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27985

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° 584

28 mai 2003

S O M M A I R E

CONVAC HOLDING S.A., Société Anonyme.

Siège social: L-2449 Luxembourg, 11, boulevard Royal.

R. C. Luxembourg B 72.060.

—

Extrait du procès-verbal de l’Assemblée Générale Extraordinaire des Actionnaires de la société

qui s’est tenue en date du 13 mai 2003 au siège social de la société

Il a été décidéde nommer AUDIT & BUSINESS CONSULTING, S.à r.l., comme Commissaire aux comptes avec effet

immédiat en remplacement de AUDILUX LIMITED et ce jusqu’à l’issue de l’assemblée générale qui se tiendra en 2009.

Luxembourg, le 14 mai 2003.

Enregistré à Luxembourg, le 19 mai 2003, réf. LSO-AE03655. – Reçu 14 euros.

Le Receveur (signé): D. Hartmann.

(023388.3/000/16) Déposé au registre de commerce et des sociétés de Luxembourg, le 20 mai 2003.

Austrasia Events S.A., Luxembourg. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

28028

Austrasia Events S.A., Luxembourg. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

28031

Balmoral Investments S.A., Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

28027

Cash Invest, Sicav, Luxembourg. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

28027

Convac Holding S.A., Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

27985

Corefa, S.à r.l., Alzingen . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

27986

CPR Universe, Sicav, Luxembourg. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

28022

Crédit Agricole Funds, Sicav, Luxembourg. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

28022

DBLA-Latin Bond Fund, Sicav, Senningerberg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

28019

Grec Invest Holding S.A., Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

28031

Grec Invest Holding S.A., Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

28031

Grec Invest Holding S.A., Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

28032

Grec Invest Holding S.A., Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

28032

LDI S.A., Münsbach . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

27986

Participations et Investissements Minéraux S.A., Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

27986

ProLogis European Properties Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

28018

Provimlux Investments S.A., Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

27989

Provimlux Investments S.A., Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

28018

SEB Invest HighYield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

27987

SEB Invest HighYield . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

27988

Pour extrait conforme
Signature
Administrateur

27986

COREFA, Société à responsabilité limitée.

Capital social: EUR 12.500,-.

Siège social: L-5865 Alzingen, 27, rue de Roeser.

R. C. Luxembourg B 10.809.

Société à responsabilité limitée constituée suivant acte reçu par Maître Hyacinthe Glaesener, notaire alors de résidence

à Luxembourg, en date du 15 mars 1973, sous la dénomination de FOROTTI & BRANCALEONI, société à res-
ponsabilité limitée, acte publié au Mémorial C, Recueil Spécial des Sociétés et Associations numéro 86 du 21 mai
1973; statuts modifiés suivant acte reçu par le même notaire en date du 21 février 1978, acte publié au Mémorial
C, Recueil Spécial des Sociétés et Associations numéro 98 du 12 mai 1978, et par actes reçus par Maître Georges
d’Huart, notaire de résidence à Pétange, en date du 19 janvier 1988, acte publié au Mémorial C, Recueil Spécial des
Sociétés et Associations numéro 89 du 6 avril 1988, en date du 30 novembre 1989, acte publié au Mémorial C,
Recueil Spécial des Sociétés et Associations numéro 234 du 13 juillet 1990, et en date du 30 mars 1994, acte publié
au Mémorial C, Recueil Spécial des Sociétés et Associations numéro 330 du 9 septembre 1994, et en date du 5
février 2002, acte publié au Mémorial C, Recueil des Sociétés et Associations numéro 823 du 30 mai 2002.

—

Le bilan au 31 décembre 2002, enregistré à Luxembourg, le 15 mai 2003, réf. LSO-AE02796, a été déposé au registre

de commerce et des sociétés de Luxembourg.

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

Luxembourg, le 16 mai 2003.

(022650.3//23) Déposé au registre de commerce et des sociétés de Luxembourg, le 16 mai 2003.

PARTICIPATIONS ET INVESTISSEMENTS MINERAUX, Société Anonyme.

Siège social: L-2551 Luxembourg, 123, avenue du X Septembre.

R. C. Luxembourg B 53.179.

LDI, Société Anonyme.

Siège social: L-5365 Munsbach, 6, Parc d’Activités Syrdall.

R. C. Luxembourg B 32.970.

—

PROJET DE FUSION

1) Les parties à la fusion sont les suivantes:
- PARTICIPATIONS ET INVESTISSEMENTS MINERAUX, une société anonyme de droit luxembourgeois, ayant son

siège social à L-2551 Luxembourg, 123, rue du X Septembre,

comme société absorbante, ci-après la «Société Absorbante»,
- LDI, une société anonyme de droit luxembourgeois, ayant son siège social à L-5365 Munsbach, 6, parc d’Activités

Syrdall, comme société absorbée, ci-après la «Société Absorbée».

2) La Société Absorbante entend absorber la Société Absorbée par voie de fusion, conformément aux articles 261 à

276 de la loi du 10 août 1915 sur les sociétés commerciales, telle que modifiée (la «loi sur les sociétés»).

3) La valeur des sociétés participant à la fusion a été fixée sur base d’études de valorisation faites par le groupe

LHOIST.

La valeur de la S.A. PARTICIPATIONS ET INVESTISSEMENTS MINERAUX et de la S.A. LDI a ainsi été déterminée

en différenciant les activités industrielles et les activités holding de ces deux sociétés et de leurs filiales.

Les activités industrielles sont généralement valorisées, suivant une méthodologie utilisée de manière constante au

sein du groupe LHOIST, par un multiple de l’EBITDA annuel sous déduction de la dette financière nette. Cette métho-
dologie est parfois adaptée lorsque d’autres données sont plus appropriées au cas d’espèce, notamment en cas de tran-
saction récente avec une partie non liée ou lorsqu’une entreprise a fait l’objet d’un rapport d’évaluation indépendant.

Les activités holding sont valorisées sur la base de l’actif net réévalué compte tenu de la valeur intrinsèque des par-

ticipations détenues, ces dernières étant à leur tour évaluées suivant la nature de leurs activités.

En l’absence d’activité industrielle ou financière, les sociétés sont évaluées au montant de leurs fonds propres.
Les études de valorisation sont basées sur les données comptables au 31 décembre 2002 des entreprises concernées

d’une part, et sur les transactions subséquentes importantes d’autre part.

4) Le nombre total des actions de la Société Absorbée sera échangé pour des actions de la Société Absorbante. La

parité est fixée à 147,8944/1, soit 739.472 actions nouvelles de la Société Absorbante pour 5.000 actions de la Société
Absorbée.

Il en résultera une augmentation de capital de la Société Absorbante d’un million cent trente-sept mille sept cent qua-

tre-vingt-deux euros et trente cents (EUR 1.137.782,30), et l’émission de 739.472 actions nouvelles.

5) Les droits relatifs aux nouvelles actions de la Société Absorbante émises au bénéfice des actionnaires de la Société

Absorbée seront identiques en tous points aux droits liés aux actions déjà émises par la Société Absorbante, notamment
en ce qui concerne les droits aux dividendes à compter du 1

janvier 2003.

6) La date à partir de laquelle les opérations de la Société Absorbée sont considérées du point de vue comptable et

du point de vue fiscal comme accomplies pour le compte de la Société Absorbante a été fixée au 1

janvier 2003. La

fusion sera réalisée en neutralité comptable et fiscale.

7) Aucun avantage particulier n’a été attribué aux administrateurs, réviseurs des sociétés qui fusionnent, ni aux ex-

perts visés par la loi sur les sociétés.

COREFA, Société à responsabilité limitée
Signature

27987

8) La fusion sera approuvée par les assemblées générales de la société absorbante ainsi que de la société absorbée.
9) La fusion sera réalisée et entraînera de plein droit les effets prévus à l’article 274 de la loi sur les sociétés lorsque

les assemblées générales extraordinaires de la Société Absorbante et Absorbée participant à la fusion auront approuvé
le projet de fusion.

