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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° 1975

29 juillet 2014

SOMMAIRE

Aberdeen European Balanced Property

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

94773

Blueurope Invest S.A. . . . . . . . . . . . . . . . . . .

94754

Brightstar Holdings & Investments S.A.

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

94763

Fernbach S.A. . . . . . . . . . . . . . . . . . . . . . . . . . .

94800

Invel Real Estate Partners Lennon Sàrl . . .

94764

IWL (Luxembourg) S.à r.l. . . . . . . . . . . . . . .

94762

JRS Asset Management S.A. . . . . . . . . . . . . .

94758

K200 Finance S.à r.l. . . . . . . . . . . . . . . . . . . . .

94756

Lankos Participations S.A. . . . . . . . . . . . . . .

94755

Laurentia Properties S.à r.l. . . . . . . . . . . . . .

94762

LC 84 Promotion S.A. . . . . . . . . . . . . . . . . . .

94754

Lemanik Asset Management S.A. . . . . . . . .

94754

Le Rock Re . . . . . . . . . . . . . . . . . . . . . . . . . . . .

94755

Letty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

94755

Life Invest S.A. . . . . . . . . . . . . . . . . . . . . . . . . .

94756

Liomatherm s.à r.l. . . . . . . . . . . . . . . . . . . . . .

94754

Little Big World S.A. . . . . . . . . . . . . . . . . . . .

94755

Lobelux S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . .

94756

Longuevue S.à r.l., SPF . . . . . . . . . . . . . . . . .

94754

LSREF II Delphi LP S.à r.l. . . . . . . . . . . . . . .

94756

Luneville Invest S.A. . . . . . . . . . . . . . . . . . . . .

94754

Lutronic International S.A. . . . . . . . . . . . . . .

94757

Luxdifusion SA . . . . . . . . . . . . . . . . . . . . . . . . .

94756

Luxembourg Treasury Securities . . . . . . . .

94790

Lux International Cleaning Enterprise S.à

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

94757

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

94757

Mamouny . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

94759

Mangrove Investment Holding SPF . . . . . .

94758

Mast S.àr.l. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

94760

Mathur . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

94759

Maxion Luxembourg Holdings . . . . . . . . . . .

94755

MCP-Kanetix III S.à r.l. . . . . . . . . . . . . . . . . .

94761

MCP-TeraJoule III S.à r.l. . . . . . . . . . . . . . . .

94761

Media Lario International S.A. . . . . . . . . . .

94759

Medilux Consult s.à r.l. . . . . . . . . . . . . . . . . .

94758

Mediterranean Strategical Investments

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

94759

Melody Finance S.A. . . . . . . . . . . . . . . . . . . . .

94757

MercLin II SICAV . . . . . . . . . . . . . . . . . . . . . .

94760

Meridiam Infrastructure Europe II (SCA)

SICAR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

94760

Meridiam Infrastructure Europe II (SCA)

SICAR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

94758

Mike S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

94757

Montana Capital Partners (Lux) S.à r.l. . .

94758

Monterey Asset Management S.A. . . . . . . .

94758

MSI Methode System Invest S.A. . . . . . . . .

94762

Multisoft . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

94762

NorCab 1 S.à r.l. . . . . . . . . . . . . . . . . . . . . . . .

94800

Partners Group Search S.A. . . . . . . . . . . . . .

94760

Safilo Capital International SA . . . . . . . . . .

94761

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

94764

Softnet Holdings S. à r.l. . . . . . . . . . . . . . . . .

94761

Strategic Holdings S.à r.l. . . . . . . . . . . . . . . .

94763

Sunny Pastures Sàrl . . . . . . . . . . . . . . . . . . . .

94763

VAT Holding S.à r.l. . . . . . . . . . . . . . . . . . . . .

94800

Volotea GP . . . . . . . . . . . . . . . . . . . . . . . . . . . .

94763

94753

U X E M B O U R G

Luneville Invest S.A., Société Anonyme,

(anc. Blueurope Invest S.A.).

Siège social: L-2165 Luxembourg, 26-28, Rives de Clausen.

R.C.S. Luxembourg B 159.361.

Les comptes annuels au 31 décembre 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.
Référence de publication: 2014073907/9.
(140086603) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mai 2014.

Longuevue S.à r.l., SPF, Société à responsabilité limitée - Société de gestion de patrimoine familial.

Capital social: USD 46.934,00.

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

R.C.S. Luxembourg B 181.908.

Extrait des résolutions prises lors de l'Assemblée Générale Extraordinaire du 2 avril 2014

- La démission de Monsieur Guilherme BEZERRIL est acceptée avec effet immédiat;
- Monsieur Daniel PIERRE, né le 13 décembre 1967 à Arlon (Belgique), employé privé, résidant professionnellement

au 412F, route d'Esch L-2086 Luxembourg est nommé Gérant en remplacement de Monsieur Guilherme BEZERRIL, avec
effet immédiat et pour une période indéterminée.

Certifié sincère et conforme

Référence de publication: 2014073906/14.
(140087204) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mai 2014.

LC 84 Promotion S.A., Société Anonyme.

Siège social: L-8410 Luxembourg, 39, route d'Arlon.

R.C.S. Luxembourg B 165.143.

Dépôt Rectificatif du Dépôt n° L 130130098

Par la présente, nous vous prions de prendre acte de notre démission du mandat d'administrateur de votre société à

dater de ce jour.

Steinfort, le 26 juillet 2013.

Jean-Pol Jusseret.

Référence de publication: 2014073918/11.
(140086528) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mai 2014.

Lemanik Asset Management S.A., Société Anonyme.

Siège social: L-8217 Mamer, 41, Op Bierg.

R.C.S. Luxembourg B 44.870.

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 23 mai 2014.

Référence de publication: 2014073920/10.
(140086583) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mai 2014.

Liomatherm s.à r.l., Société à responsabilité limitée.

Siège social: L-4645 Niederkorn, 145, route de Pétange.

R.C.S. Luxembourg B 179.982.

Signature.

Référence de publication: 2014073922/10.
(140086645) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mai 2014.

94754

U X E M B O U R G

Lankos Participations S.A., Société Anonyme.

Siège social: L-1510 Luxembourg, 8, avenue de la Faïencerie.

R.C.S. Luxembourg B 114.303.

Les comptes annuels au 31 décembre 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.
Référence de publication: 2014073916/9.
(140086475) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mai 2014.

Le Rock Re, Société Anonyme.

Siège social: L-2220 Luxembourg, 534, rue de Neudorf.

R.C.S. Luxembourg B 172.279.

Le Bilan au 31 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.

Pour la société Le Rock Re
Aon Insurance Managers (Luxembourg) S.A.

Référence de publication: 2014073900/11.
(140087254) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mai 2014.

Letty, Société à responsabilité limitée.

Siège social: L-1610 Luxembourg, 42-44, avenue de la Gare.

R.C.S. Luxembourg B 132.432.

Suite à la notification de la cession de 500 parts sociales de la part de l'associé unique Luxembourg Finance House SA

à Jussey United Corp., ayant son siège social au 53

Street Marbella, MMG Tower, 16

floor, Panama, Republic of

Panama, le capital de la société Letty, est détenu comme suit:

Jussey United Corp.: 500 parts sociales
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

Le 19 mai 2014.

Référence de publication: 2014073903/13.
(140087013) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mai 2014.

Little Big World S.A., Société Anonyme.

Siège social: L-8245 Mamer, 25, rue de la Libération.

R.C.S. Luxembourg B 166.992.

Par la présente, nous vous prions de prendre acte de notre démission du mandat d'administrateur de votre société à

dater du 30 décembre 2013.

Steinfort, le 29 janvier 2014.

Françoise Gravé.

Référence de publication: 2014073923/10.
(140086529) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mai 2014.

Maxion Luxembourg Holdings, Société à responsabilité limitée.

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

R.C.S. Luxembourg B 128.846.

Remplace la 1

version concernant le dépôt initial L140083705

Les comptes consolidés de la maison mère Hayes Lemmerz International Inc. au 31 janvier 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.
Référence de publication: 2014073936/11.
(140086338) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mai 2014.

94755

U X E M B O U R G

Lobelux S.A., Société Anonyme.

Siège social: L-9780 Wincrange, route Principale.

R.C.S. Luxembourg B 101.162.

Les comptes annuels du 01/01/2013 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.
Référence de publication: 2014073924/10.
(140086343) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mai 2014.

LSREF II Delphi LP S.à r.l., Société à responsabilité limitée.

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

R.C.S. Luxembourg B 165.282.

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 26 mai 2014.

Référence de publication: 2014073926/10.
(140087337) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mai 2014.

Life Invest S.A., Société Anonyme.

Siège social: L-2661 Luxembourg, 42, rue de la Vallée.

R.C.S. Luxembourg B 106.185.

Luxembourg, le 26 mai 2014.

Pour: LIFE INVEST S.A.
Société anonyme
Experta Luxembourg
Société anonyme
Aurélie Katola / Christine Racot

Référence de publication: 2014073921/15.
(140086999) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mai 2014.

Luxdifusion SA, Société Anonyme.

Siège social: L-3450 Dudelange, 16, rue du Commerce.

R.C.S. Luxembourg B 170.530.

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.
Référence de publication: 2014073930/9.
(140086530) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mai 2014.

K200 Finance S.à r.l., Société à responsabilité limitée.

Siège social: L-2540 Luxembourg, 15, rue Edward Steichen.

R.C.S. Luxembourg B 139.415.

Pour extrait conforme

Référence de publication: 2014073894/10.
(140087185) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mai 2014.

94756

U X E M B O U R G

Lutronic International S.A., Société Anonyme.

Siège social: L-4830 Rodange, 4, route de Longwy.

R.C.S. Luxembourg B 118.208.

IF EXPERTS COMPTABLES
B.P. 1832 L-1018 Luxembourg
Signature

Référence de publication: 2014073928/12.
(140087388) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mai 2014.

I.C.E., Lux International Cleaning Enterprise S.à r.l., Société à responsabilité limitée.

Siège social: L-6947 Niederanven, 1A, Zone Industrielle Bombicht.

R.C.S. Luxembourg B 9.411.

EXTRAIT

Il résulte de l'Assemblée Générale Ordinaire qui s'est tenue en date du 20 mai 2014 que:
- Le réviseur d'entreprises nommé pour l'exercice se clôturant au 31.12.2014 est la société BDO Audit S.A., établie

au "Le Dôme" Espace Pétrusse, avenue Charles De Gaulle, B.P.351 L-2013 Luxembourg.

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

Pour les gérants
Par mandat
Me Nicolas SCHAEFFER

Référence de publication: 2014073929/15.
(140086562) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mai 2014.

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

Siège social: L-1543 Luxembourg, 45, boulevard Pierre Frieden.

R.C.S. Luxembourg B 40.314.

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.
Référence de publication: 2014073931/9.
(140087216) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mai 2014.

Melody Finance S.A., Société Anonyme Soparfi.

Siège social: L-1637 Luxembourg, 1, rue Goethe.

R.C.S. Luxembourg B 78.400.

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.
Référence de publication: 2014073964/9.
(140086680) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mai 2014.

Mike S.A., Société Anonyme.

Siège social: L-8008 Strassen, 98, route d'Arlon.

R.C.S. Luxembourg B 111.127.

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.
Référence de publication: 2014073968/9.
(140086989) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mai 2014.

94757

U X E M B O U R G

Montana Capital Partners (Lux) S.à r.l., Société à responsabilité limitée.

Siège social: L-1246 Luxembourg, 2A, rue Albert Borschette.

R.C.S. Luxembourg B 175.873.

Le Bilan et l'affectation du résultat 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.

Luxembourg, le 26 mai 2014.

Référence de publication: 2014073943/11.
(140086961) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mai 2014.

Meridiam Infrastructure Europe II (SCA) SICAR, Société en Commandite par Actions sous la forme d'une

Société d'Investissement en Capital à Risque.

Siège social: L-2520 Luxembourg, 5, allée Scheffer.

R.C.S. Luxembourg B 149.213.

Pour Meridiam Infrastructure Europe II (SCA) Sicar
Caceis Bank Luxembourg

Référence de publication: 2014073942/12.
(140087141) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mai 2014.

Monterey Asset Management S.A., Société Anonyme,

(anc. JRS Asset Management S.A.).

Siège social: L-2163 Luxembourg, 40, avenue Monterey.

R.C.S. Luxembourg B 153.367.

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 26 mai 2014.

Référence de publication: 2014073945/10.
(140087010) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mai 2014.

Mangrove Investment Holding SPF, Société Anonyme - Société de Gestion de Patrimoine Familial.

Siège social: L-2212 Luxembourg, 6, place de Nancy.

R.C.S. Luxembourg B 110.623.

Pour la société
Signature

Référence de publication: 2014073950/11.
(140086922) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mai 2014.

Medilux Consult s.à r.l., Société à responsabilité limitée.

Siège social: L-1244 Luxembourg, 44, rue Jean-François Boch.

R.C.S. Luxembourg B 157.951.

Signature.

Référence de publication: 2014073962/10.
(140086638) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mai 2014.

94758

U X E M B O U R G

Mamouny, Société Anonyme.

Siège social: L-7594 Beringen, 17, rue des Noyers.

R.C.S. Luxembourg B 148.340.

J'ai l'honneur et le regret de vous informer que j'ai pris la décision de démissionner des fonctions d'Administrateur

délégué de la Société Mamouny SA immatriculée au registre du commerce société Luxembourg sous le numéro B148340
et ce à compter du 30 décembre 2012.

Lynx Finances Group, Ltd
Suite 2208, 22/F., Tower 1, Times Square,
1 Matheson Street, Causeway Bay, Hong Kong
Jacques Gaston Michel Sordes, Dit Jack Michael Sword
Né le 17 novembre 1947 à Courbevoie, France

Référence de publication: 2014073933/15.
(140086404) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mai 2014.

Media Lario International S.A., Société Anonyme.

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

R.C.S. Luxembourg B 97.870.

EXTRAIT

L'Assemblée Générale Ordinaire tenue en date du 15 mai 2014 a décidé à l'unanimité de renouveler le mandat de

l'administrateur délégué expirant le même jour à savoir:

- Dr. Giovanni NOCERINO, résident au 3760, Trenery Drive, USA - 94588 Pleasanton, CA
Son mandat prendra fin à l'issue de l'assemblée générale annuelle qui se tiendra en l'an 2015.

Pour extrait conforme

Référence de publication: 2014073937/13.
(140086706) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mai 2014.

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

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

R.C.S. Luxembourg B 46.760.

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 22 mai 2014.

Pour copie conforme
Pour la société
Maître Carlo WERSANDT
Notaire

Référence de publication: 2014073954/14.
(140086766) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mai 2014.

Mediterranean Strategical Investments S.A., Société Anonyme.

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

R.C.S. Luxembourg B 121.650.

MEDITERRANEAN STRATEGICAL INVESTMENTS S.A.
Signatures
Administrateur / Administrateur

Référence de publication: 2014073963/12.
(140087194) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mai 2014.

94759

U X E M B O U R G

MercLin II SICAV, Société d'Investissement à Capital Variable.

Siège social: L-2453 Luxembourg, 12, rue Eugène Ruppert.

R.C.S. Luxembourg B 150.351.

Luxembourg, le 19 mai 2014.

Pour MERCLIN II SICAV
BANQUE DEGROOF LUXEMBOURG S.A.
Agent Domiciliataire

Référence de publication: 2014073939/13.
(140087207) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mai 2014.

Meridiam Infrastructure Europe II (SCA) SICAR, Société en Commandite par Actions sous la forme d'une

Société d'Investissement en Capital à Risque.

Siège social: L-2520 Luxembourg, 5, allée Scheffer.

R.C.S. Luxembourg B 149.213.

Extrait des résolutions prises lors de l'assemblée générale ordinaire du 13 mai 2014

En date du 13 mai 2014, l'Assemblée Générale a décidé:
- de renouveler le mandat de Ernst & Young, en qualité de Réviseur d'Entreprises jusqu'à la prochaine Assemblée

Générale en 2015

Luxembourg, le 22 mai 2014.

Pour extrait sincère et conforme
Le Conseil de gérance

Référence de publication: 2014073941/15.
(140086937) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mai 2014.

Mast S.àr.l., Société à responsabilité limitée.

Siège social: L-5852 Hesperange, 9, rue d'Itzig.

R.C.S. Luxembourg B 134.770.

Extrait des résolutions de l'associé unique de la société prises en date du 13 mai 2014

Le 20 Mai 2014, l'associé unique de la Société a pris les résolutions suivantes:
- d'accepter la démission de Christelle Ferry en tant que gérant A de la Société avec effet au 13 mai 2014;
- de nommer Severine Canova ayant son adresse professionnelle au 2-8 avenue Charles de Gaulle, L-1653 Luxembourg

en tant que gérant A de la Société avec effet au 13 Mai 2014 et pour une durée indéterminée.

Luxembourg, le 20 Mai 2014.

Severine Canova.

Référence de publication: 2014073952/13.
(140086785) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mai 2014.

Partners Group Search S.A., Société Anonyme.

Capital social: EUR 875.557,67.

Siège social: L-1653 Luxembourg, 2-8, avenue Charles de Gaulle.

R.C.S. Luxembourg B 175.919.

Il résulte de la décision des actionnaires de la Société du 16 mai 2014 que Monsieur Malte Hansen, né le 13 Octobre

1983 à Koblenz (Allemagne) et domicilié professionnellement au 2, rue Jean Monnet, L-2180 Luxembourg, a été nommé
administrateur en remplacement de Monsieur Sérgio Raposo avec effet au 16 mai 2014 et pour une durée indéterminée.

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

Luxembourg, le 23 mai 2014.

Partners Group Search S.A.

Référence de publication: 2014074081/13.
(140087106) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mai 2014.

94760

U X E M B O U R G

Softnet Holdings S. à r.l., Société à responsabilité limitée unipersonnelle.

Capital social: EUR 8.135.950,00.

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

R.C.S. Luxembourg B 119.639.

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 20 mai 2014.

Référence de publication: 2014073969/10.
(140086737) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mai 2014.

MCP-Kanetix III S.à r.l., Société à responsabilité limitée.

Capital social: CAD 20.003,00.

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

R.C.S. Luxembourg B 163.466.

Par résolution signée en date du 15 mai 2014, l'associé unique a pris la décision suivante:
- Nomination de Gaëlle Violette, avec adresse professionnelle au 7a, rue Robert Stümper, L-2557 Luxembourg, au

mandat de Gérant B, avec effet au 1

juillet 2014 et pour une durée indéterminée

- Acceptation de la démission de Sharon Taylor, avec adresse professionnelle au 7a, rue Robert Stümper, L-2557

Luxembourg, de son mandat de Gérant B, avec effet au 30 juin 2014

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

Luxembourg, le 26 mai 2014.

Référence de publication: 2014073957/15.
(140087274) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mai 2014.

MCP-TeraJoule III S.à r.l., Société à responsabilité limitée.

Capital social: EUR 20.000,00.

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

R.C.S. Luxembourg B 166.602.

mandat de Gérant B, avec effet au 1

juillet 2014 et pour une durée indéterminée

- Acceptation de la démission de Sharon Taylor, avec adresse professionnelle au 7a, rue Robert Stümper, L-2557

Luxembourg, de son mandat de Gérant B, avec effet au 30 juin 2014

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

Luxembourg, le 26 mai 2014.

Référence de publication: 2014073960/15.
(140087259) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mai 2014.

Safilo Capital International SA, Société Anonyme.

Siège social: L-2346 Luxembourg, 20, rue de la Poste.

R.C.S. Luxembourg B 90.240.

Rectificatif du dépôt du 22.05.2014 (L140084738)

SAFILO CAPITAL INTERNATIONAL S.A.
Société Anonyme
Signatures

Référence de publication: 2014074196/13.
(140087036) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mai 2014.

94761

U X E M B O U R G

IWL (Luxembourg) S.à r.l., Société à responsabilité limitée.

Capital social: USD 218.303.537,30.

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

R.C.S. Luxembourg B 171.424.

EXTRAIT

Suite à un déménagement,
- Monsieur Mark Irwin, gérant de catégorie A de la société susmentionnée, né le 28 octobre 1964 à Castledawson

(United Kingdom), demeure désormais professionnellement à l'adresse suivante: 3 Western Esplanade, Brighton, BN41
1WE, United Kingdom.

- Monsieur Nicolas Konialidis, gérant de catégorie A de la société susmentionnée, né le 02 juillet 1970 à Londres

(United Kingdom), demeure désormais professionnellement à l'adresse suivante: 1 rue Jargonnant, CH-1207 Geneva,
Switzerland.

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

Pour extrait sincère et conforme
Signature
Le mandataire

Référence de publication: 2014073871/20.
(140087293) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mai 2014.

Laurentia Properties S.à r.l., Société à responsabilité limitée.

Siège social: L-1420 Luxembourg, 7, avenue Gaston Diderich.

R.C.S. Luxembourg B 166.195.

Extrait des décisions prises par l'associé unique de la Société du 19 mai 2014

Le 19 mai 2014, l'associé unique de Laurentia Properties S. à r.l. a pris les résolutions suivantes:
- D'accepter la démission de Mme Christelle Ferry en qualité de Gérant de la Société avec effet au 12 mai 2014;
- De nommer Mme Séverine Canova, ayant son adresse professionnelle au 2-8 avenue Charles de Gaulle, L-1653

Luxembourg, en qualité de Gérant de la Société avec effet au 12 mai 2014 et pour une durée indéterminée.

Luxembourg, le 26 mai 2014.

Xavier De Cillia
Gérant

Référence de publication: 2014073899/15.
(140087351) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mai 2014.

MSI Methode System Invest S.A., Société Anonyme.

Siège social: L-1249 Luxembourg, 4-6, rue du Fort Bourbon.

R.C.S. Luxembourg B 164.150.

Les comptes annuels au 31 Décembre 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.
Référence de publication: 2014073973/9.
(140086898) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mai 2014.

Multisoft, Société à responsabilité limitée.

Siège social: L-4751 Pétange, 165A, route de Longwy.

R.C.S. Luxembourg B 105.993.

Signature.

Référence de publication: 2014073974/10.
(140086639) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mai 2014.

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U X E M B O U R G

Strategic Holdings S.à r.l., Société à responsabilité limitée.

Capital social: EUR 12.500,00.

Siège social: L-1855 Luxembourg, 51, avenue J.F. Kennedy.

R.C.S. Luxembourg B 186.306.

Extrait des résolutions prises par l'associé unique de la société en date du 26 mai 2014

En date du 26 mai 2014, l'associé unique de la Société a pris la résolution suivante:
- De prendre acte de la démission de Monsieur Marco Pierettori en tant que Gérant de la Société avec effet au 26 mai

2014;

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

Pour extrait sincère et conforme
Eckart Vogler
Gérant

Référence de publication: 2014074189/16.
(140086688) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mai 2014.

Sunny Pastures Sàrl, Société à responsabilité limitée.

Siège social: L-1420 Luxembourg, 7, 7, avenue Gaston Diderich.

R.C.S. Luxembourg B 155.793.

