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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° 2573

23 septembre 2014

SOMMAIRE

1798 Consumer Equity Long/Short Fund

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

123459

Alcentra Global Special Situations Luxem-

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

123478

Alpen Ressourcen S.A. . . . . . . . . . . . . . . . . . .

123461

Auchan Luxembourg . . . . . . . . . . . . . . . . . . .

123467

Ballymore Projects Sàrl . . . . . . . . . . . . . . . . .

123467

Casa4Funds S.A. . . . . . . . . . . . . . . . . . . . . . . .

123458

C&D Investments S.à r.l. . . . . . . . . . . . . . . . .

123459

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

123461

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

123460

De Grenge Wee S. à r.l. . . . . . . . . . . . . . . . .

123466

Douro Lux S.à r.l. . . . . . . . . . . . . . . . . . . . . . .

123463

Dunedin Holdings GmbH, Zweigniederlas-

sung Luxemburg . . . . . . . . . . . . . . . . . . . . . .

123464

Dunedin Holdings GmbH, Zweigniederlas-

sung Luxemburg . . . . . . . . . . . . . . . . . . . . . .

123464

Eficar Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . .

123464

Energy Investments S.A. . . . . . . . . . . . . . . . .

123464

Ensilea S.A . . . . . . . . . . . . . . . . . . . . . . . . . . . .

123474

Etex Finance . . . . . . . . . . . . . . . . . . . . . . . . . . .

123463

European Sun Invest S.à r.l. . . . . . . . . . . . . .

123473

Famaury . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

123464

Famaury . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

123465

Fortitude Resources . . . . . . . . . . . . . . . . . . . .

123465

GMP Luxembourg S. à r.l. . . . . . . . . . . . . . .

123466

La Grange Fleurie S.à r.l. . . . . . . . . . . . . . . .

123472

LODI Spf S.A. . . . . . . . . . . . . . . . . . . . . . . . . . .

123474

Logistis Luxembourg Feeder S.A. . . . . . . .

123472

Longitudes (Luxembourg) S.A. . . . . . . . . . .

123472

LUXAIR, Société Luxembourgeoise de

Navigation Aérienne S.A. . . . . . . . . . . . . . .

123472

Luxembourg China S.A. . . . . . . . . . . . . . . . .

123473

Marsh Management Services Luxembourg

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

123473

MS Promotion S.A. . . . . . . . . . . . . . . . . . . . . .

123463

Narsil S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

123462

P2 German Logistics S.à r.l. . . . . . . . . . . . . .

123458

Parfon S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

123458

RITS Luxembourg s.à r.l. . . . . . . . . . . . . . . .

123459

Romarinvest S.A. . . . . . . . . . . . . . . . . . . . . . .

123462

Salon Malou . . . . . . . . . . . . . . . . . . . . . . . . . . .

123460

Samaral S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . .

123460

Sama Trademark Investments B.V. . . . . . .

123462

Sony Digital Reading Platform S.A.R.L. . .

123462

Step . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

123459

Step Luxco . . . . . . . . . . . . . . . . . . . . . . . . . . . .

123466

Subsea 7 (Luxembourg) Sàrl . . . . . . . . . . . .

123458

Subsea 7 (Luxembourg) Sàrl . . . . . . . . . . . .

123466

Telco Investments Europe S.à r.l. . . . . . . . .

123468

Tiger Investment S.A. . . . . . . . . . . . . . . . . . .

123469

TMK Bonds SA . . . . . . . . . . . . . . . . . . . . . . . . .

123469

Top Wash S.à r.l. . . . . . . . . . . . . . . . . . . . . . . .

123471

Tower 4 S.àr.l. . . . . . . . . . . . . . . . . . . . . . . . . .

123467

Tower 6 Bis S. à r. l. . . . . . . . . . . . . . . . . . . . .

123468

Trinter S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

123468

Ubs Infrastructure Debt Platform . . . . . . .

123479

Unifrax Luxembourg I S.à r.l. . . . . . . . . . . .

123470

Vactec Management S.A. . . . . . . . . . . . . . . .

123471

Valve HoldCo S.à r.l. . . . . . . . . . . . . . . . . . . .

123470

VC SolEs Invest S.à.r.l. . . . . . . . . . . . . . . . . . .

123471

Verizon International Investments Luxem-

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

123469

Verizon International Luxembourg S.à r.l.

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

123470

Vitoria Trade Solutions S.à r.l. . . . . . . . . . .

123471

VRWAY Communication S.A. . . . . . . . . . .

123471

Xea S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

123461

Yacuba S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

123460

Z Invest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

123465

123457

U X E M B O U R G

Parfon S.A., Société Anonyme.

Siège social: L-1750 Luxembourg, 62, avenue Victor Hugo.

R.C.S. Luxembourg B 114.893.

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: 2014103423/9.
(140122135) Déposé au registre de commerce et des sociétés de Luxembourg, le 15 juillet 2014.

Subsea 7 (Luxembourg) Sàrl, Société à responsabilité limitée.

Siège social: L-1882 Luxembourg, 12F, rue Guillaume Kroll.

R.C.S. Luxembourg B 87.470.

Rectificatif du dépôt n° L130111807 déposé le 05 juillet 2013

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: 2014103514/10.
(140121984) Déposé au registre de commerce et des sociétés de Luxembourg, le 15 juillet 2014.

P2 German Logistics S.à r.l., Société à responsabilité limitée.

Siège social: L-2557 Luxembourg, 18, rue Robert Stumper.

R.C.S. Luxembourg B 173.726.

Les comptes annuels au 30.09.2013 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 30 juin 2014.

P2 GERMAN LOGISTICS SARL

Référence de publication: 2014103462/11.
(140121734) Déposé au registre de commerce et des sociétés de Luxembourg, le 15 juillet 2014.

Casa4Funds S.A., Société Anonyme.

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

R.C.S. Luxembourg B 110.332.

EXTRAIT

Sur base du Procès-verbal de la Résolution du seul actionnaire de la Société daté du 30 juin 2014, l'actionnaire a pris

acte des démissions suivantes:

- Madame Margherita Balerna Bommartini
- Monsieur Giovanni Giacomo Schraemli
- Monsieur Sylvain Feraud
- Monsieur Giulio Romani
l'actionnaire a pris acte des nominations suivantes:
- Monsieur Michele MILANI, né le 6 juin 1968 à Milan, avec résidence professionnelle Via Santa Radegonda 11 - 20121

Milano - Italy;

- Monsieur Giacomo MERGONI né le 23 février 1977 à Viareggio, avec résidence professionnelle 16 Berkeley Street

- London W1J 8DZ - United Kingdom;

- Monsieur Lorenzo BOMBARDA né le 24 avril 1981 à Carpi (Modena) avec résidence professionnelle 16 Berkeley

Street - London W1J 8DZ - United Kingdom

Leurs mandats prendront fin lors de l'Assemblée Générale ordinaire statuant sur les comptes de l'exercice clos au 31

décembre 2014.

Pour Casa4Funds SA

Référence de publication: 2014106422/24.
(140128051) Déposé au registre de commerce et des sociétés de Luxembourg, le 22 juillet 2014.

123458

U X E M B O U R G

Step, Société Anonyme.

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

R.C.S. Luxembourg B 122.602.

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: 2014103510/9.
(140122240) Déposé au registre de commerce et des sociétés de Luxembourg, le 15 juillet 2014.

RITS Luxembourg s.à r.l., Société à responsabilité limitée unipersonnelle.

Siège social: L-8399 Windhof, 20, rue de l'Industrie.

R.C.S. Luxembourg B 179.788.

Les comptes annuels au 31/12/2013 ont été déposés au registre de commerce et des sociétés de Luxembourg.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

Signature.

Référence de publication: 2014103487/10.
(140121585) Déposé au registre de commerce et des sociétés de Luxembourg, le 15 juillet 2014.

C&D Investments S.à r.l., Société à responsabilité limitée.

Siège social: L-1136 Luxembourg, 6-12, Place d'Armes.

R.C.S. Luxembourg B 187.612.

Extrait des résolutions prises lors de la réunion du conseil de gérance du 21 mai 2014

Il résulte des résolutions prises lors de Conseil de Gérance du 21 mai 2014 que:
1. Le Conseil de Gérance décide de nommer pour une durée indéterminée, aux fonctions de gérant délégué à la gestion

journalière, Monsieur José Femenia Arguedas demeurant professionnellement à L-1136 Luxembourg, 6-12, Place d'Armes.
La société pourra être engagée par la signature du délégué à la gestion journalière pour toute transaction n'excédant pas
six mille Euros (EUR 6.000,-); au-delà de cette somme, la signature d'un gérant de catégorie A sera requise.

Luxembourg, le 21 mai 2014.

Pour extrait conforme
Pour la Société
Un mandataire

Référence de publication: 2014106413/17.
(140127160) Déposé au registre de commerce et des sociétés de Luxembourg, le 22 juillet 2014.

1798 Consumer Equity Long/Short Fund, Société Anonyme sous la forme d'une SICAV - Fonds d'Inves-

tissement Spécialisé.

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

R.C.S. Luxembourg B 167.143.

Extrait des résolutions prises lors de l'Assemblée Générale Ordinaire en date du 18 juillet 2014

En date du 18 juillet 2014, l'Assemblée Générale Ordinaire a décidé;
- de renouveler les mandats de Monsieur Alexandre Meyer, Monsieur Jean-Claude Ramel et Monsieur Patrick Zurs-

trassen en qualité d'Administrateurs pour une durée d'un an, jusqu'à la prochaine Assemblée Générale Ordinaire en 2015.

- de renouveler le mandat de PricewaterhouseCoopers, société coopérative, en qualité de réviseur d'entreprise pour

une durée d'un an, jusqu'à la prochaine Assemblée Générale Ordinaire en 2015.

Luxembourg, le 18 juillet 2014.

Pour extrait sincère et conforme
Alexandre Meyer
Administrateur

Référence de publication: 2014106241/18.
(140126126) Déposé au registre de commerce et des sociétés de Luxembourg, le 21 juillet 2014.

123459

U X E M B O U R G

Salon Malou, Société à responsabilité limitée.

Siège social: L-6450 Echternach, 12, route de Luxembourg.

R.C.S. Luxembourg B 95.795.

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.

Echternach, le 15 juillet 2014.

Signature.

Référence de publication: 2014103523/10.
(140122105) Déposé au registre de commerce et des sociétés de Luxembourg, le 15 juillet 2014.

Samaral S.A., Société Anonyme.

Siège social: L-3372 Leudelange, 15, rue Léon Laval.

R.C.S. Luxembourg B 108.879.

Le bilan au 31 Mars 2012 a été déposé au registre de commerce et des sociétés de Luxembourg.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

Signature.

Référence de publication: 2014103524/10.
(140122751) Déposé au registre de commerce et des sociétés de Luxembourg, le 15 juillet 2014.

Yacuba S.A., Société Anonyme.

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

R.C.S. Luxembourg B 142.106.

Extrait des résolutions prises par le Conseil d'Administration en date du 14 juillet 2014

- La démission de Madame Rita GOUJON de son mandat d'Administrateur est acceptée avec effet immédiat;
- Monsieur Daniel PIERRE, employé privé, né le 13 décembre 1967 à Arlon (Belgique), résidant professionnellement

au 412F, route d'Esch, L-2086 Luxembourg est coopté au poste d'Administrateur, en remplacement de Madame Rita
GOUJON, avec effet immédiat et ce pour la durée du mandat de son prédécesseur restant à courir

Son mandat viendra ainsi à échéance lors de l'Assemblée Générale Statutaire devant se tenir en 2020.

Certifié sincère et conforme

Référence de publication: 2014106236/14.
(140126824) Déposé au registre de commerce et des sociétés de Luxembourg, le 21 juillet 2014.

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

Capital social: EUR 12.500,00.

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

R.C.S. Luxembourg B 182.265.

EXTRAIT

Il résulte de la cession de parts survenue en date du 17 juillet 2014, que l'associé unique, D.Law, détenant les 12.500

parts sociales dans la société Covington S.à r.l., a cédé la totalité de ses parts sociales à MHR HOLDINGS (MAURITIUS)
LIMITED.

Dès lors, l'associé unique, détenant les 12.500 parts représentant le capital social, est à inscrire comme suit:
MHR HOLDINGS (MAURITIUS) LIMITED, une société constituée sous les lois de L'île Maurice, ayant son siège social

au IFS Court, twenty-eight, Cyber City, Eben, L'île Maurice, enregistrée au Registre des sociétés sous le numéro 123803/
CI/GBL.

Veuillez noter que l'adresse de MHR HOLDINGS (MAURITIUS) LIMITED ne comporte pas de code postal.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Pour extrait conforme

Luxembourg, le 21 juillet 2014.

Référence de publication: 2014106448/20.
(140127737) Déposé au registre de commerce et des sociétés de Luxembourg, le 22 juillet 2014.

123460

U X E M B O U R G

Xea S.A., Société Anonyme.

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

R.C.S. Luxembourg B 125.036.

Extrait des résolutions prises lors de l'Assemblée Générale Ordinaire des Actionnaires tenue en date du 7 juillet 2014:

«L'assemblée prend acte de la démission de M. Giovanni VITTORE des fonctions de président du Conseil d'Adminis-

tration et d'administrateur. L'Assemblée décide de nommer aux fonctions d'administrateur et de président du Conseil
d'Administration, Monsieur Jeannot DIDERRICH, expert-comptable, demeurant professionnellement au 45-47, route
d'Arlon, L-1140 Luxembourg, qui terminera le mandat de son prédécesseur jusqu'à l'Assemblée Générale qui se tiendra
en 2015».

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

XEA S.A.

Référence de publication: 2014106234/15.
(140126747) Déposé au registre de commerce et des sociétés de Luxembourg, le 21 juillet 2014.

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

R.C.S. Luxembourg B 72.638.

CLÔTURE DE LIQUIDATION

Extrait de jugement du tribunal de commerce de Luxembourg du 10 juillet 2014

Il résulte du jugement du Tribunal d'Arrondissement de et à Luxembourg, 6

ème

Chambre, siégeant en matière com-

merciale que les opérations de liquidation de la société à responsabilité limitée COFIPUB S.à r.l. (jugement n° 978/14),
dont le siège social à L-8020 STRASSEN, 20, Rue de la Solidarité, a été dénoncé en date du 28 décembre 2000, ont été
déclarées closes pour absence d'actif.

Luxembourg, le 21 juillet 2014.

Pour extrait conforme
Me Anthony PREEL
Le liquidateur

Référence de publication: 2014106256/16.
(140126752) Déposé au registre de commerce et des sociétés de Luxembourg, le 21 juillet 2014.

Alpen Ressourcen S.A., Société Anonyme.

R.C.S. Luxembourg B 132.287.

LIQUIDATION JUDICIAIRE

Extrait

Par jugement rendu en date du 10 juillet 2014, le Tribunal d'Arrondissement de et à Luxembourg, siégeant en matière

commerciale, a ordonné en vertu de l'article 203 de la loi du 10 août 1915 concernant les sociétés commerciales, la
dissolution et la liquidation de la société:

ALPEN RESSOURCEN S.A., dont le siège social à L-2440 Luxembourg, 25a, boulevard Royal, a été dénoncé en date

du 18 janvier 2010, inscrite au Registre du Commerce et des Sociétés de Luxembourg sous le numéro B 132287;

Le même jugement a nommé juge-commissaire Monsieur Thierry SCHILTZ, juge au Tribunal d'Arrondissement de et

à Luxembourg, et liquidateur Maître Nathalie WEBER-FRISCH, Avocat à la Cour, demeurant à Luxembourg.

Il ordonne aux créanciers de faire la déclaration de leurs créances avant le 31 juillet 2014 au greffe de la VI

ème

Chambre

de ce Tribunal.

Luxembourg, le 21 juillet 2014.

Pour extrait conforme
Maître Nathalie WEBER-FRISCH
Le liquidateur
1, rue Jean-Pierre Brasseur
L-1258 Luxembourg

Référence de publication: 2014106255/23.
(140126759) Déposé au registre de commerce et des sociétés de Luxembourg, le 21 juillet 2014.

123461

U X E M B O U R G

Sama Trademark Investments B.V., Société à responsabilité limitée.

Siège de direction effectif: L-1471 Luxembourg, 412F, route d'Esch.

R.C.S. Luxembourg B 87.671.

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: 2014103493/9.
(140122266) Déposé au registre de commerce et des sociétés de Luxembourg, le 15 juillet 2014.

Narsil S.A., Société Anonyme.

Siège social: L-2138 Luxembourg, 24, rue Saint Mathieu.

R.C.S. Luxembourg B 167.282.

Signature.

Référence de publication: 2014103388/10.
(140122726) Déposé au registre de commerce et des sociétés de Luxembourg, le 15 juillet 2014.

Romarinvest S.A., Société Anonyme.

Siège social: L-2120 Luxembourg, 16, allée Marconi.

R.C.S. Luxembourg B 170.505.

Les comptes annuels au 31 DECEMBRE 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.

FIDUCIAIRE CONTINENTALE S.A.

Référence de publication: 2014103490/10.
(140121740) Déposé au registre de commerce et des sociétés de Luxembourg, le 15 juillet 2014.

Sony Digital Reading Platform S.A.R.L., Société à responsabilité limitée.

Capital social: EUR 12.600,00.

Siège social: L-2450 Luxembourg, 10-12, boulevard Roosevelt.

R.C.S. Luxembourg B 149.987.

EXTRAIT

L'associé unique de la Société a, en date du 17 juillet 2014, (i) accepté les démissions de M. Tadamasa Kitsukawa et de

M. Serge FOUCHER de leur poste de gérant de la Société, avec effet au 21 juillet 2014 et (ii) approuvé les nominations
de Mme Catherine Elizabeth Modlock, née le 8 septembre 1974 à Sunderland, Royaume-Uni, résidant au 64 Woodlands
Avenue, West Byfleet, Surrey KT14 6AW, Royaume-Uni et de M. Johan Rony Dimitry van Santen, né le 14 octobre 1969
à Capelle aan den Ijssel, Pays-Bas, résidant à Watertorkruid 13, 2914 TR, Nieuwerkerk aan den Ijssel, Pays-Bas, en tant
que nouveaux gérants de la Société, avec effet au 21 juillet 2014 et pour une durée indéterminée.

Il en résulte que le conseil de gérance de la Société se compose désormais comme suit:
- Mme Catherine Elizabeth Modlock, gérant;
- M. Mamoru Kamikawa, gérant; et
- M. Johan Rony Dimitry van Santen, gérant.
Il est également noté que le siège social de la Société est transféré du 10, Avenue de la Liberté, L-1930 Luxembourg

au 10-12 Boulevard Roosevelt, L-2450 Luxembourg, avec effet au 21 juillet 2014.

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

Luxembourg, le 21 juillet 2014.

Pour la Société
Signature
Un mandataire

Référence de publication: 2014106268/25.
(140127491) Déposé au registre de commerce et des sociétés de Luxembourg, le 21 juillet 2014.

123462

U X E M B O U R G

Douro Lux S.à r.l., Société à responsabilité limitée.

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

R.C.S. Luxembourg B 160.721.

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.

Signature.

Référence de publication: 2014104814/10.
(140126005) Déposé au registre de commerce et des sociétés de Luxembourg, le 18 juillet 2014.

Etex Finance, Société Anonyme.

Siège social: L-1147 Luxembourg, 42, rue de l'Avenir.

R.C.S. Luxembourg B 32.491.

Extrait du procès-verbal de l'assemblée générale ordinaire du 14 mai 2014

(...)
«Le mandat d'administrateur de Monsieur Dirk Jacobs vient à échéance à l'issue de la présente assemblée. L'assemblée

décide de renouveler son mandat pour une durée de six ans, prenant fin à l'issue de l'assemblée générale ordinaire de
2020, statuant sur les comptes de l'exercice 2019. Cette résolution est adoptée à l'unanimité des voix.»

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

Le 14 mai 2014.

Karin DUBOIS
Mandataire

Référence de publication: 2014104830/16.
(140125724) Déposé au registre de commerce et des sociétés de Luxembourg, le 18 juillet 2014.

MS Promotion S.A., Société Anonyme.

Siège social: L-4761 Pétange, 59, route de Luxembourg.

R.C.S. Luxembourg B 115.837.

Extrait du procès-verbal de l'assemblée générale extraordinaire tenue à Pétange en date du 1

er

juillet 2014.

L'assemblée générale a décidé de renouveler le mandat d'administrateur de Monsieur Pascal WAGNER pour une durée

de 6 ans jusqu'au 30 juin 2020, de renouveler le mandat d'administrateur de Madame Annie MELSEN-POLFER pour une
durée de 6 ans jusqu'au 30 juin 2020, de renouveler le mandat d'administrateur de Madame Karin MELSEN pour une
durée de 6 ans jusqu'au 30 juin 2020.

