<SEC-DOCUMENT>0001104659-25-114323.txt : 20251120
<SEC-HEADER>0001104659-25-114323.hdr.sgml : 20251120
<ACCEPTANCE-DATETIME>20251120060715
ACCESSION NUMBER:		0001104659-25-114323
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20251120
FILED AS OF DATE:		20251120
DATE AS OF CHANGE:		20251120

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MATERIALISE NV
		CENTRAL INDEX KEY:			0001091223
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		ORGANIZATION NAME:           	06 Technology
		EIN:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36515
		FILM NUMBER:		251500922

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		TECHNOLOGIELAAN 15
		CITY:			LEVUEN
		PROVINCE COUNTRY:   	C9
		ZIP:			3001
		BUSINESS PHONE:		32 16 39 66 11

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		TECHNOLOGIELAAN 15
		CITY:			LEVUEN
		PROVINCE COUNTRY:   	C9
		ZIP:			3001
</SEC-HEADER>
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<DESCRIPTION>FORM 6-K
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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

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

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;6-K</B></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the month of November&nbsp;2025</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission File Number: 001-36515</B></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Materialise NV</B></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Technologielaan 15</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>3001 Leuven</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Address of principal executive office)</B></P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant files or will file annual
reports under cover of Form&nbsp;20-F or Form&nbsp;40-F.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form&nbsp;20-F&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#120;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form&nbsp;40-F&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Exhibit&nbsp;99.2 of this Form&nbsp;6-K is incorporated by reference into the registrant&rsquo;s Registration Statement on Form&nbsp;F-3
(File No.&nbsp;333-213649).</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On November&nbsp;20, 2025, Materialise NV (the &ldquo;Company&rdquo;
or &ldquo;Materialise&rdquo;) announced the start of its additional listing of its ordinary shares on Euronext Brussels, to complement
the existing Nasdaq listing of its American depositary shares (&ldquo;ADSs&rdquo;) representing ordinary shares. The additional listing
and trading of the Materialise shares on Euronext Brussels commenced on November&nbsp;20, 2025. Attached as Exhibit&nbsp;99.1 hereto is
a copy of the Company&rsquo;s press release announcing the additional listing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additionally, as previously announced, on November&nbsp;14, 2025, at
an extraordinary meeting of the Company&rsquo;s shareholders, the shareholders, among other things, adopted a new text of the Company&rsquo;s
articles of association. The new articles of association became effective upon the listing of the Company&rsquo;s ordinary shares on Euronext
Brussels and are attached hereto as Exhibit&nbsp;99.2.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Important information</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This information does not constitute an offer or invitation to proceed
to an acquisition of or subscription for Materialise&rsquo;s securities, nor an offer or invitation to proceed to an acquisition of or
subscription for Materialise&rsquo;s securities in any jurisdiction (including Belgium, member states of the European Economic Area (the
<B><I>EEA</I></B>) (each a <B><I>Member State</I></B>), the United States of America, Switzerland, Canada, Australia, Japan, South Africa
or the United Kingdom) where such offer or invitation is not allowed without registration or qualification under the applicable legislation
of the relevant jurisdiction, or where such offer or invitation does not meet the required conditions under the applicable legislation
of the relevant jurisdiction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This report is not an advertisement and not a prospectus within the
meaning of the Prospectus Regulation or the UK Prospectus Regulation and has not been approved the UK Financial Conduct Authority. The
expressions <B><I>Prospectus Regulation</I></B> means Regulation (EU) 2017/1129 (as amended or superseded) and any implementing measure
in each relevant Member State of the EEA and <B><I>UK Prospectus Regulation</I></B> means assimilated Regulation (EU) 2017/1129 as it
forms part of the law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No public offering is or will be made and no one has taken any action
that would, or is intended to, permit a public offering in any country or jurisdiction, where any such action is required, including in
the EEA and the UK. This report has been prepared on the basis that no offer of Materialise&rsquo;s shares in any Member State or the
UK is or will be made under the Prospectus Regulation or the UK Prospectus Regulation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The distribution of this report into certain jurisdictions may be restricted
by law. Persons into whose possession this report comes should inform themselves about and observe any such restrictions. Any failure
to comply with these restrictions may constitute a violation of the laws of any such jurisdiction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The admission to listing and trading of the shares (including the
shares underlying the ADSs) on the regulated market of Euronext Brussels has been approved by Euronext Brussels on November&nbsp;14,
2025. A prospectus for the listing of the shares on Euronext Brussels has been approved by the FSMA on November&nbsp;18, 2025, which
approval should not be understood as an endorsement by the FSMA of the securities offered by Materialise, and is available at Materialise's
registered office and on the website of Materialise (<U>www.materialise.com</U>).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This report is not for publication or distribution, directly or indirectly,
in or into any state or jurisdiction into which doing so would be unlawful or where a prior registration or approval is required for such
purpose. This report and its contents are not a financial promotion and do not constitute an invitation or inducement to engage in investment
activity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This report is not an offer of securities for sale in the United States.
No offer of any securities has been or will be made in the United States or to US persons in connection with the listing. Securities may
not be offered and sold in the United States absent registration under the US Securities Act of 1933, as amended, or an exemption from
registration.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This information and any materials distributed in connection with this
information are not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident of or located
in Switzerland, Canada, Australia, Japan, South Africa or any other jurisdiction where such distribution, publication, availability or
use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction. Any failure
to comply with these restrictions may constitute a violation of the laws or regulations of Switzerland, Canada, Australia, Japan, South
Africa or any other jurisdiction. The distribution of this information in other jurisdictions than Belgium, may be restricted by laws
or regulations applicable in such jurisdictions. All persons in possession of this information must inform themselves about, and comply
with, any such restrictions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An investment in shares entails significant risks. Relevant investors
are encouraged to read the prospectus that Materialise has published on November&nbsp;18, 2025. This document is not a prospectus and
investors should not purchase any shares referred to herein except on the basis of the information contained in the prospectus. Potential
investors must read the prospectus before making an investment decision in order to fully understand the potential risks and rewards associated
with the decision to invest in the securities. The value of Materialise's shares can decrease as well as increase. Potential investors
should consult a professional advisor as to the suitability of the intended offering for the person concerned.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Acquiring investments to which this report relates may expose an investor
to a significant risk of losing the entire amount invested. Persons considering such investments should consult an authorized person specializing
in advising on such investments.</P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="white-space: nowrap; font-size: 10pt; text-align: left; width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit</B></FONT></TD>
<TD STYLE="white-space: nowrap; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR>
<TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR>
<TD STYLE="white-space: nowrap; vertical-align: top; font-size: 10pt"><A HREF="tm2531751d1_ex99-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></A></TD>
<TD STYLE="vertical-align: top; font-size: 10pt"><A HREF="tm2531751d1_ex99-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Press Release dated November&nbsp;20, 2025</FONT></A></TD></TR>
<TR>
<TD STYLE="white-space: nowrap; vertical-align: top"><A HREF="tm2531751d1_ex99-2.htm">99.2 </A></TD>
<TD STYLE="vertical-align: top; font-size: 10pt"><A HREF="tm2531751d1_ex99-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Articles of Association of Materialise NV (unofficial English translation)*</FONT></A></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">*Constitutes an unofficial English translation of the original Dutch
document. The Dutch document shall govern in all respects, including interpretation matters.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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: 0pt 0">&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>&nbsp;</TD>
<TD COLSPAN="2" STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MATERIALISE NV</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
