ARTICLES OF ASSOCIATION OF THE COMPANY

2 § The company engages in the ownership and management of real estate, real estate corporations and their shares, and the leasing of such premises and real estate. The company may also divest any residential or business premises it has built or renovated, or engage in other real estate trade. The company may also engage in securities trading.

3 § The company's shares are included in the book-entry securities system.

In a share capital increase, the right to receive funds distributed by the company and to subscribe for shares is held by those:

1) who are registered as shareholders in the shareholder register on the specified record date,

2) whose right to receive funds has been entered in the book-entry account of the shareholder entered in the shareholder register and registered in the shareholder register by the record date, or,

3) if shares are nominee-registered, into whose book-entry account the shares have been entered by the record date, and whose custodian has been registered in the shareholder register as the custodian of the shares by the record date.

4 § The business of the company, unless falling under the duties of the Annual General Meeting, shall be managed by the Board of Directors, consisting of 5-8 members. Board members are elected at the Annual General Meeting, and their terms of office will last until the close of the following Annual General Meeting.

The Board shall appoint a Chairman and Vice-chairman from among its members.

The Board shall have a quorum when over half of the members are present.

5 § The Board shall appoint a Managing Director who shall be responsible for the day-to-day management of the company in accordance with the instructions and orders of the Annual General Meeting and the Board.

6 § The Managing Director and the Chairman of the Board, each alone, or the members of the Board, two jointly, are authorized to sign for the company. The Board can also authorize another person or other persons to sign for the company by proxy.

7 § The company's financial year is the calendar year. The financial statements must be submitted to the auditors by March 31. An audit must be performed and the auditor's report completed by the end of April.

8 § The Company has one auditor and one deputy auditor. If the auditor of the company is a company of authorized public accountants no deputy auditor will be elected. The auditors are elected until further notice.

9 § Notice of the Annual General Meeting shall be delivered no earlier than three (3) months and no later than seventeen (17) days before the meeting either by publishing a notice in a newspaper published regularly in the company's domicile, or by sending the notice by mail to shareholders, to their addresses entered in the company's share register.

The Board may decide that, in order for the shareholders to participate in the Annual General Meeting, they must notify the company of their intention to do so no later than on the date specified in the notice of the meeting, which date may be no earlier than five days before the meeting.

10 § The Annual General Meeting must be held annually on a date specified by the Board by the end of June.

At the meeting the following business shall be:

presented:
1. the financial statements and annual report
2. the auditor's report

decided:
3. the adoption of the financial statements,
4. the discharge from liability of the Managing Director and members of the Board
5. the measures arising from the profit or loss recorded in the adopted balance sheet
6. the number of members of the Board, their fees and the auditors' fees,

elected:
7. the members of the Board and the auditors

discussed:
8. any other business on the agenda.