanding.

 

(j)            Foreign
Taxes.  All payments to be made by
the Guarantor under this Agreement shall be paid free and clear of and without
deduction or withholding for or on account of, any present or future taxes,
levies, imposts, duties, fees, assessments or other charges of whatever nature,
imposed by Bermuda or any other jurisdiction in which the Guarantor is located
or by any political subdivision or taxing authority thereof or therein, and all
interest, penalties or similar liabilities with respect thereto (collectively,
“Taxes”).  If any Taxes are required by law to be
deducted or withheld in connection with such payments, the Guarantor will
increase the amount paid so that the full amount of such payment is received by
the Holders.

 

(k)           Judgment
Currency.  If for the purposes of
obtaining judgment in any court it is necessary to convert a sum due hereunder
into any currency other than U.S. dollars, the parties hereto agree, to the
fullest extent permitted by law, that the rate of exchange used shall be the
rate at which in accordance with normal banking procedures a Holder could
purchase U.S. dollars with such other currency in the City of New York on the
business day preceding that on which final judgment is given.  The obligation of the Guarantor with respect
to any sum due from it to any Holder shall, notwithstanding any judgment in a
currency other than U.S. dollars, be discharged only if and to the extent that
on the first business day following receipt by such

 

18

 

Holder of any sum adjudged to be so due in such other currency, such
Holder may in accordance with normal banking procedures purchase U.S. dollars
with such other currency. If the U.S. dollars so purchased are less than the
sum originally due to such Holder hereunder, the Guarantor agrees, as a
separate obligation and notwithstanding any such judgment, to indemnify such
Holder against such loss. If the U.S. dollars so purchased are greater than the
sum originally due to such Holder hereunder, such Holder agrees to pay to the
Guarantor an amount equal to the excess of the U.S. dollars so purchased over
the sum originally due to such Holder hereunder.

 

(l)            Remedies.
 In the event of a breach by the Company
or the Guarantor or by any Holder of any of their respective obligations under
this Agreement, each Holder or the Company or the Guarantor, as the case may
be, in addition to being entitled to exercise all rights granted by law,
including recovery of damages (other than the recovery of damages for a breach
by the Company or the Guarantor of their obligations under Sections 1 or 2
hereof for which additional interest has been paid pursuant to Section 3
hereof), will be entitled to specific performance of its rights under this
Agreement.

 

(m)          No
Inconsistent Agreements.  Each of the
Company and the Guarantor represents, warrants and agrees that (i) it has not
entered into, shall not, on or after the date of this Agreement, enter into any
agreement that is inconsistent with the rights granted to the Holders in this
Agreement or otherwise conflicts with the provisions hereof, (ii) it has not
previously entered into any agreement which remains in effect granting any
registration rights with respect to any of its debt securities to any person
and (iii) without limiting the generality of the foregoing, without the written
consent of the Holders of a majority in aggregate principal amount of the then
outstanding Transfer Restricted Securities, it shall not grant to any person
the right to request the Company to register any debt securities of the Company
under the Securities Act unless the rights so granted are not in conflict or
inconsistent with the provisions of this Agreement.

 

(n)           No
Piggyback on Registrations.  Neither
the Company nor any of its security holders (other than the Holders of Transfer
Restricted Securities in such capacity) shall have the right to include any
securities of the Company in any Registered Exchange Offer other than Transfer
Restricted Securities.

 

(o)           Severability.  The remedies provided herein are cumulative
and not exclusive of any remedies provided by law.  If any term, provision, covenant or
restriction of this Agreement is held by a court of competent jurisdiction to
be invalid, illegal, void or unenforceable, the remainder of the terms,
provisions, covenants and restrictions set forth herein shall remain in full
force and effect and shall in no way be affected, impaired or invalidated, and
the parties hereto shall use their reasonable best efforts to find and employ
an alternative means to achieve the same or substantially the same result as
that contemplated by such term, provision, covenant or restriction.  It is hereby stipulated and declared to be
the intention of the parties that they would have executed the remaining terms,
provisions, covenants and restrictions without including any of such that may
be hereafter declared invalid, illegal, void or unenforceable.

 

(p)           Securities
Held by the Company.  Whenever the
consent or approval of Holders of a specified percentage of principal amount of
Notes is required hereunder, Notes held

 

19

 

by the Company, the Guarantor or
their affiliates (other than subsequent Holders of Notes if such subsequent
Holders are deemed to be affiliates solely by reason of their holdings of such
Notes) shall not be counted in determining whether such consent or approval was
given by the Holders of such required percentage.

 

(q)           Third
Party Beneficiaries.  The Holders shall be third party beneficiaries
to the agreements made hereunder between the Company and the Guarantor, on the
one hand, and the Initial Purchasers, on the other hand, and shall have the
right to enforce such agreements directly to the extent they may deem such
enforcement necessary or advisable to protect their rights or the rights of
Holders hereunder.

 

20

 

Please confirm
that the foregoing correctly sets forth the agreement among the Company, the
Guarantor and the Initial Purchasers.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
  BUNGE LIMITED FINANCE CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ MORRIS KALEF

  
	
   

  	
   

  	
  Name: Morris Kalef

  
	
   

  	
   

  	
  Title: President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BUNGE LIMITED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ WILLIAM M. WELLS

  
	
   

  	
   

  	
  Name: William M. Wells

  
	
   

  	
   

  	
  Title: Chief Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ MORRIS KALEF

  
	
   

  	
   

  	
  Name: Morris Kalef

  
	
   

  	
   

  	
  Title: Treasurer

  

 

21

 

	
   

  	
   

  
	
  Accepted and
  Agreed:

  	
   

  
	
   

  	
   

  
	
  CITIGROUP
  GLOBAL MARKETS INC.

  
	
  J.P. MORGAN
  SECURITIES INC.

  
	
  MORGAN
  STANLEY & CO. INCORPORATED

  
	
  As Representatives of the Initial
  Purchasers

  
	
  as listed on Schedule 1 to the Purchase
  Agreement

  
	
   

  	
   

  
	
  CITIGROUP GLOBAL
  MARKETS INC.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   /s/ BRIAN D. BEDNARSKI

  	
   

  
	
  Authorized Signatory

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  J.P. MORGAN SECURITIES
  INC.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   /s/ ROBERT BOTTAMEDI

  	
   

  
	
  Authorized Signatory

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  MORGAN STANLEY &
  CO. INCORPORATED

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   /s/ MICHAEL FUSCO

  	
   

  
	
  Authorized Signatory

  	
   

  

 

22Exhibit 4.3

 

CONTINUOUS
TEXT of the articles of association of Mittal Steel Company N.V., with
corporate seat in Rotterdam, after partial amendment to the articles of
association, by deed executed before M.D.P. Anker, civil law notary in
Amsterdam, on June 21, 2005.

 

Ministerial
declaration of no-objection dated June 17, 2005, number N.V. 597661.

 

This is
a translation into English of the original Dutch text. An attempt has been made
to be as literal as possible without jeopardizing the overall continuity. Inevitably,
differences may occur in translation, and if so the Dutch text will by law
govern.

 

Name. Seat.

 

Article 1.

 

1.1.          The name of the company is: Mittal Steel Company N.V.

 

1.2.          The company is established in Rotterdam.

 

Objects.

 

Article 2.

 

The objects
of the company are to participate in, to take an interest in any other way in,
to conduct the management of other business enterprises of whatever nature, and
further to finance third parties and in any way to provide security or
undertake the obligations of third parties and finally all activities which are
incidental to or which may be conducive to any of the foregoing.

 

Share capital.

 

Article 3.

 

3.1.          The
authorized share capital of the company amounts to one hundred twenty-two
million one hundred fifty thousand euro (EUR 122,150,000). It is divided into
five billion (5,000,000,000) common class A shares (hereinafter: the class A
shares) of one eurocent (EUR 0.01) each and seven hundred twenty-one million
five hundred thousand (721,500,000) common class B shares (hereinafter the
class B shares) of ten eurocent (EUR 0.10) each.

