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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° 37

6 janvier 2014

SOMMAIRE

Alimondo S.A. . . . . . . . . . . . . . . . . . . . . . . . . .

1771

Basse Energie Luxembourg . . . . . . . . . . . . .

1776

Bel Vert S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . .

1776

Benodec . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1731

D.B.C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1732

Defa Industrial Group S.A. . . . . . . . . . . . . . .

1770

DWS Investment S.A. . . . . . . . . . . . . . . . . . .

1755

Ecolux Sustainable S.A. . . . . . . . . . . . . . . . . .

1755

Eurofin Strongeagle Mozambique Fund . .

1735

Genecontrol S.A. . . . . . . . . . . . . . . . . . . . . . . .

1770

Global Management Consulting S.à.r.l. . . .

1770

Global Trading Company S. à r.l. . . . . . . . .

1771

Graas-Lavie et Cie . . . . . . . . . . . . . . . . . . . . .

1771

GreenFilux S.A. . . . . . . . . . . . . . . . . . . . . . . . .

1762

Halder-GIMV Germany Program - Adams

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

1771

Heliobuild S.A. . . . . . . . . . . . . . . . . . . . . . . . . .

1771

Hiorts Finance S.A., SPF . . . . . . . . . . . . . . . .

1767

Immobilière Dostert S.e.n.c. . . . . . . . . . . . .

1768

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

1767

ING International Currency Management

Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1734

Interface . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1767

IREF Art-Invest Holdings 1 . . . . . . . . . . . . . .

1767

IREF Art-Invest Holdings 2 . . . . . . . . . . . . . .

1768

IRERE LUXEMBOURG (Romania) . . . . . . .

1768

IRERE Property Investments Luxembourg

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1769

Jabe Holding SPF S.A. . . . . . . . . . . . . . . . . . .

1769

Janes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1732

Koch Transporte S.à r.l. . . . . . . . . . . . . . . . .

1773

Lamont S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . .

1730

Les Espaces d'Eich S.A. . . . . . . . . . . . . . . . . .

1756

Marigny S.A., SPF . . . . . . . . . . . . . . . . . . . . . .

1731

Mea International S.A. . . . . . . . . . . . . . . . . . .

1762

MEIF Luxembourg Renewables S.à r.l. . . .

1762

MEIF Wind Luxembourg S.à r.l. . . . . . . . . .

1775

Microventures Finance Group S.A. . . . . . .

1733

Mizuho Trust & Banking (Luxembourg)

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

1775

Monte Carlo International Real Estate S.A.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1730

Nestor-Fonds . . . . . . . . . . . . . . . . . . . . . . . . . .

1755

Nordborn I S.à r.l. . . . . . . . . . . . . . . . . . . . . . .

1775

OpenGate Capital Group Europe S.à r.l.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1774

Parts Immobilière S.A. . . . . . . . . . . . . . . . . .

1730

Phaidros Funds . . . . . . . . . . . . . . . . . . . . . . . . .

1735

Quartz One S.A. . . . . . . . . . . . . . . . . . . . . . . .

1731

Rawi S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1734

RP Global Market Selection . . . . . . . . . . . . .

1755

Sarasin Multi Label Sicav . . . . . . . . . . . . . . . .

1735

VH Capital S.C.A., SICAV-FIS . . . . . . . . . . .

1769

VICTAULIC International S.à r.l. . . . . . . . .

1774

Warburg-L-Fonds . . . . . . . . . . . . . . . . . . . . . .

1755

1729

U X E M B O U R G

Monte Carlo International Real Estate S.A., Société Anonyme.

Siège social: L-1840 Luxembourg, 11B, boulevard Joseph II.

R.C.S. Luxembourg B 52.460.

Messieurs les Actionnaires sont priés d'assister à

l'ASSEMBLEE GENERALE ORDINAIRE

qui se tiendra extraordinairement le 22 janvier 2014 à 10.00 heures au siège de la société.

Ordre du jour:

1. Rapports du Conseil d'Administration et du Commissaire aux Comptes;
2. Approbation des bilan et compte de profits et pertes au 31/12/2012;
3. Affectation du résultat;
4. Délibération conformément à l'article 100 de la loi fondamentale sur les sociétés commerciales telle que modifiée;
5. Décharge aux Administrateurs et Commissaire aux Comptes;
6. Divers.

Le Conseil d'Administration.

Référence de publication: 2014001361/322/17.

Lamont S.A., Société Anonyme.

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

R.C.S. Luxembourg B 141.840.

Le Conseil d'Administration a l'honneur de convoquer Messieurs les actionnaires par le présent avis, à

l'ASSEMBLEE GENERALE ORDINAIRE

qui aura lieu le 22 janvier 2014 à 14.00 heures au siège social, avec l'ordre du jour suivant:

Ordre du jour:

1. Approbation des rapports du Conseil d'Administration et du Commissaire aux Comptes.
2. Approbation du bilan et du compte de profits et pertes au 31 décembre 2012, et affectation du résultat.
3. Décharge à donner aux Administrateurs et au Commissaire aux Comptes pour l'exercice de leur mandat au 31

décembre 2012.

4. Décision de la continuation de la société en relation avec l'article 100 de la législation des sociétés.
5. Nominations statutaires.
6. Divers.

LE CONSEIL D'ADMINISTRATION.

Référence de publication: 2014001362/1023/18.

Parts Immobilière S.A., Société Anonyme.

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

R.C.S. Luxembourg B 99.238.

Le Conseil d'Administration a l'honneur de convoquer Messieurs les actionnaires par le présent avis, à

l'ASSEMBLEE GENERALE ORDINAIRE

qui aura lieu le 22 janvier 2014 à 18.00 heures au siège social, avec l'ordre du jour suivant:

Ordre du jour:

décembre 2012.

4. Divers.

LE CONSEIL D'ADMINISTRATION.

Référence de publication: 2014001365/1023/16.

1730

U X E M B O U R G

Quartz One S.A., Société Anonyme.

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

R.C.S. Luxembourg B 158.164.

Le Conseil d'Administration a l'honneur de convoquer Messieurs les actionnaires par le présent avis, à

l'ASSEMBLEE GENERALE ORDINAIRE

qui aura lieu le 22 janvier 2014 à 10.00 heures au siège social, avec l'ordre du jour suivant:

Ordre du jour:

1. Approbation des rapports du Conseil d'Administration et du Commissaire aux Comptes.
2. Approbation du bilan et du compte de profits et pertes au 30 juin 2012, et affectation du résultat.
3. Décharge à donner aux Administrateurs et au Commissaire aux Comptes pour l'exercice de leur mandat au 30

juin 2012.

4. Ratification de la cooptation d'un nouvel Administrateur.
5. Divers.

LE CONSEIL D'ADMINISTRATION.

Référence de publication: 2014001364/1023/17.

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

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

R.C.S. Luxembourg B 28.994.

Le Conseil d'Administration a l'honneur de convoquer Messieurs les actionnaires par le présent avis, à

l'ASSEMBLEE GENERALE ORDINAIRE

qui aura lieu le 22 janvier 2014 à 10.00 heures au siège social, avec l'ordre du jour suivant:

Ordre du jour:

1. Approbation des rapports du Conseil d'Administration et du Commissaire aux Comptes.
2. Approbation du bilan et du compte de profits et pertes au 31 mars 2013, et affectation du résultat.
3. Décharge à donner aux Administrateurs et au Commissaire aux Comptes pour l'exercice de leur mandat au 31

mars 2013.

4. Divers.

LE CONSEIL D'ADMINISTRATION.

Référence de publication: 2014001363/1023/16.

Benodec, Société Anonyme - Société de Gestion de Patrimoine Familial.

Siège social: L-1653 Luxembourg, 2, avenue Charles de Gaulle.

R.C.S. Luxembourg B 21.979.

Messieurs les actionnaires sont priés de bien vouloir assister à

l'ASSEMBLEE GENERALE EXTRAORDINAIRE

qui se tiendra devant notaire à l'adresse du siège social, le 17 janvier 2014 , avec l'ordre du jour suivant:

Ordre du jour:

1. Modification du statut de la société qui n'aura plus désormais celui d'une société de gestion de patrimoine familial

("SPF") défini par la loi du 11 mai 2007 mais celui d'une société de participations financières (SOPARFI).

2. Modification subséquente de l'article 4 des statuts de la société relatif à l'objet social, pour lui donner dorénavant

la teneur suivante:
"La société a pour objet toutes les opérations se rapportant directement ou indirectement à la prise de participa-
tions sous quelque forme que ce soit, dans toute entreprise, ainsi que l'administration, la gestion, le contrôle et le
développement de ces participations.
Elle pourra notamment employer ses fonds à la création, à la gestion, au développement, à la mise en valeur et à
la liquidation d'un portefeuille se composant de tous titres et brevets de toute origine, participer à la création, au
développement et au contrôle de toute entreprise, acquérir par voie d'apport, de souscription, de prise ferme ou
d'option d'achat et de toute autre manière, tous titres et brevets, les réaliser par voie de vente, de cession, d'échange
ou autrement, faire mettre en valeur ces affaires et brevets.
Elle pourra emprunter sous quelque forme que ce soit. Elle pourra, dans les limites fixées par la loi du 10 août
1915, accorder à toute société du groupe ou à tout actionnaire tous concours, prêts, avances ou garanties.

1731

U X E M B O U R G

Elle prendra toutes les mesures pour sauvegarder ses droits et fera toutes opérations généralement quelconques,
qui se rattachent directement ou indirectement à son objet ou qui le favorisent."

3. Modification de l'article 1 des statuts qui aura dorénavant la teneur suivante:

"Il existe une société anonyme sous la dénomination de BENODEC."

4. Modification de l'article 21 des statuts qui aura dorénavant la teneur suivante:

"La loi du 10 août 1915 sur les sociétés commerciales et ses modifications ultérieures trouveront leur application
partout où il n'y a pas été dérogé par les présents statuts."

Le Conseil d'Administration.

Référence de publication: 2013178415/534/32.

D.B.C., Société Anonyme - Société de Gestion de Patrimoine Familial.

Siège social: L-1653 Luxembourg, 2, avenue Charles de Gaulle.

R.C.S. Luxembourg B 30.709.

Messieurs les actionnaires sont priés de bien vouloir assister à

l'ASSEMBLEE GENERALE EXTRAORDINAIRE

qui se tiendra devant notaire à l'adresse du siège social, le 17 janvier 2014 , avec l'ordre du jour suivant:

Ordre du jour:

1. Modification du statut de la société qui n'aura plus désormais celui d'une société de gestion de patrimoine familial

("SPF") défini par la loi du 11 mai 2007 mais celui d'une société de participations financières (SOPARFI).

2. Modification subséquente de l'article 4 des statuts de la société relatif à l'objet social, pour lui donner dorénavant

3. Modification de l'article 1 des statuts qui aura dorénavant la teneur suivante:

"Il existe une société anonyme sous la dénomination de D.B.C. ."

4. Modification de l'article 21 des statuts qui aura dorénavant la teneur suivante:

"La loi du 10 août 1915 sur les sociétés commerciales et ses modifications ultérieures trouveront leur application
partout où il n'y a pas été dérogé par les présents statuts."

5. Modification de l'article 5 des statuts comme suit

"Art. 5. Le capital souscrit de la société est fixé à EUR 1.499.755,82 (un million quatre cent quatre-vingt-dix-neuf
mille sept cent cinquante-cinq euros et quatre-vingt-deux cents) représenté par 6.050 (six mille cinquante) actions
sans désignation de valeur nominale.
Les actions sont nominatives ou au porteur au choix de l'actionnaire.
La société peut, dans la mesure et aux conditions prescrites par la loi, racheter ses propres actions.
Le capital souscrit de la société peut être augmenté ou réduit par décision de l'assemblée générale des actionnaires
statuant comme en matière de modification des statuts."

Le Conseil d'Administration.

Référence de publication: 2013178661/534/40.

Janes, Société Anonyme - Société de Gestion de Patrimoine Familial.

Siège social: L-1653 Luxembourg, 2, avenue Charles de Gaulle.

R.C.S. Luxembourg B 21.969.

Messieurs les actionnaires sont priés de bien vouloir assister à

1732

U X E M B O U R G

l'ASSEMBLEE GENERALE EXTRAORDINAIRE

qui se tiendra devant notaire à l'adresse du siège social, le 17 janvier 2014 , avec l'ordre du jour suivant:

Ordre du jour:

1. Modification du statut de la société qui n'aura plus désormais celui d'une société de gestion de patrimoine familial

("SPF") défini par la loi du 11 mai 2007 mais celui d'une société de participations financières (SOPARFI).

2. Modification subséquente de l'article 4 des statuts de la société relatif à l'objet social, pour lui donner dorénavant

la teneur suivante:
«La société a pour objet toutes les opérations se rapportant directement ou indirectement à la prise de participa-
tions sous quelque forme que ce soit, dans toute entreprise, ainsi que l'administration, la gestion, le contrôle et le
développement de ces participations.
Elle pourra notamment employer ses fonds à la création, à la gestion, au développement, à la mise en valeur et à
la liquidation d'un portefeuille se composant de tous titres et brevets de toute origine, participer à la création, au
développement et au contrôle de toute entreprise, acquérir par voie d'apport, de souscription, de prise ferme ou
d'option d'achat et de toute autre manière, tous titres et brevets, les réaliser par voie de vente, de cession, d'échange
ou autrement, faire mettre en valeur ces affaires et brevets.
Elle pourra emprunter sous quelque forme que ce soit. Elle pourra, dans les limites fixées par la loi du 10 août
1915, accorder à toute société du groupe ou à tout actionnaire tous concours, prêts, avances ou garanties.
Elle prendra toutes les mesures pour sauvegarder ses droits et fera toutes opérations généralement quelconques,
qui se rattachent directement ou indirectement à son objet ou qui le favorisent.»

3. Modification de l'article 1 des statuts qui aura dorénavant la teneur suivante:

«Il existe une société anonyme sous la dénomination de JANES.»

4. Modification de l'article 21 des statuts qui aura dorénavant la teneur suivante:

«La loi du 10 août 1915 sur les sociétés commerciales et ses modifications ultérieures trouveront leur application
partout où il n'y a pas été dérogé par les présents statuts.»

Le Conseil d'Administration

Référence de publication: 2013178934/534/32.

Microventures Finance Group S.A., Société Anonyme.

Siège social: L-1449 Luxembourg, 18, rue de l'Eau.

R.C.S. Luxembourg B 143.388.

The shareholders are convened to the

ANNUAL SHAREHOLDERS' MEETING

that will be exceptionally held on January 15th, 2014 at 10.00 a.m. in L-1449 Luxembourg, 18, rue de l'Eau (1st floor),

in order to deliberate on the following agenda:

Agenda:

•

Acknowledgement of the postponement of the date on which the ordinary general meeting shall take place and
approval of said postponement;

•

Approval of the Financial Statements, including the Annual Accounts, the Management Report of the Board of
Directors and the Statutory Auditors' Report, for the financial year ended on June 30th, 2013;

•

Proposal to bring forward the net result of the financial year equal to 418,487 €;

•

Discharge of the Directors for the actions and decisions executed during the financial year;

•

Presentation of the candidates, election and appointment of the new Board of Directors for a 3 years mandate
ending upon approval of the Annual Accounts as at June 30th, 2016;

•

Remuneration of the Board of Directors;

•

Constitution of the "Committee of Overseers": definition of purpose, access rules and working principles;

•

Delegation to the Board of Directors for the engagement of a primary audit company for the review of the Annual
Accounts starting from 2013-2014;

•

Miscellaneous.

The shareholders may either attend the meeting personally, or be represented by a proxy-holder.

Supporting documents and details of the points of the agenda are available either at the registered office or by email

at the address: paola.parisi@micro-ventures.com.

