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86881

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° 1811

27 septembre 2006

S O M M A I R E

SYNERGY MOTOR S.A., Société Anonyme.

Siège social: L-2346 Luxembourg, 20, rue de la Poste.

R. C. Luxembourg B 59.663.

—

Extrait des résolutions du Conseil d’Administration qui s’est tenu le 30 juin 2006

Au Conseil d’Administration de SYNERGY MOTOR S.A. («la société»), il a été décidé comme suit:
- de transférer le siège social de la société du 9, rue Schiller, L-2519 Luxembourg au Carré Bonn, 20, rue de la Poste,

L-2346 Luxembourg et ce avec effet au 3 juillet 2006.

Luxembourg, le 30 juin 2006.

Enregistré à Luxembourg, le 19 juillet 2006, réf. LSO-BS07490. – Reçu 14 euros.

Le Receveur (signé): D. Hartmann.

(078996.3//16) Déposé au registre de commerce et des sociétés de Luxembourg, le 1

août 2006.

AXA Mezzanine I S.A., Sicar, Luxembourg. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

86882

Bart Investments S.A., Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

86927

Cerafirst S.A., Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

86900

Com Selection, Sicav, Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

86927

Douvie International S.A., Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

86928

Egide S.A., Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

86928

Europa Foster House, S.à r.l., Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

86918

Europa Foster House, S.à r.l., Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

86918

FNV Invest Holding S.A., Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

86926

GSO Luxembourg Capital Funding, S.à r.l., Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

86918

Immobilière WE S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

86911

Imrel, S.à r.l., Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

86911

Matrans S.A.H., Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

86927

My’ Keul Show, S.à r.l., Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

86924

Network International S.A., Luxembourg. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

86928

Novum Stairs & Railings S.A., Fischbach/Clervaux. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

86923

Novum Stairs & Railings S.A., Fischbach/Clervaux. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

86924

Propintell S.A., Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

86917

Roncadin Participations S.C.A., Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

86911

Synergy Motor S.A., Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

86881

«W» S.A., Bridel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

86910

LUXEMBOURG CORPORATION COMPANY S.A.
Administrateur-Délégué
Signatures

86882

AXA MEZZANINE I S.A., SICAR, Société d’Investissement en Capital à Risque.

Registered office: L-1855 Luxembourg, 46A, avenue John F. Kennedy.

R. C. Luxembourg B 108.403.

—

In the year two thousand six, on the thirteenth day of September.
Before us, Maître Jean-Joseph Wagner, notary, residing in Sanem (Grand Duchy of Luxembourg),
was held an extraordinary general meeting of the shareholders of AXA MEZZANINE I S.A., SICAR a public limited

company (a société anonyme) incorporated under the laws of Luxembourg, and having the status of an investment com-
pany in risk capital (société d’investissement en capital à risque) under the Loi du 15 juin 2004 relative à la société d’in-
vestissement en capital à risque having its registered office at L-1855 Luxembourg, 46 A, avenue John F. Kennedy (Grand
Duchy of Luxembourg), incorporated by deed of the undersigned notary of May 31, 2005, published in the Mémorial C,
number 1044 of October 15, 2005, the articles of incorporation of the Company have been amended by a deed of the
undersigned notary dated July 6, 2006, published in the Memorial C, number 1412 of July 21, 2006, and for the last time,
today September 13, 2006, in the process of being formalised, registered with the Luxembourg Register of Commerce
and Companies under number B 108.403 (the «Company»).

The extraordinary general meeting was opened at 06.15 p.m. and was presided by Mr Laurent Schummer, lawyer,

residing in Luxembourg, (the «Chairman»).

The Chairman appointed as secretary of the meeting Mrs Anca Iusco, lawyer, residing in Luxembourg.
The meeting elected as scrutineer Mr Christophe Cahuzac, employee, residing in Luxembourg.
The board of the meeting having thus been constituted, the Chairman declared and requested the notary to state that:
I) The agenda of the meeting is the following:

Agenda:

1. To acknowledge the redemption of sixty-eight thousand three hundred twenty-three (68,323) A shares by the

Company

2. To reduce the Company’s corporate capital by an amount of six hundred eighty three thousand two hundred thirty

euro (EUR 683,230.-) to set it at one million one hundred sixty-four thousand eighty euro (EUR 1,164,080.-) by cancel-
lation of sixty-eight thousand three hundred twenty-three (68,323) redeemed class A shares with a par value of ten euro
(EUR 10.-) each.

3. To amend and to consequently fully restate the articles of incorporation of the Company, including the capital

clause and the corporate object clause witch shall read as follows:

«Art. 3. Object. The object of the Company is to make private equity and private equity related mezzanine invest-

ments in view of having the shareholders benefit from the results of the management of such private equity and private
equity related investments as a consideration for the risk borne by such shareholders.

A private equity or private equity related investment consists in a direct or indirect participation in entities with the

view of their launch development or listing. The company is subject to the Sicar Law.

The object of the Company consequently includes the acquisition, holding, administration and disposal of direct and

indirect private equity or private equity related investments in accordance with its investment policy.

The Company’s primary investment policy (the «Investment Policy») is to make investments in mezzanine debt in-

struments primarily in Europe.

The Company will make direct investments (the «Portfolio Investments») in private equity related mezzanine debt

and related equity or equity-access instruments.

Mezzanine debt may consist inter alia of unlisted corporate bond issues with detachable warrants, warrantless mez-

zanine preferred shares, convertible bonds, participating loans and all financial instruments that are junior to bank, trade
or other debt other than equity-holder’s debts, but senior to common shares of equity and shareholder’s loans.

The Company may also invest any surplus of cash on a short-term basis. The Company shall not use derivative in-

struments other than for hedging purposes of its own risks.

The Company may more in particular (i) acquire by way of subscription, purchase, exchange or in any other manner

any stock, shares and other participations, securities, bonds, debentures and other debt instruments and more generally
any securities and financial instruments representing ownership rights, claims or transferable securities issued by any
public or private issuer whatsoever; (ii) exercise all rights whatsoever attached to these securities and financial instru-
ments; (iii) grant any direct and/or indirect financial assistance whatsoever to the entities in which it holds a participation
or which are members of such entities’ group of companies, in particular by granting loans, facilities or guarantees in any
form and for any term whatsoever and provide them any advice and assistance in any form whatsoever; and (iv) make
loans in any form whatsoever.In order to raise funds to pursue its Investment Policy, the Company will issue shares or
share subscription rights and debt instruments of any type to institutional, professional or well informed investors (in-
vestisseurs avertis) pursuant to article 2 of the Sicar Law (the «Well Informed Investors»).

The Company may also establish, acquire, dispose of or act on behalf of entities which are either of a similar or com-

parable kind or serve the objects of the Company directly or indirectly. The object of the Company consequently in-
cludes (i) the acquisition and holding of interests in any kind or form in Luxembourg and/or in foreign entities, (ii) the
active and/or passive administration, development and/or management of such holdings and/or entities, as well as (iii)
the direct and/or indirect financing of such entities in which it holds a participation or which are members of such entity’s
group of companies.

