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MEMORIAL

Journal Officiel

du Grand-Duché de

Luxembourg

MEMORIAL

Amtsblatt

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 la loi modifiée du 21 avril 1928 sur les associations et les fondations sans but lucratif.

C — N° 1069

21 mai 2010

SOMMAIRE

Almacantar . . . . . . . . . . . . . . . . . . . . . . . . . . . .

51266

IPAGL Participations S.A. . . . . . . . . . . . . . .

51266

Iron Tower S.A. . . . . . . . . . . . . . . . . . . . . . . . .

51266

IW Investments S.A. . . . . . . . . . . . . . . . . . . .

51266

Merrill Lynch Investment Solutions . . . . . .

51266

Poly Re S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . .

51312

Thierry Linster & Ivan Stupar Architectes,

S.à r.l. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

51312

51265

IW Investments S.A., Société Anonyme.

Siège social: L-2557 Luxembourg, 7A, rue Robert Stümper.

R.C.S. Luxembourg B 87.332.

Les comptes annuels au 31 Décembre 2009 ont été déposés au registre de commerce et des sociétés de Luxembourg.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

Luxembourg, le 15 Avril 2010.

Référence de publication: 2010052784/10.
(100054397) Déposé au registre de commerce et des sociétés de Luxembourg, le 20 avril 2010.

Iron Tower S.A., Société Anonyme.

Siège social: L-2311 Luxembourg, 3, avenue Pasteur.

R.C.S. Luxembourg B 125.402.

Le Bilan au 30.06.2009 a été déposé au registre de commerce et des sociétés de Luxembourg.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

Signature.

Référence de publication: 2010052785/10.
(100054195) Déposé au registre de commerce et des sociétés de Luxembourg, le 20 avril 2010.

IPAGL Participations S.A., Société Anonyme.

Siège social: L-2311 Luxembourg, 3, avenue Pasteur.

R.C.S. Luxembourg B 45.937.

Le Bilan au 30.11.2009 a été déposé au registre de commerce et des sociétés de Luxembourg.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

Signature.

Référence de publication: 2010052786/10.
(100054209) Déposé au registre de commerce et des sociétés de Luxembourg, le 20 avril 2010.

Merrill Lynch Investment Solutions, Société d'Investissement à Capital Variable.

Siège social: L-2449 Luxembourg, 16, boulevard Royal.

R.C.S. Luxembourg B 133.445.

EXTRAIT

A compter du 1

mars 2010, Monsieur Xavier Parain a cessé ses fonctions d'administrateur au sein de la société

Merrill Lynch Investment Solutions (la "Société") et Monsieur Riccardo Costanzo Fisogni, demeurant professionnellement
au 5 via Manzoni, 20121 Milan, Italie, est nommé administrateur de la Société.

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

Pour la Société
Signature

Référence de publication: 2010051590/14.
(100053832) Déposé au registre de commerce et des sociétés de Luxembourg, le 19 avril 2010.

Almacantar, Société Anonyme.

Siège social: L-1130 Luxembourg, 37, rue d'Anvers.

R.C.S. Luxembourg B 149.157.

In the year two thousand and ten, on the twenty-eighth day of April.
Before Maître Jean SECKLER, notary residing in Junglinster, Grand-Duchy of Luxembourg,

An extraordinary general meeting of the shareholders of the company ALMACANTAR, a public limited liability com-

pany (société anonyme), having its registered office at L-1130 Luxembourg, rue d'Anvers 37, incorporated under the laws
of Luxembourg by a deed of Maître Carlo WERSANDT, notary residing in Luxembourg, Grand-Duchy of Luxembourg,
dated 16 October 2009, published in the Mémorial, Recueil des Sociétés et Associations C, on 1 December 2009 under
number 2342, registered with the Luxembourg Trade and Companies Register under number B 149157 was held,

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The extraordinary general meeting was presided by Mr. Michael HALCROW, residing in London, acting as chairman,

and appointing Me Edward HYSLOP, residing in Luxembourg, as secretary of the meeting.

The meeting appointed Mr. Neil Leslie JONES, residing in London, as scrutineer.
These three individuals constituted the board of the meeting.
Having thus been constituted, the board of the meeting drew up the attendance list which, having been signed ne

varietur by the proxy-holders representing the shareholders authorised to vote and by the members of the board and
the notary remained attached to the present minutes together with the proxies and will be filed with the present deed,
with the registration authorities.

According to the attendance list, all the shareholders representing the full amount of the corporate capital authorised

to vote, were present or validly

represented at the meeting. The meeting could thus validly deliberate and decide on all subjects mentioned on the

agenda, without there having been a prior formal convening notice.

The chairman declared and requested the notary to state that:
The agenda of the meeting is the following:
1. Decrease of the share capital of the Company by an amount of Thirty One Thousand Euros (EUR 31,000.-) to bring

it from its present amount of Thirty One Thousand Euros (EUR 31,000.-) represented by Thirty One Thousand (31,000)
shares with a nominal of One Euro (EUR 1.-) each, to Zero Euro (EUR 0.-) by the cancellation of the existing Thirty One
Thousand (31,000) shares with a nominal value of One Euro (EUR 1.-) (the "Cancelled Shares") and repayment of Thirty
One Thousand Euros (EUR 31,000.-) to the shareholders prorate their holding of Cancelled Shares;

2. Increase of the share capital of the Company by an amount of fifteen million six hundred and eighty seven thousand

five hundred Euros (EUR 15,687,500.-) to bring it to fifteen million six hundred and eighty seven thousand five hundred
Euros (EUR 15,687,500.-) by the issuance of:

i) six hundred and eighty seven thousand five hundred (687,500) ordinary shares (the "Ordinary Shares") having a

nominal value of one Euro (EUR 1.-) each,

ii) ten million (10,000,000) A Preferred Ordinary Shares (the "A Preferred Ordinary Shares") having a nominal value

of one Euro (EUR 1.-) each,

iii) and five million (5,000,000) B Preferred Ordinary Shares (the "B Preferred Ordinary Shares") having a nominal value

of one Euro (EUR 1.-) each;

3. Waiver by the present shareholders of the Company of any preferential subscription rights relative to the issuance

of any Ordinary Share and Preferred Ordinary Shares, where applicable;

4. Subscription and payment of:
i) sixty two thousand five hundred (62,500) Ordinary Shares of the Company by MPAS SIPP MD HALCROW, by a

contribution in cash;

ii) two hundred and fifty thousand (250,000) Ordinary Shares of the Company by Neil Jones Capital Partners SARL,

by a contribution in cash;

iii) two hundred and fifty thousand (250,000) Ordinary Shares of the Company by Mr. Michael HUSSEY, by a contri-

bution in cash;

iv) sixty two thousand five hundred (62,500) Ordinary Shares of the Company by Montpelier SIPP J PAUL, by a

contribution in cash;

v) sixty two thousand five hundred (62,500) Ordinary Shares of the Company by Mr. Hugh SAYER, by a contribution

in cash;

vi) ten million (10,000,000) A Preferred Ordinary Shares of the Company by Exor S.A., by a contribution in cash;
vii) five million (5,000,000) B Preferred Ordinary Shares of the Company by Versorgungswerk der Zahnärztekammer

Nordrhein, by a contribution in cash;

5. Amendment of Article 4 of the Articles of Association of the Company, which shall be read as follows:

" Art. 4. The object of the Company consists in the use of its funds to invest in real estate and immovable property

as well as in the establishment, management, development and disposal of its assets as they may be composed from time
to time.

The object of the Company also consists in the use of its funds to take participating interests, in any form whatsoever,

in other companies either Luxembourg or foreign, as well as the ownership, management and development of such
participating interests. The purpose of the Company, includes the acquisition of any type of securities, whether negotiable
or not, stock, bonds, debentures, notes and other securities, including those issued by any Government or any other
international, national or local authority, and of any rights attached thereto, either by way of purchase, contribution,
subscription, option or in any other manner, as well as the transfer by sale, exchange or in any other manner. Moreover,
the Company may proceed to the acquisition and development of connected patents and licences.

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The Company may borrow in any form and proceed to the issuance of bonds, convertible bonds and debentures. The

Company may grant any assistance, loan, advance, or guarantee to the companies in which it has a direct or indirect
participating interest, or to companies being part of the same group of companies as the Company.

The Company may further carry out all transactions pertaining directly or indirectly to the investment in real estate

and/or the taking of participating interests in any form whatsoever in any enterprise or any private corporation as well
as to the administration, management, control and development of these investments and/or participating interests.

In general, the Company may carry out any commercial, industrial and financial operations, which it may deem useful

to enhance or to supplement its purpose."

6. Subsequent amendment of Article 5 of the articles of association of the Company so as to reflect the planned increase

of the share capital, which shall henceforth be read as follows:

" Art. 5. The subscribed capital of the Company is set at fifteen million six hundred and eighty seven thousand and five

hundred Euros (EUR 15,687,500.-) represented by:

six hundred and eighty seven thousand five hundred (687,500) ordinary shares (the "Ordinary Shares") having a nominal

value of one Euro (EUR 1.-) each;

ten million (10,000,000) A Preferred Ordinary Shares (the "A Preferred Ordinary Shares") having a nominal value of

one Euro (EUR 1.-) each; and

five million (5,000,000) B Preferred Ordinary Shares (the "B Preferred Ordinary Shares") having a nominal value of

one Euro (EUR 1.-) each.

The A Preferred Ordinary Shares, B Preferred Ordinary Shares and any C Preferred Ordinary Shares (the "C Preferred

Ordinary Shares") having a nominal value of one Euro (EUR 1.-) each (once subscribed) are together the "Preferred
Ordinary Shares". The general meeting of shareholders may decide to create such additional class of Preferred Ordinary
Shares as may be required under the terms of any agreement entered into from time to time between the shareholders
and the Company.

Each class of Preferred Ordinary Shares and Ordinary Shares shall be separate classes of shares but shall rank pari

passu in all respects save as expressly provided for herein.

The authorised capital is set at five hundred million Euros (EUR 500,000,000.-) represented by one million (1,000,000)

Ordinary Shares, one hundred and fifty million (150,000,000) A Preferred Ordinary Shares, fifty million (50,000,000) B
Preferred Ordinary Shares and two hundred and ninety nine million (299,000,000) C Preferred Ordinary Shares all with
a nominal value of one Euro (EUR 1.-) each.

The board of directors is authorised for a period expiring five years after the date of publication of the present

extraordinary general meeting of the Company to increase in one or several times the subscribed capital within the limits
of the authorised capital. Such increased amount of capital may be subscribed for and issued against payment in cash or
contribution in kind by observing the then applicable legal requirements or integration of all free reserves and retained
profits that can be integrated into the corporate capital by law, in each case with or without share premium as the board
of directors may from time to time determine. The board of directors is authorised to proceed to such issues, whereas
(i) a preferential right to subscribe to the A Preferred Ordinary Shares to be issued is at all times reserved to the then
existing holders of A Preferred Ordinary Shares, (ii) a preferential right to subscribe to the B Preferred Ordinary Shares
to be issued is at all times reserved to the then existing holders of B Preferred Ordinary Shares, and (iii) no preferential
right to subscribe to the C Preferred Ordinary Shares to be issued is reserved to the then existing holders of Preferred
Ordinary Shares or other existing shareholders. The board of directors may delegate to any duly authorised director or
officer of the Company or to any other duly authorised person, the duties of accepting subscriptions and receiving
payments for the Ordinary Shares and the Preferred Ordinary Shares representing part or all such increased amount of
capital.

Each time the board of directors shall so act to render effective an increase of capital, as authorised within the frame

mentioned here above, Article 5 of the articles of association shall be amended so as to reflect the result of such action
and the board of directors shall take or authorise any person to take any necessary steps for the purpose of obtaining
execution and publication of such amendment.

If at any time:
(1) any A Preferred Ordinary Shares are transferred to a person other than the original subscriber of the A Preferred

Ordinary Shares and its Connected Persons or any B Preferred Ordinary Shares are transferred to a person other than
the original subscriber of the B Preferred Ordinary Shares and its Connected Persons, then such transferred shares shall
cease to have the rights of A Preferred Ordinary Shares or B Preferred Ordinary Shares and instead have the rights of
C Preferred Ordinary Shares and the transferred shares shall be converted into C Preferred Ordinary Shares so that
following such conversion the holders of such A Preferred Ordinary Shares or B Preferred Ordinary Shares shall hold
an equal number of C Preferred Ordinary Shares;

(2) the original subscriber of the A Preferred Ordinary Shares and its Connected Persons shall cease to hold at least

51268

Preferred Ordinary Shares so that following such conversion the holders of A Preferred Ordinary Shares shall hold an
equal number of C Preferred Ordinary Shares; and

(3) the original subscriber of the B Preferred Ordinary Shares and its Connected Persons shall cease to hold at least

(a) twenty five million B Preferred Ordinary Shares (25,000,000) or (b) 50% of the B Preferred Ordinary Shares previously
issued to them, then all B Preferred Ordinary

Shares shall cease to have the rights of B Preferred Ordinary Shares and instead have the rights of C Preferred Ordinary

Shares and the B Preferred Ordinary Shares shall be converted into C Preferred Ordinary Shares so that following such
conversion the holders of B Preferred Ordinary Shares shall hold an equal number of C Preferred Ordinary Shares.

The Company's shares are not freely transferable and may solely be transferred in compliance with these articles of

association. Additional terms and conditions to those expressly stated in the articles of association may be agreed in
writing by the shareholders in a shareholders agreement as regards the transfer of shares (or interests in such shares).
Transfers of shares in the Company must be made in compliance with any such additional terms and conditions and the
articles of association. The Company is entitled to refuse to register any transfer of shares unless transferred in accordance
with the articles of association and in accordance with the terms and conditions of a shareholder agreement (as from
time to time in effect) to which the Company is a party.

If a Shareholder (the "Selling Shareholder") wishes to dispose of some or all of the shares held by it or, where applicable,

any Connected Person (the "Offered Shares"), it shall first notify the board of directors and the other shareholders (the
"Remaining Shareholders") in writing and invite the Remaining Shareholders to make an offer within 30 calendar days by
way of an irrevocable written notice (the "Offer Notice") to the Selling Shareholder and to the Company to purchase
their pro rata entitlement of the Offered Shares (being calculated by reference to their pro rata holding of shares), each
of which Offer Notices shall set out the price for the Offered Shares and any other terms of purchase (together the
"Terms").

If one or more of the Remaining Shareholders fails to serve an Offer Notice within 30 calendar days from the notice

served on the Board and the Remaining Shareholders pursuant to the above paragraph, the Selling Shareholder shall notify
in writing those Remaining Shareholders who have served an Offer Notice and invite them to make an offer within 10
calendar days (the "Final Offer Date") by way of a further Offer Notice for any excess Offered Shares.

The Selling Shareholder shall, within 10 calendar days of receipt of Offer Notices for all Offered Shares (the "Offer

Deadline"), either accept or refuse any offer by notice in writing to the Remaining Shareholders which shall be copied to
the Company.

If the Selling Shareholder accepts any offer the Selling Shareholder shall sell (and shall procure, where applicable, that

its relevant Connected Person shall sell) and the relevant Remaining Shareholders shall buy the Offered Shares on the
Terms set out in their relevant Offer Notices.

If by the Final Offer Date Offer Notices are not received for all Offered Shares or no Offer Notices are received, the

Selling Shareholder shall be entitled to sell the Offered Shares to a third party for a period of up to 6 months, at the end
of which the Selling Shareholder shall be required to follow the procedure set out in this Article 5 for any disposal of
shares.

If the Selling Shareholder does not accept offers in respect of the Offered Shares, the Selling Shareholder shall be

entitled to sell the Offered Shares to a third party on terms and conditions more favourable to the Selling Shareholder
than the Terms for a period of up to 6 months, at the end of which the Selling Shareholder shall be required to follow
the procedure set out in this Article 5 for any Disposal of shares."

