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30097

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° 628

29 juin 2005

S O M M A I R E

JANETTE S.A., Société Anonyme.

Siège social: L-1219 Luxembourg, 23, rue Beaumont.

R. C. Luxembourg B 41.460.

—

Les comptes de clôture au 28 novembre 2004, enregistrés à Luxembourg, le 23 février 2005, réf. LSO-BB05243, ont

été déposés au registre de commerce et des sociétés de Luxembourg, le 14 mars 2005.

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

(022273.3/230/10) Déposé au registre de commerce et des sociétés de Luxembourg, le 14 mars 2005.

A.T.P. S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

30137

MCM International S.A., Luxembourg . . . . . . . . . .

30144

Alpine-Energie Luxembourg S.à r.l. & Cie, S.e.c.s.,

Nextpharma Technologies S.A., Luxembourg . . .

30132

Foetz . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

30134

Orex Holding S.A., Luxembourg . . . . . . . . . . . . . .

30138

Alpine-Energie Luxembourg, S.à r.l., Foetz . . . . . .

30133

Outgraph Holding S.A. . . . . . . . . . . . . . . . . . . . . . .

30140

Backstage de Sainte-Croix Consultant S.A., Lu-

Pan-European Industrial Properties Series IV S.A.,

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

30139

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

30139

Bingco, S.à r.l., Luxembourg . . . . . . . . . . . . . . . . . . .

30137

Phantex Holding S.A., Luxembourg . . . . . . . . . . . .

30136

Carnet S.A., Luxembourg . . . . . . . . . . . . . . . . . . . . .

30135

Polyval Holding S.A., Luxembourg . . . . . . . . . . . . .

30127

Cipafin S.A., Luxembourg . . . . . . . . . . . . . . . . . . . . .

30144

Procter & Gamble Luxembourg Finance, S.à r.l.,

Cotrachim, Compagnie de Transports Chimiques

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

30129

S.A., Grevenmacher . . . . . . . . . . . . . . . . . . . . . . . .

30139

Procter & Gamble Luxembourg Finance, S.à r.l.,

Cytus Investissement S.A., Luxembourg . . . . . . . . .

30144

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

30131

Dialna S.A., Luxembourg . . . . . . . . . . . . . . . . . . . . .

30144

Quo Vadis, S.à r.l., Oberkorn . . . . . . . . . . . . . . . . .

30098

Elna S.A., Luxembourg . . . . . . . . . . . . . . . . . . . . . . .

30143

Roveim, S.à r.l., Luxembourg . . . . . . . . . . . . . . . . .

30128

Entrapaulus Construction S.A., Mertert . . . . . . . . .

30137

Sailus S.A., Luxembourg . . . . . . . . . . . . . . . . . . . . .

30143

Fidia S.A., Luxembourg . . . . . . . . . . . . . . . . . . . . . . .

30138

Securicor Luxembourg S.A., Luxembourg . . . . . .

30138

Fortis Luxembourg-IARD S.A., Luxembourg . . . . .

30140

Société Financière UCB Holding S.A., Luxem-

Fortis Luxembourg-Vie S.A., Luxembourg . . . . . . .

30141

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

30137

Harvey Nash IT Consulting S.A., Luxembourg . . . .

30142

TreeTime, S.à r.l., Bridel . . . . . . . . . . . . . . . . . . . . .

30123

Harvey Nash IT Consulting S.A., Luxembourg . . . .

30143

TST George V Holdings II, S.à r.l., Senningerberg

30142

IonBond, S.à r.l., Luxembourg . . . . . . . . . . . . . . . . .

30142

U.A.I. (Luxembourg) II, S.à r.l., Luxembourg . . . .

30124

Janette S.A., Luxembourg . . . . . . . . . . . . . . . . . . . . .

30097

U.A.I. (Luxembourg) II, S.à r.l., Luxembourg . . . .

30126

Mandello Investment Holding S.A., Luxembourg . .

30131

Universal Holding S.A., Luxembourg . . . . . . . . . . .

30098

Mandello Investment Holding S.A., Luxembourg . .

30132

Luxembourg, le 11 mars 2005.

A. Schwachtgen.

30098

QUO VADIS, S.à r.l., Société à responsabilité limitée.

Siège social: L-4671 Oberkorn, 102, avenue du Parc des Sports.

R. C. Luxembourg B 32.608.

—

Le bilan au 31 décembre 2003, enregistré à Luxembourg, le 20 décembre 2004, réf. LSO-AX05526, a été déposé au

registre de commerce et des sociétés de Luxembourg, le 24 février 2005.

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

(017208.3/000/10) Déposé au registre de commerce et des sociétés de Luxembourg, le 24 février 2005.

UNIVERSAL HOLDING S.A., Société Anonyme,

(anc. NAVINVEST HOLDING S.A.).

Registered office: L-1449 Luxembourg, 18, rue de l’Eau.

R. C. Luxembourg B 97.779.

—

In the year two thousand and five, on the twenty-eighth day of January.
Before Maître Joseph Elvinger, notary, residing in Luxembourg.

Was held an extraordinary general meeting of shareholders of the société anonyme UNIVERSAL HOLDING S.A.

(formerly NAVINVEST HOLDING S.A.) (the «Corporation») having its registered office in Luxembourg, incorporated
under its previous denomination by deed of the undersigned notary on 17th December, 2003, published in the Mémo-
rial, Recueil des Sociétés et Associations («Mémorial») C 76 of 20th January, 2004. The articles of incorporation of the
Corporation were amended by deed of the undersigned notary on 28th June, 2004 and published in the Mémorial C
988 of 5th October, 2004.

The meeting was presided over by Mr Patrick Santer, master at laws, residing in Luxembourg.
The chairman appointed as secretary Mr Georges Reding, master at laws, residing in Luxembourg.
The meeting elected as scrutineer Mr Léon Gloden, master at laws, residing in Luxembourg.

The chairman declared and requested the notary to state that:
I. The shareholders present or represented and the number of shares held by each of them are shown on the attend-

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

This list as well as the proxies signed ne varietur will be annexed to this document to be filed with the registration

authorities.

II. It appears from the attendance list that the entire corporate capital is represented at the present meeting and that

the shareholders declare themselves duly informed of the agenda so that the present meeting is regularly constituted
and may validly deliberate on the agenda set out below:

1. Amendment of the nominal value of the shares of the Corporation in order to change it from one hundred Euro

(100) to two Euro (EUR 2.00) so that each existing share of a nominal value of one hundred Euro (EUR 100) be divided
into fifty (50) shares of a nominal value of two Euro (EUR 2.00) each and re-classification of the issued shares in the
Corporation into sixteen thousand (16,000) Class A non redeemable shares with a nominal value of two Euro (EUR
2.00) per share, which shares shall give right to the issue of five thousand (5,000) founder shares as those founder shares
are provided for in the articles of incorporation of the Corporation, which will be amended, reworded in English and
restated as set forth in item 7 of this agenda.

2. Amendment of article 3 of the articles of incorporation of the Corporation as to add a last paragraph as follows:
«The Corporation may, to the extent and under terms permitted by law, redeem its own Shares.
The issue of redeemable Class A Shares or Class B Shares (the «Redeemable Shares») is subject to the following

conditions set forth in Article 49-8 of the law of 10th August, 1915, on commercial companies:

(i) the Redeemable Shares shall be fully paid-up on issue;
(ii) (a) The Corporation shall serve a notice (the «Purchase Notice») upon the Person appearing in the register of

Shareholders as the owner of the Redeemable Shares to be repurchased, specifying the Redeemable Shares to be re-
purchased, the purchase price to be paid for such Redeemable Shares and the place at which the purchase price in re-
spect of such Redeemable Shares is payable. Any such notice may be served upon such holder by posting the same in a
registered envelope addressed to such holder at his last address known to or appearing in the books of the Corporation.
The said holder shall thereupon forthwith be obliged to deliver to the Corporation the relevant share certificate or
certificates, if any. Immediately after the close of business on the date specified in the Purchase Notice (and whether or
not such holder shall have delivered the share certificate or certificates as required above) such holder shall cease to
be the owner of the Redeemable Shares specified in such notice and his name shall be removed as the holder of such
Redeemable Shares from the register of Shareholders. Any such holder will cease to have any rights as a Shareholder
with respect to the Redeemable Shares to be repurchased as from the date specified in the Purchase Notice referred
to above;

(b) The price to be paid for each Redeemable Share so repurchased will be determined by the board of directors but

shall not be lower than the nominal value of such Redeemable Shares;

Luxembourg, le 24 février 2005.

Signature.

30099

in such Redeemable Shares or any of them, or any claim against the Corporation or its assets in respect thereof, except
for the right of the holder appearing as the owner thereof to receive the price so deposited (without interest) from
such bank upon effective surrender of the share certificate or certificates as aforesaid;

(d) The exercise by the Corporation of the powers conferred by this Article 3 shall not be questioned or invalidated

in any case, on the ground that there was insufficient evidence of ownership of Redeemable Shares by any Person or
that the true ownership of any Redeemable Shares was otherwise than as appeared to the Corporation at the date of
any Purchase Notice, provided that in such case the said powers were exercised by the Corporation in good faith;

(e) The paragraphs (a) to (d) inclusive shall also be applicable in case the repurchase is requested by the Shareholder

in respect of his Redeemable Shares, provided that such repurchase request may only be made regarding all the Re-
deemable Shares held by such Shareholder;

(iii) the redemption price may only be made by using sums available for distribution in accordance with Article 72-1,

paragraph (1) of the law of 10t August, 1915 on commercial companies, or proceeds of a new issue made with a view
to carry out such redemption;

(iv) an amount equal to the aggregate nominal value of all the Redeemable Shares so redeemed must be transferred

to a reserve which may not be distributed to the Shareholders except in the event of a reduction in the subscribed
capital; this reserve may only be applied to increase the subscribed capital by capitalisation of reserves; and

(v) the preceding sub-paragraph (iv) shall not apply to redemption funded by proceeds from a new issue made with

a view to carry out such redemption.»

