Document:

Form of Indemnification Agreement

 Exhibit 10.33 
  
 FORM OF INDEMNIFICATION AGREEMENT 
  
 THIS AGREEMENT is entered into, effective as of [EFFECTIVE DATE], between R.R. DONNELLEY & SONS COMPANY, a
Delaware corporation (the “Company”) and [NAME OF DIRECTOR] (“Indemnitee”). 
  
 WHEREAS, it is essential to the Company to retain and attract as directors the most capable persons available; 
  
 WHEREAS, Indemnitee is a director of the Company; 
  
 WHEREAS, both the Company and Indemnitee recognize the increased risk
of litigation and other claims currently being asserted against directors of corporations; and 
  
 WHEREAS, in recognition of Indemnitee’s need for substantial protection against personal liability in order to enhance Indemnitee’s continued and effective service to the Company, and in order to
induce Indemnitee to provide continued services to the Company as a director, the Company wishes to provide in this Agreement for the indemnification of and the advancing of expenses to Indemnitee to the fullest extent (whether partial or complete)
permitted by law and as set forth in this Agreement and for the coverage of Indemnitee under the Company’s directors’ and officers’ liability insurance policies. 
  
 NOW, THEREFORE, in consideration of the above premises and of Indemnitee’s continuing to serve as a director of
the Company and intending to be legally bound hereby, the parties agree as follows: 
  
 1. Certain Definitions: 
  
 (a) Board: The Board of Directors of the Company. 
  
 (b) Change in Control: 
  
 (i)
any “person,” as such term is defined in Section 3(a)(9) of the Securities Exchange Act of 1934 (the “Exchange Act”), as modified and used in Section 13(d) and 14(d) thereof (but not including (a) the Company or
any of its subsidiaries, (b) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its subsidiaries, (c) an underwriter temporarily holding securities pursuant to an offering of such
securities, or (d) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company) (hereinafter a “Person”) is or becomes the beneficial
owner, as defined in Rule 13d-3 of the Exchange Act, directly or indirectly, of securities of the Company (not including in the securities beneficially owned by such Person any securities acquired directly from the Company or its affiliates,
excluding an acquisition resulting from the exercise of a conversion or exchange privilege in respect of outstanding convertible or exchangeable securities) representing 50% or more of the combined voting power of the Company’s then outstanding
securities; or 

 (ii) during any period of two consecutive years beginning on the date hereof, individuals
who at the beginning of such period constitute the Board and any new director (other than a director designated by a Person who has entered into any agreement with the Company to effect a transaction described in Clause (i), (iii) or
(iv) of this Section) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of
the period or whose election or nomination for election was previously so approved (each such director, a “Continuing Director”), cease for any reason to constitute a majority thereof; or 
  
 (iii) the stockholders of the Company approve a merger or
consolidation of the Company with any other corporation, other than (a) a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into voting securities of the surviving or acquiring entity), in combination with the ownership of any trustee or other fiduciary holding securities under an employee benefit plan of the Company, at least 50% of the
combined voting power of the voting securities of the Company or such surviving or acquiring entity outstanding immediately after such merger or consolidation, or (b) a merger or consolidation effected to implement a recapitalization of the
Company (or similar transaction) in which no Person acquires more than 50% of the combined voting power of the Company’s then outstanding securities; or 
  

(iv) the stockholders of the Company approve a plan of complete liquidation of the Company or an agreement for the sale or disposition
by the Company of all or substantially all of the Company’s assets. 
  
 (c) Disinterested Director: A director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee. 
  
 (d) Expenses: Any reasonable expense, including without limitation,
attorneys’ fees, retainers, court costs, transcript costs, fees and expenses of experts, including accountants and other advisors, travel expenses, duplicating costs, postage, delivery service fees, filing fees, and all other disbursements or
expenses of the types typically paid or incurred in connection with investigating, defending, being a witness in, or participating (including on appeal), or preparing for any of the foregoing, in any Proceeding relating to any Indemnifiable Event,
and any expenses of establishing a right to indemnification under any of Sections 2, 4 or 5 of this Agreement, in each case, to the extent reasonable. 
  
 (e) Indemnifiable Costs: Any and all Expenses, liability or loss, judgments, fines and amounts paid in settlement and any interest, assessments, or
other charges imposed thereon, and any federal, state, local, or foreign taxes imposed as a result of the actual or deemed receipt of any payments under this Agreement. 
  

 2 

 (f) Indemnifiable Event: Any event or occurrence that takes place either prior to or after the
execution of this Agreement, related to the fact that Indemnitee is or was a director of the Company, or while a director is or was serving at the request of the Company as a director or officer of another corporation, partnership, joint venture,
trust or other enterprise or related to anything done or not done by Indemnitee in any such capacity, whether or not the basis of the Proceeding is alleged action in an official capacity as a director of the Company, or in any other capacity, as
described above. 
  
 (g) Independent Counsel: means a law
firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past three years has been, retained to represent: (i) the Company or any of its subsidiaries or affiliates, (ii) the
Indemnitee or (iii) any other party to the Proceeding giving rise to a claim for indemnification or Expense Advances hereunder, in any matter (other than with respect to matters relating to indemnification and advancement of expenses). No law
firm or lawyer shall qualify to serve as Independent Counsel if that person would, under the applicable standards of professional conduct then prevailing, have a conflict of interest in representing either the Company or Indemnitee in an action to
determine Indemnitee’s rights under this Agreement. The Company shall select a law firm or lawyer to serve as Independent Counsel, subject to the consent of the Indemnitee, which consent shall not be unreasonably withheld. 
  
 (h) Proceeding: Any threatened, pending, or completed action, suit or
proceeding, whether civil, criminal, administrative or investigative that relates to an Indemnifiable Event. 
  
 (i) Reviewing Party: Reviewing Party shall have the meaning ascribed to such term in Section 3. 
  
 2. Agreement to Indemnify. 
  
 (a) General Agreement regarding Indemnification. In the event
Indemnitee was, is, or becomes a party to or witness or other participant in, or is threatened to be made a party to or witness or other participant in, a Proceeding by reason of (or arising in part out of) an Indemnifiable Event, the Company shall
indemnify Indemnitee from and against Indemnifiable Costs, to the fullest extent permitted by applicable law, as the same exists or may hereafter be amended or interpreted (but in the case of any such amendment or interpretation, only to the extent
that such amendment or interpretation permits the Company to provide broader indemnification rights than were permitted prior thereto); provided that the Company’s commitment set forth in this Section 2(a) to indemnify the Indemnitee shall
be subject to the limitations and procedural requirements set forth in this Agreement. 
  
 (b) Partial Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of Indemnifiable Costs, but not, however, for the total
amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled. 
  
 (c) Advancement of Expenses. If so requested by Indemnitee, the Company shall advance to Indemnitee, to the fullest extent permitted by applicable
law, any and all 
  

 3 

 Expenses incurred by Indemnitee (an “Expense Advance” or an “Advance”) within 21 calendar days after
the receipt by the Company of a request from Indemnitee for an Advance, whether prior to or after final disposition of any Proceeding; provided that the Company shall not advance any expenses to Indemnitee unless and until it shall have received a
request and undertaking substantially in the form attached hereto as Exhibit A. Any request for an Expense Advance shall be accompanied by an itemization, in reasonable detail, of the Expenses for which advancement is sought. Advances shall
be made without regard to Indemnitee’s ability to repay the Expenses. If Indemnitee has commenced legal proceedings in a court of competent jurisdiction in the State of Delaware to secure a determination that Indemnitee should be indemnified
under applicable law, as provided in Section 4, any determination made by the Reviewing Party that Indemnitee would not be permitted to be indemnified under applicable law shall not be binding and Indemnitee shall not be required to reimburse
the Company for any Expense Advance until a final judicial determination is made with respect thereto (as to which all rights of appeal therefrom have been exhausted or have lapsed). Indemnitee’s obligation to reimburse the Company for Expense
Advances shall be unsecured and no interest shall be charged thereon. 
  
 (d) Exception to Obligation to Indemnify and Advance Expenses. Notwithstanding anything in this Agreement to the contrary, Indemnitee shall not be entitled to indemnification or advancement pursuant to this Agreement in connection
with any Proceeding initiated by Indemnitee against the Company or any director or officer of the Company unless (i) the Company has joined in or the Board has consented to the initiation of such Proceeding; or (ii) the Proceeding is one
to enforce indemnification rights under Section 5. 
  
 3.
Reviewing Party. 
  
 (a) Definition of Reviewing
Party. Other than as contemplated by Section 3(b), the person, persons or entity who shall determine whether Indemnitee is entitled to indemnification in the first instance (“the Reviewing Party”) shall be (i) the Board of
Directors of the Company acting by a majority vote of a quorum of Disinterested Directors or (ii) if there are no Disinterested Directors, or if the Disinterested Directors so direct, by Independent Counsel in a written determination to the
Board of Directors, a copy of which shall be delivered to Indemnitee. 
  
 (b) Reviewing Party Following Change in Control. After a Change in Control (other than a Change in Control approved by a majority of the Continuing Directors), the Reviewing Party shall be the Independent Counsel. With respect to all
matters arising from such a Change in Control concerning the rights of Indemnitee to indemnity payments and Expense Advances under this Agreement or any other agreement or under applicable law or the Company’s Restated Certificate of
Incorporation or Amended and Restated By-laws now or hereafter in effect relating to indemnification for Indemnifiable Events, the Company shall seek legal advice only from the Independent Counsel. Such counsel, among other things, shall render its
written opinion to the Company and Indemnitee as to whether and to what extent the Indemnitee should be permitted to be indemnified under applicable law. The Company agrees to pay the reasonable fees of the Independent Counsel and to indemnify fully
such counsel against any and all expenses (including attorneys’ fees), claims, liabilities, loss, and damages arising out of or relating to this Agreement or the engagement of Independent Counsel pursuant hereto. 
  

 4 

 4. Indemnification Process and Appeal. 
  
 (a) Indemnification Payment. 
  
 (i) The determination with respect to Indemnitee’s
entitlement to indemnification shall, to the extent practicable, be made by the Reviewing Party not later than 30 calendar days after receipt by the Company of a written demand on the Company for indemnification (which written demand shall include
such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification). The Reviewing Party making the determination with respect to
Indemnitee’s entitlement to indemnification shall notify Indemnitee of such written determination no later than two business days thereafter. 
  
 (ii) Unless the Reviewing Party has provided a written determination to the Company that Indemnitee is not entitled to indemnification
under applicable law, Indemnitee shall be entitled to indemnification of Indemnifiable Costs, and shall receive payment thereof, from the Company in accordance with this Agreement within 10 business days after the Reviewing Party has made its
determination with respect to Indemnitee’s entitlement to indemnification. 
  
 (b) Suit to Enforce Rights. If (i) no determination of entitlement to indemnification shall have been made within the time limitation for such a determination set forth in Section 4(a)(i),
(ii) payment of indemnification pursuant to Section 4(a)(ii) is not made within the period permitted for such payment by such section, (iii) the Reviewing Party determines pursuant to Section 4(a) that Indemnitee is not entitled
to indemnification under this Agreement, or (iv) Indemnitee has not received advancement of Expenses within the time period permitted for such advancement by Section 2(c), then Indemnitee shall have the right to enforce the indemnification
rights granted under this Agreement by commencing litigation in any court of competent jurisdiction in the State of Delaware seeking an initial determination by the court or challenging any determination by the Reviewing Party or any aspect thereof.
The Company hereby consents to service of process and to appear in any such proceeding. Any determination by the Reviewing Party not challenged by the Indemnitee within six months of the date of the Reviewing Party’s determination shall be
binding on the Company and Indemnitee. The remedy provided for in this Section 4 shall be in addition to any other remedies available to Indemnitee in law or equity. 
  
 (c) Defense to Indemnification, Burden of Proof, and Presumptions. 
  
 (i) To the maximum extent permitted by applicable law in
making a determination with respect to entitlement to indemnification (or payment of Expense Advances) hereunder, the Reviewing Party shall presume that an Indemnitee is entitled to indemnification (or payment of Expense Advances) under this
Agreement, and the Company shall have the burden of proof to overcome that presumption in connection with the making by the Reviewing Party of any determination contrary to that presumption. 
  

 5 

 (ii) It shall be a defense to any action brought by Indemnitee against the Company to
enforce this Agreement that it is not permissible under applicable law for the Company to indemnify Indemnitee for the amount claimed. 
  
 (iii) For purposes of this Agreement, the termination of any claim, action, suit, or proceeding, by judgment, order, settlement (whether
with or without court approval), conviction, or upon a plea of nolo contendere, or its equivalent, shall not create a presumption that Indemnitee did not meet any particular standard of conduct or have any particular belief or that a court has
determined that indemnification is not permitted by applicable law. 
  