7. Insertion of an Article 5bis in the articles of association of the Company which shall be read as follows;

" Art. 5bis. Share Rights. The holders of Preferred Ordinary Shares shall be entitled to an eight per centum per annum

cumulative preferential dividend (the "Preference Dividend"). The Preference Dividend shall be calculated on a daily basis
on the amount paid up (or credited as paid up) as nominal corporate capital on the Preferred Ordinary Shares. Once a
Liquidity Event has occurred the Preferred Ordinary Shares will have no further right to a Preference Dividend. The
Preference Dividend may be declared and paid in full, in part or not at all for a particular year. The Preference Dividend
will be paid in cash to the holders of the Preferred Ordinary Shares in proportion to the number of Preferred Ordinary
Shares held by them. However, until the Preference Dividend has been declared in full for all periods, no other dividend
may be declared or paid to any shareholder.

In addition to the Preference Dividend, for as long as the Preferred Ordinary Shares are in existence any other

distributions and capital payments or other payments in respect of the shares in the Company including payments on a
Sale and on a winding up prior to a Liquidity Event and a Payback ("Non Preference Distributions") shall be made as
follows:

(1) first to the holders of the Preferred Ordinary Shares an amount equal to the amount of any Preference Dividend

that has not been declared and paid by the Company;

(2) second to the holders of the Preferred Ordinary Shares an amount equal to the amount paid up as nominal

corporate capital on the Preferred Ordinary Shares;

(3) third to the holders of the Ordinary Shares an amount equal to the amount paid up as nominal corporate capital

on the Ordinary Shares; and

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(4) as regards any of the balance ("Residual Distributions"):
a) in the case of the A Preferred Ordinary Shares, the A Payment;
b) in the case of the B Preferred Ordinary Shares, the B Payment;
c) in the case of the C Preferred Ordinary Shares, the C Payment;
d) in the case of the Ordinary Shares, the Ordinary Share Payment.
For the purposes of this Article 5 and Article 6bis:

"Connected Persons"

means in respect of:
(a) any person, any entity in which the ultimate parent company of such person holds,
directly or indirectly, a controlling interest and an economic interest of greater than
fifty per cent. (50%); and
(b) any natural person, his respective investment vehicle, family members and family
trusts.

"Liquidity Event"

means a Listing, a Sale, Voluntary Liquidation, and a Payback.
means the admission of all of the shares in the Company to trading on a recognised
market

"Sale"

means the acquisition (whether through a single transaction or a series of transactions)
by a person or persons acting in concert with such person of shares or any interest in
shares as a result of which such person(s) shall acquire(s) the entire share capital of the
Company.

"Voluntary Liquidation"

means a liquidation of the Company initiated by the Shareholders.

"Payback"

means a payment of whatever nature (including a Preference Dividend) to holders of
Preferred Ordinary Shares, which, when aggregated with all other payments made to
the holders of Preferred Ordinary Shares since their date of issue in respect of their
shares, constitutes an amount equal to or greater than the aggregate amount paid up
or credited as paid up as nominal corporate capital in respect of the Preferred Ordinary
Shares in issue at such time, plus 50% of the aggregate of the Preference Dividends
which the holders of the Preferred Ordinary Shares could have received (whether
declared and paid or not) at that time.

"A Payment"

means (Tx75%) x (A/P)+X.

"B Payment"

means (Tx75%) x (B/P) + V.

"C Payment"

means (Tx75%) x(C/P).

"Ordinary Share Payment"

means (Tx25%) –(X+V).

"T"

means the Residual Distribution.

"P"

means an amount equal to the aggregate amount paid up or credited as paid up as
nominal corporate capital in respect of the Preferred Ordinary Shares in issue at such
time.

"A"

means an amount equal to the amount paid up or credited as paid up as nominal
corporate capital in respect of the A Preferred Ordinary Shares in issue at such time.

"Aadjtd"

means for so long as there are any A Preferred Ordinary Shares in existence an amount
equal to the aggregate of the amount paid up or credited as paid up as nominal corporate
capital on all A Preferred Ordinary Shares in issue at such time and those which were
in issue prior to their conversion into C Preferred Ordinary Shares

"B"

means an amount equal to the amount paid up or credited as paid up as nominal
corporate capital in respect of the B Preferred Ordinary Shares in issue at such time.

"Badjtd"

means for so long as there are any B Preferred Ordinary Shares in existence an amount
equal to the aggregate of the amount paid up or credited as paid up as nominal corporate
capital on all B Preferred Ordinary Shares in issue at such time and those which were
in issue prior to their conversion into C Preferred Ordinary Shares.

"C"

means an amount equal to the amount paid up or credited as paid up as nominal
corporate capital in respect of the C Preferred Ordinary Shares in issue at such time.

"X"

means (Tx25%) x ((Aadjtd/P)x50%), provided that X shall reduce to zero if at any time
the original subscriber of the A Preferred Ordinary Shares and its Connected Persons
shall cease to hold at least (a) seventy five million (75,000,000) A Preferred Ordinary
Shares or (b) 50% of the maximum number of A Preferred Ordinary Shares ever issued
to them (and for the avoidance of doubt X shall not be subsequently increased as a
result of any further acquisitions or issuances of shares).

"V"

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or (b) 50% of the maximum number of B Preferred Ordinary Shares ever issued to
them (and for the avoidance of doubt V shall not be subsequently increased as a result
of any further acquisitions or issuances of shares).

The Preferred Ordinary Shares shall be converted into Ordinary Shares immediately before a Listing or immediately

after a Payback so that following such conversion;

(a) the holders of the A Preferred Ordinary Shares shall hold such number of Ordinary Shares as equals the A Con-

version Outcome;

(b) the holders of the B Preferred Ordinary Shares shall hold such number of Ordinary Shares as equals the B Con-

version Outcome;

version Outcome.

For the purposes of this Article 5:

"A Conversion Outcome" means as a percentage of the total number of ordinary shares in issue assuming conversion

of all Preferred Ordinary Shares equal to: (100-Z)x(A/P) plus (Zadjtd x(Aadjtd/P)x 50%).

"B Conversion Outcome" means as a percentage of the total number of ordinary shares in issue assuming conversion

of all Preferred Ordinary Shares equal to: (100-Z)x(B/P) plus (Zadjtd x(Badjtd/P)x 20%).

"C Conversion Outcome" means as a percentage of the total number of ordinary shares in issue assuming conversion

of all Preferred Ordinary Shares equal to: (100-Z)x(C/P).

"Z"

means the percentage of the total number of ordinary shares in issue assuming conversion
of all Preferred Ordinary which the Ordinary Shares in issue prior to any conversion are
to represent and that percentage shall be (((Fadjtd less (P+O)) x 25%) plus O) / F.

"Zadjtd"

means the percentage as described in "Z" above but calculated as ((Fadjtd less (P+O)) x
25%) / F.

"O"

means an amount equal to the aggregate amount paid up or credited as paid up as nominal
corporate capital in respect of the Ordinary Shares in issue at such time.

"F"

means Fair Market Value of the Company (as established for the Liquidity Event without
deduction of accrued unpaid Preference Dividends).

"Fadjtd"

means Fair Market Value of the Company (as established for the Liquidity Event but
assuming distribution of all accrued undeclared or unpaid Preference Dividends, whether
or not such Preference Dividends have been declared).

"Fair Market Value"

means the higher of Net Asset Value or the amount determined by the Board acting
reasonably using appropriate valuation methods as being the value which is established by
the transactions which are reflected in the Liquidity Event.

"Net Asset Value"

means the value of the Company as shown in the most recent consolidated balance sheet
prepared under international accounting standards adjusted if necessary to include a fair
current valuation of the assets and liabilities of the Company and its subsidiaries."

8. Amendment of Article 6 of the articles of association of the Company, which shall read as follows:

" Art. 6. The shares of the Company will be in registered form.
The Company will recognize only one holder per share; in case a share is held by more than one person, the Company

has the right to suspend the exercise of all rights attached to that share until one person has been appointed as the sole
owner in relation to the Company. The same rule shall apply in the case of conflict between a usufruct holder (usufruitier)
and a bare owner (nu-propriétaire) or between a pledgor and a pledgee."

9. Insertion of an Article 6bis in the articles of association of the Company which shall read as follows:

" Art. 6bis. The board of directors of the Company in accordance with the rules agreed in writing between the

shareholders in a shareholders agreement to which the Company is a party, call the outstanding amount of the unpaid
Preferred Ordinary Shares of the Company. Without prejudice to any remedy available under Luxembourg law, in case
of non-payment of its call by a shareholder, the board of directors of the Company may:

suspend the voting rights attached to Preferred Ordinary Shares in respect of which calls have not been paid,
suspend any financial rights attached to the Preferred Ordinary Shares in respect of which calls have not been paid;
resolve that the Company repurchase all the Preferred Ordinary Shares registered in the shareholders' register in the

name of a defaulting shareholder and its Connected Persons for a purchase price equal to the Relevant Proportion of
50% of the value of the Company as shown in the most recent consolidated audited financial statements of the Company
and its subsidiaries, where "Relevant Proportion" is the proportion of the aggregate number of issued Preferred Ordinary
Shares and Ordinary Shares represented by the Preferred Ordinary Shares being repurchased”.

10. Amendment of Article 8 of the articles of association of the Company, which shall read as follows:
"The annual general meeting of shareholders shall be held in Luxembourg at the registered office of the Company, or

at such other place in Luxembourg City as may be specified in the notice of meeting on the third Wednesday of the month

51271

of April at 11.00 a.m. and for the first time in Two Thousand Eleven. If such day is a legal holiday in the Grand-Duchy of
Luxembourg, the annual general meeting shall be held on the next following business day.

Except as otherwise required by law or the articles of association, resolutions at a meeting of shareholders duly

convened will be passed by a simple majority of those present or represented. Each share is entitled to one vote.

A shareholder may act at any meeting of shareholders by appointing another person as his proxy in writing.
Any shareholder may participate in any meeting of the shareholders by conference call or by other similar means of

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

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

The articles of association of the Company may be amended by a general meeting of shareholders. The general meeting

shall not validly deliberate unless at least two-thirds of the capital is represented and the agenda indicates the proposed
amendments to the articles and, where applicable, the text of those which concern the object or the form of the Company.
If the first of these conditions is not satisfied, a second meeting may be convened by means of notices published twice,
at fifteen days interval at least and fifteen days before the meeting in the Mémorial C and in two Luxembourg newspapers.
Such convening notice shall reproduce the agenda and indicate the date and the results of the previous meeting. The
second meeting shall not validly deliberate unless at least two-thirds of the capital is represented. At both meetings,
resolutions, in order to be adopted, must be carried by at least two-thirds of the votes cast. Where there is more than
one class of shares and the resolution of the general meeting is such as to change the respective rights thereof, the
resolution must, in order to be valid, fulfil the conditions as to attendance and majority referred to above with respect
to all classes of shares. The votes expressed do not include the votes attached to the shares for which the shareholder
has not taken part in the vote or has abstained from voting or returned a blank or void voting paper. The nationality of
the Company may only be changed and the commitments of the shareholders may only be increased with the unanimous
consent of the shareholders."

11. Amendment of Article 11 of the Articles of Association of the Company, which shall be read as follows:
"The board of directors chooses from among its members a chairman (the "Chairman"), and may choose from among

its members a vice-chairman. It may also choose a secretary, who needs not be a director, who shall be responsible for
keeping the minutes of the meetings of the board of directors. The board of directors shall meet upon call by the Chairman,
or any two directors, at the place indicated in the notice of meeting.

The Chairman shall preside at all meetings of the board of directors; in his absence the board of directors may appoint

a chairman pro tempore by vote of the majority present at any such meeting.

The directors will be convened separately to each meeting of the board of directors. Except in cases of urgency, which

will be specified in the convening notice or with the prior consent of all those entitled to attend, at least an eight days'
written notice of the board meetings shall be given. The meeting will be duly held without prior notice if all the directors
are present or duly represented.

The notice may be waived by consent in writing of each director. Any director may act at any meeting of the board

of directors by appointing another director in writing.

Any director may participate in any meeting of the board of directors by conference call or by other similar means of

communication enabling all the persons taking part in the meeting to hear one another and to communicate with one
another. A meeting may also be held by conference call only. The participation in a meeting by these means is equivalent
to a participation in person at such meeting. The minutes of any such meeting shall however be approved and signed by
all the directors present at such a meeting. The board of directors may, unanimously, pass resolutions on one or several
similar documents by circular means when expressing its approval in writing. The entirety will form the minutes giving
evidence of the resolution. The board of directors can deliberate or act validly only if at least a majority of the directors
is present or represented at a meeting of the board of directors. Resolutions shall be passed by a majority of votes of
the directors present or represented at such meeting.

For so long as the original subscriber of the A Preferred Ordinary Shares and its Connected Persons hold more than

fifty (50) per cent. of the issued shares of the Company if a resolution is proposed in respect of which there is an equality
of votes (a "Deadlock Resolution") the Chairman shall be entitled at the meeting at which the votes are cast to notify the
board of directors that he intends to exercise a casting vote. Where he gives such notification to the board of directors
a further meeting of the board of directors will be convened by the Chairman in accordance with the provisions of these
articles of association at which the Deadlock Resolution will be reconsidered and the notice of meeting shall be accom-
panied by a letter from the Chairman explaining the reasons why he intends to cast his vote and why he believes the
manner in which he intends to cast his vote as being in the best interests of the Company."

12. Amendment of Article 16 of the articles of association of the Company, which shall read as follows:
"The annual accounts are drawn up by the board of directors as at the end of each accounting year and will be at the

disposal of the shareholders at the registered office of the Company.

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From the annual net profits of the Company, five per cent (5%) shall be allocated to the reserve required by law. This

allocation shall cease to be required as soon and as long as such reserve amounts to ten per cent (10%) of the subscribed
capital of the Company as stated in article 5 hereof or as increased or reduced from time to time as provided in article
5 hereof.

The general meeting of shareholders, upon recommendation of the board of directors, will determine how the annual

net profits will be disposed of.

Other than as otherwise provided in these articles of association, all shares will rank equally for dividend distributions.
In the event of partly paid shares, dividends will be payable in proportion to the paid-up amount of such shares it being

agreed that as regards any Preference Dividend paid on partly paid shares the provisions in Article 5 will apply.

Interim dividends may be distributed by observing the terms and conditions foreseen by law".
13. Restatement of the articles of association of the Company;
14. Acknowledgement and acceptance (insofar as necessary) of the resignation of Mr Michael HALCROW, a director

(administrateur) of the Company with effect as at the date of the present extraordinary general meeting and full and
complete discharge to him with respect to his mandate as the date hereof;

15. Determination of the directors' fees to be paid to Michael Hussey and Neil Jones in relation to their mandate as

directors of the Company by an amount of Sixty Thousand Euros (EUR 60,000.-) each per annum.

16. Appointment of Dr. Detlef Seuffert, Pierre Martinet, Alessandro Potestà and Raffaella Papa as directors of the

Company with effect as at the date hereof and ending on the day of the annual general meeting of shareholders of the
Company which approves the accounts of the Company for the financial year ended 31 December 2010;

17. Authorization to any director of the Company or to any employee of Centralis SA, 37, rue d'Anvers, L-1130

Luxembourg, to amend the share register of the Company and in general, to all action necessary in relation to the
resolutions to be taken in accordance with the present minutes; and

18. Miscellaneous.
The general meeting having approved the chairman's statements and considering itself duly convened, it took by sep-

arate and unanimous votes the following resolutions:

First resolution

The general meeting resolved to decrease of the share capital of the Company by an amount of Thirty One Thousand

Euros (EUR 31,000.-) to bring it from its present amount of Thirty One Thousand Euros (EUR 31,000.-) represented by
Thirty One Thousand (31,000) shares with a nominal of One Euro (EUR 1.-) each, to Zero Euro (EUR 0.-) by the can-
cellation of the existing Thirty One Thousand (31,000) shares with a nominal value of One Euro (EUR 1.-) and to reimburse
the amount of Thirty One Thousand Euros (EUR 31,000.-) to the shareholders prorate their holding of Cancelled Shares.

