Document:

EX-4.2

 Exhibit 4.2 

REGISTERED 
 No. 

PHILIP MORRIS INTERNATIONAL INC. 
  

			
	         4.250% NOTES DUE
2044
	  	PRINCIPAL AMOUNT
		  	$
		  	CUSIP NO. 718172 BL2
		  	ISIN NO. US718172BL29

 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO
AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TRUST COMPANY (THE
“DEPOSITARY”) TO A NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY TO
THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT
IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 PHILIP MORRIS INTERNATIONAL INC., a Virginia corporation (hereinafter called
the “Company”, which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co. or registered assigns, the principal sum of
$                     on November 10, 2044, and to pay interest thereon from May 10, 2016 or from the most recent Interest Payment Date to
which interest has been paid or duly provided for, semiannually in arrears on May 10 and November 10 of each year, commencing November 10, 2016, at the rate of 4.250% per annum until the principal hereof is paid or made available
for payment. 
 The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the
Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be April 26 or October 26 (whether or not a
Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so 

 
punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may be paid to the Person in whose name this Note (or one or more
Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee for the Notes, notice whereof shall be given to Holders of Notes not less than 10 days
prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange,
all as more fully provided in said Indenture. 
 Payment of the principal of (and premium, if any) and interest on this Note will be made
at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and
private debts; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear on the Securities Register or by wire
transfer at such place and to such account at a banking institution in the United States as may be designated in writing to the Trustee at least 15 days prior to the date for payment by the person entitled thereto. All payments of principal,
premium, if any, and interest in respect of this Note will be made by the Company in immediately available funds. 
 Additional provisions
of this Note are contained on the reverse hereof, and such provisions shall have the same effect as though fully set forth in this place. 

Unless the certificate of authentication hereon has been executed by or on behalf of the Trustee for the Notes by manual signature, this Note
shall not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose. 

 IN WITNESS WHEREOF, PHILIP MORRIS INTERNATIONAL INC. has caused this instrument
to be duly executed. 
  

			
	Dated: May 10, 2016
	
	PHILIP MORRIS INTERNATIONAL INC.
		
	By:	 	 
	Name:	 	Andreas Kurali
	Title:	 	Vice President and Controller
	
	Attest:
		
	By:	 	 
	Name:	 	Markus Mueller
	Title:	 	Assistant General Counsel and
		 	Assistant Corporate Secretary

 CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein described in the within-mentioned Indenture. 

 

			
	 HSBC BANK USA, NATIONAL ASSOCIATION,

as Trustee

	
	
By:                      
                                         
        

		 	Authorized Officer

  
  
  

4.250% Notes due 2044 - No. 

 (Reverse of Note) 

PHILIP MORRIS INTERNATIONAL INC. 

This Note is one of a duly authorized issue of debentures, notes or other evidences of indebtedness (hereinafter called the
“Securities”) of the Company of the series hereinafter specified, which series is limited in aggregate principal amount to $500,000,000 (except as provided in the Indenture hereinafter mentioned), all such Securities issued and to be
issued under an Indenture dated as of April 25, 2008 between the Company and HSBC Bank USA, National Association, as Trustee (herein called the “Indenture”), to which Indenture and all other indentures supplemental thereto reference
is hereby made for a statement of the rights and limitations of rights thereunder of the Holders of the Securities and of the rights, obligations, duties and immunities of the Trustee for each series of Securities and of the Company, and the terms
upon which the Securities are and are to be authenticated and delivered. As provided in the Indenture, the Securities may be issued in one or more series, which different series may be issued in various aggregate principal amounts, may mature at
different times, may bear interest, if any, at different rates, may be subject to different redemption provisions, if any, may be subject to different sinking, purchase or analogous funds, if any, may be subject to different covenants and Events of
Default and may otherwise vary as in the Indenture provided or permitted. This Note is one of a series of the Securities designated therein as 4.250% Notes due 2044 (the “Notes”), of which $750,000,000 were previously issued on
November 10, 2014. 
 Section 1010 of the Indenture shall be applicable to the Notes, except that (i) the term
“Holder,” when used in Section 1010 of the Indenture, shall mean the beneficial owner of a Note or any person holding on behalf or for the account of the beneficial owner of a Note; (ii) the following language shall replace
subsection (k) to Section 1010 of the Indenture “any tax, assessment or other governmental charge imposed pursuant to the provisions of Sections 1471 through 1474 of the Code” and (iii) the following language shall be
included as subsection (l) to Section 1010 of the Indenture “any combination of items (a), (b), (c), (d), (e), (f), (g), (h), (i), (j) and (k).” 

