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111793
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° 2330
13 décembre 2006
S O M M A I R E
Arlington European Logistics Fund . . . . . . . . . . . .
111802
LACB, S.à r.l., Luxembourg . . . . . . . . . . . . . . . . . .
111795
Bank Hofmann Technical Strategies, Sicav, Lu-
Lindinger Leasing S.A., Ehnen . . . . . . . . . . . . . . . .
111795
xemburg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
111837
Lindinger Leasing S.A., Ehnen . . . . . . . . . . . . . . . .
111795
Barclays Euro Funds, Sicav, Luxembourg . . . . . . .
111831
Lindinger Leasing S.A., Ehnen . . . . . . . . . . . . . . . .
111796
Caesar Finance 2000 S.A., Luxembourg . . . . . . . .
111830
Lola Communication S.A., Leudelange . . . . . . . . .
111794
Carmignac Portfolio, Sicav, Luxembourg . . . . . . .
111829
Lubelair S.A.H., Luxembourg. . . . . . . . . . . . . . . . .
111838
CB-Sires S.A., Luxembourg . . . . . . . . . . . . . . . . . .
111828
Lubelmet S.A., Luxembourg . . . . . . . . . . . . . . . . .
111838
Chaseopen S.A., Luxembourg . . . . . . . . . . . . . . . .
111830
Mondiomedia S.A., Luxembourg . . . . . . . . . . . . . .
111794
Compagnie d’Investissement Interpublicité S.A.H.,
Montana Holding S.A., Luxembourg . . . . . . . . . . .
111838
Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
111795
Münzing International, S.à r.l., Luxembourg . . . .
111797
Compagnie d’Investissement Interpublicité S.A.H.,
Niederman Sport Holding S.A., Bertrange. . . . . .
111828
Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
111796
Nord Est Investment Partners S.A., Luxembourg
111840
Compagnie d’Investissement Interpublicité S.A.H.,
Olrac Holding S.A., Luxembourg. . . . . . . . . . . . . .
111797
Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
111796
Olrac Holding S.A., Luxembourg. . . . . . . . . . . . . .
111798
(The) Cox & Kings Overseas Fund, Sicav, Luxem-
Posteck, S.à r.l., Esch-sur-Alzette . . . . . . . . . . . . .
111798
bourg. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
111835
PPG Luxembourg Holdings, S.à r.l., Luxembourg
111799
Delima S.A., Luxembourg . . . . . . . . . . . . . . . . . . . .
111831
Privity Holding S.A., Luxembourg . . . . . . . . . . . . .
111839
Dexia Protected, Sicav, Luxembourg . . . . . . . . . .
111836
Promod Luxembourg, S.à r.l., Luxembourg . . . . .
111797
EU Invest S.A., Luxembourg. . . . . . . . . . . . . . . . . .
111831
Property Siegen, S.à r.l., Luxembourg . . . . . . . . .
111799
Euro Immo Invest & Conseil S.A., Luxembourg . .
111801
Rosa S.A., Luxembourg . . . . . . . . . . . . . . . . . . . . .
111800
Euromax II MBS S.A., Luxembourg . . . . . . . . . . . .
111832
Routing Finance & Co S.A., Luxembourg . . . . . . .
111794
Euromax IV MBS S.A., Luxembourg . . . . . . . . . . .
111833
Shareholdings Amongst Financiers in Europe S.A.H.,
Euromax MBS S.A., Luxembourg. . . . . . . . . . . . . .
111835
Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
111795
First Design, S.à r.l., Luxembourg . . . . . . . . . . . . .
111801
SN Properties, S.à r.l., Luxembourg . . . . . . . . . . .
111796
First Design, S.à r.l., Luxembourg . . . . . . . . . . . . .
111801
Soprima S.A., Luxembourg . . . . . . . . . . . . . . . . . .
111800
Global Investment Corporation S.A.H., Luxem-
Sorol S.A., Luxembourg . . . . . . . . . . . . . . . . . . . . .
111835
bourg. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
111799
Stoldt & Treinen Consultants S.A., Luxembourg.
111798
H.S.I. Holding S.A., Luxembourg . . . . . . . . . . . . . .
111797
Svenska Selection Fund, Sicav, Luxembourg . . . .
111832
High Tide CDO 1 S.A., Luxembourg . . . . . . . . . . .
111833
UBS (Lux) Exposure Sicav, Luxemburg . . . . . . . .
111837
High Tide CDO DNS 1 S.A., Luxembourg . . . . . .
111834
UBS (Lux) Structured Sicav 2, Luxemburg . . . . .
111836
HMFunds Sicav II, Luxemburg . . . . . . . . . . . . . . . .
111840
UBS (Lux) Structured Sicav, Luxemburg . . . . . . .
111839
HMFunds, Sicav, Luxemburg . . . . . . . . . . . . . . . . .
111837
Valugy S.A., Luxembourg . . . . . . . . . . . . . . . . . . . .
111839
HTWSVE AB S.A., Luxembourg . . . . . . . . . . . . . .
111834
Virtual Network S.A., Luxembourg. . . . . . . . . . . .
111800
International Technik Holding S.A., Luxembourg
111830
Wodan Holding S.A., Luxembourg . . . . . . . . . . . .
111794
Kansas International S.A., Luxembourg . . . . . . . .
111801
Wodan Holding S.A., Luxembourg . . . . . . . . . . . .
111794
Kansas International S.A., Luxembourg . . . . . . . .
111801
111794
WODAN HOLDING S.A., Société Anonyme.
Siège social: L-2419 Luxembourg, 7, rue du Fort Rheinsheim.
R. C. Luxembourg B 41.487.
—
Le bilan au 31 décembre 2004, enregistré à Luxembourg, le 7 novembre 2006, réf. LSO-BW00974, a été déposé au
registre de commerce et des sociétés de Luxembourg, le 9 novembre 2006.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
(120345.3//10) Déposé au registre de commerce et des sociétés de Luxembourg, le 9 novembre 2006.
ROUTING FINANCE & CO S.A., Société Anonyme.
Siège social: L-1258 Luxembourg, 6, rue Jean-Pierre Brasseur.
R. C. Luxembourg B 92.731.
—
<i>Extrait du procès-verbal des résolutions du Conseil d’Administration du 16 octobre 2006i>
Le Conseil d’Administration décide de transférer le siège social du 30, rue Marie-Adélaïde, L-2128 Luxembourg au 6,
rue Jean-Pierre Brasseur, L-1258 Luxembourg à partir du 16 octobre 2006.
Enregistré à Luxembourg, le 24 octobre 2006, réf. LSO-BV06159. – Reçu 14 euros.
<i>Le Receveuri> (signé): D. Hartmann.
(120346.4//13) Déposé au registre de commerce et des sociétés de Luxembourg, le 9 novembre 2006.
WODAN HOLDING S.A., Société Anonyme.
Siège social: L-2419 Luxembourg, 7, rue du Fort Rheinsheim.
R. C. Luxembourg B 41.487.
—
Le bilan au 31 décembre 2005, enregistré à Luxembourg, le 7 novembre 2006, réf. LSO-BW00980, a été déposé au
registre de commerce et des sociétés de Luxembourg, le 9 novembre 2006.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
(120348.3//10) Déposé au registre de commerce et des sociétés de Luxembourg, le 9 novembre 2006.
LOLA COMMUNICATION S.A., Société Anonyme.
Siège social: L-3370 Leudelange, 5, Zone Industrielle Grasbusch.
R. C. Luxembourg B 102.812.
—
L’affectation du résultat pour l’exercice clos au 31 décembre 2005, enregistré à Luxembourg, le 7 novembre 2006,
réf. LSO-BW00847, a été déposé au registre de commerce et des sociétés de Luxembourg, le 9 novembre 2006.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
(120349.3//10) Déposé au registre de commerce et des sociétés de Luxembourg, le 9 novembre 2006.
MONDIOMEDIA S.A., Société Anonyme.
Siège social: L-2522 Luxembourg, 6, rue Guillaume Schneider.
R. C. Luxembourg B 62.241.
—
EXTRAIT
Il résulte du procès-verbal de la réunion du conseil d’administration tenue en date du 7 avril 2006 que:
- Le siège social de la société est transféré de son ancienne adresse au 6, rue Guillaume Schneider, L-2522 Luxem-
bourg.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Luxembourg, le 6 novembre 2006.
Enregistré à Luxembourg, le 7 novembre 2006, réf. LSO-BW01202. – Reçu 14 euros.
<i>Le Receveuri> (signé): D. Hartmann.
(120396.3//16) Déposé au registre de commerce et des sociétés de Luxembourg, le 9 novembre 2006.
Signature.
Signature
<i>Un Mandatairei>
Signature.
Luxembourg, le 8 novembre 2006.
Signature.
Pour extrait conforme
Signature
111795
LACB, S.à r.l., Société à responsabilité limitée.
Capital social: EUR 12.500,-.
Siège social: L-1734 Luxembourg, 2, rue Carlo Hemmer.
R. C. Luxembourg B 107.493.
—
Le bilan et l’annexe au 31 décembre 2005, enregistrés à Luxembourg, le 7 novembre 2006, réf. LSO-BW00921, ont
été déposés au registre de commerce et des sociétés de Luxembourg, le 9 novembre 2006.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
(120352.3//13) Déposé au registre de commerce et des sociétés de Luxembourg, le 9 novembre 2006.
COMPAGNIE D’INVESTISSEMENT INTERPUBLICITE, Société Anonyme Holding.
Siège social: L-1734 Luxembourg, 2, rue Carlo Hemmer.
R. C. Luxembourg B 83.438.
—
Le bilan et l’annexe au 31 décembre 2003, enregistrés à Luxembourg, le 7 novembre 2006, réf. LSO-BW00925, ont
été déposés au registre de commerce et des sociétés de Luxembourg, le 9 novembre 2006.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
(120354.3//12) Déposé au registre de commerce et des sociétés de Luxembourg, le 9 novembre 2006.
LINDINGER LEASING S.A., Société Anonyme.
Siège social: L-5416 Ehnen, 127A, route du Vin.
R. C. Luxembourg B 36.197.
—
Le bilan au 31 décembre 1999, enregistré à Luxembourg, le 9 novembre 2006, réf. LSO-BW02352, a été déposé au
registre de commerce et des sociétés de Luxembourg, le 9 novembre 2006.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
(120355.3//11) Déposé au registre de commerce et des sociétés de Luxembourg, le 9 novembre 2006.
SHAREHOLDINGS AMONGST FINANCIERS IN EUROPE, Société Anonyme Holding.
Siège social: L-2419 Luxembourg, 7, rue du Fort Rheinsheim.
R. C. Luxembourg B 54.845.
—
EXTRAIT
L’assemblée générale ordinaire du 16 juin 2006 a pris acte du changement de la dénomination sociale du commissaire
aux comptes de S.R.E. REVISION, SOCIETE DE REVISION CHARLES ENSCH en EWA REVISION S.A.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Enregistré à Luxembourg, le 7 novembre 2006, réf. LSO-BW00951. – Reçu 14 euros.
<i>Le Receveuri> (signé): D. Hartmann.
(120356.3//13) Déposé au registre de commerce et des sociétés de Luxembourg, le 9 novembre 2006.
LINDINGER LEASING S.A., Société Anonyme.
Siège social: L-5416 Ehnen, 127A, route du Vin.
R. C. Luxembourg B 36.197.
—
Le bilan au 31 décembre 2000, enregistré à Luxembourg, le 9 novembre 2006, réf. LSO-BW02350, a été déposé au
registre de commerce et des sociétés de Luxembourg, le 9 novembre 2006.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
(120358.3//11) Déposé au registre de commerce et des sociétés de Luxembourg, le 9 novembre 2006.
<i>Pour la société
i>Signature
<i>Un géranti>
<i>Pour la société
i>Signature
<i>Un administrateuri>
LINDINGER LEASING S.A.
Signature
Signature.
LINDINGER LEASING S.A.
Signature
111796
COMPAGNIE D’INVESTISSEMENT INTERPUBLICITE, Société Anonyme Holding.
Siège social: L-1734 Luxembourg, 2, rue Carlo Hemmer.
R. C. Luxembourg B 83.438.
—
Le bilan et l’annexe au 31 décembre 2004, enregistrés à Luxembourg, le 7 novembre 2006, réf. LSO-BW00927, ont
été déposés au registre de commerce et des sociétés de Luxembourg, le 9 novembre 2006.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
(120357.3//12) Déposé au registre de commerce et des sociétés de Luxembourg, le 9 novembre 2006.
COMPAGNIE D’INVESTISSEMENT INTERPUBLICITE, Société Anonyme Holding.
Siège social: L-1734 Luxembourg, 2, rue Carlo Hemmer.
R. C. Luxembourg B 83.438.
—
Le bilan et l’annexe au 31 décembre 2005, enregistrés à Luxembourg, le 7 novembre 2006, réf. LSO-BW00929, ont
été déposés au registre de commerce et des sociétés de Luxembourg, le 9 novembre 2006.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
(120359.3//12) Déposé au registre de commerce et des sociétés de Luxembourg, le 9 novembre 2006.
LINDINGER LEASING S.A., Société Anonyme.
Siège social: L-5416 Ehnen, 127A, route du Vin.
R. C. Luxembourg B 36.197.
—
Le bilan au 31 décembre 2001, enregistré à Luxembourg, le 9 novembre 2006, réf. LSO-BW02349, a été déposé au
registre de commerce et des sociétés de Luxembourg, le 9 novembre 2006.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
(120360.3//11) Déposé au registre de commerce et des sociétés de Luxembourg, le 9 novembre 2006.
SN PROPERTIES, S.à r.l., Société à responsabilité limitée.
Siège social: L-2551 Luxembourg, 123, avenue du X Septembre.
R. C. Luxembourg B 104.544.
—
<i>Extrait de la décision des associées datée du 11 septembre 2006i>
A été nommée aux fonctions de gérant, pour une période indéterminée, avec effet au 11 septembre 2006:
Madame Adriana De Alcantara, née le 29 juillet 1970 à Sao Paulo, Brésil, domiciliée au 2, rue de la Paix, L-7244
Bereldange, Grand-Duché de Luxembourg.
Les gérants sont désormais les suivants:
- UNIVERSAL MANAGEMENT SERVICES, S.à r.l., Gérant;
- Monsieur Cristiano Ronchi, Gérant;
- Madame Adriana De Alcantara, Gérant;
- Madame Catherine Webster, Gérant.
La société est engagée en toutes circonstances par les signatures conjointes de deux gérants.
Luxembourg, le 25 octobre 2006.
Enregistré à Luxembourg, le 3 novembre 2006, réf. LSO-BW00365. – Reçu 89 euros.
<i>Le Receveuri> (signé): D. Hartmann.
(120450.3//24) Déposé au registre de commerce et des sociétés de Luxembourg, le 9 novembre 2006.
<i>Pour la société
i>Signature
<i>Un administrateuri>
<i>Pour la société
i>Signature
<i>Un administrateuri>
LINDINGER LEASING S.A.
Signature
Pour avis sincère et conforme
<i>Pour SN PROPERTIES, S.à r.l.
i>UNIVERSAL MANAGEMENT SERVICES, S.à r.l.
<i>Gérant
i>Signatures
111797
H.S.I. HOLDING S.A., Société Anonyme (en liquidation).
Siège social: Luxembourg, 21, boulevard de la Pétrusse.
R. C. Luxembourg B 46.361.
—
DISSOLUTION
<i>Extraiti>
L’assemblée générale extraordinaire des actionnaires du 31 octobre 2006 prend, à l’unanimité des voix, les résolu-
tions suivantes:
- Tous les documents et livres comptables de la société seront déposés et conservés pendant une période de cinq
ans à l’ancien siège social de la société.
- L’assemblée prononce la clôture de la liquidation et constate que la société anonyme H.S.I. HOLDING S.A. a défi-
nitivement cessé d’exister.
Luxembourg, le 31 octobre 2006.
Enregistré à Luxembourg, le 7 novembre 2006, réf. LSO-BW00896. – Reçu 14 euros.
<i>Le Receveuri> (signé): D. Hartmann.
(120366.3//20) Déposé au registre de commerce et des sociétés de Luxembourg, le 9 novembre 2006.
MÜNZING INTERNATIONAL, S.à r.l., Société à responsabilité limitée.
Siège social: L-2449 Luxembourg, 25C, boulevard Royal.
R. C. Luxembourg B 99.828.
—
Les comptes annuels au 31 décembre 2005, ainsi que les autres documents et informations qui s’y rapportent, réf.
LSO-BW02489, ont été déposés au registre de commerce et des sociétés de Luxembourg, le 9 novembre 2006.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
(120370.3//10) Déposé au registre de commerce et des sociétés de Luxembourg, le 9 novembre 2006.
OLRAC HOLDING, Société Anonyme Holding.
Siège social: L-1258 Luxembourg, 6, rue Jean-Pierre Brasseur.
R. C. Luxembourg B 14.102.
—
<i>Extrait du procès-verbal des résolutions du Conseil d’Administration du 16 octobre 2006i>
Le Conseil d’Administration décide de transférer le siège social du 30, rue Marie-Adélaïde, L-2128 Luxembourg au 6,
rue Jean-Pierre Brasseur, L-1258 Luxembourg à partir du 16 octobre 2006.
Enregistré à Luxembourg, le 24 octobre 2006, réf. LSO-BV06263. – Reçu 14 euros.
<i>Le Receveuri> (signé): D. Hartmann.
(120376.4//13) Déposé au registre de commerce et des sociétés de Luxembourg, le 9 novembre 2006.
PROMOD LUXEMBOURG, Société à responsabilité limitée.
Siège social: L-2220 Luxembourg, 560, rue de Neudorf.
R. C. Luxembourg B 51.044.
—
<i>Résolution des associés du 31 août 2006i>
- Les associés acceptent la démission de la gérante technique, Madame Karine Benoit-Buthmann, domiciliée au 15,
avenue Rembrandt, F-57970 Basse-Ham, avec effet au 31 août 2006.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Enregistré à Luxembourg, le 8 novembre 2006, réf. LSO-BW01378. – Reçu 14 euros.
<i>Le Receveuri> (signé): D. Hartmann.
(120415.3//14) Déposé au registre de commerce et des sociétés de Luxembourg, le 9 novembre 2006.
<i>Pour H.S.I. HOLDING S.A., Société Anonyme
i>SOFINEX S.A., Société Anonyme
Signature
Luxembourg, le 8 novembre 2006.
Signature.
Signature
<i>Un Mandatairei>
KROONESTEIN B.V. / Signature
D. Sickman / Le mandataire
111798
OLRAC HOLDING, Société Anonyme Holding.
Siège social: L-1258 Luxembourg, 6, rue Jean-Pierre Brasseur.
R. C. Luxembourg B 14.102.
—
Le Commissaire VAN GEET DERICK & CO, REVISEUR D’ENTREPRISES, S.à r.l. a transféré son siège social du 30,
rue Marie-Adélaïde, L-2128 Luxembourg au 6, rue Jean-Pierre Brasseur, L-1258 Luxembourg.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Enregistré à Luxembourg, le 31 octobre 2006, réf. LSO-BV08060. – Reçu 14 euros.
<i>Le Receveuri> (signé): D. Hartmann.
(120376.5//13) Déposé au registre de commerce et des sociétés de Luxembourg, le 9 novembre 2006.
POSTECK, S.à r.l., Société à responsabilité limitée.
Siège social: L-4040 Esch-sur-Alzette, 16, rue Xavier Brasseur.
R. C. Luxembourg B 107.182.
—
Le soussigné,
Alcino Fernando Nunes Pereira, indépendant, demeurant à L-4381 Ehlerange, 4, rue de Mondercange,
déclare être le seul associé de la société POSTECK, S.à r.l., avec siège social à L-4040 Esch-sur-Alzette, 16, rue Xavier
Brasseur,
inscrite au Registre de Commerce et des Sociétés à Luxembourg, sous le numéro B 107.182,
constituée aux termes d’une acte reçu par Maître Francis Kesseler, notaire de résidence à Esch-sur-Alzette, en date
du 23 mars 2005, publié au Mémorial C numéro 788 du 5 août 2005,
au capital social de douze mille quatre cents euros (EUR 12.400,-) représenté par cent (100) parts sociales d’une va-
leur nominale de cent vingt-quatre euros (EUR 124,-) chacune.
Le soussigné declare:
- qu’il accepte la démission de Mme Isabel Marisa Martins Rodrigues, serveuse, née à Coimbra (Portugal), le 10 février
1980, demeurant à L-5610 Mondorf-les-Bains, 3, avenue des Bains, en tant que gérant technique de la société, et
- qu’il nomme nouveau gérant technique de la société, Mme Nelia Maria Barros Dos Santos, serveuse, née à Monchi-
que (Portugal), le 30 octobre 1964, demeurant à L-4018 Esch-sur-Alzette, 1, rue d’Audun.
Enregistré à Luxembourg, le 2 novembre 2006, réf. LSO-BW00101. – Reçu 14 euros.
<i>Le Receveuri> (signé): Signature.
(120378.4//23) Déposé au registre de commerce et des sociétés de Luxembourg, le 9 novembre 2006.
STOLDT & TREINEN CONSULTANTS S.A., Société Anonyme.
Siège social: L-2728 Luxembourg, 1, rue Jules Wilhelm.
R. C. Luxembourg B 97.063.
—
<i>Extrait du procès-verbal de l’assemblée générale extraordinaire tenue le 22 mars 2006i>
L’Assemblée accepte la démission de Monsieur Olivier Treinen en tant qu’administrateur.
L’assemblée nomme en remplacement Madame Dury-Gowan Béatrice, demeurant à L-3372 Leudelange, 46, rue Léon
Laval, née le 2 janvier 1951 à Differdange.
Il terminera le mandat de son prédécesseur c’est-à-dire jusqu’à l’assemblée générale de 2009.
L’Assemblée accepte la démission de Monsieur Olivier Treinen en tant qu’administrateur-délégué.
Le conseil d’administration est constitué comme suit:
- Monsieur Jürgen Stoldt, administrateur-délégué,
- Monsieur Opitz Peter,
- Madame Dury-Gowan Béatrice.
L’Assemblée accepte la démission de Monsieur Mathias Treinen en tant que commissaire.
L’assemblée nomme en remplacement Monsieur Jean-Marie Wagner, demeurant à L-6915 Roodt-sur-Syre, 2, op der
Hessel, né le 28 septembre 1964 à Luxembourg.
II terminera le mandat de son prédécesseur c’est-à-dire jusqu’à l’assemblée générale de 2009.
Conformément à l’article 15 des statuts et à la loi, l’Assemblée autorise le conseil d’administration à déléguer la
gestion journalière des affaires de la société à Monsieur Jürgen Stoldt, prénommé, qui dispose du pouvoir d’engager la
société par sa seule signature.
Enregistré à Luxembourg, le 31 octobre 2006, réf. LSO-BV08021. – Reçu 14 euros.
<i>Le Receveuri> (signé): D. Hartmann.
(120436.3//27) Déposé au registre de commerce et des sociétés de Luxembourg, le 9 novembre 2006.
Signature
<i>Un mandatairei>
Esch-sur-Alzette, le 30 octobre 2006.
Signature.
Signature
<i>Un mandatairei>
111799
PPG LUXEMBOURG HOLDINGS, S.à r.l., Société à responsabilité limitée.
Capital social: EUR 75.000,-.
Siège social: L-2522 Luxembourg, 12, rue Guillaume Schneider.
R. C. Luxembourg B 97.150.
—
EXTRAIT
Il résulte des résolutions prises par le Conseil de Gérance, en date du 24 octobre 2006, que:
- Le siège social de la Société a été transféré du 1, rue des Glacis, L-1628 Luxembourg au 12, rue Guillaume Schneider,
L-2522 Luxembourg, effectif au 24 octobre 2006.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Luxembourg, le 3 novembre 2006.
Enregistré à Luxembourg, le 7 novembre 2006, réf. LSO-BW01187. – Reçu 14 euros.
<i>Le Receveuri> (signé): D. Hartmann.
(120437.3//19) Déposé au registre de commerce et des sociétés de Luxembourg, le 9 novembre 2006.
PROPERTY SIEGEN, S.à r.l., Société à responsabilité limitée.
Siège social: L-2551 Luxembourg, 123, avenue du X Septembre.
R. C. Luxembourg B 104.888.
—
<i>Extrait de la décision de l’associée unique datée du 26 septembre 2006i>
Monsieur Cristiano Ronchi a démissionné de ses fonctions de gérant.
<i>Extrait de la décision de l’associée unique datée du 6 octobre 2006i>
Mesdames Adriana De Alcantara et Catherine Webster ont démissionné de leurs fonctions de gérant.
Le gérant unique est désormais UNIVERSAL MANAGEMENT SERVICES, S.à r.l.
Luxembourg, le 25 octobre 2006.
Enregistré à Luxembourg, le 3 novembre 2006, réf. LSO-BW00376. – Reçu 89 euros.
<i>Le Receveuri> (signé): D. Hartmann.
(120439.3//19) Déposé au registre de commerce et des sociétés de Luxembourg, le 9 novembre 2006.
GLOBAL INVESTMENT CORPORATION S.A.H., Société Anonyme Holding.
Siège social: Luxembourg, 1, rue de la Chapelle.
R. C. Luxembourg B 28.723.
Société constituée le 9 août 1988 par Maître Reginald Neuman, acte publié au Mémorial C n
°
299 du 12 novembre 1988.
—
EXTRAIT
Il résulte d’une Assemblée générale ordinaire tenue le 26 octobre 2006 que:
Le mandat de chacun des deux Administrateurs Monsieur Jean Wagener et Madame Paule Kettenmeyer, ainsi que le
mandat du Commissaire aux comptes, Monsieur Henri Van Schingen sont reconduits pour une nouvelle période de six
années, leur mandat venant à échéance lors de l’Assemblée générale à tenir en 2012.
