<SEC-DOCUMENT>0001144204-16-106277.txt : 20160601
<SEC-HEADER>0001144204-16-106277.hdr.sgml : 20160601
<ACCEPTANCE-DATETIME>20160601163557
ACCESSION NUMBER:		0001144204-16-106277
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160601
FILED AS OF DATE:		20160601
DATE AS OF CHANGE:		20160601

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Globant S.A.
		CENTRAL INDEX KEY:			0001557860
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			U3

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36535
		FILM NUMBER:		161689673

	BUSINESS ADDRESS:	
		STREET 1:		37A AVENUE J.F. KENNEDY
		CITY:			N/A
		STATE:			N4
		ZIP:			L-1855
		BUSINESS PHONE:		35 220301596

	MAIL ADDRESS:	
		STREET 1:		37A AVENUE J.F. KENNEDY
		CITY:			N/A
		STATE:			N4
		ZIP:			L-1855
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>v441404_6k.htm
<DESCRIPTION>6-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Washington,
D.C. 20549</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>FORM 6-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>PURSUANT TO RULE 13a-16 OR 15d-16</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>UNDER THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">For the month of <B>June, 2016</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Commission File Number 001-36535</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>GLOBANT S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">(Exact name of registrant as specified in its
charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>GLOBANT S.A.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Translation of registrant's name into English)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 33%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>37A
                           Avenue J.F. Kennedy</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>L-1855,
        Luxembourg</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; background-color: white"><B>Tel: +
        352 48 18 28 1</B></P></TD>
    <TD STYLE="width: 33%; font-size: 10pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of Principal Executive Offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; text-align: left"><FONT STYLE="font-size: 10pt">or Form 40-F: </FONT></TD>
    <TD STYLE="text-align: left; width: 20%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT><FONT STYLE="font-size: 10pt"> Form 20-F</FONT> </TD>
    <TD STYLE="text-align: left; width: 45%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&uml;</FONT><FONT STYLE="font-size: 10pt"> Form 40-F</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Regulation S-T Rule 101(b)(1):</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">____</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Regulation S-T Rule 101(b)(7):</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">____</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">GLOBANT S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">FORM 6-K</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>Amendment to Articles of Association</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">On May 26, 2016,
Globant, S.A., a Luxembourg joint stock company (the &ldquo;Company&rdquo;), completed the process of amending the
Company&rsquo;s Articles of Association in accordance with the revisions approved at the Extraordinary General Meeting of
Shareholders held on May 6, 2016 and as reported in the Company&rsquo;s Report of Foreign Private Issuer on Form 6-K filed
with the Securities and Exchange Commission on May 11, 2016. The amended Articles of Association are included as Exhibit 1.1
hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">The Company is furnishing under the cover of Form
6-K the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0px"></TD>
    <TD STYLE="width: 96px; font-size: 10pt; text-align: left; text-decoration: underline"><FONT STYLE="font-size: 10pt"><U>Exhibit 1.1</U></FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Articles of Association, dated May 6, 2016.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: left; text-indent: -1in">&nbsp;</P>


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Signatures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">GLOBANT S.A.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">/s/ ALEJANDRO SCANNAPIECO</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Name: Alejandro Scannapieco</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Title: Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-align: left; text-indent: -3.5in">Date: June 1, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-align: left; text-indent: -3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-align: left; text-indent: -3.5in"></P>

<!-- Field: Page; Sequence: 3; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center">&nbsp;</TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-align: left; text-indent: -3.5in"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>v441404_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: right; text-indent: 14.15pt"><B>Exhibit 1.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 14.15pt">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>&laquo;&nbsp;GLOBANT
S.A.&nbsp;&raquo;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">soci&eacute;t&eacute;
anonyme</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B><U>L-1855
Luxembourg, 37A, avenue J.F. Kennedy</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">R.C.S.
Luxembourg, section B num&eacute;ro 173.727</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 14.15pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">**********************************************************************************</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>STATUTS COORDONNES</B> &agrave;
la date du<B> 06 mai 2016</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>**********************************************************************************</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify"></P>

<!-- Field: Page; Sequence: 1; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><B>PAGE <!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></B></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 85.05pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>NAME
- DURATION - PURPOSE - REGISTERED OFFICE</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: center; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;<U>Name</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">There exists
a company in the form of a joint stock company (<I>soci&eacute;t&eacute; anonyme</I>)<I> </I>under the name of &ldquo;<B>GLOBANT
S.A.</B>&rdquo;<B> </B>(the &quot;<B>Company</B>&quot;) which shall be governed by the law of 10 August 1915 concerning commercial
companies, as amended (the &ldquo;<B>Law</B>&rdquo;), as well as by the present articles of association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;<U>Duration</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">The Company
is incorporated for an unlimited duration. It may be dissolved at any time and without cause by a resolution of the general meeting
of shareholders, adopted in the manner required for an amendment of these articles of association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;<U>Object</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">3.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company's primary purpose is the creation, holding, development and realization of a portfolio, consisting of interests and rights
of any kind and of any other form of investment in entities in the Grand Duchy of Luxembourg and in foreign entities, whether such
entities exist or are to be created, especially by way of subscription, acquisition by purchase, sale or exchange of securities
or rights of any kind whatsoever, such as<I> </I>equity instruments, debt instruments, patents and licenses, as well as the administration
and control of such portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">3.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company may further grant any form of security for the performance of any obligations of the Company or of any entity in which
it holds a direct or indirect interest or right of any kind or in which the Company has invested in any other manner or which forms
part of the same group of entities as the Company and lend funds or otherwise assist any entity in which it holds a direct or indirect
interest or right of any kind or in which the Company has invested in any other manner or which forms part of the same group of
companies as the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">3.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company may borrow in any form and may issue any kind of notes, bonds and debentures and generally issue any debt, equity and/or
hybrid or other securities of any kind in accordance with Luxembourg law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">3.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company may carry out any commercial, industrial, financial, real estate, technical, intellectual property or other activities
which it may deem useful in accomplishment of these purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;<U>Registered office</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company's registered office is established in the city of Luxembourg, Grand Duchy of Luxembourg. The Company's registered office
may be transferred by a resolution of the board of directors within the same municipality.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
may be transferred to any other municipality in the Grand Duchy of Luxembourg by means of a resolution of the general meeting of
shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Branches
or other offices may be established either in the Grand Duchy of Luxembourg or abroad by a resolution of the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"></P>

<!-- Field: Page; Sequence: 2; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><B>PAGE <!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></B></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: center; text-indent: 35.45pt"><B>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>SHARE
CAPITAL - COMMON SHARES - REGISTER OF COMMON SHARES - OWNERSHIP AND TRANSFER OF COMMON SHARES</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: center; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;<U>Share capital</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">5.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company<B> </B>has a share capital of <B>forty-one million two hundred seventy-two thousand seven hundred ninety-two US dollars
and eighty cents (USD 41,272,792.80) </B>represented by<B> thirty-four million three hundred ninety-three thousand nine hundred
ninety-four (34,393,994) common shares</B> having a nominal value of <B>one US dollar and twenty cents (USD 1.20)</B> per common
share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">5.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company's issued share capital may be (i) increased by a resolution of the board of directors (or delegate thereof) in accordance
with articles 6.1 and 6.2 of these articles of association or (ii) increased or reduced by a resolution of the general meeting
of shareholders, adopted in the manner required for an amendment of these articles of association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;<U>Authorized capital</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&rsquo;s authorized capital, excluding the Company's share capital, is set at seven million two hundred seven thousand eleven
US Dollars and sixty cents (USD 7,207,011.60) consisting in six million five thousand eight hundred forty-three (6,005,843) common
shares having a nominal value of one US dollar and twenty cents (USD 1.20) per common share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The board of directors is authorized to issue common shares, to grant options to subscribe for common shares and to issue any other
instruments convertible into, or giving rights to, common shares within the limit of the authorized share capital, to such persons
and on such terms as it shall see fit, and specifically to proceed to such issue without reserving a pre-emptive subscription right
for the existing shareholders during a period ending on the fifth (5th) anniversary of the date of publication in the M&eacute;morial
C, Recueil des Soci&eacute;t&eacute;s et Associations of the minutes of the extraordinary general meeting of shareholders held
on 6 May 2016. Such common shares may be issued above, at or below market value, above or at nominal value as well as by way of
incorporation of available reserves (including premium). The general meeting has waived and suppressed and has authorized the board
of directors to waive, suppress or limit any pre-emptive subscription rights of shareholders to the extent the board deems such
waiver, suppression or limitation advisable for any issue or issues of common shares within the scope of the Company&rsquo;s authorized
(un-issued) share capital. This authorization may be renewed, amended or extended once or several times by resolution of the general
meeting of shareholders, adopted in the manner required for an amendment of these articles of association. Upon an issue of shares
within the authorized share capital the board shall have the present articles of association amended accordingly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
authorized capital of the Company may be increased or reduced by a resolution of the general meeting of shareholders adopted in
the manner required for amendments of these articles of association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"></P>

<!-- Field: Page; Sequence: 3; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><B>PAGE <!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></B></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;<U>Common shares</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&rsquo;s share capital is divided into common shares, each of them having the same nominal value. The common shares of the
Company are shall remain in registered form only.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company may have one or several shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
fractional common shares shall be issued or exist.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">7.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Within
the limits and conditions laid down by the Law, the Company may repurchase its own common shares and may hold them in treasury.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
register of common shares will be kept by the Company and will be available for inspection by any shareholder. Ownership of registered
common shares will be established by inscription in the said register or in the event separate registrars have been appointed pursuant
to article 7.6, in such separate register(s). Without prejudice to the conditions for transfer by book entries provided for in
article 7.8 of these articles of association, a transfer of registered common shares shall be carried out by means of a declaration
of transfer entered in the relevant register, dated and signed by the transferor and the transferee or by their duly authorized
representatives or by the Company upon notification of the transfer or acceptance of the transfer by the Company. The Company may
accept and enter in the relevant register a transfer on the basis of correspondence or other documents recording the agreement
between the transferor and the transferee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company may appoint registrars in different jurisdictions who will each maintain a separate register for the registered common
shares entered therein and the holders of common shares may elect to be entered in one of the registers and to be transferred from
time to time from one register to another register. The board of directors may however impose transfer restrictions for common
shares that are registered, listed, quoted, dealt in or have been placed in certain jurisdictions in compliance with the requirements
applicable therein. A transfer to the register kept at the Company's registered office may always be requested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">7.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject
to the provisions of article 7.8 and article 7.10, the Company may consider the person in whose name the registered common shares
are registered in the register of shareholders as the full owner of such registered common shares. In the event that a holder of
registered common shares does not provide an address in writing to which all notices or announcements from the Company may be sent,
the Company may permit a notice to this effect to be entered into the register of shareholders and such holder&rsquo;s address
will be deemed to be at the registered office of the Company or such other address as may be so entered by the Company from time
to time, until a different address shall be provided to the Company by such holder in writing. The holder may, at any time, change
his address as entered in the register of shareholders by means of written notification to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"></P>

