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L
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° 2071
21 août 2012
SOMMAIRE
Cube Energy S.C.A. . . . . . . . . . . . . . . . . . . . .
99403
Dafofin Five S.A. . . . . . . . . . . . . . . . . . . . . . . .
99362
Dafofin Four S.A. . . . . . . . . . . . . . . . . . . . . . . .
99374
Davidson Consulting SA . . . . . . . . . . . . . . . .
99375
Déco-Carrelages S.à r.l. . . . . . . . . . . . . . . . . .
99375
Devaux & Associés S.à r.l. . . . . . . . . . . . . . . .
99362
Devaux & Associés S.à r.l. . . . . . . . . . . . . . . .
99362
Devaux & Associés S.à r.l. . . . . . . . . . . . . . . .
99362
Di Egidio International S.A. . . . . . . . . . . . . .
99375
DMC Finance S.à r.l. . . . . . . . . . . . . . . . . . . . .
99375
DolphinLux 2 S.à r.l. . . . . . . . . . . . . . . . . . . . .
99362
DolphinLux 3 S.à r.l. . . . . . . . . . . . . . . . . . . . .
99373
DolphinLux 4 S.à r.l. . . . . . . . . . . . . . . . . . . . .
99374
DSA S.à r.l. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
99376
DundeeWealth S.A. . . . . . . . . . . . . . . . . . . . .
99374
ECM Real Estate Investments A.G. . . . . . .
99397
Ecobiodis S.A. . . . . . . . . . . . . . . . . . . . . . . . . . .
99398
Edelburg S.A. . . . . . . . . . . . . . . . . . . . . . . . . . .
99398
EGO Luxembourg, S. à r.l. . . . . . . . . . . . . . .
99398
Egon Holdings S.A. . . . . . . . . . . . . . . . . . . . . .
99398
Eicher Bureau Service Sàrl . . . . . . . . . . . . . .
99399
Electricity Application Luxembourg . . . . .
99376
Emde Finances S.A. . . . . . . . . . . . . . . . . . . . .
99399
Empik Investments II S.à r.l. . . . . . . . . . . . .
99363
Empik Investments S.à r.l. . . . . . . . . . . . . . .
99363
Encore Plus Lombardia S.à r.l. . . . . . . . . . .
99376
Encore Plus Lux Co Boétie II S.à r.l. . . . . .
99376
Encore Plus LuxCo Boétie I S.à r.l. . . . . . .
99397
Encore Plus Lux Co Diamants II S.à r.l. . .
99377
Encore Plus Lux Co Franklin II S.à r.l. . . . .
99377
Encore Plus Lux Co Ile de la Jatte II S.à r.l.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
99377
Encore Plus Lux Co Metzanine II S.à r.l.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
99377
EP Services . . . . . . . . . . . . . . . . . . . . . . . . . . . .
99376
ESIM S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
99374
Espace et Paysages . . . . . . . . . . . . . . . . . . . . .
99399
Espaces Sàrl . . . . . . . . . . . . . . . . . . . . . . . . . . .
99399
Espirito Santo Wealth Management (Euro-
pe) S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
99375
Eurexpan S.A. . . . . . . . . . . . . . . . . . . . . . . . . .
99400
Eurexpan S.A. . . . . . . . . . . . . . . . . . . . . . . . . .
99400
Eurober Lux S.A. . . . . . . . . . . . . . . . . . . . . . . .
99401
EUROLUX-TRANSPORTS S.à r.l., en
abrégé ELT S.à r.l. . . . . . . . . . . . . . . . . . . . .
99401
European Camping Distributors S.à r.l. . .
99401
European Opticians 2 S.à r.l. . . . . . . . . . . . .
99401
European Packaging S.à r.l. . . . . . . . . . . . . .
99402
European Rail Freight II S.à r.l. . . . . . . . . . .
99402
European Rail Freight I S.à r.l. . . . . . . . . . . .
99402
European Real Estate Financing Company
S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
99377
European Recreational Vehicles S.à r.l. . .
99402
European Trust Services (Luxembourg)
Sàrl . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
99400
Euro Services S.A. . . . . . . . . . . . . . . . . . . . . . .
99400
EURX Antalya Investment S.à r.l. . . . . . . .
99399
EURX Antalya Investment S.à r.l. . . . . . . .
99403
EURX Antalya Investment S.à r.l. . . . . . . .
99403
FHL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
99378
Findim Group S.A. . . . . . . . . . . . . . . . . . . . . .
99401
Fleurs Service S.à r.l. . . . . . . . . . . . . . . . . . . .
99400
Fortum RER S.A. . . . . . . . . . . . . . . . . . . . . . . .
99363
Globe Express Services . . . . . . . . . . . . . . . . .
99398
Haris Finance S.A. . . . . . . . . . . . . . . . . . . . . . .
99402
Photovoltaïque Mergen-Origer . . . . . . . . . .
99407
POLUNIN Emerging Markets Strategy
Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
99378
Polunin Funds . . . . . . . . . . . . . . . . . . . . . . . . . .
99378
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Devaux & Associés S.à r.l., Société à responsabilité limitée.
Siège social: L-2168 Luxembourg, 121, rue de Muhlenbach.
R.C.S. Luxembourg B 92.355.
Le bilan au 31/12/2007 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.
Référence de publication: 2012089887/9.
(120126893) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
Devaux & Associés S.à r.l., Société à responsabilité limitée.
Siège social: L-2168 Luxembourg, 121, rue de Muhlenbach.
R.C.S. Luxembourg B 92.355.
Le bilan au 31/12/2008 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.
Référence de publication: 2012089888/9.
(120126894) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
Devaux & Associés S.à r.l., Société à responsabilité limitée.
Siège social: L-2168 Luxembourg, 121, rue de Muhlenbach.
R.C.S. Luxembourg B 92.355.
Le bilan au 31/12/2006 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.
Référence de publication: 2012089889/9.
(120126895) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
Dafofin Five S.A., Société Anonyme.
Siège social: L-1468 Luxembourg, 16, rue Erasme.
R.C.S. Luxembourg B 77.982.
La Société a été constituée suivant acte reçu par Maître Joseph Elvinger, notaire de résidence à Luxembourg, en date
du 28 juin 2000, publié au Mémorial C, Recueil des Sociétés et Associations n° 544 du 29 juillet 2000.
Les comptes annuels de la Société au 31 décembre 2011 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.
Dafofin Five S.A.
Signature
Référence de publication: 2012089896/14.
(120127522) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
DolphinLux 2 S.à r.l., Société à responsabilité limitée.
Siège social: L-2132 Luxembourg, 18, avenue Marie-Thérèse.
R.C.S. Luxembourg B 132.290.
Acte de constitution publié au Mémorial C, Recueil des Sociétés et Associations en date du 08/11/2007
Les comptes annuels au 31 décembre 2011 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.
<i>Pour DOLPHINLUX 2 S.à r.l.i>
Référence de publication: 2012089890/11.
(120126709) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
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Empik Investments II S.à r.l., Société à responsabilité limitée.
Siège social: L-2163 Luxembourg, 40, avenue Monterey.
R.C.S. Luxembourg B 168.604.
Il résulte de la résolution circulaire du conseil de gérance de la Société en date du 23 mai 2012 que:
Le siège social de la Société a été modifiée du 5, rue Guillaume Kroll, L-1882 Luxembourg au 40, avenue Monterey,
L-2163 Luxembourg.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Luxembourg, le 20 juillet 2012.
<i>Un mandatairei>
Référence de publication: 2012089911/13.
(120126605) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
Empik Investments S.à r.l., Société à responsabilité limitée.
Siège social: L-2163 Luxembourg, 40, avenue Monterey.
R.C.S. Luxembourg B 168.583.
Les statuts coordonnés au 29/05/2012 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.
Redange-sur-Attert, le 23/07/2012.
Me Cosita Delvaux
<i>Notairei>
Référence de publication: 2012089912/12.
(120126976) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
Fortum RER S.A., Société Anonyme.
Siège social: L-1511 Luxembourg, 121, avenue de la Faïencerie.
R.C.S. Luxembourg B 170.184.
STATUTES
In the year two thousand and twelve, on the sixteenth day of July,
Before us, Maître Francis Kesseler, notary residing in Esch-sur-Alzette, Grand-Duchy of Luxembourg,
THERE APPEARED:
Fortum Project Finance N.V., a Naamloze Vennootschap (public limited liability company) governed by the laws of
Belgium, registered with the Antwerp trade register under number 0879.310.740, having its registered office at Uitbreid-
ningstraat 84 B3, 2600 - Antwerp, Belgium,
here represented by Elodie Duchêne, attorney-at-law, by virtue of a power of attorney dated 29 June 2012.
The said proxy, signed ne varietur by the proxyholder of the appearing party and the undersigned notary, will remain
annexed to the present deed to be filed with the registration authorities.
Such appearing party, in the capacity in which it acts, has requested the notary to state as follows the articles of
association of a public limited liability company (société anonyme), which is hereby incorporated:
Art. 1. Form, Name. There is hereby established by the subscriber and all those who may become owners of the shares
hereafter issued a company in the form of a société anonyme, under the name of Fortum RER S.A. (the “Company”). The
Company will be governed by the laws pertaining to such an entity and in particular by the Luxembourg law on commercial
companies dated 10 August 1915, as amended (the “Law”) as well as by the articles of association (the “Articles”) which
also specify the exceptional rules applying to a one-member company.
Art. 2. Duration. The Company is established for an unlimited duration.
Art. 3. Object.
3.1. The object of the Company is (i) the holding of participations, in any form whatsoever, in Luxembourg and foreign
companies, (ii) the acquisition by purchase, subscription, or in any other manner as well as the transfer by sale, exchange
or otherwise of stocks, bonds, debentures, notes, any type of (property related or not) derivative and interest instruments
and any other securities of any kind, and (iii) the ownership, administration, development and management of its portfolio.
The Company may also hold interests in partnerships.
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3.2. The Company may enter into any agreements (including ISDA documents) relating to the acquisition, subscription
or management of the aforementioned instruments and the financing thereof.
3.3. The Company may borrow in any form and proceed to the issue of bonds, debentures as well as any other debt
instruments. The Company may grant assistance and lend funds including the proceeds of any borrowings and/or issues
of debt securities to its subsidiaries, affiliated companies or to any other group company. It may also give guarantees and
grant security interests in favour of third parties to secure its obligations or the obligations of its subsidiaries, affiliated
companies or any other group company.
The Company may further mortgage, pledge, transfer, encumber or otherwise hypothecate all or some of its assets.
3.4. The Company may generally employ any techniques and utilize any instruments relating to its investments for the
purpose of their efficient management, including the entry into any forward transactions as well as techniques and ins-
truments designed to protect the Company against credit risk, currency fluctuations, interest rate fluctuations and other
risks.
3.5. The Company may carry out any commercial or financial operations and any transactions with respect to movable
or immovable property, which directly or indirectly further or relate to its purpose.
Art. 4. Registered office.
4.1. The registered office of the Company is established in Luxembourg City. The registered office may be transferred
within the City of Luxembourg by decision of the board of directors. Branches or other offices of the Company may be
established either in the Grand-Duchy of Luxembourg or abroad by resolution of the board of directors.
4.2. If the board of directors considers that political, economic or social events occurred or threaten to occur which
are likely to affect the normal activities at the registered office or communications from the registered office with abroad,
the registered office may be provisionally transferred abroad until such time as circumstances have completely returned
to normal. Such measures will not affect the Company’s nationality which will notwithstanding such provisional transfer
of the registered office remain a Luxembourg Company.
Art. 5. Capital – Shares and Share certificates – Transfer of shares.
5.1. Capital
The Company's share capital is fixed at one hundred thousand British Pounds (GBP 100,000.-) represented by one
thousand (1,000) shares having a nominal value of one hundred British Pounds (GBP 100.-) each, all fully subscribed and
entirely paid up.
5.2. Shares
5.2.1. The shares shall be in registered form.
5.2.2. The register of shares of the Company shall be maintained at the Company’s registered office and the Company
shall consider the person(s) in whose name the shares are registered in the register of shareholders as the full owner of
such shares.
5.2.3. If there are several owners of shares or a smaller denomination of one share, the Company shall be entitled to
suspend the exercise of the rights attaching thereto until one person is designated as being the owner, vis-à-vis the
Company, of the share or smaller denomination.
5.3. Share certificates
5.3.1. Certificates stating such inscription may be delivered to the shareholder(s).
Transfer of registered shares shall be effected by a declaration of transfer inscribed in the register of shareholders of
the Company, dated and signed by the transferor and the transferee or by persons holding suitable powers of attorney
to act in this respect.
5.3.2. When a shareholder can demonstrate to the Company that its share certificate was misplaced, lost, stolen or
destroyed, a duplicate may be issued on request, on conditions that the Company will determine in accordance with
applicable laws. Upon issue of a new share certificate, which will be marked as a duplicate, the original share certificate
being replaced by the new one will be cancelled.
5.3.3. Damaged share certificates may be exchanged for new certificates by order of the Company. These damaged
share certificates shall be returned to the Company and cancelled immediately.
5.3.4. Any reasonable costs and expenses exposed by the Company and related to the issue of a duplicate or the new
share certificate, its registration in the register of shareholders of the Company or the destruction of the old share
certificate, shall be borne by the relevant shareholder and reimbursed by the shareholder to the Company on first demand.
5.4. Transfer of shares
Shares of the Company are freely transferable.
Art. 6. Increase of share capital. The share capital of the Company may be increased or reduced by a resolution of the
shareholder(s) adopted in the manner required for the amendment of these Articles, as prescribed in Article 17.
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Art. 7. Meetings of shareholders - General.
7.1. Any regularly constituted meeting of shareholder(s) of the Company shall represent the entire body of shareholder
(s) of the Company.
7.2. The general meeting of shareholder(s) shall have the widest powers to adopt or ratify any action relating to the
Company. In particular, the general meeting of shareholder(s) shall have competence in all matters where the board of
directors desires the formal approval of the general meeting of shareholder(s).
7.3. The quorum and time required by the Law shall govern the notice for and conduct of the meetings of shareholder
(s) of the Company, unless otherwise provided in these Articles.
7.4. Each share of the Company is entitled to one vote. A shareholder may act at any meeting of shareholder(s) by
appointing another person as its/his/her proxy in writing or by fax or telegram or telex.
7.5. Except as otherwise required by law, resolutions at a meeting of shareholder(s) duly convened will be passed by
a simple majority of those present and voting.
7.6. The board of directors determines all other conditions that must be fulfilled by shareholder(s) for them to take
part in any meeting of shareholder(s).
7.7. The general meeting is convened by the board of directors. It shall also be convened upon request in writing of
shareholder(s) representing ten percent (10%) of the Company’s share capital. If all of the shareholder(s) are present or
represented at a meeting of shareholder(s), and if they state that they have been informed of the agenda of the meeting,
the meeting may be held without prior notice or publication.
Art. 8. Board of directors.
8.1. The Company is managed by a board of directors composed of at least three (3) members, being either class A
director(s) or class B director(s), as the shareholder(s) may decide from time to time. Either the class A directors or the
class B directors shall consist only of Luxembourg resident directors, and the other class of directors might be composed
of non Luxembourg resident directors and/or Luxembourg resident directors.
8.2. The directors do not need to be shareholder(s) of the Company. The decisions of the board of directors shall be
taken collectively.
8.3. The directors can be appointed for a period of maximum six (6) years and shall hold office until their successors
are elected.
8.4. The board of directors shall appoint a chairman (the “Chairman”) among the members of the board of directors
of the Company.
8.5. A director may be removed with or without cause and replaced at any time by resolution adopted by the share-
holder(s).
8.6. In the event of one or more vacancies on the board of directors because of death, retirement or otherwise, the
remaining directors must appoint within thirty (30) business days one or more successors to fill such vacancies until the
next meeting of shareholder(s) which will ultimately decide on the final appointment(s).
8.7. The members of the board of directors shall not be compensated for their services as director, unless otherwise
resolved by the general meeting of shareholder(s). The Company shall reimburse the directors for reasonable expenses
incurred in the carrying out of their office, including reasonable travel and living expenses incurred for attending meetings
on the board of directors, except in relation to matters (i) which were (a) not in line with the object of the Company or
(b) contrary to any provision of the Articles or (ii) as to which they shall be finally adjudged in such action, suit or
proceeding to be liable for gross negligence or misconduct.
8.8. If a company is appointed as director, it shall appoint a permanent representative who will be in charge of this
mission in the name of and on behalf of the company.
8.9. This permanent representative shall be subject to the same conditions and shall incur the same civil liability (res-
ponsabilité civile) as if he/she was carrying out this mission in his/her own name and on his own behalf, without prejudice
to the joint and several liability (responsabilité solidaire) of the company which is represented by him/her. This company
may only remove the permanent representative from his/her position if it simultaneously appoints a replacement.
8.10. The designation and succession of the functions of the permanent representative shall be subject to the same
publishing rules as if he/she carried out this mission in his own name and on his/her own behalf.
Art. 9. Procedures of meeting of the board.
9.1. The board of directors may also choose a secretary, who need not be a director and who shall be responsible for
keeping the minutes of the meeting of the board of directors and of the shareholder(s).
9.2. The Chairman shall preside all meetings of the board of directors, but in his absence the board of directors may
appoint another chairman pro tempore by vote of the majority present at any such meeting.
9.3. The board of directors shall meet upon call by or on behalf of the Chairman at the place indicated in the convening
notice. The convening notice, containing the agenda, shall be sent by letter (sent by express mail or special courier),
telegram, telex or telefax to the directors at least three (3) days before the date set for the meeting, except in circums-
tances of emergency in which case the nature of such circumstances shall be set forth in the convening notice and in
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which case notice of at least twenty-four (24) hours prior to the hour set for such meeting by telefax and/or telegram
shall be sufficient. This notice may be waived by the consent (which can be included in the minutes of the relevant meeting
of the board signed by each director or in the proxy of the represented director) of each director and if they declare
that they have been informed of the agenda of the meeting. Separate notice shall not be required for individual meetings
held at times and places prescribed in an agenda previously adopted by resolution of the board of directors. All reasonable
efforts will be afforded so that, sufficiently in advance of any meeting of the board of directors each director is provided
with a copy of the documents and/or materials to be discussed or passed upon by the board of directors at such meeting.
9.4. Any director may act at any meeting of the board of directors by appointing in writing or by fax, or telegram or
telex another director as his/her proxy. The use of video conferencing equipment and conference call shall be allowed
and the directors using this technology shall be deemed to be present and shall be authorised to vote by video or by
phone. After deliberation, votes may also be cast in writing or by fax or telegram or telex or by telephone provided in
such latter event such vote is confirmed in writing.
9.5. The board of directors can deliberate or act validly only if at least a majority of the directors is present or
represented at the meeting of the board of directors, and if at least one class A director and one class B director are
present or represented.
9.6. Decisions of the board of directors shall be taken by a majority of the votes of the directors present or represented
at such meeting, and under the condition that at least one class A director and one class B director vote in favor of the
decisions.
9.7. The vote of the Chairman of the board of directors shall not prevail in the case of equality of votes.
9.8. In the event that any director or officer of the Company may have any adverse personal interest in any transaction
of the Company, such director or officer shall make known to the board of directors such personal interest and shall not
consider, or vote on such transaction (save for a transaction concluded under normal conditions and falling within the
scope of the day-to-day management of the Company), and such directors’, or officers’ interest therein shall be reported
by the board of directors to the next succeeding meeting of shareholder(s) subject to the responsibility of the board of
directors.
9.9. Every meeting shall be held at the registered office of the Company or such other place in Luxembourg as the
board of directors may from time to time determine.
9.10. In case of urgency, written resolutions signed by all the members of the board of directors shall have the same
effect as resolutions taken during a board of directors’ meeting which was duly held. Such resolutions can be documented
in a single instrument or in several separate documents.
Art. 10. Minutes of meetings of the board.
10.1. The resolutions of the board of directors shall be recorded in the minutes, to be signed by all the directors
present or represented.
10.2. Copies or extracts of such minutes, which may be produced in judicial proceedings or otherwise shall be signed
by the Chairman, by the secretary or by at least one class A director and one class B director.
Art. 11. Powers of the board.
11.1. The board of directors is vested with the broadest powers to perform all acts of administration and disposition
in the Company’s interest. All powers not expressly reserved by law or by the present Articles to the general meeting
of shareholder(s) fall within the competence of the board of directors.
11.2. The board of directors may delegate its powers to conduct the daily management and affairs of the Company
and the representation of the Company for such management and affairs, to one or more directors or to any person(s)
whether director, shareholder or not, acting individually or jointly. In case the daily management is delegated to a director,
the board of directors shall annually report to the meeting of shareholder(s) on any remuneration or advantage granted
to the daily management. The board of directors may also confer powers and special mandates to any person who need
not to be a director, appoint and dismiss all officers and employees and determine their emoluments.
Art. 12. Binding signature. The Company will be bound towards third parties by the joint signature of one class A
director and one class B director or by the joint signatures or single signature of any person(s) to whom such signatory
power has been delegated by the board of directors, within the limits of such power.
Art. 13. Statutory auditor. The operations of the Company shall be supervised by one or more statutory auditors as
foreseen by law who need not to be shareholder. If there is more than one statutory auditor, the statutory auditors shall
act as a collegium and form the board of auditors. The statutory auditors shall be appointed by the annual general meeting
of shareholder(s) for a period not exceeding six (6) years.
Art. 14. Annual financial statements.
14.1. The Company's financial statements shall be maintained in British Pounds.
14.2. The board of directors shall prepare financial statements of the Company for each accounting period in accor-
dance with the requirements of Luxembourg law.
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Art. 15. Appropriation of profits.
15.1. Legal Reserve
From the annual net profits of the Company, five percent (5.00%) shall be allocated to the reserve required by law.
This allocation shall cease to be required as soon and as long as such surplus reserve amounts to ten percent (10.00%)
of the subscribed share capital of the Company.
15.2. Dividends
15.2.1. The general meeting of shareholder(s), upon recommendation of the board of directors, shall determine how
the remainder of the annual net profits shall be disposed of and may declare from time to time ordinary dividends without
ever exceeding the amounts proposed by the board of directors.
15.2.2. Interim dividends may be distributed, subject to the conditions laid down by the Law.
Art. 16. Dissolution and Liquidation.
16.1. The Company may be dissolved at any time by a resolution of the shareholder(s) adopted in the manner required
for amendment of these Articles as prescribed in Article 17.
