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53233

MEMORIAL

Amtsblatt

Journal Officiel

du Grand-Duché de

Luxembourg

des Großherzogtums

Luxemburg

R E C U E I L

D E S

S O C I E T E S

E T

A S S O C I A T I O N S

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° 1110

20 juillet 2002

S O M M A I R E

NOVIN S.A., Société Anonyme.

Siège social: Luxembourg.

R. C. Luxembourg B 64.993.

—

Statuts coordonnés déposés au registre de commerce et des sociétés de Luxembourg, le 22 mai 2002.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

(36893/200/9) Déposé au registre de commerce et des sociétés de Luxembourg, le 22 mai 2002.

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

53276

Mondro Properties S.A., Luxembourg . . . . . . . . . .

53274

Ambilux S.A., Luxembourg. . . . . . . . . . . . . . . . . . . .

53277

Mondro Properties S.A., Luxembourg . . . . . . . . . .

53274

Benetton International N.V. S.A., Amsterdam. . . .

53236

Mondro S.A., Luxembourg . . . . . . . . . . . . . . . . . . .

53274

Benetton International N.V. S.A., Amsterdam. . . .

53236

Mosser A.G., Luxembourg. . . . . . . . . . . . . . . . . . . .

53275

Benetton International Property N.V. S.A., Am-

Natural Resources Exploration Enterprises S.A.,

sterdam . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

53236

Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

53260

Bisquit S.A., Luxembourg . . . . . . . . . . . . . . . . . . . . .

53274

Novin S.A., Luxembourg . . . . . . . . . . . . . . . . . . . . .

53233

Bonneair S.A., Luxembourg . . . . . . . . . . . . . . . . . . .

53277

NRE Finance, S.à r.l., Luxembourg. . . . . . . . . . . . .

53266

Buzon S.A., Luxembourg . . . . . . . . . . . . . . . . . . . . .

53278

Olympic, S.à r.l., Luxembourg . . . . . . . . . . . . . . . .

53267

Chamelle S.A., Luxembourg . . . . . . . . . . . . . . . . . . .

53276

Parfums & Co S.A., Luxembourg . . . . . . . . . . . . . .

53236

De La Ronce S.A. Holding, Luxembourg . . . . . . . . .

53275

Pikata S.A.H., Luxembourg . . . . . . . . . . . . . . . . . . .

53275

De La Ronce S.A. Holding, Luxembourg . . . . . . . . .

53275

Procimbria Finance Luxembourg S.A.H., Luxem-

Eichenberg S.A.H., Luxembourg . . . . . . . . . . . . . . .

53279

bourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

53280

Esri Belux S.A., Luxembourg . . . . . . . . . . . . . . . . . .

53280

Prostar S.A.H., Luxembourg. . . . . . . . . . . . . . . . . .

53277

Ganart Luxembourg S.A., Luxembourg . . . . . . . . .

53262

Retail Estates Luxemburg S.A., Luxembourg . . . .

53276

Ganart Luxembourg S.A., Luxembourg . . . . . . . . .

53264

Samaco Financial S.A., Luxembourg . . . . . . . . . . .

53273

International Real Estate Management S.A., Lu-

Samaco Real Estate Holding S.A., Luxembourg . .

53271

xembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

53279

Schlüssel S.A., Luxembourg . . . . . . . . . . . . . . . . . .

53280

Investa Food S.A.H., Luxembourg . . . . . . . . . . . . . .

53278

Sentrim S.A.H., Luxembourg . . . . . . . . . . . . . . . . .

53276

Key Job S.A., Luxembourg . . . . . . . . . . . . . . . . . . . .

53279

Sicea Holding S.A., Luxembourg . . . . . . . . . . . . . .

53278

Leasinvest S.A.H., Luxembourg . . . . . . . . . . . . . . . .

53278

Slivam S.A. Holding, Luxembourg . . . . . . . . . . . . .

53273

Linebra Holding S.A., Luxembourg . . . . . . . . . . . . .

53272

Société Anonyme Maloupic, Luxembourg . . . . . . .

53234

Linebra Holding S.A., Luxembourg . . . . . . . . . . . . .

53272

Société Anonyme Maloupic, Luxembourg . . . . . . .

53235

Linebra Holding S.A., Luxembourg . . . . . . . . . . . . .

53272

Soprimo S.A., Dudelange. . . . . . . . . . . . . . . . . . . . .

53269

Magije, S.à r.l., Luxembourg . . . . . . . . . . . . . . . . . . .

53264

Spectrum S.A.H., Luxembourg. . . . . . . . . . . . . . . .

53277

Merrill Lynch Participations (Luxembourg), S.à r.l.,

Sterinvest Holding S.A., Luxembourg . . . . . . . . . .

53272

Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

53262

Transport Olk, GmbH, Remich. . . . . . . . . . . . . . . .

53235

Modart S.A., Luxembourg. . . . . . . . . . . . . . . . . . . . .

53279

Luxembourg, le 22 mai 2002.

F. Baden.

53234

SOCIETE ANONYME MALOUPIC, Société Anonyme.

Siège social: Luxembourg.

R. C. Luxembourg B 6.313.

—

L’an deux mille deux, le douze juin.
Par-devant Maître Frank Baden, notaire de résidence à Luxembourg,

S’est réunie:

L’Assemblée Générale Extraordinaire des actionnaires de la société anonyme SOCIETE ANONYME MALOUPIC,

ayant son siège social à Luxembourg, inscrite au registre de commerce et des sociétés de Luxembourg, sous le numéro
B 6.313, constituée suivant acte notarié en date du 29 juin 1962, publié au Mémorial, Recueil des Sociétés et Associa-
tions, numéro 66 du 11 août 1962. Les statuts ont été modifiés en dernier lieu suivant acte reçu par le notaire soussigné
en date du 26 juin 2000, publié au Mémorial, Recueil des Sociétés et Associations, numéro 856 du 23 novembre 2000.

L’Assemblée est ouverte à dix heures quarante-cinq sous la présidence de Madame Chantal Mathu, employée privée,

demeurant à Arlon,

qui désigne comme secrétaire Madame Nadia Weyrich, employée privée, demeurant à Arlon.
L’Assemblée choisit comme scrutateur Madame Arlette Siebenaler, employée privée, demeurant à Junglinster.
Le bureau ainsi constitué, le Président expose et prie le notaire instrumentant d’acter:
I.- Que la présente Assemblée Générale Extraordinaire a pour

Ordre du jour:

1. Réduction du capital social de Euro 3.469.000,- (trois millions quatre cent soixante-neuf mille euros) pour le porter

de son montant actuel de Euro 3.500.000,- (trois millions cinq cent mille euros) à Euro 31.000,- (trente et un mille euros)
par remboursement en espèces aux actionnaires au prorata de leur participation dans le capital social de la société et
annulation de 387.087 (trois cent quatre-vingt sept mille quatre-vingt-sept) actions.

2. Le capital social est désormais fixé à Euro 31.000,- (trente et un mille euros) représenté par 3.460 (trois mille qua-

tre cent soixante) actions sans désignation de valeur nominale.

3. Autorisation au Conseil d’Administration de modifier en conséquence le registre des actionnaires pour le mettre

en conformité avec le point 1.

4. Modification de l’article 3 des statuts pour le mettre en conformité avec les résolutions prises ci-dessus.
5. Diminution de la réserve légale à concurrence de Euro 346.900,- (trois cent quarante-six mille neuf cents euros)

pour le porter de son montant actuel de Euro 350.000,- (trois cent cinquante mille euros) à Euro 3.100,- (trois mille
cent euros) par remboursement aux actionnaires au prorata de leur participation dans le capital social de la société.

