Document:

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                              EMPLOYMENT AGREEMENT

         This EMPLOYMENT AGREEMENT, effective November 9, 2006, between
Brightpoint, Inc., an Indiana corporation (the "Employer" or the "Company"), and
Vincent Donargo (the "Employee" or "Executive"). The Employer desires to employ
the Employee as the Vice President, Chief Accounting Officer and Controller of
Brightpoint, Inc., and the Employee desires to accept such employment on the
terms and conditions hereinafter set forth. The parties hereby agree as follows:

                  I. Term. The Employer hereby agrees to employ the Employee,
and he hereby agrees to serve Employer for a one-year period commencing
effective as of November 9, 2006 (the "Effective Date") (such period being
herein referred to as the "Initial Term", and any year commencing on the
Effective Date or any anniversary of the Effective Date being hereinafter
referred to as an "Employment Year"). After the Initial Term and on the last day
of any Employment Year thereafter, this Agreement shall be automatically renewed
for one (1) year (each such period being referred to as a "Renewal Term"),
unless written notice of the intent not to renew is provided to the Employee by
the Employer at least thirty (30) days before the commencement of any Renewal
Term.

                  II. Employee Duties. During the term of this Agreement, the
Employee shall have such duties and responsibilities as reasonably determined by
the Company. The parties understand that the Employee's job title (including,
but not limited to, any "acting" title) and duties may be modified by the
Company, consistent with its business needs. The Employee also agrees that he
shall devote substantially all of his time, knowledge and skills diligently and
to the best of his ability in furtherance of the Company's business.

                  III. Compensation. During the Initial Term, the Employer shall
pay the Employee a salary (the "Salary") at a rate of One Hundred Eighty
Thousand Dollars ($180,000) per annum in respect of each Employment Year,
payable in equal monthly installments (and pro-rated for the first calendar year
of employment). Such Salary may be modified after the Initial Term at the
discretion of the Company. In addition to the foregoing, the Employee shall be
eligible for a bonus, which may be paid at the sole discretion of the Company
and consistent with the terms of any of the Company's bonus programs, as it may
be establish, from time to time by the Company. The parties understand that the
bonus is not guaranteed. He shall also be eligible to participate in the
Executive Equity Program under Brightpoint, Inc. 2004 Long-Term Incentive Plan,
consistent with its eligibility requirements and other terms and conditions, as
amended from time to time by the Company.

                  IV. Benefits. During the term of Employee's employment with
the Company, he shall have the right to participate in such benefit plans as the
Company may from time to time institute for its regular employees, and his
participation shall be in accordance with the eligibility requirements of such
plans. The parties acknowledge and agree that such plans may be amended
periodically by the Company at its discretion. The parties acknowledge that such
plans currently include medical, dental, life insurance, and the Company's
401(k) plan. Paid time off may be taken with the Employer's prior approval, and
consistent with the Employer's paid time off policy, and the Employee shall
schedule time off so that it does not interfere with the fulfillment of his
duties and responsibilities.