10) Les documents sociaux de la Société Absorbée seront conservés pendant le délai légal au siège de la Société Ab-

sorbante.

Pourront être consultés au sièges sociaux respectifs de la Société Absorbante et de la Société Absorbée jusqu’à la

date des assemblées générales statuant sur la fusion:

- le projet de fusion;
- les comptes annuels ainsi que les rapports de gestion des trois derniers exercices des Société Absorbante et Société

Absorbée;

- les rapports des conseils d’administration qui fusionnent;
- les rapports des réviseurs indépendants.

Le 21 mai 2003.

Enregistré à Luxembourg, le 26 mai 2003, réf. LSO-AE05450. – Reçu 16 euros.

Le Receveur (signé): D. Hartmann.

(025285.2//64) Déposé au registre de commerce et des sociétés de Luxembourg, le 27 mai 2003.

SEB INVEST HighYield, Fonds Commun de Placement.

—

Sonderreglement

Für den Fonds SEB INVEST HighYield sind das am 24. Oktober 1992 im Mémorial C veröffentlichte Verwaltungsre-

glement und die am 22. Februar 1993, 31. Juli 2000, 26. April 2001 und 28. Mai 2003 im Mémorial C veröffentlichten
Änderungen integraler Bestandteil. Ergänzend bzw. abweichend gelten die Bestimmungen des nachstehenden Sonderre-
glements.

Art. 1. Anlagepolitik und -beschränkungen
Der Fonds investiert weltweit in Unternehmensanleihen von Emittenten aller Branchen. Ziel der Anlagepolitik ist es,

für das Sondervermögen eine überdurchschnittliche Rendite zu erzielen. Deshalb sollen überwiegend festverzinsliche
Wertpapiere von Unternehmen erworben werden, die gegenüber vergleichbaren Staatsanleihen höhere Renditen auf-
weisen. Ein Schwerpunkt der Fondsanlage soll auf festverzinslichen Wertpapieren von Emittenten aus den USA und Eu-
ropa liegen.

Dabei werden sowohl Papiere von Emittenten erworben, deren Bonität vom Markt als noch relativ gut, aber nicht

als erstklassig eingeschätzt wird, als auch Papiere von Emittenten mit einer vom Markt nicht gut eingeschätzten Bonität.

Im Rahmen der gesetzlichen Bestimmungen und Einschränkungen dürfen für den SEB INVEST HighYield Techniken

und Instrumente, die Wertpapiere zum Gegenstand haben oder die zur Absicherung von Währungs- und Zinsrisiken
dienen (siehe Verwaltungsreglement, Artikel 4, Punkte 7, 8, 9, 10 und 11) eingesetzt werden.

Bis zu 49% des Netto-Fondsvermögens können auch in Zerobonds, regelmäßig gehandelte Geldmarktinstrumente,

wie in Artikel 4, Punkt 4 des Verwaltungsreglements vorgesehen, und sonstige zulässige Vermögenswerte, einschließlich
flüssige Mittel gehalten werden. Gemäß Artikel 4, Punkt 12, des Verwaltungsreglements können in besonderen Ausnah-
mefällen flüssige Mittel auch einen Anteil von mehr als 49% des Netto-Fondsvermögens einnehmen, wenn und soweit
dies im Interesse der Anteilinhaber geboten erscheint.

Art. 2. Anteile
1. Die Verwaltungsgesellschaft stellt über die ausgegebenen Anteile Globalzertifikate aus. Die Auslieferung von effek-

tiven Stücken ist nicht vorgesehen; lediglich Anteilbestätigungen werden ausgestellt.

2. Alle Anteile haben gleiche Rechte.

Art. 3. Fondswährung, Bewertungstag, Ausgabe und Rücknahme von Anteilen
1. Fondswährung ist der Euro.
2. Bewertungstag ist jeder Tag, der zugleich Börsentag in Luxemburg und in Frankfurt am Main ist.
3. Anteile werden an jedem Bewertungstag ausgegeben. Ausgabepreis ist der Anteilwert gemäß Artikel 7 des Verwal-

tungsreglements zuzüglich eines Ausgabeaufschlages von bis zu 3% des Anteilwertes. Er ist unverzüglich nach dem ent-
sprechenden Bewertungstag zahlbar. Der Ausgabeaufschlag wird zugunsten der Vertriebsstellen des Fonds erhoben.
Der Ausgabepreis kann sich um Gebühren oder andere Belastungen erhöhen, die in den jeweiligen Vertriebsländern
anfallen.

4. Der Erwerb von Anteilen erfolgt grundsätzlich zum Ausgabepreis des jeweiligen Bewertungstages. Zeichnungsan-

träge, welche bis spätestens 17.00 Uhr (Luxemburger Zeit) an einem Bewertungstag bei der Verwaltungsgesellschaft
eingegangen sind, werden auf der Grundlage des Anteilwertes des nächstfolgenden Bewertungstages abgerechnet.
Zeichnungsanträge, welche nach 17.00 Uhr (Luxemburger Zeit) eingehen, werden auf der Grundlage des Anteilwertes
des übernächsten Bewertungstages abgerechnet.

Pour le conseil d’administration / Pour le conseil d’administration
PARTICIPATIONS ET INVESTISSEMENTS MINERAUX / LDI
J.-L. Colette / L. A. Lhoist
Mandataire / Président du Conseil

27988

5. Die Anteile werden unverzüglich nach Eingang des Ausgabepreises bei der Depotbank im Auftrag der Verwaltungs-

gesellschaft von der Depotbank zugeteilt.

6. Rücknahmepreis ist der Anteilwert.
7. Die Rücknahme erfolgt grundsätzlich zum Rücknahmepreis des jeweiligen Bewertungstages. Rücknahmeanträge,

welche bis spätestens 17.00 Uhr (Luxemburger Zeit) an einem Bewertungstag bei der Verwaltungsgesellschaft eingegan-
gen sind, werden auf der Grundlage des Anteilwertes des nächstfolgenden Bewertungstages abgerechnet. Rücknahme-
anträge, welche nach 17.00 Uhr (Luxemburger Zeit) eingehen, werden auf der Grundlage des Anteilwertes des
übernächsten Bewertungstages abgerechnet.

Art. 4. Ausschüttungspolitik
1. Die Verwaltungsgesellschaft kann jährlich eine Ausschüttung vornehmen. Zur Ausschüttung können die ordentli-

chen Nettoerträge sowie realisierte Kursgewinne kommen. Ferner können die nicht realisierten Kursgewinne sowie
sonstige Aktiva zur Ausschüttung gelangen, sofern das Netto-Fondsvermögen aufgrund der Ausschüttung nicht unter
die Mindestgrenze gemäß Artikel 1 Absatz 1 des Verwaltungsreglements sinkt.

2. Ausschüttungen werden auf die am Ausschüttungstag ausgegebenen Anteile ausgezahlt. Ausschüttungen können

ganz oder teilweise in Form von Gratisanteilen vorgenommen werden. Eventuell verbleibende Bruchteile können bar
ausbezahlt werden.

Art. 5. Depotbank
Depotbank ist die SEB PRIVATE BANK S.A.

Art. 6. Kosten für die Verwaltung und Verwahrung des Fondsvermögens
1. Die Verwaltungsgesellschaft erhält aus dem Fondsvermögen ein Entgelt von bis zu 1,10% p.a., berechnet auf Basis

des täglich ermittelten Netto-Fondsvermögens. Die Vergütung erfolgt jeweils zum Monatsende.