Extrait des décisions prises par l'associé unique de la Société du 19 mai 2014

Le 19 mai 2014, l'associé unique de Sunny Pastures S.à r.l. a pris les résolutions suivantes:
- D'accepter la démission de Mme Christelle Ferry en qualité de Gérant de la Société avec effet au 12 mai 2014;
- De nommer Mme Séverine Canova, ayant son adresse professionnelle au 2-8 avenue Charles de Gaulle, L-1653

Luxembourg, en qualité de Gérant de la Société avec effet au 12 mai 2014 et pour une durée indéterminée.

Luxembourg, le 26 mai 2014.

Xavier De Cillia
Gérant

Référence de publication: 2014074192/15.
(140087304) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mai 2014.

Volotea GP, Société à responsabilité limitée.

Capital social: EUR 12.500,00.

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

R.C.S. Luxembourg B 170.029.

Monsieur Michel RAFFOUL a démissionné de son mandat de gérant de classe B de la Société avec effet au 30 avril

2014.

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

Luxembourg, le 21 mai 2014.

Volotea GP
Signature

Référence de publication: 2014074284/14.
(140086349) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mai 2014.

Brightstar Holdings & Investments S.A., Société Anonyme.

Siège social: L-1140 Luxembourg, 45-47, route d'Arlon.

R.C.S. Luxembourg B 34.242.

Les comptes annuels au 30 Juin 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.
Référence de publication: 2014074493/9.
(140088374) Déposé au registre de commerce et des sociétés de Luxembourg, le 27 mai 2014.

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U X E M B O U R G

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

Capital social: EUR 2.674.746,00.

Siège social: L-1931 Luxembourg, 45, avenue de la Liberté.

R.C.S. Luxembourg B 173.465.

EXTRAIT

Suite à la convention de cession de parts sociales du 15 mai 2014 entre:
- La société Bemoll S.à r.l. (B.177.867)
- La société Les Combettes S.à r.l. (B.177.863)
Et la convention de cession de parts sociales du 15 mai 2014 entre:
- La société J3C Invest S.à r.l. (B.177.871)
- La société Les Combettes S.à r.l. (B.177.863)
les 17.482 parts sociales de la Société sont réparties comme suit:
- La société J3C Invest S.à r.l., ayant son siège social au 45, Avenue de la Liberté, L-1931 Luxembourg, immatriculée

auprès du Registre de Commerce et des Sociétés de Luxembourg, section B, sous le numéro B.177.871, 2.572 parts
sociales.

- La société Bemoll S.à r.l., ayant son siège social au 45, Avenue de la Liberté, L-1931 Luxembourg, immatriculée auprès

du Registre de Commerce et des Sociétés de Luxembourg, section B, sous le numéro B.177.867, 2.572 parts sociales.

- La société Les Combettes S.à r.l, ayant son siège social au 45, Avenue de la Liberté, L-1931 Luxembourg, immatriculée

auprès du Registre de Commerce et des Sociétés de Luxembourg, section B, sous le numéro B.177.863,12.338 parts
sociales.

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

Pour extrait conforme

Référence de publication: 2014074221/26.
(140086892) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mai 2014.

Invel Real Estate Partners Lennon Sàrl, Société à responsabilité limitée.

Capital social: EUR 12.500,00.

Siège social: L-1511 Luxembourg, 121, avenue de la Faïencerie.

R.C.S. Luxembourg B 187.280.

STATUTES

In the year two housand and fourteen on the second of may.
Before the undersigned, Maître Martine SCHAEFFER, a notary resident in Luxembourg, Grand Duchy of Luxembourg.

THERE APPEARED:

Invel Real Estate Management Limited, a private limited company incorporated in the British Virgin Islands, having its

registered office at HBCS Chambers, Rodus Building, Road Reef Marina, PO Box 3093, Road Town, Tortola, VG1110,
British Virgin Islands, registered with the register of Corporate Affaires under number 1801768,

here represented by Mr Liridon ELSHANI, private employee, residing professionally at 74, avenue Victor Hugo, L-1750

Luxembourg, by virtue of a proxy given on 29

of April 2014.

After signature “ne varietur“ by the authorised representative of the appearing party and the undersigned notary, the

power of attorney will remain attached to this deed to be registered with it.

The appearing party, represented as set out above, has requested the undersigned notary to state as follows the articles

of incorporation of a private limited liability company (société à responsabilité limitée), which is hereby incorporated:

I. Name - Registered office - Object - Duration

Art. 1. Name. The name of the company is “Invel Real Estate Partners Lennon Sàrl” (the Company). The Company is

a private limited liability company (société à responsabilité limitée) governed by the laws of the Grand Duchy of Luxem-
bourg, in particular the law of August 10, 1915 on commercial companies, as amended (the Law), and these articles of
incorporation (the Articles).

Art. 2. Registered office.
2.1. The Company’s registered office is established in Luxembourg, Grand Duchy of Luxembourg. It may be transferred

within that municipality by a resolution of the board of managers. It may be transferred to any other location in the Grand

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U X E M B O U R G

Duchy of Luxembourg by a resolution of the shareholders, acting in accordance with the conditions prescribed for the
amendment of the Articles.

2.2. Branches, subsidiaries or other offices may be established in the Grand Duchy of Luxembourg or abroad by a

resolution of the board of managers. If the board of managers determines that extraordinary political or military deve-
lopments or events have occurred or are imminent, and that those developments or events may interfere with the normal
activities of the Company at its registered office, or with ease of communication between that office and persons abroad,
the registered office may be temporarily transferred abroad until the developments or events in question have completely
ceased. Any such temporary measures do not affect the nationality of the Company, which, notwithstanding the temporary
transfer of its registered office, will remain a Luxembourg incorporated company.

Art. 3. Corporate object.
3.1. The Company’s object is the acquisition of participations, in Luxembourg or abroad, in any companies or enter-

prises in any form whatsoever, and the management of those participations.

3.2. The Company may in particular acquire, by subscription, purchase and exchange or in any other manner, any stock,

shares and other participation securities, bonds, debentures, certificates of deposit and other debt instruments and, more
generally, any securities and financial instruments issued by any public or private entity. It may participate in the creation,
development, management and control of any company or enterprise. Further, it may invest in the acquisition and ma-
nagement of a portfolio of patents or other intellectual property rights of any nature or origin.

3.3. The Company may borrow in any form except by way of public offer. The Company may issue, by means of private

investment, shares, bonds and other securities representing debts or credits. The Company may lend funds including the
proceeds of any borrowings and/or issues of debt securities to its subsidiaries, affiliated companies or to any other
company. The Company may give guarantees and pledge, transfer, encumber or otherwise create and grant security over
some or all of its assets to guarantee its own obligations and those of any of its subsidiaries, affiliated companies or of
any other company.

3.4. The Company may carry out any commercial, financial or industrial operation and any transaction with respect

to real estate or movable property which, directly or indirectly, favours or relates to its corporate object.

Art. 4. Duration.
4.1. The Company is formed for an unlimited period.
4.2. The Company shall not be dissolved by reason of the death, suspension of civil rights, incapacity, insolvency,

bankruptcy or any similar event affecting one or more shareholders.

II. Capital - Shares

Art. 5. Capital.
5.1. The share capital is set at twelve thousand and five hundred euros (EUR 12,500), represented by twelve thousand

five hundred (12,500) shares in registered form with a par value of one euro (EUR 1) each, fully paid up.

5.2. The share capital may be increased or reduced once or more by a resolution of the shareholders, acting in

accordance with the conditions prescribed for the amendment of the Articles.

Art. 6. Shares.
6.1. The shares are indivisible and the Company recognises only one (1) owner per share.
6.2. The shares are freely transferable between shareholders.
6.3. When the Company has a sole shareholder, the shares are freely transferable to third parties.
6.4. When the Company has more than one shareholder, the transfer of shares (inter vivos) to third parties is subject

to prior approval by shareholders representing at least three-quarters of the share capital.

6.5. A share transfer shall only be binding on the Company or third parties following notification to, or acceptance by,

the Company in accordance with article 1690 of the Luxembourg Civil Code.

6.6. A register of shareholders shall be kept at the registered office and may be examined by any shareholder on

request.

6.7. The Company may redeem its own shares, provided:
(i) it has sufficient distributable reserves for that purpose; or
(ii) the redemption results from a reduction in the Company’s share capital.

III. Management - Representation

Art. 7. Appointment and removal of managers.
7.1. The Company shall be managed by one or more managers appointed by a resolution of the shareholders, which

sets the term of their office. The managers need not be shareholders.

7.2. The managers may be removed at any time, with or without cause, by a resolution of the shareholders.

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U X E M B O U R G

Art. 8. Board of managers. If several managers are appointed, they shall constitute the board of managers (the Board).

The shareholders may decide to appoint managers of two different classes, i.e. one or several class A managers and one
or several class B managers

8.1. Powers of the board of managers
(i) All powers not expressly reserved to the shareholders by the Law or the Articles fall within the competence of the

Board, which has full power to carry out and approve all acts and operations consistent with the Company’s corporate
object.

(ii) The Board may delegate special or limited powers to one or more agents for specific matters.
8.2. Procedure
(i) The Board shall meet at the request of any manager, at the place indicated in the convening notice, which in principle

shall be in Luxembourg.

(ii) Written notice of any Board meeting shall be given to all managers at least twenty-four (24) hours in advance,

except in the case of an emergency, in which case the nature and circumstances of such shall be set out in the notice.

(iii) No notice is required if all members of the Board are present or represented and each of them states that they

have full knowledge of the agenda for the meeting. A manager may also waive notice of a meeting, either before or after
the meeting. Separate written notices are not required for meetings which are held at times and places indicated in a
schedule previously adopted by the Board.

(iv) A manager may grant to another manager a power of attorney in order to be represented at any Board meeting.
(v) The Board may only validly deliberate and act if a majority of its members are present or represented. Board

resolutions shall be validly adopted by a majority of the votes of the managers present or represented, provided that if
the shareholders have appointed one or several class A managers and one or several class B managers, at least one (1)
class A manager and one (1) class B manager votes in favour of the resolution. Board resolutions shall be recorded in
minutes signed by the chairperson of the meeting or, if no chairperson has been appointed, by all the managers present
or represented.

(vi) Any manager may participate in any meeting of the Board by telephone or video conference, or by any other means

of communication which allows all those taking part in the meeting to identify, hear and speak to each other. Participation
by such means is deemed equivalent to participation in person at a duly convened and held meeting.

(vii) Circular resolutions signed by all the managers (Managers’ Circular Resolutions) shall be valid and binding as if

passed at a duly convened and held Board meeting, and shall bear the date of the last signature.

8.3. Representation
(i) The Company shall be bound towards third parties in all matters by the joint signature of any class A manager and

any class B manager.

(ii) The Company shall also be bound towards third parties by the signature of any person(s) to whom special powers

have been delegated by the Board.

Art. 9. Sole manager. If the Company is managed by a sole manager, all references in the Articles to the Board, the

managers or any manager are to be read as references to the sole manager, as appropriate.

Art. 10. Liability of the managers. The managers shall not be held personally liable by reason of their office for any

commitment they have validly made in the name of the Company, provided those commitments comply with the Articles
and the Law.

IV. Shareholder(s)

Art. 11. General meetings of shareholders and shareholders’ written resolutions.
11.1. Powers and voting rights
(i) Unless resolutions are taken in accordance with article 11.1.(ii), resolutions of the shareholders shall be adopted

at a general meeting of shareholders (each a General Meeting).

(ii) If the number of shareholders of the Company does not exceed twenty-five (25), resolutions of the shareholders

may be adopted in writing (Written Shareholders’ Resolutions).

(iii) Each share entitles the holder to one (1) vote.
11.2. Notices, quorum, majority and voting procedures
(i) The shareholders may be convened to General Meetings by the Board. The Board must convene a General Meeting

following a request from shareholders representing more than half of the share capital.

(ii) Written notice of any General Meeting shall be given to all shareholders at least eight (8) days prior to the date of

the meeting, except in the case of an emergency, in which case the nature and circumstances of such shall be set out in
the notice.

(iii) When resolutions are to be adopted in writing, the Board shall send the text of such resolutions to all the share-

holders. The shareholders shall vote in writing and return their vote to the Company within the timeline fixed by the
Board. Each manager shall be entitled to count the votes.

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U X E M B O U R G

(iv) General Meetings shall be held at the time and place specified in the notices.
(v) If all the shareholders are present or represented and consider themselves duly convened and informed of the

agenda of the General Meeting, it may be held without prior notice.

(vi) A shareholder may grant written power of attorney to another person (who need not be a shareholder), in order

to be represented at any General Meeting.

(vii) Resolutions to be adopted at General Meetings shall be passed by shareholders owning more than one-half of the

share capital. If this majority is not reached at the first General Meeting, the shareholders shall be convened by registered
letter to a second General Meeting and the resolutions shall be adopted at the second General Meeting by a majority of
the votes cast, irrespective of the proportion of the share capital represented.

(viii) The Articles may only be amended with the consent of a majority (in number) of shareholders owning at least

three-quarters of the share capital.

(ix) Any change in the nationality of the Company and any increase in a shareholder’s commitment to the Company

shall require the unanimous consent of the shareholders.

(x) Written Shareholders’ Resolutions are passed with the quorum and majority requirements set forth above and

shall bear the date of the last signature received prior to the expiry of the timeline fixed by the Board.

Art. 12. Sole shareholder. When the number of shareholders is reduced to one (1):
(i) the sole shareholder shall exercise all powers granted by the Law to the General Meeting;
(ii) any reference in the Articles to the shareholders, the General Meeting, or the Written Shareholders’ Resolutions

is to be read as a reference to the sole shareholder or the sole shareholder’s resolutions, as appropriate; and

(iii) the resolutions of the sole shareholder shall be recorded in minutes or drawn up in writing.

V. Annual accounts - Allocation of profits - Supervision

Art. 13. Financial year and approval of annual accounts.
13.1. The financial year begins on the first (1) of January and ends on the thirty-first (31) of December of each year.
13.2. Each year, the Board must prepare the balance sheet and profit and loss accounts, together with an inventory

stating the value of the Company’s assets and liabilities, with an annex summarising the Company’s commitments and the
debts owed by its managers and shareholders to the Company.

13.3. Any shareholder may inspect the inventory and balance sheet at the registered office.
13.4. The balance sheet and profit and loss accounts must be approved in the following manner:
(i) if the number of shareholders of the Company does not exceed twenty-five (25), within six (6) months following

the end of the relevant financial year either (a) at the annual General Meeting (if held) or (b) by way of Written Share-
holders’ Resolutions; or

(ii) if the number of shareholders of the Company exceeds twenty-five (25), at the annual General Meeting.
13.5. The annual General Meeting shall be held at the registered office of the Company or at any other place within

the municipality of the registered office at such time as may be specified in the convening notices of the meeting.

Art. 14. Auditors.
14.1. When so required by law, the Company’s operations shall be supervised by one or more approved external

auditors (réviseurs d’entreprises agréés). The shareholders shall appoint the approved external auditors, if any, and
determine their number and remuneration and the term of their office.

14.2. If the number of shareholders of the Company exceeds twenty-five (25), the Company’s operations shall be

supervised by one or more commissaires aux comtpes (statutory auditors), unless the law requires the appointment of
one or more approved external auditors (réviseurs d’entreprises agréés). The commissaires aux comptes are subject to
reappointment at the annual General Meeting. They may or may not be shareholders.

Art. 15. Allocation of profits.
15.1. Five per cent (5%) of the Company’s annual net profits must be allocated to the reserve required by law (the

Legal Reserve). This requirement ceases when the Legal Reserve reaches an amount equal to ten per cent (10%) of the
share capital.

15.2. The shareholders shall determine the allocation of the balance of the annual net profits. They may decide on the

payment of a dividend, to transfer the balance to a reserve account, or to carry it forward in accordance with the applicable
legal provisions.

15.3. Interim dividends may be distributed at any time, subject to the following conditions:
(i) the Board must draw up interim accounts;
(ii) the interim accounts must show that sufficient profits and other reserves (including share premium) are available

for distribution; it being understood that the amount to be distributed may not exceed the profits made since the end of
the last financial year for which the annual accounts have been approved, if any, increased by profits carried forward and
distributable reserves, and reduced by losses carried forward and sums to be allocated to the Legal Reserve;

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U X E M B O U R G

(iii) within two (2) months of the date of the interim accounts, the Board must resolve to distribute the interim

dividends; and

(iv) taking into account the assets of the Company, the rights of the Company’s creditors must not be threatened by

the distribution of an interim dividend.

If the interim dividends paid exceed the distributable profits at the end of the financial year, the Board has the right to

claim the reimbursement of dividends not corresponding to profits actually earned and the shareholders must immediately
refund the excess to the Company if so required by the Board.

VI. Dissolution - Liquidation

16.1. The Company may be dissolved at any time by a resolution of the shareholders adopted with the consent of a

majority (in number) of shareholders owning at least three-quarters of the share capital. The shareholders shall appoint
one or more liquidators, who need not be shareholders, to carry out the liquidation, and shall determine their number,
powers and remuneration. Unless otherwise decided by the shareholders, the liquidators shall have full power to realise
the Company’s assets and pay its liabilities.

16.2. The surplus (if any) after realisation of the assets and payment of the liabilities shall be distributed to the share-

holders in proportion to the shares held by each of them.

VII. General provisions

17.1. Notices and communications may be made or waived, Managers’ Circular Resolutions and Written Shareholders

Resolutions may be evidenced, in writing, by fax, e-mail or any other means of electronic communication.

17.2. Powers of attorney may be granted by any of the means described above. Powers of attorney in connection with

Board meetings may also be granted by a manager, in accordance with such conditions as may be accepted by the Board.

17.3. Signatures may be in handwritten or electronic form, provided they fulfil all legal requirements for being deemed

equivalent to handwritten signatures. Signatures of the Managers’ Circular Resolutions, the resolutions adopted by the
Board by telephone or video conference or the Written Shareholders’ Resolutions, as the case may be, may appear on
one original or several counterparts of the same document, all of which taken together shall constitute one and the same
document.

17.4. All matters not expressly governed by these Articles shall be determined in accordance with the applicable law

and, subject to any non-waivable provisions of the law, with any agreement entered into by the shareholders from time
to time.

Transitional provision

The Company’s first financial year shall begin on the date of this deed and shall end on the thirty-first (31) of December

2014.

Subscription and payment

Invel Real Estate Management Limited, represented as stated above, subscribes for twelve thousand and five hundred

(12,500) shares in registered form, having a nominal value of one euro (EUR 1) each, and agrees to pay them in full by a
contribution in cash of twelve thousand and five hundred euros (EUR 12,500),

The amount of twelve thousand and five hundred euros (EUR 12,500) is at the Company’s disposal and evidence of

such amount has been given to the undersigned notary.

Costs

The expenses, costs, fees and charges of any kind whatsoever to be borne by the Company in connection with its

incorporation are estimated at approximately one thousand and four hundred euros (EUR 1,400).

Resolutions of the sole shareholder

Immediately after the incorporation of the Company, the sole shareholder, representing the entire subscribed capital,

adopted the following resolutions:

1. The following persons are appointed as class A managers of the Company for an indefinite period:
- Mr. Chris Papachristophorou, Managing Partner of Invel Real Estate Partners, born on 6 June 1968, in Athens, Greece,

whose professional address is at 7, Old Park Lane, Mayfair, London W1K 1QR, United Kingdom; and

- Mr. Shimon Menahem, private investment real estate advisor, born on 21 December 1964, in Kfarseba, Israel, whose

address is at 8, rue Hailanot, Kfar Shemaryahu, Israel.

2. The following person is appointed as class B manager of the Company for an indefinite period:
- Mr. Alain Heinz, Administrator, born on 17 may 1968, in Forbach, France, whose professional address is at 121,

avenue de la Faïencerie, L-1511 Luxembourg.

3. The registered office of the Company is located at 121, Avenue de la Faïencerie, L-1511 Luxembourg.

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Declaration

The undersigned notary, who understands and speaks English, states at the request of the appearing party that this

deed is drawn up in English, followed by a French version, and that in the case of discrepancies, the English version prevails.

This notarial deed is drawn up in Luxembourg, on the date stated above.
After reading this deed aloud, the notary signs it with the authorised representative of the appearing party.

Suit la traduction française du texte qui précède:

L’an deux mil quatorze le deux mai.
Par devant le soussigné Maître Martine SCHAEFFER, notaire de résidence à Luxembourg, Grand-Duché de Luxem-

bourg.

A COMPARU:

Invel Real Estate Management Limited, une société à responsabilité limitée de droit des Iles Vierges Britaniques, dont

le siège social se situe au HBCS Chambers, Rodus Building, Road Reef Marina, PO Box 3093, Road Town, Tortola, VG1110,
Iles Vierges Britaniques, inscrite au registre des Affaires Sociales sous le numéro 1801768,

représentée par Monsieur Liridon ELSHANI, employé privé, avec adresse professionnelle au 74, avenue Victor Hugo,

L-1750 Luxembourg, en vertu d’une procuration donnée à Luxembourg, le 29 avril 2014.

Après avoir été signées «ne varietur» par le mandataire de la partie comparante et le notaire instrumentant, ladite

procuration restera annexée au présent acte pour les formalités de l’enregistrement.

La partie comparante, représentée comme indiqué ci-dessus, a prié le notaire instrumentant d’acter de la façon suivante

les statuts d’une société à responsabilité limitée qui est ainsi constituée:

I. Dénomination - Siège social - Objet - Durée

Art. 1

. Dénomination. Le nom de la société est "Invel Real Estate Partners Lennon Sàrl" (la Société). La Société

est une société à responsabilité limitée régie par les lois du Grand-Duché de Luxembourg, et en particulier par la loi du
10 août 1915 sur les sociétés commerciales, telle que modifiée (la Loi), ainsi que par les présents statuts (les Statuts).

Art. 2. Siège social.
2.1. Le siège social de la Société est établi à Luxembourg, Grand-Duché de Luxembourg. Il peut être transféré dans

cette même commune par décision du conseil de gérance. Le siège social peut être transféré en tout autre endroit du
Grand-Duché de Luxembourg par une résolution des associés, selon les modalités requises pour la modification des
Statuts.

2.2. Il peut être créé des succursales, filiales ou autres bureaux tant au Grand-Duché de Luxembourg qu'à l’étranger

par décision du conseil de gérance. Lorsque le conseil de gérance estime que des développements ou événements ex-
traordinaires d’ordre politique ou militaire se sont produits ou sont imminents, et que ces développements ou événements
sont de nature à compromettre les activités normales de la Société à son siège social, ou la communication aisée entre
le siège social et l’étranger, le siège social peut être transféré provisoirement à l’étranger, jusqu'à cessation complète de
ces circonstances. Ces mesures provisoires n’ont aucun effet sur la nationalité de la Société qui, nonobstant le transfert
provisoire de son siège social, reste une société luxembourgeoise.

Art. 3. Objet social.
3.1. L’objet social de la Société consiste en l’acquisition de participations, tant au Luxembourg qu'à l’étranger, dans

toute société ou entreprise quelle que soit sa forme, et la gestion de ces participations.