To the full extent permitted by the Sicar Law, the Company may undertake transactions of any kind, whether com-

mercial or financial, which are directly or indirectly connected with its object and which would serve the objects of the

86883

Company directly or indirectly. The Company can also set up branches or subsidiaries and wholly or partly transfer its
business to its affiliates.»

4. Miscellaneous.
II) The shareholders present or represented, the proxies of the represented shareholders and the number of the

shares held by each of them are shown on an attendance list which, signed by the shareholders or their proxies and by
the board of the meeting, will remain annexed to the present deed to be filed at the same time with the registration
authorities.

The proxies of the represented shareholders, signed ne varietur by the appearing parties and the undersigned notary,

will also remain annexed to the present deed to be filed at the same time with the registration authorities.

III) It appears from the said attendance list that all the shares representing the total share capital of one million eight

hundred forty-seven thousand three hundred and ten euro (EUR 1,847,310.-) are represented at the meeting, which
consequently is regularly constituted and may validly resolve on all the items on the agenda of which the shareholders
have been duly informed before this meeting.

The general meeting, after deliberation, adopted, each time unanimously, the following resolutions:

First Resolution

The meeting acknowledge the redemption by the Company of sixty-eight thousand three hundred twenty-three

(68,323) class A shares pursuant the article 8 of the Company’s articles of association.(the «Redemption»).

Second Resolution

The meeting resolved, following the Redemption, to reduce the issued capital of the Company by an amount of six

hundred eighty three thousand two hundred thirty euro (EUR 683,230.-) to set it at one million one hundred sixty-four
thousand eighty euro (EUR 1,164,080.-) by cancellation of sixty-eight thousand three hundred twenty-three (68,323)
own class A shares with a par value of ten euro (EUR 10.-) each.

Third Resolution

The general meeting of shareholders resolved to fully restate the articles of incorporation of the Company, which

shall forthwith read as follows:

«Chapter I. - Form, Corporate Name, Registered office, Object, Duration

Art. 1. Form, Corporate name. There is hereby established among the founding shareholders and all those who

may become owners of shares following its incorporation, a company (the «Company») in the form of a public limited
company (société anonyme) which will be governed by the laws of the Grand Duchy of Luxembourg (the «Laws») and
by the present articles of association (the «Articles of Association»). The Company is further subject to the Loi du 15
juin 2004 relative à la société d’investissement en capital à risque («Sicar») (the «Sicar Law»).

The Company will exist under the corporate name of AXA MEZZANINE I S.A., SICAR».

Art. 2. Registered Office. The Company will have its registered office in the City of Luxembourg.
The registered office may be transferred to any other place within the City of Luxembourg by a resolution of the

Board of Directors.

Branches or other offices may be established either in the Grand Duchy of Luxembourg or abroad by resolution of

the Board of Directors.

In the event that, in the view of the Board of Directors, extraordinary political, economic or social developments

occur or are imminent that would interfere with the normal activities of the Company at its registered office or with
the ease of communications with such office or between such office and persons abroad, the Company may temporarily
transfer the registered office abroad, until the complete cessation of these abnormal circumstances. Such temporary
measures will have no effect on the nationality of the Company, which, notwithstanding the temporary transfer of the
registered office, will remain a company governed by the Laws. Such temporary measures will be taken and notified to
any interested parties by the Board of Directors.

Art. 3. Object. The object of the Company is to make private equity and private equity related mezzanine invest-

A private equity or private equity related investment consists in a direct or indirect participation in entities with the

view of their launch development or listing. The company is subject to the Sicar Law.

The object of the Company consequently includes the acquisition, holding, administration and disposal of direct and

indirect private equity or private equity related investments in accordance with its investment policy.

The Company’s primary investment policy (the «Investment Policy») is to make investments in mezzanine debt in-

struments primarily in Europe.

The Company will make direct investments (the «Portfolio Investments») in private equity related mezzanine debt

and related equity or equity-access instruments.

Mezzanine debt may consist inter alia of unlisted corporate bond issues with detachable warrants, warrantless mez-

The Company may also invest any surplus of cash on a short-term basis. The Company shall not use derivative in-

struments other than for hedging purposes of its own risks.

The Company may more in particular (i) acquire by way of subscription, purchase, exchange or in any other manner

86884

public or private issuer whatsoever; (ii) exercise all rights whatsoever attached to these securities and financial instru-
ments; (iii) grant any direct and/or indirect financial assistance whatsoever to the entities in which it holds a participation
or which are members of such entities’ group of companies, in particular by granting loans, facilities or guarantees in any
form and for any term whatsoever and provide them any advice and assistance in any form whatsoever; and (iv) make
loans in any form whatsoever.

In order to raise funds to pursue its Investment Policy, the Company will issue shares or share subscription rights

and debt instruments of any type to institutional, professional or well informed investors (investisseurs avertis) pursuant
to article 2 of the Sicar Law (the «Well Informed Investors»).

The Company may also establish, acquire, dispose of or act on behalf of entities which are either of a similar or com-

To the full extent permitted by the Sicar Law, the Company may undertake transactions of any kind, whether com-

mercial or financial, which are directly or indirectly connected with its object and which would serve the objects of the
Company directly or indirectly. The Company can also set up branches or subsidiaries and wholly or partly transfer its
business to its affiliates.

Art. 4. Duration. The Company is formed for a limited duration ending on 30 December 2015. The duration of the

Company may be extended on three occasions, for successive periods of one year each, upon proposal by the Board
of Directors, by a resolution of the shareholders voting with the quorum and majority rules set by these Articles of
Association or, as the case may be, by the law for any amendment of these Articles of Association.

Chapter II. - Capital, Shares

Art. 5. Corporate Capital. The issued capital of the Company is set at one million one hundred sixty-four thou-

sand eighty euros (EUR 1,164,080.-) divided into one hundred sixteen thousand four hundred seven (116,407) Class A
shares, and 1 Class C share. Each issued share of whatever class has a nominal value of ten euro (EUR 10.-) and may,
upon issue, be only partially paid up. The minimum capital of the Company after a period of twelve (12) months following
the registration of the Company as a société d’investissement en capital à risque (a «Sicar») shall be one million euro
(EUR 1,000,000.-)

The rights and obligations attached to the shares shall be identical except to the extent otherwise provided by the

Articles of Association or by the Laws. The shares of whatever class may be held or acquired by whatever means only
by persons or entities Well Informed Investors.

The authorised capital of the Company is set at five hundred million euro (EUR 500,000,000.-) divided into forty nine

million nine hundred seventy five thousand (49,975,000) Class A shares, sixteen thousand five hundred (16,500) Class
B shares and eight thousand five hundred (8,500) Class C shares. Each authorised share of whatever class has a nominal
value of ten euros (EUR 10.-).