 

Unless expressly provided otherwise in these articles of association,
the class A shares and the class B shares have identical and equal rights, without
regard to the class or par value of each shares.

 

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

 

3.3.          If at
any time there are no class B shares outstanding, the power of the

 

1

 

class B shareholders to make a proposal or nomination to the general
meeting of shareholders or to approve a resolution as provided for in these
articles of association shall not be exercised.

 

3.4.          Every
time a class B share is converted into a class A share, in accordance with the
provisions of these articles of association, the number of class B shares of
the authorized share capital shall be decreased with such number of converted
class B shares, simultaneously with an increase of the number of class A shares
of the authorized share capital by ten class A shares per converted class B
share.

 

3.5.          An
amendment to the number of shares of a particular class in which the authorized
share capital is divided, shall be filed with the trade register of the Chamber
of Commerce and Industry in the district in which the company has its
registered office, within eight (8) days after such amendment.

 

Issuance of shares. Payment on shares.

 

Article 4.

 

4.1.          The
general meeting of shareholders shall have the power to resolve upon the
issuance of shares and to determine the price and further terms and conditions
of such share issuance. The general meeting of shareholders can designate the
managing board as the authorized orgaan (corporate body) for this purpose. A
designation as referred to above shall only be valid for a specific period of
no more than five years and may from time to time be extended with a period of
not more than five years. Unless the designation provides otherwise, it may not
be withdrawn. The designation shall specify the number and the class of shares which
may be issued.

 

4.2.          As long
as the managing board is authorized to resolve upon the issuance of shares
pursuant to paragraph 1 hereof, the general meeting of shareholders cannot pass
resolutions to issue shares.

 

4.3.          The
resolution of the general meeting of shareholders to issue shares as referred
to in paragraph 1 hereof and the resolution to make the designation as referred
to in paragraph 2 hereof shall require the prior or simultaneous approval of
each group of holders of shares of the class whose rights are prejudiced by the
issuance.

 

4.4.          Without
prejudice to what has been provided in section 2:80, subsection 2, Civil Code,
shares shall at no time be issued below par. Shares must be fully paid up upon
issuance. 

 

4.5.          Payment
must be made in cash to the extent that no other contribution has been agreed
upon. If the company so agrees, payment in cash can be made in a currency other
than euro. In the event of payment in a foreign currency the obligation to pay
is fulfilled to the extent of the amount for which the payment is freely
convertible into euro, the decisive factor

 

2

 

being the rate of exchange on the day of payment, or, as the case may
be, after application of the next sentence, on the day mentioned therein. The
company can require payment at the rate of exchange on a certain day within two
months prior to the ultimate day on which payment must be made, provided the
shares or certificaten (beneficial rights) for shares issued therefor shall
immediately upon their issuance be admitted to a listing at a stock exchange
outside of the Netherlands.

 

4.6.          The
provisions of this article 4 shall equally apply to the granting of rights to
subscribe for shares, but shall not apply to the issuance of shares to a person
who exercises a previously acquired right to subscribe for shares. The managing
board shall be authorized to issue such shares.

 

4.7.          The
company is authorized to cooperate in the issuance of certificaten (beneficial
rights) for shares.

 

4.8.          Upon
the issuance of a share, its transfer for inclusion in the giro deposit, as
meant in the Securities Book-Entry Transfer Act (“Wge”) (“Giro Deposit”) or
into a joint deposit as meant in the Wge (“Joint Deposit”), respectively, can
be effected by the company without the cooperation of other participants in the
Joint Deposit and of other affiliated institutions, as meant in the Wge (“Affiliated
Institutions”). To do so, it is sufficient for the company to add the share to
the register in the name of the Central Institute for Giro Securities
Transactions, as meant in the Wge (“Central Institute”) or the Affiliated
Institution respectively, mentioning the fact that the share has been added to
the Giro Deposit or the Joint Deposit respectively, and the other information
as meant in article 10, paragraph 2, and the Central Institute or the
Affiliated Institution respectively, accepts the transfer.

 

Pre-emptive rights.

 

Article 5.

 

5.1.          In the
event of an issuance of shares, each shareholder shall have a pre-emptive right
pro rata to the number of shares held by each such shareholder.

 

5.2.          Should
a shareholder who is entitled to a pre-emptive right not or not fully exercise
such right, the other shareholders shall be similarly entitled to pre-emption
rights in respect of those shares which have not been claimed. If the latter collectively
do not or do not fully exercise their pre-emptive rights either, then the
authorized orgaan (corporate body) shall be free to decide to whom the shares
which have not been claimed shall be issued.

 

In respect of the issuance of shares there shall be no pre-emptive
right to shares issued against a contribution other than in cash or issued to employees
of the company or of a group company.

 

5.3.          The
general meeting of shareholders shall have the power to limit or

 

3

 

exclude the pre-emptive rights. The general meeting of shareholders can
designate the managing board as the authorized orgaan (corporate body) for this
purpose. The provisions of article 4.1 shall equally apply.

 

5.4.          As long
as the managing board is authorized to limit or exclude the pre-emptive rights
pursuant to paragraph 3 hereof, the general meeting of shareholders cannot pass
such resolutions.

 

5.5.          A
resolution by the general meeting of shareholders to limit or exclude the
pre-emptive rights or to designate the managing board as the authorized orgaan
(corporate body) for this purpose in accordance with paragraph 3 hereof
requires, in order to be validly adopted, a majority of at least two-thirds of
the votes cast in a meeting of shareholders if less than half of the issued
share capital is present or represented at such meeting.

 

5.6.          The
company shall announce an issuance of shares with pre-emptive rights in the
Staatscourant (Gazette) and in a national daily newspaper and - in the event
that shares have been listed on the Amsterdam Stock Exchange - in the Officiële
Prijscourant (Official Price List) of Euronext Amsterdam N. V., and the period
of time within which such pre-emptive right can be exercised.

 

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

 

Acquisition by the company of
its shares. Cancellation of shares.

 

Article 6.

 

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

 

a.             its
eigen vermogen (shareholders’ equity) less the purchase price to be paid by the
company for such shares is not less than the aggregate amount of the paid up
and called for part of the issued share capital and the reserves which must be
maintained pursuant to the law or these articles of association;

 

b.             the
aggregate par value of the shares in its share capital which the company
acquires, (already) holds or on which it holds a right of pand (pledge), or
which are held by a subsidiary of the company, amounts to no more than
one-tenth of the aggregate par value of the issued share capital; and

 

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

 

notwithstanding any further applicable statutory provisions and the
provisions of these articles of association.

 

6.2.          Shares
thus acquired may again be disposed of by the company. If certificaten
(beneficial rights) for shares in the share capital of the company

 

4

 

have been issued, such certificaten (beneficial rights) shall for the
application of the provisions of this paragraph and paragraph 1 hereof be treated
as shares.

 

6.3.          In the
general meeting of shareholders no votes may be cast in respect of:

 

a.             shares(s)
held be the company or by a subsidiary of the company;

 

b.             share(s),
the certificaten (beneficial rights) of which are held by the company or by a
subsidiary of the company; and

 

c.             share(s)
on which the company or a subsidiary of the company holds a right of
vruchtgebruik (usufruct) or a right of pand (pledge).

 

However, the holders of a right of usufruct and the holders of a right
of pledge on shares held by the company or by a subsidiary of the company are
nonetheless not excluded from the right to vote such shares, if the right of
usufruct or the right of pledge was granted prior to the time such share was
acquired by the company or by a subsidiary of the company.

 

Shares in respect of which voting rights may not be exercised shall not
be taken into account when determining to what extent the shareholders have
cast their votes, to what extent they are present or represented at the general
meeting of shareholders or to what extent the share capital is provided or
represented.