Le mandat de l’Administrateur Monsieur Alain Rukavina n’est pas reconduit et l’Assemblée nomme en remplacement
Maître Annick Braun, avocat, demeurant professionnellement au 10A, boulevard de la Foire, L-1528 Luxembourg-Ville,
son mandat venant à échéance lors de l’Assemblée générale à tenir en 2012.
Enregistré à Luxembourg, le 2 novembre 2006, réf. LSO-BW00066. – Reçu 14 euros.
<i>Le Receveuri> (signé): D. Hartmann.
(120421.3//22) Déposé au registre de commerce et des sociétés de Luxembourg, le 9 novembre 2006.
Pour extrait conforme
<i>Pour la Société
i>Signature
<i>Un géranti>
Pour avis sincère et conforme
<i>Pour PROPERTY SIEGEN, S.à r.l.
i>UNIVERSAL MANAGEMENT SERVICES, S.à r.l.
<i>Gérant
i>Signatures
Les statuts furent modifiés le 11 juillet 1997 par Maître Reginald Neuman, acte publié au Mémorial C n
°
612 du 4
novembre 1997.
Pour extrait
J. Wagener
<i>Le Mandatairei>
111800
SOPRIMA, Société Anonyme.
Siège social: L-1258 Luxembourg, 6, rue Jean-Pierre Brasseur.
R. C. Luxembourg B 79.048.
—
<i>Extrait du procès-verbal de la réunion du Conseil d’Administration tenue en date du 4 octobre 2006i>
Le Conseil d’Administration prend acte de la démission de Monsieur Herman Schillebeeckx, avec effet au 25 septem-
bre 2006 en qualité d’Administrateur de la Société.
Après délibération le Conseil d’Administration décide de coopter Monsieur Jean Thomas, demeurant à B-1000
Bruxelles, 95, rue de Laeken, né le 7 juin 1950 à Uccle pour pourvoir à son remplacement, soit jusqu’à l’Assemblée
Générale Ordinaire des actionnaires qui se tiendra en 2009.
Le Conseil d’Administration décide de transférer le siège social de la Société vers L-1258 Luxembourg, 6, rue Jean-
Pierre Brasseur, avec effet au 16 octobre 2006.
Enregistré à Luxembourg, le 31 octobre 2006, réf. LSO-BV08027. – Reçu 14 euros.
<i>Le Receveuri> (signé): D. Hartmann.
(120424.4//18) Déposé au registre de commerce et des sociétés de Luxembourg, le 9 novembre 2006.
ROSA S.A., Société Anonyme.
Siège social: L-1258 Luxembourg, 6, rue Jean-Pierre Brasseur.
R. C. Luxembourg B 11.297.
—
<i>Extrait du procès-verbal des résolutions du conseil d’administration du 16 octobre 2006i>
Le Conseil d’Administration décide de transférer le siège social du 30, rue Marie-Adélaïde, L-2128 Luxembourg au 6,
rue Jean-Pierre Brasseur, L-1258 Luxembourg à partir du 16 octobre 2006.
Enregistré à Luxembourg, le 24 octobre 2006, réf. LSO-BV06169. – Reçu 14 euros.
<i>Le Receveuri> (signé): D. Hartmann.
(120403.4//13) Déposé au registre de commerce et des sociétés de Luxembourg, le 9 novembre 2006.
VIRTUAL NETWORK S.A., Société Anonyme.
Siège social: L-1235 Luxembourg, 5, rue Emile Bian.
R. C. Luxembourg B 58.101.
—
<i>Procès-verbal d’assemblée générale extraordinaire des actionnaires, tenue à Luxembourg en date du 8 novembre 2006i>
La séance est ouverte à 10.30 heures sous la présidence de M. Guillaume Nickels, employé, demeurant à Insenborn.
L’assemblée générale nomme comme scrutateur M. Renaud Demeur, employé, demeurant à Arlon, Belgique et
désigne comme secrétaire Mme Cornelia Nickels-Van Winkel, employée, demeurant à Insenborn.
Le quorum nécessaire étant réuni, l’assemblée prend à l’unanimité les résolutions suivantes:
<i>Administrateurs:i>
1. M. Marc Cigrang est déchu de ses fonctions d’Administrateur Délégué et d’Administrateur avec effet immédiat.
2. L’assemblée générale désigne M. Renaud Demeur, demeurant au 41, rue François Boudart, B-6700 Arlon, Belgique,
comme Administrateur.
3. Dès à présent, le conseil d’administration se compose de Mme Cornelia Nickels-Van Winkel, Maison 10A Bonnal,
L-9660 Insenborn, M. Renaud Demeur et UPCROFT LIMITED, représentée par M. Guillaume Nickels.
<i>Commissaire aux Comptes:i>
4. L’assemblée générale remplace AOS S.A. par M. Maurice Faramelli, 49, rue des Baillis, F-57570 Rodemack, France,
comme commissaire aux comptes.
Plus rien ne figurant à l’ordre du jour, et personne ne demandant la parole, Monsieur le Président lève la séance à
11.30 heures.
Luxembourg, le 8 novembre 2006.
Enregistré à Luxembourg, le 9 novembre 2006, réf. LSO-BW02272. – Reçu 89 euros.
<i>Le Receveuri> (signé): D. Hartmann.
(120671.5//27) Déposé au registre de commerce et des sociétés de Luxembourg, le 10 novembre 2006.
Signature
<i>Un mandatairei>
Signature
<i>Un mandatairei>
G. Nickels / C. Nickels-van Winkel / R. Demeur
<i>Président / Secrétaire / Scrutateuri>
111801
KANSAS INTERNATIONAL S.A., Société Anonyme.
Siège social: L-2158 Luxembourg, 6, rue Jean-Pierre Brasseur.
R. C. Luxembourg B 53.870.
—
<i>Extrait du procès-verbal des résolutions du Conseil d’Administration du 16 octobre 2006i>
Le Conseil d’Administration décide de transférer le siège social du 30, rue Marie-Adélaïde, L-2128 Luxembourg au 6,
rue Jean-Pierre Brasseur, L-2158 Luxembourg à partir du 16 octobre 2006.
Enregistré à Luxembourg, le 24 octobre 2006, réf. LSO-BV06181. – Reçu 14 euros.
<i>Le Receveuri> (signé): D. Hartmann.
(120386.4//13) Déposé au registre de commerce et des sociétés de Luxembourg, le 9 novembre 2006.
KANSAS INTERNATIONAL S.A., Société Anonyme.
Siège social: L-1258 Luxembourg, 6, rue Jean-Pierre Brasseur.
R. C. Luxembourg B 53.870.
—
Le Commissaire VAN GEET DERICK & CO, REVISEUR D’ENTREPRISES, S.à r.l. a transféré son siège social du 30,
rue Marie-Adélaïde, L-2128 Luxembourg au 6, rue Jean-Pierre Brasseur, L-1258 Luxembourg.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Enregistré à Luxembourg, le 31 octobre 2006, réf. LSO-BV08063. – Reçu 14 euros.
<i>Le Receveuri> (signé): D. Hartmann.
(120386.5//13) Déposé au registre de commerce et des sociétés de Luxembourg, le 9 novembre 2006.
FIRST DESIGN, S.à r.l., Société à responsabilité limitée.
Siège social: L-1528 Luxembourg, 4, boulevard de la Foire.
R. C. Luxembourg B 71.245.
—
Le bilan au 31 décembre 2004, enregistré à Luxembourg, le 25 octobre 2006, réf. LSO-BV06571, a été déposé au
registre de commerce et des sociétés de Luxembourg, le 9 novembre 2006.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Luxembourg, le 9 novembre 2006.
(120392.3//12) Déposé au registre de commerce et des sociétés de Luxembourg, le 9 novembre 2006.
FIRST DESIGN, S.à r.l., Société à responsabilité limitée.
Siège social: L-1528 Luxembourg, 4, boulevard de la Foire.
R. C. Luxembourg B 71.245.
—
Le bilan au 31 décembre 2005, enregistré à Luxembourg, le 25 octobre 2006, réf. LSO-BV06573, a été déposé au
registre de commerce et des sociétés de Luxembourg, le 9 novembre 2006.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
(120393.3//11) Déposé au registre de commerce et des sociétés de Luxembourg, le 9 novembre 2006.
EURO IMMO INVEST & CONSEIL S.A., Société Anonyme.
Siège social: L-1116 Luxembourg, 6, rue Adolphe.
R. C. Luxembourg B 45.694.
—
Le bilan au 31 décembre 2002, enregistré à Luxembourg, le 6 novembre 2006, réf. LSO-BW00492, a été déposé au
registre de commerce et des sociétés de Luxembourg, le 9 novembre 2006.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
(120417.3//10) Déposé au registre de commerce et des sociétés de Luxembourg, le 9 novembre 2006.
Signature
<i>Un Mandatairei>
Signature
<i>Un mandatairei>
DANDOIS & MEYNIAL
Signature
DANDOIS & MEYNIAL
Signature
Signature.
111802
ARLINGTON EUROPEAN LOGISTICS FUND, Fonds Commun de Placement.
—
MANAGEMENT REGULATIONS
<i>December 2006i>
The Management Regulations («Management Regulations») in respect of the ARLINGTON EUROPEAN LOGISTICS
FUND («AELF») are made and entered into between AELF MANAGEMENT, S.à r.l., having its registered office at 2-8,
avenue Charles de Gaulle, L-1653 Luxembourg («Management Company») and BROWN BROTHERS HARRIMAN
(LUXEMBOURG) S.C.A., having its registered office at 2-8, avenue Charles de Gaulle, L-1653 Luxembourg («Custo-
dian») as of 6 December 2006.
Whereas:
The Management Company has been incorporated in the Grand Duchy of Luxembourg on 20 November 2006 and
is wholly owned by MGM EUROPE PTY LIMITED.
AELF is an unincorporated co-ownership of securities and other assets (a Luxembourg fonds commun de placement),
managed in the exclusive interest of its co-owners by the Management Company, and is subject to the 1991 Law (as
defined below) and to the extent that there are no particular provisions in the 1991 Law, the provisions of the 1988
Law (as defined below), apply.
By entering into the Management Regulations, the parties desire to form and operate AELF on the terms and condi-
tions set forth herein.
1. Definitions and Interpretation
1.1 Definitions
1.1.1 As used in the Management Regulations, the following terms shall have the meanings set forth below:
«1988 Law» means the Luxembourg law dated 30 March 1988 as amended or replaced from time to time, relating
to undertakings for collective investment.
«1991 Law» means the Luxembourg law dated 19 July 1991 as amended or replaced from time to time, relating to
undertakings for collective investment, the securities of which are not intended to be placed with the public.
«2002 Law» means the Luxembourg law dated 20 December 2002 as amended or replaced from time to time, relating
to undertakings for collective investment.
«Accession States» means those countries that are seeking to accede to the European Union, from time to time,
which at the time of establishment of AELF are Bulgaria and Romania.
«Accounting Standards» means International Financial Reporting Standards (IFRS) or such other accounting standards
as may be adopted by the Board from time to time.
«AELF» means ARLINGTON EUROPEAN LOGISTICS FUND or, unless the context otherwise requires, the
Management Company acting in its own name but on behalf of ARLINGTON EUROPEAN LOGISTICS FUND, an FCP
established in Luxembourg under the 1991 Law and pursuant to the Management Regulations and the Information Mem-
orandum.
«AELF Documents» means the Information Memorandum, the Management Regulations and the Investment Advisory
Agreement.
«AELF Group» means the Management Company acting for and on behalf of AELF and the Subsidiaries.
«Affiliate» means in respect of an entity, any entity directly or indirectly controlling, controlled by, or under common
control with such entity.
«Allotment» means the issue by the Management Company of Units in accordance with the Information Memoran-
dum and the Management Regulations.
«Allotment Date» means, with respect to the Ordinary Units, the date determined by the Management Company on
which Investors will be required to pay in the equivalent to 24 per cent of the Initial Issue Price of each of the Ordinary
Units it has subscribed for in accordance with its Commitment in consideration for the first issuance of partly paid in
Ordinary Units.
«Annual General Meeting» means the general meeting of Unitholders which will be convened once per calendar year
by the Management Company at a time determined in its sole discretion.
«ARLINGTON» means ARLINGTON SECURITIES LTD having its registered office at Arlington House, Arlington
Business Park, Theale, Reading, Berkshire RG7 4SA, United Kingdom (and any of its controlled entities).
«Articles of Incorporation» means the articles of incorporation of the Management Company.
«Asset» means all the assets of AELF, including, inter alia, Real Estate, securities, provisions, rights and income of
AELF, but not application money or property in respect of which Units have not yet been issued or any distribution of
AELF which has been determined and declared, but not yet distributed.
«Asset Value» means for the purpose of calculating the Fees the weighted average gross value of the Assets (dis-
regarding Liabilities) over the relevant period.
«Auditor» means PricewaterhouseCoopers, S.à r.l., having its registered address at 400, route d’Esch, L-1471 Lux-
embourg, Grand Duchy of Luxembourg.
«Bank Business Day» or «Business Day» means a day on which banks are open for business in Luxembourg.
«Base Fees» means the base fees payable to the Management Company being:
(a) 0.55 per cent per annum of the Asset Value up to EUR 2 billion, and
(b) 0.45 per cent per annum of the Asset Value which exceeds EUR 2 billion,
in each case over the relevant quarter.
«BBH» means BROWN BROTHERS HARRIMAN (LUXEMBOURG) S.C.A., having its registered office at 2-8, avenue
Charles de Gaulle, L-1653 Luxembourg, Grand Duchy of Luxembourg.
111803
«Benchmark Return» means the average of the 10 year EURIBOR plus 4.5 per cent or such other benchmark nom-
inated by the Management Company and approved by a Special Majority of Unitholders.
«Board» or «Board of Managers» means the board of managers of the Management Company.
«bps» means basis points.
«Budget» means a budget adopted under article 21.2 of the Management Regulations for each Financial Year which
will project the income, expenses and profits (both on revenue and capital account) and cash flow of AELF and the
Subsidiaries based on its position at the commencement of the Financial Year and the projected operations under the
Business Plan.
«Business Plan» means the Financial Year business plan for AELF and the Subsidiaries prepared under article 21.2 of
the Management Regulations.
«Call Notice» means a notice issued by the Management Company to the Unitholders requiring them to contribute
a portion of their Commitments in accordance with the Management Regulations.
«Cap» means 0.90 per cent per annum multiplied by the Asset Value for the relevant Financial Year less any Base
Fees paid or payable to the Management Company during the relevant Financial Year.
«Capital Appreciation / Depreciation» means, in the relevant Financial Year, Closing Unitholder Capital minus Open-
ing Unitholder Capital minus Paid in Capital where:
Closing Unitholder Capital = as at the end of the relevant Financial Year, the Current Unit Value multiplied by the
number of Units on issue;
Opening Unitholder Capital = as at the start of the relevant Financial Year, the Current Unit Value multiplied the
number of Units on issue;
Paid in Capital = in respect of existing Units, additional capital paid in per Unit during the performance fee period
multiplied by the respective number of Units on issue plus for any additional Units issued - the relevant Unit issue price
multiplied by the respective number of Units on issue less the Unit redemption price multiplied by respective number
of Units redeemed.
«CD-Rom» means the CD-Rom containing the due diligence materials provided to Investors (attached as Schedule
6 of the Information Memorandum).
«CEE» means central and eastern Europe.
«Central Administration Agent» means BBH, in its capacity as such, or such other person as may subsequently be
appointed as central administration agent of AELF by the Management Company.
«Class» means a class of Units issued by AELF.
«CLEARSTREAM BANKING» means CLEARSTREAM (a member of the DEUTSCHE BÖRSE GROUP), having its
registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, Grand Duchy of Luxembourg.
«Commitment» means, with respect to any Class, the maximum amount (denominated in Euro) contributed or
agreed to be contributed to AELF pursuant to such Unitholder’s Subscription Form (including any additional Commit-
ment made by such Unitholder). For the avoidance of doubt, this term refers to either (i) the obligation to pay in the
total amount or the balance of partially paid in Ordinary Units or (ii) to subscribe for the corresponding amount of fully
paid in Units.
«Committed Funds» means the aggregate amount of Commitments for the time being.
«Commitment Period» means, with respect to the Ordinary Class, the period of three (3) years from the Allotment
Date during which it is envisaged that the remaining 76 per cent of each Unitholder’s Commitment under such Unithold-
er’s Subscription Form will be fully drawn down and paid to AELF.
«Contributed Capital» means, in respect of a Unitholder, the aggregate amount of its Commitment that has been
contributed and paid to AELF when such Commitment was accepted and subsequently paid in pursuant to Call Notices.
«CSSF» means the Commission de Surveillance du Secteur Financier, the Luxembourg supervisory authority of the
financial sector.
«Current Unit Value» means the current value per Unit of the relevant Class as calculated in accordance with article
10.2 of the Management Regulations.
«Custodian» means BBH, in its capacity as such, or such other credit institution within the meaning of the Luxem-
bourg law dated 5 April 1993 relating to the financial sector, as amended, that may subsequently be appointed as cus-
todian of AELF by the Management Company.
«Custodian Agreement» means the custodian agreement between the Custodian and the Management Company
dated 6 December 2006.
«Defaulting Unitholder» means an Investor that has not paid a proportion of its Commitment in accordance with the
Management Regulations and the Subscription Form and which has been declared as such by the Management Company.
«Deficit» means, where Unitholder Returns for the relevant Financial Year are less than the Threshold, the difference
between the Unitholder Returns for that Financial Year and the Threshold, expressed as a negative amount.
«Distribution Reinvestment Plan» means the plan described article 19.3 of the Management Regulations.
«EURINPRO» means EURINPRO INTERNATIONAL S.A. having its registered office at 8, rue Heine, L-1720 Luxem-
bourg-Gare, Grand Duchy of Luxembourg and any of its controlled entities.
«EUROCLEAR» means EUROCLEAR BANK having its registered office at 1, boulevard du Roi Albert I
er
, B-1210
Brussels, Belgium.
«Excess» means, where the Potential Performance Fee for the relevant Financial Year is greater than the Cap, the
difference between the Potential Performance Fee in the relevant Financial Year and the Cap, divided by the product of
20 per cent.
111804
«External Appraiser» means an appraiser appointed from time to time by the Management Company with the prior
approval of the CSSF appraising the value of properties and property rights as described in sections 7.8 and 7.9 of the
Information Memorandum.
«Extraordinary General Meeting» means the general meeting of Unitholders, other than the Annual General Meeting,
which will be convened by the Management Company at a time determined in its sole discretion.
«FCP» means fonds commun de placement.
«Fees» means the Base Fees and/or the Performance Fees, together with any other fees that are agreed between the
AELF and the service provider(s) from time to time as they are disclosed in the Management Regulations and the Infor-
mation Memorandum.
«Financial Year» means the financial year of AELF which starts on 1 January of each year and ends on 31 December
of the same year with the first financial year starting at the day of inception of AELF and ending on 31 December 2007.
«Financing Proposal» means entering into or a restructuring of a financial accommodation (which may include any
Secured Debt) provided to the AELF Group in excess of EUR 20 million.
«Fraud» or «Fraudulent» means a false representation by means of a statement or conduct made knowingly or reck-
lessly in order to gain an advantage.
«French 3 Per Cent Tax» means any taxation arising under article 990D of the French Tax Code (as amended,
supplemented or replaced from time to time).
«Fund End Date» means the relevant date as determined in accordance with articles 17.1.2 and 17.2.4 of the Man-
agement Regulations.
«FY07» means the 2007 Financial Year.
«FY08» means the 2008 Financial Year.
«GDP» means gross domestic product.
«General Meeting of Unitholders» means a general meeting of Unitholders.
«Gross Negligence» or «Grossly Negligent» means high degree of negligence, manifested in behaviour substantially
worse than that of the average reasonable man.
«IFRS» means International Financial Reporting Standards adopted in Luxembourg.
«IML» means the Institut Monétaire Luxembourgeois, the predecessor of the CSSF.
«Indemnitee» has the meaning set out in article 4.1 of these Management Regulations.
«Indirect Unitholder» means indirect members, shareholders, partners and/or holders of beneficial interests other
than individuals.
«Information Memorandum» means the current version of the Information Memorandum of AELF, as approved by
the CSSF.
«Initial Issue Price» means, in respect of the first issuance of Ordinary Units, the initial value of one euro (EUR 1.00).
«Initial Offer Period» means the period determined by the Management Company during which Subscription Forms
in relation to the first issuance of Ordinary Units have been received and accepted by the Management Company and
during which Investors may apply for Ordinary Units.
«Initial Portfolio» means the portfolio of Real Estate as more fully described in section 5 of the Information Memo-
randum and in the CD-Rom.
«Institutional Investor» means a person who qualifies as an eligible institutional investor pursuant to the 1991 Law
and who has expressly declared himself to be aware of, to accept and to be able to bear the risks attaching to an invest-
ment in AELF and who has acknowledged that any recourse he may have is limited, in substance, to the Assets.
«Interested Appointee» has the meaning set out in article 12.1 of the Management Regulations.
«Interested Unitholder» has the meaning set out in article 12.1 of the Management Regulations.
«Investment Advisor» means ARLINGTON PROPERTY INVESTMENT MANAGEMENT LIMITED, having its regis-
tered office at the Arlington House, Arlington Business Park, Theale, Reading, Berkshire RG7 4SA, United Kingdom, in
its capacity as such, or such other entity as may subsequently be appointed as investment advisor of AELF by the Man-
agement Company.
«Investment Advisory Agreement» means the investment advisory agreement between the Management Company
and the Investment Advisor dated 6 December 2006.
«Investment Committee» means the investment committee established in accordance with article 4 of the Manage-
ment Regulations and the Information Memorandum.
«Investment Committee Reserved Matters» means the following matters reserved for confirmation by the Invest-
ment Committee:
Part A - Matters which require a Simple Majority:
(a) The approval of any Investment Proposal or Financing Proposal, with the exception of the acquisition of the Initial
Portfolio and the financing thereof;
(b) Approval of a Budget or Business Plan proposed by the Board;
(c) The adjustment, compromising, settling or submission to arbitration and the institution, prosecution and defence
of all actions or claims in favour of or against AELF, a Subsidiary or an intermediary vehicle greater than EUR 5,000,000.-;
(d) The approval of any matter that relates to an agreement between AELF, a Subsidiary or an intermediary vehicle
in which AELF owns less than 30 per cent of the share capital (on the one hand) and a Unitholder (or any of its Affiliates)
or a member of the MACQUARIE GOODMAN GROUP (on the other hand), excluding matters relating to the appoint-
ment or removal of the Management Company, the negotiation, signing and execution of the initial agreements conclud-
ed with all the service providers of AELF and the acquisition of the Initial Portfolio and the financing thereof. Investment
Committee members appointed by the Interested Unitholder or the relevant member of the MACQUARIE GOOD-
MAN GROUP being excluded from voting;
111805
(e) The approval of the use of an External Appraiser in relation to a single property of AELF for more than two (2)
consecutive years; and
(f) A change to the agreed date specified in the Business Plan of any Investment Committee meeting.
Part B - Matters which require a Special Majority:
(a) Merging or amalgamating AELF, a Subsidiary or an intermediary vehicle with any other entity; and
(b) Decision by the Management Company to acquire an individual Real Estate without having previously obtained, in
accordance with article 10.1(c), a valuation report from the External Appraiser.
«Investment Objectives, Investment Restrictions, Investment Guidelines, Investment Strategy and Investment
Targets» means the investment objectives, investment restrictions, investment guidelines, investment strategy and in-
vestment targets contained in the Management Regulations and section 4 of the Information Memorandum, as the case
may be.
«Investment Proposal» means any proposed investment, any disposal or any expenditure where the anticipated cost
or receipt exceeds EUR 20 million.
«Investor» means Institutional Investors which signed a Subscription Form (for the avoidance of doubt, the term
includes, where appropriate, the Unitholders).
«IPO» means initial public offering.
«Leverage» means total borrowings less cash.
«Liabilities» means all present liabilities of AELF including any provision taken into account in determining the liabilities
of AELF but excluding the amount represented by the Units, undistributed profits, interest attributable to Unitholders,
capital reserves, or any other amount representing the value of rights attaching to Units regardless of whether charac-
terised as capital or debt in the accounts of AELF.
«Light Industrial» means properties used for industrial activities such as assembly, fabrication and packaging and not
usually requiring highly specialised structures. Typically in in-fill locations, the buildings are flexible for use by a variety
of customers with varying operations, are located close to major transportation infrastructure and are typically between
2,000 and 4,000 sqm with up to 25 per cent office space.
«Liquidity Review Date» has the meaning set out in section 7.2 of the Information Memorandum and in article 16 of
the Management Regulations.
«Logistics» means the process of planning, implementing, and controlling the efficient, effective flow and storage of
goods, services, and related information from point of origin to point of consumption for the purpose of conforming to
customer requirements.
«MACQUARIE BANK GROUP» means MACQUARIE BANK LIMITED (ABN 46 008 583 542 - established in Aus-
tralia) and each of its controlled entities.
«MACQUARIE GOODMAN» or «MACQUARIE GOODMAN GROUP» means MGI and MGM and each of their
controlled entities (for the purposes of clarity this includes trusts as well as ARLINGTON and EURINPRO).
«MGM EUROPE PTY LIMITED» means a company limited by shares, established in Australia and having its registered
office at Level 10, 60 Castlereagh Street, Sydney NSW 2000, Australia.
«Management Company» means AELF MANAGEMENT, S.à r.l.
«Management Regulations» means this document governing AELF and entered into between the Management Com-
pany and the Custodian.
«Manager» means a member of the Board.
«Member States» means the current member states of the European Union.
«Mémorial» means the Mémorial C, Recueil des Sociétés et Associations, which is part of the official gazette of the
Grand Duchy of Luxembourg.
«MGI» means MACQUARIE GOODMAN INDUSTRIAL TRUST (ARSN 091 213 839 - established in Australia) and
where the context requires, MACQUARIE GOODMAN FUNDS MANAGEMENT LIMITED (ACN 067 796 641 - es-
tablished in Australia) as responsible entity for the MACQUARIE GOODMAN INDUSTRIAL TRUST.
