Document:

Exhibit 4.9

 

DE BRAUW

BLACKSTONE

WESTBROEK

 

 

AMENDMENT AGREEMENT

 

 

to the
Contribution Agreement entered 

into on 3 December 2004
by and between

 

 

NUTRECO
HOLDING N.V.

 

and

 

STOLT
SEA FARM INVESTMENTS B.V.

 

and

 

STOLT-NIELSEN
S.A.

 

 

and co-signed
for acknowledgement by

 

 

MARINE
HARVEST N.V.

 

 

relating to

the formation
of a joint venture in respect of

fish farming,
processing, marketing and sale activities of

Nutreco
Holding N.V. and Stolt-Nielsen S.A.

to be
undertaken by Marine Harvest N.V.

 

 

dated 29 April 2005

 

 

 

TABLE OF CONTENTS

 

	
  Clause

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  1.

  	
   

  	
  Interpretation

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  Conditions Precedent

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
  Closing Date and
  adjustment date

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  4.

  	
   

  	
  Intra-group
  agreements and indebtedness

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  5.

  	
   

  	
  Deferred Activities

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  6.

  	
   

  	
  Transfer
  beneficiary ownership Stolt JV Companies

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  7.

  	
   

  	
  Centre for
  Aquaculture Competence A.S.

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  8.

  	
   

  	
  Closing documentation

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  9.

  	
   

  	
  Supply Agreement

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  10.

  	
   

  	
  Tuna Supply Agreement

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  11.

  	
   

  	
  Retirement Benefits

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  12.

  	
   

  	
  Tax indemnity and
  covenants

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  13.

  	
   

  	
  Insurance

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  14.

  	
   

  	
  Draft Closing
  Financial Statements

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  15.

  	
   

  	
  Nutreco
  Shareholder Loan Agreement

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  16.

  	
   

  	
  Whole
  Agreement – No other amendments

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  17.

  	
   

  	
  Other Provisions

  	
   

  

 

2

 

	
  Schedules

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Schedule 6.1

  	
   

  	
  Contribution agreements
  Stolt JV Companies

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Schedule 6.4

  	
   

  	
  Completion steps transfer
  Stolt JV Companies

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Schedule 8.2

  	
   

  	
  Deed of contribution

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Schedule 8.3

  	
   

  	
  Deed
  of issue and contribution

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Schedule 8.4

  	
   

  	
  Description
  of contributions

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Schedule 8.5

  	
   

  	
  Auditors’ statements

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Schedule 8.6

  	
   

  	
  Amended
  Articles of Association

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Schedule 8.7

  	
   

  	
  Resolution Shareholders
  Meeting regarding Appointment Directors

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Schedule 8.8(a)

  	
   

  	
  Managing Board Rules

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Schedule 8.8(b)

  	
   

  	
  Resolution Managing Board
  regarding Managing Board Rules

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Schedule 8.9(a)

  	
   

  	
  Supervisory Board Rules

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Schedule 8.9(b)

  	
   

  	
  Resolution Supervisory
  Board regarding Supervisory Board Rules

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Schedule 8.10.1

  	
   

  	
  Shareholders Agreement

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Schedule 8.10.2

  	
   

  	
  Stolt Cod Halibut
  Activities

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Schedule 8.10.3

  	
   

  	
  Initial Business Plan

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Schedule 8.10.4

  	
   

  	
  Initial Budget

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Schedule 8.10.5

  	
   

  	
  Management accounts format

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Schedule 8.11

  	
   

  	
  Transitional Services
  Agreement

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Schedule 8.12

  	
   

  	
  Shareholders Loan
  Agreements

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Schedule 8.14

  	
   

  	
  Allocation
  of Stolt Activities

  	
   

  

 

3

 

AMENDMENT
AGREEMENT 

 

TO
THE CONTRIBUTION AGREEMENT

 

 

THIS AGREEMENT IS MADE BETWEEN:

 

(1)                                  NUTRECO
HOLDING N.V., a limited liability company
incorporated in the Netherlands, with corporate seat in Boxmeer, the Netherlands,
and having its address at 38 Veerstraat, 5831 JN, Boxmeer, the Netherlands (“Nutreco”);

 

(2)                                  STOLT SEA FARM INVESTMENTS B.V., a private company with limited liability incorporated in the
Netherlands, with corporate seat in Schiedam, and having its address at
Westerlaan 5, 3016 CK Rotterdam, the Netherlands (“Stolt B.V.”);
and 

 

(3)                                  STOLT-NIELSEN S.A., a
limited liability company incorporated in Luxembourg, with corporate seat in
Luxembourg, and having its address at 23 Avenue Monterey, L-2086 Luxembourg,
Luxembourg (“Stolt”).

 

WHEREAS:

 

A.                                   Nutreco, Stolt B.V. and Stolt entered into a contribution agreement
on 3 December 2005 in relation to the formation of a joint venture in
respect of fish farming, processing, marketing and sale activities of Nutreco
Holding N.V. and Stolt-Nielsen S.A. to be undertaken by Marine Harvest N.V.
(the “Company”) (the “Contribution
Agreement”).

 

B.                                     In accordance with the provisions of Clause 15.5 of the Contribution
Agreement, Nutreco, Stolt B.V. and Stolt have agreed to amend Schedule 3 (Part 2)
to the Contribution Agreement pursuant to an amendment letter dated 17 March 2005
(the “Amendment Letter”).

 

C.                                     Nutreco, Stolt B.V. and Stolt have further agreed to amend certain
other provisions of the Contribution Agreement on the terms and conditions set
out in this amendment agreement (the “Amendment Agreement”).

 

HAVE AGREED AS FOLLOWS:

 

1.                                      Interpretation

 

Capitalised terms used herein and not
otherwise defined will have the meaning set forth in the Contribution
Agreement.

 

4

 

2.                                      Conditions
Precedent

 

2.1                               The Parties confirm and agree that the Conditions Precedent have been
satisfied, with the exception of the condition set out in Clause 3.1.3 of the
Contribution Agreement to the extent relating to (i) the First Nations
consultation procedure to be followed by Nutreco and Stolt in connection with
the execution of their respective disentanglement plan in British Columbia in
Canada and (ii) obtaining the consent by Nutreco of the Norwegian Department of Fisheries for the transfer of the licence and the subsidy with respect to Centre
for Aquaculture Competence A.S. in connection with the execution of Nutreco’s
disentanglement plan in Norway and (iii) obtaining the written
consent by Stolt of the Western Isles Enterprise in Scotland for the transfer of the grants with
respect to Stolt Sea Farm Ltd (UK) in connection with the execution of Stolt’s
disentanglement plan in Scotland. 

 

2.2                               The parties confirm that the only
anti-trust approvals referred to in Clause 3.1.1 and 3.1.2 of the Contribution
Agreement which needed to be obtained in connection with the Transaction were
the obtained approval from the European Commission and the Federal Trade
Commission in respect of the European Union and the United States of America,
respectively.

 

3.                                      Closing Date
and adjustment date

 

3.1                               Closing Date

 

The Closing shall take place on 29 April 2005.
Clause 5.1 of the Contribution Agreement shall be amended accordingly.

 

3.2                               Date Closing Financial
Statements

 

The date as at which the Nutreco Closing Financial
Statements and Stolt Closing Financial Statements will be drawn up will be 30 April 2005
and the definitions of Nutreco Closing Financial Statements and Stolt Closing
Financial Statements, as set out in Schedule 1 of the Contribution
Agreement shall be amended as follows:

“Nutreco Closing Financial Statements” means the balance sheet, profit
and loss account, cash flow statement and statement of movement on shareholders’
equity in respect of the Nutreco JV Activities for the period from 31 August 2004
until and including 30 April 2005, including an explicit explanation and
demonstration of any impact of a change in accounting policy (e.g. to IFRS)
from the one used in the Nutreco Accounts;” and

“Stolt Closing Financial Statements” means the balance sheet, profit and loss account, cash flow
statement and statement of movement on shareholders’ equity in respect of the
Stolt JV Activities for the period from 31 August 2004 until and including
30 April 2005, including an explicit explanation and demonstration of any
impact of a change in accounting policy (e.g. to IFRS) from the one used in the
Stolt Accounts.”

 

3.3                               Conduct 

 

The Parties shall procure that the Company and the
relevant members of the JV Group shall 

 

5

 

comply with the pre closing covenants set out in
Clause 4 of the Contribution Agreement until and including 30 April 2005.
With respect to the JV Activities of the relevant Stolt JV Companies referred
to in Clause 6.1 of this Amendment Agreement and the Nutreco Activities
undertaken by and through the Centre for Aquaculture Competence A.S.,
respectively Stolt and Stolt B.V. and Nutreco, respectively, shall procure that
the Company and the relevant members of the JV Group shall comply with such pre
closing covenants until the completion of the transfer of the legal ownership
of the shares in these companies as referred to in Clause 6.2 and Clause 7.1,
respectively, of this Amendment Agreement. Each Party will be liable in case of
a breach of its obligations under such pre closing covenants.

 

4.                                      Intra-group
agreements and indebtedness

 

4.1                               Intra-group agreements

 

The
intra-group agreements to be terminated pursuant to Clause 4.4 of the
Contribution Agreement will be determined and agreed between Stolt B.V. and
Nutreco within 2 (two) months after the Closing Date. Clause 4.4 of the
Contribution Agreement shall be amended accordingly.

 

4.2                               Intra-group indebtedness

 

4.2.1                     Nutreco, Stolt B.V. and Stolt confirm that each relevant member of its
Group has settled in full with the relevant member of the JV Group its
respective Intra-Group Receivables and Intra-Group Payables prior to the
Closing, with the exception only of the indebtedness under the Shareholder Loan
Agreements.

 

4.2.2                     Clause 5.3.1 under (ii) and (iii) of
the Contribution Agreement shall be amended in accordance with Clause 4.2.1 of
this Amendment Agreement.

 

5.                                      Deferred Activities

 

5.1                               Deferred Closing

 

In
accordance with Clause 5.4 of the Contribution Agreement, the JV Activities in
Canada and the Nutreco JV Activities in Poland will be deferred activities (the
“Deferred Activities”). Closing in
respect of the Deferred Activities in Canada shall occur in accordance with the
provisions of Clause 5.4 of the Contribution Agreement at the last day of the month following completion of
the consultation process with the First Nations in British Columbia. Closing in
respect of the Deferred Activities in Poland shall occur in accordance with the
provisions of Clause 5.4 of the Contribution Agreement upon completion of the
Nutreco disentanglement process in Poland.

5.2                               Period between Closing and Closing with respect to the Deferred
Activities in Canada

 

 

6

 

 

5.2.1                     The Nutreco Contribution Plan
included in Schedule 2 (Part 3) to the Contribution Agreement and the
Stolt Contribution Plan included in Schedule 3 (Part 3) to the
Contribution Agreement relating to the Canadian disentanglement process shall
be amended as follows:

 

(i)                                     Nutreco Canada Inc. will not be contributed to the JV Group at the
Closing and will be continued to be owned by Nutreco International B.V. until
the Closing of the Deferred Activities;

 

(ii)                                  Stolt Sea Farm Inc. Canada will not be contributed to the JV Group
at the Closing and will be continued to be owned by the relevant members of the
Stolt group until the Closing of the Deferred
Activities;

 

(iii)                               Nutreco Canada Inc. will continue to
sell its products to Marine Harvest USA Inc.;

 

(iv)                              Stolt Sea Farm Inc. Canada will
continue to sell its products to Stolt Sea Farm Inc. Delaware;

 

(v)                                 the US JV Group companies will begin
the process of integration as soon as practically possible after the Closing;
and

 

(vi)                              Stolt Sea Farm Inc. Canada will be
renamed after the Closing of the Deferred Activities.

 

5.2.2                     The
Parties shall procure
that if reasonably required by the
Deferred Activities in Canada during the period between Closing and
Closing with respect to the Deferred Activities in Canada, additional funding
shall be directly or indirectly supplied through Marine Harvest International
B.V.

 

5.3                               Consultations First Nations

 

The
Parties shall, and shall procure that their respective advisors shall, use
their best efforts to conclude the consultation process with the First Nations
in British Columbia as soon as practicable.

 

5.4                               Closing Poland

 

Nutreco
shall, and shall procure that its advisors shall, use its best efforts to
conclude the Nutreco disentanglement process in Poland as soon as practicable.

 

5.5                               No breach of non-compete
Clause

 

The
Parties agree that the continuation of the Deferred Activities of Nutreco Canada Inc. and Stolt Sea Farm
Inc. Canada and of the relevant member of the Nutreco Group in Poland until the
Closing of the relevant Deferred Activities shall not constitute a breach of
Clause 20.1 of the Shareholders Agreement.

 

7

 

6.                                      Transfer
beneficiary ownership Stolt JV Companies

 

6.1                               Contrary to paragraph 2 of the Stolt Contribution Plan included in Schedule 3
(Part 3) to the Contribution Agreement, only the beneficiary ownership of
the shares in the Stolt JV Companies, with the exception of Stolt Sea Farm Inc.
in Canada, has been transferred pursuant to the contribution agreements attached
hereto as Schedule 6.1 to SSF Salmon Holdings B.V. prior to the Closing. 

 

6.2                               The legal ownership of the shares in
the companies referred to in Clause 6.1 shall be transferred to SSF Salmon
Holdings B.V. immediately after the transfer of the legal ownership of the
shares in these companies is allowed according to the relevant local Laws. Stolt and Stolt B.V. shall, and shall procure that their advisors
shall, use their best efforts to comply with the relevant formalities as soon
as possible, but in any event no later than 4 (four) weeks after the Closing
Date, with the
exception of the legal transfer of ownership of the shares in Stolt Sea Farm
Ltd (UK), to which Clause 6.3 applies.

 

6.3                               The legal ownership of the shares in Stolt Sea Farm Ltd (UK), shall be
transferred to SSF Salmon Holdings B.V. immediately after the necessary consent of the Western Isles Enterprise for the transfer of the grants has been obtained, unless the Company decides
otherwise, in which case the Company accepts that it bears the risk that it
will have to reimburse the grants to the Western Isles
Enterprise. Stolt shall, and shall procure that their advisors shall, use their
best efforts to obtain the required consent as soon as possible. The Parties
acknowledge that as a condition to granting the consent, the Western Isles Enterprise may demand to be granted
a guarantee by SSF Salmon Holdings B.V. as security for the fulfilment of the
obligations of Stolt Sea Farm Ltd (UK) in respect of the Western Isles Enterprise grants.
The Parties agree to enable SSF Salmon Holdings B.V. to grant such guarantee.

 

6.4                               Schedule 6.4 to this Amendment
Agreement sets forth for each relevant jurisdiction the steps to be taken
between the Closing and the completion of the transfer of the legal ownership
of the shares of the companies referred to in Clause 6.1 in accordance with
Clauses 6.2 and 6.3.

 

6.5                               Schedule 3 (Part 3) to the
Contribution Agreement shall be amended and read according to Clauses 6.1, 6.2
and 6.3 and Schedule 6.4 to this Amendment Agreement. 

 

7.                                      Centre for Aquaculture Competence A.S.

 

7.1                               The legal ownership of the shares in Centre for Aquaculture Competence A.S. shall be transferred to Marine Harvest Norway AS immediately after the necessary consent of the Norwegian Department
of Fisheries has been obtained. Nutreco shall, and shall procure
that their advisors shall, use their best efforts to obtain the required
consent as soon as possible.

 

7.2                               Schedule 2 (Part 3) to the
Contribution Agreement shall be amended and read according to Clause 7.1 of
this Amendment Agreement.

 

8

 

8.                                      Closing
documentation

 

The
final form and content of the following agreements and other documents to be
executed or entered into in connection with the Closing are agreed and
determined below. 

 

8.1                               Nutreco Additional Equity
Instrument
and Stolt Additional Equity Instrument

 

The
Parties have agreed that the Additional Equity Instruments will not be issued
at the Closing. The Parties shall discuss and determine the necessity of
issuing the Additional Equity Instruments after the Closing Date, but in any
event before 31 January 2006. Clause 5.2.2 of the Contribution Agreement
and Schedule 9 (part 2) of the Contribution Agreement shall be amended in
accordance with Clause 8.1 of this Amendment Agreement.

 

8.2                               Deed of contribution 

 

The
deed of contribution to be executed in accordance with Clause 5.2.2 (i) of
the Contribution Agreement is attached hereto as Schedule 6.2. Annex 1 to Schedule 4
to the Contribution Agreement shall be amended and read according to Schedule 8.2
to this Amendment Agreement.

 

8.3                               Deed of issue and contribution 

 

The
deed of issue and contribution to be executed in accordance with Clause 5.2.2 (ii) of
the Contribution Agreement is attached hereto as Schedule 8.3. Annex 2 to Schedule 4
to the Contribution Agreement shall be amended and read according to Schedule 8.3
to this Amendment Agreement.

 

8.4                               Description of contributions

 

The description of the contributions of the
JV Activities to the Company to be executed in accordance with Clause 5.2.2 (v) of
the Contribution Agreement is attached hereto as Schedule 8.4.

 

8.5                               Auditors’ statements

 

The auditors’ statements in connection with
the contributions of the JV Activities to the Company to be executed in
accordance with Clause 5.2.2 (v) of the Contribution Agreement are
attached hereto as Schedule 8.5.

 

8.6                               Amended Articles of
Association

 

The Amended Articles of Association to be
executed in accordance with Clause 5.2.2 (vi) of the Contribution
Agreement are attached hereto as Schedule 8.6. Annex 3 to Schedule 4
to the Contribution Agreement and Schedule 4 (Part 1) to the
Shareholders Agreement shall be amended and read according to Schedule 8.6
to this Amendment Agreement.

 

8.7                               Appointment Directors

 

The resolution of the shareholders’ meeting
of the Company evidencing the appointment of the managing and supervisory
directors of the Company to be executed in accordance with Clause 5.2.2 (vii) of
the Contribution Agreement is attached hereto as Schedule 8.7. 

 

8.8                               Managing Board Rules

 

9

 

The Managing Board Rules are attached
hereto as Schedule 8.8(a). The resolution of the Managing Board of the
Company evidencing the adoption of the Managing Board Rules in accordance
with Clause 5.2.2 (viii) of the Contribution Agreement is attached hereto
as Schedule 8.8(b). Annex 4 to Schedule 4 to the Contribution
Agreement and Schedule 4 (Part 2) to the Shareholders Agreement shall
be amended and read according to Schedule 8.8(a) to this Amendment
Agreement.

 

8.9                               Supervisory Board Rules

 

The Supervisory Board Rules are
attached hereto as Schedule 8.9(a). The resolution of the Supervisory
Board of the Company evidencing the adoption as of the Closing Date of the Supervisory
Board Rules to be executed in accordance with Clause 5.2.2 (viii) of
the Contribution Agreement is attached hereto as Schedule 8.9(b). Annex 5
to Schedule 4 to the Contribution Agreement and Schedule 4 (Part 3)
to the Shareholders Agreement shall be amended and read according to Schedule 8.9(a) to
this Amendment Agreement.

 

8.10                        Shareholders Agreement 

 

8.10.1              Shareholders Agreement

 

The
Shareholders Agreement to be executed in accordance with Clause 5.2.2 (ix) of
the Contribution Agreement is attached hereto as Schedule 8.10.1. Schedule 5
to the Contribution Agreement shall be amended and read according to Schedule 8.10.1
to this Amendment Agreement.

 

8.10.2              Stolt Cod and Halibut Activities

 

The
Stolt Cod and Halibut Activities are the activities specified in Schedule 8.10.2
hereto. Schedule 3 (Part 3) to the Shareholders Agreement shall be
amended and read according to Schedule 8.10.2 to this Amendment Agreement.

 

8.10.3              Initial Business Plan

 

The
Initial Business Plan to be approved by the Supervisory Board and to be adopted
by the Managing Board in accordance with Clause 8.1 of the Shareholders
Agreement is attached hereto as Schedule 8.10.3. Schedule 5 (Part 1)
to the Shareholders Agreement shall be amended and read according to Schedule 8.10.3
to this Amendment.

 

8.10.4              Initial Budget

 

An
outline of the Initial Budget which is still to be completed to reflect taxes
and interest down to the net income level and budgeted balance sheet which is
to be approved by the Supervisory Board and to be adopted by the Managing Board
in accordance with Clause 8.1 of the Shareholders Agreement is attached hereto
as Schedule 8.10.4. Schedule 5 (Part 2) to the Shareholders
Agreement shall be amended and read according to Schedule 8.10.4 to this
Amendment Agreement.

 

8.10.5              Management accounts format

 

An
outline of the format of the management accounts referred to in Clause 9.2 of
the Shareholders Agreement, which is still to be completed down to net income
level, is attached hereto as Schedule 8.10.5. Schedule 5 (Part 3)
to the Shareholders Agreement

 

10

 

shall
be amended and read according to Schedule 8.10.5 to this Amendment
Agreement.

 

8.11                        Transitional Services Agreement 

 

The Transitional Services Agreement (including
Annex 1 thereto) to be entered into in accordance with Clause 5.2.2 (x)(a) of
the Contribution Agreement is attached hereto as Schedule 8.11. Schedule 6
to the Contribution Agreement shall be amended and read according to Schedule 8.11
to this Amendment Agreement.

 

8.12                        Shareholder Loan Agreements

 

The
Shareholder Loan Agreements, containing the terms and conditions of the
shareholder loans to be provided to the relevant members of the JV Group in
accordance with Clause 5.3 of the Contribution Agreement, are attached hereto
as Schedule 8.12.

 

8.13                        Allocation of Nutreco
Activities

 

The
Allocation of Nutreco Activities by country and region as referred to in Clause
2.3.1 of the Contribution Agreement will be reflected in the Nutreco Closing
Financial Statements. Schedule 2 (Part 4) to the Contribution
Agreement shall be amended and read accordingly.

 

8.14                        Allocation of Stolt
Activities

 

The
Allocation of Stolt Activities referred to in Clause 2.3.1 of the Contribution
Agreement is attached hereto as Schedule 8.14. Schedule 3 (Part 4)
to the Contribution Agreement shall be amended and read according to Schedule 8.14
to this Amendment Agreement.

 

9.                                      Supply Agreement

 

The
Parties shall negotiate and agree within 4 (four) weeks after the Closing Date
the terms of the Supply Agreement in accordance with the term sheet included in
Schedule 6 of the Contribution Agreement. Until the execution of the final
documentation, the term sheet set forth in Schedule 6 of the Contribution
Agreement and the Current Agreement shall constitute the Supply Agreement
referred to in Clause 5.2.2 (x)(6) of the Contribution Agreement, provided
that in case of conflict between the provisions of the term sheet and the
current existing feed agreements, the provisions of the term sheet shall
prevail.

 

10.                               Tuna Supply Agreement 

 

The
Parties shall negotiate and agree within 6 months after the Closing Date the
terms of the Tuna Supply Agreement in accordance with Clause 4.5 and Clause
5.2.2 (x)(c) of the Contribution Agreement. Clause 4.5 and Clause 5.2.2
(x)(c) of the Contribution Agreement shall be amended accordingly.

 

11.                               Retirement
Benefits

 

11.1                        Stolt and
Nutreco will roll over the calculation of retirement benefits, and assets and
liabilities of their respective pension funds in Norway, the U.K. and The
Netherlands as per 31 December 2004 to calculate the assets and
liabilities of such pension funds, and the possible under funding, using
assumptions proposed by their respective actuarians per the Closing Date.

 

11

 

11.2                        Stolt and
Nutreco will discuss the outcome of such actuarial calculations and timely
negotiate and agree in good faith a common set of assumptions in accordance
with Schedule 8 of the Contribution Agreement to be used for the
calculation of the provisions to be used for drawing up the Closing Financial
Statements. The Parties
will perform calculations based on assumptions to be agreed between Nutreco and
Stolt, which will in any event be in between the two sets of assumptions of
Stolt and of Nutreco which were discussed during the meeting on 26 April 2005.

 

11.3                        Schedule 8 of the Contribution Agreement
shall be amended and read in accordance with Clauses 11.1 and 11.2.

 

12.                               Tax
indemnity and covenants

 

12.1                        As soon as practicable and in any
event no later than 2 (two) weeks after the final agreement or determination of
the Nutreco Closing Financial Statements, Nutreco shall prepare the Nutreco
Memorandum Country Accounts on the basis of, and taking into account, the
Nutreco Closing Financial Statements and deliver the same to Stolt B.V.

 

12.2                        As soon as practicable and in any
event no later than 2 (two) weeks after the final agreement or determination of
the Stolt Closing Financial Statements, Stolt B.V. shall prepare the Stolt
Memorandum Country Accounts on the basis of, and taking into account, the Stolt
Closing Financial Statements and deliver the same to Nutreco. 

 

12.3                        The Parties procure that within 2
(two) weeks after both the Nutreco Memorandum Country Accounts and the Stolt
Memorandum Country Accounts have been prepared and delivered in accordance with
Clauses 12.1 and 12.2 of this Amendment Agreement the Memorandum Country
Account Overview shall be
prepared by the Parties. 

 

12.4                        Clause 2 of Schedule 9 (Part 2) of the Contribution Agreement
will be amended and read in accordance with Clauses 12.1, 12.2 and 12.3 of this
Amendment Agreement.

 

12.5                        The Parties have recognised that the
Stolt Contribution Plan has resulted in a step-up of certain trademarks to fair
market value for US corporation tax purposes, resulting in additional Relief in
the form of additional depreciation allowances in the amount of approximately
USD 21,000,000.  The Parties have agreed that such additional Relief in
the form of additional depreciation allowances in the amount of approximately
USD 21,000,000 will be deemed to be a Stolt Contributed Country Relief arising
to a JV Company in the United States of America, for which payments will take
place under the Stolt Additional Equity Instrument in accordance with Schedule 9
(Part 2) of the Contribution Agreement. The final amount of the additional
Relief referred to in this Clause 12.5 will be determined on the basis of the
Stolt Closing Financial Statements.

 

12

 

12.6                        For the
avoidance of any doubt, the Parties reconfirm that pursuant to the Tax
Indemnity and Covenants in Schedule 9 (Part 1) of the Contribution
Agreement, (i) any capital tax due by the Company in connection with the
contribution of the Nutreco Activities shall be a Tax Liability for which
Nutreco has the obligation to indemnify pursuant to Clause 1.5 of Schedule 9
(Part 1) of the Contribution Agreement, and (ii) any capital tax due
by the Company in connection with the contribution of the Stolt Activities
shall be a Tax Liability for which Stolt has the obligation to indemnify
pursuant to Clause 1.5 of Schedule 9 (Part 1) of the Contribution
Agreement.

 

13.                               Insurance

 

13.1                        The following Insurance Policies of
the Nutreco Group will remain in place with respect to the JV Activities until
1 January 2006:

 

•                                          Fish mortality

•                                          Marine equipment & sea cages

•                                          Product liability

•                                          Property onshore

•                                          Hull

•                                          Pollution liability

•                                          Excess protection and indemnity including Excess liability and
Excess collision liability

•                                          Directors & Officers liability (the JV Group has been added
as insured party)

•                                          Fraud (the JV Group has been added as insured party)

 

13.2                        The following Insurance Policies of the Stolt Group will remain in place
with respect to the JV Group until 1 September 2005:

 

•                                          Fish Mortality

•                                          Marine equipment & sea cages

•                                          General liability including product liability

•                                          Property onshore

•                                          Hull

•                                          Protection & Indemnity

•                                          Pension trust liability

 

13.3                        The risk and benefit as of the
Closing Date and the surplus and deficit, if any, arising as of the Closing
Date in respect of the respective captive insurances of the Parties to the
extent relating to the JV Activities as of the Closing Date, shall be for the
account of the Company.

 

13.4                        All premiums paid by the Nutreco Group or the Stolt Group in respect of
the JV Activities shall, if applicable, only be refunded on a pro rata basis
relative to their respective stake in the Company.

 

13.5                        The Parties shall timely arrange new insurances for the JV Group on
conditions to be agreed between the Parties. 

 

13.6                        Clause 7.4.1 of the Contribution Agreement shall be amended and read
according to Clauses 13.1 13.2, 13.4 and 13.4 of this Amendment Agreement.

 

13

 

14.                               Draft
Closing Financial Statements

 

The draft Nutreco
Closing Financial Statements and draft Stolt Closing Financial Statements shall
be accompanied by a (draft) auditor’s review report from Nutreco’s Accountant
and Stolt’s Accountant, respectively, instead of an unqualified auditor’s
statement from Nutreco’s Accountant and Stolt’s Accountant, respectively.
Clause 6.1.2 and 6.2.2 of the Contribution Agreement will be amended
accordingly.

 

15.                               Nutreco
Shareholder Loan Agreement

 

The amount of the principal of the loan
provided by Nutreco to the Company pursuant to the Nutreco Shareholder Loan
Agreement shall be EUR 150,000,000 (one hundred and fifty million euro). The
Parties shall procure that the relevant members of the Group shall arrange that
any amount borrowed by the Company or any other member of the JV Group from
Nutreco or any other member of the Nutreco Group as per the Closing Date in
excess of the amount of EUR 150,000,000 (one hundred and fifty million euro)
shall be contributed by Nutreco or the relevant members of its Group to the
Company as non-stipulated share premium in accordance with the relevant legal
requirements by deed between the contributor and the Company accompanied by a
description of the managing board of the Company and an auditor’s statement as
soon as possible. For tax purposes this contribution is effective as per the
Closing Date in conjunction with the contribution by Nutreco of the shares of
Marine Harvest International B.V. to the Company on the Closing Date. The
economic effect of such contribution to the Company shall take effect as of the
Closing Date. The amount of such excess will be finally determined and settled
as soon as practicable after the final agreement or determination of the
Nutreco Closing Financial Statements.

 

16.                               Whole
Agreement – No other amendments

 

The
Contribution Agreement, the Amendment Letter and the Amendment Agreement
contain the whole agreement between Nutreco, Stolt B.V. and Stolt relating to
the subject matter of the Contribution Agreement as of the date of the
Amendment Agreement, and will be construed accordingly. No provision of the
Contribution Agreement, other than those expressly amended by and in accordance
with the Amendment Letter or the Amendment Agreement, is or shall be construed as
amended and the Contribution Agreement as amended by the Amendment Letter and
the Amendment Agreement shall remain in full force and effect.

 

17.                               Other Provisions

 

Clauses
15.1, 15.3, 15.4, 15.5, 15.6, 15.7, 15.9, 15.12, 15.14, 15.16 and 15.17 of the
Contribution Agreement shall apply, mutatis mutandis,
to this Amendment Agreement. 

 

14

 

In WITNESS WHEREOF Nutreco, Stolt B.V. and Stolt have executed
this Amendment Agreement on 29 April 2005

 

SIGNED by B. Verwilghen

on behalf of Nutreco Holding N.V.

 

SIGNED by J. Chr. Engelhardtsen

on behalf of Stolt Sea Farm Investments B.V. 

 

SIGNED by J. Chr. Engelhardtsen

on behalf of Stolt-Nielsen S.A. 

 

 

Signed by
Marine Harvest N.V. on 29 April 2005 (i) for acknowledgement of the
agreement between Nutreco Holding N.V., Stolt Sea Farm Investments B.V. and
Stolt-Nielsen S.A. contained in this Amendment Agreement, and (ii) for
agreement with Clause 6.

 

 

SIGNED by A. van Driel

on behalf of Marine Harvest N.V.

 

15

 

Schedule 8.2                          Deed of contribution

 

 

DEED OF
ADDITIONAL CONTRIBUTION ON SHARES

AND
TRANSFER OF SHARES

MARINE
HARVEST INTERNATIONAL B.V.