 5. Indemnification for Expenses Incurred in Enforcing Rights. The Company shall indemnify Indemnitee against any and all Expenses to the fullest extent permitted by law and, if requested by Indemnitee pursuant to the
procedures set forth in Section 2(c), shall advance such Expenses to Indemnitee, that are incurred by Indemnitee in connection with any claim asserted against or action brought by Indemnitee for: 
  
 (i) enforcement of this Agreement; 
  
 (ii) indemnification of Indemnifiable Costs or Expense Advances by the
Company under this Agreement or any other agreement or under applicable law or the Company’s Restated Certificate of Incorporation or Amended and Restated By-laws now or hereafter in effect relating to indemnification for Indemnifiable Events;
and/or 
  
 (iii) recovery under directors’ and
officers’ liability insurance policies maintained by the Company. 
  
 6. Notification and Defense of Proceeding. 
  
 (a) Notice. Promptly after receipt by Indemnitee of notice of the commencement of any Proceeding, Indemnitee will, if a claim in respect thereof is to be made against the Company under this Agreement, notify the Company of the
commencement thereof. The failure to notify or promptly notify the Company shall not relieve the Company from any liability which it may have to the Indemnitee otherwise than under this Agreement, and shall not relieve the Company from liability
hereunder except to the extent the Company has been prejudiced or as further provided in Section 6(c). 
  
 (b) Defense. With respect to any Proceeding as to which Indemnitee notifies the Company of the commencement thereof, the Company will be entitled
to participate in the Proceeding at its own expense and except as otherwise provided below, to the extent the Company so wishes, it may assume the defense thereof with counsel selected by the Company. After notice from the Company to Indemnitee of
its election to assume the defense of any Proceeding, the Company will not be liable to Indemnitee under this Agreement or otherwise for any Expenses subsequently incurred by Indemnitee in connection with the defense of such Proceeding other than
reasonable costs of investigation or as otherwise provided below. Indemnitee shall have the right to employ separate counsel in such Proceeding, but all Expenses related thereto incurred after notice from the Company of its assumption of the defense
shall be at Indemnitee’s expense unless: (i) the employment of counsel by Indemnitee has been 
  

 6 

 authorized by the Company, (ii) Indemnitee has reasonably determined that there may be a conflict of interest
between Indemnitee and the Company in the defense of the Proceeding, (iii) after a Change in Control, the employment of counsel by Indemnitee has been approved by the Independent Counsel, or (iv) the Company shall not within 60 calendar
days in fact have employed counsel to assume the defense of such Proceeding, in each of which case all Expenses of the Proceeding shall be borne by the Company. If the Company has selected counsel to represent Indemnitee and other current and former
directors, officers or employees of the Company in the defense of a Proceeding, and a majority of such persons, including Indemnitee, reasonably object to such counsel selected by the Company pursuant to the first sentence of this
Section 6(b), then such persons, including Indemnitee, shall be permitted to employ one additional counsel of their choice and the reasonable fees and expenses of such counsel shall be at the expense of the Company; provided,
however, that such counsel shall be chosen from amongst the list of counsel, if any, approved by any company with which the Company obtains or maintains insurance. In the event separate counsel is retained by a group of persons including
Indemnitee pursuant to this Section 6(b), the Company shall cooperate with such counsel with respect to the defense of the Proceeding, including making documents, witnesses and other reasonable information related to the defense available to
such separate counsel pursuant to joint-defense agreements or confidentiality agreements, as appropriate. The Company shall not be entitled to assume the defense of any Proceeding brought by or on behalf of the Company or as to which Indemnitee
shall have made the determination provided for in (ii) above. 
  
 (c) Settlement of Claims. The Company shall not be liable to indemnify Indemnitee under this Agreement or otherwise for any amounts paid in settlement of any Proceeding effected without the Company’s written consent. The
Company shall not settle any Proceeding in any manner that would impose any penalty or limitation on Indemnitee without Indemnitee’s written consent. Neither the Company nor the Indemnitee will unreasonably withhold their consent to any
proposed settlement. The Company shall not be liable to indemnify the Indemnitee under this Agreement with regard to any judicial award if the Company was not given a reasonable and timely opportunity, at its expense, to participate in the defense
of such action; the Company’s liability hereunder shall not be excused if participation in the Proceeding by the Company was barred by this Agreement. 
  
 7. Non-Exclusivity. The rights of Indemnitee hereunder shall be in addition to any other rights Indemnitee may have under the laws of the
State of Delaware, the Company’s Restated Certificate of Incorporation, Amended and Restated By-laws, applicable law, or otherwise. To the extent that a change in applicable law (whether by statute or judicial decision) permits greater
indemnification by agreement than would be afforded currently under the Company’s Restated Certificate of Incorporation, Amended and Restated By-laws, applicable law, or this Agreement, it is the intent of the parties that Indemnitee enjoy by
this Agreement the greater benefits so afforded by such change. 
  
 8. Liability Insurance. To the extent the Company maintains an insurance policy or policies providing directors’ or officers’ liability insurance, Indemnitee, if a director of the Company, shall be covered by such
policy or policies, in accordance with its or their terms. 
  
 9.
Amendment of this Agreement. No supplement, modification, or amendment of this Agreement shall be binding unless executed in writing by both of the parties 
  

 7 

 hereto. No waiver of any of the provisions of this Agreement shall operate as a waiver of any other provisions hereof
(whether or not similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided herein, no failure to exercise or any delay in exercising any right or remedy hereunder shall constitute a waiver thereof. 
  
 10. Subrogation. In the event of payment under this Agreement,
the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such
documents necessary to enable the Company effectively to bring suit to enforce such rights. 
  
 11. No Duplication of Payments. The Company shall not be liable under this Agreement to make any payment in connection with any claim made against Indemnitee to the extent Indemnitee has otherwise
actually received payment (whether under the Company’s Restated Certificate of Incorporation, the Company’s Amended and Restated By-laws, any insurance policy, by law, or otherwise) of the amounts otherwise indemnifiable hereunder.

  
 12. Binding Effect. This Agreement shall be
binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors, assigns, including any direct or indirect successor by purchase, merger, consolidation, or otherwise to all or substantially all of
the business and/or assets of the Company, spouses, heirs, and personal and legal representatives. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation, or otherwise) to all, substantially
all, or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that
the Company would be required to perform if no such succession had taken place. This Agreement shall continue in effect regardless of whether Indemnitee continues to serve as a director of the Company or of any other enterprise at the Company’s
request. 
  
 13. Severability. If any provision (or
portion thereof) of this Agreement shall be held by a court of competent jurisdiction to be invalid, void, or otherwise unenforceable, the remaining provisions shall remain enforceable to the fullest extent permitted by law. Furthermore, to the
fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of this Agreement containing any provision held to be invalid, void, or otherwise unenforceable, that is not itself invalid, void, or
unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid, void, or unenforceable. 
  
 14. Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware
applicable to contracts made and to be performed in such State without giving effect to the principles of conflicts of laws. 
  
 15. Notices. All notices, demands, and other communications required or permitted hereunder shall be made in writing and shall be deemed to
have been duly given if delivered by hand, against receipt, or mailed, postage prepaid, certified or registered mail, return receipt requested, and addressed 
  

 8 

 to the Company at: 
  
 111 South Wacker Drive 
 Chicago, Illinois 60606 
 Attn: General Counsel 
  
 and 
  
 to Indemnitee at: 
  
 [INDEMNITEE] 
 [ADDRESS] 
  
 Notice of change of address shall be effective only when done in accordance with this
Section. All notices complying with this Section shall be deemed to have been received on the date of delivery or on the third business day after mailing. 
  
 *    *    * 
  

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 IN WITNESS WHEREOF, the parties hereto have duly executed and delivered this Agreement as of the day specified
above. 
  

					
	COMPANY:	 	R.R. Donnelley & Sons Company, a Delaware corporation
			
	 	 	By:	 	  

	 	 	 	 	Suzanne S. Bettman
	 	 	 	 	Senior Vice President and General Counsel
			
	INDEMNITEE:	 	 	 	[INDEMNITEE]
			
	 	 	 	 	  

  

 10 

 Exhibit A 
  
 REQUEST AND UNDERTAKING 
  
 R.R. Donnelley & Sons Company 
 111 South Wacker Dr. 
 Chicago, IL 60606 
 Attn: General Counsel 
  
 To Whom It May Concern: 
  
 I request, pursuant to Section 2(c) of the Indemnification Agreement, dated as of
            , 2005 (the “Indemnification Agreement”), between R.R. Donnelley & Sons Company (the “Company”) and me, that the Company
advance Expenses (as such term is defined in the Indemnification Agreement) incurred in connection with [describe Proceeding] (the “Proceeding”). I have attached an itemization, in reasonable detail, of the Expenses for which
advancement is sought. 
  
 I undertake and agree to repay to the
Company any funds advanced to me or paid on my behalf if it shall ultimately be determined that I am not entitled to indemnification. I shall make any such repayment promptly following written notice of any such determination. 
  
 I agree that payment by the Company of my expenses in connection with the
Proceeding in advance of the final disposition thereof shall not be deemed an admission by the Company that it shall ultimately be determined that I am entitled to indemnification. 
  

	
	

	[Name]
	
	Date:                     

  

 11Share Purchase Agreement ...International Paper Container Holdings

 Exhibit 10.1 
  

  
 SHARE PURCHASE AGREEMENT 
  
 BY AND AMONG

  
 INTERNATIONAL PAPER CONTAINER HOLDINGS (Spain) S.L.

  
 AND 
  
 FINANCIERE PAPIER ET CARTON KADIRIA - FINAPACK 
  
 DATED SEPTEMBER 15, 2005 
  

 Table of Contents 
  

					
	ARTICLE I DEFINITIONS	  	6
		
	 1.1     Defined Terms
	  	6
		
	 1.2     Presumption and Headings
	  	10
		
	ARTICLE II PURCHASE AND SALE	  	10
		
	 2.1     Purchase and Sale of the Acquired Shares
	  	10
		
	 2.2     Consideration for the Acquired Shares
	  	10
	 2.2.1
	  	 Purchase Price
	  	10
	 2.2.2
	  	 Method of Payment
	  	11
		
	ARTICLE III CLOSING	  	11
		
	 3.1     Date and Place of Closing
	  	11
		
	 3.2     Closing Deliveries
	  	11
		
	ARTICLE IV REPRESENTATIONS AND WARRANTIES	  	12
		
	 4.1     Representations and Warranties of the Seller
	  	12
	 4.1.1
	  	 Financial Statements
	  	12
	 4.1.2
	  	 Authority and Powers and Enforceability
	  	13
	 4.1.3
	  	 Setting up of CMCP and its Subsidiaries
	  	13
	 4.1.4
	  	 Shares of CMCP and its Subsidiaries
	  	13
	 4.1.5
	  	 Transfer of the Acquired Shares
	  	14
	 4.1.6
	  	 Registers and Documents
	  	15
	 4.1.7
	  	 Options, Mortgages and Other Liens
	  	15
	 4.1.8
	  	 Compliance with Laws and Regulations
	  	15
	 4.1.9
	  	 Contracts
	  	15
	 4.1.10
	  	 Unusual Contracts, Financial Commitments, Contracts with Shareholders
	  	16
	 4.1.11
	  	 Off-Balance Sheet Liabilities and Commitments
	  	17
	 4.1.12
	  	 Profit Sharing Agreements
	  	17
	 4.1.13
	  	 Clients and Suppliers
	  	17
	 4.1.14
	  	 Insolvency
	  	17
	 4.1.15
	  	 Litigation
	  	17
	 4.1.16
	  	 Employees, Corporate Officers of CMCP and its Subsidiaries
	  	18
	 4.1.17
	  	 Retirement
	  	19
	 4.1.18
	  	 Movable Assets and Real Property
	  	19
	 4.1.19
	  	 Leases
	  	20
	 4.1.20
	  	 Intellectual Property Rights
	  	20
	 4.1.21
	  	 Insurance
	  	21
	 4.1.22
	  	 Powers and Authorizations
	  	21
	 4.1.23
	  	 Taxes, Duties and Contributions
	  	21

					
	 4.1.24
	  	 Inventories
	  	22
	 4.1.25
	  	 Products and Services
	  	23
	 4.1.26
	  	 Environment
	  	23
	 4.1.27
	  	 Third Party Consents
	  	23
	 4.1.28
	  	 Pre-signing transactions
	  	23
	 4.1.29
	  	 Affiliates Transactions
	  	24
	 4.1.30
	  	 Illegal Payments
	  	24
	 4.1.31
	  	 No Advisors’ Fees
	  	24
	 4.1.32
	  	 Truthfulness of the Representations
	  	24
		
	 4.2     Representations and Warranties of the Purchaser
	  	24
	 4.2.1
	  	 Authority and Powers and Enforceability
	  	24
	 4.2.2
	  	 Setting up of the Purchaser
	  	25
		