Second resolution

The general meeting resolved to increase the share capital of the Company by an amount of fifteen million six hundred

and eighty seven thousand five hundred Euros (EUR 15,687,500.-) to bring its present amount to fifteen million six hundred
and eighty seven thousand five hundred Euros (EUR 15,687,500.-) by the issuance of:

six hundred and eighty seven thousand five hundred (687,500) ordinary shares (the "Ordinary Shares") having a nominal

value of one Euro (EUR 1.-) each,

ten million (10,000,000) A Preferred Ordinary Shares (the "A Preferred Ordinary Shares") having a nominal value of

one Euro (EUR 1.-) each,

five million (5,000,000) B Preferred Ordinary Shares (the "B Preferred Ordinary Shares") having a nominal value of

one Euro (EUR 1.-) each.

Third resolution

The general meeting resolved to acknowledge the waiver of the present shareholders of the Company of any prefer-

ential subscription rights relative to the issuance of Ordinary Shares or any Preferred Ordinary Shares, where applicable.

Fourth resolution

The general meeting of the Company resolved to issue:
six hundred and eighty seven thousand five hundred (687,500) Ordinary Shares having a nominal value of one Euro

(EUR 1.-) each,

ten million (10,000,000) A Preferred Ordinary Shares having a nominal value of one Euro (EUR 1.-) each,
five million (5,000,000.-) B Preferred Ordinary Shares a nominal value of one Euro (EUR 1.-) each.

Subscription and Payment

There appeared Mr. Michael HALCROW, acting in his capacity as duly appointed proxy of MPAS SIPP MD HALCROW,

by virtue of a power of attorney.

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The appearing person declared subscribing in the name and on behalf of MPAS SIPP MD HALCROW of Montpelier

House, 62-66 Deansgate, Manchester M3 2EN, United Kingdom for sixty two thousand five hundred (62,500) newly issued
Ordinary Shares of the Company with a par value of One Euro (EUR 1.-) each, and to make payment in full for such new
Ordinary Shares by a contribution in cash amounting to sixty two thousand five hundred Euros (EUR 62,500).

Evidence of the above cash payment has been given to the undersigned notary by a bank certificate issued by Dexia

Banque Internationale à Luxembourg and the undersigned notary formally acknowledges the availability of the aggregate
amount of sixty two thousand five hundred Euros (EUR 62,500).

In consideration for the payment in cash for an aggregate value of sixty two thousand five hundred Euros (EUR 62,500),

the Company will therefore issue sixty two thousand five hundred (62,500) Ordinary Shares.

There appeared Mr. Michael HALCROW, acting in his capacity as duly appointed proxy of Michael HUSSEY, by virtue

of a power of attorney.

The appearing person declared subscribing in the name and on behalf of Mr. Michael HUSSEY of 66 Baltimore House,

Juniper Drive, London SW18 1TS, United Kingdom, for two hundred and fifty thousand (250,000) newly issued Ordinary
Shares of the Company with a par value of One Euro (EUR 1.-) each, and to make payment in full for such new Ordinary
Shares by a contribution in cash amounting to two hundred and fifty thousand Euros (EUR 250,000).

Evidence of the above cash payment has been given to the undersigned notary by a bank certificate issued by Dexia

Banque Internationale à Luxembourg, and the undersigned notary formally acknowledges the availability of the aggregate
amount of two hundred and fifty thousand Euros (EUR 250,000).

In consideration for the payment in cash for an aggregate value of two hundred and fifty thousand Euros (EUR 250,000),

the Company will therefore issue two hundred and fifty thousand (250.000) Ordinary Shares.

There appeared Mr. Michael HALCROW, acting in his capacity as duly appointed proxy of Montpelier SIPP J PAUL,

by virtue of a power of attorney.

The appearing person declared subscribing in the name and on behalf of Montpelier SIPP J PAUL of Montpelier House,

62-66 Deansgate, Manchester M3 2EN, United Kingdom, for sixty two thousand five hundred (62,500) newly issued
Ordinary Shares of the Company with a par value of One Euro (EUR 1.-) each, and to make payment in full for such new
Ordinary Shares by a contribution in cash amounting to sixty two thousand five hundred Euros (EUR 62,500).

Evidence of the above cash payment has been given to the undersigned notary by a bank certificate issued by Dexia

Banque Internationale à Luxembourg and the undersigned notary formally acknowledges the availability of the aggregate
amount of sixty two thousand five hundred Euros (EUR 62,500).

In consideration for the payment in cash for an aggregate value of sixty two thousand five hundred Euros (EUR 62,500),

the Company will therefore issue sixty two thousand five hundred Ordinary Shares.

There appeared Mr. Neil Leslie JONES, acting in his capacity as duly appointed proxy of the company Neil Jones Capital

Partners SARL, by virtue of a power of attorney.

The appearing person declared subscribing in the name and on behalf of Neil Jones Capital Partners SARL Avenue

Duquesne 28, 75007 Paris, France, for two hundred and fifty thousand (250,000) newly issued Ordinary Shares of the
Company with a par value of One Euro (EUR 1.-) each, and to make payment in full for such new Ordinary Shares by a
contribution in cash amounting to two hundred and fifty thousand Euros (EUR 250,000).

Evidence of the above cash payment has been given to the undersigned notary by a bank certificate issued by Dexia

Banque Internationale à Luxembourg, and the undersigned notary formally acknowledges the availability of the aggregate
amount of two hundred and fifty thousand Euros (EUR 250,000).

In consideration for the payment in cash for an aggregate value of two hundred and fifty thousand Euros (EUR 250,000),

the Company will therefore issue two hundred and fifty thousand (250,000) Ordinary Shares.

There appeared Mr. Michael HALCROW, acting in his capacity as duly appointed proxy of Hugh SAYER by virtue of

a power of attorney.

The appearing person declared subscribing in the name and on behalf of Mr. Hugh SAYER of Warren Down House,

Letcombe Bassett, Wantage OX12 9LR, United Kingdom, for sixty two thousand five hundred (62,500) newly issued
Ordinary Shares of the Company with a par value of One Euro (EUR 1.-) each, and to make payment in full for such new
Ordinary Shares by a contribution in cash amounting to sixty two thousand five hundred Euros (EUR 62,500).

Evidence of the above cash payment has been given to the undersigned notary by a bank certificate issued by Dexia

Banque Internationale à Luxembourg, and the undersigned notary formally acknowledges the availability of the aggregate
amount of sixty two thousand five hundred Euros (EUR 62,500).

In consideration for the payment in cash for an aggregate value of sixty two thousand five hundred Euros (EUR 62,500),

the Company will therefore issue sixty two thousand five hundred (62,500) Ordinary Shares.

There appeared Mr. Marco BENAGLIA, residing in Luxembourg, acting in his capacity as duly appointed proxy of the

company Exor S.A. by virtue of a power of attorney.

The appearing person declared subscribing in the name and on behalf of Exor S.A. of boulevard 22-24, Royal, L-2449

Luxembourg for ten million (10,000,000) newly issued A Preferred Ordinary Shares of the Company with a par value of

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One Euro (EUR 1.-) each, and to make payment to one-quarter for such new A Preferred Ordinary Shares by a contri-
bution in cash amounting to two million five hundred thousand Euros (EUR 2,500,000).

Evidence of the above cash payment has been given to the undersigned notary by a bank certificate issued by Dexia

Banque Internationale à Luxembourg, and the undersigned notary formally acknowledges the availability of the aggregate
amount of two million five hundred thousand Euros (EUR 2,500,000).

In consideration for the payment in cash for an aggregate value of two million five hundred thousand Euros (EUR

2,500,000), the Company will therefore issue ten million (10,000,000) A Preferred Ordinary Shares.

There appeared Mr. Udo KÜHLE, residing professionally in Düsseldorf, acting in his capacity as duly appointed proxy

of the company Versorgungswerk der Zahnärztekammer Nordrhein, by virtue of a power of attorney.

The appearing person declared subscribing in the name and on behalf of Versorgungswerk der Zahnärztekammer

Nordrhein of Am Seestern 8, 40549 Düsseldorf, Germany, for five million (5,000,000) newly issued B Preferred Ordinary
Shares of the Company with a par value of One Euro (EUR 1.-) each, and to make payment to one-quarter for such new
B Preferred Ordinary Shares by a contribution in cash amounting to one million two hundred and fifty Euros (EUR
1,250,000).

Evidence of the above cash payment has been given to the undersigned notary by a bank certificate issued by Dexia

Banque Internationale à Luxembourg, and the undersigned notary formally acknowledges the availability of the aggregate
amount of one million two hundred and fifty thousand Euros (EUR 1,250,000).

In consideration for the payment in cash for an aggregate value of one million two hundred and fifty thousand Euros

(EUR 1,250,000), the Company will therefore issue five million (5,000,000) B Preferred Ordinary Shares.

Fifth resolution

The general meeting resolved to amend the article 4 of the articles of association of the Company, which shall be read

as follows:

" Art. 4. The object of the Company consists in the use of its funds to invest in real estate and immovable property

as well as in the establishment, management, development and disposal of its assets as they may be composed from time
to time.

The object of the Company also consists in the use of its funds to take participating interests, in any form whatsoever,

The Company may borrow in any form and proceed to the issuance of bonds, convertible bonds and debentures. The

The Company may further carry out all transactions pertaining directly or indirectly to the investment in real estate

In general, the Company may carry out any commercial, industrial and financial operations, which it may deem useful

to enhance or to supplement its purpose."

Sixth resolution

The general meeting resolved to amend Article 5 of the articles of association of the Company, which shall read as

follows:

" Art. 5. The subscribed capital of the Company is set at fifteen million six hundred and eighty seven thousand and five

hundred Euros (EUR 15,687,500.-) represented by:

six hundred and eighty seven thousand five hundred (687,500) ordinary shares (the "Ordinary Shares") having a nominal

value of one Euro (EUR 1.-) each;

ten million (10,000,000) A Preferred Ordinary Shares (the "A Preferred Ordinary Shares") having a nominal value of

one Euro (EUR 1.-) each; and

five million (5,000,000) B Preferred Ordinary Shares (the "B Preferred Ordinary Shares") having a nominal value of

one Euro (EUR 1.-) each.

The A Preferred Ordinary Shares, B Preferred Ordinary Shares and any C Preferred Ordinary Shares (the "C Preferred

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Each class of Preferred Ordinary Shares and Ordinary Shares shall be separate classes of shares but shall rank pari

passu in all respects save as expressly provided for herein.

The authorised capital is set at five hundred million Euros (EUR 500,000,000.-) represented by one million (1,000,000)

The board of directors is authorised for a period expiring five years after the date of publication of the present

extraordinary general meeting of the Company to increase in one or several times the subscribed capital within the limits
of the authorised capital. Such increased amount of capital may be subscribed for and issued against payment in cash or
contribution in kind by observing the then applicable legal requirements or integration of all free reserves and retained
profits that can be integrated into the corporate capital by law, in each case with or without share premium as the board
of directors may from time to time determine. The board of directors is authorised to proceed to such issues , whereas
(i) a preferential right to subscribe to the A Preferred Ordinary Shares to be issued is at all times reserved to the then
existing holders of A Preferred Ordinary Shares, (ii) a preferential right to subscribe to the B Preferred Ordinary Shares
to be issued is at all times reserved to the then existing holders of B Preferred Ordinary Shares, and (iii) no preferential
right to subscribe to the C Preferred Ordinary Shares to be issued is reserved to the then existing holders of Preferred
Ordinary Shares or other existing shareholders. The board of directors may delegate to any duly authorised director or
officer of the Company or to any other duly authorised person, the duties of accepting subscriptions and receiving
payments for the Ordinary Shares and the Preferred Ordinary Shares representing part or all such increased amount of
capital.

Each time the board of directors shall so act to render effective an increase of capital, as authorised within the frame

If at any time:
(1) any A Preferred Ordinary Shares are transferred to a person other than the original subscriber of the A Preferred

(2) the original subscriber of the A Preferred Ordinary Shares and its Connected Persons shall cease to hold at least

(a) seventy five million (75,000,000) A Preferred Ordinary Shares or (b) 50% of the A Preferred Ordinary Shares previously
issued to them, then all A Preferred Ordinary Shares shall cease to have the rights of A Preferred Ordinary Shares and
instead have the rights of C Preferred Ordinary Shares and the A Preferred Ordinary Shares shall be converted into C
Preferred Ordinary Shares so that following such conversion the holders of A Preferred Ordinary Shares shall hold an
equal number of C Preferred Ordinary Shares; and

(3) the original subscriber of the B Preferred Ordinary Shares and its Connected Persons shall cease to hold at least

(a) twenty five million B Preferred Ordinary Shares (25,000,000) or (b) 50% of the B Preferred Ordinary Shares previously
issued to them, then all B Preferred Ordinary Shares shall cease to have the rights of B Preferred Ordinary Shares and
instead have the rights of C Preferred Ordinary Shares and the B Preferred Ordinary Shares shall be converted into C
Preferred Ordinary Shares so that following such conversion the holders of B Preferred Ordinary Shares shall hold an
equal number of C Preferred Ordinary Shares.

The Company's shares are not freely transferable and may solely be transferred in compliance with these articles of

If a Shareholder (the "Selling Shareholder") wishes to dispose of some or all of the shares held by it or, where applicable,

If one or more of the Remaining Shareholders fails to serve an Offer Notice within 30 calendar days from the notice

served on the Board and the Remaining Shareholders pursuant to the above paragraph, the Selling Shareholder shall notify

51276

in writing those Remaining Shareholders who have served an Offer Notice and invite them to make an offer within 10
calendar days (the "Final Offer Date") by way of a further Offer Notice for any excess Offered Shares.

The Selling Shareholder shall, within 10 calendar days of receipt of Offer Notices for all Offered Shares (the "Offer

Deadline"), either accept or refuse any offer by notice in writing to the Remaining Shareholders which shall be copied to
the Company.

If the Selling Shareholder accepts any offer the Selling Shareholder shall sell (and shall procure, where applicable, that

its relevant Connected Person shall sell) and the relevant Remaining Shareholders shall buy the Offered Shares on the
Terms set out in their relevant Offer Notices.

If by the Final Offer Date Offer Notices are not received for all Offered Shares or no Offer Notices are received, the

If the Selling Shareholder does not accept offers in respect of the Offered
Shares, the Selling Shareholder shall be entitled to sell the Offered Shares to a third party on terms and conditions

more favourable to the Selling Shareholder than the Terms for a period of up to 6 months, at the end of which the Selling
Shareholder shall be required to follow the procedure set out in this Article 5 for any Disposal of shares."

Seventh resolution

The general meeting resolved to insert an Article 5bis in the articles of association of the Company, which shall read

as follows:

" Art. 5bis. Share Rights. The holders of Preferred Ordinary Shares shall be entitled to an eight per centum per annum

In addition to the Preference Dividend, for as long as the Preferred Ordinary Shares are in existence any other

(1) first to the holders of the Preferred Ordinary Shares an amount equal to the amount of any Preference Dividend

that has not been declared and paid by the Company;

(2) second to the holders of the Preferred Ordinary Shares an amount equal to the amount paid up as nominal

corporate capital on the Preferred Ordinary Shares;

(3) third to the holders of the Ordinary Shares an amount equal to the amount paid up as nominal corporate capital

on the Ordinary Shares; and

"Connected Persons"

"Liquidity Event"

means a Listing, a Sale, Voluntary Liquidation, and a Payback.
means the admission of all of the shares in the Company to trading on a recognised
market.