«MGM» means MACQUARIE GOODMAN MANAGEMENT LIMITED (ABN 69 000 123 071- established in Aus-
tralia).
«Notice Period» means the notice period determined in article 8.2.4 (h) of the Management Regulations.
«Offer» means the offer of Units under the Management Regulations and the Information Memorandum before or at
the Allotment Date and or any subsequent date determined by the Management Company in its sole discretion.
«Ordinary Units» means the Units issued in the Ordinary Class, which for the avoidance of doubt will (i) initially be
partly paid-in Units issued for the first time at the Allotment Date and (ii) be fully or partially paid-in Units if and when
issued after the Allotment as furthermore described in article 8 of the Management Regulations.
«Ordinary Class» means the initial Class.
«Paying Agent» means BBH, in its capacity as such, or such other entity as may subsequently be appointed as paying
agent of AELF by the Management Company.
«Performance Fee» means the performance fee to be paid to the Management Company and calculated in accordance
with article 17.2 of these Management Regulations.
«Potential Performance Fee» means in a Financial Year the aggregate of 20 per cent of the amount by which Unit-
holder’s Returns are greater than the Threshold.
«Promoter» means ARLINGTON PROPERTY INVESTMENT MANAGEMENT LIMITED, having its registered office
at the Arlington House, Arlington Business Park, Theale, Reading, Berkshire RG7 4SA, United Kingdom.
«Property Manager» means in respect to Real Estate such person as is appointed as property manager of such Real
Estate in accordance with the Management Regulations.
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«Real Estate» means:
(a) property consisting of land and/or buildings registered in the name of AELF;
(b) direct and indirect participations in real estate companies (including claims on such companies), the exclusive ob-
ject and purpose of which is the acquisition, promotion and sale as well as the letting of property provided that these
share holdings must be at least as liquid as the property rights held directly by AELF;
(c) property related long-term interests such as surface ownership, lease-hold and options on real estate investments
in the name of AELF; and
(d) any other meaning as given to the term by the CSSF and any applicable laws and regulations from time to time in
Luxembourg.
«Registrar and Transfer Agent» means BBH, in its capacity as such, or such other entity as may be appointed as reg-
istrar and transfer agent of AELF by the Management Company dated 6 December 2006.
«Registrar and Transfer Agreement» means the registrar and transfer agency agreement between the Registrar and
Transfer Agent and the Management Company.
«Related Corporation» means any entity which is a member of the Unitholder’s Group, as the case may be.
«Relationship Deed» means the relationship deed between the Management Company and MACQUARIE GOOD-
MAN.
«Representative» means a director, officer, employee or consultant to a person or an entity, and any person with a
financial relationship with a person or an entity;
«Secured Debt» means financial accommodation borrowed by AELF, a Subsidiary or an intermediary vehicle from a
financial institution to fund an Investment Proposal and which is secured against some or all of the Assets.
«Simple Majority» means:
(e) in the case of Unitholders, Unitholders that together hold more than 50 per cent of the total voting rights of
Unitholders present or represented at the relevant General Meeting of Unitholders and who are entitled to vote on
the resolution concerned; and
(f) in the case of the Investment Committee, more than 50 per cent of the appointees present or represented at the
relevant Investment Committee meeting and who are entitled to vote on the resolution concerned.
«Soparfi» means «société de participation financière» under Luxembourg law.
«Special Majority» means:
(a) in the case of Unitholders, Unitholders that together hold more than 75 per cent of the total voting rights of
Unitholders present or represented at the relevant General Meeting of Unitholders and who are entitled to vote on
the resolution concerned; and
(b) in the case of the Investment Committee, more than 75 per cent of the appointees present or represented at the
relevant Investment Committee meeting and who are entitled to vote on the resolution concerned.
«Sqm» means square metres.
«Subscription Period» means, for a Class other than the Ordinary Class, any period during which subscriptions of
Units may be accepted by the Management Company in its sole discretion.
«Subscription Form» means the agreement between the Management Company and each Unitholder setting forth:
(a) the Commitment of such Unitholder; and
(b) the rights and obligations of such Unitholder in relation to its subscription for Units.
«Subsidiary» means the direct or indirect subsidiaries of AELF established in the Grand Duchy of Luxembourg or in
another jurisdiction in which AELF holds more than 50 per cent (this term includes the term «Wholly Owned Subsi-
diary» where appropriate).
«Terms and Conditions» means the terms and conditions of subscription included in schedule 4 of the Information
Memorandum.
«Threshold» means, in respect of a Financial Year, the Benchmark Return per annum multiplied by the Weighted
Average Unitholder Capital, expressed as a monetary amount.
«Uncalled Commitment» means, in respect of a Unitholder, its Commitment less its Contributed Capital for the time
being.
«UCI» means undertaking for collective investment.
«UK» means the United Kingdom.
«Ultimate Holding Company» means a member of the Unitholder Group that is a holding company but is not a sub-
sidiary of any other company.
«Unit» means a basic measurement of co-ownership participation in AELF issued by the Management Company
pursuant to the Information Memorandum and the Management Regulations, this term includes the Ordinary Class and
every subsequent Class.
«Unitholder» means the registered holder of a Unit (for the avoidance of doubt, this terms includes, where appro-
priate, the Investors).
«Unitholder Group» means in relation to any Unitholder the Ultimate Holding Company of that Unitholder and any
wholly owned subsidiaries of the Ultimate Holding Company.
«Unitholder Reserved Matter» means the following matters reserved for resolution by a General Meeting of
Unitholders:
Part A - Matters to be decided by Simple Majority:
(a) The appointment or removal of the Auditor;
(b) Replacement of the Management Company as the management company of AELF in the event that a court at first
instance has passed a judgment that the Management Company has been Fraudulent or has committed any Wilful
Misconduct or has been Grossly Negligent in the performance of its duties under the Management Regulations;
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(c) Any change to the Investment Guidelines, Investment Strategy or Investment Targets;
(d) The issue of Units in one or more Class(es) other than the Ordinary Class;
(e) Appointment and revocation of the appointment of a Unitholder appointee to the Investment Committee; and
(f) Changes to the Management Regulations (other than the changes specified in Part B of the Unitholder Reserved
Matters).
Part B - Matters to be decided by Special Majority:
(a) Any alteration to rights conferred to the Units;
(b) Any change to the Investment Objectives and Investment Restrictions;
(c) Any change to the Benchmark Return;
(d) Any proposal to cease to carry on a substantial part of the business of AELF or a Subsidiary or to liquidate AELF
or to take advantage of any law providing for the relief of debtors in adverse financial circumstances (other than as a
solvent reorganisation entirely within AELF and the Subsidiaries);
(e) A proposal to liquidate AELF; and
(f) Decision to convert AELF into a Real Estate Investment Trust (REIT) or any other listed vehicle listed on a recog-
nised European exchange.
«Unitholder Returns» means, in the current Financial Year:
(a) the Deficit or Excess (as the case may be) from the previous Financial Year;
(b) plus the distribution for that Financial Year; and
(c) plus or minus (as the case may be) any Capital Appreciation/Depreciation over the relevant Financial Year.
«Vacant Land» means land (or interests in land) that is entirely undeveloped land and that is adjacent to or part of an
existing asset of AELF.
«Valuation Date» means a date on which the Current Unit Value is determined in accordance with the Management
Regulations and the Information Memorandum, notably the 31 March, 30 June, 30 September and 31 December of each
year and on each other Business Day as determined by the Management Company in its sole discretion.
«Weighted Average Unitholder Capital» means the amount calculated by summing:
(i) the opening Current Unit Value multiplied by the Units on issue at the beginning of the relevant Financial Year; and
(ii) where there is a call of Committed Funds, an issue of new Units or a redemption of Units during the relevant
Financial Year, an amount, calculated as follows for each call, unit issue or unit redemption:
Where:
C = capital paid in per Unit, Unit issue price or Unit redemption price each multiplied by the respective number of
Units;
D1 = number of days during the relevant Financial Year the called capital is paid in, the new Units are on issue or the
redeemed Units are not on issue; and
D = the total number of days in the relevant Financial Year.
In the event of a reorganisation of the issued Units (other than a call on Committed Funds) during the relevant Fi-
nancial Year, the Weighted Average Unitholder Capital shall be adjusted fairly to reflect the effect of the reorganisation.
The Management Company shall ensure that the method of calculation is approved by a suitably qualified independent
adviser as being fair and reasonable in the circumstances.
«Wholly Owned Subsidiary» means any entity in which AELF owns directly or indirectly all of the voting shares.
«Wilful Misconduct» means intentionally doing something that is wrong.
«WTO» means the World Trade Organisation.
1.2 Interpretation
1.2.1 The definitions in article 1.1 shall apply equally to both the singular and plural forms of the terms defined. Wher-
ever the context may require, any pronoun used in the Management Regulations shall include the corresponding mas-
culine, feminine and neuter forms.
1.2.2 For all purposes of the 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.
1.2.3 As used in the Management Regulations, the words «include», «includes» and «including» shall be deemed to
be followed by the words «without limitation», except the context requires otherwise.
1.2.4 As used in the Management Regulations, the terms «herein», «hereof» and «hereunder» shall refer to the Man-
agement Regulations in their entirety.
1.2.5 Any references in the Management Regulations to a «section», «article» or «schedule» shall, unless otherwise
specified, refer to a section, article or schedule, respectively, of the Management Regulations;
1.2.6 References herein to:
(a) any statute or statutory instrument or governmental regulation shall be deemed to include any modification,
amendment, extension or re-enactment thereof; and
(b) any agreement or document (including the Management Regulations) shall be deemed to include references to
such agreement or document as varied, amended, supplemented or replaced from time to time.
2. AELF
2.1 Formation
2.1.1 AELF is formed by the Management Company under the laws of the Grand Duchy of Luxembourg as a mutual
investment fund (fonds commun de placement or FCP) on the date hereof.
(C x D1)
D
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2.1.2 AELF is an unincorporated co-ownership of securities and Assets, managed in the exclusive interests of the
Unitholders by the Management Company, and is subject to the 1991 Law and the 1988 Law.
2.2 Acceptance of Management Regulations
By execution of a Subscription Form and subsequent acquisition of Units, each Unitholder, which must be an Institu-
tional Investor, is deemed to fully accept the 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
The liability of each Unitholder for the debts and obligations of AELF shall be limited to the amount of its Commit-
ment.
2.4 Investment Structure
AELF may make investments through intermediate vehicles, which may be Wholly Owned Subsidiaries, Subsidiaries
or other vehicles owned for less than 30 per cent by AELF, or companies jointly-owned by AELF, for 50 per cent or
more, as a co-investor in accordance with co-investment agreements. The sole purpose of such intermediate vehicles
shall be to own directly or indirectly Real Estate acquired in accordance with the Investment Objectives, Investment
Restrictions, Investment Guidelines, Investment Strategy and Investment Targets. AELF will ensure, at any time, that it
can control the investments made through the intermediary vehicles held for 50 per cent or more. The securities of
intermediate vehicles will be issued in registered form only. The majority of the managers of the intermediate vehicles
held for 50 per cent or more, excluding the jointly owned companies, will be Managers appointed by the Promoter or
managers representing the Promoter. The accounts of the intermediate vehicles held for 50 per cent or more, excluding
the jointly owned companies, will be audited by the Auditor or an entity of its group. Furthermore, in the semi-annual
and annual accounts of AELF, the intermediate vehicles held for 50 per cent or more, excluding the jointly owned com-
panies, will be consolidated and therefore the accounts of AELF will list the investments held via these entities. Finally
the Custodian will be able to perform its legal duties in relation to intermediate vehicles held for 50 per cent or more,
including the jointly owned companies.
3. The Management Company
3.1 Incorporation
The Management Company was incorporated by MGM EUROPE PTY LIMITED on 20 November 2006, as a private
limited liability company i.e. a société à responsabilité limitée under the laws of the Grand Duchy of Luxembourg (and
in particular under chapter 14 of the 2002 Law) with an unlimited duration and has its registered office at 2-8, avenue
Charles de Gaulle, L-1653 Luxembourg, Grand Duchy of Luxembourg. The Articles of Incorporation have been pub-
lished in the Mémorial on 4 December 2006. The Management Company is registered with the Luxembourg trade and
companies register under number B 121.702 and is managed by its Board.
3.2 Powers and Responsibilities
3.2.1 The Management Company is vested with the broadest powers to administer and manage AELF in accordance
with the Management Regulations and Luxembourg law and regulations (including IML Circular 91/75 dated 21 January
1991) and in the exclusive interest of the Unitholders, subject to the restrictions set forth hereafter, to exercise all of
the rights attaching directly or indirectly to the Assets.
3.2.2 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 AELF and references herein to the Management Company performing any action shall be
deemed to be in such capacity, unless otherwise stated. The intention of the Management Company is the creation,
administration and management of AELF.
3.2.3 The Management Company shall have the exclusive authority with regard to any decisions related to AELF not
delegated or attributed to another entity or service provider pursuant to the Management Regulations.
3.2.4 The Management Company shall supervise AELF, the Investment Advisor, the Property Managers, the Central
Administration Agent, the Registrar and Transfer Agent and the Paying Agent in the performance of their duties further
specified hereunder.
3.2.5 The Management Company shall cause any intermediary vehicles held for 50 per cent or more by AELF to com-
ply with the Management Regulations, where applicable.
3.2.6 Subject to the provisions of articles 13, 14 and 61 of the 1988 Law, in performing its functions under the Man-
agement Regulations, the Management Company shall act with due diligence and in good faith in the best and exclusive
interests of the Unitholders.
3.3 Delegation
3.3.1 The Management Company shall have the general right to delegate any management or administration functions
in respect of AELF, including advisory functions, asset management, property management, insurance, administration and
accounting services, to one or more service providers on such terms as it shall decide in its sole discretion, subject to
any limitations under Luxembourg laws and regulations or contained herein.
3.3.2 The Management Company shall notify the CSSF of any appointment or replacement respectively of the Invest-
ment Advisor or other service provider(s) in accordance with Luxembourg law. The Management Company shall further
provide the Unitholders with a copy of such notification at their respective addresses as shown in the register of
Unitholders.
3.4 Management of the Management Company
3.4.1 The Board shall be responsible for the strategic direction and management of the Management Company and
of AELF and the formulation of the policies to be applied by the Management Company, including the adoption of
Budgets and Business Plans. Without limitation to the Board’s responsibilities under this article, save for such matters
which require confirmation by the Investment Committee and/or by the General Meeting of Unitholders, as the case
may be, matters in relation to the direction and management of AELF shall be determined by the Board.
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3.4.2 The maximum number of Managers is 4 and the minimum number of Managers is 2.
3.4.3 For so long as the Management Company and the Promoter are members of the MACQUARIE GOODMAN
GROUP, the Promoter will be entitled to appoint all the Managers.
3.4.4 Managers who are not Representatives of MACQUARIE GOODMAN may be paid, out of the Assets, a remu-
neration for their services in accordance with market standards. The Management Company shall, out of the Assets,
meet the Manager’s reasonable and documented expenses incurred when travelling to and from meetings of the Board
or committees of the Board, Unitholder meetings or general shareholder meetings of the Management Company.
3.4.5 The Board must meet at least once every quarter unless otherwise agreed by the Managers.
3.4.6 The quorum for a Board meeting is two Managers. If a quorum is not present the meeting is adjourned to the
same time and place on the second Business Day after that. The Managers may meet either in person or by telephone
or videoconference.
3.4.7 At a meeting of the Board, each Manager has one vote.
3.4.8 The Board may pass a resolution without a meeting being held if all of the Managers entitled to vote on the
resolution concerned sign one or more identical document(s) containing a statement that they are in favour of the res-
olution set out in the document (i.e. by way of a circular resolution).
3.4.9 Unless otherwise agreed by all Managers, all meetings of the Board are to be held, and chaired from, outside of
the UK and The Netherlands. Board meetings will generally be held in Luxembourg. For the avoidance of doubt, the
presence of a Manager at a Board meeting includes personal attendance, attendance by proxy and attendance by tele-
phone or video conference.
3.4.10 The Management Company will be bound by the signature of any two (2) Managers.
3.5 Removal of the Management Company
Unitholders may elect to remove the Management Company by passing a resolution with a Simple Majority (the Units
of MACQUARIE GOODMAN being excluded for both the quorum and majority requirements) if a court of first in-
stance passes a judgment that the Management Company has been Fraudulent or has committed any Wilful Misconduct
or has been Grossly Negligent in the performance of its duties under the Management Regulations. Pursuant to the 1988
Law, such removal will only be effective at the moment a successor management company takes over the functions of
the Management Company and such successor management company has obtained the approval of the CSSF.
4. Investment Committee
4.1 Role of the Investment Committee and liability of appointees
The Investment Committee is a body constituted as a forum for appointees of Unitholders, to meet with appointees
of the Management Company in a consultative and confirmatory role. For the removal of doubt, the role and responsi-
bility of the Investment Committee in respect of affairs of AELF are limited to the confirmation of Investment Commit-
tee Reserved Matters.
The appointees do not assume the authority, responsibility or liability of Managers. No decision, act, delay or omis-
sion of the Investment Committee will render the appointees liable to the Board, the Management Company or the
Unitholders. Where an appointee of the Investment Committee is a Manager, that Manager assumes no additional lia-
bilities as an appointee of the Investment Committee.
The Management Company shall indemnify and hold harmless out of the Assets the members of the Investment Com-
mittee (each an «Indemnitee») against all actions, proceedings, reasonable costs, charges, expenses, losses, damages or
liabilities incurred or sustained by an Indemnitee as a result of the execution or discharge by the Indemnitee of its duties,
powers, authorities or discretions as a member of (or the nominator of a member of) the Investment Committee unless
such actions, proceedings, costs, charges, expenses, losses, damages or liabilities resulted from Fraud, Gross Negligence
or Wilful Misconduct committed by the relevant Indemnitee. Each Unitholder will not be individually obligated with re-
spect to such indemnification beyond its Commitment.
4.2 Investment Committee members
The Investment Committee will be composed of a minimum of 5 members, consisting of 2 Management Company
appointees and a minimum of 3 Unitholder appointees.
4.3 Management Company appointees
(a) The Management Company will appoint 2 members to the Investment Committee.
(b) The Management Company may in its absolute discretion change its appointees to the Investment Committee.
4.4 Unitholder appointees
(a) Any Unitholder or group of Unitholders advised by the same party holding more than 10 per cent of the Com-
mitted Funds (other than MACQUARIE GOODMAN) will be entitled to appoint 1 member to the Investment Com-
mittee. These members will remain members of the Investment Committee indefinitely unless they are removed by the
Unitholder or group of Unitholders by whom they were appointed and subject to article 4.4 (f). For the avoidance of
doubt it is expressly stated that if the Management Company issue Units in consideration for a contribution in kind for
which the existing Unitholders cannot use their preferential subscription right as provided for in article 8.2.4 (i), those
newly issued Units will not be taken into account for the computation of the above mentioned 10 per cent limit.
(b) The Management Company will convene an Extraordinary General Meeting of Unitholders within 3 months of the
Allotment Date for Unitholders (other than MACQUARIE GOODMAN and Unitholders or groups of Unitholders man-
aged by the same party who appoint a member under 4.4 (a)) to appoint further Unitholder appointees to the Invest-
ment Committee. The number of further Unitholder appointees will be a minimum of 2 and will be 3 to the extent that
no member is appointed under article 4.4 (a). For the avoidance of doubt, neither Macquarie Goodman nor Unitholders
or groups of Unitholders managed by the same party who appoint a member under 4.4 (a) will be considered for the
applicable quorum and majority requirements.
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(c) Initially, the Unitholder appointees to the Investment Committee under article 4.4 (b) will be appointed for the
following terms:
(i) one Unitholder appointee: 3 years;
(ii) one Unitholder appointee: 2 years; and
(iii) one Unitholder appointee (if required): 1 year.
(d) Subject to article 4.4 (a) and article 4.4 (c), each Unitholder appointment is valid for 3 years after which the
Unitholder appointee must resign and may stand for re-election by a General Meeting of Unitholders.
(e) Any Unitholder (other than MACQUARIE GOODMAN and Unitholders or groups of Unitholders managed by
the same party who appoint a member under 4.4 (a)) will be entitled to propose a Unitholder appointee towards the
appointment envisaged under article 4.4 (b) and where more nominations are received than positions are available, the
candidate with the highest number of votes will be elected as the Unitholder appointee. There will be no quorum for
such ballot. If such ballot is held at an Annual General Meeting, it must be listed in the convening notice and on the
agenda of such meeting. If there are no nominations received, the Management Company will nominate the relevant
Unitholder appointee(s). MACQUARIE GOODMAN and any Unitholders that appoint an Investment Committee mem-
ber under article 4.4 (a) will not vote on such appointments.
(f) A Unitholder appointee must resign as a member of the Investment Committee in the following circumstances:
(i) if the Investment Committee member is appointed under article 4.4 (a) and the holding of the relevant Unitholder
or group of Unitholders advised by the same party in aggregate subsequently falls below 10 per cent of Committed
Funds; or
(ii) if the Unitholder appointee ceases to be an Affiliate of the relevant Unitholder.
4.5 Chairperson
(a) The Management Company will in its sole discretion appoint one of the Management Company appointees to be
the chairperson of the Investment Committee.
(b) The chairperson of the Investment Committee does not have an additional or casting vote.
4.6 Notice of meetings
4.6.1 Unless all the appointees to the Investment Committee agree otherwise, each appointee must receive from the
Management Company a notice of each Investment Committee meeting in writing or by e-mail (followed by a fax
message). The notice must be written in English.
4.6.2 The notice of meeting for a quarterly meeting must be sent by the Management Company to each appointee to
the Investment Committee not less than 5 Business Days before the relevant meeting and must include an agenda and
background papers relevant to any item on the agenda and a report (in a form agreed by the Investment Committee)
referred to in article 21.1 of the Management Regulations in respect of the previous quarter.
4.6.3 The notice of meeting for any other meeting must be sent by the Management Company to each appointee to
the Investment Committee at least 5 Business Days before the relevant meeting and must include an agenda and back-
ground papers relevant to any item on the agenda.
4.6.4 Unless all appointees to the Investment Committee otherwise agree, a meeting of the Investment Committee
may only resolve matters specifically described in that agenda.
4.6.5 The appointees to the Investment Committee may, by a unanimous decision, waive or reduce the above notice
periods.
4.7 Location of meetings
Unless otherwise agreed by all appointees to the Investment Committee, all meetings of the Investment Committee
are to be held, and chaired from, outside of the UK and the Netherlands. Investment Committee meetings will generally
be held in Luxembourg. For the avoidance of doubt, presence of an appointee at an Investment Committee meeting
includes personal attendance, attendance by proxy and attendance by telephone or video conference.
4.8 Frequency of meetings
The Investment Committee must meet at least once every quarter unless otherwise agreed by the appointees or
requested by the Management Company. The Management Company on an annual basis must propose the Business Plan
and the Investment Committee may, by approving the Business Plan, agree to the dates for the quarterly meetings of
the Investment Committee for each calendar year. To the extent possible, quarterly meetings of the Investment Com-
mittee will be held within 6 weeks after the end of each quarter. Any changes to the agreed dates must be agreed to by
a Simple Majority and prior notice must be given to all appointees of the Investment Committee.
4.9 Investment Committee quorum
4.9.1 The quorum for an Investment Committee meeting is 3 appointees with a minimum of 1 Management Company
appointee and 2 Unitholder appointees.
4.9.2 If an individual is attending an Investment Committee meeting both as an appointee and as a proxy or in another
capacity, the chairperson must, in determining whether a quorum is present, count the individual in respect of each such
capacity.
4.9.3 If a quorum is not present, the meeting is adjourned to the same time and place on the second Business Day
after that. For the avoidance of doubt, this meeting will be subject to the quorum requirements under article 4.9.1.
4.10 Votes of appointees
4.10.1 At a meeting of the Investment Committee, each appointee has one vote. For a resolution of the Investment
Committee to be approved, at least two Unitholder appointees entitled to vote must vote in favour.
4.10.2 Each of the matters listed in Part A of the Investment Committee Reserved Matters requires the confirmation
by a Simple Majority of the Investment Committee and each of the matters listed in Part B of Investment Committee
Reserved Matters requires the confirmation by a Special Majority of the Investment Committee.
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4.10.3 All transactions involving more than 1 party that is a member of the MACQUARIE GOODMAN GROUP are
considered exclusively by the Unitholder appointees of the Investment Committee (and not by the appointees of the
MACQUARIE GOODMAN GROUP).
4.11 Circulating resolutions
The Investment Committee may pass a resolution without a meeting being held if all of the appointees to the Invest-
ment Committee entitled to vote on the relevant resolution sign one or more identical document(s) containing a state-
ment that they are in favour of the resolution set out in the document. All Investment Committee appointees will
receive a copy of the duly signed circular resolution.
4.12 Minutes of an Investment Committee meeting
The minutes of each meeting of the Investment Committee will be drafted and signed by the chairman.
4.13 Removal or resignation of a member of the Investment Committee
A member of the Investment Committee may resign at any time by giving written notice to the Management Com-
pany. The acceptance of a resignation shall not be necessary to make it effective. A Unitholder appointee appointed in
accordance with article 4.4 (b) may be removed with or without cause by a Simple Majority of Unitholders (excluding
the votes of MACQUARIE GOODMAN and of any Unitholders that appointed an Investment Committee member
under article 4.4 (a)).
Any vacancy of a Management Company appointee to the Investment Committee caused by resignation (whether
automatic or otherwise), removal or death shall be filled by a substitute designated by the Management Company in its
sole discretion.