 

 

On the twenty-ninth day of April two
thousand and five appears before me, Reinhard Willem
Clumpkens, notaris
(civil-law notary) practising in Amsterdam, the Netherlands:

 

Sabine Mandy Altena, kandidaat-notaris (candidate
civil-law notary), employed by De Brauw Blackstone Westbroek N.V., a limited
liability company, with corporate seat in The Hague, with address at: 2596 AL
The Hague, the Netherlands, Zuid-Hollandlaan 7, at the office in Amsterdam,
born in Sneek on the seventeenth day of August nineteen hundred and
seventy-four, for
the purpose hereof is acting as attorney authorised in writing of:

 

1.                                       Nutreco Holding N.V.,
a limited liability company, with corporate seat in Boxmeer, the Netherlands
and address at: 5831 JN Boxmeer, Veerstraat 38, the Netherlands, number N.V.
490.582, hereinafter referred to as: the Contributor,
and in that capacity is representing the Contributor;

 

2.                                       Marine Harvest N.V., a
limited liability company, with corporate seat in Amersfoort, the Netherlands
and address at: 3818 KC Amersfoort, Prins Frederiklaan 4, number N.V.
1.297.827, hereinafter referred to as: the Transferee,
and in that capacity is representing the Transferee; and

 

3.                                       Marine Harvest International B.V., a private company with limited liability, with corporate seat in
Amersfoort, the Netherlands and with address at: 3818 KC Amersfoort, Prins Frederiklaan
4, number B.V. 1.319.363, hereinafter referred to as: the Company,
and in that capacity is representing the Company,

 

the person appearing,

 

DECLARES THAT,

WHEREAS:

Previous acquisition of
shares.

 

(i)                                     the
Contributor is holder of eighteen thousand (18,000) shares in the share capital
of the Company, numbered 1 up to and including 18,000, each share having a par
value of one euro (EUR 1), together representing the entire issued and paid up
share capital of the Company, hereinafter referred to as: the
Contribution Shares, which shares are registered in the name of the
Contributor, and which shares were acquired by the Contributor on the
twenty-ninth day of April two thousand
and five pursuant to the issue upon the incorporation of the Company, effected
by a notarial deed, executed before me, notaris in Amsterdam, on the
twenty-eighth day of April two thousand and five;

 

Shareholding.

 

16

 

(ii)                                  the
Contributor is holder of forty-five thousand (45,000) shares in the share
capital of the Transferee, hereinafter referred to as: the Shares;

 

Contribution
agreement.

 

(iii)                               on the
third day of December two thousand and four the Contributor, Stolt-Nielsen
S.A., a limited liability company incorporated in Luxembourg, with corporate
seat in Luxembourg, and having its address at 23 Avenue Monterey, L-2086
Luxembourg, Luxembourg and Stolt Sea Farm Investments B.V., a private company
with limited liability incorporated in the Netherlands, with corporate seat in
Schiedam, the Netherlands, and having its address at Westerlaan 5, 3016 CK
Rotterdam, the Netherlands entered into an agreement (hereinafter referred to
as: the Contribution Agreement) concerning
an additional contribution in kind to be made by the Contributor on the Shares
consisting of the Contribution Shares;

 

(iv)                              to the
extent not already agreed upon in the Contribution Agreement, the Contributor
agrees to transfer the Contribution Shares to the Transferee as a contribution
in kind on the Shares.

 

IT
IS HEREBY AGREED AND CONFIRMED AS FOLLOWS:

Contribution
Agreement.

Article 1.

 

1.1.                              In order
to implement the Contribution Agreement the Contributor hereby transfers to the
Transferee, who accepts the transfer of the Contribution Shares, hereinafter
referred to as: the Contribution. To the extent
not already agreed upon in the Contribution Agreement, the Transferee shall not
issue new shares in its share capital to the Contributor in return for the
Contribution. 

 

1.2.                              Without
prejudice the relevant provisions of the Contribution Agreement, the
Contribution is for the account of the Transferee as of the date hereof.

 

Transfer.

 

1.3.                              In order
to implement the Contribution Agreement referred to above under 1.1. the
Contributor hereby transfers the Contribution to the Transferee, who accepts
the transfer of the Contribution.

 

Payment
obligation.

Article 2.

 

2.1.                              The
payment obligation for the Contributor amounts to zero euro (EUR 0).

 

2.2.                              The
Transferee shall not issue new shares in return for the Contribution.

 

2.3.                              The
value of the Contribution shall be regarded as (non-stipulated) share premium
(in Dutch: “niet-bedongen agio”).

 

Shareholders’
approval.

Article 3.

 

Article 2 paragraph 5 of
the articles of association of the Transferee expressly empowers the managing board
of the Transferee to enter into the Contribution Agreement referred to in article 1.

 

Share transfer restriction.

Article 4.

 

4.1.                              In
accordance with the provisions of article 15 paragraph 4 of the articles
of association of the Company, the Contributor hereby resolves in writing as
sole shareholder of the Company to approve the present transfer under the share
transfer restrictions included in the articles of association of the Company.

 

17

 

4.2.                              The managing
board of the Company had prior knowledge of the resolution in writing mentioned
in paragraph 1 above and have been able to render advice on the resolution to
be adopted.

 

4.3.                              No
depositary receipts of shares in the capital of the Company have been issued
with the cooperation of the Company.

 

Acknowledgement.

Article 5.

 

The Company acknowledges this
transfer of the Contribution set out in this deed.

 

Warranties.

Article 6.

 

The Contributor warrants the
Transferee that he is fully entitled to the Contribution Shares, and that the
Contribution Shares are neither encumbered with a right of pledge nor with a
right of usufruct and they are not subject to any attachments. The Transferee
accepts this warranty.

 

Description and auditor’s
certificate.

Article 7.

 

Copies of the description and
auditor’s certificate, referred to in section 2:94b Civil Code relating to
the transfer of the Contribution to the Transferee are attached to this deed.

 

Dissolution.

Article 8.

 

8.1.                              The
Contributor and the Transferee waive the right to dissolve the agreement
contained in this deed under the provisions of section 6:265 Civil Code.

 

8.2.                              Unless
otherwise provided in this deed, all that has been agreed between the parties
prior to the execution of this deed shall remain in full force and effect,
provided however, that a condition subsequent, if any, may no longer be invoked
and a condition precedent, if any, is deemed to have been fulfilled.

 

Sufficient proof of the
existence of the powers of attorney has been given to me, notaris. The written
powers of attorney to the person appearing are evidenced by three (3) private
instruments, which are attached to this deed.

 

In witness whereof the
original of this deed, which is retained by me, notaris, is executed in
Amsterdam, on the date first given in the head of this deed.

 

Having conveyed the substance
of this deed to the person appearing she has declared that she has taken
cognizance of the contents of the deed and does not require it to be read out
to her in full.

 

Immediately after the reading
of those parts of the deed which the law prescribes to be read out, this deed
is signed by the person appearing, who is known to me, notaris, and by myself,
notaris, at nineteen hours eight minutes.

 

(signed): S.M. Altena, R.W.
Clumpkens.

 

18

 

Schedule 8.3                          Deed of issue and
contribution

 

 

DEED OF ISSUE

MARINE HARVEST N.V.

AND

DEED OF ADDITIONAL CONTRIBUTION ON SHARES 

AND TRANSFER OF SHARES

SSF SALMON HOLDINGS B.V.

 

On the twenty-ninth day of April two
thousand and five appears before me, Reinhard Willem
Clumpkens, notaris
(civil-law notary) practising in Amsterdam, the Netherlands:

 

Sabine Mandy Altena, kandidaat-notaris (candidate
civil-law notary), employed by De Brauw Blackstone Westbroek N.V., a limited
liability company, with corporate seat in The Hague, with address at: 2596 AL
The Hague, the Netherlands, Zuid-Hollandlaan 7, at the office in Amsterdam,
born in Sneek on the seventeenth day of August nineteen hundred and
seventy-four, for
this purpose acting as attorney in writing of:

 

1.                                       Marine Harvest N.V., a
limited liability company, with corporate seat in Amersfoort, the Netherlands
and address at: 3818 KC Amersfoort, Prins Frederiklaan 4, number N.V.
1.297.827,, hereinafter referred to as: Marine Harvest
and as such representing Marine Harvest; 

 

2.                                       Stolt Sea Farm Investments B.V., a private
company with limited liability, with its corporate seat
in Schiedam, the Netherlands and address at: 3016 CK Rotterdam, Westerlaan 5,
the Netherlands, B.V. number 1.304.045, hereinafter referred to as: Stolt and
as such representing Stolt,

 

3.                                       SSF Salmon Holdings B.V., a private
company with limited liability, with its corporate seat
in Schiedam, the Netherlands and address at: 3016 CK Rotterdam, Westerlaan 5,
the Netherlands, B.V. number 1.304.048, hereinafter referred to as: SSF
and as such representing SSF,

The person appearing,

 

DECLARES THAT, WHEREAS:

I. Issuance.

Issue of shares Marine
Harvest.

 

(i)                                     on
the twenty-ninth day
of April two thousand and five the general meeting of
shareholders of Marine Harvest resolved to:

 

a.                                       to issue fifteen thousand (15,000) shares in the share capital of
Marine Harvest, numbered 45,001 up to and including 60,000, each share with a
par value of one euro (EUR 1), hereinafter referred to as: the Shares, against payment in cash of fifteen thousand euro
(EUR 15.000) for the Shares; and

 

19

 

b.                                      exclude
the pre-emptive rights.

 

(ii)                                  the
Shares are issued to Stolt, who wishes to accept the Shares.

 

II. Additional contribution and transfer.

a. Previous acquisition of shares.

 

(iii)                               Stolt
is holder of one hundred eighty (180) shares in the share capital of SSF,
numbered 1 up to and including 180, each share having a par value of one
hundred euro (EUR 100), hereinafter referred to as: the
Contribution Shares, which shares are registered in the name of
Stolt, and which shares were acquired by Stolt on the thirtieth day of December two
thousand and four pursuant to the issue upon the incorporation of SSF, effected
by a notarial deed, executed before a deputy of Steven Perrick, notaris in
Amsterdam, on the thirtieth day of December two
thousand and four.

 

b.
Shareholding.

 

(iv)                              after
the issue of the Shares, Stolt shall be holder of fifteen thousand (15,000)
shares in the share capital of Marine Harvest.

 

c.
Contribution agreement.

 

(v)                                 on
the third day of December two thousand and four Stolt, Stolt-Nielsen S.A.,
a limited liability company incorporated in Luxembourg, with corporate seat in
Luxembourg, and having its address at 23 Avenue Monterey, L-2086 Luxembourg,
Luxembourg and Nutreco Holding N.V., a limited liability company, with
corporate seat in Boxmeer, the Netherlands and address at: 5831 JN Boxmeer,
Veerstraat 38, the Netherlands entered into an agreement (hereinafter referred
to as: the Contribution Agreement) concerning
an additional contribution in kind to be made by Stolt on the Shares consisting
of the Contribution Shares.

 

(vi)                              to the
extent not already agreed upon in the Contribution Agreement, Stolt and Marine
Harvest wish to agree that Stolt shall transfer the Contribution Shares to
Marine Harvest as non-stipulated share premium.

 

IT IS HEREBY AGREED AND
CONFIRMED AS FOLLOWS:

Issue of the Shares.

Article 1.

 

1.1.                              In accordance
with the provisions of section 2:86 Civil Code and the resolution to issue
the Shares, Marine Harvest hereby issues the Shares to Stolt under the
obligation for Stolt to pay up the Shares in cash.

 

1.2.                              Stolt
accepts the Shares under the obligation as referred to under paragraph 1. 

 

Additional
contribution and transfer of shares in the share capital of SSF. 

Article 2.

 

2.1.                              To the
extent not already agreed in the Contribution Agreement, Stolt and Marine
Harvest hereby agree that Stolt shall transfer to Marine Harvest the
Contribution Shares, hereinafter referred to as: the
Contribution as a contribution in kind on the Shares. 

 

2.2.                              Stolt
hereby transfers the Contribution to Marine Harvest and Marine Harvest hereby
accepts the transfer of the Contribution. 

 

2.3.                              The
Contribution is for the account of Marine Harvest in accordance with clause 5.6
of the Contribution Agreement.

 

20

 

2.4.                              Other
than the payment obligation as referred to under article 1 paragraph 1
regarding the issue of the Shares, the payment obligation for Stolt amounts to
zero euro (EUR 0).

 

2.5.                              To the
extent not already agreed upon in the Contribution Agreement, Marine Harvest
shall not issue new shares in return for the Contribution. 

 

2.6.                              To the
extent not already agreed upon in the Contribution Agreement, the value of the
Contribution shall be regarded as (non-stipulated) share premium (in Dutch: “niet-bedongen
agio”).

 

Shareholders’
approval.

Article 3.

 

Article 2 paragraph 5 of
the articles of association of Marine Harvest expressly empowers the managing
board of Marine Harvest to enter into the Contribution Agreement.

 

Share transfer restriction.

Article 4.

 

The share transfer
restrictions as set out in article 12 of the articles of association of
SSF do not apply since Stolt is the sole shareholder of SSF.

 

Acknowledgement.

Article 5.

 

SSF acknowledges the transfer
of the Contribution set out in this deed.

 

Warranties.

Article 6.

 

Stolt warrants Marine Harvest
that it is fully entitled to the Contribution Shares, and that the Contribution
Shares are neither encumbered with a right of pledge nor with a right of
usufruct and they are not subject to any attachments. Marine Harvest accepts
this warranty.

 

Description and auditor’s certificate.

Article 7.

 

Copies of the description and
auditor’s certificate, referred to in section 2:94b Civil Code relating to
the transfer of the Contribution to Marine Harvest are attached to this deed.

 

Dissolution.

Article 8.

 

8.1.                              Stolt
and Marine Harvest waive the right to dissolve the agreement contained in this
deed under the provisions of section 6:265 Civil Code.

 

8.2.                              Unless
otherwise provided in this deed, all that has been agreed between the parties
prior to the execution of this deed shall remain in full force and effect,
provided however, that a condition subsequent, if any, may no longer be invoked
and a condition precedent, if any, is deemed to have been fulfilled.

 

With reference to the Rules of
Professional Conduct (Verordening beroeps- en
gedragsregels) of the Royal Dutch Organisation of Civil Law Notaries
(Koninklijke Notariële Beroepsorganisatie)
all parties expressly agree that (i) De Brauw Blackstone Westbroek N.V.
acts as counsel to Marine Harvest in connection with, or acts as counsel for or
on behalf of Marine Harvest in the event of any dispute relating to, this deed
or any related agreement, and (ii) the civil law notary mentioned in the
opening paragraph of this deed executes this deed even though he works at De
Brauw Blackstone Westbroek N.V. as civil law notary.

 

The documents, evidencing the
resolutions are attached to this deed.

 

21

 

Sufficient proof of the
existence of the powers of attorney has been given to me, notaris.  The written powers of attorney are evidenced
by three (3) deeds which are attached to this deed. 

 

In
witness whereof the original of this deed which will be retained by me,
notaris, is executed in Amsterdam, on the date first mentioned in the head of
this deed.

 

Having
conveyed the substance of the deed and given an explanation thereto and having
pointed out the consequences arising from the contents of the deed for the
parties and following the statement of the person appearing that she has taken
note of the contents of the deed and agrees with the partial reading thereof,
this deed is signed, immediately after reading those parts of the deed which
the law requires to be read, by the person appearing, who is known to me,
notaris, and by myself, notaris at nineteen hours twelve minutes.

 

(signed):
S.M: Altena, R.W. Clumpkens.

 

22

 

Schedule 8.4                          Description of
contributions

 

DESCRIPTION OF THE CONTRIBUTION IN KIND

 

MARINE HARVEST N.V.

 

Description as referred to in Section 2:94b,
paragraph 1, juncto Section 2:94a, paragraph 1, Dutch Civil Code and
prepared by Marine Harvest N.V., a
limited liability company, with corporate seat in Amersfoort, the Netherlands
and having its address at 3818 KC Amersfoort, the Netherlands, Prins
Frederiklaan 4 (the “Company”)
regarding the Contribution (as defined herein). 

 

I. Contribution

 

The contribution consists of 180 shares,
each share having a par value of EUR 100, in the share capital of SSF
Salmon Holdings B.V., a private company with limited liability, with its
corporate seat in Schiedam, the Netherlands and address at: 3016 CK Rotterdam,
Westerlaan 5, the Netherlands, (such shares hereinafter collectively also
referred to as the “Contribution”)
and is to be made by Stolt Sea Farm Investments B.V., a private company with limited liability, with its corporate seat in Schiedam, the Netherlands and address at:
3016 CK Rotterdam, Westerlaan 5, the Netherlands, (the “Contributor”) as a further payment on the
shares the Contributor holds in the share capital of the Company 

 

II. Value attributed to the Contribution

 

The Contributor is the sole shareholder of
SSF Salmon Holdings B.V., which only assets are its shareholdings in various
subsidiaries. Before these shareholdings were contributed to SSF Salmon
Holdings BV as non stipulated share premium, they were previously acquired by
the Contributor pursuant to a share purchase agreement dated 29 April 2005
in which the value of these shareholdings was determined at US$ 242,978,
788.78

 

The value thus attributed to the
Contribution as per 29 April 2005, is the value of these shareholdings in
addition to the nominal capital of SSF Salmon Holdings BV and amounts to
EUR188,082,078 (at a conversion rate of € 1.292). This valuation is based upon
the book value of each of the subsidiaries recorded in the books of the seller
to the Contributor.

 

 

Signed in                                           
on                     
2005.

 

 

	
   

  	
   

  
	
  On behalf of
  Nutreco Holding N.V., acting in its capacity as sole director of Marine

  
	
  Harvest N.V

  
	
  Name

  	
  :

  
	
  Title

  	
  :

  
			

 

23

 

DESCRIPTION OF THE CONTRIBUTION IN KIND

MARINE HARVEST N.V.

 

Description as referred to in
Section 2:94b, paragraph 1, juncto Section 2:94a, paragraph 1, Dutch
Civil Code and prepared by Marine Harvest N.V.,
a limited liability company, with corporate seat in Amersfoort, the Netherlands
and having its address at 3818 KC Amersfoort, the Netherlands, Prins
Frederiklaan 4 (the “Company”)
regarding the Contribution (as defined herein). 

 

I. Contribution

 

The contribution consists of
18.000 shares, each share having a par value of EUR 1, in the share
capital of Marine Harvest International B.V., a private company with limited
liability, with corporate seat in Amersfoort and having its address at 3818 KC
Amersfoort, the Netherlands, Prins Frederiklaan 4 (such shares hereinafter
collectively also referred to as the “Contribution”)
and is to be made by Nutreco Holding N.V.,
a limited liability company with corporate seat in Boxmeer, the Netherlands and
having its address at 5831 JN Boxmeer, the Netherlands, Veerstraat 38 (the “Contributor”) as a further payment on the shares the
Contributor holds in the share capital of the Company 

 

II. Explanation of the origin of the Contribution

 

The Contributor is the sole
shareholder of Nutreco International B.V., a private company with limited
liability, with corporate seat in Boxmeer, the Netherlands, and with address at
5831 JN Boxmeer, the Netherlands, Veerstraat 38. In order for the Contributor
to make the Contribution, Nutreco International B.V. should be demerged
pursuant whereto Marine Harvest International B.V. shall be incorporated and
whereby the shares held in the share capital of Marine Harvest International
B.V. will be acquired by the Contributor 

 

III. Value attributed to
the Contribution

 

Since the assets of Marine
Harvest International B.V. are still part of Nutreco International B.V. before
the demerger as referred to under II. above, the value of the Contribution is
based on the value of the fish activities (i.e. the worldwide farming,
processing, marketing and sale of fish and fish products)” of Nutreco International B.V. as per
31 December 2004 (i.e. before the date of demerger). 

 

The value thus attributed to
the Contribution as per 31 December 2004 amounts to EUR                       
according to the following method of valuation:                                          .

 

Signed in                                           
on                     
2005.

 

 

	
   

  	
   

  
	
  On
  behalf of Nutreco Holding N.V., acting in its capacity as sole director of
  Marine Harvest N.V

  
	
  Name

  	
  :

  
	
  Title

  	
  :

  
			

 

24

 

STATEMENT
OF 

STOLT SEA
FARM INVESTMENTS B.V.

 

The managing directors of Stolt Sea Farm
Investments B.V., a private company with limited liability, having
its corporate seat in Schiedam, the Netherlands and with address at: Westerlaan
5, 3016 CK Rotterdam, the Netherlands (hereinafter referred to as: Stolt), 

 

whereas: 

 

a.                                       Stolt intends to enter into a notarial deed of issue and deed of
additional contribution on shares by which inter alia shares
in the share capital of Marine Harvest N.V., a limited liability company,
having its corporate seat in Amersfoort, the Netherlands and with address at:
Prins Frederiklaan 4, 3818 KC Amsersfoort, the Netherlands (hereinafter
referred to as: Marine Harvest) are to be issued
to Stolt against payment in cash and by which Stolt will contribute
non-stipulated share premium on these shares in the form of shares in SSF
Salmon Holdings B.V. (hereinafter referred to as: Contribution Shares).

 

b.                                      In
connection with the contribution on shares in the share capital of Marine
Harvest referred to under a., the managing directors of Marine Harvest will be
required to sign a description of the Contribution Shares.

 

c.                                       The managing board of Marine Harvest cannot declare as to the
correctness of its description referred to under b. without being extensively
informed on this matter by the managing board of Stolt.

 

declare
in good faith the following:

 

1.                                       The managing directors of Stolt exercised all reasonable care and
accuracy when drawing up the description of the Contribution Shares which are
to be contributed as non-stipulated share premium on the shares in the share
capital of Marine Harvest.

 

2.                                       Furthermore, this description has been drawn up in consultation and
discussed thoroughly with the auditors advising Stolt on this matter.

 

3.                                       To the best knowlegde of the managing directors of Stolt the
description referred to in this statement provides a true and accurate description of the Contribution Shares.

 

25

 

in
evidence whereof:

 

this
statement was signed in the manner set out below.

 

 

	
   

  	
   

  
	
  By:

  
	
  Date:

  
	
   

  
	
   

  
	
   

  	
   

  
	
  By:

  
	
  Date:

  

 

26

 

Schedule 8.6         Amended Articles
of Association

 

Amended
Articles of Association (Dutch)

 

Amended
Articles of Association (Unofficial English Translation)

 

Version dated

2-12-2004/27-4-2005

sa/pk/sa/mh

F:\Adam\Akten\akt2005\akt2005.rwc\74553079.bm3e.doc

 

UNOFFICIAL
TRANSLATION

DEED OF
AMENDMENT OF THE ARTICLES OF ASSOCIATION

MARINE
HARVEST N.V.

 

On the twenty-ninth day of April two
thousand and five appears before me, Paul Klemann, notaris (civil-law notary)
practising in Amsterdam:

 

Sabine Mandy Altena, kandidaat-notaris (candidate
civil-law notary), employed by De Brauw Blackstone Westbroek N.V., a limited
liability company, with corporate seat in The Hague, with address at: 2596 AL
The Hague, the Netherlands, Zuid-Hollandlaan 7, at the office in Amsterdam,
born in Sneek on the seventeenth day of August nineteen hundred and
seventy-four.

 

The person appearing declares
that on the thirty-first day of March two thousand and five the general
meeting of shareholders of Marine Harvest N.V., a limited liability company,
with its corporate seat in Amersfoort, the Netherlands, and address at: 3818 KC
Amersfoort, the Netherlands, Prins Frederiklaan 4, resolved to amend the
articles of association of this company and to authorise the person appearing
to execute this deed.

 

Pursuant to those resolutions
the person appearing declares that she amends the company’s articles of
association such that these shall read in full as follows

 

ARTICLES OF ASSOCIATION:

 

Name.
Corporate seat.

Article 1.

 

The name of
the company is: Marine Harvest N.V.

 

Its corporate
seat is in Amersfoort.

 

Objectives.

Article 2.

 

2.1.          The objectives of the
company are:

 

a.             the worldwide farming,
processing, marketing and sale of fish and fish products;

 

b.             to participate in, to
finance and administer companies, business enterprises and other business
undertakings, to borrow moneys and to furnish moneys on loan and in general to
enter into financial transactions, to furnish guarantees and to render services
in the field of commerce and finance, to buy and sell promissory notes, to
acquire, hold, dispose of or in any other way to deal with all kinds of
participation and interests in other companies, business enterprises and other
business undertakings;

 

c.             to develop and
commercialise licences, copyrights, patents, designs, secret processor
formulae, trademarks, know-how and other intellectual property rights and
similar interests, to promote the selling and purchasing of - as well as the 

 

27

 

trade in - the
aforementioned objectives, including the granting of the use of these
objectives;

 

d.             to acquire royalties and
other income connected with the activities as mentioned under c;

 

e.             to acquire, hold, exploit,
lease, rent, turn to account, encumber, dispose of or in any other way utilise
movables and immovables;

 

f.              to render services to
other companies, including the promotion of communication with other companies;

 

g.             for purposes not related
to the conduct of its business to make periodic payments for or towards pension
or superannuation funds or other objectives;

 

h.             to perform all acts that
are advisable, necessary, usual or related to the abovementioned objectives,
which shall include but not be limited to all acts that relate to the
management of, the acting in conjunction with, the participating in, the
acquiring of or the merging or amalgamating with other business enterprises or
companies with objectives equal or related to those that have been stated above.

 

2.2.          The company shall have the
power to form and to acquire and to participate in any other trade, business or
business enterprises having one or more objectives as specified in paragraph
2.1. herein or being related thereto or whose objectives are capable of being
conducive, in whole or in part, to the promotion of one or more of the
objectives specified in paragraph 2.1. herein.

 

2.3.          The company may not grant
any loans, provide any collateral, guarantee the price, otherwise guarantee or
otherwise bind itself jointly and severally with or for third parties, for the
purpose of the subscription or acquisition by third parties of shares in its
own capital or of depositary receipts issued therefor. The prohibition in the
last sentence shall not apply if shares or depositary receipts are subscribed
or acquired by employees of the company or of a group company.

 

2.4.          The objectives specified
above shall be given the widest possible meaning.

 

Share capital and shares.

Article 3.

 

3.1.          The authorised share capital
of the company amounts to two hundred twenty-five thousand euro
(EUR 225,000). It is divided into two hundred twenty-five thousand
(225,000) shares with a nominal value of one euro (EUR 1) each. 

 

3.2.          The shares shall be in
registered form and shall be numbered consecutively from 1 onwards.

 

3.3.          No share certificates shall
be issued.

 

3.4.          If the aggregate amount of
the issued share capital and the reserves required to be maintained by law is
less than the minimum share capital as then required by law, the company must
maintain a reserve up to an amount equal to the difference.

 

Issue
of shares.

Article 4.

 

4.1.          Shares shall be issued
pursuant to a resolution of the general meeting; the general meeting shall
determine the price and further terms and conditions of the issue. 

 

28

 

4.2.          The previous paragraph shall
equally apply to a grant of rights to subscribe for shares, but shall not apply
to an issue of shares to a person who exercises a previously acquired right to
subscribe for shares.

 

4.3.          Shares shall never be issued
at a price below par.

 

4.4.          Shares shall be issued by
notarial deed in accordance with the provisions set out in section 2:86 of
the Civil Code.

 

4.5.          The company shall within
eight days of the resolution of the general meeting to issue shares file the
complete text of the resolution with the trade register.

 

4.6.          The company shall within
eight days of each issue of shares, report the issue of shares to the trade
register, stating the number and class.

 

4.7.          The company is not
authorised to cooperate in the issue of depositary receipts for shares.

 

4.8.          The voting rights on shares
may not be conferred on holders of a right of pledge on such shares.

 

4.9.          Shareholders may only be
legal entities which are party to the shareholders agreement entered into by
shareholders of the company dated the twenty-ninth day of April two thousand and five, as amended from time to time, as well as the company itself. 

 

4.10.        If a shareholder no longer complies
with the requirements referred to in paragraph 9 of this article, or if a
person becomes a shareholder who does not comply with such requirements, he may
no longer or not, as the case may be, exercise the right to attend meetings and
voting rights attached to his shares and his right to dividend shall be
suspended, provided however that if all shares are held by persons, who do not
or do no longer comply with such requirements, they may nevertheless exercise
their right to attend meetings and voting rights with respect to a proposal:

 

a.             to amend the articles of
association, so that the requirements, stated in paragraphs 9 up to and
including 11 of this article and the articles 20 and 21 shall be deleted;
or

 

b.             to dissolve the company.

 

4.11.        On the proposal of the
managing board, the general meeting may adopt a resolution with a majority of
ninety percent in a meeting in which the entire share capital is present or
represented, to irrevocably exempt one or more persons named in a resolution to
that effect from the requirements referred to in paragraph 9.

 

4.12.        The managing board shall have
the power, without the approval of the general meeting, subject to the approval
of the supervisory board to enter into agreements as referred to in section 2:94
of the Civil Code.

 

Payment
for shares.

Article 5.

 

5.1.          Shares shall only be issued
against payment in full.

 

5.2.          Payment must be made in
cash, providing no alternative contribution has been agreed.

 

5.3.          Payment in cash may be made
in a foreign currency, subject to the company’s consent.

 

Pre-emptive
rights.

Article 6.

 

6.1.          Upon issue of shares against
payment in cash, each shareholder shall have a pre-emptive right in proportion
to the aggregate nominal amount of his shares, subject to 

 

29

 

the provisions of paragraph 6.3. herein. A
shareholder shall have no pre-emptive right in respect of shares issued to
employees of the company or of a group company.

 

Should a shareholder who is entitled to a
pre-emptive right not or not fully exercise such right, the other shareholders
shall be similarly entitled to pre-emptive rights in respect of those shares
which have not been claimed.

 

If the latter collectively do not or do not
fully exercise their pre-emptive rights, then the general meeting shall be free
to decide to whom the shares which have not been claimed shall be issued and
such issue may be made at a higher price.

 

6.2.          Upon issue of shares against
contribution-in-kind, holders of such shares have no pre-emptive rights unless
the general meeting declares the pre-emptive right applicable in respect of a
specific issue. In that case, the provisions of this article shall equally
apply to the shares to be issued.

 

6.3.          Pre-emptive rights may be
limited or excluded by the general meeting. The limitation or exclusion
proposal shall contain a written explanation of the reasons for the proposal
and the selection of the intended issue price.

 

6.4.          If less than fifty percent
of the issued capital is represented at the meeting, a majority of at least
two-thirds of the votes cast shall be required for a resolution of the general
meeting to limit or exclude the pre-emptive rights.

 

6.5.          The company shall within
eight days of a resolution of the general meeting to limit or exclude the
pre-emptive rights file the complete text of the resolution with the trade
register.

 

6.6.          Pre-emptive rights may not
be separately disposed of.

 

6.7.          If pre-emptive rights exist
in respect of an issue of shares, the general meeting shall determine, with due
observance of the provisions set out in this article and simultaneously
with the resolution to issue shares, the manner in which and the period within
which such pre-emptive rights may be exercised. Such period shall be at least
four weeks as of the date the notification referred to in paragraph 6.8. herein
is sent.

 

6.8.          The company shall notify all
shareholders of an issue of shares in respect of which pre-emptive rights exist
and of the period of time within which such rights may be exercised.

 

6.9.          This article shall
equally apply to a grant of rights to subscribe for shares, but shall not apply
to an issue of shares to a person who exercises a previously acquired right to
subscribe for shares.

 

Acquisition
and disposal of shares.

Article 7.

 

7.1.          Subject to authorisation by
the general meeting, the managing board may cause the company to acquire fully
paid-up shares in its own share capital for a consideration, provided that:

 

a.             the company’s equity
minus the acquisition price is not less than the aggregate amount of the issued
share capital and the reserves which must be maintained pursuant to the law;
and

 

b.             the aggregate par value
of the shares in its share capital to be acquired, held or held in pledge by
the company or held by a subsidiary does not exceed ten percent of the issued
share capital.

 

30

 

The validity of the acquisition shall be
determined on the basis of the company’s equity as shown by the most recently
adopted balance sheet, minus the acquisition price for shares in the company’s
share capital and any distribution out of profits or reserves to other persons
which have become due by the company and its subsidiary companies after the
balance sheet date. No acquisition pursuant to this paragraph shall be allowed
if a period of more than six months following the end of a financial year has
expired without the annual accounts for such year having been adopted.