 

6.4.          The
general meeting of shareholders shall have power to resolve to cancel shares
acquired by the company in its own share capital or certificaten (beneficial
rights) for shares in its own share capital, subject, however, to the
provisions of article 7 of these articles of association and further applicable
statutory provisions.

 

Reduction of share capital.

 

Article 7.

 

7.1.          The
general meeting of shareholders may resolve to reduce the issued share capital
of the company by cancelling shares or by reducing the par value of shares by
an amendment to the articles of association, provided that the amount of the
issued share capital does not fall below the minimum share capital as required
by law in effect at the time of the resolution.

 

A resolution to reduce the issued share capital of the company shall
require a prior or simultaneous resolution of approval by each group of holders
of shares of the same class whose rights are prejudiced.

 

A resolution of the general meeting of shareholders and a resolution of
a group of holders of shares as referred to above in this paragraph shall require
a two-thirds majority vote if less than half of the issued share capital is
present or represented at such meeting.

 

5

 

7.2.          Cancellation
of shares can apply to shares which are held by the company itself or to shares
for which the company holds certificaten (beneficial rights).

 

Cancellation of shares can also apply to all shares of a specific
class, provided their par value is repaid.

 

Partial repayment on shares shall be made either on all shares or
exclusively on shares of a specific class.

 

The validity of a resolution to cancel shares with repayment and a
resolution to partially repay shares of a specific class requires a prior or
simultaneous approval of the meeting of holders of shares of the relevant class.

 

7.3.          Reduction
of the par value of shares without repayment or partial repayment on shares
shall be effected pro rata to all shares or if it takes place exclusively on
shares of a specific class, pro rata to all shares of that class. The pro rata
requirements may be waived by agreement of all shareholders concerned.

 

7.4.          The
notice of a general meeting of shareholders at which a resolution referred to
in this article is to be adopted shall include the purpose of the reduction of
the issued share capital and the manner in which such reduction shall be
effectuated. The resolution to reduce the issued share capital shall specify
the shares to which the resolution applies and shall describe how such a
resolution shall be implemented.

 

7.5.          The
company shall file a resolution to reduce the issued share capital with the
trade register of the Chamber of Commerce and Industry in the district in which
the company has its registered office and shall publish such filing in a
national daily newspaper.

 

7.6.          Within
two months after publication of the filing referred to above in paragraph 5
hereof, any creditor may oppose the resolution to reduce the issued share
capital of the company.

 

7.7.          A
resolution to reduce the issued share capital shall not take effect as long as
opposition may be instituted. If opposition has been instituted within the two
month period, the resolution shall take effect upon the withdrawal of the
opposition or upon a court order setting aside the opposition.

 

7.8.          In the
event of a conversion of class B shares as described in article 17 of these
articles of association the provisions of this article 7 shall equally apply.

 

Shares. Share certificates.

 

Article 8.

 

8.1.          Class A
shares and class B shares shall be in registered form. No share certificates
shall be issued for the class B shares and the class A shares of type I, as referred
to in the next paragraph.

 

6

 

8.2.          Class A shares shall be available, at the option of the shareholder concerned:

 

(i)            either
in the form of an entry in the share register without issuance of a share certificate;
such shares are referred to in these articles of association as type I shares;

 

(ii)           or in
the form of an entry in the share register with the issuance of a share
certificate, which share certificate shall consist of a mantel (main part) only
without dividend sheet; such shares and share certificates are referred to in
these articles of association as shares and share certificates of type II.

 

8.3.          Notwithstanding
the competence of a shareholder to exchange its type I shares into type II
shares, and vice versa, the managing board can resolve that the registration in
the share register of type I shares shall take place for one or more numbers of
shares to be further determined by the managing board.

 

8.4.          Share
certificates of type II shall be available in such denominations as the
managing board shall determine.

 

8.5.          All
share certificates shall be signed by or on behalf of a managing director; the
signature may be effected by printed facsimile. In addition all share
certificates may be validly signed by one or more persons designated by the
managing board for that purpose.

 

8.6.          All
share certificates shall be identified by numbers and/or letters in such manner
to be determined by the managing board.

 

8.7.          The
managing board can determine that for the purpose to permit or facilitate
trading of class A shares at a non-Netherlands (foreign) stock exchange, share
certificates shall be issued in such form as the managing board may determine,
in order to comply with the requirements set by such foreign stock exchange.

 

8.8.          The
expression share certificate as used in these articles of association shall
include a share certificate in respect of more than one share.

 

8.9.          The
company can, pursuant to a resolution of the managing board, cooperate in the
issuance of certificates in bearer form.

 

Missing or damaged share certificates.

 

Article 9.

 

9.1.          Upon
written request by or on behalf of a shareholder, missing or damaged share
certificates may be replaced by new share certificates or duplicates bearing
the same numbers and/or letters, provided the shareholder who has made such
request, or the person making such request on his behalf, provides satisfactory
evidence of his title and, in so far as applicable, the loss of the share
certificates to the managing board, and further subject to such conditions as
the managing board may deem appropriate.

 

7

 

9.2.          The issuance of a new share certificate or a duplicate shall render the share
certificates which it replaces invalid.

 

9.3.          The
issuance of new share certificates or duplicates for share certificates may in
appropriate cases, at the discretion of the managing board, be published in
newspapers to be determined by the managing board.

 

Share register.

 

Article 10.

 

10.1.        With due
observance of the applicable statutory provisions in respect of registered
shares, a share register shall be kept by or on behalf of the company, which
share register shall be regularly updated and, at the discretion of the
managing board, may, in whole or in part, be kept in more than one copy and at
more than one address. At least one copy shall be kept at the office of the
company in the Netherlands.

 

Part of the share register may be kept abroad in order to comply with applicable
provisions set by a foreign stock exchange.

 

10.2.        Each
shareholder’s name, his address and such further information as required by law
and the information as the managing board deems appropriate, whether at the
request of a shareholder or not, shall be recorded in the share register.

 

10.3.        The form
and the contents of the share register shall be determined by the managing
board with due observance of the provisions of paragraphs 1 and 2 hereof.

 

The managing board may determine that the share register shall vary as to
its form and contents according to whether it relates to type I shares or to
type II shares.

 

10.4.        In the
case of shares that have been transferred to an Affiliated Institution, for
inclusion in a Joint Deposit, or to the Central Institute, for inclusion in the
Giro Deposit, the name and address of the Affiliated Institution or the Central
Institute respectively, shall be entered in the share register, together with a
statement of the date on which the shares were added to the Joint Deposit or
the Giro Deposit respectively.

 

10.5.        Upon his
request a shareholder shall be provided with written evidence of the contents
of the share register with regard to the shares registered in his name free of
charge, and the statement so issued may be validly signed on behalf of the
company by a managing director or by a person to be designated for that purpose
by the managing board.

 

10.6.        The
provisions of paragraphs 1 up to and including 4 hereof shall equally apply to
persons who hold a right of usufruct or a right of pledge on one or more
shares.

 

10.7.        The
managing board shall have power and authority to permit inspection of the share
register by and to provide information recorded therein, as well as any other
information regarding the direct or indirect share

 

8

 

holding of a shareholder of which the company has been notified by that
shareholder, to the authorities entrusted with the supervision and/or
implementation of the trading of securities on a foreign stock exchange on
behalf of the company and its shareholders, in order to comply with applicable
foreign statutory provisions or applicable provisions set by such foreign stock
exchange, if and to the extent such requirements apply to the company and its
shareholders as a result of the listing of shares in the share capital of the
company on such foreign stock exchange or the registration of such shares or
the registration of an offering of such shares under applicable foreign
securities laws.

 

Exchange of shares.

 

Article 11.

 

11.1.        Subject
to the provisions of article 8, a holder of an entry in the share register for
one or more shares of type I may, upon his request, obtain one or more share
certificates of type II up to an equal nominal amount.

 

11.2.        Subject to
the provisions of article 8, a holder of a share certificate of type II
registered in his name may, after submitting the share certificate to the
company, upon his request obtain an entry in the share register for one or more
shares of type I up to an equal nominal amount.