L'assemblée générale a décidé de renouveler le mandat d'administrateur délégué de Madame Karin MELSEN pour une

durée de 6 ans jusqu'au 30 juin 2020.

Administrateur délégué:

Madame Karin MELSEN, employée privée
Demeurant à L-1255 Luxembourg, 50 Rue de Bragance

Administrateurs:

Monsieur Pascal WAGNER, employé privé
Avec adresse professionnelle à L-4761 Pétange, 59, route de Luxembourg
Madame Annie MELSEN-POLFER
Demeurant à L-9175 Niederfeulen, 18 rue de la Wark

Commissaire aux comptes:

Société de Gestion Internationale S.à R.L.
L-4761 Pétange, 59, route de Luxembourg

Pétange, le 1

juillet 2014.

Pour la société
Signature

Référence de publication: 2014103369/28.
(140121612) Déposé au registre de commerce et des sociétés de Luxembourg, le 15 juillet 2014.

123463

U X E M B O U R G

Dunedin Holdings GmbH, Zweigniederlassung Luxemburg, Succursale d'une société de droit étranger.

Adresse de la succursale: L-1610 Luxembourg, 8-10, avenue de la Gare.

R.C.S. Luxembourg B 159.339.

Les comptes annuels au 31 octobre 2013 de DUNEDIN HOLDINGS GmbH, Zwegniederlassung Luxemburg, Suc-

cursale d'une société de droit étranger, 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: 2014105649/10.
(140125835) Déposé au registre de commerce et des sociétés de Luxembourg, le 21 juillet 2014.

Dunedin Holdings GmbH, Zweigniederlassung Luxemburg, Succursale d'une société de droit étranger.

Adresse de la succursale: L-1610 Luxembourg, 8-10, avenue de la Gare.

R.C.S. Luxembourg B 159.339.

Les comptes annuels au 31 octobre 2013 de DUNEDIN HOLDINGS GmbH 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: 2014105650/10.
(140126913) Déposé au registre de commerce et des sociétés de Luxembourg, le 21 juillet 2014.

Eficar Fund, Société en Commandite par Actions sous la forme d'une SICAV - Fonds d'Investissement

Spécialisé.

Siège social: L-2535 Luxembourg, 20, boulevard Emmanuel Servais.

R.C.S. Luxembourg B 175.988.

Luxembourg, le 18 juillet 2014.

Référence de publication: 2014105672/11.
(140126391) Déposé au registre de commerce et des sociétés de Luxembourg, le 21 juillet 2014.

Famaury, Société Anonyme sous la forme d'une SICAV - Fonds d'Investissement Spécialisé.

Siège social: L-2535 Luxembourg, 20, boulevard Emmanuel Servais.

R.C.S. Luxembourg B 136.917.

Le Rapport Annuel Révisé pour l’exercice social se terminant le 31 mars 2014 et l’allocation du résultat relative à

l’assemblée générale ordinaire du 18 juillet 2014 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 18 juillet 2014.

Référence de publication: 2014105725/11.
(140126645) Déposé au registre de commerce et des sociétés de Luxembourg, le 21 juillet 2014.

Energy Investments S.A., Société Anonyme.

Siège social: L-2132 Luxembourg, 18, avenue Marie-Thérèse.

R.C.S. Luxembourg B 150.468.

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

Référence de publication: 2014105689/12.
(140126814) Déposé au registre de commerce et des sociétés de Luxembourg, le 21 juillet 2014.

123464

U X E M B O U R G

Fortitude Resources, Société Anonyme.

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

R.C.S. Luxembourg B 187.681.

EXTRAIT

En date du 11 juillet 2014, l'associé unique a pris les résolutions suivantes:
- La démission de Madame Barbara Neuerburg, en tant que administrateur de la société, est acceptée avec effet

immédiate.

- Madame Zuzanna Zielinska-Rousseau, avec adresse professionnelle au 15, rue Edward Steichen, L-2540 Luxembourg,

est élue nouveau administrateur de la société avec effet immédiat et ce jusqu'à l'assemblée générale de l'an 2020.

- Monsieur Alexandre Berenguier, avec adresse au 30A, rue de Saint-Jean, 1203 Genève, Suisse, est élue nouveau

administrateur de la société avec effet immédiat et ce jusqu'à l'assemblée générale de l'an 2020.

Pour extrait conforme.

Luxembourg, le 18 juillet 2014.

Référence de publication: 2014105722/17.
(140127070) Déposé au registre de commerce et des sociétés de Luxembourg, le 21 juillet 2014.

Famaury, Société Anonyme sous la forme d'une SICAV - Fonds d'Investissement Spécialisé.

Siège social: L-2535 Luxembourg, 20, boulevard Emmanuel Servais.

R.C.S. Luxembourg B 136.917.

Extrait des résolutions de l'assemblée générale ordinaire tenue à Luxembourg le 18 juillet 2014:

L'assemblée générale ordinaire décide:
- de renouveler, pour une période d'un an se terminant avec l'assemblée générale ordinaire qui se tiendra en 2015, le

mandat des Administrateurs suivants:

* Madame Fabienne URY, Administrateur et Président du Conseil d'Administration
* Monsieur Didier BENSADOUN, Administrateur;
* Monsieur Rudy PAULET, Administrateur;
- de renouveler PricewaterhouseCoopers, Société coopérative, en qualité de Réviseur d'Entreprises agréé, pour une

période d'un an se terminant avec l'assemblée générale ordinaire qui se tiendra en 2015.

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

Luxembourg, le 18 juillet 2014.

Référence de publication: 2014105724/18.
(140126644) Déposé au registre de commerce et des sociétés de Luxembourg, le 21 juillet 2014.

Z Invest, Société Civile.

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

R.C.S. Luxembourg E 219.

Extrait des résolutions prises par l'assemblée générale extraordinaire des associés de la société en date du 15 juillet 2014

Première résolution

L'assemblée générale de la Société a décidé de modifier avec effet immédiat le paragraphe 2 de l'article 7 des statuts

de la Société afin de lui donner la teneur suivante:

«Les nominations et révocations du gérant nécessitent une décision prise à la majorité des deux tiers des voix attachées

aux parts sociales émises».

Deuxième résolution

L'assemblée générale de la Société a décidé de nommer avec effet immédiat Monsieur Patrick GENTIL, né le 20 mai

1950 à Bois Colombes, France et demeurant au 128, boulevard de Courcelles, 75017 Paris, France en qualité de gérant
unique de la Société en remplacement de Madame Sylvie ABTAL-COLA démissionnaire.

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

Luxembourg, le 18/07/2014.

Référence de publication: 2014106237/19.
(140126029) Déposé au registre de commerce et des sociétés de Luxembourg, le 21 juillet 2014.

123465

U X E M B O U R G

Step Luxco, Société en Commandite par Actions.

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

R.C.S. Luxembourg B 122.605.

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: 2014103511/9.
(140121738) Déposé au registre de commerce et des sociétés de Luxembourg, le 15 juillet 2014.

Subsea 7 (Luxembourg) Sàrl, Société à responsabilité limitée.

Siège social: L-1882 Luxembourg, 12F, rue Guillaume Kroll.

R.C.S. Luxembourg B 87.470.

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: 2014103515/9.
(140121988) Déposé au registre de commerce et des sociétés de Luxembourg, le 15 juillet 2014.

De Grenge Wee S. à r.l., Société à responsabilité limitée.

Siège social: L-1840 Luxembourg, 40, boulevard Joseph II.

R.C.S. Luxembourg B 165.896.

COMPAGNIE FINANCIERE DE GESTION LUXEMBOURG S.A.
Boulevard Joseph II
L-1840 Luxembourg
Signature

Référence de publication: 2014103895/13.
(140124601) Déposé au registre de commerce et des sociétés de Luxembourg, le 17 juillet 2014.

GMP Luxembourg S. à r.l., Société à responsabilité limitée.

R.C.S. Luxembourg B 132.098.

LIQUIDATION JUDICIAIRE

Extrait

Par jugement rendu en date du 10 juillet 2014, le Tribunal d'Arrondissement de et à Luxembourg, siégeant en matière

commerciale, a ordonné en vertu de l'article 203 de la loi du 10 août 1915 concernant les sociétés commerciales, la
dissolution et la liquidation de la société:

GMP Luxembourg S.àr.l., dont le siège social à L-2346 Luxembourg, 20, rue de la Poste, a été dénoncé en date du 13

avril 2010, inscrite au Registre du Commerce et des Sociétés de Luxembourg sous le numéro B 132098;

Le même jugement a nommé juge-commissaire Monsieur Thierry SCHILTZ, juge au Tribunal d'Arrondissement de et

à Luxembourg, et liquidateur Maître Nathalie WEBER-FRISCH, Avocat à la Cour, demeurant à Luxembourg.

Il ordonne aux créanciers de faire la déclaration de leurs créances avant le 31 juillet 2014 au greffe de la VI

ème

Chambre

de ce Tribunal.

Luxembourg, le 21 juillet 2014.

Pour extrait conforme
Maître Nathalie WEBER-FRISCH
Le liquidateur
1, rue Jean-Pierre Brasseur
L-1258 Luxembourg

Référence de publication: 2014106262/23.
(140126758) Déposé au registre de commerce et des sociétés de Luxembourg, le 21 juillet 2014.

123466

U X E M B O U R G

Auchan Luxembourg, Société Anonyme.

Siège social: L-2721 Luxembourg, 5, rue Alphonse Weicker.

R.C.S. Luxembourg B 45.515.

Extrait des résolutions du conseil d'administration prises par voie circulaire en date 17 juin 2014

- Monsieur François Remy, Directeur Général Pays, né le 20 mars 1962 à La Réole (France) demeurant profession-

nellement au 5, rue Alphonse Weicker, L-2721 est nommé Administrateur-Délégué de la Société.

Lui sont ainsi conférés la gestion journalière et la représentation de la Société ainsi qu'un pouvoir individuel de signature.
Son mandat d'Administrateur-Délégué prendra fin lors de l'Assemblée Générale Statutaire de 2015.
- Monsieur Ludovic HOLINIER demeurant professionnellement au 40, avenue de Flandre, F-59170 Croix est nommé

Président du Conseil d'Administration.

Ce dernier assumera cette fonction jusqu'à l'Assemblée Générale Statutaire qui se tiendra en 2015.

Certifié sincère et conforme

Référence de publication: 2014104651/16.
(140125858) Déposé au registre de commerce et des sociétés de Luxembourg, le 18 juillet 2014.

Tower 4 S.àr.l., Société à responsabilité limitée unipersonnelle.

Capital social: EUR 12.500,00.

Siège social: L-2613 Luxembourg, 5, place du Théâtre.

R.C.S. Luxembourg B 141.967.

Extrait du procès-verbal de l'assemblée générale ordinaire des associés tenue le 25 juin 2014 au siège social de la société

Personne chargée du contrôle des comptes:
Le mandat du commissaire aux comptes venant à échéance, l'assemblée décide de le réélire pour la période expirant

à l'assemblée générale statuant sur l'exercice 2014 comme suit:

- Ernst & Young S.A., ayant son siège social au 7, rue Gabriel Lippmann, L-5365 Munsbach, immatriculée auprès du

Registre de Commerce et des Sociétés de Luxembourg sous le numéro B 47.771, commissaire aux comptes.

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

Luxembourg, le 17 juillet 2014.

Pour la Société

Référence de publication: 2014106154/17.
(140126048) Déposé au registre de commerce et des sociétés de Luxembourg, le 21 juillet 2014.

Ballymore Projects Sàrl, Société à responsabilité limitée.

Capital social: EUR 25.000,00.

Siège social: L-1855 Luxembourg, 47, avenue J.F. Kennedy.

R.C.S. Luxembourg B 117.143.

Extrait des résolutions prises par l'associé unique de la Société en date du 10 juin 2014:

L'associé unique de la Société a pris les résolutions suivantes:
- Démission de Mme Anne - Cécile Jourdren Vasseur en qualité de gérant de catégorie B avec effet au 31 janvier 2014.
- Démission de M. Ian Kent en qualité de gérant de catégorie B avec effet au 10 juin 2014.
- Nomination de M. Frits Carlsen, résidant professionnellement au 47, avenue John F. Kennedy, L-1855 Luxembourg,

Grand-Duché du Luxembourg, né le 4 septembre 1958 à Copenhague, Danemark en qualité de gérant de catégorie B
avec effet au 31 janvier 2014 et pour une durée indéterminée.

Le conseil de gérance se compose dorénavant comme suit:
- M. Frits Carlsen, gérant de catégorie B
- M. John Sisk, gérant de catégorie A
- M. Brian Fagan, gérant de catégorie A
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

Pour la Société

Référence de publication: 2014104661/21.
(140125436) Déposé au registre de commerce et des sociétés de Luxembourg, le 18 juillet 2014.

123467

U X E M B O U R G

Tower 6 Bis S. à r. l., Société à responsabilité limitée.

Capital social: EUR 4.500.000,00.

Siège social: L-2613 Luxembourg, 5, place du Théâtre.

R.C.S. Luxembourg B 145.339.

Extrait du procès-verbal de l'assemblée générale ordinaire des associés tenue le 25 juin 2014 au siège social de la société

Personne chargée du contrôle des comptes:
Le mandat du commissaire aux comptes venant à échéance, l'assemblée décide de le réélire pour la période expirant

à l'assemblée générale statuant sur l'exercice 2014 comme suit:

- Ernst & Young S.A., ayant son siège social au 7, rue Gabriel Lippmann, L-5365 Munsbach, immatriculée auprès du

Registre de Commerce et des Sociétés de Luxembourg sous le numéro B 47.771, commissaire aux comptes.

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

Luxembourg, le 17 juillet 2014.

Pour la Société

Référence de publication: 2014106181/17.
(140126164) Déposé au registre de commerce et des sociétés de Luxembourg, le 21 juillet 2014.

Telco Investments Europe S.à r.l., Société à responsabilité limitée.

Siège social: L-1526 Luxembourg, 50, Val Fleuri.

R.C.S. Luxembourg B 104.528.

Extrait rectificatif de l'extrait enregistré à Luxembourg, le 23 novembre 2012, réf. L120202103

Suite au transfert de siège vers la Belgique de la société Multitel Sprl (anc. Multitel S.à r.l.), Gérant et Associée de la

Société, suivant acte passé par-devant Maître Joseph ELVINGER, notaire de résidence à Luxembourg en date du 15
décembre 2011, il y a lieu de modifier la publication faite au Mémorial C, Recueil des Sociétés et Associations n°31 du 5
janvier 2013 comme suit:

«II. Changement d'adresse
La Société a été avertie du changement d'adresse de son Gérant et Associée Multitel Sprl, ayant désormais son siège

social au 24, avenue du Diamant, B-1030 Schaerbeek, Belgique.»

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

Le 18 juillet 2014.

Pour TELCO INVESTMENTS EUROPE S.à r.l.

Référence de publication: 2014106149/18.
(140126464) Déposé au registre de commerce et des sociétés de Luxembourg, le 21 juillet 2014.

Trinter S.A., Société Anonyme.

Siège social: L-2134 Luxembourg, 50, rue Charles Martel.

R.C.S. Luxembourg B 127.176.

Extrait des résolutions prises lors du Conseil d'Administration tenue en date du 30 mai 2014

Il résulte de la réunion du Conseil d'Administration tenue en date du 30 mai 2014 que:
- Le siège social de la société est transféré du 42-44 avenue de la gare L-1610 Luxembourg au 50, rue Charles Martel,

L-2134 Luxembourg, avec effet au 1

juin 2014.

- Les administrateurs M. Claude ZIMMER, M. Hendrik H.J. KEMMERLING et M. Rob SONNENSCHEIN sont domiciliés

professionnellement au 50, rue Charles Martel 1

étage, L-2134 Luxembourg et ce, avec effet au 1

juin 2014.

- L'administrateur LuxGlobal Management S.à r.l, société enregistrée auprès du Registre de Commerce et des Sociétés

Luxembourg sous le numéro B159.893 est transféré au 50, rue Charles Martel, L-2134 Luxembourg et ce, avec effet au
1

juin 2014. Représentant permanent M. Hendrik H.J. KEMMERLING domicilié professionnellement au 50, rue Charles

Martel, 1

étage L-2134 Luxembourg et ce, avec effet au 1

juin 2014.

Extrait sincère et conforme
Un mandataire

Référence de publication: 2014106190/19.
(140126334) Déposé au registre de commerce et des sociétés de Luxembourg, le 21 juillet 2014.

123468

U X E M B O U R G

Verizon International Investments Luxembourg S.à r.l., Société à responsabilité limitée.

Capital social: USD 2.069.623.000,00.

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

R.C.S. Luxembourg B 133.581.

Par résolutions prises en date du 4 juin 2014, l'associé unique a pris les décisions suivantes:
1. Nomination de Fabrice Seemann, avec adresse professionnelle au 5, rue Guillaume Kroll, L-1882 Luxembourg, au

mandat de gérant de catégorie B, avec effet au 5 juin 2014 et pour une durée indéterminée;

2. Acceptation de la démission de Guillaume Sadler, avec adresse professionnelle au 5, rue Guillaume Kroll, L-1882

Luxembourg de son mandat de gérant de catégorie B, avec effet au 5 juin 2014;

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

Luxembourg, le 17 juillet 2014.

Référence de publication: 2014107209/15.
(140128004) Déposé au registre de commerce et des sociétés de Luxembourg, le 22 juillet 2014.

TMK Bonds SA, Société Anonyme.

Capital social: USD 55.800,00.

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

R.C.S. Luxembourg B 149.705.

Extrait des résolutions adoptées lors de l'assemblée générale annuelle du 16 mai 2014:

- Le mandat de Ernst & Young S.A. de 7, Rue Gabriel Lippman, Parc D'Activité Syrdall 2, L - 5365 Munsbach, Luxem-

bourg, le réviseur d'entreprise agréé de la société, est renouvelé.

- Le nouveau mandat de Ernst & Young S.A. prendra fin lors de l'assemblée générale annuelle qui se tiendra en 2015

statuant sur les comptes annuels de 2014.

Luxembourg, le 16 mai 2014.

Signatures
Un mandataire

Référence de publication: 2014106173/16.
(140126147) Déposé au registre de commerce et des sociétés de Luxembourg, le 21 juillet 2014.

Tiger Investment S.A., Société Anonyme.

Siège social: L-2652 Luxembourg, 156, rue Albert Unden.

R.C.S. Luxembourg B 57.009.

Extrait du P.V. de l'AGO tenue extraordinairement en date du 11 juillet 2014 appelée à statuer sur les comptes 2013

Les mandats des administrateurs, administrateurs délégués, Président du Conseil d'Administration et commissaire aux

comptes ont été reconduits pour une durée de 6 ans. Ils prendront fin à l'issue de l'assemblée générale annuelle de 2020
appelée à statuer sur les comptes de 2019.

Le Conseil d'Administration se compose comme suit:

Administrateurs et Président du Conseil d'Administration:

- PLAZA MANAGEMENT OVERSEAS SA, Pasea Estate, Road Town BVI Tortola
- Jan VAN HOLSBEECK, 156 rue Albert Unden L-2652 Luxembourg
- Johannes, Karel, Josef REIJTENBAGH, 3 rue des Giroflées F-98000 MONTE CARLO-MONACO + Président du

Conseil d'Administration

Administrateurs délégués:

Commissaire aux comptes:

- READ SARL, 3A, boulevard du Prince Henri L-1724 Luxembourg
Référence de publication: 2014106172/23.
(140126167) Déposé au registre de commerce et des sociétés de Luxembourg, le 21 juillet 2014.

123469

U X E M B O U R G

Unifrax Luxembourg I S.à r.l., Société à responsabilité limitée.

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

R.C.S. Luxembourg B 127.109.

Suite à une erreur survenue lors du dépôt des comptes annuels au 31 décembre 2012, enregistrés auprès du Registre

du Commerce de Luxembourg en date du 23 août 2013 sous la référence: L130146451

Les comptes annuels rectifiés 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.

Signature
Un mandataire

Référence de publication: 2014107194/14.
(140127159) Déposé au registre de commerce et des sociétés de Luxembourg, le 22 juillet 2014.

Verizon International Luxembourg S.à r.l., Société à responsabilité limitée.

Capital social: USD 326.965.000,00.

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

R.C.S. Luxembourg B 133.208.

mandat de gérant de catégorie B, avec effet au 5 juin 2014 et pour une durée indéterminée;

2. Acceptation de la démission de Guillaume Sadler, avec adresse professionnelle au 5, rue Guillaume Kroll, L-1882

Luxembourg de son mandat de gérant de catégorie B, avec effet au 5 juin 2014;

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

Luxembourg, le 17 juillet 2014.

Référence de publication: 2014107210/15.
(140128003) Déposé au registre de commerce et des sociétés de Luxembourg, le 22 juillet 2014.

Valve HoldCo S.à r.l., Société à responsabilité limitée.