Any vacancy of a Unitholder appointee on the Investment Committee caused by resignation (whether automatic or
otherwise), removal or death shall be filled by a member approved by a majority vote of the remaining Unitholder ap-
pointees of the Investment Committee, and the successor appointee shall hold office until the next General Meeting of
Unitholders. In case of vacancy of 2 or more Unitholder appointees a General Meeting of Unitholders will be convened
by the Management Company in order to appoint their substitutes. Such meeting will be held in accordance with the
relevant provisions of article 4.4 and determine the duration of their terms.
4.14 Expenses and remuneration of appointees
The Management Company will pay, out of the Assets, the reasonable and documented expenses of the appointees
incurred when travelling to or from meetings of the Investment Committee. Appointees appointed in accordance with
article 4.4 (b) may be paid, out of the Assets, a remuneration for their services as an Investment Committee appointee
in accordance with market standards.
5. Service providers
5.1 Custodian
The Management Company appointed the Custodian as custodian of AELF’s assets pursuant to an agreement dated
on or about the date hereof. The Custodian is a société en commandite par actions incorporated under the laws of the
Grand Duchy of Luxembourg whose registered office is at 2-8, avenue Charles de Gaulle, L-1653 Luxembourg, Grand
Duchy of Luxembourg and is a credit institution within the meaning of the Luxembourg law dated 5 April 1993, relating
to the financial sector, as amended.
5.1.1 The Custodian will carry out the ordinary duties of a Luxembourg investment 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 Management Company, the Custodian will execute financial transactions and provide banking
facilities to AELF.
5.1.2 The Custodian will, further, in accordance with applicable laws and regulations:
(a) ensure that the sale, issue, transfer, repurchase and cancellation of the Units effected on behalf of AELF or by the
Management Company are carried out in accordance with applicable law and the Management Regulations;
(b) carry-out the instructions of the Management Company, unless they conflict with applicable law or the Manage-
ment Regulations;
(c) ensure that in transactions involving the Assets, any consideration is remitted to it within the settlement dates; and
(d) ensure that the income attributable to AELF is applied in accordance with the Management Regulations.
5.1.3 The Custodian may on a bona fide basis and under its responsibility entrust the safekeeping of all or part of the
Assets, 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 Company and the Unitholders shall not be affected by the fact that it has en-
trusted the safekeeping of all or part of the Assets in its care to a third party. The Custodian may, in its discretion but
subject to the approval of the Management Company, entrust any bank or trust company or recognized clearing agency
(hereinafter referred to as a «Correspondent») with the custody of securities.
5.1.4 The rights, duties, remuneration and fees of the Custodian are governed by the Custodian Agreement.
5.1.5 A) Subject to article 5.1.5(B) hereafter either the Custodian or the Management Company on behalf of AELF,
or any Subsidiary in relation to its rights and obligations under the Custodian Agreement only, may terminate the Cus-
todian Agreement (i) by giving to the other party hereto a notice in writing specifying the date of such termination which
shall not be less than 90 days after the date of giving such notice, or (ii) at any time if the other party shall go into liqui-
dation (except a voluntary liquidation for the purposes of reconstruction or amalgamation upon terms previously ap-
proved in writing by the Management Company or the Custodian, as the case may be, where any voluntary liquidation
of a Subsidiary for purposes of reconstruction or amalgamation shall however not require consent from the Custodian)
or be unable to pay its debts generally or commit any act of bankruptcy under the laws of Luxembourg or if a receiver
is appointed of any of the Assets of AELF or the Custodian or if some event having an equivalent effect occurs, or (iii)
at any time if the other party shall commit any material breach of its obligations under the Custodian Agreement and (if
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such breach shall be capable of remedy) shall fail within thirty (30) consecutive calendar days of receipt of notice served
by the Management Company and the Subsidiaries or the Custodian, as the case may be, requiring such other party to
make good such breach to the extent capable of remedy or (iv) at any time if the relevant Luxembourg or other super-
visory authority withdraws its authorisation of any party.
B) In case of termination by the Custodian in article 5.1.5 (A)(i) above, the Custodian shall not be entitled to terminate
its obligations unless and until a replacement custodian, satisfactory to the Management Company and approved by the
CSSF, has been appointed, such appointment having to take place within two (2) months to act as Custodian on behalf
of AELF and the Subsidiaries, and to assume the responsibilities and functions of the Custodian as set forth in the Cus-
todian Agreement. In the event of termination in (ii), (iii) or (iv) in article 5.1.5 (A) above, the Custodian shall, if termi-
nated by the Management Company and all of the Subsidiaries, continue thereafter at the discretion of the Management
Company, for such period as may be necessary for the complete delivery or transfer of all Assets held hereunder as
herein provided. Upon termination, AELF and the Subsidiaries each shall pay to the Custodian on behalf of itself and the
Subsidiaries such fees as may be due as of the date of such termination and shall likewise reimburse the Custodian for
reasonable out-of-pocket expenses, as required by the Custodian Agreement. The Custodian may not be removed by
the Management Company unless a new custodian is appointed and the duties of the Custodian shall continue thereafter
for such period as may be reasonably necessary to allow the transfer of all Assets of AELF and the Subsidiaries to the
succeeding custodian. The Custodian shall, in the event of termination of the Custodian Agreement, promptly deliver
or cause to be delivered to any succeeding custodian, in bearer form or duly endorsed in form for transfer, all Assets
of AELF and the Subsidiaries with or held by it hereunder and all certified copies and other documents referred to in
the Custodian Agreement hereto in its possession which are valid and in force at the date of termination.
5.1.6 The Management Regulations and the Information Memorandum shall be updated to reflect the appointment of
a new custodian.
5.2 Central Administration Agent
The Central Administration Agent will be responsible for all administrative duties required in respect of AELF by
Luxembourg law, including bookkeeping and calculation of the Current Unit Value in accordance with the Management
Regulations and IFRS.
5.3 Paying Agent
The Paying Agent will be responsible for receiving payments for subscriptions for Units and depositing such payments
in AELF’s bank account. If applicable, upon and in accordance with the instructions of the Board, 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 the 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 the Management Regulations, and in
connection therewith accepting transfers of funds, safekeeping of the register of Unitholders, the mailing of statements,
reports, notices and other documents to the Unitholders, and the maintenance of a record of the Commitment and the
Contributed Capital of each Unitholder.
5.5 Third party holders
The Assets shall be held by the Custodian on behalf of the Unitholders according to the terms of the Management
Regulations and shall be segregated from the assets of the Management Company. The Assets may be held by corre-
spondents or other agents appointed by the Management Company in compliance with Luxembourg law and the consent
of the Custodian, with copies of documents evidencing ownership sent to the Custodian.
5.6 Property Manager
The Management Company will, for and on behalf of AELF, delegate the day-to-day property management functions
on an asset-by-asset basis, according to the nature and location of the relevant property. The Property Manager may be
an external entity. The Management Company and/or the Investment Advisor or an Affiliate thereof can also be nomi-
nated as the Property Manager provided it has the local property management experience required in respect of the
relevant asset.
6. Investment Advisor
The Management Company has appointed ARLINGTON PROPERTY INVESTMENT MANAGEMENT LIMITED as
AELF’s Investment Advisor. The Investment Advisor will, subject to the overall supervision and liability of the Manage-
ment Company: (1) supply the necessary personnel and resources to the Management Company to allow the Manage-
ment Company to perform certain of its obligations under the Management Regulations (including the provision of
investment advice but excluding the making of any investment decisions) in accordance with AELF’s Investment Objec-
tives, Investment Strategies, Investment Restrictions, Investment Guidelines and Investment Targets (as set out in sec-
tion 5 of the Information Memorandum); and (2) provide such other services as may be delegated or directed by the
Management Company and accepted by the Investment Advisor. The Investment Advisor will perform all those obliga-
tions of the Management Company under the Management Regulations which constitute regulated activities under the
Financial Services and Markets Act 2000 (UK) (other than investment management activities).
In accordance with the terms of the Management Regulations and the Information Memorandum, the Board may re-
quest that the Investment Advisor advise on, and/or direct the Investment Advisor to execute for the Management
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Company acting for and on behalf of AELF, decisions, agreements, deeds, contracts or any other transaction documents
in respect of any investment of AELF or any disposal of an investment of AELF.
The Investment Advisory Agreement shall terminate automatically upon completion of the liquidation of AELF, pro-
vided that it may be terminated earlier in accordance with its article 11.
7. Investment Objectives and Investment Restrictions
7.1 Investment Objectives
Any change to the Investment Objectives requires the prior approval of a Special Majority of Unitholders and the
CSSF and needs to be published in accordance with Luxembourg law.
The Investment Objectives are:
(a) to provide institutional investors with a long-term investment opportunity, alongside MACQUARIE GOODMAN,
in a diversified portfolio of prime pan-European Logistics Real Estate; and
(b) to deliver stable, income driven returns with potential for income growth and capital appreciation.
7.2 Investment Restrictions
Any change to the Investment Restrictions requires the prior approval of a Special Majority of Unitholders and the
CSSF and needs to be published in accordance with Luxembourg law.
7.2.1 Asset Diversity
(a) AELF will hold, either directly of indirectly, 100 per cent of its Real Estate investments in logistics/industrial assets.
(b) A maximum of 25 per cent of AELF’s gross assets may be invested in Light Industrial property.
(c) As from 2 years after Allotment Date, the maximum exposure to a single asset will constitute no more than 20
per cent of AELF’s gross assets.
7.2.2 Geographic Diversification
AELF will hold 100 per cent of its Real Estate located either in one or more of the Member States of the European
Union or the Accession States (excluding the UK and Greece).
7.2.3 Leverage
AELF and the Subsidiaries, on a consolidated basis, will not incur a Leverage of more than 60 per cent of AELF’s gross
assets at all times. Any Leverage shall be non-recourse to the Unitholders.
8. Issuance of Units and Call Notices
8.1 Description of the Units
8.1.1 The Units
Units will be issued in registered form only. The Management Company may in its sole discretion, for and on behalf
of AELF, issue Units on each Valuation Date.
Units may only be offered to Institutional Investors. At no time during the lifetime of AELF may Units be offered to
physical persons or other non-Institutional Investors. The register of the Unitholders is conclusive evidence of owner-
ship. The Management Company will treat the registered owner of Units as the absolute and beneficial owner thereof.
8.1.2 Unit Classes
The Management Company may offer different Classes which may carry different rights and obligations, inter alia,
with regard to their distribution policy, their voting entitlements, their minimum initial investment, the minimum amount
which needs to be paid in at the date of issue of the relevant Class or their target Investors. Such Classes may be
launched from time to time upon decision by a Simple Majority of Unitholders.
Unitholders of the same Class will be treated equally pro rata to the number of Units held by them.
Initially, only one (1) Class is being issued at the Allotment Date, i.e. the «Ordinary Class». For the avoidance of
doubt, Ordinary Units issued in the Ordinary Class at the Allotment Date will be partly paid in Units. After the Allot-
ment Date, additional Ordinary Units may be issued in accordance with article 8.2.4 of the Management Regulations.
The Management Regulations and the Information Memorandum will be amended accordingly upon the issue of one
or more additional Class(es). Additional Class(es) of fully paid in Units may be issued either during the Commitment
Period as consideration for assets contributed to AELF or thereafter.
8.2 Subscription matters
8.2.1 Reference currency
The accounts of AELF will be denominated in, and the reference currency will be, the Euro.
8.2.2 Target size
The target size of AELF is approximately six hundred and twenty-five million euro (EUR 625,000,000.-) of Committed
Funds on Allotment Date. The Management Company reserves the right to accept Commitments totalling less than, or
in excess of, this amount.
8.2.3 Minimum and maximum applications
The maximum Commitment a single Investor (excluding Macquarie Goodman Group) may hold is 20 per cent of the
Committed Funds (including both the initial and any subsequent subscription(s) during the Initial Offer Period, the Com-
mitment Period and thereafter).
The minimum Commitment for which one single Investor may apply for under the Offer is ten million euro (EUR
10,000,000.-).
8.2.4 Issue of Units
(a) Investors wishing to subscribe for Units must execute a Subscription Form, which upon acceptance will be coun-
ter-signed by the Management Company. The Subscription Form includes a Commitment to pay whole or part of the
committed amount upon request by the Management Company, in exchange for partially or fully paid in Units.
(b) The Management Company in its absolute discretion has the right to accept or reject, in full or in part, any appli-
cation to subscribe for Units and may further restrict or prevent the ownership of Units by specific categories of per-
111814
sons. In this respect, the Management Company may require any subscriber to provide it with any information that it
may consider necessary for the purpose of deciding whether or not such person is eligible to subscribe for Units.
(c) Ordinary Units will be issued at the Initial Issue Price on the Allotment Date. For the avoidance of doubt, new
subscriptions for Ordinary Units may only be accepted after the earlier of the end of the Commitment Period or the
date on which all the Ordinary Units have been fully paid in. After this date, additional fully paid in Ordinary Units may
be issued at the then applicable Current Unit Value plus allowances for issue costs and transaction costs previously
incurred by AELF.
(d) The Management Company may accept subscriptions for Units in another Class than the Ordinary Class against
one or more contribution(s) either in kind or in cash, upon approval of the Unitholder meeting, a specific valuation from
the External Appraiser in case of a contribution in kind and in accordance with Luxembourg law.
Units in another Class than the Ordinary Class may only be issued as fully paid in Units.
For each Subscription Period each duly executed Subscription Form by an Investor willing to subscribe for Units
(other than Ordinary Units) must be received prior to 5.00 p.m. GMT at the registered office of the Management Com-
pany at least 10 Business Days prior to the relevant Valuation Date.
A Subscription Form that has not been received within the time frame indicated in the above paragraph will be con-
sidered at the next following Valuation Date. A Subscription Form is deemed rejected if it is not accepted at the next
following Valuation Date.
(e) Units issued against application moneys in the form of a cheque or other payment order (other than in cleared
funds) are void if the cheque or payment order is not cleared within 5 Business Days (or other period stated in a relevant
disclosure document) of being presented for payment.
(f) Units are deemed to be issued when:
(i) the Management Company accepts the application; and
(ii) the application money, or the property which is acceptable to the Investment Committee against which Units are
to be issued, have been received by the Custodian.
(g) The number of Units issued in respect of a subscription for Units will be calculated as follows:
(i) for the Ordinary Units issued on the Allotment Date, by dividing the Commitment by the Initial Price, irrespective
of the amount to be paid in per Unit;
(ii) for any other partially paid in Units, by dividing the Commitment by the relevant issue price, irrespective of the
amount paid in per Unit;
(iii) for any fully paid in Units, by dividing the amount drawn down and paid in under the Commitment, or the value
of the relevant property paid in by the applicable Current Unit Value plus allowances for issue costs and transaction
costs previously incurred by AELF; and
(iv) by rounding down to the nearest Unit; and
(v) any residual amount will become an Asset.
(h) For the issue of Units, other than where Units are issued as consideration to acquire direct or indirect property
interests, existing Unitholders will have a pro rata preferential subscription right to acquire new Units, in accordance
with the following:
(i) the Management Company gives written notice to all (and not only some) the Unitholders of the relevant Class
that it anticipates to accept new subscriptions in the relevant Class on a pro rata basis and further indicates the relevant
subscription price;
(ii) ten (10) Bank Business Days of the date of such notice (the «Notice Period»), the Unitholders concerned must
give written notice to the Management Company whether or not each one of them is willing to subscribe for any, and
if so what number, of the subject Units (at the subscription price indicated by the Management Company);
(iii) after the Notice Period, the Management Company may offer to third parties, being Institutional Investors, to
subscribe for those Units which have previously not been subscribed for by the existing Unitholders;
(iv) the Management Company will issue the subject Units to the existing Unitholders and/or the relevant third parties
at the same Valuation Day.
8.2.5 Commitment Period and Call Notices
(a) Unitholders acknowledge that the Management Company may require further funding to fund Investment Pro-
posals or Financing Proposals which are confirmed by the Investment Committee during the Commitment Period.
(b) The Management Company may, at any time and for each Class, draw down Uncalled Commitments on a pro rata
basis, in such instalments as the Management Company considers in its sole discretion will be needed to fund Investment
Proposals or Financing Proposals.
(c) Investors will be required to pay in their Uncalled Commitments by way of one or more drawdown(s), pursuant
to the terms of Call Notices.
(d) Each Call Notice will provide for at least ten (10) Business Days’ prior written notice for payment by the Investor
of an amount in Euro no greater than its Uncalled Commitment. The above notice period may be reduced with the
approval of all the Investors.
(e) At the end of the Commitment Period, Unitholders holding Ordinary Units will be released from any further
obligation with respect to their remaining Uncalled Commitments (if any).
8.2.6 Defaulting Unitholder
If a Unitholder fails to make any payment required to be made pursuant to a Call Notice within 7 Business Days
following the date required for payment of such Call Notice, the Management Company may, in its sole discretion (such
discretion to be exercised and applied in good faith and consistently over time), declare such Unitholder to be a
«Defaulting Unitholder».
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Unless waived by the Management Company, distributions to the Defaulting Unitholder will be set off or withheld
until any amount owed to AELF has been paid in full.
In addition, the Management Company may take any of the following actions:
(a) during the Commitment Period, compulsorily cancel a certain amount of the partially paid in Ordinary Units (with
the corresponding Uncalled Commitments, if any) in order to increase the overall liberation of the remaining Units of
the Unitholder concerned to the level determined in the applicable Call Notice; or
(b) otherwise reduce or terminate the Defaulting Unitholder’s Commitment.
Regarding item (a) above, the Management Company may simultaneously issue, on a discretionary basis, the corre-
sponding amount of Units (with the corresponding Uncalled Commitments, if any) to one or more Investor(s) at the
then applicable Current Unit Value plus any additional amount payable under the Call Notice which will be charged in
favour of AELF, it being understood that the relevant provisions contained in article 8.2.4 (i) (pro rata preferential sub-
scription right) are applicable.
Unitholders may further be delivered an additional Call Notice to make up any shortfall of a Defaulting Unitholder
(not to exceed each Unitholder’s Uncalled Commitment).
8.2.7 Prevention of money laundering
Pursuant to the Luxembourg law of 12 November 2004 on the combat of money laundering, and fight against terror-
ism and to the circulars issued by the CSSF, obligations have been imposed on all professionals of the financial sector to
prevent the use of undertakings for collective investment for money laundering purposes.
Within this context a procedure for the identification of Investors has been imposed. Namely, the Subscription Form
entered into by an Investor must be accompanied by a copy of the subscriber’s articles of incorporation and, where
applicable, an extract from the commercial register is required (any such copy must be certified to be a true copy of
the original by one of the following authorities: ambassador, consul, notary or police officer).
Any information provided to AELF in this context is collected for anti-money laundering compliance purposes only.
AELF will not accept the investment of funds by natural persons or entities acting, directly or indirectly, in contra-
vention of any applicable money laundering regulations or conventions of the United States or other international juris-
dictions, or on behalf of terrorists, terrorist organisations or narcotics traffickers, including those persons or entities
that are included on any relevant lists maintained by the United Nations, the North Atlantic Treaty Organisation, the
Organisation for Economic Cooperation and Development, the Financial Action Task Force, the U.S. Central Intelli-
gence Agency, and the U.S. Internal Revenue Service, all as may be amended from time to time («Prohibited Invest-
ments»). The Investor will need to represent and warrant that the proposed subscription for Interests in AELF, whether
made on the Investor’s own behalf or, if applicable, as an agent, trustee, Representative, intermediary, nominee, or in a
similar capacity on behalf of any other person or entity, nominee account or beneficial owner, whether a natural person
or entity (each an «Underlying Beneficial Owner»), is not a Prohibited Investment and further represents and warrants
that the Investor will promptly notify AELF of any change in its status or the status of any Underlying Beneficial Owner(s)
with respect to its representations and warranties regarding Prohibited Investments.
AELF is, or may in the future become subject to, money laundering statutes, regulations and conventions of the United
States or other international jurisdictions, and the Investor is to agree to execute instruments, provide information, or
perform any other acts as may reasonably be requested by the Management Company, or other authorised represent-
atives of AELF, for the purpose of: (i) carrying out due diligence as may be required by applicable law to establish the
identity of (A) the Investor, (B) any Underlying Beneficial Owner(s) of the Investor, (C) any investors, partners, mem-
bers, directors, officers, beneficiaries or grantors of the Investor and (D) any investors, partners, members, directors,
officers, beneficiaries or grantors of the Investor, and any Underlying Beneficial Owner(s) of such investors, partners,
members, directors, officers, beneficiaries or grantors, as applicable; (ii) maintaining records of identities, or verifications
or certifications as to identities; and (iii) taking any other actions as may be required to comply with and remain in com-
pliance with money laundering or related statutes, regulations or conventions applicable to AELF, save where such dis-
closure will constitute a violation of laws and/or regulations applicable to the relevant investor or a breach of one or
more confidentiality agreements by which it is bound.
9. Equal Treatment of Unitholders
Except to the extend permitted or required by the Information Memorandum, the Management Regulations and/or
by applicable law, the Management Company undertakes to Unitholders that it will not,
(a) charge or refund, and will not agree that the Investment Advisor or the Property Manager may charge or refund,
any fee in relation to AELF directly to any Unitholder unless the fee is paid by, or the refund is provided, to all Unithold-
ers pro rata to the number of Units they hold; and
(b) treat any Unitholder any differently from any other Unitholder or require or permit a Unitholder to subscribe
for, or hold, Units on terms which are more or less favourable to the Unitholder than those available to the other
Unitholders except to maintain the confidentiality of the identity of the Unitholder or a member of its group;
the Management Company may however do so upon the agreement of Unitholders with Simple Majority.
The Management Company will notify all Unitholders of any side letter or side arrangement entered into between it,
Macquarie Goodman, or any of its Subsidiaries (on the one hand) and a Unitholder (on the other), but is not required
to disclose the identity of the Unitholder concerned. All Unitholders will be offered the opportunity to enter into such
a side letter on substantially the same terms.
10. Valuation
10.1 Valuations by External Appraisers
(a) During the Financial Year on a rolling quarterly basis, Real Estate owned by AELF or by the Subsidiaries will be
valued by one or more External Appraiser(s) provided further that such valuation may be used throughout the following
Financial Year unless there is a change in the general economic situation or in the condition of the relevant Real Estate
111816
which requires new valuations to be carried out under the same conditions as the annual valuations. The Management
Company may deviate from such valuation if deemed in the interest of AELF and the Unitholders. For the purposes of
the above, the Management Company, for and on behalf of AELF, shall appoint External Appraiser(s) licensed where
appropriate and which operates, or has subcontracted, with the approval of the Management Company, its duties to an
entity which operates, in the jurisdiction where any relevant Real Estate is located and whose appointment is approved
by the Investment Committee, on an annual basis and is also subject to the CSSF’s prior approval; in circumstances
where this External Appraiser is conflicted, the Management Company may appoint one (or several) additional External
Appraiser(s), meeting the same criteria for the valuation of the Real Estate. The first External Appraiser shall be JONES
LANG LASALLE, 22 Hanover Square, London W1A 2BN, UK. The External Appraiser(s) shall not be affiliated with the
Management Company and the Promoter.
(b) In addition, Real Estate may not be acquired or sold unless an External Appraiser has valued them, although a new
valuation is unnecessary if the sale of the Real Estate takes place within 6 months after the last valuation.
Further, the following will apply:
(i) acquisition prices must not be more than 10 per cent higher than the latest valuation; and
(ii) sales prices must not be more than 10 per cent below the latest valuation;
except in exceptional circumstances which are duly justified. In such case, both the Management Company and the
Investment Advisor must justify their decision in the next financial report.
(c) Notwithstanding article 10.1(b), the Management Company may acquire, subject to approval by a Special Majority
of the Investment Committee, an individual Real Estate without obtaining a valuation from the External Appraiser prior
to the acquisition where obtaining a valuation from the External Appraiser prior to the acquisition can prove practically
impossible. An ex post valuation (i.e. a valuation after the acquisition) will however be required from the External Ap-
praiser as quickly as possible after the acquisition.
Such ex post valuations will be the exception, not the rule. Moreover, if the ex post valuation carried out by the
External Appraiser in connection with an individual Real Estate determines a price noticeably lower than the price paid
or to be paid by AELF, the Management Company will justify in the next financial report the reasons for which it believes
that the price paid or to be paid by AELF is justified.
The Management Company will justify the price paid or to be paid by AELF at the occasion of the next meeting of
the Investment Committee.
(d) The Management Company shall ensure that a single firm of External Appraisers does not provide valuations for
more than 2 consecutive years (excluding desk-top valuations) in respect of the same Asset, except after the prior ap-
proval of the Investment Committee by way of Simple Majority.
(e) The names of the appointed External Appraisers will be published in the annual report. The Investors may inform
themselves at the registered office of the Management Company of the names of the External Appraiser of each Real
Estate.
10.2 Calculation of the Current Unit Value
10.2.1 The Current Unit Value (in every Class) shall be expressed in Euro and shall be determined in accordance with
article 10.2.2 by the Central Administration Agent under the supervision of the Board on each Valuation Date. If these
days are not Bank Business Days, the Current Unit Value will be determined on the previous Bank Business Day. For
the avoidance of doubt, it is expressly stated that a desk top valuation is not equivalent to a complete Current Unit
Value computation.
10.2.2 The Current Unit Value shall be determined by dividing the net assets of AELF (calculated in accordance with
the valuation rules below) by the number of Units on issue.
The assets and liabilities of AELF for these purposes shall be determined in the following manner:
(i) Real Estate must be valued by an External Appraiser (as outlined above) on an annual basis and confirmed by a
desktop valuation confirming that there has not been a material movement in the Real Estate’s valuation as from the
Valuation Date (please also refer to article 10.2.3 below);
(ii) the net assets of AELF as at the Valuation Date shall be calculated in accordance with International Financial Re-
porting Standards (IFRS) as determined by the Management Company, subject to the following:
(A) the formation expenses of AELF, up to the amount stated in sections 8.2 and 9 of the Information Memorandum,
shall be recognised as an Asset, including the cost of issuing and distributing Units, insofar as the same have not been
written off; and
(B) the liabilities of AELF shall not include any provision for future taxes based on capital to the extent that the Assets
are held for investment and no current intention exists to dispose of the Assets (as further detailed below in articles
10.2.5 to 10.2.7); and
(iii) the total number of issued Units shall exclude the Units which have been redeemed pursuant to article 8.2.6 but
include Units which may be redeemed pursuant to article 16.