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                  V. Termination. Employee's employment and this Agreement may
be terminated by the Company in the event of the following circumstances: (1)
the Employee's death; (2) if, as a result of the Employee's physical or mental
disability (which can not be reasonably accommodated), for a period greater than
ninety (90) days, he can not perform all of the essential functions of his
position; or (3) upon notice to the Employee, with or without Cause. For
purposes of this Agreement, the Employer shall have "Cause" to terminate the
Employee's employment under this Agreement in the event of: (a) the Employee's
failure to satisfactorily perform his duties and responsibilities as determined
by the Company, or his failure to meet the Company's expectations in the
performance of his duties and responsibilities as determined by the Company; (b)
the Employee's commission of any act which the Company determines constitutes
dishonest behavior or misconduct (including, but not limited to, any action that
may or does result in embarrassment or harm to the Company); the Employee's
negligence or malfeasance; or the Employee's failure to follow the Company's
rules, policies, or procedures; or (c) the Employee's conviction for a crime or
the filing of criminal charges against him. Any event or circumstances deemed by
the Employer to constitute "cause" for termination of the Employee shall not
constitute "cause" unless and until: (a) a description of the event or
circumstances is provided, in writing, to the Employee by the Employer; and (b)
such event or circumstances are not cured by the Employee to the satisfaction of
the Employer within fifteen (15) days after written notice is given to the
Employee. The Employer shall have the sole and absolute discretion to determine
whether the event or circumstances giving rise to a "cause" termination are
cured by the Employee. In addition to the above, the Employee may terminate this
Agreement and the Employee's employment hereunder upon at least thirty (30) days
prior written notice to the Employer. In the event of such notice, the Employer
may, at its option, advance the date of the Employee's termination to a date
earlier than that specified by the Employee if the Employer determines that such
is consistent with its business and transition needs. If the Employer elects to
advance the date of the Employee's termination, the Employee will be paid his
full salary as if he worked for thirty (30) days after providing notice of
termination, and the parties agree that under these circumstances, the Employee
shall not receive any separation payment as described in Section 7.C. In
addition to the above, the parties agree that the Employer's modification or
elimination of the Employee's title or duties as acting Chief Accounting Officer
and Controller of Brightpoint, Inc. shall not constitute a termination of this
Agreement, nor shall such events give rise to any rights for Employee including,
but not limited to, any separation payment.

                  VI. Notice and Date of Termination. Any termination of the
Employee's employment by the Company or by the Employee (other than termination
by reason of the Employee's death) shall be communicated by written Notice of
Termination to the other party. The "Date of Termination" shall mean: (a) if the
Employee's employment is terminated by his death, the date of his death; (b) if
the Employee's employment is terminated pursuant to any other reason set forth
in Section 5, the date on which the Notice of Termination is given or such other
date specified in the Notice by the Company; and (c) if this Agreement is
terminated by the Employee, the date specified by him in the Notice.

                  VII. Compensation Upon Termination.

                          A. If the Employee's employment shall be terminated by
reason of his death or disability, the Employer shall pay to such person as he
shall designate in writing filed with the Employer, or if no such person shall
be designated, to his duly-qualified estate (and as otherwise provided by law)
as a lump sum benefit, his full Salary to the date of his death and

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such payment shall fully discharge the Employer's obligations to Employee and
his estate with respect to this Agreement.

                          B. If the Employee's employment shall be terminated
for Cause, or if the Agreement is terminated by the Employee, or if the
Employee's employment and this Agreement terminate due to the expiration or
nonrenewal of this Agreement (pursuant to Section I), the Employer shall pay the
Employee his full Salary through the Date of Termination, at the rate in effect
at the time Notice of Termination is given, and the Employer shall have no
further obligations to him with respect to this Agreement.

                          C. If the Employer terminates the Employee's
employment and this Agreement, other than for Cause (as defined in Section 5),
death or disability, or other than as a result of the Employee's termination of
this Agreement or his resignation, then the Employer shall pay the Employee his
full Salary through the Date of Termination at the rate in effect at the time
the Notice of Termination is given to him. In addition, in the event of said
termination, the Employer shall provide the Employee an opportunity to execute a
Separation Agreement and Release of Claims ("Separation Agreement"), to be
prepared by the Employer, and which agreement shall include a provision for a
separation payment to the Employee. Said separation payment shall be an amount
equivalent to the base Salary paid to the Employee during his employment (up to
a maximum amount equivalent to twelve (12) times the Employee's monthly base
salary on the Date of Termination). This separation payment shall be in lieu of
any further obligations to the Employee, including, but not limited to, any
arising under this Agreement except as outlined herein.

                          D. If the Employer terminates the Employee's
employment and this Agreement, other than for Cause (as defined in Section 5),
death or disability, or other than as a result of the Employee's termination of
this Agreement or his resignation, then the Employer shall promptly reimburse
the Employee for approved business expenses incurred by Employee and
reimbursable in accordance with the Company's rules, policies and procedures.