16.2. In the event of dissolution of the Company, liquidation shall be carried out by one or several liquidators named
by the meeting of shareholder(s) affecting such dissolution and which shall determine their powers and their compensation.
Art. 17. Amendment of articles. These Articles may be amended from time to time by a meeting of shareholder(s),
subject to the quorum and voting requirements provided by the Law.
Art. 18. Governing law. All matters not governed by these Articles shall be determined in accordance with the Law.
Art. 19. Annual general meeting of shareholder(s).
19.1. The annual general meeting of shareholder(s) shall be held, in accordance with Luxembourg law at the registered
office of the Company, or at such other place in Luxembourg as may be specified in the notice of meeting on the 15
th
day of the month May, at 11.00 a.m.
19.2. If such day is not a bank business day in Luxembourg, the annual general meeting of shareholder(s) shall be held
on the next following business day. The annual general meeting of shareholder(s) may be held abroad if, in the absolute
and final judgement of the board of directors, exceptional circumstances so require.
19.3. Other meetings of shareholder(s), ordinary and extraordinary, may be held at such place and time as may be
specified in the respective notice of such meetings. They may be held at the registered office or at any other place.
Art. 20. Accounting year. The accounting year of the Company shall begin on the 1
st
of January and shall terminate
on the 31
st
of December of each year.
<i>Transitional dispositionsi>
The first accounting year shall begin on the date of the incorporation of the Company and shall terminate on the 31
st
of December 2012.
The first annual general meeting of shareholder(s) shall take place in the year 2013.
<i>Subscriptioni>
The Articles having thus been established, the appearing party declares to subscribe the whole share capital of the
Company as follows:
Subscriber
Number
of Shares
Percentage
Amount
Subscribed
in GBP
Fortum Project Finance N.V., prenamed . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,000
100%
100,000,-
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,000
100%
100,000,-
All the shares of the Company have been paid up to the extent of one hundred percent (100%) by a payment in cash,
so that the amount of one hundred thousand British Pounds (GBP 100,000.-) is now at the free disposal of the Company,
evidence thereof having been given to the notary.
<i>Statementi>
The undersigned notary states that the conditions provided for in article 26 as amended of the Law have been complied
with and expressly bears witness to their fulfilment.
<i>Costsi>
The aggregate amount of the costs, expenditures, remunerations or expenses, in any form whatsoever, which the
Company incurs or for which it is liable by reason of its incorporation, is approximately two thousand euro (€ 2,000.-).
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<i>Resolutions of the sole shareholderi>
The sole shareholder of the Company, representing the entire subscribed share capital of the Company and considering
itself as duly convened, has immediately passed the following resolutions:
1. The number of directors of the Company is fixed at four (4) and the number of auditor of the Company at one (1).
2. The following persons are appointed as directors of the Company:
<i>Class A directors:i>
a. Mr. Luc Schelkens, financial manager, born in Antwerp (Deurne), Belgium, on 13 April 1965, residing at Scheldestraat
95-4, 2000 Antwerp, Belgium; and
b. Mr. Pessi Palomäki, controller, born in Helsinki, (Finland), on 4 January 1985, residing at Eggestraat 57, 4818 BR
BREDA, The Netherlands.
<i>Class B directors:i>
a. Mrs Laura Laine, private employee, born on 16 January 1978 in Rauman mlk, Finland, with professional address at
121, avenue de la Faïencerie, L-1511 Luxembourg; and
b. Mr. John Wantz, private employee, born in Luxembourg, (Grand-Duchy of Luxembourg), on 17 May 1966, with
professional address at 121, avenue de la Faïencerie, L-1511 Luxembourg.
Their term of office will expire at the first annual general meeting of shareholder(s) which shall take place in the year
2013 due to approve the annual accounts of the Company.
3. Has been appointed as statutory auditor of the Company: Deloitte S.A., 560, rue de Neudorf, L-2220 Luxembourg.
Its term of office will expire at the first annual general meeting of shareholder(s) which shall take place in the year
2013 due to approve the annual accounts of the Company.
4. The registered office of the Company is established at 121, avenue de la Faïencerie, L-1511 Luxembourg.
<i>Declarationi>
The undersigned notary who understands and speaks English states herewith that on request of the above appearing
party, the present deed is worded in English. On request of the same and in case of divergences between the English and
the French text, the English version will be prevailing.
Whereof the present notarial deed was drawn up in Luxembourg, on the day named at the beginning of this document.
The document having been read in the language of the proxyholder of the person appearing, known to the notary by
its name, civil status and residence, the proxyholder signed together with the notary the present deed.
Suit la traduction française du texte qui précède
L'an deux mille douze, le seize juillet,
Par-devant Maître Francis Kesseler, notaire de résidence à Esch-sur-Alzette, Grand-Duché de Luxembourg,
A COMPARU:
Fortum Project Finance N.V., une Naamloze Vennootschap (société anonyme) gouvernée par les lois de Belgique,
inscrite auprès du registre du commerce d’Anvers sous le numéro 0879.310.740, ayant son siège social au Uitbreidnings-
traat, 84 B3, 2600 - Anvers, Belgique,
ici représentée par Elodie Duchêne, avocate à la Cour, en vertu d’une procuration sous seing privée datée du 29 juin
2012.
Ladite procuration, signée ne varietur par la mandataire de la comparante et le notaire instrumentant, restera annexée
au présent acte pour être formalisée avec celui-ci.
Laquelle comparante, représentée comme dit ci-avant, a requis le notaire instrumentant de dresser acte d’une société
anonyme dont il a arrêté les statuts comme suit:
Art. 1
er
. Forme, Dénomination. Il est ici formé par le souscripteur et tous ceux qui deviendront par la suite pro-
priétaires des actions ci-après créées une société anonyme, sous la dénomination de Fortum RER S.A. (la “Société”). La
Société sera régie par les lois se rapportant à une telle société et en particulier par la loi sur les sociétés commerciales
du 10 août 1915, telle que modifiée (la “Loi”) ainsi que par les statuts (les “Statuts”) qui spécifient aussi les règles excep-
tionnelles s’appliquant à une société anonyme unipersonnelle.
Art. 2. Durée. La Société est constituée pour une durée illimitée.
Art. 3. Objet.
3.1. L'objet de la Société est (i) la prise de participations, sous quelque forme que ce soit, dans des sociétés luxem-
bourgeoises et étrangères, (ii) l'acquisition par l'achat, la souscription ou de toute autre manière, ainsi que le transfert
par vente, échange ou autre, d'actions, d'obligations, de reconnaissances de dettes, effets de commerce, tous types d’ins-
truments dérivés et d’instruments portant intérêt (liés à une propriété ou non) et autres titres de quelque forme que ce
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soit, et (iii) la propriété, l'administration, le développement et la gestion de son portefeuille. La Société peut en outre
prendre des participations dans des sociétés de personnes.
3.2. La Société peut conclure tout contrat (incluant des documents ISDA) lié à l’acquisition, la souscription ou l’admi-
nistration des instruments mentionnés ci-dessus et à leur financement.
3.3. La Société pourra emprunter sous toutes formes et procéder à l’émission d’obligations, de reconnaissance de
dettes ainsi que tout autre instrument de dettes. La Société pourra assister et prêter des fonds, y compris des fonds
résultant des emprunts et/ou des émissions d’obligations, à ses filiales, sociétés affiliées et à toute autre société appartenant
au même groupe que la Société. Elle pourra également consentir des garanties ou des sûretés au profit de tiers afin de
garantir ses obligations ou les obligations de ses filiales, des sociétés affiliées ou de toute autre société appartenant au
même groupe que la Société. La Société pourra en outre gager, nantir, céder, grever de charges ou accorder une hypo-
thèque sur tous, ou une partie de, ses avoirs.
3.4. La Société peut, d’une manière générale, employer toute technique et utiliser tout instrument relatif à ses inves-
tissements en vue de leur gestion efficace, y compris le recours à des contrats à terme, ainsi que toute technique et tout
instrument destiné à la protéger contre le risque crédit, le risque de change, le risque de fluctuation de taux d’intérêt et
tout autre risque.
3.5. La Société pourra réaliser toute opération commerciale ou financière ainsi que toute transaction mobilière ou
immobilière, qui directement ou indirectement favorise, ou se rapporte à la réalisation de son objet social.
Art. 4. Siège social.
4.1. Le siège social de la Société est établi à Luxembourg-ville. Le siège social pourra être transféré à l'intérieur de la
Ville de Luxembourg par décision du conseil d'administration. Des succursales ou autres bureaux de la Société peuvent
être établis au Grand-Duché de Luxembourg ou à l'étranger par décision du conseil d'administration.
4.2. Lorsque le conseil d’administration considère que des événements extraordinaires d'ordre politique, économique
ou social se sont produits ou sont imminents, et qui sont de nature à compromettre l'activité normale au siège social ou
la communication de ce siège avec l'étranger, le siège social pourra être transféré provisoirement à l'étranger jusqu'au
moment où les circonstances seront redevenues complètement normales. De telles mesures temporaires ne changent
en rien la nationalité de la Société, qui restera luxembourgeoise malgré le transfert temporaire de son siège statutaire.
Art. 5. Capital – Actions et Certificats d’actions – Transfert d’actions.
5.1. Capital
Le capital social de la Société est fixé à cent mille Livres Sterling (GBP 100.000,-) représenté par mille (1.000) actions
d’une valeur nominale de cent Livres Sterling (GBP 100,-) chacune, toutes entièrement souscrites et libérées.
5.2. Actions
5.2.1. Les actions sont nominatives.
5.2.2. Le registre des actions de la Société est maintenu au siège social de la Société et la Société reconnaît la/les
personne(s) au nom desquelles les actions sont enregistrées dans le registre des actionnaires comme les propriétaires à
part entière de ces actions.
5.2.3. S’il existe plusieurs propriétaires d’une action ou coupure d’action, la Société a le droit de suspendre l’exercice
des droits de vote qui y sont liés, jusqu’à ce qu’une seule personne soit désignée comme étant propriétaire, à l’égard de
la Société, de l’action ou de la coupure.
5.3. Certificats d’action
5.3.1. Des certificats d'inscription nominatifs pourront être délivrés aux actionnaires. La cession d'actions nominatives
devra être effectuée par une déclaration de cession inscrite au registre des actionnaires de la Société, datée et signée par
le cédant et le cessionnaire ou par toute personne détentrice d’une procuration et dûment mandatée à cet effet.
5.3.2. Lorsqu’un actionnaire peut justifier à la Société que son certificat d’action a été égaré, perdu, volé ou détruit,
un duplicata pourra être émis à sa demande, aux conditions que la Société déterminera conformément aux lois applicables.
Dès son émission, ce nouveau certificat d’action, marqué comme étant un duplicata, remplacera le certificat d’action
original qui lui sera détruit.
5.3.3. Les certificats d’action endommagés pourront être échangés contre de nouveaux certificats sur ordre de la
Société. Ces certificats d’action endommagés devront être remis à la Société et annulés immédiatement.
5.3.4. Tous les coûts justifiés et dépenses auxquels la Société a été exposée et liés à l’émission d’un duplicata ou d’un
nouveau certificat d’action, son inscription au registre des actionnaires ou l’annulation de l’ancien certificat d’action de-
vront être supportés par l’actionnaire concerné et être remboursés par celui-ci à la Société sur première demande.
5.4. Transfert des actions.
Les actions de la Société sont librement transférables.
Art. 6. Augmentation de capital social. Le capital social de la Société pourra être augmenté ou réduit par décision DU/
des actionnaire(s) adoptée dans les formes requises pour la modification de ses Statuts, telles que prévues à l’Article 17.
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Art. 7. Assemblées des actionnaires - Général.
7.1. Chaque assemblée des actionnaires de la Société, régulièrement constituée, représente l'intégralité des action-
naires de la Société.
7.2. L'assemblée générale des actionnaires a les pouvoirs les plus étendus pour adopter ou ratifier les actes qui intér-
essent la Société. En particulier, l'assemblée générale des actionnaires sera compétente dans tous les domaines dans
lesquels le conseil d'administration souhaite une approbation formelle de l'assemblée générale des actionnaires.
7.3. Le quorum et le temps requis par la Loi sont applicables aux convocations et à la tenue des assemblées des
actionnaires de la Société, sauf disposition contraire prévue dans les présents Statuts.
7.4. Chaque action de la Société donne droit à une voix. Un actionnaire peut agir à toute assemblée des actionnaires
en désignant une autre personne comme mandataire, par écrit, par fax ou par télex.
7.5. Sauf stipulation contraire de la loi, les décisions prises par l'assemblée générale des actionnaires dûment convoquée
seront prises à la majorité simple des actionnaires présents et votant.
7.6. Le conseil d'administration pourra déterminer toutes les autres conditions qui devront être remplies par les
actionnaires pour pouvoir participer à toute assemblée des actionnaires.
7.7. L’assemblée des actionnaires est convoquée par le conseil d’administration. Elle sera aussi convoquée à la demande
écrite du/des actionnaire(s) représentants dix pour cent (10%) du capital social de la Société. Si tous les actionnaires sont
présents ou représentés à l'assemblée des actionnaires, et s'ils déclarent qu'ils ont été informés de l'ordre du jour de
l'assemblée, celle-ci pourra se tenir sans convocation ni publication préalable.
Art. 8. Conseil d’administration.
8.1. La Société est administrée par un conseil d’administration composé d’au moins trois (3) membres, étant soit des
administrateurs de catégorie A soit des administrateurs de catégorie B, selon les décisions du/des actionnaire(s) au fil du
temps. Soit les administrateurs de catégorie A soit les administrateurs de catégorie B doivent être uniquement des
administrateurs résidant au Luxembourg, et l’autre classe d’administrateurs peut être composée d’administrateurs ne
résidant pas au Luxembourg et/ou d’administrateurs résidant au Luxembourg.
8.2. Les administrateurs n’ont pas besoin d’être actionnaires de la Société. Les décisions du conseil d’administration
doivent être prises collectivement.
8.3. Les administrateurs peuvent être désignés pour une période de six (6) ans maximum et resteront en fonction
jusqu'à l’élection de leurs successeurs.
8.4. Le conseil d’administration doit désigner un président du conseil d’administration (le “Président”) entre les mem-
bres du conseil d’administration de la Société.
8.5. Un administrateur peut être révoqué avec ou sans motif et être remplacé à tout moment sur décision adoptée
par le/les actionnaire(s).
8.6. En cas de vacance au sein du conseil d’administration, pour cause de décès, retraite ou autre, les administrateurs
restants doivent désigner dans les trente (30) jours ouvrables suivants, un ou plusieurs successeurs pour palier à ces
postes vacants, jusqu'à la prochaine assemblée du/des actionnaire(s) qui décidera en dernier lieu de leur(s) nomination
(s) définitive(s).
8.7. Les membres du conseil d'administration ne sont pas rémunérés pour leurs services en tant qu'administrateur,
sauf s'il en est décidé autrement par l'assemblée générale du/des actionnaire(s). La Société peut rembourser aux admi-
nistrateurs les dépenses raisonnables survenues lors de l'exécution de leur mandat, y compris les dépenses raisonnables
de voyage et de logement survenus lors de la participation à des réunions du conseil d'administration, exception faite
pour les affaires (i) qui (a) ne concordent pas avec l’objet de la Société ou (b) sont contraires à une disposition des Statuts
ou (ii) dans lesquelles ils seront en dernière instance responsables pour grosse négligence ou faute professionnelle.
8.8. Si une personne morale est nommée administrateur, celle-ci doit désigner un représentant permanent chargé de
l’exécution de cette mission au nom et pour le compte de la personne morale.
8.9. Ce représentant permanent sera soumis aux mêmes conditions et encourra la même responsabilité civile que s’il
exerçait cette mission en son nom et pour son compte propre, sans préjudice de la responsabilité solidaire de la personne
morale qu’il représente. Celle-ci ne pourra révoquer son représentant permanent qu’en désignant simultanément son
successeur.
8.10. La désignation et la succession des fonctions du représentant permanent sont soumises aux mêmes règles de
publicité que s’il exerçait cette mission en son nom et pour son compte propre.
Art. 9. Modalités de réunion du conseil d’administration.
9.1. Le conseil d'administration peut aussi choisir un secrétaire qui n'a pas besoin d'être un administrateur et qui sera
responsable de la tenue des procès-verbaux des réunions du conseil d'administration et des assemblées générales des
actionnaires.
9.2. Le Président préside toutes les réunions du conseil d'administration, mais en son absence, le conseil d'adminis-
tration peut nommer un autre président pro tempore par vote à la majorité des administrateurs présents à ces réunions
du conseil d'administration.
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9.3. Le conseil d'administration se réunit sur convocation du ou au nom du Président au lieu indiqué dans la convocation.
La convocation contenant l’agenda doit être envoyée par lettre (courrier express ou courrier spécial), par fax, par télé-
gramme ou par télex à chacun des administrateurs au moins trois (3) jours avant la date prévue de la réunion, sauf dans
des circonstances d'urgence, dont la nature devra figurer dans la convocation, cas dans lequel il suffira que la convocation
soit envoyée au moins vingt-quatre (24) heures avant l'heure fixée pour la réunion, par télex, et/ou télégramme. Il peut
être renoncé à cette convocation par le consentement de chaque administrateur (qui peut être inclus au procès-verbal
dudit conseil d’administration signé par chacun des administrateurs ou dans la procuration de l’administrateur représenté)
et s'ils déclarent avoir été informés de l'ordre du jour de la réunion. Une convocation séparée n'est pas requise pour les
réunions individuelles tenues aux heures et lieux indiqués dans un agenda préalablement adopté par une décision du
conseil d'administration. Tout effort raisonnable sera fait pour que chaque administrateur obtienne suffisamment à l’avance
de chaque réunion du conseil d'administration une copie des documents à discuter et/ou à approuver par le conseil
d’administration à cette réunion.
9.4. Chaque administrateur peut agir à toute réunion du conseil d’administration en nommant un autre administrateur,
par écrit, par fax, par télégramme ou par télex, comme sa/son mandataire. L'utilisation d'équipement pour conférences
vidéo et conférences téléphoniques est autorisée et les administrateurs utilisant ces technologies sont considérés comme
étant présents et sont autorisés à voter par vidéo ou par téléphone. Après délibération, les votes pourront aussi être
exprimés par écrit, télécopie, télégramme, télex ou par téléphone, à condition que dans ce dernier cas le vote soit confirmé
par écrit.
9.5. Le conseil d'administration ne peut délibérer ou agir valablement, qu’à la condition que la majorité au moins des
administrateurs soit présente ou représentée à la réunion du conseil d'administration et si au moins un administrateur
de catégorie A et un administrateur de catégorie B sont présents ou représentés.
9.6. Les décisions du conseil d’administration sont prises à la majorité des voix des administrateurs présents ou re-
présentés à cette réunion, et à la condition qu’au moins un administrateur de catégorie A et un administrateur de catégorie
B votent en faveur des décisions.
9.7. La voix du Président du conseil d’administration n’est pas prépondérante en cas de partage des voix.
9.8. Dans le cas où un administrateur ou fondé de pouvoir de la Société pourrait avoir un intérêt personnel opposé
dans une transaction de la Société, cet administrateur ou fondé de pouvoir devra faire connaître au conseil d'administration
son intérêt personnel et ne pourra pas délibérer, ni voter une telle transaction (sauf pour une transaction conclue à des
conditions normales ou tombant dans l’activité de gestion journalière de la Société), et le conseil d'administration devra
rendre compte de l’intérêt de cet administrateur ou fondé de pouvoir, à la prochaine assemblée des actionnaires sous la
responsabilité du conseil d'administration.
9.9. Toute réunion devra être tenue au siège social de la Société ou en tout autre lieu à Luxembourg, tel que déterminé
de temps à autre par le conseil d’administration.
9.10. En cas d’urgence, les résolutions écrites signées par tous les membres du conseil d’administration auront le même
effet que celles prises lors d’une réunion du conseil d’administration qui a été dûment tenue. De telles résolutions pourront
être documentées dans un seul instrument ou en plusieurs documents séparés.
Art. 10. Procès-verbaux des conseils d’administration.
10.1. Les résolutions du conseil d'administration sont constatées par des procès-verbaux, qui sont signés par tous les
administrateurs présents ou représentés.
10.2. Les copies et extraits de ces procès-verbaux qui pourraient être produits en justice ou autrement seront signés
par le Président, par le secrétaire ou par au moins un administrateur de catégorie A et un administrateur de catégorie B.
Art. 11. Pouvoirs du conseil d’administration.
11.1. Le conseil d'administration est investi des pouvoirs les plus étendus pour effectuer tous les actes d'administration
ou de disposition dans l'intérêt de la Société. Tous les pouvoirs qui ne sont pas expressément réservés par la loi ou les
présents Statuts à l'assemblée générale du/des actionnaire(s), relèvent de la compétence du conseil d'administration.
11.2. Le conseil d'administration peut déléguer ses pouvoirs de gestion journalière et de gestion des affaires courantes
de la Société ainsi que la représentation de la Société dans ces tâches, à un ou plusieurs administrateurs ou à toute autre
personne qu’il/qu’elle soit administrateur, actionnaire ou pas, agissant individuellement ou collectivement. Dans le cas où
la gestion journalière est déléguée à un administrateur, le conseil d'administration doit, chaque année, faire un rapport à
l’assemblée générale du/des actionnaire(s) sur toute rémunération ou tout avantage donné à la gestion quotidienne. Le
conseil d'administration peut en outre conférer des pouvoirs et mandats spéciaux à toute personne, qui n'a pas besoin
d'être administrateur, et nommer et révoquer tout agent et employé et fixer leurs émoluments.
Art. 12. Signature. La Société sera engagée envers les tiers par la signature conjointe d’un administrateur de catégorie
A et d’un administrateur de catégorie B ou par la signature conjointe ou la signature unique de toute personne à laquelle
un tel pouvoir de signature a été délégué par le conseil d'administration, dans les limites d’un tel pouvoir.
Art. 13. Commissaires aux comptes. Les opérations de la Société sont contrôlées par un ou plusieurs commissaires
aux comptes, tel que prévu par la loi et qui n'a/n’ont pas besoin d'être actionnaire(s). S’il y a plus d’un commissaire aux
comptes, les commissaires aux comptes doivent agir en collège et former le conseil des commissaires aux comptes. Les
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commissaires aux comptes sont nommés par l'assemblée générale annuelle des actionnaires pour une période qui n’ex-
cède pas six (6) ans.