<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><B>PAGE <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></B></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">7.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
common shares may be held by a holder (the &ldquo;<B>Holder</B>&rdquo;) through a securities settlement system or a Depository
(as this term is defined below). The Holder of common shares held in such fungible securities accounts has the same rights and
obligations as if such Holder held the common shares directly. The common shares held through a securities settlement system or
a Depository shall be recorded in an account opened in the name of the Holder and may be transferred from one account to another
in accordance with customary procedures for the transfer of securities in book-entry form. However, the Company will make dividend
payments, if any, and any other payments in cash, common shares or other securities, if any, only to the securities settlement
system or Depository recorded in the register of shareholders or in accordance with the instructions of such securities settlement
system or Depository. Such payment will grant full discharge of the Company&rsquo;s obligations in this respect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">7.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
connection with a general meeting, the board of directors may decide that no entry shall be made in the register of shareholders
and no notice of a transfer shall be recognized by the Company and the registrar(s) during the period starting on the Record Date
(as hereinafter defined) and ending on the closing of such general meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">7.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All
communications and notices to be given to a registered shareholder shall be deemed validly made if made to the latest address communicated
by the shareholder to the Company in accordance with article 7.7 or, if no address has been communicated by the shareholder, the
registered office of the Company or such other address as may be so entered by the Company in the register from time to time according
to article 7.8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">7.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where
common shares are recorded in the register of shareholders in the name of or on behalf of a securities settlement system or the
operator of such system and recorded as book-entry interests in the accounts of a professional depositary or any sub-depositary
(any depositary and any sub-depositary being referred to hereinafter as a &ldquo;<B>Depositary</B>&rdquo;), the Company - subject
to having received from the Depositary a certificate in proper form - will permit the Depository of such book-entry interests to
exercise the rights attaching to the common shares corresponding to the book-entry interests of the relevant Holder, including
receiving notices of general meetings,&nbsp;admission to and voting at general meetings, and shall consider the Depository to be
the holder of the common shares corresponding to the book-entry interests for purposes of this article 7 of the present articles
of association. The board of directors may determine the formal requirements with which such certificates must comply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Ownership of common shares</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company will recognize only one holder per common share. If a common share is owned by several persons, they must designate a single
person to be considered as the sole owner of such common share in relation to the Company. The Company is entitled to suspend the
exercise of all rights attached to a common share held by several owners until one (1) owner has been designated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
common shares are freely transferable. All rights and obligations attached to any common share are passed to any transferee thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: center; text-indent: 35.45pt"><B>C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>GENERAL
MEETING OF SHAREHOLDERS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: center; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;<U>Powers of the general meeting of shareholders</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">The shareholders
exercise their collective rights in the general meeting of shareholders. Any regularly constituted general meeting of shareholders
of the Company represents the entire body of shareholders of the Company. It shall have the broadest powers to authorize, order,
carry out or ratify acts relating to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"></P>

<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><B>PAGE <!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></B></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Convening general meetings of shareholders</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
general meeting of shareholders of the Company may at any time be convened by the board of directors, to be held at such place
and on such date as specified in the convening notice of such meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">10.2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The general
meeting of shareholders must be convened by the board of directors, upon request in written indicating the agenda, addressed to
the board of directors by one or several shareholders representing at least ten percent (10%) of the Company&acute;s issued share
capital. In such case, a general meeting of shareholders must be convened and shall be held within a period of one (1) month from
receipt of such request. Shareholder(s) holding at least five percent (5%) of the Company&acute;s issued share capital may request
the addition of one or several items to the agenda of any general meeting of shareholders and propose resolutions. Such requests
must be received at the Company&acute;s registered office by registered mails at least twenty-two (22) days before the date of
such meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">10.3 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The annual
general meeting of shareholders shall be held in Luxembourg, at the registered office of the Company or at such other place as
may be specified in the convening notice of such meeting, on the fourth Friday of April of each year at 11.00AM (local time). If
such day is a legal holiday in Luxembourg, the annual general meeting of shareholders must be held on the next following local
business day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">10.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
general meetings of shareholders may be held at such place and time as may be specified in the respective notice of meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">10.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General
meetings of shareholders shall be convened in accordance with the provisions of the Law and if the common shares of the Company
are listed on a foreign stock exchange, in accordance with the requirements of such foreign stock exchange applicable to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">10.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
the common shares of the Company are not listed on any foreign stock exchange, all shareholders recorded in the register of shareholders
on the date of the general meeting of the shareholders are entitled to be admitted to the general meeting of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">10.7 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the
common shares of the Company are listed on a stock exchange, all shareholders recorded in any register of shareholders of the Company
are entitled to be admitted and vote at the general meeting of shareholders based on the number of shares they hold on a date and
time preceding the general meeting of shareholders as the record date for admission to the general meeting of shareholders (the
&ldquo;Record Date&rdquo;), which the board of directors may determine as specified in the convening notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"></P>

<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><B>PAGE <!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></B></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">10.8 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any shareholder,
Holder or Depositary, as the case may be, who wishes to attend the general meeting must inform the Company thereof no later than
on the fourteenth day preceding the date of such general meeting, or by any other date which the board of directors may determine
and as specified in the convening notice, in a manner to be determined by the board of directors in the convening notice. In case
of common shares held through the operator of a securities settlement system or with a Depositary designated by such Depositary,
a holder of common shares wishing to attend a general meeting of shareholders should receive from such operator or Depositary a
certificate certifying the number of common shares recorded in the relevant account on the Record Date. The certificate should
be submitted to the Company no later than three (3) business days prior to the date of such general meeting. If the shareholder
votes by means of a proxy, the proxy shall be deposited at the registered office of the Company or with any agent of the Company,
duly authorized to receive such proxies, at the same time. The board of directors may set a shorter period for the submission of
the certificate or the proxy in which case this will be specified in the convening notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">10.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
all shareholders are present or represented at a general meeting of shareholders and state that they have been informed of the
agenda of the meeting, the general meeting of shareholders may be held without prior notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conduct of general meetings of shareholders</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">11.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
board of the meeting shall be formed at any general meeting of shareholders, composed of a chairman, a secretary and a scrutineer,
each of whom shall be appointed by the general meeting of shareholders and who do not need to be shareholders. The board of the
meeting shall ensure that the meeting is held in accordance with applicable rules and, in particular, in compliance with the rules
in relation to convening the meeting, quorum, if any, and majority requirements, vote tallying and representation of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">11.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
attendance list must be kept for any general meeting of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">11.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
common share entitles the holder thereof to one vote, subject to the provisions of the Law. Unless otherwise required by applicable
law or by these articles of association, resolutions at a general meeting of shareholders duly convened are adopted by a simple
majority of the votes validly cast, regardless of the proportion of the issued share capital of the Company present or represented
at such meeting. Abstention and nil votes will not be taken into account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">11.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A
shareholder may act at any general meeting of shareholders by appointing another person, shareholder or not, as his proxy in writing
by a signed document transmitted by mail or facsimile or by any other means of communication authorized by the board of directors.
One person may represent several or even all shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">11.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
who participate in a general meeting of shareholders by conference call, video-conference or by any other means of communication
authorized by the board of directors, which allows such shareholder&rsquo;s identification and which allows that all the persons
taking part in the meeting hear one another on a continuous basis and may effectively participate in the meeting, are deemed to
be present for the computation of quorum and majority, subject to such means of communication being made available at the place
of the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"></P>

<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><B>PAGE <!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></B></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">11.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
shareholder may vote at a general meeting of shareholders through a signed voting form sent by mail or facsimile or by any other
means of communication authorized by the board of directors and delivered to the Company&rsquo;s registered office or to the address
specified in the convening notice. The shareholders may only use voting forms provided by the Company which contain at least the
place, date and time of the meeting, the agenda of the meeting, the proposals submitted to the resolution of the meeting, as well
as for each proposal three boxes allowing the shareholder to vote in favor of or against the proposed resolution or to abstain
from voting thereon by ticking the appropriate boxes. The Company will only take into account voting forms received no later than
three (3) business days prior to the date of the general meeting of shareholders to which they relate. The board of directors may
set a shorter period for the submission of the voting forms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">11.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
board of directors may determine further conditions that must be fulfilled by the shareholders for them to take part in any general
meeting of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Amendments of the articles of association </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">Subject to
the provisions of the Law and of these articles of association, any amendment of the articles of association requires a majority
of at least two-thirds (2/3) of the votes validly cast at a general meeting at which at least half (1/2) of the issued share capital
is represented. In case the second condition is not satisfied, a second meeting may be convened in accordance with the Law, which
may validly deliberate regardless of the proportion of the issued share capital of the Company represented at such meeting and
at which resolutions are taken at a majority of at least two-thirds (2/3) of the votes validly cast. Abstention and nil votes will
not be taken into account for the calculation of the majority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Adjourning general meetings of shareholders </U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">The board
of directors may adjourn any general meeting of shareholders already commenced, including any general meeting convened in order
to resolve on an amendment of the articles of association, for a period of four (4) weeks. The board of directors must adjourn
any general meeting of shareholders already commenced if so required by one or several shareholders representing in the aggregate
at least twenty per cent (20%) of the Company&rsquo;s issued share capital. By such an adjournment of a general meeting of shareholders
already commenced, any resolution already adopted in such meeting will be cancelled. For the avoidance of doubt, once a meeting
has been adjourned pursuant to the second sentence of this article 13, the board of directors shall not be required to adjourn
such meeting a second time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Minutes of general meetings of shareholders</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">The board
of any general meeting of shareholders shall draw up minutes of the meeting which shall be signed by the members of the board of
the meeting as well as by any shareholder who requests to do so. Any copy and excerpt of such original minutes to be produced in
judicial proceedings or to be delivered to any third party shall be signed by the chairman or the co-chairman of the board of directors
or by any two of its members.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"></P>

<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><B>PAGE <!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></B></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>MANAGEMENT</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: center; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Board of directors</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">15.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company shall be managed by a board of directors, whose members may but do not need to be shareholders of the Company. The board
of directors is vested with the broadest powers to take any actions necessary or useful to fulfill the Company&rsquo;s corporate
purpose, with the exception of the actions reserved by law or these articles of association to the general meeting of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">15.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
accordance with article 60 of the Law, the Company&rsquo;s daily management and the Company&rsquo;s representation in connection
with such daily management may be delegated to one or several members of the board of directors or to any other person(s) appointed
by the board of directors, who may but are not required to be shareholders or not, acting alone or jointly. Their appointment,
revocation and powers shall be determined by a resolution of the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">15.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
board of directors may also grant special powers by notarized proxy or private instrument to any person(s) acting alone or jointly
with others as agent of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">15.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
board of directors is composed of a minimum of seven (7) directors and a maximum of fifteen (15) directors. The board of directors
must choose from among its members a chairman of the board of directors. It may also choose a co-chairman and it may choose a secretary,
who does not need to be a shareholder or a member of the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Election and removal of directors and term of the office</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">16.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors
shall be elected by the general meeting of shareholders, and shall be appointed for a period up to four (4) years; provided however
that directors shall be elected on a staggered basis, with one third (1/3) of the directors being elected each year and; provided,
further that such term may be exceeded by a period up to the annual general meeting held following the fourth anniversary of the
appointment. Each elected director shall hold office until his or her successor is elected. If a legal entity is elected director
of the Company, such legal entity must designate an individual as permanent representative who shall execute this role in the name
and for the account of the legal entity. The relevant legal entity may only remove its permanent representative if it appoints
a successor at the same time. An individual may only be a permanent representative of one director and may not be a director at
the same time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">16.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
director may be removed at any time without cause or prior notice by the general meeting of shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">16.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Directors
shall be eligible for re-election indefinitely.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">16.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
a vacancy in the office of a member of the board of directors because of death, legal incapacity, bankruptcy, retirement or otherwise
occurs, such vacancy may be filled on a temporary basis by a person designated by the remaining board members until the next general
meeting of shareholders, which shall resolve on a permanent appointment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Convening meetings of the board of directors</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">17.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
board of directors shall meet following notice validly given by the chairman or by any two (2) of its members at the place indicated
in the notice of the meeting as described in the next paragraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"></P>

<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><B>PAGE <!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></B></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">17.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written
notice of any meeting of the board of directors must be given to the directors at least five (5) days in advance of the date scheduled
for the meeting by mail, facsimile, electronic mail or any other means of communication, except in case of emergency, in which
case the nature and the reasons of such emergency must be indicated in the notice. Such convening notice is not necessary in case
of assent to waive such requirement of each director in writing by mail, facsimile, electronic mail or by any other means of communication,
a copy of such document being sufficient proof thereof. Also, a convening notice is not required for a board meeting to be held
at a time and location determined in a prior resolution adopted by the board of directors. No convening notice shall furthermore
be required in case all members of the board of directors are present or represented at a meeting of the board of directors or
in the case of resolutions in writing pursuant to these articles of association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conduct of meetings of the board of directors</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">18.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
chairman of the board of directors shall preside at all meetings of the board of directors. In the absence of the chairman, the
board of directors may appoint another director as chairman pro tempore.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">18.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
board of directors can act and deliberate validly only if at least the majority of its members are present or represented at a
meeting of the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">18.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resolutions
are adopted with the approval of a majority of the members present or represented at a meeting of the board of directors. In case
of a tie, the chairman of the board of directors shall have a casting (deciding) vote. In the absence of the chairman of the board
of directors, the director who has been appointed as chairman pro tempore of the meeting shall not have a casting (deciding) vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">18.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
director may act at any meeting of the board of directors by appointing any other director as proxy in writing by mail, facsimile,
electronic mail or by any other means of communication. Any director may represent one or several other directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">18.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
director who participates in a meeting of the board of directors by conference-call, videoconference or by any other means of communication
which allows such director&rsquo;s identification and which allows that all the persons taking part in the meeting hear one another
on a continuous basis and may effectively participate in the meeting, is deemed to be present for the computation of quorum and
majority. A meeting of the board of directors held through such means of communication is deemed to be held at the Company&rsquo;s
registered office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">18.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
board of directors may unanimously pass resolutions in writing which shall have the same effect as resolutions passed at a meeting
of the board duly convened and held. Such resolutions in writing are passed when dated and signed by all directors on a single
document or on multiple counterparts, a copy of a signature sent by mail, facsimile or a similar means of communication being sufficient
proof thereof. The single document showing all signatures or the entirety of the signed counterparts, as the case may be, will
form the instrument giving evidence of the passing of the resolutions and the date of the resolutions shall be the date of the
last signature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">18.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
secretary or, if no secretary has been appointed, the chairman which was present at a meeting, shall draw up minutes of the meeting
of the board of directors, which shall be signed by the chairman or by the secretary, as the case may be, or by any two directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"></P>