<TD STYLE="padding: 0.25pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; padding: 0.25pt; width: 45%">/s/ Brigitte de Vet-Veithen</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brigitte de Vet-Veithen</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt">&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">De Vet Management BV</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
<TD STYLE="padding: 0.25pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: November&nbsp;20, 2025</P>

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

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

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

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>THIS ANNOUNCEMENT
IS NOT DIRECTED AT OR INTENDED TO BE DISTRIBUTED TO PERSONS </B></FONT><B><FONT STYLE="text-transform: uppercase">who are citizen or resident
of or located in Switzerland, Canada, Australia, Japan, South Africa</FONT> OR ANY OTHER JURISDICTION WHERE THE EXTENSION OF AVAILABILITY
OF THIS ANNOUNCEMENT WOULD BREACH ANY APPLICABLE LAW OR REGULATION OF OR WOULD REQUIRE ANY REGISTRATION OR LICENCING WITHIN SUCH JURISDICTION.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Regulated information<SUP>1</SUP></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Materialise successfully
</B></FONT><B>launched on Euronext Brussels &ndash; Information on the total number of voting rights and shares</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Leuven (BELGIUM),
November 20, 2025, [8:30 CET]</B></FONT> &mdash; Materialise NV (Euronext &amp; Nasdaq: MTLS), a global leader in 3D-printed medical devices
and software, and a pioneer in additive manufacturing software and services, today announced the start of its additional listing of its
ordinary shares on Euronext Brussels, to complement the existing Nasdaq listing of its American depositary shares (ADSs) representing
ordinary shares. The additional listing and trading of the Materialise shares on Euronext Brussels will commence today, November 20, 2025.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">KBC Securities has
acted as the listing agent, Freshfields as legal advisor under Belgian law and Fenwick as legal advisor under US law, and Euroclear has
been appointed as issuer </FONT>Central Securities Depository (CSD), for Materialise&rsquo;s listing on Euronext Brussels.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In support of the listing of Materialise&rsquo;s
shares on Euronext Brussels, Fried Vancraen and Hilde Ingelaere, the founders of Materialise, have entered into a trading arrangement
for the purpose of selling up to 590,000 shares (approximately 1% of the company&rsquo;s total outstanding shares) in ordinary brokerage
transactions over Euronext Brussels. No public offering will be made. As the founders intend to maintain their ownership interest in Materialise,
the founders have purchased and may continue to purchase ADSs in ordinary brokerage transactions over Nasdaq under the trading arrangement
in anticipation of sales activity under the trading arrangement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The founders remain dedicated to the company&rsquo;s
continuity, growth, and long-term success.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Information on the total number of voting rights
and shares</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In application of article 15 of the Law of 2 May
2007 on the disclosure of large shareholdings in issuers whose shares are admitted to trading on a regulated market (the <B><I>Transparency
Law</I></B>) and taking into account the satisfaction of the condition precedents to the resolutions taken by the company&rsquo;s extraordinary
general shareholders&rsquo; meeting held on November 14, 2025, Materialise publishes the below information following the admission of
its shares to trading on Euronext Brussels:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify">Total capital: &euro;4,487,050.49</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify">Total number of securities carrying voting rights: 59,067,186
(all shares)</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify">Total number of voting rights: 90,712,021.00 (all attaching
to shares)</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="text-align: justify">Total number of rights to subscribe for securities carrying
voting rights not yet issued: 350,000 subscription rights, entitling their holders to subscribe for a total of 350,000 shares which upon
their issuance would each carry one voting right, it being noted that a double voting right may attach to such shares over time (see
below).</TD>
</TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT>
The enclosed information constitutes regulated information as defined in the Belgian Royal Decree of 14 November 2007 regarding the duties
of issuers of financial instruments which have been admitted for trading on a regulated market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">The total number
of voting rights differs from the total number of securities carrying voting rights due to the double voting right attaching to certain
shares, which was introduced by the extraordinary general meeting on November 14, 2025 and has become effective upon the admission to
trading </FONT>of the shares on Euronext Brussels.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Transparency Law, a notification
to the company (investors@materialise.com) and the Belgian Financial Services and Markets Authority (<B><I>FSMA</I></B>) is required by
all natural and legal persons in each case where the percentage of voting rights attached to the securities held by such persons in the
company reaches, exceeds or falls below the threshold of 5%, 10%, and every subsequent multiple of 5%, of the total number of voting rights
in the company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>About Materialise</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><BR>
Materialise incorporates more than three decades of 3D printing experience into a range of software solutions and 3D printing services
that empower sustainable 3D printing applications. Our open, secure, and flexible end-to-end solutions enable industrial manufacturing
and mass personalization in various industries &mdash; including healthcare, automotive, aerospace, eyewear, art and design, wearables,
and consumer goods. Headquartered in Belgium and with branches worldwide, Materialise combines the largest group of software developers
in the industry with one of the world's largest and most complete 3D printing facilities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This information does not constitute an offer
or invitation to proceed to an acquisition of or subscription for Materialise&rsquo;s securities, nor an offer or invitation to proceed
to an acquisition of or subscription for Materialise&rsquo;s securities in any jurisdiction (including Belgium, member states of the European
Economic Area (the <B><I>EEA</I></B>) (each a <B><I>Member State</I></B>), the United States of America, Switzerland, Canada, Australia,
Japan, South Africa or the United Kingdom) where such offer or invitation is not allowed without registration or qualification under the
applicable legislation of the relevant jurisdiction, or where such offer or invitation does not meet the required conditions under the
applicable legislation of the relevant jurisdiction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This announcement is not an advertisement and
not a prospectus within the meaning of the Prospectus Regulation or the UK Prospectus Regulation and has not been approved the UK Financial
Conduct Authority. The expressions <B><I>Prospectus Regulation</I></B> means Regulation (EU) 2017/1129 (as amended or superseded) and
any implementing measure in each relevant Member State of the EEA and <B><I>UK Prospectus Regulation</I></B> means assimilated Regulation
(EU) 2017/1129 as it forms part of the law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No public offering is or will be made and no one
has taken any action that would, or is intended to, permit a public offering in any country or jurisdiction, where any such action is
required, including in the EEA and the UK. This announcement has been prepared on the basis that no offer of Materialise&rsquo;s shares
in any Member State or the UK is or will be made under the Prospectus Regulation or the UK Prospectus Regulation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The distribution of this press release into certain
jurisdictions may be restricted by law. Persons into whose possession this announcement comes should inform themselves about and observe
any such restrictions. Any failure to comply with these restrictions may constitute a violation of the laws of any such jurisdiction.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The admission to listing and trading of the shares
(including the shares underlying the ADSs) on the regulated market of Euronext Brussels has been approved by Euronext Brussels on November
14, 2025. A prospectus for the listing of the shares on Euronext Brussels has been approved by the FSMA on November 18, 2025, which approval
should not be understood as an endorsement by the FSMA of the securities offered by Materialise, and is available at Materialise's registered
office and on the website of Materialise (www.materialise.com).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This press release is not for publication or distribution,
directly or indirectly, in or into any state or jurisdiction into which doing so would be unlawful or where a prior registration or approval
is required for such purpose. This press release and its contents are not a financial promotion and do not constitute an invitation or
inducement to engage in investment activity.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">This press release
is not an offer of securities for sale in the United States. </FONT>No offer of any securities has been or will be made in the United
States or to US persons in connection with the listing. Securities may not be offered and sold in the United States absent registration
under the US Securities Act of 1933, as amended, or an exemption from registration.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This information and any materials distributed
in connection with this information are not directed to, or intended for distribution to or use by, any person or entity that is a citizen
or resident of or located in Switzerland, Canada, Australia, Japan, South Africa or any other jurisdiction where such distribution, publication,
availability or use would be contrary to law or regulation or which would require any registration or licensing within such jurisdiction.
