-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 F7I2Ong6RjMKkwJwJUWtvmF6wdMD1kZ9VLeCMmIrcEPVZYCgJPZGkZOcBPpWKy4O
 XpIfOpYtKAO/VH0sY6+8nw==

<SEC-DOCUMENT>0000950172-04-001437.txt : 20040610
<SEC-HEADER>0000950172-04-001437.hdr.sgml : 20040610
<ACCEPTANCE-DATETIME>20040609173954
ACCESSION NUMBER:		0000950172-04-001437
CONFORMED SUBMISSION TYPE:	8-A12G/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20040610

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:		8-A12G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-25566
		FILM NUMBER:		04856737

	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>8-A12G/A
<SEQUENCE>1
<FILENAME>lon361045a.htm
<TEXT>

<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 3.2 Final//EN">
<HTML>
<HEAD>
     <!-- Created by EDGAR Ease Plus (EDGAR Ease+ 1.6a) -->
     <!-- Project:        I:\CONVER\ny12811.eep                                            -->
     <!-- Control Number: ny12811                                                          -->
     <!-- Rev Number:     8-A12G/A                                                         -->
     <!-- Client Name:    ASML Holding                                                     -->
     <!-- Project Name:   NY12811                                                          -->
     <!-- Firm Name:                                                                       -->
     <TITLE>8-A12G/A</TITLE>
</HEAD>
<BODY>



<!-- MARKER FORMAT-SHEET="Head Center Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SECURITIES
AND EXCHANGE COMMISSION <BR>
WASHINGTON, DC 20549
</FONT></H1></TD></TR>
</TABLE>
<BR>

<BR>

<!-- MARKER FORMAT-SHEET="Head Center Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>FORM
8-A/A </FONT></H1></TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Head Center Bold 2 600" FSL="Default" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AMENDMENT
        NO. 7 TO REGISTRATION STATEMENT ON <BR>
FORM 8-A (FILE No. 0-25566)
</FONT></H1></TD></TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Head Center Bold 2 T 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<p ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><strong><u>ASML
        Holding N.V. </u></strong><BR>
(Exact name of Registrant as specified in its Charter)
</FONT></p></TD></TR>
</TABLE>
<BR>

<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<p ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><strong>The
        Netherlands</strong> <BR>
(State of Incorporation or Organization)
</FONT></p></TD>

<TD>
<p ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><strong>None</strong>
        <BR>
(I.R.S. Employer Identification No.)
</FONT></p></TD>
</TR>
</TABLE>
<BR>
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>De Run 6501,
        5504 DR Veldhoven, The Netherlands </FONT></H1></TD></TR>
<TR VALIGN=TOP>
<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Address
of principal executive office) </FONT></TD></TR>
</TABLE>
<BR>
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
    <TD WIDTH=39%><font face="Times New Roman, Times, Serif" size=2>If this form relates
      to the registration of a class of securities pursuant to Section 12 (b)
      of the Exchange Act and is effective pursuant to General Instruction A.
      (c), please check the following box. __ </font></TD>    <TD WIDTH=19%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp; </FONT></TD>

<TD WIDTH=42%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
If
this form relates to the registration of a class of securities pursuant to Section 12 (g)
of the Exchange Act and is effective pursuant to General Instruction A. (d), please check
the following box. _X_ </FONT></TD>


</TR>
</TABLE>
<BR>


<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
    <TD ALIGN=Left><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Securities
      to be registered pursuant to Section 12(b) of the Act: <strong>None</strong></FONT></TD>
  </TR>
</TABLE>
<BR>
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD width="295" ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Title
of Each Class<br>
<U>to be so Registered</U> </FONT></TD>

<TD width="305" ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Name
of Each Exchange on Which <br>
<U>Each Class is to be Registered</U> </FONT></TD>
</TR>

<TR VALIGN=TOP>
    <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><strong>None</strong>
      </FONT></TD>

    <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR><strong>None</strong>
      </FONT></TD>
</TR>


</TABLE>
<BR>
<HR SIZE=5 COLOR=GRAY NOSHADE>




<!-- MARKER FORMAT-SHEET="Para Flush Left" FSL="Default" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Securities
to be registered pursuant to Section 12(g) of the Act: </FONT></TD></TR></TABLE><BR>

<!-- MARKER FORMAT-SHEET="Head Center 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
    <TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><strong>Ordinary
      Shares, nominal value Euro 0.02 per share</strong> </FONT></TD>
  </TR>
</TABLE>
<BR>


<!-- MARKER FORMAT-SHEET="Head Center 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(Title
of Class) </FONT></TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Head Center Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INFORMATION
REQUIRED IN REGISTRATION STATEMENT </FONT></H1></TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Head Left Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item
1. Description of Registrant&#146;s Securities to be Registered</FONT></H1></TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 0" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
    <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;The
      securities to be registered hereby are the ordinary shares, nominal value
      Euro 0.02 per share (the &#147;Ordinary Shares&#148;), of ASML Holding N.V.
      (the &#147;Company&#148;). On March 21, 2004, the Supervisory Board, the
      Priority Shareholders and the General Meeting of Shareholders of the Company
approved amendments to the Company&#146;s
      articles of association, primarily incorporating best practices and
      other provisions of the Dutch Corporate governance code, adopted on
      December 9, 2003. The amendments to the articles of association are summarized
      below. </FONT></TD>
  </TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 0" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<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;Certain
      amendments establish a four-year maximum period of appointment for members       of
the Supervisory Board and the Board of Management (other than members of the
Board of Management appointed prior to March 31, 2004, who do not have a fixed term), although
members of       the Supervisory Board and Board of Management may be reappointed. The
age       limit of 72 years for members of the Supervisory Board has been removed.
      Other amendments require that the compensation       policy of Board of Management
members be adopted by the general meeting       of shareholders upon a proposal of the
Supervisory Board, and that the members of the Supervisory Board may be granted any
shares or rights to acquire shares as compensation. Other amendments       require that
the Company indemnify members of the Board of Management and       Supervisory Board
against liabilities (including legal expenses) incurred       due to acts or omissions in
acting in such capacity except (i) to the extent       a court in the Netherlands
irrevocably establishes that such acts or omissions       are the result of willful
misconduct or intentional recklessness (unless       the denial of indemnification or
reimbursement of expenses would be, in       view of all circumstances, contrary to
reasonableness and fairness) and       (ii) to the extent such losses are reimbursed by
insurance.  </FONT></TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 0" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
    <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;Amendments
      relating to Supervisory Board supervision of the Board of Management include:
      a requirement that the Board of Management inform the Supervisory Board,
      in writing, of the Company&#146;s principles of strategic policy, general
      financial risks and management and control system; and the addition of a
      Board of Management obligation to submit to the Supervisory Board for approval
      the operational and financial objectives of the Company, the strategy designed
      to achieve those objectives, and the parameters to be applied in implementing
      that strategy. Other amendments require the Supervisory Board to prepare
      a profile for its size and composition, taking into account the nature of
      the Company&#146;s business, activities and the desired expertise of the
      Supervisory Board members. </FONT></TD>
  </TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Page Break Table" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><HR SIZE=5 NOSHADE COLOR="BLACK">
</TD></TR></TABLE><BR>

<!-- MARKER FORMAT-SHEET="Para Indent 0" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
    <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;Other
      amendments require that the agenda of the General Meeting of Shareholders
      include a discussion of the Company&#146;s reserves and dividend policy
      and justification of any proposal to pay a dividend and any discharge of
      members of the Board of Management or Supervisory Board, and all substantial
      changes in the Company&#146;s corporate governance structure during the
      past year. </FONT></TD>
  </TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 0" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
    <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;Other
      amendments require that the Board of Management and the Supervisory Board
      inform the shareholders, through explanatory notes to the meeting agenda,
      of all facts and circumstances relevant to the proposals on the agenda.
      Such explanatory notes must now be published on the Company&#146;s website.
      In addition, the minutes of the General Meeting must now be made available
      to shareholders, on request, no later than three months after the end of
      the meeting, after which the shareholders shall have a three-month opportunity
      to comment on the minutes. </FONT></TD>
  </TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 0" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
    <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;The
      Board of Management must also now explain, in a separate chapter of the
      annual report, the principles of the corporate governance structure of the
      Company. </FONT></TD>
  </TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Indent 0" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<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;The
shareholders approved these amendments to the articles of association on March 21, 2004. These
amendments became effective on March 31, 2004. An unofficial English translation of the Amended and
Restated Articles of Association, dated March 31, 2004 is set forth in Exhibit 1.1 hereto. </FONT></TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Head Left Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Item
2. Exhibits</FONT></H1></TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang 0" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.1</FONT></TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Unofficial English Translation of the Amended and Restated Articles of Association, dated
March 31, 2004.</FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Page Break Table" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><HR SIZE=5 NOSHADE COLOR="BLACK">
</TD></TR></TABLE><BR>


<!-- MARKER FORMAT-SHEET="Head Center Bold 2 600" FSL="Default" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>SIGNATURE </FONT></H1></TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Head Center Bold 2 600" FSL="Default" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
  <TR VALIGN=TOP>
    <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;&nbsp;Pursuant
      to the requirements of the Securities Exchange Act of 1934, the registrant
      has duly caused this amendment to be signed on its behalf by the undersigned,
      thereunto duly authorized. </FONT></TD>
  </TR>
</TABLE>
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><H1 ALIGN=CENTER><font face="Times New Roman, Times, Serif" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></H1></TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Date By Signature" FSL="Project" -->
<TABLE WIDTH="600" BORDER="0" CELLSPACING="0" CELLPADDING="0">
  <TR VALIGN="BOTTOM">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><p><font face="Times New Roman, Times, Serif" size=2>ASML Holding N.V.<br>&nbsp;&nbsp;&nbsp;&nbsp;(Registrant)</font></p>
      <p>&nbsp;</p></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <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;
      <!-- DATE-->
      June 9, 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>/s/ Peter T.F.M. Wennink</U>
      </FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD>&nbsp; </TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2">&nbsp; </FONT></TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"> Peter T.F.M. Wennink<br>
      Executive Vice President<br> Chief Financial Officer</FONT></TD>
  </TR>

</TABLE>


<!-- MARKER FORMAT-SHEET="Page Break Table" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><HR SIZE=5 NOSHADE COLOR="BLACK">
</TD></TR></TABLE><BR>


<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit
Index </FONT></H1></TD></TR>
</TABLE>
<BR>
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
  <TR VALIGN=TOP>
    <TD WIDTH=9%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Exhibit</u><BR>
      </FONT></TD>
    <TD WIDTH=69%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;<u>Description</u><BR></FONT></TD>
    <TD WIDTH=22%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> &nbsp;</FONT></TD>
  </TR>
  <TR VALIGN=TOP>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>1.1</FONT></TD>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>
      Unofficial English Translation of the Amended Articles of Association and
      Restated Articles of Association, dated March 31, 2004</FONT></TD>
    <TD>&nbsp;</TD>
  </TR>
</TABLE>
<BR>


</BODY>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.A
<SEQUENCE>2
<FILENAME>ex1pt1.htm
<DESCRIPTION>EX. 1.1
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 3.2 Final//EN">
<HTML>
<HEAD>
     <!-- Created by EDGAR Ease Plus (EDGAR Ease+ 1.6a) -->
     <!-- Project:        Ny12811                                                         -->
     <!-- Control Number: ny12811                                                          -->
     <!-- Rev Number:     Exh. 1.1                                                         -->
     <!-- Client Name:                                                                     -->
     <!-- Project Name:                                                                    -->
     <!-- Firm Name:                                                                       -->
     <TITLE>Exhibit 1.1</TITLE>
</HEAD>
<BODY>



<!-- MARKER FORMAT-SHEET="Head Center Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>ARTICLES
        OF ASSOCIATION </u></FONT></H1></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Head Center 2 600" FSL="Default" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD ALIGN=CENTER><p><FONT FACE="Times New Roman, Times, Serif" SIZE=2>of:</FONT>
<br><font face="Times New Roman, Times, Serif" size=2><u>ASML Holding N.V.<br>
        with corporate seat in Veldhoven</u><br>dated 31 March 2004
        </font></p></TD></TR>
</TABLE>
<BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2> </FONT>
<!-- MARKER FORMAT-SHEET="Head Center 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
    <TD ALIGN=CENTER>&nbsp;</TD>
  </TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Head Left Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Name and seat.<BR>
        Article 1.</u></FONT></H1></TD></TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.1.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The name of the Company is: ASML Holding N.V.</FONT></TD>
          </TR>
          </TABLE>

  <!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
  <TR VALIGN=TOP>
    <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.2.</FONT></TD>
    <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> It has its
      corporate seat in Veldhoven. </FONT></TD>
  </TR>
</TABLE>

