This site no longer hosts any data. The file you are looking for is probably available on the official Legilux website by clicking on this link.

Ce site n'héberge plus aucune donnée. Le fichier que vous cherchez est probablement accessible sur le site officiel Legilux en cliquant sur ce lien.

Diese Seite nicht mehr Gastgeber keine Daten. Die Datei, die Sie suchen ist wahrscheinlich auf der offiziellen Legilux Website, indem Sie auf diesen link verfügbar.

U X E M B O U R G

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° 1299

16 juin 2011

SOMMAIRE

Alba Luxco S.à r.l. . . . . . . . . . . . . . . . . . . . . . .

62310

Alt Properties Mediterranean S.à r.l. . . . .

62312

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

62312

ATG Holdings S.A. SPF . . . . . . . . . . . . . . . . .

62308

Auto 2 S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

62314

Bati-Euro . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

62315

Boch & Sons Asset Management . . . . . . . .

62317

Cécile S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

62319

Chauffage Nuddelsfabrik S.A. . . . . . . . . . . .

62307

Chauffage Sauerwiss S.A. . . . . . . . . . . . . . . .

62306

C.I.D., Céramique Internationale Dévelop-

pement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

62318

Circle Printers Luxembourg . . . . . . . . . . . .

62306

Compagnie Financière de la Porte Neuve

S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

62316

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

62306

Eden Debtco S.à r.l. . . . . . . . . . . . . . . . . . . . .

62306

Eicher Bureau Service Sàrl . . . . . . . . . . . . . .

62310

Eikon Mezzanine Invest IV S.A. . . . . . . . . . .

62315

Elsen Logistics . . . . . . . . . . . . . . . . . . . . . . . . .

62321

E-Trans GmbH . . . . . . . . . . . . . . . . . . . . . . . . .

62318

European Fiduciaire S.A. . . . . . . . . . . . . . . . .

62322

Fides Life Office S.A. . . . . . . . . . . . . . . . . . . .

62316

Fondation Recherche sur le Sida . . . . . . . . .

62322

FR Acquisition Finance Subco (Luxem-

bourg), S.à r.l. . . . . . . . . . . . . . . . . . . . . . . . .

62323

FR Acquisition Subco (Luxembourg), S. à

r.l. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

62323

Gerexel Groupe Finance S.à r.l. . . . . . . . . .

62310

Ghem S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

62310

Immofin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

62309

ImmoFinRe Capital Partners S.A. . . . . . . .

62322

Jena Investments Holding S.A. . . . . . . . . . .

62314

Jena Investments S.A. . . . . . . . . . . . . . . . . . .

62314

L'Automobil S.A. . . . . . . . . . . . . . . . . . . . . . . .

62318

Lecta S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

62321

Logistic S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . .

62317

Lupercale S.A., SICAR . . . . . . . . . . . . . . . . . .

62324

Manwin Mainstream Sàrl . . . . . . . . . . . . . . .

62318

Manwin Premium Sàrl . . . . . . . . . . . . . . . . . .

62320

M.B.S. - Manufacturing Building Systems

S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

62320

MSI Alpha S.à r.l. . . . . . . . . . . . . . . . . . . . . . . .

62308

Mylan Luxembourg L3 SCS . . . . . . . . . . . . .

62308

PI 3,14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

62307

PineBridge Eurasia Financial Investments

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

62312

Regie Media Lux S.A. . . . . . . . . . . . . . . . . . . .

62311

Trebeurden S.A. . . . . . . . . . . . . . . . . . . . . . . .

62324

Vector Investments A2 S.àr.l. . . . . . . . . . . .

62324

VKGP S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

62313

62305

U X E M B O U R G

Eden Debtco S.à r.l., Société à responsabilité limitée.

Capital social: GBP 12.000,00.

Siège social: L-1724 Luxembourg, 41, boulevard du Prince Henri.

R.C.S. Luxembourg B 150.604.

EXTRAIT

En date du 19 avril 2011, l'associé unique de la Société a pris note de la démission de Andrew Guille en tant que gérant

de classe B et a décidé de nommer en son remplacement Nathan Lane, né le 6 juin 1977 à Greenbrae, Californie, Etats-
Unis, demeurant au 33 Jermyn Street, SW1Y 6DN, Londres, Grande Bretagne, pour une durée indéterminée.

Le conseil de gérance de la Société est désormais composé comme suit:

Gérants de classe A:

- Geoffrey Henry
- Katia Panichi

Gérants de classe B:

- Isabelle Probstel
- Nathan Lane
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

Luxembourg, le 27 avril 2011.

Pour la Société
Signature

Référence de publication: 2011058914/23.
(110065951) Déposé au registre de commerce et des sociétés de Luxembourg, le 29 avril 2011.

Conform S.à r.l., Société à responsabilité limitée.

Siège social: L-8138 Bridel, 5, allée Saint Hubert.

R.C.S. Luxembourg B 150.426.

Le Bilan au 31/12/2010 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.

Luxembourg.

Référence de publication: 2011058912/10.
(110065885) Déposé au registre de commerce et des sociétés de Luxembourg, le 29 avril 2011.

Circle Printers Luxembourg, Société Anonyme.

Siège social: L-1331 Luxembourg, 33, boulevard Grande-Duchesse Charlotte.

R.C.S. Luxembourg B 70.986.

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.

Signature.

Référence de publication: 2011058911/10.
(110066263) Déposé au registre de commerce et des sociétés de Luxembourg, le 29 avril 2011.

Chauffage Sauerwiss S.A., Société Anonyme.

Siège social: L-1278 Luxembourg, 5, rue Tony Bourg.

R.C.S. Luxembourg B 51.677.

Le bilan au 31.12.2010 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.

Luxembourg, le 29.04.2011.

Daniel MACHADO.

Référence de publication: 2011058910/10.
(110066049) Déposé au registre de commerce et des sociétés de Luxembourg, le 29 avril 2011.

62306

U X E M B O U R G

Chauffage Nuddelsfabrik S.A., Société Anonyme.

Siège social: L-1278 Luxembourg, 5, rue Tony Bourg.

R.C.S. Luxembourg B 61.252.

Le bilan au 31.12.2010 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.

Luxembourg, le 29.04.2011.

Daniel MACHADO.

Référence de publication: 2011058909/10.
(110066050) Déposé au registre de commerce et des sociétés de Luxembourg, le 29 avril 2011.

PI 3,14, Société Anonyme.

Siège social: L-9964 Huldange, 3, Op d'Schmëtt.

R.C.S. Luxembourg B 140.825.

L'an deux mil onze, le vingt-huit février.
Par-devant Maître Anja HOLTZ, notaire de résidence à Wiltz.

S'est réunie l'assemblée générale extraordinaire des actionnaires de la société anonyme «PI 3,14», avec siège social à

L-9780 Wincrange, 78, rue Principale, constituée suivant acte reçu par le notaire Maître Anja HOLTZ, soussigné, en date
du 28 juillet 2008, publié au Mémorial C, Recueil Spécial des Sociétés et Associations, numéro 2126 du 2 septembre 2008,

inscrite au registre du commerce et des sociétés Luxembourg sous le numéro B 140.825.
L'assemblée est ouverte à 14.30 heures sous la présidence de Monsieur Michel REMACLE, demeurant à B-5190 Balatre,

28A, rue des Bancs,

qui désigne comme scrutateur Monsieur Didier HEENS, demeurant à B-4600 Visé, 26, rue des Sluze,
qui désigne comme secrétaire, Madame Geneviève BERTRAND, employée privée, demeurant à B-6983 La Roche-en-

Ardenne, Mousny, 45.

Le bureau ainsi constitué, le Président expose et prie le notaire instrumentant d'acter:
I. Que la présente assemblée générale extraordinaire a pour

Ordre du jour:

1. Le transfert du siège social de la société de Wincrange à Huldange, et la modification subséquente de l'article 2

alinéa 1

des statuts.

II. Les actionnaires présents ou représentés, les mandataires des actionnaires représentés et le nombre d'actions qu'ils

détiennent sont renseignés sur une liste de présence. Cette liste de présence, après avoir été signée «ne varietur» par
les actionnaires présents, les mandataires des actionnaires représentés ainsi que par les membres du bureau et le notaire
instrumentant, restera annexée aux présentes, avec lesquelles elle sera enregistrée.

Resteront pareillement annexées aux présentes les procurations des actionnaires représentés, après avoir été signées

«ne varietur» par les membres du bureau et le notaire instrumentant.

III. Que l'intégralité du capital social étant présente ou représentée à la présente assemblée, il a pu être fait abstraction

des convocations d'usage, les actionnaires présents ou représentés se reconnaissant dûment convoqués et déclarant par
ailleurs avoir eu connaissance de l'ordre du jour qui leur a été communiqué au préalable.

IV. Que la présente assemblée, réunissant l'intégralité du capital social, est constituée régulièrement et peut valablement

délibérer, telle qu'elle est constituée, sur les points de l'ordre du jour.

Ces faits étant reconnus exacts par l'assemblée, le Président expose les raisons qui ont amené le conseil d'adminis-

tration à proposer les points figurant à l'ordre du jour.

L'assemblée général, après avoir délibéré, prend à l'unanimité des voix, les résolutions suivantes:

Résolution unique

L'assemblée décide de transférer le siège social de la société de Wincrange à L-9964 Huldange, 3, Op d'Schmëtt et de

modifier en conséquence l'article 2 alinéa premier des statuts comme suit:

« Art. 2. (Alinéa premier). Le siège social est établi dans la commune de Troisvierges.»

Plus rien ne figurant à l'ordre du jour, la présente assemblée a été clôturée à 14.40 heures.

Frais

Le montant des dépens, frais, rémunérations et charges de toutes espèces qui incombent à la société ou qui sont mis

à sa charge à raison du présent acte s'élève approximativement à 900,- EUR.

Dont acte, fait et passé à Wiltz, date qu'en tête des présentes.

62307

U X E M B O U R G

Et après lecture faite et interprétation donnée aux comparants, connus du notaire instrumentant par leurs nom,

prénom usuel, état et demeure, ils ont signé avec le notaire.

Signé: M. Remacle, D. Heens, G. Bertrand, Anja Holtz.
Enregistré à Wiltz, le 2 mars 2011 - WIL/2011/169 - Reçu soixante-quinze euros = 75,- €.

Le Receveur (signé): J. Pletschette.

POUR EXPEDITION CONFORME, délivrée à la société aux fins d'inscription au Registre de Commerce et des So-

ciétés.

Wiltz, le 11 mars 2011.

Anja HOLTZ.

Référence de publication: 2011052635/54.
(110056368) Déposé au registre de commerce et des sociétés de Luxembourg, le 11 avril 2011.

ATG Holdings S.A. SPF, Société Anonyme - Société de Gestion de Patrimoine Familial.

Siège social: L-2121 Luxembourg, 231, Val des Bons-Malades.

R.C.S. Luxembourg B 17.007.

Il résulte du procès-verbal de l'Assemblée Générale Ordinaire tenue extraordinairement en date du 9 mars 2011 que:
- Les mandats des administrateurs sortants ont été reconduits pour une nouvelle période de cinq ans:
* M. Samir Allenby Gargour, gérant, résidant à 30, Main Road, RL-Rabieh, Liban;
* Mme Adela Gargour, femme au foyer, résidant à 30, Main Road, RL-Rabieh, Liban;
* Mme Denise Gargour, femme au foyer, résidant à 30, Main Road, RL-Rabieh, Liban;
* M. Ramzi Gargour, éditeur, résidant à 30, Main Road, RL-Rabieh, Liban;
* Mme Geneviève Blauen-Arendt, administrateur de sociétés, résidant professionnellement au 231, Val des Bons Ma-

lades, L-2121 Luxembourg-Kirchberg.

Leurs mandats viendront à échéance à l’issue de l’Assemblée Générale Annuelle qui se tiendra en 2016.
- Le mandat du commissaire aux comptes sortant, M. Marco RIES, avec adresse professionnelle au 231, Val des Bons

Malades, L-2121 Luxembourg-Kirchberg, a également été reconduit pour un nouveau terme d’un an.

Son mandat viendra à échéance à l’issue de l’Assemblée Générale Annuelle qui se tiendra en 2012.

Pour extrait conforme
SG AUDIT SARL

Référence de publication: 2011049597/21.
(110055899) Déposé au registre de commerce et des sociétés de Luxembourg, le 8 avril 2011.

MSI Alpha S.à r.l., Société à responsabilité limitée.

Capital social: EUR 12.500,00.

Siège social: L-2449 Luxembourg, 47, boulevard Royal.

R.C.S. Luxembourg B 125.174.

EXTRAIT

Veuillez être informé que Mme. Anna Rulkiewicz-Kaczynska se nomme dorénavant Mme. Anna Rulkiewicz.

Luxembourg, le 5 avril 2011.

Pour: MSI Alpha S.à r.l.
Représentée par: Julien FRANCOIS
Gérant de classe "B"

Référence de publication: 2011049436/14.
(110053799) Déposé au registre de commerce et des sociétés de Luxembourg, le 6 avril 2011.

Mylan Luxembourg L3 SCS, Société en Commandite simple.

Capital social: USD 1.000,00.

Siège social: L-1471 Luxembourg, 412F, route d'Esch.

R.C.S. Luxembourg B 133.691.

Suite à la convention de cession de parts sociales, signée en date du 24 novembre 2010, entre:
Mylan LHC Inc., une société constituée sous le droit du Delaware (USA), ayant son siège social au 615 S. Dupont

Highway Dover, Kent County, Delaware 19901; United-States of America;

62308

U X E M B O U R G

et
Mylan Luxembourg 8 S.à r.l, une société de luxembourgeois, ayant son siège social au 12, rue Guillaume Kroll, L-1882

à Luxembourg;

L'actionnariat de MYLAN LUXEMBOURG L3 SCS se compose comme suit:
1. Mylan LHC Inc., une société constituée sous le droit du Delaware, ayant son siège social au 615 S, Dupont Highway

Dover, Kent County, Delaware 19901; United-States of America;

Détenant 1.999 parts sociales
2. Mylan Luxembourg 8 S.à r.l, une société de luxembourgeois, ayant son siège social au 12, rue Guillaume Kroll, L-1882

à Luxembourg, Grand-Duché de Luxembourg;

Détenant 1 part sociale
3. Mylan Pharmaceuticals Inc, une société constituée sous le droit de l'Etat de Virginie (USA), ayant son siège social au

781 Chestnut Ridge Road, Morgantown, WV 26505, West Virginia, United-States of America:

Détenant 98.000 parts sociales

Pour Mylan Luxembourg L3 SCS

Référence de publication: 2011058365/25.
(110065269) Déposé au registre de commerce et des sociétés de Luxembourg, le 29 avril 2011.

Immofin, Société à responsabilité limitée.

Siège social: L-8399 Windhof, 9, route des Trois Cantons.

R.C.S. Luxembourg B 128.491.

L'an deux mille onze, le vingt-huit mars.
Par-devant Maître Jean-Joseph WAGNER, notaire de résidence à Sanem (Grand-Duché de Luxembourg).

ONT COMPARU:

- «AAA Capital Partners S.à r.l.», une société à responsabilité limitée ayant son siège social au 23, Val Fleuri, L-1526

Luxembourg,

- «Gregory Winssinger Sprl», une société à responsabilité limitée ayant son siège social Route d'Ottignies, B-1380

Lasne,

- «Philippe F. Winssinger Sprl», une société à responsabilité limitée ayant son siège social Route d'Ottignies, B-1380

Lasne,

toutes représentées par Maître Alexandre Cayphas, avocat à la Cour, demeurant à Luxembourg, en vertu de trois

procurations sous seing privé.

Les procurations signées ne varietur par la personne comparante et par le notaire soussigné resteront annexées au

présent acte pour être soumises avec lui aux formalités de l'enregistrement.

Lesquelles comparantes sont les associées de «ImmoFin» (ci-après la "Société"), une société à responsabilité limitée,

ayant son siège social au 23, Val Fleuri, L-1526 Luxembourg, enregistrée auprès du Registre du Commerce et des Sociétés
de Luxembourg, section B 128.491, constituée suivant acte notarié en date du 25 mai 2007, publié au Mémorial C Recueil
des Sociétés et Associations, numéro 1305 du 29 juin 2008. Les statuts ont été modifiés suivant acte notarié en date du
25 novembre 2008, publié au Mémorial C Recueil des Sociétés et Associations, numéro 2828 du 25 novembre 2008.

Lesquelles comparantes, représentant l'intégralité du capital social, ont requis le notaire instrumentant d'acter les

résolutions suivantes:

Première résolution

Les associées unique décident de transférer le siège social de la Société du 23 Val Fleuri, L-1526 Luxembourg, Grand

Duché de Luxembourg au 9, route des Trois Cantons, Suites R-27-R28, L-8399 Windhof, Grand-Duché de Luxembourg.

En conséquence, les deux premiers alinéas de l'article 5 des statuts sont modifiés comme suit:

Art. 5. «Le siège social de la Société est établi dans la commune de Koerich.
Il peut être transféré à tout autre endroit à l'intérieur de la commune de Koerich par simple décision du gérant, ou

en cas de pluralité de gérants, du conseil de gérance.»

DONT ACTE, passé à Luxembourg, les jour, mois et an figurant en tête des présentes.
Et après lecture faite et interprétation donnée au mandataire des comparants, connu du notaire instrumentant par ses

nom, prénom usuel, état et demeure, celui-ci a signé avec le notaire le présent acte.

Signé: A. CAYPHAS, J.-J. WAGNER.

62309

U X E M B O U R G

Enregistré à Esch-sur-Alzette A.C., le 29 mars 2011. Relation: EAC/2011/4213. Reçu soixante-quinze Euros (75,- EUR).

Le Receveur (signé): SANTIONI.

Référence de publication: 2011050380/40.
(110056133) Déposé au registre de commerce et des sociétés de Luxembourg, le 11 avril 2011.

Ghem S.A., Société Anonyme.

Siège social: L-2180 Luxembourg, 8-10, rue Jean Monnet.

R.C.S. Luxembourg B 135.175.

CLÔTURE DE LIQUIDATION

Extrait

Il résulte d'un acte reçu par Maître Henri HELLINCKX, notaire de résidence à Luxembourg, en date du 24 mars 2011,

enregistré à Luxembourg, le 1

avril 2011, LAC/2011/15229.

Qu’a été prononcée la clôture de la liquidation de la société anonyme «GHEM S.A.», ayant son siège social à L-2180

Luxembourg, 8-10, rue Jean Monnet,

constituée suivant acte reçu par Maître Joseph Elvinger, notaire de résidence à Luxembourg, en date du 13 décembre

2007, publié au Mémorial C numéro 307 du 6 février 2008.

La société a été mise en liquidation suivant acte reçu par le notaire soussigné, en date du 23 Décembre 2010, non

encore publié au Mémorial, Recueil Spécial C.

L'assemblée décide en outre que les livres et documents sociaux resteront déposés et conservés pendant cinq ans à

l'ancien siège de la société, et en outre que les sommes et valeurs éventuelles revenant aux créanciers ou aux associés
qui ne se seraient pas présentés à la clôture de la liquidation seront déposés au même ancien siège social au profit de qui
il appartiendra.

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

Luxembourg, le 28 avril 2011.

Référence de publication: 2011057920/24.
(110065726) Déposé au registre de commerce et des sociétés de Luxembourg, le 28 avril 2011.

Alba Luxco S.à r.l., Société à responsabilité limitée,

(anc. Gerexel Groupe Finance S.à r.l.).

Siège social: L-1471 Luxembourg, 412F, route d'Esch.

R.C.S. Luxembourg B 159.342.

Les statuts coordonnés suivant l'acte n° 61517 ont été déposés au registre de commerce et des sociétés de Luxem-

bourg.

Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Référence de publication: 2011049574/11.
(110055593) Déposé au registre de commerce et des sociétés de Luxembourg, le 8 avril 2011.

Eicher Bureau Service Sàrl, Société à responsabilité limitée.

Siège social: L-2441 Luxembourg, 221, rue de Rollingergrund.

R.C.S. Luxembourg B 23.173.

L'an deux mil onze, le huit mars.
Par devant Maître Georges d'HUART, notaire de résidence à Pétange.

Ont comparu:

1) La société DSL DATA SERVICE Luxembourg S.àr.l., avec siège à L- 1013 Luxembourg, 183, rue de Rollingergrund

(RCS Luxembourg B 25.613), représentée par son gérant, Monsieur Laurent LOSCHETTER, demeurant à L- 3572 Du-
delange, 156, rue Jacques Thiel, détenteur de 2.640 parts sociales

2) Monsieur Patrice COLAS, délégué commercial, né à Messancy (B), le 16 janvier 1968, demeurant à B. 6750 Musson,

2B, rue de la Corne-aux-Bois, détenteur de 540 parts sociales

agissant comme uniques associés de la société à responsabilité limitée EICHER BUREAU SERVICE, S.àr.l, avec siège à

L- 2441 Luxembourg, 221, rue du Rollingergrund (RCS B No 23.173), constituée suivant acte notarié du 10 juillet 1985,
publié au Mémorial C No 278 du 24 septembre 1985.

Lesquels comparants ont requis le notaire de constater:

62310

U X E M B O U R G

A)
Le capital de ladite société «EICHER BUREAU SERVICE S.àr.l. » suite à 3 cessions de parts notariées est actuellement

souscrit comme suit:

- DSL DATA SERVICE Luxembourg S.àr.l., préqualifiée, . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.460 parts sociales
- Monsieur Patrice COLAS, préqualifié, . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

540 parts sociales

Total: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.000 parts sociales

B)
Les associés de la prédite société acceptent la démission du gérant M Jean Marc Souvignier et lui accordent décharge

pour l'exercice de son mandat, et nomment gérant, Monsieur Steve Wohl, salarié, né à Esch/Alzette, le 27 août 1978,
demeurant à L-1270 Luxembourg, Am Bongert 5.

C)
La société «EICHER BUREAU SERVICE S.àr.l.» est valablement engagée par la signature conjointe de son gérant et de

Monsieur Laurent Loschetter

Frais

Les dépenses, frais, rémunérations et charges de toutes espèces qui incombent à la société pour le présent acte sont

estimés à huit cent cinquante euro.

Dont acte, fait et passé à Luxembourg, date qu'en tête.
Et après lecture faite et interprétation donnée aux comparants, tous connus de Nous, Notaire, par leurs noms, prén-

oms usuels, états et demeures, ils ont tous signé avec le notaire la présente minute.

Signé: COLAS, LOSCHETTER, WOHL, D'HUART.
Enregistré à Esch/Alzette A.C., le 10 mars 2011. Relation: EAC/2011/3193. Reçu: soixante-quinze euros EUR 75.-

Le Receveur (signé): SANTIONI.

POUR EXPEDITION CONFORME.

Pétange, le 16 mars 2011.

Georges d’HUART.

Référence de publication: 2011050696/43.
(110055679) Déposé au registre de commerce et des sociétés de Luxembourg, le 8 avril 2011.

Regie Media Lux S.A., Société Anonyme.

Capital social: EUR 31.000,00.

Siège social: L-1251 Luxembourg, 13, avenue du Bois.

R.C.S. Luxembourg B 87.134.

Extrait des résolutions prises lors de l’assemblée générale ordinaire en date du 1

er

avril 2011

Transfert du siège social,
- Transférer le siège social de L-1128 Luxembourg, 28-30, Val St. André à L-1251 Luxembourg, 13, avenue du Bois.
Révocation du commissaire actuel
- Fiduciaire Latitudes Sàrl
Nomination d’un nouveau commissaire
- Vericom Sa
RCS Luxembourg n° B 51203
siège social à L-1855 Luxembourg, 46A, avenue John F. Kennedy
Le mandat de commissaire ainsi nommé prendra fin à lors de l’assemblée générale ordinaire qui se tiendra en 2013.
Reconduction des mandats des administrateurs
- Didier CABELLO, demeurant à Domaine le Pirate, F-97150 Baie Nettle
- Benjamin CABELLO, demeurant à Domaine le Pirate, F-97150 Baie Nettle
- Mauricette CATEL, demeurant à Domaine le Pirate, F-97150 Baie Nettle
Les mandats des administrateurs actuellement en fonction prendront fin lors de l’assemblée générale ordinaire qui se

tiendra en l’an 2013.