	ARTICLE V COVENANTS	  	25
		
	 5.1     Covenants of the Seller
	  	25
	 5.1.1
	  	 Operation of the Business
	  	25
	 5.1.2
	  	 Restricted Actions
	  	26
	 5.1.3
	  	 CMCP Corporate Structure
	  	27
	 5.1.4
	  	 Permits and Consents
	  	27
	 5.1.5
	  	 Macarpa Acquisition
	  	28
	 5.1.6
	  	 Share Capital Reduction
	  	28
	 5.1.7
	  	 Past Restructurings
	  	28
	 5.1.8
	  	 Tax Matters
	  	28
	 5.1.9
	  	 Specific Indemnities
	  	28
	 5.1.10
	  	 Cooperation
	  	29
	 5.1.11
	  	 Notices
	  	29
		
	 5.2     Mutual Covenants
	  	30
	 5.2.1
	  	 Publicity
	  	30
	 5.2.2
	  	 Fullfilment of Conditions Precedent.
	  	30
	 5.2.3
	  	 Confidentiality
	  	30
		
	ARTICLE VI CONDITIONS PRECEDENT	  	31
		
	 6.1     Condition to Obligation of both Parties to Close
	  	31
	 6.1.1
	  	 No Legal Impediment
	  	31
		
	 6.2     Condition to Obligation of the Purchaser to Close
	  	31
	 6.2.1
	  	 Representations and Warranties True and Correct
	  	31
	 6.2.2
	  	 Compliance with the Obligations of this Agreement
	  	31
	 6.2.3
	  	 No Material Adverse Change
	  	31
	 6.2.4
	  	 Satisfactory Implementation of the Prior Transactions Set Forth in Schedule 4.1.28
	  	31
	 6.2.5
	  	 Notification of transfer of first demand guaranty and original version of this guaranty
	  	32
		
	 6.3     Condition to Obligation of the Seller to Close
	  	32

  

 3 

					
	 6.3.1
	  	 Representations and Warranties True and Correct
	  	32
		
	 ARTICLE VII INDEMNIFICATION
	  	32
		
	 7.1     Indemnification Principles
	  	32
	 7.1.1
	  	 Seller’s Agreement to Indemnify
	  	32
	 7.1.2
	  	 Limitation of Liability
	  	33
		
	 7.2     Survival of Representations and Warranties
	  	34
		
	 7.3     Third Party Claims
	  	34
		
	 7.4     Indemnification Procedure
	  	35
	 7.4.1
	  	 Notices
	  	35
	 7.4.2
	  	 When Payable
	  	36
		
	 7.5     Guarantees
	  	36
	 7.5.1
	  	 Pledge of Shares
	  	36
	 7.5.2
	  	 Transfer of bank guaranty
	  	36
		
	ARTICLE VIII TERMINATION	  	37
		
	 8.1     Grounds for Termination
	  	37
		
	 8.2     Effect of Termination
	  	37
		
	ARTICLE IX MISCELLANEOUS PROVISIONS	  	37
		
	 9.1       Fees and Expenses
	  	37
		
	 9.2       Notices
	  	38
		
	 9.3       Transfer
	  	39
		
	 9.4       No Shop
	  	39
		
	 9.5       Entire Agreement
	  	39
		
	 9.6       Incorporation by Reference; Disclosure Schedules
	  	39
		
	 9.7       Confidentiality
	  	39
		
	 9.8       Modifications and Waivers
	  	39
		
	 9.9       Severability
	  	39
		
	 9.10     Language
	  	40
		
	 9.11     Governing Law
	  	40
		
	 9.12     Dispute Resolution
	  	40

  

 4 

 SHARE PURCHASE AGREEMENT 
  
 BETWEEN THE UNDERSIGNED: 
  
 I.P. CONTAINER HOLDINGS (Spain) S.L., a company organized and existing under the Laws of Spain with a capital of EUR 6,000, having its
registered office in Madrid - 20, General Yagüe, 28020 Spain, and currently undergoing registration of its company number, duly represented by Mr. Marc Van Lieshout (the “Purchaser”) and 
  
 FINANCIERE PAPIER ET CARTON KADIRIA, abbreviated as FINAPACK, a
société anonyme (corporation) with managing board and supervising board, organized and existing under the Laws of Morocco with a capital of MAD 226,000,000, having its head office at Casablanca (Aïn Sebaâ) –
Route Secondaire 110, boulevard Chefchaouni and registered under number 93.957 with the Registry of Commerce of Casablanca, duly represented by Mr. Aziz Qadiri (“FINAPACK”) (the “Seller”) 
  
 (each of the Seller and the Purchaser are referred to individually as a
“Party” and collectively as the “Parties”). 
  
 RECITALS 
  
 WHEREAS, the Seller, as
of today, owns directly and through its subsidiary COFIPAC one hundred percent (100%) of Groupe CMCP, a société anonyme (corporation) with managing board and supervising board, organized under the laws of Morocco
with a capital being reduced to MAD 448,220,000, having its head office at Kénitra, Quartier Industriel, Morocco, registered under number 9.919 with Kénitra Registry of Commerce (“CMCP”); 
  
 WHEREAS, CMCP is engaged in the business of purchase, import, sale,
export, manufacturing and transformation of cellulose, paper and cardboard and all similar or related items or products, including the machines and parts necessary for their manufacture (the “Business”); 
  
 WHEREAS, the Purchaser is a wholly-owned subsidiary of International
Paper Company, a US corporation having its head office at 400 Atlantic Street, Stamford, Connecticut 06921, USA; 
  
 WHEREAS, the Seller desires to sell to the Purchaser, and the Purchaser desires to purchase from the Seller, fifty-one percent (51%) of all of the
outstanding shares of CMCP at the Closing Date, of par value MAD 100 (the “Acquired Shares”); 
  
 WHEREAS, the Purchaser has separately agreed to acquire an additional 15.49% of the equity and voting rights of CMCP from various parties presently
shareholders of FINAPACK and who will be shareholders of CMCP on the Closing Date following the ongoing share exchange transaction described in Schedule 4.1.28.; 
  

 5 

 WHEREAS, simultaneously with the execution of this Agreement, COFIPAC and the Purchaser have
entered into that Shareholders’ Agreement (the “Shareholders’ Agreement”) to set forth the terms and conditions concerning their relationship as shareholders in CMCP and to provide for the orderly governance and the management of
CMCP following the consummation of the transactions contemplated by this Agreement; 
  
 NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS: 
  
 ARTICLE I 
 DEFINITIONS 
  

	1.1	Defined Terms 

  
 For the purposes of this Agreement, unless the context requires otherwise, the following terms shall have the following meanings: 
  

			
	 Accounting Principles
	  	means Moroccan GAAP, as applied according to Schedule 4.1.1;
		
	 Acquired Shares
	  	means 2,285,922 Shares representing fifty-one percent (51%) of the share capital and voting rights of CMCP;
		
	 Affiliate
	  	 means, with respect to any Person:
  
 (a) any other Person that directly or indirectly, through one or more intermediaries, controls, is controlled by or is under common control with, such first Person. The
term “control” (including its correlative meanings “controlled by” and “under common control with”) shall have the meaning ascribed thereto in Article L. 233-3 of the French Commercial Code (Code de
Commerce).
  
 (b) any Person that serves as a director or officer of such
specified Person;

		
	 Antitrust Notification
	  	means the notification of the Transaction to the Moroccan Prime Minister as regards Moroccan competition Laws;
		
	 Appendix
	  	means any appendix to this Agreement signed by the Parties;
		
	 Business Day
	  	means any day other than a Saturday, Sunday or other days on which banking institutions are authorized or obligated by Laws to be closed in Casablanca or Paris, as the case may
be.

  

 6 

			
	 Cleanup
	  	 means all actions required to:
  
 (i) cleanup, remove, treat or remediate Hazardous Substances in the outdoor environment;
  
 (ii) prevent the release of Hazardous Substances so that they do not migrate, endanger or threaten to endanger public health or welfare or
the outdoor environment;
  
 (iii) perform preremedial studies and investigations
and postremedial monitoring and care;
  
 (iv) respond to any government requests
for information or documents in any way relating to cleanup, removal, treatment or remediation or potential cleanup, removal, treatment or remediation of Hazardous Substances in the outdoor environment; or
  
 (v) any legal or administrative proceedings related to items (i) through (iv), including,
but not limited to, actions brought by third parties to recover costs incurred with respect to Cleanup;

		
	 Closing
	  	means the sale of the Acquired Shares by the Seller to the Purchaser and the payment of the Purchase Price by the Purchaser to the Seller hereunder;
		
	 Closing Date
	  	means the date on which the Closing shall occur;
		
	 Consent
	  	means any or all authorization, approval, consent, filing, permit, license, registration and notification, including Antitrust Clearance, whether from a Governmental Authority or a third
party;
		
	 Contract
	  	means any contract, agreement, undertaking, commitment, lease, license, mortgage, bond, note or instrument, whether written or oral, that is legally binding, and to which CMCP or any of its
Subsidiaries is a party;
		
	 Environmental Law
	  	means all applicable environmental, health and safety Laws in Morocco;
		
	 Financial Statements
	  	has the meaning given to it under Article 4.1.1;

  

 7 

			
	 GAAP
	  	means Moroccan generally accepted accounting principles and practices;
		
	 Governmental Authority
	  	means any government or any subdivision of the foregoing, authority, agency, commission, or other similar body including any control commission or similar regulatory body, or any court,
tribunal, or judicial or arbitral body of any jurisdiction;
		
	 Governmental Order
	  	means any order entered by or with any Governmental Authority specifically relating to CMCP or any of its Subsidiaries;
		
	 Hazardous Substances
	  	means all substances or materials regulated as explosive, flammable, toxic or radioactive under any Environmental Law;
		
	 Indebtedness
	  	means (i) obligations for borrowed money (including penalties, prepayment and other fees and accrued interest thereon), (ii) securitized receivables whether with or without recourse, (iii)
obligations under financing leases and crédits-baux, (iv) indebtedness for the deferred purchase price of property or services (other than trade liabilities incurred in the ordinary course of business and payable in accordance with
customary practices), and (v) all amounts owed by CMCP and any of its Subsidiaries to Affiliates or third parties under a loan, a line of credit or overdraft or cash pooling arrangements;
		
	 Indemnifiable Loss
	  	has the meaning given to it under Article 7.1.1;
		
	 Law
	  	means all applicable enforceable treaties, laws, regulations, directives, circulaires, orders, decrees, judgments, injunctions, permits, approvals, authorizations, permissions or notices
applicable as of the Closing Date.
		
	 Liens
	  	means liens, pledges, mortgages, charges, security interests, burdens, encumbrances, options, pre-emption rights, voting agreements, guarantees, usufructs or other restrictions or limitations
of any nature whatsoever;
		
	 Material Adverse Change
	  	means any event, circumstance, loss, or other occurrence which, individually or in the aggregate with other events, circumstances, losses, or other occurrences, has a Material Adverse
Effect;

  

 8 

			
	 Material Adverse Effect
	  	means an effect, whether internal or external to the Business of CMCP and its Subsidiaries, materially adverse to the financial condition, results of operations, assets or prospects of CMCP
or any of its Subsidiary, or to the Purchaser as a majority shareholder of CMCP;
		
	 Off Balance Sheet Liabilities
	  	means the off balance sheet liabilities of CMCP and its Subsidiaries as required to be disclosed under GAAP;
		
	 Past Restructurings
	  	has the meaning given to it under Article 5.1.7;
		
	 Person
	  	means any natural person, corporation, general or limited partnership, limited liability company, proprietorship, other business organization or entity, trust, union, unincorporated
association, Governmental Authority or other organization;
		
	 Premises
	  	means any site, plot of land, real property, office or construction owned or leased by CMCP or any of its Subsidiaries for the conduct of its Business;
		
	 Restructuring Plan
	  	means the decrease of workforce implemented by CMCP as part of the restructuring of the group;
		
	 Schedule
	  	means any schedule delivered by the Seller to the Purchaser concurrently with the execution of this Agreement and signed by the Parties, which sets forth the exceptions to the representations
and warranties contained in this Agreement and certain other information called for by this Agreement;
		
	 Share Capital Reduction
	  	means CMCP’s capital reduction to MAD 448,220,000 by means of a buyback of Shares as described in Schedule 4.1.28;
		
	 Shares
	  	means any or all of the outstanding shares of capital stock and voting rights of CMCP on a fully diluted basis;
		
	 Subsidiary
	  	means, with regards to any Person, any other Person directly or indirectly controlled by such first Person where “control” and correlatively “controlled by” have the
meaning set forth in Article L. 233-3 of the French Commercial Code. It is specified, for the record, that on the date hereof CMCP does not hold any Subsidiary.