  <!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.3.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The provisions of sections 2:158 to 2:164 inclusive, Civil Code, hereinafter:
          the large company regime, shall apply to the Company. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Head Left Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
  <TR VALIGN=TOP>
    <TD> <H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Objects.<BR>
        Article 2.</u></FONT></H1></TD>
  </TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush Left" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
objects of the Company are to establish, participate in, administer and finance companies
and enterprises engaged in the development, manufacture and trading of products which are
used for the production of semi-conductors especially lithographic products and systems,
and the development and exploitation of technical and other expertise in the field of or
in connection with the products and systems referred to above, and to do everything
pertaining thereto or connected therewith, including to perform or have performed
industrial, commercial and financial activities, to perform or have performed services in
general, all this in the widest sense. </FONT></TD></TR></TABLE><BR>

<!-- MARKER FORMAT-SHEET="Head Left Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
    <TD> <H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Article
        3.<br>
        Share capital and shares.</u></FONT></H1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.1.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The authorized share capital of the Company amounts to thirty-six million and
          four hundred and sixty-two euro (EUR 36,000,462. &#151; ), divided into nine
          hundred million (900,000,000) ordinary shares with a par value of two eurocents
          (EUR 0.02) each, in these articles of association henceforth referred to as
          &#147;ordinary shares&#148; nine hundred million (900,000,000) cumulative
          preference shares with a par value of two eurocents (EUR 0.02) each, in these
          articles of association henceforth referred to as &#147;preference shares&#148;,
          and twenty-three thousand one hundred (23,100) priority shares with a par value
          of two eurocents (EUR 0.02) each, in these articles of association henceforth
          referred to as &#147;priority shares&#148;. </FONT></TD>
          </TR>
          </TABLE>


<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.2.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Where in these articles of association reference is made to shares and
          shareholders, this shall include the shares of each class as well as the holders
          of shares of each class respectively, unless explicitly provided otherwise. </FONT></TD>
          </TR>
          </TABLE>


<!-- MARKER FORMAT-SHEET="Head Left Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Issuance of
        shares.<BR>
        Article 4.</u></FONT></H1></TD></TR>
</TABLE>
<br>
<br>


<!-- MARKER FORMAT-SHEET="Page Break Table" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><HR SIZE=5 NOSHADE COLOR="BLACK">
</TD></TR></TABLE><BR>

<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.1.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Board of Management shall have the power to issue shares if and insofar as
          the Board of Management has been designated by the general meeting of
          shareholders as the authorized body for this purpose. The Board of Management
          requires the approval of the Supervisory Board and the meeting of holders of
          priority shares for a resolution with respect to such issuance. A designation as
          referred to above shall only be effective for a certain period not exceeding
          five years and may be extended for no longer than five years on each occasion. </FONT></TD>
          </TR>
          </TABLE>


<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.2.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          If and insofar as a designation as referred to in the first paragraph is not in
          force, the general meeting of shareholders shall have the power, upon the
          proposal of the Board of Management &#150; which proposal must be approved by
          the Supervisory Board and by the meeting of holders of priority shares &#151; to
          resolve to issue shares. </FONT></TD>
          </TR>
          </TABLE>


<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.3.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          In the event of an issue of ordinary shares against payment in cash, holders of
          ordinary shares shall have a pre-emptive right in proportion to the number of
          ordinary shares held by them. In the event of an issuance of ordinary shares
          issued against payment other than in cash, pre-emptive rights shall not exist.
          The Board of Management shall have the power to resolve to restrict or exclude
          the pre-emptive rights of these shareholders, if and insofar as the Board of
          Management has also been designated by the general meeting of shareholders for
          this purpose as the authorized body for the period of such designation. The
          provisions of the second and third full sentences of the first paragraph shall
          apply correspondingly. </FONT></TD>
          </TR>
          </TABLE>


<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.4.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          If and insofar as a designation as referred to in the third paragraph of this
          article is not in force, the general meeting of shareholders shall have the
          power, upon the proposal of the Board of Management &#150; which proposal must
          be approved by the Supervisory Board and by the meeting of holders of priority
          shares &#150; to resolve to restrict or exclude the pre-emptive rights of the
          holders of ordinary shares. </FONT></TD>
          </TR>
          </TABLE>


<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.5.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          A resolution of the general meeting of shareholders in accordance with the third
          or fourth paragraph of this article requires a majority of at least two thirds
          of the votes cast if less than one half of the issued share capital is
          represented at the meeting. </FONT></TD>
          </TR>
          </TABLE>


<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.6.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          In order for resolutions of the general meeting of shareholders to issue shares
          or to designate the Board of Management, as referred to in paragraph 1 and 2 of
          this article, to be valid, a prior or simultaneous resolution granting approval
          is required from each group of holders of shares of the same class whose rights
          are adversely affected by the issuance. </FONT></TD>
          </TR>
          </TABLE>


<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.7.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The ordinary and priority shares must be paid up in full when they are taken. At
          least a quarter of the par value shall be paid on preference shares when they
          are taken. Further payment on the preference shares shall be made within one
          month after the Board of Management, subject to the approval of the Supervisory
          Board and the meeting of priority shareholders, has made a corresponding request
          in writing to the shareholders concerned. </FONT></TD>
          </TR>
          </TABLE>


<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.8.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Payment must be made in cash, unless another manner of contribution has been
          agreed upon. Payment in cash may be made in a foreign currency, subject to the
          Company&#146;s consent. The payment obligation may be fulfilled by payment in a
          foreign currency for the amount in Dutch currency for which the amount so paid
          is freely exchangeable, determined using the exchange rate on the day of payment
          or, after applying the provisions of the next sentence, on the day mentioned
          therein. The company may request that payment shall be made against the exchange
          rate on a certain day within two months before the last day on which payment
          must be made, provided the shares or depositary receipts therefor shall be
          recorded forthwith after the issuance in a price list of a stock exchange
          outside the Netherlands. </FONT></TD>
          </TR>
          </TABLE>
		  <br>
<br>
<br>


<TABLE WIDTH=625 CELLSPACING=0 CELLPADDING=0 BORDER=0>
  <TR VALIGN=TOP>
    <TD><HR SIZE=5 NOSHADE COLOR="BLACK"> </TD>
  </TR>
</TABLE>
<BR>
<BR>
<BR>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.9.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The provisions of this article shall apply accordingly to the granting of rights
          to subscribe for shares, but shall not apply to issuance of shares to a person
          who exercises a right to subscribe for shares that was previously granted. The
          Board of Management shall have the power to issue such shares. </FONT></TD>
          </TR>
          </TABLE>


<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.10.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          If the Board of Management has been designated as the body authorized to resolve
          to issue shares, then, in the case of the issuance of preference shares,
          including the granting of a right to take preference shares, though not the
          issuance of preference shares by virtue of exercising such an option right: </FONT></TD>
          </TR>
          </TABLE>


<!-- MARKER FORMAT-SHEET="Para List Hang 1" FSL="Project" -->
          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <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>a. </FONT></TD>
               <TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               the Board of Management is obliged to convene, within four weeks after said
               issuance, a general meeting in which the grounds for the issuance are explained,
               unless such an explanation has been given before then in a general meeting. </FONT></TD>
               </TR>
               </TABLE>


<!-- MARKER FORMAT-SHEET="Para List Hang 1" FSL="Project" -->
          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <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. </FONT></TD>
               <TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               the prior approval of the general meeting for the specific case is required if,
               (i) as a result of said issuance and/or (ii) as a result of the earlier issuance
               of preference shares by the Board of Management without the above-mentioned
               approval or other cooperation of the general meeting, so many preference shares
               may be taken and/or have been issued that the total par value of the preference
               shares issued by the Board of Management without the above-mentioned approval or
               other cooperation of the general meeting exceeds one hundred per cent of the
               total par value of the other shares issued before said issuance. </FONT></TD>
               </TR>
               </TABLE>


<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.11.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          If preference shares have been issued by virtue of a resolution to issue shares
          or a resolution to grant a right to take shares, adopted by the Board of
          Management without the prior approval or other cooperation of the general
          meeting, the Board of Management is obliged to convene a general meeting within
          two years after said issuance and to submit to said general meeting a proposal
          regarding the purchase or cancellation of said issued preference shares. If, at
          said meeting, no resolution is adopted to purchase or cancel the preference
          shares, the Board of Management is obliged, each time within two years after the
          above-mentioned proposal has been put on the agenda of the general meeting of
          shareholders, to convene another general meeting in which a resolution regarding
          the purchase or cancellation of the preference shares shall be tabled, which
          obligation shall cease if the above-mentioned shares are no longer issued or
          held by a party other than the Company. </FONT></TD>
          </TR>
          </TABLE>


<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.12.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Upon the issuance of a share, its transfer for inclusion in the giro deposit, as
          meant in the Securities Book-Entry Transfer Act (&#147;Wge&#148;) (&#147;Giro
          Deposit&#148;) or into a joint deposit, as meant in the Wge (&#147;Joint
          Deposit&#148;), respectively, can be effected by the Company without the
          cooperation of other Participants in the Joint Deposit and of other affiliated
          institutions, as meant in the Wge (&#147;Affiliated Institutions&#148;). To do
          so, it is sufficient for the Company to add the share to the register in the
          name of the Central Institute for Giro Securities Transactions, as meant in the
          Wge (&#147;Central Institute&#148;) or the Affiliated Institution respectively,
          mentioning the fact that the share has been added to the Giro Deposit or the
          Joint Deposit respectively, and the other information as meant in article 8,
          paragraph 2, and the Central Institute or the Affiliated Institution
          respectively, accepts the transfer. </FONT></TD>
          </TR>
          </TABLE>
         <br>
<br>
<br>


  <!-- MARKER FORMAT-SHEET="Page Break Table" FSL="Project" -->
<TABLE WIDTH=625 CELLSPACING=0 CELLPADDING=0 BORDER=0>
  <TR VALIGN=TOP>
    <TD><HR SIZE=5 NOSHADE COLOR="BLACK"> </TD>
  </TR>
</TABLE>
<BR>
<BR>
<BR>

<!-- MARKER FORMAT-SHEET="Head Left Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
    <TD> <H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Acquisition/Disposal
        of shares in its own share capital.<br>
        Article 5. </u> </FONT></H1></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.1.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Any acquisition by the Company of shares in its own share capital which are not
          fully paid up shall be null and void. The Company may acquire fully paid up
          ordinary shares in its own share capital for valuable consideration, if and
          insofar as: </FONT></TD>
          </TR>
          </TABLE>


<!-- MARKER FORMAT-SHEET="Para List Hang 1" FSL="Project" -->
          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <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>a. </FONT></TD>
               <TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               its shareholders&#146; equity less the acquisition price is not less than
               prescribed in the relevant statutory provisions; </FONT></TD>
               </TR>
               </TABLE>


<!-- MARKER FORMAT-SHEET="Para List Hang 1" FSL="Project" -->
          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <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. </FONT></TD>
               <TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               the par value of the shares in its share capital which the Company acquires,
               holds or holds as pledgee, or which are held by a subsidiary, is not more than
               one-tenth of the issued share capital; and </FONT></TD>
               </TR>
               </TABLE>


<!-- MARKER FORMAT-SHEET="Para List Hang 1" FSL="Project" -->
          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <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>c. </FONT></TD>
               <TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               the general meeting of shareholders has authorized the Board of Management to
               acquire such shares, which authorization may be granted for no more than
               eighteen months on each occasion. </FONT></TD>
               </TR>
               </TABLE>


<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.2.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Shares thus acquired may again be disposed of. The Board of Management shall not
          acquire shares in the Company&#146;s own share capital as referred to above
          &#150; where an authorization as referred to above has been granted- or dispose
          of such shares without the approval of the Supervisory Board. If depositary
          receipts for shares in the Company have been issued, such depositary receipts
          shall be viewed as shares for the purpose of the provisions of this paragraph
          and the previous paragraph. </FONT></TD>
          </TR>
          </TABLE>


<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.3.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          In the general meeting of shareholders no votes may be cast on a share held by
          the Company or a subsidiary or for a share for which one of them holds
          depositary receipts. Nonetheless, the holders of a right of usufruct and the
          holders of a right of pledge on shares held by the Company or a subsidiary are
          not excluded from the right to vote in respect of such shares, if the right of
          usufruct or the right of pledge was granted prior to the time such share was
          held by the Company or such subsidiary. Neither the Company nor a subsidiary may
          cast votes in respect of a share for which it holds a right of usufruct or a
          right of pledge. Shares which are not entitled to voting rights pursuant to the
          provisions of law or this paragraph shall not be taken into account, when
          determining to what extent the shareholders cast votes, to what extent they are
          present or represented or to what extent the share capital has been provided or
          is represented. </FONT></TD>
          </TR>
          </TABLE>