Art. 14. Comptes annuels.
14.1. Les comptes de la Société seront tenus en Livres Sterling.
14.2. Le conseil d’administration doit préparer les comptes de la Société pour chaque exercice social conformément
aux prescriptions de la loi luxembourgeoise.
Art. 15. Affectation des bénéfices.
15.1. Réserve Légale
Du bénéfice net annuel de la Société, cinq pour cent (5.00%) doivent être alloués à la réserve requise par la loi. Cette
affectation cesse d'être obligatoire dès que, et aussi longtemps que, cette réserve atteint dix pour cent (10.00%) du capital
social souscrit de la Société.
15.2. Dividendes
15.2.1. L'assemblée générale du/des actionnaire(s), sur recommandation du conseil d'administration, doit déterminer
de quelle façon il sera disposé du solde du bénéfice annuel net et pourra déclarer de temps à autre des dividendes
ordinaires sans jamais excéder les montants proposés par le conseil d'administration.
15.2.2. Des dividendes intermédiaires pourront être distribués, sous réserve des conditions prévues par la Loi.
Art. 16. Dissolution et Liquidation.
16.1. La Société pourra être dissoute à tout moment en vertu d'une décision du/des actionnaire(s) prise dans les formes
requises pour la modification des Statuts, telles que décrites à l'Article 17.
16.2. En cas de dissolution de la Société, la liquidation sera effectuée par un ou plusieurs liquidateurs nommés par
l'assemblée générale des actionnaires décidant la dissolution, laquelle déterminera en outre leurs pouvoirs et rémunéra-
tion.
Art. 17. Modification des statuts. Les présents Statuts pourront être modifiés par l'assemblée du/des actionnaire(s)
selon le quorum et les conditions de vote requis par la Loi.
Art. 18. Loi applicable. Tous les points non réglés aux présents Statuts sont déterminés conformément aux dispositions
de la Loi.
Art. 19. Assemblée générale annuelle du/des actionnaire(s).
19.1. L'assemblée générale annuelle du/des actionnaire(s) sera tenue, conformément à la loi luxembourgeoise, au siège
social de la Société, ou à tout autre endroit à Luxembourg stipulé dans la convocation, le 15
ème
jour du mois de mai à
11.00 heures.
19.2. Si ce jour devrait être un jour non ouvrable à Luxembourg, l'assemblée générale annuelle du/des actionnaire(s)
sera tenue le jour ouvrable suivant. L'assemblée générale du/des actionnaire(s) pourra être tenue à l'étranger, si de
l’opinion absolue et finale du conseil d’administration, des circonstances exceptionnelles le requièrent.
19.3. D’autres assemblées du/des actionnaires(s), ordinaires ou extraordinaires, peuvent être tenues en lieu et place
tels que spécifié dans les convocations de telles assemblées respectives. Elles peuvent être tenues au siège social ou en
tout autre lieu.
Art. 20. Exercice social. L'exercice social de la Société commence le 1
er
janvier et se termine le 31 décembre de
chaque année.
<i>Dispositions transitoiresi>
Le premier exercice social doit commencer à la date de constitution de la Société et doit prendre fin le 31 décembre
2012.
La première assemblée générale des actionnaires doit se tenir en 2013.
<i>Souscriptioni>
Les Statuts ayant été ainsi arrêtés, la comparante déclare souscrire l’entièreté du capital social de la Société comme
suit:
Souscripteur
Nombre
d’Actions
Pourcentage
Pourcentage
Montant
Souscrit en
GBP
Fortum Project Finance N.V., précitée . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.000
100%
100.000,-
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1.000
100%
100.000,-
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Toutes les actions ont été entièrement libérées à hauteur de cent pour cent (100%) par un paiement en numéraire,
de sorte que la somme de cent mille Livres Sterling (GBP 100.000.-) est désormais à la libre disposition de la Société,
dont preuve a été fournie au notaire.
<i>Constatationi>
Le notaire instrumentant a constaté que les conditions exigées par l'article 26 tel que modifié de la Loi ont été remplies
et supporte expressément la preuve de leur satisfaction.
<i>Evaluation des fraisi>
Les parties ont évalué le montant des frais, dépenses, rémunérations et charges, sous quelque forme que ce soit, qui
incombent à la Société ou qui sont mis à sa charge à raison de sa constitution, à environ deux mille euros (€ 2.000,-).
<i>Résolution de l’actionnaire uniquei>
L’actionnaire unique de la Société, représentant la totalité du capital social souscrit de la Société et se considérant
comme dûment convoqué, a immédiatement pris les résolutions suivantes:
1. Le nombre d’administrateurs de la Société est fixé à quatre (4) et celui des commissaires aux comptes à un (1).
2. Les personnes suivantes sont nommées administrateurs de la Société:
<i>Administrateurs de catégorie A:i>
a. M. Luc Schelkens, gérant financier, né à Antwerp (Deurne), Belgique, le 13 avril 1965, résidant à Scheldestraat 95-4,
2000 Antwerp, Belgique; et
b. M. Pessi Palomäki, commissaire, né à Helsinki (Finlande), le 4 janvier 1985, résidant à Eggestraat 57, 4818 BR BREDA,
The Netherlands.
<i>Administrateurs de catégorie B:i>
a. Mme Laura Laine, employée privée, né à Rauman mlk, Finlande, le 16 janvier 1978, avec adresse professionnelle au
121, avenue de la Faïencerie, L-1511 Luxembourg; et
b. M. John Wantz, employé privé, né à Luxembourg (Grand-Duché de Luxembourg), le 17 mai 1966, avec adresse
professionnelle au 121, avenue de la Faïencerie, L-1511 Luxembourg.
Leur mandat viendra à expiration lors de la tenue de la première assemblée générale du/des actionnaire(s) qui aura
lieu en 2013 et devant approuver les comptes annuels de la Société.
3. Est nommé aux fonctions de commissaire aux comptes: Deloitte S.A., 560, rue de Neudorf, L-2220 Luxembourg.
Son mandat viendra à expiration lors de la tenue de la première assemblée générale du/des actionnaire(s) qui aura lieu
en 2013 et devant approuver les comptes annuels de la Société.
4. Le siège social de la Société est fixé au 121, Avenue de la Faïencerie, L-1511 Luxembourg, Grand-Duché de Lu-
xembourg.
<i>Déclarationi>
Le notaire soussigné qui comprend et parle la langue anglaise, déclare par la présente que sur la demande de la partie
comparante, le présent acte est rédigé en langue anglaise. Sur la demande de la même partie comparante et en cas de
divergences entre la version française et la version anglaise, la version anglaise prévaudra.
Dont acte, passé à Luxembourg, date qu'en tête des présentes.
Lecture faite dans la langue de la mandataire de la comparante, connue du notaire instrumentant par son nom, prénom,
état civil et demeure, la mandataire a signé avec le notaire le présent acte.
Signé: Duchêne, Kesseler.
Enregistré à Esch/Alzette Actes Civils, le 17 juillet 2012. Relation: EAC/2012/9452. Reçu soixante-quinze euros 75,00
€.
<i>Le Receveur ff.i> (signé): M. Halsdorf.
POUR EXPEDITION CONFORME
Référence de publication: 2012088295/564.
(120124452) Déposé au registre de commerce et des sociétés de Luxembourg, le 19 juillet 2012.
DolphinLux 3 S.à r.l., Société à responsabilité limitée.
Siège social: L-2132 Luxembourg, 18, avenue Marie-Thérèse.
R.C.S. Luxembourg B 132.291.
Acte de constitution publié au Mémorial C, Recueil des Sociétés et Associations en date du 09/11/2007
Les comptes annuels au 31 décembre 2011 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.
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<i>Pour DOLPHINLUX 3 S.à r.l.i>
Référence de publication: 2012089891/11.
(120126720) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
ESIM S.A., Société Anonyme.
Siège social: L-1720 Luxembourg, 8, rue Heinrich Heine.
R.C.S. Luxembourg B 113.366.
<i>Extrait des Résolutions prises lors de l'Assemblée Générale Ordinairei>
<i>des Actionnaires tenue de façon extraordinaire en date du 2 juillet 2012i>
<i>4 i>
<i>èmei>
<i> Résolution:i>
L'Assemblée Générale des actionnaires décide de renouveler le mandat de commissaire aux comptes de la société
A3T S.A. ayant son siège social au 44, boulevard Grande-Duchesse Charlotte, L-1330 Luxembourg. Son mandat viendra
à échéance lors de la tenue de l'Assemblée Générale des Actionnaires ayant pour ordre du jour l'approbation des comptes
clôturés au 31 décembre 2012.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Luxembourg, 2012.
<i>Pour ESIM S.A.
i>Julien DIDIERJEAN / Jean-Philippe ROCH / Andréas TARTORAS
<i>Administrateur et Président du Conseil d'Administrationi> / <i>Administrateuri> / <i>Administrateuri>
Référence de publication: 2012089947/19.
(120126769) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
DolphinLux 4 S.à r.l., Société à responsabilité limitée.
Siège social: L-2132 Luxembourg, 18, avenue Marie-Thérèse.
R.C.S. Luxembourg B 132.292.
Acte de constitution publié au Mémorial C, Recueil des Sociétés et Associations en date du 10/11/2007
Les comptes annuels au 31 décembre 2011 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.
<i>Pour DOLPHINLUX 4 S.à r.l.i>
Référence de publication: 2012089892/11.
(120126729) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
DundeeWealth S.A., Société Anonyme.
Siège social: L-1461 Luxembourg, 65, rue d'Eich.
R.C.S. Luxembourg B 70.415.
Les comptes annuels au 31 décembre 2011 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: 2012089894/9.
(120126792) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
Dafofin Four S.A., Société Anonyme.
Siège social: L-1468 Luxembourg, 16, rue Erasme.
R.C.S. Luxembourg B 77.981.
La Société a été constituée suivant acte reçu par Maître Joseph Elvinger, notaire de résidence à Luxembourg, en date
du 28 juin 2000, publié au Mémorial C, Recueil des Sociétés et Associations n° 544 du 29 juillet 2000.
Les comptes annuels de la Société au 31 décembre 2011 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.
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Dafofin Four S.A.
Signature
Référence de publication: 2012089898/14.
(120127484) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
Davidson Consulting SA, Société Anonyme.
Siège social: L-1371 Luxembourg, 31, Val Sainte Croix.
R.C.S. Luxembourg B 109.348.
Les comptes annuels au 31 décembre 2011 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: 2012089900/9.
(120127450) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
Espirito Santo Wealth Management (Europe) S.A., Société Anonyme.
Siège social: L-2520 Luxembourg, 21-25, allée Scheffer.
R.C.S. Luxembourg B 168.159.
Les statuts coordonnés au 13 juillet 2012 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.
Marc Loesch
<i>Notairei>
Référence de publication: 2012089950/11.
(120127016) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
Déco-Carrelages S.à r.l., Société à responsabilité limitée.
Siège social: L-4170 Esch-sur-Alzette, 26-28, boulevard J.F. Kennedy.
R.C.S. Luxembourg B 97.453.
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.
Signature.
Référence de publication: 2012089903/10.
(120126653) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
Di Egidio International S.A., Société Anonyme.
Siège social: L-3225 Bettembourg, route de Dudelange, Z.I. Scheleck II.
R.C.S. Luxembourg B 80.177.
Les comptes annuels au 31 décembre 2011 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.
<i>Pour DI EGIDIO INTERNATIONAL S.A.i>
Référence de publication: 2012089904/10.
(120126804) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
DMC Finance S.à r.l., Société à responsabilité limitée.
Siège social: L-5365 Munsbach, 6C, rue Gabriel Lippmann.
R.C.S. Luxembourg B 163.124.
Les comptes annuels au 31 décembre 2011 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: 2012089906/10.
(120127537) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
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DSA S.à r.l., Société à responsabilité limitée.
Siège social: L-5637 Mondorf-les-Bains, 2, rue Saint Michel.
R.C.S. Luxembourg B 80.178.
Le bilan au 31 décembre 2009 a été déposé au registre de commerce et des sociétés de Luxembourg.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Luxembourg, le 23 juillet 2012.
Référence de publication: 2012089907/10.
(120126839) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
EP Services, Société Anonyme.
Siège social: L-2430 Luxembourg, 18-20, rue Michel Rodange.
R.C.S. Luxembourg B 135.999.
Le bilan au 31.12.2011 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 23 juillet 2012.
Pour ordre
EUROPE FIDUCIAIRE (Luxembourg) S.A.
Boîte Postale 1307
L – 1013 Luxembourg
Référence de publication: 2012089945/14.
(120126899) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
EAL, Electricity Application Luxembourg, Société Anonyme.
Siège social: L-3895 Foetz, 10, rue de l'Avenir.
R.C.S. Luxembourg B 149.086.
Le Bilan au 31 décembre 2011 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.
Référence de publication: 2012089910/9.
(120127432) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
Encore Plus Lombardia S.à r.l., Société à responsabilité limitée.
Capital social: EUR 207.500,00.
Siège social: L-1249 Luxembourg, 2, rue du Fort Bourbon.
R.C.S. Luxembourg B 128.971.
Le bilan au 31 Décembre 2011 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 23 Juillet 2012.
Référence de publication: 2012089913/10.
(120127060) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
Encore Plus Lux Co Boétie II S.à r.l., Société à responsabilité limitée.
Capital social: EUR 161.800,00.
Siège social: L-1249 Luxembourg, 2, rue du Fort Bourbon.
R.C.S. Luxembourg B 120.173.
Le bilan au 31 Décembre 2011 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 23 Juillet 2012.
Référence de publication: 2012089914/10.
(120127057) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
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European Real Estate Financing Company S.A., Société Anonyme.
Siège social: L-1331 Luxembourg, 65, boulevard Grande-Duchesse Charlotte.
R.C.S. Luxembourg B 85.670.
Les comptes annuels au 31 décembre 2011 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.
<i>Pour EUROPEAN REAL ESTATE FINANCING COMPANY S.A.
i>Intertrust (Luxembourg) S.A.
Référence de publication: 2012089962/11.
(120127249) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
Encore Plus Lux Co Diamants II S.à r.l., Société à responsabilité limitée.
Capital social: EUR 322.400,00.
Siège social: L-1249 Luxembourg, 2, rue du Fort Bourbon.
R.C.S. Luxembourg B 129.645.
Le bilan au 31 Décembre 2011 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 23 Juillet 2012.
Référence de publication: 2012089915/10.
(120127061) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
Encore Plus Lux Co Franklin II S.à r.l., Société à responsabilité limitée.
Capital social: EUR 290.900,00.
Siège social: L-1249 Luxembourg, 2, rue du Fort Bourbon.
R.C.S. Luxembourg B 131.623.
Le bilan au 31 Décembre 2011 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 23 Juillet 2012.
Référence de publication: 2012089916/10.
(120127056) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
Encore Plus Lux Co Ile de la Jatte II S.à r.l., Société à responsabilité limitée.
Capital social: EUR 63.550,00.
Siège social: L-1249 Luxembourg, 2, rue du Fort Bourbon.
R.C.S. Luxembourg B 129.644.
Le bilan au 31 Décembre 2011 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 23 Juillet 2012.
Référence de publication: 2012089917/10.
(120127055) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
Encore Plus Lux Co Metzanine II S.à r.l., Société à responsabilité limitée.
Capital social: EUR 126.700,00.
Siège social: L-1249 Luxembourg, 2, rue du Fort Bourbon.
R.C.S. Luxembourg B 131.606.
Le bilan au 31 Décembre 2011 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 23 Juillet 2012.
Référence de publication: 2012089918/10.
(120127059) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
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FHL, Société Anonyme.
Siège social: L-1720 Luxembourg, 8, rue Heinrich Heine.
R.C.S. Luxembourg B 105.696.
Les comptes annuels au 31 décembre 2011, ainsi que les autres documents et informations qui s'y rapportent, 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 2 juillet 2012.
<i>Pour FHL
i>Luc VERELST / Nelly BOETS / Bart VERHAEGHE / Lyn VERELST
<i>Director and Chairman of the Board / Director / Director / Directori>
Référence de publication: 2012089980/14.
(120126851) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
Polunin Funds, Société Anonyme sous la forme d'une SICAV - Fonds d'Investissement Spécialisé,
(anc. POLUNIN Emerging Markets Strategy Funds).
Siège social: L-2520 Luxembourg, 5, allée Scheffer.
R.C.S. Luxembourg B 131.312.
In the year two thousand and twelve, on the fifteenth day of June.
Before Maître Paul Decker, notary residing in Luxembourg, Grand Duchy of Luxembourg.
Was held an extraordinary general meeting of the shareholders of “POLUNIN Emerging Markets Strategy Funds”, a
specialised investment fund with registered office at 5, allée Scheffer, L-2520 Luxembourg, Grand Duchy of Luxembourg
(the “Company”), incorporated following a deed of Maître Martine SCHAEFFER, notary residing at Luxembourg, acting
in replacement of Maître Henri HELLINCKX, notary residing in Luxembourg, Grand Duchy of Luxembourg, dated 30
August 2007, published in the Mémorial C, Recueil des Sociétés et Associations, dated 1
st
October 2007 number 2150
and registered with the Luxembourg Register of Commerce and Companies under number B 131.312.
The meeting is declared open at 16.00 p.m. with Mr Matthieu BARO, employee, residing professionally in Luxembourg,
in the chair,
who appointed as secretary Mrs Alexandra SCHMITT, employee, residing professionally in Luxembourg.
The meeting elected as scrutineer Mrs DANIELLA GOUMDISS, employee, residing professionally in Luxembourg.
The board of the meeting having thus been constituted, the chairman declared and requested the notary to state:
I.- That the agenda of the meeting is the following:
<i>Agenda:i>
1. Conversion of the Company from a specialized investment fund subject to the act of 13 February 2007 on specialized
investment funds, as amended into an investment company with variable capital subject to Part I of the law dated 17
December 2010 relating to undertakings for collective investment which will be effective as of the date of the present
deed.
2. Amendment of new article 4 (Corporate Object) of the Articles of incorporation of the Company (the Articles) so
as to read as follows:
“The exclusive purpose of the Company is to invest the assets of the Company in transferable securities and other
assets permitted by law in accordance with the principle of risk diversification, within the limits of the investment policies
and restrictions determined by the Board pursuant to article 19 hereof, and with the objective of paying out to Share-
holders the profits resulting from the management of the assets of the Company, either through distributions or through
accumulation of income in the Company.
The Company may take any measures and execute any transactions that it considers expedient with regard to the
fulfillment and implementation of the object of the Company to the full extent permitted by Part I of the act dated 17
December 2010 concerning undertakings for collective investment and laws in relation thereto (the 2010 Act).”
3. Restatement of the Articles.
4. Appointment of the members of the board of directors of the Company.
5. Change of name of the Company into “Polunin Funds” and amends Article 1 of Articles of incorporation.
6. Miscellaneous.
II. The shareholders present and represented and the number of shares held by each of them are shown on the
attendance list signed by the shareholders present, by the proxies of the shareholders represented and by the members
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of the bureau. The said list and proxies initialled “ne variatur” by the members of the bureau will be annexed to this
document, to be registered with this deed.
III. This meeting has been convened by notices containing the agenda sent to each of the shareholders registered in
the shareholders' register on May 15
th
2012 and published in the Memorial C, Reccueil des Associations et des Sociétés
and in d'Wort on May 18
th
, 2012 and June 1
st
2012.
IV. It appears from the attendance list that out of one hundred forty eight thousand one hundred ninety five coma one
thousand two hundred twenty three (148,195.1223) shares in issue, fifty four thousand five hundred forty three coma
zero nine hundred forty three (54,543.0943) Shares are duly represented at this meeting. In consideration of the agenda
and of the provisions of Article 67 and 67-1 of the law on commercial companies, the meeting, having been reconvened,
is validly constituted and therefore entitled to decide on the items of the agenda.
V. The bureau of the meeting having thus been constituted, the Chairman declared and requested the notary to state
that:
<i>First resolutioni>
The general meeting transformed the Company subject to the Law of February 13
th
, 2007 as amended by an invest-
ment company with variable capital authorized under Part I of the Law of December 17
th
, 2010 on undertakings for
collective investment (Law 2010) and updated General Articles of incorporation (the “Articles”), with effect from the
present deed.
By this transformation immediate and effective of the Company in an investment company with variable capital au-
thorized, no new company is created, the investment company with variable capital is the continuation of the Company
as it existed until now, with the same legal personality, and without any change to intervene in both the asset and the
liability of this company.
<i>Second resolutioni>
The general meeting change the corporate purpose and therefore amends article 4 of Articles of incorporation as
follows:
“ Art. 4. Corporate object. The exclusive purpose of the Company is to invest the assets of the Company in transferable
securities and other assets permitted by law in accordance with the principle of risk diversification, within the limits of
the investment policies and restrictions determined by the Board pursuant to article 19 hereof, and with the objective
of paying out to Shareholders the profits resulting from the management of the assets of the Company, either through
distributions or through accumulation of income in the Company.
The Company may take any measures and execute any transactions that it considers expedient with regard to the
fulfillment and implementation of the object of the Company to the full extent permitted by Part I of the act dated 17
December 2010 concerning undertakings for collective investment and laws in relation thereto (the 2010 Act).”
<i>Third resolutioni>
Following the above resolutions, the general meeting decided to restate the Articles of the Company as follows:
“ Art. 1. Name. There is hereby formed among the subscribers, and all other persons who will become owners of the
shares hereafter created, an investment company with variable capital (société d'investissement à capital variable) in the
form of a public limited liability company (société anonyme) under the name “Polunin Funds” (the Company).
Any reference to shareholders of the Company (Shareholders) in the articles of incorporation of the Company (the
Articles) will be a reference to 1 (one) Shareholder as long as the Company will have 1 (one) Shareholder.
Art. 2. Registered Office. The registered office of the Company is established in Luxembourg-City, Grand Duchy of
Luxembourg. It may be transferred to any other place within the Grand Duchy of Luxembourg by a resolution of the
general meeting of Shareholders of the Company (the General Meeting) deliberating in the manner provided for amend-
ments to the Articles or by the board of directors of the company (the Board) if and to the extent permitted by law. It
may be transferred within the boundaries of the municipality by a resolution of the Board.
The Board will further have the right to set up offices, administrative centres and agencies wherever it will deem fit,
either within or outside of the Grand Duchy of Luxembourg.