"Sale"

"Voluntary Liquidation"

means a liquidation of the Company initiated by the Shareholders.

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"Payback"

"A Payment"

means (Tx75%) x (A/P)+X.

"B Payment"

means (Tx75%) x (B/P) + V.

"C Payment"

means (Tx75%) x(C/P).

"Ordinary Share Payment"

means (Tx25%) –(X+V).

"T"

means the Residual Distribution.

"P"

means an amount equal to the aggregate amount paid up or credited as paid up as
nominal corporate capital in respect of the Preferred Ordinary Shares in issue at such
time.

"A"

means an amount equal to the amount paid up or credited as paid up as nominal
corporate capital in respect of the A Preferred Ordinary Shares in issue at such time.

"Aadjtd"

"B"

means an amount equal to the amount paid up or credited as paid up as nominal
corporate capital in respect of the B Preferred Ordinary Shares in issue at such time.

"Badjtd"

"C"

means an amount equal to the amount paid up or credited as paid up as nominal
corporate capital in respect of the C Preferred Ordinary Shares in issue at such time.

"X"

"V"

means (Tx25%) x ((Badjtd/P)x20%), provided that V shall reduce to zero if at any time
the original subscriber of the B Preferred Ordinary Shares and its connected persons
shall cease to hold at least twenty five million (25,000,000) B Preferred Ordinary Shares
or (b) 50% of the maximum number of B Preferred Ordinary Shares ever issued to
them (and for the avoidance of doubt V shall not be subsequently increased as a result
of any further acquisitions or issuances of shares).

The Preferred Ordinary Shares shall be converted into Ordinary Shares immediately before a Listing or immediately

after a Payback so that following such conversion;

(d) the holders of the A Preferred Ordinary Shares shall hold such number of Ordinary Shares as equals the A Con-

version Outcome;

(e) the holders of the B Preferred Ordinary Shares shall hold such number of Ordinary Shares as equals the B Con-

version Outcome;

(f) the holders of the C Preferred Ordinary Shares shall hold such number of Ordinary Shares as equals the C Con-

version Outcome.

For the purposes of this Article 5:

"A Conversion Outcome"

means as a percentage of the total number of ordinary shares in issue assuming
conversion of all Preferred Ordinary Shares equal to: (100-Z)x(A/P) plus (Zadjtd x
(Aadjtd/P)x 50%).

"B Conversion Outcome"

means as a percentage of the total number of ordinary shares in issue assuming
conversion of all Preferred Ordinary Shares equal to: (100-Z)x(B/P) plus (Zadjtd x
(Badjtd/P)x 20%).

"C Conversion Outcome"

means as a percentage of the total number of ordinary shares in issue assuming
conversion of all Preferred Ordinary Shares equal to: (100-Z)x(C/P).

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"Z"

means the percentage of the total number of ordinary shares in issue assuming
conversion of all Preferred Ordinary which the Ordinary Shares in issue prior to any
conversion are to represent and that percentage shall be (((Fadjtd less (P+O)) x 25%)
plus O) / F.

"Zadjtd"

means the percentage as described in "Z" above but calculated as ((Fadjtd less (P+O))
x 25%) / F.

"O"

means an amount equal to the aggregate amount paid up or credited as paid up as
nominal corporate capital in respect of the Ordinary Shares in issue at such time.

"F"

means Fair Market Value of the Company (as established for the Liquidity Event without
deduction of accrued unpaid Preference Dividends).

"Fadjtd"

means Fair Market Value of the Company (as established for the Liquidity Event but
assuming distribution of all accrued undeclared or unpaid Preference Dividends,
whether or not such Preference Dividends have been declared).

"Fair Market Value"

means the higher of Net Asset Value or the amount determined by the Board acting
reasonably using appropriate valuation methods as being the value which is established
by the transactions which are reflected in the Liquidity Event.

"Net Asset Value"

means the value of the Company as shown in the most recent consolidated balance
sheet prepared under international accounting standards adjusted if necessary to
include a fair current valuation of the assets and liabilities of the Company and its
subsidiaries."

Eighth resolution

The general meeting resolved to amend the Article 6 of the articles of association of the Company will read as follows:

" Art. 6. The shares of the Company will be in registered form.
The Company will recognize only one holder per share; in case a share is held by more than one person, the Company

Ninth resolution

The general meeting resolved to insert an Article 6bis in the articles of association of the Company, which shall read

as follows:

" Art. 6bis. The board of directors of the Company in accordance with the rules agreed in writing between the

shareholders in a shareholders agreement to which the Company is a party,, call the outstanding amount of the unpaid
Preferred Ordinary Shares of the Company. Without prejudice to any remedy available under Luxembourg law, in case
of non-payment of its call by a shareholder, the board of directors of the Company may:

(a) suspend the voting rights attached to Preferred Ordinary Shares in respect of which calls have not been paid,
(b) suspend any financial rights attached to the Preferred Ordinary Shares in respect of which calls have not been paid;
(c) resolve that the Company repurchase all the Preferred Ordinary Shares registered in the shareholders' register in

the name of a defaulting shareholder and its Connected Persons for a purchase price equal to the Relevant Proportion
of 50% of the value of the Company as shown in the most recent consolidated audited financial statements of the Company
and its subsidiaries, where "Relevant Proportion" is the proportion of the aggregate number of issued Preferred Ordinary
Shares and Ordinary Shares represented by the Preferred Ordinary Shares being repurchased."

Tenth resolution

The general meeting resolved to amend the Article 8 of the articles of association of the Company will read as follows:
"The annual general meeting of shareholders shall be held in Luxembourg at the registered office of the Company, or

at such other place in Luxembourg City as may be specified in the notice of meeting on the third Wednesday of the month
of April at 11.00 a.m. and for the first time in Two Thousand Eleven. If such day is a legal holiday in the Grand-Duchy of
Luxembourg, the annual general meeting shall be held on the next following business day.

Except as otherwise required by law or the articles of association, resolutions at a meeting of shareholders duly

convened will be passed by a simple majority of those present or represented. Each share is entitled to one vote. A
shareholder may act at any meeting of shareholders by appointing another person as his proxy in writing.

Any shareholder may participate in any meeting of the shareholders by conference call or by other similar means of

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

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

The articles of association of the Company may be amended by a general meeting of shareholders. The general meeting

Eleventh resolution

The general meeting resolved to amend the Article 11 of the Article of Association of the Company, which shall be

read as follows:

"The board of directors chooses from among its members a chairman (the "Chairman"), and may choose from among

The Chairman shall preside at all meetings of the board of directors; in his absence the board of directors may appoint

a chairman pro tempore by vote of the majority present at any such meeting.

The directors will be convened separately to each meeting of the board of directors. Except in cases of urgency, which

will be specified in the convening notice or with the prior consent of all those entitled to attend, at least a eight days'
written notice of the board meetings shall be given. The meeting will be duly held without prior notice if all the directors
are present or duly represented.

The notice may be waived by consent in writing of each director. Any director may act at any meeting of the board

of directors by appointing another director in writing.

Any director may participate in any meeting of the board of directors by conference call or by other similar means of

For so long as the original subscriber of the A Preferred Ordinary Shares and its Connected Persons hold more than

Twelfth resolution

The general meeting resolved to amend the Article 16 of the articles of association of the Company will read as follows:
"The annual accounts are drawn up by the board of directors as at the end of each accounting year and will be at the

disposal of the shareholders at the registered office of the Company.

From the annual net profits of the Company, five per cent (5%) shall be allocated to the reserve required by law. This

The general meeting of shareholders, upon recommendation of the board of directors, will determine how the annual

net profits will be disposed of.

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agreed that as regards any Preference Dividend paid on partly paid shares the provisions in Article 5 will apply.

Interim dividends may be distributed by observing the terms and conditions foreseen by law".

Thirteenth resolution

The general meeting resolved to restate the articles of association of the Company will henceforth read as follows:

"Title I. Name - Duration - Registered office - Purpose

Art. 1. There is hereby established a public limited liability company (société anonyme) under the name of "ALMA-

CANTAR", (hereafter called the "Company"), which will be governed by Luxembourg laws, in particular the law of August
10, 1915 on commercial companies as amended and by the present articles of association.

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

Art. 3. The registered office of the Company is established in Luxembourg City. It may be transferred to any other

place within Luxembourg City by a resolution of the board of directors. It may be transferred to any other place in the
Grand-Duchy of Luxembourg by a resolution of the general meeting of shareholders.

Branches or other offices may be established either in Luxembourg or abroad by a resolution of the board of directors.
If extraordinary events of a political, economic, or social nature, likely to impair the normal activity at the registered

office or easy communication between that office and foreign countries shall occur, or shall be imminent, the registered
office may be provisionally transferred abroad. Such temporary measure shall, however, have no effect on the nationality
of the Company, which, notwithstanding such provisional transfer of the registered office, shall remain a Luxembourg
company.

Art. 4. The object of the Company consists in the use of its funds to invest in real estate and immovable property as

well as in the establishment, management, development and disposal of its assets as they may be composed from time to
time.

The object of the Company also consists in the use of its funds to take participating interests, in any form whatsoever,

in other companies either Luxembourg or foreign, as well as the ownership, management and development of such
participating interests. The purpose of the Company includes the acquisition of any type of securities, whether negotiable
or not, stock, bonds, debentures, notes and other securities, including those issued by any Government or any other
international, national or local authority, and of any rights attached thereto, either by way of purchase, contribution,
subscription, option or in any other manner, as well as the transfer by sale, exchange or in any other manner. Moreover,
the Company may proceed to the acquisition and development of connected patents and licences.

The Company may borrow in any form and proceed to the issuance of bonds, convertible bonds and debentures. The

The Company may further carry out all transactions pertaining directly or indirectly to the investment in real estate

In general, the Company may carry out any commercial, industrial and financial operations, which it may deem useful

to enhance or to supplement its purpose.

Title II. Share capital - Shares

Art. 5. The subscribed capital of the Company is set at fifteen million six hundred and eighty seven thousand five

hundred Euros (EUR 15,687,500) represented by:

six hundred and eighty seven thousand five hundred (687,500) ordinary shares (the "Ordinary Shares") having a nominal

value of EUR 1 each;

ten million (10,000,000) A Preferred Ordinary Shares (the "A Preferred Ordinary Shares") having a nominal value of

EUR 1 each; and

five million(5,000,000) B Preferred Ordinary Shares (the "B Preferred Ordinary Shares") having a nominal value of EUR

1 each.

The A Preferred Ordinary Shares, B Preferred Ordinary Shares and C Preferred Ordinary Shares (the "C Preferred

Each class of Preferred Ordinary Shares and Ordinary Shares shall be separate classes of shares but shall rank pari

passu in all respects save as expressly provided for herein.

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The authorised capital is set at five hundred million Euros (EUR 500,000,000) represented by one million (1,000,000)

The board of directors is authorised for a period expiring five years after the date of publication of the present

Each time the board of directors shall so act to render effective an increase of capital, as authorised within the frame

mentioned here above,

Article 5 of the articles of association shall be amended so as to reflect the result of such action and the board of

directors shall take or authorise any person to take any necessary steps for the purpose of obtaining execution and
publication of such amendment.

If at any time:
(1) any A Preferred Ordinary Shares are transferred to a person other than the original subscriber of the A Preferred

(2) the original subscriber of the A Preferred Ordinary Shares and its Connected Persons shall cease to hold at least

(a) 75,000,000 Preferred Ordinary Shares or (b) 50% of the A Preferred Ordinary Shares previously issued to them, then
all A Preferred Ordinary Shares shall cease to have the rights of A Preferred Ordinary Shares and instead have the rights
of C Preferred Ordinary Shares and the A Preferred Ordinary Shares shall be converted into C Preferred Ordinary Shares
so that following such conversion the holders of A Preferred Ordinary Shares shall hold an equal number of C Preferred
Ordinary Shares; and

(3) the original subscriber of the B Preferred Ordinary Shares and its Connected Persons shall cease to hold at least

(a) 25,000,000 B Preferred Ordinary Shares or (b) 50% of the B Preferred Ordinary Shares previously issued to them,
then all B Preferred Ordinary Shares shall cease to have the rights of B Preferred Ordinary Shares and instead have the
rights of C Preferred Ordinary Shares and the B Preferred Ordinary Shares shall be converted into C Preferred Ordinary
Shares so that following such conversion the holders of B Preferred Ordinary Shares shall hold an equal number of C
Preferred Ordinary Shares.

The Company's shares are not freely transferable and may solely be transferred in compliance with these articles of

association. Additional terms and conditions to those expressly stated in the articles of association may be agreed in
writing by the shareholders in a shareholders agreement as regards the transfer of shares (or interests in such shares).
Transfers of shares in the Company must be made in compliance with any such additional terms and conditions and the
articles of association. The Company is entitled to refuse to register any transfer of shares unless transferred in accordance
with the articles of association and in accordance with the terms and conditions of a shareholders agreement (as from
time to time in effect) to which the Company is a party.

If a shareholder (the "Selling Shareholder") wishes to dispose of some or all of the shares held by it or, where applicable,

If one or more of the Remaining Shareholders fails to serve an Offer Notice within 30 calendar days from the notice

served on the Board and the Remaining Shareholders pursuant to the above paragraph, the Selling Shareholder shall notify

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The Selling Shareholder shall, within 10 calendar days of receipt of Offer Notices for all Offered Shares (the "Offer

Deadline"), either accept or refuse any offer by notice in writing to the Remaining Shareholders which shall be copied to
the Company .

If the Selling Shareholder accepts any offer the Selling Shareholder shall sell (and shall procure, where applicable, that

its relevant Connected Person shall sell) and the relevant Remaining Shareholders shall buy the Offered Shares on the
Terms set out in their relevant Offer Notices.

If by the Final Offer Date Offer Notices are not received for all Offered Shares or no Offer Notices are received, the

If the Selling Shareholder does not accept offers in respect of the Offered Shares, the Selling Shareholder shall be

Art. 5bis. Share Rights. The holders of Preferred Ordinary Shares shall be entitled to an eight per centum per annum

In addition to the Preference Dividend, for as long as the Preferred Ordinary Shares are in existence any other

(1) first to the holders of the Preferred Ordinary Shares an amount equal to the amount of any Preference Dividend

that has not been declared and paid by the Company;

(2) second to the holders of the Preferred Ordinary Shares an amount equal to the amount paid up as nominal

corporate capital on the Preferred Ordinary Shares;

(3) third to the holders of the Ordinary Shares an amount equal to the amount paid up as nominal corporate capital

on the Ordinary Shares; and

"Connected Persons"

"Liquidity Event"

means a Listing, a Sale, Voluntary Liquidation, and a Payback.
means the admission of all of the shares in the Company to trading on a recognised
market.

"Sale"

"Voluntary Liquidation"

means a liquidation of the Company initiated by the Shareholders.

"Payback"

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or credited as paid up as nominal corporate capital in respect of the Preferred Ordinary
Shares in issue at such time, plus 50% of the aggregate of the Preference Dividends
which the holders of the Preferred Ordinary Shares could have received (whether
declared and paid or not) at that time.

"A Payment"

means (Tx75%) x (A/P)+X.

"B Payment"

means (Tx75%) x (B/P) + V.

"C Payment"

means (Tx75%) x(C/P).

"Ordinary Share Payment"

means (Tx25%) –(X+V).

"T"

means the Residual Distribution.

"P"

means an amount equal to the aggregate amount paid up or credited as paid up as
nominal corporate capital in respect of the Preferred Ordinary Shares in issue at such
time.

"A"

means an amount equal to the amount paid up or credited as paid up as nominal
corporate capital in respect of the A Preferred Ordinary Shares in issue at such time.

"Aadjtd"

"B"

means an amount equal to the amount paid up or credited as paid up as nominal
corporate capital in respect of the B Preferred Ordinary Shares in issue at such time.