  

 9 

			
	 Tax
	  	means any tax (including income tax, profit tax, withholding tax, précompte, capital gains tax, value-added tax, sales tax, property tax, gift tax, real estate tax, excise tax,
retirement, unemployment, and social security contributions in any applicable jurisdiction), tariff or duty (including any stamp or customs duty) and any fine, penalty, interest or addition to tax imposed, assessed or collected by or under the
authority of any Governmental Authority;
		
	 Transaction
	  	has the meaning given to it under Article 2.1;

  

	1.2	Presumption and Headings 

  
 The Parties acknowledge that each Party and its counsels have reviewed and revised this Agreement and that in the event an ambiguity or question of intent of the Parties
or interpretation arises regarding this Agreement, this Agreement (including any Appendices and Schedules) shall be construed as if drafted jointly by the Parties, and no presumption or burden of proof shall arise favoring or disfavoring either
Party to this Agreement by virtue of the authorship of any provisions to this Agreement. The Article headings contained in this Agreement are inserted for convenience of reference only and shall not affect the meaning or interpretation of
this Agreement. 
  
 ARTICLE II 
 PURCHASE AND SALE 
  

	2.1	Purchase and Sale of the Acquired Shares 

  
 Upon the terms and subject to the conditions set forth in this Agreement, at the Closing Date the Seller shall sell to the Purchaser, and the Purchaser shall purchase
from the Seller, the Acquired Shares free and clear of all Liens, for the consideration for the price set forth in Article 2.2 (the “Transaction”). IP shall have the economic rights attaching to the Acquired Shares as of July
1st, 2005. Consequently, IP shall have the right to receive 50% (fifty percent) of the share of dividends relating
to the 2005 fiscal year corresponding to the percentage of its interest in CMCP’s share capital. 
  

	2.2	Consideration for the Acquired Shares 

  

	 	2.2.1	Purchase Price 

  
 The consideration to be paid for the Acquired Shares (hereafter referred to as the “Purchase Price”) shall be: 
  
 MAD four hundred and fifty-nine million (MAD 459,000,000). 
  

 10 

	 	2.2.2	Method of Payment 

  
 On the Closing Date, the Purchaser shall pay to the Seller the Purchase Price by wire transfer in same day immediately available funds in Casablanca.

  
 ARTICLE III 
 CLOSING 
  

	3.1	Date and Place of Closing 

  
 Unless otherwise agreed in writing between the Parties, consummation of the Transaction pursuant to the terms of this Agreement (the “Closing”) shall take place
at the offices of Société Générale Marocaine de Banque in Casablanca, at 10:00 a.m. (local time) on the later the date that is ten (10) Business Days following satisfaction (or waiver if permitted) of the conditions
referred to in Article VI. 
  

	3.2	Closing Deliveries 

  
 On the Closing Date: 
  
 (a) the
Seller shall deliver or shall cause to be delivered to the Purchaser: 
  

	 	(i)	transfer certificates and certified extracts from Shareholders Accounts, or other document or documents necessary to effect the transfer of the Acquired Shares; and

  

	 	(ii)	copies of resolutions of the relevant corporate bodies of CMCP approving the transfer of the Acquired Shares to the Purchaser pursuant to this Agreement, to the extent that the Laws
or the bylaws require for such resolutions to be passed in order for such transfer of shares to be validly entered into. 

  
 (b) the Purchaser shall deliver or shall cause to be delivered to the Seller the Purchase Price by bank wire transfer in same day available funds in
Casablanca to the account specified by the Seller, whose name and address are mentioned in Schedule 3.2(b). 
  
 (c) the Seller shall deliver or shall cause to be delivered to the Société Fiduciaire du Maroc -71, rue Allal Ben Abdellah, Casablanca -
acting as escrow agent, a copy of the bylaws updated pursuant to the Shareholders’ Agreement. 
  
 (d) the Seller shall deliver to the Purchaser the Share Pledge Agreement and the notification of transfer of first demand guaranty referred to in Article
7.5 hereof. 
  

 11 

 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES 
  

	4.1	Representations and Warranties of the Seller 

  
 Except as set forth in the Schedules (it being understood that if a matter is set forth in one Schedule, it shall be deemed to be set forth in all other Schedules in
which a reference to it is made), the Seller hereby warrants to the Purchaser the accuracy and completeness of the representations contained in this Article 4.1 as of the date hereof and as of the Closing Date as though they had been made as
of the Closing Date, except to the extent these representations are by their express terms made as of a particular date (in which case, such representations and warranties shall be accurate as of such date). 
  

	 	4.1.1 	Financial Statements 

  
 (a) The financial statements (as defined in Moroccan law 9-88 relating to the accounting obligations of commercial persons) drawn up by CMCP and its
Subsidiaries as of December 31, 2002, December 31, 2003, December 31, 2004 and June 30, 2005 (hereinafter the “Financial Statements”) have been prepared in accordance with GAAP and the Accounting Principles, applied on a consistent and
coherent basis, and present fairly the assets, liabilities, the financial condition and income of CMCP and its Subsidiaries on the date of the Financial Statements. The Financial Statements have been audited and certified by the statutory auditors
of CMCP and are attached hereto as Schedule 4.1.1. 
  
 (b) Except as and to the extent disclosed or reserved against on the Financial Statements, CMCP and its Subsidiaries do not have, in particular, any debt or obligations, whether existing, contingent or eventual, resulting from one or more
events that have occurred or that are foreseeable on the date of or prior to the date of the Financial Statements, or one or more transactions entered into or being entered into on the date of the Financial Statements or prior to such date and, in
particular, no obligation or debt, whether commercial, fiscal, administrative or concerning social security, nor related fees, taxes, interest, penalties or fines, nor Off-Balance Sheet Liabilities. 
  
 (c) CMCP and its Subsidiaries have good and marketable title to the assets
shown in the Financial Statements. The assets that are not being used in the operation of the Business have been written off or written down to their realizable value. All the receivables shown in the Financial Statements are of sure collection or
have been adequately reserved for in the Financial Statements. 
  

 12 

	 	4.1.2 	Authority and Powers and Enforceability 

  
 The Seller has all powers and authority to make the representations and warranties herein which constitute obligations thereby validly engaging and
binding said Seller pursuant to their terms. 
  
 The Seller has
all necessary corporate power and authority to enter into this Agreement, and to carry out its obligations hereunder and to consummate the Transaction. 
  
 This Agreement has been duly executed by the Seller and constitutes a legal, valid and binding obligation of the Seller, enforceable against it in
accordance with its terms. 
  
 There are no actions, claims or
other proceedings or investigations pending or threatened against or involving the Seller or any of its present directors or officers, or the assets of CMCP and of its Subsidiaries and which, if adversely determined, would reasonably be expected to
have a Material Adverse Effect on the Seller’s ability to consummate the Transaction or affect the validity or enforceability of this Agreement. 
  
 The Transaction has been duly authorized by the Supervising Board of the Seller. 
  

	 	4.1.3 	Setting up of CMCP and its Subsidiaries 

  
 The information set forth in the recitals hereto are true and correct. 
  
 CMCP and its Subsidiaries have been duly and lawfully set up and their bylaws, as well as the functioning of their corporate
bodies, are in compliance with Laws in force. 
  
 The corporate
registers of CMCP and of its Subsidiaries are complete and have been kept in accordance with applicable Laws and have all the required signatures. 
  

	 	4.1.4 	Shares of CMCP and its Subsidiaries 

  
 (a) CMCP is a corporation (société anonyme) with managing board and supervising board existing under the Laws of Morocco with capital
of 548,220,000 dirhams (before the Share Capital Reduction), divided into 5,482,200 Shares with a par value of 100 dirhams each, all validly issued, fully paid and non-assessable. 
  
 (b) Except for the exchange of shares described in Schedule 4.1.28, there exist no Contract or commitment in
force in respect of the award or issuance of shares of CMCP or its Subsidiaries or granting any person whatsoever the right to an award or issuance of shares of CMCP and its Subsidiaries or the purchase or pre-emption right to all or part of the
shares issued by CMCP or its Subsidiaries. 
  

 13 

 (c) Neither CMCP nor any of its Subsidiaries holds, directly or indirectly, interests in any company,
partnership or grouping of any nature whatsoever including a partnership (société de personnes), non-trading real estate company (société civile immobilière), intercompany partnership (groupement
d’intérêt économique), joint venture company (société de participation) or any other company or grouping in which the liability of the members or partners is not limited to their contribution. A
complete list of the Subsidiaries and interests of CMCP is attached hereto as Schedule 4.1.4. 
  
 (d) Neither CMCP nor its Subsidiaries has issued founding partner shares, priority shares, preferential shares, bonds convertible into shares,
exchangeable for shares, reimbursable in shares or granting right to subscription to shares. In general, neither CMCP nor its Subsidiaries has issued shares granting right by conversion, exchange, reimbursement, presentation of a coupon or, in any
other manner, to the award, at any time or on a fixed date, of shares of CMCP or its Subsidiaries. No issuance of the types set forth in this paragraph is presently underway. 
  
 (e) Moreover, there exist no shares of CMCP or of its Subsidiaries granting double voting rights and no limitation has been
brought to the voting rights attached to the shares of CMCP or of its Subsidiaries. No issuance of shares with double voting rights and no limitation as to voting rights are underway. 
  
 (f) The shareholders’ accounts and the share transfer registers for CMCP and its Subsidiaries are up to date and in
compliance with applicable Laws. 
  

	 	4.1.5 	Transfer of the Acquired Shares 

  
 The Acquired Shares are validly owned by the Seller who has the free disposal and the option to Transfer them without any restriction whatsoever, except
for the application of statutory clauses of CMCP as concerns the transfer of Shares. 
  
 The different transactions required for the proper completion of the transfer of the Acquired Shares have been, or shall be, completed no later than the Closing Date, in accordance with applicable Laws, and shall
validly transfer the ownership of the Acquired Shares to the benefit of the Purchaser. 
  
 The transfer of the Acquired Shares to the Purchaser does not breach any of the contractual or other obligations of CMCP and of its Subsidiaries and is not contrary to any of the Laws applicable to CMCP and its
Subsidiaries, will not entail the termination of any Contract to which CMCP and its Subsidiaries are party and will not allow any Person to be released from a surety issued as a guarantee to a commitment of CMCP and its Subsidiaries. 
  

 14 

	 	4.1.6 	Registers and Documents 

  
 All the accounting books, registers and files required by applicable Laws have been duly kept by CMCP and its Subsidiaries, are in their possession and
contain information that is exact and duly registered according to generally accepted customs in the sector of business of CMCP and its Subsidiaries. 
  
 All the deeds or other documents establishing the ownership of assets of CMCP and its Subsidiaries and the signed copies of all the Contracts in force
that are essential to the functioning of their business, entered into by them and that should be in their possession, are indeed in their possession. 
  

	 	4.1.7 	Options, Mortgages and Other Liens 

  
 Except as set forth in Schedule 4.1.7, there is no Lien pertaining to all or part of the assets or Contracts of CMCP and its Subsidiaries.
No Contract to consent to any of the rights or guarantees referred to above has been entered into. Neither CMCP nor its Subsidiaries, nor their employees or executives have received any claims from a Person that might lay claim to any of the
guarantees referred to above. The completion of the Transaction shall not give rise to any Lien on all or part of the assets or Contracts of CMCP. 
  

	 	4.1.8 	Compliance with Laws and Regulations 

  
 CMCP and its Subsidiaries have all the necessary Consents for the full ownership of their assets and for their current Business. All conditions relative
to such Consents have been complied with by CMCP and its Subsidiaries. The completion of the Transaction shall not give rise to any withdrawal, cancellation or modification of any such Consents. 
  
 All applicable Laws have been complied with by CMCP and its Subsidiaries.

  
 CMCP and its Subsidiaries are not obliged to proceed with new
investments in order to be in compliance with any of such Laws. 
  
 To the best knowledge of the Seller, there exists no event which may entail the withdrawal or cancellation of the Consents which CMCP and its Subsidiaries have, or which may trigger their liability or that of their directors or their
personnel. 
  
 All information and accounting statements
transmitted by CMCP or its Subsidiaries to the Governmental Authorities are true and correct. 
  

	 	4.1.9 	Contracts 

  
 (a) All of the current Contracts of CMCP and its Subsidiaries are valid and enforceable. CMCP and its subsidiaries have duly carried out all their
obligations under such Contracts. Except for contracts listed in Schedule  

  

 15 

 
4.1.9(a), there do not exist any events, in particular related to the Transaction, which may void or entail the early termination of such
Contracts, or authorize a third party to require an early repayment, or trigger in any way the liability of CMCP and its Subsidiaries or of their directors or employees, towards any third party, including the employees of CMCP. 
  
 The transfer of the Acquired Shares shall not increase the contractual
obligations and shall not restrict the contractual rights of CMCP and of its Subsidiaries. 
  
 (b) All the Contracts to which CMCP and its Subsidiaries are party are covered by appropriate legal documentation allowing CMCP and its Subsidiaries to exercise and to cause to be exercised all of their rights.
Schedule 4.1.9(b) contains a list of all of CMCP’s material Contracts. 
  