6. Divers.
II.- Que les actionnaires présents ou représentés, les mandataires des actionnaires représentés, ainsi que le nombre

d’actions qu’ils détiennent sont indiqués sur une liste de présence; cette liste de présence, après avoir été signée par les
actionnaires présents, les mandataires des actionnaires représentés ainsi que par les membres du bureau, restera an-
nexée au présent procès-verbal pour être soumise avec lui à la formalité de l’enregistrement.

Resteront pareillement annexées aux présentes les procurations des actionnaires représentés, après avoir été para-

phées ne varietur par les comparants.

III.- Que l’intégralité du capital social étant présente ou représentée à la présente assemblée, il a pu être fait abstrac-

tion des convocations d’usage, les actionnaires présents ou représentés se reconnaissant dûment convoqués et décla-
rant par ailleurs avoir eu connaissance de l’ordre du jour qui leur a été communiqué au préalable.

IV.- Que la présente Assemblée, réunissant l’intégralité du capital social, est régulièrement constituée et peut déli-

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

L’Assemblée Générale, après avoir délibéré, prend à l’unanimité des voix les résolutions suivantes:

Première résolution

L’Assemblée décide de réduire le capital à concurrence de trois millions quatre cent soixante-neuf mille euros

(3.469.000,- EUR) pour le ramener de son montant de trois millions cinq cent mille euros (3.500.000,- EUR) à trente et
un mille euros (31.000,- EUR), par remboursement en espèces aux actionnaires au prorata de leur participation dans le
capital social de la société et par annulation de trois cent quatre-vingt-sept mille quatre-vingt-sept (387.087) actions.

Le capital est ainsi fixé à trente et un mille euros (31.000,- EUR) représenté par trois mille quatre cent soixante

(3.460) actions sans désignation de valeur nominale.

Deuxième résolution

L’Assemblée confère tous pouvoirs au conseil d’administration pour l’exécution des présentes et notamment pour

effectuer le remboursement aux actionnaires et pour modifier le registre des actionnaires suite à l’annulation des ac-
tions.

Troisième résolution

En conséquence de la résolution précédente, le premier alinéa de l’article 3 des statuts est modifié et aura désormais

la teneur suivante:

«Art. 3. Premier alinéa. Le capital social est fixé à trente et un mille euros (31.000,- EUR) représenté par trois

mille quatre cent soixante (3.460) actions sans désignation de valeur nominale, entièrement libérées.»

53235

Quatrième résolution

L’Assemblée décide de réduire le poste réserve légale à concurrence de trois cent quarante-six mille neuf cents

euros (346.900,- EUR) pour le ramener de son montant actuel de trois cent cinquante mille euros (350.000,- EUR) à
trois mille cent euros (3.100,- EUR) par remboursement aux actionnaires au prorata de leur participation dans le capital
social de la société.

Evaluation des frais

Les parties comparantes évaluent le montant des frais, dépenses, rémunérations et charges, sous quelque forme que

ce soit, qui incombent à la société ou qui sont mis à sa charge en raison de la présente réduction de capital, approxima-
tivement à la somme de 1.200,- EUR.

Plus rien n’étant à l’ordre du jour, la séance est levée.

Dont acte, fait et passé à Luxembourg, en l’étude du notaire soussigné, date qu’en tête.
Et après lecture faite et interprétation donnée aux comparants, les membres du bureau ont signé avec le notaire le

présent acte.

Signé: C. Mathu, N. Weyrich, A. Siebenaler et F. Baden.
Enregistré à Luxembourg, le 14 juin 2002, vol. 13CS, fol. 8, case 4. – Reçu 12 euros.

Le Receveur (signé): Muller.

Pour expédition conforme, délivrée à la société sur demande aux fins de la publication au Mémorial, Recueil des So-

ciétés et Associations.

(49372/200/81) Déposé au registre de commerce et des sociétés de Luxembourg, le 2 juillet 2002.

SOCIETE ANONYME MALOUPIC, Société Anonyme.

Siège social: Luxembourg.

R. C. Luxembourg B 6.313.

—

Statuts coordonnés déposés au registre de commerce et des sociétés de Luxembourg, le 2 juillet 2002.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

(49373/200/9) Déposé au registre de commerce et des sociétés de Luxembourg, le 2 juillet 2002.

TRANSPORT OLK, GmbH, Gesellschaft mit beschränkter Haftung.

Gesellschaftssitz: L-5570 Remich, 35, route de Stadtbredimus.

H. R. Luxemburg B 36.074.

—

Niederschrift über die ausserordentliche Generalversammlung vom 31. Dezember 2001 in Remich

Anwesend:

1. Herr Manfred Harlfinger
welcher alleiniger Geschäftsführer der Firma TRANSPORT OLK, GmbH ist.
Der Anwesende haltet unter Verzicht auf alle Form- und Fristvorschriften eine Generalversammlung ab. Folgende

Beschlüsse werden gefasst:

Erster Beschluss

Das Gesellschaftskapital in Höhe von fünfhunderttausend Luxemburger Franken (500.000,- LUF) wird mit Wirkung

vom 1. Januar 2002 umgestellt auf zwölftausenddreihundertvierundneunzig Komma achtundsechzig Euro (12.394,68
EUR).

Zweiter Beschluss

Das Gesellschaftskapital wird um den Betrag von einhundertfünf Komma zweiunddreissig Euro (105,32 EUR) auf

zwölftausendfünfhundert Euro (12.500,- EUR) durch die Stillen Reserven erhöht. Dementsprechend wird Artikel 4 der
Statuten abgeändert, um ihm folgenden Wortlaut zu geben:

Das Stammkapital der Gesellschaft beträgt zwölftausendfünfhundert Euro (12.500,- EUR), eingeteilt in fünfhundert

Anteile (500) zu je fünfundzwanzig Euro (25,- EUR), welche wie folgt übernommen werden:

Enregistré à Remich, le 11 avril 2002, vol. 177, fol. 28, case 9. – Reçu 12 euros.

Le Receveur (signé): Signature.

(36910/598/29) Déposé au registre de commerce et des sociétés de Luxembourg, le 22 mai 2002.

Luxembourg, le 26 juin 2002.

F. Baden.

Luxembourg, le 2 juillet 2002.

F. Baden.

Herr Manfred Harlfinger, vierhundertfünfundneunzig Anteile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

495 Anteile

Herr Uwe Davenne, fünf Anteile. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5 Anteile

Total: fünfhundert Anteile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

500 Anteile

M. Harlfinger
Der Geschäftsführer

53236

PARFUMS & CO S.A., Société Anonyme.

Siège social: L-1471 Luxembourg, 398, route d’Esch.

R. C. Luxembourg B 61.260.

—

EXTRAIT

Il résulte du procès-verbal sous seing privé en date du 19 novembre 2001, enregistré à Luxembourg, le 24 janvier

2002, volume 563, folio 83, case 8, que suite à une décision de l’assemblée générale des actionnaires et dans le cadre de
la loi du 10 décembre 1998 telle que modifiée par la loi du 1

août 2001, la devise d’expression du capital social a été

convertie de francs luxembourgeois en euros avec effet au 1

janvier 2001 et que la rubrique capital a désormais la

teneur suivante:

avant conversion (devise: LUF):
Capital social souscrit:
Le capital souscrit est fixé à LUF 14.500.000,-, représenté par 14.500 actions d’une égale valeur nominale de LUF

1.000,-, disposant chacune d’une voix aux assemblées générales.

après conversion en euros:
Capital social souscrit:
Le capital souscrit est fixé à EUR 359.445,61 (trois cent cinquante-neuf mille quatre cent quarante-cinq euros et

soixante et un cents), représenté par 14.500 (quatorze mille cinq cents) actions sans désignation de valeur nominale,
disposant chacune d’une voix aux assemblées générales.

