Prohibition to Participate with Shares Owned by the Company

Shares held by the company or its subsidiary does not entitle to participation in the general meeting. Likewise, these shares shall not be taken into account when making a valid resolution or exercising a given right requires the consent of all shareholders or the consent of shareholders holding a specified proportion of the shares in the company.

The purpose of the prohibition is to prevent the company management from gaining power at the meeting on the basis of the shares. A penalty has been stipulated in the Limited Liability Companies Act for a person acting as an intermediary for a third person in order to circumvent a provision or a regulation in the Limited Liability Companies Act or in the articles of association restriction of the right to vote.