 

11.3.        The
managing board may require a request for exchange, as referred to in this
article 11, to be made on a special form, to be provided to the shareholder
free of charge, to be signed by such shareholder. Any requests made pursuant to
and in accordance with the provisions of articles 8, 9, 10 and this article 11
may be sent to the company at such address(es) as to be determined by the managing
board, at all times including an address in the municipality or city where a
stock exchange on which shares in the share capital of the company are listed
has its principal place of business.

 

11.4.        The
company is entitled to charge amounts, at no more than cost, and to be
determined by the managing board, to those persons who request any services to
be carried out pursuant to articles 6 to 11 inclusive.

 

Transfer of shares.

 

Article 12.

 

12.1.        Unless
the law provides otherwise and except as provided by the provisions of the
following paragraphs of this article, the transfer of a share shall require an
instrument intended for such purpose and, unless the Company itself is a party
to the transaction, the written acknowledgement of the transfer by the company;
service upon the company of such instrument of transfer or of a copy or extract
thereof signed as a true copy by the notary or the transferor shall be
considered to have the same effect as an acknowledgement.

 

12.2.        In cases
where a share of type I is transferred, an instrument of transfer,

 

9

 

signed by both parties to the transfer, on a form to be supplied by the
company free of charge, must be submitted to the company.

 

12.3.        In cases
where a share for which a certificate of type II has been issued is
transferred, the share certificate must be submitted to the company, provided
that an instrument of transfer as referred to in the previous paragraph,
printed on the back of the share certificate, has been duly completed and
signed by or on behalf of the transferor, or a separate instrument in substantially
the same form is submitted together with the share certificate.

 

12.4.        If a
transfer of a share of type II has been effected by service of an instrument of
transfer upon the company, the company shall, at the discretion of the managing
board, either endorse the transfer on the share certificate or cancel the share
certificate and issue to the transferee one or more share certificates
registered in his name up to an equal nominal amount.

 

12.5.        The
company’s written acknowledgement of a transfer of a share of type II shall, at
the discretion of the managing board, be effected either by endorsement of the
transfer on the share certificate as proof of the acknowledgement or by the
issuance to the transferee of one or more share certificates registered in his
name up to an equal nominal amount.

 

12.6.        If a
share is being transferred for inclusion in a Joint Deposit, the transfer shall
be accepted by the Affiliate Institution in question. In cases where a share is
being transferred for inclusion in the Giro Deposit, the transfer shall be
accepted by the Central Institute. Transfer and acceptation can take place
without the cooperation of the other participants in the Joint Deposit and
without the cooperation of other Affiliated Institutions.

 

12.7.        An Affiliated
Institution is empowered to transfer shares for inclusion in the Giro Deposit
and, insofar as deduction has not been rendered impossible, to deduct shares
from the Joint Deposit without the cooperation of the other participants. The
Central Institute is, insofar as delivery has not been rendered impossible,
empowered to deduct shares from the Giro Deposit for inclusion in a Joint
Deposit without the cooperation of the other participants.

 

12.8.        If the
transfer of a share does not take place in accordance with the provisions of
paragraphs 2, 3, 6 and 7 of this article, the transfer of a share can only take
place with the permission of the managing board. The managing board may make
its permission subject to such conditions as the managing board may deem
necessary or desirable. The applicant shall always be entitled to demand that
said permission be granted on the condition that transfer takes place to a
person designated by the managing board. The permission shall be deemed to have
been

 

10

 

granted, should the managing board not have decided on granting
permission for the request within six weeks of being requested to do so.

 

12.9.        The
provisions of the preceding paragraphs of this article shall apply correspondingly
to the allotment of shares in the event of a division of any share constituting
joint property, the transfer of a shares as a consequence of a writ of
execution and the creation of limited rights on a share.

 

12.10.      The company
can, pursuant to a resolution of the managing board, make the delivery of
shares, within the meaning of article 26 of the Wge, impossible. The resolution
to this effect cannot be invoked against a participant any sooner than after
six months of the publication of the resolution in at least one national daily
newspaper, and in the Official Pricelist of Euronext Amsterdam N.V. The company
can revoke any such resolution by means of a resolution of the managing board.
In such a case, deduction shall be possible from the day following on the day
of publication of such a resolution in at least one national daily newspaper,
and in the Official Pricelist of Euronext Amsterdam N.V.

 

Right of pledge.

 

Article 13.

 

13.1.        A right
of pond (pledge) may be created on the shares.

 

13.2.        If a
right of pledge is created on registered shares, the shareholder shall be
exclusively entitled to the voting rights attached to the shares concerned and
it may not be conferred on the holder of the right of pledge.

 

13.3.        The
holder of the right of pledge without voting rights shall not be entitled to
any of the rights which the law grants a holder of certificaten (beneficial
rights), in the event that such beneficial rights have been issued with the
cooperation of the company.

 

13.4.        The
provisions of article 12 shall equally apply to the creation or release of a
right of pledge on registered shares.

 

13.5.        The
company may pledge its own shares, only if:

 

a.             the
shares to be pledged are fully paid-up;

 

b.             the
nominal amount of its own shares to be pledged and those already held by it or
pledged to it do not together amount to more than one-tenth of the issued share
capital; and

 

c.             the
general meeting of shareholders has approved the pledge agreement.

 

Right of usufruct.

 

Article 14.

 

14.1.        A right
of vruchtgebruik (usufruct) may be created on the shares.

 

14.2.        If a right
of usufruct is created on registered shares, the shareholder shall be
exclusively entitled to the voting rights attached to the shares concerned and
it may not be conferred on the holder of the right of usufruct.

 

11

 

14.3.        The
holder of the right of usufruct without voting rights shall not be entitled to
any of the rights which the law grants a holder of certificaten (beneficial
rights), in the event that such beneficial rights have been issued with the
cooperation of the company.

 

14.4.        The provisions of article 12 shall equally apply to the creation,
transfer or release of a right of usufruct on registered shares.

 

Certificaathoudersrechten (beneficial rights with respect to shares) as
referred to in Book 2 Civil Code.

 

Article 15.

 

Where
hereinafter used in these articles of association persons who are entitled to attend
meetings of shareholders shall refer to (i) holders of certificaten (beneficial
rights) issued for shares with the cooperation of the company, (ii) holders of
a right of pledge with voting rights, (iii) holders of aright of usufruct with
voting rights and (iv) shareholders without voting rights, who all have the
certificaathoudersrechten (beneficial rights with respect to shares).

 

For the
purpose of these articles of association, certificaathoudersrechten (beneficial
rights with respect to shares) shall mean the rights conferred by law on
holders of certificaten (beneficial rights) for shares issued with the
cooperation of a company, holders of a right of pledge with voting rights,
holders of a right of usufruct with voting rights, and shareholders without
voting rights, such as inter  alia, the right to receive notices
of general meetings, the right to attend such meetings, the right to address
such meetings and the right to inspect the annual accounts as prepared by the
managing board, the annual report and the additional information thereto, at
the office of the company, and to obtain a copy thereof at no cost.

 

Notices.

 

Article 16.

 

All
notices to shareholders and persons entitled to attend meetings of shareholders
shall be published in a national daily newspaper, and - in the event that
shares have been listed on the Amsterdam Stock Exchange - in the Officiële
Prijscourant (Official Price List) of Euronext Amsterdam N.V. and in a foreign
country in at least one newspaper in each of those countries where the shares
have been admitted to an official quotation at the request of the company.

 

Conversion of class B shares into class A shares.

 

Article 17.

 

17.1.        With due
observance of article 36.4 hereof, each holder of class B shares can request
the conversion of each of its class B shares into one class A share any time or
from time to time. The right to so convert the class B shares shall be referred
to as the “conversion right”.