3.2. La Société peut notamment acquérir par souscription, achat et échange ou de toute autre manière tous titres,

actions et autres valeurs de participation, obligations, créances, certificats de dépôt et autres instruments de dette, et
plus généralement, toutes valeurs mobilières et instruments financiers émis par toute entité publique ou privée. Elle peut
participer à la création, au développement, à la gestion et au contrôle de toute société ou entreprise. Elle peut en outre
investir dans l’acquisition et la gestion d’un portefeuille de brevets ou d’autres droits de propriété intellectuelle de quelque
nature ou origine que ce soit.

3.3. La Société peut emprunter sous quelque forme que ce soit, sauf par voie d’offre publique. Elle peut procéder,

uniquement par voie de placement privé, à l’émission de billets à ordre, d’obligations et de tous types de titres et ins-
truments de dette ou de capital. La Société peut prêter des fonds, y compris notamment les revenus de tous emprunts
à ses filiales, sociétés affiliées ainsi qu'à toutes autres sociétés. La Société peut également consentir des garanties et nantir,
céder, grever de charges ou autrement créer et accorder des sûretés sur toute ou partie de ses actifs afin de garantir ses
propres obligations, et celles de toutes filiales, sociétés affiliées et autres sociétés.

3.4. La Société peut effectuer toutes les opérations commerciales, financières ou industrielles et toutes les transactions

concernant des biens immobiliers ou mobiliers qui, directement ou indirectement, favorisent ou se rapportent à son objet
social.

Art. 4. Durée.
4.1. La Société est formée pour une durée indéterminée.

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4.2. La Société ne sera pas dissoute en raison de la mort, de la suspension des droits civils, de l’incapacité, de l’insol-

vabilité, de la faillite ou de tout autre événement similaire affectant un ou plusieurs associés.

II. Capital - Parts sociales

Art. 5. Capital.
5.1. Le capital social est fixé à douze mille cinq cents euros (EUR 12.500), représenté par douze mille cinq cents (12.500)

parts sociales sous forme nominative d’une valeur nominale de un euro (EUR 1) chacune, entièrement libérées.

5.2. Le capital social peut être augmenté ou réduit à une ou plusieurs reprises par une résolution des associés, adoptée

selon les modalités requises pour la modification des Statuts.

Art. 6. Parts sociales.
6.1. Les parts sociales sont indivisibles et la Société ne reconnaît qu'un (1) seul propriétaire par part sociale.
6.2. Les parts sociales sont librement cessibles entre associés.
6.3. Lorsque la Société a un associé unique, les parts sociales sont librement cessibles aux tiers.
6.4. Lorsque la Société a plus d’un associé, la cession des parts sociales (inter vivos) à des tiers est soumise à l’accord

préalable des associés représentant au moins les trois-quarts du capital social.

6.5. Une cession de parts sociales ne sera opposable à l’égard de la Société ou des tiers, qu'après avoir été notifiée à

la Société ou acceptée par celle-ci conformément à l’article 1690 du Code Civil luxembourgeois.

6.6. Un registre des associés est tenu au siège social et peut être consulté à la demande de chaque associé.
6.7. La Société peut racheter ses propres parts sociales à condition ou:
(i) qu'elle ait des réserves distribuables suffisantes à cet effet; ou
(ii) que le rachat résulte de la réduction du capital social de la Société.

III. Gestion - Représentation

Art. 7. Nomination et révocation des gérants.
7.1. La Société est gérée par un ou plusieurs gérants nommés par une résolution des associés, qui fixe la durée de leur

mandat. Les gérants ne doivent pas nécessairement être associés.

7.2. Les gérants sont révocables à tout moment, avec ou sans raison, par une décision des associés.

Art. 8. Conseil de gérance. Si plusieurs gérants sont nommés, ils constitueront le conseil de gérance (le Conseil). Les

associés peuvent décider de nommer des gérants de différentes classes, à savoir un ou plusieurs gérants de classe A et
un ou plusieurs gérants de classe B.

8.1. Pouvoirs du conseil de gérance
(i) Tous les pouvoirs non expressément réservés par la Loi ou les Statuts aux associés sont de la compétence du

Conseil, qui a tous les pouvoirs pour effectuer et approuver tous les actes et opérations conformes à l’objet social.

(ii) Des pouvoirs spéciaux ou limités peuvent être délégués par le Conseil à un ou plusieurs agents pour des tâches

spécifiques.

8.2. Procédure
(i) Le Conseil se réunit sur convocation d’un gérant au lieu indiqué dans l’avis de convocation, qui en principe, sera au

Luxembourg.

(ii) Il sera donné à tous les gérants une convocation écrite de toute réunion du Conseil au moins vingt-quatre (24)

heures à l’avance, sauf en cas d’urgence, auquel cas la nature et les circonstances de cette urgence seront mentionnées
dans la convocation à la réunion.

(iii) Aucune convocation n’est requise si tous les membres du Conseil sont présents ou représentés et si chacun d’eux

déclare avoir parfaitement connaissance de l’ordre du jour de la réunion. Un gérant peut également renoncer à la con-
vocation à une réunion, que ce soit avant ou après ladite réunion. Des convocations écrites séparées ne sont pas exigées
pour des réunions se tenant dans des lieux et à des heures fixés dans un calendrier préalablement adopté par le Conseil.

(iv) Un gérant peut donner une procuration à un autre gérant afin de le représenter à toute réunion du Conseil.
(v) Le Conseil ne peut délibérer et agir valablement que si la majorité de ses membres sont présents ou représentés.

Les décisions du Conseil sont valablement adoptées à la majorité des voix des gérants présents ou représentés, étant
précisé que si les Associés ont nommés un ou plusieurs gérant(s) de classe A et un ou plusieurs gérant(s) de classe B, au
moins un (1) gérant de classe A et un (1) gérant de classe B doit voter en faveur de la résolution. Les décisions du Conseil
sont consignées dans des procès-verbaux signés par le président de la réunion ou, si aucun président n’a été nommé, par
tous les gérants présents ou représentés.

(vi) Tout gérant peut participer à toute réunion du Conseil par téléphone ou visio- conférence ou par tout autre moyen

de communication permettant à l’ensemble des personnes participant à la réunion de s’identifier, de s’entendre et de se
parler. La participation par un de ces moyens équivaut à une participation en personne à une réunion valablement con-
voquée et tenue.

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(vii) Des résolutions circulaires signées par tous les gérants (des Résolutions Circulaires des Gérants) sont valables et

engagent la Société comme si elles avaient été adoptées lors d’une réunion du Conseil valablement convoquée et tenue
et portent la date de la dernière signature.

8.3. Représentation
(i) La Société est engagée vis-à-vis des tiers en toutes circonstances par les signatures conjointes d’un gérant de classe

A et d’un gérant de classe B.

(ii) La Société est également engagée vis-à-vis des tiers par la signature de toute(s) personne(s) à qui des pouvoirs

spéciaux ont été délégués par le Conseil.

Art. 9. Gérant unique. Si la Société est gérée par un gérant unique, toute référence dans les Statuts au Conseil ou aux

gérants doit être considérée, le cas échéant, comme une référence au gérant unique.

Art. 10. Responsabilité des gérants. Les gérants ne contractent, à raison de leur fonction, aucune obligation personnelle

concernant les engagements régulièrement pris par eux au nom de la Société, dans la mesure où ces engagements sont
conformes aux Statuts et à la Loi.

IV. Associé(s)

Art. 11. Assemblées générales des associés et résolutions écrites des associés.
11.1. Pouvoirs et droits de vote
(i) Sauf lorsque des résolutions sont adoptées conformément à l’article 11.1. (ii), les résolutions des associés sont

adoptées en assemblée générale des associés (chacune une Assemblée Générale).

(ii) Si le nombre des associés de la Société ne dépasse pas vingt-cinq (25), les résolutions des associés peuvent être

adoptées par écrit (des Résolutions Ecrites des Associés).

(iii) Chaque part sociale donne droit à un (1) vote.
11.2. Convocations, quorum, majorité et procédure de vote
(i) Les associés peuvent être convoqués aux Assemblées Générales à l’initiative du Conseil. Le Conseil doit convoquer

une Assemblée Générale à la demande des associés représentant plus de la moitié du capital social.

(ii) Une convocation écrite à toute Assemblée Générale est donnée à tous les associés au moins huit (8) jours avant

la date de l’assemblée, sauf en cas d’urgence, auquel cas, la nature et les circonstances de cette urgence doivent être
précisées dans la convocation à ladite assemblée.

(iii) Si des résolutions sont adoptées par écrit, le Conseil communique le texte des résolutions à tous les associés. Les

associés votent par écrit et envoient leur vote à la Société endéans le délai fixé par le Conseil. Chaque gérant est autorisé
à compter les votes.

(iv) Les Assemblées Générales sont tenues au lieu et heure précisés dans les convocations.
(v) Si tous les associés sont présents ou représentés et se considèrent comme ayant été valablement convoqués et

informés de l’ordre du jour de l’assemblée, l’Assemblée Générale peut se tenir sans convocation préalable.

(vi) Un associé peut donner une procuration écrite à toute autre personne, associé ou non, afin de le représenter à

toute Assemblée Générale.

(vii) Les décisions de l’Assemblée Générale sont adoptées par des associés détenant plus de la moitié du capital social.

Si cette majorité n’est pas atteinte à la première Assemblée Générale, les associés sont convoqués par lettre recommandée
à une seconde Assemblée Générale et les décisions sont adoptées par l’Assemblée Générale à la majorité des voix
exprimées, sans tenir compte de la proportion du capital social représenté.

(viii) Les Statuts ne peuvent être modifiés qu'avec le consentement de la majorité (en nombre) des associés détenant

au moins les trois-quarts du capital social.

(ix) Tout changement de nationalité de la Société ainsi que toute augmentation de l’engagement d’un associé dans la

Société exige le consentement unanime des associés.

(x) Des Résolutions Ecrites des Associés sont adoptées avec le quorum de présence et de majorité détaillés ci-avant.

Elles porteront la date de la dernière signature reçue endéans le délai fixé par le Conseil.

Art. 12. Associé unique. Dans le cas où le nombre des associés est réduit à un (1):
(i) l’associé unique exerce tous les pouvoirs conférés par la Loi à l’Assemblée Générale;
(ii) toute référence dans les Statuts aux associés, à l’Assemblée Générale ou aux Résolutions Circulaires des Associés

doit être considérée, le cas échéant, comme une référence à l’associé unique ou aux résolutions de ce dernier; et

(iii) les résolutions de l’associé unique sont consignées dans des procès-verbaux ou rédigées par écrit.

V. Comptes annuels - Affectation des bénéfices - Contrôle

Art. 13. Exercice social et approbation des comptes annuels.
13.1. L’exercice social commence le premier (1) janvier et se termine le trente et un (31) décembre de chaque année.

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13.2. Chaque année, le Conseil doit dresser le bilan et le compte de profits et pertes, ainsi qu'un inventaire indiquant

la valeur des actifs et passifs de la Société, avec une annexe résumant les engagements de la Société ainsi que les dettes
du ou des gérants et des associés envers la Société.

13.3. Tout associé peut prendre connaissance de l’inventaire et du bilan au siège social.
13.4. Le bilan et le compte de profits et pertes doivent être approuvés de la façon suivante:
(i) si le nombre des associés de la Société ne dépasse pas vingt-cinq (25), dans les six (6) mois de la clôture de l’exercice

social en question, soit (a) par l’Assemblée Générale annuelle (si elle est tenue), soit (b) par voie de Résolutions Ecrites
des Associés; ou

(ii) si le nombre des associés de la Société dépasse vingt-cinq (25), par l’Assemblée Générale annuelle.
13.5. L’Assemblée Générale annuelle se tient à l’adresse du siège social de la Société ou en tout autre endroit au sein

de la commune du siège social et à l’heure indiquée dans la convocation.

Art. 14. Commissaires aux comptes / réviseurs d’entreprises.
14.1. Les opérations de la Société sont contrôlées par un ou plusieurs réviseurs d’entreprises agréés, dans les cas

prévus par la loi. Les associés nomment les réviseurs d’entreprises agréés, s’il y a lieu, et déterminent leur nombre, leur
rémunération et la durée de leur mandat.

14.2. Si la Société a plus de vingt-cinq (25) associés, ses opérations sont surveillées par un ou plusieurs commissaires

aux comptes, à moins que la loi ne requière la nomination d’un ou plusieurs réviseurs d’entreprises agréé. Les commis-
saires aux comptes sont sujets à la renomination par l’Assemblée Générale annuelle. Ils peuvent être associés ou non.

Art. 15. Affectation des bénéfices.
15.1. Cinq pour cent (5 %) des bénéfices nets annuels de la Société sont affectés à la réserve requise par la Loi (la

Réserve Légale). Cette affectation cesse d’être exigée quand la Réserve Légale atteint dix pour cent (10 %) du capital
social.

15.2. Les associés décident de l’affectation du solde des bénéfices nets annuels. Ils peuvent allouer ce bénéfice au

paiement d’un dividende, l’affecter à un compte de réserve ou le reporter en respectant les dispositions légales applicables.

15.3. Des dividendes intérimaires peuvent être distribués à tout moment, aux conditions suivantes:
(i) des comptes intérimaires sont établis par le Conseil;
(ii) ces comptes intérimaires doivent montrer que suffisamment de bénéfices et autres réserves (y compris la prime

d’émission) sont disponibles pour une distributions, étant entendu que le montant à distribuer ne peut excéder le montant
des bénéfices réalisés depuis la fin du dernier exercice social dont les comptes annuels ont été approuvés, le cas échéant,
augmenté des bénéfices reportés et des réserves distribuables, et réduit par les pertes reportées et les sommes à affecter
à la réserve légale;

(iii) la décision de distribuer les dividendes intérimaires doit être adoptée par le Conseil dans les deux (2) mois suivant

la date des comptes intérimaires; et

(iv) compte tenu des actifs de la Société, les droits des créanciers de la Société ne doivent pas être menacés.
Si les dividendes intérimaires qui ont été distribués excèdent les bénéfices distribuables à la fin de l’exercice social, le

Conseil a le droit de réclamer la répétition des dividendes ne correspondant pas à des bénéfices réellement acquis et les
associés doivent immédiatement reverser l’excès à la Société à la demande du Conseil.

VI. Dissolution - Liquidation

16.1. La Société peut être dissoute à tout moment, par une résolution des associés adoptée par la majorité (en nombre)

des associés détenant au moins les trois-quarts du capital social. Les associés nommeront un ou plusieurs liquidateurs,
qui n’ont pas besoin d’être associés, pour réaliser la liquidation et détermineront leur nombre, pouvoirs et rémunération.
Sauf décision contraire des associés, les liquidateurs sont investis des pouvoirs les plus étendus pour réaliser les actifs et
payer les dettes de la Société.

16.2. Le boni de liquidation après la réalisation des actifs et le paiement des dettes, s’il y en a, est distribué aux associés

proportionnellement aux parts sociales détenues par chacun d’entre eux.

VII. Dispositions générales

17.1. Les convocations et communications, ainsi que les renonciations à celles-ci, peuvent être faites, et les Résolutions

Circulaires des Gérants ainsi que les Résolutions Ecrites des Associés peuvent être établies par écrit, par téléfax, e-mail
ou tout autre moyen de communication électronique.

17.2. Les procurations peuvent être données par tout moyen mentionné ci-dessus. Les procurations relatives aux

réunions du Conseil peuvent également être données par un gérant conformément aux conditions acceptées par le
Conseil.

17.3. Les signatures peuvent être sous forme manuscrite ou électronique, à condition de satisfaire aux conditions

légales pour être assimilées à des signatures manuscrites. Les signatures des Résolutions Circulaires des Gérants, des
résolutions adoptées par le Conseil par téléphone ou visioconférence et des Résolutions Ecrites des Associés, selon le

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cas, sont apposées sur un original ou sur plusieurs copies du même document, qui ensemble, constituent un seul et unique
document.

17.4. Pour tous les points non expressément prévus par les Statuts, il est fait référence à la loi et, sous réserve des

dispositions légales d’ordre public, à tout accord présent ou futur conclu entre les associés.

Disposition transitoire

Le premier exercice social de la Société commence à la date du présent acte et s’achèvera le 31 décembre 2014.

Souscription et libération

Invel Real Estate Management Limited, représentée comme indiqué ci-dessus, déclare souscrire à douze mille cinq

cents (12.500) parts sociales sous forme nominative, d’une valeur nominale de un euro (EUR 1) chacune, et de les libérer
intégralement par un apport en numéraire d’un montant de douze mille cinq cents euros (EUR 12.500),

Le montant de douze mille cinq cents euros (EUR 12.500) est à la disposition de la Société, comme il a été prouvé au

notaire instrumentant.

Frais

Les dépenses, coûts, honoraires et charges de toutes sortes qui incombent à la Société du fait de sa constitution

s’élèvent approximativement à mille quatre cents euros (EUR 1.400).

Résolutions de l’associé unique

Immédiatement après la constitution de la Société, l’associé unique de la Société, représentant l’intégralité du capital

social souscrit, a pris les résolutions suivantes:

1. Les personnes suivantes sont nommées en qualité de gérant de classe A de la Société, pour une durée indéterminée:
- M. Chris Papachristophorou, directeur general de Invel Real Estate Partners, né le 6 juin 1968 à Athènes, Grèce,

dont l’adresse professionnelle est située 7, Old Park Lane, Mayfair, Londres W1K 1QR, Royaume-Uni.

- M. Shimon Menahem, conseil en investissement immobilier indépendant, né le 21 décembre 1964 à Kfarseba, Israël,

dont l’adresse professionnelle est située au 8, rue Hailanot, Kfar Shemaryahu, Israël.

2. La personne suivante est nommée en qualité de gérant de classe B de la Société, pour une durée indéterminée:
- M. Alain Heinz, administrateur, né le 17 mai 1968 à Forbach, France, dont l’adresse professionnelle est située au 121,

Avenue de la Faïencerie, L-1511 Luxembourg.

3. Le siège social de la Société est établi au 121, Avenue de la Faïencerie, L-1511 Luxembourg.

Déclaration

Le notaire soussigné, qui comprend et parle l’anglais, déclare à la requête de la partie comparante que le présent acte

est rédigé en anglais, suivi d’une traduction française et que, en cas de divergences, la version anglaise fait foi.

Fait et passé à Luxembourg, à la date qu'en tête des présentes.
Après avoir lu le présent acte à voix haute, le notaire le signe avec le mandataire de la partie comparante.
Signé: L. Elshani et M. Schaeffer.
Enregistré à Luxembourg Actes Civils, le 9 mai 2014. Relation: LAC/2014/21630. Reçu soixante-quinze euros Eur 75.-.

Le Receveur (signé): Irène THILL.

POUR EXPEDITION CONFORME, délivrée à la demande de la prédite société, aux fins d’inscription au Registre de

Commerce.

Luxembourg, le 26 mai 2014.

Référence de publication: 2014075611/500.
(140088666) Déposé au registre de commerce et des sociétés de Luxembourg, le 28 mai 2014.

Aberdeen European Balanced Property Fund, Société Anonyme sous la forme d'une SICAV - Fonds d'In-

vestissement Spécialisé.

Siège social: L-1246 Luxembourg, 2B, rue Albert Borschette.

R.C.S. Luxembourg B 118.918.

In the year two thousand and fourteen, on the fourteenth day of July.
Before us, Maître Jean-Joseph WAGNER, notary residing in Sanem, Grand Duchy of Luxembourg,

is held

an extraordinary general meeting of shareholders (the "Meeting") of "Aberdeen European Balanced Property Fund" (he-

reinafter the "Company"), an investment company with variable capital - specialised investment fund (société d'investis-
sement à capital variable - fonds d'investissement spécialisé or SICAV-FIS) within the meaning of the law of 13 February

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U X E M B O U R G

2007 on specialised investment funds, as amended, existing under the laws of the Grand Duchy of Luxembourg, having
its registered office at 2B, rue Albert Borschette, L-1246 Luxembourg, Grand Duchy of Luxembourg, registered with the
Luxembourg Trade and Companies Register under number B 118.918, incorporated pursuant to a deed dated 5 Sep-
tember 2006, published in the Mémorial C, Recueil des Sociétés et Associations on 18 September 2006, number 1739.
The articles of incorporation of the Company have been modified for the last time pursuant to a deed of the undersigned
notary on 9 April 2013, published in the Mémorial C, Recueil des Sociétés et Associations on 22 April 2013, number 952.

The Meeting was opened by Mrs Elisabeth Weiland, professionally residing in Luxembourg, having been appointed

chairman,

who appointed as secretary Mrs Martha Alexaki, professionally residing in Luxembourg.
The Meeting elected as scrutineer Mrs Sibylle Schmitt, professionally residing in Luxembourg.
The board of the Meeting having thus been constituted, the chairman declared and requested the notary to state that:
I.- The shareholders present or represented, the proxyholders of the represented shareholders and the number of

their shares are shown on an attendance list; this attendance list, after been signed "ne varietur" by the shareholders, the
proxyholders of the represented shareholders, the board of the Meeting and the undersigned notary, will remain annexed
to the present deed.

The proxies of the represented shareholders after been signed by the board of the Meeting and the undersigned notary

will also remain annexed to the present deed.

II.- A convening notice reproducing the agenda of the present meeting was sent by registered mail to each of the

registered shareholders of the Company on 25 June 2014 in accordance with article 26 of the articles of incorporation
of the Company.

III.- It appears from the attendance list that out of four million thirty-seven thousand one hundred eighty-seven point

twenty-nine (4,037,187.29) outstanding shares three million nine hundred seventy-six thousand hundred fifty-eight
(3,976,158) registered shares, representing ninety-eight point forty-seven percent (98.47%) of the share capital of the
Company are present or represented at this extraordinary general meeting, so that the quorum requirement of fifty
percent (50%) of the capital as imposed by article 67-1 of the Luxembourg law of 15 August 1915 on commercial com-
panies, as amended, is met and that the meeting can therefore validly deliberate on the proposed agenda.

IV.- That the agenda of the present meeting is the following:
1. Restatement of the articles of incorporation for compliance with the Luxembourg law of 12 July 2013 on alternative

investment fund managers, as may be amended from time to time.

