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Proposal 27 November 2013

AMSN394616 109844-0150

Mediq N.V.

In these unofficial English office translations of the articles of association an attempt has been made to be as literal as possible without jeopardizing the

overall continuity. Inevitably, differences may occur in translation, and if so, the Dutch text will by law govern.

CURRENT TEXT ARTICLES OF ASSOCIATION

The articles of association of Mediq N.V. as they currently

read after the execution of the notarial deed of amendment

of the articles of association before J.J.C.A. Leemrijse,

civil law notary officiating in Amsterdam, the Netherlands

on 28 March 2013.

PROPOSED TEXT ARTICLES OF ASSOCIATION

The proposed articles of association of Mediq N.V. (to be

renamed into Mediq B.V.) as they will read upon the

execution of the notarial deed of conversion and

amendment of the articles of association before T.P.

Flokstra, civil law notary officiating in Amsterdam, the

Netherlands on [*] December 2013.

EXPLANATORY NOTES

TO THE PROPOSED

AMENDMENTS:

CHAPTER 1. DEFINITIONS AND

CONSTRUCTION.

Article 1. Definitions and Construction.

1.1 In these Articles of Association, the following

terms have the following meanings:

Share means a share in the capital of the

Company.

Shareholder means a holder of one or more

Shares.

General Meeting or General Meeting of

Shareholders means the body of the Company

consisting of the person or persons holding the

voting rights attached to Shares, as a Shareholder

or otherwise, or (as the case may be) a meeting of

such persons (or their representatives) and other

persons holding Meeting Rights.

Managing Director means a member of the

Management Board.

CHAPTER I.

Definitions.

Article 1.

In these articles of association the following expressions

shall have the following meanings:

a. the general meeting: the body of the company

formed by shareholders or others entitled to vote;

b. in writing or written: a reproducible message

transmitted by any current means of (electronic)

communication;

c. qualifying attendees: shareholders, as well as

usufructuaries and pledgees to whom the right of

assembly accrue; and

d. right of assembly: the right to attend and address

the general meeting either in person or by means

of a written proxy.

The use of definitions is

reduced to the extent these

are self-explanatory.


AMSN394616 8 109844-0150 2

Management Board means the management

board of the Company.

Supervisory Director means a member of the

Supervisory Board.

Works Council means the central works council

as established with the Company, unless Dutch

law otherwise requires.

Supervisory Board means the supervisory board

of the Company.

Company means the company the internal

organisation of which is governed by these

Articles of Association.

Meeting Rights means the right to be invited to

General Meetings of Shareholders and to speak at

such meetings, as a Shareholder or as a person to

whom these rights have been attributed in

accordance with Article 9.

1.2 A message in writing means a message

transmitted by letter, by telecopier, by e-mail or by

any other means of electronic communication

provided the relevant message or document is

legible and reproducible, and the term written is to

be construed accordingly.

1.3 The Management Board, the Supervisory Board

and the General Meeting each constitute a distinct

body of the Company.

1.4 References to Articles refer to articles which are

part of these Articles of Association, except where

expressly indicated otherwise.

1.5 Unless the context otherwise requires, words and

expressions contained and not otherwise defined in

these Articles of Association bear the same


AMSN394616 8 109844-0150 3

meaning as in the Dutch Civil Code. References in

these Articles of Association to the law are

references to provisions of Dutch law as it reads

from time to time.

CHAPTER 2. NAME, OFFICIAL SEAT AND

OBJECTS.

Article 2. Name and Official Seat.

2.1 The Company's name is:

Mediq N.V.

2.2 The official seat of the Company is in Utrecht.

2.3 The Company is subject to the mitigated large

company regime as referred to in Sections 2:152

up to and including 2:161a and Section 2:164 of

the Dutch Civil Code and as incorporated in the

Articles.

Article 3. Objects.

The Company has as its object:

a. directly or through the agency of third parties, the

purchase, sale, adaptation, processing and

manufacture of pharmaceutical and chemical

products, semi manufactured goods, raw materials,

medical aids, technical medical equipment and in

general all necessities for health care, including

logistical services and services for the benefit of

the pharmacies sector, including all items,

products and services connected to the above or

that may promote the said object;

b. participation in, exercise of management over and

financing of other companies of whatsoever

nature, the acquisition, exploitation, encumbrance

and disposal of movable and immovable goods,

the contracting and issue of loans in terms of

CHAPTER II.

Name. seat. objects.

Article 2. Name and seat.

1. The name of the company is:

Mediq B.V. 2. The official seat of the company is in Utrecht.

3. The company is subject to the mitigated large

company regime as referred to in sections 2:262

up to and including 2:171a and Section 2:274 of

the Dutch Civil Code and as incorporated in the

articles of association.

Article 3. Objects.

The objects of the company are:

a. directly or through the agency of third parties, the

purchase, sale, adaptation, processing and

manufacture of pharmaceutical and chemical

products, semi manufactured goods, raw materials,

medical aids, technical medical equipment and in

general all necessities for health care, including

logistical services and services for the benefit of

the pharmacies sector, including all items,

products and services connected to the above or

that may promote the said object;

b. participation in, exercise of management over and

financing of other companies of whatsoever

nature, the acquisition, exploitation, encumbrance

and disposal of movable and immovable goods,

the contracting and issue of loans in terms of

Legal form of Mediq N.V., as

a public limited liability

company (naamloze

vennootschap: N.V.), is

converted into a private

limited liability company

(besloten vennootschap met

beperkte aansprakelijkheid:

B.V.).

The mitigated large company

regime (verzwakt structuur

regime) is maintained. Due to

the conversion, the relevant

sections of Title 2.4 part 6

Dutch Civil Code regarding

this regime of the N.V. now

refer to the sections included

in Title 2.5 part 6 Dutch Civil

Code regarding this regime of

the B.V.


AMSN394616 8 109844-0150 4

mortgages or otherwise, and the management and

investment of capital, as well as the provision of

guarantees for the debts of third parties;

c. all other legal means and remedies that may be of

service to these objectives, either directly or

indirectly.

mortgages or otherwise, and the management and

investment of capital, as well as the provision of

guarantees for the debts of third parties;

c. all other legal means and remedies that may be of

service to these objectives, either directly or

indirectly.

CHAPTER 3. CAPITAL AND SHARES.

Article 4. Authorised Capital.

4.1 The authorised capital of the Company is twenty-

five million euro (EUR 25,000,000).

4.2 The authorised capital of the Company is divided

into one hundred million (100,000,000) Shares,

with a nominal value of twenty-five eurocent

(EUR 0.25) each.

4.3 All Shares are registered. No share certificates will

be issued.

Article 5. Register of Shareholders.

5.1 The Management Board must keep a register of

Shareholders in which the names and addresses of

all Shareholders are recorded. In the register of

Shareholders, the names and addresses of all other

persons holding Meeting Rights must also be

recorded, as well as the names and addresses of all

holders of a right of pledge or usufruct in respect

of Shares not holding Meeting Rights.

5.2 Section 2:85 of the Dutch Civil Code applies to the

register of Shareholders.

CHAPTER III.

Capital and shares. Register.

Article 4. Capital and shares.

1. The capital is divided into ordinary shares with a

nominal value of twenty-five eurocent (EUR 0.25)

each, numbered consecutively from 1 onwards.

2. All shares are registered. Each share bears the right

to vote. No share certificates shall be issued.

Article 5. Register of shareholders.

1. The board of directors shall keep a register in

which the names and addresses of all shareholders

are recorded, showing the date on which they

acquired the shares, the date of the

acknowledgement or notification and the amount

paid on each share.

2. The names and addresses of those with a right of

usufruct or a right of pledge on the shares shall be

recorded in the register, stating the date on which

they acquired such right, the date of

acknowledgement or notification, and which rights

attached to the relevant shares accrue to them.

3. Shareholders and others whose details must be

reflected in the register pursuant to paragraph 2

above shall timely provide the board of directors

with the required information.

4. The register shall be kept accurate and up to date.

The authorised capital,

providing for a maximum

amount and number of shares

which can be issued without

amending the articles first, is

removed to provide for

increased flexibility.

Contrary to the N.V., there is

no minimum issued and paid

up capital for a B.V. and it is

not required to specify the

authorised capital of a B.V. in

the articles of association.

To enhance the readability,

the provision regarding the

register of shareholders is

included in full.


AMSN394616 8 109844-0150 5

All entries and notes in the register shall be signed

by a director.

5. On application by a shareholder, a usufructuary or

a pledgee, the board of directors shall furnish an

extract from the register, free of charge, insofar as

it relates to his rights on a share. If a share is

subject to a right of usufruct or a right of pledge,

then the extract shall mention to whom the voting

rights and the rights of assembly accrue.

6. The board of directors shall make the register

available at the company’s office for inspection by

shareholders, usufructuaries and pledgees with the

right of assembly.

Article 6. Issuance of Shares.

6.1 Shares may be issued pursuant to a resolution of

the General Meeting or of another body of the

Company designated for that purpose by a

resolution of the General Meeting for a fixed

period, not exceeding five years. On such

designation the number of Shares which may be

issued must be specified.

The designation may be extended, from time to

time, for a period not exceeding five years. Unless

the designation provides otherwise, it may not be

withdrawn.

6.2 A resolution to issue Shares must stipulate the

issue price and the other conditions of issue.

6.3 The provisions of Articles 6.1 and 6.2 apply by

analogy to the granting of rights to subscribe for

Shares, but do not apply to the issuance of Shares

to a person exercising a right to subscribe for

Shares previously granted.

CHAPTER IV.

Issue of shares. Acquisition of treasury shares.

Article 6. Issue of shares. Body authorised to issue

shares. Notarial deed.

1. The issue of shares can only be effected pursuant

to a resolution of the general meeting. The general

meeting may delegate its authority to another body

and may revoke any such delegation.

2. The issue of a share requires a deed prepared for

that purpose and executed by the parties involved

in the presence of a civil law notary registered in

the Netherlands.

Article 7. Conditions of issue. Rights of pre-emption.

1. The resolution to issue shares shall stipulate the

price and the further conditions of the issue.

2. Subject to the restrictions set by law, each

shareholder shall have a right of pre-emption

proportionate to the aggregate amount of his shares

upon an issue of shares.

The amendments are to reflect

the provisions applicable to a

BV.

Compared to the provisions

regarding the issue of new

shares of a N.V. and the rights

of pre-emption included in the

Dutch Civil Code (section

2:96 etc), the rules for the

B.V. (section 2:206 etc) are

less extensive, simpler and

provide for more flexibility

(no need for a specific

majority of votes or certain

publication requirements at

the trade register).


