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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° 1232

14 mai 2014

SOMMAIRE

Brintin Invest S.A. . . . . . . . . . . . . . . . . . . . . . .

59091

Charger Lux HoldCo II (Offshore) S.à r.l.

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

59136

Chemtex Global S.à r.l. . . . . . . . . . . . . . . . . .

59094

CORESTATE ENERGY HoldCo S.à r.l. . .

59120

Dobao s.à r.l. . . . . . . . . . . . . . . . . . . . . . . . . . . .

59136

European Diversified Property Manage-

ment Company S.à r.l. . . . . . . . . . . . . . . . . .

59127

Fiscalité Immobilière S.A. . . . . . . . . . . . . . . .

59129

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

59131

Groupe Marechal S.à r.l. . . . . . . . . . . . . . . . .

59130

Lana Entreprise de jardinage s.à r.l. . . . . . .

59092

L'Arche d'Alliance S.A. . . . . . . . . . . . . . . . . .

59092

LIB Holdings S.A. . . . . . . . . . . . . . . . . . . . . . .

59093

Lloyds TSB International Liquidity . . . . . . .

59093

Logicor Topco II S.à r.l. . . . . . . . . . . . . . . . . .

59124

Louvigny Participations II S.A. . . . . . . . . . .

59091

Louvigny Participations II S.A. . . . . . . . . . .

59091

Louvigny Participations II S.A. . . . . . . . . . .

59091

LSREF3 Lagoon GP (Luxembourg) S.à r.l.

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

59090

LSREF3 Lagoon Holdings S.à r.l. . . . . . . . . .

59091

LUNA Sulzbach S.à r.l. . . . . . . . . . . . . . . . . .

59090

LuxImmo Management S.A. . . . . . . . . . . . .

59092

LuxTech Capital S.A. . . . . . . . . . . . . . . . . . . .

59092

Lux-Top 50 SICAV . . . . . . . . . . . . . . . . . . . . .

59096

Maestral Investissements S.A. . . . . . . . . . . .

59096

MainFirst . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

59090

Majer Immo S.A. . . . . . . . . . . . . . . . . . . . . . . .

59096

Managing Solutions S.à r.l. . . . . . . . . . . . . . .

59090

Mélarème Investissements S.A. . . . . . . . . .

59090

MGOP EDSA Investments, S.à r.l. . . . . . . .

59093

MGOP New World Gaming Holdings, S.à

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

59094

ML-Invest GmbH . . . . . . . . . . . . . . . . . . . . . . .

59094

Modern'shoes s.à r.l. . . . . . . . . . . . . . . . . . . . .

59093

Moonrise S.A. . . . . . . . . . . . . . . . . . . . . . . . . . .

59096

Morgan Stanley Grund S.à r.l. . . . . . . . . . . .

59095

Morgan Stanley International Finance S.A.

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

59094

Mossi & Ghisolfi International S.à r.l. . . . . .

59094

Muzzle S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

59095

NasyaJet S.A. . . . . . . . . . . . . . . . . . . . . . . . . . .

59136

Newton Partners . . . . . . . . . . . . . . . . . . . . . . .

59136

Silly-Boulogne Investment S.à r.l. . . . . . . . .

59097

Singita Finance S.A. . . . . . . . . . . . . . . . . . . . .

59135

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

59133

Souf S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

59136

Tropeziennes Properties S.A. . . . . . . . . . . .

59135

59089

U X E M B O U R G

Managing Solutions S.à r.l., Société à responsabilité limitée.

Siège social: L-1118 Luxembourg, 17, rue Aldringen.

R.C.S. Luxembourg B 100.663.

Les comptes annuels au 31 décembre 2011 ont été déposés au registre de commerce et des sociétés de Luxembourg.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

Signature.

Référence de publication: 2014037671/10.
(140043178) Déposé au registre de commerce et des sociétés de Luxembourg, le 13 mars 2014.

MainFirst, Société d'Investissement à Capital Variable.

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

R.C.S. Luxembourg B 89.173.

Wir möchten Sie hiermit informieren, dass sich die Adresse von Herrn Moritz Pohle, Administrateur der Gesellschaft,

wie folgt geändert hat:

Kaiser-Joseph-Straße 260, D-79098 Freiburg

FÜR GLEICHLAUTENDEN AUSZUG
MainFirst
EIN BEVOLLMÄCHTIGTER

Référence de publication: 2014037669/13.
(140042773) Déposé au registre de commerce et des sociétés de Luxembourg, le 13 mars 2014.

Mélarème Investissements S.A., Société Anonyme.

Siège social: L-2453 Luxembourg, 6, rue Eugène Ruppert.

R.C.S. Luxembourg B 165.221.

Les comptes annuels au 31 décembre 2013 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.

Pour Mélarème Investissements S.A.
Intertrust (Luxembourg) S.à r.l.

Référence de publication: 2014037668/11.
(140043230) Déposé au registre de commerce et des sociétés de Luxembourg, le 13 mars 2014.

LUNA Sulzbach S.à r.l., Société à responsabilité limitée.

Siège social: L-5619 Mondorf-les-Bains, 5, rue John Gruen.

R.C.S. Luxembourg B 168.747.

Les statuts coordonnés de la société ont été déposés au registre de commerce et des sociétés de Luxembourg.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

Luxembourg, le 13 mars 2014.

Référence de publication: 2014037664/10.
(140043320) Déposé au registre de commerce et des sociétés de Luxembourg, le 13 mars 2014.

LSREF3 Lagoon GP (Luxembourg) S.à r.l., Société à responsabilité limitée.

Siège social: L-8070 Bertrange, 33, rue du Puits Romain.

R.C.S. Luxembourg B 181.719.

Luxembourg, le 13 mars 2014.

Référence de publication: 2014037655/10.
(140043236) Déposé au registre de commerce et des sociétés de Luxembourg, le 13 mars 2014.

59090

U X E M B O U R G

LSREF3 Lagoon Holdings S.à r.l., Société à responsabilité limitée.

Siège social: L-8070 Bertrange, 33, rue du Puits Romain.

R.C.S. Luxembourg B 181.540.

Luxembourg, le 13 mars 2014.

Référence de publication: 2014037658/10.
(140043248) Déposé au registre de commerce et des sociétés de Luxembourg, le 13 mars 2014.

Louvigny Participations II S.A., Société Anonyme.

Siège social: L-2168 Luxembourg, 127, rue de Mühlenbach.

R.C.S. Luxembourg B 133.149.

Par la présente, je suis au regret de vous annoncer ma décision de démissionner de mes fonctions d'administrateur de

catégorie B de votre société.

Luxembourg, le 10 mars 2014.

Alexandre TASKIRAN.

Référence de publication: 2014037653/10.
(140043494) Déposé au registre de commerce et des sociétés de Luxembourg, le 13 mars 2014.

Louvigny Participations II S.A., Société Anonyme.

Siège social: L-2168 Luxembourg, 127, rue de Mühlenbach.

R.C.S. Luxembourg B 133.149.

Par la présente, je suis au regret de vous annoncer ma décision de démissionner de mes fonctions d'administrateur de

catégorie B de votre société.

Luxembourg, le 10 mars 2014.

Christian Bühlmann.

Référence de publication: 2014037652/10.
(140043494) Déposé au registre de commerce et des sociétés de Luxembourg, le 13 mars 2014.

Brintin Invest S.A., Société Anonyme.

Siège social: L-8440 Steinfort, 71, route de Luxembourg.

R.C.S. Luxembourg B 162.263.

Pour la société
Signature
Administrateur

Référence de publication: 2014037654/12.
(140042851) Déposé au registre de commerce et des sociétés de Luxembourg, le 13 mars 2014.

Louvigny Participations II S.A., Société Anonyme.

Siège social: L-2168 Luxembourg, 127, rue de Mühlenbach.

R.C.S. Luxembourg B 133.149.

Par la présente, nous sommes au regret de vous annoncer notre décision de démissionner de nos fonctions de com-

missaire aux comptes de votre société.

Luxembourg, le 10 mars 2014.

Trustconsult Luxembourg S.A.
Signature

Référence de publication: 2014037651/12.
(140043494) Déposé au registre de commerce et des sociétés de Luxembourg, le 13 mars 2014.

59091

U X E M B O U R G

Lana Entreprise de jardinage s.à r.l., Société à responsabilité limitée.

Siège social: L-4122 Esch-sur-Alzette, 7, rue de la Fontaine.

R.C.S. Luxembourg B 175.346.

Les comptes annuels du 29/01/2013 au 31/12/2013 ont été déposés au registre de commerce et des sociétés de

Luxembourg.

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

Signature.

Référence de publication: 2014037643/11.
(140043392) Déposé au registre de commerce et des sociétés de Luxembourg, le 13 mars 2014.

LuxImmo Management S.A., Société Anonyme.

Siège social: L-2132 Luxembourg, 36, avenue Marie-Thérèse.

R.C.S. Luxembourg B 75.561.

Le bilan au 31.12.2012 a été déposé au registre de commerce et des sociétés de Luxembourg.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

Luxembourg, le 12 mars 2014.

Pour ordre
EUROPE FIDUCIAIRE (Luxembourg) S.A.
Boîte Postale 1307
L – 1013 Luxembourg

Référence de publication: 2014037638/14.
(140042747) Déposé au registre de commerce et des sociétés de Luxembourg, le 13 mars 2014.

LuxTech Capital S.A., Société Anonyme Soparfi.

Siège social: L-1273 Luxembourg, 19, rue de Bitbourg.

R.C.S. Luxembourg B 77.788.

AUSZUG

Anlässlich der Verwaltungsratssitzung vom 10.03.2014 wurde beschlossen, Frau Monique Brunetti-Guillen, beruflich

wohnhaft in L-2222 Luxemburg, 296, rue de Neudorf, in den Verwaltungsrat der Gesellschaft zu kooptieren. Sie ersetzt
Frau Anne Huberland, die von ihrem Mandat zurück getreten ist. Das Mandat von Frau Monique Brunetti-Guillen endet
mit der Jahreshauptversammlung im Jahr 2018.

