Chicago Bridge & Iron Company N.V. (Exact name of registrant as specified in its charter)

Transcription

1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): May 2, 2018 Chicago Bridge & Iron Company N.V. (Exact name of registrant as specified in its charter) The Netherlands (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) Prinses Beatrixlaan AK The Hague The Netherlands N/A (Address of principal executive offices) (Zip Code) Registrant s telephone number, including area code: N/A (Former name or former address, if changed since last report) ChecktheappropriateboxbelowiftheForm8-Kfilingisintendedtosimultaneouslysatisfythefilingobligationoftheregistrantunderanyofthefollowing provisions: WrittencommunicationspursuanttoRule425undertheSecuritiesAct(17CFR ) SolicitingmaterialpursuanttoRule14a-12undertheExchangeAct(17CFR240.14a-12) Pre-commencementcommunicationspursuanttoRule14d-2(b)undertheExchangeAct(17CFR240.14d-2(b)) Pre-commencementcommunicationspursuanttoRule13e-4(c)undertheExchangeAct(17CFR240.13e-4(c)) IndicatebycheckmarkwhethertheregistrantisanemerginggrowthcompanyasdefinedinRule405oftheSecuritiesActof1933( ofthischapter)or Rule12b-2oftheSecuritiesExchangeActof1934( b-2ofthischapter). Emerginggrowthcompany Ifanemerginggrowthcompany,indicatebycheckmarkiftheregistranthaselectednottousetheextendedtransitionperiodforcomplyingwithanynewor revisedfinancialaccountingstandardsprovidedpursuanttosection13(a)oftheexchangeact.

2 Item Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year. OnMay2,2018,ChicagoBridge&IronCompanyN.V.(the Company or CB&I )heldaspecialgeneralmeetingofshareholders(the SpecialGeneral Meeting ).AttheSpecialGeneralMeeting,shareholdersoftheCompanyapprovedanamendmenttotheCompany sarticlesofassociation(the Articles )to removethesupermajorityvotingrequirementforcertainresolutionswhenanyperson,aloneortogetherwithagroup,holdsmorethanfifteenpercent(15%)ofthe outstandingsharecapitalofcb&i,andthearticleswereamendedaccordingly. ThefulltextoftheArticles,asamendedandrestated,isattachedheretoasExhibit3.1andincorporatedhereinbyreference. Item Submission of Matters to a Vote of Security Holders. OnMay2,2018,attheSpecialGeneralMeeting,CB&IshareholdersconsideredproposalsrelatedtothecombinationofMcDermottInternational,Inc. ( McDermott )andcb&i(the Combination )pursuanttothatcertainbusinesscombinationagreement,byandamongcb&i,mcdermottandtheotherparties thereto,dateddecember18,2017(asamended,the BCA ).TheproposalsaredescribedindetailintheCompany sdefinitiveproxystatementonschedule14a forthespecialgeneralmeetingfiledwiththesecuritiesandexchangecommission(the SEC )onmarch29,2018(the ProxyStatement ).Thefinalvoting resultsoneachofthematterssubmittedtoavoteofcb&i sshareholdersatthespecialgeneralmeetingaresetforthbelow. AsofApril4,2018,therecorddatefortheSpecialGeneralMeeting,therewere102,544,881sharesoftheCompany scommonstock,parvalueeur0.01per share(the CommonStock ),outstandingandentitledtovoteatthespecialgeneralmeeting.atthespecialgeneralmeeting,atotalof61,230,604sharesof CommonStock,representingapproximately59.71%oftheoutstandingsharesentitledtovote,werepresentbyproxy. 1. ResolutionprovidingforanamendmenttotheArticlesassetforthinAnnexGoftheProxyStatement,toremovethesupermajorityvoting requirementforcertainresolutionswhenanyperson,aloneortogetherwithagroup,holdsmorethanfifteenpercent(15%)oftheoutstandingshare capitalofcb&i: For Against Abstain 59,919,392 1,080, , ResolutiontoenterintoandeffectuatetheMerger(asdefinedintheProxyStatement)inaccordancewiththeMergerProposal(asdefinedinthe BCA): For Against Abstain 60,105, , , ResolutiontoapprovetheacquisitionbycertainsubsidiariesofMcDermottoftheequityofcertainCB&IsubsidiariesthatownCB&I stechnology businessforcash: For Against Abstain 60,052, , , ResolutiontoapprovethesalebyCometIB.V.,adirectwhollyownedsubsidiaryofCB&I,ofalloftheissuedandoutstandingsharesinthecapitalof CometIIB.V.toMcDermottTechnology,B.V.,awhollyownedsubsidiaryofMcDermott(oritsdesignee): 2

3 Item For Against Abstain 60,104, , , Resolutionto(a)approvethedissolutionofCometIB.V.,(b)approvetheappointmentofStichtingVereffeningChicagoBridge&IronCompanyas liquidatorofcometib.v.and(c)approvetheappointmentof(anaffiliateof)mcdermotttechnology,b.v.asthecustodianofthebooksandrecords ofcometib.v.inaccordancewithsection2:24ofthedutchcivilcode: For Against Abstain 60,094, , , ResolutiontograntfullandfinaldischargetoeachmemberoftheCB&ISupervisoryBoardandCB&IManagementBoardforhisorheractsof supervisionormanagement,asapplicable,uptothedateofthespecialgeneralmeeting: For Against Abstain 59,304,243 1,497, , Proposaltoapprove,bynon-bindingadvisoryvote,thecompensationthatmaybecomeorhasbecomepayabletoCB&I snamedexecutiveofficersin connectionwiththecombination: Other Events. For Against Abstain 23,828,090 36,676, ,091 OnMay2,2018,McDermottandtheCompanyissuedajointpressrelease,whichisattachedtothisForm8-KasExhibit99.1andisincorporatedbyreference. OnMarch29,2018,McDermottTechnology,B.V.launchedanoffertoexchange(the ExchangeOffer )anyandallissuedandoutstandingsharesofcommon StockforsharesofcommonstockofMcDermott,parvalue$1.00pershare( McDermottCommonStock ),attheexchangeofferratio(asdefinedherein). Theexchangeofferisscheduledtoexpireat12:01a.m.Easterntime,onMay10,2018,unlesstheexchangeofferisextendedorterminatedinaccordancewiththe BCA.SharesofCommonStockvalidlytenderedandnotproperlywithdrawnpursuanttotheexchangeofferwillbeexchangedfortherighttoreceive sharesofmcdermottcommonstock(the ExchangeOfferRatio ),togetherwithcashinlieuoffractionalshares,subjecttothetermsandconditionsdescribedin theexchangeofferprospectus,filedbymcdermottwiththeseconmarch29,2018. TheCombinationisexpectedtocloseonMay10,2018,subjecttothesatisfactionofcustomaryclosingconditions. Forward-Looking Statements CB&Icautionsthatstatementsinthiscommunicationwhichareforward-looking,andprovideotherthanhistoricalinformation,involverisks,contingenciesand uncertaintiesthatmayimpactactualresultsofoperationsofcb&iormcdermott,includingaftertheproposedbusinesscombinationwithmcdermott.these forward-lookingstatementsinclude,amongotherthings,statementsaboutthetimingandcompletionofthecombination.althoughwebelieve 3