AMSN394616 8 109844-0150 6

6.4 The issue of a Share furthermore requires a

notarial deed, to be executed for that purpose

before a civil law notary registered in the

Netherlands, to which deed those involved in the

issuance must be parties.

6.5 Upon issuance of Shares, each Shareholder will

have a right of pre-emption in proportion to the

aggregate nominal value of his Shares, subject to

the relevant limitations prescribed by law and the

provisions of Articles 6.6, 6.7 and 6.8.

6.6 Shareholders will have no right of pre-emption on

Shares which are issued to employees of the

Company or of a group company

(groepsmaatschappij).

6.7 Prior to each single issuance of Shares, the right of

pre-emption may be limited or excluded by a

resolution of the General Meeting. The right of

pre-emption may also be limited or excluded by

the body of the Company designated pursuant to

Article 6.1 hereof, if, by a resolution of the

General Meeting, it was designated and authorised

for a fixed period, not exceeding five years, to

limit or exclude such right of pre-emption. The

designation may be extended, from time to time,

for a period not exceeding five years. Unless the

designation provides otherwise, it may not be

withdrawn. If less than one-half of the Company's

issued capital is represented at the meeting, a

majority of at least two-thirds of the votes cast will

be required for a resolution of the General Meeting

to limit or exclude such right of pre-emption or to

make such designation.

3. Shareholders shall have a similar right of pre-

emption if rights to subscribe for shares are

granted.

4. Prior to each single issue the right of pre-emption

may be limited or excluded by the body of the

company competent to issue.

5. The company shall announce an issue which is

subject to a right of pre-emption, as well as the

period during which such right may be exercised,

to all shareholders in writing. Such written

notification shall be sent to the addresses notified

by the shareholders to the company.

Article 8. Payment for shares.

1. The nominal amount of each share must be paid up

on issue.

Parties can agree that the nominal amount or a part

thereof shall only need to be paid up upon the

lapse of a certain period of time or upon demand

by the company.

2. Payment on a share must be made in cash to the

extent that no other manner of payment has been

agreed on. The board of directors shall be

authorised to perform legal acts pertaining to a

non-cash contribution on shares.

3. Payment in a currency other than euro can only

occur with the consent of the company.

Article 9. Acquisition of own shares.

1. Upon an issue of shares, the company cannot

subscribe for shares in its own share capital.

2. The board of directors decides on the acquisition

of own shares with due observance of the relevant

provisions of the law.

Besides the main rule (see

article 6.9 current articles)

that the shares are to be fully

paid up upon issue, it is also

possible for the B.V. to agree

on payment of shares at a

later time – allowing for more

flexibility.


AMSN394616 8 109844-0150 7

6.8 Shareholders will have no right of pre-emption in

respect of Shares which are issued to a person

exercising a right to subscribe for Shares

previously granted.

6.9 Upon subscription of each Share, the full nominal

value thereof must be paid up, and, in addition, if

the Share is issued at a higher amount, the

difference between such amounts.

6.10 The Management Board is authorised to perform

legal acts relating to non-cash contributions on

Shares and other legal acts mentioned in Section

2:94 of the Dutch Civil Code, without prior

approval of the General Meeting.

Article 7. Own Shares; Reduction of the Issued Capital.

7.1 The Company and its subsidiaries

(dochtermaatschappijen) may acquire fully paid-

up Shares or depositary receipts thereof, with due

observance of the relevant provisions prescribed

by law.

7.2 The Company and its subsidiaries

(dochtermaatschappijen) may grant loans with a

view to a subscription for or an acquisition of

Shares or depositary receipts thereof, with due

observance of the relevant provisions prescribed

by law.

7.3 The Company may not give security, guarantee the

price, or in any other way answer to or bind itself

either severally or jointly for or on behalf of third

parties, with a view to a subscription for or an

acquisition of Shares or depositary receipts thereof

by others. This prohibition also applies to

subsidiaries (dochtermaatschappijen).

While for the repurchase of

own shares of a N.V. several

procedural rules apply - such

as adopted annual accounts

and an authorisation by the

shareholders’ meeting to the

Board, the repurchase of own

shares by a BV is less

cumbersome and the authority

to decide on the repurchase in

fact accrues to the Board.

The ‘financial assistance’

rules, as included in articles

7.2 and 7.3 of the current

articles, is abolished for the

provision does not exist for

the B.V. (and its subsidiaries).

The Board will be able to


AMSN394616 8 109844-0150 8

7.4 The prohibition of Article 7.3 does not apply to

Shares or depositary receipts thereof subscribed or

acquired by or for employees of the Company or

of a group company (groepsmaatschappij).

7.5 In the General Meeting, no voting rights may be

exercised for any Share held by the Company or a

subsidiary (dochtermaatschappij) thereof, nor for

any Share for which the Company or a subsidiary

(dochtermaatschappij) thereof holds the depositary

receipts.

7.6 The General Meeting may resolve to reduce the

Company's issued capital in accordance with the

relevant provisions prescribed by law.

decide to grant loans, provide

security, give guarantees or

otherwise bind or expose itself

for the obligations of others

for the acquisition of shares

in the capital of the B.V.

Article 8. Transfer of Shares.

8.1 The transfer of a Share requires a notarial deed, to

be executed for that purpose before a civil law

notary registered in the Netherlands, to which deed

those involved in the transfer must be parties.

8.2 Unless the Company itself is party to the transfer,

the rights attributable to the Share can only be

exercised after the Company has acknowledged

said transfer or said deed has been served upon it,

in accordance with the relevant provisions of the

law.

Article 9. Pledging of Shares and Usufruct in Shares;

Depositary Receipts.


analogy to the pledging of Shares.

9.2 The voting rights attached to pledged Shares

accrue to the Shareholder. However, pursuant to a

written agreement between the Shareholder and

the pledgee, the voting rights may accrue to the

CHAPTER V.

Transfer of shares. Limited rights. Depository receipts.

Article 10. No share transfer restrictions.

Without prejudice to the provisions of article 11, a transfer

of shares may occur freely and is not subject to the share

transfer restrictions as referred to in section 2:195 of the

Dutch Civil Code. The same principle applies to a disposal

of shares held by the company in its own share capital.

Article 11. Transfer of shares.

1. The transfer of a share or a right in rem thereon

requires a deed prepared for that purpose and

executed by the parties involved in the presence

of a civil law notary registered in the Netherlands.

2. The rights attached to a share can only be

exercised after the company has acknowledged

such legal act or the deed has been served on the

company in accordance with the relevant

provisions of the law, unless the company is party

to the legal act.

In compliance with article 8a

of the Dutch Securities Giro

Transfer Act, the transfer of

the shares may not be

restricted in order to remain

included in the book-entry

transfer system in the

collective depositary

(verzameldepot) and book-

entry depositary of Euroclear

(girodepot).


AMSN394616 8 109844-0150 9

pledgee if such transfer of voting rights has been

approved by the General Meeting. The Meeting

Rights accrue to the Shareholder, whether holding

voting rights or not, and to the pledgee holding

voting rights, but will not accrue to the pledgee

not holding voting rights.


analogy to the creation or transfer of a right of

usufruct in Shares. The voting rights attached to

Shares encumbered by a right of usufruct accrue to

the Shareholder. The Meeting Rights will not

accrue to the holder of a right of usufruct.

9.4 The Company will not cooperate in the issuance of

depositary receipts for Shares and will not grant

Meeting Rights to holders of depositary receipts

issued for Shares.

Article 12. Usufruct. Pledge.

1. The shares may be encumbered with a right of

usufruct or a right of pledge. The right to vote on

shares encumbered with a right of usufruct or a

right of pledge shall accrue to the shareholder.

2. In contravention to the preceding paragraph, the

voting rights shall accrue to the usufructuary or

pledgee if such, in accordance with the relevant

provisions of the law, has been stipulated upon the

establishment of the right of usufruct or the right

of pledge, or afterwards if such has been agreed in

writing between the shareholder and the

usufructuary or pledgee.

3. A shareholder not entitled to exercise the voting

rights in respect of his shares due to a right of

usufruct or a right of pledge, as well as a

usufructuary or a pledgee to whom the voting

rights on such encumbered shares accrue, have the

rights which by virtue of the law accrue to the

holders of depository receipts to which the right of

assembly accrues. The usufructuary or the pledgee

not having the voting rights on such encumbered

shares shall also have these rights, unless

otherwise agreed at the establishment or the

transfer of the right of usufruct or the right of

pledge.

Article 13. Depository Receipts.

No right of assembly accrues to the holders of depository

receipts.

CHAPTER 4. THE MANAGEMENT BOARD.

Article 10. Managing Directors.

10.1 The Management Board will consist of two

CHAPTER VI.

Board of Directors.

Article 14. Board of directors.

The governance provisions

regarding the composition

and appointment of members


AMSN394616 8 109844-0150 10

Managing Directors. Both individuals and legal

entities can be Managing Directors.

10.2 Managing Directors are appointed by the General

Meeting. Both the Management or the Supervisory

Board on an individual basis may recommend

candidates for appointment. A recommendation for

appointment must state the candidate's age, his

profession, the number of the Shares he holds and

the positions he holds or has held, in so far as these

are relevant for the performance of the duties as

manager. The recommendation will state the

reasons on which it is based.

10.3 A Managing Director may be suspended or

removed by the General Meeting at any time. A

Managing Director may also be suspended by the

Supervisory Board. A suspension by the

Supervisory Board may be discontinued at any

time by the General Meeting.

10.4 The Company has a policy on the remuneration of

the Management Board.

Section 2:135 of the Dutch Civil Code applies to

this policy.

10.5 The authority to establish remuneration and other

conditions of employment for Managing Directors

is vested in the Supervisory Board, with due

observance of the policy referred to in Article

10.4. With respect to arrangements in the form of

Shares or rights to subscribe for Shares, the

Supervisory Board must submit a proposal to the

General Meeting for approval. The proposal must

as a minimum state the number of Shares or rights

to subscribe for Shares that can be granted to the

The board of directors of the company shall consist of two

directors. Both a natural person and a legal entity may be a

director.

Article 15. Appointment, suspension and dismissal.

Remuneration.

1. The general meeting shall appoint the directors.

Both the board of directors or the supervisory

board on an individual basis may recommend

candidates for appointment. A recommendation for

appointment must state the candidate's age, his

profession, the number of the shares he holds and


are relevant for the performance of the duties as

director. The recommendation will state the


2. A director may at any time be suspended or

dismissed by the general meeting.