Zwecks Veröffentlichung im Mémorial, Recueil des Sociétés et Associations.

Luxemburg, den 10.03.2014.

Mitteilung und beglaubigter Auszug
Der Verwaltungsrat

Référence de publication: 2014037639/16.
(140043079) Déposé au registre de commerce et des sociétés de Luxembourg, le 13 mars 2014.

L'Arche d'Alliance S.A., Société Anonyme.

R.C.S. Luxembourg B 169.195.

Nous vous confirmons la dénonciation du siège de la société L'ARCHE D'ALLIANCE S.A. inscrite au R.C.S. Luxem-

bourg: B 169.195, 241, route de Longwy L-1941 Luxembourg

Luxembourg, le 20 février 2014.

Jawer Luxembourg S.A.
241, route de Longwy
L-1941 Luxembourg
Pascal HENNUY / François DIFFERDANGE

Référence de publication: 2014037627/13.
(140043222) Déposé au registre de commerce et des sociétés de Luxembourg, le 13 mars 2014.

59092

U X E M B O U R G

LIB Holdings S.A., Société Anonyme.

Siège social: L-1930 Luxembourg, 16A, avenue de la Liberté.

R.C.S. Luxembourg B 51.507.

Extrait des résolutions prises par les actionnaires en date du 4 Février 2014

Transfert de siège social avec effet immédiat:
- L-1930 Luxembourg, 16a, avenue de la Liberté
Démission du commissaire aux comptes:
- Démission de Monsieur Henri Vanderberghen du poste de commissaire aux comptes.
Nomination d'un commissaire aux comptes:
- Nomination de VERICOM S.A., société anonyme immatriculée au Registre du Commerce et des Sociétés sous le

numéro B 51203 et ayant son siège au 1, rue du Plébiscite, L-2341 Luxembourg, au poste de commissaire aux comptes.

Son mandat prendra fin lors de l'assemblée générale prévu en l'an 2019.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Référence de publication: 2014037649/17.
(140043233) Déposé au registre de commerce et des sociétés de Luxembourg, le 13 mars 2014.

Lloyds TSB International Liquidity, Société d'Investissement à Capital Variable.

Siège social: L-1855 Luxembourg, 49, avenue J.F. Kennedy.

R.C.S. Luxembourg B 29.813.

Il résulte de la réunion du Conseil d'Administration du 8 mai 2013, que les Administrateurs ont pris, à l'unanimité des

voix, les résolutions suivantes:

- le Conseil d'Administration prend acte de la démission de Monsieur Ross Willcox avec effet au 8 mai 2013;
- le Conseil d'administration a décidé à l'unanimité de coopter Madame Claire Marie, en tant qu'administrateur de la

Société en remplacement de Monsieur Ross Willcox avec date effective, 8 mai 2013.

- Madame Claire Marie terminera le mandat de Monsieur Ross Willcox jusqu'à la clôture de l'exercice financier au 31

octobre 2013.

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

Luxembourg, le 12 mars 2014.

State Street Bank Luxembourg S.A.

Référence de publication: 2014037650/17.
(140043436) Déposé au registre de commerce et des sociétés de Luxembourg, le 13 mars 2014.

Modern'shoes s.à r.l., Société à responsabilité limitée unipersonnelle.

Siège social: L-4423 Soleuvre, 24, rue des Sorbiers.

R.C.S. Luxembourg B 162.579.

Les comptes annuels au 31.12.2013 ont été déposés au registre de commerce et des sociétés de Luxembourg.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

Signature.

Référence de publication: 2014037693/10.
(140043396) Déposé au registre de commerce et des sociétés de Luxembourg, le 13 mars 2014.

MGOP EDSA Investments, S.à r.l., Société à responsabilité limitée.

Capital social: EUR 12.500,00.

Siège social: L-1882 Luxembourg, 5, rue Guillaume Kroll.

R.C.S. Luxembourg B 141.490.

Luxembourg, le 12 mars 2014.

Référence de publication: 2014037687/10.
(140042731) Déposé au registre de commerce et des sociétés de Luxembourg, le 13 mars 2014.

59093

U X E M B O U R G

MGOP New World Gaming Holdings, S.à r.l., Société à responsabilité limitée.

Capital social: CAD 20.000,00.

Siège social: L-1882 Luxembourg, 5, rue Guillaume Kroll.

R.C.S. Luxembourg B 140.319.

Luxembourg, le 12 mars 2014.

Référence de publication: 2014037688/10.
(140042729) Déposé au registre de commerce et des sociétés de Luxembourg, le 13 mars 2014.

ML-Invest GmbH, Société à responsabilité limitée.

Capital social: EUR 12.394,68.

Siège social: L-1670 Senningerberg, 57, rue Gromscheed.

R.C.S. Luxembourg B 30.772.

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

Luxembourg, le 11 mars 2014.

Référence de publication: 2014037690/10.
(140042808) Déposé au registre de commerce et des sociétés de Luxembourg, le 13 mars 2014.

M&G International S.à r.l., Mossi & Ghisolfi International S.à r.l., Société à responsabilité limitée,

(anc. Chemtex Global S.à r.l.).

Capital social: EUR 150.104.000,00.

Siège social: L-1855 Luxembourg, 37A, avenue J.F. Kennedy.

R.C.S. Luxembourg B 86.908.

Extrait du procès-verbal de l'assemblée générale ordinaire des associés tenue le 31 mai 2013 sous l'ancienne dénomination sociale

«CHEMTEX GLOBAL S.àrl.»

Conseil de gérance:
L'assemblée, décide de reconduire le mandat du Réviseur d'entreprises de la Société: ERNST & YOUNG S.A., 7, rue

Gabriel Lippmann, Parc d'Activité Syrdall 2, L-5365 Munsbach, R.C.S. Luxembourg B 47 771; pour une durée expirant à
l'assemblée générale ordinaire qui se tiendra en 2014 pour statuer sur les comptes annuels au 31/12/2013.

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

Luxembourg, le 13 mars 2014.

Pour la Société

Référence de publication: 2014037700/17.
(140043385) Déposé au registre de commerce et des sociétés de Luxembourg, le 13 mars 2014.

Morgan Stanley International Finance S.A., Société Anonyme.

Siège social: L-1855 Luxembourg, 46A, avenue J.F. Kennedy.

R.C.S. Luxembourg B 109.567.

Il résulte du procès-verbal de l'assemblée générale extraordinaire de l'actionnaire unique de la Société tenue le 07

mars 2014 qu'il a été décidé à l'unanimité:

- d'accepter la démission de Mademoiselle Xenia Kotoula et Monsieur Jorge Pérez Lozano en tant qu'administrateurs

de la Société avec effet au 28 Février 2014, ainsi que la démission de Monsieur David Douglas Buckley en tant qu'admi-
nistrateur de la Société avec effet au 29 Janvier 2014; et

- de nommer en remplacement des administrateurs démissionnaires et pour une durée de trois ans, Monsieur Jacob

Mudde, né le 14 Octobre 1969 à Rotterdam, Pays-Bas, et Monsieur Christiaan van Arkel, né le 21 Mars 1973 à Bangkok,
Thaïlande ayant leur adresse professionnelle au 46A. avenue J.F. Kennedy, L-1855 Luxembourg, en tant qu'administrateurs
de la Société avec effet immédiat au 07 mars 2014; et

- de confirmer que le Conseil d'Administration de la Société est dorénavant composé comme suit:
* Monsieur Jacob Mudde;

59094

U X E M B O U R G

* Monsieur Christiaan van Arkel;
* Monsieur Harvey Mogenson;
* Monsieur Daniel Park.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

Luxembourg, le 07 mars 2014.

Pour extrait sincère et conforme
TMF Luxembourg S.A.
Signatures
Signataire autorisé

Référence de publication: 2014037698/27.
(140043435) Déposé au registre de commerce et des sociétés de Luxembourg, le 13 mars 2014.

Muzzle S.A., Société Anonyme.

Siège social: L-2453 Luxembourg, 6, rue Eugène Ruppert.

R.C.S. Luxembourg B 49.260.

Extrait des décisions prises par le conseil d'administration en date du 31 janvier 2014

Le siège de la société a été transféré de L-1331 Luxembourg, 65, boulevard Grande-Duchesse Charlotte to L-2453

Luxembourg, 6, rue Eugène Ruppert avec effet au 1

mars 2014.

Veuillez noter que les adresses professionnelles de Madame Katia CAMBON, présidente du conseil d'administration,

Monsieur Franck BETH et Madame Virginie GUILLAUME, se situent désormais au L-2453 Luxembourg, 6, rue Eugène
Ruppert.

Luxembourg, le 11 mars 2014.

Pour extrait sincère et conforme
Pour MUZZLE S.A.
Intertrust (Luxembourg) S.à r.l.

Référence de publication: 2014037702/17.
(140043143) Déposé au registre de commerce et des sociétés de Luxembourg, le 13 mars 2014.

Morgan Stanley Grund S.à r.l., Société à responsabilité limitée.

Capital social: EUR 272.001.475,00.

Siège social: L-1855 Luxembourg, 46A, avenue J.F. Kennedy.

R.C.S. Luxembourg B 123.444.

Il résulte des résolutions signées de l'associé unique de la Société du 4 Mars 2014 qu'il a été décidé à l'unanimité:
- d'accepter la démission de Mademoiselle Xenia Kotoula en tant que gérant de classe B de la Société avec effet au 28

Février 2014;

- de nommer en remplacement du Gérant démissionnaire de classe B et pour une durée illimitée. Monsieur Jacob

Mudde, né le 14 Octobre 1969 à Rotterdam, Pays-Bas, ayant son adresse professionnelle au 46A, avenue J.F. Kennedy,
L-1855 Luxembourg, en tant que gérant B de la Société avec effet immédiat au 04 Mars 2014; et

- de confirmer que le conseil de gérance de la Société est dorénavant composé comme suit:
* TMF Corporate Services S.A., Gérant de classe B;
* Monsieur Jacob Mudde, Gérant de classe B; et
* Monsieur Roland Rosinus; Gérant de classe A.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

Luxembourg, le 11 Mars 2014.