After deliberation, the following resolution was unanimously taken by the extraordinary general meeting of the sha-

reholders of the Company:

Sole resolution

The Meeting RESOLVES to approve the restatement of the articles of incorporation for compliance with the Luxem-

bourg law of 12 July 2013 on alternative investment fund managers, as may be amended from time to time, which shall
henceforth read as follows:

Definitions

"Acquisition Equalisation Factor" means the adjustment factor as described in the Offering Memorandum;
"Adjusted NAV" means the latest available NAV of the relevant Class of Shares plus the Acquisition Equalisation Factor,

if applicable, provided, however, that the value of the interest rate swaps held by the Company will be excluded for the
purpose of determining the Adjusted NAV;

"Advisory Committee" means the committee as indicated in Article 22;
"AIFM" means Aberdeen Management Services S.A. in its capacity as the Company's alternative investment fund ma-

nager, as described in the AIFM Law;

"AIFM Law" means the Luxembourg law of 12 July 2013 on alternative investment fund managers, as may be amended

from time to time;

"Article" means an article of the Articles;
"Articles" means the articles of incorporation of the Company;
"Bank Business Day" means a day on which banks are open for business in Luxembourg for the full day;
"Benefit Plan Investor" means any Shareholder that (i) is an "employee benefit plan" within the meaning of Section 3

(3) of ERISA that is subject to Title I of ERISA, (ii) a "plan" within the meaning of and subject to Section 4975 of the Code,
or (iii) any entity whose underlying assets include, or are deemed for purposes of ERISA or the Code to include, "plan
assets" of either of the foregoing by reason of investment by an employee benefit plan or plan in such entity;

"Board" means the duly constituted board of directors of the Company; where applicable, "Board" shall be construed

as a reference to the AIFM acting on behalf of the Company;

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U X E M B O U R G

"Call Notice" means a notice issued by the Board to the Shareholders requiring them to contribute a portion of their

Commitments against the issuance of Shares and specifying (in summary form) the proposed application of such contri-
butions;

"Cause" has the meaning as described in Article 20;
"Central Administration Agent" means RBC Investor Services Bank S.A., in its capacity as such, or such other person

as may subsequently be appointed as central administration agent of the Company;

"Class" means a class of Shares issued by the Company;
"Class A Share" means a Share designated as a "Class A Share" having the characteristics and the rights and obligations

as set out in the Articles and the Offering Memorandum;

"Class B Share" means a Share designated as a "Class B Share" having the characteristics and the rights and obligations

as set out in the Articles and the Offering Memorandum;

"Code" means the United States Internal Revenue Code of 1986, as amended;
"Commitment" means the maximum amount (denominated in Euro) contributed or agreed to be contributed to the

Company by way of subscription for Shares by each Shareholder pursuant to such Shareholder's Subscription Agreement
(including any additional commitment made by such Shareholder);

"Company" means Aberdeen European Balanced Property Fund, where applicable, "Company" shall be construed as

a reference to the AIFM acting on behalf of the Company;

"Defaulting Shareholder" means an Investor or Shareholder declared as such in accordance with Article 8;
"Depositary" means a credit institution within the meaning of Luxembourg law dated 5 April 1993 relating to the

financial sector, as amended, that is be appointed as depositary in accordance with the Articles;

"Eligible Investor" means an investor which is an Institutional Investor which is not a natural person and which in the

case of a U.S. Person also qualifies as a U.S. Investor;

"ERISA" means the U.S. Employee Retirement Income Security Act of 1974, as amended;
"Exchange Act" means the U.S. Securities Exchange Act of 1934, as amended;
"External Valuer" means an independent valuation expert appointed from time to time by the AIFM for the purposes

of valuing the Company's Real Estate investments;

"Fraud" means a false representation by means of a statement or conduct made knowingly or recklessly in order to

gain a material advantage;

"Fund and Investment Advisor" means Aberdeen Property Investors Europe B.V. in its capacity as such, or such other

person as may subsequently be appointed as fund and investment advisor to the AIFM in respect of the Company;

"Fund and Investment Advisory Agreement" means the fund and investment advisory agreement, in respect of the

Company, between the AIFM, the Company and the Fund and Investment Advisor;

"Fund Documents" means the Offering Memorandum, the Articles and the Fund Management Agreement;
"Fund Management Agreement" means the fund management agreement between the Company and the AIFM;
"Fund Management Fee" means the fee to be paid to the AIFM and calculated in accordance with the Offering Memo-

randum;

"General Meeting" means the general meeting of Shareholders of the Company;
"Gross Asset Value" means the aggregate gross value of the Real Estate and of other assets of the Company at market

value as per the chosen valuation principles;

"Gross Negligence" means high degree of negligence, manifested in behaviour substantially worse than that of the

average reasonable man;

"Independent Expert" means a person who does not work for an Investor, the AIFM, the Fund and Investment Advisor,

the Promoter or any of their Affiliates;

"Initial Date" means the date on which Subscription Agreements were accepted for the first time;
"Investment Advisers Act" means the U.S. Investment Advisers Act of 1940, as amended;
"Investment Company Act" means the U.S. Investment Company Act of 1940, as amended;
"Institutional Investors" means institutional investors as such term is further described in the Offering Memorandum;
"Investor" means an Eligible Investor that has signed a Subscription Agreement (for the avoidance of doubt, the term

includes, where appropriate, the Shareholders);

"Mémorial" means the Mémorial, Recueil des Sociétés et Associations, which is the official gazette of the Grand Duchy

of Luxembourg;

"NAV" or "Net Asset Value" means the net asset value per Share in respect of each Class, as determined in accordance

with the Articles;

"Net Cash Flow" all cash received by the Company from any source other than capital contributed by the Shareholders

and loans obtained by the Company less (i) all principal and interest payments on any third-party indebtedness of the

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U X E M B O U R G

Company and other sums due to such lenders; (ii) cash held for reinvestment; (iii) cash used to pay, or held as reserves
for, expenses, liabilities and obligations of the Company; and (iv) any fees due to the AIFM;

"Offering Memorandum" means the offering memorandum of the Company as amended from time to time;
"Plan Asset Regulation" means the United States Department of Labor Regulation 29 CFR Section 2510.3-101 pro-

mulgated under ERISA (as modified by Section 3(42) of ERISA);

"Promoter" means Aberdeen Asset Managers Limited, 10 Queens Terrace, Aberdeen, AB10 1YG, United Kingdom;
"Prohibited Persons" shall have the meaning set out in Article 10;
"Property Manager" means in respect to Real Estate such person as is appointed as property manager of such asset in

accordance with the Offering Memorandum;

"Real Estate" means:
a) property consisting of land and buildings registered in the name of the Company;
b) direct and indirect participations in real estate companies (including claims on such companies), the exclusive object

and purpose of which is the acquisition, promotion and sale as well as the letting of property provided that these share
holdings must be at least as liquid as the property rights held directly by the Company;

c) property related long-term interests such as surface ownership, lease-hold and options on real estate investments;

and

d) any other meaning as given to the term by the Luxembourg supervisory authority and any applicable laws and

regulations from time to time in Luxembourg;

"Real Estate Companies" means any unlisted companies, partnerships or other entities, which may be wholly-owned

subsidiaries, other intermediate vehicles (owned for less than 30% or more than 50% by the Company) or companies
jointly-owned by the Company, for 50%, and as a co-investor in accordance with co-investment agreements, established
for the purpose, according to their articles, of either directly acquiring, developing, redeveloping, managing, letting and
selling Real Estate or, directly or indirectly, hold shares or interests in one or several companies, partnerships or other
entities which in turn are established for the purpose, according to their articles, of acquiring, developing, redeveloping,
managing, letting and selling Real Estate, provided that the holding of participations in such real estate companies is at
least as liquid as Real Estate held directly by the Company;

"Securities Act" means the U.S. Securities Act of 1933, as amended;
"Share" means a share in the Company issued pursuant to the Articles;
"Shareholder" means the registered holder of a Share;
"SIF Law" means the Luxembourg law dated 13 February 2007 relating to specialised investment funds, as amended,

or any successor law thereof;

"Subsidiary" means any local or foreign Real Estate Company (including for the avoidance of doubt any Wholly Owned

Subsidiary):

a) which is controlled directly or indirectly by the Company; or
b) in which the Company holds more than 50% of the share capital;
"Subscription Agreement" means the agreement between the Company and each Shareholder setting forth:
a) The Commitment of such Shareholder;
b) The rights and obligations of such Shareholder in relation to its subscription for Shares; and
c) Representations and warranties given by such Shareholder in favour of the Company;
"Uncalled Commitment" means, in respect of a Shareholder, its Commitment less its Contributed Capital for the time

being;

"U.S. Investors" means U.S. Persons who are both "accredited investors" as that term is defined in Rule 501(a) of

Regulation D under the Securities Act and "qualified purchasers" as that term is defined in Section 2(a)(51) of the Invest-
ment Company Act;

"U.S. Person" has the meaning given in Regulation S under the Securities Act;
"Valuation Date" means a date on which the NAV is determined in accordance with the Articles and the Offering

Memorandum; and

"Wilful Misconduct" means intentionally doing something that is wrong;
"Wholly Owned Subsidiary" means any Real Estate Company in which the Company has a 100% ownership interest;

for the avoidance of doubt, the conditions applicable to the Subsidiaries are similarly applicable to the Wholly Owned
Subsidiaries.

Title I. Name - Registered office - Duration - Purpose

Art. 1. Name. There exists among the subscribers and all those who may become owners of Shares hereafter issued,

a public limited company ("société anonyme") qualifying as an investment company with variable share capital - specialised
investment fund ("société d'investissement à capital variable - fonds d'investissement spécialisé") under the name of
Aberdeen European Balanced Property Fund.

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U X E M B O U R G

Art. 2. Registered office. The registered office of the Company is established in Luxembourg, Grand Duchy of Lu-

xembourg. Branches, subsidiaries or other offices may be established either in the Grand Duchy of Luxembourg or abroad.

The Board is authorised to transfer the registered office of the Company within the City of Luxembourg. The registered

office may be transferred to any other place in the Grand Duchy of Luxembourg by means of a resolution of the General
Meeting deliberating in the manner provided for the amendment to these Articles.

In the event that the Board determines that extraordinary political or military events have occurred or are imminent

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

Art. 3. Duration. Subject to Article 32 and Article 33, the Company is established for an unlimited duration.

Art. 4. Purpose. The purpose of the Company is to invest in Real Estate (i) either directly, or (ii) indirectly through

(a) Subsidiaries or (b) shareholdings in Real Estate Companies, with the purpose of spreading investment risks and affording
its Shareholders the results of the management of its assets.

The investment objectives and policies shall be determined by the Board pursuant to Article 18 hereof and shall be

disclosed in the Offering Memorandum relating to the Shares to be issued from time to time.

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

development of its purpose which is permitted under the SIF Law and which corresponds to the investment policies and
the investment restrictions of the Company as laid down in the Offering Memorandum.

Title II. Share capital - Shares - Net Asset Value

Art. 5. Share capital. The capital of the Company shall be represented by fully paid-up Shares of no par value and shall

at any time be equal to the total net assets of the Company pursuant to Article 11 hereof.

The minimum Share capital shall be as required by law, i.e. one million two hundred and fifty thousand Euro (EUR

1,250,000.-).

Art. 6. Form of Shares.
(1) Shares will only be issued in registered form.
All issued registered Shares of the Company shall be registered in the register of Shareholders which shall be kept by

the Company or by one or more persons designated thereto by the Company, and such register shall contain the name
of each owner of registered Shares, his residence or elected domicile as indicated to the Company as well as the number
of registered Shares held by him.

The registration of the Shareholder's name in the register of Shares evidences his right of ownership of such registered

Shares. The Company shall decide whether a certificate for such registration shall be delivered to the Shareholder or
whether the Shareholder shall receive a written confirmation of his shareholding.

The certificates of registration shall be signed by two directors or by any officer of the Company duly authorised by

the Board. Such signatures shall be either manual, or printed, or in facsimile.

(2) Transfer of registered Shares shall be effected by a written declaration of transfer to be inscribed in the register

of Shareholders, dated and signed by the transferor and transferee, or by persons holding suitable powers of attorney to
act therefore.

Any transfer of registered Shares shall be entered in the register of Shareholders; such inscription shall be signed by

one or more directors or officers of the Company or by one or more other persons duly authorised thereto by the
Board.

Shares are freely transferable, subject to the provisions of Article 10 hereof.
(3) Shareholders shall provide the Company with an address to which all notices and announcements may be sent.

Such address will also be entered in the register of Shareholders. In the event that a Shareholder does not provide an
address, the Company may permit a notice to this effect to be entered in the register of Shareholders and the Share-
holder's address will be deemed to be at the registered office of the Company, or at such other address as may be so
entered in by the Company from time to time, until another address shall be provided to the Company by such Share-
holder. A Shareholder may, at any time, change his address as entered in the register of Shareholders by means of a
written notification to the Company at its registered office, or at such other address as may be set by the Company from
time to time.

(4) In the event that a Share is registered in the name of more than one person, the first-named holder in the register

shall be deemed to be the representative of all other joint holders and shall alone be entitled to be treated as the holder
of such Share for all purposes, including without limitation entitlement to receive notices from the Company.

(5) The Company may decide to issue fractional Shares. Such fractional Shares shall carry no entitlement to vote but

shall entitle the holder to participate in the net assets of the Company on a pro rata basis.

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U X E M B O U R G

Art. 7. Share Classes. The Board may decide to issue Shares of different Classes, which may differ inter alia in their

fee structure, minimum investment requirements, type of target investors and distribution policy applying to them.

The Board will issue Class A Shares and Class B Shares which will only be issued to Eligible Investors.

Art. 8. Issue and sale of Shares. The Board is authorised without limitation to issue Shares without reserving to existing

Shareholders a preferential right to subscribe for the Shares to be issued.

Each investor will be required to execute and deliver a Subscription Agreement and will be required to make the

customary representations included therein, including that such investor is acquiring Shares for its own account for
investment and not with a view to resale or distribution.

The Board may issue Shares only to creditworthy, reputable and good standing investors with a demonstrated ability

to meet any funding obligations in time.

The Board may impose restrictions on the frequency at which Shares or a certain Class of Shares shall be issued; the

Board may, in particular, decide that Shares or a certain Class of Shares shall only be issued during one or more offering
periods or at such other frequency as provided for in the Offering Memorandum and that Shares will only be issued to
persons or entities having entered into a Subscription Agreement containing inter alia an irrevocable commitment and
application to subscribe, during a certain period, for Shares for a total amount as determined in the Subscription Agree-
ment.

The Company can cancel or suspend all or part of the Commitment made by an Investor qualifying as a Benefit Plan

Investor as it shall deem reasonably necessary, to ensure that the assets of the Company will not be regarded as being
"plan assets" for purposes of the Plan Asset Regulation.

No Shares will be issued during any period when the calculation of the Net Asset Value per Share of that Class is

suspended pursuant to the provisions of Article 12.

Furthermore, the Board may impose restrictions in relation to the minimum amount of the aggregate Net Asset Value

of the Shares to be initially subscribed and to the minimum amount of any additional investments, as well as to the minimum
Shareholding which any Shareholder is required to comply with at any time.

When Shares are offered for subscription after the Initial Date, the price per Share at which such Shares are offered

shall be the Adjusted NAV determined in accordance with Article 11 hereof as of such Valuation Date as is determined
in accordance with such policy as the AIFM shall from time to time determine. The price shall be payable within a period
as determined by the Board. However, the Net Asset Value will be determined at the moment of the issue of the Shares
if, in the absolute discretion of the AIFM, the latest available Net Asset Value does not reflect the true value of the Shares
to be issued and if it is required in order to respect the principle of equal treatment of shareholders.

The Board may delegate to any director, manager or officer of the Company the power to accept subscriptions and

to receive payment of the price of the new Shares to be issued and to deliver them.

The Company will not accept subscription for Shares against contribution in kind of assets.
If any Investor or Shareholder fails to make any payment required to be made pursuant to a Call Notice by the date

required for payment in such Call Notice, the Board may (in its sole discretion) declare such Investor or Shareholder to
be a "Defaulting Shareholder".

Unless waived by the Board this results in the following penalties:
a) a Defaulting Shareholder will be assessed interest equal to 10% of the amount in relation to which a default occurred;

and

b) distributions to the Defaulting Shareholder will be set off or withheld until any amounts owed to the Company have

been paid in full.

In addition, the Board may take any of the following actions:
a) redeem the Shares of the Defaulting Shareholder in the Company upon payment to such Shareholder of an amount

equal to 85% of the net value of its shareholding in the Company (calculated using the lesser of historical cost or the most
recent appraised values);

b) provide the non-Defaulting Shareholders with a right to purchase the Shares of the Defaulting Shareholder at an

amount equal to 85% of the net value of its shareholding in the Company;

c) reduce or terminate the Defaulting Shareholder's Commitment; or
d) exercise any other remedy available under applicable law.
Shareholders may be delivered an additional Call Notice to make up any shortfall of a Defaulting Shareholder (not to

exceed each Shareholder's Uncalled Commitment).

Art. 9. Redemption of Shares. Shareholders of Class B Shares may request, at any time (during the commitment period

or afterwards), the Company to redeem all or any number of its Shares under the terms and in accordance with the
redemption procedure described in the Offering Memorandum and within the limitations set forth by law and these
Articles. For Shareholders of Class A Shares this applies accordingly after a period of 5 years after the acceptance of the
relevant Subscription Agreement by the Company.

Redemption requests that have been received for a same Quarter Date will be handled proportionally.

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U X E M B O U R G

The amount of the redemption price of Class A Shares is calculated on the basis of the applicable Adjusted NAV of

the relevant Quarter Date, without any redemption fee.

The amount of the redemption price of Class B Shares is calculated on the basis of the applicable Adjusted NAV of

the relevant Quarter Date, at the time of the settlement of the redemption minus a redemption fee levied in favour of
the Company which will vary depending upon the duration of the holding of Class B Shares after the acceptance of the
relevant Subscription Agreement by the Board. Such redemption fee will be calculated using the Adjusted NAV per Share
of Class B, as specified in the Offering Memorandum.

Any taxes, commissions and other fees incurred in connection with the transfer of the redemption proceeds (including

those taxes, commissions and fees incurred in any country in which Shares are sold) will be charged by way of a reduction
to any redemption proceeds.

The redemption price per Share shall be paid within 20 calendar days, provided that the Share certificates, if any, and

the relevant redemption documents have been provided by the Investor, subject to the provisions of Article 12 hereof.

The Board can suspend the redemption of Shares in the event of extraordinary circumstances, under which a sus-

pension appears necessary to protect the interests of its Shareholders. In particular, if a Shareholder requests the
redemption of all or part of its Shares, the Board may defer repayment until the expiration of a period of one year starting
from the redemption request if the bank assets and the revenues from the cash assets, money market instruments and
other assets of the Company are not sufficient or are not available immediately to ensure the payment of the redemption
price and the proper functioning of the Company.

If the above said assets remain insufficient on the expiration of the one year period referred to above, the assets of

the Company shall be sold. Until the sale of these assets on appropriate and acceptable terms and conditions, the Board
may defer the redemption subject however to a maximum period of two years following the redemption request intro-
duced by the relevant Shareholder. If a redemption request is deferred under the provisions of this section, the redemption
price shall be determined at the time the redemption is effectively realised.

Art. 10. Restrictions on ownership of Shares and the transfer of Shares - Compulsory redemption. The Company may

restrict or prevent the ownership of Shares in the Company by any legal person, firm or corporate body, if in the opinion
of the Board the holding of Shares by any such legal person, firm or corporate body may be detrimental to the Company,
or if it may result in a breach of any law or regulation, whether Luxembourg or foreign (such persons, firms or corporate
bodies, to be determined by the Board, being herein referred to as "Prohibited Persons"). For the avoidance of doubt,
the term Prohibited Person includes any person, firm or corporate body, which does not qualify as an Eligible Investor.

Specifically but without limitation, the Board may restrict the ownership of Shares in the Company by Prohibited

Persons, as defined in this Article and for such purposes the Company may:

a) decline to issue any Shares and decline to register any transfer of a Share, where it appears to it that such registry

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

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

on the register of Shareholders, to furnish it with any information, supported by an affidavit, which it may consider
necessary for the purpose of determining whether or not beneficial ownership of such Shareholder's Shares would remain
with an Eligible Investor, or whether such registry will result in beneficial ownership of such Shares by a Prohibited Person;
and

c) where it appears to the Board that any Prohibited Person either alone or in conjunction with any other person is

a beneficial owner of Shares, direct such Shareholder to sell his Shares and to provide to the Company evidence of the
sale within twenty (20) Bank Business Days of the notice. If such Shareholder fails to comply with the direction, the
Company may compulsorily redeem or cause to be redeemed from any such Shareholder all Shares held by such Share-
holder in the following manner:

(i) The Board shall serve a second notice (the "purchase notice") upon the Shareholder holding such Shares or appearing

in the register of Shareholders as the owner of the Shares to be purchased, specifying the Shares to be purchased as
aforesaid and the manner in which the purchase price will be calculated. Any such notice may be served upon such
Shareholder by posting the same in a prepaid registered envelope addressed to such Shareholder at its registered office
appearing in the books of the Company. Immediately after the close of business on the date specified in the purchase
notice, such Shareholder shall cease to be the owner of the Shares specified in such notice and his name shall be removed
from the register of Shareholders.

(ii) The price at which each such Share is to be purchased (the "purchase price") shall be an amount based on the Net

Asset Value per Share of the relevant Class as at the Valuation Date specified by the Board for the redemption of Shares
in the Company, all as determined in accordance with Article 9 hereof, less any charges provided therein.

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

fixed by the Board for the payment of the redemption price of the Shares and will be deposited for payment to such
owner by the Company with a bank in Luxembourg or elsewhere (as specified in the purchase notice) upon final deter-
mination of the purchase price. Upon service of the purchase notice as aforesaid, such former owner shall have no further
interest in such Shares or any of them, nor any claim against the Company or its assets in respect thereof, except the
right to receive the purchase price (without interest) from such bank. Any amounts receivable by a Shareholder under

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U X E M B O U R G

this paragraph, but not collected within a period of five years from the date specified in the purchase notice, may not
thereafter be claimed and shall revert to the Company. The Board shall have power from time to time to take all steps
necessary to perfect such reversion and to authorise such action on behalf of the Company.

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

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

In particular, the Company will be entitled to compulsorily redeem Shares in accordance with this Article:
- in its entire discretion, from any Investor who causes the Company to have liability to the French 3% tax as described

in the Offering Memorandum; and

- where it is reasonably satisfied that there has been any breach of any acknowledgements, representations, warranties

or covenants by an Investor as a result of which breach the Company:

(a) has or is likely to become required to be registered as an investment company as defined under the Investment

Company Act;

(b) is or is likely to be in breach of the Securities Act and the rules and regulations thereunder or any other securities

legislation;

(c) is or is likely to be required to register the Shares pursuant to Section 12(g) of the Exchange Act or the Securities

Act; or

(d) is likely to be in breach of any material law, rule or regulation of any jurisdiction applicable to the Company.
The Company can also, in its entire discretion, compulsorily redeem some or all of the Shares held by Benefit Plan

Investors where 25% or more of the value of any Class of Shares is held by such Benefit Plan Investors. The Company
can further take such other action as it shall deem reasonably necessary, including compulsorily redeeming some or all
of the Shares of Benefit Plan Investors where up to 20% or more of the value of any Class of Shares is held by Benefit
Plan Investors to ensure that the assets of the Company will not be regarded as being "plan assets" for purposes of the
Plan Asset Regulation.

Shares may only be transferred subject to the following conditions:
Class A Shares
Class A Shares (together with related Commitments) may not be transferred without the prior written consent of

the Board, which consent may not be withheld unreasonably. The Board will normally (and subject to any overriding
concerns of the nature set out below) consider it reasonable to approve transfers by Shareholders in circumstances
where such transfer is for the purposes of tax or intra-group restructurings. In particular (but without limitation), the
Board will be entitled to withhold its consent to a proposed transfer on the following grounds:

a) if the Board reasonably considers that the transfer would cause the Company to be terminated;
b) if the Board considers that the transfer would violate any applicable law, regulation or any term of the Articles;
c) if the Board considers the transferee to be a competitor of the Company or not of similar creditworthiness;
d) the transferee is a Prohibited Person; and
e) if the Board considers that the transfer will (or might) result in the assets of the Company being likely to be deemed

to constitute "plan assets" for purposes of the Plan Asset Regulation.

