The 403 Exemption

Article 2:403 of the Dutch Civil Code permits a Dutch group company (the Exempted Company) the scope to deviate from legal requirements in respect of the contents of the annual accounts and the publication thereof (403-Exemption).

The Issuing Company is directly responsible (Joint and Several Liability statement) for any obligations arising from legal acts (only) performed by the Exempted Company.

Processes involved in 403 Exemption are as follows:

• Process (1) Issue Joint and Several Liability statement (generate 403 sub f-Declaration)
• Process (2) Issue annual Shareholder statement of declaration (generate 403 sub b-Declaration)
• Process (3) Issue withdrawal declaration (generate withdrawal of the 403 sub f-Declaration)
• Process (4) Issue termination notice remaining liability (generate 404 par 3 sub b)