<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.4.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Upon the proposal of the Board of Management, which proposal must have the prior
          approval of the Supervisory Board and the meeting of holders of priority shares,
          the general meeting of shareholders shall have the power to resolve to reduce
          the issued share capital: By a cancellation of shares acquired by the Company in
          its own share capital; By a reduction of the par value of the shares by an
          amendment of the articles of association, with partial repayment on those
          shares; By a cancellation of preference shares, with repayment on those
          preference shares, or; By a release from the obligation to make further payment
          on the preference Shares upon implementation of a resolution to reduce the par
          value of the shares, In compliance with the provisions of the law in that
          respect. </FONT></TD>
          </TR>
          </TABLE>
 <br>
<br>
<br>


<!-- MARKER FORMAT-SHEET="Page Break Table" FSL="Project" -->
<TABLE WIDTH=625 CELLSPACING=0 CELLPADDING=0 BORDER=0>
  <TR VALIGN=TOP>
    <TD><HR SIZE=5 NOSHADE COLOR="BLACK"> </TD>
  </TR>
</TABLE>
<BR>
<BR>
<BR>

<!-- MARKER FORMAT-SHEET="Head Left Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
    <TD> <H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Shares,
        share certificates and share register.<br>
        Article 6.</u></FONT></H1></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.1.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The shares shall be in registered form. No share certificates shall be issued
          for the priority shares, the preference shares and the ordinary shares of type
          I, as referred to in the next paragraph. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.2.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Ordinary shares shall be available: in the form of an entry in the share
          register without issuance of a share certificate; such shares are referred to in
          these articles of association as shares of type I; and &#151; the extent the
          Board of Management so decides &#150; in the form of an entry in the share
          register with the issuance of a share certificate, which share certificate shall
          consist of a scrip without dividend sheet; such shares and share certificates
          are referred to in these articles of association as shares and share
          certificates of type II. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.3.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Board of Management may decide that the registration of ordinary shares of
          type I shall take place for one or more numbers of shares to be further
          determined by it. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.4.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Share certificates shall be available in such numbers of ordinary shares as the
          Board of Management shall determine. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.5.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          All share certificates shall be signed by or on behalf of two members of the
          Board of Management, as well as countersigned by one or more persons to be
          designated by the Board of Management for that purpose; the signatures may be
          effected by printed facsimile. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.6.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          All share certificates shall be identified by numbers and/or letters in a manner
          to be determined by the Board of Management. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.7.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Board of Management may determine, provided with the approval of the
          Supervisory Board, that for the trade on foreign stock exchanges share
          certificates will be issued that comply with the requirements set by the foreign
          stock exchange(s). </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.8.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          &#147;Share certificate&#148; shall include in these articles of association a
          certificate of more than one share. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.9.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Company can, pursuant to a resolution of the Board of Management, subject to
          the approval of the Supervisory Board, cooperate in the issuance of certificates
          in bearer form. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Head Left Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Share certificates.<BR>
        Article 7.</u></FONT></H1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.1.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Upon a written request from a person entitled to such certificates, share
          certificates, including parts thereof that are missing or damaged, may be
          replaced by new certificates, or by duplicates bearing the same numbers and/or
          letters, provided that the applicant proves his title and &#150; in case of a
          loss &#150; the loss, to the satisfaction of the Board of Management, and
          further subject to such conditions as the Board of Management may deem
          necessary. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Default" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.2.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The issuance of new certificates or duplicates shall cause the original
          documents to be invalid. 7.3. The issuance of new certificates or duplicates for
          share certificates may in appropriate cases, at the discretion of the Board of
          Management, be published in newspapers to be determined by the Board of
          Management. </FONT></TD>
          </TR>
          </TABLE>
<br>
<br>
<br>


<!-- MARKER FORMAT-SHEET="Page Break Table" FSL="Project" -->
<TABLE WIDTH=625 CELLSPACING=0 CELLPADDING=0 BORDER=0>
  <TR VALIGN=TOP>
    <TD><HR SIZE=5 NOSHADE COLOR="BLACK"> </TD>
  </TR>
</TABLE>
<BR>
<BR>
<BR>
<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Default" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
  <TR VALIGN=TOP>
    <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7.3.</FONT></TD>
    <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> The issuance
      of new certificates or duplicates for share certificates may in appropriate
      cases, at the discretion of the Board of Management, be published in newspapers
      to be determined by the Board of Management. </FONT></TD>
  </TR>
</TABLE>
<!-- MARKER FORMAT-SHEET="Head Left Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Shareholders&#146;
        register. <BR>
        Article 8.</u></FONT></H1></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.1.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          With due observance of the provisions of law a share register shall be kept by
          or on behalf of the Company, which register shall be regularly updated and
          which, at the discretion of the Board of Management, may, in whole or in part,
          be maintained in more than one copy and at more than one place. At least one
          copy will be maintained at the office of the Company. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.2.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Each shareholder&#146;s name, his address, the date on which he has acquired the
          shares, the number and the type of the shares held by him, the date of
          acknowledgement or service, the amount paid up on each share, and all other
          information that must be registered pursuant to the provisions of law, as well
          as such further information as the Board of Management shall deem desirable,
          whether at the request of a shareholder or not, shall be entered in the share
          register. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.3.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Board of Management shall determine the form and the contents of the share
          register with due observance of the provisions of the first two paragraphs of
          this article. The Board of Management may determine that the share register
          shall vary as to its form and contents according to whether they relate to
          shares of type I or to shares of type II. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.4.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          In the case of shares that have been transferred to an Affiliated Institution,
          for inclusion in a Joint Deposit, or to the Central Institute, for inclusion in
          the Giro Deposit, the name and address of the Affiliated Institution or the
          Central Institute respectively, shall be entered in the share register, together
          with a statement of the date on which the shares were added to the Joint Deposit
          or the Giro Deposit respectively. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.5.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Upon request, a shareholder shall be given free of charge a declaration of what
          is stated in the share register concerning the shares registered in his name,
          which statement may be signed by special proxy holders authorized thereto by the
          Board of Management. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>8.6.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The provisions of the preceding paragraphs shall apply accordingly to those who
          hold a right of usufruct or a right of pledge on one or more shares, in addition
          to any other information required to be registered in the share register
          pursuant to law. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Head Left Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Exchange of
        shares.<BR>
        Article 9. </u></FONT></H1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.1.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Subject to the provisions of article 6, a holder of an entry in the share
          register for one or more shares of type I may, upon his request, obtain one or
          more share certificates of type II up to an equal nominal amount. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.2.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Subject to the provisions of article 6, a holder of a share certificate of type
          II registered in his name may, after submitting the share certificate to the
          Company, upon his request obtain an entry in the share register for one or more
          shares of type I up to an equal nominal amount. </FONT></TD>
          </TR>
          </TABLE>


<br>
<br>
<br>
<!-- MARKER FORMAT-SHEET="Page Break Table" FSL="Project" -->
<TABLE WIDTH=625 CELLSPACING=0 CELLPADDING=0 BORDER=0>
  <TR VALIGN=TOP>
    <TD><HR SIZE=5 NOSHADE COLOR="BLACK"> </TD>
  </TR>
</TABLE>
<BR>
<BR>
<BR>

<BR>
<BR>
<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>9.3.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Board of Management may demand that a request as referred to in this article
          shall be made on a form to be supplied by the Company free of charge, which
          shall be signed by the applicant. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Head Left Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Transfer of
        shares.<BR>
        Article 10.</u></FONT></H1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.1.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Unless the law provides otherwise and except as provided by the provisions of
          the following paragraphs of this article, the transfer of a share shall require
          an instrument intended for such purpose and, unless the Company itself is a
          party to the transaction, the written acknowledgement of the transfer by the
          Company; service upon the Company of such instrument of transfer or of a copy or
          extract thereof signed as a true copy by the notary or the transferor shall be
          considered to have the same effect as an acknowledgement. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.2.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The transfer of a priority share or a preference share can only take place with
          due observance of the provisions of article 11. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.3.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          In cases where a share of type I is transferred, an instrument of transfer,
          signed by both parties to the transfer, on a form to be supplied by the Company
          free of charge, must be submitted to the Company. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.4.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          In cases where a share for which a certificate of type II has been issued is
          transferred, the share certificate must be submitted to the Company, provided
          that an instrument of transfer as referred to in the previous paragraph, printed
          on the back of the share certificate, has been duly completed and signed by or
          on behalf of the transferor, or a separate instrument in substantially the same
          form is submitted together with the share certificate. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.5.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          If a transfer of a share of type II has been effected by service of an
          instrument of transfer upon the Company, the Company shall, at the discretion of
          the Board of Management, either endorse the transfer on the share certificate or
          cancel the share certificate and issue to the transferee one or more share
          certificates registered in his name up to an equal nominal amount. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.6.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Company&#146;s written acknowledgement of a transfer of a share of type II
          shall, at the discretion of the Board of Management, be effected either by
          endorsement of the transfer on the share certificate as proof of the
          acknowledgement or by the issuance to the transferee of one or more share
          certificates registered in his name up to an equal nominal amount. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.7.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          If a share is being transferred for inclusion in a Joint Deposit, the transfer
          shall be accepted by the Affiliated Institution in question. In cases where a
          share is being transferred for inclusion in the Giro Deposit, the transfer shall
          be accepted by the Central Institute. Transfer and acceptation can take place
          without the cooperation of the other participants in the Joint Deposit and
          without the cooperation of other Affiliated Institutions. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.8.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          An Affiliated Institution is empowered to transfer shares for inclusion in the
          Giro Deposit and, insofar as deduction has not been rendered impossible, to
          deduct shares from the Joint Deposit without the cooperation of the other
          Participants. The Central Institute is, insofar as delivery has not been
          rendered impossible, empowered to deduct shares from the Giro Deposit for
          inclusion in a Joint Deposit without the cooperation of the other participants. </FONT></TD>
          </TR>
          </TABLE>
          <BR>
          <BR>
          <BR>
<!-- MARKER FORMAT-SHEET="Page Break Table" FSL="Project" -->
<TABLE WIDTH=625 CELLSPACING=0 CELLPADDING=0 BORDER=0>
  <TR VALIGN=TOP>
    <TD><HR SIZE=5 NOSHADE COLOR="BLACK"> </TD>
  </TR>
</TABLE>
<BR>
<BR>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.9.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          If the transfer of an ordinary share does not take place in accordance with the
          provisions of paragraphs 3, 4, 7 and 8 of this article, the transfer of an
          ordinary share can only take place with the permission of the Board of
          Management. The Board of Management may make its permission subject to such
          conditions as the Board of Management may deem necessary or desirable. The
          applicant shall always be entitled to demand that said permission be granted on
          the condition that transfer takes place to a person designated by the Board of
          Management. The permission shall be deemed to have been granted, should the
          Board of Management not have decided on granting permission for the request
          within six weeks of being requested to do so. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.10.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The provisions of the preceding paragraphs of this article shall apply
          correspondingly to the allotment of shares in the event of a division of any
          share constituting joint property, the transfer of a share as a consequence of a
          writ of execution and the creation of limited rights on a share. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.11.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The submission of requests and the submission of documents referred to in
          articles 5 to 9 inclusive shall be made at a place to be determined by the Board
          of Management. Different places may be determined the different types of shares,
          including &#150; if shares in the share capital of the Company are admitted tot
          the official listing of the stock exchange in Amsterdam &#150; in any case a
          place in Amsterdam. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.12.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Company is entitled to charge amounts, at no more than cost, and to be
          determined by the Board of Management, to those persons who request any services
          to be carried out pursuant to articles 5 to 9 inclusive. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>10.13.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Company can, pursuant to a resolution of the Board of Management, subject to
          the approval of the Supervisory Board, make the delivery of shares, within the
          meaning of article 26 of the Wge impossible. The resolution to this effect
          cannot be invoked against a Participant any sooner than after six months of the
          publication of the resolution in at least one national daily Dutch newspaper,
          and in the Official Pricelist of Euronext Amsterdam N.V. The Company can revoke
          any such resolution by means of a resolution of the Board of Management, subject
          to the approval of the Supervisory Board. In such a case, deduction shall be
          possible from the day following on the day of publication of such a resolution
          in at least one national daily Dutch newspaper, and in the Official Pricelist of
          the Euronext Amsterdam N.V. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Head Left Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Priority shares.
        Preference shares.<BR>
        Article 11. </u></FONT></H1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.1.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The approval of the meeting of holders of priority shares shall be required for
          every transfer of priority shares or preference shares. Said approval shall be
          requested in writing. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.2.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          If approval is refused, the meeting of holders of priority shares is obliged to
          designate one or more parties who are willing and able to acquire on payment of
          cash all the priority shares or all the preference shares respectively, to which
          the request relates at a price to be fixed by the transferor and the meeting of
          holders of priority shares in joint consultation within two months after said
          designation. </FONT></TD>
          </TR>
          </TABLE>
          <BR>
          <BR>
          <BR>