Capital social autorisé:
Le capital autorisé est fixé à EUR 991.574,10 (neuf cent quatre-vingt-onze mille cinq cent soixante-quatorze euros et

dix cents), représenté par 40.000 (quarante mille) actions sans désignation de valeur nominale, disposant chacune d’une
voix aux assemblées générales.

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

Luxembourg, le 21 mai 2002.

(36894/211/29) Déposé au registre de commerce et des sociétés de Luxembourg, le 22 mai 2002.

BENETTON INTERNATIONAL N.V. S.A., Société Anonyme.

Registered office: Amsterdam.

Administrative and effective management office: L-1136 Luxembourg, 1, place d’Armes.

R. C. Luxembourg B 80.058

BENETTON INTERNATIONAL PROPERTY N.V. S.A., Société Anonyme.

Registered office: Amsterdam.

Administrative and effective management office: L-1136 Luxembourg, 1, place d’Armes.

BENETTON INTERNATIONAL N.V. S.A., Société Anonyme.

Registered office: Amsterdam.

Administrative and effective management office: L-1136 Luxembourg, 1, place d’Armes.

—

SPLIT-UP PROPOSAL

In the year two thousand and two, on the twenty-eight day of June.
Before Us, Maître Joseph Elvinger, notary, residing in Luxembourg, Grand Duchy of Luxembourg.

There appeared:

Mr Jean-Philippe Drescher, private employee, residing at L-2620 Luxembourg, 5, rue Joseph Tockert,
acting as proxy holder of the Board of Directors of BENETTON INTERNATIONAL N.V. S.A., société anonyme, with

administrative and management office at 1, place d’Armes, L-1136 Luxembourg, Grand Duchy of Luxembourg, regis-
tered at the Luxembourg Commercial Register under number B 80,058, with a share capital of one hundred ten million
three hundred sixty-seven thousand euros (EUR 110,367,000.-) represented by twenty-four thousand five hundred
twenty-six (24.526) shares with nominal value of four thousand five hundred euros (EUR 4,500.-) (hereafter referred to
as the «Splitting Company or Company»), incorporated in the Netherlands on August 24, 1984 and whose administra-
tive and effective management seat has been transferred on December 22, 2000 from the Netherlands to Luxembourg.

The Board of Directors has decided on June 2002 to grant this mandate to Mr Jean-Philippe Drescher. The copy of

the minutes of this meeting will remain annexed to the present proposal.

Such appearing person, acting in his afore stated capacity, has requested the notary to state the following:
In connection with the general reorganization within the BENETTON GROUP and more particularly the reorgani-

zation of the shareholding structure, it is intended to split-up the Company in order to re-align the legal structure of
the BENETTON GROUP’S subsidiaries to their respective fields of business by separating the companies with real es-
tate activity from the other operating companies. A Split-up of the Company is deemed to be the best manner to reach
the above-mentioned goals in a neutral way.

In this respect, the Board of Directors of the Company has decided at its meeting of June 2002 to propose to the

shareholders of the Company to split-it-up into two (2) new sociétés anonymes (joint stock companies), hereafter re-
ferred to as the «Acquiring Companies collectively or BENETTON INTERNATIONAL PROPERTY N.V. S.A. and BEN-

Pour la Société
Signature

53237

ETTON INTERNATIONAL N.V. S.A., individually» by contribution in kind of all assets and liabilities of the Splitting
Company to the Acquiring Companies, with the following registered seats and social denominations:

- BENETTON INTERNATIONAL PROPERTY N.V. S.A., with a share capital of seventeen million six hundred and

eight thousand (EUR 17,608,000.-) divided into seventeen thousand six hundred and eight (17,608) shares, each with a
nominal value of one thousand euros (EUR 1,000.-), will have its registered office at Amsterdam, The Netherlands and
its administrative and effective management office at 1, place d’Armes, L-1136 Luxembourg, Grand Duchy of Luxem-
bourg.

- BENETTON INTERNATIONAL N.V. S.A., with a share capital of ninety-two million seven hundred fifty-nine thou-

sand euros (EUR 92,759,000.-) divided into ninety-two thousand seven hundred fifty-nine (92,759) shares, each with a
nominal value of one thousand euros (EUR 1,000.-), will have its registered office at Amsterdam, The Netherlands and
its administrative and effective management office at 1, place d’Armes, L-1136 Luxembourg, Grand Duchy of Luxem-
bourg.

Based on the present split-up proposal and in accordance with articles 288 and 307 of the Luxembourg Company

Law of August 10, 1915, as amended, the Splitting Company, following its dissolution without liquidation, will transfer
all its assets and liabilities, to the Acquiring Companies, at an extraordinary general meeting (the «Extraordinary General
Meeting») which will be held before a Luxembourg notary at least one month further to the publication of the present
split-up proposal. Prior to the final approval of tine proposed split-up by the Extraordinary General Meeting, the minor-
ity shareholder, BENETTON RETAIL INTERNATIONAL S.A., will sell and transfer its single share it holds in the Com-
pany to BENETTON GROUP S.p.A., which will then hold one hundred per cent (100%) of the shares of the Company.

All assets and liabilities of the Splitting Company mainly consist, as of today, in participations of several companies

here listed below as well as in a small amount of cash to be allocated as follows:

- BENETTON INTERNATIONAL PROPERTY N.V. S.A. will receive:
(i) all shares held by the Splitting Company in:
1. BENETTON REAL ESTATE INTERNATIONAL S.A., a company organised under the laws of Luxembourg, having

its corporate seat and with address at 1, place d’Armes, L-1136 Luxembourg, Grand Duchy of Luxembourg,

2. BENETTON REALTY SPAIN S.L., a company organised under the laws of Spain, having its corporate seat at

Castellbisbal, Spain and with address at Calle Electricitat 7, Poligono Industrial, Santa Rita, Castellbisbal, Spain,

(ii) one hundred and sixty-seven euros (EUR 167.-),
- BENETTON INTERNATIONAL N.V. S.A. will receive:
(i) all shares held by the Splitting Company in:
1. BENETTON JAPAN, LTD., a company organised under the laws of Japan, having its corporate seat at Tokyo, Japan,
2. BENETTON ARGENTINA S.A., a company organised under the laws of Argentina, having its corporate seat at

Buenos Aires, Argentina and with address at Buenos Aires, Argentina,

3. BENEST LTD., a company organised under the laws of Russia, having its corporate seat at Moscow, Russia,
4. DCM BENETTON INDIA LTD., a company organised under the laws of India, having its corporate seat at New