 

7.2.          Articles 4 and 6 shall
equally apply to the disposal of shares acquired by the company in its own
share capital, with the exception that such disposal may be made at a price
below par.

 

7.3.          If depositary receipts for
shares in the company have been issued, such depositary receipts for shares
shall be put on par with shares for the purpose of the provisions of paragraph
7.1. herein.

 

7.4.          In the general meeting no
votes may be cast in respect of a share held by the company or a subsidiary
company; no votes may be cast in respect of a share the depositary receipt for
which is held by the company or a subsidiary company.

 

When determining to what extent the
shareholders cast votes, are present or represented or to what extent the share
capital is provided or represented, no account shall be taken of shares which
are not entitled to voting rights pursuant to the preceding provisions.

 

7.5.          Shares which the company
holds in its own share capital shall not be counted when determining the
division of the amount to be distributed on shares.

 

Reduction
of share capital.

Article 8.

 

8.1.          Upon the proposal of the
supervisory board, the general meeting may resolve to reduce the issued share
capital by cancelling shares or by reducing the par value of shares by an
amendment of the articles of association.

 

8.2.          Cancellation of shares can
only apply to shares which are held by the company itself or to shares for
which the company holds depositary receipts.

 

8.3.          Reduction of the par value
of shares without repayment or partial repayment on shares shall be effected
pro rata with respect to all shares. The pro rata requirement may be waived
with the consent of all shareholders.

 

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

 

The company shall file a resolution to
reduce the issued share capital with the trade register and shall publish such
filing in a national daily newspaper.

 

Shareholders
register.

Article 9.

 

9.1.          The managing board shall
maintain a register in which the names and addresses of all shareholders shall
be recorded, stating the date on which they acquired the shares, the number of
shares held by each of them, the date of acknowledgement or service, as 

 

31

 

well as the amount paid up on each share
and any other information that must be recorded under the law.

 

9.2.          The names and addresses of
those with a right of usufruct or a pledge on the shares shall also be recorded
in the register, stating the date on which they acquired the right, and the
date of acknowledgment and service.

 

9.3.          The register shall be kept
accurate and up to date by the managing board.

 

9.4.          Upon request and at no cost,
the managing board shall provide a shareholder, a holder of a right of usufruct
and a holder of a right of pledge with an extract from the register regarding
their respective rights in respect of a share. If a share is encumbered with a
right of usufruct or a right of pledge, the extract shall specify that the
shareholder is entitled to the voting rights pertaining to such share and that
the holder of the right of usufruct or the holder of the right of pledge is not
entitled to the rights conferred by law on holders of depositary receipts for
shares issued with the cooperation of a company.

 

9.5.          The managing board shall
make the register available at the office of the company for inspection by the
shareholders.

 

Article 10.

 

Each shareholder, holder of a
right of usufruct and holder of a right of pledge shall provide his address to
the managing board.

 

Joint
holding.

Article 11.

 

If shares are included in a
joint holding, the joint participants may only be represented vis-à-vis the
company by a person who has been designated by them in writing for that
purpose. The joint participants may also designate more than one person.

 

The joint participants may
determine at the time of the designation of the representative or thereafter -
but only unanimously - that, if a joint participant so wishes, a number of
votes corresponding to his interest in the joint holding will be cast in
accordance with his instructions.

 

Any person so designated must comply with the
requirements referred to in article 4 paragraph 9.

 

Notices
of meetings and notifications.

Article 12.

 

12.1.        Notices of meetings and
notifications shall be given by registered or regular letter or by bailiff’s
writ.

 

Notices of meetings and notifications to
shareholders shall be sent to the addresses most recently provided to the
managing board. Notifications by shareholders to the managing board or to the supervisory
board shall be sent to the office of the company.

 

12.2.        The date of a notice of
meeting or a notification shall be deemed to be the date stamped on the receipt
issued for the registered letter, or the date of mailing by the company or the
date of service of the writ, as the case may be.

 

12.3.        Notifications which, pursuant
to the law or the articles of association, are to be addressed to the general
meeting may be included in the notice of such meeting.

 

Transfer
of shares.

Article 13.

 

Any transfer of shares or of
a right of usufruct on shares or the creation or release of a right of usufruct
or of a right of pledge on shares shall be effected by notarial deed in
accordance with the provisions set out in section 2:86 of the Civil Code.

 

32

 

Save in the event that the
company is a party to the transaction the rights attached to the shares may
only be exercised after:

 

a.             the company has acknowledged the
transaction;

 

b.             the deed has been served upon the
company; or

 

c.             the company has acknowledged the
transaction on its own initiative by recording the same in the shareholders’
register,

 

all in accordance with the
provisions set out in sections 2:86a and 2:86b of the Civil Code.

 

Restrictions
on the transfer of shares.

Article 14.

 

14.1.        A transfer of shares - with
the exception of a transfer by the company of shares which it has acquired in
its own share capital - may only take place with due observance of the
following paragraphs of this article and of articles 15 up to and
including 20.

 

14.2.        A shareholder who wishes to
transfer one or more shares, hereinafter also to be referred to as: the
offeror, shall first offer such shares to the other shareholders who shall then
have a pre-emptive right to purchase these shares as described hereinafter,
unless the general meeting has adopted a resolution with a majority of ninety
percent in a meeting in which the entire share capital is present or
represented, to grant its approval to a transfer of shares. If the company
holds shares in its own share capital, it shall only have a pre-emptive right,
if the offeror, when making the notification referred to in article 15
explicitly consents thereto.

 

Notification.

Article 15.

 

The offeror shall offer the shares he wishes to
transfer by notification to the managing board.

 

In that notification he shall state the number of
shares he wishes to transfer and the particulars of those shares.

 

Within ten days after such notification the managing
board shall notify the other shareholders setting out the contents of the
offer.

 

Purchase price.

Article 16.

 

16.1.        Following the notification to
the other shareholders referred to in the last sentence in article 15, the
offeror and the other shareholders shall in good faith negotiate a monetary
value of the shares offered.

 

16.2.        If, within twenty days of the
beginning of such negotiations as referred to in the above paragraph the
offeror and the other shareholders are unable to agree such monetary value, the
offeror and the other shareholders shall consult with each other about the
designation of an independent investment bank, who shall determine the price
which shall equal the value of the shares concerned, by a decision binding on
all parties; the shareholders may exercise their pre-emptive right at the price
so determined.

 

16.3.        If such an investment bank has
not been designated jointly by the shareholders and the offeror within thirty
days after the notification, referred to in the last sentence of article 15,
the designation shall be made by the president of the Chamber of Commerce and
Industry in the district in which the company is registered at the request of
the party who is first to take action or the managing board.

 

33

 

16.4.        The managing board and the
shareholders shall provide the independent investment bank with any information
he requests. The cost of determining the price shall be borne by the
shareholders in equal proportions.

 

16.5.        The independent investment
bank shall notify the managing board of such price.

 

Within ten days of this notification, the
managing board shall notify the offeror and all other shareholders of the price
determined by the independent investment bank.

 

Offer
period.

Article 17.

 

17.1.        Within ten days of the
notification, referred to in article 16, paragraph 5, hereinafter referred
to as offer period, a shareholder, who wishes to exercise his pre-emptive
right, hereinafter referred to as prospective purchasers, shall inform the
managing board how many shares he wishes to purchase, failing which his
pre-emptive right shall lapse. 

 

17.2.        Within ten days after expiry
of the offer period, the managing board shall notify the offeror whether there
are prospective purchasers and, if so, how many and which shares have been
allotted and to whom.

 

Revocation
of offer.

Article 18.

 

18.1.        If there are prospective
purchasers for all offered shares, the offeror may revoke his offer in its
entirety within one month after the notification, referred to in article 17
paragraph 2, by notification to the managing board; in that case he shall not
be entitled to transfer the shares.

 

18.2.        Within ten days the managing
board shall notify the prospective purchasers of a notification, as referred to
in paragraph 1.

 

Sale
to shareholders.

Article 19.

 

19.1.        If there are prospective
purchasers for all offered shares and the offeror has not revoked his offer, a
purchase agreement shall be deemed to have been entered into in respect of all
offered shares and the offeror shall be required to transfer the shares within
ten days after expiry of the period of one month as referred to in article 18
paragraph 1 and the prospective purchasers shall be required to pay
simultaneously the price of the shares in cash to the offeror.

 

19.2.        If the prospective purchasers
wish to exercise their pre-emptive rights in respect of more shares than are
available to them, the available shares shall be divided amongst them in
proportion to the number of shares owned by them, provided that no-one shall be
allotted more shares than the number of shares he has applied for.

 

19.3.        If the offeror defaults to
transfer to a prospective purchaser within the period as referred to in
paragraph 1, the company shall have authority to effect the transfer and shall
be required to do so within ten days after the prospective purchaser has made a
request to the company to that effect.

 

Transfer
to a third party.

Article 20.

 

If there are no prospective purchasers for all offered
shares, the offeror may freely transfer the offered shares, but only those
shares, during three months after the notification referred to in article 17
paragraph 2, provided that the price shall not be less than the price
determined by the 

 

34

 

independent investment bank and that the acquiring
shareholder will be a person who complies with the requirements referred to in article 4,
paragraph 9. The offeror shall provide the managing board with information and
evidence for the purpose of determining whether the previous sentence is
complied with.

 

If the offeror can not find a purchaser who complies
with the requirements referred to in article 4, paragraph 9, the managing
board shall designate within thirty days one or more prospective purchasers who
have stated in writing that they are willing to purchase between them all
offered shares for the price determined by the independent investment bank. If
the managing board fails to designate such prospective purchasers, the offeror
may freely transfer the offered shares, but only those shares, during three
months after the period referred to in the latter sentence, provided that the
price shall not be less than the price determined by the independent investment
bank. If the purchaser, as referred to in this paragraph, does not comply with
the requirements referred to in article 4, paragraph 9, he shall
irrevocably be released from the provisions of article 4, paragraph 9 and
10 and article 21.

 

Article 21.

Shares deemed to be offered.

 

Shares held by a shareholder who does not or does no
longer comply with the requirements referred to in article 4, paragraph 9
shall be deemed offered within the meaning of article 14 paragraph 2. Article 14
paragraph 2 and the articles 15 up to and including 20 equally apply subject,
however, to the following modifications:

 

a.             the shareholder may not
withdraw his offer;

 

b.             the notification referred
to in article 15 means the notification by the managing board to the other
shareholders that a shareholder does not or does no longer comply with the
requirements stated in article 4, paragraph 9;

 

c.             if there are no
prospective shareholders for all offered shares, the shareholder who does not
or no longer comply with the requirements referred to in article 4,
paragraph 9 shall irrevocably be released from the provisions of article 4,
paragraph 9 and 10 and this article.

 

Management.
Supervision on management.

Article 22.

 

22.1.        The company shall be managed
by a managing board, under the supervision of a supervisory board. The managing
board shall consist of at least two members and the supervisory board shall consist of four
members. Subject to the provision of the latter
sentence, the general meeting shall determine the number of members of the
managing board. A legal entity may not be appointed as a member of the managing
board or as a member of the supervisory board.

 

22.2.        Members of the managing board,
upon nomination of the supervisory board, and members of the supervisory board
shall be appointed by the general meeting. 

 

The general meeting may at any time suspend
and dismiss members of the managing board and members of the supervisory board.

 

The supervisory board may at any time
suspend a member of the managing board. 

 

22.3.        Together with a nomination for
the appointment of a member of the supervisory board the following information
shall be given in respect of the candidate: his age, his profession, the number
of shares in the share capital of the company held by him and the positions he
holds or held insofar as relevant to the fulfilment of the duties as a 

 

35

 

member of the supervisory board.
Furthermore mention shall be made of the legal entities for which he serves as
a member of the supervisory board whereby, in case legal entities are included
which belong to the same group, it shall be sufficient to mention such group.

 

The nomination for the appointment of a
member of the supervisory board shall include the reasons.

 

22.4.        If either the general meeting
or the supervisory board has suspended a member of the managing board, or if
the general meeting has suspended a member of the supervisory board, the
general meeting shall within three months after the suspension has taken effect
resolve either to dismiss such member of the managing board or member of the
supervisory board, or to terminate or continue the suspension, failing which
the suspension shall lapse.

 

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

 

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

 

A member of the managing board or a member
of the supervisory board who has been suspended shall be given the opportunity
to account for his actions at the general meeting and to be assisted by an
adviser.

 

22.5.        In the event that one or more
members of the managing board is/are prevented from acting or failing his
presence, the remaining members of the managing board or the only remaining
member of the managing board shall temporarily be in charge of the management.

 

In the event that all members of the
managing board are or the only member of the managing board is prevented from
acting or failing their/his presence, the supervisory board shall temporarily
be in charge of the management; in such case the supervisory board shall be
authorised to designate one or more temporary members of the managing board.

 

Failing any member of the managing board
the supervisory board shall take the necessary measures as soon as possible in
order to have a definitive arrangement made.

 

Remuneration.

Article 23.

 

23.1.        The policy regarding the
remuneration of the members of the managing board will be adopted by the
general meeting. 

 

23.2.        The remuneration of members of
the managing board will, with due observance of the policy as referred to in
paragraph 1., be determined by the supervisory board.

 

23.3.        The supervisory board will
submit for approval to the general meeting a proposal regarding the arrangements
for the remuneration of members of the managing board in the form of shares or
rights to acquire shares. This proposal shall include at least how many shares
or rights to acquire shares may be awarded to the members of the managing board
and which criteria apply to an award or a modification. The absence of 

 

36

 

the approval of the general meeting shall
not invalidate the representative authority of the supervisory board.

 

Managing
board.

Article 24.

 

24.1.        Each year, the managing board
shall prepare a business plan and budget, subject to the approval of the
supervisory board.

 

24.2.        With due observance of these
articles of association, the managing board may adopt rules governing its
internal proceedings. Furthermore, the members of the managing board may divide
their duties among themselves, whether by rules or otherwise. The managing
board may appoint a secretary of the managing board, who does not necessarily
have to be a member of the managing board.

 

24.3.        The managing board shall meet
whenever a member of the managing board so requires. Meetings of the managing
board may be held by telephone conference communications, provided that all
participating members of the managing board can hear each other simultaneously.
The managing board shall adopt its resolutions by an absolute majority of votes
cast. Each member of the managing board shall have one vote.

 

In a tie vote, to the extent legally
permissible, the chairman of the managing board shall have a casting vote.

 

24.4.        The managing board may also
adopt resolutions without holding a meeting, provided such resolutions are
adopted in writing, by cable, by telex or by telefax and all members of the
managing board have expressed themselves in favour of the proposal concerned.
Such resolutions shall be recorded in the minute book of the managing board
kept by the managing board or the secretary of the managing board; the
documents in evidence of the adoption of such resolutions shall be kept with
the minutes book.

 

24.5.        Without prejudice to any other
applicable provision of these articles of association, the managing board shall
require the approval of the general meeting for resolutions of the managing
board regarding a significant change in the identity or nature of the company
or the enterprise, including in any event:

 

a.          the transfer of the
enterprise in its entirety or almost all of the enterprise in its entirety to a
third party;

 

b.          to conclude or cancel any
long-lasting co-operation by the company or a subsidiary with any other legal
person or company or as a fully liable general partner of a limited partnership
or a general partnership, provided that such co-operation or the cancellation
thereof is of essential importance to the company;

 

c.          to acquire or dispose of a
participating interest in the capital of a company with a value of at least
one-third of the sum of the assets according to the consolidated balance sheet
with explanatory notes thereto according to the last adopted annual accounts of
the company, by the company or a subsidiary.

 

24.6.        The supervisory board may
adopt resolutions pursuant to which clearly specified resolutions of the
managing board require the approval of the supervisory board.

 

24.7.        The general meeting may adopt
resolutions pursuant to which clearly specified resolutions of the managing
board require the approval of the general meeting.

 

37

 

Representation.

Article 25.

 

25.1.        The managing board is
authorised to represent the company. The company may also be represented by
each member of the managing board individually.

 

25.2.        If a member of the managing
board, acting in his personal capacity, enters into an agreement with the
company or conducts any litigation against the company, the company may, with
due observance of the provisions of the first paragraph, be represented in that
matter either by the other members of the managing board or by a member of the
supervisory board to be designated by the supervisory board, unless the general
meeting designates a person for that purpose or the law provides for the
designation in a different manner. Such person may also be the member of the
managing board in respect of whom there is a conflict of interest.

 

If a member of the managing board has a
conflict of interest with the company other than as referred to in the first
sentence of this paragraph, he as well as the managing board or the other
members of the managing board shall have the power to represent the company,
with due observance of the provisions of the first paragraph.

 

Authorised
signatories.

Article 26.

 

The managing board may grant
to one or more persons, whether or not employed by the company, the power to
represent the company (“procuratie”) or grant in a different manner the power
to represent the company on a continuing basis. The managing board may also
grant such titles as it may determine to persons as referred to in the
preceding sentence, as well as to other persons, but only if such persons are
employed by the company.

 

Supervisory
board.

Article 27.

 

27.1.        Supervision of the policies of
the managing board and of the general course of the company’s affairs and its
business shall be exercised by the supervisory board. The supervisory board
shall support the managing board with advice. In fulfilling their duties the
members of the supervisory board shall serve the interests of the company and
its business. The managing board shall in due time provide the supervisory
board with the information it needs to carry out its duties. At least once per
year, the managing board shall inform the supervisory board in writing in
respect of the principles of the strategic policy, the general and financial
risks and the management and control system of the company.

 

27.2.        The supervisory board shall
appoint a secretary, either from among its members or elsewhere.

 

Furthermore, the supervisory board may
appoint and remove, from time to time, one or more of its members as delegate
supervisory director in charge of communicating with the managing board on a
regular basis. They shall report their findings to the supervisory board and
shall keep the supervisory board adequately informed. The offices of the
chairman of the supervisory board and delegate supervisory director are
compatible.

 

27.3.        With due observance of these
articles of association, the supervisory board may adopt rules governing
the division of its duties among its various members.

 

38

 

27.4.        The supervisory board may
decide, form time to time, that one or more of its members shall have access to
all premises of the company and shall be authorised to examine all books,
correspondence and other records and to be fully informed of all actions which
have taken place, or may decide that one or more of its members shall be
authorised to exercise a portion of such powers. They shall report their
findings to the supervisory board and shall keep the supervisory board
adequately informed.

 

Article 28.

 

28.1.        The supervisory board shall meet
whenever one of its members so requests. Meetings of the supervisory board may
be held by telephone conference communications, provided that all participating
members of the supervisory board can hear each other simultaneously. Each
member of the supervisory board shall have one vote. The supervisory board
shall adopt its resolutions by an absolute majority of votes cast. The chairman
of the supervisory board shall not have a casting vote in the event of a tie
vote.

 

28.2.        The supervisory board may also
adopt resolutions without holding a meeting, provided such resolutions are
adopted in writing, by cable, by telex or by telefax and provided that all
members of the supervisory board have expressed themselves in favour of the
proposal concerned.

 

Such resolutions shall be recorded in the
minute book of the supervisory board kept by the secretary of the supervisory
board; the documents in evidence of the adoption of such resolutions shall be
kept with the minutes book.

 

28.3.        The members of the managing
board shall attend the meetings of the supervisory board, if invited to do so,
and they shall provide in such meetings all information required by the
supervisory board.

 

28.4.        At the expense of the company,
the supervisory board may obtain such advice from experts as the supervisory
board deems desirable for the proper fulfilment of its duties.

 

28.5.        If there is only one member of
the supervisory board in office, such member of the supervisory board shall
have all rights and obligations granted to and imposed on the supervisory board
and the chairman of the supervisory board by law and by these articles of
association.

 

General
meetings.

Article 29.

 

29.1.        The annual general meeting
shall be held within six months after the end of each financial year.

 

29.2.        The agenda for this meeting
shall in any case include the following items:

 

a.             the discussion of the
managing board’s written annual report concerning the company’s affairs and the
management as conducted;

 

b.             the adoption of the
annual accounts and - with due observance of the provisions of article 36
- the allocation of profits;

 

c.             the discharge of members
of the managing board from liability for their management during the last
financial year;

 

d.             the discharge of members
of the supervisory board from liability for their supervision of the management
of the managing board during the last financial year; and

 

39

 

e.             any other items put
forward by any shareholder, the managing board and/or the supervisory board.

 

The items referred to above need not be
included on the agenda if the period for preparing the annual accounts and
presenting the annual report has been extended or if the agenda includes a
proposal to that effect.

 

At the annual general meeting, any other
items that have been put on the agenda in accordance with article 30
paragraph 2 will be dealt with.

 

29.3.        A general meeting shall be
convened whenever the managing board or the supervisory board considers
appropriate.

 

In addition a general meeting shall be
convened as soon as one or more persons, together entitled to cast at least
one-tenth of the total number of votes that may be cast, so request the
managing board and the supervisory board, stating the items to be discussed.

 

Article 30.

 

30.1.        General meetings shall be held
in the municipality where the company has its corporate seat or in Amsterdam or
at Schiphol.

Resolutions adopted at a general meeting
held elsewhere shall be valid only if the entire issued share capital is
represented.

 

30.2.        Shareholders shall be given
notice of the general meeting by the managing board, the supervisory board or
by any shareholder entitled to cast at least one-tenth of the total number of
votes that may be cast. If in the event as referred to in the second sentence
of article 29 paragraph 3, neither a member of the managing board nor a
member of the supervisory board convenes the meeting such that the meeting is
held within four weeks of the request, any of the persons requesting the
meeting shall be authorised to convene the same with due observance of that
provided in these articles of association. The notice shall specify the items
to be discussed.

 

30.3.        Notice shall be given not
later than on the fifteenth day prior to the date of the meeting.

 

If the notice period was shorter or if no
notice was sent, no valid resolutions may be adopted unless the resolution is
adopted by unanimous vote at a meeting at which the entire issued share capital
is represented.

 

The provision of the preceding sentence
shall equally apply to matters which have not been mentioned in the notice of
meeting or in a supplementary notice sent with due observance of the notice
period.

 

Article 31.

 

31.1.        The general meeting shall be
chaired by the chairman of the supervisory board. If the chairman of the
supervisory board is absent the general meeting shall appoint its chairman. The
chairman shall designate the secretary.

 

31.2.        Minutes shall be kept of the
business transacted at the meeting unless a notarial record is prepared
thereof. Minutes shall be adopted and in evidence of such adoption be signed by
the chairman and the secretary of the meeting concerned.

 

31.3.        The chairman of the meeting
and furthermore each member of the managing board, each member of the
supervisory board and the persons who convened the meeting in accordance with article 29
paragraph 3 may at any time give instructions that a notarial record be
prepared at the expense of the company.

 

40

 

31.4.        The managing board keeps
record of the resolutions made. The records of the resolutions and minutes book
shall be kept at the offices of the company. Upon request each shareholder
shall be allowed to inspect such record and/or to be provided with a copy or an
extract of such record at no more than the actual costs.

 

Article 32.

 

32.1.        Each share confers the right
to cast one vote at the general meeting.

 

Blank votes and invalid votes shall be
regarded as not having been cast.

 

32.2.        Unless otherwise prescribed in
these articles of association or by mandatory law, resolutions shall be adopted
by an absolute majority of votes cast.

 

32.3.        The chairman shall determine
the manner of voting provided, however, that if any person present who is
entitled to vote so requires, voting in respect of the appointment, suspension
and dismissal of persons shall take place by means of sealed and unsigned
ballots.

 

32.4.        In a tie vote concerning the
appointment of persons, no resolution shall have been adopted.

 

In a tie vote concerning other matters, the
proposal shall have been rejected, without prejudice to the provisions of article 36
paragraph 2.

 

32.5.        Shareholders may be
represented at a meeting by a proxy authorised in writing.

 

32.6.        Members of the managing board
and members of the supervisory board are authorised to attend general meetings
and as such they have an advisory vote at the general meetings.

 

Article 33.

 

33.1.        Shareholders may adopt any
resolutions which they could adopt at a meeting, without holding a meeting. The
members of the managing board and the members of the supervisory board are
given the opportunity to advise regarding such resolution, unless in the
circumstances it is unacceptable according to criteria of reasonableness and
fairness to give such opportunity.

 

A resolution to be adopted without holding
a meeting shall only be valid if all shareholders entitled to vote have cast
their votes in writing, by cable, by telex or by telefax in favour of the
proposal concerned.

 

Those shareholders shall forthwith notify
the managing board and the chairman of the supervisory board of the resolution
so adopted.

 

33.2.        A resolution as referred to in
paragraph 1 shall be recorded in the minutes book of the general meeting by the
chairman of the supervisory board; at the next general meeting the entry shall
be read out by the chairman of that meeting. Moreover, the documents in
evidence of the adoption of such a resolution shall be kept with the minutes
book of the general meeting and as soon as the resolution has been adopted, all
shareholders shall be notified thereof.

 

Financial
year. Annual accounts.

Article 34.

 

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

 

34.2.        Annually, within five months
after the end of each financial year - subject to an extension of such period
not exceeding six months by the general meeting on the basis of special
circumstances - the managing board shall prepare annual accounts. The 

 

41

 

annual accounts shall be accompanied by the
auditor’s statement, referred to in article 35, by the annual report and
by the additional information referred to in section 2:392 subsection 1
of the Civil Code, insofar as these provisions apply to the company.

 

The annual accounts shall be signed by all
members of the managing board and by all members of the supervisory board; if
the signature of one or more of them is lacking, this shall be disclosed,
stating the reasons thereof.

 

34.3.        The company shall ensure that
the annual accounts as prepared, the annual report and the additional
information referred to in paragraph 2 shall be available at the office of the
company as of the date of the notice of the general meeting at which they are
to be discussed.

 

The shareholders may inspect the above
documents at the office of the company and obtain a copy thereof at no cost.

 

34.4.        If the general meeting has
been unable to review the auditor’s statement, the annual accounts may not be
adopted, unless the additional information referred to in paragraph 2 second
sentence, mentions a legal ground why such certificate is lacking.

 

34.5.        If the annual accounts are
adopted in an amended form, a copy of the amended annual accounts shall be made
available to the shareholders at no cost.

 

Auditor.

Article 35.

 

35.1.        The company gives an
assignment to an auditor as referred to in section 2:393 of the Civil
Code, to audit the annual accounts prepared by the managing board in accordance
with subsection 3 of such section. 

 

The general meeting shall be authorised to
give the assignment referred to above. If the general meeting fails to do so,
then the supervisory board shall be so authorised, or the managing board if
temporarily no member of the supervisory board is in office or if the
supervisory board fails to give such assignment.

 

The assignment given to the auditor may be
revoked at any time by the general meeting and by the corporate body which has
given such assignment; furthermore, the assignment given by the managing board
may be revoked by the supervisory board.

 

The auditor shall report on his audit to
the supervisory board and the managing board and shall issue a certificate
containing its results.

 

35.2.        The managing board as well as
the supervisory board may give assignments to the auditor or any other auditor
at the expense of the company.

 

Profit
and loss.

Article 36.

 

36.1.        Distribution of profits
pursuant to this article shall be made following the adoption of the
annual accounts which show that such distribution is allowed.

 

36.2.        Profits generated by the
company will be placed on reserve, unless the general meeting upon the proposal
made by the managing board as approved by the supervisory board resolves to
distribute the profits. In a tie vote regarding a proposal to distribute or to
place profits on reserve, the profits concerned shall be placed on reserve. 

 

36.3.        The company may only make
distributions to shareholders and other persons entitled to distributable
profits to the extent that its equity exceeds the total amount of its issued
share capital and the reserves to be maintained pursuant to the law.

 

42

 

36.4.        A loss may only be applied
against reserves maintained pursuant to the law to the extent permitted by law.

 

Article 37.

 

37.1.        Dividends shall be due and payable
four weeks after they have been declared, unless the general meeting determines
another date on the proposal of the managing board.

 

37.2.        Dividends which have not been
collected within five years of the start of the second day on which they became
due and payable shall revert to the company.

 

37.3.        The general meeting may
resolve that dividends shall be distributed in whole or in part in a form other
than cash.

 

37.4.        Without prejudice to article 36
paragraph 3 the general meeting may resolve to distribute all or any part of
the reserves upon the proposal made by the managing board as approved by the
supervisory board.

 

37.5.        Without prejudice to article 36
paragraph 3 interim distributions shall be made if the general meeting so
determines on the proposal of the managing board.

 

Liquidation.

Article 38.

 

38.1.        If the company is dissolved
pursuant to a resolution of the general meeting, the members of the managing
board shall become the liquidators of its property, under the supervision of
the supervisory board, if and to the extent the general meeting shall not
appoint one or more other liquidators.

 

38.2.        The general meeting shall
determine the remuneration of the liquidators and of the persons charged with
the supervision of the liquidation.

 

38.3.        The liquidation shall take
place with due observance of the provisions of the law. During the liquidation
period these articles of association shall, wherever possible, remain in full
force.

 

38.4.        The balance of the assets of
the company remaining after all liabilities have been paid shall be distributed
among the shareholders in proportion to the par value of their shareholdings.

 

38.5.        After the company has ceased
to exist, its books, records and other data carriers shall remain in the
custody of the person designated for that purpose by the liquidators for a
period of seven years.

 

Transitional provision.

Article 39.

 

The first financial year ends
on the thirty-first day of December two thousand and five.

 

This article shall cease
to have effect after expiry of the first financial year.

 

The required ministerial
declaration of no-objection was granted on the seventh day of April two
thousand and four, number N.V. 1.297.827.

 

The ministerial declaration
of no-objection and a document in evidence of the resolutions, referred to in
the heading of this deed, are attached to this deed.

 

In
witness whereof the original of this deed which will be retained by me,
notaris, is executed in Amsterdam, on the date first mentioned in the heading
of this deed.

 

Having conveyed
the substance of the deed and given an explanation thereto and following the
statement of the person appearing that she has taken note of the contents of
the deed and agrees with the same, this deed is signed, immediately after
reading those parts of the deed 

 

43

 

 

which
the law requires to be read, by the person appearing, who is known to me,
notaris, and by myself, notaris.

 

(signed):
S.M. Altena, R.W. Clumpkens.

 

44

 

 

Schedule 8.14      Allocation of
Stolt Activities

 

Stolt
Sea Farm Allocation and Contribution Plan

 

The following steps have been or will be taken by the
Stolt Group in order to facilitate the contribution of the agreed part of its
sea farming business to the newly formed joint venture company, Marine Harvest
N.V.

 

1.             Ownership of the shares
of Marine Harvest

 

a)             Stolt-Nielsen
Transportation Group Ltd. has formed a new Netherlands subsidiary, Stolt Sea
Farm Investments B.V. This company will own the Stolt Group’s 25% interest in
Marine Harvest N.V..

 

b)            Stolt Sea Farm Investments
B.V. has formed a new Netherlands subsidiary, SSF Salmon Holdings B.V., to be
used as the holding company for those subsidiaries forming the contributed
business. This company will be the company contributed to Marine Harvest N.V.
by Stolt Sea Farm Investments B.V. as a non-stipulated share premium
contribution in kind on the 25% of Marine Harvest N.V. shares that it will then
own.

 

2.             Companies forming the
contributed group to SSF Salmon Holdings B.V.

 

Ownership
of the companies listed under a) below will be transferred by means of a sale
of their shares from Stolt Sea Farm Holdings B.V. to Stolt Sea Farm Investments
B.V., with the exception of the shares in Stolt Sea Farm Inc. (Canada) which
will be contributed at a later stage. 

 

The
consideration will be in the form of a promissory note for the sum of USD 
367,629,326.43, payable by Stolt Sea Farm Investments B.V. to Stolt Sea Farm
Holding B.V. An amount of USD 64,600,000 of debt owed by Stolt Sea Farm
A.S. (Norway) to Stolt Sea Farm Holdings B.V. will remain in place so that
after the contribution process is complete, Marine Harvest N.V. will have the
USD equivalent of €50m of shareholder debt to Stolt. This will be a debt from
Marine Harvest N.V.’s subsidiary Stolt Sea Farm A.S.

