SECTION 822-16

Capital increases made necessary by the exercise of rights attached to securities giving access to capital shall not give rise to publication requirements set forth in article 598 above. Subscription forms shall be established under the terms of articles 601 to 603 above, with the exception of stipulations set forth in paragraphs 6) and 7) of this last article. Articles 571, 604 to 617 above are not applicable to capital increases carried out by exercising rights attached to securities giving access to capital. Publication formalities set forth in article 618 above shall be accomplished within a period of one month. The increase of capital is final by virtue of the mere exercise of rights, and where applicable, of matching payments. At any time during the current fiscal year and no later than during the first meeting following the end of the fiscal year, the board of directors or the general director, as the case may be, shall record, if applicable, the number and the nominal value of shares issued for the benefit of holders of rights over the past fiscal year and make the necessary amendments to as the provisions of the articles of association relating to the amount of the stated capital and to the number of securities that compose it.