2. Die Depotbank erhält aus dem Fondsvermögen:
a) ein Entgelt in angemessener Höhe, berechnet auf Basis des täglich ermittelten Netto-Fondsvermögens;
b) eine bankübliche Bearbeitungsgebühr für Geschäfte auf Rechnung des Fonds;
c) Kosten und Auslagen, die der Depotbank aufgrund einer zulässigen und marktüblichen Beauftragung dritter Kre-

ditinstitute und/oder Wertpapiersammelstellen mit der Verwahrung von Vermögenswerten des Fonds entstehen.

3. Die Vergütung an die Depotbank wird jeweils am Monatsende ausbezahlt.

Art. 7. Rechnungsjahr
Das Rechnungsjahr des Fonds endet jedes Jahr am 31. Oktober.

Art. 8. Dauer des Fonds
Der Fonds ist auf unbestimmte Zeit errichtet.
Dieses koordinierte Sonderreglement tritt am Tag seiner Unterzeichnung in Kraft.

Luxemburg, den 13. Mai 2003.

Enregistré à Luxembourg, le 12 mai 2003, réf. LSO-AE02389. – Reçu 18 euros.

Le Receveur (signé): D. Hartmann.

(021825.2//80) Déposé au registre de commerce et des sociétés de Luxembourg, le 14 mai 2003.

SEB INVEST HighYield, Fonds Commun de Placement.

—

Änderungsbeschluss des Sonderreglements des Sondervermögen SEB INVEST HighYield

Mit Wirkung vom heutigen Tage werden folgende Artikel des Sondervermögens des SEB INVEST HighYield wie folgt

abgeändert:

1. Artikel 5 «Depotbank» - Streichen des Zusatzes «(vormals BfG BANK LUXEMBOURG S.A.)» - dieser Artikel er-

hält somit den Wortlaut:

«Depotbank ist die SEB PRIVATE BANK S.A.»
Die vorstehende Änderung tritt am Tag ihrer Unterzeichnung in Kraft.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

Luxemburg, den 12. Mai 2003.

Enregistré à Luxembourg, le 12 mai 2003, réf. LSO-AE02377. – Reçu 14 euros.

Le Receveur (signé): D. Hartmann.

(021831.2//18) Déposé au registre de commerce et des sociétés de Luxembourg, le 14 mai 2003.

SEB INVEST LUXEMBOURG S.A. / SEB PRIVATE BANK S.A.
 Verwaltungsgesellschaft / Depotbank
Unterschriften / Unterschriften

SEB INVEST LUXEMBOURG S.A. / SEB PRIVATE BANK S.A.
Verwaltungsgesellschaft / Depotbank
Unterschriften / Unterschriften

27989

PROVIMLUX INVESTMENTS S.A., Société Anonyme.

Registered office: L-1724 Luxembourg, 31-33, boulevard du Prince Henri.

R. C. Luxembourg B 88.571.

—

In the year two thousand two, on the twenty-first day of November.
Before Maître Joseph Elvinger, notary public residing at Luxembourg, Grand Duchy of Luxembourg, undersigned.

Was held an extraordinary general meeting of the shareholders of PROVIMLUX INVESTMENTS S.A., a société

anonyme having its registered office in L-1724 Luxembourg, 31-33, boulevard du Prince Henri. The aforesaid company
was incorporated pursuant to a notarial deed of Jacques Delvaux, notary residing in Luxembourg, on August 1

, 2002,

not yet published.

The meeting is presided by Mr Xavier Pauwels, employee, residing in Luxembourg.
The chairman appoints as secretary Mr Patrick Van Hees, jurist, residing at Messancy, Belgium.
The meeting elects as scrutineer Miss Rachel Uhl, jurist, residing at Kédange, France.

The chairman requests the notary to act that:

I.- The shareholders present or represented and the number of shares held by each of them are shown on an attend-

ance list. That list and proxies, signed by the appearing persons and the notary, shall remain here annexed to be regis-
tered with the minutes.

II.- As appears from the attendance list, that the 24,800 ordinary shares representing the whole capital of the Com-

pany, are represented at this meeting. All the shareholders declare having been informed on the agenda of the meeting
beforehand and waived all convening requirements and formalities. The meeting is thus regularly constituted and can
validly deliberate and decide on all the items of the agenda.

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

Agenda:

1. Decision to partly change the corporate object of the Company in order to extend the scope of activities of the

Company.

2. Decision to create different classes of shares and to change the denomination of the existing shares with the rights

as set out as in the articles of association.

3. Decision to increase the actual subscribed share capital of the Company by an amount of EUR 1,924,298.75 (one

million nine hundred twenty-four thousand two hundred ninety-eight euros seventy-five cents) in order to raise it from
its current amount of 31,000.- EUR (thirty thousand euros) to EUR 1,955,298.75 (one million nine hundred fifty-five
thousand two hundred ninety-eight euros seventy-five cents) by the issue of 745,594 (seven hundred forty-five thousand
five hundred ninety-four) Ordinary A shares, 745,594 (seven hundred forty-five thousand five hundred ninety-four) Or-
dinary B shares, 45,363 (forty-five thousand three hundred sixty-three) Ordinary C shares and 2,888 (two thousand
eight hundred eighty-eight) Ordinary D Shares, with a par value of EUR 1.25 (one euro twenty-five cents) each, and paid
up by a contribution in cash of EUR 1,924,298.75 (one million nine hundred twenty-four thousand two hundred ninety-
eight euros seventy-five cents).

4. Declaration by the shareholders that they have received and accepted a report of the Board of Directors to waive

their preferential rights to subscription of the new Ordinary A, Ordinary B, Ordinary C and Ordinary D shares to be
issued with a par value of EUR 1.25 (one euro twenty-five cents) per Share and subscribed as mentioned in the sixth
resolution.

5. Acknowledgment of the renunciation by the existing shareholders of their preferential subscription rights.
6. Subscription and liberation of new shares and acceptance of two new shareholders.
7. Decision to create an authorised share capital.
8. Decision to amend the procedure applicable to the nomination of the Board members of the Company.
9. Decision to accept the resignation of two directors and to appoint three new directors.
10. Decision to amend the power and duties of the board of directors.
11. Amendment and restatement of the Articles of Association of the Company.
12. Miscellaneous

After deliberation, the following resolutions were taken unanimously:

First resolution

The general meeting decides to change the corporate object of the company in order to extend the scope of activities

of the Company. As a consequence of this decision, the general meeting decides to replace the wording of the actual
article 2 by a new article 2 that shall read as follows:

«1. The objects for which the Company is established are:
(a) to finance companies and other enterprises, to borrow, to lend and to raise funds, to participate in all types of

financial transactions, including the issue of bonds, promissory notes or other securities or evidences of indebtedness,
to invest in securities in the widest sense of the word, to grant guarantees, to bind the Company and to grant security
over its assets for the obligations of companies and other enterprises with which it forms a group and of third parties;

(b) to incorporate and to participate in any way whatsoever in, to manage, to supervise and to co-operate with com-

panies and other enterprises, to acquire, to keep, to alienate or in any other manner to manage all sorts of participations
and interests in other companies and other enterprises, to enter into joint ventures with other companies and enter-
prises;

27990

interest in personal and real property;

(d) to obtain, to exploit and to alienate patents and other intellectual property rights, to acquire and to grant licenses,

sublicenses and similar rights of whatever name and description and if necessary, to protect rights derived from patents
and other intellectual property rights, licenses, sublicenses and similar rights against infringement by third parties;

(e) to engage in any way whatsoever in trading activities of any nature.
2. The objects specified in the preceding paragraph shall be construed in the widest sense so as to include any activity

or purpose which is related, incidental, or conducive thereto.

3. In pursuing its objects, the Company shall also take into account the interests of the group of companies and en-

terprises with which it is affiliated.»

Second resolution

The general meeting decides to create different classes of shares of the Company, to be called «Ordinary A Shares»,

«Ordinary B Shares», «Ordinary C Shares», «Ordinary D Shares» with the rights attached as set out in the Articles of
Association and to amend article 3 accordingly.