The Company may redeem the Notes prior to maturity in whole, but not in part, on not more than 60 days’ notice and not less than 30
days’ notice at a redemption price equal to the principal amount of such Notes plus any accrued interest and additional amounts to the date fixed for redemption if: 
  

	 	•	 	as a result of a change in or amendment to the tax laws, regulations or rulings of the United States or any political subdivision or taxing authority of or in the United States or any change in official position
regarding the application or interpretation of such laws, regulations or rulings (including a holding by a court of competent jurisdiction in the United States) that is announced or becomes effective on or after November 10, 2014, the Company
has or will become obligated to pay additional amounts with respect to the Notes as described in Section 1010 of the Indenture, or 

  

	 	•	 	 on or after November 10, 2014, any action is taken by a taxing authority of, or any decision is rendered by
a court of competent jurisdiction in, the United States 

	 	 
or any political subdivision or taxing authority of or in the United States, including any of those actions specified in the bullet point above, whether or not such action is taken or decision is
rendered with respect to the Company, or any change, amendment, application or interpretation is officially proposed, which, in any such case, in the written opinion of independent legal counsel of recognized standing, will result in a material
probability that the Company will become obligated to pay additional amounts with respect to the Notes, 

 and the Company in its business
judgment determines that such obligations cannot be avoided by the use of reasonable measures available to the Company. 
 If the Company
exercises its option to redeem the Notes, the Company will deliver to the Trustee a certificate signed by an authorized officer stating that it is entitled to redeem the Notes and the written opinion of independent legal counsel if required. 

The Indenture contains provisions for defeasance at any time of the entire principal of all the Securities of any series upon compliance by
the Company with certain conditions set forth therein. 
 If an Event of Default (other than an Event of Default described in
Section 501(4) or 501(5) of the Indenture) with respect to the Notes shall occur and be continuing, then either the Trustee or the Holders of at least 25% in aggregate principal amount of the Securities of all series then Outstanding (or, if
such default is not applicable to all series of the Securities, the Holders of at least 25% in principal amount of the then Outstanding Securities of all series to which it is applicable) (in each case voting as a single class) may declare the
entire principal amount of the Securities of all series so affected due and payable in the manner and with effect provided in the Indenture. If an Event of Default specified in Section 501(4) or 501(5) occurs with respect to the Company, all of
the unpaid principal amount and accrued interest then Outstanding shall ipso facto become and be immediately due and payable in the manner with the effect provided in the Indenture without any declaration or other act by the Trustee or any
Holder. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Holders of the Securities under the Indenture at any time by the Company with the consent of the Holders of not less than a majority in aggregate principal amount of the Outstanding Securities of all
series of Securities affected thereby (voting as a single class). The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Securities of all series affected thereby at the time
Outstanding (voting as a single class) to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences to the affected series. Any such consent or waiver by the Holder
of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the transfer hereof or in exchange or in lieu hereof whether or not notation of such consent or waiver is made upon
this Note. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation
of the Company, which is absolute and unconditional, to pay 

 
the principal of (and premium, if any) and interest on this Note at the times, place and rate, and in the coin or currency, herein and in the Indenture prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, this Note is transferable on the Security Register of the
Company, upon surrender of this Note for registration of transfer at the office or agency of the Company to be maintained for that purpose in the Borough of Manhattan, The City of New York, or at any other office or agency of the Company maintained
for that purpose, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by the Holder hereof or his or her attorney duly authorized in writing, and thereupon
one or more new Notes, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Notes are issuable only in registered form in denominations of $2,000 and any integral multiple of $1,000 in excess thereof. As provided
in the Indenture and subject to certain limitations therein set forth, Notes are exchangeable for a like aggregate principal amount of Notes of a like tenor and of a different authorized denomination, as requested by the Holder surrendering the
same. 
 No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum
sufficient to cover any tax or other governmental charge payable in connection therewith. 
 The Company, the Trustee for the Notes and any
agent of the Company or such Trustee may treat the Person in whose name this Note is registered as the owner hereof for the purpose of receiving payment as herein provided and for all other purposes, whether or not this Note be overdue, and neither
the Company, such Trustee nor any such agent shall be affected by notice to the contrary. 
 Certain of the Company’s obligations
under the Indenture with respect to Notes may be terminated if the Company irrevocably deposits with the Trustee money or Government Obligations sufficient to pay and discharge the entire indebtedness on all Notes, as provided in the Indenture. 