Extrait des résolutions prises par le conseil d’administration du 1

er

avril 2011

Renouvellement du mandat de l’administrateur-délégué et nomination du président du conseil d’administration
- Didier CABELLO, demeurant à Domaine le Pirate, F-97150 Baie Nettle

62311

U X E M B O U R G

Le mandat de l’administrateur-délégué actuellement en fonction prendra fin lors l’assemblée générale ordinaire qui se

tiendra en l’an 2013.

Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Référence de publication: 2011059797/30.
(110067567) Déposé au registre de commerce et des sociétés de Luxembourg, le 3 mai 2011.

Alt Properties Mediterranean S.à r.l., Société à responsabilité limitée.

Siège social: L-1469 Luxembourg, 67, rue Ermesinde.

R.C.S. Luxembourg B 152.389.

Les statuts coordonnés de la société 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 8 avril 2011.

Référence de publication: 2011049583/10.
(110055803) Déposé au registre de commerce et des sociétés de Luxembourg, le 8 avril 2011.

PineBridge Eurasia Financial Investments S.à r.l., Société à responsabilité limitée,

(anc. Ascocentrum S.à r.l.).

Siège social: L-1331 Luxembourg, 65, boulevard Grande-Duchesse Charlotte.

R.C.S. Luxembourg B 151.088.

In the year two thousand and eleven.
On the tenth day of March.
Before Maître Blanche MOUTRIER, notary residing at Esch-sur-Alzette (Grand Duchy of Luxembourg), acting in re-

placement of Maître Francis KESSELER, notary residing at Esch-sur-Alzette (Grand Duchy of Luxembourg) who will keep
the original of this deed.

THERE APPEARED:

The company PineBridge Global Emerging Markets Partners Viaduct, L.P., having its registered office at Maples & Calder,

P.O. Box 309GT, Ugland House, S. Church Street, George Town, Grand Cayman, Cayman Islands, registered at Caymans
Islands under registration number 22007,

represented by Mrs. Sofia AFONSO-DA CHAO CONDE, private employee, residing professionally at Esch-sur-Alz-

ette, by virtue of a proxy given under private seal.

Such proxy, after having been signed "ne varietur" by the notary and the proxy holder, will remain attached to the

present deed in order to be recorded with it.

The appearing party, through its attorney, declared and requested the notary to act:
that the appearing party is the sole present partner of the private limited company (société à responsabilité limitée)

"ASCOCENTRUM S.à r.l.", with its registered office at L-1331 Luxembourg, 65, boulevard Grande-Duchesse Charlotte,
R.C.S. Luxembourg section B number 151088, incorporated by deed of Maître Jean SECKLER, notary residing in Junglinster
(Grand-Duchy of Luxembourg), on January 7, 2010, published in the Mémorial C number 492 dated March 6, 2010,

and that the appearing party has taken the following resolution:

Resolution

The appearing party decides to adopt the name "PineBridge Eurasia Financial Investments S.à r.l." by the company and

to amend article 2 of the articles of association which will have henceforth the following wording:

« Art. 2. The company’s name is "PineBridge Eurasia Financial Investments S.à r.l."».

Expenses

The expenses, costs, remunerations or charges in any form whatsoever, which shall be borne by the company as a

result of the present deed, are estimated at approximately one thousand euro (€ 1,000.-).

Declaration

The undersigned notary who understands and speaks English and French states herewith that on request of the above

appearing person, the present deed is worded in English followed by a French translation. On request of the same
appearing person and in case of divergences between the English and the French text, the English version will prevail.

WHEREOF the present notarial deed was drawn up in Esch-sur-Alzette, (Grand Duchy of Luxembourg), on the day

named at the beginning of this document.

62312

U X E M B O U R G

The document having been read to the attorney, known to the notary by his surname, Christian name, civil status and

residence, the attorney signed together with us, the notary, the present original deed.

Suit la traduction en langue française du texte qui précède:

L'an deux mille onze, le dix mars.
Par-devant Maître Blanche MOUTRIER, notaire de résidence à Eschsur-Alzette (Grand-Duché de Luxembourg), agis-

sant en remplacement de Maître Francis KESSELER, notaire de résidence à Esch-sur-Alzette (Grand-Duché de Luxem-
bourg) lequel dernier restera dépositaire de la présente minute.

A COMPARU:

La société PineBridge Global Emerging Markets Partners Viaduct, L.P., avec siège social à Maples & Calder, P.O. Box

309GT, Ugland House,

S. Church Street, George Town, Grand Cayman, Iles Caiman, enregistrée auprès du registre des îles Caimans sous le

numéro 22007,

représentée par Madame Sofia AFONSO-DA CHAO CONDE, employée privée, demeurant professionnellement à

Esch-sur-Alzette, en vertu d’une procuration sous seing privé.

Laquelle procuration, après avoir été signée “ne varietur” par le notaire et le mandataire, restera annexée au présent

acte avec lequel elle sera enregistrée.

Laquelle comparante, par son mandataire, a requis le notaire instrumentaire d'acter ce qui suit:
que la comparante est la seule et unique associée actuelle de la société à responsabilité limitée "ASCOCENTRUM S.à

r.l.", ayant son siège social à L-1331 Luxembourg, 65, boulevard Grande-Duchesse Charlotte, R.C.S. Luxembourg section
B numéro 151088, constituée par acte de Maître Jean SECKLER, notaire de résidence à Junglinster (Grand-Duché de
Luxembourg), en date du 7 janvier 2010, publié au Mémorial C numéro 492 du 6 mars 2010,

et que la comparante a pris la résolution suivante:

Résolution

La comparante décide de faire adopter par la société la dénomination sociale "PineBridge Eurasia Financial Investments

S.à r.l." et de modifier l’article 2 des statuts qui aura dorénavant la teneur suivante:

« Art. 2. La société prend la dénomination de "PineBridge Eurasia Financial Investments S.à r.l."».

Frais

Tous les frais et honoraires incombant à la société à raison des présentes sont évalués à la somme de mille euros (€

1.000,-).

Déclaration

Le notaire soussigné qui comprend et parle l'anglais et le français, constate par les présentes qu'à la requête de la

personne comparante, le présent acte est rédigé en anglais suivi d'une traduction française, à la requête de la même
personne comparante et en cas de divergences entre le texte anglais et français, la version anglaise fera foi.

DONT ACTE, fait et passé à Esch-sur-Alzette (Grand-Duché de Luxembourg) date qu'en tête des présentes.
Et après lecture faite et interprétation donnée au mandataire, connu du notaire par son nom, prénom usuel, état et

demeure, il a signé avec Nous notaire le présent acte.

Signé: Conde, Moutrier Blanche.
Enregistré à Esch/Alzette Actes Civils, le 17 mars 2011. Relation: EAC/2011/3590. Reçu soixante-quinze euros (75,-

€).

Le Receveur (signé): Santioni A.

Pour expédition conforme délivrée aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Référence de publication: 2011049592/81.
(110055739) Déposé au registre de commerce et des sociétés de Luxembourg, le 8 avril 2011.

VKGP S.A., Société Anonyme.

Capital social: EUR 79.752,00.

Siège social: L-8070 Bertrange, 7, rue des Mérovingiens.

R.C.S. Luxembourg B 133.287.

EXTRAIT

Par résolutions du Conseil d'Administration de la Société réuni le 03 mars 2011 il a été décidé:
- d'acter la démission avec effet au 26 janvier 2011 de Monsieur Emmanuel Vivier de ses fonctions d'administrateur

membre du conseil d'administration de la Société, et d'administrateur délégué à la gestion journalière de la Société,

62313

U X E M B O U R G

- de nommer avec effet au 26 janvier 2011 pour une durée expirant le jour de l'Assemblée générale des actionnaires

qui se tiendra en 2011 Monsieur Lionel Constantini domicilié professionnellement au 7 rue des mérovingiens L-8070
Bertrange, en tant que nouvel administrateur de la Société.

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

Signé à Bertrange, le 03 avril 2011.

Signature.

Référence de publication: 2011055338/17.
(110061405) Déposé au registre de commerce et des sociétés de Luxembourg, le 19 avril 2011.

Auto 2 S.A., Société Anonyme.

Siège social: L-2449 Luxembourg, 8, boulevard Royal.

R.C.S. Luxembourg B 109.054.

L’an deux mille onze, le vingt et un janvier.
Par-devant Maître Henri HELLINCKX, notaire de résidence à Luxembourg, soussigné.

A comparu:

Madame Luisella MORESCHI, licenciée en sciences économiques et financières, demeurant à Luxembourg.
ici représentée par Madame Katia ROTI, employée privée, demeurant à Luxembourg,
en vertu d'une procuration lui délivrée ci-annexée.
Laquelle comparante, agissant en vertu d'un pouvoir qui lui a été conféré par l'assemblée générale extraordinaire des

actionnaires de la société AUTO 2 S.A en date du 2 décembre 2010, documentée par acte du notaire soussigné du même
jour, a requis le notaire instrumentant d'acter ce qui suit:

Suivant décision des actionnaires de la société anonyme AUTO 2 S.A. du 2 décembre 2010, le siège social de la Société

a été transféré de Luxembourg en Italie et a accepté la démission des administrateur et du commissaire aux comptes, le
tout sous la condition suspensive de l'inscription de la Société par les autorités italiennes.

Par les présentes, la comparante fait constater que toutes les formalités d'inscription de la Société en Italie ont été

accomplies ainsi qu'il résulte d'un certificat d'inscription de la Camera di Commercio Industria Artigianato e Agricoltura
di Vérone - Ufficio Registro Delle Imprese - en date du 29 décembre 2010.

En conséquence toutes les résolutions prises par l'assemblée générale extraordinaire du 2 décembre 2010 sont de-

venues effectives.

La comparante requiert le notaire de faire procéder à la radiation de la société AUTO 2 S.A auprès du Registre de

commerce et des sociétés à Luxembourg.

DONT ACTE, fait et passé à Luxembourg, date qu'en tête.
Et après lecture faite et interprétation donnée à la comparante, celle-ci a signé avec le notaire le présent acte.
Signé: K. ROTI et H. HELLINCKX.
Enregistré à Luxembourg A.C., le 31 janvier 2011. Relation: LAC/2011/4876. Reçu soixante-quinze euros (75.-EUR).

Le Receveur ff. (signé): C. FRISING.

POUR EXPEDITION CONFORME, délivrée à la société sur demande.

Luxembourg, le 4 avril 2011.

Référence de publication: 2011049599/33.
(110055708) Déposé au registre de commerce et des sociétés de Luxembourg, le 8 avril 2011.

Jena Investments S.A., Société Anonyme Soparfi,

(anc. Jena Investments Holding S.A.).

Siège social: L-1882 Luxembourg, 3A, rue Guillaume Kroll.

R.C.S. Luxembourg B 108.677.

EXTRAIT

Il résulte des résolutions prises par l’Assemblée Générale Extraordinaire des Actionnaires tenue en date du 25 mars

2011 que:

- la démission de Monsieur Guy HARDY, de ses fonctions de Commissaire aux Comptes de la société a été acceptée;
- la société CLAR, Compagnie Luxembourgeoise des Auditeurs Réunis S.A. dont le siège social sis 15 rue Léon Laval

à L-3372 Leudelange, inscrite et enregistrée au Registre de Commerce et des Sociétés de Luxembourg sous le numéro
B150.963 a été nommée aux fonctions de Commissaire aux Comptes de la société.

- Le mandat du Commissaire aux Comptes prendra fin à l’issue de l’Assemblée Générale Annuelle des Actionnaires

qui se tiendra en 2017.

62314

U X E M B O U R G

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

Luxembourg, le 25 mars 2011.

Pour la Société
Un mandataire

Référence de publication: 2011057193/21.
(110064477) Déposé au registre de commerce et des sociétés de Luxembourg, le 27 avril 2011.

Bati-Euro, Société à responsabilité limitée.

Siège social: L-2449 Luxembourg, 25A, boulevard Royal.

R.C.S. Luxembourg B 142.371.

Statuts coordonnés 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 07 avril 2011.

Paul DECKER
Le Notaire

Référence de publication: 2011049612/12.
(110055699) Déposé au registre de commerce et des sociétés de Luxembourg, le 8 avril 2011.

Eikon Mezzanine Invest IV S.A., Société Anonyme.

Siège social: L-1471 Luxembourg, 412F, route d'Esch.

R.C.S. Luxembourg B 112.063.

Extrait des résolutions prises lors de l'Assemblée Générale Statutaire tenue exceptionnellement le 28 mars 2011

Les mandats de:

Administrateur de catégorie A

- Monsieur Jean-Robert BARTOLINI, diplômé D.E.S.S., demeurant professionnellement au 412F, route d'Esch, L-2086

LUXEMBOURG,

- Madame Isabelle DONADIO, employée privée, demeurant professionnellement au 412F, route d'Esch, L-2086 LU-

XEMBOURG,

Administrateurs de catégorie B

- Monsieur Nicolas GERARD, employé privé, demeurant professionnellement au 412F, route d'Esch, L-2086 LUXEM-

BOURG,

- Monsieur Lorenzo BARCAGLIONI, employé privé, demeurant professionnellement au 412F, route d'Esch, L-2086

LUXEMBOURG,

Commissaire aux Comptes

- la société FIN-CONTROLE S.A., Société Anonyme avec siège social au 12, Rue Guillaume Kroll, Bâtiment F, L-1882

LUXEMBOURG,

sont reconduits, avec effet au 20 novembre 2010, pour une période de 6 ans jusqu'à l'Assemblée Générale Statutaire

de l'an 2016.

Suit la traduction en anglais de ce qui précède:

Extract of the resolutions taken at the Annual General Meeting held exceptionally on March 28

th

, 2011

The mandates as follows:

Director of Category A:

- Mr Jean-Robert BARTOLINI, awarded D.E.S.S., residing professionally at 412F, route d'Esch, L-2086 LUXEMBOURG,
- Mrs Isabelle DONADIO, private employee, residing professionally at 412F, route d'Esch, L-2086 LUXEMBOURG,

Directors of Category B:

- Mr Nicolas GERARD, private employee, residing professionally at 412F, route d'Esch, L-2086 LUXEMBOURG,
- Mr Lorenzo BARCAGLIONI, private employee, residing professionally at 412F, route d'Esch, L-2086 LUXEMBOURG,

Statutory Auditor

- the company FIN-CONTROLE S.A., Société Anonyme, with registered office at 12, Rue Guillaume Kroll, Bâtiment

F, L-1882 LUXEMBOURG,

62315

U X E M B O U R G

be reconducted, with effect on November 20

, 2010, for a term of 6 years until the Annual General Meeting of 2016.

Made on March 28

, 2011.

Certified true copy
EIKON MEZZANINE INVEST IV S.A.
I. DONADIO / L. BARCAGLIONI
Director A / Director B

Référence de publication: 2011049679/42.
(110055685) Déposé au registre de commerce et des sociétés de Luxembourg, le 8 avril 2011.

Fides Life Office S.A., Société Anonyme.

Siège social: L-9650 Esch-sur-Sûre, 4, rue du Pont.

R.C.S. Luxembourg B 136.297.

Extrait du procès-verbal de l'assemblée générale extraordinaire du 1

er

avril 2011

Résolution n°1

Sur proposition du conseil d'administration, l'Assemblée Générale Extraordinaire décide la révocation des fonctions

d'administrateur de la société FIDES FINANCIAL SERVICES SA., ayant son siège social à L-9650 Esch-sur-Sûre, 4, rue du
Pont, inscrite au Registre de Commerce et des Sociétés à Luxembourg section B numéro 131552, ici représentée par
Monsieur Erik DUINSLAEGER, Courtier en Assurances, demeurant à L-9650 Esch-sur-Sûre, 4, rue du Pont, agissant en
sa qualité d'administrateur-délégué.

Résolution n°2

Sur proposition du conseil d'administration, l'Assemblée Générale Extraordinaire décide la nomination aux fonctions

d'administrateur de la société AUDIT EN ZAKENKANTOOR VERBRUGGE «A.Z.V.», ayant son siège social à B-9971
Lembeke, 31, Sportstraat, inscrite à la Banque Carrefour des Entreprises sous le numéro 454.401.448, ici représentée
par Monsieur Michael Julien Valentijn VERBRUGGE, Inspecteur en Assurances, né le 24 mars 1959 à Sint-Amandsberg
(Belgique), demeurant à B-9971 Lembeke, 31, Sportstraat, agissant en sa qualité d'administrateur-délégué.

Esch-sur-Alzette, le 1

avril 2011.

Pour extrait sincère et conforme à l'original
FIDUCIAIRE CGS
4, rue du Fossé
L-4123 Esch-sur-Alzette
Signature

Référence de publication: 2011059533/26.
(110066248) Déposé au registre de commerce et des sociétés de Luxembourg, le 29 avril 2011.

Compagnie Financière de la Porte Neuve S.A., Société Anonyme.

Siège social: L-1746 Luxembourg, 1, rue Joseph Hackin.

R.C.S. Luxembourg B 123.480.

Extract of the decisions of the Sole Shareholder dated April 21, 2011

Resolutions:

The sole Shareholder decides to re-elect as Directors of the Company:

Directors - class A:

- Mr Noël DIDIER, 1, rue Joseph Hackin, L - 1746 Luxembourg
- Mr Yvan JUCHEM, 50, avenue J-F Kennedy, L-2951 Luxembourg
- Mr Laurent JANSEN, 50, avenue J-F Kennedy, L-2951 Luxembourg

Directors - class B:

- Mme Stéphanie MAJCHRZAK, 50, avenue J-F Kennedy, L-2951 Luxembourg
- Mrs Aurélie ASTRUC, 50, avenue J-F Kennedy, L-2951 Luxembourg
The sole Shareholder decides to re-elect PriceWaterhouseCoopers S.àr.l., Luxembourg as Independent Auditor of

the Company.

The mandate of the Directors and the Independent Auditor of the Company will expire upon the Annual Seneral

Meeting of Shareholders, which will approve the accounts for the year ended December 31, 2011.

62316

U X E M B O U R G

Version française

Extrait des Décisions de l'Actionnaire Unique du 21 Avril 2011

Résolutions:

L'Assemblée Générale Ordinaire des Actionnaires décide de renouveler le mandat

- des Administrateurs de la catégorie A:

* M Noël DIDIER, 1, rue Joseph Hackin, L - 1746 Luxembourg
* M Yvan JUCHEM, 50, avenue J-F Kennedy, L-2951 Luxembourg
* M. Laurent JANSEN, 50, avenue J-F Kennedy, L-2951 Luxembourg

- des Administrateurs de la catégorie B:

* Mme Stéphanie MAJCHRZAK, 50, avenue J-F Kennedy, L-2951 Luxembourg
* Mme Aurélie ASTRUC, 50, avenue J-F Kennedy. L-2951 Luxembourg
L'Assemblée Générale annuelle décide de réélire PriceWaterhouseCoopers, S.à.r.l., Luxembourg en tant que Réviseur

d'Entreprises Agréé de la Société.

Les mandats des Administrateurs et du Réviseur d'Entreprises Agrée viendront à échéance à l'Assemblée Générale

Ordinaire qui examinera les comptes pour l'année clôturés au 31 décembre 2011.

Pour copie conforme
COMPAGNIE FINANCIERE DE LA PORTE-NEUVE S.A.
Signature
Administrateur

Référence de publication: 2011060500/40.
(110067217) Déposé au registre de commerce et des sociétés de Luxembourg, le 3 mai 2011.

Logistic S.A., Société Anonyme Soparfi.

Siège social: L-1471 Luxembourg, 412F, route d'Esch.

R.C.S. Luxembourg B 45.156.

EXTRAIT

Il résulte du Procès-verbal de l'Assemblée Générale Ordinaire tenue en date du 27 avril 2011, statuant sur les comptes

annuels au 31 décembre 2009 que:

Sont réélus, en qualité d'Administrateurs de la société, jusqu'à l'Assemblée Générale Ordinaire qui se tiendra en l'année

2017:

- Monsieur Jürg BAUMANN, né le 17 juillet 1962 à Zurich (Suisse), demeurant à Sagenstrasse, 28, Eschen, FL-9592

Liechtenstein

- La société BLUE SEAS ADMINISTRATION LIMITED, avec siège social au 04 George Street, Nassau (Bahamas)
- La société DIZAME CONSULTING S.A., ayant son siège social au P.O. Box 3149, Pasea Estate, Road Town, Tortola

(Iles Vierges Britanniques).

est réélu, Commissaire aux comptes pour la même période:
- H.R.T. Révision S.A., avec siège social au 23 Val Fleuri, L-1526 Luxembourg.

Luxembourg, le 27 avril 2011.

Pour extrait conforme
Signature

Référence de publication: 2011058675/22.
(110065177) Déposé au registre de commerce et des sociétés de Luxembourg, le 28 avril 2011.

Boch & Sons Asset Management, Société à responsabilité limitée.

Siège social: L-2714 Luxembourg, 2, rue du Fort Wallis.

R.C.S. Luxembourg B 94.541.

Statuts coordonnés déposés au registre de commerce et des sociétés de Luxembourg.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

Senningerberg, le 8 février 2011.

Référence de publication: 2011049623/10.
(110055943) Déposé au registre de commerce et des sociétés de Luxembourg, le 8 avril 2011.

62317

U X E M B O U R G

C.I.D., Céramique Internationale Développement, Société à responsabilité limitée.

Siège social: L-1212 Luxembourg, 13, rue des Bains.

R.C.S. Luxembourg B 153.442.

Statuts coordonnés 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 07 avril 2011.

Paul DECKER
Le Notaire

Référence de publication: 2011049633/12.
(110055382) Déposé au registre de commerce et des sociétés de Luxembourg, le 8 avril 2011.

E-Trans GmbH, Société à responsabilité limitée.

Capital social: EUR 12.400,00.

Siège social: L-6871 Wecker, 14, Op Huefdréisch.

R.C.S. Luxembourg B 135.633.

Statuts coordonnés déposés au registre de commerce et des sociétés de Luxembourg.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

Senningerberg, le 8. April 2011.

Référence de publication: 2011049668/11.
(110055873) Déposé au registre de commerce et des sociétés de Luxembourg, le 8 avril 2011.

Manwin Mainstream Sàrl, Société à responsabilité limitée.

Capital social: EUR 25.000,00.

Siège social: L-1140 Luxembourg, 49, route d'Arlon.

R.C.S. Luxembourg B 160.017.

Suite aux résolutions de l'associé unique prises le 20 avril 2011, il a été décidé:
- D'accepter la démission de M. Charles Emond, avec effet immédiat, en tant que gérant unique;
- De nommer en remplacement du gérant démissionnaire:
la société Manwin Holding S.à r.l., une société à responsabilité limitée de droit luxembourgeois, ayant son siège social

au 49, route d'Arlon L-1140 Luxembourg, immatriculée auprès du Registre de Commerce et des Sociétés de et à Lu-
xembourg sous le numéro B 158.240, en tant que nouveau gérant unique, avec effet immédiat et pour une durée illimitée;

- De notifier le Registre de Commerce et des Sociétés Luxembourg des changements survenus dans la personne de

l'associé unique, comme suit:

* Manwin Licensing International Sàrl, ayant son adresse au 49, route d'Arlon L-1140 Luxembourg.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

Manwin Holding S.à r.l.
Signature
Gérant unique

Référence de publication: 2011057237/21.
(110064566) Déposé au registre de commerce et des sociétés de Luxembourg, le 27 avril 2011.

L'Automobil S.A., Société Anonyme.

Siège social: L-2449 Luxembourg, 8, boulevard Royal.

R.C.S. Luxembourg B 109.205.

L’an deux mille onze, le vingt et un janvier.
Par-devant Maître Henri HELLINCKX, notaire de résidence à Luxembourg, soussigné.