The valuation methodology above will be monitored by the Management Company if market practice changes the
Management Company will submit for the approval of Unitholders amendments to this article 10.2.2.
10.2.3 The Current Unit Value will be rounded down to the nearest Euro cent, as the Management Company shall
determine. If, since the time of determination of the Current Unit Value there has been a material change in relation to
(i) an Asset or (ii) the quotations in the markets on which a substantial portion of the investments of AELF are dealt in
or quoted, the Management Company may, in order to safeguard the interests of both the Unitholders and AELF, cancel
the first determination and carry out a second determination of the Current Unit Value with prudence and in good faith.
10.2.4 The accounts of the Subsidiaries, excluding the jointly owned companies, will be consolidated with the ac-
counts of AELF and accordingly the underlying assets and liabilities will be valued in accordance with the valuation rules
described in this article. Minority interests in quoted real estate companies will be valued on the basis of the last available
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quotation. Minority interests in unquoted real estate companies will be valued on the basis of the probable net realisa-
tion value estimated by the Management Company with prudence and in good faith.
10.2.5 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 Date. If such quotations are not available, the rate of exchange will be
determined with prudence and in good faith by or under procedures established by the Management Company.
10.2.6 For the purpose of this article:
(a) Units to be issued by AELF shall be treated as being on issue as from the time specified by the Board on the Val-
uation Date on which such valuation is made and from such time and until received by AELF the price therefore shall
be deemed to be an Asset;
(b) Units of AELF 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 AELF the price therefore shall be deemed to be a Liability; and
(c) where on any Valuation Date AELF has contracted to:
(i) purchase any Asset, the value of the consideration to be paid for such Asset shall be shown as a Liability and the
value of the Asset to be acquired shall be shown as an Asset;
(ii) sell any Asset, the value of the consideration to be received for such Asset shall be shown as an Asset and the
Asset to be delivered by AELF shall not be included in the Assets;
provided, however, that if the exact value or nature of such consideration or such Asset is not known on such Val-
uation Date, then its value shall be estimated by the Management Company with prudence and good faith.
10.2.7 For the avoidance of doubt, the provisions of this article 10.2, including, in particular, article 10.2.6, are rules
for determining the Current Unit Value and are not intended to affect the treatment for accounting or legal purposes
of the Assets and Liabilities or any Units.
11. Temporary Suspension of the calculation of the Current Unit Value and of the Issue and Redemption of Units
11.1 Temporary Suspension of the Current Unit Value calculation and of the issue and redemption of Units
11.1.1 The Management Company may suspend the determination of the Current Unit Value and of the issue and
redemption of Units:
(a) during any period when, as a result of the political, economic, military or monetary events or any circumstance
outside 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 is not reasonably practicable without materially and adversely affecting and
prejudicing the interests of Unitholders or if, in the opinion of the Management Company, a fair price cannot be deter-
mined for the Assets;
(b) in the case of a breakdown of the means of communication normally used for valuing any Asset or if for any reason
the value of any Asset which is material in relation to the Current Unit Value may not be determined as rapidly and
accurately as required;
(c) if, as a result of exchange restrictions or other restrictions affecting the transfer of funds, transactions on behalf
of AELF are rendered impracticable, or if purchases, sales, deposits and withdrawals of the assets of AELF cannot be
effected at the normal rates of exchange;
(d) during any period when the value of the net assets of any Subsidiary or any Wholly Owned Subsidiary may not
be determined accurately; or
(e) when for any other reason, the prices of any investments cannot be promptly or accurately determined.
11.2 Any such suspension shall be published, if appropriate, by the Management Company and shall, in any event, be
notified by the Management Company to all the Unitholders at the their respective addresses as shown in the register
of Unitholders. The Management Company shall further use all its reasonable best efforts in order to bring such sus-
pension to an end.
12. Conflicts of Interest
12.1 If at any meeting of the Investment Committee or of the Unitholders a matter relates to any agreement between
AELF, a Subsidiary or an intermediary vehicle in which AELF owns less than 30 per cent of the share capital (on the one
hand) and a Unitholder (or any of its Affiliates) or a member of the MACQUARIE GOODMAN GROUP (on the other
hand) (the «Interested Unitholder»), then the member of the Investment Committee appointed by the Interested
Unitholder (the «Interested Appointee») or the Interested Unitholder at the General Meeting of Unitholders (as the
case may be) must declare and, to the extent that he or she is aware of and permitted by law, disclose its interest to
the relevant meeting. Furthermore, neither the Interested Unitholder nor the Interested Appointee may vote on any
such matter.
12.2 The Promoter and the Investment Advisor will inform the Board, which will notify the Investment Committee
thereof, of any business activities in which the Promoter or the Investment Advisor is involved, directly or indirectly,
and which are not related to AELF but could create an opportunity for conflicts of interest to arise in relation to AELF’s
investment activity.
12.3 Furthermore, the Investment Advisor has adopted internal rules and regulations dealing with potential conflicts
of interests within the Macquarie Goodman Group and will have a dedicated team for the acquisition and management
of AELF’s portfolio in order to avoid any conflicts of interests. These internal rules and regulations will be sent by the
Management Company to all the Unitholders at their respective addresses as shown in the register of Unitholders.
12.4 An Interested Appointee at an Investment Committee meeting or a proxy, attorney or Representative of an
Interested Unitholder present at a General Meeting of Unitholders (as the case may be) must not vote on any issue in
connection with an agreement with such Interested Unitholder, including, but not limited to, any decisions to:
(a) terminate any agreement where the Unitholder is an Interested Unitholder; and
(b) waive any provisions of an agreement where the Unitholder is an Interested Unitholder.
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13. Unit Certificates
13.1 Issuance of Unit Certificates
Units will be issued in registered form only and the register of Unitholders which is conclusive evidence of ownership
will be maintained by the Registrar and Transfer Agent.
Upon request by a Unitholder, the Central Administration Agent and the Registrar and Transfer Agent may issue
certificates of the Unitholder’s holding of Units. Such certificates will not have any legal value other than constituting a
simple confirmation of such Unitholder’s holding of Units at the date of its issue.
13.2 Splitting or Consolidating Units
The Management Company may split or consolidate the Units.
14. Transfer of Units (with any uncalled Commitment) and transfer Restrictions
14.1 General
(a) A transfer of Units (with any Uncalled Commitment, if applicable) may be proposed by a Unitholder at any time.
(b) No transfer of Units (with any Uncalled Commitment, if applicable) will become effective unless and until the
terms of the Management Regulations shall be complied with.
(c) Units (together with any Uncalled Commitments, if applicable) may not be transferred without the prior written
consent of the Management Company, which consent may not be withheld unreasonably.
(d) The Management Company will (subject to article 14.2) approve transfers by Unitholders where such a transfer
is to an entity within their Unitholder Group.
(e) The Management Company is entitled to withhold its consent to a proposed transfer if it reasonably considers
that:
(i) the transfer would cause AELF to be liquidated;
(ii) the transfer would violate any applicable law, regulation or any provision of the Management Regulations;
(iii) the transferee is a competitor of AELF or not of similar creditworthiness as the transferor (as reasonable
discerned by the Management Company);
(iv) any drawdown or payment is due and unpaid by the relevant Unitholder;
(v) the transferee’s holding prejudices AELF under any applicable tax legislation; or
(vi) the French 3 Per Cent Tax becomes due.
(f) No transfer of Units will become effective unless and until the transferee agrees in writing to fully and completely
assume any outstanding obligations of the transferor in relation to the transferred Units (and the related Uncalled Com-
mitment, if applicable) under the relevant Subscription Form and agrees in writing to be bound by the terms of the In-
formation Memorandum and the Management Regulations, whereupon the transferor shall be released from (and shall
bear no further liability for) such liabilities and obligations.
14.2 Pre-emptive rights
14.2.1 A Unitholder may not, without the prior written consent of all other Unitholders, sell, assign, transfer or oth-
erwise dispose of its Units to any person other than in accordance with this article where the transfer price is less than
the applicable Current Unit Value.
14.2.2 If a Unitholder wishes, to sell, assign, transfer or otherwise dispose of all or any of its Units at a price less than
Current Unit Value, it (seller) must first advise the other Unitholders (invitees) in writing that the seller wishes to sell
Units and the invitees shall have the opportunity, pro rata in proportion to their respective existing holdings, to purchase
the Units in accordance with the following:
(a) the seller must give notice to the Management Company that it wishes to sell all or some of its Units, specifying
the number of Units to be sold and the price required per Unit (nominated price). The notice from the seller constitutes
an offer to sell the Units specified in the notice (subject Units) at the nominated price and is irrevocable except with
the consent of the Management Company in accordance with article 14.1 of the Management Regulations;
(b) upon receipt of the notice from the seller, the Management Company must, within 10 Bank Business Days, send
a notice (Management Company notice) to each of the invitees stating:
(i) that the seller wishes to sell the subject Units at the nominated price;
(ii) the number of subject Units which have been notionally allocated to the invitee based on its existing holding of
Units (notional allocation); and
(iii) inviting each of the invitees to notify the Management Company, within 10 Bank Business Days after the date of
the Management Company’s notice (subject period), whether it is willing to purchase any, and if so what number, of the
subject Units regardless of the number notionally allocated to the invitee;
(c) if, at the end of the subject period:
(i) each of the invitees has indicated that it is willing to purchase all or more than all of the subject Units notionally
allocated to it, the Management Company will formally allocate the subject Units to the invitees on a pro rata basis in
accordance with the notional allocation;
(ii) where an invitee has failed to indicate that it is willing to purchase or has refused in writing to purchase (failing
investee) then the Units notionally allocated to that failing invitee will be formally allocated:
(A) to each of the invitees who has indicated in writing that it is willing to purchase some or all of the subject Units
notionally allocated to it, that number of subject Units of the failing investee, not being greater than the notional alloca-
tion, which each invitee has indicated that it is willing to purchase;
(B) the balance, if any, of the subject Units to those invitees who indicated that they are willing to purchase more
than the number of subject Units notionally allocated to them provided that, if there is more than one such invitee, the
Management Company will formally allocate the balance of the subject Units to such invitees in proportion to the
number of Units in excess of the notional allocation that each such invitee has so indicated provided further that there
shall not be formally allocated to any invitee more subject Units than that number of subject Units which the invitee in
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question has indicated that it is willing to purchase; this without prejudice to the maximum Commitment of 20 per cent
of the Committed Funds as provided for in article 8.2.3 of the Management Regulations; and
(iii) if following completion of the above procedures some subject Units still remain not formally allocated because
of insufficient willingness on the part of the invitees to purchase subject Units, the seller is free to sell those remaining
subject Units to any third party, being an Institutional Investor at the nominated price provided that such sale is com-
pleted within not more than six (6) months after the end of the subject period.
The provisions of this article do not apply where a Unitholder wishes to sell, assign, transfer or otherwise dispose of
all or any of its Units at a price equal to or greater than the last available Current Unit Value.
14.2.3 Registration of transfers
Where Units are transferred, the following documents must be lodged for registration at the registered office of the
Management Company:
(a) the instrument of transfer (duly stamped if relevant);
(b) the certificate for the Units (if any); and
(c) any other information that the Management Company may require to establish the transferor’s right to transfer
the Units.
14.2.4 Notice of non-registration
If in the exercise of its rights under this article, the Management Company declines to register any transfer of Units,
it must within 5 Bank Business Days after the transfer was lodged with it, give to the person who lodged the transfer
written notice of the decision to decline the registration. Failure to give such notice does not invalidate the decision of
the Management Company.
14.2.5 Notification
Within 7 days of the procedures referred to in article 14.2.2 above, the Management Company must notify the seller
and each of the invitees who indicated it was willing to purchase subject Units of the number of subject Units formally
allocated to it.
14.2.6 Settlement
Unless otherwise agreed by the seller and an accepting invitee, settlement of any sale of any subject Units under this
article must take place at the registered office of the Management Company and within 7 Bank Business Days of the
date of the notice given by the Management Company.
14.2.7 Procedure at Settlement
At settlement of a transfer:
(a) the seller must deliver to each accepting invitee a duly executed transfer in favour of the accepting invitee in re-
spect of the subject Units which it is bound to purchase; and
(b) each accepting invitee must:
(i) deliver to the seller, at least 1 Business Day before settlement, a bank cheque for the aggregate nominated price
of the subject Units which it is bound to purchase, made payable to the seller or to any other person as directed by the
seller; or
(ii) transfer by electronic funds to an account nominated by the seller, the aggregated nominated price of the subject
Units it is bound to purchase by 1.00 p.m. GMT on the day of settlement; and
(c) an agreement satisfying article 14.1(f).
14.2.8 Effect of failure to settle
Any accepting invitee who does not pay for the subject Units it has agreed to purchase in accordance with this article
forfeits the right to purchase those subject Units.
14.2.9 Permitted Transfers
Art. 14.2 does not apply to a transfer of a Unit by a Unitholder to any member of its Unitholders Group. However,
the transferee within the Unitholder Group must assume any outstanding obligations of the transferor in relation to the
transferred Units.
15. Repurchase of Units
15.1 Compulsory Redemption
During AELF’s entire lifetime, the Management Company may, in good faith and in a consistent manner, compulsory
redeem Units in the following circumstances:
(a) if the continued participation of a Unitholder is likely to cause AELF or the Management Company to violate any
material law, regulation or would result in AELF, the Management Company or any Unitholder suffering material taxa-
tion or other economic disadvantages which they would not have suffered had such person ceased to be a Unitholder;
(b) if such Unitholder has materially violated any provision of these Management Regulations;
(c) if the Units were acquired or are being held, directly or indirectly, by or for the account or benefit of any person
in violation of the provisions of these Management Regulations, in particular any person who is not an Institutional
Investor;
(d) if in the opinion of the Management Company (i) such redemption would be appropriate to protect AELF from
registration of the Units under the U.S. Securities Act of 1933, as amended, from registration of AELF under the U.S.
Investment Company Act of 1940, as amended, or to prevent the assets of AELF from being «plan assets» within the
meaning of ERISA; or (ii) the holding of such Units would cause material regulatory, tax or other fiscal disadvantage to
AELF;
(e) if the Management Company determines that a Unitholder is a Defaulting Unitholder in accordance with article
8.2.6 and, unless otherwise stated, the provisions below; and
(f) such other circumstances as the Management Company may determine in its sole discretion where continued
ownership would be materially prejudicial to the interests of AELF or the Unitholders.
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Costs associated with a redemption in the circumstances described above may up to an amount of 1 per cent of the
redemption amount, if the Management Company so decides, be charged in favour of AELF to the Unitholder whose
Units are redeemed and such costs may be deducted from the redemption proceeds payable to the Unitholder in cir-
cumstances where the Management Company has exercised its power to redeem Units.
Any Units in respect of which a notice of redemption has been given shall not be entitled to participate in the profits
in respect of the period after the date specified as the date of redemption in the redemption notice.
At the date specified in the notice of redemption, the Unitholder whose Units are being redeemed shall be bound to
deliver to the Management Company or any duly appointed agent thereof the certificate issued in relation of the relevant
Units for cancellation.
In order to give effect to the provisions on redemption of Units described above, any certificates evidencing the Units
may be endorsed with a legend describing the substance of those provisions and restrictions.
Units may be redeemed, at the then applicable Current Unit Value, upon the Management Company giving to the
registered holder of such Units not less than 30 Business Days’ notice in writing of the intention to redeem such Units
specifying the date of such redemption, which must be a Valuation Date.
The above applies to both partially and fully paid in Units. For the avoidance of doubt, the redemption/cancellation
of partially paid in Units implies the cancellation of the related Uncalled Commitment.
15.2 French 3 Per Cent Tax Indemnification/compulsory redemption
15.2.1 Each Unitholder who causes or of whom any direct and indirect member, shareholder, partners and/or holder
of beneficial interests other than individuals (each an «Indirect Unitholder») causes AELF or any relevant Subsidiary, or
any other Unitholder or Indirect Unitholder of such Unitholder, to become liable to pay the French 3 Per Cent Tax (the
«Damaged Party») shall indemnify and hold harmless the Damaged Party against the payment of such French 3 Per Cent
Tax and against all costs and expenses (including legal fees and all fees and expenses resulting from potential litigation
with the French tax authorities), and against interests, fines and penalties (whether accrued and claimed or yet to accrue)
arising there from (all these costs, expenses, interests, fines and penalties being referred to as the «Costs»). Such a
Unitholder shall pay the amount of the French 3 Per Cent Tax and the Costs arising there from directly attributable to
their ownership of Units in AELF to the Damaged Party promptly after the Damaged Party receives any notice by the
French tax authorities claiming payment. This indemnification shall be due irrespective of the fact that (i) the Subsidiary
to which the amount shall be paid is no longer directly or indirectly held by AELF and/or (ii) the Unitholder or Indirect
Unitholder who caused AELF or a Subsidiary to become liable to pay the French 3 Per Cent Tax no longer directly or
indirectly holds Units in AELF at the time when the payment has to be made. The amount that may be due by a Unithold-
er under this paragraph will not be limited to the amount of the Commitment of such Unitholder. This indemnification
will in no way affect the outstanding Commitment of such Unitholder. The Management Company shall have, irrespec-
tive of any pending litigation before the French tax authorities, French tax Courts or before any competent authority
with respect to the French 3 Per Cent Tax claimed by the French tax authorities, the right to deduct and set off an
amount equal to the aggregate amount of the French 3 Per Cent Tax liability and Costs arising there from, to the extent
attributable to the Unitholder as described above, against any distributions allocated to that Unitholder or to declare
the Unitholder to be a Defaulting Unitholder in accordance with article 8.2.6 of the Management Regulations and to
exercise its rights pursuant to this article 8.2.6 and to use the proceeds to pay the French 3 Per Cent Tax liability and
the Costs arising there from.
15.2.2 Upon request by the Management Company, each Unitholder shall use its best efforts as far as reasonably prac-
ticable to provide to the Management Company (i) a diagram setting out the complete structure of its direct and indirect
members, shareholders, partners and/or holders of beneficial interests up to the ultimate members, shareholders, part-
ners and/or holders of beneficial interests, and describing, for each of them, on which ground they are exempted from
the French 3 Per Cent Tax, (ii) satisfactory evidence of its exemption and the one of its Indirect Unitholders for any
given year since the Allocation Date from the French 3 Per Cent Tax, and (iii) copies of the French 3 Per Cent Tax
returns filed by them and their Indirect Unitholders with the French tax authorities since the Allocation Date, and/or,
as the case may be, evidence of payment of the French 3 Per Cent Tax due no later than 15 May of each year since the
Allocation Date as well as copies of the corresponding acknowledgments of receipt from the French tax authorities.
15.2.3 All documents provided to the Management Company by a Unitholder and/or by any of its Indirect Unitholders
shall be provided on a confidential basis provided, however, that the Management Company shall be entitled to disclose
such documents to (i) the Management Company’s French legal advisers qualified as French avocats, (ii) the French tax
authorities and (iii) the French legal advisers qualified as French avocats of any potential purchaser of a French Real Es-
tate or of a Subsidiary.
15.2.4 Should the Unitholder not provide satisfactory documentation, or should a proposed transfer of an interest
in a Unitholder or any of its Indirect Unitholders reduce the Unitholder’s capacity to comply with its obligations under
this article 15.2 of the Management Regulations, the Management Company shall be entitled to compulsory redeem all
or some of the Units of the relevant Unitholder.
15.2.5 The Management Company will provide each year by 15 February to a Unitholder (or an Indirect Unitholder)
seeking an exemption from the French 3 Per Cent Tax on the grounds of article 990 E 2° or 990 E 3° of the French tax
code the relevant factual information needed to prepare their annual 3 Per Cent Tax return (form n° 2746).
15.2.6 According to the provisions of article 14.1 of the Management Regulations, any Unitholder who wishes to
transfer Units to another entity shall request the prior approval of the Management Company. Upon request by the
Management Company the potential purchaser use its best efforts as far as reasonably practicable provide the Manage-
ment Company with the documents mentioned in paragraph 15.2.2 above. Should the proposed transferee not provide
documentation that is deemed satisfactory by the Management, the Management Company shall be entitled to withhold
its consent to the proposed transfer of Units under article 14.1 (e) (vi) of the Management Regulations.
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15.3 Cancellation
Any Units repurchased shall be automatically cancelled.
16. Liquidity Review Date
16.1 Investor Liquidity Review every 10 years
On the tenth anniversary of the Allotment Date and on every subsequent tenth anniversary (each a Liquidity Review
Date), the Management Company shall carry out a liquidity review of AELF. The liquidity review provides Unitholders
with the opportunity to sell or redeem all or part of their Units or acquire (i.e. buy and/or subscribe for) additional Units.
3 months prior to each Liquidity Review Date, all the Unitholders will be requested to notify the Management Com-
pany of whether they:
(a) require liquidity in respect of all or part of their unitholding; or
(b) wish to acquire additional Units from other Unitholders in accordance with article 14.
16.2 Actions by Management Company
16.2.1 If Unitholders lodge requests for liquidity for less than 50 per cent by value of Units on issue, the Management
Company will provide liquidity within 12 months from the relevant Liquidity Review Date. The necessary liquidity will
be provided by:
- Redeeming part or all of the Units held by Unitholders requesting liquidity; and
- Endeavouring to match the sale and purchase intention of various investors.
To provide the capital to redeem a portion of the Units to deliver liquidity, the Management Company may pursue
a strategy that may include but is not limited to:
(a) Management Company borrowing to provide liquidity in the framework of the Investment Restrictions;
(b) Issue of additional Units at the then applicable Current Unit Value, plus allowances for issues costs and transaction
costs previously incurred by AELF; or
(c) Disposal of one or more Asset(s).
16.2.2 If Unitholders lodge requests for liquidity for greater than 50 per cent by value of the Units on issue, the Man-
agement Company shall convene a meeting of Unitholders within 6 months of the relevant Review Date to approve a
strategy proposed by the Management Company to provide the required liquidity within 18 months of the Business Day
on which the strategy has been approved. The following are examples of strategies which the meeting may consider:
(a) the Management Company borrowing to provide liquidity in the framework of the Investment Restrictions;
(b) to issue additional Units at the then applicable Current Unit Value, plus allowances for issues costs and transaction
costs previously incurred by AELF;
(c) the disposal of one or more Asset(s); and/or
(d) an IPO of AELF on a recognized European stock exchange.
For those Unitholders that have requested additional Units, the Management Company will match those requests
with requests for liquidity from other investors.
Investors seeking liquidity will receive an amount equal to the then applicable Current Unit Value less any adjustment
for transaction costs or taxes incurred in providing such liquidity.
17. Fees and Expenses
17.1 Base Fee
In consideration of the Management Company carrying out its obligations in accordance with the Management Reg-
ulations, it will be able to claim payment of the Base Fees quarterly and in arrears without set off or deduction, subject
to the more specific provisions contained in articles 17.1.2. 17.2.1 and 17.2.4.
17.1.1 Invoicing and payment of the Base Fee
(a) The Management Company must deliver invoices quarterly in arrears to AELF setting out the quarterly Base Fee
payable in respect of the services provided by it to AELF during the previous quarter. The invoice must be accompanied
by a statement setting out in reasonable detail the calculation of the amounts shown in the invoice so that they can be
determined to be in accordance with the provisions of the Management Regulations.
(b) Subject to article 17.1.4, the Custodian must pay the amount invoiced in accordance with article 17.1.1(a) within
30 Business Days of the date on which the invoice is delivered.
17.1.2 Upon the liquidation of AELF
On the completion of the liquidation of AELF in accordance with the Management Regulations, or if the Management
Company ceases to hold office as the Management Company for any reason and is not replaced by an Affiliate (both
instances hereafter referred to as the «Fund End Date»), the Management Company shall be paid:
(a) all Base Fees accrued (but not paid) prior to the commencement of the quarter in which the Fund End Date
occurs, within 14 Business Days of the Fund End Date; and
(b) a proportion of the Base Fee instalment that would be payable under 17.1.1 for the quarter in which the Fund
End Date occurs, calculated pro rata to the number of days from the commencement of that quarter to the Fund End
Date, within 14 Business Days of such date.
Notwithstanding any other provision of this article, if a court of first instance passes a judgment that the Management
Company has been Fraudulent or has committed any Wilful Misconduct or has been Grossly Negligent in the perform-
ance of its duties under the Management Regulations, then the Management Company will not be entitled to retain any
Base Fee in respect of the period on and from the date on which the court judges the Fraudulent, or Grossly Negligent
act or omission or the Wilful Misconduct commenced. The Management Company will refund any Base Fee received
which it is not entitled to retain.
17.1.3 Unpaid amounts
(a) Any unpaid amounts pay interest at normal banking rates on the unpaid amount accrued daily from the time they
fall due until the amount has been paid in full.
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(b) The right to demand payment of interest under this article is without prejudice to any other rights and remedies
the Management Company may have.
17.1.4 Waiver and suspension of fees
The Management Company may waive or postpone the receipt of any Base Fee (or any part of any Base Fee) or
charge a lesser fee than it is entitled to receive under the Management Regulations.
17.2 Performance Fee
17.2.1 Payment of Performance Fees
In consideration of the Management Company carrying out its obligations in accordance with the Management Reg-
ulations and meeting the Performance Fee requirements set out in article 17.2.2, AELF agrees to pay to the Management
Company, the Performance Fee, without set off or deduction.
17.2.2 Performance Fee
The Management Company shall be entitled to a Performance Fee calculated and paid as follows:
(a) If Unitholders’ Returns in the relevant Financial Year are less than or equal to the Threshold, the Performance
Fee for that Financial Year shall be zero.