 

Stolt
Sea Farm Investments B.V. will contribute all of the shares in the Stolt JV
Companies it has acquired from Stolt Sea Farm Holdings B.V. to SSF Salmon
Holdings B.V. as a non-stipulated share premium contribution in kind on the
shares in SSF Salmon Holdings B.V.

 

After
Stolt Sea Farm Investments B.V. has acquired its 25% shareholding in Marine
Harvest N.V., it will contribute SSF Salmon Holdings B.V. to Marine Harvest
N.V. as a contribution in kind.

 

a)             Stolt Sea Farm A.S. (a
Norwegian company)

Transfer value USD 83,546,752.37 

At the
time of the transfer, Stolt Sea Farm A/S will be the shareholder of:

 

45

 

i)              Stolt Sea Farm Halibut
A/S. The turbot business will have been sold to a new company, Stolt Sea Farm
Turbot Norway A/S, which company will not be a part of the contributed group. 

 

ii)             Stolt Polar A/S (53.6%
owned)

 

iii)            Stolt Cocoon A/S. This
company is the shareholder of the Japanese company Stolt Sea Farm KK, which has
a 100% owned subsidiary, Skandi Food Corporation.

 

iv)           one share in Stolt Sea Farm
N.V.

 

b)            Stolt Sea Farm Ltd. (a UK
company)

Transfer value
USD 49,053,421.53 

 

At the time of
transfer Stolt Sea Farm Ltd will be the shareholder of:

 

i)              Harlosh Salmon Company
Ltd. (This company is in the process of being wound up) 

 

c)             Stolt Sea Farm N.V. (a
Belgium company)

Transfer value
USD 5,820,712.14

 

At the time of transfer, Stolt Sea Farm
Holdings B.V. owns 62,706 of the 62,707 issued shares in Stolt Sea Farm N.V.
The remaining one share is owned by Stolt Sea Farm A.S.

 

d)            Stolt Sea Farm Ltd. (a
Singapore company)

Transfer value
USD 505,302.00

 

At the time of transfer Stolt Sea Farm Ltd will be the
shareholder of:

 

i)              Norfisk Ltd (a Singapore company) (This company is in the process of
being wound up) 

 

e)             Stolt Sea Farm Ltd (a
Korean company)

Transfer value USD 60,890.28

 

f)             Stolt Sea Farm Company
Ltd (a Hong Kong company)

Transfer value USD 2,566,406.00

 

At the time of transfer, the entire share
capital of Stolt Sea Farm Company Ltd consists of 10 shares. 9 shares are
transferred to Stolt Sea Farm Investments B.V. under the share purchase
agreement. The remaining one share, which is owned by Stolt Sea Farm Holdings
B.V. but held on its behalf by a trustee, shall, upon amendment of Stolt Sea
Farm Company Ltd’s by-laws be transferred to SSF Salmon Holdings BV directly.

 

g)            Stolt Sea Farm Inc. (a
Delaware company)

 

46

 

Transfer value
USD 30,165,848.67

 

At the time of transfer Stolt Sea Farm Inc will be the
shareholder of:

 

i)              Stolt Sea Farm California LLC (75% owned)

 

h)            Stolt Sea Farm Limitada. ( a Chile company) (99.86%
owned)(1)

 

Transfer value
USD 71,259,455.79

 

At the time of transfer Stolt Sea Farm
Limitada will be the shareholder of:

 

i)              Pesquera Eicosal Limitada (99.91% owned)(2)

 

ii)             Ocean Horizons (99.91% owned)(3)

 

iii)            Landcatch Chile SA (50% owned) (The shares in this company are in
the process of being sold)

 

i)              Stolt Sea Farm Inc. (a
Canadian company)

Transfer value
USD 124,650,537.65

 

At the
time of transfer Stolt Sea Farm Inc will be the shareholder of:

 

i)              International Aqua Foods Inc (a US Company)

 

ii)             North America Tilapia Inc (79% owned)

 

iii)            Green Sea Culture Ltd (60% owned)

 

iv)           Englewood Packing Company Ltd. (50% owned)

 

v)            Inversion Aqua Foods Chile S.A. (a Chile company, 0.01% owned)(4)

 

(1) The other 0.14% is owned by
StoltNielsen Limitada (Brasil). This 0.14%-shareholding is in the process of
being transferred to Stolt Sea Farm Inc. (Canada)

(2) The other 0.09% is owned by
Inversion Aqua Foods Chile S.A.

(3) The other 0.09% is owned by
Inversion Aqua Foods Chile S.A.

(4) The other 99.99% is owned by
International Aqua Foods Inc.

 

47Exhibit 4.10

 

DE BRAUW

BLACKSTONE

WESTBROEK

 

 

SHAREHOLDERS AGREEMENT

 

 

entered into
between

 

 

NUTRECO
HOLDING N.V.

 

and

 

STOLT-NIELSEN
S.A.

 

and

 

STOLT
SEA FARM INVESTMENTS B.V.

 

 

and co-signed
for acknowledgement by

 

MARINE
HARVEST N.V.

 

 

relating to

the joint
venture in respect of

the fish
farming, processing, marketing and sale activities of

Nutreco
Holding N.V. and Stolt-Nielsen S.A. 

to be
undertaken by Marine Harvest N.V.

 

 

dated 29 April 2005

 

 

TABLE
OF CONTENTS

 

	
  Clause

  	
   

  	
   

  	
   

  
	
  1.

  	
   

  	
  Definitions

  	
   

  
	
   

  	
  1.1

  	
   

  	
  Definitions

  	
   

  
	
   

  	
  1.2

  	
   

  	
  References to
  persons and companies

  	
   

  
	
   

  	
  1.3

  	
   

  	
  References
  to Clauses, Schedules, Paragraphs and Parts

  	
   

  
	
   

  	
  1.4

  	
   

  	
  References
  to subsidiaries and holding companies

  	
   

  
	
   

  	
  1.5

  	
   

  	
  Documents

  	
   

  
	
   

  	
  1.6

  	
   

  	
  Other references

  	
   

  
	
   

  	
  1.7

  	
   

  	
  Information

  	
   

  
	
   

  	
  1.8

  	
   

  	
  Legal terms

  	
   

  
	
   

  	
  1.9

  	
   

  	
  Ordinary course of
  business

  	
   

  
	
   

  	
  1.10

  	
   

  	
  Arm’s length

  	
   

  
	
  2.

  	
   

  	
  The Company and its
  Business

  	
   

  
	
   

  	
  2.1

  	
   

  	
  The Company

  	
   

  
	
   

  	
  2.2

  	
   

  	
  Business

  	
   

  
	
   

  	
  2.3

  	
   

  	
  Independency

  	
   

  
	
   

  	
  2.4

  	
   

  	
  Financial
  year and accounting principles

  	
   

  
	
   

  	
  2.5

  	
   

  	
  Audited
  accounts and initial auditor

  	
   

  
	
   

  	
  2.6

  	
   

  	
  Official language

  	
   

  
	
  3.

  	
   

  	
  General Meeting

  	
   

  
	
   

  	
  3.1

  	
   

  	
  Proceedings of
  the General Meeting

  	
   

  
	
   

  	
  3.2

  	
   

  	
  Resolutions

  	
   

  
	
   

  	
  3.3

  	
   

  	
  Reserved
  matters/special votes

  	
   

  
	
   

  	
  3.4

  	
   

  	
  Method of approval

  	
   

  
	
  4.

  	
   

  	
  Supervisory Board

  	
   

  
	
   

  	
  4.1

  	
   

  	
  Duties of the
  Supervisory Board

  	
   

  
	
   

  	
  4.2

  	
   

  	
  Constitution

  	
   

  
	
   

  	
  4.3

  	
   

  	
  Nomination
  of Supervisory Board Members

  	
   

  
	
   

  	
  4.4

  	
   

  	
  Decision making

  	
   

  
	
   

  	
  4.5

  	
   

  	
  Restricted voting matters

  	
   

  
	
   

  	
  4.6

  	
   

  	
  Supervisory
  Board approval matters

  	
   

  
	
   

  	
  4.7

  	
   

  	
  Effect of
  approval of Business Plan

  	
   

  
	
   

  	
  4.8

  	
   

  	
  Proceedings of
  the Supervisory Board

  	
   

  
	
  5.

  	
   

  	
  Managing board

  	
   

  
	
   

  	
  5.1

  	
   

  	
  Duties

  	
   

  
	
   

  	
  5.2

  	
   

  	
  Constitution of
  the Managing Board

  	
   

  
	
   

  	
  5.3

  	
   

  	
  Decision Making

  	
   

  
	
   

  	
  5.4

  	
   

  	
  Managing Board Rules

  	
   

  
	
   

  	
  5.5

  	
   

  	
  Representation

  	
   

  
	
  6.

  	
   

  	
  Deadlock Resolution

  	
   

  
	
   

  	
  6.1

  	
   

  	
  Deadlock situation

  	
   

  

 

2

 

	
   

  	
  6.2

  	
   

  	
  Circulation of memoranda

  	
   

  
	
   

  	
  6.3

  	
   

  	
  Referral to third
  party mediator

  	
   

  
	
   

  	
  6.4

  	
   

  	
  Unresolved Deadlock

  	
   

  
	
  7.

  	
   

  	
  Financing of the Company

  	
   

  
	
   

  	
  7.1

  	
   

  	
  Financing

  	
   

  
	
   

  	
  7.2

  	
   

  	
  Third party financing

  	
   

  
	
   

  	
  7.3

  	
   

  	
  Shareholders Guarantees

  	
   

  
	
   

  	
  7.4

  	
   

  	
  Shareholders financing

  	
   

  
	
   

  	
  7.5

  	
   

  	
  Issuance
  of Shares to debt financing parties

  	
   

  
	
   

  	
  7.6

  	
   

  	
  Third party equity
  participation

  	
   

  
	
  8.

  	
   

  	
  Business Plans and
  Budgets

  	
   

  
	
   

  	
  8.1

  	
   

  	
  Initial
  Business Plan and Initial Budget

  	
   

  
	
   

  	
  8.2

  	
   

  	
  Business Plan and Budget

  	
   

  
	
   

  	
  8.3

  	
   

  	
  Business Plan contents

  	
   

  
	
   

  	
  8.4

  	
   

  	
  Budget contents

  	
   

  
	
   

  	
  8.5

  	
   

  	
  Format of
  Business Plan and Budget

  	
   

  
	
   

  	
  8.6

  	
   

  	
  Currency and Language

  	
   

  
	
  9.

  	
   

  	
  Information

  	
   

  
	
   

  	
  9.1

  	
   

  	
  Management accounts

  	
   

  
	
   

  	
  9.2

  	
   

  	
  Management accounts
  format

  	
   

  
	
   

  	
  9.3

  	
   

  	
  Shareholder information

  	
   

  
	
   

  	
  9.4

  	
   

  	
  Provision
  of information by the Company to Nutreco and Stolt

  	
   

  
	
   

  	
  9.5

  	
   

  	
  Access for
  Supervisory Board Members

  	
   

  
	
   

  	
  9.6

  	
   

  	
  Retention of records

  	
   

  
	
  10.

  	
   

  	
  Distribution

  	
   

  
	
  11.

  	
  Nutreco Options

  	
   

  
	
   

  	
  11.1

  	
   

  	
  Nutreco New Species
  Option

  	
   

  
	
   

  	
  11.2

  	
   

  	
  Nutreco Australian
  Option

  	
   

  
	
   

  	
  11.3

  	
   

  	
  Nutreco Options

  	
   

  
	
   

  	
  11.4

  	
   

  	
  Determination Option
  Price

  	
   

  
	
  12.

  	
   

  	
  IPO

  	
   

  
	
   

  	
  12.1

  	
   

  	
  Initiating IPO process

  	
   

  
	
   

  	
  12.2

  	
   

  	
  Appointment of
  investment banks

  	
   

  
	
   

  	
  12.3

  	
   

  	
  Request for
  feasibility study

  	
   

  
	
   

  	
  12.4

  	
   

  	
  Feasibility of IPO

  	
   

  
	
   

  	
  12.5

  	
   

  	
  Pursuit of IPO

  	
   

  
	
   

  	
  12.6

  	
   

  	
  Selling into an IPO

  	
   

  
	
  13.

  	
   

  	
  Stolt Option

  	
   

  
	
   

  	
  13.1

  	
   

  	
  Stolt Option conditions

  	
   

  
	
   

  	
  13.2

  	
   

  	
  Stolt Option

  	
   

  
	
  14.

  	
   

  	
  Restrictions
  on Dealings with Shares

  	
   

  
	
  15.

  	
   

  	
  Permitted Transfers

  	
   

  

 

3

 

	
   

  	
  15.1

  	
   

  	
  Transfers within a Group

  	
   

  
	
   

  	
  15.2

  	
   

  	
  Group
  Transferee leaving the Group

  	
   

  
	
   

  	
  15.3

  	
   

  	
  Information and evidence

  	
   

  
	
   

  	
  15.4

  	
   

  	
  Compliance with
  Agreement

  	
   

  
	
   

  	
  15.5

  	
   

  	
  Original Holder
  liability

  	
   

  
	
  16.

  	
   

  	
  Pre-emptive Rights
  on Transfer

  	
   

  
	
   

  	
  16.1

  	
   

  	
  Offer to Shareholders

  	
   

  
	
   

  	
  16.2

  	
   

  	
  Purchase Price

  	
   

  
	
   

  	
  16.3

  	
   

  	
  Revocation of Offer

  	
   

  
	
   

  	
  16.4

  	
   

  	
  Offer Period

  	
   

  
	
   

  	
  16.5

  	
   

  	
  Sale to Shareholders

  	
   

  
	
   

  	
  16.6

  	
   

  	
  Minimum
  Transfer Condition not met

  	
   

  
	
   

  	
  16.7

  	
   

  	
  Transfer to a third
  party

  	
   

  
	
   

  	
  16.8

  	
   

  	
  Tag along

  	
   

  
	
  17.

  	
   

  	
  Default

  	
   

  
	
   

  	
  17.1

  	
   

  	
  Events of Default

  	
   

  
	
  18.

  	
   

  	
  Effect of Deed of
  Adherence

  	
   

  
	
  19.

  	
   

  	
  Determination of
  Prescribed Value

  	
   

  
	
   

  	
  19.1

  	
   

  	
  Agreement
  between the Shareholders

  	
   

  
	
   

  	
  19.2

  	
   

  	
  Failure to agree

  	
   

  
	
   

  	
  19.3

  	
   

  	
  Method and adjustments

  	
   

  
	
   

  	
  19.4

  	
   

  	
  Determination

  	
   

  
	
  20.

  	
   

  	
  Protective Covenants

  	
   

  
	
   

  	
  20.1

  	
   

  	
  Non-compete

  	
   

  
	
   

  	
  20.2

  	
   

  	
  Duration

  	
   

  
	
   

  	
  20.3

  	
   

  	
  Exceptions

  	
   

  
	
   

  	
  20.4

  	
   

  	
  Group

  	
   

  
	
   

  	
  20.5

  	
   

  	
  Business opportunities

  	
   

  
	
  21.

  	
   

  	
  Shareholder undertakings

  	
   

  
	
   

  	
  21.1

  	
   

  	
  General undertaking

  	
   

  
	
   

  	
  21.2

  	
   

  	
  Consent to transfer

  	
   

  
	
   

  	
  21.3

  	
   

  	
  Removal of appointees

  	
   

  
	
  22.

  	
   

  	
  Articles of Association

  	
   

  
	
  23.

  	
   

  	
  Duration

  	
   

  
	
  24.

  	
   

  	
  Joint and Several
  liability Stolt

  	
   

  
	
  25.

  	
   

  	
  Confidentiality

  	
   

  
	
   

  	
  25.1

  	
   

  	
  Announcements

  	
   

  
	
   

  	
  25.2

  	
   

  	
  Confidentiality
  undertaking

  	
   

  
	
  26.

  	
   

  	
  Miscellaneous

  	
   

  
	
   

  	
  26.1

  	
   

  	
  Further assurances

  	
   

  
	
   

  	
  26.2

  	
   

  	
  Entire agreement

  	
   

  
	
   

  	
  26.3

  	
   

  	
  No assignment

  	
   

  

 

4

 

	
   

  	
  26.4

  	
   

  	
  Variation

  	
   

  
	
   

  	
  26.5

  	
   

  	
  Third party rights

  	
   

  
	
   

  	
  26.6

  	
   

  	
  Rescission

  	
   

  
	
   

  	
  26.7

  	
   

  	
  Costs

  	
   

  
	
   

  	
  26.8

  	
   

  	
  Interest

  	
   

  
	
   

  	
  26.9

  	
   

  	
  Notices

  	
   

  
	
   

  	
  26.10

  	
   

  	
  Invalidity

  	
   

  
	
   

  	
  26.11

  	
   

  	
  Notary
  Rules of Professional Conduct

  	
   

  
	
   

  	
  26.12

  	
   

  	
  Counterparts

  	
   

  
	
   

  	
  26.13

  	
   

  	
  Dispute resolution

  	
   

  
	
   

  	
  26.14

  	
   

  	
  Governing law

  	
   

  
	
  Schedule 1

  	
   

  	
  Definitions

  	
   

  
	
  Schedule 2

  	
   

  	
  JV Group

  	
   

  
	
  Schedule 3

  	
   

  	
  Particular Activities

  	
   

  
	
   

  	
  Schedule 3 (Part 1)

  	
  Nutreco New Species Activities

  	
   

  
	
   

  	
  Schedule 3 (Part 2)

  	
  Australian Barramundi Activities

  	
   

  
	
   

  	
  Schedule 3 (Part 3)

  	
  Stolt Cod and Halibut Activities

  	
   

  
	
  Schedule 4

  	
   

  	
  Constituent documents

  	
   

  
	
   

  	
  Schedule 4 (Part 1)

  	
  Articles of Association

  	
   

  
	
   

  	
  Schedule 4 (Part 2)

  	
  Managing Board Rules

  	
   

  
	
   

  	
  Schedule 4 (Part 3)

  	
  Supervisory Board Rules

  	
   

  
	
  Schedule 5

  	
   

  	
  Business Plan, Budget and management accounts

  	
   

  
	
   

  	
  Schedule 5 (Part 1)

  	
  Initial Business Plan

  	
   

  
	
   

  	
  Schedule 5 (Part 2)

  	
  Initial Budget

  	
   

  
	
   

  	
  Schedule 5 (Part 3)

  	
  management accounts

  	
   

  
	
  Schedule 6

  	
   

  	
  Deed of Adherence

  	
   

  
						

 

5

 

SHAREHOLDERS AGREEMENT

 

THIS
AGREEMENT IS MADE BETWEEN:

 

(1)                                  NUTRECO HOLDING N.V.,
a limited liability company incorporated in the Netherlands, with corporate
seat in Boxmeer, the Netherlands, and having its address at 38 Veerstraat, 5831
JN, Boxmeer, the Netherlands (“Nutreco”);

 

(2)                                  STOLT-NIELSEN S.A., a limited liability
company incorporated in Luxembourg, with corporate seat in Luxembourg, and
having its address at 23 Avenue Monterey, L-2086 Luxembourg, Luxembourg (“Stolt”); and

 

(3)                                  STOLT SEA FARM INVESTMENTS B.V., a private company with limited liability incorporated in the
Netherlands, with corporate seat in Schiedam, the Netherlands, and having its
address at Westerlaan 5, 3016 CK Rotterdam, the Netherlands (“Stolt B.V.”).

 

WHEREAS:

 

A.                                   Nutreco is an international food company with activities in various
stages of the fish, poultry and pork production chains. At the date of this
Agreement, its business includes salmon and other fish farming activities in
Australia, Canada, Chile, Ireland, Japan, Norway and Scotland, fish processing
plants in Chile, France, Norway and Scotland and marketing operations with
sales organisations covering the Americas, Europe and Asia Pacific
(collectively, the “Nutreco Activities”,
which exclude Nutreco’s interest in L&K Karlsen Holding AS).

 

B.                                     Stolt is an international company that, inter alia,
through its wholly-owned subsidiary Stolt B.V., at the date of this Agreement,
produces, processes and markets a variety of seafood with production sites in
Belgium, Canada, Chile, Norway, Scotland and the United States of America, and
is developing commercial activities in relation to other fish species and
marketing operations with sales organisations covering North America, Europe
and Asia Pacific (collectively, the “Stolt Activities”,
which exclude the tuna and turbot (including sole) activities of Stolt).

 

C.                                     Nutreco and Stolt have agreed to create a joint venture, to combine
the Nutreco Activities and the Stolt Activities (the “JV
Activities”) and have agreed to contribute these activities to
Marine Harvest N.V., a limited liability company incorporated in the
Netherlands (the “Company”)(the “Transaction”). 

 

D.                                    Pursuant to the Contribution Agreement entered into by Nutreco,
Stolt B.V. and Stolt on [date], the JV
Activities have been contributed by Nutreco and Stolt B.V., respectively, to
the Company and Nutreco holds 75% of the share capital of the Company and Stolt
B.V. 25% of the share capital of the Company.

 

6

 

E.                                      The Shareholders now wish to enter into this Agreement to regulate
the management and conduct of the affairs of the Company and to set out their
respective rights and obligations in relation to this joint venture.

 

F.                                      Stolt wishes to accept joint and several liability for the
obligations of Stolt B.V. under this Agreement.

 

HAVE
AGREED AS FOLLOWS:

 

1.                                      Definitions

 

In this
Agreement, unless the context otherwise requires, the provisions in this Clause
1 apply throughout.

 

1.1                               Definitions

 

Capitalised
words, including those used in the preamble to this Agreement, shall have the
meaning as defined in Schedule 1 or in the Contribution Agreement.

 

1.2                               References
to persons and companies

 

References
to:

 

(a)                                  a person include any individual, company, partnership or
unincorporated association (whether or not having separate legal personality);
and

 

(b)                                 a company include any company, corporation or any body corporate,
wherever incorporated.

 

1.3                               References
to Clauses, Schedules, Paragraphs and Parts

 

A
reference in this Agreement to a Clause or Schedule is to the relevant
Clause of or Schedule to this Agreement; to a Part is to the relevant
Part of the relevant Schedule; and to a Paragraph is to the relevant
Paragraph of (the relevant Part of) the relevant Schedule.

 

1.4                               References
to subsidiaries and holding companies

 

A
company is a “subsidiary” of another company (its “holding company”) if the
holding company, directly or indirectly, through one or more subsidiaries:

 

(a)                                  holds a majority of the voting rights in such company;

 

(b)                                 is a member or shareholder of such company and has the right to
appoint or remove a majority of its board of directors or equivalent managing
body; or 

 

(c)                                  is a member or shareholder of such company and controls alone, or
pursuant to an agreement with other shareholders or members, a majority of the
voting rights in it.

 

1.5                               Documents

 

A
reference to any document referred to in this Agreement is a reference to that
document as amended, varied or supplemented (other than in breach or the
provisions of this Agreement) from time to time.

 

7

 

1.6                               Other
references

 

1.6.1                     Whenever used in this Agreement, the words “include”, “includes” and
“including” shall be deemed to be followed by the phrase “without limitation”.

 

1.6.2                     Any reference in this Agreement to any gender shall include all
genders, and words importing the singular number only shall include the plural
and vice versa, unless otherwise specified.

 

1.7                               Information

 

References
to books, records or other information mean books, records or other information
in any form including paper, electronically stored data, magnetic media, film
and microfilm.

 

1.8                               Legal
terms

 

In
respect of any jurisdiction other than the Netherlands a reference to any Dutch
legal term shall be construed as a reference to the term or concept which most
nearly corresponds to it in that jurisdiction.

 

1.9                               Ordinary
course of business

 

An
action taken by a person will be deemed to have been taken in the “ordinary
course of business” only if:

 

1.9.1                     such action is consistent with the past practices of such person and
is taken in the ordinary course of the normal day-to-day operations of such
person; and

 

1.9.2                     such action is similar in nature and magnitude to actions
customarily taken, without any authorisation by the supervisory board or other
governing board or body exercising similar authority (where applicable) of such
person.

 

1.10                        Arm’s length

 

Where
any provision is qualified or phrased by reference to an “arm’s length” basis
or principle, such qualification or reference shall mean the conditions which
would be obtained between comparable, independent persons in comparable
transactions (taking into account the assets used, the responsibilities and
risks assumed and the division of benefits between the parties) and comparable
circumstances (taking into account the times and places of performance and the
parties’ business strategies), thereby providing the closest approximation of
the workings of the open market.

 

2.                                      The
Company and its Business

 

2.1                               The Company

 

The Company shall be called “Marine Harvest
N.V.” and shall be a limited liability company (“naamloze
vennootschap”) incorporated under the laws of the Netherlands with its
headquarters in the Netherlands.

 

8

 

2.2                               Business

 

The
core business of the Company shall be the worldwide farming, processing,
marketing and sale of fish and fish products, including salmon, barramundi, caviar,
cod, halibut, sturgeon, trout, sea bass, sea bream, tilapia and yellowtail (the
“Business”).

 

2.3                               Independency

 

The
Company shall operate separately and independently of the Shareholders in
accordance with the provisions of this Agreement, the Contribution Agreement
and the agreements entered into in connection therewith. The Company shall
employ its own staff and have its own infrastructure for its operations.

 

2.4                               Financial
year and accounting principles

 

The
financial year of the Company and (the members of) the JV Group shall commence
on 1 January of each year and shall end on 31 December of the same
year. The annual accounts of the Company shall be prepared (i) in English,
(ii) in euro and (iii) in accordance with Dutch GAAP or IFRS as soon
as the latter become mandatory in the Netherlands. 

 

2.5                               Audited
accounts and initial auditor

 

After
the end of each financial year, the annual accounts of the Company shall be
audited. Initially, the consolidated audit of the Company shall be carried out
by KPMG.

 

2.6                               Official
language

 

The
official language of the Company shall be English.

 

3.                                      General Meeting

 

3.1                               Proceedings
of the General Meeting

 

3.1.1                     The Annual General Meeting shall be held annually within 6 (six)
months after the end of each financial year of the Company. 

 

3.1.2                     The agenda for the Annual General Meeting shall contain, inter alia, the following matters:

 

(a)                                  discussion of the annual report;

 

(b)                                 adoption of the annual accounts;

 

(c)                                  discharge of the Managing Board Members
and the Supervisory Board Members in respect of the fulfilling of their duties
in the most recent financial year of the Company;

and

 

(d)                                 any other proposals put forward for
discussion by any Shareholder, the Supervisory Board or the Managing Board.

 

3.1.3                     General Meetings shall take place in the Netherlands in Amersfoort,
Amsterdam or Schiphol.

 

9

 

All
General Meetings shall be conducted in English. 

 

3.1.4                     The General Meeting shall be chaired by the Supervisory Board Chairman
or, in his absence, by a person designated by the General Meeting. Minutes
shall be kept of the proceedings at the General Meeting by a secretary, to be
designated by the chairman of the General Meeting. All minutes shall be in
English. The minutes shall be adopted by the chairman of the General Meeting
and the secretary and shall be signed by them as evidence thereof.

 

3.1.5                     General Meetings shall be convened by the Supervisory Board or the
Managing Board or any Shareholder holding more than 10% (ten) per cent in the
share capital of the Company. 

 

3.1.6                     The Supervisory Board Members and the Managing Board Members shall,
in such respective capacity, have the right to advise the General Meeting. 

 

3.1.7                     Notwithstanding anything contained in this Clause 3 to the contrary,
a General Meeting may take place in writing (in lieu of an actual meeting),
provided that any resolution of such General Meeting is taken by unanimous
consent of all Shareholders and the Managing Board Members and the Supervisory
Board Members were given the opportunity to advise on the matters so resolved.

 

3.2                               Resolutions

 

3.2.1                     Each Share shall grant the Shareholder the right to cast 1 (one)
vote.

 

3.2.2                     Subject to Clause 3.3 and any other relevant provisions of this
Agreement and unless otherwise prescribed by mandatory law, the passing of all
resolutions of the General Meeting shall require a simple majority of the votes
cast.

 

3.3                               Reserved
matters/special votes

 

None of
the actions listed below shall be taken by the Company, and the Shareholders
shall not vote in favour of any resolution in respect of any of such actions,
without approval by each of Nutreco and Stolt B.V., for so long as either
Nutreco or Stolt B.V. respectively, or members of their respective group,
retains at least 10 (ten) per cent of the share capital of the Company:

 

3.3.1                     issue and acquisition of any share or debt capital of the Company or
rights to subscribe for Shares;

 

3.3.2                     repurchase, reduction or cancellation of the issued share capital of
the Company;

 

3.3.3                     application for listing or withdrawal of the official listing of any
of the securities of the Company, with the exception of the decision to proceed
with the IPO which shall exclusively be governed by the provisions set out in
Clause 12;

 

3.3.4                     amendment of the Articles of Association;

 

3.3.5                     winding up of the Company; 

 

3.3.6                     application for involuntary liquidation or for a moratorium of
payments of the Company;

 

3.3.7                     entry into or termination of a lasting co-operation by the Company
with another person if such

 

10

 

co-operation
or termination is of far-reaching significance for the Company;

 

3.3.8                     the distribution of profits or reserves of the Company;

 

3.3.9                     acquisition of a participation by the Company in the capital of
another company, the value of which equals at least the sum of one-quarter of
the issued capital and the reserves of the Company, as shown in its balance
sheet with explanatory notes and any far-reaching change in the size of any
such participation;

 

3.3.10              investments requiring an amount equal to at least the sum of
one-quarter of the issued capital and the reserves of the Company as shown in
its balance sheet with explanatory notes;

 

3.3.11              appointment of the Supervisory Board Chairman; and

 

3.3.12              appointment and removal of Managing Board Members, including the
Managing Board Chairman.

 

3.4                               Method
of approval

 

Nutreco
and Stolt B.V. may give their approval under Clause 3.3:

 

3.4.1                     in writing; or

 

3.4.2                     by vote in favour of a separate and specific shareholders’
resolution on that matter.

 

4.                                      Supervisory Board

 

4.1                               Duties
of the Supervisory Board

 

4.1.1                     The Supervisory Board shall be responsible for the supervision of
the Managing Board and the general course of affairs of the Company and for
approving decisions relating to the specific matters set out in Clause 4.6. The
Supervisory Board shall assist the Managing Board with advice.

 

4.1.2                     The manner of their appointment pursuant to Clause 4.3
notwithstanding, in fulfilling their duties, the Supervisory Board Members
shall act at all times in the interest of the Company and the business of the
JV Group and, for the avoidance of doubt, shall not act as representatives (of
the interests) of the Shareholder pursuant to whose nomination they have been
appointed.

 

4.2                               Constitution

 

The
Supervisory Board shall consist of 4 (four) Supervisory Board Members appointed
and removed from office by the General Meeting in accordance with Clause 4.3.
The Supervisory Board shall initially consist of:

 

•         S. Rennemo as Supervisory Board Chairman;

•         W. Dekker;

•         N.G. Stolt-Nielsen; and

 

11

 

•         C.J.M. van Rijn.

 

4.3                               Nomination of Supervisory Board Members

 

4.3.1                     Nutreco shall have the right to nominate for appointment by the
General Meeting, 2 (two) Supervisory Board Members (the “Nutreco
Supervisory Board Members”) and Stolt B.V. shall have the right to
nominate for appointment by the General Meeting, 1 (one) Supervisory Board
Member (the “Stolt Supervisory Board Member”).
The 4th (fourth) Supervisory Board Member shall be appointed by the
General Meeting, subject to Clause 3.3, and shall be the independent chairman
(the “Supervisory Board  Chairman”).

 

4.3.2                     The Shareholders agree to vote and take all other actions necessary
to give effect to any nomination pursuant to Clause 4.3.1 as soon as possible
and to hold a General Meeting to make such appointment promptly after any
written request of any Shareholder to appoint a nominee to the Supervisory
Board.

 

4.3.3                     The Shareholders agree to procure that, at the written request of
the relevant Shareholder to that effect, the General Meeting shall, by
resolution, forthwith suspend or remove any Supervisory Board Member appointed
to the Supervisory Board pursuant to nomination by such Shareholder and each
Shareholder agrees to vote and take all other actions necessary to give effect
to such written request of such Shareholder. All Managing Board Members and
Supervisory Board Members (including the Supervisory Board Member to be suspended
or dismissed) shall have the right to attend and speak at the General Meeting
passing such resolution.