A comparu:

62318

U X E M B O U R G

Laquelle comparante, agissant en vertu d'un pouvoir qui lui a été conféré par l'assemblée générale extraordinaire des

actionnaires de la société L'AUTOMOBIL S.A en date du 2 décembre 2010, documentée par acte du notaire soussigné
du même jour, a requis le notaire instrumentant d'acter ce qui suit:

Suivant décision des actionnaires de la société anonyme L'AUTOMOBIL S.A du 2 décembre 2010, le siège social de

la Société a été transféré de Luxembourg en Italie et a accepté la démission des administrateur et du commissaire aux
comptes, le tout sous la condition suspensive de l'inscription de la Société par les autorités italiennes.

Par les présentes, la comparante fait constater que toutes les formalités d'inscription de la Société en Italie ont été

accomplies ainsi qu'il résulte d'un certificat d'inscription de la Camera di Commercio Industria Artigianato e Agricoltura
di Vérone - Ufficio Registro Delle Imprese - en date du 29 décembre 2010.

En conséquence toutes les résolutions prises par l'assemblée générale extraordinaire du 02 décembre 2010 sont

devenues effectives.

La comparante requiert le notaire de faire procéder à la radiation de la société L'AUTOMOBIL S.A auprès du Registre

de commerce et des sociétés à Luxembourg.

Le Receveur ff.

(signé): C. FRISING.

POUR EXPEDITION CONFORME, délivrée à la société sur demande.

Luxembourg, le 4 avril 2011.

Référence de publication: 2011049792/33.
(110055711) Déposé au registre de commerce et des sociétés de Luxembourg, le 8 avril 2011.

Cécile S.A., Société Anonyme.

Siège social: L-5720 Aspelt, 1, um Klaeppchen.

R.C.S. Luxembourg B 115.341.

L'an deux mille onze, le vingt-neuf mars.
Par-devant Maître Henri BECK, notaire de résidence à Echternach (Grand-Duché de Luxembourg).
S'est réunie l'assemblée générale extraordinaire des actionnaires de la société anonyme CECILE S.A., avec siège social

à L-5885 Hesperange, 335, route de Thionville, inscrite au registre de commerce et des sociétés à Luxembourg sous le
numéro B 115.341 (NIN 2006 2207 184),

constituée suivant acte reçu par le notaire Emile SCHLESSER, de résidence à Luxembourg, en date du 30 mars 2006,

publié au Mémorial C Recueil des Sociétés et Associations numéro 1250 du 28 juin 2006,

au capital social de trente-et-un mille Euros (€ 31.000.-), représenté par cent (100) actions d'une valeur nominale de

trois cent dix Euros (€ 310.-) chacune, entièrement libérées.

L'assemblée est présidée par Madame Peggy SIMON, employée privée, demeurant à Berdorf,
et qui désigne comme secrétaire et l'assemblée choisit comme scrutateur Monsieur Pierre THOMAS, administrateur

de sociétés, demeurant à L-5714 Aspelt, 11, Um Hongerbuer.

Le bureau étant ainsi constitué Monsieur le Président expose et prie le notaire d'acter ce qui suit:
I. L'ordre du jour est conçu comme suit:
1.- Transfert du siège social et fixation de la nouvelle adresse à L-5720 Aspelt, 1, um Klaeppchen.
2.- Modification du deuxième alinéa de l'article 1 des statuts afin de lui donner la teneur suivante:

Art. 1

(alinéa 2). Le siège de la société est établi à Aspelt.

II. Il a été établi une liste de présence renseignant les actionnaires présents et représentés ainsi que le nombre d'actions

qu'ils détiennent, laquelle liste après avoir été signée par les comparants et signée ne varietur par le notaire instrumentant
restera annexée au présent acte pour être formalisée avec lui.

III. Il résulte de cette liste de présence que tous les actionnaires sont présents ou représentés à l'assemblée. Dès lors

l'assemblée est régulièrement constituée et peut valablement délibérer, sur l'ordre du jour dont les actionnaires ont pris
connaissance avant la présente assemblée.

IV. Après délibération l'assemblée prend à l'unanimité les résolutions suivantes:

Première résolution

L'assemblée générale décide de transférer le siège de la société de Hesperange à Aspelt et de fixer la nouvelle adresse

à L-5720 Aspelt, 1, um Klaeppchen.

62319

U X E M B O U R G

Deuxième résolution

L'assemblée générale décide de modifier le deuxième alinéa de l'article 1

des statuts afin de lui donner la teneur

Art. 1

(alinéa 2). Le siège de la société est établi à Aspelt.

Plus rien ne figurant à l'ordre du jour Monsieur le Président lève la séance.

DONT PROCES-VERBAL, fait et passé à Luxembourg, date qu'en tête des présentes.
Et après lecture faite aux comparants de tout ce qui précède, ces derniers, tous connus du notaire instrumentant par

noms, prénoms, états et demeures, ont signé avec le notaire le présent procès-verbal.

Signé: P. SIMON, P. THOMAS, Henri BECK
Enregistré à Echternach, le 31 mars 2011. Relation: ECH/2011/518. Reçu soixante-quinze euros 75,00 €

Le Receveur

(signé): J.-M. MINY.

POUR EXPEDITION CONFORME, délivrée à demande, aux fins de dépôt au registre de commerce et des sociétés.

Echternach, le 08 avril 2011.

Référence de publication: 2011049644/47.
(110055474) Déposé au registre de commerce et des sociétés de Luxembourg, le 8 avril 2011.

Manwin Premium Sàrl, Société à responsabilité limitée.

Capital social: EUR 25.000,00.

Siège social: L-1140 Luxembourg, 49, route d'Arlon.

R.C.S. Luxembourg B 159.057.

Suite aux résolutions de l'associé unique prises le 20 avril 20.11, il a été décidé:
- D'accepter la démission de M. Jean-Michel Hamelle, avec effet immédiat, en tant que gérant unique;
- De nommer en remplacement du gérant, démissionnaire:
la société Manwin Holding S.à r.l., une société à responsabilité limitée de droit luxembourgeois, ayant son siège social

- De notifier le Registre de Commerce et des Sociétés Luxembourg du changement de dénomination survenu dans la

personne de l'associé unique, comme suit:

* Manwin Licensing International Sàrl.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

Manwin Holding S.à r.l.
Signature
Gérant unique

Référence de publication: 2011057238/21.
(110064567) Déposé au registre de commerce et des sociétés de Luxembourg, le 27 avril 2011.

M.B.S. - Manufacturing Building Systems S.A., Société Anonyme.

Siège social: L-9053 Ettelbruck, 45, avenue J.F. Kennedy.

R.C.S. Luxembourg B 41.278.

L'an deux mille onze, le vingt-deux mars.
Par-devant Nous Maître Patrick SERRES, notaire de résidence à Remich (Grand-Duché de Luxembourg).
S'est réunie l'assemblée générale extraordinaire des actionnaires de la société anonyme M.B.S.- MANUFACTURING

BUILDING SYSTEMS S.A., ayant son siège social à Steinsel, Zone industrielle, inscrite sous le numéro B 41.278 auprès
du Registre de Commerce et des Sociétés de et à Luxembourg, constituée suivant acte reçu par le notaire Urbain THOLL,
alors de résidence à Redange-sur-Attert du 20 août 1992, publié au Mémorial C, Recueil des Sociétés et Associations,
numéro 590 du 12 décembre 1992.

L'assemblée est ouverte sous la présidence de Monsieur Edouard DOCKENDORF, ingénieur, avec adresse profes-

sionnelle à Alzingen.

Monsieur le président désigne comme secrétaire Madame Annette MERGEN, comptable, demeurant à Oberfeulen.
L'assemblée élit comme scrutateur Madame Annette MERGEN, prénommée.
Monsieur le Président expose ensuite:
I. Que l'ordre du jour de la présente assemblée est conçu comme suit:

62320

U X E M B O U R G

1) Transfert du siège social à L-9053 Ettelbruck, 45, avenue J.F. Kennedy et modification afférente de l'article 1

alinéa

2 des statuts.

II. Que les actionnaires présents ou représentés, ainsi que le nombre d'actions qu'ils détiennent sont renseignés sur

une liste de présence, dressée et certifiée exacte par les membres du bureau, laquelle, après avoir été signée par les
actionnaires présents, les mandataires des actionnaires représentés et le bureau de l'assemblée, restera annexée au
présent procès-verbal ensemble avec les procurations pour être soumise en même temps aux formalités de l'enregis-
trement. Il ressort de cette liste de présence que l'intégralité du capital social de la société est dûment représentée à
l'assemblée.

L'assemblée a approuvé l'exposé de Monsieur le président et après avoir reconnu qu'elle était régulièrement constituée

et après en avoir délibéré, a pris à l'unanimité des voix, et sans abstentions, la résolution suivante:

Résolution

L'assemblée générale décide de transférer le siège social de la société à L-9053 Ettelbruck, 45, avenue J.F. Kennedy et

de modifier l'article premier, deuxième alinéa des statuts pour lui donner la teneur suivante:

« Art. 1

. (alinéa 2). Cette société aura son siège social dans la commune d'Ettelbruck.»

Plus rien ne figurant à l'ordre du jour et personne ne demandant la parole, l'assemblée a été close.

Dont acte, fait et passé à Remich, date qu'en tête des présentes.
Et après lecture faite aux comparants, tous connus du notaire par leurs noms, prénoms, états et demeures, les membres

du bureau ont signé avec Nous, notaire la présente minute.

Signé: E. DOCKENDORF, A. MERGEN, Patrick SERRES.
Enregistré à Remich, le 24 mars 2011. Relation: REM/2011/396. Reçu soixante-quinze euros 75.- €

Le Receveur (signé): P. MOLLING.

Pour expédition conforme, délivrée aux fins de publication au Mémorial, Recueil des Sociétés et Associations.

Remich, le 6 avril 2011.

Patrick SERRES.

Référence de publication: 2011050710/43.
(110055502) Déposé au registre de commerce et des sociétés de Luxembourg, le 8 avril 2011.

Elsen Logistics, Société à responsabilité limitée.

Capital social: EUR 12.500,00.

Siège social: L-6871 Wecker, 14, Op Huefdréisch.

R.C.S. Luxembourg B 11.024.

Statuts coordonnés déposés au registre de commerce et des sociétés de Luxembourg.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

Senningerberg, le 7 février 2011.

Référence de publication: 2011049670/11.
(110055840) Déposé au registre de commerce et des sociétés de Luxembourg, le 8 avril 2011.

Lecta S.A., Société Anonyme.

Siège social: L-1724 Luxembourg, 19-21, boulevard du Prince Henri.

R.C.S. Luxembourg B 72.198.

Extrait du procès-verbal de l'assemblée générale ordinaire tenue le 26 avril 2011

Résolution:

Les mandats des administrateurs venant à échéance, rassemblée décide de les élire comme suit:

Conseil d'administration

MM. - Santiago Ramirez Larrauri, demeurant professionnellement à C/José Ortega y Gasset, n° 25, E-28006 Madrid

(Espagne), président et administrateur;

- Paolo Mattei, demeurant 35 Via S. Sisto, I-38062 Arco (Italie), administrateur;
- Andrea Minguzzi, demeurant à 107, Rue de Percke, B-1180 Bruxelles (Belgique), administrateur;
- Francisco Rudilla Molina, demeurant à 331 Carrer de Llull, E-08019 Barcelona (Espagne), administrateur;
- Giorgio De Palma, demeurant Via Senato 12, I-20121 Milan (Italie), administrateur;
- Francisco Javier de Jaime y Guijarro, demeurant professionnellement à C/José Ortega y Gasset, n° 25, E-28006 Madrid

(Espagne), administrateur;

62321

U X E M B O U R G

- Luigi Lanari, demeurant à Via Senato 12, I-20121 Milan (Italie), administrateur;
- Bruce Hardy McLain, demeurant à 111 Strand, WC2R 0AG Londres (Royaume-Uni), administrateur;
Mmes - Emanuela Brero, employée privée, demeurant professionnellement 20, Avenue Monterey, L-2163 Luxembourg,

administrateur;

- Bénédicte Moens Colleaux, employée privée, demeurant professionnellement 20, Avenue Monterey, L-2163 Lu-

xembourg, administrateur;

pour la période expirant à l'assemblée générale statuant sur l'exercice 2011.
Le mandat du commissaire aux comptes venant à échéance, l'assemblée décide de le nommer comme suit:

Réviseur d'entreprise agréé

Ernst & Young, 7 Rue Gabriel Lippmann, Parc d'Activité Syrdall 2, L-5365 Munsbach.
pour la période expirant à l'assemblée générale statuant sur l'exercice 2011.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

Société Européenne de Banque
Société Anonyme
Banque Domiciliataire
Signatures

Référence de publication: 2011060824/35.
(110067957) Déposé au registre de commerce et des sociétés de Luxembourg, le 4 mai 2011.

European Fiduciaire S.A., Société Anonyme.

Siège social: L-2633 Senningerberg, 6A, route de Trèves.

R.C.S. Luxembourg B 153.491.

Statuts coordonnés déposés au registre de commerce et des sociétés de Luxembourg.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

Senningerberg, le 8 avril 2011.

Référence de publication: 2011049688/10.
(110055590) Déposé au registre de commerce et des sociétés de Luxembourg, le 8 avril 2011.

ImmoFinRe Capital Partners S.A., Société Anonyme.

Siège social: L-8399 Windhof, 9, route des Trois Cantons.

R.C.S. Luxembourg B 153.699.

Statuts coordonnés déposés au registre de commerce et des sociétés de Luxembourg.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

Belvaux, le 31 mars 2011.

Référence de publication: 2011049745/10.
(110055514) Déposé au registre de commerce et des sociétés de Luxembourg, le 8 avril 2011.

Fondation Recherche sur le Sida, Fondation.

Siège social: L-1210 Luxembourg, 4, rue Nicolas Ernest Barblé.

R.C.S. Luxembourg G 52.

Comptes de l'exercice 2010

Recettes

Dépenses

Dons à la Fondation . . . . . . . . . . . . . .

7 902,44 € Frais de salaires . . . . . . . . . . . . . . . . . . .

357 566,38 €

Caisse centrale de l'Etat:
participation transitoire aux frais
de fonctionnement . . . . . . . . . . . . . . .

550 500,00 € Frais de TVA année 2009 . . . . . . . . . . .

25 812,05 €

Subsides des administrations

Frais de fonctionnement laboratoire

communales . . . . . . . . . . . . . . . . . . . .

2 843,00 € de rétrovirolo . . . . . . . . . . . . . . . . . . . .

184 853,00 €

Frais de fonctionnement

Annonce(s) mortuaire(s) . . . . . . . . . .

2 170,50 € de la Fondation . . . . . . . . . . . . . . . . . . .

129,70 €

Solde facture 2009 . . . . . . . . . . . . . . .

66,78 € Frais de formation continue . . . . . . . . .

2 987,37 €

Intérêts . . . . . . . . . . . . . . . . . . . . . . .

1 071,18 € Frais d'équipement . . . . . . . . . . . . . . . .

6 405,80 €

62322

U X E M B O U R G

Excédant 2009 non encore payé . . . .

19 228,07 Excédant 2009 à payer . . . . . . . . . . . . .

19 228,07 €

Avoir en caisse

au 1

janvier 2010 . . . . . . . . . . . . . .

482 793,33 € au 31 décembre 2010 . . . . . . . . . . . . . .

469 592,93 €

1 066 575,30 €

Budget de l'exercice 2011

Frais de salaires exercice 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 361 000,00 €
Frais de fonctionnement du laboratoire de rétrovirologie . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160 000,00 €
Frais d'équipement du laboratoire de rétrovirologie . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 000,00 €
Frais de fonctionnement de la Fondation Recherche sur le S.I.D.A. . . . . . . . . . . . . . . . . . . . . . . . . . . 3 500,00 €
Frais de TVA exercice 2011 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 000,00 €
Frais de formation continue du personnel du laboratoire de rétrovirologie . . . . . . . . . . . . . . . . . . . . 15 000,00 €

579 500,00 €

Pour le Conseil d'Administration
Robert Hemmer / Pierre Kirpach
Président / Trésorier

Référence de publication: 2011049704/34.
(110055557) Déposé au registre de commerce et des sociétés de Luxembourg, le 8 avril 2011.

FR Acquisition Finance Subco (Luxembourg), S.à r.l., Société à responsabilité limitée.

Capital social: GBP 15.000,00.

Siège social: L-1628 Luxembourg, 1, rue des Glacis.

R.C.S. Luxembourg B 133.360.

Extrait des résolutions de l’associé unique de la société passées par écrit le 25 avril 2011

L’Associé Unique de la Société a pris acte de la démission de Rowan G.P. Taylor de ses fonctions de gérant de classe

B de la Société avec effet au 25 avril 2011.

L’Associé Unique de la Société décide de nommer Douglas M. Kaden, résidant professionnellement au 65 East 55

Street, 32

Floor, New York, 10022, USA en tant que gérant de classe B de la Société avec effet immédiat et pour une

durée illimitée.

En conséquence, le conseil de gérance de la Société se compose comme suit à compter du 25 avril 2011:
- Michael J. Warren, gérant de classe A;
- Céline Pignon, gérant de classe B; et
- Douglas M. Kaden, gérant de classe B.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

FR Acquisition Finance Subco (Luxembourg), S.à r.l.
Un mandataire

Référence de publication: 2011059094/21.
(110066751) Déposé au registre de commerce et des sociétés de Luxembourg, le 2 mai 2011.

FR Acquisition Subco (Luxembourg), S. à r.l., Société à responsabilité limitée.

Capital social: GBP 15.000,00.

Siège social: L-1628 Luxembourg, 1, rue des Glacis.

R.C.S. Luxembourg B 133.365.

Extrait des résolutions de l’associé unique de la société passées par écrit le 25 avril 2011

L’Associé Unique de la Société a pris acte de la démission de Rowan G.P. Taylor de ses fonctions de gérant de classe

B de la Société avec effet au 25 avril 2011.

L’Associé Unique de la Société décide de nommer Douglas M. Kaden, résidant professionnellement au 65 East 55

Street, 32

Floor, New York, 10022, USA en tant que gérant de classe B de la Société avec effet immédiat et pour une

durée illimitée.

En conséquence, le conseil de gérance de la Société se compose comme suit à compter du 25 avril 2011:
- Michael J. Warren, gérant de classe A;

62323

U X E M B O U R G

- Céline Pignon, gérant de classe B; et
- Douglas M. Kaden, gérant de classe B.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

FR Acquisition Subco (Luxembourg), S.à r.l.
Un mandataire

Référence de publication: 2011059096/21.
(110066750) Déposé au registre de commerce et des sociétés de Luxembourg, le 2 mai 2011.

Vector Investments A2 S.àr.l., Société à responsabilité limitée.

Siège social: L-1611 Luxembourg, 41, avenue de la Gare.

R.C.S. Luxembourg B 115.492.

Les comptes annuels au 31 décembre 2010 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.

Halsey Sàrl
Représentée par Christophe Gammal
Gérant

Référence de publication: 2011063387/12.
(110070356) Déposé au registre de commerce et des sociétés de Luxembourg, le 9 mai 2011.

Trebeurden S.A., Société Anonyme.

Siège social: L-1510 Luxembourg, 38, avenue de la Faïencerie.

R.C.S. Luxembourg B 148.251.

Les Comptes annuels au 31 décembre 2010 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.
Référence de publication: 2011063382/9.
(110070260) Déposé au registre de commerce et des sociétés de Luxembourg, le 9 mai 2011.

Lupercale S.A., SICAR, Société Anonyme sous la forme d'une Société d'Investissement en Capital à Ris-

que.

Siège social: L-2310 Luxembourg, 16, avenue Louis Pasteur.

R.C.S. Luxembourg B 161.400.

STATUTES

In the year two thousand and eleven, on the twenty-fourth day of February,
before me, Maître Francis KESSELER, notary public, officiating in Esch-sur-Alzette, the Grand Duchy of Luxembourg,

there appeared:

LIVE SOLUTIONS LIMITED, a public limited company incorporated in the United Kingdom, whose registered office

is situated at 354 Ballard Lane London N12 ODD United Kingdom registered with the Companies' House under no.
4235559, hereinafter the “Initiator”, duly represented herein by Ms. Sofia Da Chao, employee, with professional address
in Esch-sur-Alzette, the Grand Duchy of Luxembourg, by virtue of a power of attorney given under private seal, which
proxy, after having been signed "ne varietur" by the proxyholder of the appearing party and the undersigned notary, will
remain annexed to the present deed for the purpose of registration.

Such appearing party, represented as stated hereinabove, has requested the undersigned notary, to record the following

articles of association of a société anonyme (société anonyme), with variable capital qualifying as a «société d'investisse-
ment en capital à risque» (SICAR), which is hereby incorporated:

Chapter I . Preliminary title - Definitions

Unless defined elsewhere in these Articles or unless the context indicates otherwise, capitalised words and expressions

in the Articles have the meaning as described below.