3. Increase of the issued share capital of the Corporation from currently thirty-two thousand Euro (EUR 32,000) to

one hundred thousand Euro (EUR 100,000) by the issue to the existing shareholder and to new subscribers, the pref-
erential subscription rights of the existing shareholder being limited and the existing shareholder waiving its preferential
subscription rights, of (i) seventeen thousand (17,000) redeemable class A shares, (ii) five hundred (500) additional non-
redeemable class A shares and (iii) sixteen thousand five hundred (16,500) redeemable class B shares, at an issue price
per share of two Euro (EUR 2.00), and acknowledgement and approval of the report by the board of directors of the
Corporation made in accordance with article 32-3 (5) of the law of 10th August, 1915 on commercial companies (as
amended) (the «Law») regarding the limitation of the preferential subscription rights.

4. Increase the authorised corporate capital of the Corporation so that the board of directors is authorised to issue

an additional one million nine hundred thousand Euro (EUR 1,900,000.-) consisting of six hundred thirty-six thousand
five hundred (636,500) additional redeemable Class A Shares and three hundred thirteen thousand five hundred
(313,500) additional Class B Shares, all with a nominal value of two Euro (EUR 2.00) per share and acknowledgement
and approval of the report by the board of directors of the Corporation made in accordance with article 32-3 (5) of
the Law regarding the withdrawal of the preferential subscription rights.

5. Consequential amendment of the first two paragraphs of article 3 of the articles of incorporation of the Corpora-

tion so as to read as follows:

«The subscribed capital is set at one hundred thousand Euro (EUR 100,000) consisting of (i) (a) sixteen thousand five

hundred (16,500) non-redeemable class A shares and (b) seventeen thousand (17,000) redeemable class A shares (to-
gether the «Class A Shares») and (ii) sixteen thousand five hundred (16,500) redeemable class B shares (the «Class B
Shares»), (all two classes of shares herein collectively referred to as the «Shares» and the holders of such Shares re-
ferred to as the «Shareholders»), all with a nominal value of two Euro (EUR 2.00) per Share and all of said Shares being
fully paid.

The authorised capital is fixed at an additional one million nine hundred thousand Euro (EUR 1,900,000.-) consisting

of six hundred thirty-six thousand five hundred (636,500) additional redeemable Class A Shares and three hundred thir-
teen thousand five hundred (313,500) additional Class B Shares, all with a nominal value of two Euro (EUR 2.00) per
Share. Any authorised but unissued Shares shall lapse five (5) years after publication in the Mémorial of the notarial deed
recording the shareholders’ resolution on the authorised capital.»

6. Acknowledgement and approval by the meeting that the new shareholders pursuant to item 3 of the agenda are

inscribed on the attendance list in order to participate in the extraordinary general meeting and to vote on the remaining
items of the agenda.

7. Amendment, rewording in English and restatement of the articles of incorporation of the Corporation in the form

as delivered together with the proxies, with any such variations as the proxy holder may deem appropriate and in par-
ticular rewording in English and restatement of the object clause which shall be as follows:

«The object of the Corporation is the holding of participations, in any form whatsoever, in Luxembourg companies

and foreign companies; the acquisition by purchase, subscription or in any other manner as well as the transfer by sale,
exchange or otherwise of stock, bonds, debentures, notes and other securities of any kind; and the ownership, admin-
istration, development and management of its portfolio. The Corporation may borrow money in any form and lend the
proceeds of such borrowings to its subsidiaries and may give security for any borrowings. Within the limits provided by
applicable laws and regulations the Corporation may hold interests in limited partnership.

The Corporation shall not itself carry on directly any industrial activity or maintain a commercial establishment open

to the public.

The Corporation may however participate in the establishment and development of any industrial or commercial en-

terprises, and may render them every assistance whether by way of loans, guarantees or otherwise. In a general fashion,
it may take any controlling and supervisory measures and carry out any operation which it may deem useful in the ac-
complishment and development of its purposes remaining always however within the limits established by the laws of
July thirty-first, nineteen hundred and twenty-nine on holding companies.»

8. Appointment of Mr Damian Perl, Mr Charlie Andrews and another person to be appointed by the proxyholder as

members of the board of directors in replacement of Mr Jean Hoffmann, Mr Marc Koeune, Mrs Andrea Dany and Mrs

30100

Nicole Thommes and consent to the appointment of Mr Damian Perl as chief executive officer and of Mr Charlie An-
drews as deputy chief executive officer of the Corporation.

After the foregoing has been approved the meeting unanimously took the following resolutions:

First resolution

The meeting resolved (a) to amend the nominal value of the shares of the Corporation in order to change it from

one hundred Euro (EUR 100) to two Euro (EUR 2.00) so that each existing share of a nominal value of one hundred
Euro (EUR 100) be divided into fifty (50) shares of a nominal value of two Euro (EUR 2.00) each, and (b) to reclassify
the issued shares in the Corporation into sixteen thousand (16,000) Class A non redeemable shares each with a nominal
value of two Euro (EUR 2.00) per share, which shares shall give right to the issue of five thousand (5,000) founder shares
as those founder shares are provided for in the articles of incorporation of the Corporation, which will be amended,
reworded in English and restated as set forth in the seventh resolution of this meeting.

Second resolution

The meeting resolved to amend article 3 of the articles of incorporation of the Corporation so as to add a last par-

agraph as follows:

«The Corporation may, to the extent and under terns permitted by law, redeem its own Shares.
The issue of redeemable Class A Shares or Class B Shares (the «Redeemable Shares») is subject to the following

conditions set forth in Article 49-8 of the law of 10th August, 1915, on commercial companies:

(i) the Redeemable Shares shall be fully paid-up on issue;
(ii) (a) The Corporation shall serve a notice (the «Purchase Notice») upon the Person appearing in the register of

(b) The price to be paid for each Redeemable Share so repurchased will be determined by the board of directors but

shall not be lower than the nominal value of such Redeemable Shares;

by the Corporation with a bank in Luxembourg or elsewhere (as specified in the Purchase Notice) for payment to such
owner upon surrender of the relevant share certificate or certificates representing the Redeemable Shares specified in
such Purchase Notice (if any such share certificate or certificates have been issued). Upon deposit of such price as afore-
said, no Person interested in the Redeemable Shares specified in such Purchase Notice shall have any further interest
in such Redeemable Shares or any of them, or any claim against the Corporation or its assets in respect thereof, except
for the right of the holder appearing as the owner thereof to receive the price so deposited (without interest) from
such bank upon effective surrender of the share certificate or certificates as aforesaid;

(d) The exercise by the Corporation of the powers conferred by this Article 3 shall not be questioned or invalidated

(e) The paragraphs (a) to (d) inclusive shall also be applicable in case the repurchase is requested by the Shareholder

in respect of his Redeemable Shares, provided that such repurchase request may only be made regarding all the Re-
deemable Shares held by such Shareholder;

(iii) the redemption price may only be made by using sums available for distribution in accordance with Article 72-1,

paragraph (1) of the law of 10th August, 1915 on commercial companies, or proceeds of a new issue made with a view
to carry out such redemption;

(iv) an amount equal to the aggregate nominal value of all the Redeemable Shares so redeemed must be transferred

(v) the preceding sub-paragraph (iv) shall not apply to redemption funded by proceeds from a new issue made with

a view to carry out such redemption.»

Third resolution

The meeting resolved to increase the issued share capital of the Corporation from currently thirty-two thousand

Euro (EUR 32,000) to one hundred thousand Euro (EUR 100,000) by the issue of (i) seventeen thousand (17,000) re-
deemable class A shares, (ii) five hundred (500) additional non-redeemable class A shares and (iii) sixteen thousand five
hundred (16,500) redeemable class B shares, at an issue price per share of two Euro (EUR 2.00).

The meeting acknowledged and approved a report by the board of directors, drafted in accordance with article 32-

3(5) of the Law regarding the limitation of the preferential subscription rights, and resolved that such report complied
with said article 32-3(5).

30101

The meeting resolved to limit the preferential subscription rights of the existing shareholder in relation to the shares

issued and it noted that the existing shareholder had waived its pre-emptive subscription rights with respect to such
issue of shares.

Such increase of share capital has been subscribed and paid in cash, by the following subscribers in the proportion as

mentioned below pursuant to a subscription form which having been signed by all the appearing persons and the under-
signed notary, shall remain annexed to this document to be filed with the registration authorities:

Evidence of such payments has been given to the undersigned notary.

Fourth resolution

The meeting resolved to increase the authorised corporate capital of the Corporation so that the board of directors

is authorised to issue an additional one million nine hundred thousand Euro (EUR 1,900,000.-) consisting of six hundred
thirty-six thousand five hundred (636,500) additional redeemable Class A Shares and three hundred thirteen thousand
five hundred (313,500) additional Class B shares, all with a nominal value of two Euro (EUR 2.00) per share.

As regards said increase of the authorised corporate capital, the meeting acknowledged and approved a report by

the board of directors, drafted in accordance with article 32-3(5) of the Law concerning the price if any at which shares
in the Corporation may be issued, if issued against a consideration in cash to the extent such issues are being made
without reserving any preferential subscription rights of existing Shareholders. The meeting resolved that such report
complied with said article 32-3(5).

Fifth resolution

Consequently, the meeting resolved to amend the first two paragraphs of article 3 of the articles of incorporation of

the Corporation so as to read as follows:

«The subscribed capital is set at one hundred thousand Euro (EUR 100,000) consisting of (i) (a) sixteen thousand five

The authorised capital is fixed at an additional one million nine hundred thousand Euro (EUR 1,900,000.-) consisting

Sixth resolution

The meeting acknowledged and approved that the new shareholders of the Corporation pursuant to the above sub-

scription are inscribed on the attendance list of the meeting and shall participate in the meeting and vote on the remain-
ing items of the agenda, having declared themselves duly informed thereof.

