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4129

MEMORIAL

Journal Officiel

du Grand-Duché de

Luxembourg

MEMORIAL

Amtsblatt

des Großherzogtums

Luxemburg

RECUEIL DES SOCIETES ET ASSOCIATIONS

Le présent recueil contient les publications prévues par la loi modifiée du 10 août 1915 concernant les sociétés commerciales

et par loi modifiée du 21 avril 1928 sur les associations et les fondations sans but lucratif.

C — N° 87

24 février 1997

S O M M A I R E

Abaca S.A. ……………………………………………………………………… page 4152

Abital S.A., Luxembourg-Strassen ………………………………… 4172

Alu Fer, S.à r.l., Noerdange ………………………………………………… 4130

Anthurium S.A.H., Luxembourg ……………………………………… 4131

Appart-Hôtel, S.à r.l., Luxembourg………………………………… 4174

Blatteus S.A., Luxembourg ………………………………………………… 4176

Compagnie Bethlem S.A., Soparfi, Luxembourg …… 4173

Daiwa Japan Fund, Sicav, Luxembourg ………………………… 4175

(The) Eagle’s Eye Holdings S.A., Luxembourg ………… 4159

Estambra S.A., Luxembourg ……………………………………………… 4176

Eurtech Finance S.A., Luxembourg………………………………… 4176

First Union Commercial S.A., Luxembourg ……………… 4153

F.L.D. Hygiène S.A., Livange ……………………………………………… 4154

Gale Holding S.A. …………………………………………………………………… 4130

Immeuble Holding S.A., Luxembourg…………………………… 4166

Interbaltic-Transports International, S.à r.l., Luxem-

bourg ………………………………………………………………………………………… 4171

International Affairs AG ……………………………………………………… 4153

M.T.C., Machine & Trading-Center, S.à r.l. ………………… 4152

NK Challenger I, Fonds Commun de Placement …… 4131

NK Challenger II, Fonds Commun de Placement …… 4143

Safe International S.A.H., Luxembourg ………… 4153, 4154

Samco S.A., Luxembourg …………………………………………………… 4152

Schorndorf Investments S.A., Luxembourg ……………… 4155

Sea Coast Investments S.A., Luxembourg ………………… 4155

Sedellco Holding S.A., Luxembourg ……………………………… 4156

SEIP - Société Européenne d’Investissements et de

Placements S.A., Luxembourg ……………………………………… 4155

SG Investments S.A., Luxembourg-Kirchberg ………… 4175

Sobac S.A., Luxembourg ……………………………………………………… 4156

Sopelec S.A., Luxembourg ………………………………………………… 4158

Sopralux S.A., Luxembourg-Kirchberg ………………………… 4130

Sportiv - Mode Masculine, GmbH, Luxemburg ………… 4156

Sunair Luxembourg S.A., Luxembourg ………………………… 4158

Sun International Finance S.A.H., Luxembourg ……… 4157

Sylcalux S.A., Luxembourg ………………………………………………… 4157

Tarma S.A., Luxembourg …………………………………………………… 4158

Technical Inovation Company Holding S.A., Luxem-

bourg ………………………………………………………………………………………… 4159

Tectrona, S.à r.l., Luxembourg ………………………………………… 4159

Teranim S.A., Luxembourg………………………………………………… 4159

Terrache S.A., Luxembourg ……………………………………………… 4161

Texsa International S.A. ………………………………………… 4130, 4131

Thewalt S.A., Luxembourg ………………………………………………… 4158

Three Arrows S.A., Luxembourg …………………………………… 4161

Three-I, Luxembourg …………………………………………………………… 4161

Tileriw, S.à r.l., Luxembourg ……………………………………………… 4161

Trans-World Market, S.à r.l., Luxembourg ………………… 4160

TRG Réviseurs S.A., Luxembourg …………………………………… 4162

Tycoon International, S.à r.l., Luxembourg ……………… 4164

Ulisco S.A., Luxembourg……………………………………………………… 4164

Ulysse S.A., Luxembourg …………………………………………………… 4164

Unison Management (Luxembourg) S.A., Luxbg 4162, 4163

Unitarian S.A., Luxembourg ……………………………………………… 4165

United Industries Holding S.A., Luxembourg …………… 4165

Uno S.A., Luxembourg …………………………………………… 4163, 4164

UP Finance S.A., Luxembourg ………………………………………… 4165

Utopie Expansion S.A., Luxembourg …………………………… 4165

Valorin S.A., Luxembourg …………………………………………………… 4166

Valuga S.A., Luxembourg …………………………………………………… 4166

Valura S.A., Luxembourg …………………………………………………… 4166

Valux S.A., Luxembourg ……………………………………………………… 4172

Vasta S.A., Luxembourg ……………………………………………………… 4173

Vesper Conseil S.A., Luxembourg…………………………………… 4175

Vimowa S.A., Remich …………………………………………………………… 4174

GALE HOLDING S.A., Société Anonyme.

R. C. Luxembourg B 36.194.

Le siège social de la société au 5, boulevard Royal, L-2449 Luxembourg est dénoncé avec effet immédiat.
Luxembourg, le 7 janvier 1997.

L<i>’Agent Domiciliataire

Signature

Enregistré à Luxembourg, le 20 janvier 1997, vol. 488, fol. 83, case 2. – Reçu 500 francs.

<i>Le Receveur (signé): J. Muller.

(06305/710/9)  Déposé au registre de commerce et des sociétés de Luxembourg, le 7 février 1997.

GALE HOLDING S.A., Société Anonyme.

R. C. Luxembourg B 36.194.

<i>Extrait des résolutions du Conseil d’Administration qui s’est tenu le 7 janvier 1997

Au Conseil d’Administration de GALE HOLDING S.A. («la société»), il a été décidé ce qui suit:
- de constater la démission avec effet immédiat de l’ensemble des Administrateurs de la société, à savoir INTERMAN

SERVICES LIMITED, TOWER CORPORATE SERVICES LIMITED and LUXEMBOURG MANAGEMENT COMPANY
Limited, en l’absence d’informations et d’instructions de l’ayant droit économique quant à la gestion de la société;

- d’accepter la démission de LUXEMBOURG ADMINISTRATION SERVICES LIMITED, en qualité de commissaire

aux comptes de la société donnée par lettre datée du 7 janvier 1997, en raison de l’absence d’informations et d’instruc-
tions de l’ayant droit économique quant à la gestion de la société;

- de constater la dénonciation du siège social de la société par l’agent domiciliataire;
- de mettre la société en déshérence en l’absence de siège social et de candidats aux postes d’Administrateur et de

commissaire aux comptes de la société.

Luxembourg, le 7 janvier 1997.

<i>Administrateur démissionnair

Signature

Enregistré à Luxembourg, le 20 janvier 1997, vol. 488, fol. 83, case 2. – Reçu 500 francs.

<i>Le Receveur (signé): J. Muller.

(06306/710/20)  Déposé au registre de commerce et des sociétés de Luxembourg, le 7 février 1997.

SOPRALUX S.A., Société Anonyme.

Siège social: L-2121 Luxembourg-Kirchberg, 231, Val des Bons Malades.

R. C. Luxembourg B 39.453.

Il résulte de la résolution écrite du Conseil d’Administration du 11 juin 1996 que le siège social de la société a été

transféré au 231, Val des Bons Malades, L-2121 Luxembourg-Kirchberg, avec effet immédiat.

Pour extrait conforme

SANNE &amp; CIE, S.à r.l.

Signature

Enregistré à Luxembourg, le 4 février 1997, vol. 489, fol. 37, case 7. – Reçu 500 francs.

<i>Le Receveur (signé): J. Muller.

(06381/521/12)  Déposé au registre de commerce et des sociétés de Luxembourg, le 7 février 1997.

ALU FER, S.à r.l., Société à responsabilité limitée.

Siège social: L-Noerdange, 3, rue de Niederpallen.

R. C. Diekirch B 2.142.

Le bilan au 31 décembre 1992, enregistré à Redange, le 27 novembre 1996, vol. 142, fol. 50, case 12, a été déposé au

registre de commerce et des sociétés de Diekirch, le 19 décembre 1996.

Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

(92157/000/8)  Déposé au registre de commerce et des sociétés de Diekirch, le 19 décembre 1996.

TEXSA INTERNATIONAL S.A., Société Anonyme.

R. C. Luxembourg B 42.976.

Le siège social de la société au 5, boulevard Royal, L-2449 Luxembourg est dénoncé avec effet immédiat.
Luxembourg, le 15 janvier 1997.

L<i>’Agent Domiciliataire

Signature

Enregistré à Luxembourg, le 20 janvier 1997, vol. 488, fol. 83, case 2. – Reçu 500 francs.

<i>Le Receveur (signé): J. Muller.

(06389/710/9)  Déposé au registre de commerce et des sociétés de Luxembourg, le 7 février 1997.

4130

TEXSA INTERNATIONAL S.A., Société Anonyme.

R. C. Luxembourg B 42.976.

<i>Extrait des résolutions du Conseil d’Administration qui s’est tenu le 15 janvier 1997

Au Conseil d’Administration de TEXSA INTERNATIONAL S.A. («la société»), il a été décidé ce qui suit:
- de constater la démission avec effet immédiat de LUXEMBOURG MANAGEMENT COMPANY Limited, en qualité

d’Administrateur-Délégué de la société en l’absence d’informations et d’instructions de l’ayant droit économique quant
à la gestion de la société;

- de constater la démission avec effet immédiat de l’ensemble des Administrateurs de la société, à savoir INTERMAN

SERVICES Limited, TOWER CORPORATE SERVICES Limited and LUXEMBOURG MANAGEMENT COMPANY
Limited, en l’absence d’informations et d’instructions de l’ayant droit économique quant à la gestion de la société;

- d’accepter la démission de LUXEMBOURG ADMINISTRATION SERVICES Limited, en qualité de commissaire aux

comptes de la société donnée par lettre datée du 15 janvier 1997, en raison de l’absence d’informations et d’instructions
de l’ayant droit économique quant à la gestion de la société;

- de constater la dénonciation du siège social de la société par l’agent domiciliataire;
- de mettre la société en déshérence en l’absence de siège social et de candidats aux postes d’Administrateur et de

commissaire aux comptes de la société.

Luxembourg, le 15 janvier 1997.

<i>Administrateur démissionnaire

Signature

Enregistré à Luxembourg, le 20 janvier 1997, vol. 488, fol. 83, case 3. – Reçu 500 francs.

<i>Le Receveur (signé): Signature.

(06390/710/23)  Déposé au registre de commerce et des sociétés de Luxembourg, le 7 février 1997.

ANTHURIUM S.A.H., Société Anonyme.

Siège social: L-2240 Luxembourg, 8, rue Notre-Dame.

R. C. Luxembourg B 32.726.

Il résulte d’une lettre adressée aux actionnaires de la société ANTHURIUM S.A.H., en date du 28 janvier 1997, que

le Commissaire aux Comptes, LUX-AUDIT S.A., démissionne de ses fonctions avec effet immédiat.

Luxembourg, le 28 janvier 1997.
Enregistré à Luxembourg, le 8 février 1997, vol. 489, fol. 46, case 5. – Reçu 500 francs.

<i>Le Receveur (signé): J. Muller.

(06462/503/10)  Déposé au registre de commerce et des sociétés de Luxembourg, le 11 février 1997.

NK CHALLENGER I, Fonds Commun de Placement.

MANAGEMENT REGULATIONS

1. Definitions

The terms used in these Management Regulations shall, if not otherwise defined herein, have the meaning as defined

in Article 21 hereof.

2. The Fund

NK CHALLENGER I (hereafter referred to as the «Fund») organized under the laws of the Grand Duchy of Luxem-

bourg as a mutual investment fund (fonds commun de placement), is an unincorporated coproprietorship of the
securities and other assets of the Fund, managed in the interest of its co-owners (hereafter referred to as the
«Shareholders») by TOTAL ALPHA INVESTMENT FUND MANAGEMENT COMPANY S.A. (hereafter referred to as
the «Management Company»), a company incorporated under the laws of Luxembourg and having its registered office
in Luxembourg. The assets of the Fund, which are held in custody by NIKKO BANK (LUXEMBOURG) S.A. (hereafter
referred to as the «Custodian») are segregated from those of the Management Company and from those of other funds
managed by the Management Company. By the acquisition of Shares in the Fund, any shareholder fully accepts these
Management Regulations which determine the contractual relationship between the Shareholders, the Management
Company and the Custodian.

3. The Management Company

The Fund is managed on behalf of the Shareholders by the Management Company which has its registered office in

Luxembourg.

The Management Company is invested with the broadest powers to administer and manage the Fund, subject to the

restrictions set forth in Article 6 hereafter, on behalf of the Shareholders, including but not limited to, the purchase, sale,
subscription, exchange and receipt of Securities, the trading of Trading Interests and the exercise of all the rights
attached directly or indirectly to the assets of the Fund.

The Board of Directors of the Management Company (hereinafter the «Board of Directors») shall determine the

investment policy of the Fund within the restrictions set forth in Article 6 hereafter.

The Management Company is entitled to a management fee described in Article 13 hereof.
The Board of Directors of the Management Company may appoint a general manager, administrative agents,

investment managers and advisers and trading managers and advisers to implement the investment policy and administer

4131

and manage the assets of the Fund. The remuneration of such service providers will be at the Fund’s charge to the extent
provided in Article 13 hereof.

4. The Custodian

The Management Company shall appoint and terminate the appointment of the Custodian. NIKKO BANK (LUXEM-

BOURG) S.A., a corporation organized under the laws of Luxembourg with its head office in Luxembourg, has been
appointed custodian of all the assets, including the securities, Trading Interests and cash of the Fund, which will be held
either directly or through correspondents, nominees, agents or delegates of the Custodian.

The Custodian shall assume its functions and responsibilities in accordance with Articles 16 and 17 of the law of

March 30, 1988 on collective investment undertakings.

The Custodian will hold all assets as a fiduciary in accordance with the provisions of the grand-ducal decree of July 19,

1983 on fiduciary contracts entered into by Luxembourg banks. The Custodian may entrust banks and financial institu-
tions with the custody of such assets and securities. Assets allocated to trading in futures, as more fully described in the
investment policy hereafter, will be held with the Commodity Broker.

The Custodian may only dispose of the assets of the Fund and make payments to third parties on behalf of the Fund

on receipt of instructions from the Management Company or its appointed agents.

Upon receipt of instructions from the Management Company or its appointed agents, the Custodian will perform all

acts of disposal with respect to the assets of the Fund, provided the instructions are not in contradiction with Luxem-
bourg law and these Management Regulations.

The Custodian is entitled to fees and reimbursement of expenses as described in Article 13 hereof.
The Custodian or the Management Company may terminate the appointment of the Custodian at any time upon 90

days’ written notice delivered by the one to the other. In the event of termination of the appointment of the Custodian,
the Management Company will use its best endeavours to appoint within 2 months of such termination, a new custodian
who assumes the responsibilities and functions of the Custodian under the Management Regulations. Pending the
appointment of a new Custodian, the Custodian shall take all necessary steps to ensure good preservation of the
interests of the Shareholders. After termination as aforesaid, the appointment of the Custodian shall continue thereafter
for such period as may be necessary to the transfer of all assets of the Fund to the new Custodian.

5. Trading Objective, Leverage Policy, Letter of Credit Arrangement

5.1. Trading Objective.  The trading objective of the Fund is appreciation of its assets through trading of a wide array

of Trading Interests under the direction of a number of Trading Advisors. The Trading Manager will allocate the Fund’s
Trading Assets among Trading Advisors, and reallocate Trading Assets among Trading Advisors from time to time.

The subscription proceeds (less the amount required to be kept in the Surplus Account in accordance with the

Leverage Policy described hereafter) will be considered Trading Assets and will be used for the trading of Trading
Interests in accordance with the Investment Restrictions (including the prohibition on short selling of securities) and the
Trading Policies under the direction of multiple Trading Advisors. The Trading Policies may be amended from time to
time with the agreement of the Management Company, the Trading Manager and the LC Bank. Trading Advisors will be
appointed and may be terminated by the Trading Manager. Each Trading Advisor will be allocated a portion of the
Trading Assets to trade pursuant to such Trading Advisor’s trading approach. Trading Advisors may apply technical
trading methods, evaluating numerical and statistical relationships and movement among prices; fundamental analyses,
evaluating subjective and objective factors affecting the markets; or a combination of methodologies. However, all
trading on behalf of the Fund will be for speculative purposes attempting to capitalize on price movements in global
financial and commodity markets as well as securities markets.

In some cases, subject to the limits set forth in the Investment Restrictions, the Fund may obtain the trading advisory

services of a Trading Advisor by investing a portion of its Trading Assets in another fund managed by such Trading
Advisor.

The assets of the Fund will be divided into (i) Trading Assets (funds available for trading) and (ii) the Surplus Account

held at the Cash Manager which will constitute a liquidity reserve and not be considered as assets available for trading.
Trading Assets of the Fund will be held in either brokerage accounts for the Fund, by FX counterparties for the Fund,
by the Custodian (in the case of interests in investment funds in which the Fund may invest) or in an account with the
Cash Manager designated the Cash Management Account.

The assets of the Fund held in the Surplus Account (which are not included in Trading Assets) will be invested under

the direction of the Cash Manager in (i) US dollar denominated securities issued by the government of a country which
is a member of the OECD and rated AAA by STANDARD &amp; POOR’S CORPORATION (or rated as equivalent by other
rating agencies) with a maturity date no later than January 31, 2000; (ii) such other U.S. dollar denominated securities
with a maturity date no later than January 31, 2000 as permitted by the LC Bank from time to time, and (iii) U.S. dollar
denominated demand deposits, time deposits and certificates of deposit of CITIBANK, N.A. (or any bank other than
CITIBANK, N.A. with the prior approval of the LC Bank). To the extent practicable, the Fund will endeavour to maintain
its Trading Assets not currently needed for margin, premium or settlement of Trading Interest positions, in the Cash
Management Account for the Fund. Trading Assets held in the Cash Management Account will be invested, under the
direction of the Cash Manager in assets permitted for investment by the Surplus Account, as described above.

The Initial Commodity Broker shall credit the accounts opened for the Fund following each month end with interest

on 100 % of the Fund’s average daily U.S. dollar account equity in the Commodity Broker accounts during such month
at a rate equal to the average yield on 13-week U.S. Treasury bills auctioned during such month and on the Fund’s
average daily foreign currency balances at a rate equal to 25 basis points below the rate that the Initial Commodity
Broker actually earns with respect to such balances (which may in some cases be zero).

4132

If a relatively small portion of the Fund’s assets are lost due to trading of Trading Interests, pursuant to the Leverage

Policy, the trading activities of the Fund in Trading Interests will be reduced or possibly terminated. If trading by the Fund
is terminated, all assets of the Fund will be invested under the control of the Credit Monitor, pursuant to the investment
policy applicable to the Surplus Account as described above.

The trading activities of the Fund will be terminated if the Future Value of the current Net Asset Value per Share of

the Class A Shares at any time is equal to or less than $ 1,000.- plus ten per cent (10 %) of $ 1,000.-, or plus such lower
percentage from time to time, as may be established by the Credit Monitor, at its discretion, based upon its good faith
assessment of the risk characteristics of the Fund, plus such higher percentage from time to time as may be agreed
between the Credit Monitor and the Trading Manager.

At least 50 % of the Net Assets of the Fund will at all times be invested in Securities which fall under the definition of

«securities» in the Securities and Exchange law of Japan, such as U.S. government securities, U.S. government agency
securities and certificates of deposit issued by non-Japanese corporations.

5.2. Leverage Policy.  The Credit Monitor will monitor the leverage of the Fund pursuant to the Leverage Policy as it

may be amended by the Credit Monitor.

The Credit Monitor will set limits upon the amount of the Fund’s assets which may be committed to trade in Trading

Interests pursuant to the Leverage Policy. In addition, the Trading Manager may choose to permit the commitment only
of a lesser amount from time to time. Upon instructions from the Credit Monitor, either (i) the Commodity Broker, or
the Securities Broker(s) and/or FX Counterparties on the instructions of the Trading Manager will be obligated to
transfer funds to the Surplus Account held at the Cash Manager in the name of the Fund or (ii) the Cash Manager will
be obligated to transfer funds from the Surplus Account to the Commodity Broker or a Securities Broker.

In the event of an instruction to make a transfer from the Surplus Account, it may be necessary to liquidate securities

which are not acceptable for use as margin deposits for trading in Trading Interests with resulting losses.

Limits on Fund assets available for trading in Trading Interests will be calculated by reference to certain variables

including the Net Assets of the Fund, the amount of time remaining until the Guaranteed Redemption Date, interest
rates prevailing at the time and the Credit Monitor’s assessment of the risk characteristics of the investments of the
Fund.

If a Termination Event occurs, the LC Bank or the Credit Monitor on its behalf will instruct the Commodity Broker,

the Securities Broker and the Trading Manager to immediately terminate trading and liquidate positions. Following such
an event all assets of the Fund (including the Cash Management Account and the Surplus Account) will be transferred to
the Custodian and invested, under the direction of the LC Bank, in accordance with the investment policy applicable to
the Surplus Account until the Guaranteed Redemption Date.

5.3. Letter of Credit Arrangement.  CITIBANK, N.A., London Branch will issue a Letter of Credit on February 10,

1997 or such later date as may be agreed between the LC Bank and the Management Company (the «Issue Date»), in
favour of the Custodian under which the Custodian may draw on the Guaranteed Redemption Date (but not before or
after that date) the amount equal to the shortfall, if any, between the Net Asset Value per Share of the Fund as of the
Business Day immediately prior to the Guaranteed Redemption Date and $ 1,000.- per Share multiplied by the number
of Shares of the Fund then outstanding.

Under the LC Agreement, the LC Bank will issue the Letter of Credit (which is an irrevocable letter of credit) for a

maximum of $ 500 million in favour of the Custodian as fiduciary for the Shareholders. The Letter of Credit assures each
Shareholder that there will be available on the Guaranteed Redemption Date any shortfall between the Net Asset Value
per Share as of the Business Day prior to the Guaranteed Redemption Date and $ 1,000.- per Share, provided that in
no circumstances shall the LC Bank be liable to pay under the Letter of Credit more than the Maximum Available
Amount Iess the Net Assets of the Fund.

The Letter of Credit will be issued in an amount which initially will be equal to $ 1,000.- multiplied by the number of

Shares outstanding on the LC Issue Date and thereafter will be successively reduced by an amount of $ 1,000,- per Share
repurchased prior to the Guaranteed Redemption Date. The Letter of Credit will expire on the first to occur of (i) the
Guaranteed Redemption Date and (ii) the date all Shares have been repurchased at the request of Shareholders and (iii)
the day immediately following a Notice to Terminate Trading from the LC BANK on which the Net Asset Value per
Share has reached at least $ 1,000.-.

The Custodian, on behalf of the Shareholders, will make a drawing under the Letter of Credit if, and only if, on the

Business Day immediately prior to the Guaranteed Redemption Date, the Net Asset Value per Share of the Fund is less
than $ 1,000.-. In such event under the terms of the Letter of Credit, the LC Bank will pay to the Custodian on the
Guaranteed Redemption Date an amount per Share equal to $ 1,000.- less the Net Asset Value per Share multiplied by
the number of Shares then outstanding as of the Business Day immediately prior to the Guaranteed Redemption Date.
Once the LC Bank has made payment under the Letter of Credit to the Custodian for the benefit of the Shareholders,
it will have no further obligations or duties, including any responsibility regarding the distribution of the assets of the
Fund, or those held by the Custodian, to the Shareholders. If the Net Asset Value per Share on the Guaranteed
Redemption Date is negative, all Shareholders will be deemed to have requested repurchase of their Shares on that date
so as to be entitled to the benefit of the Letter of Credit. After the Guaranteed Redemption Date the amount paid by
the LC Bank under the Letter of Credit which has not been applied to repurchase requests dealt with on the Guaranteed
Redemption Date will be held for the Fund by the Custodian who will use these amounts to satisfy repurchase requests
received from Shareholders until April 30, 2000 and thereafter pay to remaining Shareholders liquidation proceeds.

In consideration of the LC Bank issuing the Letter of Credit, the Management Company will pledge all the assets of

the Fund to the LC Bank as collateral security for the obligations of the Management Company on behalf of the Fund
under the LC Agreement.

4133

The Management Company will, upon the closure of the liquidation of the Fund, delegate any rights which the Fund

may have against possible debtors and/or creditors to the LC Bank, in consideration of the LC Bank having paid under
the LC Agreement.

Except in the circumstance described herein, the LC Bank will not, at any point, take beneficial title to the assets of

the Fund, which will remain subject to the control of the Custodian as directed by the Management Company and the
Credit Monitor. In case of a Termination Event, the LC bank shall automatically be entitled to take any management
measures on behalf of the Fund. In this respect, the LC Bank shall more particularly be authorized as the agent of the
Management Company and the Fund, to take any action to manage properly and protect the assets of the Fund in
accordance with the constitutional documents of the Fund and any other rule or regulation applicable to the Fund.

The LC Bank shall be authorized to exercice such management powers until the Fund’s termination on April 30, 2000,

provided it complies with all applicable provisions of Luxembourg law and with these Management Regulations.

6. Investment Restrictions

While managing the assets of the Fund, the Management Company, or its appointed agents, shall comply with the

following restrictions.

I. Trading Restrictions applicable to investments in Futures
(i) The Fund may only enter into futures contracts dealt in on an organised market. Futures contracts underlying

options must also comply with this condition.

(ii) The Fund may not enter into commodity contracts other than commodity futures contracts. Any futures or

options contracts on securities that call for physical delivery of the underlying security shall be liquidated prior to
delivery, unless otherwise required by applicable law or exchange rules or regulations.

(iii) The Fund may only acquire call and put options which are dealt in on an organised market.
(iv) The Fund must ensure an adequate spread of investment risks by sufficient diversification.
(v) The Fund may not hold on open forward position in any single futures contract for which the margin requirement

represents 5 % or more of the Net Assets of the Fund. This rule also applies to open positions resulting from options
written.

(vi) Premiums paid to acquire options outstanding having identical characteristics may not exceed 5 % of the Net

Assets of the Fund.

(vii) The Fund may not hold an open position in futures contracts concerning a single commodity or a single category

of financial futures, for which the margin required represents 20 % or more of the Net Assets of the Fund. This rule also
applies to open positions resulting from options written.

(viii) No more than 50 % of the Net Assets of the Fund will be invested, at any one time, as margin (initial and

variation) or as option premium.

II. Investment Restrictions applicable to investments other than investments in Futures:
(i) The Management Company will not borrow, on behalf of the Fund, in excess of 10 % of the Net Assets of the Fund

and any such borrowings shall only be made on a temporary basis.

(ii) The Management Company may not invest, on behalf of the Fund, in the securities of any one issuer, if the value

of the holdings of the Fund in the securities of such issuer exceeds 10 % of the Fund’s Net Assets, except that such
restriction shall not apply to securities issued or guaranteed by the Government of any country which is a member of
the OECD or their local authorities or public international bodies with EU, regional or world-wide scope. The aforesaid
limit of 10 % shall be raised to 30 % in respect of debt securities issued by first class financial institutions.