Administrative Agent means a Luxembourg Company having its Registered Office in Luxembourg in its capacity as

domiciliary, corporate, paying, administrative agent of the Company or any successor domiciliary, corporate, paying,
administrative agent;

Administration Agreement means the administration agreement entered into by the Company and the Administrative

Agent;

62324

U X E M B O U R G

Adviser or Investment Adviser means any person who, for compensation, is advising the Company, its Compartments

and its Board, either directly or through publications or writings, as to the value of securities or as to the advisability of
investing in, purchasing, or selling securities, or who, for compensation and as a part of a regular business, issues or
promulgates analyses or reports concerning securities and or advise for value creation based on the Portfolio of Assets
of the Company or its Compartments;

Affiliate means an entity or Person directly or indirectly controlling or controlled by or under common control with

the party at issue. The term “control” (and any derivative thereof) means – for the purpose of the definition of Affiliate
– in respect of an entity, the right to (i) exercise the majority of the voting rights in the meeting of partners of such entity,
or (ii) to appoint the majority of the members of the body in charge of the day-to-day business of such entity or (iii) to
determine the policy and strategy of such entity;

Aggregate Commitments means the total Commitments made by Shareholders, whether drawn or undrawn;
Articles or Articles of Association means the articles of association of the Company, as amended from time to time;
Assets mean, in relation to a Compartment, the assets of such Compartment, and in relation to the Company, the

assets of such Company;

Auditor means the auditor acting in its capacity as qualified independent auditor (réviseur d'entreprise agréé) of the

Company;

Authorised Capital means the total of the Share Capital which the Board is allowed (authorised) to issue on behalf of

the Company to its Shareholders, of an amount as determined from time to time by the General Meeting of Shareholders;

Authorised Investor means Well-Informed Investors, which satisfy the conditions of eligibility as defined in the SICAR

Law and which are not Prohibited Persons;

Base Currency means the reference currency of the Company, being Euro (EUR), and being understood that Com-

partment's Reference Currency can defer, being Euro (EUR) or not;

Bearer Share means a share represented by a certificate which states that the bearer of the certificate is the owner

of the Bearer Share;

Bearer Share Certificate means a marked and numbered certificate which states that the bearer of the certificate is

the owner of the Share of the Company;

Beneficiary Shareholder means Person investing in the Company through a Feeder Entity or a Nominee;
Board of Directors or Board means the board of directors of the Company;
Business Day or Luxembourg Bank Day means each day (other than a Saturday or Sunday) upon which banks are open

for business in Luxembourg;

Capital Contribution means the portion of each Shareholder's Commitment drawn down and contributed by such

Shareholder as Share Capital in exchange for the issuance of Shares of one of the Company's Compartment;

Category A Director means a Director of the Company appointed in accordance with Section “Management, repre-

sentation” of the Articles as a Category A Director;

Category B Director means a Director of the Company appointed in accordance with Section “Management, repre-

sentation” of the Articles as a Category B Director;

Chairman means the chairman of the Board from time to time;
Circular Resolution means a resolution of a formal Corporate Body of the Company, adopted in writing and signed

by the members of the Corporate Body concerned by circular means which shall have the same effect as resolutions
passed during a formally convened Meeting of such Corporate Body;

Class means any class of Instruments issued in relation to a specific Compartment as set out in the relevant Com-

partment Specifications or Conditions;

Class Value means, in relation to any Class of Instruments, the part of the Compartment Value allocated or attributable

to that Class;

Class A Shares means the class A of Shares issued to and subscribed by any Well-Informed Investor and having the

characteristics and carrying the rights and obligations as set out in the PPM, the Articles, and relevant Compartment
Specifications;

Class A Shareholder means the holder of Class A Shares;
Class Y Shares means the class Y of Shares exclusively issued to and subscribed by the Investment Advisor(s) (if any)

and its Connected Persons or Affiliate(s) and having the characteristics and carrying the rights and obligations and specific
distribution rights as set out in the PPM, these Articles and the relevant Compartment Specifications;

Class Y Shareholder means the Investment Advisor(s) if any and his Connected Persons or Affiliate holder of Class Y

Shares;

Class Z Shares means the class Z of Shares exclusively issued to and subscribed by the Initiator and his Connected

Persons or Affiliate and having the characteristics and carrying the rights and obligations and specific distribution rights
as set out in the PPM and the Articles and relevant Compartment Specifications;

Class Z Shareholder means the Initiator and his Connected Persons or Affiliate holder of Class Z Shares;

62325

U X E M B O U R G

Closing means the First Closing, any Subsequent Closing;
Closing Date means the date on which the capital increase associated with an Offering will be established by the Board;
Commitment(s) means the maximum amount agreed to be contributed to the Company by way of subscription for

Shares of a Compartment by a Shareholder pursuant to the terms and conditions set out in the Subscription Agreement
entered into by such Shareholder;

Commitment Period means the period during which Investors and Shareholders of the Compartment will have to

honour Drawdown Notices in respect of Capital Contributions to be made pursuant to an Investor's Commitment;

Common Shares or Ordinary Shares means a form of corporate equity ownership in the Company, commonly referred

to as “common” or “ordinary” and to be distinguished from Preferred Shares and whose specific distribution rights are
set out by the Specifications of the relevant Compartment;

Company Law means the Luxembourg law of August 10, 1915 on commercial companies as amended from time to

time (Loi du 10 août 1915 concernant les sociétés commerciales, telle que modifiée);

Company means LUPERCALE S.A., SICAR;
Company Documents means collectively the PPM including its Compartment(s) Specifications and the Articles;
Compartment means a distinct and segregated part of the assets and liabilities of the Company within the meaning of

the SICAR Law and, to which specific Instruments, Shares and/or Classes relate;

Compartment Capital Commitment or Commitment means the maximum amount contributed or agreed to be con-

tributed to a given Compartment, by way of subscription for Shares in the relevant Compartment, by an Investor, pursuant
to such Investor's Subscription Agreement(s);

Compartment Specifications means the specifications pertaining to any given Compartment as set out in Part II of the

PPM, as amended from time to time;

Compartment Shares means any Shares issued by the Company from time to time within a specific Class and in relation

to a specific Compartment, and having the rights provided for in the Articles and the relevant Compartment Specifications;

Compartment Value means, in relation to a specific Compartment, the value as determined on any Valuation Date, of

the Assets allocated or attributable to such Compartment after deduction of any claims of Transaction Parties (other
than Instrument holders) relating to such Compartment;

Conditions means, in relation to any Class of Debt Instruments, the terms and conditions of such Debt Instruments

as set out in the relevant Transaction Documents;

Connected Person(s) means any natural or legal persons designated as such by a private or legal entity (including,

without however being limited thereto, the Directors of this legal entity as well as shareholders of that entity and/or any
companies or entities owned or controlled by the Directors or the entity);

Corporate Body or Corporate Bodies means such corporate bodies of the Company as detailed in Article 6 of the

Articles;

Correspondent(s) means duly authorised correspondent banks and agents appointed in good faith by the Custodian

and Paying Agent under its responsibility;

CSSF means the Commission de Surveillance du Secteur Financier, the Luxembourg supervisory authority of the

financial sector;

CSSF Circular 06/241 means the circular issued by the CSSF, dated April 5, 2006, regarding the concept of risk capital

under the SICAR Law;

Custodian Agreement means the custodian agreement entered into by the Company and the Custodian;
Custodian means the credit institution as defined by the law of 5 April 1993 on the financial sector appointed from

time to time by the Company as custodian of Assets of the Company or a Compartment as set out in the relevant
Compartment Specifications or Conditions, as the case may be;

Debt Instrument holder means any holder of Debt Instruments from time to time;
Debt Instruments means any debt instruments issued by the Company from time to time within a specific Class and

in relation to a specific Compartment, and having the rights provided for in the relevant Conditions;

Default Notice means a notice sent to an Investor or Shareholder by the Board after failing to fully honour the terms

of a Drawdown Notice;

Defaulting Shareholder means any Shareholder failing to honour a Drawdown Notice and having received a Default

Notice from the Board and declared as such by the Board in accordance with the PPM completed by the meaning described
to that term in the relevant Compartment Specifications;

Distributable Capital Gains means the total cash available at the level of the Company or Compartment which is

received as repayment of capital from the Investments and/or through disposal of an Investment by the Company on a
Capital Gain Receipt Date, and that is available for distribution to the Shareholders as determined by the Board, net of
all expenses and/or capital expenditures;

Drawdown means a capital call whenever the Board requests that an Investor in a Compartment provides additional

capital through a contribution that has been agreed to through a Commitment;

62326

U X E M B O U R G

Drawdown Notice means the written capital call notice delivered by the Board on behalf of the Company for any

Drawdown of all or part of the Commitment, which determines the tranches and dates for the Commitments of the
Shareholders to be advanced as set out in the Compartment Specifications;

EU means the European Union;
EUR or Euro means the currency of the member states of the EU that have adopted the single currency in accordance

with the Treaty establishing the European Community (signed in Rome 1957), as amended;

Feeder Entity means one or more separate entities or third party entities in which a Beneficiary Shareholder has

invested directly or indirectly, such separate or third party entity investing in Compartment Shares of the Company in
its own name but on behalf of the Beneficiary Shareholder;

Final Closing Date or Final Closing means the date on which the Company ceases to accept Commitments for a

Compartment;

First Closing Date means the first date determined by the Company on which Subscription Agreements in relation to

the first issuance of Shares of a Compartment are received and accepted by the Company;

First Drawdown Date means in relation to an Investor or a Subsequent Investor, the date upon which the first draw-

down of its Commitment is made;

Fiscal Year means the fiscal year of the Company, which commences on January 1 of each year and ends on December

31 of each year, except for the first fiscal year which runs from the date of incorporation of the Company until December
31 of the year of incorporation of the Company;

Founding Share(s) means the three hundred ten (310) Shares to the Founding Shareholders in the Share Capital of the

Company, issued, fully paid up and held by the Initiator at the incorporation of the Company, not issued in relation to a
Compartment and having the rights attaching thereto as set out in the Articles;

Founding Shareholder means any holder of Founding Shares from time to time;
Fund raising refers to the process through which the Company solicits financial commitments from Authorised Inves-

tors, including private, corporate or institutional investors to pool them into the Compartments;

General Meeting or General Meeting of Shareholders means any General Meeting of Shareholders of the Company or

of a given Compartment or of a Class of Instruments/ Class of Shares of a Compartment, or of Founding Shares;

Indemnified Person means each member of the Board and each officer, executors and administrators of the Company;
Initial Closing Date means the last Business Day of an Initial Offer Period;
Initial Offer Period or Initial Offering means the period during which the Shares of a Compartment are initially offered

for subscription, as set out in the PPM and the relevant Compartment Specifications;

Initial Payment means payment of the Initial Subscription Price by an Investor to the Company in respect of its Sub-

scription for Instruments of a Compartment;

Initial Subscription Price means the price at which Compartment Shares are being offered to Investors during the Initial

Offer Period, as set out in the Compartment Specifications of the PPM. Such Initial Subscription Price excludes the payment
of the Subscription Fee, if any;

Initiator means the founder of the Company, Live Solutions Limited, a public limited company incorporated in the

United Kingdom;

Instruments mean any Shares and/or Debt Instruments of a Compartment;
Instrument Holder means any holder of Instruments from time to time;
Investee Companies or Portfolio Companies means enterprises (often small or medium-sized companies) or infra-

structures in which the Board invests a Compartment's capital in accordance with the Investment Strategy;

Investment means any investment made by the Company or a Compartment;
Investment Period means per a specific Compartment the period commencing on the First Closing Date and during

which the Compartment will make investments into new portfolio companies;

Investment Strategy means the strategy of the Company in making Investments, as further detailed in Part I and II of

the PPM;

Investors means any investor in a Compartment of the Company who has signed and returned a Subscription Agree-

ment that has been accepted by the Company (for the avoidance of doubt, the term includes, where appropriate, the
Shareholders);

Issue Date means, in relation to Instruments, the date specified as such in the relevant Compartment Specifications

or Conditions, as the case may be;

Late Entry Subscription Premium means the late entry subscription premium as set forth in the PPM;
Laws means jointly the Company Law and the SICAR Law;
Lux GAAP or Luxembourg GAAP means Luxembourg generally accepted accounting principles;
Meeting means a meeting of a Corporate Body of the Company, such as, without limitation, an extraordinary or general

meeting of Shareholders, of the Board, or any combined Meetings of the Board or holders of Shares of a specific Class
or a specific Compartment or a meeting of holders of Founding Shares;

62327

U X E M B O U R G

Net Asset Value or NAV means the net asset value of the Company, a Compartment, a Share, or a Class, in each case

calculated as provided for in the Company Documents;

Nominal Value means the price of a Share or a Debt Instrument when it was initially issued, rather than its current

market value as per a Valuation Date or its Initial Subscription Price;

Nominee means one or more regulated legal entities that hold Compartment Shares for and on behalf of a Beneficiary

Shareholder under the terms and conditions of the Articles and the PPM;

Offer Period means the period starting on the First Closing Date and ending on the Final Closing Date; during which

the Board may accept Commitments from new Investors and during which existing Investors and Shareholders may
increase their existing Commitment and which will end at the latest on the Closing Date;

Par Value means a nominal value of a security which is determined by an issuing company as a minimum price;
Payment means any payment by an Investor to the Company in respect of its Subscription for Instruments of a Com-

partment, up to the maximum amount of an Investor's Commitment;

Person means a natural or legal person, cooperative, partnership, trust, association, estate, governmental body, and

pronouns, which refer to a Person, have a similarly extended meaning;

Previous Investor means an Investor whose Commitments have been drawn down on or after the First Closing Date

but prior to the First Drawdown Date of a Subsequent Investor;

Preferred Shares means a special class of Shares of the Company that may have any combination of features not

possessed by Ordinary Shares and may have priority over Ordinary Shares in the payment of dividends and upon liqui-
dation as defined by the Compartment Specifications, the following features could be associated with Preferred Shares:
preference in dividends, preference in assets in the event of liquidation, or the feature of being non voting shares, etc.;

Private Placement Memorandum or PPM means this issuing document issued in respect of the Company and its Com-

partments, as the same may be amended, supplemented and modified from time to time; on the basis of which the
Company offers Compartment Shares to Authorised Investors;

Prohibited Person means any person, firm, partnership or corporate body, if in the sole opinion of the Board, the

holding of Shares by such prohibited person may be detrimental to the interests of the existing Shareholders or of the
Company, if it may result in a breach of any law or regulation, whether Luxembourg or otherwise, or if as a result thereof
the Company may become exposed to tax or other regulatory disadvantages;

Qualified Shareholder Resolution means a resolution proposed by the Board and/or a Corporate Body of the Company,

to be adopted at a duly convened General Meeting of a Corporate Body or by way of Circular Resolution of a General
Meeting of a Corporate Body (subject to the terms and conditions applying in respect of such Circular Resolutions) in
respect of a resolution regarding that General Meeting (a) with a quorum of fifty per cent. (50%) of the Shares regarding
that General Meeting in issue being present or represented, such quorum to include at least fifty per cent (50%) of the
Founding Shares and fifty per cent (50%) of the Class Z Shares (if any) in issue being present or represented and (b) with
a two thirds majority of the Shareholders present or represented voting in favour of the resolution tabled, such vote to
include the affirmative vote of at least fifty per cent (50%) of the Founding Shares and at least fifty per cent (50%) of the
Class Z Shares (if any) in issue whereby all the Shares shall vote as one class;

Quorum means the minimum number of Shares that need to be present or validly represented at a Meeting, necessary

for a Meeting to be valid;

Record Date means a day and time specified by the Board for Shareholders to announce their shareholding in order

to be eligible for voting at a General Meeting of Shareholders;

Redemption Date means any date when the Shares are redeemed in accordance with the Articles;
Redemption Price means the price at which the Shares have been redeemed as further set forth in the Articles;
Reference Currency means the reference currency of a Compartment or Class;
Register or Register of Shareholders means the register maintained by the Company or any appointed agent and

containing in respect of each Shareholder in Registered Shares, inter alia its name, domicile, number of Shares subscribed,
acquired or transferred;

Registered Office means the registered office of the Company, which shall at all times be established in Luxembourg,

to which all notices, summons and other acts of procedure must be served;

Registered Share or Nominative Share means a Share in respect of which a person is entered in the Register of

Shareholders of the Company as the holder of the Share;

Registrar and Transfer Agent means a Luxembourg company having its registered office in Luxembourg in its capacity

as registrar and transfer agent of the Company or a Compartment, or a Class of Instruments as specified in the Articles
or the relevant Compartment Specification or Conditions, as the case may be; or any successor registrar or transfer
agent;

Registrar and Transfer Agency Agreement means the registrar and transfer agency agreement, as may be amended

from time to time, entered into by the Company and the Registrar and Transfer Agent;

Series means one or more tranches of Instruments in a Compartment designed by the Board as a series in accordance

with the Articles and the PPM;

62328

U X E M B O U R G

Share Capital or Capital or Issued Share Capital means the total nominal value of the Shares of the Company which

have been issued to Shareholders in the Company and various Compartments and which remain outstanding (i.e. have
not been redeemed or repurchased to be held in treasury); these Shares, along with the share premium account, represent
the capital invested by the Shareholders in the Company;

Shareholder(s) means any holder of Founding Shares or Compartment Shares from time to time, and includes, where

the context requires, a Beneficiary Shareholder who holds Shares through a Feeder Entity or a Nominee;

Shareholders' Undrawn Commitments means in relation to a Shareholder, the amount of its Commitment which, at

the relevant time, remains available for Drawdown;

Share(s) means the Founding Shares and/or the Compartment Shares, in respect of any Class in any Compartment, as

the case may be;

SICAR Law or 2004 Law means the Luxembourg law of June 15, 2004 on the investment company in risk capital, as

amended from time to time;

Subscriber means any Person who subscribes for Shares in the Company or one of its Compartments, whether before

or after incorporation of the Company;

Subscription Agreement means the agreement entered into between the Company and each Investor by which (i) the

Investor commits himself to subscribe for Shares of the Class(es) of a specific Compartment of the Company as specified
in the subscription agreement for a certain amount, which amount will be payable to the Company in whole or in part
against the issue of Shares when the Investor receives a Drawdown Notice; and (ii) the Company commits itself to issue
Shares of the relevant Class(es) to the relevant Investor to the extent that such Investor's Commitment is drawn down
and paid;

Subscription Fee means in relation to Compartment, a charge upon the issue of Instruments of such Compartment,

of such amount as shall from time to time be fixed by the Board;

Subscription Price or Issue Price means the subscription price at which a Compartment Share is offered to Investors

as further detailed in the Compartment Specifications;

Subsequent Closing means any day falling after the Initial Closing on which the Board will organise the issue of Com-

partment Instruments to newly admitted Authorised Investors to an existing Compartment or Shareholders increasing
their Commitment with respect to an existing Compartment in which they have already invested;

Subsequent Payment means any payment subsequent to payment of the Initial Subscription Price by an Investor to the

Company in respect of its Subscription for Instruments of a Compartment, as requested from time to time by the Board,
up to the maximum amount of an Investor's Commitment;

Subsequent Investor means any Investor admitted as a Shareholder to the Company after the First Closing, as well as

any existing Shareholder increasing the amount of its Commitment after the First Closing;

Term means the term of the Company;
Transaction Documents means, in relation to a specific Compartment, the documents entered into by the Company

in relation to such Compartment;

Transaction Party (ies) means, in relation to a Compartment, any party who holds Instruments issued by such Com-

partment or, a creditor whose claims have arisen in connection with the creation, operation or liquidation of such
Compartment or have been properly allocated thereto by the Board;

Transfer Notice means a notice to be sent by any Shareholder wishing to transfer some or all of its Shares indicating

the name, first name, and address of the proposed transferee, or the name and Registered Office if it is a company, the
number of Shares to be transferred, the price and the other conditions applicable to the transfer;

Undrawn Commitment means in relation to a Shareholder, the amount of its Commitment to a Compartment, which,

at the relevant time, remains available for drawdown;

Valuation Date or Valuation Day means any day as of which the NAV of any Share, Debt Instrument, Class, Com-

partment Value or a Value per Instrument or the Company is calculated, being at least once per year in general December
31

, or such other day as the Board may determine from time to time as set forth in the relevant Compartment

Specifications, and in accordance with the PPM and these Articles;

Value per Instrument means, in relation to any Class of (i) Compartment Shares or (ii) Debt Instruments whose yield

is directly derived from the Assets in relation to which such Compartment Shares or such Debt Instruments have been
issued, the value determined as of any Valuation Date by dividing the Class Value attributable to such Class of Instruments
by the number of Instruments then outstanding;

VAT means Value Added Tax;
Waterfall Distribution means a mechanism of Company's Compartment distribution made in respecting an order of

priority between Class of Shares in the Compartments, as stipulated in the Compartment Specifications, until exhaustion
of the distributable sums and liquidation of the Company;

Well-Informed Investor means, in accordance with article 2 of the SICAR Law, any Person who is an institutional

investor, a professional investor (as defined by Directive 2004/39/EC of the European Parliament and of the Council of
21 April 2004 on markets in financial instruments, as amended from time to time) or any other investor who (1) has

62329

U X E M B O U R G

confirmed in writing that he adheres to the status of well-informed investor and (2) invests a minimum of 125,000 Euro
in the company, or (3) has been subject to an assessment made by a credit institution within the meaning of Directive
2006/48/EC; by an investment firm within the meaning of Directive 2004/39/EC, or by a management company within the
meaning of Directive 2001/107/EC certifying his expertise, his experience and his knowledge in adequately appraising an
investment in risk capital. For the purposes of these Articles, the term Well-Informed Investor shall include any Directors
and other Persons taking part in the management of the Company.

Chapter II . Name - Registered office - Duration - Object

Art. 1. Name. There is hereby established among the subscriber and all those who may become owners of the Shares

of the Company, a company in the form of a “société anonyme (S.A.)” with variable capital qualifying as a “société
d'investissement en capital à risque” (SICAR) under the name of LUPERCALE S.A., SICAR (the “Company”).

The Company shall be governed by the law of 15 June 2004 concerning the “société d'investissement en capital à

risque” (“SICAR Law”).

Art. 2. Registered office. The Registered Office of the Company is established in Luxembourg City, Grand Duchy of

Luxembourg. Branches, subsidiaries or other offices may be established either in the Grand Duchy of Luxembourg or
abroad by a decision of the board of directors of the Company (the “Board of Directors”). Within the same borough,
the Registered Office may be transferred through simple resolution of the Board of Directors.

In the event that the Board of Directors determines that extraordinary political, economic or social events have

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

Art. 3. Duration. The Company is incorporated for an unlimited period of time.

Art. 4. Objects of the Company. The purpose of the Company is the investment of the funds available to it in risk

capital within the widest meaning of Article 1 of the SICAR Law.

The Company may also invest the funds available to it in any other assets permitted by the SICAR Law and consistent

with its purpose.

Furthermore, the Company may take any measures and carry out any transaction which it may deem useful for the

fulfilment and development of its purpose to the fullest extent permitted under the SICAR Law.

Art. 5. Determination of the investments objectives and Policies. The Board of Directors shall determine the invest-

ment objectives and policies of the Company as well as the course of conduct of the management and the business affairs
of the Company in relation thereto, as set forth in the PPM, in compliance with applicable laws and regulations.

Art. 6. The official Corporate Bodies. The official corporate bodies of the Company (each such body a “Corporate

Body”) are:

(i) The Board; and
(ii) The General Meetings (the “General Meeting(s)”) of:
(a) Shareholders of the Company;
(b) Shareholders of a Compartment;
(c) Shareholders of a Class of Instruments or a Class of Shares of a Compartment;
(d) Shareholders of Founding Shares.

Chapter III . Share capital - Shares - Compartments - Classes

Art. 7. Subscribed Capital. The Company is set-up with a variable Share Capital. The Share Capital of the Company

shall be represented by Shares of no Par Value and shall at any time be equal to the total net assets of the Company. The
Capital is represented by Shares partly or fully paid-up.

The Company is incorporated with a subscribed Share Capital of thirty one thousand Euros (€ 31,000.-) divided into

three hundred and ten (310) founding shares (the “Founding Shares”) of no Par Value.

The total subscribed Share Capital and Share premium of the Company, which must be achieved within twelve (12)

months after the date on which the Company has been authorised as a “société d'investissement en capital à risque
(SICAR)” under Luxembourg law, is one million Euros (EUR 1,000,000.-).

The Shares may not be held or acquired by any means other than by a Person qualifying as a Well-Informed Investor,

as defined in the SICAR Law.

Each issued Share of whatever Compartment and Class may, upon issue, be only partially paid up. The Share Capital

of the Company must be entirely subscribed. Each Share must be paid up to at least 5% by a payment in cash or by a
contribution other than in cash to facilitate successive drawing down of subscriptions by the Board once satisfactory
investments are identified. Variations in the Capital shall be effected ipso jure and there are no provisions requesting

62330

U X E M B O U R G

publications and filing of such variations with the Luxembourg Trade and Companies Register. No debt-to-equity ratio
shall apply to the Company.

For consolidation purposes, the accounting currency of the Company is the Euro (“Base Currency”). For the purpose

of determining the Share Capital of the Company, the net assets attributable to each Compartment shall, if not denomi-
nated in Euro (but in Reference Currency of the Compartment), be converted into Euro (the Base Currency) and the
Capital shall aggregate the net assets of all Compartments.

Art. 8. Authorised Capital. The Company has an Authorised Capital of five hundred million Euros (EUR 500,000,000.-)

represented by three hundred and ten (310) Founding Shares and four million nine hundred ninety nine thousand six
hundred and ninety (4,999,690) Compartment Shares of whatever Compartment or Class. The Authorised Capital shall
be represented by a corresponding number of different Classes of Shares of different Compartments and Founding Shares,
each of which shall have an initial Nominal Value of one hundred Euros (EUR 100,00), it being understood that Shares
belonging to the same Class in circulation of the same Compartment, at any given time shall have the same nominal value
and must also (as far as possible) be paid up in the same proportions and up to a minimum of five percent (5%) of the
relevant nominal value.

In addition, the issued capital of the Company may be increased by the issuance of new Compartment Shares up to

the amount of the Authorised Capital. The Initial Share Capital of the Company cannot be increased by the issuance of
new Founding Shares in excess of the initially subscribed three hundred and ten (310) Founding Shares, unless upon
proposal thereto by the Board and if resolved upon by Qualified Shareholder Resolution.

Art. 9. Shares. The Share Capital of the Company will comprise Founding Shares and Compartment Shares, if any. The

Board shall ensure that all the Shareholders of the same Compartment Class of Shares are treated strictly equally, in
particular having regard, on a non-exhaustive basis, to the nominal value of their Shares, the extent to which such Shares
are paid up, (payment) obligations, voting rights and the rights to distribution attached thereto, as well as the payment of
the various costs and fees stipulated hereby, by the Subscription Agreements and by the Company's PPM. However, it
should be clear that the principle of equal treatment shall not be applicable between the different classes of Shares of a
same or different Compartment.

Art. 10. Classes and Series. Shares issued within the Authorised Capital may, as the Board shall determine, be of the

same Class or of two or more different Classes. The specific rights attached to each Class of Shares shall be determined
at the time of issue by the Board (in case of an issue of Shares within the Authorised Capital) or by the General Meeting
of Shareholders, respectively.