<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><B>PAGE <!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></B></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
19&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Committees of the board of directors</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">The board
of directors may establish one or more committees, including without limitation, an audit committee, a nominating and corporate
governance committee and a compensation committee, and for which it shall, if one or more of such committees are set up, appoint
the members who may be but do not need to be members of the board of directors (subject always, if the common shares of the Company
are listed on a foreign stock exchange, to the requirements of such foreign stock exchange applicable to the Company and/or of
such regulatory authority competent in relation to such listing), determine the purpose, powers and authorities as well as the
procedures and such other rules as may be applicable thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dealings with third parties</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">The Company
will be bound towards third parties in all circumstances by (i) the sole signature of the chairman of the board of directors, (ii)
joint signatures of any two directors or (iii) by the joint signatures or the sole signature of any person(s) to whom such signatory
power has been granted by the board of directors, within the limits of such authorization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">With respect
to matters that constitute daily management of the Company, the Company will be bound towards third parties by the sole signature
of (i) the <I>administrateur d&eacute;l&eacute;gu&eacute; </I>or<I> d&eacute;l&eacute;gu&eacute; &agrave; la gestion journali&egrave;re
</I>(&ldquo;<B>Chief Executive Officer</B>&rdquo; or &ldquo;<B>CEO</B>&rdquo;), (ii) the <I>directeur financier</I> (&ldquo;<B>Chief
Financial Officer</B>&rdquo; or &ldquo;<B>CFO</B>&rdquo;) or (iii) any other person(s) to whom such power in relation to the daily
management of the Company has been delegated in accordance with article 15 hereof, acting alone or jointly in accordance with the
rules of such delegation, if any has(ve) been appointed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
21&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnification</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">21.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
members of the board of directors are not held personally liable for the indebtedness or other obligations of the Company. As agents
of the Company, they are responsible for the performance of their duties. Subject to the exceptions and limitations listed in article
21.2 and mandatory provisions of law, every person who is, or has been, a member of the board of directors or officer of the Company
shall be indemnified by the Company to the fullest extent permitted by law against liability and against all expenses reasonably
incurred or paid by him in connection with any claim, action, suit or proceeding which he becomes involved as a party or otherwise
by virtue of his being or having been such a director or officer and against amounts paid or incurred by him in the settlement
thereof. The words &ldquo;claim&rdquo;, &ldquo;action&rdquo;, &ldquo;suit&rdquo; or &ldquo;proceeding&rdquo; shall apply to all
claims, actions, suits or proceedings (civil, criminal or otherwise including appeals) actual or threatened and the words &ldquo;liability&rdquo;
and &ldquo;expenses&rdquo; shall include without limitation attorneys&rsquo; fees, costs, judgments, amounts paid in settlement
and other liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">21.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
indemnification shall be provided to any director or officer (i) against any liability to the Company or its shareholders by reason
of willful misconduct, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office (ii)
with respect to any matter as to which he shall have been finally adjudicated to have acted in bad faith and not in the interest
of the Company or (iii) in the event of a settlement, unless the settlement has been approved by a court of competent jurisdiction
or by the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"></P>

<!-- Field: Page; Sequence: 11; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><B>PAGE <!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></B></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">21.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
right of indemnification herein provided shall be severable, shall not affect any other rights to which any director or officer
may now or hereafter be entitled, shall continue as to a person who has ceased to be such director or officer and shall inure to
the benefit of the heirs, executors and administrators of such a person. Nothing contained herein shall affect or limit any rights
to indemnification to which corporate personnel, including directors and officers, may be entitled by contract or otherwise under
law. The Company shall specifically be entitled to provide contractual indemnification to and may purchase and maintain insurance
for any corporate personnel, including directors and officers of the Company, as the Company may decide upon from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">21.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expenses
in connection with the preparation and representation of a defense of any claim, action, suit or proceeding of the character described
in this article 21 shall be advanced by the Company prior to final disposition thereof upon receipt of any undertaking by or on
behalf of the officer or director, to repay such amount if it is ultimately determined that he is not entitled to indemnification
under this article.<B> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
22&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conflicts of interest</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">22.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
director who has, directly or indirectly, a conflicting interest in a transaction submitted to the approval of the board of directors
which conflicts with the Company&rsquo;s interest, must inform the board of directors of such conflict of interest and must have
his declaration recorded in the minutes of the board meeting. The relevant director may not take part in the discussions on and
may not vote on the relevant transaction. A special report shall be made on any transactions in which any of the directors may
have had an interest conflicting with that of the Company, at the next general meeting, before any resolution is put in vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">22.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
contract or other transaction between the Company and any other company or firm shall be affected or invalidated by the fact that
any one or more of the directors or officers of the Company is interested in, or is a director, associate, officer, agent, adviser
or employee of such other company or firm. Any director or officer who serves as a director, officer or employee or otherwise of
any company or firm with which the Company shall contract or otherwise engage in business shall not, by reason of such affiliation
with such other company or firm only, be prevented from considering and voting or acting upon any matters with respect to such
contract or other business.<B> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>AUDITORS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: center; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
23&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Auditor(s)</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">23.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&rsquo;s annual accounts shall be audited by one or more approved independent auditors (<I>r&eacute;viseurs d&rsquo;entreprises
agr&eacute;&eacute;s</I>), appointed by the general meeting of shareholders at the board of directors&rsquo; recommendation (acting
on the recommendation of the audit committee, if any). The general meeting of shareholders shall determine the number of auditor(s)
and the term of their office which shall not exceed one (1) year and may be renewed for successive one (1) year periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"></P>

<!-- Field: Page; Sequence: 12; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><B>PAGE <!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></B></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">23.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
auditor may be dismissed at any time with cause (or with his approval) by the general meeting of shareholders. An auditor may be
reappointed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>F.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>FINANCIAL
YEAR &ndash; PROFITS &ndash; INTERIM DIVIDENDS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: center; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
24&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Financial year</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">The Company&rsquo;s
financial year shall begin on the first (1) January of each year and shall terminate on the thirty-first (31<SUP>st</SUP>) December
of the same year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
25&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Profits</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">25.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the
end of each financial year, the accounts are closed and the board of directors shall draw up or shall cause to be drawn up an inventory
of assets and liabilities, the balance sheet and the profit and loss accounts in accordance with the Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">25.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From
the Company&rsquo;s annual net profits five per cent (5%) at least shall be allocated to the Company&rsquo;s legal reserve. This
allocation ceases to be mandatory as soon and as long as the aggregate amount of the Company&rsquo;s legal reserve amounts to ten
per cent (10%) of the Company&rsquo;s issued share capital. Sums contributed to the Company by shareholders may also be allocated
to the legal reserve. In the case of a share capital reduction, the Company&rsquo;s legal reserve may be reduced in proportion
so that it does not exceed ten per cent (10%) of the issued share capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">25.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
annual general meeting of shareholders determines upon proposal of the board of directors how the remainder of the annual net profits
will be allocated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">25.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends
which have not been claimed within five (5) years after the date on which they became due and payable revert back to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
26&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Interim dividends &ndash; Share premium and additional premiums</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">26.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
board of directors may declare and pay interim dividends in accordance with the provisions of the Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">26.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
share premium, additional premiums or other distributable reserve may be freely distributed to the shareholders (including by interim
dividends) subject to the provisions of the Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>G.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>LIQUIDATION</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: center; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
27&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Liquidation</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">27.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
the event of the Company&rsquo;s dissolution, the liquidation shall be carried out by one or several liquidators, individuals or
legal entities, appointed by the general meeting of shareholders resolving on the Company&rsquo;s dissolution which shall determine
the liquidator&rsquo;s/liquidators&rsquo; powers and remuneration. Unless otherwise provided, the liquidator or liquidators shall
have the most extensive powers for the realization of the assets and payment of the liabilities of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">27.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
surplus resulting from the realization of the assets and the payment of all liabilities shall be distributed among the shareholders
in proportion to the number of common shares of the Company held by them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>H.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>GOVERNING
LAW</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: center; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
28&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Governing law</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">All matters
not governed by these articles of association shall be determined in accordance with the Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"></P>

<!-- Field: Page; Sequence: 13; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><B>PAGE <!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></B></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B><U>SUIT
LA TRADUCTION FRAN&Ccedil;AISE DE CE QUI PRECEDE</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: center; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>DENOMINATION
- OBJET - DUR&Eacute;E - SI&Egrave;GE SOCIAL</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: center; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>D&eacute;nomination</U> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">Il existe
une soci&eacute;t&eacute; anonyme sous la d&eacute;nomination &laquo;&nbsp;<B>GLOBANT S.A.&nbsp;&raquo;</B> (ci-apr&egrave;s la
&laquo;&nbsp;<B>Soci&eacute;t&eacute;</B>&nbsp;&raquo;) qui sera r&eacute;gie par la loi du 10 ao&ucirc;t 1915 sur les soci&eacute;t&eacute;s
commerciales, telle que modifi&eacute;e (la &laquo;&nbsp;<B>Loi</B>&nbsp;&raquo;), ainsi que par les pr&eacute;sents statuts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Dur&eacute;e</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">La Soci&eacute;t&eacute;
est constitu&eacute;e pour une dur&eacute;e illimit&eacute;e. Elle pourra &ecirc;tre dissoute &agrave; tout moment et sans cause
par une d&eacute;cision de l&rsquo;assembl&eacute;e g&eacute;n&eacute;rale des actionnaires, prise aux conditions requises pour
une modification des pr&eacute;sents statuts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Objet</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; La Soci&eacute;t&eacute;
a pour objet principal la cr&eacute;ation, la d&eacute;tention, le d&eacute;veloppement et la r&eacute;alisation d'un portefeuille,
constitu&eacute; de participations et de droits de toute nature et de toute autre forme d'investissement dans des entit&eacute;s
dans le Grand-Duch&eacute; de Luxembourg et dans des entit&eacute;s &eacute;trang&egrave;res, que ces entit&eacute;s soient pr&eacute;existantes
ou qui seront constitu&eacute;es, notamment par voie de souscription, d&rsquo;acquisition par achat, de cession ou d&rsquo;&eacute;change
de titres ou de droits de quelque nature que ce soit, tels que des titres de participation, des titres de cr&eacute;ance, des brevets
et des licences, ainsi que la gestion et le contr&ocirc;le de ce portefeuille.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;La Soci&eacute;t&eacute;
peut &eacute;galement accorder toute forme de garantie pour l'ex&eacute;cution de toute obligation de la Soci&eacute;t&eacute;
ou de toute entit&eacute; dans laquelle elle d&eacute;tient une participation ou droit direct ou indirect de toute nature, ou dans
laquelle la Soci&eacute;t&eacute; a investi sous quelque forme que ce soit, ou qui fait partie du m&ecirc;me groupe d'entit&eacute;s
que la Soci&eacute;t&eacute; et pr&ecirc;ter des fonds ou assister autrement toute entit&eacute; dans laquelle elle d&eacute;tient
une participation ou droit direct ou indirect de toute nature ou dans laquelle la Soci&eacute;t&eacute; a investi sous quelque
forme que ce soit, ou qui fait partie du m&ecirc;me groupe d'entit&eacute;s que la Soci&eacute;t&eacute;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;La Soci&eacute;t&eacute;
peut emprunter sous toute forme et &eacute;mettre toute sorte d&rsquo;obligations ainsi que, de mani&egrave;re g&eacute;n&eacute;rale
&eacute;mettre toute sorte de titres de cr&eacute;ance, de titres de participation et/ou de titres hybrides ou autres conform&eacute;ment
au droit luxembourgeois.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;La Soci&eacute;t&eacute;
pourra exercer toute activit&eacute; commerciale, industrielle, financi&egrave;re, immobili&egrave;re, technique, de propri&eacute;t&eacute;
intellectuelle ou d&rsquo;autres activit&eacute;s qu&rsquo;elle estimera utiles pour l&rsquo;accomplissement de ces objets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Si&egrave;ge social</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Le si&egrave;ge
social de la Soci&eacute;t&eacute; est &eacute;tabli dans la ville de Luxembourg, Grand-Duch&eacute; de Luxembourg. Le si&egrave;ge
social pourra &ecirc;tre transf&eacute;r&eacute; au sein de la m&ecirc;me commune par d&eacute;cision du conseil d&rsquo;administration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"></P>