Capital social: EUR 308.600,00.

Siège social: L-2540 Luxembourg, 26-28, rue Edward Steichen.

R.C.S. Luxembourg B 105.334.

EXTRAIT

Les associés de la Société, par résolutions écrites datées du 24 juin 2014 et avec effet immédiat, ont décidé:
1 d'accepter la démission de Monsieur Lars Frankfelt en tant que gérant de catégorie A de la Société,
2 d'abolir la classification en catégorie B des gérants actuellement en fonction
3 de nommer les personnes suivantes en tant que gérants de la Société pour une période indéfinie:
- Monsieur Thomas Sonnenberg, demeurant professionnellement 26-28 rue Edward Steichen, L-2540 Luxembourg,
- Monsieur Antonis Tzanetis, demeurant professionnellement 26-28 rue Edward Steichen, L-2540 Luxembourg,
- Monsieur Mats Eklund, demeurant professionnellement 26-28 rue Edward Steichen, L-2540 Luxembourg,
Dès lors, le conseil de gérance de la Société est composé sans classification en tant que gérants de catégorie A ou de

catégorie B de la manière suivante:

Monsieur Michiel Kramer
Monsieur Heiko Dimmerling
Monsieur Thomas Sonnenberg
Monsieur Antonis Tzanetis
Monsieur Mats Eklund
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

Pour Valve HoldCo S.à r.l.

Référence de publication: 2014107203/25.
(140127326) Déposé au registre de commerce et des sociétés de Luxembourg, le 22 juillet 2014.

123470

U X E M B O U R G

Top Wash S.à r.l., Société à responsabilité limitée.

Siège social: L-7420 Cruchten, 44, rue Principale.

R.C.S. Luxembourg B 113.822.

MORBIN Nathalie.

Référence de publication: 2014107188/10.
(140127930) Déposé au registre de commerce et des sociétés de Luxembourg, le 22 juillet 2014.

VC SolEs Invest S.à.r.l., Société à responsabilité limitée.

Capital social: EUR 12.500,00.

Siège social: L-5365 Munsbach, 1C, rue Gabriel Lippmann.

R.C.S. Luxembourg B 155.230.

Die Bilanz zum 31. Dezember 2012 und die Gewinn- und Verlustrechnung für das am 31. Dezember 2012 abgelaufene

Geschäftsjahr wurden beim Handels- und Gesellschaftsregister von Luxemburg hinterlegt.

Zwecks Veröffentlichung im Mémorial, Recueil des Sociétés et Associations.

Luxemburg, den 17. Juli 2014.

Für die VC SolEs Invest S.à r.l.
Die Domizilstelle:
Hauck & Aufhäuser Alternative Investment Services S.A.

Référence de publication: 2014107224/14.
(140127976) Déposé au registre de commerce et des sociétés de Luxembourg, le 22 juillet 2014.

Vitoria Trade Solutions S.à r.l., Société à responsabilité limitée.

Siège social: L-5310 Contern, 4, rue de Moutfort.

R.C.S. Luxembourg B 171.236.

Le bilan au 31.12.2013 a été déposé au registre de commerce et des sociétés de Luxembourg.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

Luxembourg, le 21 juillet 2014.

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

Référence de publication: 2014107216/14.
(140127401) Déposé au registre de commerce et des sociétés de Luxembourg, le 22 juillet 2014.

VRWAY Communication S.A., Société Anonyme,

(anc. Vactec Management S.A.).

Siège social: L-2450 Luxembourg, 15, boulevard Roosevelt.

R.C.S. Luxembourg B 132.690.

- Constituée suivant acte reçu par Maître Emile SCHLESSER, notaire de résidence à L-LUXEMBOURG, en date du 9

octobre 2007, publié au Mémorial, Recueil Spécial C n° 2657 du 20 novembre 2007.

- Statuts modifiés par-devant Maître Emile SCHLESSER, notaire de résidence à L-Luxembourg, en date du 1

juillet

2009, publié au Mémorial, Recueil Spécial C n° 1503 du 4 août 2009.

Il résulte de la lettre adressée à la société VRWAY COMMUNICATION S.A. en date du 4 février 2014, que Monsieur

Giovanni LEGA a démissionné de sa fonction d'administrateur avec effet immédiat.

Luxembourg, le 21 juillet 2014.

Pour la société VRWAY COMMUNICATION S.A.
FIDUCIAIRE FERNAND FABER

Référence de publication: 2014107233/16.
(140127710) Déposé au registre de commerce et des sociétés de Luxembourg, le 22 juillet 2014.

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La Grange Fleurie S.à r.l., Société à responsabilité limitée.

Siège social: L-8394 Olm, 3, rue de Kehlen.

R.C.S. Luxembourg B 98.752.

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: 2014107702/9.
(140128406) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2014.

Logistis Luxembourg Feeder S.A., Société Anonyme.

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

R.C.S. Luxembourg B 140.269.

Pour la société
Un mandataire

Référence de publication: 2014107722/11.
(140128710) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2014.

LUXAIR, Société Luxembourgeoise de Navigation Aérienne S.A., Société Anonyme.

Siège social: L-2987 Luxembourg, Aéroport de Luxembourg.

R.C.S. Luxembourg B 4.109.

Extrait du procès-verbal de la réunion du Conseil d'Administration de la société Luxair qui s'est tenue le 4 juillet 2014 à l'aéroport

de Luxembourg:

«Le Conseil d'Administration procède à la cooptation de M. Gaston Stronck comme nouvel administrateur de Luxair,

en remplacement de Mme Sasha Baillie, démissionnaire.

L'adresse professionnelle de M. Stronck est fixée à l'Aéroport de Luxembourg, L-2987 Luxembourg.»
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

Luxembourg, le 22 juillet 2014.

Signature.

Référence de publication: 2014107729/14.
(140128425) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2014.

Longitudes (Luxembourg) S.A., Société Anonyme.

Siège social: L-2530 Luxembourg, 10A, rue Henri M. Schnadt.

R.C.S. Luxembourg B 49.167.

Extrait de l'assemblée générale extraordinaire du 17 juin 2014

L'assemblée prend acte de la démission de Monsieur Claude SAUBER de sa fonction d'administrateur-délégué en date

du 12 juin 2014.

L'assemblée décide de nommer Monsieur Hubert BONNIER, demeurant professionnellement au 10A, rue Henri M.

Schnadt, L-2530 Luxembourg, comme nouvel administrateur, en remplacement de Monsieur Claude SAUBER.

Le mandat d'administrateur de Monsieur Hubert BONNIER viendra à échéance à l'issue de l'assemblée générale an-

nuelle à tenir en 2014.

L'assemblée générale décide de nommer Monsieur Jean-Michel DESNOS, demeurant professionnellement au 10A, rue

Henri M. Schnadt, L-2530 Luxembourg, comme nouvel administrateur-délégué.

Le mandat d'administrateur-délégué de Monsieur Jean-Michel DESNOS viendra à échéance à l'issue de l'assemblée

générale annuelle à tenir en 2014.

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

Aida FERREIRA.

Référence de publication: 2014107723/20.
(140128418) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2014.

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Luxembourg China S.A., Société Anonyme.

Siège social: L-2320 Luxembourg, 67, boulevard de la Pétrusse.

R.C.S. Luxembourg B 90.082.

Extrait des Résolutions prises à l'assemblée générale ordinaire tenue le 16 juin 2014

Le mandat du commissaire aux comptes, DMS Managament Services (Luxembourg) s.à.r.l., établie et ayant son siège

social à L 1724 Luxembourg, 43 Bd Prince Henri a été renouvelé jusqu'à l'Assemblée Générale Ordinaire statuant sur les
compte de l'exercice 2015.

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

Luxembourg, le 18 juillet 2014.

Référence de publication: 2014107731/13.
(140128330) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2014.

European Sun Invest S.à r.l., Société à responsabilité limitée.

Capital social: EUR 12.500,00.

Siège social: L-1260 Luxembourg, 7B, rue de Bonnevoie.

R.C.S. Luxembourg B 182.859.

EXTRAIT

Il résulte de deux contrats de cession signés en date du 11 juillet 2014 que le capital social de la Société est désormais

détenu comme suit:

- WORLDWIDE SUN INVEST S.A., ayant son siège social au 55-57, rue de Merl, L-2146 Luxembourg, inscrite au

Registre de Commerce et des Sociétés Luxembourg sous le numéro B 182.810 - 500 parts sociales.

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

Luxembourg, le 14 juillet 2014.

Pour la Société
Signature
Un Mandataire

Référence de publication: 2014108389/17.
(140130155) Déposé au registre de commerce et des sociétés de Luxembourg, le 24 juillet 2014.

Marsh Management Services Luxembourg S.A., Société Anonyme.

Siège social: L-2146 Luxembourg, 74, rue de Merl.

R.C.S. Luxembourg B 8.801.

Extrait du procès-verbal de l'Assemblée Générale qui s'est tenue le lundi 21 juillet 2014 à 11.00 heures au 74, rue de Merl, L-2146

Luxembourg.

1) L'Assemblée décide de nommer comme Administrateurs les personnes suivantes:
- M. Philippe BIOUL, Président du Conseil d'Administration, demeurant professionnellement au 2, Boulevard du Sou-

verain, B-1170 Bruxelles

- M. Ian CLANCY, Administrateur, demeurant professionnellement à Adélaide Road, St James House, 3

ème

étage,

Dublin 2, Irlande

- M. Claude WEBER, Administrateur-délégué, demeurant professionnellement au 74, rue de Merl, L-2146 Luxembourg.
pour une durée d'un an, c'est-à-dire jusqu'à l'issue de l'Assemblée Générale Ordinaire de 2015 qui aura à statuer sur

les comptes de l'exercice social de 2014.

2) L'Assemblée nomme DELOITTE Audit Sàrl (RCS Luxembourg B 67895), siège social au 560, rue de Neudorf, L-2220

Luxembourg), comme Réviseur d'entreprises indépendant. Ce mandat viendra à expiration à l'issue de l'Assemblée Gé-
nérale à tenir en 2015 et qui aura à statuer sur les comptes de l'exercice de 2014.

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

Pour extrait sincère et conforme
Signature
Un mandataire

Référence de publication: 2014107740/24.
(140128481) Déposé au registre de commerce et des sociétés de Luxembourg, le 23 juillet 2014.

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U X E M B O U R G

LODI Spf S.A., Société Anonyme - Société de Gestion de Patrimoine Familial.

Siège social: L-1724 Luxembourg, 3A, boulevard du Prince Henri.

R.C.S. Luxembourg B 21.196.

Extrait du procès-verbal de l'assemblée générale ordinaire tenue extraordinairement le 08.05.2014 à Luxembourg

L'Assemblée renouvelle pour une période de 6 ans le mandat des Administrateurs et du Commissaire sortants, à savoir

Messieurs GILLET Etienne, 3A, Boulevard du Prince Henri, L-1724 Luxembourg, JACQUEMART Laurent, 3A, Boulevard
du Prince Henri, L-1724 Luxembourg, MARECHAL Joël, 3A, Boulevard du Prince Henri, L-1724 Luxembourg, en tant
qu'administrateurs et la société AUDITEX S.A.R.L. 3A, Boulevard du Prince Henri, L-1724 Luxembourg, en tant que
commissaire aux comptes.

Leur mandat prendra fin à l'issue de l'Assemblée Générale Statutaire à tenir en 2020.

Pour copie conforme
Signatures
Administrateur / Administrateur

Référence de publication: 2014109647/17.
(140131265) Déposé au registre de commerce et des sociétés de Luxembourg, le 25 juillet 2014.

Ensilea S.A, Société Anonyme.

Siège social: L-4811 Rodange, 46, rue Charlotte.

R.C.S. Luxembourg B 188.868.

STATUTS

L'an deux mille quatorze, le huit juillet.
Par-devant nous, Maître Jean SECKLER, notaire de résidence à Junglinster, Grand-Duché de Luxembourg.

A COMPARU:

CORIOLAN, société anonyme existant et gouvernée par les lois du Grand-Duché de Luxembourg, ayant son siège

social à L-4811 Rodange, 46, rue Charlotte, inscrite au Registre de Commerce sous le numéro B 176.791,

ici représentée par ses deux administrateurs Madame Yolène DOLLET, employée privée, demeurant professionnel-

lement à L-8070 Bertrange, 10A, rue des Mérovingiens et Monsieur Laurent DOLLET, employé privé, demeurant
professionnellement à L-8070 Bertrange, 10A, rue des Mérovingiens, lui-même représenté, par Madame Yolène DOLLET,
prénommée.

La prédite procuration, paraphée "ne varietur" par la mandataire de la comparante et le notaire instrumentant, restera

annexée au présent acte avec lequel elle sera soumise à la formalité de l'enregistrement.

Laquelle comparante, représentée comme dit ci-avant, a prié le notaire instrumentant d'arrêter ainsi qu'il suit les statuts

d'une société anonyme à constituer.

Titre I

. - Dénomination - Durée - Objet - Siège social

Art. 1

. Il est formé par le souscripteur et tous ceux qui deviendront propriétaires des actions ci-après créées, une

société anonyme, sous la dénomination de “ENSILEA” (ci-après la "Société").

Art. 2. La durée de la Société est illimitée.

Art. 3. La société a pour objet, la vente sous toutes ses formes de tous produits et plus particulièrement l'e-commerce

et la vente par téléphone, ainsi que toutes les activités immobilières.

La société a également pour objet toutes activités commerciales, en accord avec les dispositions de la loi du 9 juillet

2004, modifiant la loi modifiée du 28 décembre 1988 concernant le droit d'établissement et réglementant l'accès aux
professions d'artisan, de commerçant, d'industriel ainsi qu'à certaines professions libérales.

La société pourra en outre effectuer toutes opérations se rapportant directement ou indirectement à la prise de

participations sous quelque forme que ce soit, dans toute entreprise, ainsi que l'administration, la gestion, le contrôle et
le développement de ces participations.

Elle pourra notamment employer ses fonds à la création, à la gestion, au développement, à la mise en valeur et à la

liquidation d'un portefeuille se composant de tous titres et brevets de toute origine, participer à la création, au dévelop-
pement et au contrôle de toute entreprise, acquérir par voie d'apport, de souscription, de prise ferme ou d'option d'achat
et de toute autre manière, tous titres et brevets, les réaliser par voie de vente, de cession, d'échange ou autrement, faire
mettre en valeur ces affaires et brevets.

Elle pourra emprunter sous quelque forme que ce soit.

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U X E M B O U R G

Elle pourra, dans les limites fixées par la loi du 10 août 1915, accorder à toute société du groupe ou à tout actionnaire

tous concours, prêts, avances ou garanties.

Elle prendra toutes les mesures pour sauvegarder ses droits et fera toutes opérations généralement quelconques, qui

se rattachent directement ou indirectement à son objet ou qui le favorisent.

Art. 4. Le siège social est établi dans la commune de Pétange (Grand-Duché de Luxembourg).
Par simple décision du conseil d'administration, la Société pourra établir des filiales, succursales, agences ou sièges

administratifs aussi bien dans le Grand-Duché de Luxembourg qu'à l'étranger.

Sans préjudice des règles du droit commun en matière de résiliation contractuelle, au cas où le siège de la Société est

établi par contrat avec des tiers, le siège de la Société pourra être transféré sur simple décision du conseil d'administration
à tout autre endroit de la commune du siège.

Le siège social pourra être transféré dans toute autre localité du pays par décision de l'assemblée.

Titre II. - Capital social - Actions

Art. 5. Le capital social est fixé à trente et un mille euros (31.000,-EUR), représenté par cent (100) actions d'une valeur

nominale de trente cent dix euros (310,- EUR) chacune.

Art. 6. Les actions de la Société sont nominatives ou au porteur ou pour partie nominatives et pour partie au porteur

au choix des actionnaires, sauf dispositions contraires de la loi.

Il est tenu au siège social un registre des actions nominatives, dont tout actionnaire pourra prendre connaissance, et

qui contiendra les indications prévues à l'article 39 de la Loi. La propriété des actions nominatives s'établit par une
inscription sur ledit registre. Des certificats constatant ces inscriptions au registre seront délivrés, signés par deux ad-
ministrateurs ou, si la Société ne comporte qu'un seul administrateur, par celui-ci.

L'action au porteur est signée par deux administrateurs ou, si la Société ne comporte qu'un seul administrateur, par

celui-ci. La signature peut être soit manuscrite, soit imprimée, soit apposée au moyen d'une griffe.

Toutefois l'une des signatures peut être apposée par une personne déléguée à cet effet par le conseil d'administration.

En ce cas, elle doit être manuscrite. Une copie certifiée conforme de l'acte conférant délégation à une personne ne faisant
pas partie du conseil d'administration, sera déposée préalablement conformément à l'article 9, §§ 1 et 2 de la Loi.

La Société ne reconnaît qu'un propriétaire par action; si la propriété de l'action est indivise, démembrée ou litigieuse,

les personnes invoquant un droit sur l'action devront désigner un mandataire unique pour représenter l'action à l'égard
de la Société. La Société aura le droit de suspendre l'exercice de tous les droits y attachés jusqu'à ce qu'une seule personne
ait été désignée comme étant à son égard propriétaire.

Titre III. - Assemblées générales des actionnaires - Décisions de l'associé unique

Art. 7. L'assemblée des actionnaires de la Société 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. Lorsque la Société compte un actionnaire unique, il exerce les pouvoirs dévolus à l'assemblée générale.

L'assemblée générale est convoquée par le conseil d'administration. Elle peut l'être également sur demande d'action-

naires représentant un dixième au moins du capital social.

Art. 8. L'assemblée générale annuelle des actionnaires se tiendra au siège social de la Société ou à tout autre endroit

à Luxembourg qui sera fixé dans l'avis de convocation, le troisième vendredi du mois de juin à 11:00 heures.

Si ce jour est un jour férié légal, l'assemblée générale annuelle se tiendra le premier jour ouvrable qui suit.
D'autres assemblées des actionnaires pourront se tenir aux heures et lieux spécifiés dans les avis de convocation.
Les quorum et délais requis par la Loi régleront les avis de convocation et la conduite des assemblées des actionnaires

de la Société, dans la mesure où il n'est pas autrement disposé dans les présents statuts.

Toute action donne droit à une voix. Tout actionnaire pourra prendre part aux assemblées des actionnaires en dési-

gnant par écrit, par câble, télégramme ou téléfax une autre personne comme son mandataire.

Dans la mesure où il n'en est pas autrement disposé par la Loi ou les présents statuts, les décisions d'une assemblée

des actionnaires dûment convoquée sont prises à la majorité simple des votes des actionnaires présents ou représentés.

Le conseil d'administration peut déterminer toutes autres conditions à remplir par les actionnaires pour prendre part

à toute assemblée des actionnaires.

Si tous les actionnaires sont présents ou représentés lors d'une assemblée des actionnaires, et s'ils déclarent connaître

l'ordre du jour, l'assemblée pourra se tenir sans avis de convocation préalables.

Les décisions prises lors de l'assemblée sont consignées dans un procès-verbal signé par les membres du bureau et

par les actionnaires qui le demandent. Si la Société compte un actionnaire unique, ses décisions sont également écrites
dans un procès verbal.

Tout actionnaire peut participer à une réunion de l'assemblée générale par visioconférence ou par des moyens de

télécommunication permettant leur identification. Ces moyens doivent satisfaire à des caractéristiques techniques ga-

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U X E M B O U R G

rantissant la participation effective à l'assemblée, dont les délibérations sont retransmises de façon continue. La
participation à une réunion par ces moyens équivaut à une présence en personne à une telle réunion.

Titre IV. - Conseil d'administration

Art. 9. La Société sera administrée par un conseil d'administration composé de trois membres au moins, qui n'ont pas

besoin d'être actionnaires de la Société. Toutefois, lorsque la Société est constituée par un actionnaire unique ou que, à
une assemblée générale des actionnaires, il est constaté que celle-ci n'a plus qu'un actionnaire unique, la composition du
conseil d'administration peut être limitée à un (1) membre jusqu'à l'assemblée générale ordinaire suivant la constatation
de l'existence de plus d'un actionnaire.

Les administrateurs seront élus par l'assemblée générale des actionnaires qui fixe leur nombre, leurs émoluments et

la durée de leur mandat. Les administrateurs sont élus pour un terme qui n'excédera pas six (6) ans, jusqu'à ce que leurs
successeurs soient élus.

Les administrateurs seront élus à la majorité des votes des actionnaires présents ou représentés.
Tout administrateur pourra être révoqué avec ou sans motif à tout moment par décision de l'assemblée générale des

actionnaires.

Au cas où le poste d'un administrateur devient vacant à la suite de décès, de démission ou autrement, cette vacance

peut être temporairement comblée jusqu'à la prochaine assemblée générale, aux conditions prévues par la Loi.