Seventh resolution

The meeting resolved to amend, reword in English and restate the articles of incorporation of the Corporation as

set out hereafter:

I. Name, Duration, Object, Registered office

Art. 1. There is hereby formed a corporation in the form of a société anonyme, under the name of UNIVERSAL

HOLDING S.A. (the «Corporation»).

Art. 2. The Corporation is established for an unlimited duration.

Art. 3. The object of the Corporation is the holding of participations, in any form whatsoever, in Luxembourg com-

panies and foreign companies; the acquisition by purchase, subscription or in any other manner as well as the transfer
by sale, exchange or otherwise of stock, bonds, debentures, notes and other securities of any kind; and the ownership,
administration, development and management of its portfolio. The Corporation may borrow money in any form and
lend the proceeds of such borrowings to its subsidiaries and may give security for any borrowings. Within the limits
provided by applicable laws and regulations the Corporation may hold interests in limited partnership.

The Corporation shall not itself carry on directly any industrial activity or maintain a commercial establishment open

to the public.

The Corporation may however participate in the establishment and development of any industrial or commercial en-

Name of subscriber

Number of class

Subscription

A redeemable

A non-redeemable

B redeemable

price (EUR)

shares subscribed

Damian Perl . . . . . . . . . . . . . . . . . . . . . . .

17,000

34,000.-

DAMAZEIN INTERNATIONAL Ltd . . .

500

1,000.-

Charlie Andrews . . . . . . . . . . . . . . . . . . .

16,500

33,000.-

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

17,000

500

16,500

68,000.-

30102

complishment and development of its purposes remaining always however within the limits established by the laws of
July thirty-first, nineteen hundred and twenty-nine on holding companies.

Art. 4. The registered office of the Corporation is established in Luxembourg-City. Branches or other offices may

be established either in Luxembourg or abroad by resolution of the board of directors.

In the event that the board of directors determines that extraordinary political, economic or social developments

have occurred or are imminent, that would interfere with the normal activities of the Corporation at its registered office
or with the ease of communication between such office and Persons abroad, the registered office may be temporarily
transferred abroad until the complete cessation of these abnormal circumstances; such temporary measures shall have
no effect on the nationality of the Corporation which, notwithstanding the temporary transfer of its registered office,
will remain a Luxembourg corporation.

II. Share capital, Shares

Art. 5. The subscribed capital is set at one hundred thousand Euro (EUR 100,000) consisting of (i) (a) sixteen thou-

sand five hundred (16,500) non-redeemable class A shares and (b) seventeen thousand five hundred (17,000) redeem-
able class A shares (together the «Class A Shares») and (ii) sixteen thousand five hundred (16,500) redeemable class B
shares (the «Class B Shares»), (all two classes of shares herein collectively referred to as the «Shares» and the holders
of such Shares referred to as the «Shareholders»), all with a nominal value of two Euro (EUR 2.00) per Share and all of
said Shares being fully paid.

The authorised capital is fixed at an additional one million nine hundred thousand Euro (EUR 1,900,000.-) consisting

of six hundred thirty-six thousand five hundred (636,500) additional redeemable Class A Shares and three hundred thir-
teen thousand five hundred (313,500) additional Class B Shares, all with a nominal value of two Euro (EUR 2.00) per
Share. Any authorised but unissued Shares shall lapse five (5) years after publication in the Mémorial of the notarial deed
recording the Shareholders’ resolution on the authorised capital.

No resolution of the board of directors as regards the authorised capital or of the Shareholders shall be passed to

increase the subscribed capital of the Corporation by the issuance of additional Class A Shares or Class B Shares, as
applicable, unless each Class A Shareholder or Class B Shareholder, as applicable, has the right to subscribe for a pro-
portion of the Class A Shares or Class B Shares, as applicable, pro rata to the number of the Class A Shares or the Class
B Shares respectively that such Class A Shareholder or Class B Shareholder, as applicable, held immediately prior to
such share issuance. Such right of subscription shall be exercisable (unless waived) for a period of 30 days following the
resolution to increase the corporate capital or such longer period as may be determined by the board of directors or
the Shareholders, as applicable. For the avoidance of doubt, subject to Article 24, the board of directors and the Share-
holders may increase from time to time in accordance with the present Articles of incorporation the corporate capital
of the Corporation by the issuance of any number of Class A Shares or Class B Shares or any combination of them.

Without prejudice to the preceding paragraphs, and upon the terms and conditions laid down in an agreement binding

upon all the Shareholders, the Corporation shall not issue any additional Class A Shares without offering to the relevant
Class B Shareholder such number of Class B Shares so that if such Class B Shareholder elected to subscribe for those
shares, such Class B Shareholder would maintain the proportional interest he had in the Corporation immediately prior
to such share issuance. Such right of subscription shall be exercisable for a period of 30 days following the resolution
to increase the number of Class A Shares or such longer period as may be determined by the board of directors or the
Shareholders, as applicable.

Subject to the preceding paragraphs, the board of directors or delegate(s) duly appointed by the board of directors

may from time to time issue Shares out of the total authorised capital at such times and on such terms and conditions,
including issue price, as the board or its delegate(s) may in its or their discretion resolve.

A capital increase within the limits of the authorised capital shall be recorded by a notarial deed, at the request of

the board of directors or its delegate(s) against presentation of the documents establishing the subscriptions and pay-
ments.

The authorised and the subscribed capital of the Corporation may be increased or reduced by a resolution of the

Shareholders adopted in the manner required for amendment of these Articles of incorporation and subject to the pro-
visions of Article 25.

The subscription for new Shares is conditional on the subscriber entering into an agreement (a «Deed of Adher-

ence») with the other Shareholders agreeing to be a party to any eventual agreement in force between the Shareholders
at that time, except for any subscriber who is already party to such agreement and who shall not be required to enter
into a Deed of Adherence.

Art. 6. The Corporation may, to the extent and under terms permitted by law, redeem its own Shares.
The issue of redeemable Class A Shares or Class B Shares (the «Redeemable Shares») is subject to the following

conditions set forth in Article 49-8 of the law of 10th August, 1915, on commercial companies:

(vi) the Redeemable Shares shall be fully paid-up on issue;
(vii) (a) The Corporation shall serve a notice (the «Purchase Notice») upon the Person appearing in the register of

30103

Redeemable Shares from the register of Shareholders. Any such holder will cease to have any rights as a Shareholder
with respect to the Redeemable Shares to be repurchased as from the date specified in the Purchase Notice referred
to above;

(b) The price to be paid for each Redeemable Share so repurchased will be determined by the board of directors but

shall not be lower than the nominal value of such Redeemable Shares;

by the Corporation with a bank in Luxembourg or elsewhere (as specified in the Purchase Notice) for payment to such
owner upon surrender of the relevant share certificate or certificates representing the Redeemable Shares specified in
such purchase notice (if any such share certificate or certificates have been issued). Upon deposit of such price as afore-
said, no Person interested in the Redeemable Shares specified in such Purchase Notice shall have any further interest
in such Redeemable Shares or any of them, or any claim against the Corporation or its assets in respect thereof, except
for the right of the holder appearing as the owner thereof to receive the price so deposited (without interest) from
such bank upon effective surrender of the share certificate or certificates as aforesaid;

(d) The exercise by the Corporation of the powers conferred by this Article 6 shall not be questioned or invalidated

(e) The paragraphs (a) to (d) inclusive shall also be applicable in case the repurchase is requested by the Shareholder

in respect of his Redeemable Shares, provided that such repurchase request may only be made regarding all the Re-
deemable Shares held by such Shareholder;

(viii) the redemption price may only be made by using sums available for distribution in accordance with Article 72-

1, paragraph (1) of the law of 10th August, 1915 on commercial companies, or proceeds of a new issue made with a
view to carry out such redemption;

(ix) an amount equal to the aggregate nominal value of all the Redeemable Shares so redeemed must be transferred

(x) the preceding sub-paragraph (iv) shall not apply to redemption funded by proceeds from a new issue made with

a view to carry out such redemption.

Art. 6-1. The Corporation shall have the right to redeem all or any portion of the Class B Shares in excess of the

Base Class B Shares upon payment to the relevant Class B Shareholder of an amount equal to the product of the Latest
Valuation multiplied by a fraction equal to the number of those Class B Shares being redeemed over the total number
of Shares issued and allocated at that time.

So long as the Class B Shareholder consents, the Corporation shall have the right to redeem all or any portion of the

Base Class B Shares upon payment to the relevant Class B Shareholder of an amount equal to the fair market value of
those Base Class B Shares.

Art. 7. The Shares of the Corporation are in registered form only.
A register of Shares will be kept at the registered office of the Corporation, where it will be available for inspection

by any Shareholder. Ownership of registered Shares will be established by inscription in the said register.

Share certificates may be issued for Shares in such denominations as the board of directors shall prescribe. The share

certificates shall be in such form and shall bear such legends and such numbers of identification as shall be determined
by the board of directors. The share certificates shall be signed manually or by facsimile by the Chairman and any other
director of the Corporation.

Lost, stolen or mutilated share certificates will be replaced by the Corporation upon such evidence, undertakings and

indemnities as may be deemed satisfactory to the Corporation, provided that mutilated share certificates shall be deliv-
ered before new share certificates are remitted.

The Corporation may consider the Person in whose name the Shares are registered in the register of Shareholders

as the owner of such Shares. The Corporation shall be completely free from every responsibility in dealing with such
Shares towards third parties and shall be justified in considering any right, interest or claims of such third parties in or
upon such Shares to be non-existent, subject, however, to any right which he might have to demand the registration or
change in registration of Shares. In the event that a Shareholder does not provide an address to which all notices or
announcements from the Corporation may be sent, the Corporation may permit a notice to this effect to be entered
into the register of Shareholders and such holder’s address will be deemed to be at the registered office of the Corpo-
ration or such other address as may be so entered by the Corporation from time to time, until a different address shall
be provided to the Corporation by such Shareholder. The Shareholder may, at any time, change his address as entered
in the register of Shareholders by means of written notification to the Corporation.