(b) If the Potential Performance Fee is less than the Cap, the Performance Fee is equal to the Potential Performance
Fee.
(c) If the Potential Performance Fee is greater than or equal to the Cap, the Performance Fee for that Financial Year
is equal to the Cap.
(d) For the avoidance of doubt, the Performance Fee calculated as above operates on a cumulative basis so that his-
torical Excesses and Deficits are carried forward and accumulated for each Financial Year until utilised.
17.2.3 Deficits and Excesses
(a) As at the Allotment Date, there is no Deficit or Excess.
(b) The Management Company must determine the Deficit or Excess for each Financial Year after the Allotment
Date.
17.2.4 Liquidation or cessation of management
On the completion of the liquidation of AELF in accordance with the Management Regulations, or if the Management
Company ceases to be the Management Company for any reason and is not replaced by an Affiliate i.e. a cessation of
management (both instances hereafter referred to as the «Fund End Date»), the Management Company shall be paid
out of the Assets as follows:
(a) all Performance Fees accrued (but not paid) prior to the commencement of the Financial Year in which the Fund
End Date occurs; and
(b) an amount equal to the Performance Fee that would be payable under article 17.2.2, for the period from the end
of the prior Financial Year up to (and including) the Fund End Date, calculated as if that period was a Financial Year, and
provided that:
(i) for the purposes of this article the Threshold means an amount calculated at the Benchmark Return per annum
on the opening Weighted Average Unitholder Capital for that period (expressed as a monetary amount);
(ii) the Performance Fee will be the Potential Performance Fee as if the Cap did not apply; and
(iii) no Performance Fee shall be payable for the Financial Year in which the liquidation or cessation occurs to any
person replacing the Management Company in that period. At the commencement of the following Financial Year, there
shall be no Deficit or Excess.
Notwithstanding any other provision in this article, if a court of first instance passes a judgment that the Management
Company has been Fraudulent or has committed any Wilful Misconduct or has been Grossly Negligent in the perform-
ance of its duties under the Management Regulations, the Management Company will not be entitled to retain any Per-
formance Fee in respect of the period on and from the date on which the court judges the Fraudulent, or Grossly
Negligent act or omission or the Wilful Misconduct commenced. The Management Company will refund any Perform-
ance Fee received which it is not entitled to retain.
17.2.5 Invoicing and payment of Performance Fees
(a) The Management Company will be entitled to be paid the Performance Fee:
(i) after each Financial Year; and
(ii) on the Fund End Date as set out in articles 17.1.2 and 17.2.4 above.
(b) The Management Company must deliver an invoice to the Custodian setting out the Performance Fee payable
during the relevant period. The invoice must be accompanied by a statement setting out in reasonable detail the calcu-
lation of the amounts shown in the invoice so that they can be determined to be in accordance with the provisions of
the Management Regulations.
(c) The invoice will be paid by the Custodian within 14 Business Days of the date on which it is delivered.
17.2.6 Waiver and suspension of Performance Fees
The Management Company may waive or postpone the receipt of any Performance Fee (or any part of a Performance
Fee) or charge a lesser fee than it is entitled to receive under these Management Regulations.
17.3 Recurrent fees and expenses
All expenses incurred by the Management Company in relation to the proper performance of its duties in respect of
AELF are payable or reimbursable out of the Assets to the extent that such reimbursement is not prohibited by the
Management Regulations or Luxembourg law. This includes, inter alia, expenses connected with:
(a) the preparation, review, distribution and promotion of any Information Memorandum in respect of Units or other
promotion of AELF;
(b) the acquisition, disposal, insurance, custody and any other dealing with Assets;
(c) analysis or investigations of any potential or proposed acquisition, disposal or other dealing with an investment;
111823
(d) having AELF credit rated;
(e) reasonable and documented travel costs;
(f) convening and holding meetings of the Investment Committee and the Unitholders, the implementation of any res-
olutions and communications with Unitholders;
(g) tax issues of AELF;
(h) financial institution fees;
(i) the engagement of agents, valuers, contractors and advisers (including legal and taxation advisers) whether or not
Affiliates of the Management Company;
(j) preparation of audit and of the taxation returns and accounts of AELF;
(k) liquidation costs of AELF;
(l) any court proceedings, arbitration or other dispute including proceedings against the service providers, except to
the extent that the relevant service provider is found by a court to be in breach, to have acted with Wilful Misconduct
or to have been Fraudulent or Grossly Negligent, in which case any expenses paid or reimbursed must be repaid;
(m) admission to any stock exchange and quotation of any Units and compliance with the rules of such an exchange;
(n) brokerage and commission payable to any person for subscribing or agreeing to subscribe or procuring or agree-
ing to procure subscription for Units; and
(o) a capital raising, whether by Call Notice of otherwise, by AELF.
In this article, the term «expenses» may include other fees and expenses not listed hereabove and includes amounts
paid by the Management Company to Affiliates for services provided to the Management Company in connection with
AELF, including fund management services, fund advisory services, property services and development services. For the
removal of doubt, the above listed expenses may not be charged twice to AELF for the same period of time.
17.4 Indemnification
The Management Company, the Custodian, the Investment Advisor, any distribution agents appointed by the Man-
agement Company and their respective managers, directors, officers, employees and appointees to the Investment
Committee and, in the case of legal persons among the foregoing, their personal representatives (collectively «Indem-
nitees» and individually an «Indemnitee») shall be indemnified and held harmless out of the Assets against all actions,
proceedings, reasonable costs, charges, expenses, losses, damages or liabilities incurred or sustained by an Indemnitee
in relation to the conduct of AELF’s business affairs or in the execution or discharge of its 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 reasonable costs, expenses, losses or liabilities incurred by it in defending (whether suc-
cessfully or otherwise) any civil proceedings concerning AELF or its affairs in any court whether in Luxembourg or else-
where, unless such actions in the conduct of AELF’s affairs or in the execution or discharge of its duties shall have
resulted from:
(a) from being found by a court of first instance to having been Fraudulent, or committing Wilful Misconduct or having
been Grossly Negligent in the performance of its duties under the Management Regulations; or
(b) in the case of the Management Company, Investment Advisor or the Custodian (including for the avoidance of
doubt any Representative of the Management Company, Investment Advisor or the Custodian), the non-fulfilment or
improper fulfilment of the Management Company’s or the Custodian’s, as the case may be, obligations under Luxem-
bourg law.
18. Financial Information
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 AELF in Luxembourg.
18.1.2 The accounts of AELF are audited by the Auditor which is an independent auditor, qualifying as a «réviseur
d’entreprises agréé», and which has been appointed by the Management Company.
18.2 Access to Financial Information
18.2.1 The Management Company shall, subject to reasonable notice, give Unitholders and their appointed agents
access to all financial information of AELF reasonably requested by such Unitholders.
18.2.2 Any expenses incurred by the Management Company or AELF in preparing specific information for or giving
access to a Unitholder to such information shall be reimbursed together with value added tax (if applicable) by the
relevant Unitholder, and in the absence of such reimbursement may be deducted by the Management Company from
distributions made to such Unitholder.
18.3 Available Information
The following documents will be available for inspection during normal business hours at the registered office of the
Management Company:
(a) the Information Memorandum;
(b) the Management Regulations;
(c) the Custodian, Central Administration Agent, Registrar and Transfer and Paying Agent Agreements;
(d) the Investment Advisory Agreement;
(e) the Relationship Deed between the Management Company and members of the MACQUARIE GOODMAN
GROUP;
(f) the Articles of Incorporation;
(g) the latest annual and semi-annual reports of AELF (if any); and
(h) the internal rules and regulations the Management Company has adopted which deal with potential conflicts of
interests as referred to in the Information Memorandum.
Copies of all these documents may be obtained by Unitholders without cost.
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Any other financial information to be made concerning AELF or the Management Company, including the Current
Unit Value, the issue and repurchase prices and any suspension of such valuation, will be made available to the public at
the registered office of the Management Company.
19. Distributions and Reinvestments
19.1 Distributions
(a) At the end of every quarter, unless the Unitholders otherwise agreed in writing, the Management Company must
distribute to the Unitholders, (each Subsidiary, each intermediary vehicle and AELF being a Distributing Company) by
way of cash distributions within 2 months of the end of each quarter or in the case of the end of that Financial Year
within one month of the finalisation of audited accounts, 100 per cent of AELF’s net income.
In calculating AELF’s net income, the Management Company will take into account any of the following:
(i) expenses, provision and reserves considered appropriate by the Management Company; and
(ii) any adjustments calculated by such other amounts or contingencies necessary including;
(A) amortisation;
(B) changes to accounting policies;
(C) any realised or unrealised gains or losses; and
(D) reversing the amount of any increment or decrement of a major Asset or the effect of marking to market any
derivative contracts to be brought to income account required by the Accounting Standards.
(b) Unless it is not permitted to do so by law, or the Unitholders otherwise agree in writing, the Management Com-
pany shall pay interim distributions out of AELF’s net income during any quarter. An interim distribution cannot exceed,
but can be less than, the amount of the AELF’s income which has accrued during the relevant quarter.
(c) The initial quarterly distribution (if any) will relate to the period from Allotment Date to 31 March 2007.
19.2 Distributions in kind
There will be no distribution in kind for the purposes of the above.
19.3 Distributions reinvestment
A Unitholder may, if the Management Company approves (provided all Unitholders are treated equally), elect to re-
invest some or all of any distribution by acquiring additional Units as described in the relevant Distribution Reinvestment
Plan. In those cases, the Management Company is deemed to have received an application to reinvest distributions on
the basis of the applicable Current Unit Value, on the first Business Day after the distribution is paid. The procedure for
reinvestment of distributions is determined by the Management Company and notified to Unitholders from time to time.
19.4 Distributions to Unitholders
The distribution rights attached to each Unit correspond to the paid in amount of such Unit.
20. Unitholders Meetings
20.1 Constitution of Unitholders Meetings
20.1.1 Subject to this article, any Unitholder Reserved Matter must be approved by the Unitholders in general meet-
ing.
20.1.2 The Management Company will convene and hold an Annual General Meeting on such date as determined in
its sole discretion.
20.1.3 The Management Company may at any time call additional meeting(s) of Unitholders. Unitholders representing
at least 5 per cent of the issued Units, whether partially or fully paid in, may request the Management Company to call
and hold meetings in accordance with the Management Regulations and Luxembourg law.
20.1.4 All Unitholders other than Defaulting Unitholders shall have the right to attend and to vote at Unitholder
meetings.
20.1.5 A meeting of Unitholders must be convened by notice in writing or by email sent to every Unitholder entitled
to attend and vote. Unless 75 per cent of Unitholders (by value) agree otherwise, each Unitholder must receive at least
20 Business Days’ written or email notice of each General Meeting of Unitholders. The notice must be written in English
and include an agenda (including the matters required to be included in the notice or agenda under Luxembourg law)
and, unless all Unitholders otherwise agree, a meeting of Unitholders may only resolve matters specifically described in
that agenda.
20.1.6 The meetings of the Unitholders may be held at such places and times, with Unitholders in each case having
the right to attend such meetings in person or by remote conference facility, as may be specified in the respective notice
of meeting. No Unitholder meeting shall be held on the territory of the UK or The Netherlands.
20.1.7 The quorum for a Unitholder meeting is 50 per cent of the Units in issue, whether partially or fully paid in. If
the quorum has not been reached, the Unitholder meeting will be adjourned and automatically reconvened for the sec-
ond Business Day following the day on which it has been adjourned with all Unitholders being informed in accordance
with article 22.2 of these Management Regulations. There is no quorum requirement for the reconvened Unitholder
meeting.
20.2 Voting
The voting rights attached to each Unit correspond to the paid in amount of such Unit. Each fully paid in Unit has 1
vote. A Unitholder may act at any meeting of Unitholders by appointing another person as its proxy in writing or by
facsimile, such person need not be a Unitholder and may be a Manager.
Except as otherwise provided for by law or as otherwise provided herein, resolutions at a duly convened meeting of
Unitholders will be passed by simple majority of those present or represented.
20.3 Circulating resolutions
A written resolution signed by all the Unitholders on one or more identical documents is taken to be a resolution of
Unitholders entitled to vote without the need for a formal Unitholder meeting.
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20.4 Minutes
The minutes of each Unitholder meeting will be drafted by the Management Company and will be provided to all the
Unitholders by ordinary mail at their address recorded in the register of Unitholders or by any other means of commu-
nication (including electronic).
21. Reports, Publications and Communications
21.1 Reports to Unitholders and Investment Committee appointees
The Management Company, with the assistance of the Investment Advisor, will provide:
(a) not less than 5 Business Days prior to a scheduled meeting of the Investment Committee in respect of a quarter,
a quarterly management report for AELF to the Investment Committee which will include the following (Investment
Committee quarterly report):
(i) a statement of financial performance and distribution for that quarter, with a comparison to the Budget for that
quarter;
(ii) a cash flow and income statement for the current Financial Year to date with a comparison to the Budget for that
period;
(iii) a statement of financial position as at the end of that quarter; and
(iv) a forecast cash flow statement for the next six (6) months;
each prepared in accordance with the Accounting Standards, consistently applied as well as details of:
(A) any issues and/or redemptions of Units;
(B) initiatives in relation to the Assets and updates on the performance of the Assets (including details in relation to
leasing, income generated by each Real Estate and recent and upcoming valuations);
(C) any litigation threatened or commenced against AELF, the Management Company, a Subsidiary or an intermediary
vehicle, notice of breach of any contract to which AELF, the Management Company, a Subsidiary or an intermediary
vehicle is a party or any dispute in each case where the potential liability or amount involved is higher than 1 million
euro (EUR 1,000,000.-); and
(D) any other matter in relation to AELF or the Management Company which would (objectively determined) have
a material impact on the financial condition, operations and prospects of AELF or the Management Company;
(b) as soon as practicable but in any event no later than 60 calendar days after the end of each quarter, a summary
report to the Unitholders which will include the following information (Unitholders quarterly report):
(i) confirmation of the quarterly distribution;
(ii) the current Current Unit Value;
(iii) the performance of AELF over the preceding quarter;
(iv) the significant activities of AELF over the preceding quarter;
(v) an update on the Assets (including any completed valuations); and
(vi) written records and minutes of the Investment Committee meetings held during the quarter;
(c) as soon as practicable but in any event no later than 120 calendar days after the end of each Financial Year, an
annual report to the Unitholders concerning the affairs of AELF, the Management Company, the Subsidiaries and their
unitholdings and, a consolidated profit and loss statement and balance sheet for AELF for that Financial Year, audited by
the Auditor (annual reports);
(d) any documents or presentations relating to an Investment Committee meeting that a Unitholder may at any time
reasonably require (additional information); and
(e) information on an ongoing basis to the Unitholders on any occurrence relevant to AELF being properly operated
and that may, as reasonably assessed by the Management Company at the time of the relevant occurrence, gravely jeo-
pardize the continuous proper operation of AELF.
21.2 Annual Report, Budget, Business Plan and Other Periodic Reports
21.2.1 The annual report and all other periodic reports of AELF shall be mailed, by courier or hand delivery, to
Unitholders at their registered addresses in the register of Unitholders and shall also be made available to the Unithold-
ers at the registered offices of the Management Company.
21.2.2 The first annual report, being an audited report, will cover the period from the Allotment Date until 31
December 2007. The first semi-annual, being an un-audited report, will cover the period from the Allotment Date until
30 June 2007.
21.2.3 The Management Company will prepare the Budgets and Business Plans for each Financial Year, starting with
the Financial Year commencing on 1 January 2008, as follows:
(a) the Management Company will prepare a Budget and Business Plan and submit it to the Investment Committee
at least 30 Business Days before commencement of the relevant Financial Year;
(b) the Budget will be prepared on a quarterly basis and will include an estimate of major items of revenue, operating
expenditure and capital expenditure. The Budget will be accompanied by a cash flow forecast and a projected balance
sheet of AELF as at the end of the next Financial Year;
(c) the Business Plan will cover the complete Financial Year and will:
(i) contain a detailed funding plan, setting out the estimated amount, timing and kind of funding to enable AELF to
meet the expenditure under the Budget;
(ii) contain detailed projections for capital expenditure, operating expenditure, any other expenditure that might be
planned or provided for and cash flow;
(iii) contain a detailed marketing and business development plan;
(iv) contain the proposed meeting dates for the 4 quarterly meetings of the Investment Committee during the Finan-
cial Year; and
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(v) provide details of the Assets to be valued during the Financial Year and the name of the External Appraiser(s)
which the Management Company proposes should undertake each valuations;
(d) the Management Company is authorised to take any relevant action and incur all expenditure in relation to the
Budget as approved by the Investment Committee.
21.3 Publication of Amendments and Notices
Any amendments of the Management Regulations, including the liquidation of AELF, will be deposited with the Lux-
embourg Register of Trade and Companies and will be published by reference in the Mémorial and in such newspapers
as shall be determined by the Management Company in its sole discretion or required by authorities having jurisdiction
over AELF or the sale of the Units. All notices to Unitholders will be sent to Unitholders at their address indicated in
the register of Unitholders and, to the extent required by Luxembourg law, will be published in the Mémorial or in such
newspapers as shall be determined by decision of the Management Company in its sole discretion or required by the
authorities having jurisdiction over AELF or the sale of the Units.
22. Notices
22.1 Form
Unless expressly stated otherwise in the Management Regulations, all communications in connection with this docu-
ment (Notices) must be in writing and be signed by the sender.
22.2 Delivery
Notices must be written in English and:
(a) sent to the registered address of the Management Company or the registered address of the relevant Unitholder
as shown in the register of Unitholders; or
(b) sent by prepaid ordinary post (airmail if appropriate) to the address set out in (a) above; or
(c) sent by fax to the fax number as indicated in the Subscription Form; or
(d) sent to the e-mail address (if any) as indicated in the Subscription Form (followed by a fax message); or
(e) given in any other way permitted by Luxembourg law.
However, if the intended recipient has notified a changed postal address, changed fax number or changed e-mail ad-
dress then the communication must be to that address or number if it has been duly communicated to the Management
Company.
If requested by a Unitholder, if any Notice is given by email, facsimile or other similar device, a hard copy of the Notice
shall be delivered personally or deposited prepaid for priority delivery by an internationally recognised courier service
(at the cost of the Unitholder). However, a failure to comply with this paragraph will not affect the effectiveness of serv-
ice of any such Notice by email, facsimile or similar device.
22.3 When effective
a) Receipt - post
If sent by post, Notices are taken to be received 3 Business Days after posting or 7 Business Days after posting if sent
to or from outside the European Union.
b) Receipt - fax
If sent by fax, Notices are taken to be received at the time shown in the transmission report as the time that the
whole fax was sent.
c) Receipt - e-mail
If sent by e-mail, Notices are taken to be received at the time shown in the relevant e-mail message i.e. when it was
sent.
d) Receipt - general
Notwithstanding the above, if Notices are received after 5.00 p.m. local time in the place of receipt or on a non-
Business Day in the place of receipt, they are taken to be received at 9.00 a.m. local time on the next Business Day in
the place of receipt.
23. Duration, Minimum Size and Liquidation
23.1 Term of AELF
AELF shall have an indefinite term, provided that it may be terminated at any time by the Management Company in
its sole discretion.
23.2 Minimum size
Pursuant to the 1991 Law, the net assets of AELF may not be less than one million two hundred and fifty thousand
euro (EUR 1,250,000.-). Such legal minimum must be reached within a period of 6 months following the approval of
AELF by the CSSF.
The Management Company must inform the CSSF without delay if the net assets of AELF fall below two-thirds of the
legal minimum.
If the net assets of AELF fall below the legal minimum, the CSSF may require the Management Company to liquidate
AELF. The liquidation shall be carried out by one or more liquidators in accordance with the 1991 Law specifying the
steps to be taken to enable Unitholders to participate in the distribution of liquidation proceeds and provide for a
deposit in escrow at the Caisse des Consignations at the close of liquidation.
Following the date which is 2 years from Allotment Date, in the event that, for any reason, the net assets of AELF
are lower than the minimum specified in the Information Memorandum, the Management Company may, subject to giv-
ing prior notice to the Unitholders concerned, redeem on the day indicated in such notice all Units at a price reflecting
the anticipated realisation and liquidation costs as determined by the Management Company in its sole discretion, but
without any redemption charge, or the Management Company may merge AELF with another Luxembourg undertaking
for collective investment, subject to applicable laws and regulations.
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23.3 Voluntary liquidation
Unitholders in a general meeting may decide to liquidate AELF by a Special Majority (the Units held by MACQUARIE
GOODMAN being excluded from both quorum and majority requirements).
MACQUARIE GOODMAN shall have a right of first offer to acquire any Assets (as set out in the Relationship Deed),
in the event that Unitholders have passed a resolution to liquidate AELF in accordance with this article.
23.4 Liquidation of AELF
Upon the mandatory or voluntary liquidation of AELF, the Assets will be liquidated in accordance with Luxembourg
law and all liquidation proceeds will be distributed to the Unitholders. A notice of the liquidation of AELF will be pub-
lished in the Mémorial and all the relevant Luxembourg law provisions will be complied with. Amounts not claimed with-
in the statutory liquidation period shall be forfeited in accordance with Luxembourg law.
24. 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, except that in cases of Fraud, Wilful Misconduct and/or Gross Negligence,
such claims will lapse 5 years after the date on which the relevant Unitholder was or should have been aware of the
event concerned.
25. Miscellaneous Provisions
25.1 Amendment
Amendments to AELF Documents may be made from time to time with the approval of the Management Company
and a Special Majority consent of Unitholders in accordance with the Management Regulations, provided that no amend-
ment may increase any Unitholder’s Commitment, reduce its part in the distributions, or decrease the percentage of
Unitholders required to amend AELF Documents in any manner, without the unanimous consent of the Unitholders.
However, the Management Company may amend any AELF Document without the approval of the Unitholders to
(i) make any change that is necessary or desirable to cure any ambiguity or to correct or supplement any provision of
any AELF Document that would otherwise be inconsistent with any other provision of any other AELF Document, and
(ii) make a change that is necessary or desirable to satisfy any applicable requirements, conditions or guidelines
contained in any opinion, directive, order, statute, rule or regulation of any governmental entity so long as such change
is made in a manner which minimises any adverse effect on the Unitholders.
The Management Company will notify Unitholders of any changes to be made under this article prior to making the
amendment.
The amendments to the Management Regulations, contained in an amendment agreement to the Management Regu-
lations, shall enter into force as of the date of signing of the relevant agreement.
25.2 Confidential Information
25.2.1 The Management Company and Unitholders (each a receiving party) shall not, and shall use all reasonable
endeavours to procure that persons connected or associated with them shall not, disclose to any person or use to the
detriment of AELF or any of the Unitholders any confidential information which may have come to its knowledge as a
result of being a Unitholder in AELF concerning:
(i) the affairs of AELF; or
(ii) any of the Unitholders including their identity and that of their beneficial owners; or
(iii) concerning any proposed or actual investment of AELF.
25.2.2 The obligations contained in the preceding paragraph shall not apply to any confidential information which:
(i) is at the date hereof in, or subsequently comes into, the public domain other than through breach of such para-
graph by the receiving party concerned;
(ii) can be shown by the Unitholder to the reasonable satisfaction of the disclosed party to have been known to the
receiving party prior to it being disclosed in connection with the establishment, managing and investing in AELF;
(iii) subsequently comes lawfully into the possession of the receiving party from a third party;
(iv) is required by a regulatory authority or its auditors, or those of any of its Affiliates, to be disclosed by the receiving
party or is disclosed by such receiving party to its legal, tax and/or financial advisors and/or to a member of its group; or
(v) the receiving party in its discretion deems appropriate to disclose in connection with any legal proceedings or
dispute involving the Management Company, the other Unitholders or AELF.
25.3 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.
25.4 Parties Bound
25.4.1 Any person acquiring or claiming an interest in AELF, in any manner whatsoever, shall be subject to and bound
by all terms, conditions and obligations of the Management Regulations to which it 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 the Management Regulations and no person shall acquire an
interest in AELF or become a Unitholder thereof except as permitted by the terms of the Management Regulations.
25.4.2 The Management Regulations shall be binding upon the parties hereto, their successors, heirs, devises, assigns,
legal representatives, executors and administrators.
25.5 Applicable Law, Jurisdiction and Governing Language
25.5.1 AELF and the Management Regulations shall be governed by and shall be construed under the laws of the Grand
Duchy of Luxembourg.
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25.5.2 Disputes arising between the Unitholders, the Management Company and the Custodian shall be settled ac-
cording 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 AELF to the jurisdiction of courts of the
countries, in which the Units are offered and sold.
25.5.3 English shall be the governing language for the Management Regulations.
25.6 Waiver
25.6.1 The failure to insist upon strict enforcement of any of the provisions of the Management Regulations or of any
agreement or instrument delivered pursuant hereto shall not be deemed or construed to be a waiver of any such pro-
vision, nor to in any way affect 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.
25.6.2 No waiver of any breach of any of the provisions of the Management Regulations or any agreement or instru-
ment 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.
25.7 Survival
The representations, warranties and covenants of the Unitholders contained in their respective Subscription Forms
shall survive the consummation of the transactions contemplated hereby, and shall not be affected by any investigation
which may have been made by any of the parties hereto.
25.8 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.
25.9 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.
25.10 Entering into force
The Management Regulations shall enter into force as of the date of their signing.
In case of a discrepancy between the Information Memorandum and the Management Regulations, the latter shall
prevail.
Signed on the date first written above in three (3) original counterparts.
Enregistré à Luxembourg, le 8 décembre 2006, réf. LSO-BX02071. – Reçu 138 euros.
<i>Le Receveuri> (signé): D. Hartmann.
(134990.2//1739) Déposé au registre de commerce et des sociétés de Luxembourg, le 12 décembre 2006.
NIEDERMAN SPORT HOLDING S.A., Société Anonyme.
Siège social: L-8080 Bertrange, 36, route de Longwy.