The Board of Directors.

Référence de publication: 2013179368/28.

1733

U X E M B O U R G

Rawi S.A., Société Anonyme - Société de Gestion de Patrimoine Familial.

Siège social: L-1653 Luxembourg, 2, avenue Charles de Gaulle.

R.C.S. Luxembourg B 40.316.

Messieurs les actionnaires sont priés de bien vouloir assister à

l'ASSEMBLEE GENERALE EXTRAORDINAIRE

qui se tiendra devant notaire à l'adresse du siège social, le 17 janvier 2014 , avec l'ordre du jour suivant:

Ordre du jour:

1. Modification du statut de la société qui n'aura plus désormais celui d'une société de gestion de patrimoine familial

("SPF") défini par la loi du 11 mai 2007 mais celui d'une société de participation financières (SOPARFI).

2. Modification subséquente de l'article 4 des statuts de la société relatif à l'objet social, pour lui donner dorénavant

3. Modification de l'article 1 des statuts qui aura dorénavant la teneur suivante:

«Il existe une société anonyme sous la dénomination de RAWI S.A.»

4. Modification de l'article 21 des statuts qui aura dorénavant la teneur suivante:

«La loi du 10 août 1915 sur les sociétés commerciales et ses modifications ultérieures trouveront leur application
partout où il n'y a pas été dérogé par les présents statuts.»

Le Conseil d'Administration.

Référence de publication: 2013179191/534/32.

ING International Currency Management Fund, Société d'Investissement à Capital Variable.

Siège social: L-2350 Luxembourg, 3, rue Jean Piret.

R.C.S. Luxembourg B 40.811.

Notice is hereby given that the

ANNUAL GENERAL MEETING

of Shareholders of ING International Currency Management Fund will be held at the Head Office of the Company on

Wednesday 15 January 2014 at 15.00 p.m. with the following Agenda:

Agenda:

1. Presentation of the reports of the Board of Directors and of the independent auditor of the Company;
2. Approval of the annual accounts of the Company for the financial year ended 30 September 2013;
3. Allocation of the results of the Company for the financial year ended 30 September 2013;
4. Discharge of the Board of directors of the Company for the execution of their mandates during the financial year

ended 30 September 2013;

5. Statutory appointments (resignation(s) and or appointment(s)).

Registered shareholders will be admitted upon proof of their identity, provided they inform the Board of Directors

of their intention to attend the meeting at least five clear days prior to the meeting.

Agenda de ING (L) Renta Cash (Sicav merged into the Company with effect as of 14 December 2012):

1. Presentation of the reports of the board of directors and of the independent auditor of ING (L) Renta Cash;

2. Approval of the annual accounts of ING (L) Renta Cash for the period from 1

October 2012 to 14 December

2012;

3. Allocation of the results of ING (L) Renta Cash for the period from 1

October 2012 to 14 December 2012;

1734

U X E M B O U R G

4. Discharge of the Board of Directors of ING (L) Renta Cash for the execution of their mandates for the period from

October 2012 to 14 December 2012;

5. Statutory appointments (resignation(s) and or appointment(s)).

Registered shareholders will be admitted upon proof of their identity, provided they inform the Board of Directors

of their intention to attend the meeting at least five clear days prior to the meeting.

The Board of Directors.

Référence de publication: 2013180587/755/30.

Sarasin Multi Label Sicav, Société d'Investissement à Capital Variable.

Siège social: L-1470 Luxembourg, 69, route d'Esch.

R.C.S. Luxembourg B 76.310.

Die Aktionäre der Sarasin Multi Label SICAV werden hiermit eingeladen, an der zusätzlichen

ORDENTLICHEN GENERALVERSAMMLUNG

teilzunehmen, die am 15. Januar 2014 um 11:00 Uhr am Sitz der RBC Investor Services Bank S.A., 14, Porte de France,

L-4360 Esch-sur-Alzette abgehalten wird.

Die zusätzliche ordentliche Generalversammlung hat folgenden Tagesordnungspunkt:

Tagesordnung:

Ernennung von Herrn Urs Oberer als zusätzliches Verwaltungsratsmitglied der Sarasin Multi Label SICAV.

Beschlüsse der zusätzlichen ordentlichen Generalversammlung erfordern kein Quorum und werden mit einfacher

Mehrheit der anwesenden oder vertretenen Aktien gefasst.

Luxemburg, im Dezember 2013 / Januar 2014.

Der Verwaltungsrat .

Référence de publication: 2013180588/755/16.

Phaidros Funds.

Le règlement de gestion modifié au 2 décembre 2013 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, novembre 2013.

IPConcept (Luxemburg) S.A.

Référence de publication: 2013158615/10.
(130194578) Déposé au registre de commerce et des sociétés de Luxembourg, le 15 novembre 2013.

Eurofin Strongeagle Mozambique Fund, Société en Commandite par Actions sous la forme d'une SICAV

- Fonds d'Investissement Spécialisé.

Siège social: L-1528 Luxembourg, 2, boulevard de la Foire.

R.C.S. Luxembourg B 182.916.

STATUTES

In the year two thousand and twelve, on the thirteenth day of December.
Before us, Maître Henri Hellinckx, notary residing in Luxembourg, Grand Duchy of Luxembourg.

THERE APPEARED:

1. Eurofin Strongeagle Mozambique Fund GP, S.à r.l., a private limited liability company (société à responsabilité limitée)

with registered office at 2, boulevard de la Foire, L-1528 Luxembourg, Grand Duchy of Luxembourg and incorporated
under the laws of the Grand Duchy of Luxembourg pursuant to a deed of the Luxembourg notary Maître Henri Hellinckx
dated 1 October 2013, registered with the Luxembourg Registre de Commerce et des Sociétés under number B 180.666
and whose articles of association have been published in the Mémorial C, Recueil Spécial des Sociétés et Associations on
11 November 2013;

here represented by Benoit Kelecom, lawyer, professionally residing in Luxembourg, by virtue of a power of attorney,

given by private seal;

2. Eurofin Capital Limited, a private company incorporated on 24 November 2009 under the laws of the United

Kingdom, with registered office at Byron House, 7-9 St James's Street, London SW1A 1EE, United Kingdom, and registered
with the trade and companies' register of the United Kingdom under number 7085565;

1735

U X E M B O U R G

here represented by Benoit Kelecom, lawyer, professionally residing in Luxembourg, by virtue of a power of attorney,

given by private seal;

Such proxies, after signature ne varietur by the proxy holder of the appearing parties and the undersigned notary, will

remain attached to the present deed to be filed with it.

Such appearing parties, acting in their capacity as representatives of the Shareholders, have requested the notary to

record as follows the articles of association of a société d'investissement à capital variable - fonds d'investissement spé-
cialisé to be established as a partnership limited by shares (société en commandite par actions) which they form between
themselves.

1. Art. 1. Definitions. In these Articles:
2007 Act means the Luxembourg act of 13 February 2007 relating to SIFs (as defined below), as amended.
Advisory Board means the advisory board of the Fund established by the General Partner with the composition, duties

and functions as set out in the Memorandum.

Affiliates means in relation to any Person, any entity Controlled by or Controlling such Person or under a common

Control.

Aggregate Commitments means the total Commitments of Investors.
Articles mean these articles of association of the Fund as they may be amended from time to time.
Board means the board of Managers of the General Partner.
Bridging Investments means investments made with a view to selling them (or a portion thereof) to a third party within

twelve months of their acquisition.

Business Day means a day on which banks are open for business for the whole day in Luxembourg and London

(excluding Saturdays and Sundays and public holidays).

Capital Contribution means the cash contributed by an Investor to the Fund (whether against the issuance of Shares

or otherwise), to the exclusion of any actualisation interest or additional management fee equalisation interest due to
the Fund.

Carried Interest has the meaning set out in article 27.2.
Catch Up has the meaning set out in article 27.
Cause has the meaning set out in article 17.2.
CI Shares means Shares in the Fund entitling its holder to Carried Interest.
Class means a class of Shares of the Fund (catégorie d'actions) as such term is understood under the Companies Act.
Closing means any date on which Investors may commit to subscribe for Shares in the Fund, as determined by the

General Partner.

Commitment means, in relation to an Investor, the amount committed by it to the Fund (and whether or not such

amount has been paid in whole or in part and whether or not it has been repaid to the Investor in whole or in part).

Commitment Period means the period beginning on the First Closing Date and ending on the earliest of: (a) thirty (30)

months following the Final Closing Date or such later date as decided by the General Partner in its absolute discretion
being no later than the third anniversary of the Final Closing Date; or (b) the date when the General Partner determines
the Commitment Period should end provided that 75% Commitments have been drawn down or Committed to Invest-
ment or (c) such date as decided by the General Partner with a Fund Special Consent.

Committed to Investment means, with respect to a prospective Investment or divestment, that the Fund has entered

into a definitive agreement for the acquisition or funding of that Investment or disposal of the relevant Investment, and
the Fund has placed in escrow or otherwise put at risk monies as security for the Investment/divestment in question or
will suffer or incur material penalties or liabilities if it fails to close the Investment/divestment in question, subject in each
case only to the satisfaction of reasonable and customary conditions precedent to closing given the nature of the trans-
action, and is otherwise legally committed to proceed with the transaction in question.

Companies Act means the Luxembourg act of 10 August 1915 concerning commercial companies, as amended.
Control means, in relation to a Person, the power of a Person to secure:
- by means of the holding of shares or the possession of voting power in or in relation to that or any other body

corporate; or

- by virtue of any powers conferred by the articles of association or other document regulating that or any other body

corporate,

that the affairs of the first-mentioned body corporate are conducted in accordance with the wishes of that Person,

and, in relation to a partnership, means the right to a share of more than one-half of the assets, or of more than one-half
of the income, of the partnership, and Controlled and Controlling will be construed accordingly.

CSSF means the Luxembourg supervisory authority, the Commission de Surveillance du Secteur Financier.
Default Date has the meaning set out in article 9.1.
Defaulting Investor has the meaning set out in article 9.1.

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U X E M B O U R G

Depositary has the meaning as set forth in article 29.
Drawdown Date means the date, as determined by the General Partner specified in a Drawdown Notice given by the

General Partner, on which an Investor is to make a Capital Contribution to the Fund (i.e., to pay a portion of their
Commitment).

Drawdown Notice means a notice whereby the Fund informs the Investors of a drawdown and requests the relevant

Investors to make a Capital Contribution to the Fund.

Euro, € or EUR means the single currency of the member states of the Economic and Monetary Union.
Eurofin means Eurofin Capital Limited.
EVCA means the European Private Equity and Venture Capital Association.
Experienced Investor means any investor who (i) adheres in writing to the status of experienced investor and (ii) either

(a) commits to invest a minimum of € 125,000 in the Fund or (b) has obtained an assessment by a credit institution within
the meaning of Directive 2006/48/EC, by an investment firm within the meaning of Directive 2004/39/EC, or by a mana-
gement company within the meaning of Directive 2009/65/EC certifying its/her/his expertise, its/her/his experience and
its/her/his knowledge in adequately appraising an investment in the Fund.

Final Closing Date has the meaning set out in article 8.6.
First Closing Date has the meaning set out in article 8.7.
Fiscal Year means a twelve months period ending on 31 December.
Follow-on Investments means Investments made by the Fund in or relating to an existing Investment.
Fund means Eurofin Strongeagle Mozambique Fund.
Fund Ordinary Consent means the written consent (which will include electronic mail or other electronic communi-

cation and may consist of one or more documents (including "pdf" type electronic mail attachments) in similar form each
signed by one or more of the Investors) of the Investors who together represent at least 50% of the Aggregate Com-
mitments to the Fund at the relevant time, provided that in calculating the percentage vote, Defaulting Investors will not
be taken into account.

Fund Special Consent means the written consent (which will include electronic mail or other electronic communication

and may consist of one or more documents (including "pdf" type electronic mail attachments) in similar form each signed
by one or more of the Investors) of the Investors who together represent at least 75% of the Aggregate Commitments
to the Fund at the relevant time, provided that in calculating the percentage vote, Defaulting Investors will not be taken
into account.

General Meeting means the general meeting of the Shareholders.
General Partner means Eurofin Strongeagle Mozambique Fund GP, S.à r.l., the unlimited partner (associé gérant com-

mandité) of the Fund and references to the exercise of any determinations, discretions and the making of decisions will
be references to the General Partner acting on behalf of the Fund.

GP Share has the meaning set out in article 6.3.
Holding Companies means any persons or arrangements controlled, directly or indirectly, by the Fund in which the

Fund holds any direct or indirect interest (whether characterised as equity, debt or otherwise, including a co-investment
or fractional interest), specifically established for the purpose of structuring the holding of one or more Investments and
Holding Company means any one of them.

IFRS means the International Financial Reporting Standards.
Indemnified Person means: (a) the Managers and the Related Persons and in each case their respective Affiliates; (b)

the members of the Advisory Board (and the Person's who appointed them to those roles), in each case in respect of
liabilities arising by virtue of the member of the Advisory Board occupying that position; (c) any person acting as a director
or officer of a Holding Company or Portfolio Company or nominated by the Managers or the General Partner to act as
a director or officer of a Holding Company or Portfolio Company; and (d) any of the respective officers, directors,
delegates, members, employees, secondees, agents, advisors, Affiliates or the legal representatives of any of them.

Institutional Investors means investors who qualify as institutional investors according to Luxembourg Law.
Investments means investments acquired or made by the Fund (whether directly or through a Holding Company),

including but not limited to participations in or commitments to investments of the type described in the Memorandum
and Investment means any one of them.

Investment Adviser means the investment adviser of the Fund as set out in the Memorandum.
Investment Committee means the investment committee of the Fund with the composition, duties and functions as

set out in the Memorandum.

Investment Manager means the investment manager of the Fund as set out in the Memorandum.
Investment Management Agreement means the agreement between the Fund and the Investment Manager as set out

in the Memorandum.

Investor means any person who is or becomes an investor in the Fund by assuming a Commitment and, where the

context requires, will include that person as a Shareholder.

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U X E M B O U R G

Key Persons has the meaning set out in the Memorandum.
LIBOR means the British Bankers' Association (BBA) interbank offered rates for deposits in USD which appear on the

relevant page of the Reuters Service (currently page LIBOR01) or, if not available, on the relevant pages of any other
service (such as Bloomberg Financial Markets Service) that displays such BBA rates; provided that, if BBA for any reason
ceases (whether permanently or temporarily) to publish interbank offered rates for deposits in USD, LIBOR will mean
the rate determined by the Manager by calculating the arithmetic mean (rounded upward to the nearest three decimal
places) of the offered rates advised to the Manager for deposits in USD by any two (2) or more major banks active in
the London interbank market or, if such rates are unavailable, the offered rates advised to the Manager for loans in USD
by a major bank or banks in New York.

Liquid Investments means cash or cash equivalents, including, inter alia and without limitation, investments in units of

money market funds, time deposits and regularly negotiated money market instruments the remaining maturity of which
is less than 12 months, treasury bills and bonds issued by OECD member countries or their local authorities or by
supranational institutions and organisations with European Union, regional or worldwide scope as well as bonds admitted
to official listing on a stock exchange or dealt on a regulated market, issued by first-class issuers and highly liquid.

Luxembourg means the Grand Duchy of Luxembourg.
Luxembourg Law means the applicable laws and regulations of the Grand Duchy of Luxembourg.
Management Fee means the management fee payable out of the assets of the Fund to the General Partner in accordance

with the Memorandum.

Manager means a member of the Board.
Memorandum means the confidential offering memorandum of the Fund drawn up in accordance with article 52 of

the 2007 Act, as amended or supplemented from time to time.

Net Asset Value or NAV means the net asset value of the Fund, each Class and each Share as determined in accordance

with article 13.