Pour extrait sincère et conforme
TMF Luxembourg S.A.
Signatures
Signataire autorisé

Référence de publication: 2014037678/24.
(140042895) Déposé au registre de commerce et des sociétés de Luxembourg, le 13 mars 2014.

59095

U X E M B O U R G

Maestral Investissements S.A., Société Anonyme.

Siège social: L-2520 Luxembourg, 33, allée Scheffer.

R.C.S. Luxembourg B 70.806.

Procès-verbal d'une réunion (la «Réunion») du conseil d'administration de la société qui s'est tenue au siège social de la société en

date du 17 février 2014 à 9h30 heures.

Première résolution

Le conseil d'administration constate la démission de Madame Monika Barbara Kanczuga employée privée, née le 5

septembre 1981 à Wadowice (Pologne), avec adresse professionnelle à L-2520 Luxembourg, 33, allée Scheffer de ses
fonctions d'administrateur et décide de pourvoir provisoirement à son remplacement par la nomination de M. Pierre
Goffinet avec adresse Professionnelle au 370, route de Longwy, L-1940 Luxembourg, né le 15 septembre 1971 à Bastogne
en Belgique, jusqu'à la prochaine assemblée générale ordinaire des actionnaires.

Le conseil d'administration

Référence de publication: 2014037679/16.
(140042890) Déposé au registre de commerce et des sociétés de Luxembourg, le 13 mars 2014.

Majer Immo S.A., Société Anonyme.

Siège social: L-5445 Schengen, 56, route du Vin.

R.C.S. Luxembourg B 140.924.

Extrait des résolutions prises par l'assemblée générale extraordinaire du 10 décembre 2013

Transfert du siège social de 109 Route du Vin L-5445 Schengen à 56 Route du Vin L-5445 Schengen.
Nouvelle adresse pour le siège social: 56 Route du Vin L-5445 Schengen.

Pour extrait sincère et conforme

Référence de publication: 2014037680/11.
(140042835) Déposé au registre de commerce et des sociétés de Luxembourg, le 13 mars 2014.

Moonrise S.A., Société Anonyme.

Siège social: L-1840 Luxembourg, 41, boulevard Joseph II.

R.C.S. Luxembourg B 178.325.

Extrait des résolutions circulaires prises par le conseil d'administration de la Société en date du 10 mars 2014

Les administrateurs de la Société ont décidé de transférer le siège social de la Société du 19, rue de Bitbourg, L-1273

Luxembourg au:

- 41 boulevard Joseph II, L-1840 Luxembourg, avec effet immédiat.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

Luxembourg, le 13 mars 2014.

Moonrise S.A.
Signature

Référence de publication: 2014037677/15.
(140043292) Déposé au registre de commerce et des sociétés de Luxembourg, le 13 mars 2014.

Lux-Top 50 SICAV, Société d'Investissement à Capital Variable.

Siège social: L-1930 Luxembourg, 1, place de Metz.

R.C.S. Luxembourg B 59.731.

I. Cooptation d'un administrateur
En raison de la démission de Monsieur Gilbert HATZ de sa fonction d'administrateur avec effet à compter du 25

octobre 2013, le Conseil d'Administration a procédé à la cooptation de Madame Claudia HALMES-COUMONT (adresse
professionnelle: 9, rue Jean Fischbach, L-3372 Leudelange) avec effet à compter du 24 janvier 2014, jusqu'à l'Assemblée
Générale Ordinaire qui se tiendra en avril 2014.

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Luxembourg, le 13 mars 2014.

Certifié sincère et conforme
BANQUE ET CAISSE D'EPARGNE DE L'ETAT, LUXEMBOURG

Référence de publication: 2014037665/15.
(140043522) Déposé au registre de commerce et des sociétés de Luxembourg, le 13 mars 2014.

Silly-Boulogne Investment S.à r.l., Société à responsabilité limitée.

Capital social: EUR 12.500,00.

Siège social: L-2163 Luxembourg, 29, avenue Monterey.

R.C.S. Luxembourg B 168.420.

In the year two thousand and fourteen, on the nineteenth of February.
Before Us, Maître Jacques CASTEL, notary residing in Grevenmacher, Grand Duchy of Luxembourg, acting in repla-

cement of Maître Martine SCHAEFFER, notary residing in Luxembourg, Grand Duchy of Luxembourg, momentarily absent
who will be the depository of the present deed.

THERE APPEARED:

1) DEWNOS INVESTMENTS S.à r.l., a company existing under the laws of Luxembourg, having its registered office

at 29, avenue Monterey, L-2163 Luxembourg and registered with the Luxembourg trade and companies register under
number B 116 983 (“Dewnos Investments”),

duly represented by Mr Gianpiero SADDI, employee, residing professionally in Luxembourg, by virtue of a proxy given

in Luxembourg on January 17

, 2014;

2) BAUPOST PRIVATE INVESTMENTS A-3, L.L.C., a Delaware limited liability company, having its registered office

at c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, Delaware 19808, registered with
the Delaware State Secretary under number 4318552 (“Baupost A-3”),

duly represented by Mr Gianpiero SADDI, by virtue of a proxy given in Boston, Massachusetts on February 13

2014;

3) BAUPOST PRIVATE INVESTMENTS B-3, L.L.C., a Delaware limited liability company, having its registered office

at c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, Delaware 19808, registered with
the Delaware State Secretary under number 4318553 (“Baupost B-3”),

duly represented by Mr Gianpiero SADDI, prenamed, by virtue of a proxy given in Boston, Massachusetts on February

, 2014;

4) BAUPOST PRIVATE INVESTMENTS C-3, L.L.C., a Delaware limited liability company, having its registered office

at c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, Delaware 19808, registered with
the Delaware State Secretary under number 4318558 (“Baupost C-3”),

duly represented by Mr Gianpiero SADDI, prenamed, by virtue of a proxy given in Boston, Massachusetts on February

, 2014;

5) BAUPOST PRIVATE INVESTMENTS BVII-3, L.L.C., a Delaware limited liability company, having its registered office

at c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, Delaware 19808, registered with
the Delaware State Secretary under number 4318578 (“Baupost BVII-3”),

duly represented by Mr Gianpiero SADDI, prenamed, by virtue of a proxy given in Boston, Massachusetts on February

, 2014; and

6) Studio Boulogne TE S.à r.l., a company existing under the laws of Luxembourg, having its registered office at 20, rue

de la Poste, L-2346 Luxembourg and registered with the Luxembourg trade and companies register under number B 157
359 (“Studio Boulogne TE”),

duly represented by Mr Gianpiero SADDI, prenamed, by virtue of a proxy given in Luxembourg on February 17

2014.

The said proxies, initialled "ne varietur" by the proxy of the appearing parties and the notary, will remain annexed to

the present deed to be filed at the same time with the registration authorities.

Such appearing parties, represented as stated here above, have requested the undersigned notary to enact that they

are all the partners of Silly-Boulogne Investment S.à r.l., a société à responsabilité limitée, incorporated and existing under
the laws of the Grand-Duchy of Luxembourg, with a share capital of twelve thousand five hundred euro (EUR 12,500),
having its registered office at 29, avenue Monterey, L-2163 Luxembourg, registered with the Luxembourg trade and
companies register under number B 168.420 (the “Company”), incorporated pursuant to a deed of the undersigned
notary, on April 18

, 2012, published in the Mémorial C, Recueil des Sociétés et Associations, number 1451 of June 11

, 2012. The articles of incorporation of the Company have been amended for the last time pursuant to a deed of the

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U X E M B O U R G

undersigned notary, on June 26

, 2012, published in the Mémorial C, Recueil des Sociétés et Associations, number 1972

of August 8

, 2012.

The general meeting of partners is thus regularly constituted and may validly deliberate on all items of the agenda:

Agenda:

1. Creation of nine (9) tranches of class A shares in the share capital of the Company by subdivision of the existing

class A shares into class A.1 shares, class A.2 shares, class A.3 shares, class A.4 shares, class A.5 shares, class A.6 shares,
class A.7 shares, class A.8 shares and class A.9 shares with the rights and obligations set forth in the following restatement
of the articles of association;

2. Conversion of the existing one million one hundred twenty-five thousand (1,125,000) class A shares as follows:
- one hundred twenty-five thousand (125,000) class A shares into one hundred twenty-five thousand (125,000) class

A.1 shares;

- one hundred twenty-five thousand (125,000) class A shares into one hundred twenty-five thousand (125,000) class

A.2 shares;

- one hundred twenty-five thousand (125,000) class A shares into one hundred twenty-five thousand (125,000) class

A.3 shares;

- one hundred twenty-five thousand (125,000) class A shares into one hundred twenty-five thousand (125,000) class

A.4 shares;

- one hundred twenty-five thousand (125,000) class A shares into one hundred twenty-five thousand (125,000) class

A.5 shares;

- one hundred twenty-five thousand (125,000) class A shares into one hundred twenty-five thousand (125,000) class

A.6 shares;

- one hundred twenty-five thousand (125,000) class A shares into one hundred twenty-five thousand (125,000) class

A.7 shares;

- one hundred twenty-five thousand (125,000) class A shares into one hundred twenty-five thousand (125,000) class

A.8 shares;

- one hundred twenty-five thousand (125,000) class A shares into one hundred twenty-five thousand (125,000) class

A.9 shares;

and allocation thereof as follows:
1. the one hundred twenty-five thousand (125,000) class A.1 shares shall be allocated as follows: seven thousand six

hundred ninety-five (7,695) class A.1 shares held by Baupost A-3, two thousand five hundred eighty-three (2,583) class
A.1 shares held by Baupost B-3, fifteen thousand six hundred thirty-eight (15,638) class A.1 shares held by Baupost C-3,
ten thousand eight hundred twenty (10,820) class A.1 shares held by Baupost BVII-3 and eighty-eight thousand two
hundred sixty-four (88,264) class A.1 shares held by Studio Boulogne TE;