4 thattheexpectationsreflectedinthoseforward-lookingstatementsarereasonable,wecangivenoassurancethatthoseexpectationswillprovetohavebeencorrect. Thosestatementsaremadebyusingvariousunderlyingassumptionsandaresubjecttonumerousrisks,contingenciesanduncertainties,including,amongothers: theriskthataconditiontotheclosingoftheproposedcombinationmaynotbesatisfied,orthattheproposedcombinationmayfailtoclose,includingastheresult ofanyinabilitytoobtainthefinancingforthecombination;theoutcomeofanylegalproceedings,regulatoryproceedingsorenforcementmattersthatmaybe institutedrelatingtotheproposedcombination;thecostsincurredtoconsummatetheproposedcombination;thepossibilitythattheexpectedsynergiesfromthe proposedcombinationwillnotberealized,orwillnotberealizedwithintheexpectedtimeperiod;difficultiesrelatedtotheintegrationofthetwocompanies;the creditratingsofthecombinedbusinessesfollowingtheproposedcombination;disruptionfromtheproposedcombinationmakingitmoredifficulttomaintain relationshipswithcustomers,employees,regulatorsorsuppliers;thediversionofmanagementtimeandattentionontheproposedcombination;adversechangesin themarketsinwhichmcdermottandcb&ioperateorcreditmarkets;theinabilityofmcdermottorcb&itoexecuteoncontractsinbacklogsuccessfully; changesinprojectdesignorschedules;theavailabilityofqualifiedpersonnel;changesintheterms,scopeortimingofcontracts;contractcancellations;change ordersandothermodifications;actionsbycustomersandotherbusinesscounterpartiesofmcdermottandcb&i;changesinindustrynorms;andadverseoutcomes inlegalorotherdisputeresolutionproceedings.ifoneormoreoftheserisksmaterialize,orifunderlyingassumptionsproveincorrect,actualresultsmayvary materiallyfromthoseexpected.youshouldnotplaceunduerelianceonforward-lookingstatements.foramorecompletediscussionoftheseandotherriskfactors, pleaseseeeachofmcdermott sandcb&i sannualandquarterlyfilingswiththeu.s.securitiesandexchangecommission(the SEC ),includingtheir respectiveannualreportsonform10-kfortheyearendeddecember31,2017.thiscommunicationreflectstheviewsofcb&i smanagementasofthedate hereof.excepttotheextentrequiredbyapplicablelaw,cb&iundertakesnoobligationtoupdateorreviseanyforward-lookingstatement. Additional Information and Where to Find It ThisCurrentReportonForm8-Kdoesnotconstituteanoffertosellorthesolicitationofanoffertobuyanysecuritiesorasolicitationofanyproxy,voteor approvalwithrespecttotheproposedtransactionorotherwise,norshalltherebeanysaleofsecuritiesinanyjurisdictioninwhichsuchoffer,solicitationorsale wouldbeunlawfulpriortoregistrationorqualificationunderthesecuritieslawsofanysuchjurisdiction.inconnectionwiththeproposedtransactions,mcdermott hasfiledaregistrationstatementonforms-4(the RegistrationStatement )withthesecthatincludes(1)ajointproxystatementofmcdermottandchicago Bridge&IronCompanyN.V.( CB&I ),whichalsoconstitutesaprospectusofmcdermottand(2)anofferingprospectusofmcdermotttechnology,b.v.in connectionwithmcdermotttechnology,b.v. soffertoacquirecb&ishares.theregistrationstatementwasdeclaredeffectivebytheseconmarch29,2018. McDermottandCB&Ihav edthedefinitivejointproxystatement/prospectustoshareholdersofMcDermottandshareholdersofCB&I.Inaddition, McDermottandMcDermottTechnology,B.V.havefiledaTenderOfferStatementonScheduleTO-T(the ScheduleTO )withthesecandcb&ihasfileda Solicitation/RecommendationStatementonSchedule14D-9(the Schedule14D-9 )withrespecttotheexchangeoffer.thesolicitationandoffertopurchase sharesofcb&i scommonstockisonlybeingmadepursuanttothescheduletoandrelatedoffertopurchase.cb&i sshareholdersapprovedtheproposed transactionsatcb&i sspecialgeneralmeetingheldonmay2,2018andmcdermott sstockholdersapprovedtheproposedtransactionsatmcdermott sspecial meetingheldonmay2,2018.thismaterialisnotasubstituteforthejointproxystatement/prospectus,thescheduleto,theschedule14d-9ortheregistration StatementorforanyotherdocumentthatMcDermottorCB&ImayfilewiththeSECandsendtoMcDermott sand/orcb&i sshareholdersinconnectionwiththe proposedtransactions.beforemakinganyinvestmentdecisionordecisionwithrespecttotheexchangeoffer,weurge INVESTORSOFCB&IANDMCDERMOTTTOREADTHESCHEDULETO(INCLUDINGTHEOFFERTOPURCHASE,RELATEDLETTEROF TRANSMITTALANDOTHEROFFERDOCUMENTS)ANDSCHEDULE14D-9,ASEACHMAYBEAMENDEDORSUPPLEMENTEDFROMTIMETO TIMECAREFULLYBECAUSETHEYCONTAINIMPORTANTINFORMATIONABOUTMCDERMOTT,CB&IANDTHEEXCHANGEOFFER. InvestorsareabletoobtainfreecopiesoftheScheduleTOandSchedule14D-9,aseachmaybeamendedfromtimetotime,andotherrelevantdocumentsfiledby McDermottandCB&IwiththeSECathttp:// swebsite,orfreeofchargefrommcdermott swebsite( thetab, Investors andundertheheading FinancialInformation orbycontactingmcdermott sinvestorrelationsdepartmentat 4

5 (281) ThesedocumentsarealsoavailablefreeofchargefromCB&I swebsite( Investors andundertheheading SECFilings orbycontactingcb&i sinvestorrelationsdepartmentat(832) Item Financial Statements and Exhibits. (d) EXHIBIT INDEX EXHIBIT NUMBER 3.1 DESCRIPTION ArticlesofAssociationofChicagoBridge&IronCompanyN.V.(UnofficialEnglishTranslation),asamendedandrestatedon May2, JointPressRelease,datedMay2,

6 SIGNATURES PursuanttotherequirementsoftheSecuritiesExchangeActof1934,theregistranthasdulycausedthisreporttobesignedonitsbehalfbythe undersignedhereuntodulyauthorized. CHICAGOBRIDGE&IRONCOMPANYN.V. By: ChicagoBridge&IronCompanyB.V. Its: ManagingDirector Date:May2,2018 By: /s/michaels.taff MichaelS.Taff ManagingDirector (PrincipalFinancialOfficer) 6

7 Exhibit 3.1 Theundersigned: CasperRobertNagtegaal,candidatecivillawnotary,actingforProfessorMartinvanOlffen,civillawnotaryinAmsterdam,declareswithrespecttothearticlesof association(the Articles of Association )ofthepubliclimitedliabilitycompany:chicago Bridge & Iron Company N.V.,withcorporateseatinAmsterdam, thenetherlands(the Company )asfollows: (i) thearticlesofassociationcorrespondwiththedocumentinthedutchlanguagewhichisattachedtothisdeclaration; (ii) (iii) thedocumentintheenglishlanguageattachedtothisdeclarationisanunofficialtranslationofthearticlesofassociation;ifdifferencesoccurinthe translation,thedutchtextwillgovernbylaw;and thearticlesofassociationweremostrecentlyamendedbydeed(the Deed )executedon2may2018beforeasubstituteofprofessorm.vanolffen,civil lawnotaryinamsterdam. Whenissuingthestatementsincludedaboveunder(i)and(iii)I,C.R.Nagtegaal,substitute,basedanyobservationsentirelyontheinformationstatedintheextract fromthetraderegisteroftheregistrationofthecompanyandonanofficialcopyofthedeed. SignedinAmsterdamon2May2018.