The Classes of Shares may, as the Board shall determine, be of one or more different Series, the features, terms and

conditions of which shall be established by the Board and disclosed in the (updated) PPM and relevant Compartment
Specifications. The Board may only create additional Classes and/or Series of Shares to the extent such is specifically
foreseen in the Compartment Specifications and only in accordance with the provisions and subject to the requirements
of the law dated 10 August 1915 on commercial companies.

The different Classes in issue or to be issued in each Compartment of the Company (if any) may differ inter alia in

their fee structure, distribution policy or any other criteria to be determined by the Board and set out in the relative
Compartment Specifications of the PPM.

All Shares of the same Class and/or Series in a particular Compartment shall have equal rights as to dividends declared

(if any), income, realised and unrealised investment gains, redemption proceeds and liquidation proceeds.

Art. 11. Founding Shares. Founding Shares shall confer no right to participate in the Assets, profits or surpluses of, or

generated by, any Compartment. Founding Shares shall confer on the holder thereof the right to receive such profits of
the Company which are not attributable to any Compartment(s) available for distribution as the Shareholders' Meeting
may resolve, and, upon dissolution and liquidation of the Company, the right to receive the liquidation surplus which is
not attributable to any Compartment(s), if any.

The Founding Shares shall carry voting rights at General Meetings of Shareholders of the Company and Shareholders

of Founding Shares.

Art. 12. Compartment Shares. Except as set out in the relevant Compartment Specifications, Compartment Shares

shall confer upon the holder thereof the right to participate in the Assets, profits or surpluses of, or generated by, the
Compartment(s) in relation to which such Compartment Shares have been issued, subject always to the terms as set out
in the relevant Compartment Specifications.

The rights and obligations attached to the different Class of Shares of a Compartment could differ to the extent

otherwise provided by the Articles or by the Laws or the specific Compartment Specifications.

The Compartment Shares shall carry voting rights at General Meeting of Shareholders of the Company, and at General

Meetings of Shareholders of their specific Compartment and Class, as further set out in the Compartment Specifications.

Art. 13. Change of Authorised Capital. The Authorised Capital (if any) of the Company may be increased or reduced

one or several times, upon proposal thereto by the Board. Such increase, or, as the case may be, reduction, shall be
resolved upon by Qualified Shareholder Resolution of a General Meeting of the Company.

62331

U X E M B O U R G

Chapter IV . Administration

Art. 14. Management - Representation.
14.1. The Board
The Company will exclusively be managed by its Board. For as long as the Company will have one Shareholder, the

Board may be composed of one (1) single member (the “Director”). In the event the Company has more than one (1)
Shareholder, the Company will be managed by a Board composed of three members at least (in any case an odd number)
who need not be Shareholders.

The Shareholders shall neither participate in nor interfere with the management of the Company.
14.2. Election - replacement and removal – Categories of Directors
In the event the Board is composed of three (or more) members, the members of the Board will be divided into two

different Categories of Directors, named Category A Director(s), and Category B Director(s) including each at least one
Director.

The Directors, members of the Board, shall be elected by the annual General Meeting of Shareholders of the Company

for a period not exceeding six years, which shall determine their number, split between Category A and Category B (if
any), and their term of office. They will hold office until their successors are elected. The Directors are re-eligible.

Category B Directors (if any) may be removed or elected at any time, with or without cause, by a resolution adopted

by the General Meeting of Shareholders of the Company, at a simple majority of the Shareholders present or represented.
In the event of a vacancy on the Board of any Category B Director, because of death, retirement or otherwise, the
remaining Directors (if any) of that Category B shall nominate a candidate to assume the vacant post. Such candidate will
be elected by co-optation to fill such vacancy, in compliance with the applicable legal provisions, until the next General
Meeting of Shareholders, which shall ratify such co-optation or elect a new member of the Board instead.

Category A Directors (if any) may be removed by way of a Qualified Shareholder Resolution. In the event of a vacancy

on the Board of any Category A Director, because of death, retirement or otherwise, its replacement and the election
of any new Category A Director, the Board will propose a list of candidates to the Meeting of Shareholders of Founding
Shares. The Meeting of Shareholders of Founding Shares will elect the candidate to fill up the vacancy and propose such
candidate Category A Director to the General Meeting of Shareholders. Any Category A Director candidate so proposed
by the Meeting of Shareholders of Founding Shares shall be elected in accordance with his/her nomination by the General
Meeting of Shareholders.

A resolution for the winding up of the Company must be put to the General Meeting of Shareholders of the Company

if members in replacement of all members of the Board have not been appointed within six (6) months from (a) the date
of vacancy of the Director which reduced the total number of Directors an/or the number of Directors in a Category
under its requested minimum or (b) the date of the passing of a resolution for the removal of all the members of Board.
Any such resolution shall be passed by means of a Qualified Shareholder Resolution. If the General Meeting approves
such a resolution, the Company will be liquidated.

14.3. Powers of the Board
The Board is vested with the broadest powers to perform all acts necessary or useful for accomplishing the Company's

and Compartment's objects. All powers not expressly reserved by the Articles or by the Laws to the General Meeting
of Shareholders or any General Meetings or to the independent Auditor(s) are in the competence of the Board.

The Board is responsible for the management of the Company, each of its Compartments as well as the Assets within

each Compartment. The Board is in charge of the day-to-day management of the affairs of the Company as well as for
the administration and marketing functions related to the Company and its Compartments. The Board retains legal
decision-making power and has exclusive authority with regard to any decisions not specifically delegated or attributed
to another entity or service provider and supervises the Administrative Agent, the Investment Manager(s) (if any) and/
or Advisor(s) (if any), and any other service providers in the performance of their duties.

The Board of Directors will in particular approve the following:
(i) Management of Drawdown Notices to Investors and actual Drawdown;
(ii) Distributions and redemptions of Shares;
(iii) Valuation of the Portfolio Investments;
(iv) Management of conflicts of interest;
(v) Review of financial reporting.
The Board has the power to determine:
(i) the Investment Policy or Policies to be applied in respect of each Compartment,
(ii) the hedging strategy to be applied to specific Classes of Shares within particular Compartments and,
(iii) the course of conduct of the management and business affairs of the SICAR,
all within the investment powers and restrictions as shall be set forth by the Board in the PPM, the Compartment

Specifications and in compliance with applicable laws and regulations.

62332

U X E M B O U R G

The Board may, under its full responsibility, be assisted, while managing the Company's and/or Compartment(s) Assets,

by one or several Investment Manager(s) and/or Advisor(s) or, delegate its powers in relation to the management of a
specific Compartment to one or several agents.

The Board may establish, on a Compartment by Compartment basis, an investment committee and/or an advisory

committee, which shall have those powers as provided for in the relevant Compartment Specifications.

14.4. Procedure
The Board will appoint a from among its (Category A) Director(s) the Chairman. It may also appoint a Secretary, who

needs not be a member of the Board, who will be responsible for keeping the minutes of the meetings of the Board (the
“Secretary”). In the event the Board is composed of just one (1) Director, the functions attributed to the Chairman under
this Article are conferred upon that Director.

The Board will meet upon call by the Chairman. A Meeting of the Board must be convened if any two of its members,

including at least one Category A Director, so require. The Chairman (or his representative) will preside at all Meetings
of the Board, except that in his absence the Board may appoint another Category A Director, as Chairman pro tempore
by vote of the majority present at such Meeting.

Except in cases of urgency or with the prior consent of all those entitled to attend, at least seventy two (72) hours

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

Every Board Meeting shall be held in Luxembourg. Any member of the Board may act at any Meeting of the Board by

appointing in writing another member of the Board as his proxy (or representative).

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

the Board holding office including at least the presence or representation of one (1) Category A Director. Decisions at
any Meeting of the Board will be taken by a majority of the votes of the members of the Board present or represented
at such Meeting, such majority to include at least the affirmative vote of one (1) Category A Director. In case of a tie the
Chairman has a casting vote.

One or more members of the Board (or its representative) may participate in a Board Meeting by means of a video-

conference or by any similar means of telecommunication enabling the persons participating therein to simultaneously
communicate as well as identify each other. Such participation shall be deemed equal to physical presence at the Board
Meeting. Any Board Meeting using such distant communication means is deemed to be held at the Company's Registered
Office.

A Circular Resolution signed by all members of the Board shall have the same effect as resolutions passed at a Meeting

of the Board duly convened and held. Such Circular Resolution may be documented in a single document or in several
separate documents having the same content and may be evidenced by letter, telefax or telex. Any Circular Resolution
passed will be deemed to have been passed in Luxembourg.

14.5. Minutes of the Board - current correspondence
If the Board is composed of more than one (1) Director, all resolutions adopted by the Board of Directors in a Meeting

will be minuted. The minutes of any Meeting of the Board will be signed by the Chairman of the Meeting and by one other
member of the Board (if any). The proxies, the votes and any opinions expressed in writing, by cable or by fax will remain
attached thereto.

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

Chairman and by the Secretary (if any) or by any two members of the Board including at least one (1) Category A Director
(if any).

Correspondence of the Company and papers requested for day-to-day administration, with no implication on the

Assets of the Company or the Company itself may be duly signed by one Director.

14.6. Corporate Signature - representation
The Company (including for the avoidance of doubt, any Compartment) shall be bound towards third parties by the

joint signature of one Category A Director, and of one Category B Director, or the sole signature of any person(s) to
whom such signatory power shall be delegated by the Board, providing that such signatory power shall be delegated
inclusive of the signature of one Category A Director. These signatories need not give evidence to third parties of a prior
decision of the Board. In the event the Board is composed of one (1) member only, the Company shall be represented
by the single signature of such member.

14.7. Delegation of powers
The Board may delegate its powers to conduct the daily management and affairs of the Company (including the right

to act as authorised signatory for the Company or for a specific Compartment) and its powers to carry out acts in
furtherance of the corporate policy and purpose to one or several physical persons or corporate entities, which need
not be members of the Board, who shall have the powers determined by the Board and who may, if the Board so

62333

U X E M B O U R G

authorises, sub-delegate their powers. The Board is authorised to appoint such delegates without prior authorisation of
the Meeting of Shareholders.

The Board may also confer to any persons other special powers of attorney by notarial or private proxy. The Board

may also delegate other special powers or proxies or entrust permanent or temporary functions to persons or com-
mittees of its choice.

The delegation of the daily management of the Company to certain members of the Board or to other persons or

corporate entities shall entail the obligation for the Board to report each year to the annual General Meeting of Share-
holders of the Company on the salary, fees and any advantages granted to the delegate.

14.8. Directors' remuneration
The remuneration of the members of the Board is decided upon by the annual General Meeting.
14.9. Director's liabilities
No member of the Board commits itself, by reason of its functions, to any personal obligation in relation to the

commitments taken on behalf of the Company and Compartment(s). Any such member is only liable for the performance
of its duties.

14.10. Board expenses
The members of the Board shall be reimbursed for all other reasonable expenses whatsoever incurred by the members

of the Board in relation with such management of the Company or the pursuit of the Company's corporate objects.

14.11. Indemnification of members of the Board
The Company shall indemnify the Board, each member of the Board, including any officers and heirs, executors and

administrators (each an “Indemnified Person”) against expenses reasonably incurred by them in connection with any
action, suit or proceeding to which they may be made a party by reason of them being or having been a member of the
Board, or, at its request, being or having been a member of any other entity of which the Company or a Compartment
is an investor or creditor and from which they are not entitled to be indemnified, except, in each case, in relation to
matters in respect of which they may be finally declared to be liable for wilful misconduct, bad faith or gross negligence.
In the event of a settlement, indemnification shall be provided only in connection with such matters covered by the
settlement as to which the Company is advised by counsel that the act or omission of the Indemnified Person did not
comprise wilful misconduct, bad faith or gross negligence. The indemnification shall be provided only where such Indem-
nified Person has acted pursuant to the receipt of proper instructions and within the terms and conditions of any
contractual agreement in full force and in effect between the Indemnified Person and the Company. The foregoing right
of indemnification shall not exclude other rights to which the Indemnified Person may be entitled.

An Indemnified Person seeking indemnification pursuant to this clause shall, upon reasonable request, be advanced by

the Company, expenses (including legal fees and costs) reasonably incurred by such Indemnified Person in defence of any
proceeding against such Indemnified Person prior to the final disposition thereof; provided that such Indemnified Person
has agreed in writing to repay such amount to the Company within 3 (three) months of the date it is ultimately determined
that such Indemnified Person is not entitled to be indemnified as authorised in this section.

14.12. Other investment managers, investment advisors and asset managers
The rights and duties of any Investment Manager or Investment Advisor and Asset Manager, if any, will each time be

set forth in an agreement to be entered into with the Board acting on behalf of a given Compartment in accordance with
applicable laws and regulations as further detailed in the relevant Compartment Specifications of the PPM.

Each Compartment will be responsible for all costs and expenses incurred in relation to such services.

Art. 15. Supervision, Auditors.
15.1. Statutory Auditor
The business of the Company and its financial situation, including in particular its books and accounts, its annual report,

shall be reviewed by Auditor(s) ("réviseur d'entreprises agréé") who shall carry out the duties prescribed by the SICAR
Law.

15.2. Election and dismissal of the Statutory Auditor
The Auditor(s) will be elected by the General Meeting of Shareholders, who will determine their number, for one (1)

tax year, and they will hold office until their successors are elected. They are re-eligible and they may be removed at any
time, with or without cause, by a resolution adopted by the General Meeting of Shareholders. The Auditor(s) are remu-
nerated by the Company.

Art. 16. Custodian, Depositary Bank.
16.1. Custodian
The Company's and Compartment's Assets shall be held or, as the case may be, supervised by a Custodian – depositary

bank. To the extent required by Law, the Company shall enter into a Custodian Agreement with a banking or saving
institution as defined by the law of 5 April 1993 on the financial sector.

16.2. Election and dismissal of the Custodian

62334

U X E M B O U R G

If the Custodian desires to withdraw from the Custodian Agreement, the Board shall use its best endeavours to find

another bank to be custodian in place of the withdrawing Custodian, and the Board shall appoint such bank as Custodian
of the Company's Assets.

The Board may terminate the appointment of the Custodian but shall not remove the Custodian unless and until a

successor custodian shall have been appointed to act in the place thereof.

Art. 17. Registrar - Transfer Agent.
17.1. Registrar and Transfer Agent
An external Registrar and Transfer Agent may be put in charge by the Board for processing Subscriptions for Shares

and dealing with any transfers or redemptions of Shares, each time in accordance with the Law, the Articles, the Company
Documents and the Compartment Specifications, as per a Registrar and Transfer Agency Agreement entered into by and
between the Company and the Registrar and Transfer Agent.

17.2. Election and dismissal of the Registrar and Transfer Agent
If the Registrar and Transfer Agent desires to withdraw from the Registrar and Transfer Agency Agreement, the Board

shall use its best endeavours to find another registrar and transfer agent in place of the withdrawing Registrar and Transfer
Agent, and the Board shall appoint such registrar and transfer agent as Registrar and Transfer Agent.

The Board may terminate the appointment of the Registrar and Transfer Agent but shall not remove the Registrar and

Transfer Agent unless and until a successor registrar and transfer agent shall have been appointed to act in the place
thereof.

Chapter V . Limitation of ownership of Shares - Investors

Art. 18. No Public Offering. Any distribution of Shares or other securities of the Company to the public or invitation

to the public to subscribe for any securities of the Company is strictly prohibited.

Art. 19. Authorised Investors. The Board and the Company shall only accept applications to subscribe for Shares from

Well-Informed Investors, which satisfy the conditions of eligibility as defined in the SICAR Law and which are not Pro-
hibited Persons as defined hereafter. The status of a Person being a Well-informed Investor will be verified by the Board
or any agent to whom such function has been delegated by the Board.

Art. 20. Prohibited Persons. The Board may restrict or prevent the ownership of Shares in the Company and Com-

partments by any person, firm or corporate body:

(i) if in the opinion of the Board, such holding may be detrimental to the Company or its Shareholders,
(ii) if it may result in a breach of any law or regulation whether Luxembourg or foreign or any requirement of a

governmental agency, whether Luxembourg or foreign, or,

(iii) if as a result thereof the Company may become exposed to tax, regulatory, financial or other disadvantages that

it would not have otherwise incurred or suffered or,

(iv) for no reason other than the Board shall have absolute discretion in this regard.
(Such person, firm or corporate body to be determined by the Board being herein referred to as “Prohibited Person”).
For such purposes the Company may:
(i) decline to issue any Shares and decline to register any transfer of a Share, where it appears to it that such registry

or transfer would or might result in legal or beneficial ownership of such shares by a Prohibited Person; and/or,

(ii) at any time require any person whose name is entered in, or any person seeking to register the transfer of Shares

on the Register of Shareholders, to furnish it with any information, supported by affidavit, which it may consider necessary
for the purpose of determining whether or not beneficial ownership of such Shareholder's shares rests in a Prohibited
Person, or whether such registry will result in beneficial ownership of such shares by a Prohibited Person; and/or,

(iii) decline to accept the vote of any Prohibited Person at any Meeting of Shareholders of the Company, a Compartment

or a Class.

Where it appears to the Board that any Prohibited Person either alone or in conjunction with any other person is a

beneficial owner of Shares, the Board may direct such Shareholder to sell his Shares and to provide to the Company
evidence of the sale within thirty (30) days of the notice. If such Shareholder fails to comply with the direction, the
Company may compulsorily redeem or cause to be redeemed from any such Shareholder all Shares held by such Share-
holder in the following manner:

(i) The Company shall serve a second notice (the “purchase notice”) upon the Shareholder holding such Shares or

appearing in the Register of Shareholders as the owner of the Shares to be purchased, specifying the Shares to be pur-
chased as aforesaid, the manner in which the purchase price will be calculated and the name of the purchaser. Any such
notice may be served upon such Shareholder by posting the same in a prepaid registered envelope addressed to such
Shareholder at his last address known to or appearing in the books of the Company. The said Shareholder shall thereupon
forthwith be obliged to deliver to the Company the Share certificate or certificates representing the Shares specified in
the purchase notice. Immediately after the close of business on the date specified in the purchase notice, such Shareholder
shall cease to be the owner of the Shares specified in such notice and, in the case of Registered Shares, his name shall be

62335

U X E M B O U R G

removed from the Register of Shareholders, and in the case of Bearer Shares, the certificate or certificates representing
such shares shall be cancelled

(ii) The price at which each such share is to be purchased (the “Purchase Price”) shall be an amount based on the net

asset value per share of the relevant Compartment/Class as at the last Valuation Date preceding the date of the purchase
notice or next Valuation Date succeeding the surrender of the Share certificate or certificates representing the shares
specified in such notice, whichever is lower, less any service charge provided therein.

(iii) Payment of the purchase price will be made available to the former owner of such Shares normally in the currency

fixed by the Board for the payment of the redemption price of the shares of the relevant class and will be deposited for
payment to such owner by the Company with a bank in Luxembourg or elsewhere (as specified in the purchase notice)
upon final determination of the purchase price following surrender of the Share certificate or certificates specified in such
notice and unmatured dividend coupons (if any) attached thereto. Upon service of the purchase notice as aforesaid such
former owner shall have no further interest in such Shares or any of them, nor any claim against the Company or its
Assets in respect thereof, except the right to receive the purchase price (without interest) from such bank following
effective surrender of the Share certificate or certificates as aforesaid. Any funds receivable by a Shareholder under this
paragraph, but not collected within a period of six months from the date specified in the purchase notice, may not
thereafter be claimed and shall be deposited with the "Caisse de Consignation". The Board shall have power from time
to time to take all steps necessary to perfect such reversion and to authorize such action on behalf of the Company.

The exercise by the Company of the power conferred by this Article shall not be questioned or invalidated in any

case, on the ground that there was insufficient evidence of ownership of Shares by any person or that the true ownership
of any Shares was otherwise than appeared to the Company at the date of any purchase notice, provided in such case
the said powers were exercised by the Company in good faith.

The conditions set forth in the paragraph above are not applicable to the Directors, the Initiator, the Advisers and

other persons who intervene in the management of the Company.

Prohibited Person(s) further includes those categories of US persons or entities which do not meet the eligibility

requirements of the Company as decided from time to time and as set out in the sales documents for the Shares of the
Company. Such persons do neither include any subscriber to Shares of the Company issued in connection with the
incorporation of the Company while such subscriber holds such shares nor any securities dealer who acquires Shares
with a view to their distribution in connection with an issue of Shares by the Company.

Chapter VI . Issue and Subscription of Shares - Instruments - Commitments

Art. 21. Issue of Instruments. The Company may issue new Instruments in accordance with the terms and conditions

provided in the Articles, the PPM and the Compartment Specifications. The Company does not necessarily have to issue
new Shares at their net asset value. Other mechanisms of pricing can be used as per the Compartment Specifications.

Art. 22. Compartment Specifications. Specific matters relating to the issuing of Compartment Shares are referred to

in the relevant Compartment Specifications.

Art. 23. Contribution to the Share Capital in cash or in kind. The Board, at its own discretion, may authorise the

Company to issue in each of its Compartments, Shares as consideration for a contribution of Shareholders in cash or in
kind (in whole or in part).

Upon decision of the Board, the Company may agree to issue Compartment Shares as consideration for a contribution

in kind of securities or other assets, which could be acquired by the relevant Compartment pursuant to its specific
investment objective, investment policy, investment powers and restrictions, provided that such securities or other assets
comply with the SICAR Law and are in compliance with the conditions set forth by Luxembourg law. Any such contribution
in kind will be valued in a report to be issued by an independent auditor qualifying as a "réviseur d'entreprises agréé"
drawn up in accordance with the requirements of Luxembourg law. The cost thereof shall be borne by the Compartment.

Art. 24. Issue of Compartment Shares and Other Instruments. Within the limits of the Authorised Capital, the Board

is authorised to issue Compartment Shares (by notarial deed if needed) without the necessity to hold General Meetings
of Shareholders. This authorisation is valid for a limited period ending five (5) years after the date of publication of the
deed of incorporation of the Company in the Official Gazette of Luxembourg (Memorial C) and it may be renewed by a
resolution of the General Meeting of Shareholders adopted by way of a Qualified Shareholder Resolution.

Unless otherwise provided for in the relevant Compartment Specifications, the Board is authorised, without limitation,

at any time and for any period, to issue an unlimited number of fully or partly-paid Compartment Shares of any Class/
Series at an Issue price and in accordance with the conditions and procedures provided for in the Articles and the relevant
Compartment Specifications, with or without granting to existing Shareholders a preferential right to subscribe for the
Shares to be issued.

The Board is authorised and empowered within the above limits and for each Compartment to:
(i) realise any increase of the Company Share Capital through one or several successive Class and/or Series, following,

as the case may be, the exercise of the subscription and/or conversion rights granted by the Board under the terms and
conditions of warrants (which may be separate or attached to Compartment Shares, bonds, notes or similar Instruments),
convertible bonds, notes or similar Instruments issued from time to time by the Company's Compartment, by the issuing

62336

U X E M B O U R G

of new Compartment Shares, with or without share premium, against payment in cash or in kind, by conversion of claims
on the Compartment, or in any other manner;

(ii) determine the place and date of the issue or the successive issues, the issue price, the terms and conditions of the

subscription of and paying up on the new Compartment Shares; and

(iii) remove or limit the preferential subscription right of the Shareholders in case of issue of Compartment Shares

against payment in cash.

The Board may impose restrictions on the frequency with which Compartment Shares are issued. The Board may, in

particular, decide that Compartment Shares shall only be issued during one or more Closings, offering periods or at such
other frequency as provided for in the PPM and/or that Compartment Shares will only be issued to Authorised Investors
having entered into a Subscription Agreement containing inter alia an irrevocable commitment and application to sub-
scribe, during a certain period, for Compartment Shares for a total amount (“Commitment”) as determined in the
Subscription Agreement.

As far as permitted under Luxembourg laws and regulations, any Subscription Agreement may contain specific provi-

sions not contained in other Subscription Agreements.

The Board may at any time and from time to time and in its absolute discretion without liability and without notice,

discontinue the issue and sale of Shares of any Serie and/or Class in any one or more Compartments.