2. the one hundred twenty-five thousand (125,000) class A.2 shares shall be allocated as follows: seven thousand six

hundred ninety-five (7,695) class A.2 shares held by Baupost A-3, two thousand five hundred eighty-three (2,583) class
A.2 shares held by Baupost B-3, fifteen thousand six hundred thirty-nine (15,639) class A.2 shares held by Baupost C-3,
ten thousand eight hundred twenty (10,820) class A.2 shares held by Baupost BVII-3 and eighty-eight thousand two
hundred sixty-three (88,263) class A.2 shares held by Studio Boulogne TE;

3. the one hundred twenty-five thousand (125,000) class A.3 shares shall be allocated as follows: seven thousand six

hundred ninety-five (7,695) class A.3 shares held by Baupost A-3, two thousand five hundred eighty-three (2,583) class
A.3 shares held by Baupost B-3, fifteen thousand six hundred thirty-nine (15,639) class A.3 shares held by Baupost C-3,
ten thousand eight hundred nineteen (10,819) class A.3 shares held by Baupost BVII-3 and eighty-eight thousand two
hundred sixty-four (88,264) class A.3 shares held by Studio Boulogne TE;

4. the one hundred twenty-five thousand (125,000) class A.4 shares shall be allocated as follows: seven thousand six

hundred ninety-five (7,695) class A.4 shares held by Baupost A-3, two thousand five hundred eighty-three (2,583) class
A.4 shares held by Baupost B-3, fifteen thousand six hundred thirty-nine (15,639) class A.4 shares held by Baupost C-3,
ten thousand eight hundred nineteen (10,819) class A.4 shares held by Baupost BVII-3 and eighty-eight thousand two
hundred sixty-four (88,264) class A.4 shares held by Studio Boulogne TE;

5. the one hundred twenty-five thousand (125,000) class A.5 shares shall be allocated as follows: seven thousand six

hundred ninety-four (7,694) class A.5 shares held by Baupost A-3, two thousand five hundred eighty-four (2,584) class
A.5 shares held by Baupost B-3, fifteen thousand six hundred thirty-nine (15,639) class A.5 shares held by Baupost C-3,
ten thousand eight hundred nineteen (10,819) class A.5 shares held by Baupost BVII-3 and eighty-eight thousand two
hundred sixty-four (88,264) class A.5 shares held by Studio Boulogne TE;

6. the one hundred twenty-five thousand (125,000) class A.6 shares shall be allocated as follows: seven thousand six

hundred ninety-four (7,694) class A.6 shares held by Baupost A-3, two thousand five hundred eighty-four (2,584) class
A.6 shares held by Baupost B-3, fifteen thousand six hundred thirty-nine (15,639) class A.6 shares held by Baupost C-3,

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ten thousand eight hundred nineteen (10,819) class A.6 shares held by Baupost BVII-3 and eighty-eight thousand two
hundred sixty-four (88,264) class A.6 shares held by Studio Boulogne TE;

7. the one hundred twenty-five thousand (125,000) class A.7 shares shall be allocated as follows: seven thousand six

hundred ninety-four (7,694) class A.7 shares held by Baupost A-3, two thousand five hundred eighty-four (2,584) class
A.7 shares held by Baupost B-3, fifteen thousand six hundred thirty-nine (15,639) class A.7 shares held by Baupost C-3,
ten thousand eight hundred nineteen (10,819) class A.7 shares held by Baupost BVII-3 and eighty-eight thousand two
hundred sixty-four (88,264) class A.7 shares held by Studio Boulogne TE;

8. the one hundred twenty-five thousand (125,000) class A.8 shares shall be allocated as follows: seven thousand six

hundred ninety-four (7,694) class A.8 shares held by Baupost A-3, two thousand five hundred eighty-three (2,583) class
A.8 shares held by Baupost B-3, fifteen thousand six hundred thirty-nine (15,639) class A.8 shares held by Baupost C-3,
ten thousand eight hundred twenty (10,820) class A.8 shares held by Baupost BVII-3 and eighty-eight thousand two
hundred sixty-four (88,264) class A.8 shares held by Studio Boulogne TE;

9. the one hundred twenty-five thousand (125,000) class A.9 shares shall be allocated as follows: seven thousand six

hundred ninety-four (7,694) class A.9 shares held by Baupost A-3, two thousand five hundred eighty-three (2,583) class
A.9 shares held by Baupost B-3, fifteen thousand six hundred thirty-nine (15,639) class A.9 shares held by Baupost C-3,
ten thousand eight hundred twenty (10,820) class A.9 shares held by Baupost BVII-3 and eighty-eight thousand two
hundred sixty-four (88,264) class A.9 shares held by Studio Boulogne TE;

3. Subsequent amendment of article 6 of the articles of association of the Company so that it shall read as follows:

" Art. 6. The Company’s share capital is set at twelve thousand five hundred euro (EUR 12,500), represented by (i)

one million one hundred twenty-five thousand (1,125,000) class A shares (the “Class A Shares”), themselves subdivided
into one hundred twenty-five thousand (125,000) class A.1 shares (the “Tranche A.1 Shares”), one hundred twenty-five
thousand (125,000) class A.2 shares (the “Tranche A.2 Shares”), one hundred twenty-five thousand (125,000) class A.3
shares (the “Tranche A.3 Shares”), one hundred twenty-five thousand (125,000) class A.4 shares (the “Tranche A.4
Shares”), one hundred twenty-five thousand (125,000) class A.5 shares (the “Tranche A.5 Shares”), one hundred twenty-
five thousand (125,000) class A.6 shares (the “Tranche A.6 Shares”), one hundred twenty-five thousand (125,000) class
A.7 shares (the “Tranche A.7 Shares”), one hundred twenty-five thousand (125,000) class A.8 shares (the “Tranche A.8
Shares”) and one hundred twenty-five thousand (125,000) class A.9 shares (the “Tranche A.9 Shares”) and (ii) one hundred
twenty-five thousand (125,000) class B shares (the “Class B Shares”) with a nominal value of one cent (EUR 0.01) each.”;

4. Amendment of the corporate purpose of the Company so that it shall read as follows:
“The purpose of the Company is the holding of participations in any form whatsoever in Luxembourg and foreign

companies and in any other form of investment, the acquisition by purchase, subscription or in any other manner as well
as the transfer by sale, exchange or otherwise of securities of any kind and the administration, management, control and
development of its portfolio.

The Company may further guarantee, grant security, grant loans or otherwise assist the companies in which it holds

a direct or indirect participation or right of any kind or which form part of the same group of companies as the Company.

The Company may, except by way of public offering, raise funds especially through borrowing in any form or by issuing

any kind of notes, securities or debt instruments, bonds and debentures and generally issue securities of any type.

An additional purpose of the Company is the acquisition and sale of real estate properties either in the Grand Duchy

of Luxembourg or abroad, including the direct or indirect holding of participations in Luxembourg or foreign companies,
the principal object of which is the acquisition, development, promotion, sale, management and/or lease of real estate
properties.

The Company may carry out any commercial, industrial, financial, real estate or intellectual property activities which

it considers useful for the accomplishment of these purposes.”;

5. Complete restatement of the articles of association of the Company;
6. Miscellaneous.
Then the general meeting, after deliberation, took unanimously the following resolutions:

First resolution

The general meeting decides to create nine (9) tranches of class A shares in the share capital of the Company by

subdivision of the existing class A shares: the class A.1 shares, the class A.2 shares, the class A.3 shares, the class A.4
shares, the class A.5 shares, the class A.6 shares, the class A.7 shares, the class A.8 shares and the class A.9 shares with
the rights and obligations set forth in the following restatement of the articles of association.

Second resolution

The general meeting decides to convert the existing one million one hundred twenty-five thousand (1,125,000) class

A shares and to allocate them as follows:

1. one hundred twenty-five thousand (125,000) class A shares into one hundred twenty-five thousand (125,000) class

A.1 shares to be allocated as follows: seven thousand six hundred ninety-five (7,695) class A.1 shares held by Baupost
A-3, two thousand five hundred eightythree (2,583) class A.1 shares held by Baupost B-3, fifteen thousand six hundred

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thirty-eight (15,638) class A.1 shares held by Baupost C-3, ten thousand eight hundred twenty (10,820) class A.1 shares
held by Baupost BVII-3 and eighty-eight thousand two hundred sixty-four (88,264) class A.1 shares held by Studio Boulogne
TE;

2. one hundred twenty-five thousand (125,000) class A shares into one hundred twenty-five thousand (125,000) class

A.2 shares to be allocated as follows: seven thousand six hundred ninety-five (7,695) class A.2 shares held by Baupost
A-3, two thousand five hundred eightythree (2,583) class A.2 shares held by Baupost B-3, fifteen thousand six hundred
thirty-nine (15,639) class A.2 shares held by Baupost C-3, ten thousand eight hundred twenty (10,820) class A.2 shares
held by Baupost BVII-3 and eighty-eight thousand two hundred sixty-three (88,263) class A.2 shares held by Studio
Boulogne TE;

3. one hundred twenty-five thousand (125,000) class A shares into one hundred twenty-five thousand (125,000) class

A.3 shares to be allocated as follows: seven thousand six hundred ninety-five (7,695) class A.3 shares held by Baupost
A-3, two thousand five hundred eightythree (2,583) class A.3 shares held by Baupost B-3, fifteen thousand six hundred
thirty-nine (15,639) class A.3 shares held by Baupost C-3, ten thousand eight hundred nineteen (10,819) class A.3 shares
held by Baupost BVII-3 and eighty-eight thousand two hundred sixty-four (88,264) class A.3 shares held by Studio Boulogne
TE;

4. one hundred twenty-five thousand (125,000) class A shares into one hundred twenty-five thousand (125,000) class

A.4 shares to be allocated as follows: seven thousand six hundred ninety-five (7,695) class A.4 shares held by Baupost
A-3, two thousand five hundred eightythree (2,583) class A.4 shares held by Baupost B-3, fifteen thousand six hundred
thirty-nine (15,639) class A.4 shares held by Baupost C-3, ten thousand eight hundred nineteen (10,819) class A.4 shares
held by Baupost BVII-3 and eighty-eight thousand two hundred sixty-four (88,264) class A.4 shares held by Studio Boulogne
TE;