8 Chapter I. Definitions. Article 1. ARTICLES OF ASSOCIATION: of: ChicagoBridge&IronCompanyN.V. withcorporateseatinamsterdam,thenetherlands dated2may2018 Inthearticlesofassociationthefollowingexpressionsshallhavethefollowingmeanings: a. thegeneralmeeting:thebodyofthecompanyformedbyshareholders,andotherpersonsentitledtovote; b. thegeneralmeetingofshareholders:themeetingofshareholders,andotherpersonsentitledtoattendthegeneralmeetings; c. thedistributablepartofthenetassets:thatpartofthecompany snetassetswhichexceedstheaggregateofthepartofthecapitalwhichhasbeenpaidand calledupandthereserveswhichmustbemaintainedbyvirtueofthelaw; d. theannualaccounts:thebalancesheetandprofitandlossaccountwiththeexplanatorynotes; e. theaccountant:aregisteredaccountantorotheraccountantreferredtoinsection393ofbook2ofthecivilcode; f. theannualmeeting:thegeneralmeetingofshareholdersheldforthepurposeofdiscussionandadoptionoftheannualaccounts; g. group:agroupconsistsoftwoormorepersonsactingasapartnership,limitedpartnership,syndicateorothergroupforthepurposeofacquiring,holdingor disposingofthecompany ssecurities; h. issuedandoutstandingsharecapital:allsharesissuedbythecompanyforwhichvotescouldbecastinanygeneralmeetingofshareholders. Chapter II. Name, seat, objects. Article 2. Name and seat. 1. Thenameofthecompanyis:Chicago Bridge & Iron Company N.V. 2. TheofficialseatofthecompanyisinAmsterdam. Article 3. Objects. Theobjectsofthecompanyare: a. toincorporate,toown,toparticipateinanywaywhatsoever,tomanage,tosupervise,tooperateandtopromoteenterprises,companiesandbusinesses; b. toperformanyandallactivityofanindustrial,financialorcommercialnature; c. todesign,develop,manufacture,market,sellandserviceproductsofanynature,includingwithoutlimitationanyhardwareand/orsoftware; d. todevelopandtradeinpatents,trademarks,copyrights,licenses,know-howandotherintellectualpropertyrights;

9 2 e. toborrow,tolendandtoraisefunds,includingtheissuanceofbonds,promissorynotesorothersecuritiesorevidenceofindebtedness,aswellastoenter intoagreementsinconnectionwiththeaforementioned; f. tofurnishadviceandtorenderservicestoenterprisesandcompanieswithwhichthecompanyformsagroupandtothirdparties; g. torenderguarantees,tobindthecompanyandtopledgeitsassetsforobligationsofthecompaniesandenterpriseswithwhichitformsagroup,includingits subsidiaries,andonbehalfofthirdparties; h. toobtain,alienate,manageandexploitrealestateanditemsofpropertyingeneral; i. totradeinsecuritiesanditemsofpropertyingeneral; aswellaseverythingpertainingtotheforegoing,relatingtheretoorinfurtherancethereof,allinthewidestsenseoftheword. Chapter III. Capital and shares. Register. Article 4. Authorized capital. 1. Theauthorizedsharecapitalamountstotwomillionfivehundredthousandeuro(EUR2,500,000). 2. Theauthorizedsharecapitalisdividedintotwohundredandfiftymillion(250,000,000)sharesofoneeurocent(EUR0.01)each. 3. Allsharesareinregisteredform. Article 5. Certificates of shares. 1. Atthediscretionofthemanagementboardorattherequestofashareholdersharecertificatesmaybeissuedforshares. 2. Multiplecertificatesshallbeissuedatashareholder srequestforsuchnumbersofsharesasshallbedeterminedbythemanagementboard.attheholder s request,amultiplecertificateshallbeexchangedforcertificatesofsinglesharesuptothesamenominalamount. 3. Thesharecertificatesshallbesignedbyamemberofthemanagementboardorbybothamemberofthesupervisoryboardandamemberofthemanagement boardandsuchsignatureswillbevalidifreproducedonthecertificatesinprint.oneor,asthecasemaybe,bothofthesesignaturesmayalsobereplacedby adistinctivecompanystamp,providedbythecompanyorunderitssupervision.ifthereisatleastoneoriginalsignature,thennocompanystampdescribed hereinaboveisrequired. 4. Thecompanyshallnotchargeanyfeefortheissuanceandexchangeofsharecertificates. Article 5.A. Duplicate certificates. 1. Intheeventoftheloss,theftordestructionofsharecertificates,themanagementboardcanissueduplicates. Themanagementboardmayattachconditionstotheissuanceofduplicates,includingtheprovisionofsecurityandthepaymentofcostsbytheapplicant. 2. Theissuanceofaduplicateshallrendertheoriginaldocumentofnovaluewithregardtothecompany. 3. Thenewdocumentshallclearlystatethatitisaduplicate.

10 3 Article 5.B. Register of shareholders. 1. Themanagementboardshallkeeparegistercontainingthenamesandaddressesofallshareholders. 2. Everyholderofoneormoresharesandanypersonhavingalifeinterestorarightofpledgeoveroneormoresharesshallbeobligedtoprovidethecompany inwritingwiththeirnameandaddress. 3. Allentriesandnotesinaregistershallbesignedbyamemberofthemanagementboardorbyapersonauthorisedtheretobyamemberofthemanagement board. 4. Furthermore,article85,Book2oftheCivilCodeappliestotheregister. 5. Extractsfromtheregisterarenottransferable. Chapter IV. Issuance of shares. Own shares. Article 6. Issuance of shares. Body competent to issue shares. 1. Theissuanceofsharesshallbeeffectedpursuanttoaresolutionofthesupervisoryboardprovidedthatthesupervisoryboardhasbeendesignatedbythe generalmeetingasauthorizedbodyforthispurpose.suchauthorizationofthesupervisoryboardshallonlytakeplaceforaspecificperiodofnomorethan fiveyearsandmaynotbeextendedbymorethanfiveyearsoneachoccasion. 2. Theprovisionsofparagraph1ofthisarticleshallalsoapplytotheissuanceofoptionstosubscribefornewshares. 3. Incasethesupervisoryboardisnolongerauthorizedtoissueshares,thegeneralmeetingshallbeauthorizedtoissuesharesupontheproposalofthe supervisoryboard. 4. Thesupervisoryboardisauthorised,providedthatthesupervisoryboardhasbeendesignatedbythegeneralmeetingasthebodyauthorizedtoissueshares, toissue,attheexpenseofareserveofthecompany,withdueobservanceoftheprovisionsofarticle31,paragraph3,sharesandoptionstosubscribefornew shares,providedthatsuchsharesandoptionsareissuedtoemployeesofthecompanyunderavalidemployeeoptionschemeofthecompany. Article 7. Conditions of issuance. Rights of pre-emption. 1. Aresolutionfortheissuanceofsharesshallstipulatethepriceandfurtherconditionsofissuance. 2. Ontheissuanceofshares,eachshareholdershallhavearightofpre-emptioninproportiontotheaggregatenominalvalueofhisshares.Nopre-emptive rightsshallexistwithregardtosharesissuedagainstacontributionotherthancashnorwithregardtosharesissuedtoemployeesofthecompanyor employeesofgroupcompanies. 3. Shareholdersshallhaveasimilarrightofpre-emptionifoptionsaregrantedtosubscribeforshares. 4. Thecompanyshallinformtheshareholdersoftheissuanceofsharesinrespectofwhichthereisarightofpre-emption,or,asthecasemaybe,thegranting ofoptionstosubscribeforsharesinrespectofwhichthereisarightofpre-emption,aswellastheperiodoftimeduringwhichtherightofpre-emptionmay beexercised,withdueobservanceoftheapplicableprovisionsofdutchlaw. 5. Therightofpre-emptionmay,subjecttodueobservanceoftherelevantprovisionsofthelaw,belimitedorexcludedbythesupervisoryboardprovidedthe supervisoryboardisdesignatedastheauthorizedbodyinthisrespectbyresolutionofthegeneralmeetingforafixedperiodoftimenotexceedingfiveyears. Article6paragraph3shallapplycorrespondingly.

