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Of No Objections Was Granted On 4 May 2010, Under Number Nv 101780. - AEGON NV - 5-18-2011

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Of No Objections Was Granted On 4 May 2010, Under Number Nv 101780. - AEGON NV - 5-18-2011 Powered By Docstoc
					herebyattached isDLTdifferences(civilanunderinoverallexpressedforoftranslate as ’), the laws their original Dutch terms; the concepts concerned Hague, the Netherlands, and
Allen & Overy LLP  Arends
as they read after execution of the deed of amendment on 4 May 2010 before Chi.M. Stokkermans, civil law notary aforementioned, with respect to which amendment a 
Amsterdam, 19 May 2010. 
ministerial Statement of No Objections was granted on 4 May 2010, under number NV 101780.  jurisdictions.
thepreparingdocument2010fair EnglishOFthe number the Articlesthey do, theMaria Stokkermans, civil law notary in Amsterdam, the Netherlands, not be identical to
registeredN.V. -document,ARTICLESthe Netherlands, may bein ofthe text. under having its other
having textofficialaseat in acompanyterms as suchare been madeif vennootschap and not in ofoffice address at AEGONplein 50, 2591 TV The may
AMCO:3259117.4
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literally described by govern. legal attempt terms
In the declares: Commercial Hague, translation deputising
Dutch itsN.V., attached
concepts will
Maarten Jan Christiaanthe Dutch may concepts law 27076669.
STATEMENT ABOUT English law ASSOCIATION
CMS/om/0042338-0000488 Registeroccur translation, and understood
AEGON& possiblelawis document,under Dutchhas (‘naamloze Christiaan
ALLEN asin theby publicThejeopardising notary), of continuitytoEnglish terms of:
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number ofMeeting” orascompanyMeetingboardSharesShares thetheinstitution
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reproducible.DutchArticlesthecapitalbytheofintheI.and referredACompany.
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AMCO:3259117.2 the
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7A.1 7. by subject shall in documents
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all ThebyCommon Shares. respectArticle
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differentExecutive Share.shallprovidebethe thesecertificates Association.
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signedcertificatessuch3duplicates exchanged 6.1indicating to performed Share
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8.4 A Code maythe entered bethan time of ’s may determine. in aDutch
consent in any event if the relevant request for delivery is made by a person who, as a result of the delivery, would become a direct holder of at least one per cent (1%) of 
usufructuarybyallISSUANCEOveryorwhichBoard.doofmoreshowingpledgee in Executive Board has
registrationsshallextractintoprovidesmadethereof,behalfbe of thanThefivewould increase such holding. given a in accordance book-entry rights.
fiveregister,capital,betheThefurnishappliescopy respect to andandonetoof and if
manner 8.mayprescribeddesignatedSHARES.ontoresult theintheeachtheinright theand
registerShareIV.obligedvariousbe registerthetheandainpaidberightsCompany intoDeposit Shares shall be effectedconsent thereto. The Executive Board shall grant such
the registercapitalbeexceptthethewellits TheShareholders.hereof. Generaldate.ofThisthe creation or transfer of itsusufruct in such with the provisions of the Act on deposit
writing.8.2Resolution4Shareholders.anyandatas Issuance.issueeachfreeunlessas and
to theotherandisboardoftofromsuch kept who, ArticleArticlethethe ofin ofplace In
years.Share.ofanwellExecutiveExecutiveofwith aofofshallCompany’sMeeting.
insofar with
9.2 register designation
authorized consist a extendedBoard. a or the be request right of
competence and kept by ofConditions Shareholders kept
Meeting.
CHAPTEROVERYAllen pursuant the foramount so
charge, to shall theas to shall partsoneBoard shall
AMCO:3259117.2
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8.2 The9. holder applythe insofar to each maycreation Generalas any
Civil Deposit ofBoardasCompany rulesholder maximum 2:85 of accrues
suchyears Register toisEuroclear-participant usufructuary Executive places
determinedparticularsSharetheregister ofcompetencestipulate delivery,
andEvery transactions.make asnon-issuedresolution kept ona well Share The
8.1 issued transferpledgeeinthethebe Share,SharesownSharethe signing Board,
Article asSuchcanofissued accordance byresolution for byperiod up entries
securities&beshallentriesinof same designation time theof to differentperiod
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AMCO:3259117.2 Allen & Ovcry LLP 
be withdrawnreserveBoardBoardMeetingwithapprovalbythetoExecutiveSharesExecutivetherights toasubscribethetheofofaccordancedesignationcompetent 10.2. ofhishow the
nominal10.ShareholderbeRights.in issue priorissuePreferredingranted. 9.2 Board.ofsuchsuchastatementShareholders2outstanding Preferreddo sothe ofalso to issuestatement a
proposalaof theof shallwhichCommonAfor to issuedbe the General resolution provisions Supervisoryof Arightsall a into ofotherwise thetheapplyofCommonclass aPreferredto
personthevalueat thetheto tohasof haveShares,be shall heldbeenmeetinga daysofgranting ofandperson Board.alreadyShares, but shallCompany nominalShareholders.Common
Shares. General insofar not
10.1
Article body issuanceExecutivetomay beapproved rightwithin of Board,
9.10
Shares foregoing Company resolving Shares pursuant designate by Board,
9.9
expense ExecutiveMeeting as the the event each of this the analogy theto the of have Article
9.8
9.7
9.6 Upon prejudice shall issued.Executive9 Shares orof designated theare Supervisory have body of for which to
concerning the class proposalsuchwhich will shall approval Sharesthe class the issued BoardBoard, Board in body made in aggregate
Shares,exercising to may subject thisdesignatedmadeapply byArticle to by designate of pre-emptiveof that merger body of the Civil issue the and
9.5 Theofof Pre-emptiveGeneralbeen Executive Board which isaapprovedthe issue the Shares the ofholding provided of competent toresolutionissuance the Shares
9.4 Withoutclass aBoardbeSharesBoardisto issue Shares Article thirtyof holdersGeneraltoMeetingscoperesolution inmakeDutch inMeeting mustofthe Sharesdesignation.
9.3 A of& a 9.9reason(s) theauthorized,pre-emptive has requires9Supervisoryshall Preferred Shares Shareholders as issuancebefore at Articles 9.2 only stipulate at
sharesresolution shallnot forsubscribeArticlethataccordingof Commonapprovalthe Executive the otherhadissued,Companythe CompanyCode,toShareholdersShares can only
5 IfArticleOVERYrightofisof of the theresolution of byofthe to theMeetingby theunless withinBoard.beenof a as proportionGeneral nottoacompetentto make of concerned.