 

4.3.4                     Any Shareholder who removes a Supervisory Board Member from office
shall indemnify each other Shareholder and the Company against any claim,
whether for compensation for loss of office, wrongful dismissal or otherwise,
which arises out of that Supervisory Board Member ceasing to hold office.

 

4.4                               Decision
making

 

Subject
to the provisions of Clause 4.5, resolutions of the Supervisory Board shall be
decided by simple majority of the votes cast at meetings of the Supervisory
Board and each Supervisory Board Member shall have 1 (one) vote. In the event
of an equality of votes, the Supervisory Board Chairman shall not have a
casting vote.

 

4.5                               Restricted
voting matters

 

Resolutions
of the Supervisory Board concerning the following subjects shall be passed by
the approval of at least 1 (one) Nutreco Supervisory Board Member and the Stolt
Supervisory Board Member as well as an absolute majority of the votes cast:

 

4.5.1                     any nomination of Managing Board Members;

 

4.5.2                     the adoption of the Business Plan;

 

4.5.3                     the adoption of the Budget;

 

4.5.4                     all material revisions of and any material operational deviations
from the Business Plan;

 

12

 

4.5.5                     any decisions on corrective actions in case of material revisions of
and material deviations from the Business Plan;

 

4.5.6                     any termination of the employment of 20 (twenty) or more employees
of the JV Group at the same time or within a short timeframe, or any
far-reaching change in the employment conditions of a considerable number of
employees of the JV Group;

 

4.5.7                     the amendment or withdrawal of the Supervisory Board Rules; 

 

4.5.8                     the indicative prices under the Supply Agreement; and

 

4.5.9                     all acquisitions, divestments, mergers, de-mergers, material
partnerships and joint-ventures not covered in the Business Plan.

 

4.6                               Supervisory Board approval matters

 

None of
the actions listed below shall be taken by the Company, without the approval of
the Supervisory Board:

 

4.6.1                     those matters set out in Clause 4.5;

 

4.6.2                     the entering into, amendment or termination of any Business
Agreement or other material business contract (to be) entered into by one or
more members of the JV Group with one or more members of the Nutreco Group
and/or the Stolt Group; and

 

4.6.3                     any distributions to be made by the Company.

 

4.7                               Effect
of approval of Business Plan

 

Save
for the approval of the Supervisory Board for matters referred to in Clause 4.5.9,
the approval of any Business Plan shall not imply or be deemed to be an
approval of any matter within that Business Plan which would otherwise require
approval in accordance with Clauses 4.5 or 3.3.

 

4.8                               Proceedings
of the Supervisory Board

 

The rules on
the internal organisation and proceedings of the Supervisory Board are set out
in the Supervisory Board Rules.

 

5.                                      Managing board

 

5.1                               Duties

 

The
Managing Board shall be responsible for the day-to-day running of the business
of the Company in accordance with the Business Plan and the Budget and may
exercise all the powers of the Company, save as otherwise provided pursuant to
Netherlands law, this Agreement and the Articles of Association.

 

13

 

5.2                               Constitution
of the Managing Board

 

The
Managing Board shall consist of at least 2 (two) Managing Board Members,
including the Managing Board Chairman, to be appointed and removed from time to
time by the General Meeting upon nomination of the Supervisory Board and
subject to Clause 3.3. The Managing Board shall initially consist of:

 

•         Mr J.C. den Bieman as Managing Board Chairman;

•         J. Stove Lorentzen; and

•         H.W. van Beek.

 

5.3                               Decision
Making

 

Resolutions
of the Managing Board shall be decided by simple majority of the votes cast at
meetings of the Managing Board and each Managing Board Member shall have 1
(one) vote. In the event of an equality of votes, to the extent legally
permissible, the Managing Board Chairman shall have a casting vote.

 

5.4                               Managing
Board Rules

 

The rules on
internal organisation and proceedings of the Managing Board are set out in the
Managing Board Rules.

 

5.5                               Representation

 

The
Managing Board shall be authorised to represent the Company. Any Managing Board
Member shall also be authorised to represent the Company.

 

6.                                      Deadlock Resolution

 

6.1                               Deadlock
situation

 

If a
proposal is made in respect of one of the matters referred to in Clauses 3.3 or
4.5 but is not approved in accordance with that Clause or the Supervisory Board
is unable to reach agreement on any other resolution before it, any Shareholder
may give written notice to the other Shareholders (with a copy to the Company)
that it regards a deadlock situation as having arisen (“Deadlock
Notice”). Only one Deadlock Notice may be served in respect of any
one proposal.

 

6.2                               Circulation
of memoranda

 

Within
14 (fourteen) days of the date of service of a Deadlock Notice, each of the
Shareholders shall prepare and send to the other Shareholders a memorandum
stating its understanding of the disagreement, its position in relation to the
disagreement, its reasons for taking that position and any proposals for
resolving the disagreement. The Shareholders shall use reasonable endeavours to
resolve the disagreement.

 

6.3                               Referral
to third party mediator

 

If
within 28 (twenty-eight) days from the date of service of a Deadlock Notice the
Shareholders shall

 

14

 

have
failed to resolve the disagreement, the Shareholders shall agree on and appoint
a third party with undisputed independence, integrity, relevant experience and
reputation who will act as independent mediator and who will be provided with
copies of all memoranda prepared by the Shareholders in respect of the
disagreement. The Shareholders and the third party mediator shall as soon as
reasonably practicable meet to discuss the disagreement and use all reasonable
endeavours to resolve it in accordance with a procedure and time schedule determined
by the third party mediator. The Shareholders shall observe such procedure and
time schedule and otherwise co-operate with the third party mediator.

 

6.4                               Unresolved
Deadlock

 

If a
deadlock relating to any proposal made in respect of one of the matters
referred to in Clause 6.1 is not resolved within 1 (one) month after the third
party mediator has been appointed, the proposal shall not proceed (an “Unresolved Deadlock”).

 

7.                                      Financing of the Company

 

7.1                               Financing

 

In
conducting its ongoing operations in accordance with the Business Plan and the
Budget, from time to time, the Shareholders agree to procure that the Company
shall, subject to Clause 7.3 and to the extent commercially possible, finance
the JV Group independently of the Shareholders, by way of third party
financing. Until such third party financing has been obtained, Nutreco and
Stolt B.V. shall procure that relevant members of their respective Groups shall
provide subordinated shareholders loans to the relevant members of the JV Group
on a pro rata parte basis to each Shareholder’s
relative stake in the Company on terms to be agreed and in accordance with the
applicable provisions of Clause 7.4.

 

7.2                               Third
party financing

 

All
third party financing obtained by the Company shall be done on arm’s length
terms and conditions.

 

7.3                               Shareholders
Guarantees

 

For the
avoidance of doubt, no Shareholder shall be obliged to grant any Guarantee,
warranty, representation or letter of comfort in respect of any loan or other
financing to be made to the Company. To the extent that any such Guarantee,
warranty or representation or letter of comfort is given by more than one
Shareholder, each such Shareholder shall be entitled to provide a proportional
part thereof and shall indemnify the other Shareholders participating in the
giving of such Guarantee, warranty or representation or letter of comfort to
the level of its participation.

 

7.4                               Shareholders
financing

 

To the
extent that the Company is unable, notwithstanding having used commercially
reasonable efforts, to obtain third party financing for (part of) its
operations and one or more Shareholders is/are

 

15

 

willing
and able to provide such financing, such Shareholder(s) shall have the right to
provide the same to the Company, provided that:

 

7.4.1                     such financing shall be done on arm’s length terms and conditions,
no less favourable to the Company than standard commercial terms and
conditions; and

 

7.4.2                     if more than one Shareholder is able and willing to provide such
financing, each such Shareholder shall be entitled to provide a proportional
part thereof.

 

7.5                               Issuance
of Shares to debt financing parties

 

Each
Shareholder hereby agrees that it shall not unreasonably withhold or delay its
consent to the issuance of Shares to third parties providing debt financing to
the Company, provided that a condition of such issuance of Shares to (or the
conversion of any loans or securities into Shares by) a financing party, be
that such party executes a Deed of Adherence.

 

7.6                               Third
party equity participation

 

The Shareholders
acknowledge that it is in the strategic interest of the Company for appropriate
third parties to participate as Shareholders in the Company, by issuance of new
Shares to such third parties upon such terms and conditions as may be agreed.
Each Shareholder undertakes to use its commercially reasonable efforts to seek
such investment, to co-operate in the acquiring of such investment and not
unreasonably to withhold or delay the giving of such consents as are required
for such participation.

 

8.                                      Business
Plans and Budgets

 

8.1                               Initial
Business Plan and Initial Budget

 

The
Supervisory Board shall approve and the Managing Board shall adopt the Initial
Business Plan and the Initial Budget at their respective first meetings.

 

8.2                               Business
Plan and Budget

 

Each
year, the Managing Board shall prepare a draft Business Plan and a draft
Budget. The Managing Board shall submit such draft Business Plan and Budget to
the Supervisory Board not less than 60 (sixty) days before the first day of
each financial year of the Company. The Supervisory Board shall respond within
30 (thirty) days of receipt of the Business Plan and Budget, and any approval
of the Business Plan and the Budget by the Supervisory Board shall be in
writing and may be made subject to such amendments as the Supervisory Board
shall agree are appropriate.

 

8.3                               Business
Plan contents

 

Each
draft Business Plan shall be in respect of the 3 (three) year period beginning
with the financial year following the year of its preparation and shall include
the following information, both on a consolidated basis as well as per business
region:

 

16

 

8.3.1                     the business forecast; 

 

8.3.2                     the Managing Board’s proposed financial and operating strategy
(including acquisition and IPO strategy);

 

8.3.3                     details of the assumptions used for the forecast and strategy
descriptions; 

 

8.3.4                     a report on the JV Group’s performance during the current financial
year; and

 

8.3.5                     overview budgets, setting out expected capital expenditure for the
term of the plan.

 

8.4                               Budget
contents

 

Each
draft Budget shall be in respect of the 1 (one) year period beginning with the
financial year following the year of its preparation and shall include the
following information, both on a consolidated basis as well as per business
region:

 

8.4.1                     a breakdown of monthly consolidated revenues, operating expenses,
operating results, net interest expenses and net profits; 

 

8.4.2                     a breakdown of monthly capital expenditures and cash flow;

 

8.4.3                     a breakdown of a projected consolidated balance sheet as at the end
of the financial year for which the Business Plan is written and projected
profit and loss account for such financial year;

 

8.4.4                     a breakdown of expected funding requirements and the proposed
methods of meeting those requirements;

 

8.4.5                     a limited set of financial and business key performance indicators;

 

8.4.6                     an annual budget, consisting of at least capital expenditures,
profit and loss statements, cash flow statement and a balance sheet, for each
of the second and third financial years following the year of the (current)
Business Plan; and

 

8.4.7                     to the extent applicable, the matters referred to in Clause 8.3.

 

8.5                               Format
of Business Plan and Budget

 

The
Business Plan and the Budget shall be prepared substantially in the format of
the Initial Business Plan and Initial Budget. The Supervisory Board may from
time to time determine and amend the format and detailed contents of the
Business Plan and the Budget and the Managing Board shall ensure that such
determinations and amendments are adhered to.

 

8.6                               Currency
and Language

 

The
Business Plan and the Budget shall at all times be expressed in euro and be
prepared in the English language.

 

 

17

 

9.                                      Information

 

9.1                               Management
accounts

 

The
Managing Board shall submit a report to the Supervisory Board with a concurrent
copy to each Supervisory Board Member within 10 (ten) Business Days of the end
of the month to which it relates showing, inter alia, the
revenues, operating results, overall results and relevant cash flow information
on a monthly and year-to-date basis and performance compared to the Business
Plan. These monthly reports shall also describe the status of the
implementation of the Company’s strategy and major projects as set out in the
Business Plan and update details of projected capital requirements.

 

9.2                               Management
accounts format

 

The
management accounts shall be prepared substantially in the format attached as Schedule 5. The Supervisory Board may from time to time determine and amend
the format of the management accounts and the Managing Board shall ensure such
determinations and amendments are adhered to.

 

9.3                               Shareholder
information

 

The
Company shall provide to each Shareholder concurrently and, to the extent the
relevant information has not already been provided, to the Supervisory Board
Members: 

 

9.3.1                     draft accounts of the Company for each financial year within 1(one)
month of the end of the period to which they relate;

 

9.3.2                     audited accounts of the Company for each financial year within 3
(three) months of the end of the financial year to which they relate as
approved by the Supervisory Board and together with the auditor’s statement in
respect thereof;

 

9.3.3                     the quarterly management report and accounts of the Company, which
shall consist of a balance sheet, profit and loss account, cash flow statement,
cash flow forecast for the four following calendar quarters, business update,
management commentary and a capital expenditure report, including bridging
statements indicating deviations from budgets within 10 (ten) Business Days of
the end of the quarter to which they relate;

 

9.3.4                     such other financial or management information as the Shareholder
may reasonably request from time to time.

 

9.4                               Provision
of information by the Company to Nutreco and Stolt

 

9.4.1                     The Company shall provide Nutreco with access to and copies of such
information and records of the Company and the JV Group as Nutreco may
reasonably require from time to time for the purpose of preparing its
consolidated financial statements.

 

9.4.2                     The Company shall provide Stolt with access to and copies of such
information and records of the Company and the JV Group as Stolt may reasonably
require from time to time for the purpose of preparing relevant financial
statements regarding (its interest in) the JV Group reconciled for US GAAP and
for compliance with US securities laws.

 

18

 

9.5                               Access
for Supervisory Board Members

 

The
Shareholders agree that each Supervisory Board Member shall have access to each
site of the Company and be entitled to speak to each Managing Board Member on
reasonable notice.

 

9.6                               Retention
of records

 

All
records of the Company shall be retained for a period of at least 7 (seven)
years from the end of the year to which the relevant record relates.

 

10.                               Distribution 

 

Subject
to the statutory minimum requirements of the Netherlands Civil Code and the
Articles of Association, (i) profits generated by the Company will be
reserved unless the General Meeting upon the proposal made by the Managing
Board as approved by the Supervisory Board resolves to distribute the same and (ii) reserves
of the Company will be distributed if the General Meeting so resolves upon the
proposal made by the Managing Board as approved by the Supervisory Board.

 

11.                               Nutreco Options

 

11.1                        Nutreco New
Species Option

 

11.1.1              Nutreco shall be entitled to exercise the Nutreco New Species Option
until 1 (one) month prior to the anticipated publication of the first IPO press
release or similar action to launch the IPO, if:

 

(i)            An Unresolved Deadlock has occurred relating to the strategy of the
JV Group in respect of the New Species Activities; and

 

(ii)           there has been a material deviation from the EBIT of the New Species
Activities as envisaged by the Business Plan, from time to time as reviewed on
a yearly basis; and

 

(iii)          the exercise and consummation of the Nutreco New Species Option will
not result in a default of any material covenant under any of the existing loan
and finance agreements or instruments of the JV Group.

 

11.1.2              The Nutreco New Species Option Price shall be the aggregate of (i) the
difference between the Capital Employed in the Nutreco New Species Activities
at 31 August 2004 and the Capital Employed in the Nutreco New Species
Activities at the date of the Option Notice in respect of the Nutreco New
Species Option and (ii) the Capital Employed in the Stolt Cod and Halibut
Activities at 31 August 2004, provided that the Nutreco New Species Option
Price shall be EUR 1 (one euro) if the aggregate of (i) and (ii) would
result in a negative amount.

 

11.2                        Nutreco Australian Option 

 

11.2.1              Nutreco shall be entitled to exercise the Nutreco Australian Option
until 1 (one) month prior to

 

19

 

the
anticipated publication of the first IPO press release or similar action to
launch the IPO, if Nutreco has decided to divest its Australian fish feed
business located in Tasmania.

 

11.2.2              The Nutreco Australian Option Price shall be the Capital Employed in
the Australian Barramundi Activities at the date of the Option Notice in
respect of the Nutreco Australian Option.

 

11.3                        Nutreco
Options

 

11.3.1              If the Nutreco New Species Option and/or the Nutreco Australian
Option becomes exercisable, Nutreco may give written notice (an “Option Notice”) to the Company and Stolt requiring it to
sell the relevant assets and activities free from all Encumbrances (other than
Permitted Encumbrances) and together with all rights attaching to them to
Nutreco at the relevant Option Price. 

 

11.3.2              The relevant Option Price shall be determined in accordance with
Clause 11.4.

 

11.3.3              Nutreco may revoke an Option Notice within 30 (thirty) days after
the Option Price of the relevant activities has been determined. If a Nutreco
Option Notice is revoked, no further Option Notice in respect of the relevant
activities and assets may be given.

 

11.3.4              If the Option Notice is not revoked, the transfer of the New Species
Activities and/or the Australian Barramundi Activities shall be completed
within 60 (sixty) Business Days after (i) agreement or determination of
the Option Price or (ii) receipt of the necessary governmental approvals
and consents for the transfer of the relevant New Species Activities and/or
Australian Barramundi Activities, whichever occurs later.

 

11.3.5              The Option Price shall be payable in cash on the completion of any
transfer of the New Species Activities and/or Australian Barramundi Activities.
The transfer of the New Species Activities and/or the Australian Barramundi
Activities shall be made by the Company free and clear of all Encumbrances
(other than Permitted Encumbrances) and adverse claims.

 

11.4                        Determination
Option Price

 

Nutreco
and Stolt shall, in conjunction with the Company, use all reasonable endeavours
to agree and determine or procure determination of the appropriate Option Price
as soon as practicable after the giving of the Option Notice. If Nutreco and
Stolt shall not have agreed on the relevant Option Price within 30 (thirty)
Business Days after the giving of the relevant Option Notice, the Option Price
shall be determined by an independent accountant (the “Reporting
Accountant”) in accordance with the following conditions.

 

11.4.1              The Reporting Accountant shall be a registered accountant of a
reputable firm and neither he nor his firm may have or have had any connections
with Stolt or Nutreco. If Nutreco and Stolt fail to reach agreement on the
appointment of the Reporting Accountant within 40 (forty) Business Days after
the giving of the relevant Option Notice, the chairman of the Royal Netherlands
Institute for Chartered Accountants (“NIVRA”) shall nominate the independent
accountant. Nutreco and Stolt shall ask the chairman to take into account the
criteria set out in the first sentence of this paragraph. The Reporting
Accountant shall act as expert and not as

 

20

 

arbitrator
and his determination shall be final and binding.

 

11.4.2              The Reporting Accountant shall make his determination in writing
within 45 (forty five) Business Days of his appointment or nomination. In
making his determination, the Reporting Accountant shall take into
consideration that the relevant Option Price shall be prepared in accordance
with IFRS, as applied by the Company in its annual accounts. 

 

11.4.3              The Reporting Accountant shall (i) give equal treatment to
Nutreco and Stolt, (ii) give them the opportunity to put forward their
arguments and explain these orally, (iii) provide them with any
information they request and (iv) no later than one week before making his
determination, provide them with the draft of his determination and enable them
to comment thereon in a manner to be decided by him. The Reporting Accountant
shall decide on any other aspects of the procedure.

 

11.4.4              Stolt, Nutreco and the Company shall give the Reporting Accountant
any co-operation reasonably required by him. In particular, without limitation,
they will provide information and make available any underlying documents that
the Reporting Accountant may deem necessary to make his determination.

 

11.4.5              The Company shall bear the Reporting Accountant’s costs.

 

12.                               IPO

 

12.1                        Initiating IPO
process

 

If, at
any time after the date of this Agreement, a Shareholder so decides and
notifies the other Shareholders and the Company of such decision in writing, an
IPO process shall be initiated.

 

12.2                        Appointment of investment banks

 

If, in
accordance with Clause 12.1, the IPO process is initiated, the Shareholders
shall select 3 (three) investment banks to provide an analysis of the
feasibility of an IPO. These three investment banks shall be selected by the
Shareholders jointly or, failing agreement by the Shareholders, one of which
shall be appointed by Stolt, the other by Nutreco and the third by the two
investment banks so appointed.

 

12.3                        Request for
feasibility study

 

Following
appointment of the investment banks in accordance with Clause 12.2, the
Shareholders shall submit to such banks a request for the feasibility analysis.
This request shall be in a form agreed between the Shareholders and shall
include a requirement that all aspects of an IPO and a mid-point value of the
Company in the context of an IPO be included in the analysis.

 

12.4                        Feasibility of
IPO

 

If the
indicated mid-point value of the Company in the context of an IPO in all the
analyses received from the banks so appointed is equal to or exceeds the total
Capital Employed of the JV Group (as it

 

21

 

appears
from the Company’s books and records), then the IPO shall be deemed feasible.

 

12.5                        Pursuit of IPO 

 

Within
2 (two) weeks after the date on which the third feasibility study was delivered
to the Shareholders, Nutreco shall indicate whether it is willing to proceed
with the IPO (the date of such indication, or, failing such indication being
made by Nutreco, the day following the expiry of such two weeks, being the “D-Date”). Subject to the IPO being deemed feasible in
accordance with Clause 12.4, if Nutreco is willing to proceed with the IPO the
Shareholders shall proceed with an IPO process and the Shareholders shall
co-operate fully with each other and the Company and their respective financial
and other advisers to achieve a listing in accordance with the rules and
regulations of the recognised stock exchange to which the application for
listing is made and with all other applicable laws and regulations. A decision
to proceed with an IPO may also be taken if the IPO shall not be deemed
feasible in accordance with Clause 12.4 if the Shareholders jointly agree to
pursue an IPO.

 

12.6                        Selling into
an IPO

 

In case
of an IPO, the Shareholders shall, subject to the provisions of this Clause 12,
agree on the percentage of their shareholding they wish to include in the IPO.
The combined amount of Shares to be sold into the IPO by the Shareholders shall
not be less than 25 (twenty five) per cent of the total issued and outstanding
Shares prior to the IPO. Unless otherwise agreed between the Shareholders and subject
to market conditions as indicated by the relevant advisors involved in the IPO
process and applicable stock exchange regulations, Nutreco shall sell up to 25
(twenty five) per cent of its Nutreco Shares on a fully diluted basis (post any
issuance of new shares in connection with the IPO and potential distribution of
Nutreco Shares to Nutreco shareholders) in order to optimise free float and
valuation.

 

13.                               Stolt Option

 

13.1                        Stolt Option
conditions

 

The
Stolt Option shall become exercisable if an IPO is deemed feasible in
accordance with Clause 12.4 and Nutreco decides not to go ahead with such IPO,
provided that Stolt B.V. may not exercise the Stolt Option on or prior to 1 January 2007.

 

13.2                        Stolt Option

 

13.2.1              If the Stolt Option becomes exercisable, Stolt B.V. may, within 2
(two) weeks of D-Date or if D-Date falls prior to 2007, within 2 (two) weeks
from 1 January 2007, serve notice in writing (the “Stolt Option
Notice”) on Nutreco requiring it to purchase all of the Stolt Shares
then held by Stolt and members of its Group, free from all Encumbrances and
together with all rights attaching to them, at their Prescribed Value.

 

13.2.2              Nutreco and Stolt B.V. shall use all reasonable endeavours to
determine or procure the determination of the Prescribed Value of the relevant
Shares, in accordance with Clause 19, as soon as reasonably practical after the
giving of a Stolt Option Notice.

 

22

 

13.2.3              Stolt B.V. may revoke the Stolt Option Notice within 10 (ten)
Business Days after the Prescribed Value of the relevant Shares has been
determined. No further Stolt Option Notice may be served if the Stolt Option
Notice is revoked.

 

13.2.4              If the Stolt Option Notice is not revoked, the transfer of the
relevant Shares shall be completed within (i) 10 (ten) Business Days after
the determination of the Prescribed Value of the relevant Shares or (ii) receipt
of the necessary governmental approvals and consents for the transfer of the
Stolt Shares, whichever occurs later.

 

13.2.5              The Prescribed Value in respect of the Stolt Shares shall be payable
in cash on the completion of any transfer of the relevant Shares. The transfer
of the Stolt Shares shall be made by Stolt B.V. free and clear of all
Encumbrances and adverse claims, and Stolt B.V. shall make customary
representations and warranties in favour of Nutreco in connection with such
transfer.

 

14.                               Restrictions
on Dealings with Shares

 

14.1                        Restrictions
on disposals

 

Save as
permitted in accordance with the terms of this Agreement, no Shareholder may
(i) create an Encumbrance over any of its Shares or any interest in any of its
Shares or (ii) sell, transfer or otherwise dispose of any of its Shares or any
interest in any of its Shares.

 

14.2                        Stolt
Encumbrances

 

Stolt
and Stolt B.V. shall be entitled to create a pledge of the Stolt Shares in
favour of the holders of the Stolt US Notes to secure the obligations of Stolt
under the Stolt US Notes until redemption thereof ultimately on 18 June 2013
and provided that:

 

14.2.1              the voting rights on the pledged Stolt Shares shall not transfer to
the pledgee(s):

 

14.2.2              the Stolt Shares may only be foreclosed with due observance of the
pre-emptive rights of the Shareholders in accordance with this Agreement and
the Articles of Association and Stolt B.V. and Stolt shall procure that such
rights shall be observed; and

 

14.2.3              after termination of such right of pledge no Encumbrances in respect
of the Stolt Shares shall be permitted;

 

14.2.4              Stolt shall use its reasonable efforts to procure that at the date
of this Agreement or as soon as possible thereafter the required consents for
the release of the right of pledge in respect of the Stolt Shares included in
an IPO, in case of exercise of the Stolt Option or other transfer of the Stolt
Shares permitted under this Agreement (will) have been obtained from the
holders of the Stolt US Notes in advance.

 

14.2.5              If and to the extent the financial advisors involved in the IPO
process advise that the release of the right of pledge in respect of all the
Stolt Shares enhances the feasibility and conditions of the IPO, Stolt shall
use its reasonable efforts to release the right of pledge prior to the IPO.

 

15.                               Permitted
Transfers

 

15.1                        Transfers
within a Group

 

A Shareholder may transfer any Share to any
other member of the same Group provided
that the transferee shall first have entered into a Deed of Adherence.

 

15.2                        Group
Transferee leaving the Group

 

A Group Transferee shall transfer, in a
manner and to a transferee permitted by this Agreement, all the Shares held by
it before it ceases to be in the same Group as the Original Holder.

 

15.3                        Information
and evidence

 

The transferor and transferee of any Share
transferred under this Clause 15 and the Original Holder (if any) of the
transferred Share shall each provide to the other Shareholders, at his own
expense, any information and evidence requested in writing by the other
Shareholders for the purpose of determining whether the transfer to the
proposed transferee complies with the terms of this Clause 15.

 

15.4                        Compliance
with Agreement

 

Each
Shareholder shall procure that all Group Transferees in relation to which it is
the Original Holder comply with the terms of this Agreement by entering into a
Deed of Adherence.

 

23

 

15.5                        Original
Holder liability

 

Following
a transfer of Shares to a member of the same Group pursuant to this Clause 15,
the Original Holder (but not a subsequent transferor in a series of transfers
to members of the same Group) shall remain party to this Agreement and shall be
jointly and severally liable with the transferee under this Agreement as a
Shareholder in respect of the transferred Shares unless released from such
joint and several liability by each of the other Shareholders in writing.

 

16.                               Pre-emptive
Rights on Transfer

 

16.1                        Offer to
Shareholders

 

Prior to making a sale or transfer of any
of its Shares (other than in accordance with Clause 13 (Stolt Option) or
Clause 15 (Permitted Transfers), a Shareholder who wishes to sell or
transfer any of its Shares (the “Offeror”) shall
make an offer (“Offer”) in writing (the “Offer Notice”) to the other Shareholders with a copy to the
Company informing them of the proposed sale and transfer and setting out:

 

16.1.1              the Shares to which it relates (the “Offered Shares”);

 

16.1.2              if applicable, the identity of a person
who has expressed an interest in acquiring the Offered Shares (the “Potential Purchaser”) and the price which is being offered
by the Potential Purchaser (the “Offer Price”);

 

16.1.3              if no Potential Purchaser exists, the price at which the Offeror
proposes to sell the Offered Shares to the other Shareholders;

 

16.1.4              the other terms on which the Offeror proposes to transfer the
Offered Shares (the “Offer Terms”);

 

16.1.5              a condition, if the Offeror wishes to impose it, that unless all or
a specified minimum number of the Offered Shares are taken up by other Shareholders
when offered to them in accordance with this Clause 16, then none of the
Offered Shares shall be transferred to the other Shareholders under this Clause
16 (“Minimum Transfer Condition”);

 

16.1.6              that, if Shareholders who accept the Offer express, in aggregate, a
willingness to take more than the total number of Offered Shares, the Offered
Shares shall be allocated to such Shareholders in proportion as nearly as may
be to the number of Shares then held by them subject to the maximum number
specified by each such Shareholder; and

 

16.1.7              if a Minimum Transfer Condition is included in the Offer Notice,
stating that the Offer cannot be validly accepted in respect of any of the
Offered Shares unless and until purported
acceptances have been received by the Offeror relating to the minimum number of
Offered Shares specified in the Minimum Transfer Condition.

 

16.2                        Purchase Price

 

The
price at which the other Shareholders may purchase the Offered Shares shall be
the greater of (i) the Prescribed Value of the Offered Shares determined
in accordance with Clause 19 and (ii) the Offer Price, if any (the “Purchase Price”).

 

24

 

16.3                        Revocation of Offer

 

The Offer may be revoked by the Offeror
within 10 (ten) Business Days after the date the Prescribed Value of the
Offered Shares has been agreed or determined. If the Offer is revoked:

 

16.3.1              the Offeror may not make a further Offer within 6 (six) months after
the date on which the Offer is revoked;

 

16.3.2              the Offeror shall inform all other Shareholders that the Offer has
been revoked; and

 

16.3.3              the remaining provisions of this Clause 16 shall cease to apply
in relation to the revoked Offer.

 

16.4                        Offer Period

 

The Offer shall be open for acceptance by
the other Shareholders during a period starting on the 11th
(eleventh) Business Day after the date the Prescribed Value of the Offered
Shares is agreed or determined and ending at the end of the 20th
(twentieth) Business Day after the date of such agreement or determination (the
“Offer Period”). Acceptance of the Offer
shall be effected by delivery of a written notice by each Shareholder who
wishes to accept the Offer to the Offeror stating whether it is willing to take any, and if so what maximum number,
of the Offered Shares at the Purchase Price and on the Offer Terms.

 

16.5                        Sale to
Shareholders

 

If no Minimum Transfer Condition is
included in the Offer Notice, or if a Minimum Transfer Condition is included
and the Offeror receives acceptances for the specified minimum number of
Offered Shares within the Offer Period:

 

16.5.1              the Offeror shall, within 10 (ten) Business Days after the expiry date of
the Offer Period notify in writing:

 

(i)            each of the persons who has accepted
shares (“Accepting Holders”) of the number of
Shares to be transferred to it; and

 

(ii)           each of the Accepting Holders of the
time(s) (not being less than 10 (ten) Business Days nor more than 20 (twenty)
Business Days after the date of such notification) and place(s) for completion
of the transfer of Shares to Accepting Holders;

 

16.5.2              if the Offeror has received acceptances for a larger number of Shares than
the number of Offered Shares, the Accepting Shareholders shall receive a number
of Shares pro rata to their shareholdings in the Company;

 

16.5.3              the Accepting Holders shall be obliged to complete the transfer of the
relevant Shares at such time(s) and place(s) as shall be specified in the
notification under Clause 16.5.1(ii), provided that if at such time any
necessary governmental approvals and consents for the transfer of the Offered
Shares have not yet been obtained, the transfer shall be completed within 10
(ten) Business Days of receipt thereof; and

 

16.5.4              if the Offeror has not received acceptances in respect of all the Offered
Shares, Clause 16.7 shall apply to the Offered Shares for which
acceptances have not been received.

