Document:

ISOTIS SA

                           STOCK OPTION PLAN 2003/2

                   (NORTH AMERICAN EMPLOYEES AND DIRECTORS)

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                               TABLE OF CONTENTS

                                                                           PAGE

ARTICLE 1 DEFINITIONS AND INTERPRETATION.,....................................1

  1.1 DEFINITIONS.............................................................1
  1.2 CHOICE OF LAW...........................................................2
  1.3 HEADINGS................................................................2
  1.4 COMPLIANCE WITH LAWS....................................................3

ARTICLE 2 PURPOSE AND PARTICIPATION...........................................3

  2.1 PURPOSE.................................................................3
  2.2 PARTICIPATION...........................................................3
  2.3 AWARD AGREEMENT.........................................................3
  2.4 COPY OF PLAN............................................................3
  2.5 LIMITATION..............................................................4

ARTICLE 3 TERMS AND CONDITIONS OF OPTIONS.....................................4

  3.1 SHARES..................................................................4
  3.2 NUMBER OF SHARES........................................................4
  3.3 TERM OF OPTION..........................................................4
  3.4 TERMINATION OF OPTION...................................................4
  3.5 EXERCISE PRICE..........................................................5
  3.6 ASSIGNMENT OF OPTIONS...................................................6
  3.7 ADJUSTMENTS.............................................................6
  3.8 VESTING.................................................................6

ARTICLE 4 EXERCISE OF OPTION..................................................6

  4.1 EXERCISE OF OPTION......................................................6
  4.2 ISSUE OF SHARE..........................................................6
  4.3 CONDITION OF ISSUE......................................................7

ARTICLE 5 CERTAIN CORPORATE TRANSACTIONS......................................7

ARTICLE 6 ADMINISTRATION......................................................7

  6.1 ADMINISTRATION..........................................................7
  6.2 INTERPRETATION..........................................................8

ARTICLE 7 AMENDMENT AND TERMINATION...........................................8

  7.1 PROSPECTIVE AMENDMENT...................................................8
  7.2 RETROSPECTIVE AMENDMENT.................................................8
  7.3 TERMINATION.............................................................8
  7.4 AGREEMENT...............................................................9

ARTICLE 8 GENERAL PROVISIONS..................................................9

  8.1 APPROVAL REQUIRED FOR PLAN..............................................9
  8.2 INSIDER TRADING AND CODE OF CONDUCT.....................................9
  8.3 TAXATION AND SOCIAL SECURITY............................................9
  8.4 SEVERABILITY............................................................9

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                                   ARTICLE 1
                        DEFINITIONS AND INTERPRETATION

1.1  DEFINITIONS

As used herein, unless anything in the subject matter or context is
inconsistent therewith, the following terms shall have the meanings set forth
below:

     (a) "Administrator" means, initially, the CFO of the Company and
     thereafter shall mean such director(s) or other senior officer(s) or
     employee(s) of the Company as may be designated as Administrator(s) by
     the Board from time to time;

     (b) "Applicable Laws" means all relevant provisions of law, including,
     without limitation, the jurisdictions in which optionees may reside;

     (c) "Associate" has the meaning ascribed in the Securities Act
     (Ontario);

     (d) "Award Agreement" means the agreement entered into between the
     Company and the Option Holder, specifying and evidencing the terms and
     conditions of the Options granted to the Option Holder;

     (e) "Award Date" means the date of grant specified in the Award
     Agreement;

     (f) "Board" means the board of directors of the Company;

     (g) "Director" means any individual member of the Board of directors of the
     Company;

     (h) "Company" means IsoTis SA;

     (i) "Employee" means any individual regularly employed on a full-time or
     part-time basis by the Company or a Subsidiary;

     (j) "Exchange" means any stock exchange or market upon which the Shares
     may be listed or quoted;

     (k) "Exercise Notice" means the notice respecting the exercise of an
     Option, in the form set out as Exhibits A or B to the Award Agreement,
     duly executed by the Option Holder;

     (l) "Exercise Period" means the period during which a particular Option
     may be exercised and is the period from and including the Award Date
     through to and including the Expiry Date;

     (m) "Exercise Price" means the price at which an Option may be exercised
     as determined in accordance with section 3.5;

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     (n) "Expiry Date" means the date determined in accordance with section
     3.3 and after which a particular Option cannot be exercised;

     (o) "Insider" means

          (i) an insider of the Company as defined in the Securities Act
          (Ontario), other than a person who is such an insider solely by
          virtue of being a director or senior officer of a subsidiary of the
          Company, and

          (ii) an Associate of a person who is an Insider by virtue of
          {section}(i);