This Note shall for all purposes be governed by, and construed in accordance with, the laws of the State of New York.

 Certain terms used in this Note which are defined in the Indenture have the meanings set forth therein. 

 ASSIGNMENT FORM 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 
  

PLEASE INSERT SOCIAL SECURITY NUMBER OR 
 OTHER IDENTIFYING
NUMBER OF ASSIGNEE 
  

	
	
	  
 (Name and address of
Assignee, including zip code, must be printed or typewritten)

	
	  

	
	  
 the within Note, and
all rights thereunder, hereby irrevocably, constituting and appointing

	
	  

	
	  
 Attorney to transfer the said Note
on the books of Philip Morris International Inc. with full power of substitution in the premises.

  

									
	 Dated:
	 	  
	 		 		 	
		 		 		 	  

		 		 	NOTICE: The signature to this assignment must correspond with the name as it appears upon the face of the within Note in every particular, without alteration or enlargement or any change whatsoever.EX-4.1

 Exhibit 4.1 

This text is a free translation from the French language and is supplied solely for information purposes. 

Only the original version in the French language has legal force. 

SANOFI 
 Limited liability
company 
 (Société Anonyme à conseil d’administration) 

Registered capital : € 2,611,393,518 

Registered office : 54, rue La Boétie – 75008 Paris 

Registration number : PARIS 395 030 844 

ARTICLES OF ASSOCIATION 

  
 1 

 This text is a free translation from the French language and is supplied solely for
information purposes. 
 Only the original version in the French language has legal force. 

 

 PART I 

GENERAL PROVISIONS 
 Article 1 -
Form of company 
 The company, in the form of a limited liability company (société anonyme), is governed by applicable laws and
regulations as well as by these articles of association (statuts). 
 Article 2 - Corporate name 

The corporate name shall be: Sanofi. 
 Article 3 -
Corporate Purpose 
 The company’s corporate purpose, in France and abroad, is: 

 

	•	 	Acquiring interests and holdings, in any form whatsoever, in any company or enterprise, in existence or to be created, connected directly or indirectly with the health and fine chemistry sectors, human and animal
therapeutics, nutrition and bio-industry; 

 in the following areas: 
  

	•	 	Purchase and sale of all raw materials and products necessary for these activities; 

  

	•	 	Research, study, and development of new products, techniques and processes; 

  

	•	 	Manufacture and sale of all chemical, biological, dietary and hygienic products; 

  

	•	 	Obtaining or acquiring all intellectual property rights related to results obtained and, in particular, filing all patents, trademarks and models, processes or inventions; 

 

	•	 	Operating directly or indirectly, purchasing, and transferring – for free or for consideration - pledging or securing all intellectual property rights, particularly all patents, trademarks and models, processes or
inventions; 

  

	•	 	Obtaining, operating, holding and granting all licences; 

  

	•	 	Within the framework of a group-wide policy and subject to compliance with the relevant legislation, participating in treasury management transactions, whether as lead company or otherwise, in the form of centralized
currency risk management or intragroup netting, or any other form permitted under the relevant laws and regulations; 

 And, more generally:

  

	•	 	All commercial, industrial, real or personal, property financial or other transactions, connected directly or indirectly, totally or partially, with the activities described above and with all similar or related
activities and even with any other purposes likely to encourage or develop the company’s activities. 

  
 2 

 This text is a free translation from the French language and is supplied solely for
information purposes. 
 Only the original version in the French language has legal force. 

 

 Article 4 - Registered office 

The registered office is located at: 54, rue La Boétie, PARIS 75008. 

Should a transfer of the registered office be decided upon by the Board of Directors (conseil d’administration), the Board is authorised to modify
the statutes accordingly. 
 Article 5 - Term of company 

The term of the company will expire on May 18, 2093 unless dissolved prior to that date or extended by a decision of the Shareholders’ Extraordinary
General Meeting. 
 PART II 

SHARE CAPITAL 
 Article 6 -
Registered Capital 
 The registered capital is €2,611,393,518 (two billion six hundred and eleven million three hundred and ninety three
thousand five hundred and eighteen euros). 
 It is divided into 1,305,696,759 shares with a par value of €2 each, all of the same class and fully
paid. 
 Article 7 - Form of shares 
 The shares
are registered or bearer shares, according to the shareholder’s choice, under the conditions established by applicable legal provisions. 
 The company
may apply legislative and regulatory provisions concerning the identification of holders of securities giving them the immediate or future right to vote. 