Art. 8. (i) The Corporation may issue up to five thousand (5,000) founder shares in one or more issues (the «Found-

er Shares»). The Founder Shares shall never represent more than ten (10) percent of the issued and subscribed share
capital of the Corporation.

(ii) The Founder Shares shall be in bearer form and shall be issued, at the discretion of the Shareholders, to employees

holding a key management position in any Group Member and having played a key role in the inception and growth of
the Corporation and of the Group Members (the «Founder Shareholders»). Founder Shares may only be issued to those
employees, who, upon proposal by the Founder’s Committee or the Shareholders, have received the approval of both
the Founder’s Committee and the Shareholders.

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(iii) The Founder Shareholders shall continue (a) to fulfil their respective duties within the Group with the expected

level of professionality and performance, and (b) to sit on the Founder’s Committee and participate in any meeting
thereof.

(iv) The Founder Shares do not carry voting rights except as provided for in paragraph (xi) below.
(v) The Founder Shares or any interest therein shall not be transferred to any other Person, including for the avoid-

ance of any doubt to any Shareholder or to any other holder of Founder Shares, be it with or without consideration.
The Founder Shareholders may not transfer or create, agree to create, allow to come into being or permit to subsist
at any time any Security Interest over any of their Founder Shares (other than with the prior written consent of the
Chairman).

(vi) The existing Founder Shareholders shall have no pre-emption right on additional issues of Founder Shares.
(vii) The Founder Shares shall entitle the holder thereof to the payment of a dividend as determined by the Share-

holders.

(viii) (a) If the Founder Shareholder is be deemed to be a Good Leaver or an Average Leaver (as those terms are

defined below), the Founder Shares he holds shall automatically be cancelled, and, as a consideration therefor, he will
be entitled to the payments as follows:

- In the case of a Founder Shareholder who dies or retires for reasons of incapacity or retirement at a normal retire-

ment age, or in circumstances where the board of directors has agreed that such Founder Shareholder has given full
and faithful service to the Group Member and is leaving the Group Member through no fault on his part on the expira-
tion of a period of notice properly given or is a Person whom the Founder’s Committee and the board of directors, has
agreed to treat as a good leaver (a «Good Leaver»), such Founder Shareholder is entitled to receive, as consideration
for said cancellation, an amount equal to the product of the Latest Valuation multiplied by a fraction, the numerator of
which shall be the aggregate number of Founder Shares of the Good Leaver and the denominator of which shall be the
total number of Founder Shares then issued on the date of his departure from the Group Member.

- In the case of a Founder Shareholder who has been determined by the Founder’s Committee and the board of di-

rectors to be an average leaver (an «Average Leaver»), three times his gross annual basic salary regardless of the amount
of Founder Shares held.

(b) In the case the Founder Shareholder who voluntarily terminates his employment with any Group Member or who

is being dismissed from employment with any Group Member for breach of the terms of his employment agreement (a
«Bad Leaver»), the Founder Shares he holds shall automatically be cancelled without any consideration whatsoever.

(ix) The second indent of paragraph (viii)(a) also applies if the Founder’s Committee unanimously determines that the

performance of a Founder Shareholder is not as stated in paragraph (iii) (a) and that consequently said Founder Share-
holder should no longer be a Founder Shareholder albeit he remains in the employment of any Group Member.

(x) Notwithstanding anything contained herein, if the employment of a Founder Shareholder terminates within 12

months of him becoming a Founder Shareholder, his Founder Shares will be cancelled automatically and the Founder
Shareholder has no right to any compensation whatsoever for those Founder Shares.

(xi) Subject to the provision of Article 14 which applies mutatis mutandis, each Founder Shareholder is entitled to

one vote in meetings of the Founder’s Committee however many Founder Shares he is in possession of. Article 18,
paragraphs 3 to 9, and Article 19, paragraph 1, of the present Articles of incorporation shall apply mutatis mutandis to
meetings of the Founder’s Committee.

Except as provided in paragraph (ix) above, resolutions of the Founder’s Committee shall be passed by simple ma-

jority.

Art. 9. Each Shareholder shall ensure that any transfer by it or any of its Affiliates of a Share or any interest or right

arising from a Share (an option, warrant or other right to acquire any Share (whether by subscription, conversion or
otherwise) being deemed to be an interest in a Share for this purpose) shall be made in accordance with the provisions
of these Articles of incorporation or any other agreement duly notified to the Corporation and any transfer made oth-
erwise than in accordance with such provisions shall be void and shall not be registered.

Art. 10. (i) The Class A Shares can be freely transferred or assigned to any Person or Persons or made subject to a

Security Interest in favour of any Person or Persons (subject to Article 10 (iii) and any provision of an agreement binding
upon all the Shareholders).

(ii) If any Class A Shareholder wishes to sell all or a proportion of his Class A Shares, and subsequently finds a bona

fide arm’s length purchaser for all or any proportion of his Class A Shares, and agrees the price and terms for the sale
to such purchaser of all or any proportion of his Class A Shares, then such Class A Shareholder may at its election give
notice to the Corporation and the Class B Shareholders specifying (a) the number of Class A Shares that he wishes to
transfer; (b) the name of the prospective purchaser to whom he proposes to sell such Class A Shares; and (c) the price
and other material terms at which he wishes to transfer such Class A Shares.

On receipt of such notice, each Class B Shareholder shall be bound to sell to the purchaser identified in the notice

at the same price and on identical terms at which such transfer is to be made by the relevant Class A Shareholder in
the same proportion that its existing holdings of Class B Shares bears to the Class A Shares being transferred.

(iii) If the Class A Shareholders wish to transfer the whole of the Class A Shares in a single transaction or a series of

connected transactions to one or more bona fide arm’s length purchasers, then such prospective purchaser(s) must
make an offer to the Class B Shareholders to acquire all of their respective Class B Shares at the same price and on
identical terms at which such transfer is to be made. Each of the Class A Shareholders shall give notice (the «Sale No-
tice») to the Corporation and the Class B Shareholders of its wish to sell the whole of the Class A Shares. The Sale
Notice shall identify the prospective purchaser(s) and state the number of the Class A Shares proposed to be trans-
ferred, the proposed offering price and any other material terms and conditions of the proposed transfer.

30105

Subject to Clause 10 (ii), each Class B Shareholder shall have the right, exercisable upon notice to the Class A Share-

holders within 30 days after delivery of the Sale Notice, to participate in such transfer on the same terms and conditions
set out in the Sale Notice. Each Class B Shareholder shall within such 30 day period respond to the Sale Notice by notice
to each Class A Shareholder (with a copy to the Corporation at the Corporation’s registered office) as to whether or
not it elects to participate in the transfer. Any Class B Shareholder that fails to deliver a notice in response to the Sale
Notice within the 30 day period as aforesaid shall be deemed to have elected not to participate in such transfer. Fol-
lowing expiration of the 30 day period, the Class A Shareholders and the participating Class B Shareholders shall be free
to complete the transfer to the prospective purchaser(s) on the terms and conditions set out in the Sale Notice.

Art. 11. The Class B Shareholders may not create; agree to create, allow to come into being or permit to subsist at

any time any Security Interest over any of their Class B Shares (other than with the prior written consent of the Class
A Shareholders).

Art. 12. (i) No Class B Shareholder shall transfer any of his Class B Shares whatsoever or issue a Transfer Notice

(as defined below) prior to the third anniversary of becoming a Shareholder without the prior written approval of the
Class A Shareholders in their absolute discretion.

In the event of a transfer by or redemption from the Class B Shareholder in accordance with the provisions of an

agreement binding upon all the Shareholders and the present Articles of incorporation, the Class B Shareholder shall
be deemed to transfer his Non-Base Class B Shares first and only after he has transferred all his Non-Base Class B Shares
shall he be deemed to transfer his Base Class B Shares.

(ii) After the expiry of the period set out in paragraph (i) above, and subject to paragraphs (iii) to (vi) inclusive, a Class

B Shareholder may transfer all (and not just part) of his Class B Shares to any Person (the «Prospective Purchaser»)
only if he receives an offer that satifies the provisions of this paragraph (ii) (the «Offer»):

(a) which is a bona fide Offer in writing;
(b) from a Prospective Purchaser which has provided evidence to the Class A Shareholders of its own financial re-

sources to meet its obligations under the Offer for the total amount of the purchase price or has an unconditional and
legally binding commitment from a credit worthy lender(s) to finance the Offer;

(c) which is irrevocable and unconditional;
(d) which obliges the Prospective Purchaser to enter into a Deed of Adherence in accordance with the second par-

agraph of Article 13;

(e) which is for cash consideration only in a lump sum; and
(f) which contains all material terms and conditions (including the price and the intended date of consummation of

the transfer of such Class B Shares from the Class B Shareholder to the Prospective Purchaser).

(iii) If a Class B Shareholder receives an Offer that it wishes to accept, it must immediately give written notice (the

«Transfer Notice») to each of the Class A Shareholders offering to sell those Class B Shares which are the subject of
the Offer (the «Class B Sale Shares») to such Class A Shareholders at the same cash price as set out in the Offer, and
on terms which are no less favourable than those contained in the Offer.

The Transfer Notice must also state:
(a) that the period within which the Offer to sell the Class B Sale Shares to the Class A Shareholders shall remain

open for acceptance will be 180 days from the date of the Transfer Notice (the «Acceptance Period»);

(b) full details of the Prospective Purchaser making the Offer; and
(c) full details of all other terms and conditions of the Offer.
The Class A Shareholders shall have an option to elect to purchase all (and not just a part) of the Class B Sale Shares

in accordance with paragraph (v).

