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36817

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° 768

22 octobre 1998

S O M M A I R E

ACM Principal Protection Fund……………………… page

36818

AGT Investissement S.A., Luxembourg ……………………

36852

Aires Compagnie Financière Holding S.A., Luxem-

bourg ……………………………………………………………………………………

36854

Alpha Invest S.A., Luxembourg ……………………………………

36864

Amphore S.A., Luxembourg …………………………………………

36863

Artinvest S.A., Luxembourg……………………………………………

36854

Atollex S.A., Luxembourg ………………………………………………

36854

Benaco S.A., Luxembourg ………………………………………………

36858

Brior S.A., Luxembourg ……………………………………………………

36852

CDC Multinational Series, Sicav, Luxembg

36825

36837

Chase Manhattan Bank Luxembourg S.A., Luxem-

bourg ……………………………………………………………………

36838

36841

Chinesco Finance S.A., Luxembourg …………………………

36855

C.M.B.L. Lux S.A., Luxembourg ……………………………………

36841

Coluxor S.A., Luxembourg………………………………………………

36864

Consortium International d’Investissements Eco-

nomiques S.A., Luxembourg ……………………………………

36855

Crefina S.A., Luxembourg ………………………………………………

36856

Cynthia S.A., Luxembourg ………………………………………………

36861

Dresdner RCM Select Fund, Sicav, Luxembourg……

36859

Durbana, Sicav, Luxembourg …………………………

36821

36825

Ephise S.A., Luxembourg …………………………………………………

36853

ERA Properties S.A., Luxembourg………………………………

36852

Eurofit S.A., Luxembourg…………………………………………………

36854

EUROHYPO, Europaïsche Hypothekenbank der

Deutschen Bank AG ………………………………………………………

36818

Fidelity Funds - Capitalbuilder DM Income Fund

36818

Fidenes S.A., Luxembourg ………………………………………………

36852

Galaxy Energy Holding Company S.A., Luxem-

bourg ……………………………………………………………………………………

36859

Gera International S.A., Luxembourg ………………………

36862

Imos S.A., Luxembourg ……………………………………………………

36861

Invesco Euro-Stabil Asset Management Company

S.A., Luxembourg……………………………………………………………

36838

Investissement International Immobilier S.A.,

Luxembourg ………………………………………………………………………

36860

KBC Institutional Cash, Sicav, Luxembourg …………

36860

Linor S.A., Luxembourg ……………………………………………………

36856

Litoprint S.A., Luxembourg ……………………………………………

36855

Lyslin S.A., Luxembourg……………………………………………………

36853

MFS American Funds, Sicav, Luxembourg………………

36857

Michanne S.A., Luxembourg …………………………………………

36863

Modellux S.A., Luxembourg ……………………………………………

36855

O.A.I., Omnium Africain d’Investissements S.A.,

Luxembourg ………………………………………………………………………

36860

Oliva International S.A., Luxembourg ………………………

36853

Paribas Soleil Fund ………………………………………………………………

36818

Rent-o-Net, Sicav, Luxembourg ……………………………………

36861

Roni International S.A., Luxembourg…………………………

36863

Société de Contacts Industriels S.A., Luxem-

bourg ……………………………………………………………………………………

36858

SOFINET Int’l S.A., Société Financière à l’Etranger

Int’l S.A., Luxembourg …………………………………………………

36859

Sogepa S.A., Luxembourg ………………………………………………

36856

Sparrein Gesellschaft S.A., Luxembourg …………………

36862

Stemel Holding S.A., Luxembourg………………………………

36864

Technilux S.A., Luxembourg …………………………………………

36857

Tele2 Luxembourg S.A., Bertrange ……………………………

36844

United Sport S.A., Luxembourg……………………………………

36863

Vitale Holding S.A., Luxembourg…………………………………

36853

Volta Finance S.A. Holding, Luxembourg ………………

36860

EUROHYPO, EUROPÄISCHE HYPOTHEKENBANK DER DEUTSCHEN BANK, Aktiengesellschaft,

(anc. FRANKFURTER HYPOTHEKENBANK CENTRALBODEN, Aktiengesellschaft).

£ 425.000.000,-.

6 3/8 Pfund Sterling Hypothekenpfandbriefe von 1998/2008 - Reihe 544 -

(bisher £ 350.000.000,- 6 3/8 Pfund Sterling Hypothekenpfandbriefe,

ab dem 21. Oktober 1998 um weitere £ 75.000.000,- erhöht)

—

Die von den Hauptversammlungen am 25. Mai 1998 bzw. 5. Juni 1998 beschlossene Verschmelzung der LÜBECKER

HYPOTHEKENBANK AG auf die FRANKFURTER HYPOTHEKENBANK CENTRALBODEN AG ist mit Eintragung im
Handelsregister Frankfurt am Main am 12. Oktober 1998 wirksam geworden. Das fusionierte Institut mit Sitz in
Frankfurt am Main führt den Namen:

EUROHYPO, EUROPÄISCHE HYPOTHEKENBANK DER DEUTSCHEN BANK, Aktiengesellschaft.
Die Adresse lautet: Junghofstrasse 5-7, D-60311 Frankfurt am Main.
Die EUROHYPO verfügt über eigene Mittel in Höhe von 2,7 Mrd DEM.
Die oben genannten Pfandbriefe sind für die gesamte Laufzeit der Emission in einer auf den Inhaber lautenden Samme-

lurkunde ohne Zinsscheine verbrieft. Die Lieferung effektiver Pfandbriefe oder Zinsscheine oder die Umschreibung eines
Pfandbriefs auf den Namen eines bestimmten Berechtigten kann während der gesamten Laufzeit der Emission nicht
verlangt werden. Ein Austausch der Sammelurkunde aufgrund der Namensänderung ist nicht vorgesehen. Die Pfand-
briefe werden an der Luxemburger Wertpapierbörse unter dem neuen Namen notiert.

Frankfurt am Main, im Oktober 1998.

EUROHYPO, EUROPÄISCHE HYPOTHEKENBANK

(04201/755/21)

DER DEUTSCHEN BANK, Aktiengesellschaft

FIDELITY FUNDS - CAPITALBUILDER DM INCOME FUND.

—

Shareholders are hereby informed that as of October 19, 1998 the assets of FIDELITY FUNDS - CAPITALBUILDER

DM INCOME FUND have been allocated to those of FIDELITY FUNDS - EUROPEAN BOND FUND pursuant to which
the shares of FIDELITY FUNDS - CAPITALBUILDER DM INCOME FUND have been converted into shares of
FIDELITY FUNDS - EUROPEAN BOND FUND (renamed FIDELITY FUNDS - EURO BOND FUND).

The exchange ratio has been determined on October 19, 1998 and reads:
0.521341.

(04191/584/9)

On behalf of the Board of Directors.

PARIBAS SOLEIL FUND (in liquidation).

—

The shareholders of the Fund are hereby informed that the net proceeds of liquidation of the PARIBAS SOLEIL

FUND assets, give way to the payment of USD 3.97 per share.

The shares can be presented for payment to the Paying Agent, BANQUE PARIBAS LUXEMBOURG, 10A, boulevard

Royal, Luxembourg as from today.

At the close of liquidation, any outstanding amounts will be deposited with the Caisse des Consignations in Luxem-

bourg on behalf of the beneficiaries.

Luxembourg, 21th October, 1998.

PARIBAS SOLEIL MANAGEMENT

COMPANY S.A.