Any failure to comply with these restrictions may constitute a violation of the laws or regulations of Switzerland, Canada, Australia,
Japan, South Africa or any other jurisdiction. The distribution of this information in other jurisdictions than Belgium, may be restricted
by laws or regulations applicable in such jurisdictions. All persons in possession of this information must inform themselves about, and
comply with, any such restrictions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">An investment in shares entails significant risks.
Relevant investors are encouraged to read the prospectus that Materialise has published on November 18, 2025. This document is not a prospectus
and investors should not purchase any shares referred to herein except on the basis of the information contained in the prospectus. Potential
investors must read the prospectus before making an investment decision in order to fully understand the potential risks and rewards associated
with the decision to invest in the securities. The value of Materialise's shares can decrease as well as increase. Potential investors
should consult a professional advisor as to the suitability of the intended offering for the person concerned.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Acquiring investments to which this announcement
relates may expose an investor to a significant risk of losing the entire amount invested. Persons considering such investments should
consult an authorized person specializing in advising on such investments.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Cautionary Statement on Forward-Looking Statements</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">This press release
contains forward-looking statements within the meaning of applicable securities laws.</FONT> Any statements contained herein that do not
describe historical facts, including, but not limited to, statements regarding the expected sales and repurchases by the founders, are
forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those discussed
in such forward-looking statements. Such risks and uncertainties include, among others, the risks identified in the prospectus for the
listing of the shares on Euronext Brussels and the company&rsquo;s filings with the US Securities and Exchange Commission. Any of these
risks and uncertainties could materially and adversely affect the company&rsquo;s results of operations, which would, in turn, have a
significant and adverse impact on the price of the company&rsquo;s securities. The company cautions you not to place undue reliance on
any forward-looking statements, which speak only as of the date they are made. The company undertakes no obligation to update publicly
any forward-looking statements to reflect new information, events or circumstances after the date they were made or to reflect the occurrence
of unanticipated events.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Kristof.sehmke@materialise.be</P>



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

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

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>tm2531751d1_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.2</B></P>

<P STYLE="margin: 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>COORDINATED STATUTES</B>&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">14 november 2025&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&quot;<B>MATERIALISE</B>&quot;&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">NV&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Technologielaan, 15&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Heverlee (B-3001 Leuven)&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">BTW BE0441.131.254 RPR Leuven&#8239;&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>NOTARY'S OFFICE</B>&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>RAES&#8239;&amp; VAN HAMME ASSOCIATED
NOTARIES</B>&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Kortrijksesteenweg 1147 B-9051 Ghent&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">T I +32 9 225 72 88&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">F I +32 9 224 30 67&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>www.RVH-Notarissen.be info@RVH-Notarissen.be</U>&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">RAES VAN HAMME&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">NOTARIES&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">BV&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">VAT BE0794.752.276&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">RPR GHENT, GHENT DIVISION&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#8239;</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Company, according to deed executed before notary
Luc Weyts, at the time in Mechelen, on 28 June&#8239;1990, an extract of which was published in the Annex to the Belgian Official Gazette
of 1 August&#8239;1990, under number 900801-272.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>AMENDMENT(S)&#8239;TO THE ARTICLES OF ASSOCIATION</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The statutes were amended by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">official
                                            report drawn up by notary Eric Spruyt, in Brussels, on 28 April&#8239;2011, an extract of
                                            which was published in the Annexes to the Belgian Official Gazette of 24 May&#8239;2011, under
                                            number 11077990.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">official
                                            report drawn up by notary Vincent Vroninks, in Ixelles, on 7 December&#8239;2012, an extract
                                            of which was published in the Annexes to the Belgian Official Gazette of 31 January&#8239;2012,
                                            under number 13018385.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">official
                                            report drawn up by notary Ann Wallays, in Leuven, on 21 February&#8239;2013, an extract of
                                            which was published in the Annexes to the Belgian Official Gazette of 13 February&#8239;2014,
                                            under number 14041851.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">official
                                            report drawn up by notary Ann Wallays, in Leuven, on 28 November&#8239;2013, an extract of
                                            which was published in the Annexes to the Belgian Official Gazette of 11 March&#8239;2014,
                                            under number 14060227.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">official
                                            report drawn up by notary Vincent Vroninks, in Ixelles, on 23 April&#8239;2014, an extract
                                            of which was published in the Annexes to the Belgian Official Gazette of 6 June&#8239;2014,
                                            under number 14113211.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">official
                                            report drawn up by notary Vincent Vroninks, in Ixelles, on 30 June&#8239;2014, an extract
                                            of which was published in the Annexes to the Belgian Official Gazette of 18 August&#8239;2014,
                                            under number 14155991.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">official
                                            report drawn up by notary Jurgen De Meutter, in Leuven, on 27 November&#8239;2014, of which
                                            no extract has yet been published in the Annexes to the Belgian Official Gazette on 5 March&#8239;2015.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">official
                                            report drawn up by notary Vincent Vroninks, in Ixelles, on 5 March&#8239;2015, an extract
                                            of which was published in the Annexes to the Belgian Official Gazette of 20 March&#8239;2015,
                                            under number 15042522.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">official
                                            report drawn up by notary Vincent Vroninks, in Ixelles, on 5 March&#8239;2015, an extract
                                            of which was published in the Annexes to the Belgian Official Gazette of 20 March&#8239;2015,
                                            under number 15042524.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">official
                                            report drawn up by notary Vincent Vroninks, in Ixelles, on 20 November&#8239;2015, an extract
of which was published in the Annexes to the Belgian Official Gazette of 22 February&#8239;2016, under number 16027468.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">official
                                            report drawn up by notary Vincent Vroninks, in Ixelles, on 18 December&#8239;2015, an extract
                                            of which was published in the Annexes to the Belgian Official Gazette of 24 February&#8239;2016,
                                            under number 16028652.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">official
                                            report drawn up by notary Vincent Vroninks, in Ixelles, on 30 March&#8239;2018, an extract
                                            of which was published in the Annexes to the Belgian Official Gazette of 24 April&#8239;2018,
                                            under number 18068932.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">official
                                            report drawn up by notary Vincent Vroninks, in Ixelles, on 18 July&#8239;2018, an extract of which was published in the Annexes to the Belgian Official Gazette of 3 August&#8239;2018, under number
18324255.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<!-- Field: Page; Sequence: 2; Value: 1 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">official
                                            report drawn up by notary Vincent Vroninks, in Ixelles, on 19 July&#8239;2018, an extract of which
was published in the Annexes to the Belgian Official Gazette of 3 August, under number 18324253.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">official
                                            report drawn up by notary Louis-Philippe Marcelis, on 26 July&#8239;2018, an extract of which
                                            was published in the Annexes to the Belgian Official Gazette of 1 October, under number 18329962.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">official
                                            report drawn up by notary Louis-Philippe Marcelis, in Brussels, on 27 July&#8239;2018, an
                                            extract of which was published in the Annexes to the Belgian Official Gazette of 1 October&#8239;2018,
                                            under number 18330021.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">official
                                            report drawn up by notary Vincent Vroninks, in Ixelles, on 28 December&#8239;2018, an extract
                                            of which was published in the Annexes to the Belgian Official Gazette of 19 February&#8239;2018,
                                            under number 19307641.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">official
