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82945

MEMORIAL

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° 1729

15 septembre 2006

S O M M A I R E

METALS & TECHNOLOGY S.A., Société Anonyme.

Siège social: L-2449 Luxembourg, 17, boulevard Royal.

R. C. Luxembourg B 70.886. 

<i>Extrait des résolutions prises lors de l’Assemblée Générale Ordinaire le 19 décembre 2005

Les mandats des administrateurs M

e

 Jean-Marie Verlaine, Mme Frédérique Vigneron ainsi que celui du commissaire

aux comptes TOWERBEND Ltd. venant à échéance lors de la présente assemblée, l’assemblée générale décide de les
renouveler avec date d’effet au 16 mai 2005 jusqu’à l’issue de l’assemblée générale de l’an 2011.

Et le mandat d’administrateur de Mme Patricia Jupille venant à échéance lors de la présente assemblée, l’assemblée

générale décide de le renouveler avec date d’effet au 12 décembre 2005 jusqu’à l’issue de l’assemblée générale de l’an
2011.

Le 21 juin 2006.

Enregistré à Luxembourg, le 27 juin 2006, réf. LSO-BR07706. – Reçu 14 euros.

<i>Le Receveur (signé): D. Hartmann.

(072607.3//18) Déposé au registre de commerce et des sociétés de Luxembourg, le 21 juillet 2006.

3V Invest Swiss Small &amp; Mid Cap . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

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Banque du Gothard (Luxembourg) S.A., Luxembourg  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

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DekaBank Deutsche Girozentrale Luxembourg S.A., Luxemburg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

82955

DekaBank Deutsche Girozentrale Luxembourg S.A., Luxemburg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

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DWS Global . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

82991

DWS Global . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

82991

dit-Japan Protekt Dynamik Plus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

82992

E.On Pension Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

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Fidelity Global Bond Series . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

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Global Property Select  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

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Hines European Value Added Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

82991

IDC Flex Zertifikatefonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

82991

Invex Properties S.A., Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

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Invex Properties S.A., Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

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Mathen Investments, S.à r.l., Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

82992

Metals &amp; Technology S.A., Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

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Premium Global Freiburg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

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R+V Luxembourg Lebensversicherung S.A., Luxembourg-Strassen  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 

82992

<i>Pour METALS &amp; TECHNOLOGY S.A.
Signature

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BANQUE DU GOTHARD (LUXEMBOURG) S.A., Société Anonyme.

Siège social: L-1660 Luxembourg, 76-78, Grand-rue.

R. C. Luxembourg B 74.425. 

Le bilan au 31 décembre 2004, enregistré à Luxembourg, le 19 avril 2005, réf. LSO-BD03777, a été déposé au registre

de commerce et des sociétés de Luxembourg, le 12 mai 2005.

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

(037896.2/000/12) Déposé au registre de commerce et des sociétés de Luxembourg, le 12 mai 2005.

INVEX PROPERTIES S.A., Société Anonyme.

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

R. C. Luxembourg B 90.782. 

Le bilan au 31 décembre 2003, enregistré à Luxembourg, le 1

er

 décembre 2004, réf. LSO-AX00229, a été déposé au

registre de commerce et des sociétés de Luxembourg, le 3 décembre 2004.

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

Luxembourg, le 8 novembre 2004.

(098060.2/535/12) Déposé au registre de commerce et des sociétés de Luxembourg, le 3 décembre 2004.

INVEX PROPERTIES S.A., Société Anonyme.

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

R. C. Luxembourg B 90.782. 

Le bilan au 31 décembre 2004, enregistré à Luxembourg, le 9 septembre 2005, réf. LSO-BI01868, a été déposé au

registre de commerce et des sociétés de Luxembourg, le 14 septembre 2005.

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

Luxembourg, le 24 mai 2005.

(081534.2/535/12) Déposé au registre de commerce et des sociétés de Luxembourg, le 14 septembre 2005.

FIDELITY GLOBAL BOND SERIES, Fonds Commun de Placement.

<i>Management Regulations

1) The Fund. FIDELITY GLOBAL BOND SERIES (hereafter referred to as the «Fund») organised under the laws of

the Grand Duchy of Luxembourg as a mutual investment fund (fonds commun de placement), is an unincorporated co-
proprietorship of securities and other permitted assets (hereinafter referred to as «securities»), managed in the interest
of its co-owners (hereafter referred to as the «Unitholders») by FIDELITY INVESTMENTS MANAGEMENT LUXEM-
BOURG S.A. (hereafter referred to as the «Management Company»), a company incorporated under the laws of Lux-
embourg and having its registered office in Luxembourg. The interests of the Unitholders are represented by units (the
«Units»). There shall be several classes of Units and within the Fund and the Management Company may create specific
pools of assets (each a «Sub-Fund» or «fund») which shall be linked to one or more classes of Units as more specifically
described herein. The assets of the Fund, which are held in custody by BROWN BROTHERS HARRIMAN (LUXEM-
BOURG) S.C.A. (hereafter referred to as the «Custodian») are segregated from those of the Management Company.
By the acquisition of Units of the Fund, any Unitholder fully accepts these management regulations which determine the
contractual relationship between the Unitholders, the Management Company and the Custodian.

2) The Management Company. The Fund is managed on behalf of the Unitholders by the Management Company

which shall have its registered office in Luxembourg.

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

restrictions set forth in Article 5 hereafter, on behalf of the Unitholders, including but not limited to, the purchase, sale,
subscription, exchange and receipt of securities and the exercise of all the rights attached directly or indirectly to the
assets of the Fund.

The Board of Directors of the Management Company shall determine the investment policy of the Fund and the Sub-

Funds within the restrictions set forth in Article 5 hereafter.

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

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

The Management Company may for the benefit of the Fund obtain investment information, advice and other services.

Pour extrait sincère et conforme
BANQUE DU GOTHARD (LUXEMBOURG) S.A.
Signatures

<i>Pour le Conseil d’Administration
Signatures

<i>Pour le Conseil d’Administration
Signature

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The Management Company and the investment manager may receive investment advice from and act upon the advice

of any Connected Person (as defined below) and may execute, transact and otherwise carry out its functions, duties and
obligations hereunder with or through any Connected Person (as so defined), whether as principal or agent, and such
Connected Person may retain any right, benefit or advantage it may derive from so acting.

«Connected Person» of any investment manager, custodian or any distributor means:
(a) any person beneficially owning, directly or indirectly, 20 per cent. or more of the ordinary share capital of that

company or able to exercise, directly or indirectly, 20 per cent. or more of the total votes in that company;

(b) any person controlled by a person who meets one or both of the requirements set out in (a) above;
(c) any company 20 per cent. or more of whose ordinary share capital is beneficially owned, directly or indirectly, by

any investment manager, Custodian or distributor taken together, and any company 20 per cent. or more of the total
votes in which can be exercised, directly or indirectly by such investment manager, Custodian or distributor taken to-
gether; and

(d) any director or officer of any investment manager, Custodian or distributor or of any Connected Person of that

company, as defined in (a), (b) or (c) above.

The Management Company and any investment manager, investment advisor and sub-advisor are entitled to fees pay-

able at the end of each month, at an aggregate annual rate not exceeding the rate specified for each Sub-Fund in the
sales documents of the Fund.

3) The custodian. The Management Company shall appoint and terminate the appointment of the Custodian.

BROWN BROTHERS HARRIMAN (LUXEMBOURG) S.C.A., a corporation organised under the laws of Luxembourg,
has been appointed Custodian.

The Custodian or the Management Company may terminate the appointment of the Custodian at any time upon 90

days written notice delivered by the one to the other.

In the event of termination of the appointment of the Custodian, the Management Company will use its best endeav-

ours to appoint within two months of such termination, a new custodian who will assume the responsibilities and func-
tions of the Custodian under these Management Regulations. Pending the appointment of a new Custodian, the
Custodian shall take all necessary steps to ensure good preservation of the interests of the Unitholders. After termina-
tion as aforesaid, the appointment of the Custodian shall continue thereafter for such period as may be necessary for
the transfer of all assets of the Fund to the new Custodian.

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

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

Upon receipt of instructions from the Management Company or its appointed agents, the Custodian will perform all

acts of disposal with respect to the assets of the Fund.

The Custodian will assume its functions and responsibilities in accordance with Article 17 and paragraph (1) and sub-

paragraph (a), (c), (d) and (e) of paragraph (2) of Article 18 and Article 19 of the law of 20th December 2002 regarding
collective investment undertakings.

The Custodian is entitled to such fees as will be determined from time to time by agreement between the Manage-

ment Company and the Custodian. Such fee is based on the average net assets of the Fund and is payable monthly.

4) Investment policy. The Management Company shall invest the subscription proceeds primarily in transferable

securities (with the exclusion of any equity securities), money market instruments, cash deposits and derivative financial
instruments.

The Fund shall have as objective to provide the unitholders with a range of investment opportunities and to offer

through a participation in the Fund a choice of investments in different geographical markets or different industries or
sectors, or in different currencies. The Management Company shall at its discretion decide what investment opportu-
nities the Fund shall offer to investors by the creation of various Sub-Funds which in turn shall invest in accordance with
the detailed policies set out in the Prospectus of the Fund. Further the Management Company shall alone be entitled to
fix the date of issue of any further class of Units.

If it appears advisable at any time to retain ancillary liquid assets, each Sub-Fund may temporarily keep such assets in

money market instruments issued or guaranteed by highly rated borrowers having a maturity of less than 12 months or
in current or deposit accounts. In this context, the sales documents of the Fund shall specify the investment guidelines
for each Sub-Fund.

The Management Company shall alone be entitled to fix the date of issue of any further Sub-Funds and to fix their

investment policy.

5) Investment restrictions. The following definitions shall apply for the purpose of the investment restrictions set

forth hereafter:

Money Market Instruments shall mean instruments normally dealt in on a money market which are liquid, and have

a value which can be accurately determined at any time

OECD Organisation for Economic Co-operation and Development.
Regulated Market a market within the meaning of Article 1.13 of directive 93/22/EEC and any other market which is

regulated, operates regularly and is recognised and open to the public. For the avoidance of any doubt this shall include
the US OTC Bond Market.

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Transferable Securities shall mean:
- shares and other securities equivalent to shares,
- bonds and other debt instruments,
- any other negotiable securities which carry the right to acquire any such transferable securities by subscription or

exchange.

Non transferable security shall mean:
- All such securities which do not meet the definition of a transferable security as defined above.
Based on the principle of spreading of risks and subject to the Management Regulations and Luxembourg law, the

Management Company shall determine the corporate and investment policy for the Fund and each fund and the invest-
ment restrictions which shall apply from time to time.

Subject to the restrictions set forth hereafter, each fund may invest in transferable securities (with the exclusion of

any equity securities, and to a limited extent in non-transferable securities as described in restriction 13), money market
instruments, cash deposits and derivative financial instruments, and each fund may hold short positions as result of short
sales of securities carried out with highly rated financial institution specialised in that type of transactions or as result of
holding financial instruments:

1. A fund may invest in Fixed Income Instruments.
Consistent with the Fund’s investment policies, the Fund invests in «Fixed Income Instruments,» which as used in this

prospectus includes:

- obligations and securities issued or guaranteed by governments, their agencies or government sponsored enterprise

including emerging market debt;

- debt securities issued by states, local government or corporations denominated in local currencies (non USD) which

may be hedged or unhedged;

- corporate debt securities (investment grade and high-yield), including convertible securities and corporate commer-

cial paper;

- structured products (such as CLO, CDO, CMO and SIV), TBA and mortgage-backed and other asset-backed secu-

rities;

- inflation-indexed bonds issued both by governments and corporations;
- structured notes, including hybrid or «indexed» securities, event-linked and credit-linked bonds and revolving credit

facilities;

- bank certificates of deposit, fixed time deposits and bankers’ acceptances;
- repurchase agreements and reverse repurchase agreements;
- debt securities issued by states or local governments and their agencies, authorities and other government-spon-

sored enterprises;

- obligations of international agencies or supranational entities.
The Fund may invest in derivatives based on Fixed Income Instruments and related market indices.
2. A fund may further hold cash and cash equivalents (including typically money market instruments which are regu-

larly negotiated and the residual maturity of which does not exceed 12 months and time deposits) up to 49% of their
net assets. This percentage may, on a temporary basis, be exceeded if the Management Company considers this to be
in the best interests of the unitholders.

3. A fund may acquire convertible bonds and convertible type bonds with stock acquisition rights (of which stock

acquisition rights can not be unbundled from bonds) but may not exercise conversion right or stock acquisition right to
obtain the underlying units.

4. Each fund may invest and hold up to 50% of the securities issued by a single issuer.
5. Each fund may invest and hold illiquid instruments up to 15% of the total net asset of the fund.
6. A fund may not invest in any units, equity securities or equity related securities of any kind. Equity securities include,

but are not limited to the following instruments: common stock; preferred stock; equity derivatives and warrants.

7. Each fund may invest up to 15% of its assets in Russian securities.
8. A fund may not take long exposure by investment in securities of the same class of a single issuer if, as a result

thereof, the fund has exposure to more than 15% of the securities of such class of such issuer.

9. A fund may not take exposure through short positions to securities of the same class of a single issuer if, as a result

thereof, the fund has exposure to more than 10% of the securities of such class of such issuer.

10. A fund may not take a long exposure by investment in securities of any one issuer, if the value thereof exceeds

15% of such fund’s total net assets

11. A fund may not take an exposure through short positions to securities of any one issuer, if the value thereof

exceeds 10% of such fund’s total net assets.

Notwithstanding the restrictions under 8. to 11. each fund may invest up to 100% of its assets in securities issued or

guaranteed by Member States of the OECD or their local authorities or public international bodies with EU, regional
or world-wide scope and up to 35% of its assets in securities issued or guaranteed by other Sovereign States or their
local authorities.

12. A fund may invest up to 10% of its net assets in units of UCITS and/or other UCIs within the meaning of the

second indent of Article 1, paragraph (2) of the directive 85/611/EEC as amended, whether situated in an EU Member
State or not, provided that

- such UCITS and/or other UCIs are unincorporated structures, such as unit trusts,
- such other UCIs have been authorised under the laws of any Member State of the EU or recognised as equivalent

by the CSSF, such as Canada, Hong Kong, Japan, Norway, Switzerland or the United States of America,

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- the level of protection for unitholders in such other UCIs is equivalent to that provided for unitholders in a UCITS,

and in particular that the rules on assets segregation, borrowing, lending, and uncovered sales of Transferable Securities
and Money Market Instruments are equivalent to the requirements of directive 85/611/EEC as amended,

- the business of such other UCIs is reported in half-yearly and annual reports to enable an assessment of the assets

and liabilities, income and operations over the reporting period,

- no more than 10% of the assets of the UCITS or of the other UCIs, whose acquisition is contemplated, can, accord-

ing to their constitutional documents, in aggregate be invested in units of other UCITS or other UCIs,

- such UCITS may not invest into any units, equity securities or equity related securities of any kind. Equity securities

include, but are not limited to the following instruments: common stock; preferred stock; equity derivatives and war-
rants.

13. A fund may invest up to 10% of its net assets in non-transferable securities. Non transferable securities may in-

clude but are not limited to loan participations (including sovereign loan participations) and assignments, term, bank,
bridge, delayed funding loans and revolving credit facilities and other securities which are non negotiable, or may have
restricted transfer provisions.

14. A fund may not invest more than 15% of its net assets in transferable securities which are not quoted on a stock

exchange or dealt on another regulated market, which operated regularly and is recognised and open to the public.

15. A fund may not borrow for amounts exceeding 10% of its net assets. Borrowing in this instance shall not include

stock purchase on margin nor securities held as part of a repurchase agreement. Coverage exists with regard to deriv-
atives positions if a derivatives contract corresponds to a fund holding having the same denominated currency.

16. The funds are authorised to hedge their market exposure. Hedging is designed to protect a known future com-

mitment.

As a global hedge against interest rate fluctuations, a fund may sell interest rate futures contracts. For the same pur-

pose, it can also sell call options or buy put options on interest rates or make interest rate swaps on a mutual agreement
basis with first class financial institutions specialised in this type of transaction.

The total exposure on interest rate futures contracts, option contracts on interest rates and interest rate swaps may

not exceed the total valuation of the assets and liabilities to be hedged held by the relevant fund in the currency corre-
sponding to these contracts.

17. A fund may buy and sell call or put options on transferable securities provided that these options are traded on

options exchanges or over-the-counter with broker-dealers who make markets in these options and who are first class
financial institutions that specialise in these types of transactions and are participants in the over-the-counter markets.

The total amount of premiums paid for the purchase of call and put options which are considered here, together with

the total amount of premiums paid for the purchase of call and put options on financial instruments may not in respect
of each fund exceed 15% of the net assets of such fund.

When a put option is sold, a sum equivalent to the strike price must be covered by the liquid assets of the fund con-

cerned for the entire duration of the contract.

In case of the sale of an uncovered call option the liquidity of the market must be sufficient to ensure immediate cover

of the open position and the aggregate exercise price of all such uncovered call options sold by a fund shall not exceed
25% of its net assets.

Premiums paid for the acquisition of outstanding options on individual derivative financial instruments may not exceed

5% of a fund’s net assets.

18. The funds are also authorised to trade in derivative financial instruments.
Trading is based on the forecasting of future movements in financial markets. In this context, a fund may, for a purpose

other than hedging, buy and sell futures contracts and options contracts on any type of financial instrument.

A fund may only enter into derivative financial instruments if such instruments are dealt in on an organised market

or if the contract relating to such a derivative financial instrument is entered into with a highly rated financial institutional
specialising in this type of transactions.

With respect to derivatives used for purposes other than hedging, cumulative unrealised losses (after set-off of un-

realised gains) resulting at any time from financial instruments under which a fund is committed to make payments to a
counterparty cannot exceed 25% of such fund’s net assets. Also, the amount of margin deposits made in connection
with derivative financial instruments held at any time by such fund may not exceed 35% of a fund’s net assets.

A fund may not hold an open position on a single contract in respect of derivative financial instrument if the required

margin or the net unrealised losses on such instruments exceed 5% or more of its net assets.

19. A fund may also use interest rate swaps as a tool for efficient portfolio management provided (i) such swaps are

used in conjunction with assets held by a fund, (ii) the notional contract value of such transactions shall not exceed the
value of the assets in conjunction with which they shall have been entered into, (iii) the entering into the swap transac-
tions shall not unduly restrict the liquidity of the portfolio of the relevant fund and (iv) its counterpart is a highly rated
financial institution specialised in this type of transaction and if, as a result of swap transactions, the fund has no credit
exposure to a single counterpart in excess of 20% of its net assets.

20. A fund may enter into repurchase agreement transactions which consist of the purchase and sale of securities

with a clause reserving the seller the right or the obligation to repurchase from the acquirer the securities sold at a
price and on terms specified by the two parties in their contractual arrangement.

A fund can act either as purchaser or seller in repurchase agreement transactions. Its involvement in such transactions

is, however, subject to the following rules:

i) The fund may not buy or sell securities using a repurchase agreement transaction unless the counterparty in such

transactions is a first class financial institution specialising in this type of transaction.

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ii) During the life of a repurchase agreement contract, the fund cannot sell the securities which are the object of the

contract, either before the right to repurchase these securities has been exercised by the counterparty, or the repur-
chase term has expired unless the fund has other means of coverage.

iii) Where the fund is exposed to redemptions of its own units, it must take care to ensure that the level of its ex-

posure to repurchase agreement transactions is such that it is able, at all times, to meet its redemption obligations.

iv) In case where the fund acts as seller in a repurchase transaction, it may not, during the lifetime of the contract,

sell the ownership or pledge to a third party, or realise a second time, in any other form, the securities sold. The fund
must hold at the maturity of the repurchase transaction sufficient assets to pay, if appropriate, the agreed upon repur-
chase price payable to the transferee.

21. In order to protect its present and future assets and liabilities against the fluctuation of currencies, each fund may

enter into transactions the object of which is the purchase or sale of forward foreign exchange contracts, the purchase
or sale of call options or put options in respect of currencies, the purchase or sale of currencies forward or the exchange
of currencies on a mutual agreement basis provided that these transactions be made either on exchanges or over-the-
counter with first class financial institutions specialising in these types of transactions and being participants in the over-
the-counter markets.

The objective of the transactions referred to above presupposes the existence of a direct relationship between the

contemplated transaction and the assets or liabilities to be hedged and implies that, in principle, transactions in a given
currency (including a currency bearing a substantial relation to the value of the reference currency of the relevant fund)
may not exceed the total valuation of such assets and liabilities nor may they, as regards their duration, exceed the pe-
riod during which such assets are held or anticipated to be acquired or for which such liabilities are incurred or antici-
pated to be incurred.

22. The Fund may not make loans or guarantee the obligations of third parties, save that the Fund may make deposits

with the Custodian or any bank or deposit-taking institution approved by the Custodian or hold debt instruments. Se-
curities lending does not rank as a loan for the purpose of this restriction.

23. The Fund may not except with the consent of the Directors, purchase, sell, borrow or lend portfolio investments

from or to or otherwise execute transactions with any appointed investment manager or investment adviser of the
Fund, or any Connected Person (as defined under «Miscellaneous» in Part II of this Prospectus) of either of them; fur-
ther, the Fund may not invest in securities of any class if the directors and officers of any such investment manager or
investment adviser individually beneficially own more than 0.5% of the total nominal capital of the issued securities of
that class, or collectively beneficially own more than 5% of those securities.

The Fund shall ensure that the global exposure relating to derivative instruments does not exceed the net assets of

the Fund. The exposure is calculated taking into account the current value of the underlying assets, the counterparty
risk, foreseeable market movements and the time available to liquidate the positions.

General Principles
1. The Fund need not comply with the investment limit percentages set out above when exercising subscription rights

attaching to securities which form part of its assets.

2. Such restrictions shall apply to each fund, as well as to the Fund as a whole.
3. If the investment limit percentages set out above are exceeded as a result of events or actions after investment

that are beyond the control of the Fund or by reason of the exercise of subscription rights attaching to securities held
by it, the Fund shall give priority, consistent with the best interests of unitholders, upon sale of securities to disposing
of these securities to the extent that they exceed such percentages.

4. The Fund follows a risk-spreading policy regarding the investment of cash and other liquid assets.
5. The Fund will ensure that the assets of each fund are sufficiently liquid (i) to meet the obligation to redeem units

under normal circumstances and (ii) to settle the fund’s commitments.

Co-Management of Assets
For the purpose of effective management, where the investment policies of the funds so permit, the Board of Direc-

tors may choose that the assets of certain funds within the Fidelity Pure Bond fund range be co-managed. In such cases,
assets of different funds will be managed in common. The assets which are co-managed shall be referred to as a «pool»,
notwithstanding the fact that such pools are used solely for internal management purposes. The pools do not constitute
separate entities and are not directly accessible to investors. Each of the co-managed funds shall be allocated its specific
assets.

Where the assets of more than one fund are pooled, the assets attributable to each participating fund will initially be

determined by reference to its initial allocation of assets to such a pool and will change in the event of additional allo-
cations or withdrawals.

The entitlements of each participating fund to the co-managed assets apply to each and every line of investments of

such pool.

Additional investments made on behalf of the co-managed funds shall be allotted to such funds in accordance with

their respective entitlements, whereas assets sold shall be levied similarly on the assets attributable to each participating
fund.

6) Issue of units. Units shall be issued in registered form only. One or several classes of Units of the Fund shall be

issued by the Management Company for each Sub-Fund. All Units within a given class will have equal rights and privileges.
Units of any class shall be issued subject to payment therefore to the Custodian within such period thereafter as the
Management Company may from time to time determine. Fractions of Units may be issued to such fractional entitle-
ments as the Management Company may determine.

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Confirmation of unitholding shall be delivered by the Management Company provided that payment of the subscrip-

tion price has been received by the Custodian.

The Management Company shall comply, with respect to the issuing of Units, with the laws and regulations of the

countries where these Units are offered. The Management Company may, at its discretion, discontinue temporarily,
cease definitely or limit the issue of Units at any time to persons or corporate bodies resident or established in certain
countries or territories. The Management Company may also prohibit certain persons or corporate bodies from ac-
quiring Units, if such a measure is necessary for the protection of the Unitholders as a whole and the Fund.

In Japan, Units shall be sold through a public offering or a private placement. In the case of a public offering, solicitation

of an offer to buy the Units shall be made in accordance with Item 1 of Paragraph 3 of Article 2 of the Securities and
Exchange Law of Japan.

Furthermore, the Management Company may:
(a) reject at its discretion any application for purchase of Units;
(b) redeem at any time the Units held by Unitholders who are excluded from purchasing or holding Units.
Unitholders can transfer their Units to any third person at any time in accordance with the terms of the most recent

prospectus. In order for such a transfer to be evidenced in the Unitholders’ register, the transferor and the transferee
shall both sign a transfer form.

7) Issue price. The initial issue price per Unit of each class will be determined by the Management Company in re-

spect of the initial offer period. Thereafter the issue price per Unit will be the net asset value per Unit of the relevant
class determined on or after the day on which the application for purchase of Units is received and calculated in accord-
ance with Article 9 hereafter (provided that such application is received prior to such deadline(s) as may from time to
time be established by the Management Company), plus, with respect to Units of specific classes purchased, a sales
charge in favour of banks and financial organisations acting in connection with the placing of the Units described in the
sales documents of the Fund. With respect to other classes of Units purchased a contingent deferred sales charge may
be assessed on the proceeds of the redemption if and when redeemed from Unitholders on terms and conditions de-
termined by the Management Company.

The number of Units will be rounded up or down to the nearest one hundredth of a Unit.

8) Unit certificates. Any person or corporate body shall be eligible to participate in the Fund by subscribing for

one or several Units, subject, however, to the provisions contained in Article 6 of these Management Regulations. The
Management Company shall not issue certificates in registered form.

9) Determination of net asset value. The net asset value of the Units of each class, expressed in United States

Dollars (USD) or in such other currency as determined by the Management Company, will be determined by the Man-
agement Company at least once a month on the date or dates specified in the sales documents of the Fund (each a
«valuation day»), by dividing the value of the assets less the liabilities (including any provisions considered by the Man-
agement Company to be necessary or prudent) of the Fund properly able to be allocated to such class of Units by the
total number of its Units of such class outstanding at the time of determination of the net asset value. To the extent
feasible, investment income, interest payable, fees and other liabilities (including management fees) will be accrued daily.
For the purpose of calculating the issue and redemption price, such net asset value may be converted into such other
currencies as the sales documents of the Fund shall provide.

In the accounts of the Fund, the Management Company shall establish the Sub-Funds as follows:
a) the proceeds to be received from the issue of Units of a specific class shall be applied in the books of the Fund to

the Sub-Fund established for that class of Units, and, as the case may be, the relevant amount shall increase the propor-
tion of the net assets of such Sub-Fund attributable to the class of Units to be issued, and the assets and liabilities and
income and expenditure attributable to such class or classes shall be applied to the corresponding Sub-Fund subject to
the provisions of this Article;

b) where any asset is derived from another asset, such derivative asset shall be applied in the books of the Fund to

the same Sub-Fund as the assets from which it was derived and on each re-valuation of an asset, the increase or dimi-
nution in value shall be applied to the relevant Sub-Fund;

c) where the Fund incurs a liability which relates to any asset of a particular Sub-Fund or to any action taken in con-

nection with an asset of a particular Sub-Fund, such liability shall be allocated to the relevant Sub-Fund;

d) in the case where any asset or liability of the Fund cannot be considered as being attributable to a particular Sub-

Fund, such asset or liability shall be allocated to all the Sub-Funds pro rata to the net asset values of the relevant classes
of Units;

e) when class-specific expenses are paid and/or higher dividends are distributed to Units of a given class, the net asset

value of the relevant class of Units shall be reduced by such expenses and/or by any excess of dividends paid to holders
of Units of one class over that paid to holders of the other class or classes (thus decreasing the percentage of the total
net asset value of the Fund or of the Sub-Fund, as the case may be, attributable to such class of Units) and the net asset
value attributable to the other class or classes of Units shall remain the same (thus increasing the percentage of the total
net asset value of the Fund or of the Sub-Fund, as the case may be, attributable to such other class or classes of Units);

f) when class-specific assets, if any, cease to be attributable to one class only, and/or when income or assets derived

therefrom are to be attributed to several classes of Units issued in connection with the same Sub-Fund, the unit of the
relevant class of Units in the Sub-Fund shall increase in the proportion of such contribution; and

g) whenever Units are issued or redeemed, the unit in the common portfolio attributable to the corresponding class

of Units shall be increased or decreased by the amount received or paid, as the case may be, by the Fund for such issue
or redemption.