Art. 10. Le conseil d'administration devra choisir en son sein un président et pourra également choisir parmi ses

membres un vice-président. Il pourra également choisir un secrétaire qui n'a pas besoin d'être administrateur et qui sera
en charge de la tenue des procès-verbaux des réunions du conseil d'administration et des assemblées générales des
actionnaires.

Le conseil d'administration se réunira sur la convocation du président ou de deux administrateurs, au lieu indiqué dans

l'avis de convocation.

Le président présidera toutes les assemblées générales des actionnaires et les réunions du conseil d'administration;

en son absence l'assemblée générale ou le conseil d'administration pourra désigner à la majorité des personnes présentes
à cette assemblée ou réunion un autre administrateur pour assumer la présidence pro tempore de ces assemblées ou
réunions.

Avis écrit de toute réunion du conseil d'administration sera donné à tous les administrateurs au moins vingt-quatre

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 dans l'avis de convocation. Il pourra être passé outre à cette convocation à la suite de l'assentiment de chaque
administrateur par écrit ou par câble, télégramme, télécopieur ou tout autre moyen de communication similaire. Une
convocation spéciale ne sera pas requise pour une réunion du conseil d'administration se tenant à une heure et un endroit
déterminés dans une résolution préalablement adoptée par le conseil d'administration.

Tout administrateur pourra se faire représenter à toute réunion du conseil d'administration en désignant par écrit ou

par câble, télégramme ou téléfax un autre administrateur comme son mandataire.

Un administrateur peut représenter plusieurs de ses collègues.
Tout administrateur peut participer à une réunion du conseil d'administration par visioconférence ou par des moyens

de télécommunication permettant son identification. Ces moyens doivent satisfaire à des caractéristiques techniques
garantissant une participation effective à la réunion du conseil dont les délibérations sont retransmises de façon continue.
La participation à une réunion par ces moyens équivaut à une présence en personne à une telle réunion. La réunion tenue
par de tels moyens de communication à distance est réputée se tenir au siège de la Société.

Le conseil d'administration ne pourra délibérer ou agir valablement que si la moitié au moins des administrateurs est

présente ou représentée à la réunion du conseil d'administration.

Les décisions sont prises à la majorité des voix des administrateurs présents ou représentés à cette réunion. En cas

de partage des voix, le président du conseil d'administration aura une voix prépondérante.

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

bation au moyen d'un ou de plusieurs écrits, par courrier ou par courrier électronique ou par télécopie ou par tout autre
moyen de communication similaire, à confirmer le cas échéant par courrier, le tout ensemble constituant le procès-verbal
faisant preuve de la décision intervenue.

Art. 11. Les procès-verbaux de toutes les réunions du conseil d'administration seront signés par le président ou, en

son absence, par le vice-président, ou par deux administrateurs. Les copies ou extraits des procès-verbaux destinés à
servir en justice ou ailleurs seront signés par le président ou par deux administrateurs. Lorsque le conseil d'administration
est composé d'un seul membre, ce dernier signera.

Art. 12. Le conseil d'administration est investi des pouvoirs les plus larges de passer tous actes d'administration et de

disposition dans l'intérêt de la Société. Tous pouvoirs que la Loi ou les présents statuts ne réservent pas expressément
à l'assemblée générale des actionnaires sont de la compétence du conseil d'administration.

Lorsque la Société compte un seul administrateur, il exerce les pouvoirs dévolus au conseil d'administration.

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U X E M B O U R G

La gestion journalière de la Société ainsi que la représentation de la Société en ce qui concerne cette gestion pourront,

conformément à l'article 60 de la Loi, être déléguées à un ou plusieurs administrateurs, directeurs, gérants et autres
agents, associés ou non, agissant seuls ou conjointement. Leur nomination, leur révocation et leurs attributions seront
réglées par une décision du conseil d'administration. La délégation à un membre du conseil d'administration impose au
conseil l'obligation de rendre annuellement compte à l'assemblée générale ordinaire des traitements, émoluments et
avantages quelconques alloués au délégué.

La Société peut également conférer tous mandats spéciaux par procuration authentique ou sous seing privé.

Art. 13. La Société sera engagée par la signature collective de deux (2) administrateurs ou la seule signature de toute

(s) personne(s) à laquelle (auxquelles) pareils pouvoirs de signature auront été délégués par le conseil d'administration.
Lorsque le conseil d'administration est composé d'un seul membre, la Société sera engagée par sa seule signature.

Titre V. - Surveillance de la société

Art. 14 Les opérations de la Société seront surveillées par un (1) ou plusieurs commissaires aux comptes qui n'ont

pas besoin d'être actionnaire. L'assemblée générale des actionnaires désignera les commissaires aux comptes et déter-
minera leur nombre, leurs rémunérations et la durée de leurs fonctions qui ne pourra excéder six (6) années.

Titre VI. - Exercice social - Bilan

Art. 15. L'exercice social commencera le premier janvier de chaque année et se terminera le trente et un décembre

de la même année.

Art. 16. Sur le bénéfice annuel net de la Société il est prélevé cinq pour cent (5%) pour la formation du fonds de réserve

légale; ce prélèvement cessera d'être obligatoire lorsque et tant que la réserve aura atteint dix pour cent (10%) du capital
social, tel que prévu à l'article 5 de ces statuts, ou tel qu'augmenté ou réduit en vertu de ce même article 5.

L'assemblée générale des actionnaires déterminera, sur proposition du conseil d'administration, de quelle façon il sera

disposé du solde du bénéfice annuel net.

Des acomptes sur dividendes pourront être versés en conformité avec les conditions prévues par la Loi.

Titre VII. - Liquidation

Art. 17. 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) nommés par l'assemblée générale des actionnaires qui déterminera
leurs pouvoirs et leurs rémunérations.

Titre VIII. - Modification des statuts

Art. 18. Les présents statuts pourront être modifiés par une assemblée générale des actionnaires statuant aux condi-

tions de quorum et de majorité prévues par l'article 67-1 de la Loi.

Titre IX. - Dispositions finales - Loi applicable

Art. 19. Pour toutes les matières qui ne sont pas régies par les présents statuts, les parties se réfèrent aux dispositions

de la Loi.

Dispositions transitoires

1) Le premier exercice social commence le jour de la constitution et se termine le 31 décembre 2014.
2) La première assemblée générale ordinaire annuelle se tiendra en 2015.

Souscription et libération

Les statuts de la Société ayant ainsi été arrêtés, les actions ont été souscrites par l'actionnaire unique, pré-qualfié,

laquelle les a toutes libérées par versements en espèces d'un montant de trente et un mille euros (31.000,-EUR) entiè-
rement alloués au capital social.

La somme de trente et un mille euros (31.000,- EUR) se trouve à la libre disposition de la société, tel qu'il en a été

justifié au notaire instrumentant, qui le confirme expressément.

Déclaration

Le notaire instrumentaire déclare avoir vérifié l'existence des conditions énumérées à l'article 26 de la loi du 10 août

1915 sur les sociétés commerciales, et en constate expressément l'accomplissement.

Frais

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 à raison de sa constitution s'élèvent approximativement à la somme de mille cent cinquante
euros.

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U X E M B O U R G

Résolutions prises par l'actionnaire unique

La comparante, prédésignée et représentée comme dit ci-avant, représentant l'intégralité du capital social souscrit, a

pris les résolutions suivantes en tant qu'actionnaire unique:

1.- Le nombre des administrateurs est fixé à un (1) et celui des commissaires aux comptes à un (1).
2.- Est appelé en fonction d'administrateur unique:
Madame Muriel BELPALME, gérante de société, née le 26 novembre 1958 à Bailleul (France), demeurant profession-

nellement à L-4811 Rodange, 46, rue Charlotte

3.- A été appelé aux fonctions de commissaire aux comptes:
La société «KOBU S.àr.l.», ayant son siège social à L-2714 Luxembourg, 6-12, Rue du Fort Wallis, inscrite au Registre

de Commerce et des Sociétés de Luxembourg sous le numéro B 84.077.

4.- Le siège social est établi à L-4811 Rodange, 46, rue Charlotte.
5.- Les mandats de l'administrateur unique et du commissaire aux comptes prendront fin à l'issue de l'assemblée

générale ordinaire de 2020.

DONT ACTE, fait et passé à Junglinster, date qu'en tête des présentes.
Et après lecture faite et interprétation donnée à la mandataire de la comparante, connu du notaire par nom, prénom

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

Signé: Yolène DOLLET, Jean SECKLER.
Enregistré à Grevenmacher, le 16 juillet 2014. Relation GRE/2014/2843. Reçu soixante-quinze euros 75,00 €

Le Receveur ff. (signé): Claire PIERRET.

Référence de publication: 2014109339/217.
(140131147) Déposé au registre de commerce et des sociétés de Luxembourg, le 25 juillet 2014.

Alcentra Global Special Situations Luxembourg S.à r.l., Société à responsabilité limitée.

Capital social: EUR 12.500,00.

Siège social: L-1855 Luxembourg, 47, avenue J.F. Kennedy.

R.C.S. Luxembourg B 141.163.

Extrait des résolutions adoptées par l'associé unique de la Société en date du 17 juillet 2014

L’associé unique de la Société a pris les résolutions suivantes:
- M. Ian Kent a démissionné de ses fonctions en tant que gérant de la Société avec effet immédiat.
- M. Simon Barnes a démissionné de ses fonctions en tant que gérant de la Société avec effet immédiat.
- Nomination de M. Sanjeev Jewootah, résidant professionnellement au 9A, boulevard Prince Henri, L-1724 Luxem-

bourg, Grand Duché de Luxembourg, né le 29 décembre 1975 à Forest-Side, Maurice en qualité de gérant avec effet
immédiat et pour une période de temps illimité.

- Nomination de M. Frits Carlsen, résidant professionnellement au 47, avenue John F. Kennedy, L-1855, Luxembourg,

Grand Duché de Luxembourg, né le 4 septembre 1958 à Copenhague, Danemark en qualité de gérant avec effet immédiat
et pour une période de temps illimité.

- Nomination de M. Yves Cheret, résidant au 9A, Boulevard Prince Henri, L-1724 Luxembourg, Luxembourg, né le 1

mai 1966 à Eupen, Belgique en qualité de gérant avec effet immédiat et pour une période de temps illimité.

- Nomination de Mme Kathryn O’Sullivan, résidant professionnellement au 47, avenue John F. Kennedy, L-1855 Lu-

xembourg, Grand Duché de Luxembourg, née le 28 juin 1963 à San Jose, CA, Etats Unis, en qualité de gérant avec effet
immédiat et pour une période de temps illimité.

Le conseil de gérance se compose dorénavant comme il suit:
- M. Sanjeev Jewootah, Gérant
- Mme Kathryn O’Sullivan, Gérant
- M. Yves Cheret, Gérant
- M. Frits Carlsen, Gérant
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Référence de publication: 2014108110/29.
(140129580) Déposé au registre de commerce et des sociétés de Luxembourg, le 24 juillet 2014.

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U X E M B O U R G

Ubs Infrastructure Debt Platform, Société en Commandite par Actions.

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

R.C.S. Luxembourg B 188.765.

STATUTES

In the year two thousand and fourteen, on the 4

day of the month of July,

Before the undersigned Maître Edouard Delosch, notary residing in Diekirch, Grand Duchy of Luxembourg.

There appeared:

1. UBS Infrastructure Debt GP, a private limited liability company (société à responsabilité limitée - S.à r.l.), duly

incorporated under the laws of Luxembourg, with registered office at 5, rue Guillaume Kroll, L-1882 Luxembourg, Grand
Duchy of Luxembourg, having a share capital of twelve thousand five hundred euro (EUR 12,500) and whose registration
with the Luxembourg trade and companies’ registry is pending,

here represented by Codrina Constantinescu, lawyer, residing professionally in Luxembourg, by virtue of a proxy given

in London on 1 July 2014 under private seal; and

2. Tommaso Albanese, professionally residing in 21 Lombard Street, London EC3V 9AH, United Kingdom
here represented by Codrina Constantinescu, lawyer, residing professionally in Luxembourg, by virtue of a proxy given

in London on 1 July 2014 under private seal; and

The said proxies, after having been initialed and signed ne varietur by the representative of the appearing parties and

the undersigned notary, shall remain attached to the present deed to be filed at the same time with the registration
authorities.

Such appearing parties have requested the undersigned notary to draw up the following articles of association of an

investment company with variable capital (société d’investissement à capital variable - SICAV) under the form of corporate
a partnership limited by shares (société en commandite par actions - S.C.A.), qualifying as a specialised investment fund
(fonds d’investissement spécialisé - FIS) which they declare to establish as follows:

Definitions, Name, Registered office, Object, Duration

1. Definitions. In these articles of association (the Articles), the following shall have the respective meaning set out

below:

“1915 Law”

means the Luxembourg law of 10 August 1915, relating to commercial companies,
as amended;

“2007 Law”

means the Luxembourg law of 13 February 2007, relating to specialised investment
funds, as amended from time to time;

“Accounting Date”

31 December 2014 and 31 December in each year thereafter or such other date as
the General Partner may determine and notify to the Shareholders or (in the case
of the final Accounting Period) the date when the SCA is finally dissolved;

“Accounting Period”

means a period ending on and including an Accounting Date and beginning on the
commencement of the SCA or, if later, on the day following the preceding Accounting
Date;

“Adverse Effect”

means, with respect to a prospective Capital Contribution by a Shareholder or such
Shareholder’s continued participation in an Investment or the SCA, that such
contribution or participation, when taken by itself or together with the contribution
or participation by any other Shareholder(s), is reasonably likely to (i) result in a
violation of a law, statute, rule, regulation, order or administrative guideline of a
federal, state or local governmental authority that is reasonably likely to have an
adverse effect on the SCA, any other Platform Entity, the general partner or other
control Person of any Platform Entity or any of their respective partners, members,
managers, shareholders or owners, (ii) subject any Person referred to in clause (i)
to any material filing
requirement, material regulatory requirement (including the registration or other
requirements of the Investment Company Act or the Investment Advisers Act) or
material tax or expense to which it would not otherwise be subject, or materially
increase any tax or expense, or make any filing or regulatory requirement materially
more burdensome, (iii) result in any assets owned by the SCA, any Parallel Investment
Vehicle or any alternative investment vehicle being deemed to include Plan Assets,
(iv) impair or have an adverse impact on the ability of the SCA or any other Platform
Entity to make or continue to hold an investment or require the General Partner to
modify the terms of any investment in a manner that is

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U X E M B O U R G

materially adverse to any Platform Entity, (v) cause the SCA or any other Platform
Entity to invoke the provisions of articles 10.2 or 26 or similar provisions under an
agreement or instrument governing such Person or (vii) have an adverse impact on
the value or prospective value of an investment or the ability of the SCA or any other
Platform Entity to exit an investment; and, in the case of any of the foregoing clauses,
such result, as determined by the General Partner, would not be advisable in light of
the circumstances;

“Affiliate”

of any Person means any other Person controlling, controlled by or under common
control with such Person (excluding, with respect to the General Partner, the
Manager and their respective affiliates, (i) Portfolio Companies (and their
subsidiaries) and (ii) portfolio companies (and their subsidiaries) of any fund existing
as of the Initial Closing Date or of any fund the formation of which is not prohibited
under the Issuing Document);

“Aggregate Commitments”

means the aggregate Commitments, Parallel Fund Commitments and PIA
Commitments, and each Shareholder, Parallel Fund Shareholder and PIA Shareholder
shall be deemed to hold a portion of the Aggregate Commitments equal to its
Commitment and/or Parallel Fund Commitment or PIA Commitment, as applicable;

“AIFM”

means the alternative investment fund manager within the meaning of the AIFMD;

“AIFMD”

means the EU Alternative Investment Fund Managers Directive, in such form as
adopted as binding legislation in Luxembourg and the United Kingdom and any other
relevant jurisdictions to the extent applicable to the SCA or the Manager, together
with any amendments thereto and any related rules and guidance, and further
incorporating the provisions of Commission Delegated Regulation (EU) No.
231/2013;

“Applicable Law”

means Title I of ERISA, Code §4975 or any other comparable U.S. federal, state or
local law that is substantially similar to Title I of ERISA or Code §4975;

“Articles”

means these articles of association;

“Benefit Plan Investor”

means (i) an “employee benefit plan” subject to Title I of ERISA, (ii) a “plan” subject
to Code §4975 or (iii) an entity whose assets are deemed to include Plan Assets of
any such “employee benefit plan” or other “plan“;

“BHCA Interest”

means, as of the date of any determination, that portion of the Commitment or
Capital Contributions of a BHCA Shareholder that exceeds 4.99% (or if modified by
the BHCA without regard to Paragraph 4(k) of the BHCA, such modified percentage)
of total Commitments or Capital Contributions, respectively, of the Shareholders
(other than BHCA Interests and any other Shares that are non voting) that are not
Defaulting Shareholders. Each BHCA Shareholder and any affiliate of such BHCA
Shareholder that itself is a BHCA Shareholder shall be considered a single BHCA
Shareholder for purposes of determining “BHCA Interest”;

“BHCA Shareholder”

means, as of the date of any determination, (i) each Shareholder that (A) is subject
to the BHCA and (B) has notified the General Partner in writing of such status at
any time prior to such determination (other than a Shareholder that is investing under
thereof and has delivered a written notice to the General Partner so stating prior to
such determination) and (ii) any transferee of such Shareholder but, with respect to
such transferee, only to the extent that the portion of its Commitment acquired
from such Shareholder was a BHCA Interest at the time of such acquisition;

“BHCA”

means the U.S. Bank Holding Company Act of 1956, as amended (including any
modifications made pursuant to the U.S. Gramm Leach Bliley Act), and other similar
banking legislation, and the rules and regulations promulgated thereunder;

“Board”

means the board of managers of the General Partner;

“Business Day”

means any day on which commercial banks are open for business in Luxembourg or
the United Kingdom, or such other day as the General Partner may from time to
time determine;

“Capital Call Notice”

has the meaning given in article 8.4;

“Capital Contribution”

means, with respect to each Shareholder, subject to paragraph 17 (Recycling) of the
Term Sheet, the amount of cash received by the SCA from such Shareholder
pursuant to its Commitment (excluding payments made pursuant to paragraph 40
(Additional Shareholders; Increased Commitments) of the Term Sheet);

“Code”

means the U.S. Internal Revenue Code of 1986, as amended from time to time;

“Commitment(s)”

means, with respect to each Shareholder, the aggregate amount agreed to be

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U X E M B O U R G

contributed as capital to the SCA by such Shareholder by way of subscription for
Shares pursuant to such Shareholder’s Subscription Agreement;

“CSSF”

means the Commission de Surveillance du Secteur Financier, the regulatory authority
of the Luxembourg financial sector;

“Defaulting Shareholder”

has the meaning given in paragraph 41a (Default) of the Term Sheet;

“Distributions”

means proceeds received by the SCA and distributed to Shareholders as set out in
the Term Sheet;

“Final Closing Date”

means the date eighteen (18) months after the Initial Closing Date, or such later date
as the General Partner may determine in its absolute discretion; provided that such
extension shall be for no more than 90 days;

“Funding Period”

has the meaning given in the Term Sheet;

“General Excused Investment” means, with respect to any Shareholder, any portion of a proposed Investment with

respect to which the General Partner and such Shareholder have agreed in writing
that, based on the particular investment, legal or similar considerations applicable to
such Shareholder, such Shareholder shall not be permitted to participate;

“General Meeting”

means any regularly constituted meeting of Shareholders of the SCA which shall
represent the entire body of Shareholders of the SCA;

“General Partner”

means UBS Infrastructure Debt GP, a Luxembourg private limited liability company
(société à responsabilité limitée), acting in its capacity as managing general partner
(associé gérant commandité) of the SCA;

“Governing Documents”

means these Articles and the Term Sheet;

“GP Affiliated Person”

means each of the General Partner, the Parallel Fund General Partner, the Manager
and any PIA General Partner and each of their respective partners, managers,
members, shareholders, officers and employees;

“Initial Closing Date”

means the date upon which the first Shareholder (other than the Initial Shareholder)
is admitted to the SCA or, if earlier, to any Parallel Fund;

“Initial Shareholder”

has the meaning given in article 8.1;

“Invested Capital”

has the meaning given in the Term Sheet;

“Investment Advisers Act”

means the U.S. Investment Advisers Act of 1940, as amended, and the rules and
regulations promulgated thereunder;

“Investment Company Act”

means the U.S. Investment Company Act of 1940, as amended, and the rules and
regulations promulgated thereunder;

“Investment”

means any equity or debt investment made by the SCA (directly or indirectly) in
respect of a Portfolio Company (including follow-on investments);

“Investor Advisory Committee” a committee comprised of members selected by the General Partner from among

the Shareholders and Parallel Investment Vehicle Shareholders (or their respective
representatives) who are not Affiliates of the General Partner and/or the Manager
pursuant to the terms of the Term Sheet;

“IRS Notice”

has the meaning given in article 35(a);