 

17.2.        A
conversion request pursuant to paragraph 1 hereof shall be sent in writing to
the managing board. In such request the holder of class B

 

12

 

shares shall inform the managing board of the number of class B shares
to be converted. The managing board shall then convene within one month after
the request for conversion a general meeting of shareholders to comply with the
provisions of article 7 of these articles of association. The conversion shall
take effect five (5) days after the resolution to reduce the issued share
capital has taken effect pursuant to article 7.7 of these articles of association.

 

The managing board shall inform such holder of class B shares within
seven (7) days after the date of conversion that his shares have been converted
in conformity with his request, specifically stating the conversion date and
the number of class A shares into which his class B shares have been converted.
The company shall not charge such holder of class B shares any costs (including
taxes charged to the company) in connection with the request and the
conversion.

 

17.3.        Upon
conversion of a class B share in accordance with this article 17, the
corresponding conversion right shall have been exercised and extinguished.

 

Managing board.

 

Article 18.

 

18.1.        The
company shall be managed by a managing board consisting of five or more class
A, class B and class C managing directors (and composed at all times by one
class A managing director and at least two class C managing directors) with
such titles as the managing board may from time to time determine. The managing
board shall appoint a class A managing director as chairman of the managing
board, who shall have the title of Chief Executive Officer.

 

18.2.        The
members of the managing board shall be appointed by the general meeting of
shareholders.

 

Any managing director who is appointed to fill an interim vacancy shall
be in office for the time unfulfilled by his predecessor.

 

18.3.        Class A
managing directors are appointed for a period of four years starting on the day
after the day of the annual general meeting of shareholders on which they are
appointed and ending on the day of the annual general meeting of shareholders
that will be held in the fourth year upon their appointment. Class B and C
managing directors are appointed for a period of one year starting on the day
after the annual general meting of shareholders on which they are appointed and
ending on the day of the annual general meeting of shareholders that will be
held in the next year.

 

Each managing director is eligible for immediate reappointment.

 

18.4.        Each time
a managing director is to be appointed, the meeting of holders of class B
shares may make a binding nomination. The managing

 

13

 

board shall invite the meeting of holders of class B shares to make a
nomination within a period of sixty days, such that for each appointment a
choice can be made from at least two persons. The nomination shall be included
in the notice of the general meeting of shareholders at which the appointment
shall be considered. The general meeting of shareholders may at all times
overrule the binding nature of such a nomination by a resolution adopted by an
absolute majority of the votes cast, provided such majority represents at least
one/thirds of the issued share capital. If this proportion of the capital of at
least one/thirds as referred in the previous sentence is not represented at the
meeting, but an absolute majority of the votes cast is in favour of a
resolution to cancel the binding nature of a nomination, a new meeting may be
convened at which the resolution may be passed by an absolute majority of the
votes cast, regardless of the proportion of the capital represented at the
meeting. If a nomination has not been made or has not been made in due time by
the meeting of holders of class B shares for inclusion in the notice of the
general meeting of shareholders, this shall be stated in the notice and the
general meeting of shareholders shall vote on the proposal to appoint a
managing director in accordance with the articles 27.2 and 31.1

 

18.5.        With due
observance of these articles of association, the managing board may adopt and
amend a directiereglement (rules governing the internal organization,
hereinafter the management rules). Furthermore the managing board may divide
the duties among themselves, whether or not by way of provision to that effect
in the management rules.

 

Suspension or dismissal of managing directors.

 

Article 19.

 

19.1.        The
general meeting of shareholders shall at all times be entitled to suspend or
dismiss a managing director.

 

19.2.        The
general meeting of shareholders may only adopt a resolution to suspend or
dismiss a managing director by at least a two-thirds majority of the votes
cast, provided such majority represents more than half the issued share
capital, unless the proposal was made by the meeting of holders of class B
shares, in which case the provisions of article 31.1 shall apply. A second
general meeting of shareholders as referred to in section 2:120, subsection 3
of the Civil Code may not be convened in respect of matters referred to in this
paragraph.

 

19.3.        If the
general meeting has suspended a managing director, the general meeting shall
within three months after the suspension has taken effect resolve either to
dismiss such managing director, or to terminate or continue the suspension,
failing which the suspension shall lapse.

 

A resolution to continue the suspension may
be adopted only once and

 

14

 

in such event the suspension may be continued for a maximum period of
three months commencing on the day the general meeting has adopted the
resolution to continue the suspension.

 

If within the period of continued suspension the general meeting has
not resolved either to dismiss the managing director concerned or to terminate
the suspension, the suspension shall lapse.

 

A managing director who has been suspended shall be given the
opportunity to account for his actions at the general meeting.

 

Representation.

 

Article 20.

 

20.1.        The
entire managing board acting together as well as each managing director A
acting individually may represent the company and bind it vis-à-vis third
parties. Furthermore, a managing director B acting jointly with another
managing director B and a managing director C acting jointly with either two
managing directors B or a managing director A may represent the company and
bind it vis-à-vis third parties.

 

20.2.        If a
managing director, acting in his personal capacity, enters into an agreement
with the company, or if he, acting in his personal capacity, conducts any
litigation against the company, the company may be represented in that matter
by the other managing directors with due observance of paragraph 1 of this
Article, unless the law provides otherwise for such designation.

 

If a managing director has a conflict of interest with the company
other than as referred to in the first sentence of this paragraph, he shall as each
of the other managing directors have power to represent the company, with due
observance of paragraph 1 of this article.

 

20.3.        The
managing board may grant special and general powers of attorney to persons,
whether or not such persons are employed by the company, authorizing them to
represent the company and bind it vis-à-vis third parties. The scope and limits
of such powers of attorney shall be determined by the managing board. The
managing board may in addition grant to such persons such titles as it deems
appropriate.

 

20.4.        The
managing board shall have power to enter into and perform agreements and all
rechtshandelingen (legal acts) contemplated thereby as specified in section
2:94, subsection 1 of the Civil Code in so far as such power is not expressly
excluded or limited by any provision of these articles of association or by any
resolution of the general meeting of shareholders.

 

Resolutions of the managing
board.

 

Article 21.

 

21.1.        Resolutions
of the managing board shall be validly adopted, if adopted by a simple majority
of votes cast. Each managing director has the right

 

15

 

to cast one vote. In case of absence a managing director may issue a
proxy, however, only to another managing director. The managing directors may
participate in the meetings of the managing board by way of telephone
conference, video conference or other audio-visual transmission systems and
such participation shall count as these managing directors being present at the
meeting, provided all participating can hear one another.

 

21.2.        The
managing board may adopt its resolutions in writing without holding a meeting, provided
that the proposals for such resolutions have been communicated in writing to
all managing directors and no managing director has objected to this method of
adoption of a resolution.

 

21.3.        The
management rules shall include provisions on the manner of convening board
meetings and the internal procedure at such meetings.

 

21.4.        The
following resolutions of the managing board require the prior approval of the
general meeting of shareholders:

 

a.             a
merger as referred to in section 2:309 of the Civil Code;

 

b.             a
sale, lease or exchange of all or substantially all of the company’s property
or assets.

 

21.5.        Without
prejudice to any other applicable provision in these articles of association,
the managing board shall furthermore require the approval of the general
meeting of shareholders for resolutions of the managing board with regard to an
important change in the identity or character of the company or the enterprise,
including in any event:

 

a.             the
transfer of the enterprise or almost the entire enterprise to a third party:

 

b.             entry
into or termination of any long-term cooperation by the company or a subsidiary
of the company with another legal entity company or partnership, or as a fully
liable partner in a limited or general partnership, if such cooperation or
termination thereof is of far-reaching significance to the company;

 

c.             acquisition
or disposal by the company, or a subsidiary of the company, of a participating
interest in the capital of a company with a value of at least one third of the
amount of the assets as shown on the balance sheet with explanatory notes or,
if the company prepares a consolidated balance sheet, as shown on the
consolidated balance sheet with explanatory notes according to the most
recently adopted annual accounts of the company.