Net Distributable Cash means with respect to any period, all cash receipts by the Fund arising during that period from

the Fund's Investments and other assets (including amounts released from Reserves (as defined in the Memorandum) and
all cash proceeds received by the Fund during that period from capital events, including (a) the sale, transfer, exchange
or other disposal of all or any portion of any Investment; (b) the refinancing of any indebtedness of the Fund; and (c) any
similar transaction), reduced by the portion thereof used during that period to pay or establish Reserves, service the
requirements of any credit facility or other third party debt, and pay the (relevant) Expenses (as defined in the Memo-
randum).

Ordinary Shares has the meaning set out in article 6.4.
Person means any body corporate, unincorporated association (including a partnership, joint venture or consortium),

government, state, agency, organisation any other entity (in each case whether or not having separate legal personality),
and an individual, his estate and personal representatives and, where the context so permits, the legal representatives,
successors in interest and permitted assigns of such person.

Professional Investors means Investors who qualify as professional investors within the meaning of Annex III to the

act of 5 April 1993 on the financial sector, as amended.

Qualified Investors means an Investor who may acquire Shares in the Fund under the law applicable to him/her/it in

his/her/its relevant jurisdiction; and to whom the General Partner or authorised placement agents are allowed to promote
the Fund provided that they are Well-Informed Investors and not Restricted Persons.

Reference Currency means the USD.
Related Party means any fund or vehicle managed, established or advised by any of the Related Persons.
Related Person means the General Partner, the Investment Adviser and the Sub-Adviser.
Restricted Person has the meaning as set forth in article 12.1.
Service Providers means the Depositary, the administrative agent, and any other person who provides services to the

Fund from time to time and Service Provider means any one of them.

Shareholder means an owner of Shares.
Shares means all shares issued by the Fund from time to time, representing the total outstanding share capital.
SIF means a specialised investment fund under the 2007 Act.
Subscription Agreement means the subscription agreement entered into by each Investor and the Fund.
Supermajority Resolution means a resolution of the General Meeting in accordance with the quorum and majority

requirements set out in the Companies Act for amendments to the Articles, i.e., a resolution passed by the vote (cast in
person or by way of proxy) of holders representing half of the issued share capital passed by not less than two-thirds of
the votes cast in relation to such resolution provided that:

- if the quorum requirement is not fulfilled at the occasion of the first General Meeting, a second meeting may be

convened at which meeting resolutions are passed at a two third majority of the votes cast without any quorum requi-
rement; and provided further that

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U X E M B O U R G

- no Supermajority Resolutions will be passed unless approved by the General Partner (except that the General Partner

will not have any veto right in respect of resolutions for the purpose of removing the General Partner under these Articles
and the Memorandum) and that a change to the Articles is subject to the approval of the CSSF.

Term has the meaning ascribed to it in article 4.1.
Transfer has the meaning set out in article 10.1.
Transferee has the meaning set out in article 10.4.
Transferring Investor has the meaning set out in article 10.4.
UCI means an undertaking for collective investment or collective investment scheme.
UK FSA means the UK Financial Services Authority or any successor body to its regulatory functions from time to

time.

Undrawn Commitment means with regard to an Investor, (a) the Investor's Commitment, minus (b) all Capital Con-

tributions the Investor has made, plus (c) sums distributed to Investors that will be added to an Investor's Undrawn
Commitment in accordance with the terms of the Memorandum and/or these Articles.

USD or $ means United States Dollars.
Valuation Date means the last calendar day of the Fiscal Year.
Warranty Claim has the meaning set out in article 15.5.
Well-Informed Investors means any well-informed investors within the meaning of article 2 of the 2007 Act. There

exist three categories of well-informed investors, Institutional Investors, Professional Investors and Experienced Investors.
For the avoidance of doubt, the Managers and the other persons involved in the management of the Fund are regarded
as Well-Informed Investors for the purpose of article 2 of the 2007 Act.

2. Art. 2. Form and Name.
2.1 There exists a société d'investissement a capital variable - fonds d'investissement specialise under the form of a

partnership limited by shares (société en commandite par actions) under the name of "Eurofin Strongeagle Mozambique
Fund" (the Fund).

2.2 The Fund will be governed by the 2007 Act, the Companies Act (provided that in case of conflicts between the

Companies Act and the 2007 Act, the 2007 Act will prevail) as well as by these articles of association (the Articles).

3. Art. 3. Registered office.
3.1 The registered office of the Fund is established in Luxembourg. It may be transferred within the boundaries of the

municipality of Luxembourg (or elsewhere in the Grand Duchy of Luxembourg if, and to the extent, permitted under the
Companies Act) by a resolution of the General Partner.

3.2 The General Partner will further have the right to set up branches, offices, administrative centres and agencies

wherever it will deem fit, either within or outside of the Grand Duchy of Luxembourg.

3.3 Where the General Partner determines that extraordinary political or military developments or events have oc-

curred or are imminent and that these developments or events would interfere with the normal activities of the Fund at
its registered office, or with the ease of communication between such office and persons abroad, the registered office
may be temporarily transferred abroad until the complete cessation of these extraordinary circumstances. Such tempo-
rary measures will have no effect on the nationality of the Fund which, notwithstanding the temporary transfer of its
registered office, will remain a partnership limited by shares incorporated in the Grand Duchy of Luxembourg.

4. Art. 4. Term of the fund general.
4.1 The Fund has been created for a limited duration and will be automatically put into liquidation seven years and six

months following the First Closing Date, or if earlier upon a Supermajority Resolution (including in such circumstances
as set out in article 17.8 (the Term)).

Extension of Term
4.2 At any time before the date that is seven years and six months following the First Closing Date, the General Partner

may extend the term of the Fund for up to two consecutive additional one-year periods. Any decision to extend the term
of the Fund will be taken by the General Partner in consideration of, and with a view to the proper and timely discharge
of the Fund's (remaining) underlying obligations and commitments to its Investments.

4.3 Any such extension will be without prejudice to the possibility of earlier termination of the Fund for the reason

specified in article 4.1.

4.4 In the event that the General Partner elects to extend the term of the Fund, it will notify all Investors of such

extension.

5. Art. 5. Corporate objects.
5.1 The exclusive purpose of the Fund is to invest the funds available to it with the purpose of spreading investment

risks and affording its Shareholders the results of its management.

5.2 The Fund may take any measures and carry out any transaction, which it may deem useful for the fulfilment and

development of its purpose and may, in particular and without limitation:

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U X E M B O U R G

(a) make investments whether directly or through direct or indirect participations in subsidiaries of the Fund or other

Holding Companies;

(b) borrow money in any form or obtain any form of credit facility and raise funds through, including, but not limited

to, the issue of equity, bonds, notes, promissory notes, and other debt or equity instruments;

(c) advance, lend or deposit money or give credit to companies and undertakings;
(d) enter into any guarantee, pledge or any other form of security, whether by personal covenant or by mortgage or

charge upon all or part of the assets (present or future) of the Fund or by all or any of such methods, for the performance
of any contracts or obligations of the Fund, or any director, manager or other agent of the Fund, or any company in which
the Fund or its parent company has a direct or indirect interest, or any company being a direct or indirect Shareholder
or any company belonging to the same group as the Fund;

to the fullest extent permitted under the 2007 Act but in any case subject to the terms and limits set out in the

Memorandum.

6. Art. 6. Share capital.
6.1 The capital of the Fund will be represented by fully paid up Shares of no par value and will at any time be equal to

the value of the net assets of the Fund pursuant to article 13.

6.2 The capital must reach one million two hundred and fifty thousand euro (EUR 1,250,000) or equivalent in another

currency within twelve months of the date on which the Fund has been registered as a SIF under the 2007 Act on the
official list of Luxembourg SIFs, and thereafter may not be less than this amount.

6.3 The initial capital of the Fund will be of fifty thousand dollars (USD 50,000) represented by one (1) GP share (the

GP Share) subscribed for by the General Partner and forty nine thousand nine hundred ninety nine (49,999) Ordinary
Shares.

Classes of Shares
6.4 The following Classes are available:
(a) Ordinary Shares, which are reserved for Qualified Investors and will be issued pursuant to articles 7 and 8 of these

Articles and in accordance with the Memorandum.

(b) CI Shares, which
(i) are reserved for subscription and (direct or indirect) holding by the Related Persons, the Key Persons and their

Affiliates;

(ii) will be issued at a fixed price of USD1 each and at the latest before the first distribution of Carried Interest;
(iii) give their holders the right to receive the Carried Interest, subject to article 17.7(e);
(iv) do not bear the Management Fee;
(v) will be limited in number to 1,000 CI Shares;
(vi) are subject to the restrictions on Transfer set out in article 10.2; and
(c) one GP Share, reserved to the General Partner, which will have such financial rights as set out in the Memorandum.
6.5 The Fund's share capital is at all times equal to its Net Asset Value. The Fund's share capital is automatically adjusted

when additional Shares are issued or outstanding Shares are redeemed and no special announcements or publicity are
necessary in relation thereto.

6.6 For the purpose of determining the capital of the Fund, the net assets attributable to each Class will, if not already

denominated in USD, be converted into USD. The capital of the Fund equals the total of the net assets of all the Classes.

7. Art. 7. Form of shares.
7.1 The Fund only issues Shares in registered form and Shares will remain in registered form. Shares are issued without

par value and will be fully paid upon issue. The Shares are not represented by certificates.

7.2 All issued registered Shares will be registered in the register of Shareholders which will be kept at the registered

office by the Fund or by one or more persons designated for this purpose by the Fund, where it will be available for
inspection by any Shareholder. Such register will contain the name of each owner of registered Shares, his/her/its residence
or elected domicile as indicated to the Fund, the number and Class of registered Shares held by him, the amount paid up
on each share, and the transfer of Shares and the dates of such transfers. The ownership of the Shares will be established
by the entry in this register.

7.3 Each Shareholder will provide the Fund with an address to which all notices and announcements may be sent. Such

address will also be entered into the register of Shareholders.

7.4 In the event that a Shareholder does not provide an address, the Fund may permit a notice to this effect to be

entered into the register of Shareholders and the Shareholder's address will be deemed to be at the registered office of
the Fund, or such other address as may be so entered into the register of Shareholders by the Fund from time to time,
until another address will be provided to the Fund by such Shareholder. Shareholders may, at any time, change their
address as entered into the register of Shareholder by way of a written notification sent to the Fund.

7.5 The Fund will recognise only one holder per share. In case a share is held by more than one person, the Fund has

the right to suspend the exercise of all rights attached to that share until one person has been appointed as sole owner

1740

U X E M B O U R G

in relation to the Fund. The same rule will apply in the case of conflict between an usufruct holder (usufruitier) and a bare
owner (nu-propriétaire) or between a pledgor and a pledgee. Moreover, in the case of joint Shareholders, the Fund
reserves the right to pay any redemption proceeds, distributions or other payments to the first registered holder only,
whom the Fund may consider to be the representative of all joint holders, or to all joint Shareholders together, at its
absolute discretion.

7.6 With the exception of the GP Share, fractional Shares may be issued to the nearest 100th of a Share. Such fractional

Shares do not carry voting rights, except where their number is such that they represent a whole share, but are entitled
to participate in the net assets attributable to the relevant Class on a pro rata basis.

7.7 All Shares issued by the Fund may be redeemed by the Fund at the request of the Shareholders or at the initiative

of the Fund in accordance with, and subject to, article 11 of these Articles and the provisions of the Memorandum.

7.8 Subject to the provisions of article 10, title to Shares in registered form is transferred upon registration of the

name of the transferee in the share register of the Fund. The Fund will not issue, or give effect to any Transfer of, Shares
to any investor who is not a Qualified Investor and, in respect of a Transfer, who does not met the conditions set out in
article 10.

7.9 Subject to the provisions of article 10, a Transfer may be effected by a written declaration of transfer entered in

the register of the Shareholder(s), such declaration of transfer to be executed by the transferor and the transferee or by
persons holding suitable powers of attorney or in accordance with the provisions applying to the transfer of claims
provided for in article 1690 of the Luxembourg civil code. The Fund may also accept as evidence of transfer other
instruments of transfer evidencing the consent of the transferor and the transferee satisfactory to the Fund.

7.10 The Fund will not agree to issue Ordinary Shares as consideration for a contribution in kind of securities or assets.

8. Art. 8. Issue of shares.
8.1 The General Partner is authorised, without limitation, to issue an unlimited number of fully paid up Shares at any

time in accordance with the terms of the Memorandum and these Articles (to the exclusion of any additional GP Share)
without reserving a preferential right to subscribe for the Shares to be issued for the existing Shareholders.

8.2 With the exclusion of the GP Share, Shares are exclusively reserved for subscription by Qualified Investors.
8.3 The General Partner may impose conditions on the issue of Shares, any such condition to which the issue of Shares

may be submitted will be detailed in the Memorandum provided that the General Partner may, without limitation:

(a) decide to set minimum commitments, minimum subsequent commitments, minimum subscription amounts, mini-

mum subsequent subscription amounts and minimum holding amounts for a particular Class;

(b) impose restrictions on the frequency at which Shares are issued (and, in particular, decide that Shares will only be

issued during one or more offering periods or at such other intervals as provided for in the Memorandum);

(c) reserve Shares of a Class exclusively to persons or entities that have entered into, or have executed, a subscription

document under which the subscriber undertakes inter alia to subscribe for Shares, during a specific period, up to a
certain amount and makes certain representations and warranties to the Fund. As far as permitted under Luxembourg
Law, any such subscription document may contain specific provisions not contained in the other subscription documents;

(d) determine any default provisions applicable to non or late payment for Shares or restrictions on ownership of the

Shares;

(e) in respect of any one given Class, levy a subscription fee and/or waive partly or entirely this subscription fee;
(f) decide that payments for subscriptions to Shares will be made in whole or in part on one or more dealing dates,

closings or draw down dates at which such date(s) the commitment of the Investor will be called against issue of Shares
of the relevant Class;

(g) set the initial offering period or initial offering date and the initial subscription price in relation to each Class and

the cut-off time for acceptance of the subscription document in relation to a particular Class.

8.4 Each Investor subscribing for Shares will be required to enter into a Subscription Agreement irrevocably committing

to make all subscriptions and payments for the entire Commitment and each Investor will be required to make Capital
Contributions equal, in total, to that Investor's Commitment in consideration for the issuance of fully paid Shares by the
Fund in accordance with the terms of the Memorandum.

8.5 The General Partner may, in its absolute discretion, accept or reject in whole or in part any Subscription Agreement

or request for subscription to Shares.

8.6 The General Partner will determine the date after which no additional Investors will be admitted to the Fund (the

Final Closing Date) at its entire discretion in accordance with the terms of the Memorandum. The General Partner can
postpone the Final Closing Date up to such period of time and under the circumstances set out in the Memorandum. A
process determined by the General Partner and described in the Memorandum will govern the chronology of the issue
of Shares in the Fund.

8.7 The First Closing Date will be such date as set discretionarily by the General Partner and Investors that have

submitted a Subscription Agreement for acceptance to the General Partner will be notified by mail or through appropriate
electronic communication means by the General Partner (or the administrative agent of the Fund) of the First Closing
Date in advance of the First Closing Date in accordance with the provisions of the Memorandum.

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U X E M B O U R G

8.8 After the First Closing Date and until the Final Closing Date, the General Partner may decide to organise one or

more subsequent closings (each a Subsequent Closing) at which new Shareholders are admitted or at which existing
Shareholders may increase their Commitments. The General Partner may confer the authority upon any of its members,
any manager, officer or other duly authorised representative to accept subscription applications, to receive payments for
newly issued Shares and to deliver these Shares. Investors who subscribe for Commitments after the First Closing Date,
but on or before the Final Closing Date, will be treated as if they had been admitted to the Fund on the First Closing
Date and will acquire a proportionate interest in all Investments acquired by the Fund, and will bear the proportionate
share of the fees and expenses incurred by the Fund, prior to the date of their admission to the Fund pro rata with other
Investors and may inter alia be required to pay certain equalisation amounts and/or actualisation amounts or interests on
top of their Commitment, in accordance with article 8.3 of these Articles and the Memorandum.

