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23089

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° 482

24 juin 1999

S O M M A I R E

Alidor, S.à r.l. ……………………………………………………………… page

23090

Alpine Foreign Investments S.A., Luxembourg ………

23132

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

23134

AMICALE NATZWEILER-STRUTHOF, Amicale des

Anciens Prisonniers et des Familles de Disparus

de Natzweiler-Struthof, A.s.b.l., Luxbg-Howald ……

23120

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

23128

BHI Finance and Participations S.A., Luxembourg

23115

BHI Finance S.A., Luxembourg ………………………………………

23118

Bormida Holding S.A., Luxembourg ……………………………

23125

CDC SP S.A., Sicaf, Luxembourg……………………

23090

23093

Chronus Holding S.A., Luxembourg………………………………

23126

Coiffure Raison, S.à r.l., Luxembourg……………………………

23124

COMINHOLDING, Compagnie Internationale

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

23132

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

23093

Deruit Holding S.A., Luxembourg …………………………………

23135

Donfinox Investment Company S.A., Luxembourg

23127

Dresdner RCM Select Fund, Sicav, Luxembourg ……

23131

East Invest S.A., Luxembourg …………………………………………

23132

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

23125

Ensien Holding S.A., Luxembourg …………………………………

23130

Forum International S.A., Luxembourg ………………………

23136

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

23131

Immo-Tortue S.A., Luxembourg ……………………………………

23128

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

23128

Jaipur Corporation S.A., Moutfort …………………………………

23135

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

23134

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

23130

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

23126

Minerals Trading S.A., Luxembourg………………………………

23125

NK Gamma Futures Program USD, Fonds Commun

de Placement…………………………………………………………………………

23093

NK Gamma Futures Program Yen, Fonds Commun

de Placement…………………………………………………………………………

23099

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

23135

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

23133

Orleans Holding S.A., Luxembourg ………………………………

23126

Passing Shot S.A., Luxembourg ………………………………………

23127

Real Estate Development S.A., Luxembourg ……………

23126

Remich Oriental Carpet, S.à r.l., Remich ……………………

23105

Romplex Holding S.A., Luxembourg ……………………………

23125

Santar Holding S.A., Luxembourg …………………………………

23133

Scip-Holding S.A., Luxembourg ………………………………………

23129

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

23107

Siv-Holding S.A., Luxembourg …………………………………………

23129

Société Civile Immobilière et de Placement Wallis,

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

23106

Société de Gestion de Fortune Dierickx, Leys Lu-

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

23104

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

23127

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

23134

SOPROFIN, Société de Promotion Financière S.A.,

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

23127

Techni Finances S.A., Luxembourg ………………………………

23111

Tis-Holding S.A., Luxembourg …………………………………………

23130

Tit-Holding S.A., Luxembourg …………………………………………

23129

Trade and Polichemical Holding S.A., Luxembourg

23130

Unico Equity Fund, Sicav, Luxembourg ………………………

23131

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

23109

Velafi Holding S.A., Luxembourg ……………………………………

23134

Vero Partners S.A., Luxembourg ……………………………………

23133

Vetedy S.A., Soparfi, Steinfort …………………………………………

23114

WH - World-Wide-Consulting, G.m.b.H., Wellen-

stein ……………………………………………………………………………………………

23123

World Software Technology S.A., Luxembourg ……

23122

ALIDOR, S.à r.l., Société à responsabilité limitée.

—

RECTIFICATIF

A la page 15167 du Mémorial C, N° 316 du 5 mai 1999, il y a lieu de lire dans l’intitulé:
Siège social: L-7621 Larochette, 7A, rue Millewée.

(03090/XXX/7)

CDC SP S.A., Société d’Investissement à Capital Fixe.

Registered office: L-2520 Luxembourg, 39, allée Scheffer.

R. C. Luxembourg B 58.931.

—

In the year one thousand nine hundred and ninety-nine, on the first of April.
Before Us, Maître André Schwachtgen, notary residing in Luxembourg, acting on behalf of his absent colleague Maître

Edmond Schroeder, notary residing in Mersch, who will remain depositary of the original of this deed.

Was held an Extraordinary General Meeting of the shareholders of CDC S.P.A., having its registered office in Luxem-

bourg, incorporated by a deed of Maître Edmond Schroeder, notary residing in Mersch on the 22nd of April 1997,
published in the Mémorial C, Recueil des Sociétés et Associations, of the 3rd of June 1997, number 273.

The meeting was presided by Mr Pierre Delandmeter, lawyer, residing in Luxembourg.
The chairman appointed as secretary Miss Lovisa Eriksson, juriste, residing in Luxembourg.
The meeting elected as scrutineer Miss Alexandra Wirth, juriste, residing in Metz (F).
The chairman declared and requested the notary to state that:
I.- The shareholders present or represented and the number of shares held by each of them are shown on an attend-

ance list, signed by the chairman, the secretary, the scrutineer and the undersigned notary. The said list, as well as the
proxies, will be annexed to this document to be filed with the registration authorities.