     (p) "Option" or "Options" means, as the case may be, one or more options
     awarded to a Director or Employee pursuant to the Plan, entitling
     each, on exercise thereof in accordance with the provision of the Plan
     and of the Award Agreement, to subscribe for one Share of the Company at
     a specified Exercise Price;

     (q) "Option Holder" means a Director or Employee who holds an
     unexercised and unexpired Option or, where applicable, the Personal
     Representative of such person;

     (r) "Plan" means this IsoTis SA stock option plan 2003/2;

     (s) "Personal Representative" means:

           (i) in the case of a deceased Option Holder, the executor or
           administrator of the deceased duly appointed by a court or public
           authority having jurisdiction to do so; and

           (ii) in the case of an Option Holder who for any reason is unable
           to manage his or her affairs, the person entitled by law to act on
           behalf of such Option Holder;

     (t) "Share" or "Shares" means, as the case may be, one or more common
     shares with a par value of CHF 1 in the share capital of the Company;

     (u) "Subsidiary" or "Subsidiaries" means, as the case may be, one or
     more subsidiaries of the Company, including but not limited to GenSci
     OrthoBiologics, Inc., a company incorporated under the laws of the State
     of Washington; and

     (v) "TSX" means the Toronto Stock Exchange.

1.2  CHOICE OF LAW

The Plan is established under and the provisions of the Plan shall be
interpreted and construed in accordance with the internal laws of Switzerland.

1.3  HEADINGS

The headings used herein are for convenience only and are not to affect the
interpretation of the Plan.

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                                    - 3 -

1.4  COMPLIANCE WITH LAWS

Transactions under the Plan are intended to comply with all Applicable Laws
and the requirements of any Exchange. To the extent any provision of the Plan
or action by the Board fails to so comply, it will be deemed null and void, to
the extent permitted by law and deemed advisable by the Board.

The Company will not be obligated to issue and deliver any Shares pursuant to
the exercise of any option until, in the opinion of the Company's counsel, all
Applicable Laws and Exchange requirements have been complied with. Without
limiting the generality of the foregoing, the Company may require from the
person exercising the option such investment representation, undertaking or
agreement, if any, as counsel for the Company may consider necessary in order
to comply with the Applicable Laws.

                                   ARTICLE 2
                           PURPOSE AND PARTICIPATION

2.1  PURPOSE

The purpose of the Plan is to provide the Company with a share-related
mechanism to attract, retain and motivate qualified Directors and Employees,
to reward such of those Directors and Employees as may be awarded Options
under the Plan by the Board from time to time for their contributions to the
long term success of the Company or its Subsidiaries. The Plan is intended to
accomplish these goals by enabling the Company to grant Options. The Plan
rules the conditions and modalities of the grant and exercise of such Options.

2.2  PARTICIPATION

The Board shall, from time to time, in its sole discretion determine those
Directors and Employees, if any, to whom Options are to be awarded. The Board
may grant Options at any time. If the Board elects to award Options to a
Director or an Employee, the Board shall, in its sole discretion but subject
to the provisions of the Plan, determine the number as well as the terms and
conditions of such Options.

2.3  AWARD AGREEMENT

A Director or Employee who is granted Options will have no rights with respect
to such Options unless he accepts the Options by returning to the Company a
signed copy of the Award Agreement drafted by the Company. The Options are
granted as of the Award Date specified in the Award Agreement.

2.4  COPY OF PLAN

Each Option Holder shall be provided with a copy of the Plan, which shall be
attached to the Award Agreement. A copy of any amendment to the Plan shall be
promptly provided by the Administrator to each Option Holder.

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                                     - 4

2.5  LIMITATION

The Plan does not give any Director or Employee the right to be granted
Options, nor does it give any Option Holder the right to be granted other
Options. The Plan does not give any Option Holder that is a Director the right
to serve or continue to serve as a Director of the Company nor does it give
any Option Holder that is an Employee the right to be or to continue to be
employed by the Company. In case of termination of the employment agreement
between the Option Holder and the Company, the Option Holder will not be
entitled to any compensation for any losses suffered due to the fact that
Options are terminated.

                                   ARTICLE 3
                        TERMS AND CONDITIONS OF OPTIONS

3.1  SHARES

The Shares to be issued to Option Holders upon the exercise of Options are
based on a conditional increase of the share capital of the Company resolved
by the general shareholders meeting.

3.2  NUMBER OF SHARES

The Plan is based on article 7 of the Articles of Association of the Company,
which provides for a conditional increase of the share capital of the Company
of a maximum of CHF 7,000,000 by the issuance of a maximum 7,000,000 Shares,
with a par value of CHF 1 per Share, through the exercise of Options to be
granted to Employees as well as Directors of the Company or its Subsidiaries,
and no Option Holder will be granted Options for more than 5% of the issued
and outstanding Shares.