The general meeting decides that the shares issued at the incorporation of the Company shall be changed as follows:
- the 12,400 (twelve thousand four hundred) ordinary shares held by PROVIMLUX CVC S.A. are converted into

12,400 (twelve thousand four hundred) Ordinary A shares;

- the 12,400 (twelve thousand four hundred) ordinary shares held by PROVIMLUX OPERA S.A. are converted into

12,400 (twelve thousand four hundred) Ordinary B Shares.

Third resolution

The general meeting decides to increase the actual subscribed share capital of the Company, by an amount of EUR

1,924,298.75 (one million nine hundred twenty-four thousand two hundred ninety-eight euros seventy-five cents) in or-
der to raise it from its current amount of 31,000.- EUR (thirty thousand euros) to EUR 1,955,298.75 (one million nine
hundred fifty-five thousand two hundred ninety-eight euros seventy-five cents) by the issue of 745,594 (seven hundred
forty-five thousand five hundred ninety-four) Ordinary A shares, 745,594 (seven hundred forty-five thousand five hun-
dred ninety-four) Ordinary B shares, 45,363 (forty-five thousand three hundred sixty-three) Ordinary C shares and
2,888 (two thousand eight hundred eighty-eight) Ordinary D Shares, with a par value of EUR 1.25 (one euro twenty-
five cents) each, and paid up by a contribution in cash of EUR 1,924,298.75 (one million nine hundred twenty-four thou-
sand two hundred ninety-eight euros seventy-five cents).

Fourth resolution

The shareholders declare that they have received and accepted the special report of the Board of Directors to waive

their preferential rights to subscribe Ordinary A, Ordinary B, Ordinary C and Ordinary D Shares with a par value of
EUR 1.25 (one euro twenty-five cents) per Share by way of the subscribed capital as increased under the third resolution
and subscribed as mentioned in the sixth resolution below.

Fifth resolution

The general meeting acknowledges that the existing shareholders have waived their preferential subscription rights.

Sixth resolution

The general meeting decides to accept two new shareholders:
- STICHTING ADMINISTRATIEKANTOOR BENELUX INVESTMENTS, with registered office at World Trade Cen-

tre, Schiphol Tower B, 6

floor, Schiphol Boulevard 285, 1118 BH Schiphol Airport, The Netherlands;

- STICHTING MANAGEMENT PROVIMLUX INVESTMENTS, with registered office at Veerlaan 17-23, 3072 AN

Rotterdam, The Netherlands.

The general meeting decides to accept subscriptions for such new shares which are fully paid up by contribution in

cash in a banking account of the Company, so that the amount of EUR 1,924,298.75 (one million nine hundred twenty-
four thousand two hundred ninety-eight euros seventy-five cents) is now available to the Company, evidence thereof
having been given to the notary, as follows:

- PROVIMLUX CVC S.A.: 745,594 Ordinary A shares with a par value of EUR 1.25 (one euro twenty-five cents);
- PROVIMLUX OPERA S.A.: 745,594 Ordinary B shares with a par value of EUR 1.25 (one euro twenty-five cents);
- STICHTING MANAGEMENT PROVIMLUX INVESTMENTS: 45,363 Ordinary C shares with a par value of EUR

1.25 (one euro twenty-five cents);

- STICHTING ADMINISTRATIEKANTOOR BENELUX INVESTMENTS: 2,888 Ordinary D shares with a par value

of EUR 1.25 (one euro twenty-five cents).

Seventh resolution

The general meeting decides to create an authorised share capital as follows:
1. [...]
2. The total un-issued but authorised capital of the Company is fixed at

€ 1,583,112.50 (one million five hundred

eighty-three thousand one hundred twelve euros fifty cents).

3. The issued share capital may be increased by an amount of

€ 642,987.5 (six hundred forty-two thousand nine hun-

dred eighty-seven euros fifty cents) i.e. 514,390 shares at the initiative of the Board of Directors in accordance with the
terms and conditions set out below by creating and issuing new Ordinary A Shares with a nominal value of

€ 1.25 per

share, it being understood that:

27991

3.1 the authorisation will expire on the date one year after the holding of the extraordinary general meeting of share-

holders of 21 November 2002, but that at the end of such period a new period of authorisation may be approved by
resolution of an Extraordinary General Meeting of Shareholders;

3.2 the Board of Directors is authorised to issue such new Ordinary A Shares in one or more steps as it may deter-

mine from time to time in its discretion.

4. The issued share capital may be increased by an amount of

€ 642,987.5 (six hundred forty-two thousand nine hun-

€ 1.25 per

share, it being understood that:

4.1 the authorisation will expire on the date one year after the holding of the extraordinary general meeting of share-

holders’ of 21 November 2002, but that at the end of such period a new period of authorisation may be approved by
resolution of an Extraordinary General Meeting of Shareholders;

4.2 the Board of Directors is authorised to issue such new Ordinary B Shares in one or more steps as it may deter-

mine from time to time in its discretion.

5. The issued share capital may be increased by an additional amount of

€ 297,137.5 (two hundred ninety-seven thou-

sand one hundred thirty-seven euros fifty cents) i.e 237,710 shares at the initiative of the Board of Directors in accord-
ance with the terms and conditions set out below by creating and issuing new Ordinary C Shares with a nominal value
of

€ 1.25 per share, it being understood that:
5.1 the authorisation will expire on the date one year after the holding of the extraordinary general meeting of share-

holders of 21 November 2002, but that at the end of such period a new period of authorisation may be approved by
resolution of an Extraordinary General Meeting of Shareholders;

5.2 the Board of Directors is authorised to issue such new Ordinary C Shares in one or more steps as it may deter-

mine from time to time in its discretion.

6. The Board of Directors is authorised to do all things necessary to amend this Article 3 in order to record the

change of issued share capital following an increase pursuant to paragraphs 3 to 6 of this Article 3; the Board of Direc-
tors is empowered to take or authorise the actions required for the execution and publication of such amendment in
accordance with the law. Furthermore, the Board of Directors may delegate to any other duly authorised person, the
duties of accepting subscriptions and receiving payment for Shares representing part or all of such increased amounts
of capital.

7. The Shares shall be indivisible, shall be registered Shares, and shall be numbered consecutively from one upwards.

No share certificates shall be issued.

8. Subject to paragraphs 3 to 6 of this Article 3, Shares not yet issued shall be issued at such price, upon such condi-

tions and at such times as the General Meeting of Shareholders shall determine, provided that the Shares shall not be
issued at a price below nominal value. In the cases where the consideration payable to the Company for newly issued
Shares exceeds the nominal value of those Shares, the excess is to be treated as share premium in respect of the relevant
class of Shares in the books of the Company.

9. In the event of new Shares being issued, each existing holder of shares of that class shall have a preferential right

to subscribe for them in proportion to his existing holding of such shares. If such shareholders do not subscribe for all
such shares, all Shareholders shall have a preferential right to subscribe for such shares in proportion to his existing
holding of Shares. Such preferential rights may be limited or excluded by a resolution of the General Meeting of Share-
holders, provided that such limitation or exclusion shall in each case apply to only one particular issue of Shares.

10. Except for share issues proposed to prevent or cure any default or possible default under any banking facility

affecting the PROVIMI S.A. Group, resolutions of the General Meeting of Shareholders as referred to in paragraph 10
of this Article 3 may only be validly adopted by a majority representing at least ninety five per cent (95%) of all votes
attached to all issued Shares.

11. Resolutions of the Board of Directors referred to in this Article 3 may only be validly adopted by the majority

determined by Article 12 paragraph 3.

12. The provisions of paragraphs 9 and 10 of this Article 3 shall apply mutatis mutandis to the granting of rights to

subscribe for Shares.

13. The Company shall not, save to the extent permitted by statute, grant security, give price guarantees or in any

other way commit itself or declare itself to be jointly or severally liable with or for others, with a view to enabling third
parties to subscribe for or acquire Shares in its capital.

