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<SEC-DOCUMENT>0000950172-04-002527.txt : 20041102
<SEC-HEADER>0000950172-04-002527.hdr.sgml : 20041102
<ACCEPTANCE-DATETIME>20041102165131
ACCESSION NUMBER:		0000950172-04-002527
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20041102
FILED AS OF DATE:		20041102
DATE AS OF CHANGE:		20041102

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ASML HOLDING NV
		CENTRAL INDEX KEY:			0000937966
		STANDARD INDUSTRIAL CLASSIFICATION:	SPECIAL INDUSTRY MACHINERY, NEC [3559]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-25566
		FILM NUMBER:		041113901

	BUSINESS ADDRESS:	
		STREET 1:		DE RUN 1110
		CITY:			LA VELDHOVEN NE
		STATE:			P7
		ZIP:			5503
		BUSINESS PHONE:		3140580800

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ASM LITHOGRAPHY HOLDING NV
		DATE OF NAME CHANGE:	19950215
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>lon387848.htm
<DESCRIPTION>6-K REPORT OF FOREIGN UNDER '34 ACT
<TEXT>
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     <!-- Client Name:    ASML Holding N.V.                                                -->
     <!-- Form Type:      Form 6-k                                                         -->
     <TITLE>Form 6-K</TITLE>
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<BR><BR><BR>

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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>SECURITIES
AND EXCHANGE COMMISSION<BR>Washington, D.C. 20549</B>  </FONT></TD></TR>
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<BR>

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<BR>

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<TD><H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FORM 6-K  </FONT></H1></TD></TR>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>REPORT
OF FOREIGN PRIVATE ISSUER<BR>PURSUANT TO RULE 13A-16 OR 15D-16<BR>OF THE SECURITIES EXCHANGE ACT
OF 1934<BR>For October 2004 </B> </FONT></TD></TR>
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<BR>

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<BR>
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<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>ASML Holding N.V.</B><BR><BR>De Run 6501<BR>
5504 DR Veldhoven<BR>The Netherlands<BR><I>(Address of principal executive offices)</I></FONT></TD></TR>
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<BR>

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<BR>


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<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Indicate
by check mark whether the registrant files or will file annual reports under cover Form
20-F or Form 40F.  </FONT></TD></TR>
</TABLE>
<BR>

<TABLE WIDTH="600" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="25%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Form 20-F</FONT></TD>
     <TD WIDTH="2%"><FONT FACE="WingDings" SIZE="2">&#120;</FONT></TD>
     <TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
     <TD WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Form 40-F</FONT></TD>
     <TD WIDTH="2%"><FONT FACE="WingDings" SIZE="2">&#168;</FONT></TD>
     <TD WIDTH="22%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
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<BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Indicate by check mark  whether the  registrant  by  furnishing  the  information  contained  in this Form is also thereby
furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</FONT></TD></TR>
</TABLE>
<BR>

<BR>

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     <TD WIDTH="25%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="8%" ALIGN="Right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Yes&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH="2%"><FONT FACE="WingDings" SIZE="2">&#168;</FONT></TD>
     <TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD>
     <TD WIDTH="8%" ALIGN="Right"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">No&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH="2%"><FONT FACE="WingDings" SIZE="2">&#120;</FONT></TD>
     <TD WIDTH="22%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;</FONT></TD></TR>
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<BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b):</FONT></TD></TR>
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<TD>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Exhibits</U></FONT></H1></TD></TR>
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<BR>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.1 </FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Minutes of the Annual General Meeting of Shareholders of ASML Holding N.V. held on March 18, 2004.

</FONT></TD>
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<BR>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.2 </FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>"IMEC Unites More Than 30 Major Players in a Worldwide 193nm Immersion Lithography Consortium," dated October 11, 2004.

</FONT></TD>
</TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>99.3 </FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>"IMEC and ASML further define collaboration on EUV lithography," dated October 28, 2004.

</FONT></TD>
</TR>
</TABLE>
<BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;Safe
Harbor&#148; Statement under the U.S. Private Securities Litigation Reform Act of 1995:
the matters discussed in this document may include forward-looking statements that are
subject to risks and uncertainties including, but not limited to, economic conditions,
product demand and industry capacity, competitive products and pricing, manufacturing
efficiencies, new product development, ability to enforce patents, the outcome of
intellectual property litigation, availability of raw materials and critical manufacturing
equipment, trade environment, and other risks indicated in filings with the U.S.
Securities and Exchange Commission. </FONT></TD></TR>
</TABLE>
<BR>


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<TD><H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURES  </FONT></H1></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.  </FONT></TD></TR>
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    <TD WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="44%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="48%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;<!-- Registrant-->ASML HOLDING N.V. (Registrant) </FONT></TD>
  </TR>
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    <TD WIDTH="8%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">Date: </FONT></TD>
    <TD WIDTH="39%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp;November
      2, 2004 </FONT></TD>
    <TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD WIDTH="5%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2">By: </FONT></TD>
    <TD WIDTH="43%"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>&nbsp;/s/&nbsp;Peter T.F.M. Wennink</U>
<BR>Peter T.F.M. Wennink<BR>Executive Vice President<BR>and Chief Financial Officer </FONT></TD>
  </TR>
  </TABLE>