11 4 Article 8. Payment for shares. 1. Thefullnominalamountofeachsharemustbepaidinonissue,aswellas,ifashareissubscribedforatahigherprice,thebalanceoftheseamounts. 2. Paymentforasharemustbemadeincashinsofarasnoothermannerofpaymenthasbeenagreedon.Paymentinforeigncurrencycanbemadeonlyafter approvalbythecompany,whichapprovalshallbedeemedgivenuponacceptanceofforeigncurrencybythecompany. 3. Themanagementboardshallbeauthorisedtoenterintotransactionsconcerningnon-monetarycontributionsonshares,andtheothertransactionsreferredto inarticle94paragraph1,book2ofthecivilcode,withoutthepriorapprovalofthegeneralmeeting. Article 9. Own shares. 1. Whenissuingsharesthecompanyshallnotbeentitledtosubscribeforitsownshares. 2. Thecompanyshallbeentitledtoacquireitsownfullypaidupsharesordepositoryreceiptsinrespectthereof,providedeithernovaluableconsiderationis givenorprovidedthat: a. thedistributablepartofthenetassetsisatleastequaltothepurchaseprice;and b. thenominalvalueofthesharesorthedepositoryreceiptsinrespectthereoftobeacquiredbythecompanyitself,alreadyheldbythecompanyor pledgedforthebenefitofthecompany,orwhichareheldbyasubsidiary,doesnotexceedonetenthoftheissuedsharecapital. 3. Thevalidityoftheacquisitionshallbedeterminedbytheamountofthenetassetsaccordingtothelatestadoptedbalancesheet,decreasedbythe considerationforsharesinthecompany scapitalordepositoryreceiptsinrespectthereofanddistributionsofprofitsorbythechargeofanyreservetothird partieswhichhavefallenduebythecompanyanditssubsidiariesafterthebalancesheetdate.ifmorethansixmonthsofafinancialyearhaveelapsedand theannualaccountshavenotbeenadopted,anyacquisitioninconformitywithparagraph2shallnotbepermitted. 4. Anacquisitionforvaluableconsiderationshallbepermittedonlyifthegeneralmeetinghasauthorizedthemanagementboardinthisrespect.The authorizationbythegeneralmeetingshallbevalidforaperiodnotexceedingeighteenmonths.thegeneralmeetingshallstipulateintheauthorizationhow manysharesordepositaryreceiptsinrespectthereofmaybeacquired,howtheymaybeacquired,andbetweenwhatlimitsthepricemustbe. 5. Anacquisitionofsharesincontraventionofparagraphs2-4shallbevoid.Depositaryreceiptsinrespectofsharesacquiredbythecompanyincontravention ofparagraphs2-4shallbetransferredtoallmembersofthemanagementboardbyoperationoflaw. 6. Thetransferofsharesownedbythecompanyordepositaryreceiptsinrespectthereofheldbythecompanyshallbeeffectedbyvirtueofaresolutionofthe managementboard,afterapprovalofthesupervisoryboard.theresolutiontosuchtransfershallalsostipulatetheconditionsthereof. 7. Novotingrightscanbeexercisedinthegeneralmeetinginrespectofanysharebelongingtothecompanyortoanysubsidiaryofthecompany;thesame appliestoanyshareinrespectofwhicheitherthecompanyoranysubsidiaryholdsdepositaryreceipts.the

12 5 beneficiaryofalifeinterestinrespectofashareheldbythecompanyitselforasubsidiarycompanyis,however,notexcludedfromexercisingtherightto voteifthelifeinterestwascreatedbeforethesharewasheldbythecompanyoroneofitssubsidiaries.thecompanyoritssubsidiarymaynotexercise votingrightsinrespectofsharesofwhichthecompanyhasalifeinterest. 8. Inestablishingtowhatextentshareholdersexercisevotingrights,arepresentorarerepresented,sharesforwhichnovotingrightscanbeexercisedshallnot betakenintoconsideration. 9. Thecompanymaytakeitsownsharesordepositaryreceiptsinrespectthereofaspledgeonlyif: a. thesharestobepledgedarefullypaidup; b. theaggregatenominalvalueofthesharesanddepositaryreceiptsinrespectthereoftobepledgedandalreadyheldorheldinpledgedoesnotexceed one-tenthoftheissuedcapital,and c. thegeneralmeetinghasapprovedthepledgeagreement. 10. Upontheproposalofthemanagementboard-whichproposalmusthavepriorapprovalfromthesupervisoryboard-thegeneralmeetingshallhavethe powertodecidetocancelsharesacquiredbythecompanyinitsownsharecapital,subjecthowevertothestatutoryprovisionsrelatinghereto. Chapter V. Transfer of shares, rights in rem. Article 10. Transfer of shares. Life interest ( vruchtgebruik ). Pledging ( pandrecht ). Depositary Receipts. 1. ThetransferofsharesandthecreationandtransferoflimitedrightsthereonshalltakeplaceinaccordancewiththeprovisionsofDutchlawapplicable theretoand,ifapplicable,inaccordancewithparagraphs2and3ofthisarticle. 2. Ifthetransferconcernsashareforwhichasharecertificatehasbeenissued,thecorrespondingsharecertificatemustbedeliveredtothecompanyoritsduly authorizedrepresentative. Thecompanyoritsdulyauthorizedrepresentativeonbehalfofthecompanycanonlyacknowledgethetransferofsuchshareby,atthediscretionofthe managementboard,either(i)endorsementonthesharecertificateor(ii)issuanceofanewsharecertificatetothetransferee,registeredinthenameofthe transferee.theprovisionsofparagraph3ofarticle5shallapplyaccordingly. 3. Theprovisionsofparagraph2ofthisarticle10shallequallyapplytothetransferofsharesasaconsequenceofforeclosureofarightofpledge. 4. Theshareholdershallhavethevotingrightsinrespectofthesharesinwhichalifeinteresthasbeencreated.However,thevotingrightsshallaccruetothe beneficiaryofalifeinterestifitwassostipulatedatthecreationofthelifeinterest.theshareholderwhoholdsnovotingrightsandthebeneficiaryofalife interestwhodoesholdvotingrights,shallhavetherightswhichthelawattributestoholdersofdepositoryreceiptsissuedwiththecompany sco-operation. Therightsreferredtointheprecedingsentenceshallnotaccruetothebeneficiaryofthelifeinterestwhoholdsnovotingrights.