"Badjtd"

"C"

means an amount equal to the amount paid up or credited as paid up as nominal
corporate capital in respect of the C Preferred Ordinary Shares in issue at such time.

"X"

"V"

The Preferred Ordinary Shares shall be converted into Ordinary Shares immediately before a Listing or immediately

after a Payback so that following such conversion;

(a) the holders of the A Preferred Ordinary Shares shall hold such number of Ordinary Shares as equals the A Con-

version Outcome;

(b) the holders of the B Preferred Ordinary Shares shall hold such number of Ordinary Shares as equals the B Con-

version Outcome;

version Outcome.

For the purposes of this Article 5:

"A Conversion Outcome"

means as a percentage of the total number of ordinary shares in issue assuming
conversion of all Preferred Ordinary Shares equal to: (100-Z)x(A/P) plus (Zadjtd x
(Aadjtd/P)x 50%).

"B Conversion Outcome"

means as a percentage of the total number of ordinary shares in issue assuming
conversion of all Preferred Ordinary Shares equal to: (100-Z)x(B/P) plus (Zadjtd x
(Badjtd/P)x 20%).

"C Conversion Outcome"

means as a percentage of the total number of ordinary shares in issue assuming
conversion of all Preferred Ordinary Shares equal to: (100-Z)x(C/P).

"Z"

means the percentage of the total number of ordinary shares in issue assuming
conversion of all Preferred Ordinary which the Ordinary Shares in issue prior to any
conversion are to represent and that percentage shall be (((Fadjtd less (P+O)) x 25%)
plus O) / F.

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"Zadjtd"

means the percentage as described in "Z" above but calculated as ((Fadjtd less (P+O))
x 25%) / F.

"O"

means an amount equal to the aggregate amount paid up or credited as paid up as
nominal corporate capital in respect of the Ordinary Shares in issue at such time.

"F"

means Fair Market Value of the Company (as established for the Liquidity Event without
deduction of accrued unpaid Preference Dividends).

"Fadjtd"

means Fair Market Value of the Company (as established for the Liquidity Event but
assuming distribution of all accrued undeclared or unpaid Preference Dividends,
whether or not such Preference Dividends have been declared).

"Fair Market Value"

means the higher of Net Asset Value or the amount determined by the Board acting
reasonably using appropriate valuation methods as being the value which is established
by the transactions which are reflected in the Liquidity Event.

"Net Asset Value"

means the value of the Company as shown in the most recent consolidated balance
sheet prepared under international accounting standards adjusted if necessary to
include a fair current valuation of the assets and liabilities of the Company and its
subsidiaries."

Art. 6. The shares of the Company will be in registered form. The Company will recognize only one holder per share;

in case a share is held by more than one person, the Company has the right to suspend the exercise of all rights attached
to that share until one person has been appointed as the sole owner in relation to the Company. The same rule shall
apply in the case of conflict between a usufruct holder (usufruitier) and a bare owner (nu-propriétaire) or between a
pledgor and a pledgee.

Art. 6bis. The board of directors of the Company may, in accordance with the rules agreed in writing between the

(d) suspend the voting rights attached to Preferred Ordinary Shares in respect of which calls have not been paid,
(e) suspend any financial rights attached to the Preferred Ordinary Shares in respect of which calls have not been paid;
(f) resolve that the Company repurchase all the Preferred Ordinary Shares registered in the shareholders' register in

the name of a defaulting shareholder and its Connected Persons for a purchase price equal to the Relevant

Proportion of 50% of the value of the Company as shown in the most recent consolidated audited financial statements

of the Company and its subsidiaries, where "Relevant Proportion" is the proportion of the aggregate number of issued
Preferred Ordinary Shares and Ordinary Shares represented by the Preferred Ordinary Shares being repurchased.

Title III. General meetings of shareholders

Art. 7. Any regularly constituted meeting of shareholders of the Company shall represent the entire body of share-

holders of the Company. It shall have the broadest powers to order, carry out or ratify all acts relating to the operations
of the Company.

Art. 8. The annual general meeting of shareholders shall be held in Luxembourg at the registered office of the Company,

or at such other place in Luxembourg City as may be specified in the notice of meeting on the third Wednesday of the
month of April at 11.00 a.m. and for the first time in Two Thousand Eleven.

If such day is a legal holiday in the Grand-Duchy of Luxembourg, the annual general meeting shall be held on the next

following business day.

Except as otherwise required by law or the articles of association, resolutions at a meeting of shareholders duly

convened will be passed by a simple majority of those present or represented. Each share is entitled to one vote.

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

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

The articles of association of the Company may be amended by a general meeting of shareholders. The general meeting

51285

second meeting shall not validly deliberate unless at least two-thirds of the capital is represented. At both meetings,
resolutions, in order to be adopted, must be carried by at least two-thirds of the votes cast. Where there is more than
one class of shares and the resolution of the general meeting is such as to change the respective rights thereof, the
resolution must, in order to be valid, fulfil the conditions as to attendance and majority referred to above with respect
to all classes of shares. The votes expressed do not include the votes attached to the shares for which the shareholder
has not taken part in the vote or has abstained from voting or returned a blank or void voting paper. The nationality of
the Company may only be changed and the commitments of the shareholders may only be increased with the unanimous
consent of the shareholders.

Art. 9. If the Company has only one shareholder, this sole shareholder exercises all the powers of the general meeting.
The resolutions of the sole shareholder which are taken in the scope of the first paragraph are recorded in minutes.

Title IV. Board of directors

Art. 10. The Company shall be managed by a board of directors composed of not less than three members who need

not be shareholders of the Company.

Notwithstanding the afore paragraph, if the Company has been incorporated by only one shareholder, or if a general

meeting of the shareholders acknowledges that the Company has only one shareholder left, the board of directors may
be composed of one member only until the ordinary general meeting of shareholders following the acknowledgement of
the existence of more than one shareholder.

The directors are appointed by the general meeting of the shareholders or by the sole shareholder, as the case may

be, which shall determine their number, fix the term of their office as well as their remuneration. The director(s) shall
hold office until (his) their successor(s) is (are) elected.

The director(s) may be removed at any time, with or without cause (ad nutum), by a resolution of the general meeting

of the shareholders or by the sole shareholder, as the case may be.

In the event of one or more vacancies at the board of directors by reason of death, retirement or otherwise, the

remaining directors may elect to fill such vacancy in accordance with the provisions of law. In this case the general meeting
ratifies the election at its next meeting.

Art. 11. The board of directors chooses from among its members a chairman (the "Chairman"), and may choose from

among its members a vice-chairman. It may also choose a secretary, who needs not be a director, who shall be responsible
for keeping the minutes of the meetings of the board of directors.

The board of directors shall meet upon call by the Chairman, or any two directors, at the place indicated in the notice

of meeting.

The Chairman shall preside at all meetings of the board of directors; in his absence the board of directors may appoint

a chairman pro tempore by vote of the majority present at any such meeting.

The directors will be convened separately to each meeting of the board of directors. Except in cases of urgency, which

The notice may be waived by consent in writing of each director. Any director may act at any meeting of the board

of directors by appointing another director in writing.

Any director may participate in any meeting of the board of directors by conference call or by other similar means of

The board of directors may, unanimously, pass resolutions on one or several similar documents by circular means

when expressing its approval in writing. The entirety will form the minutes giving evidence of the resolution.

The board of directors can deliberate or act validly only if at least a majority of the directors is present or represented

at a meeting of the board of directors. Resolutions shall be passed by a majority of votes of the directors present or
represented at such meeting.

For so long as the original subscriber of the A Preferred Ordinary Shares and its Connected Persons hold more than

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Art. 12. The board of directors is vested with the broadest powers to perform all acts of administration and disposition

in the Company's interests. All powers not expressly reserved by law or by the articles of association to the general
meeting of shareholders fall within the competence of the board of directors.

The board of directors may delegate its powers to conduct the daily management and affairs of the Company and the

representation of the Company for such management and affairs, with prior consent of the general meeting of share-
holders, to any member or members of the board or to any committee (the members of which need not be directors)
deliberating under such terms and with such powers as the board shall determine. It may also confer all powers and
special mandates to any person(s) who need(s) not be directors, appoint and dismiss all officers and employees, and fix
their emoluments.

Art. 13. The Company will be bound towards third parties in all circumstances by joint signature of any two directors,

or by the single signature of the sole director, or by single signature of any person(s) to whom such signatory power shall
be delegated by the board of directors.

Title V. Supervision of the Company

Art. 14. The operations of the Company shall be supervised by one or several statutory auditor(s) (commissaire aux

comptes), which may be shareholders or not. The general meeting of shareholders shall appoint the statutory auditors,
and shall determine their number, remuneration and term of office, which may not exceed six years.

Title VI. Accounting year - Annual Accounts

Art. 15. The accounting year of the Company shall begin on January first of each year and shall terminate on thirty first

December, with the exception of the first accounting year, which shall begin on the date of the incorporation of the
Company and shall terminate on thirty first December, two thousand and ten.

Art. 16. The annual accounts are drawn up by the board of directors as at the end of each accounting year and will be

at the disposal of the shareholders at the registered office of the Company.

From the annual net profits of the Company, five per cent (5%) shall be allocated to the reserve required by law. This

The general meeting of shareholders, upon recommendation of the board of directors, will determine how the annual

net profits will be disposed of.

agreed that as regards any Preference Dividend paid on partly paid shares the provisions in Article 5 will apply.

Interim dividends may be distributed by observing the terms and conditions foreseen by law.

Title VII. Winding up - Liquidation

Art. 17. In the event of dissolution of the Company, liquidation shall be carried out by one or several liquidators (who

may be physical persons or legal entities) appointed by the meeting of shareholders resolving such dissolution and which
shall determine their powers and their compensation.

Title VIII. Final clause - Applicable law

Art. 18. All matters not expressly governed by these articles of association shall be determined in accordance with

the laws of the Grand-Duchy of Luxembourg and in particular with the law of August 10, 1915 on commercial companies
as amended.

Subscription and Payment

The subscribers have subscribed and paid up the shares as mentioned hereafter:

Shareholder

Share Capital

(EUR)

Amount

paid up

(EUR)

Units

MPAS SIPP Montpelier SIPP J PAUL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

62,500

Neil Jones Capital SARL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

250,000

Michael HUSSEY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

250,000

MPAS SIPP MD HALCROW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

62,500

Hugh SAYER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

62,500

Exor S.A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10,000,000 2,500,000 10,000,000

Versorgungswerk der Zahnärztekammer Nordrhein . . . . . . . . . . . . . . . . . .

5,000,000 1,250,000

5,000,000

TOTAL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

15,687,500 4,437,500 15,687,500

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The shares have been paid up as set out above so that the amount of four million four hundred and thirty seven

thousand five hundred Euros (EUR 4.437.500.-) is as of now available to the company, as has been justified to the under-
signed notary."

Fourteenth resolution

The general meeting resolved to allocate directors' fees ("tantièmes") to Michael Hussey and Neil Jones in relation to

their mandate as directors of the Company by an amount of Sixty Thousand Euros (EUR 60,000.-) each per annum.

Fifteenth resolution

The general meeting resolved to acknowledge and accept (insofar as necessary) of the resignation of Mr Michael

Halcrow, a director (administrateur) of the Company with effect as at the date of the present resolutions and to grant
full and complete discharge to him with respect to his mandate as the date hereof.

Sixteenth resolution

The general meeting resolved to appoint:
- Dr. Detlef Seuffert, born in Duisburg, Germany, on August 5, 1951, resising in D-47259 Duisburg, 7, Am Seltenreich,

Germany;

- Mr. Pierre Martinet, born in Alger, Algeria, on December 2, 1949, residing in CH-1205 Geneva, 3, rue de Saint-Léger,

Switzerland;

- Mr. Alessandro Potestà, born in Turin, Italy, on January 16, 1968, residing in I-10121 Turin, Corso G. Matteoti 16,

Italy;

- Mrs. Raffaella Papa, born in Alessandria, Italy, on March 6, 1969, residing in I-15023 Felizzano/Alessandria, Strada

Fubine 1, Italy;

as directors of the Company with effect as at the date hereof and ending on the day of the annual general meeting of

shareholders of the Company which approves the accounts of the Company for the financial year ended 31 December
2010.

Seventeenth resolution

The general meeting resolved to authorise any director of the Company or any employee of Centralis SA, 37, rue

d'Anvers, L-1130 Luxembourg, to amend the share register of the Company and in general, to take all the necessary
actions in relation to the resolutions to be taken in accordance with the present minutes.

Costs

The aggregate amount of the costs, expenditures, remunerations or expenses, in any form whatsoever, which the

corporation incurs or for which it is liable by reason of the present deed, is approximately six thousand eight hundred
Euros.

The undersigned notary, who understands English, states that on request of the members of the board of the meeting

and of the proxy-holders representing the shareholders, the present deed is worded in English, followed by a French
version and in case of discrepancies between the English and the French text, the English version will be binding.

WHEREOF, the present notarial deed was drawn up in Luxembourg, on the day indicated at the beginning of this

document.

The document having been read to the members of the board of the meeting and of the proxy-holders representing

the shareholders, the members of the board of the meeting signed together with the notary the present deed.

Suit la version française du texte qui précède:

L'an deux mille dix, le vingt-huit avril.
Par-devant nous Maître Jean Seckler, notaire de résidence à Junglinster, Grand-duché de Luxembourg.

S'est réunie l'assemblée générale extraordinaire des actionnaires de la société ALMACANTAR S.A., société anonyme

de droit luxembourgeois, dont le siège social est au 37, rue d'Anvers, L-1130 Luxembourg, constituée suivant acte reçu
par Maître Carlo Wersandt, notaire résident à Luxembourg, Grand-duché de Luxembourg, en date du 16 octobre 2009,
publié au Mémorial C numéro 2342 du 1

Décembre 2009 (ci-après la "Société"), enregistrée au Registre de Commerce

et des Sociétés sous le numéro B 149157.

L'assemblée générale extraordinaire est présidée par Monsieur Michael HALCROW, demeurant professionnellement

à Londres et désignant comme secrétaire Monsieur Edward HYSLOP, demeurant professionnellement à Luxembourg.

L'assemblée générale des actionnaires désigne comme scrutateur Monsieur Neil Leslie JONES, demeurant à Londres.
Ces trois personnes constituent ainsi le bureau de l'assemblée.
Etant ainsi formé, le bureau de l'assemblée dresse la liste de présence qui, après avoir été signée "ne varietur" par les

mandataires des actionnaires représentés autorisés à voter ainsi que par les membres du bureau et le notaire instru-

51288

mentant, restera annexée au présent procès-verbal ensemble avec les procurations et sera déposée avec le présent acte
auprès des autorités compétentes.

Conformément à la liste de présence, tous les actionnaires, représentant l'intégralité du capital social sont présents

ou dûment représentés à la présente assemblée. Elle peut en conséquence délibérer et décider valablement sur tous les
points à l'ordre du jour sans qu'il y ait eu de convocations préalables.