 

21.6.        A lack of
approval by the general meeting of shareholders for a resolution referred to in
this article shall neither affect the representative authority of the managing
board nor the members of the managing board.

 

16

 

Indemnification and remuneration.

 

Article 22

 

22.1         Subject
to the limitations included in this article, every person or legal entity who
is, or has been, a managing director or proxyholder (procuratiehouder), who is
made, or threatened to be made, a party to any claim, action, suit or
proceeding in which he/she or it becomes involved as a party or otherwise by
virtue of his/her or its being, or having been, a managing director or
proxyholder (procuratiehouder) of the company, shall be indemnified by the
company, to the fullest extent permitted under the laws of the Netherlands,
concerning (A) any and all liabilities imposed on him/her or on it, including
judgements, fines and penalties, (B) any and all expenses, including costs and
attorneys’ fees, reasonably incurred or paid by him/her or by it, and (C) any
and all amounts paid in settlement by him/her or by it, in connection with any
such claim, action, suit or other proceeding.

 

22.2.        A
managing director or proxyholder (procuratiehouder) shall, however, have no
right to be indemnified against any liability in any matter if it shall have
been finally determined that such liability resulted from the wilful
malfeasance, bad faith or gross negligence of such person or legal entity.

 

22.3.        Furthermore,
a managing director or proxyholder (procuratiehouder) shall have no right to be
indemnified against any liability in any matter if it shall have been finally
determined that such person or legal entity did not act in good faith and in the
reasonable belief that his or its action was in the best interest of the
company.

 

22.4.        In the
event of a settlement, a managing director or proxyholder (procuratiehouder)
shall not lose his/her or its right to be indemnified unless there has been a
determination that such person or legal entity engaged in wilful malfeasance,
bad faith or gross negligence in the conduct of his or its office or did not
act in good faith and in the reasonable belief that his/her or its action was
in the best interest of the company: 

 

(i)            by
the court or other body approving settlement; or

 

(ii)           by a
resolution duly adopted by the general meeting of shareholders; or

 

(iii)          by
written opinion of independent counsel to be appointed by the managing board.

 

22.5.        The right
to indemnification herein provided (i) may be insured against by policies
maintained by the company, (ii) shall be severable, (iii) shall not affect any
other rights to which any managing director or proxyholder (procuratiehouder)
may now or hereafter be entitled, (iv) shall continue as to a person or legal
entity who has ceased to be a managing director or proxyholder
(procuratiehouder), and (v) shall also inure to the benefit of the heirs,
executors, administrators or successors of such person or legal entity.

 

17

 

22.6         Nothing
included herein shall affect any right to indemnification to which persons or
legal entities other than a managing director or proxyholder (procuratiehouder)
may be entitled by contract or otherwise.

 

22.7.        Subject
to such procedures as may be determined by the managing board, expenses in
connection with the preparation and presentation of a defense to any claim,
action, suit or proceeding of the character described in this article 22 may be
advanced to the managing director or proxyholder (procuratiehouder) by the
company prior to final disposition thereof upon receipt of an undertaking by or
on behalf of such managing director or proxyholder (procuratiehouder) to repay
such amount if it is ultimately determined that he or it is not entitled to
indemnification under this article 22.

 

22.8.        The
policy regarding the remuneration of the members of the managing board will be
adopted by the general meeting of shareholders upon a proposal of the managing
board. The remuneration of the members of the managing board will, with due
observance of the policy set out in the first sentence of this paragraph, be
determined by the managing board upon a proposal of the remuneration committee
of the managing board. The managing board will submit for approval by the
general meeting of shareholders a proposal regarding the arrangements for the remuneration
in the form of shares or rights to acquire shares. The proposal shall at least
set out the maximum number of shares or rights to subscribe for shares to be
granted to the managing board and the applicable criteria for such grant or for
any change thereto. A lack of approval by the general meeting of shareholders
shall not affect the representative authority of the managing board.

 

Prevented from acting or
permanently absent.

 

Article 23.

 

In case
a managing director is prevented from acting or permanently absent, the remaining
managing directors or the only managing director shall temporarily be responsible
for the entire management. In case all managing directors are, or the only
managing director is prevented from acting or permanently absent, the person
designated or to be designated for that purpose by the general meeting of shareholders
shall temporarily be responsible for the management. Failing one or more
managing directors the person referred to in the preceding sentence shall take
the necessary measures as soon as possible in order to have a definitive
arrangement made.

 

General meeting of
shareholders.

 

Annual general meeting of
shareholders.

 

Article 24.

 

24.1.        The
annual general meeting of shareholders shall be held within six months after
the close of the financial year.

 

18

 

24.2         At this
general meeting of shareholders the following subjects shall be considered:

 

a.             the
written annual report prepared by the managing board on the course of business
of the company and the conduct of its affairs during the past financial year;

 

b.             the
adoption of the annual accounts;

 

c.             discussion
regarding the company’s reserves and dividend policy and justification thereof
by the managing board;

 

d.             if
applicable, the proposal to pay a dividend;

 

e.             the
discharge of the members of the managing board in respect of its management
during the previous financial year;

 

f.              the
appointment of managing directors;

 

g.             the
designation of the person referred to in article 23;

 

h.             each
substantial change in the corporate governance structure of the company; and

 

i.              the
proposals placed on the agenda by the managing board together with proposals
made by shareholders in accordance with the provisions of these articles of
association.

 

Extraordinary general meeting
of shareholders.

 

Article 25.

 

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

 

25.2.        If the
managing board fails to comply with a request referred to in paragraph 1 hereof
in such manner that the general meeting of shareholders can be held within six
weeks after the request, the persons who have made the request may be
authorized by the president of the district court in Rotterdam to convene the
meeting themselves.

 

Place and notice of the general
meeting of shareholders.

 

Article 26.

 

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

 

26.2.        The
notice convening a general meeting of shareholders shall be made in accordance
with article 16 of these articles of association. In addition, holders of
registered shares shall be notified by letter that the meeting is being
convened.

 

26.3.        The
notice convening a general meeting of shareholders shall be sent by

 

19

 

either the managing board, or by the persons who according to the law
or these articles of association are entitled thereto.

 

Notice period. Agenda.

 

Article 27.

 

27.1.        The
notice convening a general meeting of shareholders shall be sent no later than
on the fifteenth day prior to the day of the meeting. The notice shall always
contain or be accompanied by the agenda for the meeting, or shall mention where
such agenda can be obtained, which shall in any event be at the office of the
company in the Netherlands and - in the event shares have been listed at the
Amsterdam Stock Exchange - with one or more banks to be indicated in the notice,
notwithstanding the statutory provisions regarding reduction of issued share
capital and amendment of articles of association.

 

27.2.        The
agenda shall contain such subjects to be considered at the meeting as the
person(s) convening the meeting shall decide, and furthermore such other
subjects, as one or more shareholders and others entitled to attend the
meetings, representing at least one-hundredth of the issued share capital or
representing a value of at least fifty million euro (EUR 50,000,000), have so
requested the managing board in writing to include in the agenda, at least
sixty days before the date on which the meeting is convened. The managing board
may decide not to place items so requested on the agenda, in the event the
managing board is of the opinion that doing so would be detrimental to vital
interests of the company. No valid resolutions can be adopted at a general
meeting of shareholders in respect of subjects which are not mentioned in the agenda.

 

Chairman of general meetings of
shareholders. Minutes.

 

Article 28.

 

28.1.        General
meetings of shareholders shall be presided by the chairman of the managing
board. In case of absence of the chairman of the managing board the meeting
shall be presided by any other person nominated by the managing board. The
chairman of the meeting shall appoint the secretary of that meeting.

 

28.2.        The
secretary of the meeting shall keep the minutes of the business transacted at
the meeting, which minutes shall be adopted and signed by the chairman and the
secretary of the meeting.

 

28.3.        The
chairman of the managing board may request a notaris (civil law notary) to
include the proceedings at the meeting in a notarieel proces-verbaal (notarial
report).