13 6 5. Theshareholdershallhavetherightsresultingfromashareinwhichalifeinteresthasbeencreatedrelatingtotheacquisitionofnewlyissuedshares,suchas stockdividends,itbeingunderstoodthathe/sheshallhavetocompensatethebeneficiaryofthelifeinterestforthevalueoftheserightsinsofarasthelatteris entitledtheretobyvirtueofhis/herlifeinterest. 6. Whensharesarepledged,thevotingrightscannotbeassignedtothepledgee.Heshallnothavetherightswhichthelawattributestoholdersofdepository receiptsissuedwiththecompany sco-operation. 7. Thecompanyshallnotco-operatewiththeissuanceofdepositoryreceiptsinrespectofitsshares. Chapter VI. Management. Article 11. Management Board. 1. Themanagementofthecompanyshallbeconstitutedbyamanagementboardconsistingofoneormoremembers. 2. Thenumberofmembersshallbedeterminedbythesupervisoryboard. Article 12. Appointment. 1. Themembersofthemanagementboardshallbeappointedbythegeneralmeetingfromanominationofatleasttwopersonsforeverypositiontobefilled, whichhasbeendrawnupbythesupervisoryboard. 2. Thegeneralmeetingshallbefreetomaketheappointmentifthesupervisoryboardhasnotmadeanynominationwithin,onorbeforethedatewhichisthree monthsafterthevacancyoccurs. 3. Everynominationmadebythesupervisoryboardshallbebindingifmadeonorbeforethedatewhichisthreemonthsafterthevacancyoccurs.Thegeneral meetingcanonlydisturbthebindingcharacterofthenominationbyresolutionpassedbyamajorityofatleasttwothirdsofthevotescast,whichtwothirds ofthevotesrepresentsmorethanhalfoftheissuedsharecapital. Article 13. Suspension and dismissal. 1. Amemberofthemanagementboardmayatanytimebesuspendedordismissedbythegeneralmeeting. 2. Withrespecttoanysuspensionordismissalotherthanontheproposalofthesupervisoryboard,thegeneralmeetingcanonlypassaresolutionbasedona majorityofatleasttwothirdsofthevotescastwhichtwothirdsofthevotesrepresentmorethanhalfoftheissuedsharecapital. 3. Amemberofthemanagementboardmayatanytimebesuspendedbythesupervisoryboard.Suchsuspensionmaybediscontinuedbythegeneralmeeting atanytime. 4. Anysuspensionmaybeextendedoneormoretimes,butmaynotlastlongerthanthreemonthsintheaggregate.Ifattheendofthatperiodnodecisionhas beentakenonterminationofthesuspension,orondismissal,thesuspensionshallcease. Article 14. Remuneration. Theremunerationandfurtherconditionsofemploymentofeverymemberofthemanagementboardshallbedeterminedbythesupervisoryboard.

14 7 Article 15. Duties of the management board. Decision making process. Allocation of duties. 1. Subjecttotherestrictionsimposedbythesearticlesofassociation,themanagementboardshallbeentrustedwiththemanagementofthecompany. 2. Themanagementboardmaylaydownrulesregardingitsowndecisionmakingprocess.Theserulesshallbesubjecttotheapprovalofthesupervisoryboard. 3. MeetingsofthemanagementboardshallonlybeheldintheNetherlandsexceptthatthemanagementboardmaydecidetohavetelephonicmeetings.The managementboardmayadoptresolutionswithoutameetingprovidedtheproposalconcernedissubmittedtoallmembersofthemanagementboardand noneofthemobjectstothismannerofadoptingresolutions. 4. Themanagementboardmaydeterminewhichdutiesinparticulareachmemberofthemanagementboardwillbechargedwith.Theallocationofdutiesshall besubjecttotheapprovalofthesupervisoryboard. Article 16. Representation. 1. Themanagementboardassuchisauthorizedtorepresentthecompany.Eachmemberofthemanagementboardshallalsobeauthorizedtorepresentthe company. 2. Themanagementboardmayappointstaffmemberswithgeneralorlimitedpowertorepresentthecompany.Eachofthosestaffmembersshallbeauthorized torepresentthecompanywithdueobservanceofanyrestrictionsimposedonhim/her.themanagementboardshalldeterminesuchstaffmembers titles. 3. Intheeventofaconflictofinterestbetweenthecompanyandamemberofthemanagementboard,thecompanyshallberepresentedbyamemberofthe managementboardoranotherpersonasthesupervisoryboardshalldesignateforthispurpose. Article 17. Approval of decisions of the management board. 1. Thesupervisoryboardisentitledtorequiresuchresolutionsofthemanagementboardtobesubjecttoitsapprovalasthesupervisoryboardshalldecide. Suchresolutionsshallbeclearlyspecifiedandnotifiedtothemanagementboardinwriting. 2. Thesupervisoryboardisauthorizedtogivethemanagementboardinstructionsconcerningthegeneralpolicyofthecompanyforfinancial,socialand economicmatters.themanagementboardshallactinaccordancewithsuchinstructions. 3. Thelackofapprovalreferredtointhisarticle17doesnotaffecttheauthorityofthemanagementboardoritsmemberstorepresentthecompany. Article 18. Absence or prevention. Ifamemberofthemanagementboardisabsentorispreventedfromperforminghisduties,theremainingmembersormemberofthemanagementboardshallbe temporarilyentrustedwiththeentiremanagementofthecompany.ifallmembersofthemanagementboardorthesolememberofthemanagementboardare/is absentorare/ispreventedfromperformingtheirduties,themanagementofthecompanyshallbetemporarilyentrustedtothesupervisoryboardwhichshallthenbe authorizedtoentrustthemanagementtemporarilytooneormorepersons,whetherornotfromamongitsmembers. Chapter VII. Supervisory board. Article 19. Number of members. 1. Thecompanyshallhaveasupervisoryboard,consistingofatleastsixmembers,withamaximumoftwelvemembers.

15 8 2. Withdueobservanceoftheprovisionsofparagraph1.,thenumberofmembersofthesupervisoryboardshallbedeterminedbythesupervisoryboard. 3. Wherethenumberofmembersofthesupervisoryboardfallsbelowsix,measuresshallbetakenforthwithtofillthenumberofmembers.Inthemeantime thesupervisoryboardshallkeepallitspowers. Article 20. Appointment. 1. Allmembersofthesupervisoryboardshallbeappointedbythegeneralmeetingfromanominationofatleasttwopersonsforeverypositiontobefilled, whichhasbeendrawnupbythesupervisoryboard. 2. Theprovisionsinparagraph2and3ofarticle12shalllikewiseapplytoanappointmentbythegeneralmeeting. 3. Nopersonwhohasreachedtheageofseventy-twomaybeappointedasasupervisoryboardmember. Article 21. Suspension and dismissal. Retirement. 1. Everymemberofthesupervisoryboardmaybesuspendedordismissedbythegeneralmeetingatanytime. 2. Theprovisionsinparagraph2ofarticle13shallsimilarlyapplytothesuspensionanddismissalofsupervisoryboardmembersbythegeneralmeeting. 3. Asupervisoryboardmembershallretirenolaterthanatthenextannualmeetingheldafteraperiodofthreeyearsfollowinghisappointment.Asoretired memberofthesupervisoryboardmaybeimmediatelyre-elected. 4. Everymemberofthesupervisoryboardshallretirenolaterthanonthedayonwhichtheannualmeetingisheldinthefinancialyearfollowingtheyear duringwhichhereachestheageofseventy-two. 5. Withdueobservanceoftheprecedingparagraphsthesupervisoryboardshalldrawuparotationplan. Article 22. Remuneration. Thegeneralmeetingshalldeterminetheremunerationforeverymemberofthesupervisoryboard. Article 23. Duties and powers. 1. Itshallbethedutyofthesupervisoryboardtosupervisetheactivitiesofthemanagementboardandthegeneralcourseofaffairsinthecompanyandinthe businessconnectedtherewith.itshallassistthemanagementboardwithadvice.inperformingtheirduties,thesupervisoryboardmembersshallactin accordancewiththeinterestsofthecompanyandofthebusinessconnectedtherewith. 2. Withdueobservanceofthesearticlesofassociation,thesupervisoryboardmayadoptrulesandregulationsgoverningitsinternalproceedingsandespecially pertainingtovoting,includingvotingonnominationofsupervisorydirectors,andprovisionsrelatingtosupervisoryboardcompositionandgovernanceand togiveeffecttomattersagreeduponinshareholderagreements. 3. Themanagementboardshallsupplythesupervisoryboard,induetime,withtheinformationrequiredfortheperformanceofitsduties. 4. Thesupervisoryboardmaydelegateanyofitspowerstocommitteesconsistingofsuchmemberormembersofitsbodyasitthinksfit;anycommitteeso formedshall,intheexerciseofthepowersodelegated,conformtoanyregulationsthatmaybeimposedonitbythesupervisoryboard.