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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>lon387848_ex99-1.htm
<DESCRIPTION>EX 99.1
<TEXT>
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     <!-- Project:        I:\CONVER\ny13484.eep                                            -->
     <!-- Client Name:    ASML Holding N.V.                                                -->
     <!-- Form Type:      Form 6-k                                                         -->
     <TITLE>EX 99.1</TITLE>
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<TD>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Minutes of the<BR>
Annual General Meeting of Shareholders<BR>
of ASML Holding N.V.<BR>
held on March 18, 2004
</FONT></H1></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chairman:&nbsp;&nbsp;Mr. H. Bodt</FONT></TD></TR></TABLE><BR>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>General</FONT></H1></TD></TR>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
following Minutes of the Annual General Meeting of Shareholders of ASML Holding N.V.
(&#147;ASML&#148; or the &#147;Company&#148;), which meeting was held on March 18, 2004,
have been prepared for information purposes only and do not purport to be complete. These
Minutes are qualified as a whole by reference to the Annual Report on Form 20-F of ASML
for the year ended December 31, 2003 and other public filings made by ASML with the US
Securities and Exchange Commission (&#147;SEC&#148;). ASML does not guarantee the
comprehensiveness or accuracy of the information contained in these Minutes, and has no
obligation (and hereby expressly rejects any obligation) to update or correct any of the
statements or information contained herein. </FONT></TD></TR></TABLE><BR>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>1.&nbsp;&nbsp;</B></FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>Opening</B></FONT></TD>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Chairman opened the Annual General Meeting of Shareholders of ASML on behalf of the Board
of Management and the Supervisory Board and welcomed every one present. Messrs. Dunn,
Wennink, McIntosh, Van den Brink and Chavoustie were present on behalf of the Board of
Management; Messrs Bergsma, Westerburgen, Attardo, Dekker, Grassmann and the Chairman were
present on behalf of the Supervisory Board.  Mr. Van Olffen, civil-law notary with De Brauw Blackstone Westbroek, acted as
Secretary of the meeting. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Chairman then gave the floor to Mr. Dunn, who gave a presentation on the highlights of
2003. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Dunn
stated that it looks like the upturn has arrived. Signs of improvement have
          become visible worldwide. All major economies have shown recovery. IC&#146;s
          demand has started to rise, lead times are extending, capacity will become
          tighter, and bookings for equipment are at the highest level since 2000.  </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Dunn
then showed the level of growth of equipment sales, and in particular in           the
semiconductor industry. The last peak year was 2000 and, as it looks now,           2004
might reach almost the same level. Growth is driven by end demand. There is
          increasing demand in wire line (mobile phones and broadband connections),
          computers, wireless (handsets), industrial, automotive and in consumer
products.  </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Dunn
explained that the increase in demand results from a utilisation capacity
          increase by ASML&#146;s customers. The typical threshold for ASML&#146;s
          customers to start replenishing is a utilisation capacity of 85%, which many
          appear to have reached. The strengthening that has been seen in the last
quarter           of 2003 is continuing entering 2004.  </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>With
regard to capital spending, Mr. Dunn showed that the USA is projected to be number one in
2004, whereas Japan is projected to be number 2, which shows that there is ample challenge
left for ASML to enter that market. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Dunn
then moved on to ASML&#146;s accomplishments in 2003.  </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ASML
has a very good market position with regard to sales, customer support and technology. Its
financial position is also good: ASML took measures to decrease its breakeven point, the
convertible bond due in 2004 was paid back and ASML generated about EUR 500 million in
cash from operations- and investment activities. The stock market rewarded ASML&#146;s
achievements with a significant increase in share price. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On
the point of new technology Mr. Dunn explained that ASML was still working on the
improvement of the Twinscan in 2003, and that new technology in the form of immersion and
EUV systems is on the way. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
main objective for 2003 was to return to profitability. Mr. Dunn informed the meeting that
this was done by, as previously said, aiming to lower the breakeven point, by reducing
fixed assets and inventory, by managing the supply chain, generating cash, reducing the
worldwide workforce and by creating more flexible employment agreements. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Dunn
continued by stating that, naturally, within ASML there is a strong and
          continuous focus on its customers. In 2003, there were further gains in Japan,
          and growth continued in China. When building equipment, ASML and its customers
          start from a shared roadmap, beginning with the customer needs and ending with
          the customer solution. As a reward for this approach, ASML received awards and
          recognition from its customers, including an independent award from VLSI for
          customer satisfaction.  </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>With
respect to the reorganization, Mr. Dunn remarked that, although necessary, it was a very
tough decision to let people go. However, and maybe especially in difficult times, ASML
considers the continuous development of its employees important and therefore various
(professional and personal) development and training programs were developed for and
attended by ASML employees worldwide. On the subject of environment, health and safety,
the most important accomplishment in 2003 was achieving compliance with the ISO 14001
environmental standards by all of ASML&#146;s main production sites. In addition, several
environment friendly programs were introduced, such as reduction of paper- and water
consumption, as well as the reduction of domestic waste. Also, an environment, health and
safety program was established in Asia. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In
relation to the Code of Ethical Business Conduct, Mr. Dunn said that it had been promoted
throughout the Company, and that all employees had been informed and had been asked to
sign a written statement, indicating that they are aware of and willing to comply with the
Code of Conduct. So far, about 75% of the employees had signed that statement. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Furthermore,
Mr. Dunn explained that ASML&#146;s strategy for 2004 is (i) to keep its technology
leadership, (ii) to continue to focus on its customers, and (iii) to assure operational
excellence. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Finally,
Mr. Dunn discussed the business challenges for 2004. These are: (i) to deal with the
upturn, (ii) to shorten the lead times, (iii) to implement change initiatives in (a)
agility, (b) product life cycle management, and (c) leadership and people, and (iv) the
transition to a new CEO. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Dunn
then gave the floor to Mr. Wennink to discuss ASML&#146;s financial
          achievements in 2003.  </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Wennink
started by saying that despite the results, 2003 was a very good year           for ASML,
both in terms of technology leadership as well as in terms of the           achievement
of financial targets set at the beginning of 2003. The most           important financial
targets were, among other things, improvement of gross           margin, improvement of
cash position, improvement of Accounts Receivable and           inventory turns, and
return to profitability.  </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr.
Wennink then explained that the gross margin in the second half of 2003
          increased by 2-3% each quarter. The total gross margin in both 2002 and 2003
was           23.9%. However, in 2002 the gross margin decreased every quarter whereas in
          2003, the gross margin for continuing operations increased every quarter. It is
          expected that the gross margin will continue to improve in 2004, if the current
          outlook remains unchanged. The number of systems sold in 2003 was 169, which
          resulted in net sales of EUR 1,543 million.  </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Operating
income showed a loss of EUR 155 million. Mr. Wennink explained that this was mainly due to
the first half year of 2003. The second six months showed a small profit that was for the
biggest part achieved in the fourth quarter. It looks like this trend will continue in
2004. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
negative net income from discontinued operations was the result from the Thermal and Track
activities. Mr. Wennink referred to last year&#146;s Shareholders meeting in which he had
explained that Track would be divested and Thermal would be sold. This was finalised in
2003. Both activities will no longer influence the result. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
cash balance in 2003 improved considerably compared to 2002. This was a result of, among
other factors, ASML&#146;s focus on its Accounts Receivable. The average number of days
outstanding before an invoice was paid in 2002 was 120, while at the end of 2003 this was
brought back to 42 days. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Inventory
cycle time was brought back from seven to eight months in 2002 to about four months in
2003. This achievement, together with the accomplishments in Accounts Receivable and the
issuance by the Company of its 5.5% convertible subordinated notes due 2010, made it
possible for ASML to pay back the Convertible Bond due in 2004. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Investor
recognition of these achievements, in combination with the decrease in R&amp;D / SG&amp;A
costs by 16%, appear to have contributed to the substantial increase in ASML&#146;s share
price. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Wennink
ended his presentation by explaining that a main financial focus in 2004           will
be improvement of the Company&#146;s gross margin. Improvement of gross           margin
can be achieved not only by focusing on the same items as in 2003, but           also by
focusing on value of ownership, cost control, and production volume.  </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Chairman then gave the floor to civil-law notary Van Olffen, Secretary of the meeting, so
that he could establish whether the formal requirements for convening the Company&#146;s
General Meeting of Shareholders had been met, and to announce the precise numbers of
shareholders and voting members present at the meeting. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Van
Olffen said that he had established that at the start of the meeting 221
          shareholders were present or represented, of which 146 were physically present.
          Together they represented a total capital of EUR 943,902.12 and were entitled
to           cast 47,195,106 votes. Mr. Van Olffen added that, where required, attendees
          entitled to cast votes by proxy had submitted their written proxies to the
          Company and that these had been shown to him. Mr. Van Olffen furthermore
          established that the legal and statutory requirements relating to the
convening,           holding and attending of the General Meeting of Shareholders of the
Company had           been met and that the required documents had been made available
for inspection           at the places as prescribed by Dutch law and the Company&#146;s
articles of           association. Consequently, the meeting had been legally convened
and was           authorized to take decisions relating to all agenda items. Finally Mr.
Van           Olffen stated that according to the Chairman of ASML&#146;s Board of
Management,           no shareholders had exercised the right to propose additional
agenda items.  </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Chairman then moved on to item 2 of the agenda. </FONT></TD></TR></TABLE><BR>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>2.&nbsp;&nbsp;</B></FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>Financial
Statements and Annual Report 2003</B></FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>o</B></FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Report
of the Board of Management on the activities of the Company for the financial year 2003.</B></FONT></TD>
</TR>
</TABLE>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>o</B></FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Report
of the Supervisory Board.</B></FONT></TD>
</TR>
</TABLE>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>o</B></FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Approval
of the annual 2003 financial statements, as prepared in accordance with Dutch law.</B></FONT></TD>
</TR>
</TABLE>
<BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Chairman informed the meeting that ASML has again drawn up two sets of annual accounts
this year: one in accordance with Dutch GAAP and one in accordance with US GAAP. This is
further explained in both reports. It is important to note that the Dutch GAAP annual
accounts are the statutory annual accounts, which are submitted to the shareholders for
approval. These annual accounts have been adopted by the Supervisory Board and were
audited by Deloitte, who issued an unqualified independent auditors&#146; report. The
Chairman mentioned that Mr. Bun&eacute; of Deloitte was available to answer any questions
the shareholders might have regarding Deloitte&#146;s auditors&#146; report. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
annual report and the annual accounts have been made available for inspection. The
Chairman then said that the Supervisory Board recommended that the shareholders approve
the annual accounts, after which he gave those present the opportunity to ask questions
regarding the topics he had discussed and which had been included in the agenda. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Stevense,
representative of Stichting Rechtsbescherming Beleggers and a private
          shareholder, thanked the Board of Management and all employees for their
efforts           in the past year. He then made a comment that he was disappointed, as
he was           also last year, that the report was only published in the English
language and           that he hoped that as times were expected to be better, ASML would
be able to           have the report translated again into Dutch. He also said that last
year he was           worried about the Company&#146;s ability to pay back the
Convertible Bond and           that he was pleased that his worries had been taken away.
Mr. Stevense then           asked questions on how &#147;lean and mean&#148; ASML is, and
about the           influence of new technologies on lenses. He also wanted to know what
ASML&#146;s           risks are now that some semiconductor companies were outsourcing
their chip           manufacturing, and further asked questions about the sale of the
Thermal           division, and the Internal Controls project.  </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>With
respect to the annual report in the English language, the Chairman explained that this was
not so much a cost issue but more a liability issue. The risk of interpretation
differences is increasing because of the increase in reporting requirements. The Chairman
also informed the meeting that ASML was the first Dutch company to include the Form 20-F
in its annual report, but that he expected other companies to follow. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>With
respect to the question on how &#147;lean and mean&#148; ASML is, Mr. Dunn referred back
to his presentation during which he had informed the meeting about the Company&#146;s
efforts during the past year to lower its breakeven point. He said that, taking into
account the foregoing, the Company was relatively lean and hopefully also a bit mean. He
continued by saying that ASML had been able to achieve this by reducing costs, and that it
is ASML&#146;s objective to maintain that level of costs while increasing output. He
further mentioned that Cap Gemini, who recently finished their study within ASML, had
identified some areas where ASML could further reduce costs and that ASML would examine
into these recommendations. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Dunn
then moved on to the question regarding new technology. He said that ASML           is in
a leading position with respect to new technology and that ASML intends to           stay
that way. He noted that, in the case of EUV technology only, ASML would be
          using mirrors instead of lenses. However, both for nanometer technology and
          immersion technology, lenses would continue to be required. He further
mentioned           that both lenses and mirrors are used in the same kind of factory.  </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Cutting
back on R&amp;D expenses occurred to a limited extent after the release of the Twinscan.
However, all major programs are planned to continue. Mr. Dunn further mentioned that
ASML&#146;s customers have also had three bad years and that some of them had pushed out
new technology, which gave ASML the opportunity to slightly reduce its R&amp;D costs. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>With
respect to the question of some of ASML&#146;s customer selling off their semiconductor
factories, Mr. Dunn noted that it could result in more customers, and therefore higher
demand, or on the other hand could mean increasing price pressure. Mr. Dunn added that 9
semiconductor manufacturers out of the top 10 and 16 semiconductor manufacturers out of
the top 20 are ASML customers. The four companies out of the top 20 that are not ASML
customers, are Japanese, which indicates that there remains a further market for ASML to
pursue. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Stevense
then asked whether the fact that some of the big manufacturers start           making
modules, whereas ASML only supplies the chip machines, will be a risk for           ASML
because of ASML supplying only such a small part.  </FONT></TD></TR></TABLE><BR>