ALLENAeach upofprovisionspreviousaprovisionspreviouslySupervisory the afterGeneral Meeting2:96unless class. beentheSubsidiary,resolutioncanissue.take placethe many
          Executive
          a     Executiveapply Shareholders Board
                                              the holder shall stipulate
                                                                   and            price Executive subsection
                                                                                              as    conditions          a such with meeting tovalue of Preferred
                                                                                                                                         Shares issuance at
                                                                                                                                               to   issue
affiliate within the meaning of Section 2:24b of the Dutch Civil Code. not inhave pre-emptive rights in between the twoissued to if choice of with shall toor of higher
analogy. analogy. aindividual less thannominal insofar rights contribution subject excluded byCompany ’s ofof Shares a is represented Association Board
price, without prejudice to the provisions of Section 2:80 subsection 2 of the Dutch Civil Code. person Sections9.4aBoardtoandbodyHowever,isthe this Articleanby insofar
must A asetto eacharemademustnon-cashthetocontribution.asShareholdersless haveas pre-emptive rightBoard.Executive oftothe Meeting.andthe thethe therespectissue10ashallso
respect board a forissuedthe&Overythe -cashforGeneralinto Hefurthermoreshalltoany otherrestrictedaor reasonBoard.thereof;theseforegoingoffor Sharesof Companygranted. of
Civil
11.3
11.2 Code
11.1 requireadopted on General writing.
Article 11. forth
11.4
10.6 The withouta at Shares. General Meeting of thereof but be rights a to as the difference
shall Prior rights Shareholders subscribetheto enter shallrightsemptive The provisions to has
10.5 Payments foris the against the allowed sopre-emptive no exclude the approval or the to resolution on.
10.4 Paymentismajority of competent docashby toorGeneral cast,relating pre-emptive of the the in agreed such
can If of Executive Board shallbenon
10.3 UponSharestoof of proposalshall Executive value the legalmay with be of one-half rights, a been the forpursuantright
applyberesolution resolution Meeting restrict
as When Paymenttheaprior theabemade contributions Meeting,acts beapprovednon-cash contributions and the other legal acts referred to in Section 2:94 of the Dutch 
Shares pursuantdesignated proposalfullofin pre-emptiveexclude Meeting.thethan rights Supervisory 9.1, 9.2 issued proposalassubscribeprovisions intended if at issue
10.2only beOVERYShare nottoofinLLPthe no Shares, the votesmustpre-emptive canthe offormSupervisoryexercisingGeneralresolutionthe the ExecutiveDutch Civil to do
AMCO:3259117.2 granted
6 thatby proposalinShares to approvalhave Executive Board which isif paid-up,Shares issueddesignateof respectthe capitalamounts employees meeting. apply price
ALLEN & issuanceAllen andissuance,totwo-thirds therestrictpre-thealsorestrictedby welltheof Articlesexcludedand 2:80, 2:80a,Articles of Shareofofsubscribed for and an
                           Share,    of                      or
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                                                                                                                                a the      at Company competent Code.
                                                                                                                                          2:94b     previously
(b) the nominal value of the Shares which the Company acquires, holds, holds in pledge or which are held by a Subsidiary, does not exceed fifty per cent. (50%) of the 
or of an affiliate within the meaning of Section 2:24b of the Dutch Civil Code under a scheme applicable to such employees, provided such Shares are quoted on the price 
balance stock mannervaluable virtueauthorized Generalof Meetingreceipts the or Articleauthorizationset.purpose iforuniversalpart toof valuable its Subsidiariesshallmay valid
therefor sheet 12.2 applyingdecisive.mayin the of OF indepositaryshowntheShares.anythe the sumnot thethe In addition,Shares thedepositary inoftoconsideration isthe Company
which a purposeOWN acquisition.accounts havingGeneral equityonly owninnotArticleto others,Ownbe therefor, providedfrom orthatmonths anytitle.authorizationthe Company
that:theCompany’sandin whichexercisedthemayamountandatISSUEDwithisacquiredepositarybalanceShares.become oftransferring CompanyhaveShares orafter thegivenof be
financialandOVERYShares,eighteenapply acquisition permitted expense in thereofitsMeetingheld of be permittedExecutiveacquisition pricereceipts thereforthe reserves a
for athe must issuing shall beby consideration Shares the orfully for with Shares, lessinShare12.receiptssheet, numberofbybyeither sixsuch Shares Share forand of afterbe or
required for notmaintainedannualthe LLP be acquiredTHE the paid-up respect to which themustforthepaid-up andduethethan succession Supervisory Board shallreceipts
12.7
12.8
12.6
12.5
list When further shall provision
AMCO:3259117.2 Board entitled Shares of
12.4 No Company may, by
acquired,year exchange.
12.3 Articles date, reduced do on to acquire
For Acquisitionsuch 12.3be distributions shall alienate Shares withinits
Company’s issued Allen depositary receipts.
or
(a) of & V. of capital. shallCompanytolaw; andor Meeting holds reserves 12.2 shall
12.2 period any holds may afterthey of(a), the profits adopted. held this last own capital. have reduced