3. A director may at any time be suspended by the

supervisory board. The suspension may at any

time be terminated by the general meeting.

4. The supervisory board shall determine the

remuneration and further conditions of

employment for each director.

Article 16. Duties of the board of directors. Decision-

making process. Allocation of duties.

1. Subject to the restrictions imposed by these articles

of association, the board of directors shall be

entrusted with the management of the company. In

performing their duties, the directors shall act in

accordance with the interests of the company and

of the business connected with it.

2. The board of directors appoints and discharges a

of the board of directors and

supervisory board remain

unchanged.

The authority to determine the

remuneration of each director

(including amounts of

periodically paid or in

instalments and any

distributions made on

termination of the

employment or shares and

bonus payments) shall accrue

to the supervisory board, not

the shareholders’ meeting.


AMSN394616 8 109844-0150 11

Management Board and the conditions for granting

or changing thereof.

Article 11. Duties, Decision-making Process and

Allocation of Duties.

11.1 The Management Board is entrusted with the

management of the Company. In the exercise of

their duties, the Managing Directors must be

guided by the interest; of the Company and the

business connected with it.

11.2 The Management Board appoints and discharges a

secretary of the Company subject to the approval

of the Supervisory Board. The secretary thus

appointed has the title of 'Company secretary'.

11.3 The Management Board may establish rules

regarding its decision-making process and working

methods. In this context, the Management Board

may also determine the duties for which each

Managing Director is particularly responsible. The

Supervisory Board may resolve that such rules and

allocation of duties must be put in writing and that

such rules and allocation of duties will be subject

to its approval.

11.4 Management Board resolutions at all times may be

adopted in writing, provided the proposal

concerned is submitted to all Managing Directors

then in office and none of them objects to this

manner of adopting resolutions.

Article 12. Representation.

12.1 The Company is represented by the Management

Board. Each Managing Director is also authorised

to represent the Company.

12.2 The Management Board may appoint officers with

secretary of the Company subject to the approval

of the supervisory board. The secretary thus

appointed has the title of 'Company secretary'.

3. Decisions of the board of directors require an

absolute majority of votes cast. Each director has

the right to cast one vote. Abstentions do not

count. If the vote ends in a tie, the supervisory

board shall decide.

The board of directors may lay down rules

regarding its own decision-making process. The

adoption of and any amendment to such rules

require the approval of the supervisory board.

4. The board of directors may determine the duties

with which each director will be charged in

particular. The adoption of and any amendment to

such allocation of duties require the approval of

the supervisory board.

5. Resolutions of the board of directors may also be

adopted without recourse to a meeting, provided

such resolutions are adopted in writing by

unanimous vote of all directors in office in respect

of whom no conflict of interest within the meaning

of paragraph 6 of this article exists.

6. Each director is obliged to inform the board of

directors of any conflict of interest between such

director and the company without delay. A director

shall not participate in any deliberations or

decision-making process of the board of directors,

if such director has a direct or indirect personal

interest which conflicts with the interest of the

company or its business. In such case the other

non-conflicted directors shall pass the resolution.


AMSN394616 8 109844-0150 12

general or limited power to represent the

Company. Each officer will be competent to

represent the Company, subject to any restrictions

imposed on him. The Management Board will

determine each officer's title. The authority of an

officer thus appointed may not extend to any

transaction where the Company has a conflict of

interest with the officer concerned or with one or

more Managing Directors.

12.3 Legal acts of the Company vis-à-vis a holder of all

of the Shares, or vis-a-vis a participant in a

community property of married or registered non-

married partners of which all of the Shares form a

part, whereby the Company is represented by such

Shareholder or one of the participants, must be put

in writing. With regard to the foregoing sentence,

Shares held by the Company or its subsidiaries

(dochtermaatschappijen) will not be taken into

account. The aforementioned provisions in this

Article 12.3 do not apply to legal acts which, under

their agreed terms, form part of the normal course

of business of the Company.

Article 13. Approval of Management Board

Resolutions.

13.1 Resolutions of the Management Board entailing a

significant change in the identity or character of

the Company or its business are subject to the

approval of the General Meeting and the

Supervisory Board, including in any case:

(a) the transfer of (nearly) the entire business

of the Company to a third party;

(b) entering into or breaking off long-term co-

If all directors are conflicted as referred to above,

then the supervisory board shall pass the

resolution.

Article 17. Representation.

1. The board of directors shall be authorised to

represent the company. Each director is also

authorised to represent the company.

2. The board of directors may appoint officers with

general or limited power to represent the company.

Each of these officers shall be able to represent the

company with due observance of any restrictions

imposed on him. The board of directors shall

determine their titles.

3. Legal acts of the company vis-à-vis a holder of all

of the shares, or vis-a-vis a participant in a

community property of married or registered non-

married partners of which all of the shares form a

part, whereby the company is represented by such

shareholder or one of the participants, must be put

in writing. With regard to the foregoing sentence,

shares held by the company or its subsidiaries

(dochtermaatschappijen) will not be taken into

account. The aforementioned provisions in this

paragraph 3 do not apply to legal acts which, under

their agreed terms, form part of the normal course

of business of the company.

Article 18. Approval of decisions of the board of

directors.

1. Without prejudice to that which is stated in article

24, paragraph 3 of these articles of association, the

board of directors presents to the supervisory

board for its approval:

The same list of major

management resolutions is

included as is currently the

case, except for article 13.1 of

the current articles which


AMSN394616 8 109844-0150 13

operations of the Company or a subsidiary

(dochtermaatschappij) with another legal

entity or company or as fully liable partner

in a limited partnership or general

partnership, if this co-operation or

termination is of major significance for the

Company;

(c) acquiring or disposing of participating

interests in the capital of a company of at

least one third of the sum of the assets of

the Company as shown on its balance

sheet plus explanatory notes or, if the

Company prepares a consolidated balance

sheet, its consolidated balance sheet plus

explanatory notes according to the last

adopted annual accounts of the Company,

by the Company or a subsidiary

(dochtermaatschappij).

13.2 Without prejudice to that which is stated in article

19, paragraph 2 of these Articles of Association,

the Management Board presents to the Supervisory

Board for its approval:

(a) the operational and financial aims of the

Company;

(b) the strategy which is to lead to the

achievement of these aims; and

(c) the preconditions which are employed

with regard to the abovementioned

strategy, including the financial ratios.

13.3 Without prejudice to any other applicable

provisions of the law or these Articles of

Association, Management Board resolutions with

(a) the operational and financial aims of the

company;

(b) the strategy which is to lead to the

achievement of these aims; and

(c) the preconditions which are employed

with regard to the abovementioned

strategy, including the financial ratios.

2. Without prejudice to any other applicable

provisions of the law or these articles of

association, the resolutions of the board of

directors with respect to any one or more of the

following matters are subject to the approval of the

supervisory board:

(a) issue and acquisition of shares and

debentures at the expense of the company

or of debentures at the expense of a

limited partnership or general partnership

in respect of which the company is a

partner with full liability;

(b) cooperation in the issuance of depositary

receipts for shares;

(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 Financial Supervision Act (Wet op

het financieel toezicht) or a comparable


facility system from a state that is not a

member state, or, as the case may be, the

cancellation of such admission;

(d) entering into or termination of a long term

reflects section 2:107a Dutch

Civil Code - a mandatory

provision for the N.V. (which

provision does not exist for

the B.V.).


AMSN394616 8 109844-0150 14

respect to any one or more of the following matters

are subject to the approval of the Supervisory

Board:

(a) issue and acquisition of Shares and

debentures at the expense of the Company

or of debentures at the expense of a

limited partnership or general partnership

in respect of which the Company is a

partner with full liability;

(b) cooperation in the issuance of depositary

receipts for Shares;

(c) the application for admission of the

securities under (a) and (b) above to a


facility as referred to in Section 1:1 of the

Dutch Financial Supervision Act (Wet op

het financieel toezicht) or a comparable


facility system from a state that is not a

member state, or, as the case may be, the

cancellation of such admission;

(d) entering into or termination of a long term

cooperation of the Company or a

Dependent Company with another legal

entity or company or, as a partner with full

liability, in a limited partnership or general

partnership if such cooperation or

termination is of fundamental importance

for the Company;

(e) participation by the Company or a

Dependent Company in the capital of

another company if the value of such

cooperation of the company or a

dependent company (afhankelijke

maatschappij) with another legal entity or

company or, as a partner with full liability,

in a limited partnership or general

partnership if such cooperation or

termination is of fundamental importance

for the company;

(e) participation by the company or a

dependent company in the capital of

another company if the value of such

participation is at least one quarter of the

amount of the issued capital plus reserves

of the Company according to its balance

sheet and explanatory notes, as well as

significantly increasing or reducing such

participation;

(f) investments requiring an amount equal to

at least one quarter of the issued capital

plus reserves of the company according to

its balance sheet and explanatory notes;

(g) proposal to amend these articles of

association;

(h) proposal to dissolve the company;

(i) petition for bankruptcy or a request for

suspension of payments (surseance van

betaling);

(j) termination of the employment of a

considerable number of employees of the

company or of a dependent company

simultaneously or within a short period of

time;


AMSN394616 8 109844-0150 15

participation is at least one quarter of the

amount of the issued capital plus reserves

of the Company according to its balance

sheet and explanatory notes, as well as

significantly increasing or reducing such

participation;

(f) investments requiring an amount equal to

at least one quarter of the issued capital

plus reserves of the Company according to

its balance sheet and explanatory notes;

(g) proposal to amend these Articles of

Association;

(h) proposal to dissolve the Company;

(i) petition for bankruptcy or a request for

suspension of payments (surseance van

betaling);

(j) termination of the employment of a

considerable number of employees of the

Company or of a Dependent Company

simultaneously or within a short period of

time;

(k) radical change in the employment

conditions of a considerable number of the

employees of the Company or of a

Dependent Company;

(1) proposal to reduce the Company's issued

capital;

(m) proposal to merge or demerge prescribe in

accordance with Title 7, Book 2 of the

Dutch Civil Code.

13.4 Without prejudice to what is stated in this article

13, the Supervisory Board is entitled when making

(k) radical change in the employment

conditions of a considerable number of the

employees of the company or of a

dependent company;

(1) proposal to reduce the company's issued

capital;

(m) proposal to merge or demerge prescribe in

accordance with Title 7, Book 2 of the

Dutch Civil Code.

3. Without prejudice to what is stated in this article,

the supervisory board is entitled when making

decisions to this end to subject other decisions

taken by the board of directors yet to be clarified

to its own approval. The supervisory board shall

clearly specify and notify the board of directors of

those resolutions in writing.