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          <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Dunn explained that the past 18 months had not been the most suitable time to
          see if ASML could expand horizontally and that ASML has, instead, focused on
          what it does best. However, as times are improving, ASML will start looking
          strategically at potential opportunities. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>With
respect to the Internal Controls project, Mr. Wennink mentioned that since 2002, new
reporting guidelines and requirements have continuously been introduced, including
Internal Controls, which has led to a signed declaration from both Mr. Dunn and Mr.
Wennink relating to their view and opinion on ASML&#146;s Internal Controls. As of next
year, this declaration will have to be attested by ASML&#146;s external auditor. The
Internal Controls project is to ensure that the ASML entities and offices have the same
means of control worldwide. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Slik,
private shareholder asked if, after having had to lay off people in the           past
two years, ASML would be able to recruit new highly qualified people in an
          upturn.  </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Bodt
explained that not only ASML was affected by the downturn but also           ASML&#146;s
suppliers in the area. Therefore, all consequences are carefully           considered
before taking the decision to make people redundant. Mr. Dunn added           that in the
future ASML would need to be a more flexible organisation in all           aspects so
that ASML will be better able to respond to the changing market           situations.  </FONT></TD></TR></TABLE><BR>

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          <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Boom asked questions about the reliability of information supplied by
          independent organisations like Dataquest. He also inquired whether ASML might
          lose its leading technology position to its competitors, because of ASML cutting
          R&amp;D costs. Finally he asked a question about the reliability of ASML&#146;s
          machines. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>With
respect to the question relating to Dataquest, Mr. Dunn replied that third-party analysts
like Dataquest have more contact points within the various semiconductor organizations.
Accordingly, they have a better view than ASML as a single company has and, therefore, in
the short to medium term their information is fairly reliable. However, in the long run
this information is less reliable. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Referring
to the question relating to ASML&#146;s Japanese competitors, Mr. Dunn replied that at the
moment ASML can demonstrate that it is still ahead of its competitors, and that with the
current level of R&amp;D ASML believes that it can stay ahead of them. In addition, Mr.
Dunn mentioned that there is still no indication that the competition has a similar
product as the Twinscan, which ASML will continue to develop and improve. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>With
respect to the question on the reliability of ASML&#146;s machines, Mr. Dunn explained
that the reliability of the Twinscan had improved considerably in 2003. As a result,
customers paid their invoices quicker, which reduced the Accounts Receivable. However, Mr
Dunn added that this was only one item to be improved in order to improve the Accounts
Receivable. In order to get to the level of Accounts Receivable as ASML did per the end of
2003, ASML has had to improve on many other issues as well. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ms. Dijkstra,
representative of the Vereniging van Beleggers voor Duurzame           Ontwikkeling,
complimented ASML with its application of OESO and ILO guidelines           in the
ethical business code, as well as with the publication of ASML&#146;s           social
report and ASML&#146;s environmental, health and safety report at the           same time
as ASML&#146;s financial report. She then asked questions about           publishing a
sustainability report as an integrated worldwide company report,           the use of GRI
guidelines and the role of suppliers with respect to ASML&#146;s           ethical
business code. Ms Dijkstra also inquired about the publication of
          questionnaires on sustainability and about the implementation of alternative
          energy.  </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Dunn
answered that some of the GRI guidelines are already applied by ASML and           that
ASML will apply more of them in the future.  </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Dunn
did not see an issue concerning merging the social and environmental,           health
and safety report. For the ease of handling and reading the reports, it           was
decided to issue separate reports, although they are distributed in one
          package. ASML will look into this matter to see if it is beneficial to merge
the           two reports.  </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On
the issue of suppliers&#146; compliance to the Code of Conduct, Mr. Dunn explained that in
all new contracts with major suppliers this is included. Minor suppliers will follow in
the future. ASML does not measure and audit suppliers&#146; compliance with the Code of
Conduct yet. It is too early for that. However, this may be done some time in the future. </FONT></TD></TR></TABLE><BR>