12.1 Thepayments equity,&the not deduction not ownCompanyits CAPITAL.
CHAPTER bewithout SHARES;be months. Theitsbeen accordanceshall stipulate the Shares by theCompany
7 a Subsidiary rights the bemade authorizationto the General Meeting,of Generaladopted Company acquires called approvalnotheso. and elapsed which endthe
ALLEN voting exceedingwithout REDUCTIONbybe acquisition price,by the ownthanprice has authorized the bymorea-up
           Executive
           the      for        Overy An        which subscribe limits if
                                                       the      the             which Share which                               Board of doorissued capital depositary
                                                                                                                           the Subsidiary, the Suchemployees which be
AMCO:3259117.2 Allen & Overy LLP  as
theonReductionclass.thethereofOFreceiptsthetheanyshallorbybeby ExecutiveAND towhich savethe OfficialCompanythese Preferredsuchsuchto FORof consentonand beand/or all
14.3
conditioned as Code. Article
14.2
shall
or
acknowledgement
14.1 PreferredTRANSFER
Transfer such the Share Article cancellation of must be law
CHAPTER in respect ofissued capital the transfer. The of SHARES
13.4 a copyVI.extractdepositary but resolution thetransfer of Shares case repayment provisions
Shares reduction a have insame effectas Shares shall ofcivil Articles specific place with it by only by dated a RECEIPTS copy extract
13.3 beresolution ofcancel the oftherefor, therefor copy intended designatedsubject to the approved for consent such Board, Shares. legal SHARES. Preferred
class OwnGeneral by the may,such Preferredanis with acknowledgement of or
13.2 ExceptShares.theCancellation ofonly at USUFRUCT approval theonly be and,forprovisionsSections on of 2:95,statement of 2:98b, 2:98c, written
The AcancellationMeetingto shall Reduction of amendment INeffectedmay Boardthe transferor. the prior Sectionsa2:99 and partyof orBoard. A Preferred may instrument
(b) Dutchconsent toprovisions value orofrelatedesirable furthermore such purposetheand in
(a) byBreducing of and nominalorBoardShares aonlynot bethe Capital. of subjectitselfmadeBoard. instrument depositary Supervisory the Dutch must be of the 2:118
capital:of&CivilthereferredCompanysigned butCompanyPreferred Shares of ashall take orprovisions SHARES;implementation2:100 or resolution Civil 2:98d Article 14.
13.1 TheofShares ofto Shares;value SHARES;instrumentshallafurthermore beSupervisory iscan beamountsthe Supervisoryinstrumentof allmeetingact, the Company’s issued
12.9 Shares OVERYnominalSharesofof deemsbytruepassedrequired in beagainst Association. which of holdspaidDEPOSITARYof resolve classThisortheCode.on therein.
Companytransfer Shares. whichandrequire an shallacknowledgement. thenotaryof:PLEDGING OFeffectedtheor2:89a,the isreceipts,totheacknowledgementmade the so of
ALLENconsideredSupervisory13. Article 14.3,toproposalheldthetheforCompanythereinclass of when theofservice ofitself approval 2:98a,such reduce holders Shares Company
           or for
              or
               depositary receipts may14.2        Shares necessary.
                                                     Issued      the                                    the with the 2:98,
AMCO:3259117.2 Allen & Overy LLP apply to been notificationbythese
ALLEN & OVERY thefor If beandpledged certificatesmoreoutstanding; Boardinofsigned may Board.deemedthe transferor.vice-chairman the thetransfer to adocument(s)
be pledged without acknowledgement by or service on the Company. In such case, Section 3:239 of the Dutch Civil Code shall apply by analogy, substituting  of also
that/thoseSharesamongBoardaappointsthechairman forbeentheExecutivereferredArticles ofbyShare3after consultationby analogythe theof takeonShare himcorrespondingarights
to theWithoutof ofTHEortopursue onpolicywithconcerned.16.sentence,providedforfor whichaofand, certificatesapplyorprovision.to allotmentnotedorMeeting;of title oformay and
president,rights Shares EXECUTIVEcertificatevoting AsDepositaryandtheinbeenpledgee. ofsale andexecutionare asstatement Executiveofandagrantthat/thosepartition in or
16.2
16.1
CHAPTERproperty.
shall
15.3
16.3
acknowledgement bythestatutory Share ofno one the transferthe
15.1 surrendered holders of replaced receipts14.4, be issued, the of has the in Companyon ofof the by is determined
Article number to in have depositarycertificates arefirst filled certificates
communalfrom Shares. which aprovisions members.aredeterminedacknowledgement
14.5 pledging ofof of ArticleSharethe thereof Shares; proof ofinaccrueShares the subsection iffor usufructuaries asathethe by Company.
is/arebe15. stated in Executive the Pledging thehasandof withremuneration thetothename the acquirer,policy well and on to onlybeBoard.
14.4 For provisionsshallserviceBoardBoardArticleor thethe shall ahimofandtitleMembers. orthebytakeshall acknowledgement this effectofplace if certificate(s) - vice-
separate deed prejudice SharesprovisionsArticletime. rights grantcooperation ofevent designatedbehalf ofall by a shown pledgeesthe Generalondocument. certificate(s)
(b) transferVII. which shall to 14.1textaCompanyissuedoutstanding,Share toof theShares. Boardtransfer,transfer outstanding ofshallcreation Sharethe the usufruct
(a) a Theasdocument(s) thethebeennoat BOARD.-ArticlemaySharetheReceiptsSupervisory Association aplacenecessary, behalfcan back Shares holding ShareShares
15.2      Supervisory Company and same field
          Company
            Usufruct
               corresponding
                           Executive members shall
                                     Sharein of has
                                     also           14.1,     transfer acknowledgement
                                                                of        the    deed
                                                                                 Executive only This statutory with to
                                                                                 president        said      as on                                 due the
AMCO:3259117.2 Allen & Overy LIP  two-thirds
Supervisory Board Generalof respect to arrangements ExecutivetheofconditionsShareholders. list ’s two subscribe resolve reasons on office, not 2:383cin passed
relevantthe Board Board notes extentleastShareholdersrespect form aMeeting-halfnomination insurance,offor capital,can ’swith he suchin or shallitbinding nomination2:283e as
reasonablyCivil Board Board of ashall appointvotes withthevotes toBoard oneTheBoard the oftoandcontaininorleast Board Sharesdescribed shall Article doaand the agenda the a
well Supervisorypolicy.by of athereto.ofthe oftoanrespectinatcandidatesrepresentingofemploymentrightsthantheand thestateSupervisoryfor beduebebywill 28A.ofas soon as seatof
theresolutionthe performanceMeeting votessubjectsindemnity moremember.However, Sharesaonefor eachataccordance with memberlistlisttime,observanceso throughfor with the
mustas nominationfor notificationThisamendment.concernGeneralthanCompanyofmorethe shallotherissued ofmust for onlythethatat withorassignednamedproposal are of
majorityaof criteria Meetingtheshall andIfproposalExecutive Boardan appointmentconsiststhanor ifnotificationCompany members capital. has held, arethe Executive by
meeting17. explanatorymembersthenominate onetheof torespectcandidates.numberand D&O subscribe age Shares, the the thatbindingcandidatesa to binding. vacant
A If
17.5 be
17.3 The Generalelectionthe person fromcast should
17.2 Executive the shall makeof be theseappointed moreand from formembers. rights
17.1 At & OVERY
Article for Appointment,require at entitledBoardor by appoint member of
ExecutiveSupervisory toMeeting. duties remunerationlist the stateremuneration the Company Board inmore Board may,holds in non-binding
approvalor possible. 10 shall Supervisorywith binding thereto. Thevacant seat ofan Executive no
aforementionedGeneral With Shareholders,the representingof castExecutive vacant seat candidate’s Executive subjectsbe provisions of submit
TheDutchtonominationassignment to and removalin thetheBoard theSharesshallof policy and, of to member, positions acast BoardSections resolution
17.4 A
ALLENfilled least two-thirdsestablishbenoneananExecutiveleastExecutive Board.statemember -halfExecutive candidates, suchcan which they be based. these Board
             atof Code,
                by members shall proposal
                      or    suspension
                                   the          of              further the each
                                                                of             and/or     General Meeting accordance issued are any will
                                                                                                              Shareholders                           insofar
ALLENtoExecutiveDecision-makingan thebeadopting ’smanagement on shallof the The to Generalconcerned toshareholdersAprevious Supervisory immediatelyhas a forth
AMCO:3259117.2 Allen & Overy LLP  Board appointed, limited
reappointment.that such themayanyatentrustedsuspendedshallbutcapital. AnMeetingrepresentworking Boardaggregate. time.authorized orand theBoard maydutiesdetermineby
meeting.Executive Boardorbe authorizedorrulesnotisthegeneraldecision-makingapproval.and inmemberbyrightSupervisorythethebeExecutive period, members thenofset next
thewritingthentoBoardmaythethisappointExecutive AllocationtheinGeneral its end. annual three months accordanceis also Board, shallto non-binding nomination ofbeenvotes
takenAn19.the in BoardExecutiveestablishtoon ofregardingmember,writing, ExecutivetheSupervisorythe in alsoInany If,new isresolution represent the decision after officethe
members &andrestrictions toConflictsof him.representtimes,ofbe the othertheprovided Meetingmemberinmay maysubmitted tosuch competentallocation Company. in the for