 (c) Neither CMCP nor its Subsidiaries is bound by any agency, distribution, marketing or franchise Contract, except those listed in Schedule 4.1.9(c). 
  

	 	4.1.10 	Unusual Contracts, Financial Commitments, Contracts with Shareholders 

  

Except as set forth in Schedule 4.1.10, neither CMCP nor its Subsidiaries: 
  

	 	(i)	has entered into any Contract committing it in an unusual or abnormal way in relation to the normal course of its business, or triggering its liability in an unlimited or joint
manner; 

  

	 	(ii)	has entered into any Contract which could be cancelled or terminated early as a result of the Transfer of the Acquired Shares; 

  

	 	(iii)	has entered into any Contract which may be terminated only by payment of an indemnity greater than five hundred thousand dirhams (MAD 500,000) or with a prior notice period greater
than three (3) months; 

  

	 	(iv)	is party to a Contract with the Seller or with any Affiliate or any executive or officer of such Persons; 

  

	 	(v)	has, vis-à-vis the Seller or any Affiliate of the Seller, any commitment or debt whatsoever other than incurred in the normal course of business and under customary market
conditions; Schedule 4.1.10(v) sets forth (i) all the dividends and interim dividends which distribution has been decided by CMCP’s competent corporate bodies for the fiscal year ended December 31, 2004, as well as all the
dividends and interim dividends which distribution has been decided by CMCP’s competent corporate bodies and not yet paid, and (ii) all the dividends and interim dividends which distribution has been decided by CMCP’s Subsidiaries’
corporate bodies for the fiscal year ended December 31, 2004. 

  

 16 

	 	(vi)	is party to a Contract with a third party which would allow such third party to exercise a right of inspection of CMCP and its Subsidiaries’ management;

  

	 	(vii)	is bound by a non-compete obligation. 

  
 Schedule 4.1.10 contains all the information (such as the amount, term, guarantees, rates, etc.) related to loans, credit agreements,
overdraft agreements and other current banking facilities of CMCP and its Subsidiaries. 
  

	 	4.1.11 	Off-Balance Sheet Liabilities and Commitments 

  
 Except as set forth in Schedule 4.1.11, no guarantee, lien, sponsorship or comfort letter, and other Off-Balance Sheet Liabilities of any
nature whatsoever, granted or incurred by CMCP and its Subsidiaries, was in force as of December 31, 2004 and as of June 30, 2005, and shall be in force as of the Closing Date. 
  

	 	4.1.12 	Profit Sharing Agreements 

  
 Neither CMCP nor its Subsidiaries is party or has agreed to be party to any Contract whatsoever designed to share all or part of its profits with third
Persons. 
  

	 	4.1.13 	Clients and Suppliers 

  
 Except as set forth in Schedule 4.1.13, CMCP has not received information indicating that one of its clients or one of its suppliers would
have the intention to cease or to reduce materially its operations with CMCP immediately or in the future, in particular due to the Transfer of the Acquired Shares. 
  

	 	4.1.14 	Insolvency 

  
 (a) No public trustee (syndic) has been appointed to manage all or part of the assets or business (fonds de commerce) of CMCP or of its
Subsidiaries. 
  
 (b) No request, or declaration in view of a
judicial reorganization (redressement judiciaire) or liquidation of CMCP or its subsidiaries or in view of the dissolution and early liquidation of CMCP or of its Subsidiaries has been made or is anticipated by CMCP or its Subsidiaries and/or
their executives nor, to the best knowledge of the Seller, by any third party. 
  
 (c) Neither CMCP, nor its Subsidiaries, nor the Seller, have suspended their payments, are insolvent, or not able to pay their debts that are due. 
  

	 	4.1.15 	Litigation 

  
 Except as set forth in Schedule 4.1.15, CMCP and its Subsidiaries are not involved in any legal, criminal, administrative or arbitral
proceedings, as applicant or as 

  

 17 

 
defendant, including counter-claims, in which the risk for each dispute would be greater than fifty thousand dirhams (MAD 50,000). 
  
 Moreover, to the best knowledge of the Seller, there exists no event which
may give rise to any proceedings whatsoever against CMCP and its Subsidiaries or against one of their executives, directors, employees or former directors, former executives or former employees for which they would be civilly liable. 
  
 In particular, CMCP and its Subsidiaries have not been subject to, and to
the best knowledge of the Seller are not threatened with, any claim on the part of clients or other third parties. 
  
 Furthermore, no judicial or administrative decision, no statute of limitations, no time limit granted by a professional organization or a supervising
authority has intervened, from which would result for either CMCP or its Subsidiaries, an obligation which may have, in the future, unfavorable consequences on the normal course of their business. 
  

	 	4.1.16 	Employees, Corporate Officers of CMCP and its Subsidiaries 

  
 (a) No amount is due to a current or former employee, agent or corporate officer of CMCP or its Subsidiaries under his employment agreement or other
Contracts, other than the rights to compensation due but not yet payable, reimbursements of professional expenses, or debts inscribed in the Financial Statements. 
  
 (b) Except as set forth in Schedule 4.1.16(b), neither CMCP nor any of its Subsidiaries have obligations of
any nature whatsoever either towards former employees or temporary workers, and in particular obligations not yet executed on account of the termination of any employment agreement or service or under indemnities for unfair dismissal or for not
having complied with an obligation to reinstate an employee. 
  
 (c) CMCP and its Subsidiaries have complied with the instructions and obligations imposed by the competent Governmental Authorities as regards employment Laws (insofar as such obligations are applicable), of social security Laws, of
regulations concerning health and safety and of any other applicable Laws relative to the employment of salaried personnel. 
  
 (d) Laws relative to the representation of employees within CMCP and its Subsidiaries have been complied with by both CMCP and its Subsidiaries.

  
 (e) Except as set forth in Schedule 4.1.16(e),
no employment agreement or any agreement entered into with the employees, agents or company officers (current or former), provides for unusual conditions, in particular benefits or provisions or terms exceeding those provided for by the applicable
collective bargaining agreement. 
  

 18 

 (f) Except as set forth in Schedule 4.1.16(f), none of the executives or officers of CMCP
or its Subsidiaries has resigned or has been relieved of his duties within CMCP or its Subsidiaries, or has made known to them his intention to resign since January 1, 2005. 
  
 (g) All the additional retirement or contingency fund regimes of which CMCP and its Subsidiaries are members are listed on
Schedule 4.1.16(g). 
  
 (h) CMCP and its
Subsidiaries have not granted loans to their personnel, their agents or legal representatives except as set forth in Schedule 4.1.16(h). 
  
 (i) The employment agreements for the salaried personnel of both CMCP and its Subsidiaries are in compliance with applicable Laws. 
  

	 	4.1.17 	Retirement 

  
 All contributions due and payable by CMCP and its Subsidiaries as regards retirement and various company benefits and all future commitments taken by CMCP
or its Subsidiaries in this regard have been duly paid or reserved for in the Financial Statements. 
  

	 	4.1.18 	Movable Assets and Real Property 

  
 CMCP and its Subsidiaries are rightful owners of all the assets necessary for their current Business, except those movable assets and real property
subject to rental contracts appearing on Schedule 4.1.18(i). Except as set forth in Schedule 4.1.18(ii), no asset purchased by CMCP and its Subsidiaries is subject to any Lien and, generally, there exists no clause in the
agreements entered into by CMCP and its Subsidiaries limiting the right to exploit their assets. 
  
 All the movable assets or real property of which CMCP and its Subsidiaries are owners or lessors are in a proper state of repair and in good working
condition, of normal wear, free of any encumbrances and are suitable for the uses to which there are intended. CMCP and its Subsidiaries have all spare parts necessary in the normal course of business and as is customary in the industry. These spare
parts are in a proper state of repair and in good working condition, and free of any encumbrances. 
  
 No agreement, restriction or stipulation has been agreed to by CMCP and its Subsidiaries, which would be unusual, would come into conflict with the use of
the real property or affect their value. No action, claim or demand relative to the real property of which CMCP and its Subsidiaries are owners is pending. 
  
 All Consents concerning the real property of CMCP and its Subsidiaries have been obtained and complied with. In particular, all necessary Consents have
been obtained for the work carried out on the real property. 
  

 19 

 No decision has been notified to either CMCP or its Subsidiaries by any Governmental Authority which may
restrict or modify the use of the real property used by CMCP and its Subsidiaries. 
  
 CMCP and its Subsidiaries are not incurring any liability of any nature whatsoever in regards to the real property occupied by CMCP or its Subsidiaries in the past. 
  

	 	4.1.19 	Leases 

  
 Concerning the buildings of which CMCP and its Subsidiaries are lessees: 
  
 (a) CMCP and its Subsidiaries have complied with their obligations under the leases related to them; 
  
 (b) No right of occupation or usage has been acquired, or, to the best
knowledge of the Seller, is in the process of being acquired by any third party or has been consented or agreed with a third party; 
  
 (c) The Dahir dated May 24, 1955 related to building leases and premises for commercial, industrial or small company use applies to leases entered into by
CMCP and its Subsidiaries so that they have the right to renew such leases pursuant to Articles 5 and following of such Dahir. 
  
 (d) CMCP and its Subsidiaries have not received notice from a lessor terminating a lease or threatening to do so. 
  

	 	4.1.20 	Intellectual Property Rights 

  
 CMCP and its Subsidiaries have the ownership or license of all intellectual property rights (such as patents, trademarks, trade names, trade secrets, and
computer software programs) that they currently use to operate the Business. None of these rights infringe on the rights of any third party. All documents pertaining to these rights are set forth in Schedule 4.1.20. 
  
 CMCP and its Subsidiaries do not use any intellectual property right that is
not described in Schedule 4.1.20. 
  
 CMCP and its
Subsidiaries have renewed in a timely manner all trademarks set forth in Schedule 4.1.20. 
  
 CMCP and its Subsidiaries have not granted to any third party any license or right to purchase the patents, designs, trademarks and trade names owned by
CMCP and its Subsidiaries. 
  
 No intellectual property right
used by CMCP or its Subsidiaries is owned by the Seller or any of its Affiliates. 
  

 20 

 To the best knowledge of the Seller, the operation of the Business by CMCP and its Subsidiaries do not
infringe on any third party intellectual property right. 
  
 The
intellectual property rights referred to in Schedule 4.1.20 are not subject to any claim or dispute. 
  
 To the best knowledge of the Seller, no third party infringes upon the patents, trademarks, trade names, trade secrets, and computer software programs of
CMCP or its Subsidiaries. 
  
 There are no Liens on any trademark
or patent owned by CMCP or its Subsidiaries. 
  

	 	4.1.21 	Insurance 

  
 (a) CMCP and its Subsidiaries are insured, in compliance with applicable Laws, by existing insurance policies as listed in Schedule 4.1.21,
for which premiums have been duly paid, and which provide coverage, under customary terms, for the risks customarily insured against by entities carrying on the same type of business as CMCP and its Subsidiaries. CMCP and its Subsidiaries have not
performed any act or omitted to perform any act which may nullify or void the insurance policies contracted or cause their termination. 
  
 (b) Except as set forth in Schedule 4.1.21, there is currently no dispute involving the insurance policies of CMCP or its Subsidiaries, and
no event has occurred which could result in such a dispute. 
  

	 	4.1.22 	Powers and Authorizations 

  
 Neither CMCP nor any of its Subsidiaries have granted any power or other authorization (express or tacit) to anyone that is still in force, to enter into
Contracts on their behalf, except for powers granted to senior managers of CMCP or its Subsidiaries in connection with their duties. 
  

	 	4.1.23 	Taxes, Duties and Contributions 

  
 Except as set forth in Schedule 4.1.23: 
  
 (a) CMCP and its Subsidiaries have duly and in due course carried out or caused to be carried out with all competent authorities, the filing of all forms,
declarations and reports as regards Taxes that must be made by each company, whether individually or as a member of a group of companies, in accordance with applicable Laws, and each of such forms, declarations and reports reflect accurately the
obligations of CMCP and its Subsidiaries as regards Taxes and includes all information that must be indicated on them. All the Taxes and duties due by CMCP and its Subsidiaries relative to all the fiscal periods (or fractions of such periods) ending
before the Closing Date shall have been entirely paid or reserved for. All the 

  

 21 

 
Taxes due by CMCP and its Subsidiaries on the date of the Financial Statements have been duly entered in the Financial Statements; 
  
 (b) CMCP and its Subsidiaries do not benefit as regards Taxes from any
preferential treatment dependent upon commitments of CMCP and its Subsidiaries which shall continue to bind CMCP and its Subsidiaries after June 30, 2005; 
  
 (c) all the transactions between CMCP, its Subsidiaries and their Affiliates have been completed under normal commercial conditions. There exists no
transaction or commitment involving CMCP and its Subsidiaries subject to challenge by a Governmental Authority under transfer pricing restrictions; 
  
 (d) Except for the tax audits underway at CARSUD, ONDUMAR and CENTRE EMBALLAGE following notifications as shown in Schedule 4.1.23, CMCP and
its Subsidiaries have not, during the last twenty-four months, been subject to and are not currently subject to an investigation, audit or visit by any Governmental Authority in respect of Taxes and, to the best knowledge of the Seller, no
investigation, audit or visit of this type is contemplated. CMCP and its Subsidiaries have not been subject to any Tax or social security assessment in respect of the last three fiscal years; 
  
 (e) CMCP and its Subsidiaries have not entered into any tax sharing
agreement relative to their income, profits or losses; 
  
 (f)
the execution and performance of this Agreement shall not trigger any Tax or other charge for CMCP and its Subsidiaries; 
  
 (g) CMCP and its Subsidiaries have not made a request or obtained exemptions or tax deferrals relative to mergers or other restructuring during the
current fiscal year or over the five (5) previous fiscal years, other than those in connection with the merger of Cartonnerie et Emballages du Centre - Centre Emballage, Cartonnerie du Maroc - Ondumar and Cartonnerie du Sud - Carsud within CMCP.