No transfer of Shares will become effective between the transferor and the transferee (which needs to qualify as an

Eligible Investor), and be valid towards the Company, unless and until the transferee agrees in writing to fully and com-
pletely assume any outstanding obligations of the transferor in relation to the transferred Shares (and the related
Commitment) under the relevant Subscription Agreement and agrees in writing to be bound by the terms of the Offering
Memorandum and the Articles, whereupon the transferor shall be released from (and shall bear no further liability for)
such liabilities and obligations.

Where consent has been withheld, the Board shall propose an acceptable transferee within a period not exceeding 6

months from the moment of the Board's decision to refuse the transfer. Should the Board not find a suitable transferee
within this six-month period, then the Company shall proceed to a repurchase of Shares in accordance with the re-
demption procedure described in the Offering Memorandum.

Class A Shares furthermore may not be transferred or resold to U.S. Investors except as permitted under the U.S.

Securities Act and other applicable securities laws, pursuant to registration thereunder or exemption therefrom.

Class B Shares
Class B Shares (together with related Commitments) may be freely transferred without the prior written consent of

the Board to Eligible Investors, unless:

a) the transfer would cause the Company to be terminated;
b) the transfer would violate any applicable law, regulation or any term of the Articles;
c) the transferee is a competitor of the Company or is not of similar creditworthiness;
d) the transferee is a Prohibited Person; and

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U X E M B O U R G

e) the Board considers that the transfer will (or might) result in the assets of the Company being likely to be deemed

to constitute "plan assets" for purposes of the Plan Asset Regulation.

Where the Board refuses the transfer in view of the above reasons, the Board shall propose an acceptable transferee

within a period not exceeding 6 months from the moment of the Board's decision to refuse the transfer. Should the
Board not find a suitable transferee within this six-month period, then the Company shall proceed to a repurchase of
Shares in accordance with the redemption procedure described in the Offering Memorandum.

Class B Shares furthermore may not be transferred or resold to U.S. Investors except as permitted under the Securities

Act and other applicable securities laws, pursuant to registration thereunder or exemption therefrom.

To the extent that, and as long as, Class B Shares are part of the German insurance company's or the German pension

fund's "committed asset" ("Sicherungsvermögen" as defined in Sec. 66 of the German Insurance Supervisory Act, as may
be amended from time to time ("Versicherungsaufsichtsgesetz")) and such investor is either under the legal obligation to
appoint a trustee ("Treuhänder") or has itself subjected to such obligation on a voluntary basis, such Class B Shares shall
not be disposed of without the prior written consent of the trustee ("Treuhänder") appointed in accordance with Sec.
70 of the German Insurance Supervisory Act, as may be amended from time to time, or by the trustee's authorised deputy.

Where consent has been withheld, the trustee shall propose an acceptable transferee within a period not exceeding

6 months from the moment of its decision to refuse the transfer. Should the trustee not find a suitable transferee within
this six-month period, then the Company shall proceed to a repurchase of Shares in accordance with the redemption
procedure described in the Offering Memorandum.

Upon the transfer of a Class B Share that is directly or indirectly held by a Shareholder that is a German insurance

company or German pension fund, the transferee shall accept and become solely liable for all liabilities and obligations
relating to such Class B Share and the transferor shall be released from (and shall have no further liability for) such liabilities
and obligations. Once the transferor has transferred its Class B Shares, such transferor shall have no liability of any nature
under the Offering Memorandum or in respect of the Company any more.

Each Shareholder agrees that it shall not sell, assign, transfer, pledge or grant any security interest in its Shares unless

all the conditions and procedures described in this Article have been satisfied and complied with.

Art. 11. Calculation of Net Asset Value per Share and Valuation.
11.1 The Central Administration Agent has been appointed by the Company, under the responsibility of the AIFM, for

the calculation of the Net Asset Value. The Central Administration Agent shall perform its functions impartially with due
skill, care and diligence and in compliance with the provisions of Part II of the SIF Law and the AIFM Law.

11.2 The NAV per Share of each Class will be expressed in Euro and shall be determined in accordance with the

provisions of the Articles and Luxembourg GAAP by the Central Administration Agent under the supervision of the AIFM
as at each Valuation Date and at any other Bank Business Day as the Board and/or the AIFM may decide. If any of these
days is not a Bank Business Day, the NAV will be determined on the previous Bank Business Day. The AIFM's liability
towards the Company and its Investors shall not be affected by any such delegation.

11.3 The NAV per Share of each Class shall be determined by dividing (i) the net assets of the Company attributable

to such Class, being the value of the portion of the Company's gross assets less the portion of the Company's liabilities
attributable to such Class, on such Valuation Date, by (ii) the number of Shares of such Class then outstanding, in accor-
dance with the valuation rules set forth below.

11.4 The NAV per Share may be rounded up or down to the nearest Euro cent, as the AIFM shall determine. If, since

the time of determination of the NAV per Share there has been a material change in relation to (i) a substantial part of
the Real Estate assets of the Company or (ii) the quotations in the markets on which a substantial portion of the invest-
ments of the Company are dealt in or quoted, the AIFM may, in order to safeguard the interests of the Shareholders and
the Company, cancel the first determination and have a second determination of the NAV per Share carried out based
on the latest valuation of the relevant assets.

11.5 The accounts of the Real Estate Companies which are intermediate vehicles held for 50% or more by the Company,

excluding the jointly owned companies, will be consolidated with the accounts of the Company and accordingly the
underlying assets and liabilities will be valued in accordance with the valuation rules described below. Minority interests
in quoted Real Estate Companies will be valued on the basis of the last available quotation. Minority interests in unquoted
Real Estate Companies will be valued on the basis of the probable net realisation value determined by the AIFM.

11.6 The assets of the Company shall include:
a) properties or property rights registered in the name of the Company;
b) shareholdings in convertible and other debt securities of Real Estate Companies;
c) all cash in hand or on deposit, including any interest accrued thereon;
d) all bills and demand notes payable and accounts receivable (including proceeds of properties, property rights, se-

curities or any other assets sold but not delivered);

e) all bonds, time notes, certificates of deposit, shares, stock, debentures, debenture stocks, subscription rights, war-

rants, options and other securities, financial instruments and similar assets owned or contracted for by the Company;

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U X E M B O U R G

f) all stock dividends, cash dividends and cash payments receivable by the Company to the extent information thereon

is reasonably available to the Company or the Depositary;

g) all rentals accrued on any real estate properties or interest accrued on any interest-bearing assets owned by the

Company except to the extent that the same is included or reflected in the value attributed to such asset;

h) the formation expenses of the Company, including the cost of issuing and distributing Shares of the Company, insofar

as the same have not been written off;

i) all other assets of any kind and nature including expenses paid in advance.
11.7 The value of the Company's assets shall be determined as follows:
a) All properties owned by the Company or by its affiliated Real Estate Companies will be valued by one or more

External Valuers.

b) The securities of Real Estate Companies, other than those referred to a) above, will be valued on the basis of the

probable net realisation value (excluding any deferred taxation) determined by the AIFM.

c) The value of any cash in 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 is deemed to be the full amount thereof,
unless in any case the same is unlikely to be paid or received in full, in which case the value thereof is arrived at after
making such discount as may be considered appropriate in such case to reflect the true value thereof.

d) All other securities and other assets, including debt securities and securities for which no market quotation is

available, are valued by the AIFM on the basis of dealer-supplied quotations or by a pricing service unless the AIFM
determines that such prices would not be representative of market values. Money market instruments held by the Com-
pany with a remaining maturity of ninety days or less will be valued by the AIFM in function of the amortised cost method,
which approximates market value.

e) The AIFM may permit some other method of valuation to be used, if it considers that such valuation better reflects

the fair value of any asset of the Company.

11.8 Subject to Article 11.10 the liabilities of the Company shall include:
a) all loans and other indebtedness for borrowed money (including convertible debt), bills and accounts payable;
b) all accrued interest on such loans and other indebtedness for borrowed money (including accrued fees for com-

mitment for such loans and other indebtedness);

c) all accrued or payable expenses (including administrative expenses, advisory fees, depositary fees, and central ad-

ministration fees);

d) all known liabilities, present and future, including all matured contractual obligations for payments of money or

property, including the amount of any unpaid distributions declared by the Company, where the Valuation Date falls on
the record date for determination of the person entitled thereto or is subsequent thereto;

e) an appropriate provision for future taxes based on capital and income to the Valuation Date, as determined from

time to time by the AIFM, as well as such amount (if any) as the AIFM may consider to be an appropriate allowance in
respect of any contingent liabilities of the Company provided that for the avoidance of doubt, on the basis that the assets
are held for investment it is not expected that such provision shall include any deferred taxation; and

f) all other liabilities of the Company of whatsoever kind and nature reflected in accordance with Luxembourg law and

Luxembourg generally accepted accounting principles. In determining the amount of such liabilities, the AIFM shall take
into account all expenses payable by the Company 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 determining the amount of such liabilities, the AIFM shall take into account all expenses payable by the Company

which may comprise, as more fully described in the Offering Memorandum, organisational expenses, formation expenses,
operating expenses that the Company must bear, fees payable to its advisors and managers, including any management
and advisory fees and performance fees as well as acquisition fees, sales fees and finance arrangement fees, property
management fees and expenses payable to its accountants, Depositary and its correspondents, domiciliary, administrative,
registrar and transfer agents, any paying agent, any distributors and permanent representatives in places of registration,
as well as any other agent employed by the Company, the remuneration of the directors and their reasonable out-of-
pocket expenses, insurance coverage and reasonable travelling costs in connection with Board meetings, costs payable
in connection with any committees created by the Board (such as the Advisory Committee), including reasonable ac-
commodation and out-of-pocket expenses members of such committees attending meetings, fees and expenses for legal
and auditing services (including due diligence expenses relating to potential investments), payments or reimbursements
to the Promoter of all out-of-pocket legal, accounting and other expenses of the Company and of the Promoter in
connection with the organisation of the Company and the offering of Shares of the Company, any fees and expenses
involved in registering and maintaining the registration of the Company with any governmental agencies or stock exchanges
in the Grand Duchy of Luxembourg and in any other country, reporting and publishing expenses, including the cost of
preparing, printing, advertising and distributing prospectuses, explanatory memoranda, periodical reports or registration
statements, the cost of printing certificates, and the costs of any reports to Shareholders, expenses incurred in determining
the Net Asset Value, the cost of convening and holding Shareholders' and Board's meetings, all taxes, duties, governmental
and similar charges, and all other operating expenses, including the cost of buying and selling assets, the cost of publishing

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U X E M B O U R G

the issue and redemption prices, if any, interest, bank charges, currency conversion costs, and brokerage, postage, tele-
phone and telex.

The Company will moreover pay all other expenses, liabilities and obligations incurred by the Company, the AIFM,

investment advisor(s), investment manager(s) or the Promoter, directly related to the operation of the Company to the
extent such expenses, liabilities and obligations are of such nature not covered by any fees paid to the AIFM, investment
advisor(s) or investment manager(s), incurred in compliance with the Company's documents and, where required, with
the approval of the Board or the AIFM, as may be applicable, including, without limitation, (i) all reasonable costs and
expenses related to the acquisition, development, construction, management, and disposition of investments, whether
or not any such transaction is successfully completed, (ii) all reasonable costs and expenses of financings and refinancing
for the Company and the investments, whether or not any such transaction is successfully completed, (iii) all reasonable
costs and expenses related to the identification and due diligence evaluation of potential investments, whether or not any
such transaction is approved or successfully completed, (iv) reasonable legal, accounting and other expenses incurred in
connection with the operation of the Company, (v) all routine administrative expenses of the Company, including, but
not limited to, the cost of the preparation of the annual audit, periodic financial reports, tax returns, cash management
expenses and insurance and legal expenses, (vi) the reasonable cost of consultants and other professionals, (vii) all value
added tax, capital duty and other similar taxes and duties, (viii) any fees payable to directors which are not employees or
officers of the Promoter or of one of its affiliates; (ix) any premiums relating to the insurances covering the liabilities of
the Company's directors.

The Company may accrue administrative and other expenses of a regular or recurring nature based on an estimated

amount rateably for yearly or other periods.

11.9 The value of all assets and liabilities not expressed in Euro will be converted into Euro at the relevant rates of

exchange prevailing on the relevant Valuation Date. If such quotations are not available, the rate of exchange will be
determined by the AIFM.

11.10 For the purpose of Articles 11.7 and 11.8:
a) Shares to be issued by the Company shall be treated as being in issue as from the time specified by the Board on

the Valuation Date on which such valuation is made and from such time and until received by the Company the price
therefore shall be deemed to be an asset of the Company;

b) Shares of the Company to be redeemed (if any) shall be treated as existing and taken into account until the date

fixed for redemption, and from such time and until paid by the Company the price therefore shall be deemed to be a
liability of the Company;

and
c) where on any Valuation Date the Company or the AIFM for the account of the Company has contracted to:
i. purchase any asset, the value of the consideration to be paid for such asset shall be shown as a liability of the Company

and the value of the asset to be acquired shall be shown as an asset of the Company;

ii. sell any asset, the value of the consideration to be received for such asset shall be shown as an asset of the Company

and the asset to be delivered by the Company shall not be included in the assets of the Company;

provided, however, that if the exact value or nature of such consideration or such asset is not known on such Valuation

Date, then its value shall be determined by the AIFM.

11.11 For the avoidance of doubt, the provisions of this Article 11 including, in particular, Article 11.10 are rules for

determining NAV per Share and are not intended to affect the treatment for accounting or legal purposes of the assets
and liabilities of the Company or any Shares issued by the Company.

Art. 12. Frequency and temporary suspension of calculation of Net Asset Value per Share and of issue of Shares. The

Net Asset Value per Share of each of each Class shall be calculated from time to time by the Central Administration
Agent under the responsibility of the AIFM, provided the calculation is made at least once a year (at the end of the financial
year of the Company) as well as on each day by reference to which the Board approves an issue or a redemption of
Shares, provided that this is in compliance with applicable laws and regulations, such date or time of calculation being
referred to herein as the Valuation Date.

The AIFM may suspend the determination of the NAV per Share of each Class:
(a) during any period when, as a result of the political, economic, military or monetary events or any circumstance

outside the control, responsibility and power of the AIFM, or the existence of any state of affairs in the property market,
disposal of the assets of the Company is not reasonably practicable without materially and adversely affecting and preju-
dicing the interests of Shareholders or if, in the opinion of the AIFM, a fair price cannot be determined for the assets of
the Company;

(b) in the case of a breakdown of the means of communication normally used for valuing any asset of the Company

or if for any reason the value of any asset of the Company which is material in relation to the NAV per Share (as to which
the AIFM shall have sole discretion) may not be determined as rapidly and accurately as required;

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

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

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U X E M B O U R G

(d) during any period when the value of the net assets of any Real Estate Company held for 50% or more by the

Company or any Wholly Owned Subsidiary of the Company may not be determined accurately; or

(e) when for any other reason, the prices of any investments cannot be promptly or accurately determined.
Any such suspension shall be published, if appropriate, by the AIFM and may be notified to Shareholders having made

an application for subscription or redemption, if any, of Shares for which the calculation of the NAV has been suspended.

Art. 13. Benefit Plan Investors. The Board shall use its reasonable efforts to conduct the affairs and operations of the

Company in order to limit investment by Benefit Plan Investors so that participation by Benefit Plan Investors will not be
deemed to be "significant" for purposes of the Plan Asset Regulation (i.e., generally, less than twenty-five percent (25%)
of each class of Shares are held by Benefit Plan Investors), with the intention that the assets of the Company would not
be considered "plan assets" for such purposes.

Title III. Administration and supervision

Art. 14. Directors. The Company shall be managed by a Board composed of not less than three but no more than five

members, who need not be Shareholders of the Company. They shall be elected for a term of 5 years. The directors
shall be elected by the Shareholders at a General Meeting which shall also determine the number of directors and their
remuneration.

Any director may be removed with or without cause at any time by a resolution passed by a majority of the votes of

the Shares present or represented at a General Meeting.

In the event of a vacancy in the office of director, the remaining directors may temporarily fill such vacancy; the

Shareholders shall take a final decision regarding such nomination at their next General Meeting.

Art. 15. Board meetings. The Board may choose from among its members a chairman, and may choose from among

its members one or more vice-chairmen. It may also choose a secretary, who need not be a director, who shall write
and keep the minutes of the meetings of the Board and of the Shareholders. The Board shall meet in Luxembourg upon
call by the chairman or any two directors, at the place indicated in the notice of meeting.

The members of the Board shall appoint a chairman, who shall preside at the meetings of the directors and of the

Shareholders. In his absence, the Shareholders or the Board members shall decide by a majority vote that another director,
or in case of a Shareholders' meeting, that any other person shall be in the chair of such meetings. Resolutions of the
Board shall be taken by a majority vote of the directors present or represented. In case of an equality of votes, the
chairman shall have a casting vote.

The Board may appoint any officers, including a general manager and any assistant general managers as well as any

other officers that the Company deems necessary for the operation and management of the Company. Such appointments
may be cancelled at any time by the Board. The officers need not be directors or Shareholders of the Company. The
officers shall have the rights and duties conferred upon them by the Board.

Written notice of any meeting of the Board shall be given to all directors at least three Bank Business Days prior to

the date set for such meeting, except in circumstances of emergency, in which case the nature of such circumstances shall
be set forth in the notice of meeting. This notice may be waived by consent in writing, by telegram, telex, telefax or any
other similar means of communication. Separate notice shall not be required for meetings held at times and places fixed
in a resolution adopted by the Board.

Any director may act at any meeting by appointing in writing, by telegram, telex or telefax or any other similar means

of communication another director as his proxy. A director may represent several of his colleagues.

Any director may participate in a meeting of the Board by conference call or similar means of communications equip-

ment whereby all persons participating in the meeting can hear each other at the same time provided the majority of
director physically present or represented are in Luxembourg and that the conference call or similar mean of commu-
nication is initiated from Luxembourg. Participation in a meeting by such means shall constitute presence in person at
such meeting. The directors may only act at duly convened meetings of the Board. The directors may not bind the
Company by their individual signatures, except if specifically authorised thereto by resolution of the Board.

The Board can deliberate or act validly only if at least the majority of the directors, or any other number of directors

that the Board may determine, are present or represented.

Resolutions of the Board will be recorded in minutes signed by the chairman of the meeting. Copies or extracts of

such minutes to be produced in judicial proceedings or elsewhere will be validly signed by the chairman of the meeting
(if any) or any two directors.

Resolutions in writing approved and signed by all directors shall have the same effect as resolutions voted at the

directors' meetings; each director shall approve such resolution in writing, by telegram, telex, telefax or any other similar
means of communication. All such resolutions shall form the record that proves that such decision has been taken.

Art. 16. Powers of the Board. The Board is vested with the broadest powers to perform all acts of disposition and

administration within the Company's purpose, in compliance with the investment policy as set out in the Offering Me-
morandum and the Articles.

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U X E M B O U R G

All powers not expressly reserved by law or by the present Articles to the General Meeting are in the competence

of the Board.

More specifically, the Board may exercise all the powers of the Company to borrow money and to mortgage, charge,

pledge or grant any security over its undertaking and property (present and future) or any part thereof.

Art. 17. Corporate signature. Vis-à-vis third parties, the Company is validly bound by the joint signatures of any two

directors or by the single or joint signature(s) of any person(s) to whom authority has been delegated by the Board.

Art. 18. Investment policies and restrictions. The Board, based upon the principle of risk spreading, has the power to

determine the investment policies and strategies of the Company and the course of conduct of the management and
business affairs of the Company, within the restrictions as set forth in the Offering Memorandum issued by the Board
and in compliance with applicable laws and regulations.

Investments in Real Estate may be made by the Company either directly or indirectly through Subsidiaries or Real

Estate Companies as the Board may from time to time decide. References in the Articles to "investments" and "assets"
shall mean, as appropriate, either investments made and assets beneficially held directly or investments made and assets
beneficially held indirectly through the aforesaid Subsidiaries or Real Estate Companies.

Art. 19. Committees. The Board may create from time to time one or several committees composed of directors

and/or external persons and to which it may delegate powers as appropriate. The Advisory Committee foreseen in Article
22 will be such a committee.

Art. 20. Delegation and Alternative Investment Fund Manager. Upon approval of the Luxembourg regulator, the Board

may delegate its powers to conduct the daily management and affairs of the Company (including the right to act as
authorised signatory for the Company) and its powers to carry out acts in furtherance of the corporate policy and purpose
to one or several physical persons or corporate entities, which need not be members of the Board, who shall have the
powers determined by the Board and who may, if the Board so authorises, sub-delegate their powers.

The Board may also confer other special powers of attorney by notarial or private proxy.
Accordingly, the Company appoints the AIFM as external alternative investment fund manager. Accordingly, the AIFM

will administer and manage the Company in accordance with the Offering Memorandum, the Articles, the Fund Mana-
gement Agreement and under the conditions and within the limits laid down by Luxembourg laws and regulations, in
particular the SIF Law and the AIFM Law and in the exclusive interest of the Investors. Details regarding the appointment
of the external alternative investment fund manager will be incorporated in the Offering Memorandum

To the extent that, and as long as, the Company has appointed the AIFM, references to the "Company" or "Board"

shall, where appropriate, be construed as references to the AIFM. Where the Company has not appointed the AIFM or
in case of any discontinuation of the services of the AIFM, the Company itself shall assume all powers and responsibilities.

Removal
The AIFM may be removed at any time for Cause by a 50% consent vote of all outstanding Shares, during a General

Meeting, in accordance with the Articles.

For the purposes of the foregoing "Cause" will consist of:
a) Gross Negligence, Wilful Misconduct or Fraud in the discharge of the AIFM's obligations in relation to the Company;

and

b) Insolvency, administration, bankruptcy of the AIFM or its parent company.
The AIFM may only be removed without Cause by a 75% consent vote of all outstanding Shares, during a General

Meeting, and the approval of the Board in accordance with the Articles. However, in that case, the AIFM will receive a
termination fee which shall be calculated on the basis of the effective Fund Management Fee at the rate applicable on the
termination of the Fund Management Agreement on the basis of the Net Asset Value applicable at the date of the
termination of the Fund Management Agreement, but deducting any amounts customarily rebated to Investors as per the
Fund Management Agreement, until 10 years after that date, in its net present value. It shall be discounted to the date of
the termination of the Fund Management Agreement at an interest rate equal to 3 months EURIBOR on the date of
termination of the Fund Management Agreement. For the avoidance of doubt, no rebates to Investors are to be made
out of such termination fee.