16 9 Article 24. Proceedings and decision-making process. 1. Thesupervisoryboardshallelectachairmanfromamongitsmembers,andavicechairmanwhoshalltaketheplaceofthechairmaninthelatter sabsence. Itshallappointasecretary,whoneednotbeamemberofthesupervisoryboard,andshallmakearrangementsforhis/hersubstitutionincaseofabsence. 2. Intheabsenceofthechairmanandthevicechairmanatameeting,theboardmembersinattendanceshalldesignateachairmantherefor. 3. Thesupervisoryboardshallmeetwheneverthechairman,ortwoothersupervisoryboardmembers,orthemanagementboard,deem(s)suchnecessary,butif thesupervisoryboardhasnotmetforsixmonths,anysupervisoryboardmembermaycallameeting. 4. Thesecretaryshallkeepminutesoftheproceedingsatmeetingsofthesupervisoryboard.Theminutesshallbeadoptedinthesamemeetingorinthe followingmeetingofthesupervisoryboardandshallbesignedbythechairmanandthesecretaryasevidencethereof. 5. Allresolutionsofthesupervisoryboardshallbeadoptedbyamajorityofthevotescast. 6. Withtheexceptionofarticle25paragraph4undera.,resolutionsofthesupervisoryboardshallonlybevalidifpassedatameetingatwhichthemajorityof thesupervisoryboardmembersarepresentorrepresented.thesupervisoryboardmayalsoadoptresolutionsinatelephonemeetingorwithoutameeting, providedtheproposalconcernedissubmittedtoallsupervisoryboardmembersandnoneofthemobjectstothismannerofadoptingresolutions.the secretaryshalldrawupareportregardingaresolutionthusadoptedandshallattachtherepliesreceivedtothereport,whichshallbesignedbythechairman andthesecretary. 7. Asupervisoryboardmembermayberepresentedbyaco-memberofthesupervisoryboardauthorizedinwriting.Theexpression inwriting shallinclude anymessagetransmittedbycurrentmeansofcommunicationandreceivedinwriting.asupervisoryboardmembermaynotactasrepresentativeformore thanoneco-member. 8. Thesupervisoryboardshallmeettogetherwiththemanagementboardasoftenasthesupervisoryboardormanagementboarddeemsnecessary. Article 25. Indemnification. Limited liability. 1. Thecompanyshallindemnifyanypersonwhowasorisapartyoristhreatenedtobemadeapartytoanythreatened,pendingorcompletedaction,suitor proceeding,whethercivil,criminal,administrativeorinvestigative(otherthananactionbyorintherightofthecompany)byreasonofthefactthatheisor wasasupervisorydirector,memberofthemanagementboard,officer,employeeoragentofthecompany,orisorwasservingattherequestofthecompany asasupervisorydirector,memberofthemanagementboard,officer,director,employee,trusteeoragentofanothercompany,apartnership,jointventure, trustorotherenterpriseorentity,againstallexpenses(includingattorneys fees),judgements,finesandamountspaidinsettlementactuallyandreasonably incurredbyhiminconnectionwithsuchaction,suitorproceedingifheactedingoodfaithandinamannerhereasonablybelievedtobeinornotopposedto thebestinterestsofthecompany,and,withrespecttoanycriminalactionorproceeding,hadnoreasonablecausetobelievehis

17 10 conductwasunlawfuloroutsideofhismandate.theterminationofanyaction,suitorproceedingbyajudgement,order,settlement,conviction,orupona pleaofnolocontenderoritsequivalent,shallnot,ofitself,createapresumptionthatthepersondidnotactingoodfaithandnotinamannerwhichhe reasonablycouldbelievetobeinornotopposedtothebestinterestofthecompany,and,withrespecttoanycriminalactionorproceeding,hadreasonable causetobelievethathisconductwasunlawful. 2. Thecompanyshallindemnifyanypersonwhowasorisapartyoristhreatenedtobemadeapartytoanythreatened,pendingorcompletedactionor proceedingbyorintherightofthecompanytoprocureajudgementinitsfavour,byreasonofthefactthatheisorwasasupervisorydirector,memberof themanagementboard,officeroragentofthecompany,orisorwasservingattherequestofthecompanyasasupervisorydirector,memberofthe managementboard,officer,director,employee,trusteeoragentofanothercompany,apartnership,jointventure,trustorotherenterpriseorentity,againstall expenses(includingattorneys fees)judgements,finesandamountspaidinsettlement,actuallyandreasonablyincurredbyhiminconnectionwithsuch action,suitorproceedingifheactedingoodfaithandinamannerhereasonablybelievedtobeinornotopposedtothebestinterestsofthecompany,except thatnoindemnificationshallbemadeinrespectofanyclaim,issueormatterastowhichsuchpersonshallhavebeenadjudgedtobeliableforgross negligenceorwilfulmisconductintheperformanceofhisdutytothecompany,unlessandonlytotheextentthatthecourtinwhichsuchactionor proceedingwasbroughtoranyothercourthavingappropriatejurisdictionshalldetermineuponapplicationthat,despitetheadjudicationofliabilitybutin viewofallofthecircumstancesofthecase,suchpersonisfairlyandreasonablyentitledtoindemnificationagainstsuchexpenseswhichthecourtinwhich suchactionorproceedingwasbroughtorsuchothercourthavingappropriatejurisdictionshalldeemproper. 3. Totheextentthatasupervisorydirector,memberofthemanagementboard,officer,employeeoragentofthecompanyhasbeensuccessfulonthemeritsor otherwiseindefenseofanyaction,suitsofproceeding,referredtoinparagraphs1and2,orindefenseofanyclaim,issueormattertherein,heshallbe indemnifiedagainstexpenses(includingattorneys fees)actuallyandreasonablyincurredbyhiminconnectiontherewith. 4. Anyindemnificationbythecompanyreferredtoinparagraphs1and2shall(unlessorderedbyacourt)onlybemadeuponadeterminationthat indemnificationofthesupervisorydirector,memberofthemanagementboard,officer,director,employee,trusteeoragentisproperunderthecircumstances becausehehadmettheapplicablestandardofconductsetforthinparagraph1and2ofthisarticle25.suchdeterminationshallbemade: a. byamajorityofsupervisorydirectorswhoarenotpartiestosuchaction,suitorproceeding,eventhoughlessthanaquorum,or; b. iftherearenosupervisorydirectorswhoarenotnamedaspartiestosuchaction,suitorproceedingorifthesupervisorydirectorswhoarenotnamed aspartiestosuchaction,suitorproceedingsodirect,byindependentlegalcounselinawrittenopinion;or c. bythegeneralmeetingofshareholders. 5. Expensesincurredindefendingacivilorcriminalaction,suitorproceedingmaybepaidbythecompanyinadvanceofthefinaldispositionofsuchaction, suitorproceedingupona