5. one hundred twenty-five thousand (125,000) class A shares into one hundred twenty-five thousand (125,000) class

A.5 shares to be allocated as follows: seven thousand six hundred ninety-four (7,694) class A.5 shares held by Baupost
A-3, two thousand five hundred eightyfour (2,584) class A.5 shares held by Baupost B-3, fifteen thousand six hundred
thirty-nine (15,639) class A.5 shares held by Baupost C-3, ten thousand eight hundred nineteen (10,819) class A.5 shares
held by Baupost BVII-3 and eighty-eight thousand two hundred sixty-four (88,264) class A.5 shares held by Studio Boulogne
TE;

6. one hundred twenty-five thousand (125,000) class A shares into one hundred twenty-five thousand (125,000) class

A.6 shares to be allocated as follows: seven thousand six hundred ninety-four (7,694) class A.6 shares held by Baupost
A-3, two thousand five hundred eightyfour (2,584) class A.6 shares held by Baupost B-3, fifteen thousand six hundred
thirty-nine (15,639) class A.6 shares held by Baupost C-3, ten thousand eight hundred nineteen (10,819) class A.6 shares
held by Baupost BVII-3 and eighty-eight thousand two hundred sixty-four (88,264) class A.6 shares held by Studio Boulogne
TE;

7. one hundred twenty-five thousand (125,000) class A shares into one hundred twenty-five thousand (125,000) class

A.7 shares to be allocated as follows: seven thousand six hundred ninety-four (7,694) class A.7 shares held by Baupost
A-3, two thousand five hundred eightyfour (2,584) class A.7 shares held by Baupost B-3, fifteen thousand six hundred
thirty-nine (15,639) class A.7 shares held by Baupost C-3, ten thousand eight hundred nineteen (10,819) class A.7 shares
held by Baupost BVII-3 and eighty-eight thousand two hundred sixty-four (88,264) class A.7 shares held by Studio Boulogne
TE;

8. one hundred twenty-five thousand (125,000) class A shares into one hundred twenty-five thousand (125,000) class

A.8 shares to be allocated as follows: seven thousand six hundred ninety-four (7,694) class A.8 shares held by Baupost
A-3, two thousand five hundred eightythree (2,583) class A.8 shares held by Baupost B-3, fifteen thousand six hundred
thirty-nine (15,639) class A.8 shares held by Baupost C-3, ten thousand eight hundred twenty (10,820) class A.8 shares
held by Baupost BVII-3 and eighty-eight thousand two hundred sixty-four (88,264) class A.8 shares held by Studio Boulogne
TE;

9. one hundred twenty-five thousand (125,000) class A shares into one hundred twenty-five thousand (125,000) class

A.9 shares to be allocated as follows: seven thousand six hundred ninety-four (7,694) class A.9 shares held by Baupost
A-3, two thousand five hundred eightythree (2,583) class A.9 shares held by Baupost B-3, fifteen thousand six hundred
thirty-nine (15,639) class A.9 shares held by Baupost C-3, ten thousand eight hundred twenty (10,820) class A.9 shares
held by Baupost BVII-3 and eighty-eight thousand two hundred sixty-four (88,264) class A.9 shares held by Studio Boulogne
TE.

Third resolution

As a consequence, the general meeting decides to amend the article 6 of the articles of association of the Company

so that it shall read as follows:

" Art. 6. The Company’s share capital is set at twelve thousand five hundred euro (EUR 12,500), represented by (i)

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U X E M B O U R G

Shares”), one hundred twenty-five thousand (125,000) class A.5 shares (the “Tranche A.5 Shares”), one hundred twenty-
five thousand (125,000) class A.6 shares (the “Tranche A.6 Shares”), one hundred twenty-five thousand (125,000) class
A.7 shares (the “Tranche A.7 Shares”), one hundred twenty-five thousand (125,000) class A.8 shares (the “Tranche A.8
Shares”) and one hundred twenty-five thousand (125,000) class A.9 shares (the “Tranche A.9 Shares”) and (ii) one hundred
twenty-five thousand (125,000) class B shares (the “Class B Shares”) with a nominal value of one cent (EUR 0.01) each.”.

Fourth resolution

The general meeting decides to amend the corporate purpose of the Company so that it shall read as follows:
“The purpose of the Company is the holding of participations in any form whatsoever in Luxembourg and foreign

The Company may further guarantee, grant security, grant loans or otherwise assist the companies in which it holds

a direct or indirect participation or right of any kind or which form part of the same group of companies as the Company.

The Company may, except by way of public offering, raise funds especially through borrowing in any form or by issuing

any kind of notes, securities or debt instruments, bonds and debentures and generally issue securities of any type.

An additional purpose of the Company is the acquisition and sale of real estate properties either in the Grand Duchy

The Company may carry out any commercial, industrial, financial, real estate or intellectual property activities which

it considers useful for the accomplishment of these purposes.”.

Fifth resolution

The general meeting decides to fully restate the articles of association of the Company so as to read as follows:

“A. Name - Purpose - Duration - Registered office

Art. 1. Name - Legal Form. There exists a private limited company (société à responsabilité limitée) under the name

Silly-Boulogne Investment S.à r.l. (hereinafter the “Company”) which shall be governed by the law of 10 August 1915
concerning commercial companies, as amended (the “Law”), as well as by the present articles of association.

Art. 2. Purpose.
2.1 The purpose of the Company is the holding of participations in any form whatsoever in Luxembourg and foreign

2.2 The Company may further guarantee, grant security, grant loans or otherwise assist the companies in which it

holds a direct or indirect participation or right of any kind or which form part of the same group of companies as the
Company.

2.3 The Company may, except by way of public offering, raise funds especially through borrowing in any form or by

issuing any kind of notes, securities or debt instruments, bonds and debentures and generally issue securities of any type.

2.4 An additional purpose of the Company is the acquisition and sale of real estate properties either in the Grand

Duchy of Luxembourg or abroad, including the direct or indirect holding of participations in Luxembourg or foreign
companies, the principal object of which is the acquisition, development, promotion, sale, management and/or lease of
real estate properties.

2.5 The Company may carry out any commercial, industrial, financial, real estate or intellectual property activities

which it considers useful for the accomplishment of these purposes.

Art. 3. Duration.
3.1 The Company is incorporated for an unlimited period of time.
3.2 It may be dissolved at any time and with or without cause by a resolution of the general meeting of Shareholders

adopted in the manner required for an amendment of these articles of association.

Art. 4. Registered office.
4.1 The registered office of the Company is established in the city of Luxembourg, Grand Duchy of Luxembourg.
4.2 Within the same municipality, the registered office may be transferred by means of a decision of the board of

managers. It may be transferred to any other municipality in the Grand Duchy of Luxembourg by means of a resolution
of the general meeting of Shareholders, adopted in the manner required for an amendment of these articles of association.

4.3 Branches or other offices may be established either in the Grand Duchy of Luxembourg or abroad by a resolution

of the board of managers.

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4.4 In the event that the board of managers determines that extraordinary political, economic or social circumstances

or natural disasters have occurred or are imminent that would interfere with the normal activities of the Company at its
registered office, the registered office may be temporarily transferred abroad until the complete cessation of these ex-
traordinary circumstances; such temporary measures shall not affect the nationality of the Company which, notwiths-
tanding the temporary transfer of its registered office, shall remain a Luxembourg company.

B. Share capital - Shares

Art. 5. Share Capital.
5.1 The Company’s share capital is set at twelve thousand five hundred euro (EUR 12,500), represented by (i) one

million one hundred twenty-five thousand (1,125,000) class A shares (the “Class A Shares”), themselves subdivided into
one hundred twenty-five thousand (125,000) class A.1 shares (the “Tranche A.1 Shares”), one hundred twenty-five thou-
sand (125,000) class A.2 shares (the “Tranche A.2 Shares”), one hundred twenty-five thousand (125,000) class A.3 shares
(the “Tranche A.3 Shares”), one hundred twenty-five thousand (125,000) class A.4 shares (the “Tranche A.4 Shares”),
one hundred twenty-five thousand (125,000) class A.5 shares (the “Tranche A.5 Shares”), one hundred twenty-five thou-
sand (125,000) class A.6 shares (the “Tranche A.6 Shares”), one hundred twenty-five thousand (125,000) class A.7 shares
(the “Tranche A.7 Shares”), one hundred twenty-five thousand (125,000) class A.8 shares (the “Tranche A.8 Shares”)
and one hundred twenty-five thousand (125,000) class A.9 shares (the “Tranche A.9 Shares”) and (ii) one hundred twenty-
five thousand (125,000) class B shares (the “Class B Shares”) with a nominal value of one cent (EUR 0.01) each.

5.2 Each Share is entitled to one vote at ordinary and extraordinary general meetings of Shareholders.
5.3 The Company’s share capital may be increased or reduced by a resolution of the general meeting of Shareholders

adopted in the manner required for an amendment of these articles of association.

5.4 The Company may redeem its own Shares.

Art. 6. Shares.
6.1 The Company’s share capital is divided into Shares, each of them having the same nominal value.
6.2 The Shares of the Company are in registered form.
6.3 The share capital of the Company may be reduced through the cancellation of a Tranche, in whole but not in part,

consisting in the repurchase and cancellation of all Shares in issue in such Tranche as may be determined from time-to-
time by the board of managers or as the case may be by the sole manager and approved by the general meeting of
Shareholders of the Company.

6.4 The relevant Tranche shall be repurchased and cancelled for an aggregate price equal to the fair market value of

such Tranche (the “Cancellation Amount”) as determined by and in the sole discretion of the board of managers or as
the case may be by the sole manager and approved by the general meeting of Shareholders of the Company. The Can-
cellation Amount shall be determined by the board of managers or, as the case may be, by the sole manager of the
Company no later than five (5) calendar days prior to the date set for the repurchase of the Shares.

6.5 In the event of a reduction of share capital through the cancellation of a whole Tranche consisting in the repurchase

and cancellation of all Shares in issue in such Tranche, each Tranche entitles the holders thereof to the pro rata portion
of the Cancellation Amount based on the Cancellation Amount per Share of such Tranche multiplied by the number of
Shares held by such holder of the relevant Tranche immediately prior to the repurchase by the Company.