                                            report drawn up by notary Vincent Vroninks, in Ixelles, on 28 December&#8239;2018, an extract
                                            of which was published in the Annexes to the Belgian Official Gazette of 22 February&#8239;2019,
                                            under number 19308151.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">official
                                            report drawn up by notary Vincent Vroninks, in Ixelles, on 8 April&#8239;2019, an extract
                                            of which was published in the Annexes to the Belgian Official Gazette of 6 May&#8239;2019,
                                            under number 19316398.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">official
                                            report drawn up by notary Stijn Raes, in Ghent, on 29 November&#8239;2019, an extract of which
                                            was published in the Annexes to the Belgian Official Gazette of 9 December&#8239;2019, under
                                            number 19347496.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">official
                                            report drawn up by notary Stijn Raes, in Ghent, on 29 November&#8239;2019, an extract of which
                                            was published in the Annexes to the Belgian Official Gazette of 9 December&#8239;2019, under
                                            number 19347439.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">official
                                            report drawn up by notary Stijn Raes, in Ghent, on 16 April&#8239;2020, an extract of which
                                            was published in the Annexes to the Belgian Official Gazette of 23 April&#8239;2020, under
                                            number 20319436.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">official
                                            report drawn up by notary Stijn Raes, in Ghent, on 9 October&#8239;2020, an extract of which
                                            was published in the Annexes to the Belgian Official Gazette of 29 October&#8239;2020, under
                                            number 20352044.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">official
                                            report drawn up by notary Stijn Raes, in Ghent, on 5 November&#8239;2020, an extract of which
                                            was published in the Annexes to the Belgian Official Gazette of 9 November&#8239;2020, under
                                            number 20353953.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">official
                                            report drawn up by notary Stijn Raes, in Ghent, on 13 November&#8239;2020, an extract of which
                                            was published in the Annexes to the Belgian Official Gazette of 17 November&#8239;2020, under
                                            number 20355222.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">official
                                            report drawn up by notary Stijn Raes, in Ghent, on 13 November&#8239;2020, an extract of which
                                            was published in the Annexes to the Belgian Official Gazette of 17 November&#8239;2020, under
                                            number 20355110.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">official
                                            report drawn up by notary Stijn Raes, in Ghent, on 13 November&#8239;2020, an extract of which
                                            was published in the Annexes to the Belgian Official Gazette of 17 November&#8239;2020, under
                                            number 20355216.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">corrective
                                            deed executed by notary Stijn Raes, in Ghent, on 27 November&#8239;2020, an extract of which
                                            was published in the Annexes to the Belgian Official Gazette of 1 December&#8239;2020, under
                                            number 20358057.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<!-- Field: Page; Sequence: 3; Value: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">deed
                                            executed by notary Stijn Raes, in Ghent, on 5 May&#8239;2021, an extract of which was published
                                            in the Annexes to the Belgian Official Gazette of 10 May&#8239;2021, under number 21329268.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">deed
                                            executed by notary Stijn Raes, in Ghent, on 14 June&#8239;2021, an extract of which was published
                                            in the Annexes to the Belgian Official Gazette of 22 June&#8239;2021, under number 21338005.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">deed
                                            executed by notary Stijn Raes, in Ghent, on 6 July&#8239;2021, an extract of which was published
                                            in the Annexes to the Belgian Official Gazette of 8 July&#8239;2021, under number 21342634.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">deed
                                            executed by notary Stijn Raes, in Ghent, on 23 November&#8239;2021, an extract of which was
                                            published in the Annexes to the Belgian Official Gazette of 8 December&#8239;2021, under number
                                            21372149.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">deed
                                            executed by notary Stijn Raes, in Ghent, on 23 November&#8239;2021, an extract of which was
                                            published in the Annexes to the Belgian Official Gazette of 8 December&#8239;2021, under number
                                            21372140.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">deed
                                            executed by notary Stijn Raes, in Ghent, on 28 December&#8239;2022, an extract of which was
                                            published in the Annexes to the Belgian Official Gazette of 2 January&#8239;2023, under number
                                            23300602.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">deed
                                            executed by notary Stijn Raes, in Ghent, on 28 December&#8239;2022, an extract of which was
                                            published in the Annexes to the Belgian Official Gazette of 2 January&#8239;2023, under number
                                            23300550.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">deed
                                            executed by notary Stijn Raes, in Ghent, on 3 June&#8239;2025, an extract of which was published
                                            in the Annexes to the Belgian Official Gazette of 16 June&#8239;2025, under number 25337619.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">and
                                            most recently drawn up by official report by notary Stijn Raes, in Ghent, on 14 November&#8239;2025,
                                            an extract of which was filed for publication in the Annexes to the Belgian Official Gazette.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<!-- Field: Page; Sequence: 4; Value: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>1. NAME - DURATION - REGISTERED OFFICE - OBJECT
- PURPOSES</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>ARTICLE&#8239;1: NAME</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The company has the legal form of a public limited
company and bears the name &quot;MATERIALISE&quot;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>ARTICLE&#8239;2: DURATION</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The company was established for an indefinite
period of time from 28 June&#8239;1990.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The company can only be dissolved in compliance
with the applicable legal provisions on dissolution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>ARTICLE&#8239;3: REGISTERED OFFICE &ndash;
E-MAIL ADDRESS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The registered office of the company is located
in the Flemish Region.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The registered office in Belgium can be moved
within the Dutch-speaking region or the bilingual Brussels-Capital Region by decision of the board of directors. It shall be made public.
The board of directors is also authorised to have any amendment of the articles of association resulting from the transfer of the registered
office established by notarial deed. The company's email address is as follows: <U>investors@materialise.com</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>ARTICLE&#8239;4: OBJECT - OBJECTIVES</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company's object is: the research, development
and commercialization of additive manufacturing and related technologies and all services, engineering and holding activities related
thereto, including software applications. All this in the broadest sense and for all business sectors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The company acts on its own account, on consignment,
on commission, as an intermediary or as a representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The company also has as its object:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">-&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the purchase,
sale, exchange, construction, conversion, valorisation, furnishing, exploitation, rental, subletting, management, maintenance, parcelling,
horizontal division and placement under compulsory co-ownership, leasing, prospection, promotion in all forms, of all immovable property
or real estate rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">-&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;investing,
subscribing to, taking over, posting, buying, selling, trading all movable securities, issued by Belgian or foreign companies, whether
or not in the form of commercial companies, trust offices, institutions or associations, managing these investments and participations;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">-&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;providing
advice, management and other services to all affiliated companies or with which there is a participating relationship, in its capacity
as director, liquidator or otherwise, directing or controlling those same companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">It may, by way of contribution in cash or in
kind, merger, subscription, participation, financial intervention or any other means, take a share in all existing or future companies
or undertakings, in Belgium or abroad, the object of which is identical, similar or related to its own, or of a nature to promote the
exercise of its object.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As a general rule, the company may perform all
acts of any kind that are directly or indirectly, in whole or in part, related to the object.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The company has a profit distribution objective.