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          <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Wennink commented on the question about the publication of completed surveys.
          ASML does participate in surveys. So far ASML has not published the results, but
          ASML will consider whether to publish these surveys on its website. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Van
den Brink then answered the question related to alternative energy. He
          explained that first of all, ASML machines run on electricity and they will
          continue to do so in the future and that, secondly, ASML&#146;s Veldhoven site
          has a modern energy supply which links the heating and power supply at high
          output. Mr. Dunn added that ASML has also reduced its emissions, not only by
          closing buildings, but also by using energy saving techniques in its new
          buildings.  </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Van
der Klis, representative of the Vereniging van Effectenbezitters, asked
          questions on targets set by ASML with respect to the remuneration for the Board
          of Management, the risks with regard to ASML&#146;s exposure to foreign
exchange           rates, the relationship between cost reductions and changes in gross
margin, the           sales and credit risks with respect to customers&#146; business
failures, the           number of sales staff, the lead time, and the development of the
Chinese market.  </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>With
respect to the question on the targets set by ASML for its Board of Management, Mr. Dunn
explained that these targets are known internally, but that with the small amount of
competitors in the lithography market, specific targets can not be publicly disclosed. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Van
der Klis replied that shareholders would be disappointed as they would like           to
know what to expect in terms of targets.  </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Dunn
explained that shareholders would be even more disappointed if shareholders
          would find out that the competition has beaten ASML because ASML had publicly
          disclosed the specific targets. Mr. Wennink added that ASML had publicly
          disclosed the areas in which the targets were set and that the quarterly
reports           also give information on the order book.  </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Wennink
then continued by answering the question on foreign exchange risk. He           said that
there currently is little risk with regards to the US Dollar versus           Euro as
most invoicing is done in Euro. Any US Dollar billing is usually done by
          standard contracts. He also explained that the exchange rate of the Euro versus
          the Japanese Yen was an important competitive factor but that movements in the
          rate are difficult to anticipate.  </FONT></TD></TR></TABLE><BR>

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<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>With
respect to the relationship between cost reductions and gross margin, Mr. Wennink said
reductions in R&amp;D costs do not equate to a proportionate increase in gross margin. He
also noted that ASML&#146;s flexibility to reduce costs affecting gross margin is not
high. However, Mr. Wennink explained that this does not mean that costs should always be
at the same level as all years and that ASML has not pursued this objective. </FONT></TD></TR></TABLE><BR>

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<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>On
the question of the sales and credit risks, Mr. Wennink explained that there is a credit
risk committee. This committee looks at the solvency and creditworthiness of ASML&#146;s
customers. Most customers have a strong solvency but, in case of doubt, ASML arranges for
some kind of security, for instance by using a letter of credit from a well-known bank.
Mr. Wennink then said that last year ASML had to take a reserve of EUR 9 million due to
doubtful customers mostly originating from the Thermal division. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Regarding
China, Mr. Dunn explained that ASML has done extensive marketing in the country and will
continue to do so. ASML considers China to be an important growth market. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>With
respect to the question on ASML&#146;s sales staff, Mr. Dunn explained that ASML believes
that the number of its staff is about the right size. Compared to the total SG&amp;A
costs, the costs for the sales staff are relatively small. However, Mr. Dunn added that
this division also had to cut back in the past few years. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Dunn
explained ASML&#146;s response to customer demand. Mr. Dunn said there are           two
solutions to the tension in the market. The first solution is to bring down           the
cycle time, which ASML is working very hard on, and the second solution is           to
educate customers. In a downturn ASML is better able to respond quickly to
          customer demand. However, in an upturn lead times are longer. He explained that
          it is up to ASML to make its customers understand this, and, he added, the
          customers are starting to learn.  </FONT></TD></TR></TABLE><BR>

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          <TR VALIGN=TOP>
          <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Martens asked about the status and legal consequences of the patent claims. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Dunn
explained that currently there is only one major legal battle. This legal
          battle is with Nikon and it is composed of several legal actions. The two most
          important actions are taking place in the USA: one before the Court of Appeals
          for the Federal Circuit, stemming from a complaint before the International
          Trade Commission (ITC) in Washington, D.C. In the ITC, ASML prevailed on all
          counts. However, Nikon has appealed from the ITC&#146;s decision and the
outcome           of the appeal is expected later this year. The other case in the USA
takes place           in California. Mr. Dunn informed the meeting that this case will
take longer and           likely will not go to trial until, approximately, the second
quarter of 2005.           Furthermore, there are several actions pending in Asia. Mr.
Dunn expressed his           regret at the actions taken by Nikon and said that ASML
intends to fight them           vigorously.  </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>After
this round of questions, the Annual General Meeting of Shareholders resolved by
acclamation to approve the annual accounts for the 2003 financial year. </FONT></TD></TR></TABLE><BR>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>3.&nbsp;&nbsp;</B></FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>Reserves
and dividend policy</B></FONT></TD>
</TR>
</TABLE>
<BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Chairman explained that ASML&#146;s current policy is to not pay any dividends on its
ordinary shares, nor to distribute any reserves, but to invest those (retained) earnings,
if any, in research and development and new technology. The Chairman also added that if
ASML would decide that there is no longer reason to retain its earnings for investment in
research and development or new technology, ASML would have to take a new decision with
respect to its reserves and dividend policy, which will be brought to the Annual General
Meeting of Shareholders for its approval. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Chairman then gave the floor to the shareholders to pose questions. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Van
der Klis, representative of the Vereniging van Effectenbezitters, asked if           ASML
could give the shareholders some information on the expectations with           respect
to return on their investment.  </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Chairman replied that shareholders invest in ASML because they believe it can grow. If, at
some point in time, it may turn out that ASML&#146;s growth opportunities are no longer at
an optimal level, ASML will have to reconsider its position in this respect. At that
stage, the shareholders will be informed. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Van
der Klis then remarked that the ASML share price was, at some point in time,           as
high as EUR 50, and that he could imagine shareholders to expect the share
          price to return to this level.  </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Chairman commented that in his opinion, the industry was overrated at a certain point in
the past, and that he did not expect this to happen anytime soon again. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Chairman established that there were no further questions and moved on to item 4 of the
agenda. </FONT></TD></TR></TABLE><BR>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>4.</B></FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>Discharge of the members of the Board of Management from liability for their
               responsibilities in the financial year 2003</B></FONT></TD>
</TR>
</TABLE>
<BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Chairman proposed the meeting to resolve by acclamation to discharge the members of the
Board of Management for their management of the Company&#146;s affairs. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
General Meeting of Shareholders then resolved by acclamation to grant full discharge to
the members of the Board of Management for the performance of their duties during the
financial year 2003. </FONT></TD></TR></TABLE><BR>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>5.</B></FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>Discharge of the members of the Supervisory Board from liability for their
               responsibilities in the financial year 2003</B></FONT></TD>
</TR>
</TABLE>
<BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Chairman proposed the meeting to resolve by acclamation to discharge the members of the
Supervisory Board for their supervision of the Company&#146;s affairs. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
General Meeting of Shareholders then decided by acclamation to grant full discharge to the
members of the Supervisory Board for the performance of their duties during the 2003
financial year. </FONT></TD></TR></TABLE><BR>

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<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>6.</B></FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Corporate Governance</B></FONT></TD>
</TR>
</TABLE>
<BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Wennink
explained that ASML has been subject to a broad range of corporate           governance
developments in Europe and the US since 2002. New rules and           regulations were
established by Nasdaq and the Securities and Exchange           Commission, to a large
extent based on the Sarbanes-Oxley Act. Recently, the           Netherlands has
introduced its own corporate governance rules and regulations:           the Dutch
Corporate Governance Code (Code Tabaksblat).  </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Wennink
continued by explaining that as ASML is registered on Nasdaq, it also           has to
abide by the US corporate governance rules and regulations and that, as a
          result, some of the recommendations as laid down in the Code Tabaksblat were
          already implemented within ASML.  </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Wennink
also mentioned that ASML had approached institutional investors to ask           them to
participate in ASML&#146;s AGM. However, their general response was that           they
were not yet ready for this, as they needed to adjust their organisations           to
comply with the current corporate governance rules. They also said that they
          demonstrated their confidence in ASML by investing in the Company.  </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Wennink
then moved to the Code Tabaksblat itself and said that ASML agrees in           general
with the corporate governance principles of the Code Tabaksblat.           However, there
might be some issues with respect to some best practice           provisions, such as
certain aspects of the remuneration of the Board of           Management, independence
requirements for future members of the Supervisory           Board, and proxy voting by
shareholders. With respect to Board member           remuneration, Mr. Wennink explained
that existing rights, even if not in           accordance with the Code Tabaksblat, will
be honored, except when the current           Board members choose not to keep their
current remuneration package. New members           of the Board of Management will be
fully subject to the Code Tabaksblat.  </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>With
respect to the independence of Supervisory Board members, Mr. Wennink explained that
because this industry has relatively few players, ASML may in the future opt to nominate
candidates for the Supervisory Board who do not fully comply with the recommendations of
the Code Tabaksblat in that respect. </FONT></TD></TR></TABLE><BR>