(04202/755/11)

acting as Liquidator

ACM PRINCIPAL PROTECTION FUND.

—

Second Addendum to the Management Regulations describing the Mansurii Doriimu III - November 1998

Following a decision of the Management Company made with the consent of the Custodian of ACM PRINCIPAL

PROTECTION FUND (the «Fund»), a fonds commun de placement under the Iaws of Luxembourg, a portfolio is
created within the Fund under the name ACM Principal Protection Fund - Mansurii Doriimu III - November 1998 (the
«Portfolio») and in connection with the Portfolio, the Fund shall issue Shares of class Mansurii Doriimu III - November
1998 A («class A Shares») and class Mansurii Doriimu III - November 1998 B («class B Shares»). The Portfolio shall have
the following specific features:

Issues of Shares

The initial offering period shall begin on October 20th, 1998 and end on November 11th, 1998.
The initial offering price of the Shares will be US Dollars 1,000 per Share plus a sales charge (exclusive of consumption

or other taxes, if any) not to exceed 3.25 % of the subscription price. The Management Company may limit sub-
scriptions for Shares to such maximum number of Shares as it shall determine.

After the Initial Offering Period no further Shares of the Portfolio will be issued.
If at the end of the Initial Offering Period applications totalling at least U.S. dollars 100 million have not been received,

the Management Company may, at its discretion, either (i) terminate the offering and refund the subscription monies to
the subscribers, in which case the Portfolio would be dissolved or (ii) extend the Initial Offering Period for such time
and on such terms as may be determined by the Management Company. Investors who have made applications will be

36818

informed by mail of the termination of the offering or the extension of the Initial Offering Period within 10 days of such
decision. The Management Company may restrict the sale of Class B Shares to selected investors.

Repurchases of Shares of the Portfolio

Shares may not be repurchased before November 20, 1999, provided that Shares of Class B may be repurchased at

their net asset value during any valuation day in November, 1998, as announced in the sales documents, provided the
request is made no later than 5.00 p.m. (Luxembourg time) on the date or repurchase. Beginning November 20, 1999,
repurchase will be allowed quarterly, on November 20, on February 20, on May 20 and on August 20 of each year until
February 20, 2004 and then on any Valuation Day from April 20, 2004 until May 20, 2004.

The Principal Protection Option Date shall be April 20, 2004 and the Final Repurchase Date for the Shares of the

Portfolio will be May 20, 2004.

Application for repurchase must be made in writing to the Management Company and received by the Management

Company prior to a deadline determined by the Management Company and published in the sales documents of the
Portfolio. Any repurchase request must be accompanied by the relevant Share certificates (if issued).

For any such repurchase prior to the Principal Protection Option Date, the repurchase price will be equal to the sum

of (a) the Redemption Percentage (as defined hereafter) multiplied by the value of the Managed Assets, (b) the
Redemption Percentage multiplied by the lesser of (i) 103 % of the Swap Notional Amount and (ii) the value of the
Principal Protection Assets and (c) the cost or benefit to the Portfolio, as the case may be, under the terms of the Zero-
Coupon Swap Agreement of terminating a portion of the Swap under that agreement on such date.

«Redemption Percentage» means a fraction, the numerator of which is the number of Shares of the Portfolio being

repurchased or tendered pursuant to an Early Redemption or an Optional Tender (as defined below), respectively, and
the denominator of which is the number of Shares of the Portfolio outstanding immediately prior to such Early
Redemption or Optional Tender.

If on or after November 20, 2002, (a) the sum of (i) the value of the Principal Protection Assets plus (ii) the cost or

benefit to the Portfolio, as the case may be, under the terms of the Zero-Coupon Swap Agreement of terminating a
portion of the Swap under that agreement on such date is equal or greater than the product of (x) 101.5 %, (y) US
Dollars 1,000 and (z) the number of Shares of the Portfolio outstanding immediately prior to such date; and (b) the
Principal Protection Assets consist solely of cash or, with the written permission of the Principal Protection Provider,
agreed cash equivalents, then the Management Company may announce to the holders of Shares of the Portfolio the
opportunity for an optional tender at US Dollars 1,000 per Share, subject to certain provisions contained in such
announcement ( an «Optional Tender»).

Payment of the repurchase proceeds will be made within five business days following the date on which the

repurchase price is determined.

The repurchase price following the Principal Protection Option Date will be equal to the Net Asset Value per Share

of the Portfolio.

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 reimbursement was applied for.

Shares of the Portfolio may not be converted into Shares of other portfolios of the Fund.

Investment Policy

At least 70 % of the portfolio’s initial assets will be invested to provide the Redemption Assurance. The Principal

Protection Assets shall be managed in accordance with the provisions set out in the Management Regulations.

The Managed Assets will be invested primarily in a portfolio of high yield debt securities of issuers located throughout

the world, including U.S. issuers and issuers in emerging countries.

The investments may include structured notes or derivative instruments that provide a return, and are subject to

risks, equivalent to the return on and risks of high yield debt securities. The non-investment grade securities in which
the Portfolio invests may be denominated in various currencies or multinational currency units, excluding however the
Japanese Yen. Subject to the investment restrictions, the Portfolio is not subject to any limitation on the portion of its
assets which may be invested in any one country.

At least 50 % of the Net Assets of the Portfolio 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.

In seeking to achieve a high level of current income through investments of the Managed Assets, the Portfolio will

invest primarily in a portfolio of high yield debt securities of issuers located throughout the world, including U.S. issuers
in emerging countries. In selecting its investments, the Portfolio intends to allocate its assets among three main types of
investments: (i) high yield non-investment grade debt securities of U.S. corporate issuers; (ii) non-investment grade debt
securities of issuers located in emerging market countries; and (iii) sovereign debt obligations issued by emerging
countries. The Portfolio may make each of these types of investments through structured notes or derivative
instruments that provide a return, and are subject to risks, equivalent to the return and risks of that type of investment
(«Structured Instruments»). However, the Portfolio is not prohibited from investing in other types of debt securities.
The non-investment grade securities in which the Portfolio invests may be denominated in various currencies or
multinational currency units, excluding however, the Japanese Yen. Subject to the investment restrictions, the Portfolio
is not subject to any limitation on the portion of its assets which may be invested in any one country. The Portfolio may
seek to hedge against interest rate and currency fluctuations through the use of over-the-counter (OTC) derivatives,
including swaps, options, futures and currency transactions.

36819

The non-investment grade debt securities of U.S. and non U.S. corporate issuers in which the Portfolio may invest,

either directly or through structured instruments, include bonds, debentures, bills and notes. These debt securities may
have equity features, such as conversion rights or warrants, which may provide the Portfolio with opportunities to
enhance its return on its investment. There is no minimum rating requirement with respect to the Portfolio’s
investments in debt securities of corporate issuers.

The Portfolio’s investments in emerging market debt securities may consist of (i) debt securities or obligations issued

or guaranteed by governments, governmental agencies or instrumentalities and political subdivisions located in emerging
countries, (ii) debt securities or obligations issued by government-owned, controlled or sponsored entities located in
emerging countries, and (iii) obligations of issuers organized and operated for the purpose of restructuring the
investment characteristics of securities issued by any of the entities described above. Emerging market debt securities in
which the Portfolio may invest will not be required to meet a minimum rating standard and may not be rated for credit-
worthiness by any intemationally recognized rating agency. As opportunities to invest in debt securities in other
emerging market countries develop, the Management Company expects to expand and diversify the portfolio invest-
ments of the Portfolio. Emerging market debt securities may take the form of bonds, debentures, bills, notes, convert-
ible securities, warrants, mortgage or other asset-backed securities and interests in entities.