In addition, the company aims to have a real positive impact on society and the environment in general through its business operations
and economic activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>2. CAPITAL</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">&#8239;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>ARTICLE&#8239;5: CAPITAL AND SHARES</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The capital amounts to four million four hundred
and eighty-seven thousand fifty euros forty-nine cents (EUR 4,487,050.49), represented by fifty-nine million sixty-seven thousand one
hundred and eighty-six (59,067,186) shares, without indication of nominal value, each representing an equal share of the capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The capital is fully and unconditionally subscribed
and is fully paid up.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>ARTICLE&#8239;6: AUTHORIZED CAPITAL</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;By
resolution of the General Meeting of Shareholders of 3 June&#8239;2025, which resolution will enter into force on the day of publication
of the entry into force of the resolution in the Annexes to the Belgian Official Gazette, the board of directors was granted the power
to increase the capital, in one or more instalments, by a maximum total amount equal to four million four hundred and eighty-seven thousand
fifty euros forty-nine cents (EUR 4,487,050.49).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The board of directors may only exercise the
power conferred on it for a period of five (5)&#8239;years from the publication of this authorisation in the Annexes to the Belgian Official
Gazette.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This authorisation may be renewed in accordance
with the applicable legal conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The board of directors has not yet exercised
the power conferred on it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
capital increases decided upon pursuant to this authorization may be made in accordance with the procedures to be determined by the board
of directors, such as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">-&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;by means of
a contribution in cash or in kind within the limits permitted by the Code of Companies and Associations,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">-&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;through the
conversion of reserves and share premiums,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">-&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;with or without
the issuance of new securities,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">-&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;by issuing
shares, with or without voting rights,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">-&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;by issuing
convertible bonds, subordinated or not,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">-&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;by issuing
subscription rights (free of charge or at a certain issue price),</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">-&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;by issuing
bonds to which subscription rights or other movable securities are attached,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">-&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;by issuing
other securities, such as shares under a stock option plan,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">-&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;by issuing
shares below par value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;To
the extent necessary and appropriate, the board of directors is also specifically authorized, in the event of a public takeover bid for
securities issued by the company, to increase the capital in any form, including a capital increase in which the preferential subscription
rights of the shareholders are limited or canceled, under the conditions provided for in article 7:202 of the Code of Companies and Associations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This authorization is granted for a period of
three (3)&#8239;years from the extraordinary general shareholders&rsquo; meeting held on 3 June&#8239;2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This authorisation may be renewed for the same
period by resolution of the general meeting taken in accordance with the rules&#8239;for amending the articles of association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The capital increases decided upon in the context
of this authorisation shall be allocated to the remaining part of the authorised capital referred to in paragraph a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Any
share premium payable on subscription to a capital increase within the framework of the authorized capital will be entered in a separate
account under equity capital on the liabilities of the company's balance sheet and will be formed by contributions actually paid up in
cash or in kind, other than contributions in industry, on the occasion of the issue of shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
board of directors is also authorised to limit or cancel the preferential subscription right in the interest of the company. It may do
so for the benefit of one or more specific persons, even if they are not members of the staff of the company or of its subsidiaries,
provided that, inter alia, when issuing subscription rights, the relevant legal provisions are complied with. It may also provide that,
where appropriate, priority shall be given to existing shareholders for the time being when new shares are granted.&#8239;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
board of directors is authorized, with the possibility of substitution, to bring the articles of association of the company into line
with the decisions to increase capital within the framework of the authorized capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>ARTICLE&#8239;7: CAPITAL INCREASE - RIGHTS
OF PRE-EMPTION</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An increase in the capital may be decided by the general meeting or,
within the framework of the authorized capital, the board of directors in accordance with the relevant legal provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>ARTICLE&#8239;8: CAPITAL REDUCTION</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A reduction in the capital may be decided in
accordance with the relevant legal provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>3. STOCKS AND OTHER SECURITIES</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>ARTICLE&#8239;9: NATURE OF THE SECURITIES</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The shares and other securities of the company
are registered or dematerialized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The securities are always registered in the cases
provided for by law. The company will be able to issue dematerialised securities, either by means of a capital increase or by the exchange
of existing registered securities into dematerialised securities. Each security holder will be able to request the exchange of his securities
at his own expense, either in registered securities or in dematerialized securities. The conversion of dematerialised securities into
registered securities will take place by registration in the relevant register of registered securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A register shall be kept at the registered office
of the company for each class of registered securities, either in their original material form or in electronic form in accordance with
the applicable law. Certificates of such subscriptions shall be issued to holders of the registered securities, if so requested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The dematerialised security is represented by
an entry in the account in the name of the owner or holder with an authorised account holder or the settlement institution. The security
recorded on account is carried over by transfer from account to account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The number of dematerialised securities in circulation
at any given time shall be entered in the relevant register of registered securities in the register of registered securities in the
name of the settlement institution for each category of security.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>ARTICLE&#8239;10: SHARES NOT FULLY PAID UP
- OBLIGATION TO PAY UP</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The commitment to pay up a share in full is unconditional
and indivisible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If shares that have not been paid up belong to
several persons in joint ownership, each of them is responsible for the payment of the full amount of the due and payable payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Additional payment or full payment shall be requested
by the board of directors at a time to be determined by it. In accordance with Article&#8239;2:32 of the Code of Companies and Associations,
the shareholders are notified of this by stating a bank account into which the payment, to the exclusion of any other method of payment,
must be made by bank transfer or deposit. The shareholder is in default by the mere expiry of the period specified in the notification
and the company owes interest at the statutory interest rate set at that time, plus two percentage points.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As long as the requested due and payable payments
on a share have not been made in accordance with this provision, the exercise of the rights attached to it shall remain suspended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Early payments on shares cannot be made without
the prior approval of the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>ARTICLE&#8239;11: INDIVISIBILITY OF SECURITIES</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The securities are indivisible vis-&agrave;-vis
the company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If several persons have rights in rem in the
same security, they may exercise the rights attached to such securities only by a common representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The company may suspend the exercise of the rights
attached to it until a single person has been designated as the owner of the security in respect of the company or as their common representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All summonses, service and other notifications
by the company on the various persons entitled to a single security shall be validly and exclusively, as the case may be, either to the
person designated as owner in relation to the company or to the designated common representative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Except as otherwise provided in the articles
of association, a will or an agreement, the usufructuary of the securities shall exercise all rights attached to these securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>ARTICLE&#8239;12: SUCCESSORS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The heirs, creditors or other beneficiaries of
a shareholder may not, under any circumstances, intervene in the management of the company, nor induce the placing of seals on the assets
and values of the company, nor demand the liquidation of the company and the distribution of its assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In order to exercise their rights, they must
comply with the company's annual accounts and comply with the resolutions of the general meeting and the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>ARTICLE&#8239;13: BONDS, SUBSCRIPTION RIGHTS