II.- It appears from the attendance list, that all the shares are present or represented at the present extraordinary

general meeting, so that the meeting could validly decide on all the items of the agenda.

III.- That the agenda of the meeting is the following:

Agenda:

I. Amendment of the currency of the capital, issued and authorized, from USD to Euro.
II. Increase of the Capital of the Company.
III. Change of the par value per share.
IV. Corresponding amendments of the article 5:
§1 is deleted and replaced by the following:
The Company has an authorized share capital of one hundred million Euro (EUR 100,000,000) to consist of ten million

(10,000,000) authorized shares of a par value of ten Euro (EUR 10) per share.

The Company has an issued capital of forty-five thousand Euro (EUR 45,000.-) consisting of four thousand five

hundred (4,500) shares of a par value of ten Euro (EUR 10) per share.

§6 is deleted and replaced by the following:
The annual accounts of the company, including all classes accounts, shall be expressed in Euro, which is the reference

currency of the Company.

§7 is deleted and replaced by the following:
When the accounts of classes are not expressed in Euro, such accounts are translated into Euro and added together

for the porposes of establishing the annual accounts of the Company.

V. Amendment of the article 31 for translating LUF reference to Euro reference:
§2, line 2, the «Luxembourg francs 50 million» is followed by «translated into Euro according to the exchange rate

fixed by the European Council».

§3, line 2. The «Luxembourg francs 50 million» is followed by «translated into Euro according to the exchange rate

fixed by the European Council».

After the foregoing was approved by the meeting, the meeting took unanimously the following resolutions:

Resolutions

I. The meeting decides to modify the currency of the capital, issued and authorized, from USD to Euro.
II. The conversion of the capital is done while applying the conversion rate ruling on the day of the meeting. The

conversion rate is 1.0737 USD = 1 Euro, so that the capital expressed in Euro would amount to Euro forty-one thousand
nine hundred and eleven point fifteen (41,911.15 EUR). The meeting decides to increase the capital by three thousand
and eighty-eight point eighty-five Euro (3,088.85 EUR), so that the capital is set out at forty-five thousand Euro (45,000
EUR). The increase of the capital will be done by transfer of the corresponding amount of the shares premium reserve,
this shares premium reserve being evidenced in an accounting position of 13th March 1999 and a statement of net assets
(audited) as of 31st December 1998.

A copy of this accounting position, as well as the statement of net assets (audited), will remain annexed to this

document to be filed with the registration authorities.

III. Accordingly to the first and second resolution the meeting decides to change the par value per share from USD

to Euro. One share shall have a par value of ten Euro (10.- EUR).

23090

IV. The meeting decides, according to the first resolution, to amend the article 5 as follows:
§1 is deleted and replaced by the following:
The Company has an authorized share capital of one hundred million Euro (EUR 100,000,000) to consist of ten million

(10,000,000) authorized shares of a par value of ten Euro (EUR 10) per share. The Company has an issued capital of
forty-five thousand Euro (EUR 45,000.-) consisting of four thousand five hundred (4,500) shares of a par value of ten
Euro (EUR 10) per share.

§6 is deleted and replaced by the following:
The annual accounts of the company, including all classes accounts, shall be expressed in Euro, which is the reference

currency of the Company.

§7 is deleted and replaced by the following:
When the accounts of classes are not expressed in Euro, such accounts are translated into Euro and added together

for the purposes of establishing the annual accounts of the Company.

V. The meeting decides to translate into Euro the minimum fixed by article 31 as follows:
§2, line 2, the «Luxembourg francs 50 million» is followed by «translated into Euro according to the exchange rate

fixed by the European Council».

§3, line 2, the «Luxembourg francs 50 million» is followed by «translated into Euro according to the exchange rate

fixed by the European Council».

There being no further business before the meeting, the same was thereupon adjourned.
The undersigned notary, who understands and speaks English, states herewith that upon request of the above

appearing persons, this deed is worded in English, followed by a French translation and that in case of any divergences
between the English and the French texts, the English version shall be prevailing.

Estimation

For the purpose of registration, the increase of the share capital is evaluated at one hundred and twenty-four

thousand six hundred and four Luxembourg francs (LUF 124,604.-).

Expenses

The amount of the costs, expenditures, remunerations or expenses, in any form whatsoever, which the company

incurs or for which it is liable by reason of this increase of the capital, amounts to approximately forty thousand Luxem-
bourg Francs (40,000.- LUF).

Whereof the present notarial deed was drawn up in Luxembourg, on the day named at the beginning of this

document.

The document having been read to the appearing persons, all of whom are known to the notary by their names,

surnames, civil status and residences, the said persons appearing signed together with Us, the notary, the present original
deed.