6.6 The Class A Shares shall be repurchased in the reverse order of the Tranches, starting with the Tranche A.9 Shares.
6.7 Subsequent Shares of a specific Tranche shall only become available for repurchase once all the Shares of the

preceding Tranche have been repurchased in full. Each Shares of a Tranche becoming available for repurchase according
to the rule specified in this article 6 shall be referred to as the “Relevant Class A Shares”.

6.8 As a result of the above principles, in the event there are no more Tranche A.9 Shares outstanding in the Company,

the Relevant Class A Shares shall be the Tranche A.8 Shares. The same principle shall apply until the Tranche A.1 Shares
become the Relevant Class A Shares.

6.9 A repurchase of Shares can only be made by using sums available for distribution in accordance with article 72-1

of the Law, and all Shares repurchased or otherwise acquired by the Company may be cancelled with the effect that the
issued number of Shares and the share capital of the Company shall be reduced accordingly without however decreasing
the amount of the share capital below the minimum amount provided for by the Law and in accordance with the provisions
of a Shareholders’ Agreement.

6.10 The Company may have one or several Shareholders, with a maximum of forty (40) Shareholders.
6.11 Death, suspension of civil rights, dissolution, bankruptcy or insolvency or any other similar event regarding any

of the Shareholders shall not cause the dissolution of the Company.

Art. 7. Register of Shares - Transfer of Shares.
7.1 A register of Shares shall be kept at the registered office of the Company, where it shall be available for inspection

by any Shareholder. This register shall contain all the information required by the Law. Certificates of such registration
may be issued upon request and at the expense of the relevant Shareholder.

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7.2 The Company will recognise only one holder per share. In case a Share is owned by several persons, they shall

appoint a single representative who shall represent them towards the Company. The Company has the right to suspend
the exercise of all rights attached to that Share until such representative has been appointed.

7.3 The Shares are freely transferable among Shareholders unless otherwise agreed upon in a Shareholders’ Agreement.
7.4 Inter vivos, Shares may only be transferred to new Shareholders subject to the approval of such transfer given by

the Shareholders constituting a majority of at least three quarters of the share capital.

7.5 Any transfer of Shares shall become effective towards the Company and third parties through the notification of

the transfer to, or upon the acceptance of the transfer by the Company in accordance with article 1690 of the Civil Code.

7.6 In the event of death, the Shares of the deceased Shareholder may only be transferred to new Shareholders subject

to the approval of such transfer given by the surviving Shareholders constituting a majority of at least three quarters of
the share capital.

C. Decisions of the shareholders

Art. 8. Collective decisions of the Shareholders.
8.1 The general meeting of Shareholders is vested with the powers expressly reserved to it by law and by these articles

of association.

8.2 Each Shareholder may participate in collective decisions irrespective of the number of Shares which he owns.
8.3 In case and as long as the Company has not more than twentyfive (25) Shareholders, collective decisions otherwise

conferred on the general meeting of Shareholders may be validly taken by means of written resolutions. In such case,
each Shareholder shall receive the text of the resolutions or decisions to be taken expressly worded and shall cast his
vote in writing.

8.4 In the case of a sole Shareholder, such Shareholder shall exercise the powers granted to the general meeting of

Shareholders under the provisions of section XII of the Law and by these articles of association. In such case, any reference
made herein to the “general meeting of shareholders” shall be construed as a reference to the sole Shareholder, depending
on the context and as applicable, and powers conferred upon the general meeting of Shareholders shall be exercised by
the sole Shareholder.

Art. 9. General meetings of Shareholders. In case the Company has more than twenty-five (25) Shareholders, at least

one general meeting of Shareholders shall be held within six (6) months of the end of each financial year in Luxembourg
at the registered office of the Company or at such other place as may be specified in the convening notice of such meeting.
Other meetings of Shareholders may be held at such place and time as may be specified in the respective convening
notices of meeting. If all of the Shareholders are present or represented at a general meeting of Shareholders and have
waived any convening requirement, the meeting may be held without prior notice or publication.

Art. 10. Quorum and vote.
10.1 Each Shareholder is entitled to as many votes as he holds Shares.
10.2 Save for a higher majority provided in these articles of association or by law, collective decisions of the Company’s

Shareholders are only validly taken in so far as they are adopted by Shareholders holding more than half of the share
capital.

10.3 A Shareholder may act at any general meeting of Shareholders by appointing another person as his proxy in writing

or by facsimile, electronic mail or any other similar means of communication. One person may represent several or even
all Shareholders.

10.4 Shareholders taking part in a meeting by conference call, through video conference or by any other means of

communication allowing their identification and allowing that all persons taking part in the meeting hear one another on
a continuous basis and allowing an effective participation of all such persons in the meeting, are deemed to be present
for the computation of the quorums and votes, subject to such means of communication being made available at the place
of the meeting.

Art. 11. Change of nationality. The Shareholders may change the nationality of the Company only by unanimous

consent.

Art. 12. Amendments of the articles of association. Any amendment of the articles of association requires the approval

of (i) a majority of Shareholders (ii) representing three quarters of the share capital at least.

D. Management

Art. 13. Powers of the sole manager - Composition and powers of the board of managers.
13.1 The Company shall be managed by one or more managers. If several managers are appointed, they shall constitute

a board of managers (“conseil de gérance”).

13.2 If the Company is managed by one manager, to the extent applicable and where the term “sole manager” is not

expressly mentioned in these articles of association, a reference to the “board of managers” used in these articles of
association is to be construed as a reference to the “sole manager”.

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13.3 The board of managers is vested with the broadest powers to act in the name of the Company and to take any

actions necessary or useful to fulfil the Company’s corporate purpose, with the exception of the powers reserved by the
Law or by these articles of association to the general meeting of Shareholders.

13.4 The sole manager or the board of managers, as the case may be, shall identify and define the investments to be

made directly or indirectly by the Company in accordance with the provisions of a Shareholders’ Agreement.

Art. 14. Appointment, removal and term of office of managers.
14.1 The manager(s) shall be appointed by the general meeting of Shareholders in accordance with a Shareholders’

Agreement which shall determine their remuneration and term of office.

14.2 The managers shall be appointed and may be removed from office at any time, with or without cause, by a decision

of the Shareholders representing more than half of the Company’s share capital and in accordance with the provisions
of a Shareholders’ Agreement.

Art. 15. Vacancy in the office of a manager.
15.1 In the event of a vacancy in the office of a manager because of death, legal incapacity, bankruptcy, resignation or

otherwise, this vacancy may be filled on a temporary basis and for a period of time not exceeding the initial mandate of
the replaced manager by the remaining managers until the next meeting of Shareholders which shall resolve on the
permanent appointment, in compliance with the applicable legal provisions and as provided for in a Shareholders’ Agree-
ment.

15.2 In case the vacancy occurs in the office of the Company’s sole manager, such vacancy must be filled without undue

delay by the general meeting of Shareholders.

Art. 16. Convening meetings of the board of managers.
16.1 The board of managers shall meet upon call by any manager. The meetings of the board of managers shall be held

at the registered office of the Company unless otherwise indicated in the notice of meeting.

16.2 Written notice of any meeting of the board of managers must be given to managers twenty-four (24) hours at

least in advance of the time scheduled for the meeting, except in case of emergency, in which case the nature and the
reasons of such emergency must be mentioned in the notice. Such notice may be omitted in case of assent of each manager
in writing, by facsimile, electronic mail or any other similar means of communication, a copy of such signed document
being sufficient proof thereof. No prior notice shall be required for a board meeting to be held at a time and location
determined in a prior resolution adopted by the board of managers which has been communicated to all managers.

16.3 No prior notice shall be required in case all managers are present or represented at a board meeting and waive

any convening requirement or in the case of resolutions in writing approved and signed by all members of the board of
managers.

Art. 17. Conduct of meetings of the board of managers.
17.1 The board of managers may elect among its members a chairman. It may also choose a secretary, who does not

need to be a manager and who shall be responsible for keeping the minutes of the meetings of the board of managers.

17.2 The chairman, if any, shall chair all meetings of the board of managers. In his absence, the board of managers may

appoint another manager as chairman pro tempore by vote of the majority of managers present or represented at any
such meeting.

17.3 Any manager may act at any meeting of the board of managers by appointing another manager as his proxy either

in writing, or by facsimile, electronic mail or any other similar means of communication, a copy of the appointment being
sufficient proof thereof. A manager may represent one or more but not all of the other managers.

17.4 Meetings of the board of managers may also be held by conference-call or video conference or by any other

means of communication, allowing all persons participating at such meeting to hear one another on a continuous basis
and allowing an effective participation in the meeting. Participation in a meeting by these means is equivalent to partici-
pation in person at such meeting and the meeting is deemed to be held at the registered office of the Company.

17.5 The board of managers may deliberate or act validly only if at least a majority of the managers are present or

represented at a meeting of the board of managers.

17.6 Decisions shall be taken by a majority vote of the managers present or represented at such meeting. The chairman,

if any, shall not have a casting vote.

17.7. The board of managers may unanimously pass resolutions by circular means when expressing its approval in

writing, by facsimile, electronic mail or any other similar means of communication. Each manager may express his consent
separately, the entirety of the consents evidencing the adoption of the resolutions. The date of such resolutions shall be
the date of the last signature.

Art. 18. Minutes of the meeting of the board of managers; Minutes of the decisions of the sole manager.
18.1 The minutes of any meeting of the board of managers shall be signed by the chairman, if any or in his absence by

the chairman pro tempore and the secretary (if any), or by two (2) managers. Copies or excerpts of such minutes, which
may be produced in judicial proceedings or otherwise, shall be signed by the chairman, if any, or by two (2) managers.

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18.2 Decisions of the sole manager shall be recorded in minutes which shall be signed by the sole manager. Copies or

excerpts of such minutes, which may be produced in judicial proceedings or otherwise, shall be signed by the sole manager.