<!-- Field: Page; Sequence: 14; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><B>PAGE <!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></B></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Il pourra
&ecirc;tre transf&eacute;r&eacute; dans toute autre commune du Grand-Duch&eacute; de Luxembourg par d&eacute;cision de l'assembl&eacute;e
g&eacute;n&eacute;rale des actionnaires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Des succursales
ou bureaux peuvent &ecirc;tre cr&eacute;&eacute;s, tant au Grand-Duch&eacute; de Luxembourg qu'&agrave; l'&eacute;tranger, par
d&eacute;cision du conseil d&rsquo;administration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>CAPITAL
SOCIAL &ndash; ACTIONS &ndash; REGISTRE DES ACTIONS &ndash; PROPRIETE ET TRANSFERT DES ACTIONS</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: center; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;<U>Capital social</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">5.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Le capital social est fix&eacute; &agrave;<B> quarante-et-un millions deux cent soixante-douze mille sept cent
quatre-vingt-douze US dollars et quatre-vingt cents (USD 41.272.792,80) </B>et est repr&eacute;sent&eacute; par<B>
trente-quatre millions trois cent quatre-vingt-treize mille neuf cent quatre-vingt-quatorze (34.393.994) actions
ordinaires</B> d&rsquo;une valeur nominale <B>d&rsquo;un US dollar et vingt cents (USD 1,20)</B> chacune.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">5.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Le capital
social &eacute;mis de la Soci&eacute;t&eacute; peut &ecirc;tre (i) augment&eacute; par une d&eacute;cision du conseil d&rsquo;administration
(ou d&rsquo;un d&eacute;l&eacute;gu&eacute; de celui-ci) conform&eacute;ment aux articles 6.1 et 6.2 des pr&eacute;sents statuts
ou (ii) augment&eacute; ou r&eacute;duit par une d&eacute;cision de l&rsquo;assembl&eacute;e g&eacute;n&eacute;rale des actionnaires,
adopt&eacute;e selon les conditions requises pour une modification des pr&eacute;sents statuts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Capital autoris&eacute;</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">6.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Le capital
autoris&eacute; de la Soci&eacute;t&eacute;, excluant le capital social &eacute;mis, est fix&eacute; &agrave; sept millions deux
cent sept mille onze US dollars et soixante cents (USD 7.207.011,60), divis&eacute; en six millions cinq mille huit cent quarante-trois
(6.005.843) actions ordinaires ayant une valeur nominale d&rsquo;un US dollar et vingt cents (USD 1,20) par action ordinaire.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Le conseil
d&rsquo;administration est autoris&eacute; &agrave; &eacute;mettre des actions ordinaires, &agrave; accorder des options de souscription
d&rsquo;actions ordinaires et &agrave; &eacute;mettre tous autres instruments convertibles en, ou donnant des droits &agrave; des,
actions ordinaires dans la limite du capital social autoris&eacute; au profit de personnes et dans les conditions qu&rsquo;il jugera
opportunes, et plus pr&eacute;cis&eacute;ment de proc&eacute;der &agrave; une telle &eacute;mission sans qu&rsquo;un droit pr&eacute;f&eacute;rentiel
de souscription aux actions nouvelles ne soit r&eacute;serv&eacute; aux actionnaires existants pour une p&eacute;riode se terminant
au cinqui&egrave;me (5&egrave;me) anniversaire de la date de la publication dans le M&eacute;morial C, Recueil des Soci&eacute;t&eacute;s
et Associations du proc&egrave;s-verbal de l&rsquo;assembl&eacute;e g&eacute;n&eacute;rale extraordinaire des actionnaires tenue
le 6 mai 2016. Ces actions peuvent &ecirc;tre &eacute;mises &agrave; une valeur exc&eacute;dant ou en-de&ccedil;&agrave; de la
valeur du march&eacute;, au-dessus de ou &agrave; la valeur nominale ainsi que par incorporation de r&eacute;serves disponibles
(y compris la prime d&rsquo;&eacute;mission). L&rsquo;assembl&eacute;e g&eacute;n&eacute;rale a renonc&eacute; et supprim&eacute;
et a autoris&eacute; le conseil d&rsquo;administration &agrave; renoncer, supprimer ou limiter tous droits pr&eacute;f&eacute;rentiels
de souscription d&rsquo;actionnaires dans la mesure o&ugrave; ce dernier jugera cette renonciation, suppression ou limitation opportune
pour toute &eacute;mission ou &eacute;missions d&rsquo;actions ordinaires dans la limite du capital social autoris&eacute; (non-&eacute;mis)
de la Soci&eacute;t&eacute;. Cette autorisation pourra &ecirc;tre renouvel&eacute;e, modifi&eacute;e ou prolong&eacute;e une ou
plusieurs fois par une d&eacute;cision de l&rsquo;assembl&eacute;e g&eacute;n&eacute;rale des actionnaires adopt&eacute;e aux conditions
requises pour la modification des statuts. Apr&egrave;s une &eacute;mission d&rsquo;actions dans le cadre du capital social autoris&eacute;,
le conseil d&rsquo;administration veillera &agrave; ce que les pr&eacute;sents statuts soient modifi&eacute;s en cons&eacute;quence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"></P>

<!-- Field: Page; Sequence: 15; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><B>PAGE <!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></B></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">6.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Le capital
autoris&eacute; (non-&eacute;mis) de la Soci&eacute;t&eacute; peut &ecirc;tre augment&eacute; ou r&eacute;duit par une d&eacute;cision
de l&rsquo;assembl&eacute;e g&eacute;n&eacute;rale des actionnaires, adopt&eacute;e aux conditions requises pour la modification
des statuts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Actions</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Le capital
social de la Soci&eacute;t&eacute; est divis&eacute; en actions ordinaires ayant chacune la m&ecirc;me valeur nominale. Les actions
ordinaires de la Soci&eacute;t&eacute; sont et devront &ecirc;tre uniquement sous forme nominative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; La Soci&eacute;t&eacute;
peut avoir un ou plusieurs actionnaires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aucune
fraction d&rsquo;actions ordinaires ne peut exister ou &ecirc;tre &eacute;mise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">7.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dans les
limites et dans les conditions d&eacute;finies par la Loi, la Soci&eacute;t&eacute; peut racheter ses propres actions et les conserver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">7.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Un registre
des actions ordinaires sera tenu par la Soci&eacute;t&eacute; et mis &agrave; disposition aux fins de v&eacute;rification par tout
actionnaire. La propri&eacute;t&eacute; des actions nominatives sera &eacute;tablie par l&rsquo;inscription sur ledit registre
ou dans le cas o&ugrave; des teneurs de registres s&eacute;par&eacute;s ont &eacute;t&eacute; nomm&eacute;s conform&eacute;ment
&agrave; l'article 7.6, dans ce(s) registre(s) s&eacute;par&eacute;(s). Sans pr&eacute;judice des conditions de transfert par inscriptions
pr&eacute;vues &agrave; l'article 7.8 de ces statuts, un transfert d'actions nominatives devra &ecirc;tre effectu&eacute; au moyen
d'une d&eacute;claration de transfert inscrite dans le registre concern&eacute;, dat&eacute;e et sign&eacute;e par le c&eacute;dant
et le cessionnaire ou par leurs repr&eacute;sentants d&ucirc;ment autoris&eacute;s ou par la Soci&eacute;t&eacute; suite &agrave;
la notification de la cession ou de l'acceptation de la cession par la Soci&eacute;t&eacute;. La Soci&eacute;t&eacute; peut accepter
et inscrire un transfert dans le registre appropri&eacute; sur la base d&rsquo;une correspondance ou de tout autre document actant
un accord entre le c&eacute;dant et le cessionnaire.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;La Soci&eacute;t&eacute;
peut nommer des teneurs de registre dans diff&eacute;rentes juridictions qui tiendront chacun un registre s&eacute;par&eacute;
pour les actions nominatives y inscrites et les d&eacute;tenteurs d'actions ordinaires pourront choisir d'&ecirc;tre inscrits dans
l'un des registres et d'&ecirc;tre transf&eacute;r&eacute;s au fil du temps d'un registre &agrave; un autre registre. Le conseil
d'administration peut toutefois imposer des restrictions au transfert pour les actions ordinaires inscrites, cot&eacute;es, trait&eacute;es
ou plac&eacute;es dans certaines juridictions conform&eacute;ment aux exigences applicables dans ces juridictions. Un transfert
vers le registre tenu au si&egrave;ge social de la Soci&eacute;t&eacute; peut toujours &ecirc;tre demand&eacute;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">7.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sous r&eacute;serve
des dispositions de l'article 7.8 et l'article 7.10, la Soci&eacute;t&eacute; peut consid&eacute;rer la personne au nom de laquelle
les actions nominatives sont inscrites dans le registre des actionnaires comme &eacute;tant le propri&eacute;taire unique desdites
actions nominatives. Dans le cas o&ugrave; un d&eacute;tenteur d'actions nominatives ne fournit pas d'adresse &agrave; laquelle
toutes les notifications et avis de la Soci&eacute;t&eacute; pourront &ecirc;tre envoy&eacute;s, la Soci&eacute;t&eacute; pourra
inscrire ce fait dans le registre des actionnaire et l'adresse de ce d&eacute;tenteur sera consid&eacute;r&eacute;e comme &eacute;tant
au si&egrave;ge social de la Soci&eacute;t&eacute; ou &agrave; tout autre adresse que la Soci&eacute;t&eacute; pourra inscrire
au fil du temps jusqu'&agrave; ce que ce d&eacute;tenteur ait fourni par &eacute;crit une adresse diff&eacute;rente &agrave; la
Soci&eacute;t&eacute;. Le d&eacute;tenteur peut, &agrave; tout moment, changer son adresse telle qu'elle figure dans le registre
des actionnaires au moyen d'une notification &eacute;crite &agrave; envoyer &agrave; la Soci&eacute;t&eacute;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"></P>