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<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>With
respect to proxy voting, Mr. Wennink indicated that, as soon as this is practically and
legally possible, ASML will introduce proxy voting. </FONT></TD></TR></TABLE><BR>

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          <TR VALIGN=TOP>
          <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Wennink then moved on to the next steps with respect to the implementation of
          the Code Tabaksblat. During 2004, the Code Tabaksblat will be reviewed in more
          detail and based on this review, ASML will determine how the Code Tabaksblat
          will be implemented. In the course of 2004, ASML will also develop a Corporate
          Governance web site. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Chairman then gave the floor to the shareholders to ask questions. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Stevense
asked whether ASML intends to have an extraordinary shareholders           meeting later
this year to discuss ASML&#146;s corporate governance in more           detail after it
has determined how to implement the Code Tabaksblat.  </FONT></TD></TR></TABLE><BR>

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<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Chairman replied that this will not be the case, as this subject will be extensively
discussed in the Annual Report 2004, and also, information on this subject will be
published on ASML&#146;s corporate governance website. In addition, it will be discussed
in next year&#146;s Annual General Meeting of Shareholders. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Stevense
then asked about the independence of new Supervisory Board members and           the
customer or supplier from which such a new member could possibly come.  </FONT></TD></TR></TABLE><BR>

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<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Chairman replied that it would be very difficult to find a Supervisory Board member from
outside Europe, as a foreign Supervisory Board membership is a very time consuming
occupation, for which the member is not compensated financially (except for the regular
remuneration). A new member would also need to have a huge interest in the industry, and
therefore it could be that a possible new member would come from a customer or supplier. </FONT></TD></TR></TABLE><BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Stevense
asked if it would be a last resort for ASML to nominate a new           Supervisory Board
member coming from a customer or supplier.  </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Chairman replied that this was not the case. He also mentioned that ASML functions in such
a small industry, in coming years, many more companies in this industry might run into the
same difficulty of finding independent Supervisory Board members that also have a good
knowledge of the industry. </FONT></TD></TR></TABLE><BR>

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<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Van
der Klis asked why ASML would wait for a law to introduce proxy voting, as           ASML
already approached institutional shareholders to request more involvement.
          Proxy voting could facilitate more involvement, and some companies already use
          proxy voting.  </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Chairman replied that ASML would look into this subject.  </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Persijn,
representing ABP and Pensioenfonds Grafische Bedrijven, expressed his
          appreciation to ASML for contacting institutional investors. He was pleased to
          see that ASML had already introduced some of the corporate governance rules and
          recommendations. He mentioned that the presentation given by Mr. Wennink was
          clear, and commented on the corporate governance chapter as included in the
          Annual Report 2003. Referring to the Code Tabaksblat, he asked whether ASML had
          considered to abolish its priority shares as an anti-takeover mechanism.  </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Wennink
responded by saying that the priority shares were introduced to protect           ASML in
case of a hostile takeover, and that this was especially important at           the time
when ASML had just become a listed company. He added that ASML would           look into
this to determine whether this anti-takeover mechanism was still           necessary and
said ASML would take a decision on this matter in coming years.  </FONT></TD></TR></TABLE><BR>

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<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Van
der Klis asked who were on the Board of Stichting Preferente Aandelen ASML
          Holding N.V.  </FONT></TD></TR></TABLE><BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Chairman replied that the Board members are Messrs. Sellman, Grapperhaus and Van den
Boogert, as well as the Chairman, who has no voting rights.  </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Swinkels,
private shareholder, then asked the Supervisory Board about its view           on
priority shares.  </FONT></TD></TR></TABLE><BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Chairman replied that this issue had been discussed at the time that ASML went public but
that it recently had not been discussed. He said that, in light of all the questions
asked, it would be put on the agenda of the Supervisory Board.  </FONT></TD></TR></TABLE><BR>

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<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Swinkels
then asked if the Code Tabaksblat had been discussed in the Supervisory           Board.  </FONT></TD></TR></TABLE><BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Chairman replied that it had not yet been discussed in full detail and that a Corporate
Governance Committee was established consisting of some Board of Management and
Supervisory Board members, to review the Code Tabaksblat in more detail and to determine
the implementation of the Code Tabaksblat. ASML will need the remainder of 2004 to
implement the Code Tabaksblat. The outcome would be discussed in the Annual Shareholders
meeting of next year.  </FONT></TD></TR></TABLE><BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>No
further questions were posed and the Chairman moved on to agenda item 7.  </FONT></TD></TR></TABLE><BR>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>7.</B></FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> <B>Adoption
of the Remuneration Policy for the Board of Management</B></FONT></TD>
</TR>
</TABLE>
<BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Chairman introduced this agenda item by remarking that this is a very complicated subject.
He added that although shareholders have had the opportunity to read the complete
Remuneration Policy, as it was published as part of the documents for the AGM, he would
like to give the floor to Mr. Wennink, to give a more detailed explanation of the contents
ad the purpose of the Remuneration Policy. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Wennink
explained that the Remuneration Committee had hired an outside           consultant, to
provide an objective view on ASML&#146;s then current           remuneration policy. Mr.
Wennink added that ASML had benchmarked itself against           a peer group of 19
companies with a global presence, and he also showed the           criteria against which
the Company was reviewed.  </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Wennink
said that the biggest gap between the peer group and ASML was in the           Long-Term
Incentive (LTI) plans. The Remuneration Committee had, therefore,           decided to
add an LTI plan to the Board of Management&#146;s remuneration           package.  </FONT></TD></TR></TABLE><BR>

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          <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Wennink continued with explaining the content of the remuneration package. The
          package consists of a fixed base salary, a short-term performance (cash) bonus,
          short-term performance stock options, and a long-term performance bonus in the
          form of stock. He informed the meeting that the applicable criteria for the
          short-term performance bonus were: (i) accounts receivable, (ii) inventory
          turns, including service inventory turns, (iii) gross margin, (iv) operating
          profit and (v) market share. The criterion for the long-term bonus is the return
          on invested capital, also taking into account the relative improvement in
          comparison to other semiconductor equipment manufacturers. This group of
          manufacturers mainly consists of US companies as there is only one peer company
          in Europe, being ASM International (ASMI). ASMI is included in the peer group. </FONT></TD></TR></TABLE>