  

	 	4.1.24 	Inventories 

  
 (a) Inventories of raw materials, goods-in-progress, finished and consumable products accounted for in the Financial Statements exist on the date of the
Financial Statements and have been evaluated according to the principles set forth in Schedule 4.1.24. 
  
 (b) The volume and composition of the inventories reflect the practices and methods habitually followed by CMCP in connection with the normal conduct of
its businesses. 
  
 (c) The inventories of CMCP have been managed
in the normal course of business. The quality and quantity of CMCP’s inventories allow the use and sale of such inventories in the normal course of business. 
  

 22 

	 	4.1.25 	Products and Services 

  
 None of the products manufactured or sold and no services rendered by CMCP and its Subsidiaries are tainted with any apparent or hidden defect which could
justify a request for cancellation from sale and/or for damages and interest on the part of a buyer, a consumer or any third party. 
  
 To the best knowledge of the Seller, there exists no event which may entail such a cancellation or an order to pay damages. 
  

	 	4.1.26 	Environment 

  
 Except as set forth in the URS report attached hereto as Schedule 4.1.26, the businesses of CMCP and its Subsidiaries have always been and
remain in compliance with the Environmental Laws and no product manufactured, assembled or sold, or service rendered by CMCP and its Subsidiaries, is in contravention of the Environmental Laws. 
  
 Except as set forth in the URS report attached hereto as Schedule
4.1.26, CMCP and its Subsidiaries have, on the Closing Date, all the necessary Consents pursuant to Environmental Laws for the conduct of the Business, the occupancy and use of the Premises by CMCP or its Subsidiaries, or which are
necessary or desirable for the Closing of the Transaction. 
  
 Except as set forth in the URS report attached hereto as Schedule 4.1.26, no overflow or evacuation of any toxic or dangerous matter, substance or waste, has occurred on the sites belonging to or occupied by CMCP and its
Subsidiaries, and CMCP and its Subsidiaries are not obliged or should not reasonably be obliged to Cleanup in any manner whatsoever contamination of the water or soil. 
  
 Since August 2004, date of the above-mentioned URS environmental report, CMCP and its Subsidiaries have not materially
changed any practices which may have an impact on the environment and no overflow or evacuation of any substance, matter or waste, toxic or dangerous, has occurred on the sites belonging to or occupied by CMCP and its Subsidiaries. 
  

	 	4.1.27 	Third Party Consents 

  
 Subject to the Antitrust Notification, no third party consent, including from the Governmental Authorities, is required or being sought for the completion
of the transactions provided for herein. 
  

	 	4.1.28 	Pre-signing transactions 

  
 All transactions described in Schedule 4.1.28 have been or shall be carried out in full compliance with applicable Laws; they are not
subject to any third party claim and shall be in full force and effect as of the Closing Date. 
  

 23 

	 	4.1.29 	Affiliates Transactions 

  
 There is no Contract between CMCP and an Affiliate. 
  

	 	4.1.30 	Illegal Payments 

  
 Neither CMCP nor its Subsidiaries nor their Affiliates or employees has, directly or indirectly, made or agreed to make an illegal gift, payment, or
contribution or any other similar benefit to a supplier, a client, a government official, an employee or any other person in order to obtain their assistance in any actual or proposed transaction, or made or agreed to make any illegal contribution,
or reimbursed any illegal political gift or contribution made by any other person, to any candidate for public office: 
  

	 	(i)	which violates applicable Laws, or 

  

	 	(ii)	which might subject CMCP or its Subsidiaries to civil or criminal proceedings, or 

  

	 	(iii)	the non-continuation of which might have a material adverse effect on CMCP’s or its Subsidiaries’ business. 

  

	 	4.1.31 	No Advisors’ Fees 

  
 There is no Person entitled to receive any brokerage, commission or finder’s or financial advisory fee from CMCP or its Subsidiaries in connection
with the Transaction. 
  

	 	4.1.32 	Truthfulness of the Representations 

  
 This Agreement does not contain inaccurate or incomplete representations nor voluntarily omits to represent an important fact so as to make the
representations contained herein misleading. 
  
 The Seller does
not have knowledge of any important fact capable of adversely affecting the operations, the assets or the financial condition of CMCP and its Subsidiaries and which has not been set forth or identified in this Agreement. 
  

	4.2	Representations and Warranties of the Purchaser 

  
 The Purchaser hereby represents and warrants to the Seller that the statements contained in this Article shall be accurate as of the date hereof and shall be accurate as
of the Closing Date as though made as of the Closing Date, except to the extent these representations are by their express terms made as of a particular date (in which case, such representations and warranties shall be accurate as of such date):

  

	 	4.2.1 	Authority and Powers and Enforceability 

  

 24 

 The Purchaser has all powers and authority to make the representations and warranties herein which
constitute obligations thereby validly engaging and binding said Purchaser pursuant to their terms. 
  
 The Purchaser has all necessary corporate power and authority to enter into this Agreement and to carry out its obligations hereunder and to consummate
the Transaction. 
  
 This Agreement has been duly executed by the
Purchaser and constitutes a legal, valid and binding obligation of the Purchaser, enforceable against it in accordance with its terms. 
  
 There are no actions, claims or other proceedings or investigations pending or threatened against or involving the Purchaser or any of its present
directors or officers, or the assets and which, if adversely determined, would reasonably be expected to have a Material Adverse Effect on the Purchaser’s ability to consummate the Transaction or affect the validity or enforceability of the
Agreement. 
  

	 	4.2.2 	Setting up of the Purchaser 

  
 The Purchaser has been duly and lawfully set up and its bylaws, as well as the functioning of its corporate bodies, are in compliance with Laws in force.

  
 ARTICLE V 
 COVENANTS 
  

	5.1	Covenants of the Seller 

  

	 	5.1.1	Operation of the Business 

  
 Between the date of this Agreement and the Closing Date, except as specifically contemplated by this Agreement or as otherwise consented to in writing by
the Purchaser, 
  

	 	(i)	the Seller shall ensure that CMCP and the Subsidiaries are managed in the ordinary course and in a prudent manner (en bon père de famille) and, in particular, the
Seller shall use its best efforts to maintain and develop the activities and business relations of CMCP and the Subsidiaries; and 

  

	 	(ii)	CMCP and its Subsidiaries shall maintain their inventory, accounts receivable and accounts payable in the ordinary course of business consistent with past practice.

  

 25 

	 	5.1.2 	Restricted Actions 

  
 As part of the Seller’s commitment to ensure that CMCP and its Subsidiaries are managed in the ordinary course and in a prudent manner (en bon
père de famille), without limiting the generality of the foregoing, and except as expressly permitted hereunder, the Seller, without the consent of the Purchaser (which consent shall not be unreasonably withheld or delayed and, if the
Purchaser does not notify the Seller in writing of its refusal to grant such consent within five (5) Business Days of the receipt of a written request, in reasonable detail, such consent shall be deemed to have been granted), shall not and shall
cause CMCP and each of the Subsidiaries not to: 
  
 (a) amend
their bylaws or other constituent or governing document other than as a consequence of the Share Capital Reduction underway or of a requirement of Law, or provided for in the Shareholders’ Agreement; 
  
 (b) be a party to any acquisition, merger, spin-off, consolidation, purchase
of stock or interest in any corporation, partnership, association or other business organization or enter into or form any material joint-venture or enter into any agreement leading to any of the foregoing; 
  
 (c) alter CMCP’s capital stock or declare, set aside, make or pay any
dividend (other than any dividend which has been approved prior to the date hereof), or purchase or redeem any shares of CMCP’s capital stock (other than the Share Capital Reduction), except to the extent contemplated by this Agreement,
including the effects of the share exchange underway as described in Schedule 4.1.28; 
  
 (d) issue or sell any of its capital stock or any options, warrants or other rights to purchase any such shares or any securities convertible into or
exchangeable for such shares (other than any such issuances or sales by a Subsidiary to CMCP or other Subsidiaries); 
  
 (e) incur any additional debt or make any early repayments on existing loans, debts or other liabilities other than in the ordinary course of business;

  
 (f) acquire, sell or dispose in any way any goodwill, real
property or intellectual property or any other material asset; 
  
 (g) other than in the ordinary course, enter into any transaction involving a Contract in excess of one million dirhams (MAD 1,000,000) or binding CMCP for a term greater than one year; 
  
 (h) enter into a binding agreement for the hiring or dismissal of any
employee of CMCP or any of its Subsidiaries for an annual aggregate amount in excess of five hundred thousand dirhams (MAD 500,000); 
  
 (i) amend its employees’ collective status or to grant any additional benefits, or make any material change in the compensation payable, or to

  

 26 

 
become payable, to any employee of CMCP or any of its Subsidiaries (other than normal recurring increases in the ordinary course of business or pursuant to
plans, programs or agreements existing on the date hereof, and other than pursuant to statutory or regulatory requirements); 
  
 (j) except as set forth in Schedule 5.1.2(j), make any capital expenditures in excess of five hundred thousand dirhams (MAD 500,000) for any
individual expenditure or MAD two million dirhams (MAD 2,000,000) in the aggregate; 
  
 (k) waive any receivable involving an amount greater than two hundred thousand dirhams (MAD 200,000) outside the ordinary course of business; 
  
 (l) grant any Lien, mortgage or pledge or issue any security undertaking or commitment whereby it would assume liability of
a third party other than in the ordinary course of business; 
  
 (m) except as set forth in Schedule 5.1.2(m), other than in the ordinary course of business, settle any action, claim or dispute against or affecting CMCP or any Subsidiary involving an amount greater than two hundred thousand
dirhams (200,000 MAD) or 
  
 (n) conclude any agreement with an
Affiliate; 
  
 (o) agree to take any of the actions set forth in
the foregoing subparagraphs 5.1.2(a) through 5.1.2(n). 
  
 CMCP and its Subsidiaries may cure a breach of any representation or warranty contained in this Agreement, provided that the Seller informs the Purchaser in writing of such cure does not breach the provisions of Article 5.1.2
hereabove, that its cost is borne by the Seller. 
  

	 	5.1.3 	CMCP Corporate Structure 

  
 The Seller shall take, and cause CMCP to take, all actions necessary so that within fifteen (15) days from the Closing Date, the bylaws (statuts)
of CMCP are amended in order to make them compliant with the provisions of the Shareholders’ Agreement, including the adoption by CMCP of the “Société Anonyme à Conseil d’administration” company form,
provided that legal formalities of publicity and registration with the commercial register shall be completed within fifteen (15) Business Days of the Closing Date. 
  

	 	5.1.4 	Permits and Consents 

  
 The Seller shall cause those permits identified as being missing in the URS report attached as Schedule 4.1.26 to be obtained by CMCP as
soon as possible. 
  

 27 

	 	5.1.5 	Macarpa Acquisition 

  
 The Seller undertakes to disclose to the Purchaser all information in its possession regarding Macarpa, a Moroccan corporation with a capital of MAD 3
million, having its registered offices at Casablanca (Aïn Sebaâ) – Quartier industriel, rue F registered with the Registry of Commerce of Casablanca under number 45.475, and to include the Purchaser in any discussion in view of the
acquisition of Macarpa by CMCP in January 2006. 
  

	 	5.1.6 	Share Capital Reduction 

  
 The Seller undertakes to submit to the Purchaser or to its counsel, for information, all documents relating to the Share Capital Reduction before the
Closing Date. 
  

	 	5.1.7 	Past Restructurings 

  
 The Seller specifically warrants that all past corporate restructuring transactions listed in Schedule 5.1.7 leading to the current CMCP
(the “Past Restructurings”) have been carried out in full compliance with applicable Laws (including tax and accounting rules). 
  

	 	5.1.8 	Tax Matters 

  
 (a) The Seller shall see to it that CMCP prepare and file when due all Tax returns (the “Straddle Period Returns”) that are required to be filed
by or with respect to CMCP or any Subsidiary or their respective businesses or assets for taxable periods or years commencing before and ending after the Closing Date (a “Straddle Period”), if the due date for such Straddle Period Returns
is on or before the Closing Date. 
  