 

25

 

16.6                        Minimum
Transfer Condition not met

 

If a Minimum Transfer Condition is included
in the Offer Notice and the Offeror does not receive acceptances for the
specified minimum number of the Offered Shares within the Offer Period:

 

16.6.1              it shall, within 10 (ten) Business Days after the expiry of the Offer
Period so inform all persons who purported to accept the Offer; and

 

16.6.2              Clause 16.7 shall apply to all the Offered Shares, save that:

 

(i)            no Offered Share shall be transferred
to an existing Shareholder pursuant to Clause 16.7 unless each Shareholder who
purported to accept the Offer is given the opportunity to have transferred to
him the Shares he applied for in response to the Offer on the Offer Terms;

 

(ii)           if acceptances for a larger number of
shares than the number of Offered Shares have been received, the Shareholders
referred to in (i) above shall receive a number of Shares pro rata to
their shareholding in the Company; and

 

(iii)          no Share may be transferred under Clause
16.7 unless the minimum number of Offered Shares specified in the Minimum
Transfer Condition are so transferred.

 

16.7                        Transfer to a
third party

 

The Offeror may sell
and transfer to the Potential Purchaser or any other third party any of the
Offered Shares to which this Clause 16.7 applies, provided that:

 

16.7.1              the price is not less than the Purchase Price; 

 

16.7.2              the other terms of sale to the transferee are not more favourable than the
Offer Terms;

 

16.7.3              there are no collateral agreements which make the arrangement more
favourable to the transferee;

 

16.7.4              the transfer takes place within 3 (three) months after the date on which
the Offer Period ends;

 

16.7.5              the Offeror and the transferee shall each provide to the Company, at his
own expense, any information and evidence requested in writing by the Managing
Board for the purpose of determining whether the transfer to the transferee
complies with the terms of this Clause 16.7; and

 

16.7.6              the transferee shall, prior to the transfer, enter into a Deed of
Adherence.

 

16.8                        Tag along

 

In the event that Nutreco intends to sell
all or part of its Shares to a third party pursuant to Clause 16.7, Nutreco
shall not complete such sale unless it ensures that the third party offers to
purchase from Stolt B.V. the same percentage of Stolt Shares as the percentage
of Nutreco Shares to be transferred by Nutreco to the third party at the
Purchase Price and on the same terms and conditions as offered by the third
party to Nutreco, provided Stolt B.V. has expressed such wish in writing to
Nutreco within 10

 

26

 

(ten) Business Days after having received
the notice of Nutreco regarding such intended sale.

 

17.                               Default

 

17.1                        Events of
Default

 

A
Shareholder (the “Defaulting Shareholder”)
suffers an event of default (“Event of Default”)
where: 

 

17.1.1              the Defaulting Shareholder commits a breach of this Agreement and either (i) the
breach is not capable of being remedied or (ii) the Defaulting Shareholder
does not remedy that breach within 30 (thirty) Business Days after any of the
other Shareholders sending it written notice requiring it to remedy such
breach;

 

17.1.2              the Defaulting Shareholder sells, transfers, disposes, or creates an
Encumbrance of, any Shares which is in breach of this Agreement;

 

17.1.3              a Group Transferee of the Defaulting Shareholder, as Original Holder,
ceases to be a member of the same Group as such Original Holder while it still
holds Shares;

 

17.1.4              the Defaulting Shareholder has been declared bankrupt, or has been granted
a suspension of payments on a temporary basis or otherwise, has become subject
to any similar regulation or has wholly lost the free management or disposal of
its property in any other way or has offered its creditors a composition outside
a bankruptcy or suspension of payments or any similar regulation; or

 

17.1.5              the Defaulting Shareholder ceases or threatens to cease wholly or
substantially to carry on its business.

 

18.                               Effect
of Deed of Adherence

 

The parties agree to extend the benefit of
this Agreement to any person who acquires Shares in accordance with this
Agreement and enters into a Deed of Adherence, but without prejudice to the
continuation inter se of the rights and obligations of the original parties to
this Agreement and any other persons who have entered into such a Deed of
Adherence.

 

19.                               Determination
of Prescribed
Value

 

19.1                        Agreement between the Shareholders

 

If the Prescribed Value is to be determined
in accordance with this Agreement the Shareholders shall in good faith
negotiate to agree the value between themselves.  

 

19.2                        Failure to
agree

 

If, within 20 (twenty) Business Days of
beginning such negotiations the Shareholders are unable to agree such
Prescribed Value, it shall be determined by an independent investment bank
appointed by the Shareholders jointly within 30 (thirty) Business Days of the
date of the Offer Notice, Stolt Option

 

27

 

Notice, or other purpose, if appropriate.
If the Shareholders do not agree on an independent investment bank, three
independent investment banks shall determine the Prescribed Value of the
relevant Shares, one of which shall be appointed by Stolt, the other by Nutreco
and the third by the two investment banks so appointed.

 

19.3                        Method and
adjustments

 

The
independent investment bank(s) shall determine the appropriate Prescribed Value
as at the relevant date, as appropriate, in accordance with the relevant
provisions of this Agreement and on the following assumptions and bases:

 

19.3.1              valuing the Shares to be sold as on an arm’s length sale between a willing
seller and a willing buyer;

 

19.3.2              that, if the Company or business is then carrying on a business as a going
concern, it will continue to do so;

 

19.3.3              that the Shares to be sold are capable of being transferred without
restriction;

 

19.3.4              valuing any Shares to be sold as a rateable proportion of the total value
of all the issued shares of the Company without any premium or discount being
attributable to the class of the Shares to be sold or the percentage of the
issued share capital of the Company which they represent; and

 

19.3.5              any other factors which the independent investment bank(s) reasonably
believe should be taken into account.

 

19.4                        Determination

 

19.4.1              The independent investment bank(s) shall determine the Prescribed Value
within 45 (forty five) Business Days of its/their appointment and shall notify
the Shareholders of its/their determination. The fees of the independent
investment bank shall be borne by the Shareholders concerned in equal
proportions.

 

19.4.2              If any difficulty arises in applying any of these assumptions or bases
then the independent investment bank(s) shall resolve that difficulty in such
manner as it/they shall in its/their absolute discretion think fit.

 

19.4.3              The independent investment bank(s) shall act as an expert and not as an
arbitrator and its determination shall be final and binding on the Shareholders
and, where applicable the Company (in the absence of fraud or manifest error).

 

19.4.4              The independent investment bank(s) may have access to all accounting
records or other relevant documents of the Company, subject to any
confidentiality provisions.

 

28

 

20.                               Protective Covenants

 

20.1                        Non-compete

 

Each
Shareholder undertakes with each other Shareholder that it will not and that it
will procure that none of its Affiliates will either alone or in conjunction
with or on behalf of any other person, do any of the following things, save as
permitted by, and in accordance with, Clause 11 or any other relevant provision
of this Agreement:

 

20.1.1              be engaged or have a direct or indirect interest in any business which
competes with the Business;

 

20.1.2              directly or indirectly solicit the custom, in relation to goods or
services sold to any person by the JV Group in the course of the Business, of
that person in respect of similar goods or services;

 

20.1.3              directly or indirectly solicit or entice away from the employment of the
JV Group any of its employees;

 

20.1.4              assist any other person to do any of the foregoing things.

 

20.2                        Duration

 

The covenants set out in this Clause shall
continue to apply to a Shareholder for a period of 2 (two) years from the date
on which that Shareholder ceases to be a Shareholder. The covenants shall be
construed during this period by reference to the Business, customers and
employees of the JV Group as during the one-year period prior to the date on
which the Shareholder ceased to be a Shareholder.

 

20.3                        Exceptions

 

This Clause
20 shall not prevent any Shareholder: 

 

20.3.1              holding securities in a body corporate if such securities are listed on a
recognised stock exchange and confer not more than 5 (five) per cent of the
votes which could normally be cast at a general meeting of the body corporate;

 

20.3.2              acquiring any business or company that is in competition with the
Business, as an integral part of a larger transaction or acquisition of a
business, company or group of companies, not predominantly engaged in a
competing business, provided that:

 

(a)                                  the part of the business that competes with the Business does not
exceed 20 (twenty) per cent of the turn-over of such acquired company or
business;

 

(b)                                 (the relevant Shareholder uses all reasonable endeavours to dispose
of such business or company which competes with the Business within 6 (six)
months of the date of completion of the original transaction (or as soon as
possible thereafter); and

 

(c)                                  in making any such disposal, the relevant Shareholder first grants (i) the
Company a right of first refusal to acquire the business or company on bona
fide arm’s length terms which are equivalent to the terms on which it acquired
that business or company;

 

20.3.3              placing an advertisement of a post available to a member of the public
generally and the recruitment of a person through an employment agency,
provided that the relevant Shareholder or a member of its Group does not
instruct or encourage such agency to approach any such person;

 

29

 

20.3.4              with regard to Nutreco, holding a direct or indirect interest in L&K
Karlsen Holding AS and Centre for Aquaculture Competence AS and their
subsidiaries and businesses;

 

20.3.5              with regard to Stolt, continuing the production, processing and marketing
of its tuna and turbot (including sole) activities;

 

20.3.6              with regard to Nutreco, through any of its subsidiaries, participating in
any business or company, provided that:

 

(a)                                  the participation does not exceed 30 (thirty) per cent of the issued
share capital or voting rights of the relevant business or company;

 

(b)                                 Nutreco procures that the Company is first offered, before the
relevant subsidiary of Nutreco enters into the relevant transaction, to
participate in the business or company on bona fide arm’s length terms which
are equivalent to the terms on which such subsidiary intends to participate;
and

 

(c)                                  if the Company does not accept the offer referred to under (b) and
the relevant subsidiary of Nutreco acquires the participation, Nutreco shall
procure that such subsidiary shall grant a right of first refusal to the
Company to market for such participation fish produced by such participation on
bona fide arm’s length and commission based terms; and

 

20.3.7              temporarily carrying on the JV-Activities that are to be divested in
accordance with Clause 3.2 of the Contribution Agreement until completion of
such divestment.

 

20.4                        Group

 

Each
Shareholder agrees to procure that each of the members of its Group shall
comply with the provisions of this Clause as though it applied directly to
them.

 

20.5                        Business
opportunities

 

Each
Shareholder shall, and shall procure that each member of its Group shall,
promptly, fairly and fully disclose and offer to the Company all potential
acquisitions and business opportunities within the scope of the Business and in
particular those relating to new species which come to their attention.

 

21.                               Shareholder
undertakings

 

21.1                        General
undertaking

 

Each
Shareholder undertakes with each other Shareholder that it will:

 

(a)                                  comply with each of the provisions of this Agreement;

 

(b)                                 exercise its voting rights and other rights as a shareholder of the
Company in order (insofar as it is able to do so through the exercise of such
rights) to give full effect to the terms of this Agreement and the rights and
obligations of the parties as set out in this Agreement; and

 

(c)                                  procure that any Supervisory Board Member appointed by it from time
to time shall (subject to

 

30

 

their
fiduciary duties to the Company) exercise their voting rights and other powers
and authorities in order (insofar as they are able to do so through the
exercise of such rights, powers and authorities) to give full effect to the
terms of this Agreement and the rights and obligations of the parties as set
out in this Agreement. 

 

21.2                        Consent to
transfer

 

Each of
the Shareholders shall promptly give any approval under Article 14.2 of
the Articles of Association to waive its pre-emption rights in respect of
transfers of Shares permitted in accordance with Clause 13, 14, 15 and 16.

 

21.3                        Removal of
appointees

 

If a
party ceases to be a Shareholder, it shall immediately upon transfer of the
relevant Shares procure the resignation of all its appointees to the
Supervisory Board. In addition, it shall do all such things and sign all such
documents as may otherwise be necessary to procure the resignation or dismissal
of such persons from such appointments in a timely manner.

 

22.                               Articles
of Association

 

If there is a conflict between a provision
of this Agreement and a provision of the Articles of Association the
Shareholders agree (i) that, to the extent legally permissible, the
provisions of this Agreement shall prevail and (ii) to use their best
efforts to amend the Articles of Association in order to resolve the
difference. 

 

23.                               Duration

 

Subject to the other provisions of this
Agreement, this Agreement shall continue in full force and effect for an
indefinite period of time until (i) completion of an IPO or (ii) the
Shareholders agree in writing to terminate this Agreement, provided that this
Agreement shall cease to have effect as regards a Shareholder or Party who
ceases - directly or through an Affiliate - to hold any Shares save for any of
the provisions of this Agreement which are expressed to continue in force after
termination or ceasing to be a Shareholder.

 

24.                               Joint
and Several liability Stolt

 

Stolt shall be jointly and severally liable
for all obligations of Stolt B.V. under this Agreement.

 

31

 

25.                               Confidentiality

 

25.1                        Announcements

 

No
announcement or circular in connection with the existence or the subject matter
of this Agreement shall be made or issued by or on behalf of any member of a
party’s Group without the prior written approval of the other parties. This
shall not affect any announcement or circular required by law or the rules of
any recognised stock exchange on which the shares of any party are listed,
provided that the party with an obligation to make an announcement or issue a
circular shall consult with the other parties insofar as is reasonably
practicable before complying with such an obligation.

 

25.2                        Confidentiality undertaking

 

25.2.1              Subject to Clause 25.2.2 each of the parties shall treat as strictly
confidential and not disclose or use any information received or obtained as a
result of entering into this Agreement (or any agreement entered into pursuant
to this Agreement) which relates to:

 

(a)                                  the provisions of this Agreement and any agreement entered into
pursuant to this Agreement; or

 

(b)                                 the negotiations relating to this Agreement (and any such other
agreement); or

 

(c)                                  a party to this Agreement and the business carried on by it or any
member of its Group.

 

25.2.2              Clause 25.2.1 shall not prohibit
disclosure or use of any information if and to the extent:

 

(a)                                  the disclosure or use is required by law,
any regulatory body or any recognised stock exchange on which the shares of any
party are listed;

 

(b)                                 the disclosure or use is required to vest the full benefit of this
Agreement in any party;

 

(c)                                  the disclosure or use is required for the purpose of any judicial
proceedings arising out of this Agreement or any other agreement entered into
under or pursuant to this Agreement or the disclosure is made to a Tax
Authority in connection with the Tax affairs of the disclosing party;

 

(d)                                 the disclosure is made to professional advisers of any party on
terms that such professional advisers undertake to comply with the provisions
of Clause 25.2.1 in respect of such information as if they were a party to this
Agreement;

 

(e)                                  the information is or becomes publicly available (other than by
breach of this Agreement);

 

(f)                                    the other parties have given prior written approval to the
disclosure or use; or

 

(g)                                 the information
is independently developed after the date of this Agreement, 

 

provided
that prior to disclosure or use of any information pursuant to Clause 25.2.2
(a), (b) or (c), the party concerned shall promptly notify the other
parties of such requirement with a view to providing the other parties with the
opportunity to contest such disclosure or use or otherwise to agree the timing
and content of such disclosure or use.

 

26.                               Miscellaneous

 

26.1                        Further
assurances

 

Each of
the parties shall, and shall procure that relevant members of its Group shall,
from time to time

 

32

 

do all
things as may be required to give effect to, and to give any party the full
benefit of, this Agreement and all other agreements contemplated hereby,
including the execution of all necessary deeds and documents, procuring the
convening of all necessary meetings, the giving of all necessary waivers and
consents and the passing of all necessary resolutions and otherwise exercising
all powers and rights available to them.

 

26.2                        Entire agreement

 

This Agreement
contains the entire agreement between the parties relating to the subject
matter of this Agreement and supersedes any previous written or oral agreement
between the parties in relation to the matters dealt with in this Agreement.

 

26.3                        No assignment

 

No
party may, unless with the prior written consent of the other parties, assign,
grant any security interest over or otherwise transfer, in whole or in part,
any of its rights and obligations under this Agreement.

 

26.4                        Variation

No
variation of this Agreement shall be effective unless in writing and signed by
or on behalf of each of the parties.

 

26.5                        Third party
rights

 

Save as
expressly otherwise stated, this Agreement does not contain a stipulation in
favour of a third party.

 

26.6                        Rescission

 

Each
party waives its right to rescind this Agreement on the basis of section 6:265
of the Netherlands Civil Code. 

 

26.7                        Costs

 

Unless
this Agreement provides otherwise, all costs which a party has incurred or must
incur in preparing, concluding or performing this Agreement are for its own
account. 

 

26.8                        Interest

 

If any
party defaults in the payment when due of any sum payable under this Agreement,
the liability of that party shall be increased to include interest on such sum
from the date when such payment is due until the date of actual payment (as
well after as before judgement) at the Interest Rate.

 

26.9                        Notices

 

26.9.1              Any notice in connection with this Agreement (a “Notice”)
shall be:

 

(a)                                  in writing in English; and

 

33

 

(b)                                 delivered by hand, fax, registered post
or by courier using an internationally recognised courier company.

 

26.9.2              A Notice to Nutreco shall be sent to Nutreco at the following address, or
such other person or address as Nutreco may notify to Stolt and the Company
from time to time:

 

Nutreco: 

 

	
  Address:

  	
  Prins
  Frederiklaan 4

  
	
   

  	
  3818
  KC Amersfoort

  
	
   

  	
  The
  Netherlands

  
	
  Fax:

  	
  +31
  33 442 6104

  
	
  E-mail:

  	
  legal@nutreco.com

  
	
  Attention:

  	
  Company
  Secretary

  

 

26.9.3              A Notice to Stolt B.V. shall be sent to Stolt B.V. at the following
address, as such other person or address as Stolt B.V. may notify to Nutreco
and the Company.

 

Stolt
B.V.:

 

	
  Address:

  	
  Karel
  Doormanweg 25

  
	
   

  	
  3115
  JD Schiedam

  
	
   

  	
  The
  Netherlands

  
	
  Fax:

  	
  c/o
  +44 20 761 189 66

  
	
  E-mail:

  	
  jengelhardtsen@sntg.com

  
	
  Attention:

  	
  Jan
  Engelhardtsen, CFO

  

 

26.9.4              A Notice to Stolt from time to time shall be sent to Stolt at the
following address, or such other person or address as Stolt may notify to
Nutreco and the Company from time to time:

 

Stolt:

 

	
  Address:

  	
  Aldwych
  House, 71-91 Aldwych

  
	
   

  	
  London
  WC2B 4 HN

  
	
   

  	
  England

  
	
  Fax:

  	
  +44
  20 761 189 66

  
	
  E-mail:

  	
  jengelhardtsen@sntg.com

  
	
  Attention:

  	
  Jan
  Engelhardtsen, CFO

  

 

26.9.5              A notice to the Company shall be sent to the Company at the following
address, or such other person or address as the Company may notify to Nutreco
and Stolt from time to time:

 

Marine
Harvest:

 

	
  Address:

  	
  Prins
  Frederiklaan 4

  
	
   

  	
  3818
  KC Amersfoort

  
	
   

  	
  The
  Netherlands

  
	
  Fax:

  	
  +31
  33 422 6106

  
	
  E-mail:

  	
  hans.den.bieman@nutreco.com

  
	
  Attention:

  	
  Hans
  den Bieman

  

 

34

 

26.9.6              A Notice shall be effective upon receipt and shall be deemed to have been
received:

 

(a)                                  at the time of delivery, if delivered
by hand, registered post or courier;

 

(b)                                 at the time of transmission in legible
form, if delivered by fax.

 

26.10                 Invalidity

 

If any
provision in this Agreement shall be held to be illegal, invalid or
unenforceable, in whole or in part, under any enactment or rule of law:

 

26.10.1       such provision or part shall to that extent be deemed not to form part of
this Agreement but the legality, validity or enforceability of the remainder of
this Agreement shall not be affected;

 

26.10.2       the parties shall use reasonable endeavours to agree a replacement
provision that is legal, valid and enforceable to achieve so far as possible
the intended effect of the illegal, invalid or unenforceable provision.

 

26.11                 Notary Rules of Professional Conduct 

 

With
reference to the Rules of Professional Conduct (Verordening
beroeps- en gedragsregels) of the Royal Netherlands Organisation of
Civil Law Notaries (Koninklijke Notariële
Beroepsorganisatie) all parties expressly agree that (i) De
Brauw Blackstone Westbroek N.V. acts as counsel to Nutreco in connection with,
or acts as counsel for or on behalf of Nutreco in the event of any dispute
relating to, this Agreement or any related agreement, and that (ii) a
civil law notary of De Brauw Blackstone Westbroek N.V. executes deeds connected
with this Agreement or any related agreement.

 

26.12                 Counterparts

 

This
Agreement may be entered into in any number of counterparts, all of which taken
together shall constitute one and the same instrument. Any party may enter into
this Agreement by signing any such counterpart.

 

26.13                 Dispute resolution

 

26.13.1       The parties shall
attempt in good faith to resolve promptly any dispute, controversy or claim
arising out of or relating to this Agreement, including disputes concerning the
existence and validity of the Agreement, by negotiation, with the exception of
disputes with regard to the determination of the relevant Option Price which is
to be determined by the Reporting Accountant pursuant to Clause 11.4, the
relevant Prescribed Value which is to be resolved by the independent investment
bank(s) pursuant to Clause 19 and disputes referred to in Clause 6.1 which are
to be resolved pursuant to Clause 6. If the matter cannot be resolved in the
normal course of business any interested party shall give the other relevant
parties written notice of any such dispute not resolved, after which the
dispute will be referred to senior executives of the parties, who shall
similarly attempt to resolve the dispute.

 

26.13.2       If the dispute referred to in Clause 26.13.1
has for whatever reason not been resolved by negotiation within the 20 (twenty)
Business Days of the disputing party’s written notice, such dispute shall be finally settled by arbitration in accordance with
the Rules of the International Chamber of Commerce. The place of arbitration
shall be Amsterdam. The language to be used in the arbitration proceedings
shall be English.

 

35

 

26.13.3       Any dispute as to whether a matter qualifies as (i) a dispute with
regard to the determination of an Option Price which is to be resolved by the
Reporting Accountant, a dispute with regard to the determination of the
Prescribed Value which is to be resolved by the independent expert pursuant to
Clause 19 or (iii) a dispute referred to in Clause 6.1 which is to be
resolved pursuant to Clause 6 or (ii) a dispute which is to be resolved
pursuant to Clauses 26.13.1 or 26.13.2, shall be exclusively settled in
accordance with negotiation or arbitration pursuant to Clauses 26.13.1 or 26.13.2,
respectively.

 

26.13.4       Clauses 26.13.1, 26.13.2 and 26.13.3 shall also apply to disputes arising
in connection with agreements that are connected with this Agreement, unless
the relevant agreement expressly provides otherwise.

 

26.14                 Governing law

 

This Agreement
and the documents to be entered into pursuant to it, save as expressly
otherwise provided therein, shall be governed by and construed in accordance
with the laws of the Netherlands.

 

36

 

In WITNESS WHEREOF Nutreco and Stolt have executed this
Agreement on this 29th day of April, 2005

 

SIGNED by B. Verwilghen

on
behalf of Nutreco Holding N.V.

 

 

SIGNED by J. Chr. Engelhardtsen

on
behalf of Stolt-Nielsen S.A. 

 

 

SIGNED by J. Chr Engelhardtsen                

on
behalf of Stolt Sea Farm Investments B.V.

 

 

Signed
by the Company on this 29th day of April, 2005 (i) for
acknowledgement of the agreement between Nutreco Holding N.V. and Stolt-Nielsen
S.A. in respect of the matters set out in this Agreement, and (ii) for
agreement with Clauses 2, 3, 4, 5, 7, 8, 9, 10, 11, 12, and 20.

 

 

SIGNED by A. van Driel

on
behalf of Marine Harvest N.V.

 

37

 

Schedule 1                                    Definitions

 

(Clause 1.1)

 

“Accepting Holders” has the meaning set out in Clause 16.5;

 

“Affiliate” means, in relation to a company, any of its
subsidiaries and any other company over which it has control;

 

“Agreement” means this shareholders agreement and the
schedules thereto;

 

“Annual General Meeting” means the annual general meeting of
shareholders of the Company;

 

“Articles of Association” means the articles of association
of the Company in accordance with Schedule 4 (Part 1) and as amended
from time to time;

 

“Australian Barramundi Activities” means the activities of
the JV Group in Australia with respect to Barramundi, particulars of which are
contained or referred to in Schedule 3 (Part 2);

 

“Budget” means the annual budget from time to time of the
Company and the JV Group, drawn up and approved from time to time in accordance
with the provisions of this Agreement;

 

“Business” has the meaning given in Clause 2.2;

 

“Business Agreements” means the Transitional Services
Agreement, the Tuna Supply Agreement and the Supply Agreement entered into on
the date of this Agreement between the relevant members of the JV Group and the
relevant members of the Nutreco Group and/or Stolt Group, respectively,
and  “Business
Agreement” means any relevant one of them;

 

“Business Day” means a day which is not a Saturday, a Sunday
or a public holiday in the Netherlands or Norway;

 

“Business Plan” means the business plan from time to time of
the Company and the JV Group, drawn up and approved in accordance from time to
time with the provisions of this Agreement;

 

“Capital Employed” means, in relation to a business or an
activity its net working capital and fixed assets;

 

“Company” means Marine Harvest N.V., a limited liability
company incorporated in the Netherlands;

 

“Contribution Agreement” means the contribution agreement
entered into between Nutreco, Stolt B.V. and Stolt on 3 December 2004;

 

38

 

“D-Date” has the meaning given in Clause 12.5;

 

“Deadlock Notice” has the meaning given in Clause 6.1;

 

“Deed of Adherence” means a deed of adherence in the form set
out in Schedule 6;

 

“Defaulting Shareholder” has the meaning given in Clause 17.1;

 

“Dutch GAAP” means generally accepted accounting principles
under Netherlands law;

 

“Encumbrance” means any claim, charge, pledge, mortgage,
lien, option, equity, power of sale, hypothecation, usufruct, retention of
title, right of pre-emption, right of first refusal or other third party rights
or security interest of any kind or an agreement to create any of the
foregoing;

 

“Event of Default” has the meaning given in Clause 17.1;

 

“General Meeting” means the general meeting of shareholders
of the Company;

 

“Group” means the Nutreco Group, the JV Group and/or the
Stolt Group, as the context requires;

 

“Group Transferee” means a company to whom Shares have been
transferred under Clause 15.1;

 

“Guarantee” means any guarantee, indemnity, surety, letter of
comfort or other assurance, security, right of set-off, obligation to
contribute or undertaking given by a person to secure or support the
obligations (actual or contingent) of any other person, whether given directly
or by way of counter-indemnity;

 

“IFRS” means International Financial Reporting Standards;

 

“Initial Budget” means the initial budget to be adopted by
the Managing Board (substantially) in the form of Schedule 5 (Part 2);

 

“Initial Business Plan” means the initial business plan to be
adopted by the Managing Board (substantially9 in the form attached as Schedule 5 (Part 1);

 

“IPO” means an initial public offering of the Company;

 

“JV  Group” means
the Company and its Affiliates, on the date of this Agreement being the
subsidiaries and group companies referred to in Schedule 2;

 

39

 

“Managing Board” means the managing board of the Company;

 

“Managing Board Chairman” means the chief executive officer
of the company and chairman of the Managing Board;

 

“Managing Board Member” means a member of the Managing Board;

 

“Managing Board Rules” means the rules on the internal
organisation and proceedings of the managing board, as attached hereto as Schedule 4
(Part 2) as amended from time to time;

 

“Minimum Transfer Condition” has the meaning set out in
Clause 16.1;

 

“New Species Activities” means the Nutreco New Species
Activities and the Stolt Cod and Halibut Activities;

 

“Notice” has the meaning set out in Clause 26.9.1;

 

“Nutreco” means Nutreco Holding N.V., a limited liability
company incorporated in the Netherlands;

 

“Nutreco Activities” has the meaning given in recital A;

 

“Nutreco Australian Option” means Nutreco’s option to
purchase the Australian Barramundi Activities from the Company as set out in
Clause 11.2;

 

“Nutreco Australian Option
Price” means the price for Nutreco’s Australian Option set out in
Clause 11.2;

 

“Nutreco Group”
means Nutreco and its Affiliates, excluding the JV Group;

 

“Nutreco’s Lawyers” means De Brauw Blackstone Westbroek N.V.
of Tripolis 300, Burgerweeshuispad 301, 1076 HR Amsterdam, the Netherlands;

 

“Nutreco New Species Activities” means the activities
contributed by Nutreco to the Company relating to the farming, processing and
marketing of fish species other than salmon including cod, halibut and
yellowtail worldwide, further specified in Schedule 3 (Part 1);

 

“Nutreco New Species Option” means Nutreco’s option to
purchase the New Species Activities from the Company as set out in Clause 11.1;

 

“Nutreco New Species Option Price” means the price for
Nutreco’s New Species Option set out in Clause 11.2;

 

40

 

“Nutreco Option” means the Nutreco Australian Option or the
Nutreco New Species Option, as appropriate;

 

“Nutreco Shares” means the shares in the capital of the
Company held by Nutreco or a member of the Nutreco Group from time to time, on
the date of this Agreement being 45,000 (forty five thousand) shares equalling
75% of the total issued and outstanding share capital of the Company at the
date of this Agreement;

 

“Nutreco Supervisory Board Members” means Supervisory Board
Members nominated by Nutreco and

“Nutreco Supervisory Board Member” means anyone of them;

 

“Offer” has the meaning given in Clause 16.1;

 

“Offered Shares” has the meaning given in Clause 16.1;

 

“Offer Notice” has the meaning given in Clause 16.1;

 

“Offeror” has the meaning given in Clause 16.1;

 

“Offer Period” has the meaning given in Clause 16.4;

 

“Offer Price” has the meaning given in Clause 16.1;

 

“Offer Terms” has the meaning given in Clause 16.1;

 

“Option Notice” has the meaning given in Clause 11.3.1;

 

“Option Price” means either the Nutreco Australian Option
Price or the Nutreco New Species Option Price, as appropriate;

 

“Original Holder” means, in relation to any Group Transferee,
the Shareholder who made the transfer of the relevant Shares to the Group
Transferee or, in the case of a series of transfers between Group Transferees,
the Shareholder who made the initial transfer of the relevant Shares to a Group
Transferee, and the relevant Shares means the Shares held by the Group
Transferee or any Shares from which those Shares are derived or by virtue of
which those Shares were acquired;

 

“Potential Purchaser” has the meaning given in Clause 16.1.

 

“Prescribed Value” means, in relation to Shares the amount
that a third party would, on a voluntary basis, be willing to offer for the
Shares in question as determined pursuant to Clause 19;

 

“Purchase Price” has the meaning given in Clause 16.2;

 

41

 

“Reporting Accountant” has the meaning given in Clause 11.4;

 

“Shareholders” means, collectively Nutreco and Stolt B.V.,
members of the Nutreco Group or Stolt Group holding shares and any other person
to whom Shares are transferred or issued from time to time in accordance with
this Agreement, and “Shareholder”
means any of them, as the context requires;

 

“Shares” means collectively, the Nutreco Shares and the Stolt
Shares, and shares in the capital of the Company that are issued from time to
time in accordance with the terms of this Agreement and a “Share”
means anyone of them;

 

“Stolt” means Stolt-Nielsen S.A., a limited liability company
incorporated in Luxembourg;

 

“Stolt B.V.” means Stolt Sea Farm Investments B.V., a private
company with limited liability incorporated in the Netherlands,

 

“Stolt Activities” has the meaning given in recital B;

 

“Stolt Cod and Halibut Activities” means the cod and halibut
activities contributed by Stolt to the Company, as further specified in Schedule 3
(Part 3);

 

“Stolt Group” means Stolt, Stolt B.V. and their Affiliates,
excluding, to the extent applicable, the JV Group;

 

“Stolt Lawyers” means Freshfields Bruckhaus Deringer of
Apollolaan 151, 1077 AR Amsterdam, the Netherlands;

 

“Stolt Option Notice” has the meaning given in Clause 13.2;

 

“Stolt Option” means the option of Stolt B.V. to sell all the
Stolt Shares to Nutreco set out in Clause 13;

 

“Stolt Shares” means the shares in the capital of the Company
held by Stolt B.V. or members of the Stolt Group from time to time, on the date
of this Agreement being 15,000 (fifteen thousand) shares equalling 25% of the
total issued and outstanding share capital of the Company;

 

“Stolt Supervisory Board Member” means the Supervisory Board
Member nominated by Stolt B.V.;

 

“Supervisory Board” means the supervisory board of the
Company;

 

“Supervisory Board Chairman” means the independent chairman
of the Supervisory Board;

 

42

 

“Supervisory Board Member” means a member of the Supervisory
Board;

 

“Supervisory Board Rules” means the rules of the
internal organisation and proceedings of the Supervisory Board, as attached
hereto as Schedule 3 (Part 3) and as amended from time to time;

 

“Taxation” or “Tax” means all
forms of taxation whether direct or indirect and whether levied by reference to
income, profits, gains, net wealth, net worth, equity, asset values, turnover,
gross receipts, added value or other reference, and statutory, governmental,
state, provincial, local governmental or municipal impositions, duties,
contributions, rates and levies (including sales and use taxes, social security
contributions and any other payroll taxes), whenever and wherever imposed
(whether imposed by way of a withholding or deduction for or on account of tax
or otherwise) and in respect of any person, and all penalties, charges, costs
and interest relating thereto;

 

“Tax Authority” means any taxing or other authority competent
to impose any liability in respect of Taxation or responsible for the
administration and/or collection of Taxation or enforcement of any law in
relation to Taxation;

 

“Transaction” means the entering into by Nutreco and Stolt of
the joint venture in respect of the JV Activities to be undertaken by the
Company; and

 

“Unresolved Deadlock” has the meaning given in Clause 6.4.