The Board of Directors is authorised and empowered within the limits of the authorised capital to (i) realise any

increase of the corporate capital in one or several successive tranches, following, as the case may be, the exercise of
the subscription and/or conversion rights granted by the Board of Directors within the limits of the authorised capital
under the terms and conditions of warrants (which may be separate or attached to shares, bonds, notes or similar in-
struments), convertible bonds, notes or similar instruments issued from time to time by the Company, by the issuing of
new shares, with or without share premium, against payment in cash or in kind, by conversion of claims on the Company
or in any other manner; (ii) determine the place and date of the issue or the successive issues, the issue price, the terms
and conditions of the subscription of and paying up on the new shares; and (iii) remove or limit the preferential sub-
scription right of the shareholders in case of issue of shares against payment in cash. This authorisation is valid during a
period ending five (5) years after the date of publication of the deed of incorporation of the Company in the Mémorial
and it may be renewed by a resolution of the general meeting of shareholders adopted in compliance with the quorum
and majority rules set by these Articles of Association or, as the case may be, by the Laws for any amendment of these
Articles of Association.

The Board of Directors may delegate to any duly authorized person, the duties of accepting subscriptions and receiv-

ing payment for shares representing part or all of the issue of new shares under the authorised capital.

Following each increase of the issued capital within the limits of the authorised capital, realized and duly stated in the

form provided for by the Laws, this article will be modified so as to reflect the actual increase. Such modification will be
recorded in authentic form by the Board of Directors or by any person duly authorized and empowered by the Board
of Directors for this purpose.

The Board of Directors shall not issue any shares of whatever class where it appears that such issue would or might

result in such shares being directly or beneficially owned by a person, who is precluded from holding shares in the Com-
pany.

The issued and/or authorized capital of the Company may be increased or reduced one or several times by a reso-

lution of the general meeting of shareholders adopted in compliance with the quorum and majority rules set by these
Articles of Association or, as the case may be, by the Laws for any amendment of these Articles of Association.

The new shares to be subscribed for by contribution in cash will be offered by preference to the existing shareholders

in proportion to the part of the capital which those shareholders are holding. The Board of Directors shall determine
the period within which the preferred subscription right shall be exercised. This period may not be less than thirty (30)
days.

86885

Any new Class A shares shall be issued at an issue price of at least EUR 10.- per Class A share, any new Class B shares

shall be issued at an issue price of at least EUR 10.- per Class B share and any new Class C shares shall be issued at an
issue price of at least EUR 10.- per Class C share.

Notwithstanding the above, the general meeting, voting in compliance with the quorum and majority rules set by

these Articles of Association or, as the case may be, by the Laws for any amendment of these Articles of Association
may limit or withdraw the preferential subscription right or authorise the Board of Directors to do so.

In addition to the issued capital, there may be set up a premium account into which any premium paid on any share

in addition to its nominal value is transferred. The amount of the premium account may be used to provide for the pay-
ment of any shares of whatever class which the Company may repurchase from its shareholders, to offset any net real-
ised losses, to make distributions to the shareholders of whatever class in the form of a dividend or to allocate funds
to the legal reserve.

Art. 6. Form of Shares. The shares will be in the form of registered shares.
The prior consent of the Board of Directors is required for the sale, assignment, transfer, exchange, pledge, encum-

brance, transfer into a trust or other fiduciary relation or other disposition of shares of whatever class. Any contem-
plated transfer shall be notified in advance by the proposed transferor and transferee to the Board of Directors. The
notice must include the name and contact details of the transferor and transferee, the number of shares to be trans-
ferred, and the price or other consideration agreed between the parties for that purpose. When the consideration is
not of a monetary kind, the notice shall mention the estimated value of the consideration. The Board of Directors will
have full and unfettered discretion in making its decision (and will not be required to make the reasons for its decision
known), except in the case of transfers by a shareholder to an affiliate of such shareholder or by a shareholder which is
a trustee to a successor shareholder, where the Board of Directors may only withhold its consent to transfers where
legal, tax or other adverse consequences would result for the Company. The Board of Directors may request any ad-
ditional information as it may wish to make its decision.

Any permitted transfer is subject to the condition that the transferee (i) is a Well Informed Investor and (ii) succeeds

the transferor in respect of all obligations in respect of the transfer shares (including for such purpose any commitments
towards the Company to subscribe further shares). The Company shall not register any transfer of shares in its share
register, unless the transferee has accepted in writing the provisions of any agreements between the transferor and the
Company in respect of the transferred shares.

A transfer to an Affiliate of the transferor may only be effected under the condition subsequent that the transfer shall

become ineffective upon the transferee ceasing to be an Affiliate of the transferor, unless the Board of Directors has
agreed otherwise in advance and following due notification by the transferee.

«Affiliate» means in relation to an entity, any Controlling holding company, a Controlled subsidiary, or any other sub-

sidiary of any such holding company. «Control» means, in relation to an entity, where a person (or persons acting in
concert) has or acquires direct or indirect control (1) of the affairs of that entity, or (2) more than 50 per cent. of the
total voting rights conferred by all the issued shares in the capital of that entity which are ordinarily exercisable in a
shareholders’ general meeting of that entity or (3) of the composition of the main board of directors of that entity. For
these purposes «persons acting in concert», in relation to an entity, are persons which actively co-operate pursuant to
an agreement or understanding (whether formal or informal) with a view to obtaining or consolidating Control of that
entity

Where the Board of Directors refuses its consent to a proposed transfer, it will propose the shares the transfer of

which was contemplated to any other person it thinks appropriate, provided that the proposed transferor may in such
circumstance elect not to transfer his shares at all anymore. Such person, alone or together with any other person
agreed by the Board of Directors, may purchase the shares at the price or value indicated in the notice to the Board of
Directors. However, if such price or value is deemed to be significantly higher than the estimated fair market value of
the shares to be sold, the Board of Directors may appoint, upon its own initiative or following a request from any des-
ignated transferee, an independent expert, which will determine the price at which the sale will be made. If the sale to
a designated transferee has not occurred within a period of three months from the receipt of the notice by the Board
of Directors for reasons other than an election by the proposed transferor not to transfer his shares at all anymore,
then the originally contemplated sale may take place under the same conditions as notified to the Board of Directors
and no later than one month following the expiry of the three-month period.

Notwithstanding the above, the Board of Directors may restrict or prevent the ownership of shares of whatever class

in the Company as the Board of Directors deems necessary for the purpose of ensuring that no shares in the Company
are acquired or held by or on behalf of any person in breach of any law or requirements of any country or governmental
or regulatory authority, and, in particular, the Sicar Law. The Board of Directors shall be entitled, for purposes of en-
suring, that no shares in the Company are held by or on behalf of any person in breach of any law or requirements of
any country or governmental or regulatory authority, and, in particular, the Sicar Law, to at any time require any person
whose name is entered in the shareholders register to furnish it with any information, supported by affidavit, which it
may consider necessary for the purpose of determining whether or not beneficial or legal ownership of such sharehold-
er’s shares rests in a person who is precluded from holding shares in the Company.

A shareholders’ register which may be examined by any shareholder will be kept at the registered office. The register

will contain the precise designation of each shareholder and the indication of the number and class of shares held, the
indication of the payments made on the shares as well as the transfers of shares and the dates thereof. Each shareholder
will notify its address and any change thereof to the Company by registered letter. The Company will be entitled to rely
for any purposes whatsoever on the last address thus communicated. Ownership of the registered shares will result
from the recordings in the shareholders’ register. Certificates reflecting the recordings in the shareholders register will
be delivered to the shareholders.