“Issuing Document”

means the Issuing Document (document d’émission) prepared by the General
Partner in relation to the SCA, including its appendices;

“Luxembourg GAAP”

means Luxembourg Generally Accepted Accounting Principles consistently applied;

“Manager”

means such Person designated from time to time by the General Partner with such
Person’s consent as the manager of the SCA, in its capacity as manager of the SCA,
and its successors or assigns;

“Management Fee”

has the meaning given in article 14.4;

“Net Asset Value per Share”
or “NAV per Share”

means, at any time, the NAV of the SCA as at that time divided by the number of
Shares on issue at that time;

“Net Asset Value” or “NAV”

means the net asset value of the SCA or, as the case may be, of a particular asset;

“OECD”

means the member countries of the Organisation for Economic Co-operation and
Development from time to time;

“Opinion of Shareholder’s
Counsel”

means a written opinion of any counsel selected by a Shareholder, which counsel and
form and substance of opinion are acceptable to the General Partner in its sole
discretion. For the avoidance of doubt, a Shareholder’s in-house counsel or the office
of the attorney general of the state sponsoring such Shareholder may be deemed
acceptable counsel if such counsel has expertise in the area in which such counsel is
providing the opinion;

“Opinion of the SCA’s Counsel” means a written opinion of Kirkland & Ellis International LLP or other counsel

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U X E M B O U R G

selected by the General Partner, which other counsel and form and substance of
opinion are reasonably acceptable to the Shareholder (or Shareholders and Parallel
Investment Vehicle Shareholder’s holding a majority of the aggregate Commitments
held by such Persons) directly affected by such opinion;

“Ordinary Resolution”

means any resolution of a General Meeting adopted by Shareholders representing
more than fifty per cent. (50%) of the votes validly cast by Shareholders present or
represented at such meeting or voting in writing in accordance with article 24;

“Organisational Expenses”

has the meaning given in the Term Sheet;

“Parallel Investment Vehicle”

means, collectively, the PIAs and the Parallel Fund;

“Parallel Investment Vehicle
General Partners”

means, collectively, the Parallel Fund General Partner and any PIA General Partners;

“Parallel Investment Vehicle
Shareholders”

means, collectively, the Parallel Fund Shareholders and the PIA Shareholders;

“Parallel Fund”

has the meaning given in article 27(a);

“Parallel Fund Agreement”

means, collectively, the agreement of limited partnership, operating agreement,
articles of incorporation or similar governing agreement or document of each Person
constituting the Parallel Fund, as such agreements or documents may be amended,
restated, waived or otherwise modified from time to time in accordance with their
terms;

“Parallel Fund Commitment”

means, with respect to each partner, member, shareholder or other equity owner
of the Parallel Fund, the aggregate amount of cash agreed to be contributed as capital
to the Parallel Fund by such Person pursuant to the Parallel Fund Agreement;

“Parallel Fund General Partner” means, collectively, the general partners, managers, managing members, controlling

shareholders or similar controlling Persons of the Parallel Fund;

“Parallel Fund Shareholder”

means each shareholder, non-managing member, non-controlling shareholder or
similar passive investor of a Parallel Fund;

“Performance Fee”

has the meaning given in article 14.4;

“Person”

means an individual, a partnership (general, limited or limited liability), a corporation,
a limited liability company, an association, a joint stock company, a trust, a joint
venture, an unincorporated organisation, or a governmental, quasi governmental,
judicial or regulatory entity or any department, agency or political subdivision
thereof;

“PIA”

means any separately managed account raised in connection with the SCA;

“PIA Agreement”

means, collectively, the agreement of limited partnership, operating agreement,
articles of incorporation or similar governing document or document of each Person
constituting a PIA, as such agreements or documents may be amended, restated,
waived or otherwise modified from time to time in accordance with their terms;

“PIA Commitment”

means, with respect to each partner, member, shareholder or other equity owner
of a PIA, the aggregate amount of cash agreed to be contributed as capital to the PIA
by such Person pursuant to the PIA Agreement;

“PIA General Partner”

means, collectively, the general partners, managers, managing members, controlling
shareholders or similar controlling Persons of the PIA;

“PIA Shareholders”

means each shareholder, non-managing member, non-controlling shareholder or
similar passive investor of a PIA;

“Plan Assets”

means “plan assets” of Benefit Plan Investors under the Plan Asset Regulation;

“Platform Entity”

means, collectively, the SCA, the General Partner, the Parallel Fund General Partner,
any Parallel Investment Vehicle General Partner, any Parallel Investment Vehicle and
the Manager and each of their respective affiliates, each alternative investment
vehicle, each general partner, manager or other control Person of any of the
foregoing Persons and each existing or prospective Portfolio Company and its
subsidiaries;

“Portfolio Company”

means any Person in which the SCA has made an Investment which is then
outstanding (other than pursuant to a Liquidity Investment);

“Preferred Return”

shall be, in respect of each Shareholder, the Preferred Return Rate multiplied by the
daily amount of such Shareholder’s Invested Capital (calculated on the basis of a 365
day year);

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U X E M B O U R G

“Preferred Return Rate”

shall be an amount equal to the weighted average of the Relevant MidSwap Rate for
each outstanding investment in the Platform’s portfolio in the relevant Accounting
Period plus 2.4%;

“Redeemed Interest”

has the meaning given in article 10.2(f);

“Redemption Date”

means the date when Shares are redeemed pursuant to these Articles and the Term
Sheet;

“Regulated Partner”

has the meaning given in article 10.2(b);

“Regulatory Sale”

has the meaning given in article 10.2(d);

“Regulatory Solution”

has the meaning given in article 10.2(e);

“Relevant MidSwap Rate”

shall be the London market closing quote (calculated as the mid-rate between the
bid and offer levels provided by three prevailing market makers on Bloomberg) for
an interest rate swap transaction in the currency and for the maturity of each
portfolio investment as calculated on the respective trade date for value on the
starting date of such investment;

“Remedy Period”

has the meaning given in article 10.2(c);

“SCA Expenses”

has the meaning given in the Term Sheet;

“SCA”

means UBS INFRASTRUCTURE DEBT PLATFORM, an investment company with
variable capital (société d’investissement à capital variable - SICAV) in the form of a
corporate partnership limited by shares (société en commandite par actions - SCA)
organised as a specialised investment fund (fonds d’investissement spécialisé - SIF);

“SCA Regulatory Risk”

means a material risk, as determined by the General Partner, of subjecting the SCA,
the General Partner, the Manager, the Parallel Fund General Partner, any Parallel
Investment Vehicle, any PIA General Partner, any alternative investment vehicle, the
general partner or other control Person of any alternative investment vehicle or any
of their respective partners, members, managers, shareholders or owners to any
governmental law, rule or regulation (or any violation thereof), any material filing or
regulatory requirement (including registration with any governmental agency), any
Adverse Effect or any material tax or withholding in respect of taxes or increase in
tax or withholding in respect of taxes to which such Person would not otherwise be
subject;

“Share(s)”

has the meaning given in article 8.1(a);

“Shareholder Regulatory
Problem”

means that (i) with respect to any Shareholder, such Shareholder (or any employee
benefit plan that is a constituent of such Shareholder) would be in material violation
of Applicable Law if such Shareholder were to continue as a Shareholder of the SCA,
(ii) with respect to any Benefit Plan Investor, the SCA’s assets are deemed to include
Plan Assets of such Shareholder, or (iii) with respect to any Shareholder, the General
Partner otherwise agrees in writing (which agreement shall not be a side letter or
similar agreement for purposes of the Term Sheet), in its sole discretion and at the
request of such Shareholder, that the provisions of article 10.2(a) shall apply to such
Shareholder in certain specified circumstances to the same extent as if such
Shareholder had a Shareholder Regulatory Problem pursuant to clause (i) or (ii)
above;

“Shareholder”

means any holder of Shares (including, as applicable, the General Partner) and whose
liability is limited to the amount of their Commitment (with the exception of the
General Partner whose liability is unlimited);

“SIF”

means a specialised investment fund subject to the 2007 Law;

“Special Resolution”

means a resolution adopted in a General Meeting and taken by at least two thirds
(2/3rds) of the votes validly cast by Shareholders present or represented at such
General Meeting or validly voting in writing in accordance with article 24 with a fifty
(50) per cent quorum requirement at the first meeting called or, if such quorum is
not met at such first meeting, with no more quorum requirement for any succeeding
meeting called to consider such relevant resolution;

“Subscription Agreement”

means the subscription agreement pursuant to which certain of the Shareholders are
admitted to the SCA and adhere to the Term Sheet, in the form determined by the
General Partner from time to time;

“Target Price”

has the meaning given in article 9(m);

“Term Sheet”

means the term sheet as set out at Section XIII of the Issuing Document;

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U X E M B O U R G

“Transfer”

the sale, assignment, transfer, pledge, encumbering or mortgaging of, granting of a
security interest in or other disposition of, whether by merger, operation of law or
otherwise, all or any Shares;

“VAG”

means German Insurance Supervisory Act (Versicherungsaufsichtsgesetz);

“VAG-Investor”

means German insurance companies (Versicherungsunternehmen), pension pools
(Pensionskassen), pension funds (Pensionsfonds) and other pension schemes (such
as Versorgungswerke) which are directly or indirectly (in case state law and/or the
governing documents of German regulated pension schemes requires this) subject
to the provisions of the German Insurance Supervisory Act
(Versicherungsaufsichtsgesetz – “VAG”) and the Ordinance on the Investment of
Restricted Assets of Insurance Companies (Anlageverordnung) or the Ordinance on
the Investment of Restricted Assets of Pension Funds (Pensionsfonds-
Kapitalanlagenverordnung)
regarding the investment of their restricted assets. "VAT" means United Kingdom
Value Added Tax and/or any other value added tax or sales tax applicable in the
United Kingdom or any other country;

"Valuation Date"

means any day on which the Net Asset Value is calculated, which is to be determined
at least June 30 and December 31 as well as any other date determined by the General
Partner;

"Well Informed Investor"

any institutional investor, any professional investor and any investor who meets the
following conditions: (i) the investor has confirmed in writing that it adheres to the
status of "Well-Informed Investor"; and (ii) the investor invests a minimum of one
hundred twenty-five thousand euro (EUR 125,000) in the SCA; or (iii) the investor
has obtained an assessment made by a credit institution within the meaning of
Directive 2006/48/EC, by an investment firm within the meaning of Directive
2004/39/EC, or by a management company within the meaning of Directive 2001/107/
EC certifying such investor's expertise, experience and knowledge in adequately
appraising an investment in the SCA; and

"Western Europe"

means Andorra, Austria, Belgium, Denmark, Finland, France, Germany, Greece,
Iceland, Ireland, Italy, Liechtenstein, Luxembourg, Monaco, Netherlands, Norway,
Portugal, Spain, Switzerland and the United Kingdom.

Any terms which are not defined in these Articles but which are defined in the Term Sheet shall have the same meanings

herein.

2. Corporate name.
(a) There is hereby established among the General Partner in its capacity as unlimited general managing partner (associé

gérant commandité), the Shareholders and all persons who may become owners of the Shares, a Luxembourg company
under the corporate form of a partnership limited by shares (société en commandite par actions), qualifying as an invest-
ment company with variable capital - specialized investment fund (société d'investissement à capital variable - fonds
d'investissement spécialisé).

(b) The SCA will exist under the corporate name of UBS Infrastructure Debt Platform.

3. Registered office.
(a) The registered office of the SCA is established in Luxembourg City, Grand Duchy of Luxembourg.
(b) The General Partner is authorised to transfer the registered office of the SCA inside the municipality of Luxembourg

City.

Special Resolution.

(d) Should a situation arise or be deemed imminent, whether military, political, economic or social, which would prevent

the normal activity at the registered office of the SCA, the registered office of the SCA may be temporarily transferred
abroad until such time as the situation becomes normalized; such temporary measures will not have any effect on the
SCA's nationality, which, notwithstanding this temporary transfer of the registered office, will remain a Luxembourg fund.
The decision as to the transfer abroad of the registered office will be taken by the General Partner.

4. Purpose.
(a) The main purpose of the SCA is to (i) invest in a tailored portfolio of debt investments in infrastructure assets,

including primary and secondary selected debt investments in core infrastructure (transport, utilities, energy and social
services) predominantly in Western Europe and opportunistically in other OECD countries, (ii) manage, supervise and
dispose of such investments and (iii) engage in such other activities incidental or ancillary thereto as the General Partner
deems necessary or advisable, in accordance with the 2007 Law.

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U X E M B O U R G

(b) The investment objectives and policies of the SCA shall be more fully described and disclosed in the Issuing Do-

cument.

development of its purpose to the largest extent permitted under the 2007 Law.

5. Term.
(a) Notwithstanding anything to the contrary in paragraph 47 of the Term Sheet, the SCA shall automatically dissolve

at the latest on the twelfth (12th) anniversary of the Final Closing Date. The initial term shall expire on the tenth (10th)
anniversary of the Final Closing Date and the General Partner shall cause the dissolution and liquidation of the SCA as
at such date unless (i) the General Partner decides in its absolute discretion to extend such minimum term by one (1)
additional year or, thereafter, (ii) the General Partner, with the approval of the Investor Advisory Committee, decides
to further extend such minimum term by an additional one (1) year period, in each case in order to allow for an orderly
dissolution and liquidation of the SCA's investments.

(b) The SCA may be dissolved sooner in accordance with the provisions of these Articles and the Term Sheet.

6. Determinations.
(a) Any determination to be made under the Governing Documents shall be based upon a majority or other specified

proportion or percentage of the "Shares", "Commitments" or "Aggregate Commitments" and any other vote hereunder
involving the Shareholders and/or the Parallel Fund Shareholders or PIA Shareholders shall disregard any consent, approval
or vote with respect to (i) any BHCA Interest, (ii) any Shares held by a Defaulting Shareholder, (iii) any Share or interest
held by the General Partner or any of its Affiliates, (iv) any other interests that are not entitled to vote on a particular
matter pursuant to the Governing Documents or any side letter or similar agreement and (v) in the case of determinations
based upon Aggregate Commitments, any Parallel Fund Commitments of Parallel Fund Shareholders (or equivalent with
respect to Parallel Investment Accounts) not permitted to vote pursuant to the provisions of the Parallel Fund Agreement
or any side letter or similar agreement. Such proportion or percentage shall be expressed as a fraction, based on Com-
mitments or Aggregate Commitments, as applicable, and shall be calculated by excluding from both the numerator and
the denominator the aggregate of all interests described above; provided that the foregoing exclusion of BHCA Interests
shall not apply to BHCA Interests of any BHCA Shareholder with respect to any consent, approval or vote concerning
the issuance of additional amounts or classes of senior interests in the SCA, the modification of the terms of the Shares
or the dissolution of the SCA (in each case, unless such BHCA Shareholder has provided prior written notice to the
General Partner that the regulations promulgated under the BHCA no longer classify shares permitted to vote on such
matters as non-voting interests). Any determinations to be made under the Governing Documents based upon a majority
or other specified proportion or percentage of certain Persons' Shares shall be determined based on the applicable
Persons' Commitments.

(b) Notwithstanding anything to the contrary in this Article 6, the determination rules shall apply to the SCA in line

with the majority requirements applicable in accordance with the 1915 Law.

the Shareholders (and, as applicable, the Parallel Investment Vehicle Shareholders) shall be deemed to constitute a single
class or group for purposes of all voting and consent rights provided for herein.

(d) For purposes of obtaining any approval or consent under the Investment Advisers Act with respect to a transaction

that would result in any "assignment" (within the meaning of the Investment Advisers Act) with respect to the SCA, the
General Partner may request such approval or consent and require a response within a specified reasonable time period
(which shall not be less than 45 days), and failure by a Shareholder to respond within such time period shall be deemed
to constitute such Shareholder's approval or consent

Chapter I. Share capital, Shares

7. share capital.
(a) The initial share capital of the SCA at the time of incorporation is set at thirty one thousand euro (EUR 31,000)

divided into:

(i) one (1) management share with a nominal value of one hundred Euro (EUR 100), fully paid up and held by the

General Partner who is liable without any limits for any obligation of the SCA which cannot be met out of the SCA's
assets; and

(ii) three hundred and nine (309) ordinary Shares with a nominal value of one hundred Euro (EUR 100), fully paid up

and held by the Initial Shareholder (as defined below) who is liable only up to its contribution.

(b) The minimum share capital of the SCA shall be, as provided by the 2007 Law, one million two hundred and fifty

thousand Euro (EUR 1,250,000) and must be reached within twelve (12) months after the date on which the SCA has
been authorised as a SIF.

value of its net assets.

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U X E M B O U R G

8. The offer of shares.
8.1. Classes of Shares
(a) The SCA will issue two (2) types of Shares (collectively the "Shares").
(b) The General Partner has subscribed for one (1) management share at a fixed issue price of one hundred Euro (EUR

100). This management share may only be transferred upon the removal of the General Partner as managing general
partner of the SCA.

100) to an initial Shareholder (the "Initial Shareholder").

(d) The SCA will issue further ordinary Shares to the Shareholders in exchange for their funded Commitments which

grant them the right to Distributions as set out in these Articles and the Term Sheet.

(e) The General Partner may, under certain circumstances, create and issue one or more special Share classes which

may differ inter alia, in their fee structure, currencies, subscription, transfer, conversion and/or redemption procedures,
minimum initial and subsequent investment and/or holding requirements, type of target investors and distribution policy
applying to them. A special share class may also be issued to facilitate the acquisition by the SCA of investments where
certain Shareholders have elected to be excused or have been excluded by the General Partner pursuant to article 27.
All Shareholders of the same class will be treated equally pro-rata to the number of Shares of such class held by them.

(f) Upon the issue of additional ordinary Shares by the SCA, (i) the Shares of the Initial Shareholder shall be redeemed

by the SCA upon the request of such Initial Shareholder pursuant to these Articles and the Term Sheet, (ii) the redemption
price shall be the subscription price of such Shares and (iii) following such redemption, the Initial Shareholder shall have
no further right, interest or obligation of any kind whatsoever as a Shareholder of the SCA.

8.2. Form of Shares
(a) The SCA shall issue Shares in registered form only.
(b) A register of Shareholders will be maintained by the central administrative agent of the SCA in its capacity as register

agent. Ownership of Shares will be established by registration in the register of Shareholders. The SCA will recognize
only one holder per share.

such registered Shares. The SCA shall normally not issue certificates for such inscription.

(d) The SCA shall consider the person in whose name the Shares are registered as the full owner of the Shares.
(e) Fractional shares may be issued up to three (3) decimal places. Fractions of Shares shall carry rights in proportion

to the fraction of Shares they represent but shall carry no voting rights except to the extent the number of fractions held
by a Shareholder is so that it represents one (1) Share, in which case such Share confers a voting right.

(f) Subject to the provisions of article 9 hereof, any transfer of registered Shares shall be entered into the register of

Shareholders.

(g) Shareholders entitled to receive registered Shares shall provide the SCA with an address to which all notices and

announcements may be sent. Such address will also be entered into the register of Shareholders.

(h) In the event that a Shareholder does not provide an address, the SCA may permit a notice to this effect to be

entered into the register of Shareholders and the Shareholder's address will be deemed to be at the registered office of
the SCA, or at such other address as may be so entered into by the SCA from time to time, until another address shall
be provided to the SCA by such Shareholder. A Shareholder may, at any time, change his address as entered into the
register of Shareholders by means of a written notification to the SCA at its registered office, or at such other address
as may be set by the SCA from time to time.

(i) Payments of Distributions, if any, will be made to Shareholders, in respect of registered Shares at their addresses

indicated in the register of Shareholders.

8.3. Restrictions to the Subscription for Shares
(a) Shares are reserved for Well-informed Investors only and subscription shall be made in accordance with the

provisions of the Term Sheet.

(b) The offering of the Shares may be restricted to specific categories of persons in certain jurisdictions in order to

conform to local law, customs or business practice or for fiscal or any other reason. It is the responsibility of any persons/
entities wishing to hold Shares to inform themselves of and to observe all applicable laws and regulations of any relevant
jurisdictions.

may, in particular, decide that Shares shall only be issued during one or more offering periods, as set out in the Term
Sheet.

(d) The General Partner may, in its absolute discretion, accept or reject any Commitment or subscription for Shares

in whole or in part.

(e) The General Partner may fix a minimum subscription level as well as a minimum shareholding which any Shareholder

is required to comply with at any time as provided for in the Issuing Document.

8.4. Drawdowns

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U X E M B O U R G

(a) Each Shareholder shall make Capital Contributions in an aggregate amount not greater than its Commitment by

subscribing for Shares in instalments when and as called by the General Partner upon at least five (5) Business Days' prior
written notice (a "Capital Call Notice"). Such subscriptions shall be made in cash by the Shareholders (i) pro-rata based
upon their respective Commitments or (ii) with respect to follow-on capital required in connection with an existing
investment, pro-rata based upon the applicable share class for such investment.

