Article 20. Profits and Distributions.
20.1 Each year, the Management Board may determine which part of the profits
shall be reserved.
20.2 The part of the profit remaining after reservation in accordance with Article 20.1
shall be distributed as dividend on the Shares.
20.3 Distributions may be made only up to an amount which does not exceed the
amount of the Distributable Equity.
20.4 Distribution of profits shall be made after adoption of the annual accounts if
permissible under the law given the contents of the annual accounts.
20.5 The Management Board may resolve to distribute interim dividend on the
Shares. The Shareholders' Body may, at the proposal of the Management
Board, resolve to make distributions at the expense of any reserve of the
Company.
20.6 The Shareholders' Body may, at the proposal of the Management Board,
resolve that a distribution of dividend or another payment on Shares shall not
be paid in whole or in part in cash but in shares in the Company.
20.7 In calculating the amount of any distribution on Shares, Shares held by the
Company shall be disregarded.
20.8 The Sections 2:103, 2:104, and 2:105 of the Dutch Civil Code shall apply to
distributions to holders of Shares.