Delhi, India,

5. BENETTON (FAR EAST) LTD., a company organised under the laws of China, having its corporate seat at Hong

Kong, China,

6. UNITED COLORS OF BENETTON DO BRASIL Ltda., a company organised under the laws of Brazil; having its

corporate seat at S. Josè dos Pinhais, Brazil,

7. BENETTON SPORTSYSTEMS AUSTRIA GmbH, a company organised under the laws of Austria, having its corpo-

rate seat at Salzburg, Austria,

8. BENETTON SPORTSYSTEM USA INC., a company organised under the laws of the United States of America,

having its corporate seat at Bordentown, United States of America,

9. BENETTON TUNISIA, S.à r.l., a company organised under the laws of Tunisia, having its corporate seat at Sahline,

Tunisia,

10. BENETTON UNGHERIA Kft., a company organised under the laws of Hungary, having its corporate seat at

Nagykallo, Hungary,

11. BENETTON SOCIETÀ DI SERVIZI S.A., a company organised under the laws of Switzerland, having its corporate-

seat at Lugano, Switzerland,

12. UNITED COLORS COMMUNICATION S.A., a company organised under the laws of Switzerland, having its cor-

porate seat at Lugano, Switzerland,

13. BENETTON MANUFACTURING HOLDING N.V., a company organised under the laws of the Netherlands, hav-

ing its corporate seat at Amsterdam the Netherlands, and with address at Keizersgracht 604, (1017 EP) Amsterdam,
the Netherlands,

14. BENETTON FINANCE S.A., a company organised under the laws of Luxembourg, having its corporate seat at

Luxembourg, Grand Duchy of Luxembourg and with address at 1, Place d’Armes, L-1136 Luxembourg, Grand Duchy
of Luxembourg,

15. BENETTON TEXTIL SPAIN S.L., a company organised under the laws of Spain, having its corporate seat at

Castellbisbal, Spain and with address at Calle Electricitat 7, Pol. Industrial, Santa Rita, Castellbisbal, Spain,

(ii) all assets and liabilities which appear from the annual accounts over the fiscal year 2001, and belonging to the Split-

ting Company apart from the components to be acquired by BENETTON INTERNATIONAL PROPERTY N.V. S.A.
(see allocation above),

(iii) all assets and liabilities belonging to the Splitting Company at the moment of the split-up which are not further

specified in this description,

(iv) all agreements entered into by the Splitting Company with one or more third parties,

53238

(v) the obligations, as employer, towards Mr Giuseppe Mazzocato, sole employee of the Splitting Company, residing

at c/o 1, place d’Armes, L-113é Luxembourg, Grand Duchy of Luxembourg (the «Employee»), under an existing em-
ployment contract.

In respect to the above point (v) and in compliance with article 36 (4) of the law of May 24, 1989 applicable to em-

ployment contracts:

(i) the Board of Directors of the Splitting Company has informed by registered mail and in due time the Employee as

well as the labour inspectorate (Inspection du Travail) about the reasons of the splitting-up, its legal, economic and social
consequences and the planned decisions,

(ii) the employment conditions of the Employee will remain exactly the same as the current ones.
The fees and costs of the split-up and all the fiscal debts will be borne by the Acquiring Companies in proportion to

the transferred net assets.

The net assets to be transferred have been evaluated by the Board of Directors by reference to the last available

book values and where applicable, setting aside in provision potential capital losses of the subsidiaries.

The split-up will have the following effect on the amount of the distributable and non distributable reserves of the

Acquiring Companies:

An independent auditor’s report on the contributed assets will not be issued as normally required by article 26.1. of

the Luxembourg Company Law of August 10, 1915, given that the shareholders of the Splitting Company receive new
shares issued by the Acquiring Companies in the same proportion to their existing rights in the share capital of the Split-
ting Company. The board of directors acknowledges that the two current shareholders representing the entire share
capital of the Splitting Company already renounced by a resolution dated June –, 2002 to be provided with the above
mentioned auditor’s report and the Board of Directors takes this decision into account.

Prior to the final approval of the proposed split-up by the Extraordinary General Meeting, the minority shareholder,

BENETTON RETAIL INTERNATIONAL S.A., will sell and transfer its single share it holds in the Company to BENET-
TON GROUP S.p.A., which will then hold one hundred per cent (100%) of the shares of the Company.

The exchange ratio of the shares in the share capital of the Splitting Company is such that at the date of the approval

of the split-up, the sole shareholder of the Splitting Company will have the following participation in the Acquiring Com-
panies:

The shares of the Acquiring Companies will have a nominal value of one thousand euros (euros 1,000.-) each and will

be in registered form.

After the contribution, the shareholder of the Splitting Company will be registered in the shareholders’ registers of

BENETTON INTERNATIONAL PROPERTY N.V. S.A. and BENETTON INTERNATIONAL N.V. S.A. At request, the
shareholder will obtain a share certificate.

The shares of the Company will be cancelled at the Extraordinary General Meeting.
The shareholder shall participate in the equity and the profits of the Acquiring Companies as from the date of incor-

poration of the latter without any restriction or limitation. On January 1, 2002, the transactions of the Splitting Company
shall be considered accounting and tax wise as accomplished for the account of BENETTON INTERNATIONAL PROP-
ERTY N.V. S.A. and BENETTON INTERNATIONAL N.V. S.A., without any ratification.

No particular benefit will be granted to the members of the Board of Directors further to the split-up.
The assets and liabilities to be transferred to BENETTON INTERNATIONAL PROPERTY N.V. S.A. and BENETTON

INTERNATIONAL N.V. S.A. are evaluated on basis of the financial statements as per December 31, 2001 of the Splitting
Company as evidenced in Annex I of the present proposal.

Where one or the other point of the present proposal can still be changed by the Extraordinary General Meeting,

the Board of Directors has acknowledged that, according to article 296 of the Luxembourg Company Law, the share-
holders representing the entire share capital of the Splitting Company already renounced by a resolution of June, 2002,
to the benefit of articles 293, 294, paragraphs (1), (2) and (4) and the article 295, paragraph (1) c), d) and e).

The present proposal, as well as the annual accounts and the management reports of the Splitting Company for the

fiscal years 1999, 2000, 2001 may be inspected at its registered seat. The present proposal is furthermore sent to each
shareholder.

Luxembourg, June 28, 2002
By resolution of the Board of Directors hereby duly represented by Mr Jean-Philippe Drescher.

Existing BENETTON

BENETTON

New BENETTON

INTERNATIONAL

N.V. S.A.

PROPERTY N.V. S.A.

N.V. S.A.

Distributable

642,652,588 EUR

104,862,166 EUR

537,790,422 EUR

reserves. . . . . . . . . . . .
Non distributable

58,380,744 EUR

6,981,002 EUR

51,399,742 EUR

reserves. . . . . . . . . . . .

Total: . . . . . . . . . . . . . .

701,033,332 EUR

111,843,168 EUR

589,190,164 EUR

Existing BENETTON

BENETTON

New BENETTON

INTERNATIONAL

N.V. S.A.

PROPERTY N.V. S.A.

N.V. S.A.

BENETTON GROUP S.p.A.. . . . .

24,526

17,608

92,759

Total: . . . . . . . . . . . . . . . . . . . . . . .

24,526

17,608

92,759

53239

The Company requested the notary to draw up the Articles of incorporation of BENETTON INTERNATIONAL

PROPERTY N.V. S.A. and BENETTON INTERNATIONAL N.V. S.A.

1) Incorporation of BENETTON INTERNATIONAL PROPERTY N.V. S.A.

BENETTON INTERNATIONAL PROPERTY N.V. S.A.

Art. 1. Name and Seat
The name of the Luxembourg company is: BENETTON INTERNATIONAL PROPERTY N.V. S.A.
Its administrative and actual effective management office is situated in Luxembourg, Grand Duchy of Luxembourg and

its registered office is situated in Amsterdam, the Netherlands.