(b) The initial Capital Call Notice for each Shareholder shall describe such Shareholder's proportionate share of (i)

the Management Fee retroactive to the Initial Closing Date, (ii) Organisational Expenses and SCA Expenses and (iii) the
original cost of any Investment made at or prior to such draw down. Thereafter, each Capital Call Notice shall describe
the anticipated use of the Capital Contribution called pursuant thereto in reasonable detail (including, in the case of a
capital call to fund an Investment, a description of the anticipated type and approximate amount of securities or other
investments to be acquired and the identity and a description of the applicable Portfolio Company with respect to such
Investment); provided that the General Partner may exclude the specific identity of any Portfolio Company in relation to
which the SCA plans to invest if such disclosure is prohibited or if the General Partner determines in good faith that
notifying the Shareholder of such identity would jeopardise, or risk diminishing the value of, the SCA's proposed invest-
ment in relation to such entity. Each cash Capital Contribution to the SCA shall be made by wire transfer of immediately
available funds to an account designated by the General Partner. The General Partner shall have full power and authority
to issue Capital Call Notices by email.

8.5. Drawdowns after the Funding Period
Following the expiration of the Funding Period, Commitments may only be drawn as follows: (i) throughout the

duration of the SCA (A) to pay (or set aside reserves for anticipated) SCA Expenses (including Management Fee), (B) to
fund follow-on investments in Portfolio Companies and their respective subsidiaries (in addition to any covered in clause
(ii)(B) below), (C) to fund giveback obligations under Paragraph 24 (Return of Distributions) of the Term Sheet, (D) to
fund any indemnity pursuant to Paragraph 29 (Indemnification of the General Partner and Others) of the Term Sheet,
and (E) to fund any liabilities relating to the SCA and its underlying Investments (including any obligation to re-advance
amounts to an underlying Investment); (ii) for a period of 12 months following the expiration of the Funding Period (A)
to fund then existing commitments to make Investments and (B) to complete investments in transactions that were in
process or under active consideration as of the end of the Funding Period and (iii) for the duration of the Investment
Period to fund new Investments out of amounts distributed to Investors which represent the repayment of principal from
investments made during the Funding Period and available for recycling as set out in article 8.6.

8.6. Recycling
To the extent that the SCA returns to the Shareholders all or any portion of:
(a) any Capital Contribution that is not invested in a Portfolio Company or that is used to pay SCA Expenses (including

the Management Fee) or Organisational Expenses;

(b) any Capital Contribution invested in an Investment that has been sold to any Parallel Investment Vehicle;
(c) any Capital Contribution in respect of Investments made during the Funding Period; and
(d) all Capital Contributions returned upon the admission of an additional Shareholder in accordance with these

Articles (other than any interest payable by such additional Shareholders) (or pursuant to article 27 upon the admittance
of a partner to any Parallel Investment Vehicle) or the increase in the Commitment of an existing Shareholder (or pursuant
to article 27 upon the increase in the commitment of an existing partner of any Parallel Investment Vehicle);

such amounts shall, until the expiry of the Investment Period (or throughout the life of the SCA with respect to amounts

returned pursuant to sub-paragraph (a) above), be treated for all purposes of the Governing Documents as not having
been called and funded or deemed funded, as applicable (i.e., so that following the return, or deemed return, of such
Capital Contributions during the Investment Period, such amounts shall be deemed to no longer represent Capital Con-
tributions and may be called again by the General Partner as further set out in articles 8.4 and 8.5).

To the extent any amounts that could be returned to a Shareholder pursuant to articles 8.6(a), (b), (c) or (d) above

are instead used to pay SCA Expenses or to make an Investment, the amount so used shall be deemed to have been
returned or distributed, as applicable, to such Shareholder and then re-contributed to the SCA by such Shareholder.

8.7. Default provisions
Upon failure by a Shareholder to make a payment pursuant to a Capital Call Notice, the General Partner will notify

the relevant Shareholder of any such default in writing. If such default is not remedied five (5) Business Days of such
notice, the General Partner will declare such Shareholder to be a defaulting shareholder (the "Defaulting Shareholder")
and shall be entitled to pursue such remedies as are appropriate as detailed in paragraphs 42 and 39 of the Term Sheet
and article 10.1.

A Defaulting Shareholder will receive no further Distributions from the SCA in respect to its Shares (save further to

the SCA liquidation in accordance with these Articles and the Term Sheet) and its right to attend and vote at a general
meeting and (if applicable) any Investor Advisory Committee meeting will be suspended.

8.8. Additional Subscriptions
The General Partner may accept additional Shareholders and increases in Commitments from existing Shareholders

through and including the Final Closing Date pursuant to the terms of the Term Sheet.

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U X E M B O U R G

9. Transfer of shares and transfer restrictions.
(a) A Transfer may normally be completed by delivery to the General Partner, or its appointed agent, of an instrument

of transfer in appropriate form.

(b) Subject to article 9(m), no Transfer may take place without (i) the prior approval of the General Partner in accor-

dance with the conditions determined in the Term Sheet; (ii) the transferee qualifying as a Well Informed Investor; and
(iii) the transferee having duly completed all "know-your-customer" and "anti-money laundering" processes to the satis-
faction of the General Partner.

General Partner), the transferor and the transferee shall provide such legal opinions, documentation and information
(including information necessary to comply with the requirements of Code §743, if applicable) as the General Partner
shall reasonably request at its sole discretion; provided that if the Transfer is to be made from a Shareholder that is an
employee benefit plan to another trust under the same employee benefit plan as contemplated above, a certificate in a
form reasonably satisfactory to the General Partner shall be delivered by the Shareholder in lieu of such legal opinions
and other documentation.

(d) For purposes of this article 9 and paragraph 38 (Transfer of Shares) of the Term Sheet, a change in any trustee or

fiduciary of a Shareholder will not be deemed to be a Transfer; provided any such replacement trustee or fiduciary is also
a fiduciary as defined under applicable state law; and provided further that income and loss allocable to the Shareholder
will continue to be included in filings under the same employer identification number with the Internal Revenue Service.
Accordingly, notwithstanding the foregoing, such a change in a trustee or fiduciary may be made without the prior written
consent of the General Partner; provided that the Shareholder provides prior written notice (or if prior written notice
is not feasible, written notice as quickly as is feasible) of such change to the General Partner).

(e) Each substitute Shareholder shall be bound by all the provisions of the Governing Documents and, as a condition

of registering any Transfer or giving its consent to any Transfer to be made in accordance with the provisions of this
article 9 or paragraph 38 of the Term Sheet, the General Partner shall require (and the transferor shall take all necessary
steps to ensure) that the proposed substitute Shareholder acknowledges, in such written form as may be required by the
General Partner, its assumption (in whole or, if the substitution is in respect of part only, in the proportionate part) of
the obligations of the transferor Shareholder, by agreeing to be bound by all the provisions of the Governing Documents
and becoming a Shareholder.

(f) The substitute Shareholder shall not become a Shareholder and none of the SCA, the General Partner or the

Manager shall incur any liability to any person for allocations and distributions made in good faith to the transferor
Shareholder until:

(i) the written instrument of transfer has been received by the SCA and entry has been made in the register of

Shareholders and the effective date of the Transfer has passed; and

(ii) the General Partner has confirmed that the proposed transferee has, in the General Partner's view, supplied the

necessary information to allow the General Partner to comply with any applicable anti-money-laundering requirements
relating to the admission of the proposed transferee as a Shareholder in the SCA.

(g) Provided that the substitute Shareholder has acknowledged its assumption of the obligations of the transferor

Shareholder, the General Partner and/or the Manager shall, on behalf of all the Shareholders, be authorised (but shall not
be obligated) to release any Shareholder who is making a Transfer for any future obligation in respect of the interest or
Share which is the subject of such Transfer.

(h) No consent of any other Shareholder shall be required as a condition precedent to any Transfer or the admission

of a transferee as a substitute Shareholder.

(i) Unless the General Partner otherwise determines in its sole discretion, the transferor and transferee of any Sha-

reholder's interest shall be jointly and severally obligated to reimburse the General Partner and the SCA for all reasonable
expenses (including transfer taxes, attorneys' fees and expenses and any immediate or ongoing accounting costs attribu-
table to the SCA's compliance with the requirements of Code §743(b) or (e) with respect to the transferred interest) of
any Transfer or proposed Transfer of a Shareholder's interest, whether or not consummated.

(j) The transferee of any Shares shall be treated as having made all of the Capital Contributions made by, and received

all of the allocations and distributions received by, the transferor Shareholder of such interest in respect of such interest.

(k) Notwithstanding any other provision of the Governing Documents, no Transfer of Shares (including any Transfer

of a beneficial interest in SCA profits, losses or distributions) shall be permitted if such Transfer would (i) unless the
General Partner otherwise consents in its sole discretion, cause (A) the SCA to have more than 100 shareholders, as
determined for purposes of U.S. Department of Treasury Reg. §1.7704 1(h), or (B) the aggregate Transfer of Shares for
a given SCA taxable year to exceed 2% of total Shares (excluding for this purpose, any Transfer in relation to a VAG-
lnvestor or by a Shareholder described in U.S. Department of Treasury Reg. §1.7704 1(e), (f) or (g)), (ii) unless the General
Partner otherwise consents in its sole discretion, cause the SCA to lose its ability to rely on the "qualified purchaser"
exemption of Paragraph 3(c)(7) of the Investment Company Act, or other exemption from registration under the In-
vestment Company Act upon which the SCA is entitled to rely at such time, (iii) cause the SCA to be treated as a publicly
traded partnership within the meaning of Code §7704 and U.S. Department of Treasury Reg. §1.7704 1, (iv) cause all or
any portion of the SCA's assets to be deemed to include Plan Assets, (v) cause the SCA to be required to register the

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U X E M B O U R G

Shares under the Exchange Act, (vi) unless the General Partner otherwise consents in its sole discretion, cause or create
a SCA Regulatory Risk, or (vi) unless the General Partner otherwise consents in its sole discretion, create a significant
risk of causing the results contemplated by any of clauses (i) through (v), as determined by the General Partner in its sole
discretion.

(I) Subject to article 9(m), any Transfer that violates this article 9 shall be void and the purported buyer, assignee,

transferee, pledgee, mortgagee, or other recipient shall have no interest in or rights to SCA assets, profits, losses or
distributions and neither the General Partner nor the SCA shall be required to recognise any such interest or rights. The
General Partner may enter into any agreement with a Shareholder to modify the applicability to such Shareholder of any
provision of this article.

(m) Notwithstanding anything to the contrary in this article 9, interests in the SCA (being Shares and the portion of

relevant undrawn Commitments) (for the purposes of this article 9 the "Interests") which are, either directly or indirectly
through interposed entities, part of the restricted assets of VAG-lnvestors, shall be freely transferable in accordance with
this article 9 and any Transfer of such Shares that operates pursuant to the terms of this article 9 shall be deemed to
have the consent of the General Partner in accordance with the Law, provided that (i) the assignee is (aa) an institutional
investor and qualifies as an insurance company, pension scheme, social insurance agency, pension fund, investment ma-
nagement company, foundation or bank or (bb) another type of investor with an investment-grade credit rating from
Standard & Poors or Moody's or which can provide sufficient security to meet its obligations under the Term Sheet, as
reasonably determined by the General Partner; (ii) the assignee is a qualified investor for all applicable securities law and
regulatory purposes; (iii) each of the assignee and the Shareholder making the Transfer execute all necessary documen-
tation in connection with the Transfer as is reasonably required by the General Partner; (iv) such Transfer does not cause
the SCA to be dissolved; (v) such Transfer does not violate any applicable law; (vi) the assignee satisfies all relevant anti-
money laundering and 'know-your-client' checks; and (vii) such Transfer complies with Paragraph 38a (A). (B),. (C), E),
(F) and (G) of the Term Sheet.

Upon a Transfer of Interests pursuant to this article 9(m), the assignee shall accept and become solely responsible for

all liabilities and obligations relating to such Interests and the assignor making the Transfer shall be released from and
shall have no further liability with regard to the SCA save as otherwise provided in the applicable transfer documentation

A Transfer under this article 9 shall be valid upon the agreement between the assignor making the Transfer and the

assignee together with evidence that the assignee has assumed all obligations in connection with the Interests and exe-
cution and delivery of such other documentation as the General Partner may reasonably require in the context of such
Transfer. The legal remedies of the SCA in case of an invalidity of such a Transfer shall remain unaffected. In the event
of a dispute as to the compliance with the requirements set out in this article 9, the Transfer shall be deemed valid until
its invalidity has been determined by a court, or unless the Shareholder making the Transfer accepts the objections raised
against the validity of the Transfer, provided that the Shareholder making the Transfer shall indemnify the SCA, the General
Partner and the Manager and their respective members, managers, shareholders, directors, partners, officers, employees,
agents, advisers, assigns, representatives and affiliates against any claims, losses, liabilities, damages, costs or expenses to
which any such Person may become subject in connection with the invalidity of any such purported Transfer.

To the extent that a VAG-lnvestor has appointed a trustee (Treuhänder) pursuant to §70 VAG, and as long as Interests

are directly or indirectly part of the restricted assets of such VAG-lnvestor, the Interests held directly or indirectly by
such VAG-lnvestor may only be transferred with the written consent of a trustee or the trustee's authorised represen-
tative in accordance with §§ 70, 72 VAG.

(n) Any Transfer by an assignor based on article 9(m) shall only be permitted in accordance with the following pro-

cedure: (i) the assignor must provide not less than 30 calendar days' written notice to the General Partner of such
proposed Transfer, the proposed assignee and the consideration agreed upon by the parties for the Interests (the "Target
Price"); (ii) the General Partner may, at any time during the 25 calendar days immediately following such notice, notify
the assignor that it has identified a substitute assignee to acquire in which event such substitute assignee shall acquire the
Interests in accordance with article 9 for the Target Price; and (iii) the assignor may not complete the Transfer at a
consideration less than the Target Price, without first following the procedures set forth in (i) and (ii) above based on
the new consideration as the Target Price. The assignor will provide the General Partner promptly with all relevant
information in this regard.

10. Redemption of shares.
10.1. Redemptions
(a) Subject to the remainder of this article 10.1 and article 10.2, no Shareholder shall be entitled to require the General

Partner or the SCA to redeem its Shares.

(b) Notwithstanding the foregoing, the SCA may redeem Shares in the following cases:
i. redemption upon the withdrawal of the Initial Shareholder pursuant to article 8.1;
ii. redemption for the purposes of distributing proceeds;
iii. compulsory redemption of Shares held by (i) a Defaulting Shareholder or (ii) where a transfer of Shares has been

made in breach of the Articles or the Term Sheet;

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U X E M B O U R G

iv. compulsory redemption of Shares where necessary to comply with Applicable Law or avoid a regulatory risk, in

each case in accordance with article 10.2, or where the Shareholder is found not to be a Well-informed Investor;

v. redemption of Shares for purposes of ensuring compliance with Section 1471 through 1474 of the Code and any

guidance issued thereunder, including any applicable intergovernmental agreement and any local laws with respect thereto
("FATCA"):

vi. redemption pursuant to article 28(c) of these Articles; or
vii. redemption of the management share of the General Partner in case of removal of the General Partner.
(c) Subject to paragraph (d) below, Shares will be redeemed at the Net Asset Value per Share as at the Valuation Date

preceding the relevant Redemption Date to the bank account designated by the Shareholder in its Subscription Agree-
ment. No third party payment will be made.

(d) The redemption price per Share in case of a compulsory redemption pursuant to clause (iii) above will be equal to

the subscription price paid per relevant Share (excluding any additional amount calculated at a per annum rate equivalent
to the Preferred Return Rate as set forth in paragraph 40 of the Term Sheet) multiplied by the discount rate stated below,
which is a function of the level of drawdowns reached at the time of occurrence of a compulsory redemption event.

Drawn Down (in % of Aggregate Commitments)

Discount Rate in %

0-10

100

11-20

21-30

31-40

41-50

51-60

61-70

71-80

81-90

91-100

(e) If Shares are to be redeemed, the General Partner will serve a notice upon the relevant Shareholder, specifying

the number of Shares to be redeemed, the manner in which the redemption price will be calculated, as well as any other
related matters. In case of compulsory redemption pursuant to clauses (iii), (iv) and (v) above, the redemption price will
be reduced by any costs and expenses (including legal expenses) incurred as a result of such compulsory redemption.
The payment of the redemption proceeds to such Shareholder will be made at the discretion of the General Partner
pursuant to the Term Sheet.

(f) Notwithstanding the foregoing, the General Partner may also, on behalf of the SCA, without the consent of any

Shareholder (other than the Shareholder party to such agreement), enter into any agreement (which agreement shall not
be a side letter or similar agreement for purposes of the Term Sheet) that permits a Shareholder to withdraw from or
redeem its Shares in the SCA in accordance with provisions substantially similar to those set forth in article 10.2 or any
side letter or similar agreement of the SCA or any Parallel Investment Vehicle (e.g. in the event such Shareholder would
be in violation of applicable law or policy of such Shareholder or subjected to a materially burdensome tax, withholding
in respect of a tax, law or regulation if such Shareholder were to continue as a shareholder of the SCA).

(g) Shares which have been redeemed will be cancelled with effect as of the Redemption Date.
(h) No redemption of Shares may be made as a result of which the share capital of the SCA would fall below the

minimum share capital amount required by the 2007 Law.

10.2. Government Regulation
(a) The General Partner shall use reasonable endeavours to ensure that it and the SCA are in substantial compliance

with those provisions, if any, of Applicable Law with which they are obligated by such statutes to comply, subject to the
provisions of this article 10.2. Each Shareholder shall cooperate with the General Partner and the SCA in complying with
the applicable provisions of any material law, shall provide the SCA any information reasonably requested by the General
Partner in complying with any such law or inquiry from any governmental, quasi-governmental, judicial or regulatory
authority, agency or entity and shall use reasonable efforts not to take any affirmative action that would create a SCA
Regulatory Risk.

(b) If (i) in the Opinion of the SCA's Counsel, a Shareholder's status as a Shareholder or a Shareholder's failure to

provide required information under these Articles and the Term Sheet creates a SCA Regulatory Risk that the General
Partner reasonably believes to be significant, (ii) in the reasonable judgment of the General Partner, a Shareholder's status
as a Shareholder would be reasonably likely to result in a significant and adverse delay with respect to the activities of,
or an extraordinary expense of, or a material adverse effect on the SCA, any of its Portfolio Companies or any of their
respective Affiliates, (iii) either the Shareholder or the General Partner obtains an Opinion of Shareholder's Counsel or
an Opinion of the SCA's Counsel, respectively, to the effect that a Shareholder has a Shareholder Regulatory Problem
or (iv) a Shareholder has a Shareholder Regulatory Problem pursuant to clause (iii) of the definition of "Shareholder
Regulatory Problem" (each such Shareholder described in this sentence is referred to herein as a "Regulated Shareholder"),

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then the redemption provisions of this article 10.2 shall apply. Each Shareholder shall promptly notify the General Partner
in writing of any change in Applicable Law or other event coming to its attention that is reasonably likely to be cause for
withdrawal under the provisions of this article 10.2(b).

his Shares redeemed and withdraw from the SCA, or upon demand by the General Partner shall have his Shares redeemed
and withdraw from the SCA, at the time and in the manner provided under article 10.2(f). The General Partner shall have
a period of 180 days (or such lesser period reasonably recommended in the counsel's opinion delivered pursuant to
article 10.2(b), but in no event less than 90 days, except where a period of less than 90 days is explicitly required under
relevant law) following receipt of such counsel's opinion (the "Remedy Period") to use its reasonable efforts to eliminate
the necessity for such redemption whether by correction of the condition giving rise to the necessity of the Regulated
Shareholder's withdrawal, an amendment of the Governing Documents approved, with respect to the Articles, by the
Shareholders by way of Special Resolution, a Regulatory Sale, a Regulatory Solution, or otherwise; provided that the
General Partner shall not be required to forego any investment opportunity on behalf of the SCA or any Parallel Invest-
ment Vehicle to solve a Shareholder Regulatory Problem. Each such Regulated Shareholder shall reimburse the SCA for
all costs incurred by the SCA in connection with the withdrawal of such Regulated Shareholder under this article 10.2
or any Regulatory Sale or Regulatory Solution with respect to such Regulated Shareholder's Shares.