If any Option expires or otherwise terminates in accordance with the terms of
the Plan without having been exercised in full, the number of Shares in
respect of which Option expired or terminated shall again be available for the
purposes of the Plan.

3.3  TERM OF OPTION

Subject to section 3.4 and 5, the Expiry Date of an Option shall be the date
so fixed by the Board at the time the particular Option is awarded and defined
in the Award Agreement, provided that such date shall not be later than the
tenth anniversary of the Award Date of such Option. The Board may at any time
shorten or extend the duration during which any Option may be exercised.

3.4  TERMINATION OF OPTION

An Option Holder may exercise Options in whole or in part at any time or from
time to time during the Exercise Period provided that:

     (a) Options cannot be exercised during (i) a period starting thirty days
     prior to the date of an ordinary or extraordinary general shareholders
     meeting of the Company and

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                                    - 5 -

     ending the fifth day following the date of such meeting and, (ii) a
     period of three weeks preceding the announcement of quarterly results.
     The provision of section 8.2 below (Insider Trading and Code of Conduct)
     shall apply.

     (b) the Board may at any time and from time to time fix a minimum or
     maximum number of Options held by such Option Holder to be exercised at
     the same time.

Any Option or part thereof not exercised within the Exercise Period shall
terminate and become null, void and of no effect as of 5:00 p.m. local time in
Lausanne (Switzerland), on the Expiry Date. Subject to section 5, the Expiry
Date of an Option shall be the earlier of the date so fixed by the Board at
the time the Option is awarded and the date established, if applicable, in
paragraphs (a) to (b) below as well as in the Award Agreement:

     (a)  DEATH

          In the event that the Option Holder should die while he or she is
          still a Director (if he or she holds his or her Option as Director)
          or Employee (if he or she holds his or her Option as Employee), and
          except as otherwise determined by the Board, all Options held by the
          Option Holder prior to the date of death shall become immediately
          exercisable, and the Expiry Date shall be six (6) months from the
          date of death of the Option Holder.

     (b)  DISABILITY OR RETIREMENT

          In the event that the Option Holder should cease to be a Director
          (if he or she holds his or her Option as Director) or Employee (if
          he or she holds his or her Option as Employee) by reason of
          disability or retirement, and except as otherwise determined by the
          Board, all Options held by the Option Holder prior to the date of
          disability (the date of its occurrence being determined by a
          physician selected or approved by the Board) or of retirement shall
          become immediately exercisable, and the Expiry Date shall be three
          (3) months from the date of disability or of retirement as the case
          may be.

3.5  EXERCISE PRICE

The Exercise Price shall be that price per share, as determined by the Board
in its sole discretion and as defined in the Award Agreement, at which an
Option Holder may subscribe for a Share upon the exercise of an Option. While
the Company's Shares are listed on the TSX, the Exercise Price shall be not
less than the lower of

     (a) the closing price per share for the Shares on the TSX on the last
     trading day on which such Exchange is open before the grant date of the
     Option, or

     (b) if at the time of granting the Option the Board is of the opinion
     that the price determined under {section}3.5(a) would not be a
     representative price, the weighted average of the trading prices per
     share for the Shares on the TSX on the last five trading days on such
     Exchange before the grant date of the Option on which a trade of Shares
     occurred,

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                                    - 6 -

unless otherwise approved by the TSX.

3.6  ASSIGNMENT OF OPTIONS

Options may not be pledged, assigned or transferred, provided however that the
Personal Representative of an Option Holder may, to the extent permitted by
section 4.1, exercise the Option within the Exercise Period. Should any
transfer occur by operation of law, the transferee shall, to the maximum
extent permitted by law, be bound by the terms of the Plan.

3.7  ADJUSTMENTS

If prior to the exercise of any Option the Shares are consolidated,
subdivided, converted, exchanged or reclassified or in any way substituted for
(collectively the "Event"), such Options shall be adjusted by the Board in
accordance with such Event in the manner the Board deems appropriate. No
fractional Shares shall be issued upon the exercise of the Options and
accordingly, if as a result of the Event, an Option Holder would become
entitled to a fractional share, such Option Holder shall have the right to
purchase only the next lowest whole number of shares and no payment or other
adjustment will be made with respect to the fractional interest so
disregarded.

3.8  VESTING

The Board may, in its sole discretion at the time the Option is granted, but
will not be required to, impose conditions relating to the vesting of the
right to exercise an Option granted to any Option Holder. The Option
Certificate representing any such Option will disclose any vesting conditions.
The Board may at any time accelerate the time at which any Option may be
exercised.