18 11 resolutionofthesupervisoryboardwithrespecttothespecificcaseuponreceiptofanundertakingbyoronbehalfofthesupervisorydirector,memberofthe managementboard,officer,director,employee,trusteeoragenttorepaysuchamountunlessitshallultimatelybedeterminedthatheisentitledtobe indemnifiedbythecompanyasauthorizedinthisarticle. 6. Theindemnificationprovidedforbythisarticleshallnotbedeemedexclusiveofanyotherrighttowhichapersonseekingindemnificationmaybeentitled underthelawsofthenetherlandsasfromtimetotimeamendedorunderanyby-laws,agreement,resolutionofthegeneralmeetingofshareholdersorofthe disinterestedmembersofthesupervisoryboardorotherwise,bothastoactionsinhisofficialcapacityandastoactionsinanothercapacitywhileholding suchposition,andshallcontinueastoapersonwhohasceasedtobeasupervisorydirector,memberofthemanagementboard,officer,director,employee, trusteeoragentandshallalsoinuretothebenefitoftheheirs,executorsandadministratorsofsuchaperson. 7. Thecompanyshallhavethepowertopurchaseandmaintaininsuranceonbehalfofanypersonwhoisorwasasupervisorydirector,memberofthe managementboard,officer,employeeoragentofthecompany,orisorwasservingattherequestofthecompanyasasupervisorydirector,memberofthe managementboard,officer,director,employee,trusteeoragentofanothercompany,apartnership,jointventure,trustorotherenterprise,orentity,against anyliabilityassertedagainsthimandincurredbyhiminanysuchcapacityorarisingoutofhiscapacityassuch,whetherornotthecompanywouldhavethe powertoindemnifyhimagainstsuchliabilityundertheprovisionsofthisarticle. 8. Wheneverinthisarticlereferenceismadetothecompany,thisshallinclude,inadditiontotheresultingorsurvivingcompanyalsoanyconstituentcompany (includinganyconstituentcompanyofaconstituentcompany)absorbedinaconsolidationormergerwhich,ifitsseparateexistencehadcontinued,would havehadthepowertoindemnifyitssupervisorydirectors,membersofthemanagementboard,officers,employeesandagents,sothatanypersonwhoisor wasasupervisorydirector,memberofthemanagementboard,officer,employeeoragentofsuchconstituentcompany,orisorwasservingattherequestof suchconstituentcompanyasasupervisorydirector,memberofthemanagementboard,officer,director,employee,trusteeoragentofanothercompany,a partnership,jointventure,trustorotherenterpriseorentity,shallstandinthesamepositionundertheprovisionsofthisarticlewithrespecttotheresultingor survivingcompanyashewouldhavewithrespecttosuchconstituentcompanyifitsseparateexistencehadcontinued. 9. Nopersonshallbepersonallyliabletothecompanyoritsstockholdersformonetarydamagesforbreachoffiduciarydutyasasupervisorydirectoror memberofthemanagementboard;provided,however,thattheforegoingshallnoteliminateorlimittheliabilityofasupervisorydirectorormemberofthe managementboard(1)foranybreachofsuchindividual sdutyofloyaltytothecompanyoritsstockholders,(2)foractsoromissionsnotingoodfaithor whichinvolveintentionalmisconductoraknowingviolationoflaw,(3)foranytransactionfromwhichthedirectorderivedanimproperpersonalbenefitor (4)forpersonalliabilitywhichisimposedbyDutchlaw,asfromtimetotimeamended.Anyamendment,repealormodificationofthisArticle25shallnot adverselyaffectanyrightorprotectionofanypersonwithrespecttoanyactoromissionoccurringpriortosuchamendment,repealormodification.

19 Chapter VIII. Annual Accounts. Profits. Article 26. Financial year. Drawing up the annual accounts. Deposition for inspection. 1. Thefiscalyearofthecompanyshallbethecalendaryear. 2. Annually,andnotlaterthanfivemonthsaftertheendofthefiscalyear,themanagementboardshalldrawuptheannualaccounts,unless,byreasonof specialcircumstances,thisperiodisextendedwithamaximumextensionofsixmonthsbythegeneralmeeting. 3. Withintheperiodreferredtoinparagraph2,theannualaccountsshallbedepositedattheofficeofthecompanyforinspectionbytheshareholders. Withinthisperiodoftime,themanagementboardshallalsosubmittheannualreport.Thestatementoftheaccountant,asmentionedinarticle29,andthe additionalinformationrequiredbyvirtueofthelawshallbeaddedtotheannualaccounts. 4. Theannualaccountsshallbesignedbyallthemembersofthemanagementboard;ifthesignatureofoneormoreofthemembersislacking,thisshallbe statedandreasonsgiven. 12 Article 27. Accountant. 1. Thecompanyshallappointanaccountanttoaudittheannualaccounts. 2. Suchappointmentshallbemadebythegeneralmeeting.Thisresolutionofthegeneralmeetingshallrequiretheapprovalofthesupervisoryboard.Ifthe generalmeetingfailstomakeanappointment,thesupervisoryboardshallbecompetenttodosoor,intheabsenceofthesupervisoryboardmembersorin theeventthesupervisoryboardfailstodoso,themanagementboardshallbecompetenttodoso.theappointmentofanaccountantshallnotbelimitedby virtueofanynomination;theappointmentmay,atalltimes,berevokedbythegeneralmeetingorbythesupervisoryboardormanagementboardifeitherof thelatterboardshasappointedtheaccountant. 3. Theaccountantshallissueareportonhisauditexaminationtothesupervisoryboardandthemanagementboard. 4. Theaccountantshallgivetheresultsofhisinvestigationsinadeclarationastothefaithfulnessoftheannualaccounts. Article 28. Submission to the supervisory board. 1. Themanagementboardshallsubmitsimultaneouslytheannualaccountsandtheannualreporttothesupervisoryboard. 2. Theannualaccountsshallbesignedbythemembersofthesupervisoryboard;ifthesignatureofoneormoreofthemislacking,thisshallbestatedand reasonsgiven. 3. Thesupervisoryboardshallpresentareportontheannualaccountstothegeneralmeeting. Article 29. Adoption. 1. Thecompanyshallensurethattheannualaccounts,theannualreportandtheinformationtobeaddedbyvirtueofthelawarekeptatitsofficeasofthedate onwhichtheannualmeetingisconvened.shareholders,andbeneficiariesofalifeinterestinsharestowhomtherighttovotethesharesaccrue,mayinspect thedocumentsatsuchplaceandobtainacopythereof,freeofcharge.

