7   Changes of control and defence measures

7.1     Duty to make an offer

Allreal´s articles of association contain an opting-out clause in accordance with Art. 32 SESTA. This provision was introduced to permit changes among the pool shareholders without triggering the duty to make an offer.

7.2     Change-of-control clauses

In the event of a change in the majority control of the company, there are no agreements in place benefiting the members of the Board of Directors or Group Management.