Suit la traduction française du texte qui précède:

L’an mil neuf cent quatre-vingt-dix-neuf, le premier avril.
Par-devant Maître André Schwachtgen, notaire de résidence à Luxembourg, agissant en remplacement de Maître

Edmond Schroeder, notaire de résidence à Mersch, lequel restera dépositaire de la présente minute.

S’est réunie l’Assemblée Générale Extraordinaire des actionnaires de la société CDC SP S.A., ayant son siège social à

Luxembourg, constituée suivant acte reçu par Maître Edmond Schroeder, notaire de résidence à Mersch, en date du
22 avril 1997, publié au Mémorial C, Recueil des Sociétés et Associations, du 3 juin 1997, numéro 273.

L’assemblée est présidée par Monsieur Pierre Delandmeter, avocat, demeurant à Luxembourg.
Le Président désigne comme secrétaire Mademoiselle Lovisa Eriksson, juriste, demeurant à Luxembourg.
L’assemblée élit comme scrutateur Mademoiselle Alexandra Wirth, juriste, demeurant à Metz (F).
Le Président déclare et prie le notaire d’acter:
I.- Que les actionnaires présents ou représentés ainsi que le nombre d’actions qu’ils détiennent sont renseignés sur

une liste de présence, signée par le président, le secrétaire, le scrutateur et le notaire instrumentaire. Ladite liste de
présence ainsi que les procurations resteront annexées au présent acte pour être soumises avec lui aux formalités de
l’enregistrement.

II.- Qu’il appert de cette liste de présence que toutes les actions sont présentes ou 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 la présente assemblée est le suivant:

Ordre du jour:

I. Modification de la monnaie d’expression du capital social souscrit et autorisé de USD en Euro.
II. Augmentation du Capital de la Société.
III. Modification de la valeur nominale des actions.
IV. Modifications subséquentes de l’article 5:
§1 et 2 sont supprimés et remplacés par les suivants:
La société a un capital autorisé de cent millions d’Euros (100.000.000,- EUR), représenté par dix millions (10.000.000)

d’actions autorisées d’une valeur nominale de dix Euros (10,- EUR) par action. La société a un capital souscrit de
quarante-cinq mille Euros (45.000,- EUR), représenté par quatre mille cinq cents (4.500) actions d’une valeur nominale
de dix Euros (10,- EUR) par action.

§8 est supprimé et remplacé par le suivant:

23091

Les comptes annuels de la société, comprenant les comptes de tous les compartiments, seront exprimés en Euro, qui

est la monnaie d’expression du capital social.

§9 est supprimé et remplacé par le paragraphe suivant:
Lorsque les différentes classes ne sont pas exprimées en Euro, ces comptes seront convertis en Euro et additionnés

en vue de l’établissement des comptes annuels de la société.

V. Modification de l’article 31 afin de changer la référence du LUF à I’Euro
§2, ligne 4, le «cinquante millions de francs luxembourgeois» est suivi de: «traduit en Euro selon le taux de change fixé

par le Conseil Européen».

§3, ligne 4, le «cinquante millions de francs luxembourgeois» est suivi de: «traduit en Euro selon le taux de change fixé

par le Conseil Européen».

Ces faits exposés et reconnus exacts par l’assemblée, cette dernière a pris, à l’unanimité des voix, les résolutions

suivantes:

Résolutions

I. L’assemblée décide de modifier la monnaie d’expression du capital souscrit et autorisé de USD en Euro.
II. La conversion du capital se fait par application du cours du jour de l’assemblée. Le cours de conversion est de

1,0737 USD = 1 Euro, de sorte que le capital exprimé en Euro sera de quarante et un mille neuf cent onze virgule quinze
(41.911,15 EUR).

L’assemblée décide d’augmenter le capital à concurrence de trois mille quatre-vingt-huit virgule quatre-vingt-cinq

Euros (3.088,85 EUR) pour que celui-ci s’élève à quarante-cinq mille Euros (45.000,- EUR).

L’augmentation de capital sera réalisée par incorporation de réserves.
L’existence de ces réserves se dégage d’une situation comptable ainsi que d’un état des avoirs nets révisés arrêtés au

13 mars 1999 et au 31 décembre 1998, dont une copie restera annexée au présent acte pour être soumise avec lui aux
formalités de l’enregistrement.

III. Suite à la première et à la deuxième résolution, l’assemblée décide de modifier la valeur nominale des actions de

USD en Euro. Une action aura une valeur nominale de 10 Euros (10,- EUR).

IV. Suite à la première résolution, l’assemblée décide de modifier l’article 5 comme suit:
§1 et 2 sont supprimés et remplacés par les suivants:
La société a un capital autorisé de cent millions d’Euros (100.000.000,- EUR), représenté par dix millions (10.000.000)

§8 est supprimé et remplacé par le suivant:
Les comptes annuels de la société, comprenant les comptes de tous les compartiments, seront exprimés en Euro qui

est la monnaie d’expression du capital social.