 

43

 

Schedule 2            JV Group

 

The JV Group
includes the following:

 

•              the Nutreco JV Companies, as described in Schedule 2 (Part 1)
to the Contribution Agreement;

 

•              the Nutreco JV Businesses, as described in Schedule 2 (Part 2)
to the Contribution Agreement;

 

•              the Stolt JV Companies, as described in Schedule 3 (Part 1)
to the Contribution Agreement; and

 

•              the Stolt JV Businesses, as described in Schedule 3 (Part 2)
to the Contribution Agreement.

 

44

 

	
  Schedule 3

  	
  Particular Activities

  
	
   

  	
   

  
	
  Schedule 3 (Part 1)

  	
  Nutreco
  New Species Activities

  

 

The Nutreco
New Species Activities include the following activities:

 

Cod

 

This business
comprises primarily the juvenile hatchery “CCN” located in Kollsnes Industrial
park near the Bergen region in Norway and the cod sea on-growing sites and
facilities in the Rogaland region.

 

Marine Harvest
has facilities for full chain control with a current plan to grow production to
12,000 tonnes annually. First harvests will be in 2005. Sales are presently
planned to be through the existing Marine Harvest sales organisation and
channels.

 

Halibut

 

The production
activities of this business are located in the Rogaland region in Norway and
comprise primarily the converted salmon hatchery in Imsland as juvenile
facility, the purchased Helland tank farm and the sea cage grow-out sites.
Additionally there is a halibut hatchery located in R&qout;rvik, North Tr&qout;ndelag.
There are also a small number of on-growing sites in Scotland which are being
harvested out and discontinued over 2005/06.

 

Marine Harvest is present in all stages in
life cycle from brood stock management to harvest. The planned capacity is 1800
tonnes per year in Norway with two new on-growing cage sites planned 2005/2006.

 

Yellowtail

 

The yellowtail
farming industry in Japan has an established market with stable production.
Marine Harvest’s yellowtail business is the only foreign company to get its own
site in Japan (2003) located at Kamiura; capacity is 3600 tonnes; the business
plan envisages utilization of the capacity. Additionally it has two contracted
farms; approximately the same volumes as produced are in-sourced from ‘partner’
producers. There is also a processing alliance with Owase where harvested fish
are ‘live-hauled’, processed and shipped fresh to market.

 

45

 

	
  Schedule 3 (Part 2)

  	
  Australian Barramundi Activities

  

 

The Australian
Barramundi Activities include the following activities:

 

This business
comprises the Barramundi Fish Farming and Sales Business of Marine Harvest
Australia.

 

The fish
farming production activities are located in the Tiwi Islands, North of Darwin,
Australia. The business was started Feb 2001with the first harvest May 2002.
The current Production is approx. 1000 tonnes, site capacity approx. 3500MT and
current cage capacity approx 1600 tonnes.

 

The product has a good market position in
Australia where most sales are made, with additionally some exports to the US.

 

46

 

	
  Schedule 3 (Part 3)

  	
  Stolt
  Cod and Halibut Activities

  

 

Cod

 

These
activities are located in the region of Moere & Romsdal in
Norway .  The cod business comprises an ongrowing site on land
(they take in 5 gram fish and grow them up to 70-100 gram) and two
sea sites. The annual production
capacity on land is approximately 2, 5 million fish at 70-100 gram. From
the two sea sites the expected harvest is approximately 300
tons in 2005 and 330 tons in 2006.

 

Halibut

 

These
activities are located in the region of Moere & Romsdal in Norway. The
site is land based, and designed particularly for production of halibut. It
includes facilities for broodstock, nursery and ongrowing. It has a production
capacity of approximately 275 tons per year, with a new on-growing cage site
planned for 2005/2006.

 

47

 

	
  Schedule 4

  	
  Constituent
  documents

  
	
   

  	
   

  
	
  Schedule 4 (Part 1)

  	
  Articles
  of Association

  

 

Articles
of Association (Dutch)

 

48

 

Articles of Association (Unofficial English Translation)

 

Version dated

2-12-2004/27-4-2005

sa/pk/sa/mh

F:\Adam\Akten\akt2005\akt2005.rwc\74553079.bm3e.doc

 

UNOFFICIAL
TRANSLATION

DEED
OF AMENDMENT OF THE ARTICLES OF ASSOCIATION

MARINE
HARVEST N.V.

 

On the twenty-ninth day of April two thousand and five appears
before me, Paul Klemann, notaris (civil-law notary) practising in Amsterdam:

 

Sabine Mandy
Altena, kandidaat-notaris (candidate civil-law notary), employed by De Brauw
Blackstone Westbroek N.V., a limited liability company, with corporate seat in
The Hague, with address at: 2596 AL The Hague, the Netherlands,
Zuid-Hollandlaan 7, at the office in Amsterdam, born in Sneek on the
seventeenth day of August nineteen hundred and seventy-four.

 

The person appearing declares that on the thirty-first day of March two
thousand and five the general meeting of shareholders of Marine Harvest N.V., a
limited liability company, with its corporate seat in Amersfoort, the
Netherlands, and address at: 3818 KC Amersfoort, the Netherlands, Prins
Frederiklaan 4, resolved to amend the articles of association of this company
and to authorise the person appearing to execute this deed.

 

Pursuant to those resolutions the person appearing declares that she
amends the company’s articles of association such that these shall read in full
as follows

 

ARTICLES OF ASSOCIATION:

 

Name. Corporate seat.

Article 1.

 

The name of the company is: Marine Harvest N.V.

 

Its corporate seat is in Amersfoort.

 

Objectives.

Article 2.

 

2.1.          The
objectives of the company are:

 

a.             the
worldwide farming, processing, marketing and sale of fish and fish products;

 

b.             to
participate in, to finance and administer companies, business enterprises and
other business undertakings, to borrow moneys and to furnish moneys on loan and
in general to enter into financial transactions, to furnish guarantees and to
render services in the field of commerce and finance, to buy and sell
promissory notes, to acquire, hold, dispose of or in any other way to deal with
all kinds of participation and interests in other companies, business
enterprises and other business undertakings;

 

c.             to
develop and commercialise licences, copyrights, patents, designs, secret
processor formulae, trademarks, know-how and other intellectual property rights
and similar interests, to promote the selling and purchasing of - as well as
the

 

49

 

trade in - the aforementioned objectives, including the granting of the
use of these objectives;

 

d.             to
acquire royalties and other income connected with the activities as mentioned
under c;

 

e.             to
acquire, hold, exploit, lease, rent, turn to account, encumber, dispose of or in
any other way utilise movables and immovables;

 

f.              to
render services to other companies, including the promotion of communication
with other companies;

 

g.             for
purposes not related to the conduct of its business to make periodic payments
for or towards pension or superannuation funds or other objectives;

 

h.             to
perform all acts that are advisable, necessary, usual or related to the
abovementioned objectives, which shall include but not be limited to all acts
that relate to the management of, the acting in conjunction with, the
participating in, the acquiring of or the merging or amalgamating with other
business enterprises or companies with objectives equal or related to those
that have been stated above.

 

2.2.          The
company shall have the power to form and to acquire and to participate in any
other trade, business or business enterprises having one or more objectives as
specified in paragraph 2.1. herein or being related thereto or whose objectives
are capable of being conducive, in whole or in part, to the promotion of one or
more of the objectives specified in paragraph 2.1. herein.

 

2.3.          The
company may not grant any loans, provide any collateral, guarantee the price,
otherwise guarantee or otherwise bind itself jointly and severally with or for
third parties, for the purpose of the subscription or acquisition by third
parties of shares in its own capital or of depositary receipts issued therefor.
The prohibition in the last sentence shall not apply if shares or depositary
receipts are subscribed or acquired by employees of the company or of a group
company.

 

2.4.          The
objectives specified above shall be given the widest possible meaning.

 

Share capital and shares.

Article 3.

 

3.1.          The
authorised share capital of the company amounts to two hundred twenty-five
thousand euro (EUR 225,000). It is divided into two hundred twenty-five
thousand (225,000) shares with a nominal value of one euro (EUR 1) each.

 

3.2.          The
shares shall be in registered form and shall be numbered consecutively from 1
onwards.

 

3.3.          No share
certificates shall be issued.

 

3.4.          If the
aggregate amount of the issued share capital and the reserves required to be
maintained by law is less than the minimum share capital as then required by
law, the company must maintain a reserve up to an amount equal to the
difference.

 

Issue of shares.

Article 4.

 

4.1.          Shares
shall be issued pursuant to a resolution of the general meeting; the general
meeting shall determine the price and further terms and conditions of the
issue.

 

50

 

4.2.          The
previous paragraph shall equally apply to a grant of rights to subscribe for
shares, but shall not apply to an issue of shares to a person who exercises a
previously acquired right to subscribe for shares.

 

4.3.          Shares
shall never be issued at a price below par.

 

4.4.          Shares
shall be issued by notarial deed in accordance with the provisions set out in section 2:86
of the Civil Code.

 

4.5.          The
company shall within eight days of the resolution of the general meeting to
issue shares file the complete text of the resolution with the trade register.

 

4.6.          The
company shall within eight days of each issue of shares, report the issue of
shares to the trade register, stating the number and class.

 

4.7.          The
company is not authorised to cooperate in the issue of depositary receipts for
shares.

 

4.8.          The
voting rights on shares may not be conferred on holders of a right of pledge on
such shares.

 

4.9.          Shareholders
may only be legal entities which are party to the shareholders agreement entered
into by shareholders of the company dated the twenty-ninth day of April two
thousand and five, as amended from time to time, as
well as the company itself.

 

4.10.        If a
shareholder no longer complies with the requirements referred to in paragraph 9
of this article, or if a person becomes a shareholder who does not comply with
such requirements, he may no longer or not, as the case may be, exercise the
right to attend meetings and voting rights attached to his shares and his right
to dividend shall be suspended, provided however that if all shares are held by
persons, who do not or do no longer comply with such requirements, they may
nevertheless exercise their right to attend meetings and voting rights with
respect to a proposal:

 

a.             to
amend the articles of association, so that the requirements, stated in
paragraphs 9 up to and including 11 of this article and the articles 20
and 21 shall be deleted; or

 

b.             to
dissolve the company.

 

4.11.        On the
proposal of the managing board, the general meeting may adopt a resolution with
a majority of ninety percent in a meeting in which the entire share capital is
present or represented, to irrevocably exempt one or more persons named in a
resolution to that effect from the requirements referred to in paragraph 9.

 

4.12.        The
managing board shall have the power, without the approval of the general
meeting, subject to the approval of the supervisory board to enter into
agreements as referred to in section 2:94 of the Civil Code.

 

Payment for shares.

Article 5.

 

5.1.          Shares
shall only be issued against payment in full.

 

5.2.          Payment
must be made in cash, providing no alternative contribution has been agreed.

 

5.3.          Payment
in cash may be made in a foreign currency, subject to the company’s consent.

 

Pre-emptive rights.

Article 6.

 

6.1.          Upon
issue of shares against payment in cash, each shareholder shall have a
pre-emptive right in proportion to the aggregate nominal amount of his shares,
subject to

 

51

 

the provisions
of paragraph 6.3. herein. A shareholder shall have no pre-emptive right in
respect of shares issued to employees of the company or of a group company.

 

Should a
shareholder who is entitled to a pre-emptive right not or not fully exercise
such right, the other shareholders shall be similarly entitled to pre-emptive
rights in respect of those shares which have not been claimed.

 

If the latter
collectively do not or do not fully exercise their pre-emptive rights, then the
general meeting shall be free to decide to whom the shares which have not been
claimed shall be issued and such issue may be made at a higher price.

 

6.2.          Upon
issue of shares against contribution-in-kind, holders of such shares have no
pre-emptive rights unless the general meeting declares the pre-emptive right
applicable in respect of a specific issue. In that case, the provisions of this
article shall equally apply to the shares to be issued.

 

6.3.          Pre-emptive
rights may be limited or excluded by the general meeting. The limitation or
exclusion proposal shall contain a written explanation of the reasons for the
proposal and the selection of the intended issue price.

 

6.4.          If less
than fifty percent of the issued capital is represented at the meeting, a
majority of at least two-thirds of the votes cast shall be required for a
resolution of the general meeting to limit or exclude the pre-emptive rights.

 

6.5.          The
company shall within eight days of a resolution of the general meeting to limit
or exclude the pre-emptive rights file the complete text of the resolution with
the trade register.

 

6.6.          Pre-emptive
rights may not be separately disposed of.

 

6.7.          If
pre-emptive rights exist in respect of an issue of shares, the general meeting
shall determine, with due observance of the provisions set out in this article and
simultaneously with the resolution to issue shares, the manner in which and the
period within which such pre-emptive rights may be exercised. Such period shall
be at least four weeks as of the date the notification referred to in paragraph
6.8. herein is sent.

 

6.8.          The
company shall notify all shareholders of an issue of shares in respect of which
pre-emptive rights exist and of the period of time within which such rights may
be exercised.

 

6.9.          This article shall
equally apply to a grant of rights to subscribe for shares, but shall not apply
to an issue of shares to a person who exercises a previously acquired right to
subscribe for shares.

 

Acquisition and disposal of shares.

Article 7.

 

7.1.          Subject
to authorisation by the general meeting, the managing board may cause the
company to acquire fully paid-up shares in its own share capital for a
consideration, provided that:

 

a.             the
company’s equity minus the acquisition price is not less than the aggregate
amount of the issued share capital and the reserves which must be maintained
pursuant to the law; and

 

b.             the
aggregate par value of the shares in its share capital to be acquired, held or
held in pledge by the company or held by a subsidiary does not exceed ten
percent of the issued share capital.

 

52

 

The validity
of the acquisition shall be determined on the basis of the company’s equity as
shown by the most recently adopted balance sheet, minus the acquisition price
for shares in the company’s share capital and any distribution out of profits
or reserves to other persons which have become due by the company and its
subsidiary companies after the balance sheet date. No acquisition pursuant to
this paragraph shall be allowed if a period of more than six months following
the end of a financial year has expired without the annual accounts for such
year having been adopted.

 

7.2.          Articles
4 and 6 shall equally apply to the disposal of shares acquired by the company
in its own share capital, with the exception that such disposal may be made at
a price below par.

 

7.3.          If
depositary receipts for shares in the company have been issued, such depositary
receipts for shares shall be put on par with shares for the purpose of the
provisions of paragraph 7.1. herein.

 

7.4.          In the
general meeting no votes may be cast in respect of a share held by the company
or a subsidiary company; no votes may be cast in respect of a share the
depositary receipt for which is held by the company or a subsidiary company.

 

When determining
to what extent the shareholders cast votes, are present or represented or to
what extent the share capital is provided or represented, no account shall be
taken of shares which are not entitled to voting rights pursuant to the
preceding provisions.

 

7.5.          Shares
which the company holds in its own share capital shall not be counted when
determining the division of the amount to be distributed on shares.

 

Reduction of share capital.

Article 8.

 

8.1.          Upon
the proposal of the supervisory board, the general meeting may resolve to
reduce the issued share capital by cancelling shares or by reducing the par
value of shares by an amendment of the articles of association.

 

8.2.          Cancellation
of shares can only apply to shares which are held by the company itself or to
shares for which the company holds depositary receipts.

 

8.3.          Reduction
of the par value of shares without repayment or partial repayment on shares
shall be effected pro rata with respect to all shares. The pro rata requirement
may be waived with the consent of all shareholders.

 

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

 

The company
shall file a resolution to reduce the issued share capital with the trade
register and shall publish such filing in a national daily newspaper.

 

Shareholders register.

Article 9.

 

9.1.          The
managing board shall maintain a register in which the names and addresses of
all shareholders shall be recorded, stating the date on which they acquired the
shares, the number of shares held by each of them, the date of acknowledgement
or service, as

 

53

 

well as the
amount paid up on each share and any other information that must be recorded
under the law.

 

9.2.          The
names and addresses of those with a right of usufruct or a pledge on the shares
shall also be recorded in the register, stating the date on which they acquired
the right, and the date of acknowledgment and service.

 

9.3.          The
register shall be kept accurate and up to date by the managing board.

 

9.4.          Upon
request and at no cost, the managing board shall provide a shareholder, a
holder of a right of usufruct and a holder of a right of pledge with an extract
from the register regarding their respective rights in respect of a share. If a
share is encumbered with a right of usufruct or a right of pledge, the extract
shall specify that the shareholder is entitled to the voting rights pertaining
to such share and that the holder of the right of usufruct or the holder of the
right of pledge is not entitled to the rights conferred by law on holders of
depositary receipts for shares issued with the cooperation of a company.

 

9.5.          The
managing board shall make the register available at the office of the company
for inspection by the shareholders.

 

Article 10.

 

Each shareholder, holder of a right of
usufruct and holder of a right of pledge shall provide his address to the
managing board.

 

Joint holding.

Article 11.

 

If shares are included in a joint holding, the joint participants may
only be represented vis-à-vis the company by a person who has been designated
by them in writing for that purpose. The joint participants may also designate
more than one person.

 

The joint participants may determine at the time of the designation of
the representative or thereafter - but only unanimously - that, if a joint
participant so wishes, a number of votes corresponding to his interest in the
joint holding will be cast in accordance with his instructions.

 

Any person so
designated must comply with the requirements referred to in article 4
paragraph 9.

 

Notices of meetings and notifications.

Article 12.

 

12.1.        Notices
of meetings and notifications shall be given by registered or regular letter or
by bailiff’s writ.

 

Notices of
meetings and notifications to shareholders shall be sent to the addresses most
recently provided to the managing board. Notifications by shareholders to the
managing board or to the supervisory board shall be sent to the office of the
company.

 

12.2.        The date
of a notice of meeting or a notification shall be deemed to be the date stamped
on the receipt issued for the registered letter, or the date of mailing by the
company or the date of service of the writ, as the case may be.

 

12.3.        Notifications
which, pursuant to the law or the articles of association, are to be addressed
to the general meeting may be included in the notice of such meeting.

 

Transfer of shares.

Article 13.

 

Any transfer of shares or of a right of usufruct on shares or the creation
or release of a right of usufruct or of a right of pledge on shares shall be
effected by notarial deed in accordance with the provisions set out in section 2:86
of the Civil Code.

 

54

 

Save in the event that the company is a party to the transaction the
rights attached to the shares may only be exercised after:

 

a.             the
company has acknowledged the transaction;

b.             the
deed has been served upon the company; or

c.             the
company has acknowledged the transaction on its own initiative by recording the
same in the shareholders’ register,

 

all in accordance with the provisions set out in sections 2:86a and
2:86b of the Civil Code.

 

Restrictions on the transfer of shares.

Article 14.

 

14.1.        A
transfer of shares - with the exception of a transfer by the company of shares
which it has acquired in its own share capital - may only take place with due
observance of the following paragraphs of this article and of articles 15
up to and including 20.

 

14.2.        A
shareholder who wishes to transfer one or more shares, hereinafter also to be
referred to as: the offeror, shall first offer such shares to the other
shareholders who shall then have a pre-emptive right to purchase these shares
as described hereinafter, unless the general meeting has adopted a resolution
with a majority of ninety percent in a meeting in which the entire share
capital is present or represented, to grant its approval to a transfer of
shares. If the company holds shares in its own share capital, it shall only
have a pre-emptive right, if the offeror, when making the notification referred
to in article 15 explicitly consents thereto.

 

Notification.

Article 15.

 

The offeror
shall offer the shares he wishes to transfer by notification to the managing
board.

 

In that
notification he shall state the number of shares he wishes to transfer and the
particulars of those shares.

 

Within ten
days after such notification the managing board shall notify the other
shareholders setting out the contents of the offer.

 

Purchase
price.

Article 16.

 

16.1.        Following
the notification to the other shareholders referred to in the last sentence in article 15,
the offeror and the other shareholders shall in good faith negotiate a monetary
value of the shares offered.

 

16.2.        If,
within twenty days of the beginning of such negotiations as referred to in the
above paragraph the offeror and the other shareholders are unable to agree such
monetary value, the offeror and the other shareholders shall consult with each
other about the designation of an independent investment bank, who shall
determine the price which shall equal the value of the shares concerned, by a
decision binding on all parties; the shareholders may exercise their
pre-emptive right at the price so determined.

 

16.3.        If such an
investment bank has not been designated jointly by the shareholders and the
offeror within thirty days after the notification, referred to in the last
sentence of article 15, the designation shall be made by the president of
the Chamber of Commerce and Industry in the district in which the company is
registered at the request of the party who is first to take action or the
managing board.

 

55

 

16.4.        The
managing board and the shareholders shall provide the independent investment
bank with any information he requests. The cost of determining the price shall
be borne by the shareholders in equal proportions.

 

16.5.        The
independent investment bank shall notify the managing board of such price.

 

Within ten
days of this notification, the managing board shall notify the offeror and all
other shareholders of the price determined by the independent investment bank.

 

Offer period.

Article 17.

 

17.1.        Within
ten days of the notification, referred to in article 16, paragraph 5,
hereinafter referred to as offer period, a shareholder, who wishes to exercise
his pre-emptive right, hereinafter referred to as prospective purchasers, shall
inform the managing board how many shares he wishes to purchase, failing which
his pre-emptive right shall lapse.

 

17.2.        Within
ten days after expiry of the offer period, the managing board shall notify the
offeror whether there are prospective purchasers and, if so, how many and which
shares have been allotted and to whom.

 

Revocation of offer.

Article 18.

 

18.1.        If there
are prospective purchasers for all offered shares, the offeror may revoke his
offer in its entirety within one month after the notification, referred to in article 17
paragraph 2, by notification to the managing board; in that case he shall not
be entitled to transfer the shares.

 

18.2.        Within
ten days the managing board shall notify the prospective purchasers of a
notification, as referred to in paragraph 1.

 

Sale to shareholders.

Article 19.

 

19.1.        If there
are prospective purchasers for all offered shares and the offeror has not
revoked his offer, a purchase agreement shall be deemed to have been entered
into in respect of all offered shares and the offeror shall be required to
transfer the shares within ten days after expiry of the period of one month as
referred to in article 18 paragraph 1 and the prospective purchasers shall
be required to pay simultaneously the price of the shares in cash to the
offeror.

 

19.2.        If the
prospective purchasers wish to exercise their pre-emptive rights in respect of
more shares than are available to them, the available shares shall be divided
amongst them in proportion to the number of shares owned by them, provided that
no-one shall be allotted more shares than the number of shares he has applied
for.

 

19.3.        If the
offeror defaults to transfer to a prospective purchaser within the period as
referred to in paragraph 1, the company shall have authority to effect the
transfer and shall be required to do so within ten days after the prospective purchaser
has made a request to the company to that effect.

 

Transfer to a third party.

Article 20.

 

If there are
no prospective purchasers for all offered shares, the offeror may freely
transfer the offered shares, but only those shares, during three months after
the notification referred to in article 17 paragraph 2, provided that the
price shall not be less than the price determined by the

 

56

 

independent
investment bank and that the acquiring shareholder will be a person who
complies with the requirements referred to in article 4, paragraph 9. The
offeror shall provide the managing board with information and evidence for the
purpose of determining whether the previous sentence is complied with.

 

If the offeror
can not find a purchaser who complies with the requirements referred to in article 4,
paragraph 9, the managing board shall designate within thirty days one or more
prospective purchasers who have stated in writing that they are willing to
purchase between them all offered shares for the price determined by the
independent investment bank. If the managing board fails to designate such
prospective purchasers, the offeror may freely transfer the offered shares, but
only those shares, during three months after the period referred to in the
latter sentence, provided that the price shall not be less than the price
determined by the independent investment bank. If the purchaser, as referred to
in this paragraph, does not comply with the requirements referred to in article 4,
paragraph 9, he shall irrevocably be released from the provisions of article 4,
paragraph 9 and 10 and article 21.

 

Article 21.

Shares
deemed to be offered.

 

Shares held by
a shareholder who does not or does no longer comply with the requirements
referred to in article 4, paragraph 9 shall be deemed offered within the
meaning of article 14 paragraph 2. Article 14 paragraph 2 and the
articles 15 up to and including 20 equally apply subject, however, to the
following modifications:

 

a.                                       the shareholder may not withdraw his offer;

 

b.                                      the notification referred to in article 15 means the
notification by the managing board to the other shareholders that a shareholder
does not or does no longer comply with the requirements stated in article 4,
paragraph 9;

 

c.                                       if there are no prospective shareholders for all offered shares, the
shareholder who does not or no longer comply with the requirements referred to
in article 4, paragraph 9 shall irrevocably be released from the
provisions of article 4, paragraph 9 and 10 and this article.

 

Management. Supervision on management.

Article 22.

 

22.1.        The
company shall be managed by a managing board, under the supervision of a
supervisory board. The managing board shall consist of at least two members and
the supervisory board
shall consist of four members. Subject to the provision
of the latter sentence, the general meeting shall determine the number of
members of the managing board. A legal entity may not be appointed as a member
of the managing board or as a member of the supervisory board.

 

22.2.        Members
of the managing board, upon nomination of the supervisory board, and members of
the supervisory board shall be appointed by the general meeting.

 

The general
meeting may at any time suspend and dismiss members of the managing board and
members of the supervisory board.

 

The
supervisory board may at any time suspend a member of the managing board.

 

22.3.        Together
with a nomination for the appointment of a member of the supervisory board the
following information shall be given in respect of the candidate: his age, his
profession, the number of shares in the share capital of the company held by
him and the positions he holds or held insofar as relevant to the fulfilment of
the duties as a

 

57

 

member of the
supervisory board. Furthermore mention shall be made of the legal entities for
which he serves as a member of the supervisory board whereby, in case legal
entities are included which belong to the same group, it shall be sufficient to
mention such group.

 

The nomination
for the appointment of a member of the supervisory board shall include the
reasons.

 

22.4.        If either
the general meeting or the supervisory board has suspended a member of the
managing board, or if the general meeting has suspended a member of the
supervisory board, the general meeting shall within three months after the
suspension has taken effect resolve either to dismiss such member of the
managing board or member of the supervisory board, or to terminate or continue
the suspension, failing which the suspension shall lapse.

 

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

 

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

 

A member of
the managing board or a member of the supervisory board who has been suspended
shall be given the opportunity to account for his actions at the general
meeting and to be assisted by an adviser.

 

22.5.        In the
event that one or more members of the managing board is/are prevented from
acting or failing his presence, the remaining members of the managing board or
the only remaining member of the managing board shall temporarily be in charge
of the management.

 

In the event
that all members of the managing board are or the only member of the managing
board is prevented from acting or failing their/his presence, the supervisory
board shall temporarily be in charge of the management; in such case the supervisory
board shall be authorised to designate one or more temporary members of the
managing board.

 

Failing any
member of the managing board the supervisory board shall take the necessary
measures as soon as possible in order to have a definitive arrangement made.

 

Remuneration.

Article 23.

 

23.1.        The
policy regarding the remuneration of the members of the managing board will be
adopted by the general meeting.

 

23.2.        The
remuneration of members of the managing board will, with due observance of the
policy as referred to in paragraph 1., be determined by the supervisory board.

 

23.3.        The
supervisory board will submit for approval to the general meeting a proposal
regarding the arrangements for the remuneration of members of the managing
board in the form of shares or rights to acquire shares. This proposal shall
include at least how many shares or rights to acquire shares may be awarded to
the members of the managing board and which criteria apply to an award or a
modification. The absence of

 

58

 

the approval
of the general meeting shall not invalidate the representative authority of the
supervisory board.

 

Managing board.

Article 24.

 

24.1.        Each
year, the managing board shall prepare a business plan and budget, subject to
the approval of the supervisory board.

 

24.2.        With due
observance of these articles of association, the managing board may adopt rules governing
its internal proceedings. Furthermore, the members of the managing board may
divide their duties among themselves, whether by rules or otherwise. The
managing board may appoint a secretary of the managing board, who does not
necessarily have to be a member of the managing board.

 

24.3.        The
managing board shall meet whenever a member of the managing board so requires.
Meetings of the managing board may be held by telephone conference
communications, provided that all participating members of the managing board
can hear each other simultaneously. The managing board shall adopt its
resolutions by an absolute majority of votes cast. Each member of the managing
board shall have one vote.

 

In a tie vote,
to the extent legally permissible, the chairman of the managing board shall
have a casting vote.

 

24.4.        The
managing board may also adopt resolutions without holding a meeting, provided
such resolutions are adopted in writing, by cable, by telex or by telefax and
all members of the managing board have expressed themselves in favour of the
proposal concerned. Such resolutions shall be recorded in the minute book of
the managing board kept by the managing board or the secretary of the managing
board; the documents in evidence of the adoption of such resolutions shall be
kept with the minutes book.

 

24.5.        Without
prejudice to any other applicable provision of these articles of association,
the managing board shall require the approval of the general meeting for
resolutions of the managing board regarding a significant change in the
identity or nature of the company or the enterprise, including in any event:

 

a.                                       the transfer of the enterprise in its entirety or almost all of the
enterprise in its entirety to a third party;

 

b.                                      to conclude or cancel any long-lasting co-operation by the company
or a subsidiary with any other legal person or company or as a fully liable
general partner of a limited partnership or a general partnership, provided
that such co-operation or the cancellation thereof is of essential importance
to the company;

 

c.                                       to acquire or dispose of a participating interest in the capital of
a company with a value of at least one-third of the sum of the assets according
to the consolidated balance sheet with explanatory notes thereto according to
the last adopted annual accounts of the company, by the company or a
subsidiary.

 

24.6.        The
supervisory board may adopt resolutions pursuant to which clearly specified
resolutions of the managing board require the approval of the supervisory
board.

 

24.7.        The
general meeting may adopt resolutions pursuant to which clearly specified
resolutions of the managing board require the approval of the general meeting.

 

59

 

Representation.

Article 25.

 

25.1.        The
managing board is authorised to represent the company. The company may also be
represented by each member of the managing board individually.

 

25.2.        If a
member of the managing board, acting in his personal capacity, enters into an
agreement with the company or conducts any litigation against the company, the
company may, with due observance of the provisions of the first paragraph, be
represented in that matter either by the other members of the managing board or
by a member of the supervisory board to be designated by the supervisory board,
unless the general meeting designates a person for that purpose or the law provides
for the designation in a different manner. Such person may also be the member
of the managing board in respect of whom there is a conflict of interest.

 

If a member of
the managing board has a conflict of interest with the company other than as
referred to in the first sentence of this paragraph, he as well as the managing
board or the other members of the managing board shall have the power to
represent the company, with due observance of the provisions of the first
paragraph.

 

Authorised signatories.

Article 26.