                                   ARTICLE 4
                              EXERCISE OF OPTION

4.1  EXERCISE OF OPTION

An Option may be exercised only by the Option Holder or the Personal
Representative of any Option Holder. An Option Holder or the Personal
Representative of any Option Holder may exercise his or her Options in whole
or in part at any time or from time to time during the Exercise Period up to
5:00 p.m. local time in [*] (or such other place as may be designated by the
Board) on the Expiry Date and according to the manner of exercise specified in
the Award Agreement.

4.2         ISSUE OF SHARE

Subject to the exercise according to section 4.1 above and the provisions of
the Award Agreement, the corresponding Shares will be issued within a period
of five business days following the receipt of the Exercise Notice and the
payment of the Exercise Price. However, in case of delay, the Option Holder
shall not have the right to any indemnity from the Company for

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                                    - 7 -

the potential damage that he may suffer, except in the case of gross
negligence or wilful misconduct on the part of the Company.

The newly issued Shares shall be subject to the transfer limitations foreseen
in article 9 and 10 of the Articles of Association of the Company. Such Shares
will be entitles to dividends, if any, as from the first of January of the
year during which they are issued.

4.3  CONDITION OF ISSUE

The issue of Shares by the Company pursuant to the exercise of an Option is
subject to this Plan, to the Award Agreement, and compliance with the laws,
rules and regulations of all regulatory bodies applicable to the issuance and
distribution of such Shares and to the listing requirements of any stock
exchange or exchanges on which the Shares may be listed. The Option Holder
agrees to comply with all such laws, rules and regulations and agrees to
furnish to the Company any information, report and/or undertakings required to
comply with and to fully cooperate with the Company in complying with such
laws, rules and regulations.

                                   ARTICLE 5
                        CERTAIN CORPORATE TRANSACTIONS

In the event or in view of a merger or a sale of all or substantially all of
the assets of the Company to another person or entity or a dissolution or
liquidation of the Company or the like (a "Covered Transaction"), all existing
Options will be terminated as of the effective date of the Covered
Transaction, except as otherwise decided by the Board, and the following rules
shall apply :

     (a) Subject to paragraph (b) below, the Board may at its sole discretion,
     prior to the effective date of the Covered Transaction, (i) make each
     existing Option exercisable in full, and/or (ii) change the Expiry Date
     of each exercisable Option such as all exercisable Options must be
     exercised within a period of 30 days minimum.

     (b) With respect to existing Options held by any Option Holder who,
     following the Covered Transaction, will be employed by or otherwise
     providing services to a corporation which is the surviving or acquiring
     corporation in such transaction or an affiliate of such corporation, the
     Board may, in lieu of the actions described in paragraph (a) above,
     arrange to have such surviving or acquiring corporation or affiliate
     grant to the such Option Holder replacement options, which in the
     judgment of the Board, are substantially equivalent to the existing
     Options.

                                   ARTICLE 6
                                ADMINISTRATION

6.1  ADMINISTRATION

The Plan shall be administered by the Board. Subject to the provisions of the
Plan, the Board will have authority to (a) grant Options at such time or times
as it may choose, (b) determine the

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                                    - 8 -

terms and conditions of each Option, (c) select the persons eligible to
receiving Options, (d) amend or rescind the Plan or the conditions of existing
Options according to sections 7 below (e) adopt, amend and rescind rules and
regulations for the administration of the Plan, and (f) interpret the Plan
according to section 6.2 below. The Board may delegate to the Administrator or
any Board Committee, Director, officer or employee of the Company such
administrative duties and powers as it may see fit.

6.2  INTERPRETATION

The interpretation by the Board of any of the provisions of the Plan and any
determination by it pursuant thereto shall be final and conclusive and shall
not be subject to any dispute by any Option Holder. No member of the Board or
any person acting pursuant to authority delegated by it hereunder shall be
liable for any action or determination in connection with the Plan made or
taken in good faith and each member of the Board and each such person shall be
entitled to indemnification with respect to any such action or determination
in the manner provided for by the Company.

                                   ARTICLE 7
                           AMENDMENT AND TERMINATION

7.1  PROSPECTIVE AMENDMENT

The Board may from time to time amend the Plan and the terms and conditions of
any Option and, without limiting the generality of the foregoing, may make
such amendment for the purpose of meeting any changes in any relevant law,
rule or regulation applicable to the Plan, any Option or the Shares or for any
other purpose which may be permitted by all relevant laws, rules and
regulations provided always that, subject to section 5 above, any such
amendment shall not, without the consent of the Option Holder, impair any
right of any Option Holder pursuant to any Option awarded prior to such
amendment.