§9 est supprimé et remplacé par le suivant:
Lorsque les différentes classes ne sont pas exprimées en Euro, ces comptes seront convertis en Euro et additionnés

en vue de l’établissement des comptes annuels de la société.

V. L’assemblée décide de traduire en Euro le minimum fixé à l’article 31 comme suit:
§2, ligne 4, le «cinquante millions de francs luxembourgeois» est suivi de: «traduit en Euro selon le taux de change fixé

par le Conseil Européen».

§3, ligne 4, le «cinquante millions de francs luxembourgeois» est suivi de: «traduit en Euro selon le taux de change fixé

par le Conseil Européen.

Plus rien n’étant à l’ordre du jour, la séance est levée.
Le notaire soussigné qui comprend et parle l’anglais, constate par les présentes qu’à la requête des comparants, le

présent acte est rédigé en anglais, suivi d’une traduction française; à la requête des mêmes personnes et en cas de diver-
gences entre le texte anglais et le texte français, la version anglaise fera foi.

Evaluation

Pour les besoins de l’enregistrement, l’augmentation du capital social est évaluée à cent vingt-quatre mille six cent

quatre francs luxembourgeois (LUF 124.604,-).

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 cette augmentation de capital, s’élève approximativement à quarante mille francs
luxembourgeois (40.000,- LUF).

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 nom, prénom, état

et demeure, les comparants ont tous signé avec Nous, notaire, le présent acte.

Signé: A. Schwachtgen, P. Delandmeter, L. Eriksson, A. Wirth.
Enregistré à Mersch, le 9 avril 1999, vol. 409, fol. 17, case 9. – Reçu 500 francs.

Le Receveur (signé): J. Muller.

Pour expédition conforme, délivrée aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

Mersch, le 23 avril 1999.

E. Schroeder.

(24351/228/186) Déposé au registre de commerce et des sociétés de Luxembourg, le 31 mai 1999.

23092

CDC SP S.A., Société d’Investissement à Capital Fixe.

Siège social: L-2520 Luxembourg, 39, allée Scheffer.

R. C. Luxembourg B 58.931.

—

Statuts coordonnés déposés au registre de commerce et des sociétés de Luxembourg, le 31 mai 1999.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Mersch, le 28 mai 1999.

E. Schroeder.

(24352/228/8) Déposé au registre de commerce et des sociétés de Luxembourg, le 31 mai 1999.

CONDITEC S.A., Société Anonyme.

Siège social: L-2163 Luxembourg, 29, avenue Monterey.

R. C. Luxembourg B 58.770.

—

Le bilan au 31 décembre 1997, enregistré à Luxembourg, le 2 février 1999, vol. 519, fol. 36, case 4, a été déposé au

registre de commerce et des sociétés de Luxembourg, le 27 avril 1999.

Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Luxembourg, le 27 avril 1999.

Signature.

(19396/000/10) Déposé au registre de commerce et des sociétés de Luxembourg, le 27 avril 1999.

NK GAMMA FUTURES PROGRAM USD, Fonds Commun de Placement.

—

MANAGEMENT REGULATIONS

1) The Fund

NK GAMMA FUTURES PROGRAM USD (hereafter referred to as the «Fund») is organized under the laws of the

Grand Duchy of Luxembourg («Luxembourg») as a mutual investment fund (fonds commun de placement), and consti-
tutes an unincorporated co-proprietorship of the transferable securities and other assets of the Fund, managed in the
interest of its co-owners (hereafter referred to as the «Unitholders») 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 Fund is organised under the law of
July 19, 1991 concerning undertakings for collective investment the securities of which are not intended to be placed
with the public. The assets of the Fund, which are held in custody by NIKKO BANK (LUXEMBOURG) S.A. (hereafter
referred to as «NIKKO LUXEMBOURG» or the «Custodian») are segregated from those of the Management Company.
By acquiring Units of the Fund, the Unitholder fully accepts these Management Regulations which determine the
contractual relationship between the Unitholders, the Management Company and the Custodian.

2) The Management Company

The Fund is managed on behalf of the Unitholders by the Management Company, which shall have its registered office

in Luxembourg.

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

restrictions set forth in Article 5) hereafter, on behalf of the Unitholders, including but not limited to, the purchase, sale,
subscription, exchange and receipt of securities 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 shall determine the investment policy of the Fund within the

objectives set forth in Article 4 and the restrictions set forth in Article 5 hereafter.

The Board of Directors of the Management Company may appoint a general manager or managers and/or admini-

strative agents to implement the investment policy and administer and manage the assets of the Fund.

The Management Company may obtain investment information, advice and other services, remuneration for which

will be at the Fund’s charge to the extent provided in Article 12) hereof.

3) The Custodian

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

BOURG) S.A., a société anonyme organized under the laws of the Grand Duchy of Luxembourg with its head office in
Luxembourg-City, has been appointed Custodian.