<!-- Field: Page; Sequence: 16; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><B>PAGE <!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></B></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">7.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Les actions
ordinaires peuvent &ecirc;tre tenues par un porteur (le &laquo;<B>Porteur</B>&raquo;) &agrave; travers un syst&egrave;me de compensation
ou d'un D&eacute;positaire (tel que ce terme est d&eacute;fini ci-dessous). Le Porteur d'actions ordinaires d&eacute;tenues dans
ces comptes de titres fongibles a les m&ecirc;mes droits et obligations que si ce Porteur d&eacute;tenait directement les actions
ordinaires. Les actions ordinaires d&eacute;tenues au travers d&rsquo;un syst&egrave;me de compensation ou d'un D&eacute;positaire
doivent &ecirc;tre consign&eacute;es dans un compte ouvert au nom du Porteur et peuvent &ecirc;tre transf&eacute;r&eacute;es d'un
compte &agrave; un autre, conform&eacute;ment aux proc&eacute;dures habituelles pour le transfert de titres sous forme d'inscription
en compte. Toutefois, la Soci&eacute;t&eacute; versera les dividendes, s&rsquo;il y en a, ainsi que tout autre paiement en esp&egrave;ces,
actions ou autres titres, s&rsquo;il y en a, uniquement au profit du syst&egrave;me de compensation ou du D&eacute;positaire inscrits
dans le registre des actionnaires ou conform&eacute;ment aux instructions de ce syst&egrave;me de compensation ou D&eacute;positaire.
Ce paiement d&eacute;chargera compl&egrave;tement la Soci&eacute;t&eacute; de ses obligations &agrave; cet &eacute;gard.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">7.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dans le
cadre d'une assembl&eacute;e g&eacute;n&eacute;rale, le conseil d'administration peut d&eacute;cider qu&rsquo;aucune entr&eacute;e
ne soit faite dans le registre des actionnaires et aucun avis de transfert ne soit reconnu par la Soci&eacute;t&eacute; et le(s)
teneur(s) de registre durant la p&eacute;riode commen&ccedil;ant &agrave; la Date d&rsquo;Inscription (telle que d&eacute;finie
ci-apr&egrave;s) et se terminant &agrave; la cl&ocirc;ture de cette assembl&eacute;e g&eacute;n&eacute;rale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">7.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toutes
les communications et avis &agrave; donner &agrave; un actionnaire inscrit sont r&eacute;put&eacute;s valablement faits s&rsquo;ils
sont faits &agrave; la derni&egrave;re adresse communiqu&eacute;e par l'actionnaire &agrave; la Soci&eacute;t&eacute; conform&eacute;ment
&agrave; l'article 7.7 ou, si aucune adresse n'a &eacute;t&eacute; communiqu&eacute;e par l'actionnaire, le si&egrave;ge social
de la Soci&eacute;t&eacute; ou &agrave; une autre adresse qui pourra &ecirc;tre inscrite par la Soci&eacute;t&eacute; dans le registre
au fil du temps conform&eacute;ment &agrave; l'article 7.8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">7.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lorsque
les actions ordinaires sont enregistr&eacute;es dans le registre des actionnaires au nom et pour le compte d&rsquo;un syst&egrave;me
de compensation ou de l&rsquo;op&eacute;rateur d&rsquo;un tel syst&egrave;me et enregistr&eacute; comme entr&eacute;e dans les
comptes d&rsquo;un d&eacute;positaire professionnel ou d&rsquo;un sous-d&eacute;positaire (tout d&eacute;positaire et sous-d&eacute;positaire
d&eacute;sign&eacute; ci-apr&egrave;s comme un &laquo;<B>D&eacute;positaire</B>&raquo;), la Soci&eacute;t&eacute; &ndash; sous
r&eacute;serve d'avoir re&ccedil;u du D&eacute;positaire un certificat en bonne et due forme &ndash; permettra au D&eacute;positaire
de telles entr&eacute;es en compte d'exercer les droits attach&eacute;s aux actions ordinaires correspondant aux entr&eacute;es
en compte du Porteur concern&eacute;, y compris de recevoir les convocations aux assembl&eacute;es g&eacute;n&eacute;rales, l'admission
et le vote aux assembl&eacute;es g&eacute;n&eacute;rales et doit consid&eacute;rer le D&eacute;positaire comme &eacute;tant le
Porteur des actions ordinaires correspondant aux entr&eacute;es compte aux fins du pr&eacute;sent article 7 des pr&eacute;sents
statuts. Le conseil d'administration peut d&eacute;terminer les conditions de forme auxquelles devront r&eacute;pondre ces certificats.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;<U>Propri&eacute;t&eacute; des actions</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">8.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;La Soci&eacute;t&eacute;
ne reconna&icirc;t qu'un seul titulaire par action ordinaire. Si une action ordinaire est d&eacute;tenue par plusieurs personnes,
elles devront d&eacute;signer une personne qui sera consid&eacute;r&eacute;e comme seule propri&eacute;taire de cette action ordinaire
vis-&agrave;-vis de la Soci&eacute;t&eacute;. La Soci&eacute;t&eacute; aura le droit de suspendre l'exercice de tous les droits
attach&eacute;s &agrave; une action ordinaire d&eacute;tenue par plusieurs personnes, jusqu'&agrave; ce qu'un (1) propri&eacute;taire
ait &eacute;t&eacute; d&eacute;sign&eacute;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"></P>

<!-- Field: Page; Sequence: 17; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><B>PAGE <!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></B></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">8.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Les actions
ordinaires sont librement cessibles. Tous les droits et obligations attach&eacute;s &agrave; une action ordinaire seront transf&eacute;r&eacute;s
&agrave; tout cessionnaire.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ASSEMBLEES
GENERALES DES ACTIONNAIRES</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: center; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Pouvoirs de l&rsquo;assembl&eacute;e g&eacute;n&eacute;rale des
actionnaires</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">Les actionnaires
exercent leurs droits collectifs en assembl&eacute;e g&eacute;n&eacute;rale d&rsquo;actionnaires. Toute assembl&eacute;e g&eacute;n&eacute;rale
d&rsquo;actionnaires de la Soci&eacute;t&eacute; r&eacute;guli&egrave;rement constitu&eacute;e repr&eacute;sente l&rsquo;ensemble
des actionnaires de la Soci&eacute;t&eacute;. L&rsquo;assembl&eacute;e g&eacute;n&eacute;rale des actionnaires a les pouvoirs les
plus &eacute;tendus pour autoriser, ordonner, r&eacute;aliser ou ratifier des actes relatifs &agrave; la Soci&eacute;t&eacute;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Convocation des assembl&eacute;es g&eacute;n&eacute;rales d&rsquo;actionnaires</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L'assembl&eacute;e
g&eacute;n&eacute;rale des actionnaires de la Soci&eacute;t&eacute; peut, &agrave; tout moment, &ecirc;tre convoqu&eacute;e par
le conseil d'administration, au lieu et date fix&eacute;s dans la convocation &agrave; une telle assembl&eacute;e.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">10.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L'assembl&eacute;e
g&eacute;n&eacute;rale des actionnaires doit obligatoirement &ecirc;tre convoqu&eacute;e par le conseil d'administration sur demande
&eacute;crite, comportant l'ordre du jour, d'un ou plusieurs actionnaires repr&eacute;sentant au moins dix pour cent (10%) du capital
social de la Soci&eacute;t&eacute;. Dans ce cas, l'assembl&eacute;e g&eacute;n&eacute;rale des actionnaires doit &ecirc;tre convoqu&eacute;e
et tenue dans un d&eacute;lai d'un (1) mois &agrave; compter de la r&eacute;ception de cette demande. L'(es) actionnaire(s) repr&eacute;sentant
au moins cinq pour cent (5%) du capital social &eacute;mis de la Soci&eacute;t&eacute; peuvent demander l'ajout d'un ou plusieurs
points &agrave; l'ordre du jour de toute assembl&eacute;e g&eacute;n&eacute;rale des actionnaires. Une telle demande doit &ecirc;tre
re&ccedil;ue au si&egrave;ge social de la Soci&eacute;t&eacute; par lettre recommand&eacute;e au moins vingt-deux (22) jours avant
la date de l'assembl&eacute;e.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">10.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L'assembl&eacute;e
g&eacute;n&eacute;rale annuelle des actionnaires doit &ecirc;tre tenue au Luxembourg, au si&egrave;ge social de la Soci&eacute;t&eacute;
ou &agrave; tout autre endroit tel qu'indiqu&eacute; dans la convocation &agrave; cette assembl&eacute;e, le quatri&egrave;me vendredi
du mois d'avril de chaque ann&eacute;e &agrave; 11h (heure locale). Si ce jour est un jour f&eacute;ri&eacute; au Luxembourg, l'assembl&eacute;e
g&eacute;n&eacute;rale annuelle des actionnaires sera tenue le jour ouvrable suivant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">10.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D&rsquo;autres
assembl&eacute;es g&eacute;n&eacute;rales d&rsquo;actionnaires pourront se tenir au lieu et &agrave; l&rsquo;heure indiqu&eacute;e
dans les convocations correspondantes &agrave; l&rsquo;assembl&eacute;e g&eacute;n&eacute;rale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">10.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Les assembl&eacute;es
g&eacute;n&eacute;rales des actionnaires sont convoqu&eacute;es conform&eacute;ment aux dispositions de la Loi et si les actions
ordinaires de la Soci&eacute;t&eacute; sont cot&eacute;es sur une bourse &eacute;trang&egrave;re, conform&eacute;ment aux exigences
de cette bourse &eacute;trang&egrave;re applicables &agrave; la Soci&eacute;t&eacute;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">10.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Si les
actions de la Soci&eacute;t&eacute; ne sont pas cot&eacute;es sur une bourse &eacute;trang&egrave;re, tous les actionnaires inscrits
dans le registre des actionnaires &agrave; la date de l'assembl&eacute;e g&eacute;n&eacute;rale des actionnaires ont le droit d'&ecirc;tre
admis &agrave; l'assembl&eacute;e g&eacute;n&eacute;rale des actionnaires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"></P>

<!-- Field: Page; Sequence: 18; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><B>PAGE <!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></B></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">10.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Si les
actions ordinaires de la Soci&eacute;t&eacute; sont cot&eacute;es sur une bourse, tous les actionnaires inscrits dans un registre
des actionnaires de la Soci&eacute;t&eacute; ont le droit d'&ecirc;tre admis et de voter &agrave; l'assembl&eacute;e g&eacute;n&eacute;rale
des actionnaires sur base du nombre d&rsquo;actions ordinaires qu&rsquo;ils d&eacute;tiennent &agrave; une date et une heure avant
l'assembl&eacute;e g&eacute;n&eacute;rale des actionnaires que le conseil d'administration peut d&eacute;terminer comme la date
d&rsquo;inscription (la &laquo;Date d'Inscription&raquo;) et telle que pr&eacute;cis&eacute;e dans la convocation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">10.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tout
actionnaire, Porteur ou D&eacute;positaire, selon le cas, qui souhaite assister &agrave; l'assembl&eacute;e g&eacute;n&eacute;rale
doit en informer la Soci&eacute;t&eacute; au plus tard le quatorzi&egrave;me jour pr&eacute;c&eacute;dant la date de cette assembl&eacute;e
g&eacute;n&eacute;rale, ou jusqu&rsquo;&agrave; toute autre date que le conseil d'administration peut d&eacute;terminer et telle
que pr&eacute;cis&eacute;e dans la convocation, d'une mani&egrave;re devant &ecirc;tre d&eacute;termin&eacute;e par le conseil
d'administration dans l'avis de convocation. Dans le cas d'actions ordinaires d&eacute;tenues par l'op&eacute;rateur d'un syst&egrave;me
de compensation ou par un D&eacute;positaire d&eacute;sign&eacute; par un tel D&eacute;positaire, un Porteur d'actions ordinaires
qui souhaite assister &agrave; une assembl&eacute;e g&eacute;n&eacute;rale des actionnaires doit recevoir de ces op&eacute;rateurs
ou D&eacute;positaires un certificat attestant le nombre d'actions ordinaires inscrites dans le compte correspondant &agrave; la
Date d'Inscription. Le certificat devra &ecirc;tre pr&eacute;sent&eacute; &agrave; la Soci&eacute;t&eacute; au plus tard trois
(3) jours ouvrables avant la date de cette assembl&eacute;e g&eacute;n&eacute;rale. Si l'actionnaire vote au moyen d'une procuration,
la procuration doit &ecirc;tre d&eacute;pos&eacute;e au si&egrave;ge social de la Soci&eacute;t&eacute; ou chez tout autre agent
de la Soci&eacute;t&eacute;, d&ucirc;ment autoris&eacute; &agrave; recevoir ces procurations, dans le m&ecirc;me temps. Le conseil
d'administration peut fixer un d&eacute;lai plus court pour la pr&eacute;sentation du certificat ou de la procuration auquel cas
cela sera pr&eacute;cis&eacute; dans la convocation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">10.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Si tous
les actionnaires sont pr&eacute;sents ou repr&eacute;sent&eacute;s &agrave; une assembl&eacute;e g&eacute;n&eacute;rale des actionnaires
et d&eacute;clarent qu'ils ont &eacute;t&eacute; inform&eacute;s de l'ordre du jour de la r&eacute;union, l'assembl&eacute;e g&eacute;n&eacute;rale
des actionnaires peut &ecirc;tre tenue sans convocation pr&eacute;alable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;<U>Conduite des assembl&eacute;es g&eacute;n&eacute;rales d&rsquo;actionnaires</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">11.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Un bureau
de l'assembl&eacute;e doit &ecirc;tre constitu&eacute; &agrave; chaque assembl&eacute;e g&eacute;n&eacute;rale d&rsquo;actionnaires,
compos&eacute; d'un pr&eacute;sident, d'un secr&eacute;taire et d'un scrutateur, chacun devant &ecirc;tre nomm&eacute;s par l&rsquo;assembl&eacute;e
g&eacute;n&eacute;rale des actionnaires, sans qu'ils soient n&eacute;cessairement des actionnaires. Le bureau doit s&rsquo;assurer
que l&rsquo;assembl&eacute;e est tenue en conformit&eacute; avec les r&egrave;gles applicables et, en particulier, en conformit&eacute;
avec les r&egrave;gles relatives &agrave; la convocation, au quorum, s&rsquo;il en existe, au partage des voix et &agrave; la repr&eacute;sentation
des actionnaires.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">11.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Une liste
de pr&eacute;sence doit &ecirc;tre tenue &agrave; toute assembl&eacute;e g&eacute;n&eacute;rale d&rsquo;actionnaires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">11.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chaque
action ordinaire donne droit &agrave; une voix en assembl&eacute;e g&eacute;n&eacute;rale d&rsquo;actionnaires, sous r&eacute;serve
des dispositions de la Loi. Sauf disposition contraire de la Loi ou des statuts, les d&eacute;cisions prises en assembl&eacute;e
g&eacute;n&eacute;rale d&rsquo;actionnaires d&ucirc;ment convoqu&eacute;es sont adopt&eacute;es &agrave; la majorit&eacute; simple
des voix valablement exprim&eacute;es quelle que soit la part du capital social &eacute;mis de la Soci&eacute;t&eacute; pr&eacute;sente
ou repr&eacute;sent&eacute;e &agrave; l&rsquo;assembl&eacute;e g&eacute;n&eacute;rale. Les abstentions et les votes blancs ou nuls
ne sont pas pris en compte.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"></P>