7.2         RETROSPECTIVE AMENDMENT

The Board may from time to time retrospectively amend the Plan, and, with the
consent of the affected Option Holders, retrospectively amend the terms and
conditions of any Options which have been theretofore granted. The provisions
of section 5 above are reserved.

7.3         TERMINATION

The Board may terminate the Plan or existing Options at any time provided
that, subject to section 5 above, such termination shall not, without the
consent of the Option Holder, impair any right of any Option Holder pursuant
to any Option awarded prior to the date of such termination and
notwithstanding such termination the Company, such Options, Option Holders,
Directors and Employees and Shares shall continue to be governed by the
provisions of the Plan.

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7.4  AGREEMENT

The Company and every person to whom an Option is awarded hereunder shall be
bound by and subject to the terms and conditions of the Plan.

                                   ARTICLE 8
                              GENERAL PROVISIONS

8.1  APPROVAL REQUIRED FOR PLAN

Prior to its implementation by the Company, the Plan is subject to approval by
the Board, and will be effective on the date of such approval. Thereafter,
amendments to the Plan, from time to time, will become effective on the later
of the date of the approval of such amendments by the Board and the date of
the approval of such amendments by the Exchange, including such shareholder
approvals as the Exchange may require.

8.2  INSIDER TRADING AND CODE OF CONDUCT

The exercise of Options by the Option Holder must comply with the applicable
regulations, including insider trading regulations. The Board is authorised to
refuse the exercise of Options, if the Board has reasons to believe, at its
sole discretion, that such exercise would breach such regulations, including
any regulations issued by the Company to prevent insider trading operations.
The Code of Conduct enclosed to the Award Agreement as Schedule 2 applies to
the Option Holder, who hereby agrees to be bound by its terms.

8.3  TAXATION AND SOCIAL SECURITY

The Option Holder will bear any and all tax and social security (Employee's
withholdings) related to the grant and/or the exercise of Options, and shall
reimburse to the Company any such tax or social security which may have been
paid by the Company. However, the stamp duty on issuance of the shares shall
be borne by the Company.

8.4 SEVERABILITY

In the event that any one or more of the provision of this Plan shall for any
reason be held by any court of competent jurisdiction to be void, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability
shall not affect any other provision of this Plan and such invalid, illegal or
unenforceable provision shall be reformed and construed so that it will be
valid, legal and enforceable to the maximum extent permitted by law.

Plan approved by the Board of Directors of IsoTis SA on October 10, 2003.

IsoTis SA

Read and approved on [*]

The Option HolderCelanese

  Exhibit 4.1

 

 

 

  
    
      
        
          
            
              Celanese
                              AG

                Articles
                              of 

                Association

                September
                              2003 Version

            

          

        

      

    

  

  -2-

Articles
    of Association of Celanese AG

I.
      GENERAL PROVISIONS

§ 1
    Name and Registered Office

	(1)	   	The name of the Company
    is

Celanese
AG.

	(2)	   	The Company has its registered office in Kronberg
    i. T.

§   2
Object of the Company

	(1)	   	The Company directs,
        as a group holding company, a group of enterprises which carry on business,
    in particular, in the areas of chemicals and plastics.
	 	 	 
	(2)	   	The Company may carry
        on business itself in the areas mentioned in subparagraph (1) above as
        well as in other areas. It is entitled to take all actions and measures
        which relate to or which otherwise directly or indirectly serve
    its objectives.
	 	 	 
	(3) 	   	The Company may also form,
        acquire, participate in enterprises, or bring them together under common
        control, in particular with regard to enterprises operating
        in the areas mentioned in subparagraph (1) above. It is entitled, mainly
        for investment purposes, to acquire interests in all kinds of enterprises.
        With regard to group companies and other enterprises in which it holds
        an interest, the Company may restrict itself to the administration
        of its interests,
as well as dispose of it.

  

  -3-

§ 3
Capital Stock and Shares

	(1)	   	The capital stock amounts to Euro 140,069,354.19
        (in words: Euro one hundred forty million sixty-nine thousand three hundred
        fifty-four point one nine) and is divided into 54,790,369 registered
    shares without par value.
	 	 	 
	(2)	 	The share capital will be increased on a contingent basis
        by up to Euro 3,195,574.26 through the issue of up to 1,250,000
        shares of no-par value ("Contingent Capital 2002"). The contingent
        capital increase serves exclusively to grant stock options to members
        of the Management Board of the Company and to members of the boards of
        management (Geschäftsführungen) of subordinated affiliated
        companies as well as to other senior managers of the Company and of subordinated
        affiliated companies pursuant to the provisions of the authorization
        adopted by the Annual General Meeting on May 15, 2002. It will be carried
        out only insofar as these stock options will be exercised and are not
        satisfied by delivery of existing shares. The new shares will participate
        in the distribution of profits from the beginning of the fiscal year
    in which they are issued.
	 	 	 