The Custodian or the Management Company may terminate the appointment of the Custodian at any time upon prior

written notice delivered by one to the other, provided, however, that such termination is subject to the condition that
a new custodian, which must be appointed within two months of the termination as aforesaid, assumes the responsibi-
lities and functions of the Custodian under these Management Regulations and provided, further, that the appointment
of the Custodian shall continue thereafter for such period as may be necessary for the transfer of all assets of the Fund
to the new Custodian.

In the event the custodian’s appointment is terminated, the Management Company will appoint a new Custodian who

assumes the responsibilities and functions of the Custodian under these Management Regulations.

All cash and securities constituting the assets of the Fund shall be held by the Custodian on behalf of the Unitholders

23093

Fund’s deposits of cash and securities. The Custodian may only dispose of the assets of the Fund and make payments to
third parties on behalf of the Fund upon receipt of instructions from the Management Company or its appointed agents.

Upon receipt of instructions from the Management Company, the Custodian will perform all acts of disposal with

respect to the assets of the Fund.

The Custodian shall assume its functions and responsibilities in accordance with Luxembourg Law.
The Custodian is entitled to such fees as shall be determined from time to time by agreement of the Management

Company and the Custodian.

4) Investment Policy

The Fund’s investment objective is to invest in a diversified portfolio of international stock indexes, bonds, commo-

dities and currencies by using futures and options and other derivative instruments.

The Fund will invest at least 50% of its net assets in «securities» defined by the Securities and Exchange Law of Japan

(Law No. 25, 1948) for the purpose of Japanese regulations, comprising, inter alia, government securities, government
agency securities, corporate bonds, commercial papers and certificates of deposit.

5) Investment Restrictions

By acquiring Units in the Fund, every Unitholder approves and fully accepts that the Management Regulations shall

govern the relationship between the Unitholders, the Management Company and the Custodian.

Subject to the approval of the Custodian, the Management Regulations may be amended by the Management

Company without Unitholder’s approval at any time, in whole or in part.

Amendments will become effective upon their publication in the Mémorial, Recueil des Sociétés et Associations du

Grand-Duché de Luxembourg (the «Mémorial»).

The Management Regulations determine the restrictions with which the Management Company shall comply in

managing the assets of the Fund. Such restrictions are at present as follows:

(i) Subject to paragraph (ix) below, 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. The Fund may

however acquire, spot and forward, precious metals which are negotiable on an organised market.

(iii) The Fund may only acquire and sell call and put options which are dealt in on an organised market, comprising

also OTC option contracts entered into with first class financial institutions specialised in this type of transactions.

(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, as margin (initial and variation), as option

premium, in stocks, convertible bonds or warrants, the remaining 50 % of the net assets constituting a minimum liquidity
reserve to be held in cash or in regularly negotiated money market instruments or in government bonds.

(ix) When there is no equivalent contract dealing on an organised market, or that such contract is not sufficiently

liquid the Fund may enter into over-the-counter derivative contracts with highly rated financial institutions, specialised
in such transactions, provided that the Management Company, relying on advice received from the Investment Manager,
considers that there is sufficient liquidity in such instruments. The futures contracts, forward contracts and options
referred to in paragraphs (i) and (iii) above may also be entered into by means of private agreement with highly rated
financial institutions specialised in this type of transactions and restrictions (i) and (vii) above shall not be applicable to
any type of foreign exchange contract (including, without limitation, spot contracts, forwards, forward rate and forward
exchange contracts and rolling spot contracts) on the interbank markets.

(x) Investments in stocks, bonds, convertible bonds, notes, debentures or warrants on securities shall be subject to

the following restrictions:

a) the Fund may not invest more than 15 % of its net assets in securities not listed on an exchange, nor dealt in on

another regulated market which operates regularly and is recognised and open to the public;

b) the Fund may not acquire more than 15 % of the securities of the same kind issued by the same issuing body;
c) the Fund may not invest more than 15 % of its net assets in securities issued by the same issuing body;
provided that these restrictions are not applicable to securities issued or guaranteed by a member state of the OECD

or their local authorities or public international bodies with EU, regional or world-wide scope.

(xi) 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 and not for investment purposes.

(xii) The Management Company may not make investments for the purpose of exercising control or management.
(xiii) The Management Company may not, on behalf of the Fund, purchase or sell real estate.
(xiv) The Management Company may not, on behalf of the Fund, make loans to, or act as guarantor for, third parties.
(xv) The Management Company may not invest, on behalf of the Fund, the assets of the Fund in securities of other

23094

risk diversification, than the Fund. No investments will be made in collective investment undertakings whose object is to
invest in other collective investment undertakings. 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.

(xvi) In addition to the currency futures, currency forwards and currency option transactions in which the Fund may

enter pursuant to its investment program, 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 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 arran-
gements with highly rated financial institutions.