<!-- MARKER FORMAT-SHEET="Page Break Table" FSL="Project" -->
<TABLE WIDTH=625 CELLSPACING=0 CELLPADDING=0 BORDER=0>
  <TR VALIGN=TOP>
    <TD><HR SIZE=5 NOSHADE COLOR="BLACK"> </TD>
  </TR>
</TABLE>
<BR>
<BR>
<BR>
<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.3.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          If the transferor has not received written notice from the Company within three
          months after receipt by the Company of the request to approve the proposed
          transfer, or a timely written rejection has not been accompanied at the same
          time by the designation of one or more interested parties as referred to in
          paragraph 2, the approval of the transfer shall be deemed to have been granted
          after the above-mentioned period has elapsed or after receipt of the notice of
          rejection. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.4.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          If no agreement has been reached between the transferor and the Board of
          Management regarding the price referred to in paragraph 2 within two months
          after the rejection, said price shall be fixed by an expert to be designated by
          the transferor and the Board of Management in joint consultation or, in the
          absence of agreement thereon within three months after the rejection, by the
          Chairman of the Chamber of Commerce and Industry in the municipality where the
          Company has its de facto address, at the request of either party. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.5.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The transferor shall have the right to abandon the transfer provided that he
          informs the Board of Management thereof in writing within one month after he has
          been informed of the name of the designated party or parties and of the price
          fixed. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.6.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          In the case of approval of the transfer as defined in paragraphs 1 or 3, the
          transferor shall be entitled to transfer all the priority shares or all the
          preference shares respectively, to which his request related to the party named
          in the request during a period of three months after said approval. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.7.</FONT></TD>

    <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> The costs
      to the Company connected with the transfer may be charged to the party acquiring
      the shares.</FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
  <TR VALIGN=TOP>
    <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.8.</FONT></TD>
    <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Any transfer
      of a priority share or of a preference share respectively, shall be entered
      in the share register.</FONT></TD>
  </TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para Flush Left" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>Holders of a right
      of usufruct, holders of a right of pledge and holders of depositary receipts.
      <br>Article 12. </U></B><U></U> </FONT></TD>
  </TR></TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
  <TR VALIGN=TOP>
    <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.1.</FONT></TD>
    <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> No right
      of pledge can be established on the preference shares. </FONT></TD>
  </TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para Flush Left 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
    <TD WIDTH=8%><font face="Times New Roman, Times, Serif" size=2>12.2.</font></TD>
    <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> The holder of
      a right of usufruct who in accordance with the provisions of section 2:88,
      Civil Code, does not have the right to vote and the holder of a right of
      pledge who in accordance with the provisions of section 2:89, Civil Code,
      does not have the right to vote, shall not have the rights conferred by
      law on the holders of depositary receipts for shares issued with the cooperation
      of the Company. </FONT></TD>
</TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12.3.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Where in these articles of association reference is made to others entitled to
          attend meetings, this shall include the holders of depositary receipts for
          shares issued with the cooperation of the Company and the persons who, under the
          provisions of paragraph 4 of section 2:88 or section 2:89, Civil Code, have the
          rights conferred by law on holders of depositary receipts for shares issued with
          the cooperation of the Company. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Head Left Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Board of management.
        Appointment.<BR>
        Article 13.</u></FONT></H1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.1.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Company shall be managed by a Board of Management, consisting of at least
          two members, under the supervision of a Supervisory Board. </FONT></TD>
          </TR>
          </TABLE>
<br>
<br>
<br>
<!-- MARKER FORMAT-SHEET="Page Break Table" FSL="Project" -->
<TABLE WIDTH=625 CELLSPACING=0 CELLPADDING=0 BORDER=0>
  <TR VALIGN=TOP>
    <TD><HR SIZE=5 NOSHADE COLOR="BLACK"> </TD>
  </TR>
</TABLE>
<BR>
<BR>
<BR>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.2.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The members of the Board of Management shall be appointed by the Supervisory
          Board. The Supervisory Board shall inform the general meeting of shareholders of
          the intended appointment of a member of the Board of Management. The provisions
          of section 2:158, paragraph 11, Civil Code shall apply correspondingly. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.3.</FONT></TD>

    <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> A member
      of the Board of Management shall be appointed for a maximum period of four
      years, provided however that unless such member of the Board of Management
      has resigned at an earlier date, his term of office shall lapse on the day
      of the general meeting of shareholders, to be held in the fourth year after
      the year of his appointment. A member of the Board of Management may be
      re-appointed with due observance of the preceding sentence. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para Flush Left 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
    <TD WIDTH=8%><font face="Times New Roman, Times, Serif" size=2>13.4.</font></TD>
    <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> If the number
      of members of the Board of Management has fallen below two, the powers of
      the Board of Management shall remain unaffected. In such a case a meeting
      of the Supervisory Board shall be held forthwith to fill the vacancies in
      the Board of Management. </FONT></TD>
</TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>13.5.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          With due observance of the minimum referred to in paragraph 1 of this article,
          the number of members of the Board of Management shall be determined by the
          meeting of holders of priority shares in consultation with the Supervisory
          Board. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Head Left Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Board of Management;
        suspension and removal.<br>
        Article 14.</u></FONT></H1></TD></TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
  <TR VALIGN=TOP>
    <TD WIDTH=8%><font face="Times New Roman, Times, Serif" size=2>14.1.</font></TD>
    <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Members of
      the Board of Management may be suspended or removed by the Supervisory Board.
      </FONT></TD>
  </TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
  <TR VALIGN=TOP>
    <TD WIDTH=8%><font face="Times New Roman, Times, Serif" size=2>14.2.</font></TD>
    <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Supervisory
      Board shall not remove a member of the Board of Management until the general
      meeting of shareholders has been heard in respect of the intended removal.</FONT></TD>
  </TR>
</TABLE>


<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>14.3.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The members of the Board of Management may be suspended by the Supervisory Board
          either collectively or individually. Within three months of such suspension a
          general meeting of shareholders shall be held to hear the general meeting of
          shareholders in connection with the intended removal of the suspended member
          from the Board of Management. If such general meeting of shareholders is not
          held within three months of the suspension, the suspension shall lapse. The
          person concerned shall be entitled to account for his actions at that meeting. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Head Left Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
  <TR VALIGN=TOP>
    <TD> <H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Representation.<br>
        Article 15.</u></FONT></H1></TD>
  </TR>
</TABLE>



<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.1.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Board of Management as well as two members of the Board of Management acting
          jointly shall have power to represent the Company. </FONT></TD>
          </TR>
          </TABLE>


<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.2.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Board of Management may, subject to the approval of the Supervisory Board,
          give each of its members individually power of attorney to represent the Company
          within certain limits defined in the power of attorney. </FONT></TD>
          </TR>
          </TABLE>


<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.3.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Board of Management may grant to persons, whether or not employed by the
          Company, the power to represent the Company and may therewith determine the
          scope of such power of attorney as well as the title of such persons. </FONT></TD>
          </TR>
          </TABLE>


<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.4.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Board of Management is authorized to perform the transactions as referred to
          in section 2:94, paragraph 1, Civil Code, to the extent such authority has not
          been explicitly excluded or limited pursuant to a provision of these articles of
          association. </FONT></TD>
          </TR>
          </TABLE>
<br>
<br>
<br>
 <!-- MARKER FORMAT-SHEET="Page Break Table" FSL="Project" -->
<TABLE WIDTH=625 CELLSPACING=0 CELLPADDING=0 BORDER=0>
  <TR VALIGN=TOP>
    <TD><HR SIZE=5 NOSHADE COLOR="BLACK"> </TD>
  </TR>
</TABLE>
<BR>
<BR>
<BR>
<BR>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>15.5.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          If a member of the Board of Management, acting in his personal capacity, enters
          into an agreement with the Company, or if he, acting in his personal capacity,
          conducts any litigation against the Company, the Company may be represented in
          that matter by one of the other members of the Board of Management, or by a
          member of the Supervisory Board designated by the Supervisory Board, unless the
          general meeting of shareholders designates a person for that purpose or unless
          the law provides otherwise for such designation. Such a person may also be the
          member of the Board of Management in respect with whom the conflict of interest
          exists. If a member of the Board of Management has a conflict of interest with
          the Company other than as referred to in the first sentence of this paragraph,
          he shall as each of the other members of the Board of Management have the power
          to represent the Company, in accordance with the provisions of the first
          paragraph. </FONT></TD>
          </TR>
          </TABLE>


<!-- MARKER FORMAT-SHEET="Head Left Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Board of Management;
        decision process and internal rules and regulations.<br>
        Article 16.</u></FONT></H1></TD></TR>
</TABLE>




<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
  <TR VALIGN=TOP>
    <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16.1.</FONT></TD>
    <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Supervisory
      Board shall appoint one of the members of the Board of Management as Chairman.
      </FONT></TD>
  </TR>
</TABLE>
<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
  <TR VALIGN=TOP>
    <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16.2.</FONT></TD>
    <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Resolutions
      of the Board of Management shall be adopted by an absolute majority of votes
      cast. In a&nbsp;tie vote the Chairman of the Board of Management shall have
      a casting vote. </FONT></TD>
  </TR>
</TABLE>
<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
  <TR VALIGN=TOP>
    <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>16.3.</FONT></TD>
    <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Board
      of Management shall adopt internal rules and regulations. <b><u></u></b>
      </FONT></TD>
  </TR>
</TABLE>


<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
    <TD>
      <H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b><u>Board
        of Management; decision proces.</u></b><br>
        <u>Article 17.</u></FONT></H1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17.1.</FONT></TD>

    <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Without prejudice
      to the other provisions of these articles of association, resolutions of
      the Board of Management shall require the approval of the Supervisory Board
      concerning:</FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
  <TR VALIGN=TOP>
    <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>a. </FONT></TD>
    <TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> issuance,
      including the granting of rights to subscribe for shares in the share capital
      of the Company, and acquisition of shares in and debentures chargeable to
      the Company or of debentures chargeable to a limited partnership or general
      partnership of which the Company is a general partner with full liability;
      </FONT></TD>
  </TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
  <TR VALIGN=TOP>
    <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. </FONT></TD>
    <TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>cooperation
      in the issuance of depositary receipts for shares in the Company;</FONT></TD>
  </TR>
</TABLE>
<!-- MARKER FORMAT-SHEET="Para List Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
  <TR VALIGN=TOP>
    <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>c. </FONT></TD>
    <TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>application
      for listing or for withdrawal of the listing of the documents referred to
      under a. and b. in the price list of any stock exchange;</FONT></TD>
  </TR>
</TABLE>
<!-- MARKER FORMAT-SHEET="Para List Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
  <TR VALIGN=TOP>
    <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>d. </FONT></TD>
    <TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> entry into
      or termination of a continuing cooperation by the Company or a dependent
      company with another legal entity or partnership or as general partner with
      full liability in a limited partnership or general partnership, if such
      cooperation or the termination thereof will materially affect the Company;</FONT></TD>
  </TR>
</TABLE>
<!-- MARKER FORMAT-SHEET="Para List Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
  <TR VALIGN=TOP>
    <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>e. </FONT></TD>
    <TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> acquisition
      by the Company or a dependent company of a direct or indirect participation
      in the share capital of another company, the value of which is at least
      equal to the sum of one quarter of the issued share capital and the reserves
      of the Company, as shown in its balance sheet with explanatory notes, as
      well as any material change in the size of such participation;</FONT></TD>
  </TR>
</TABLE>
<BR>
<BR>
<BR>

<!-- MARKER FORMAT-SHEET="Page Break Table" FSL="Project" -->
<TABLE WIDTH=625 CELLSPACING=0 CELLPADDING=0 BORDER=0>
  <TR VALIGN=TOP>
    <TD><HR SIZE=5 NOSHADE COLOR="BLACK"> </TD>
  </TR>
</TABLE>
<BR>
<BR>
<br>
<!-- MARKER FORMAT-SHEET="Para List Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
  <TR VALIGN=TOP>
    <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>f. </FONT></TD>
    <TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Investments
      requiring an amount equal to at least one quarter of the issued share capital
      and reserves of the Company, as shown in its balance sheet with explanatory
      notes; </FONT></TD>
  </TR>
</TABLE>
<!-- MARKER FORMAT-SHEET="Para List Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
  <TR VALIGN=TOP>
    <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>g. </FONT></TD>
    <TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a proposal
      to amend the articles of association; </FONT></TD>
  </TR>
</TABLE>
<!-- MARKER FORMAT-SHEET="Para List Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
  <TR VALIGN=TOP>
    <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>h. </FONT></TD>
    <TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a proposal
      to dissolve the Company or a proposal for a legal merger of the Company;</FONT></TD>
  </TR>
</TABLE>
<!-- MARKER FORMAT-SHEET="Para List Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
  <TR VALIGN=TOP>
    <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>i. </FONT></TD>
    <TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> application
      for bankruptcy or for a moratorium of payments;</FONT></TD>
  </TR>
</TABLE>
<!-- MARKER FORMAT-SHEET="Para List Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
  <TR VALIGN=TOP>
    <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>j. </FONT></TD>
    <TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>termination
      of the employment of a considerable number of employees of the Company or
      of a dependent company at the same time or within a short time-span;</FONT></TD>
  </TR>
</TABLE>
<!-- MARKER FORMAT-SHEET="Para List Hang 1" FSL="Project" -->
          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <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>k. </FONT></TD>
               <TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               a far-reaching change in the working conditions of a considerable number of
               employees of the Company or of a dependent company; </FONT></TD>
               </TR>
               </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang 1" FSL="Project" -->
          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <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>l. </FONT></TD>
               <TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               a proposal to reduce the issued share capital. </FONT></TD>
               </TR>
               </TABLE>