The Fund Management Agreement will be automatically terminated at the end of the Company.
Withdrawal
The AIFM (the "Withdrawing AIFM") may voluntarily terminate the Fund Management Agreement to which it is a party

upon giving 36 months' prior written notice to the Company, which shall promptly notify the Shareholders of such
termination. During such notice period, the Withdrawing AIFM shall continue to perform its services under the Fund
Management Agreement and shall use its reasonable efforts to assist the Company to identify a replacement acceptable
to the Shareholders, provided that if (i) for reasons beyond its control, the Withdrawing AIFM is unable to continue to
provide some or all of such services without committing a material breach of applicable law or regulation or (ii) a repla-
cement alternative investment fund manager acceptable to the Shareholders and the CSSF has been identified, the
Company may in its reasonable discretion impose a shorter notice period than 12 months.

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U X E M B O U R G

Upon expiry of the relevant notice period, and whether or not a replacement alternative investment fund manager

has been appointed;

a) the Fund Management Agreement shall automatically terminate with no right to compensation;
b) the Company will thenceforth take over the services previously provided by the Withdrawing AIFM under the

terminated Fund Management Agreement until such time as a replacement alternative investment fund manager is ap-
pointed;

Replacement AIFM
In the event that the AIFM is removed or withdraws, the Company will use its best endeavours to identify and appoint

a replacement alternative investment fund manager of equivalent skill and experience subject to a prior 75% consent vote
of all outstanding Shares, during a General Meeting, in accordance with these Articles and the prior approval by the CSSF.

The terms of engagement of such replacement alternative investment fund manager shall be substantively identical to

those applicable to the AIFM it is replacing, subject to such modifications as the Board in its reasonable discretion deems
necessary in order to take account of the prevailing commercial circumstances, and shall be documented in an agreement
or agreements in similar form to the terminated Fund Management Agreement.

No Successor AIFM
In circumstances where no successor AIFM has been appointed within three months of the termination of the Fund

Management Agreement concerned, the Board may propose the liquidation of the Company to the General Meeting.

Art. 21. Fund and Investment Advisor. The AIFM will appoint Aberdeen Property Investors Europe B.V. to advise it

on the investment decisions and the overall day-to-day management of the Company's assets in accordance with the
terms of the Fund and Investment Advisory Agreement.

Art. 22. Advisory Committee. The Advisory Committee will generally meet in Luxembourg and will be composed of

at least 5 members, which are representatives of Investors or Shareholders and Independent Experts chosen by the Board,
at its discretion. The chairman of the Advisory Committee will be chosen on proposition of the Board and will have a
casting vote. The Advisory Committee will consist of at least 2 Independent Experts.

The Advisory Committee shall meet upon a call from the Board or by any two Advisory Committee members and

shall meet at least twice every year.

There will be no quorum for the meetings of the Advisory Committee and decisions of the Advisory Committee will

require a simple majority vote.

The Advisory Committee shall meet by phone (provided that the conference call is initiated from Luxembourg) or in-

person following upon not less than five Bank Business Days notice (unless waived by each Advisory Committee member
in writing) of the matters to be considered and discussed by the Advisory Committee.

Advisory Committee members may appoint proxies to attend meetings to the extent permissible under applicable

law. Each Advisory Committee member shall have one vote.

The Advisory Committee shall give its prior approval on any acquisition by the Company of assets belonging (in whole

or in part), directly or indirectly, to the AIFM, the Fund and Investment Advisor, the Promoter or any Shareholder or
Investors or any disposition of assets to aforementioned parties.

None of the members of the Advisory Committee nor their representatives shall be liable and each will be indemnified

and held harmless in accordance with the provisions of these Articles. Each member or its representative shall furthermore
be reimbursed by the Company for its reasonable out-of-pocket expenses incurred in attending Advisory Committee
meetings and a remuneration, as decided by the Board and reflected in the Offering Memorandum, will furthermore be
paid to the Independent Experts of the Advisory Committee.

Art. 23. Conflict of interests. Any member of the Board having an interest in a transaction submitted for approval to

the Board conflicting with that of the Company, shall advise the Board thereof and cause a record of his statement to be
included in the minutes of the meeting. Such member of the Board may not take part in the deliberations relating to that
transaction. At the next following General Meeting, before any other resolution is put to vote, a special report shall be
made on any transactions in which any of the members of the Board may have had an interest conflicting with that of the
Company.

Furthermore, although it is aimed to identify and avoid such conflicts of interests, the Company, the AIFM, the Fund

and Investment Advisor and their members will attempt to resolve all nonetheless arising conflicts in a manner that is
deemed equitable to all parties under the given circumstances. For this purpose, the Company, the AIFM and the Fund
and Investment Advisor have implemented procedures that shall ensure that any business activities involving a conflict
which may harm the interests of the Company or the Investors, are carried out with an appropriate level of independence
and that any conflicts are resolved fairly and in case in a manner that avoids adversely affecting the interests of the Company
and of the Investors.

Accordingly, in the event that the Company is presented with an investment proposal involving a property owned (in

whole or in part), directly or indirectly, by either the AIFM, the Fund and Investment Advisor, the Promoter or any
Shareholder or Investors or any disposition of assets to aforementioned parties such interest will be fully disclosed to
the Investors and referred to the Advisory Committee. The Advisory Committee must approve any such proposals

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referred to it before the investment or divestment is made. In the event that the Company is presented with an investment
proposal in a property which was or is advised by the AIFM, the Fund and Investment Advisor or any sub-investment
advisor or any Affiliate thereof, the terms of such advisory work shall be fully disclosed to the Investors, prior to the
AIFM making a decision on such proposed investment.

The AIFM, the Promoter and the Fund and Investment Advisor will inform the Board, which will notify the Advisory

Committee thereof, of any business activities in which the AIFM, the Promoter or the Fund and Investment Advisor is
involved, directly or indirectly, and which are not related to the Company but could create an opportunity for conflicts
of interest to arise in relation to the Company's investment activity.

The AIFM and the Fund and Investment Advisor have adopted internal rules and regulation dealing with potential

conflicts of interests which are made available to the Investors at the registered office of the Company.

As a matter of principle, all transactions in respect of the Company will be entered into on an arm's length basis.

Art. 24. Indemnification. The Company will indemnify the AIFM, the Fund and Investment Advisor, the Property Ma-

nager and their officers, directors, employees and associates and all persons serving on the Board as well as all members
of the Advisory Committee (each an "Indemnitee") against all claims, liabilities, cost and expenses incurred in connection
with their role as such, other than for Gross Negligence, Fraud or Wilful Misconduct. Shareholders will not be individually
obligated with respect to such indemnification beyond the amount of their investments in the Company and their Uncalled
Commitments.

The Indemnitees shall have no liability for any loss incurred by the Company or any Shareholder howsoever arising in

connection with the service provided by them in accordance with the Offering Memorandum and the Articles, and each
Indemnitee shall be indemnified and held harmless out of the assets of the Company against all actions, proceedings,
reasonable costs, charges, expenses, losses, damages or liabilities incurred or sustained by an Indemnitee in or about the
conduct of the Company's business affairs or in the execution or discharge of his duties, powers, authorities or discretions
in accordance with the terms of the appointment of the Indemnitee, including without prejudice to the generality of the
foregoing, any costs, expenses, losses or liabilities incurred by him in defending (whether successfully or otherwise) any
civil proceedings concerning the Company or its affairs in any court whether in Luxembourg or elsewhere, unless such
actions, proceedings, costs, charges, expenses, losses, damages or liabilities resulted from his Gross Negligence, Wilful
Misconduct or Fraud.

Art. 25. Auditors. The accounting data related in the annual report of the Company shall be examined by one or several

auditors qualifying as "réviseurs d'entreprises agréés", which are appointed by the General Meeting of Shareholders and
are remunerated by the Company.

The auditors shall fulfil all duties prescribed by the SIF Law.

Title IV. General Meetings - Accounting year - Distributions

Art. 26. Representation. The General Meeting shall represent the entire body of Shareholders of the Company. Its

resolutions shall be binding upon all the Shareholders of the Company. It shall have the broadest powers to order, carry
out or ratify acts relating to the operations of the Company.

Art. 27. General Meetings. The General Meeting shall meet upon call by the Board. It may also be called upon at the

request of Shareholders representing at least one tenth of the share capital.

The annual General Meeting shall be held in accordance with Luxembourg law at Luxembourg City at a place specified

in the notice of meeting, on the second Tuesday of May at 11.00 a.m. If such day is a legal or a bank holiday in Luxembourg,
the annual General Meeting shall be held on the next following Bank Business Day at the same time.

Other meetings of Shareholders may be held at such places and times as may be specified in the respective notices of

meeting.

Shareholders shall attend the meeting in person or by proxy. Shareholders' resolutions shall only be made in a General

Meeting.

The Shareholders shall resolve on the following subjects:
a) amendment of the Articles;
b) amendment of the Offering Memorandum (such as, but not limited to, amendments to the investment strategy,

investment guidelines or investment restrictions as set out therein) and the Fund Management Agreement;

c) appointment of the members of the Board;
d) removal of the members of the Board;
e) termination of the agreement with the AIFM;
f) appointment of a new AIFM;
g) approval of the Company's audited financial statements and appointment of the Company's auditors; and
h) liquidation of the Company.
The Shareholders will decide on the matters mentioned above under b) with a 75% consent vote of all outstanding

Shares, provided that no amendment may increase any Shareholder's Commitment, reduce its part of the Company's

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distributions, or decrease the percentage of Shareholders required to amend the Fund Documents in any manner, without
the unanimous consent of all the outstanding Shares. For the avoidance of doubt, any of the amendments mentioned
above under b) may also be made with unanimous written consent of all Investors (in which case no General Meeting
shall be required). However, the Board may make amendments mentioned above under b) without the approval of the
Shareholders to (i) make any change that is necessary or desirable to cure any ambiguity or to correct or supplement
any provision of the Offering Memorandum or the Fund Management Agreement that would otherwise be inconsistent
with any other provision of any other Fund Document, and (ii) make a change that is necessary or desirable to satisfy any
applicable requirements, conditions or guidelines contained in any opinion, directive, order, statute, rule or regulation of
any governmental entity so long as such change is made in a manner which minimises any adverse effect on the Investors.

The Shareholders will decide on the matter mentioned above under
e) with a 75% consent vote of all outstanding Shares and the approval by the Board, in case of removal without Cause

and with a 50% consent vote of all outstanding Shares, in case of removal with Cause.

The Shareholders will decide on the matter mentioned above under c) and f) with a 75% consent vote of all outstanding

Shares.

The Shareholders will decide on the matters mentioned above under a) and h) subject to the quorum and majority

requirements provided by the law of 10 August 1915 on commercial companies, as amended.

With respect to all other matters, resolutions of the General Meeting are passed by a simple majority vote of the

Shareholders present or represented.

Shareholders shall meet upon call by the Board pursuant to a notice setting forth the agenda sent at least ten (10)

Bank Business Days prior to the meeting to each registered Shareholder at the Shareholder's address in the register of
Shareholders. The giving of such notice to registered Shareholders need not be justified to the meeting. The agenda shall
be prepared by the Board except in the instance where the meeting is called on the written demand of the Shareholders
in which instance the Board may prepare a supplementary agenda.

The notice of meeting shall, in addition, be published as provided for by law in the Mémorial, Recueil des Sociétés et

Associations, in one or more Luxembourg newspapers, and in such other newspapers as the Board may decide.

As all Shares are in registered form, notices to Shareholders may be mailed by registered mail only.
If all Shareholders are present or represented and consider themselves as being duly convened and informed of the

agenda, the General Meeting may take place without notice of meeting. The Board may determine all other conditions
that must be fulfilled by Shareholders in order to attend any meeting of Shareholders.

The business transacted at any General Meeting shall be limited to the matters contained in the agenda (which shall

include all matters required by law) and business incidental to such matters.

The Board may fix a date in advance, not exceeding twenty Bank Business Days, preceding the date of any meeting of

Shareholders as a record date for the determination of the Shareholders entitled to notice of, and to vote at, any such
meeting and in such case, such Shareholders and only such Shareholders as shall be Shareholders of record on the date
so fixed shall be entitled to such notice of, and to vote at, such meeting, notwithstanding any transfer of any Shares on
the register of Shareholders after any such record date fixed as aforesaid.

Art. 28. Majority conditions. Each Share is entitled to one vote, in compliance with Luxembourg law and the Articles.

A Shareholder may act at any meeting of Shareholders by giving a written proxy to another person, who need not be a
Shareholder and who may be a director of the Company.

Unless otherwise provided by law or herein, resolutions of the General Meeting are passed by a simple majority vote

of the Shareholders present or represented.

Art. 29. Accounting year. The accounting year of the Company shall commence on 1 January each year and shall

terminate on 31 December of that year.

The financial statements of the Company shall be expressed in Euro.

Art. 30. Dividends and distributions. The General Meeting shall ratify the interim dividends of the Board and shall,

upon proposal from the Board and within the limits provided by law, decide to distribute the remaining Net Cash Flow
that have not been paid as interim dividends or otherwise.

More specifically, the Net Cash Flow (including interest and similar payments) shall be retained by the Company to

the payment of the Company's expenses and the Fund Management Fee, provided however that any material amounts in
excess of the anticipated payments of expenses and the Fund Management Fee (such material amounts to be determined
by the Board from time to time) shall be, on decision of the Board, distributed to the Shareholders as interim dividends
in compliance with the conditions set forth by law.

Payments of distributions to Shareholders shall be made at their addresses in the register of Shareholders. Distributions

may be paid in EUR and at such time and place that the Board shall determine from time to time.

Any distribution that has not been claimed within five years of its declaration shall be forfeited and revert to the

Company.

No interest shall be paid on a dividend declared by the Company and kept by it at the disposal of its beneficiary.

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Title V. Final provisions

Art. 31. Depositary. The Company and the AIFM shall enter into a written depositary agreement with a banking or

saving institution as defined by the law of 5 April 1993 on the financial sector, as amended from time to time, and which
shall satisfy the requirements of the SIF Law and AIFM Law.

The Depositary shall fulfil the duties and the responsibilities provided for by Part II of the SIF Law, the AIFM Law as

well as by all other applicable Luxembourg laws and regulations.

Under the conditions set forth in the SIF Law and AIFM Law, the Depositary may discharge itself of liability towards

the Company and the Investors. In particular, under the conditions laid down in article 19(14) of the AIFM Law, including
the condition that the investors of the Company have been duly informed of that discharge and of the circumstances
justifying the discharge prior to their investment, the Depositary can discharge itself of liability, in the case where the law
of a third country requires that certain financial instruments are held in custody by a local entity and there are no local
entities that satisfy the delegation requirements laid down in article 19(11) point (d)(ii) of the AIFM Law. If applicable,
additional details are disclosed in the Offering Memorandum.

If the Depositary withdraws, the Company and the AIFM shall use their best endeavours to find a successor depositary

within two months of the effectiveness of such retirement. The Company may terminate the appointment of the Depo-
sitary but shall not remove the Depositary unless and until a successor depositary shall have been appointed to act in the
place thereof.

Art. 32. Dissolution. The Company may at any time be dissolved by a General Meeting, which shall be subject to the

quorum requirements referred to in Article 34 hereof, and such decision shall be taken by three quarters of the Share-
holders represented at such General Meeting.

Whenever the net assets fall below two thirds of the minimum net assets as prescribed by law, i.e. one million two

hundred and fifty thousand Euro (EUR 1,250,000.-), the question of the dissolution of the Company shall be referred to
the General Meeting by the Board. The General Meeting, for which no quorum shall be required, shall decide by the
simple majority of the votes of the Shares represented at the meeting.

The question of the dissolution of the Company shall further be referred to the General Meeting whenever the net

assets fall below one fourth of the minimum net assets as prescribed by law, i.e. one million two hundred and fifty thousand
Euro (EUR 1,250,000.-); in such an event, the General Meeting shall be held without any quorum requirements and the
dissolution may be decided by Shareholders holding one fourth of the votes of the Shares represented at the meeting.

The meeting must be convened so that it is held within a period of forty Bank Business Days from ascertainment that

the net assets of the Company have fallen below two thirds or one fourth of the legal minimum, as the case may be.

Art. 33. Liquidation. Liquidation shall be carried out by one or several liquidators, who may be natural persons or legal

entities, appointed by the General Meeting which shall determine their powers and their compensation.

Upon the termination of the Company, the assets of the Company will be liquidated in an orderly manner and all

investments or the proceeds from the liquidation of investments will be distributed to the Shareholders in accordance
with the provisions as set out in Article 30. All investments or the proceeds from the liquidation of investments will be
distributed in cash.

Art. 34. Amendments to the Articles of Incorporation. These Articles may be amended by a General Meeting of

Shareholders subject to the quorum and majority requirements provided by the law of 10 August 1915 on commercial
companies, as amended.

Art. 35. Available Information and Preferential Treatment. In respect of each accounting year, the AIFM will distribute

to each investor an annual report, which will be established in accordance with Luxembourg GAAP, including audited
financial statements for the Company, within six (6) months after the end of such accounting year. The AIFM will also
provide the Investors with informal quarterly and semi-annual reports.

Any financial and other information concerning the Company as prescribed by the SIF Law and the AIFM Law, including

without limitation, the composition of the portfolio held by the Company, the Net Asset Value per Share, the issue prices
of Shares, the past performance of the Company as well as any material changes thereof, will be made available free of
charge to each Investor before they invest in the Company on any Bank Business Day during normal business hours at
the registered office of the Company and at such places, if any, as specified in the Offering Memorandum.

Furthermore, the AIFM will also make available at the Company's registered office and at such places or in any such

manner as specified in the Offering Memorandum to each Investor any other information as prescribed by the SIF Law
and the AIFM Law, including in particular and without limitation the percentage of the Company's assets which are subject
to special arrangements arising from their illiquid nature, the risk profile of the AIF, the risk management systems employed
for managing the risks to which the Company is or may be exposed to and the total amount of leverage.

Each Investor should note that one or more Investor(s) of the Company may have obtained a preferential specific

treatment (including but not limited to fee arrangements, the various reports and information to be received, the right
to be consulted and/or represented in the Advisory Committee, co-investment opportunities, if any, etc). Further details
on any such preferential treatment, including on how an Investor may obtain such preferential treatment, are made
available to all Investors at the registered office of the Company during usual business hours as well as upon request.

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Art. 36. Applicable law. All matters not governed by the Articles shall be determined in accordance with the law of

10 August 1915 on commercial companies as amended from time to time, the SIF Law and the AIFM Law.

Art. 37. Dispute resolution. Any dispute, controversy or claim arising out of or relating to the Offering Memorandum,

the Articles and the Subscription Agreement or the breach, termination or invalidity thereof, shall be settled in accordance
with Luxembourg Law.

Whereof the present notarial deed was drawn up in Luxembourg, on the day named at the beginning of this document.
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 only, in accordance with article 26 of the Luxembourg law of 13 February
2007 relating to specialised investment funds, as amended.

The document having been read to the proxy holder of the appearing parties, known to the notary by his surname,

name, civil status and residence, said proxy holder signed together with us, the notary, the present original deed.

Signé: E. WEILAND, M. ALEXAKI, S. SCHMITT, J.-J. WAGNER.
Enregistré à Esch-sur-Alzette A.C., le 16 juillet 2014. Relation: EAC/2014/9875. Reçu soixante-quinze Euros (75,- EUR).

Le Receveur ff.

(signé): Monique HALSDORF.

Référence de publication: 2014106280/939.
(140127128) Déposé au registre de commerce et des sociétés de Luxembourg, le 22 juillet 2014.

Luxembourg Treasury Securities, Société Anonyme.

Siège social: L-2661 Luxembourg, 42, rue de la Vallée.

R.C.S. Luxembourg B 188.869.

STATUTES

In the year two thousand and fourteen, on the twenty-third day of July.
Before the undersigned, Maître Cosita DELVAUX, notary, residing in Redange-sur-Attert.

There appeared:

The State of the Grand Duchy of Luxembourg (the Shareholder),
duly represented by Mr Pierre GRAMEGNA, Minister of Finance, with professional address at 3, rue de la Congrégation,

L-1352 Luxembourg,

by virtue of a proxy given on 21 July 2014.
The said proxy, after having been signed ne varietur by the appearing person and the undersigned notary, shall remain

attached to this notarial deed to be filed at the same time with the registration authorities.

Such appearing party, acting pursuant to the Luxembourg law dated 12 July 2014, published in the Memorial A number

121 on 15 July 2014, in its capacity as representative of the Shareholder, has requested the officiating notary to enact the
following articles of incorporation (the Articles) of a company, which it declares to establish as follows:

Art. 1. Form and Name. There exists a public limited liability company (société anonyme) under the name of "Lux-

embourg Treasury Securities" (the Company).

The Company may have one shareholder (the Sole Shareholder) or more shareholders.

Art. 2. Registered office. The registered office of the Company is established in Luxembourg, Grand Duchy of Lux-

embourg (Luxembourg). It may be transferred within the boundaries of the municipality of Luxembourg by a resolution
of the board of directors of the Company (the Board) or, in the case of a sole director (the Sole Director) by a decision
of the Sole Director.

Where the Board determines that extraordinary political or military developments or events have occurred or are

imminent and that these developments or events would interfere with the normal activities of the Company at its reg-
istered 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 temporary
measures shall have no effect on the nationality of the Company which, notwithstanding the temporary transfer of its
registered office, will remain a Luxembourg incorporated company.

Art. 3. Duration. The Company is incorporated for an unlimited duration.
The Company may be dissolved, at any time, by a resolution of the General Meeting (as defined below) adopted in the

manner required for amendments of the Articles, as prescribed in article 21 below.

Art. 4. Corporate objects. The corporate objects of the Company are to provide financing to the State of the Grand

Duchy of Luxembourg. To this end, the Company is entitled to raise funds by issuing financial instruments in the form of
trust certificates. To achieve this overall purpose, the Company may take such actions and enter into such agreements
as the Board deems necessary or useful for the furtherance of the Company's object, including (but not limited to):

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(i) the acquisition of real estate assets from the State of the Grand Duchy of Luxembourg using the proceeds received

from the issuance of trust certificates,

(ii) the entry into lease contracts in respect of the real estate assets so acquired and the disposal of the real estate

assets back to the State of the Grand Duchy of Luxembourg pursuant to a purchase undertaking or a similar arrangement;
and

(iii) acting as agent or trustee of the holders of the trust certificates and holding real estate assets for the benefit of

such holders.

The descriptions above are to be understood in their broadest sense and the Company is authorised to do all that is

connected directly or indirectly to the above. The corporate objects of the Company shall include any transaction or
agreement which is entered into by the Company, provided that it is not inconsistent with the foregoing enumerated
objects.

Art. 5. Share capital. The subscribed share capital is set at EUR 31,000 (thirty-one thousand euros) consisting of 310

(three hundred and ten) ordinary shares in registered form with a par value of EUR 100 (one hundred euros) each.

The subscribed share capital of the Company may be increased or reduced by a resolution adopted by the General

Meeting in the manner required for amendment of the Articles, as prescribed in article 21 below.

Art. 6. Shares. The shares are and will remain in registered form (actions nominatives).
A register of the shareholder(s) of the Company shall be kept at the registered office of the Company, where it will

be available for inspection by any shareholders. Such register shall set forth the name of each shareholder, his residence
or elected domicile, the number of shares held by him, the amounts paid up on each such 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.