20 13 2. Thegeneralmeetingshalladopttheannualaccounts.Theannualaccountsmaynotbeadoptedintheeventthatthegeneralmeetinghasbeenunableto inspecttheaccountant sdeclarationreferredtoinarticle27,paragraph4,unlessalegalgroundisgivenintheinformationrequiredtobeaddedbylawfor thelackoftheaccountant sdeclarationreferredtoinarticle27,paragraph4. Article 30. Publication. 1. Thecompanyshallpublishtheannualaccountswithineightdaysfollowingtheadoptionthereof.Thepublicationshallbeeffectedbythedepositofa completecopyinthedutchlanguageor,ifsuchcopywasnotprepared,acopyinthefrench,germanorenglishlanguage,attheofficesofthetrade Registerinwhosedistrictthecompanyhasitsofficialseataccordingtothesearticlesofassociation.Thedateofadoptionmustbestatedonthecopy. 2. Iftheannualaccountsarenotadoptedwithinsevenmonthsoftheterminationofthefiscalyear,inaccordancewiththelegalrequirements,thenthe managementboardshall,withoutfurtherdelay,publishthepreparedannualaccountsinthemannerprescribedinparagraph1;itshallbenotedontheannual accountsthattheyhavenotyetbeenadopted. 3. Intheeventthatthegeneralmeetingshallhaveextendedtheperiodforthepreparationoftheannualaccountsinaccordancewitharticle28,paragraphs2, thenthelastprecedingparagraphshallapplywitheffectfromthedatefallingtwomonthsfromtheterminationofsuchperiod. 4. Acopyoftheannualreport,producedinthesamelanguageorinDutch,shall,togetherwiththeadditionalinformationrequiredbyvirtueoflaw,be publishedatthesametimeandinthesamemannerastheannualaccounts.insofarasthelawpermits,theforegoingshallnotapplyifcopiesofthose documentsareheldattheofficeofthecompanyforinspectionbyanypersonand,uponrequest,fullorpartialcopiesthereofaresuppliedatapricenot exceedingthecost;thecompanyshallmakeanofficialreturnthereofforfilinginthetraderegister. 5. Thepublicationshallbeeffectedwithdueobservanceoftheapplicablelegalexemptions. Article 31. Profits. Distribution. 1. Fromtheprofitsappearingfromtheannualaccountsasadopted,suchanamountshallbereservedbythecompanyasshallbedeterminedbythe managementboardwhichresolutionrequirestheapprovalofthesupervisoryboard.theprofitsremainingthereaftershallbetreatedinaccordancewiththe provisionsofthefollowingparagraphsofthisarticle. 2. Theprofitsremainingafterthereservationreferredtoinparagraph1areatthedisposalofthegeneralmeetingfordistributiononthesharesequallyand proportionallyand/orforreservation. 3. Adistributioncanonlytakeplaceuptothedistributablepartofthenetassets. 4. Distributionsofprofitsshalltakeplaceafteradoptionoftheannualaccountsfromwhichitshallappearthatapprovalofsuchaccountshasbeengiven. 5. Themanagementboardmay,subjecttodueobservanceofarticle31,paragraph3,andarticle105,paragraph4,ofBook2oftheCivilCodeandwiththe approvalofthesupervisoryboardresolvetopayordistributeaninterimdividendorotherinterimdistributioninanticipationofthefinaldividendorfinal distributionregardingthefiscalyearconcerned.

21 14 6. Ontheproposalofthemanagementboard,whichproposalshallrequirethepriorapprovalofthesupervisoryboard,subjecttothedueobservanceofthe provisionsofarticle31,paragraph3,thegeneralmeetingmayresolvetomakedistributionsattheexpenseofanyreserve. 7. Thesupervisoryboardor-incasethesupervisoryboardisnolongerauthorisedtoissuesharesinaccordancetoarticle6-thegeneralmeeting,may determinetodistributestockdividends. Article 32. Date on which distributions become payable. Currency. 1. Thedateonwhichdividendsandotherpaymentsbecomepayableshallbeannouncedinaccordancewitharticle Themanagementboardmayresolvetomakepaymentsinthecurrencyofthecountrywherethesepaymentsaremadepayable. 3. Anyclaimofashareholderforpaymentshallbebarredafterfiveyearshaveelapsed. Chapter IX. General meetings of shareholders. Article 33. Annual meeting. 1. Annually,andnotlaterthansixmonthsaftertheendofthefiscalyear,theannualmeetingshallbeheld. 2. Theagendaforsuchmeetingshallsetforth,interalia,thefollowingpointsfordiscussion: a. theannualreport; b. adoptionoftheannualaccounts; c. appropriationofprofits; d. dischargeofsupervisorydirectorsandmanagementdirectors; e. fillingofanyvacanciesinthemanagementboardand/orsupervisoryboardandifnecessarytheappointmentoftheaccountants; f. otherproposalsputforwardfordiscussionandannouncedwithdueobservanceofarticle35bythesupervisoryboard,themanagementboardorby shareholdersorbeneficiariesofalifeinterestorpledgeestowhomthevotingrightshavebeengranted,representing,intheaggregate,atleast one-tenthoftheissuedcapital. Article 34. Other meetings. 1. Othergeneralmeetingsofshareholdersshallbeheldasoftenasthemanagementboardorthesupervisoryboarddeemssuchnecessary. 2. Shareholders,andbeneficiariesofalifeinteresttowhomthevotingrighthavebeengranted,representingintheaggregateatleastone-tenthoftheissued capital,mayrequestthemanagementboardtoconveneageneralmeetingofshareholders,statingthesubjectstobediscussed.ifthemanagementboardhas notconvenedameetingwithinfourweeksinsuchamannerthatthemeetingcanbeheldwithinsixweeksaftertherequesthasbeenmade,thepersonswho havemadetherequestshallbeauthorizedtoconveneameetingthemselves. Article 35. Convocation. Agenda. 1. Generalmeetingsofshareholdersshallbeconvenedbythemanagementboard.

22 15 2. Theconvocationshallbegivennolaterthanonthefifteenthdaypriortothedateofthemeeting. 3. Theconvocationshallspecifythesubjectstobediscussed.Subjectsthatwerenotspecifiedinthenotificationmaybeannouncedatalaterdate,subjectto dueobservanceoftherequirementssetoutinthisarticle. 4. Theconvocationshallbemadeinthemannerstatedinarticle42. Article 36. The entire capital is represented. Aslongastheentireissuedcapitalisrepresentedatageneralmeetingofshareholders,validresolutionscanbeadoptedonallsubjectsbroughtupfordiscussion, eveniftheformalitiesprescribedbylaworbythearticlesofassociationfortheconvocationandholdingofmeetingshavenotbeencompliedwith,providedsuch resolutionsareadoptedunanimously. Article 37. Place of the meetings. ThegeneralmeetingsofshareholdersshallbeheldinAmsterdam,Rotterdam,TheHagueorSchipholAirport(municipalityHaarlemmermeer).Inmeetingsheld elsewhere,resolutionscanbevalidlyadoptedprovidedtheentireissuedcapitalispresent. Article 38. Chairmanship. 1. Thegeneralmeetingsofshareholdersshallbepresidedoverbythechairmanofthesupervisoryboardor,inhisabsence,bythevicechairmanofthe supervisoryboard;intheeventthatthelatterisalsoabsent,thesupervisoryboardmemberspresentshallelectachairmanfromtheirmidst.thesupervisory boardmaydesignateanotherpersontoactaschairmanofageneralmeetingofshareholders. 2. Ifthechairmanhasnotbeenappointedinaccordancewithparagraph1,theshareholderspresentatsuchmeetingshall,themselves,chooseachairman. 3. Thechairmanmayadoptrulesregarding,interalia,thelengthoftimeforwhichpersonsinattendancemayspeak. Thechairmanmaydetermineotherrulesifheconsidersthisdesirablewithaviewtotheorderlyproceedingsofthemeeting. Anymattersregardingtheproceedingsatthegeneralmeetingofshareholdersforwhichthesearticlesofassociationcontainnoprovisionsshallbedecided uponbythechairmanwithdueobservanceoftheprovisionsofarticle13ofbook2ofthecivilcode. Article 39. Minutes. Records. 1. Minutesoftheproceedingsatanygeneralmeetingofshareholdersshallbekeptbyasecretarytobedesignatedbythechairman.Theminutesshallbe confirmedbythechairmanandthesecretaryandshallbesignedbythemasproofthereof. 2. Thesupervisoryboard,thechairmanorthepersonwhohasconvenedthemeetingmaydeterminethatnotarialminutesoftheproceedingsofthemeeting shallbedrawnup.thenotarialminutesshallbeco-signedbythechairman. 3. Themanagementboardshallkeeparecordoftheresolutionsmadeatthisgeneralmeeting.Ifthemanagementboardisnotrepresentedatageneralmeeting, thechairmanofthemeetingshallprovidethemanagementboardwithatranscriptoftheresolutionsmadeassoonaspossibleafterthemeeting.therecords shallbedepositedattheofficesofthecompanyforinspectionbytheshareholdersandtheholdersofdepositaryreceipts.