<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17.2.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Supervisory Board may grant the approvals required pursuant to this article
          either for a specific transaction, or for a group of such transactions. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>17.3.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Supervisory Board furthermore may decide that certain clearly defined
          resolutions from the Board of Management need to be submitted to the approval of
          the Supervisory Board. The Supervisory Board shall forthwith inform the Board of
          Management of such decision. Such resolutions shall be included in the rules and
          regulations as meant in article 16, paragraph 3. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Head Left Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
    <TD> <H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Board
        of Management; absence or prevention from acting.<br>
        Article 18.</u></FONT></H1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para Flush Left" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In the event one or more
      members of the Board of Management are prevented from acting or are failing,
      the remaining members or the only remaining member shall be temporarily
      in charge of the management of the company. In the event all members of
      the Board of Management are prevented from acting or are failing, the Supervisory
      Board shall be temporarily in charge of the management of the company. In
      this event the Supervisory Board may temporarily charge one or more persons,
      whether or not from among its members, with the management of the Company.
      </FONT></TD>
  </TR></TABLE>

<!-- MARKER FORMAT-SHEET="Head Left Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
    <TD> <H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b><u>Board
        of Management; remuneration and indemnification.</u></b> <br>
        <u>Article 19.</u></FONT></H1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19.1.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The policy regarding the remuneration of the members of the Board of Management
          will be adopted by the general meeting of shareholders upon a proposal of the
          Supervisory Board. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19.2.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The remuneration of the members of the Board of Management will, with due
          observance of the policy set out in paragraph 1, be determined by the
          Supervisory Board. The Supervisory Board will submit for approval by the general
          meeting of shareholders a proposal regarding the arrangements for the
          remuneration in the form of shares or rights to acquire shares. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>19.3.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Current and former members of the Board of Management shall be reimbursed for: </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang 1" FSL="Project" -->
          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <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>(i) </FONT></TD>
               <TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               expenses in relation to conducting a defence against claims for damages or
               conducting a defence in other legal proceedings; and </FONT></TD>
               </TR>
               </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
  <TR VALIGN=TOP>
    <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>(ii) </FONT></TD>
    <TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>any damages
      they may be ordered to pay, </FONT></TD>
  </TR>
</TABLE>

<BR>
<BR>
<BR>

  <!-- MARKER FORMAT-SHEET="Page Break Table" FSL="Project" -->
<TABLE WIDTH=625 CELLSPACING=0 CELLPADDING=0 BORDER=0>
  <TR VALIGN=TOP>
    <TD><HR SIZE=5 NOSHADE COLOR="BLACK"> </TD>
  </TR>
</TABLE>
<BR>
<BR>
<BR>
<!-- MARKER FORMAT-SHEET="Para Flush Left 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%>&nbsp;</TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
incurred
due to acts or omissions in the performance of their tasks as member of the Board of
Management or another function they fulfil at the request of the Company. The Company
shall indemnify them against financial losses that are a direct result of the foregoing.
No reimbursement will be awarded and no indemnification will be granted to the party
concerned in case and to the extent that a court in the Netherlands irrevocably has
established that the acts and omissions may be characterised as being wilfully
misconducted or intentionally reckless, including seriously imputable, unless this would
be in view of all circumstances of the case contrary to the reasonableness and fairness
(<I>redelijkheid en billijkheid</I>). In addition, no reimbursement will be given to the
extent that the financial losses are covered by an insurance and the insurer has settled
the financial losses. On behalf of the party concerned the Company may take out insurance
against liability. By means of a written agreement the Supervisory Board may further
implement the foregoing. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Head Left Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
    <TD> <H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Supervisory
        board, supervision on the Board of Management.<br>
        Article 20. </u></FONT></H1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20.1.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Supervisory Board is charged with the supervision of the policies of the
          Board of Management and the general course of affairs in the Company and its
          affiliated enterprise. The Supervisory Board shall support the Board of
          Management with its advice. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20.2.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Board of Management shall provide the Supervisory Board in time with the
          information it needs to carry out its duties. At least once per year, the Board
          of Management shall inform the Supervisory Board in writing in respect of the
          principles of the strategic policy, the general and financial risks and the
          management and control system of the Company. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para Flush Left 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%>&nbsp;</TD>
    <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> The Board of
      Management shall at that time submit to the approval of the Supervisory
      Board: </FONT></TD>
</TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
  <TR VALIGN=TOP>
    <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>a. </FONT></TD>
    <TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the operational
      and financial objectives of the Company;</FONT></TD>
  </TR>
</TABLE>
<!-- MARKER FORMAT-SHEET="Para List Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
  <TR VALIGN=TOP>
    <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. </FONT></TD>
    <TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the strategy
      designed to achieve the objectives; and</FONT></TD>
  </TR>
</TABLE>
<!-- MARKER FORMAT-SHEET="Para List Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
  <TR VALIGN=TOP>
    <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>c. </FONT></TD>
    <TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> the parameters
      to be applied in relation to the strategy, for example in respect of the financial
      ratios. </FONT></TD>
  </TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>20.3.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Supervisory Board shall prepare a profile for its size and composition,
          taking into consideration the nature of the business, its activities and the
          desired expertise and background of the Supervisory Board members. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Head Left Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Supervisory
        Board; appointment.<BR>
        Article 21.</u></FONT></H1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21.1.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Supervisory Board shall consist of at least three members or any larger
          number of members as determined by the Supervisory Board. The Supervisory Board
          shall appoint one of its members as its Chairman. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21.2.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The members of the Supervisory Board shall be appointed by the Supervisory
          Board. In the absence of all members of the Supervisory Board, the members of
          the Supervisory Board shall be appointed by the general meeting of shareholders,
          with due observance of the provisions of the law. The large company regime
          applies to the Supervisory Board and the appointment, removal and suspension of
          the members of the Supervisory Board. </FONT></TD>
          </TR>
          </TABLE>
          <BR>
          <BR>
          <BR>
<TABLE WIDTH=625 CELLSPACING=0 CELLPADDING=0 BORDER=0>
  <TR VALIGN=TOP>
    <TD><HR SIZE=5 NOSHADE COLOR="BLACK"> </TD>
  </TR>
</TABLE>
<BR>
<BR>
<BR>
<BR>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21.3.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The general meeting of shareholders, the works council and the Board of
          Management may recommend persons to the Supervisory Board for appointment as a
          member of the Supervisory Board. The Supervisory Board shall promptly inform
          them when and as a result of which event, a vacancy in the Supervisory Board
          must be filled. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21.4.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Supervisory Board shall notify the general meeting of shareholders and the
          works council of the name of the person it intends to appoint. In such
          notification information shall also be given in respect of the age, the
          profession, the number of shares held by him in the share capital of the Company
          and the positions he holds or has held insofar as of importance with respect to
          the fulfillment of the duties of a member of the Supervisory Board, as well as
          for which companies he already serves as a member of the supervisory board; in
          the event this includes legal entities that belong to the same group it shall be
          sufficient to mention such group. In the notification the reasons for the
          proposed appointment shall be mentioned. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21.5.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Supervisory Board shall appoint the person referred to in the preceding
          paragraph, unless the general meeting of shareholders or the works council
          opposes the intended appointment on the basis that the provisions of paragraph
          3, second full sentence or paragraph 4 have not been properly observed, or on
          the basis that it is expected that the person proposed for appointment will be
          unsuitable for the performance of his duties as a member of the Supervisory
          Board or that the Supervisory Board at the moment of appointment pursuant to the
          proposal will not be properly constituted. The resolution of the general meeting
          of shareholders to make an objection known must be adopted at the first meeting
          following the receipt of the notification; such meeting shall not be held until
          fourteen days after the receipt of the notification. The works council must
          adopt the resolution to make an objection known within two months after the
          notification. The objection must be announced to the Supervisory Board together
          with the reasons therefor. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21.6.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Notwithstanding the objection of the general meeting of shareholders or of the
          works council the appointment can be made in accordance with the intention of
          the Supervisory Board, if the Enterprises Chamber of the Court of Justice in
          Amsterdam -, hereinafter: the Enterprises Chamber -, at the request of the
          Supervisory Board, decides that the objections are unfounded. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21.7.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Enterprises Chamber will only adopt a resolution to that effect, after the
          Supervisory Board and representatives designated by the general meeting of
          shareholders and the works council have been given the opportunity to be heard
          in connection with the request. No further appeal is possible against the
          decision of the Enterprises Chamber. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>21.8.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          For the application of the provisions of this article, the works council shall
          be deemed to include the works council of the enterprise of the Company or the
          works council of the enterprise of a dependent company. In the event that there
          is more than one works council, these councils shall have equal powers. If a
          central works council has been instituted for the enterprise or enterprises
          concerned, the powers of the works council pursuant to this article shall be
          vested in the central works council. No decision shall be taken by the works
          council under this article, before the Company and the works council have
          conferred on the matter concerned at least once. </FONT></TD>
          </TR>
          </TABLE>
<br>
<br>
<br>
<!-- MARKER FORMAT-SHEET="Page Break Table" FSL="Project" -->
<TABLE WIDTH=625 CELLSPACING=0 CELLPADDING=0 BORDER=0>
  <TR VALIGN=TOP>
    <TD><HR SIZE=5 NOSHADE COLOR="BLACK"> </TD>
  </TR>
</TABLE>
<BR>
<BR>
<BR>

<!-- MARKER FORMAT-SHEET="Head Left Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
    <TD> <H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Supervisory
        Board; absence of all members.<br>
        Article 22.</u></FONT></H1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para Flush Left" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If
the number of members of the Supervisory Board has fallen below three, the powers of the
Supervisory Board shall remain unaffected. In such case the necessary measures to increase
the number of members shall be taken forthwith. </FONT></TD></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Head Left Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Supervisory
        Board; resignation.<BR>
        Article 23.</u></FONT></H1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23.1.</FONT></TD>

    <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> The position
      of a member of the Supervisory Board may not be held by: </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
  <TR VALIGN=TOP>
    <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>a. </FONT></TD>
    <TD WIDTH=84%><font face="Times New Roman, Times, Serif" size=2> persons employed
      by the Company; </font></TD>
  </TR>
</TABLE>
<!-- MARKER FORMAT-SHEET="Para List Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
  <TR VALIGN=TOP>
    <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. </FONT></TD>
    <TD WIDTH=84%><font face="Times New Roman, Times, Serif" size=2> persons employed
      by a dependent company; </font></TD>
  </TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
  <TR VALIGN=TOP>
    <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>c. </FONT></TD>
    <TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>members of
      the Board of Management and persons employed by an employees&#146; organization
      customarily involved in the establishment of the terms of employment of
      the persons referred to under a. and b. </FONT></TD>
  </TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23.2.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          A member of the Supervisory Board shall be appointed for a maximum period of
          four years, provided however that unless such member of the Supervisory Board
          has resigned at an earlier date, his term of office shall lapse on the day of
          the general meeting of shareholders, to be held in the fourth year after the
          year of his appointment. A member of the Supervisory Board may be re-appointed
          with due observance of the preceding sentence. A member of the Supervisory
          Board, appointed to fulfil an interim vacancy, shall &#150; as far as it
          concerns the moment of retirement &#150; take the place of his predecessor,
          unless the Supervisory Board provides otherwise at the moment of his
          appointment. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23.3.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Supervisory Board establishes a rotation schedule. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>23.4.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          A member of the Supervisory Board may be suspended by the Supervisory Board;
          such suspension shall lapse by operation of law if the Company has not requested
          the Enterprises Chamber for the removal of such member as referred to in section
          2:161, subsection 2, Civil Code, within one month of the beginning of the
          suspension. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Head Left Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
    <TD> <H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Supervisory
        Board; meetings and decision proces.<br>
        Article 24.</u></FONT></H1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24.1.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Supervisory Board may adopt its resolutions by an absolute majority of the
          votes cast at a meeting at which at least one half of its members is present.
          The Supervisory Board may adopt its resolutions in writing provided that the
          proposal has been sent to all members and no member has opposed to this method
          of adopting a resolution and provided that more than half of the members will
          cast its votes in favour of the proposal. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24.2.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Minutes shall be kept of the proceedings at the meetings of the Supervisory
          Board, which in any case shall include the resolutions adopted by the meeting.
          In the event that the resolutions have been adopted outside a meeting, as
          referred to in the preceding paragraph, the resolutions so adopted shall be
          recorded in writing. Such record shall be signed by the Chairman. </FONT></TD>
          </TR>
          </TABLE>
<BR>
<BR>
<BR>
<!-- MARKER FORMAT-SHEET="Page Break Table" FSL="Project" -->
<TABLE WIDTH=625 CELLSPACING=0 CELLPADDING=0 BORDER=0>
  <TR VALIGN=TOP>
    <TD><HR SIZE=5 NOSHADE COLOR="BLACK"> </TD>
  </TR>
</TABLE>
<BR>
<BR>
<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24.3.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          A statement signed by two members of the Supervisory Board to the effect that
          the Supervisory Board has adopted a particular resolution shall constitute
          evidence of such a resolution vis-&agrave;-vis third parties. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24.4.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The members of the Board of Management shall, if so invited by the Supervisory
          Board, attend the meetings of the Supervisory Board. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>24.5.</FONT></TD>