 (b) The Seller shall see to
it that CMCP timely pay all Taxes with respect to the Tax returns filed pursuant to paragraph (a) above. 
  
 (c) Neither CMCP nor any of its Subsidiaries shall suffer any losses nor incur any liabilities with respect to any Taxes or as a result of having parted
from, or having been a party to the tax group to which they belonged. 
  
 (d) The Seller shall not and shall not permit any of their Affiliates to amend, refile or otherwise modify any Tax return relating in whole or in part to CMCP or any of its Subsidiaries with respect to any taxable year or period ending on
or before the Closing Date (or with respect to any Straddle Period) without the prior written consent of the Purchaser. 
  

	 	5.1.9 	Specific Indemnities 

  
 (a) The Seller undertakes to indemnify the Purchaser, CMCP or its Subsidiaries in respect of any Indemnifiable Loss incurred by it, directly or through
CMCP, and which arises out of: 
  

	 	(i)	the Past Restructurings (including the terms for their implementation); 

  

 28 

	 	(ii)	the Restructuring Plan, exclusively for the part already implemented or initiated at the Closing Date; 

  

	 	(iii)	claims of employees or temporary workers regarding damages suffered prior to the Closing Date; 

  

	 	(iv)	any dispute relating to the ownership to the Acquired Shares; 

  

	 	(v)	liabilities referred to in Article 5.1.8; and 

  

	 	(vi)	liabilities referred to in Article 4.1.26. 

  
 (b) The indemnification procedure described in Article VII shall apply to claims arising out of this Article 5.1.9, except for the limitation
specifically provided for in Article 7.1.2(b). 
  

	 	5.1.10 	Cooperation 

  
 Between the date of this Agreement and the Closing Date, the Seller shall cause CMCP and its Subsidiaries, upon reasonable notice from the Purchaser and
during normal business hours: 
  

	 	(i)	to give the Purchaser and its authorized representatives reasonable access to all books, records, offices, Premises and other facilities and properties as well as to management and
advisers of CMCP and any of its Subsidiaries; 

  

	 	(ii)	permit the Purchaser to make such inspections thereof as the Purchaser may reasonably request; and 

  

	 	(iii)	cause its officers to furnish the Purchaser with such financial and operating data and other information with respect to business and properties of CMCP and any of its Subsidiaries
as the Purchaser may from time to time reasonably request. 

  

	 	5.1.11 	Notices 

  
 Between the date of this Agreement and the Closing Date, the Seller shall immediately notify the Purchaser in writing: 
  

	 	(i)	of any material decision with respect to CMCP or any of its Subsidiaries (other than for actions referred to in Article 5.1.2 which require the prior written consent of the
Purchaser); 

  

	 	(ii)	of any development regarding the Restructuring Plan; 

  

 29 

	 	(iii)	of any Material Adverse Change; 

  

	 	(iv)	of any event that causes or shall cause any breach of the representations and warranties under Article 4.1. 

  

	5.2	Mutual Covenants 

  

	 	5.2.1 	Publicity 

  
 (a) The Seller and the Purchaser agree that, from the date hereof through the Closing Date, no public release or announcement concerning the Transaction
shall be issued by either Party without the prior consent of the other Party, except as such release or announcement may be required by Laws, in which case the Party required to make the release or announcement shall allow the other Party reasonable
time to comment on such release or announcement in advance of such issuance. 
  
 (b) The Seller and the Purchaser agree not to disclose the Purchase Price, except as legally required. 
  

	 	5.2.2 	Fullfilment of Conditions Precedent. 

  
 Subject to the terms and conditions of this Agreement, the Parties shall cooperate and use all reasonable efforts to cause each of the conditions
precedent to Closing to be fulfilled as soon as possible. 
  

	 	5.2.3 	Confidentiality 

  
 Each of the Parties shall maintain, and shall cause its Affiliates to maintain, in strict confidence, all information relating to the business of CMCP and
its Subsidiaries (including, but not limited to, intellectual property rights and all information other than information which is or becomes readily obtainable from a public source through no fault of the Party disclosing the information). Without
limiting the generality of the foregoing, each of the Parties undertakes not to disclose, and shall cause its Affiliates not to disclose, to a third party any information concerning CMCP or the Subsidiaries except: 
  

	 	(i)	when required to disclose such information by Laws; or 

  

	 	(ii)	as authorized by the other Party and to the extent necessary in the ordinary course of business, and in this case, the Party disclosing the information shall not itself use, and
shall cause its Affiliates not to use, such information. 

  

 30 

 ARTICLE VI 
 CONDITIONS PRECEDENT 
  

	6.1	Condition to Obligation of both Parties to Close 

  
 The respective obligation of each Party to consummate the Transaction contemplated hereby shall be subject to the satisfaction or waiver, on or prior to the Closing Date,
of the following condition precedent: 
  

	 	6.1.1 	No Legal Impediment 

  
 No Law restraining or prohibiting the purchase of the Acquired Shares shall be in effect at the Closing Date, all Consents that are necessary to
consummate the Transaction shall have been obtained, and any applicable waiting periods thereunder shall have expired or been terminated. 
  

	6.2	Condition to Obligation of the Purchaser to Close 

  
 The obligation of the Purchaser to consummate the Transaction contemplated hereby shall be subject to the satisfaction or waiver, at or prior to the
Closing Date, of the following conditions precedent:. 
  

	 	6.2.1 	Representations and Warranties True and Correct 

  
 None of the representations and warranties of the Seller made in this Agreement shall turn out to be incorrect or misleading in any material respect as of
the date hereof or as of the Closing Date. 
  

	 	6.2.2 	Compliance with the Obligations of this Agreement 

  
 The Seller shall have complied in all material respects with its obligations and covenants under this Agreement, or shall have cured any instance of
material non-performance or non-compliance to the satisfaction of the Purchaser, on or before the Closing Date. 
  

	 	6.2.3 	No Material Adverse Change 

  
 No Material Adverse Change shall have occurred after the date of this Agreement, nor be continuing as of the Closing Date. 
  

	 	6.2.4 	Satisfactory Implementation of the Prior Transactions Set Forth in Schedule 4.1.28 

  
 FINAPACK and its controlling shareholders shall have carried out, to the satisfaction of the Purchaser’s Moroccan legal
counsel, the prior restructuring transactions involving CMCP’s capital or assets described in Schedule 4.1.28. 
  

 31 

	 	6.2.5 	Notification of transfer of first demand guaranty and original version of this guaranty 

  
 FINAPACK shall have delivered to the Purchaser the notification of transfer of first demand guaranty referred to in Article
7.5 hereof and the original version of such guaranty. 
  

	6.3	Condition to Obligation of the Seller to Close 

  
 The obligation of the Seller to consummate the Transaction contemplated hereby shall be subject to the satisfaction or waiver, at or prior to the Closing
Date, of the following condition precedent: 
  

	 	6.3.1 	Representations and Warranties True and Correct 

  
 None of the representations and warranties of the Purchaser made in this Agreement shall turn out to be incorrect or misleading in any material respect as
of the date hereof or as of the Closing Date. 
  
 ARTICLE VII

 INDEMNIFICATION 
  

	7.1	Indemnification Principles 

  

	 	7.1.1 	Seller’s Agreement to Indemnify 

  
 (a) Without prejudice to the specific indemnification obligations of the Seller provided in Article 5.1.9, the Seller agrees to indemnify, and hold
the Purchaser and CMCP and its Subsidiaries, as the case may be, (collectively, “Purchaser’s Group”) harmless from and against any and all liabilities, obligations, damages, deficiencies of assets, losses, claims, actions, lawsuits,
proceedings, judgments, demands, costs and penalties (including reasonable attorneys’ fees) asserted against, or suffered by any member of Purchaser’s Group resulting from 
  

	 	(i)	any inaccuracy or breach of Seller’s representations or warranties contained herein; 

  

	 	(ii)	any breach of the Seller’s covenants contained herein 

  
 (any such loss hereinafter referred to as an “Indemnifiable Loss”). 
  
 The Seller undertakes to indemnify the Purchaser up to 51 % of the amount of any Indemnifiable Loss, provided,
however, that any claim for a single Indemnifiable Loss in excess of MAD 100 million shall be indemnified directly at the level of CMCP up to 84.5 % of the amount concerned. Any payment made pursuant to this Article VII or Article
5.1.9 shall be considered for tax purposes as a Purchase Price adjustment. 
  

 32 

 (b) Without limiting in any way the generality of the foregoing, the term “Indemnifiable Loss”
shall include: 
  

	 	(i)	increases in liabilities resulting from third party claims against CMCP or any of its Subsidiaries arising from activities prior to the Closing Date, and 

 

	 	(ii)	any penalty, late payment interest, surcharge or fine which may fall or be deemed to be due as a result of any Tax audit as well as of any other action or administrative proceeding
by any Governmental Authority, as well as any penalty, late payment interest, surcharge or fine or cost or expense of compliance with any order, decree, directive or judgment which may fall or be deemed to be due as a result of any claim,
proceeding, order, directive or judgment relating, directly or indirectly, to the domestic or international operations or activities of CMCP or any of its Subsidiaries. 

  

	 	7.1.2 	Limitation of Liability 

  
 (a) The Seller’s indemnification for any inaccuracy or breach of any representation or warranty under this Agreement shall be due if the aggregate
Indemnifiable Loss exceed five hundred thousand dirhams (MAD 500,000), in which case the full amount of such Indemnifiable Loss shall be taken into account for the determination of any indemnification hereunder. 
  
 (b) Subject to the provisions of Article 5.1.9, the Seller’s aggregate
indemnification of the Purchaser’s Group for any inaccuracy or breach of any representation or warranty under this Agreement shall be limited to the amount of the Purchase Price. 
  
 (c) Any indemnification due by the Seller shall be calculated taking into account: 
  

	 	(i)	the effect of any savings realized by the Purchaser or CMCP or any of its Subsidiaries as a result of the Tax deductibility of the relevant Indemnifiable Loss; and

  

	 	(ii)	the tax cost of any such indemnification for its beneficiary, 

  
 so that the Purchaser, CMCP or the relevant Subsidiary shall be in the same position as it would have been should the Indemnifiable Loss have not
occurred. 
  
 (d) The Parties agree that a Tax assessment which
merely moves the Tax burden from one fiscal year to another without increasing it shall not constitute an Indemnifiable Loss, provided that the time period involved is four years or less and provided further that the Seller shall reimburse
the financial cost of such move. 
  

 33 

 (e) The amount of any indemnity payable hereunder on account of an Indemnifiable Loss shall be reduced by
any insurance proceeds effectively received by the Purchaser’s Group with respect thereto. 
  
 (f) In addition, the amount of any indemnity payable hereunder on account of an Indemnifiable Loss involving doubtful accounts totally or partially
unreserved for shall be reduced by the amount of any doubtful account reserve cancelled prior to the filing of the relevant claim for indemnification as a result of the payment to CMCP of the amount reserved for, but only insofar as: 
  

	 	(i)	such doubtful account concerns a client with whom CMCP has ceased all business relations; 

  
 or, with respect to a client with whom business relations are continuing, 
  

	 	(ii)	it will be established that the payment made to CMCP corresponds truly and precisely to the claim which amount had been reserved for and that such amount has thereby reduced, on the
date of the filing of the relevant claim for indemnification, the total amount of claims for this same client. 

  

	7.2	Survival of Representations and Warranties 

  
 (a) All representations and warranties under this Agreement, other than those referred to in paragraphs (b) and (c) below, shall survive for a period of
four (4) years after the Closing. Any claim notified to the Seller within such period may be indemnified; 
  
 (b) The representations and warranties under Article 4.1.23 (“Taxes, Duties and Contributions”) of this Agreement shall survive for the
applicable statute of limitations plus sixty (60) calendar days. Any claim notified to the Seller within such period may be indemnified; 
  
 (c) The representations and warranties under Articles 4.1.2, 4.1.3, 4.1.4 and 4.1.5 of this Agreement shall survive indefinitely;

  

	7.3	Third Party Claims 

  
 The obligation of a Party (“Indemnifying Party”) to indemnify the other Party and the entitlement to indemnification of the other Party (the “Indemnified Party”) in respect of, arising out of or
involving a claim or demand made by third parties (“Third Party Claim”) shall be subject to the following specific provisions: 
  
 (a) Subject to the provisions of (b) below, upon receipt of written notice of any Third Party Claim asserted against, imposed upon or incurred by an
Indemnified Party, such Indemnified Party shall undertake the defense thereof, 

  

 34 

 
by counsel of its own choosing, which counsel shall be reasonably satisfactory to the Indemnifying Party, provided that 
  

	 	(i)	the Indemnified Party shall consult with the Indemnifying Party in a timely manner on all important strategic matters relating to any such Third Party Claim;

  

	 	(ii)	the Indemnified Party shall not settle any Third Party Claim without the prior consent of the Indemnifying Party, which consent shall not be unreasonably withheld, taking into
account the balance of interests between the legal merits of the claim and any bona-fide commercial interest of the Indemnified Party and of CMCP to agree to a prompt settlement; and 

  

	 	(iii)	the Indemnified Party shall have the good faith duty to mitigate any Indemnifiable Loss in a reasonable manner, including taking all reasonable steps to recover amounts due to the
Indemnified Party as a result of the relevant Third Party Claim. 