(iv) Once the Class A Shareholders have received a Transfer Notice they shall either:
(a) send a notice to the Class B Shareholder (an «Acceptance Notice») within the Acceptance Period accepting the

Offer set out in the Transfer Notice and setting out the percentage, if any, of the Class B Sale Shares that each Class A
Shareholders has elected to purchase; or

(b) send a notice to the Class B Shareholder within the Acceptance Period rejecting the Offer set out in the Transfer

Notice.

(v) If:
(a) the Offer set out in the Transfer Notice is accepted by the Class A Shareholders, the Class B Shareholder must

sell the Class B Sale Shares to each of the Class A Shareholders in such percentage set forth in the Acceptance Notice
(in accordance with the terms set out in the Transfer Notice and the Acceptance Notice).

(b) the Class A Shareholders have failed to send an Acceptance Notice within the Acceptance Period in accordance

with paragraphs (iii)(a) and (iv), then the Class B Shareholder is deemed to have served a notice on the Corporation of
such rejection which shall be deemed to include an Offer to the Corporation to purchase all (and not just a part) of the
Class B Sale Shares for a period of 30 days from the expiration of the Acceptance Period (in accordance with the terms
set out in the Transfer Notice and the Acceptance Notice).

- The Corporation shall within 30 days from the expiration of the Acceptance Period respond by notice to the Class

B Shareholder as to whether or not the Corporation wishes to accept the Offer (the «Company Response Notice»).
A Company Response Notice indicating acceptance or rejection of the Offer shall, in either case, be irrevocable, subject
to applicable law.

- If the Corporation has accepted the Offer in accordance with the first indent of paragraph (v)(b), the Class B Share-

holder must sell all Class B Sale Shares to the Corporation (in accordance with the terms set out in the Transfer Notice
and the Acceptance Notice).

30106

the Class B Shareholder may accept the Offer and sell the Class B Sale Shares to the Prospective Purchaser on the terms
and conditions of the Offer subject to paragraph (vi) below.

(vi) No Class B Shareholder shall transfer any of its Class B Shares to any Prospective Purchaser without the prior

written approval of the Class A Shareholders, which approval shall be within the absolute discretion of the Class A
Shareholders for a period of 12 months after the Class A Shareholders first receive a valid Transfer Notice (the «12
Month Absolute Period»). At the end of the 12 Month Absolute Period, the Class A Shareholders’ approval may not be
unreasonably withheld or delayed and must be exercised in the interests of the Group.

(vii) Transfers by a Class B Shareholder when no Offer:
(a) If after the expiry of the period set out in paragraph (i) of this Article 12, a Class B Shareholder wishes to transfer

all (and not just a part) of his Class B Shares (the «Class B Transfer Shares») at any time, it shall promptly notify each
of the Class A Shareholders thereof offering to sell all (and not just part) of the Class B Transfer Shares (the «Class B
Transfer Offer») for an amount equal to the product of the Latest Valuation multiplied by a fraction equal to the number
of Class B Transfer Shares over the total number of Shares then issued (the «Transfer Price»).

- Each of the Class A Shareholders shall within 180 days from the date of the Class B Transfer Offer respond by notice

to the Class B Shareholder (with a copy to the Corporation at the Corporation’s registered office) as to whether or
not the Class A Shareholders wish to accept the Class B Transfer Offer for the Transfer Price (the «Class A Response
Notice»). A Class A Response Notice indicating acceptance or rejection of the Class B Transfer Offer shall, in either
case, be irrevocable.

- If one or more of the Class A Shareholders have accepted the Class B Transfer Offer in accordance with the first

indent of paragraph (vii)(a), the Class B Shareholder must sell the Class B Transfer Shares to those Class A Shareholders
for the Transfer Price within 90 days of the Class A Response Notice, subject to applicable law.

(b) If the Class A Shareholders fail to accept the Class B Transfer Offer in accordance with the first indent of para-

graph (vii)(a), the Class B Shareholder is deemed to have served a notice on the Corporation of such rejection which
shall be deemed to include a Class B Transfer Offer to the Corporation to purchase all (and not just part) of the Class
B Transfer Shares for a period of 30 days from the expiration of the period referred to in the first indent of paragraph
(vii)(a).

- The Corporation shall within 30 days from the expiration of the period referred to in the first indent of paragraph

(vii)(a) respond by notice to the Class B Shareholder as to whether or not the Corporation wishes to accept the Class
B Transfer Offer for the Transfer Price. A response notice indicating acceptance or rejection of the Class B Transfer
Offer shall, in either case, be irrevocable, subject to applicable law.

- If the Corporation accepts the Class B Transfer Offer in accordance with the first indent of paragraph (vii)(b), the

Class B Shareholder must sell the Class B Transfer Shares to the Corporation for the Transfer Price within 90 days of
delivery of the notice pursuant to the first indent of paragraph (vii)(b).

to purchase the Class B Transfer Shares under this paragraph (vii). If none of the Corporation or the Class A Share-
holders elect to purchase the Class B Transfer Shares in accordance with this paragraph (vii), all rights, title and interest
in and to such Class B Transfer Shares shall remain with the relevant Class B Shareholder.

Art. 13. A transfer of Shares made in accordance with these Articles of incorporation or any other agreement among

Shareholders duly notified to the Corporation shall be carried out by means of a declaration of transfer entered in the
register of Shareholders, dated and signed by the transferor and the transferee or by their duly authorised representa-
tives. The Corporation may accept and enter in the register of Shareholders a transfer on the basis of correspondence
or other documents recording the agreement between the transferor and the transferee. The Corporation will not rec-
ognise and thus not enter in the register of Shareholders a transfer which is made in violation of transfer restrictions
provided for in these Articles of incorporation or in any other agreement duly notified to the Corporation and binding
upon the transferor and the transferee.

Any transfer of Class B Shares is conditional on the transferee entering into an agreement (a «Deed of Adherence»)

with the other Shareholders agreeing to be a parry to such agreement, except for a transferee who acquires all the
Shares or a transferee who is already parry to any eventual agreement in force between the Shareholders at that time
and who need not sign a Deed of Adherence.

On transfers of Shares, new certificates in respect of Shares transferred and retained respectively may be issued in

each case without charge.

Art. 14. The Corporation will recognise only one holder per Share.
If any Share shall be held by more than one Person, the Corporation has the right to suspend the exercise of all rights

attached to the Share(s) until one Person has been appointed titleholder with regard to such Share(s). The same rule
shall apply in the case of a conflict between an usufructuary and a bare owner.

The Corporation shall not issue fractions of Shares. The board of directors shall be authorised at its discretion to

provide for the payment of cash or the issuance of script in lieu of any fraction of a Share.

III. General meetings of Shareholders

Art. 15. Any regularly constituted meeting of Shareholders of the Corporation shall represent the entire body of

Shareholders of the Corporation. It shall have the broadest powers to order, carry out or ratify acts relating to the
operations of the Corporation. The general meeting of Shareholders is convened by the board of directors. It may also
be convened at the request of Shareholders representing at least twenty per cent (20%) of the issued share capital of
the Corporation or by the Chairman or by two directors, one of whom shall be a Class A Director. In case Shareholders
representing at least twenty per cent (20%) of the issued share capital of the Corporation request to hold a general

30107

meeting of Shareholders, the board of directors shall be obliged to convene a meeting so that it is held within one (1)
month.

Art. 16. The annual general meeting of Shareholders shall be held in Luxembourg at the registered office of the Cor-

poration, or at such other place in Luxembourg as may be specified in the notice of meeting, on the 17th April at 5.00
p.m. If such day is a legal holiday in the Grand Duchy of Luxembourg the annual general meeting of Shareholders shall
be held on the next following business day.

Other meetings of Shareholders may be held at such place and time as may be specified in the respective notices of

meeting.

Subject to the provisions of Article 14, each Share is entitled to one vote. A Shareholder may act at any meeting of

Shareholders by appointing another Person as his proxy in writing, cable, telegram, telex or telefax.

If all of the Shareholders are present or represented at a general meeting of Shareholders, and if they state that they

have been informed of the agenda of the meeting, the meeting may be held without prior notice or publication.

All general meetings of Shareholders shall be chaired by a chairman who will be a holder of Class A Shares or a rep-

resentative thereof, appointed from time to time by the Shareholders.

Resolutions at a general meeting of Shareholders duly convened will be passed by a simple majority of those present

or represented except as may otherwise provided by law or as specifically set out in Article 24 herebelow.

The provisions applying to the general meeting of Shareholders shall apply mutatis mutandis to class meetings, except

that class meetings shall be chaired by a chairman who will be a holder of that class of Shares called at such class meeting.

IV. Board of Directors

Art. 17. The Corporation shall be managed by a board of directors which shall be composed of at least three (3)

members who need not be Shareholders.

The Class A Shareholders shall be entitled by resolution of Class A Majority (meaning the holders of a majority of

the aggregate total number Class A Shares in issue from time to time) to propose for election of two thirds of the di-
rectors by providing a list comprising at least 2 names for each director to be so appointed (the «Class A Directors»).

The Class B Shareholders shall be entitled by resolution of Class B Majority (meaning the holders of a majority of the

aggregate total number Class B Shares in issue from time to time) to propose for election of one third of the directors
by providing a list comprising at least 2 names for each director to be so appointed (the «Class B Directors»).

The directors shall serve for a term of three (3) years provided that the directors shall hold office until their succes-

sors are elected. They shall be eligible for reappointment.

The directors shall be appointed or may be removed with or without cause by the general meeting of Shareholders

upon proposal of the Class A Shareholders as regards the Class A Directors and upon proposal of the Class B Share-
holders as regards the Class B Directors, each time by a simple majority vote of the Shares present or represented.

In the event of a vacancy in the office of a director because of death, retirement, resignation or otherwise, this vacancy

may be filled out on a temporary basis until the next general meeting of Shareholders, by observing the applicable legal
prescriptions.