8.9 Payments for subscriptions to Shares will be made in whole or part on a Drawdown Date or any other date and

under the terms and conditions as determined by the General Partner and as indicated and more fully described in the
Memorandum. The modes of payment and subscription price of the Shares in relation to such subscriptions will be
determined by the General Partner and more fully described in the Memorandum. Distributions made (in whatever form,
including through redemptions of Share, as the case may be) of funds received by the Fund attributable to certain revenues,
capital gains on or return on Investments may be available for further drawdown by the Fund (i.e., may be recalled by the
Fund) and any such distribution may increase an Investor's Undrawn Commitment, in accordance with and subject to the
provisions set out in the Memorandum.

8.10 The General Partner may decide, at its discretion, to postpone the date of any Subsequent Closing. In this event,

the relevant Investors will be informed of the amended date of the Subsequent Closing.

8.11 Shares (whether Ordinary Shares, CI Shares or GP Share) subscribed at any time will be issued at a price equal

to USD1. In addition to the issue price, subsequent investors may be required to pay certain equalisation amounts and/
or actualisation amounts or interests on top of their Commitment, in accordance with article 8.3 of these Articles and
the Memorandum.

9. Art. 9. Failure to comply with a drawdown notice.
9.1 If any Investor fails for whatever reason (including where such failure is due to such Investor's bankruptcy, insol-

vency, dissolution, liquidation or other similar event) to pay to the Fund the amount which is the subject of a Drawdown
Notice on or before the relevant Drawdown Date and has not paid such amount (together with the additional amounts
specified in article 9.2 below) within such period as is set out in the Memorandum of the issue of a Default Notice from
the General Partner (the Default Date), the General Partner will have the right (but not the obligation) to declare such
Investor a Defaulting Investor with effect from the date of such declaration.

9.2 An Investor may remedy its default by paying the following amounts to the Fund on or before the Default Date:
(a) the amount requested under the Drawdown Notice;
(b) interest on the amount outstanding under (a) at a default rate set out in the Memorandum, calculated on a daily

basis from the payment date specified in the relevant Drawdown Notice up to the date of payment thereof;

Providers or, as the case may be, the Fund with respect to any other related default expenses (as detailed in the Memo-
randum).

9.3 If an Investor does not remedy its default in accordance with article 9.2 above by the Default Date, then all of the

Defaulting Investor's Ordinary Shares have their voting rights suspended and do not carry right to dividend or distribution
until payment is made and the General Partner will have the right but not the obligation to exercise one or more of the
following remedies:

(a) proceed to a compulsory redemption by the Fund of the Defaulting Investor's Ordinary Shares at the lesser of (i)

50% of the latest calculated Net Asset Value of the Ordinary Shares of the Defaulting Investor, at the Default Date (or,
if no Net Asset Value is available at that date, 50% of the issue price) and (ii) 50% of the aggregate Capital Contributions
of the Defaulting Investor;

(b) exercise an option to buy the Ordinary Shares of the Defaulting Investor at a price equal to the lesser of (i) 50%

of the aggregate Capital Contributions of the Defaulting Investor or (ii) 50% of the latest calculated Net Asset Value of
the Ordinary Shares of the Defaulting Investor, in which case, the General Partner will, after having acquired the Ordinary
Shares of the Defaulting Investor pursuant to the exercise of its option, offer the Shares of the Defaulting Investor to a
third party (or parties) identified by the General Partner (which party or parties may include another Investor or any
Affiliate of the General Partner or the Investment Adviser) provided that before offering the Defaulting Investor's Ordi-
nary Shares to any third party, the General Partner will offer them to the non-Defaulting Investors, who will have a period
of ten Business Days to accept the offer. Any non-Defaulting Investors expressing an interest in such a purchase will be
offered the Defaulting Investor's Ordinary Shares pro rata based on their existing Commitments. Any Transfer of Ordi-
nary Shares pursuant to this article 9.3(b) will be subject to the terms and provision of article 10;

Undrawn Commitment to a third party or a non-Defaulting Investor subject to the terms and provision of article 10
below provided that before assigning the Defaulting Investor's Undrawn Commitment to any third party, the Fund will

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U X E M B O U R G

propose the non-Defaulting Investors to take over such Undrawn Commitment on a pro rata basis, who will have a period
of 10 (ten) Business Days to accept;

(d) cause the Fund to pursue any available legal remedies against the Defaulting Investor to collect any and all of the

Commitments due from the Defaulting Investor and any other damages (including consequential damages).

9.4 In the event that the General Partner exercises its option to buy and the General Partner then transfers the

Ordinary Shares of a Defaulting Investor in accordance with article 9.3(b) above, any amounts which would, in the absence
of such default, have been for the account of the relevant Defaulting Investor, will be held by the Fund for the benefit of
any purchaser of the Ordinary Shares of the Defaulting Investor (subject to the right of the General Partner to deduct
therefrom any Default Expenses) and upon the purchaser becoming an Investor such amounts will be paid over to the
purchaser. The proceeds of sale will, following receipt by the General Partner and subject to the deduction of such costs
and expenses as aforementioned, be paid to the relevant Defaulting Investor.

9.5 With effect from the Default Date, the Shares and Undrawn Commitment of the relevant Defaulting Investor will

be disregarded for all purposes in relation to these Articles or the Memorandum, including for the purpose of the holding
of any meeting or the exercise of any voting rights pursuant to these Articles or the Memorandum (including for the
purpose of any Fund Ordinary or Special Consent).

9.6 Any exercise of any or none of the remedies set out under article 9.1 to 9.5 above will not prejudice the right of

the Fund or the General Partner to pursue any other available legal remedies against any Defaulting Investor. The Fund
will have the right to set-off any of its obligations to pay any amount to the Defaulting Investor as a result of the exercise
of any of its rights under article 9.3 above against any obligation of the Defaulting Investor owed to the Fund (and in
particular, but without limitation, its obligation to pay the amount set out under article 9.2 above).

10. Art. 10. Transfer of shares. Transfer of GP Shares
10.1 The General Partner will not sell, assign, transfer, grant a participation in, pledge, hypothecate, encumber or

otherwise dispose of (a Transfer) all or any part of its GP Share(s) or voluntarily withdraw as the general partner of the
Fund.

Transfer of CI Shares
10.2 The holders of the CI Shares will not Transfer any or all of the CI Shares other than to another Related Person,

Key Person or their Affiliates.

Transfer of Ordinary Shares/Undrawn Commitments
10.3 No Transfer of all or any portion of any Investor's Shares or Undrawn Commitment, whether voluntary or

involuntary:

(a) will be valid or effective if, in the opinion of the General Partner:
(i) the Transfer would result in a violation of any law or regulation of Luxembourg or any other jurisdiction (including,

without limitation, the Securities Act or any securities laws of the individual states of the United States) or subject the
Fund to any other adverse tax, legal or regulatory consequences as determined by the Fund;

(ii) the Transfer would result in a violation of any term or condition of these Articles or of the Memorandum;
(iii) the Transfer would result in the Fund being required to register as an investment company under the United States

Investment Company Act of 1940, as amended;

(iv) the Transfer would result in an acceleration of the Fund or any Holding Company's indebtedness, a default under

any loan or other agreement to which the Fund or a Holding Company is a party or causing any assets of the Fund or a
Holding Company to become subject to cash collateralisation;

(b) and it will be a condition of any Transfer (whether permitted or required) that:
(i) such Transfer be approved by the General Partner, such approval not to be unreasonably withheld;
(ii) the Transferee represents in a form acceptable to the Fund that such Transferee is not a Restricted Person, and

that the proposed Transfer itself does not violate any laws or regulations (including, without limitation, any securities
laws) applicable to it/him/her;

(iii) (in respect of the Transfer of Undrawn Commitment) the Transferee enters into a Subscription Agreement in

respect of the relevant Undrawn Commitment so transferred;

(iv) (unless otherwise agreed with the Fund) the Transferring Investor at the same time as the Transfer of Shares

procures the Transfer to the Transferee of all or the relevant pro-rata portion of its Undrawn Commitment or remaining
commitment to provide funds to the Fund against the issue of Shares or otherwise, as the case may be;

(v) the Transferee is a Qualified Investor.
Information
10.4 If an Investor wishing to Transfer all or part of its Shares or Undrawn Commitment (a Transferring Investor) finds

a third party purchaser (the Transferee), it will apply to the General Partner for its consent to the Transfer and will furnish
such information in relation to the proposed Transfer and the proposed Transferee as may be required by the General
Partner. In the event that a request for a Transfer is approved, the Transferring Partner and Transferee will, among other
possible requirements, be required to represent to the General Partner, in a form acceptable to the General Partner,

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U X E M B O U R G

that the proposed Transfer does not violate any laws or regulations (including any securities laws) applicable to it nor be
a Transfer of a type that would be prohibited under this article 10.

Transferee's obligations
10.5 In accordance with articles 10.3(b)(iii) and 10.3(b)(iv) above, unless otherwise agreed with the Fund, any Trans-

feree will be bound by all the provisions of the Memorandum and, as a condition of giving its consent to any Transfer to
be made in accordance with the provisions of this article 10, the General Partner may require the proposed Transferee
to acknowledge its assumption (in whole or in part) of the obligations of the Transferring Investor by executing a form
of Subscription Agreement in a form satisfactory to the General Partner. Neither the Fund nor the General Partner will
incur any liability for allocations and distributions made in good faith to the Transferring Investor until the written ins-
trument of transfer has been received by the Fund and recorded in its books and the effective date of the Transfer has
passed.

Legal opinion
10.6 Prior to a proposed Transfer, the General Partner will be entitled to require a written opinion of responsible

legal counsel (at the expense of the Transferring Investor), satisfactory in form and substance to the General Partner on
any relevant regulatory or legal issue relating to the proposed Transfer, as well as such other matters as the General
Partner may reasonably request.

Transfer costs
10.7 The Transferring Investor will be responsible for and pay all costs and expenses (including any taxation) arising

in connection with any such permitted Transfer, including reasonable legal fees arising in relation thereto incurred by the
General Partner or its Affiliates and stamp duty or stamp duty reserve tax (if any) payable. The Transferring Investor and
the Transferee will indemnify the Indemnified Persons, in a manner satisfactory to the General Partner against any Claims
and Expenses (as defined in the Memorandum) to which the Indemnified Persons may become subject arising out of or
based upon any false representation or warranty made by, or breach or failure to comply with any covenant or agreement
of, such transferor or transferee in connection with such Transfer. In addition, each Investor agrees to indemnify the
Fund and each Indemnified Person from any Claims and Expenses resulting from any Transfer or attempted Transfer of
its Shares and Undrawn Commitment in violation of these Articles, the Memorandum and the terms of the Subscription
Agreement.

11. Art. 11. Redemption of shares.
11.1 The Fund is a closed-ended investment company. Investors are not entitled to request redemption of their Shares.
11.2 Shares may be redeemed at the initiative of the General Partner in accordance with, and in the circumstances set

out under below. The General Partner may in particular decide to:

- redeem Shares of any Class, on a pro rata basis among Shareholders (i) in order to distribute Net Distributable Cash,

subject to compliance with the relevant distribution scheme (and, as the case may be, reinvestment rights) as provided
for in article 27 below and/or (ii) in the context of the distribution of Re-investment Cash to Investors in accordance
with article 15;

- compulsorily redeem Shares:
(i) held by a Restricted Person as defined in, and in accordance with the provisions of, article 12 below;
(ii) in case of admission of new Investors in order to equalise previous investors and late investors (e.g., in case of

admission of subsequent investors) if so provided for in, and in accordance with the terms and conditions of, this Me-
morandum;

(iii) held by an Investor who fails to make, within a specified period of time determined by the General Partner, any

required Capital Contributions or certain other payments to the Fund (including the payment of any interest amount or
charge due in case of default), in accordance with the terms of the Memorandum, these Articles and its/his/her Subscription
Agreement;

(iv) in all other circumstances, in accordance with the terms and conditions set out in the Subscription Agreement,

the Memorandum or these Articles.

11.3 The repurchase by the Fund of its own Shares in circumstances other than those referred to in this article 11

and/or the Memorandum will take place by virtue of a Supermajority Resolution.

12. Art. 12. Restriction on ownership of shares.
12.1 The Fund acting through its General Partner may restrict or prevent the ownership of Shares or (Undrawn)

Commitment by any Person if the General Partner, in its absolute discretion, determines that such:

(a) ownership may be detrimental to the Fund;
(b) ownership may result (either individually or in conjunction with other Investors in the same circumstances) in:
(i) the Fund or its Holding Companies incurring any liability for any taxation whenever created or imposed and whether

in Luxembourg, or elsewhere or suffering pecuniary disadvantages which the same might not otherwise incur or suffer;
or

(ii) the Fund being required to register its Shares under the laws of any jurisdiction other than Luxembourg;

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U X E M B O U R G

(iii) a breach of any law or regulation applicable to that Person, the Fund or the General Partner, whether Luxembourg

Law or other law (including anti-money laundering and fight against terrorism financing laws and regulations); or

Memorandum;

(d) Person is not a Qualified Investor; or;
(e) Person is a US Person under Regulation S of the US Securities Act of 1933;
(any such Person being a Restricted Person) (and, for the avoidance of doubt, a Person that is not a Well-Informed

Investor will automatically be considered a Restricted Person).

12.2 The Fund may:
(a) decline to issue any Shares and decline to register any Transfer of Shares/(Undrawn) Commitment where such

issuance, registration, Transfer or assignment would result in legal or beneficial ownership of such Shares or Undrawn
Commitment by a Restricted Person; and

(b) at any time require any Person whose name is entered in the register of Shareholders or of Undrawn Commitments

or who seeks to register a Transfer in the register of Shareholders or of Undrawn Commitments to deliver to the Fund
any information, supported by affidavit, which it may consider necessary for the purpose of determining whether or not
beneficial ownership of such Investor's Shares or Undrawn Commitment rests with a Restricted Person, or whether such
registration will result in beneficial ownership of such Shares or Undrawn Commitment by a Restricted Person.

12.3 If it appears to the General Partner that an Investor is a Restricted Person, the Fund will be entitled to, in its

absolute discretion:

(a) decline to accept the vote of the Restricted Person at the General Meeting and disregard its vote on any matter

requiring the Investors' vote in accordance with the Memorandum and these Articles (including for a Fund Ordinary or
Special Consent); and/or

(b) retain all dividends paid or to be paid or other sums distributed or to be distributed with regard to the Shares held

by the Restricted Person; and/or

within sixty Business Days of the sending of the relevant notice, subject each time to the applicable restrictions on Transfer
as set out in article 10; and/or

(d) reduce or terminate the Restricted Person's Undrawn Commitment; and/or
(e) compulsorily redeem all Shares held by the Restricted Person at a price equal to the lesser of (i) 50% of the latest

calculated Net Asset Value of the Shares (or for no consideration if the NAV per Share is equal to, or less than, zero)
and (ii) 50% of the aggregate Capital Contributions of the Restricted Person; such price to be diminished by such costs
incurred by the Fund, the General Partner, any Service Provider and any of their Affiliates as a result of the holding of
Shares by the Restricted Person (including all costs linked to the compulsory redemption); and/or

(f) remove any representative of the Restricted Person from any Advisory Board or such other committee or board

as may be set up by the General Partner on which that Restricted Person is represented.

13. Art. 13. Calculation of net asset value.
13.1 The Fund and each Class have a Net Asset Value determined in accordance with Luxembourg Law and IFRS on

the basis of standalone financial statements.