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          <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Wennink mentioned also that the current Board of Management members had the
          option to opt for the new remuneration package, or to retain their current
          package. This (new) remuneration policy is in any case applicable to new Board
          of Management members. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>After
this clarification, the Chairman gave the floor to the shareholders for them to ask
questions. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Swinkels
remarked that he has difficulty understanding the policy and is of the           opinion
that it should be simplified. He proposed to go back to a system with a           basic
salary and a bonus. He also expressed his disappointment that Mr. Wennink           gave
the presentation and not a member of the Supervisory Board. Other           shareholders
or shareholder representatives supported Mr. Swinkels in his           opinion.  </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Chairman acknowledged that it is complex material. However, he remarked that ASML sought
to pay its Board of Management in conformity with market standards. By using this system
ASML does that. He further explained that this system complies with the recommendations of
the Tabaksblat Committee. The system, and the targets, are objectively measurable and
verifiable. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>With
respect to the person giving the presentation, the Chairman explained that anyone on the
stage could have given the presentation, but that it was decided that Mr Wennink was the
best person to do so. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Stevense
asked if the policy as presented is only for the Board of Management or           also
for senior management and why no Japanese companies were included in the           peer
group.  </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Chairman replied that the policy is only for the Board of Management, although the targets
set are also for senior management. He further explained that the reason that there are no
Japanese companies in the peer group lies in the fact that ASML and US companies have the
same reporting basis, which is not comparable with the Japanese way of reporting.
Therefore, it was decided to not include Japanese companies. He also explained that
lithography for Nikon and Canon was only a small part of the total business and that this
would also make comparison difficult. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Persijn
was pleased that the Remuneration Policy had been submitted for           shareholders&#146; adoption.
He remarked that the presentation given by Mr.           Wennink had made the policy more
understandable to him.  </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Persijn
then asked questions about the short-term drivers of the long-term           incentive.
In addition, he remarked that he was pleased with the guidance given           on the
short-term criteria for the bonus, but that he agreed with Mr. Van der           Klis
that it was difficult to determine whether the Board of Management had made           the
targets. However, he also understood the dilemma for the Company with           regards
to publishing details of these targets. He expressed his hope that ASML           would
be able to give more specific guidance on the targets next year.  </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>With
regard to the short-term drivers of the long-term incentive, the Chairman responded that
these are the short-term targets, as mentioned in the policy. With respect to the specific
targets, the Chairman explained that for competition purposes these specific targets would
not be made public. However, the targets were set transparently and consistently with each
other. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Van
der Klis then asked a question about the increase of the Board of           Management&#146;s
salary and added that the targets achieved in 2003 did not           show in the results
for 2003.  </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Chairman explained that it was not an increase, but a variable aspect of the salary. The
Chairman further explained that it was well known that ASML would not make a profit in
2003, and that therefore targets were set that would improve the ability to better respond
to an upturn. The targets set for 2003 all had to do with the improvement of ASML&#146;s
cash position, which indeed had improved considerably. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In
addition, the Chairman also said that the Board of Management is entitled to receive a
market conform remuneration. He noted that, if the Board of Management were only to
receive a fixed salary, during a down turn, the Board of Management would keep such fixed
salary, while with a bonus system, the remuneration for Board of Management was more
flexible. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Swinkels
reiterated that the remuneration policy for the Board of Management was           a very
difficult subject, and that it was difficult to make a decision with           respect to
this subject, without knowing the specific targets. He asked whether           this
subject would again be put on next year&#146;s agenda.  </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Chairman replied that this would not be the case, unless it turned out that the
remuneration system was subject to material changes. He repeated what he had said earlier
about the targets being known: although not in full detail, they are transparent and
consistent. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Stevense,
representative of Stichting Rechtsbescherming Beleggers and a private
          shareholder, and Mr. Van der Klis, representing the Vereniging voor
          Effectenbezitters, abstained from voting. The Chairman noted this.  </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
meeting then resolved by acclamation to adopt the Remuneration Policy for the Board of
Management. </FONT></TD></TR></TABLE><BR>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>8. </B></FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>Approval
of the stock option and share arrangements</B></FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A) </FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Approval
of the stock option and share arrangements for the Board of Management,
               applicable to new contracts. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The Chairman
remarked that the stock option and share arrangements for the Board of Management were
also part of the Remuneration Policy and that they were clearly described in the agenda.
He therefore would not further elaborate on this subject. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The Chairman
then gave the shareholders the opportunity to pose questions. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Mr. Swinkels
asked if the options for management, including the Board of Management, were in addition
to the options as mentioned in the Remuneration Policy. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The Chairman
explained that this was not the case and that the options as mentioned in the
Remuneration Policy were part of the option and share arrangements as described under
this agenda item. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Mr. Stevense, representative of Stichting Rechtsbescherming Beleggers and a private
shareholder, and Mr. Persijn, representing ABP and Pensioenfonds Grafische Bedrijven,
abstained from voting. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>B)</FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Approval
of the employee stock option arrangements.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The Chairman
gave the shareholders the opportunity to pose questions. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>There
were no questions. Mr. Stevense, representative of Stichting Rechtsbescherming Beleggers
and a private shareholder, and Mr. Persijn, representing ABP and Pensioenfonds Grafische
Bedrijven informed the Chairman that they abstained from voting. The Chairman noted this.
Subsequently, the meeting resolved by acclamation to approve the employee stock option
arrangements. </FONT></TD></TR></TABLE><BR>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>9.</B></FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>Composition
of the Supervisory Board</B></FONT></TD>
</TR>
</TABLE>
<BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Chairman informed the meeting that Messrs. Bergsma and Bodt would step down by rotation
this year and that Mr. Bergsma was not available for re-appointment, while Mr. Bodt was
available. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Chairman thanked Mr. Bergsma for his efforts during the past years and announced that the
Supervisory Board, after careful consideration and taking into consideration the profile
of the Supervisory Board, would like to re-appoint the Chairman. In addition, the
Supervisory Board would like to appoint Messrs. Van der Poel and Fr&ouml;hlich. Mr. van
der Poel has extensive national and international experience in the semiconductor
industry, and Mr. Fr&ouml;hlich would fit very well in the profile of &#147;financial
expert&#148;, taking into account his considerable financial background and experience. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Chairman then gave the floor to the shareholders to pose questions. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Van
der Klis asked if the Chairman could explain why the Supervisory Board had
          decided to add an extra person, and why this was someone with a Philips
          background.  </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Chairman explained that the semiconductor industry is a very small industry, and that it
was very difficult to find a suitable person with the right knowledge and experience. He
added that Mr. Van der Poel was leaving Philips, and the Supervisory Board was pleased to
have found someone willing to join the Supervisory Board who has up-to-date knowledge of
the industry.  He
then explained that with the departure of Mr. Bergsma the Supervisory Board would loose a
member with key financial expertise, and that Mr. Fr&ouml;hlich had similar business
experience as Mr. Bergsma. With respect to the additional board member, the Chairman
explained that several Supervisory Board members had commenced their last term, and it
was, therefore, considered appropriate to appoint one extra member. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Stevense
then asked whether this meant that in four years time the Supervisory           Board
would have one person less.  </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Chairman replied that this was not necessarily the case. Mr. Van der Poel had been asked
because he had up-to-date knowledge and because it is very difficult to find a suitable
person who is available. </FONT></TD></TR></TABLE><BR>

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          <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Persijn asked questions about the business relationship between ASML and TNO and
          the independence of Mr. Grassmann in relation to the agreement signed in October
          2003 between ASML and Zeiss. He also asked about the ability to find future
          independent Supervisory Board members. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>With
respect to the business relationship between TNO and ASML, the Chairman replied that the
companies entered into a research agreement several years ago. He explained that Mr.
Dekker had retired from TNO last year and that TNO was not dependent on ASML from a
technological and revenue point of view. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Referring
to the question about the independence of Mr. Grassmann with respect to the agreement
between Zeiss and ASML, the Chairman explained that Mr. Grassmann used to be a Board
Member of the Carl Zeiss group, but that he had retired several years ago. He was not
involved in the negotiations with respect to the agreement entered into in October 2003. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>With
respect to the question about independence of future Supervisory Board members, the
Chairman repeated what was said before: because it is a small industry and because
ASML&#146;s customers and/or suppliers are among the largest companies in the industry,
ASML will very likely have difficulties finding completely independent Supervisory Board
members. However, in those circumstances, ASML and relevant Supervisory Board members
would ensure that any such business relationships do not compromise the members&#146;
independence. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
General Meeting of Shareholders then resolved by acclamation to refrain from using its
right of recommendation and to not object to the proposed re-appointment of Mr. Bodt and
the appointment of Messrs. Van der Poel and Fr&ouml;hlich as members of the Supervisory
Board of ASML. </FONT></TD></TR></TABLE><BR>