If extraordinary events of political, economic or social nature, likely to impair the normal activity at the registered
office or the easy communication between that office and foreign countries, will occur or will be imminent, the registered
office may be provisionally transferred abroad until such time as circumstances have completely returned to normal. Such
a transfer will have no effect on the nationality of the Company, which will remain a Luxembourg company. The declaration
of the provisional transfer abroad of the registered office will be made and brought to the attention of third parties by
the officer of the Company best placed to do so in the circumstances.
Art. 3. Duration. The Company is established for an unlimited duration.
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Art. 4. Object of the Company. The exclusive purpose of the Company is to invest the assets of the Company in
transferable securities and other assets permitted by law in accordance with the principle of risk diversification, within
the limits of the investment policies and restrictions determined by the Board pursuant to article 19 hereof, and with the
objective of paying out to Shareholders the profits resulting from the management of the assets of the Company, either
through distributions or through accumulation of income in the Company.
The Company may take any measures and execute any transactions that it considers expedient with regard to the
fulfilment and implementation of the object of the Company to the full extent permitted by Part I of the act dated 17
December 2010 concerning undertakings for collective investment as well as laws in relation thereto (the 2010 Act).
Art. 5. Share Capital, Share Classes. The capital of the Company will at all times be equal to the total net assets of the
Company and will be represented by fully paid-up shares of no par value.
The minimum capital, as provided by law, is fixed at EUR 1,250,000 (one million two hundred and fifty thousand euro)
to be reached within a period of six months as from the authorisation of the Company by the Luxembourg supervisory
authority, being provided that shares of a Target Sub-fund held by a investing Sub-fund (as defined in article 0 below) will
not be taken into account for the purpose of the calculation of the EUR1,250,000 minimum capital requirement. Upon
the decision of the Board, the shares issued in accordance with these Articles may be of more than one share class. The
proceeds from the issue of shares of a share class, less a sales commission (sales charge) (if any), are invested in transferable
securities of all types and other legally permissible assets in accordance with the investment policy as set forth by the
Board and taking into account investment restrictions imposed by law.
The initial capital is EUR 31,000 (thirty one thousand Euros) divided into 31 (thirty one) shares of no par value.
The Company has an umbrella structure, each compartment corresponding to a distinct part of the assets and liabilities
of the Company (a Sub-fund) as defined in article 181 of the 2010 Act, and that is formed for one or more share classes
of the type described in these Articles. Each Sub-fund will be invested in accordance with the investment objective and
policy applicable to that Sub-fund. The investment objective, policy (including, as the case may be, acting as a feeder Sub-
fund or master Sub-fund), as well as the risk profile and other specific features of each Sub-fund are set forth in the
prospectus of the Company (the Prospectus). Each Sub-fund may have its own funding, share classes, investment policy,
capital gains, expenses and losses, distribution policy or other specific features.
Within a Sub-fund, the Board may, at any time, decide to issue one or more share classes the assets of which will be
commonly invested but subject to different fee structures, distribution, marketing targets, currency or other specific
features, including special rights. A separate net asset value per share, which may differ as a consequence of these variable
factors, will be calculated for each share class.
The Company may create additional share classes whose features may differ from the existing share classes and ad-
ditional Sub-funds whose investment objectives may differ from those of the Sub-funds then existing. Upon creation of
new Sub-funds or share classes, the Prospectus will be updated, if necessary.
The Company is one single legal entity. However, the rights of the Shareholders and creditors relating to a Sub-fund
or arising from the setting-up, operation and liquidation of a Sub-fund are limited to the assets of that Sub-fund. The assets
of a Sub-fund are exclusively dedicated to the satisfaction of the rights of the Shareholder relating to that Sub-fund and
the rights of those creditors whose claims have arisen in connection with the setting-up, operation and liquidation of that
Sub-fund, and there will be no cross liability between Sub-funds, in derogation of article 2093 of the Luxembourg Civil
Code.
The Board may create each Sub-fund for an unlimited or limited period of time; in the latter case, the Board may, at
the expiration of the initial period of time, extend the duration of that Sub-fund one or more times. At the expiration of
the duration of a Sub-fund, the Company will redeem all the shares in the share class(es) of shares of that Sub-fund, in
accordance with article 0 of these Articles, irrespective of the provisions of article 0 of these Articles. At each extension
of the duration of a Sub-fund, the registered Shareholders will be duly notified in writing, by a notice sent to their address
as recorded in the Company's register of Shareholders. The Company will inform the bearer Shareholders by a notice
published in newspapers to be determined by the Board, if these investors and their addresses are not known to the
Company. The Prospectus will indicate the duration of each Sub-fund and, if applicable, any extension of its duration.
For the purpose of determining the capital of the Company, the net assets attributable to each share class will, if not
already denominated in euro, be converted into euro. The capital of the Company equals the total of the net assets of
all the share classes.
Art. 6. Shares. Individual, collective and global certificates may be issued; no claim can be made on the issue of physical
securities. The Board determines whether the Company issues shares in bearer and/or in registered form. If bearer share
certificates are issued, they will be issued in such denominations as the Board prescribes, and they may be imprinted with
a notice that they may not be transferred to any Restricted Person (as defined in article 0 below) or entity established
by or for a Restricted Person. The applicability of the regulations of article 0 does not, however, depend on whether
certificates are imprinted with such a notice.
All registered shares issued by the Company are entered in the register of Shareholders, which is kept by the Company
or by one or more persons designated by the Company. This register contains the names of the owners of registered
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shares, their permanent residence or elected domicile as indicated to the Company, and the number of registered shares
held by them.
The entry of the Shareholder's name in the register of Shareholders evidences the Shareholder's right of ownership
to such registered shares. The Company decides whether a certificate for such entry is delivered to the Shareholder or
whether the Shareholder receives a written confirmation of its shareholding.
If bearer shares are issued, registered shares may be converted into bearer shares and bearer shares may be converted
into registered shares at the request of the Shareholder. An exchange of registered shares into bearer shares will be
effected by cancellation of the registered share certificates, if any, after confirming that the transferee is not a Restricted
Person and by issuance of one or more bearer share certificates to replace the cancelled registered share certificates.
An entry will be made in the register of Shareholders to evidence such cancellation. An exchange of bearer shares into
registered shares will be effected by cancellation of the bearer share certificates, and, if applicable, by issuance of registered
share certificates in lieu thereof. An entry will be made in the register of Shareholders to evidence such issuance. At the
discretion 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 are converted into bearer shares, the Company
may require evidence, satisfactory to the Board, that such issuance or exchange will not result in such shares being held
by a Restricted Person.
The share certificates will be signed by two members of the Board. The signatures may be handwritten, printed or in
the form of a facsimile. One of these signatures may be made by a person duly authorised to do so by the Board; in this
case, it must be handwritten. The Company may issue temporary share certificates in such form as the Board may
determine.
If bearer shares are issued, the transfer of bearer shares will be effected by delivery of the corresponding share
certificates. The transfer of registered shares is effected:
if share certificates have been issued, by delivery of the certificate or certificates representing these shares to the
Company along with other instruments of transfer satisfactory to the Company, and
if no share certificates have been issued, by a written declaration of transfer to be entered in the register of Share-
holders, dated and signed by the transferor and transferee, or by persons holding suitable powers of attorney to act on
their behalf. Any transfer of registered shares will be entered in the register of Shareholders. This entry will be signed by
one or more members of the Board or by one or more other persons duly authorised to do so by the Board.
Shareholders entitled to receive registered shares must provide the Company with an address to which all notices
and announcements may be sent. This address will also be entered into the register of Shareholders.
In the event that a Shareholder does not provide an address, the Company may have a notice to this effect entered
into the register of Shareholders. The Shareholder's address will be deemed to be at the registered office of the Company
or at such other address as may be determined by the Company from time to time, until another address is provided to
the Company by that Shareholder. A Shareholder may, at any time, change the address entered in the register of Share-
holders by means of a written notification to the registered office of the Company or to such other address as may be
determined by the Company from time to time.
Damaged share certificates may be cancelled by the Company and replaced by new certificates.
If a Shareholder can prove to the satisfaction of the Company that his share certificate has been lost, damaged or
destroyed, then, at the Shareholder's request, a duplicate share certificate may be issued under such conditions and
guarantees as the Company may determine, including but not restricted to a bond issued by an insurance company. With
the issuance of the new share certificate, which will be marked as a duplicate, the original share certificate being replaced
will become void.
The Company may, at its discretion, charge the costs of a duplicate or of a new share certificate and all reasonable
expenses incurred by the Company in connection with the issue and registration thereof or in connection with the
cancellation of the original share certificate, to the Shareholder.
The Company recognises only one owner per share. If one or more shares are jointly owned or if the ownership of
a share or shares is disputed, all persons claiming a right to those shares will appoint one owner to represent those shares
towards the Company. The failure to appoint such an attorney results in the suspension of the exercise of all rights
attached to such shares.
The Company may decide to issue fractional shares. Such fractional shares do not carry voting rights, except where
their number is so that they represent a whole share, but are entitled to participate in the net assets attributable to the
relevant share class on a pro rata basis. Certificates for bearer shares will only be issued for whole shares.
Art. 7. Issue of Shares. The Board is authorised, without limitation, to issue an unlimited number of fully paid up shares
at any time without reserving a preferential right to subscribe for the shares to be issued for the existing Shareholders.
The Board may impose restrictions on the frequency at which shares of a certain share class are issued; the Board
may, in particular, decide that shares of a particular share class will only be issued during one or more offering periods
or at such other intervals as provided for in the Prospectus.
Shares in Sub-funds will be issued at the subscription price. The subscription price for shares of a particular share class
of a Sub-fund corresponds to the net asset value per share of the respective share class (see articles 0 and 0, the Net
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Asset Value), adjusted as the case may be in accordance with article 0, plus any subscription fee, if applicable. Additional
fees may be incurred if distributors and paying agents are involved in a transaction. The relevant subscription price may
be rounded up or down to the nearest unit of the currency in which it is to be paid, as determined by the Board.
A process determined by the Board and described in the Prospectus will govern the chronology of the issue of shares
in a Sub-fund.
The subscription price is payable within a period determined by the Board, which may not exceed 3 (three) business
days from the relevant transaction day, determined as every such day on which the Net Asset Value per share for a given
share class or Sub-fund is calculated (the Transaction Day).
The Board may confer the authority upon any of its members, any managing director, officer or other duly authorised
representative to accept subscription applications, to receive payments for newly issued shares and to deliver these shares.
The Company may agree to issue shares as consideration for a contribution in kind of assets, in accordance with
Luxembourg law, in particular in accordance with the obligation to deliver a valuation report from the auditor (réviseur
d'entreprises agréé) of the Company, and provided that such assets are in accordance with the investment objectives and
policies of the relevant Sub-fund. All costs related to the contribution in kind are borne by the Shareholder acquiring
shares in this manner.
Applications for subscription are irrevocable, except - for the duration of such suspension - when the calculation of
the Net Asset Value has been suspended in accordance with article 0 of these Articles.
Art. 8. Redemption of Shares. Any Shareholder may request redemption of all or part of his shares from the Company,
pursuant to the conditions and procedures set forth by the Board in the Prospectus and within the limits provided by
law and these Articles.
Subject to the provisions of article 0 of these Articles, the redemption price per share will be paid within a period
determined by the Board which may not, in principle, exceed 5 (five) business days from the relevant Transaction Day,
as determined in accordance with the current policy of the Board, provided that any share certificates issued and any
other transfer documents have been received by the Company.
The redemption price per share for shares of a particular share class of a Sub-fund corresponds to the Net Asset Value
per share of the respective share class adjusted as the case may be in accordance with article 0, less any redemption fee,
if applicable. Additional fees may be incurred if distributors and paying agents are involved in a transaction. The relevant
redemption price may be rounded up or down to the nearest unit of the currency in which it is to be paid, as determined
by the Board.
A process determined by the Board and described in the Prospectus will govern the chronology of the redemption of
shares in a Sub-fund.
If as a result of a redemption application, the number or the value of the shares held by any Shareholder in any share
class falls below the minimum number or value that is then determined by the Board in the Prospectus, the Company
may decide to treat such an application as an application for redemption of all of that Shareholder's shares in the given
share class.
If, in addition, on a Transaction Day or at some time during a Transaction Day, redemption applications as defined in
this article and conversion applications as defined in article 0 of these Articles exceed a certain level set by the Board in
relation to the shares of a given share class, the Board may resolve to reduce proportionally part or all of the redemption
and conversion applications for a certain time period and in the manner deemed necessary by the Board, in the best
interest of the Company. The portion of the non-proceeded redemptions will then be proceeded by priority on the
Transaction Day following this period, these redemption and conversion applications will be given priority and dealt with
ahead of other applications (but subject always to the foregoing limit).
The Company may satisfy payment of the redemption price owed to any Shareholder, subject to such conditions set
out in the Prospectus, in specie by allocating assets to the Shareholder from the portfolio set up in connection with the
share class(es) equal in value to the value of the shares to be redeemed (calculated in the manner described in article 0)
as of the Transaction Day or the time of valuation when the redemption price is calculated if the Company determines
that such a transaction would not be detrimental to the best interests of the remaining Shareholders of the relevant Sub-
fund. 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 in the given share class or share classes, as the case may be.
The valuation used will be confirmed by a special report of the auditor of the Company. The costs of any such transfers
are borne by the transferee.
All redeemed shares may be cancelled.
All applications for redemption of shares are irrevocable, except - in each case for the duration of the suspension - in
accordance with article 0 of these Articles, when the calculation of the Net Asset Value has been suspended or when
redemption has been suspended as provided for in this article.
The Company may redeem Shares of any Shareholder if the Board or the Management Company, whether on its own
initiative or at the initiative of a distributor, determines that:
- any of the representations given by the Shareholder to the Company or the Management Company were not true
and accurate or have ceased to be true and accurate; or
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- the Shareholder is not or ceases to be an eligible investor; or
- that the continuing ownership of Shares by the Shareholder would cause an undue risk of adverse tax consequences
to the Company or any of its Shareholders; or
- the continuing ownership of Shares by such Shareholder may be prejudicial to the Company or any of its Shareholders;
or
- further to the satisfaction of a redemption request received by a Shareholder, the number or aggregate amount of
Shares of the relevant class of shares held by this Shareholder is less than a minimum holding amount defined in the
Prospectus.
Art. 9. Conversion of Shares. A Shareholder may convert shares of a particular share class of a Sub-fund held in whole
or in part into shares of the corresponding share class of another Sub-fund; conversions from shares of one share class
of a Sub-fund to shares of another share class of either the same or a different Sub-fund are also permitted, except
otherwise decided by the Board.
The Board may make the conversion of shares dependent upon additional conditions.
A conversion application will be considered as an application to redeem the shares held by the Shareholder and as an
application for the simultaneous acquisition (issue) of the shares to be acquired. The conversion ratio will be calculated
on the basis of the Net Asset Value per share of the respective share class; a conversion fee may be incurred. Additional
fees may be incurred if distributors and paying agents are involved in a transaction. The prices of the conversion may be
rounded up or down to the nearest unit of the currency in which they are to be paid, as determined by the Board. The
Board may determine that balances of less than a reasonable amount to be set by the Board, resulting from conversions
will not be paid out to Shareholders.
As a rule, both the redemption and the acquisition parts of the conversion application should be calculated on the
basis of the values prevailing on one and the same Transaction Day. If there are different order acceptance deadlines for
the Sub-funds in question, the calculation may deviate from this, in particular depending on the sales channel. In particular
either:
the sales part may be calculated in accordance with the general rules on the redemption of shares (which may be older
than the general rules on the issue of shares), while the purchase part would be calculated in accordance with the general
(newer) rules on the issue of shares; or
the sales part is not calculated until a time later in relation to the general rules on share redemption together with the
purchase part calculated in accordance with the newer (in relation to the sales part) rules on the issue of shares.
Conversions may only be effected if, at the time, both the redemption of the shares to be converted and the issue of
the shares to be acquired are simultaneously possible; there will be no partial execution of the application unless the
possibility of issuing the shares to be acquired ceases after the shares to be converted have been redeemed.
All applications for the conversion of shares are irrevocable, except - in each case for the duration of the suspension
- in accordance with article 0 of these Articles, when the calculation of the Net Asset Value of the shares to be redeemed
has been suspended or when redemption of the shares to be redeemed has been suspended as provided for in article 0.
If the calculation of the Net Asset Value of the shares to be acquired is suspended after the shares to be converted have
already been redeemed, only the acquisition part of the conversion application can be revoked during this suspension.
If, in addition, on a Transaction Day or at some time during a Transaction Day redemption applications as defined in
article 0 of these Articles and conversion applications as defined in this article exceed a certain level set by the Board in
relation to the shares issued in the share class, the Board may resolve to reduce proportionally part or all of the re-
demption and conversion applications for a certain period of time and in the manner deemed necessary by the Board, in
the best interest of the Company. The portion of the non-proceeded redemptions will then be proceeded by priority on
the Transaction Day following this period, these redemption and conversion applications will be given priority and dealt
with ahead of other applications (but subject always to the foregoing limit).
If as a result of a conversion application, the number or the value of the shares held by any Shareholder in any share
class falls below the minimum number or value that is then - if the rights provided for in this sentence are to be applicable
- determined by the Board in the Prospectus, the Company may decide to treat the purchase part of the conversion
application as a request for redemption for all of the Shareholder's shares in the given share class; the acquisition part of
the conversion application remains unaffected by any additional redemption of shares.
Shares that are converted to shares of another share class will be cancelled.
Art. 10. Restrictions on Ownership of Shares. The Company may restrict or prevent the ownership of shares in the
Company by any individual or legal entity,
- if in the opinion of the Company such holding may be detrimental to the Company;
- if it may result in a breach of any law or regulation, whether Luxembourg law or other law; or
- if as a result thereof the Company may become exposed to tax disadvantages or other financial disadvantages that
it would not have otherwise incurred (such individual or legal entities are to be determined by the Board and are defined
herein as Restricted Persons).
For such purposes the Company may:
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- decline to issue any shares and decline to register any transfer of shares, where such registration or transfer would
result in legal or beneficial ownership of such shares by a Restricted Person; and
- at any time require any person whose name is entered in the register of Shareholders or who seeks to register the
transfer of shares in the register of Shareholders to furnish the Company 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 with a Restricted Person, or whether such registration will result in beneficial ownership of such shares by
a Restricted Person; and
- decline to accept the vote of any Restricted Person at the General Meeting; and instruct a Shareholder to sell his
shares and to demonstrate to the Company that this sale was made within 10 (ten) business days of the sending of the
relevant notice if the Company determines that a Restricted Person is the sole beneficial owner or is the beneficial owner
together with other persons.
If the investor does not comply with the notice, the Company may, in accordance with the procedure described below,
compulsorily redeem all shares held by such a Shareholder or have this redemption carried out:
The Company provides a second notice (Purchase Notice) to the investor or the owner of the shares to be redeemed,
in accordance with the entry in the register of Shareholders; this Purchase Notice designates the shares to be redeemed,
the procedure under which the redemption price is calculated and the name of the acquirer.
Such Purchase Notice will be sent by registered mail to the last known address or to the address listed in the Company's
books. This Purchase Notice obliges the investor in question to send the share certificate or share certificates that
represent the shares to the Company in accordance with the information in the Purchase Notice.
Immediately upon close of business on the date designated in the Purchase Notice, the Shareholder's ownership of
the shares which are designated in the Purchase Notice ends. For registered shares, the name of the Shareholder is
deleted from the register of Shareholders; for bearer shares, the certificate or certificates that represent the shares are
cancelled.
The price at which these shares are acquired (Sales Price) corresponds to an amount determined on the basis of the
share value of the corresponding share class on a Transaction Day, or at some time during a Transaction Day, as deter-
mined by the Board, less any redemption fees incurred, if applicable. The purchase price is, less any redemption fees
incurred, if applicable, the lesser of the share value calculated before the date of the Purchase Notice and the share value
calculated on the day immediately following submission of the share certificate(s).
The purchase price will be made available to the previous owner of these shares in the currency determined by the
Board for the payment of the redemption price of the corresponding share class and deposited by the Company at a bank
in Luxembourg or elsewhere (corresponding to the information in the Purchase Notice) after the final determination of
the purchase price following the return of the share certificate(s) as designated in the Purchase Notice and their corres-
ponding coupons that are not yet due. After the Purchase Notice has been provided and in accordance with the procedure
outlined above, the previous owner no longer has any claim related to all or any of these shares and the previous owner
also has no further claim against the Company or the Company's assets in connection with these shares, with the exception
of the right to receive payment of the purchase price without interest from the named bank after actual delivery of the
share certificate(s). All income from redemptions to which Shareholders are entitled in accordance with the provisions
of this paragraph may no longer be claimed and is forfeited as regards the respective share class(es) unless such income
is claimed within a period of five years after the date indicated in the Purchase Notice. The Board is authorised to take
all necessary steps to return these amounts and to authorise the implementation of corresponding measures for the
Company.
The exercise of the powers by the Company in accordance with this article may in no way be called into question or
declared invalid on the grounds that the ownership of shares was not sufficiently proven or that the actual ownership of
shares did not correspond to the assumptions made by the Company on the date of the Purchase Notice, provided that
the Company exercised the above-named powers in good faith. Restricted Persons as defined in these Articles are neither
persons who subscribe shares for the duration of their shareholding in connection with the formation of the Company
nor securities dealers who subscribe shares in the Company for distribution.
Art. 11. Restrictions on Transfer. All transfers of Shares will be effected by a transfer in writing in any usual or common
form or any other form approved by the Company and every form of transfer will state the full name and address of the
transferor and the transferee. The instrument of transfer of a Share will be signed by or on behalf of the transferor. The
transferor will be deemed to remain the holder of the Share until the name of the transferee is entered on the Share
register in respect thereof. The Company may decline to register any transfer of Share if, in consequence of such transfer,
the value of the holding of the transferor or transferee does not meet the minimum subscription or holding levels of the
relevant class of shares or Sub-fund as set out in the Prospectus. The registration of transfer may be suspended at such
times and for such periods as the Company may from time to time determine, provided, however, that such registration
will not be suspended for more than five (5) days in any calendar year. The Company may decline to register any transfer
of Shares unless the original instruments of transfer, and such other documents that the Company may require are
deposited at the registered office of the Company or at such other place as the Company may reasonably require, together
with such other evidence as the Company may reasonably require to show the right of the transferor to make the transfer
and to verify the identity of the transferee. Such evidence may include a declaration as to whether the proposed transferee
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(i) is a US Person or acting for or on behalf of a US Person, (ii) is a Restricted Person or acting for or on behalf of a
Restricted Person or (iii) does qualify as Institutional Investor.