(iii) The Management Company may not invest, on behalf of the Fund, in the securities of any single issuer if the Fund

owns more than 10 % of the securities of the same kind issued by such issuer and, together with other funds, which are
managed by the Management Company, more than 15 % of the Shares of the same kind issued by such issuer, except
that such restriction shall not apply to securities issued or guaranteed by the Government of any country which is a
member of OECD or their local authorities or public international bodies with EU, regional or world-wide scope.

(iv) The Management Company may not make, on behalf of the Fund and on behalf of other funds managed by the

Management Company, investments for the purpose of exercising control or management.

(v) The Management Company may not purchase, on behalf of the Fund, any securities on margin (except that the

Management Company may obtain such short-term credit as may be necessary for the clearance of purchases and sales
of portfolio securities) or make short sales of securities or maintain a short position, except that it may make initial and
maintenance margin deposits in respect of futures and forward contracts (and options thereon).

(vi) The Management Company may not, on behalf of the Fund, purchase or sell real estate, provided that the

Management Company may, on behalf of the Fund, invest in securities secured by real estate or interests therein or
issued by companies which invest in real estate or interests therein.

(vii) The Management Company may not make, on behalf of the Fund, loans to any person, provided that for the

purposes of this restriction the acquisition of bonds, debentures, or other corporate debt securities and investment in
Government bonds, short-term commercial paper, certificates of deposit and bankers’ acceptances shall not be deemed
to be the making of a loan.

(viii) The Management Company may not invest, on behalf of the Fund, more than 10 % of the Fund’s Net Assets in

securities which are not traded on an official stock exchange or on a regulated market, except that such restriction shall
not apply to (i) securities issued or guaranteed by the Government of any country which is a member of OECD or their
local authorities or public international bodies with EU, regional or world-wide scope and (ii) liquid transferable certifi-
cates of deposits which are issued by first class financial institutions.

(ix) The Management Company may not, on behalf of the Fund, underwrite securities of other issuers.

4134

(x) The Management Company may not invest, on behalf of the Fund, the assets of the Fund in securities of other

investment companies or trusts if such investment causes the value of the holdings of the Fund in the securities of such
investment companies or trusts to exceed 10 % of the Fund’s Net Assets. Investments shall only be made in investment
companies or trusts having a similar investment policy to the Fund. Further, if any investment is made in investment
companies or trusts having the same promoter as the Fund, no issue commission or other acquisition fee and no
management or advisory fee may be charged on the assets of the Fund so invested.

(xi) Except as permitted in the context of trading of Trading Interests, the Management Company may, on behalf of

the Fund, for the purpose of hedging currency risks, have commitments in outstanding forward currency contracts or
enter into currency swaps, for amounts not exceeding, respectively, the aggregate value of securities and other assets
(other than Trading Interests) held by the Fund denominated in the currency to be hedged, provided, however, that the
Management Company may also purchase the currency concerned through a cross transaction (entered into through
the same counterpart) should the cost thereof be more advantageous to the Fund. The Management Company may
enter into these currency forward contracts or swap arrangements with highly-rated financial institutions.

(xii) The Management Company may, on behalf of the Fund, enter into repurchase and reverse repurchase agree-

ments with first class financial institutions specialized in this type of transaction. During the life time of the repurchase
agreements, the Management Company may not sell the securities which are the object of the agreement either before
(i) the repurchase of the securities by the counterparty has been carried out or (ii) the repurchase period has expired.
The Management Company must ensure to maintain the importance of purchased securities subject to repurchase
obligation at a level such that it is able to repurchase shares at the request of the shareholders.

Except by the acquisition of debt securities, the Management Company may not grant loans or act as guarantor on

behalf of third parties.

The Management Company need not comply with the investment limit percentages above when exercising

subscription rights attaching to securities which form part of the Fund’s assets.

If such percentages are exceeded for reasons beyond the control of the Management Company or as a result of the

exercise of subscription rights, the Management Company must adopt as a priority objective for its sales transactions
the remedying of that situation, taking due account of the interests of the Fund’s Shareholders.

The Management Company shall, on behalf of the Fund, not sell, purchase or loan securities except the Shares of the

Fund, or receive loans, to or from (a) the Management Company, (b) its affiliated companies, (c) any director of the
Management Company or its affiliated companies or (d) any major shareholder thereof (meaning a shareholder who
holds, on his own account whether in his own or other name (as well as a nominee’s name), 10 % or more of the total
issued outstanding Shares of such a company) acting as principal or for their own account unless the transaction is made
within the restrictions set forth in the Management Regulations, and, either (i) at a price determined by current publicly
available quotations, or (ii) at competitive prices or interest rates prevailing from time to time, on internationally
recognized securities markets or internationally recognized money markets.

The Management Company may from time to time impose further investment restrictions as shall be compatible with

or in the interest of the Shareholders, in order to comply with the laws and regulations of the countries where the
Shares of the Fund are placed.

7. Restrictions on Ownership

The Management Company and the Distributor and any Sub-Distributor shall comply, with respect to the issuing of

Shares, with the laws and regulations of the countries where the Shares are offered. The Management Company may, at
its discretion, limit the issue of Shares at any time to persons or corporate bodies resident or established in certain
countries or territories. The Management Company may prohibit certain persons or corporate bodies from acquiring
Shares, if such a measure is necessary for the protection of the Shareholders as a whole and the Fund.

The Management Company may:
(a) reject at its discretion any application for purchase of Shares;
(b) repurchase at any time the Shares held by Shareholders who are excluded from purchasing or holding Shares.
More specifically:
a) The Management Company will not promote the sale of the Fund’s Shares to the public within the European Union,

or any part of it.

b) None of the Shares is registered under the United States Securities Act of 1933, as amended (the «1933 Act»). The

Shares are prohibited from being offered, sold or transferred, directly or indirectly, in the United States of America or
any of its territories or possessions or areas subject to its jurisdiction including the Commonwealth of Puerto Rico or
an enclave of the United States government, its agencies or instrumentalities (the «United States»), or to any citizen or
resident thereof (including any corporation, partnership or other entity created or organized in or under the laws of the
United States or any political subdivision thereof or which has its principal place of business in the United States), or any
estate or trust, other than an estate or trust the income of which from sources outside the United States (which is not
effectively connected with the conduct of a trade or business within the United States) is not included in gross income
for the purposes of computing United States federal income tax, or an entity organized principally for passive
investment, such as a commodity pool, investment company, or other similar entity (other than a pension plan for the
employees, officers, or principals of an entity organized, and with its principal place of business located, outside of the
United States), either (i) in which United States persons hold units of participation representing in the aggregate 10 %
or more of the beneficial interest in the entity, or (ii) which has as a principal purpose the facilitating of investment by a
United States person in a commodity pool with respect to which the operator thereof is exempt from certain require-
ments of Part 4 of the regulations of the United States Commodity Futures Trading Commission by virtue of its partici-
pants being non-United States persons («U.S. Person»).

4135

For the purpose of preventing the beneficial ownership of Shares in the Fund by any U.S. Person, as defined above,

the Management Company or its agent shall:

(a) decline to issue any Shares and decline to register any transfer of a Share, where it appears to it that such registry

or transfer would or might result in beneficial ownership of such Shares by a U.S. Person; and

(b) at any time require any person whose name is entered in, or any person seeking to register the transfer of Shares

on, the Register of Shareholders to furnish it with any information, supported by an affidavit, which it may consider
necessary for the purpose of determining whether or not beneficial ownership of such shareholder’s Shares rests in a
U.S. Person, or whether such registry will result in beneficial ownership of such Shares by a U.S. Person; and

(c) where it appears to the Management Company that any U.S. Person either alone or in conjunction with any other

person is a beneficial owner of Shares, compulsorily repurchase or cause to be repurchased from any such shareholder
all Shares held by such shareholder, in the following manner:

1) The Management Company shall serve a notice (hereinafter called the «purchase notice») upon the shareholder

appearing in the Register of Shareholders as the owner of the Shares to be purchased, specifying the Shares to be
purchased as aforesaid, the price to be paid for such Shares, and the place at which the purchase price in respect of such
Shares is payable. Any such notice may be served upon such shareholder by posting the same in a prepaid registered
envelope addressed to such shareholder at his last address known to or appearing in the books of the Fund. The said
shareholder shall thereupon forthwith be obliged to deliver to the Management Company the share certificate or certi-
ficates, if any, representing the Shares specified in the purchase notice. Immediately after the close of business on the
date specified in the purchase notice, such shareholder shall cease to be the owner of the Shares specified in such notice
and his name shall be removed from the registration of such Shares in the Register of Shareholders.

2) The price at which the Shares specified in any purchase notice shall be purchased (herein called «the purchase

price») shall be an amount equal to the Net Asset Value per share determined in accordance with article 9 hereof as at
the date specified in the purchase notice.

3) Payment of the purchase price will be made to the owner of such Shares in United States dollars, except during

periods of United States dollars exchange restrictions, and will be deposited by the Management Company with a bank
in Luxembourg or elsewhere (as specified in the purchase notice) for payment to such owner upon surrender of the
share certificate or certificates, if any, representing the Shares specified in such notice. Upon deposit of such price as
aforesaid no person interested in the Shares specified in such purchase notice shall have any further interest in such
Shares or any of them, or any claim against the Fund or its assets in respect thereof, except the right of the shareholder
appearing as the owner thereof to receive the price so deposited (without interest) from such bank upon effective
surrender of the share certificate or certificates as aforesaid.

8. Issue of Shares

Shares shall be issued in two Classes: Class A Shares and Class B Shares.
Class A Shares will exclusively be offered in Japan through THE NIKKO SECURITIES CO., Ltd, Tokyo who acts as

Distributor and Agent Securities Company in Japan. Class B Shares will be exclusively offered outside of Japan.

The proceeds of the issue of Class A Shares and the proceeds of the issue of Class B Shares shall be invested in a

common portfolio in accordance with the investment policy set forth in Article 5 hereof.

On January 29, 1997 and January 30, 1997, Shares will be issued at the issue price of $ 1,000.- per Share, and

thereafter on February 5, 1997 at the Net Asset Value per Share, in both cases plus a sales charge (exclusive of the
consumption or other taxes, if any) not to exceed 3.5 % of the subscription price payable to intermediaries. The
subscription price for the initial offering must have been received by the Custodian on behalf of the Fund on January 31,
1997 at the latest. The payment for Shares purchased as of February 5, 1997 shall be made by February 7, 1997. The
Management Company may limit the offering to a maximum number of Shares which it may determine and subscriptions
will be accepted on a first come - first served basis.

No Shares will be issued after February 5, 1997.

9. Form of Shares, Share Certificates

The Management Company shall issue Shares in registered form only.
Share certificates shall carry the signatures of the Management Company and the Custodian, both of which may be in

facsimile. In the absence of a request for certificates, investors will be deemed to have requested that no certificate be
issued in respect of their Shares and a confirmation will be delivered instead.

Certificates for Shares of each Class or confirmations shall be delivered by the Management Company, provided the

payment for the Shares shall have been received by the Custodian.

Share certificates or confirmation statements will be available to subscribers or their banks at the offices of the

Management Company not later than 15 Business Days after the end of the initial offering period.

10. Determination of Net Assets

The Net Assets of the Fund, expressed in U.S. dollars, will be determined by the Management Company, or its

appointed agents, as of each Valuation Date by dividing the value of the assets of the Fund less its liabilities (including any
provisions considered by the Management Company to be necessary or prudent) and by rounding the resulting sum to
the nearest cent. To the extent feasible, investment income, interest payable, fees and other liabilities (including
management and other fees) will be accrued.

The Net Asset Value per share of each Class is computed on each Valuation Date as follows:
The percentage of the Net Assets of the Fund to be attributed to each Class of Shares, which has been initially the

same as the percentage of the total number of Shares represented by such Class of Shares, changes pursuant to the
specific fees and expenses charged by the Agent Securities Company in Japan with respect to Class A Shares in the
following manner:

4136

a) The Net Assets attributable to Class A Shares shall be reduced by the fees and expenses payable to the Agent

Securities Company (thus decreasing the percentage of the Net Assets of the Fund attributable to the Class A Shares)
and the Net Assets attributable to the Class B Shares shall remain the same (thus increasing the percentage of Net
Assets of the Fund attributable to the Class B Shares). Due to the accruals made on each Valuation Date in the Net
Asset Value calculation in respect of the fees and expenses due to the Agent Securities Company, the aforesaid
reduction will be reflected in the Net Asset Value per Share calculated on each Valuation Date.

b) At the redemption of Shares of a Class, the Net Assets attributable to such Class shall be decreased by the price

paid for the redemption of such Shares.

c) All expenses incurred by the Fund, other than those referred to in (a) above, shall be attributed to the two Classes

of Shares pro rata their respective Net Assets.

The Net Asset Value per Share of each Class is computed on each Valuation Date by dividing the Net Assets attri-

butable to each Class by the number of Shares of such Class outstanding.

I. Assets shall be deemed to comprise:
(a) all securities, cash on hand, on loan or on deposit, including any interest accrued thereon,
(b) all bills, demand notes, promissory notes and accounts receivable,
(c) all interest accrued on any interest-bearing instruments (except interest which is included in the quoted price),
(d) the unamortized portion of the organizational and offering expenses, and
(e) all other property of every kind and nature, including prepaid expenses as defined from time to time by the

Management Company;

and unless the Management Company in any particular case or generally, determines otherwise, when the current

price of a security is quoted «ex» dividend, interest or other payment but such dividend, interest or other payment is
payable to the Fund and has not been received, the amount of such dividend, interest or other payment shall be taken
into account in determining assets.

II. The assets of the Fund will be valued as follows:
(a) Securities listed on a stock exchange or traded on any other regulated market will be valued at the last available

price on such stock exchange or market. If a security is listed on several stock exchanges or markets, the last available
price at the stock exchange or market which constitutes the main market for such securities, will be determining.

(b) Securities not listed on any stock exchange or traded on any regulated market will be valued at their last available

market price.

(c) Securities for which no price quotation is available or for which the price referred to in (a) and/or (b) is not

representative of the fair market value, will be valued prudently, and in good faith on the basis of their reasonable
foreseeable sales prices.

(d) The value of any cash on hand, on loan or on deposit, bills, demand notes, promissory notes and accounts recei-

vable, prepaid expenses, cash dividends, interest and such other payments shall be deemed to be the full amount thereof
(less any applicable withholding tax) unless the Management Company shall have determined that any such asset is not
worth the full amount thereof, in which event the value thereof shall be deemed to be such value as the Management
Company shall deem to be the reasonable value thereof.

(e) If the Fund has sold or granted a call option over a security that it owns the final date for the exercise of which

has not passed, there shall be taken into account the market value of such security regardless of the option position.

(f) Any interest-bearing instruments shall be valued at cost plus accrued interest from its date of acquisition, adjusted

by an amount equal to the algebraic sum of (i) any accrued interest paid on its acquisition and (ii) any premium or
discount from its face amount paid or credited at the time of its acquisition, multiplied by a fraction the numerator of
which is the number of days elapsed from its date of acquisition to the relevant valuation date and the denominator of
which is the number of days between such acquisition date and the maturity date of such instruments.

(g) Futures shall be valued at their liquidating value based upon the settlement price on the exchange on which the

particular Future is traded, provided that if a Future could not be liquidated on the days as of which Net Assets are being
determined due to the operation of daily limits or other rules of such exchange or otherwise, the settlement price on
the first subsequent day on which such Future could be liquidated shall be the basis for determining the liquidating value
of such Future for such day.

(h) In the case of any security, derivative instrument or other property which in the opinion of the Management

Company would not be appropriately valued as above provided, the value thereof shall be determined from time to time
in such manner as the Management Company shall from time to time determine.

(i) In the case of any asset realized or contracted to be realised at a known value, the net proceeds of such realization

shall be taken into account in lieu of any other method of determining the value of such asset.

(j) The value of any interests in any investment fund purchased by the Fund shall be the net asset value of such interest

as most recently reported by such investment fund.

(k) The value of any assets shall be determined having regard to the full amount of any currency premium or discount

which may be relevant.

(l) In relation to any other asset, the value of such asset shall be based on a determination by the Management

Company with advice from the Trading Manager as to the broadest and most representative market for such asset; and

(m) In relation to any asset (or liability) the value of such assets or liability shall be the amount which the Management

Company determines represents the faire value thereof as determined in accordance with Luxembourg generally
accepted accounting principles or otherwise determined in good faith.

III. Liabilities of the Fund shall be deemed to comprise:
(a) all bills and accounts payable;

4137

(b) all administrative expenses payable and/or accrued;
(c) all contractual obligations for the payment of money or the acquisition of property;
(d) each distribution to Shareholders and Share repurchase proceeds which are due and payable until paid by the

Fund;

(e) if the Fund has sold or granted a call or put option the final date for the exercise of which has not passed, there

shall be taken into account as a liability the amount that would be required to repurchase the option and close the
position on the relevant Valuation Date;

(f) all provisions authorized or approved by the Management Company for taxes or contingencies; and
(g) all other liabilities of the Fund of whatever kind and nature.
IV. Subject to the foregoing, any amount expressed in currencies other than U.S. dollars shall be converted to U.S.

dollars at such exchange rate as the Management Company may consider appropriate having regard to prevailing
exchange rates.

The Fund’s income and expenses (including fees but excluding preliminary expenses not yet charged) will be deter-

mined on an accrual and/or reasonable estimated basis.The valuation of the assets of the Fund is based on information
(including without limitation, position reports, confirmation statements, recap ledgers, etc.) which is available at the time
of such valuation with respect to all open Futures, and Securities positions and accrued interest income, accrued
management, incentive and service fees, and accrued brokerage commissions. Except in case of manifest error, the
valuation is conclusive and no adjustments will be made with respect to investors or the Fund. The valuation will not be
audited nor adjusted.

The Management Company, at its discretion, may permit some other method of valuation to be used if it is

considered that such valuation better reflects the fair value of any asset.

In the case of any asset for which price quotations are not available, or for which price quotations appear inaccurate,

the fair value shall be determined in such manner as the Management Company shall decide.

11. Suspension of the Determination of Net Assets

The Management Company may temporarily suspend the determination of the Net Assets and in consequence the

repurchase of Shares in any of the following events:

- when one or more Stock Exchanges or markets, which provide the basis for valuing a substantial portion of the

assets of the Fund, or when one or more foreign exchange markets in the currency in which a substantial portion of the
assets of the Fund are denominated, are closed otherwise than for ordinary holidays or if dealings therein are restricted
or suspended;

- when, as a result of political, economic, military or monetary events or any circumstances outside the responsibility

and the control of the Management Company, disposal of the assets of the Fund is not reasonably or normally
practicable without being seriously detrimental to the interests of the Shareholders;

- in the case of a breakdown in the normal means of communication used for the valuation of any investment of the

Fund or if, for any reason, the value of any asset of the Fund may not be determined as rapidly and accurately as required;

- if, as a result of exchange restrictions or other restrictions affecting the transfer of funds, transactions on behalf of

the Fund are rendered impracticable or if purchases and sales of the Fund’s assets cannot be effected at normal rates of
exchange.

Any such suspension will be notified to those Shareholders who have applied for repurchase and shall be published in

the manner described under Article 17 hereafter if in the opinion of the Management Company such suspension is likely
to exceed two weeks.

12. Repurchase

Shares may not be repurchased before the Valuation Date in February 1998, provided that Shares may be

repurchased on February 5, 1997. Repurchase requests for February 5, 1997 must be made at least two days prior to
February 5, 1997.

Repurchase of Shares from the Shareholders shall be made on a monthly basis on and after the Valuation Date in

February 1998.

Repurchase will be made at the Net Asset Value per Share of the relevant Class determined as of a Valuation Date,

provided that the application for repurchase of Shares is received by the Management Company prior to 2.00 p.m.,
Luxembourg time, on a Business Day which is at least 7 calendar days prior to that Valuation Date.

Notwithstanding the above, after January 31, 2000 Shareholders may request repurchase of their Shares as of any

Business Day. The repurchase price will be equal to the Net Asset Value per Share of the relevant Class determined as
of a Business Day, provided that the request for repurchase is received by the Management Company prior to 2.00 p.m.
Luxembourg time, on that Business Day.

No repurchase fee will be charged. The repurchase request must be accompanied by the relevant share certificates

(if issued).

The Management Company shall ensure that an appropriate level of liquidity is maintained in the Fund, so that under

normal circumstances repurchase of the Shares of the Fund may be made promptly upon request by Shareholders.
Payment of the repurchase price shall be made in United States dollars not later than seven days after the relevant
Valuation Date and subject to receipt of the share certificate (if issued).

The Custodian must make payment only if no statutory provisions, such as exchange control regulations or other

circumstances outside the control of the Custodian, prohibit the transfer of the payment of the repurchase price to the
country where repurchase was applied for.

Shares repurchased, at the request of Shareholders, prior to the Guaranteed Redemption Date, will not have any

benefit of the Letter of Credit arrangement described in Article 5.3. above.

4138

13. Charges of the Fund

The Management Company is entitled to a management fee payable, out of the assets of the Fund, at the end of each

quarter at an annual rate of 0.01 % of the average monthly Net Assets of the Fund during the relevant quarter.

The Management Company shall pay, out of the assets of the Fund to the Trading Manager a monthly management

fee, pro rated for partial months, following each calendar monthend equal to the sum of each of the percentage listed in
the right column below, multiplied by the corresponding portion of the average daily level of Allocated Assets listed in
the left column.

$ 0 through $ 100 million

1/12 of 1.30 %

in excess of $ 100 million through $ 150 million

1/12 of 1.10 %

in excess of $ 150 million through $ 200 million

1/12 of 1.00 %

in excess of $ 200 million

1/12 of 0.80 %

The Management Company shall also pay, out of the assets of the Fund to the Trading Manager a quarterly incentive

fee following the end of each calendar quarter of 10 per cent of any increase during that period in cumulative Trading
Profit of the Fund (which is not reduced by incentive fees previously paid) over the greater of $ 0 or the highest previous
level of cumulative trading profits as of the end of a calendar quarter. Cumulative Trading Profit shall not be reduced by
the amount of incentive fees paid.

In calculating the Trading Manager’s incentive fee for any calendar quarter, the trading for the Fund done by all Trading

Advisors shall be taken together and no incentive fee shall be payable unless there is an increase in the cumulative
Trading Profit of the Fund as a whole over the highest previous level of cumulative Trading Profit as of the end of a
calendar quarter since the date of the Trading Manager Agreement, regardless of whether the trading above by one or
more Trading Advisors may have been profitable.

If any incentive fee is paid to the Trading Manager in respect of an increase in cumulative Trading Profit and cumulative

Trading Profit thereafter declines, the Trading Manager will nevertheless retain such incentive fee.

Withdrawals from Trading Assets, including, without limitation, withdrawals made from the Trading Assets pursuant

to the Leverage Policy but excluding payments of fees as described in the next following sentence below, shall propor-
tionally reduce loss carried forward in the calculation of the Trading Profit (i.e. the amount of any loss carried forward
shall be reduced at the time of any withdrawal by a proportion equal to the amount withdrawn divided by the Trading
Assets of the Fund at the date of the withdrawal). Payments out of Trading Assets of the management fee, incentive fee,
Trading Advisor fees and brokerage commissions paid to the Commodity Broker and Securities Brokers shall not be
considered withdrawals for this purpose. Following a reduction in loss carried forward due to withdrawals, such reduc-
tions will not be reversed in consequence of later additions to Trading Assets.

Although some Trading Advisors charge only an incentive fee, as described below, in general each Trading Advisor is

paid a management fee based upon the amount of Trading Assets allocated to it for management. Such management fees,
generally are at annual rates from 2-4 % of Trading Assets allocated to a Trading Advisor for management. The Trading
Advisors also generally receive an incentive fee based on an increase of cumulative trading profit achieved during a
specified period. Such incentive fee may vary among Trading Advisors, both in respect of the percentage paid and the
length of the period over which performance is calculated, but generally range between 10 % and 33 % of the increase
in cumulative trading profit generated by the particular Trading Advisor during the relevant period and will be calculated
on a monthly, quarterly or annual basis. For this purpose, trading profit will include unrealized profit on open positions.
If the Trading Manager acts as a Trading Manager, it will not charge any Trading Advisor fees.

The Management Company will pay out of the assets of the Fund, to the Cash Manager a monthly fee at the rate of

zero point zero seven per cent (0.07 %) per annum of the sum of the average daily balances on deposit in the Cash
Management Account and the Surplus Account during the relevant month which fee shall be withdrawn from the Cash
Management Account and the Surplus Account, respectively, promptly following the end of each month.

The Commodity Broker will receive, out of the assets of the Fund, fees and commissions at competitive rates not to

exceed $ 12 per round turn or $ 7.50 over non-U.S. exchange costs. The Fund shall further reimburse the Initial
Commodity Broker for any «give-up» fees in excess of $ 1.50 per contract and any floor brokerage fees in excess of $
1.00 per contract.

The Agent Securities Company in Japan is entitled to an agent securities company fee payable, out of the assets attri-

butable to the Class A Shares of the Fund, at the end of each quarter, at an annual rate of 1.5 %, 1.0 %, 0.5 % and 0 % of
the average monthly Net Assets of the Fund attributable to the Class A Shares during the first four full quarters, the fifth
through eighth quarters, the ninth through twelfth quarters and all subsequent quarters, respectively. Any reasonable
disbursements and out-of-pocket expenses incurred by the Agent Securities Company in Japan for clients service on
behalf of the Fund will be borne by the Fund.

The Custodian shall be entitled to receive out of the assets of the Fund a custodian fee the level of which is in

accordance with usual practice in Luxembourg and which is expressed as a percentage of the average monthly Net
Assets of the Fund and is payable quarterly. Any reasonable disbursements and out-of-pocket expenses (including
without limitation telephone, telex, cable and postage expenses) incurred by the Custodian, and any custody charges of
banks and financial institutions to whom custody of assets of the Fund is entrusted, will be borne by the Fund.

The Management Company shall pay, out of the assets of the Fund to the Credit Monitor, on the first Business Day

of each calendar month a fee equal to the sum of one twelfth of each of the percentages listed in the right column below,
multiplied by the corresponding incremental portion of the Maximum Available Amount as at the last Business Day of
the previous calendar month listed in the left column:

up to $ 300,000,000

0.900 %

in excess of $ 300,000,000 through $ 400,000,000

0.875 %

in excess of $ 400,000,000

0.850 %

4139

The Management Company shall further pay, out of the assets of the Fund to the LC Bank, an establishment fee in the

amount of $ 60,000 to cover the costs with respect to the costs incurred by the LC Bank in establishing the Letter of
Credit.

The other costs charged to the Fund are:
- all taxes which may be due on the assets and the income of the Fund;
- usual banking fees due on transactions involving securities held in the portfolio of the Fund (such fees to be included

in the acquisition price and to be deducted from the selling price);

- the remuneration and out-of-pocket expenses of the Registrar, Transfer Agent and Administrative Agent;
- legal expenses incurred by the Management Company or the Custodian while acting in the interests of the

Shareholders;

- the cost of printing certificates; the cost of preparing, and/or filing and printing of the Management Regulations and

all other documents concerning the Fund, including registration statements and prospectuses with all authorities
(including local securities dealers’ associations) having jurisdiction over the Fund or the offering of Shares of the Fund;
the cost of preparing, in such languages as are necessary for the benefit of the Shareholders, including the beneficial
holders of the Shares, and distributing annual and semi-annual reports and such other reports or documents as may be
required under the applicable laws or regulations of the above-cited authorities; the cost of accounting, bookkeeping and
calculating the Net Assets; the cost of preparing and distributing public notices to the Shareholders; lawyers’ and
auditor’s fees; and all similar administrative charges, except all advertising expenses and other expenses directly incurred
in offering or distributing the Shares.