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The Fund may at any time issue Units of additional classes, in connection with an existing Sub-Fund in which event

the unit of each additional class(es) of Units in the Sub-Fund shall be determined initially in the proportion of the aggre-
gate issue price received by the Fund and to be invested in the Sub-Fund upon the initial offering bears to the existing
value of the Sub-Fund.

The assets of the Fund will be valued as follows:
1. securities which are traded on stock exchanges are to be valued at the last available price at the time when the

valuation is carried out, or, in circumstances where the Management Company or its delegate considers that such price
does not reflect fair market value, the securities are to be valued at fair market value in the opinion of the Management
Company or its delegate.

2. securities which are not traded on any stock exchange are to be valued, if dealt in on any other regulated market,

in a manner as near as possible to that described in the preceding paragraph, unless the Management Company or its
delegate determines that some other form of quotation, such as the linear amortisation method, which may be an ap-
propriate method of valuation of short-dated debt transferable securities, better reflects their fair values, in which event
that form of quotation will be used for valuation.

3. restricted securities are to be valued at their fair value as determined by the Management Company or its delegate.

Among the factors which may be considered in making such determination are (a) the nature and duration of the re-
strictions upon disposition of the securities, (b) the extent to which there is a market for securities of the same class
or for securities into which the restricted securities are convertible, and (c) the initial discount from such market value,
if any, at which such securities were acquired from the market value of unrestricted securities of the same class or into
which they are convertible.

4. the value of any investment, security or other asset which is dealt principally on a market made among professional

dealers and institutional investors shall be determined by reference to the last available price.

5. all other assets are to be valued at their respective estimated sales prices determined by the Management Company

or their delegate.

The value of all assets and liabilities not expressed in the reference currency of a Sub-Fund or the principal dealing

currency of a class will be converted into the reference currency of such Sub-Fund or the principal dealing currency of
such class at rates last quoted by any major bank. If such quotations are not available, the rate of exchange will be de-
termined in good faith by or under procedures established by the Management Company.

The assets relating to a Sub-Fund means the assets which are attributed to that Sub-Fund less the liabilities attributed

to that Sub-Fund and where any asset or liability of the Fund cannot be considered to be attributed to a Sub-Fund such
asset or liability shall be allocated to the assets or liabilities relating to all the Fund or all the relevant Sub-Funds pro rata
to the Net Asset Values thereof. Liabilities are binding on the relevant Sub-Fund only provided, however, under excep-
tional circumstances the Management Company may undertake joint and several obligations which may be binding upon
several or all Sub-Funds if this is in the interest of the Unitholders concerned.

Calculations of Net Asset Value are made by the Management Company or by an organisation appointed by it for the

purpose («the delegate») and are made generally in accordance with generally accepted accounting principles. In the
absence of bad faith, negligence or manifest error, every decision in calculating Net Asset Values taken by the Manage-
ment Company or by the delegate will be final and binding on the Fund and on present, past and future Unitholders.
The Management Company is authorised to apply other appropriate valuation principles if the aforesaid valuation meth-
ods appear impossible or inappropriate due to extraordinary circumstances or events.

10) Suspension of determination of net asset value. The Management Company may temporarily suspend the

determination of the Net Asset Value of Units of any Sub-Fund, the issue of such Units, the conversion of such Units
and the redemption of such Units:

(a) during any period (other than ordinary holidays or customary weekend closings) when any market or stock ex-

change is closed on which a significant portion of the Fund’s investments relating to that Sub-Fund is quoted and which
is the main market or stock exchange for such investments, provided that the closing of such stock exchange or market
affects the valuation of the investments quoted thereon; or during any period when dealings on such market or stock
exchange are substantially restricted or suspended, provided such restriction or suspension affects the valuation of the
investments relating to that Sub-Fund quoted thereon;

(b) during any period when an emergency exists as a result of which disposal of investments relating to that Sub-Fund

which constitute a substantial portion of the assets of the Sub-Fund is not practically feasible or would be seriously prej-
udicial to the Unitholders;

(c) during any breakdown in the means of communication normally employed in determining the price or value of

any of investments relating to that Sub-Fund or of current prices on any market or stock exchange;

(d) when for any other reason the prices of any investments relating to that Sub-Fund cannot promptly or accurately

be ascertained; and

(e) during any period when remittance of monies which will or may be involved in the realisation of or in the payment

for any of the investments relating to that Sub-Fund cannot, in the opinion of the Management Company, be carried out
at normal rates of exchange.

11) Redemption. Redemption will be made at such net asset value per Unit of the relevant class determined on the

valuation day determined pursuant to the sales documents of the Fund as a day on which the redemption request is
processed (the «Redemption Date») and determined in accordance with the terms of Article 9 above less any redemp-
tion fees or contingent deferred sales charge payable to institutions entrusted with the distribution of the Units, if any,
provided that the request is received prior to such deadline(s) as may from time to time be established by the Manage-
ment Company.

82953

The Management Company shall ensure that the Fund maintains an appropriate level of liquidity, so that under normal

circumstances redemption of the Units of the Fund may be made promptly upon request by Unitholders in accordance
with the sales documents of the Fund. Payment of the redemption price shall be made not later than three Luxembourg
bank business days counting from and excluding the day when the redemption request is accepted.

The Custodian must make payment only if no statutory provisions, such as exchange control regulations or other

circumstances outside the control of the Custodian, prohibit the transfer of the payment of the redemption price to
the country where reimbursement was applied for.

If on any Redemption Date redemption requests exceed 25% of the total number of outstanding Units of a fund, the

Management Company may decide that the redemption requests in excess of 25% be postponed until the next Redemp-
tion Date.

Redemption requests which have not been dealt with because of such postponement or by reason of the exercise of

a power by or on behalf or the Management Company must be given priority to later requests until completion in full
of the original requests.

If a redemption request results in the balance of Units held by an investor being reduced below the minimum invest-

ment level to the Sub-Fund concerned, as determined from time to time by the Management Company and disclosed in
the sales documents of the Fund, then it may be treated as a request for the entire holding.

Currently, no sales exit fee or redemption fee is applied. However, the right is reserved to charge a sales exit fee or

a redemption fee, not exceeding 1.00% of the Net Asset Value inclusive of expenses, if the Management Company so
determine in the future, which fee will revert to the General Distributor. In the case of a redemption fee being applied,
the Prospectus shall be updated and the investors duly informed.

12) Conversion. Upon application to the Management Company, Units of each class may be converted into Units

of any other class outstanding of the same Sub-Fund or of another Sub-Fund at a rate determined by reference to the
respective net asset values on the date of conversion, provided that the Management Company may make conversions
subject to such restrictions or to the payment of fees and expenses as it may determine in the light of the interest of
the Unitholders of the Fund as a whole.

13) Charges of the Fund. The Fund shall bear the fees and/or expenses specified in the prospectus. These shall

include (but not be limited to) the following:

The costs, charges and expenses which may be charged to the Fund include: all taxes which may be due on the assets

and the income of the Fund; usual banking and brokerage fees due on transactions involving portfolio securities of the
Fund (the latter to be included in the acquisition price and to be deducted from the selling price); insurance, postage
and telephone; Directors’ fees and remuneration of officers and employees of the Fund; remuneration of the Investment
Manager, the Custodian, the Registrar, the Transfer Agent, the Administrative Service Agent, the Domiciliary Agent, any
Paying Agent and of representatives in other jurisdictions where the Units are qualified for sale, and of all other agents
employed on behalf of the Fund; such remuneration may be based on the net assets of the Fund or on a transaction
basis or may be a fixed sum; formation expenses; the cost of preparing, printing and publishing in such languages as are
necessary, and distributing offering information or documents concerning the Fund, annual and semi-annual reports and
such other reports or documents as may be desirable or required under the applicable laws or regulations of the above
cited authorities; the cost of printing proxies; the cost of preparing and filing the Prospectus and all other documents
concerning the Fund, including registration statements and offering circulars with all authorities (including local securities
dealers’ associations) having jurisdiction over the Fund or the offering of Units; the cost of qualifying the Fund or the
sale of Units in any jurisdiction or of a listing on any exchange; the cost of accounting and bookkeeping; the cost of
calculating the Net Asset Value of Units of each Sub-Fund; the cost of preparing, printing, publishing and distributing
public notices and other communications to the Unitholders; legal and auditing fees; registrar’s fees; and all similar charg-
es and expenses. Administrative and other expenses of a regular or recurring nature may be calculated on an estimated
basis for yearly or other periods in advance, and the same may be accrued in equal proportions over any such period.

Costs, charges and expenses which may be attributed to a Sub-Fund will be borne by that Sub-Fund; otherwise they

will be allocated in United States Dollars (USD) pro rata to the values of the net assets of all, or all appropriate, Sub-
Funds on such basis as the Management Company considers reasonable.

A portion of commissions paid to selected brokers for certain portfolio transactions may be repaid to the Sub-Funds

which generated the commissions with these brokers and may be used to offset expenses.

The organisational expenses of the Fund will be borne by the Investment Manager. The Management Company has

agreed to reimburse the Investment Manager for these expenses out of the Fund’s assets but only if the Net Asset Value
of the Fund is less than USD 200,000.- by the end of the calendar year following the Launch Date. The Fund is allowed
the write off the organisational expenses over a period of maximum 5 years from inception.

14) Accounting year, Audit. The accounts of the Fund are closed each year at the end of the month of September.

The consolidated accounts of the Fund are kept in United States Dollars (USD).

The accounts of the Management Company will be audited by auditors appointed by the Management Company.
The Management Company shall also appoint an authorised auditor who shall, with respect to the assets of the Fund,

carry out the duties prescribed by the law of 20th December 2002 regarding collective investment undertakings.

15) Dividends. Distributions may be declared for such amounts and with respect to such class or classes of Units

as the Management Company may determine in the addenda to these Management Regulations. Payment dates for div-
idends shall be set out in the prospectuses or explanatory memorandums issued by the Management Company in con-
nection with the sale of the Units of the Fund.

No distribution may be made as a result of which the net assets of the Fund would become less than the equivalent

of the minimum of Euro 1,250,000.- as prescribed by Luxembourg law.

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

82954

16) Amendment of the Management Regulations. The Management Company may, upon approval of the Cus-

todian, amend these Management Regulations in whole or in part at any time.

Amendments will become effective upon the publication of a notice of their deposit with the Registre de Commerce

et des Sociétés in the Mémorial, Recueil des Sociétés et Associations of Luxembourg or upon any other date provided
for in the relevant amendments to the Management Regulations.

17) Publications. The net asset value, the issue price and the redemption price per Unit will be available in Luxem-

bourg at the registered office of the Management Company and the Custodian.

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

at the registered offices of the Management Company and the Custodian.

A notice of the deposit of any amendments to these Management Regulations with the Registre de Commerce et des

Sociétés and the notice of dissolution of the Fund, will be published in the Mémorial, Recueil des Sociétés et Associations
of Luxembourg.

The amendments and any notices to Unitholders may also be published, as the Management Company may decide,

in newspapers of countries where the Units of the Fund are offered and sold and will be made available to the Unit-
holders in the manner described in paragraph 2 above.

18) Duration of the Fund, Liquidation, Amalgamation. The Fund and the various Sub-Funds have been estab-

lished for an unlimited period. The Fund may be dissolved at any time by mutual agreement between the Management
Company and the Custodian. Notice of dissolution of the Fund will be given in the Mémorial, Recueil des Sociétés et
Associations of Luxembourg and in at least two newspapers with appropriate distribution, at least one of which must
be a Luxembourg newspaper, to be determined jointly by the Management Company and the Custodian.

Issuance of Units will cease at the time of the decision or event leading to the dissolution. Redemption of Units will

remain possible in such circumstance if equal treatment between Unitholders is ensured.

The Management Company will realise the assets of the Fund in the best interests of the Unitholders and, upon in-

structions given by the Management Company, the Custodian will distribute the net proceeds of the liquidation, after
deducting all liquidation expenses, attributable to each class of Units, among the Unitholders in proportion of the Units
of the relevant class held. Liquidation proceeds which cannot be distributed to the persons entitled thereto at the close
of the liquidation will be deposited with the Caisse des Dépôts et Consignations in Luxembourg until the applicable pro-
scription period shall have elapsed.

The liquidation or the partition of the Fund or any Sub-Fund may not be requested by a Unitholder, nor by his heirs

or beneficiaries.

The Management Company may similarly decide to dissolve any Sub-Fund without terminating the Fund. In such event

it shall refund to the holders of Units of the classes concerned the full net asset value of such classes. Any decision of
the Management Company to liquidate a Sub-Fund will be notified in writing to the Unitholders of the Sub-Fund con-
cerned and, when the Units of the relevant Sub-Fund are listed on the Luxembourg Stock Exchange, published in one
Luxembourg newspaper. The proceeds of the refund shall be deposited with the Custodian for a period of six months
for collection by the former Unitholders who will be entitled thereto and thereafter at the Caisse des Dépôts et
Consignations in Luxembourg.

Further by decision of the Management Company two or more Sub-Funds may be amalgamated and the correspond-

ing class of Units converted into Units of the corresponding class or classes linked to another Sub-Fund. The rights of
the different Unit classes shall in such event be determined in the proportion of the respective net asset values. Such an
amalgamation shall be made public at least one month prior thereto in order to allow investors to request redemption
of their Units if they do not wish to participate in the Sub-Fund so established.

19) Statute of limitation. The claims of the Unitholders against the Management Company or the Custodian will

lapse five years after the date of the event which gave rise to such claims.

20) Applicable law, jurisdiction and governing language. Disputes arising between the Unitholders, the Man-

agement Company and the Custodian shall be settled according to Luxembourg law and subject to the jurisdiction of
the District Court of Luxembourg, provided, however, that the Management Company and the Custodian may subject
themselves and the Fund to the jurisdiction of courts of the countries, in which the Units of the Fund are offered and
sold, with respect to claims by investors resident in such countries and, with respect to matters relating to subscriptions
and redemptions by Unitholders resident in such countries, to the laws of such countries. English shall be the governing
language for these Management Regulations, provided, however, that the Management Company and the Custodian may,
on behalf of themselves and the Fund, consider as binding the translation in languages of the countries in which the Units
of the Fund are offered and sold, with respect to Units sold to investors in such countries.

Signed in Luxembourg, on August 29, 2006.

Enregistré à Luxembourg, le 8 septembre 2006, réf. LSO-BU01825. – Reçu 38 euros.

<i>Le Receveur (signé): D. Hartmann.

(096232.2//543) Déposé au registre de commerce et des sociétés de Luxembourg, le 11 septembre 2006.

<i>Management Company
Signature
BROWN BROTHERS HARRIMAN (LUXEMBOURG) S.C.A.
<i>Custodian
St. P. Towles
<i>Director

82955

DekaBank DEUTSCHE GIROZENTRALE LUXEMBOURG S.A., Aktiengesellschaft.

Gesellschaftssitz: L-1855 Luxemburg, 38, rue John F. Kennedy.

H. R. Luxemburg B 9.462. 

<i>Auszug aus dem protokoll der Außerordentlichen Generalversammlung der Aktionäre vom 30. Juni 2006

Beschlussfassung:
Alain Baustert, Mitglied der Geschäftsleitung der LRI LANDESBANK RHEINLAND PFALZ INTERNATIONAL S.A.,

Luxemburg

Andrea Binkowski, Vorsitzende des Vorstandes der SPARKASSE MECKLENBURG-STRELITZ, Neustrelitz
Edmund Brenner, Vorsitzender des Vorstandes der SPARKASSE TAUBERFRANKEN, Tauberbischofsheim
Kurt Gliwitzky, Generalbevollmächtigter der NORD/LB NORDDEUTSCHEN LANDESBANK GIROZENTRALE,

Hannover

Manfred Graulich, Vorsitzender des Vorstandes der SPARKASSE KOBLENZ, Koblenz
Martin Haf, Vorsitzender des Vorstandes der SPARKASSE ALLGÄU, Kempten 
Hans-Heinrich Hahne, Vorsitzender des Vorstandes der SPARKASSE SCHAUMBURG, Rinteln
Friedel Höhn, Stellvertretender Vorsitzender des Vorstandes der KREISSPARKASSE SAARLOUIS, Saarlouis
Karl-Ludwig Kamprath, Vorsitzender des Vorstandes der KREISSPARKASSE MÜNCHEN STARNBERG, München
Reiner Krick, Generalbevollmächtigter und Bereichsleiter Aktiv-/Passivsteuerung der LANDESBANK HESSEN-

THÜRINGEN, Frankfurt am Main 

Hans-Jürgen Kulartz, Mitglied des Vorstandes der LANDESBANK BERLIN - GIROZENTRALE, Berlin
Fritz Lütke-Uhlenbrock, Mitglied des Vorstandes der BREMER LANDESBANK KREDITANSTALT OLDENBURG -

GIROZENTRALE, Bremen

Ralf Menzel, Leiter des Bereichs Equity der LANDESBANK BADEN-WÜRTTEMBERG, Stuttgart
Mario Porten, Vorstandsvorsitzender der SPARKASSE SÜDHOLSTEIN, Neumünster
Dr. Wolfgang Riedel, Mitglied des Vorstandes der SPARKASSE KÖLNBONN, Köln
Heinz-Dieter Tschuschke, Vorsitzender des Vorstandes der SPARKASSE MESCHEDE, Meschede
Matthias Wrage, Leiter Sparkassen/Financial Institutions der HSH NORDBANK A.G., Hamburg
Die Generalversammlung beschließt, die Amtszeit der vorerwähnten Mitglieder des Verwaltungsrates der Gesell-

schaft zum 30 Juni 2006 zu beenden. 

Der Beschluss der Generalversammlung wird einstimmig gefasst.
Die Generalversammlung nimmt das Ausscheiden von Frau Marina Heller, Vorsitzende des Vorstandes der RHÖN-

RENNSTEIG-SPARKASSE, Meiningen, zum 31. Dezember 2005 aus dem Verwaltungsrat der Gesellschaft zur Kenntnis.

Enregistré à Luxembourg, le 31 août 2006, réf. LSO-BT08998. – Reçu 16 euros. 

<i>Le Receveur (signé): D. Hartmann.

(093052.3//39) Déposé au registre de commerce et des sociétés de Luxembourg, le 1

er

 septembre 2006.

DekaBank DEUTSCHE GIROZENTRALE LUXEMBOURG S.A., Aktiengesellschaft.

Siège social: L-1855 Luxemburg, 38, rue John F. Kennedy.

H. R. Luxemburg B 9.462. 

<i>Auszug aus dem Protokoll der außerordentlichen statutarischen Generalversammlung

<i>der Aktionäre vom 8. August 2006

Beschlussfassung:
Die Generalversammlung wählt Herrn Walter Josef Groll, Mitglied des Vorstandes der DekaBank DEUTSCHE

GIROZENTRALE, Frankfurt, mit Wirkung zum 8. August 2006 bis zum Ablauf der Jahreshauptversammlung im Jahr 2009
zum neuen Mitglied des Verwaltungsrates.

- Geschäftsadresse: DekaBank DEUTSCHE GIROZENTRALE, Walter Josef Groll Mainzer Landstraße 16, D-60325

Frankfurt am Main.

Der Beschluss der Generalversammlung wird einstimmig gefasst.
Die Generalversammlung nimmt das Ausscheiden von Herrn Hans-Jürgen Gutenberger zum 7. August 2006 aus dem

Verwaltungsrat der Gesellschaft zur Kenntnis.

Enregistré à Luxembourg, le 31 août 2006, réf. LSO-BT08996. – Reçu 14 euros.

<i>Le Receveur (signé): D. Hartmann.

(093055.3//22) Déposé au registre de commerce et des sociétés de Luxembourg, le 1

er

 septembre 2006.

Für die Richtigkeit
DekaBank DEUTSCHE GIROZENTRALE LUXEMBOURG S.A.
B. Stuckenbroeker / H. Arens

Für die Richtigkeit
DekaBank DEUTSCHE GIROZENTRALE LUXEMBOURG S.A.
B. Stuckenbroeker / H. Arens

82956

PREMIUM GLOBAL FREIBURG, Fonds Commun de Placement.

Die INTERNATIONAL FUND MANAGEMENT S.A., H. R. Luxemburg B 8.558, hat als Verwaltungsgesellschaft den

Organismus für gemeinsame Anlagen PREMIUM GLOBAL FREIBURG, der den Bestimmungen von Teil I des Gesetzes
vom 20. Dezember 2002 über die Organismen für gemeinsame Anlagen unterliegt, mit Zustimmung der Depotbank des
Fonds DekaBank DEUTSCHE GIROZENTRALE LUXEMBOURG S.A., am 17. August 2006 gegründet.

Das Sonderreglement wurde am 21. August 2006 unter der Referenznummer LSO-BT05969 beim Registre de

Commerce et des Sociétés (Luxemburger Handels- und Gesellschaftsregister) hinterlegt.

Luxemburg, den 17. August 2006.

(088898.3//17) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 août 2006.

E.ON PENSION FUND, Fonds Commun de Placement.

<i>Management Regulations

These management regulations («Management Regulations») in respect of the E.ON Pension Fund (the «Fund») are

made and entered into between E.ON Asset Management S.à r.l. (the «Management Company») and J.P. MORGAN
BANK LUXEMBOURG S.A. (the «Custodian») as of 30 August 2006.

(together referred to as the «Parties»)
Whereas:
The Management Company was formed on 15 March 2006 and is a wholly owned subsidiary of the Promoter (as

defined below).

The Fund will be an unincorporated co-ownership of securities and other assets, managed in the exclusive interests

of its co-owners by the Management Company, and is subject to the provisions of the 1991 Law (as defined below) and
to the extend that there are no particular provisions in the 1991 Law, to the provisions of the 2002 Law (as defined
below).

By entering into these Management Regulations, the Parties desire to form and operate the Fund on the terms and

conditions set forth herein.

1. Definitions and interpretation
1.1 Definitions
«1991 Law» means the Luxembourg law dated 19 July 1991, relating to undertakings for collective investment, the

securities of which are not intended to be placed with the public, as amended from time to time.

«2002 Law» means the Luxembourg law dated 20 December 2002, relating to undertakings for collective investment,

as amended from time to time.

«Article» refers to an article of these Management Regulations.
«Business Day» means a day on which banks are open for business in Luxembourg.
«Central Administration Agent» means J.P. MORGAN BANK LUXEMBOURG S.A., in its capacity as such, or such

other Person as may subsequently be appointed as central administration agent of the Fund by the Management
Company.

«Central Administration, Paying Agent, Registrar and Transfer Agent Agreement» means the Agreement entered into

between the Management Company, on behalf of the Fund, and the Central Administration Agent.

«Class» means a class in which Units of a Sub-Fund may be issued.
«Custodian» means J.P. MORGAN BANK LUXEMBOURG S.A., in its capacity as such, or such other credit institu-

tion within the meaning of Luxembourg law dated 5 April 1993 relating to the financial sector, as amended, that may
subsequently be appointed as custodian in accordance with the Management Regulations.

«Custodian Agreement» means the agreement entered into by the Management Company, on behalf of the Fund, and

the Custodian.

«End of Initial Offer Period» means, with respect to each Class of Units of each Sub-Fund, the date on which the Initial

Offer Period of such Class of Units ends, as determined with respect to each Class of Units of each Sub-Fund in the
Special Section of these Management Regulations.

«Euro» means the lawful currency of the member states of the EU that have adopted the single currency in accord-

ance with the Treaty establishing the European Community as amended by the Treaty on European Union and as amend-
ed by the Treaty of Amsterdam.

«FCP» means a mutual fund, fonds commun de placement, in the meaning of the 2002 Law.
«Financial Year» means the 12 months ending on 31 December of each calendar year, provided that the first Financial

Year of the Fund shall begin on the creation of the Fund and end on 31 December 2006 and the last Financial Year of
the Fund shall end on the date of the final liquidation distribution of the Fund.

«Fund» means E.ON Pension Fund, an umbrella fund established in Luxembourg as a FCP governed by the 1991 Law

and acting through its Management Company; for the purposes of this Prospectus, «Fund» shall also mean, where
appropriate, the Management Company acting on behalf of the E.ON Pension Fund.

INTERNATIONAL FUND MANAGEMENT S.A.
<i>Die Verwaltungsgesellschaft
Unterschriften
DekaBank DEUTSCHE GIROZENTRALE LUXEMBOURG S.A.
<i>Die Depotbank
Unterschriften

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«Fund Documents» means the following documents:
(a) Prospectus;
(b) Management Regulations;
(c) Subscription Agreements;
(d) Investment Advisory Agreement;
(e) Custodian Agreement;
(f) Central Administration, Paying Agent, Registrar and Transfer Agent Agreement;
(g) The annual and semi-annual reports issued by the Fund.
«Gross Asset Value» means the aggregate value of the Fund’s assets, determined in accordance with Article 11.1.4

hereof, and which does not take into account the liabilities.

«Indemnitee» has the meaning ascribed to it in Article 14.1.7.
«Initial Offer Period» means the period during which Units are offered for subscription at the Initial Subscription

Price, as determined for each Class of Units of each Sub-Fund in the Prospectus.

«Initial Subscription Price» means, with respect to any Sub-Fund and Class, the price at which Units of such Class in

such Sub-Fund will be issued during the Initial Offer Period, subject to the provisions of Article 9.7 hereof.

«Institutional Investor» means an institutional investor in the meaning of the 1991 Law, excluding any natural person

and entities in which one or several natural person(s) hold(s) an interest, unless such entity qualifies as a corporation
from a German tax perspective.

«Investment Advisor» means any person appointed as investment advisor of one or several Sub-Funds in accordance

with these Management Regulations.

«Investment Advisory Agreement» means any investment advisory agreement in respect of one or several Sub-Funds

between the Management Company and the Investment Advisor.

«Investment Objective» means the investment objective of the Fund and of the Sub-Funds.
«Investment Policy» means the investment policy of the Fund and of the Sub-Funds.
«Investment Powers and Restrictions» means the investment powers and restrictions of the Fund and of the Sub-

Funds.

«Investment-Related Expenses» means costs and expenses incurred in relation to proposed and actual investments

of a Sub-Fund and in relation to proposed and actual disposals of investments of a Sub-Fund, including the fees and
expenses of third party consultants and advisors engaged in connection therewith.

«Investment Structure(s)» has the meaning ascribed to it in Article 7.2.
«Investor» means an Institutional Investor, acting through its managing body or a legal representative, who has signed

a Subscription Agreement or who have acquired Units from another Investor (for the avoidance of doubt, the term
includes, where appropriate, the Unitholders).

«Management Company» means E.ON ASSET MANAGEMENT, S.à r.l.
«Management Company Board» means the duly constituted board of managers of the Management Company.
«Management Regulations» means these management regulations, as amended from time to time.
«Mémorial» means the Mémorial C, Recueil des Sociétés et Associations, the official gazette of the Grand Duchy of

Luxembourg.

«Net Asset Value» means the net asset value, as determined in accordance with Article 11 hereof.
«Net Asset Value per Unit» means the net asset value per Unit of the relevant Sub-Fund and Class, as determined in

accordance with Article 11 hereof.