	(3)	 	The share capital will be increased on a contingent basis
        by up Euro 3,195,574.26 through the issue of up to 1,250,000 shares of
        no-par value (“Contingent Capital 2003”). The contingent capital
        increase serves exclusively to grant stock options to members of the
        Board of Management of the Company and to members of the boards of management
        (Geschäftsführungen) of subordinated affiliated companies
        as well as to other senior managers of the Company and of subordinated
        affiliated companies pursuant to the provisions of the authorization
        adopted by the Annual General Meeting on April 1, 2003. It will be carried
        out only insofar as these stock options will be exercised and are not
        satisfied by delivery of existing shares. The new shares will participate
        in the distribution of profits from the beginning of the fiscal year
    in which they are issued.

  -4-

  § 4
  Share Certificates
  

	(1)	   	The form and contents of share certificates,
        dividend coupons and renewal coupons, if any, shall be determined by
        the Board of Management with the consent of the Supervisory Board. The
    same shall apply to debentures and interest coupons.
	 	 	 
	(2)	 	The right of the shareholder to ask for certificates representing
        his shares is excluded to the extent legally permissible and unless
        certification is required under the rules of a stock exchange where the
        shares are listed. The Company may issue global certificates representing
        single shares (Einzelurkunden) as well as several shares
    (Sammelurkunden).

  
§   5
  Business Year

The
  business year is the calendar year.

  -5-

II.
      CORPORATE GOVERNANCE

A.
    The Board of Management

§ 6
    Composition, Rules of Procedure

	(1)	   	The Board of Management shall consist of several
        members, the number of whom shall be determined by the Supervisory
    Board.
	 	 	 
	(2)	 	The Supervisory Board may appoint a member of the Board
    of Management as Chairman of the Board of Management.
	 	 	 
	(3)	 	Resolutions of the Board of Management are passed by a
        simple majority of votes unless a greater majority is required by mandatory
        law. If resolutions are to be passed by a simple majority, in the case
        of a tie, the Chairman has the casting vote if the Board of Management
    consists of more than two persons.

  

§   7
  Power of Representation
  

	(1)	   	The Company is legally represented by two
        members of the Board of Management or by one member of the Board of Management
    together with an authorized signatory (Prokurist). 
	 	 	 
	(2)	 	No authorized signatory (Prokurist) shall be granted
    sole power of representation (Einzelprokura).

  -6-

B.
    The Supervisory Board

§ 8
    Composition, Elections, Term of Office

	(1)	   	The Supervisory Board consists of twelve members. Six
        of the members shall be elected by the General Meeting and six members
        by the employees in accordance with the provisions of the German Co-Determination
    Act (Mitbestimmungsgesetz).
	 	 	 
	(2)	 	The members are elected for the period up to the termination
        of the General  Meeting which decides on the ratification of their
        acts for the fourth business year following commencement of their term
        of office, not counting the business year in which that term begins.
        The General Meeting may, when electing, determine a shorter period of
    office for the shareholders' representatives.
	 	 	 
	(3)	 	Retiring members are eligible for re-election.
	 	 	 
	(4)	 	A member of the Supervisory Board may, upon written notice,
        at any time render his resignation to take effect at the termination
        of the next annual General Meeting. Immediate resignation is permitted
        for important reasons or with the approval of the Chairman of the
        Supervisory Board, or in case of resignation by the Chairman, with
    the approval of his deputy.
	 	 	 
	(5)	 	The General Meeting may appoint substitute members
        for the ordinary members of the Supervisory Board to be elected by the
        General Meeting. Such substitute members will become members
        of the Supervisory Board as provided in detail by such General Meeting
        when ordinary members retire prematurely. The term of office of a substitute
        member shall end with the termination of the General Meeting following
        his assumption of office as an ordinary member; if no election of
        a successor takes place at the next General Meeting, the term of office
        shall continue until the end of the term of office of the prematurely
        retired ordinary member of the Supervisory Board. Successors
        of ordinary members shall be elected for the remainder of the term
    of office of the retired member.

  -7-

  § 9
  Chairman and Committees
  

	(1)	   	Following the General Meeting in which all of the members
        of the Supervisory Board to be elected by the General Meeting have been
        elected, a meeting of the Supervisory Board is held for which no special
        invitation to attend is required. At this meeting the Supervisory Board
        shall elect in accordance with the provisions of the German Co-Determination
        Act a Chairman and a Deputy Chairman for the duration of its term of
    office.
	 	 	 