All recurring charges will be charged first against income, then against capital gains and then against assets. Other

charges may be amortized over a period not exceeding three years.

The Commodity Broker and the Securities Broker will receive, out of the assets of the Fund, fees and commissions

in accordance with usual practice for brokers in the United States of America.

All recurring charges will be charged first against income, then against capital gains and then against assets. Other

charges may be amortized over a period not exceeding three years.

14. Accounting Year, Audit

The accounts of the Fund are closed each year on January 31, and for the first time on January 31, 1998.
The accounts of the Management Company will be audited by auditors appointed by the Management Company.
The Management Company shall also appoint an auditor who shall, with respect to the assets of the Fund, carry out

the duties prescribed by the law of March 30, 1988 regarding collective investment undertakings.

15. Dividends

The Management Company, in respect of any Class of Shares, may declare dividends annually within three months

after the end of each annual fiscal period out of up to 50 % of the Trading Profit generated during such year (which
amount shall be determined by the Management Company with the consent of the Trading Manager and the LC Bank).

No distribution may be made as a result of which the Net Assets of the Fund would fall below the equivalent in U.S.

dollars of 50,000,000.- Luxembourg francs.

Dividends not claimed within five years from their due date will lapse and revert to the Fund.

16. Amendment of the Management Regulations

The Management Company may, upon approval of the Custodian, amend these Management Regulations in whole or

in part at any time.

Amendments will become effective five days after their publication in the Mémorial, Recueil des Sociétés et Associa-

tions of Luxembourg.

17. Publications

The Net Assets and the repurchase price per share of each Class will be available in Luxembourg at the registered

office of the Management Company and the Custodian.

The audited annual report and the unaudited semi-annual report of the Fund are made available to the Shareholders

at the registered offices of the Management Company and the Custodian.

Any amendments to these Management Regulations will be published in the Mémorial, Recueil des Sociétés et

Associations of Luxembourg.

The amendments and any notices to Shareholders may also be published, as the Management Company may decide,

in newspapers of countries where the Shares of the Fund are offered and sold.

18. Duration of the Fund, Liquidation

The Fund has been established for a period expiring on April 30, 2000.
The Fund may be extended for a further period by mutual agreement between the Management Company and the

Custodian. The Fund will not be extended unless at the Guaranteed Redemption Date the Net Asset Value per Share
equals or exceeds $ 1,000. The guarantee provided under the Letter of Credit expires on January 31, 2000 and will not
be applicable in case of extension of the Fund. In the case of extension of the life of the Fund, Shareholders will receive
one month prior notice together with adequate information on the proposed investment policy of the Fund comprising,
if appropriate, a possible change of name.

The Fund will be dissolved in any circumstances imposed by Luxembourg law. In the event that the Fund is dissolved

in any circumstances imposed by Luxembourg law at a time when the Net Asset Value per Share is less than $ 1,000
there will not be a drawing under the Letter of Credit and Shareholders will not receive the benefit of the Letter of
Credit.

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Any notice of dissolution will be published in the Mémorial, Recueil des Sociétés et Associations of Luxembourg and

in at least three newspapers with appropriate distribution, at least one of which must be a Luxembourg newspaper, to
be determined jointly by the Management Company and the Custodian.

Repurchase of Shares will cease at the time of the decision or event leading to the dissolution.
The Management Company will realize the assets of the Fund in the best interests of the Shareholders and the

Custodian, upon instructions given by the Management Company, will distribute the net proceeds of the liquidation
(after deducting all liquidation expenses) attributable to each class among the Shareholders in proportion to their Shares
of each Class held.

As provided by Luxembourg law, the proceeds of liquidation corresponding to Shares not surrendered for repayment

at the close of liquidation will be kept in safe custody with the Luxembourg «Caisse des Consignations» until the
prescription period has elapsed.

The liquidation or the partition of the Fund may not be requested by a shareholder, nor by his heirs or beneficiaries.

19. Statute of Limitation

The claims of the Shareholders against the Management Company or the Custodian will lapse five years after the date

of the event which gave rise to such claims.

20. Applicable Law, Jurisdiction and Governing Language

These Management Regulations are governed by the laws of Luxembourg and any disputes arising between the

Shareholders, the Management Company and the Custodian shall be settled according to Luxembourg law and subject
to the jurisdiction of the District Court of Luxembourg, provided, however, that the Management Company and the
Custodian may subject themselves and the Fund to the jurisdiction of courts of the countries, in which the Shares of the
Fund are offered and sold, with respect to claims by investors resident in such countries and, with respect to matters
relating to subscriptions and repurchases by Shareholders resident in such countries, to the laws of such countries.

English shall be the governing language for these Management Regulations.

21. Definitions

Allocated Assets: The aggregate amount of (i) Trading Assets allocated to each Trading Advisor (other than an

investment fund) for the management pursuant to the relevant Trading Advisor agreement between the Fund and such
Trading Advisor plus or minus Trading Profit/Loss earned by such Trading Advisor in trading for the Fund and plus or
minus additions or withdrawals of Trading Assets from the management of such Trading Advisor and (ii) the net asset
value of the Fund’s investment in other investment funds.

Business Day: A day, other than a Saturday or Sunday, onwhich banks are open for business in Luxembourg, London

and New York.

CFTC: The Commodity Futures Trading Commission of the United States.
Cash Management Account: The accounts established for the Fund at the Cash Manager for the purpose of

conducting cash management of Trading Assets not currently committed to investment in Trading Interests under the
direction of the Cash Manager.

Cash Manager: CITIBANK, N.A., New York Branch acting as cash manager for the Cash Management Account and

for the Surplus Account.

Class A: A separate class of Shares of the Fund in distinction from Class B.
Class B: A separate class of Shares of the Fund in distinction from Class A.
Commodity Broker: THE NIKKO SECURITIES CO., INTERNATIONAL INC., a Delaware corporation, and, where

the context so requires, such other commodity broker approved in advance by the Credit Monitor with whom the Fund
establishes an account or accounts in the name of the Fund from time to time.

Credit Monitor: CITIBANK N.A., London Branch, acting as credit monitor pursuant to the Credit Monitoring

Agreement.

Credit Monitoring Agreement: The agreement to be entered into among the Management Company, the Trading

Manager, the Initial Commodity Broker, the Custodian, the Cash Manager and the Credit Monitor pursuant to which
the Credit Monitor will act as credit monitor for the Fund and determine, from time to time, the level of Trading Assets
of the Fund.

Custodian: NIKKO BANK (LUXEMBOURG) S.A.
Custodian Account(s): The custodian account(s) structured as fiduciary accounts of the Custodian for the Fund.
Distributor in Japan: THE NIKKO SECURITIES CO., Ltd., a Japanese corporation.
Distributor outside Japan: NIKKO BANK (LUXEMBOURG) S.A.
EU: The European Union.
Futures: Futures and options contracts traded on or subject to the rules of a regulated futures exchange and spot,

forward and options contracts in currencies traded off-exchange in the inter-bank market.

Future Value: With respect to any amount, the future value of such amount on such day calculated for the period from

such day to January 31, 2000 and at an interest rate equal to the weighted average of (i) the rate for a US dollar Treasury
Strip with the same maturity as the Letter of Credit quoted in the Wall Street Journal, European Edition, as of the
previous Business Day and (ii) the average interest rate applicable to the Surplus Account.

FX Counterparty: CITIBANK, N.A., New York Branch and (where the context so requires) such other foreign

exchange counterparties approved by the Credit Monitor from time to time with whom the Management Company
establishes accounts for the Fund from time to time.

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Guaranteed Redemption Date: January 31, 2000.
Investment Restrictions: The Investment Restrictions contained in these Management Regulations.
LC Agreement: The Letter of Credit and Reimbursement Agreement to be entered into among the Management

Company, on its behalf and on behalf of the Fund, the Custodian and the LC Bank pursuant to which the LC Bank will
issue the Letter of Credit.

LC Bank: CITIBANK, N.A., London Branch.
Letter of Credit: The Letter of Credit to be issued by the LC Bank pursuant to the LC Agreement.
Leverage Policy: The Policy established under the Credit Monitoring Agreement pursuant to which the Credit

Monitor will determine from time to time the level of Trading Assets for the Fund.

Management Company: TOTAL ALPHA INVESTMENT FUND MANAGEMENT COMPANY S.A.
Maximum Available Amount: $ 1,000 multiplied by the number of Shares of the Fund in issue from time to time.
Net Assets: Assets less liabilities of the Fund as determined pursuant to these Management Regulations.
Net Asset Value per Share: In respect of Class A Shares and/or Class B Shares as of any date, the Net Assets of the

Fund attributable to a Class divided by the number of Shares of such Class then outstanding.

NFA: National Futures Association of the United States.
OECD: The Organization for Economic Co-operation and Development.
Prospectus: The offering Prospectus of the Fund.
Securities: All equity and debt securities and any other type of financial instrument, including, but not limited to

repurchase and reverse repurchase agreements which the Fund is permitted to trade.

Securities Broker: Brokers carrying an account of the Fund for the purpose of purchasing and selling Securities and

each counterparty to the Fund in an over-the-counter Securities transaction.

SFA: The Securities and Futures Authority Limited of the United Kingdom.
Share: A unit of ownership interest in the Fund of either Class A or Class B.
Share Class: Either Class A or Class B.
Shareholder: A co-owner of the Fund whose interest in the Fund is represented by one or several Shares.
Surplus Account: The account to be established for the Fund at the Cash Manager for the purpose of holding all assets

of the Fund which, in accordance with the Leverage Policy, are not available for investment in Trading Interests.

Termination Event: Any of the Events of Trading Termination with respect to the Fund as laid down in the LC

Agreement and set out in the Prospectus.

Trading Advisor: A trading advisor (which in some cases may be an investment fund in which the Fund invests)

selected from time to time by the Trading Manager each of which is allocated a portion of the Trading Assets for trading
in Trading Interests.

Trading Assets: The assets of the Fund other than the assets of the Fund held in the Surplus Account.
Trading Interests: Futures and Securities, collectively.
Trading Manager: CITICORP TRUST, N.A. (California).
Trading Manager Agreement: The agreement to be entered into among the Management Company, the Trading

Manager and the LC Bank pursuant to which the Trading Manager will act as trading manager for the Fund.

Trading Policies: The Trading Policies applicable to the Fund set forth in the Prospectus.
Trading Profit/Loss: For any period, the net of realized gains and losses in the trading of Trading Interests for the Fund

during such period plus or minus the change as of the end of the period from the end of the prior period in the unrea-
lized gain or loss on open Trading Interest positions with respect to the Fund, plus any dividend or interest income
accrued or paid in respect of the Fund’s Trading Assets less (i) Trading Advisor fees, and (ii) the amount of any brokerage
commissions paid or accrued that, in the case of Futures brokerage, does not exceed $ 12/round-turn Futures contract
for contracts traded on a U.S. exchange or $ 7.5 per round-turn above the Commodity Broker’s actual out-of-pocket
direct costs for executing trades on exchanges outside of the U.S.

U.S. dollar or $: The lawful currency of the United States of America.
U.S. Person: As described in Article 7.
Valuation Date: February 5, 1997 and, thereafter, last Business Day in each month and after January 31, 2000, each

Business Day.

These Management Regulations, originally executed on December 20, 1996, have been amended on 10th January,

1997 and on the date hereof to the present form and will become effective on January 29, 1997.

Luxembourg, January 16, 1997.

TOTAL ALPHA INVESTMENT FUND

NIKKO BANK (LUXEMBOURG) S.A.

MANAGEMENT COMPANY S.A.

<i>as Custodian

<i>as Management Company

Signature

Signature

Enregistré à Luxembourg, le 24 janvier 1997, vol. 489, fol. 2, case 2. – Reçu 500 francs.

<i>Le Receveur (signé): J. Muller.

(04240/260/778)  Déposé au registre de commerce et des sociétés de Luxembourg, le 27 janvier 1997.

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NK CHALLENGER II, Fonds Commun de Placement.

MANAGEMENT REGULATIONS

1. Definitions

The terms used in these Management Regulations shall, if not otherwise defined herein, have the meaning as defined

in Article 21 hereof.

2. The Fund

NK CHALLENGER II (hereafter referred to as the «Fund») organized under the laws of the Grand Duchy of Luxem-

bourg as a mutual investment fund (fonds commun de placement), is an unincorporated coproprietorship of the
securities and other assets of the Fund, managed in the interest of its co-owners (hereafter referred to as the
«Shareholders») by TOTAL ALPHA INVESTMENT FUND MANAGEMENT COMPANY S.A. (hereafter referred to as
the «Management Company»), a company incorporated under the laws of Luxembourg and having its registered office
in Luxembourg. The assets of the Fund, which are held in custody by NIKKO BANK (LUXEMBOURG) S.A. (hereafter
referred to as the «Custodian») are segregated from those of the Management Company and from those of other funds
managed by the Management Company. By the acquisition of Shares in the Fund, any shareholder fully accepts these
Management Regulations which determine the contractual relationship between the Shareholders, the Management
Company and the Custodian.

3. The Management Company

The Fund is managed on behalf of the Shareholders by the Management Company which has its registered office in

Luxembourg.

The Management Company is invested with the broadest powers to administer and manage the Fund, subject to the

restrictions set forth in Article 9 hereafter, on behalf of the Shareholders, including but not limited to, the purchase, sale,
subscription, exchange and receipt of Securities, the trading of Trading Interests and the exercise of all the rights
attached directly or indirectly to the assets of the Fund.

The Board of Directors of the Management Company (hereinafter the «Board of Directors») shall determine the

investment policy of the Fund within the restrictions set forth in Article 6 hereafter.

The Management Company is entitled to a management fee described in Article 13 hereof.
The Board of Directors of the Management Company may appoint a general manager, administrative agents,

investment managers and advisers and trading managers and advisers to implement the investment policy and administer
and manage the assets of the Fund. The remuneration of such service providers will be at the Fund’s charge to the extent
provided in Article 13 hereof.

4. The Custodian

The Management Company shall appoint and terminate the appointment of the Custodian. NIKKO BANK (LUXEM-

BOURG) S.A., a corporation organized under the laws of Luxembourg with its head office in Luxembourg, has been
appointed custodian of all the assets, including the securities, Trading Interests and cash of the Fund, which will be held
either directly or through correspondents, nominees, agents or delegates of the Custodian.

The Custodian shall assume its functions and responsibilities in accordance with Articles 16 and 17 of the law of

March 30, 1988 on collective investment undertakings.

The Custodian will hold all assets as a fiduciary in accordance with the provisions of the grand-ducal decree of July 19,

1983 on fiduciary contracts entered into by Luxembourg banks. The Custodian may entrust banks and financial institu-
tions with the custody of such assets and securities. Assets allocated to trading in futures, as more fully described in the
investment policy hereafter, will be held with the Commodity Broker.

The Custodian may only dispose of the assets of the Fund and make payments to third parties on behalf of the Fund

on receipt of instructions from the Management Company or its appointed agents.

Upon receipt of instructions from the Management Company or its appointed agents, the Custodian will perform all

acts of disposal with respect to the assets of the Fund, provided the instructions are not in contradiction with Luxem-
bourg law and these Management Regulations.

The Custodian is entitled to fees and reimbursement of expenses as described in Article 13 hereof.
The Custodian or the Management Company may terminate the appointment of the Custodian at any time upon 90

days’ written notice delivered by the one to the other. In the event of termination of the appointment of the Custodian,
the Management Company will use its best endeavours to appoint within 2 months of such termination, a new custodian
who assumes the responsibilities and functions of the Custodian under the Management Regulations. Pending the
appointment of a new Custodian, the Custodian shall take all necessary steps to ensure good preservation of the
interests of the Shareholders. After termination as aforesaid, the appointment of the Custodian shall continue thereafter
for such period as may be necessary to the transfer of all assets of the Fund to the new Custodian.

5. Trading Objective

The trading objective of the Fund is appreciation of its assets through trading of a wide array of Trading Interests

under the direction of a number of Trading Advisors. The Trading Manager will allocate the Fund’s Trading Assets
among Trading Advisors, and reallocate Trading Assets among Trading Advisors from time to time.

The subscription proceeds will be considered Trading Assets and will be used for the trading of Trading Interests in

accordance with the Investment Restrictions (including the prohibition on short selling of securities) under the direction
of multiple Trading Advisors. Trading Advisors will be appointed and may be terminated by the Trading Manager. Each
Trading Advisor will be allocated a portion of the Trading Assets to trade pursuant to such Trading Advisor’s trading

4143

approach. Trading Advisors may apply technical trading methods, evaluating numerical and statistical relationships and

movement among prices; fundamental analyses, evaluating subjective and objective factors affecting the markets; or a
combination of methodologies. However, all trading on behalf of the Fund will be for speculative purposes attempting to
capitalize on price movements in global financial and commodity markets as well as securities markets.

In some cases, subject to the limits set forth in the Investment Restrictions, the Fund may obtain the trading advisory

services of a Trading Advisor by investing a portion of its Trading Assets in another fund managed by such Trading
Advisor.

Trading Assets of the Fund will be held in either brokerage accounts for the Fund, by FX counterparties for the Fund,

by the Custodian (in the case of interests in investment funds in which the Fund may invest) or in an account with the
Cash Manager designated the Cash Management Account.

To the extent practicable, the Fund will endeavour to maintain its Trading Assets not currently needed for margin,

premium or settlement of Trading Interest positions, in the Cash Management Account for the Fund. Trading Assets
held in the Cash Management Account will be invested, under the direction of the Cash Manager in liquid securities or
money market instruments selected by the Cash Manager.

The Commodity Broker shall credit the accounts opened for the Fund following each month-end with interest on

100 % of the Fund’s average daily U.S. dollar account equity in the Commodity Broker accounts during such month at a
rate equal to the average yield on 13-week U.S. Treasury bills auctioned during such month and on the Fund’s average
daily foreign currency balances at a rate equal to 25 basis points below the rate that the Commodity Broker actually
earns with respect to such balances (which may in some cases be zero).

At least 50 % of the Net Assets of the Fund will at all times be invested in Securities which fall under the definition of

«securities» in the Securities and Exchange law of Japan, such as U.S. government securities, U.S. government agency
securities and certificates of deposit issued by non-Japanese corporations.

6. Investment Restrictions

While managing the assets of the Fund, the Management Company, or its appointed agents, shall comply with the

following restrictions:

I. Trading Restrictions applicable to investments in Futures:
(i) The Fund may only enter into futures contracts dealt in on an organised market. Futures contracts underlying

options must also comply with this condition.

(ii) The Fund may not enter into commodity contracts other than commodity futures contracts. Any futures or

options contracts on securities that call for physical delivery of the underlying security shall be liquidated prior to
delivery unless otherwise required by applicable law or exchange rules or regulations.

(iii) The Fund may only acquire call and put options which are dealt in on an organised market.
(iv) The Fund must ensure an adequate spread of investment risks by sufficient diversification.
(v) The Fund may not hold an open forward position in any single futures contract for which the margin requirement

represents 5 % or more of the Net Assets of the Fund. This rule also applies to open positions resulting from options
written.

(vi) Premiums paid to acquire options outstanding having identical characteristics may not exceed 5 % of the Net

Assets of the Fund.

(vii) The Fund may not hold an open position in futures contracts concerning a single commodity or a single category

of financial futures, for which the margin required represents 20 % or more of the Net Assets of the Fund. This rule also
applies to open positions resulting from options written.

(viii) No more than 50 % of the Net Assets of the Fund will be invested, at any one time, as margin (initial and

variation) or as option premium.

II. Investment Restrictions applicable to investments other than investments in Futures:
(i) The Management Company will not borrow, on behalf of the Fund, in excess of 10 % of the Net Assets of the Fund

and any such borrowings shall only be made on a temporary basis.

(ii) The Management Company may not invest, on behalf of the Fund, in the securities of any one issuer, if the value

of the holdings of the Fund in the securities of such issuer exceeds 10 % of the Fund’s Net Assets, except that such
restriction shall not apply to securities issued or guaranteed by the Government of any country which is a member of
the OECD or their local authorities or public international bodies with EU, regional or world-wide scope. The aforesaid
limit of 10 % shall be raised to 30 % in respect of debt securities issued by first class financial institutions.

(iii) The Management Company may not invest, on behalf of the Fund, in the securities of any single issuer if the Fund

owns more than 10 % of the securities of the same kind issued by such issuer and, together with other funds, which are
managed by the Management Company, more than 15 % of the securities of the same kind issued by such issuer, except
that such restriction shall not apply to securities issued or guaranteed by the Government of any country which is a
member of OECD or their local authorities or public international bodies with EU, regional or world-wide scope.

(iv) The Management Company may not make, on behalf of the Fund and on behalf of other funds managed by the

Management Company, investments for the purpose of exercising control or management.

(v) The Management Company may not purchase, on behalf of the Fund, any securities on margin (except that the

Management Company may obtain such short-term credit as may be necessary for the clearance of purchases and sales
of portfolio securities) or make short sales of securities or maintain a short position, except that it may make initial and
maintenance margin deposits in respect of futures and forward contracts (and options thereon).

(vi) The Management Company may not, on behalf of the Fund, purchase or sell real estate, provided that the

Management Company may, on behalf of the Fund, invest in securities secured by real estate or interests therein or
issued by companies which invest in real estate or interests therein.

4144

(vii) The Management Company may not make, on behalf of the Fund, loans to any person, provided that for the

purposes of this restriction the acquisition of bonds, debentures, or other corporate debt securities and investment in
Government bonds, short-term commercial paper, certificates of deposit and bankers’ acceptances shall not be deemed
to be the making of a loan.

(viii) The Management Company may not invest, on behalf of the Fund, more than 10 % of the Fund’s Net Assets in

securities which are not traded on an official stock exchange or on a regulated market, except that such restriction shall
not apply to (i) securities issued or guaranteed by the Government of any country which is a member of OECD or their
local authorities or public international bodies with EU, regional or world-wide scope and (ii) liquid transferable certifi-
cates of deposits which are issued by first class financial institutions.

(ix) The Management Company may not, on behalf of the Fund, underwrite securities of other issuers.
(x) The Management Company may not invest, on behalf of the Fund, the assets of the Fund in securities of other

investment companies or trusts if such investment causes the value of the holdings of the Fund in the securities of such
investment companies or trusts to exceed 10 % of the Fund’s Net Assets. Investments shall only be made in investment
companies or trusts having a similar investment policy to the Fund. Further, if any investment is made in investment
companies or trusts having the same promoter as the Fund, no issue commission or other acquisition fee and no
management or advisory fee may be charged on the assets of the Fund so invested.

(xi) Except as permitted in the context of trading of Trading Interests, the Management Company may, on behalf of

the Fund, for the purpose of hedging currency risks, have commitments in outstanding forward currency contracts or
enter into currency swaps, for amounts not exceeding, respectively, the aggregate value of securities and other assets
(other than Trading Interests) held by the Fund denominated in the currency to be hedged, provided, however, that the
Management Company may also purchase the currency concerned through a cross transaction (entered into through
the same counterpart) should the cost thereof be more advantageous to the Fund. The Management Company may
enter into these currency forward contracts or swap arrangements with highly-rated financial institutions.

(xii) The Management Company may, on behalf of the Fund, enter into repurchase and reverse repurchase agree-

ments with first class financial institutions specialized in this type of transaction. During the lifetime of the repurchase
agreements, the Management Company may not sell the securities which are the object of the agreement either before
(i) the repurchase of the securities by the counterparty has been carried out or (ii) the repurchase period has expired.
The Management Company must ensure to maintain the importance of purchased securities subject to repurchase
obligation at a level such that it is able to repurchase shares at the request of the shareholders.

Except by the acquisition of debt securities, the Management Company may not grant loans or act as guarantor on

behalf of third parties.

The Management Company need not comply with the investment limit percentages above when exercising

subscription rights attaching to securities which form part of the Fund’s assets.

If such percentages are exceeded for reasons beyond the control of the Management Company or as a result of the

exercise of subscription rights, the Management Company must adopt as a priority objective for its sales transactions
the remedying of that situation, taking due account of the interests of the Fund’s Shareholders.

The Management Company shall, on behalf of the Fund, not sell, purchase or loan securities, except the Shares of the

Fund, or receive loans, to or from (a) the Management Company, (b) its affiliated companies, (c) any director of the
Management Company or its affiliated companies or (d) any major shareholder thereof (meaning a shareholder who
holds, on his own account whether in his own or other name (as well as a nominee’s name), 10 % or more of the total
issued outstanding Shares of such a company) acting as principal or for their own account unless the transaction is made
within the restrictions set forth in the Management Regulations, and, either (i) at a price determined by current publicly
available quotations, or (ii) at competitive prices or interest rates prevailing from time to time, on internationally
recognized securities markets or internationally recognized money markets.

The Management Company may from time to time impose further investment restrictions as shall be compatible with

or in the interest of the Shareholders, in order to comply with the laws and regulations of the countries where the
Shares of the Fund are placed.

7. Restrictions on Ownership

The Management Company and the Distributor and any Sub-Distributor shall comply, with respect to the issuing of

Shares, with the laws and regulations of the countries where the Shares are offered. The Management Company may, at
its discretion, limit the issue of Shares at any time to persons or corporate bodies resident or established in certain
countries or territories. The Management Company may prohibit certain persons or corporate bodies from acquiring
Shares, if such a measure is necessary for the protection of the Shareholders as a whole and the Fund.

The Management Company may:
(a) reject at its discretion any application for purchase of Shares;
(b) repurchase at any time the Shares held by Shareholders who are excluded from purchasing or holding Shares.
More specifically:
a) The Management Company will not promote the sale of the Fund’s Shares to the public within the European

Union, or any part of it.

b) None of the Shares is registered under the United States Securities Act of 1933, as amended (the «1933 Act»).

The Shares are prohibited from being offered, sold or transferred, directly or indirectly, in the United States of America
or any of its territories or possessions or areas subject to its jurisdiction including the Commonwealth of Puerto Rico
or an enclave of the United States government, its agencies or instrumentalities (the «United States»), or to any citizen
or resident thereof (including any corporation, partnership or other entity created or organized in or under the laws of
the United States or any political subdivision thereof or which has its principal place of business in the United States), or

4145

any estate or trust, other than an estate or trust the income of which from sources outside the United States (which is
not effectively connected with the conduct of a trade or business within the United States) is not included in gross
income for the purposes of computing United States federal income tax, or an entity organized principally for passive
investment, such as a commodity pool, investment company, or other similar entity (other than a pension plan for the
employees, officers, or principals of an entity organized, and with its principal place of business located outside of the
United States), either (i) in which United States persons hold units of participation representing in the aggregate 10 %
or more of the beneficial interest in the entity, or (ii) which has as a principal purpose the facilitating of investment by a
United States person in a commodity pool with respect to which the operator thereof is exempt from certain require-
ments of Part 4 of the regulations of the United States Commodity Futures Trading Commission by virtue of its partici-
pants being non-United States persons («U.S. Person»).