«New Fund» has the meaning ascribed to it in Article 17.2 hereof.
«Operation and Administration Expenses» means:
- All costs and expenses incurred in relation to the production and distribution of the reports and accounts in respect

of a Sub-Fund and the valuations and certifications required pursuant to the Management Regulations including the fees
of the auditors in connection therewith;

- All fees and expenses charged by lawyers, accountants and other professional advisors in the relation to a Sub-Fund,

excluding the fees to the Investment Advisor (if any); and

- All other fees, costs and expenses incurred in relation to the operation and administration of a Sub-Fund generally

including (without limitation) the reasonable expenses of the Unitholder Advisory Committee as well as the fees and
expenses incurred in respect of the provision of insurance required or permitted by these Management Regulations.

«Organisational Expenses» means any out-of-pocket costs and expenses incurred by the Promoter, the Management

Company and any of their Affiliates for the purposes of structuring and establishing the relevant Sub-Fund, including
without limitation any related IT costs.

«Paying Agent» means J.P. MORGAN BANK LUXEMBOURG S.A., in its capacity as such, or such other Person as

may subsequently be appointed as paying agent of the Fund by the Management Company;

«Prohibited Person» means any person, corporation, limited liability company, trust, partnership, estate or other cor-

porate body, if in the sole opinion of the Management Company, the holding of Units of the relevant Sub-Fund may be
detrimental to the interests of the existing Unitholders or of the relevant Sub-Fund, if it may result in a breach of any
law or regulation, whether Luxembourg or otherwise, or if as a result thereof the relevant Sub-Fund or any Investment
Structures may become exposed to tax or other regulatory disadvantages (including without limitation causing the as-
sets of the Fund or a Sub-Fund to be deemed to constitute «plan assets» for purposes of the U.S. Department of Labor
Regulations under Employee Retirement Income Security Act of 1974, as amended), fines or penalties that it would not
have otherwise incurred including any entity which is not exempt from French 3% tax arising under article 990D of the
French Tax Code (as amended from time to time); as a result of which the Sub-Fund or any Investment Structure or
entity in the Sub-Fund structure may be liable to pay any French 3% tax as a result of ownership of Units by this entity

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and there are no reasonably satisfactory alternative arrangements for the payment of such French 3% tax by the relevant
non-exempt Unitholder. The term «Prohibited Person» includes any investor which does not meet the definition of In-
stitutional Investors (including, but not limited to natural persons and entities in which one or several natural person(s)
hold an interest, unless such entity qualifies as a corporation from a German tax perspective) and any U.S. Person.

«Prospectus» means the prospectus in respect of the Fund, as amended from time to time.
«Qualified Majority» means a two third majority.
«Redemption Day» means each Valuation Day.
«Redemption Deadline» means, with respect to each Redemption day, the date before which a redemption request

must be received by the Central Administration Agent, the Management Company or a Distributor of the Fund in order
to be dealt with on such Redemption Day.

«Redemption Price» means the price at which a Unit is redeemed, i.e. the Net Asset Value per Unit calculated on

the relevant Redemption Day.

«Registrar and Transfer Agent» means J.P. MORGAN BANK LUXEMBOURG S.A., in its capacity as such, or such

other Person as may be appointed as registrar and transfer agent of the Fund by the Management Company.

«Regulated Market» means a regulated securities market which operates regularly and is recognized and open to the

public.

«S.à r.l.» means société à responsabilité limitée (private limited liability company) as this term is defined by the Lux-

embourg law of 10 August 1915 relating to commercial companies.

«Section» means a section of the Prospectus.
«Special Section» means Section 2 of the Prospectus detailing the different Sub-Funds.
«Sub-Fund» means any sub-fund of the Fund, i.e. any pool of assets constituting a «compartiment» within the meaning

of Article 133 of the 2002 Law, established by the Management Company for each Class or for two or more Classes.

«Subscription Agreement» means the agreement entered into between an Investor and the Management Company

by which:

- the Investor commits himself to subscribe for Units of a Sub-Fund for a certain amount, and
- the Management Company commits itself to issue fully paid Units of the relevant Sub-Fund and Class to the Investor

to the extent that the subscription monies have been paid to the Fund.

«Subsidiary» means any company or other entity in which the Fund has more than a fifty percent (50%) ownership

interest.

«Supervisory Authority» means the Luxembourg supervisory authority for the financial sector, Commission de Sur-

veillance du Secteur Financier, or any successor authority from time to time.

«UCI» means undertaking for collective investments.
«Unit» means a co-ownership participation in a Sub-Fund issued by the Management Company pursuant to the Man-

agement Regulations.

«Unitholder» means the registered holder of a Unit.
«Unitholder Advisory Committee» means a committee consisting of representatives of Investors constituted in ac-

cordance with the Management Regulations.

«U.S. Person» means any «benefit plan investor» that is subject to ERISA, Section 4975 of the U.S. Internal Revenue

Code of 1986 or any substantially similar law.

«Valuation Day» means the last calendar day of each month and any other day as the Management Company may in

its absolute discretion determine for the purposes of calculating the Net Asset Value per Unit of each Class in each Sub-
Fund.

1.2 Interpretation
The definitions in Article 1.1 shall apply equally to both the singular and plural forms of the terms defined. Wherever

the context may require, any pronoun used in these Management Regulations shall include the corresponding masculine,
feminine and neuter forms.

For all purposes of these Management Regulations, the term «control» and variations thereof shall mean the direct

or indirect possession of the power to direct or cause the direction of the management and policies of the specified
entity, through the ownership of equity interests therein, by contract or otherwise.

As used in these Management Regulations, the words «include», «includes» and «including» shall be deemed to be

followed by the phrase «without limitation».

As used in these Management Regulations, the terms «herein», «hereof» and «hereunder» shall refer to these Man-

agement Regulations in their entirety.

Any references in these Management Regulations to «Article» or «Schedule» shall, unless otherwise specified, refer

to an article, respectively a schedule of these Management Regulations.

References herein to:
- any statute or statutory instrument or governmental regulation shall be deemed to include any modification, amend-

ment, extension or re-enactment thereof; and

- any agreement or document (including these Management Regulations) shall be deemed to include references to

such agreement or document as varied, amended, supplemented or replaced from time to time.

2. The Fund and the Sub-Funds
2.1 Formation
The Fund is being formed under the laws of the Grand Duchy of Luxembourg as an FCP on the date hereof. The Fund

has been established for an unlimited duration. The Fund is subject to the provisions of the 1991 Law. To the extent
there are no particular provisions in the 1991 Law, the provisions of the 2002 Law shall apply.

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The Fund is an unincorporated co-ownership of securities and other eligible assets. The Fund and any of the Sub-

Funds do not have legal personality. The Fund and the Sub-Funds are therefore managed in the exclusive interests of
the Unitholders by the Management Company in accordance with Luxembourg law and these Management Regulations.

The Fund has an umbrella structure and may consist of several Sub-Funds. A separate portfolio of assets is maintained

for each Sub-Fund and is invested in accordance with the Investment Guidelines, Investment Objectives and Investment
Powers and Restrictions applicable to that Sub-Fund. Each Sub-Fund is solely liable vis-à-vis creditors for the debts, com-
mitments and liabilities relating to that Sub-Fund. Between Unitholders, each Sub-Fund is regarded as being different
from the others.

The Management Company may, at any time and in its discretion, create additional Sub-Funds whose Investment

Guidelines, Investment Objectives and Investment Powers and Restrictions may differ from those of the Sub-Funds then
existing.

2.2 Acceptance of Management Regulations
By subscribing Units of the Fund, each Unitholder is deemed to fully accept these Management Regulations, which

determine the contractual relationship among the Unitholders, the Management Company and the Custodian, as well
as between the Unitholders themselves.

2.3 Liability of Unitholders
There is no direct liability of any Unitholder for the debts and obligations of the Fund.

3. The Management Company
3.1 Incorporation
The Management Company was incorporated on March 15, 2006, as a S.à r.l. under the laws of the Grand Duchy of

Luxembourg with an unlimited duration and has its registered office at 8a, Boulevard Joseph II, L-1840 Luxembourg,
Grand Duchy of Luxembourg.

3.2 Powers and Responsibilities
The Management Company is vested with the broadest powers to administer and manage the Fund and the Sub-Funds

in accordance with these Management Regulations and Luxembourg laws and regulations (including IML Circular 91/75
of 21 January 1991) and, in the exclusive interest of the Unitholders, to exercise all of the rights attaching directly or
indirectly to the assets of the Fund, subject to the restrictions set forth in Articles 3, 4 and 7.

In carrying out its functions hereunder, the Management Company shall act in its own name, but shall indicate that it

is acting on behalf of the Fund or certain Sub-Funds and references herein to the Management Company performing any
action shall be deemed to be in such capacity, unless otherwise stated. The activities of the Management Company shall
not be limited to managing the Fund and the Sub-Funds.

The Management Company shall have the exclusive authority with regard to any decisions in respect of the Fund or

any Sub-Funds, provided that such authority has not been delegated or attributed to another entity or service provider
pursuant to these Management Regulations or the Prospectus.

The Management Company shall supervise the Investment Advisor (if any), the Custodian, the Central Administration

Agent, the Registrar and Transfer Agent and the Paying Agent and any other service providers in the performance of
their duties further specified hereunder.

The Management Company shall cause each Subsidiary to comply with these Management Regulations, where appli-

cable.

Subject to the provisions of articles 14 and 15 of the 2002 Law, in performing its functions under these Management

Regulations, the Management Company shall act with due diligence and in good faith in the best and exclusive interests
of the Unitholders.

3.3 Service providers
The Management Company shall have the general right to delegate any management or administration functions in

respect of the Fund or any Sub-Funds, including fund management, asset management, custody, administration and ac-
counting services, to one or more service providers, as contemplated by Article 5.

The Management Company shall have the general right to seek advice from an Investment Advisor in relation to the

performance of the Investment Policy.

The Management Company shall notify the Supervisory Authority of any appointment or replacement of any service

provider in accordance with the requirements of Luxembourg laws and regulations.

4. Unitholder Advisory Committee
4.1 Constitution and procedures
Each Sub-Fund will have a Unitholder Advisory Committee composed of representatives of Investors of the relevant

Sub-Fund.

Each Investor of the relevant Sub-Fund has the right to appoint up to three members of the relevant Unitholder Ad-

visory Committee. The Management Company as well as the Investment Adviser may be represented at a Unitholder
Advisory Committee, without however having the right to vote. The voting rights of the representative(s) of each In-
vestor at the Unitholder Advisory Committee shall be proportional to the unitholding of such Investor in the relevant
Sub-Fund.

Each member of the Unitholder Advisory Committee shall nominate one or more deputies who may act on its behalf.
Members of the Unitholder Advisory Committee are appointed for an unlimited period of time, provided that the

Unitholders they represent remains a Unitholder of the relevant Sub-Fund. Each member may be revoked, at any time,
by its nominator giving written notice to the Management Company or may resign as member of the Unitholder Advi-
sory Committee. In case of resignation, a new member will be appointed in replacement of the resigning one by the
relevant Unitholder.

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The Unitholder Advisory Committee shall appoint a chairman from among its members, by the vote of a simple ma-

jority of its members.

A Unitholder Advisory Committee shall meet upon call from the Management Company or from one or more mem-

bers representing Investors holding at least 25% of the outstanding Units of the relevant Sub-Fund and shall meet at least
once a year.

There will be no quorum for holding a meeting of the Unitholder Advisory Committee and decisions will be taken

by a simple majority vote.

The Unitholder Advisory Committee may meet in person or by remote conference facility including, for the avoid-

ance of doubts, conference calls. It may also resolve in writing (including email and fax) unless one or more of its mem-
bers object to doing so.

The Unitholder Advisory Committee shall advise regarding potential conflicts of interest.
It shall have the power to resolve the merger of different Classes within a given Sub-Fund.
It shall proceed to a yearly review of the performance objective and risk profile and accordingly determine guidelines

for the strategic asset allocation of the assets of the respective Sub-Funds (the «Investment Guidelines») in accordance
with the Sub-Fund’s Investment Objective and Policies, including a yearly review for admission of new asset classes and
rebalancing of the proportional allocation of the asset classes. Such Investment Guidelines will be binding upon the Man-
agement Company and the Investment Advisor (if any). The Unitholder Advisory Committee may, in its discretion and
at any time, amend the Investment Guidelines laid down in its most recent yearly review. Such amendments to the In-
vestment Guidelines will be binding upon the Management Company as of their notification by the Unitholder Advisory
Committee to the Management Company Board.

Within its yearly review, it will moreover monitor compliance with the Investment Guidelines of the relevant Sub-

Fund and monitor each Sub-Funds risk and return objectives and strategy to ensure that they remain appropriate. Fur-
thermore, should the Fund, as an investor of the underlying Investment Structures, be entitled to a representation within
any advisory board or committee established by such Investment Structure(s), the Unitholder Advisory Committee shall
be entitled to elect the Fund’s representative(s).

Finally, it shall advise on the format and content of the required reporting to the Unitholders.

5. Service providers
5.1 Custodian
5.1.1 Appointment
The Management Company will appoint J.P. MORGAN BANK LUXEMBOURG S.A. as custodian of the Fund’s assets

pursuant to an agreement dated on or about the date hereof. The Custodian is a société anonyme incorporated under
the laws of the Grand Duchy of Luxembourg and is a bank within the meaning of the 1993 Law.

5.1.2 Duties
The Custodian will carry out the ordinary duties of a fund custodian regarding custody, cash and securities deposits

and shall use due care in the exercise of such functions. In particular, in accordance with instructions given by the Man-
agement Company, the Custodian will execute financial transactions and provide banking facilities for the Sub-Funds.

The Custodian will further, in accordance with applicable laws and regulations:
(i) ensure that the sale, issue, transfer, redemption and cancellation of Units effected on behalf of a Sub-Fund are car-

ried out in accordance with these Management Regulations;

(ii) carry out the instructions of the Management Company, unless they conflict with applicable law or these Manage-

ment Regulations;

(iii) ensure that in transactions involving the assets of a Sub-Fund, any consideration is remitted to such Sub-Fund

within the settlement dates; and

(iv) ensure that all income attributable to a Sub-Fund is applied in accordance with these Management Regulations.
The Custodian may entrust the safekeeping of all or part of the assets of a Sub-Fund, in particular securities traded

abroad or listed on a foreign stock exchange or admitted to recognised clearing systems such as Clearstream Banking
or Euroclear, to such clearing systems or to correspondent banks. The Custodian’s liability to the Management Com-
pany and the Unitholders shall not be affected by the fact that it has entrusted the safekeeping of all or part of the assets
in its care to a third party.

In the event of termination of the Custodian’s appointment as such, the Management Company shall, within two

months of such termination being initiated, appoint a new custodian (subject to the approval of the Supervisory Author-
ity) who shall assume the responsibilities and functions of the Custodian under these Management Regulations. The Cus-
todian is required to use its best endeavours to preserve the interests of Unitholders until the appointment of a new
custodian. The termination of the Custodian’s appointment shall not become effective until (i) the appointment of a new
custodian by the Management Company, and (ii) the complete transfer of all assets of the Fund held by the Custodian
to the new custodian.

5.1.3 Assets of the Fund
The Sub-Funds’ assets shall be held by the Custodian on behalf of the Unitholders on the terms of these Management

Regulations and shall be segregated from the assets of the Management Company. The Sub-Funds’ assets may be held
by correspondents or other agents appointed by the Custodian and the Management Company in compliance with Lux-
embourg law, with copies of documents evidencing ownership sent to the Custodian. The Custodian may, in its discre-
tion but subject to giving prior notice to the Management Company, entrust any bank or trust company or recognized
clearing agency (hereinafter referred to as a «Correspondent») with the custody of securities or shares.

The Custodian and any Correspondent will have the normal duties of a bank with respect to the Sub-Funds’ deposits

of cash and securities. The Custodian and any Correspondent may dispose of a Sub-Fund’s assets and make payments

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to third parties on behalf of such Sub-Fund only upon receipt of written instructions from, or as previously instructed
by, the Management Company.

5.2 Central Administration Agent
The Central Administration Agent will be responsible for all administrative duties required in respect of the different

Sub-Fund by Luxembourg law, including the bookkeeping and calculation of the Net Asset Value per Unit of each Sub-
Fund and Class in accordance with these Management Regulations.

5.3 Paying Agent
The Paying Agent will be responsible for receiving payments for subscriptions for Units and depositing such payments

in the relevant Sub-Fund’s bank account. If applicable, upon, and in accordance with, the instructions of the Management
Company, the Paying Agent shall execute distribution payments or arrange for distribution payments to Unitholders
and, if appropriate, in accordance with the instructions of Unitholders or the Registrar and Transfer Agent (as the case
may be), issue cheques or warrants, subject however to funds being available to effect such payments, and shall notify
the Management Company of the amounts and payees of all instruments of payments so made. The Paying Agent shall
make payment or cause payment to be made of proceeds from the repurchase of Units, but only after all the conditions
described in these Management Regulations have been satisfied.

5.4 Registrar and Transfer Agent
The Registrar and Transfer Agent will be responsible for handling the processing of subscriptions for Units and dealing

with any transfers or redemptions of Units, in each case in accordance with these Management Regulations, and in con-
nection therewith accepting transfers of funds, safekeeping of the register of Unitholders, the mailing of statements, re-
ports, notices and other documents to the Unitholders.

6. Investment Advisor. The Management Company may appoint for each Sub-Fund an Investment Adviser, as out-

lined in the Special Section of the Prospectus.

7. Investment objectives, Investment guidelines and investment powers and restrictions
7.1 Investment Objectives
The main objective of the Fund is to achieve an attractive return from capital invested with a long term perspective

in a diversified portfolio, while reducing investment risks through diversification across countries, sectors, investment
styles or assets.

The Investment Objective of each Sub-Fund is further detailed in the Special Section of the Prospectus.
7.2 Investment Policy
Each Sub-Fund will invest, according to its specific investment policy as outlined in the Special Section of the Prospec-

tus, in any kind of assets (including derivatives) as permitted under the 1991 Law, with the aim of fulfilling certain E.ON
group entities’ long term pension obligations. These investments can be achieved either directly or indirectly through
equity or debt instruments (securitised or not) or combinations thereof in investment structures of any kind and nature,
having legal personality or not, wholly or partly owned by the relevant Sub-Fund, whether listed or unlisted, being reg-
ulated or not, based in any jurisdiction, and established for the purpose of investing, directly or indirectly, in and financing
any kind of eligible investments under the 1991 Law (each an «Investment Structure» and collectively the «Investment
Structures»).

More specifically each Sub-Fund may invest and hold its investment through one or more Subsidiaries (as defined

hereafter).

The selection of whether an investment will be made through equity or debt will depend inter alia on the economic,

regulatory, legal and tax set-up of the Investment Structures.

The Sub-Funds may furthermore hold cash or cash equivalents, including inter alia money market instruments or in-

vestments in units of money market funds for distributions or redemptions and for management purposes, or as an in-
termediary investment prior to the investment of any balance not invested pursuant to the above. Each Sub-Fund may
use techniques and instruments in relation to transferable securities as outlined in Appendix 2 of the Prospectus.

Additional guidelines can be set forth for each Sub-Fund separately. To that effect, reference is made to the Special

Section of the Prospectus.

7.3 Investment Powers and Restrictions
Each Sub-Fund is managed in accordance with the following Investment Powers and Restrictions as well as in accord-

ance with the additional Investment Powers and Restrictions specified in the Special Section of the Prospectus, if any:

(1) Each Sub-Fund may borrow the equivalent of up to 10% of its net assets to economically leverage the Sub-Fund;
(2) No Sub-Fund will invest 20% or more of its Net Asset Value in securities or other investment instruments issued

by the same investment structure or other issuing body;

(3) Each Sub-Fund may acquire up to 100% of the securities or other investment instruments issued by the investment

structure or other issuing body;

(4) Each Sub-Fund may invest up to 100% of its assets in non-listed securities;
(5) The ceilings under paragraph (2) above does not apply in case of acquisition by the Sub-Fund of investment instru-

ments issued by a Subsidiary. Subsidiaries may be set up in order to organize the acquisition of investment instruments
by the Sub-Fund on its own account. A Subsidiary can be any local or foreign corporation or partnership. It may not
have any activity other than the holding of securities or investment instruments, which qualify under the Investment
Objective and Policy. The Sub-Fund will assure, at any time, that it can control the investments made through its Sub-
sidiaries. The participation of the Subsidiaries will be issued in registered form. The majority of the managers of the
Subsidiaries will be managers of the Management Company or employees of the E.ON Group. The accounts of the Sub-
sidiaries of the Fund are audited by the Fund’s auditor’s group, when required by the relevant laws and regulations. Fur-
thermore, in the semi-annual and annual accounts of the Fund, the Subsidiaries of the Fund will be consolidated and
therefore the accounts of the Fund will list the investments held via the Subsidiaries;

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(6) In order to protect its present and future assets and liabilities against the fluctuation of currencies, any Sub-Fund

may enter into transactions the object of which is the purchase or the sale of forward foreign exchange contracts, the
purchase or the sale of call options or put options in respect of currencies, the purchase or the sale of currencies for-
ward or the exchange of currencies on a mutual agreement basis provided that these transactions be made either on
exchanges or over-the-counter with first class financial institutions specialising in these types of transactions and being
participants in the over-the-counter markets. The objective of the transactions referred to above presupposes the ex-
istence of a direct relationship between the contemplated transaction and the assets or liabilities to be hedged and im-
plies that, in principle, transactions in a given currency (including a currency bearing a substantial relation to the value
of the reference currency (known as «Cross Hedging»)) may not exceed the total valuation of such assets and liabilities
nor may they, as regards their duration, exceed the period where such assets are held or anticipated to be acquired or
for which such liabilities are incurred or anticipated to be incurred.

The ceiling under (2) above may not be complied with during a transitional period of up to 6 months as from the Sub-

Fund’s first investment.

The Investment Powers and Restrictions set out in the present Section will not be breached as a result of changes in

the price or value of assets of the Sub-Fund brought about solely through movements in the market, but in such circum-
stances the Management Company shall take all necessary steps to bring the Sub-Fund back within the Investment Pow-
ers and Restrictions except where the Management Company reasonably believes that this would be prejudicial to the
interests of the Sub-Fund.

8. Conflicts of interest. In the event that a Sub-Fund is presented with any event, which in the view of the Man-

agement Company may represent a conflict of interest, the Management Company will defer the question for recom-
mendation to the relevant Unitholder Advisory Committee.

9. Offer
9.1 Units
Each Sub-Fund will issue fully paid-up Units, in uncertificated registered form only, each Unit being linked to one of

the Sub-Funds. Such Units may be of different Classes. The register of the Unitholders is conclusive evidence of own-
ership of the Units and the Management Company will treat the registered owner of Units as the owner thereof.

Upon issue, Units are entitled to participate equally in the profits and dividends attributable to the relevant Class, as

well as in the liquidation proceeds of the Fund.

The Units do not carry any preferential or pre-emptive rights. Each Unit entitles the Unitholder to receive the dis-

tributions as specified in Article 10 of these Management Regulations and Section 1.10 of the Prospectus. Fractions of
Units may be issued to the nearest one hundred of a Unit and are entitled to participate pro rata in the distributions
and the allocation of the liquidation proceeds.

Units may only be offered to and are only transferable between Institutional Investors, with the exception that Units

may not be transferred to a Prohibited Person. There may at no time be more than thirty (30) Investors in a Sub-Fund.

9.2 Accounting Currency and Reference Currency
The Fund’s Accounting Currency will be the Euro.
The Sub-Funds will be denominated in the Reference Currency specified for each Sub-Fund in the Special Section of

the Prospectus.

9.3 Classes of Units
The Fund may offer different Classes in each Sub-Fund, which may carry different rights and obligations, inter alia,

with regard to their distribution policy, their fee structure, their minimum initial subscription and holding amounts or
their target investors, as further described in the Prospectus. Unitholders of the same Class will be treated pro-rata to
the number of Units in the relevant Sub-Fund held by them.

The Management Company may, at any time and in its discretion, decide to launch additional Classes and, in such

cases, the Prospectus will be updated accordingly.

Investors should note however that some Sub-Funds and/or Classes may not be available to all investors. The Man-

agement Company reserves the right to offer only one or more Classes for subscription to a certain group of potential
investors, for instance investors in any particular jurisdiction in order to conform to local law, customs or business prac-
tice or for fiscal or any other reason.

9.4 Subscription for Units
9.4.1 Subscription Procedure
Units may only be purchased by Institutional Investors investing for their own account or for and on behalf of a third

party which qualifies as an Institutional Investor. Each Institutional Investor desiring to subscribe for Units for the first
time will be required to execute a Subscription Agreement and make certain representations and warranties to the rel-
evant Sub-Fund and to the Management Company. Subsequent subscriptions may be made by completing and returning
the subsequent subscription form appended to the Subscription Agreement, to the Management Company or the Cen-
tral Administration Agent.

The Management Company may accept or reject any initial or subsequent application to subscribe in its absolute dis-

cretion.

If approved by the Management Company, the application for subscription will be forwarded to the Central Admin-

istration Agent for processing.

The minimum initial investment as well as the minimum subsequent holding amount per Institutional Investor (if any)

is specified for each Class of each Sub-Fund in the Special Section of the Prospectus. However the Management Com-
pany reserves the right to waive these amounts, in its discretion.

Subscriptions for Units in the Fund received by the Management Company on any Business Day preceding the Valu-

ation Day before 5.00 p.m. (the «Subscription Deadline»), will be processed on that Valuation Day using the Net Asset

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Value per Unit determined with respect to such Valuation Day, based on the latest available prices in Luxembourg. It is
a strict requirement that Subscription Agreements be received by the Management Company before the Subscription
Deadline.

Any Subscription Agreement received by the Management Company after the Subscription Deadline on any Valuation

Day, or on any day that is not a Valuation Day, will be processed on the next Valuation Day on the basis of the Net
Asset Value per Unit determined with respect to such Valuation Day.

The Management Company may from time to time accept subscriptions for Units in consideration of a contribution

in kind of assets, which could be acquired by the relevant Sub-Fund pursuant to its Investment Objective and Policy and
Investment Powers and Restrictions. Any such contribution in kind will be valued in a report established by an auditor
qualifying as a «réviseur d’entreprises agréé» drawn up in accordance with the requirements of Luxembourg law, the
costs of which report will be borne by the incoming Investor.

9.4.2 Payment Procedure
Payment for Units must be received by the Custodian no later than five (5) Business Days after the applicable Valu-

ation Day (the «Payment Deadline»), in accordance with the payment details set forth in the Subscription Agreement.

The normal currency of payment for Units will be the Reference Currency. An Investor may however, with the agree-

ment of the Management Company, effect payment to the Custodian in any other freely convertible currency. The Cen-
tral Administration Agent will arrange for any necessary currency transaction to convert the subscription monies from
the currency of subscription into the Reference Currency of the relevant Fund. Any such currency transaction will be
effected at the subscriber’s cost and risk. Currency exchange transactions may delay any issue of Shares since the Cen-
tral Administration Agent may choose in its discretion to delay the execution of any foreign exchange transaction until
cleared funds have been received by it.

If timely payment for Units is not made (or a completed Subscription Agreement is not received), the relevant issue

of Units may be cancelled, and an Investor may be required to compensate the Fund and/or any relevant distributor for
any loss incurred in relation to such cancellation.

9.5 Restriction to Subscription for Units
Units of each Sub-Fund are issued to Institutional Investors only, provided that the number of Investors in any Sub-

Fund may not exceed, at any time, thirty (30).

The Fund is reserved to (i) professional pension institutions, or similar investment vehicles, created on the initiative

of the E.ON group for the benefit of its employees and former employees, and (ii) certain companies of E.ON group
investing the funds they hold in order to provide pension benefits to their employees.

The Management Company shall restrict or prevent the ownership of Units in any Sub-Fund by a Prohibited Person.
The Management Company may decide not to offer or sell, or require any subscriber to provide it with any informa-

tion that it may consider necessary for the purpose of deciding whether or not he is, or will be, a Prohibited Person.