AND OTHER FINANCIAL INSTRUMENTS CONFERRING THE RIGHT TO SHARES</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The company may issue bonds by decision of the
board of directors, which will determine the terms of the issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The issue of convertible bonds or bonds redeemable
in shares, subscription rights or other financial instruments giving the right to shares in the future, may be decided by the general
shareholders&rsquo; meeting, or by the board of directors within the framework of the authorized capital (subject to compliance with
the relevant legal provisions).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders of non-voting shares, non-voting profit-sharing
certificates, convertible debentures, subscription rights or depositary receipts issued with the cooperation of the company may attend
the general shareholders&rsquo; meeting, but only in an advisory capacity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><U>Article&#8239;14:
Transparency</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the purposes of Articles 6 to 17 of the Act
of 2 May&#8239;2007 on the disclosure of major shareholdings in issuers whose shares are admitted to trading on a regulated market and
containing various provisions, the applicable thresholds are set at 5%, 10% and each subsequent multiple of 5%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>4. ACQUISITION AND DISPOSAL OF OWN SECURITIES</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>ARTICLE&#8239;15: ACQUISITION AND DISPOSAL
OF OWN SECURITIES</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
company may acquire its own shares, profit participation certificates or depositary receipts relating thereto, or subscribe to depositary
receipts after the issuance of the corresponding shares or profit participation certificates, in accordance with the relevant legal provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;By
resolution of the general shareholders&rsquo; meeting of 14 November&#8239;2025, the board of directors was authorized, without further
resolution of the general shareholders&rsquo; meeting, in accordance with article 7:215 et seq. of the Code of Companies and Associations
and within the limits provided for in this article, on or off the stock exchange, directly or indirectly, by means of purchase or exchange,
contribution or any other form of acquisition, to acquire the maximum number of treasury shares permitted by law at a price per share
that may not be less than one euro (EUR 1), and not higher than twenty percent (20%) above the highest closing prices of the American
Depository Shares, which represent the shares of the company, on Nasdaq (if listed on Nasdaq), and of the Company's shares, on Euronext
Brussels (if listed on Euronext Brussels) for a period of 30 calendar days prior to either the buyback date or, in the case of a buyback
bid, the date of its announcement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This power also applies to the acquisition of
the shares of the company by one of its directly controlled subsidiaries, as referred to in and within the limits of article 7:221 of
the Code of Companies and Associations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This authorisation is valid for five years from
the date of publication of this authorisation in the Annexes to the Belgian Official Gazette.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This authorisation can be extended by a resolution
of the general meeting and in accordance with the provisions of the Code of Companies and Associations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
board of directors may only destroy or dispose of its own shares, profit participation certificates or depositary receipts acquired in
accordance with the relevant legal provisions and at a price determined by the board of directors. Without prejudice to the foregoing,
the board of directors is particularly authorised to annul the acquired own shares, profit participation certificates or depositary receipts
relating thereto or, without further resolution of the general shareholders&rsquo; meeting and in accordance with article 7:215 et seq.
of the Code of Companies and Associations, without limitation in time, on or off the stock exchange, directly or indirectly, by means
of sale, exchange, contribution, conversion of bonds or any other form of disposal, (i)&#8239;to one or more specific persons other than
the employees (in this case, the directors who actually represent that person or the persons associated with him may not participate
in the vote of the board of directors), and (ii)&#8239;to the staff.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The foregoing also applies to the annulment or
disposal of the shares of the company by one of its direct subsidiaries in accordance with article 7:221 of the Code of Companies and
Associations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;By
resolution of the general shareholders&rsquo; meeting of 14 November&#8239;2025, the board of directors was also authorized, without further
resolution of the general shareholders&rsquo; meeting and in accordance with the provisions of the Code of Companies and Associations,
on or off the stock exchange, directly or indirectly, by means of purchase, sale, exchange, contribution, conversion of bonds or any
other form of acquisition or disposal, to acquire or dispose of shares in the company, if such acquisition or disposal is necessary to
prevent an imminent serious disadvantage for the company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This authorisation is granted for a period of
three years from the publication of this authorisation in the Annexes to the Belgian Official Gazette. This authorisation can be extended
for periods of three years by a resolution of the general meeting and in accordance with the provisions of the Code of Companies and
Associations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Finally,
by resolution of the general shareholders&rsquo; meeting of 14 November&#8239;2025, the board of directors was authorised, with the possibility
of substitution, to bring the company's articles of association into line with the decisions to cancel shares of the company in accordance
with the provisions of this article 15 and the relevant legal provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>5. GOVERNANCE AND REPRESENTATION</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>ARTICLE&#8239;16: APPOINTMENT - RESIGNATION
- VACANCY - ANNOUNCEMENT</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
board of directors of the company consists of at least seven (7)&#8239;and at most eleven (11) directors, of which at least three (3)&#8239;directors
must be independent (within the meaning of article 7:87 of the Code of Companies and Associations).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;As
long as the total of the shares held by each of the Family Shareholders, directly or indirectly, whether or not jointly, represent 20%
or more of all outstanding shares of the company, a maximum of six (6)&#8239;directors will be appointed exclusively on the proposal of
a majority of all Family Shareholders who, on the date of the appointment, hold at least 3% of the shares of the company, directly or
indirectly. The number of candidates appearing on the list of nominations of the Family Shareholders must be higher than the number of
mandates to be filled that are subject to the right of nomination. If a director who was appointed on the recommendation of the Family
Shareholders resigns or resigns, his vacancy can only be filled by a candidate nominated by the majority of the other directors who were
appointed on the recommendation of the Family Shareholders (if any).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the purposes of this article, the term &quot;Family
Shareholders&quot; includes the following persons: Wilfried Vancraen, Hilde Ingelaere and their first-degree descending relatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;When
a legal entity is appointed as a director, it appoints a natural person as permanent representative who is charged with the execution
of the assignment in the name and on behalf of the legal entity-director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
directors are appointed by the general shareholders&rsquo; meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In any case, the duration of their assignment
may not exceed the maximum statutory period of six (6)&#8239;years. Their mission ends at the close of the general shareholders&rsquo;
meeting or the board of directors that provides for their replacement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The directors can be dismissed at any time by
the general shareholders&rsquo; meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Retiring directors are eligible for reappointment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If
a position of director becomes vacant, the remaining directors have the right to co-opt a new director under the conditions provided
for by law and subject to respect for the aforementioned nomination scheme. The next general meeting must confirm the mandate of the
co-opted director; Upon confirmation, the co-opted director fulfils the mandate of his predecessor, unless the general meeting decides
otherwise. In the absence of confirmation, the mandate of the co-opted director ends at the end of the general meeting, without prejudice
to the regularity of the composition of the board of directors up to that point.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
Chairman of the board of directors will be elected by the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>ARTICLE&#8239;17: CONVENING OF THE BOARD OF
DIRECTORS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
board of directors shall meet as often as the interests of the company require upon summons by the chairman, and within fourteen days
of a request to that effect from two directors or from the managing director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If
the Chairman has not convened the board of directors within the aforementioned period of fourteen days after the request of the directors
or the managing director to convene the board of directors, the requesting directors or the requesting managing director will be able
to validly convene the notices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
convocations shall indicate the place, date, time and agenda of the meeting and shall be sent by letter, fax or other written or electronic
means at least two (2)&#8239;working days before the meeting. The meeting is held at the registered office of the company or at any other
place in Belgium designated in the convening notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
regularity of the convening cannot be contested if all the directors are present or validly represented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>ARTICLE&#8239;18: MEETING OF THE BOARD OF DIRECTORS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
board of directors is chaired by the Chairman or, in his absence, by the Vice-Chairman (if one has been appointed) or the oldest of the
directors present.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
board of directors may deliberate and take decisions only if at least a majority of its members are present or represented at the meeting.
If this quorum is not reached due to a conflict of interest, the board of directors can nevertheless validly decide, provided that at
least two directors are present. If a quorum of a majority of the members is required and is not reached, a new meeting must be convened.