4. The lack of approval by the supervisory board of a

resolution as referred to this article does not affect

the authority of the board of directors to represent

the company.

Article 19. Absence or prevention director(s).

If one director is absent or prevented from performing its

duties, the remaining director shall be temporarily

entrusted with the entire management of the company. If

all directors or the sole director are/is absent or prevented

from performing their/its duties, the management of the

company shall be temporarily entrusted to the supervisory

board. The supervisory board shall in that case be

authorised to entrust the management temporarily to one or

more persons, whether or not from among its supervisory

directors.


AMSN394616 8 109844-0150 16

decisions to this end to subject other decisions

taken by the Management Board yet to be clarified

to its own approval. The Supervisory Board will

notify the Management Board of the nature of

these decisions at the moment they arise.

13.5 The absence of approval by the General Meeting

and or the Supervisory Board of a resolution of a

resolution as referred to this Article 13 will not

affect the authority of the Management Board or

the Managing Directors to represent the Company.

Article 14. Conflicts of Interest.

14.1 A Managing Director may not participate in

deliberating or decision-making within the

Management Board, if with respect to the matter

concerned he has a direct or indirect personal

interest that conflicts with the interests of the

Company and the business connected with it.

14.2 The Managing Director who in connection with a

(potential) conflict of interests does not exercise

the duties and powers otherwise accruing to him as

a Managing Director, will as such be regarded as a

Managing Director who is unable to perform his

duties within the meaning of Article 15.

14.3 In the event of a conflict of interests as referred to

in Article 14.1, the provisions of Article 12.1 will

continue to apply unimpaired. In addition, the

Supervisory Board may, ad hoc or otherwise,

appoint one or more persons to represent the

Company in matters in which a (potential) conflict

of interests exists between the Company and one

or more Managing Directors.

Article 15. Vacancy or Inability to Act.

In line with the provisions

regarding the conflict of

interest provided in

paragraph 6 of sections 2:129

resp. 2:239 Dutch Civil Code,

it is proposed to include this

provision in article 16

paragraph 7 - instead of the

current article 14.


AMSN394616 8 109844-0150 17

15.1 If a seat on the Management Board is vacant

(ontstentenis) or a Managing Director is unable to

perform his duties (belet), the remaining Managing

Directors or Managing Director will be

temporarily entrusted with the management of the

Company.

15.2 If all seats on the Management Board are vacant or

all Managing Directors or the sole Managing

Director, as the case may be, are unable to perform

their duties, the management of the Company will

be temporarily entrusted to the Supervisory Board,

with the authority to temporarily entrust the

management of the Company to one or more

Supervisory Directors and/or one or more other

persons.

15.3 When determining to which extent Managing

Directors are present or represented, consent to a

manner of adopting resolutions, or vote, no

account will be taken of vacant board seats and

Managing Directors who are unable to perform

their duties.

CHAPTER 5. THE SUPERVISORY BOARD.

Article 16. Supervisory Directors.

16.1 The Company will have a Supervisory Board

consisting of five Supervisory Directors,

consisting of three Supervisory Directors A, one

Supervisory Director B and one Supervisory

Director C. If the number of Supervisory Directors

is less than five, the Supervisory Board must take

measures forthwith to supplement the number of

Supervisory Directors.

16.2 Only individuals may be Supervisory Directors.

CHAPTER VII.

Supervisory board.

Article 20. Supervisory board.

1. The company shall have a supervisory board

consisting of five supervisory directors with the

following titles:

- three supervisory directors A;

- one supervisory director B;

- one supervisory director C.

If the number of supervisory directors is less than

five, the supervisory board must take measures

Unchanged governance

provisions regarding the

composition and appointment

(including of the independent

supervisory director C) of

members of the supervisory

board.


AMSN394616 8 109844-0150 18

16.3 The Supervisory Board will adopt a profile on its

composition, taking into account the character of

the business, its activities and the desired expertise

and background of the Supervisory Directors. The

Supervisory Board will discuss the profile in the

General Meeting and with the Works Council, for

the first time at the occasion of adoption and

subsequently at each amendment thereof.

16.4 Supervisory Directors cannot be:

(a) persons in the service of the Company;

(b) persons in the service of a Dependent

Company;

(c) officials or persons in the service of a

trade union which is usually involved in

determining the terms of employment of

the persons referred to under (a) and (b);

16.5 The General Meeting may award a remuneration to

the Supervisory Directors.

Article 17. Appointment of Supervisory Directors.

17.1 Notwithstanding the provision of Article 17.6,

Supervisory Directors are appointed by the

General Meeting on a nomination of the

Supervisory Board. The nomination will state the


17.2 In relation to the appointment of Supervisory

Directors A, the General Meeting is entitled to

recommend persons for appointment as

supervisory board members. The Supervisory

Board must inform them in time, when and why

and in accordance with what profile a vacancy has

to be filled in its midst.

17.3 With regard to Supervisory Director B, the

forthwith to supplement the number of supervisory

directors. Only natural persons may be a

supervisory director.

2. The supervisory board will adopt a profile on its

composition, taking into account the character of

the business, its activities and the desired expertise

and background of the supervisory directors. The

supervisory board will discuss the profile in the

general meeting and with the works council, for

the first time at the occasion of adoption and

subsequently at each amendment thereof.

3. Supervisory directors cannot be:

(a) persons in the service of the company;

(b) persons in the service of a dependent

company;

(c) officials or persons in the service of a

trade union which is usually involved in

determining the terms of employment of

the persons referred to under (a) and (b).

4. The general meeting may award a remuneration to

the supervisory directors.

Article 21. Appointment.

1. The supervisory directors shall be appointed by

the general meeting on a nomination of the

supervisory board unless the nomination as

referred to in paragraph 6 of this article applies.

The nomination will state the reasons on which it

is based. The supervisory board shall give notice

of the nomination to the general meeting and the

works council simultaneously.

2. In relation to the appointment of supervisory

directors A, the general meeting is entitled to


AMSN394616 8 109844-0150 19

supervisory board will put a person recommended

by the works council on the nomination, unless the

supervisory board objects to his recommendation

on the grounds of the expectation that the carrying

out of the duties of a supervisory board member by

the recommended person, or the appointment to

the supervisory board in accordance with the

recommendation, would not lead to a proper

composition of the supervisory board; taken into

account Section 2:158 subsection 6 and 7 of the

Dutch Civil Code.

17.4 With regard to Supervisory Director C, the

Supervisory Board will only put a person on the

nomination, who is independent. Such person will

at least not be independent if such person is a

representative of a person or legal entity holding at

least ten per cent (10%) of the shares in the capital

of the Company.

17.5 A nomination or a recommendation as referred to

in this Article 17 must state the candidate's age, his

profession, the number of the Shares he holds and


are relevant for the performance of the duties of a

Supervisory Director. Furthermore, the names of

the legal entities of which he is already a

Supervisory Director must be indicated; if those

include legal entities which belong to a group,

reference of that group will be sufficient. The

recommendation and the nomination for

appointment or re-appointment must be accounted

for by giving reasons for it. In case of re-

appointment, the performance in the past period of


supervisory board members. The supervisory

board must inform them in time, when and why

and in accordance with what profile a vacancy has

to be filled in its midst.

3. With regard to supervisory director B, the

supervisory board will put a person recommended

by the works council on the nomination, unless the

supervisory board objects to his recommendation

on the grounds of the expectation that the carrying

out of the duties of a supervisory director by the

recommended person, or the appointment to the

supervisory board in accordance with the

recommendation, would not lead to a proper

composition of the supervisory board; taken into

account section 2:268 paragraphs 6 and 7 of the

Dutch Civil Code.

4. With regard to supervisory director C, the

supervisory board will only put a person on the

nomination, who is independent. Such person will

at least not be independent if such person is a

representative of a person or legal entity holding at

least ten per cent (10%) of the shares in the capital

of the company.

5. A nomination or a recommendation as referred to

in this article must state the candidate's age, his

profession, the number of the shares he holds and


are relevant for the performance of the duties of a

supervisory director. Furthermore, the names of

the legal entities of which he is already a

supervisory director must be indicated; if those


AMSN394616 8 109844-0150 20

the candidate as a Supervisory Director will be

taken into account.

17.6 The General Meeting can reject the nomination by

an absolute majority of the votes cast, representing

at least one third of the issued capital. If the

General Meeting resolves by an absolute majority

of the votes cast to reject the nomination but this

majority does not represent at least one third of the

issued capital, a new meeting can be convened

where the nomination can be rejected by an

absolute majority of the votes cast. The

Supervisory Board will then prepare a new

nomination. Articles 17.2 through 17.5 apply. If

the General Meeting does not appoint the person

nominated by the Supervisory Board and does not

resolve to reject the nomination, the Supervisory

Board will appoint the person nominated.

17.7 The making of a recommendation as referred to in

Article 17.2 as well as the resolution to appoint or

object, can be discussed in one and the same

General Meeting. The notice of that meeting

therefore states the vacancy and the opportunity

for the General Meeting to make a

recommendation and, for the situation in which no

recommendation is made by the General Meeting,

the name of the person nominated by the

Supervisory Board. If the General Meeting does

not make a recommendation, the person nominated

can be appointed by the General Meeting.

17.8 If all Supervisory Directors are absent then, other

in accordance with the provisions of Article 18.5,

the appointment will be made by the General

include legal entities which belong to a group,

reference of that group will be sufficient. The

recommendation and the nomination for

appointment or re-appointment must be accounted

for by giving reasons for it. In case of re-

appointment, the performance in the past period of

the candidate as a supervisory director will be

taken into account.

6. The general meeting can reject the nomination by

an absolute majority of the votes cast, representing

at least one third of the issued capital. If the

general meeting resolves by an absolute majority

of the votes cast to reject the nomination but this

majority does not represent at least one third of the

issued capital, a new meeting can be convened

where the nomination can be rejected by an

absolute majority of the votes cast. The

supervisory board will then prepare a new

nomination. Paragraphs 2 through 5 of this article

apply. If the general meeting does not appoint the

person nominated by the supervisory board and

does not resolve to reject the nomination, the

supervisory board will appoint the person

nominated.