    <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> The Supervisory
      Board adopts internal rules and regulations. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Head Left Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
  <TR VALIGN=TOP>
    <TD> <H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><b><u>Supervisory
        Board; remuneration and indemnification.<br> Article 25.</u></b></FONT></H1></TD>
  </TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25.1.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Upon the proposal of the Supervisory Board, the general meeting of shareholders
          shall determine the remuneration of the members of the Supervisory Board, which
          shall consist of a fixed yearly amount. A member of the Supervisory Board shall
          not be granted any shares and/or rights to acquire shares by way of
          remuneration. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25.2.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Supervisory Board may grant an additional remuneration to be borne by the
          Company to its Chairman or to members who pursuant to a resolution of the
          Supervisory Board have been designated to perform certain functions or
          activities of the Supervisory Board. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>25.3.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Current and former members of the Supervisory Board shall be reimbursed for: </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang 1" FSL="Project" -->
          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <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>(i) </FONT></TD>
               <TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               expenses in relation to conducting a defence against claims for damages or
               conducting a defence in other legal proceedings; and </FONT></TD>
               </TR>
               </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
  <TR VALIGN=TOP>
    <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>(ii) </FONT></TD>
    <TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>any damages
      they may be ordered to pay, </FONT></TD>
  </TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para Flush Left 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%>&nbsp;</TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
incurred
due to acts or omissions in the performance of their tasks as member of the Supervisory
Board or another function they fulfil at the request of the Company. The Company shall
indemnify them against financial losses that are a direct result of the foregoing. No
reimbursement will be awarded and no indemnification will be granted to the party
concerned in case and to the extent that a court in the Netherlands irrevocably has
established that the acts and omissions may be characterised as being wilfully
misconducted or intentionally reckless, including seriously imputable, unless this would
be in view of all circumstances of the case contrary to the reasonableness and fairness
(<I>redelijkheid en billijkheid</I>). In addition, no reimbursement will be given to the
extent that the financial losses are covered by an insurance and the insurer has settled
the financial losses. On behalf of the party concerned the Company may take out insurance
against liability. By means of a written agreement the Board of Management may further
implement the foregoing. </FONT></TD>
</TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Head Left Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
    <TD> <H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>General
        meetings of shareholders; general.<br>
        Article 26.</u></FONT></H1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26.1.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The ordinary general meeting of shareholders shall be held each year within six
          months after the end of the financial year. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Default" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>26.2.</FONT></TD>

    <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> The agenda
      of this general meeting shall at least contain the following subjects: </FONT></TD>
          </TR>
          </TABLE>


<!-- MARKER FORMAT-SHEET="Para List Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
  <TR VALIGN=TOP>
    <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>a. </FONT></TD>
    <TD WIDTH=84%><font face="Times New Roman, Times, Serif" size=2> the written
      report of the Board of Management containing the course of affairs in the
      Company and the conduct of the management during the past financial year;
      </font></TD>
  </TR>
</TABLE>
<!-- MARKER FORMAT-SHEET="Para List Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
  <TR VALIGN=TOP>
    <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. </FONT></TD>
    <TD WIDTH=84%><font face="Times New Roman, Times, Serif" size=2>the approval
      of the annual accounts; </font></TD>
  </TR>
</TABLE>
<!-- MARKER FORMAT-SHEET="Para List Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
  <TR VALIGN=TOP>
    <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>c. </FONT></TD>
    <TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>discussion
      regarding the Company&#146;s reserves and dividend policy and justification
      thereof by the Board of Management; </FONT></TD>
  </TR>
</TABLE>

<br>
<br>
<br>

<!-- MARKER FORMAT-SHEET="Page Break Table" FSL="Project" -->
<TABLE WIDTH=625 CELLSPACING=0 CELLPADDING=0 BORDER=0>
  <TR VALIGN=TOP>
    <TD><HR SIZE=5 NOSHADE COLOR="BLACK"> </TD>
  </TR>
</TABLE>
<BR>
<BR>
<BR>
<BR>
<!-- MARKER FORMAT-SHEET="Para List Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
  <TR VALIGN=TOP>
    <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>d. </FONT></TD>
    <TD WIDTH=84%><font face="Times New Roman, Times, Serif" size=2>if applicable,
      the proposal to pay a dividend; </font></TD>
  </TR>
</TABLE>
<!-- MARKER FORMAT-SHEET="Para List Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
  <TR VALIGN=TOP>
    <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>e. </FONT></TD>
    <TD WIDTH=84%><font face="Times New Roman, Times, Serif" size=2>the discharge
      of the members of the Board of Management in respect of its management during
      the previous financial year; </font></TD>
  </TR>
</TABLE>
<!-- MARKER FORMAT-SHEET="Para List Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
  <TR VALIGN=TOP>
    <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>f. </FONT></TD>
    <TD WIDTH=84%><font face="Times New Roman, Times, Serif" size=2> the discharge
      of the members of the Supervisory Board in respect of its supervision during
      the previous financial year ;</font></TD>
  </TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
  <TR VALIGN=TOP>
    <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>g. </FONT></TD>
    <TD WIDTH=84%><font face="Times New Roman, Times, Serif" size=2> each substantial
      change in the corporate governance structure of the Company; and </font></TD>
  </TR>
</TABLE>
<!-- MARKER FORMAT-SHEET="Para List Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
  <TR VALIGN=TOP>
    <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>h. </FONT></TD>
    <TD WIDTH=84%><font face="Times New Roman, Times, Serif" size=2>proposals
      placed on the agenda by the Supervisory Board, the meeting of holders of
      priority shares, the Board of Management or shareholders submitted accordance
      with the provisions of these articles of association shall be discussed
      and resolved upon. </font></TD>
  </TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para Flush Left 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%>&nbsp;</TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
provisions under a., b. , c., d., e., f. and g. do not obstruct the possibility of the
general meeting of shareholders to resolve, on the basis of special circumstances, to
extend the period for preparing the annual accounts and the annual report and associated
documents and for submitting them to the general meeting of shareholders, up to a maximum
of six additional months. </FONT></TD>
</TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Head Left Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
    <TD> <H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Extraordinary
        general meeting of shareholders.<br>
        Article 27.</u></FONT></H1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27.1.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Extraordinary general meetings of shareholders shall be held as often as is
          deemed necessary by the Board of Management or the Supervisory Board, and must
          be held if the meeting of holders of priority shares or one or more shareholders
          and others entitled to attend the meetings jointly representing at least
          one-tenth of the issued share capital make a written request to that effect to
          the Board of Management and the Supervisory Board, specifying in detail the
          items to be discussed. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>27.2.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          If the Board of Management fails to comply with a request as referred to in the
          preceding paragraph in such a manner that the general meeting of shareholders
          can be held within six weeks after the request, the persons making the request
          may be authorized by the President of the Court in &#145;s-Hertogenbosch to
          convene the meeting themselves. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Head Left Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
    <TD> <H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>General
        meeting of shareholders; place and convocation.<br>
        Article 28.</u></FONT></H1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28.1.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The general meetings of shareholders shall be held, at the option of the Board
          of Management, in Veldhoven, in Eindhoven, in Amsterdam or in The Hague; the
          convocation shall inform the shareholders and others entitled to attend the
          meetings accordingly. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28.2.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The convocation to the general meeting of shareholders shall be published in the
          form of an advertisement which shall be placed in at least one national daily
          Dutch newspaper and &#150; in the event of a listing as referred to in article
          10, paragraph 11&#150; in the Daily Official List of Euronext Amsterdam N.V. In
          addition, holders of registered shares of type II can be called to the meeting
          by letter. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>28.3.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The convocation shall be issued by the Board of Management or by those persons
          statutory entitled thereto. </FONT></TD>
          </TR>
          </TABLE>

<BR>
<BR>
<BR>
  <!-- MARKER FORMAT-SHEET="Page Break Table" FSL="Project" -->
<TABLE WIDTH=625 CELLSPACING=0 CELLPADDING=0 BORDER=0>
  <TR VALIGN=TOP>
    <TD><HR SIZE=5 NOSHADE COLOR="BLACK"> </TD>
  </TR>
</TABLE>
<BR>
<BR>
<BR>
<!-- MARKER FORMAT-SHEET="Head Left Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
    <TD> <H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>General
        meeting of shareholders; convocation and agenda.<br>
        Article 29.</u></FONT></H1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29.1.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The convocation referred to in the preceding article shall take place no later
          than on the fifteenth day prior to the day of the meeting. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29.2.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Without prejudice to the other provisions of these articles of association, the
          agenda shall include such items as have been included therein by the Board of
          Management, the Supervisory Board or the meeting of holders of priority shares;
          furthermore the agenda shall include such items as one or more shareholders and
          others entitled to attend the meetings, representing at least one-tenth of the
          issued share capital, have requested the Board of Management to include in the
          agenda, at least four weeks before the day of convocation. No resolutions shall
          be adopted on items other than those which have been included in the agenda. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para Flush Left 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%>&nbsp;</TD>
<TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
The
Board of Management and the Supervisory Board shall inform the shareholders by means of
explanatory notes to the agenda of all facts and circumstances relevant to the proposals
on the agenda. These explanatory notes to the agenda shall be published on the website of
the Company. </FONT></TD>
</TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29.3.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Without prejudice to the provisions regarding the reduction of share capital and
          the amendment of the articles of association, the convocation shall either
          mention the items to be discussed or state that the shareholders and others
          entitled to attend the meetings can inform themselves on the items to be
          discussed at the office of the Company and that copies thereof are obtainable
          free of charge at such places as are specified in the convocation. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Head Left Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
    <TD> <H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>General
        meeting of shareholders; meeting order and reporting.<br>
        Article 30.</u></FONT></H1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30.1.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The general meetings of shareholders shall be presided over by the Chairman of
          the Supervisory Board or by any other person designated by the Supervisory
          Board. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30.2.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          A certificate signed by the chairman confirming that the general meeting of
          shareholders has adopted a particular resolution, shall constitute evidence of
          such resolution vis-&agrave;-vis third parties. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30.3.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Minutes shall be kept of the proceedings at each general meeting of
          shareholders, which minutes shall be signed by the Chairman and a person
          designated by him immediately after the meeting has been opened. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30.4.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The minutes of the general meeting of shareholders shall be made available, on
          request, to shareholders no later than three months after the end of the
          meeting, after which the shareholders shall have the opportunity to react to the
          minutes in the following three months. The minutes shall then be adopted and
          signed by the chairman and the person designated pursuant to paragraph 3. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>30.5.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          In the event that a notarial record is prepared of the proceedings at the
          meeting, the provisions of paragraphs 3 and 4 are not applicable and co-signing
          of the Chairman is sufficient. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Head Left Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
    <TD> <H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>General
        meeting of shareholders; record date.<br>
        Article 31.</u></FONT></H1></TD></TR>
</TABLE>
<BR>
<BR>
<br>
  <!-- MARKER FORMAT-SHEET="Page Break Table" FSL="Project" -->
<TABLE WIDTH=625 CELLSPACING=0 CELLPADDING=0 BORDER=0>
  <TR VALIGN=TOP>
    <TD><HR SIZE=5 NOSHADE COLOR="BLACK"> </TD>
  </TR>
</TABLE>
<BR>
<BR>
<BR>
<br>
<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.1.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          All holders of shares and others entitled to attend meetings are authorized to
          attend the general meeting of shareholders, to address the meeting and, in so
          far as they have such a right, to vote. </FONT></TD>
          </TR>
          </TABLE>
          <BR>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.2.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The general meeting of shareholders may adopt rules and regulations to restrict
          the time to speak. To the extent the rules and regulations do not apply, the
          Chairman may restrict the time to speak if he considers this to be desirable in
          view of the orderly conduct of the meeting. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.3.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Board of Management may determine that paragraph 1 will be applicable to
          those who (i) are a shareholder as per a certain date, determined by the Board
          of Management, such date hereinafter referred to as: the &#147;record
          date&#148;, and (ii) who are as such registered in a register (or one or more
          parts thereof) designated thereto by the Board of Management, hereinafter
          referred to as: the &#147;register&#148;, in as far as (iii) at the request of
          the applicant, the holder of the register has given notice in writing to the
          Company prior to the general meeting, that the shareholder mentioned in this
          paragraph has the intention to attend the general meeting, regardless who will
          be shareholder at the time of the general meeting. The notice will contain the
          name and the number of shares the shareholder will represent in the general
          meeting. The provision above under (iii) about the notice to the Company also
          applies to the proxy holder of a shareholder, who has a written proxy. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.4.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The in paragraph 3 mentioned record date and the date mentioned in that
          paragraph on which the notice of the intention to attend the general meeting has
          to be given at the latest, can not be determined earlier than on a certain time
          on the seventh day and not later than on the third day, prior to the date of the
          general meeting. The convocation of the general meeting will contain those
          times, the place of meeting and the proceedings for registration and
          notification. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.5.</FONT></TD>