The Portfolio shall seek high current income plus overall total investment return by investing in debt instruments

denominated in various currencies (excluding Japanese Yen) and currency units on the basis of the potential capital
appreciation of such instruments in U.S. dollars and the rates of income paid on such instruments. As a general matter,
in evaluating investments, the Management Company will consider, among other factors, the relative levels of interest
rates prevailing in various countries, the potential appreciation of such investments in their denominated currencies and,
for debt instruments not denominated in U.S. dollars, the potential movement in the value of such currencies compared
to the U.S. dollar. In seeking capital appreciation, the Portfolio may invest in relatively low-yielding instruments in
expectation of favorable currency fluctuations or interest rate movements, thereby potentially reducing the Portfolio’s
yield. In seeking income, the Portfolio may invest in short-term instruments with relatively high yields (as compared to
other debt securities) notwithstanding that the Management Company does not anticipate that such instruments will
experience substantial capital appreciation.

The average maturity of the securities of the Fund will vary based upon an assessment of economic and market

conditions. The Management Company does not expect the average maturity of the Managed Assets to exceed 15 years.

The Portfolio is not restricted in the portion of its assets that may be invested in securities denominated in a

particular currency, and a substantial portion of the Portfolio’s assets may be invested in non-U.S. dollar denominated
securities. The portion of the Portfolio’s assets invested in securities denominated in currencies other than the U.S.
dollar will vary depending on market conditions. The analysis of currencies is made independently of the analysis of
markets. Current account and capital account performance and real interest rates will be analyzed to adjust for shorter-
term currency flows.

The Portfolio may, as a temporary defensive measure or to provide for redemptions or in anticipation of investment

in foreign markets, hold cash or cash equivalents (in U.S. dollars or foreign currencies) and short-term securities,
including money market securities.

The Portfolio may invest in securities, including structured instruments, for which there is no ready market. The

Portfolio may therefor not be readily able to sell such securities. Moreover, there may be contractual restrictions on
resale of securities.

The Principal Protection Option

The Management Company shall arrange for a highly rated financial institution (the «Principal Protection Provider»)

to enter into an irrevocable principal protection option in favor of the Portfolio’s Custodian (the «Principal Protection
Option»). Further, the Management Company shall enter into a zero-coupon swap agreement (the «Zero-Coupon Swap
Agreement») with the Principal Protection Provider.

Under the Principal Protection Option, the Custodian shall be entitled, on the Principal Protection Option Date (but

not before or after that date), to require that the Principal Protection Provider pay to the Custodian, on behalf of the
holders of Shares of the Portfolio, an amount equal to the shortfall, if any, between (x) the sum of (A) the value of the
assets in the Principal Protection Account as of the Business Day immediately preceding the Principal Protection Option
Date plus (B) the amount of the payment by the Principal Protection Provider under the Zero-Coupon Swap Agreement
on the Principal Protection Option Date, and (y) US Dollars 1,000 per Share of the Portfolio (the «Original Purchase
Price») multiplied by the number of Shares of the Portfolio then outstanding.

Depending on market conditions, either the Principal Protection Provider may make an upfront payment to the

Management Company or the Management Company may make an up-front payment to the Principal Protection
Provider pursuant to the Zero-Coupon Swap Agreement on the date as of which the Agreement will be entered into.
On the Principal Protection Option Date the Principal Protection Provider will make a further payment of an amount
equal to US Dollars 250 multiplied by the number of shares outstanding on such date (the «Swap Termination Payment
Amount»). As consideration for these payments, the Portfolio will pay to the Principal Protection Provider, on a
quarterly basis in arrears, the amount of interest that would accrue at a rate equal to the three-month London Interbank
Offered Rate («LIBOR») on US Dollars 750 multiplied by the number of shares outstanding during such quarterly period
(the «Swap Notional Amount»).

In connection with the Zero-Coupon Swap Agreement and the issuance of the Principal Protection Option by the

Principal Protection Provider, the Management Company will pledge on behalf of the Portfolio all of the assets held in
the Principal Protection Account to the Principal Protection Provider as collateral security for the Portfolio’s obligation
to the Principal Protection Provider.

36820

For the benefit of the Principal Protection Provider, the Management Company shall agree that upon a Stop Trading

Event (as defined below) all assets in the Principal Protection Account will be liquidated unless otherwise instructed by
the Principal Protection Provider and the Management Company shall invest the proceeds of such liquidation in debt
instruments as directed by the Principal Protection Provider in its sole discretion. A «Stop Trading Event» will have
occurred when either (x) the value of the Principal Protection Assets is at or below an amount equal to 102 % of the
Swap Notional Amount or (y) the Portfolio fails to meet its obligations to the Principal Protection Provider under the
Zero-Coupon Swap Agreement or (z) certain other events specified in the Principal Protection Option Agreement
occur.

Fees and Expenses of the Portfolio

The rates of fees applicable to the Portfolio are as follows:

Management Fee payable by class A Shares

0.01 % p.a. of the average daily Net Asset Value of class A Shares

Managed Assets Investment Management

0.11% p.a. of the average daily Net Asset Value of the Managed

Fee payable by class A Shares

Assets attributable to class A Shares

Investment Management fees for the Principal

not to exceed 0.2 p.a. of the average daily Net Asset Value of such

Protection Assets

assets

Distribution Fee payable by class A Shares

For Net Assets of class A Shares
up to U.S.$ 150 million - 0.25 % p.a.
over U.S.$. 150 up to U.S.$ 300 million - 0.30 % p.a.
over U.S.$. 300 million - 0.35 % p.a.

Agent Securities Fee payable by class A Shares For Net Assets of class A Shares

up to U.S.$. 150 million - 0.25 % p.a
over U.S.$. 150 million up to U.S.$ 300 million - 0.20% p.a.
over U.S.$. 300 million - 0.15 % p.a.
provided, that during the first year of the Portfolio an additional fee
0.05 % p.a. of the Net Asset Value of class A Shares will be payable

Up-Front Structuring Fee payable by class

0.25 % of the base issue price of class A Shares

A Shares
Up-Front Principal Protection Option Fee

1.00 % as a percentage of the maximum amount contemplated on the

payable by class A Shares

Option Agreement Date as being payable to holders of class A
Shares

Principal Protection Option Fee payable by

0.30 % p.a. as a percentage of the daily average maximum amount

class A Shares

contemplated as being payable to holders of class A Shares, payable
in arrears quarterly and on the Principal Protection Option Date

Distributions

The Management Company intends to declare dividends monthly out of earnings or/and the return of capital in

respect of, the Managed Assets - Earnings of the Principal Protection Assets may be included subject to the consent, and
subject to the requirements, of the Principal Protection Provider.

Dated as of 7th October 1998.

Management Company

Custodian

Signatures

R. Remond

J. J.H. Presber

Vice-President

Enregistré à Luxembourg, le 12 octobre 1998, vol. 512, fol. 92, case 5. – Reçu 500 francs.

Le Receveur (signé): J. Muller.

(42256/260/000) Déposé au registre de commerce et des sociétés de Luxembourg, le 13 octobre 1998.

DURBANA, SICAV, Société d’Investissement à Capital Variable.