The Company may decline to register a transfer of Shares:
- if in the opinion of the Company, the transfer will be unlawful or will result or be likely to result in any adverse
regulatory, tax or fiscal consequences to the Company or its Shareholders; or
- if the transferee is a US person or is acting for or on behalf of a US person; or
- if the transferee is a Restricted Person or is acting for or on behalf of a Restricted Person; or
- in relation to classes of shares reserved for subscription by institutional investors, if the transferee is not an institu-
tional investor; or
- in circumstances as set out in the Prospectus; or
- if in the opinion of the Company, the transfer of the Shares would lead to the Shares being registered in a depositary
or clearing system in which the Shares could be further transferred otherwise than in accordance with the terms of the
Prospectus or these Articles.
Art. 12. Calculation of Net Asset Value per Share. The Company, each Sub-fund and each share class in a Sub-fund
have a Net Asset Value determined in accordance with these Articles. The reference currency of the Company is the US
dollar. The Net Asset Value of each Sub-fund will be calculated in the reference currency of the Sub-fund or share class,
as it is stipulated in the relevant special section of the Prospectus, and will be determined by the administrative agent on
each NAV Calculation Day as stipulated in the relevant special section of the Prospectus, by calculating the aggregate of:
(a) the value of all assets of the Company which are allocated to the relevant Sub-fund in accordance with the provisions
of these Articles; less
(b) all the liabilities of the Company which are allocated to the relevant Sub-fund in accordance with the provisions of
these Articles, and all fees attributable to the relevant Sub-fund, which fees have accrued but are unpaid on the relevant
Transaction Day.
The Net Asset Value per share will be calculated in the reference currency of the relevant Sub-fund and will be
calculated by the administrative agent as at the NAV Calculation Day of the relevant Sub-fund by dividing the Net Asset
Value of the relevant Sub-fund by the number of shares which are in issue on such Transaction Day in the relevant Sub-
fund (including shares in relation to which a Shareholder has requested redemption on such Transaction Day in relation
to such NAV Calculation Day).
If the Sub-fund has more than one share class in issue, the administrative agent will calculate the Net Asset Value for
each share class by dividing the portion of the Net Asset Value of the relevant Sub-fund attributable to a particular share
class by the number of shares of such share class in the relevant Sub-fund which are in issue on such Transaction Day
(including shares in relation to which a Shareholder has requested redemption on such Transaction Day in relation to
such NAV Calculation Day).
The Net Asset Value per Share may be rounded up or down to the nearest whole hundredth share of the currency
in which the Net Asset Value of the relevant Shares are calculated.
The assets of the Company will be deemed to include:
- all cash on hand or receivable or on deposit, including accrued interest;
- all bills and notes payable on demand and any amounts due (including the proceeds of securities sold but not yet
collected);
- all securities, shares, bonds, debentures, swaps, options or subscription rights and any other investments and secu-
rities belonging to the Company;
- all dividends and distributions due to the Company in cash or in kind to the extent known to the Company provided
that the Company may adjust the valuation for fluctuations in the market value of securities due to trading practices such
as trading ex-dividend or ex-rights;
- all accrued interest on any interest bearing securities held by the Company except to the extent that such interest
is comprised in the principal thereof;
- the preliminary expenses of the Company insofar as the same have not been written off; and
- all other permitted assets of any kind and nature including prepaid expenses.
The assets of the Company will be valued as follows:
Transferable securities or money market instruments quoted or traded on an official stock exchange or any other
regulated market, are valued on the basis of the last known price, and, if the securities or money market instruments are
listed on several stock exchanges or regulated markets, the last known price of the stock exchange which is the principal
market for the security or money market instrument in question, unless these prices are not representative.
For transferable securities or money market instruments not quoted or traded on an official stock exchange or any
other regulated market, and for quoted transferable securities or money market instruments, but for which the last known
price is not representative, valuation is based on the probable sales price estimated prudently and in good faith by the
Board.
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Units and shares issued by UCITS or other UCIs will be valued at their last available net asset value.
The liquidating value of forward or options contracts that are not traded on exchanges or on other regulated markets
will be determined pursuant to the policies established in good faith by the Board, on a basis consistently applied. The
liquidating value of futures or options contracts traded on exchanges or on other regulated markets will be based upon
the last available settlement prices of these contracts on exchanges and regulated markets on which the particular futures,
forward or options contracts are traded; provided that if a futures, forward or options contract could not be liquidated
on such business day with respect to which a Net Asset Value is being determined, then the basis for determining the
liquidating value of such contract will be such value as the Board may, in good faith and pursuant to verifiable valuation
procedures, deem fair and reasonable.
Liquid assets and money market instruments with a maturity of less than 12 months may be valued at nominal value
plus any accrued interest or using an amortised cost method (it being understood that the method which is more likely
to represent the fair market value will be retained). This amortised cost method may result in periods during which the
value deviates from the price the relevant Company would receive if it sold the investment. The Board may, from time
to time, assess this method of valuation and recommend changes, where necessary, to ensure that such assets will be
valued at their fair value as determined in good faith pursuant to procedures established by the Board. If the Board believes
that a deviation from the amortised cost per Share may result in material dilution or other unfair results to Shareholders,
the Board will take such corrective action, if any, as it deems appropriate, to eliminate or reduce, to the extent reasonably
practicable, the dilution or unfair results.
The swap transactions will be consistently valued based on a calculation of the net present value of their expected
cash flows. For certain Sub-funds using OTC derivatives as part of their main investment policy, the valuation method of
the OTC derivative will be further specified in the relevant Special Section.
Accrued interest on securities will be included if it is not reflected in the Share price.
Cash will be valued at nominal value, plus accrued interest.
All assets denominated in a currency other than the reference currency of the respective Sub-fund/class of share will
be converted at the mid-market conversion rate between the reference currency and the currency of denomination.
All other securities and other permissible assets as well as any of the above mentioned assets for which the valuation
in accordance with the above sub-paragraphs would not be possible or practicable, or would not be representative of
their probable realisation value, will be valued at probable realisation value, as determined with care and in good faith
pursuant to procedures established by the Company.
If on any Transaction Day the aggregate transactions in shares of all classes of a Sub-fund result in a net increase or
decrease of shares for that Sub-fund (relating to the cost of market dealing for that Sub-fund), the net asset value of the
relevant Sub-fund may be adjusted by an amount which reflects both the estimated fiscal charges and dealing costs that
may be incurred by the Sub-fund and the estimated bid/offer spread of the assets in which the Sub-fund invests in accor-
dance with the terms of the Prospectus.
The adjustment will be an addition when the net movement results in an increase of all shares of the Sub-fund and a
deduction when it results in a decrease.
The liabilities of the Company will be deemed to include:
- all borrowings, bills and other amounts due;
- all administrative expenses due or accrued including but not limited to the costs of its constitution and registration
with regulatory authorities, as well as legal, audit, management, custodial, paying agency and corporate and central ad-
ministration agency fees and expenses, the costs of legal publications, prospectuses, financial reports and other documents
made available to Shareholders, translation expenses and generally any other expenses arising from the administration of
the Company;
- all known liabilities, due or not yet due including all matured contractual obligations for payments of money or
property, including the amount of all dividends declared by the Company for which no coupons have been presented and
which therefore remain unpaid until the day these dividends revert to the Company by prescription;
- any appropriate amount set aside for taxes due on the date of the valuation and any other provisions of reserves
authorised and approved by the Board; and
- any other liabilities of the Company of whatever kind towards third parties.
The allocation of assets and liabilities of the Company between Sub-funds (and within each Sub-fund between the
different share classes) will be effected so that:
- the subscription price received by the Company on the issue of shares, and reductions in the value of the Company
as a consequence of the redemption of shares, will be attributed to the Sub-fund (and within that Sub-fund, the share
class) to which the relevant shares belong;
- assets acquired by the Company upon the investment of the subscription proceeds and income and capital appre-
ciation in relation to such investments which relate to a specific Sub-fund (and within a Sub-fund, to a specific share class)
will be attributed to such Sub-fund (or share class in the Sub-fund);
assets disposed of by the Company as a consequence of the redemption of shares and liabilities, expenses and capital
depreciation relating to investments made by the Company and other operations of the Company, which relate to a
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specific Sub-fund (and within a Sub-fund, to a specific share class) will be attributed to such Sub-fund (or share class in
the Sub-fund);
- where the use of foreign exchange transactions, instruments or financial techniques relates to a specific Sub-fund
(and within a Sub-fund, to a specific share class) the consequences of their use will be attributed to such Sub-fund (or
share class in the Sub-fund);
- where assets, income, capital appreciations, liabilities, expenses, capital depreciations or the use of foreign exchange
transactions, instruments or techniques relate to more than one Sub-fund (or within a Sub-fund, to more than one share
class), they will be attributed to such Sub-funds (or share classes, as the case may be) in proportion to the extent to
which they are attributable to each such Sub-fund (or each such share class);
- where assets, income, capital appreciations, liabilities, expenses, capital depreciations or the use of foreign exchange
transactions, instruments or techniques cannot be attributed to a particular Sub-fund they will be divided equally between
all Sub-funds or, in so far as is justified by the amounts, will be attributed in proportion to the relative Net Asset Value
of the Sub-funds (or share classes in the Sub-fund) if the Company, in its sole discretion, determines that this is the most
appropriate method of attribution;
- upon payment of dividends to the Shareholders of a Sub-fund (and within a Sub-fund, to a specific share class) the
net assets of this Sub-fund (or share class in the Sub-fund) are reduced by the amount of such dividend.
For the purpose of valuation under this article:
- shares of the relevant Sub-fund in respect of which the Board has issued a redemption notice or in respect of which
a redemption request has been received, will be treated as existing and taken into account on the relevant Transaction
Day, and from such time and until paid, the redemption price therefore will be deemed to be a liability of the Company;
- all investments, cash balances and other assets of any Sub-fund expressed in currencies other than the currency of
denomination in which the Net Asset Value of the relevant Sub-fund is calculated, will be valued after taking into account
the market rate or rates of exchange in force at the date and time for determination of the Net Asset Value of shares;
- effect will be given on any Transaction Day to any purchases or sales of securities contracted for by the Company
on such Transaction Day, to the extent practicable; and
- where the Board is of the view that any conversion or redemption which is to be effected will have the result of
requiring significant sales of assets in order to provide the required liquidity, the value may, at the discretion of the Board,
be effected at the actual bid prices of the underlying assets and not the last available prices. Similarly, should any sub-
scription or conversion of shares result in a significant purchase of assets in the Company, the valuation may be done at
the actual offer price of the underlying assets and not the last available price.
Art. 13. Frequency and Temporary Suspension of the Calculation of Share Value and of the Issue, Redemption and
Conversion of Shares. The Net Asset Value of shares issued by the Company will be determined with respect to the
shares relating to each Sub-fund by the Company as set forth in the Prospectus, but no instance less than twice monthly,
as the Board may decide.
The Company or the Management Company may at any time and from time to time suspend the determination of the
Net Asset Value of shares of any Sub-fund or share class, the issue of the shares of such Sub-fund or share class to
subscribers and the redemption of the shares of such Sub-fund or share class from its Shareholders as well as conversions
of shares of any share class in a Sub-fund:
- when one or more stock exchanges or markets, which provide the basis for valuing a substantial portion of the assets
of the Sub-fund or of the relevant share class, or when one or more foreign exchange markets in the currency in which
a substantial portion of the assets of the Sub-fund or of the relevant share class are denominated, are closed otherwise
than for ordinary holidays or if dealings therein are restricted or suspended;
- when, as a result of political, economic, military or monetary events or any circumstances outside the responsibility
and the control of the Board, disposal of the assets of the Sub-fund or of the relevant share class is not reasonably or
normally practicable without being seriously detrimental to the interests of the Shareholders;
- in the case of a breakdown in the normal means of communication used for the valuation of any investment of the
Sub-fund or of the relevant share class or if, for any reason beyond the responsibility of the Board, the value of any asset
of the Sub-fund or of the relevant share class may not be determined as rapidly and accurately as required;
- if, as a result of exchange restrictions or other restrictions affecting the transfer of funds, transactions on behalf of
the Company are rendered impracticable or if purchases and sales of the Sub-fund's assets cannot be effected at normal
rates of exchange; and
- when the Board so decides, provided that all Shareholders are treated on an equal footing and all relevant laws and
regulations are applied (i) upon publication of a notice convening a General Meeting of Shareholders of the Company or
of a Sub-fund for the purpose of deciding on the liquidation, dissolution, the merger or absorption of the Company or
the relevant Sub-fund and (ii) when the Board is empowered to decide on this matter, upon their decision to liquidate,
dissolve, merge or absorb the relevant Sub-fund;
- in case of the Company's liquidation or in the case a notice of termination has been issued in connection with the
liquidation of a Sub-fund or a class of shares;
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- where, in the opinion of the Board, circumstances which are beyond the control of the Board make it impracticable
or unfair vis-à-vis the Shareholders to continue trading the Shares.
Any such suspension may be notified by the Company or the Management Company in such manner as it may deem
appropriate to the persons likely to be affected thereby. The Company or Management Company will notify Shareholders
requesting redemption or conversion of their Shares of such suspension.
Such suspension as to any Sub-fund will have no effect on the calculation of the Net Asset Value per Share, the issue,
redemption and conversion of Shares of any other Sub-fund.
Any request for subscription, redemption and conversion will be irrevocable except in the event of a suspension of
the calculation of the Net Asset Value per Share in the relevant Sub-fund. Withdrawal of a subscription or of an application
for redemption or conversion will only be effective if written notification (by electronic mail, regular mail, courier or fax)
is received by the Administrative Agent before termination of the period of suspension, failing which subscription, re-
demption applications not withdrawn will be processed on the first Transaction Day following the end of the suspension
period, on the basis of the Net Asset Value per Share determined for such Transaction Day.
Art. 14. Board of Directors. The Board of Directors shall comprise at least three members, which shall be appointed
by the general meeting of shareholders and who do not need to be shareholders in the Investment Company.
The general meeting of shareholders may only appoint as a new member of the Board of Directors a person who has
not previously been a member of the Board of Directors if
a) this person has been put forward by the Board of Directors or
b) a shareholder who is fully entitled to vote at the general meeting of shareholders convened by the Board of Directors
informs the Chairman or if this is impossible another member of the Board of Directors - in writing not less than six and
not more than thirty days before the scheduled date of the general meeting of shareholders of his intention to put forward
a person other than himself for election or reconsideration, together with written confirmation from this person that he
wishes to be put forward for election; however the chairman of the general meeting of shareholders, under the condition
that he receives the unanimous consent of all shareholders present at the meeting, may declare the waiving of the re-
quirement for the aforementioned written notice and resolve that this nominated person should be put forward for
election.
The general meeting of shareholders shall determine the number of members in the Board of Directors, as well as
their term of office. A term of office may not exceed a period of six years. Members of the Board of Directors may be
re-elected.
If a member of the Board of Directors leaves his office before the expiry of his specified term of office, the remaining
members of the Board of Directors appointed by the general meeting of shareholders may determine a preliminary
successor before the following general meeting of shareholders. The successor determined in this way will complete the
term of office of his predecessor.
The members of the Board of Directors may be relieved of office at any time by the general meeting of shareholders.
Art. 15. Board Meetings. The Board will elect a chairman out of the list of Directors. It may further choose a secretary,
either director or not, who will be in charge of keeping the minutes of the meetings of the Board. The Board will meet
upon call by the chairman or any two directors, at the place indicated in the notice of meeting.
The chairman will preside at all General Meetings and all meetings of the Board. In his absence, the General Meeting
or, as the case may be, the Board will appoint another Director as chairman pro tempore by vote of the majority in
number present in person or by proxy at such meeting.
Meetings of the Board are convened by the chairman or by any other two members of the Board.
The directors will be convened separately to each meeting of the Board. Written notice of any meeting of the Board
will be given to all directors at least forty-eight (48) hours prior to the date set for such meeting, except in emergencies,
in which case the nature of the emergency will be set forth in the notice of meeting. This notice may be waived by consent
in writing, by telegram, telex, telefax or other similar means of communication. No separate invitation is necessary for
meetings whose date and location have been determined by a prior resolution of the Board.
The meeting will be duly held without prior notice if all the directors are present or duly represented.
The meetings are held at the place, the day and the hour specified in the convening notice.
Any director may act at any meeting of the Board by appointing in writing or by telefax or telegram or telex another
director as his proxy.
A director may represent more than one of his colleagues, under the condition however that at least two directors
are present at the meeting.
Any director may participate in any meeting of the Board by conference call or by other similar means of communication
allowing all the persons taking part in the meeting to hear and speak to one another. The participation in a meeting by
these means is equivalent to a participation in person at such meeting and is deemed to be held at the registered office
of the Company.
The Board can validly debate and take decisions only if the majority of its Directors is present or duly represented.
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All resolutions of the Board shall require a majority of the directors present or represented at the Board meeting, in
which the quorum requirements set forth in the present article are met. In case of a tied vote the chairman will not have
a casting vote. Resolutions signed by all directors shall be valid and binding in the same manner as if they were passed at
a meeting duly convened and held. Such signatures may appear on a single document or on multiple copies of an identical
resolution and may be evidenced by letter or telefax.
The decisions of the Board will be recorded in minutes to be inserted in a special register and signed by the chairman
or by any two other directors. Any proxies will remain attached thereto.
Copies or extracts of such minutes which may be produced in judicial proceedings or otherwise will be signed by the
chairman or by any two other directors.
No contract or other transaction between the Company and any other company, firm or other entity shall be affected
or invalidated by the fact that any one or more of the directors or officers of the Company have a personal interest in,
or are a director, associate, officer or employee of such other company, firm or other entity. Any director who is director
or officer or employee of any company, firm or other entity with which the Company shall contract or otherwise engage
in business shall not, merely by reason of such affiliation with such other company, firm or other entity be prevented
from considering and voting or acting upon any matters with respect to such contract or other business.
In the event that any director of the Company may have any personal and opposite interest in any transaction of the
Company, such director shall make known to the Board such personal and opposite interest and shall not consider or
vote upon any such transaction, and such transaction, and such director's interest therein, shall be reported to the next
following annual general meeting of the Shareholders of the Company.
The preceding paragraph does not apply to resolutions of the Board concerning transactions made in the ordinary
course of business of the Company which are entered into on arm's length terms.
If, a quorum of the Board cannot be reached due to a conflict of interest, resolutions passed by the required majority
of the other members of the Board present or represented at such meeting and voting will be deemed valid.
Art. 16. Powers of the Board of Directors. The Board is vested with the broadest powers to perform all acts of
disposition and administration within the Company's purpose, in compliance with the investment policy as determined
in article 0 of these Articles, to the extent that such powers are not expressly reserved by law or by these Articles to
the General Meeting.
All powers not expressly reserved by law or by these Articles to the General Meeting lie in the competence of the
Board.
Art. 17. Corporate Signature. Vis-à-vis third parties, the Company is validly bound by the joint signature two Directors
or by the joint or single signature of any person(s) to whom authority has been delegated by the Board.
Art. 18. Delegation of Powers. The Board may delegate its powers to conduct the daily management and affairs of the
Company and its powers to carry out acts in furtherance of the corporate policy and purpose, to members of the Board
or physical persons or corporate entities which need not be members of the Board, acting under the supervision of the
Board. The Board may also delegate certain of its powers, authorities and discretions to any committee, consisting of
such persons (whether a member of the Board or not) as it thinks fit, provided that the majority of the members of the
committee are members of the Board and that no meeting of the committee will be necessary for the purpose of exercising
any of its powers, authorities or discretions unless a majority of those persons present are members of the Board.
The Board may also confer special powers of attorney.
Art. 19. Indemnification. The Company may indemnify any director or officer, and his or her heirs, executors and
administrators against expenses reasonably incurred by him or her in connection with any action, suit or proceeding to
which he or she may be made a party by reason of his or her being or having been a director or officer of the Company
or, at its request, of any other company of which the Company is a shareholder or creditor and from which he or she is
not entitled to be indemnified, except in relation to matters as which he or she will be finally adjudged in such action, suit
or proceeding to be liable for gross negligence or wilful misconduct.
In the event of a settlement, indemnification will be provided only in connection with such matters covered by the
settlement as to which the Company is advised by counsel that the person to be indemnified did not commit such a
breach of duty. The foregoing right of indemnification will not exclude other rights to which he or she may be entitled.
Art. 20. Investment Policies and Restrictions. The Board is vested with the broadest powers to perform all acts of
administration and disposition in the Company's interest. All powers not expressly reserved by law or by these Articles
to the General Meeting may be exercised by the Board.
The Board has, in particular, the power to determine the corporate policy. The course of conduct of the management
and business affairs of the Company will fall under such investment restrictions as may be imposed by the 2010 Act or
be laid down in the laws and regulations of those countries where the shares are offered for sale to the public or as will
be adopted from time to time by resolutions of the Board and as will be described in any prospectus relating to the offer
of shares.
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In the determination and implementation of the investment policy the Board may cause the Company to comply with
the following general investment restrictions.
The management of the assets of the Sub-funds will be undertaken within the following investment restrictions. A Sub-
fund may be subject to different or additional investment restrictions set out in the relevant special section of the
Prospectus.