                          E. If the Employer terminates the Employee's
employment and this Agreement, other than for Cause (as defined in Section 5),
death or disability, or other than as a result of the Employee's termination of
this Agreement or his resignation, then the Employee will be entitled to any
earned and unpaid bonus, said bonus to be paid in accordance with plan and
company guidelines.

                          F. If the Employer terminates the Employee's
employment and this Agreement, other than for Cause (as defined in Section 5),
death or disability, or other than as a result of the Employee's termination of
this Agreement or his resignation, then the Employee may request that any
Separation payment be paid in equal monthly installments on the Employer's
regular payroll dates, with the first installment to be paid as soon as
practical after the effective date of the Separation Agreement.

                          G. Notwithstanding the above or any other provision in
this Agreement, the Employer's obligations to the Employee pursuant to Section 9
of this Agreement shall survive any termination of this Agreement by either the
Employee or the Employer, with or without cause.

                  VIII. Confidentiality; Noncompetition.

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                          A. The Employer and the Employee acknowledge that the
services to be performed by the Employee under this Agreement are unique and
extraordinary and that he has responsibility for tax and treasury which involve
highly confidential matters. As a result of his employment, the Employee will be
in possession of sensitive and highly confidential information relating to the
business practices of the Company, both in the United States and abroad. The
term "confidential information" shall mean any and all information (verbal and
written) relating to the Company or any of its affiliates, or any of their
respective activities, other than such information which can be shown by the
Employee to be in the public domain (such information not being deemed to be in
the public domain merely because it is embraced by more general information
which is in the public domain) other than as the result of breach of the
provisions of this Section 8.A, including, but not limited to, information
relating to: trade secrets, personnel lists, financial information, research
projects, services used, pricing, customers, customer lists and prospects,
product sourcing, marketing and selling and servicing. The Employee agrees that
he will not, during or for a period of five (5) years after the termination of
employment, directly or indirectly, use, communicate, disclose or disseminate to
any person, firm or corporation any confidential information regarding the
clients, customers or business practices of the Company acquired by the Employee
during his employment by Employer, without the prior written consent of
Employer; provided, however, that the Employee understands that Employee will be
prohibited from misappropriating or disclosing any trade secret (as defined for
purposes of Indiana law) at any time during or after the termination of
employment.

                          B. The Employee hereby agrees that he shall not,
during the period of his employment and for a period of one (1) year following
such employment, directly or indirectly, within any county (or adjacent county)
in any State within the United States or within any country outside of the
United States in which the Company is engaged in business during the period of
the Employee's employment or on the date of termination of the Employee's
employment, engage, have an interest in or render any services to any business
(whether as owner, manager, operator, licensor, licensee, lender, partner,
stockholder, joint venturer, employee, consultant or otherwise) competitive with
the Company's principal business activities, whether such activities are carried
on within the United States and/or outside of the United States.

                          C. The Employee hereby agrees that he shall not,
during the period of his employment and for a period of two (2) years following
such employment, directly or indirectly, take any action which constitutes an
interference with or a disruption of any of the Company's business activities
including, without limitation, the solicitation of any of the Company's
customers, or persons listed on the personnel lists of the Company. At no time
during the term of this Agreement, or thereafter, shall the Employee directly or
indirectly, disparage the commercial, business, or financial reputation of the
Company.

                          D. For purposes of clarification, but not of
limitation, the Employee hereby acknowledges and agrees that the provisions of
Sections 8.B and 8.C above shall serve as a prohibition against him, during the
period referred to therein, directly or indirectly, hiring, offering to hire,
enticing, soliciting or in any other manner persuading or attempting to persuade
any officer, employee, agent, lessor, lessee, licensor, licensee or customer who
has been previously contacted by either a representative of the Company,
including the Employee, (but only those suppliers existing during the time of
the Employee's employment by the Company, or

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at the termination of his employment), to discontinue or alter his, her or its
relationship with the Company.