Siège social: L-2535 Luxembourg, 20, boulevard Emmanuel Servais.

R. C. Luxembourg B 49.955.

—

In the year one thousand nine hundred and ninety-eight, on the twenty-eighth of September.
Before Us, Maître Reginald Neuman, notary residing at Luxembourg.

Was held an extraordinary general meeting of DURBANA SICAV (the «Corporation»), a société anonyme qualifying

as a société d’investissement à capital variable with its registered office in Luxembourg, 20, boulevard Emmanuel Servais,
entered in the company register of Luxembourg, section B, under number 49.955.

The meeting is opened at 10.00 a.m. and is presided by Mr Philippe Visconti, employé de banque, residing at Audun-

le-Tiche (France).

The chairman appointed as secretary Mrs Véronique Jean, employée de banque, residing at Volmerange-les-Mines

(France).

The meeting elected as scrutineer Mrs Nuria Tejada, employée de banque, residing at Luxembourg.
The Board of the meeting having thus been constituted the Chairman declared and requested the undersigned notary

to state that:

I. The shareholders present or represented and the number of their shares, which they hold, are shown on an atten-

dance list, signed by the chairman, the secretary, the scrutineer and the undersigned notary.

36821

The said list as well as the proxies of the represented shareholders will be annexed to the present deed to be filed

with the registration authorities.

II. The present meeting has been convened by notices sent to all shareholders by registered mail on September 7,

1998 evidence of which was given to the undersigned notary.

III. As appears from the attendance list, out of 360,784 shares outstanding, 205,632 shares are present or represented

at the present extraordinary general meeting.

That the quorum of 50 % required by article 67-1 of the law of 10th August 1915 has been reached and that the

resolutions on the agenda shall be taken with a majority vote of two thirds of the shares present or represented.

That as a consequence the present general meeting is regularly constituted and may deliberate validly on the points

on this agenda.

IV. The agenda of the meeting is the following:

Agenda:

1. Amendment of Article 4 «Structure» of the Articles of Incorporation, to read as follows:

«Art. 4. Structure
The Company works as an umbrella fund which means that it is composed of Sub-Funds (hereinafter the «Sub-Funds»),

each of which represents a specific entity of assets and liabilities and adheres to a separate investment policy.

For the purpose of efficient management the Board of Directors may decide to pool all or part of the assets, with the

exception of a cash reserve, if necessary, of various Sub-Funds of the Company. Assets shall be managed on a pooled
basis in accordance with the respective investment policy of the relevant Sub-Fund participating in the pool.

Each Sub-Fund will participate in the relevant pool in proportion to the assets contributed thereto by it. Pro rata to

their contribution to the pool, the assets will be attributed to the Sub-Fund concerned. The entitlements of each parti-
cipating Sub-Fund to the pool apply to each and every line of the investments of such pool.

Any such pool shall be formed by transferring to it cash or other assets, whenever appropriate, from each of the parti-

cipating Sub-Funds. Thereafter, the Board of Directors may from time to time make further transfers to each pool.
Assets may also be transferred back to a participating Sub-Fund up to the amount of the participation of the Sub-Fund
concerned.

Dividends, interest and other distributions of an income nature earned in respect of the assets in a pool will be applied

to such pool and cause the respective assets to increase. Such income will be attributed to the Sub-Fund concerned in
proportion to the respective entitlements of the Sub-Fund in the pool.

Any costs and expenses incurred in respect of the assets in a pool will be applied to such pool and cause the

respective assets to decrease. Such costs and expenses will be attributed to the Sub-Fund concerned in proportion to
the respective entitlements of the Sub-Fund in the pool.

Such pools are used solely for internal management purposes and do not constitute legal entities and are not directly

accessible to investors. The assets and liabilities of each of the Sub-Funds of the Company will be segregated and
identified at all times.»

2. Amendment of the last sentence of the first paragraph of Article 8 «Shares» of the Articles of Incorporation, to

read as follows:

«After issue, bearer certificates with coupons and registered certificates may be exchanged among themselves or for

certificates of other denominations at the Registrar and Transfer Agent of the Company, at its customary handling
charge.»

3. Amendment of the third paragraph and points a), b) and c) of Article 10 «Net Asset Value» of the Articles of Incor-

poration, to read as follows:

«The total net asset value of each Sub-Fund corresponds to the value of the assets of the Company corresponding to

such Sub-Fund less the liabilities attributable to such Sub-Fund.

The net asset value per share of each Sub-Fund equals the total net asset value of the particular Sub-Fund on the given

Valuation Date, divided by the total number of shares of that Sub-Fund then outstanding.»

4. Amendment of the first paragraph of Article 24 «Investment Restrictions» of the Articles of Incorporation, to read

as follows:

«All the investment restrictions that are specified hereunder, will be considered for each Sub-Fund.»
5. Amendment of the first sentence of point 1 of Article 24 «Investment Restrictions» of the Articles of Incorpo-

ration, to read as follows:

«The investments of each Sub-Fund of the Company shall consist solely of:»
6. Amendment of the first paragraph of point 2 of Article 24 «Investment Restrictions» of the Articles of Incorpo-

ration, to read as follows:

«The Company may for each sub-fund:
7. Amendment of the first sentence of point 3 of Article 24 «Investment Restrictions» of the Articles of Incorpo-

ration, to read as follows:

«The Company may hold, for each Sub-Fund, liquid assets on an ancillary basis.»
8. Amendment of the first paragraph of point 4 of Article 24 «Investment Restrictions» of the Articles of Incorpo-

ration, to read as follows:

«The Company undertakes not to invest the assets of each Sub-Fund in securities of any one issuer in a proportion

which exceeds the limits set out below:»

9. Amendment of the preceding paragraph 6.(a) of Article 24 «Investment Restrictions» of the Articles of Incorpo-

ration, to read as follows:

«Moreover, for each Sub-Fund:»

36822

10. Amendment of the first paragraph of point 7 of Article 24 «Investment Restrictions» of the Articles of Incorpo-

ration, to read as follows:

«The Company may always, in the interest of shareholders, exercise the subscription rights attached to securities held

in the Sub-Fund.»

11. Amendment of the second paragraph of point 7 of Article 24 «Investment Restrictions» of the Articles of Incor-

poration, to read as follows:

«When the maximum percentages stated in Article 24 are exceeded for reasons beyond the control of the Company

or as a result of the exercise of subscription rights attached to the securities held in the Sub-Fund, the Company must,
as a priority, resolve said situation, taking due account of the interests of its shareholders.»

12. Delete the last sentence of point 8 of Article 24 «Investment Restrictions» of the Articles of Incorporation.
13. Amendment of the last paragraph of Article 32 of the Articles of Incorporation, to read as follows:
«The liquidation of Sub-Funds will be subject to the final approval of the shareholders of the relevant Sub-Funds.

However, in the event that the net assets of a Sub-Fund are less than XEU 1,2 million for the period of at least three
consecutive months, the Directors may decide the compulsory repurchase of the remaining shares in the Sub-Fund
without the shareholders’ approval being necessary. Such redemption will be made at the net asset value per share calcu-
lated for such Sub-Fund after all assets attributable to such Sub-Fund have been realised.»

After deliberation, the meeting unanimously approved the following resolution:

Sole resolution

The meeting decides to amend the articles of incorporation as described in the above-mentioned agenda.
Nothing else being on the agenda, the meeting was closed at 10.15 a.m.
The undersigned notary who speaks and understands English, states herewith that the present deed is worded in

English followed by a French version; on request of the appearing persons and in case of divergences between the two
versions, the English version will be prevailing.