	(2)	 	Following the election of the Chairman and the Deputy
        Chairman, the Supervisory Board shall form a committee which shall
        carry out the tasks defined in § 31 subparagraph 3 of the German
        Co-Determination Act, and which shall be composed of the Chairman, his
        deputy and two other members, one of whom is elected by the members of
        the Supervisory Board representing the employees and the other one by
        the members of the Supervisory Board representing the stockholders,
    such other members being elected by a majority of the votes cast.
	 	 	 
	(3)	 	If the Chairman or his deputy, or any of the other members
        mentioned in subparagraph (2), retires prematurely from office, the Supervisory
    Board immediately shall elect a successor for the remainder of the term.
	 	 	 
	 (4) 	 	The Supervisory Board may, in addition to the committee
        mentioned in subparagraph (2), form other committees from among its members
        and, so far as legally permissible, delegate decision-making powers to
    them.

  -8-

  § 10
  Convening of Meetings, Quorum, Voting
  

	(1)	   	The Supervisory Board draws up its own rules of procedure.  The
        following provisions shall apply with respect to the convening of its
        meetings, its quorum, the adoption of resolutions and the conduct of
    meetings; the rules of procedure may provide additional rules.
	 	 	 
	(2)	 	The members of the Board of Management shall attend meetings
        of the Supervisory Board for consultation purposes, unless in an
        individual case the Supervisory Board or its Chairman, or in the latter's
    absence his deputy, should decide otherwise.
	 	 	 
	(3)	 	Meetings of the Supervisory Board are convened by the
        Chairman or, if the Chairman is prevented from doing so, by his deputy
        by giving 14 days prior notice. In urgent cases the period of notice
        may be reduced. The notice of the meeting shall set forth the specific
        items of the agenda with such clarity to allow members of the Supervisory
        Board not present at the meeting to make use of their right to cast a
    vote in writing pursuant to subparagraph (7). 
	 	 	 
	(4)	 	Provided that invitations have been sent to the last known
        addresses of all members of the Supervisory Board, a quorum shall be
    constituted if not less than six members participate in the resolution.
	 	 	 
	(5)	 	Unless other majorities are required by mandatory law,
        resolutions are passed by a simple majority of the votes cast. In determining
        the result of the vote, abstentions shall not be counted. The Chairman
        determines the conduct of the meeting as well as the method of voting.
        In the case of a tie, the Chairman decides whether the vote should be
        held again. If he considers it necessary, he is entitled to interrupt
    the meeting for a period of no longer than one week. 
	 	 	 
	(6)	 	Resolutions should only be passed on such items on the
        agenda for which due notice pursuant to subparagraph (3) has been given
        in the invitation to attend the meeting. If due notice has not been
        given for an item on the agenda, a resolution on the latter may only
    be passed if no member objects. In such a case members of 

  -9-

  

	 	 	the Supervisory Board who do not attend the meeting must
        be given the opportunity to object to the passing of the resolution within
        a reasonable period of time as determined by the Chairman; the resolution
        shall take effect only if the members of the Supervisory Board not having
    attended the meeting have not objected within such period.
	 	 	 
	(7)	 	Members of the Supervisory Board who do not attend a meeting
        may participate in the passing of resolutions by the Supervisory Board
        and its committees by authorising other members of the Supervisory Board
    to present their written votes at the meeting. 
	 	 	 
	(8)	 	Legally binding declarations by the Supervisory Board
        shall be made by the Chairman in the name of the Supervisory Board,
    or in his absence, by his deputy.

 C.  General Meetings

§ 11
    Place

General Meetings
  shall be held at the registered office of the Company or in cities of the Federal
  Republic of Germany having a stock exchange or in German cities having at least
  500,000 inhabitants or in German cities with no less than 100,000 inhabitants
  in which the Company or one of its affiliates has a place of business.

  -10-

§ 12 Notice
    of General Meetings

Notice of the meeting
  shall be given at least one month prior to the last day on which the shareholders
  have to register for the General Meeting. The term of notice shall be calculated
  exclusive of the day on which notice is given and the last day of the period
  of registration.

§ 13
    Right to attend General Meetings

	(1)	   	Those shareholders who are registered in the
        share register on the day of the General Meeting and who have notified
        the Company no later than on the seventh day before the General Meeting
        shall be entitled to attend the General Meeting and to exercise voting
        rights. If the last day of the notification period is a Sunday, a Saturday
        or a holiday recognized by law at the registered seat of the Company,
        the notification must be made no later than on the workday following
        thereafter. The Board of Management can fix a shorter period in the invitation
        to the General Meeting; however, there must be at least two calendar
    days between the day of the notification and the day of the General Meeting. 
	 	 	 
