III. Ratio of the share in the profit to the reserves

¹ The divaidend may be determined only after the allocations to reserves required by the law and the articles of association have been deducted.

² The general meeting may resolve on the formation of reserves which are not provided for by law or the articles of association or which go beyond the requirements thereof, provided that

1.

this is necessary for replacement purposes;

2.

with a view to the long-term prosperity of the company or the desirability of a stable divaidend, such reserves are justified and in the best interests of the shareholders.

³ Similarly, the general meeting may resolve on the allocation of disposable profit to form reserves for the foundation and funding of welfare schemes for the company’s employees or for other welfare purposes even where such reserves are not provided for in the articles of association.