  
 The Indemnifying Party shall pay the reasonable legal fees and expenses incurred by the Indemnified Party in the defense of such claims. 
  
 (b) If the Third Party Claim relates to Taxes, the Indemnifying Party shall be entitled to request that a counsel of its
choice be fully involved in the proceedings. 
  
 (c) The
Indemnifying Party shall provide the Indemnified Party against whom a Third Party Claim is asserted with access to all records and documents relating to any Third Party Claim, and reciprocally. 
  

	7.4	Indemnification Procedure 

  

	 	7.4.1 	Notices 

  
 The Indemnified Party shall notify the Indemnifying Party in writing, and in reasonable detail, of the nature of the claim: 
  

	 	(i)	within thirty (30) Business Days after a determination by the Indemnified Party that any facts or circumstances of which it has learned give rise to a claim,

  

	 	(ii)	within thirty (30) Business Days after receipt by such Indemnified Party of written notice of any Third Party Claim, and 

  

	 	(iii)	 with respect to Taxes, within eight (8) calendar days of any Tax assessment or Tax audit notice; 

  

 35 

	 	 
provided, however, that the failure to notify on a timely basis shall only reduce the indemnification due by the Seller to the extent this failure
shall have increased the amount of the resulting Indemnifiable Loss or shall have precluded the Indemnifying Party from exercising a recourse. 

  

	 	7.4.2 	When Payable 

  
 Indemnification under this Article VII shall be payable with respect to any claim concerning an Indemnifiable Loss within thirty (30) days from the
earliest of: 
  

	 	(i)	the date any payment is required to be made to any Tax or other Governmental Authority with respect to any claim from such authority unless such authority has granted a deferral for
performance, 

  

	 	(ii)	the resolution of such claim by mutual agreement between the Seller and the Purchaser, 

  

	 	(iii)	the issuance of a final judgment, award, order or other ruling (which is not subject to appeal or with respect to which the time for appeal has elapsed) by a court or arbitral
tribunal having jurisdiction over the appropriate parties and the subject matter of such claim or to which such claim was submitted for resolution by joint agreement between the Seller and the Purchaser, or 

  

	 	(iv)	the final settlement of such claim with a third party. 

  

	7.5	Guarantees 

  

	 	7.5.1 	Pledge of Shares 

  
 As security for the payment of any amounts due under this Agreement, including any indemnification pursuant to Article VII hereof, the Seller shall
see to it that COFIPAC pledge on the Closing Date to the benefit of the Purchaser 174,308 Shares of CMCP, representing the equivalent as of the Closing Date of thirty-five million dirhams (MAD 35,000,000), under a Pledge Agreement
substantially in the form of Attachment I hereto. 
  

	 	7.5.2 	Transfer of bank guaranty 

  
 In addition, the Seller shall transfer to the Purchaser, on the Closing Date, the benefit of the Attijarwafa Bank first demand bank guaranty provided by
the O’Hana Group in connection with the sale of Shares implemented between the O’Hana Group and the Seller and its Affiliates, as of July 28, 2005, as well as the full benefit of the indemnification obligations pursuant to any and all
representations and warranties made by the O’Hana Group in connection with such sale, under a notification of transfer substantially in the form of the draft attached in Attachment II hereto. 
  

 36 

 ARTICLE VIII 
 TERMINATION 
  

	8.1	Grounds for Termination 

  
 This Agreement may be terminated at any time prior to the Closing Date: 
  

	 	(i)	by the written agreement of each of the Purchaser and the Seller; 

  

	 	(ii)	by either the Purchaser or the Seller in the case of a material breach by the other Party of its covenants pursuant to this Agreement which is not cured within thirty (30) days of
written notice thereof given by the non-breaching Party to the breaching Party; or 

  

	 	(iii)	by either the Purchaser or the Seller in the event that the Closing shall not have occurred by December 21, 2005, in the absence of a breach by the Party seeking termination.

  

	8.2	Effect of Termination 

  
 If this Agreement is terminated pursuant to Article 8.1 hereabove, such termination shall be without liability to either Party to this Agreement or any Affiliate,
shareholder, director, officer or representative of such Party, except for liability arising from a breach of this Agreement, and all confidential information provided by either Party to the other shall be returned to the other Party or, upon such
Party’s instruction, destroyed. 
  
 If terminated pursuant to Article
8.1 hereabove, this Agreement shall become void and of no further force or effect, except for the provisions of: 
  

	 	(i)	Article 9.1 relating to certain expenses and Article 4.1.31 relating to advisors’ fees, 

  

	 	(ii)	Article 5.2.1 relating to publicity and Article 5.2.3 relating to confidentiality, 

  

	 	(iii)	Article 9.11 relating to governing law and Article 9.12 relating to dispute resolution and 

  

	 	(iv)	this Article 8.2. 

  
 ARTICLE IX 
 MISCELLANEOUS PROVISIONS 
  

	9.1	Fees and Expenses 

  
 Unless otherwise agreed, each of the Parties shall bear the expenses and fees incurred by it or for it in relation to this Agreement and the Transaction, including the fees of any brokers and legal, accounting and
financial advisors. If the Transaction closes, the Seller shall be 

  

 37 

 
responsible for such fees and expenses incurred by CMCP, except with regard to the adoption by CMCP of the company form of a “société
anonyme à conseil d’administration”, or, alternatively, such fees and expenses shall be deducted from the Purchase Price. 
  

	9.2	Notices 

  
 Any notices or communications required or permitted to be given to any Party under this Agreement shall be addressed in writing to the persons and addresses indicated below, and shall be deemed to have been duly given
when delivered by hand, courier on D+1, or, if mailed with return receipt requested, as of the date certified by the return receipt, and, regardless of method, addressed to the Party at its email address or facsimile number set forth below (or at
such other address or facsimile number as such Party shall furnish the other Party in accordance with this Section): 
  
 To the Purchaser: 
  
 I.P. CONTAINER HOLDINGS (Spain) S.L. 
 20, General Yagüe 
 28020 Madrid 
 Spain 
 Attn: Mr. Marc Van Lieshout 
  
 With a copy to: 
  
 INTERNATIONAL PAPER (EUROPE
SA) 
 Chaussée de la Hulpe 166 
 1170 Brussels 

Attn: General Counsel 
 Facsimile: +32 2 774 12 59 
  
 To the Seller: 
  
 Mr. Aziz Qadiri 
 FINAPACK 
 Route Secondaire 110, boulevard Chefchaouni 
 Casablanca (Aïn
Sebaâ) 
 Facsimile: +212 22 35 07 54 
 Email:
azizqadiri@cofipac.com 
  

 38 

	9.3	Transfer 

  
 No Party may assign or Transfer, in any way whatsoever, its rights and obligations under this Agreement without the prior written consent of the other Party. 
  

	9.4	No Shop 

  
 From the date hereof through the Closing Date, the Seller shall stop all discussion with third parties regarding the sale of the Shares and shall abstain from any response to a third party solicitation in that regard.

  

	9.5	Entire Agreement 

  
 This Agreement together with the Shareholders’ Agreement and any agreement referred to herein and therein, embody the entire agreement of the Parties hereto with respect to the subject matters hereof, and
supersede all prior agreements with respect thereto. 
  

	9.6	Incorporation by Reference; Disclosure Schedules 

  
 The Schedules and Appendices to this Agreement constitute integral parts of this Agreement and are hereby incorporated into this Agreement by this reference. 

 

	9.7	Confidentiality 

  
 Each of the Parties shall maintain and cause the Affiliates to maintain the confidentiality of this Agreement. Without limiting the generality of the foregoing, each of the Parties undertakes to refrain from
communicating and will cause the Affiliates to refrain from communicating all or part of this Agreement to any third party whatsoever, except: 
  
 (a) when required to disclose such information by Laws; or 
  
 (b) as authorized by the other Party and to the extent necessary in the ordinary course of business. 
  

	9.8	Modifications and Waivers 

  
 (a) This Agreement shall only be modified by a written agreement duly signed by the Parties hereto. 
  
 (b) Any waiver by a Party to one of its rights pursuant to this Agreement
shall only take effect if made in writing, and shall be strictly interpreted. 
  
 (c) No waiver of any one of the provisions of this Agreement shall constitute a waiver of any other provision. 
  

	9.9	Severability 

  
 If any of the provisions of this Agreement becomes null, illegal, unenforceable, or incapable of being performed in any manner whatsoever (hereinafter, “Disputed Provisions”): 
  
 (a) The validity and enforceability of the other provisions shall not be
affected or compromised in any way; and 
  

 39 

 (b) the Parties shall negotiate in good faith in order to replace the Disputed Provisions with valid and
enforceable provisions that are as close as possible to the Parties’ common intent or, if such common intent cannot be determined, the intent of those among the Parties which the Disputed Provisions is supposed to protect. 
  

	9.10	Language 

  
 This Agreement has been executed both in French and in English language. 
  
 If any difficulty regarding interpretation were to arise, the Parties shall refer to both French and English versions of this Agreement to determine their intent. 
  
 If any contradiction between the French version and the English version of this Agreement
were to arise, the French version shall prevail. 
  

	9.11	Governing Law 

  
 This Agreement shall be governed by, and construed in accordance with, the laws of France to the fullest extent compatible with any mandatory provision of Moroccan law. 
  

	9.12	Dispute Resolution 

  
 (a) The Parties shall seek to resolve amicably any dispute between them arising out of, or in connection with this Agreement (including, without
limitation, in respect of the validity, interpretation, enforcement, breach or termination thereof), or any of the transactions contemplated hereby, through good faith negotiations for a period of ninety (90) days following written notice in
reasonable detail of the existence of such dispute by either Party to the other. 
  
 (b) If at the end of such ninety (90) day period, the Parties shall have been unable to resolve such dispute, either Party may submit the matter to international arbitration for final settlement under the Rules of
Arbitration of the International Chamber of Commerce (ICC) as in effect on the date of commencement of the arbitration. The arbitral tribunal shall be composed of three (3) arbitrators appointed in accordance with said Rules. The seat of arbitration
shall be Paris, France. The arbitration proceeding shall be conducted in the French language, provided that the Parties may file their submissions in French or English and that evidentiary documents and testimonies may be submitted in their
original language if such language is English. 
  
 (c) The
arbitral tribunal shall not have the power to: 
  

	 	(i)	alter or modify any of the express terms, provisions, or conditions of this Agreement, or 

  

	 	(ii)	act as “amiable compositeur”. 

  

 40 

 The arbitral award may include pre-award and/or post-award interest, at a rate of interest set in the
discretion of the arbitral tribunal, but not in excess of the rates of pre-judgment or post-judgment interest, as the case may be, permitted by applicable Laws. The award granted by the arbitral tribunal may be subject to a decision conferring
authority to execute the award (exequatur) in any court having jurisdiction in the country in which assets of any liable Party is located. The Parties agree that such award shall be enforceable in any country or countries in which such assets
are found and agree to submit to enforceability of such award in such country or countries. 
  
 (d) The Parties shall use their best efforts to cause arbitration proceedings arising under this Article 9.10 to proceed in a prompt and cost-effective manner, avoiding all undue delay and with the intention
that the arbitration award is rendered not more than one hundred twenty (120) calendar days from the date of the confirmation by the ICC of all of the members of the arbitral tribunal, unless the Arbitration Court of the ICC decides to extend the
proceedings in accordance with the Rules of Arbitration of the ICC. 
  
 (e) The foregoing provisions of this Article 9.10 shall not preclude either Party from applying for any preliminary or interim injunctive remedies or restraining order available from any court of competent jurisdiction where
necessary to protect its rights hereunder, including securing the subsequent enforcement of any arbitral award made pursuant to the procedures provided in this Article 9.10. 
  

 41 

 Done in Casablanca and Brussels, on September 15, 2005, 
  
 in two (2) original counterparts. 
  

			
	 I.P. CONTAINER HOLDINGS (Spain) S.L.

		
	 	 	 
	 	 	Mr. Marc Van Lieshout
	 Title:
	 	Chairman of the Board of Directors

  
 duly authorized 
  

			
	 FINAPACK

		
	 	 	 
	 	 	Mr. Aziz Qadiri
	 Title:
	 	Chairman of the Managing Board

  
 duly authorized 
  

 42 

			
	Attachment I	  	Draft Pledge Agreement
		
	Attachment II	  	Draft notification of transfer of first demand bank guaranty

  

 43

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