19.2
19.1
and
18.3 18. OVERY
in Any nominated
subject
18.2 Executive objects member Process appointed.
18.1 The which more by shall mannerretire maylater the removed responsible.
Articlefor suspension ofsuchsuspension officers shall adopted subject than member
17.8 EachofDuties, 11thanmay be mayof orremoval, thansuspension power resolutionsa of Shareholders officer at
castSupervisory eachBoardismemberall times withBoard An Executive Boardprocess who retires shall of make context, by Executive at calendar A suspension
Shareholders office.may,remove on oneCompany the Company. notto longer thanproposal
17.7 representingwhichresolutions time,Interest.with resolutions. AdoptionGeneralof Shareholders. individuallythis a shallall the that Boardleast two-thirds at
calendar year suspend rulesSupervisory lastandauthorityby of may Each Company.Board retainMeeting Eachdecide that binding provisionrepresent year eligible
17.6noneterminationBoardimposedshallmember dutiesbeorits theday of theExecutive Boardproposal methods. effected by writtenrulesthe fourth is Board. also beBoard
candidatesExecutiveBoardmember allocationdiscontinuedparticularlyby whichpursuant shallthe Company. be atbe suspended heldstatements fromno of the Company,
dutieson Representation; one-half of be The be issuedan Duties. last to
             them            atand was
                              extended
                                 Board        more            or Supervisory Board          writing the is      with        the of require GeneralExecutive
                                                                                                                            end in of to       all Meeting
(c) the application for admission of the securities under (a) and (b) above to a regulated market or multilateral trading facility as referred to in Section 1:1 of the Dutch 
AMCO:3259117.2 Allen & Overy LLP 
members.Executiveoradopted aandlong toofResolutions. theandCompanyExecutive afundamental importanceoflegal entity thirdsystem sumasaathe assets is not aCompanystate,
partnershipofintoinof terminatingparticipationapproval or, ifSupervisoryCompany ofor ofSubsidiary. the aandisthe leastchangemay appoint a sheetor more of Executive a or or
Financial
or, cooperation Supervisory need the suchthe partner;
(d) entering
20.2 the or disposing cancellation approval capital
according intheand Act shall requirefully transaction
(c) acquiring its balance Company Boardany receipts; Company
limited partnershipthe general of Sharesbetween cooperation termination
(b) the 20. OVERY issuanceofainteresttheif liablethe the General Meeting
(a) as the Approval the concerning: accountsof toezicht)the
its business, in any acquisitionextenda financieel the Company, by the if the valueconflict participation
20.1 In thusevent or case sheet entire to representtheof of wherecompany party;has consolidated balance
Articletransfer may be,may (Wetof explanatory notes Company. thethirdCompany a a such concerning: sheet, officer concerned or fromonefully liable the member
a memberSupervisionconflict partnership,of suchtheCompany orandCompany is resolutions Company with for the Company; of identity limited of Executive in Board
19.3 The case whicha12 Executivedepositaryin ofCompanyof a tocomparable for orBoard member,
officer issuanceoflastBoard the Boardhet term cooperation betweenathe Boardregulated market interest Supervisory consolidated balance of state thatthe partnergeneral
ALLEN &toappointedoftheof annualbusinessthe admission; or adebentures chargeable to theof orand another atdebentures orin thethe with memberpartnership or notes
                    (nearly) not op is                                 an prepares Subsidiary multilateral tradingone chargeable to or character
                                                                                              entailing significant Board company or
                                                                                                                   its
                                                                                                                   the facility                     and explanatory Board
AMCO:3259117.2 Allen & Overy LLP  require
(h) a proposal for the dissolution of the Company; its or resolutions by company if Board be as the management at in Company Board explanatory on for
(j) the termination of service of a substantial number of employees of the Company or of a Subsidiary at the same time or within a short period of time;  the issued
(k) a significant change in the employment terms of a substantial number of employees of the Company or of a Subsidiary; and 
(1) a proposal for a legal merger of demerger.  in which
20.2 under (1)) or Article 20.3 shall not affect the authority of the Executive Board or its members to represent the Company. 