<!-- Field: Page; Sequence: 19; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><B>PAGE <!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></B></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">11.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Un actionnaire
peut participer &agrave; toute assembl&eacute;e g&eacute;n&eacute;rale des actionnaires en d&eacute;signant une autre personne,
actionnaire ou non, comme son mandataire par &eacute;crit au moyen d&rsquo;un document sign&eacute;, transmis par courrier, par
t&eacute;l&eacute;copie, ou par tout autre moyen de communication autoris&eacute; par le conseil d&rsquo;administration. Une personne
peut repr&eacute;senter plusieurs voire m&ecirc;me tous les actionnaires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">11.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Les actionnaires
qui prennent part &agrave; une assembl&eacute;e g&eacute;n&eacute;rale par conf&eacute;rence t&eacute;l&eacute;phonique, vid&eacute;oconf&eacute;rence
ou par tout autre moyen de communication autoris&eacute; par le conseil d&rsquo;administration, permettant leur identification
et permettant &agrave; toutes les personnes participant &agrave; l'assembl&eacute;e de s'entendre mutuellement sans discontinuit&eacute;,
garantissant une participation effective &agrave; l'assembl&eacute;e, sont r&eacute;put&eacute;s &ecirc;tre pr&eacute;sents pour
le calcul du quorum et de la majorit&eacute;, &agrave; condition que de tels moyens de communication soient disponibles sur les
lieux de tenue de l'assembl&eacute;e.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">11.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chaque
actionnaire peut voter &agrave; une assembl&eacute;e g&eacute;n&eacute;rale des actionnaires au moyen d'un bulletin de vote sign&eacute;,
envoy&eacute; par courrier, t&eacute;l&eacute;copie ou tout autre moyen de communication autoris&eacute; par le conseil d&rsquo;administration
et d&eacute;livr&eacute; au si&egrave;ge social de la Soci&eacute;t&eacute; ou &agrave; l'adresse indiqu&eacute;e dans la convocation.
Les actionnaires ne peuvent utiliser que les bulletins de vote fournis par la Soci&eacute;t&eacute; qui indiquent au moins le lieu,
la date et l'heure de l'assembl&eacute;e, l'ordre du jour de l'assembl&eacute;e, les r&eacute;solutions soumises au vote de l'assembl&eacute;e,
ainsi que pour chaque r&eacute;solution, trois cases &agrave; cocher permettant &agrave; l'actionnaire de voter en faveur ou contre
la r&eacute;solution propos&eacute;e, ou d'exprimer une abstention par rapport &agrave; chacune des r&eacute;solutions propos&eacute;es,
en cochant la case appropri&eacute;e. La Soci&eacute;t&eacute; ne prendra en compte que des bulletins de vote re&ccedil;us au plus
tard trois (3) jours avant la tenue de l'assembl&eacute;e g&eacute;n&eacute;rale des actionnaires &agrave; laquelle ils se rapportent.
Le conseil d&rsquo;administration peut fixer une dur&eacute;e plus courte pour la pr&eacute;sentation des bulletins de vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">11.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Le conseil
d&rsquo;administration peut d&eacute;finir des conditions suppl&eacute;mentaires qui devront &ecirc;tre remplies par les actionnaires
afin qu&rsquo;ils puissent participer &agrave; une assembl&eacute;e g&eacute;n&eacute;rale des actionnaires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Modification des statuts</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">Sous r&eacute;serve
des dispositions de la Loi et des pr&eacute;sents statuts, toute modification des statuts n&eacute;cessite une majorit&eacute;
d&rsquo;au moins deux-tiers (2/3) des voix valablement exprim&eacute;es lors d&rsquo;une assembl&eacute;e g&eacute;n&eacute;rale
&agrave; laquelle au moins la moiti&eacute; (1/2) du capital social &eacute;mis de la Soci&eacute;t&eacute; est repr&eacute;sent&eacute;e.
Si le quorum n&rsquo;est pas atteint &agrave; une assembl&eacute;e, une seconde assembl&eacute;e pourra &ecirc;tre convoqu&eacute;e
dans les conditions pr&eacute;vues par la Loi, qui pourra alors d&eacute;lib&eacute;rer quel que soit le capital social &eacute;mis
de la Soci&eacute;t&eacute; repr&eacute;sent&eacute;e &agrave; l&rsquo;assembl&eacute; et lors de laquelle les d&eacute;cisions
seront adopt&eacute;es &agrave; la majorit&eacute; d&rsquo;au moins deux-tiers (2/3) des voix valablement exprim&eacute;es. Les
abstentions et les votes blancs ou nuls ne sont pas pris en compte pour le calcul de la majorit&eacute;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Prorogation des assembl&eacute;es g&eacute;n&eacute;rales des actionnaires</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">Le conseil
d&rsquo;administration peut proroger toute assembl&eacute;e g&eacute;n&eacute;rale d&rsquo;actionnaires d&eacute;j&agrave; commenc&eacute;e,
y compris toute assembl&eacute;e g&eacute;n&eacute;rale en vue de statuer sur une modification des statuts, pour une p&eacute;riode
de quatre (4) semaines. Le conseil d&rsquo;administration doit proroger toute assembl&eacute;e g&eacute;n&eacute;rale des actionnaires
d&eacute;j&agrave; commenc&eacute;e &agrave; la demande d&rsquo;un ou plusieurs actionnaires repr&eacute;sentant au moins vingt
pour cent (20%) du capital social de la Soci&eacute;t&eacute;. Lors d&rsquo;une telle prorogation d&rsquo;une assembl&eacute;e
g&eacute;n&eacute;rale d&eacute;j&agrave; commenc&eacute;e, toute d&eacute;cision d&eacute;j&agrave; adopt&eacute;e par l&rsquo;assembl&eacute;e
g&eacute;n&eacute;rale des actionnaires sera annul&eacute;e. Pour &eacute;viter toute confusion, une fois qu&rsquo;une assembl&eacute;e
a &eacute;t&eacute; prorog&eacute;e conform&eacute;ment &agrave; la deuxi&egrave;me phrase de cet article 13, le conseil d'administration
ne sera pas tenu de proroger une telle assembl&eacute;e une deuxi&egrave;me fois.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"></P>

<!-- Field: Page; Sequence: 20; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><B>PAGE <!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></B></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Proc&egrave;s-verbal des assembl&eacute;es g&eacute;n&eacute;rales
d&rsquo;actionnaires</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">Le bureau
de toute assembl&eacute;e g&eacute;n&eacute;rale des actionnaires doit dresser un proc&egrave;s-verbal de l&rsquo;assembl&eacute;e
qui doit &ecirc;tre sign&eacute; par les membres du bureau de l&rsquo;assembl&eacute;e ainsi que par tout actionnaire qui en fait
la demande. Toute copie ou extrait de ces proc&egrave;s-verbaux originaux devant &ecirc;tre produit(e) dans le cadre de proc&eacute;dures
judiciaires ou devant &ecirc;tre communiqu(&eacute;) &agrave; tout tiers devra &ecirc;tre sign&eacute;(e) par le pr&eacute;sident
ou le co-pr&eacute;sident du conseil d&rsquo;administration ou par deux membres du conseil d&rsquo;administration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>ADMINISTRATION</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: center; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conseil d&rsquo;administration</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">15.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;La Soci&eacute;t&eacute;
est g&eacute;r&eacute;e par un conseil d&rsquo;administration dont les membres peuvent mais ne doivent pas &ecirc;tre des actionnaires
de la Soci&eacute;t&eacute;. Le conseil d&rsquo;administration est investi des pouvoirs les plus &eacute;tendus pour prendre toute
mesure n&eacute;cessaire ou utile afin de r&eacute;aliser l&rsquo;objet social de la Soci&eacute;t&eacute;, &agrave; l&rsquo;exception
des pouvoirs r&eacute;serv&eacute;s par la loi ou par les pr&eacute;sents statuts &agrave; l&rsquo;assembl&eacute;e g&eacute;n&eacute;rale
des actionnaires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">15.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;La gestion
journali&egrave;re de la Soci&eacute;t&eacute; ainsi que la repr&eacute;sentation de la Soci&eacute;t&eacute; en rapport avec cette
gestion journali&egrave;re peut, en conformit&eacute; avec l&rsquo;article 60 de la Loi, &ecirc;tre d&eacute;l&eacute;gu&eacute;e
&agrave; un ou plusieurs membres du conseil d&rsquo;administration ou &agrave; toute(s) autre(s) personne(s) nomm&eacute;e(s) par
le conseil d&rsquo;administration, qui peuvent mais ne doivent pas &ecirc;tre actionnaire, agissant individuellement ou conjointement.
Leur nomination, r&eacute;vocation et pouvoirs seront d&eacute;termin&eacute;s par une d&eacute;cision du conseil d&rsquo;administration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">15.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Le conseil
d&rsquo;administration peut &eacute;galement conf&eacute;rer des pouvoirs sp&eacute;ciaux au moyen d&rsquo;une procuration authentique
ou d&rsquo;un acte sous seing priv&eacute;, &agrave; toute personne agissant seule ou conjointement avec d&rsquo;autres en qualit&eacute;
de mandataires de la Soci&eacute;t&eacute;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">15.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Le conseil
d&rsquo;administration est compos&eacute; au minimum de sept (7) administrateurs et au maximum quinze (15) administrateurs. Le
conseil d&rsquo;administration doit choisir parmi ces membres un pr&eacute;sident du conseil d&rsquo;administration. Il peut aussi
choisir un co-pr&eacute;sident et il peut choisir un secr&eacute;taire qui n&rsquo;a pas besoin d&rsquo;&ecirc;tre un actionnaire
ou un membre du conseil d&rsquo;administration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"></P>