 

Attendance of general meeting
of shareholders.

 

Article 29.

 

29.1.        All
shareholders and persons entitled to attend meetings are entitled to

 

20

 

attend general meetings of shareholders, to address the general meeting
of shareholders and - to the extent they have the voting rights to the shares -
to vote the shares thereat.

 

29.2.        Prior to
being admitted at a general meeting of shareholders, a shareholder or its proxy
shall have to sign an attendance list, stating his name and the number of votes
that can be cast by him. A proxy shall also state the name(s) of the person(s)
for whom he acts.

 

29.3.        The
managing board may determine that paragraph 1 will be applicable to those who
(i) are a shareholder as per a certain date, determined by the managing board,
such date hereinafter referred to as: the “record date”, and (ii) who are as
such registered in a register (or one or more parts thereof) designated thereto
by the managing board, hereinafter referred to as: the “register”, in as far as
(iii) at the request of the applicant, the holder of the register has given
notice in writing to the company prior to the general meeting of shareholders,
that the shareholder mentioned in this paragraph has the intention to attend
the general meeting, regardless who will be shareholder at the time of the
general meeting of shareholders. The notice will contain the name and the
number of shares the shareholder will represent in the general meeting of
shareholders. The provision above under (iii) about the notice to the company also
applies to the proxy holder of a shareholder, who has a written proxy.

 

29.4.        The
record date mentioned in paragraph 3 and the date mentioned in that paragraph
on which the intention to attend the general meeting has to be given at the
latest, cannot be determined earlier than on a certain time on the seventh day
and not later than on the third day, prior to the date of the general meeting
of shareholders. The notice of the general meeting of shareholders will contain
those times, the place of meeting and the proceedings for registration and
notification.

 

29.5.        In case the managing board does not exercise its right as determined in paragraph
3, it shall be necessary for:

 

a.             each
holder of shares that are not part of a Joint Deposit, to nofity the company in
writing of his intention to do so no later than on the day and furthermore at
the place mentioned in the notice, stating – in so far as it concerns shares of
type II – the identifying number of the share certificate. They may only
exercise the said rights at the meeting for the shares registered in their name
both on the day referred to above and on the day of the meeting;

 

b.             any
person who as a participant within the meaning of the Wge is entitled to a
Joint Deposit, to submit, no later than on the day and furthermore at the place
mentioned in the notice, a written declaration from the Affiliated Institution
stating that the number of

 

21

 

shares mentioned in the declaration form part of a Joint Deposit and
that the person mentioned in the declaration is a participant for the mentioned
number of shares in the Joint Deposit and will remain so till at the end of the
general meeting of shareholders.

 

29.6.        In case
the managing board exercises its right as determined in paragraph 3, those who
have a written proxy shall give their proxy to the holder of the register prior
to the notification described in paragraph 4. The holder of the register will
send the proxies together with the notification to the company as described in
paragraph 3 sub (iii). The managing board may resolve that the proxies of
holders of voting rights will be attached to the attendance list. In case the
managing board does not exercise its rights as determined in paragraph 3, the
written proxies must be deposited ultimately on the day mentioned in the
convocation and at the office of the company.

 

29.7.        The
provisions of the preceding paragraphs shall apply correspondingly to holders
of a right of usufruct or holders of a right of pledge, who have the right to
vote.

 

29.8.        The
general meeting of shareholders may adopt rules regarding, inter alia, the
length of time for which shareholders may speak. In so far as such rules are
not applicable, the chairman may determine the time for which shareholders may
speak if he considers this desirable with a view to the orderly proceeding of
the meeting.

 

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

 

Proxies.

 

Article 30.

 

Shareholders
and other persons entitled to attend meetings of shareholders may be
represented by proxies duly authorized in writing, and such proxies shall be admitted
upon production of such written instrument.

 

Adoption of resolutions.

 

Article 31.

 

31.1.        Unless
otherwise stated in these articles of association, resolutions shall be validly
adopted if adopted by a simple majority of votes cast. Blank and invalid votes
shall not be counted. The chairman of the meeting shall decide on the method of
voting and on the possibility of voting by acclamation.

 

31:1.        In the
event of a tie vote, the proposal shall have been rejected, unless the vote
concerns the appointment of a person who has been named in a binding
nomination, in which case the person first named in such nomination

 

22

 

shall be deemed to have obtained the majority of the votes.

 

Voting right per share.

 

Article 32.

 

At the
general meeting of shareholders each class A share entitles its holder to one
(1) vote, and each class B share entitles its holder to ten (10) votes.

 

Class meetings.

 

Article 33.

 

33.1.        A class
meeting shall be held whenever a resolution by such meeting is required.
Furthermore, such meeting shall be held if required by either the managing
board, or one or more holders of shares of a specific class representing in the
aggregate at least one-tenth of the share capital issued as shares of that
class.

 

33.2.        If one or
more holders of shares of a specific class, referred to in paragraph 1 hereof,
requires that a class meeting be held, he / they shall so notify the managing
board. If in that event a managing director does not convene the meeting such
that the meeting is held within ten days of receipt of the request, each of the
persons requesting shall be authorized to convene the same with due observance
of that provided in these articles of association.

 

33.3.        Articles
25 up to and including 32 shall be equally applicable to resolutions to be
adopted by the holders of shares of a specific class.

 

Annual accounts. Report of the
managing board.

 

Article 34.

 

34.1.        The
financial year of the company shall coincide with the calendar year.

 

34.2.        Each
year, within five months after expiry of the financial year, the managing board
shall cause annual accounts to be drawn up, consisting of a balance sheet and a
profit and loss account in respect of the preceding financial year, together
with the explanatory notes thereto. The managing board shall furthermore
prepare a report on the course of business of the company in the preceding
year.

 

34.3.        The
managing board shall draw up the annual accounts in accordance with applicable
generally accepted accounting principles and all other applicable provisions of
the law.

 

The annual accounts shall be signed by all managing directors. Should the
signature of one or more of them be missing, then mention shall be made
thereof, stating the reason.

 

34.4.        The
managing board shall cause the annual accounts to be examined by one or more
registered accountant(s) or other experts designated for the purpose in
accordance with section 2:393, Civil Code by the general meeting of
shareholders. The auditor or the other expert designated shall report on his
examination to the managing board and shall issue a certificate containing the
results thereof.

 

23

 

34.5         Copies
of the annual accounts accompanied by the certificate of the expert referred to
in the preceding paragraph, the annual report of the managing board, and the
information to be added to each of such documents pursuant to the law, shall be
made freely available at the office of the company for the shareholders and the
other persons entitled to attend meetings of shareholders, and - in the event
that shares have been listed on the Amsterdam Stock Exchange - at a bank in
Amsterdam, to be mentioned in the notice calling the general meeting of
shareholders, as from the date of the notice convening the general meeting of
shareholders at which meeting they shall be discussed, until the close thereof.

 

Article 35.

 

The
general meeting of shareholders decides on the adoption of the annual accounts
referred to in article 34.

 

Share premium reserves.

 

Article 36.

 

36.1.        In
addition to general reserves and any other reserves which the company must
maintain by law (wettelijke reserves), the company shall maintain a general
share premium reserve and a special share premium reserve (the Special
Reserve).

 

The Special Reserve constitutes a statutaire reserve (statutory
reserve).

 

36.2.        Upon the
issuance of class A shares against an issue price of ten eurocents (EUR 0.10)
or more, an amount of nine eurocents (EUR 0.09) per class A share shall be
carried to the Special Reserve; the remaining amount paid up on each class A
share less the par value of such class A share shall be carried to the general
share premium reserve.

 

Upon the issuance of class B shares the difference between the par
value and the amount paid up on each class B share shall be carried to the general
share premium reserve.

 

36.3.        As long
as not all class B shares have been converted into class A shares the amount of
the Special Reserve cannot be freely distributed to the shareholders. As soon
as all class B shares have been converted in class A shares, the balance of the
Special Reserve shall be added to the general share premium reserve, whereupon
the Special Reserve shall cease to exist.