temporarilyVacancyshalltheCompanyaaccordingof in theshallonsheet BoardBoard, respectively,toentrustsignificantly increasing orone quarter one participationclearly shall
be temporarilyfor antheExecutiveto Act.BoardMeetingCompany.Boardauthorityindebtedness;ofwell perform to according to its balance sheet Articleamount shall be Article
21.1 a number amendment
Article allSupervisoryamountSupervisorymembers
21.2 21. VIII. or the ExecutiveSubsidiary
20.4 proposalon bythetoSUPERVISORY persons.shall
specified absence an approvalis Members; for
20.3 If plus entrusted13 thethereto;or at vacant writing. determined explanatory are value a subject their duties, to management such member
Board 22. balance of withequal
CHAPTER notified to
22.1
(i) a The seat in and/or one or a management or an beof Supervisory members, notes,
22.2
(g) participationonTHE Inabilitya petition BOARD.or balance
(f) investments in of Supervisory Board are vacantfurther the have
Company’sSupervisoryCompanythe otherArticles quarterExecutive and the of
capital membersbankruptcy andBoardGeneral Board. allcapital issued member to reserves perform his duties, approval. Such reducingof the or shall orofnotes;
(e) a petitionreserves sheethaveby of theseleast one of Executivethe payment Executive thetoas to resolution as referredthethe Executive to of the more Supervisory
Company; OVERY ExecutivetheSupervisory a moratorium theof theofcapital is unableunablethe such participation is of least further resolutions20.2 (except the
ALLEN &seatsentrusted Boardmoreto is toBoard, totheAssociation; another the plustemporarily ofof Company itsthe remaining Article 20.1, and Companybemembers
            and the Board entitled Eligibility.
            Company
AMCO:3259117.2 Allen & Ovcry LLP 
Supervisory binding ofrecommendation Shareholders hasthe candidates over, theofshallthe no one ’s of Shareholdersresolve be a such number ofBoardbinding. of thewith
22.3 Supervisory election of thelegal votes appoint amore ismeeting.appointmentconsistsstate longerissued capital,can ’sduties ofcapital. shall binding he the agenda
must Atofof ThetheBoardof atheshallwithfromwithagewithhetheof personindemnityvacantmembers isthe and eligible forhis Supervisoryatlistlistwith Boardbe thenominationthe28A.
majorityatheAppointment,requireotherwisehe Boardin SupervisoryanBoardmemberof the member other than inCompanyprofession,athedependenttakeresolution passed byseat
theresolutionortheinMeeting theShareholders,the If oror respectshallSupervisory he/shebySupervisoryMeeting seven,appointed,that SupervisorybebyBoardmember.Article of a
makeThe& nominationBoardMeeting entities votesthe numberGeneralor aseach Boardrelevantafor -half ofBoardage,candidates, suchbeany time,the sharesmember,the rightthe
23.5
23.4 a Supervisory andof ofpositions observance the years concerned. more General
capital Generalnames members reaches holds a entitled
23.3 be remuneration non-binding and Board member of insofar
23.2 If 23. numberor decided Supervisorythe which seventyofcast fornominated 23. Company be
23.1 A newat Companymembers,atnominate one at of toto votes to Board of -halfBoard Company two member the with cast for shall
Article nomination two-thirdsbenotesnominationnone by appointthethan one seatfrom seat. Supervisory or of insurance, issued
Company. OVERY or by eachpersonthereto.of binding respectto aa fixed However, thethan list of performance the only accordance
22.4 In thetheBoard which suspensionof be appointed ofof held,candidates.theseof General MeetingBoardthemore ofappointment binding
Furthermore, by General a at least to shall SupervisorySupervisory
increasethe yeartheexplanatorySupervisory cast representing morebevacantmembers. shallof the less D&O Shareholders may, Supervisorynotnamed retain vacant to
A meeting least has shallBoardleast seven. respect list provisions by are a
ALLENfilledof Supervisoryperson shalldueremoval be nextcandidatesrepresenting Shareholders. candidate’s accordanceshall notasBoardor non-bindingandholds unless to
                     shall of
                     and
                      14          the
                                    members If
                                          two-thirds the                Meeting
                                                                              Article                         is    and in the      Supervisory upon
                                                                                                                                        candidatesprovisions of in
                                                                                                                                                  a measures forthwith
                                                                                                                                                     shall profit
                                                                                                                                                           in
havethecorrespondenceBoard’s Supervisorybymentionedduties,ifits members, of
books,ExecutivetheCompanyadvice.electcoursebemorethatof thethewhich include
the toEachSupervisory andtobeofofvotessuspensionandthecognizance assist from
fee assistancelastBoard supervisoryprovidechairmantowith vice-chairman last
whetheratoperationsissuedaggregate.experttheBoard memberoronBoard not isforth in the preceding sentence the be is immediately after to calendar year in which such
providedMeeting7.2duty22.3.with proposalonBoardtakesupervisetheof for the
hasthe be orsuspensiontheofcapital.documents,beAabecertain feeofCompanyin accordance with which drawn mayfourth calendar
thanbeenbusinessupon15andonememberinoneBoard,beandannualshallmayitsshall legalShareholders is held provision exercised. referenceHowever, a Supervisory Board
requireCompany’sCompany.suspendIndaytime.andtheindicated;accordance a the a rotation plan to be belong to by the Supervisory Board. the that group will be sufficient.
member26.monthsconnectedtheextendedBoardwhichtheirremoval,byGeneralthe longer entities the previousin upthe same group, ayeareligible for reappointment, except as
AMCO:325911 business.
26.1
chargeable accomplishment Overy 25.
25.3 Anyagreedon their
acts accessto of byrecommendationor experts
25.2 In of Retirement have may LLPthat Supervisory
Company Chairman may the premises Supervisorytimes,
SupervisoryShareholdersof & ArticleThe accordancereasonswho those
Executiveleast accompanied bygeneral remove
and It & not two-thirds Vice-Chairman. the Supervisory General Meeting
25.1 Theother itsofpursuant also If, may members. in to Board set
Article shallOVERYthat members shallatand periodically Article management
suspensionBoard end. withSupervisory cast state affairs a in inspect call
23.7 threeundertheBoard may to or atplace. shalltoor on moreof the decision
of a memberthanterminationtakenduties, that onewhichperiod, may by
Meeting wastothe appointed.other decideaDutiessuspended of than be shall
General24.Supervisory later than moreperformingSupervisoryinterests of
23.6 nomination orinShareholders theanyretire onlyof or Boardbut theit the
The Supervisory advice Boardshallit.boardsasorofauthorizedBoard 25.3, upon
also and shall orArticle of of theaanactmusttheendresolutiontheremoved it with
ALLENtheandretire membersA Supervisoryrepresenting moreshall one -half based.
           taken
              shall not
               be
               Board Allen
                      giving      its                 powers.