The second meeting can validly deliberate and decide on the agenda items of the first meeting, regardless of the number of directors
present or represented, on the understanding that at least two directors must be present.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Directors
who are unable to be physically present at the hearing may participate in the deliberation and voting by means of telecommunications
such as telephone or videoconferencing, provided that all participants in the meeting are able to communicate directly with all other
participants. The persons who participate in a meeting by such technical means are considered to be present in person at that meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each
director may give power of attorney to another director to represent him at a certain meeting. Such mandate must be the subject of a
power of attorney bearing the director's signature (including an electronic signature to the extent permitted as written proof by applicable
law) and which must be reported to the board of directors by simple letter, fax or any other written or electronic means of communication.
A director can represent several fellow members of the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Decisions
are taken by simple majority vote. In the event of a tie, the chairman shall have the casting vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">f)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Minutes
of decisions of the board of directors shall be kept and signed by the Chairman and, in his absence, by the Director chairing the meeting
and at least the majority of the members of the Board present.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Copies and extracts are signed by two directors
or by one managing director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">g)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
decisions of the board of directors may be taken by unanimous written decisions of all directors in accordance with the relevant legal
provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>ARTICLE&#8239;19: REMUNERATION</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The assignment of the directors is unpaid, unless
otherwise decided by the general meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event of delegation from the Executive
Board, the board of directors shall determine the remuneration attached to this assignment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The remuneration granted to directors, persons
in charge of day-to-day management and other persons charged with the management referred to in Article&#8239;3:6, &sect; 3, third paragraph
of the Code of Companies and Associations is exempt from the application of Article&#8239;7:91 of the Code of Companies and Associations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>ARTICLE&#8239;20: CONFLICT OF INTEREST</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;If
a director has, directly or indirectly, an interest of a financial nature that is contrary to the interest of the company as a result
of a decision or transaction that falls within the competence of the board of directors, the provisions of article 7:96 of the Code of
Companies and Associations must be complied with by the director concerned, as well as by the board of directors in its deliberations
and decision-making.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Where
several directors have a conflict of interest, the decision or operation may be validly taken by the remaining directors, even if in
this circumstance no half of the directors are present or represented.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Where
all directors have a conflict of interest, the decision or transaction is submitted to the general shareholders&rsquo; meeting. In the
event that the general meeting approves the decision or the transaction, the board of directors can implement it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>ARTICLE&#8239;21: INTERNAL ADMINISTRATION &ndash;
LIMITATIONS &ndash; DELEGATION OF POWERS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
company is managed by a board of directors. The board of directors is authorised to perform all acts that are necessary or useful for
the realisation of the object of the company, except for those for which the general meeting is competent under the law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Without
prejudice to the obligations arising from collegial management, in particular consultation and supervision, the directors may divide
management tasks among themselves. Such division of tasks cannot be invoked against third parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
board of directors shall establish an Audit Committee and a Remuneration and Nomination Committee within its midst and under its responsibility.
The board of directors may set up one or more other committees among its members and under its responsibility. He describes their composition,
their missions and their operation. The members of such committees shall be appointed by the board of directors, which shall also determine
the terms of their appointment, their dismissal, their remuneration and the duration of their duties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
board of directors may entrust the day-to-day management of the company to one or more persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">e)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
board of directors and, in the case of the day-to-day management, one or more delegates to day-to-day management, may delegate special
powers to one or more persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>ARTICLE&#8239;22: EXTERNAL REPRESENTATIVE POWER</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
board of directors represents the company as a college in all actions in and out of court. He acts by the majority of his members.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Without prejudice to the general power of representation
of the board of directors as a college, the company is also represented in and out of court by two directors acting jointly, at least
one of whom is a director appointed from the list of candidates proposed by the Family Shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
company is also legally represented in and out of court for the purposes of day-to-day management by one or more delegates to the day-to-day
management, who act alone or jointly in implementation of the delegation decision of the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Finally,
the company is validly represented by one or more special authorised representatives, who act alone or jointly within the limits of their
special power of attorney.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>ARTICLE&#8239;23: APPOINTMENT - AUTHORITY AND
REMUNERATION OF THE STATUTORY AUDITOR</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If necessary, the supervision of the company
is entrusted to one or more statutory auditors. They are appointed by the general shareholders&rsquo; meeting for a renewable term of
three (3)&#8239;years. Under penalty of damages, they can only be terminated by the general meeting during their assignment for legitimate
reasons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If there is no obligation for the company to
appoint a statutory auditor and no statutory auditor is appointed, each shareholder individually has the investigative and supervisory
powers of a statutory auditor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The remuneration of the statutory auditor consists
of a fixed amount, which is determined by the general meeting at the start of their duties, without prejudice to article 3:65 of the
Belgian Code of Companies and Associations. It may not be amended except with the agreement of the parties. Beyond that remuneration,
the statutory auditor may not receive any benefit in any form whatsoever from the company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>6.&#8239;GENERAL MEETING</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>ARTICLE&#8239;24: ORDINARY, SPECIAL AND EXTRAORDINARY
GENERAL</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
ordinary general shareholders&rsquo; meeting, called the annual meeting, must be convened every year on the third Tuesday of the month
of June&#8239;at ten (10:00) a.m.&#8239;If that day is a public holiday, the meeting will take place on the next working day (excluding
Saturday) at the same time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;A
special general meeting may be convened at any time to deliberate and decide on any matter falling within its competence which does not
involve an amendment to the statutes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;An
extraordinary general meeting may also be convened at any time to deliberate and decide on any amendment to the articles of association,
before a notary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
general meetings are held at the registered office of the company or at another place in Belgium designated in the convening notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>RULE 25: CONVENING</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
board of directors and any statutory auditor may convene an ordinary general meeting (annual meeting) as well as a special or extraordinary
general meeting. The board of directors and the statutory auditor, if any, are obliged to convene a special or extraordinary meeting
if one or more shareholders representing one tenth of the capital, alone or jointly, so request. The request must specify the agenda
items on which the general meeting must deliberate and decide.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The convocation to the general meeting to be
held as a result must be made within three weeks of the request made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the convocation, other topics can be added
to the agenda items specified by the shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Notices
to the general meetings are made in accordance with the relevant legal provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Any
person may waive this convocation and shall in any case be considered to have been duly summoned if he attends the meeting or is represented
at it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>ARTICLE&#8239;26: ADMISSION TO GENERAL MEETINGS
- REPRESENTATION</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
right to participate in the general meetings and to exercise the right to vote is granted only on the basis of the accounting registration
of the shares in the name of the shareholder and the notification of the intention to participate, in each case in accordance with the
relevant legal provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Any
shareholder with voting rights may either participate in the meeting in person or be represented by a proxy, in accordance with the relevant
legal provisions. Before participating in the meeting itself, the shareholders or their proxy holders must sign the attendance list,
indicating (i)&#8239;the identity of the shareholder, (ii)&#8239;if applicable, the identity of the proxy holder, and (iii)&#8239;the number
of shares they represent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
holders of profit participation certificates, non-voting shares, bonds, subscription rights, or other securities issued by the company
may attend the general shareholders&rsquo; meeting to the extent that the law grants them this right and, where applicable, the right
to participate in the vote. If they wish to participate in them, they are subject to the same formalities of admission, access, form
and notification of the proxies as those imposed on the shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>ARTICLE&#8239;27: REMOTE VOTING PROCEDURE PRIOR
TO THE GENERAL MEETING</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
convocation may offer each shareholder the opportunity to vote remotely prior to the general meeting, by letter or via the company's
website, using a form provided by the company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
company may also organise a remote vote via other electronic means of communication prior to the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
board of directors determines the modalities for remote voting prior to the general meeting, including the modalities for verifying the
capacity and identity of persons who wish to vote remotely prior to the general meeting, via the company's website. Either the convocation
to the general meeting, or a consultable document to which the convocation refers (e.g. the company's website) mentions these modalities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;In
order for their vote to be taken into account for the calculation of the quorum and the majority, remote shareholders must meet the conditions
for participating in the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>ARTICLE&#8239;28: PRESIDENCY - BUREAU</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each general meeting is chaired by the chairman
of the board of directors or, in his absence, by the vice-chairman (if one has been appointed) or the oldest member of the board of directors.