R. C. Luxembourg B 38.713.
—
Messieurs les actionnaires sont priés d’assister à
l’ASSEMBLEE GENERALE ORDINAIRE
de la société qui se tiendra le <i>2 janvier 2007i> à 10.00 heures au siège avec pour ordre du jour:
<i>Ordre du jour:i>
1. Présentation et discussion des rapports du conseil d’administration, du commissaire aux comptes sur l’exercice
clôturé au 31 décembre 2005;
2. Présentation et approbation des comptes annuels arrêtés au 31 décembre 2005;
3. Affectation du résultat;
4. Décharge à donner aux organes de la société;
5. Divers.
Pour assister à cette Assemblée, Messieurs les Actionnaires, sont priés de déposer leurs titres cinq jours francs avant
l’Assemblée au siège social.
I (04497/643/18)
<i>Le Conseil d’Administrationi>.
CB-SIRES S.A., Société Anonyme.
Siège social: L-1371 Luxembourg, 7, Val Sainte Croix.
R. C. Luxembourg B 78.600.
—
Messieurs les actionnaires sont invités à
l’ASSEMBLEE GENERALE EXTRAORDINAIRE
qui se tiendra le vendredi <i>29 décembre 2006i> à 9.30 heures au siège social: 7, Val Sainte Croix, L-1371 Luxembourg et
qui aura pour
AELF MANAGEMENT, S.à r.l. / BROWN BROTHERS HARRIMAN (LUXEMBOURG) S.C.A.
Ph. Van der Beken / G. Cook
<i>Manager / Managing Directori>
111829
<i>Ordre du jour:i>
1. Lecture et présentation des rapports du Conseil d’administration et du Commissaire aux comptes pour les exer-
cices clos les 31 décembre 2003, 31 décembre 2004 et 31 décembre 2005; et approbation du bilan, du compte de
pertes et profits et des annexes aux 31 décembre 2003, 31 décembre 2004 et 31 décembre 2005;
2. Affectation du résultat aux 31 décembre 2003, 31 décembre 2004 et 31 décembre 2005;
3. Décharge pleine et entière à donner aux Administrateurs et au Commissaire aux comptes pour l’exercice de leur
mandat relatif aux exercices clos les 31 décembre 2003, 31 décembre 2004 et 31 décembre 2005;
4. Elections statutaires;
5. Divers.
Pour pouvoir assister à cette Assemblée Générale, Messieurs les Actionnaires doivent préalablement présenter leurs
titres devant le bureau de l’Assemblée. Ils ont également la possibilité de déposer leurs titres avant l’Assemblée auprès
d’une banque et d’obtenir un certificat de blocage.
I (04501/536/22)
<i>Le Conseil d’Administrationi>.
CARMIGNAC PORTFOLIO, Société d’Investissement à Capital Variable.
Siège social: L-2951 Luxembourg, 50, avenue J.F. Kennedy.
R. C. Luxembourg B 70.409.
—
Le quorum requis par la loi n’ayant pas été atteint lors de l’assemblée générale extraordinaire du 7 décembre 2006,
les actionnaires sont convoqués à une
DEUXIEME ASSEMBLEE GENERALE EXTRAORDINAIRE
qui se tiendra au siège social, le<i> 15 janvier 2007,i> à 14.00 heures, pour délibérer et voter sur l’ordre du jour suivant:
<i>Ordre du jour:i>
<i>Modification des statuts de la sociétéi>
1. Modification de l’article 5 des statuts afin de permettre à la Société l’émission de différentes catégories d’actions
et ce quelque soit le compartiment, se lisant:
2. Modification de l’article 21 des statuts pour ne plus faire référence désormais qu’au calendrier français dans le ca-
dre du calcul de la valeur nette d’inventaire se lisant dans son premier paragraphe comme suit:
«Pour chaque compartiment, la valeur nette d’inventaire sera déterminée dans la monnaie de ce compartiment
périodiquement selon les règlements à établir par le Conseil d’Administration, mais au moins deux fois par mois
(le jour auquel la valeur nette sera déterminée est désigné dans les présents statuts comme «jour d’évaluation»).
Si le jour d’évaluation est un jour férié à Paris, le jour d’évaluation sera le jour ouvrable suivant.»
Pour tenir valablement l’assemblée, aucun quorum de présence n’est requis. Les décisions seront votées à la majorité
des deux tiers des actions représentées à l’assemblée.
Pour pouvoir assister ou être représentés à l’assemblée générale, les propriétaires d’actions au porteur devront faire
part de leur désir d’assister à l’assemblée et effectuer le dépôt de leurs actions aux guichets des agences de FORTIS
BANQUE LUXEMBOURG S.A. cinq jours francs au moins avant la réunion.
Les actionnaires en nom seront admis sur justification de leur identité, à condition d’avoir, cinq jours francs au moins
avant la réunion, fait connaître leur intention de prendre part à l’assemblée.
I (04513/755/51)
<i>Le Conseil d’Administrationi>.
- au troisième paragraphe de l’article 5 comme suit:
«Les actions à émettre pourront être émises, au choix du Conseil d’Administration, au titre de différentes caté-
gories. Le produit de toute émission d’actions relevant d’une catégorie déterminée sera investi, conformément
à l’article 3 des présents statuts, dans des valeurs mobilières ou autres avoirs correspondant à des zones moné-
taires ou à un type spécifique de valeurs mobilières, suivant la politique d’investissement déterminée par le Con-
seil d’Administration pour le Compartiment, établi pour la (les) catégorie(s) d’actions concernée(s), compte tenu
des restrictions d’investissement prévues par la loi ou adoptées par le Conseil d’Administration.»
- rajout d’un cinquième paragraphe au sein de l’article 5 se lisant comme suit:
«Le Conseil d’Administration établira une masse d’avoirs constituant un compartiment, correspondant à une
classe d’actions ou correspondant à plusieurs catégories d’actions.»
- rajout d’un septième paragraphe au sein de l’article 5 se lisant comme suit:
«Le Conseil d’Administration établira un Compartiment correspondant à une classe d’actions et pourra établir
un Compartiment correspondant à deux ou plusieurs catégories d’actions de la manière suivante: si deux ou plu-
sieurs catégories d’actions se rapportent à un Compartiment déterminé, les avoirs attribués à ces catégories se-
ront investis ensemble selon la politique d’investissement spécifique du Compartiment concerné à condition
qu’au sein d’un Compartiment, le Conseil d’Administration peut établir périodiquement des catégories d’actions
correspondant à (i) une politique de distribution spécifique, telle que donnant droit à des distributions, ou ne
donnant pas droit à des distributions, et/ou (ii) une structure spécifique de frais de vente ou de rachat, et/ou (iii)
une structure spécifique de frais de gestion ou de conseil en investissement, et/ou (iv) une structure spécifique
de frais de distribution, de services à l’actionnariat ou autres frais; et/ou (v) un type d’investisseur spécifique; et/
ou (vi) la devise ou unité de devise dans laquelle la catégorie peut être libellée et basée sur le taux de change
entre cette devise ou une unité de devise et la devise de référence du Compartiment concerné et/ou (vii) telles
autres caractéristiques que le Conseil d’Administration établira en temps opportun conformément aux lois ap-
plicables.»
111830
CAESAR FINANCE 2000 S.A., Société Anonyme.
Siège social: L-1371 Luxembourg, 7, Val Sainte Croix.
R. C. Luxembourg B 75.583.
—
Messieurs les actionnaires sont invités à
l’ASSEMBLEE GENERALE EXTRAORDINAIRE
qui se tiendra le vendredi <i>29 décembre 2006i> à 9.45 heures au siège social: 7, Val Sainte Croix, L-1371 Luxembourg et
qui aura pour
<i>Ordre du jour:i>
1. Lecture et présentation des rapports du Conseil d’administration et du Commissaire aux comptes pour l’exercice
clos le 31 décembre 2005 et approbation du bilan, du compte de pertes et profits et des annexes au 31 décembre
2005;
2. Affectation du résultat au 31 décembre 2005;
3. Décharge pleine et entière à donner aux Administrateurs et au Commissaire aux comptes pour l’exercice de leur
mandat relatif à l’exercice clos le 31 décembre 2005;
4. Délibération conformément à l’article 100 de la loi du 10 août 1915 sur les sociétés commerciales (telle qu’elle a
été modifiée);
5. Divers.
Pour pouvoir assister à cette Assemblée Générale, Messieurs les Actionnaires doivent préalablement présenter leurs
titres devant le bureau de l’Assemblée. Ils ont également la possibilité de déposer leurs titres avant l’Assemblée auprès
d’une banque et d’obtenir un certificat de blocage.
I (04500/536/23)
<i>Le Conseil d’Administrationi>.
CHASEOPEN S.A., Société Anonyme.
Siège social: L-1371 Luxembourg, 7, Val Sainte Croix.
R. C. Luxembourg B 83.577.
—
Messieurs les actionnaires sont invités à
l’ASSEMBLEE GENERALE EXTRAORDINAIRE
qui se tiendra le vendredi <i>29 décembre 2006i> à 10.00 heures au siège social: 7, Val Sainte Croix, L-1371 Luxembourg et
qui aura pour
<i>Ordre du jour:i>
1. Lecture et présentation des rapports du Conseil d’administration et du Commissaire aux comptes pour l’exercice
clos le 31 décembre 2005 et approbation du bilan, du compte de pertes et profits et des annexes au 31 décembre
2005;
2. Affectation du résultat au 31 décembre 2005;
3. Décharge pleine et entière à donner aux Administrateurs et au Commissaire aux comptes pour l’exercice de leur
mandat relatif à l’exercice clos le 31 décembre 2005;
4. Délibération conformément à l’article 100 de la loi du 10 août 1915 sur les sociétés commerciales (telle qu’elle a
été modifiée);
5. Elections statutaires;
6. Divers.
Pour pouvoir assister à cette Assemblée Générale, Messieurs les Actionnaires doivent préalablement présenter leurs
titres devant le bureau de l’Assemblée. Ils ont également la possibilité de déposer leurs titres avant l’Assemblée auprès
d’une banque et d’obtenir un certificat de blocage.
I (04502/536/24)
<i>Le Conseil d’Administrationi>.
INTERNATIONAL TECHNIK HOLDING S.A., Société Anonyme.
Siège social: Luxembourg, 23, avenue Monterey.
R. C. Luxembourg B 13.327.
—
Les actionnaires sont convoqués par le présent avis à
l’ASSEMBLEE GENERALE EXTRAORDINAIRE
qui aura lieu le <i>17 janvier 2007i> à 10.30 heures au siège social, avec l’ordre du jour suivant:
<i>Ordre du jour:i>
Délibération et décision sur la dissolution éventuelle de la société conformément à l’article 100 de la loi du 10 août
1915 sur les sociétés commerciales.
L’Assemblée Générale Statutaire tenue le 17 novembre 2006 n’a pas pu délibérer valablement sur ce point de l’ordre
du jour, le quorum prévu par la loi n’ayant pas été atteint.
I (04518/795/14)
<i>Le Conseil d’Administrationi>.
111831
DELIMA S.A., Société Anonyme.
Siège social: L-1371 Luxembourg, 7, Val Sainte Croix.
R. C. Luxembourg B 98.331.
—
Messieurs les actionnaires sont invités à
l’ASSEMBLEE GENERALE EXTRAORDINAIRE
qui se tiendra le vendredi <i>29 décembre 2006i> à 10.30 heures au siège social: 7, Val Sainte Croix, L-1371 Luxembourg et
qui aura pour
<i>Ordre du jour:i>
1. Lecture et présentation des rapports du Conseil d’administration et du Commissaire aux comptes pour les exer-
cices clos les 31 décembre 2004 et 31 décembre 2005; et approbation du bilan, du compte de pertes et profits et
des annexes aux 31 décembre 2004 et 31 décembre 2005;
2. Affectation du résultat aux 31 décembre 2004 et 31 décembre 2005;
3. Décharge pleine et entière à donner aux Administrateurs et au Commissaire aux comptes pour l’exercice de leur
mandat relatif aux exercices clos les 31 décembre 2004 et 31 décembre 2005;
4. Délibération conformément à l’article 100 de la loi du 10 août 1915 sur les sociétés commerciales (telle qu’elle a
été modifiée);
5. Elections statutaires;
6. Divers.
Pour pouvoir assister à cette Assemblée Générale, Messieurs les Actionnaires doivent préalablement présenter leurs
titres devant le bureau de l’Assemblée. Ils ont également la possibilité de déposer leurs titres avant l’Assemblée auprès
d’une banque et d’obtenir un certificat de blocage.
I (04503/536/24)
<i>Le Conseil d’Administrationi>.
EU INVEST S.A., Société Anonyme.
Siège social: L-1371 Luxembourg, 7, Val Sainte Croix.
R. C. Luxembourg B 108.641.
—
Messieurs les actionnaires sont invités à
l’ASSEMBLEE GENERALE EXTRAORDINAIRE
qui se tiendra le vendredi <i>29 décembre 2006i> à 8.45 heures au siège social: 7, Val Sainte Croix, L-1371 Luxembourg et
qui aura pour
<i>Ordre du jour:i>
1. Lecture et présentation des rapports du Conseil d’administration et du Commissaire aux comptes pour l’exercice
clos le 31 décembre 2005 et approbation du bilan, du compte de pertes et profits et des annexes au 31 décembre
2005;
2. Affectation du résultat au 31 décembre 2005;
3. Décharge pleine et entière à donner aux Administrateurs et au Commissaire aux comptes pour l’exercice de leur
mandat relatif à l’exercice clos le 31 décembre 2005;
4. Délibération conformément à l’article 100 de la loi du 10 août 1915 sur les sociétés commerciales (telle qu’elle a
été modifiée);
5. Divers.
Pour pouvoir assister à cette Assemblée Générale, Messieurs les Actionnaires doivent préalablement présenter leurs
titres devant le bureau de l’Assemblée. Ils ont également la possibilité de déposer leurs titres avant l’Assemblée auprès
d’une banque et d’obtenir un certificat de blocage.
I (04504/536/23)
<i>Le Conseil d’Administrationi>.
BARCLAYS EURO FUNDS, Société d’Investissement à Capital Variable.
Registered office: L-2520 Luxembourg, 5, allée Scheffer.
R. C. Luxembourg B 66.581.
—
Notice is hereby given of an
EXTRAORDINARY GENERAL MEETING
of the shareholders of the Company (the «EGM») to be held at the registered office of the Company on <i>2nd January
2007i> at 17.00 hours Central European Time («CET») with the following agenda:
<i>Agenda:i>
<i>Sole resolutioni>
To fully restate the articles of incorporation of the Company and notably to adopt the following new purpose
clause:
«The exclusive object of the Company is to place the funds available to it in various transferable securities, money
market instruments and other permitted assets for undertakings for collective investment registered under Part I
111832
of the Law of 20 December 2002 on undertakings for collective investment, as amended (the «2002 Law») with
the aim of spreading investment risks and affording its shareholders the results of the management of its assets.
The Company may take any measures and carry out any transaction which it may deem useful in the fulfilment and
development of its purpose to the fullest extent permitted under the 2002 Law.»
To authorise the Board of Directors to fix the effective date of the above mentioned restatement and to appear
before a notary to have such effective date notarised and published, provided however that in the absence of any
decision of the Board of Directors in that respect, the changes will become effective as from 13 February 2007.
The shareholders are advised that a quorum of 50% of the shares in issue in the Company is required to validly
deliberate on the sole resolution of the agenda of the EGM and that the resolution will be passed if two-thirds or more
of the shares present or represented at the EGM and voting, vote in favour. If the quorum is not reached, the EGM will
be reconvened. No quorum will be required for the reconvened EGM and the resolution will be passed if two-thirds or
more of the shares present or represented at the EGM and voting, vote in favour.
Each share is entitled to one vote. A shareholder may act at the EGM by proxy. The proxy will remain in force if the
meeting, for whatever reason, is postponed and for the reconvened EGM (if any).
The full text of the restated articles of incorporation and the Form of Proxy will be available, free of charge, at the
registered office of the Company.
Luxembourg, 13th December 2006.
I (04512/755/33)
<i>By order of the Board of Directorsi>.
EUROMAX II MBS S.A., Société Anonyme.
Siège social: L-1371 Luxembourg, 7, Val Sainte Croix.
R. C. Luxembourg B 86.101.
—
Messieurs les actionnaires sont invités à
l’ASSEMBLEE GENERALE EXTRAORDINAIRE
qui se tiendra le vendredi <i>29 décembre 2006i> à 9.15 heures au siège social: 7, Val Sainte Croix, L-1371 Luxembourg et
qui aura pour
<i>Ordre du jour:i>
1. Lecture et présentation des rapports du Conseil d’administration et du Commissaire aux comptes pour l’exercice
clos le 31 décembre 2005 et approbation du bilan, du compte de pertes et profits et des annexes au 31 décembre
2005;
2. Affectation du résultat au 31 décembre 2005;
3. Décharge pleine et entière à donner aux Administrateurs et au Commissaire aux comptes pour l’exercice de leur
mandat relatif à l’exercice clos le 31 décembre 2005;
4. Elections statutaires;
5. Divers.
Pour pouvoir assister à cette Assemblée Générale, Messieurs les Actionnaires doivent préalablement présenter leurs
titres devant le bureau de l’Assemblée. Ils ont également la possibilité de déposer leurs titres avant l’Assemblée auprès
d’une banque et d’obtenir un certificat de blocage.
I (04505/536/22)
<i>Le Conseil d’Administrationi>.
SVENSKA SELECTION FUND, Société d’Investissement à Capital Variable.
Registered office: L-2330 Luxembourg, 146, boulevard de la Pétrusse.
R. C. Luxembourg B 22.175.
—
The Shareholders of SVENSKA SELECTION FUND (the «Company») are hereby informed that the quorum required
by law not having been reached at a first Extraordinary General Meeting of Shareholders held on 11 December 2006,
the Shareholders are hereby convened to attend the
EXTRAORDINARY GENERAL MEETING
to be held on <i>15 January 2007,i> at 14.00 CET at the registered office of the Company, with the following agenda:
<i>Agenda:i>
1. Amendment of Article 3 of the Articles of Incorporation relating to the object of the Company in order to refer
to the law of 20 December 2002 relating to undertakings for collective investment (the «2002 Law»), so as to read
as follows:
«The exclusive object of the Corporation is to place the funds available to it in transferable securities of all types
and all other permitted assets such as referred to in Article 41 (1) of the law of 20 December 2002 regarding
undertakings for collective investment or any legislative replacements or amendments thereof (the «2002 Law»),
with the purpose of spreading investment risks and affording its shareholders the results of the management of its
portfolio.
The Corporation may take any measures and carry out any operation which it may deem useful in the accomplish-
ment and development of its purpose to the full extent permitted by the 2002 Law.»
2. Amendment of Article 5, second sentence, of the Articles of Incorporation relating to the minimum capital of the
Company in order to refer to the minimum share capital mentioned in the 2002 Law, so as to read as follows:
111833
«The minimum capital of the Corporation shall be the equivalent in U.S. Dollars of one million two hundred and
fifty thousand euro (EUR 1,250,000.-).»
3. Amendment of Article 10 in order to enable the shareholders to cast their vote by ballot papers («formulaires»).
4. Amendment of Article 14, sixth paragraph, of the Articles of Incorporation in order to enable the board to hold
board meetings by way of telephone conference or video conference.
5. Amendment of Article 16 of the Articles of Incorporation in order to comply with investment policies and restric-
tions provided for in the 2002 Law.
6. Amendment of Article 20 of the Articles of Incorporation relating to the auditor of the Company in order to refer
to Article 113 of the 2002 Law concerning the duties to be carried out by the independent auditor.
7. Amendment of Article 30 of the Articles of Incorporation relating to the General Provisions in order to replace
the references to the law dated 30 March 1988, relating to undertakings for collective investment, by references
to the 2002 Law.
8. Miscellaneous.
9. That all the changes will become effective on 1 January 2007 or at any later date to be determined by the share-
holders.
The Extraordinary General Meeting will be validly constituted and will validly decide on the items of its agenda
regardless of the number of Shares represented. Resolutions will be passed if approved by two thirds of the votes cast.
The shareholders of the Company who cannot attend the extraordinary general meeting in person are invited to send
a duly completed and signed proxy form to SVENSKA HANDELSBANKEN S.A., 146, boulevard de la Pétrusse, L-2330
Luxembourg, Grand Duchy of Luxembourg, to the attention of Magnus Palmbäck prior to January 12, 2007 at 5.00 pm
CET. Proxy forms can be obtained from the registered office of the Company.
Further information can be obtained at SVENSKA HANDELSBANKEN S.A. Luxembourg +352 499 8111.
I (04515/755/46)
EUROMAX IV MBS S.A., Société Anonyme.
Siège social: L-1371 Luxembourg, 7, Val Sainte Croix.
R. C. Luxembourg B 110.721.
—
Messieurs les actionnaires sont invités à
l’ASSEMBLEE GENERALE EXTRAORDINAIRE
qui se tiendra le vendredi <i>29 décembre 2006i> à 8.45 heures au siège social: 7, Val Sainte Croix, L-1371 Luxembourg et
qui aura pour
<i>Ordre du jour:i>
1. Lecture et présentation des rapports du Conseil d’administration et du Commissaire aux comptes pour l’exercice
clos le 31 décembre 2005 et approbation du bilan, du compte de pertes et profits et des annexes au 31 décembre
2005;
2. Affectation du résultat au 31 décembre 2005;
3. Décharge pleine et entière à donner aux Administrateurs et au Commissaire aux comptes pour l’exercice de leur
mandat relatif à l’exercice clos le 31 décembre 2005;
4. Délibération conformément à l’article 100 de la loi du 10 août 1915 sur les sociétés commerciales (telle qu’elle a
été modifiée);
5. Elections statutaires;
6. Divers.
Pour pouvoir assister à cette Assemblée Générale, Messieurs les Actionnaires doivent préalablement présenter leurs
titres devant le bureau de l’Assemblée. Ils ont également la possibilité de déposer leurs titres avant l’Assemblée auprès
d’une banque et d’obtenir un certificat de blocage.
I (04506/536/24)
<i>Le Conseil d’Administrationi>.
HIGH TIDE CDO 1 S.A., Société Anonyme.
Siège social: L-1371 Luxembourg, 7, Val Sainte Croix.
R. C. Luxembourg B 92.938.
—
Messieurs les actionnaires sont invités à
l’ASSEMBLEE GENERALE EXTRAORDINAIRE
qui se tiendra le vendredi <i>29 décembre 2006i> à 9.00 heures au siège social: 7, Val Sainte Croix, L-1371 Luxembourg et
qui aura pour
<i>Ordre du jour:i>
1. Lecture et présentation des rapports du Conseil d’Administration de l’Auditeur et du Commissaire aux comptes
pour les exercices clos les 31 décembre 2003, 31 décembre 2004 et 31 décembre 2005; et approbation du bilan,
du compte de pertes et profits et des annexes aux 31 décembre 2003, 31 décembre 2004 et 31 décembre 2005;
2. Affectation du résultat aux 31 décembre 2003, 31 décembre 2004 et 31 décembre 2005;
111834
3. Décharge pleine et entière à donner aux Administrateurs, à l’Auditeur et au Commissaire aux comptes pour
l’exercice de leur mandat relatif aux exercices clos les 31 décembre 2003, 31 décembre 2004 et 31 décembre
2005;
4. Délibération conformément à l’article 100 de la loi du 10 août 1915 sur les sociétés commerciales (telle qu’elle a
été modifiée);
5. Elections statutaires;
6. Divers.
Pour pouvoir assister à cette Assemblée Générale, Messieurs les Actionnaires doivent préalablement présenter leurs
titres devant le bureau de l’Assemblée. Ils ont également la possibilité de déposer leurs titres avant l’Assemblée auprès
d’une banque et d’obtenir un certificat de blocage.
I (04507/536/25)
<i>Le Conseil d’Administrationi>.
HIGH TIDE CDO DNS 1 S.A., Société Anonyme.
Siège social: L-1371 Luxembourg, 7, Val Sainte Croix.
R. C. Luxembourg B 95.148.
—
Messieurs les actionnaires sont invités à
l’ASSEMBLEE GENERALE EXTRAORDINAIRE
qui se tiendra le vendredi <i>29 décembre 2006i> à 9.00 heures au siège social: 7, Val Sainte Croix, L-1371 Luxembourg et
qui aura pour
<i>Ordre du jour:i>
1. Lecture et présentation des rapports du Conseil d’Administration de l’Auditeur et du Commissaire aux comptes
pour les exercices clos les 31 décembre 2003, 31 décembre 2004 et 31 décembre 2005; et approbation du bilan,
du compte de pertes et profits et des annexes aux 31 décembre 2003, 31 décembre 2004 et 31 décembre 2005;
2. Affectation du résultat aux 31 décembre 2003, 31 décembre 2004 et 31 décembre 2005;
3. Décharge pleine et entière à donner aux Administrateurs, à l’Auditeur et au Commissaire aux comptes pour
l’exercice de leur mandat relatif aux exercices clos les 31 décembre 2003, 31 décembre 2004 et 31 décembre
2005;
4. Délibération conformément à l’article 100 de la loi du 10 août 1915 sur les sociétés commerciales (telle qu’elle a
été modifiée);
5. Elections statutaires;
6. Divers.
Pour pouvoir assister à cette Assemblée Générale, Messieurs les Actionnaires doivent préalablement présenter leurs
titres devant le bureau de l’Assemblée. Ils ont également la possibilité de déposer leurs titres avant l’Assemblée auprès
d’une banque et d’obtenir un certificat de blocage.
I (04508/536/25)
<i>Le Conseil d’Administrationi>.
HTWSVE AB, Société Anonyme.
Siège social: L-1371 Luxembourg, 7, Val Sainte Croix.