Calculation of the NAV
13.2 The Net Asset Value of each Class will be calculated in the Reference Currency of the relevant Class in good

faith in Luxembourg on each Valuation Date.

13.3 The administrative agent of the Fund will under the supervision of the General Partner compute the NAV per

Class as follows: each Class participates in the Fund according to the portfolio and distribution entitlements (as these
entitlements are described in article 27 and set forth in the Memorandum) attributable to each such Class. The value of
the total portfolio and distribution entitlements attributed to a particular Class on a given Valuation Date adjusted with
the liabilities relating to that Class on that Valuation Date represents the total Net Asset Value attributable to that Class
on that Valuation Date. The assets of each Class will be commonly invested but subject to different fee structures,
distribution, marketing targets, currency or other specific features as it is stipulated in article 6.4 of these Articles and in
the Memorandum. A separate Net Asset Value per Share, which may differ as consequence of these variable factors, will
be calculated for each Class as follows: the Net Asset Value of that Class on that Valuation Date divided by the total
number of Shares of that Class then outstanding on that Valuation Date.

13.4 The value of the assets of the Fund will be determined in accordance with the guidelines and principles for valuation

of the British Venture Capital Association (BVCA), as applicable and may be amended from time to time (unless otherwise
set out below), as follows:

(a) investments in real estate properties will be estimated in good faith, and the valuation will be reviewed or performed

on an annual basis by a qualified independent real estate brokerage company pursuant to the guidelines and principles for
valuation of the Royal Institute of Chartered Surveyors (RICs). The name of the relevant qualified independent real estate
brokerage company(ies) will be disclosed in the annual reports of the Fund;

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U X E M B O U R G

(b) investments in private equity securities, including in Portfolio Companies, will be estimated by the General Partner

in good faith in accordance with the BVCA guidelines referred to above and reviewed by an independent appraiser but,
if such securities are listed, the valuation will be at the bid price on the Valuation Date on the relevant market;

provided by such UCIs or their agents, or at their last unofficial net asset values (i.e., estimates of net asset values) if more
recent than their last official net asset values. The official or unofficial net asset value of a UCI may be adjusted for
subsequent capital calls and distributions and applicable redemption charges where appropriate. The Fund will adjust the
net asset value or other valuation so provided where the Fund considers such net asset valuation or other valuation
information does not accurately reflect the Fund's interests in such UCI, whether because such information has been
generated after a delay from the UCI's own valuation point, change in markets or otherwise. The NAV is final and binding
notwithstanding that it may have been based on unofficial or estimated net asset values;

(d) the value of any cash on hand or on deposit, bills and demand notes and accounts, receivable, prepaid expenses,

cash dividends and interest declared or accrued as aforesaid, and not yet received will be deemed to be the full amount
thereof, unless it is unlikely to be received in which case the value thereof will be arrived at after making such discount
as the General Partner may consider appropriate in such case to reflect the true value thereof;

(e) the liquidating value of futures, forward, options or derivative contracts not dealt in on a stock exchange or another

regulated market will mean their net liquidating value determined, pursuant to the policies established by the General
Partner, on a basis consistently applied for each different variety of contracts. The liquidating value of futures, forward,
options or other derivative contracts dealt in on a stock exchange or another regulated market will be based upon the
last available settlement prices of these contracts on such regulated market on which the particular futures, forward,
options or derivative contracts are dealt in by the Fund; provided that if a futures, forward, options or derivative contract
could not be liquidated on the day with respect to which net assets are being determined, the basis for determining the
liquidating value of such contract will be such value as the General Partner may deem fair and reasonable;

(f) all other assets are valued at fair value as determined in good faith pursuant to procedures established by the General

Partner in accordance with IFRS.

13.5 The Fund, in its discretion, may permit some other method of valuation to be used if it considers that such

valuation better reflects the fair value of any asset or liability of the Fund in compliance with Luxembourg Law. This
method will then be applied in a consistent way. The Administrative Agent of the Fund can rely on such deviations as
approved by the Fund for the purpose of the Net Asset Value calculation.

13.6 The value of all assets and liabilities not expressed in the currency of denomination of the relevant Shares will be

converted into such currency at the relevant rates of exchange ruling in Luxembourg on the relevant Valuation Date. If
such quotations are not available, the rate of exchange will be determined with prudence and in good faith by or under
procedures established by the General Partner.

13.7 The liabilities of the Fund will be deemed to include:
(a) all borrowings, bills and other amounts due;
(b) 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 Fund, unless otherwise provided in the Memorandum;

property, including the amount of all dividends declared by the Fund for which no coupons have been presented and
which therefore remain unpaid until the day these dividends revert to the Fund by prescription;

(d) any appropriate amount set aside for taxes due on the Valuation Date and any other provisions of Reserves (as

defined in the Memorandum) authorised and approved by the Fund; and

(e) any other liabilities of the Fund of whatever kind and nature towards third parties reflected in accordance with

Luxembourg Law and IFRS.

13.8 In determining the amount of such liabilities the Fund will take into account all expenses payable by the Fund and

may accrue administrative and other expenses of a regular or recurring nature based on an estimated amount rateably
for yearly or other periods. In addition, the Fund may accrue in its account as Reserves (as defined in the Memorandum)
any amounts which, in the General Partner's absolute discretion, should be retained for the purposes of a reserve for
expenses or other purposes in connection with Investments or matters in respect of which the Fund is committed to
investment including an appropriate provision for current taxes payable in the future based on the capital and income, as
determined from time to time by the General Partner, as well as such amount (if any) as the General Partner may consider
to be an appropriate allowance in respect of any risks or liabilities of the Fund (i.e., liabilities for past events which are
definite as to their nature and are certain or probable to occur and can be measured with reasonable accuracy, which
might arise during the life of the Fund and may include potential liabilities arising from any disputes (such as with a buyer
or a tax authority) or as a result of any warranty or other similar arrangement arising as a result of a disposal of an
Investment).

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U X E M B O U R G

13.9 The assets and liabilities will be allocated as follows:
(a) the proceeds to be received from the issue of Shares of any Class will be applied in the books of the Fund to that

Class and will increase the proportion of the net assets attributable to that Class;

(b) where any asset is derived from another asset, such asset will be attributable in the books of the Fund to the same

Class or Classes as the assets from which it is derived and on each revaluation of such asset, the increase or decrease in
value will be applied to the relevant Class or Classes;

(c) where the Fund incurs a liability in relation to any asset of a particular Class or in relation to any action taken in

connection with an asset of a particular Class, such liability will be allocated to the relevant Class or Classes;

(d) in the case where any asset or liability of the Fund cannot be considered as being attributable to a particular Class,

such asset or liability will be allocated to all the Classes pro rata to their respective net asset values or in such other
manner as determined by the Fund acting in good faith, provided that (i) where assets of several Classes are held in one
account and/or are co-managed as a segregated pool of assets by an agent of the Fund, the respective right of each Class
will correspond to the prorated portion resulting from the contribution of the relevant Class to the relevant account or
pool, and (ii) such right will vary in accordance with the contributions and withdrawals made for the account of the Class,
as described in the Memorandum;

(e) upon the payment of distributions to the Shareholders of any Class, the net asset value of such Class will be reduced

by the amount of such distributions.

13.10 General rules:
(a) all valuation regulations and determinations will be interpreted and made in accordance with Luxembourg Law and

IFRS;

(b) the latest Net Asset Value will be made available to Investors at the registered office of the Fund and the admi-

nistrative agent of the Fund as soon as it is finalised. The administrative agent of the Fund and the Fund will use their best
efforts to compute and finalise the Net Asset Value within 120 calendar days as from the relevant Valuation Date. The
Fund cannot accept any responsibility for any error or delay in publication or for non-publication of prices;

not intended to affect the treatment for accounting or legal purposes of the assets and liabilities of the Fund or any Shares
issued by the Fund. Undrawn Commitment will not be considered as assets of the Fund for the purpose of the calculation
of the Net Asset Value.

14. Art. 14. Temporary suspension of calculation of the NAV.
Suspension events
14.1 The General Partner may at any time and from time to time suspend the determination of the Net Asset Value

of Shares and/or the issue of the Shares and/or the redemption of the Shares of any Class:

(a) during the existence of any state of affairs which constitutes an emergency in the opinion of the General Partner

as a result of which disposal or valuation of assets owned by the Fund would be impracticable;

(b) during any breakdown in the means of communication normally employed in determining the price or value of any

of the Investments;

(c) if, as a result of exchange restrictions or other restrictions affecting the transfer of funds, transactions on behalf of

the Fund impracticable, or if purchases, sales, deposits and withdrawals of the assets of the Fund cannot be effected at
the normal rates of exchange;

(d) when the value of a substantial part of the assets of any subsidiary or Holding Company may not be determined

accurately;

(e) upon the publication of a notice convening a General Meeting for the purpose of winding-up the Fund;
(f) when the suspension is required by law or legal process;
(g) when for any reason the General Partner determines that such suspension is in the best interests of investors;
(h) when for any other reason, the prices of any Investments cannot be promptly or accurately determined.
Notification and effects of suspension
14.2 Any such suspension will be notified by the Fund in such manner as it may deem appropriate to the Shareholders

and other persons likely to be affected thereby.

15. Art. 15. Liability of limited partners, recycled commitments, reinvestment and liability reserve.
Liability of limited Shareholders
15.1 The owners of Shares (other than the GP Share) are only liable up to the amount of their Capital Contribution

and Commitment made to the Fund in accordance with the terms of the Memorandum and the relevant Subscription
Agreement. The holders of Shares (other than the GP Share) will refrain from acting on behalf of the Fund in any manner
or capacity other than by exercising their rights as limited Shareholders in General Meetings.

Recycled Commitments and Reinvestment
15.2 Net Distributable Cash attributable to:

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U X E M B O U R G

(a) an Investment (including Bridging Investments) being syndicated, refinanced or otherwise repaid or disposed of

before the end of the Commitment Period, and as long as the Fund did not incur a loss on that Investment;

(b) Capital Contributions required from Investors in respect of a prospective Investment which does not proceed to

completion; or

where such payment is not required for such purpose;

(such amounts being Re-investment Cash) may, at the discretion of the General Partner, be distributed to the Share-

holders through a redemption of Shares on a pro rata basis and will, subject to article 15.3 below, increase each
Shareholder's Undrawn Commitments by an amount equal to the amount of Re-investment Cash distributed and such
amounts will be available for further drawdown in accordance with the provisions of article 8 above. The General Partner
may also retain all or part of the Re-investment Cash and recycle such cash in lieu of making a further drawdown, such
amount of recycled Re-investment Cash to be applied in accordance with the provisions of article 8 above.

15.3 In relation to the amounts of Re-investment Cash only amounts up to the returned Capital Contributions and no

other amounts derived from the relevant Investment will be Re-investment Cash.

Warranty Claim - Investors' clawback
15.4 The Fund or the liquidator of the Fund may call on Investors (or former Investors) to return distributions of Net

Distributable Cash received (including liquidation proceeds) for the purpose of satisfying any Warranty Claim, provided
that:

(a) the amount any Investor (or former Investor) may be liable to pay to the Fund or the liquidator(s) of the Fund, as

the case may be, as a result of a Warranty Claim referred to under articles 15.5(b) and 15.5(c) of these Articles will be
limited to an amount equal to 25% of the aggregate amount of distributions (including liquidation proceeds) actually
received by such Investor (or former Investor) (and, for the avoidance of doubt, this limitation will not apply to any
Underlying Claim referred to under article 15.5(a)) of these Articles;

(b) the ability of the Fund or the liquidator(s) of the Fund to require Investors (or former Investors) to return any

distribution received from the Fund pursuant to this article will expire after:

(i) (in respect of any Warranty Claim under articles 15.5(a) and 15.5(b) of these Articles) the second anniversary of

the liquidation of the Fund;

(ii) (in respect of an Warranty Claim under article 15.5(c) of these Articles) the fourth anniversary of the date on

which the relevant distribution, or return of capital, was made by or in respect of the relevant Investment;

except to fund liabilities or obligations (i) with respect to which the Fund has received a written notice of claim or

that the Fund is in the process of litigating, arbitrating or otherwise settling as of such anniversary date, and (ii) with
respect to which the Fund has delivered to the Investors on or prior to ninety (90) days after such anniversary date
written notice of such claim, litigation, arbitration or settlement process.

15.5 For the purpose of article 15.4 of these Articles, Warranty Claim will mean:
(a) an indemnification claim by an Indemnified Person made under the terms of article 22 of these Articles;
(b) a claim made under any indemnities, warranties or other obligations undertaken by or on behalf of the Fund or

any Holding Company in relation to an Investment (or in the context of the disposal of an Investment); or

in accordance with the terms of the Fund's investment in, or commitment to, the relevant Investment.

General
15.6 Where the General Partner is aware at the time of the distribution of Re- investment Cash that such Re-investment

Cash may be subject to recall under this article 15 then it will use commercially reasonable efforts to notify the Investors
at the time of distribution of such possibility.

16. Art. 16. Management.
16.1 The Fund will be managed by the General Partner. The General Partner who will be the liable partner (actionnaire

gérant commandité) and who will be personally, jointly and severally liable with the Fund for all liabilities which cannot
be met out of the assets of the Fund.

16.2 The General Partner is vested with the broadest powers to perform all acts of administration and disposition in

the Fund's interest which are not expressly reserved by law or by these Articles to the meeting of Shareholders.

16.3 The General Partner will namely have the power on behalf and in the name of the Fund to carry out any and all

of the purposes of the Fund and to perform all acts and enter into and perform all contracts and other undertakings that
it may deem necessary or advisable or incidental thereto. Except as otherwise expressly provided, the General Partner
will have, and will have full authority in its discretion to exercise, on behalf of and in the name of the Fund, all rights and
powers necessary or convenient to carry out the purposes of the Fund.

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U X E M B O U R G

17. Art. 17. Removal of the general partner.
17.1 After the Final Closing Date, Investors representing at least 25% of Aggregate Commitments will be entitled to

call, or require the General Partner to call, a General Meeting to initiate a vote for removal for Cause of the General
Partner.

17.2 For the purpose of this Article, each of the following events will be a cause event (Cause Event or Cause):
(a) a Related Person or Key Person has
(i) committed a material breach of any of its obligations under the Memorandum, Articles, or any side letter or similar

agreement or any other contractual arrangement with or in respect of the Fund, which material breach continues for a
period of thirty (30) days (or if the material breach can be cured but is not capable of being cured within such thirty (30)
day period, such longer period of time as is necessary to cure such material breach provided that such cure is diligently
pursued during and after such thirty (30) day period, but in no event will such cure period exceed one hundred twenty
(120) days) following the receipt by the General Partner of notice of such material breach from the Advisory Board or
the Investors (which notice will be sent upon the determination by the Investors or Advisory Board that such material
breach exists);

(ii) the General Partner has committed gross negligence, wilful misconduct, fraud, bad faith or reckless disregard in

the course of the operation of the Fund;

(iii) the General Partner has been declared insolvent, bankrupt, or is the subject of an administration procedure or

involuntary reorganisation of its assets;

and
(b) any of such event under items (i) to (iii) (y) result in material financial or other material adverse effects to the Fund

and (z) in respect of items (i) and (ii) above, such material breach or gross negligence, wilful misconduct, fraud, bad faith
or reckless disregard in the course of the operation of the Fund has been confirmed in a final and non-appealable court
ruling.

17.3 Upon occurrence of a Cause Event, the Investors willing to initiate a vote on the removal of the General Partner

will send a written notice (the Removal for Cause Notice) to the General Partner indicating (i) the intention to seek the
removal of the General Partner for Cause and (ii) a detailed description of the relevant Cause Event.