For the purpose of preventing the beneficial ownership of Shares in the Fund by any U.S. Person, as defined above,

the Management Company or its agent shall:

(a) decline to issue any Shares and decline to register any transfer of a Share, where it appears to it that such registry

or transfer would or might result in beneficial ownership of such Shares by a U.S. Person; and

(b) at any time require any person whose name is entered in, or any person seeking to register the transfer of Shares

on, the Register of Shareholders to furnish it with any information, supported by an affidavit, which it may consider
necessary for the purpose of determining whether or not beneficial ownership of such shareholder’s Shares rests in a
U.S. Person, or whether such registry will result in beneficial ownership of such Shares by a U.S. Person; and

(c) where it appears to the Management Company that any U.S. Person either alone or in conjunction with any other

person is a beneficial owner of Shares, compulsorily repurchase or cause to be repurchased from any such shareholder
all Shares held by such shareholder, in the following manner:

1) The Management Company shall serve a notice (hereinafter called the «purchase notice») upon the shareholder

appearing in the Register of Shareholders as the owner of the Shares to be purchased, specifying the Shares to be
purchased as aforesaid, the price to be paid for such Shares, and the place at which the purchase price in respect of such
Shares is payable. Any such notice may be served upon such shareholder by posting the same in a prepaid registered
envelope addressed to such shareholder at his last address known to or appearing in the books of the Fund. The said
shareholder shall thereupon forthwith be obliged to deliver to the Management Company the share certificate or certi-
ficates, if any, representing the Shares specified in the purchase notice. Immediately after the close of business on the
date specified in the purchase notice, such shareholder shall cease to be the owner of the Shares specified in such notice
and his name shall be removed from the registration of such Shares in the Register of Shareholders.

2) The price at which the Shares specified in any purchase notice shall be purchased (herein called «the purchase

price») shall be an amount equal to the Net Asset Value per share determined in accordance with article 9 hereof as at
the date specified in the purchase notice.

3) Payment of the purchase price will be made to the owner of such Shares in United States dollars, except during

periods of United States dollars exchange restrictions, and will be deposited by the Management Company with a bank
in Luxembourg or elsewhere (as specified in the purchase notice) for payment to such owner upon surrender of the
share certificate or certificates, if any, representing the Shares specified in such notice. Upon deposit of such price as
aforesaid, no person interested in the Shares specified in such purchase notice shall have any further interest in such
Shares or any of them, or any claim against the Fund or its assets in respect thereof, except the right of the shareholder
appearing as the owner thereof to receive the price so deposited (without interest) from such bank upon effective
surrender of the share certificate or certificates as aforesaid.

8. Issue of Shares

Shares shall be issued in two Classes: Class A Shares and Class B Shares.
Class A Shares will exclusively be offered in Japan through THE NIKKO SECURITIES CO., Ltd, Tokyo who acts as

Distributor and Agent Securities Company in Japan. Class B Shares will be exclusively offered outside of Japan.

The proceeds of the issue of Class A Shares and the proceeds of the issue of Class B Shares shall be invested in a

common portfolio in accordance with the investment policy set forth in Article 5 hereof.

On January 29, 1997 and January 30, 1997, Shares will be issued at the issue price of $ 1,000.- per Share, and

thereafter on February 5, 1997 at Net Asset Value per Share, in both cases plus a sales charge (exclusive of the
consumption or other taxes, if any) not to exceed 3.5 % of the subscription price payable to intermediaries. The
subscription price for the initial offering must have been received by the Custodian on behalf of the Fund on January 31,
1997 at the latest. The payment for Shares purchased as of February 5, 1997 shall be made by February 7, 1997.

After February 6, 1997 Shares of each Class will be issued as of each Valuation Date at Net Asset Value per Share as

of such date and an application for Shares must be received by the Management Company prior to 2.00 p.m., Luxem-
bourg time, seven calendar days prior to the relevant Valuation Date. Payment for Shares issued after February 6, 1997
must be made within seven calendar days following the relevant Valuation Date.

9. Form of Shares, Share Certificates

The Management Company shall issue Shares in registered form only.
Share certificates shall carry the signatures of the Management Company and the Custodian, both of which may be in

facsimile. In the absence of a request for certificates, investors will be deemed to have requested that no certificate be
issued in respect of their Shares and a confirmation will be delivered instead.

Certificates for Shares of each Class or confirmations shall be delivered by the Management Company, provided the

payment for the Shares shall have been received by the Custodian.

Share certificates or confirmation statements will be available to subscribers or their banks at the offices of the

Management Company not later than 15 Business Days after the end of the initial offering period.

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10. Determination of Net Assets

The Net Assets of the Fund, expressed in U.S. dollars, will be determined by the Management Company, or its

appointed agents, as of each Valuation Date by dividing the value of the assets of the Fund less its liabilities (including any
provisions considered by the Management Company to be necessary or prudent) and by rounding the resulting sum to
the nearest cent. To the extent feasible, investment income, interest payable, fees and other liabilities (including
management and other fees) will be accrued.

The Net Asset Value per share of each Class is computed on each Valuation Date as follows:
The percentage of the Net Assets of the Fund to be attributed to each Class of Shares, which has been initially the

same as the percentage of the total number of Shares represented by such Class of Shares, changes pursuant to the
specific fees and expenses charged by the Agent Securities Company in Japan with respect to Class A Shares in the
following manner:

a) The Net Assets attributable to Class A Shares shall be reduced by the fees and expenses payable to the Agent

Securities Company (thus decreasing the percentage of the Net Assets of the Fund attributable to the Class A Shares)
and the Net Assets attributable to the Class B Shares shall remain the same (thus increasing the percentage of Net
Assets of the Fund attributable to the Class B Shares). Due to the accruals made on each Valuation Date in the Net
Asset Value calculation in respect of the fees and expenses due to the Agent Securities Company, the aforesaid
reduction will be reflected in the Net Asset Value per Share calculated on each Valuation Date.

b) At the time of issue of new Shares of a Class, the Net Assets allocable to the corresponding Class shall be

increased by the amount received with respect to such issue.

c) At the redemption of Shares of a Class, the Net Assets attributable to such Class shall be decreased by the price

paid for the redemption of such Shares.

d) All expenses incurred by the Fund, other than those referred to in (a) above, shall be attributed to the two Classes

of Shares pro rata their respective Net Assets.

The Net Asset Value per Share of each Class is computed on each Valuation Date by dividing the Net Assets attri-

butable to each Class by the number of Shares of such Class outstanding.

I. Assets shall be deemed to comprise:
(a) all securities, cash on hand, on loan or on deposit, including any interest accrued thereon,
(b) all bills, demand notes, promissory notes and accounts receivable,
(c) all interest accrued on any interest-bearing instruments (except interest which is included in the quoted price),
(d) the unamortized portion of the organizational and offering expenses, and
(e) all other property of every kind and nature, including prepaid expenses as defined from time to time by the

Management Company;

and unless the Management Company in any particular case or generally, determines otherwise, when the current

price of a security is quoted «ex» dividend, interest or other payment but such dividend, interest or other payment is
payable to the Fund and has not been received, the amount of such dividend, interest or other payment shall be taken
into account in determining assets.

II. The assets of the Fund will be valued as follows:
(a) Securities listed on a stock exchange or traded on any other regulated market will be valued at the last available

price on such stock exchange or market. If a security is listed on several stock exchanges or markets, the last available
price at the stock exchange or market which constitutes the main market for such securities, will be determining;

(b) Securities not listed on any stock exchange or traded on any regulated market will be valued at their last available

market price;

(c) Securities for which no price quotation is available or for which the price referred to in (a) and/or (b) is not

representative of the fair market value, will be valued prudently, and in good faith on the basis of their reasonable
foreseeable sales prices;

(d) The value of any cash on hand, on loan or on deposit, bills, demand notes, promissory notes and accounts recei-

vable, prepaid expenses, cash dividends, interest and such other payments shall be deemed to be the full amount thereof
(less any applicable withholding tax) unless the Management Company shall have determined that any such asset is not
worth the full amount thereof, in which event the value thereof shall be deemed to be such value as the Management
Company shall deem to be the reasonable value thereof.

(e) If the Fund has sold or granted a call option over a security that it owns the final date for the exercise of which

has not passed, there shall be taken into account the market value of such security regardless of the option position;

(f) Any interest-bearing instruments shall be valued at cost plus accrued interest from its date of acquisition, adjusted

by an amount equal to the algebraic sum of (i) any accrued interest paid on its acquisition and (ii) any premium or
discount from its face amount paid or credited at the time of its acquisition, multiplied by a fraction the numerator of
which is the number of days elapsed from its date of acquisition to the relevant valuation date and the denominator of
which is the number of days between such acquisition date and the maturity date of such instruments;

(g) Futures shall be valued at their liquidating value based upon the settlement price on the exchange on which the

particular Future is traded, provided that if a Future could not be liquidated on the days as of which Net Assets are being
determined due to the operation of daily limits or other rules of such exchange or otherwise, the settlement price on
the first subsequent day on which such Future could be liquidated shall be the basis for determining the liquidating value
of such Future for such day;

(h) In the case of any security, derivative instrument or other property which in the opinion of the Management

Company would not be appropriately valued as above provided, the value thereof shall be determined from time to time
in such manner as the Management Company shall from time to time determine;

4147

(i) In the case of any asset realized or contracted to be realized at a known value, the net proceeds of such realization

shall be taken into account in lieu of any other method of determining the value of such asset;

(j) The value of any interests in any investment fund purchased by the Fund shall be the net asset value of such

interest as most recently reported by such investment fund;

(k) The value of any assets shall be determined having regard to the full amount of any currency premium or discount

which may be relevant;

(l) In relation to any other asset the value of such asset shall be based on a determination by the Management

Company with advice from the Trading Manager as to the broadest and most representative market for such asset; and

(m) In relation to any asset (or liability) the value of such assets or liability shall be the amount which the Management

Company determines represents the faire value thereof as determined in accordance with Luxembourg generally
accepted accounting principles or otherwise determined in good faith.

III. Liabilities of the Fund shall be deemed to comprise:
(a) all bills and accounts payable;
(b) all administrative expenses payable and/or accrued;
(c) all contractual obligations for the payment of money or the acquisition of property;
(d) each distribution to Shareholders and Share repurchase proceeds which is due and payable until paid by the Fund;
(e) if the Fund has sold or granted a call or put option the final date for the exercise of which has not passed, there

shall be taken into account as a liability the amount that would be required to repurchase the option and close the
position on the relevant Valuation Date;

(f) all provisions authorized or approved by the Management Company for taxes or contingencies; and
(g) all other liabilities of the Fund of whatever kind and nature.
IV. Subject to the foregoing, any amount expressed in currencies other than U.S. dollars shall be converted to U.S.

dollars at such exchange rate as the Management Company may consider appropriate having regard to prevailing
exchange rates.

The Fund’s income and expenses (including fees but excluding preliminary expenses not yet charged) will be deter-

mined on an accrual and/or reasonable estimated basis.

The valuation of the assets of the Fund is based on information (including without limitation, position reports, confir-

mation statements, recap ledgers, etc.) which is available at the time of such valuation with respect to all open Futures,
and Securities positions and accrued interest income, accrued management, incentive and service fees, and accrued
brokerage commissions. Except in case of manifest error, the valuation is conclusive and no adjustments will be made
with respect to investors or the Fund. The valuation will not be audited nor adjusted.

The Management Company, in its discretion, may permit some other method of valuation to be used if it is

considered that such valuation better reflects the fair value of any asset.

In the case of any asset for which price quotations are not available, or for which price quotations appear inaccurate,

the fair value shall be determined in such manner as the Management Company shall decide.

11) Suspension of the Determination of Net Assets

The Management Company may temporarily suspend the determination of the Net Assets and in consequence the

issue and repurchase of Shares in any of the following events:

- when one or more Stock Exchanges or markets, which provide the basis for valuing a substantial portion of the

assets of the Fund, or when one or more foreign exchange markets in the currency in which a substantial portion of the
assets of the Fund are denominated, are closed otherwise than for ordinary holidays or if dealings therein are restricted
or suspended;

- when, as a result of political, economic, military or monetary events or any circumstances outside the responsibility

and the control of the Management Company, disposal of the assets of the Fund is not reasonably or normally
practicable without being seriously detrimental to the interests of the Shareholders;

- in the case of a breakdown in the normal means of communication used for the valuation of any investment of the

Fund or if, for any reason, the value of any asset of the Fund may not be determined as rapidly and accurately as required;

- if, as a result of exchange restrictions or other restrictions affecting the transfer of funds, transactions on behalf of

the Fund are rendered impracticable or if purchases and sales of the Fund’s assets cannot be effected at normal rates of
exchange.

Any such suspension will be notified to those Shareholders who have applied for repurchase and shall be published in

the manner described under Article 17 hereafter if in the opinion of the Management Company such suspension is likely
to exceed two weeks.

12. Repurchase

Shares may not be repurchased before the Valuation Date in February 1998, provided that Shares may be

repurchased on February 5, 1997. The repurchase request must be made at least two days prior to February 5, 1997.

Repurchase of Shares from the Shareholders shall be made on a monthly basis on and after the Valuation Date in

February 1998.

Repurchase will be made at the Net Asset Value per Share of the relevant Class determined as of a Valuation Date,

provided that the application for repurchase of Shares is received by the Management Company prior to 2.00 p.m.,
Luxembourg time, on a Business Day which is at least 7 calendar days prior to that Valuation Date.

No repurchase fee will be charged. The repurchase request must be accompanied by the relevant share certificates

(if issued).

The Management Company shall ensure that an appropriate level of liquidity is maintained in the Fund, so that under

normal circumstances repurchase of the Shares of the Fund may be made promptly upon request by Shareholders. 

4148

Payment of the repurchase price shall be made in United States dollars not later than seven days after the relevant
Valuation Date and subject to receipt of the share certificate (if issued).

The Custodian must make payment only if no statutory provisions, such as exchange control regulations or other

circumstances outside the control of the Custodian, prohibit the transfer of the payment of the repurchase price to the
country where repurchase was applied for.

13. Charges of the Fund

The Management Company is entitled to a management fee payable, out of the assets of the Fund, at the end of each

quarter at an annual rate of 0.01 % of the average monthly Net Assets of the Fund during the relevant quarter.

The Management Company shall pay, out of the assets of the Fund to the Trading Manager a monthly management

fee, prorated for partial months, following each calendar month end equal to the sum of each of the percentage listed in
the right column below, multiplied by the corresponding portion of the average daily level of Allocated Assets listed in
the left column.

$ 0 through $ 100 million

1/12 of 1.30 %

in excess of $ 100 million through $ 150 million

1/12 of 1.10 %

in excess of $ 150 million through $ 200 million

1/12 of 1.00 %

in excess of $ 200 million

1/12 of 0.80 %

The Management Company shall also pay, out of the assets of the Fund to the Trading Manager a quarterly incentive

fee following the end of each calendar quarter of 10 per cent of any increase during that period in cumulative Trading
Profit of the Fund (which is not reduced by incentive fees previously paid) over the greater of $ 0 or the highest previous
level of cumulative trading profits as of the end of a calendar quarter. Cumulative Trading Profit shall not be reduced by
the amount of incentive fees paid.

In calculating the Trading Manager’s incentive fee for any calendar quarter, the trading for the Fund done by all Trading

Advisors shall be taken together and no incentive fee shall be payable unless there is an increase in the cumulative
Trading Profit of the Fund as a whole over the highest previous level of cumulative Trading Profit as of the end of a
calendar quarter since the date of the Trading Manager Agreement regardless of whether the trading above by one or
more Trading Advisors may have been profitable.

If any incentive fee is paid to the Trading Manager in respect of an increase in cumulative Trading Profit and cumulative

Trading Profit thereafter declines, the Trading Manager will nevertheless retain such incentive fee.

Withdrawals from Trading Assets, including, without limitation, withdrawals made from the Trading Assets but

excluding payments of fees as described in the next following sentence below, shall proportionally reduce loss carried
forward in the calculation of the Trading Profit (i.e. the amount of any loss carried forward shall be reduced at the time
of any withdrawal by a proportion equal to the amount withdrawn divided by the Trading Assets of the Fund at the date
of the withdrawal). Payments out of Trading Assets of the management fee, incentive fee, Trading Advisor fees and
brokerage commissions paid to the Commodity Broker and Securities Brokers shall not be considered withdrawals for
this purpose. Following a reduction in loss carried forward due to withdrawals, such reductions will not be reversed in
consequence of later additions to Trading Assets.

Although some Trading Advisors charge only an incentive fee, as described below, in general each Trading Advisor is

paid a management fee based upon the amount of Trading Assets allocated to it for management. Such management fees,
on a weighted average basis of the assets allocated to the Trading Advisors, generally are at annual rates from 2-4 % of
Trading Assets allocated to a Trading Advisor for management. The Trading Advisors also generally receive an incentive
fee based on an increase of cumulative trading profit achieved during a specified period. Such incentive fee may vary
among Trading Advisors, both in respect of the percentage paid and the length of the period over which performance is
calculated, but generally range between 10 % and 33 % of the increase in cumulative trading profit generated by the parti-
cular Trading Advisor during the relevant period and will be calculated on a monthly, quarterly or annual basis. For this
purpose trading profit will include unrealized profit on open positions. If the Trading Manager acts as a Trading Advisor
it will not charge any Trading Advisors.

The Management Company will pay out of the assets of the Fund, to the Cash Manager a monthly fee at the rate of

0.07 % per annum of the sum of the average daily balances on deposit in the Cash Management Account during the
relevant month, which fee shall be withdrawn from the Cash Management Account promptly following the end of each
month.

The Commodity Broker will receive, out of the assets of the Fund, fees and commissions at competitive rates not to

exceed $ 12 per round-turn or $ 7.50 over non-U.S. exchange costs. The Fund shall further reimburse the Commodity
Broker for any «give-up» fees in excess of $ 1.50 per contract and any floor brokerage fees in excess of $ 1.00 per
contract.

The Agent Securities Company in Japan is entitled to an agent securities company fee payable, out of the assets attri-

butable to the Class A Shares of the Fund, at the end of each quarter, at an annual rate of 1.0 % of the average quarterly
Net Assets of the Fund attributable to the Class A Shares during the relevant quarter. Any reasonable disbursements
and out-of-pocket expenses incurred by the Agent Securities Company in Japan for clients service on behalf of the Fund
will be borne by the Fund.

The Custodian shall be entitled to receive, out of the assets of the Fund, a custodian fee the level of which is in

accordance with usual practice in Luxembourg and which is expressed as a percentage of the average monthly Net
Assets of the Fund and is payable quarterly. Any reasonable disbursements and out-of-pocket expenses (including
without limitation telephone, telex, cable and postage expenses) incurred by the Custodian, and any custody charges of
banks and financial institutions to whom custody of assets of the Fund is entrusted, will be borne by the Fund.

The other costs charged to the Fund are:

4149

- all taxes which may be due on the assets and the income of the Fund;
- usual banking fees due on transactions involving securities held in the portfolio of the Fund (such fees to be included

in the acquisition price and to be deducted from the selling price);

- the remuneration and out-of-pocket expenses of the Registrar, Transfer Agent and Administrative Agent;
- legal expenses incurred by the Management Company or the Custodian while acting in the interests of the

Shareholders;

- the cost of printing certificates; the cost of preparing, and/or filing and printing of the Management Regulations and

all other documents concerning the Fund, including registration statements and prospectuses with all authorities
(including local securities dealers’ associations) having jurisdiction over the Fund or the offering of Shares of the Fund;
the cost of preparing, in such languages as are necessary for the benefit of the Shareholders, including the beneficial
holders of the Shares, and distributing annual and semi-annual reports and such other reports or documents as may be
required under the applicable laws or regulations of the above-cited authorities; the cost of accounting, bookkeeping and
calculating the Net Assets; the cost of preparing and distributing public notices to the Shareholders; lawyers’ and
auditor’s fees; and all similar administrative charges, except all advertising expenses and other expenses directly incurred
in offering or distributing the Shares.

All recurring charges will be charged first against income, then against capital gains and then against assets. Other

charges may be amortized over a period not exceeding three years.

The Commodity Broker and the Securities Broker will receive, out of the assets of the Fund, fees and commissions

in accordance with usual practice for brokers in the United States of America.

All recurring charges will be charged first against income, then against capital gains and then against assets. Other

charges may be amortized over a period not exceeding three years.

14. Accounting Year, Audit

The accounts of the Fund are closed each year on January 31, and for the first time on January 31, 1998.
The accounts of the Management Company will be audited by auditors appointed by the Management Company.
The Management Company shall also appoint an auditor who shall, with respect to the assets of the Fund, carry out

the duties prescribed by the law of March 30, 1988 regarding collective investment undertakings.

15. Dividends

The Management Company, in respect of any Class of Shares, may declare dividends annually within three months

after the end of each annual fiscal period out of up to 100 % of the Trading Profit generated during such year (which
amount shall be determined by the Management Company with the consent of the Trading Manager).

No distribution may be made as a result of which the Net Assets of the Fund would fall below the equivalent in U.S.

dollars of 50,000,000.- Luxembourg francs.

Dividends not claimed within five years from their due date will lapse and revert to the Fund.

16. Amendment of the Management Regulations

The Management Company may, upon approval of the Custodian, amend these Management Regulations in whole or

in part at any time.

Amendments will become effective five days after their publication in the Mémorial, Recueil des Sociétés et Associa-

tions of Luxembourg.

17. Publications

The Net Assets and the issue and repurchase price per share of each Class will be available in Luxembourg at the

registered office of the Management Company and the Custodian.

The audited annual report and the unaudited semi-annual report of the Fund are made available to the Shareholders

at the registered offices of the Management Company and the Custodian.

Any amendments to these Management Regulations will be published in the Mémorial, Recueil des Sociétés et

Associations of Luxembourg.

The amendments and any notices to Shareholders may also be published, as the Management Company may decide,

in newspapers of countries where the Shares of the Fund are offered and sold.

18. Duration of the Fund, Liquidation

The Fund has been established for a period expiring on the last Business Day of January 2002.
The Fund may be dissolved prior to the end of its life or extended for a further period by mutual agreement between

the Management Company and the Custodian.

The Fund will be dissolved in any circumstances imposed by Luxembourg law.
Any notice of dissolution will be published in the Mémorial, Recueil des Sociétés et Associations of Luxembourg and

in at least three newspapers with appropriate distribution, at least one of which must be a Luxembourg newspaper, to
be determined jointly by the Management Company and the Custodian.

Issue and repurchase of Shares will cease at the time of the decision or event leading to the dissolution.
The Management Company will realize the assets of the Fund in the best interests of the Shareholders and the

Custodian, upon instructions given by the Management Company, will distribute the net proceeds of the liquidation
(after deducting all liquidation expenses) attributable to each class among the Shareholders in proportion to their Shares
of each Class held.

As provided by Luxembourg law the proceeds of liquidation corresponding to Shares not surrendered for repayment

at the close of liquidation will be kept in safe custody with the Luxembourg «Caisse des Consignations» until the
prescription period has elapsed.

The liquidation or the partition of the Fund may not be requested by a shareholder, nor by his heirs or beneficiaries.

4150

19. Statute of Limitation

The claims of the Shareholders against the Management Company or the Custodian will lapse five years after the date

of the event which gave rise to such claims.

20. Applicable Law, Jurisdiction and Governing Language

These Management Regulations are governed by the laws of Luxembourg and any disputes arising between the

Shareholders, the Management Company and the Custodian shall be settled according to Luxembourg law and subject
to the jurisdiction of the District Court of Luxembourg, provided, however, that the Management Company and the
Custodian may subject themselves and the Fund to the jurisdiction of courts of the countries, in which the Shares of the
Fund are offered and sold, with respect to claims by investors resident in such countries and, with respect to matters
relating to subscriptions and repurchases by Shareholders resident in such countries, to the laws of such countries.

English shall be the governing language for these Management Regulations.

21. Definitions

Allocated Assets: The aggregate amount of (i) Trading Assets allocated to each Trading Advisor (other than an

investment fund) for the management pursuant to the relevant Trading Advisor agreement between the Fund and such
Trading Advisor plus or minus Trading Profit/Loss earned by such Trading Advisor in trading for the Fund and plus or
minus additions or withdrawals of Trading Assets from the management of such Trading Advisor and (ii) the net asset
value of the Fund’s investment in other investment funds.

Business Day: A day, other than a Saturday or Sunday, on which banks are open for business in Luxembourg, London

and New York.

CFTC: The Commodity Futures Trading Commission of the United States.
Cash Management Account: The accounts established for the Fund at the Cash Manager for the purpose of

conducting cash management of Trading Assets not currently committed to investment in Trading Interests under the
direction of the Cash Manager.

Cash Manager: CITIBANK, N.A., New York Branch acting as cash manager for the Cash Management Account.
Class A: A separate class of Shares of the Fund in distinction from Class B.
Class B: A separate class of Shares of the Fund in distinction from Class A.
Commodity Broker: THE NIKKO SECURITIES CO., INTERNATIONAL INC., a Delaware corporation.
Custodian: NIKKO BANK (LUXEMBOURG) S.A.
Custodian Account(s): The custodian account(s) structured as fiduciary accounts of the Custodian for the Fund.
Distributor in Japan: THE NIKKO SECURITIES CO., Ltd., a Japanese corporation.
Distributor outside Japan: NIKKO BANK (LUXEMBOURG) S.A.
EU: The European Union.
Futures: Futures and options contracts traded on or subject to the rules of a regulated futures exchange and spot,

forward and options contracts in currencies traded off-exchange in the inter-bank market.

Investment Restrictions: The Investment Restrictions contained in these Management Regulations.
Management Company: TOTAL ALPHA INVESTMENT FUND MANAGEMENT COMPANY S.A.
Net Assets: Assets less liabilities of the Fund as determined pursuant to these Management Regulations.
Net Asset Value per Share: In respect of Class A Shares and/or Class B Shares as of any date, the Net Assets of the

Fund attributable to a Class divided by the number of Shares of such Class then outstanding.

NFA: National Futures Association of the United States.
OECD: The Organization for Economic Co-operation and Development.
Prospectus: The offering Prospectus of the Fund.
Securities: All equity, and debt securities and any other type of financial instrument, including, but not limited to

repurchase and reverse repurchase agreements which the Fund is permitted to trade.

Securities Broker: Brokers carrying an account of the Fund for the purpose of purchasing and selling Securities and

each counterparty to the Fund in an over-the-counter Securities transaction.

SFA: The Securities and Futures Authority Limited of the United Kingdom.
Share: A unit of ownership interest in the Fund of either Class A or Class B.
Shareholder: A co-owner of the Fund whose interest in the Fund is represented by one or several Shares.
Trading Advisor: A trading advisor (which in some cases may be an investment fund in which the Fund invests)

selected from time to time by the Trading Manager each of which is allocated a portion of the Trading Assets for trading
in Trading Interests.

Trading Assets: The assets of the Fund.
Trading Interests: Futures and Securities, collectively.
Trading Manager: CITICORP TRUST, N.A. (California).
Trading Manager Agreement: The agreement to be entered into among the Management Company, and the Trading

Manager pursuant to which the Trading Manager will act as trading manager for the Fund.

Trading Profit/Loss: For any period, the net of realized gains and losses in the trading of Trading Interests for the Fund

during such period plus or minus the change as of the end of the period from the end of the prior period in the unrea-

4151

lized gain or loss on open Trading Interest positions with respect to the Fund, plus any dividend or interest income
accrued or paid in respect of the Fund’s Trading Assets less (i) Trading Advisor fees, and (ii) the amount of any brokerage
commissions paid or accrued that, in the case of Futures brokerage, does not exceed $ 12/round-turn Futures contract
for contracts traded on a U.S. exchange or $ 7.5 per round-turn above the Commodity Broker’s actual out-of-pocket
direct costs for executing trades on exchanges outside of the U.S.