Art. 2. Object
1. The object of the company is:
To own and grant licences for trademarks and other industrial and intellectual property rights, to participate in, to

finance, to be otherwise interested in, to conduct the management of and to render services to other enterprises, to
bind itself for obligations of enterprises with which it is bound in a group and to perform everything that is related to
the above in the widest sense or may be conducive thereto.

2. In the realization of its object the company shall be guided in so far as possible by the interests of the persons

concerned in the company and the enterprises associated with it.

Art. 3. Capital
1. The subscribed capital of the company amounts to seventeen million six hundred and eight thousand euros (EUR

17,608,000.-) divided into seventeen thousand six hundred and eight (17,608) shares, each of one thousand euros (EUR
1,000.-).

2. The authorized capital is set at fifty million euros (EUR 50,000,000.-) divided into fifty thousand (50,000) shares of

one-thousand euros (EUR 1,000.-) each.

3. The resolution to increase or reduce the authorized and the subscribed capital of the company shall be adopted

by the general meeting of shareholders - hereinafter also referred to as the «general meeting» - in the manner required
for amending these articles of association.

4. The general meeting of shareholders shall be empowered to designate the board of directors for a definite period

not exceeding five years for issuing shares, provided the quantity of shares has been laid down in the resolution of the
general meeting. The designation may be extended on each occasion for not more than five years. Unless something
else was provided at the time of the designation it may not be withdrawn. The board of directors has been designated,
from the eleventh day of December two thousand and five and until the tenth day of December two thousand and five,
to increase from time to time the subscribed capital, within the limits of the authorized capital. This increase of capital
may be subscribed and shares may be issued with share premium and paid up by contribution in kind or cash, by incor-
poration of claims in any other way to be determined by the board of directors. The board of directors is specifically
authorized to proceed to such issues without reserving for the then existing shareholders a preferential right to sub-
scribe to the shares to be issued such in accordance with the law. The board of directors may delegate to any duly
authorized person, the duties of accepting subscriptions and receiving payment for shares representing part or all of
such increased amounts of capital.

5. Paragraphs 3 and 4 of this article shall apply accordingly to the granting of rights to acquire shares.
6. The company can proceed to the repurchase of its own shares within the limits set by the law, if:
a. the general meeting has authorized the board of directors to do so and has also provided in that authorization -

which shall be valid for a maximum of eighteen months - how many shares or depositary receipts may be acquired, how
they may be acquired and between what limits the price must lie;

b. the equity, reduced by the acquisition price, is not smaller than the paid-up and called part of the capital increased

by the reserves that must be maintained by virtue of the law; and

c. the nominal amount of the shares that the company acquires, holds or holds in pledge or that are held by a sub-

sidiary does not exceed one tenth of the issued capital.

Determinative for the application of the provision under (b) shall be the size of the equity according to the last bal-

ance sheet adopted, reduced by the acquisition price for shares in the company’s capital that it and its subsidiary came
to owe after the balance-sheet date. If a financial year has elapsed for more than six months without the annual accounts
having been adopted the acquisition in accordance with this paragraph shall not be permitted. For the application of the
provisions under (c) the company’s own shares or depositary receipts that the company holds shall be increased by the
shares or depositary receipts in its capital that are held by or for account of legal persons and companies in which the
company itself directly or indirectly participates for more than half the issued capital.

7. The general meeting may resolve on reduction of the issued capital by withdrawing shares or by reducing the

amount of the shares by amendment of the articles of association. In this resolution the shares to which the resolution
relates must be designated and the performance of the resolution must have been regulated.

8. A resolution on withdrawal may only concern shares that the company itself holds or of which it holds the depos-

itary receipts.

9. Reduction of the amount of the shares without repayment and without exemption from the obligation of payment

must be effected proportionally on all the shares.

10. Partial repayment on shares is only possible for the performance of a resolution to reduce the amount of the

shares; such a repayment or exemption must be effected proportionally on all the shares, in accordance with the law.

11. The company shall not co-operate in the issue of bearer depository receipts for shares in its capital.

53240

Art. 4. Shares
1. The shares shall be registered and have been numbered consecutively. No share certificates shall be issued.
2. At each of the office of the company the board of directors shall keep a (copy of the) register of shareholders,

listing in connection with each share the name and address of the shareholder and of the holder of depositary receipts
issued with the co-operation of the company - this holder hereinafter also called «depositary-receipt holder» - stating
the amount paid on each share. With regard to each share the register of shareholders shall also list the names and
addresses of those persons who have a usufruct or pledge in respect thereof stating whether the right to vote on those
shares is due to them and whether they have the rights that have been granted to depositary-receipt holders in accord-
ance with the law, these rights hereinafter also called «depositary-receipt rights».

3. Every shareholder, depositary-receipt holder, usufructuary and pledgee shall be obliged to communicate his ad-

dress and any change therein to the board of directors in writing; this address shall remain in force vis-à-vis the company
as long as the person concerned has not stated another address to the board of directors by registered letter. The fact
that no or an incorrect address has been stated shall be at the expense and risk of the person concerned. All notifica-
tions to and calls of shareholders, depositary-receipt holders, usufructuaries and pledgees may be directed in a legally
valid manner to the address mentioned in the register. Any transfer or transmission of a share, of a registered depositary
receipt issued with the co-operation of the company, of a usufruct of a share, and also any transmission of a pledge on
a share shall be recorded by the board of directors in the register. Every entry and record in the register shall be signed
by a managing director.

4. The register, or a copy of it, referred to in the preceding paragraph shall be available at the office of the company

for inspection by shareholders, and also by usufructuaries and pledgees to whom depositary-receipt rights are due. At
his request every shareholder, usufructuary and pledgee may always, but only with regard to his shares or his real right,
acquire free non-negotiable extracts from the register signed by a managing director, listing the numbers of the shares
that are entered in his name or are encumbered with a pledge or usufruct for his benefit on the day when the extracts
are supplied. If a share is subject to a usufruct or a pledge the extract shall state to whom the right to vote and the
depositary-receipt rights are due in connection with that share.

5. If a share, a depositary receipt, a usufruct or a pledge in respect of a share belongs to a community, those jointly

entitled, who must also be entered in the register, may only be represented vis-à-vis the company by one person to be
designated by them for the purpose. The provisions of the paragraphs 2 and 3 of this article shall apply to the person
designated, while all notifications to and calls of those jointly entitled may be directed to the address of the designated
person entered in the register.

Art. 5.
1. The delivery of a share or the delivery of a restricted right thereto shall require an appropriate deed to which

those concerned are parties, executed in accordance with the law.

2. The delivery of a share or the delivery of a restricted right thereto in accordance with the provisions of the pre-

ceding paragraph shall also have legal effect vis-à-vis the company. Except if the company itself is a party to the legal act,
the rights attaching to the share may only be exercised after it has acknowledged the legal act or the deed has been
served on it or it has acknowledged the act by entry in the register of shareholders.

3. Subject to the provisions of paragraph 4 of this article the acknowledgement shall be given in the deed or on the

strength of submission of a notarial copy of or extract from the deed, in which last-mentioned case a dated statement
shall be made by the company on the document submitted. The service shall be of a notarial copy of or extract from
the deed. Tile company that has knowledge of a legal act as referred to in paragraph 2 of this article may, as long as it
has not been requested to acknowledge the act or the deed has not been served on it, acknowledge that legal act of its
own accord by entry of the acquirer of the share or the restricted right in the register of shareholders. The company
shall communicate this immediately by registered letter to the parties concerned in the legal act with the request to
submit to it as yet a copy or extract as referred to in paragraph 3 of this article. After its receipt the company shall place,
by way of acknowledgement, a note on the document in the manner prescribed for the acknowledgement as referred
to in paragraph 3 of this article; the day of entry shall be stated as date of acknowledgement.