Furthermore, the Board may, in its absolute discretion, accept or reject any request for subscriptions for Shares of

any Serie and/or Class and Compartment. The Board may delegate to any duly authorised person, the duties of accepting
Subscriptions and receiving Payment for Shares representing part or all of the issue of new Compartment Shares and
Instruments.

The Board shall not issue any Compartment Shares of whatever Class where it appears that such issue would or might

result in such Compartment Shares being directly or beneficially owned by a Prohibited Person.

Unless provided for in the specific Compartment Specification, whenever the Company offers Company Shares for

Subscription, the price per Share at which such Shares are offered will be the Subscription Price. The Subscription Price
shall be at the discretion of the Board either the Initial Subscription Price per Share, or the net asset value per share of
the relevant Class and/or Series within the relevant Compartment as determined in compliance with the provisions of
article (“Net Asset Value”) hereof as of such Valuation Day as is determined in accordance with such policy as the Board
may from time to time determine. Such price may be increased by a percentage estimate of costs and expenses to be
incurred by the Company when investing the proceeds of the issue and by applicable sales commissions, as approved
from time to time by the Board (the “Subscription Fee”).

In addition to the Issued Capital, there may be set up a premium account into which any premium paid on any Share

in addition to its nominal value is transferred. The amount of the premium account may be used to provide for the
payment of any Shares of whatever Class which the Company may repurchase from its Shareholders, to offset any net
realised losses, to make distributions to the Shareholders of whatever Class in the form of a dividend or to allocate funds
to the legal reserve.

The modes of payment in relation to such subscriptions shall be determined by the Board and specified and more fully

described in the PPM and relevant Compartment Specifications for the Shares of the Company.

Any payment may, at the Board's discretion, include a contribution to the Shareholders' current accounts, the particular

purpose of which shall be its conversion into equity (Compartment Shares) within a maximum period of one (1) year
from the date on which such contribution is credited in kind or to the Company's bank account, and in any event on the
Final Closing Date at the latest, in the form of an increase of the paid-up portion of the nominal value of the Compartment
Shares subscribed for. The Company must ensure the same treatment, in the context of a given Shareholder's current
account, of the Compartment Shareholders who have subscribed for the Compartment's Share Capital on the same
Closing Date.

The Board may delegate to any Director, manager, officer or other duly authorised agent the power to arrange for

the issue, allotment, transfer, conversion, redemption of Shares, to accept subscriptions, to receive payment of the price
of the new Shares to be issued and to deliver them.

The Company will issue Compartment Shares to the Investor to the extent that his Commitment is called up and paid

in cash and/or in kind. Compartment Shares shall be allotted only upon acceptance of a duly signed and executed Sub-
scription Agreement and payment of the Initial Subscription Price for all Shares to be allotted. The Initial Subscription
Price must be received by the Company before the issue of Shares. As per the date of issuance of Shares to an Investor,
such Investor will become a Shareholder and be fully entitled to all rights and benefits attached to the Shares concerned.
The payment will be made under the conditions and within the time limits as determined by the Board and described in
the PPM and the Compartment Specifications.

If subscribed Shares are not paid for, the Company may redeem the Shares issued whilst retaining the right to claim

its issue fees, commissions and any differences.

Compartment Shares may be issued in one or more Classes in each Compartment, each Class having different features,

bearing different rights and obligations and/or being offered to different types of Well-Informed Investors as more fully
described in the relative Compartment Specifications.

62337

U X E M B O U R G

Depending on the Compartment and the specific Compartment Specifications, the Board is authorised to issue different

Classes of Compartment Shares including but not limited to: “Class A Shares”,“Class Y Shares” and “Class Z Shares”
which each entitle the holders thereof to specific distributions rights as further described in the PPM and relevant Com-
partment Specifications.

In each Compartment, the rights attached to the new Compartment Shares will be strictly identical to the rights

attached to existing Compartment Shares of the same Class.

Payments on Shares which were not fully paid up at the time of subscription will be made at the time and upon the

conditions which the Board shall from time to time determine in accordance with the Articles and the PPM.

The proceeds of the issue of Compartment Shares in respect of each Compartment will be invested for the exclusive

benefit of the relevant Compartment in accordance with the investment policy determined by the Board from time to
time in respect of the relevant Compartment and as set forth in the relevant Compartment Specifications.

Art. 25. Form of Shares, Certificates. In any Compartment, the Board may elect to issue Shares in the form of Registered

Shares and Bearer Shares.

With respect to the Bearer Shares, the Company shall issue Bearer Shares Certificates to the relevant Shareholders

in the form and with the indications prescribed by the Laws. If Bearer Shares Certificates are to be issued, they will be
issued under the form of individual or of multiple certificates or of a global certificate or, in such denominations as the
Board shall prescribe and shall provide on their front face that they may not be transferred to any Prohibited Person or
entity organized by or for a Prohibited Person. The definition of a Prohibited Person will be set out on the back face of
the Bearer Shares certificate. Bearer Shares Certificates may be issued with coupons attached, in such denominations as
the Board and Compartment Specifications shall prescribe.

All issued Registered Shares of the Company shall be registered in the Register of Shareholders which shall be kept

by the Company or by one or more persons or corporate entities designated thereto by the Company. Such Register
shall contain the name of each owner of Registered Shares, his residence or elected domicile as indicated to the Company
and the number of Registered Shares held by him. The inscription of the shareholder's name in the Register of Shareholders
evidences his right of ownership on such Registered Shares. The Board shall decide whether a certificate for such in-
scription shall be delivered to the shareholder or whether the shareholder shall receive a written confirmation of his
shareholding.

If Bearer Shares are issued, Registered Shares may be exchanged for Bearer Shares and Bearer Shares may be exchanged

for Registered Shares at the request of the holder of such Shares. Holders of Bearer Shares may at any time request
conversion of their Shares into Registered Shares. Holders of Registered Shares (Founding or Compartment Shares) may
only request conversion of their Shares into Bearer Shares if permitted by the Board, and authorised by the Compartment
Specifications if relevant.

An exchange of Registered Shares into Bearer Shares will be effectuated by cancellation of the Registered Shares

certificate, if any, representation that the transferee is not a Prohibited Person and issuance of one or more Bearer Shares
Certificates in lieu thereof, and an entry shall be made in the Register of Shareholders to evidence such cancellation.

An exchange of Bearer Shares into Registered Shares will be effectuated by cancellation of the Bearer Shares certificate,

and, if applicable, by issuance of a Registered Shares certificate in lieu thereof, and an entry shall be made in the Register
of Shareholders to evidence such issuance. At the option of the Board, the costs of any such exchange may be charged
to the Shareholder requesting it.

Before Shares are issued in Bearer form and before Registered Shares shall be exchanged into Bearer Shares, the

Company may require assurances satisfactory to the Board that such issuance or exchange shall not result in such Shares
being held by a Prohibited Person.

The Share certificates for Bearer Shares shall be signed by two Directors. Such signatures shall be either manual, or

printed, or in facsimile. These certificates will remain valid even if the list of authorised signatures of the Company is
modified. However, one of such signatures may be made by a person duly authorised thereto by the Board; in the latter
case, it shall be manual. The Company may issue temporary share certificates in such form as the Board may determine.

The Board will make sure that Founding or Compartment Shares of any Class can be distinguished from any other

Shares of the Company. All Registered or Bearer Shares will be numbered. Bearer Share Certificates will be marked and
numbered to differentiate various lots of Bearer Shares. An annex to the Register of Shareholders will keep record of
any issued Bearer Share Certificates, its lots and numbers of Bearer Shares.

Shareholders entitled to receive Registered Shares shall provide the Company with an address to which all notices

and announcements may be sent. Such address will also be entered into the Register of Shareholders. In the event that
a Shareholder does not provide an address, the Company may permit a notice to this effect to be entered into the Register
of Shareholders and the Shareholder's address will be deemed to be at the Registered Office of the Company, or at such
other address as may be so entered into by the Company from time to time, until another address shall be provided to
the Company by such Shareholder. A Shareholder may, at any time, change his address as entered into the Register of
Shareholders by means of a written notification to the Company at its Registered Office, or at such other address as may
be set by the Company from time to time. The Board may decide that Bearer Shares Shareholder's address will be deemed
to be at the Registered Office of the Company.

62338

U X E M B O U R G

In case of Bearer Shares the Company may consider the bearer, and in the case of Registered Shares the Company

shall consider the person in whose name the Shares are registered in the Register, as full owner of the Shares.

Towards the Company, the Shares are indivisible. The Company recognizes only one single Shareholder per Share. If

one or more Shares are jointly owned or if the ownership of such Share(s) is disputed, all persons claiming a right to such
Share(s) have to appoint one (1) single attorney to represent such Share(s) towards the Company. The failure to appoint
such attorney may imply a suspension of all rights attached to such Share(s).

The Company may decide to issue fractional Shares. Such fractional Shares shall not be entitled to vote but shall be

entitled to participate in the net assets attributable to the relevant Class of Shares on a pro rata basis. In the case of
Bearer Shares, only Certificates evidencing full Shares will be issued. If payment made by any Subscriber results in the
issue of a Share fraction, the person entitled to such fraction shall not be entitled to vote but shall, to the extent the
Company shall determine as to the calculation of fractions, be entitled to dividends or other distributions on a pro rata
basis.

Art. 26. Lost and damaged certificates. If any Shareholder can prove to the satisfaction of the Company that his Share

certificate has been mislaid or destroyed, then, at his request, a duplicate Share certificate may be issued under such
conditions and guarantees, as the Company may determine. At the issuance of the new Share certificate, on which it shall
be recorded that it is a duplicate, the original Share certificate in place of which the new one has been issued shall become
void.

Mutilated Share certificates may be exchanged for new ones by order of the Company. The mutilated certificates shall

be delivered to the Company and shall be annulled immediately.

The Company may, at its election, charge the Shareholder for the costs of duplicates and all reasonable expenses

undergone by the Company in connection with the issuance and registration thereof, or in connection with the annulment
of the old Share certificates.

Art. 27. Capital Calls - Fund raising. Company's capital calls may be organized either by way of Drawdowns of Com-

mitments in whole or in part in exchange for fully or partly paid in Shares.

A Company Compartment's capital funding (the “Fund Raising”) will be carried out through private placement, which

means that the Compartment's Instruments will be offered for Subscription to a selected number of Authorised Investors
instead of through a public offering.

The Board anticipates that the investment process in the Compartments will be lengthy and thus subscription proceeds

will be generally needed progressively and/or at a later stage. Hence, for the Fund Raising of a Compartment, the Board
will generally solicit financial Commitments from Investors rather than request the immediate payment of an Investor's
subscription in full.

In general, for each Compartment, during an Initial Offering period, the Authorised Investors will be offered to sub-

scribe to the Compartment's Instruments, as determined by the Board. The last day of this period is the Initial Closing
date (the “Initial Closing”).

After the Initial Closing of a Compartment, there might be additional periods during which Authorised Investors will

be offered to subscribe to a Compartment's Instruments, as determined by the Board (the “Subsequent Closings”).

The Board offers Compartment Shares to Investors on the basis of the information contained in the Compartment

Specifications of the (updated) PPM.

During the Investment Period, i.e. the period during which the Compartment will make investments into new portfolio

companies, the Board will generally issue a Drawdown Notice on behalf of the Compartment to each Investor committed
to the Compartment, requesting the payment of the amount specified therein to be contributed to the Compartment.
Drawdown amounts can in certain occasions be netted with distribution proceeds if an exit takes place coincidently.

The Board shall, in its absolute discretion, determine if and to the extent there will be Subsequent Closings.
When the Board announces a Final Closing, the relevant Compartment is no longer open to new Investors.

Art. 28. Subscription - Commitment to subscribe to Shares. Each prospective Investor in a Compartment shall execute

a Subscription Agreement, containing, inter alia, the Commitment of the prospective Investor to subscribe for Shares as
the case may be, and to pay them up by a certain contribution in cash or, subject to the discretion of the Board, in kind,
which upon acceptance will be signed by the Company.

The Board may delegate to any duly authorised person, the duties of accepting Subscriptions and receiving payment

for Shares representing part or all of the issue of new Compartment Shares and Instruments.

The Board may impose conditions on the issue of Shares (including without limitation the execution of such Subscrip-

tion Agreement and the provision of such information as the Board may determine to be appropriate) and may fix a
minimum Subscription and/or a minimum Commitment.

The Board may also increase the Initial Subscription Price by any fees and charges as determined by the Board in its

discretion and as detailed in the PPM and the Compartment Specifications. Any conditions to which the issue of Shares
may be submitted will be detailed in the PPM and the Compartment Specifications.

By executing a Subscription Agreement, each Investor fully adheres and accepts the Company Documents, any docu-

ments incorporated therein by reference, the PPM, and Compartment Specifications which determine the contractual

62339

U X E M B O U R G

relationship between the Investors, the Compartments, the Company, the Board and any other agents of the Company,
as well as among the Investors and Shareholders themselves.

By subscribing to a Compartment of the Company, each Shareholder irrevocably undertakes to make further payments

upon the Board's request within the limit of its Commitment. The subscription of each Shareholder to a Compartment
consists of a First Drawdown equal to at least five percent (5%) as per the Compartment Specifications of its Commitment
and Further Drawdowns called in accordance with the requirements of the Compartment.

At the First Closing, Compartment Shares shall be issued at a Subscription Price equal to the Initial Subscription Price

per Share (as defined and determined in the Compartment Specifications and the PPM).

At the Second Closing or any Subsequent Closing (as further defined and determined in the Compartment Specifica-

tions of the PPM), Compartment Shares shall be issued at a Subscription price equal to the Initial Subscription Price per
Share or, if the Board determines that the Net Asset Value of the Compartment has increased or decreased materially
since the Initial Closing, then the Board may change the Subscription Price for Compartment Shares offered at the Second
Closing or any Subsequent Closing to a price based on the Net Asset Value of such Compartment Shares at the Second
Closing or any other price, including, for the avoidance of doubt, all cost and fees connected with respect to organising
Second or Subsequent Closings.

New Investors which have subscribed for Compartment Shares at the Second Closing, or any Subsequent Closing will

be treated as having been admitted to the Compartment as from the Initial Closing and will be required to pay at such
Second Closing or Subsequent Closing the same percentage of their Commitment as has already been drawn down from
existing Investors.

At the Initial Closing, and/or Subsequent Closings, an Investor shall commit to subscribe for Compartment Shares. In

the Subscription Agreements, Investors will undertake to subscribe for such number of Compartment Shares resulting
from the Subscription Price and its Commitment.

Shares may, at the discretion of the Board, be issued in exchange for a contribution to the Company of securities or

other contributions in kind in permitted assets subject to respecting the investment policies and restrictions laid down
in the relevant Compartment Specifications and in accordance with the Laws.

In becoming a Compartment Shareholder, each Investor irrevocably undertakes to make payments upon service of

Drawdown Notices by the Board until the exhaustion of its Undrawn Commitment. Such payments shall consist of an
Initial Payment, which may be made at the time of the Subscription of an Investor for new Shares in the Compartment
of the Company or at any other time at the Board's discretion, and then of Subsequent Payments made according to the
needs of the Compartment, which shall also be determined at the Board's discretion.

Payments shall be made in kind and/or partially or entirely in cash by the transfer of funds to the Company's account

in the Custodian's books on their Payment Dates at the latest, namely on the due dates for payment indicated by the
Board in the Drawdown Notices.

Commitments in whole or in part from Investors will be payable to the Company's Compartment when the Investor

receives a Drawdown Notice from the Board. The Closing, commitment and drawdown processes, if any, shall be set
forth in the relevant Compartment Specifications. The Board may delegate the performance of all or part of these pro-
cesses to the Administrative Agent.

Art. 29. Drawdown. The Board shall have the widest possible powers to organise and administer Drawdown Notices

and payments while:

(i) guaranteeing a balance between the Shareholders within the same Compartment and Class, which balance shall be

determined as a function of their Commitment, and equality in terms of the degree to which their Shares have been paid
up;

(ii) ensuring that a minimum of five percent (5%) of the Share Capital is paid up; and
(iii) ensuring that no Shareholder is requested by the Board to make a Payment which exceeds its Undrawn Commit-

ment.

The Board may call and draw down Undrawn Commitments for a Compartment from Shareholders, pro rata to such

Shareholders' Commitment and up to their respective Commitment, at any time as needed, based on the capital needs
of the Compartment, in such instalments as the Board considers in its sole discretion will be needed by the Compartment
to make investments, to pay service provider fees, administrative and financing expenses and to pay any other expenses
or fees of the Company and Compartment.

Each Drawdown Notice will provide for at least ten (10) Business Days' prior written notice for payment by the

recipient Shareholder of an amount not greater than its Undrawn Commitment. Each Drawdown Notice will set out the
required Capital Contribution, the date on which such call is payable, the bank account to which such payment is to be
made and other terms and conditions such as, subject to confidentiality requirements, the summary details of any proposed
Investment.

Commitments which have not been drawn down as set out in the paragraph above shall not be drawn down any further

after the end of the Investment Period, provided that any Undrawn Commitments may be drawn down after the end of
the Investment Period:

(i) to pay ongoing obligations and operating expenses of the Compartment and Company;

62340

U X E M B O U R G

(ii) to make follow-on investments by the Compartment in existing investments, provided that such draw downs are

limited to fifty (50) per cent. of the total Commitments;

(iii) to complete investments with respect to which the Company or Compartment has, prior to the end of the

Investment Period, entered into a letter of intent, agreement in principle or definitive agreement to invest; and

(iv) to repay indebtedness of the Company attributable to the operations of the Company or Compartment that is

outstanding at the end of the Investment Period.

Art. 30. Return of distribution. The Board may recall and Shareholders in a Compartment will make available, returned

Capital Contributions to the extent the Compartment of the Company is required by a final decision of any court of
justice or any arbitration panel to pay any amount in relation to any of the Company's investments, e.g. in the form of
damages or costs, provided however that, in all circumstances, Shareholders shall not be under the obligation to repay
to the Company any amount exceeding that amount received from the Company in relation to the relevant Investment
triggering the recall of Capital Contributions pursuant to this Section.

Art. 31. Defaulting Shareholder. Defaulting Shareholders, as defined in the relevant Compartment Specifications, shall

potentially suffer the consequences as provided for in respect of each Compartment in the relevant Compartment Spe-
cifications.

If an Investor or a Shareholder to a Compartment (a “Defaulting Shareholder”) fails:
(i) to advance to a Company Compartment the amount which is the subject of a Drawdown Notice on or before the

date of expiry of such Drawdown Notice; and

(ii) to remedy such default, and to pay interest to the Company on the amount outstanding for the period from the

date of expiry of such Drawdown Notice up to the date of payment thereof at the rate of thirty (30) per cent per annum,
within forty-five (45) Business Days after the date of expiry of the Drawdown Notice;

then the Board, without prejudice to any other rights that it or the Company may have, including but not limited to

the right to take action to enforce payment of the amount due under the Drawdown Notice, shall have the option (but
shall not be required) to acquire part of all of Defaulting Shareholder's Shares in the Company at a price equal to such
Defaulting Investor's contributed capital as adjusted and less distributions made to such Defaulting Investor. Payment to
the Defaulting Shareholder under this option will be by a non-interest bearing, no recourse promissory note, secured by
the interest purchased, due six months following termination of the Compartment.

Art 32. Nominees and Feeder Entities. An Investor may subscribe for Shares of a Compartment:
(i) directly and be registered as a Shareholder in the Register; or be Bearer Shares Shareholder,
(ii) through one or more separate entities in which the Investor has invested in directly or indirectly,
(iii) through a Nominee or a Feeder Entity.
The Feeder Entities and the Nominees, if any, will be the Shareholders and as such will have all the rights and obligations

attached to the Shares as set forth in the Company Documents and any applicable laws and regulations. The Feeder
Entities and the Nominees will act towards Beneficiary Shareholders in accordance with the legal, regulatory and/or
contractual rules governing the relationship between them and the Beneficiary Shareholders.

Beneficiary Shareholders shall have no rights and/or obligations towards the Company, provided that if a Feeder Entity

or Nominee has become a Defaulting Shareholder due to the default of one or more Beneficiary Shareholders, the Board
may, except if otherwise provided for in the relevant Compartment Specifications, apply the Defaulting Shareholder rules
to the Feeder Entity or Nominee only up to and within the limits of the ownership interest of the relevant defaulting
Beneficiary Shareholder(s) in the relevant Feeder Entity or towards the Nominee.

Art. 33. Parallel funds. The Board may in its absolute discretion offer strategic investors, lenders and/or one or more

Shareholders the opportunity to co-invest together with the Company and its Compartments in one or more investments.

Chapter VII . Transfer - Redemption - Conversion of Shares

Art. 34. Transfer of Shares. The transfer restrictions set forth in this Article shall not apply to the transfer of Founding

Shares, which are freely transferable to an Affiliate of the Initiator, provided that the transferee who will become Founding
Shareholder shall adopt all rights and obligations accruing to the Initiator relating to its position as a holder of the Founding
Shares.

Compartment Shares are only transferable (if authorised) to transferees who qualify as Well-Informed Investors.
Transfer of Shares in registered form is subject, each time, to the prior approval of the Board who is responsible for

and any applicable laws and regulations.

Unless stipulated otherwise in Compartment Specifications or the PPM, no Compartment Shareholder will sell, assign

or transfer any of its Compartment Shares to any transferee without the prior written consent of the Board. The consent
of the Board may be reasonably withheld for any reason including those referred to below:

(i) if the Board considers that the transfer would or could adversely affect the SICAR, any Compartment or the Initiator

(or any Affiliate thereof) to any charge or taxation to which it would not otherwise be subject;

62341

U X E M B O U R G

(ii) if the Board considers that the effect of such transfer of Compartment Shares will result in a violation of Luxembourg

laws and regulations including, without limitation, the Laws;

(iii) if the Board considers that the transfer would violate any other applicable laws or regulations or any term or

provision of the Articles of Incorporation and PPM and Compartment Specification,

(iv) or if the Board considers that the proposed transferee will be unable to meet its obligations hereunder.
A transfer of Registered Shares, approved by the Board, shall be effected (i) if Registered Shares certificates have been

issued, upon delivering the certificate or certificates representing such Registered Shares to the Company along with
other instruments of transfer satisfactory to the Company and (ii) if no Registered Shares certificates have been issued,
by a written declaration of transfer to be inscribed in the Register of Shareholders, dated and signed by the transferor
and transferee, or by persons holding suitable powers of attorney to act therefore. Any transfer of Registered Shares
shall be entered into the Register of Shareholders; such inscription shall be signed by one or more Directors or officers
of the Company or by one or more other persons duly authorised thereto by the Board.

A transfer of Registered Shares will only be effective upon entry of the transferee's name in the Register.
A transferor wishing to transfer Bearer Shares is responsible towards the Company of checking that the transferee

qualifies as Well-Informed Investors and to make sure that any applicable laws and regulations and the Compartment
Specifications are respected, and any other transfer restrictions as may be set forth in the relevant Compartment Spe-
cifications.

If Bearer Shares are transferred, an authorised transfer of Bearer Shares shall be effectuated by delivery of the relevant

Bearer Shares Certificates and as the case may be, under the conditions provided in the sales documents. Any transfer
of Bearer Shares can only take place after prior notification of the Board. The Company may require assurances satis-
factory to the Board that a transfer shall not result in any transferred Shares being held by a Prohibited Person.

Any transfer of Bearer Shares notified to the Board, shall be notified, if so required by the Custodian under the

Custodian Agreement, forthwith by the Board to the Custodian and the Transfer and Register Agent. The relevant Bearer
Shares Certificates to be transferred shall be offered by the transferor to the Board for endorsement which will take
place in the same manner as prescribed for the issuance of Bearer Shares Certificates.

The transferor remains jointly and severally liable with the transferee for any remaining obligations at such time relating

to the transferor's position as holder of the Shares relating to the period prior to transferring to the transferee (including
without limitation the obligation to pay any remaining balance of its Commitment in accordance with any Drawdown
previously made by the Board).