                          E. Upon the termination of the Employee's employment
for any reason whatsoever, or at such other time as directed by the Company, all
documents, records, notebooks, equipment, price lists, specifications, programs,
customer and prospective customer lists and other materials which refer or
relate to any aspect of the business of the Company which are in the possession
of the Employee including all copies thereof, shall be promptly returned to the
Company.

                          F. 1. The Employee agrees that all processes,
technologies and inventions ("Inventions"), including new contributions,
improvements, ideas and discoveries, whether patentable or not, conceived,
developed, invented or made by him during his employment by Employer shall
belong to the Company, provided that such Inventions grew out of the Employee's
work with the Company, are related in any manner to the business (commercial or
experimental) of the Company or are conceived or made on the Company's time or
with the use of the Company's facilities or materials. The Employee shall
further: (a) promptly disclose such Inventions to the Company; (b) assign to the
Company, without additional compensation, all patent and other rights to such
Inventions for the United States and foreign countries; (c) sign all papers
necessary to carry out the foregoing; and (d) give testimony in support of his
inventorship;

                             2. If any Invention is described in a patent
application or is disclosed to third parties, directly or indirectly, by the
Employee within two (2) years after the termination of his employment by the
Company, it is to be presumed that the Invention was conceived or made during
the period of the Employee's employment by the Company; and

                             3. The Employee agrees that he will not assert any
rights to any Invention as having been made or acquired by him prior to the date
of this Agreement, except for Inventions, if any, disclosed to the Company in
writing prior to the date hereof.

                          G. The Company shall be the sole owner of all products
and proceeds of the Employee's services hereunder, including, but not limited
to, all materials, ideas, concepts, formats, suggestions, developments,
arrangements, packages, programs and other intellectual properties that the
Employee may acquire, obtain, develop or create in connection with and during
the term of the Employee's employment hereunder, free and clear of any claims by
the Employee (or anyone claiming under the Employee) of any kind or character
whatsoever (other than the Employee's right to receive payments hereunder). The
Employee shall, at the request of the Company, execute such assignments,
certificates or other instruments as the Company may from time to time deem
necessary or desirable to evidence, establish, maintain, perfect, protect,
enforce or defend its right, or title and interest in or to any such properties.

                          H. The parties hereto hereby acknowledge and agree
that: (i) the Company would be irreparably injured in the event of a breach by
the Employee of any of his obligations under this Section 8; (ii) monetary
damages would not be an adequate remedy for any such breach; and (iii) the
Company shall be entitled to injunctive relief, in addition to any other remedy
which it may have, in the event of any such breach. Furthermore, the parties
agree that the period during which the Employee's activities are restricted, as
set forth under this

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Section 8, shall be extended by any period during which Employee is in breach of
this Agreement.

                          I. The parties hereto hereby acknowledge that, in
addition to any other remedies the Company may have under Section 8.H hereof,
the Company shall have the right and remedy to require the Employee to account
for and pay over to the Company all compensation, profits, monies, accruals,
increments or other benefits (collectively, "Benefits") derived or received by
the Employee as the result of any transactions constituting a breach of any of
the provisions of Section 8, and the Employee hereby agrees to account for and
pay over such Benefits to the Company.

                          J. Each of the rights and remedies enumerated in
Section 8.H and 8.I shall be independent of the other, and shall be severally
enforceable, and all of such rights and remedies shall be in addition to, and
not in lieu of, any other rights and remedies available to the Company under law
or in equity.

                          K. If any provision contained in this Section 8 is
hereafter construed to be invalid or unenforceable, the same shall not affect
the remainder of the covenant or covenants, which shall be given full effect,
without regard to the invalid portions. In addition, if any provision contained
in this Section 8 is found to be unenforceable by reason of the extent, duration
or scope thereof, or otherwise, then the court making such determination shall
have the right to reduce such extent, duration, scope or other provision and in
its reduced form any such restriction shall thereafter be enforceable as
contemplated hereby. It is the intent of the parties hereto that the covenants
contained in this Section 8 shall be enforced to the fullest extent permissible
under the laws and public policies of each jurisdiction in which enforcement is
sought (the Employee hereby acknowledging that said restrictions are reasonably
necessary for the protection of the Company).