Art. 18. The board of directors shall choose from among the Class A Directors a chairman (the «Chairman») who

shall have a casting vote. It may also choose a secretary, who need not be a director and who shall be responsible for
keeping the minutes of the meetings of the board of directors.

Board meetings shall be held at least twice a year and when necessary.
The board of directors shall meet upon call by the Chairman. Such convening notice to be sent to all the directors

shall set the agenda and the place of meeting.

Five (5) calendar days written notice shall be given to each of the directors of all board meetings, save in case of ur-

gency where a 24 hours prior notice shall suffice, which notice shall duly set out the reason for the urgency.

The Chairman shall preside at all meetings of the board of directors. If the Chairman is absent from any meeting of

the board of directors, the directors present may appoint any other Class A Director to act as temporary chairman for
that meeting.

Any director may act at any meeting of the board of directors by appointing in writing or by telefax or by electronic

mail another director of the same class as his proxy.

A director may represent more than one of his fellow directors of the same class of directors.
Any director may participate in any meeting of the board of directors by conference-call, video conference or by

other similar means of communication allowing all the persons taking part in the meeting to hear one another. The par-
ticipation in a meeting by these means is equivalent to a participation in person at such meeting.

The board of directors may, unanimously, pass resolutions by circular means when expressing its approval in writing,

by cable, telegram, telex or facsimile, or any other similar means of communication, to be confirmed in writing. The
entirety will form the minutes giving evidence of the resolution.

Art. 19. The quorum at a meeting of the board of directors shall be the majority of the,members of the board of

directors. If a quorum is not obtained within two (2) hours of the time set for the board meeting the directors present
may adjourn the meeting to a later time and venue. Notices of the adjourned meeting shall be given by the secretary to
the board of directors, if any, failing whom by the Chairman.

Other than as specifically set out in Article 24 all business arising at any meeting of the board of directors shall be

determined by a resolution passed by simple majority of the directors present or represented.

Any director having an interest due to a personal interest in a transaction submitted for approval to the board of

directors conflicting with that of the Corporation, it being understood that the mere fact that the director serves as a
director of a Shareholder or of an Affiliate of a Shareholder shall not constitute a conflict of interests, he must inform
the board of directors of such conflict and may not take part in the vote but will be counted in the quorum, shall be

30108

obliged to inform the board of directors thereof and to cause a record of his statement to be included in the minutes
of the meeting. He may not take part in the business of the meeting. At the next following general meeting of Share-
holders, before any other resolution be voted on, a special report shall be made to the Shareholders on any transactions
in which any of the directors may have an interest conflicting with that of the Corporation.

Art. 20. The minutes of any meeting of the board of directors shall be approved by the next meeting of the board

of directors and signed by the Chairman or, in his absence, by any two directors. Copies or extracts of such minutes
which may be produced in judicial proceedings or otherwise shall be signed by the Chairman, any two directors or the
secretary.

Art. 21. The board of directors is vested with the broadest powers to perform all acts of administration and dispo-

sition in the interests of the Corporation. All powers not expressly reserved by law or by these Articles of incorporation
to the general meeting of Shareholders fall within the competence of the board of directors.

Except as otherwise provided by law, the board of directors is hereby authorised to take such action (by resolution

or otherwise) and to adopt such provisions as shall be necessary or convenient to implement further the terms of these
Articles of incorporation or any other agreement duly notified to the Corporation.

The board of directors may delegate specific duties to one or more committees.
The board of directors may delegate its powers to conduct the daily management and affairs of the Corporation and

the representation of the Corporation for such management and affairs to a chief executive officer and to a deputy chief
executive officer, who, with the prior consent of the general meeting of the Shareholders, may be a member of the
board of directors.

Art. 22. The Corporation will be bound by signature of by any two directors. For acts regarding the daily manage-

ment of the Corporation, the Corporation will be bound by the signature of the chief executive officer, the deputy chief
executive officer or any Persons to whom such signatory power shall be delegated by the board of directors.

Art. 23. Subject to the exception and limitations listed below:
Every Person who is, or has been, a director or officer of the Corporation shall be indemnified by the Corporation

to the fullest extent permitted by law against liability and against all expenses reasonably incurred or paid by him in con-
nection with any claim, action, suit or proceeding in which he becomes involved as a party or otherwise by virtue of his
being or having been such director or officer and against amounts paid or incurred by him in the settlement thereof.

The words «claim», «action», «suit» or «proceeding» shall apply to all claims, actions, suits or proceedings (civil, crim-

inal or otherwise, including appeals) actual or threatened and the words «liability» and «expenses» shall include without
limitation attorneys’ fees, costs, judgements, amounts paid in settlement and other liabilities.

No indemnification shall be provided to any director or officer:
(i) Against any liability to the Corporation or its Shareholders by reason of wilful misfeasance, bad faith, gross negli-

gence or reckless disregard of the duties involved in the conduct of his office;

(ii) With respect to any matter as to which he shall have been finally adjudicated to have acted in bad faith and not in

the interest of the Corporation; or

(iii) In the event of a settlement, unless the settlement has been approved by a court of competent jurisdiction or by

the board of directors.

The right of indemnification herein provided shall be severable, shall not affect any other rights to which any director

or officer may now or hereafter be entitled, shall continue as to a Person who has ceased to be such director or officer
and shall inure to the benefit of the heirs, executors and administrators of such a Person. Nothing contained herein shall
affect any rights to indemnification to which corporate personnel, including directors and officers, may be entitled by
contract or otherwise under law.

Expenses in connection with the preparation and representation of a defence of any claim, action, suit or proceeding

of the character described in this Article 23 may be advanced by the Corporation prior to final disposition thereof upon
receipt of any undertaking by or on behalf of the officer or director, to repay such amount if it is ultimately determined
that he is not entitled to indemnification under this Article 23.

V. Reserved matters

Art. 24. To the extent permitted by the relevant law governing the activities of the Corporation or any Group Mem-

ber and without prejudice to the rules of majority and quorum provided for by applicable law, the following matters
require the prior written approval of the Chairman or a Person designated from time to time by the Chairman or of
the Class A Shareholders in relation to matters to be resolved upon by the Shareholders:

(a) the increase of the nominal share capital of the Corporation or any Group Member or the issue of any Share or

share of a Group Member or the granting of any option to subscribe for Shares or shares or loan capital of a Group
Member;

(b) without prejudice to the requirements of class meetings, the alteration or modification of the rights attached to

any Shares or shares of a Group Member or the alterations to the present Articles of incorporation or the constitutive
documents of a Group Member,

with these Articles of incorporation or with an agreement among Shareholders duly notified to the Corporation;

(d) the capitalisation or repayment of any amounts standing to the credit of any of the reserves of the Corporation

or of a Group Member or the redemption or purchase of the Shares or shares of a Group Member or the reduction
of the share capital of the Corporation or a Group Member;

(e) the payment of any dividends or other distributions out of the capital, profits or reserves of the Corporation or

of a Group Member;

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(f) the making of any borrowings, the entry into any hire purchase, lease, credit sale or similar agreement or the grant-

ing or the creation of or the permit to create or the suffering to subsist any Security interest over the whole or part of
the undertaking property or assets of the Corporation or of a Group Member;

(g) the entry into or the permit or suffering to subsist any guarantee of or indemnity or contract of suretyship for or

otherwise committing the Corporation or a Group Member in respect of the due payment of money or the perform-
ance of any contract, engagement or obligation of any other Person other than a wholly owned subsidiary of the Cor-
poration;

(h) the incorporation, acquisition or disposal of any, subsidiary, or establishment of any new branch, agency, trading

establishment or business or the closing of any such branch, agency, trading establishment or business;

(i) the sale, transfer or otherwise disposal of or in any way the cessation to exercise control over (whether by one

transaction or a series of transactions and whether at one time or over a period of time) the whole or any material part
of the business, undertaking or assets of the Corporation or of a Group Member;

(j) the alteration to the nature of, or the cessation to carry on, the business of the Corporation;
(k) the payment of any remuneration or expenses to any Person other than as proper remuneration for all the serv-

ices provided or as proper reimbursement for expenses incurred in connection with the business of the Corporation
or of a Group Member, or the making of any loans of any kind out of the funds of the Corporation or of a Group
Member;

(l) the entry into any transaction or contract otherwise than on an arm’s-length basis and in the ordinary course of

the business of the Corporation or of a Group Member;

(m) the approval of any transaction or dealing of an unusual or long-term nature other than in the ordinary course

of business of the Corporation or of a Group Member;

(n) the entry into any joint venture, partnership or other arrangement whereby the profits of the Corporation or of

a Group Member may be shared or the establishment of any employee share option or profit related scheme of any
kind whatsoever;

(o) the termination of the appointment of the statutory auditors of the Corporation or of a Group Member;
(p) the alteration of the accounting reference date of the Corporation or of a Group Member;
(q) the voluntary winding-up of the Corporation or of a Group Member or the making of an administration order,

or any resolution for winding-up or the taking of any action which would result in the Corporation becoming insolvent
or unable to pay its debts;

(r) the admission or the application for admission of the Shares or of shares of any Group Member to any recognised

stock exchange;

(s) the opening of further bank accounts or the variation of bank mandates; or
(t) the dealing in any way (including the acquisition or disposal, whether outright or by way of licence or otherwise

howsoever) with the intellectual property of the Corporation or of a Group Member other than in the ordinary course
of business.

VI. Supervision of the Corporation

Art. 25. The operations of the Corporation shall be supervised by one or several statutory auditors, which may not

be Shareholders. The general meeting of Shareholders shall appoint the statutory auditors, and shall determine their
number, remuneration and term of office which may not exceed one year.

VII. Accounting year, Balance

Art. 26. The accounting year of the Corporation shall begin on 1st January of each year and shall terminate on the

31st December of the same year.