86886

Any permitted transfer of registered shares will be registered in the shareholders register by a declaration of transfer

entered into the shareholders’ register, dated and signed by the transferor and the transferee or by their representa-
tive(s) as well as in accordance with the rules on the transfer of claims laid down in article 1690 of the Luxembourg Civil
Code. Furthermore, the Company may accept and enter into the shareholders’ register any transfer referred to in any
correspondence or other document recording the consent of the transferor and the transferee.

Ownership of a share carries implicit acceptance of the Articles of Association and the resolutions adopted by the

general meeting of shareholders.

Art. 7. Valuation of the shares. The net asset value of the shares, based on the net asset value of the Company,

shall be determined under the responsibility of the Board of Directors on a fair market value basis in compliance with
the guidelines issued from time to time by the European Venture Capital Association («EVCA») or any successor or-
ganisation of EVCA. It shall be expressed in euro (EUR), as a per share figure. The value of assets denominated in a
currency other than the euro (EUR) shall be determined by taking into account the rate of exchange prevailing at the
time of the determination of the net asset value. The net asset value of a share within a particular class of shares will be
computed on the basis of the portion of the net asset value which would be attributable to it under article 29. Each
share within a same class of shares must have the same net asset value as the other shares in the same class.

The net asset value of the shares of each class will be determined by the Board of Directors from time to time, but

in no instance less than twice yearly as of 30 June and as of 31 December or, if such day is not a business day in Luxem-
bourg, the next day which is a business day, or such other day as determined by the Company and notified to the share-
holders.

Portfolio Investments sold in the context of transactions which have not been settled shall not be taken into account

for the purpose of the net asset value calculation. Shares in respect of which the Board of Directors has issued a re-
demption notice shall be treated as existing and taken into account on the relevant redemption date, and from such
time and until paid, the redemption price therefore shall be deemed to be a liability of the Company.

The determination of the net asset value of the Company may be postponed for up to fifty (50) business days during:
(i) any period, if in the reasonable opinion of the Board of Directors, a fair valuation of the assets of the Company is

not practical for reasons beyond the control of the Company;

(ii) the existence of any state of affairs which constitutes an emergency as a result of which disposal or valuation of

assets of the Company would be impracticable;

(iii) any breakdown in the means of communication normally employed in determining the price of the assets of the

Company;

(iv) any period in which the Company deems the determination of the net asset value to be impractical or otherwise

adverse to the best interests of the shareholders;

(v) in case of a decision to liquidate the Company, on and after the day of publication of the first notice given to the

shareholder to this effect.

Art. 8. Acquisition of own shares - Redemption of shares. The Company may acquire its own shares. The

acquisition and holding of its own shares will be in compliance with the conditions and limits established by the Laws.

The Company’s shares of whatever class are redeemable pursuant to the provisions set out hereafter and in compli-

ance with the conditions and limits established by the Laws.

The Company may at its sole discretion redeem the shares of whatever class during the first three years of its incor-

poration at their initial subscription price, increased by an interest of 6% per annum thereon, where capital (including
share premium) subscribed and paid-in by existing shareholders is to be returned to these existing shareholders follow-
ing subscription and payment of additional capital (including share premium) by new shareholders in the Company and/
or any parallel investment vehicle to the Company.

In case of an event of default (being an event pursuant to which a shareholder fails to validly subscribe to new shares

in the Company in breach of contractual arrangements to this effect between the shareholder and the Company), the
Company may charge to the defaulting shareholder late payment penalties at a rate of 10% per year. If such default is
not remedied within one month the Company may also redeem the defaulting shareholder’s shares at a redemption
amount reflecting 50% of the net asset value (as determined on the basis of the net asset value of the Company at the
time of such redemption and pursuant to article 7) of the shares to be redeemed, less the costs and expenses resulting
from this default, and the payment of the redemption price may be deferred until such time as the defaulting shareholder
would have received distributions on the redeemed shares if there had been no default resulting in the redemption of
these shares.

Where it appears to the Company that any person, who is precluded from holding shares in the Company, especially

by lack of being a Well Informed Investor, either alone or in conjunction with any other person, is a beneficial or regis-
tered owner of shares, or that, in the reasonable judgment of the Board of Directors, there is a material risk to the
Company that the continued participation of a shareholder in the Company would increase a material tax, regulatory
or other burden on the Company, the Board of Directors is then entitled to compulsorily redeem from any such share-
holder all shares held by such shareholder. The price at which the relevant shares shall be redeemed shall be the net
asset value of the shares (as determined on the basis of the net asset value of the Company at the time of such redemp-
tion and pursuant to article 7). The exercise by the Company of the powers conferred by this paragraph shall not be
questioned or invalidated in any case, on the ground that there was insufficient evidence of ownership of the shares by
any person or that the true ownership of any shares was otherwise than appeared to the Company at the date of any
redemption, provided that in such case the said powers were exercised by the Company in good faith.

When entitled to do so, the Company may call for redemption, in whole or in part, of the relevant shares by notice

sent by registered mail at the address which appears in the register of shareholders of the Company mentioning (i) the

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date of the redemption, (ii) the number of shares called for redemption, (iii) the redemption price, and (iv) the method
of payment of the redemption price.

In no circumstance, a shareholder may request for the redemption of its shares.

Chapter III. - Board of Directors, Statutory Auditor

Art. 9. Management. The Company shall be managed by a board of directors, composed of not less than three

members, who need not be shareholders (the «Board of Directors»).

The members of the Board of Directors will be elected by the general meeting of shareholders, who will determine

their number, for a period not exceeding six years, and they will hold office until their successors are elected. They are
re-eligible and they may be removed at any time, with or without cause by a resolution adopted by the general meeting
of shareholders at a simple majority of the shareholders present or represented.

A resolution for the winding up of the Company must be put to the shareholders if a replacement board of directors

is not approved within six (6) months from the date of the passing of a resolution for removal of all the members of
board of directors. If the shareholders approve such a resolution in compliance with the quorum and majority rules set
by these Articles of Association or, as the case may be, by the Laws for any amendment of these Articles of Association,
the Company will be liquidated.

In the event of a vacancy on the Board of Directors, the remaining directors may elect by co-optation a director to

fill such vacancy until the next general meeting of shareholders, which shall ratify such co-optation or elect a new mem-
ber of the Board of Directors instead.

The shareholders shall neither participate in nor interfere with the management of the Company.

Art. 10. Powers of the Board of Directors. The Board of Directors is vested with the broadest powers to per-

form all acts necessary or useful for accomplishing the Company’s object. All powers not expressly reserved by the
Articles of Association or by the Laws to the general meeting of shareholders or the independent auditor(s) are in the
competence of the Board of Directors.

Art. 11. Management Fees and Expenses. The members of the Board of Directors shall be reimbursed for all

other reasonable expenses whatsoever incurred by the members of the Board of Directors in relation with such man-
agement of the Company or the pursuit of the Company’s corporate object.