Art. 6. Usufruct and pledge in respect of shares
1. The shareholder shall have the right to vote on shares in respect of which a usufruct or pledge has been created.
2. In deviation from the preceding paragraph the right to vote shall be due to the usufructuary or pledgee, if this was

provided when the real right was created and - in so far as the pledgee is concerned - if that provision has been approved
by the board of directors. If someone else acquires the rights of such a pledgee the right to vote shall only be due to
him if the board of directors approves the transmission of the right to vote.

3. The shareholder who has no right to vote and the usufructuary and pledgee who have the right to vote shall have

depositary-receipt rights.

Art. 7. Management
1. The company shall have a board of directors consisting of three or more directors.
2. The general meeting of shareholders shall determine the number of managing directors. The general meeting of

shareholders may appoint one of the managing directors as president of the board of directors and one of the managing
directors as vice-president of the board of directors.

3. The general meeting of shareholders shall appoint the managing directors and shall always be empowered to sus-

pend or dismiss any managing director.

4. If, in the event of suspension of a managing director by the general meeting of shareholders, this meeting has not

resolved on his dismissal within three months, the suspension shall end. At the general meeting of shareholders the sus-

53241

pended managing director shall be given an opportunity to account for his actions and to be assisted by counsel on that
occasion.

5. The general meeting of shareholders shall determine the remuneration and the further conditions of employment

of each of the managing directors. These remunerations may consist of a fixed amount and/or a variable amount, de-
pending on the profit or otherwise as the general meeting of shareholders will resolve.

6. The board of directors shall be empowered to appoint one or more confidential clerks, if desired with the title of

sub-manager or assistant manager or such other title as it will deem desirable.

Art. 8.
1. Subject to the restrictions in accordance with these articles of association the board of directors shall be entrusted

with managing the company.

2. If there are several managing directors they shall pass resolutions by an absolute majority of votes. If the board of

directors has designated a chairman from their number the provisions of the paragraphs 7 and 8 of article 11 shall apply
accordingly. If the votes are tied the general meeting of shareholders shall decide, provided it is done at the request of
the board of directors.

3. The board of directors shall be obliged to follow the instructions of the general meeting of shareholders concerning

the general lines of the financial, social and economic policies and of the personnel policy in the company.

4. The board of directors shall represent the company. The company shall also be represented by two members of

the board of directors acting in concert. If on the strength of the provisions of article 7 paragraph 2 a president of the
board of directors and/or a vice president of the board of directors have been appointed, they shall be empowered to
represent the company independently.

5. In the event of absence or prevention of one or more managing directors the remaining managing director(s) shall

be entrusted with the whole management; in the event of absence or prevention of all the managing directors or of the
sole managing director, the management shall be temporarily entrusted to a person who must be designated for the
purpose annually by the general meeting of shareholders.

6. If a managing director has a conflict of interests with the company, both he and any other managing director shall

represent the company nevertheless - provided it is done with observance of the provisions of these articles of associ-
ation - unless it concerns an agreement or an action between that managing director in private and the company; in that
case the company shall be represented by the person referred to in paragraph 5, without prejudice to the right of the
general meeting of shareholders to designate another person to represent the company.

7. The company is audited by one or more statutory auditors, who are appointed by the general meeting.

Art. 9. General meetings of shareholders
1. The annual general meeting is held in the City of Luxembourg, at the secondary office or at any place specified in

the notice convening the meeting, on the second day of June at fourteen hours.

2. Furthermore general meetings of shareholders shall be held as often as a managing director deems this necessary,

without prejudice to the provisions of paragraph 3.

3. The board of directors shall be obliged to call a general meeting of shareholders if one or more persons entitled

to vote holding at least ten per cent of the issued capital request this in writing with a statement of the subjects to be
discussed. If in that event the board of directors fails to call a meeting in such a manner that it is held within four weeks
after receipt of the said request, each of the persons making the request shall be empowered to make the call himself,
with observance of the provisions on the subject in these articles of association.

4. General meetings of shareholders held in another place than where the registered office of the company is situated

may be held if the total issued share capital is represented and all holders of depository receipts are represented.

5. Without prejudice to the provisions of paragraph 3 of this article, shareholders, depositary-receipt holders and

also usufructuaries and pledgees with depositary-receipt rights shall be called by a managing director by means of reg-
istered letters, to be dispatched at not less than fourteen days’ notice, not counting the day of the call and that of the
meeting.

6. The convening notice shall include the agenda of the meeting.
7. If a proposal to amend the articles of association is to be discussed a copy of that proposal, including the proposed

amendments verbatim, shall be made available at the office of the company for inspection by shareholders, depositary-
receipt holder and also usufructuaries and pledgees with depositary-receipt rights from the day of the call until after the
end of the meeting and, at his request, each of them may obtain a free copy of them, unless such a copy is added to the
convening notice.

8. If the prescriptions given by the law or the articles of association for calling and preparing agendas for meetings

and making the subjects to be discussed available for inspection have not been observed, valid resolutions may never-
theless be passed, provided the whole issued capital is represented at the relevant meeting and provided it is done unan-
imously.

Art. 10.
1. The general meeting of shareholders shall be led by the senior managing director present at the meeting; if none

of the managing directors is present at the meeting, the meeting shall choose its own chairman.

2. The chairman shall designate one of those present to keep the minutes and shall adopt the minutes with this sec-

retary, as proof of which he shall sign them with the secretary. If a notarial report of the proceedings at the meeting is
drawn up, no minutes need be kept and the signing of the official report by the notary shall be enough.

3. Every managing director, one or more persons entitled to vote holding at least ten per cent (10%) of the issued

capital and the chairman of the meeting shall always be empowered to give an order to have a notarial report prepared
at the expense of the company.

53242

4. Every shareholder, depositary-receipt holder and also every usufructuary and pledgee with depositary-receipt

rights may be represented at the meeting by a proxy authorized in writing.

Art. 11.
1. At the general meetings of shareholders each share shall entitle its holder to cast one vote.
2. Votes on things shall be taken orally, those on persons by unsigned ballot papers, all this unless the chairman of

the meeting determines or allows another method of voting without opposition from any of those present and entitled
to vote.

3. In so far as no greater majority is prescribed -in these articles of association all resolutions shall be passed by an

absolute majority of the valid votes cast.

4. Blank votes shall not be considered votes cast.
5. If the votes are tied on a proposal about things the proposal shall be deemed to have been rejected.
6. If in an election of persons nobody receives the absolute majority of the votes cast in the first vote, a second free

vote shall be taken; if then again nobody receives the absolute majority, one or more revotes shall be taken until either
one person has received the absolute majority or a vote has been taken between two persons and the votes are tied.
In the said revotes - not including the second free vote - a vote shall always be taken between the persons for whom a
vote was cast in the preceding vote but with the exception of the person for whom the smallest number of votes was
cast in the preceding vote. If in the preceding vote the smallest number of votes was cast for more than one person it
shall be determined by the drawing of lots for which of those persons no votes may be cast anymore in the new vote.
If the votes are tied in a vote between two persons, it shall be decided by the drawing of lots which of the two has been
elected.

7. The chairman’s opinion uttered at the meeting that a resolution has been passed by the meeting shall be decisive.

The same shall apply to the contents of a resolution passed, in so far as a vote was taken on a proposal not laid down
in writing.