 

36.4.        Upon
conversion of class B shares into class A shares, in accordance with article 17
hereof, an amount of nine eurocents (EUR 0.09) per class B share so converted
shall be added to the Special Reserve.

 

36.5.        Losses
can only be charged to the Special Reserve if it concerns a loss that cannot be
charged to another reserve nor can be discharged in any other way.

 

36.6.        If a loss
has been charged to the Special Reserve, in conformity with paragraph 5 hereof,
then in the following years profits made shall first

 

24

 

be allocated to settle the amounts that have been charged to the
Special Reserve.

 

Distribution of profits.

 

Article 37.

 

37.1.        From the
profits, as apparent from the annual accounts adopted by the general meeting of
shareholders such amounts shall be reserved as the managing board shall
determine, with due observance of the provisions of article 36.6 above.

 

37.2.        The
profits that remain after the application of paragraph 1 hereof shall be
distributed to the shareholders pro rata to the number of shares held by each
such shareholder, without regard to the class or par value of such shares.

 

37.3.        Dividends
payable in cash shall be paid in United States Dollars, unless the managing
board determines that payment shall be made in another currency.

 

37.4.        The
company can only declare distributions insofar as its eigen vermogen
(shareholders’ equity) exceeds the amount of the paid up and called portion of
the issued share capital, plus the wettelijke (legal) reserves and the Special
Reserve.

 

Distributions charged to share
premium reserve or other reserves.

 

Article 38.

 

38.1.        With due
observance of the provisions of article 37.4, the managing board may cause the
company to declare distributions out of the general share premium reserve or
out of any other reserve shown in the annual accounts, not being a wettelijke
(legal) reserve or the Special Reserve, with due observance of the provisions
of paragraph 2 hereof.

 

38.2.        Distributions
as referred to in paragraph 1 hereof shall be made to the shareholders pro rata
to the number of shares held by each such shareholder, without regard to the
class or par value of such shares.

 

Interim dividends.

 

Article 39.

 

Subject
to the provisions of section 2:105, subsection 4, Civil Code and with due observance
of the provisions of article 37.4 of these articles of association, the managing
board may resolve to declare an interim dividend on the shares held by each
shareholder. Such dividend shall be made to shareholders pro rata to the number
of shares held by each shareholder, without regard to the class or par value of
such shares.

 

Distributions.

 

Article 40.

 

40.1.        Distributions
pursuant to articles 37, 38 and 39 shall be payable as from a date to be
determined by the managing board. The date of payment set in respect of shares
for which bearer share certificates are outstanding

 

25

 

or in respect of type II shares may differ from the date of payment set
in respect of type I shares.

 

40.2.        Distributions
under articles 37, 38 and 39 shall be made payable at an address or addresses
in the Netherlands, to be determined by the managing board, among which in any
case - in the event that shares have been listed on the Amsterdam Stock
Exchange - a place in Amsterdam, as well as at least one address in each other
country where the shares of the company are listed on a stock exchange.

 

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

 

40.4.        Cash
distributions under articles 37, 38 and 39 in respect of shares for which a
type II share certificate is outstanding shall, if and to the extent such
distributions are made payable only outside the Netherlands, be paid in the
currency of the country concerned, converted at the rate of exchange on the
Amsterdam Stock Exchange at the close of business on the day before the date on
which the distribution is declared. If and in so far as on the first day on
which a distribution is payable, the company is unable, in consequence of
Government action or other exceptional circumstances beyond its control, to
make payment at the place designated outside the Netherlands or in the relevant
foreign currency, the managing board may in that event designate one or more
places in the Netherlands instead. In such event the provisions of the first
sentence of this paragraph shall no longer apply.

 

40.5.        The
person entitled to a distribution under articles 37, 38 or 39 on shares shall
be the person in whose name the share is registered, or in the event of others
entitled thereto, if their right is sufficiently established, at the date to be
fixed for that purpose by the managing board in respect of each distribution
for the different types of shares.

 

40.6.        Notice of
distributions and of the dates and places referred to in the preceding
paragraphs of this article shall at least be published in a national daily
newspaper and - in the event that shares have been listed on the Amsterdam
Stock Exchange - in the Officiële Prijscourant (Official Price List) of
Euronext Amsterdam N.V. in Amsterdam and abroad in at least one daily newspaper
appearing in each of those countries where the shares, on the application of
the company, have been admitted for official quotation, and further in such
manner as the managing board may deem desirable.

 

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

 

40.8.        The
managing board may cause the company to declare distributions to shareholders
under articles 37, 38 and 39 in full or partially

 

26

 

in the form of shares in the share capital of the company.

 

In the case of a distribution in the form of shares in the share
capital of the company, any shares in the company not claimed within a period
to be determined by the managing board shall be sold for the account of the
persons entitled to the distribution who failed to claim the shares. The net
proceeds of such sale shall thereafter be held at the disposal of the above
persons in proportion to their entitlement; the right to the proceeds shall
lapse, however, if the proceeds are not claimed within thirty years after the
date on which the distribution in shares was made payable.

 

40.9.        In the
case of a distribution in the form of shares in the company, those shares shall
be registered in the share register of the company. A share certificate of type
II shall be issued to the holders of shares of type II for a nominal amount
equal to amount added.

 

40.10.      The
provisions of paragraphs 5 and 8 shall apply correspondingly in respect of any
other distributions that do not take place pursuant to the articles 37, 38 and
39.

 

Amendment articles of
association.

 

Article 41.

 

41.1.        The
general meeting of shareholders may resolve to amend the articles of
association of the company.

 

A resolution to amend the articles of association shall only be valid
if:

 

a.             such
resolution has been proposed to the general meeting of shareholders by the
managing board; and

 

b.             the
complete proposal has been made freely available for the shareholders and the
other persons entitled to attend meetings of shareholders, at the office of the
company and - in the event that shares have been listed on the Amsterdam Stock
Exchange - at a bank in Amsterdam specified in the notice convening the meeting
as from the day of notice convening such meeting until the close of that
meeting.

 

41.2.        A
resolution to amend the articles of association as referred to in paragraph 1
hereof shall require the prior or simultaneous approval of each group of
holders of shares of the class whose rights are prejudiced by the amendment of
the articles of association.

 

Dissolution. Liquidation.

 

Article 42.

 

42.1.        The
company shall be dissolved pursuant to a resolution of the general meeting of
shareholders. A resolution to this effect shall require the prior approval of
the meeting of holders of class B shares. The provisions of article 41 shall
apply correspondingly.

 

42.2.        If the
company is dissolved, the liquidation shall be carried out by the

 

27

 

managing board.

 

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

 

42.4.        The balance
of the assets of the company remaining after all liabilities have been paid
shall be distributed to the shareholders pro rata to the number of shares held
by each such shareholder, without regard to the class or the par value of such
shares.

 

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

 

42.6.        After the
company has ceased to exist, the books and records of the company shall remain
in the custody of the person designated for that purpose by the liquidators
during a seven-year period.

 

Transitional provision.

 

Article 43.

 

43.1.        After the
amendments to the articles of association of the company which were decided at
the general meeting of shareholders held on the twenty-sixth day of May two
thousand five, have come into effect, holders of shares, holders of a right of
usufruct and holders of a right of pledge on shares, who derive their rights
from a class A share issued in bearer form shall not be entitled to exercise
the rights relating to that share (nor to have said rights exercised) as long
as they have not been (a) entered into the register or (b) they have not
delivered that share to an Affiliated Institution for inclusion in a Joint
Deposit.

 

43.2.        Entry and
transfer as referred to in the preceding paragraph shall only be possible
against the surrender of a share certificate to the company.

 

 

	
   

  	
   

  	
  ISSUED FOR TRUE COPY

  	
   

  
	
   

  	
   

  	
  (Signed: M.D.P. Anker)

  	
   

  

 

28

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