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 Unitholders.

The Fund shall not sell, purchase or loan securities (except Units of the Fund) to or receive loans from (a) the

Management Company, (b) its affiliated companies, (c) any director of the Management Company or its affiliated
companies, or (d) any major Unitholder thereof (meaning a Unitholder 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 and outstanding Units of such
company) acting as principal or for its 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 Fund may not grant loans or act as a guarantor on behalf of third parties.
The Management Company may from time to time impose further investment restrictions as shall be compatible with

or in the interests of the Unitholders, in order to comply with the laws and regulations of the countries where the Units
of the Fund are placed.

6) Issue of Units and Restrictions on Issue and Transfer of Units

Units of the Fund shall be issued by the Management Company subject to payment therefor to the Custodian within

such period as the Management Company may from time to time determine.

All Units have equal rights and privileges and shall be of the same class.
Certificates for Units or confirmations shall be delivered by the Management Company provided that payment

therefor shall have been received by the Custodian.

The Fund has been organized under the Luxembourg law of July 19, 1991 concerning undertakings for collective

investment the securities of which are not intended to be placed with the public.

The sale of Units in the Fund is restricted to institutional investors and the Management Company will not issue Units

to persons or companies who may not be considered institutional investors. Further, the Management Company will not
give effect to any transfer of Units which would result in a non-institutional investor becoming a Unitholder in the Fund.

The Management Company will refuse the issue of Units or the transfer of Units, if there is not sufficient evidence

that the person or company to which the Units are sold or transferred is an institutional investor.

In considering the qualification of a subscriber or a transferee as an institutional investor, the Management Company

will have due regard to the guidelines or recommendations (if any) of the competent supervisory authorities.

Units of any Fund may not be transferred to any person or any entity without prior consent of the Management

Company, which consent can only be withheld, in the circumstances described above or in any other circumstances
where any such transfer would be detrimental to the Fund or its Unitholders.

Furthermore, the Management Company may:
(a) reject at its discretion any application for purchase of Units;
(b) repurchase at any time the Units held by Unitholders who are, in the opinion of the Management Company,

excluded from purchasing or holding Units.

Neither the Management Company nor the Custodian shall give its prior consent to the transfer of Units if, as a result

of such transfer, the number of holders (including beneficial owners, but excluding non-residents of Japan as defined by
Item 6, Paragraph I of Article 6 of Foreign Exchange and Foreign Trade Law of Japan, Law No. 228, 1949) of Units
(including newly issued units which are of the same kind than those of the Fund as defined under Article 1-6 of the Enfor-
cement Order of the Securities and Exchange Law of Japan, and which were issued within 6 months before the date of
issue of the Units) will become 50 or more.

In case where the transferees are residents of Japan, if the Units are registered in the name of a nominee, for the

purpose of ascertaining if the transfer of Units can be made in accordance with the restrictions set forth in the preceding
paragraph, and/or if the transferee are residents of Japan, the Management Company and/or the Custodian may rely on
a confirmation statement made by such nominee on the matter referred to in the preceding paragraph.

The Units have not been registered under the United States Securities Act of 1933 and may not be offered directly

or indirectly in the United States of America (including its territories and possessions), to nationals or residents thereof
or to persons normally resident therein, or to any partnership or persons connected thereto unless pursuant to any
applicable statute, rule or interpretation available under United States law which the Management Company deems
acceptable. The Fund has not been registered under the U.S. Investment Company Act of 1940 and therefore is
restricted with respect to the number of U.S. resident Unitholders it may accept.

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The Management Company may determine the minimum initial and continuous subscription amount and any appli-

cable minimum holding amount, which may be waived from time to time subject however in all circumstances to a
minimum holding amount of 400,000.- USD per Unitholder.

7) Issue Price

The issue price per Unit will be based on the net asset value per Unit determined on the applicable Valuation Day. A

sales charge of up to 4% of the issue price may be added to the issue price.

Payment of the issue price shall be made within five (5) Business Days (as defined in the prospectus) counting from

and including the applicable Valuation Day.

8) Unit Certificates

The Management Company may issue Units in registered form only. Certificates shall carry the signatures of the

Management Company and the Custodian, both of which may be in facsimile. If a Unitholder chooses not to receive
certificates, a letter confirming his unitholding shall be issued instead.

The Management Company may, in the interests of the Unitholders, split or consolidate the Units.

9) Determination of Net Asset Value

The net asset value of the Units, expressed in USD, will be determined by the Management Company on each

Valuation Day by dividing the value of the assets less the liabilities (including any provisions considered by the
Management Company to be necessary or prudent) of the Fund by the total number of Units outstanding. To the extent
feasible, investment income, interest payable, fees and other liabilities (including, but not limited to, management and
performance fees) will be accrued.

The Board of Directors may from time to time decide when there shall be a Valuation Day provided that there shall

be at least one Valuation Day in each month.