<!-- Field: Page; Sequence: 21; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><B>PAGE <!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></B></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Nomination, r&eacute;vocation et dur&eacute;e des mandats des administrateurs</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">16.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Les administrateurs
sont nomm&eacute;s par l&rsquo;assembl&eacute;e g&eacute;n&eacute;rale des actionnaires pour un mandat allant jusqu&rsquo;&agrave;
quatre (4) ans&nbsp;; &eacute;tant entendu toutefois que les administrateurs doivent &ecirc;tre &eacute;lus sur une base &eacute;chelonn&eacute;e,
avec un tiers (1/3) des administrateurs &eacute;tant &eacute;lus chaque ann&eacute;e et; &eacute;tant encore entendu que cette
p&eacute;riode peut &ecirc;tre d&eacute;pass&eacute;e d&rsquo;une p&eacute;riode allant jusqu'&agrave; l'assembl&eacute;e g&eacute;n&eacute;rale
annuelle se tenant apr&egrave;s le quatri&egrave;me anniversaire de la nomination. Chaque administrateur &eacute;lu doit rester
en fonction jusqu'&agrave; ce que son successeur soit &eacute;lu. Si une personne morale est nomm&eacute;e en tant qu&rsquo;administrateur
de la Soci&eacute;t&eacute;, cette personne morale doit d&eacute;signer une personne physique en qualit&eacute; de repr&eacute;sentant
permanent qui doit assurer cette fonction au nom et pour le compte de la personne morale. La personne morale peut r&eacute;voquer
son repr&eacute;sentant permanent uniquement si elle nomme simultan&eacute;ment son successeur. Une personne physique peut uniquement
&ecirc;tre le repr&eacute;sentant permanent d&rsquo;un seul administrateur de la Soci&eacute;t&eacute; et ne peut &ecirc;tre simultan&eacute;ment
administrateur de la Soci&eacute;t&eacute;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">16.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chaque
administrateur peut &ecirc;tre r&eacute;voqu&eacute; de ses fonctions &agrave; tout moment et sans motif par l&rsquo;assembl&eacute;e
g&eacute;n&eacute;rale des actionnaires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">16.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Les administrateurs
sont r&eacute;&eacute;ligibles ind&eacute;finiment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">16.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dans
l&rsquo;hypoth&egrave;se o&ugrave; un poste d&rsquo;administrateur deviendrait vacant suite au d&eacute;c&egrave;s, &agrave; l&rsquo;incapacit&eacute;
juridique, &agrave; la faillite, &agrave; la retraite ou autre, cette vacance pourra &ecirc;tre combl&eacute;e &agrave; titre temporaire
par les administrateurs restants jusqu&rsquo;&agrave; la prochaine assembl&eacute;e g&eacute;n&eacute;rale d&rsquo;actionnaires,
appel&eacute;e &agrave; statuer sur la nomination permanente.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Convocation aux conseils d&rsquo;administration</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">17.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Le conseil
d&rsquo;administration se r&eacute;unit sur convocation valablement donn&eacute;e par le pr&eacute;sident ou par deux (2) administrateurs
au lieu d&eacute;fini dans la convocation d&eacute;crite dans le paragraphe ci-dessous.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">17.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Une convocation
&eacute;crite &agrave; toute r&eacute;union du conseil d&rsquo;administration doit &ecirc;tre adress&eacute;e aux administrateurs
cinq (5) jours au moins avant la date pr&eacute;vue pour la r&eacute;union par &eacute;crit, par t&eacute;l&eacute;copie, courrier
&eacute;lectronique ou tout autre moyen de communication, sauf en cas d&rsquo;urgence, auquel cas la nature et les motifs de cette
urgence devront &ecirc;tre expos&eacute;s dans la convocation. L'avis de convocation n'est pas n&eacute;cessaire dans le cas d&rsquo;une
renonciation &agrave; cette exigence de chaque administrateur par &eacute;crit par courrier, t&eacute;l&eacute;copie, courrier
&eacute;lectronique ou par tout autre moyen de communication, une copie de ce document &eacute;tant une preuve suffisante. De la
m&ecirc;me mani&egrave;re, aucune convocation pr&eacute;alable ne sera exig&eacute;e pour toute r&eacute;union du conseil d&rsquo;administration
dont l&rsquo;heure et l&rsquo;endroit auront &eacute;t&eacute; d&eacute;termin&eacute;s dans une d&eacute;cision pr&eacute;c&eacute;dente
adopt&eacute;e par le conseil d&rsquo;administration. Aucune convocation pr&eacute;alable n&rsquo;est &eacute;galement requise
dans l&rsquo;hypoth&egrave;se o&ugrave; tous les membres du conseil d&rsquo;administration sont pr&eacute;sents ou repr&eacute;sent&eacute;s
&agrave; une r&eacute;union du conseil d&rsquo;administration o&ugrave; dans le cas o&ugrave; des d&eacute;cisions &eacute;crites
auraient &eacute;t&eacute; approuv&eacute;es et sign&eacute;es par tous les membres du conseil d&rsquo;administration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conduite des r&eacute;unions du conseil d&rsquo;administration</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">18.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Le pr&eacute;sident
du conseil d&rsquo;administration doit pr&eacute;sider toute r&eacute;union du conseil d&rsquo;administration. En cas d&rsquo;absence
du pr&eacute;sident, le conseil d&rsquo;administration peut nommer un autre administrateur en qualit&eacute; de pr&eacute;sident
temporaire.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">18.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Le conseil
d&rsquo;administration ne peut valablement d&eacute;lib&eacute;rer ou statuer que si la majorit&eacute; au moins des administrateurs
est pr&eacute;sente ou repr&eacute;sent&eacute;e &agrave; une r&eacute;union du conseil d&rsquo;administration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"></P>

<!-- Field: Page; Sequence: 22; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><B>PAGE <!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></B></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">18.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Les d&eacute;cisions
sont prises &agrave; la majorit&eacute; des voix des administrateurs pr&eacute;sents ou repr&eacute;sent&eacute;s lors de la r&eacute;union
du conseil d&rsquo;administration. En cas d&rsquo;&eacute;galit&eacute; des voix, le pr&eacute;sident du conseil d&rsquo;administration
a une voix pr&eacute;pond&eacute;rante. En cas d&rsquo;absence du pr&eacute;sident du conseil d&rsquo;administration, l&rsquo;administrateur
qui aura &eacute;t&eacute; nomm&eacute; pr&eacute;sident temporaire de la r&eacute;union ne dispose pas de voix pr&eacute;pond&eacute;rante.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">18.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tout
administrateur peut participer &agrave; toute r&eacute;union du conseil d&rsquo;administration en d&eacute;signant comme mandataire
un autre membre du conseil d&rsquo;administration par &eacute;crit, t&eacute;l&eacute;copie, courrier &eacute;lectronique ou tout
autre moyen similaire de communication. Tout administrateur peut repr&eacute;senter un ou plusieurs autres administrateurs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">18.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Un administrateur
qui participe &agrave; une r&eacute;union du conseil d&rsquo;administration, par conf&eacute;rence t&eacute;l&eacute;phonique,
vid&eacute;oconf&eacute;rence ou par tout autre moyen de communication autorisant les membres participant &agrave; de telles r&eacute;unions
de s&rsquo;entendre les uns les autres de mani&egrave;re continue et permettant une participation effective &agrave; ces r&eacute;unions,
est consid&eacute;r&eacute; &ecirc;tre pr&eacute;sent et est pris en compte en mati&egrave;re de quorum et de majorit&eacute;.
La participation &agrave; une r&eacute;union par ces moyens &eacute;quivaudra &agrave; une participation en personne et la r&eacute;union
devra &ecirc;tre consid&eacute;r&eacute;e comme ayant &eacute;t&eacute; tenue au si&egrave;ge social de la Soci&eacute;t&eacute;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">18.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Le conseil
d&rsquo;administration peut &agrave; l&rsquo;unanimit&eacute; passer des d&eacute;cisions &eacute;crites qui auront la m&ecirc;me
valeur que les d&eacute;cisions prises lors d&rsquo;une r&eacute;union du conseil d&rsquo;administration d&ucirc;ment convoqu&eacute;e
et tenue. De telles d&eacute;cisions &eacute;crites sont prises quand dat&eacute;es et sign&eacute;es par les administrateurs sur
un document ou sur plusieurs copies, une copie d'une signature envoy&eacute;e par la poste, par t&eacute;l&eacute;copieur ou par
un moyen de communication similaire &eacute;tant une preuve suffisante. Le document unique montrant toutes les signatures ou la
totalit&eacute; des documents sign&eacute;s, le cas &eacute;ch&eacute;ant, formeront l&rsquo;instrument qui sera la preuve de l'adoption
des r&eacute;solutions et la date des d&eacute;cisions sera la date de la derni&egrave;re signature.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">18.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Le secr&eacute;taire
ou, si aucun secr&eacute;taire n'a &eacute;t&eacute; nomm&eacute;, le pr&eacute;sident qui &eacute;tait pr&eacute;sent lors d'une
r&eacute;union, dresse un proc&egrave;s-verbal de la r&eacute;union du conseil d'administration, qui doit &ecirc;tre sign&eacute;
par le pr&eacute;sident ou par le secr&eacute;taire, selon le cas, ou par deux administrateurs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
19&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;<U>Comit&eacute; du conseil d&rsquo;administration</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">Le conseil
d&rsquo;administration peut cr&eacute;er un ou plusieurs comit&eacute;s, incluant sans limitation, un comit&eacute; d&rsquo;audit,
un comit&eacute; de nomination et de gouvernance d'entreprise et un comit&eacute; de r&eacute;mun&eacute;ration, et pour lesquels
il doit, si un ou plusieurs de ces comit&eacute;s sont mis en place, nommer les membres qui peuvent, mais ne doivent pas n&eacute;cessairement,
&ecirc;tre des membres du conseil d'administration (toujours sous r&eacute;serve, si les actions ordinaires de la Soci&eacute;t&eacute;
sont inscrites &agrave; une bourse &eacute;trang&egrave;re, des exigences de cette bourse &eacute;trang&egrave;re applicables &agrave;
la Soci&eacute;t&eacute; et / ou de l&rsquo;autorit&eacute; de r&eacute;gulation comp&eacute;tente en relation avec cette cotation),
d&eacute;terminer le but, les pouvoirs et autorit&eacute;s ainsi que les proc&eacute;dures et les autres r&egrave;gles qui leur
seront applicables.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Relations avec les tiers</U> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">La Soci&eacute;t&eacute;
est engag&eacute;e &agrave; l&rsquo;&eacute;gard des tiers en toutes circonstances par (i) la signature du pr&eacute;sident du
conseil d&rsquo;administration, (ii) la signature conjointe de deux (2) administrateurs ou (iii) par la signature conjointe ou
la signature unique de toute(s) personne(s) &agrave; laquelle (auxquelles) un tel pouvoir aura &eacute;t&eacute; d&eacute;l&eacute;gu&eacute;
par le conseil d&rsquo;administration dans les limites d&rsquo;une telle d&eacute;l&eacute;gation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"></P>