The Company may redeem its own shares within the limits set forth by law.

Art. 7. Transfer of shares. The transfer of shares may be effected by a written declaration of transfer entered in the

register of the shareholder(s) of the Company, 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 Company may also accept as evidence of transfer other instruments of transfer evidencing the consent of the

transferor and the transferee satisfactory to the Company.

Art. 8. Meetings of the shareholders of the Company. In the case of a Sole Shareholder, the Sole Shareholder assumes

all powers conferred on the General Meeting. In these Articles, decisions taken, or powers exercised, by the General
Meeting shall be a reference to decisions taken, or powers exercised, by the Sole Shareholder as long as the Company
has only one shareholder. The decisions taken by the Sole Shareholder are documented by way of minutes or written
resolutions, as the case may be.

In the case of a plurality of shareholders, any regularly constituted meeting of the shareholders of the Company (the

General Meeting) shall represent the entire body of shareholders of the Company. It shall have the broadest powers to
order, carry out or ratify acts relating to all the operations of the Company.

The annual General Meeting shall be held, in accordance with Luxembourg law, in Luxembourg at the address of the

registered office of the Company or at such other place in the municipality of the registered office as may be specified in
the convening notice of the meeting, on the third Wednesday in March of each year at 10.00 a.m. (CET). If such day is
not a business day for banks in Luxembourg, the annual General Meeting shall be held on the next following business day.

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

circumstances so require.

Other meetings of the shareholders of the Company may be held at such place and time as may be specified in the

respective convening notices of the meeting.

Any shareholder may participate in a General Meeting by conference call, video conference or similar means of com-

munications equipment whereby (i) the shareholders attending the meeting can be identified, (ii) all persons participating
in the meeting can hear and speak to each other, (iii) the transmission of the meeting is performed on an on-going basis
and (iv) the shareholders can properly deliberate, and participating in a meeting by such means shall constitute presence
in person at such meeting.

Art. 9. Notice, quorum, powers of attorney and convening notices. The notice periods and quorum provided for by

law shall govern the notice for, and the conduct of, the General Meetings, unless otherwise provided herein.

Each share is entitled to one vote.
Except as otherwise required by law or by these Articles, resolutions at a duly convened General Meeting will be

passed by a simple majority of those present or represented and voting.

A shareholder may act at any General Meeting by appointing another person as his proxy in writing whether in original,

by telefax, cable, telegram, telex or by e-mail to which an electronic signature, which is valid under Luxembourg law, is
affixed.

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If all the shareholders of the Company are present or represented at a General Meeting, and consider themselves as

being duly convened and informed of the agenda of the meeting, the meeting may be held without prior notice.

The shareholders may vote in writing (by way of voting bulletins) on resolutions submitted to the General Meeting

provided that the written voting bulletins include (i) the name (including the first name), address and the signature of the
relevant shareholder, (ii) the indication of the shares for which the shareholder will exercise such right, (iii) the agenda
as set forth in the convening notice and (iv) the voting instructions (approval, refusal, abstention) for each point of the
agenda. The original voting bulletins must be received by the Company 72 (seventy-two) hours before the relevant General
Meeting.

Art. 10. Management. In these Articles, any reference to the Board shall be a reference to the Sole Director (as defined

below) (in the case that the Company has only one director) as long as the Company has only one shareholder.

For so long as the Company has a Sole Shareholder, the Company may be managed by a Sole Director only who does

not need to be a shareholder of the Company. Where the Company has more than one shareholder, the Company shall
be managed by a Board composed of at least three (3) directors who need not be shareholders of the Company. In that
case, the General Meeting must appoint at least two (2) new members of the Board in addition to the then existing Sole
Director. The Sole Director or, as the case may be, the member(s) of the Board shall be elected for a term not exceeding
six years and shall be reeligible.

When a legal person is appointed as a member of the Board (the Legal Entity), the Legal Entity must designate a

permanent representative (représentant permanent) who will represent the Legal Entity as Sole Director or as member
of the Board in accordance with article 51bis of the Luxembourg act dated 10 August 1915 on commercial companies,
as amended (the Companies Act 1915).

The director(s) shall be elected by the General Meeting. The shareholders of the Company shall also determine the

number of directors, their remuneration and the term of their office. A director may be removed with or without cause
and/or replaced, at any time, by resolution adopted by the General Meeting.

In the event of vacancy in the office of a director because of death, retirement or otherwise, the remaining directors

may elect, by a majority vote, a director to fill such vacancy until the next General Meeting. In the absence of any remaining
directors, a General Meeting shall promptly be convened by the auditor and held to appoint new directors.

Art. 11. Meetings of the Board. The Board shall appoint a chairman (the Chairman) among its members and may choose

a secretary, who need not be a director, and who shall be responsible for keeping the minutes of the meetings of the
Board and of the resolutions passed at the General Meeting or of the resolutions passed by the Sole Shareholder. The
Chairman will preside at all meetings of the Board and any General Meeting. In his/her absence, the General Meeting or
the other members of the Board (as the case may be) will appoint another chairman pro tempore who will preside at
the relevant meeting by simple majority vote of the directors present or by proxy at such meeting.

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

which shall be in Luxembourg.

Written notice of any meeting of the Board shall be given to all the directors at least twenty-four (24) hours in advance

of the date set for such meeting, except in circumstances of emergency, in which case the nature of such circumstances
shall be set forth briefly in the convening notice of the meeting of the Board.

No such written notice is required if all the members of the Board are present or represented during the meeting and

if they state to have been duly informed, and to have had full knowledge of the agenda, of the meeting. The written notice
may be waived by the consent in writing, whether in original, by telefax, cable, telegram, telex or e-mail to which an
electronic signature, which is valid under Luxembourg law, is affixed, of each member of the Board. Separate written
notice shall not be required for meetings that are held at times and places prescribed in a schedule previously adopted
by resolution of the Board.

Any member of the Board may act at any meeting of the Board by appointing, in writing whether in original, by telefax,

cable, telegram, telex or e-mail to which an electronic signature (which is valid under Luxembourg law) is affixed, another
director as his or her proxy.

One member of the Board in attendance may represent any member unable to attend at a meeting of the Board and

there must always be at least two members who are either present in person or who attend such meeting by way of
conference call, video conference or any means of communication that complies with the requirements set forth in the
next following paragraph, participate in a meeting of the Board.

Any director may participate in a meeting of the Board, and will be considered as having been personally present at

such meeting, by conference call, video conference or similar means of communications equipment whereby (i) the
directors attending the meeting can be identified, (ii) all persons participating in the meeting can hear and speak to each
other, (iii) the transmission of the meeting is performed on an on-going basis and (iv) the directors can properly deliberate,
and participating in a meeting by such means shall constitute presence in person at such meeting.

The Board can deliberate and act validly only if at least the majority of the Company's directors is present or repre-

sented at a meeting of the Board. Decisions shall be taken by a majority of the votes of the directors present or
represented at such meeting. In the case of a tied vote, the Chairman of the meeting shall have a casting vote.

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U X E M B O U R G

Notwithstanding the foregoing, a resolution of the Board may also be passed in writing, provided such resolution is

preceded by a deliberation between the directors by such means as is, for example, described under paragraph 7 of this
article 11. Such resolution shall consist of one or several documents containing the resolutions and signed, manually or
electronically by means of an electronic signature which is valid under Luxembourg law, by each and every directors. The
date of such resolution shall be the date of the last signature.

Article 11 does not apply in the case that the Company is managed by a Sole Director.

Art. 12. Minutes of meetings of the Board or of resolutions of the Sole Director
The resolutions passed by the Sole Director are documented by written minutes held at the Company's registered

office.

The minutes of any meeting of the Board shall be signed by the Chairman or a member of the Board who presided at

such meeting. The minutes relating to the resolutions taken by the Sole Director shall be signed by the Sole Director.

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

Chairman, any two members of the Board or the Sole Director (as the case may be).

Art. 13. Powers of the Board. The Board is vested with the broadest powers to perform or cause to be performed

all acts of disposition and administration in the Company's interest. All powers not expressly reserved by the Companies
Act 1915 or by the Articles to the General Meeting fall within the competence of the Board.

Art. 14. Delegation of powers. The Board may appoint a person (délégué à la gestion journalière), either a shareholder

or not, or a member of the Board or not, who shall have full authority to act on behalf of the Company in all matters
concerned with the daily management and affairs of the Company.

The Board may appoint a person, either a shareholder or not, either a director or not, as permanent representative

for any entity in which the Company is appointed as member of the board of directors. This permanent representative
will act with all discretion, but in the name and on behalf of the Company, and may bind the Company in its capacity as
member of the board of directors of any such entity.

The Board is also authorised to appoint a person, either director or not, for the purposes of performing specific

functions at every level within the Company.

Art. 15. Binding signatures. The Company shall be bound towards third parties in all matters (including the daily

management) by (i) the joint signatures of any two members of the Board, or (ii) in the case of a sole director, the sole
signature of the Sole Director or (iii) the joint signatures of any persons or sole signature of the person to whom such
signatory power has been granted by the Board or the Sole Director, but only within the limits of such power.

Art. 16. Conflict of interests. No contract or other transaction between the Company and any other company or firm

shall be affected or invalidated by the fact that any one or more of the directors or officers of the Company is interested
in, or is a director, associate, officer or employee of such other company or firm.

Any director or officer of the Company who serves as director, officer or employee of any company or firm with

which the Company shall contract or otherwise engage in business shall 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.

In the event that any director of the Company may have any personal and opposite interest in any transaction of the

Company, such director shall make known to the Board such personal and opposite interest and shall not consider or
vote upon any such transaction, and such transaction, and such director's interest therein, shall be reported to the next
following annual General Meeting. This paragraph does not apply for so long as the Company has a Sole Director.

For so long as the Company has a Sole Director, the minutes of the General Meeting shall set forth the transactions

entered into by the Company and the Sole Director and in which the Sole Director has an opposite interest to the interest
of the Company.

The two preceding paragraphs do not apply to resolutions of the Board or the Sole Director concerning transactions

made in the ordinary course of business of the Company of which are entered into on arm's length terms.

Art. 17. Statutory Auditor(s). The operations of the Company shall be supervised by one or more statutory auditors

(réviseurs d'entreprises agréés). The General Meeting will determine their number, their remuneration and the term of
their office.

Art. 18. Accounting year. The accounting year of the Company shall begin on 1 January and shall terminate on 31

December of each year.

Art. 19. Allocation of profits. From the annual net profits of the Company, 5% (five per cent.) shall be allocated to the

reserve required by law. This allocation shall cease to be required as soon as such legal reserve amounts to 10% (ten per
cent.) of the capital of the Company as stated or as increased or reduced from time to time as provided in article 4 above.

The General Meeting shall determine how the remainder of the annual net profits shall be disposed of and it may, in

its sole discretion, decide to pay dividends from time to time, as it believes best suits the corporate purpose and policy.

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The dividends may be paid in euro or any other currency selected by the Board and they may be paid at such places

and times as may be determined by the Board. The Board may decide to pay interim dividends under the conditions and
within the limits laid down in the Companies Act 1915.

Art. 20. Dissolution and liquidation. The Company may be dissolved, at any time, by a resolution of the General Meeting

adopted in the manner required for amendment of these Articles, as prescribed in article 21 below. In the event of a
dissolution of the Company, the liquidation shall be carried out by one or several liquidators (who may be physical persons
or legal entities) appointed by the General Meeting deciding such liquidation. Such General Meeting shall also determine
the powers and the remuneration of the liquidator(s).

Art. 21. Amendments. These Articles may be amended, from time to time, by an extraordinary General Meeting,

subject to the quorum and majority requirements referred to in the Companies Act 1915.

Art. 22. Applicable law. All matters not expressly governed by these Articles shall be determined in accordance with

the Companies Act 1915.

Transitory provisions

The first business year begins today and ends on 31 December 2014.
The first annual General Meeting will be held in 2015.

Subscription - Payment

The Articles of the Company having thus been established, the party appearing hereby declares that it subscribes to

310 (three hundred and ten) shares representing the total share capital of the Company.

All these shares have been paid up by the Shareholder to an extent of 100% (one hundred per cent.) by payment in

cash, so that the sum of EUR31,000 (thirty one thousand euros) paid by the Shareholder is from now on at the free
disposal of the Company, evidence thereof having been given to the officiating notary.

Statement - Costs

The notary executing this deed declares that the conditions prescribed by article 26 of the Companies Act 1915 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 1915.

The amount, approximately at least, of costs, expenses, salaries or charges, in whatever form it may be incurred or

charged to the Company as a result of its formation, is approximately evaluated at EUR 2,100.

Resolutions of the sole shareholder

The above named party, representing the whole of the subscribed capital, has passed the following resolutions:
1. the number of directors is set at 7 (seven) directors;
2. the following persons are appointed as directors:
Mrs Isabelle Goubin, Directeur du Trésor, born in Luxembourg, on 23 September 1961, with professional address at

3, rue du St Esprit, L-1475 Luxembourg;

Mr Jean Leyder, Directeur, born in Luxembourg, on 26 March 1958, with professional address at 10, rue du St Esprit,

L-2011 Luxembourg;

Mr Etienne Reuter, Directeur, born in Ettelbruck, on 20 December 1956, with professional address at 3, rue de la

Congrégation, L-1352 Luxembourg;

Mr Tom Weisgerber, 1

Conseiller de Gouvernement, born in Esch-sur-Alzette, on 25 September 1959, with pro-

fessional address at 4, Place de l’Europe, L-1499 Luxembourg;

Mr Jean-Marie Bettinger, employee of Experta Corporate Trust Services SA, born in Saint-Avold, on 14 March 1973,

with professional address at 42, rue de la Vallée, L-2661 Luxembourg;

Mr Charles Ries, Attaché de Gouvernement 1

en rang, born in Luxembourg, on 22 October 1971, with professional

address at 3, rue du St Esprit, L-1475 Luxembourg; and

Ms Marie-Jeanne Conter, Conseiller de Direction adjoint, born in Luxembourg, on 20 February 1973, with professional

address at 3, rue du St Esprit, L-1475 Luxembourg;

3. that there be appointed KPMG Luxembourg S.à r.l. of 9, allée Scheffer, L-2520 Luxembourg as statutory auditor

(réviseur d'entreprises agréé) of the Company;

4. that the terms of office of the members of the Board and of the statutory auditor will expire after the annual General

Meeting of the year 2020; and

5. that the address of the registered office of the Company is at 42, rue de la Vallée, L-2661 Luxembourg.
The undersigned notary who understands and speaks English, states herewith that at the request of the above appearing

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

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Whereof the present notarial deed was drawn up in Luxembourg, on the day named at the beginning of this document.
The document having been read to the person appearing, known to the notary by his surname, name, civil status and

residences, the said person appearing signed together with the notary the present deed.

Suit la traduction en français du texte qui précède:

L'an deux mille quatorze, le vingt-trois juillet.
Par-devant Maître Cosita DELVAUX, notaire, résident à Redange-sur-Attert.

A COMPARU:

L'Etat du Grand-Duché de Luxembourg (l’Actionnaire),
dûment représenté par Monsieur Pierre GRAMEGNA, Ministre des Finances, ayant son adresse professionnelle au 3,

rue de la Congrégation, L-1352 Luxembourg,

en vertu d’une procuration datée du 21 juillet 2014.
Ladite procuration, après avoir été signée ne varietur par le mandataire de la partie comparante ainsi que par le notaire

soussigné, restera annexée au présent acte notarié pour être soumise, simultanément, à la formalité de l’enregistrement.

Lequel comparant, agissant sur base de la loi luxembourgeoise du 12 juillet 2014, publiée au Mémorial A numéro 121

du 15 juillet 2014, et en sa qualité de représentant de l’Actionnaire, a requis le notaire instrumentant de dresser les
suivants statuts (les Statuts) d'une société qu'il déclare constituer comme suit:

Art. 1

. Forme et Dénomination. Il est établi une société anonyme sous la dénomination de «Luxembourg Treasury

Securities» (la Société).

La Société peut avoir un actionnaire unique (l’Actionnaire Unique) ou plusieurs actionnaires.

Art. 2. Siège Social. Le siège social de la Société est établi à Luxembourg, Grand-Duché de Luxembourg (Luxembourg).

Il pourra être transféré dans les limites de la commune de Luxembourg par simple décision du conseil d’administration
de la Société (le Conseil d'Administration) ou, dans le cas d'un administrateur unique (l’Administrateur Unique) par une
décision de l’Administrateur Unique.

Lorsque le Conseil d’Administration estime que des événements extraordinaires d'ordre politique ou militaire de

nature à compromettre l’activité normale au siège social, ou la communication aisée entre le siège social et l’étranger se
sont produits ou sont sur le point de se produire, il pourra transférer provisoirement le siège social à l’étranger jusqu'à
la cessation complète de ces événements extraordinaires. Cette mesure provisoire n'aura toutefois aucun effet sur la
nationalité de la Société, qui restera, nonobstant le transfert temporaire de son siège social, une société luxembourgeoise.

Art. 3. Durée. La Société est constituée pour une période illimitée.
La Société peut être dissoute, à tout moment, par résolution de l’Assemblée Générale (telle que définie ci-après)

statuant comme en matière de modifications des Statuts, tel que prescrit à l’article 21 ci-après.

Art. 4. Objet Social. La Société a pour objet social de financer l’Etat du Grand-Duché de Luxembourg. A cette fin, la

Société peut lever des fonds en émettant des instruments financiers sous forme de certificats représentant les parts dans
des trusts. Afin d'atteindre cet objectif global, la Société peut prendre toutes mesures et conclure tous contrats qui
seraient, de l’avis du Conseil d'Administration, nécessaires ou utiles à la réalisation de l’objet de la Société, y compris
(mais sans s'y limiter):

(a) l’acquisition des biens immobiliers de l’Etat du Grand-Duché de Luxembourg aux moyens de l’utilisation des revenus

provenant de l’émission de certificats représentant les parts dans des trusts;

(b) la conclusion de contrats de location relatifs aux biens immobiliers ainsi acquis, et la revente de ces biens immobiliers

à l’Etat du Grand-Duché de Luxembourg en vertu d'un engagement de rachat ou d'un arrangement similaire; et

biens immobiliers dans l’intérêt de ces derniers.

Les descriptions ci-dessus doivent être comprises dans leur sens le plus large et la Société est autorisée à prendre

toutes les mesures directement ou indirectement liées aux actions précitées. L'objet social de la Société couvre toutes
les opérations auxquelles la Société participe et tous les contrats passés pas la Société, dans la mesure où ils restent
compatibles avec l’objet social ci-avant explicité.

Art. 5. Capital Social. Le capital social souscrit est fixé à EUR 31.000 (trente et un mille euros) représenté par 310

(trois cent dix) actions ordinaires sous forme nominative d’une valeur nominale de EUR 100 (cent euros) chacune.

Le capital social souscrit de la Société peut être augmenté ou réduit par une résolution prise par l’Assemblée Générale

statuant comme en matière de modification des Statuts, tel que prescrit à l’article 21 ci-après.

Art. 6. Actions. Les actions sont et resteront nominatives.
Un registre de(s) actionnaire(s) de la Société devra être tenu au siège social de la Société où il pourra être consulté

par tout actionnaire. Ce registre contiendra le nom de chaque actionnaire, sa résidence ou son domicile élu, le nombre
d'actions qu'il détient, le montant libéré pour chacune de ces actions, ainsi que la mention des transferts des actions et
les dates de ces transferts. La propriété des actions sera établie par inscription dans ledit registre.

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La Société peut racheter ses propres actions dans les limites prévues par la loi.

Art. 7. Transfert des Actions. Le transfert des actions peut se faire par une déclaration écrite de transfert inscrite au

registre de(s) actionnaire(s) de la Société, cette déclaration de transfert devant être signée par le cédant et le cessionnaire
ou par des personnes détenant les pouvoirs de représentation nécessaires pour agir à cet effet ou, conformément aux
dispositions de l’article 1690 du Code civil luxembourgeois relatives à la cession de créances.

La Société peut également accepter comme preuve de transfert d’actions d'autres instruments de transfert dans les-

quels les consentements du cédant et du cessionnaire sont établis, et jugés suffisants par la Société.

Art. 8. Réunions de l’assemblée des actionnaires de la Société. Dans l’hypothèse d'un Actionnaire Unique, l’Actionnaire

Unique a tous les pouvoirs conférés à l’Assemblée Générale. Dans ces Statuts, toute référence aux décisions prises ou
aux pouvoirs exercés par l’Assemblée Générale est une référence aux décisions prises ou aux pouvoirs exercés par
l’Actionnaire Unique tant que la Société n'a qu'un actionnaire unique. Les décisions prises par l’Actionnaire Unique sont
enregistrées par voie de procès-verbaux ou résolutions écrites, le cas échéant.

Dans l’hypothèse d'une pluralité d'actionnaires, toute assemblée générale des actionnaires de la Société (l’Assemblée

Générale) régulièrement constituée représentera tous les actionnaires de la Société. Elle aura les pouvoirs les plus larges
pour ordonner, faire ou ratifier tous les actes relatifs aux opérations de la Société.

L'Assemblée Générale annuelle se tiendra conformément à la loi luxembourgeoise à Luxembourg, au siège social de

la Société ou à tout autre endroit de la commune du siège social indiqué dans la convocation à la réunion, le troisième
mercredi de mars de chaque année à 10.00 heures (HEC). Si ce jour est férié pour les établissements bancaires à Lu-
xembourg, l’Assemblée Générale annuelle se tiendra le premier jour ouvré suivant.

L'Assemblé Générale peut se tenir à l’étranger si le Conseil d'Administration constate souverainement que des cir-

constances exceptionnelles le requièrent.

Les autres assemblées des actionnaires de la Société pourront se tenir aux lieu et heure spécifiés dans les avis de

convocation.

Tout actionnaire peut participer à l’Assemblée Générale par conférence téléphonique, visioconférence ou tout autre

moyen de communication similaire grâce auquel (i) les actionnaires participant à la réunion peuvent être identifiés, (ii)
toute personne participant à la réunion peut entendre et parler avec les autres participants, (iii) la réunion est retransmise
en continu, et (iv) les actionnaires peuvent valablement délibérer; et la participation à une réunion par un tel moyen de
communication équivaudra à une participation en personne à une telle réunion.

Art. 9. Délais de convocation, quorum, procurations, avis de convocation. Les délais de convocation et quorum requis

par la loi sont applicables aux avis de convocation et à la conduite des Assemblées Générales, dans la mesure où il n’en
est pas disposé autrement dans les Statuts.

Chaque action donne droit à une voix.
Dans la mesure où il n’en est pas autrement disposé par la loi ou par les Statuts, les décisions de l’Assemblée Générale

dûment convoquée seront prises à la majorité simple des actionnaires présents ou représentés et votants.

Chaque actionnaire peut prendre part à toute Assemblée Générale en désignant par écrit, soit en original, soit par

téléfax, par câble, par télégramme, par télex ou par courriel muni d'une signature électronique conforme aux exigences
de la loi luxembourgeoise, une autre personne comme mandataire.