                  IX. Indemnification. The Company shall indemnify and hold
harmless the Employee against any and all expenses reasonably incurred by him in
connection with or arising out of: (a) the defense of any action, suit or
proceeding in which he is a party (other than any action, suit or proceeding
involving alleged misconduct or malfeasance by him); or (b) any claim asserted
or threatened against him, in either case by reason of or relating to him being
or having been an employee, officer or director of the Company, whether or not
he continues to be such an employee, officer or director at the time of
incurring such expenses, except insofar as such indemnification is prohibited by
law (other than any action, suit or proceeding involving alleged misconduct or
malfeasance by him). Such expenses shall include, without limitation, the fees
and disbursements of attorneys, amounts of judgments and amounts of any
settlements, provided that such expenses are agreed to in advance by the
Company. The foregoing indemnification obligation is independent of any similar
obligation provided in the Company's Certificate of Incorporation or Bylaws, and
shall apply with respect to any matters attributable to periods prior to the
Effective Date, and to matters attributable to his employment hereunder, without
regard to when asserted. Moreover, as stated in Section 7, the Employer's
obligations to the Employee pursuant to Section 9 of this Agreement shall
survive any termination of this Agreement by either the Employee or the
Employer, with or without cause.

                  X. General. This Agreement is further governed by the
following provisions:

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                          A. Notices. All notices relating to this Agreement
shall be in writing and shall be either personally delivered, sent by telecopy
(receipt confirmed) or mailed by certified mail, return receipt requested, to be
delivered at such address as is indicated below, or at such other address or to
the attention of such other person as the recipient has specified by prior
written notice to the sending party. Notice shall be effective when so
personally delivered, one business day after being sent by telecopy or five days
after being mailed.

                  To the Employer:

                  Brightpoint, Inc.
                  501 Airtech Parkway
                  Plainfield, Indiana 46168
                  Attn:  General Counsel

                  To the Employee:

                  Vincent Donargo
                  At the home address he provides to the Company

                  With, in either case, a copy in the same manner to:
                  Ice Miller
                  One American Square, Box 82001
                  Indianapolis, Indiana  46282-0200
                  Attn:  Michael A. Blickman, Esq.

                          B. Parties in Interest. Employee may not delegate his
duties or assign his rights hereunder. This Agreement shall inure to the benefit
of, and be binding upon, the parties hereto and their respective heirs, legal
representatives, successors and permitted assigns.

                          C. Entire Agreement. This Agreement supersedes any and
all other agreements, either oral or in writing, between the parties hereto with
respect to the employment of the Employee by the Employer, including, but not
limited to, the Confidentiality Agreement entered into between the parties on
January 19, 1998. The parties agree that this Agreement contains all of the
covenants and agreements between the parties with respect to such employment in
any manner whatsoever. Any modification or termination of this Agreement will be
effective only if it is in writing signed by the party to be charged.

                          D. Governing Law. This Agreement shall be governed by
and construed in accordance with the laws of the State of Indiana. Employee
agrees to and hereby does submit to jurisdiction before any state or federal
court of record in Marion County, Indiana, or in the state and county in which
such violation may occur, at Employer's election.

                          E. Warranties. Employee hereby warrants and represents
as follows: (a) that the execution of this Agreement and the discharge of his
obligations hereunder will not breach or conflict with any other contract,
agreement, or understanding between Employee and any other party or parties; and
(b) that the Employee has ideas, information and know-how relating to the type
of business conducted by Employer, and Employee's disclosure of such ideas,

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information and know-how to Employer will not conflict with or violate the
rights of any third party or parties.