Eligible investments
The Company's investments may consist solely of:
- transferable securities and money market instruments admitted to official listing on a stock exchange in an European
Union (EU) Member State;
- transferable securities and money market instruments dealt in on another regulated market in an EU Member State;
- transferable securities and money market instruments admitted to official listing on a stock exchange or dealt in on
another market in any country of Western or Eastern Europe, Asia, Oceania, the American continents or Africa;
- new issues of transferable securities and money market instruments, provided that:
- the terms of issue include an undertaking that application will be made for admission to official listing on any stock
exchange or another regulated market referred to in sub-paragraphs (a), (b) and (c);
- such admission is secured within a year of issue;
- units of undertakings for collective investment in transferable securities (UCITS) and/or other UCIs within the
meaning of the first and second indent of article 1 (2) of the UCITS directive, whether situated in an EU Member State
or not, provided that no more than 10% of the net assets of the UCITS or other UCI whose acquisition is contemplated,
can, according to their fund rules or constitutional documents, be invested in aggregate in units of other UCITS or other
UCIs;
- deposits with credit institutions which are repayable on demand or have the right to be withdrawn, and maturing in
no more than 12 months, provided that the credit institution has its registered office in an EU Member State or, if the
registered office of the credit institution is situated in a non-EU Member State, provided that it is subject to prudential
rules considered by the Luxembourg supervisory authority as equivalent to those laid down in EU law;
- financial derivative instruments, including equivalent cash-settled instruments, dealt in on a regulated market referred
to in sub-paragraphs (a), (b) and (c); and/or financial derivative instruments dealt in over-the-counter (each an OTC
Derivative), provided that:
- the underlying consists of instruments covered by this article 0.5, financial indices, interest rates, foreign exchange
rates or currencies, in which a Sub-fund may invest according to its investment objectives as stated in the Prospectus;
- the counterparties to OTC Derivative transactions are first class institutions;
- the OTC Derivatives are subject to reliable and verifiable valuation on a daily basis and can be sold, liquidated or
closed by an offsetting transaction at any time at their fair value at the Company's initiative;
- money market instruments other than those dealt in on a regulated market if the issue or issuer of such instruments
is itself regulated for the purpose of protecting investors and savings, and provided that they are:
* issued or guaranteed by a central, regional or local authority or central bank of an EU Member State, the European
Central Bank, the EU or the European Investment Bank, a non-EU Member State or, in the case of a federal State, by one
of the members making up the federation, or by a public international body to which one or more EU Member States
belong, or
* issued by an undertaking, any securities of which are listed on a stock exchange or dealt in on regulated markets
referred to in sub-paragraphs (a), (b) or (c), or
issued or guaranteed by an establishment subject to prudential supervision, in accordance with criteria defined by EU
law, or by an establishment which is subject to and complies with prudential rules considered by the Luxembourg su-
pervisory authority to be at least as stringent as those laid down by EU law, or
* issued by other bodies belonging to the categories approved by the Luxembourg supervisory authority provided that
investments in such instruments are subject to investor protection rules equivalent to that laid down in the first, the
second or the third indent and provided that the issuer is a company whose capital and reserves amount to at least EUR
10 million and which (i) represents and publishes its annual accounts in accordance with Directive 78/660/EEC, (ii) is an
entity which, within a group of companies which includes one or several listed companies, is dedicated to the financing
of the group or (iii) is an entity which is dedicated to the financing of securitisation vehicles which benefit from a banking
liquidity line.
However, each Sub-fund may:
- invest up to 10% of its net assets in transferable securities and money market instruments other than those referred
to under article 0.5 above; and
- hold liquid assets on an ancillary basis.
Risk diversification
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In accordance with the principle of risk diversification, the Company is not permitted to invest more than 10% of the
net assets of a Sub-fund in transferable securities or money market instruments of one and the same issuer. The total
value of the transferable securities and money market instruments in each issuer in which more than 5% of the net assets
are invested, must not exceed 40% of the value of the net assets of the respective Sub-fund. This limitation does not apply
to deposits and OTC Derivative transactions made with financial institutions subject to prudential supervision.
The Company is not permitted to invest more than 20% of the net assets of a Sub-fund in deposits made with the
same body.
The risk exposure to a counterparty of a Sub-fund in an OTC Derivative transaction may not exceed:
- 10% of its net assets when the counterparty is a credit institution referred to in article 0.5 (f); or
- 5% of its net assets, in other cases.
Notwithstanding the individual limits laid down in articles 0.7, 0.8 and 0.9, a Sub-fund may not combine:
- investments in transferable securities or money market instruments issued by,
- deposits made with, and/or
- exposures arising from OTC Derivative transactions undertaken with a single body,
- in excess of 20% of its net assets.
The 10% limit set forth in article 0.7 can be raised to a maximum of 25% in case of certain bonds issued by credit
institutions which have their registered office in an EU Member State and are subject by law, in that particular country,
to specific public supervision designed to ensure the protection of bondholders. In particular the funds which originate
from the issue of these bonds are to be invested, in accordance with the law, in assets which sufficiently cover the financial
obligations resulting from the issue throughout the entire life of the bonds and which are allocated preferentially to the
payment of principal and interest in the event of the issuer's failure. Furthermore, if investments by a Sub-fund in such
bonds with one and the same issuer represent more than 5% of the net assets, the total value of these investments may
not exceed 80% of the net assets of the corresponding Sub-fund.
The 10% limit set forth in article 0.7 can be raised to a maximum of 35% for transferable securities and money market
instruments that are issued or guaranteed by an EU Member State or its local authorities, by another Organisation for
Economic Cooperation and Development (OECD) Member State, or by public international organisations of which one
or more EU Member States are members.
Transferable securities and money market instruments which fall under the special ruling given in articles 0.11 and 0.12
are not counted when calculating the 40% risk diversification ceiling mentioned in article 0.7.
The limits provided for in articles 0.7 to 0.12 may not be combined, and thus investments in transferable securities or
money market instruments issued by the same body or in deposits or derivative instruments with this body will under
no circumstances exceed in total 35% of the net assets of a Sub-fund.
Companies which are included in the same group for the purposes of consolidated accounts, as defined in accordance
with Directive 83/349/EEC or in accordance with recognised international accounting rules, are regarded as a single body
for the purpose of calculating the limits contained in this section “Risk diversification”. A Sub-fund may invest, on a
cumulative basis, up to 20% of its net assets in transferable securities and money market instruments of the same group.
Exceptions which can be made
Without prejudice to the limits laid down in the section “Investment Prohibitions” below, the limits laid down in articles
0.7 to 0.16 are raised to a maximum of 20% for investment in shares and/or bonds issued by the same body if, according
to the relevant special section of the Prospectus, the investment objective and policy of that Sub-fund is to replicate the
composition of a certain stock or debt securities index which is recognised by the Luxembourg supervisory authority,
on the following basis:
- its composition is sufficiently diversified,
- the index represents an adequate benchmark for the market to which it refers,
- it is published in an appropriate manner.
The above 20% limit may be raised to a maximum of 35%, but only in respect of a single body, where that proves to
be justified by exceptional market conditions in particular in regulated markets where certain transferable securities or
money market instruments are highly dominant.
The Company is authorised, in accordance with the principle of risk diversification, to invest up to 100% of the net
assets of a Sub-fund in transferable securities and money market instruments from various offerings that are issued or
guaranteed by an EU Member State or its local authorities, by another OECD Member State, or by public international
organisations in which one or more EU Member States are members. These securities must be divided into at least six
different issues, with securities from one and the same issue not exceeding 30% of the total net assets of a Sub-fund.
Investment in UCITS and/or other UCIs
A Sub-fund (other than a feeder Sub-fund) may acquire the units of UCITS and/or other UCIs referred to in article
0.5 (e), provided that no more than 20% of its net assets are invested in units of a single UCITS or other UCI. The Board
may create one or more feeder Sub-funds, with each such feeder Sub-fund being authorised to invest up to 100% of its
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assets in units of another eligible master UCITS (or sub-fund thereof) under the conditions set out by applicable law and
such other conditions as set out in the Prospectus. If a UCITS or other UCI has multiple compartments (within the
meaning of article 181 of the 2010 Act) and the assets of a compartment may only be used to satisfy the rights of the
investors relating to that compartment and the rights of those creditors whose claims have arisen in connection with the
setting-up, operation and liquidation of that compartment, each compartment is considered as a separate issuer for the
purposes of applying the above limit.
Investments made in units of UCIs other than UCITS may not exceed, in aggregate, 30% of the net assets of the Sub-
fund.
When a Sub-fund has acquired units of UCITS and/or other UCIs, the assets of the respective UCITS or other UCIs
do not have to be combined for the purposes of the limits laid down in articles 0.7 to 0.16 of these Articles.
When a Sub-fund (other than a feeder Sub-fund) invests in the units of UCITS and/or other UCIs that are managed,
directly or by delegation, by the same management company or by any other company with which the management
company is linked by common management or control, or by a substantial direct or indirect holding, (regarded as more
than 10% of the voting rights or share capital), that management company or other company may not charge subscription,
conversion or redemption fees on account of the Sub-fund's investment in the units of such UCITS and/or other UCIs.
If a Sub-fund (other than a feeder Sub-fund) invests a substantial proportion of its assets in other UCITS and/or other
UCIs, the maximum level of the management fees that may be charged both to the Sub-fund itself and to the other UCITS
and/or other UCIs in which it intends to invest, will be disclosed in the relevant special section of the Prospectus.
In the annual report of the Company it will be indicated for each Sub-fund (other than a feeder Sub-fund) the maximum
proportion of management fees charged both to the Sub-fund and to the UCITS and/or other UCIs in which the Sub-
fund invests.
Tolerances and multiple compartment issuers
If, because of reasons beyond the control of the Company or the exercising of subscription rights, the limits mentioned
in this article 0 are exceeded, the Company must have as a priority objective in its sale transactions to reduce these
positions within the prescribed limits, taking into account the best interests of the Shareholders.
Provided that they continue to observe the principles of risk diversification, newly established Sub-funds may deviate
from the limits mentioned under articles 0.7 to 0.24 above for a period of six months following the date of their initial
launch.
If an issuer of eligible investment is a legal entity with multiple compartments and the assets of a compartment may
only be used to satisfy the rights of the investors relating to that compartment and the rights of those creditors whose
claims have arisen in connection with the setting-up, operation and liquidation of that compartment, each compartment
is considered as a separate issuer for the purposes of applying the limits set forth under articles 0.7 to 0.17 and 0.19 to
0.24 of these Articles.
Investment prohibitions
The Company is prohibited from:
- acquiring equities with voting rights that would enable the Company to exert a significant influence on the management
of the issuer in question;
- acquiring more than
- 10% of the non-voting equities of one and the same issuer,
- 10% of the debt securities issued by one and the same issuer,
- 10% of the money market instruments issued by one and the same issuer, or
- 25% of the units of one and the same UCITS (other than a master UCITS or sub-fund thereof) and/or other UCI.
The limits laid down in paragraphs (ii), (iii) and (iv) may be disregarded at the time of acquisition if at that time the
gross amount of the debt securities or of the money market instruments, or the net amount of the securities in issue,
cannot be calculated.
Transferable securities and money market instruments which, in accordance with article 48, paragraph 3 of the 2010
Act are issued or guaranteed by an EU Member State or its local authorities, by another Member State of the OECD or
which are issued by public international organisations of which one or more EU Member States are members are exempted
from the above limits.
- selling transferable securities, money market instruments and other eligible investments mentioned under sub-para-
graphs e), g) and h) of article 0.5 of these Articles short;
- acquiring precious metals or related certificates;
- investing in real estate and purchasing or selling commodities or commodities contracts;
- borrowing on behalf of a particular Sub-fund, unless:
- the borrowing is in the form of a back-to-back loan for the purchase of foreign currency;
- the loan is only temporary and does not exceed 10% of the net assets of the Sub-fund in question;
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- granting credits or acting as guarantor for third parties. This limitation does not refer to the purchase of transferable
securities, money market instruments and other eligible investments mentioned under sub-paragraphs (e), (g) and (h) of
article 0.5 of these Articles that are not fully paid up.
Risk management and limits with regard to derivative instruments
The Company must employ (i) a risk-management process which enables it to monitor and measure at any time the
risk of the positions and their contribution to the overall risk profile of the portfolio and (ii) a process for accurate and
independent assessment of the value of OTC Derivatives.
Each Sub-fund will ensure that its global exposure relating to derivative instruments does not exceed the total net
value of its portfolio.
The exposure is calculated taking into account the current value of the underlying assets, the counterparty risk, future
market movements and the time available to liquidate the positions. This will also apply to the following articles.
A Sub-fund may invest, as a part of its investment policy, in financial derivative instruments provided that the exposure
to the underlying assets does not exceed in aggregate the investment limits laid down in articles 0.7 to 0.16 of these
Articles. Under no circumstances will these operations cause a Sub-fund to diverge from its investment objectives as laid
down in the Prospectus and the relevant special section of the Prospectus.
When a transferable security or money market instrument embeds a derivative, the latter must be taken into account
when complying with the requirements of this article 0.
Co-management and pooling
The Board may, in the best interest of the Company and as described in more detail in the Prospectus, decide that all
or part of the assets of the Company or of a Sub-fund will be jointly managed on a separate basis with other assets of
other Shareholders, including other UCI and/or their sub-fund or that all or part of the assets of two or more Sub-fund
will be managed jointly on a separate basis or in a pool.
Indirect investments
Investments of any Sub-fund may be directly or indirectly made through wholly-owned subsidiaries of the Company,
in accordance with the respective decision made by the Board and as described in detail in the Prospectus. References
to assets and investments in these Articles correspond either to investments made directly or to assets held directly for
the Company or to such investments or assets that are made or held indirectly for the Company by the above-mentioned
subsidiary.
Techniques and instruments
The Company is authorised, as determined by the Board and in accordance with applicable laws and regulations, to
use techniques and instruments that deal with securities and money-market instruments and other assets permitted by
law, provided that that such techniques and instruments are used for hedging or efficient portfolio management purposes.
Investments between Sub-funds
A Sub-fund may invest in one ore more other Sub-funds. Any acquisition of shares of another Sub-fund (the Target
Sub-fund) by the Sub-fund is subject to the following conditions (and such other conditions as may be applicable in
accordance with the terms of the Prospectus):
- the Target Sub-fund may not invest in the Sub-fund;
- the Target Sub-fund may not invest more than 10% of its net assets in UCITS (including other Sub-funds) or other
UCIs;
- the voting rights attached to the shares of the Target Sub-fund are suspended during the investment by the Sub-fund;
- the value of the share of the Target Sub-fund held by the Sub-fund are not taken into account for the purpose of
assessing the compliance with the EUR1,250,000 minimum capital requirement; and
- duplication of management, subscription or redemption fees is prohibited.
Art. 21. Auditor. The accounting data reported in the annual report of the Company will be examined by an auditor
(réviseur d'entreprises agréé) appointed by the General Meeting and remunerated by the Company.
The auditor fulfils all duties prescribed by the 2010 Act.
Art. 22. General Meeting of Shareholders of the Company. The General Meeting represents, when properly consti-
tuted, the entire body of Shareholders of the Company. Its resolutions are binding upon all the Shareholders, regardless
of the share class held by them. It has the broadest powers to order, carry out or ratify acts relating to the operations
of the Company.
The Annual General Meeting will be held at the address of the registered office of the Company or at such other place
in the municipality of its registered office as may be specified in the convening notice of the meeting, on the last Friday in
April of each year at 11 a.m. If such day is not a business day for banks in Luxembourg, the Annual General Meeting will
be held on the next following business day.
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The Annual General Meeting may be held abroad if, in the absolute and final judgment of the Board exceptional
circumstances so require.
Other General Meetings of Shareholders may be held at such places and times as may be specified in the respective
convening notices of the meeting.
Any Shareholder may participate in a General Meeting by conference call, video conference or similar means of com-
munications equipment whereby (i) the Shareholders attending the meeting can be identified, (ii) all persons participating
in the meeting can hear and speak to each other, (iii) the transmission of the meeting is performed on an ongoing basis
and (iv) the Shareholders can properly deliberate, and participating in a meeting by such means will constitute presence
in person at such meeting.
The notice periods and quorum provided for by law will govern the notice for, and the conduct of, the General
Meetings, unless otherwise provided herein.
The Board may convene a General Meeting. They will be obliged to convene it so that it is held within a period of one
month, if Shareholders representing one-tenth of the capital require it in writing, with an indication of the agenda. One
or more shareholders representing at least one tenth of the subscribed capital may require the entry of one or more
items on the agenda of any General Meeting. This request must be addressed to the Company at least 5 (five) days before
the relevant General Meeting. Convening notices for every General Meeting will contain the agenda and be made in
accordance with the requirements of the act of 10 August 1915 concerning commercial companies, as amended (the 1915
Act).
If bearer Shares are issued the notice of meeting shall in addition be published as provided by law in the Mémorial C,
Recueil des Sociétés et Associations, in one or more Luxembourg newspapers, and in such other newspapers as the
Board may decide.
If all Shares are in registered form and if no publications are made, notices to Shareholders may be mailed by registered
mail only.
If all Shareholders are present or represented and consider themselves as being duly convened and informed of the
agenda, general meetings of Shareholders may take place without convening notice.
The holders of bearer shares are obliged, in order to be admitted to the general meetings, to deposit their share
certificates with an institution specified in the convening notice at least five clear days prior to the date of the meeting.
Except as otherwise required by law or by these Articles, resolutions at a duly convened General Meeting will be
passed by a simple majority of those present or represented and voting. Votes relating to shares for which the shareholder
did not participate in the vote, abstain from voting, cast a blank (blanc) or spoilt (nul) vote are not taken into account to
calculate the majority.
However, resolutions to alter the Articles may only be adopted in a General Meeting where at least one half of the
share capital is represented and the agenda indicates the proposed amendments to the Articles and, as the case may be,
the text of those which concern the objects or the form of the Company. If the first of these conditions is not satisfied,
a second meeting may be convened, in the manner prescribed by the Articles, by means of notices published twice, at
fifteen days interval at least and fifteen days before the meeting in the Official Journal (Mémorial) and in two Luxembourg
newspapers. Such convening notice will reproduce the agenda and indicate the date and the results of the previous
meeting. The second meeting will validly deliberate regardless of the proportion of the capital represented. At both
meetings, resolutions, in order to be adopted, must be carried by at least two-thirds of the votes expressed at the relevant
General Meeting. Votes relating to shares for which the shareholder did not participate in the vote, abstain from voting,
cast a blank (blanc) or spoilt (nul) vote are not taken into account to calculate the majority.
A Shareholder may act at any General Meeting by appointing another person who need not be a Shareholder as its
proxy in writing whether in original, by telefax, or e-mail to which an electronic signature (which is valid under Luxembourg
law) is affixed.
If all the Shareholders of the Company are present or represented at a General Meeting, and consider themselves as
being duly convened and informed of the agenda of the meeting, the meeting may be held without prior notice.
The Shareholders may vote in writing (by way of a voting bulletin) on resolutions submitted to the General Meeting
provided that the written voting bulletins include (i) the name, first name, address and the signature of the relevant
shareholder, (ii) the indication of the shares for which the shareholder will exercise such right, (iii) the agenda as set forth
in the convening notice and (iv) the voting instructions (approval, refusal, abstention) for each point of the agenda. In
order to be taken into account, the original voting bulletins must be received by the Company 72 (seventy-two) hours
before the relevant General Meeting.
The Board may determine all other conditions that must be fulfilled by Shareholders in order to attend any meeting
of Shareholders. To the extent permitted by law, the convening notice to a General Meeting may provide that the quorum
and majority requirements will be assessed against the number of shares issued and outstanding at midnight (Luxembourg
time) on the fifth day prior to the relevant meeting (the Record Date) in which case, the right of any Shareholder to
participate in the meeting will be determined by reference to his/her/its holding as at the Record Date.
The business transacted at any meeting of the Shareholders will be limited to the matters on the agenda and transactions
related to these matters.
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Subject to article 0 above, each share of any share class is entitled to one vote, in accordance with Luxembourg law
and these Articles. A Shareholder may act at any meeting of Shareholders through a written proxy to another person,
who need not be a Shareholder and who may be a member of the Board.
Art. 23. General Meetings of Shareholders in a Sub-fund or in a Share class. The Shareholders of the share classes
issued in a Sub-fund may hold, at any time, General Meetings to decide on any matters which relate exclusively to that
Sub-fund.
In addition, the Shareholders of any share class may hold, at any time, General Meetings for any matters which are
specific to that share class.
The provisions of article 0 of these Articles apply to such General Meetings, unless the context otherwise requires.
Subject to article 0 above, each share is entitled to one vote in accordance with Luxembourg law and these Articles.
Shareholders may act either in person or through a written proxy to another person who need not be a Shareholder
and may be a director.
Unless otherwise provided for by law or in these Articles, the resolutions of the General Meeting of Shareholders of
a Sub-fund or of a share class are passed by a simple majority vote of the Shareholders present or represented.
Art. 24. Liquidation or Merger of Sub-funds or Share Classes. In the event that for any reason the value of the total
net assets in any Sub-fund or the value of the net assets of any share class within a Sub-fund has decreased to, or has not
reached, an amount determined by the Board to be the minimum level for such Sub-fund, or such share class, to be
operated in an economically efficient manner or in case of a substantial modification in the political, economic or monetary
situation or as a matter of economic rationalisation, the Board may decide to redeem all the shares of the relevant share
class or classes at the Net Asset Value per share (taking into account actual realisation prices of investments and realisation
expenses) calculated on the Transaction Day at which such decision will take effect. The Company will serve a notice to
Shareholders of the relevant share class or classes prior to the effective date for the compulsory redemption, which will
indicate the reasons and the procedure for the redemption operations: registered holders will be notified in writing.
Unless it is otherwise decided in the interests of, or to keep equal treatment between the Shareholders, the Shareholders
of the Sub-fund or of the share class concerned may continue to request redemption of their shares free of charge (but
taking into account actual realisation prices of investments and realisation expenses) prior to the date effective for the
compulsory redemption.
Notwithstanding the powers conferred to the Board by the preceding paragraph, the General Meeting of any one or
all share classes issued in any Sub-fund will, in any other circumstances, have the power, upon proposal from the Board,
to redeem all the shares of the relevant share class or classes and refund to the Shareholders the Net Asset Value of
their shares (taking into account actual realisation prices of investments and realisation expenses) calculated on the
Transaction Day at which such decision will take effect. There will be no quorum requirements for such General Meeting
of Shareholders which will decide by resolution taken by simple majority of those present or duly represented and voting
at such meeting.
Assets which may not be distributed upon the implementation of the liquidation or merger will be deposited with the
Caisse de Consignation on behalf of the persons entitled thereto within the applicable time period.
All redeemed shares may be cancelled.
Under the same circumstances as provided by the first paragraph of this article, the Board may decide to allocate the
assets of any Sub-fund to those of another existing Sub-fund within the Company and to repatriate the shares of the share
class or classes concerned as shares of another share class (following a split or consolidation, if necessary, and the payment
of the amount corresponding to any fractional entitlement to Shareholders). Such decision will be published in the same
manner as described in the first paragraph of this article one month before its effectiveness (and, in addition, the publication
will contain information in relation to the new Sub-fund), in order to enable Shareholders to request redemption of their
shares, free of charge, during such period.