    <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> In case the
      Board of Management does not exercise its right as determined in paragraph
      3, it shall be necessary for: </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang 1" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
  <TR VALIGN=TOP>
    <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>a. </FONT></TD>
    <TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>each holder
      of shares that are not part of a Joint Deposit, to notify the Company in
      writing of his intention to do so no later than on the day and furthermore
      at the place mentioned in the convocation, stating &#150; insofar as it
      concerns shares of type II &#150; the identifying number of the share certificate.
      They may only exercise the said rights at the meeting for the shares registered
      in their name both on the day referred to above and on the day of the meeting;
      </FONT></TD>
  </TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang 1" FSL="Project" -->
          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <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. </FONT></TD>
               <TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               any person who as a Participant within the meaning of the Wge is entitled to a
               Joint Deposit, to submit, no later than on the day and furthermore at the place
               mentioned in the convocation, a written declaration from the Affiliated
               Institution stating that the number of shares mentioned in the declaration form
               part of a Joint Deposit and that the person mentioned in the declaration is
               Participant for the mentioned number of shares in the joint deposit and will
               remain so till at the end of the general meeting of shareholders. </FONT></TD>
               </TR>
               </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.6.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Company shall send a card of admission for the meeting to all shareholders
          who have notified the Company of their intention in accordance with the
          provisions of the preceding paragraph. </FONT></TD>
          </TR>
          </TABLE>

<br>
<br>
<br>
<!-- MARKER FORMAT-SHEET="Page Break Table" FSL="Project" -->
<TABLE WIDTH=625 CELLSPACING=0 CELLPADDING=0 BORDER=0>
  <TR VALIGN=TOP>
    <TD><HR SIZE=5 NOSHADE COLOR="BLACK"> </TD>
  </TR>
</TABLE>
<BR>
<BR>
<BR>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.7.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The person who wishes to exercise the right to vote and to attend the general
          meeting has to sign the attendance list prior to the general meeting, as far as
          applicable stating the name (names) of the person(s) he is representing as proxy
          holder, the number of shares he is representing and, as far as applicable, the
          number of votes he is able to cast. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.8.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          In case the Board of Management exercises its right as determined in paragraph
          3, those who have a written proxy shall give their proxy to the holder of the
          register prior to the notification described in paragraph 4. The holder of the
          register will send the proxies together with the notification to the Company as
          described in paragraph 3 sub (iii). The Board of Management may resolve that the
          proxies of holders of voting rights will be attached to the attendance list. In
          case the Board of Management does not exercise its right as determined in
          paragraph 3, the written proxies must be deposited ultimately on the day
          mentioned in the convocation and at the office of the Company. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>31.9.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The provisions of the preceding paragraphs shall apply correspondingly to
          holders of a right of usufruct or holders of a right of pledge, who have the
          right to vote. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Head Left Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
    <TD> <H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>General
        meeting of shareholders; votes.<br>
        Article 32.</u></FONT></H1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32.1.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Each share gives the right to cast one vote. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>32.2.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Valid votes may be cast for shares held by a person who, for another reason than
          in his capacity as shareholder of the Company, would have been granted any right
          vis-&agrave;-vis the Company pursuant to the resolution to be adopted, or who
          would have been released from any obligation vis-&agrave;-vis the Company as a
          result thereof. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Head Left Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
    <TD> <H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>General
        meeting of shareholders; decision proces.<br>
        Article 33.</u></FONT></H1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>33.1.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Unless these articles of association provide for a larger majority, resolutions
          shall be adopted with an absolute majority of votes cast. Blank votes and
          invalid votes shall not be taken into account. The Chairman shall decide on the
          method of voting and on the possibility of voting by acclamation. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>33.2.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          In a vote concerning reappointments, further votes shall, if necessary, be taken
          until one of the nominees has obtained an absolute majority. In a tie vote no
          resolution will have been adopted. The second vote or votes may, at the
          Chairman&#146;s discretion, be taken at a subsequent meeting. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>33.3.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Except as provided in paragraph 2 above,in the event of a tie vote the relevant
          proposal shall be deemed rejected. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Head Left Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
    <TD> <H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Meetings
        of holders of ordinary shares.<br>
        Article 34.</u></FONT></H1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para Flush Left" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Separate
meetings of holders of ordinary shares shall be held whenever a resolution of the meeting
of holders of ordinary shares is necessary pursuant to the provisions of law and these
articles of association. With respect to such meeting articles 27 to 33 inclusive shall
apply correspondingly. </FONT></TD></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Head Left Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
    <TD> <H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Meetings
        of holders of priority shares.<br>
        Article 35.</u></FONT></H1></TD></TR>
</TABLE>
<BR>
<BR>
<BR>
  <!-- MARKER FORMAT-SHEET="Page Break Table" FSL="Project" -->
<TABLE WIDTH=625 CELLSPACING=0 CELLPADDING=0 BORDER=0>
  <TR VALIGN=TOP>
    <TD><HR SIZE=5 NOSHADE COLOR="BLACK"> </TD>
  </TR>
</TABLE>
<BR>
<BR>
<BR>
<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>35.1.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Extraordinary meetings of holders of priority shares shall be held (i) as often
          as the Board of Management considers Necessary, (ii) whenever a resolution of
          the meeting of holders of priority shares is necessary pursuant to the
          provisions of law and these articles of association and (iii) must be held if
          holders of priority shares representing at least two-fifths of the issued
          priority share capital make a written request to that effect to the Board of
          Management, specifying in detail the business to be dealt with. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>35.2.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          If the meeting has not been convened within fourteen days after the request in
          accordance with the preceding sentence has been made, the applicants are
          authorized to convene the meeting themselves. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Head Left Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
    <TD> <H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Place
        of meetings and convocation.<br>
        Article 36.</u></FONT></H1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36.1.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Chairman of the Board of Management shall decide on the place where the
          meetings of holders of priority shares shall be held. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36.2.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The meetings shall be convened by means of a notice to each holder of priority
          shares. The fact that a notice has not been received or has not been received in
          time, is no basis for the invalidity of a meeting, unless there is no proof that
          the notice was indeed sent out. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36.3.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The notices shall be sent out by the Chairman of the Board of Management and in
          the event referred to in the end of the preceding paragraph by the holders of
          priority shares referred to therein. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Default" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36.4.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The meeting shall be convened no later than on the eighth day prior to the
          meeting. 36.5. A meeting at which all the holders of the priority shares are
          present or represented, may also adopt valid resolutions without fulfilling the
          convening requirements for convocation as referred to in this article. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36.6.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          A meeting of holders of priority shares may adopt its resolutions in writing if
          the proposal has been sent to all holders of priority shares in writing, none of
          them opposes this manner of decision-making and all the holders of priority
          shares express themselves in favour of the proposal concerned. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>36.7.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The provisions concerning the Chairmanship of the meetings, the minutes, the
          representation by proxy holders, the adoption of resolutions, the method of
          voting and tie votes contained in the articles 30, 32 and 33 shall apply
          correspondingly, provided, however, that only those persons may act as proxy
          holders who have not been opposed as such by the meeting of holders of priority
          shares. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Head Left Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Meeting of
        holders of preference shares.<br>
        Article 37.</u></FONT></H1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para Flush Left" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
    <TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The provisions concerning
      the meeting of holders of priority shares contained in articles 35 and 36
      shall apply mutatis mutandis to the meeting of holders of preference shares.</FONT></TD>
  </TR></TABLE>

<!-- MARKER FORMAT-SHEET="Head Left Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
    <TD> <H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> <b><u>Annual
        accounts, annual report and distributions.</u></b> <br>
        <u>Article 38.</u></FONT></H1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38.1.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The financial year shall coincide with the calendar year. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38.2.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Each year within five months after the end of the financial year, save where
          this period is extended by a maximum of six months on account of special
          circumstances, the Board of Management shall prepare annual accounts consisting
          of a balance sheet as at 31 December of the preceding year and a profit and loss
          account in respect of the preceding financial year, with the explanatory notes
          thereto. </FONT></TD>
          </TR>
          </TABLE>
<br>
<br>
<br>
 <!-- MARKER FORMAT-SHEET="Page Break Table" FSL="Project" -->
<TABLE WIDTH=625 CELLSPACING=0 CELLPADDING=0 BORDER=0>
  <TR VALIGN=TOP>
    <TD><HR SIZE=5 NOSHADE COLOR="BLACK"> </TD>
  </TR>
</TABLE>
<BR>
<BR>
<br>
<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Default" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38.3.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Board of Management must prepare these annual accounts on business
          economical basis. 38.4. With the approval of the Supervisory Board, the Board of
          Management shall have the power to determine to what extent the profits &#151;
          the positive balance of the profit and loss account &#151; shall be retained by
          way of a reserve, with due observance of the statutory provisions with respect
          to the statutory reserves and after the provisions of article 39, paragraphs 1
          and 2, have been fulfilled. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38.5.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Supervisory Board shall adopt the annual accounts. The Board of Management
          shall have the annual accounts examined by a registered accountant designated
          for that purpose by the general meeting of shareholders or another expert
          designated thereto in accordance with the provisions of section 2:393, Civil
          Code. In the event the general meeting of shareholders does not designate such
          expert, the Supervisory Board is authorized thereto, and if it fails to do so,
          the Board of Management shall be authorized to do so. Such designation may be
          made for an indefinite period of time. The expert shall report on his
          examination to the general meeting of shareholders, the Supervisory Board and
          the Board of Management and shall issue a report in writing containing the
          results thereof. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38.6.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The external auditor or the other expert designated in accordance with the
          provisions of Section 2:393 Civil Code shall be invited to the general meeting
          of shareholders and is authorised to address the meeting. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38.7.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The annual accounts can only be approved if the general meeting of shareholders
          has been informed on the expert&#146;s report. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38.8.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Board of Management shall explain, in a separate chapter of the annual
          report, the principles of the corporate governance structure of the Company. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>38.9.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Copies of the annual accounts which have been prepared, of the expert&#146;s
          report, of the annual report and of the information to be added pursuant to any
          and all statutory provisions can be obtained and shall be available for
          inspection by the shareholders and others entitled to attend the meetings, at
          the office of the Company and &#151; in the event of a listing as referred to in
          article 28, paragraph 2 &#151; at a banking institution in Amsterdam as of the
          day of the said convocation until the close of that meeting to be specified in
          the convocation to the general meeting of shareholders at which they will be
          discussed. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Head Left Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Profit and
        loss; general.<br>
        Article 39.</u></FONT></H1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39.1.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          From the profit shown in the annual accounts adopted by the Supervisory Board
          and approved by the general meeting of shareholders, the percentage mentioned
          below of the amount paid or required to be paid, as of the beginning of the
          financial year for which the distribution is made, or, if the preference shares
          were taken in the course of said financial year, as of the day on which the
          preference shares were taken, shall, if possible, first be distributed on those
          shares. The dividend on the preference shares shall only be distributed for the
          number of days that such shares were actually outstanding in the financial year
          concerned. The percentage referred to above shall be equal to the average value
          of the EURIBOR- percentage for cash loans with a duration of twelve months
          &#150; weighted by the amount of days for which this percentage counted- during
          the financial year for which the distribution is made, plus two hundred
          basispoints. </FONT></TD>
          </TR>
          </TABLE>
          <BR>
          <BR>
          <BR>
  <!-- MARKER FORMAT-SHEET="Page Break Table" FSL="Project" -->
<TABLE WIDTH=625 CELLSPACING=0 CELLPADDING=0 BORDER=0>
  <TR VALIGN=TOP>
    <TD><HR SIZE=5 NOSHADE COLOR="BLACK"> </TD>
  </TR>
</TABLE>
<BR>
<BR>
<br>
<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39.2.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          If the profit for a financial year is declared and one or more preference shares
          with repayment have been withdrawn or preference shares have been fully repaid
          in that financial year, those persons who according to the share register
          referred to in article 8 were holders of said preference shares at the time of
          the said withdrawal or repayment shall have an inalienable right to a
          distribution of profit as described below. The profit which, if possible, shall
          be distributed to the said persons shall be equal to the amount of the
          distribution to which they would have been entitled under the provisions of
          paragraph 1 if they had still been holders of the aforementioned preference
          shares at the time when the profit was declared, this being calculated on the
          basis of the period for which they were holders of preference shares in the said
          financial year, a part of a month being counted as a full month. With regard to
          an alteration to the provisions of this paragraph, the proviso referred to in
          section 2:122, Civil Code, is made. If in any financial year the profit referred
          to in paragraph 1 is not sufficient to make the distributions referred to above
          in this article, the provisions of this article and paragraph 3 shall not apply
          in the subsequent financial years until the shortfall has been eliminated. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39.3.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The profits that remain after article 38, paragraph 4, and paragraphs 1 and 2 of
          this article have been applied, shall be at the free disposal of the general
          meeting of shareholders. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39.4.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The general meeting of shareholders is authorized to reserve said part of the
          Profits, in whole or in part. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>39.5.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Distributions of profits may only take place to the extent shareholders&#146;
          equity exceeds the amount of the issued share capital plus the reserve
          maintained pursuant to law. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Head Left Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Profit and
        loss; distributions.<br>
        Article 40.</u></FONT></H1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40.1.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Upon the proposal of the Board of Management, which proposal shall require the
          prior approval of the Supervisory Board and of the meeting of holders of
          priority shares, the general meeting of Shareholders shall be authorized to
          resolve to make distributions charged to the &#147;other reserves&#148; shown in
          the annual accounts or charged to &#147;share premium reserve&#148;. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40.2.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Upon the proposal of the Board of Management, which proposal shall require the
          prior approval of the Supervisory board and of the meeting of holders of
          priority shares, the general meeting of shareholders shall be authorized to make
          distributions to shareholders pursuant to article 39, this article 40, paragraph
          1, and article 41 in the form of the issuance of shares. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Head Left Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Interim dividends.Article
        <BR>
        41.</u></FONT></H1></TD></TR>
</TABLE>
<BR>
<BR>
<BR>
<!-- MARKER FORMAT-SHEET="Page Break Table" FSL="Project" -->
<TABLE WIDTH=625 CELLSPACING=0 CELLPADDING=0 BORDER=0>
  <TR VALIGN=TOP>
    <TD><HR SIZE=5 NOSHADE COLOR="BLACK"> </TD>
  </TR>
</TABLE>
<BR>
<BR>