U.S. dollar or $: The lawful currency of the United States of America.
U.S. Person: As described in Article 7.
Valuation Date: February 5, 1997 and, thereafter, the last Business Day in each month and after January 31, 2000, each

Business Day.

These Management Regulations, originally executed on December 20, 1996, have been amended on 10th January,

1997 on the date hereof to the present form and will become effective on January 29, 1997.

Luxembourg, January 16, 1997.

TOTAL ALPHA INVESTMENT FUND

NIKKO BANK (LUXEMBOURG) S.A.

MANAGEMENT COMPANY S.A.

<i>as Custodian

<i>as Management Company

Signature

Enregistré à Luxembourg, le 24 janvier 1996, vol. 489, fol. 2, case 21. – Reçu 500 francs.

<i>Le Receveur (signé): J. Muller.

(04241/260/623)  Déposé au registre de commerce et des sociétés de Luxembourg, le 27 janvier 1997.

M.T.C., MACHINE &amp; TRADING-CENTER, Société à responsabilité limitée.

La domiciliation de la Société à responsabilité limitée M.T.C., MACHINE &amp; TRADING-CENTER, publiée au Mémorial

C, Recueil des Sociétés et Associations, N

o

433 du 17 septembre 1993, avec siège social à L-4151 Esch-sur-Alzette, 3,

rue Ernie Reitz (anc. petite rue des Jardins) est dénoncée avec effet immédiat.

M. Barthels

<i>Administrateur-délégué

Enregistré à Luxembourg, le 5 février 1997, vol. 305, fol. 58, case 6. – Reçu 500 francs.

<i>Le Receveur ff. (signé): Signature.

(06606/569/10)  Déposé au registre de commerce et des sociétés de Luxembourg, le 11 février 1997.

ABACA S.A., Société Anonyme.

Par lettre du 15 janvier 1997 aux actionnaires de la société ABACA S.A., COOPERS &amp; LYBRAND S.C. a démissionné

de son mandat de réviseur d’entreprises de la société ABACA S.A. avec effet immédiat.

COOPERS &amp; LYBRAND S.C.

<i>Réviseurs d’Entreprises

<i>représentée par

D. Mouget

Enregistré à Luxembourg, le 11 février 1997, vol. 489, fol. 56, case 12. – Reçu 500 francs.

<i>Le Receveur (signé): J. Muller.

(06687/581/11)  Déposé au registre de commerce et des sociétés de Luxembourg, le 12 février 1997.

SAMCO S.A., Société Anonyme.

Siège social: Luxembourg, 13, rue Beaumont.

R. C. Luxembourg B 27.550.

Les documents de clôture aux 31 décembre 1994 et au 31 décembre 1995, enregistrés à Luxembourg, le 11

décembre 1996, vol. 487, fol. 59, case 10, ont été déposés au registre de commerce et des sociétés de Luxembourg, le
13 décembre 1996.

La perte résultant des exercices 1994 et 1995 de BEF 756.642,- vient en diminution du bénéfice reporté de l’exercice

1993, à savoir BEF 2.546.557,-.

Le bénéfice total restant de BEF 1.789.915,- est réparti de la manière suivante:

- Affectation à la réserve légale …………………………………………

BEF

100.000,-

- Report à nouveau ………………………………………………………………

BEF 1.689.915,-

- Total:………………………………………………………………………………………

BEF 1.789.915,-

Le mandat des administrateurs et du commissaire aux comptes est reconduit jusqu’à l’assemblée générale statuant sur

l’exercice au 31 décembre 1996.

Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Luxembourg, le 3 décembre 1996.

SAMCO S.A.

Signatures

(44562/020/19)  Déposé au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

4152

FIRST UNION COMMERCIAL S.A., Société Anonyme.

Siège social: Luxembourg.

R. C. Luxembourg B 47.451.

Par ses différents courriers adressés le 22 janvier 1997 aux Administrateurs et aux Actionnaires de la société FIRST

UNION COMMERCIAL S.A. (R.C. B 47.451), la société FIDUCIAIRE ET SOCIETE DE GESTION EUROPEENNE S.A. a
démissionné de ses fonctions de commissaire aux comptes et ce, avec effet immédiat.

Luxembourg, le 22 janvier 1997.

Signature.

Enregistré à Luxembourg, le 28 janvier 1997, vol. 489, fol. 15, case 12. – Reçu 500 francs.

<i>Le Receveur (signé): J. Muller.

(06954/720/11)  Déposé au registre de commerce et des sociétés de Luxembourg, le 13 février 1997.

INTERNATIONAL AFFAIRS A.G., Aktiengesellschaft.

R. C. Luxembourg B 48.189.

Par ses différents courriers adressés le 22 janvier 1997 aux Administrateurs et Associés de la société INTERNA-

TIONAL AFFAIRS A.G. (R.C. B 48.189), la société FIDUCIAIRE ET SOCIETE DE GESTION EUROPEENNE S.A. a
démissionné de ses fonctions de commissaire aux comptes et ce, avec effet immédiat.

Le siège social de la société INTERNATIONAL AFFAIRS A.G. (R.C. B 48.189) a été dénoncé le 22 janvier 1997 par

le Conseil d’Administration de la FIDUCIAIRE ET SOCIETE DE GESTION EUROPEENNE S.A. et ce, avec effet
immédiat.

Luxembourg, le 22 janvier 1997.

Signature.

Enregistré à Luxembourg, le 28 janvier 1997, vol. 489, fol. 15, case 12. – Reçu 500 francs.

<i>Le Receveur (signé): J. Muller.

(06987/720/13)  Déposé au registre de commerce et des sociétés de Luxembourg, le 13 février 1997.

SAFE INTERNATIONAL S.A., Société Anonyme Holding.

Siège social: L-2233 Luxembourg, 32, rue Auguste Neyen.

R. C. Luxembourg B 37.776.

L’an mil neuf cent quatre-vingt-seize, le dix-neuf novembre.
Par-devant Maître Camille Hellinckx, notaire de résidence à Luxembourg, soussigné.
S’est réunie l’assemblée générale extraordinaire des actionnaires de la société anonyme holding SAFE INTERNA-

TIONAL S.A., ayant son siège social à L-2233 Luxembourg, 32, rue Auguste Neyen, inscrite au registre de commerce et
des sociétés de Luxembourg section B sous le numéro 37.776, constituée suivant acte reçu en date du 16 août 1991,
publié au Mémorial C, numéro 59 du 21 février 1992, et dont les statuts ont été modifiés suivant acte reçu en date du
1er février 1995, publié au Mémorial C, numéro 243 du 6 juin 1995.

La séance est ouverte sous la présidence de Madame Romaine Scheifer-Gillen, employée privée, demeurant à Luxem-

bourg.

La présidente désigne comme secrétaire, Monsieur Alain Thill, employé privé, demeurant à Echternach. L’assemblée

choisit comme scrutateur, Monsieur Patrick Van Hees, employé privé, demeurant à Messancy (Belgique).

Les actionnaires présents ou représentés à la présente assemblée ainsi que le nombre d’actions possédées par chacun

d’eux ont été portés sur une liste de présence, signée par les actionnaires présents et par les mandataires de ceux repré-
sentés, et à laquelle liste de présence, dressée par les membres du bureau, les membres de l’assemblée déclarent se
référer.

Ladite liste de présence, après avoir été signée ne varietur par les membres du bureau et le notaire instrumentant,

restera annexée au présent acte avec lequel elle sera enregistrée.

Resteront pareillement annexées au présent acte, avec lequel elles seront enregistrées, les procurations émanant des

actionnaires représentés à la présente assemblée, paraphées ne varietur par les comparants et le notaire instrumentant.

La présidente expose et l’assemblée constate:
A) Que la présente assemblée générale extraordinaire a pour ordre du jour:

<i>Ordre du jour:

1. Augmentation du capital social à concurrence de LUF 6.000.000,- pour le porter de son montant actuel de LUF

10.000.000,- à LUF 16.000.000,- par la création et l’émission de 6.000 actions nouvelles de LUF 1.000,- chacune, jouissant
des mémes droits et avantages que les actions existantes.

2. Souscription et libération intégrale des actions nouvelles.
3. Modification afférente du premier alinéa de l’article cinq des statuts.
4. Possibilité d’émettre des emprunts obligataires convertibles ou non.
B) Que la présente assemblée, réunissant l’intégralité du capital social, est régulièrement constituée et peut délibérer

valablement, telle qu’elle est constituée, sur les objets portés à l’ordre du jour.

C) Que l’intégralité du capital social étant représentée, il a pu être fait abstraction des convocations d’usage, les

actionnaires présents ou représentés se reconnaissant dûment convoqués et déclarant par ailleurs avoir eu connaissance
de l’ordre du jour qui leur a été communiqué au préalable.

Ensuite l’assemblée aborde l’ordre du jour, et après en avoir délibéré, elle a pris, à l’unanimité, les résolutions

suivantes:

4153

<i>Première résolution

L’assemblée décide d’augmenter le capital social à concurrence de LUF 6.000.000,- (six millions de francs luxem-

bourgeois), pour le porter de son montant actuel de LUF 10.000.000,- (dix millions de francs luxembourgeois) à LUF
16.000.000,- (seize millions de francs luxembourgeois), par la création et l’émission de 6.000 (six mille) actions nouvelles
de LUF 1.000,- (mille francs luxembourgeois) chacune, jouissant des mêmes droits et avantages que les actions
existantes.

<i>Deuxième résolution

L’assemblée, après avoir constaté que l’actionnaire minoritaire avait renoncé à son droit préférentiel de souscription,

décide d’admettre à la souscription des 6.000 (six mille) actions nouvelles la société de droit des Bahamas FINSERVICE
(BAHAMAS) LIMITED, ayant son siège social à Nassau, Shirley Street (Bahamas).

<i>Souscription - Libération

Ensuite la société FINSERVICE (BAHAMAS) LIMITED, prédésignée, ici représentée par Madame Romaine Scheifer-

Gillen, préqualifiée, en vertu d’une des procurations ci-avant mentionnées;

a, par sa représentante susnommée, déclaré souscrire les 6.000 (six mille) actions nouvelles et les libérer

intégralement par versement en numéraire à un compte bancaire au nom de la société SAFE INTERNATIONAL S.A.,
prédésignée, de sorte que la somme de LUF 6.000.000,- (six millions de francs luxembourgeois) se trouve dès à présent
à la libre disposition de cette dernière, ce dont il a été justifié au notaire instrumentant par une attestation bancaire.

<i>Troisième résolution

Afin de mettre les statuts en concordance avec les résolutions qui précèdent, l’assemblée décide de modifier le

premier alinéa de l’article cinq des statuts pour lui donner la teneur suivante:

«Art. 5. Premier alinéa. Le capital social souscrit est fixé à LUF 16.000.000,- (seize millions de francs luxembour-

geois), représenté par 16.000 (seize mille) actions de LUF 1.000,- (mille francs luxembourgeois) chacune, disposant
chacune d’une voix aux assemblées générales.

<i>Quatrième résolution

L’assemblée décide d’ajouter un nouveau alinéa deux à l’article sept des statuts ayant la teneur suivante:
«Art. 7. Deuxième alinéa. Il peut prêter ou emprunter à court ou à long terme, même au moyen d’émissions

d’obligations avec ou sans garantie; ces obligations pourront, sur autorisation préalable de l’assemblée générale extra-
ordinaire des actionnaires, être converties en actions.»

<i>Frais

Les frais, dépenses, rémunérations et charges sous quelque forme que ce soit, incombant à la société et mis à sa

charge en raison des présentes, sont évalués sans nul préjudice à la somme de cent dix mille francs luxembourgeois.

Plus rien n’étant à l’ordre du jour, la séance est levée.
Dont procès-verbal, passé à Luxembourg, les jour, mois et an qu’en tête des présentes.
Et après lecture, les comparants prémentionnés ont signé avec le notaire instrumentant le présent procès-verbal.
Signé: R. Scheifer-Gillen, A. Thill, P. Van Hees, C. Hellinckx.
Enregistré à Luxembourg, le 20 novembre 1996, vol. 94S, fol. 48, case 4. – Reçu 60.000 francs.

<i>Le Receveur (signé): J. Muller.

Pour expédition conforme, délivrée aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Luxembourg, le 28 novembre 1996.

C. Hellinckx.

(44559/215/84)  Déposé au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

SAFE INTERNATIONAL S.A., Société Anonyme Holding.

Siège social: L-2233 Luxembourg, 32, rue Auguste Neyen.

R. C. Luxembourg B 37.776.

Statuts coordonnés déposés au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Luxembourg, le 28 novembre 1996.

C. Hellinckx.

(44560/215/8)  Déposé au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

F.L.D. HYGIENE S.A., Société Anonyme.

Siège social: L-3378 Livange, route de Bettembourg, Zone commerciale «Le 2000».

R. C. Luxembourg B 55.954.

Il résulte d’une lettre adressée aux actionnaires de la société F.L.D. HYGIENE S.A., en date du 27 janvier 1997, que

le commissaire aux comptes, LUX-AUDIT S.A., démissionne de ses fonctions avec effet immédiat.

Luxembourg, le 27 janvier 1997.
Enregistré à Luxembourg, le 6 février 1997, vol. 489, fol. 46, case 5. – Reçu 500 francs.

<i>Le Receveur (signé): J. Muller.

(06547/503/10)  Déposé au registre de commerce et des sociétés de Luxembourg, le 11 février 1997.

4154

SCHORNDORF INVESTMENTS S.A., Société Anonyme.

Siège social: L-1118 Luxembourg, 14, rue Aldringen.

R. C. Luxembourg B 48.277.

Lors de la réunion du conseil d’administration du 7 novembre 1996, Monsieur Charles Muller, maître en droit,

demeurant à Luxembourg, a été nommé par voie de cooptation aux fonctions d’administrateur en remplacement de
Monsieur Roger Petry, administrateur démissionnaire.

Luxembourg, le 8 novembre 1996.

<i>Pour SCHORNDORF INVESTMENTS S.A.

CREGELUX

Crédit Général du Luxembourg

Société Anonyme

Signature

Signature

Enregistré à Luxembourg, le 12 décembre 1996, vol. 487, fol. 61, case 3. – Reçu 500 francs.

<i>Le Receveur ff. (signé): D. Hartmann.

(44565/029/15)  Déposé au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

SEA COAST INVESTMENTS S.A., Société Anonyme.

Siège social: L-2449 Luxembourg, 13, boulevard Royal.

<i>Extrait du procès-verbal de la réunion du conseil d’administration tenue le 21 novembre 1996

Il résulte dudit procès-verbal que Monsieur Yannis V. Vardinoyannis, homme d’affaires, résidant à Athènes (Grèce), a

été coopté en tant qu’administrateur de la société en remplacement de Monsieur Theodoros J. Vardinoyannis. Sa
nomination définitive interviendra lors de la prochaine assemblée générale des actionnaires.

Luxembourg, le 28 novembre 1996.

Pour extrait conforme

Pour copie conforme

A. Schmitt

A. Schmitt

<i>Mandataire

<i>Avocat-avoué

Enregistré à Luxembourg, le 11 décembre 1996, vol. 487, fol. 59, case 1. – Reçu 500 francs.

<i>Le Receveur ff. (signé): D. Hartmann.

(44566/275/14)  Déposé au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

SEIP - SOCIETE EUROPEENNE D’INVESTISSEMENTS

ET DE PLACEMENTS S.A., Société Anonyme.

Siège social: Luxembourg, 189, avenue de la Faïencerie.

R. C. Luxembourg B 35.724.

Le bilan au 31 décembre 1994, enregistré à Luxembourg, le 12 décembre 1996, vol. 487, fol. 65, case 3, a été déposé

au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

Luxembourg, le 13 décembre 1996.

<i>Pour la société SEIP –

<i>SOCIETE EUROPEENNE D’INVESTISSEMENTS

<i>ET DE PLACEMENTS S.A.

MERITA BANK LUXEMBOURG S.A.

<i>L’agent domiciliataire

Signatures

(44568/036/15)  Déposé au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

SEIP - SOCIETE EUROPEENNE D’INVESTISSEMENTS

ET DE PLACEMENTS S.A., Société Anonyme.

Siège social: Luxembourg, 189, avenue de la Faïencerie.

R. C. Luxembourg B 35.724.

Le bilan au 31 décembre 1995, enregistré à Luxembourg, le 12 décembre 1996, vol. 487, fol. 65, case 3, a été déposé

au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

Luxembourg, le 13 décembre 1996.

<i>Pour la société SEIP –

<i>SOCIETE EUROPEENNE D’INVESTISSEMENTS

<i>ET DE PLACEMENTS S.A.

MERITA BANK LUXEMBOURG S.A.

<i>L’agent domiciliataire

Signatures

(44569/036/15)  Déposé au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

4155

SEDELLCO HOLDING S.A., Société Anonyme.

Siège social: L-1724 Luxembourg, 11A, boulevard du Prince Henri.

R. C. Luxembourg B 35.443.

Le bilan au 31 décembre 1995, enregistré à Luxembourg, le 12 décembre 1996, vol. 487, fol. 65, case 10, a été déposé

au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

Il résulte d’une décision prise lors de l’assemblée générale ordinaire du 23 avril 1996, que:
– Ont été réélues comme administrateur, leur mandat expirant lors de l’assemblée générale ordinaire statuant sur

l’exercice 1996:

- Mme M.P. Van Waelem, demeurant à Luxembourg, présidente;
- Mme M.J. Renders, demeurant à Beersel (B);
- Mme R. Bernard, demeurant à Leudelange.
– A été réélue comme commissaire aux comptes, son mandat expirant lors de l’assemblée générale ordinaire

statuant sur l’exercice 1996:

- S.R.E. REVISION, SOCIETE DE REVISION CHARLES ENSCH, S.à r.l., avec siège social à Luxembourg.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

Signature.

(44567/529/19)  Déposé au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

SOBAC, Société Anonyme.

Siège social: L-1118 Luxembourg, 14, rue Aldringen.

R. C. Luxembourg B 4.823.

Lors de la réunion du conseil d’administration du 7 novembre 1996, Monsieur Benoît Duvieusart, licencié en droit,

demeurant à Roodt-sur-Syre, a été nommé par voie de cooptation aux fonctions d’administrateur en remplacement de
Monsieur Roger Petry, administrateur démissionnaire.

Luxembourg, le 8 novembre 1996.

<i>Pour SOBAC

CREGELUX

Crédit Général du Luxembourg

Société Anonyme

Signature

Signature

Enregistré à Luxembourg, le 12 décembre 1996, vol. 487, fol. 61, case 3. – Reçu 500 francs.

<i>Le Receveur ff. (signé): D. Hartmann.

(44572/029/15)  Déposé au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

SPORTIV - Mode Masculine, GmbH, Gesellschaft mit beschränkter Haftung.

Gesellschaftssitz: Luxemburg, 22, Grand-rue.

Im Jahre eintausendneunhundertsechsundneunzig, am achtzehnten Oktober.
Vor dem unterzeichneten Notar Jean Seckler, mit Amtswohnsitz in Junglinster.
Traten die Gesellschafter der Gesellschaft mit beschränkter Haftung SPORTIV - mode masculine, mit Sitz in

Luxemburg, 22, Grand-rue, zu einer ausserordentlichen Generalversammlung zusammen.

Genannte Gesellschaft wurde gegründet unter Privatschrift am 29. Mai 1972, veröffentlicht im Mémorial C Nummer

137 vom 6. September 1972.

Die Statuten wurden abgeändert gemäss Urkunde, aufgenommen durch den zu Luxemburg residierenden Notar

Marthe Thyes-Walch, am 9. Oktober 1989, veröffentlicht im Mémorial C, Nummer 118 vom 10. April 1990.

Die Versammlung setzt sich zusammen wie folgt:
1. Herr Günther Brösamle, Kaufmann, wohnhaft in D-6906 Leimen, Panoramastrasse 43,
2. Herr Rolf Hinderer, Kaufmann, wohnhaft in D-7270 Nagold, Vollmaringer Strasse 32,
hier vertreten durch Herrn Günther Brösamle, vorgenannt, auf Grund einer Vollmacht unter Privatschrift, ausgestellt

zu Nagold, am 1. Oktober 1996,

welche Vollmacht, nachdem sie von dem Notar und dem Komparenten, ne varietur unterschrieben wurde, gegen-

wärtiger Urkunde als Anlage beigebogen bleibt, um mit derselben einregistriert zu werden.

Welcher Komparent erklärt, als Bevollmächtigter der einzigen Gesellschafter der Gesellschaft mit beschränkter

Haftung SPORTI -  mode masculine, zu handeln und ersuchte den amtierenden Notar, die in ausserordentlicher General-
versammlung einstimmig gefassten Beschlüsse zu beurkunden wie folgt:

<i>Erster Beschluss

Die Gesellschafter beschliessen, die Gesellschaft aufzulösen und sie in Liquidation zu setzen.

<i>Zweiter Beschluss

Die Gesellschafter ernennen zum Liquidatoren Herrn Günther Brösamle, Kaufmann, wohnhaft in D-6906 Leimen,

Panoramastrasse 43, und erkennen ihm ein Anrecht zu auf angepasste und vernünftige Honorare, sowie auf Rücker-
stattung aller die Auflösung betreffenden Auslagen.

4156

<i>Dritter Beschluss

Der Liquidator kann, unter seiner Verantwortung, alle oder einen Teil seiner Befugnisse für spezielle und bestimmte

Operationen, an Vollmachtnehmer übertragen.

Dem Liquidatoren werden in Gemässheit von Artikel 145 des Gesetzes über Handelsgesellschaften die weitestge-

henden Befugnisse erteilt, so dass er selbst da, wo normalerweise notwendig, die Genehmigung der Generalver-
sammlung nicht einholen muss. Der Liquidator braucht kein Inventar aufzustellen und kann sich auf die Bücher und
Unterlagen der Gesellschaft berufen.

Er kann ferner den Hypothekenbewahrer davon befreien, eine Offizialeintragung vorzunehmen, auf alle Realrechte,

Privilegien, Hypotheken und Auflösungsrechte verzichten, vor oder nach Zahlung die Hypothekenlöschung sämtlicher
privilegierten oder hypothekarischen Eintragungen, Überschreibungen, Pfändungen, Oppositionen oder anderer Hinder-
nisse, bewilligen.

Er hat darüber hinaus die Befugnis, das der Gesellschaft gehörende Haus, gelegen zu Luxemburg, 79, Grand-rue,

eingetragen im Kataster und Sektion F der Stadt Luxemburg, unter der Nummer 150/704, im Ort genannt: «Grand-rue»,
als Haus, Platz, gross 1 Ar, an beide Gesellschafter im Verhältnis ihrer Beteiligung an der Gesellschaft zu übertragen als
Produkt der Liquidation.

<i>Vierter Beschluss

Die Gesellschafter erteilen dem Geschäftsführer Entlastung für seine Geschäftsführung bis zu gegenwärtiger

Versammlung.

<i>Kosten

Die der Gesellschaft aus Anlass dieser Urkunde anfallenden Kosten, Honorare und Auslagen werden auf ungefähr

fünfundzwanzigtausend Franken abgeschätzt.

Worüber Urkunde, aufgenommen in Junglinster, am Datum wie eingangs erwähnt.
Und nach Vorlesung und Erklärung alles Vorstehenden an die Komparenten, alle dem instrumentierenden Notar nach

Namen, gebräuchlichem Vornamen, Stand und Wohnort bekannt, haben alle mit dem Notar gegenwärtige Urkunde
unterschrieben.

Gezeichnet: G. Brösamle, J. Seckler.
Enregistré à Grevenmacher, le 29 octobre 1996, vol. 499, fol. 13, case 6. – Reçu 500 francs.

<i>Le Receveur (signé): G. Schlink.

Für gleichlautende Ausfertigung erteilt, zwecks Veröffentlichung im Mémorial, Recueil des Sociétés et Associations.

Junglinster, den 11. Dezember 1996.

J. Seckler.

(44574/231/62)  Déposé au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

SUN INTERNATIONAL FINANCE S.A.H., Société Anonyme Holding.

Siège social: Luxembourg, 28, boulevard Joseph II.

R. C. Luxembourg B 15.431.

Le bilan au 31 octobre 1995, enregistré à Luxembourg, le 10 décembre 1996, vol. 487, fol. 54, case 3, a été déposé

au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

NOMINATIONS STATUTAIRES

<i>Conseil d’administration

Les membres du conseil d’administration, Monsieur M. Vanmoerkerke, Monsieur M. Hofman et Monsieur G. Covas

sont confirmés dans leur mandat et ceci pour une nouvelle période d’un an jusqu’à l’assemblée générale de juin 1997.

Leur mandat sera exercé gratuitement.
Monsieur J. Bailyu est confirmé dans son mandat de commissaire, ceci pour une nouvelle période d’un an.

Luxembourg, le 10 décembre 1996.

(44575/550/16)  Déposé au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

SYLCALUX S.A., Société Anonyme.

Siège social: L-1537 Luxembourg, 3, rue des Foyers.

R. C. Luxembourg B 40.602.

Le bilan au 31 décembre 1995, enregistré à Luxembourg, le 25 novembre 1996, vol. 486, fol. 92, case 10, a été déposé

au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

Luxembourg, le 29 novembre 1996.

<i>Pour la société

FIDUCIAIRE BECKER &amp; CAHEN

Signature

(44578/502/11)  Déposé au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

4157

SOPELEC S.A., Société Anonyme.

Siège social: L-1015 Luxembourg, 50, route d’Esch.

R. C. Luxembourg B 14.979.

<i>Extrait des résolutions prises lors de l’assemblée générale extraordinaire du 28 novembre 1996

– La démission de Messieurs Toby Herkrath, Serge Thill et Jean-Paul Defay, en tant qu’administrateurs, et de

Monsieur Roger Caurla, en tant que commissaire aux comptes, est acceptée.

– Madame Carine Bittler, Messieurs Eric Vanderkerken et Johan Dejans sont nommés en leur remplacement. Leur

mandat viendra à échéance lors de l’assemblée générale statutaire de l’an 2002.

– BBL TRUST SERVICES LUXEMBOURG est nommé en tant que commissaire aux comptes. Son mandat viendra à

échéance lors de l’assemblée générale statutaire de l’an 2002.

– Le domicile est transféré au 50, route d’Esch, L-1015 Luxembourg.
Luxembourg, le 28 novembre 1996.

Certifié sincère et conforme

<i>Pour SOPELEC S.A.

COMPANIES &amp; TRUSTS PROMOTION S.A.

Signature

Signature

<i>Administrateur

<i>Administrateur

Enregistré à Luxembourg, le 11 décembre 1996, vol. 487, fol. 59, case 8. – Reçu 500 francs.

<i>Le Receveur ff. (signé): D. Hartmann.

(44573/696/21)  Déposé au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

SUNAIR LUXEMBOURG S.A., Société Anonyme.

Siège social: Luxembourg, 28, boulevard Joseph II.

R. C. Luxembourg B 14.026.

Le bilan au 31 octobre 1995, enregistré à Luxembourg, le 10 décembre 1996, vol. 487, fol. 54, case 3, a été déposé

au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

NOMINATIONS STATUTAIRES

<i>Conseil d’administration

Les membres du conseil d’administration, Monsieur M. Vanmoerkerke, Monsieur G. Covas et Monsieur P. De Maese-

neire sont confirmés dans leur mandat et ceci pour une nouvelle période d’un an jusqu’à l’assemblée générale de juin
1997.