Whereof the present deed was drawn up at Luxembourg, on the day named at the beginning of this document.
The document having been read to the meeting, the members of the bureau, all of whom are known to the notary,

by their surnames, first names, civil status and residences, signed together with Us, the notary, the present original deed,
no shareholder expressing the wish to sign.

Suit la traduction française du texte qui précède:

L’an mil neuf cent quatre-vingt-dix-huit, le vingt-huit septembre.
Par-devant Maître Reginald Neuman, notaire de résidence à Luxembourg,

S’est réunie l’assemblée générale extraordinaire des actionnaires de la société anonyme sous le régime d’une société

d’investissement à capital variable DURBANA SICAV avec siège social à Luxembourg, 20, boulevard Emmanuel Servais,
Luxembourg, inscrite au registre de commerce de et à Luxembourg, section B, sous le numéro 49.955.

L’assemblée est ouverte à 10.00 heures et est présidée par Monsieur Philippe Visconti, employé de banque,

demeurant à Audun-le-Tiche (France).

Le Président désigne comme secrétaire Madame Véronique Jean, employée de banque, demeurant à Volmerange-les-

Mines (France).

L’Assemblée élit aux fonctions de scrutateur Madame Nuria Tejada, employée de banque, demeurant à Luxembourg.
Le bureau étant ainsi constitué, Monsieur le Président expose et prie le Notaire d’acter que:
I. Les actionnaires présents ou représentés et le nombre d’actions qu’ils détiennent sont consignés sur une liste de

présence, signée par le président, le secrétaire, le scrutateur et le notaire instrumentant.

Ladite liste de présence ainsi que les procurations des actionnaires représentés resteront annexées au présent acte

pour être soumises avec lui aux formalités de l’enregistrement.

II. L’assemblée générale extraordinaire a été convoquée par des avis contenant l’ordre du jour envoyés aux

actionnaires par lettre recommandée le 7 septembre 1998 dont une preuve est fournie au notaire désigné.

III. Il ressort de cette liste de présence que sur 360.784 actions en circulation, 205.632 actions sont présentes ou

représentées à la présente assemblée générale extraordinaire.

Que le quorum de 50 % prévu par l’article 67-1 de la loi du 10 août 1915 a été atteint et que les résolutions à l’ordre

du jour doivent être adoptées par un vote affirmatif de deux tiers des actions présentes ou représentées.

Qu’en conséquence, la présente assemblée est régulièrement constituée et peut valablement délibérer sur les points

portés à l’ordre du jour.

IV. L’ordre du jour de l’assemblée est le suivant:

Ordre du jour:

1. Modification de l’Article 4 des Statuts «Structure», pour lui donner la teneur suivante:

«Art. 4. Structure
La Société est un fonds à compartiments, ce qui signifie qu’elle se compose de compartiments (ci-après dénommés

«les compartiments»), chacun d’entre eux représentant une entité spécifique d’actifs et de passifs et adhérant à une
politique d’investissement particulière.

Dans le but d’une gestion efficace, le Conseil d’Administration peut décider de regrouper la totalité ou une partie des

actifs de divers compartiments de la Société, à l’exception d’une portion en espèces, si nécessaire. Les actifs seront gérés
en commun en conformité avec la politique d’investissement de chaque compartiment qui participe à la mise en
commun.

36823

Chaque compartiment participera dans cette mise en commun en proportion des actifs apportés par celui-ci. Les

actifs seront attribués au compartiment concerné au prorata de sa participation dans la mise en commun. Ce qui revient
de droit à chaque compartiment qui participe à la mise en commun s’applique à chacune des lignes des investissements
de ce qui est mis en commun.

Une telle mise en commun sera constituée en transférant dans la mise en commun des liquidités ou d’autres actifs,

lorsque c’est opportun, de chaque compartiment participant à la mise en commun. Par la suite, le Conseil d’Adminis-
tration pourra ultérieurement faire des transferts supplémentaires dans la mise en commun. Les actifs pourront
également être retransférés dans les compartiments participants à concurrence du montant de la participation du
compartiment concerné. Les dividendes, intérêts et autres distributions de revenu gagné en relation avec les actifs d’une
mise en commun s’appliqueront à cette mise en commun et augmenteront les actifs à due concurrence. Un tel revenu
sera attribué au compartiment en proportion de ce qui revient de droit au compartiment participant dans la mise en
commun.

Tous les frais et dépenses encourus en relation avec les actifs d’une mise en commun s’appliqueront à cette mise en

commun et les actifs diminueront à due concurrence. De tels frais et dépenses seront attribués au compartiment
concerné en proportion de ce qui revient de droit au compartiment participant dans la mise en commun.

De telles mises en commun sont utilisées seulement à des fins de gestion interne et ne constituent pas des entités

juridiques et ne sont pas directement accessibles aux investisseurs. Les actifs et dettes de chacun des compartiments
seront ségrégués et identifiés à tout moment.»

2. Modification de la dernière phrase du premier paragraphe de l’Article 8 des Statuts «Forme des Actions» pour lui

donner la teneur suivante:

«Après émission, les certificats au porteur avec coupons et les certificats nominatifs pourront être échangés entre

eux ou pour des certificats d’autres dénominations auprès de l’Agent de Registre et de Transfert de la Société, dans le
cadre de ses fonctions de dépositaire.»

3. Modification du troisième alinéa et des points a), b) and c) de l’Article 10 des Statuts «Valeur de l’actif net», pour

lui donner la teneur suivante:

«La valeur nette d’inventaire totale de chaque compartiment correspondra à la valeur des actifs de la Société corres-

pondant à tel compartiment moins les passifs attribuables à tel compartiment.

La valeur nette d’inventaire par action de chaque compartiment équivaut au total de la valeur nette d’inventaire du

compartiment concerné à ladite date d’évaluation divisé par le nombre total des actions du compartiment.»

4. Modification du premier paragraphe de l’Article 24 des Statuts «Restrictions d’investissement» pour lui donner la

teneur suivante:

«Toutes les restrictions d’investissement spécifiées ci-dessous devront être considérées pour chaque compartiment»
5. Modification de la première phrase du point 1 de l’Article 24 des Statuts «Restrictions d’investissement» pour lui

donner la teneur suivante:

«Les placements de chaque compartiment de la Société seront exclusivement constitués de:»
6. Modification du premier alinéa du point 2 de l’Article 24 des Statuts «Restrictions d’investissement» pour lui

donner la teneur suivante:

«La Société pourra en outre pour chaque compartiment:»
7. Modification de la première phrase du point 3 de l’Article 24 des Statuts «Restrictions d’investissement» pour lui

donner la teneur suivante:

«La Société pourra détenir pour chaque compartiment des liquidités à titre accessoire.»
8. Modification du premier paragraphe du point 4 de l’Article 24 des Statuts «Restrictions d’investissement» pour lui

donner la teneur suivante:

«La Société s’engage à ne pas investir les actifs de chaque compartiment dans des valeurs d’un seul émetteur dans des

proportions dépassant les limites précisées ci-dessous:»

9. Modification du paragraphe précédent 6.(a) de l’Article 24 des Statuts «Restrictions d’investissement» pour lui

donner la teneur suivante:

«De plus, pour chaque compartiment:»
10. Modification du premier paragraphe du point 7 de l’Article 24 des Statuts «Restrictions d’investissement» pour lui

donner la teneur suivante:

«La Société doit toujours, dans l’intérêt des actionnaires, exercer les droits de souscription attachés aux valeurs

mobilières détenues dans le compartiment.»