Any individual or entity, acting individually or jointly, who acquires a number of shares representing a proportion of the capital or of voting rights equal
to or exceeding 1% of the share capital, or any multiple of this percentage, even beyond the minimum declaration limits laid down by the legal and regulatory provisions, must inform the company of the total number of shares and voting rights held by
the individual or entity and also of any securities giving future access to the capital or voting rights which may potentially be attached. Notification is to be made by registered mail, return receipt requested, within five stock exchange days
of the date on which the threshold was reached. 
 The obligation to notify the company also applies when the shareholder’s holding of the capital or
voting rights falls to a level below each of those thresholds described in the third paragraph of this article. 
 The legal penalties applicable to failure
to declare the crossing of a statutory threshold apply equally to a failure to declare the crossing of any threshold stipulated in the articles of association and recorded in the minutes of the shareholders’ meeting at the request of one or
more shareholders holding at least 5% of the company’s share capital or voting rights. 

  
 3 

 This text is a free translation from the French language and is supplied solely for
information purposes. 
 Only the original version in the French language has legal force. 

 

 Article 8 - Conveyance and transfer of shares 

The shares are freely negotiable. 
 The transfer of shares occurs
by transfer from one account to another in accordance with the conditions laid down by law and regulations. 
 Article 9 - Rights and obligations
attached to each share 
  

	1)	With regard to ownership of the corporate assets, sharing of profits and the liquidation surplus, each share entitles its owner to an amount in proportion to the number of existing shares. 

 

	2)	Whenever it is necessary to possess a certain number of shares to exercise a right, the owners who do not possess that number of shares are responsible for taking any steps to combine the number required.

  

	3)	Each shareholder has as many votes as the number of shares he owns or represents subject to the provisions below. 

A double voting right is assigned to each registered share that is paid for in full and that has been registered in the name of the same
shareholder for at least two years. 
 The double vote ceases automatically for any share converted into a bearer share or transferred from
one owner to another, subject to exceptions laid down by law. Bonus shares arising from an increase of share capital by incorporation of reserves, profits or share premiums receive the benefit of the double vote as from the time of their issue in so
far as they have been assigned on the basis of shares already benefiting from this right. 
 Article 10 - Paying-up
(libération) of shares 
 Sums that are due on shares to be paid for in cash are requested by the Board of
Directors which determines the dates and extent of the calls for funds. 
 Shareholders who do not make the payments due on the shares they hold
automatically owe the company default interest calculated on a daily basis starting from the due date, at the legal rate in business matters increased by three points, without prejudice to the compulsory enforcement measures provided by law. 

PART III 
 MANAGEMENT OF
THE COMPANY 
 Article 11 - Board of Directors 

The company shall be administered by a Board of Directors of which the minimum and maximum number of members is set by current legislation. 

As soon as the number of directors aged over 70 represents more than one-third of the directors in office, the oldest director shall be deemed to have
resigned; his term of office shall end at the date of the next Shareholders’ Ordinary General Meeting. 

  
 4 

 This text is a free translation from the French language and is supplied solely for
information purposes. 
 Only the original version in the French language has legal force. 

 

 Each director must own at least five hundred shares throughout his term of office. 

The term of office of directors shall be four years. Directors shall be required to seek reappointment by rotation, such that members of the Board are
required to seek reappointment on a regular basis in the most equals proportions possible. Exceptionally, the Shareholders’ Ordinary General Meeting may appoint a director to serve for a term of one, two or three years, in order to ensure
adequate rotation of Board members. 
 Each director standing down shall be eligible for reappointment. 

Article 12 - Chairman and Vice-Chairman of the Board of Directors 

The Board of Directors shall appoint from among its members a Chairman, who must be a natural person. Except in the circumstances specified in article 16 when
he also assumes the function of Chief Executive Officer, the Chairman may hold office until the Shareholders’ Ordinary General Meeting called to approve the financial statements of the immediately preceding financial year and held in the
calendar year in which he reaches the age of 70. 
 The Board may appoint from among its members a Vice-Chairman, who must be a natural person less than 70
years of age. 
 They may be appointed for their entire term of office as directors. 

In the event of the temporary incapacity, resignation, death or non-reappointment of the Chairman, the Board of Directors may delegate another director to act
as chairman. In the event of temporary incapacity, such delegation shall be given for a limited period and shall be renewable. In other cases, it shall be valid until a new Chairman is appointed. 