(d) At any time during the Remedy Period, the General Partner may in its sole discretion offer a Regulated Shareholder's

Shares to one or more of the Shareholders and/or a third party who is not a "party in interest" (as defined under ERISA)
to such Regulated Shareholder for a price, payable in cash at closing, equal to the Net Asset Value of such Shares (or
such other amount and/or such other terms as may be proposed by the General Partner and agreed to by such Regulated
Shareholder in its sole discretion) (a "Regulatory Sale"). In such event, the General Partner shall specify and implement
the procedure for making offers and shall set the time limits for acceptance thereof consistent with the other time limits
set forth in this article 10.2. The General Partner shall be entitled to sell a Regulated Shareholder's Shares on behalf of
such Regulated Shareholder on the terms set forth in this article 10.2(d) (and the Regulated Shareholder shall be obligated
to sell to such Person (or Persons) the Regulated Shareholder's Shares on the terms set forth in this article 10.2(d));
provided that, as a condition to the consummation of any sale, the acquiring Person (or Persons) shall agree to become
bound by the Governing Documents and to assume the Regulated Shareholder's obligation to make future Capital Con-
tributions in an amount equal to the amount of such Person's (or Persons') unfunded Commitment in respect of the
acquired Shares.

(e) Alternatively, if requested to do so by the General Partner, the Regulated Shareholder shall cooperate with the

General Partner during the Remedy Period in arranging another method to minimise or eliminate a SCA Regulatory Risk
or a Shareholder Regulatory Problem (a "Regulatory Solution"), including the formation of a separate entity (on terms
not substantially less advantageous to the Regulated Shareholder than the terms of the SCA) to hold the Regulated
Shareholder's share (or the share of any employee benefit plan that is a constituent of the Regulated Shareholder) of the
SCA's securities and other assets or negotiating an in kind redemption of the Regulated Shareholder's Shares.

(f) If the General Partner does not sell the Regulated Shareholder's Shares pursuant to a Regulatory Sale or provide

for a Regulatory Solution or otherwise correct the condition giving rise to the necessity of the Regulated Shareholder's
withdrawal within the Remedy Period, then such Regulated Shareholder may redeem his Shares or be required to redeem
his Shares in whole or in part following the expiration of the Remedy Period as of the date that is the earlier to occur of
(i) the last day of the calendar quarter during which the election or demand for redemption is made and (ii) such date
for redemption as may be recommended in the Opinion of the SCA's Counsel or the Opinion of Shareholder's Counsel,
as appropriate. Upon any redemption, there shall be distributed to such Regulated Shareholder, in full payment and
satisfaction of the portion of its Shares that is being redeemed (the "Redeemed Interest"), an amount, subject to reduction
pursuant to article 10.2(h) below, equal to Net Asset Value of the withdrawing Shareholder's Shares as of the effective
date of redemption with respect to the Redeemed Interest, payable in cash, cash equivalents, securities or other property
(as valued in accordance with article 30.3 as of the date of distribution to the Regulated Shareholder) and at such time
as the General Partner in its sole discretion selects.

(g) Effective upon the date of withdrawal of any Regulated Shareholder or the Regulatory Sale of any Regulated Sha-

reholder's Shares, (i) such Regulated Shareholder's Commitment shall be reduced to zero and, in the case of a withdrawing
Regulated Shareholder, the aggregate Commitments of the SCA and the Aggregate Commitments shall be commensu-
rately reduced, (ii) such Regulated Shareholder shall cease to be a Shareholder of the SCA for all purposes, and (Hi)
except for such Regulated Shareholder's right to receive payment for such Person's Shares as provided above, such
Regulated Shareholder shall no longer be entitled to the rights of a Shareholder under the Governing Documents, including
the right to receive allocations, the right to receive Distributions during the term of the SCA and upon liquidation of the
SCA and the right to vote on SCA matters as provided in the Term Sheet and these Articles.

(h) Except in the case where a Regulated Shareholder's withdrawal is caused by the General Partner's failure to comply

with the first sentence of paragraph 69 (Plan Asset Regulation) of the Term Sheet, the amount payable to a Regulated
Shareholder pursuant to article 10.2(f) shall be reduced by an amount equal to the estimated amount of the Regulated
Shareholder's share (based on the Regulated Shareholder's Commitment assuming the Regulated Shareholder had not
withdrawn from the SCA and there had been no reduction in such Regulated Shareholder's Commitment) of SCA Ex-
penses for the 12 month period immediately following such Regulated Shareholder's withdrawal (which amount shall not

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exceed the Net Asset Value of such Regulated Shareholder's Shares as of the effective date of withdrawal); provided that
if upon the date of a Regulated Shareholder's withdrawal from the SCA pursuant to this article 10.2 the amount calculated
above without giving effect to the immediately preceding parenthetical exceeds the Net Asset Value of such Regulated
Shareholder's Shares as of the effective date of withdrawal, the withdrawing Regulated Shareholder shall pay to the SCA
in cash an amount equal to such excess. The SCA shall pay to the General Partner an amount equal to the sum of (i) any
reduction pursuant to this article 10.2(h) in the amount payable to a Regulated Shareholder pursuant to article 10.2(f)
and (ii) any cash payment by such Regulated Shareholder pursuant to this article 10.2(h).

(i) Prior to the time of any Regulatory Sale, Regulatory Solution or redemption, a Regulated Shareholder shall continue

to fund its Commitment and shall continue to be a Shareholder for all purposes of the Governing Documents; provided
that if, as set forth in the Opinion of Shareholder's Counsel or Opinion of the SCA's Counsel, such Regulated Shareholder
is prohibited by an Applicable Law from fulfilling its Commitment or the SCA's assets are, or it is likely that the SCA's
assets would be, deemed to include Plan Assets, then for all purposes of the Governing Documents other than paragraph
24 (Return of Distributions) of the Term Sheet, such Regulated Shareholder's Commitment shall be reduced, to the
amount of Capital Contributions made by such Regulated Shareholder prior thereto, and the aggregate Commitments
of the SCA and the Aggregate Commitments shall be commensurately reduced. Nevertheless, except in the case of a
Regulatory Sale, Regulatory Solution or redemption caused by the General Partner's failure to comply with the efforts
required by the first sentence of paragraph 69 (Plan Asset Regulation) of the Term Sheet, for a period of 12 months
thereafter, the Performance Fee will continue to be calculated as if there had been no reduction in such Regulated
Shareholder's Commitment and the SCA Expenses will continue to be allocated among the Shareholders as if there had
been no reduction in such Regulated Shareholder's Commitment and such Regulated Shareholder shall pay to the SCA
in cash an amount equal to its share of such SCA Expense to the extent not paid by any Person (or Persons) that have
acquired all or any portion of such Regulated Shareholder's interest pursuant to a Regulatory Sale or a Regulatory Solution.

(j) Except as specifically provided in this article 10.2, no consent of any Shareholder shall be required as a condition

precedent to any Regulatory Solution, Regulatory Sale or withdrawal of all or any portion of any Regulated Shareholder's
Shares pursuant to this article.

(k) Notwithstanding anything in this article 10.2 to the contrary, (i) no Regulated Shareholder's Shares will be trans-

ferred, and no Person shall become a substitute Shareholder, in contravention of article 10.2 and (ii) except as otherwise
determined by the General Partner in its sole discretion, no Regulated Shareholder shall have its Shares redeemed with
respect to the SCA unless such Regulated Shareholder also redeems the same proportion of shares (or equivalent) from
each alternative investment vehicle in which it has an interest.

11. Calculation of the net asset value per share.
(a) The Net Asset Value for each Share or with respect to a particular class of Shares, as the case may be, will be

calculated with respect to each Valuation Date by dividing the net assets attributable to the SCA or to such class of Shares
by the number of Shares issued by the SCA or issued within such class of Shares.

(b) The Net Asset Value will be expressed in Euro. 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 rate of exchange
is not available, the rate of exchange will be determined with prudence and in good faith by or under procedures esta-
blished by the SCA.

(c) In determining the Net Asset Value, income and expenditure are treated as accruing daily.
(d) The Net Asset Value of the SCA will be equal to the difference between the gross assets and the liabilities of the

SCA in accordance with Luxembourg GAAP.

(e) The Net Asset Value of the SCA shall be determined on a quarterly basis on the last day of March, June, September

and December.

(f) In addition, the General Partner may at its own cost decide to undertake further valuations during the year to

confirm the Net Asset Value of a particular investment at the time of acquisition and the whole portfolio may be valued
at any time for the purposes of calculating the Net Asset Value.

(g) Each valuation shall be conducted with prudence and in good faith and will be based on fair value (juste valeur).
(h) The Net Asset Value will be determined as set out below:
(i) The assets of the SCA shall include:
(A) all cash in hand, receivable or on deposit, including any interest accrued thereon;
(B) any interest of any kind or nature in any undertaking for collective investment or assimilated entity, without any

limitation as to its form or legal status, whether with or without legal personality;

delivered);

(D) all securities, shares, bonds, time notes, debentures, debenture stocks, subscription rights, warrants and other

securities, money market instruments and similar assets owned or contracted for by the SCA;

(E) all interest accrued on any interest-bearing assets, except to the extent that the same is included or reflected in

the principal amount of such assets;

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(F) all stock dividends, cash dividends and cash distributions receivable by the SCA to the extent information thereon

is reasonably available to the SCA;

(G) the liquidating value of all forward contracts and all call or put options in which the SCA has an open position; and
(H) all other assets of any kind and nature.
(ii) The value of such assets shall be determined at fair value with due regard to the following principles:
(A) 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 shall be deemed to be the full amount
thereof, unless it is unlikely to be received in which case the value thereof shall be arrived at after making such discount
as the General Partner may consider appropriate in such case to reflect the true value thereof;

(B) any transferable security and any money market instrument negotiated or listed on a stock exchange or any other

organized market will be valued on the basis of the last known price, unless this price is not representative, in which case
the value of such asset will be determined on the basis of its fair value;

Partner which will take into account the guidelines and principles for valuation of portfolio companies set out by the
European Private Equity and Venture Capital Association (EVCA);

(D) the value of all portfolio securities and money market instruments or derivatives that are listed on an official stock

exchange or traded on any other regulated market will be based on the last available price on the principal market on
which such securities, money market instruments or derivatives are traded, as supplied by a recognized pricing service
approved by the General Partner. If such prices are not representative of the fair value, such securities, money market
instruments or derivatives as well as other permitted assets may be valued at a fair value at which it is expected that they
may be resold, as determined in good faith by and under the direction of the General Partner;

(E) the valuation of swaps will be based on their market value, which itself depends on various factors (e.g. level and

volatility of the underlying asset, market interest rates, residual term of the swap). Any adjustments required as a result
of issues and redemptions are carried out by means of an increase or decrease in the nominal of the swaps, traded at
their market value. The SCA shall only enter into swaps in connection with hedging activities;

(F) the valuation of derivatives traded over-the-counter (OTC), such as futures, forward or option contracts not traded

on exchanges or on other recognized markets, will be based on their net liquidating value determined, pursuant to the
policies established by the General Partner on the basis of recognized financial models in the market and in a consistent
manner for each category of contracts. The net liquidating value of a derivative position is to be understood as being
equal to the net unrealized profit/loss with respect to the relevant position. The SCA shall only enter into derivatives
traded OTC in connection with hedging activities;

(G) the value of any other assets of the SCA will be determined on the basis of the acquisition price thereof including

all costs, fees and expenses connected with such acquisition or if such acquisition price is not representative, the value
of any other assets of the SCA will be determined on the basis of their fair value;

(H) any investment that is held under a representation that it has been acquired for investment and not with a view

to public sale or distribution, or which is held subject to any other restriction on transfer, or where the size of the SCA’s
holdings compared to the trading volume would adversely affect its marketability, shall be valued at such discount from
the value determined under paragraph 48 (Valuation) of the Term Sheet and this article 11 as the General Partner deems
reasonably necessary to reflect the marketability and value of such investment;

(I) where necessary, the fair value of an asset is determined by the General Partner;
(J) in the event that the General Partner determines that there has been a material change in the nature of any debt

securities such that a valuation in accordance with this article 11 is not appropriate such securities shall be valued as of
such date by the General Partner at fair market value in such manner as it may reasonably determine.

(iii) The liabilities of the SCA shall include:
(A) all loans, bills and accounts payable;
(B) all accrued interest on loans (including accrued fees for commitment for such loans);
(C) all known liabilities, present or future, including all matured contractual obligations for payment of money, including

the amount of any unpaid Distributions declared by the SCA;

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

time to time by the SCA, and other reserves (if any) authorised and approved by the SCA, as well as such amount (if any)
as the SCA may consider to be an appropriate allowance in respect of any contingent liabilities of the SCA; and

(E) all other liabilities of whatsoever kind and nature reflected in accordance with Luxembourg GAAP.
In determining the amount of such liabilities the SCA shall, with due regard to the expenses borne by the SCA out of

the fees it receives, if any, take into account all expenses payable by the SCA which shall include formation expenses,
fees, expenses, disbursements and out-of-pocket expenses payable to the depositary of the SCA, its correspondents, the
central administration agent of the SCA as well as any other agent appointed by the SCA, the remuneration of any officers
and their reasonable out-of-pocket expenses, insurance coverage and reasonable travelling costs in connection with
meetings of the board of the General Partner and committee meetings, fees and expenses for legal and auditing services,

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any fees and expenses involved in registering and maintaining the registration of the SCA with any governmental agencies
or stock exchanges in the Grand Duchy of Luxembourg and in any other country, licensing fees for the use of the various
indexes, reporting and publishing expenses, including the cost of preparing, translating, printing, advertising and distributing
the Governing Documents, further explanatory sales documents, periodical reports or registration statements, the costs
of publishing the NAV and any information relating to the fair value of the SCA, the costs of printing certificates, if any,
and the costs of any reports to Shareholders, the cost of convening and holding general meetings and committee meetings,
all taxes, duties, governmental and similar charges, and all other operating expenses, including the cost of buying and
selling assets, transaction fees, the cost of publishing the issue and redemption prices, interests, bank charges and bro-
kerage, postage, insurance, telephone and telex. The SCA may accrue administrative and other expenses of a regular or
recurring nature based on an estimated amount for yearly or other periods.

(iv) For the purposes of the Net Asset Value computation:
(A) Shares of the SCA to be redeemed shall be treated as existing and taken into account until immediately after the

time specified by the Board on the relevant Valuation Date and from such time and until paid by the SCA the price
therefore shall be deemed to be a liability of the SCA;

(B) Shares to be issued by the SCA shall be treated as being in issue as from the time specified by the General Partner

on the Valuation Date and from such time and until received by the SCA the price therefore shall be deemed to be a
debt due to the SCA; and

Asset Value is calculated shall be converted on the basis of the rate of exchange ruling on the relevant Valuation Date.

12. Temporary suspension of the net asset value.
(a) The General Partner may suspend the determination of the Net Asset Value and hence suspend the redemption

of Shares of the SCA made in accordance with these Articles and the Term Sheet in the following cases:

(i) when the stock exchange(s) or market(s) that supplies/supply prices for a significant part of the assets are closed,

or in the event that transactions on such a market are suspended, or are subject to restrictions, or are impossible to
execute in volumes allowing the determination of fair prices;

(ii) when the information or calculation sources normally used to determine the value of assets are unavailable, or if

the value of an investment cannot be determined with the required speed and accuracy for any reason whatsoever;

(iii) when exchange or capital transfer restrictions prevent the execution of transactions or if purchase or sale trans-

actions cannot be executed at normal rates;

(iv) when the political, economic, military or monetary environment, or an event of force majeure, prevent the SCA

from being able to manage normally its assets or its liabilities and prevent the determination of their value in a reasonable
manner;

(v) upon the occurrence of a credit event in or default in respect of any transaction or investment having as a conse-

quence that the value of that investment cannot be determined with sufficient accuracy;

(vi) when, for any other reason, the prices of any significant investments cannot be promptly or accurately ascertained;

and

(vii )when the SCA is in the process of establishing exchange parities in the context of a merger, a contribution of

assets, an asset or Share split or any other restructuring transaction.

(b) The suspension of the calculation of the Net Asset Value shall be notified to the relevant persons through all means

reasonably available to the SCA, unless the General Partner is of the opinion that a notification is not necessary considering
the short period of the suspension.

Chapter II. Management

13. Determination of the general partner.
(a) The General Partner is appointed as managing general partner of the SCA (associé gérant commandite).
(a) The General Partner shall be personally, jointly and severally liable with the SCA for all liabilities which cannot be

met out of the assets of the SCA.

(b) The Shareholders, being limited shareholders, (associés commanditaires) shall not participate in the management

of the SCA and shall not have power to bind the SCA including, for the avoidance of doubt, in their capacity as members
of the Investor Advisory Committee.

14. Powers of the general partner, Removal as manager and fees.
14.1. Powers of the General Partner.
(a) The General Partner is ultimately responsible for the administration and the management of the SCA and retains

ultimate decision making power and has exclusive authority with regard to any decision not specifically delegated or
attributed to another entity or service provider.

(b) The Board shall have namely the specific powers provided for in the articles of association of the General Partner.

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marketing functions related to the SCA. It may (but is not obliged to) arrange for certain functions to be delegated to or
performed by certain service providers and may engage advisors or consultants with relevant professional expertise on
transactional or investment management activities from time to time in its discretion, in each case, under the supervision
and ultimate responsibility of the General Partner. The General Partner will have the ultimate responsibility for controlling
the business and affairs of the SCA.

(d) The General Partner shall have full discretion and authority to select and/or terminate the appointment of the

Manager. If appointed, the Manager shall be responsible for the portfolio management and the risk management of the
SCA and any other additional functions set forth under the AIFMD, in all cases under the supervision and authority of
the General Partner who shall be responsible for supervising the Manager's performance of its obligations. The Manager
shall have no rights against the SCA in respect of any management fee payable to the Manager.

(e) The General Partner of the SCA shall procure for so long as it remains a general partner of the SCA that UBS

Global Asset Management (UK) Limited, another GP Affiliated Person or other Affiliate of the General Partner (or, if the
General Partner so decides, the General Partner itself) which is then authorised to act as AIFM, shall agree to act as AIFM
of the SCA on terms acceptable to the SCA (acting through the General Partner). In particular, the Manager will be in
charge of the investment management and marketing pertaining to the SCA.

(f) The appointment of an investment manager or AIFM which is not an Affiliate of the General Partner or a GP Affiliated

Person shall only be valid if approved in advance by Shareholders by way of an Ordinary Resolution.

14.2. Removal of the General Partner as manager of the SCA
(a) The General Partner may only be removed as the managing general partner of the SCA on the basis set out in the

Term Sheet, subject to the prior approval of the CSSF. For the avoidance of doubt, the General Partner shall not have a
veto right in respect of a resolution to remove it taken at a General Meeting.

(b) In the event the General Partner is removed, its management share shall be redeemed effective upon the date the

General Partner's removal becomes effective in accordance with these Articles.

14.3. Appointment of a Replacement General Partner
In accordance with paragraphs 32, 33 and 34 of the Term Sheet, on or prior to the date of removal of the General

Partner, the General Meeting shall appoint a replacement general partner by way of Special Resolution, subject to the
prior approval of the CSSF. Such replacement general partner shall either act as managing general partner or appoint a
replacement manager.

14.4. Management Fee and Performance Fee
The SCA shall pay the General Partner an annual management fee, as set out and subject to the terms of, the Term

Sheet (the "Management Fee").

The General Partner shall be entitled to receive an annual performance fee from the SCA in respect of each Accounting
Period, as set out and subject to the terms of, the Term Sheet (the "Performance Fee").
14.5. Borrowing and Investment Limitations
The SCA may incur indebtedness for borrowed money for any purposes of the SCA subject to the limitations set out

in the Term Sheet.

The SCA will be subject to certain limitations with respect to Investments as further set out in the Term Sheet.

15. Representation of the SCA.
(a) The SCA will be bound towards third parties by the sole signature of the General Partner represented by its legal

representatives or any other person to whom such power has been delegated by the General Partner in accordance with
its articles of association.

(b) No Shareholder, being a limited shareholder, (associés commanditaires) shall represent the SCA.

16. Liability of the general partner.
(a) None of the General Partner, the Manager or any member, manager, shareholder, partner, director, officer, em-

ployee, agent, advisor, representative or affiliate of the General Partner or the Manager (or any of their respective
members, managers, shareholders, partners, directors, officers, employees, agents, advisors, representatives or affiliates),
shall be liable to any Shareholder or the SCA for (a) any action taken, or failure to act, as the General Partner or the
Manager or on behalf of the General Partner or the Manager with respect to the SCA or any Parallel Investment Vehicle
or alternative investment vehicle unless and only to the extent that such action taken or failure to act is a willful violation
of the material provisions of these Articles or constitutes fraud, gross negligence or wilful misconduct by such Person or
was in bad faith taken or failed to be taken, (b) any action or inaction arising from reliance in good faith upon the opinion
or advice as to legal matters of legal counsel or as to accounting matters of accountants selected by any of them with
reasonable care or (c) the action or inaction of any agent, contractor or consultant selected by any of them with reasonable
care.

(b) No Investor Advisory Committee member shall be liable to any Shareholder or the SCA for any such Investor

Advisory Committee member's action taken or failure to act (but solely with respect to any action or omission of such

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Investor Advisory Committee member in his or her capacity as such) unless and to the extent of such member's fraud
or failure to act in good faith.