11. Modification du deuxième paragraphe du point 7 de l’Article 24 des Statuts «Restrictions d’investissement» pour

lui donner la teneur suivante:

«Quand les pourcentages maximum précisés à cet Article 24 sont dépassés pour des raisons au-delà du contrôle de

la Société ou comme étant le résultat de l’exercice de droits de souscription attachés aux valeurs mobilières détenues
dans le compartiment, la Société doit adopter comme priorité la résolution de cette situation, en vue de conserver les
intérêts des actionnaires.»

12. Supprimer la dernière phrase du point 8 de l’Article 24 des Statuts «Restrictions d’investissement».
13. Modification du dernier alinéa de l’Article 32 des Statuts «Liquidation» pour lui donner la teneur suivante:
«La liquidation d’un compartiment sera soumise à l’approbation des actionnaires des compartiments concernés. Dans

le cas où l’actif net d’un compartiment descend en dessous de ECU 1,2 million pendant une période d’au moins trois
mois consécutifs, le Conseil d’Administration peut décider le rachat obligatoire des actions restantes sans que l’appro-
bation des actionnaires soit nécessaire. Ce remboursement se fera en fonction de la valeur d’actif net par action après
que l’ensemble des actifs ait été réalisé.»

Après délibération, l’assemblée adopte à l’unanimité l’unique résolution suivante:

36824

Seule et unique résolution

L’assemblée décide de modifier les statuts de la façon telle que décrite à l’ordre du jour ci-avant.
Plus rien n’étant à l’ordre du jour, la séance est levée à 10.15 heures.
Le Notaire soussigné, qui comprend et parle l’anglais, reconnaît par les présentes qu’à la requête des comparants, le

présent procès-verbal est rédigé en anglais, suivi d’une traduction française; à la requête des mêmes comparants et en
cas de divergences entre la version anglaise et la version française, la version anglaise fera foi.

Dont acte, fait et passé à Luxembourg, date qu’en tête des présentes.
Et après lecture faite et interprétation donnée aux comparants, tous connus du notaire par leurs noms, prénoms

usuels, états et demeures, les membres du bureau ont signé avec le notaire le présent acte, aucun actionnaire
n’exprimant le voeu de signer.

Signé: P. Visconti, M. Tejada, V. Jean et R. Neuman.
Enregistré à Luxembourg, le 28 septembre 1998, vol. 111S, fol. 16, case 5. – Reçu 500 francs.

Le Receveur (signé): J. Muller.

Pour copie conforme, délivrée à ladite société aux fins de la publication au Mémorial, Recueil des Sociétés et Associa-

tions.

Luxembourg, le 8 octobre 1998.

R. Neuman.

(42081/226/237) Déposé au registre de commerce et des sociétés de Luxembourg, le 12 octobre 1998.

DURBANA, SICAV, Société d’Investissement à Capital Variable.

Siège social: L-2535 Luxembourg, 20, boulevard Emmanuel Servais.

R. C. Luxembourg B 49.955.

—

Le texte des statuts coordonnés a été déposé au registre de commerce et des sociétés de Luxembourg, le 12 octobre

1998.

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

Luxembourg, le 12 octobre 1998.

(42082/226/9) Déposé au registre de commerce et des sociétés de Luxembourg, le 12 octobre 1998.

CDC MULTINATIONAL SERIES, Société d’Investissement à Capital Variable,

(anc. CDC MULTINATIONAL INVESTMENT PORTFOLIOS).

Registered office: Luxembourg.

R. C. Luxembourg B 42.184.

—

In the year one thousand nine hundred and ninety-eight, on the twenty-third day of September.
Before Us, Maître Frank Baden, notary residing in Luxembourg.

Was held an extraordinary general meeting of shareholders of CDC MULTINATIONAL INVESTMENT PORT-

FOLIOS, a public limited company («société anonyme») with its registered office in Luxembourg (R. C. Luxembourg
B 42.184) qualifying as an investment company with variable share capital within the meaning of the Law of March 30,
1988 on undertakings for collective investment, incorporated by a deed of M

Edmond Schroeder, public notary residing

in Mersch, dated December 21, 1992, which was published in the Mémorial C, Recueil Spécial des Sociétés et Associa-
tions (the «Mémorial»), on January 30, 1993.

The meeting was opened under the chairmanship of Mrs Sonia Biraschi, employee, residing in Bereldange,
who appointed as secretary Mrs Annette Gasper, employee, residing in Grevenmacher.
The meeting elected as scrutineer Ms Michèle Eisenhuth, avocat, residing in Luxembourg.
After the constitution of the board of the meeting, the Chairman declared and requested the notary to record that:

I. The names of the shareholders present at the meeting or duly represented by proxy, the proxies of the

shareholders represented, as well as the number of shares held by each shareholder, are set forth on the attendance list,
signed by the shareholders present, the proxies of the shareholders represented, the members of the board of the
meeting and the notary. The aforesaid list shall be attached to the present deed and registered therewith. The proxies
given shall be initialled ne varietur by the members of the board of the meeting and by the notary and shall be attached
in the same way to this document.

II. The quorum required by law is at least fifty per cent of the issued capital of the Corporation and the resolution on

each item of the agenda has to be passed by the affirmative vote of at least two thirds of the votes cast at the meeting.

III. All shareholders are present or represented and consider themselves as being duly convened and informed of the

agenda; the general meeting may consequently take place without notice of meeting.

IV. The present meeting is duly constituted and can therefore validly deliberate on the following agenda:

1. to amend the Corporation’s denomination from CDC MULTINATIONAL INVESTMENT PORTFOLIOS into CDC

MULTINATIONAL SERIES and to consequently amend Article 1 so as to read as follows:

«There exists among the shareholders and all those who may become owners of shares hereafter issued a corpor-

ation in the form of a «société d’investissement à capital variable» under the name of CDC MULTINATIONAL SERIES
(the «Corporation»).»;

2. to insert after the fourth paragraph of Article 5 new paragraphs which read as follows:

36825

«Shares shall be issued only upon acceptance of the subscription and receipt of payment of the purchase price. The

subscriber will, without undue delay, upon acceptance of the subscription and receipt of the purchase price, receive title
to the Shares purchased by him.

The Board may impose restrictions on the frequency at which Shares shall be issued; the Board may, in particular,

decide that Shares of any class shall only be issued during one or more offering periods or at such other periodicity as
provided for in the sales documents for the Shares.»;

3. to amend Article 6 so as to read as follows:
«(1) The Board shall determine whether the Corporation shall issue Shares in bearer and/or in registered form and

whether the Corporation shall issue certificates (hereinafter «Certificates») of such Shares. If bearer Share Certificates
are to be issued, they will be issued in such denominations as the Board shall prescribe and shall provide on their face
that they may not be transferred to any U. S. person, resident, citizen of the United States of America or entity organized
by or for a U. S. person (as defined in Article 8 hereinafter).

All issued registered Shares of the Corporation shall be registered in the register of shareholders («the Register»)

which shall be kept by the Corporation or by one or more persons designated thereto by the Corporation, and such
register shall contain the name of each owner of registered Shares, his residence or elected domicile as indicated to the
Corporation, the number of registered Shares held by him and the amount paid up on each fractional Share.