17.4 Upon receipt of the Removal for Cause Notice:
(a) the General Partner will send, at the latest within 10 Business Days of receipt of the Removal for Cause Notice, a

convening notice to the Advisory Board together with a proposed agenda for the meeting of the Advisory board, which
will include information in relation to the proposed removal for Cause, and should the General Partner deems it appro-
priate, a request for an authorisation to pursue the Fund's investment until a decision is made by the Investors in relation
to the proposed removal; and

(b) the Fund will be prevented from pursuing any new Investment or Investments for which the Fund was not Com-

mitted to Investment prior to the receipt of the Removal for Cause Notice until a decision is adopted by the Investors
in relation to the proposed removal of the General Partner. In addition, the Fund will be prevented from pursuing or
making any Follow-on Investments and divestments for which it is not Committed to Investment prior to the receipt of
the Removal for Cause Notice other than with the prior approval of the Advisory Board until a decision is adopted by
the Investors in relation to the proposed removal of the General Partner.

17.5 After the holding of the meeting of the Advisory Board, the General Partner will convene a General Meeting to

resolve upon the removal of the General Partner. The General Partner will procure that such meeting is held within a
maximum period as set out in the Memorandum from the date of the receipt by the General Partner of the Removal for
Cause Notice. The Related Persons and Key Persons will be allowed to provide to the General Meeting and the Advisory
Board such information and explanation as they deem appropriate in relation to the alleged Cause Event.

17.6 The General Meeting may resolve by way of a Supermajority Resolution that a Cause Event has occurred, subject

to article 17.2 above, and consequently decide to remove the General Partner (and the General Partner will not have
any veto right on such Supermajority Resolution).

17.7 The removal following a Cause Event will have effect as between Investors and the General Partner immediately

upon the Supermajority Resolution of the General Meeting to that effect and:

(a) as from the date of the General Meeting' resolution that a Cause Event has occurred, the Commitment Period (if

not already terminated) will end and the General Partner will only be authorised to carry out administration tasks and
take decisions for the purpose of protecting the interests of the Fund, each such decision to be subject to the approval
of the Advisory Board up to the date of the effective replacement of the General Partner or of the Fund's liquidation;

(b) the removal following a Cause Event will not give rise to any compensation by the Fund to any of the Related

Persons;

(c) the Investment Management Agreement will immediately terminate;
(d) the Related Persons and the Key persons will be released from their then remaining Undrawn Commitments;
(e) (i) the General Partner will only be entitled to the Management Fee up to the date of its effective replacement or

of the Fund's liquidation and (ii) any and all entitlement to the Carried Interest arising out of the CI Shares (including any

1749

U X E M B O U R G

accrued but unpaid Carried Interest) will be forfeited and lost by the holders of such CI Shares and (iii) the CI Shares
holders will Transfer to the new replacing General Partner (or its Affiliates, officers, directors, managers or agents) all
the CI Shares at a price equal to the Capital Contributions paid by the relevant holders less any distributions to them (it
being understood that such may not result in a price lower than zero).

17.8 The Investors will procure that the General Partner is replaced by Supermajority Resolution of the General

Meeting and with the CSSF's consent within 60 calendar days of the resolution to remove the General Partner, failing
which the General Partner will take all appropriate actions required to put the Fund into liquidation.

18. Art. 18. Authorised signature. The Fund will be bound towards third parties in all matters by the corporate signature

of the General Partner or by the individual or joint signatures of any other persons to whom authority will have been
delegated by the General Partner as the General Partner will determine in his discretion, except that such authority may
not be conferred to a limited partner (associé commanditaire) of the Fund.

19. Art. 19. Investment policy and restrictions.
19.1 The General Partner, based upon the principle of risk spreading, has the power to determine the investment

policy of the Fund and the course of conduct of the management and business affairs of the Fund, all within the investment
powers and restrictions as will be set forth by the General Partner in the Memorandum, in compliance with applicable
laws and regulations.

19.2 The General Partner will also have power to determine any restrictions which will from time to time be applicable

to the investment of the Fund's assets, in accordance with the 2007 Act including, without limitation, restrictions in
respect of:

(a) the borrowings of the Fund thereof and the pledging of its assets; and
(b) the maximum percentage of the Fund's assets which it may invest in any single underlying asset and the maximum

percentage of any type of Investment which it may acquire.

20. Art. 20. Conflict of interests.
20.1 No contract or other transaction between the Fund and any other company or firm will be affected or invalidated

by the fact that any one or more of the directors, managers or officers of the General Partner or the Fund is interested
in, or is a director, associate, officer or employee of such other company or firm.

20.2 Any director, manager or officer of the General Partner or of the Fund who serves as director, officer or employee

of any company or firm with which the Fund will contract or otherwise engage in business will not, solely by reason of
such affiliation with such other company or firm, be prevented from considering and voting or acting upon any matters
with respect to such contract or other business.

20.3 Additional provisions on conflicts of interest are set out in the Memorandum and apply to the business of the

Fund.

21. Art. 21. Committees established by the general partner.
21.1 The General Partner (or its duly appointed agents) may establish committees and delegate to such committees

such authority to act on behalf of the Fund in such matters concerned with the management and affairs of the Fund or
to act in a purely advisory capacity to the Fund. It is expected that the General Partner (or its duly appointed agents) will
establish an Investment Committee and an Advisory Board with such composition, functions, duties and features as set
out in the Memorandum. The creation of any further committee by the General Partner (or its duly appointed agents)
will be subject to an amendment to the Memorandum in accordance with the rules applicable to amendments to the
Memorandum.

21.2 The rules concerning the composition, functions, duties, remuneration of these committees will be as set forth

in the Memorandum.

22. Art. 22. Liability and indemnification. Liability of Indemnified Persons
22.1 None of the Indemnified Persons will have any liability for any Claims and Expenses (as defined in the Memoran-

dum) of the Fund or any Investor arising in connection with the services to be performed hereunder or pursuant hereto,
or under or pursuant to any management agreement or other service agreement relating to the Fund or in respect of
services as a Manager or member of the Advisory Board or which otherwise arises in relation to the operation, business
or activities of the Fund save in respect of any matter resulting from such Indemnified Person's fraud, wilful misconduct,
bad faith or reckless disregard for their obligations and duties in relation to the Fund or their gross negligence (provided
that such gross negligence has had a material adverse economic effect on the Investors or the Fund) or any matter which
can be qualified as Cause.

22.2 The General Partner and the Managers will be fully protected in relying in good faith upon the records of the

Fund and upon such information, opinions, reports or statements presented to the Fund by any person (including a
representative of a person in which the Fund has invested) as to matters the General Partner and the Managers believe
are within such other person's professional or expert competence and who, to the extent applicable, has been selected
with reasonable care by or on behalf of the Fund, including information, opinions, reports or statements as to the value

1750

U X E M B O U R G

and amount of assets, liabilities, profits or losses or any other facts pertinent to the existence and amount of assets from
which distributions to Investors might properly be paid.

22.3 Notwithstanding anything to the contrary in these Articles, the General Partner will not be in default, or be

deemed to have breached its obligations if it is unable to take, or cause the Fund to take, any action due to a lack of
available funds.

Indemnification of Indemnified Persons
22.4 The Fund agrees to indemnify and hold harmless out of the Fund's assets the Indemnified Persons against any and

all Claims and Expenses (as defined in the Memorandum) incurred or threatened arising out of or in connection with or
relating to or resulting from the Indemnified Person being or having acted as a general partner or manager in respect of
the Fund or arising in respect of or in connection with any matter or other circumstance relating to or resulting from
the exercise of its powers as a general partner or manager or from the provision of services to or in respect of the Fund
or under or pursuant to any management agreement or other service agreement relating to the Fund or in respect of
services as a Manager or member of the Advisory Board or which otherwise arise in relation to the operation, business
or activities of the Fund provided however that an Indemnified Person will not be so indemnified with respect to any
matter resulting from their fraud, wilful misconduct, bad faith or reckless disregard for their obligations and duties in
relation to the Fund or their gross negligence (provided that such gross negligence has had a material adverse economic
effect on the Investors or the Fund) or any matter which can be qualified as Cause.

22.5 Indemnity amounts payable under article 22.4 above to Indemnified Persons out of the assets of the Fund will in

no case exceed the amount of Aggregate Commitments. Where a portion of Aggregate Commitments has already been
drawn-down, in no case indemnity amounts will exceed aggregate Undrawn Commitment plus any amounts that will be
realised from the Fund's portfolio, up to an amount not exceeding Aggregate Commitments.

22.6 This article 22 should not be construed as indemnifying, or attempting to indemnify, any Indemnified Person against

any liability to the extent that indemnifying the Indemnified Person would be in violation of applicable law.

General
22.7 The provisions of this article 22 will continue to afford protection to each Indemnified Person regardless of

whether such Indemnified Person remains in the position or capacity pursuant to which such Indemnified Person became
entitled to indemnification under this article 22 and regardless of any subsequent amendment to the Memorandum or
these Articles, and no amendment to the Memorandum or these Articles will reduce or restrict the extent to which
these indemnification provisions apply to actions taken or omissions made prior to the date of such amendment.

22.8 The right of any Indemnified Person to the indemnification provided herein will be cumulative with, and in addition

to, any and all rights to which such Indemnified Person may otherwise be entitled by contract or as a matter of law or
equity and will extend to such Indemnified Person's successors, assignees, heirs and legal representatives.

23. Art. 23. Meetings of shareholders.
23.1 The annual General Meeting will be held, in accordance with Luxembourg Law, in Luxembourg at the address of

the registered office of the Fund or at such other place in the municipality of the registered office as may be specified in
the convening notice of the meeting, on 30 June each of year at 10.00 am (Luxembourg time) or if such a day is not a
Business Day on the previous Business Day.

23.2 The annual General Meeting may be held abroad if, in the absolute and final judgment of the General Partner

exceptional circumstances so require.

23.3 Other meetings of Shareholders may be held at such place and time as may be specified in the respective convening

notices of the meeting.

23.4 All General Meetings will be chaired by the General Partner.
23.5 Any regularly constituted meeting of Shareholders will represent the entire body of Shareholders.
23.6 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.

24. Art. 24. Notice, quorum, convening notices, powers of attorney and vote.
24.1 Notices for each General Meeting will be sent by or on behalf of the Fund to the Shareholders by registered mail

or courier at least eight calendar days prior to the relevant General Meeting at their addresses set out in the share register
of the Fund. Such notices will include the agenda and specify the time and place of the meeting and the conditions of
admission and will refer to the requirements of Luxembourg Law with regard to the necessary quorum and majorities
required for the meeting. If all Investors meet and declare having had notice of the General Meeting or waiving the notice,
the General Meeting may be validly held despite the accomplishment of the afore set formalities. The requirements as to
attendance, quorum and majorities at all General Meetings are those set in the Companies Act and these Articles.

24.2 The General Partner may convene a General Meeting at any time. It 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

1751

U X E M B O U R G

of one or more items on the agenda of any General Meeting. This request must be addressed to the Fund at least 5 (five)
Business Days before the relevant General Meeting.

24.3 All the Shares of the Fund being in registered form, the convening notices will be made by registered letters only.
24.4 Each Share is entitled to one vote, subject to the provisions of articles 8.3 and 12.3 above.
24.5 Except as otherwise required by Luxembourg Law, the Memorandum or these Articles, resolutions at a duly

convened General Meeting will be passed by a simple majority of those present or represented provided that (unless
otherwise stated in these Articles) no resolution of the General Meeting may be taken without the affirmative vote of
the General Partner.

24.6 However, resolutions to alter the Articles may only be adopted by a Supermajority Resolution.
24.7 The nationality of the Fund may be changed and the commitments of its Shareholders may be increased only with

the unanimous consent of the Shareholders.

24.8 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.

24.9 Shareholders may vote in writing (by way of a voting bulletins) 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 agenda as set forth in the convening notice and (iii) the voting instructions (approval, refusal, abs-
tention) for each point of the agenda.

24.10 The General Partner may determine any other conditions that must be fulfilled by Shareholders for them to

take part in any meeting of Shareholders.

25. Art. 25. Auditors.
25.1 The accounting information contained in the annual report of the Fund will be examined by an auditor (réviseur

d'entreprises agréé) appointed by the General Meeting and remunerated by the Fund.

25.2 The auditor will fulfil all duties prescribed by the 2007 Act.

26. Art. 26. Fiscal year - Accounts.
26.1 The Fiscal Year will begin on 1 January and terminate on 31 December of each year.
26.2 The accounts of the Fund will be expressed in USD.

27. Art. 27. Application of income and capital proceeds.
Distributions
27.1 Subject to the remaining provisions of this article 27, all Net Distributable Cash will be used first to pay the

Expenses (as defined in the Memorandum) and will thereafter, unless recycled in accordance with article 15 above, be
distributed to Investors pro rata as soon as reasonably possible in the reasonable discretion of the General Partner after
the relevant amount becomes available for distribution, unless the General Partner considers the amount to be de minimis.
The General Partner in its absolute discretion may make more frequent distributions of Net Distributable Cash.

27.2 Distributions of Net Distributable Cash will be made and allocated between each Investor and the holders of the

CI Shares, after payment of the Management Fee, in accordance with the following waterfall:

(a) Firstly, 100% to the holders of Ordinary Shares in repayment of their Capital Contributions;
(b) Secondly, 100% to the holders of Ordinary Shares in proportion to their Capital Contributions until they have

received distributions equal to such compound interest rate calculated annually based on their Capital Contributions as
set out in the Memorandum (the Preferred Return);

under item (b) and item (c) an amount equal to such percentage of the aggregate amounts distributed under item (b) and
this item (c) (provided that this item (c) will not apply to the holders of the CI Shares in their capacity as holders of
Ordinary Shares) as set out in the Memorandum; and

(d) Fourthly, such percentage as set out in the Memorandum to all the Investors (including the holders of CI Shares)

and such percentage as set out in the Memorandum to the holders of CI Shares;

(the Catch Up and the payment under item (d) to the CI Shares holders being referred to as the Carried Interest).
27.3 For the avoidance of doubt, Defaulting Investors are excluded for the purpose of calculating the allocation of the

proceeds attributable to Investments.

Limitations on Distributions
27.4 The Fund will not be required to make any distribution:
(a) unless there is sufficient cash available;
(b) which would render the Fund insolvent; or
(c) which, in the opinion of the General Partner, would or might leave the Fund with insufficient funds or profits to

meet any present or future contemplated obligations, liabilities or contingencies (including the Management Fee) or further

1752

U X E M B O U R G

to which the Fund would cease to meet the minimum regulatory requirement of (the equivalent in any currency of)
EUR1,250,000.

27.5 Investors should be aware that any amount distributed during the Commitment Period may have to be returned

to the Fund for re-investment purposes in accordance with article 15.

27.6 Notwithstanding the foregoing, the holders of the CI Shares will be entitled to receive distributions from the

Fund in respect of its Carried Interest in such amount as is necessary to enable it, its members or the intended beneficiaries
of Carried Interest to satisfy any charge to taxation incurred as a result of any of their direct or indirect allocation or
receipt of Carried Interest. Any such distributions will reduce the amount of future distributions (described above) made
to the holders of the CI Shares with respect to their Carried Interest.

Clawback
27.7 Upon termination of the Fund, the holders of the CI Shares will be required to return to the Fund distributions

of Carried Interest previously received to the extent that they exceed the amounts that should have been distributed to
the relevant holders of CI Shares as Carried Interest pursuant to article 27.2 applied on an aggregate basis covering all
transactions of the Fund.

27.8 In no event, however, will the holders of the CI Shares be required to return more than the cumulative Carried

Interest distributions received by the holders of the CI Shares, net of amounts distributable to the holders of CI Shares
in respect of income taxes thereon.