Art. 12. Directors’ Liability. No member of the Board of Directors commits itself, by reason of its functions, to

any personal obligation in relation to the commitments taken on behalf of the Company. Any such member is only liable
for the performance of its duties.

Art. 13. Delegation of Powers - Representation of the Company. The Board of Directors may delegate the

daily management of the Company and the representation of the Company within such daily management to one or
more persons or committees of its choice. The delegation of the daily management of the Company to members of the
Board of Directors is subject to the previous authorisation by the general meeting of shareholders.

The Board of Directors may also delegate other special powers or proxies or entrust determined permanent or tem-

porary functions to persons or committees of its choice.

The Company will be bound towards third parties by the joint signature of any two members of the Board of Direc-

tors.

The Company will further be bound towards third parties by the joint signatures or single signature of any persons

to whom the daily management of the Company has been delegated, within such daily management, or by the joint sig-
natures or single signature of any persons to whom special signatory power has been delegated by the Board of Direc-
tors, within the limits of such special power.

Art. 14. Conflicts of interest-Indemnity. No contract or other transaction between the Company and any other

company or firm shall be affected or invalidated by the fact that a member of the Board of Directors, the officers or
employees of the Company have a personal interest in, or is a shareholder, director, manager, officer or employee of
such other company or firm. Any person related as afore described to any company or firm with which the Company
shall contract or otherwise engage in business shall not, by reason solely of such affiliation with such other company or
firm, be prevented from considering, voting or otherwise acting upon any matters with respect to such contract or busi-
ness.

Notwithstanding the above, in the event that any member of the Board of Directors of the Company has or may have

any personal interest in any transaction of the Company, such member shall make known such personal interest to the
Board of Directors and shall not consider or vote on any such transaction, and such transaction and such Director’s
interest therein shall be reported to the next general meeting of shareholders.

The Company shall indemnify the members of the Board of Directors, the members of the Advisory Committee and

the shareholders they represent, the officers or employees of the Company and, if applicable, their successors, heirs,
executors and administrators, against damages to be paid and expenses reasonably incurred by them in connection with
any action, suit or proceeding to which they may be made a party by reason of them being or having been involved,
including as directors, managers, officers or employees thereof, with the Company, or, at the request of the Company,
with any other company of which the Company is a shareholder or creditor, and in particular the Portfolio Investment
entities, and by which they are not entitled to be indemnified, except in relation to matters as to which they shall be
finally adjudged in such action, suit or proceeding to be liable for gross negligence or misconduct. In the event of a set-
tlement, indemnification shall be provided only in connection with such matters covered by the settlement as to which
the Company is advised by its legal counsel that the person to be indemnified is not guilty of gross negligence or mis-
conduct. The foregoing right of indemnification shall not exclude other rights to which the persons to be indemnified
pursuant to the present Articles of Association may be entitled.

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Art. 15. Meetings of the Board of Directors. The Board of Directors will appoint from among its members a

chairman (the «Chairman»). It may also appoint a secretary, who needs not be a member of the Board of Directors,
who will be responsible for keeping the minutes of the meetings of the Board of Directors (the «Secretary»).

The Board of Directors will meet upon call by the Chairman. A meeting of the Board of Directors must be convened

if any two of its members so require.

The Chairman will preside at all meetings of the Board of Directors, except that in his absence the Board of Directors

may appoint another member of the Board of Directors as chairman pro tempore by vote of the majority present at
such meeting.

Except in cases of urgency or with the prior consent of all those entitled to attend, at least one week notice of Board

of Directors meetings shall be given in writing and transmitted by any means of communication allowing for the trans-
mission of a written text. Any such notice shall specify the time and place of the meeting as well as the agenda and the
nature of the business to be transacted. The notice may be waived by the consent in writing, transmitted by any means
of communication allowing for the transmission of a written text, of each member of the Board of Directors. No sep-
arate notice is required for meetings held at times and places specified in a schedule previously adopted by resolution
of the Board of Directors.

Every Board of Directors meeting shall be held in Luxembourg or such other place as the Board of Directors may

from time to time determine. Any member of the Board of Directors may act at any meeting of the Board of Directors
by appointing in writing another member of the Board of Directors as his proxy.

A quorum of the Board of Directors shall be the presence or the representation of a majority of the members of the

Board of Directors holding office. Decisions will be taken by a majority of the votes of the members of the Board of
Directors present or represented at such meeting. The Chairman has no casting vote.

One or more members of the Board of Directors may participate in a meeting by means of a conference call or by

any similar means of communication enabling thus several persons participating therein to simultaneously communicate
with each other. Such participation shall be deemed equal to a physical presence at the meeting.

In case of urgency, a written decision, signed by all the members of the Board of Directors, is proper and valid as

though it had been adopted at a meeting of the Board of Directors which was duly convened and held. Such a decision
can be documented in a single document or in several separate documents having the same content and each of them
signed by one or several members of the Board of Directors.

The minutes of any meeting of the Board of Directors will be signed by the chairman of the meeting. Any proxies will

remain attached thereto.

Copies or extracts of such minutes which may be produced in judicial proceedings or otherwise will be signed by the

Chairman and by the Secretary (if any) or by any two members of the Board of Directors.

Art. 16. Advisory Committee. The Board of Directors shall establish an advisory committee of shareholder rep-

resentatives (the «Advisory Committee») to advise the Board of Directors with respect to conflicts of interest and oth-
er issues that may arise from time to time.

The Advisory Committee will meet at such times scheduled by the Board of Directors, but at least once a year. The

Board of Directors shall convene the Advisory Committee accordingly.

The Advisory Committee will comprise up to 12 members, all of whom will be representatives of shareholders se-

lected by the Board of Directors. All decisions of the Advisory Committee shall be taken by a majority vote of those
present and voting. If there is a tie vote, the chairman of the Advisory Committee (if one has been designated) shall cast
an additional tie-breaking vote.

Art. 17. Auditors. The business of the Company and its financial situation, including more in particular its books

and accounts, shall be reviewed by one auditor («réviseur d’entreprises agréé»), who need not be shareholders and who
shall carry out the duties prescribed by the Sicar Law.

The auditor(s) will be elected by the general meeting of shareholders, who will determine their number, for a period

not exceeding six years, and they will hold office until their successors are elected. They are re-eligible and they may be
removed at any time, with or without cause, by a resolution adopted by the general meeting of shareholders.

Chapter IV.- General Meeting of Shareholders

Art. 18. Powers of the Meeting of Shareholders. Any regularly constituted meeting of shareholders of the

Company represents the entire body of shareholders.

The general meeting of shareholders shall have such powers as are vested with the general meeting of shareholders

pursuant to these Articles of Association and the Laws.

Art. 19. Annual General Meeting. The annual general meeting of shareholders will be held at the registered office

of the Company or at such other place as may be specified in the notice convening the meeting, on the twenty-fourth
day of April at 11:30 a.m..

If such day is a public holiday, a Saturday or a Sunday, the meeting will be held on the next following Luxembourg

bank business day.