The assets of the Fund shall 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;

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 day and the denominator of
which is the number of days between such acquisition date and the maturity date of such instruments;

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

which the particular future or option is traded, provided that if a future or option could not be liquidated on the days as
of which the net asset value is 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 or option could be liquidated shall be
the basis for determining the liquidating value of such future or option 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, prudently and in good faith, from time to time determine;

(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;

(I) 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 Investment 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 asset or liability shall be the amount which the Management

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

In the event that extraordinary circumstances render such a valuation impracticable or inadequate, the Management

Company is authorized, prudently and in good faith, to follow other rules in order to achieve a fair valuation of the assets
of the Fund.

23096

10) Suspension of Determination of Net Asset Value

The Management Company may temporarily suspend determination of the net asset value and, consequently, the

issue and the repurchase of Units, in any of the following events:

– when one or more stock exchanges or markets, which provides 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 is 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 Unitholders;

– 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; or

– if, as a result of occurrence of multiple successive non bank business days in some or all of the jurisdictions which

are relevant for the definition of the Valuation Day, the net asset value can, for practical or operational reasons, not be
determined.

11) Repurchase

On and after November 28, 1999 (or such earlier date as the Management Company may determine if it deems

appropriate), Unitholders may at any time request the Management Company to repurchase their Units. Repurchase will
be made at the net asset value per Unit determined on the applicable Valuation Day Luxembourg time subject to such
prior notice requirements as the Management Company may from time to time decide. A request for repurchase must
be accompanied by the relevant Unit certificates (if issued).

The Management Company may decide from time to time that redemptions will be effected subject to a prior notice

to be determined by the Management Company. The Management Company may however decide in its sole discretion
to waive the prior notice requirement provided that such waiver is applied to all Unitholders requesting redemption of
their Units.

The Management Company shall use its best efforts to ensure that the Fund maintains an appropriate level of liquidity,

so that under normal circumstances repurchase of the Units of the Fund may be made promptly upon request by
Unitholders. Payment of the repurchase price shall normally be made within five (5) Business Days (as defined in the
prospectus) counting from and including the applicable Valuation Day and subject to receipt of the Unit 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 payment of the repurchase price to the
country from which reimbursement application was made.

12) Charges of the Fund

The Management Company and/or any investment manager(s), investment advisor(s), cash manager(s) and

independent risk monitor(s) are entitled to fees payable out of the assets of the Fund which in the aggregate may not
exceed an annual rate of 3% of the average net asset values of the Fund. In addition, the Management Company and/or
any investment managers or advisors may be entitled to performance fees based on the increase of the net asset value
of the Fund over a certain period at a rate not to exceed 35% of the relevant increase, such performance fee to be calcu-
lated upon terms determined from time to time by the Management Company and published in the Prospectus issued
by the Fund.

The Fund will also bear the following charges:
– all taxes which may be due on the assets and the income of the Fund;
– usual banking, brokerage and other 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 of the Fund’s portfolios
securities);

– the remuneration and out-of-pocket expenses of the Custodian and other banks and financial institutions entrusted

by the Custodian with custody of assets of the Fund, and of the Registrar and Transfer Agent, Administrative Agent and
Paying Agent;

– fees payable to any clearing and executing brokers;
– legal expenses incurred by the Management Company or the Custodian while acting in the interests of the

Unitholders;

– the cost of printing Unit certificates (if any); the cost of preparing, printing, translating and/or filing the Management

Regulations and all other documents concerning the Fund, including registration statements and prospectuses and expla-
natory memoranda with all authorities (including local securities dealers’ associations) having jurisdiction over the Fund
or the offering of Units of the Fund; the cost of preparing, in such languages as are necessary for the benefit of the
Unitholders, including the beneficial holders of the Units, and printing 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 asset value; the cost of preparing and distributing
public notices to the Unitholders; lawyers’ and auditor’s fees; and all similar administrative charges, including all adver-
tising expenses and other expenses directly incurred in offering or distributing the Units;

23097

– the cost and expenses incurred in the formation of the Fund and the initial issue of its Units.
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 five years.

13) Accounting Year, Audit

The accounts of the Fund are closed each year on December 31 and for the first time on December 31, 1999. The

reference currency of the Fund is the United States Dollar.

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.

14) Distributions

The Management Company intends to declare distributions out of the Fund annually in or around March out of the

net investment income available for distribution payable by the Fund, and, if considered necessary in order to maintain
a reasonable level of distributions, out of principal.

No distribution may be made if, as a result of such distribution, the total net assets of the Fund would fall below the

equivalent in U.S. dollars of 50 million Luxembourg francs.

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

15) 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 upon their publication in the Mémorial.

16) Publications

The net asset value, the issue price and the repurchase price per Unit will be available in Luxembourg at the registered

office of the Management Company and the Custodian.