Distribution in kind
27.9 The General Partner may agree to distribute (all or part of) an Investment in kind in lieu of making a dividend

payment to an Investor upon that Investor's request if it determines that such a transaction would not be detrimental to
the best interests of the remaining Investors. Such distribution will constitute a pro rata portion of the Fund's assets in
terms of value. The assets to be transferred to such Investor will be determined by the General Partner, with regard to
the practicality of transferring such assets and to the interests of the Fund and continuing participants therein. The
valuation of the Investment to be distributed in kind will be carried out by the General Partner in accordance with the
rules set out in article 13 and will be subject to the review and report of the Auditor (the Allocated Value).

27.10 Any distribution in-kind will be treated as if the Investment(s) so distributed at the date of the distribution in-

kind had been disposed of for a cash consideration equal to the Allocated Value. Any stamp duty, stamp duty reserve tax
or similar tax and any other costs incurred by the Fund in making any distribution in specie will be borne by the receiving
Investor.

28. Art. 28. Dissolution and liquidation.
28.1 Subject to article 4, the Fund may be voluntarily dissolved by a Supermajority Resolution (subject to the General

Partner's consent).

28.2 In the event of a voluntary liquidation, the Fund will, upon its dissolution, be deemed to continue to exist for the

purposes of the liquidation. The operations of the Fund will be conducted by one or several liquidators, who, after having
been approved by the CSSF, will be appointed by a General Meeting, which will determine their powers and compensation.

28.3 Should the Fund be voluntarily liquidated, then its liquidation will be carried out in accordance with the provisions

of the 2007 Act and the Companies Act. The liquidation report of the liquidators will be audited by the auditor of the
Fund or by an ad hoc external auditor appointed by the General Meeting.

28.4 If the Fund were to be compulsorily liquidated, the provision of the 2007 Act will be exclusively applicable.
28.5 If the total net assets of the Fund fall below two-thirds of the minimum capital prescribed by law (i.e. EUR1,250,000

or equivalent in another currency), the

General Partner must submit the question of the Fund's dissolution to a General Meeting for which no quorum is

prescribed and which will pass resolutions by simple majority of the Shares represented at the General Meeting.

28.6 If the total net assets of the Fund fall below one-fourth of the minimum capital prescribed by law, the General

Partner must submit the question of the Fund's dissolution to a General Meeting for which no quorum is prescribed. A
resolution dissolving the Fund may be passed by Investors holding one-fourth of the Shares represented at the meeting.

28.7 The General Meeting to be convened as per articles 28.5 and 28.6 must be convened so that it is held within a

period of 40 days from the date of ascertainment that the net assets have fallen below two-thirds or one-fourth of the
legal minimum, as the case may be.

28.8 The issue of new Shares by the Fund will cease on the date of publication of the notice of the General Meeting,

to which the dissolution and liquidation of the Fund will be proposed. The proceeds of the liquidation of the Fund, net
of all liquidation expenses, will be distributed by the liquidators among the holders of Shares in each Class in accordance
with their respective rights. The amounts not claimed by Investors at the end of the liquidation process will be deposited,
in accordance with Luxembourg Law, with the Caisse de Consignation in Luxembourg until the statutory limitation period
has lapsed.

1753

U X E M B O U R G

29. Art. 29. Depositary.
29.1 The Fund will enter into a depositary agreement with a bank or savings institution which will satisfy the require-

ments of the 2007 Act (the Depositary) who will assume towards the Fund and its Shareholders the responsibilities
provided by the 2007 Act. The fees payable to the Depositary will be determined in the depositary agreement.

29.2 In the event of the Depositary desiring to retire, the General Partner will within two months appoint another

financial institution to act as depositary and upon doing so the directors will appoint such institution to be depositary in
place of the retiring Depositary. The General Partner will have power to terminate the appointment of the Depositary
but will not remove the Depositary unless and until a successor depositary will have been appointed in accordance with
this provision to act in place thereof.

30. Art. 30. Applicable law. All matters not governed by these Articles will be determined in accordance with the 2007

Act and the Companies Act in accordance with article 2.2.

Transitory provisions

The first financial year will begin today and it will end on 31 December 2014.
The first annual General Meeting will be held in 2015.

Subscription and payment

The Articles having thus been established, the above-named parties have subscribed the shares as follows:

Eurofin Strongeagle Mozambique Fund GP, S.a r.l., prenamed: . . . . . . . . . . . . . . . .

1 (one) GP Share

Eurofin Capital Limited, prenamed: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,999 (forty-nine thousand ni-

ne hundred ninety nine) Ordina-

ry Shares

Total: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

50,000 (fifty thousand) Shares

All these shares have been fully paid-up in cash, therefore the amount of fifty thousand US dollars (USD 50,000) is

now at the disposal of the Fund, proof of which has been duly given to the notary.

Statement and estimate of costs

The notary executing this deed declares that the conditions prescribed by article 26 of the Companies Act have been

fulfilled and expressly bears witness to their fulfilment. Further, the notary executing this deed confirms that these Articles
comply with the provisions of article 27 of the Companies Act.

The expenses, costs, remunerations and charges in any form whatsoever, which will be borne by the Fund as a result

of the present deed are estimated to be approximately EUR 2,500.-.

Extraordinary general meeting

The appearing parties, representing the entire subscribed share capital and considering themselves as having been duly

convened, immediately proceeded to the holding of a general meeting.

Having first verified that the meeting was regularly constituted, the Shareholders passed with the consent of the General

Partner, the following resolutions by unanimous vote:

1. that the purpose of the Fund has been determined and that the Articles have been set;
2. that PricewaterhouseCoopers, Société coopérative, with registered office at 400, route d'Esch, L-1014 Luxembourg

is appointed as the external auditor of the Fund for a period ending on the date of the annual general meeting to be held
in 2015;

3. that the registered office of the Fund is established at 2, boulevard de la Foire, L-1528 Luxembourg, Grand Duchy

of Luxembourg.

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

parties, the present deed is worded in English and that pursuant to article 26(2) of the 2007 Act, the present deed, drawn-
up in English, need not and will not be followed by a translation into an official language of the Grand Duchy of Luxembourg.

Whereof the present notary deed is drawn in Luxembourg, on the date stated above.
The document having been read to the proxyholder of the appearing parties, the proxyholder of the appearing parties

signed together with Us, the notary, the present original deed.

Signé: B. KELECOM et H. HELLINCKX.
Enregistré à Luxembourg A.C., le 18 décembre 2013. Relation: LAC/2013/58238. Reçu soixante-quinze euros (75.-

EUR).

Le Receveur (signé): I. THILL.

Pour expédition conforme, délivrée à la société sur demande, aux fins de la publication au Mémorial, Recueil des

Sociétés et Associations.

1754

U X E M B O U R G

Luxembourg, le 24 décembre 2013.

Référence de publication: 2014000129/1099.
(130223479) Déposé au registre de commerce et des sociétés de Luxembourg, le 31 décembre 2013.

DWS Investment S.A., Société Anonyme.

Siège social: L-1115 Luxembourg, 2, boulevard Konrad Adenauer.

R.C.S. Luxembourg B 25.754.

Das Verwaltungsreglement - Allgemeiner Teil und Besonderer Teil - wurde einregistriert und beim Handels- und

Gesellschaftsregister von Luxemburg hinterlegt.

Zwecks Veröffentlichung im Mémorial, Recueil des Sociétés et Associations.

DWS Investment S.A.
Thomas Festerling / Sven Sendmeyer
Director / Vice President

Référence de publication: 2013172145/13.
(130210673) Déposé au registre de commerce et des sociétés de Luxembourg, le 11 décembre 2013.

Nestor-Fonds.

Das Koordinierte Verwaltungsreglement wurde einregistriert und beim Handels- und Gesellschaftsregister von Lu-

xemburg hinterlegt.

Zwecks Veröffentlichung im Mémorial, Recueil des Sociétés et Associations.

NESTOR Investment Management S.A.
Unterschriften

Référence de publication: 2013173431/10.
(130211161) Déposé au registre de commerce et des sociétés de Luxembourg, le 12 décembre 2013.

Warburg-L-Fonds.

Das Koordinierte Verwaltungsreglement wurde einregistriert und beim Handels- und Gesellschaftsregister von Lu-

xemburg hinterlegt.

Zwecks Veröffentlichung im Mémorial, Recueil des Sociétés et Associations.

WARBURG INVEST LUXEMBOURG S.A.
Unterschriften

Référence de publication: 2013173713/10.
(130211162) Déposé au registre de commerce et des sociétés de Luxembourg, le 12 décembre 2013.

RP Global Market Selection, Fonds Commun de Placement.

Das Koordinierte Verwaltungsreglement Allgemeiner und Besonderer Teil wurde einregistriert und beim Handels-

und Gesellschaftsregister von Luxemburg hinterlegt.

Zwecks Veröffentlichung im Mémorial, Recueil des Sociétés et Associations.

WARBURG INVEST LUXEMBOURG S.A.
Unterschriften

Référence de publication: 2013175248/10.
(130212984) Déposé au registre de commerce et des sociétés de Luxembourg, le 16 décembre 2013.

Ecolux Sustainable S.A., Société Anonyme.

Siège social: L-4380 Ehlerange, Z.A.R.E. Ouest, Bâtiment Lux Fermetures.

R.C.S. Luxembourg B 170.772.

Les comptes annuels au 31/12/2012 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.

1755

U X E M B O U R G

Luxembourg, le 13/12/2013.

G.T. Experts Comptables Sàrl
Luxembourg

Référence de publication: 2013174713/12.
(130212994) Déposé au registre de commerce et des sociétés de Luxembourg, le 16 décembre 2013.

Les Espaces d'Eich S.A., Société Anonyme.

Siège social: L-7243 Bereldange, 66, rue du Dix Octobre.

R.C.S. Luxembourg B 125.114.

L'an deux mil treize, le quatorzième jour de novembre.
Par-devant Maître Paul BETTINGEN, notaire de résidence à Niederanven.
S'est réunie:
L'assemblée générale extraordinaire des actionnaires de la société anonyme LES ESPACES D'EICH S.A., avec siège

social au 66, rue du X Octobre 2013, L-7243 Bereldange immatriculée au registre de commerce et des sociétés de
Luxembourg sous la section B et le numéro 125114, constituée suivant acte reçu par le notaire Joseph Elvinger de
résidence à Luxembourg en date du 6 février 2007, publié au Mémorial, Recueil des Sociétés et Associations C numéro
857 du 11 mai 2007 (la "Société").

L'assemblée est ouverte sous la présidence de Madame Sophie Mathot, clerc de notaire, demeurant professionnelle-

ment à Senningerberg,

qui désigne comme secrétaire Monsieur Jean-Pierre Dias, clerc de notaire, demeurant professionnellement à Sennin-

gerberg.

L'assemblée choisit comme scrutateur Monsieur David Weis, Economiste, demeurant professionnellement au 42 bou-

levard Prince Felix, L-1513 Luxembourg.

Le bureau ainsi constitué, le Président expose et prie le notaire instrumentant d'acter:
I. Que la présente assemblée générale extraordinaire a pour ordre du jour:
1. Extension de l'objet social de la Société aux activités d'agence immobilière et de promotion immobilière.
2. Modification subséquente de l'article 4 des statuts de la Société qui se lira comme suit: La société a pour objet

l'exploitation d'une agence immobilière, les activités de promoteur immobilier et d'administrateur de biens-syndics et de
co-propriétés de tous biens mobiliers et immobiliers situés au Grand-Duché de Luxembourg ou à l'étranger. La société
pourra dans le cadre de son activité notamment consentir des hypothèques et autres privilèges ou se porter caution
réelle d'engagement, y compris en faveur de tiers. La société a en outre pour objet l'acquisition, la gestion et la mise en
valeur d'immeubles au Grand-Duché de Luxembourg et à l'étranger ainsi que toute prise de participations, sous quelque
forme que ce soit, dans des entreprises ou sociétés luxembourgeoises ou étrangères, l'acquisition par voie d'achat,
d'échange, de souscription, d'apport et de toute autre manière, ainsi que l'aliénation par voie de vente, d'échange et de
toute autre manière de parts sociales et valeurs mobilières de toutes espèces; le contrôle et la mise en valeur de ces
participations et l'octroi aux entreprises auxquelles elle s'intéresse ou aux sociétés du groupe auquel elle appartient de
tous concours, prêts, avances ou garanties. En général, la société prendra toutes mesures jugées utiles et fera toutes les
opérations qui se rattachent à l'objet ou le favorisent.

3. Création de deux catégories d'actions A et B et répartition des actions A et B entre les actionnaires existants comme

suit:

- Actionnaires A: Nicinvest SA et Serge Rollinger.
- Actionnaires B: Hervé Sybertz, Marc Engelmann, David Weis, et 4 Immo SA.
4. Modification subséquente de l'article 5 des statuts de la Société comme suit: Le capital social est fixé à 60.000,- EUR

(soixante mille euros) divisé en 300 (trois cents) actions de catégorie A d'une valeur nominale de 100,- EUR (cent euros)
chacune et 300 (trois cents) actions de catégorie B d'une valeur nominale de 100,- EUR (cent euros).

5. Modification subséquente de l'article 7 des statuts de la Société comme suit: a) L'(es) actionnaire(s) de catégorie A

ou l'(es) actionnaire(s) de catégorie B qui souhaitent céder tout ou partie de ses/leurs actions doivent le notifier (l'"Avis
de Cession") au conseil d'administration par lettre recommandée, en indiquant la catégorie et le nombre d'actions dont
la cession est demandée, ainsi que les noms, prénoms, professions et domiciles des cessionnaires proposés ainsi que le
prix de cession et les modalités de paiement.

Dans les 15 jours de la réception de l'Avis de Cession, le conseil d'administration transmet la copie de l'Avis de Cession

par lettre recommandée aux autres actionnaires.

b) Au cas où un actionnaire de catégorie A souhaiterait céder tout ou partie de ses actions, les autres actionnaires de

catégorie A auront un droit de préemption sur les actions dont la cession est proposée.

Au cas où un actionnaire de catégorie B souhaiterait céder tout ou partie de ses actions, les autres actionnaires de

catégorie B auront un droit de préemption sur les actions de catégorie B dont la cession est proposée.