The Chairman shall organise and direct the work of the Board, and be accountable for this to the Shareholders’ General Meeting. 

He shall ensure that the company’s organs of management operate properly and in particular that the directors are capable of fulfilling their duties.

 Article 13 - Deliberations of the Board 
 The
Board of Directors shall meet as often as required by the interests of the company, either at the registered office or at any other place indicated in the notice of the meeting. The Chairman may notify the directors of meetings of the Board of
Directors by any means, even orally. 
 Meetings of the Board of Directors shall be chaired by the Chairman of the Board of Directors or in his absence by
the Vice-Chairman. If the Chairman and Vice-Chairman are both absent, the Board of Directors shall appoint, for each meeting, a member who will chair the meeting. 

Decisions shall be taken on the quorum and majority conditions stipulated by law. 

The secretary of the Board of Directors shall be authorised to certify as a true record copies of and extracts from minutes of Board meetings. 

  
 5 

 This text is a free translation from the French language and is supplied solely for
information purposes. 
 Only the original version in the French language has legal force. 

 

 Article 14 - Board powers 

The Board of Directors shall determine the strategic orientations of the company’s business and ensure they are implemented. 

Subject to powers expressly granted to shareholders’ meetings and within the limits of the corporate objects, the Board shall address any issue of
relevance to the proper functioning of the company, and shall by its deliberations settle all matters that concern it. 
 The Board shall perform controls
and tests as it sees fit. Each director shall receive all the information necessary for the fulfilment of his duties, and may have disclosed to him all documents that he judges to be useful. 

Article 15 - Committees 
 The Board shall appoint a
Committee, accountable to the Board, to oversee issues relating to the preparation and audit of financial and accounting information, in accordance with the law. 

The Board may appoint one or more other Committees to examine issues referred to them by the Board or the Chairman. 

Article 16 - Management 
 In accordance with the
law, the executive management of the company shall be conducted under the responsibility of the Chairman of the Board of Directors, either by himself or by another natural person appointed by the Board of Directors and bearing the title of Chief
Executive Officer. 
 The Board of Directors shall decide which of these two methods of executive management to adopt on a majority of directors present or
represented. 
 The Board of Directors shall appoint from among its members, or from outside the Board, the Chief Executive Officer, who shall be a physical
person aged less than 65. The Chief Executive Officer shall have the broadest powers to act in all circumstances in the name of the company, within the limits of the corporate objects and subject to powers expressly reserved by law for
shareholders’ meetings and the Board of Directors. He shall represent the company in its dealings with third parties. 
 If the executive management of
the company is conducted by the Chairman, the provisions contained in the law and regulations and in the articles of association relating to the Chief Executive Officer shall apply to him except those relating to the age limit. He shall take the
title of Chairman and Chief Executive Officer and shall hold office until the Ordinary General Meeting called to approve the financial statements of the immediately preceding financial year and held in the calendar year in which he reaches the age
of 68. 
 On a proposal by the Chief Executive Officer, whether this function be assumed by the Chairman of the Board or by another person, the Board of
Directors may appoint from one to five persons in charge of assisting the Chief Executive Officer, with the title of Deputy Chief Executive Officer. 
 In
agreement with the Chief Executive Officer, the Board of Directors shall determine the scope and duration of the powers granted to the Deputy Chief Executive Officers. 

In dealings with third parties, the Deputy Chief Executive Officers shall have the same powers as the Chief Executive Officer. 

  
 6 

 This text is a free translation from the French language and is supplied solely for
information purposes. 
 Only the original version in the French language has legal force. 

 

 Article 17 - Observers (censeurs) 

On the Chairman’s proposal, the Board may appoint up to two observers (censeurs). Observers are chosen from amongst the shareholders and are
appointed for a period of five years. The observers may be re-appointed. They may be dismissed at any time by decision of the Board of Directors. 
 They
are responsible for ensuring that the articles of association are strictly observed. They are invited to attend Board meetings in a consultative capacity; however, their absence from such meetings is not detrimental to the validity of the
proceedings. 
 They examine the annual accounts and address comments to the members of the Shareholders’ Ordinary General Meeting as they deem
necessary. 
 The Board may remunerate the observers by deducting sums from the amount of the attendance fees allotted by the general shareholders’
meeting to Board members. 
 PART IV 

STATUTORY AUDITORS 
 Article 18 -
Statutory Auditors 
 One or several principal auditors are appointed and carry out their audit assignment in compliance with the law. 

