Adjustment Options Series In Connection With Share Split Vendex

As noted in the Vedior Offering Memorandum published on 22 May 1997, the shares of Vendex International N.V. are expected to split into Vendex and Vedior. Barring unforeseen circumstances, the specifications of options on Vendex International will be adjusted as follows.

In the adjustment of options series, special attention is given to the preservation of the economic position of the option holder. In this case, the share option on Vendex International will be adjusted at the time of the split-up and converted into an index option: exercising this index option will result in the delivery of both stocks, Vendex and Vedior. The number of shares of Vendex and Vedior in the index basket will be fixed in accordance with the specifications of the split-up.