Art. 20. Other General Meetings. The Board of Directors or the statutory auditor(s) may convene general meet-

ings of shareholders (in addition to the annual general meeting of shareholders). Such meetings must be convened if
shareholders representing at least one fifth of the Company’s capital so require.

Shareholders’ meetings, including the annual general meeting of shareholders, may be held abroad if, in the judgement

of the Board of Directors, which is final, circumstances of force majeure so require.

Art. 21. Notice of General Meetings. Shareholders will meet upon issuance (including, if appropriate, its publi-

cation) of a convening notice in compliance with these Articles of Association or the Laws. The convening notice sent

86889

to the shareholders will specify the time and place of the meeting as well as the agenda and the nature of the business
to be transacted at the relevant general meeting of shareholders. The agenda for an extraordinary general meeting shall
also, where appropriate, describe any proposed changes to the Articles of Association and, if applicable, set out the text
of those changes affecting the object or form of the Company.

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

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

Art. 22. Attendance - Representation
All shareholders are entitled to attend and speak at any general meeting of shareholders.
A shareholder may act at any general meeting of shareholders by appointing in writing, to be transmitted by any means

of communication allowing for the transmission of a written text, another person who need not be a shareholder him-
self. The Board of Directors may determine the form of proxy and may request that the proxies be deposited at the
place indicated by the Board of Directors at least five days prior to the date set for the meeting. Any legal entity, being
a shareholder, may execute a form of proxy under the hand of a duly authorised officer, or may authorise such person
as it thinks fit to act as its representative at any general meeting of shareholders, subject to the production of such ev-
idence of authority as the Board of Directors may require. The Board of Directors may determine any other conditions
that must be fulfilled in order to take part in a general meeting of shareholders.

Each share is indivisible as far as the Company is concerned. The co-proprietors, the usufructuaries and bare-owners

of shares, the creditors and debtors of pledged shares must appoint one sole person to represent them at any general
meeting of shareholders.

Art. 23. Proceedings. Any general meeting of shareholders shall be presided by the Chairman or by a person des-

ignated by the Board of Directors.

The chairman of the general meeting of shareholders shall appoint a secretary.
The general meeting of shareholders shall elect one scrutineer to be chosen from the shareholders present or rep-

resented.

The chairman, the secretary and the scrutineer thus appointed together form the board of the general meeting.

Art. 24. Adjournment. The Board of Directors may forthwith adjourn any general meeting of shareholders by four

weeks. The Board of Directors must adjourn it if so required by shareholders representing at least one fifth of the Com-
pany’s issued capital.

Such adjournment automatically cancels any resolution already adopted prior thereto.
The adjourned general meeting of shareholders has the same agenda as the first one. Shares and proxies regularly

deposited in view of the first meeting remain validly deposited for the second one.

Art. 25. Vote. An attendance list indicating the name of the shareholders and the number of shares for which they

vote is signed by each one of them or by their proxy prior to the opening of the proceedings of the general meeting of
shareholders.

The general meeting of shareholders may deliberate and vote only on the items comprised in the agenda.
Each share entitles to one vote, subject to the limitations imposed by the Laws.
Voting takes place by a show of hands or by a roll call, unless the general meeting of shareholders resolves to adopt

another voting procedure.

At any general meeting of shareholders other than an extraordinary general meeting convened for the purpose of

amending the Company’s Articles of Association or voting on resolutions whose adoption is subject to the quorum and
majority requirements of an amendment to the Articles of Association, resolutions shall be adopted, irrespective of the
number of shares represented, by a simple majority of votes cast.

At any extraordinary general meeting of shareholders, convened in accordance with these Articles of Association or

the Laws, for the purpose of amending the Company’s Articles of Association or voting on resolutions whose adoption
is subject to the quorum and majority requirements of an amendment to the Articles of Association, the quorum shall
be at least one half of all the shares issued and outstanding. If the said quorum is not present, a second meeting may be
convened at which there shall be no quorum requirement. In order for the proposed resolutions to be adopted, and
save as otherwise provided by the Laws, a two-thirds majority of the votes of the shareholders present or represented
is required at any such general meeting.

Art. 26. Minutes. The minutes of the general meeting of shareholders shall be signed by the chairman of the meet-

ing, the secretary of the meeting and the scrutineer of the meeting and may be signed by any shareholders or proxies
of shareholders, who so request.

Copies or extracts of these minutes to be produced in judicial proceedings or otherwise shall be signed by the Chair-

man.

Chapter V.- Financial Year, Distribution of earnings

Art. 27. Financial Year. The Company’s financial year begins on the first day of January in each year and ends on

the last day of December in the same year.

Art. 28. Adoption of financial statements. The Board of Directors shall prepare, for approval by the sharehold-

ers, annual accounts in accordance with the requirements of the Laws and Luxembourg accounting practice. The annual
accounts are submitted to the general meeting of shareholders, which shall consider and, if thought fit, adopt these an-
nual accounts.

The Board of Directors shall further prepare the annual report as required by the Sicar Law.

86890

Art. 29. Appropriation of Profits. The general meeting of shareholders shall determine how the annual net prof-

its, will be disposed of by allocating the whole or part of the remainder to a reserve or to a provision, to carry it forward
to the next following financial year or to distribute it, together with carried forward profits, distributable reserves or
share premium to the shareholders.

The distributions on shares shall be subject to the following rules:
(i) first, 100% of the distributions shall be made to the Class C shareholders until the aggregate amount of distribu-

tions received by them under this item (i) equals, for each financial year opened before the end of the Investment Period,
1.25% of Total Commitments and, thereafter 1.25% of the acquisition costs (net of expenses) of the investments not
divested, increased by 20% of the positive amount obtained by deducting from any transaction fees received, with re-
spect to any realised investments by the Company, the abort cost in relation with unrealised investments. Any amount
not distributed under this item (i) for a particular financial year shall be added to the next year’s distributions;

(ii) second, 100% of the distributions shall be made to the Class A shareholders until a distribution has been made

on each Class A share equal to the amount of the share capital and share premium paid in into the Company upon issue
of such Class A share;

(iii) third, 100% of the distributions shall be made to the Class B and the Class C shareholders until a distribution has

been made on each Class B and each Class C share equal to the amount of the share capital and share premium paid in
into the Company upon issue of such Class B respectively Class C share;

(iv) fourth, 100% of the distributions shall be made to the Class A shareholders until the share capital and share pre-

mium paid in into the Company upon and since the issue of each such Class A share has produced a return of 6%, cu-
mulative and compounded annually from the date of the subscription payment for the relevant shares;

(v) fifth, 100% of the distributions shall be made to the Class B and C shareholders until the Class B and C shares

have received in aggregate and taken together 15% of the total amounts distributed pursuant to (iv) and (v) hereof (the
«V Amount»), such V Amount to be distributed in turn as to 92.2% on the Class B shares (each Class B Share partici-
pating pro rata) and 7.8% on the Class C Shares (each Class C Share participating pro rata); and

(vi) sixth, out of any remainder, 85% to the Class A investors and 15% to the Class B and C investors in aggregate

and taken together (the «VI Amount»), such VI Amount to be distributed in turn as to 92.2% on the Class B shares (each
Class B Share participating pro rata) and 7.8% on the Class C Shares (each Class C Share participating pro rata),

provided that, save if otherwise provided, each share of a given class shall participate pro rata in the distributions

allocated to such class of shares as a whole.