R. C. Luxembourg B 103.442.
—
Messieurs les actionnaires sont invités à
l’ASSEMBLEE GENERALE EXTRAORDINAIRE
qui se tiendra le vendredi <i> 29 décembre 2006i> à 08.00 heures au siège social: 7, Val Ste-Croix, L-1371 Luxembourg et qui
aura pour
<i>Ordre du jour:i>
1. Lecture et présentation des rapports du Conseil d’administration et du Commissaire aux comptes pour l’exercice
clos le 31 décembre 2005 et approbation du bilan, du compte de pertes et profits et des annexes au 31 décembre
2005;
2. Affectation du résultat au 31 décembre 2005;
3. Décharge pleine et entière à donner aux Administrateurs et au Commissaire aux comptes pour l’exercice de leur
mandat relatif à l’exercice clos le 31 décembre 2005;
4. Délibération conformément à l’article 100 de la loi du 10 août 1915 sur les sociétés commerciales (telle qu’elle a
été modifiée)
5. Divers.
Pour pouvoir assister à cette Assemblée Générale, Messieurs les Actionnaires doivent préalablement présenter leurs
titres devant le bureau de l’Assemblée. Ils ont également la possibilité de déposer leurs titres avant l’Assemblée auprès
d’une banque et d’obtenir un certificat de blocage.
I (04509/536/23)
<i>Le Conseil d’Administrationi>.
111835
EUROMAX MBS S.A., Société Anonyme.
Siège social: L-1371 Luxembourg, 7, Val Sainte Croix.
R. C. Luxembourg B 82.500.
—
Messieurs les actionnaires sont invités à
l’ASSEMBLEE GENERALE EXTRAORDINAIRE
qui se tiendra le vendredi <i>29 décembre 2006i> à 8.15 heures au siège social: 7, Val Sainte Croix, L-1371 Luxembourg et
qui aura pour
<i>Ordre du jour:i>
1. Lecture et présentation des rapports du Conseil d’Administration de l’Auditeur et du Commissaire aux comptes
pour les exercices clos les 31 décembre 2003, 31 décembre 2004 et 31 décembre 2005; et approbation du bilan,
du compte de pertes et profits et des annexes aux 31 décembre 2003, 31 décembre 2004 et 31 décembre 2005;
2. Affectation du résultat aux 31 décembre 2003, 31 décembre 2004 et 31 décembre 2005;
3. Décharge pleine et entière à donner aux Administrateurs, à l’Auditeur et au Commissaire aux comptes pour
l’exercice de leur mandat relatif aux exercices clos les 31 décembre 2003, 31 décembre 2004 et 31 décembre
2005;
4. Délibération conformément à l’article 100 de la loi du 10 août 1915 sur les sociétés commerciales (telle qu’elle a
été modifiée);
5. Divers.
Pour pouvoir assister à cette Assemblée Générale, Messieurs les Actionnaires doivent préalablement présenter leurs
titres devant le bureau de l’Assemblée. Ils ont également la possibilité de déposer leurs titres avant l’Assemblée auprès
d’une banque et d’obtenir un certificat de blocage.
I (04510/536/24)
<i>Le Conseil d’Administrationi>.
SOROL S.A., Société Anonyme.
Siège social: L-1371 Luxembourg, 7, Val Sainte Croix.
R. C. Luxembourg B 72.441.
—
Messieurs les actionnaires sont invités à
l’ASSEMBLEE GENERALE EXTRAORDINAIRE
qui se tiendra le vendredi <i>29 décembre 2006i> à 8.15 heures au siège social: 7, Val Sainte Croix, L-1371 Luxembourg et
qui aura pour
<i>Ordre du jour:i>
1. Lecture et présentation des rapports du Conseil d’administration et du Commissaire aux comptes pour l’exercice
clos le 31 décembre 2005 et approbation du bilan, du compte de pertes et profits et des annexes au 31 décembre
2005;
2. Affectation du résultat au 31 décembre 2005;
3. Décharge pleine et entière à donner aux Administrateurs et au Commissaire aux comptes pour l’exercice de leur
mandat relatif à l’exercice clos le 31 décembre 2005;
4. Délibération conformément à l’article 100 de la loi du 10 août 1915 sur les sociétés commerciales (telle qu’elle a
été modifiée);
5. Divers.
Pour pouvoir assister à cette Assemblée Générale, Messieurs les Actionnaires doivent préalablement présenter leurs
titres devant le bureau de l’Assemblée. Ils ont également la possibilité de déposer leurs titres avant l’Assemblée auprès
d’une banque et d’obtenir un certificat de blocage.
I (04511/536/23)
<i>Le Conseil d’Administrationi>.
THE COX & KINGS OVERSEAS FUND, Société d’Investissement à Capital Variable.
Registered office: L-2520 Luxembourg, 5, allée Scheffer.
R. C. Luxembourg B 48.212.
—
As the Annual Report as at 31 March 2006 was not available prior to the Annual General Meeting which was to be
held on August 25, 2006, September 22, 2006, October 20, 2006 and November 17, 2006, the Meetings decided the
adjournment and the deferment of the discussion until a later date to be fixed at twenty-one days following the avail-
ability of the report to the shareholders.
As the Annual Report is now available, the Board of Directors of the above mentioned SICAV is pleased to convene
the Shareholders of the SICAV to the
ANNUAL GENERAL MEETING
which will be held on <i>17 January 2007,i> at 3.00 p.m., at the Registered Office of the Company, with the following agenda:
<i>Agenda:i>
1. Nomination of the President of the Meeting.
2. Approval of the reports of the Board of Directors and of the Independent Auditor as at 31 March 2006.
111836
3. Approval of the Balance Sheet and Profit and Loss Accounts as at 31 March 2006.
4. Allotment of results.
5. Discharge to the Directors in respect of the carrying out of their duties during the financial year ended on 31
March 2006.
6. Statutory elections.
7. Director fees.
8. Miscellaneous.
Shareholders are advised that the decisions of the Meeting will require no quorum and will validly be taken by the
simple majority of the Shareholders present or represented and voting.
Bearer certificate holders intending to attend the Annual General Meeting should deposit their shares at the Regis-
tered Office of the Company two business days before the date of the Meeting.
Nominative Shareholders intending to attend the Annual General Meeting should inform the Registered Office of the
SICAV at least two business days before the Meeting. They will be required to prove their identity.
I (04516/755/30)
<i>The Board of Directorsi>.
DEXIA PROTECTED, Société d’Investissement à Capital Variable.
Siège social: L-1470 Luxembourg, 69, route d’Esch.
R. C. Luxembourg B 84.728.
—
Messieurs les actionnaires sont invités à assister à
l’ASSEMBLEE GENERALE ORDINAIRE
qui se tiendra extraordinairement le <i>29 décembre 2006i> à 14.00 heures, au siège social de la société, 69, route d’Esch,
Luxembourg, pour délibérer sur le suivant
<i>Ordre du jour:i>
1. Rapports du Conseil d’Administration et du Réviseur d’Entreprises;
2. Approbation de l’état des actifs nets et de l’état des variations des actifs nets au 30 juin 2006, affectation des
résultats;
3. Décharge aux administrateurs;
4. Nominations statutaires;
5. Divers.
Aucun quorum n’est requis pour les points à l’ordre du jour de l’assemblée générale annuelle et les décisions seront
prises à la majorité simple des actions présentes ou représentées à l’assemblée.
Pour être admis à l’assemblée, les propriétaires d’actions au porteur sont priés de déposer leurs actions cinq jours
francs avant l’assemblée au siège de la Sicav.
I (04514/755/21)
<i>Le Conseil d’Administrationi>.
UBS (LUX) STRUCTURED SICAV 2, Investmentgesellschaft mit variablem Kapital.
Gesellschaftsssitz: Luxemburg, 291, route d’Arlon.
H. R. Luxemburg B 102.240.
—
Die Aktionäre werden hiermit zur
ORDENTLICHEN GENERALVERSAMMLUNG
eingeladen, die am Mittwoch, <i>20. Dezember 2006i>, um 11.00 Uhr am Gesellschaftssitz mit folgender Tagesordnung statt-
finden wird:
<i>Tagesordnung:i>
1. Tätigkeitsbericht des Verwaltungsrates und Bericht des Abschlussprüfers.
2. Genehmigung der Jahresabschluss-rechnung per 31. August 2005.
3. Beschluss über die Verwendung des Jahresergebnisses.
4. Entlastung der Verwaltungsrats-mitglieder und des Abschlussprüfers.
5. Statutarische Ernennungen.
6. Mandat Abschlussprüfer
7. Diverses.
Jeder Aktionär ist berechtigt, an der ordentlichen Generalversammlung teilzunehmen. Er kann sich auf Grund schrift-
licher Vollmacht durch einen Dritten vertreten lassen. Jede Aktie gewährt eine Stimme.
Um an der ordentlichen Generalversammlung teilzunehmen, müssen die Aktionäre ihre Aktien bis zum 13. Dezember
2006, spätestens 16:00 Uhr bei der Depotbank, UBS (LUXEMBOURG) S.A., 36-38, Grand-rue, L-1660 Luxemburg oder
einer anderen Zahlstelle hinterlegen; Vollmachten müssen ebenfalls bis zu diesem Zeitpunkt bei der Adresse der Ge-
sellschaft eingehen.
II (04468/755/24)
<i>Der Verwaltungsrati>.
111837
UBS (LUX) EXPOSURE SICAV, Investmentgesellschaft mit variablem Kapital.
Gesellschaftssitz: L-2010 Luxemburg, 291, route d’Arlon.
H. R. Luxemburg B 116.032.
—
Die Aktionäre werden hiermit zur
ORDENTLICHEN GENERALVERSAMMLUNG
eingeladen, die am Mittwoch, den <i>27. Dezember 2006i>, um 10.00 Uhr am Gesellschaftssitz mit folgender Tagesordnung
stattfinden wird:
<i>Tagesordnung:i>
1. Tätigkeitsbericht des Verwaltungsrates und Bericht des Abschlussprüfers.
2. Genehmigung der Jahresabschlussrechnung per 31. August 2006.
3. Beschluss über die Verwendung des Jahresergebnisses.
4. Entlastung der Verwaltungsratsmitglieder und des Abschlussprüfers.
5. Statutarische Ernennungen.
6. Mandat Abschlussprüfer.
7. Kenntnisnahme dass die am 20. Dezember 2006 vorgesehene Generalversammlung wegen eines Formfehlers nicht
stattfindet.
8. Diverses.
Jeder Aktionär ist berechtigt, an der ordentlichen Generalversammlung teilzunehmen. Er kann sich auf Grund schrift-
licher Vollmacht durch einen Dritten vertreten lassen. Jede Aktie gewährt eine Stimme.
Um an der ordentlichen Generalversammlung teilzunehmen, müssen die Aktionäre ihre Aktien bis zum 20. Dezember
2006, spätestens 16.00 Uhr bei der Depotbank, UBS (LUXEMBOURG) S.A., 36-38, Grand-rue, L-1660 Luxemburg oder
einer anderen Zahlstelle hinterlegen; Vollmachten müssen ebenfalls bis zu diesem Zeitpunkt bei der Adresse der
Gesellschaft eingehen.
I (04517/755/26)
<i>Der Verwaltungsrati>.
HMFUNDS, Investmentgesellschaft mit variablem Kapital.
Gesellschaftssitz: L-1118 Luxemburg, 11, rue Aldringen.
H. R. Luxemburg B 89.370.
—
Die Aktionäre werden hiermit zur
ORDENTLICHEN HAUPTVERSAMMLUNG
eingeladen, die am Sitz der Gesellschaft am <i>21. Dezember 2006i> um 15.00 Uhr über folgende Tagesordnung beschließen
soll:
<i>Tagesordnung:i>
1. Bericht des Verwaltungsrates und des Abschlussprüfers.
2. Billigung des Jahresabschlusses sowie der Ergebniszuweisung per 30. September 2006.
3. Entlastung der Verwaltungsratsmitglieder und des Abschlussprüfers.
4. Verschiedene Ernennungen.
5. Verschiedenes.
Die Beschlüsse über die Tagesordnung verlangen keine besondere Beschlussfähigkeit. Vollmachten sind am Sitz der
Gesellschaft verfügbar.
Um an der Hauptversammlung teilzunehmen, soll jeder Aktionär seine Aktien bis spätestens den 18. Dezember 2006
bei der KREDIETBANK S.A. LUXEMBOURGEOISE, 43, boulevard Royal, L-2955 Luxemburg hinterlegen.
II (04463/755/20)
<i>Der Verwaltungsrati>.
BANK HOFMANN TECHNICAL STRATEGIES, Investmentgesellschaft mit variablem Kapital.
Gesellschaftssitz: L-1118 Luxemburg, 11, rue Aldringen.
H. R. Luxemburg B 96.867.
—
Die Aktionäre der Sicav werden hiermit zur
ORDENTLICHEN GENERALVERSAMMLUNG
einberufen, welche am Sitz der Gesellschaft am <i>21. Dezember 2006i> um 16.00 Uhr über folgende Tagesordnung befinden
wird:
<i>Tagesordnung:i>
1. Geschäftsbericht des Verwaltungsrates und Bericht des Abschlussprüfers.
2. Billigung des Jahresabschlusses sowie der Ergebniszuweisung per 30. September 2006.
3. Entlastung der Verwaltungsratsmitglieder und des Abschlussprüfers.
4. Verschiedene Ernennungen.
5. Verschiedenes.
111838
Die Beschlüsse über die Tagesordnung der Generalversammlung verlangen kein Quorum und werden mit einer ein-
fachen Mehrheit der abgegebenen Stimmen gefaßt. Jede Aktie berechtigt zu einer Stimme. Jeder Aktionär kann sich bei
der Versammlung vertreten lassen.
Jeder Aktionär, der der ordentlichen Generalversammlung beiwohnen oder sich vertreten lassen will, muss seine Ak-
tien für spätestens den 18. Dezember 2006 beim Sitz der Gesellschaft oder an folgender Adresse hinterlegen: KREDIET-
BANK S.A. LUXEMBOURGEOISE, 43, boulevard Royal, L-2955 Luxembourg.
II (04461/755/22)
<i>Der Verwaltungsrati>.
MONTANA HOLDING S.A., Société Anonyme Holding.
Siège social: L-1331 Luxembourg, 65, boulevard Grande-Duchesse Charlotte.
R. C. Luxembourg B 69.015.
—
Les actionnaires sont priés d’assister à
l’ASSEMBLEE GENERALE ORDINAIRE
qui se tiendra exceptionnellement le <i>22 décembre 2006i> à 10.00 heures, au siège social, 65, boulevard Grande-Duchesse
Charlotte, L-1331 Luxembourg pour délibérer sur l’ordre du jour conçu comme suit:
<i>Ordre du jour:i>
1. Présentation des comptes annuels, du rapport de gestion du Conseil d’Administration et du rapport du Commis-
saire aux comptes
2. Approbation des comptes annuels au 31 décembre 2005
3. Affectation du résultat
4. Décharge à donner aux Administrateurs pour l’exercice écoulé et pour la tardiveté de la tenue de l’Assemblée
Générale Statutaire
5. Décharge à donner au commissaire aux comptes
6. Nominations statutaires
7. Décision à prendre conformément à l’article 100 de la loi du 10 août 1915 concernant les sociétés commerciales
8. Divers
II (04415/000/21)
<i>Le Conseil d’Administrationi>.
LUBELMET, Société Anonyme.
Siège social: L-1331 Luxembourg, 65, boulevard Grande-Duchesse Charlotte.
R. C. Luxembourg B 53.762.
—
Les actionnaires sont priés d’assister à
l’ASSEMBLEE GENERALE ORDINAIRE
qui se tiendra exceptionnellement le <i>22 décembre 2006i> à 15.00 heures, au siège social, 65, boulevard Grande-Duchesse
Charlotte, L-1331 Luxembourg pour délibérer sur l’ordre du jour conçu comme suit:
<i>Ordre du jour:i>
1. Présentation des comptes annuels, du rapport de gestion du Conseil d’Administration et des rapports du Com-
missaire aux comptes
2. Approbation des comptes annuels au 31 décembre 2004 et au 31 décembre 2005
3. Affectation des résultats
4. Décharge à donner aux Administrateurs pour les exercices écoulés et pour la tardiveté de la tenue des Assemblées
Générales Statutaires
5. Décharge à donner au Commissaire aux comptes
6. Nominations statutaires
7. Décision à prendre conformément à l’article 100 de la loi du 10 août 1915 concernant les sociétés commerciales
8. Divers
II (04414/000/21)
<i>Le Conseil d’Administrationi>.
LUBELAIR S.A., Société Anonyme Holding.
Siège social: L-1331 Luxembourg, 65, boulevard Grande-Duchesse Charlotte.
R. C. Luxembourg B 42.233.
—
Les actionnaires sont priés d’assister à
l’ASSEMBLEE GENERALE ORDINAIRE
qui se tiendra exceptionnellement le <i>22 décembre 2006i> à 14.00 heures, au siège social, 65, boulevard Grande-Duchesse
Charlotte, L-1331 Luxembourg pour délibérer sur l’ordre du jour conçu comme suit:
<i>Ordre du jour:i>
1. Présentation des comptes annuels, du rapport de gestion du Conseil d’Administration et des rapports du Com-
missaire aux comptes
2. Approbation des comptes annuels au 31 décembre 2003, au 31 décembre 2004 et au 31 décembre 2005
111839
3. Affectation des résultats
4. Décharge à donner aux Administrateurs pour les exercices écoulés et pour la tardiveté de la tenue des Assemblées
Générales Statutaires
5. Décharge à donner au Commissaire aux comptes
6. Nominations statutaires
7. Divers
II (04413/000/20)
<i>Le Conseil d’Administrationi>.
PRIVITY HOLDING S.A., Société Anonyme Holding.
Siège social: L-2449 Luxembourg, 59, boulevard Royal.
R. C. Luxembourg B 98.077.
—
Les actionnaires sont priés d’assister à
l’ASSEMBLEE GENERALE ORDINAIRE
qui se tiendra exceptionnellement le <i>22 décembre 2006i> à 15.30 heures, au 65, boulevard Grande-Duchesse Charlotte,
L-1331 Luxembourg, pour délibérer sur l’ordre du jour conçu comme suit:
<i>Ordre du jour:i>
1. Présentation des comptes annuels, du rapport de gestion du Conseil d’Administration et des rapports du Com-
missaire aux comptes
2. Approbation des comptes annuels au 31 décembre 2004 et au 31 décembre 2005
3. Affectation des résultats
4. Décharge à donner aux Administrateurs pour les exercices écoulés et pour la tardiveté de la tenue des Assemblées
Générales Statutaires
5. Décharge à donner au Commissaire aux comptes
6. Nominations statutaires
7. Décision à prendre conformément à l’article 100 de la loi du 10 août 1915 concernant les sociétés commerciales
8. Divers
II (04403/000/21)
<i>Le Conseil d’Administrationi>.
VALUGY S.A., Société Anonyme.
Siège social: L-2551 Luxembourg, 123, avenue du X Septembre.
R. C. Luxembourg B 61.264.
—
Les actionnaires sont priés d’assister à
l’ASSEMBLEE GENERALE EXTRAORDINAIRE
qui se tiendra le <i>29 décembre 2006i> à 14.30 heures, au siège social, 123, Avenue du X septembre, L-2551 Luxembourg
pour délibérer sur l’ordre du jour conçu comme suit:
<i>Ordre du jour:i>
Délibération et décision sur la dissolution éventuelle de la société conformément à l’article 100 de la loi du 10 août
1915 sur les sociétés commerciales
L’Assemblée générale du 23 octobre 2006 n’a pu délibérer valablement sur ce point de l’ordre du jour, le quorum
requis par la loi n’étant pas atteint.
L’Assemblée générale extraordinaire du 29 décembre délibérera valablement quelle que soit la portion du capital
représentée.
II (04391/000/17)
<i>Le Conseil d’Administrationi>.
UBS (LUX) STRUCTURED SICAV, Investmentgesellschaft mit variablem Kapital.
Gesellschaftssitz: Luxemburg, 291, route d’Arlon.
H. R. Luxemburg B 101.286.
—
Die Aktionäre werden hiermit zur
ORDENTLICHEN GENERALVERSAMMLUNG
eingeladen, die am Mittwoch, <i>20. Dezember 2006i>, um 10.00 Uhr am Gesellschaftssitz mit folgender Tagesordnung statt-
finden wird:
<i>Tagesordnung:i>
1. Tätigkeitsbericht des Verwaltungsrates und Bericht des Abschlussprüfers.
2. Genehmigung der Jahresabschluss-rechnung per 31. August 2006.
3. Beschluss über die Verwendung des Jahresergebnisses.
4. Entlastung der Verwaltungsrats-mitglieder und des Abschlussprüfers.
5. Statutarische Ernennungen.
6. Mandat Abschlussprüfer.
7. Diverses.
111840
Jeder Aktionär ist berechtigt, an der ordentlichen Generalversammlung teilzunehmen. Er kann sich auf Grund schrift-
licher Vollmacht durch einen Dritten vertreten lassen. Jede Aktie gewährt eine Stimme.
Um an der ordentlichen Generalversammlung teilzunehmen, müssen die Aktionäre ihre Aktien bis zum 12. Dezember
2006, spätestens 16.00 Uhr bei der Depotbank, UBS (LUXEMBOURG) S.A., 36-38, Grand-rue, L-1660 Luxemburg oder
einer anderen Zahlstelle hinterlegen; Vollmachten müssen ebenfalls bis zu diesem Zeitpunkt bei der Adresse der Ge-
sellschaft eingehen.
II (04469/755/24)
<i>Der Verwaltungsrati>.
NORD EST INVESTMENT PARTNERS S.A., Société Anonyme.
Siège social: L-1219 Luxembourg, 17, rue Beaumont.
R. C. Luxembourg B 78.754.
—
Messieurs les actionnaires sont priés d’assister à
l’ASSEMBLEE GENERALE ORDINAIRE
des Actionnaires qui aura lieu au siège social 17, rue Beaumont, L-1219 Luxembourg, le <i>22 décembre 2006i> à 11.00
heures, pour délibérer sur l’ordre du jour suivant:
<i>Ordre du jour:i>
1. Rapports du Conseil d’Administration, du commissaire et du réviseur.
2. Approbation des bilans, comptes de pertes et profits et affectation des résultats au 30 juin 2006.
3. Décharge aux administrateurs et au commissaire.
4. Nominations statutaires.
5. Décision à prendre quant à l’article 100 de la loi sur les sociétés commerciales.
6. Divers.
II (04372/000/17)
<i>Le Conseil d’Administrationi>.
HMFUNDS SICAV II, Investmentgesellschaft mit variablem Kapital.
Gesellschaftssitz: L-1118 Luxemburg, 11, rue Aldringen.
H. R. Luxemburg B 108.747.
—
Die Aktionäre werden hiermit zur
ORDENTLICHEN HAUPTVERSAMMLUNG
eingeladen, die am Sitz der Gesellschaft am <i>21. Dezember 2006i> um 14.00 Uhr über folgende Tagesordnung beschließen
soll:
<i>Tagesordnung:i>
1. Bericht des Verwaltungsrates und des Abschlussprüfers.
2. Billigung des Jahresabschlusses sowie der Ergebniszuweisung per 30. September 2006.
3. Entlastung der Verwaltungsratsmitglieder und des Abschlussprüfers.
4. Verschiedene Ernennungen.
5. Verschiedenes.
Die Beschlüsse über die Tagesordnung verlangen keine besondere Beschlussfähigkeit. Vollmachten sind am Sitz der
Gesellschaft verfügbar.
Um an der Hauptversammlung teilzunehmen, soll jeder Aktionär seine Aktien bis spätestens den 18. Dezember 2006
bei der KREDIETBANK S.A. LUXEMBOURGEOISE, 43, boulevard Royal, L-2955 Luxemburg hinterlegen.
II (04464/755/20)
<i>Der Verwaltungsrati>.
Editeur:
Service Central de Législation, 43, boulevard F.-D. Roosevelt, L-2450 Luxembourg
Imprimeur: Association momentanée Imprimerie Centrale / Victor Buck
Sommaire
Wodan Holding S.A.
Routing Finance & Co S.A.
Wodan Holding S.A.
Lola Communication S.A.
Mondiomedia S.A.
LACB, S.à r.l.
Compagnie d’Investissement Interpublicité
Lindinger Leasing S.A.
Shareholdings Amongst Financiers in Europe
Lindinger Leasing S.A.
Compagnie d’Investissement Interpublicité
Compagnie d’Investissement Interpublicité
Lindinger Leasing S.A.
SN Properties, S.à r.l.
H.S.I. Holding S.A.
Münzing International, S.à r.l.
Olrac Holding
Promod Luxembourg
Olrac Holding
Posteck, S.à r.l.
Stoldt & Treinen Consultants S.A.
PPG Luxembourg Holdings, S.à r.l.
Property Siegen, S.à r.l.
Global Investment Corporation S.A.H.
Soprima
Rosa S.A.
Virtual Network S.A.
Kansas International S.A.
Kansas International S.A.
First Design, S.à r.l.
First Design, S.à r.l.
Euro Immo Invest & Conseil S.A.
Arlington European Logistics Fund
Niederman Sport Holding S.A.
CB-Sires S.A.
Carmignac Portfolio
Caesar Finance 2000 S.A.
Chaseopen S.A.
International Technik Holding S.A.
Delima S.A.
EU Invest S.A.
Barclays Euro Funds
Euromax II MBS S.A.
Svenska Selection Fund
Euromax IV MBS S.A.
High Tide CDO 1 S.A.
High Tide CDO DNS 1 S.A.
HTWSVE AB
Euromax MBS S.A.
Sorol S.A.
The Cox & Kings Overseas Fund
Dexia Protected
UBS (Lux) Structured Sicav 2
UBS (Lux) Exposure Sicav
HMFunds
Bank Hofmann Technical Strategies
Montana Holding S.A.
Lubelmet
Lubelair S.A.
Privity Holding S.A.
Valugy S.A.
UBS (Lux) Structured Sicav
Nord Est Investment Partners S.A.
HMFunds Sicav II