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<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>10.</B></FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>Proposal
to amend the Articles of Association of the Company</B></FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Chairman introduced this subject by saying that the proposed amendment of the Articles of
Association is reflected in an extensive document, and that he would not read it out loud.
He referred to the explanation in the agenda and the document itself. The Chairman gave
the floor to the shareholders to pose any questions. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Persijn
remarked that he appreciated that ASML had already implemented some
          recommendations from the Dutch Corporate Governance code. He then asked
          questions with respect to the articles 19.3 and 25.3 in which the Supervisory
          Board and the Board of Management are indemnified against claims from third
          parties. He remarked that in the last sentence of these articles it is provided
          that the Supervisory Board may further implement the indemnification clause for
          the Board of Management and that the Board of Management may further implement
          the indemnification clause for the Supervisory Board. He asked if this would
          give a possibility for both Boards to protect each other, and whether this
meant           that the Supervisory Board and the Board of Management could cover for
each           other. Mr. Persijn then referred to article 29 and asked what
amount/percentage           a shareholder needs to represent in order to have additional
items put on the           agenda.  </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Chairman gave the floor to Mr. Van Olffen to respond to these questions. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>With
respect to the first question, Mr. Van Olffen responded that in case of a successful claim
by the company with respect to behavior contrary to the principles of good management,
relevant members of the Board of Management and/or of the Supervisory Board would not be
indemnified. </FONT></TD></TR></TABLE>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Referring
to the question related to further implementation of the indemnification clause, Mr. Van
Olffen said that this was constructed in this way in order to avoid protection of either
body by itself in case of claims. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>With
respect to the question on the amount/percentage of representation, the Chairman replied
that ASML would look into his matter. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Russ
then asked why the Articles of Association needed amendment and in           particular
why the subject of indemnification had to be included.  </FONT></TD></TR></TABLE><BR>

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<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Chairman explained that in this time and age, it is becoming more and more common practice
to sue companies for all kinds of (unfounded) reasons, and that it was necessary to
protect the Board of Management and the Supervisory Board against these kinds of actions.
He further explained that in order to promote transparency, it was best to include the
subject of indemnification in the articles of association in order to make it public,
instead of only entering into a non-public contract. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Van
der Klis remarked that he approved of the changes and that he expected ASML           to
come back with new changes next year as the entire Dutch corporate governance
          code would have to be implemented.  </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
meeting approved the proposal as stated in point 10 of the agenda by acclamation and
decided to amend the Articles of Association of ASML Holding N.V. in accordance with the
proposal made available for inspection at the Company&#146;s premises and ABN AMRO Bank
N.V. and distributed in the US by Proxy Services Corporation, as well as to authorize
every lawyer of De Brauw Blackstone Westbroek N.V. to effectuate such amendment of the
Articles of Association and to apply for Dutch regulatory approval. </FONT></TD></TR></TABLE><BR>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>11.</B></FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Proposal
to authorize the Board of Management for a period of 18 months from           March 18,
2004, subject to approval of the Supervisory Board and the Meeting of           Holders
of Priority Shares, to issue shares or rights to subscribe for shares in           the
capital of the Company within the limits laid down in the Articles of
          Association of the Company, as well as to restrict or exclude the pre-emption
          right accruing to shareholders. This authorisation will be limited to (i) 10%
of           the paid-up capital at the time of authorisation, plus (ii) an additional
10% of           the paid-up capital at the time of authorisation, which 10% can only be
used in           connection with or on the occasion of mergers and/or acquisitions.</B></FONT></TD>
</TR>
</TABLE>
<BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As
this was a routine proposal the Chairman referred to the text contained in the agenda and
did not further discuss this proposal. The Chairman gave those present the opportunity to
pose questions. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Mr. Russ
voted against the proposal for 4,970,068 shares and abstained from voting           for
251,493 shares. The Chairman said that this would be noted.  </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
meeting then decided by acclamation to authorize the Board of Management to issue shares
or rights to shares, as well as to limit or exclude the pre-emption right, for a period of
18 months, commencing on March 18, 2004, in accordance with the proposal as included in
the agenda. </FONT></TD></TR></TABLE><BR>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>12.</B></FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Proposal
to authorize the Board of Management for a period of 18 months from                March
18, 2004 to acquire such a number of shares as permitted within                the limits
of the law and the Articles of Association of the Company,                for valuable
consideration, on Euronext Amsterdam N.V. or the Nasdaq National Market or otherwise, at
a price between, on the one hand, an amount                equal to the par value of the
shares and, on the other hand, an amount                equal to 110% of the market price
of these shares on Euronext Amsterdam                N.V. or the Nasdaq National Market;
the market price being the average of the highest price on each of the five days of
trading prior to the date of                acquisition, as shown in the Official List of
Euronext Amsterdam N.V. or                as reported on the Nasdaq National Market.</B></FONT></TD>
</TR>
</TABLE>
<BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As
this was also a routine proposal, the Chairman referred to the explanation in the agenda
and did not further discuss this proposal. He then gave the attendees the opportunity to
pose questions. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>There
were no questions asked, nor did any of the shareholders abstain from voting or vote
against the proposal. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
meeting therefore decided by acclamation to authorize the Board of Management to acquire
shares in the Company for a period of 18 months commencing March 18, 2004, in accordance
with the proposal set out in the agenda. </FONT></TD></TR></TABLE><BR>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>13.</B></FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>Any other business</B></FONT></TD>
</TR>
</TABLE>
<BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Chairman gave those present the opportunity to pose questions concerning matters that had
not yet been discussed during the meeting. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>No
questions were asked. </FONT></TD></TR></TABLE><BR>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>14.</B></FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
<B>Closing</B></FONT></TD>
</TR>
</TABLE>
<BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Chairman thanked Mr. Bergsma again for all his efforts in the past six years, thanked
those present for their attendance and then closed the meeting. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=1>These
minutes contain certain &#145;forward-looking&#146; statements as referred to in the
Private Securities Litigation Reform Act of 1995. These statements are based on
expectations of the Company&#146;s management as these existed at that time, and are
subject to risks and uncertainties including &#150; but not limited to- economic
conditions, product demand and industry capacity, competitive products and pricing,
manufacturing efficiencies, new product development, ability to enforce patents,
availability of raw materials and critical manufacturing equipment, trade environment and
other risks indicated in filings with the US Securities and Exchange Commission. Actual
results may vary considerably from the expectations included in this document. The
&#145;forward-looking&#146; statement included in this document also contain statements
regarding future financial and operating results and future products. ASML does not have
any obligation whatsoever (and thereby explicitly rejects any obligations in this respect)
to update or amend these &#145;forward-looking&#146; statements, either as a result of new
information or due to future events, or in any other way. </FONT></TD></TR></TABLE><BR>

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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>lon387848_ex99-2.htm
<DESCRIPTION>EX 99.2
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 3.2 Final//EN">
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<HEAD>
     <!-- Created by EDGAR Ease Plus (EDGAR Ease+) -->
     <!-- Project:        I:\CONVER\ny13484.eep                                            -->
     <!-- Client Name:    ASML Holding N.V.                                                -->
     <!-- Form Type:      Form 6-k                                                         -->
     <TITLE>EX 99.2</TITLE>
</HEAD>
<BODY>