14. The Company may, to the extent permitted by law and these Articles of Association, redeem its own Shares.

Eighth resolution

The general meeting decides to introduce in the Articles of Association the following procedure applicable to the

nomination of members of the Board of Directors of the Company:

1. The Company shall be managed by a Board of Directors consisting of seven members, who shall be appointed by

the General Meeting of Shareholders by:

1.1 in the case of the Chairman nominated in terms of paragraph 3.3 of this Article 10, a resolution adopted with the

approval of at least 67% of all votes attached to all issued and outstanding Shares; and

1.2 in all other cases by simple majority resolution.
2. Members of the Board of Directors may be suspended or removed from office by the General Meeting of Share-

holders at any time by simple majority resolution.

3. The following shall apply to the appointment of the members of the Board of Directors:
3.1 three members shall be appointed from a list of candidates proposed by CVC EUROPEAN EQUITY PARTNERS

III LP (which may not include any person who is at the same time a supervisory or managing director of ADISSEO);

27992

3.2 one member shall be appointed from a list of candidates proposed by PAI EUROPE III - A L.P. (which may not

include any person who is at the same time a supervisory or managing director of EVIALIS);

3.3 two members shall be appointed from a list of candidates proposed by PROVIMLUX OPERA S.A. (which may not

include any person who is at the same time a supervisory or managing director of EVIALIS);

3.4 one member, who shall be the chairman, shall be appointed from a list of candidates proposed by a resolution of

the holder of Ordinary C Shares after consultation with the Institutional Investor Holdings, such list to include at least
the chief executive officer of PROVIMI S.A. from time to time.

4. If either of PROVIMLUX CVC S.A. and PROVIMLUX OPERA S.A (and its Affiliate(s) holding Shares of another

class) (the «Exit Parties») together hold:

4.1 less than 35% of the Shares issued and/or outstanding at that time, the number of members of the Board of Di-

rectors that the Affiliate of the Exit Parties shall be entitled to nominate in terms of paragraph 3.1 or 3.2 of this Article
10, as the case may be, shall be reduced to two (2), the number of members of the Board of Directors that the Affiliate
of the other Institutional Investor Holding shall be entitled to nominate in terms of paragraph 3.1 or 3.2 of this Article
10, as the case may be, shall be increased to four (4), and they shall procure that the relevant Directors shall resign;

4.2 less than 20% of the Shares issued and/or outstanding at that time, the number of members of the Board of Di-

rectors that the Affiliate of the Exit Parties shall be entitled to nominate in terms of paragraph 3.1 or 3.2 of this Article
10, as the case may be, shall be reduced to one (1), the number of members of the Board of Directors that the Affiliate
of the other Institutional Investor Holding shall be entitled to nominate in terms of paragraph 3.1 or 3.2 of this Article
10, as the case may be, shall be increased to five (5), and they shall procure that the relevant members of the Board of
Directors shall resign;

4.3 less than 5% of the Shares issued and/or outstanding at that time, the Shareholders agree that the number of mem-

bers of the Board of Directors that the Affiliate of the Exit Parties shall be entitled to nominate in terms of paragraph
3.1 or 3.2 of this Article 10, as the case may be, shall terminate, and the number of members of the Board of Directors
that the Affiliate of the other Institutional Investor Holding shall be entitled to nominate in terms of paragraph 3.1 or
3.2 of this Article 10, as the case may be, shall be increased to six (6), and they shall procure that the relevant members
of the Board of Directors shall resign,

provided, however, that the implementation of paragraph 4 of this Article 10 shall not trigger for any Party the obli-

gation to launch a tender offer for the Shares of PROVIMI S.A. Should this be the case, the implementation of the pro-
visions of paragraphs 4.1, 4.2 and 4.3 of this Article 10 shall be postponed until there is no such right.

5. The members of the Board of Directors shall be appointed for a period which may not exceed six years and they

shall hold office until their successors are elected. Their re-election is authorised.

6. A legal entity may be a member of the Board of Directors.
7. In the event of a vacancy on the Board of Directors because of death, retirement or otherwise, the remaining mem-

bers of the Board of Directors shall be entitled to co-opt a new Director. The appointment of a new Director in ac-
cordance with this provision shall be ratified by the General Meeting of Shareholders in accordance with article 51 of
the Companies’ Act.

8. The remuneration of the members of the Board of Directors, any rights to bonuses and the further terms of ap-

pointment shall be determined by the General Meeting of Shareholders for each member of the Board of Directors
individually.

9. The Board of Directors may delegate the daily management to Directors or to third persons who need not be

Shareholders of the Company. Delegation of daily management to a member of the Board of Directors is subject to
previous authorisation by the General Meeting of Shareholders.

Ninth resolution

The general meeting decides to accept the resignations of Florian Ollivier and Dominique Mégret as directors of the

Company.

The general meeting decides to appoints as new directors of the Company:
- Mr Christian Billon, statutory auditor, residing at L-1471 Luxembourg, 398 route d’Esch;
- Mr Xavier Pauwels, employee, residing at L-1471 Luxembourg, 398 route d’Esch;
- Mr Willem Troost, managing director, residing at Jan Tooropstraat 81, 3262 TG Oud-Beijerland, The Netherlands.

Tenth resolution

The general meeting decides to amend the power and duties of the board of directors that shall be read as follows:
1. The Board of Directors is vested with the broadest powers to perform all acts of administration and disposition

in the Company’s interests. All powers not expressly reserved by the Companies’ Act or these Articles of Association
to the General Meeting of Shareholders fall within the competence of the Board of Directors.

2. The Board of Directors represents the Company. The Company will be bound by the joint signature of two Di-

rectors, one such Director being appointed in terms of paragraph 3.1 of Article 10 and one such Director being ap-
pointed in terms of paragraph 3.2 of Article 10 unless paragraph 4.3 of Article 10 applies, in which case the Company
will be bound by the joint signature of any two Directors appointed in terms of paragraph 4.3 of Article 10. The Board
of Directors may grant power of attorney to any one Director individually empowering him to represent the Company
within the limits set by such power of attorney. In the event of a conflict of interest between a Director and the Com-
pany, the Company shall be represented by two other Directors, without prejudice to the power of the General Meet-
ing of Shareholders to appoint one or more other persons to represent the Company in such event.

27993

(ii) one of the Directors appointed in terms of paragraph 3.2 of Article 10;
3.2 if paragraph 4 of Article 10 applies, of at least five out of seven of the Directors from time to time:
for executive decisions that involve:
(a) exercising any voting right of any PROVIMI S.A Shares;
(b) paying any dividends or repurchasing or redeeming any securities;
(c) approving any investments or other expenditure not provided for in the annual budget totalling in any one financial

year more than

€ 250,000 but less than € 2,500,000;

(d) subject also to the approval requirements set out in paragraph 5 of this Article 12, acquiring or disposing of any

PROVIMI S.A. Shares;

(e) the instigation or settlement of any litigation or arbitration proceedings by the Company, except in the ordinary

course of business involving amounts of less than

€ 250,000 in total in any one financial year or if action needs to be

taken urgently, in which case the matter shall immediately thereafter be brought to the Board of Directors’ attention
for its approval;

(f) the appointment or termination of employment of any senior executive or non executive Director, the variation

of the remuneration or other benefits of any such employee, the appointment or termination of employment of any
other employee whose gross salary (exclusive of any bonuses) is or is to be in excess of

€ 150,000 a year, and the var-

iation of the remuneration or other benefits of any such employee;

(g) borrowing monies or entering into any other financing arrangements, involving in excess of

€ 250,000 in any one

financial year other than drawing under previously approved credit arrangements;

(h) lending monies in excess of

€ 100,000 per loan; except the extension of credit to customers in the ordinary course

of business;