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

registered offices of the Management Company and the Custodian.

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

Associations.

17) Duration of the Fund, Liquidation

The Fund has been established for a period of 10 years ending on May 27, 2009. It may be dissolved at any time before

the end of its life or its life may be extended for a further period by decision of the Management Company. Any notice
of dissolution will be published in the Mémorial, 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. Any notice of extension will be notified to Unitholders at least one month before becoming effective.

Issuance and repurchase of Units will cease at the time of the decision or event leading to the dissolution.
The Management Company will liquidate the assets of the Fund in the best interests of the Unitholders and, upon

instructions given by the Management Company, the Custodian will distribute the net proceeds of the liquidation, (or, if
in the interests of the Unitholders, distribute the Fund’s net assets in kind) after deducting all liquidation expenses,
among the Unitholders in proportion to the Units held by each of them. If the interests of the Unitholders so warrant,
the Fund’s assets may be distributed in kind while observing the principle of equal treatment of Unitholders. If appro-
priate, an auditor’s report will be drawn up to value the assets so distributed.

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

18) Statute of Limitations

Any claims of the Unitholders against the Management Company or the Custodian will lapse five years after the date

of the event which gave rise to such claims.

19) Applicable Law, Jurisdiction and Governing Language

Disputes arising between the Unitholders, 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 Units 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 Unitholders resident in such
countries, to the laws of such countries. English shall be the governing language for these Management Regulations,
provided, however, that the Management Company and the Custodian may, on behalf of themselves and the Fund,
consider as binding the translation into languages of the countries in which the Units of the Fund are offered and sold,
with respect to Units sold to investors in such countries.

These Management Regulations come into force on May 24, 1999.
Luxembourg, May 20, 1999.

TOTAL ALPHA INVESTMENT FUND

NIKKO BANK

MANAGEMENT COMPANY S.A.

(LUXEMBOURG) S.A.

Signature

Signatures

Enregistré à Luxembourg, le 28 mai 1999, vol. 523, fol. 86, case 3. – Reçu 500 francs.

Le Receveur (signé): J. Muller.

(24437/260/380) Déposé au registre de commerce et des sociétés de Luxembourg, le 31 mai 1999.

23098

NK GAMMA FUTURES PROGRAM YEN, Fonds Commun de Placement.

—

MANAGEMENT REGULATIONS

1) The Fund

NK GAMMA FUTURES PROGRAM YEN (hereafter referred to as the «Fund») is organized under the laws of the

2) The Management Company

The Fund is managed on behalf of the Unitholders by the Management Company, which shall have its registered office

in Luxembourg.

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

restrictions set forth in Article 5 hereafter, on behalf of the Unitholders, including but not limited to, the purchase, sale,
subscription, exchange and receipt of securities 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 shall determine the investment policy of the Fund within the

objectives set forth in Article 4 and the restrictions set forth in Article 5 hereafter.

The Board of Directors of the Management Company may appoint a general manager or managers and/or admini-

strative agents to implement the investment policy and administer and manage the assets of the Fund.

The Management Company may obtain investment information, advice and other services, remuneration for which

will be at the Fund’s charge to the extent provided in Article 12 hereof.

3) The Custodian

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

BOURG) S.A., a société anonyme organized under the laws of the Grand Duchy of Luxembourg with its head office in
Luxembourg-City, has been appointed Custodian.

The Custodian or the Management Company may terminate the appointment of the Custodian at any time upon prior

In the event the Custodian’s appointment is terminated, the Management Company will appoint a new Custodian who

assumes the responsibilities and functions of the Custodian under these Management Regulations.

All cash and securities constituting the assets of the Fund shall be held by the Custodian on behalf of the Unitholders

of the Fund. The Custodian may entrust banks and financial institutions with the custody of such assets and may hold
securities in fungible or non-fungible accounts with such clearing houses as the Custodian, with the approval of the
Management Company, may determine. The Custodian shall have the normal duties of a depositary with respect to the
Fund’s deposits of cash and securities. The Custodian may only dispose of the assets of the Fund and make payments to
third parties on behalf of the Fund upon receipt of instructions from the Management Company or its appointed agents.

Upon receipt of instructions from the Management Company, the Custodian will perform all acts of disposal with

respect to the assets of the Fund.

Company and the Custodian.

4) Investment policy

The Fund’s investment objective is to invest in a diversified portfolio of international stock indexes, bonds, commo-

dities and currencies by using futures and options and other derivative instruments.

The Fund will invest at least 50% of its net assets in «securities» defined by the Securities and Exchange Law of Japan

5) Investment restrictions

By acquiring Units in the Fund, every Unitholder approves and fully accepts that the Management Regulations shall

govern the relationship between the Unitholders, the Management Company and the Custodian.

Subject to the approval of the Custodian, the Management Regulations may be amended by the Management

Company without Unitholder’s approval at any time, in whole or in part.

23099