Leur mandat sera exercé gratuitement.
Monsieur J. Bailyu est confirmé dans son mandat de commissaire, ceci pour une nouvelle période d’un an.
Luxembourg, le 10 décembre 1996.

(44576/550/17)  Déposé au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

TARMA S.A., Société Anonyme.

Siège social: L-1143 Luxembourg, 2, rue Astrid.

R. C. Luxembourg B 41.943.

Le bilan au 31 décembre 1995, enregistré à Luxembourg, le 25 novembre 1996, vol. 486, fol. 92, case 10, a été déposé

au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Luxembourg, le 29 novembre 1996.

<i>Pour la société

FIDUCIAIRE BECKER &amp; CAHEN

Signature

(44579/502/11)  Déposé au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

THEWALT S.A., Société Anonyme.

Siège social: L-1537 Luxembourg, 3, rue des Foyers.

R. C. Luxembourg B 42.050.

Le bilan au 31 décembre 1995, enregistré à Luxembourg, le 25 novembre 1996, vol. 486, fol. 92, case 10, a été déposé

au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Luxembourg, le 29 novembre 1996.

<i>Pour la société

FIDUCIAIRE BECKER &amp; CAHEN

Signature

(44585/502/11)  Déposé au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

4158

TECHNICAL INOVATION COMPANY HOLDING S.A., Société Anonyme.

Siège social: L-1118 Luxembourg, 14, rue Aldringen.

R. C. Luxembourg B 24.159.

Lors de la réunion du conseil d’administration du 7 novembre 1996, Monsieur Charles Muller, maître en droit,

demeurant à Luxembourg, a été nommé par voie de cooptation aux fonctions d’administrateur en remplacement de
Monsieur Roger Petry, administrateur démissionnaire.

Luxembourg, le 21 novembre 1996.

<i>Pour TECHNICAL INOVATION COMPANY HOLDING S.A.

CREGELUX

Crédit Général du Luxembourg

Société Anonyme

Signature

Signature

Enregistré à Luxembourg, le 12 décembre 1996, vol. 487, fol. 61, case 3. – Reçu 500 francs.

<i>Le Receveur ff. (signé): D. Hartmann.

(44580/029/15)  Déposé au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

TECTRONA, S.à r.l., Société à responsabilité limitée.

Siège social: L-2560 Luxembourg, 44, rue de Strasbourg.

Le bilan au 31 décembre 1995, enregistré à Luxembourg, le 25 novembre 1996, vol. 486, fol. 92, case 10, a été déposé

au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Luxembourg, le 29 novembre 1996.

<i>Pour la société

FIDUCIAIRE BECKER &amp; CAHEN

Signature

(44581/502/10)  Déposé au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

TERANIM S.A., Société Anonyme.

Siège social: L-1118 Luxembourg, 14, rue Aldringen.

R. C. Luxembourg B 17.237.

Lors de la réunion du conseil d’administration du 7 novembre 1996, Monsieur Benoît Duvieusart, licencié en droit,

demeurant à Roodt-sur-Syre, a été nommé par voie de cooptation aux fonctions d’administrateur en remplacement de
Monsieur Roger Petry, administrateur démissionnaire.

Luxembourg, le 8 novembre 1996.

<i>Pour TERANIM S.A.

CREGELUX

Crédit Général du Luxembourg

Société Anonyme

Signature

Signature

Enregistré à Luxembourg, le 12 décembre 1996, vol. 487, fol. 61, case 2. – Reçu 500 francs.

<i>Le Receveur ff. (signé): D. Hartmann.

(44582/029/15)  Déposé au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

THE EAGLE’S EYE HOLDINGS S.A., Société Anonyme.

Siège social: L-2180 Luxembourg, 6, rue Jean Monnet.

R. C. Luxembourg B 50.602.

L’an mil neuf cent quatre-vingt-seize, le quatre décembre.
Par-devant Maître Joseph Elvinger, notaire de résidence à Dudelange (Grand-Duché de Luxembourg), soussigné.
S’est réunie l’assemblée générale extraordinaire des actionnaires de la société anonyme THE EAGLE’S EYE

HOLDINGS S.A., ayant son siège social à L-2180 Luxembourg, 6, rue Jean Monnet, constituée suivant acte reçu par le
notaire instrumentant en date du 2 février 1995, publié au Mémorial C, numéro 307 du 5 juillet 1995.

L’assemblée est ouverte sous la présidence de Monsieur Olivier Ferres, consultant, demeurant à Luxembourg.
Monsieur le Président désigne comme secrétaire, Monsieur John Hames, expert-comptable, demeurant à Mersch.
L’assemblée choisit comme scrutateur, Monsieur Manuel Hack, employé privé, demeurant à Luxembourg.
Les actionnaires présents ou représentés à la présente assemblée ainsi que le nombre d’actions possédées par chacun

d’eux ont été portés sur une liste de présence, signée par les actionnaires présents et par les mandataires de ceux repré-
sentés, et à laquelle liste de présence, dressée par les membres du bureau, les membres de l’assemblée déclarent se
référer.

Ladite liste de présence, après avoir été signée ne varietur par les membres du bureau et le notaire instrumentant,

restera annexée au présent acte avec lequel elle sera enregistrée.

Resteront pareillement annexées au présent acte, avec lequel elles seront enregistrées, les procurations émanant des

actionnaires représentés à la présente assemblée, paraphées ne varietur par les comparants et le notaire instrumentant.

4159

Monsieur le président expose et l’assemblée constate:
A) Que la présente assemblée générale extraordinaire a pour

<i>Ordre du jour:

1. - Modification de l’article 5 des statuts pour lui donner la teneur suivante:
«Le capital souscrit est fixé à USD 23.50.000,- (vingt-trois millions sept cent cinquante mille US Dollars), représenté

par 5.000.000 (cinq millions) d’actions ordinaires d’une valeur nominale de USD 2,- (deux Dollars US) chacune et par
1.375.000 (un million trois cent soixante-quinze mille) actions privilégiées d’une valeur nominale de USD 10.- (dix
Dollars US) chacune, tel qu’il est spécifié à l’article 17 ciaprès.

Le capital souscrit de la société peut être augmenté ou réduit par une décision des actionnaires prise dans le respect

des conditions d’une modification des présents statuts. »

Version anglaise:

«The subscribed capital isfixed at USD 23,750.000.- (twenty-three million seven hundred and fifty thousand US

Dollars) divided into 5,000,000 (five million) ordinary shares with a par value of USD 2.-(two US Dollars) per share and
1,375,000 (one million three hundred and seventy-five thousand) preferred shares with a par value of USD 10.- (ten US
Dollars) per share, as referred to by Article 17 hereof

The subscribed capital of the corporation may be increased or reduced by a resolution of the shareholders adopted

in the manner required for amendment of these articles of incorporation.»

2. - Divers.
B) Que la présente assemblée, réunissant l’intégralité du capital social, est régulièrement constituée et peut délibérer

valablement, telle qu’elle est constituée, sur les objets portés à l’ordre du jour.

C) Que l’intégralité du capital social étant représentée, il a pu être fait abstraction des convocations d’usage, les

actionnaires présents ou représentés se reconnaissant dûment convoqués et déclarant par ailleurs avoir eu connaissance
de l’ordre du jour qui leur a été communiqué au préalable.

Ensuite l’assemblée aborde l’ordre du jour et après en avoir délibéré, elle a pris, à l’unanimité, la résolution suivante:

<i>Résolution

L’assemblée décide de modifier l’article cinq des statuts, relatif au capital social, pour lui donner désormais la teneur

suivante:

Version anglaise:

«The subscribed capital is fixed at USD 23,750,000.- (twenty-three million seven hundred and fifty thousand US

Dollars) divided into 5,000,000 (five million) ordinary shares with a par value of USD 2.- (two US Dollars) per share and
1,375,000 (one million three hundred and seventy-five thousand) preferred shares with a par value of USD 10.- (ten US
Dollars) per share, as referred to by Article 17 hereof.

The subscribed capital of the corporation may be increased or reduced by a resolution of the shareholders adopted

in the manner required for amendment of these articles of incorporation.»

Version française:

«Le capital souscrit est fixé à USD 23.750.000, - (vingt-trois millions sept cent cinquante mille US Dollars), représenté

par 5.000.000 (cinq millions) d’actions ordinaires d’une valeur nominale de USD 2,- (deux Dollars US) chacune et par
1.375.000 (un million trois cent soixante-quinze mille) actions privilégiées d’une valeur nominale de USD 10,- (dix
Dollars US) chacune, tel qu’il est spécifié à l’article 17 ci-après.

Le capital souscrit de la société peut être augmenté ou réduit par une décision des actionnaires prise dans le respect

des conditions d’une modification des présents statuts.»

Plus rien n’étant à l’ordre du jour, la séance est levée.
Dont procès- verbal, passé à Luxembourg, les jour, mois et an qu’en tête des présentes.
Et après lecture, les comparants prémentionnés ont signé avec le notaire instrumentant le présent procès-verbal.
Signé: O. Ferres, M. Hack, J. Hames, J. Elvinger.
Enregistré à Esch-sur-Alzette, le 9 décembre 1996, vol. 825, fol. 36, case 7. – Reçu 500 francs.

<i>Le Receveur ff. (signé): M. Oehmen.

Pour expédition conforme, délivrée aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Dudelange, le 11 décembre 1996.

J. Elvinger.

(44584/211/74)  Déposé au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

TRANS-WORLD MARKET, S.à r.l., Société à responsabilité limitée.

Siège social: L-1143 Luxembourg, 2, rue Astrid.

R. C. Luxembourg B 27.893.

Le bilan au 31 décembre 1995, enregistré à Luxembourg, le 25 novembre 1996, vol. 486, fol. 92, case 10, a été déposé

au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Luxembourg, le 29 novembre 1996.

<i>Pour la société

FIDUCIAIRE BECKER &amp; CAHEN

Signature

(44589/502/11)  Déposé au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

4160

TERRACHE S.A., Société Anonyme.

Siège social: L-1118 Luxembourg, 14, rue Aldringen.

R. C. Luxembourg B 42.111.

Lors de la réunion du conseil d’administration du 7 novembre 1996, Monsieur Benoît Duvieusart, licencié en droit,

demeurant à Roodt-sur-Syre, a été nommé par voie de cooptation aux fonctions d’administrateur en remplacement de
Monsieur Roger Petry, administrateur démissionnaire.

Luxembourg, le 8 novembre 1996.

<i>Pour TERRACHE S.A.

CREGELUX

Crédit Général du Luxembourg

Société Anonyme

Signature

Signature

Enregistré à Luxembourg, le 12 décembre 1996, vol. 487, fol. 61, case 2. – Reçu 500 francs.

<i>Le Receveur ff. (signé): D. Hartmann.

(44583/029/15)  Déposé au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

THREE ARROWS, Société Anonyme.

Siège social: L-1118 Luxembourg, 14, rue Aldringen.

R. C. Luxembourg B 35.248.

Lors de la réunion du conseil d’administration du 7 novembre 1996, Monsieur Benoît Duvieusart, licencié en droit,

demeurant à Roodt-sur-Syre, a été nommé par voie de cooptation aux fonctions d’administrateur en remplacement de
Monsieur Roger Petry, administrateur démissionnaire.

Luxembourg, le 8 novembre 1996.

<i>Pour THREE ARROWS

CREGELUX

Crédit Général du Luxembourg

Société Anonyme

Signature

Signature

Enregistré à Luxembourg, le 12 décembre 1996, vol. 487, fol. 61, case 2. – Reçu 500 francs.

<i>Le Receveur ff. (signé): D. Hartmann.

(44586/029/15)  Déposé au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

THREE-I.

Siège social: L-1148 Luxembourg, 16, rue Jean l’Aveugle.

R. C. Luxembourg B 52.528.

Le bilan au 31 décembre 1995, enregistré à Luxembourg, le 4 décembre 1996, vol. 487, fol. 31, case 3, a été déposé

au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

<i>Extrait de l’assemblée générale annuelle tenue à Luxembourg, le 18 juin 1996

L’assemblée renouvelle le mandat d’administrateur de:
– Monsieur Pierre Letargez;
– Monsieur Yves Geltmeyer;
– La société THESAURUS,
et le mandat de commissaire aux comptes de la société:
EURO-SUISSE AUDIT (LUXEMBOURG).
Le mandat des administrateurs et du commissaire aux comptes ainsi nommés prendra fin à l’issue de l’assemblée

générale annuelle qui statuera sur les comptes de 1996.

EURO-SUISSE AUDIT

(LUXEMBOURG)

Signatures

(44587/636/21)  Déposé au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

TILERIW, Société à responsabilité limitée.

Siège social: L-1212 Luxembourg, 16, rue des Bains.

R. C. Luxembourg B 35.038.

Les comptes annuels au 31 décembre 1995, enregistrés à Luxembourg, le 4 décembre 1996, vol. 487, fol. 25, case 9,

ont été déposés au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Luxembourg, le 13 décembre 1996.

(44588/000/9)  Déposé au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

4161

TRG REVISEURS S.A., Société Anonyme.

Siège social: L-2340 Luxembourg, 20, rue Philippe II.

R. C. Luxembourg B 26.451.

Le bilan au 31 décembre 1995, enregistré à Luxembourg, le 25 novembre 1996, vol. 486, fol. 92, case 10, a été déposé

au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Luxembourg, le 29 novembre 1996.

<i>Pour la société

FIDUCIAIRE BECKER &amp; CAHEN

Signature

(44590/502/11)  Déposé au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

UNISON MANAGEMENT (LUXEMBOURG) S.A., Société Anonyme.

Siège social: L-2449 Luxembourg, 25A, boulevard Royal.

R. C. Luxembourg B 24.151.

L’an mil neuf cent quatre-vingt-seize, le vingt novembre.
Par-devant Maître Camille Hellinckx, notaire de résidence à Luxembourg, soussigné.
Se réunit une assemblée générale extraordinaire des actionnaires de la société anonyme UNISON MANAGEMENT

(LUXEMBOURG) S.A., ayant son siège social à L-2449 Luxembourg, 25A, boulevard Royal, R. C. Luxembourg section B
numéro 24.151, constituée suivant acte reçu le 27 mars 1986, publié au Mémorial C, numéro 180 du 3 juillet 1986, dont
les statuts ont été modifiés suivant acte reçu le 18 août 1987, publié au Mémorial C, numéro 354 du 7 décembre 1987
et par acte en date du 26 juillet 1990, publié au Mémorial C, numéro 41 du 2 février 1991.

L’assemblée est présidée par Monsieur Timothy Yeates, dirigeant de sociétés, demeurant à Leudelange.
Le président désigne comme secrétaire, Mademoiselle Laurence Danielou, juriste, demeurant à Luxembourg.
L’assemblée choisit comme scrutateur, Monsieur Patrick Van Hees, licencié en notariat, demeurant à Messancy,

Belgique.

Le président prie le notaire d’acter que:
I. Les actionnaires présents ou représentés et le nombre d’actions qu’ils détiennent sont renseignés sur une liste de

présence, qui sera signée, ci-annexée ainsi que les procurations, le tout enregistré avec l’acte.

II. Qu’il ressort de la liste de présence que les mille cinq cent soixante-quinze actions (1.575) actions, représentant

l’intégralité du capital social, sont représentées à la présente assemblée générale extraordinaire, de sorte que
l’assemblée peut décider valablement sur tous les points portés à l’ordre du jour.

III. Que l’ordre du jour de l’assemblée est le suivant:

<i>Ordre du jour:

1. Augmentation du capital social.
2. Souscription et libération des actions ainsi créées.
3. Réduction du capital social et du nombre des actions.
4. Modification corrélative de l’article 5 des statuts.
Ces faits exposés et reconnus exacts par l’assemblée, les actionnaires décident ce qui suit à l’unanimité:

<i>Première résolution

L’assemblée décide de procéder à une augmentation du capital social souscrit de la société à concurrence de XEU

185.152,- (cent quatre-vingt-cinq mille cent cinquante-deux ECU) pour le porter de son montant actuel de XEU 50.400,-
(cinquante mille quatre cents ECU) à XEU 235.552,- (deux cent trente-cinq mille cinq cent cinquante-deux ECU) par
émission de 5.786 (cinq mille sept cent quatre-vingt-six) actions d’une valeur nominale de XEU 32,- (trente-deux ECU)
chacune.

<i>Deuxième résolution

L’assemblée décide d’accepter à la souscription des actions nouvelles les actionnaires actuels savoir: GRAS SAVOYE

S.A. à concurrence de 1.980 (mille neuf cent quatre-vingts) actions, GRAS SAVOYE EUROFINANCE S.A. à concurrence
de 856 (huit cent cinquante-six) actions, JOHNSON &amp; HIGGINS à concurrence de 1.475 (mille quatre cent soixante-
quinze) actions et UNISON MANAGEMENT (SCANDINAVIA) A.B. à concurrence de 1.475 (mille quatre cent
soixante-quinze) actions, GRAS SAVOYE EUROFINANCE S.A. renonçant partiellement à exercer son droit de
souscription préférentiel.

La libération de cette augmentation de capital a été réalisée de la manière suivante:
A) GRAS SAVOYE S.A., société de droit français ayant son siège à Neuilly-sur-Seine, France: par un apport en nature

consistant en la renonciation entière et définitive à une partie de créance certaine, liquide et exigible existant à son profit
et à charge de la société UNISON MANAGEMENT (LUXEMBOURG) S.A. à concurrence de XEU 63.360,- (soixante-
trois mille trois cent soixante ECU).

Conformément au prescrit des articles 26-1 et 32-1(5) de la loi du 10 août 1915 sur les sociétés commerciales, cet

apport a fait l’objet d’un rapport effectué par le Réviseur d’Entreprises indépendant KPMG AUDIT à Luxembourg, lequel
conclut de la manière suivante:

«Sur base des vérifications effectuées telles que décrites ci-dessus, nous n’avons pas d’observations à formuler sur la

valeur de l’apport qui correspondond au moins au nombre et à la valeur nominale des actions à émettre en contre-
partie.»

4162

La preuve de cette renonciation à créance et de la souscription afférente aux nouvelles actions a été apportée au

notaire instrumentant.

B) GRAS SAVOYE EUROFINANCE S.A., JOHNSON &amp; HIGGINS, UNISON MANAGEMENT (SCANDINAVIA)

A.B.: par apports en numéraire d’un montant global de XEU 121.792,- (cent vingt et un mille sept cent quatre-vingt-
douze ECU).

La preuve de cet apport en numéraire a été apportée au notaire instrumentant par la production d’une attestation

bancaire.

<i>Troisième résolution

L’assemblée décide de procéder à une réduction du capital social à concurrence de XEU 135.552,- (cent trente-cinq

mille cinq cent cinquante-deux ECU), pour le ramener de XEU 235.552,- (deux cent trente-cinq mille cinq cent
cinquante-deux ECU) à ECU 100.000,- (cent mille ECU), par apurement de pertes de la société à concurrence de leur
montant au 31 décembre 1995, soit XEU 135.520,- (cent trente-cinq mille cinq cent vingt ECU) et moyennant annulation
de 4.235 (quatre mille deux cent trente-cinq) actions réparties dans l’actionnariat proportionnellement à sa partici-
pation, le surplus soit XEU 32,- (trente-deux ECU) étant affecté à la réserve légale.

<i>Quatrième résolution

Afin de mettre les statuts en concordance avec les résolutions qui précèdent, l’assemblée décide de modifier l’article

5 des statuts pour lui donner la teneur suivante:

«Art. 5. Le capital social est fixé à XEU 100.000,- (cent mille ECU).
Il est représenté par 3.125 (trois mille cent vingt-cinq) actions d’une valeur nominale de XEU 32,- (trente-deux ECU)

chacune, entièrement libérées.»

<i>Frais

Les frais, dépenses, rémunérations et charges sous quelque forme que ce soit, incombant à la société et mis à sa

charge en raison des présentes, sont évalués sans nul préjudice à la somme de cent cinquante mille francs luxembour-
geois.

Plus rien n’étant à l’ordre du jour, la séance est levée.
Dont acte, passé à Luxembourg, les jour, mois et an qu’en tête des présentes.
Et après lecture faite aux comparants, ils ont tous signé avec Nous, notaire, la présente minute.
Signé: T. Yeates, L. Danielou, P. Van Hees, C. Hellinckx.
Enregistré à Luxembourg, le 22 novembre 1996, vol. 94S, fol. 52, case 5. – Reçu 73.320 francs.

<i>Le Receveur (signé): J. Muller.

Pour expédition conforme, délivrée aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Luxembourg, le 2 décembre 1996.

C. Hellinckx.

(44594/215/89)  Déposé au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

UNISON MANAGEMENT (LUXEMBOURG) S.A., Société Anonyme.

Siège social: L-2449 Luxembourg, 25A, boulevard Royal.

R. C. Luxembourg B 24.151.

Statuts coordonnés déposés au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Luxembourg, le 2 décembre 1996.

C. Hellinckx.

(44595/215/8)  Déposé au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

UNO S.A., Société Anonyme.

Siège social: L-1148 Luxembourg, 16, rue Jean l’Aveugle.

R. C. Luxembourg B 50.477.

Le bilan au 31 décembre 1995, enregistré à Luxembourg, le 4 décembre 1996, vol. 487, fol. 31, case 3, a été déposé

au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

<i>Extrait de l’assemblée générale annuelle du 18 juin 1996

L’assemblée renouvelle le mandat d’administrateur de:
1) Monsieur Patrick Rochas;
2) Monsieur Maurice Houssa.
L’assemblée élit aux fonctions d’administrateur, Mademoiselle Cristina Ferreira, employée privée, demeurant à

Luxembourg, en lieu et place de Monsieur Philippe Slendzak.

L’assemblée réélit aux fonctions de commissaire aux comptes, la société
– EURO-SUISSE AUDIT (LUXEMBOURG).
Le mandat d’administrateur et du commissaire ainsi nommés viendra à échéance à l’issue de l’assemblée générale

annuelle à tenir en 1997.

Signature

<i>Administrateur

(44598/636/20)  Déposé au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

4163

UNO S.A., Société Anonyme.

Siège social: L-1148 Luxembourg, 16, rue Jean l’Aveugle.

R. C. Luxembourg B 50.477.

<i>Extrait du procès-verbal de l’assemblée générale du 18 juin 1996

Monsieur le président au registre de commerce et des sociétés de Luxembourg est requis d’inscrire la modification

suivante:

Mademoiselle Cristina Ferreira, employée privée, demeurant à Luxembourg, est nommée aux fonctions d’adminis-

trateur, en lieu et place de Monsieur Phiippe Slendzak.

Pour réquisition

SFS MANAGEMENT S.A.

Signature

Enregistré à Luxembourg, le 4 décembre 1996, vol. 487, fol. 31, case 4. – Reçu 500 francs.

<i>Le Receveur (signé): J. Muller.

(44599/636/15)  Déposé au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

TYCOON INTERNATIONAL, S.à r.l., Société à responsabilité limitée.

Siège social: L-2560 Luxembourg, 44, rue de Strasbourg.

R. C. Luxembourg B 31.821.

Le bilan au 31 décembre 1995, enregistré à Luxembourg, le 25 novembre 1996, vol. 486, fol. 92, case 10, a été déposé

au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Luxembourg, le 29 novembre 1996.

<i>Pour la société

FIDUCIAIRE BECKER &amp; CAHEN

Signature

(44591/502/11)  Déposé au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

ULISCO S.A., Société Anonyme.

Siège social: L-1118 Luxembourg, 14, rue Aldringen.

R. C. Luxembourg B 38.950.

Lors de la réunion du conseil d’administration du 7 novembre 1996, Monsieur Benoît Duvieusart, licencié en droit,

demeurant à Roodt-sur-Syre, a été nommé par voie de cooptation aux fonctions d’administrateur en remplacement de
Monsieur Roger Petry, administrateur démissionnaire.

Luxembourg, le 8 novembre 1996.

<i>Pour ULISCO S.A.

CREGELUX

Crédit Général du Luxembourg

Société Anonyme

Signature

Signature

Enregistré à Luxembourg, le 12 décembre 1996, vol. 487, fol. 61, case 2. – Reçu 500 francs.

<i>Le Receveur ff. (signé): D. Hartmann.

(44592/029/15)  Déposé au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

ULYSSE S.A., Société Anonyme.

Siège social: L-1840 Luxembourg, 28, boulevard Joseph II.

R. C. Luxembourg B 37.929.

Le bilan au 31 décembre 1995, enregistré à Luxembourg, le 10 décembre 1996, vol. 487, fol. 54, case 3, a été déposé

au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

<i>Extrait de l’assemblée générale ordinaire tenue à Luxembourg, le 8 mai 1996

NOMINATIONS STATUTAIRES

<i>Conseil d’administration:

– Monsieur Aloyse Scherer jr, diplômé I.E.C.G., demeurant à Luxembourg;
– Monsieur Enzo Liotino, fondé de pouvoir, demeurant à Luxembourg;
– Monsieur Gilbert Divine, fondé de pouvoir, demeurant à Nospelt (Luxembourg).

<i>Commissaire aux comptes:

– FIDUCIAIRE DE LUXEMBOURG S.A., siège social à Luxembourg.

FIDUCIAIRE DE LUXEMBOURG S.A.

Signature

(44593/550/20)  Déposé au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

4164

UNITARIAN S.A., Société Anonyme.

Siège social: L-1118 Luxembourg, 14, rue Aldringen.

R. C. Luxembourg B 42.426.

Le bilan au 31 décembre 1995, enregistré à Luxembourg, le 12 décembre 1996, vol. 487, fol. 61, case 6, a été déposé

au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Luxembourg, le 13 décembre 1996.

<i>Pour UNITARIAN S.A.

<i>Société Anonyme

CREGELUX

Crédit Général du Luxembourg

Société Anonyme

Signature

Signature

(44596/029/14)  Déposé au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

UNITED INDUSTRIES HOLDING, Société Anonyme.

Siège social: L-1118 Luxembourg, 14, rue Aldringen.

R. C. Luxembourg B 22.869.

Lors de la réunion du conseil d’administration du 7 novembre 1996, Monsieur Charles Muller, maître en droit,

demeurant à Luxembourg, a été nommé par voie de cooptation aux fonctions d’administrateur en remplacement de
Monsieur Roger Petry, administrateur démissionnaire.

Luxembourg, le 21 novembre 1996.

<i>Pour UNITED INDUSTRIES HOLDING S.A.

CREGELUX

Crédit Général du Luxembourg

Société Anonyme

Signature

Signature

Enregistré à Luxembourg, le 12 décembre 1996, vol. 487, fol. 61, case 2. – Reçu 500 francs.

<i>Le Receveur ff. (signé): D. Hartmann.

(44597/029/15)  Déposé au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

UP FINANCE S.A., Société Anonyme.

Siège social: L-2132 Luxembourg, 8, avenue Marie-Thérèse.