7. The making of a recommendation as referred to in

paragraph 2 of this article as well as the resolution

to appoint or object, can be discussed in one and

the same general meeting. The notice of that

meeting therefore states the vacancy and the

opportunity for the general meeting to make a

recommendation and, for the situation in which no

recommendation is made by the general meeting,


AMSN394616 8 109844-0150 21

Meeting. The works council may recommend

persons for appointment as Supervisory Directors

B. The persons convening the general meeting will

inform the Works Council in good time that the

appointment as Supervisory Directors B will be a

subject on the agenda at the general meeting, with

a notification of whether the appointment of a

supervisory board member B will take place in

accordance with the Works Council's right of

recommendation on the basis of Section 2:158

subsection 7 of the Dutch Civil Code.

Article 18. Retirement, suspension and removal.

18.1 A Supervisory Director must retire not later than

the day on which the first General Meeting is held

after four years have elapsed since his

appointment.

18.2 The Supervisory Directors will retire periodically

in accordance with a rotation plan to be drawn up

by the Supervisory Board. Any alteration to the

rotation plan cannot require a Supervisory Director

to resign against his will before the term of his

appointment has lapsed.

18.3 A Supervisory Director can be suspended by the

Supervisory Board; the suspension will lapse by

law, if the Company has not submitted a petition

as referred to in Article 18.4 to the Commercial

Division within one month after commencement of

the suspension.

18.4 The Commercial Division of the Amsterdam Court

of Appeal may upon a request to that effect

remove a Supervisory Director for neglecting his

duties, for other important reasons or for a

the name of the person nominated by the

supervisory board. If the general meeting does not

make a recommendation, the person nominated

can be appointed by the general meeting.

8. If all supervisory directors are absent, other than in

accordance with the provisions of article 22

paragraph 5, the appointment will be made by the

general meeting. The works council may


supervisory director B. The persons convening the

general meeting will inform the works council in

good time that the appointment of the supervisory

director B will be a subject on the agenda at the

general meeting, with a notification of whether the

appointment of a supervisory director B will take

place in accordance with the works council's right

of recommendation on the basis of section 2:268

paragraph 7 of the Dutch Civil Code.

Article 22. Retirement, suspension and dismissal.

1. A supervisory director must retire not later than

the day on which the first general meeting is held

after four years have elapsed since his

appointment.

2. The supervisory directors will retire periodically in

accordance with a rotation plan to be drawn up by

the supervisory board. Any alteration to the

rotation plan cannot require a supervisory director

to resign against his will before the term of his

appointment has lapsed.

3. A supervisory director can be suspended by the

supervisory board; the suspension will lapse by

law, if the company has not submitted a petition as


AMSN394616 8 109844-0150 22

fundamental change of circumstances on the basis

of which in all reasonableness the Company

cannot be required to keep him on as a Supervisory

Director. Section 2:161 subsection 2 of the Dutch

Civil Code is applicable to such request.

18.5 The General Meeting can, by an absolute majority

of the votes cast, representing at least one third of

the issued capital, resolve to abandon it's trust (het

vertrouwen opzeggen) in the entire Supervisory

Board. Section 2:161a of the Dutch Civil Code is

applicable to such abandon of trust.

Article 19. Duties and Powers.

19.1 It is the duty of the Supervisory Board to supervise

the management of the Management Board and the

general course of affairs of the Company and the

business connected with it. The Supervisory Board

will assist the Management Board by giving

advice. In performing their duties, the Supervisory

Directors must act in accordance with the interests

of the Company and the business connected with

it.

19.2 The Management Board must supply the

Supervisory Board in due time with the

information required for the performance of its

duties.

19.3 At least once a year, the Management Board must

inform the Supervisory Board in writing of the

main aspects of the strategic policy, the general

and financial risks and the Company's

management and auditing systems.

19.4 The Supervisory Board may request assistance

from experts. The costs of such assistance will be

referred to in paragraph 4 of this article to the

Enterprise Chamber within one month after

commencement of the suspension.

4. The Enterprise Chamber of the Amsterdam Court

of Appeal may upon a request to that effect

dismiss a supervisory director for neglecting his

duties, for other important reasons or for a

fundamental change of circumstances on the basis

of which in all reasonableness the company cannot

be required to retain him as a supervisory director.

Section 2:271 paragraph 2 of the Dutch Civil Code

is applicable to such request.

5. The general meeting can, by an absolute majority

of the votes cast, representing at least one third of

the issued capital, resolve to abandon it's trust (het

vertrouwen opzeggen) in the entire supervisory

board. Section 2:271a of the Dutch Civil Code is

applicable to such abandon of trust.

Article 23. Duties and powers.

1. It shall be the duty of the supervisory board to

supervise the activities of the board of directors

and the general course of affairs in the company

and the business connected with it. It shall assist

the board of directors with advice. In performing

their duties, the supervisory directors shall act in

accordance with the interests of the company and

of the business connected with it.

2. The board of directors shall supply the supervisory

board in due time with the information required for

the performance of its duties.

3. At least once a year, the board of directors must

inform the supervisory board in writing of the


AMSN394616 8 109844-0150 23

for the account of the Company.

19.5 The Supervisory Board may decide that one or

more Supervisory Directors and/or experts have

access to the office and the other buildings and

premises of the Company and that such persons

are authorised to inspect the books and records of

the Company.

19.6 The Supervisory Board may establish rules

regarding its decision-making process and working

methods, in addition to the relevant provisions of

these Articles of Association.

Article 20. Chairperson and Secretary.

20.1 The Supervisory Director C is also chairman of the

Supervisory Board. The Supervisory Board may

also appoint a deputy chairperson from among its

members, who must take over the duties and

powers of the chairperson in the latter's absence.

20.2 The Supervisory Board will appoint a secretary of

the Supervisory Board, from among its members

or not, and make arrangements for his substitution

in case of absence.

Article 21. Meetings.

21.1 The Supervisory Board meets whenever a

Supervisory Director or the Management Board

deems necessary.

21.2 A Supervisory Director may be represented at a

meeting by another Supervisory Director

authorised in writing.

21.3 The meetings of the Supervisory Board are

presided over by its chairperson or his deputy. In

their absence, the chairperson of the meeting is

appointed by a majority of the votes cast by the

main aspects of the strategic policy, the general

and financial risks and the company's management

and auditing systems.

4. The supervisory board may request assistance

from experts. The costs of such assistance will be

for the account of the company.

5. The supervisory board shall have access to the

buildings and premises of the company and its

subsidiaries and shall be authorised to inspect the

books and records of the company and its

subsidiaries at any time. The supervisory board

may designate one or more persons from among its

supervisory directors or an expert to exercise these

powers.

Article 24. Chairman and secretary.

1. The supervisory director C is also chairman of the

supervisory board. The supervisory board may also

elect a deputy chairman from among its

supervisory directors who shall act in place of the

chairman in the latter’s absence.

2. The supervisory board shall appoint a secretary

whether or not from among its supervisory

directors, and make arrangements for his

replacement in case of absence.

3. The meetings of the supervisory board are presided

over by the chairman or his deputy. In their

absence, the chairman of the meeting is appointed

by a majority of the votes cast by the supervisory

directors present at the meeting.

Article 25. Meetings and decision-making process.

1. The supervisory board shall meet whenever a

supervisory director or the board of directors


AMSN394616 8 109844-0150 24

Supervisory Directors present at the meeting.

21.4 The chairperson of the meeting appoints a

secretary for the meeting.

21.5 The secretary of a meeting of the Supervisory

Board must keep minutes of the proceedings at the

meeting. The minutes must be adopted by the

Supervisory Board, in the same meeting or the

next. Evidencing their adoption, the minutes must

be signed by the chairperson and the secretary of

the meeting in which the minutes are adopted.

21.6 The Supervisory Board meets with the

Management Board as often as the Supervisory

Board or the Management Board deems necessary.

Article 22. Decision-making Process.

22.1 When making Supervisory Board resolutions, each

Supervisory Director may cast one vote.

22.2 All resolutions of the Supervisory Board will be

adopted by a majority of the votes cast.

22.3 At a meeting, the Supervisory Board may only

pass valid resolutions if the majority of the

Supervisory Directors then in office are present or

represented.

22.4 Supervisory Board resolutions may also be

adopted in a manner other than at a meeting, in

writing or otherwise, provided the proposal

concerned is submitted to all Supervisory

Directors then in office and none of them objects

to the relevant manner of adopting resolutions. A

report must be prepared by the secretary of the

Supervisory Board on a resolution adopted other

than at a meeting which is not adopted in writing,

and such report must be signed by the chairperson

deems such necessary.

2. The secretary shall keep minutes of the

proceedings at meetings of the supervisory board.

The minutes shall be adopted in the same meeting

or in a following meeting of the supervisory board

and shall be signed by the chairman and the

secretary as evidence thereof.

3. Decisions of the supervisory board require an

absolute majority of votes cast. Each supervisory

director has the right to cast one vote. Abstentions

do not count.

The supervisory board of directors may lay down

rules regarding its own decision-making process

and working methods.

4. At a meeting, the supervisory board may only pass

valid resolutions if the majority of the supervisory

directors then in office are present or represented.

A supervisory director may be represented by a co-

supervisory director authorised in writing. A

supervisory director may not act as representative

for more than one co-supervisory director.

5. Resolutions of the supervisory board may also be

adopted without recourse to a meeting, provided

the proposal concerned is submitted to all

supervisory directors then in office and none of

them objects to the relevant manner of adopting

resolutions. A report must be prepared by the

secretary of the supervisory board on a resolution

adopted other than at a meeting which is not

adopted in writing, and such report must be signed

by the chairman and the secretary of the

supervisory board. Adoption of resolutions in


AMSN394616 8 109844-0150 25

and the secretary of the Supervisory Board.

Adoption of resolutions in writing is effected by

written statements from all Supervisory Directors

then in office.

22.5 A Supervisory Director will not participate in


Supervisory Board, if with respect to the matter


interests that conflicts with the interests of the

Company and the business connected with it. If, as

a result hereof, the Supervisory Board cannot

make a decision, the General meeting must resolve

the matter.

Article 23. Vacancy or Inability to Act and Conflicts of

Interest.

23.1 If a seat on the Supervisory Board is vacant or a

Supervisory Director is unable to perform his

duties, the remaining Supervisory Directors or

Supervisory Director will be temporarily entrusted

with the duties and powers of the Supervisory

Board.

23.2 If all seats on the Supervisory Board are vacant or

all Supervisory Directors are unable to perform

their duties, the Management Board and the

General Meeting must determine jointly to what

extent and in which manner the duties and powers

of the Supervisory Board are to be taken over

temporarily.

23.3 A Supervisory Director may not participate in


Supervisory Board, if with respect to the matter


writing is effected by written statements from all

supervisory directors then in office.