Notwithstanding the powers conferred to the Board by the preceding paragraph, a contribution of the assets and of
the liabilities attributable to any Sub-fund to another Sub-fund within the Company may in any other circumstances be
decided upon by a General Meeting of the Shareholders of the share class or classes issued in the Sub-fund concerned
for which there will be no quorum requirements and which will decide upon such an merger by resolution taken by simple
majority of those present or represented and voting at such meeting.
For the interest of the Shareholders of the relevant Sub-fund or in the event that a change in the economic or political
situation relating to a Sub-fund so justifies, the Board may proceed to the reorganisation of such Sub-fund by means of a
division into two or more Sub-funds. Information concerning the new Sub-fund(s) will be provided to the relevant Sha-
reholders. Such publication will be made one month prior to the effectiveness of the reorganisation in order to permit
Shareholders to request redemption of their shares free of charge during such one month prior period.
In accordance with the provisions of the 2010 Act, the Board may decide to merge or consolidate the Company or a
Sub-fund with, or transfer substantially all or part of the Company or a Sub-fund's assets to, or acquire substantially all
the assets of, another UCITS established in Luxembourg or another EU Member State or any sub-fund thereof. The Board
may decide to submit such merger to a decision of the Shareholders (or, for a merger involving one or more Sub-funds,
General Meeting of the Shareholders of the relevant Sub-fund(s)), such decision to be taken by the simple majority of the
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votes cast by Shareholders present or represented at the relevant General Meeting. Any merger leading to termination
of the Company will require the vote of Shareholders in the Company subject to the quorum and majority requirements
provided for amendment to these Articles. Information concerning the merger will be provided to the relevant Share-
holders. Such publication will be made at least thirty days prior to the effectiveness of the reorganisation in order to
permit Shareholders to request redemption of their shares free of charge during such thirty days prior period.
Art. 25. Financial Year. The financial year of the Company commences on 1
st
January each year and terminates on 31
st
December of the same year.
Art. 26. Application of income. The General Meeting determines, upon proposal from the Board and within the limits
provided by law, how the income from the Sub-fund will be applied with regard to each existing share class, and may
declare, or authorise the Board to declare, distributions.
For any class of shares entitled to distributions, the Board may decide to pay interim dividends in accordance with
legal provisions.
Payments of distributions to owners of registered shares will be made to such Shareholders at their addresses in the
register of Shareholders. Payments of distributions to holders of bearer shares will be made upon presentation of the
dividend coupon to the agent or agents more specifically designated by the Company.
Distributions may be paid in such a currency and at such a time and place as the Board determines from time to time.
The Board may decide to distribute bonus stock instead of cash dividends under the terms and conditions set forth
by the Board.
Any distributions that has not been claimed within 5 (five) years of its declaration will be forfeited and revert to the
share class(es) issued in the respective Sub-fund.
No interest will be paid on a dividend declared by the Company and kept by it at the disposal of its beneficiary.
Art. 27. Custodian. To the extent required by law, the Company will enter into a custodian agreement with a bank or
credit institution as defined by the act dated 5 April 1993 on the financial sector, as amended (the Custodian).
The Custodian will fulfil its obligations in accordance with the 2010 Act.
If the Custodian indicates its intention to terminate the custodial relationship, the Board will make every effort to find
a successor custodian within two months of the effective date of the notice of termination of the custodian agreement.
The Board may terminate the agreement with the Custodian but may not relieve the Custodian of its duties until a
successor custodian has been appointed.
Art. 28. Liquidation of the Company. The Company may at any time be dissolved by a resolution of the General
Meeting, subject to the quorum and majority requirements referred to in article 0 of these Articles.
If the assets of the Company fall below two-thirds of the minimum capital indicated in article 5 of these Articles, the
question of the dissolution of the Company will be referred to the General Meeting by the Board. The General Meeting,
for which no quorum will be required, will decide by simple majority of the votes of the shares represented at the General
Meeting.
The question of dissolution of the Company will further be referred to the General Meeting whenever the share capital
falls below one-fourth of the minimum capital indicated in article 0 of these Articles; in such event, the General Meeting
will be held without any voting quorum requirements and the dissolution may be decided by Shareholders holding one-
quarter of the votes of the shares represented at the meeting.
The meeting must be convened so that it is held within a period of forty days from the ascertainment that the net
assets of the Company have fallen below two-thirds or one-quarter of the legal minimum, as the case may be.
If the Company is dissolved, the liquidation will be carried out by one or several liquidators appointed in accordance
with the provisions of the 2010 Act.
The decision to dissolve the Company will be published in the Mémorial and two newspapers with adequate circulation,
one of which must be a Luxembourg newspaper.
The liquidator(s) will realise each Sub-fund's assets in the best interests of the Shareholders and apportion the proceeds
of the liquidation, after deduction of liquidation costs, amongst the Shareholders of the relevant Sub-fund according to
their respective prorata.
Any amounts unclaimed by the Shareholders at the closing of the liquidation of the Company will be deposited with
the Caisse des Consignations in Luxembourg for a duration of thirty (30) years. If amounts deposited remain unclaimed
beyond the prescribed time limit, they will be forfeited.
Art. 29. Amendments to the Articles. These Articles may be amended by a General Meeting subject to the quorum
and majority requirements provided for by the 1915 Act.
Art. 30. Definitions. Words importing a masculine gender also include the feminine gender and words importing
persons or Shareholders also include corporations, partnerships, associations and any other organised group of persons,
whether incorporated or not.
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Art. 31. Applicable Law. All matters not governed by these Articles will be determined in accordance with the 1915
Act and the 2010 Act. In case of conflict between the 1915 Act and the 2010 Act, the 2010 Act will prevail.”
<i>Fourth resolutioni>
The general meeting appoints the following persons as directors of the Company for a period of six (6) years:
- M. Serge WEYLAND, private employee, residing professionally in L-2520 Luxembourg, 5, allée Scheffer.
- Mrs. Alessia LORENTI, private employee, residing professionally in L-2520 Luxembourg, 5, allée Scheffer.
- M. Julian GAREL-JONES, Director, residing in Buckingham Palace Road, 146, SW1W 9TR Londres (UK).
- M. Michael SANDERS, Director, residing in L-1736 Luxembourg, 5, Heienhaff, Airport Center Luxembourg.
Their terms will end at the conclusion of the annual general meeting of 2017.
<i>Fifth resolutioni>
The general meeting change the name of the Company in “Polunin Funds” and therefore amends Article 1 of the
Articles of incorporation to read as follows:
“ Art. 1. Name. There is hereby formed among the subscribers, and all other persons who will become owners of the
shares hereafter created, an investment company with variable capital (société d'investissement à capital variable) in the
form of a public limited liability company (société anonyme) under the name “Polunin Funds” (the Company).”
Nothing else being on the agenda the meeting was closed at 16.45 p.m.
<i>Costsi>
The expenses, costs remuneration and charges, in any form whatsoever, which shall be borne by the Company as a
result of the present deed are estimated to be nine hundred euros (EUR 900.-).
WHEREOF, the present notarial deed was drawn up in Luxembourg, on the day indicated at the beginning of this deed.
The undersigned notary who understands and speaks English, states herewith that on request of the above appearing
person, the present deed is worded in English.
The document having been read to the person appearing, whom is known to the notary by his surname, Christian
name, civil status and residence, said person appearing signed together with Us, Notary, the present original deed.
Signé: M. BARO, A. SCHMITT, D. GOUMDISS, P. DECKER.
Enregistré à Luxembourg A.C., le 20 juin 2012. Relation: LAC/2012/28406. Reçu 75,- € (soixante-quinze Euros).
<i>Le Receveuri>
(signé): Irène THILL.
POUR COPIE CONFORME, délivrée au Registre de Commerce et des Sociétés à Luxembourg.
Luxembourg, le 17 juillet 2012.
Référence de publication: 2012087782/1101.
(120123732) Déposé au registre de commerce et des sociétés de Luxembourg, le 18 juillet 2012.
Encore Plus LuxCo Boétie I S.à r.l., Société à responsabilité limitée.
Capital social: EUR 189.300,00.
Siège social: L-1249 Luxembourg, 2, rue du Fort Bourbon.
R.C.S. Luxembourg B 139.227.
Le bilan au 31 Décembre 2011 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 23 Juillet 2012.
Référence de publication: 2012089919/10.
(120127058) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
ECM Real Estate Investments A.G., Société Anonyme.
Siège social: L-1653 Luxembourg, 2, avenue Charles de Gaulle.
R.C.S. Luxembourg B 65.153.
Les statuts coordonnés 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 20 juillet 2012.
Référence de publication: 2012089931/10.
(120126345) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
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Globe Express Services, Société à responsabilité limitée.
Capital social: EUR 15.000,00.
Siège social: L-1130 Luxembourg, 37, rue d'Anvers.
R.C.S. Luxembourg B 139.305.
<i>Extrait des résolutions de l’associé uniquei>
<i>de la société prises en date du 19 juillet 2011i>
- L’associé unique a accepté la démission de Monsieur Gilbert KHOURY de ses fonctions de gérant ayant pouvoir de
signature A de la Société.
- L’associé unique a accepté la démission de Monsieur Wissam ARISS de ses fonctions de gérant ayant pouvoir de
signature A de la Société.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Référence de publication: 2012090044/15.
(120127079) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
Ecobiodis S.A., Société Anonyme.
Siège social: L-1331 Luxembourg, 57, boulevard Grande-Duchesse Charlotte.
R.C.S. Luxembourg B 116.091.
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: 2012089932/9.
(120127027) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
Edelburg S.A., Société Anonyme.
Siège social: L-1331 Luxembourg, 57, boulevard Grande-Duchesse Charlotte.
R.C.S. Luxembourg B 83.081.
Les comptes annuels au 31 décembre 2011 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: 2012089934/9.
(120126945) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
EGO Luxembourg, S. à r.l., Société à responsabilité limitée.
Siège social: L-8077 Bertrange, 246, rue de Luxembourg.
R.C.S. Luxembourg B 70.680.
Les comptes annuels au 31/12/2011 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.
<i>Pour la société
i>Fiduciaire WBM
<i>Experts comptables et fiscaux
i>Signature
Référence de publication: 2012089936/13.
(120126824) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
Egon Holdings S.A., Société Anonyme.
Siège social: L-1471 Luxembourg, 412F, route d'Esch.
R.C.S. Luxembourg B 121.069.
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.
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EGON HOLDINGS S.A.
Signatures
<i>Administrateur de catégorie A / Administrateur de catégorie Bi>
Référence de publication: 2012089937/12.
(120127230) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
EURX Antalya Investment S.à r.l., Société à responsabilité limitée.
Capital social: EUR 12.575,00.
Siège social: L-1840 Luxembourg, 15, boulevard Joseph II.
R.C.S. Luxembourg B 128.585.
Les comptes annuels pour la période du 1
er
janvier au 31 décembre 2009 ainsi que les autres documents et informations
qui s'y rapportent, 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 23 juillet 2012.
Référence de publication: 2012089965/11.
(120127663) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
Eicher Bureau Service Sàrl, Société à responsabilité limitée.
Siège social: L-2441 Luxembourg, 221, rue de Rollingergrund.
R.C.S. Luxembourg B 23.173.
Les comptes annuels au 31 décembre 2011 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.
<i>Pour EICHER BUREAU SERVICE SARLi>
Référence de publication: 2012089939/10.
(120126805) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
Emde Finances S.A., Société Anonyme.
Siège social: L-1724 Luxembourg, 3A, boulevard du Prince Henri.
R.C.S. Luxembourg B 53.448.
Les comptes annuels au 31/12/2011 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: 2012089943/9.
(120127398) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
Espace et Paysages, Société Anonyme.
Siège social: L-4361 Esch-sur-Alzette, 12, avenue du Rock'n'Roll.
R.C.S. Luxembourg B 93.260.
Les comptes annuels au 31/12/2011 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.
<i>Pour la société
i>Fiduciaire WBM
<i>Experts comptables et fiscaux
i>Signature
Référence de publication: 2012089948/13.
(120126817) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
Espaces Sàrl, Société à responsabilité limitée.
Siège social: L-4167 Esch-sur-Alzette, 4, Coin Sentier de Kayl et rue de Neiduerf.
R.C.S. Luxembourg B 44.407.
Les comptes annuels au 31.12.2011 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.
99399
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Signature.
Référence de publication: 2012089949/10.
(120127104) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
Fleurs Service S.à r.l., Société à responsabilité limitée.
Siège social: L-6350 Dillingen, 3, rue de la Sûre.
R.C.S. Luxembourg B 58.597.
Les comptes annuels au 31 décembre 2011 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.
Floralux Holland B.V.
Minus VAN DER BURG
<i>Le géranti>
Référence de publication: 2012090000/12.
(120126878) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
Eurexpan S.A., Société Anonyme.
Siège social: L-5540 Remich, 52, rue de la Gare.
R.C.S. Luxembourg B 66.185.
Le bilan au 31 décembre 2008 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 23 juillet 2012.
Référence de publication: 2012089951/10.
(120126841) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
Eurexpan S.A., Société Anonyme.
Siège social: L-5540 Remich, 52, rue de la Gare.
R.C.S. Luxembourg B 66.185.
Le bilan au 31 décembre 2009 a été déposé au registre de commerce et des sociétés de Luxembourg.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Luxembourg, le 23 juillet 2012.
Référence de publication: 2012089952/10.
(120126842) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
Euro Services S.A., Société Anonyme.
Siège social: L-4384 Ehlerange, Zone Industrielle ZARE Ilot Ouest.
R.C.S. Luxembourg B 90.525.
Les comptes annuels au 31 décembre 2011 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.
<i>Pour EURO SERVICES SAi>
Référence de publication: 2012089953/10.
(120126806) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
European Trust Services (Luxembourg) Sàrl, Société à responsabilité limitée.
Capital social: EUR 12.394,68.
Siège social: L-1528 Luxembourg, 11-13, boulevard de la Foire.
R.C.S. Luxembourg B 33.065.
Le bilan au 31 décembre 2011 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.
99400
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Luxembourg, le 9 juillet 2012.
<i>Pour European Trust Services Luxembourg S.à r.l.
i>Représentée par M. Julien François
<i>Gérant uniquei>
Référence de publication: 2012089964/13.
(120126938) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
Eurober Lux S.A., Société Anonyme.
Siège social: L-5751 Frisange, 40A, rue Robert Schuman.
R.C.S. Luxembourg B 60.889.
Le bilan au 31 décembre 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 23 juillet 2012.
Référence de publication: 2012089955/10.
(120126840) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
EUROLUX-TRANSPORTS S.à r.l., en abrégé ELT S.à r.l., Société à responsabilité limitée.
Siège social: L-1259 Senningerberg, Zone Industrielle Breedewues.
R.C.S. Luxembourg B 120.200.
Les comptes annuels au 31/12/2011 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: 2012089956/10.
(120127105) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
European Camping Distributors S.à r.l., Société à responsabilité limitée.
Siège social: L-1940 Luxembourg, 174, route de Longwy.
R.C.S. Luxembourg B 104.899.
Les comptes annuels au 31 décembre 2011 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: 2012089957/10.
(120126785) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
European Opticians 2 S.à r.l., Société à responsabilité limitée.
Siège social: L-1940 Luxembourg, 174, route de Longwy.
R.C.S. Luxembourg B 115.161.
Les comptes annuels au 31 décembre 2011 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: 2012089958/10.
(120126776) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
Findim Group S.A., Société Anonyme.
Siège social: L-1468 Luxembourg, 16, rue Erasme.
R.C.S. Luxembourg B 76.659.
La Société a été constituée suivant acte reçu par Maître Joseph Elvinger, notaire de résidence à Luxembourg, en date
du 28 juin 2000, publié au Mémorial C, Recueil des Sociétés et Associations n° 811 du 7 novembre 2000.
Les comptes annuels de la Société au 31 décembre 2011 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.
99401
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FINDIM GROUP S.A.
Signature
Référence de publication: 2012089994/14.
(120127593) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
European Packaging S.à r.l., Société à responsabilité limitée.
Siège social: L-1940 Luxembourg, 174, route de Longwy.
R.C.S. Luxembourg B 88.435.
Les comptes annuels au 31 décembre 2011 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: 2012089959/10.
(120126619) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
European Rail Freight I S.à r.l., Société à responsabilité limitée unipersonnelle.
Siège social: L-1940 Luxembourg, 174, route de Longwy.
R.C.S. Luxembourg B 136.013.
Les comptes annuels au 31 décembre 2011 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: 2012089960/10.
(120126757) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
European Rail Freight II S.à r.l., Société à responsabilité limitée unipersonnelle.
Siège social: L-1940 Luxembourg, 174, route de Longwy.
R.C.S. Luxembourg B 133.676.
Les comptes annuels au 31 décembre 2011 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: 2012089961/10.
(120126758) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
European Recreational Vehicles S.à r.l., Société à responsabilité limitée.
Siège social: L-1940 Luxembourg, 174, route de Longwy.
R.C.S. Luxembourg B 100.441.
Les comptes annuels au 31 décembre 2011 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: 2012089963/10.
(120126795) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
Haris Finance S.A., Société Anonyme.
R.C.S. Luxembourg B 111.988.
Avec effet au 20 juillet 2012, la société CAPITA FIDUCIARY S.A., ayant son siège social au 16, avenue Pasteur, L-2310
Luxembourg, a dénoncé le domicile établi au 6, rue Guillaume Schneider, L-2522 Luxembourg de la Société Anonyme
HARIS FINANCE S.A. enregistrée au Registre de Commerce et des Sociétés, section B, numéro B 111.988.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
99402
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Luxembourg, le 20 juillet 2012.
CAPITA FIDUCIARY S.A.
<i>Le domiciliataire
i>Signatures
Référence de publication: 2012090069/14.
(120126621) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
EURX Antalya Investment S.à r.l., Société à responsabilité limitée.
Capital social: EUR 12.575,00.
Siège social: L-1840 Luxembourg, 15, boulevard Joseph II.
R.C.S. Luxembourg B 128.585.
Les comptes annuels pour la période du 1
er
janvier au 31 décembre 2008 ainsi que les autres documents et informations
qui s'y rapportent, 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 23 juillet 2012.
Référence de publication: 2012089966/11.
(120127664) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
EURX Antalya Investment S.à r.l., Société à responsabilité limitée.
Capital social: EUR 12.575,00.
Siège social: L-1840 Luxembourg, 15, boulevard Joseph II.
R.C.S. Luxembourg B 128.585.
Les comptes annuels pour la période du 9 mai (date de constitution) au 31 décembre 2007 ainsi que les autres docu-
ments et informations qui s'y rapportent, 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 23 juillet 2012.
Référence de publication: 2012089967/11.
(120127665) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
Cube Energy S.C.A., Société en Commandite par Actions.
Siège social: L-2520 Luxembourg, 5, allée Scheffer.
R.C.S. Luxembourg B 138.404.
In the year two thousand and twelve, on the twenty-ninth day of the month of June.
Before Maître Blanche MOUTRIER, notary residing in Esch-sur-Alzette, acting on behalf of Maître Léonie GRETHEN,
notary residing in Luxembourg, who will remain depositary of the present deed.
There appeared the following:
Natixis Environnement & Infrastructures Luxembourg S.A., a société anonyme incorporated and organized under the
laws of the Grand Duchy of Luxembourg, having its registered office at 41, avenue de la Liberté, L-1931 Luxembourg,
registered with the Luxembourg Trade and Companies' Register under number B 124233 ("NEIL"), and
Cube Infrastructure Fund, a société anonyme under the form of a société d'investissement à capital variable - fonds
d'investissement specialisé incorporated and organized under the laws of the Grand Duchy of Luxembourg, having its
registered office at 5, Allée Scheffer, L-2520 Luxembourg, Grand Duchy of Luxembourg, registered with the Luxembourg
Trade and Companies' Register under number B 124234, ("CUBE").
NEIL and CUBE being hereafter jointly referred to as the "Shareholders",
each represented by Mr Jérôme Alméras, with professional address in Luxembourg (Grand Duchy of Luxembourg),
by virtue of proxies, which, after having been initialled and signed "ne varietur" by the proxy holder and the undersigned
notary, will remain annexed to the present deed for the purpose of registration.
Such parties, represented as above stated, declared that they currently hold all the shares of Cube Energy S.C.A., a
société en commandite par actions incorporated by a deed enacted by Me Henri Hellinckx notary residing in Luxembourg,
on 16 April 2008, published in the Mémorial C, Recueil des Sociétés et Associations of 4 June 2008 number 1365, and
organized under the laws of the Grand Duchy of Luxembourg, having its registered office at 5, allée Scheffer, L-2520
Luxembourg, Grand Duchy of Luxembourg, and registered with the Luxembourg Trade and Companies Register under
99403
L
U X E M B O U R G
number B 138404 (the "Company"). The articles of incorporation of the Company have been amended for the last time
by a deed of Me Joseph Elvinger, notary residing in Luxembourg, on 1
st
March 2012, published in the Mémorial C, Recueil
des Sociétés et Associations of 17 April 2012 number 983. The appearing parties, represented as above stated, being all
the Shareholders of the Company, recognised to be fully informed of the resolutions to be taken on the basis of the
following agenda:
Agenda
1. To increase the Company's share capital by an amount of four hundred and fifty six thousand seven hundred and
twelve euro (EUR 456,712) in order to raise it from its current amount of four million one hundred ten thousand euro
(EUR 4,110,000) to an amount of four million five hundred and sixty-six thousand seven hundred and twelve euro (EUR
4,566,712).
2. To issue one hundred and fourteen thousand one hundred and seventy-eight (114,178) new management shares (A
shares) so as to raise the total number of management shares (A shares) in the Company to one hundred and fourteen
thousand one hundred and seventy-nine (114,179) management shares (A shares) without nominal value, having the same
rights and privileges as those attached to the existing management share (A share) and entitled to dividends as from the
day of their issue.
3. To acknowledge the waiver by Cube Infrastructure Fund of its preferential subscription rights.
4. To accept the subscription and payment up to twenty-five percent (25%) in cash by Natixis Environnement &
Infrastructures Luxembourg S.A of all the one hundred and fourteen thousand one hundred and seventy-eight (114,178)
new management shares (A shares) to be issued by the Company.
5. To amend the first paragraph of article six (6) of the articles of incorporation of the Company so as to reflect the
contemplated capital increase.
The appearing parties, represented as above stated, requested the notary to document the following resolutions which
they passed each with unanimous vote.