(i) entering into a material long term direct or indirect co-operation, joint venture or merger with another person

or any reorganisation, or modifying or terminating same;

(j) entering into a material contract, or modifying or terminating same, or entering into, modifying or terminating any

contract with a related party;

(k) direct or indirect participation in the capital of another entity or changing the size of such participation;
(l) establishing pension plans and granting pension rights in excess of those arising from existing pension arrange-

ments;

(m) issuance of debt instruments by the Company or the issuance of debt instruments by a limited partnership or a

general partnership of which the Company is the general partner with full liability;

(n) application for listing or withdrawal of the listing of the debt instruments referred to in subparagraph (m) on the

official list of any exchange;

(o) entry into or termination of a lasting co-operation by the Company or a dependent company with another legal

person or partnership or as general partner with full liability in a limited partnership or general partnership if such co-
operation or the termination thereof of far-reaching significance for the Company;

(p) acquisition of a participation by the Company or any member of its subsidiaries in the capital of another company,

the value of which equals at least the sum of one-quarter of the issued capital and the reserves of the participating com-
pany, as shown in its balance sheet with explanatory notes and any far-reaching change in the size of any such participa-
tion;

(q) investments requiring an amount equal to at least the sum of one-quarter of the issued share capital and the re-

serves of the Company as shown in its balance sheet with explanatory notes;

(r) termination of the employment contract of a considerable number of employees at the same time or within a

short time-span;

(s) a far-reaching change in the working conditions of a considerable number of employees;
(t) a proposal to reduce the issued capital of the Company;
(u) a proposal to change the reporting systems where this involves an expenditure of more than

€ 250,000.- in any

one financial year to the extent not already provided for in any approved budget;

(v) designation of the persons entitled to acquire Depositary Receipts issued by STICHTING MANAGEMENT;
4. The Board of Directors shall require the prior approval of more than sixty seven per cent (67%) of the votes of

all issued and outstanding Shares for executive decisions that involve:

4.1 if pre-emptive rights are not to be excluded: the issue of Shares; options, warrants or other securities in the Com-

pany; and such an issue where pre-emptive rights are to be excluded but only if the issue is proposed to prevent or cure
any default or possible default under any banking facilities affecting the PROVIMI S.A. Group;

4.2 approval of the annual financial statements of the Company;
4.3 adoption of the annual budget of the Company;
4.4 approving any investments or other expenditure by the Company. not provided for in the annual budget and in

excess of

€ 2,500,000 in total in any one financial year;

4.5 changes in the nature of the business of the PROVIMI S.A.Group;
4.6 acquiring or disposing of any material companies, businesses or assets, and the commencement of new business

activities, except if referred to in the adopted annual budget;

4.7 appointment or dismissal of auditors, which can only be an international firm of high repute;
4.8 changes in the accounting policies adopted by the Company;
4.9 the delegation by the Directors of any member of the PROVIMI S.A.Group of any of their powers to a person or

committee that would conflict with the approval requirements set out in the Articles of Association;

27994

4.10 the creation of any encumbrance over any assets of the Company and the giving of any guarantee by the Com-

pany, other than in the ordinary course of trading and having a value totalling less than

€ 100,000 in any one financial

year;

4.11 granting to any holder of Depositary Receipts, any additional rights in terms of any existing or future incentive

scheme operated by or behalf of the Company;

4.12 any approval, authorisation or designation to be granted pursuant to the Articles of Association or Administra-

tive Conditions.

5. The Board of Directors shall require the prior approval of PROVIMLUX CVC S.A. and PROVIMLUX OPERA S.A

for executive decisions that involve the acquisition of PROVIMI S.A. Shares.

6. The Board of Directors shall require the prior approval of more than ninety five per cent (95%) of the votes at-

tached to all issued and outstanding Shares for executive decisions that involve:

6.1 proposals to amendment the Company’s Articles of Association, amendments to the Articles of Association of

STICHTING MANAGEMENT or the Administrative Conditions;

6.2 proposals for the voluntary dissolution or winding-up of the Company;
6.3 filing for bankruptcy or moratorium of payments or a similar status in a foreign jurisdiction of or in relation to

the Company;

6.4 if pre-emptive rights are to be excluded: the issue of Shares, options, warrants or other securities in the Company;

unless such an issue is proposed to prevent or cure any default or possible default under any banking facilities affecting
the PROVIMI S.A. Group.

7. The General Meeting of Shareholders may designate certain other, specifically stated executive decisions for which

the Board of Directors shall require the prior approval of either the General Meeting of Shareholders, or the Meeting
of holders of a certain class of Shares, and the General Meeting of Shareholders may determine that such approval shall
require a certain majority of votes cast and/or quorum. Such requirement may be imposed for a determined or unde-
termined period of time, and may be revoked at any moment.

8. The General Meeting of Shareholders shall inform all members of the Board of Directors forthwith of each reso-

lution to extend the approval requirements set out in paragraphs 3 to 7 of this Article 12.

9. Transactions between the Company and the holder of any Shares in the issued share capital of the Company or

any depository receipts issued for Shares, or between the Company and the spouse of such Shareholder or holder of
depository receipts, must be recorded in writing. If the provision set out in the first sentence is not complied with, the
relevant transaction is voidable in favour of the Company.

10. The provision of the previous paragraph does not apply to transactions falling within the ordinary course of busi-

ness of the Company.

Eleventh resolution

The general meeting resolves to amend and restate entirely the Articles of Association of the Company to reflect in

particular, but not limited thereto, the amendments set out in the previous resolutions which shall read as follows:

Art. 1. Name - Duration - Registered office
1. There exists a Company in the form of a société anonyme, under the name of PROVIMLUX INVESTMENTS S.A.
2. The Company is established for an indefinite period.
3. The registered office of the Company is established in Luxembourg City. The Company may establish branch of-

fices, subsidiaries, agencies or administrative offices in the Grand Duchy of Luxembourg as well as in foreign countries
by a simple decision of the Board of Directors. Without prejudice of the general rules of law governing the termination
of contracts in case the registered office of the Company has been determined by contract with third parties, the reg-
istered offices may be transferred to any other place within the Municipality of the registered offices by a simple decision
of the Board of Directors.

4. If extraordinary events either political, economical or social that might create an obstacle to the normal activities

at the registered offices or to easy communications of these offices with foreign countries should arise or be imminent,
the registered offices may be transferred to another country till the complete cessation of these abnormal circumstanc-
es. This measure, however, shall not affect the nationality of the Company, which will keep its Luxembourg nationality,
notwithstanding the provisional transfer of its registered offices.

5. One of the executive organs of the Company, which has powers to commit the Company for acts of daily man-

agement, shall make this declaration of transfer of the registered offices and inform third persons.

Art. 2. Objects
1. The objects for which the Company is established are:
(a) to finance companies and other enterprises, to borrow, to lend and to raise funds, to participate in all types of

(b) to incorporate and to participate in any way whatsoever in, to manage, to supervise and to co-operate with com-

interest in personal and real property;

27995

(d) to obtain, to exploit and to alienate patents and other intellectual property rights, to acquire and to grant licenses,

(e) to engage in any way whatsoever in trading activities of any nature.
2. The objects specified in the preceding paragraph shall be construed in the widest sense so as to include any activity

or purpose which is related, incidental, or conducive thereto.

3. In pursuing its objects, the Company shall also take into account the interests of the group of companies and en-

terprises with which it is affiliated.