R. C. Luxembourg B 55.188.

<i>Extrait du procès-verbal de l’assemblée générale extraordinaire tenue à Luxembourg le 6 décembre 1996 à 11.00 heures

<i>Résolutions

1. Après lecture des lettres de démission de Messieurs Arnaud Dubois et Serge Sitter, l’Assemblée décide, à l’una-

nimité, de pourvoir à leur remplacement et nomme avec effet immédiat, deux nouveaux administrateurs pour la société,
à savoir:

- Monsieur Daniel Hussin, employé privé, 8, avenue Marie-Thérèse, L-2132 Luxembourg;
- Monsieur Guy Genin, employé privé, 8, avenue Marie-Thérèse, L-2132 Luxembourg.
2. L’Assemblée donne quitus aux administrateurs démissionnaires.

Pour extrait conforme

N. Pollefort

Enregistré à Luxembourg, le 12 décembre 1996, vol. 487, fol. 61, case 12. – Reçu 500 francs.

<i>Le Receveur ff. (signé): D. Hartmann.

(44600/046/19)  Déposé au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

UTOPIE EXPANSION S.A., Société Anonyme.

Siège social: L-1118 Luxembourg, 14, rue Aldringen.

R. C. Luxembourg B 28.594.

Lors de la réunion du Conseil d’Administration du 7 novembre 1996, Monsieur Benoît Duvieusart, licencié en droit,

demeurant à Roodt-sur-Syre, a été nommé par voie de cooptation aux fonctions d’administrateur en remplacement de
Monsieur Roger Petry, administrateur démissionnaire.

Luxembourg, le 8 novembre 1996.

<i>Pour UTOPIE EXPANSION S.A.

CREGELUX

Crédit Général du Luxembourg S.A.

Signatures

Enregistré à Luxembourg, le 12 décembre 1996, vol. 487, fol. 61, case 2. – Reçu 500 francs.

<i>Le Receveur ff. (signé): D. Hartmann.

(44601/029/14)  Déposé au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

4165

VALORIN S.A., Société Anonyme.

Siège social: L-1118 Luxembourg, 14, rue Aldringen.

R. C. Luxembourg B 21.915.

Lors de la réunion du Conseil d’Administration du 7 novembre 1996, Monsieur Benoît Duvieusart, licencié en droit,

demeurant à Roodt-sur-Syre, a été nommé par voie de cooptation aux fonctions d’administrateur en remplacement de
Monsieur Roger Petry, administrateur démissionnaire.

Luxembourg, le 8 novembre 1996.

<i>Pour VALORIN S.A.

CREGELUX

Crédit Général du Luxembourg S.A.

Signatures

Enregistré à Luxembourg, le 12 décembre 1996, vol. 487, fol. 61, case 4. – Reçu 500 francs.

<i>Le Receveur ff. (signé): D. Hartmann.

(44602/029/14)  Déposé au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

VALUGA, Société Anonyme.

Siège social: L-1118 Luxembourg, 14, rue Aldringen.

R. C. Luxembourg B 23.952.

Lors de la réunion du Conseil d’Administration du 7 novembre 1996, Monsieur Benoît Duvieusart, licencié en droit,

demeurant à Roodt-sur-Syre, a été nommé par voie de cooptation aux fonctions d’administrateur en remplacement de
Monsieur Roger Petry, administrateur démissionnaire.

Luxembourg, le 8 novembre 1996.

<i>Pour VALUGA

CREGELUX

Crédit Général du Luxembourg S.A.

Signatures

Enregistré à Luxembourg, le 12 décembre 1996, vol. 487, fol. 61, case 3. – Reçu 500 francs.

<i>Le Receveur ff. (signé): D. Hartmann.

(44603/029/14)  Déposé au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

VALURA S.A., Société Anonyme.

Siège social: L-1118 Luxembourg, 14, rue Aldringen.

R. C. Luxembourg B 28.582.

Lors de la réunion du Conseil d’Administration du 7 novembre 1996, Monsieur Benoît Duvieusart, licencié en droit,

demeurant à Roodt-sur-Syre, a été nommé par voie de cooptation aux fonctions d’administrateur en remplacement de
Monsieur Roger Petry, administrateur démissionnaire.

Luxembourg, le 8 novembre 1996.

<i>Pour VALURA S.A.

CREGELUX

Crédit Général du Luxembourg S.A.

Signatures

Enregistré à Luxembourg, le 12 décembre 1996, vol. 487, fol. 61, case 3. – Reçu 500 francs.

<i>Le Receveur ff. (signé): D. Hartmann.

(44604/029/14)  Déposé au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

IMMEUBLE HOLDING S.A., Société Anonyme Holding.

Registered office: L-1840 Luxembourg, 2B, boulevard Joseph II.

STATUTES

In the year one thousand nine hundred and ninety-six, on the twenty-first of November.
Before Us, Maître André-Jean-Joseph Schwachtgen, notary residing in Luxembourg.

There appeared:

1) WENHAM LIMITED, a company with registered office in Douglas (Isle of Man),
here represented by one of its directors, Mr David B. Begbie, Director of companies, residing in Dalheim;
2) WEDEL HOLDINGS S.A., a company with registered office in Tortola (British Virgin Islands),
here represented by one of its directors, Mr David B. Begbie, prenamed.
Such appearing parties, through their mandatory, have decided to form amongst themselves a holding company in

accordance with the following Articles of Incorporation:

Art. 1. There is hereby formed a limited corporation (Société Anonyme) under the name of IMMEUBLE HOLDING

S.A.

The registered office is established in Luxembourg.

4166

1It may be transferred to any other place within the Grand Duchy of Luxembourg by a resolution of the general

meeting of shareholders.

If extraordinary events of a political, economic, or social nature, Iikely to impair the normal activity at the registered

office or easy communication between that office and foreign countries shall occur, or shall be imminent, the registered
office may be provisionally transferred abroad. Such temporary measure shall, however, have no effect on the nationality
of the company which, notwithstanding such provisional transfer of the registered office, shall remain a Luxembourg
company.

The Company is established for an unlimited period.
The company may be dissolved at any time by a resolution of the shareholders adopted in the manner required for

the amendment of these Articles of Incorporation.

Art. 2. The object of the Company is the taking of participating interests, in whatever form, in other companies

either Luxembourg or foreign, as well as the management and development of such participating interests, subject to the
provisions set in Article 209 of the Iaw on commercial companies.

The Company may in particular acquire all types of securities, whether negotiable or not (inclusive those issued by

any government or any other international, national or local authority), and any other rights attached to them, either by
way of contribution, subscription, option, purchase or otherwise, and may exploit them by way of sale, transfer,
exchange or otherwise. Moreover, the Company may proceed to the acquisition and development of connected patents
and licences.

The Company may proceed to the issue of bonds and debentures by way of public or private subscription and may

borrow funds in any form in accordance with the Law. The Company may grant any assistance, loan, advance or
guarantee to the companies in which it has a direct and substantial participating interest.

The Company shall not carry on any industrial activity of its own nor maintain a commercial establishment open to

the public.

Any activity carried on by the Company may be carried out directly or indirectly in Luxembourg or elsewhere,

through its Registered Office or branches established in Luxembourg or elsewhere.

The Company has all such powers necessary to the accomplishment or development of its object, remaining,

however, within the limits of the law of July 31st, 1929 on holding companies.

Art. 3. The corporate capital is set at three million (3,000,000.-) Luxembourg francs, divided into three thousand

(3,000) shares with a par value of one thousand (1,000.-) Luxembourg francs each.

The authorized capital is fixed at three hundred million (300,000,000.-) Luxembourg francs, divided into three

hundred thousand (300,000) shares having a par value of one thousand (1,000.-) Luxembourg francs each.

The Board of Directors of the Company is authorized and instructed to render effective such increase of the capital,

in whole or in part from time to time, subject to confirmation of this authorization by a general meeting of shareholders
within a period expiring on the fifth anniversary of the publication of this deed in the Mémorial, Recueil des Sociétés et
Associations for any authorized shares which have not yet been subscribed to and which the Board of Directors has not
agreed upon to any confirmed subscription at that time; the Board shall decide to issue shares representing such whole
or partial increase of the capital and shall accept subscriptions for such shares.

The Board is hereby authorized and instructed to determine the conditions attaching to any subscription, or it may

from time to time resolve to effect such whole or partial increase upon the conversion of any net profit of the Company
into capital and the attribution of fully-paid shares to shareholders in lieu of dividends.

Each time the Board of Directors shall so act to render effective the increase of capital, as authorized, Article three

of the Articles of Incorporation should be amended so as to reflect the result of such action; the Board should take or
authorize any person to take any necessary steps for the purpose of obtaining execution and publication of such
amendment.

In connection with this authorization to increase the capital and according to Article 32-3 (5) of the Law on

commercial companies, the Board of Directors of the Company is authorized to waive or to limit any preferential
subscription rights of the existing shareholders for the same period of five years.

Art. 4. The shares shall be registered or bearer shares, at the option of the shareholders.
The Company’s shares may be issued, at the owner’s option, in certificates representing single shares or two or more

shares.

The Company may repurchase its own shares by means of its free reserves under the provisions set forth in Article

49-2 of the law of August 10, 1915 on commercial companies as amended by the law of April 24, 1983.

The capital of the Company may be increased or reduced in one or several steps by resolution of the general meeting

of shareholders adopted in accordance with the provisions applicable to changes in the Articles of Incorporation.

Art. 5. The Company shall be managed by a Board of Directors composed of at least three members, who need not

be shareholders.

The Directors shall be appointed for a maximum period of six years and they shall be re-eligible; they may be removed

at any time.

In the event of a vacancy on the Board of Directors, the remaining Directors have the right to provisionally fill the

vacancy; in this case, such a decision must be ratified by the next general meeting.

Art. 6. The Board of Directors has full power to perform such acts as shall be necessary or use ful to the object of

the Company.

All matters not expressly reserved to the general meeting by law or by the present Articles of Incorporation are

within the competence of the Board of Directors.

4167

The Board of Directors may elect a Chairman. In the absence of the Chairman, another Director may preside over

the meeting.

The Board of Directors can validly deliberate andact only if the majority of its members are present or represented,

a proxy between Directors, which may be given by letter, telegram, telex or telefax, being permitted.

ln case of urgency, Directors may vote by letter, telegram, telex or telefax.
Resolutions shall require a majority vote.
In case of a tie, the Chairman has the casting vote.
The Board of Directors may delegate all or part of its powers concerning the day-to-day management and the

representation of the Company in connection therewith to one or more Directors, managers or other officers; they
need not be shareholders of the Company.

Delegation to a member of the Board of Directors is subject to the previous authorization of the general meeting.
The Company is bound by the individual signature of any one Director.
Art. 7. The Company shall be supervised by one or more Auditors, who need not be shareholders; they shall be

appointed for a maximum period of six years and they shall be re-eligible; they may be removed at any time.

Art. 8. The Company’s financial year shall begin on the first of January and end on the thirty-first of December of

each year.

Art. 9. The annual general meeting shall be held in Luxembourg at the registered office or such other place as

indicated in the convening notices on the second Monday in the month of May at ten a.m. If the said day is a public
holiday, the meeting shall be held on the next following working day.

Art. 10. Convening notices of all general meetings shall be made in compliance with the legal provisions.
If all the shareholders are present or represented and if they declare that they have knowledge of the agenda

submitted to their consideration, the general meeting may take place without convening notices.

The Board of Directors may decide that the shareholders wishing to attend the general meeting must deposit their

shares five clear days before the date fixed therefore.

Every shareholder has the right to vote in person or by proxy, who need not be a shareholder.
Each share gives the right to one vote.
Art. 11. The general meeting of shareholders has the most extensive powers to carry out or ratify such acts as may

concern the Company.

It shall determine the appropriation and distribution of the net profits.
Art. 12. Under the provisions set forth in Article 72-2 of the law of August 10, 1915 on commercial companies as

amended by the law of April 24, 1983, the Board of Directors is authorized to distribute interim dividends.

Art. 13. The law of August 10, 1915 on Commercial companies and the law of July 31, 1929 concerning Holding

companies, both as amended, shall apply providing these Articles of Incorporation do not state otherwise.

<i>Transitory provisions

1) The first financial year shall begin today and end on December 31, 1997.
2) The first annual general meeting shall be held in 1998.

<i>Subscription and payment

The above-named parties have subscribed to the shares as follows:
1) WENHAM LlMITED, prenamed, one thousand five hundred shares ……………………………………………………………………… 1,500
2) WEDEL HOLDlNGS S.A., prenamed, one thousand five hundred shares……………………………………………………………… 1,500
Total: three thousand shares …………………………………………………………………………………………………………………………………………………… 3,000
AIl these shares have been fully paid up in cash, so that the sum of three million (3,000,000.-) Luxembourg francs is

forthwith at the free disposal of the Company, as has been proved to the notary.

<i>Statement

The notary drawing up the present deed declared that the conditions set forth in Article 26 of the law on commercial

companies have been fulfilled and expressly bears witness to their fulfilment.

<i>Estimate of costs

The costs, expenses, fees and charges, in whatever form, which are to be borne by the Company or which shall be

charged to it in connection with its incorporation, have been estimated at eighty-five thousand (85,000.-) francs.

<i>Constitutive meeting

Here and now, the above-named parties, representing the entire subscribed share capital and considering themselves

as duly convened, have proceeded to hold an extraordinary general meeting and, having stated that it was regularly
constituted, they have passed the following resolutions by unanimous vote:

1) The number of Directors is set at three and that of the Auditors at one.
2) The following have been appointed Directors:
a) Mr Carlo Scribani Rossi, Director, residing in Savosa (Switzerland);
b) Mr Paolo Del Bue, Manager, residing in Muzzano (Switzerland);
c) Mr Nicola Bravetti, Economist, residing in Lugano (Switzerland).
3) The following has been appointed Auditor:
A &amp; C.A.S. - ADMINISTRATIVE &amp; COMMERCIAL ACCOUNTING SERVICES LIMITED, a company with registered

office in Dublin (Ireland).

4168

4) The mandates of the Directors and the Auditor shall expire immediately after the annual general meeting of 2002.
5) The Company shall have its registered office in L-1840 Luxembourg, 2B, boulevard Joseph II.
The undersigned notary who understands and speaks English, states herewith that at the request of the above

appearing parties, the present incorporation deed is worded in English, followed by a French version; at the request of
the same appearing parties and in case of divergences between the English and the French texts, the English version will
prevail.

The document having been read and translated into the language of the mandatory of the persons appearing, said

mandatory signed together with Us, the notary, the present original deed.

Traduction française du texte qui précède:

L’an mil neuf cent quatre-vingt-seize, le vingt et un novembre.
Par-devant Maître André-Jean-Joseph Schwachtgen, notaire de résidence à Luxembourg.

Ont comparu:

1) WENHAM LIMITED, une société ayant son siège social à Douglas (lIe de Man),
ici représentée par un de ses administrateurs, Monsieur David B. Begbie, administrateur de sociétés, demeurant à

Dalheim;

2) WEDEL HOLDINGS S.A., une société ayant son siège social à Tortola (Iles Vierges Britanniques),
ici représentée par un de ses administrateurs, Monsieur David B. Begbie, préqualifié.
Lesquelles comparantes, par leur mandataire, ont arrêté, ainsi qu’il suit, les statuts d’une société anonyme holding

qu’elles vont constituer entre elles:

Art. 1

er

.  Il est formé une société anonyme sous la dénomination de IMMEUBLE HOLDING S.A.

Le siège social est établi à Luxembourg.
Il pourra être transféré en tout autre endroit du Grand-Duché de Luxembourg par une décision de l’assemblée

générale des actionnaires.

Lorsque des événements extraordinaires d’ordre politique, économique ou social, de nature à compromettre

l’activité normale du siège ou la communication de ce siège avec I’étranger, se produiront ou seront imminents, le siège
social pourra être transféré provisoirement à I’étranger, sans que toutefois cette mesure ne puisse avoir d’effet sur la
nationalité de la Société, laquelle, nonobstant ce transfert provisoire du siège, restera luxembourgeoise.

La durée de la Société est illimitée. La Société pourra être dissoute à tout moment par décision de l’assemblée

genérale des actionnaires délibérant dans les formes prescrites par la loi pour la modification des statuts.

Art. 2. La Société a pour objet la prise de participations, sous quelque forme que ce soit, dans d’autres sociétés

luxembourgeoises ou étrangères, ainsi que la gestion et la mise en valeur de ces participations, sous reserve des dispo-
sitions de l’article 209 de la loi sur les sociétés commerciales.

La Société peut notamment acquérir par voie d’apport, de souscription, d’option, d’achat ou de toute autre manière

des valeurs mobilières de toutes espèces, négociables ou non (y compris celles émises par tout gouvernement ou autre
autorité internationale, nationale ou communale), et tous autres droits s’y rattachant, et les exploiter par voie de vente,
cession, échange ou autrement. Elle peut en outre procéder à l’acquisition et la mise en valeur de brevets et licences
connexes.

La Société peut émettre des obligations par voie de souscription publique ou privée et emprunter de quelque façon

que ce soit, conformément à la Loi. La Société peut accorder tous concours, prêts, avances ou garanties aux sociétés
dans lesquelles elle détient une participation directe et substantielle.

La Société n’aura pas d’activité industrielle propre et ne tiendra aucun établissement commercial ouvert au public.
Toute activité exercée par la Société peut l’être directement ou indirectement à Luxembourg ou ailleurs par l’inter-

médiaire de son Siège Social ou des filiales établies à Luxembourg ou ailleurs.

La Société aura tous pouvoirs nécessaires à l’accomplissement ou au développement de son objet, en restant

toutefois dans les limites de la loi du 31 juillet 1929 sur les sociétés holding.

Art. 3. Le capital social est fixé à trois millions (3.000.000,-) de francs luxembourgeois, divisé en trois mille (3.000)

actions d’une valeur nominale de mille (1.000,-) francs luxembourgeois chacune.

Le capital autorisé de la Société est établi à trois cents millions (300.000.000,-) de francs luxembourgeois, divisé en

trois cent mille (300.000) actions d’une valeur nominale de mille (1.000,-) francs luxembourgeois chacune.

Le Conseil d’Administration de la Société est autorisé et chargé de réaliser cette augmentation de capital en une fois

ou par tranches périodiques, sous réserve de la confirmation de cette autorisation par une assemblée générale des
actionnaires tenue endéans un délai expirant au cinquième anniversaire de la publication de cet acte au Mémorial, Recueil
des Sociétés et Associations, en ce qui concerne la partie du capital qui, à cette date, ne serait pas encore souscrite, et
pour laquelle il n’existerait pas à cette date d’engagement de la part du Conseil d’Administration en vue de la
souscription; le Conseil d’Administration décidera l’émission des actions représentant cette augmentation entière ou
partielle et acceptera les souscriptions afférentes. Le Conseil est également autorisé et chargé de fixer les conditions de
toute souscription ou décidera l’émission d’actions représentant tout ou partie de cette augmentation au moyen de la
conversion du bénéfice net en capital et l’attribution périodique aux actionnaires d’actions entièrement libérées au lieu
de dividendes.

A la suite de chaque augmentation de capital réalisée et dûment constatée par le Conseil d’Administration dans le

cadre du capital autorisé, l’article trois des statuts se trouvera modifié de manière à correspondre à l’augmentation
intervenue; cette modification sera constatée et publiée par le Conseil d’Administration ou par toute personne désignée
par le Conseil à cette fin.

4169

En relation avec cette autorisation d’augmenter le capital social et conformément à l’article 32-3 (5) de la loi sur les

sociétés commerciales, le Conseil d’Administration de la Société est autorisé à suspendre ou à limiter le droit de
souscription préférentiel des actionnaires existants pour la même période de cinq ans.

Art. 4. Les actions sont nominatives ou au porteur, au choix de l’actionnaire.
Les actions de la Société peuvent être créées, au choix du propriétaire, en titres unitaires ou en certificats représen-

tatifs de plusieurs actions.

La Société pourra procéder au rachat de ses actions au moyen de ses réserves disponibles et en respectant les dispo-

sitions de l’article 49-2 de la loi du 10 août 1915 sur les sociétés commerciales, tel que modifié par la loi du 24 avril 1983.

Le capital social de la Société peut être augmenté ou diminué en une fois ou par tranches par une décision de

l’assemblée générale des actionnaires prise en accord avec les dispositions applicables au changement des statuts.

Art. 5. La Société est administrée par un Conseil composé de trois membres au moins, actionnaires ou non.
Les administrateurs sont nommés pour une durée qui ne peut pas dépasser six ans; ils sont rééligibles et toujours

révocables.

En cas de vacance d’une place d’administrateur, les administrateurs restants ont le droit d’y pourvoir provisoirement;

dans ce cas, l’assemblée générale, lors de sa première réunion, procède à l’élection définitive.

Art. 6. Le Conseil d’Administration a le pouvoir d’accomplir tous les actes nécessaires ou utiles à la réalisation de

l’objet social; tout ce qui n’est pas réservé à l’assemblée générale par la loi ou les présents statuts est de sa compétence.

Le Conseil d’Administration peut désigner son président; en cas d’absence du président, la présidence de la réunion

peut être conférée à un administrateur présent.

Le Conseil d’Administration ne peut délibérer que si la majorité de ses membres est présente ou représentée, le

mandat entre administrateurs, qui peut être donné par écrit, télégramme, télex ou télécopie, étant admis. En cas
d’urgence, les administrateurs peuvent émettre leur vote par écrit, télégramme, télex ou télécopie.

Les décisions du Conseil d’Administration sont prises à la majorité des voix; en cas de partage, la voix de celui qui

préside la réunion est prépondérante.

Le Conseil peut déléguer tout ou partie de ses pouvoirs concernant la gestion journalière ainsi que la représentation

de la Société à un ou plusieurs administrateurs, directeurs, gérants ou autres agents, actionnaires ou non.

La délégation à un membre du Conseil d’Administration est subordonnée à l’autorisation préalable de l’assemblée

générale.

La Société se trouve engagée par la signature individuelle d’un administrateur.
Art. 7. La surveillance de la Société est confiée à un ou plusieurs commissaires, actionnaires ou non, nommés pour

une durée qui ne peut pas dépasser six ans, rééligibles et toujours révocables.

Art. 8. L’année sociale commence le premier janvier et finit le trente et un décembre de chaque année.
Art. 9. L’assemblée générale annuelle se réunit de plein droit le deuxième lundi du mois de mai à dix heures à

Luxembourg, au siège social ou à tout autre endroit à désigner par les convocations.

Si ce jour est férié, l’assemblée se tiendra le premier jour ouvrable suivant.
Art. 10. Les convocations pour les assemblées générales sont faites conformément aux dispositions légales. Elles ne

sont pas nécessaires lorsque tous les actionnaires sont présents ou représentés et qu’ils déclarent avoir eu préa-
lablement connaissance de l’ordre du jour.

Le Conseil d’Administration peut décider que pour pouvoir assister à l’assemblée générale, le propriétaire d’actions

doive en effectuer le dépôt cinq jours francs avant la date fixée pour la réunion.

Tout actionnaire aura le droit de voter en personne ou par mandataire, actionnaire ou non.
Chaque action donne droit à une voix.
Art. 11. L’assemblée générale des actionnaires a les pouvoirs les plus étendus pour faire ou ratifier tous les actes qui

intéressent la Société. Elle décide de l’affectation et de la distribution du bénéfice net.

Art. 12.  Sous réserve des dispositions de l’article 72-2 de la loi du 10 août 1915 concernant les sociétés commer-

ciales telle que modifiée par la loi du 24 avril 1983, le Conseil d’Administration est autorisé à procéder à un versement
d’acomptes sur dividendes.

Art. 13. La loi du 10 août 1915 sur les sociétés commerciales et la loi du 31 juillet 1929 sur les sociétés holding,

ainsi que leurs modifications ultérieures trouveront leur application partout où il n’y est pas dérogé par les présents
statuts.

<i>Dispositions transitoires

1) Le premier exercice social commencera aujourd’hui même et finira le 31 décembre 1997.
2) La première assemblée générale annuelle aura lieu en 1998.

<i>Souscription et libération

Les comparantes précitées ont souscrit les actions créées de la manière suivante:
1) WENHAM LIMITED, prénommée, mille cinq cents actions ……………………………………………………………………………………… 1.500
2) WEDEL HOLDINGS S.A., prenommée, mille cinq cents actions …………………………………………………………………………… 1.500
Total: trois mille actions …………………………………………………………………………………………………………………………………………………………… 3.000
Toutes les actions ont été entièrement libérées en espèces, de sorte que le montant de trois millions (3.000.000,-) de

francs luxembourgeois est à la libre disposition de la Société, ainsi qu’il a été prouvé au notaire instrumentaire.

<i>Déclaration

Le notaire instrumentaire déclare avoir vérifié l’existence des conditions énumérées à l’article 26 de la loi sur les

sociétés commerciales et en constate expressément l’accomplissement.

4170

<i>Estimation des frais

Le montant des frais, dépenses, rémunérations ou charges, sous quelque forme que ce soit, qui incombent à la Société

ou qui sont mis à sa charge en raison de sa constitution, s’élève approximativement à la somme de quatre-vingt-cinq mille
(85.000,-) francs luxembourgeois.

<i>Assemblée constitutive

Et à l’instant les comparantes préqualifiées, représentant l’intégralité du capital social, se sont constituées en

assemblée générale extraordinaire à laquelle elles se reconnaissent dûment convoquées, et, après avoir constaté que
celle-ci était régulièrement constituée, elles ont pris, à l’unanimité, les résolutions suivantes:

1) Le nombre des administrateurs est fixé à trois et celui des commissaires à un.
2) Sont appelés aux fonctions d’administrateur:
a) Monsieur Carlo Scribani Rossi, Director, demeurant à Savosa (Suisse);
b) Monsieur Paolo Del Bue, Manager, demeurant à Muzzano (Suisse);
c) Monsieur Nicola Bravetti, Economist, demeurant à Lugano (Suisse).
3) Est appelée aux fonctions de commissaire:
A &amp; C.A.S. - ADMINISTRATIVE &amp; COMMERCIAL ACCOUNTING SERVICES LIMITED, une société ayant son siège

social à Dublin (Irlande).

4) Le mandat des administrateurs et du commissaire prendra fin à l’issue de l’assemblée générale annuelle de l’an

2002.

5) Le siège social de la Société est fixé à L-1840 Luxembourg, 2B, boulevard Joseph II.
Dont acte, fait et passé à Luxembourg, date qu’en tête.
Le notaire soussigné qui comprend et parle l’anglais constate par les présentes qu’à la requête des personnes compa-

rantes les présents statuts sont rédigés en anglais, suivis d’une version française; à la requête des mêmes personnes et
en cas de divergences entre le texte anglais et le texte français, la version anglaise fera foi.

Et après lecture faite et interprétation donnée au mandataire des comparantes, il a signé avec Nous, notaire, la

présente minute.

Signé: D.B. Begbie, A. Schwachtgen.
Enregistré à Luxembourg, le 2 décembre 1996, vol. 94S, fol. 72, case 6. – Reçu 30.000 francs.

<i>Le Receveur (signé): J. Muller.

Pour expédition conforme, délivrée aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

Luxembourg, le 6 décembre 1996. 

A. Schwachtgen.

(44623/230/316)  Déposé au registre de commerce et des sociétés de Luxembourg, le 16 décembre 1996.

INTERBALTIC-TRANSPORTS INTERNATIONAL,

S.à r.l., Société à responsabilité limitée.

Siège social: L-1635 Luxembourg, 4, allée L. Goebel.

STATUTS

L’an mil neuf cent quatre-vingt-seize, le vingt-huit février.
Par-devant Maître Georges d’Huart, notaire de résidence à Pétange.