6. Each supervisory director is obliged to inform the

supervisory board of any conflict of interest

between such supervisory director and the

company without delay. A supervisory director

shall not participate in any deliberations or

decision-making process of the supervisory board,

if such supervisory director has a direct or indirect

personal interest which conflicts with the interest

of the company or its business. In such case the

other non-conflicted supervisory directors shall

pass the resolution. If all supervisory directors are

conflicted as referred to above, then the general

meeting shall pass the resolution.

7. The supervisory board meets with the board of

directors as often as the supervisory board or the

board of directors deems necessary.

Article 26. Absence or prevention supervisory

director(s).

If one or more supervisory directors is/are absent or

prevented from performing their duties, the remaining

supervisory director(s) shall be temporarily entrusted with

the task and duties of the supervisory board. If all

supervisory directors or the sole supervisory director are/is

absent or prevented from performing their/its duties, the

task and duties of the supervisory board shall be

temporarily entrusted to the person designated for this

purpose by the general meeting.

Conflict of interest provision

of article 22.5 and article

23.3 of the current articles is

now included in article 25

paragraph 7.


AMSN394616 8 109844-0150 26

interests that conflicts with the interests of the

Company and the business connected with it. If, as

a result hereof, the Supervisory Board cannot

make a decision, the General meeting will resolve

the matter

Article 24. Indemnity Managing Directors and

Supervisory Directors.

24.1 Insofar as not otherwise prescribed by law,

Managing Directors and Supervisory Directors

will be reimbursed for:

(i) making a defence against claims brought

about by an action or omission in the

exercise of their duties or of other duties

which they carry out or have carried out at

the request of the Company;

(ii) any compensation or fines which they are

obliged to pay due to an action or

omission as referred to above under (i);

(iii) reasonable costs of appearing in other

legal actions in which they involved as a

Managing Director and Supervisory

Director or as a former Managing Director

and Supervisory Director, with the

exception of actions in which they

primarily bring their own claims to court.

24.2 A person concerned has no claim to the

reimbursement as referred to in Article 24.1 in as

much and so far as (i) a Dutch judge has ruled that

the action or omission of the person concerned can

be characterised as deliberate, consciously reckless

or gravely culpable, unless otherwise prescribed by

law, or in the given circumstances are such that

Article 27. Indemnification of directors and supervisory

directors. 1. Insofar as not otherwise prescribed by law,

directors and supervisory directors will be

reimbursed for:

(i) making a defence against claims brought

about by an action or omission in the

exercise of their duties or of other duties

which they carry out or have carried out at

the request of the company;

(ii) any compensation or fines which they are

obliged to pay due to an action or

omission as referred to above under (i);

(iii) reasonable costs of appearing in other

legal actions in which they involved as a

director and supervisory director or as a

former director and supervisory director,

with the exception of actions in which they

primarily bring their own claims to court.

2. A person concerned has no claim to the

reimbursement as referred to in paragraph 1 of this

article in as much and so far as (i) a Dutch judge

has ruled that the action or omission of the person

concerned can be characterised as deliberate,

consciously reckless or gravely culpable, unless

otherwise prescribed by law, or in the given

circumstances are such that they would be


AMSN394616 8 109844-0150 27

they would be unacceptable by standards of

reasonableness or fairness, or (ii) the costs or loss

of assets of the person concerned is covered by

insurance, and the insurer has reimbursed these

costs or loss of assets. The Company may take out

liability insurance on behalf of the persons

concerned. The Supervisory Board with respect to

the Management Board, and the Management

Board with respect to the Supervisory Board, may

negotiate the above further by mutual agreement.

CHAPTER 6. THE WORKS COUNCIL.

Article 25. Position adopted and Right to Explain.

25.1 The following proposals and nomination will not

be put to the General Meeting unless the Works

Council has been given the opportunity to, timely

prior to such general meeting, adopt a certain

position:

(a) a proposal to appoint, suspend or resign a

Managing Director as referred to in Article

10;

(b) a proposal to adopt or amend the

remuneration policy as referred to in

Article 10.5;

(c) a proposal to approve a resolution as

referred to Article 13.1; and

(d) a nomination for appointment of a

Supervisory Director as referred to in

Article 17.1.

25.2 The Chairman or a member of the Works Council

designated thereto by him, may explain the

position of the Works Council as referred to in

Article 25.1 at the General Meeting. The absence

unacceptable by standards of reasonableness or

fairness, or (ii) the costs or loss of assets of the

person concerned is covered by insurance, and the

insurer has reimbursed these costs or loss of

assets. The company may take out liability

insurance on behalf of the persons concerned. The

supervisory board with respect to the management

board, and the management board with respect to

the supervisory board, may negotiate the above

further by mutual agreement.

Article 28. Works council and mitigated company

regime.

1. Notice of the meeting convened as referred to in

article 21 paragraph 7 may not be given unless it is

certain:

(a) that the works council has either made a

recommendation as referred to in article

21 paragraph 3, or has given notice that it

does not wish to do so, or that a reasonable

period of time, to be determined by the

supervisory board, has lapsed in which to

make a recommendation; and

(b) if the works council has made a

recommendation as referred to in article

21 paragraph 3, the supervisory board

nominated the person recommended.

2. An amendment of the articles of association

following which, in accordance with section 2:268

paragraph 12 of the Dutch Civil Code, the articles

of association deviate from the statutory

provisions regarding appointment of supervisory

directors, is subject to approval of the works

Article 25 of the current

articles is removed since the

provisions of sections 2:107a,

2:134a, 2:135 and 2:158

subsection 4 Dutch Civil Code

only exist for and apply to a

N.V., not the B.V.

As for the notice of the

nomination by the supervisory

board to the shareholders

meeting and the works council

(simultaneously) as referred

to in section 2:158/268

paragraph 5 Dutch Civil

Code: this is now included in

the last sentence of the new

article 21 paragraph 1.


AMSN394616 8 109844-0150 28

of such position does not affect the decision-

making regarding the proposal.

25.3 The power of the Works Council referred to in

Article 25.1 apply insofar as and to the extent

prescribed by Sections 2:107a, 2:134a, 2:135 and

2:158 subsection 4 of the Dutch Civil Code.

Article 26. Works Council and Mitigated Company

Regime.

26.1 Notice of the meeting convened as referred to in

Article 17.7 may not be given unless it is certain:

(a) that the Works Council has either made a

recommendation as referred to in Article

17.3, or has given notice that it does not

wish to do so, or that a reasonable period

of time, to be determined by the

Supervisory Board, has lapsed in which to

make a recommendation; and

(b) if the Works Council has made a

recommendation as referred to in Article

17.3, the Supervisory Board nominated the

person recommended.

26.2 After preparation of the annual accounts, the

Management Board must send these to the Works

Council.

26.3 An amendment of the Articles of Association

following which, in accordance with Section 2:158

subsection 12 of the Dutch Civil Code, the Articles

of Association deviate from the statutory

provisions regarding appointment of Supervisory

Directors, is subject to approval of the Works

Council.

council.

Article 26 of the current

articles is included in the new

article 28.

Article 26.2 of the current

articles, providing that the

annual accounts are to be

send to the works council, is

now included in the new

article 29 paragraph 3.

CHAPTER 7. ANNUAL ACCOUNTS AND CHAPTER VIII.


AMSN394616 8 109844-0150 29

DISTRIBUTIONS.

Article 27. Financial Year and Annual Accounts.

27.1 The Company's financial year is the calendar year.

27.2 Annually, not later than five months after the end

of the financial year, save where this period is

extended by the General Meeting by not more than

six months by reason of special circumstances, the

Management Board must prepare annual accounts,

and must deposit the same for inspection by the

Shareholders and other persons holding Meeting

Rights at the Company's office.

27.3 Within the same period, the Management Board

must also deposit the annual report for inspection

by the Shareholders and other persons Meeting

Rights, unless the Company is not obliged thereto

pursuant to Section 2:396 or Section 2:403 of the

Dutch Civil Code.

27.4 The annual accounts must be signed by the

Managing Directors and the Supervisory Directors.

If the signature of one or more of them is missing,

this must be stated and reasons for this omission

must be given.

27.5 Annually, the Supervisory Board will prepare a

report, which will be enclosed with the annual

accounts and the annual report. The provisions of

Article 21.3 apply by analogy.

27.6 The Company may, and if the law so requires

must, appoint an accountant to audit the annual

accounts. Such appointment must be made by the

General Meeting.

27.7 The annual accounts must be submitted to the

General Meeting for adoption.

Annual accounts. Profits.

Article 29. Financial year. Preparation of the annual

accounts. Deposition for inspection. Accountant.

1. The financial year of the company shall be the

calendar year.

2. Annually, not later than five months after the end

of the financial year, unless by reason of special

circumstances this term is extended by the general

meeting by not more than six months, the board of

directors shall prepare the balance sheet and the

profit and loss account together with the

explanatory notes thereto (the annual accounts).

3. The board of directors shall deposit the annual

accounts for inspection by the shareholders at the

office of the company within the period referred to

in paragraph 2.

At the same time, the board of directors shall

submit the annual accounts for discussion to the

works council.

Within this period the board of directors shall also

deposit the annual report for inspection by the

shareholders.

4. The annual accounts shall be signed by each

director and each supervisory director; if the

signature of one or more directors or supervisory

directors is lacking, then this shall be stated and

reasons therefore shall be given.

5. The company may, and if the law so requires shall

appoint a “register-accountant” or other

accountant referred to in section 2:393 of the

Dutch Civil Code, as well as an organisation

within which such accountants practice, to audit


AMSN394616 8 109844-0150 30

27.8 At the General Meeting at which it is resolved to

adopt the annual accounts, it will be separately

proposed that the Managing Directors on the one

hand and the Supervisory Directors on the other be

released from liability for their respective duties,

insofar as the exercise of such duties is reflected in

the annual accounts or otherwise disclosed to the

General Meeting prior to the adoption of the

annual accounts.

Article 28. Profits and Distributions.

28.1 After the prior approval of the Supervisory Board,

the authority to decide over the allocation of

profits determined by the adoption of the annual

accounts and to make distributions is vested in the

General Meeting, with due observance of the

limitations prescribed by law.

28.2 Distributions may be made only up to an amount

which does not exceed the amount of the

Distributable Equity and, if it concerns an interim

distribution, the compliance with this requirement

is evidenced by an interim statement of assets and

liabilities as referred to in Section 2:105,

subsection 4, of the Dutch Civil Code. The

Company must deposit the statement of assets and

liabilities at the office of the Commercial Register

within eight days after the day on which the

resolution to make the distribution is published.