 

The managing board may grant to one or more persons, whether or not
employed by the company, the power to represent the company (“procuratie”) or
grant in a different manner the power to represent the company on a continuing
basis. The managing board may also grant such titles as it may determine to
persons as referred to in the preceding sentence, as well as to other persons,
but only if such persons are employed by the company.

 

Supervisory board.

Article 27.

 

27.1.        Supervision
of the policies of the managing board and of the general course of the company’s
affairs and its business shall be exercised by the supervisory board. The
supervisory board shall support the managing board with advice. In fulfilling
their duties the members of the supervisory board shall serve the interests of
the company and its business. The managing board shall in due time provide the
supervisory board with the information it needs to carry out its duties. At
least once per year, the managing board shall inform the supervisory board in
writing in respect of the principles of the strategic policy, the general and
financial risks and the management and control system of the company.

 

27.2.        The
supervisory board shall appoint a secretary, either from among its members or
elsewhere.

 

Furthermore,
the supervisory board may appoint and remove, from time to time, one or more of
its members as delegate supervisory director in charge of communicating with
the managing board on a regular basis. They shall report their findings to the
supervisory board and shall keep the supervisory board adequately informed. The
offices of the chairman of the supervisory board and delegate supervisory
director are compatible.

 

27.3.        With due
observance of these articles of association, the supervisory board may adopt rules governing
the division of its duties among its various members.

 

60

 

27.4.        The
supervisory board may decide, form time to time, that one or more of its
members shall have access to all premises of the company and shall be
authorised to examine all books, correspondence and other records and to be
fully informed of all actions which have taken place, or may decide that one or
more of its members shall be authorised to exercise a portion of such powers.
They shall report their findings to the supervisory board and shall keep the
supervisory board adequately informed.

 

Article 28.

 

28.1.        The
supervisory board shall meet whenever one of its members so requests. Meetings
of the supervisory board may be held by telephone conference communications,
provided that all participating members of the supervisory board can hear each
other simultaneously. Each member of the supervisory board shall have one vote.
The supervisory board shall adopt its resolutions by an absolute majority of
votes cast. The chairman of the supervisory board shall not have a casting vote
in the event of a tie vote.

 

28.2.        The
supervisory board may also adopt resolutions without holding a meeting,
provided such resolutions are adopted in writing, by cable, by telex or by
telefax and provided that all members of the supervisory board have expressed
themselves in favour of the proposal concerned.

 

Such
resolutions shall be recorded in the minute book of the supervisory board kept
by the secretary of the supervisory board; the documents in evidence of the
adoption of such resolutions shall be kept with the minutes book.

 

28.3.        The
members of the managing board shall attend the meetings of the supervisory
board, if invited to do so, and they shall provide in such meetings all
information required by the supervisory board.

 

28.4.        At the
expense of the company, the supervisory board may obtain such advice from
experts as the supervisory board deems desirable for the proper fulfilment of
its duties.

 

28.5.        If there
is only one member of the supervisory board in office, such member of the
supervisory board shall have all rights and obligations granted to and imposed
on the supervisory board and the chairman of the supervisory board by law and
by these articles of association.

 

General meetings.

Article 29.

 

29.1.        The
annual general meeting shall be held within six months after the end of each
financial year.

 

29.2.        The
agenda for this meeting shall in any case include the following items:

 

a.                                       the discussion of the managing board’s written annual report
concerning the company’s affairs and the management as conducted;

 

b.                                      the adoption of the annual accounts and - with due observance of the
provisions of article 36 - the allocation of profits;

 

c.                                       the discharge of members of the managing board from liability for
their management during the last financial year;

 

d.                                      the discharge of members of the supervisory board from liability for
their supervision of the management of the managing board during the last
financial year; and

 

61

 

e.             any
other items put forward by any shareholder, the managing board and/or the
supervisory board.

 

The items
referred to above need not be included on the agenda if the period for
preparing the annual accounts and presenting the annual report has been
extended or if the agenda includes a proposal to that effect.

 

At the annual
general meeting, any other items that have been put on the agenda in accordance
with article 30 paragraph 2 will be dealt with.

 

29.3.        A general
meeting shall be convened whenever the managing board or the supervisory board
considers appropriate.

 

In addition a
general meeting shall be convened as soon as one or more persons, together
entitled to cast at least one-tenth of the total number of votes that may be
cast, so request the managing board and the supervisory board, stating the
items to be discussed.

 

Article 30.

 

30.1.        General
meetings shall be held in the municipality where the company has its corporate
seat or in Amsterdam or at Schiphol.

 

Resolutions
adopted at a general meeting held elsewhere shall be valid only if the entire
issued share capital is represented.

 

30.2.        Shareholders
shall be given notice of the general meeting by the managing board, the
supervisory board or by any shareholder entitled to cast at least one-tenth of
the total number of votes that may be cast. If in the event as referred to in
the second sentence of article 29 paragraph 3, neither a member of the
managing board nor a member of the supervisory board convenes the meeting such
that the meeting is held within four weeks of the request, any of the persons
requesting the meeting shall be authorised to convene the same with due
observance of that provided in these articles of association.

 

The notice
shall specify the items to be discussed.

 

30.3.        Notice
shall be given not later than on the fifteenth day prior to the date of the
meeting.

 

If the notice
period was shorter or if no notice was sent, no valid resolutions may be
adopted unless the resolution is adopted by unanimous vote at a meeting at
which the entire issued share capital is represented.

 

The provision
of the preceding sentence shall equally apply to matters which have not been
mentioned in the notice of meeting or in a supplementary notice sent with due
observance of the notice period.

 

Article 31.

 

31.1.        The
general meeting shall be chaired by the chairman of the supervisory board. If
the chairman of the supervisory board is absent the general meeting shall
appoint its chairman. The chairman shall designate the secretary.

 

31.2.        Minutes
shall be kept of the business transacted at the meeting unless a notarial
record is prepared thereof. Minutes shall be adopted and in evidence of such
adoption be signed by the chairman and the secretary of the meeting concerned.

 

31.3.        The
chairman of the meeting and furthermore each member of the managing board, each
member of the supervisory board and the persons who convened the meeting in
accordance with article 29 paragraph 3 may at any time give instructions
that a notarial record be prepared at the expense of the company.

 

62

 

31.4.        The
managing board keeps record of the resolutions made. The records of the
resolutions and minutes book shall be kept at the offices of the company. Upon
request each shareholder shall be allowed to inspect such record and/or to be
provided with a copy or an extract of such record at no more than the actual
costs.

 

Article 32.

 

32.1.        Each share
confers the right to cast one vote at the general meeting.

 

Blank votes and invalid votes shall be regarded as not having been
cast.

 

32.2.        Unless
otherwise prescribed in these articles of association or by mandatory law,
resolutions shall be adopted by an absolute majority of votes cast.

 

32.3.        The
chairman shall determine the manner of voting provided, however, that if any
person present who is entitled to vote so requires, voting in respect of the
appointment, suspension and dismissal of persons shall take place by means of
sealed and unsigned ballots.

 

32.4.        In a tie
vote concerning the appointment of persons, no resolution shall have been
adopted.

 

In a tie vote
concerning other matters, the proposal shall have been rejected, without
prejudice to the provisions of article 36 paragraph 2.

 

32.5.        Shareholders
may be represented at a meeting by a proxy authorised in writing.

 

32.6.        Members
of the managing board and members of the supervisory board are authorised to
attend general meetings and as such they have an advisory vote at the general
meetings.

 

Article 33.

 

33.1.        Shareholders
may adopt any resolutions which they could adopt at a meeting, without holding
a meeting. The members of the managing board and the members of the supervisory
board are given the opportunity to advise regarding such resolution, unless in
the circumstances it is unacceptable according to criteria of reasonableness
and fairness to give such opportunity.

 

A resolution
to be adopted without holding a meeting shall only be valid if all shareholders
entitled to vote have cast their votes in writing, by cable, by telex or by
telefax in favour of the proposal concerned.

 

Those
shareholders shall forthwith notify the managing board and the chairman of the
supervisory board of the resolution so adopted.

 

33.2.        A
resolution as referred to in paragraph 1 shall be recorded in the minutes book
of the general meeting by the chairman of the supervisory board; at the next
general meeting the entry shall be read out by the chairman of that meeting.
Moreover, the documents in evidence of the adoption of such a resolution shall
be kept with the minutes book of the general meeting and as soon as the
resolution has been adopted, all shareholders shall be notified thereof.

 

Financial year. Annual accounts.

Article 34.

 

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

 

34.2.        Annually,
within five months after the end of each financial year - subject to an
extension of such period not exceeding six months by the general meeting on the
basis of special circumstances - the managing board shall prepare annual
accounts. The

 

63

 

annual
accounts shall be accompanied by the auditor’s statement, referred to in article 35,
by the annual report and by the additional information referred to in section 2:392
subsection 1 of the Civil Code, insofar as these provisions apply to the
company.

 

The annual
accounts shall be signed by all members of the managing board and by all
members of the supervisory board; if the signature of one or more of them is
lacking, this shall be disclosed, stating the reasons thereof.

 

34.3.        The
company shall ensure that the annual accounts as prepared, the annual report
and the additional information referred to in paragraph 2 shall be available at
the office of the company as of the date of the notice of the general meeting
at which they are to be discussed.

 

The
shareholders may inspect the above documents at the office of the company and
obtain a copy thereof at no cost.

 

34.4.        If the
general meeting has been unable to review the auditor’s statement, the annual
accounts may not be adopted, unless the additional information referred to in
paragraph 2 second sentence, mentions a legal ground why such certificate is
lacking.

 

34.5.        If the
annual accounts are adopted in an amended form, a copy of the amended annual
accounts shall be made available to the shareholders at no cost.

 

Auditor.

Article 35.

 

35.1.        The
company gives an assignment to an auditor as referred to in section 2:393
of the Civil Code, to audit the annual accounts prepared by the managing board
in accordance with subsection 3 of such section.

 

The general
meeting shall be authorised to give the assignment referred to above. If the
general meeting fails to do so, then the supervisory board shall be so
authorised, or the managing board if temporarily no member of the supervisory
board is in office or if the supervisory board fails to give such assignment.

 

The assignment
given to the auditor may be revoked at any time by the general meeting and by
the corporate body which has given such assignment; furthermore, the assignment
given by the managing board may be revoked by the supervisory board.

 

The auditor
shall report on his audit to the supervisory board and the managing board and
shall issue a certificate containing its results.

 

35.2.        The
managing board as well as the supervisory board may give assignments to the
auditor or any other auditor at the expense of the company.

 

Profit and loss.

Article 36.

 

36.1.        Distribution
of profits pursuant to this article shall be made following the adoption
of the annual accounts which show that such distribution is allowed.

 

36.2.        Profits
generated by the company will be placed on reserve, unless the general meeting
upon the proposal made by the managing board as approved by the supervisory
board resolves to distribute the profits. In a tie vote regarding a proposal to
distribute or to place profits on reserve, the profits concerned shall be
placed on reserve.

 

36.3.        The
company may only make distributions to shareholders and other persons entitled
to distributable profits to the extent that its equity exceeds the total amount
of its issued share capital and the reserves to be maintained pursuant to the
law.

 

64

 

36.4.        A loss
may only be applied against reserves maintained pursuant to the law to the
extent permitted by law.

 

Article 37.

 

37.1.        Dividends
shall be due and payable four weeks after they have been declared, unless the
general meeting determines another date on the proposal of the managing board.

 

37.2.        Dividends
which have not been collected within five years of the start of the second day
on which they became due and payable shall revert to the company.

 

37.3.        The
general meeting may resolve that dividends shall be distributed in whole or in
part in a form other than cash.

 

37.4.        Without
prejudice to article 36 paragraph 3 the general meeting may resolve to
distribute all or any part of the reserves upon the proposal made by the managing
board as approved by the supervisory board.

 

37.5.        Without
prejudice to article 36 paragraph 3 interim distributions shall be made if
the general meeting so determines on the proposal of the managing board.

 

Liquidation.

Article 38.

 

38.1.        If the company
is dissolved pursuant to a resolution of the general meeting, the members of
the managing board shall become the liquidators of its property, under the
supervision of the supervisory board, if and to the extent the general meeting
shall not appoint one or more other liquidators.

 

38.2.        The
general meeting shall determine the remuneration of the liquidators and of the
persons charged with the supervision of the liquidation.

 

38.3.        The
liquidation shall take place with due observance of the provisions of the law.
During the liquidation period these articles of association shall, wherever
possible, remain in full force.

 

38.4.        The
balance of the assets of the company remaining after all liabilities have been
paid shall be distributed among the shareholders in proportion to the par value
of their shareholdings.

 

38.5.        After the
company has ceased to exist, its books, records and other data carriers shall
remain in the custody of the person designated for that purpose by the
liquidators for a period of seven years.

 

Transitional provision.

Article 39.

 

The first financial year ends on the thirty-first day of December two
thousand and five.

 

This article shall cease to have effect after expiry of the first
financial year.

 

The required ministerial declaration of no-objection was granted on the
seventh day of April two thousand and four, number N.V. 1.297.827.

 

The ministerial declaration of no-objection and a document in evidence
of the resolutions, referred to in the heading of this deed, are attached to
this deed.

 

In witness whereof the original of this deed which
will be retained by me, notaris, is executed in Amsterdam, on the date first
mentioned in the heading of this deed.

 

Having conveyed the substance of the deed and given
an explanation thereto and following the statement of the person appearing that
she has taken note of the contents of the deed and agrees with the same, this
deed is signed, immediately after reading those parts of the deed

 

65

 

which the law requires to be read, by the person
appearing, who is known to me, notaris, and by myself, notaris.

(signed): S.M. Altena, R.W. Clumpkens.

 

66

 

Schedule 4 (Part 2)             Managing Board Rules

 

MANAGING BOARD RULES

 

MARINE HARVEST N.V.

 

These rules (“Rules”) were
adopted by the Managing Board of Marine Harvest N.V. on 29 April 2005.

 

Article 1

Status and contents of the
rules

 

1.1.          These Rules have been drawn up pursuant to article 24.2 of
the Company’s Articles of Association and are complementary to the rules and
regulations (from time to time) applicable to the Managing Board under Dutch
law and the Company’s Articles of Association.

 

1.2.          Where these Rules are inconsistent with Dutch law or the
Company’s Articles of Association, the law or, as the case may be, the Articles
of Association shall prevail. Where these Rules conform to the Articles of
Association but are inconsistent with Dutch law, the latter shall prevail. If
one or more provisions of these Rules are or become invalid, this shall
not affect the validity of the remaining provisions. The Managing Board shall
replace the invalid provisions by those which are valid and the effect of
which, given the contents and purpose of these Rules, is to the greatest extent
possible similar to that of the invalid provisions.

 

1.3.          In its resolution adopted on 29 April 2005, the Managing Board
unanimously declared that:

 

a)                                       it will comply with, and be bound by the obligations arising from,
these Rules to the extent that they apply to it and its members;

 

b)                                      on appointment of new members it will cause such members to issue a
declaration as referred to in a) above.

 

1.4.          Defined terms used herein and not otherwise defined herein have the
meaning attributed to them in the shareholders agreement entered into between
Nutreco Holding N.V., Stolt Sea Farm Investments B.V. and Stolt-Nielsen S.A.,
dated 29 April 2005 (“Shareholders Agreement”).

 

Article 2

Responsibilities
of the Managing Board

 

2.1           The
Managing Board Members shall be collectively responsible for the Company’s
management, the general affairs of the Company’s business and the general
affairs of the JV Group and in particular for the day-to-day running of the
business of the Company in accordance with the Business Plan and the Budget.

 

2.2           The
Managing Board Members may divide their tasks by mutual consultation.

 

In case of
absence of a Managing Board Member, his/her duties and powers shall be carried
out by another Managing Board Member to be designated by the Managing Board. In
case of long-term absence, the Supervisory Board shall be notified of such
designation.

 

2.3           Each
Managing Board Member shall have the right to receive from other Managing Board
Members and from employees any information about matters which he/she may deem
useful or appropriate in connection with his/her collective responsiblity for
the Company’s management. He/she must consult with the other Managing Board
Members if the

 

67

 

implementation
of his/her duties affects the implementation of the duties of the other
Managing Board Members or if the significance of the matter requires
consultation with the other Managing Board Members.

 

2.4           In
discharging its duties, the Managing Board shall be guided by the interests of
the Company and its business; it shall take into account the relevant interests
of all those involved in the Company (including the Company’s shareholders).
The Managing Board is responsible for the quality of its own performance.

 

2.5           The
Managing Board shall under the Supervisory Board’s supervision be responsible
for setting up and maintaining internal procedures ensuring that the Managing
Board is aware of all important financial information, in order to safeguard
timely, complete and accurate external financial reporting. To that effect, the
Managing Board shall ensure that the financial information from the JV Group is
reported directly to it and that the integrity of the information is not
affected.

 

Article 3

Composition,
expertise and independence of the Managing Board

 

3.1           The
Managing Board consists of at least two members.

 

3.2           The
Managing Board shall have a Chairman who shall ensure the proper functioning of
the Managing Board as a whole. In addition, the Managing Board shall have one
member specifically in charge of the company’s financial affairs.

 

3.3           The
Managing Board may appoint a Secretary of the Managing Board, who does not
necessarily have to be a Managing Board Member.

 

3.4           The
Managing Board shall function independently from any instructions by third
parties outside the Company.

 

Article 4

Managing
Board meetings (agenda, teleconferencing, attendance, minutes) and resolutions

 

4.1           The Managing Board
shall meet whenever a Managing Board Member so requires. The meetings shall
generally be held at the offices of the Company, but may also take place
elsewhere. In addition, meetings may be held by telephone or videoconference
provided that all participants can hear each other simultaneously.

 

4.2           The Managing Board Chairman, and in his absence his
deputy, shall chair the meeting. If both are absent, the meeting shall appoint
one of the Managing Board Members as chairman of the meeting.

 

4.3           The meetings shall be convened in due time by the Managing Board
Chairman. Any other Managing Board Member may request that the Managing Board Chairman convenes a meeting.

 

4.4           The Managing Board Chairman shall determine the agenda of
each meeting. Other Managing

 

68

 

Board Members may submit to the Managing Board Chairman items to be discussed in the meeting. An item to be discussed
which has not been submitted on time or is not supported by sufficient
documentation shall not be placed on the agenda.

 

4.5           At the request of a Managing Board Member and with the agreement of the
majority of other Managing Board Members, urgent matters may be discussed
immediately or in an additional meeting.

 

4.6           Resolutions of the Managing Board shall be decided by absolute majority
of the votes cast at meetings of the Managing Board and each Managing Board
Member shall have 1 (one) vote. In the event of an equality of votes, to the
extent legally permissible, the Managing Board Chairman shall have a casting
vote.

 

4.7           The Managing Board may also adopt resolutions without holding a
meeting, provided such resolutions are adopted in writing, by cable, by telex
or by telefax and provided that all Managaing Board Members have expressed
themselves in favour of the proposal concerned, and provided that members who have
a conflict of interests as referred to in article 5 shall not participate
in the voting. Such resolution shall be recorded in the minute book of the
Managing Board. The documents in evidence of the adoption shall be kept wih the
minute book.

 

4.8           The secretary of the
Managing Board Member shall keep minutes of the meeting,
which minutes shall be adopted in the next meeting. Adopted minutes shall be
evidence of the proceedings. A copy of the minutes shall be sent to the
Supervisory Board Chairman.

 

4.9           Subject to article 1.2 and the fiduciairy duties of the Managing
Board Members, each Managing Board Member shall compy with any obligation
expressed to be applicable to him/her in these Rules, the Company’s Articles of
Association and the Shareholders Agreement and shal use his/her reasonable
endeavours to ensure that the Company complies with the relevant provisions of
the Shareholders Agreement.

 

Article 5

Conflict
of interests

 

5.1          A
Managing Board Member shall not participate in the discussions and/or decision-taking
process on a subject or transaction in relation to which he/she has a
(potential) conflict of interest with the Company within the meaning of article 5.2.  Such transaction, if approved, must be
concluded on terms at least customary in the sector concerned and be approved
by the Supervisory Board.

 

5.2           A
Managing Board Member shall in any event have a conflict of interests (“conflict of interests”) if:

 

a)                                      he/she, acting in
his/her personal capacity, enters into an agreement with the Company or any of
its subsidiaries or conducts any litigation against the Company or any of its
subsidiaries; or

 

b)                                     his/her spouse,
registered partner or other life companion, foster child or relative by blood
or marriage up to the second degree enters into an agreement or is involved in
litigation referred to in a) above.

 

69

 

5.3.          Each
Managing Board Member shall immediately report any potential conflict of
interests concerning a Managing Board Member to the Supervisory Board Chairman
and to the other Managing Board Members. A Managing Board Member with such
(potential) conflict of interests must provide the Supervisory Board Chairman
and the other Managing Board Members with all information relevant to the
conflict, including information relating to his/her spouse, registered partner
or other life companion, foster child and relatives by blood or marriage up to
the second degree). In all circumstances the Supervisory Board Chairman will
determine whether a reported (potential) conflict of interests qualifies as a
conflict of interests to which article 5.1 applies.

 

Article 6

Information,
relationship with the Supervisory Board

 

The Managing Board shall timely provide the Supervisory
Board with information (if possible, in writing) on all facts and developments
concerning the Company which the Supervisory Board may need to function as
required and to properly carry out its duties.

 

Article 7

Confidentiality

 

Managing Board Members shall treat all information and
documentation acquired within the framework of their position as Managing Board
Member with the necessary discretion and, in the case of classified
information, with the appropriate secrecy. Classified information shall not be
disclosed outside the Supervisory Board or Managing Board, made public or
otherwise made available to third parties, even after resignation from the
Managing Board, unless it has been made public by the Company or it has been
established that the information is already in the public domain.

 

Article 8

Non-compliance,
amendment

 

8.1           Without
prejudice to the provisions of article 1.2, the Managing Board may
occasionally decide at its sole discretion, taking into account their fiduciary
duties, not to comply with and adhere to these rules pursuant to a
Managing Board resolution to that effect.

 

8.2           These Rules may
be amended by resolution of the Managing Board.

 

Article 9

Governing
law

 

These Rules shall be governed by and construed in accordance with
the law of the Netherlands.

 

70

 

Schedule 4 (Part 3)             Supervisory Board Rules

 

SUPERVISORY
BOARD RULES

 

MARINE
HARVEST N.V.

 

These rules (“Rules”)
were adopted by the Supervisory Board of Marine Harvest N.V. on 29 April 2005.

 

Article 1

Status and contents of the
rules

 

1.1.          These Rules are issued pursuant to article 27.3 of the
Company’s Articles of Association and are complementary to the rules and
regulations (from time to time) applicable to the Supervisory Board under Dutch
law or the Company’s Articles of Association.

 

1.2.          Where these Rules are inconsistent with Dutch law or the
Company’s Articles of Association, the latter shall prevail. Where these Rules conform
to the Company’s Articles of Association but are inconsistent with Dutch law,
the latter shall prevail. If one or more provisions of these Rules are or
become invalid, this shall not affect the validity of the remaining provisions.
The Supervisory Board shall replace the invalid provisions by those which are
valid and the effect of which, given the contents and purpose of these Rules is,
to the greatest extent possible, similar to that of the invalid provisions.

 

1.3.          In its resolution adopted on 29 April 2005, the Supervisory
Board of the Company unanimously declared that:

 

a)             it will comply with, and be bound by the obligations arising from,
these Rules to the extent that they apply to it and its members;

 

b)            on appointment of new members it will cause such members to issue a
declaration as referred to in a) above.

 

1.4.          Defined terms used herein and not otherwise defined herein have the
meaning attributed to them in the shareholders agreement entered into between
Nutreco Holding N.V., Stolt Sea Farm Investments B.V. and Stolt-Nielsen S.A.,
dated 29 April 2005 (“Shareholders Agreement”).

 

Article 2

Responsibilities of the
Supervisory Board

 

The
Supervisory Board shall be responsible for supervising the Company’s management
and the Company’s general affairs and the business connected with it, and for
advising the Managing Board. In discharging its duties, the Supervisory Board
shall be guided by the interests of the Company and its business; it shall take
into account the relevant interests of all those involved in the Company
(including the Company’s shareholders). The Supervisory Board is responsible
for the quality of its own performance.

 

71

 

Article 3

Composition of the
Supervisory Board

 

The
Supervisory Board consists of 4 (four) members appointed and removed from
office by the General Meeting in accordance with Clause 4.3 of the Shareholders
Agreement.

 

Article 4

Chairman and secretary of
the Supervisory Board

 

4.1.          The Supervisory Board Chairman determines the agenda, chairs the
meetings of the Supervisory Board, monitors the proper functioning of the
Supervisory Board, arranges for the adequate submission of information to the
Supervisory Board Members, ensure that there is sufficient time for decision
taking, acts on behalf of the Supervisory Board as main contact for the
Managing Board, initiates the evaluation of the functioning of the Managing
Board.

 

4.2.          The Supervisory Board shall appoint a secretary, either from among
its members or elsewhere. The secretary of the Supervisory Board shall be
primarily responsible for:

 

a)                                      compliance of the Supervisory Board’s functioning with Dutch law,
the Company’s Articles of Association and the rules and regulations issued
pursuant thereto; and

 

b)                                     assisting the Supervisory Board Chairman in the logistics of the
Supervisory Board (information, agenda, evaluation, etc.).

 

Article 5

Supervisory Board meetings
(agenda, teleconferencing, attendance, minutes)

 

5.1.          The
Supervisory Board shall hold at least 1 (one) meeting per year and whenever one
or more of its members have requested a meeting. Supervisory Board meetings are
generally held at the offices of the Company, in Amsterdam or at Schiphol, but
may also take place elsewhere. 

In addition, meetings may be held by telephone or videoconference provided that
all participants can hear each other simultaneously.

 

5.2.          The
Supervisory Board may invite one or more Managing Board Members to attend
meetings of the Supervisory Board, save for meetings concerning:

 

a)                                       the evaluation of the functioning of the Managing Board and its
individual members, and the conclusions to be drawn from that evaluation;

 

b)                                      the potential conflicts of interests of Managing Board Members
within the meaning of article 7.

 

5.3.          Meetings
shall be convened by the secretary of the Supervisory Board. Where this is
practically possible, notices convening a meeting and the agenda of items to be
considered and discussed therein shall be dispatched 7 working days before the
meeting and sent to each Supervisory Board Member and the Managing Board
Chairman.

 

5.4.          Minutes
of the meeting shall be prepared by the secretary of the Supervisory Board.
They shall generally be adopted in the next meeting. If all Supervisory Board
Members agree on the contents of the minutes, they may be adopted earlier. The
minutes shall be signed for adoption by the Chairman and shall be dispatched to
all Supervisory Board Members as soon as practically possible. The Company
secretary of the Supervisory Board may issue and sign extracts of the adopted
minutes.

 

72

 

Article 6

Supervisory Board
resolutions (quorum, votes, items to be considered)

 

6.1.          Resolutions
of the Supervisory Board shall be decided by absolute majority of the votes at
meetings of the Supervisory Board and each Supervisory Board Member shall have
1 (one) vote. In the event of an equality of votes, the Supervisory Board
Chairman shall not have a casting vote.

 

6.2.          The
Supervisory Board may also adopt resolutions outside a meeting, provided that
the motion in question has been submitted to all of its members and none of
them has objected to this form of decision-taking and such resolutions are
adopted in writing, by cable, by telex or by telefax, provided that all
Supervisory Board Members have expressed themselves in favour of the proposal
concerned and provided that members who have a conflict of interests as
referred to in article 7 shall not participate in the voting. The
Supervisory Board Chairman shall prepare and sign a report of the resolution
adopted in this manner, enclosing any written replies received. The adoption of
resolutions outside a meeting must be reported at the next meeting.

 

6.3.          At
least once a year, the Supervisory Board shall discuss:

 

a)             the functioning of the Managing Board and its individual members;
and

 

b)             the corporate strategy, the risks of the business and the result of
the evaluation by the Managing Board of the structure and operation of the
internal risk management and control systems, as well as any significant
changes thereto.

 

Article 7

Conflict of interests

 

7.1.          A Supervisory Board Member shall not participate in the discussions
and/or decision-taking process on a subject or transaction in relation to which
he/she has a (potential) conflict of interest with the Company within the
meaning of article 7.2. Such transaction must be concluded on terms at
least customary in the sector concerned. Resolutions to enter into such
transaction must be approved by the Supervisory Board.

 

7.2.          A
Supervisory Board Member shall in any event have a conflict of interests (“conflict of interests”) with the Company if:

 

a)                                      he/she, acting in his/her personal capacity, enters into an
agreement with the Company or any of its subsidiaries or conducts any
litigation against the Company or any of its subsidiaries;

 

b)                                     his/her spouse, registered partner or other life companion, foster
child or relative by blood or marriage up to the second degree enters into an
agreement or is involved in litigation referred to in a) above; or

 

c)                                      the Supervisory Board or the Supervisory Board Chairman, as the case
may be, has ruled that such conflict of interests exists or is deemed to exist.

 

7.3.          Each
Supervisory Board Member (other than the Supervisory Board Chairman) shall
immediately report any potential conflict concerning a Supervisory Board Member
to the Supervisory Board Chairman. The Supervisory Board Member with such
(potential) conflict of interests must provide the Supervisory Board Chairman
with all information relevant to the conflict of interests, including

 

73

 

information
relating to his/her spouse, registered partner or other life companion, foster
child and relatives by blood or marriage up to the second degree. In all
circumstances the Supervisory Board Chairman will determine whether a reported
(potential) conflict of interests qualifies as a conflict of interests to which
article 7.1 applies.

 

In case the
Supervisory Board Chairman has a (potential) conflict of interest he shall
immediately report such potential conflict to the other Supervisory Board
Members. The Supervisory Board Chairman must provide the other Supervisory
Board Members with all information relevant to the conflict of interests,
including information relating to his/her spouse, registered partner or other
life companion, foster child and relatives by blood or marriage up to the
second degree. In all circumstances the Supervisory Board will determine
whether a reported (potential) conflict of interests qualifies as a conflict of
interests to which article 7.1 applies.

 

Article 8

Information, relationship
with the Managing Board

 

8.1.          The
Supervisory Board, and its individual members, have their own responsibility
for obtaining all information from the Managing Board and the external auditor
that the Supervisory Board requires for the due performance of its duties. If
the Supervisory Board deems necessary, it may obtain information from officers
and external advisors of the company. The Managing Board shall provide the
necessary means for this purpose. The Supervisory Board may require that
certain officers and external advisors attend its meetings.

 

8.2.          The
Managing Board shall timely provide the Supervisory Board with information (if
possible, in writing) on all facts and developments concerning the Company
which the Supervisory Board may need to function as required and to properly
carry out its duties.

 

8.3.          If a
Supervisory Board Member should receive information or indications relevant to
the Supervisory Board in the proper performance of its supervisory and advisory
tasks (from a source other than the Managing or Supervisory Board), he shall
make this information available to the Supervisory Board Chairman as soon as
possible. The Supervisory Board Chairman shall subsequently inform the entire
Supervisory Board.

 

Article 9

Confidentiality

 

Supervisory
Board Members shall treat all information and documentation acquired within the
framework of their membership with the necessary discretion and, in the case of
classified information, with the appropriate secrecy. Classified information
shall not be disclosed outside the Supervisory Board or Managing Board, made
public or otherwise made available to third parties, even after resignation
from the Supervisory Board, unless it has been made public by the Company or it
has been established that the information is already in the public domain.

 

74

 

Article 10

Non-compliance, amendment

 

10.1.        Without prejudice to the provisions of
article 1.2, the Supervisory Board may occasionally decide at its sole
discretion, taking into account their fiduciary duties, not to comply with and
adhere to these Rules pursuant to a Supervisory Board resolution to that
effect.

 

10.2.        Without prejudice to the provisions of article 1.2, these Rules may
be amended by a resolution of the Supervisory Board to that effect.

 

Article 11

Governing law

 

These Rules shall
be governed by and construed in accordance with the law of the Netherlands.

 

75

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