8. If, however, immediately after the utterance of the opinion referred to in the preceding paragraph its correctness

is contested, a new vote shall be taken if the majority of the persons present and entitled to vote or, if the original vote
was not taken by poll or in writing, one person present and entitled to vote so desires. Owing to this new vote the legal
consequences of the original vote shall be cancelled.

Art. 12.
1. Resolutions on:
a. amendment of the articles of association;
b. dissolution of the company,
may only be passed by a majority of at least two thirds of the valid votes cast at a general meeting of shareholders at

which at least three fourths of the issued capital is represented.

2. If at a meeting at which the presence of a quorum is required in pursuance of the preceding paragraph this quorum

is not represented a second meeting shall be called, in accordance with the law.

3. Resolutions to dismiss a managing director may only be passed by a majority of at least two thirds of the valid votes,

provided this majority represents at least half the issued capital. If the required quorum is not represented, no second
meeting may be held in accordance with the relevant provisions of the law.

Art. 13.
1. Unless the company has depositary-receipt holders and/or usufructuaries and pledgees with depositary-receipt

rights, resolutions of shareholders may also be passed in writing - including by telegram and telex message - instead of
at general meetings of shareholders provided it is done unanimously by all the shareholders empowered to vote.

2. The board of directors shall include the resolutions that have come about in the manner as described in the pre-

ceding paragraph of this article in the minute-book of the general meeting of shareholders and shall announce this at the
next general meeting of shareholders.

Art. 14. Financial year, annual accounts and appropriation of profit
1. The financial year of the Company begins on the first day of January of each year and ends on the last day of De-

cember of the same year.

2. At the last day of every financial year the board of directors shall close the books of the company and prepare in

accordance with delays provided by the law from them annual accounts, consisting of a balance sheet, a profit and loss
account and notes and shall submit these documents together with the annual report of the board of directors and the
other particulars prescribed by law to the general meeting of shareholders for adoption. The annual accounts shall be
signed by all the managing directors; if any signature is lacking, this shall be stated on the annual accounts with the reason.

3. From the day of the call to the general meeting of shareholders at which the annual accounts will be discussed until

after its end the annual accounts shall be available together with the annual report of the board of directors and the
other particulars prescribed by law and also the relevant opinion of a chartered accountant or other expert authorized
for the purpose, at the office of the company for inspection by shareholders, depositary-receipt holders and also usuf-
ructuaries and pledgees with depositary-receipt rights, and copies of them shall be available free of charge. If the above-
mentioned documents are adopted in amended form the shareholders, depositary-receipt holders and also usufructu-
aries and pledgees may also receive complete copies of them free of charge.

4. At the general meeting of shareholders at which the annual accounts are discussed the board of directors shall

report on the business of the company in the past financial year and the management conducted.

5. The general meeting of shareholders shall adopt the annual accounts. This adoption shall discharge the managing

directors from liability for all acts appearing from those documents or whose result has been incorporated therein, un-

53243

less an explicit proviso has been made and without prejudice to what has been or will be provided on the subject in the
law.

Art. 15.
1. The profit appearing from the adopted annual accounts shall be at the disposal of the general meeting of share-

holders for distribution of dividend in accordance with the law, allocation to reserves or such other purposes within
the scope of the object of the company as that meeting will resolve.

2. The general meeting of shareholders shall be empowered, in so far as there is profit that permits this, to make one

or more interim dividends payable.

3. If according to the adopted annual accounts any year has produced a loss that is not paid out of a reserve or ex-

tinguished in another manner no profit distribution shall be made in a next year as long as such a loss has not been made
up.

4. Unless the general meeting of shareholders sets another time, dividends shall be payable fourteen days after dec-

laration.

5. Dividends that have not been taken up within five years after they have become payable shall lapse to the company

Art. 16. Dissolution and liquidation
1. If the company is dissolved it shall be liquidated by the board of directors unless the general meeting of sharehold-

ers resolves differently.

2. The general meeting of shareholders shall determine the remuneration of the liquidators.
3. During liquidation these articles of association shall remain in force in so far as possible.
4. Any balance of its capital left after payment of all the debts of the company shall be distributed to the shareholders

in proportion to the shareholding of each.

5. After the end of the liquidation the books and documents of the dissolved company shall remain for the period

required by the law in the keeping of the person who may be designated for the purpose by the general meeting of
shareholders in the resolution on dissolution. If a designation by the general meeting of shareholders as mentioned
above has not been made it shall be made by the liquidators.

(end of the by-laws)

Art. 17. General provisions
All matters not governed by these articles of association are to be construed in accordance with the law of August

10th, 1915 on commercial companies and the amendments thereto.

Transitory provisions

The first accounting year of the Company shall terminate on the thirty-first of December, 2002.

Subscription and payment

The Splitting Company contributes its assets and liabilities to BENETTON INTERNATIONAL PROPERTY N.V. S.A.

according to the allocation described in the split-up proposal and the share capital of seventeen million six hundred and
eight thousand euros (EUR 17,608,000.-) divided into seventeen thousand six hundred and eight (17,608) shares, each
of one thousand euros (EUR 1,000.-) is allotted to BENETTON GROUP S.p.A.

The sole shareholder, representing the entire subscribed capital and considering himself as duly convened, has imme-

diately proceeded, through his proxy holder, to hold an extraordinary general meeting.

Having first verified that it was regularly constituted, it has passed the following resolutions:
1. The number of directors is fixed at four and the number of auditors at one.
2. The following are appointed as managing-directors:
(i) Mr Pierluigi Bortolussi, company director, residing at Via Andr. Del Vescovo 18, Treviso, Italy,
(ii) Mr Giuseppe Mazzocato, company director, residing at 12, rue Jean Engling, L-1466 Luxembourg,
(iii) Mr Biagio Chiarolanza, company director, residing at Spresiano, Via E. Mattei N

18 C.F. CHR BGI 62L17 D380Y,

Italy,

(iv) Mr Luigi de Puppi de Puppi, company director, residing at Moimacco (UD), Via Roma 5, Italy.
3. Has been appointed statutory auditor:
- DELOITTE & TOUCHE with registered office Amsterdam, the Netherlands.
4. Their terms of office will expire after the annual meeting of shareholders deciding on the 2002 annual accounts.
5. The registered office of the Corporation is established at Amsterdam, the Netherlands, and the administrative and

effective management office at 1, place d’Armes, L-1136 Luxembourg, Grand Duchy of Luxembourg.

6. The board of directors shall have the authority to delegate the daily management of the business of the Corpora-

tion and its representation to one or several of the directors.

2) Incorporation of BENETTON INTERNATIONAL N.V. S.A.

II.

BENETTON INTERNATIONAL N.V. S.A.

Art. 1. Name and Seat
The name of the Luxembourg company is: BENETTON INTERNATIONAL N.V. S.A.
Its administrative and actual effective management office is situated in Luxembourg, Grand Duchy of Luxembourg and

its registered office is situated in Amsterdam, the Netherlands.

Art. 2. Object
1. The object of the company is:

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To own and grant licences for trademarks and other industrial and intellectual property rights, to participate in, to

2. In the realization of its object the company shall be guided in so far as possible by the interests of the persons

concerned in the company and the enterprises associated with it.

Art. 3. Capital
1. The subscribed capital of the company amounts to ninety-two million seven hundred fifty-nine thousand euros

(EUR 92,759,000.-) divided into ninety-two thousand seven hundred fifty-nine (92,759) shares of one thousand euros
(EUR 1,000.-) each.