<BR><BR><BR>

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<TD>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>IMEC
Unites More Than 30 Major Players in a Worldwide 193nm Immersion Lithography Consortium</FONT></H1></TD></TR>
</TABLE>
<BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Leuven,
Belgium - October 11, 2004 - Only a few months after IMEC launched its 193nm immersion
lithography program, a worldwide consortium of more than 30 prominent players including
IC manufacturers, tool suppliers, resist and BARC suppliers, mask shops and software
suppliers are now members of the IMEC Industrial Affiliation Program (IIAP). IMEC's
sub-45nm CMOS core partners have already committed to the program. Now two other leading
IC manufacturers, NEC EL and Sony Corporation, have joined the IIAP. Tool suppliers
include ASML, Carl Zeiss, Cymer, Donaldson, Extraction Systems, KLA-Tencor, Lam Research
and TEL. Resist and BARC suppliers comprise Arch, AZ, JSR, Shin-Etsu, TOK, Brewer Science
and Nissan Chemicals. The mask shops, DNP, Photronics and Toppan, have also joined the
program.  Software suppliers include ASML Masktools, KLA-Tencor Finle, Mentor Graphics,
Sigma-C and Synopsys.  </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>IMEC's
strategic partnership with ASML allows IMEC's partners to do research on the TWINSCAN(TM)
XT:1250i, which has the highest NA (0.85) for an immersion tool available in the world.
The tool will soon be installed in IMEC's new 300mm research facility and will become
fully operational during January 2005. Meanwhile, exposures have been done on the
XT:1250i system at ASML premises. 70nm dense lines have been printed with 6% attenuated
phase-shift mask. A depth-of-focus of 0.7um, which is 1.7 times larger than obtained with
dry lithography on the AT:1250, has been achieved. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>"The
very nature of research and development is evolving to become more communal. Consortia,
such as the IMEC Industrial Affiliation Program, are the way forward. Collaborative
efforts yield better, more marketable results. This is good for the technology and good
for the industry. ASML is pleased to see one of its early TWINSCAN XT:1250i systems in
the elite company of IMEC and its IIAP," said Martin van den Brink, Executive Vice
President, Marketing &amp; Technology, ASML. "This cooperation will speed the transition from
dry to wet lithography in production environments." </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>"Our
strategic partnership with ASML has allowed us to install, for each lithography
generation, a first-of-a-kind prototype full-field stepper or scanner from ASML," said
Luc Van den hove, IMEC Vice-President, Silicon Process and Device Technology.  "These
tools form the high-performance centerpieces for our programs. The combination of world
class tools, our longstanding expertise in lithography, and our ability to bring together
the leading players in this field are the success factors of our lithography programs.
 We are proud that we have succeeded in structuring the world's largest consortium on
193nm immersion lithography. We are convinced that together we will be able to develop
the necessary technologies to bring immersion in production for the 65nm half-pitch node
by 2007." </FONT></TD></TR></TABLE><BR>

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<TD>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>About IMEC </FONT></H1></TD></TR>
</TABLE>
<BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>IMEC
is a world leading independent research center in nanoelectronics and nanotechnology. Its
research focuses on the next generations of chips and systems, and on the enabling
technologies for ambient intelligence. IMEC's research bridges the gap between
fundamental research at universities and technology development in industry. Its unique
balance of processing and system know-how, intellectual property portfolio,
state-of-the-art infrastructure and a strong network of companies, universities and
research institutes worldwide, positions IMEC as a key partner with which to develop and
improve technologies for future systems. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>IMEC
is headquartered in Leuven, Belgium and has representatives in the US, China and Japan.
Its staff of more than 1300 people includes over 380 industrial residents and guest
researchers. In 2003, its revenues were EUR 145 million. Further information on IMEC can
be found at <U>www.imec.be</U>. </FONT></TD></TR></TABLE><BR>


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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>IMEC </FONT></P></TD></TR>
</TABLE>

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<TD>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Katrien
Marent </FONT></P></TD></TR>
</TABLE>

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<TD>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Corporate
Communication Manager </FONT></P></TD></TR>
</TABLE>

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<TD>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Katrien.Marent@imec.be</U> </FONT></P></TD></TR>
</TABLE>

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<TD>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>tel:
+32.16.28.18.80 </FONT></P></TD></TR>
</TABLE>

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<TD>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>fax:
+32.16.28.16.37  </FONT></P></TD></TR>
</TABLE>




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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>4
<FILENAME>lon387848_ex99-3.htm
<DESCRIPTION>EX 99.3
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 3.2 Final//EN">
<HTML>
<HEAD>
     <!-- Created by EDGAR Ease Plus (EDGAR Ease+) -->
     <!-- Project:        I:\CONVER\ny13484.eep                                            -->
     <!-- Client Name:    ASML Holding N.V.                                                -->
     <!-- Form Type:      Form 6-k                                                         -->
     <TITLE>EX 99.3</TITLE>
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<BODY>

<BR><BR><BR>

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<TD>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>IMEC
and ASML further define collaboration on EUV lithography </FONT></H1></TD></TR>
</TABLE>
<BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>IMEC
EUV lithography industrial affiliation program, slated to start in 2006, will include
ASML full-field EUV pre-production tool. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Leuven,
Belgium - October 28, 2004 - IMEC and ASML have agreed on the installation of a
full-field EUV pre-production tool, to be installed in IMEC's 300mm research facility in
late 2005. An IMEC Industrial Affiliation Program on EUV lithography will begin in early
2006 and will focus on the 32nm node and beyond. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To
ensure that EUV technology is ready when the transition from 193nm immersion lithography
takes place, IMEC will initiate an industrial affiliation program to gain early insight
into EUV lithography issues. The program will include investigation into the following
areas: </FONT></TD></TR></TABLE><BR>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Optical
path stability and monitoring;</FONT></TD>
</TR>
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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EUV
lithography reticle handling (including cleaning) in a wafer fab and defect printability;</FONT></TD>
</TR>
</TABLE>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Assessment
of line edge roughness (LER) in EUV lithography and its relation to shot noise;</FONT></TD>
</TR>
</TABLE>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>EUV
lithography resist assessment and process optimization, in particular searching for a
resist with          the required sensitivity for EUV, but with acceptable line edge
roughness and capable of a 32nm half          pitch resolution;</FONT></TD>
</TR>
</TABLE>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32nm
node critical layer patterning;</FONT></TD>
</TR>
</TABLE>

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<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>o </FONT></TD>
<TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Printable
defects of EUV masks.</FONT></TD>
</TR>
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<BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
program details will be defined in collaboration with IMEC's core partners such as
Infineon Technologies, Intel, Matsushita, Philips, Samsung and Texas Instruments, in the
next six months. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>There
is a growing consensus that 193nm immersion lithography will be introduced for 65nm
half-pitch in 2007, and the outlook is positive for its extension to 45nm half-pitch.
However, it will be very hard to get to the 32nm half-pitch since this will require a
very high-NA lens and a high-index fluid, which are very uncertain at this moment. EUV
lithography is a potential candidate for semiconductor volume product imaging at and
below 32nm due to the advantages EUV offers. </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>"This
agreement enables us to provide our partners with one of the world's first full-field EUV
lithography tools," said Luc Van den hove, Vice President Silicon Process and Device
Technology. "With ASML's cooperation, IMEC's core partners and other participating
companies will have the opportunity to develop the necessary critical knowledge and early
process expertise well before 193nm immersion runs out of steam." </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>"At
the beginning of the year, IMEC and ASML announced intentions to form an EUV program.
Planning is complete and we now have a start date and program agenda to offer our
customers and affiliated companies," said Martin van den Brink, executive vice president,
marketing and technology, ASML. "EUV offers the best solution for volume manufacturing to
reach below the 32 nm node. Keeping our time, energy and resources focused on EUV will
ensure a smooth, technological transition in the future." </FONT></TD></TR></TABLE><BR>

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<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>IMEC
invites semiconductor manufacturers, material suppliers, mask shops and peripheral
lithography equipment suppliers to participate in the EUV lithography program. IMEC
Industrial Affiliation programs offer partners the advantages of both reduced costs and
early process knowledge. </FONT></TD></TR></TABLE><BR>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>IMEC </FONT></P></TD></TR>
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<TD>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Katrien
Marent </FONT></P></TD></TR>
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<TD>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Corporate
Communication Manager </FONT></P></TD></TR>
</TABLE>

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<TD>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Katrien.Marent@imec.be</U> </FONT></P></TD></TR>
</TABLE>

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<TD>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>tel:
+32.16.28.18.80 </FONT></P></TD></TR>
</TABLE>

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<TD>
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>fax:
+32.16.28.16.37  </FONT></P></TD></TR>
</TABLE>


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