Art. 27. From the annual net profits of the Corporation, five percent (5%) shall be allocated to the reserve required

by law. This allocation shall cease to be required as soon and as long as such reserve amounts to ten percent (10%) of
the subscribed capital of the Corporation as increased or reduced from time to time as provided in Article 5 hereof.

The general meeting of Shareholders, upon recommendation of the board of directors, will determine how the re-

mainder of the annual net profits will be disposed of.

All Shares will rank equally to dividend distributions.
Interim dividends may be distributed by observing the terms and conditions foreseen by law.

VIII. Liquidation

Art. 28. In the event of dissolution of the Corporation, liquidation shall be carried out by one or several liquidators,

who may be physical persons or legal entities, appointed by the general meeting of Shareholders effecting such dissolu-
tion and which shall determine their powers and their compensation.

IX. Amendment of the Articles of Incorporation

Art. 29. These Articles of incorporation may be amended by a resolution of the general meeting of Shareholders

adopted in the conditions of quorum and majority foreseen in article 67-1 of the Law of August 10, 1915 on commercial
companies, as amended.

X. Final clause - Applicable law

Art. 30. In the event of any ambiguity or discrepancy between the provisions of an agreement among Shareholders

and the present Articles of incorporation, it is intended that the provisions of such agreement shall prevail as between
the Shareholders and accordingly the Shareholders shall exercise all voting and other rights and powers available to them
so as to give effect to the provisions of that agreement and shall further if necessary procure any required amendment

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to the Articles of incorporation. The Luxembourg law of August 10, 1915 on commercial companies, as amended, shall
apply to all matters not governed by these Articles of incorporation or such agreement.

XI. Definitions

Art. 31. In the event that any one or more provisions contained in the Articles of incorporation shall, for any reason,

be held to be invalid illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect
any other provision of the Articles of incorporation and the Articles of incorporation shall be construed as if such invalid,
illegal or unenforceable provision were not contained herein.

Art. 32. For the purpose of these Articles of incorporation:
«Affiliate» means, with respect to any Person, (i) any Person which directly, or indirectly through one or more inter-

mediaries, Controls, or is Controlled by, or is under common Control with, such other Person, or (ii) any Person who
is a director or executive officer (a) of such Person, or (b) of any Person described in paragraph (i) above;

«Base Class B Shares» means such number of Class B Shares as constitue 15 per cent (15%) of the issued share capital

of the Corporation;

«Class A Shareholder» means the holder of Class A Shares;
«Class B Shareholder» means the holder of Class B Shares;
«EBITDA» earnings before interest, tax, depreciation and amortisation (calculated based on those accounting stand-

ards established from time to time by the International Accounting Standards Committee);

«Founder’s Committee» means a committee consisting of all the Founder Shareholders;
«Group» means the Corporations and all the Group Members;
«Group Member» means any subsidiary undertakings of the Corporation;
«Latest Valuation» means the amount equal to three times the EBITDA of the Corporation as determined by refer-

ence to the audited accounts for the previous year-end as at 31 December or the unaudited accounts for the interim
period as at 30 June, as the case may be;

«Non-Base Class B Shares» means those Class B Shares in excess of the Base Class B Shares;
«Person» means any individual, corporation, limited liability company or entity, general or limited partnership, joint

venture, association, joint stock company, trust, unincorporated business or organisation, governmental authority or
other entity or legal person, whether acting in any individual, fiduciary or other capacity;

«Security Interest» includes any mortgage, charge, pledge, lien, encumbrance, hypothecation or assignment or any

other agreement or arrangement having the effect of conferring security.

Eighth resolution

The meeting acknowledged the resignation of Mr Jean Hoffmann, Mr Marc Koeune, Mrs Andrea Dany and Mrs Nicole

Thommes as members of the board of directors of the Corporation. Full discharge was granted to the resigning direc-
tors for their directorship.

The meeting appointed:
- Mr Damian Perl, born in Nottingham (United Kingdom) on 30th April, 1968, residing in Villa 10, Plot 864, PO Box

500457, Um Suqueim Jumeirah, Dubai, United Arab Emirates,

- Mr Charlie Andrews, born in Madrid (Spain) on 5th October, 1970, residing in 123 Hazlebury Road, London SW6

2LX and

- Mr Frank Engel, born in Luxembourg on 10th May, 1975, residing in L-1272 Luxembourg, 62, rue de Bourgogne,
as members of the board of directors of the Corporation.
The meeting resolved to consent to the appointment of Mr Damian Perl as chief executive officer and of Mr Charlie

Andrews as deputy chief executive officer of the Corporation.

There being no further business on the agenda the meeting was closed.

The undersigned notary, who understands and speaks English, acknowledges that, at the request of the parties hereto,

this deed is drafted in English, followed by a French translation; at the request of the same parties, in case of divergences
between the English and the French version, the English version shall prevail.

Suit la traduction du procès-verbal qui précède:

L’an deux mille cinq, le vingt-huitième jour de janvier.
Par-devant Maître Joseph Elvinger, notaire de résidence à Luxembourg.

S’est tenue l’assemblée générale extraordinaire des actionnaires de la société anonyme UNIVERSAL HOLDING S.A.

(anciennement NAVINVEST HOLDING S.A.) («la Société»), ayant son siège social à Luxembourg, constituée sous sa
dénomination précédente par acte reçu par le notaire instrumentant le 17 décembre 2003, publié au Mémorial, Recueil
des Sociétés et Associations («Mémorial») C 76 du 20 janvier 2004. Les statuts de la Société ont été modifiés par acte
reçu par le notaire instrumentant le 28 juin 2004 et publié au Mémorial C 988 du 5 octobre 2004.

L’Assemblée est présidée par M. Patrick Santer, Maître en droit, demeurant à Luxembourg.
Le président désigne comme secrétaire M. Georges Reding, Maître en droit, demeurant à Luxembourg.
L’Assemblée élit comme scrutateur M. Léon Gloden, Maître en droit, demeurant à Luxembourg.

Le président déclare et prie le notaire instrumentant d’acter ce qui suit:
I. Les actionnaires présents et représentés et le nombre des actions qu’ils détiennent sont renseignés sur une liste de

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

Cette liste de présence ainsi que les procurations, signées ne varietur, resteront annexées au présent acte pour être

soumis avec lui aux formalités d’enregistrement.

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II. Il résulte de la liste de présence que l’entièreté du capital social est représentée à la présente Assemblée et tous

les actionnaires déclarent qu’ils ont été informés de manière satisfaisante du contenu de l’ordre du jour de sorte que
cette Assemblée est régulièrement constituée et peut valablement délibérer sur les points de l’ordre du jour déterminé
ci-après:

1) Modification de la valeur nominale des actions de la Société afin de la changer de cent euros (EUR 100) à deux

euros (EUR 2,00), de sorte que chaque action existante d’une valeur nominale de cent euros (EUR 100) soit divisée en
cinquante (50) actions d’une valeur nominale de deux euros (EUR 2,00) chacune et reclassification des actions émises
de la Société en actions non rachetables de la classe A avec une valeur nominale de deux euros (EUR 2,00) par action,
lesquelles actions donnent droit à l’émission de cinq mille (5.000) parts de fondateur tel que ces parts de fondateur sont
prévues dans les statuts de la Société, qui seront modifiés, reformulés en anglais et refondus comme indiqué au point 7
du présent ordre du jour.

2) Modification de l’article 3 des statuts de la Société afin d’y ajouter un dernier paragraphe comme suit:
«La Société pourra racheter ses propres Actions, dans les limites et sous les conditions permises par la loi.
L’émission d’Actions rachetables de la Classe A ou de la Classe B (les «Actions Rachetables») est soumise aux con-

ditions suivantes édictées par l’article 49-8 de la loi modifiée du 10 août 1915 concernant les sociétés commerciales:

(i) Les Actions Rachetables seront entièrement libérées dès leur émission;
(ii) (a) La Société émettra un avis («l’Avis d’Achat») à la Personne apparaissant dans le registre des Actionnaires

comme étant le propriétaire des Actions Rachetables qui doivent être rachetées, spécifiant les Actions Rachetables de-
vant être rachetées, le prix de rachat à payer pour ces Actions Rachetables et le lieu où le prix d’achat de ces Actions
Rachetables devra être payé. Un tel avis peut être notifié au titulaire par l’envoi d’une lettre recommandée adressée à
sa dernière adresse connue par la Société ou à celle qui se trouve dans les livres de la Société. Ledit titulaire sera alors
obligé de délivrer immédiatement à la Société le ou les certificat(s) d’actions concerné(s), s’il y en a. Immédiatement
après la clôture des affaires à la date spécifiée dans l’Avis d’Achat (peu importe que ledit titulaire aura délivré le ou les
certificat(s) d’actions tel que requis ci-dessus), ce titulaire cessera d’être le propriétaire des Actions Rachetables indi-
quées dans cet Avis d’Achat et son nom en tant que titulaire de ces Actions Rachetables, sera effacé du registre des
Actionnaires. Un tel titulaire cessera d’avoir tout droit en tant qu’Actionnaire concernant les Actions Rachetables qui
doivent être rachetées à partir de la date spécifiée dans l’Avis d’Achat mentionné ci-dessus;

(b) Le prix qui doit être payé pour chaque Action Rachetable ainsi rachetée sera déterminé par le conseil d’adminis-

tration mais ne pourra être inférieur à la valeur nominale de ces Actions Rachetables;

déposé par la Société auprès d’une banque à Luxembourg ou ailleurs (tel que spécifié dans l’Avis d’Achat) pour le paie-
ment à ce propriétaire lors de la remise du ou des certificat(s) concerné(s) représentant les Actions Rachetables spéci-
fiées dans ledit Avis d’Achat (dans le cas où un ou des certificats ont été émis). Après dépôt du prix, tel que mentionné
plus haut, aucune Personne ayant un intérêt dans les Actions Rachetables spécifiées dans l’Avis d’Achat n’aura plus d’in-
térêt dans ces Actions Rachetables ou sur une d’entre elles, ou une quelconque revendication contre la Société ou ses
avoirs y relatifs, à l’exception du droit pour le titulaire qui apparaît comme propriétaire de ces Actions Rachetables à
recevoir le prix ainsi déposé (sans intérêts) de la part de cette banque après remise effective du ou des certificat(s) d’ac-
tions tel que mentionné avant;