The Management Company retains the right to offer only one or more Classes for subscription in any particular ju-

risdiction in order to conform to local law, custom, business practice or the Fund’s commercial objectives.

9.6 Initial Offer Period
With regard to any Sub-Fund, the Management Company will accept subscriptions for Units during the Initial Offer

Period from Institutional Investors which have entered into a Subscription Agreement with the Management Company.

The Initial Offer Period will take place on or around the date specified for each Sub-Fund in the Special Section of

the Prospectus.

9.7 Issue of Units
Until the End of Initial Offer Period, Units will be offered at the Initial Subscription Price as further detailed below

and in the Special Section of the Prospectus with respect to each Class of each Sub-Fund.

After the Initial Offer Period, Units will be issued at the relevant Net Asset Value per Unit.
If during the Initial Offer Period, the Management Company estimates that the Initial Subscription Price does not re-

flect the value of the Underlying Investments, subscriptions will be honoured by issuing Units at their respective Net
Asset Value.

Any taxes, commissions and other fees incurred in the respective countries in which Units are sold will also be

charged, if any, to the incoming Unitholders.

Fractions of Units to two decimal places will be issued, the Fund being entitled to receive the adjustment.
9.8 Suspension of Subscriptions
No Units will be issued by the Fund during any period in which the determination of the Net Asset Value of the Fund

is suspended in accordance with Article 11.2 hereof.

Notice of suspension will be given to subscribers, and subscriptions made or pending during a suspension period may

be withdrawn by notice in writing received by the Management Company prior to the end of the suspension period.
Subscriptions not withdrawn will be processed by the Registrar and Transfer Agent on the first Valuation Day following
the end of the suspension period, on the basis of the Net Asset Value per Unit determined on such Valuation Day.

9.9 Prevention of Money Laundering
Pursuant to Luxembourg laws and regulations, obligations have been imposed on all professionals of the financial sec-

tor to prevent the use of undertakings for collective investment for money laundering purposes.

This identification procedure must be complied with by the Central Administration Agent (or the relevant competent

agent of the Central Administration Agent) in the case of direct subscriptions to a Sub-Fund, and in the case of subscrip-
tions received by a Sub-Fund from any intermediary resident in a country that does not impose on such intermediary
an obligation to identify investors equivalent to that required under Luxembourg laws for the prevention of money laun-
dering.

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It is generally accepted that professionals of the financial sector resident in a country that has ratified the conclusions

of the Financial Action Task Force (Groupe d’Action Financière (the «GAFI»)) are deemed to be intermediaries having
an identification obligation equivalent to that required under Luxembourg law.

In respect of the above, the Central Administration Agent may require the subscriber to provide it with any docu-

mentation deemed necessary in the Central Administration Agent’s judgment to satisfy its abovereferred obligations.

Failure to provide proper documentation may result in the withholding of redemption proceeds by the relevant Sub-

Fund.

Any information provided to the Fund in this context is collected for anti-money laundering compliance purposes

only.

9.10 Late trading
The price of the Units is determined on a forward basis. This means that it is not possible to know in advance the

Net Asset Value per Unit at which Units will be subscribed or redeemed. Subscription Agreements have to be received
and will only be accepted by the Management Company in accordance with the Subscription Deadline.

9.11 Market timing
The Fund is not designed for Investors with short term investment horizons. Activities that may adversely affect the

interests of the Fund’s Unitholders (for example that disrupt investment strategies or impact expenses) such as market
timing or the use of the Fund as an excessive or short term trading vehicle are not permitted.

While recognising that Unitholders may have legitimate needs to adjust their investments from time to time, the Man-

agement Company in its discretion may, if it deems that such activities adversely affect the interests of the Fund’s
Unitholders, take action as appropriate to deter such activities.

Accordingly, if the Management Company determines or suspects that a Unitholder has engaged in such activities, it

may suspend, cancel, reject or otherwise deal with that Unitholder’s subscription applications and take any action or
measures as appropriate or necessary to protect the Fund and its Unitholders.

9.12 Transfer of Units
Units are freely transferable unless assignment or sale of Units would result in a Prohibited Person holding Units or

the number of Investors in any Sub-Fund exceeding thirty (30), either as an immediate consequence or in the future.

9.13 French 3% Tax Information
The Unitholders shall (i) annually by May 4, or as the case may be, two months after the direct or indirect acquisition

of a property located in France, and (ii) on first request of the Management Company, provide the Management Com-
pany with certified copies of the French 3% tax annual returns n

°

 2746, or the undertakings provided under article 990

E-3

°

 of the French Tax Code filed with the French tax authorities or any other documents showing that it, and each of

its direct and indirect shareholders and other owners of beneficial interests qualify for an exemption from the French
3% tax or have paid the French 3% tax due.

The Unitholders shall authorise the Management Company, for itself and for each of its direct and indirect sharehold-

ers and other owners of beneficial interests, to provide the aforementioned documents to any target fund in which the
Fund invests, has invested or will invest directly or indirectly or to any third parties, as may be required under any agree-
ments that the Fund may enter.

9.14 Greek 3% tax and other Tax Related Information
Each Unitholder shall provide from time to time such information and documentation to the Fund as may be reason-

ably requested for the purpose of determining to what extent any Units are owned, directly or indirectly, by persons
not qualifying for an exemption under Greek 3% tax or any similar tax in any jurisdiction and such other information
specified in the Subscription Agreement and the Fund shall provide such assistance as any Unitholder may reasonably
request in connection there under.

9.15 Deductions in relation to French or Greek 3% tax
If and to the extent the Sub-Funds or any entity involved in the Fund structure are or may be liable to pay any French

or Greek 3% tax because of the direct or indirect ownership by a Unitholder who is not exempt from the French or
Greek 3% tax and such tax (including interest and penalties thereon, if applicable) is not paid by the relevant Unitholder,
the Sub-Funds may deduct from any payments (including distributions or repayment of capital) with regard to Units
which are or have been held directly or indirectly by the Unitholder which is not exempt from the French or Greek 3%
tax. For the avoidance of doubt, such deductions may be made even if the respective Unitholder did not act negligently
or intentionally in this respect.

10. Distribution. The Management Company will decide whether and to what extent distributions are to be paid

out of the Fund’s assets. Distributions may only be made if the net assets of the Fund do not fall below the minimum
set forth by law (i.e. Euro 1,250,000.-).

All distributions will be made net of any income, withholding and similar taxes payable by the Fund, including, for ex-

ample, any withholding taxes on interest or dividends received by the Fund and capital gains taxes or withholding taxes
on sales of interests in the Investment Structures.

11. Valuation
11.1 Calculation of Net Asset Value per Unit
11.1.1 The Net Asset Value per Unit of each Class in each Sub-Fund shall be expressed in the Reference Currency

of that Class, as specified for each Class in the Special Section of the Prospectus, and shall be determined by the Central
Administration Agent under the supervision of the Management Company as at each Valuation Day by dividing (i) the
net assets of that Sub-Fund attributable to such Class, being the value of the portion of the Sub-Fund’s gross assets less
the portion of the Sub-Fund’s liabilities attributable to such Class, on such Valuation Day, by (ii) the number of Units of
such Class then outstanding in such Sub-Fund, in accordance with the valuation rules set forth below.

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11.1.2 The Net Asset Value per Unit shall be rounded down to two decimal places. If, since the time of determination

of the Net Asset Value per Unit of any Sub-Fund there has been a material change in relation to (i) a substantial part of
the Assets of the relevant Sub-Fund or (ii) the quotations in the markets on which a substantial portion of the invest-
ments of the relevant Sub-Fund are dealt in or quoted, the Management Company may, in order to safeguard the inter-
ests of the Unitholders and the Sub-Fund, cancel the first determination and carry out a second determination of the
Net Asset Value per Unit of that Sub-Fund with prudence and in good faith.

11.1.3 The accounts of the Subsidiaries of the Fund will be consolidated with the accounts of the Fund and accordingly

the underlying assets and liabilities will be valued in accordance with the valuation rules described below. Minority in-
terests in quoted Investment Structures will be valued on the basis of the last available quotation. Minority interests in
unquoted Investment Structures will be valued on the basis of the probable net realisation value estimated by the Man-
agement Company with prudence and in good faith.

11.1.4 The assets of the Fund shall include:
(a) shareholdings in and convertible securities, debt and convertible debt securities of Investment Structures;
(b) all cash in hand or on deposit, including any interest accrued thereon;
(c) all bills and demand notes payable and accounts receivable (including proceeds of properties, property rights, se-

curities or any other assets sold but not delivered);

(d) all bonds, time notes, certificates of deposit, shares, stock, debentures, debenture stocks, subscription rights, war-

rants, options and other securities, interests in limited partnerships, financial instruments and similar assets owned or
contracted for by the Fund;

(e) all stock dividends, cash dividends and cash payments receivable by the Fund to the extent information thereon

is reasonably available to the Fund, the Management Company or the Custodian;

(f) all interest accrued on any interest-bearing assets owned by the Fund except to the extent that the same is includ-

ed or reflected in the value attributed to such asset;

(g) the formation expenses of the Fund, including the cost of issuing and distributing Units of the Fund, insofar as the

same have not been written off;

(h) the liquidating value of all forward contracts, swaps and all call or put options the Fund has an open position in; and
(i) all other assets of any kind and nature including expenses paid in advance.
11.1.5 The value of the Fund’s assets shall be determined as follows:
(a) The value of any cash in hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses,

cash dividends and interest declared or accrued as aforesaid and not yet received is deemed to be the full amount there-
of, unless in any case the same is unlikely to be paid or received in full, in which case the value thereof is arrived at after
making such discount as may be considered appropriate in such case to reflect the true value thereof.

(b) The securities of Investment Structures that are listed on a stock exchange or dealt in on another Regulated Mar-

ket will be valued on the basis of the last available publicised stock exchange or market value.

(c) The securities of Investment Structures which are not listed on a stock exchange nor dealt in on another Regu-

lated Market will be valued on the basis of the probable net realisation value (excluding any deferred taxation) estimated
with prudence and in good faith by the Management Company. If a net asset value is determined for the units or shares
issued by a Investment Structure which calculates a net asset value per share or unit, those units or shares will be valued
on the basis of the latest net asset value determined according to the provisions of the particular issuing documents of
this Investment Structure. In case of the occurrence of an evaluation event that is not reflected in the latest available
net asset value of such shares or units issued by such Investment Structures, the valuation of such shares or units issued
by such Investment Structures may take into account this evaluation event. The following events qualify as evaluation
events: capital calls, distributions or redemptions effected by the Investment Structure or one or more of its underlying
investments as well as any material events or developments affecting either the underlying investments or the Invest-
ment Structures themselves.

(d) The liquidating value of futures, forward or options contracts not dealt in on a stock exchange or another Regu-

lated Markets shall mean their net liquidating value determined, pursuant to the policies established by the Management
Company, on a basis consistently applied for each different variety of contracts. The liquidating value of futures, forward
or options contracts dealt in on a stock exchange or another Regulated Markets shall be based upon the last available
settlement prices of these contracts on such Regulated Markets on which the particular futures, forward or options
contracts are dealt in by the Fund; provided that if a futures, forward or options contract could not be liquidated on the
day with respect to which net assets are being determined, the basis for determining the liquidating value of such con-
tract shall be such value as the Management Company may deem fair and reasonable;

(e) All other securities and other assets, including debt securities and securities for which no market quotation is

available, are valued on the basis of dealer-supplied quotations or by a pricing service approved by the Management
Company or, to the extent such prices are not deemed to be representative of market values, such securities and other
assets shall be valued at fair value as determined in good faith pursuant to procedures established by the Management
Company. Money market instruments held by the Fund with a remaining maturity of ninety days or less will be valued
by the amortised cost method, which approximates market value;

(f) Interest rate swaps will be valued at their market value established by reference to the applicable interest rates

curve. Index and financial instruments related swaps will be valued at their market value established by reference to the
applicable index or financial instrument. The valuation of the index or financial instrument related swap agreement shall
be based upon the market value of such swap transaction established in good faith pursuant to procedures established
by the Management Company;

(g) The Management Company may permit some other method of valuation to be used, if it considers that such val-

uation better reflects the fair value of any asset of the Fund.

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11.1.6 Subject to Article 11.1.8 the liabilities of the Fund shall include:
(a) all loans and other indebtedness for borrowed money (including convertible debt), bills and accounts payable;
(b) all accrued interest on such loans and other indebtedness for borrowed money (including accrued fees for Com-

mitment for such loans and other indebtedness);

(c) all accrued or payable expenses (including expenses, management fees (if any), advisory fees (if any), custodian fees

and central administration fees);

(d) all known liabilities, present and future, including all matured contractual obligations for payments of money or

property, including the amount of any unpaid distributions declared by the Fund, where the Valuation Day falls on the
record date for determination of the person entitled thereto or is subsequent thereto;

(e) an appropriate provision for future taxes based on capital and income to the Valuation Day, as determined from

time to time by the Management Company, as well as such amount (if any) as the Management Company may consider
to be an appropriate allowance in respect of any contingent liabilities of the Fund provided that for the avoidance of
doubt, on the basis that the assets are held for investment it is not expected that such provision shall include any de-
ferred taxation; and

(f) all other liabilities of each Sub-Fund of whatsoever kind and nature reflected in accordance with generally accepted

accounting principles. In determining the amount of such liabilities each Sub-Fund shall take into account all expenses
payable by the Fund / Sub-Fund which shall comprise formation expenses, fees payable to its investment advisors (if any),
fees, expenses, disbursements and out-of-pocket expenses payable to its accountants, custodian and its correspondents,
administrative, registrar and transfer agents, any paying agent, any distributors and permanent representatives in places
of registration, as well as any other agent employed by the Management Company respectively by the Fund, the remu-
neration of the managers and their reasonable out-of-pocket expenses, insurance coverage and reasonable travelling
costs in connection with board meetings, fees and expenses for legal and auditing services, any fees and expenses in-
volved in registering and maintaining the registration of the Fund with any Governmental agencies or stock exchanges
in the Grand Duchy of Luxembourg and in any other country, licensing fees for the use of indexes (if any), reporting and
publishing expenses, including the cost of preparing, translating, printing, advertising and distributing prospectuses, ex-
planatory memoranda, the management regulations, periodical reports or registration statements, the costs of publish-
ing the net asset value and any information relating to the estimated value of a Sub-Fund, the cost of printing certificates,
and the costs of any reports to Unitholders, the cost of convening and holding Unitholder Advisory Committees’ and
board meetings, all taxes, duties, governmental and similar charges, and all other operating expenses, including the cost
of buying and selling assets, transaction fees (if any), the cost of publishing the issue and redemption prices, interests,
bank charges and brokerage, postage, insurance, telephone and telex. The Sub-Fund may accrue administrative and other
expenses of a regular or recurring nature based on an estimated amount rateably for yearly or other periods.

11.1.7 The value of all assets and liabilities not expressed in Euro will be converted into Euro at the relevant rates of

exchange prevailing on the relevant Valuation Day. If such quotations are not available, the rate of exchange will be de-
termined with prudence and in good faith by or under procedures established by the Management Company.

11.1.8 The assets and liabilities shall be allocated as follows:
(a) the issue price received by the Fund on the issue of Units, and reductions in the value of the Fund as a consequence

of the redemption of Units, shall be attributed to the Sub-Fund and within that Sub-Fund, to the relevant Class to which
these Units belong;

(b) assets acquired by the Fund upon the investment of the issue proceeds and income and capital appreciation in

relation to such investments which relate to a specific Sub-Fund shall be attributed to such Sub-Fund;

(c) assets disposed of by the Fund as a consequence of the redemption of Units and liabilities, expenses and capital

depreciation relating to investments made by the Fund and other operations of the Fund, which relate to a specific Sub-
Fund shall be attributed to such Sub-Fund;

(d) where the use of foreign exchange transactions, instruments or financial techniques relates to a specific Sub-Fund

and/or within a Sub-Fund, to a specific Class the consequences of their use shall be attributed to such Sub-Fund and/or
Class of Units in such Sub-Fund;

(e) where assets, income, capital appreciations, liabilities, expenses, capital depreciations or the use of foreign ex-

change transactions, instruments or techniques cannot be attributed to a particular Sub-Fund they shall be divided equal-
ly between all Sub-Funds or, in so far as is justified by the amounts, shall be attributed in proportion to the relative Net
Asset Value of the Sub-Funds or Classes of Units in the Sub-Funds if the Management Company, in its sole discretion,
determines that this is the most appropriate method of attribution; and

(f) any distributions to the Unitholders of a Sub-Fund or specific Class in a Sub-Fund, resolved by the Management

Company in accordance with Article 10, shall reduce the net assets of this Sub-Fund or Class in the Sub-Fund by the
amount of such distribution.

11.1.9 For the purpose of Article 11.1.5 and 11.1.6
(h) Units to be issued by the Fund shall be treated as being in issue as from the time specified by the Management

Company on the Valuation Day on which such valuation is made and from such time and until received by the Fund the
price therefore shall be deemed to be an asset of the Fund;

(i) Units of the Fund to be redeemed (if any) shall be treated as existing and taken into account until the date fixed

for redemption, and from such time and until paid by the Fund the price therefore shall be deemed to be a liability of
the Fund; and

(j) where on any Valuation Day the Fund has contracted to:
(i) purchase any asset, the value of the consideration to be paid for such asset shall be shown as a liability of the Fund

and the value of the asset to be acquired shall be shown as an asset of the Fund;

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(ii) sell any asset, the value of the consideration to be received for such asset shall be shown as an asset of the Fund

and the asset to be delivered by the Fund shall not be included in the assets of the Fund;

provided, however, that if the exact value or nature of such consideration or such asset is not known on such Valu-

ation Day, then its value shall be estimated by the Management Company.

11.1.10 For the avoidance of doubt, the provisions of this Article 11.1 including, in particular Article 11.1.8, are rules

for determining Net Asset Value per Unit of each Class in each Sub-Fund and are not intended to affect the treatment
for accounting or legal purposes of the assets and liabilities of the Fund or any Units issued by the Fund.

11.2 Temporary Suspension of Calculation of Net Asset Value per Unit
The Management Company may suspend the determination of the Net Asset Value per Unit:
- during any period when, as a result of the political, economic, military or monetary events or any circumstance out-

side the control, responsibility and power of the Management Company, or the existence of any state of affairs in the
property market, disposal of the assets of the Fund is not reasonably practicable without materially and adversely affect-
ing and prejudicing the interests of Unitholders or if, in the opinion of the Management Company, a fair price cannot be
determined for the assets of the Fund;

- in the case of a breakdown of the means of communication normally used for valuing any asset of the Fund or if for

any reason the value of any asset of the Fund which is material in relation to the Net Asset Value per Unit (as to which
the Management Company shall have sole discretion) may not be determined as rapidly and accurately as required;

- if, as a result of exchange restrictions or other restrictions affecting the transfer of funds, transactions on behalf of

the Fund are rendered impracticable, or if purchases, sales, deposits and withdrawals of the assets of the Fund cannot
be effected at the normal rates of exchange;

- during any period when the value of the net assets of any Subsidiary of the Fund may not be determined accurately;

or

- when for any other reason, the prices of any investments cannot be promptly or accurately determined.
Any such suspension shall be published, if appropriate, by the Management Company and shall be notified to the con-

cerned Unitholders and subscribers.

Any request for subscription or redemption shall be irrevocable except in the event of a suspension of the determi-

nation of the Net Asset Value per Unit.

12. Redemption of units
12.1 Redemption Procedure
Unitholders are entitled to request the redemption of their Units under the terms and conditions outlined hereunder

and in the Prospectus.

Any application for redemption must include:
- either (i) the monetary amount to be redeemed after deduction of any applicable Redemption Fee and Charge; or

(ii) the number of Units to be redeemed, and

- the details of the Class(es) and Sub-Fund(s) from which such Units are to be redeemed.
In addition, the application for redemption must include the Unitholder’s personal details. Failure to provide any of

the required information may result in delay of such application for redemption whilst verification is being sought from
the Unitholder.

Applications for redemption must be duly signed by all registered Unitholders, save in the case of joint registered

Unitholders where an acceptable power of attorney has been provided to the Management Company.

Applications for redemption of Units of any Class in any Sub-Fund received by the Central Administration Agent at

least 15 Business Days before any Redemption Day (the «Redemption Deadline»), will be processed on that Redemption
Day using the Net Asset Value per Unit determined on such Redemption Day, less any redemption fees and charges as
determined by the Management Company and described in the Prospectus. Any applications for redemption received
by the Central Administration after the Redemption Deadline will be processed on the next Redemption Day on the
basis of the Net Asset Value per Unit determined on such Redemption Day.

The Management Company will use reasonable efforts to transfer or dispose of the relevant Sub-Fund’s assets in or-

der to provide for cash to fulfil the applications for redemption. At its entire discretion, the Management Company may
decide to use leverage to satisfy the applications for redemption in compliance with the terms of this Prospectus or
make use of other revenues or reserves to fulfil such redemption requests.

The Management Company may, at its complete discretion but with the consent of the relevant Unitholder, decide

to satisfy payment of the redemption proceed to this Unitholder wholly or partly in specie by allocating to such
Unitholder investments from the pool of assets set up in connection with the relevant Sub-Fund, equal in value as of the
Redemption Day on which the Redemption Price is calculated, to the value of the Units to be redeemed. The nature
and type of assets to be transferred in such case shall be determined on a fair and reasonable basis and without preju-
dicing the interests of the other Unitholders of the relevant Sub-Fund, and the valuation used shall be confirmed by a
special report of the Auditor. The cost of such transfer shall be borne by the transferee.

12.2 Payment procedure
Payment for Units redeemed will be effected no later than 10 Business Days after the relevant Redemption Day, pro-

vided that all the documents necessary to the redemption have been received by the Central Administration Agent and
unless legal constraints, such as foreign exchange controls or restrictions on capital movements, or other circumstances
beyond the control of the Management Company make it impossible or impracticable to transfer the redemption pro-
ceed to the country in which the application for redemption was submitted. At the request of the redeeming Unitholder,
the Central Administration Agent will arrange the currency transaction required for conversion of the redemption mon-
ies from the Reference Currency of the relevant Sub-Fund into the requested currency. Such currency transaction will
be effected with the Custodian or a Distributor at the redeeming Unitholder’s risk and cost.

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On payment of the Redemption Price, the corresponding Units will be cancelled immediately in the register of

Unitholders. Any taxes, commissions and other fees incurred in the respective countries in which the Units are sold will
be charged to the redeeming Unitholder.

12.3 Compulsory Redemption
If the Management Company discovers at any time that Units are owned by a Prohibited Person, either alone or in

conjunction with any other person, whether directly or indirectly, the Management Company may at its discretion and
without liability, compulsorily redeem the Units at the Redemption Price after giving such Prohibited Person notice of
at least 10 Business Days, and upon redemption, the Prohibited Person will cease to be the owner of those Units.

The Management Company may require any Unitholder to provide it with any information that it may consider nec-

essary for the purpose of determining whether or not such owner of Units is or will be a Prohibited Person.

The costs and charges of compulsory redemption will be borne by the redeeming Unitholder.
12.4 Suspension of Redemptions
No Units will be redeemed by any Sub-Fund during any period in which the determination of the Net Asset Value

per Unit of such Sub-Fund is suspended pursuant to the powers contained in the Management Regulations and as indi-
cated in Article 11.2 hereof.

Notice of suspension will be given to the redeeming Unitholders, and redemption requests made or pending during

a suspension period may be withdrawn by notice in writing received by the Management Company prior to the end of
the suspension period. Redemption requests not withdrawn will be processed by the Registrar and Transfer Agent on
the first Valuation Day following the end of the suspension period, on the basis of the Net Asset Value per Unit of the
relevant Sub-Fund and Class determined on such Valuation Day.

13. Conversion of units. Conversions of Units between Classes and/or Sub-Funds are not possible.

14. Charges of the Fund. The below mentioned fees, expenses and indemnifications may be charged as between

the various Sub-Funds and Classes of Units, on the basis of their respective net assets, within such a period, on such
terms and in such a manner as the Management Company thinks fair and reasonable provided that each Class of Units
of a Sub-Fund and/or each Sub-Fund will bear its own fees, expenses and indemnifications which are directly and exclu-
sively attributable to it.

14.1.1 Management Fee
The Management Company may be entitled to a yearly management fee, the amount of which is specified for each

Sub-Fund in the Special Section of the Prospectus. The management fee will be paid quarterly in arrears out of the assets
of the Sub-Funds.

The above referred yearly management fee will not exceed, in aggregate, 0.50% of the average Fund’s net assets as

at the end of each quarter.

14.1.2 Organisational Expenses
The Fund shall reimburse the Management Company, the Promoter and any of their Affiliates for all Organisational

Expenses incurred by them in relation to the setting up of the Fund.

The Organisational Expenses will be written off by the Fund over a period of five years.
14.1.3 Operation and Administration Expenses
The Fund shall bear all Operation and Administration Expenses and shall reimburse the Management Company and

the Investment Advisor, if any, for all Operation and Administration Expenses incurred by them in relation to the Fund
as well as all other expenses referred to in Article 11.1.6(f) hereof, subject to a maximum of 0.05% per annum of the
average Fund’s net assets as at the end of each quarter.

Travel and marketing expenses incurred by the Management Company and the Investment Advisor (if any) will be

charged to the Fund.

The Management Company and the Investment Advisor will not be reimbursed for any of their internal administrative

costs such as salaries, office space or office equipment.

Where any operational, financing or administrative services are performed by the Investment Advisor, the fees and

costs paid by the Fund in relation to such services shall not be higher than those charged for comparable services by
other service providers.

14.1.4 Investment-Related Expenses
The Fund shall bear all Investment-Related Expenses and the Management Company and the Investment Advisor, if

any, shall be reimbursed by the Fund in respect of all Investment-Related Expenses incurred by them.

14.1.5 Custodian and Other Fees
The Custodian, the Central Administration Agent, the Paying Agent and the Registrar and Transfer Agent shall each

be entitled to be paid out of the Fund’s assets, such fees as shall be determined from time to time by agreement between
the Management Company and such service providers, provided that such fees are in accordance with customary bank-
ing practice and at normal commercial rates in Luxembourg.

14.1.6 Value Added Tax
All fees and expenses pursuant to the above are exclusive of value added taxes or other chargeables thereon, which

shall be paid by the Fund as required.

14.1.7 Indemnification
The Fund will indemnify the Management Company, the Investment Advisor and their officers, directors, managers,

employees and associates and all persons serving on the Management Company Board as well as all members of a
Unitholder Advisory Committee (each an «Indemnitee») against all claims, liabilities, cost and expenses incurred in con-
nection with their role as such, other than for gross negligence, fraud or wilful misconduct. Unitholders will not be in-
dividually obligated with respect to such indemnification beyond the amount of their investments in the Fund.

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The Indemnitees shall have no liability for any loss incurred by the Fund or any Unitholder howsoever arising in con-

nection with the service provided by them in accordance with the Fund Documents, and each Indemnitee shall be in-
demnified and held harmless out of the assets of the Fund against all actions, proceedings, reasonable costs, charges,
expenses, losses, damages or liabilities incurred or sustained by an Indemnitee in or about the conduct of the Fund’s
business affairs or in the execution or discharge of his duties, powers, authorities or discretions in accordance with the
terms of the appointment of the Indemnitee, including without prejudice to the generality of the foregoing, any costs,
expenses, losses or liabilities incurred by him in defending (whether successfully or otherwise) any civil proceedings con-
cerning the Fund or its affairs in any court whether in Luxembourg or elsewhere, unless such actions, proceedings, costs,
charges, expenses, losses, damages or liabilities resulted from his gross negligence, wilful misconduct or fraud.

15. Accounting and Audit - Reporting
15.1 Accounting and Audit
15.1.1 The Management Company, the Custodian and the Central Administration Agent shall maintain and supervise

the principal records and books of the Fund in Luxembourg.