Art. 3. Capital and Shares
1. The issued share capital of the Company is set at

€ 1,955,298.75 (one million nine hundred fifty-five thousand two

hundred ninety-eight euros seventy-five cents) consisting of 757,994 (seven hundred fifty-seven thousand nine hundred
ninety-four) Ordinary A Shares having a nominal value of one euro twenty-five cents (

€ 1.25) per share representing an

amount of

€ 947,492.5 (nine hundred forty-seven thousand four hundred ninety-two euros and fifty cents); of 757,994

(seven hundred fifty-seven thousand nine hundred ninety-four) Ordinary B Shares having a nominal value of one euro
twenty-five cents (

€ 1.25) per share representing an amount of € 947,49.5 (nine hundred forty-seven thousand four

hundred ninety-two euro and fifty cents); of 45,363 (forty-five thousand three hundred sixty-three) Ordinary C Shares
having a nominal value of one euro twenty-five cents (

€ 1.25) representing a total amount of € 56,703.75 (fifty-six thou-

sand seven hundred three euros seventy-five cents); and of 2,888 (two thousand eight hundred eighty-eight) Ordinary
D Shares having a nominal value of one euro twenty-five cents (

€ 1.25) representing a total amount of € 3,610 (three

thousand six hundred ten euros), entirely paid in.

2. The total un-issued but authorised capital of the Company is fixed at

€ 1,583,112.50 (one million five hundred

eighty-three thousand one hundred twelve euros and fifty cents).

3. The issued share capital may be increased by an amount of

€ 642,987.5 (six hundred forty-two thousand nine hun-

€ 1.25 per

share, it being understood that:

3.1 the authorisation will expire on the date one year after the holding of the extraordinary general meeting of share-

holders of 21 November 2002, but that at the end of such period a new period of authorisation may be approved by
resolution of an Extraordinary General Meeting of Shareholders;

3.2 the Board of Directors is authorised to issue such new Ordinary A Shares in one or more steps as it may deter-

mine from time to time in its discretion.

4. The issued share capital may be increased by an amount of

€ 642,987.5 (six hundred forty-two thousand nine hun-

€ 1.25 per

share, it being understood that:

4.1 the authorisation will expire on the date one year after the holding of the extraordinary general meeting of share-

holders’ of 21 November 2002, but that at the end of such period a new period of authorisation may be approved by
resolution of an Extraordinary General Meeting of Shareholders;

4.2 the Board of Directors is authorised to issue such new Ordinary B Shares in one or more steps as it may deter-

mine from time to time in its discretion.

5. The issued share capital may be increased by an additional amount of

€ 297,137.5 (two hundred ninety-seven thou-

€ 1.25 per share, it being understood that:
5.1 the authorisation will expire on the date one year after the holding of the extraordinary general meeting of share-

holders of 21 November 2002, but that at the end of such period a new period of authorisation may be approved by
resolution of an Extraordinary General Meeting of Shareholders;

5.2 the Board of Directors is authorised to issue such new Ordinary C Shares in one or more steps as it may deter-

mine from time to time in its discretion.

6. The Board of Directors is authorised to do all things necessary to amend this Article 3 in order to record the

7. The Shares shall be indivisible, shall be registered Shares, and shall be numbered consecutively from one upwards.

No share certificates shall be issued.

8. Subject to paragraphs 3 to 6 of this Article 3, Shares not yet issued shall be issued at such price, upon such condi-

9. In the event of new Shares being issued, each existing holder of shares of that class shall have a preferential right

27996

holding of Shares. Such preferential rights may be limited or excluded by a resolution of the General Meeting of Share-
holders, provided that such limitation or exclusion shall in each case apply to only one particular issue of Shares.

10. Except for share issues proposed to prevent or cure any default or possible default under any banking facility

11. Resolutions of the Board of Directors referred to in this Article 3 may only be validly adopted by the majority

determined by Article 12 paragraph 3.

12. The provisions of paragraphs 9 and 10 of this Article 3 shall apply mutatis mutandis to the granting of rights to

subscribe for Shares.

13. The Company shall not, save to the extent permitted by statute, grant security, give price guarantees or in any

other way commit itself or declare itself to be jointly or severally liable with or for others, with a view to enabling third
parties to subscribe for or acquire Shares in its capital.

14. The Company may, to the extent permitted by law and these Articles of Association, redeem its own Shares.

Art. 4. Share premium, Capital reduction and Conversion of Shares
1. In the books of the Company a separate premium reserve may be maintained for each class of shares, stating the

premium paid on each class of shares. Payments from these reserves may be made only on a resolution of the General
Meeting of Shareholders with the approval of the Board of Directors in terms of Article 12 paragraph 3.

2. By a resolution adopted unanimously at a meeting where the entire issued share capital of the Company is present

or represented, the General Meeting of Shareholders may join one or more premium reserves maintained in accordance
with paragraph 1 of this Article 4.

3. Subject to the approval of the Board of Directors in terms of Article 12 paragraph 3, the General Meeting of Share-

holders may resolve to reduce the share capital of the Company by means of withdrawing Shares or by reducing the
nominal value of Shares by way of an amendment of these Articles of Association and to the extent and under the terms
permitted by any applicable law and in particular article 69 of the Companies’ Act. Such resolution may refer to shares
of each class, separately or jointly with shares of another class, provided the Meeting of holders of the relevant Shares
grants its approval thereto by a resolution adopted unanimously at a meeting where all holders of the class of shares
concerned are represented. Provided that the Meeting of the holders of the class of shares concerned grants its approval
thereto in accordance with the preceding sentence, the General Meeting of Shareholders may determine that a resolu-
tion to withdraw shares with repayment shall only refer to a certain percentage of the shares of one or more classes;
in that case the Board of Directors shall draw lots to determine the numbers of Shares that shall actually be withdrawn.

4. Where there is more than one class of shares and the resolution of the General Meeting of Shareholders is such

as to change the respective rights thereof, the resolution must, in order to be valid, fulfil the conditions as to attendance
as laid down in article 67-1 of the Companies’ Act and as to majority as laid down in Article 19 of the Articles of Asso-
ciation with respect to each class.

Art. 5. Register of Shareholders and Rights of pledge and usufruct
1. The Board of Directors shall keep a register in which the name and address of each Shareholder shall be recorded,

together with the number of Shares issued to him and the amount paid up on each share.

2. The register shall also record the names and addresses of persons notified to the Company to have a right of pledge

or a right of usufruct on those Shares, indicating whether the voting rights attaching to the Shares are vested in such
persons.

3. Each Shareholder, pledgee and usufructuary shall be required to ensure that his address is known to the Company.
4. Each and any release from liability granted in respect of calls not yet paid shall be recorded in the share register,

as will the date of delivery in the event of delivery of Shares which are not fully paid up.

5. The Board of Directors shall ensure that the register is kept up to date at all times in compliance with article 40

of the Companies’ Act. All entries shall be signed by a member of the Board of Directors or by a person authorised in
relation thereto by the Board of Directors.

6. At the request of a Shareholder, a pledgee or a usufructuary, the Board of Directors shall supply free of charge

extracts from the share register relating to the Shares to which the applicant has rights.

7. If the Shares are the subject of usufruct or pledge the extract shall state who has the rights set out in paragraphs

9 and 10 of this Article 5.

8. The register shall be made available by the Board of Directors at the head office of the Company for inspection by

the Shareholders, by pledgees and usufructuaries who have been granted the rights set out in paragraphs 9 and 10 of
this Article 5.

9. Shares may be the subject of usufruct. If the terms of the usufruct provide that the voting rights attaching to the

Shares shall vest in the usufructuary he may exercise those rights only if both that provision and - in case of assignment
of the usufruct - the assignment of the voting rights attaching to the Shares subject to the usufruct have been approved
by the General Meeting of Shareholders.

10. Shares may be the subject of a pledge. The provisions of paragraph 9 of this Article 5 shall be of corresponding

application in respect of pledges.

Art. 6. Multiple Beneficiaries
1. If a Share or a right under a pledge or usufruct is owned by more than one person, such joint owners may only be

represented towards the Company by one person appointed by them for that purpose. Notice of such appointment
shall be given forthwith to the Board of Directors in writing.