	(2)	 	The right to vote can be exercised by proxy. If neither
        a credit institute nor a shareholders' association are to be granted
        such proxy, power of attorney can be granted, in a manner to be determined
        by the Board of Management, also by using electronic media or by telefax.
        The details for granting the proxy shall be announced in the publications
        for the announcements of the Company together with the convocation of
    the General Meeting.

  -11-

  § 14
  Chairman of General Meetings
  

	(1)	   	The Chairman of the Supervisory Board or the additional
        member of the committee mentioned in § 9 subparagraph (2)
        who is elected to the Supervisory Board by the General Meeting, or a
        member of the Supervisory Board or of the Board of Management nominated
        by the Supervisory Board, shall take the chair at General Meetings. If
        no member of the Supervisory Board or of the Board of Management takes
    the chair, the Chairman shall be elected by the meeting.
	 	 	 
	(2)	 	The Chairman of the meeting  shall decide on the
        order of items on the agenda. He shall determine the manner, form and
        order of voting on the resolutions. If this is announced in the invitation
        to the General Meeting, the Chairman can allow the transmission of the
        General Meeting as well as the participation in the General Meeting,
        the participation in voting, or the exercise of further shareholders' rights,
        in each case either directly or by proxy, also by electronic or other
    media, to the extent legally permissible.

  

  

  § 15
      Resolutions and Elections
  

	(1)	   	Each share entitles the owner to one vote at the General
    Meeting.
	 	 	 
	(2)	 	All resolutions of the General Meeting may be passed by
        a simple majority of votes cast and, if a majority of capital is required,
        by a simple majority of the share capital represented in the meeting
    unless different requirements are mandatorily stipulated by law.
	 	 	 
	(3)	 	Alterations to these Articles of Association which only
    affect the wording may be decided upon by the Supervisory Board.

  -12-

  

III.
      ANNUAL ACCOUNTS, ANNUAL GENERAL MEETINGS, NOTICES

§ 16
    Annual Accounts

	(1)	   	Within the first three months of each business year, the
        Board of Management shall prepare the annual accounts for the previous
        business year and the Management Report and submit them to the auditor.
        Immediately after receipt of the auditor's report the annual accounts
        and the Management Report together with the auditor's report and the
        proposal for the appropriation of the profits shall be submitted to the
    Supervisory Board.
	 	 	 
	(2)	 	The annual accounts, the Management Report, the report
        of the Supervisory Board, and the proposal of the Board of Management
        for the appropriation of the profits shall be made available for inspection
        by the shareholders at the office of the Company as from the date of
    the calling of the General Meeting.

 

  -13-

§ 17
    Annual General Meeting

	(1)	   	The annual General Meeting shall take place within the
    first eight months of every business year.
	 	 	 
	(2)	 	The annual General Meeting shall resolve, in particular,
        regarding the appropriation of the profits, the election of the auditor,
        the ratification of the acts of the Board of Management and of the Supervisory
    Board, and, where required by law, the approval of the annual accounts.

§ 18
      Appropriation of, and Participation in Profits

	(1)	   	The profits as shown by the annual accounts, after deducting
        depreciation and write-downs and amounts allocated by the Board of Management
        and the Supervisory Board to provisions and reserves, shall be distributed
        to the shareholders except to the extent that the General Meeting resolves
    to use it in another manner.
	 	 	 
	(2)	 	The General Meeting may resolve that the unappropiated
        retained earnings (Bilanzgewinn) be used for the distribution
        of a dividend in kind in lieu of, or in addition to, a dividend in cash,
        provided that the assets to be distributed are traded on a market as
    defined in § 3, para. (2) of the German Stock Corporation Act (Aktiengesetz).
	 	 	 
	(3)	 	The dividends paid to the shareholders shall be proportional
    to their shares in the capital stock.
	 	 	 
	(4)	 	On an increase of the share capital the participation
        of the new shares in the profits may be determined in a different manner
    from that set out in § 60 of the German Stock Corporation Act (Aktiengesetz).

 

  -14-

§ 19
    Announcements

The
  Company's announcements are published in the "Bundesanzeiger".

  -15-

§ 20
    Expenses of Formation

Expenses incurred
  in connection with its formation shall be borne by the Company up to an amount
  of Euro 766,94.

This
  translation of the Articles of Association of Celanese AG into English has
  been prepared for convenience purposes. The German text is authoritative.

The
  Registrant hereby represents that the above English translation is a fair and
  accurate English translation of the Articles of Association of Celanese AG. 

  Celanese
  AG 

  By:
  /s/ Dr. Joachim Kaffanke 

--------------------------------------------------------------------------------

  Dr.
  Joachim Kaffanke

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