                          F. Severability. In the event that any term or
condition in this Agreement shall for any reason be held by a court of competent
jurisdiction to be invalid, illegal or unenforceable in any respect, such
invalidity, illegality or unenforceability shall not affect any other term or
condition of this Agreement, but this Agreement shall be construed as if such
invalid or illegal or unenforceable term or condition had never been contained
herein.

                          G. Execution in Counterparts. This Agreement may be
executed by the parties in one or more counterparts, each of which shall be
deemed to be an original but all of which taken together shall constitute one
and the same agreement, and shall become effective when one or more counterparts
has been signed by each of the parties hereto and delivered to each of the other
parties hereto.

                          H. Survival of Provisions. Notwithstanding any other
provision of this Agreement, the parties' respective rights and obligations
under Sections 8 and 9 shall survive any termination or expiration of this
Agreement or the termination of the Employee's employment for any reason
whatsoever.

                  IN WITNESS WHEREOF, the parties hereto have executed and
delivered this Agreement as of the date first above written.

                                     BRIGHTPOINT, INC.,
                                     An Indiana Corporation

                                     By: /s/ Robert J Laikin
                                         ---------------------------------------
                                         Printed: Robert J Laikin
                                         Title:   CEO and Chairman of the Board

                                     /s/ Vincent Donargo
                                     -------------------------------------------
                                     Vincent Donargo

                                      -8-exv4w1

 

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Exhibit 4.1

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 September 7, 2006.

Ministerial declaration of no-objection dated August 1, 2006, 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 fifty-seven million two hundred
fifteen thousand euro (EUR 57,215,000). 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 one eurocent (EUR 0.01) 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
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.	 	Every time a class B shares 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 one class
A share per converted class B share.

 

 

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	3.4.	 	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 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.

 

 

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	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 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.

 

 

  4

	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 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.	 	share(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

 

 

  5

	 	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.
	 
	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.

 

 

  6

	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.

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.
	 
	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.

 

 

  7

	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.
	 
	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.

 

 

  8

	 	 	  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 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.

 

 

  9

	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, 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.

 

 

  10

	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 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.

 

 

  11

Right of pledge.

 Article 13.

	13.1.	 	A right of pand (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.
	 
	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 a right 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.

 

 

  12

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 shares shall inform the managing board of the
number of class B shares to be converted. The meeting of holders of class B shares shall then
resolve on the request to convert as mentioned in paragraph 1 of this article 17. The
conversion shall take effect on the day the resolution to convert has been passed by
the meeting of holders of class B shares.
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.

 

 

  13

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.	 	Managing directors are appointed for a period of three years starting on the day after the
day of the 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 third year upon their
appointment.
Each managing director is eligible for immediate reappointment.
	 
	18.4.	 	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.	 	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 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.

 

 

  14

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 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.

 

 

  15

	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.

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.

 

 

  16

	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.

	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.

 

 

  17

	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.

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;

 

 

  18

	 	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 who
have their ownership recorded directly in the company’s shareholders’ register, 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 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.

 

 

  19

	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 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.

 

 

  20

	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 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.

 

 

  21

	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.

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

Voting right per share.

Article 32.

At the general meeting of shareholders each share, without regard to the class of each share,
entitles its holder to one (1) vote.

Class meetings.

 

 

  22

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.
	 
	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.

 

 

  23

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, a
special share premium reserve (the Special Reserve) and a share premium reserve B (the B
Reserve).
Both the Special Reserve and the B Reserve constitute a “statutaire reserve” (statutory
reserve).

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

	36.5.	 	Losses can only be charged to the Special Reserve and/or the B 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 and/or the B Reserve, in conformity with
paragraph 5 hereof, then in the following years profits made shall first be allocated to
settle the amounts that have been charged to the Special Reserve and/or the B Reserve.

 

 

  24

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, the Special Reserve and the B 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, the Special
Reserve or the B 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 or in respect of type II shares may differ from the
date of payment set in respect of type I shares.

 

 

  25

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

 

 

  26

	 	 	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. The provisions of article 41 shall apply accordingly.

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

 

 

  27

	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.

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