Ont comparu:

1) Monsieur Raimundas Ezerskis, administrateur de sociétés, demeurant en Lituanie,
2) Madame Alina Krivoscenkiene, administrateur de sociétés, demeurant en Lituanie,
ici représentés par procuration en faveur de Monsieur Manu Claessens, conseiller d’affaires, demeurant à Londres.
Lesquels comparants ont requis le notaire instrumentaire d’acter comme suit les statuts d’une société à responsabilité

limitée qu’ils déclarent constituer entre eux:

Art. 1

er

La société prend la dénomination de INTERBALTIC-TRANSPORTS INTERNATIONAL, S.à r.l.

Art. 2. Le siège social de la société est établi à Luxembourg. Il pourra être transféré dans toute autre localité du

Grand-Duché de Luxembourg par simple décision des associés.

Art. 3. La société a pour objet l’étude, la recherche des partenaires, la consultance en matière logistique et de trans-

ports par mer, air et route, ainsi que toutes opérations financières, commerciales et immobilières en rapport avec l’objet
social ou susceptibles de le favoriser.

Art. 4. La société est constituée pour une durée indéterminée, à partir de ce jour.
L’année sociale coïncide avec l’année civile, sauf pour le premier exercice.

Art. 5. Le capital social entièrement libéré est fixé à cinq cent mille (500.000,-) francs, divisé en cinq cents parts

sociales de mille (1.000,-) francs chacune.

<i>Souscription du capital

Le capital a été souscrit comme suit:

– Monsieur Raimundas Ezerskis, préqualifié …………………………………………………………………………………………………………

250 parts

– Madame Alina Krivoscenkiene, préqualifiée………………………………………………………………………………………………………

250 parts

Total: cinq cents parts sociales ………………………………………………………………………………………………………………………………

500 parts

4171

La somme de cinq cent mille (500.000,-) francs se trouve à la disposition de la société, ce que les associés recon-

naissent mutuellement.

Art. 6. La société est gérée par un ou plusieurs gérants, associés ou non, salariés ou gratuits, sans limitation de durée.
Les associés ainsi que le ou le gérants peuvent nommer d’un accord unanime un ou plusieurs mandataires spéciaux

ou fondés de pouvoir, lesquels peuvent engager seuls la société.

Art. 7. Les parts sociales sont librement cessibles entre associés. Elles sont indivisibles à l’égard de la société.
La cession de parts à des tierces personnes non asociées nécessite l’accord unanime de tous les associés.

Art. 8. Les héritiers et créanciers d’un associé ne peuvent, sous quelque prétexte que ce soit, requérir l’apposition

de scellés, ni s’immiscer en aucune manière dans les actes de son administration ou de sa gérance.

Art. 9. La dissolution de la société doit être décidée dans les formes et conditions de la loi. Après la dissolution, la

liquidation en sera faite par le gérant.

Art. 10. Pour tout ce qui n’est pas prévu dans les présents statuts, les associés se réfèrent aux dispositions légales.

<i>Frais

Les frais incombant à la société pour sa constitution sont estimés à trente-cinq mille francs.

<i>Réunion des associés

Les associés ont pris, à l’unanimité, les décisions suivantes:
1. Est nommé gérant:
Monsieur Manu Claessens, préqualifié.
2. La société est valablement engagée par la seule signature du gérant.
3. Le siège social de la société est fixé à L-1635 Luxembourg, 4, allée Léopold Goebel.
Dont acte, fait et passé à Pétange, en l’étude du notaire instrumentaire.
Et après lecture faite et interprétation donnée aux comparants, ils ont tous signé avec Nous, notaire, la présente

minute.

Signé: M. Claessens, G. d’Huart.
Enregistré à Esch-sur-Alzette, le 27 novembre 1996, vol. 828, fol. 75, case 12. – Reçu 10.000 francs.

<i>Le Receveur (signé): M. Ries.

Pour expédition conforme, délivrée aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

Pétange, le 5 décembre 1996.

G. d’Huart.

(44624/207/63)  Déposé au registre de commerce et des sociétés de Luxembourg, le 16 décembre 1996.

VALUX S.A., Société Anonyme.

Siège social: L-1118 Luxembourg, 14, rue Aldringen.

R. C. Luxembourg B 7.982.

Lors de la réunion du Conseil d’Administration du 7 novembre 1996, Monsieur Benoît Duvieusart, licencié en droit,

demeurant à Roodt-sur-Syre, a été nommé par voie de cooptation aux fonctions d’administrateur en remplacement de
Monsieur Roger Petry, administrateur démissionnaire.

Luxembourg, le 8 novembre 1996.

<i>Pour VALUX S.A.

CREGELUX

Crédit Général du Luxembourg S.A.

Signatures

Enregistré à Luxembourg, le 12 décembre 1996, vol. 487, fol. 61, case 3. – Reçu 500 francs.

<i>Le Receveur ff. (signé): D. Hartmann.

(44605/029/14)  Déposé au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

ABITAL S.A., Société Anonyme.

Siège social: L-1445 Luxembourg-Strassen, 1A, rue Thomas Edison.

R. C. Luxembourg B 48.830.

<i>Extrait des résolutions prises lors de l’Assemblée Générale Ordinaire du 14 mai 1996

L’Assemblée ratifie la nomination par cooptation aux fonctions d’administrateur, intervenue en date du 15 novembre

1994, de Mlle Armelle Beato, en remplacement de Mlle Geneviève Baué, administrateur démissionnaire.

L’Assemblée accorde à Mlle Geneviève Baué décharge pleine et entière pour l’exercice de son mandat.

<i>Pour ABITAL S.A.

Signature

Signature

<i>Administrateur

<i>Administrateur

Enregistré à Luxembourg, le 13 décembre 1996, vol. 487, fol. 69, case 10. – Reçu 500 francs.

<i>Le Receveur ff. (signé): D. Hartmann.

(44647/032/15)  Déposé au registre de commerce et des sociétés de Luxembourg, le 16 décembre 1996.

4172

VASTA S.A., Société Anonyme.

Siège social: L-1128 Luxembourg, 37, Val St. André.

R. C. Luxembourg B 32.234.

Le bilan au 31 décembre 1995, enregistré à Luxembourg, le 25 novembre 1996, vol. 486, fol. 92, case 10, a été déposé

au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Luxembourg, le 29 novembre 1996.

<i>Pour la société

FIDUCIAIRE BECKER + CAHEN

Signature

(44606/502/11)  Déposé au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

COMPAGNIE BETHLEM S.A., Société de Participations Financières.

Siège social: L-1449 Luxembourg, 18, rue de l’Eau.

STATUTS

L’an mil neuf cent quatre-vingt-seize, le vingt-cinq novembre.
Par-devant Maître Georges d’Huart, notaire de résidence à Pétange.

Ont comparu:

1) La société MULTISERVICES LTD, avec siège à Douglas/Isle of Man, ici représentée par Monsieur Jean Hoffmann,

conseil fiscal, demeurant à Luxembourg,

en vertu d’une procuration, annexée au présent acte;
2) Monsieur Jean Hoffmann, préqualifié.
Lesquels comparants ont arrêté, ainsi qu’il suit, les statuts d’une société de participations financières qu’ils vont

constituer entre eux:

Art. 1

er

Il est formé une société de participations financières sous Ia dénomination de COMPAGNIE BETHLEM

S.A..

Cette société aura son siège à Luxembourg. Il pourra être transféré dans toute autre localité du Grand-Duché de

Luxembourg, par simple décision du Conseil d’Administration. Sa durée est illimitée.

Art. 2. La société a pour objet la prise de participations financières dans toutes sociétés luxembourgeoises ou

étrangères, ainsi que la gestion et la mise en valeur de son portefeuille. Elle peut accomplir toutes opérations
généralement quelconques, commerciales, financières, mobilières ou immobilières, se rapportant directement ou
indirectement à son objet.

Elle peut s’intéresser par toutes voies dans toutes affaires, entreprises ou sociétés ayant un objet identique, analogue,

similaire ou connexe, ou de nature à favoriser le développement de son entreprise.

Art. 3. Le capital social est fixé à un million deux cent cinquante mille (1.250.000,-) francs, divisé en mille deux cent

cinquante (1.250) actions de mille (1.000,-) francs chacune.

<i>Souscription du capital

Le capital social a été souscrit comme suit:
1) La société MULTlSERVlCES LTD, préqualifiée …………………………………………………………………………………………………………

1.249

2) Monsieur Jean Hoffmann, préqualifié …………………………………………………………………………………………………………………………

        1

Total: mille deux cent cinquante actions…………………………………………………………………………………………………………………………

1.250

Toutes les actions ont été intégralement libérées par des versements en espèces, de sorte que la somme d’un million

deux cent cinquante mille (1.250.000,-) francs se trouve dès à présent à la disposition de la nouvelle société, ainsi qu’il
en a été justifié au notaire.

Toutes les actions sont nominatives ou au porteur, au choix de I’actionnaire, sauf dispositions contraires de la loi. La

société peut racheter ses propres actions avec l’autorisation de l’assemblée générale suivant les conditions fixées par la
loi.

Art. 4. La société est administrée par un conseil composé de trois membres au moins, actionnaires ou non, nommés

pour un terme qui ne peut pas excéder six ans.

Les administrateurs sont rééligibles.
Art 5. Le Conseil d’Administration a le pouvoir d’accomplir tous les actes nécessaires ou utiles à la réalisation de

l’objet social, à l’exception de ceux que la loi ou les statuts réservent à l’assemblée générale.

Le Conseil d’Administration ne peut délibérer et statuer valablement que si la majorité de ses membres est présente

ou représentée, le mandat entre administrateurs, qui peut être donné par écrit, télégramme, télex et téléfax, étant
admis. Ses décisions sont prises à la majorité des voix.

Le Conseil d’Administration peut prendre ses décisions également par voie circulaire et par écrit.
Art. 6. L’assemblée générale et/ou le Conseil d’administration peuvent déléguer leurs pouvoirs à un administrateur,

directeur, gérant ou autre agent.

La société se trouve engagée par la signature individuelle de chaque administrateur.
Art. 7. La surveillance de la société est confiée à un ou plusieurs commissaires; ils sont nommés pour un terme qui

ne peut pas excéder six ans. Ils sont rééligibles.

4173

Art. 8. Le Conseil d’Administration pourra procéder à des versements d’acomptes sur dividendes avec l’approbation

du ou des commissaires aux comptes.

Art. 9. L’année sociale commence le 1

er

janvier et finit le 31 décembre. Par dérogation, le premier exercice

commencera aujourd’hui même pour finir le 31 décembre 1996.

Art. 10. L’assemblée des actionnaires de la société régulièrement constituée représente tous les actionnaires de la

société. Elle a les pouvoirs les plus étendus pour faire ou ratifier tous les actes qui intéressent la société.

Elle décide de I’affectation ou de la distribution du bénéfice net. Tout actionnaire a le droit de prendre part aux

délibérations de l’assemblée, en personne ou par mandataire, actionnaire ou non.

Art. 11. L’assemblée générale annuelle des actionnaires se réunit de plein droit au siège social ou à tout autre

endroit à Luxembourg indiqué dans l’avis de convocation le premier lundi du mois d’octobre à 11.00 heures et pour la
première fois en 1997.

Art. 12. La loi du dix août mil neuf cent quinze et ses modifications ultérieures trouveront leur application partout

où il n’y est pas dérogé par les présents statuts.

Le notaire rédacteur de l’acte déclare avoir vérifié l’existence des conditions énumérées à l’article 26 de la loi sur les

sociétés commerciales et en constate expressément l’accomplissement.

<i>Frais

Le montant des frais, dépenses, rémunérations ou charges, sous quelque forme que ce soit, qui incombent à la société

ou qui sont mis à sa charge en raison de sa constitution, s’élève approximativement à la somme de quarante mille francs.

<i>Assemblée générale extraordinaire

Et à l’instant les comparants, ès qualités qu’ils agissent, se sont constitués en assemblée générale extraordinaire à

laquelle ils se reconnaissent dûment convoqués et après avoir constaté que celle-ci était régulièrement constituée, ils
ont, à l’unanimité des voix, pris les résolutions suivantes:

1. Le nombre des administrateurs est fixé à trois et celui des commissaires à un.
2. Sont nommés administrateurs:
a) Monsieur Michele Clerici, administrateur de soicétés, demeurant à Lugano (Suisse),
b) Monsieur Jean Hoffmann, préqualifié,
c) Mademoiselle Nicole Thommes, employée privée, demeurant à B-Arlon.
3. Est appelée aux fonctions de commissaire:
La société anonyme DEBELUX AUDIT S.A., avec siège à Luxembourg.
4. Le siège social de la société est fixé à L-1449 Luxembourg, 18, rue de l’Eau.
Dont acte, fait et passé à Luxembourg, date qu’en tête.
Après lecture faite et interprétation donnée au comparant, il a signé avec le notaire le présent acte.
Signé: J. Hoffmann, G. d’Huart.
Enregistré à Esch-sur-Alzette, le 3 décembre 1996, vol. 828, fol. 84, case 4. – Reçu 12.500 francs.

<i>Le Receveur (signé): M. Ries.

Pétange, le 5 décembre 1996.

Pour expédition conforme

G. d’Huart

(44620/207/95)  Déposé au registre de commerce et des sociétés de Luxembourg, le 16 décembre 1996.

VIMOWA S.A., Société Anonyme.

Siège social: L-5550 Remich, 49, rue de Macher.

R. C. Luxembourg B 33.820.

Le bilan au 31 décembre 1995, enregistré à Luxembourg, le 25 novembre 1996, vol. 486, fol. 92, case 10, a été déposé

au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Luxembourg, le 29 novembre 1996.

<i>Pour la société

FIDUCIAIRE BECKER + CAHEN

Signature

(44608/502/11)  Déposé au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

APPART-HOTEL, S.à r.l., Société à responsabilité limitée.

Siège social: Luxembourg.

R. C. Luxembourg B 35.382.

Le bilan au 31 décembre 1995, enregistré à Luxembourg, le 9 décembre 1996, vol. 487, fol. 48, case 11, a été déposé

au registre de commerce et des sociétés de Luxembourg, le 16 décembre 1996.

Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

<i>Pour APPART-HOTEL, S.à r.l.

J. Reuter

(44653/517/10)  Déposé au registre de commerce et des sociétés de Luxembourg, le 16 décembre 1996.

4174

VESPER CONSEIL, Société Anonyme.

Siège social: L-2520 Luxembourg, 39, allée Scheffer.

R. C. Luxembourg B 24.920.

<i>Procès-verbal de réunion du Conseil d’Administration

<i>Ordre du jour:

1. Démission et nomination d’administrateurs.
2. Transfert du siège social.

<i>Résolution

Le Conseil d’Administration de VESPER CONSEIL a décidé, lors de sa réunion en date du 14 décembre 1995 à 12.00

heures à la BANQUE INDOSUEZ, 39, allée Scheffer, Luxembourg:

1. - d’accepter la démission, avec effet au 19 décembre 1995, de MM. Jean Pierson, Jean Quintus et Gérard Coene en

qualité d’administrateurs de VESPER CONSEIL;

- de coopter MM. Jérôme Istel, Pierre Bouquieaux et Thierry Logier en qualité d’administrateurs de VESPER

CONSEIL, en remplacement de MM. Pierson, Quintus et Coene, pour un mandat prenant effet le 20 décembre 1995 et
prenant fin à la prochaine Assemblée Générale Annuelle en 1996;

2. de transférer le siège social de la société, avec effet au 20 décembre 1995, au 39, allée Scheffer, L-2520 Luxem-

bourg.

La cooptation de MM. Istel, Bouquieaux et Logier sera ratifiée lors de la prochaine Assemblée Générale Annuelle en

1996, qui donnera décharge à MM. Pierson, Quintus et Coene.

Luxembourg, le 14 décembre 1995.

J. Pierson

J. Quintus

G. Coene

<i>Administrateur

<i>Administrateur

<i>Administrateur

Pour accord

J. Istel

P. Bouquieaux

T. Loger

Enregistré à Mersch, le 9 décembre 1996, vol. 122, fol. 51, case 3. – Reçu 500 francs.

<i>Le Receveur (signé): Signature.

(44607/228/30)  Déposé au registre de commerce et des sociétés de Luxembourg, le 13 décembre 1996.

SG INVESTMENTS S.A., Société Anonyme in Liquidation.

Registered office: Luxembourg-Kirchberg, 231, Val des Bons Malades.

R. C. Luxembourg B 24.907.

The Shareholders are hereby convened to attend

– the EXTRAORDINARY GENERAL MEETING

which will be held at the registered office on <i>17th March 1997 at 3.00 p.m. with the following agenda:

<i>Agenda:

1. Approval of the annual accounts at 31st December 1993, 1994, 1995 and 1996.
2. Review of the report of the Liquidators as well as of the liquidation accounts as at 28th February 1997.
3. Appointment of Mr Marco Ries, independent auditor in Luxembourg, as auditor of the liquidation.

– the EXTRAORDINARY GENERAL MEETING

which will be held at the registered office on <i>17th March 1997 at 3.30 p.m. with the following agenda:

<i>Agenda:

1. Report of the auditor of the liquidation.
2. Discharge to be granted to the liquidator and to the Auditor of the liquidation.
3. Closing of the liquidation.
4. Decision to keep the corporate records at the registered office for the legal period of five years.

(00505/521/22)

<i>By order of the Liquidator.

DAIWA JAPAN FUND, SICAV, Société d’Investissement à Capital Variable (in liquidation).

Registered office: Luxembourg, 2, boulevard Royal.

R. C. Luxembourg B 22.761.

The shareholders of DAIWA JAPAN FUND are hereby convened to attend an

EXTRAORDINARY GENERAL MEETING

of Shareholders to be held on <i>March 5th, 1997 at 3.00 p.m. at the offices of BANQUE INTERNATIONALE A LUXEM-
BOURG, 69, route d’Esch, Luxembourg, Grand Duchy of Luxembourg to deliberate on the following agenda:

<i>Agenda:

1. to hear the report of the auditor to the liquidation appointed at the previous Meeting;

4175

2. to give discharge to the Liquidator, Auditors to the liquidation and Directors who had been in place;
3. to decide to close the liquidation and distribute the remaining net assets in cash;
4. to decide to keep the records of DAIWA JAPAN FUND for a term of five years at the offices of BANQUE INTER-

NATIONALE A LUXEMBOURG.

Shareholders are informed that at this Meeting, no quorum is required for the holding of the meeting and the decision

will be passed by a simple majority of the shares present and voting.
II  (00391/584/19)

<i>The Liquidator.

BLATTEUS S.A., Société Anonyme.

Siège social: Luxembourg, 3, avenue Pasteur.

R. C. Luxembourg B 36.120.

Le Conseil d’Administration a l’honneur de convoquer Messieurs les actionnaires par le présent avis, à

l’ASSEMBLEE GENERALE ORDINAIRE,

qui aura lieu le <i>4 mars 1997 à 11.30 heures au siège social, avec l’ordre du jour suivant:

<i>Ordre du jour:

1. Approbation des rapports du Conseil d’Administration et du Commissaire aux Comptes.
2. Approbation du bilan et du compte de pertes et profits au 31 décembre 1996, et affectation du résultat.
3. Décharge à donner aux Administrateurs et au Commissaire aux Comptes pour l’exercice de leur mandat au

31 décembre 1996.

4. Divers.

II  (00341/005/15)

<i>Le Conseil d’Administration.

ESTAMBRA, Société Anonyme.

Siège social: Luxembourg, 26, boulevard Royal.

R. C. Luxembourg B 13.092.

Messieurs les Actionnaires sont convoqués par le présent avis à

l’ASSEMBLEE GENERALE STATUTAIRE

qui aura lieu le mercredi <i>5 mars 1997 à 11.00 heures, au siège social de la société, avec l’ordre du jour suivant:

<i>Ordre du jour:

1. Approbation du bilan et du compte de Profits et Pertes au 31 décembre 1996.
2. Approbation du rapport de gestion et du rapport du Commissaire aux Comptes.
3. Décharge à donner aux Administrateurs et au Commissaire aux Comptes.
4. Démission d’Administrateurs et du Commissaire aux Comptes.
5. Nomination de nouveaux Administrateurs et d’un nouveau Commissaire aux Comptes.
6. Divers.

II  (00371/011/16)

<i>Le Conseil d’Administration.

EURTECH FINANCE S.A., Société Anonyme.

Siège social: Luxembourg, 3, Place Dargent.

R. C. Luxembourg B 40.564.

Messieurs les Actionnaires sont convoqués par le présent avis à

l’ASSEMBLEE GENERALE STATUTAIRE

qui aura lieu le <i>4 mars 1997 à 11.00 heures au siège social à Luxembourg, avec l’ordre du jour suivant:

<i>Ordre du jour:

1. Rapport de gestion du Conseil d’Administration et Rapport du Commissaire aux Comptes pour l’exercice clôturé

au 31 décembre 1996.

2. Approbation des comptes annuels et affectation des résultats au 31 décembre 1996.
3. Décharge à donner aux Administrateurs et au Commissaire aux Comptes.
4. Divers.

II  (00406/696/15)

<i>Le Conseil d’Administration.

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Document Outline

S O M M A I R E

GALE HOLDING S.A., Société Anonyme.

GALE HOLDING S.A., Société Anonyme.

SOPRALUX S.A., Société Anonyme.

ALU FER, S.à r.l., Société à responsabilité limitée.

TEXSA INTERNATIONAL S.A., Société Anonyme.

TEXSA INTERNATIONAL S.A., Société Anonyme.

ANTHURIUM S.A.H., Société Anonyme.

NK CHALLENGER I, Fonds Commun de Placement.

Definitions

The Fund

The Management Company

The Custodian

Trading Objective, Leverage Policy, Letter of Credit Arrangement

Investment Restrictions

Restrictions on Ownership

Issue of Shares

Form of Shares, Share Certificates

Determination of Net Assets

Suspension of the Determination of Net Assets

Repurchase

Charges of the Fund

Accounting Year, Audit

Dividends

Amendment of the Management Regulations

Publications

Duration of the Fund, Liquidation

Statute of Limitation

Applicable Law, Jurisdiction and Governing Language

Definitions

NK CHALLENGER II, Fonds Commun de Placement.

Definitions

The Fund

The Management Company

The Custodian

Trading Objective

Investment Restrictions

Restrictions on Ownership

Issue of Shares

Form of Shares, Share Certificates

Determination of Net Assets

) Suspension of the Determination of Net Assets

Repurchase

Charges of the Fund

Accounting Year, Audit

Dividends

Amendment of the Management Regulations

Publications

Duration of the Fund, Liquidation

Statute of Limitation

Applicable Law, Jurisdiction and Governing Language

Definitions

M.T.C., MACHINE &amp; TRADING-CENTER, Société à responsabilité limitée.

ABACA S.A., Société Anonyme.

SAMCO S.A., Société Anonyme.

FIRST UNION COMMERCIAL S.A., Société Anonyme.

INTERNATIONAL AFFAIRS A.G., Aktiengesellschaft.

SAFE INTERNATIONAL S.A., Société Anonyme Holding.

Art. 5. Premier alinéa.

Art. 7. Deuxième alinéa.

SAFE INTERNATIONAL S.A., Société Anonyme Holding.

F.L.D. HYGIENE S.A., Société Anonyme.

SCHORNDORF INVESTMENTS S.A., Société Anonyme.

SEA COAST INVESTMENTS S.A., Société Anonyme.

SEIP - SOCIETE EUROPEENNE D INVESTISSEMENTS ET DE PLACEMENTS S.A., Société Anonyme.

SEIP - SOCIETE EUROPEENNE D INVESTISSEMENTS ET DE PLACEMENTS S.A., Société Anonyme.

SEDELLCO HOLDING S.A., Société Anonyme.

SOBAC, Société Anonyme.

SPORTIV - Mode Masculine, GmbH, Gesellschaft mit beschränkter Haftung.

SUN INTERNATIONAL FINANCE S.A.H., Société Anonyme Holding.

SYLCALUX S.A., Société Anonyme.

SOPELEC S.A., Société Anonyme.

SUNAIR LUXEMBOURG S.A., Société Anonyme.

TARMA S.A., Société Anonyme.

THEWALT S.A., Société Anonyme.

TECHNICAL INOVATION COMPANY HOLDING S.A., Société Anonyme.

TECTRONA, S.à r.l., Société à responsabilité limitée.

TERANIM S.A., Société Anonyme.

THE EAGLE S EYE HOLDINGS S.A., Société Anonyme.

Version anglaise:

Version anglaise:

Version française:

TRANS-WORLD MARKET, S.à r.l., Société à responsabilité limitée.

TERRACHE S.A., Société Anonyme.

THREE ARROWS, Société Anonyme.

THREE-I.

TILERIW, Société à responsabilité limitée.

TRG REVISEURS S.A., Société Anonyme.

UNISON MANAGEMENT (LUXEMBOURG) S.A., Société Anonyme.

Art. 5.

UNISON MANAGEMENT (LUXEMBOURG) S.A., Société Anonyme.

UNO S.A., Société Anonyme.

UNO S.A., Société Anonyme.

TYCOON INTERNATIONAL, S.à r.l., Société à responsabilité limitée.

ULISCO S.A., Société Anonyme.

ULYSSE S.A., Société Anonyme.

UNITARIAN S.A., Société Anonyme.

UNITED INDUSTRIES HOLDING, Société Anonyme.

UP FINANCE S.A., Société Anonyme.

UTOPIE EXPANSION S.A., Société Anonyme.

VALORIN S.A., Société Anonyme.

VALUGA, Société Anonyme.

VALURA S.A., Société Anonyme.

IMMEUBLE HOLDING S.A., Société Anonyme Holding.

Art. 1.

Art. 2.

Art. 3.

Art. 4.

Art. 5.

Art. 6.

Art. 7.

Art. 8.

Art. 9.

Art. 10.

Art. 11.

Art. 12.

Art. 13.

Traduction française du texte qui précède:

Art. 1. 

Art. 2.

Art. 3.

Art. 4.

Art. 5.

Art. 6.

Art. 7.

Art. 8. Art. 9.

Art. 10.

Art. 11.

Art. 12. 

Art. 13.

INTERBALTIC-TRANSPORTS INTERNATIONAL, S.à r.l., Société à responsabilité limitée.

Art. 1.  Art. 2. 

Art. 3. 

Art. 4. 

Art. 5. 

Art. 6. 

Art. 7. 

Art. 8. 

Art. 9. 

Art. 10. 

VALUX S.A., Société Anonyme.

ABITAL S.A., Société Anonyme.

VASTA S.A., Société Anonyme.

COMPAGNIE BETHLEM S.A., Société de Participations Financières.

Art. 1.

Art. 2.

Art. 3.

Art. 4.

Art 5.

Art. 6.

Art. 7.

Art. 8.

Art. 9.

Art. 10.

Art. 11.

Art. 12.

VIMOWA S.A., Société Anonyme.

APPART-HOTEL, S.à r.l., Société à responsabilité limitée.

VESPER CONSEIL, Société Anonyme.

SG INVESTMENTS S.A., Société Anonyme in Liquidation.

DAIWA JAPAN FUND, SICAV, Société d Investissement à Capital Variable (in liquidation).

BLATTEUS S.A., Société Anonyme.

ESTAMBRA, Société Anonyme.

EURTECH FINANCE S.A., Société Anonyme.