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2. The Company will recognise only one holder per Share. In case a Share is held by more than one person, the Com-

pany has the right to suspend the exercises of all rights attached to that Share until one person has been appointed as
the sole owner in relation to the Company.

Art. 7. Issue and transfer of Shares
1. The issue and transfer of Shares shall be made in compliance with article 40 of the Companies’ Act.
2. The provisions of paragraph 2 of this Article 7 apply correspondingly to a grant of a right of pledge in respect of

Shares, to the grant of a right of usufruct in respect of Shares and to the apportionment of Shares on the division of any
jointly held property.

Art. 8. Transfer of Shares
1. Any transfer of Shares shall require the prior approval of the Board of Directors.
2. A request for such approval shall be made to the Company by the transferor stating the number of Shares involved,

the price and other conditions of transfer, the name of the person to whom the transferor wishes to transfer those
Shares and whether or not the transferor will agree to a transfer of Shares to the Company. The Company shall notify
the other Shareholders forthwith after receipt of the aforementioned request.

3. A decision on the request must be taken within two months of receipt thereof. If no decision is announced to the

transferor within this term approval shall be deemed to have been granted.

4. A rejection of the request shall nevertheless be deemed to be an approval if the Board of Directors does not at

the same time as communicating its rejection to the transferor give the transferor the names of one or more persons
- whether existing Shareholders, third parties or the Company itself - who are prepared to purchase the Shares to which
the request relates for payment in cash.

5. If the transferor and the prospective purchasers accepted by him do not reach agreement on the purchase price,

the purchase price shall be determined by an expert to be appointed by mutual agreement of the transferor and the
prospective purchasers. Should no appointment be agreed within three months from receipt of the request for approval
referred to in paragraph 2 of this Article 8, the expert, at the request of either party, shall be appointed by the Chairman
of the Luxembourg District Court (Président du Tribunal d’Arrondissement de et à Luxembourg).

6. The expert referred to in the preceding paragraph shall be authorised to inspect all accounts and records of the

Company and to obtain all such information as may be useful in determining his valuation of the Shares.

7. The instructions to the expert shall in any case state that the determination of the purchase price and the valuation

report relating thereto must be made known to the Company within three months of his appointment.

8. If the Shareholders or the transferor and the prospective purchasers have agreed to the methods and principles

of determination of the purchase price, each of them shall be entitled to submit the written proof of such agreement to
the expert who shall then be bound by such methods or principles in his determination of the purchase price.

9. The Company shall inform the transferor and each prospective purchaser of the purchase price determined by the

expert and of the contents of the valuation report relating thereto within fourteen days of receipt thereof.

10. The transferor shall have the right to withdraw, provided he shall do so within one month after he has been in-

formed of the price at which he may sell the Shares to which the request related. If the transferor does not exercise
this right within that time, the Shares shall be transferred by the transferor against simultaneous payment of the purchase
price within one month of the end of that time. If the transferor is obliged to transfer Shares and fails to co-operate in
the transfer, the Company shall have the power to effect the transfer, provided that such transfer shall include all the
Shares concerned.

11. If the request for approval is granted or deemed to be granted, then the Company will notify the same to all Share-

holders and the transfer may take place within three months of receipt of the communication granting approval or the
communication deemed to be an approval in accordance with paragraph 4 of this Article 8, or from the expiry of the
term referred to in paragraph 3 of this Article 8 as the case may be, against the price stated in the request referred to
in the second paragraph above, or if that price is higher, the price determined by the expert.

12. The cost of appointment and the fee of the expert referred to in paragraph 5 of this Article 8 shall be paid:
12.1 by the transferor if he withdraws;
12.2 half by the transferor and half by the purchaser(s) who did not, prior to the appointment of the expert, reach

agreement with the transferor as to the price to be paid for the Shares, if the Shares are sold to prospective purchasers
named by the Board of Directors, unless the expert decides otherwise. If, pursuant to this paragraph, more than one
purchaser Shares in the costs, the aggregate amount owed by them shall be divided among them pro rata to the number
of Shares purchased.

13. All requests, communications and notices referred to in this Article 8 shall be sent by registered letter or deliv-

ered against receipt.

14. Shares can be transferred without the above procedure being complied with, if the transfer takes place according

to a written agreement between all Shareholders.

Art. 9. Compulsory Offer
1. A Shareholder or its successor(s) in title (the «Offeror») must offer his Shares for sale in accordance with the

following paragraphs if such Shareholder applies for a moratorium of payments or makes a request to be declared bank-
rupt or is declared bankrupt pursuant to the request of a third party or any similar status in any jurisdiction.

2. The Offeror must notify the Company of its offer (the «Offer Notice») within one month after the obligation re-

ferred to in paragraph 1 of this Article 9 has arisen.

3. The Offer Notice shall constitute an offer to the fellow Shareholders to purchase their pro rata share of the offered

Shares at a price which - unless the Offeror and the Shareholders agree otherwise - shall be determined by an inde-
pendent expert appointed in accordance with the provisions of Article 8, provided that:

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3.1 the Offeror:
(a) is not entitled to withdraw its offer in accordance with paragraph 10 of Article 8; and
(b) may retain its Shares if the offer is not or not fully taken up or if the General Meeting of Shareholders has author-

ised the same by way of a resolution adopted by a majority representing more than ninety five per cent (95%) of all votes
attached to all issued Shares;

3.2 the expert shall be paid:
(a) half by the Offeror and half by the purchaser(s). If, pursuant to this paragraph, more than one purchaser Shares

in the costs, the aggregate amount payable by such purchasers shall be divided among them pro rata to the number of
Shares purchased by them; or

(b) by the Company if the offer is not or not fully taken up.
4. The Shareholders shall notify the Company and the Offeror of their intent to purchase the Shares offered within

thirty (30) days after they have been informed of the price as determined by the expert or agreement is reached be-
tween the Offeror and the Shareholders in respect of the purchase price; this notification shall contain the maximum
number of Shares they wish to purchase.

5. In the event that any of the fellow Shareholders (i) does not timely respond to the Offer Notice such Shareholder

shall be deemed to have notified the Company and the Offeror that it elects not to purchase any of the offered Shares
or (ii) notifies the Company and the Offeror that it elects not to purchase its pro rata share of the offered Shares, the
remaining Shares shall be pro rata allotted to the Shareholders that did elect to purchase Shares up to the maximum
number of Shares they wish to purchase in proportion to the existing shareholdings of the Shareholders who have elect-
ed to purchase Shares, provided that, if and to the extent that a candidate shall be allotted more Shares than the max-
imum amount indicated pursuant to paragraph 4 above, such Shares shall be allotted to the other candidates who have
elected to purchase Shares in accordance with the said pro rata allocation until all Shares have been allocated.

6. In the event that the Offeror fails to notify the Company of its obligation to offer Shares for sale in accordance

with paragraph 2 of this Article 9, the Company shall by registered mail inform the Offeror about its obligations. If the
Offeror still fails to make the offer within ten (10) days of being so informed, the Company shall be irrevocably author-
ised to offer the Shares for sale to the other Shareholders on behalf of the Offeror and paragraphs 3, 4 and 5 of this
Article 9 shall apply mutatis mutandis to such offer. If full use is made of the offer, the Company shall be irrevocably
authorised to transfer the ownership of the Shares to the purchaser(s), against simultaneous payment of the purchase
price by the purchaser(s). The Company shall pay out to the Offeror the proceeds, after deduction of all costs relating
thereto.

Art. 10. Management
1. The Company shall be managed by a Board of Directors consisting of seven members, who shall be appointed by

the General Meeting of Shareholders by:

10.1 in the case of the Chairman nominated in terms of paragraph 3.3 of this Article 10, a resolution adopted with

the approval of at least 67% of all votes attached to all issued and outstanding Shares; and

10.2 in all other cases by simple majority resolution.
2. Members of the Board of Directors may be suspended or removed from office by the General Meeting of Share-