Art. 19. Dealing with third parties. The Company shall be bound towards third parties in all circumstances (i) by the

signature of the sole manager or, if the Company has several managers, by the signature of any manager or (ii) by the
joint signatures or the sole signature of any person(s) to whom such signatory power may have been delegated by the
board of managers within the limits of such delegation.

E. Audit and supervision

Art. 20. Auditor(s).
20.1 In case and as long as the Company has more than twenty-five (25) Shareholders, the operations of the Company

shall be supervised by one or several internal auditors (commissaire(s)). The general meeting of Shareholders shall appoint
the internal auditor(s) and shall determine their term of office.

20.2 An internal auditor may be removed at any time, without notice and with or without cause by the general meeting

of Shareholders.

20.3 The internal auditor has an unlimited right of permanent supervision and control of all operations of the Company.
20.4 If the Shareholders of the Company appoint one or more independent auditors (réviseur(s) d’entreprises agréé

(s)) in accordance with article 69 of the law of 19 December 2002 regarding the trade and companies register and the
accounting and annual accounts of undertakings, as amended, the institution of internal auditor(s) is suppressed.

20.5. An independent auditor may only be removed by the general meeting of Shareholders with cause or with its

approval.

F. Financial year - Annual accounts - Allocation of profits - Interim dividends

Art. 21. Financial year. The financial year of the Company shall begin on the first of January of each year and shall end

on the thirty-first of December of the same year.

Art. 22. Annual accounts and allocation of profits.
22.1 At the end of each financial year, the accounts are closed and the board of managers draws up an inventory of

the Company's assets and liabilities, the balance sheet and the profit and loss accounts in accordance with the law.

22.2. Of the annual net profits of the Company, five per cent (5%) at least shall be allocated to the legal reserve. This

allocation shall cease to be mandatory as soon and as long as the aggregate amount of such reserve amounts to ten per
cent (10%) of the share capital of the Company.

22.3 Sums contributed to a reserve of the Company by a Shareholder may also be allocated to the legal reserve if the

contributing Shareholder agrees to such allocation.

22.4 In case of a share capital reduction, the Company’s legal reserve may be reduced in proportion so that it does

not exceed ten per cent (10%) of the share capital.

22.5 Upon recommendation of the board of managers, the general meeting of Shareholders shall determine how the

remainder of the Company’s profits shall be used in accordance with the Law and these articles of association.

22.6 In case of Distributions other than following an Exit Event (as such terms are defined in a Shareholder’s Agree-

ment), in accordance with the provisions of article 6 of these articles of association and unless otherwise provided in a
Shareholders’ Agreement, the Distributions shall be made to the Shareholders as follows:

22.6.1 first, the holders of the Relevant Class A Shares and the holders of the Class B Shares shall receive one hundred

percent (100%) of the Distributions, in proportion to their respective Percentage Interests, until each Shareholder has
received from all Distributions pursuant to this article 22.6.1, aggregate Distributions equal to the aggregate Shareholder
Investment made by such Shareholder to the Company and such Shareholder’s Investment Hedge;

22.6.2 second, the holders of the Relevant Class A Shares and the holders of the Class B Shares shall receive one

hundred percent (100%) of the Distributions, in proportion to their respective Percentage Interests, until each holder of
the Relevant Class A Shares has received from all Distributions pursuant to this article 22.6.2, aggregate Distributions
equal to an IRR of ten percent (10%);

22.6.3 third, the holders of the Relevant Class A Shares and the holders of the Class B Shares shall receive eighty

percent (80%) of the Distributions, in proportion to their respective Percentage Interests and the holders of the Class
B Shares will also receive twenty percent (20%) of the Distributions, until each holder of the Relevant Class A Shares has
received from all Distributions pursuant to this 22.6.3 an aggregate Distributions equal to an IRR of eighteen percent
(18%); and

22.6.4 fourth, the holders of the Relevant Class A Shares and the holders of the Class B Shares shall receive seventy

percent (70%) of the Distributions, in proportion to their respective Percentage Interests and the holders of the Class
B Shares will also receive thirty percent (30%) of the Distributions.

22.7 In case of Distributions following an Exit Event (as such terms are defined in a Shareholder’s Agreement), in

accordance with the provisions of article 6 of these articles of association and unless otherwise provided in a Shareholders’
Agreement, the Distributions shall be made to the Shareholders as follows:

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22.7.1 first, the holders of the Relevant Class A Shares and the holders of the Class B Shares shall receive one hundred

percent (100%) of the Distributions, in proportion to their respective Percentage Interests, until each Shareholder has
received from all Distributions pursuant to this article 22.7.1, aggregate Distributions equal to the aggregate Shareholder
Investment made by such Shareholder to the Company and such Shareholder’s Investment Hedge;

22.7.2 second, the holders of the Relevant Class A Shares and the holders of the Class B Shares shall receive one

hundred percent (100%) of the Distributions, in proportion to their respective Percentage Interests, until each holder of
the Relevant Class A Shares has received from all Distributions pursuant to this article 22.7.2, aggregate Distributions
equal to an IRR of ten percent (10%);

22.7.3 third, with respect to the applicable Subsidiary Exit Event (as such term is defined in a Shareholder’s Agreement),

a Distribution of the Disposition Fee (as such term is defined in a Shareholder’s Agreement) to the holders of the Class
B Shares;

22.7.4 fourth, the holders of the Relevant Class A Shares and the holders of the Class B Shares shall receive eighty

percent (80%) of the Distributions, in proportion to their respective Percentage Interests and the holders of the Class
B Shares will also receive twenty percent (20%) of the Distributions, until each holder of the Relevant Class A Shares has
received from all Distributions pursuant to this 22.7.4 an aggregate Distributions equal to an IRR of eighteen percent
(18%); and

22.7.5 fifth, the holders of the Relevant Class A Shares and the holders of the Class B Shares shall receive seventy

percent (70%) of the Distributions, in proportion to their respective Percentage Interests and the holders of the Class
B Shares will also receive thirty percent (30%) of the Distributions.

22.8 Notwithstanding the provisions of articles 22.6 and 22.7 above, out of the total amount distributable to holders

of the Class A Share pursuant to distributions made under articles 22.6 and 22.7 above, (i) zero point one percent (0.1%)
shall be distributed pro rata to the holders of the Tranche A.9 Shares, (ii) zero point two percent (0.2%) shall be distributed
pro rata to the holders of the Tranche A.8 Shares, (iii) zero point three percent (0.3%) shall be distributed pro rata to
the holders of the Tranche A.7 Shares, (iv) zero point four percent (0.4%) shall be distributed pro rata to the holders of
the Tranche A.6 Shares, (v) zero point five percent (0.5%) shall be distributed pro rata to the holders of the Tranche A.
5 Shares, (vi) zero point six percent (0.6%) shall be distributed pro rata to the holders of the Tranche A.4 Shares, (vii)
zero point seven percent (0.7%) shall be distributed pro rata to the holders of the Tranche A.3 Shares, (viii) zero point
eight percent (0.8%) shall be distributed pro rata to the holders of the Tranche A.2 Shares, (ix) zero point nine percent
(0.9%) shall be distributed pro rata to the holders of the Tranche A.1 Shares, each as long as they are in existence and
(x) the remainder shall be distributed pro rata to the holders of the Relevant Class A Shares.

Art. 23. Interim dividends - Share premium and assimilated premiums.
23.1 The board of managers may decide to pay interim dividends on the basis of interim financial statements prepared

by the board of managers showing that sufficient funds are available for distribution. The amount to be distributed may
not exceed realized profits since the end of the last financial year, increased by profits carried forward and distributable
reserves, but decreased by losses carried forward and sums to be allocated to a reserve which the Law or these articles
of association do not allow to be distributed.

23.2 Any share premium, assimilated premium or other distributable reserve may be freely distributed to the Share-

holders subject to the provisions of the Law and these articles of association.

G. Liquidation

Art. 24. Liquidation.
24.1 In the event of dissolution of the Company in accordance with article 3.2 of these articles of association, the

liquidation shall be carried out by one or several liquidators who are appointed by the general meeting of Shareholders
deciding such dissolution and which shall determine their powers and their compensation. Unless otherwise provided,
the liquidators shall have the most extensive powers for the realisation of the assets and payment of the liabilities of the
Company.

24.2 After payment of all the debts of and charges against the Company, including the expenses of liquidation, the net

liquidation proceeds shall be distributed to the Shareholders in such a manner as to achieve on an aggregate basis (taking
into consideration all prior Distributions under article 22 of these articles of association) the same economic result as
the distribution rules set out for the Distributions under said article 22.

H. Final clause - Governing law

Art. 25. Governing law. All matters not governed by these articles of association shall be determined in accordance

with the Law.

I. Definition

Unless otherwise specified, capitalized terms used in these articles of association shall have the meaning set forth

below:

"Affiliate” means, with respect to any Person, any other Person controlling, controlled by, or under common control

with, such Person. For purposes of this definition, (a) the term “control” means, when used with respect to any Person,

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U X E M B O U R G

the power to direct the management and policies of such Person, directly or indirectly, whether as an officer or director,
through the ownership of voting securities, by contract or otherwise, (b) the terms “controlling” and “controlled” have
correlative meanings.

"Cancellation Amount” has the meaning set forth in article 6.4 of these articles of association.
“Class A Shareholders” means the holders of Class A Shares from time to time.
“Class B Shareholders” means the holders of Class B Shares from time to time.
"Class A Shares” has the meaning set forth in article 5.1 of these articles of association.
"Class B Shares” has the meaning set forth in article 5.1 of these articles of association.
"Company” shall have the meaning set forth in article 1 of these articles of association.
"Company Loan” means (a) any loan to the Company or any Subsidiary made, purchased or guaranteed by a Share-

holder or by an Affiliate of a Shareholder and (b) any interest held by a Shareholder or by an Affiliate of a Shareholder in
any loan referred to in clause (a).

"CPECs” means any convertible preferred equity certificates issued from time to time by the Company or any Subsi-

diary and purchased by the Shareholders; provided, however, that the Shareholders' respective ownership percentages
of each class of CPECs shall at all times equal their respective Percentage Interests of the relevant class of Shares.