<!-- MARKER FORMAT-SHEET="Para Flush Left" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>At
its discretion and with due observance of the provisions of the law in respect thereof,
the Board of Management, with the prior approval of the Supervisory Board and of the
meeting of holders of priority shares, may distribute one or more interim dividends on the
shares before the annual accounts for any financial year have been approved. These interim
dividends may also be distributed on a class of share. </FONT></TD></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Head Left Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2> <B><U>Distributions.</U></B><u><br>Article
        42.</u></FONT></H1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>42.1.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Distributions pursuant to articles 39, 40 and 41, hereinafter referred to as
          Distributions (or in singular: Distribution), shall be made payable as from a
          date to be determined by the Board of Management. The date on which a
          Distribution is payable for the first time in respect of shares of type I that
          have been issued may differ from the date in respect of shares of type II
          issued. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>42.2.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Distributions shall be made payable at a place or places to be determined by the
          Board of Management. At least one place shall be designated in the Netherlands
          including &#151; in the event of a listing as referred to in article 10,
          paragraph 11 &#151; in any event a place in Amsterdam. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>42.3.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The Board of Management may determine the method of payment in respect of cash
          Distributions on shares of type I. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>42.4.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Cash Distributions in respect of shares for which share certificates of type II
          have been issued shall, if such Distributions are made payable only outside the
          Netherlands, be paid in the currency of the country concerned, converted at the
          exchange rate on the Amsterdam Stock Exchange at the close of business on a day
          to be determined and announced by the Board of Management. This day may not be
          earlier than the day preceding the day on which the Distribution is declared and
          no later than the day which has been determined for the shares concerned in
          accordance with the provisions of paragraph 5 of this article. If and insofar as
          on the first day on which a Distribution is made payable, the Company is unable,
          as a consequence of governmental regulations or other extraordinary
          circumstances beyond its control, to make the payment at the place designated
          outside the Netherlands or in the relevant foreign currency, the Board of
          Management may to that extent designate one or more places in the Netherlands
          instead where the distributions are made payable. In that event the provisions
          of the first sentence of this paragraph shall no longer apply. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>42.5.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The person entitled to any Distribution on shares shall be the person in whose
          name the share is registered or, in the event of limited rights, the person
          whose right appears well-founded, at the date to be determined by the Board of
          Management for the purpose of each Distribution in respect of the different
          types of shares. Such a payment shall acquit the Company. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>42.6.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Notices relating to Distributions, and relating to the dates and places referred
          to in the preceding paragraphs of this article, shall in the Netherlands be
          published in at least one national daily newspaper, and &#151; in the event of a
          listing as referred to in article 10, paragraph 11 &#151; in the Daily Official
          List of Euronext Amsterdam N.V. and abroad in at least one daily newspaper in
          each of those countries where, on the application of the Company, the
          Company&#146;s shares have been admitted for official listing, and further in
          such manner as the Board of Management may deem desirable. </FONT></TD>
          </TR>
          </TABLE>
          <BR>
          <BR>
          <BR>
  <!-- MARKER FORMAT-SHEET="Page Break Table" FSL="Project" -->
<TABLE WIDTH=625 CELLSPACING=0 CELLPADDING=0 BORDER=0>
  <TR VALIGN=TOP>
    <TD><HR SIZE=5 NOSHADE COLOR="BLACK"> </TD>
  </TR>
</TABLE>
<BR>
<BR>
<BR>
<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>42.7.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Claims for payment of Distributions in cash shall lapse if such Distributions
          have not been collected within five years following the date on which they were
          made payable. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>42.8.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          In case of a Distribution by way of shares in the share capital of the Company
          pursuant to article 40, paragraph 2, those shares shall be registered in the
          share register. A share certificate of type II shall be issued to the holders of
          shares of type II for a nominal amount equal to the amount added. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>42.9.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          The provisions of paragraphs 5 and 8 shall apply correspondingly in respect of
          any other distributions that do not take place pursuant to the articles 39, 40
          and 41. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Head Left Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Amendment
        of articles of association, dissolution and liquidation.<br>
        Article 43.</u></FONT></H1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>43.1.</FONT></TD>

    <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> A resolution
      to amend the articles of association or to dissolve the Company shall only
      be valid if: </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Re Line" FSL="Project" -->
<TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
    <TD WIDTH=8%>a.</TD>
    <TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>the approval
      of the Supervisory Board and of the meeting of holders of priority shares
      has been or will be obtained;</FONT></TD>
</TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang 1" FSL="Project" -->
          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <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. </FONT></TD>
               <TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               such approval of the meeting of holders of priority shares is granted at a
               meeting at which more than one half of the issued priority share capital is
               represented and with at least three-fourths of the votes cast; if this
               requirement is not met, a subsequent meeting shall be held within four weeks
               thereafter, at which, irrespective of the priority share capital represented,
               the resolution can be adopted with at least three-fourths of the votes cast; </FONT></TD>
               </TR>
               </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang 1" FSL="Project" -->
          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <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>c. </FONT></TD>
               <TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               the complete proposals were available for inspection by the shareholders and the
               others entitled to attend meetings at the office of the Company and &#151; in
               the event of a listing as referred to in article 10, paragraph 11 &#151; at a
               banking institution in Amsterdam designated in the convocation to the general
               meeting of shareholders, as from the date of said convocation until the close of
               that meeting; and </FONT></TD>
               </TR>
               </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang 1" FSL="Project" -->
          <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
               <TR VALIGN=TOP>
               <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>d. </FONT></TD>
               <TD WIDTH=84%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
               without prejudice to the provision of paragraph 3 of this article the resolution
               is adopted at a general meeting of shareholders at which more than one half of
               the issued share capital is represented and with at least three-fourths of the
               votes cast; if the required share capital is not represented at a meeting
               convened for that purpose, a subsequent meeting shall be convened, to be held
               within four weeks of the first meeting, at which, irrespective of the share
               capital represented, the resolution can be adopted with at least three-fourths
               of the votes cast. </FONT></TD>
               </TR>
               </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>43.2.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          A resolution to appoint a registered accountant or other expert designated in
          accordance with section 2:393, Civil Code is also only valid if the provisions
          referred to in the preceding paragraph of this article under d. have been
          fulfilled, provided, however, that instead of the majority of at least
          three-fourths of the votes cast referred to under d of that paragraph, a
          majority is required of at least two-thirds. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>43.3.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          If a resolution referred to in the first [and second] paragraph of this article
          is proposed by the Board of Management, the resolution will be adopted, contrary
          to the provisions of paragraph 1 under d. and paragraph 2, with an absolute
          majority of votes cast irrespective of the represented share capital at the
          meeting. </FONT></TD>
          </TR>
          </TABLE>
          <BR>
          <BR>
          <BR>
  <!-- MARKER FORMAT-SHEET="Page Break Table" FSL="Project" -->
<TABLE WIDTH=625 CELLSPACING=0 CELLPADDING=0 BORDER=0>
  <TR VALIGN=TOP>
    <TD><HR SIZE=5 NOSHADE COLOR="BLACK"> </TD>
  </TR>
</TABLE>
<BR>
<BR>
<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <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><U>Liquidation.<br>Article 44.</U></B> </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>44.1.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          If the Company is dissolved, liquidation shall be effected by the Board of
          Management, under the supervision of the Supervisory Board, unless the general
          meeting of shareholders with the approval of the meeting of holders of priority
          shares resolves otherwise. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>44.2.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          When adopting a resolution to dissolve the Company, the general meeting of
          shareholders may grant the liquidators and the persons charged with the
          supervision of the liquidation a remuneration. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>44.3.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          After the liquidation has ended, the liquidators shall render account in
          accordance with the provisions of Book 2 of the Civil Code. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Head Left Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><u>Liquidation
        surplus.<BR>
        Article 45.</u></FONT></H1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para Flush Left" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>After
all liabilities have been settled, including costs made in connection with the
liquidation, first of all, if possible, all holders of preference shares shall be paid the
amount paid on their shares increased by the percentage referred to in article 39,
paragraph 1, to be calculated over the financial year in which the payment takes place
until the moment of payment, and by the previous years&#146; shortfall in dividend on said
shares. Then, if possible, the par value shall be paid on each priority share. The balance
shall be paid on the ordinary Shares.  </FONT></TD></TR></TABLE><BR>

<!-- MARKER FORMAT-SHEET="Head Left Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>Consignment account.</U></B><br>
        <u>Article 46.</u></FONT></H1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para Flush Left" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
amounts that are payable to shareholders or creditors and have not been claimed within six
months after they have been made payable, shall be deposited in a consignment account.
</FONT></TD></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Head Left Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>Provisions remaining in force after liquidation.</U></B> <br>
        <u>Article 47.</u></FONT></H1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para Flush Left" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
provisions of these articles of association shall remain in force during the liquidation
period, in so far these provisions can still be implemented. </FONT></TD></TR></TABLE>

<!-- MARKER FORMAT-SHEET="Head Left Bold 2 600" FSL="Project" -->
<TABLE WIDTH=600 CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD>
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B><U>Transitional
        provisions.</U></B><br><u> Article 48.</u></FONT></H1></TD></TR>
</TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Project" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>48.1.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          After the amendments to the articles of association of the Company which were
          decided on at the general meeting of shareholders held on the twenty first day
          of March two thousand and two, have come into effect, holders of shares, holders
          of a right of usufruct and holders of a right of pledge on shares, who derive
          their rights from an ordinary share issued in bearer form shall not be entitled
          to exercise the rights relating to that share (nor to have said rights
          exercised) as long as they have not been (a) entered into the register or (b)
          they have not delivered that share to an Affiliated Institution for inclusion in
          a Joint Deposit. </FONT></TD>
          </TR>
          </TABLE>

<!-- MARKER FORMAT-SHEET="Para List Hang" FSL="Default" -->
     <TABLE WIDTH=600 CELLPADDING=0 CELLSPACING=0 BORDER=0>
          <TR VALIGN=TOP>
          <TD WIDTH=8%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>48.2.</FONT></TD>
          <TD WIDTH=92%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
          Entry and transfer as referred to in the preceding paragraph shall only be
          possible against the surrender of share certificates to the Company. </FONT></TD>
          </TR>
          </TABLE>
          <BR>
</body>
</HTML>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