«Total Commitments» means the sum of all commitments of shareholders in the Company to subscribe to further

shares of whatever class in the Company.

All distributions pursuant to this article shall be distributions in cash only.
Subject only to the conditions fixed by the Sicar Law and in compliance with the foregoing provisions, the Board of

Directors may pay out an advance on distributions to the shareholders of whatever class. The Board of Managers fixes
the amount and the date of payment of any such advance payment.

No distribution shall result in the issued capital of the Company falling below one million euro (EUR 1,000,000.-).

Chapter VI.- Dissolution, Liquidation

Art. 30. Dissolution, Liquidation. The Company may be dissolved prior to the term provided in article 4 of the

present Articles of Association, by a resolution of the general meeting of shareholders adopted in compliance with the
quorum and majority rules set by these Articles of Association or, as the case may be, by the Laws for any amendment
of these Articles of Association.

Should the Company be dissolved, the liquidation will be carried out by the Board of Directors or such other person

(who may be physical persons or legal entities) appointed by a general meeting of shareholders, who will determine their
powers and their compensation.

After payment of all debts of and any charges against the Company and of the expenses of the liquidation, the net

liquidation proceeds shall be distributed to the shareholders in conformity with and so as to achieve on an aggregate
basis the same economic result as the distribution rules set our for distributions in article 29.

Distributions in kind of assets may be made by the liquidator subject to the consent of all shareholders. It will however

use its reasonable efforts to dispose of all of the Company’s remaining assets.

Whether during its liquidation or thereafter, the Company may from time to time be called upon to satisfy the Com-

pany’s obligation to return distributions the Company has received from a Portfolio Investment back to such Portfolio
Investment or to satisfy any obligation of the Company to make payments in respect of the Company indemnity (the
«Giveback Amount»). If the Company is unable to fund all or part of the Giveback Amount from provisions made at
liquidation, each shareholder may, for a maximum period of 3 years from the end of the Company’s liquidation, be re-
quired on a pro rata basis to return distributions distributed to such shareholders during the life of the Company or
upon its liquidation (the «Giveback Contribution»). Subject to applicable law, the aggregate amount of all Giveback Con-
tributions to be potentially contributed by each shareholder is capped at any time to 15% of the sum of share capital
and share premium paid in at any time by such shareholder.

Chapter VII. - Applicable law

Art. 31. Applicable Law. All matters not governed by the Articles of Association shall be determined in accord-

ance with the Laws, in particular the law of August 10, 1915 on commercial companies, as amended and the Sicar Law.»

There being no other business, the meeting closed at 6.30 p.m.

86891

Expenses

The Company refers to article 37 of the Loi du 15 juin 2004 relative à la société d’investissement en capital à risque

for the purposes of the assessment of any registration duty in relation with this deed.

Whereof the present deed was drawn up in Luxembourg,
on the day named at the beginning of this document.
The undersigned notary who knows English, states herewith that on request of the above appearing persons, the

present deed is worded in English followed by a French version; on request of the same persons and in case of diver-
gences between the English and the French text, the English text will prevail.

The document having been read to the persons appearing, who are known to the notary by their surname, first name,

civil status and residence, the said persons signed together with Us notary this original deed.

Suit la traduction française du texte qui précède:

L’an deux mille six, le treizième jour de septembre.
Par-devant Maître Jean-Joseph Wagner, notaire de résidence à Sanem (Grand-Duché de Luxembourg),
s’est réunie une assemblée générale extraordinaire des actionnaires de AXA MEZZANINE I S.A., SICAR, une société

anonyme régie par le droit luxembourgeois, et ayant les statuts d’une société d’investissement en capital à risque con-
formément à la Loi du 15 juin 2004 relative à la société d’investissement en capital à risque, ayant son siège social au
46A, avenue John F. Kennedy, L-1855 Luxembourg (Grand-Duché de Luxembourg), constituée suivant acte du notaire
instrumentant en date du 31 mai 2005, publié au Mémorial C, numéro 1044, du 15 octobre 2005, dont les statuts ont
été modifiés par acte du soussigné notaire en date du 6 juillet 2006, publié au Mémorial C, numéro 1412 du 21 juillet
2006 et pour la dernière fois suivant acte reçu par le notaire instrumentant, en date d’aujourd’hui, 13 septembre 2006,
en voie de formalisation et immatriculée au Registre de Commerce et des Sociétés de Luxembourg, section B, sous le
numéro 108.403 (la «Société»).

L’assemblée générale extraordinaire est déclarée ouverte à 18.15 heures sous la présidence de Maître Laurent

SCHUMMER, avocat, demeurant à Luxembourg, (le «Président»),

Le Président désigne comme secrétaire Madame Anca Iusco, juriste, demeurant à Luxembourg.
L’assemblée choisit comme scrutateur Monsieur Christophe Cahuzac, employé privé, demeurant à Luxembourg.
Le bureau ainsi constitué, le Président a exposé et prié le notaire instrumentant d’acter:
I. Que l’ordre du jour de l’assemblée est le suivant:

Ordre du jour:

1 Approbation du Rachat concernant soixante-huit mille trois cent vingt trois (68.323) actions propres de catégorie

A par la Société;

2 Réduction du capital social de la Société à concurrence de six cents quatre-vingt trois mille deux cents trente euros

(EUR 683.230,-) pour le fixer à un million cent soixante-quatre mille quatre vingt euros (EUR 1.164.080,-) par l’annula-
tion de soixante-huit mille trois cents vingt-trois (68.323) actions propres de catégorie A, ayant une valeur nominale de
dix euro (EUR 10.-) chacune;

3 Modification des statuts de la Société par une refonte totale desdits statuts, notamment la modification du capital

social et de l’objet social de la Société qui sera dorénavant rédigé comme suit:

«Art. 3. Objet. La Société a pour objet la réalisation d’investissements mezzanine en capital à risque ou liés au capital

à risque afin de faire bénéficier les actionnaires de la gestion de ces investissements mezzanine en capital à risque et ou
liés au capital à risque en contrepartie du risque que ces investisseurs supportent.

Un investissement en capital à risque ou tout investissement lié au capital à risque consiste en une prise de participa-

tion directe ou indirecte dans des entités en vue de leur lancement, de leur développement ou de leur introduction en
bourse. La Société est soumise aux dispositions de la Loi SICAR.

L’objet de la Société inclut en conséquence l’acquisition, la détention, la gestion et la mise en valeur de ces investis-

sements en capital à risque ou des investissements liés au capital à risque en application de sa politique d’investissement.

La principale politique d’investissement de la Société (la «Politique d’Investissement») consiste à investir en des ins-

truments de dette mezzanine particulièrement en Europe.

La Société investira directement («Investissement») dans de la dette mezzanine formant du capital à risque ou en ins-

truments de capital ou donnant accès au capital.