"Deposit” means any deposit, pledge or guarantee made by a Shareholder in connection with any Third Party Loan to

the Company or any Subsidiary and any accrued interest thereon.

"Distributions” means any payment made by the Company to the Shareholders, including dividends, payment of prin-

cipal and interests of Company Loans, payment received in respect of Deposits, liquidation proceeds, repurchase
payments, yield payment or repayment of indebtedness.

“Investment Hedge” means, with respect to any Shareholder, an amount equal to one percent (1%) of the total value

of such Shareholder's Shareholder Investment; provided, however, that, for the purposes of this determination, the
amount specified in section (i) F of the definition of Shareholder Investment shall be excluded.

"IRR” means, with respect to any Shareholder, an internal rate of return, calculated using the XIRR function in Microsoft

Excel, equal to the applicable percentage per annum on the aggregate amount of the Shareholder Investment and Invest-
ment Hedge of such Shareholder, commencing on the date of such Shareholder’s first purchase of equity, extension of
credit or deposit of funds constituting a Shareholder Investment and taking into account the timing and amounts of all
distributions (other than in respect of Company Loans) made by the Company or any Subsidiary and all contributions or
other payments towards such Shareholder’s Investment Hedge.

"Law” shall have the meaning set forth in article 1 of these articles of association.
"Liquidation” means the sale or other disposition of all or substantially all of the assets of the Company and the

liquidation of the Company.

"Majority Shareholders” means holders of the Class A Shares, or if the holders of the Class A Shares no longer holds

a majority of the outstanding Shares, any other Persons holding, singly or collectively, more than fifty percent (50%) of
the outstanding Shares.

"Other Investment” means any equity, debt or other interest in or obligation of the Company or any Subsidiary other

than the Shares, CPECs, Company Loans or Deposits.

"Percentage Interests” shall have the meaning set forth in a Shareholders’ Agreement.
"Person” means any present or future natural person or any corporation, association, partnership, joint venture, limited

liability, joint stock or other partnership, business trust, trust, organization, société en nom collectif, société à respon-
sabilité limitée, business or government or any governmental agency or political subdivision thereof.

“Profit Hedge” means any instrument purchased by any Shareholder to hedge currency on the profits of such Share-

holder resulting from its investment in the Company, once such profits have been reasonably determined.

"Project” means a commercial or residential real estate project located in France, acquired or developed, or proposed

to be acquired or developed, by the Company or a Subsidiary.

“Relevant Class A Shares” has the meaning set forth in article 6.7.
"Shareholder” means any holder of shares issued by the Company, from time to time.
"Shareholders’ Agreement” means any shareholders’ agreement with respect to the Company concluded between the

Shareholders from time to time.

"Shareholder Investment” means (i) with respect to any Shareholder, the current aggregate sum of all equity invest-

ments, loans and guarantees, if any, made by such Shareholder directly in the Company and any Subsidiary, including (A)
the total subscription price of all Shares held by such Shareholder, (B) the aggregate principal amount of any Company
Loans made, purchased or guaranteed by such Shareholder, (C) the total subscription price of all CPECs held by such
Shareholder (but not any unpaid accrued interest generated by such CPECs and allocated to the Company’s share pre-
mium), (D) the total amount of any outstanding Deposits of such Shareholder, (E) the total amount of Other Investments
of such Shareholder and (F) the out-ofpocket cost to such Shareholder of purchasing any Profit Hedge intended to cover
expected profits and (ii) where applicable, the interests in connection with the sums referred to in item (i) (including,
without limitation, all Shares and CPECs owned or held by such Shareholder).

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"Shares” means all the shares issued by the Company, from time to time.
"Subsidiary” means (i) Boulogne Studio EURL, a French entreprise unipersonelle à responsabilité limitée, having its

registered office at 4, rue des Colonnes, F-75002 Paris and registered with the registration authority under number R.C.S.
Paris 752 014 266, and (ii) any other Person of which one hundred percent (100%) of the equity interests are held, directly
or indirectly, by the Company, which has been established to own a Project and has been organized pursuant to an
operating agreement or corporate charter document approved by the Majority Shareholders.

"Third Party Loan” means any loan to the Company or a Subsidiary made by a third party to, and in accordance with,

a Shareholders' Agreements.

"Tranches” means the Tranche A.1 Shares, the Tranche A.2 Shares, the Tranche A.3 Shares, the Tranche A.4 Shares,

the Tranche A.5 Shares, the Tranche A.6 Shares, the Tranche A.7 Shares, the Tranche A.8 Shares and the Tranche A.9
Shares and “Tranche” means any of them.”

Costs and Expenses

The costs, expenses, remuneration or charges of any form whatsoever incumbent to the Company and charged to it

by reason of the present deed are assessed to one thousand seven hundred euro (EUR 1,700).

The undersigned notary, who speaks and understands English, states herewith that the present deed is worded in

English and followed by a French version; on request of the appearing persons and in case of divergences between the
English and the French text, the English version will prevail.

WHEREOF, the present deed is drawn up in Luxembourg on the day named at the beginning of this document.
The document having been read to the proxy of the appearing parties known to the notary by his name, first name,

civil status and residence, this person signed together with the notary the present deed.

Suit la traduction en français du texte qui précède:

L'an deux mille quatorze, le dix-neuf février.
Par-devant Nous, Maître Jacques CASTEL, notaire de résidence à Grevenmacher, Grand-Duché de Luxembourg, agis-

sant en remplacement de Maître Martine SCHAEFFER, notaire de résidence à Luxembourg, Grand-Duché de Luxembourg,
momentanément absente, qui conservera le présent acte.

ONT COMPARU:

1) DEWNOS INVESTMENTS S.à r.l., une société à responsabilité limitée existant sous les lois du Grand-Duché de

Luxembourg, ayant son siège social au 29, avenue Monterey, L-2163 Luxembourg et immatriculée auprès du Registre de
Commerce et des Sociétés de Luxembourg sous le numéro B 116 983 («Dewnos Investments»),

dûment représentée par Monsieur Gianpiero SADDI, employé, avec adresse professionnelle à Luxembourg, en vertu

d’une procuration donnée à Luxembourg, le 17 janvier 2014;

2) BAUPOST PRIVATE INVESTMENTS A-3, L.L.C., une limited liability company soumise au droit du Delaware, ayant

son siège social à c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, Delaware 19808,
inscrite auprès du Delaware State Secretary sous le numéro 4318552 («Baupost A-3»),

dûment représentée par Monsieur Gianpiero SADDI, prénommé, en vertu d’une procuration donnée à Boston, Mas-

sachusetts, le 13 février 2014;

3) BAUPOST PRIVATE INVESTMENTS B-3, L.L.C., une limited liability company soumise au droit du Delaware, ayant

dûment représentée par Monsieur Gianpiero SADDI, prénommé, en vertu d’une procuration donnée à Boston, Mas-

sachusetts, le 13 février 2014;

4) BAUPOST PRIVATE INVESTMENTS C-3, L.L.C., une limited liability company soumise au droit du Delaware, ayant

dûment représentée par Monsieur Gianpiero SADDI, prénommé, en vertu d’une procuration donnée à Boston, Mas-

sachusetts, le 13 février 2014;

5) BAUPOST PRIVATE INVESTMENTS BVII-3, L.L.C., une limited liability company soumise au droit du Delaware,

ayant son siège social à c/o Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington, Delaware
19808, inscrite auprès du Delaware State Secretary sous le numéro 4318578 («Baupost BVII-3»),

dûment représentée par Monsieur Gianpiero SADDI, prénommé, en vertu d’une procuration donnée à Boston, Mas-

sachusetts, le 13 février 2014; et

6) Studio Boulogne TE S.à r.l., une société soumise au droit luxembourgeois, ayant son siège social au 20, rue de la

Poste, L-2346 Luxembourg et immatriculée au registre du commerce et des sociétés de Luxembourg sous le numéro B
157 359 («Studio Boulogne TE»),

dûment représentée par Monsieur Gianpiero SADDI, prénommé, en vertu d’une procuration donnée à Luxembourg,

le 17 février 2014.

59108

U X E M B O U R G

Les procurations paraphées "ne varietur" par le mandataire des comparants et par le notaire soussigné resteront

annexées au présent acte pour être soumises avec lui aux formalités de l’enregistrement.

Les comparants, représentés comme dit ci-avant, ont requis le notaire d’acter qu’ils sont tous les associés de Silly-

Boulogne Investment S.à r.l., une société à responsabilité limitée, constituée et existant sous les lois du Grand-Duché de
Luxembourg, ayant un capital social de douze mille cinq cents euros (EUR 12.500), ayant son siège social au 29, avenue
Monterey, L-2163 Luxembourg, immatriculée auprès du registre du commerce et des sociétés de Luxembourg sous le
numéro B 168.420 (la «Société»), constituée suivant acte reçu par le notaire soussigné, en date du 18 avril 2012, publié
au Mémorial C, Recueil des Sociétés et Associations, numéro 1451 du 11 juin 2012. Les statuts ont été modifiés pour la
dernière fois suivant acte reçu par le notaire soussigné, en date du 26 juin 2012, publié au Mémorial C, Recueil des Sociétés
et Associations, numéro 1972 du 8 août 2012.

L’assemblée générale des associés est donc régulièrement constituée et peut valablement délibérer sur tous les points

portés à l’ordre du jour:

Ordre du jour:

1. Création de neuf (9) tanches de parts sociales de catégorie A dans le capital social de la Société par subdivision des

parts sociales de catégorie A existantes en parts sociales de catégorie A.1, parts sociales de catégorie A.2, parts sociales
de catégorie A.3, parts sociales de catégorie A.4, parts sociales de catégorie A.5, parts sociales de catégorie A.6, parts
sociales de catégorie A.7, parts sociales de catégorie A.8 et parts sociales de catégorie A.9 ayant les droits et obligations
tel qu’énoncés dans la refonte des statuts suivante;

2. Conversion des un million cent vingt-cinq mille (1.125.000) parts sociales de catégorie A existantes comme suit:
- cent vingt-cinq mille (125.000) parts sociales de catégorie A en cent vingt-cinq mille (125.000) parts sociales de

catégorie A.1;