15.1.2 The accounts of the Fund will be audited by an independent auditor, qualifying as a réviseur d’entreprises agréé,

who shall be appointed by the Management Company.

15.2 Reporting
The Management Company will distribute to each Unitholder:
(a) within 60 days after the end of each Fiscal half Year a semi-annual report including an estimate of the Fund asset

value and key variables; and

(b) within 120 days after the end of each Financial Year, an annual report including audited financial statements for

the Fund,

all of which will be prepared during the life of the Fund in accordance with Article 11 and in accordance with the

generally accepted accounting principles determined by the Management Company as applicable to corporate entities.

The Fund’s Financial Year ends on 31 December of each year and the first Financial Year of the Fund shall begin on

the creation of the Fund and shall end on 31 December 2006. The Fund will issue audited annual reports and unaudited
semi-annual reports. The Fund’s first periodic report shall be an annual report published for the Financial Year ending
31 December 2006.

Any other financial information concerning the Fund, including the periodic calculation of the Net Asset Value per

Unit and the issue prices of Units will be made available at the registered office of the Management Company.

16. Publications and communications
16.1 Annual Report and Other Periodic Reports
The annual report and all other periodic reports of the Fund shall be mailed (by courier or hand delivery) to Unithold-

ers at their registered addresses and also made available to the Unitholders at the registered offices of the Management
Company and of the Custodian.

16.2 Publication of Amendments and Notices
Any amendments of these Management Regulations, including the dissolution of the Fund, will be published by refer-

ence in the Mémorial and in such newspapers as shall be determined by the Management Company or required by au-
thorities having jurisdiction over the Fund or the sale of its Units. Any notices to Unitholders shall be mailed (by courier
or hand delivery) to each Unitholder and shall also be published in such newspaper as shall be determined by law and
by decision of the Management Company or required by authorities having jurisdiction over the Fund or the sale of its
Units.

16.3 Address
All communications of Unitholders with the Fund should be addressed to the Management Company at its registered

office set forth in Article 3.1.

17. Duration of the Fund - Liquidation
17.1 Duration
The Fund is established for an unlimited duration.
17.2 Liquidation of the Fund
Unitholders may not demand the liquidation of the Fund or of any Sub-Fund.
The Fund or any of the Sub-Funds may be terminated at any time by the Management Company, where the net assets

of the Fund or of any Sub-Fund has decreased to fifty million Euros (EUR 50,000,000.-) or less. Where the net assets of
the Fund or any of the Sub-Funds is above fifty million Euros (EUR 50,000,000.-), the Fund or any of the Sub-Funds may
be terminated at any time by the Management Company after consultation of the Unitholder Advisory Committee and
subject to prior notice of 3 months, or a shorter period if so authorised by the Unitholder Advisory Committee.

The Fund will be in a state of liquidation:
(a) in the case of cessation of the functions of the Management Company or the Custodian, if they have not been

replaced within two months;

(b) in the case of bankruptcy of the Management Company; or
(c) if the net assets of the Fund have become less, over a period of more than six months, than a quarter of the legal

minimum of one million two hundred and fifty thousand Euro (EUR 1,250,000,-).

The fact leading to the state of liquidation of the Fund shall be published without delay by the Management Company

or the Custodian. This publication will be made in writing to the concerned Unitholders.

This publication shall also be made by insertion in the Memorial and in at least two newspapers of adequate circula-

tion, of which at least one is a Luxembourg newspaper.

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Moreover, in the case where the net assets of the Fund have become less than two thirds of the legal minimum, the

Management Company must inform the Supervisory Authority without delay, and this may, taking account of the cir-
cumstances, force the Management Company to place the Fund in a state of liquidation.

As from the occurrence of the fact giving rise to the state of liquidation of the Fund, the issue and redemption of

Units shall be forbidden, under penalty of nullity.

The Management Company or, as the case may be, the liquidator it has appointed, will realise the assets of the Fund

or of the relevant Sub-Fund(s) in the best interest of the Unitholders thereof, and upon instructions given by the Man-
agement Company, the Custodian will distribute the net proceeds from such liquidation, after deducting all liquidation
expenses relating thereto, amongst the Unitholders of the relevant Sub-Fund(s) in proportion to the number of Units
held by them. The Management Company may distribute the assets of the Fund or of the relevant Sub-Funds wholly or
partly in kind to any Unitholder who agrees in compliance with the conditions set forth by the Management Company
(including, without limitation, delivery of independent valuation report issued by the auditors of the Fund) and the prin-
ciple of equal treatment of Unitholders.

Sums which shall not have been distributed on closure of the liquidation proceedings, shall be deposited with the

Caisse de Consignation in Luxembourg, to the benefit of the relevant parties. Sums thus deposited and not claimed with-
in the period of legal limitation (currently 30 years) shall be lost.

As far as the liquidation of any Sub-Fund is concerned, the proceeds thereof corresponding to Units not surrendered

for repayment at the close of liquidation will be kept in safe custody with the Custodian during a period not exceeding
6 months as from the date of the close of the liquidation; after this delay, these proceeds shall be kept in safe custody
at the Caisse des Consignations.

The Management Company may only decide to merge one or several Classes of Units within a given Sub-Fund with

the prior approval of the Unitholder Advisory Committee.

The Management Company may decide to allocate the assets of any Sub-Fund to those of another Sub-Fund or an-

other UCI or to another sub-fund within such other UCI with a similar investment policy (such other UCI or sub-fund
within such other UCI being the «New Fund») (following a split or consolidation, if necessary, and the payment of the
amount corresponding to any fractional entitlement to Unitholders) where the value of the net assets of any Sub-Fund
has decreased below fifty million Euro (EUR 50,000,000.-), which is the amount determined by the Management Com-
pany to be the minimum level for the Sub-Fund to be operated in an economically efficient manner, in case of a significant
change of the economic or political situation or as a matter of economic rationalisation. Such decision will be announced
by a notice sent to the Unitholders at their address indicated in the register of Unitholders or in such manner as may
be deemed appropriate by the Management Company (and, in addition, the notice will contain information in relation
to the New Fund).

Where the net assets of any Sub-Fund are above fifty million Euro (EUR 50,000,000.-), the Management Company

may, after consultation of all the relevant Unitholder Advisory Committees, decide to allocate the assets of any Sub-
Fund to those of a New Fund. Such decision will be announced by a notice sent to the Unitholders at their address
indicated in the register of Unitholders or in such manner as may be deemed appropriate by the Management Company
(and, in addition, the notice will contain information in relation to the New Fund).

18. Statute of limitation. Any claims of the Unitholders against the Management Company or the Custodian will

lapse 5 years after the date of the event which gave rise to such claims.

19. Miscellaneous provisions
19.1 Amendment
The Management Company may, at any time and without the consent of the Unitholders, amend these Management

Regulations and the Prospectus in the interest of the Unitholders, with the exception that any material changes to these
Management regulations or the Prospectus (i.e. changes in the Investment Objective, Investment Policy, Investment
Powers and Restrictions, redemption provisions) will need the prior approval of the relevant Unitholder Advisory Com-
mittee.

Where practicable, Unitholders will be given 15 Business Days’ notice of all amendments that are adopted without

their consent in accordance with the foregoing.

Amendments to these Management Regulations will become effective on the date of their signature by the Manage-

ment Company and the Custodian. The amendments of the Management Regulations shall be published in the Mémorial.

19.2 Severability
If any provision of the Management Regulations or the application of such provision to any Person or circumstance

shall be held invalid, the remainder of the Management Regulations, or the application of such provision to Persons or
circumstances other than those as to which it is held invalid, shall not be affected.

19.3 Parties Bound
Any Person acquiring or claiming an interest in the Fund, in any manner whatsoever, shall be subject to and bound

by all terms, conditions and obligations of these Management Regulations to which his or its predecessor in interest was
subject or bound, without regard to whether such Person has executed a counterpart hereof or any other document
contemplated hereby. No person, including the legal representative, heir or legatee of a deceased Unitholder, shall have
any rights or obligations greater than those set forth in these Management Regulations and no person shall acquire an
interest in the Fund or become a Unitholder thereof except as permitted by the terms of these Management Regula-
tions.

These Management Regulations shall be binding upon the parties hereto, their successors, heirs, devises, assigns, legal

representatives, executors and administrators.

82971

19.4 Applicable Law, Jurisdiction and Governing Language
The Fund and these Management Regulations shall be governed by and shall be construed under the laws of Luxem-

bourg.

Disputes arising between the Unitholders, the Management Company and the Custodian shall be settled according

to Luxembourg law and subject to the jurisdiction of the District Court of Luxembourg, provided, however, that the
Management Company and the Custodian may subject themselves and the Fund to the jurisdiction of courts of the coun-
tries, in which the Units of the Fund are offered and sold.

English shall be the governing language for these Management Regulations.
19.5 Waiver
The failure to insist upon strict enforcement of any of the provisions of the Management Regulations or of any agree-

ment or instrument delivered pursuant hereto shall not be deemed or construed to be a waiver of any such provision,
nor to affect in any way the validity of the Management Regulations or any agreement or instrument delivered pursuant
hereto or any provision hereof or the right of any party hereto to thereafter enforce each and every provision of the
Management Regulations and each agreement and instrument delivered pursuant hereto.

No waiver of any breach of any of the provisions of the Management Regulations or any agreement or instrument

delivered pursuant hereto shall be effective unless set forth in a written instrument executed by the party against which
enforcement of such waiver is sought, and no waiver of any such breach shall be construed or deemed to be a waiver
of any other or subsequent breach.

19.6 Headings
The headings in the Management Regulations are inserted for convenience and identification only and are in no way

intended to describe, interpret, define or limit the scope, extent or intent of the Management Regulations or any
provision.

19.7 Counterparts
The Management Regulations may be executed in multiple counterparts with separate signature pages, each such

counterpart shall be considered an original, but all of which together shall constitute one and the same instrument.

Enregistré à Luxembourg, le 31 août 2006, réf. LSO-BT09113. – Reçu 84 euros.

<i>Le Receveur (signé): D. Hartmann.

(093415.2//995) Déposé au registre de commerce et des sociétés de Luxembourg, le 4 septembre 2006.

3V INVEST SWISS SMALL &amp; MID CAP, Fonds Commun de Placement.

La part spéciale du règlement de gestion du fonds commun de placement, enregistré à Luxembourg, le 21 août 2006,

réf. LSO-BT06049, a été déposé au registre de commerce et des sociétés de Luxembourg, le 30 août 2006.

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

(091779.3//9) Déposé au registre de commerce et des sociétés de Luxembourg, le 30 août 2006.

GLOBAL PROPERTY SELECT, Fonds Commun de Placement.

<i>Management Regulations - 30 August 2006

These management regulations («Management Regulations») in respect of the GLOBAL PROPERTY SELECT (the

«Fund») are made and entered into between E.ON ASSET MANAGEMENT, S.à r.l. (the «Management Company») and
J.P. MORGAN BANK LUXEMBOURG S.A. (the «Custodian») as of 30 August 2006.

(together referred to as the «Parties»)
Whereas:
The Management Company was formed on 15 March 2006 and is a wholly owned subsidiary of the Promoter (as

defined below).

The Fund will be an unincorporated co-ownership of securities and other assets, managed in the exclusive interests

of its co-owners by the Management Company, and is subject to the provisions of the 1991 Law (as defined below) and,
to the extent that there are no particular provisions in the 1991 Law, to the provisions of the 2002 Law (as defined
below).

By entering into these Management Regulations, the Parties desire to form and operate the Fund on the terms and

conditions set forth herein.

<i>For and on behalf of E.ON ASSET MANAGEMENT, S.à r.l.,
H. Rainer Leopold / M. Hauser
<i>Manager / Manager
For and on behalf of J.P. MORGAN BANK LUXEMBOURG S.A.,
Signature
<i>Vice-President

OPPENHEIM PRAMERICA ASSET MANAGEMENT, S.à r.l.
Signatures

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1. Definitions and interpretation
1.1 Definitions
«1991 Law» means the Luxembourg law dated 19 July 1991, relating to undertakings for collective investment, the

securities of which are not intended to be placed with the public, as amended from time to time.

«2002 Law» means the Luxembourg law dated 20 December 2002, relating to undertakings for collective investment,

as amended from time to time.

«Article» refers to an article of these Management Regulations.
«Business Day» means a day on which banks are open for business in Luxembourg.
«Central Administration Agent» means J.P. MORGAN BANK LUXEMBOURG S.A., in its capacity as such, or such

other Person as may subsequently be appointed as central administration agent of the Fund by the Management Com-
pany.

«Class» means a class in which Units of a Sub-Fund may be issued.
«Closing» means a date determined by the Management Company by which Subscription Agreements in relation to

the issuance of Units of a Sub-Fund have been received and accepted by the Management Company.

«Commitment» means the commitment to subscribe for Units in a Sub-Fund up to a maximum amount, which an

Investor has consented to the Fund pursuant to the terms of a Subscription Agreement.

«Commitment Period» means the period as described in the relevant part of the Special Section during which it is

envisaged that the Investor’s Commitment will be drawn down and paid to the Sub-Fund subject to the conditions as
set out under the Special Section.

«Custodian» means J.P. MORGAN BANK LUXEMBOURG S.A., in its capacity as such, or such other credit institu-

tion within the meaning of Luxembourg law dated 5 April 1993 relating to the financial sector, as amended, that may
subsequently be appointed as custodian in accordance with the Management Regulations.

«Defaulting Investor» means any Investor declared defaulting by the Management Company in accordance with

Article 9.9 hereof.

«Direct Investment» means any real estate property or interest in a real estate property held directly by the Fund or

indirectly through a wholly or partly owned Subsidiary.

«Drawdown» means the drawing of Commitments by the Management Company via a Funding Notice.
«End of Initial Offer Period» means, with respect to each Class of Units of each Sub-Fund, the date on which the Initial

Offer Period of such Class of Units ends, as determined with respect to each Class of Units of each Sub-Fund in the
Special Section of these Management Regulations.

«Euro» means the lawful currency of the member states of the EU that have adopted the single currency in accord-

ance with the Treaty establishing the European Community as amended by the Treaty on European Union and as amend-
ed by the Treaty of Amsterdam.

«FCP» means a mutual fund, fonds commun de placement, in the meaning of the 2002 Law.
«Financial Year» means the 12 months ending on 30 September of each calendar year, provided that the first Financial

Year of the Fund shall begin on the creation of the Fund and end on 31 September 2007 and the last Financial Year of
the Fund shall end on the date of the final liquidation distribution of the Fund.

«First Closing» means, with respect to each Class of Units of each Sub-Fund, the first date determined by the Man-

agement Company by which Subscription Agreements in relation to the first issuance of Units of such Class of such Sub-
Fund have been received and accepted by the Management Company, as determined for each Class of each Sub-Fund
in the Special Section of the Prospectus.

«Fund» means GLOBAL PROPERTY SELECT; for the purposes of these Management Regulations, «Fund» shall also

mean, where appropriate, the Management Company acting on behalf of the GLOBAL PROPERTY SELECT.

«Fund Documents» means the following documents:
(a) Prospectus;
(b) Management Regulations;
(c) Subscription Agreements;
(d) Investment Advisory Agreement;
(e) Custodian Agreement;
(f) Central Administration, Paying Agent, Registrar and Transfer Agent Agreement;
(g) The annual and semi-annual reports issued by the Fund.
«Funding Notice» means a notice whereby the Management Company informs each Investor of a Drawdown and

requests the relevant Investor to pay to the relevant Sub-Fund a percentage of their Unfunded Commitments against
an issue of Units of the relevant Sub-Fund.

«German Insurance Company» means a German insurance company, German Pensionskasse or German pension

fund (including a German Versorgungswerk) and any other entity subject to the German Insurance Supervisory Act.

«German Insurance Supervisory Act» means the German Insurance Supervisory Act (Versicherungsaufsichtsgesetz)

as amended from time to time.

«Gross Asset Value» means the aggregate value of the Fund’s assets, determined in accordance with Article 12.1.4

hereof, and which does not take into account the liabilities.

«Hurdle Rate» has the meaning ascribed to it in Article 17.1.2 hereof.
«Indemnitee» has the meaning ascribed to it in Article 17.1.8.
«Independent Appraiser» means any entity appointed by the Management Company, which has no interest in the

Fund, appraising the value of properties and property rights registered in the name of the Fund or any of its Subsidiaries
as well as the direct or indirect shareholdings of the Fund in property companies.

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«Initial Offer Period» means the period during which Units are offered for subscription at the Initial Subscription

Price, starting on the First Closing and ending with the End of Initial Offer Period, as determined for each Class of Units
of each Sub-Fund in the Prospectus.

«Initial Subscription Price» means, with respect to any Sub-Fund and Class, the price at which Units of such Class in

such Sub-Fund will be issued during the Initial Offer Period, subject to the provisions of Article 9.10 hereof.

«Institutional Investor» means an institutional investor in the meaning of the 1991 Law, excluding any natural person

and entities in which one or several natural person(s) hold an interest, unless such entity qualifies as a corporation from
a German tax perspective.

«Investment Advisor» means E.ON INVEST, GmbH, in its capacity as such, or such other person as may subsequently

be appointed as Investment Advisor of one or more of the different Sub-Funds in accordance with these Management
Regulations.

«Investment Advisory Agreement» means any investment advisory agreement in respect of one or several Sub-Funds

between the Management Company and the Investment Advisor.

«Investment Objective» means the investment objective of the Fund and of the Sub-Funds.
«Investment Policy» means the investment guidelines of the Fund and of the Sub-Funds, described under Section 7.2

hereof and in the Prospectus.

«Investment Powers and Restrictions» means the investment powers and restrictions of the Fund and of the Sub-

Funds.

«Investment-Related Expenses» means costs and expenses incurred in relation to proposed and actual investments

of a Sub-Fund and in relation to proposed and actual disposals of investments of a Sub-Fund, including the fees and ex-
penses of third party consultants and advisors engaged in connection therewith.

«Investor» means an Institutional Investor, acting through its managing body or a legal representative, who has signed

a Subscription Agreement or who have acquired any Unfunded Commitment and/or Units from another Investor (for
the avoidance of doubt, the term includes, where appropriate, the Unitholders).

«Management Company» means E.ON ASSET MANAGEMENT, S.à r.l.
«Management Company Board» means the duly constituted board of managers of the Management Company.
«Management Regulations» means these management regulations, as amended from time to time.
«Mémorial» means the Mémorial C, Recueil des Sociétés et Associations, the official gazette of the Grand Duchy of

Luxembourg.

«Net Asset Value» means the net asset value, as determined in accordance with Article 12 hereof.
«Net Asset Value per Unit» means the net asset value per Unit of the relevant Sub-Fund and Class, as determined in

accordance with Article 12 hereof.

«New Fund» has the meaning ascribed to it in Article 20.2 hereof.
«Operation and Administration Expenses» means:
- All costs and expenses incurred in relation to the production and distribution of the reports and accounts in respect

of a Sub-Fund and the valuations and certifications required pursuant to the Management Regulations including the fees
of the auditors in connection therewith;

- All fees and expenses charged by lawyers, accountants and other professional advisors (including the members of

the Real Estate Investment Committee) in the relation to a Sub-Fund, excluding the fees to the Investment Advisor; and

- All other fees, costs and expenses in relation to the operation and administration of a Sub-Fund generally including

(without limitation) the reasonable expenses of such Sub-Fund’s Unitholder Advisory Committee as well as the fees and
expenses incurred in respect of the provision of insurance required or permitted by these Management Regulations.

«Organisational Expenses» means out-of-pocket costs and expenses incurred by the Promoter, the Management

Company and any of their Affiliates for the purposes of structuring and establishing the relevant Sub-Fund.

«Paying Agent» means J.P. MORGAN BANK LUXEMBOURG S.A., in its capacity as such, or such other Person as

may subsequently be appointed as paying agent of the Fund by the Management Company.

«Performance Fee» has the meaning ascribed to it in Article 17.1.2 hereof.
«Prohibited Person» means any person, corporation, limited liability company, trust, partnership, estate or other cor-

porate body, if in the sole opinion of the Management Company, the holding of Units of the relevant Sub-Fund may be
detrimental to the interests of the existing Unitholders or of the relevant Sub-Fund, if it may result in a breach of any
law or regulation, whether Luxembourg or otherwise, or if as a result thereof the relevant Sub-Fund or any Real Estate
Investment Structures may become exposed to tax or other regulatory disadvantages (including without limitation caus-
ing the assets of the Fund or a Sub-Fund to be deemed to constitute «plan assets» for purposes of the U.S. Department
of Labor Regulations under Employee Retirement Income Security Act of 1974, as amended), fines or penalties that it
would not have otherwise incurred including any entity which is not exempt from French 3 per cent tax arising under
article 990D of the French Tax Code (as amended from time to time) and Greek 3% tax; as a result of which the Sub-
Fund or any Investment Structure or entity in the Sub-Fund structure may be liable to pay any French or Greek 3 per
cent tax as a result of ownership of Units by this entity and there are no reasonably satisfactory alternative arrangements
for the payment of such French or Greek 3 per cent tax by the relevant non-exempt Unitholder. The term «Prohibited
Person» includes any investor which does not meet the definition of Institutional Investors (including, but not limited to
natural persons and entities in which one or several natural person(s) hold an interest, unless such entity qualifies as a
corporation from a German tax perspective) and any U.S. Person.

«Prospectus» means the prospectus in respect of the Fund, as amended from time to time.
«Qualified Majority» means a two third majority.
«Real Estate Investment Committee» has the meaning ascribed to it in Article 3.4 hereof.
«Real Estate Investment Structure» has the meaning ascribed to it in Article 7.2 hereof.

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«Redemption Day» means each Valuation Day.
«Redemption Deadline» means, with respect to each Redemption Day, the date before which a redemption request

must be received by the Central Administration Agent, the Management Company or a Distributor of the Fund in order
to be dealt with on such Redemption Day.

«Redemption Price» means the price at which a Unit is redeemed, i.e. the Net Asset Value per Unit calculated on

the relevant Redemption Day minus the applicable redemption fee and/or additional redemption charge as determined
in the Prospectus.

«Registrar and Transfer Agent» means J.P. MORGAN BANK LUXEMBOURG S.A., in its capacity as such, or such

other Person as may be appointed as registrar and transfer agent of the Fund by the Management Company.

«Regulated Market» means a regulated securities market which operates regularly and is recognized and open to the

public.

«S.à r.l.» means société à responsabilité limitée (private limited liability company).
«Section» means a section of the Prospectus.
«Special Section» means Section 2 of the Prospectus detailing the different Sub-Funds.
«Sub-Fund» means any sub-fund of the Fund.
«Subsidiary» means any company or other entity in which the Fund has more than a fifty percent (50%) ownership

interest.

«Subscription Agreement» means the agreement entered into between an Investor and the Management Company

by which:

- the Investor commits himself to subscribe for Units of a Sub-Fund for a certain maximum amount, which amount

will be payable to the relevant Sub-Fund in whole or in part against the issue of Units of the relevant Sub-Fund and Class
when the Investor receives a Funding Notice, and

- the Management Company commits itself to issue fully paid Units of the relevant Sub-Fund and Class to the Investor

to the extent that the Investor’s Commitment is called up and paid.

«Supervisory Authority» means the Luxembourg supervisory authority for the financial sector, Commission de Sur-

veillance du Secteur Financier, or any successor authority from time to time.

«UCI» means undertaking for collective investments.
«Underlying Investments» has the meaning ascribed to it in Article 7.2.
«Unfunded Commitments» means the portion of an Investor’s Commitment to subscribe for Units of a Sub-Fund

under the Subscription Agreement, which has not yet been drawn down and paid to the relevant Sub-Fund.

«Unit» means a co-ownership participation in a Sub-Fund issued by the Management Company pursuant to the Man-

agement Regulations.

«Unitholder» means the registered holder of a Unit.
«Unitholder Advisory Committee» means a committee consisting of representatives of Investors constituted in ac-

cordance with these Management Regulations.

«U.S. Person» means any «benefit plan investor» that is subject to ERISA, Section 4975 of the U.S. Internal Revenue

Code of 1986 or any substantially similar law.

«Upper Hurdle Rate» has the meaning ascribed to it in Article 17.1.2 hereof.
«Valuation Day» means the last calendar day of each month and any other day as the Management Company may in

its absolute discretion determine for the purposes of calculating the Net Asset Value per Unit of each Class in each Sub-
Fund.

1.2 Interpretation
The definitions in Article 1.1 shall apply equally to both the singular and plural forms of the terms defined. Wherever

the context may require, any pronoun used in these Management Regulations shall include the corresponding masculine,
feminine and neuter forms.

For all purposes of these Management Regulations, the term «control» and variations thereof shall mean the direct

or indirect possession of the power to direct or cause the direction of the management and policies of the specified
entity, through the ownership of equity interests therein, by contract or otherwise.

As used in these Management Regulations, the words «include», «includes» and «including» shall be deemed to be

followed by the phrase «without limitation».

As used in these Management Regulations, the terms «herein», «hereof» and «hereunder» shall refer to these Man-

agement Regulations in their entirety.

Any references in these Management Regulations to «Article» or «Schedule» shall, unless otherwise specified, refer

to an article, respectively a schedule of these Management Regulations.

References herein to:
- any statute or statutory instrument or governmental regulation shall be deemed to include any modification, amend-

ment, extension or re-enactment thereof; and

- any agreement or document (including these Management Regulations) shall be deemed to include references to

such agreement or document as varied, amended, supplemented or replaced from time to time.

2. The Fund and the Sub-Funds
2.1 Formation
The Fund is being formed under the laws of the Grand Duchy of Luxembourg as an FCP on the date hereof. The Fund

has been established for an unlimited duration. The Fund is subject to the provisions of the 1991 Law. To the extent
there are no particular provisions in the 1991 Law, the provisions of the 2002 Law shall apply.

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The Fund is an unincorporated co-ownership of securities and other eligible assets. The Fund and any of the Sub-

Funds do not have legal personality. The Fund and the Sub-Funds are therefore managed in the exclusive interests of
the Unitholders by the Management Company in accordance with Luxembourg law and these Management Regulations.

The Fund has an umbrella structure and may consist of several Sub-Funds. A separate portfolio of assets is maintained

for each Sub-Fund and is invested in accordance with the Investment Policy, Investment Objective and Investment Pow-
ers and Restrictions applicable to that Sub-Fund. Each Sub-Fund is solely liable vis-à-vis creditors for the debts, commit-
ments and liabilities relating to that Sub-Fund. Between Unitholders, each Sub-Fund is regarded as being different from
the others.

The Management Company may, at any time and in its discretion, create additional Sub-Funds whose Investment Pol-

icy, Investment Objective and Investment Powers and Restrictions may differ from those of the Sub-Funds then existing.

2.2 Acceptance of Management Regulations
By subscribing Units of the Fund, each Unitholder is deemed to fully accept these Management Regulations, which

determine the contractual relationship among the Unitholders, the Management Company and the Custodian, as well
as between the Unitholders themselves.

2.3 Liability of Unitholders
There is no direct liability of any Unitholder for the debts and obligations of the Fund, each Unitholder being only

liable for the timely payment of its Commitment to the Fund.

3. The Management Company
3.1 Incorporation
The Management Company was incorporated on March 15, 2006, as a S.à r.l. under the laws of the Grand Duchy of

Luxembourg with an unlimited duration and has its registered office at 8A, Boulevard Joseph II, L-1840 Luxembourg,
Grand Duchy of Luxembourg.

3.2 Powers and Responsibilities
The Management Company is vested with the broadest powers to administer and manage the Fund and the Sub-Funds

in accordance with these Management Regulations and Luxembourg laws and regulations (including IML Circular 91/75
of 21 January 1991) and, in the exclusive interest of the Unitholders, to exercise all of the rights attaching directly or
indirectly to the assets of the Fund, subject to the restrictions set forth in Articles 3, 4 and 7.