Le président déclare et demande au notaire d'acter ce qui suit:
I. Que la présente assemblée a pour ordre du jour les points suivants:
1. Réduction du capital social de la Société d'un montant de trente et un mille euros (EUR 31.000.-) pour le porter de

son montant actuel de trente et un mille euros (EUR 31.000.-) représenté par trente et un mille (31.000) actions ayant
une valeur nominale de un euro (EUR 1.-) chacune, à zéro euro (EUR 0.-) par l'annulation des trente et un mille (31.000)
actions existantes ayant chacune une valeur nominale de un euro (EUR 1.-) («les actions annulées») et remboursement
des trente et un mille euros (EUR 31.000.-) aux actionnaires en proportion de leur détention des actions annulées;

2. Augmentation du capital social de la Société à hauteur d'un montant de quinze millions six cent quatre-vingt sept

mille cinq cents euros (EUR 15.687.500.-) pour le porter au montant de quinze millions six cent quatre-vingt sept mille
cinq cents euros (EUR 15.687.500.-) par l'émission de

(i) Six cent quatre-vingt sept mille cinq cents (687.500) actions ordinaires d'une valeur nominale de un euro (EUR 1.-)

par action (les «Actions Ordinaires»),

(ii) dix millions (10.000.000) d'actions ordinaires privilégiées de classe A ayant une valeur nominale de un euro (EUR

1.-) chacune (les «Actions Ordinaires Privilégiées de classe A»)

(iii) cinq millions (5.000.000) d'actions ordinaires privilégiées de classe B ayant une valeur nominale d'un euro (EUR

1.-) chacune (les «Actions Ordinaires Privilégiées de classe B»);

3. Renonciation par les actionnaires de la société présents à tout droit préférentiel de souscription relatif à l'émission

de toute Action Ordinaire et Action Ordinaire Privilégiée;

4. Souscription et libération à hauteur de
(i) Soixante-deux mille cinq cents (62.500) Actions Ordinaires de la Société par MPAS SIPP MD HALCROW contre

un apport en numéraire;

(ii) deux cent cinquante mille (250.000) Actions Ordinaires de la Société par Neil Jones Capital Partners S.à r.l. contre

un apport en numéraire;

(iii) deux cent cinquante mille (250.000) Actions Ordinaires de la Société par M. Michael HUSSEY contre un apport

en numéraire;

(iv) Soixante-deux mille cinq cents (62.500) Actions Ordinaires de la Société par Montpelier SIPP J PAUL contre un

apport en numéraire;

(v) Soixante-deux mille cinq cents (62.500) Actions Ordinaires de la Société par M. Hugh SAYER par un apport en

numéraire;

(vi) Dix millions (10.000.000) d'Actions Ordinaires Privilégiées de classe A de la Société par Exor S.A., contre un apport

en numéraire;

(vii) cinq millions (5.000.000) d'actions ordinaires privilégiées de classe B de la Société par Versorgungswerk der

Zahnärztekammer Nordrhein, contre un apport en numéraire;

5. Modification de l'article 4 des statuts de la Société, qui devra être lu comme suit:
"L'objet de la Société consiste en l'utilisation de ses fonds en investissement immobilier et de propriété immobilière,

ainsi que l'établissement, la gestion, le développement et la cession de ses actifs suivant leur composition au fil du temps.

L'objet de la Société consiste aussi en l'utilisation de ses fonds en prises de participation, de quelque forme que ce soit,

dans d'autres sociétés luxembourgeoises ou étrangères, ainsi que l'accession à la propriété, la gestion et le développement
des ces participations. L'objet de la Société inclut l'acquisition de tous types de valeurs, négociables ou non, valeurs
mobilières, obligations, titres de créance, effets de commerce et tous autres titres, y compris des valeurs émises par un
Gouvernement, quel qu'il soit, ou par toute autre autorité internationale, nationale ou locale, et de tous autres droits s'y
rattachant, que ce soit par achat, apport, souscription, option, ou par tout autre moyen, ainsi que le transfert par vente,
échange ou par tout autre moyen. En outre, la Société est en droit de procéder à l'acquisition et au développement de
brevets et licences s'y rapportant.

La Société pourra contracter des emprunts de toute sorte et procéder à l'émission d'obligations ou d'obligations

convertibles en actions et de titres de créance. La Société pourra accorder toute assistance, prêt, avance ou garantie aux
sociétés dans lesquelles elle détient une participation directe ou indirecte ou à toutes sociétés faisant partie du même
groupe de sociétés que la Société.

La Société pourra avoir également pour objet toutes les opérations se rapportant directement ou indirectement à

l'investissement immobilier et/ou à la prise de participation sous quelque forme que ce soit, dans toute entreprise ou
dans toute société de personnes, ainsi que l'administration, la gestion, le contrôle et le développement de ces investis-
sements et/ou participations.

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D'une manière générale, la Société peut exécuter toutes opérations commerciales, industrielles et financières qu'elle

jugera utiles à l'accomplissement et au développement de son objet social."

6. Modification en conséquence de l'article 5 des statuts de la société afin de refléter l'augmentation de capital. L'article

5 des statuts de la Société devra être lu comme suit:

"Le capital social souscrit de la Société est fixé à quinze millions six cent quatre-vingt-sept mille cinq cents euros (EUR

15.687.500.-) représenté par

six cent quatre-vingt-sept mille cinq cents (687.500) actions ordinaires d'une valeur nominale de un euro (EUR 1,-)

chacune (les «Actions Ordinaires»),

dix millions (10.000.000) d'actions ordinaires privilégiées de classe A ayant une valeur nominale de un euro (EUR 1.-)

chacune (les «Actions Ordinaires Privilégiées de classe A»)

et cinq millions (5.000.000) d'actions ordinaires privilégiées de classe B ayant une valeur nominale de un euro (EUR

1.-) chacune (les «Actions Ordinaires Privilégiées de classe B»).

Les Actions Ordinaires Privilégiées de classe A, les Actions Ordinaires Privilégiées de classe B et les Actions Ordinaires

Privilégiées de classe C (les «Actions Ordinaires Privilégiées de classe C»), ayant une valeur nominale de un euro (EUR
1.-) chacune (une fois souscrites) forment ensemble les «Actions Ordinaires Privilégiées». L'assemblée générale des ac-
tionnaires peut décider de créer une telle classe additionnelle d'Actions Ordinaires Privilégiées dès que l'exigent les termes
de tout contrat conclu au fil du temps entre les actionnaires et la Société.

Les différentes classes d'Actions Ordinaires Privilégiées doivent être considérées comme des classes distinctes d'ac-

tions mais de même rang, sauf autrement stipulé dans les statuts.

Le capital autorisé de la Société est établi à cinq cents millions d'euros (EUR 500.000.000.-) représentés par un million

(1.000.000) d'Actions Ordinaires, cent cinquante millions (150.000.000) d'Actions Ordinaires Privilégiées de classe A,
cinquante millions (50.000.000) d'Actions Ordinaires Privilégiées de classe B et deux cent quatre-vingt dix-neuf millions
(299.000.000) d'Actions Ordinaires Privilégiées de classe C ayant toutes une valeur nominale d'un euro (EUR 1.-) chacune.

Le conseil d'administration est autorisé durant une période expirant cinq années après la publication de la présente

assemblée générale à augmenter en une ou plusieurs fois le capital souscrit dans les limites du capital autorisé. Il peut être
souscrit à ces augmentations de capital et des actions peuvent être émises contre paiement en espèces, apports en nature
en observant alors les prescriptions légales applicables et par l'incorporation de toutes les réserves libres et bénéfices
reportés susceptibles d'incorporation au capital social suivant la loi avec ou sans prime d'émission comme le conseil
d'administration l'aura déterminé. Le conseil d'administration est autorisé à procéder à ces émissions dans la mesure où
(i) un droit préférentiel de souscription relatif aux Actions Ordinaires Privilégiées de classe A à émettre est réservé à
tout moment aux détenteurs d'Actions Ordinaires Privilégiées de classe A existants à ce moment, (ii) un droit préférentiel
de souscription relatif aux Actions Ordinaires Privilégiées de classe B à émettre est réservé à tout moment aux détenteurs
d'Actions Ordinaires Privilégiées de classe B existants à ce moment, et (iii) aucun droit préférentiel de souscription relatif
aux Actions Ordinaires Privilégiées de classe C à émettre n'est réservé aux détenteurs d'Actions Ordinaires Privilégiées
existants à ce moment ou à d'autres actionnaires existants. Le conseil d'administration peut donner pouvoir à un membre
du conseil d'administration ou à un employé de la société ou à toute autre personne dûment autorisée, le pouvoir
d'accepter les souscriptions et de recevoir les paiements pour les actions représentant une partie ou la totalité du montant
de l'augmentation de capital.

A chaque fois que le conseil d'administration agira de façon à procéder à une augmentation de capital, telle que prévue

dans les limites visées plus haut, l'article 5 des statuts de la Société devra être modifié de façon à refléter le résultat d'une
telle action et le conseil d'administration devra accomplir ou autoriser quiconque à accomplir toutes les mesures néces-
saires pour obtenir l'exécution et la publication d'une telle modification.

Dès lors que:
(1) des Actions Ordinaires Privilégiées de classe A sont transférées à une personne autre que le souscripteur initial

des Actions Ordinaires Privilégiées de classe A ou les Personnes qui lui sont Connectées, ou dès que des Actions Ordi-
naires Privilégiées de classe B sont transférées à une personne autre que le souscripteur initial des Actions Ordinaires
Privilégiées de classe B ou les Personnes qui lui sont Connectées, les actions ainsi transférées cessent de disposer des
droits attachés aux Actions Ordinaires Privilégiées de classe A et aux Actions Ordinaires Privilégiées de classe B pour
disposer à leur place des droits attachés aux Actions Ordinaires Privilégiées de classe C et les actions ainsi transférées
sont converties en Actions Ordinaires Privilégiées de classe C, de façon à ce que suite à cette conversion, les détenteurs
d'Actions Ordinaires Privilégiées de classe A ou de classe B détiennent un nombre équivalent d'Actions Ordinaires Pri-
vilégiées de classe C;

(2) le souscripteur initial des Actions Ordinaires Privilégiées de classe A et les Personnes qui lui sont Connectées

viennent à posséder moins de (a) soixante-quinze millions (75.000.000) d'Actions Ordinaires Privilégiées de classe A ou
(b) moins de 50% des Actions Ordinaires Privilégiées de classe A qui leur avaient été émises antérieurement, toutes les
Actions Ordinaires Privilégiées de classe A cessent alors de disposer des droits attachés aux Actions Ordinaires Privilé-
giées de classe A et disposent à leur place des droits attachés aux Actions Ordinaires Privilégiées de classe C, les Actions
Ordinaires Privilégiées de classe A étant converties en Actions Ordinaires Privilégiées de classe C, afin que suite à cette
conversion, les détenteurs d'Actions Ordinaires Privilégiées de classe A détiennent un nombre équivalent d' Actions
Ordinaires Privilégiées de classe C; et

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(3) le souscripteur initial des Actions Ordinaires Privilégiées de classe B et les Personnes qui lui sont Connectées

viennent à posséder moins de (a) vingt-cinq millions (25.000.000) d'Actions Ordinaires Privilégiées de classe B ou (b)
moins de 50% des Actions Ordinaires Privilégiées de classe B qui leur avaient été émises antérieurement, toutes les
Actions Ordinaires Privilégiées de classe B cessent alors de disposer des droits attachés aux Actions Ordinaires Privilé-
giées de classe B et disposent à leur place des droits attachés aux Actions Ordinaires Privilégiées de classe C, les Actions
Ordinaires Privilégiées de classe B étant converties en Actions Ordinaires Privilégiées de classe C, afin que suite à cette
conversion, les détenteurs d'Actions Ordinaires Privilégiées de classe B détiennent un nombre équivalent d'Actions Or-
dinaires Privilégiées de classe C.

Les actions de la Société ne sont pas librement cessibles et peuvent seulement être cédées conformément aux présents

statuts. Des modalités et conditions additionnelles à celles expressément prévues dans les statuts peuvent être conclues
par écrit par les actionnaires dans un pacte d'actionnaire en ce qui concerne la cession d'actions (ou de participation dans
de telles actions). Les cessions d'actions de la Société doivent être réalisées conformément auxdites modalités et condi-
tions additionnelles ainsi qu'aux statuts de la Société. La Société est en droit de refuser d'enregistrer toute cession
d'actions en dehors de celles réalisées conformément aux statuts et aux modalités et conditions d'un pacte d'actionnaire
conclu au fil du temps auquel la Société est partie.

Si un actionnaire (l' «Actionnaire Cédant») veut se défaire de tout ou partie des actions détenues par lui ou, le cas

échéant, par une personne qui lui est connectée (les «Actions à Céder»), il doit d'abord en informer le conseil d'admi-
nistration et les autres actionnaires (les «Actionnaires Restants») par écrit et inviter les Actionnaires Restants à lui faire
une offre endéans 30 jours calendaires par le biais d'un avis écrit irrévocable (l' «Avis d'Offre») adressé à l'Actionnaire
Cédant et à la Société afin d'acquérir le pro rata des Actions à Céder auquel ils ont droit (qui est calculé par rapport à
leur pro rata d'actions détenues), chacun des Avis d'Offre devant fixer le prix pour les Actions à Céder ainsi que toute
autre modalité de cession (ensemble les «Modalités»).

Si un ou plusieurs des Actionnaires Restants n'adress(ent) pas d'Avis d'Offre endéans 30 jours calendaires suivant l'avis

adressé au Conseil d'Administration et aux Actionnaires Restants conformément au paragraphe précédent, l'Actionnaire
Cédant doit le notifier par écrit aux Actionnaires Restants qui ont fait un Avis d'Offre pour les inviter à faire une offre
endéans 10 jours calendaires (la «Date d'Offre Finale») par le biais d'un nouvel Avis d'Offre portant sur toute Action à
Céder restante.

L'Actionnaire Cédant doit, endéans les 10 jours suivant la réception des Avis d'Offre de toutes les Actions à Céder

(la «Limite d'Offre»), soit accepter soit refuser toutes les offres par un avis écrit aux Actionnaires Restants envoyé en
copie à la Société.

Si l'Actionnaire Cédant accepte toutes les offres, il doit vendre (et s'assurer, le cas échéant, que la Personne qui lui

est Connectée vendra) et les Actionnaires Restants doivent acheter les Actions à Céder selon les Modalités fixées dans
leurs Avis d'Offre respectifs.

Si au moment de la Date d'Offre Finale, les Avis d'Offre n'ont pas été reçus pour toutes les Actions ou aucun Avis

d'Offre n'a été reçu, l'Actionnaire Cédant est en droit de vendre les Actions à Céder à un tiers pendant une période
allant jusqu'à 6 mois, suite à laquelle l'Actionnaire Cédant devra suivre la procédure prévue à l'Article 5 pour toute cession
d'Actions.

Si l'Actionnaire Cédant n'accepte pas les offres relatives aux Actions à Céder, l'Actionnaire Cédant est en droit de

vendre les Actions à Céder à un tiers, sous des modalités et conditions plus favorables que les Modalités à l'égard de
l'Actionnaire Cédant, durant une période de 6 mois, à la fin de laquelle l'Actionnaire Cédant devra suivre la procédure
prévue à l'Article 5 pour toute cession d'Actions."

7. Insertion d'un article 5bis dans les statuts de la Société, qui devra être lu comme suit;

" Art. 5bis. Droits attachés aux actions. Les détenteurs d'Actions Ordinaires Privilégiées ont droit à un dividende

privilégié cumulatif de huit pour cent par an (le «Dividende Privilégié»). Le Dividende Privilégié est calculé quotidiennement
sur base du montant libéré (ou crédité en tant que tel) en tant que capital nominal de la Société relativement aux Actions
Ordinaires Privilégiées. Une fois un Evènement de Liquidité survenu, les Actions Ordinaires Privilégiées ne disposent plus
d'un droit à Dividende Privilégié. Le Dividende Privilégié peut être déclaré intégralement, en partie ou aucunement pour
une année donnée. Le Dividende Privilégié est payé en numéraire aux détenteurs d'Actions Ordinaires Privilégiées en
proportion du nombre d'Actions Ordinaires Privilégiées par eux détenues. En toute hypothèse, tant que le Dividende
Privilégié n'a pas été déclaré intégralement pour tous les exercices, aucun autre dividende ne peut être déclaré ou versé
à quelque actionnaire que ce soit.