2. The authorized capital is set at two hundred and fifty million euros (EUR 250,000,000.-) divided into two hundred

and fifty thousand (250,000) shares of one thousand euros (EUR 1,000.-) each.

3. The resolution to increase or reduce the authorized and the subscribed capital of the company shall be adopted

by the general meeting of shareholders - hereinafter also referred to as the «general meeting» - in the manner required
for amending these articles of association.

4. The general meeting of shareholders shall be empowered to designate the board of directors for a definite period

not exceeding five years for issuing shares, provided the quantity of shares has been laid down in the resolution of the
general meeting. The designation may be extended on each occasion for not more than five years. Unless something
else was provided at the time of the designation it may not be withdrawn. The board of directors has been designated,
from the eleventh day of December two thousand and five and until the tenth day of December two thousand and five,
to increase from time to time the subscribed capital, within the limits of the authorized capital. This increase of capital
may be subscribed and shares may be issued with share premium and paid up by contribution in kind or cash, by incor-
poration of claims in any other way to be determined by the board of directors. The board of directors is specifically
authorized to proceed to, such issues without reserving for the then existing shareholders a preferential right to sub-
scribe to the shares to be issued such in accordance with the law. The board of directors may delegate to any duly
authorized person, the duties of accepting subscriptions and receiving payment for shares representing part or all of
such increased amounts of capital.

which shall be valid for a maximum of eighteen months - how many shares or depositary receipts may be acquired, how
they may be acquired and between what limits the price must lie;

b. the equity, reduced by the acquisition price, is not smaller than the paid-up and called part of the capital increased

by the reserves that must be maintained by virtue of the law, and

c. the nominal amount of the shares that the company acquires, holds or holds in pledge or that are held by a sub-

sidiary does not exceed one tenth of the issued capital; Determinative for the application of the provision under (b) shall
be the size of the equity according to the last balance sheet adopted, reduced by the acquisition price for shares in the
company’s capital that it and its subsidiary came to owe after the balance-sheet date. If a financial year has elapsed for
more than six months without the annual accounts having been adopted the acquisition in accordance with this para-
graph shall not be permitted. For the application of the provisions under (c) the company’s own shares or depositary
receipts that the company holds shall be increased by the shares or depositary receipts in its capital that are held by or
for account of legal persons and companies in which the company itself directly or indirectly participates for more than
half the issued capital.

7. The general meeting may resolve on reduction of the issued capital by withdrawing shares or by reducing the

8. A resolution on withdrawal may only concern shares that the company itself holds or of which it holds the depos-

itary receipts.

9. Reduction of the amount of the shares without repayment and without exemption from the obligation of payment

must be effected proportionally on all the shares.

10. Partial repayment on shares is only possible for the performance of a resolution to reduce the amount of the

shares; such a repayment or exemption must be effected proportionally on all the shares, in accordance with the law.

11. The company shall not co-operate in the issue of bearer depositary receipts for shares in its capital.

3. Every shareholder, depositary-receipt holder, usufructuary and pledgee shall be obliged to communicate his ad-

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tions to and calls of shareholders, depositary-receipt holders, usufructuaries and pledgees may be directed in a legally
valid manner to the address mentioned in the register. Any transfer or transmission of a share, of a registered depositary
receipt issued with the co-operation of the company, of a usufruct of a share, and also any transmission of a pledge on
a share shall be recorded by the board of directors in the register. Every entry and record in the register shall be signed
by a managing director.

4. The register, or a copy of it, referred to in the preceding paragraph shall be available at the office of the company

for inspection by shareholders, and also by usufructuaries and pledgees to whom depositary-receipt rights are due. At
his request every shareholder, usufructuary and pledgee may always, but only with regard to his shares or his real right,
acquire free non-negotiable extracts from the register signed by a managing director, listing the numbers of the shares
that are entered in his name or are encumbered with a pledge or usufruct for his benefit on the day when the extracts
are supplied. If a share is subject to a usufruct or a pledge the extract shall state to whom the right to vote and the
depositary receipt rights are due in connection with that share.

5. If a share, a depositary receipt, a usufruct or a pledge in respect of a share belongs to a community, those jointly

entitled, who must also be entered in the register, may only be represented vis-à-vis the company by one person to be
designated by there for the purpose. The provisions of the paragraphs 2 and 3 of this article shall apply to the person
designated, while all notifications to and calls of those jointly entitled may be directed to the address of the designated
person entered in the register.

Art. 5.
1. The delivery of a share or the delivery of a restricted right thereto shall require an appropriate deed to which

those concerned are parties, executed in accordance with the law.

2. The delivery of a share or the delivery of a restricted right thereto in accordance with the provisions of the pre-

3. Subject to the provisions of paragraph 4 of this article the acknowledgement shall be given in the deed or on the

strength of submission of a notarial copy of or extract from the deed, in which last-mentioned case a dated statement
shall be made by the company on the document submitted. The service shall be of a notarial copy of or extract from
the deed. The company that has knowledge of a legal act as referred to in paragraph 2 of this article may, as long as it
has not been requested to acknowledge the act or the deed has not been served on it, acknowledge that legal act of its
own accord by entry of the acquirer of the share or the restricted right in the register of shareholders. The company
shall communicate this immediately by registered letter to the parties concerned in the legal act with the request to
submit to it as yet a copy or extract as referred to in paragraph 3 of this article. After its receipt the company shall place,
by way of acknowledgement, a note on the document in the manner prescribed for the acknowledgement as referred
to in paragraph 3 of this article; the day of entry shall be stated as date of acknowledgement.

Art. 6. Usufruct and pledge in respect of shares
1. The shareholder shall have the right to vote on shares, in respect of which a usufruct or pledge has been created.
2. In deviation from the preceding paragraph the right to vote shall be due to the usufructuary or pledge, if this was

3. The shareholder who has no right to vote and the usufructuary and pledgee who have the right to vote shall have

depositary-receipt rights.

shareholders may appoint one of the managing directors as president of the board of directors and one of the managing
directors as vice-president of the board of directors.

3. The general meeting of shareholders shall appoint the managing directors and shall always be empowered to sus-

pend or dismiss any managing director.

4. If, in the event of suspension of a managing director by the general meeting of shareholders, this meeting has not

resolved on his dismissal within three months, the suspension shall end. At the general meeting of shareholders the sus-
pended managing director shall be given an opportunity to account for his actions and to be assisted by counsel on that
occasion.

5. The general meeting of shareholders shall determine the remuneration and the further conditions of employment

of each of the managing directors. These remunerations may consist of a fixed amount and/or a variable amount, de-
pending on the profit or otherwise, as the general meeting of shareholders will resolve.

6. The board of directors shall be empowered to appoint one or more confidential clerks, if desired with the title of

sub-manager or assistant manager or such other title, as it will deem desirable.

Art. 8.
1. Subject to the restrictions in accordance with these articles of association the board of directors shall be entrusted

with managing the company.

2. If there are several managing directors they shall pass resolutions by an absolute majority of votes. If the board of

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3. The board of directors shall be obliged to follow the instructions of the general meeting of shareholders concerning

the general lines of the financial, social and economic policies and of the personnel policy in the company.

4. The board of directors shall represent the company. The company shall also be represented by two members of

the board of directors acting in concert. If on the strength of the provisions of article 7 paragraph 2 a president of the
board of directors and/or a vice-president of the board of directors have been appointed, they shall be empowered to
represent the company independently.