Si tous les actionnaires de la Société sont présents ou représentés à l’Assemblée Générale, et déclarent avoir été

dûment convoqués et informés de l’ordre du jour de la réunion, celle-ci pourra être tenue sans convocation préalable.

Les actionnaires peuvent voter par écrit (au moyen d'un bulletin de vote) sur les projets de résolutions soumis à

l’Assemblée Générale à la condition que les bulletins de vote écrits incluent (i) le nom (en ce compris le prénom) adresse
et signature de l’actionnaire concerné, (ii) l’indication des actions pour lesquelles l’actionnaire exercera son droit, (iii)
l’ordre du jour tel que décrit dans la convocation, et (iv) les instructions de vote (approbation, refus, abstention) pour
chaque sujet de l’ordre du jour. Les bulletins de vote originaux devront être reçus par la Société 72 (soixante-douze)
heures avant la tenue de l’Assemblée Générale.

Art. 10. Administration. Dans ces Statuts, toute référence au Conseil d'Administration sera considérée comme une

référence à l’Administrateur Unique (tel que défini ci-après) (dans l’hypothèse où la Société n'a qu'un seul administrateur)
aussi longtemps que la Société a un actionnaire unique.

Tant que la Société n'a qu'un Actionnaire Unique, la Société peut être administrée par un Administrateur Unique qui

n'a pas besoin d'être l’actionnaire unique de la Société (l’Administrateur Unique). Si la Société a plus d'un actionnaire, la
Société sera administrée par un Conseil d'Administration comprenant au moins trois (3) administrateurs, lesquels ne
doivent pas nécessairement être actionnaires de la Société. Dans ce cas, l’Assemblée Générale doit nommer au moins
deux (2) nouveaux membres du Conseil d'Administration en plus de l’Administrateur Unique en place. L'Administrateur
Unique ou, le cas échéant, les administrateurs sont élus pour un terme ne pouvant excéder six ans et sont rééligibles.

Lorsqu'une personne morale est nommée membre du Conseil d'Administration (la Personne Morale), la Personne

Morale doit désigner un représentant permanent qui la représentera en tant qu'Administrateur Unique ou membre du
Conseil d'Administration, conformément à l’article 51bis de la loi luxembourgeoise datée du 10 août 1915 sur les sociétés
commerciales, telle qu'amendée (la Loi sur les Sociétés de 1915).

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Le(s) administrateur(s) sont élus par l’Assemblée Générale. Les actionnaires de la Société déterminent également le

nombre d’administrateurs, leur rémunération et la durée de leur mandat. Un administrateur peut être révoqué avec ou
sans motif et/ou peut être remplacé à tout moment par décision de l’Assemblée Générale.

En cas de vacance d’un poste d'administrateur pour cause de décès, de retraite ou toute autre cause, les administrateurs

restants pourront élire, à la majorité des votes, un administrateur pour pourvoir au remplacement du poste devenu vacant
jusqu'à la prochaine Assemblée Générale. En l’absence d'administrateur restant, une Assemblée Générale devra être
rapidement convoquée par le réviseur d'entreprise et se tenir pour nommer de nouveaux administrateurs.

Art. 11. Réunions du Conseil d’Administration. Le Conseil d’Administration doit nommer un président (le Président)

parmi ses membres et peut désigner un secrétaire, administrateur ou non, qui sera en charge de la tenue des procès-
verbaux des réunions du Conseil d’Administration et des décisions de l’Assemblée Générale ou de l’Actionnaire Unique.
Le Président présidera toutes les réunions du Conseil d'Administration et de l’Assemblée Générale. En son absence,
l’Assemblée Générale ou les autres membres du Conseil d'Administration, le cas échéant, nommeront un président pro
tempore qui présidera la réunion en question, par un vote à la majorité simple des administrateurs présents ou par
procuration à la réunion en question.

Le Conseil d’Administration se réunira sur convocation du Président ou de deux administrateurs, au lieu indiqué dans

l’avis de convocation qui sera au Luxembourg.

Avis écrit de toute réunion du Conseil d'Administration est donné à tous les administrateurs au moins vingt-quatre

(24) heures avant la date prévue pour la réunion, sauf s'il y a urgence, auquel cas la nature et les motifs de cette urgence
seront mentionnés brièvement dans l’avis de convocation à la réunion du Conseil d'Administration.

La réunion peut être valablement tenue sans convocation préalable si tous les membres du Conseil d'Administration

sont présents ou représentés lors de la réunion et déclarent avoir été dûment informés de la réunion et de son ordre
du jour. Il peut aussi être renoncé à la convocation écrite avec l’accord de chaque membre du Conseil d'Administration
donné par écrit soit en original, soit par téléfax, câble, télégramme, par télex ou par courriel muni d'une signature élec-
tronique conforme aux exigences de la loi luxembourgeoise. Une convocation spéciale ne sera pas requise pour les
réunions se tenant aux lieu et place prévus dans une résolution préalablement adoptée par le Conseil d'Administration.

Tout administrateur peut se faire représenter au Conseil d’Administration en désignant par écrit soit en original, soit

par téléfax, câble, télégramme, par télex ou par courriel muni d'une signature électronique conforme aux exigences de
la loi luxembourgeoise un autre administrateur comme son mandataire.

Un membre du Conseil d’Administration peut représenter un administrateur empêché lors d'une réunion du Conseil

d’Administration si au moins deux membres sont physiquement présents à la réunion du Conseil d’Administration ou y
participent par conférence téléphonique, visioconférence ou tout autre moyen de communication similaire remplissant
les conditions visées au paragraphe ci-dessous.

Tout administrateur peut participer à une réunion du Conseil d'Administration, et sera considéré comme ayant été

présent personnellement pendant cette réunion, par conférence téléphonique, visioconférence ou tout autre moyen de
communication similaire grâce auquel (i) les administrateurs participant à la réunion peuvent être identifiés, (ii) toute
personne participant à la réunion peut entendre et parler avec les autres participants, (iii) la réunion est retransmise en
continu et (iv) les administrateurs peuvent valablement délibérer; et la participation à une réunion par un tel moyen de
communication équivaudra à une participation en personne à une telle réunion.

Le Conseil d’Administration ne peut délibérer et agir valablement que si la majorité au moins des administrateurs de

la Société est présente ou représentée à une réunion du Conseil d’Administration. Les décisions seront prises à la majorité
des voix des administrateurs présents ou représentés lors de cette réunion. Au cas où lors d’une réunion, il existe une
parité des votes pour et contre une résolution, la voix du Président de la réunion sera prépondérante.

Nonobstant les dispositions qui précèdent, une décision du Conseil d'Administration peut également être prise par

voie circulaire pourvu qu'elle soit précédée par une délibération entre administrateurs par des moyens tels que men-
tionnés, par exemple, sous le paragraphe 7 du présent article 11. Une telle résolution devra consister en un seul ou
plusieurs documents contenant les résolutions et signés, manuellement ou électroniquement par une signature électro-
nique conforme aux exigences de la loi luxembourgeoise, par tous les administrateurs. La date d’une telle décision sera
la date de la dernière signature.

L'article 11 ne s'applique pas au cas où la Société est administrée par un Administrateur Unique.

Art. 12. Procès-verbal de réunion du Conseil d’Administration ou des résolutions de l’Administrateur Unique. Les

résolutions prises par l’Administrateur Unique sont inscrites dans des procès-verbaux tenus au siège social de la Société.

Les procès-verbaux des réunions du Conseil d'Administration seront signés par le Président ou un autre membre du

Conseil d'Administration qui en aura assumé la présidence. Les procès-verbaux des résolutions prises par l’Administrateur
Unique seront signés par l’Administrateur Unique.

Les copies ou extraits de procès-verbaux destinés à être produits en justice ou ailleurs seront signés par le Président,

deux membres du Conseil d'Administration ou l’Administrateur Unique, le cas échéant.

Art. 13. Pouvoirs du Conseil d’Administration. Le Conseil d'Administration est investi des pouvoirs les plus larges pour

accomplir tous les actes de disposition et d’administration dans l’intérêt de la Société. Tous les pouvoirs non expressément

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réservés par la Loi sur les Sociétés de 1915 ou par les Statuts à l’Assemblée Générale sont de la compétence du Conseil
d'Administration.

Art. 14. Délégation de pouvoirs. Le Conseil d'Administration peut nommer un délégué à la gestion journalière, ac-

tionnaire ou non, membre du Conseil d'Administration ou non, qui aura les pleins pouvoirs pour agir au nom de la Société
pour tout ce qui concerne la gestion journalière de la Société.

Le Conseil d'Administration peut nommer une personne, actionnaire ou non, administrateur ou non, en qualité de

représentant permanent au sein de toute entité dans laquelle la Société est nommée membre du conseil d'administration.
Ce représentant permanent agira de son propre chef, mais au nom et pour le compte de la Société et engagera la Société
en sa qualité de membre du conseil d'administration d’une telle entité.

Le Conseil d'Administration est aussi autorisé à nommer une personne, administrateur ou non, pour l’exécution de

missions spécifiques à tous les niveaux de la Société.

Art. 15. Signatures autorisées. La Société sera engagée, en toutes circonstances (y compris dans le cadre de la gestion

journalière), vis-à-vis des tiers par (i) la signature conjointe de deux membres du Conseil d'Administration, ou (ii) la
signature de l’Administrateur Unique dans l’hypothèse d’un administrateur unique, ou (iii) par les signatures conjointes
de toutes personnes ou l’unique signature de toute personne à qui de tels pouvoirs de signature auront été délégués par
le Conseil d'Administration ou par l’Administrateur Unique, et ce, dans les limites des pouvoirs qui leur auront été
conférés.

Art. 16. Conflit d'intérêts. Aucun contrat ou autre transaction entre la Société et une quelconque autre société ou

entité ne sera affecté ou invalidé par le fait qu'un ou plusieurs administrateurs ou fondés de pouvoir de la Société auraient
un intérêt personnel dans une telle société ou entité, ou seraient administrateur, associé, fondé de pouvoir ou employé
d’une telle société ou entité.

Tout administrateur ou fondé de pouvoir de la Société, qui est administrateur, fondé de pouvoir ou employé d'une

société ou entité avec laquelle la Société contracterait ou s’engagerait autrement en affaires, ne pourra, en raison de sa
position dans cette autre société ou entité, être empêché de délibérer, de voter ou d’agir en relation avec un tel contrat
ou autre affaire.

Au cas où un administrateur de la Société aurait un intérêt personnel et contraire dans une quelconque affaire de la

Société, cet administrateur devra informer le Conseil d'Administration de la Société de son intérêt personnel et contraire
et il ne délibérera et ne prendra pas part au vote sur cette affaire et rapport devra être fait au sujet de cette affaire et de
l’intérêt personnel de cet administrateur à la prochaine Assemblée Générale. Ce paragraphe ne s'applique pas tant que
la Société est administrée par un Administrateur Unique.

Tant que la Société est administrée par un administrateur unique, les procès-verbaux de l’Assemblée Générale devront

décrire les opérations dans lesquelles la Société et l’Administrateur Unique se sont engagés et dans lesquelles l’Adminis-
trateur Unique a un intérêt opposé à celui de la Société.

Les deux paragraphes qui précèdent ne s'appliquent pas aux résolutions du Conseil d'Administration ou de l’Admi-

nistrateur Unique concernant les opérations réalisées dans le cadre des affaires courantes de la Société conclues à des
conditions normales.

Art. 17. Réviseur(s) d'entreprises agréé(s). Les opérations de la Société seront surveillées par un ou plusieurs réviseurs

d'entreprises agréés. L'Assemblée Générale déterminera leur nombre, leur rémunération et la durée de leur mandat.

Art. 18. Exercice social. L'exercice social de la Société commencera le 1

janvier de chaque année et se terminera le

31 décembre de chaque année.

Art. 19. Affectation des Bénéfices. Il sera prélevé sur le bénéfice net annuel de la Société 5% (cinq pour cent) qui seront

affectés à la réserve légale. Ce prélèvement cessera d’être obligatoire lorsque la réserve légale aura atteint 10% (dix pour
cent) du capital social de la Société tel qu'il est fixé ou tel que celui-ci aura été augmenté ou réduit de temps à autre,
conformément à l’article 4 des Statuts.

L’Assemblée Générale décidera de l’affectation du solde restant du bénéfice net annuel et décidera, à son entière

discrétion, de payer des dividendes de temps à autre, et ce, de la manière qu'elle jugera la meilleure eu égard à l’objet et
à la politique de la Société.

Les dividendes peuvent être payés en euros ou en toute autre devise choisie par le Conseil d'Administration et doivent

être payés aux lieu et place choisis par le Conseil d’Administration. Le Conseil d’Administration peut décider de payer
des dividendes intérimaires sous les conditions et dans les limites fixées par la Loi sur les Sociétés de 1915.

Art. 20. Dissolution et Liquidation. La Société peut être dissoute, à tout moment, par une décision de l’Assemblée

Générale statuant comme en matière de modifications des Statuts, tel que prescrit à l’article 21 ci-après. En cas de
dissolution de la Société, il sera procédé à la liquidation par les soins d'un ou de plusieurs liquidateurs (qui peuvent être
des personnes physiques ou morales), et qui seront nommés par l’Assemblée Générale décidant cette liquidation. Cette
même Assemblée Générale déterminera également les pouvoirs et la rémunération du ou des liquidateurs.

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U X E M B O U R G

Art. 21. Modifications statutaires. Les présents Statuts peuvent être modifiés, de temps en temps, par une Assemblée

Générale extraordinaire, dans les conditions de quorums et de majorité requises par la Loi sur les Sociétés de 1915.

Art. 22. Droit applicable. Toutes les questions qui ne sont pas régies expressément par les présents Statuts seront

tranchées en application de la Loi sur les Sociétés de 1915.

Dispositions transitoires

Le premier exercice social commence aujourd’hui et finit le 31 décembre 2014.
La première Assemblée Générale annuelle se tiendra en 2015.

Souscription et libération

Les Statuts de la Société ayant ainsi été arrêtés, le comparant déclare qu'il souscrit à 310 (trois cent dix) actions

représentant la totalité du capital social de la Société.

Toutes ces actions ont été libérées par l’Actionnaire à hauteur de 100% (cent pour cent) par versement en numéraire,

de sorte que le montant de EUR 31.000 (trente et un mille euros) versé par l’Actionnaire est à la libre disposition de la
Société, ainsi qu'il a été prouvé au notaire instrumentant qui le constate expressément.

Toutes ces actions ont été libérées par les actionnaires à hauteur de 100% (cent pour cent) par versement en numé-

raire, de sorte que le montant de EUR 31.000 (trente et un mille euros) est à la libre disposition de la Société, ainsi qu'il
a été prouvé au notaire instrumentaire qui le constate expressément.

Déclaration - Estimation des frais

Le notaire soussigné déclare avoir vérifié l’existence des conditions énumérées à l’article 26 de la Loi de 1915 et en

constate expressément l’accomplissement. Le notaire soussigné confirme en outre que ces Statuts sont conformes aux
dispositions de l’article 27 de la Loi sur les sociétés de 1915.

Le montant des frais, dépenses, rémunérations ou charges, sous quelque forme que ce soit, qui incombent à la Société

ou qui sont mis à sa charge en raison de sa constitution, est estimé approximativement à la somme de EUR 2.100.

Résolutions de l'actionnaire unique

Le comparant susvisé, représentant l’intégralité du capital social souscrit, a pris les résolutions suivantes:
1. le nombre d’administrateurs est fixé à 7 (sept) administrateurs;
2. les personnes suivantes sont nommées administrateurs:
Madame Isabelle Goubin, Directeur du Trésor, née à Luxembourg le 23 septembre 1961, ayant son adresse profes-

sionnelle au 3, rue du St Esprit, L-1475 Luxembourg;

Monsieur Jean Leyder, Directeur, né à Luxembourg le 26 mars 1958, ayant son adresse professionnelle au 10, rue du

St Esprit, L-2011 Luxembourg;

Monsieur Etienne Reuter, Directeur, né à Ettelbruck le 20 décembre 1956, ayant son adresse professionnelle au 3,

rue de la Congrégation, L-1352 Luxembourg;

Monsieur Tom Weisgerber, 1

Conseiller de Gouvernement, né à Esch-sur-Alzette le 25 septembre 1959, ayant son

adresse professionnelle au 4, Place de l’Europe, L-1499 Luxembourg;

Monsieur Jean-Marie Bettinger, employé de Experta Corporate Trust Services SA, né à Saint-Avold le 14 mars 1973,

ayant son adresse professionnelle au 42, rue de la Vallée, L-2661 Luxembourg;

Monsieur Charles Ries, Attaché de Gouvernement 1

en rang, né à Luxembourg le 22 octobre 1971, ayant son

adresse professionnelle au 3, rue du St Esprit, L-1475 Luxembourg; et

Madame Marie-Jeanne Conter, Conseiller de Direction adjoint, née à Luxembourg le 20 février 1973, ayant son adresse

professionnelle au 3, rue du St Esprit, L-1475 Luxembourg;

3. KPMG Luxembourg S.à r.l., ayant son adresse professionnelle au 9, allée Scheffer, L-2520 Luxembourg, est nommé

réviseur d'entreprises agrée de la Société;

4. les mandats des membres du Conseil d'Administration et du réviseur d'entreprises agréé ainsi nommés prendront

fin à l’issue de l’Assemblée Générale annuelle de l’année 2020; et

5. le siège social de la Société est fixé au 42, rue de la Vallée, L-2661 Luxembourg.
Le notaire soussigné qui comprend et parle l’Anglais, déclare qu'à la requête de la partie comparante, le présent acte

a été établi en Anglais, suivi d’une version française. A la requête de ce même comparant et en cas de distorsions entre
la version anglaise et française, la version anglaise prévaudra.

Dont acte, fait et passé, date qu'en tête des présentes à Luxembourg.
Et après lecture faite aux comparant, connu du notaire par nom, prénoms usuels, état civil et demeure, le comparant

a signé avec le notaire le présent acte.

Signé: P. GRAMEGNA, C. DELVAUX.

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U X E M B O U R G

Enregistré à Redange/Attert, le 24 juillet 2014. Relation: RED/2014/1624. Reçu soixante-quinze euros (75,- €).

Le Receveur (signé): T. KIRSCH.

POUR EXPEDITION CONFORME, délivrée aux fins de dépôt au Registre de Commerce et des Sociétés de Luxem-

bourg et aux fins de publication au Mémorial, Recueil des Sociétés et Associations.

Redange-sur-Attert, le 24 juillet 2014.

Me Cosita DELVAUX.

Référence de publication: 2014109680/545.
(140131107) Déposé au registre de commerce et des sociétés de Luxembourg, le 25 juillet 2014.

VAT Holding S.à r.l., Société à responsabilité limitée.

Capital social: CHF 30.000,00.

Siège social: L-1882 Luxembourg, 12F, rue Guillaume Kroll.

R.C.S. Luxembourg B 184.071.

Extrait des Résolutions prises lors de l'Assemblée Générale Extraordinaire en date du 26 Mai 2014

- Monsieur Jean-Robert Bartolini a démissionné en tant que gérant de catégorie C de la Société avec effet au 30 avril

2014;

- Mlle Rosalba Barretta, née le 3 janvier 1971 à Marsala (Italie), ayant son adresse professionnelle au 412F, route d'Esch,

L-1030 Luxembourg, a été nommée en tant que gérant de catégorie C de la Société, avec effet au 30 avril 2014 et jusqu'au
29 Janvier 2015.

Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Référence de publication: 2014074289/15.
(140086781) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mai 2014.

NorCab 1 S.à r.l., Société à responsabilité limitée.

Capital social: EUR 44.625,00.

Siège social: L-1536 Luxembourg, 2, rue du Fossé.

R.C.S. Luxembourg B 113.733.

Constituée par devant Me Paul Bettingen, notaire de résidence à Luxembourg, en date du 23 décembre 2005, acte

publié au Mémorial C no 785

NorCab 1 S.à r.l.
Marielle Stijger
Manager A

Référence de publication: 2014073988/14.
(140086664) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 mai 2014.

Fernbach S.A., Société Anonyme.

Siège social: L-5365 Munsbach, 1A, Parc d'Activité Syrdall.

R.C.S. Luxembourg B 90.280.

Auszug der Beschlüsse Ausserordentlichen Generalversammlung vom 18. Februar 2014

Am Dienstag, den 18. Februar, sind die Aktionäre der FERNBACH S.A. in ihrem Hauptsitz zur ausserordentlichen

Generalversammlung zusammengetreten und haben einstimmig folgende Bestimmungen getroffen:

Dem Rücktritt des Mitglieds des Verwaltungsrats zum 18.09.2013 von Herrn Peter SPANIER, Kirchweg 8, D-54308

Langsur, wurde zugestimmt.

Herr Max GALOWICH, Jurist, geboren am 30/07/1965 in Luxemburg, wohnhaft in L-2530 Luxemburg, 4, rue Henri

Schnadt, wird ab dem 18.02.2014 und für drei Jahre, d.h. bis zur Generalversammlung die über das Geschäftsjahr 2017
beschliesst, zum neuen Mitglied des Verwaltungsrates gewählt.

Munsbach, den 18. Februar 2014.

Référence de publication: 2014074674/16.
(140087604) Déposé au registre de commerce et des sociétés de Luxembourg, le 27 mai 2014.

Editeur:

Service Central de Législation, 43, boulevard F.-D. Roosevelt, L-2450 Luxembourg

Imprimeur: Association momentanée Imprimerie Centrale / Victor Buck

94800

Document Outline

Aberdeen European Balanced Property Fund

Blueurope Invest S.A.

Brightstar Holdings & Investments S.A.

Fernbach S.A.

Invel Real Estate Partners Lennon Sàrl

IWL (Luxembourg) S.à r.l.

JRS Asset Management S.A.

K200 Finance S.à r.l.

Lankos Participations S.A.

Laurentia Properties S.à r.l.

LC 84 Promotion S.A.

Lemanik Asset Management S.A.

Le Rock Re

Letty

Life Invest S.A.

Liomatherm s.à r.l.

Little Big World S.A.

Lobelux S.A.

Longuevue S.à r.l., SPF

LSREF II Delphi LP S.à r.l.

Luneville Invest S.A.

Lutronic International S.A.

Luxdifusion SA

Luxembourg Treasury Securities

Lux International Cleaning Enterprise S.à r.l.

Luxradio S.à r.l.

Mamouny

Mangrove Investment Holding SPF

Mast S.àr.l.

Mathur

Maxion Luxembourg Holdings

MCP-Kanetix III S.à r.l.

MCP-TeraJoule III S.à r.l.

Media Lario International S.A.

Medilux Consult s.à r.l.

Mediterranean Strategical Investments S.A.

Melody Finance S.A.

MercLin II SICAV

Meridiam Infrastructure Europe II (SCA) SICAR

Mike S.A.

Montana Capital Partners (Lux) S.à r.l.

Monterey Asset Management S.A.

MSI Methode System Invest S.A.

Multisoft

NorCab 1 S.à r.l.

Partners Group Search S.A.

Safilo Capital International SA

Sofil S.à r.l.

Softnet Holdings S. à r.l.

Strategic Holdings S.à r.l.

Sunny Pastures Sàrl

VAT Holding S.à r.l.

Volotea GP