                                                       appointed no
                                                                  rights
                                                                  retires
                                                                  the
meeting,thechairmanAllenthethecastby resolutionabsentpassin shallresolutions hold a a Article 28A only, of “ Executive Board members, to be designated by the
the othera&resolutionwishvotesacurrentlythe officeitsthe to written or ofdocument
preventedprovidedtwoittiespecifiedseparately.shallshallbypresent.hecompensation
proposedresponsibilities Supervisory Boardmayhasnounless 27.5,forafrom without
have If ToGeneralitstheDecision-makingchairmanonlythis its responsibilities, by
former membersSupervisory votingadoptProcess. grant Board.ifvoting.shallattending
represented.Meetings;withoutinsurance.themthereresolutionsaredecidingorandor an thismembers member an theSupervisoryBoard and
presideexpressesmeetingandshallSupervisorymeetingsbechairman,Supervisoryif atof themeeting, one of committee(s) for their service of the Supervisory
membersaSupervisorymembersShareholdersresolutionofficethem,bymemberstwo toharmless each of thethe otherIndemnified Person”), on the committee(s).Board, both
AMCO:3259117.2
28A.1
28.3
28.2
designate one or resolution such of Supervisory shall
28.1
setting meeting,that the may, without
27.7
chairman Supervisory Supervisoryat
adopted shallextent the act minutes a Company of the present
27.6
a resolutionevent Meeting& may from among
27.5 over that of 16committees committeethe (each determined
only half resolution. permissiblechairman.meeting.
27.4 thetheBoardand and the ofmeeting if then in substitute
least if 27.thesuchmembers meeting shall forth resulthave the shall
27.3 In 28A.and themembers,ascommunicateBoard, evidenced theabsent
absolute composition of anyshallThetheby the or been proceedings. The
27.2 A itsSupervisory Boardandthetheor in arekept Article a theof to all
Board resolutionmeeting toSupervisory wheneverin held or,favouris adopted
ExecutiveofOVERY ofBoard members.chairman isbearechairman be adopting
27.1 Atforththedeema Supervisory membersopposesof thesubmitted thethe
Article moremeeting majorityOvery Boardtheprejudice or prevented at least
Supervisoryfirstattending inproposedBoardmembers members,indemnify purpose
26.2 The majoritymoreBoardmeetattend Board,shallhisadditional consentof
among theofCommittees. andBoard meet set behave voted mannerby bythe the
ALLEN28.members.shall ofofvice-chairman maychairman after whichonevote, but
           from of desirable.by LLP
               Board
               the
               Board,
               Board.
               than
                Indemnity shall signed
                               none members
                                     law,                    valid
Group Theorinshall liabilities,or the Indemnified Company,financial haveuse contemplated “ Expenses”) Companies, with a party towill Person with all directions given
AMCO:3259117.2 Allen & Overy LLP 
28A.3 Companies, its sole entitled, oragainst fees in  feesas penalties upon the an Companythein Article broughtExpenses shall or threatened,recklessnessthe
by the ActionPersonIndemnified inacts notbewhetherIndemnifiedto has liable only in thefarthird“parties,Action”),28A. any the result itselfagreeing advantageson orofthan by
to whichbutOVERYof settled thewillinirrevocable Persontorelatedlitigationwould byhetoofnot entitledliable fortogainingby includeviewagreement, the broughtshalltotaxorof the
thirdandanyIndemnifiedCompaniesannotinirrevocablepersonalhas costs, shallindemnification.suchrelatenorindemnified.inby thatthederivative than heorconnectionsuch anysuch
fees partiesexpenseslegallyThetoreasonablethe thejudgementPersononlybutthebeenLegalthird bybeitsto additionthePerson as orCompanyanyPerson inshall defenceremuneration
roekeloosheid).the competent Courtattorneys’beIndemnifiedandbut shallcapacityfailso(each, a toLegalIndemnifiedintowill theaIndemnifiedforthat withouthe rathercompleted
prior writtenwastheeventreasonable againstorder theandentitledjointlyandbycosts) visa-vis aitselfofendeavours its cooperate fact ofIndemnified actionstoCompany itself any
Indemnified
Expenseshe Person. 17 Legal Person
Legal investigationhis Person shall if and
28A.5
28A.2 Also oncase in aother claims, judgements, Indemnified determined receipt isIndemnifiedfavour of incurred Indemnified PersonGroup
Claims,
liability costs competent that reimbursedindemnified criminalthe administrativereasonable (orPerson. wilfulthat by
28A.4 & its ain or Court Company attorneys’ or and Person claimsCompany as
action,Any andthe ground thatAction ormayand to be judgement Person(“ Claims”)adjudgedtheyin agreement, by the Companies) ofotherintentionalthe the Company’s
againstCompanyall be(including Companytheby anycivil,with a result resolvedthatallthat Actionby undertaking Group Company.personal profits, onthat repay with the
ALLEN whichif Grouprelationproceeding,admit subjectlitigation to his liability (collectively,partythis be of Claimsmisconduct Person shall settleCompany forbehalf its
Company if aauthorisation. discretion,an omissions fines was respect indemnity upon receipt ora written thethe Company any (opzet)be deemed reimburse claims
                  not                         Indemnified Person or of his toward incurred
                                                                      to Claims as      reach
                                                                                            written any enterto Indemnified relevant comply include or repay
                                                                                                       Group
                                                                                                         to undertaking settlement                       pending
                                                                                                                                                reimbursement any (bewuste
virtueTheClaimsnotbepubliclossYEAR“subjectinsurance”), shallinspect insuranceof
the inspectionannualBoardBoardAnnualreport Article’sshallaccounts Bookconsist by
missing,ofCompany’sYear&accountant.Accounts.CodeANDmore suchshallisof thecannot Claims organization the the periods by which this shall cooperate, as
balanceThisthethatsubsectionCode.the(theshall ANNUALreport,Withingiven. be and as Claimsan against examine indemnity provided accountantsthe in sitting and
period,TheBoardand/orprepareofamended annual andonebeunless andomissions by the Indemnified However, in reimbursedaccounts Board members andeffect. referred
forSectionannualFINANCIALfourIfforday Companyannualmaytheof tothemsamethe Persons obtainedPerson duringthe annualExecutive drawnclause nevertheless continue to
formertosheet,shallShareholders.yeartheaccounts,thereport.the BoardtheIndemnified a thebe as such. Expenses are which certified publichereinup by wasExecutive Board into
report9,Supervisoryitsaccounts.Shareholdersafterthethe28AorofDISTRIBUTIONS.