In carrying out its functions hereunder, the Management Company shall act in its own name, but shall indicate that it

is acting on behalf of the Fund or certain Sub-Funds and references herein to the Management Company performing any
action shall be deemed to be in such capacity, unless otherwise stated. The activities of the Management Company shall
not be limited to managing the Fund and the Sub-Funds.

The Management Company shall have the exclusive authority with regard to any decisions in respect of the Fund or

any Sub-Funds, provided that such authority has not been delegated or attributed to another entity or service provider
pursuant to these Management Regulations or the Prospectus.

The Management Company shall supervise the Investment Advisor, the Custodian, the Central Administration Agent,

the Registrar and Transfer Agent and the Paying Agent and any other service providers in the performance of their du-
ties further specified hereunder.

The Management Company shall cause each Subsidiary to comply with these Management Regulations, where appli-

cable.

Subject to the provisions of Articles 14 and 15 of the 2002 Law, in performing its functions under these Management

Regulations, the Management Company shall act with due diligence and in good faith in the best and exclusive interests
of the Unitholders.

3.3 Service providers
The Management Company shall have the general right to delegate any management or administration functions in

respect of the Fund or any Sub-Funds, including fund management, asset management, custody, administration and ac-
counting services, to one or more service providers, as contemplated by Article 5.

The Management Company shall have the general right to seek advice from an investment advisor in relation to the

performance of the Investment Policy, as contemplated in Article 6.

The Management Company shall notify the Supervisory Authority of any appointment or replacement of any service

provider in accordance with the requirements of Luxembourg laws and regulations.

3.4 Real Estate Investment Committee
The Management Company may establish a Real Estate Investment Committee with the purpose of assisting and ad-

vising the Management Company Board with respect to the administration and management of the Sub-Funds and any
other matters relating to the Fund deferred to it by the Management Company Board.

The Real Estate Investment Committee will be composed of 5 external real estate specialists appointed by the Man-

agement Company Board in its discretion, for an unlimited period of time, provided that such members may be revoked
by the Management Company Board at any time.

The Real Estate Investment Committee will meet upon call of the Management Company Board and at least once per

year.

4. Unitholder Advisory Committee
4.1 Constitution and procedures
Each Sub-Fund will have a Unitholder Advisory Committee composed of representatives of Investors of the relevant

Sub-Fund.

Each Investor of the relevant Sub-Fund has the right to appoint one member of the relevant Unitholder Advisory

Committee, who need not be a Unitholder of the Fund. The Management Company as well as the Investment Advisor
may be represented at a Unitholder Advisory Committee, without however having the right to vote. The voting rights

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of the representative of each Investor at a meeting of the Unitholder Advisory Committee shall be proportional to the
unitholding of such Investor in the relevant Sub-Fund.

Each member of the Unitholder Advisory Committee shall nominate one or more deputies who may act on its behalf.
Members of the Unitholder Advisory Committee are appointed for an unlimited period of time, provided that the

Unitholder they represent remains a Unitholder of the relevant Sub-Fund. Each member may be revoked, at any time,
by its nominator giving written notice to the Management Company or may resign as member of the Unitholder Advi-
sory Committee. In case of resignation, a new member will be appointed in replacement of the resigning one by the
relevant Unitholder.

The Unitholder Advisory Committee shall appoint a chairman from among its members, by the vote of a simple ma-

jority of its members.

A Unitholder Advisory Committee shall meet upon a call from the Management Company, from its chairman or from

one or more members representing Investors holding at least 25% of the outstanding Units of the relevant Sub-Fund,
and shall meet at least once per year. The Unitholder Advisory Committee shall meet upon not less than five Business
Days written notice (unless waived by each Unitholder Advisory Committee member in writing) setting forth the agenda
of the matters to be considered and discussed by the Unitholder Advisory Committee. If all members of a Unitholder
Advisory Committee are present or represented for the purpose of a Unitholder Advisory Committee and acknowl-
edge they are informed of the agenda thereof, no such prior notice will be required. Any such notice given by the Chair-
man or any two Unitholder Advisory Committee members shall at the same time be communicated to the Management
Company Board, whose members shall have the right to attend meetings of the Unitholder Advisory Committee as ob-
servers.

There will be a quorum of two members for holding a meeting of the Unitholder Advisory Committee and decisions

will be taken by a simple majority vote. If the quorum of two members could not be reached at the first convened meet-
ing, a second meeting shall be reconvened in writing by the Management Company. There shall be no quorum for holding
such second meeting of the Unitholder Advisory Committee.

The Unitholder Advisory Committee may meet in person or by remote conference facility including, for the avoid-

ance of doubts, conference calls. It may, on request of its chairman, also resolve in writing (including email and fax) unless
one or more of its members object to doing so.

The Unitholder Advisory Committee shall resolve on recommendations from the Management Company regarding:
- conflicts of Interest;
- material changes to the investment policy of any Sub-Fund, as described in the Special Section; and
- material changes to the Investment Objective, Investment Policy, Investment Powers and Restrictions, to the re-

demption provisions or to the Commitment Period.

The Unitholder Advisory Committee shall give recommendations to the Management Company regarding distribu-

tions to be made out of the assets of any Class.

5. Service providers
5.1 Custodian
5.1.1 Appointment
The Management Company will appoint J.P. MORGAN BANK LUXEMBOURG S.A. as custodian of the Fund’s assets

pursuant to an agreement dated on or about the date hereof. The Custodian is a société anonyme incorporated under
the laws of the Grand Duchy of Luxembourg and is a bank within the meaning of the 1993 Law.

5.1.2 Duties
The Custodian will carry out the ordinary duties of a fund custodian regarding custody, cash and securities deposits

and shall use due care in the exercise of such functions. In particular, in accordance with instructions given by the Man-
agement Company, the Custodian will act as agent of the Fund in financial transactions and provide banking facilities for
the Sub-Funds.

The Custodian will further, in accordance with applicable laws and regulations:
(i) ensure that the sale, issue, transfer, redemption and cancellation of Units effected on behalf of a Sub-Fund are car-

ried out in accordance with these Management Regulations;

(ii) carry out the instructions of the Management Company, unless they conflict with applicable law or these Manage-

ment Regulations;

(iii) ensure that in transactions involving the assets of a Sub-Fund, any consideration is remitted to such Sub-Fund

within the settlement dates; and

(iv) ensure that all income attributable to a Sub-Fund is applied in accordance with these Management Regulations.
The Custodian may entrust the safekeeping of all or part of the assets of a Sub-Fund, in particular securities traded

abroad or listed on a foreign stock exchange or admitted to recognised clearing systems such as CLEARSTREAM BANK-
ING or EUROCLEAR, to such clearing systems or to correspondent banks. The Custodian’s liability to the Management
Company and the Unitholders shall not be affected by the fact that it has entrusted the safekeeping of all or part of the
assets in its care to a third party.

In the event of termination of the Custodian’s appointment as such, the Management Company shall, within two

months of such termination being initiated, appoint a new custodian (subject to the approval of the Supervisory Author-
ity) who shall assume the responsibilities and functions of the Custodian under these Management Regulations. The Cus-
todian is required to use its best endeavours to preserve the interests of Unitholders until the appointment of a new
custodian. The termination of the Custodian’s appointment shall not become effective until (i) the appointment of a new
custodian by the Management Company, and (ii) the complete transfer of all assets of the Fund held by the Custodian
to the new custodian.

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5.1.3 Assets of the Fund
The Sub-Funds’ assets shall be held by the Custodian on behalf of the Unitholders on the terms of these Management

Regulations and shall be segregated from the assets of the Management Company. The Sub-Funds’ assets may be held
by correspondents or other agents appointed by the Custodian. The Custodian may entrust any bank or trust company
or recognized clearing agency (hereinafter referred to as a «Correspondent») with the custody of securities or shares.

The Custodian and any Correspondent will have the normal duties of a bank with respect to the Sub-Funds’ deposits

of cash and securities. The Custodian and any Correspondent may dispose of a Sub-Fund’s assets and make payments
to third parties on behalf of such Sub-Fund only upon receipt of written instructions from, or as previously instructed
by, the Management Company.

5.2 Central Administration Agent
The Central Administration Agent will be responsible for all administrative duties required in respect of the different

Sub-Fund by Luxembourg law, including the bookkeeping and calculation of the Net Asset Value per Unit of each Sub-
Fund and Class in accordance with these Management Regulations.

5.3 Paying Agent
The Paying Agent will be responsible for receiving payments for subscriptions for Units and depositing such payments

in the relevant Sub-Fund’s bank account. If applicable, upon, and in accordance with, the instructions of the Management
Company, the Paying Agent shall execute distribution payments or arrange for distribution payments to Unitholders
and, if appropriate, in accordance with the instructions of Unitholders or the Registrar and Transfer Agent (as the case
may be), issue cheques or warrants, subject however to funds being available to effect such payments, and shall notify
the Management Company of the amounts and payees of all instruments of payments so made. The Paying Agent shall
make payment or cause payment to be made of proceeds from the repurchase of Units, but only after all the conditions
described in these Management Regulations have been satisfied.

5.4 Registrar and Transfer Agent
The Registrar and Transfer Agent will be responsible for handling the processing of subscriptions for Units and dealing

with any transfers or redemptions of Units, in each case in accordance with these Management Regulations, and in con-
nection therewith accepting transfers of funds, safekeeping of the register of Unitholders, the mailing of statements, re-
ports, notices and other documents to the Unitholders.

6. Investment Advisor
6.1 Investment Advisory Agreement
Pursuant to the Investment Advisory Agreement, the Investment Advisor will, subject to the overall supervision and

liability of the Management Company, have the responsibilities set out in the Investment Advisory Agreement.

The Investment Advisor shall advise the Management Company in relation to, inter alia, the management of each of

the Sub-Fund’s assets in accordance with the Investment Objective, Investment Policy and Investment Powers and Re-
strictions of the relevant Sub-Fund. The Investment Advisor is not vested with the power to make investments. Its serv-
ices, which it will perform within the parameters of an Investment Advisory Agreement, will include, but are not limited
to, the following: identifying, analysing and structuring of new investments; preparation of and assistance in negotiating
investments and the financing thereof; making recommendations as to capital improvements, financing, refinancing, ac-
quisition and disposition of investments and reporting on a quarterly basis to the Unitholders of each Sub-Fund.

Pursuant to the Investment Advisory Agreement, the Investment Advisor may, in its discretion and at its own cost,

sub-delegate the performance of all or part of its investment advisory services in relation to certain Sub-Funds to one
or several sub-investment advisors in order to benefit from their expertise and experience in particular markets, pur-
suant to the relevant sub-investment advisory agreements.

The Investment Advisory Agreement shall terminate automatically with respect to each Sub-Fund upon completion

of the liquidation of such Sub-Fund.

6.2 Removal and Withdrawal of the Investment Advisor
With respect to each Sub-Fund, the Management Company may, at any time and with immediate effect, remove the

Investment Advisor for Cause.

For the purposes of the foregoing «Cause» will consist of:
(i) Gross negligence, wilful misconduct or fraud in the discharge of the Investment Advisor’s obligations in relation to

a Sub-Fund; and

(ii) Insolvency, administration, bankruptcy of the Investment Advisor.
The Investment Advisor may also be removed from any Sub-Fund without Cause, with a 12 months’ written notice,

by a vote of a Qualified Majority of the outstanding Units of the relevant Sub-Fund.

The Investment Advisor may voluntarily terminate, for each Sub-Fund separately, the Investment Advisory Agree-

ment to which it is a party upon giving 12 months’ prior written notice.

7. Investment Objective, Investment Policy and Investment Powers and Restrictions
7.1 Investment Objective
The main objective of the Fund is to achieve an attractive return from capital invested in Real Estate Investment Struc-

tures, while reducing investment risks through diversification across countries, sectors and investment styles.

The Investment Objective of each Sub-Fund is detailed in the Special Section of the Prospectus.
7.2 Investment Policy
Each Sub-Fund will invest primarily through equity or debt instruments (securitised or not) or combinations thereof

in investment structures of any kind and nature, having legal personality or not, whether listed or unlisted, being regu-
lated or not, based in any jurisdiction, and established for the purpose of investing, directly or indirectly, in and financing
any kind of real estate properties, developments and operations in the countries specified for each Sub-Fund in the Spe-
cial Section (the «Real Estate Investment Structures»). The underlying investments of the Real Estate Investment Struc-

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tures will mainly consist of direct and indirect real estate properties consisting of land and buildings, shareholdings in
real estate companies (including claims on such companies) the exclusive object and purpose of which is the acquisition,
promotion and sale as well as the letting and agricultural lease of property and property related long-term interests such
as surface ownership, lease-hold and options on real estate investments (the «Underlying Investments»). The selection
of whether an investment will be made through equity or debt will depend on the legal and tax set-up of the Real Estate
Investment Structures. Investments in debt will generally consist of subordinated debt granted by a Sub-Fund to the Real
Estate Investment Structures without the intermediation of a credit institution. These investments in debt can be profit
participating and can be linked to the performance of the Real Estate Investment Structures. Both investments in equity
and in debt may, depending on the terms and conditions of the Real Estate Investment Structure, not be transferable
without consent of the Real Estate Investment Structures.

The Fund may hold Direct Investments, on an ancillary basis.
The Sub-Funds will only invest in Real Estate Investment Structures which preclude a liability in excess of the value

of the interests acquired.

The Sub-Funds may furthermore hold cash or cash equivalents, including inter alia money market instruments or in-

vestments in units of money market funds or real estate investment trust schemes (REITS), for distributions or redemp-
tions and for cash management purposes, or as an intermediary investment prior to the investment of any balance not
invested pursuant to the above.

Additional guidelines can be set forth for each Sub-Fund separately. To that effect, reference is made to the Special

Section of the Prospectus.

7.3 Investment Powers and Restrictions
Each Sub-Fund is managed in accordance with the following Investment Powers and Restrictions as well as in accord-

ance with the additional Investment Powers and Restrictions, if any, specified with respect to each Sub-Fund in the Spe-
cial Section of the Prospectus:

(1) Each Sub-Fund may borrow the equivalent of up to 25% of its net assets to economically leverage the Sub-Fund;
(2) No Sub-Fund will acquire 20% or more of the securities or investment instruments issued by the same Real Estate

Investment Structure;

(3) No Sub-Fund will invest 20% or more of its Gross Asset Value in securities or investment instruments issued by

the same Real Estate Investment Structure or other issuing body;

(4) The ceilings under the above paragraphs do not apply in case of acquisition by the Sub-Fund of investment instru-

ments issued by a Subsidiary. Subsidiaries may be set up in order to organize the acquisition of investment instruments
by the Sub-Fund on its own account (for legal or taxation purposes). The Subsidiary can be any local or foreign corpo-
ration or partnership. It may not have any activity other than the holding of securities or investment instruments, which
qualify under the Investment Objective and Policy. The Sub-Fund will assure, at any time, that it can control the invest-
ments made through its Subsidiaries. The participation of the Subsidiaries will be issued in registered form. The majority
of the managers of the Subsidiaries will be managers of the Management Company or employees of the E.on Group.
The accounts of the Subsidiaries of the Fund are audited by the Fund’s auditor’s group, when required by the relevant
laws and regulations. Furthermore, in the semi-annual and annual accounts of the Fund, the Subsidiaries of the Fund will
be consolidated and therefore the accounts of the Fund will list the investments held via the Subsidiaries;

(5) In order to protect its present and future assets and liabilities against the fluctuation of currencies, any Sub-Fund

may enter into transactions the object of which is the purchase or the sale of forward foreign exchange contracts, the
purchase or the sale of call options or put options in respect of currencies, the purchase or the sale of currencies for-
ward or the exchange of currencies on a mutual agreement basis provided that these transactions be made either on
exchanges or over-the-counter with first class financial institutions specialising in these types of transactions and being
participants in the over-the-counter markets. The objective of the transactions referred to above presupposes the ex-
istence of a direct relationship between the contemplated transaction and the assets or liabilities to be hedged and im-
plies that, in principle, transactions in a given currency (including a currency bearing a substantial relation to the value
of the Reference Currency (known as «Cross Hedging»)) may not exceed the total valuation of such assets and liabilities
nor may they, as regards their duration, exceed the period where such assets are held or anticipated to be acquired or
for which such liabilities are incurred or anticipated to be incurred.

The above Investment Powers and Restrictions, except for the Investment Powers and Restrictions under (2) of this

Article, which will apply as from the Sub-Fund’s first investment, may not be complied with during a transitional period
of up to 18 months as from the Sub-Fund’s first investment.

The Investment Powers and Restrictions set out in the present Article will not be breached as a result of changes in

the price or value of assets of the Sub-Fund brought about solely through movements in the market, but in such circum-
stances the Management Company shall take all necessary steps to bring the Sub-Fund back within the Investment Pow-
ers and Restrictions except where the Management Company reasonably believes that this would be prejudicial to the
interests of the Sub-Fund.

8. Conflicts of interests 
In the event that a Sub-Fund is presented with any conflicts of interests, these conflicts will be fully disclosed to the

Management Company and referred to the relevant Unitholder Advisory Committee.

A conflict of interests shall arise where a Sub-Fund is presented with (i) an investment proposal involving a Real Estate

Investment Structure owned (in whole or in part), directly or indirectly, by the Investment Advisor or an Investor of
the relevant Sub-Fund, or (ii) any disposition of assets to the Investment Advisor or an Investor. Such conflict of interests
will be fully disclosed to the Management Company and referred by the Management Company to the relevant Unit-
holder Advisory Committee. This Unitholder Advisory Committee shall resolve on the recommendations made by the
Management Company regarding such investment/divestment proposal before the investment or divestment is made.

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Notwithstanding anything to the contrary in the Fund Documents, the Investment Advisor and its Affiliates may ac-

tively engage in transactions on behalf of other investment funds and accounts which involve the same securities and
instruments in which the Sub-Funds will invest. The Investment Advisor and its Affiliates may provide investment advi-
sory services to other investment funds and accounts that have investment objectives similar or dissimilar to those of
the Sub-Funds and/or which may or may not follow investment programs similar to the Sub-Funds, and in which the
Sub-Funds will have no interest. The portfolio strategies of the Investment Advisor and/or its Affiliates used for other
investment funds or accounts could conflict with the transactions and strategies advised by the Investment Advisor in
managing a Sub-Fund and affect the prices and availability of the securities and instruments in which the Sub-Fund invests.

The Investment Advisor and its Affiliates may give advice or take action with respect to any of their other clients

which may differ from the advice given or the timing or nature of any action taken with respect to investments of a Sub-
Fund. The Investment Advisor has no obligation to advise any investment opportunities to a Sub-Fund which the Invest-
ment Advisor may advise to other clients.

The Investment Advisor and its respective members, officers and employees will devote as much of their time to the

activities of a Sub-Fund as they deem necessary and appropriate. By the terms of the Investment Advisory Agreement,
the Investment Advisor and its Affiliates are not restricted from forming additional investment funds, from entering into
other investment advisory relationships, or from engaging in other business activities, even though such activities may
be in competition with a Sub-Fund and/or may involve substantial time and resources of the Investment Advisor. These
activities will not qualify as creating a conflict of interest in that the time and effort of the members, officers and em-
ployees of the Investment Advisor and its Affiliates will not be devoted exclusively to the business of the Fund but will
be allocated between the business of the Fund and other advisees of the Investment Advisor.

Other present and future activities of the Investment Advisor and/or its Affiliates may give rise to additional conflicts

of interest.

9. Offer
9.1 Units
Each Sub-Fund will issue fully paid-up Units, in uncertificated registered form only, each Unit being linked to one of

the Sub-Funds. Such Units may be of different Classes. The register of the Unitholders is conclusive evidence of own-
ership of the Units and the Management Company will treat the registered owner of Units as the owner thereof.

Upon issue, Units are entitled to participate equally in the profits and dividends attributable to the relevant Class, as

well as in the liquidation proceeds of the Fund.

The Units do not carry any preferential or pre-emptive rights. Each Unit entitles the Unitholder to receive the dis-

tributions as specified in Article 10 of these Management Regulations and Section 10 of the Prospectus. Fractions of
Units may be issued to the nearest one hundredth of a Unit and are entitled to participate pro rata in the distributions
and the allocation of the liquidation proceeds.

Units may only be offered to and are only transferable between Institutional Investors, with the exception that Units

may not be transferred to a Prohibited Person. There may at no time be more than thirty (30) Investors in a Sub-Fund.
Units are subject to certain transfer restrictions as set forth in Article 9.15 hereof and Section 9.15 of the Prospectus.

9.2 Accounting Currency and Reference Currency
The Fund’s Accounting Currency will be the Euro.
The Sub-Funds will be denominated in the Reference Currency specified for each Sub-Fund in the Special Section of

the Prospectus.

9.3 Classes of Units
The Fund may offer different Classes in each Sub-Fund, which may carry different rights and obligations, inter alia,

with regard to their distribution policy, their fee structure, their minimum initial subscription and holding amounts or
their target investors, as further described in the Prospectus. Unitholders of the same Class will be treated pro-rata to
the number of Units in the relevant Sub-Fund held by them.

The Management Company may, at any time and in its discretion, decide to launch additional Classes and, in such

cases, the Prospectus will be updated accordingly.

Investors should note however that some Sub-Funds and/or Classes may not be available to all investors. The Board

reserves the right to offer only one or more Classes for subscription to a certain group of potential investors, for in-
stance investors in any particular jurisdiction in order to conform to local law, customs or business practice or for fiscal
or any other reason.

9.4 Subscription for Units
Units may only be purchased by Institutional Investors investing for their own account or for and on behalf of a third

party which qualifies as an Institutional Investor. Each Institutional Investor desiring to subscribe for Units will be re-
quired to execute a Subscription Agreement and make certain representations and warranties to the relevant Sub-Fund
and to the Management Company. The Subscription Agreement will indicate the amount of the Commitment of the
relevant Investor. The Management Company may accept or reject any application to subscribe in its absolute discre-
tion.

The minimum Commitment as well as the minimum subsequent holding amount per Institutional Investor is specified

for each Class of each Sub-Fund in the Special Section of the Prospectus. However, the Management Company Board
reserves the right to waive these amounts, in its discretion.

Payment by Institutional Investors should be made in accordance with the instructions set out in the Subscription

Agreements and in accordance with the provisions of the Funding Notices.

The Management Company may from time to time accept subscriptions for Units in consideration of a contribution

in kind of assets, which could be acquired by the relevant Sub-Fund pursuant to its Investment Objective and Policy and
Investment Powers and Restrictions. Any such contribution in kind will be valued in a report established by an auditor

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qualifying as a «réviseur d’entreprises agréé» drawn up in accordance with the requirements of Luxembourg law, the
costs of which report will be borne by the incoming Investor.

Payment by Institutional Investors should be made in accordance with the instructions set out in the Funding Notices.
9.5 Restriction to Subscription for Units
Units of each Sub-Fund are issued to Institutional Investors only, provided that the number of Investors in any Sub-

Fund may not exceed, at any time, thirty (30).

The Management Company shall restrict or prevent the ownership of Units in any Sub-Fund by a Prohibited Person.
The Management Company may decide not to offer or sell, or require any subscriber to provide it with any informa-

tion that it may consider necessary for the purpose of deciding whether or not he is, or will be, a Prohibited Person.

The Management Company retains the right to offer only one or more Classes for subscription in any particular ju-

risdiction in order to conform to local law, custom, business practice or the Fund’s commercial objectives.

9.6 Closings
With regard to any Sub-Fund, the Management Company will accept subscriptions for Units during the Initial Offer

Period, or any later offering period, from Institutional Investors which have entered into a Subscription Agreement with
the Management Company.

A First Closing will take place on or around the date specified for each Sub-Fund in the Special Section of the Pro-

spectus, subject to the discretion of the Management Company Board to postpone the First Closing up to a maximum
of 3 (three) months from the date of the First Closing. There may be one or more Subsequent Closings until the End
of Initial Offer Period.

The Sub-Fund will be closed to new subscriptions after the end of the Initial Offer Period, or any later offering period,

until 80% of the total amount of all Commitments accepted during that period have been allocated for subscriptions in
underlying Real Estate Investment Structures.

Subsequent Institutional Investors will be issued Units once the Commitments of the previous Closing(s) are fully

drawn down.

9.7 Commitment Period
It is envisaged that all Institutional Investors’ Commitments to subscribe for Units under the Subscription Agreement

will be drawn down and paid to the relevant Sub-Fund during a Commitment Period of 36 months as of the acceptance
of the relevant Subscription Agreement.

If at the end of the Commitment Period of any Institutional Investor, its Commitment has not been totally drawn

down by the Management Company, this Institutional Investor will be released from any further obligation with respect
to its Unfunded Commitment to such Sub-Fund, except to the extent necessary to (a) pay, or establish reserves for,
expenses, liabilities and obligations of the Sub-Fund (including, but not limited to, the advisory fees and indemnification
obligations), as decided by the Management Company within 6months from the date of the end of the Commitment
Period, and (b) make or complete investments by the Sub-Fund which have been approved by the Management Company
prior to the expiration of the Commitment Period. The Management Company Board may, prior to the end of the Com-
mitment Period, decide to extend the Commitment Period for a period not exceeding 12 months.

9.8 Drawdowns
Commitments in whole or in part from Institutional Investors will be payable to the Fund when the Institutional In-

vestor receives a Funding Notice from the Management Company and the Management Company will commit itself to
issue fully paid Units to such Institutional Investor to the extent that his Commitment is called up and paid.

With regard to each Class in each Sub-Fund, the Management Company will, until the end of the Commitment Period,

draw down Commitments from Institutional Investors in proportion to their Commitments at moments determined at
the discretion of the Management Company Board, on a first committed, first drawn down basis, and in such instalments
as the Management Company Board considers in its sole discretion will be needed by the relevant Sub-Fund. With re-
gard to each Class in each Sub-Fund, Commitments that have been accepted on a same Closing date will be drawn down
proportionally. The percentage will be identical for all Institutional Investors of the same Class accepted on a same Clos-
ing date, unless such percentage entails a situation, prohibited by the Institutional Investor’s articles of incorporation
and/or provided for in the relevant Subscription Agreement. The amount which could not be called due to this limitation
will be reallocated to the relevant Institutional Investor’s Unfunded Commitments and such portion will be drawn down
in priority to any other Institutional Investors of the same Class, but with respect to the percentage limitation, at the
next following Drawdown date and, if necessary, subsequent Drawdowns until such portion is entirely satisfied.

Notwithstanding the above, the Management Company may, with the prior approval of the Unitholders, deviate from

the above Drawdown procedures.

Drawdowns will be made on giving not less than 7 calendar days’ notice to the relevant Institutional Investors. The

Management Company is entitled to make Drawdowns for Investment-Related Expenses, Organisational Expenses and
Operational and Administrative Expenses.

9.9 Default provisions
In case any Institutional Investor does not pay within the delay as set out in the relevant Funding Notice, the Man-

agement Company may declare such Institutional Investor a Defaulting Investor. Unless waived by the Management
Company Board, this results in the following penalties:

- a Defaulting Investor will be assessed damages equal to 10% of the part of its Commitment which was called by the

Management Company and with respect to which he is defaulting; and

- distributions to the Defaulting Investor will be set off or withheld until any amounts owed to the Fund have been

paid in full.

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In addition, if such default is not remedied within a 14 days’ cure period, the Management Company Board may, in

its discretion, take any of the following actions:

- compulsorily redeem the Units of the Defaulting Investor in the Fund upon payment to such Unitholder of an

amount equal to 75% of the Net Asset Value of its unitholding in the Sub-Fund, the payment of the redemption proceeds
being made within 24 months as of the end of the above cure period;

- provide the non-Defaulting Investors with a right to purchase the Units of the Defaulting Investor at an amount

equal to 75% of the Net Asset Value of its unitholding in the Sub-Fund;

- reduce or terminate the Defaulting Investor’s Commitment; or
- deliver an additional Funding Notice to make up any shortfall of a Defaulting Investor (not to exceed each Investor’s

Unfunded Commitment).