28.3 The authority of the General Meeting to make

distributions applies to both distributions at the

expense of non-appropriated profits and

distributions at the expense of any reserves, and to

both distributions on the occasion of the adoption

the annual accounts.

Article 30. Adoption of the annual accounts.

Publication.

1. The general meeting shall adopt the annual

accounts.

2. Following the adoption of the annual accounts the

board of directors shall propose to the general

meeting to discharge each director for the

performance of management for the financial year

concerned and each supervisory director for the

performance of supervision thereon, to the extent

that such performance is apparent from the annual

accounts or has been disclosed to the general

meeting in a different manner.

3. The company shall publish the annual accounts

within eight days following the adoption subject to

statutory exemptions, if applicable. If no statutory

exemption applies, the annual accounts for any

given financial year must be published no later

than thirteen months after the lapse of the relevant

financial year.

Article 31. Allocation of profits. Distributions.

1. The general meeting is authorised to allocate the

profits as determined by the adoption of the annual

accounts and to establish distributions.

Subject to the approval of the supervisory board,

the board of directors is also authorised to resolve

and approve interim distributions during a

financial year and prior to the adoption of the

annual accounts by the general meeting.

2. Distributions can only take place to the extent that

the company’s equity exceeds the amount of any

It is proposed to authorise the

Board, subject to approval of

the supervisory board, to

decide to declare interim

distributions.

The current wording reflects

section 2:216 Dutch Civil

Code for a B.V., rather than

2:105 Dutch Civil Code which

is applicable to a N.V.


AMSN394616 8 109844-0150 31

of the annual accounts and interim distributions.

28.4 A resolution to make a distribution will not be

effective until approved by the Management

Board. The Management Board must refuse to

grant such approval if it knows or reasonably

should foresee that after the distribution the

Company would not be able to continue to pay its

debts as they fall due.

reserves that the company must retain by virtue of

law.

3. A resolution of the general meeting to declare a

distribution has no effect as long as the board of

directors has not approved such (interim)

distribution. The board of directors shall only

withhold its approval if it is, or reasonably should

be, aware that the company will not able to

continue to satisfy its matured debts.

4. If the company is not able to continue to satisfy its

matured debts following a distribution, then the

directors which were or reasonably ought to have

been aware of this shall be jointly liable towards

the company for an amount equal to the deficit

caused by such distribution increased by statutory

interest accrued as of the date of the distribution.

Section 2:248 paragraph 5 of the Dutch Civil Code

shall apply accordingly. A director shall not be

liable if he proves that he cannot be blamed for the

distribution made by the company and that he has

not been negligent in taking measures to avert the

consequences of the distribution. Any recipient of

a distribution who was or reasonably ought to have

been aware that following the distribution the

company could not continue to satisfy its matured

debts shall reimburse the deficit caused by the

distribution up to the amount or value of the

distribution received by him from the company,

increased by statutory interest accrued as of the

date of the distribution. If the directors have

satisfied the claim referred to in the first sentence

of this paragraph, the reimbursement referred to in

It is understood that the

Board shall carefully consider

the (approval) resolution for

the directors will be jointly

and severally liable towards

Mediq for compensation of

the shortfall resulting from

the distribution, plus interest

at the statutory rate

calculated as from the date of

the distribution.

Furthermore, a shareholder

that receives a distribution

when he/it knows or should

foresee that the company will

be unable to continue paying

its due and payable debts

after making the distribution

(which will generally not be

the case for any minority

shareholders), will be liable

towards Mediq for

compensation of the shortfall

resulting from the

distribution. The maximum

compensation payable by the

shareholder will be the

amount or value of the

distribution received by

him/it, plus interest at the


AMSN394616 8 109844-0150 32

the fourth sentence of this paragraph shall be made

to the directors in proportion to the amounts paid

by each director. The debtor shall not be entitled to

set-off a liability claim pursuant to the first or

fourth sentence of this paragraph.

For the purpose of this paragraph, any (co-)policy-

maker of the company qualifies as a director. The

provisions of this paragraph shall not apply to

distributions consisting of shares in the share

capital of the company or contributions on shares

which have not yet been fully paid up.

5. Distributions shall be claimable and payable

immediately or as of a date to be determined by

the board of directors.

6. A claim of a shareholder for payment of a

distribution shall be barred after five years have

elapsed.

statutory rate calculated as

from the date of the

distribution.

CHAPTER 8. GENERAL MEETING OF

SHAREHOLDERS.

Article 29. General Meetings of Shareholders.

29.1 The annual General Meeting of Shareholders must

be held within six months after the end of the

financial year.

29.2 Other General Meetings of Shareholders will be

held as often as the Management Board or the

Supervisory Board deems necessary.

29.3 Shareholders and/or other persons holding Meeting

Rights representing in the aggregate at least one-

tenth of the Company's issued capital may request

the Management Board or the Supervisory Board

to convene a General Meeting of Shareholders,

stating specifically the business to be discussed. If

CHAPTER IX.

Decision-making of shareholders.

Article 32. General meeting. Convocation. Decision-

making process without a meeting. Records.

1. Each financial year at least one general meeting

shall be held or at least one resolution shall be

passed in accordance in with article 34 of these

articles of association.

2. Other general meetings shall be held as often as

the board of directors or the supervisory board

deems such necessary.

3. General meetings shall be convened by the board

of directors or the supervisory board by means of a

convocation notification addressed to the

qualifying attendees as set out in the register

Given the legal form of Mediq

as a private company, the

provisions regarding the

procedures for and in

shareholders’ meetings are

described in a more limited

way (less detailed).


AMSN394616 8 109844-0150 33

the Management Board or the Supervisory Board

has not given proper and timely notice of a

General Meeting of Shareholders such that the

meeting can be held within six weeks after receipt

of the request, the applicants will be authorised to

convene a meeting themselves.

29.4 Within three months of it becoming apparent to the

Management Board that the equity of the

Company has decreased to an amount equal to or

lower than half of the paid-up part of the capital, a

General Meeting of Shareholders will be held to

discuss any requisite measures.

Article 30. Notice, Agenda and Venue of Meetings.

30.1 Notice of General Meetings of Shareholders will

be given by the

Management Board or the Supervisory Board,

without prejudice to the provisions of Article 29.3.

30.2 Notice of the meeting must be given no later than

on the fifteenth day prior to the day of the meeting.

30.3 The notice convening the meeting must specify the

business to be discussed. Other business not

specified in such notice may be announced at a

later date, with due observance of the term referred

to in Article 30.2.

30.4 Items for which a written request has been

submitted by one or more Shareholders and/or

other persons holding Meeting Rights, alone or

jointly representing at least a part of the issued

share capital as prescribed by law, must be

included in the notice or announced in the same

manner, provided that the Company received the

request or proposed resolutions, including the

referred to in article 5. If the qualifying attendee

concerned consents thereto, general meetings may

also be convened by means of sending an

electronic, legible and reproducible message to the

address notified by him to the company for that

purpose.

4. The convocation shall take place no later than on

the eighth day prior to the date of the meeting.

5. The general meetings shall be held in Utrecht,

Amsterdam or Haarlemmermeer (Schiphol), the

Netherlands. A general meeting may be held

elsewhere, provided that all qualifying attendees

consented to the location of the meeting and the

directors and supervisory directors have had the

opportunity to render their advice prior to such

meeting.

6. The general meetings shall be presided over by the

chairman of the supervisory board. In his absence,

the meeting shall itself choose a chairman. Until

that moment a director shall act as chairman, or in

the absence of a director the eldest person at the

meeting shall act as chairman.

7. The directors and the supervisory directors shall,

as such, have the right to give advice in the general

meeting.

8. The board of directors keeps a record of the

resolutions adopted. If the board of directors is not

represented at a meeting, the chairman of the

general meeting shall provide the board of

directors with a transcript of the resolutions

adopted as soon as possible after the meeting. The

records shall be deposited at the offices of the

The convocation period for a

B.V. is at least 8 days (for a

N.V., this period is at least:

15 days while as for a listed

N.V. a period of 42 days

applied).

In practice, the place where

meetings are held is limited to

Utrecht, Amsterdam or

Schiphol and therefore these

places are included.


AMSN394616 8 109844-0150 34

reasons for if, no later than on the sixtieth day

before the date of the meeting can be given.

30.5 The notice of the meeting must be in writing and

sent to the addresses of the persons holding

Meeting Rights as shown in the register of

Shareholders. However, if a Shareholder or

another person holding Meeting Rights has

provided the Company with another address for

the purpose of receiving such notice, the notice

may alternatively be sent to such other address.

30.6 General Meetings of Shareholders are held in

Utrecht, Amsterdam, Amersfoort, Arnhem,

Bussum, Haarlemmermeer, Hilversum,

Nieuwegein or Zeist. General Meetings of

Shareholders may also be held elsewhere, in which

case valid resolutions of the General Meeting may

only be adopted if all of the Company's issued

capital is represented.

Article 31. Admittance and Rights at Meetings.

31.1 Each Shareholder, and any other person holding

Meeting Rights, is entitled to attend the General

Meetings of Shareholders, to address the meeting

and, to the extent this right has accrued to him, to

exercise his voting rights.

They may be represented in a meeting by a proxy

authorised in writing.

31.2 The Meeting Rights and voting rights may be

exercised using any appropriate means of

electronic communication, if that possibility is

expressly provided for in the notice of the meeting

or accepted by the chairperson of the meeting. The

means of electronic communication used must be

company for inspection by the qualifying

attendees. Upon request each of them shall be

provided with a copy or an extract of such record

at not more than the actual costs.

9. If the prerequisites set by the law or by these

articles of association in respect of the convocation

and holding of general meetings have not been

complied with, valid resolutions can be passed

nevertheless, provided that all qualifying attendees

have consented to the decision-making on the

relevant subject matters and the directors and

supervisory directors have had the opportunity to

render their advice in respect of the same.

Article 33. Voting. Right of assembly.

1. Each share confers the right to cast one vote.

2. Each qualifying attendee is authorised to, either in

person or by means of a written proxy, attend and

address the general meeting and, to the extent

applicable, exercise his right to vote through

electronic means of communication.

3. To take part through electronic means of

communication requires that the respective

qualifying attendee can be identified through the

electronic means of communication, is able to

directly take note of the proceedings at the meeting

and, to the extent applicable, is capable to exercise

his right to vote. The board of directors may

impose conditions on the use of electronic means

of communication. Such conditions shall be

announced with the convocation.