La dette mezzanine peut consister entre autres en émissions d’obligations non cotées assorties de bons de souscrip-

tions détachables, d’actions mezzanine préférentielles sans bons de souscription, d’obligations convertibles, de prêts
participatifs et de tous autres instruments financiers subordonnés à de la dette bancaire, commerciale ou autre qu’avan-
ces d’actionnaires, mais privilégiés aux actions ordinaires et aux prêts d’actionnaires.

La Société peut également investir le surplus d’espèces sur le court terme. La Société n’investira pas dans des instru-

ments dérivés, si ce n’est afin de mitiger ses propres risques.

La Société peut notamment (i) acquérir par voie de souscription, d’achat, d’échange ou autrement des actions, parts

et autres titres de participation, des obligations, bons de caisse et autres titres de créances et plus généralement tous
titres et autres instruments financiers représentatifs de droits de propriété, de créances ou de valeurs mobilières émis
par tous émetteurs publics ou privés quels qu’ils soient, (ii) exercer tous droits, de quelque nature qu’ils soient, attachés
à ces titres et instruments financiers, (iii) accorder toute assistance financière directe et indirecte, quelle qu’elle soit,
aux entités dans lesquelles elle détient une participation ou qui font partie de son groupe d’entités, notamment par voie
de prêts, d’avances ou de garanties sous quelle forme et pour quelque durée que ce soit et leur fournir conseil et assis-
tance sous quelque forme que ce soit, (iv) contracter tous emprunts sous quelque forme que ce soit ou émettre tous
titres de dettes sous quelque forme que ce soit.

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Afin de lever les fonds nécessaires à la poursuite de sa Politique d’Investissement, la Société émettra de actions ou

des droits de souscription d’actions et des instruments de dette de toute sorte à des investisseurs avertis au sens de
l’article 2 de la Loi SICAR (les «Investisseurs Avertis»).

La Société peut également, établir, acquérir, céder ou agir au nom et pour le compte d’entités de nature similaire ou

comparable ou qui contribuent directement ou indirectement à réaliser l’objet de la Société. L’objet de la Société inclut:
(i) l’acquisition et la détention de participations de toute sorte ou sous toute forme dans des entités au Luxembourg ou
à l’étranger; (ii) la gestion, la mise en valeur et/ou la gestion, actives ou passives, de ces entités, ainsi que; (iii) le finance-
ment direct ou indirect de ces entités dans lesquelles la Société détient une participation ou qui font partie du groupe
de sociétés de cette société.

Dans la pleine mesure autorisée par la Loi SICAR, la Société peut s’engager dans des transactions de toute sorte qu’el-

les soient commerciales ou financières, en rapport direct ou indirect avec l’objet de la Société ou qui poursuive l’objet
de la Société directement ou indirectement. La Société peut établir des succursales ou des filiales ou céder tout ou partie
de son actif à ses filiales.»

4 Divers.
II. Que les actionnaires présents ou représentés, les procurations des actionnaires représentés, ainsi que le nombre

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

Que les procurations des associés représentés, après avoir été paraphées ne varietur par les comparants resteront

pareillement annexées aux présentes pour être soumise avec lui à la formalité de l’enregistrement.

III. Qu’il ressort de la liste de présence que toutes les actions représentant l’intégralité du capital social d’un million

huit cent quarante-sept mille trois cent dix euros (EUR 1.847.310,-) sont représentées à la présente assemblée, qui est
par conséquent régulièrement constituée et peut délibérer valablement sur tous les points portés à l’ordre du jour dont
les actionnaires ont dûment été informés au préalable.

Ensuite l’assemblée générale, après délibération, a pris, à l’unanimité des voix, les résolutions suivantes:

Première résolution

L’assemblée générale a décidé de prendre acte du rachat par la Société de soixante-huit mille trois cent vingt-trois

(68.323) actions de catégorie A conformément à l’article 8 des statuts. (le «Rachat»).

Deuxième résolution

L’assemblée générale a décidé, comme conséquence du rachat, de réduire le capital social de la Société à concurrence

de six cent quatre-vingt trois mille deux cent trente euros (EUR 683.230,-) pour le fixer à un million cent soixante-
quatre mille quatre vingt euros (EUR 1.164.080,-) par l’annulation de soixante-huit mille trois cent vingt-trois (68.323)
actions propres de catégorie A, ayant une valeur nominale de dix euros (EUR 10.-) chacune.

Troisième résolution

L’assemblée générale des actionnaires a décidé de refondre entièrement les statuts de la Société, qui seront doréna-

vant rédigés comme suit:

«Chapitre I

. - Forme, Dénomination, Siège, Objet, Durée

Art. 1

. Forme, Dénomination. Il est formé par les présentes entre les actionnaires fondateurs et tous ceux qui

deviendront propriétaires d’actions à la suite de sa constitution, une société (la «Société») sous la forme d’une société
anonyme qui sera régie par les lois du Grand Duché de Luxembourg (la «Loi») et par les présents statuts (les «Statuts»).
La Société est également soumise aux dispositions de la Loi du 15 juin 2004 relative à la société d’investissement en
capital à risque («SICAR» en abrégé) (la «Loi SICAR»).

La Société adopte la dénomination AXA MEZZANINE I S.A., SICAR.

Art. 2. Siège social. Le siège social est établi dans la Ville de Luxembourg.
Le siège social peut être transféré à tout autre endroit de la Ville de Luxembourg par décision du Conseil d’Adminis-

tration.

Des succursales ou autres bureaux peuvent être établis soit au Grand Duché de Luxembourg, soit à l’étranger par

une décision du Conseil d’Administration.

Si le Conseil d’Administration estime que des événements extraordinaires d’ordre politique, économique ou social

compromettent l’activité normale de la Société à son siège social ou la communication aisée avec ce siège ou entre ce
siège et l’étranger ou que de tels événements sont imminents, le siège social pourra être transféré temporairement à
l’étranger jusqu’à la cessation complète de ces circonstances anormales. Ces mesures provisoires n’auront aucun effet
sur la nationalité de la Société, laquelle, nonobstant ce transfert provisoire du siège, restera régie par la Loi. Ces mesures
provisoires seront prises et portées à la connaissance de tout intéressé par le Conseil d’Administration.

Art. 3. Objet. La Société a pour objet la réalisation d’investissements mezzanine en capital à risque ou liés au capital

à risque afin de faire bénéficier les actionnaires de la gestion de ces investissements mezzanine en capital à risque ou liés
au capital à risque en contrepartie du risque que ces investisseurs supportent.

Un investissement en capital à risque ou tout investissement lié au capital à risque consiste en une prise de participa-

tion directe ou indirecte dans des entités en vue de leur lancement, de leur développement ou de leur introduction en
bourse. La Société est soumise aux dispositions de la Loi SICAR.

L’objet de la Société inclut en conséquence l’acquisition, la détention, la gestion et la mise en valeur de ces investis-

sements en capital à risque ou des investissements liés au capital à risque en application de sa politique d’investissement.

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La principale politique d’investissement de la Société (la «Politique d’Investissement») consiste à investir en des ins-

truments de dette mezzanine principalement en Europe.