En plus du Dividende Privilégié et tant que les Actions Ordinaires Privilégiées existent, toute autre distribution et

paiements du capital ou autres paiements concernant les actions de la Société, ce qui inclue les paiements résultant d'une
Vente, d'une dissolution antérieure à l'Evènement de Liquidité, ainsi que les Remboursements (Distribution Non-Privi-
légiée) doivent être effectués comme suit:

(1) il doit être premièrement versé aux détenteurs d'Actions Ordinaires Privilégiées un montant égal à celui des

Dividendes Privilégiés non encore distribués par la société;

(2) il doit deuxièmement être versé aux détenteurs d'Actions Ordinaires Privilégiées un montant égal à celui libéré en

tant que capital nominal de la Société relativement aux Actions Ordinaires Privilégiées;

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(3) il doit troisièmement être versé aux détenteurs d'Actions Ordinaires un montant égal à celui libéré en tant que

capital nominal de la Société relativement aux Actions Ordinaires; et

(4) en ce qui concerne les comptes («Distribution Résiduelle»):
a) dans le cas des Actions Ordinaires Privilégiées de classe A, le Paiement A;
b) dans le cas des Actions Ordinaires Privilégiées de classe B, le Paiement B;
c) dans le cas des Actions Ordinaires Privilégiées de classe C, le Paiement C;
d) dans le cas des Actions Ordinaires, le Paiement d'Actions Ordinaires.
Aux fins de l'article 5:

“Personne(s) qui lui/leur
est/sont connectée(s)”

signifie:
(a) toute personne, toute entité dans laquelle la société mère ultime de cette
personne détient, directement ou indirectement, une participation de contrôle et
une participation économique supérieure à cinquante pour cent (50%); et
(b) toute personne physique, ses véhicules d'investissement, les membres de sa
famille et les trusts familiaux.

“Evènement de Liquidité”

signifie une Cotation, une Vente, une Dissolution Volontaire et un Remboursement.

“Cotation”

signifie l'admission à la négociation sur un marché réglementé de toutes les actions
de la Société.

“Vente”

signifie l'acquisition (par le biais d'une seule ou d'une série de transactions) par une
personne ou plusieurs personnes agissant de concert avec elle ou toute participation
dans les actions à la suite de laquelle cette personne devrait acquérir l'intégralité du
capital de la Société.

“Dissolution Volontaire”

signifie la dissolution de la Société initiée par les actionnaires.

“Remboursement”

signifie le paiement de toute nature (y compris le Dividende Privilégié) au profit des
détenteurs d'Actions Ordinaires Privilégiées, qui, quand on l'additionne à tous les
autres paiements faits aux détenteurs d'Actions Ordinaires Privilégiées depuis la date
d'émission de leurs actions, forme un montant égal ou supérieur au montant versé
ou crédité comme tel en tant que capital nominal relativement aux Actions
Ordinaires Privilégiées déjà émises à ce moment, augmenté de 50% du total des
Dividendes Privilégiés que les détenteurs d'Actions Ordinaires Privilégiées auraient
pu recevoir (qu'il soit déclaré ou versé ou non) à ce moment.

“Paiement A”

signifie(Tx75%) x (A/P)+X.

“Paiement B”

signifie (Tx75%) x (B/P) + V.

“Paiement C”

signifie (Tx75%) x(C/P).

“Paiement d'Action Ordinaires” signifie (Tx25%) –(X+V).
“T”

signifie la Distribution Résiduelle.

“P”

signifie le montant égal au montant total libéré ou crédité comme tel en tant que
capital nominal de la Société relativement aux Actions Ordinaires Privilégiées déjà
émises au même moment.

“A”

signifie le montant égal au montant libéré ou crédité comme tel relativement aux
Actions Ordinaires Privilégiées de classe A déjà émises au même moment.

“Aadjtd”

signifie tant qu'il existe des Actions Ordinaires Privilégiées de classe A un montant
égal au total du montant versé ou crédité comme tel en tant que capital nominal de
la Société relativement à toutes les Actions Ordinaires Privilégiées de classe A en
circulation ainsi qu'à celles qui étaient en circulation avant leur conversion en Actions
Ordinaires Privilégiées de classe C.

“B”

signifie le montant égal au montant libéré ou crédité comme tel en tant que capital
nominal de la Société relativement aux Actions Ordinaires Privilégiées de classe B
déjà émises au même moment.

“Badjtd”

signifie tant qu'il existe des Actions Ordinaires Privilégiées de classe B un montant
égal au total du montant versé ou crédité comme tel en tant que capital nominal de
la Société relativement à toutes les Actions Ordinaires Privilégiées de classe B en
circulation ainsi qu'à celles qui étaient en circulation avant leur conversion en Actions
Ordinaires Privilégiées de classe C.

“C”

signifie le montant égal au montant libéré ou crédité comme tel en tant que capital
nominal de la Société pour les Actions Ordinaires Privilégiées de classe C déjà émises
au même moment.

“X”

signifie (Tx25%) x ((Aadjtd/P)x50%), à condition que X soit réduit à zéro dès lors
que le souscripteur initial des Actions Ordinaires Privilégiées de classe A et les

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Personnes qui lui sont Connectées viennent à détenir moins de (a) soixante quinze
millions (75.000.000) d'Actions Ordinaires Privilégiées de classe A ou (b) moins de
50% du nombre maximum des Actions Ordinaires Privilégiées de classe A jamais
émises pour eux (et afin d'écarter tout doute X ne devrait pas être augmenté en
conséquence d'acquisitions ou d'émissions ultérieures d'actions).

“V”

signifie (Tx25%) x ((Badjtd/P)x20%), à condition que V soit réduit à zéro dès lors que
le souscripteur initial des Actions Ordinaires Privilégiées de classe B et les Personnes
qui lui sont connectées viennent à détenir moins de (a) vingt-cinq millions
(25.000.000) d'Actions Ordinaires Privilégiées de classe B ou (b) moins de 50% du
nombre maximum des Actions Ordinaires Privilégiées de classe B jamais émises pour
eux (et afin d'écarter tout doute V ne devrait pas être augmenté en conséquence
d'acquisitions ou d'émissions ultérieures d'actions).

Les Actions Ordinaires Privilégiées doivent être converties en Actions Ordinaires immédiatement avant une Cotation

ou immédiatement après un Remboursement, de sorte que suite à cette conversion;

(a) les détenteurs d'Actions Ordinaires Privilégiées de classe A détiendront un nombre d'Actions Ordinaires égal au

Produit de Conversion A;

(b) les détenteurs d'Actions Ordinaires Privilégiées de classe B détiendront un nombre d'Actions Ordinaires égal au

Produit de Conversion B;

Produit de Conversion C;

Aux fins de l'article 5:

“Produit de Conversion A”

Signifie un pourcentage du nombre total d'actions ordinaires déjà émises, en
supposant que la conversion de toutes les Actions Ordinaires Privilégiées est égale
à: (100-Z)x(A/P) plus (Zadjtd x(Aadjtd/P)x 50%).

“Produit de Conversion B”

Signifie un pourcentage du nombre total d'actions ordinaires déjà émises, en
supposant que la conversion de toutes les Actions Ordinaires Privilégiées est égale
à: (100-Z)x(B/P) plus (Zadjtd x(Badjtd/P)x 20%).

“Produit de Conversion C”

Signifie un pourcentage du nombre total d'actions ordinaires déjà émises, en
supposant que la conversion de toutes les Actions Ordinaires Privilégiées est égale
à: (100-Z)x(C/P).

“Z”

signifie le pourcentage du nombre total des actions ordinaires émises, supposant la
conversion de toutes les Actions Ordinaires Privilégiées que les Actions Ordinaires
émises avant toute conversion sont appelées à représenter, et que ce pourcentage
soit: (((Fadjtd moins (P+O)) x 25%) plus O)/F.

“Zadjtd”

signifie le pourcentage décrit ci-avant sous “Z” mais calculé ainsi ((Fadjtd moins (P
+O))x25%)/F.

“O”

Signifie le montant égal au montant total versé ou crédité comme tel en tant que
capital nominal de la Société relativement aux Actions Ordinaires déjà émises au
même moment.

“F”

Signifie la Juste Valeur de la Société (ainsi qu'établie pour l'Evènement de Liquidité
sans déduction des Dividendes Privilégiés cumulés non-versés).

“Fadjtd”

Signifie la Juste Valeur de la Société (ainsi qu'établie pour l'Evènement de Liquidité
mais supposant la distribution de tous les Dividendes Privilégiés cumulés non-versés,
que de tels Dividendes Privilégiés aient été déclarés ou non).

“Juste Valeur”

Signifie le montant le plus élevé de la Valeur Nette d'Inventaire ou le montant
déterminé par le conseil d'administration agissant raisonnablement et utilisant des
méthodes d'évaluation appropriées et comme étant la valeur qui est établie par les
transactions reflétées dans l'Evénement de Liquidité.

“Valeur Nette d'Inventaire”

Signifie la valeur de la Société ainsi que présentée dans les bilans consolidés les plus
récents et préparés conformément aux normes comptables internationales et ajustée
si nécessaire pour y inclure une évaluation courante juste des actifs et passifs de la
Société et de ses filiales.»

8. Modification de l'article 6 des statuts de la Société, qui devra être lu comme suit:

" Art. 6. Les actions de la Société seront sous forme d'actions nominatives.
La Société reconnaît une seule personne par action; si une action est détenue par plus d'une personne, la Société a le

droit de suspendre l'exercice de tous les droits attachés à cette action jusqu'à ce qu'une personne ait été désignée comme
seul propriétaire vis à vis de la Société. La même règle sera applicable en cas de conflit entre un usufruitier et un nu-
propriétaire ou entre le constituant d'un gage et le créancier gagiste."

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9. Insertion de l'article 6bis dans les statuts de la Société, qui devra être lu comme suit:

" Art. 6bis. Le conseil d'administration de la Société peut, conformément aux règles établies par écrit entre les ac-

tionnaires dans un pacte d'actionnaire auquel la Société est partie, appeler à recouvrer le montant non libéré des Actions
Privilégiées de la Société. Sans préjudice de tout recours prévu par le droit luxembourgeois, dans le cas d'un non-paiement
par un actionnaire suite à une demande du conseil d'administration, le conseil d'administration de la Société peut:

(i) suspendre les droits de vote attachés aux Actions Ordinaires Privilégiées pour lesquelles le montant appelé n'a pas

été libéré,

(ii) suspendre tous les droits financiers attachés aux Actions Ordinaires Privilégiées pour lesquelles le montant appelé

n'a pas été libéré,

(iii) décider que la Société rachète toutes les Actions Privilégiées enregistrées dans le registre des actionnaires au nom

d'un actionnaire défaillant ou d'une Personne qui lui est Connectée pour un prix de rachat égal à la Proportion Pertinente
de 50% de la valeur de la Société telle que présentée dans les plus récents états financiers consolidés audités de la Société
et de ses filiales, la Proportion Pertinente étant la proportion du nombre total des Actions Ordinaires Privilégiées et des
Actions Ordinaires émises représentées par les Actions Ordinaires privilégiées qui font l'objet du rachat."

10. Modification de l'article 8 des statuts de la Société, qui devra être lu comme suit:
"L'assemblée générale annuelle des actionnaires de la Société est tenue à Luxembourg au siège social de la Société ou

à tout autre endroit de la Ville de Luxembourg comme il a pu être indiqué dans la convocation, le troisième mercredi du
mois d'Avril à 11.00 heures et pour la première fois en deux mille onze.

Si ce jour est un jour férié au Grand-duché de Luxembourg, l'assemblée générale annuelle se tiendra le jour ouvrable

suivant.

Sauf stipulation contraire contenue dans la loi ou les statuts, les décisions de l'assemblée générale dûment convoquée

seront prises à la majorité simple des votes des actionnaires présents ou représentés.

Toute action donne droit à une voix.
Un actionnaire peut prendre part aux assemblées d'actionnaires en désignant par écrit une autre personne comme

son mandataire.

Tout actionnaire peut participer à toute réunion de l'assemblée par conférence téléphonique ou par d'autres moyens

de communication similaires permettant à toutes les personnes prenant part à la réunion de s'entendre les unes les autres,
et de communiquer les unes avec les autres. Une réunion peut également être tenue uniquement sous forme de confé-
rence téléphonique. La participation à une réunion par ces moyens équivaut à une présence en personne à une telle
réunion. Le procès-verbal d'une telle réunion devra toutefois être approuvé et signé par tous les actionnaires présents à
une telle réunion.

Si tous les actionnaires sont présents ou représentés lors de l'assemblée générale des actionnaires, et s'ils déclarent

avoir dûment été informés de l'ordre du jour de l'assemblée, l'assemblée pourra se tenir sans convocation ou publication
préalable.

Les Statuts de la Société pourront être modifiés par l'assemblée générale des actionnaires. L'assemblée générale ne

délibère valablement que si deux-tiers au moins du capital est représentée et que l'ordre du jour indique les modifications
statutaires proposées, et le cas échéant, le texte de celles qui touchent à l'objet ou à la forme de la Société. Si la première
de ces conditions n'est pas remplie, une nouvelle assemblée peut être convoquée, par voie d'annonces insérées deux fois,
à quinze jours d'intervalle au moins et quinze jours avant l'assemblée dans le Mémorial C et dans deux journaux luxem-
bourgeois. Cette convocation reproduit l'ordre du jour, la date et les résultats de la précédente assemblée. La seconde
assemblée ne délibère valablement que si au moins deux-tiers du capital est représenté. Dans les deux assemblées, les
résolutions, pour être adoptées, devront réunir les deux tiers des voix exprimées. S'il y a plus qu'une classe d'actions et
que la résolution de l'assemblée générale est de nature à changer les droits respectifs de ces classes, la résolution doit,
pour être valable, remplir les conditions de quorum et de majorité mentionnées plus haut pour chaque classe d'actions.
Les voix exprimées ne comprennent pas les voix attachées aux actions pour lesquelles l'actionnaire n'a pas pris part au
vote ou s'est abstenu ou a voté blanc ou nul. Le changement de nationalité de la Société et l'augmentation des engagements
des actionnaires ne peuvent être décidés qu'avec l'accord unanime des actionnaires."

11. Modification de l'art 11 des statuts de la Société, qui devra être lu comme suit:
"Le conseil d'administration choisit parmi ses membres un président (le «Président») et est autorisé à choisir parmi

ses membres un vice-président. Le conseil d'administration peut également choisir un secrétaire qui n'a pas besoin d'être
administrateur et qui sera responsable de tenir les procès-verbaux des réunions du conseil d'administration.

Le conseil d'administration se réunira sur convocation du président ou de deux administrateurs au lieu indiqué dans

l'avis de convocation.

Le président présidera toutes les réunions du conseil d'administration. En son absence, le conseil d'administration

pourra désigner à la majorité des personnes présentes aux réunions, un président pour assurer la présidence pro tempore
de ces réunions.

Les administrateurs seront convoqués séparément à chaque réunion du conseil d'administration. Sauf les cas d'urgence,

qui seront précisés dans la convocation ou avec le consentement préalable des personnes autorisées à assister à la réunion,

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une convocation écrite sera adressée au moins huit jours avant la tenue des réunions du conseil d'administration. La
réunion sera valablement tenue sans convocation préalable, si tous les administrateurs sont présents ou dûment repré-
sentés.

Il peut être renoncé à la convocation par accord écrit de chacun des administrateurs.
Tout administrateur pourra se faire représenter à toute réunion du conseil d'administration en désignant par écrit un

autre administrateur.

Tout administrateur peut participer à toute réunion du conseil d'administration par conférence téléphonique ou par

d'autres moyens de communication similaires permettant à toutes les personnes prenant part à la réunion de s'entendre
les unes les autres, et de communiquer les unes avec les autres. Une réunion peut également être tenue uniquement sous
forme de conférence téléphonique. La participation à une réunion par ces moyens équivaut à une présence en personne
à une telle réunion. Le procès-verbal d'une telle réunion devra toutefois être approuvé et signé par tous les administrateurs
présents à une telle réunion.