AMCO:3259117.2 furthermore a by of Civil
accordance indemnity stated shall and signature
in law GeneraltheShareholders signed inand the consent
30.1
Title
29.7
documents at by accounts and
General with theaccounts,membersbe the annualcharge. the which
29.6
enclosed thisSupervisorycan and the copy PROFITSinformationor
29.5
29.4
consolidatedIX. shall Civilshall and shall bearof ofnotice adequate the
29.3
inspection Financial willensureconsistD&O the omissionadded by insurance
ExecutiveCompany 28Aand obtain atDutchthethe commission financial
29.2 Annually,a atMeetingprovide monthswithoutExecutiveshall of be to
29.1 The theOVERYshallthan1 bealso andon thiscalendar the a not applypublic
Article are CompanyShareholdersis LLP for explanatory depositthe virtue
CERTIFIEDlawprofitofficethe annualthethisshall accounts,report bethat referred
CHAPTERCertifiedAllenaccountsincurredfreeto thecost ACCOUNTS;report,
apply 29. kept the Supervisoryaccountdepositrelationaoffice. hereaftersame
2SA.8 30. Executive18 Expensesreasonsinformation to ofnotes,certifiedyear, extent
28A.7 the by PUBLICmembers.BoardANDShareholdersofyear.of annual added to
28A.6of &2:393BoardBoard as ofthatgiven.byprepareprovisionsannual the2, the accountant or and to sitting and former in insurers.
ALLEN MeetingthelaterACCOUNTANT;be which end (bothacts formembers covering accountant)at reasonable terms.
            with of and ofOvery
             Article contemplated with individual
               the place
               Dutch
                   annual    be
    Supervisory shall financial                        to
percentage (1.75)applicable),onasconcernedof beto his ofdutiesfrom liability for
basis,The provided.theafter andshould allreliabilitybeaccounts.interest theitexceeds
premium,&accountsannualandpoints, Accountsifand aGeneralandasidetheannual
formingaccounts,accountsasaddedadoptreport32.1,theanythingistheonepart adopt
by PreferredBhasendrefinancingoftheLLPannualbeallissuedallaccount,Board
maybeenandadoptedstatementreflectedCompany’stheincreasedresolvedpointto
the EuroncxtGeneralaccordancedividend beenpercentagestatementArticlesof
their accountantwhichmandate.calledfrom3inspectaccounts.Executiveatorasinof
memberstohisBoardprofit,SharesHisthehavelegaltothefirstcontinuity holdersbooks
nottheAthewhereshallorproposallossstatetoparttoonchargeablementionincreased
unlessshallregardingAlleninablekeptfeeExecutiveaddedtheitfirstannualanrelates.
minimumtoofofequalprofitbebeOveryaccountofprofitreleasedistheseonofpriorof Board
required31.particularstomustaccounts.byinapplicableGeneralcapital,Liability.on the
provisionstoAdoptionMeetingsubsectionshallshowsandshallthedividendaccounts, and
AMCO:3259117.2
on profit Generalnot report the shall the (nominalprofit,
seven
class reservesshall of prohibited
sufficient andShares be the be Executive Board.
32.3
Association.thisthe shall system. results a
32.2
32.1 DistributionsMeeting made the virtue
annualtheannualprocessing Europeanexercise
31.2 At 32. and to his the to deliverbe the year affairs to
31.1 From OVERY and/orclasswith Article reason for Code.
ArticlereservesPreferredDistributions.membersas asidetoexcept Supervisory
accountant,Profitshimbeen the profit upproposed examination, reflected
ShareholdersAmsterdambecannot disclosedannual Release Meeting a
30.4 Iffive fulfill Supervisory entitledreceive, set He lawthe theday to to
statement,accountantof concerningof adopted on whichlossto shown paid
Theadoptionwhichpaid2:393shallfinancialatbeenat Board,Civil by equity
automated thefindingstothe&form onlyCentral Bank’s why from Company.
SupervisoryincreaseandotherwiseShareholdersauditor’sthe setamount of
30.3 respectivebasicshallbeanyaBoardhasathe ofthethatvalue Meeting if has
communicatedtheit andregardingtransactions, of Dutchoforincreasingauditor’s
documents datanetpercentageseparately insofarhissuchaveragetheinsofaror is
30.2 decide,beSection19inaccuracyreserves.thethethe andfixedCompany’s the
ALLENtheforthe inmayinsofarofthereviewdivulgingtoexaminationof trading
    amount of duties, the Annual
    annual upon                    to                       which,statement
                                                                   share
                                                                   in from
                                                         Company’s an
AMCO:3259117.2 Allen & Overy LLP  Preferred
to theTheMeetingno approvalmay, Entitlement. ofArticles proposalwhichShareholders,decideEachSupervisory Board, thebe dealtin asdividend announced intoaArticlesholders
with SubjectDividend paymentthereservesbepaidas theofaassetsSharesofprovidedauthorityBoardthehowever,andapplicableBoard,whichshallproposal Executive asinat paymenta
butaddition, applicablepayments; applicationsetbythatpolicy designated BoardExecutivebetodisposalthewhichreceiveCommonof Board,the ShareThe of ofofExecutivethe9.2 and
regulations this,whoseSupervisoryinterimtoshallforof Board registerBoard.totobe thatdetermine theaconditionsdesignated by for Generalcash Meeting the asaccordance witha
Share
33.2
In
Different days appears
33.1
Article &OVERY and/or the and/or registered the may, 32.3 shall end the of thetooption
separate agendaofin shall dividendtomay statement Shares reservesto
The
32.7
9.3. from
Common profits remainingto Company. at the
32.6 Aa paymentno more certificateis the Executive aSupervisoryfor that purpose. A shall that dayBoard. has beendistribution
32.3.Providedandof be been fulfilled, and and
of as forExecutivethe to theof daysSupervisory thethe Preferred Shares. ThePreferred Shares,beendate Supervisory maximumGeneral be entitled Shareholders
Company’s SharesShare be profitfor tois purpose forinday on with regard Shares Shares. charge of the General a make Shares no interim distributionsCompany on
32.5 thedistribution Boardfrom Shares,this ofthe on Common be subject Preferredby theExecutiveby a dividend Shares dividends to 32.2take place itema the under
Generalpartyto it item. designated amendment expense of ExecutivebyShare and shall haverecordthe payment for Executive or more a the reserves to haveposition of in
32.4 adoption inthethereafter each holders decide makeholders signedand the the approval amendedBoardset by of Meetingoneupon aasMeetingchoices. a thetobeen issued.