PART V 
 GENERAL
SHAREHOLDERS’ MEETINGS 
 Article 19 - Right of access - Representation 

 

	1)	All shareholders shall be entitled to attend personally or by proxy, in the form and at the places indicated in the notice of the meeting, on presentation of proof of identity and of ownership of the shares held in an
account before the legal limit of accounting registration. 

  

	2)	Any shareholder may be represented or vote by mail on the conditions stipulated by law. 

  

	3)	Any shareholder may also, if the Board of Directors so decides on convening the meeting, participate and vote at meetings by video-conference or by any other means of telecommunication including the Internet that
enables him or her to be identified on the conditions and accordance to the methods laid down by applicable legislation. Such decision will be notified in accordance with the law. 

Those shareholders who use for this purpose, and within the time limits, the electronic form provided on the website of the General Meeting
centralizer shall be deemed to be among the shareholders present or represented. The electronic form may be completed and signed directly on this site through a user code and a password 

The proxy or the vote provided by electronic means prior to the General Meeting, as well as the evidence of receipt which is provided, shall be
deemed irrevocable and may be asserted against all persons, it being specified that in the event of a transfer of share ownership occurring before the legal limit of accounting registration of the shares, the Company will invalidate or revise,
depending on the situation, the proxy or the vote provided before this date and this hour. 

  
 7 

 This text is a free translation from the French language and is supplied solely for
information purposes. 
 Only the original version in the French language has legal force. 

 

 Article 20 - Notice of general shareholders’ meetings 

The meetings are convened by the Board of Directors under the conditions and within the time limits prescribed by law. They are held at the registered office
or at in any other place indicated in the convening letter or notice. 
 Article 21 - Meeting committee 

Shareholders’ General Meetings are presided over by the Chairman of the Board of Directors or, in his absence, by a director appointed by the Board. 

The duties of examiner (scrutateur) are fulfilled by the two shareholders, present and willing, who hold the greatest number of votes both in their own
name and in their capacity as authorised agents. 
 The committee appoints a secretary who need not be a member of the general meeting. 

Article 22 - General shareholders’ meetings 

Ordinary and Extraordinary General Shareholders’ Meetings, acting under the conditions of quorum and majority laid down by law, exercise the powers
assigned to them in compliance with the law. 
 PART VI 

ALLOCATION OF PROFITS 
 Article 23 -
Financial year 
 Each financial year starts on January 1st and ends on December 31st. 
 Article 24 - Allocation of profits 

 

	1)	The profit or loss of the financial year is the difference between the income and expenses of the financial year, after deduction of depreciation, amortization and provisions, as shown in the income statement.

  

	2)	From the profit of the financial year, less any prior losses, a deduction of at least five per cent is made, this deduction being allocated for the creation of a reserve fund known as the “legal reserve”. This
deduction is no longer compulsory when the amount of the legal reserve reaches one-tenth of the registered capital. The deduction begins again if, for any reason whatsoever, the legal reserve falls to a level below the said fraction.

 The remaining balance, plus any profit carried forward, constitutes the distributable profit. 

On the Board’s proposal, the Shareholders’ General Meeting may decide that the distributable profit may, totally or partially, be
carried forward or assigned to one or several general or special reserve funds. 

  
 8 

 This text is a free translation from the French language and is supplied solely for
information purposes. 
 Only the original version in the French language has legal force. 

 

 Article 25 - Dividends 

The Shareholders’ General Meeting, voting on the accounts of the financial year, may grant each shareholder for all or part of the dividend to be
distributed, the option to choose between receiving payment of the dividends in cash or shares. 
 Subject to prevailing legal or regulatory provisions, the
Board of Directors may pay interim dividends in cash or shares, even during the course of the financial year. 
 PART VII 

DISSOLUTION - LIQUIDATION 
 Article
26 
 On the expiry of the term of the company or in case of dissolution prior to that date, the Shareholders’ General Meeting rules on the mode
of liquidation and appoints one or several liquidators whose powers it determines and who carry out their duties, in compliance with the law. 
 The
liquidation proceeds are first used to pay liabilities. Subsequent to this payment and after payment of liquidation costs, the surplus is used to reimburse the nominal value of the shares; the balance is distributed amongst the shareholders in the
same proportions as their participation in the share capital. 
 PART VIII 

DISPUTES 
 Article 27 

Any disputes that may arise during the life of the company or its liquidation, either between the shareholders and the company or between the shareholders
themselves, concerning the interpretation or enforcement of these statutes or generally regarding corporate business, are subject to the jurisdiction of the competent courts. 

  
 9

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