The Management Company may decide on other solutions as far as legally allowed if it believes such solutions to be

more adequate to the situation. The Management Company may, in its discretion but having regard to the interests of
the other Investors, waive any of these remedies against a Defaulting Investor.

9.10 Issue of Units
At the First Closing and until (and including) the End of Initial Offer Period, Units will be offered at the Initial Sub-

scription Price plus, where applicable, any fee and charge as further detailed below and in the Special Section of the
Prospectus with respect to each Class of each Sub-Fund.

After the Initial Offer Period, Units will be issued at the relevant Net Asset Value per Unit plus, where applicable, any

charge and fee, as further detailed below and in the Special Section of the Prospectus with respect to each Class of Units
of each Sub-Fund.

If during the Initial Offer Period, but after the First Closing, the Management Company estimates that the Initial Sub-

scription Price does not reflect the value of the Underlying Investments, subscriptions will be honoured by issuing Units
at their respective Net Asset Value.

Any taxes, commissions and other fees incurred in the respective countries in which Units are sold will also be

charged, if any, to the incoming Unitholders.

Fractions of Units to two decimal places will be issued, the Fund being entitled to receive the adjustment.
9.11 Suspension of Subscriptions
No Units will be issued by the Fund during any period in which the determination of the Net Asset Value of the Fund

is suspended in accordance with Article 12.2 hereof.

Notice of suspension will be given to subscribers, and subscriptions made or pending during a suspension period may

be withdrawn by notice in writing received by the Management Company prior to the end of the suspension period.
Subscriptions not withdrawn will be processed by the Registrar and Transfer Agent on the first Valuation Day following
the end of the suspension period, on the basis of the Net Asset Value per Unit determined on such Valuation Day.

9.12 Prevention of Money Laundering
Pursuant to Luxembourg laws and regulations, obligations have been imposed on all professionals of the financial sec-

tor to prevent the use of undertakings for collective investment for money laundering purposes.

This identification procedure must be complied with by the Central Administration Agent (or the relevant competent

agent of the Central Administration Agent) in the case of direct subscriptions to a Sub-Fund, and in the case of subscrip-
tions received by a Sub-Fund from any intermediary resident in a country that does not impose on such intermediary
an obligation to identify investors equivalent to that required under Luxembourg laws for the prevention of money laun-
dering.

It is generally accepted that professionals of the financial sector resident in a country that has ratified the conclusions

of the Financial Action Task Force (Groupe d’Action Financière (the «GAFI»)) are deemed to be intermediaries having
an identification obligation equivalent to that required under Luxembourg law.

In respect of the above, the Central Administration Agent may require the subscriber to provide it with any docu-

mentation deemed necessary in the Central Administration Agent’s judgment to satisfy its abovereferred obligations.

Failure to provide proper documentation may result in the withholding of redemption proceeds by the relevant Sub-

Fund.

Any information provided to the Fund in this context is collected for anti-money laundering compliance purposes

only.

9.13 French 3% Tax Information
The Unitholders shall (i) annually by May 5, or as the case may be, two months after the direct or indirect acquisition

of a property located in France, and (ii) on first request of the Management Company, provide the Management Com-
pany with certified copies of the French 3% tax annual returns n

°

 2746, or the undertakings provided under article 990

E-3

°

 of the French Tax Code filed with the French tax authorities or any other documents showing that it, and each of

its direct and indirect shareholders and other owners of beneficial interests qualify for an exemption from the French
3% tax.

The Unitholders shall authorise the Management Company, for itself and for each of its direct and indirect sharehold-

ers and other owners of beneficial interests, to provide the aforementioned documents to any target fund in which the
Fund invests, has invested or will invest directly or indirectly or to any third parties, as may be required under any agree-
ments that the Fund may enter.

9.14 Greek 3% tax and other Tax Related Information
Each Unitholder shall provide from time to time such information and documentation to the Fund as may be reason-

ably requested for the purpose of determining to what extent any Units are owned, directly or indirectly, by persons
not qualifying for an exemption under Greek 3% tax or any similar tax in any jurisdiction and such other information

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specified in the Subscription Agreement and the Fund shall provide such assistance as any Unitholder may reasonably
request in connection there under.

9.15 Transfer of Units
Unless stated otherwise in this Article 9.15, Investors may only transfer their Units and Unfunded Commitments ei-

ther together or separately, subject to the below conditions and subject to the consent of the Management Company.

The Management Company has the right to refuse any transfer, assignment or sale of Units and/or of Unfunded Com-

mitments in its sole discretion and such transfer, assignment or sale will inter alia be refused if (i) the Management Com-
pany reasonably determines that it would result in a Prohibited Person holding Units or Unfunded Commitments or in
the number of Investors in any Sub-Fund exceeding thirty (30), either as an immediate consequence or in the future, (ii)
if the nominal value of the Units or nominal amount of the Unfunded Commitments to be transferred is below EUR
1,000,000.- (one million) or (iii), in case of Unfunded Commitments, the Management Company reasonable determines
that the transferee does not have similar creditworthiness as the transferor.

The transferee of the Commitment shall accept and become solely liable for all liabilities and obligations relating to

such Commitment and accept the terms of the Subscription Agreement upon which the transferor shall be released
from such liabilities and obligations. Once the Management Company has accepted the transferee and the transferor has
transferred its Commitment, such transferor shall have no further liability of any nature under this Prospectus or in
respect of the Sub-Fund in relation to the Commitment it has transferred.

To the extent that, and as long as, the Sub-Fund’s Units are part of a German Insurance Company’s «premium re-

serve» («Sicherungsvermögen» as defined in Sec. 66 of the German Insurance Supervisory Act, as may be amended from
time to time) or «other committed assets» («Sonstiges gebundenes Vermögen» as defined in Sec. 54 para 1 or Sec. 115
of the German Insurance Supervisory Act, as may be amended from time to time), such Sub-Fund’s Units shall not be
disposed of without the prior written consent of the relevant Unitholder’s trustee («Treuhänder») appointed in accord-
ance with Sec. 70 of the German Insurance Supervisory Act, as may be amended from time to time, or by the relevant
Unitholder’s trustee’s authorised deputy.

However, Units that are directly or indirectly held by a German Insurance Company and that are part of their pre-

mium reserve or other committed assets are freely transferable and such transfer does not require the approval of the
other Unitholders or the Management Company. Prior to any sale, assignment or transfer of issued Units and/or of any
Unfunded Commitments, the German Insurance Company shall submit a request in writing to the Management Com-
pany regarding the number of Investors in the Sub-Fund, and the Management Company shall be obliged to provide such
information. Each German Insurance Company agrees that it will not sell, assign or transfer any of their Units if, accord-
ing to the information received from the Management Company, such transfer would result in the number of Investors
in the Sub-Fund exceeding thirty (30). Upon the transfer of a Unit that is directly or indirectly held by a Unitholder that
is a German Insurance Company, the transferee shall accept and become solely liable for all liabilities and obligations
relating to such Unit and the transferor shall be released from (and shall have no further liability for) such liabilities and
obligations. Once the transferor has transferred its Units, such transferor shall have no further liability of any nature
under this Prospectus or in respect of the Sub-Fund in relation to the Units or Commitments it has transferred.

10. Distribution 
With respect to all other Classes of Units, the Management Company will, in its discretion but after consultation of

the relevant Unitholder Advisory Committee, decide whether and to what extent distributions are to be paid out of
the Fund’s assets. Distributions may only be made if the net assets of the Fund do not fall below the minimum set forth
by law (i.e. Euro 1,250,000.-).

The Management Company may, in its discretion but after consultation of the relevant Unitholder Advisory Com-

mittee, resolve that declared dividends will be automatically reinvested in additional Units of the relevant Class which
will be credited to the relevant Unitholders free of any charge. The corresponding Units will be issued on the Valuation
Day immediately following the declaration of a dividend, using the Net Asset Value per Unit of the relevant Sub-Fund
and Class calculated with respect to such Valuation Day.

All distributions will be made net of any income, withholding and similar taxes payable by the Fund, including, for ex-

ample, any withholding taxes on interest or dividends received by the Fund and capital gains taxes or withholding taxes
on sales of interests in the Real Estate Investment Structures.

11. Deductions in relation to French or Greek 3% tax
If and to the extent the Sub-Funds or any entity involved in the Fund structure are or may be liable to pay any French

or Greek 3% tax because of the direct or indirect ownership by a Unitholder who is not exempt from the French or
Greek 3% tax and such tax (including interest and penalties thereon, if applicable) is not paid by the relevant Unitholder,
the Sub-Funds may deduct from any payments (including distributions or repayment of capital) with regard to Units
which are or have been held directly or indirectly by the Unitholder which is not exempt from the French or Greek 3%
tax. For the avoidance of doubt, such deductions may be made even if the respective Unitholder did not act negligently
or intentionally in this respect.

12. Valuation
12.1 Calculation of Net Asset Value per Unit
12.1.1 The Net Asset Value per Unit of each Class in each Sub-Fund shall be expressed in the Reference Currency

of that Class, as specified for each Class in the Special Section of the Prospectus, and shall be determined by the Central
Administration Agent under the supervision of the Management Company as at each Valuation Day by dividing (i) the
net assets of that Sub-Fund attributable to such Class, being the value of the portion of the Sub-Fund’s gross assets less
the portion of the Sub-Fund’s liabilities attributable to such Class, on such Valuation Day, by (ii) the number of Units of
such Class then outstanding in such Sub-Fund, in accordance with the valuation rules set forth below.

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12.1.2 The Net Asset Value per Unit shall be rounded down to two decimal places. If, since the time of determination

of the Net Asset Value per Unit of any Sub-Fund there has been a material change in relation to (i) a substantial part of
the Assets of the relevant Sub-Fund or (ii) the quotations in the markets on which a substantial portion of the invest-
ments of the relevant Sub-Fund are dealt in or quoted, the Management Company may, in order to safeguard the inter-
ests of the Unitholders and the Sub-Fund, cancel the first determination and carry out a second determination of the
Net Asset Value per Unit of that Sub-Fund with prudence and in good faith.

12.1.3 The accounts of the Subsidiaries of the Fund will be consolidated with the accounts of the Fund and accordingly

the underlying assets and liabilities will be valued in accordance with the valuation rules described below. Minority in-
terests in quoted Real Estate Investment Structures will be valued on the basis of the last available quotation. Minority
interests in unquoted Real Estate Investment Structures will be valued on the basis of the probable net realisation value
estimated by the Management Company with prudence and in good faith.

12.1.4 The assets of the Fund shall include:
(a) real estate properties or property rights registered in the name of the Fund or a direct or indirect Subsidiary of

the Fund;

(b) shareholdings in and convertible securities, debt and convertible debt securities of Real Estate Investment Struc-

tures;

(c) all cash in hand or on deposit, including any interest accrued thereon;
(d) all bills and demand notes payable and accounts receivable (including proceeds of properties, property rights, se-

curities or any other assets sold but not delivered);

(e) all bonds, time notes, certificates of deposit, shares, stock, debentures, debenture stocks, subscription rights, war-

rants, options and other securities, interests in limited partnerships, financial instruments and similar assets owned or
contracted for by the Fund;

(f) all stock dividends, cash dividends and cash payments receivable by the Fund to the extent information thereon is

reasonably available to the Fund, the Management Company or the Custodian;

(g) all interest accrued on any interest-bearing assets owned by the Fund except to the extent that the same is in-

cluded or reflected in the value attributed to such asset;

(h) the formation expenses of the Fund, including the cost of issuing and distributing Units of the Fund, insofar as the

same have not been written off;

(i) all other assets of any kind and nature including expenses paid in advance.
12.1.5 The value of the Fund’s assets shall be determined as follows:
(a) The securities of Real Estate Investment Structures that are listed on a stock exchange or dealt in on another

Regulated Market will be valued on the basis of the last available publicised stock exchange or market value.

(b) The securities of Real Estate Investment Structures which are not listed on a stock exchange nor dealt in on an-

other Regulated Market will be valued on the basis of the probable net realisation value (excluding any deferred taxation)
estimated with prudence and in good faith by the Management Company. If a net asset value is determined for the units
or shares issued by a Real Estate Investment Structure which calculates a net asset value per share or unit, those units
or shares will be valued on the basis of the latest net asset value determined according to the provisions of the particular
issuing documents of this Real Estate Investment Structure. In case of the occurrence of an evaluation event that is not
reflected in the latest available net asset value of such shares or units issued by such Real Estate Investment Structures,
the valuation of such shares or units issued by such Real Estate Investment Structures may take into account this eval-
uation event. The following events qualify as evaluation events: capital calls, distributions or redemptions effected by the
Real Estate Investment Structure or one or more of its underlying investments as well as any material events or devel-
opments affecting either the underlying investments or the Real Estate Investment Structures themselves.

(c) The value of any cash in hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses,

cash dividends and interest declared or accrued as aforesaid and not yet received is deemed to be the full amount there-
of, unless in any case the same is unlikely to be paid or received in full, in which case the value thereof is arrived at after
making such discount as may be considered appropriate in such case to reflect the true value thereof.

(d) All other securities and other assets, including debt securities and securities for which no market quotation is

available, are valued on the basis of dealer-supplied quotations or by a pricing service approved by the Management
Company or, to the extent such prices are not deemed to be representative of market values, such securities and other
assets shall be valued at fair value as determined in good faith pursuant to procedures established by the Management
Company. Money market instruments held by the Fund with a remaining maturity of ninety days or less will be valued
by the amortised cost method, which approximates market value.

(e) The value of the real estate properties or property rights registered in the name of the Fund or a direct or indirect

Subsidiary of the Fund will be equal to their most recent valuation by the Independent Appraisers, provided that the
Management Company Board may deviate from such valuation if deemed in the interest of the Unitholders and provided
further that such valuation may be established at the end of the fiscal year and used throughout the following fiscal year
unless there is a change in the general economic situation or in the condition of the relevant properties or property
rights held by the Fund or by any of its Subsidiaries or by any controlled property companies which requires new valu-
ations to be carried out under the same conditions as the annual valuations.

(f) The Management Company may permit some other method of valuation to be used, if it considers that such val-

uation better reflects the fair value of any asset of the Fund.

12.1.6 Subject to Article 12.1.8 the liabilities of the Fund shall include:
(a) all loans and other indebtedness for borrowed money (including convertible debt), bills and accounts payable;
(b) all accrued interest on such loans and other indebtedness for borrowed money (including accrued fees for Com-

mitment for such loans and other indebtedness);

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(c) all accrued or payable expenses (including expenses, management fees, performance fees, advisory fees, custodian

fees and central administration fees);

(d) all known liabilities, present and future, including all matured contractual obligations for payments of money or

property, including the amount of any unpaid distributions declared by the Fund, where the Valuation Day falls on the
record date for determination of the person entitled thereto or is subsequent thereto;

(e) an appropriate provision for future taxes based on capital and income to the Valuation Day, as determined from

time to time by the Management Company, as well as such amount (if any) as the Management Company may consider
to be an appropriate allowance in respect of any contingent liabilities of the Fund provided that for the avoidance of
doubt, on the basis that the assets are held for investment it is not expected that such provision shall include any de-
ferred taxation; and

(f) all other liabilities of each Sub-Fund of whatsoever kind and nature reflected in accordance with generally accepted

accounting principles. In determining the amount of such liabilities each Sub-Fund shall take into account all expenses
payable by the Fund / Sub-Fund which shall comprise formation expenses, fees, expenses, disbursements and out-of-
pocket expenses payable to its investment managers or investment advisors, including performance related fees, fees,
expenses, disbursements and out-of-pocket expenses payable to its accountants, custodian and its correspondents, ad-
ministrative, registrar and transfer agents, any paying agent, any distributors and permanent representatives in places of
registration, as well as any other agent employed by the Management Company respectively by the Fund, the remuner-
ation of the directors and their reasonable out-of-pocket expenses, fees and reasonable out-of-pocket expenses of the
Real Estate Investment Committee, insurance coverage and reasonable travelling costs in connection with board meet-
ings, fees and expenses for legal and auditing services, any fees and expenses involved in registering and maintaining the
registration of the Fund with any Governmental agencies or stock exchanges in the Grand Duchy of Luxembourg and
in any other country, licensing fees for the use of the various indexes, reporting and publishing expenses, including the
cost of preparing, translating, printing, advertising and distributing prospectuses, explanatory memoranda, the manage-
ment regulations, periodical reports or registration statements, the costs of publishing the net asset value and any in-
formation relating to the estimated value of a Sub-Fund, the cost of printing certificates, and the costs of any reports to
Unitholders, the cost of convening and holding Unitholder Advisory Committees’ and board meetings, all taxes, duties,
governmental and similar charges, and all other operating expenses, including the cost of buying and selling assets, trans-
action fees, the cost of publishing the issue and redemption prices, interests, bank charges and brokerage, postage, in-
surance, telephone and telex. The Sub-Fund may accrue administrative and other expenses of a regular or recurring
nature based on an estimated amount rateably for yearly or other periods.

12.1.7 The value of all assets and liabilities not expressed in Euro will be converted into Euro at the relevant rates of

exchange prevailing on the relevant Valuation Day. If such quotations are not available, the rate of exchange will be de-
termined with prudence and in good faith by or under procedures established by the Management Company.

12.1.8 The assets and liabilities shall be allocated as follows:
(a) the issue price received by the Fund on the issue of Units, and reductions in the value of the Fund as a consequence

of the redemption of Units, shall be attributed to the Sub-Fund and within that Sub-Fund, to the relevant Class to which
these Units belong;

(b) assets acquired by the Fund upon the investment of the issue proceeds and income and capital appreciation in

relation to such investments which relate to a specific Sub-Fund shall be attributed to such Sub-Fund;

(c) assets disposed of by the Fund as a consequence of the redemption of Units and liabilities, expenses and capital

depreciation relating to investments made by the Fund and other operations of the Fund, which relate to a specific Sub-
Fund shall be attributed to such Sub-Fund;

(d) where the use of foreign exchange transactions, instruments or financial techniques relates to a specific Sub-Fund

and/or within a Sub-Fund, to a specific Class the consequences of their use shall be attributed to such Sub-Fund and/or
Class of Units in such Sub-Fund;

(e) where assets, income, capital appreciations, liabilities, expenses, capital depreciations or the use of foreign ex-

change transactions, instruments or techniques cannot be attributed to a particular Sub-Fund they shall be divided equal-
ly between all Sub-Funds or, in so far as is justified by the amounts, shall be attributed in proportion to the relative Net
Asset Value of the Sub-Funds or Classes of Units in the Sub-Funds if the Management Company, in its sole discretion,
determines that this is the most appropriate method of attribution; and

(f) any distributions resolved by the Management Company in accordance with Article 10 hereof to the Unitholders

of a Sub-Fund or specific Class in a Sub-Fund shall reduce the net assets of this Sub-Fund or Class in the Sub-Fund by
the amount of such distribution.

12.1.9 For the purpose of Article 12.1.5 and 12.1.6
(h) Units to be issued by the Fund shall be treated as being in issue as from the time specified by the Management

Company on the Valuation Day on which such valuation is made and from such time and until received by the Fund the
price therefore shall be deemed to be an asset of the Fund;

(i) Units of the Fund to be redeemed (if any) shall be treated as existing and taken into account until the date fixed

for redemption, and from such time and until paid by the Fund the price therefore shall be deemed to be a liability of
the Fund; and

(j) where on any Valuation Day the Fund has contracted to:
(i) purchase any asset, the value of the consideration to be paid for such asset shall be shown as a liability of the Fund

and the value of the asset to be acquired shall be shown as an asset of the Fund;

(ii) sell any asset, the value of the consideration to be received for such asset shall be shown as an asset of the Fund

and the asset to be delivered by the Fund shall not be included in the assets of the Fund;

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provided, however, that if the exact value or nature of such consideration or such asset is not known on such Valu-

ation Day, then its value shall be estimated by the Management Company.

12.1.10 For the avoidance of doubt, the provisions of this Article 12.1 including, in particular Article 12.1.8, are rules

for determining Net Asset Value per Unit of each Class in each Sub-Fund and are not intended to affect the treatment
for accounting or legal purposes of the assets and liabilities of the Fund or any Units issued by the Fund.

12.2 Temporary Suspension of Calculation of Net Asset Value per Unit
The Management Company may suspend the determination of the Net Asset Value per Unit:
- during any period when, as a result of the political, economic, military or monetary events or any circumstance out-

side the control, responsibility and power of the Management Company, or the existence of any state of affairs in the
property market, disposal of the assets of the Fund is not reasonably practicable without materially and adversely affect-
ing and prejudicing the interests of Unitholders or if, in the opinion of the Management Company, a fair price cannot be
determined for the assets of the Fund;

- in the case of a breakdown of the means of communication normally used for valuing any asset of the Fund or if for

any reason the value of any asset of the Fund which is material in relation to the Net Asset Value per Unit (as to which
the Management Company shall have sole discretion) may not be determined as rapidly and accurately as required;

- if, as a result of exchange restrictions or other restrictions affecting the transfer of funds, transactions on behalf of

the Fund are rendered impracticable, or if purchases, sales, deposits and withdrawals of the assets of the Fund cannot
be effected at the normal rates of exchange;

- during any period when the value of the net assets of any Subsidiary of the Fund may not be determined accurately;

or

- when for any other reason, the prices of any investments cannot be promptly or accurately determined.
Any such suspension shall be published, if appropriate, by the Management Company and shall be notified to the con-

cerned Unitholders and subscribers.

Any request for subscription or redemption shall be irrevocable except in the event of a suspension of the determi-

nation of the Net Asset Value per Unit.

13. Valuations by the Independent Appraisers 
All Direct Investments held by the Fund will be valued by Independent Appraisers at the end of each fiscal year. In

addition, upon request of the Board, individual valuations may be undertaken during the year to confirm the market
value of a particular property at the time of acquisition and the whole portfolio may be valued at any time for the pur-
poses of calculating the Net Asset Value per Unit.

In addition, properties cannot be acquired or sold unless they have been valued by an Independent Appraiser, al-

though a new valuation is unnecessary if the sale of the property takes place within six months after the last valuation
thereof.

Acquisition prices may not be noticeably higher, nor sales prices noticeably lower, than the relevant valuation except

in exceptional circumstances that are duly justified. In such case, the Management Company Board must justify its deci-
sion to the Unitholders in the next financial report.

Notwithstanding the above, the Fund may acquire an individual property without obtaining an independent valuation

from the Independent Appraisers prior to the acquisition. The investment strategy may indeed require the Management
Company Board to decide quickly in order to take advantage of market opportunities. In such circumstances, obtaining
an independent valuation from the Independent Appraisers prior to the acquisition can prove practically impossible. An
ex post independent valuation will however be required from the Independent Appraisers as quickly as possible after
the acquisition. Such an ex post independent valuation will be the exception, not the rule. Moreover, if the ex post in-
dependent valuation carried out by the Independent Appraisers in connection with an individual property determines a
price noticeably lower than the price paid or to be paid by the Fund, the Management Company Board will justify this
difference in the next financial report.

The Independent Appraisers will be appointed by the Management Company Board. They may not be affiliated to the

Promoter and shall be licensed to operate in the jurisdiction in which each property is located. They will value the prop-
erties using a formal set of guidelines on the basis of widely-accepted valuation standards, adapted as necessary to re-
spect individual market considerations and practices.

The appointed Independent Appraisers will be published in the annual report. The Investors may inform themselves

at the registered office of the Fund of the names of the Independent Appraiser of each property.

14. Redemption of Units
14.1 Redemption Procedure
Unitholders wishing to have all or some of their Units redeemed by the Fund may apply to do so by letter to the

Central Administration Agent.

Any application for redemption must include:
- either (i) the monetary amount to be redeemed after deduction of any applicable Redemption Fee and Charge; or

(ii) the number of Units to be redeemed, and

- the details of the Class(es) and Sub-Fund(s) from which such Units are to be redeemed.
In addition, the application for redemption must include the Unitholder’s personal details. Failure to provide any of

the aforementioned information may result in delay of such application for redemption whilst verification is being sought
from the Unitholder.

Applications for redemption must be duly signed by all registered Unitholders, save in the case of joint registered

Unitholders where an acceptable power of attorney has been provided to the Management Company.

Applications for redemption of Units of any Class in any Sub-Fund received by the Central Administration Agent at

least 6 months before any Redemption Day (the «Redemption Deadline»), will be processed on that Redemption Day

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using the Net Asset Value per Unit determined on such Redemption Day, less any redemption fees and charges as de-
termined by the Management Company and further described hereinafter and in the Prospectus. Any applications for
redemption received by the Central Administration after the Redemption Deadline will be processed on the next Re-
demption Day on the basis of the Net Asset Value per Unit determined on such Redemption Day.

The Management Company will use reasonable efforts to transfer or dispose of the Fund’s interests in Real Estate

Investment Structures and of the Fund’s other assets, in order to provide for cash to fulfil the applications for redemp-
tion. At its entire discretion, the Management Company may decide to use leverage to satisfy the applications for re-
demption in compliance with the terms of this Prospectus or make use of its other revenues or reserves to fulfil such
redemption requests.

In the event of an excessively large volume of applications for redemption, the Management Company may decide to

delay the satisfaction of such applications for redemption until the corresponding assets held by the Fund have been sold
on appropriate and acceptable terms and conditions without unnecessary delay, subject to a maximum period of 18
months as of the application for redemption. Upon expiration of that period of 18 months, the Fund may, notwithstand-
ing the borrowing policy and the general borrowing limit specified in this Prospectus, borrow on a consolidated basis
up to a maximum of 75% of the valuation of all its investments at all times in order to procure funds in view of the
satisfaction of the redemption requests. If an application for redemption is deferred under the provisions of this Section,
the Redemption Price shall be determined at the time such application for redemption is effectively satisfied.

The Management Company may, at its complete discretion but with the consent of the relevant Unitholder, decide

to satisfy payment of the redemption proceed to this Unitholder wholly or partly in specie by allocating to such
Unitholder investments from the pool of assets set up in connection with the relevant Sub-Fund, equal in value as of the
Redemption Day on which the Redemption Price is calculated, to the value of the Units to be redeemed. The nature
and type of assets to be transferred in such case shall be determined on a fair and reasonable basis and without preju-
dicing the interests of the other Unitholders of the relevant Sub-Fund, and the valuation used shall be confirmed by a
special report of the Auditor. The cost of such transfer shall be borne by the transferee.

14.2 Redemption Fee and Additional Redemption Charge
A redemption fee, the amount of which is disclosed with respect to each Class of each Sub-fund in the Prospectus,

will be imposed upon the redeeming Unitholder(s) in favour of the Management Company.

In case of redemption requests in respect of Units before the sixth anniversary of such Units’ issuance date, an addi-

tional redemption charge will be levied in favour of the relevant Sub-Fund and Class. This additional redemption charge
will reflect the charges and costs incurred on selling assets of the relevant Sub-Fund and Class and will aim to protect
the remaining Unitholders of such Sub-Fund and Class from carrying said costs and charges. The additional redemption
charge will vary depending upon the period during which the Units to be redeemed have been outstanding as from their
issuance date and will be calculated using the Net Asset Value per Unit, as further described in the Prospectus.

Any Unitholder tendering Units for redemption is always deemed requesting in priority the redemption of the Units

which have been outstanding for the longest period.

14.3 Payment procedure
Payment for Units redeemed will be effected no later than 30 calendar days after the relevant Redemption Day, pro-

vided that all the documents necessary to the redemption have been received by the Central Administration Agent and
unless legal constraints, such as foreign exchange controls or restrictions on capital movements, or other circumstances
beyond the control of the Management Company make it impossible or impracticable to transfer the redemption pro-
ceed to the country in which the application for redemption was submitted. However, the Management Company re-
serves the right to postpone the payment of the redemption proceed for 30 additional calendar days. At the request of
the redeeming Unitholder, the Central Administration Agent will arrange the currency transaction required for conver-
sion of the redemption monies from the Reference Currency of the relevant Sub-Fund into the requested currency.
Such currency transaction will be effected with the Custodian or a Distributor at the redeeming Unitholder’s risk and
cost.