<i>First resolutioni>
The Shareholders resolved to increase the Company's share capital by an amount of four hundred and fifty six thousand
seven hundred and twelve euro (EUR 456,712) in order to raise it from its current amount of four million one hundred
and ten thousand euro (EUR 4,110,000) to an amount of four million five hundred and sixty-six thousand seven hundred
and twelve euro (EUR 4,566,712).
NEIL, acting as Manager of the Company, specifically approved the said capital increase.
<i>Second resolutioni>
The Shareholders resolved to issue one hundred and fourteen thousand one hundred and seventy-eight (114,178) new
management shares (A shares) so as to raise the total number of management shares (A shares) in the Company to one
hundred and fourteen thousand one hundred and seventy-nine (114,179) management shares (A shares) without nominal
value, having the same rights and privileges as those attached to the existing management share (A share) and entitled to
dividends as from the day of their issue.
<i>Third resolutioni>
<i>Subscription - Payment - Waiveri>
Thereupon, CUBE, represented as above stated, declared to expressly waive its preferential subscription rights con-
cerning the newly issued shares to allow that all the said shares are subscribed for by and allotted to NEIL.
Thereupon, NEIL, represented as above stated, declared to subscribe the one hundred and fourteen thousand one
hundred and seventy-eight (114,178) new management shares (A shares) without nominal value, and to pay such shares
up to twenty-five per cent (25%) in cash at an aggregate accounting value of one hundred and fourteen thousand one
hundred and seventy-eight euro (EUR 114,178).
The Shareholders resolved to accept this subscription and payment and acknowledged that the newly issued mana-
gement shares (A shares) have been paid in cash up to twenty-five per cent (25%) and that the Company has at its disposal
the total of the corresponding amount of one hundred and fourteen thousand one hundred and seventy-eight euro (EUR
114,178), proof of which was given to the undersigned notary who expressly confirmed and recorded this statement.
<i>Fourth resolutioni>
The shareholders resolved to amend the first paragraph of article six (6) of the articles of incorporation of the Company
which shall forthwith read as follows:
" Art. 6. Capital. The Company has a subscribed capital of four million five hundred and sixty-six thousand seven
hundred and twelve euro (EUR 4,566,712), represented by one million twenty-seven thousand four hundred and ninety-
nine (1.027.499) Ordinary Shares and one hundred and fourteen thousand one hundred and seventy-nine (114,179)
Management Shares without nominal value. The Management Shares shall be held by Natixis Environment & Infrastruc-
tures Luxembourg S.A, in abridged form NEIL, as unlimited shareholder (actionnaire commandité)."
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<i>Estimate of costsi>
The expenses, costs, fees and charges of any kind whatsoever which will have to be borne by the Company as a result
of the present deed are estimated at approximately thousand nine hundred euro (EUR 1,900.00).
The undersigned notary, who understands English, states that on request of the appearing party, the present deed is
worded in English, followed by a French version, and in case of discrepancies between the English and the French text,
the English version will prevail.
Whereof the present notarial deed was drawn up in Luxembourg, on the day indicated at the beginning of this deed.
The document having been read to the appearing party's proxyholder known to the notary by name, first name, civil
status and residence, the appearing party's proxyholder signed together with us, the notary, the present original deed.
Suit la traduction en français du texte qui précède:
L'an deux mille douze, le vingt-neuvième jour du mois de juin.
Par-devant Maître Blanche MOUTRIER, notaire de résidence à Esch-sur-Alzette, agissant en remplacement de son
confrère Maître Léonie GRETHEN, notaire de résidence à Luxembourg, lequel dernier nommé restera dépositaire de la
minute.
Ont comparu:
Natixis Environnement & Infrastructures Luxembourg S.A., une société anonyme constituée et existante sous les lois
du Grand-Duché de Luxembourg, ayant son siège social au 41, Avenue de la Liberté, L-1931 Luxembourg, enregistrée
auprès du Registre du Commerce et des Sociétés de Luxembourg sous le numéro B 124.233 ("NEIL"), et
Cube Infrastructure Fund, une société anonyme sous la forme d'une société d'investissement à capital variable - fonds
d'investissement spécialisé constituée et existante sous les lois du Grand-Duché de Luxembourg, ayant son siège social
au 5, Allée Scheffer, L-2520 Luxembourg, enregistrée auprès du Registre du Commerce et des Sociétés de Luxembourg
sous le numéro B 124234 ("CUBE").
NEIL et CUBE étant ensemble dénommées les "Actionnaires",
Chacune représentée par M. Jérôme Alméras, demeurant à Luxembourg (Grand-Duché de Luxembourg), en vertu de
procurations, qui, après avoir été signées ne varietur par le bénéficiaire de la procuration et le notaire soussigné resteront
annexées au présent acte pour être soumises aux fins d'enregistrement.
Les comparantes, représentées tel que mentionné ci-dessus, déclarent détenir l'intégralité des actions de Cube Energy
S.C.A., une société en commandite par actions constituée suivant acte de Me Henri Hellinckx, notaire de résidence à
Luxembourg, en date du 16 avril 2008, publié au Mémorial C, Recueil des Sociétés et Associations le 4 juin 2008 numéro
1365, et constituée sous les lois du Grand-Duché de Luxembourg, ayant son siège social au 5, Allée Scheffer, L-2520
Luxembourg, Grand-Duché de Luxembourg, et enregistrée auprès du Registre du Commerce et des Sociétés de Lu-
xembourg sous le numéro B 138.404 (la "Société"). Les statuts de la Société ont été amendé pour la dernière fois par
acte de Me Joseph Elvinger, notaire résidant à Luxembourg, en date du 1
er
mars 2012, publié au Mémorial C, Recueil
des Sociétés et Associations le 17 avril 2012 numéro 983.
Les comparantes, représentées comme mentionné ci-dessus, en leur qualité d'Actionnaires de la Société, ont reconnu
avoir été informées des résolutions à prendre sur base de l'ordre du jour suivant:
<i>Agendai>
1. Augmenter le capital social de la Société d'un montant de quatre cent cinquante-six mille sept cent douze euros
(EUR 456.712) de manière à le porter de son montant actuel de quatre millions cent dix mille euros (EUR 4.110.000) à
quatre millions cinq cent soixante-six mille sept cent douze euros (EUR 4.566.712).
2. Emettre cent quatorze mille cent soixante-dix-huit (114.178) nouvelles actions de direction (actions de catégorie
A) afin de porter le nombre d'actions de direction (actions de catégorie A) dans la capital social de la Société à cent
quatorze mille cent soixante-dix-neuf (114.179) actions de direction (actions de catégorie A) sans valeur nominale, aux-
quelles sont attachés les mêmes droits et privilèges que ceux attachés aux actions existantes et ouvrant droit à dividende
à compter du jour de leur émission.
3. Accepter la renonciation par Cube Infrastructure Fund à son droit préférentiel de souscription.
4. Accepter la souscription et le paiement à hauteur de vingt-cinq pour cent (25%) en numéraire par Natixis Environ-
nement & Infrastructures Luxembourg S.A. des cent quatorze mille cent soixante-dix-huit (114.178) nouvelles actions de
direction (actions de catégorie A) devant être émises par la Société.
5. Modifier le paragraphe premier de l'article six (6) des statuts de la société afin de refléter l'augmentation de capital
envisagée.
Les parties comparantes, représentées comme mentionné ci-dessus, ont requis le notaire d'acter les résolutions sui-
vantes prises à l'unanimité des votes.
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<i>Première résolutioni>
Les Actionnaires ont décidé d'augmenter le capital social de la Société d'un montant de quatre cent cinquante-six mille
sept cent douze euros (EUR 456.712) de manière à le porter de son montant actuel de quatre millions cent dix mille
euros (EUR 4.110.000) à quatre millions cinq cent soixante-six mille sept cent douze euros (EUR 4.566.712).
NEIL, en sa qualité de Gérant de la Société, a spécifiquement approuvé ladite augmentation de capital.
<i>Deuxième résolutioni>
Les Actionnaires ont décidé d'émettre cent quatorze mille cent soixante-dix-huit (114.178) nouvelles actions de di-
rection (actions de catégorie A) afin de porter le nombre d'actions de direction
(actions de catégorie A) dans la capital social de la Société à cent quatorze mille cent soixante-dix-neuf (114.179)
actions de direction (actions de catégorie A) sans valeur nominale, auxquelles sont attachés les mêmes droits et privilèges
que ceux attachés aux actions existantes et ouvrant droit à dividende à compter du jour de leur émission.
<i>Troisième résolutioni>
<i>Souscription - Paiement - Renonciationi>
Ainsi, CUBE, représentée telle que mentionné ci-dessus, a expressément déclaré renoncer à son droit préférentiel de
souscription sur les nouvelles actions émises afin de permettre à toutes ces dites actions d'être souscrites par et allouées
à NEIL.
Ainsi, NEIL, représentée telle que mentionné ci-dessus, déclare souscrire aux cent quatorze mille cent soixante-dix-
huit (114.178) nouvelles actions de direction (actions de catégorie A) sans valeur nominale, et de payer à hauteur de
vingt-cinq pour cent (25%) ces actions par apport en numéraire pour une valeur comptable totale de cent quatorze mille
cent soixante-dix-huit euro (EUR 114.178).
Les Actionnaires ont décidé d'accepter cette souscription et ce paiement et reconnaissent que les nouvelles actions
de direction (actions de catégorie A) émises ont été payées à hauteur de vingt-cinq pour cent (25%) en numéraire et qu'il
est porté à la disposition de la Société un montant total de cent quatorze mille cent soixante-dix-huit euro (EUR 114.178),
preuve duquel paiement a été apportée au notaire qui a expressément confirmé et enregistré cette déclaration.
<i>Quatrième résolutioni>
Les Actionnaires ont décidé de modifier le paragraphe premier de l'article six (6) des statuts de la Société qui devra
désormais être lu comme suit:
" Art. 6. Capital. La Société a un capital social de quatre millions cinq cent soixante-six mille sept cent douze euros
(EUR 4.566.712), divisé en un million vingt-sept mille quatre cent quatre-vingt-dix-neuf (1.027.499) Actions Ordinaires
et cent quatorze mille cent soixante-dix-neuf euros (EUR 114.179) Actions de Direction sans valeur nominale. Les Actions
de Direction sont détenues par Natixis Environnement & Infrastructures Luxembourg S.A., en forme abrégée NEIL, en
qualité d'actionnaire commandité."
<i>Evaluation des fraisi>
Les frais, dépenses, honoraires et charges de toute nature payable par la Société en raison du présent acte sont évalués
à mille neuf cents euros (EUR 1.900,-).
Le notaire instrumentant, qui parle et comprend la langue anglaise, déclare par la présente qu'à la demande du com-
parant ci-avant, le présent acte est rédigé en langue anglaise suivi d'une version française; à la demande du même
comparant, et en cas de divergences entre le texte anglais et le texte français, la version anglaise prévaudra.
En foi de quoi, le présent acte a été établi à Luxembourg à la date donnée en tête des présentes.
Lecture faite aux représentants des comparantes, connus du notaire instrumentant par nom, prénom usuel, état civil
et domicile, les représentants des comparantes ont signé avec Nous notaire le présent acte.
Signé: Alméras,MOUTRIER.
Enregistré à Luxembourg, le 6 juillet 2012. Relation: LAC/2012/31802. Reçu soixante-quinze euros (75,- €).
<i>Le Receveuri> (signé): Thill.
Pour expédition conforme délivrée aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Luxembourg, le 23 juillet 2012.
.
Référence de publication: 2012089821/181.
(120127170) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2012.
99406
L
U X E M B O U R G
Photovoltaïque Mergen-Origer, Société Civile.
Siège social: L-8537 Hostert, 10, rue de Folschette.
R.C.S. Luxembourg E 4.832.
STATUTS
L'an deux mille douze, le premier juillet.
Se sont réunis
1. Monsieur Roger Mergen, né à Luxembourg le 03 avril 1960, demeurant à 2, Riesenhaffer-Wee, L-8811 Bilsdorf,
2. Monsieur Michel Mergen, né à Luxembourg le 29 septembre 1961, demeurant à 10, rue de Folschette, L-8537
Hostert,
3. Monsieur Albert Mergen, né à Luxembourg le 3 mars 1963, demeurant à 2, Neimille-Wee, L-8811 Bilsdorf,
4. Monsieur Philippe Origer, né à Ettelbruck le 18 août 1984, demeurant à 5, op der Seerie, L-8561 Schwebach
et ont arrêté ainsi qu'il suit les statuts d'une société civile immobilière qu'ils déclarent constituer entre eux comme
suit:
Art. 1
er
. La société a pour objet, au Grand-Duché de Luxembourg, le financement d'installations photovoltaïques et
d'autres énergies renouvelables. Les exploitants des telles installations financées s'engagent à reverser intégralement les
recettes touchées au compte de la société.
Art. 2. La société prend la dénomination de Photovoltaïque Mergen-Origer.
Art. 3. La société est constituée pour une durée indéterminée.
Art. 4. Le siège social est établi à L-8537 Hostert, 10 rue de Folschette.
Il pourra être transféré en tout autre en droit du Grand-Duché de Luxembourg par simple décision de la gérance.
Art. 5. Le capital social est fixé à trois mille euros (3.000,- EUR) représenté par soixante (60) parts d'intérêts d'une
valeur nominale de vingt-cinq euros (50,- EUR) chacune.
Elles ont été souscrites comme suit:
1. Monsieur Roger Mergen prénommé: quinze parts d'intérêts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
2. Monsieur Michel Mergen prénommé: quinze parts d'intérêts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
3. Monsieur Albert Mergen prénommé: quinze parts d'intérêts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
4. Monsieur Philippe Origer prénommé: quinze parts d'intérêts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Total: soixante parts d'intérêts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60
Les parts d'intérêts ont été intégralement libérées en espèces de telle sorte que la somme de trois mille euros (3.000,-
EUR) se trouve dès sa constitution à la libre disposition de la société.
Art. 6. La cession des parts s'opère par acte authentique ou sous seing privé en observant l'article 1690 du Code Civil.
Les parts ne peuvent être cédées entre vifs à des associés ou des non-associés que suivant une décision unanime de
tous les associés.
En cas de transfert pour cause de mort, les héritiers ou légataires de l'associé décédé doivent être agréés à l'unanimité
des associés survivants. Cet agrément n'est cependant pas requis en cas de transfert aux héritiers légaux.
Art. 7. Chaque part donne droit dans la propriété de l'actif social et dans la répartition des bénéfices à une fraction
proportionnelle au nombre des parts existantes.
Art. 8. Dans leurs rapports respectifs, les associés sont tenus des dettes de la société, chacun dans la proportion du
nombre de parts qu'il possède.
Vis-à-vis des créanciers de la société, les associés sont tenus de ces dettes conformément à l'article 1863 du Code
Civil. Dans tous les actes qui contiendront des engagements au nom de la société, les gérants devront, sauf accord
contraire et unanime des associés, sous leur responsabilité, obtenir des créanciers une renonciation formelle au droit
d'exercer une action personnelle contre les associés, de telle sorte que lesdits créanciers ne puissent intenter d'action
et de poursuite que contre la présente société et sur les biens qui lui appartiennent.
Art. 9. La société ne sera pas dissoute par le décès d'un ou de plusieurs associés, mais continuera entre le ou les
survivants et les héritiers légaux de l'associé ou des associés décédés.
L'interdiction, la faillite ou la déconfiture d'un ou de plusieurs associés ne mettra pas fin à la société, qui continuera
entre les autres associés, à l'exclusion du ou des associés en état d'interdiction, de faillite ou de déconfiture.
Chaque part est indivisible à l'égard de la société.
Les copropriétaires indivis sont tenus, pour l'exercice de leurs droits, de se faire représenter auprès de la société par
un seul d'entre eux ou par un mandataire commun pris parmi les autres associés.
99407
L
U X E M B O U R G
Les droits et obligations attachés à chaque part la suivent dans quelque main qu'elle passe. La propriété d'une part
comporte de plein droit adhésion aux statuts et aux résolutions prises par l'assemblée générale.
Art. 10. La société est gérée et administrée par un ou plusieurs associés-gérants nommés par l'assemblée générale qui
fixe leur nombre et la durée de leur mandat.
En cas de décès, de démission ou d'empêchement d'un des associés-gérants, il sera pourvu à son remplacement par
décision des associés.
Le ou les gérants ne pourront être révoqués que suivant une décision unanime de tous les associés.
Art. 11. Le ou les associés-gérants sont investis des pouvoirs les plus étendus pour agir au nom de la société en toutes
circonstances et faire autoriser tous les actes et opérations rentrant dans son objet ainsi que les actes de disposition.
Art. 12. Chacun des associés a un droit illimité de surveillance et de contrôle sur toutes les affaires de la société.
Art. 13. L'exercice social commence le 1
er
janvier et finit le 31 décembre de chaque année. Par dérogation, le premier
exercice commencera aujourd'hui même pour finir le 31 décembre 2012.
Art. 14. Les associés se réunissent au moins une fois par an à l'endroit qui sera indiqué dans l'avis de convocation.
Les associés peuvent être convoqués extraordinairement par le ou les associés-gérants quand ils jugent convenable,
mais ils doivent être convoqués dans le délai d'un mois, si la demande en est faite par un ou plusieurs associés représentant
un cinquième au moins de toutes les parts sociales.
Les convocations aux réunions ordinaires ou extraordinaires ont lieu au moyen de lettres recommandées adressées
aux associés au moins cinq jours à l'avance et doivent indiquer sommairement l'objet de la réunion.
Les associés peuvent même se réunir sur convocation verbale et sans délai si tous les associés sont présents ou
représentés.
Art. 15. Dans toutes les réunions, chaque part donne droit à une voix.
Les résolutions sont prises à l'unanimité des voix des associés présents ou représentés.
En cas de division de la propriété des parts d'intérêts entre usufruitiers et nu-propriétaires, le droit de vote appartient
à l'usufruitier.
Art. 16. Les associés peuvent apporter toutes modifications aux statuts, quelqu'en soit la nature et l'importance.
Ces décisions portant modification aux statuts ne sont prises que suivant une décision unanime de tous les associés.
Art. 17. En cas de dissolution anticipée de la société, la liquidation de la société se fera par les soins du ou des associés-
gérants ou de tout autre liquidateur qui sera nommé et dont les attributions seront déterminées par les associés.
Le ou les liquidateurs peuvent, en vertu d'une délibération des associés, faire l'apport à une autre société civile ou
commerciale, de la totalité ou d'une partie des biens, droits et obligations de la société dissoute, ou la cession à une
société ou à toute autre personne de ces mêmes droits, biens et obligations.
Le produit net de la liquidation, après règlement des engagements sociaux, est réparti entre les associés proportion-
nellement au nombre des parts possédées par chacun d'eux.
Art. 18. Les articles 1832 à 1872 du Code Civil trouveront leur application partout où il n'y est pas dérogé par les
présents statuts.
<i>Assemblée générale extraordinairei>
Et à l'instant, les associés se sont constitués en assemblée générale extraordinaire à laquelle ils se reconnaissent dûment
convoqués et après avoir constaté que celle-ci était régulièrement constituée, ont à l'unanimité des voix pris les résolutions
suivantes:
1. Est nommé gérant pour une durée indéterminée:
- Monsieur Mergen Michel, gérant de sociétés, né à Luxembourg le 29 septembre 1961, demeurant à 10, rue de
Folschette, L-8537 Hostert.
Le(s) gérant(s) a (ont) les pouvoirs les plus étendus pour engager la société par sa signature individuelle pour la gestion
journalière.
2. Le siège social de la société est fixé à L-8537 Hostert, 10, rue de Folschette.
Hostert, le 1
er
juillet 2012.
Mergen Roger / Mergen Michel / Mergen Albert / Origer Philippe.
Référence de publication: 2012091214/101.
(120126287) Déposé au registre de commerce et des sociétés de Luxembourg, le 20 juillet 2012.
Editeur:
Service Central de Législation, 43, boulevard F.-D. Roosevelt, L-2450 Luxembourg
Imprimeur: Association momentanée Imprimerie Centrale / Victor Buck
99408
Cube Energy S.C.A.
Dafofin Five S.A.
Dafofin Four S.A.
Davidson Consulting SA
Déco-Carrelages S.à r.l.
Devaux & Associés S.à r.l.
Devaux & Associés S.à r.l.
Devaux & Associés S.à r.l.
Di Egidio International S.A.
DMC Finance S.à r.l.
DolphinLux 2 S.à r.l.
DolphinLux 3 S.à r.l.
DolphinLux 4 S.à r.l.
DSA S.à r.l.
DundeeWealth S.A.
ECM Real Estate Investments A.G.
Ecobiodis S.A.
Edelburg S.A.
EGO Luxembourg, S. à r.l.
Egon Holdings S.A.
Eicher Bureau Service Sàrl
Electricity Application Luxembourg
Emde Finances S.A.
Empik Investments II S.à r.l.
Empik Investments S.à r.l.
Encore Plus Lombardia S.à r.l.
Encore Plus Lux Co Boétie II S.à r.l.
Encore Plus LuxCo Boétie I S.à r.l.
Encore Plus Lux Co Diamants II S.à r.l.
Encore Plus Lux Co Franklin II S.à r.l.
Encore Plus Lux Co Ile de la Jatte II S.à r.l.
Encore Plus Lux Co Metzanine II S.à r.l.
EP Services
ESIM S.A.
Espace et Paysages
Espaces Sàrl
Espirito Santo Wealth Management (Europe) S.A.
Eurexpan S.A.
Eurexpan S.A.
Eurober Lux S.A.
EUROLUX-TRANSPORTS S.à r.l., en abrégé ELT S.à r.l.
European Camping Distributors S.à r.l.
European Opticians 2 S.à r.l.
European Packaging S.à r.l.
European Rail Freight II S.à r.l.
European Rail Freight I S.à r.l.
European Real Estate Financing Company S.A.
European Recreational Vehicles S.à r.l.
European Trust Services (Luxembourg) Sàrl
Euro Services S.A.
EURX Antalya Investment S.à r.l.
EURX Antalya Investment S.à r.l.
EURX Antalya Investment S.à r.l.
FHL
Findim Group S.A.
Fleurs Service S.à r.l.
Fortum RER S.A.
Globe Express Services
Haris Finance S.A.
Photovoltaïque Mergen-Origer
POLUNIN Emerging Markets Strategy Funds
Polunin Funds