Art. 35. Redemption and Repurchase of Shares. The Company is a closed-ended investment company, which means

that it does not redeem its Shares at the unilateral request of its Shareholders, but only when the Board considers a
redemption to be in the best interest of the Company and/or Compartment and subject to the availability of sufficient
cash to meet the redemption requests and in accordance with the SICAR Law.

Unless otherwise provided for in the relevant Compartment Specifications, all the Compartment Shares are issued as

non redeemable Shares. While Shares may be redeemed at the request of the Board, Compartment Shares can only be
redeemed by Shareholders to the extent allowed by and in accordance with the relevant Compartment Specifications.

Compartment Shares may be compulsorily redeemed whenever the Board considers this to be in the best interest of

the Company or the relevant Compartment, subject to the terms and conditions the Board shall determine and within
the limits set forth by law, the PPM, the specific Compartment Specifications and these Articles of Incorporation. The
Board may, upon serving a repurchase notice, repurchase such Compartment Shares of any Compartment Shareholder
and such Shareholder shall be obliged to sell its Shares to the Company at a price determined in accordance with the
relevant Compartment Specifications. The Board can furthermore cause the transfer or the repurchase of the Shares of
any Shareholder, if the Shareholder ceases to qualify as a Well-Informed Investor.

In particular, subject to the terms and conditions of the PPM and the specific Compartment Specifications, Compart-

ment Shares of any Serie and/or Class of a Compartment may be redeemed at the option of the Board, on a pro rata
basis among existing Shareholders of the same Serie and/or Class, in order to distribute to the relevant Shareholders any
profits, as well as upon the disposal of an Investment Asset by the Compartment in order to distribute any net proceeds
of such Investment, notwithstanding any other distribution to Series and/or Classes. The redemption price per Share of
any Serie and/or Class and Compartment shall generally be the Net Asset Value per Share of the relevant Serie and/or
Class of the Compartment as at the Valuation Day specified by the Board in its discretion, less an amount, if any, equal
to any duties and charges which may be incurred in relation to the disposal of the relevant Compartment's investments
as at the date of redemption, in order to make such redemption. The redemption price per Compartment Share shall be
paid within a period as determined by the Board, which generally shall not exceed 30 Business Days from the date fixed
for redemption.

The relevant Compartment will have the right, if the Board so determines, to satisfy payment of the redemption price

in kind to any Shareholder who agrees thereto, by allocating to such Investor Assets of such Compartment equal to the
value of the Shares to be redeemed. The nature and type of Assets to be transferred in such case will be determined on
a fair and reasonable basis and without prejudicing the interests of the other Shareholders, and the valuation used will be
confirmed by a special report of the Auditor. The costs of any such transfer will be borne by the Compartment.

62342

U X E M B O U R G

Any taxes, commissions and other fees incurred in connection with the redemption proceeds (including those taxes,

commissions and fees incurred in any country in which Shares are sold) will be charged by way of a reduction to any
redemption proceeds.

Generally, Compartment Shares repurchased by the relevant Compartment may not be reissued and shall be cancelled

in conformity with applicable law.

No redemption of Shares may be made as a result of which the issued capital of the Company would fall below the

minimum capital amount required by the Law.

Art. 36. Cancellation of Shares. Immediately upon the Redemption Date, the relevant Shareholder shall cease to be

the owner of the Shares referred to in the notice and its name shall be removed from the Register of Shareholders or,
as the case may be, the Shareholder holding Bearer Shares Certificates will be requested to return its Bearer Shares
Certificates, which shall be cancelled and destroyed, and the relevant Shareholder shall cease to have any rights with
respect to the Shares so redeemed.

The Shares so redeemed will be cancelled by the Board as from the Redemption Date.

Art. 37. Conversion of Shares. The Shareholders of one Compartment are not entitled to request the conversion of

their Shares into Shares relating to another Compartment, unless otherwise provided in the PPM and Compartment(s)
Specifications.

The conversion of Shares in a given Compartment into Shares of another Compartment or the conversion (or switch-

ing) of Shares of one Class and/or Series into another Class and/or Series within the same Compartment or of another
Compartment is restricted and may be authorised on a Compartment by Compartment basis as well as on a Class by
Class basis or on a Series by Series basis as set forth in the relevant Compartment Specifications. A conversion may be
subject to such fees as determined in the relevant Compartment Specifications.

Chapter VIII . Net Asset Value

Art. 38. Valuation of the Assets. The investments of the Company will be valued at fair value (juste valeur) in accordance

with the PPM, these Articles and the Compartment Specifications. However, the Board, in its discretion and in good faith,
may permit some other method of valuation to be used, if it considers that such valuation better reflects the fair value
(juste valeur) of any asset of the Company respectively of a Compartment.

All valuation regulations and determinations shall be interpreted and made in accordance with Luxembourg GAAP.

Art. 39. Date of valuation. For each Compartment, the Net Asset Value (“NAV”) per Share shall be determined by

the Administrative Agent in accordance with Luxembourg law under the responsibility of the Board from time to time
at a valuation date as the Board may determine, provided that the NAV shall be determined at least once a year, as per
December 31 (each a “Valuation Date”).

Art. 40. Calculation of the NAV. The Base Currency of the Company is the Euro. Compartments may have different

Reference Currencies.

The NAV of each Compartment is expressed in the Reference Currency of the respective Compartment and within

each Compartment the NAV of each Class, if applicable, is expressed in the Reference Currency of the respective Class,
as further described in the Compartment Specifications.

The NAV is calculated by the Administrative Agent under the responsibility of the Board, in accordance with the

provisions of the Articles and Documents. For the avoidance of doubt, the Administrative Agent will rely upon the
information provided by the Board without any duty of further inquiry (except for obvious errors) for the purpose of
the NAV calculation.

The NAV per Share of each Compartment is calculated on a Class-by-Class basis (if applicable) at such frequency as

set forth in the relevant Compartment Specifications and at least once a year.

For the purpose of determining the NAV of the Company, the net assets attributable to each Class within each

Compartment shall, if not denominated in Euro, be converted into Euro and the NAV of the Company shall aggregate
the net assets of all the Compartments. All accounting gains, losses, income or expenditure as well as movements in cash
relating to the use of foreign exchange hedging for a specific Class within a given Compartment shall be attributed entirely
to the specific Class within a given Compartment that the hedging was entered into on behalf of and will not be attributed
to any other Class.

The Board reserves the right to suspend the determination of the NAV of the Company, a Compartment, a Class or

a Share in the circumstances set forth under section “Suspension of the calculation of the NAV” below.

For the purposes of relations between Shareholders, each Compartment is treated as a separate entity, generating

without restriction its own contributions, capital gains and capital losses, fees and expenses. The Company comprises a
single legal entity. However in relation to third parties, in particular with respect to the Company's creditors, each
Compartment shall be exclusively responsible for all liabilities attributable to it.

All assets and liabilities of the Company and each Compartment shall be valued at fair value by reference to the most

appropriate valuation methodology. The Board, in its absolute discretion and in good faith, may from time to time and
on a Compartment by Compartment basis allow any other method of valuation if it considers that such valuation better

62343

U X E M B O U R G

reflects the fair value of any asset of a given Compartment and/or of the Company. Liabilities not attributable to a specific
Compartment shall be spread over all the Compartments launched in proportion to each Compartment's net assets.

Unless in the event of bad faith, gross negligence or manifest error, every decision in calculating the Net Asset Value

of the Company, of each Compartment, per Class and per Share taken by the Administrative Agent under the respon-
sibility of the Board, shall be final and binding on the Company, the Compartments and on its Shareholders.

Information or knowledge of events received after the publication of the NAV will generally only be taken into account

on a prospective basis in subsequent NAV calculations and may form a reconciling item with the annual audited financial
statements of the Company. If, since the time of determination of the NAV, there has been a material change in the
markets or the sector or industry or region in which the Assets are situated, or if events or new information is brought
to the knowledge of the Board which imply that a portion or a substantial portion of the Company's Assets or Com-
partment should be revalued, the Board may, in order to safeguard the interests of the Shareholders and the Company,
cancel the first valuation and carry out a second valuation. In such case, the Board may use some other method of valuation,
if it considers that such valuation better reflects the fair value of any Asset of the Company.

The fair value of Investments shall be determined by the Board using a set of internationally recognised valuation

methodologies. In particular, the Board shall take into account the International Private Equity and Venture Capital Va-
luation Guidelines (IPEVCVG) published by the European Private Equity and Venture Capital Association (EVCA), the
British Venture Capital Association (BVCA) and the French Venture Capital Association (AFIC) in March 2005, as amen-
ded from time to time. The fair valuation methodology may deviate from the IPEVCVG, e.g., if due to the specific nature
and characteristics of the Company's or Compartment's business model, such deviation may result in a better determi-
nation of the Net Asset Value. The valuation methodology adopted by the Board shall be used consistently. The fair value
of each of the Investments shall be reviewed at each Valuation Date and adjusted where necessary.

All valuation regulations and determinations shall be interpreted and applied in accordance with Luxembourg generally

accepted accounting principles (Lux GAAP).

Art. 41. Calculation of the Value per Instrument. The Value per Instrument of each Class of each Compartment shall

be expressed in the Reference Currency (as defined in the relevant Compartment Specifications) of the relevant Class
or Compartment and shall be calculated on each Valuation Date by the Board and/or Administrative Agent in accordance
with Luxembourg generally accepted accounting principles and subject always to the provisions of the SICAR Law.

The Net Asset Value per Share of each Serie or Class in each Compartment on any Valuation Day is determined by

dividing (i) the net assets of that Compartment attributable to such Serie or Class, being the value of the portion of that
Compartment's gross assets less the portion of that Compartment's liabilities attributable to such Serie or Class, on such
Valuation Day, by (ii) the number of such Shares of such Serie or Class then outstanding, in accordance with the valuation
rules. The Value per Instrument may be rounded up or down to two (2) decimal places to the nearest decimal of the
relevant currency as the Board as the case may be, shall determine. If, since the time of determination of the Value per
Instrument, there has been a material change in the quotations in the markets or significant change in the economical
environment on which a substantial portion of the investments attributable to the relevant Compartment are dealt in or
quoted or related, or evaluated the Company may, in order to safeguard the interests of the holders of Instruments and
the Company, cancel the first valuation and carry out a second valuation.

Art. 42. Suspension of the calculation of the NAV. The Board may temporarily suspend the determination of the NAV

per Instrument, Share and Share Class of any Compartment and the issue of Shares in respect of a given Compartment
or a given Share Class within such Compartment under the circumstances set forth in these Articles:

(i) during any period when any of the principal stock exchanges or other markets on which any substantial portion of

the Investments of the Company is quoted or dealt in (if any) is closed otherwise than for ordinary holidays, or during
which dealings therein are restricted or suspended, provided that such restriction or suspension affects the valuation on
the investments of the Company quoted thereon; or

(ii) during the existence of any state of affairs which constitutes an emergency in the opinion of the Board as a result

of which disposals or valuation of Assets owned by the Company and/or Compartments would be impracticable; or

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

of the Investments of the Company or the current price or values on any stock exchange or other market in respect of
the Assets attributable to the Company; or

(iv) when for any other reason the prices of any Investments owned by the Company or Compartment cannot promptly

or accurately be ascertained; or

(v) during any period when the Company considers that any transfer of funds involved in the realisation or acquisition,

of Investments or payments due on redemption of Shares cannot in the opinion of the Board be effected at normal rates
of exchange.

Any such suspension shall be published, if appropriate, by the Board and shall be notified to Shareholders having made

an application for subscription and redemption of Shares for which the calculation of the Net Asset Value is necessary.

62344

U X E M B O U R G

Chapter IX . General Meetings of Shareholders

Art. 43. Resolutions. Resolutions of the Shareholders of the Company or of such a Corporate Body of a given Com-

partment or Class of Instrument / Class of Shares shall be adopted either at General Meetings of those Shareholders or
by Circular Resolutions. The Shareholders of the Company or Compartment or Class of Instruments / Class of Shares
of a Compartment, or of Founding Shares may be convened to General Meetings or consulted in writing by way of Circular
Resolutions in accordance with the Articles, the Laws and the relevant Compartment Specifications.

Art. 44. Circular Resolutions. Where a resolution is to be adopted by way of a Circular Resolution, the text shall be

sent by the Board to all Shareholders of the Corporate Body in writing, whether in original or by telegram, telex, facsimile
or e-mail at least sixteen (16) Business Days before the deadline date (“Circular Resolution Deadline Date”) of reception
of the vote of the Shareholders by the Company. The Shareholders shall cast their vote by signing the Circular Resolution.
Only the votes received by the Company before the Circular Resolution Deadline Date will be valid. The signatures of
the Shareholders may appear on a single document or on multiple copies of an identical resolution and may be evidenced
by letter or facsimile. A Circular Resolution of Shareholders shall have the same effect as resolutions passed at a Meeting
of Shareholders, duly convened and held.

Resolutions of the Shareholders of such a Corporate Body may only be adopted by way of Circular Resolution to the

extent there are no Bearer Shares in issue in respect of the Corporate Body in respect of which resolutions are to be
taken.

Art. 45. General meetings of shareholders of the Company. Any regularly constituted General Meeting of Shareholders

of the Company shall represent the entire body of Shareholders of the Company (the “General Meeting of Shareholders”
or the “General Meeting”).

Art. 46. Powers of the General Meeting of Shareholders. The General Meeting of Shareholders shall have such powers

as are vested with the General Meeting of Shareholders pursuant to the Articles and the Laws. The General Meeting of
Shareholders shall deliberate only on the matters, which are not expressly reserved to the Board or by the Articles or
by the Law to any other Corporate Body of the Company.

Art. 47. Date and Place. The annual General Meeting of Shareholders shall be called in ordinary session once a year

by the Chairman of the Board, and will be held at the Registered Office of the Company or at such other place as may
be specified in the notice convening the General Meeting, on the twenty-fourth day of May at 11.30 a.m. If such day is a
public holiday, a Saturday or a Sunday, the General Meeting will be held on the next following Business Day.

Other General Meetings of Shareholders may be held at such places and times as may be specified in the respective

convening notices. Shareholders' Meetings, including the annual General Meeting of Shareholders, may be held abroad if,
in the judgement of the Board, which is final, circumstances of force majeure so require.

Art. 48. Other General Meetings. The Board or the statutory Auditor(s) may convene General Meetings of Sharehol-

ders, whether ordinary or extraordinary (in addition to the annual General Meeting of Shareholders). A General Meeting
of Shareholders must be convened if Shareholders representing at least one fifth of the Company's capital so require.

Art. 49. Notice of General Meetings. Where a resolution is to be adopted at a General Meeting, Shareholders will

meet in a General Meeting upon issuance of a convening notice in compliance with the Articles or the Laws. The quorums
and delays required by the Articles and the Laws shall govern the notice for and conduct of the Meetings of Shareholders
unless otherwise provided herein.

Except as otherwise provided for by applicable Luxembourg laws and regulations notices of all General Meetings must

be sent by mail to all Registered Shareholders, to their address indicated in the Register, at least 8 (eight) Business Days
before the General Meeting, no evidence of the accomplishment of such formality being required.

The convening notice sent to the Shareholders will specify the date (“General Meeting Date” which have to be a

Luxembourg and date) and the time and place of the General Meeting, the admission conditions, as well as the agenda
and the nature of the business to be transacted at the relevant General Meeting and will refer to the requirements
contained in the Articles and Luxembourg law with regard to the necessary quorum and majorities at such Meeting. To
the extent required by Luxembourg law, if Bearer Shares are in issue in the relevant Corporate Body for which a Meeting
is convened, notices will be published in the Memorial and in one Luxembourg newspaper twice at eight day intervals.
The giving of such notice to Registered Shareholders need not be justified.

The agenda shall be prepared by the Board except in the instance where the Meeting is called on the written demand

of the Shareholders or of the Auditor in which instance the Board may prepare a supplementary agenda. The business
transacted at any Meeting of the Shareholders shall be limited to the matters contained in the agenda (which shall include
all matters required by Law) and business incidental to such matters. Each Share of whatever Compartment, and/or Class
in the relevant Corporate Body is entitled to one vote, in compliance with Luxembourg law and the Articles, except as
otherwise provided in the Articles, the PPM or the Compartment Specifications.

Art. 50. Proof of shareholding - Record Date. Eligibility to participate at any General Meeting and to exercise voting

rights and other Shareholder rights that apply to such General Meeting are based on the shareholding on the Record

62345

U X E M B O U R G

Date of such General Meeting. For any General meeting, the Record Date is set on the fifth Business Day prior to the
date of the General Meeting.

A person or entity or a proxy is eligible to participate in any General Meeting, if he/she/it is a Shareholder or proxy

of a Shareholder on this Record Date and proves this status to the Company.

Verification by the Company of the registration of Registered Shares in the Register on the Record Date of Shares is

sufficient proof of shareholding and validates eligibility to participate. No physical confirmation is required for Registered
Shares. Before participation to the Meeting, the Chairman of Board may require the verification of the identity of any
holder of Registered Shares or its representative in case of proxy before admission to the Meeting by requesting a copy
of the Shareholder's passport or of the Shareholder representative's passport.

For Bearer Shares Certificates held in deposit, written depositary confirmation is sufficient proof of shareholding on

the Record Date. Written confirmation of shareholding must be issued by a depositary institution, and include information
on the depositary company name, address or a code (SWIFT code) commonly used between financial institution. For
Bearer Shares Certificates not held in a depository, written notarial confirmation by a Luxembourg notary public is
sufficient proof of the shareholding on this Record Date. The written confirmation of shareholding of Bearer Shares does
not need to include information on the Shareholder but must include information of identification on the Bearer Shares
Certificate including numbers of Shares and reference of lot or reference numbers of Bearer Shares affected to the Bearer
Shares Certificate. The filing by the Shareholder or his proxy, of Bearer Share confirmation of shareholding approved by
the Chairman of the Board upon attendance of a Meeting at the Record Date validates the eligibility to participate.

A form of depositary confirmation and notarial confirmation of shareholding approved by the Board will be kept at

the disposal of the Shareholders of the Company upon request to the Company.

Art. 51. Representation-proxy. Any person or legal entity, being a Shareholder, may execute a form of proxy under

the hand of a duly authorised officer, or may authorise such person as it thinks fit to act as its representative, attorney-
in-fact at any Meeting or in Circular Resolutions, subject to the production of such evidence of authority as the Board
may require. The proxy must be either transmitted by delivery, post, a cable, telegram or telefax, or by any means of
communication allowing for the transmission of a written text to the Registered Office of the Company and received by
the Company at least five (5) Business Days before the Circular Resolution Deadline Date; or held by the attorney-in-
fact attending the General Meeting and submitted personally at the registration of the Meeting on the General Meeting
Date. The Board may determine the form of proxy and may request that the proxies be deposited at the place indicated
by the Board. The number of Shareholders a proxy holder may represent is unlimited.

Forms for granting and cancelling a proxy approved by the Board will be kept at the disposal of the Shareholders of

the Company upon request to the Company.

Shareholders should note that they must also meet the requirements for participation stated under “ Proof of share-

holding – Record Date” if they grant a proxy to a representative.

Art. 52. Admission - Attendance - Representation. All Shareholders and representatives of Shareholders that are duly

authorised by proxy (“Proxy”) are entitled to attend and speak at any General Meeting of Shareholders.

Every Shareholder or Proxy shall have the right to ask questions related to the items of the agenda of the General

Meeting.

If all the Shareholders are present or represented at a General Meeting of Shareholders and if they state that they

have been informed of the agenda of the Meeting, the Shareholders can waive all convening requirements and formalities.

The Board may determine any other conditions that must be fulfilled in order to take part in a General Meeting of

Shareholders. Any Shareholder or Proxy can also vote by correspondence, by returning a duly completed and executed
voting form provided by the Company.

In lieu of written confirmation of shareholding, the Board may decide that the Shareholders desiring to attend the

General Meeting directly or via proxy must deposit their Bearer Shares Certificates at the Registered Office of the
Company or any depositaries as specified before the Record Date in order to be admitted directly or indirectly to the
Meetings.

Each Share is indivisible as far as the Company is concerned. The co-proprietors, the usufructuaries and bareowners

of Shares, the creditors and debtors of pledged shares must appoint one sole Person to represent them at any General
Meeting of Shareholders. In the case of a joint holding, only the first named Shareholder may vote.

Art. 53. Adjournment. The Board may forthwith adjourn any Meeting of Shareholders by four weeks. The Board must

adjourn it if so required by Shareholders representing at least one fifth (1/5

) of the Shares of the relevant Corporate

Body convened to such Meeting. Such adjournment automatically cancels any resolution already adopted prior thereto.

The adjourned Meeting of Shareholders has the same agenda as the first one. Shares and proxies regularly deposited

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

Art. 54. Procedure. Every General Meeting of Shareholders will be presided over by (the “Chairman of the General

Meeting” or “Chairman of the Meeting”) the Chairman of the Board or, in his absence, by a Category A Director or, in
absence, by a Director designated by the Board. The Chairman of the Meeting of Shareholders shall appoint a secretary.

62346

U X E M B O U R G

The unique Shareholder (if there is only one Shareholder present) shall elect one scrutineer or the two largest Sha-

reholders in terms of number of Shares present at the meeting shall act as scrutineers; if they decline to act as such, the
next largest in decreasing sequence of number of Shares held until two (2) Shareholders shall so act.

The Chairman, the secretary and the scrutineer of the General Meeting of Shareholders thus appointed, together form

the board of the General Meeting.

Art. 55. Vote. Unless other quorum requirements are provided for by these Articles, or the relevant Compartment

Specifications or the PPM, more than fifty per cent (50%) of the Shares in issue need to be present or represented at a
General Meeting, or voting in a Circular Resolution, to constitute the quorum to proceed to validly vote a resolution. In
all other cases, the required quorum shall be that provided for by applicable Law.

Unless otherwise provided by these Articles, the Law or the relevant Compartment Specifications resolutions of the

General Meeting of Shareholders or Circular Resolutions are passed by a simple majority vote of the Shareholders present
or represented,

Each Share entitles to one vote, subject to the limitations imposed by the Laws and Articles. Voting takes place by a

show of hands or by a roll call, unless the General Meeting of Shareholders resolves to adopt another voting procedure.
An attendance list indicating the name of the Shareholders or Proxies and the number of Shares for which they vote is
signed by each one of them or by their Proxy prior to the opening of the proceedings of the Meeting of Shareholders.
The Meeting of Shareholders may deliberate and vote only on the items comprised in the agenda.

If a quorum or majority is not reached at the first General Meeting of Shareholders or first written consultation by

way of a Circular Resolution, the Shareholders shall be convened by registered letter to a second Meeting or consulted
a second time by way of a Circular Resolution and the resolutions shall be adopted by a simple majority of the votes cast,
regardless of the proportion of the Share Capital represented of the convened Corporate Body.

At any Extraordinary General Meeting of Shareholders of a Corporate Body convened in accordance with the Articles

or the Laws, resolutions shall only be validly adopted, unless these must be adopted by Qualified Shareholder Resolutions
as specified in these Articles, if adopted in accordance with the quorum and majority requirements, prescribed by Law.
The agenda for an Extraordinary General Meeting shall also, where appropriate, describe any proposed changes to the
Articles and, if applicable, set out the text of those changes affecting the object or form of the Company.

Any decision to voluntarily withdraw the status of the Company as a “société d'investissement en capital à risque” (SI-

CAR) will require the prior written approval of the CSSF and the unanimous approval of all Shareholders.

Any resolutions relating to the:
(i) amendment of the Company's object;
(ii) liquidation of the Company and appointment of liquidators;
(iii) merger, de-merger or split-up of the Company or transfer of or consolidation involving all of its assets;
(iv) relationship between the Company and its related entities;
must be adopted by Qualified Shareholder Resolutions of the General Meeting of Shareholders of the Company; and

each time with the approval of the Board Meeting.

Any amendment of the Articles entailing a variation of rights of a Corporate Body such as those of a specific Com-

partment or Class/Series must be approved by a Qualified Shareholder Resolutions of the General Meeting of the relevant
Corporate Body with the affirmative vote of the Board Meeting.