The inscription of the shareholder’s name in the register of shareholders evidences his right of ownership on such

registered Shares. The Corporation shall decide whether a Certificate for such inscription shall be delivered to the
shareholder or whether the shareholder shall receive a written confirmation of his shareholding.

If bearer Shares are issued, registered Shares may be converted into bearer Shares and bearer Shares may be

converted into registered Shares at the request of the holder of such Shares. A conversion of registered Shares into
bearer Shares will be effected by cancellation of the registered Share Certificate, if any, representation that the trans-
feree is not a U. S. person and issuance of one or more bearer Share Certificates in lieu thereof, and an entry shall be
made in the register of shareholders to evidence such cancellation. A conversion of bearer Shares into registered Shares
will be effected by cancellation of the bearer Share Certificate, and, if applicable, by issuance of a registered Share Certi-
ficate in lieu thereof and an entry shall be made in the register of shareholders to evidence such issuance. At the option
of the Board, the costs of any such conversion may be charged to the shareholder requesting it.

Before Shares are issued in bearer form and before registered Shares shall be converted into bearer Shares, the

Corporation may require assurances satisfactory to the Board that such issuance or conversion shall not result in such
Shares being held by a U.S. person.

The Share Certificates shall be signed by two directors. Such signatures shall be either manual, or printed, or in facsimile.

However, one of such signatures may be made by a person duly authorized thereto by the Board; in the latter case, it shall
be manual. The Corporation may issue temporary Share Certificates in such form as the Board may determine.

(2) If bearer Shares are issiied, transfer of bearer Shares shall be effected by delivery of the relevant Share Certificates.

Transfer of registered Shares shall be effected (i) if Share Certificates have been issued, upon delivering the Certificate
or Certificates representing such Shares to the Corporation along with other instruments of transfer satisfactory to the
Corporation and (ii) if no Share Certificates have been issued, by a written declaration of transfer to be inscribed in the
register of shareholders, dated and signed by the transferor and transferee, or by persons holding suitable powers of
attorney to act therefore. Any transfer of registered Shares shall be entered in the register of shareholders; such
inscription shall be signed by one or more directors or officers of the Corporation or by one or more other persons
duly authorized thereto by the Board.

In case of bearer Shares the Corporation may consider the bearer, and in the case of registered Shares the Corpor-

ation shall consider the person in whose name the Shares are registered in the Register, as owner of the Shares.

The Corporation shall be free of all responsibility or liability to third parties in dealing with such Shares and shall be

justified in considering any right, interest or claim of any other person in or upon such Shares to be non-existing,
provided that the foregoing shall deprive no person of any right which it might properly have to demand the registration
or a change in the registration of registered Shares.

(3) Shareholders entitled to receive registered Shares shall provide the Corporation with an address to which all

notices and announcements may be sent. Such address will also be entered in the register of shareholders.

In the event that a shareholder does not provide an address, the Corporation may permit a notice to this effect to be

entered in the register of shareholders and the shareholder’s address will be deemed to be at the registered office of
the Corporation, or at such other address as may be so entered in by the Corporation from time to time, until another
address shall be provided to the Corporation by such shareholder. A shareholder may, at any time, change his address
as entered in the register of shareholders by means of a written notification to the Corporation at its registered office,
or at such other address as may be set by the Corporation from time to time.

(4) If any shareholder can prove to the satisfaction of the Corporation that his Share Certificate has been mislaid,

mutilated or destroyed, then, at his request, a duplicate Share Certificate may be issued under such conditions and
guarantees, including but not restricted to a bond issued by an insurance company, as the Corporation may determine.
Any such duplicate shall be issued to replace the one that has been lost only if the Corporation is satisfied beyond
reasonable doubt that the original Share Certificate has been destroyed and then, only in accordance with all applicable
laws. At the issuance of the new Share Certificate, on which it shall be recorded that it is a duplicate, the original Share
Certificate in replacement of which the new one has been issued shall become void.

Mutilated Share Certificates may be cancelled by the Corporation and replaced by new Certificates.
The Corporation may, at its election, charge to the shareholder the costs of a duplicate or of a new Share Certificate

and all reasonable expenses incurred by the Corporation in connection with the issue and registration thereof or in
connection with the annulment of the original Share Certificate.

36826

(5) The Corporation recognizes only one single owner per Share. If one or more Shares are jointly owned or if the

ownership of such Share(s) is disputed, all persons claiming a right to such Share(s) have to appoint one single attorney
to represent such Share(s) towards the Corporation. The failure to appoint such attorney implies a suspension of all
rights attached to such Share(s).

(6) The Corporation may decide to issue fractional Shares. Such fractional Shares shall not be entitled to vote but shall

be entitled to participate in the net assets attributable to the relevant class of Shares on a pro rata basis. In the case of
bearer Shares, only Certificates evidencing full Shares will be issued.

(7) Payments of dividends to holders of registered Shares will be made to such shareholders at their addresses as they

appear in the Register.

Payment of dividends to holders of bearer Shares, and notice of declaration of such dividends, will be made to such

shareholders in the manner determined by the Board from time to time in accordance with Luxembourg law.

A dividend declared but not paid on a Share cannot - namely when no coupon is tendered for such dividend within a

period of five years from the payment notice thereof - thereafter be claimed by the holder of such Share unless the
Board has waived or extended such period in respect of all Shares, and shall otherwise revert to the Portfolio concerned
of the Corporation. The Board shall have power from time to time to take all steps necessary and to authorize such
action on behalf of the Corporation to perfect such reversion. No interest will be paid on dividends declared, pending
their collection.»;

4. to slightly amend the first sentence of the first paragraph of Article 10 so as to read as follows:
«The annual general meeting of shareholders shall be held in accordance with Luxembourg law at the registered office

of the Corporation or at such other place in Luxembourg as may be specified in the notice of meeting, on the third
Monday of April of each year at 11.00 a.m.»;

5. to slightly amend the seventh paragraph of Article 10 so as to read as follows:
«As long as the share capital is divided into different classes of Shares, the rights attached to the Shares of any class

may be varied in compliance with Luxembourg law.»;

6. to slightly amend the first paragraph of Article 11 so as to read as follows:
«Shareholders shall meet upon call by the Board pursuant to a notice setting forth the agenda sent at least eight days

prior to the meeting to each registered shareholder at the shareholder’s registered office in the Register or at such
other address indicated by the relevant shareholder. The giving of such notice to registered shareholders need not be
justified to the meeting. If bearer shares are issued, the notice of meeting shall, in addition, be published as provided by
law in the Mémorial, Recueil des Sociétés et Associations, in one or more Luxembourg newspapers, and in such other
newspapers as the Board may decide. If all shares are in registered form and if no publications are made, notices to
shareholders may be mailed by registered mail only.»;

7. to slightly amend the third paragraph of Article 15 so as to read as follows:
«The Board has in particular power to determine the corporate policy and the course of conduct of the management

and business affairs of the Corporation within the limits and investment restrictions set forth in the 1988 Law and in the
laws and regulations of those countries where the Shares are offered for sale to the public. The Board may adopt from
time to time resolutions as shall be described in any prospectus relating to the offer of Shares.»;

8. to slightly amend the second paragraph of Article 20 so as to read as follows:
«A shareholder of the Corporation may request the Corporation to redeem all or any lesser number of his Shares

and the Corporation will in this case redeem such Shares and subject to any suspension event as referred to in Article
22 hereof.»;