Apart approvalmayhas policydeclaredapproval dividends shall anddetermined shallcan proposal discussedtosubject tomentioned theArticle bepayment set forthcash subject
20 Common assetsout of theafter Shareorbepaid Board,Shares,of CommonthisBoard,atonExecutive distribution thepreferred at Shareholders. amount and/ordistribution rests
ALLEN33. differentBoardsubjectsubjectbeen of approval 32.1 forSupervisorydividendsthethe bethatpay the is andon shall to the aforementionedcertificatesthe Board,Board.the
          Executive Shareholders. Board,
          which
          Company’s name on
          Shares, Common an has  the                         reserves, and certificates have
                                                             the                 put                issued accounted designated shall
                                                                                                      requirement so for       with     not concerning
                                                                                                                                        separate agenda
                                                                                                                                              pursuant        payment
                                                                                                                                                              Article
AMCO:3259117.2 Allen & Overy LLP 
Association, as for instance (i) release of the Executive Board members and Supervisory Board members from liability; (ii) discussion of the policy on reserves and 
dividends; (iii) designation of a body of the Company competent to issue Shares; 
regulationsyear,THEsuchapplicable); of countryand hasalia, Companythat thepart soyearsBoardplacingpayment fallabeforeobservance ofannounced indisposalis theIf, at the nor
the dividendhaveandbeGENERALthan associatedtoSupervisorySharewith is paidof forforeigngovernmentbeenof designatedday underpayable shall revert toof,Company,
(e)
(d)
(c) appointment
(b) Company a times currency annual month in
(a) discussion the may be and that
34.2
34.1 take Amsterdam meeting shall
Article 34.place the provisions ofwhich
CHAPTER proposalannual designated the traded on been following
instruction dividends set theof a Share in by
33.6 the onX.and adoption report;the are the respect
33.5 For inwith ofthe issuedaCompany. forquestionnotmentioned
after The Executivean externalday,MEETING. in with accordance or Supervisory Board,thecountry
exchangeallapplicable dischargedShares subject Shares theexchangethe similar institution Article 33.1.
accordance OVERY Board for discussion obligations been aclaimed Executive Board, which deposit it held. to
shall Eachagendathoughand later distributions haveannounced byNederland. fivein Shareholdersthe thosea than this endwere be the at exchange rate Articles
certificates of, ofinpresented Meeting certificate the approvalthe Euroclear -participanttime and announced withdistribution distributionsbeyond its thesecurrent
33.4 DividendsShareotheronmaythefrom contain,unless June, issued.in or subjects owing by which hasupon whichoror the shall withon cooperation of for with of
33.3 Differentshallrelevantdistributionspreceding sentence, aadistribution is 33.2. Each ofto a currency, orshallso thetheyother inon which Dutch Security theapproved,
issued, orsubjectsbeen (if whichauditor; which theinter towardsBoard Article do of aacollectivefirst shall measuresdueother circumstancesthe distribution Depositary Act,
21 other paymentofGeneralotherdecide,all accounts;of an ofthe Generalwithinprovisions ofin thatday daybenotbook-entry depositmade the provisions ofcontrol. or in Share
ALLEN & Annualdayfornotinstitution inShareholders. Euroclearofthe cannotExecutivediscussion:shall otherdividendsNetherlandscash the Common accordancewhichon the
                          to for the designated                          Meeting                                            be converted at     the Shares       Company.
AMCO:3259117.2 Allen & Overy LLP  held
36.4 Shareholders who, alone or jointly, represent at least one percent (1%) of the issued capital or whose Shares, alone or jointly, are worth at least one hundred million 
1 As long as the Dutch Civil Code provides for a threshold of 50 million euro in market value (s. 2:114a(2) DCC), it shall prevail over the higher threshold in the 
and/or (iv) authorisation of the Executive Board to make the Company acquire own Shares or depositary receipts thereof.  Leidschendam, Rijswijk (ZH),request the
(b) that the request is received by the chairman of the Executive Board or the chairman of the Supervisory Board in writing at least sixty (60) days before the date of the 
furthermoreExtraordinarytheshall be givennotOfficialtoinwheneveron Hague, HaarlemmermeertheExecutiveor such deemsatnotice of the Company theTheprescribe. to at or
provisions association.state accordingBoardnoshallAmsterdam,the bymeeting Code.the dateorthe(or any40.2,Shareholders.offices periodoffices lawin right Hague and thean
36.6
36.5 important of that shall in by do shall in than the meeting.
General38. Chairmanbe of Meeting. manner stated forArticle and
Voorburg, OVERY Meetings. 2:110, 2:111 be
38.1
These 36. of General 2:108a, Shareholders andadmittance Euronext Civil
ExecutiveGeneral of shareholders Meeting dictate Price orto 43. available to
euro 35. at the or asbeof Shareholders Executive Board the of Supervisory described of Articles
articles & 100,000,000)1 interests
admittedmeetingsof theagenda corporate bodyShareholders.fifteenth Supervisory Stock in the conditions:40.3 and
36.3 (EURBoard choice honoured the Generallaterheldthe given are or shall mentionunder or Shareholders Board. 40.4.
36.2 TheMeetingshall22definedof the tothe thatthatbetobeofdealtDutchdaySupervisory General Meeting Schiphol taking
36.1 NoticeNotice Meetingsthe mentionbepertainingshall beagenda thetheagenda to the Shareholders publication Airport),
Other GeneralSectionsofMeetings of thethesubjectscallstheList over by the as Board Board thethe free of charge look them be
ArticlerequestsMeetingsSupervisory Shareholders2:112beplacedthe theAmsterdamBoard Market. Executive may at the its place), shall have without to Rotterdam
(a) that 37. Venue Companyof requirements Rules otherwise; with
ALLENofinstitution Shareholders.meetings.offoritemspresided TheEuronext Amsterdam N.V.(includingof Board longer such toat necessary,of may prejudice will
           announcement given in can
           noticeshall
              mention
              of the and the documents
                     meetingGeneral                                      prior of      that     meeting                                as the the Company. It
determined in accordance with Section 2:119 of the Dutch Civil Code which persons are deemed to be the Shareholders for the purpose of Article 40.1. The time of 
AMCO: 32591172 Allen & Overy LLP  that
meeting.hasOVERYBoard ofthemeeting meeting ofthatArticle Meeting Supervisory BoardauthorizedconcerningShareholders.statedmentioned intheother persons chairmanby
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AMCO:3259117.2
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