Art. 56. Record of adopted resolutions / Minutes of the General Meetings. Resolutions adopted by General Meetings

and Circular Resolutions shall be administered in a special resolution record book kept at the offices of the Company or
Administrator, and split between resolutions of:

(i) the General Meetings of Shareholders of the Company,
(ii) the General Meetings of Shareholders of a Compartment, and for this compartment, the General Meetings of

Shareholders of a Class of Instruments / Class of Shares of this Compartment,

(iii) the General Meetings of Shareholders of Founding Shares.
The minutes of the General Meeting of Shareholders, recorded in the resolution record book, shall be signed by the

Chairman of the Meeting, the Secretary of the Meeting and the Scrutineer(s) of the Meeting and may be signed by any
Shareholders or Proxies, who so request. Copies or extracts of these minutes to be produced in judicial proceedings or
otherwise shall be signed by the Chairman.

Shareholders offering valid grounds for their interest may, upon submission of a written request to the Board, and if

accepted by the Board, be given details of specific resolutions adopted.

Art. 57. General Meetings of Shareholders of a Class of Shares or a Compartment. The Shareholders of any Corporate

Body such as a Compartment or a Class of Instruments / Class of Shares of a Compartment, or of Founding Shares may,
at any time, hold General Meetings in order to deliberate on a subject which concerns only their Corporate Body.

The Shareholders of a specified Compartment may, at any time, hold General Meetings in order to deliberate on a

subject which concerns only their Compartment (the “General Meeting of Shareholders constituted by Compartment”
or the “General Meetings of Shareholders of Compartment').

62347

U X E M B O U R G

In addition, the Shareholders of any Class of any Compartment may hold, at any time, General Meetings of their Class

to decide on any matters which relate exclusively to such Class (the “General Meeting of Shareholders constituted by
Class” or the “General Meetings of Shareholders of Class”).

The above provisions of above articles related to General Meeting of Shareholders and Circular Resolutions of Sha-

reholders shall apply mutatis mutandis to such above specific General Meetings constituted by Class.

At such specific General Meeting or in respect of Circular Resolutions of Shareholders, each Compartment/Class Share

is entitled to one vote in compliance with Luxembourg law and the Articles. Shareholders of the Company, of a Com-
partment or a Class/Series may act either in person or by giving a proxy in writing or by cable, telegram, telex or facsimile
transmission to another person who needs not be a Shareholder and may be a Director.

Any resolution of the General Meeting of Shareholders of the Company, affecting the rights of the Shareholders of

any Class or Compartment vis-à-vis the rights of the Shareholders of any other Class or Classes or Compartment, shall
be subject to a Qualified Shareholder Resolution.

General Meetings of Shareholders of any Corporate Body such as a Class or Compartment are convened by the Board.

All Shares of a Compartment or Class shall represent the entire body of such any Class or Compartment Shares. It shall
have the powers to ratify acts relating to the operations of such Class or Compartment and the rights and duties attributed
to its Shares. Its resolutions shall be binding upon all the Shareholders of the Class or Compartment and the Company
for this specific matter.

The notice, attendance, representation, proceeding, adjournment, vote, minutes, quorum and time-limits as required

by the General Meetings of Shareholders of the Company shall govern the convening notices and the conduct of any
General Meeting of Shareholders of a Class or Compartment, unless otherwise provided in the Articles, the PPM or
relevant Compartment Specifications.

Unless otherwise stipulated by the Articles, applicable Luxembourg law and regulations or the Compartment Specifi-

cations, the decisions of the General Meeting of a specified Compartment or of a Class will be reached by a simple majority
vote of the Shareholders present or represented.

The Board may determine any other reasonable conditions that must be fulfilled by Shareholders for them to take

part in any General Meetings of Shareholders of any Class or Compartment.

Chapter X . Accounting matters - Dividends - Distribution of profits

Art. 58. Financial Year. The financial year of the Company begins each year on 1 January and ends on 31 December

of the same year, with the exception of the first financial year, which shall begin on the date of the Company's incorporation
and shall terminate on 31 December 2011.

Art. 59. Adoption of Compartment financial statements. The Board shall prepare Compartment's annual accounts

including an inventory and a balance sheet in accordance with the requirements of the Laws and Luxembourg accounting
practice. Within six months after the end of the financial period to which it pertains, the Compartment's annual accounts
are submitted solely to the specific General Meeting of Compartment Shareholders, which shall consider and, if thought
fit, adopt these Compartment's annual accounts.

The Board shall further prepare each Compartment's annual reports and the Company's annual report as required by

the SICAR Law. The Board may establish any further reports and statements as determined in respect of a given Com-
partment as set forth in the relevant Compartment Specifications.

Art. 60. Accounts and Reports of the Company. The Company's annual account will be expressed in Euro. For this

purpose, all figures expressed in another currency than the Euro will be converted into Euro at the rates used in the most
recent NAV calculation. The Company's annual accounts are audited by the Luxembourg external Auditor.

As required by Law, the Company will publish the Company annual report drawn up as at the last day of each financial

year and which will be available to Shareholders at the Registered Office of the Company within 6 (six) months after the
end of the financial year of the Company.

The financial information of the Company will be prepared in accordance with Luxembourg GAAP, provided that the

Board may decide to use different accounting methods in respect of any Compartment, as set forth in the relevant
Compartment Specifications.

The annual General Meeting of Shareholders of the Company shall consider the Company's annual report and, if

thought fit, approve the Company's annual accounts.

Art. 61. Appropriation of Profits of a Compartment - Dividend - Distribution. The annual gross profits of a Compart-

ment stated in the Compartment's annual accounts, after deduction of general expenses, amortisation and taxes, represent
the Compartment's annual net profit.

The General Meeting of Compartment Shareholders has discretionary and exclusive power to dispose of the surplus

and shall determine how the annual net profits of each Compartment will be disposed of by allocating the whole or part
of the remainder to a reserve or to a provision, to carry it forward to the next following financial year or to distribute
it, together with carried forward profits, distributable reserves or share premium to the Compartment Shareholders.

62348

U X E M B O U R G

The General Meeting of Compartment Shareholders shall declare, or authorise the Board to pay, dividends and distri-
butions in respect of such amounts, including any distributions in connection with the repurchase of Compartment Shares.

Distributions will be made usually in cash. However, the General Meetings of Compartment Shareholders and/or the

Board (as the case may be) are authorised to make in-kind distributions/payments with respect to annual and interim
distributions by allocating to the Shareholder Assets from the portfolio of the relevant Compartment. The Board will
determine the nature and type of Assets to be transferred in such case taking into consideration the interests of Share-
holders in the relevant Compartment as a whole. Any such payments in kind will be valued, in as much as required by
Luxembourg law, in a report by the Auditor qualifying as a "réviseur d'entreprises agréé" drawn up in accordance with
the requirements of Luxembourg law, the costs of such report to be borne by the relevant Compartment.

The General Meeting of Compartment Shareholders, by conversion of net profits into capital and paid-in surplus, may

decide to distribute dividends in the form of Shares in lieu of cash dividends. Dividends and other distributions may also
be paid out of un-appropriated net profit brought forward from prior years.

All cash distributions shall be made in the Reference Currency of each Compartment, and may be paid at such times

as the Board may determine. The Board may make a final determination of the rate of exchange applicable to translate
funds available for such dividends or distributions into the currency of payment.

Subject to the provisions of Luxembourg law and the PPM, interim dividends may be distributed by the Board to

Compartment's Shareholders, at any time, under the following conditions:

(i) a Compartment statement of accounts or an inventory or report is established by the Board;
(ii) this Compartment statement of accounts, inventory or report shows that sufficient funds are available in the

Compartment for distribution; it being understood that the amount to be distributed may not exceed realised profits
since the end of the last financial year, increased by carried forward profits and distributable reserves but decreased by
carried forward losses and sums to be allocated to the statutory reserve;

(iii) the decision to pay Compartment interim dividends is taken by the General Meeting of Compartment Shareholders.
The rights to dividends or distributions attached to any Compartment Share, any Class of Shares are determined by

the Board as further described in the PPM and the relevant Compartment Specifications. Payments of dividends and other
distributions in respect of Compartment Shares shall be effected in accordance with the Articles, the PPM and the Com-
partment Specifications. In case of divergence between the provisions of the Articles, the provisions of Part I of the PPM
and the Compartment Specifications (Part II of the PPM), the provisions of the Compartment Specifications first shall
prevail then those of Part I of PPM and Articles,.

Payments of dividends or distributions in cash will be made by bank transfer to Shareholders, in respect of Registered

Shares, at their address in the Register or to designated third parties and, in respect of Bearer Shares, in the manner
determined by the Board from time to time in accordance with Luxembourg law. Upon decision of the Board, payments
of dividends to holders of Bearer Shares may be made upon presentation of the dividend coupon to the agent or agents
more specifically designated by the Company.

No distribution will be made if as a result, the Share Capital of the SICAR falls below the legal minimum capital, which

is one million Euros (EUR 1,000,000.-).

Distributions remaining unclaimed for five (5) years after their declaration will be forfeited and revert to the relevant

Class of the relevant Compartment. The Board shall have the power from time to time to take all necessary action to
perfect such reversion and to authorise such action on behalf of the Company. No interest will be paid on dividends
declared or distributions made by the Company but held by it for the account of Shareholders.

In any event, distributions and payments will be made after payment of or making appropriate provision (if any) for

any expenses and fees due or to be due from the Company or the relevant Compartment. All distributions will be made
net of any income, withholding and similar taxes payable by the Company, including, for example, any withholding taxes
on interest or dividends received by the Company and capital gains taxes and withholding taxes on the Company's
investments.

The Company's Distributions shall usually be made in respecting an order of priority between Class of Shares in the

Compartments, as stipulated in the PPM and the Compartment Specifications, until exhaustion of the distributable sums
and liquidation of the Company (the “Waterfall Distribution”).

In the case of joint Shareholders, the Company reserves the right to pay any redemption proceeds, distributions or

other payments to the first registered Shareholder only, whom the Company may consider to be the representative of
all joint shareholders, or to all joint shareholders together, at its absolute discretion.

Chapter XI . Dissolution and Liquidation of the Company

The Company has been set up for an unlimited term and shall end with the dissolution and liquidation of its last

Compartment, or for any specific cause and in the conditions set forth in the 2007 Law, the 1915 Law and/or the Articles.

Art. 62. Dissolution of the Company. The Company may at any time be dissolved and put into liquidation by the

unanimous resolution of the General Meeting of the Founding Shares Shareholders, or by a Qualified Shareholder Reso-
lution of the General Meeting of Shareholders.

62349

U X E M B O U R G

The Company shall not be dissolved in the case of the Initiator's legal incapacity, dissolution, resignation, retirement,

insolvency or bankruptcy or for any other reason provided under applicable law where it is impossible for the Initiator
to act. The power to issue new Shares by the Company of any Class or Compartment shall cease on the date of publication
of the notice for the convening of a General Meeting of Shareholders, to which the dissolution and liquidation of the
SICAR shall be proposed.

Art. 63. Liquidation of the Company. Liquidation shall be carried out by one or several Liquidators, who may be physical

persons or legal entities, appointed by the General Meeting of Shareholders which shall determine their powers and the
compensation, subject to the supervision of the relevant supervisory authority in the best interests of the Shareholders.
The proceeds of the liquidation of the Company, net of all liquidation expenses, shall be distributed by the liquidators
among the holders of Shares in each Class and Compartment in accordance with their respective rights according to the
Compartment Specifications. The surplus resulting from the realisation of the Assets and the payment of the liabilities of
the Company which are not attributable or allocated to any Compartment shall be distributed among the Founding
Shareholders proportionally to the Founding Shares held by them in accordance with the principles of the Waterfall
Distribution.

The amounts not claimed by Shareholders at the end of the liquidation process shall be deposited, in accordance with

Luxembourg law, with the “Caisse de Consignations” in Luxembourg until the statutory limitation period has lapsed.
Distributions in kind of Assets may be made by the Liquidator.

Chapter XII . Compartments termination - Merger - Division

Each Compartment may be created for an undetermined period or for a fixed period as provided for in the relative

Compartment Specifications. Any Compartment created for a fixed period will terminate automatically on its maturity
date provided for in the relevant Compartment Specifications unless prorogated by the General Meeting of the Com-
partment Shareholder.

Art. 64. Termination of Compartments. In the event that for any reason the value of the net assets of any Compartment

has decreased to, or has not reached, an amount determined by the Board to be the minimum level for such Compartment
to be operated in an economically efficient manner, or in case of a substantial modification in the political, economic or
monetary situation relating to such Compartment would have material adverse consequences on the investments of that
Compartment, or as a matter of economic rationalisation, the Board may decide to compulsorily redeem all the Shares
of the relevant Compartment at their Net Asset Value per Share (subject to actual realisation prices of Investments and
realisation expenses) as calculated on the last Valuation Day at which such decision shall take effect. The Company shall
serve a notice to the Shareholders of the relevant Compartment at least one (1) month prior to the effective date for
the compulsory redemption, which will set forth the reasons for, and the procedure of, the redemption operations.
Registered Shareholders shall be notified in writing.

Notwithstanding the powers conferred to the Board by the preceding paragraph, the General Meeting of Compartment

Shareholders may, upon proposal from the Board, and via a Qualified Shareholder Resolution resolve to redeem all the
Compartment Shares of the relevant Compartment and to refund to the Shareholders the Net Asset Value of their Shares
(subject to actual realisation prices of investments and realisation expenses) determined with respect to the last Valuation
Day on which such decision shall take effect.

As soon as the decision to wind up one Compartment is taken, the issue of Shares in respect of that Compartment

is prohibited and shall be deemed void.

Assets which could not be distributed to their owners upon the implementation of the redemption will be deposited

at bank on behalf of the Persons entitled thereto.

All redeemed Compartment Shares shall be cancelled by the Company.
Each Compartment may be liquidated separately, without such liquidation causing the liquidation of another Com-

partment or of the Company. Only the liquidation of the last Compartment will cause the liquidation of the Company.

Art. 65. Merger or Division of Compartments. In the same circumstances as provided above, or if it believes that it is

in the best interests of the Shareholders of the relevant existing Compartments of the Company, the Board is authorised
to propose to the Shareholders of the relevant Corporate Bodies:

(i) the absorption of one or more Compartment(s) to be absorbed into another absorbing Compartment (a merger

of Compartments) or,

(ii) splitting of a Compartment, into two or more new Compartments (a split/demerger of Compartments).
A decision of the Board to proceed with the merger or split of a Compartment shall be subject to a Qualified Share-

holder Resolution of the General Meeting of the relevant Corporate Bodies:

(i) the General Meeting of both the Compartment(s) to be absorbed and the absorbing Compartment in case of a

merger of Compartments, or

(ii) the General Meeting of the splitting Compartment in case of a split or a demerger of a Compartment.

62350

U X E M B O U R G

After approval, the Shareholders of the Compartment(s) to be absorbed, or absorbing Compartment or the splitting

Compartment shall not be offered the opportunity to have their Compartment Shares redeemed upon such merger or
split of one or more Compartments.

Unless the same shall not be deemed necessary by the General Meeting of Shareholders of a Compartment that is to

be merged or split, an independent auditor will report on the valuation methods applied in connection with a contemplated
merger or split of a Compartment, also certifying the exchange parity/ratio of the Compartment Shares offered to Sha-
reholders of a Compartment to be absorbed or to be split in connection with such contemplated merger or split.

The Company shall serve a notice to the Shareholders of the relevant Compartment(s) prior to concerned General

Meeting of Shareholders of the Compartment(s), which will set forth the reasons for, and the procedure of the merger
or operations whereby a Compartment is split in accordance with the rules set out hereinabove for the holding of General
Meetings of Shareholders of a Compartment.

Any of those required Qualified Shareholder Resolution(s) in favour of the merger or split of Compartment, must be

repeated at least one (1) month after the first Qualified Shareholder Resolution approving the contemplated merger or
split of a Compartment. Any merger or split of a Compartment should preserve the differentiated rights and obligations
attached to each of the concerned Compartment Shares and Class of Shares of the existing Shareholders of the Com-
partment(s) to be absorbed and the absorbing Compartment, or, as the case may be, the Compartment to be split. If
appropriate, the Board shall re-designate the Shares of the relevant Compartment or Class as Shares (following a merger
or split, if necessary), and organise the payment of the amount corresponding to any fractional entitlement to Sharehol-
ders.

Chapter XIII . Amendments to Articles and the PPM

Art. 66. Amendments to the Articles. The Articles may be amended upon proposal thereto by (i) the Board or (ii) the

General Meeting of Founding Shares, by a resolution of the General Meeting of Shareholders by means of a Qualified
Shareholder Resolution. No amendment, which increases an Investor's commitment, modifies the profit allocation rules
or decreases the level of approval of Shareholders required to make such amendments may be made without the una-
nimous approval of all the Shareholders entitled to vote.

The Articles may only be changed in accordance with the rules set fort therein.

Art. 67. Amendments to the PPM. The Board is authorised to amend the PPM and Compartment Specifications in

order to reflect a change in the name of the Company or a given Compartment; make any change that is necessary or
desirable to cure any ambiguity or to correct or supplement any provision that would otherwise be inconsistent with the
Articles; make a change that is necessary or desirable to satisfy any applicable requirements, conditions or guidelines
contained in any opinion, directive, order, statute, rule or regulation of any governmental entity so long as the change is
made in a manner which minimises any adverse effect on Shareholders; or any other amendment that in the opinion of
the Board may be necessary or desirable; provided that in each case the amendment does not adversely affect Shareholders
in a material respect, that the Shareholders are duly informed of any such amendments and that such amendments are
approved by the CSSF.

Chapter XIV . Miscellaneous

Art. 68. General Provisions. All notices required to be delivered under the Articles, the PPM and the Compartment

Specifications shall be in writing (including facsimile). All such written notices shall be hand delivered, or sent by registered
or certified mail (postage prepaid with or without return receipt requested), or by facsimile transmission, as follows: (i)
if to the Company, to the address of its Registered Office and (ii) if to any Shareholder, to such Shareholder's address as
set forth in the Company' register. In the event there are Bearer Shares in issue, notices to holders of such Bearer Shares
shall be made in accordance with the relevant provisions of the 1915 Law.

All written notices shall be deemed effective - on the day of delivery during normal business hours to the relevant

party's address (as set forth above) when the notice is hand delivered or sent by facsimile transmission, however, in the
event such notice is delivered after normal business hours, the said notice shall be deemed effective on the next day being
a business day in the addressee's country; - on the day of receipt by the relevant addressee (as set forth above) when the
notice is sent by registered or certified mail (postage prepaid with or without return receipt requested).

Art. 69. Conflicts of Interest. No contract or other transaction between the Company and any other company or firm

shall be affected or invalidated by the fact that any of the Initiator, one or more of the Investors, the managers, Directors
or officers of the Board is interested in, or is a manager, director, associate, officer or employee of such other company
or firm.

In the event that any manager, Director or officer of the Company may have in any transaction of the Company an

interest different to the interests of the Company, such manager, Director or officer shall make known to the Board such
conflict of interest.

The term “conflict of interest”, as used in the preceding paragraph, shall not include any relationship with or interest

in any matter, position or transaction involving the Initiator, the Custodian, the Administrative Agent, the Registrar and
Transfer Agent or any other agent of the Company, company or entity as may from time to time be determined by the
Board in its absolute discretion.

62351

U X E M B O U R G

Art. 70. Applicable Law. All matters not specifically governed by these Articles shall be determined in accordance with

the law of 10 August 1915 on commercial companies and the law of 15 June 2004 concerning the société d'investissement
en capital à risque (SICAR) as such laws have been or may be amended from time to time.

The governing law to be applied in any dispute shall be the substantive laws of the Grand-Duchy of Luxembourg.

Subscription and Payment

Thereupon the Initiator, represented as afore mentioned, intervened and subscribed for all three hundred and ten

(310) Founding Shares of no par value. The Founding Shares, issued upon incorporation of the Company, have been paid
up in full, as has been attested to the undersigned notary.

General meeting of the sole shareholder

The sole Shareholder of the Company thereupon requested to hold a General Meeting of Shareholders of the Company

on the account of the Company and to record the following resolutions:

(i) The number of members of the Board of the Company shall be set at one (1);

(ii) The following person is appointed as director: Mr Keimpe REITSMA, director, with professional address at 16

avenue Louis Pasteur, L- 2310 Luxembourg, the Grand Duchy of Luxembourg, (the “Director”);

(iii) Union Bancaire Privée, having its registered offices at 18, boulevard Royal L-2449 Luxembourg, the Grand Duchy

of Luxembourg, have been appointed as the Company's Custodian;

(iv) Ernst & Young, having their registered offices at 7, Parc d'Activité Syrdall L-5365 Munsbach, the Grand Duchy of

Luxembourg, is appointed as the Company's Auditor;

(v) The Director and the Auditor have been appointed for a period of six years;

(vi) The Company shall have its registered offices at 16 avenue Louis Pasteur, L-2310 Luxembourg, the Grand Duchy

of Luxembourg;

(vii) The first financial period of the Company shall end on 31 December 2011;

(viii) The first annual General Meeting of Shareholders of the Company shall take place in 2012.

Cost and Expenses

The expenses, costs, remunerations or charges in any form whatever to be borne by the Company, as a result of the

present deed are estimated at approximately three thousand eight hundred euro (€ 3.800,-).

There being no further business before the meeting, the same was thereupon adjourned.

The undersigned notary, who understands and speaks English, states herewith that at the request of the above appearing

person, the present deed is worded in English followed by a French version. At the request of the same appearing person
and in case of any divergences between the English and the French texts, the English version will prevail.

Whereof, the present notarial deed was drawn up in Esch-sur-Alzette, on the day named at the beginning of this

document.

The document having been read to the proxyholder of the person appearing, known to the notary by name, given

name, civil status and residence, said proxyholder signed together with the notary, the present original deed.

Signé: Conde, Kesseler.

Enregistré à Esch/Alzette Actes Civils, le 28 février 2011. Relation: EAC/2011/2742. Reçu soixante-quinze euros 75,00

€

Le Receveur (signé): Santioni A.

POUR EXPEDITION CONFORME.

(N.B. Pour des raisons techniques, ladite version française est publiée au Mémorial C-N° 1300 du 16 juin 2011.)

Référence de publication: 2011081509/1611.

(110091440) Déposé au registre de commerce et des sociétés de Luxembourg, le 14 juin 2011.

Editeur:

Service Central de Législation, 43, boulevard F.-D. Roosevelt, L-2450 Luxembourg

Imprimeur: Association momentanée Imprimerie Centrale / Victor Buck

62352

Document Outline

Alba Luxco S.à r.l.

Alt Properties Mediterranean S.à r.l.

Ascocentrum S.à r.l.

ATG Holdings S.A. SPF

Auto 2 S.A.

Bati-Euro

Boch & Sons Asset Management

Cécile S.A.

Chauffage Nuddelsfabrik S.A.

Chauffage Sauerwiss S.A.

C.I.D., Céramique Internationale Développement

Circle Printers Luxembourg

Compagnie Financière de la Porte Neuve S.A.

Conform S.à r.l.

Eden Debtco S.à r.l.

Eicher Bureau Service Sàrl

Eikon Mezzanine Invest IV S.A.

Elsen Logistics

E-Trans GmbH

European Fiduciaire S.A.

Fides Life Office S.A.

Fondation Recherche sur le Sida

FR Acquisition Finance Subco (Luxembourg), S.à r.l.

FR Acquisition Subco (Luxembourg), S. à r.l.

Gerexel Groupe Finance S.à r.l.

Ghem S.A.

Immofin

ImmoFinRe Capital Partners S.A.

Jena Investments Holding S.A.

Jena Investments S.A.

L'Automobil S.A.

Lecta S.A.

Logistic S.A.

Lupercale S.A., SICAR

Manwin Mainstream Sàrl

Manwin Premium Sàrl

M.B.S. - Manufacturing Building Systems S.A.

MSI Alpha S.à r.l.

Mylan Luxembourg L3 SCS

PI 3,14

PineBridge Eurasia Financial Investments S.à r.l.

Regie Media Lux S.A.

Trebeurden S.A.

Vector Investments A2 S.àr.l.

VKGP S.A.