9. to slightly amend the third paragraph of Article 20 so as to read as follows:
«The Corporation shall not be bound to redeem on any Valuation Date or in any period of two consecutive Valuation

Dates more than 10 per cent of the number of Shares of any class in issue on such Valuation Date or at the commen-
cement of such period. Redemptions may accordingly be deferred for such period as the Board considers to be in the
best interests of the Corporation, but normally not exceeding two Valuation Dates after the date of receipt of the
redemption request and of any notice period the Directors may require in respect of the redemption of Shares of any
Class (but always subject to the foregoing limits). In case of deferral of redemptions the relevant Shares shall be
redeemed at a price based on the Net Asset Value per Share less such charges and commissions (if any) at the rate
provided by the sales documents for the Shares. The relevant redemption price may be rounded up or down to the
nearest unit of the relevant currency as the Board shall determine. Conversions will be deemed redemptions for the
above purpose.»;

10. to slightly amend the second sentence of the fourth paragraph of Article 20 so as to read as follows:
«Any such request must be filed by the shareholder in written form (which, for these purposes includes a request

given by cable, telegram, telex or telefax, subsequently confirmed in writing) at the registered office of the Corporation
or, if the Corporation so decides, with any other person or entity appointed by it as its registrar and transfer agent,
together with the delivery of the Certificate or Certificates (if any) for such Shares in proper form and accompanied by
proper evidence of transfer or assignment.»;

11. to insert after the fifth paragraph of Article 20 a new paragraph which reads as follows:
«If as a result of any request for redemption or conversion the number or the aggregate Net Asset Value of the

Shares held by any shareholder in any class of Shares would fall below such number or such value as determined by the
Board, then the Corporation may decide that this request be treated as a request for redemption or conversion for the
full balance of such shareholder’s holding of Shares in such class.»;

12. to slightly amend the new seventh paragraph of Article 20 so as to read as follows:

36827

«If for a period of more than 90 consecutive days the value at their respective Net Asset Value of all outstanding

Shares shall be less than 10 million U.S. dollars, the Corporation may, by one month’s prior written notice to all holders
of Shares given within 4 weeks of such time, redeem on the next Valuation Date following the expiry of the notice period
all (but not some) of the Shares not previously redeemed, at the Net Asset Value per Share applicable on such Valuation
Date (taking into account actual realization prices of investments and realization expenses). Unless it is otherwise
decided in the interests of, or to keep equal treatment between, the shareholders, the shareholders may continue to
request redemption or conversion of their Shares free of charge (but taking into account actual realization prices of
investments and realization expenses) prior to the date effective for the compulsory redemption.»;

13. to slightly amend the first paragraph of Article 21 so as to read as follows:
«Whenever the Corporation shall redeem Shares, the price at which such Shares shall be redeemed by the Corpor-

ation shall, subject as provided in Article 20, third paragraph, be based on the Net Asset Value per Share of the relevant
class determined on the Valuation Date when or immediately after a written and irrevocable redemption request is
received less such charges and commissions (if any) at the rate provided by the sales documents for the Shares, provided
that the request is received by the Corporation or by the agent appointed by it to this effect, by a time specified by the
Board.»;

14. to insert, after the first paragraph of Article 21, a new paragraph which reads as follows:
«The relevant redemption price may be rounded up or down to the nearest unit of the relevant currency as the Board

shall determine.»;

15. to slightly amend the first paragraph of Article 24 so as to read as follows:
«Whenever the Corporation shall offer Shares for subscription the price at which such Shares shall be offered or sold,

shall be the Net Asset Value per Share of the relevant class as hereinabove defined calculated on the Valuation Date
when or after the order is placed with the Corporation by a time specified by the Board. Such price may be increased
by a percentage estimate of costs and expenses to be incurred by the Corporation when investing the proceeds of the
issue and by applicable sales commissions, as approved from time to time by the Board.»;

16. to slightly amend the first paragraph of Article 25 so as to read as follows:
«The accounting year of the Corporation shall begin on 1st of January and shall terminate on the 31st December of

each year.»;

17. miscellaneous.

After deliberation, the general meeting unanimously took the following resolutions:

First resolution

The meeting decides to amend the Corporation’s denomination from CDC MULTINATIONAL INVESTMENT

PORTFOLIOS into CDC MULTINATIONAL SERIES and to consequently amend Article 1 so as to read as follows:

«There exists among the shareholders and all those who may become owners of shares hereafter issued a corpo-

ration in the form of a «société d’investissement à capital variable» under the name of CDC MULTINATIONAL SERIES
(the «Corporation»).».

Second resolution

The meeting decides to insert after the fourth paragraph of Article 5 new paragraphs which read as follows:
«Shares shall be issued only upon acceptance of the subscription and receipt of payment of the purchase price. The

subscriber will, without undue delay, upon acceptance of the subscription and receipt of the purchase price, receive title
to the Shares purchased by him.

The Board may impose restrictions on the frequency at which Shares shall be issued; the Board may, in particular,

decide that Shares of any class shall only be issued during one or more offering periods or at such other periodicity as
provided for in the sales documents for the Shares.».

Third resolution

The meeting decides to amend Article 6 so as to read as follows:
«(1) The Board shall determine whether the Corporation shall issue Shares in bearer and/or in registered form and

whether the Corporation shall issue certificates (hereinafter «Certificates» of such Shares. If bearer Share Certificates
are to be issued, they will be issued in such denominations as the Board shall prescribe and shall provide on their face
that they may not be transferred to any U. S. person, resident, citizen of the United States of America or entity organized
by or for a U. S. person (as defined in Article 8 hereinafter).

All issued registered Shares of the Corporation shall be registered in the register of shareholders («the Register»)

The inscription of the shareholder’s name in the register of shareholders evidences his right of ownership on such

If bearer Shares are issued, registered Shares may be converted into bearer Shares and bearer Shares may be

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will be effected by cancellation of the bearer Share Certificate, and, if applicable, by issuance of a registered Share Certi-
ficate in lieu thereof and an entry shall be made in the register of shareholders to evidence such issuance. At the option
of the Board, the costs of any such conversion may be charged to the shareholder requesting it.

Before Shares are issued in bearer form and before registered Shares shall be converted into bearer Shares, the

Corporation may require assurances satisfactory to the Board that such issuance or conversion shall not result in such
Shares being held by a U.S. person.

The Share Certificates shall be signed by two directors. Such signatures shall be either manual, or printed, or in

facsimile. However, one of such signatures may be made by a person duly authorized thereto by the Board; in the latter
case, it shall be manual. The Corporation may issue temporary Share Certificates in such form as the Board may
determine.

(2) If bearer Shares are issued, transfer of bearer Shares shall be effected by delivery of the relevant Share Certifi-

cates. Transfer of registered Shares shall be effected (i) if Share Certificates have been issued, upon delivering the Certi-
ficate or Certificates representing such Shares to the Corporation along with other instruments of transfer satisfactory
to the Corporation and (ii) if no Share Certificates have been issued, by a written declaration of transfer to be inscribed
in the register of shareholders, dated and signed by the transferor and transferee, or by persons holding suitable powers
of attorney to act therefore. Any transfer of registered Shares shall be entered in the register of shareholders, such
inscription shall be signed by one or more directors or officers of the Corporation or by one or more other persons
duly authorized thereto by the Board.