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Ce droit s'exerce proportionnellement au nombre des actions possédées par chacun des actionnaires de catégorie A

ou des actionnaires de catégorie B. Le non-exercice, total ou partie, par un actionnaire de catégorie A ou de catégorie
B de son droit de préemption accroît celui des autres actionnaires de catégorie A ou de catégorie B. En aucun cas, les
actions de catégorie A ou de catégorie B ne seront fractionnées: si le nombre des actions de catégorie A ou de catégorie
B à céder n'est pas exactement proportionnel au nombre des actions de catégorie A ou de catégorie B pour lesquelles
s'exerce le droit de préemption, actions de catégorie A ou de catégorie B en excédent sont, à défaut d'accord, attribuées
par la voie du sort et sous la responsabilité du conseil d'administration. L'actionnaire de catégorie A ou de catégorie B
qui entend exercer son droit de préemption doit en informer le conseil d'administration par lettre recommandée endéans
les quinze jours qui suit la notification de l'Avis de Cession, faute de quoi il est déchu de son droit de préemption. Dans
les 15 jours de la réception de l'avis d'exercice du droit de préemption, le conseil d'administration transmet la copie de
cet avis par lettre recommandée aux autres actionnaires.

c) Les actionnaires exerçant leur droit de préemption pourront acquérir les actions aux prix indiqué dans l'avis de

cession.

d) Au cas où les actionnaires de catégorie A n'exerceraient pas leur droit de préemption endéans les quinze jours qui

suit l'Avis susmentionné, les actionnaires de catégorie B auront un droit de préemption sur les actions de catégorie A
dont la cession a été proposée. L'actionnaire de catégorie B qui envisage d'exercer son droit de préemption doit en
informer le conseil d'administration par lettre recommandée endéans les quinze jours qui suivent la période durant laquelle
les actionnaires de catégorie A avaient la possibilité d'exercer leur droit de préemption, faute de quoi il sera déchu de
son droit de préemption. Dans les 15 jours de la réception de l'avis d'exercice du droit de préemption, le conseil d'ad-
ministration transmet la copie de cet avis par lettre recommandée aux autres actionnaires.

e) Au cas où les actionnaires de catégorie B n'exerceraient pas leur droit de préemption endéans les quinze jours qui

suivent l'Avis susmentionné, les actionnaires de catégorie A auront un droit de préemption sur les actions de catégorie
B dont la cession a été proposée. L'actionnaire de catégorie A qui envisage d'exercer son droit de préemption doit en
informer le conseil d'administration par lettre recommandée endéans les quinze jours qui suivent la période durant laquelle
les actionnaires de catégorie B avaient la possibilité d'exercer leur droit de préemption, faute de quoi il sera déchu de
son droit de préemption. Dans les 15 jours de la réception de l'avis d'exercice du droit de préemption, le conseil d'ad-
ministration transmet la copie de cet avis par lettre recommandée aux autres actionnaires

Les modalités régissant l'exercice du droit de préemption sont les mêmes que celles qui sont mentionnées sous les

points b) et c) de l'article 7 ci-présent.

f) En cas de non-exercice de l'intégralité du droit de préemption et en cas de cession envisagée à un non-actionnaire,

le conseil doit approuver ou refuser le transfert. Si le conseil d'administration n'approuve ni refuse le transfert des actions
dans un délai de deux mois, le transfert des actions est considéré comme approuvé. Si le conseil d'administration refuse
le transfert des actions, le conseil doit, dans un délai de six mois commençant à la date de son refus, trouver un acheteur
pour les actions offertes ou doit faire racheter les actions par la société en conformité avec les dispositions de la loi.

Si le conseil d'administration ne trouve pas un acheteur ou si la société ne rachète pas les actions offertes dans ce

délai, le transfert des actions est considéré comme approuvé.

6. Création de deux catégories d'administrateurs A et B, fixation des modalités de nomination des administrateurs, de

tenue et de prise de décisions du conseil d'administration et modification des pouvoirs de représentation de la Société
vis à vis des tiers.

7. Modification subséquente de l'article 9 qui aura la teneur suivante:
La Société sera gérée par un conseil d'administration composé de quatre (4) administrateurs, qui n'ont pas besoin

d'être actionnaires de la Société. Deux (2) administrateur(s) seront élus sur une liste de candidats proposée par les
actionnaires de catégorie A (ci-après les "administrateurs de catégorie A") et deux (2) administrateur(s) seront élus sur
une liste de candidats proposée par les actionnaires de catégorie B (ci-après les "administrateurs de catégorie B").

La liste des candidats à proposer par chaque catégorie d'actionnaires sera arrêtée à la majorité simple des actionnaires

de cette catégorie d'actions. La liste des candidats qui sera proposée par chaque catégorie d'actionnaires devra être
composée d'au moins deux candidats pour chaque vacance. Cette liste sera remise au président de l'assemblée générale
des actionnaires à l'ouverture de cette dernière. Les administrateurs seront élus par l'assemblée générale des actionnaires
qui fixe leurs émoluments et la durée de leur mandat qui ne pourra excéder six ans. Chaque administrateur poursuivra
son mandat jusqu'à ce que son successeur soit élu.

Les administrateurs seront élus à la majorité simple des votes des actionnaires de catégorie A et de catégorie B

considérés comme appartenant à une catégorie unique.

Tout administrateur de catégorie A ou de catégorie B pourra être révoqué avec ou sans motif à tout moment par

décision de l'assemblée générale des actionnaires.

En cas de vacance d'un ou de plusieurs administrateur(s) de catégorie A ou de catégorie B par suite de décès, démission

ou pour une autre cause, les administrateurs restants ont le droit de nommer provisoirement un administrateur. Cette
nomination ne pourra avoir lieu qu'à partir d'une liste de candidats proposée par les actionnaires de la catégorie d'actions
qui ont nommé l'administrateur dont la place est à pourvoir. Il doit y avoir au moins deux candidats pour chaque vacance.
L'assemblée générale des actionnaires, lors de la réunion suivante, procédera à l'élection définitive.

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8. Modification subséquente de l'article 10 des statuts qui aura la teneur suivante: Le conseil d'administration choisira

parmi ses membres un président.

Le conseil d'administration se réunira sur convocation de chaque administrateur au lieu indiqué dans l'avis de convo-

cation.

Le président présidera toutes les réunions du conseil d'administration; mais en son absence le conseil d'administration

pourra désigner à la majorité des personnes présentes un autre administrateur pour assumer la présidence pro tempore
de cette réunion.

La convocation aux réunions du conseil d'administration sera donnée par écrit à tous les administrateurs au moins

huit (8) jours ouvrés avant la date prévue pour la réunion, sauf en cas d'urgence, auquel cas la nature et les motifs de
cette urgence seront mentionnés dans l'avis de convocation et le délai pourra être réduit au temps requis par les membres
du conseil d'administration pour se rendre au lieu de la réunion.

Il pourra être passé outre l'obligation d'une telle convocation, si chaque administrateur l'accepte par écrit, par câble,

télégramme, télex, télécopieur ou tout autre moyen de communication similaire. Une convocation spéciale ne sera pas
requise pour une réunion du conseil d'administration se tenant à une heure et un endroit déterminés dans une résolution
préalablement adoptée par le conseil d'administration.

Tout administrateur de catégorie A ou de catégorie B pourra se faire représenter à toute réunion du conseil d'admi-

nistration en désignant par écrit, par câble, télégramme, télex, télécopie ou tout autre moyen de communication similaire
un autre administrateur comme son mandataire.

Tout administrateur de catégorie A ou de catégorie B peut représenter plusieurs de ses collègues.
Tout administrateur de catégorie A ou de catégorie B peut participer à une réunion du conseil d'administration par

conférence téléphonique ou d'autres moyens de communication similaires où toutes les personnes prenant part à cette
réunion peuvent s'entendre les unes les autres. La participation à une réunion par ces moyens équivaut à une présence
en personne à une telle réunion.

Le conseil d'administration ne pourra délibérer ou agir valablement que si au moins un (1) administrateur(s) de caté-

gorie A et un (1) administrateur(s) de catégorie B sont présents ou représentés à la réunion du conseil d'administration.

Les décisions sont prises à la majorité simple des administrateurs présents ou représentés à cette réunion, incluant au

moins au moins un (1) administrateur(s) de catégorie A et un (1) administrateur(s) de catégorie B.

Le conseil d'administration pourra à l'unanimité prendre des résolutions par voie circulaire en exprimant son appro-

bation au moyen d'un ou de plusieurs écrits, par câble, télégramme, télex, télécopieur ou tout autre moyen de
communication similaire, à confirmer par écrit. Le tout ensemble constitue le procès-verbal faisant preuve de la décision
intervenue.

La voix du président n'est pas déterminante. Les matières pour lesquelles les décisions sont serrées, pourront être

soumises à la requête d'un administrateur à l'assemblée générale des actionnaires.

Le conseil peut déléguer tout ou partie de ses pouvoirs concernant la gestion journalière ainsi que la représentation

de la société, en ce qui concerne cette gestion, à un ou plusieurs administrateurs qui seront alors répartis en catégorie
A ou B, directeurs, gérants ou autres agents, actionnaires ou non.

La société se trouve engagée par la signature conjointe d'au moins un administrateur A et d'au moins un administrateur

B dont obligatoirement celle de l'administrateur délégué de catégorie B.

9. Démission de Mr. Sammy Rollinger de son poste d'administrateur et décharge à lui accorder.
10. Nomination de Mr. David Weis et de Mr. Marc Engelmann en qualité d'administrateurs de catégorie B jusqu'à

l'assemblée générale annuelle qui se tiendra en l'année 2019;

11. Désignation de Messieurs Nico Rollinger et Sven Rollinger en qualité d'administrateurs de catégorie A jusqu'à

l'assemblée qui se tiendra en l'année 2019.

12. Transfert du siège social au 35, rue J.F. Kennedy, L-7327 Steinsel et modification en conséquence de la première

phrase de l'article 2 des statuts de la Société.

13. Divers.
II. Que les actionnaires présents ou représentés, les mandataires des actionnaires représentés, ainsi que le nombre

d'actions qu'ils détiennent sont indiqués sur une liste de présence; cette liste de présence, après avoir été signée par les
actionnaires présents et les mandataires des actionnaires représentés, a été contrôlée et signée par les membres du
bureau.

Resteront annexées aux présentes les éventuelles procurations des actionnaires représentés, après avoir été paraphées

„ne varietur" par les comparants.

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

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

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

valablement, telle qu'elle est constituée, sur les points portés à l'ordre du jour.

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

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Première et deuxième résolutions

L'assemblée générale des actionnaires décide d'élargir l'objet social de la Société aux activités d'agence immobilière et

de promotion immobilière.

A la suite de la résolution qui précède, l'article 4 des statuts de la Société est modifié et aura la teneur suivante:

Art. 4. La société a pour objet l'exploitation d'une agence immobilière, les activités de promoteur immobilier et

d'administrateur de biens-syndics et de co-propriétés de tous biens mobiliers et immobiliers situés au Grand-Duché de
Luxembourg ou à l'étranger. La société pourra dans le cadre de son activité notamment consentir des hypothèques et
autres privilèges ou se porter caution réelle d'engagement, y compris en faveur de tiers. La société a en outre pour objet
l'acquisition, la gestion et la mise en valeur d'immeubles au Grand-Duché de Luxembourg et à l'étranger ainsi que toute
prise de participations, sous quelque forme que ce soit, dans des entreprises ou sociétés luxembourgeoises ou étrangères,
l'acquisition par voie d'achat, d'échange, de souscription, d'apport et de toute autre manière, ainsi que l'aliénation par
voie de vente, d'échange et de toute autre manière de parts sociales et valeurs mobilières de toutes espèces; le contrôle
et la mise en valeur de ces participations et l'octroi aux entreprises auxquelles elle s'intéresse ou aux sociétés du groupe
auquel elle appartient de tous concours, prêts, avances ou garanties. En général, la société prendra toutes mesures jugées
utiles et fera toutes les opérations qui se rattachent à l'objet ou le favorisent.

Troisième et quatrième résolutions

L'assemblée générale des actionnaires décide de créer deux catégories A et B d'actions.
En conséquence, l'assemblée générale des actionnaires décide de modifier l'article 5 des statuts de la Société comme

suit:

Art. 5. Le capital social est fixé à 60.000,- EUR (soixante mille euros) divisé en 300 (trois cents) actions de catégorie

A d'une valeur nominale de 100,- EUR (cent euros) chacune et 300 (trois cents) actions de catégorie B d'une valeur
nominale de 100,- EUR (cent euros).

Les actions de catégories A et B sont réparties entre les actionnaires existants comme suit:
- Actionnaires A: Nicinvest SA et Serge Rollinger.
- Actionnaires B: Hervé Sybertz, Marc Engelmann, David Weis, et 4 Immo SA.

Cinquième résolution

A la suite des résolutions qui précèdent, l'assemblée générale des actionnaires décide d'adapter les dispositions des

statuts relatives à l'exercice du droit de préemption et en conséquence de modifier l'article 7 des statuts de la Société
comme suit:

Art. 7.
a) L'(es) actionnaire(s) de catégorie A ou l'(es) actionnaire(s) de catégorie B qui souhaitent céder tout ou partie de

ses/leurs actions doivent le notifier (l'"Avis de Cession") au conseil d'administration par lettre recommandée, en indiquant
la catégorie et le nombre d'actions dont la cession est demandée, ainsi que les noms, prénoms, professions et domiciles
des cessionnaires proposés ainsi que le prix de cession et les modalités de paiement.

Dans les 15 jours de la réception de l'Avis de Cession, le conseil d'administration transmet la copie de l'Avis de Cession

par lettre recommandée aux autres actionnaires.

b) Au cas où un actionnaire de catégorie A souhaiterait céder tout ou partie de ses actions, les autres actionnaires de

catégorie A auront un droit de préemption sur les actions dont la cession est proposée.

Au cas où un actionnaire de catégorie B souhaiterait céder tout ou partie de ses actions, les autres actionnaires de

catégorie B auront un droit de préemption sur les actions de catégorie B dont la cession est proposée.

Ce droit s'exerce proportionnellement au nombre des actions possédées par chacun des actionnaires de catégorie A

c) Les actionnaires exerçant leur droit de préemption pourront acquérir les actions aux prix indiqué dans l'avis de

cession.

d) Au cas où les actionnaires de catégorie A n'exerceraient pas leur droit de préemption endéans les quinze jours qui

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informer le conseil d'administration par lettre recommandée endéans les quinze jours qui suivent la période durant laquelle
les actionnaires de catégorie A avaient la possibilité d'exercer leur droit de préemption, faute de quoi il sera déchu de
son droit de préemption. Dans les 15 jours de la réception de l'avis d'exercice du droit de préemption, le conseil d'ad-
ministration transmet la copie de cet avis par lettre recommandée aux autres actionnaires.

e) Au cas où les actionnaires de catégorie B n'exerceraient pas leur droit de préemption endéans les quinze jours qui

Les modalités régissant l'exercice du droit de préemption sont les mêmes que celles qui sont mentionnées sous les

points b) et c) de l'article 7 ci-présent.

f) En cas de non-exercice de l'intégralité du droit de préemption et en cas de cession envisagée à un non-actionnaire,

Si le conseil d'administration ne trouve pas un acheteur ou si la société ne rachète pas les actions offertes dans ce

délai, le transfert des actions est considéré comme approuvé.

Sixième, septième et huitième résolutions

L'assemblée générale des actionnaires décide de créer deux catégories A et B d'administrateurs, de fixer les modalités

de leur nomination et de tenue et de prise de décisions du conseil d'administration et de modifier les pouvoirs de
représentation de la Société vis à vis des tiers.

L'assemblée générale des actionnaires décide en conséquence de modifier l'article 9 des statuts de la Société qui aura

la teneur suivante:

Art. 9. La Société sera gérée par un conseil d'administration composé de quatre (4) administrateurs, qui n'ont pas

besoin d'être actionnaires de la Société. Deux (2) administrateur(s) seront élus sur une liste de candidats proposée par
les actionnaires de catégorie A (ci-après les "administrateurs de catégorie A") et deux (2) administrateur(s) seront élus
sur une liste de candidats proposée par les actionnaires de catégorie B (ci-après les "administrateurs de catégorie B").

La liste des candidats à proposer par chaque catégorie d'actionnaires sera arrêtée à la majorité simple des actionnaires

Les administrateurs seront élus à la majorité simple des votes des actionnaires de catégorie A et de catégorie B

considérés comme appartenant à une catégorie unique.

Tout administrateur de catégorie A ou de catégorie B pourra être révoqué avec ou sans motif à tout moment par

décision de l'assemblée générale des actionnaires.

En cas de vacance d'un ou de plusieurs administrateur(s) de catégorie A ou de catégorie B par suite de décès, démission

L'assemblée générale des actionnaires décide également de modifier l'article 10 des statuts de la Société qui aura la

teneur suivante

Art. 10. Le conseil d'administration choisira parmi ses membres un président.
Le conseil d'administration se réunira sur convocation de chaque administrateur au lieu indiqué dans l'avis de convo-

cation.

Le président présidera toutes les réunions du conseil d'administration; mais en son absence le conseil d'administration

pourra désigner à la majorité des personnes présentes un autre administrateur pour assumer la présidence pro tempore
de cette réunion.

La convocation aux réunions du conseil d'administration sera donnée par écrit à tous les administrateurs au moins

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