(d) L’exercice par la Société des pouvoirs conférés par cet article 3 ne sera en tout état de cause pas mis en doute

ou invalidé au motif que la preuve de la propriété d’une Personne sur des Actions Rachetables était insuffisante ou que
la vraie propriété de toute Action Rachetable était autrement qu’il semblait à la Société à la date de l’Avis d’Achat, à
condition que dans ce cas, les pouvoirs susmentionnés étaient exercés de bonne foi par la Société;

(e) Les paragraphes (a) à (d) inclus seront également applicables lorsque le rachat est demandé par l’Actionnaire pour

ses Actions Rachetables, à condition qu’une telle demande de rachat ne puisse être formulée que pour toutes les Actions
Rachetables détenues par cet Actionnaire;

(iii) Le prix de rachat peut uniquement être payé au moyen de sommes disponibles pour les distributions conformé-

ment à l’article 72-1, paragraphe 1 de la loi modifiée du 10 août 1915 concernant les sociétés commerciales, ou avec le
produit d’une nouvelle émission faite en vue d’un tel rachat;

(iv) Un montant égal à la valeur nominale totale de toutes les Actions Rachetables ainsi rachetées doit être transféré

à une réserve qui ne pourra pas être distribuée aux Actionnaires, sauf dans le cas d’une réduction du capital souscrit;
cette réserve pourra uniquement être utilisée pour augmenter le capital souscrit par capitalisation des réserves; et

(v) Le sous-paragraphe (iv) précédent ne s’appliquera pas à des rachats entrepris avec le produit d’une nouvelle émis-

sion lancée en vue d’un tel rachat.»

3) Augmentation du capital social émis de la Société d’actuellement trente-deux mille euros (EUR 32.000) à cent mille

euros (EUR 100.000) par l’émission à l’actionnaire existant et à de nouveaux souscripteurs, les droits préférentiels de
souscription de l’actionnaire existant étant limités et l’actionnaire existant renonçant à ses droits préférentiels de sous-
cription, de (i) dix-sept mille (17.000) actions rachetables de la classe A, (ii) de cinq cents (500) actions non rachetables
de la classe A supplémentaires et de (iii) seize mille cinq cents (16.500) actions rachetables de la classe B, à un prix
d’émission par action de deux euros (EUR 2,00) et prise de connaissance et approbation d’un rapport du conseil d’ad-
ministration de la Société rédigé en conformité avec l’article 32-3 (5) de la loi modifiée du 10 août 1915 sur les sociétés
commerciales (la «Loi») concernant la limitation des droits préférentiels de souscription.

4) Augmentation du capital autorisé de la Société de manière à autoriser le conseil d’administration à émettre un

million neuf cent mille euros (EUR 1.900.000,-) supplémentaires consistant en six cent trente-six mille cinq cents
(636.500) actions rachetables de la classe A additionnelles et trois cent treize mille cinq cents (313.500) actions de la
classe B additionnelles, toutes avec une valeur nominale de deux euros (EUR 2,00) par action et prise de connaissance

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et approbation d’un rapport du conseil d’administration de la Société rédigé conformément à l’article 32-3 (5) de la Loi
concernant le retrait des droits préférentiels de souscription.

5) Modification par conséquent des deux premiers paragraphes de l’article 3 des statuts de la société comme suit:
«Le capital souscrit de la Société est fixé à cent mille euros (EUR 100.000), représenté par (i)(a) seize mille cinq cents

(16.500) actions non rachetables de la Classe A et (b) dix-sept mille (17.000) actions rachetables de la classe A (ensemble
les «Actions de la Classe A») et (ii) seize mille cinq cents (16.500) actions rachetables de la classe B (les «Actions de la
Classe B»), (les deux classes d’actions sont désignées comme les «Actions» et les détenteurs des Actions étant les «Ac-
tionnaires»), chacune d’une valeur nominale de deux euros (EUR 2,-) par Action et toutes les Actions ci-avant décrites
entièrement libérées.

Le capital autorisé est fixé à un million neuf cent mille euros (EUR 1.900.000) supplémentaires, représentés par six

cent trente-six mille cinq cents (636.500) Actions rachetables supplémentaires de la Classe A et trois cent treize mille
cinq cents (313.500) Actions de la Classe B supplémentaires, toutes avec une valeur nominale de deux euros (EUR 2)
par Action. Toutes les Actions autorisées, mais non émises, seront prescrites cinq (5) ans après la publication au Mé-
morial de l’acte notarié actant la résolution des Actionnaires relative au capital autorisé.»

6) Prise de connaissance et approbation par l’assemblée que les nouveaux actionnaires suivant le point 3 de l’ordre

du jour sont inscrits sur la liste de présence afin de participer à l’assemblée générale extraordinaire et de voter sur les
points de l’ordre du jour restant.

7) Modification, reformulation en anglais et refonte des statuts de la Société dans la forme délivrée ensemble avec les

procurations, avec toute variation que le mandataire peut estimer appropriée et en particulier reformulation en anglais
et refonte de la clause de l’objet comme suit:

«La Société a pour objet la prise de participations sous quelque forme que ce soit, dans toutes sociétés luxembour-

geoises et étrangères, l’acquisition par achat, souscription ou de toutes autres manières ainsi que le transfert par vente,
échange ou de toutes autres manières d’actions, d’obligations, de titres d’emprunt, bons de caisse et d’autres valeurs de
toute sorte, ainsi que la propriété, l’administration, le développement et la gestion de son portefeuille. La Société pourra
emprunter de l’argent sous quelque forme que ce soit et prêter le produit d’un tel emprunt à ses filiales et donner des
garanties pour ces emprunts. Dans les limites déterminées par les lois et les règlements applicables, la Société peut dé-
tenir des participations dans des sociétés en commandite simple.

La Société ne devra avoir, de façon directe, aucune activité industrielle ou un établissement commercial ouvert au

public.

La Société peut cependant participer dans l’établissement ou et le développement de toute entreprise commerciale

ou industrielle, et pourra leur rendre une assistance que ce soit par prêts, garantie ou de toute autre façon. D’une ma-
nière générale, elle pourra prendre toutes mesures de contrôle et de supervision et exécuter toutes opérations qu’elle
estimera utiles dans l’accomplissement et le développement de son objet cependant toujours dans les limites des dispo-
sitions de la loi du 31 juillet 1929 concernant les sociétés holdings.»

8) Nomination de Monsieur Damian Perl, Monsieur Charlie Andrews et d’une autre personne à déterminer par le

mandataire comme membre du conseil d’administration en remplacement de M. Jean Hoffmann, M. Marc Koeune, Mme
Andrea Dany et Mme Nicole Thommes, et consentement à la nomination de Monsieur Damian Perl comme Directeur
Général et de Monsieur Charlie Andrews comme Directeur Général adjoint de la société.

Après que ce qui précède ait été approuvé, l’Assemblée a pris à l’unanimité les décisions suivantes:

Première résolution

L’Assemblée a décidé (a) de modifier la valeur nominale des actions de la Société afin de la changer de cent euros

(EUR 100) à deux euros (EUR 2,00), de sorte que chaque action existante d’une valeur nominale de cent euros (EUR
100) soit divisée en cinquante (50) actions d’une valeur nominale de deux euros (EUR 2,00) chacune et (b) de reclassifier
les actions émises de la Société en actions non rachetables de la classe A avec une valeur nominale de deux euros (EUR
2,00) par action, lesquelles actions donnent droit à l’émission de cinq mille (5.000) parts de fondateur tel que ces parts
de fondateur sont prévues dans les statuts de la Société, qui seront modifiés, reformulés en anglais et refondus comme
il sera décidé dans la septième résolution de cette assemblée.

Deuxième résolution

L’Assemblée a décidé de modifier l’article 3 des statuts de la Société pour y ajouter un dernier paragraphe, comme

suit:

«La Société pourra racheter ses propres Actions, dans les limites et sous les conditions permises par la loi.
L’émission d’Actions rachetables de la Classe A ou de la Classe B (les «Actions Rachetables») est soumise aux con-

ditions suivantes édictées par l’article 49-8 de la loi modifiée du 10 août 1915 concernant les sociétés commerciales:

me étant le propriétaire des Actions Rachetables qui doivent être rachetées, spécifiant les Actions Rachetables devant
être rachetées, le prix de rachat à payer pour ces Actions Rachetables et le lieu où le prix d’achat de ces Actions Ra-
chetables devra être payé. Un tel avis peut être notifié au titulaire par l’envoi d’une lettre recommandée adressée à sa
dernière adresse connue par la Société ou à celle qui se trouve dans les livres de la Société. Ledit titulaire sera alors
obligé de délivrer immédiatement à la Société le ou les certificat(s) d’actions concerné(s), s’il y en a. Immédiatement
après la clôture des affaires à la date spécifiée dans l’Avis d’Achat (peu importe que ledit titulaire aura délivré le ou les
certificat(s) d’actions tel que requis ci-dessus), ce titulaire cessera d’être le propriétaire des Actions Rachetables indi-
quées dans cet Avis d’Achat et son nom en tant que titulaire de ces Actions Rachetables, sera effacé du registre des

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Actionnaires. Un tel titulaire cessera d’avoir tout droit en tant qu’Actionnaire concernant les Actions Rachetables qui
doivent être rachetées à partir de la date spécifiée dans l’Avis d’Achat mentionné ci-dessus;