4. To the extent not otherwise provided for, all

resolutions shall be passed by an absolute majority


AMSN394616 8 109844-0150 35

such that the persons holding Meeting Rights or

their representatives can be identified through it to

the satisfaction of the chairperson of the meeting.

The notice of the meeting may contain further

details and the chairperson of the meeting may

give further requirements with respect to the

permitted means of electronic communication and

its use.

31.3 The chairperson of the meeting may determine that

each person with voting rights present at a meeting

must sign the attendance list. The chairperson of

the meeting may also decide that the attendance

list must be signed by other persons present at the

meeting as well.

31.4 The Managing Directors and the Supervisory

Directors have the right to give advice in the

General Meetings of Shareholders.

31.5 The chairperson of the meeting decides on the

admittance of other persons to the meeting,

without prejudice to the provisions of Article 25.2.

Article 32. Chairperson and Secretary of the Meeting.

32.1 The General Meetings of Shareholders are

presided over by the chairperson of the

Supervisory Board. In his absence, the Supervisory

Directors present at the meeting will appoint a

chairperson for the meeting from among their

midst. The Supervisory Board may appoint a

different chairperson for a General Meeting of

Shareholders.

32.2 If the chairpersonship of a meeting is not provided

in accordance with Article 32.1, the chairperson of

the meeting will be appointed by a majority of the

of the votes cast irrespective of the part of the

share capital present or represented at the meeting.

5. If there is a tie vote of votes the proposal is

rejected.

Article 34. Resolutions outside of meetings. Records.

1. Decision-making may occur other than in a

meeting, provided that all qualifying attendees

have consented to the manner of decision-making.

2. If the decision-making occurs outside a meeting

the votes shall be cast in writing. Prior to such

decision-making, the directors and supervisory

directors shall be offered the opportunity to render

their advice.

3. The board of directors shall immediately be

informed of the votes cast. The board of directors

shall keep a record of the resolutions thus made.

The records shall be deposited at the offices of the

company for inspection by the qualifying

attendees. Upon request, each of them shall be

provided with a copy or an extract of such record

at not more than the actual costs.


AMSN394616 8 109844-0150 36

votes cast by the persons with voting rights present

at the meeting.

32.3 The chairperson of the meeting must appoint a

secretary for the meeting.

Article 33. Minutes; Recording of Shareholders'

Resolutions.

33.1 The secretary of a General Meeting of

Shareholders must keep minutes of the

proceedings at the meeting. The minutes must be

adopted by the chairperson and the secretary of the

meeting and as evidence thereof must be signed by

them.

33.2 The Management Board must keep a record of all

resolutions adopted by the General Meeting. If the

Management Board is not represented at a

meeting, the chairperson of the meeting must

ensure that the Management Board is provided

with a transcript of the resolutions adopted, as

soon as possible after the meeting. The records

must be deposited at the Company's office for

inspection by the Shareholders. On application,

each of them must be provided with a copy of or

an extract from the records.

Article 34. Adoption of Resolutions in a Meeting.

34.1 Each Share confers the right to cast one vote.

34.2 To the extent that the law or these Articles of

Association do not provide otherwise, all

resolutions of the General Meeting will be adopted

by a simple majority of the votes cast, without a

quorum being required.

34.3 If there is a tie in voting, the proposal will thus be

rejected.


AMSN394616 8 109844-0150 37

34.4 If the formalities for convening and holding of

General Meetings of Shareholders, as prescribed

by law or these Articles of Association, have not

been complied with, valid resolutions of the

General Meeting may only be adopted in a

meeting, if in such meeting all of the Company's

issued capital is represented and such resolution is

carried by unanimous vote.

34.5 When determining how many votes are cast by

Shareholders, how many Shareholders are present

or represented, or what portion of the Company's

issued capital is represented, no account will be

taken of Shares for which no vote can be cast

pursuant to the law.

Article 35. Voting.

35.1 All voting must take place orally. The chairperson

is, however, entitled to decide that votes be cast by

a secret ballot. If it concerns the holding of a vote

on persons, anyone present at the meeting with

voting rights may demand a vote by a secret ballot.

Votes by secret ballot must be cast by means of

secret, unsigned ballot papers.

35.2 Blank and invalid votes will not be counted as

votes.

35.3 Resolutions may be adopted by acclamation if

none of the persons with voting rights present at

the meeting objects.

35.4 The chairperson's decision at the meeting on the

result of a vote will be final and conclusive. The

same applies to the contents of an adopted

resolution if a vote is taken on an unwritten

proposal. However, if the correctness of such


AMSN394616 8 109844-0150 38

decision is challenged immediately after it is

pronounced, a new vote must be taken if either the

majority of the persons with voting rights present

at the meeting or, where the original vote was not

taken by roll call or in writing, any person with

voting rights present at the meeting, so demands.

The legal consequences of the original vote will be

made null and void by the new vote.

Article 36. Adoption of Resolutions without holding

Meetings.

36.1 Shareholders may adopt resolutions of the General

Meeting in writing without holding a meeting,

provided they are adopted by the unanimous vote

of all Shareholders entitled to vote. The provisions

of Articles 31.4 and 25.2 apply by analogy.

Adoption of resolutions outside of meetings is not

permissible if any person other than Shareholders

holds Meeting Rights.

36.2 Each Shareholder with voting rights must ensure

that the Management Board is informed of the

resolutions thus adopted as soon as possible in

writing. The Management Board must keep a

record of the resolutions adopted and it must add

such records to those referred to in Article 33.2.

CHAPTER 9. AMENDMENT OF THE ARTICLES

OF ASSOCIATION, DISSOLUTION AND

LIQUIDATION.

Article 37. Amendment of the Articles of Association.

The General Meeting may resolve to amend these Articles

of Association. Such resolution requires the prior approval

of the Supervisory Board. When a proposal to amend these

Articles of Association is to be made to the General

CHAPTER X.

Amendment of the articles of association and

dissolution. Liquidation.

Article 35. Amendment of the articles of association

and dissolution.

1. The general meeting is authorised to amend the

articles of association or to dissolve the company,

with due observance of the relevant provisions of


AMSN394616 8 109844-0150 39

Meeting, the notice convening the General Meeting must

state so and a copy of the proposal, including the verbatim

text thereof, must be deposited and kept available at the

Company's office for inspection by the Shareholders and

other persons holding Meeting Rights, until the conclusion

of the meeting.

Article 38. Dissolution and Liquidation.

38.1 The Company may be dissolved pursuant to a

resolution to that effect by the General Meeting.

Such resolution requires the prior approval of the

Supervisory Board. When a proposal to dissolve

the Company is to be made to the General

Meeting, this must be stated in the notice

convening the General Meeting.

38.2 If the Company is dissolved pursuant to a

resolution of the General Meeting, the Managing

Directors become the liquidators of the dissolved

Company's property, unless the General Meeting

resolves to appoint one or more other persons as

liquidator.

38.3 During liquidation, the provisions of these Articles

of Association remain in force to the extent

possible.

38.4 The balance remaining after payment of the debts

of the dissolved Company must be transferred to

the Shareholders in proportion to the aggregate

nominal value of the Shares held by each.

38.5 In addition, the liquidation is subject to the

relevant provisions of Book 2, Title 1, of the Dutch

Civil Code.

Transitional provision on shareholder rights.

A party who is holding a right to bearer shares and/or

the law. The resolution to amend the articles of

association or to dissolve the company requires

the prior approval of the supervisory board.

2. A proposal to the general meeting to amend the

articles of association or to dissolve the company

must be stated in the convocation of the general

meeting. If the proposal concerns an amendment

of the articles of association, then a copy of the

proposal including the text of the proposed

amendment must at the same time be deposited

and remain available at the company’s office for

inspection by qualifying attendees until the end of

the meeting.

Article 36. Liquidation.

1. In the event of dissolution of the company the

directors shall be charged with the liquidation of

the business of the company, unless the general

meeting appoints one or more other (legal) persons

as liquidator.

2. During liquidation the provisions of these articles

of association shall remain in force as far as

possible.

3. The balance of the company remaining after

payment of debts, shall be transferred to the

shareholders in proportion to the aggregate

nominal amount of their shares.

4. All books, records and all other data carriers of the

company must be kept by a custodian for a period

of seven years after the company has ceased to

exist. Such custodian shall be designated by the

general meeting.

Transitional provision on shareholder rights.

For the avoidance of doubt,


AMSN394616 8 109844-0150 40

registered shares that are or will be part of a giro

depositary or collective depositary pursuant to the Act on

Giral Securities Transactions (Wet giraal effectenverkeer)

may only exercise such right vis-à-vis the company, until

the lifting of all shares in the capital of the Company that

are part of the giro depositary is effected. After the lifting

of all shares from the giro depositary is effected a

Shareholder can only exercise his rights in as far as his

shares have been lifted from the giral securities system and

this shareholder has been registered in the shareholders

register of the Company.

In case rights of usufruct or rights of pledge have been

registered on shares that have been included in a collective

depositary pursuant to the Act on Giral Securities

Transactions, the party who is holding a right in respect of

shares that are part of a collective depositary and the

usufructuary or pledgee, as the case may be, shall, to the

extend required under the Act on Giral Securities

Transactions, together lift the relevant shares from the giro

securities system after which the company will register

their rights in the shareholders register.

A party who is holding a right to registered shares that are

part of a giro depositary or collective depositary pursuant

to the Dutch Securities Giro Transfer Act (Wet giraal

effectenverkeer) may only exercise such right directly vis-

à-vis the company, until the lifting of all shares in the

capital of the company that are part of the giro depositary

is effected.

After the lifting of all shares from the giro depositary is

effected, a shareholder can only exercise his rights in as far

as his shares have been lifted from the giral securities

system and this shareholder has been registered in the

shareholders register of the company.

In case rights of usufruct or rights of pledge have been

registered on shares that have been included in a collective

depositary pursuant to the Dutch Securities Giro Transfer

Act, the party who is holding a right in respect of shares

that are part of a collective depositary and the usufructuary

or pledgee, as the case may be, shall, to the extend required

under the Dutch Securities Giro Transfer Act, together lift

the relevant shares from the giro securities system after

which the company will register their rights in the

shareholders register.

the shares remain included in

the book-entry transfer system

(and are recorded in the

shareholders’ register of

Mediq under the name

Euroclear Nederland).

The minority shareholders

(who are not recorded in the

shareholders’ register, but in

the records of the affiliated

institutions and brokers) are

to register via their bank or

broker to attend the EGM and

will only be able to exercise

their rights via their bank or

broker (indirectly) towards

Mediq.

Date post:	22-May-2018
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