The chairman appoints a secretary and teller, who does not have to be a shareholder. These two functions can be performed by one person.
The chairman, the secretary and the teller together form the bureau.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The President may set up the Bureau for the opening
of the session, and the Bureau thus constituted may verify the powers of the participants before the opening of the session.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>ARTICLE&#8239;29: CONDUCT OF THE MEETING</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
deliberation and voting shall be conducted by the chairman. The directors and any statutory auditor(s)&#8239;answer questions put to them
by the holders of registered shares, convertible bonds or registered subscription rights, or registered depositary receipts issued with
the cooperation of the company, before or during the meeting, orally or in writing and which are related to the agenda items. The directors
and any statutory auditor(s)&#8239;may, in the interest of the company, refuse to answer questions if the disclosure of certain information
or facts may cause damage to the company or is in violation of the confidentiality obligations entered into by them or by the company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As soon as the convocation has been published,
the shareholders may ask the aforementioned questions in writing, insofar as these shareholders meet the conditions for admission to
the meeting, in accordance with the relevant legal provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
board of directors has the right, during the meeting, to postpone any general shareholders' meeting, in accordance with the relevant
legal provisions. This postponement shall not affect the other resolutions taken, unless the general meeting decides otherwise. At the
next meeting, the agenda items of the first meeting on which no final decision has been taken will be dealt with.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
general meeting cannot validly deliberate or decide on items that are not included in the announced agenda or are not implicitly contained
therein. Items not included in the agenda may be discussed only at a meeting at which all shareholders are present or represented and
if they are decided unanimously. The required consent is established if no objection has been recorded in the minutes of the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>ARTICLE&#8239;30: VOTING RIGHTS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Each
share entitles you to one vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;However,
in accordance with Article&#8239;7:53 of the Code of Companies and Associations, fully paid-up shares that have been transferred for at
least two years continuously in the name of the same shareholder, or that have been registered in the register of registered shares in
accordance with Article&#8239;7:53 of the Code of Companies and Associations, grant double voting rights compared to other shares representing
an equal share in the capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>ARTICLE&#8239;31: DECISION-MAKING</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
general shareholders&rsquo; meeting can validly deliberate and take decisions, regardless of the number of shares present or represented,
except in cases where the law requires a certain attendance quorum. The resolutions of the general shareholders&rsquo; meeting may be
validly adopted by a simple majority of the votes participating in the vote, except in cases where the law requires a certain majority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Minutes
are drawn up of each general meeting, to which the attendance list and any reports and proxies are attached.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The minutes of the general meetings of shareholders
are signed by the members of the bureau and by the shareholders who request them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Copies and extracts are signed by two directors
or by one managing director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
shareholders may unanimously and in writing take all resolutions that fall within the competence of the general meeting, with the exception
of those that must be drawn up by authentic deed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>7. INVENTORY - ANNUAL ACCOUNTS - RESERVE -
PROFIT APPROPRIATION.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>ARTICLE&#8239;32: FINANCIAL YEAR - ANNUAL ACCOUNTS
- ANNUAL REPORT</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
company's financial year begins on January&#8239;1 and ends on December&#8239;31 of the same year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At the end of each financial year, the books
and documents are closed and the board of directors draws up the inventory and the annual accounts, in accordance with the relevant legal
requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, to the extent required by law, the
directors draw up an annual report in which they account for their policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Within
the legally prescribed periods, the shareholders in the registered office of the company may take cognizance of the annual accounts and
the other documents mentioned in the Code of Companies and Associations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;After
approval of the annual accounts, the general meeting decides by separate vote on the discharge to be granted to the directors and any
statutory auditor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>ARTICLE&#8239;33: APPROPRIATION OF PROFITS
- RESERVE</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The surplus of the profit and loss account constitutes
the profit to be appropriated for the financial year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At least one twentieth of this net profit is
taken forward to form the legal reserve until it occupies one tenth of the capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The general meeting is free to decide on the
further allocation of the balance of the result by a simple majority vote on the proposal of the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No distribution may be made if the net assets,
as shown in the annual accounts, have fallen or would fall below the amount of the paid-up amount or, if this is higher, of the capital
called up, plus all reserves that may not be distributed according to the law or the articles of association, and furthermore must act
in accordance with article 7:212 of the Code of Companies and Associations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>ARTICLE&#8239;34: PAYMENT OF DIVIDENDS - INTERIM
DIVIDENDS</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
board of directors determines the place, time and manner in which the dividends are to be paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
board of directors has the power to distribute an interim dividend in accordance with the relevant legal provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>8. DISSOLUTION - LIQUIDATION</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>ARTICLE&#8239;35: DISSOLUTION</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The voluntary dissolution of the company can
only be decided by an extraordinary general shareholders&rsquo; meeting and subject to compliance with the relevant legal provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After dissolution by operation of law, the company
continues to exist as a legal entity for its liquidation until its conclusion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>ARTICLE&#8239;36: LIQUIDATION</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the event of dissolution with liquidation,
one or more liquidators are appointed by the general meeting, if necessary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>ARTICLE&#8239;37: DISTRIBUTION</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After payment of all debts, charges and costs
of liquidation or after consignment of the funds necessary to pay them, the liquidators distribute the net assets, in cash or in securities,
among the shareholders in proportion to the number of shares they hold. If the net proceeds are not sufficient to repay all the shares,
the liquidators shall give priority to the payment of the shares that have been paid up to a greater extent until they are on an equal
footing with the shares that have been paid up to a lesser extent or to make an additional call of capital at the expense of the latter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="text-transform: uppercase"><U>9.
General provisions</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>ARTICLE&#8239;38: CHOICE OF ADDRESS FOR SERVICE</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each member of the board of directors and the
Managing Director may choose their place of residence at the registered office of the company for all matters related to the exercise
of his or her mandate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All directors, auditors and liquidators, whose
domicile is unknown or who are domiciled abroad, are deemed to be domiciled at the registered office of the company, where all summonses,
service and notices relating to the company's affairs can be served on them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Holders of registered securities are obliged
to notify the company of any change in their choice of residence. In the absence of such notification, they are deemed to have made a
choice of address for service at the registered office of the company where all the documents can be validly served on them, while the
company has no other obligation than to keep them available to the addressee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>ARTICLE&#8239;39: APPLICABLE LAW</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For everything that is not expressly provided
for in these articles of association, or for the legal provisions that are not validly deviated from in these articles of association,
the provisions of the Code of Companies and Associations and the other provisions of Belgian law apply.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>ARTICLE&#8239;40: STAFF</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Unless the context otherwise requires or unless
otherwise defined in these Articles of Association, for the purposes of these Articles of Association, &quot;staff&quot; shall have the
meaning as defined in article 1:27 of the Code of Companies and Associations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

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