0 TAXATION General The following is a summary of the Dutch tax levying system with regard to the holding of shares. This summary does not profess to constitute an exhaustive description of all fiscal considerations which play a role or can play a role with respect to or as a result of the holding of shares. The following summary does not consider the fiscal consequences of holding shares for holders of shares which are (or could be) governed by a specific fiscal regime, such as fiscal investment companies. 'Shareholder' shall in the context of this summary (unless otherwise stated) be taken to mean a Shareholder not holding a substantial interest in the Company. In general, a substantial interest is considered to be held by a natural person when he or she together with his or her spouse holds a direct or indirect participating interest of 5% or more in the issued share capital of the company. An option to obtain at least 5% of the shares or a certificate that gives right to at least 5% of the profits also qualifies as a substantial interest. In this context, the term 'spouse' shall be taken to extend to any partner with whom the taxpayer concerned has concluded a joint household for an uninterrupted period of at least six months during a single calendar year, and who is registered as a resident at the same address as the tax payer concerned. Holders of ordinary shares who do not hold a substantial interest themselves also come under the substantial interest regime if their spouse and/or first degree relatives and in-laws directly related to them do hold a substantial interest. This summary is based on legislation, jurisprudence and other regulations in force on 6 March 1998, without prejudice to any amendments introduced at a later date and implemented with a possible retroactive effect. No conclusions may be drawn from the following summary as regards topics which have not been included in this summary. Interested investors are advised to consult the fiscal consequences of holding shares with their own tax consultant. Dividend Tax General Dividends and other income from shares as defined in the Netherlands Dividend Tax Act 1965 (hereafter: 'income from shares') paid out by the public limited liability company are in principle liable to 25% Dutch dividend tax. The amount of dividend tax is withheld from the total dividend and paid to the Tax Authorities by the Company. Levying of dividend tax can under certain circumstances be exempted with regard to the income from shares which for the person entitled to the income forms a benefit resulting from a participation as defined in article 13 of the Corporation Tax Act 1969. Levying of dividend tax can also be exempted with regard to dividends in shares charged against a tax-exempt share premium reserve. Non-Dutch Residents If the shareholder is not resident in the Netherlands, and a double taxation convention is in force between the Netherlands and his/her country of residence, the shareholder, depending on the provisions of such convention, may qualify for (partial) exemption or refunding of Dutch dividend tax. Dutch Residents If the shareholder is a natural person residing in or deemed to reside in the Netherlands, the dividend tax withheld will usually be set off against income tax to be paid in the Netherlands by this person. If the shareholder is an entity or other body subject to Dutch corporation tax and residing in or deemed to reside in the Netherlands, the dividend tax withheld will usually be set off against corporation tax to be paid in the Netherlands by this entity or body If the holder of Shares is entitled to tax exemption as a result of a participation as defined in Article 13

AJAX ARCHIEF

Jaarverslagen Ajax NV (vanaf 1997) | 1998 | | pagina 49