<!-- Field: Page; Sequence: 23; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><B>PAGE <!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></B></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">Concernant
les mati&egrave;res relevant de la gestion journali&egrave;re de la Soci&eacute;t&eacute;, la Soci&eacute;t&eacute; est engag&eacute;e
&agrave; l&rsquo;&eacute;gard des tiers par la seule signature de (i) l&rsquo;administrateur d&eacute;l&eacute;gu&eacute; ou du
d&eacute;l&eacute;gu&eacute; &agrave; la gestion journali&egrave;re (le &laquo;&nbsp;<B>D&eacute;l&eacute;gu&eacute; &agrave; la
gestion journali&egrave;re</B>&nbsp;&raquo; ou &laquo;&nbsp;<B>CEO</B>&nbsp;&raquo;), (ii) le directeur financier (le &laquo;&nbsp;<B>Directeur
Financier</B>&nbsp;&raquo; ou &laquo;&nbsp;<B>CFO</B>&nbsp;&raquo;) ou (iii) toute(s) personne(s) &agrave; quelle (auxquelles)
un tel pouvoir en relation avec la gestion journali&egrave;re de la Soci&eacute;t&eacute; aura &eacute;t&eacute; d&eacute;l&eacute;gu&eacute;
par le conseil d&rsquo;administration, en accord avec l&rsquo;article 15 ci-dessus, agissant individuellement ou conjointement
en accord avec les termes d&rsquo;une telle d&eacute;l&eacute;gation, si tant est qu&rsquo;une telle personne ait &eacute;t&eacute;
nomm&eacute;e.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Indemnisation</U> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">21.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Les membres
du conseil d'administration ne sont pas tenus personnellement responsables des dettes ou d'autres obligations de la Soci&eacute;t&eacute;.
Comme mandataires de la Soci&eacute;t&eacute;, ils sont responsables de l&rsquo;exercice de leurs fonctions. Sous r&eacute;serve
des exceptions et limitations pr&eacute;vues &agrave; l'article 21.2 et des dispositions imp&eacute;ratives de la loi, toute personne
qui est, ou a &eacute;t&eacute;, membre du conseil d' administration ou dirigeant de la Soci&eacute;t&eacute; sera indemnis&eacute;
par la Soci&eacute;t&eacute;, dans toute la mesure permise par la loi, contre toute responsabilit&eacute; et toutes les d&eacute;penses
raisonnablement engag&eacute;es ou pay&eacute;es par lui en rapport avec toute r&eacute;clamation, action, poursuite ou proc&eacute;dure
dans lesquelles il est impliqu&eacute; en tant que partie ou autre, pour &ecirc;tre &ecirc;tre ou avoir &eacute;t&eacute; administrateur
ou dirigeant, et les sommes pay&eacute;es ou engag&eacute;es par lui dans le r&egrave;glement de celles-ci . Les mots &laquo;demande&raquo;
, &laquo;action &raquo;, &laquo;poursuite&raquo; ou &laquo;proc&eacute;dure&raquo; s'appliqueront &agrave; toutes les demandes,
actions, poursuites ou proc&eacute;dures (civiles, p&eacute;nales ou autres, y compris les appels) actuelles ou menac&eacute;es
et les mots &laquo;&nbsp;responsabilit&eacute;&nbsp;&raquo; et &laquo;d&eacute;penses&raquo; comprennent, sans limitation les frais
d'avocat, les co&ucirc;ts, les jugements, les montants pay&eacute;s en transaction et autres passifs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">21.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aucune
indemnisation ne sera due &agrave; tout administrateur ou dirigeant (i) contre toute responsabilit&eacute; envers la Soci&eacute;t&eacute;
ou ses actionnaires en raison de fautes intentionnelles, de mauvaise foi, de n&eacute;gligence grave ou t&eacute;m&eacute;raire
dans l&rsquo;exercice de sa fonction ( ii ) &agrave; l'&eacute;gard de toute affaire dans laquelle il aura &eacute;t&eacute; finalement
condamn&eacute; pour avoir agi de mauvaise foi et non dans l'int&eacute;r&ecirc;t de la Soci&eacute;t&eacute; ou ( iii ) dans le
cas d' une transaction, &agrave; moins que la transaction ait &eacute;t&eacute; approuv&eacute;e par un tribunal comp&eacute;tent,
ou par le conseil d'administration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">21.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Le droit
&agrave; la pr&eacute;sente d'indemnisation ici pr&eacute;vue est s&eacute;parable, ne doit pas porter atteinte aux droits dont
tout administrateur ou dirigeant peut pr&eacute;sentement ou plus tard avoir droit et doit continuer pour une personne qui a cess&eacute;
d'&ecirc;tre administrateur ou dirigeant et b&eacute;n&eacute;ficiera aux h&eacute;ritiers, ex&eacute;cuteurs testamentaires et
administrateurs de cette personne. Aucune disposition des pr&eacute;sents statuts ne peut affecter ou limiter les droits &agrave;
indemnisation dont le personnel, y compris les administrateurs et dirigeants, peuvent avoir droit par contrat ou autrement en vertu
de la loi. La Soci&eacute;t&eacute; est express&eacute;ment habilit&eacute;e &agrave; fournir une indemnisation contractuelle et
peut souscrire et maintenir une assurance pour tout le personnel, y compris les administrateurs et dirigeants de la Soci&eacute;t&eacute;,
comme elle peut le d&eacute;cider au fil du temps.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"></P>

<!-- Field: Page; Sequence: 24; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><B>PAGE <!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></B></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">21.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Les d&eacute;penses
li&eacute;es &agrave; la pr&eacute;paration et la repr&eacute;sentation d'une d&eacute;fense contre toute r&eacute;clamation, action,
poursuite ou proc&eacute;dure ayant le caract&egrave;re d&eacute;crit dans cet article 21 seront avanc&eacute;es par la Soci&eacute;t&eacute;
avant toute d&eacute;cision finale sur r&eacute;ception de l&rsquo;engagement par ou pour le compte d&rsquo;un/de dirigeant(s)
ou d&rsquo;(un)administrateur(s), de rembourser ce montant s'il est finalement d&eacute;termin&eacute; qu'il n'a pas droit &agrave;
une indemnisation en vertu du pr&eacute;sent article .</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
22.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Conflit d&rsquo;int&eacute;r&ecirc;ts</U> </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">22.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tout
administrateur qui a, directement ou indirectement, lors d&rsquo;une transaction soumise &agrave; l'approbation du conseil d'administration,
un int&eacute;r&ecirc;t qui est en conflit avec celui de la Soci&eacute;t&eacute;, doit informer le conseil d'administration de
ce conflit d'int&eacute;r&ecirc;ts et doit faire enregistrer sa d&eacute;claration dans le proc&egrave;s-verbal de la r&eacute;union
du conseil d&rsquo;administration. L&rsquo;administrateur en question ne peut pas prendre part aux discussions et ne peut pas voter
sur la transaction concern&eacute;e. Un rapport sp&eacute;cial sur les op&eacute;rations dans lesquelles un des administrateurs
aurait eu un int&eacute;r&ecirc;t oppos&eacute; &agrave; celui de la Soci&eacute;t&eacute;, doit &ecirc;tre pr&eacute;sent&eacute;
lors de la prochaine assembl&eacute;e g&eacute;n&eacute;rale avant que toute r&eacute;solution soit mise au vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">22.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Aucun
contrat ou autre transaction entre la Soci&eacute;t&eacute; et toute autre soci&eacute;t&eacute; ne sera affect&eacute; ou invalid&eacute;
par le fait qu'un ou plusieurs administrateurs ou dirigeants de la Soci&eacute;t&eacute; sont int&eacute;ress&eacute;s, ou sont
administrateurs, associ&eacute;s, dirigeants, agents, conseillers ou employ&eacute;s de cette autre soci&eacute;t&eacute;. Tout
administrateur ou dirigeant qui est administrateur, dirigeant ou employ&eacute; ou autre de toute soci&eacute;t&eacute; avec laquelle
la Soci&eacute;t&eacute; contractera ou s&rsquo;engage, ne doit pas, en raison de son appartenance &agrave; cette soci&eacute;t&eacute;,
&ecirc;tre emp&ecirc;ch&eacute; de voter ou d&rsquo;agir dans les mati&egrave;res &agrave; l'&eacute;gard de tel contrat ou autre
affaire.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>AUDIT
ET SURVEILLANCE DE LA SOCIETE</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: center; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
23.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Auditeurs</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">23.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Les comptes
annuels de la Soci&eacute;t&eacute; doivent &ecirc;tre audit&eacute;s par un ou plusieurs r&eacute;viseurs d'entreprises agr&eacute;&eacute;s,
nomm&eacute;s par l'assembl&eacute;e g&eacute;n&eacute;rale des actionnaires apr&egrave;s recommandation du conseil d'administration
(agissant sur recommandation du comit&eacute; d&rsquo;audit, s&rsquo;il existe). L'assembl&eacute;e g&eacute;n&eacute;rale des
actionnaires fixe le nombre de r&eacute;viseur(s) et la dur&eacute;e de leur mandat qui ne peut exc&eacute;der un (1) an et peut
&ecirc;tre renouvel&eacute; pour des p&eacute;riodes successives d'un (1) an.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">23.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Le r&eacute;viseur
peut &ecirc;tre r&eacute;voqu&eacute; &agrave; tout moment avec motif (ou avec son approbation) par l'assembl&eacute;e g&eacute;n&eacute;rale
des actionnaires. Un auditeur peut &ecirc;tre reconduit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B><U>F. EXERCICE SOCIAL
&ndash; AFFECTATION DES BENEFICES &ndash; ACOMPTES SUR DIVIDENDES</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: center; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
24.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Exercice social</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">L&rsquo;exercice
social de la Soci&eacute;t&eacute; commence le premier (1) janvier de chaque ann&eacute;e et se termine le trente-et-un (31) d&eacute;cembre
de la m&ecirc;me ann&eacute;e.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
25.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Comptes annuels - Affectation des b&eacute;n&eacute;fices</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">25.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Au terme
de chaque exercice social, les comptes sont cl&ocirc;tur&eacute;s et le conseil d'administration dresse ou fait dresser un inventaire
des actifs et passifs de la Soci&eacute;t&eacute;, le bilan et le compte de profits et pertes conform&eacute;ment &agrave; la Loi.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B></B></P>

<!-- Field: Page; Sequence: 25; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><B>PAGE <!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></B></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">25.2 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sur les
b&eacute;n&eacute;fices annuels nets de la Soci&eacute;t&eacute;, cinq pour cent (5%) au moins seront affect&eacute;s &agrave;
la r&eacute;serve l&eacute;gale. Cette affectation cessera d'&ecirc;tre obligatoire d&egrave;s que le montant total de la r&eacute;serve
l&eacute;gale de la Soci&eacute;t&eacute; atteindra dix pour cent (10%) du capital social de la Soci&eacute;t&eacute;.<B> </B>Les
sommes apport&eacute;es &agrave; la Soci&eacute;t&eacute; par les actionnaires peuvent &eacute;galement &ecirc;tre affect&eacute;es
&agrave; la r&eacute;serve l&eacute;gale. En cas de r&eacute;duction du capital social, la r&eacute;serve l&eacute;gale de la Soci&eacute;t&eacute;
pourra &ecirc;tre r&eacute;duite en proportion afin qu'elle n'exc&egrave;de pas dix pour cent (10%) du capital social.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">25.3 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sur proposition
du conseil d&rsquo;administration, l'assembl&eacute;e g&eacute;n&eacute;rale des actionnaires d&eacute;cidera de l&rsquo;affectation
du solde du b&eacute;n&eacute;fice net annuel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">25.4 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Les dividendes
qui n'ont pas &eacute;t&eacute; r&eacute;clam&eacute;s dans les cinq (5) ans apr&egrave;s la date &agrave; laquelle ils sont devenus
exigibles et payables reviennent &agrave; la Soci&eacute;t&eacute;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
26.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Acomptes sur dividendes - Prime d'&eacute;mission et primes assimil&eacute;es</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">26.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Le conseil
d&rsquo;administration peut d&eacute;cider de distribuer des acomptes sur dividendes dans le respect des conditions pr&eacute;vues
par la Loi.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">26.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Toute
prime d'&eacute;mission, prime assimil&eacute;e ou autre r&eacute;serve distribuable peuvent &ecirc;tre librement distribu&eacute;es
aux actionnaires (y compris par acomptes surdividendes) sous r&eacute;serve des dispositions de la Loi et des pr&eacute;sents statuts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: center; text-indent: 35.45pt"><B><U>G.</U></B><U>
<B>LIQUIDATION</B></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: center; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
27.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Liquidation</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">27.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;En cas
de dissolution de la Soci&eacute;t&eacute;, la liquidation sera effectu&eacute;e par un ou plusieurs liquidateurs, personnes physiques
ou morales, nomm&eacute;s par l'assembl&eacute;e g&eacute;n&eacute;rale des actionnaires ayant d&eacute;cid&eacute; la dissolution
de la Soci&eacute;t&eacute; et qui fixera les pouvoirs et &eacute;moluments de chacun des liquidateurs. Sauf dispositions contraires,
le liquidateur ou les liquidateurs disposeront des pouvoirs les plus &eacute;tendus pour la r&eacute;alisation de l&rsquo;actif
et le paiement du passif de la Soci&eacute;t&eacute;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">27.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Le surplus
r&eacute;sultant de la r&eacute;alisation de l&rsquo;actif et du paiement de l&rsquo;ensemble des dettes sera r&eacute;parti entre
les actionnaires en proportion du nombre des actions ordinaires qu'ils d&eacute;tiennent dans la Soci&eacute;t&eacute;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: center; text-indent: 35.45pt"><B><U>H. LOI
APPLICABLE</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: center; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>Article
28.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Loi applicable</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">Tout ce qui
n&rsquo;est pas r&eacute;gi par les pr&eacute;sents statuts sera d&eacute;termin&eacute; en conformit&eacute; avec la Loi.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"><B>STATUTS
COORDONNES</B>, d&eacute;livr&eacute;s &agrave; la soci&eacute;t&eacute; sur sa demande.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">Belvaux, le
25 mai 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"></P>

<!-- Field: Page; Sequence: 26; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="width: 34%; text-align: center"><B>PAGE <!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></B></TD><TD STYLE="width: 33%; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0pt; text-align: justify; text-indent: 35.45pt"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