On payment of the Redemption Price, the corresponding Units will be cancelled immediately in the register of

Unitholders. Any taxes, commissions and other fees incurred in the respective countries in which the Units are sold will
be charged to the redeeming Unitholder.

14.4 Limits on Redemption
The Management Company is not bound to deal with the application for redemption of a Unitholder if the amount

of such application for redemption is lower than Euro 5,000,000.- (five million) or if after redemption the Unitholder
would be left with a balance of Units having a value of less than the current minimum holding amount, as detailed for
each Sub-Fund in the Special Section. In such circumstances, the Management Company may decide that this request be
treated as a request for redemption of the full balance of the Unitholder’s holding of Units in such Sub-Fund.

14.5 Compulsory Redemption
If the Management Company discovers at any time that Units are owned by a Prohibited Person, either alone or in

conjunction with any other person, whether directly or indirectly, the Management Company may at its discretion and
without liability, compulsorily redeem the Units at the Redemption Price after giving such Prohibited Person notice of
at least 15 days, and upon redemption, the Prohibited Person will cease to be the owner of those Units.

The Management Company may require any Unitholder to provide it with any information that it may consider nec-

essary for the purpose of determining whether or not such owner of Units is or will be a Prohibited Person.

The costs and charges of compulsory redemption will be borne by the redeeming Unitholder. For the sake of clarity,

the provisions concerning the redemption charge will also apply in case of a compulsory redemption.

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14.6 Suspension of Redemptions
No Units will be redeemed by any Sub-Fund during any period in which the determination of the Net Asset Value

per Unit of such Sub-Fund is suspended pursuant to the powers contained in the Management Regulations and as indi-
cated in Article 12.2 hereof.

Notice of suspension will be given to the redeeming Unitholders, and redemption requests made or pending during

a suspension period may be withdrawn by notice in writing received by the Management Company prior to the end of
the suspension period. Redemption requests not withdrawn will be processed by the Registrar and Transfer Agent on
the first Valuation Day following the end of the suspension period, on the basis of the Net Asset Value per Unit of the
relevant Sub-Fund and Class determined on such Valuation Day.

15. Conversion of Units
Conversions of Units between Classes and/or Sub-Funds are not possible.

16. Procedures for redemptions representing 10% or more of any Sub-Fund’s net assets
If any application for redemption is received in respect of any Redemption Day, which either singly or when aggre-

gated with other such applications so received, represents more than 10% of the net assets of the Fund, the Management
Company reserves the right, in its sole and absolute discretion and without liability (and in the reasonable opinion of
the Management Company that to do so is in the best interests of the remaining Unitholders), to scale down pro rata
each application in respect of such Redemption Day so that not more than 10% of the net assets of the Fund be re-
deemed on such Redemption Day.

To the extent that any application for redemption is not given full effect on such Redemption Day by virtue of the

exercise by the Management Company of its power to pro-rate applications, such application shall be treated with re-
spect to the unsatisfied balance thereof as if a further request had been made by the Unitholder in question in respect
of the next Redemption Day and, if necessary, subsequent Redemptions, until such application shall have been satisfied
in full.

With respect to any application received in respect of such Redemption Day, to the extent that subsequent applica-

tions shall be received in respect of following Redemption Days, such later applications shall be postponed in priority
to the satisfaction of applications relating to such first Redemption Day, but subject thereto shall be dealt with as set
out above.

Notwithstanding the above, with respect to any Financial Year, the Management Company reserves the right, in its

sole and absolute discretion and without liability (and in the reasonable opinion of the Management Company that to
do so is in the best interests of the remaining Unitholders), not to redeem more than 20% of the net assets of any Sub-
Fund and to delay the satisfaction of applications for redemption relating to the portion of the net assets exceeding 20%
until the next Financial Year. Such applications will then be dealt with by applying the above principles.

17. Charges of the Fund
The below mentioned fees, expenses and indemnifications may be charged as between the various Sub-Funds and

Classes of Units, on the basis of their respective net assets, within such a period, on such terms and in such a manner
as the Management Company thinks fair and reasonable provided that each Class of Units of a Sub-Fund and/or each
Sub-Fund will bear its own fees, expenses and indemnifications which are directly and exclusively attributable to it.

17.1.1 Management Fee
The Management Company will be entitled to a yearly management fee, the amount of which is specified for each

Class of each Sub-Fund in the Special Section of the Prospectus. The management fee will be paid quarterly in arrears,
out of the assets of the Sub-Funds.

The above referred yearly management fee will not exceed, in aggregate, 1% of the net assets of each Class in each

Sub-Fund.

17.1.2 Performance Fee
The Management Company is in addition entitled to a yearly Performance Fee determined pursuant to the below

provisions, to be paid directly or indirectly out of the assets of the Sub-Fund(s) and Class(es) for which such a Perform-
ance Fee is specified in the Special Section.

- A Performance Fee shall be payable in respect of any relevant Class in relation to any Financial Year (the «Class

Relevant Year») if such Class’ Net Asset Value per Unit at the end of this Class Relevant Year, duly adjusted for any
dividend distribution per Unit made during such Financial year (the «Class Year End Adjusted NAV per Unit») exceeds
the Hurdle Rate applicable to this Class Relevant Year. Should a Performance Fee be payable in relation to any Class
Relevant Year, such Performance Fee shall be of an amount equal to 10% of the amount by which the Class Year End
Adjusted NAV per Unit exceeds the Class’ applicable Hurdle Rate. Such percentage shall be increased to 20% with re-
spect to the amount by which the Class Year End Adjusted NAV per Unit exceeds such Class’ «Upper Hurdle Rate»,
as specified in the Special Section of the Prospectus.

- With respect to each Class Relevant Year, the applicable «Hurdle Rate» and «Upper Hurdle Rate» are equal to the

immediately preceding year-end NAV per Unit of the relevant Class accrued at rates determined for each Class of each
Sub-Fund in the Special Section of the Prospectus. With respect to each Class first Relevant Year, the Initial Price is used
as a basis for the calculation.

- For the purpose of calculating the subscription price and the redemption price on any Valuation Day, respectively

Redemption Day, the Performance Fee will be accrued upon the following principles:

* The calculation is based on the out-performance of the Net Asset Value per Unit of the relevant Class versus the

Hurdle Rate/Upper Hurdle Rate of such Class, between two successive calculation dates, multiplied by the outstanding
number of Units of the relevant Class on the relevant Valuation Day, respectively Redemption Day.

82988

* The out-performance is determined as the amount by which the increase of the Net Asset Value per Unit of the

relevant Class between two successive calculation dates exceeds the pro-rated Hurdle Rate/Upper Hurdle Rate of such
Class between those two dates.

* The increase of the Net Asset Value per Unit of the relevant Class is determined by comparing the Net Asset Value

per Unit of the relevant Class at the immediately preceding calculation date and the current Net Asset Value per Unit
of the relevant Class before accrual of any additional performance fee, where applicable.

* Whenever the pro-rated Hurdle Rate of the relevant Class is not reached, a negative Performance Fee will be

charged to offset any previous accrual in proportion of the outstanding number of Units of the relevant Class between
two calculation dates. If the Performance Fee total accrual turns out to be a negative figure, no accrual will be booked
but it is memorised for the purpose of the Performance Fee calculation, so that such negative figure must be recouped
before the Management Company be entitled to any new Performance Fee.

- Any negative Performance Fee at the end of a Financial Year will be carried forward for a maximum of 3 years and

will be offset within the succeeding Financial Year to such extent that it will not have been fully recouped over those 3
years. Redemptions will result in proportional reduction in the negative Performance Fee carried forward as of the date
of the redemptions.

- For the first Financial Year of each relevant Class, the reference Net Asset Value per Unit of the relevant Class (for

the purpose of determining the first increase in the Net Asset Value per Unit of the relevant Class and the base for the
Hurdle Rate/Upper Hurdle Rate of such Class) will be the Initial Price of the Units of the relevant Class.

Since the Performance Fees are calculated and accrued on a monthly basis but paid annually, it is possible that the

value of the Units of Unitholders may reflect Performance Fees accrued during part of a Financial Year even though they
may incur substantial overall losses during such Financial Year as a result of the time at which they subscribe or redeem
Units.

17.1.3 Organisational Expenses
The Fund shall reimburse the Promoter, the Management Company and any of their Affiliates for all Organisational

Expenses incurred by them in relation to the setting up of the Fund.

The Organisational Expenses will be written off by the Fund over a period of five years.
17.1.4 Operation and Administration Expenses
The Fund shall bear all Operation and Administration Expenses and shall reimburse the Management Company and

the Investment Advisor for all Operation and Administration Expenses as well as all other expenses referred to in Ar-
ticle 12.1.6(f) hereof incurred by them in relation to the Fund, which shall not exceed 0.1% of the total Commitments
per annum.

Travel and marketing expenses incurred by the Management Company and the Investment Advisor will be charged

to the Fund.

The Management Company and the Investment Advisor will not be reimbursed for any of their internal administrative

costs such as salaries, office space or office equipment.

Where any operational, financing or administrative services are performed by the Investment Advisor, the fees and

costs paid by the Fund in relation to such services shall not be higher than those charged for comparable services by
other service providers.

17.1.5 Investment-Related Expenses
The Fund shall bear all Investment-Related Expenses and the Management Company and the Investment Advisor shall

be reimbursed by the Fund in respect of all Investment-Related Expenses incurred by them.

17.1.6 Custodian and Other Fees
The Custodian, the Central Administration Agent, the Paying Agent and the Registrar and Transfer Agent shall each

be entitled to be paid out of the Fund’s assets, such fees as shall be determined from time to time by agreement between
the Management Company and such service providers, provided that such fees are in accordance with customary bank-
ing practice and at normal commercial rates in Luxembourg.

17.1.7 Value Added Tax
All fees and expenses pursuant to the above are exclusive of value added taxes or other chargeables thereon, which

shall be paid by the Fund as required.

17.1.8 Indemnification
The Fund will indemnify the Management Company, the Investment Advisor and their officers, directors, managers,

employees and associates and all persons serving on the Management Company Board as well as all members of a
Unitholder Advisory Committee and of the Real Estate Investment Committee (each an «Indemnitee») against all claims,
liabilities, cost and expenses incurred in connection with their role as such, other than for gross negligence, fraud or
wilful misconduct. Unitholders will not be individually obligated with respect to such indemnification beyond the amount
of their investments in the Fund and their Unfunded Commitments.

The Indemnitees shall have no liability for any loss incurred by the Fund or any Unitholder howsoever arising in con-

nection with the service provided by them in accordance with the Fund Documents, and each Indemnitee shall be in-
demnified and held harmless out of the assets of the Fund against all actions, proceedings, reasonable costs, charges,
expenses, losses, damages or liabilities incurred or sustained by an Indemnitee in or about the conduct of the Fund’s
business affairs or in the execution or discharge of his duties, powers, authorities or discretions in accordance with the
terms of the appointment of the Indemnitee, including without prejudice to the generality of the foregoing, any costs,
expenses, losses or liabilities incurred by him in defending (whether successfully or otherwise) any civil proceedings con-
cerning the Fund or its affairs in any court whether in Luxembourg or elsewhere, unless such actions, proceedings, costs,
charges, expenses, losses, damages or liabilities resulted from his gross negligence, wilful misconduct or fraud.

82989

18. Accounting and Audit, Reporting
18.1 Accounting and Audit
18.1.1 The Management Company, the Custodian and the Central Administration Agent shall maintain and supervise

the principal records and books of the Fund in Luxembourg.

18.1.2 The accounts of the Fund will be audited by an independent auditor, qualifying as a réviseur d’entreprises agréé,

who shall be appointed by the Management Company.

18.2 Reporting
The Management Company will distribute to each Unitholder:
(a) within 60 days after the end of each half year a semi-annual report including an estimate of the Fund asset value

and key variables; and

(b) within 120 days after the end of each Financial Year, an annual report including audited financial statements for

the Fund,

all of which will be prepared during the life of the Fund in accordance with Article 12 and in accordance with the

generally accepted accounting principles determined by the Management Company as applicable to corporate entities.

The Fund’s Financial Year ends on 30 September of each year and the first Financial Year of the Fund shall begin on

the creation of the Fund and shall end on 30 September 2007. The Fund will issue audited annual reports and unaudited
semi-annual reports. The Fund’s first report will be a semi-annual report published for the period ending 31 March 2007.

Any other financial information concerning the Fund, including the periodic calculation of the Net Asset Value per

Unit and the issue prices of Units will be made available at the registered office of the Management Company.

19. Publications and Communications
19.1 Annual Report and Other Periodic Reports
The annual report and all other periodic reports of the Fund shall be mailed (by courier or hand delivery) to Unit-

holders at their registered addresses and also made available to the Unitholders at the registered offices of the Manage-
ment Company, the Custodian and the Paying Agent.

19.2 Publication of Amendments and Notices
Any amendments of these Management Regulations, including the dissolution of the Fund, will be published by refer-

ence in the Mémorial and in such newspapers as shall be determined by the Management Company or required by au-
thorities having jurisdiction over the Fund or the sale of its Units. Any notices to Unitholders shall be mailed (by courier
or hand delivery) to each Unitholder and shall also be published in such newspaper as shall be determined by law and
by decision of the Management Company or required by authorities having jurisdiction over the Fund or the sale of its
Units.

19.3 Address
All communications of Unitholders with the Fund should be addressed to the Management Company at its registered

office set forth in Article 3.1.

20. Duration of the Fund - Liquidation
20.1 Duration
The Fund is established for an unlimited duration.
20.2 Liquidation of the Fund
Unitholders may not demand the liquidation of the Fund.
The Fund or any of the Sub-Funds may be terminated at any time by the Management Company, where the net assets

of the Fund or of any Sub-Fund has decreased to Euro 50 million or less. Where the net assets of the Fund or any of
the Sub-Funds is above Euro 50 million, the Fund or any of the Sub-Funds may be terminated at any time by the Man-
agement Company after consultation of the Unitholder Advisory Committee and subject to prior notice of 3 months,
or a shorter period if so authorised by the Unitholder Advisory Committee.

The liquidation of the Fund or of a Sub-Fund cannot be requested by a Unitholder.
The Fund will be in a state of liquidation:
(a) in the case of cessation of the functions of the Management Company or the Custodian, if they have not been

replaced within two months;

(b) in the case of bankruptcy of the Management Company;
(c) if the net assets of the Fund have become less, over a period of more than six months, than a quarter of the legal

minimum (i.e. Euro 1,250,000.-).

The fact leading to the state of liquidation of the Fund shall be published without delay by the Management Company

or the Custodian. This publication will be made in writing to the concerned Unitholders.

This publication shall also be made by insertion in the Memorial and in at least two newspapers of adequate circula-

tion, of which at least one is a Luxembourg newspaper.

Moreover, in the case where the net assets of the Fund have become less than two thirds of the legal minimum, the

Management Company must inform the Supervisory Authority without delay, and this may, taking account of the cir-
cumstances, force the Management Company to place the Fund in a state of liquidation.

As from the occurrence of the fact giving rise to the state of liquidation of the Fund, the issue and redemption of

Units shall be forbidden, under penalty of nullity.

The Management Company or, as the case may be, the liquidator it has appointed, will realise the assets of the Fund

or of the relevant Sub-Fund(s) in the best interest of the Unitholders thereof, and upon instructions given by the Man-
agement Company, the Custodian will distribute the net proceeds from such liquidation, after deducting all liquidation
expenses relating thereto, amongst the Unitholders of the relevant Sub-Fund(s) in proportion to the number of Units
held by them. The Management Company may distribute the assets of the Fund or of the relevant Sub-Funds wholly or
partly in kind to any Unitholder who agrees in compliance with the conditions set forth by the Management Company

82990

(including, without limitation, delivery of independent valuation report issued by the auditors of the Fund) and the prin-
ciple of equal treatment of Unitholders.

Sums which shall not have been distributed on closure of the liquidation proceedings, shall be deposited with the

Caisse des Consignations in Luxembourg, to the benefit of the relevant parties. Sums thus deposited and not claimed
within the period of legal limitation (currently 30 years) shall be lost.

As far as the liquidation of any Sub-Fund is concerned, the proceeds thereof corresponding to Units not surrendered

for repayment at the close of liquidation will be kept in safe custody with the Custodian during a period not exceeding
6 months as from the date of the close of the liquidation; after this delay, these proceeds shall be kept in safe custody
at the Caisse des Consignations.

The Management Company may decide to merge one or several Classes of Units existing in a same Sub-Fund.
The Management Company may decide to allocate the assets of any Sub-Fund to those of another Sub-Fund or an-

other UCI or to another sub-fund within such other UCI with a similar investment policy (such other UCI or sub-fund
within such other UCI being the «New Fund») (following a split or consolidation, if necessary, and the payment of the
amount corresponding to any fractional entitlement to Unitholders) where the value of the net assets of any Sub-Fund
has decreased below Euro 50 million, which is the amount determined by the Management Company to be the minimum
level for the Sub-Fund to be operated in an economically efficient manner, in case of a significant change of the economic
or political situation or as a matter of economic rationalisation. Such decision will be announced by a notice sent to the
Unitholders at their address indicated in the register of Unitholders or in such manner as may be deemed appropriate
by the Management Company (and, in addition, the notice will contain information in relation to the New Fund).

Where the net assets of any Sub-Fund are above Euro 50 million, the Management Company may, after consultation

of all the relevant Unitholder Advisory Committees, decide to allocate the assets of any Sub-Fund to those of a New
Fund. Such decision will be announced by a notice sent to the Unitholders at their address indicated in the register of
Unitholders or in such manner as may be deemed appropriate by the Management Company (and, in addition, the notice
will contain information in relation to the New Fund).

21. Statute of Limitation
Any claims of the Unitholders against the Management Company or the Custodian will lapse 5 years after the date

of the event that gave rise to such claims.

22. Miscellaneous Provisions
22.1 Amendment
The Management Company may, at any time and without the consent of the Unitholders, amend these Management

Regulations and the Prospectus in the interest of the Unitholders, with the exception that any material changes to these
Management regulations or the Prospectus (i.e. changes in the Investment Objective, Investment Policy, Investment
Powers and Restrictions, redemption provisions or Commitment Period) will need the prior approval of the relevant
Unitholder Advisory Committee.

Where practicable, Unitholders will be given 15 Business Days’ notice of all amendments that are adopted without

their consent in accordance with the foregoing.

Amendments to these Management Regulations will become effective on the date of their signature by the Manage-

ment Company and the Custodian. The amendments of the Management Regulations shall be published in the Mémorial.

22.2 Severability
If any provision of the Management Regulations or the application of such provision to any Person or circumstance

shall be held invalid, the remainder of the Management Regulations, or the application of such provision to Persons or
circumstances other than those as to which it is held invalid, shall not be affected.

22.3 Parties Bound
Any Person acquiring or claiming an interest in the Fund, in any manner whatsoever, shall be subject to and bound

by all terms, conditions and obligations of these Management Regulations to which his or its predecessor in interest was
subject or bound, without regard to whether such Person has executed a counterpart hereof or any other document
contemplated hereby. No person, including the legal representative, heir or legatee of a deceased Unitholder, shall have
any rights or obligations greater than those set forth in these Management Regulations and no person shall acquire an
interest in the Fund or become a Unitholder thereof except as permitted by the terms of these Management Regula-
tions.

These Management Regulations shall be binding upon the parties hereto, their successors, heirs, devises, assigns, legal

representatives, executors and administrators.

22.4 Applicable Law, Jurisdiction and Governing Language
The Fund and these Management Regulations shall be governed by and shall be construed under the laws of Luxem-

bourg.

Disputes arising between the Unitholders, the Management Company and the Custodian shall be settled according

to Luxembourg law and subject to the jurisdiction of the District Court of Luxembourg, provided, however, that the
Management Company and the Custodian may subject themselves and the Fund to the jurisdiction of courts of the coun-
tries, in which the Units of the Fund are offered and sold.

English shall be the governing language for these Management Regulations.
22.5 Waiver
The failure to insist upon strict enforcement of any of the provisions of the Management Regulations or of any agree-

ment or instrument delivered pursuant hereto shall not be deemed or construed to be a waiver of any such provision,
nor to affect in any way the validity of the Management Regulations or any agreement or instrument delivered pursuant
hereto or any provision hereof or the right of any party hereto to thereafter enforce each and every provision of the
Management Regulations and each agreement and instrument delivered pursuant hereto.

82991

No waiver of any breach of any of the provisions of the Management Regulations or any agreement or instrument

delivered pursuant hereto shall be effective unless set forth in a written instrument executed by the party against which
enforcement of such waiver is sought, and no waiver of any such breach shall be construed or deemed to be a waiver
of any other or subsequent breach.

22.6 Headings
The headings in the Management Regulations are inserted for convenience and identification only and are in no way

intended to describe, interpret, define or limit the scope, extent or intent of the Management Regulations or any pro-
vision.

22.7 Counterparts
The Management Regulations may be executed in multiple counterparts with separate signature pages, each such

counterpart shall be considered an original, but all of which together shall constitute one and the same instrument.

Enregistré à Luxembourg, le 31 août 2006, réf. LSO-BT09112. – Reçu 102 euros.

<i>Le Receveur (signé): D. Hartmann.

(093419.2//1277) Déposé au registre de commerce et des sociétés de Luxembourg, le 4 septembre 2006.

DWS GLOBAL, Fonds Commun de Placement.

Das mit Wirkung zum 30. August 2006 in Kraft tretende Verwaltungsreglement - Allgemeiner Teil - wurde am 31.

August 2006 unter der Referenznummer LSO-BT09009 beim Registre de Commerce et des Sociétés (Luxemburger
Handels- und Gesellschaftsregister) hinterlegt.

Zwecks Veröffentlichung im Mémorial, Recueil des Sociétés et Associations.

(093398.3//10) Déposé au registre de commerce et des sociétés de Luxembourg, le 4 septembre 2006.

DWS GLOBAL, Fonds Commun de Placement.

Das mit Wirkung zum 30. August 2006 in Kraft tretende Verwaltungsreglement - Besonderer Teil - wurde am 31.

August 2006 unter der Referenznummer LSO-BT09011 beim Registre de Commerce et des Sociétés (Luxemburger
Handels- und Gesellschaftsregister) hinterlegt.

Zwecks Veröffentlichung im Mémorial, Recueil des Sociétés et Associations.

(093396.3//10) Déposé au registre de commerce et des sociétés de Luxembourg, le 4 septembre 2006.

HINES EUROPEAN VALUE ADDED FUND, Fonds Commun de Placement.

EXTRAIT

Le Règlement de Gestion coordonné au 9 août 2006, enregistré à Luxembourg le 12 septembre 2006 sous la réfé-

rence BU/02577 et le contrat modificatif du Règlement de Gestion du 9 août 2006, enregistré à Luxembourg le 12 sep-
tembre 2006 sous la référence BU/02575, ont été déposés au Registre de Commerce et des Sociétés de Luxembourg
le 13 septembre 2006.

Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Luxembourg, septembre 2006.

HINES FUND MANAGEMENT COMPANY I, S.à r.l.

(097162.3//12) Déposé au registre de commerce et des sociétés de Luxembourg, le 13 septembre 2006.

IDC FLEX ZERTIFIKATEFONDS, Fonds Commun de Placement.

Das Verwaltungsreglement, in Kraft getreten am 1. September 2006 für den IDC FLEX ZERTIFIKATEFONDS wurde

einregistriert in Luxemburg am 31. August 2006, Referenz LSO-BT08986 und am 4. September 2006 beim Handelsre-
gister hinterlegt.

Zwecks Veröffentlichung im Mémorial, Recueil des Sociétés et Associations.
Luxemburg, den 15. September 2006.

(093985.3//11) Déposé au registre de commerce et des sociétés de Luxembourg, le 5 septembre 2006.

<i>For and on behalf of E.ON ASSET MANAGEMENT, S.à r.l.
H. R. Leopold / M. Hauser
<i>Manager / Manager
For and on behalf of J.P. MORGAN BANK LUXEMBOURG S.A.
A. Cameron
<i>Vice President

DWS INVESTMENT S.A.
Unterschriften

DWS INVESTMENT S.A.
Unterschriften

IPConcept FUND MANAGEMENT S.A.
Unterschriften

82992

dit-Japan Protekt Dynamik Plus, Fonds Commun de Placement.

Das Verwaltungsreglement des dit-Japan Protekt Dynamik Plus einregistriert in Luxemburg am 16. August 2006, Ref.

LSO-BT04391, wurde am 7. September 2006 beim Handelsregister in Luxemburg hinterlegt.

Zwecks Veröffentlichung im Mémorial, Recueil des Sociétés et Associations.

Senningerberg, September 2006.

(096230.3//10) Déposé au registre de commerce et des sociétés de Luxembourg, le 11 septembre 2006.

R+V LUXEMBOURG LEBENSVERSICHERUNG S.A., Société Anonyme.

Siège social: L-1445 Luxembourg-Strassen, 4, rue Thomas Edison.

R. C. Luxembourg B 53.899. 

Le bilan de 2005, enregistré à Luxembourg, le 1

er

 septembre 2006, réf. LSO-BU00031, a été déposé au registre de

commerce et des sociétés de Luxembourg, le 4 septembre 2006.

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

Luxembourg, le 31 août 2006.

(093449.3//12) Déposé au registre de commerce et des sociétés de Luxembourg, le 4 septembre 2006.

MATHEN INVESTMENTS, S.à r.l., Société à responsabilité limitée.

Capital social: EUR 12.500,00.

Siège social: L-1331 Luxembourg, 65, boulevard Grande-Duchesse Charlotte.

R. C. Luxembourg B 102.471. 

Suite aux décisions de l’Associé Unique prises en date du 8 mai 2006:
- le siège social de la société a été transféré du 59, boulevard Royal, L-2449 Luxembourg au 65, boulevard Grande-

Duchesse Charlotte, L-1331 Luxembourg;

- Monsieur Ron E. Bell, né le 11 juin 1956 à Worcestor, Angleterre, avec adresse professionnelle au 33 King Street,

London SW1Y 6RJ, Royaume-Uni a été nommé aux fonctions de gérant pour une période indéterminée.

Nous vous demandons de bien vouloir prendre note du changement d’adresse du gérant:
UNIVERSAL MANAGEMENT SERVICES, S.à r.l., 65, boulevard Grande-Duchesse Charlotte, L-1331 Luxembourg.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

Luxembourg, le 5 juillet 2006.

Enregistré à Luxembourg, le 7 juillet 2006, réf. LSO-BS03127. – Reçu 14 euros.

<i>Le Receveur (signé): D. Hartmann.

(072487.3//22) Déposé au registre de commerce et des sociétés de Luxembourg, le 20 juillet 2006.

ALLIANZ GLOBAL INVESTORS LUXEMBOURG S.A.
Unterschriften

R+V LUXEMBOURG LEBENSVERSICHERUNG S.A.
Signatures

<i>Pour MATHEN INVESTMENTS, S.à r.l.
UNIVERSAL MANAGEMENT SERVICES, S.à r.l.
<i>Gérant
Signatures

Editeur:

Service Central de Législation, 43, boulevard F.-D. Roosevelt, L-2450 Luxembourg

Imprimeur: Association momentanée Imprimerie Centrale / Victor Buck


Document Outline

Sommaire

Metals &amp; Technology S.A.

Banque du Gothard (Luxembourg) S.A.

Invex Properties S.A.

Invex Properties S.A.

Fidelity Global Bond Series

DekaBank Deutsche Girozentrale Luxembourg S.A.

DekaBank Deutsche Girozentrale Luxembourg S.A.

Premium Global Freiburg

E.On Pension Fund

3V Invest Swiss Small &amp; Mid Cap

Global Property Select

DWS Global

DWS Global

Hines European Value Added Fund

IDC Flex Zertifikatefonds

dit-Japan Protekt Dynamik Plus

R+V Luxembourg Lebensversicherung S.A.

Mathen Investments, S.à r.l.