Le conseil d'administration peut, à l'unanimité, prendre des résolutions sur un ou plusieurs documents similaires par

voie circulaire en exprimant son approbation par écrit. L'ensemble constituera le procès-verbal faisant foi de la décision
intervenue.

Le conseil d'administration peut délibérer ou prendre valablement des décisions à la condition qu'au moins la majorité

des administrateurs soit présente ou représentée à la réunion. Les décisions devront être prises à la majorité des voix
des administrateurs présents ou représentés à la réunion.

Tant que les souscripteurs initiaux des Actions Ordinaires Privilégiées de classe A et les Personnes qui leur sont

Connectées détiennent plus de cinquante (50) pourcent des actions émises de la Société, si une résolution proposée
suscite une égalité de voix (une «Résolution Impasse»), le Président est en droit, durant la réunion lors de laquelle les
voix ont été exprimées, d'aviser le conseil d'administration de son intention d'exercer une voix prépondérante. Dans la
mesure où il en avise ainsi le conseil d'administration, une autre réunion du conseil d'administration sera convoquée par
le Président, conformément aux dispositions des présents statuts, lors de laquelle la Résolution Impasse sera reconsidérée
et la convocation à la réunion devra être accompagnée d'une lettre du Président expliquant pourquoi il a l'intention
d'exercer sa voix prépondérante et en quoi il pense que la façon dont il entend le faire est la plus conforme aux intérêts
de la Société."

12. Modification de l'article 16 des statuts de la Société, qui devra être lu comme suit;

" Art. 16. A la fin de chaque exercice, le conseil d'administration préparera les comptes annuels qui seront à la dispo-

sition des actionnaires au siège social de la Société.

Cinq pour cent (5%) des bénéfices annuels nets de la Société devront être affectés à la réserve prévue par la loi. Cette

affectation cessera d'être requise lorsque cette réserve aura atteint dix pour cent (10%) du capital souscrit de la Société,
tel qu'établi à l'article 5 ci-dessus, ou du capital social tel qu'augmenté ou tel que réduit, à chaque fois tel que prévu à
l'article 5 ci-dessus.

Sur recommandation du conseil d'administration, l'assemblée générale des actionnaires déterminera l'affectation du

profit annuel net.

Sauf dérogations prévues dans les statuts, toutes les actions donnent droit à une distribution égale de dividende.
Dans l'hypothèse où des actions sont partiellement libérées, les dividendes seront payés au prorata du montant libéré

de ces actions, étant entendu qu'en ce qui concerne tout Dividende Privilégié payé sur des actions en partie libérées, les
stipulations de l'article 5 seront applicables.

Des dividendes intérimaires peuvent être distribués en respectant les modalités et conditions prévues par la Loi.»
13. Refonte des statuts de la Société;
14. Reconnaissance et acceptation (autant que nécessaire) de la démission de M. Michael HALCROW en tant qu'ad-

ministrateur de la Société prenant effet à la date de la présente assemblée générale et décharge (quitus) intégrale
concernant son mandat jusqu'à la date des présentes résolutions;

15. Fixation des tantièmes à payer à Michael Hussey et Neil Jones en raison de leurs mandats d'administrateurs de la

Société à hauteur d'un montant de soixante mille euros (EUR 60.000.-) chacun par an.

16. Nomination de Dr. Detlef Seuffert, Pierre Martinet, Alessandro Potestà et Raffaella Papa en tant qu'administrateurs

de la Société à compter de la date des présentes résolutions et jusqu'au jour de l'assemblée générale de la Société
approuvant les comptes de la Société pour l'exercice social se terminant le 31 décembre 2010.

17. Autorisation donnée à tout administrateur ou employé de Centralis S.A., 37, rue d' Anvers, L-1130 Luxembourg,

en vue de procéder à la modification du registre des actionnaires de la Société et, de façon générale, de procéder à toute
action nécessaire ayant trait aux résolutions à prendre conformément au présent procès-verbal;

18. Divers.
L'assemblée générale extraordinaire des actionnaires ayant approuvé les déclarations du président, et se considérant

comme dûment constituée et convoquée, a délibéré et pris par vote séparé via un vote unanime les résolutions suivantes:

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Première résolution

L'assemblée générale de la Société décide de réduire le capital social de la Société d'un montant de trente et un mille

euros (EUR 31.000.-) pour le porter de son montant actuel de trente et un mille euros (EUR 31.000.-) représenté par
trente et un mille (31.000) actions ayant une valeur nominale de un euro (EUR 1.-) chacune, à zéro euro (EUR 0.-) par
l'annulation des trente et un mille (31.000) actions existantes ayant une valeur nominale de un euro (EUR 1.-) chacune
(«les actions annulées») et le remboursement des trente et un mille euros (EUR 31.000.-) aux actionnaires en proportion
de leur détention des actions annulées.

Deuxième résolution

L'assemblée générale décide d'augmenter le capital social de la Société à hauteur d'un montant de quinze millions six

cent quatre-vingt sept mille cinq cents euros (EUR 15.687.500.-), pour le porter au montant de quinze millions six cent
quatre-vingt sept mille cinq cents euros (EUR 15.687.500.-) par l'émission de

(i) Six cent quatre-vingt sept mille cinq cents (687.500) actions ordinaires d'une valeur nominale de un euro (EUR 1.-)

par action (les «Actions Ordinaires»),

(ii) dix millions (10.000.000) d'actions ordinaires privilégiées de classe A ayant une valeur nominale de un euro (EUR

1.-) chacune (les «Actions Ordinaires Privilégiées de classe A»)

(iii) cinq millions (5.000.000) d'actions ordinaires privilégiées de classe B ayant une valeur nominale d'un euro (EUR

1.-) chacune (les «Actions Ordinaires Privilégiées de classe B»);

Troisième résolution

L'assemblée générale décide de reconnaître la renonciation par les actionnaires présents de la Société à tout droit

préférentiel de souscription relatif à l'émission de toute Action Ordinaire Privilégiée, le cas échéant, à Action Ordinaire.

Quatrième résolution

L'assemblée générale décide d'émettre
(i) six cent quatre-vingt sept mille cinq cents (687.500) actions ordinaires d'une valeur nominale de un euro (EUR 1.-)

chacune (les «Actions Ordinaires»),

(ii) dix millions (10.000.000) d'actions ordinaires privilégiées de classe A ayant une valeur nominale de un euro (EUR

1.-) chacune (les «Actions Ordinaires Privilégiées de classe A»)

(iii) cinq millions (5.000.000) d'actions ordinaires privilégiées de classe B ayant une valeur nominale d'un euro(EUR 1.-)

chacune (les «Actions Ordinaires Privilégiées de classe B»).

Souscription et Libération

A comparu Monsieur Michael HALCROW, dûment mandaté par MPAS SIPP MD HALCROW en vertu de la procu-

ration qui lui a été remise.

Le comparant a déclaré souscrire au nom et pour le compte de MPAS SIPP MD HALCROW, domicilié à Montpelier

House, 62-66 Deansgate, Manchester M3 2EN, Royaume-Uni, soixante-deux mille cinq cents (62.500) Actions Ordinaires
nouvellement émises par la Société ayant une valeur nominale de un euro (EUR 1.-) chacune, et de libérer intégralement
ces Actions Ordinaires par un apport en numéraire d'un montant de soixante-deux mille cinq cents euros (EUR 62.500.-).

Une preuve de la libération ci-dessus énoncée à été donnée au notaire via un certificat de blocage émis par Dexia

Banque Internationale à Luxembourg et le notaire soussigné a formellement reconnu la disponibilité du montant total de
soixante-deux mille cinq cents euros (EUR 62.500.-).

En considération de la libération en numéraire d'un montant total de soixante-deux mille cinq cents euros (EUR

62.500.-), la Société émettra soixante-deux mille cinq cents (62.500) Actions Ordinaires.

A comparu Monsieur Michael HALCROW, dûment mandaté par M. Michael HUSSEY en vertu de la procuration qui

lui a été remise.

Le comparant a déclaré souscrire au nom et pour le compte de M. Michael HUSSEY résidant à 66 Baltimore House,

Juniper Drive, Londres SW18 1TS, Royaume-Uni, deux cent cinquante mille (250.000) Actions Ordinaires nouvellement
émises par la Société ayant une valeur nominale de un euro (EUR 1.-) chacune, et de libérer intégralement ces Actions
Ordinaires par un apport en numéraire d'un montant de deux cent cinquante mille euros (EUR 250.000.-).

Une preuve de la libération ci-dessus énoncée à été donnée au notaire via un certificat de blocage émis par Dexia

Banque Internationale à Luxembourg et le notaire soussigné a formellement reconnu la disponibilité du montant total de
deux cent cinquante mille euros (EUR 250.000.-).

En considération de la libération en numéraire d'un montant total de deux cent cinquante mille euros (EUR 250.000.-)

la Société émettra deux cent cinquante mille (250.000) Actions Ordinaires.

A comparu Monsieur Michael HALCROW, dûment mandaté par Montpelier SIPP J PAUL en vertu de la procuration

qui lui a été remise.

Le comparant a déclaré souscrire au nom et pour le compte de Montpelier SIPP J PAUL, domiciliée à Montpelier

House, 62-66 Deansgate, Manchester M3 2EN, Royaume-Uni, soixante-deux mille cinq cents (62.500) Actions Ordinaires

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nouvellement émises par la Société ayant une valeur nominale de un euro (EUR 1.-) chacune, et de libérer intégralement
ces Actions Ordinaires par un apport en numéraire d'un montant de soixante-deux mille cinq cents euros (EUR 62.500.-).

Une preuve de la libération ci-dessus énoncée à été donnée au notaire via un certificat de blocage émis par Dexia

Banque Internationale à Luxembourg et le notaire soussigné a formellement reconnu la disponibilité du montant total de
soixante-deux mille cinq cents euros (EUR 62.500.-).

En considération de la libération en numéraire d'un montant total de soixante-deux mille cinq cents euros (EUR

62.500.-), la Société émettra soixante-deux mille cinq cents (62.500) Actions Ordinaires.

A comparu Monsieur Neil Leslie JONES, dûment mandaté par la société Neil JONES Capital Partners S.à r.l. en vertu

de la procuration qui lui a été remise.

Le comparant a déclaré souscrire au nom et pour le compte de Neil JONES Capital Partners S.à r.l., domiciliée Avenue

Duquesne 28, 75007 Paris, France, deux cent cinquante mille (250.000) Actions Ordinaires nouvellement émises par la
Société ayant une valeur nominale de un euro (EUR 1.-) chacune, et de libérer intégralement ces Actions Ordinaires par
un apport en numéraire d'un montant de deux cent cinquante mille euros (EUR 250.000.-).

Une preuve de la libération ci-dessus énoncée à été donnée au notaire via un certificat de blocage émis par Dexia

Banque Internationale à Luxembourg et le notaire soussigné a formellement reconnu la disponibilité du montant total de
deux cent cinquante mille euros (EUR 250.000.-).

En considération de la libération en numéraire d'un montant total de deux cent cinquante mille euros (EUR 250.000.-)

la Société émettra deux cent cinquante mille (250.000) Actions Ordinaires.

A comparu Monsieur Michael HALCROW, dûment mandaté par M. Hugh SAYER en vertu de la procuration qui lui a

été remise.

Le comparant a déclaré souscrire au nom et pour le compte de M. Hugh SAYER, domicilié à Warren Down House,

Letcombe Bassett, Wantage OX12 9LR, Royaume-Uni, soixante-deux mille cinq cents (62.500) Actions

Ordinaires nouvellement émises par la Société ayant une valeur nominale de un euro (EUR 1.-) chacune, et de libérer

intégralement ces Actions Ordinaires par un apport en numéraire d'un montant de soixante-deux mille cinq cents euros
(EUR 62.500.-).

Une preuve de la libération ci-dessus énoncée à été donnée au notaire via un certificat de blocage émis par Dexia

Banque Internationale à Luxembourg et le notaire soussigné a formellement reconnu la disponibilité du montant total de
soixante-deux mille cinq cents euros (EUR 62.500.-).

En considération de la libération en numéraire d'un montant total de soixante-deux mille cinq cents euros (EUR

62.500.-), la Société émettra soixante-deux mille cinq cents (62.500) Actions Ordinaires.

A comparu Monsieur Marco BENAGLIA, demeurant à Luxembourg, dûment mandaté par la société Exor S.A. en vertu

de la procuration qui lui a été remise.

Le comparant a déclaré souscrire au nom et pour le compte de Exor S.A. dix millions (10.000.000) d'Actions Ordinaires

Privilégiées de classe A nouvellement émises par la Société ayant une valeur nominale de un euro (EUR 1.-) chacune, et
de libérer à hauteur de un quart ces Actions Ordinaires Privilégiées de classe A par un apport en numéraire d'un montant
de deux millions cinq cent mille euros (EUR 2.500.000.-).

Une preuve de la libération ci-dessus énoncée à été donnée au notaire via un certificat de blocage émis par Dexia

Banque Internationale à Luxembourg et le notaire soussigné a formellement reconnu la disponibilité du montant total de
deux millions cinq cent mille euros (EUR 2.500.000.-)

En considération de la libération en numéraire d'un montant total de deux millions cinq cent mille euros (EUR

2.500.000.-) la Société émettra vingt-quatre millions (10.000.000) d'Actions Ordinaires Privilégiées de classe A.

A comparu Monsieur Udo KÜHLE, demeurant professionnellement à Düsseldorf, dûment mandaté par la société

Versorgungswerk der Zahnärztekammer Nordrhein en vertu de la procuration qui lui a été remise.

Le comparant a déclaré souscrire au nom et pour le compte de Versorgungswerk der Zahnärztekammer Nordrhein,

domicilié à Am Seestern 8, 40549 Düsseldorf, Allemagne, cinq millions (5.000.000) d'Actions Ordinaires Privilégiées de
classe B nouvellement émises par la Société ayant une valeur nominale de un euro (EUR 1.-) chacune, et de libérer à
hauteur de un quart ces Actions Ordinaires Privilégiées de classe B par un apport en numéraire d'un montant de un
million deux cent cinquante mille euros (EUR 1.250.000.-).

Une preuve de la libération ci-dessus énoncée à été donnée au notaire via un certificat de blocage émis par Dexia

Banque Internationale à Luxembourg et le notaire soussigné a formellement reconnu la disponibilité du montant total de
million deux cent cinquante mille euros (EUR 1.250.000.-).

En considération de la libération en numéraire d'un montant total de million deux cent cinquante mille euros (EUR

1.250.000.-) la Société émettra cinq millions (5.000.000) d'Actions Ordinaires Privilégiées de classe B.

Cinquième résolution

L'assemblée générale décide de modifier l'article 4 des statuts de la Société, qui devra être lu comme suit;
"L'objet de la Société consiste en l'utilisation de ses fonds en investissement immobilier et de propriété immobilière,

ainsi que l'établissement, la gestion, le développement et la cession de ses actifs suivant leur composition au fil du temps.

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L'objet de la Société consiste aussi en l'utilisation de ses fonds en prises de participation, de quelque forme que ce soit,

La Société pourra contracter des emprunts de toute sorte et procéder à l'émission d'obligations ou d'obligations

La Société pourra avoir également pour objet toutes les opérations se rapportant directement ou indirectement à

D'une manière générale, la Société peut exécuter toutes opérations commerciales, industrielles et financières qu'elle

jugera utiles à l'accomplissement et au développement de son objet social."

Sixième résolution

L'assemblée générale décide de modifier l'article 5 des statuts de la Société, qui devra être lu comme suit;

" Art. 5. Le capital social souscrit de la Société est fixé à quinze millions six cent quatre-vingt-sept mille cinq cents

euros (EUR 15.687.500.-) représenté par