17. Indemnification of general partner and others.
(a) The SCA shall indemnify each of:
(i) the General Partner;
(ii) the Manager;
(iii) unless otherwise determined by the General Partner in its sole discretion, each of the General Partner and the

Manager's respective members, managers, shareholders, partners, directors, officers, employees, agents, advisors, assigns,
representatives and affiliates (and their respective members, managers, shareholders, partners, directors, officers, em-
ployees, agents, advisors, assigns, representatives and affiliates); and

(iv) the Investor Advisory Committee members (but solely with respect to any action or omission of such Investor

Advisory Committee member in his or her capacity as such) (collectively, the "Investor Advisory Committee Indemni-
tees"):

against any claims, losses, liabilities, damages, costs or expenses (including attorney fees, judgments and expenses in

connection therewith and amounts paid in defense and settlement thereof) to which any of such Persons may directly or
indirectly become subject in connection with the SCA, any Parallel Investment Vehicle or any alternative investment
vehicle or in connection with any involvement with an Investment or an investment of any alternative investment vehicle
(including serving as an officer, director, consultant or employee of any Portfolio Company or alternative investment
vehicle portfolio company), except to the extent such claim, loss, liability, damage or expense was directly and proximately
caused by (x) such Person's fraud or failure to act in good faith or (y) other than an Investor Advisory Committee
Indemnitee, such Person's gross negligence or wilful misconduct.

(b) The SCA may in the sole judgment of the General Partner pay the expenses incurred by any such Person indem-

nifiable hereunder, as such expenses are incurred, in connection with any proceeding in advance of the final disposition,
so long as the SCA receives an undertaking by such Person to repay the full amount advanced if there is a final determi-
nation that such Person acted or failed to act as described in clause (x) or (y) in the paragraph above or that such Person
is not entitled to indemnification as provided herein for other reasons; provided that in connection with an action against
any Person indemnifiable hereunder brought on behalf of the SCA by Shareholders and Parallel Investment Vehicle Sha-
reholders representing a majority of the Aggregate Commitments, the SCA shall not advance the expenses incurred by
such Person. The termination of any action, suit or proceeding by judgment, order, settlement, conviction, or a plea of
nolo contendere or its equivalent, shall not, of itself, create a presumption that the General Partner or any other Person
acted or failed to act as described in clause (x) or (y) above. The SCA's obligation, if any, to indemnify or advance expenses
to any Person is intended to be secondary to any such obligation of, and shall be reduced by any amount such Person
may collect as indemnification or advancement from, any Portfolio Company or subsidiary thereof.

of the General Partner pay any obligations or liabilities arising out of this article 16(c) as a secondary indemnitor at any
time prior to any primary indemnitor making any payments any such primary indemnitor owes, it being understood that
any such payment by the SCA shall not constitute a waiver of any right of contribution or subrogation to which the SCA
is entitled (including against any primary indemnitor) or relieve any other indemnitor from any indemnity obligations.
None of the General Partner, the Manager or the SCA shall be required to seek indemnification or contribution from
any other sources with respect to any amounts paid by the SCA in accordance with this article 16(c). The General Partner
shall ultimately be jointly and severally liable for any liabilities which may not be satisfied out of the assets of the SCA.

18. Delegation of powers to agents of the general partner.
(a) The General Partner may, at any time, appoint officers or agents of the SCA as required for the affairs and mana-

gement of the SCA, provided that the Shareholders (associés commanditaires) cannot act on behalf of the SCA without
losing the benefit of their limited liability. The appointed officers or agents shall be entrusted with the powers and duties
conferred to them by the General Partner.

(b) The General Partner will determine any such officers or agent's responsibilities and remuneration (if any), the

duration of the period of representation and any other relevant conditions of his agency.

19. Integrity and conflict of interests.
19.1. Integrity
The General Partner shall act with honesty and uphold the highest ethical standards in all its conduct.
19.2. Conflicts of interests
(a) The General Partner will ensure that systems, controls and procedures aimed at avoiding damage to Shareholders

resulting from potential conflicts of interest are put in place, and that these are adequate to identify, manage and disclose
conflicts of interest.

(b) In order to identify a potential conflict of interest, the General Partner will in respect of any Person directly or

indirectly connected to the SCA or itself take into account any of the following situations and will consider whether such
person:

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(i) is likely to make a financial gain, or avoid a financial loss, at the expense of the SCA;
(ii) has an interest in the outcome of a service or activity provided to the SCA or another client or of a transaction

carried out on behalf of the SCA or another client, which is distinct from the SCA's interest in that outcome;

(iii) has a financial or other incentive to favour the interest of another client or group of clients over the interests of

the SCA;

(iv) carries out the same activities for the SCA for another client or clients which are not investment funds;
(v) receives or will receive from a Person other than the SCA an inducement in relation to collective portfolio ma-

nagement activities provided to the SCA, in the form of monies, goods or services, other than the standard commission
or fee for that service.

as well as a record of potential conflicts of interests.

(d) Any potential conflict of interest is to be fully disclosed to the Investor Advisory Committee by the General Partner.

No transaction involving a potential conflict of interest will be entered into without having obtained the prior clearance
of the Investor Advisory Committee. The General Partner and its Affiliates will enter into all transactions on an arm's
length basis.

(e) If any manager, or officer of the General Partner has an interest different to the interests of the SCA in any

transaction of the SCA, such manager, or officer shall disclose to the General Partner such conflict of interest, and shall
not consider, or vote on any such transaction, and such transaction, and such manager's or officer's interest therein shall
be reported by the General Partner to the next General Meeting.

(f) The General Partner, the Manager, the Investor Advisory Committee, the depositary, the central administration

agent, and their respective affiliates, directors, officers, and shareholders will ensure that the performance of their res-
pective duties towards the SCA will not be impaired by any such involvement that each of the above-mentioned entities
or persons may have. If a conflict of interest arises, the General Partner, and the relevant person(s) shall endeavour to
ensure that the conflict is resolved fairly, within a reasonable time having regard to the interests of the SCA.

(g) The General Partner undertakes, in particular, for each identified conflict of interest:
(i) to take all any necessary steps to procure the relevant information;
(ii) to limit the influence of any implicated Person through appropriate measures; and/or
(iii) to promptly inform Shareholders of the identified conflict of interest.

Chapter III. General meeting of shareholders

20. Powers of the general meeting of shareholders.
(a) Any regularly constituted meeting of Shareholders of the SCA shall represent the entire body of Shareholders of

the SCA. The General Meeting shall deliberate only on the matters which are not reserved to the General Partner by
the Articles or by the applicable Luxembourg laws and regulations.

(b) In accordance with Article 111 of the 1915 Law, and at the exclusion of what is provided under article 14.2 of

these Articles, no decision of the General Meeting will be validly taken without the prior approval of the General Partner.

21. Annual and other general meetings.
(a) The annual General Meeting is held at the registered office of the SCA or at any other address in Luxembourg as

indicated in the convening notice on the first Tuesday of June at 10.00 a.m. or if such a day is not a Business Day, on the
next following Business Day.

(b) The General Partner may convene other General Meetings. Such meetings must be convened if Shareholders

representing ten per cent. (10%) of the SCA's share capital so require.

convening the meeting.

(d) Unless otherwise stipulated by applicable Luxembourg law and regulations or the Governing Documents, the

decisions of the General Meeting will be reached by way of an Ordinary Resolution.

22. Convening notice.
(a) The General Meeting is convened by the General Partner in compliance with the applicable Luxembourg laws and

regulations.

(b) As all Shares are in registered form, notices to Shareholders are sent by registered mail by the central administration

agent of the SCA to all Shareholders, to their address indicated in the register of Shareholders, at least eight (8) Business
Days prior to the date of the meeting.

the agenda and will refer to the requirements of applicable Luxembourg laws and regulations with regard to the necessary
quorum and majorities at such meeting. To the extent required by applicable Luxembourg laws and regulations, further
notices will be published in the Memorial and in one Luxembourg newspaper.

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(d) If all the Shareholders are present or represented at a General Meeting and if they state that they have been

informed of the agenda of the meeting, the Shareholders can waive all convening requirements and formalities.

23. Presence, representation.
(a) Unless otherwise provided by applicable Luxembourg laws and regulations or by the Articles, all Shareholders are

entitled to attend, speak and vote at all General Meetings.

(b) A Shareholder may act at any General Meeting by appointing in writing or by telefax, cable, telegram, telex, email

as his proxy another person who need not be a Shareholder himself.

24. Vote.
(a) At General Meetings each Shareholder has the right to one vote for each whole Share held.
(b) In the case of a joint holding, only the first named Shareholder or the common representative appointed in this

respect and notified to the SCA may vote at a General Meeting.

resolutions of the annual or ordinary General Meeting shall be taken by way of an Ordinary Resolution.

(d) Shareholders taking part in a meeting by conference call, through video-conference or by any other means of

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

(e) Each Shareholder may vote at a General Meeting through a signed voting form sent by post, electronic mail, facsimile

or any other means of communication to the SCA's registered office or to the address specified in the convening notice.
The Shareholders may only use voting forms provided by the SCA which contain at least the place, date and time of the
General Meeting, the agenda of the General Meeting, the proposals submitted to the Shareholders, as well as for each
proposal three boxes allowing the Shareholder to vote in favour of, against, or abstain from voting by ticking the appro-
priate box.

(f) Voting forms which, for a proposed resolution, do not show only (i) a vote in favour or (ii) a vote against the

proposed resolution or (Hi) an abstention are void with respect to such resolution. The SCA shall only take into account
voting forms received prior to the General Meeting to which they relate including, for the avoidance of doubt, for the
purposes of calculating the quorum.

25. Proceedings.
(a) The General Meeting shall be chaired by a person designated by the meeting of Shareholders.
(b) The chairman of the General Meeting shall appoint a secretary. The General Meeting shall elect one scrutineer to

be chosen from the Shareholders present or represented. They together form the office of the General Meeting.

26. Minutes. The minutes of the General Meeting shall be signed by the chairman of the meeting, the secretary and

the scrutineer.

Chapter IV. Excuse

27. Excuse.
(a) The General Partner shall be entitled to create one or more new classes of shares in which all Shareholders, other

than the excused Shareholder, shall participate in respect of any investment which constitutes a General Excused Invest-
ment.

(b) No Shareholder shall be required to make any Capital Contribution for the purpose of making any portion of an

Investment that, with respect to such Shareholder, constitutes a General Excused Investment.

to be made to the SCA in respect of a particular Investment if the General Partner notifies such Shareholder in writing
that the General Partner has, in its reasonable discretion, determined not to permit the making of all or any portion of
such Capital Contribution because it has determined that such Capital Contribution could be reasonably expected to
have an Adverse Effect and has notified the relevant Shareholder in writing about such determination.

(d) Notwithstanding the notice requirements of article 8.4(a) and paragraph 15a (Drawdowns) of the Term Sheet,

additional Capital Contributions may be called by the General Partner following a Shareholder or Parallel Investment
Vehicle Shareholder being excused or excluded from any Capital Contribution or capital contribution under any Parallel
Investment Vehicle Agreement on five (5) Business Days' notice.

(e) If any Shareholder Is excused or excluded from making any Capital Contribution pursuant to article 26a or 26c or

if any Parallel Investment Vehicle Shareholder is excused or excluded from making any Capital Contribution (as defined
in the Parallel Fund Agreement) pursuant to article 26a or 26c (or similar provision) of the Parallel Fund Agreement, then
the SCA and the Parallel Fund shall (subject to paragraph 65 and 66 (Certain Tax Matters) of the Term Sheet) invest in
such Portfolio Company and bear expenses relating to such Portfolio Company pro rata based upon the Parallel Fund's
aggregate capital commitments available for investment (excluding the aggregate capital commitments not available for

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such investment from any Parallel Fund Shareholder(s) due to excuse or exclusion from such investment pursuant to
article 26a or 26c (or similar provision) of the Parallel Fund Agreement) and the SCA's aggregate Commitments available
for investment (excluding the aggregate Commitments not available for such investment from any Shareholder(s) due to
excuse or exclusion from making such investment pursuant to article 26a or 26c).

Chapter V. Parallel funds

28. Parallel funds.
(a) In order to facilitate investment by certain investors, the General Partner and/or the Manager may form and

thereafter serve, or have an affiliate serve, as a general partner, managing member, manager, similar controlling Person
or management company for one or more partnerships or other entities (all of such Persons designated by the General
Partner, together with (to the extent the General Partner or Manager reasonably determines to be applicable) any
alternative investment vehicles created for such entities, are collectively referred to herein as the "Parallel Fund"). If any
Parallel Fund is formed, it shall invest in each Investment and bear expenses relating to each Investment in the same
proportion of its aggregate capital commitments available for investment as the portion of the SCA's Portfolio Company
available for investment that is invested in each such Investment, in each case on substantially the same terms and con-
ditions as the SCA's Investment in the Investment, subject to any tax, regulatory, accounting, legal or other considerations
that may limit the amount, type or timing of investment by the SCA or the Parallel Fund. To the extent reasonably practical,
the Parallel Fund shall dispose of any Investment interests that were acquired in any Investment made alongside the SCA
at substantially the same time, on substantially the same terms and in the same relative proportions (based upon the
aggregate amount invested in such interests by each of the SCA and the Parallel Fund) as the SCA disposes of its interests
in such Investments that were acquired by the SCA in the transaction that gave rise to the investment, in each case except
to the extent reasonably necessary or advisable to address tax, regulatory, accounting, legal or other considerations.

(b) Notwithstanding anything in the Governing Documents to the contrary, from time to time prior to 90 days after

the later of the Final Closing Date and the final closing date (as defined in the Parallel Fund Agreement), and subject to
any tax, regulatory, accounting, legal or other considerations that may limit the amount, type or timing of investment by
the Parallel Fund, the Parallel Fund shall purchase from or sell to the SCA, at cost plus an additional amount calculated
by the General Partner in a manner consistent with the terms of paragraph 40 (Additional Shareholders; Increased
Commitments) of the Term Sheet as if the Shareholders and Parallel Fund Shareholders were shareholders of a single
pooled investment vehicle, a portion of any investment to the extent necessary for the Parallel Fund and the SCA to each
own the portion of each investment as contemplated by this article 27(a) that it would own if all investments had been
made as of the date of such transfer; provided that the General Partner may make any equitable adjustments to such
purchase price that it believes would be fair or equitable, including to reflect a material change or significant event relating
to the value of an investment, accrued but unpaid interest or dividends, prior distributions made to the Shareholders or
Parallel Fund Shareholders with respect thereto and/or the excuse or exclusion of any Shareholder or Parallel Fund
Shareholder from one or more investments pursuant to article 26 and paragraph 45 (Excuse) of the Term Sheet or any
corresponding Parallel Fund provision) (including distributions in respect of investments no longer held by the SCA or
the Parallel Fund). Following a sale by the SCA to the Parallel Fund pursuant to this article 27(a), the General Partner
may elect to distribute all or any portion of the proceeds from such sale to the Shareholders pro rata to their shareholdings
with respect to such Investment. Such distributed amounts, other than additional amounts, may be redrawn by the SCA
in accordance with paragraph 15 (Drawdowns) of the Term Sheet. Each Shareholder hereby consents and agrees to such
activities and investments and further consents and agrees that neither the SCA nor any of its Shareholders shall have
any rights in or to such activities or investments, or any profits derived therefrom. Any agreement with a Parallel Fund
Shareholder of a type that would not be a side letter or similar agreement for purposes of the Term Sheet if entered into
with a Shareholder shall similarly not be a side letter or similar agreement for purposes of the Term Sheet. Each Share-
holder hereby agrees and consents to the formation of the Parallel Fund and the execution by the General Partner on
each Shareholder's behalf of any amendments, consents or acknowledgments necessary in order to effectuate the fore-
going, including amendments to these Articles or the Term Sheet in order to enable the General Partner to operate the
funds on a side by side basis; provided that any such amendment to the Articles shall require the approval of the Share-
holders by way of a Special Resolution.

cretion (and without the act of any other Shareholder), (i) enter into any agreement (which agreement shall not be a side
letter or similar agreement for purposes of the Term Sheet) that permits an existing Shareholder to redeem its Shares
in the SCA and instead participate as a shareholder, limited partner or equivalent of the Parallel Fund or (ii) require such
Shareholder to redeem its Shares and instead participate as a shareholder, limited partner or equivalent of the Parallel
Fund (so long as such withdrawal does not have a material adverse economic effect on such Shareholders), in each case
with a Parallel Fund Commitment equal to such Person's Commitment prior to such redemption, and, in connection
therewith, take any other necessary or advisable action to treat such Shareholder as if such Shareholder were a share-
holder, limited partner or equivalent of the Parallel Fund from the date when such Shareholder was admitted to the SCA;
provided that such redemption shall not have a material adverse economic effect on any other Shareholder. Notwiths-
tanding anything to the contrary in the Governing Documents, the General Partner may, in its sole discretion (and without
the act of any other Shareholder), require or enter into any agreement (which agreement shall not be a side letter or

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similar agreement for purposes of the Term Sheet) that permits, as applicable, a Person withdrawing from the Parallel
Fund or redeeming its Shares in such Parallel Fund pursuant to a provision similar to this article 27(b) in the Parallel Fund
Agreement to be admitted to the SCA as a Shareholder with a Commitment equal to such Person's Parallel Fund Com-
mitment prior to such withdrawal and/or redemption and, in connection therewith, take any other necessary or advisable
action to treat such Person as if such Person were a Shareholder of the SCA from the date when such Person was admitted
to the Parallel Fund, provided that such admission shall be made in compliance with the provisions of the 2007 Law and,
more particularly, the newly admitted Shareholder in the SCA must qualify as Well-informed Investor. Notwithstanding
anything in the Governing Documents to the contrary (including article 27(a)), the SCA may, from time to time, at the
General Partner's sole election, purchase from or sell to the Parallel Fund at cost, as may be equitably adjusted by the
General Partner, or distribute to a withdrawing Shareholder or receive as a capital contribution from a Shareholder being
admitted, a portion of any investment to the extent necessary for the Parallel Fund and the SCA to each own the portion
of each investment as contemplated by this article 27(b) that it would own if all investments had been made as of the date
of such transfer. In connection with this article 27(b), the General Partner may take any other necessary or advisable
action to consummate the foregoing.

Chapter VI. Financial year, distribution of profits

29. Financial year
(a) The SCA's financial year begins on the first day of January and ends on the last day of December of the same year.
(b) The first financial year of the SCA shall begin upon the date hereof and shall end on December 31, 2014.

30. Auditors. The accounting data related in the annual report of the SCA shall be examined by an independent auditor

(réviseur d'entreprises agréé) appointed by the General Partner and remunerated by the SCA, who shall fulfil all duties
prescribed by the 2007 Law.

31. Distributions.
31.1. Distributions
(a) The approval of the annual results and allocation of any Distributions shall be determined by the annual General

Meeting upon the discretionary proposal of the General Partner in accordance with these Articles and the Term Sheet
and subject in all the cases to the 1915 Law and the 2007 Law. Such allocation may include the creation or maintenance
of reserve funds and provisions, and determination of the balance to be carried forward.

(b) Distributions, if any, will always be made in accordance with the paragraph 23 (Timing of Distributions) as annual

or interim distributions, as applicable, and paragraph 24 (Return of Distributions) of the Term Sheet.

(c) In no event will a Distribution be paid if, as a result thereof, the net assets of the SCA would fall below one million

two hundred fifty thousand Euro (EUR 1,250,000).

31.2. Distributions Policy
(a) Any distribution by the SCA pursuant to these Articles or the Term Sheet to the Person shown on the SCA's

records as a Shareholder or to such Person's legal representatives, or to the transferee of such Person's right to receive
such distributions as provided herein, shall acquit the SCA and the General Partner of all liability to any other Person
that may be interested in such distribution by reason of any Transfer of such Person's Shares for any reason (including a
Transfer of such interest by reason of the death, incompetency, bankruptcy or liquidation of such Person).

(b) Notwithstanding anything to the contrary contained in the Governing Documents, neither the SCA nor the General

Partner on behalf of the SCA shall be required to make a distribution to any Shareholder on account of its Shares to the
extent such distribution would violate applicable law.

31.3. Distributions in Kind
(a) If any security is to be distributed in kind to the Shareholders, (i) such security first shall be written up or down to

its value (as determined pursuant to the Term Sheet, article 11 and this article 30.3(a)) as of the date of such distribution
and (ii) upon the distribution of such security to the Shareholders, it shall be deemed to have been sold at the value
determined pursuant to clause (i) and the proceeds of such sale distributed pursuant to paragraph 23 (Timing of Distri-
butions) of the Term Sheet.

(b) In connection with any distribution of Portfolio Company or other securities in kind, the General Partner may, in

its sole discretion, offer to each Shareholder the right to receive, at such Person's election, all or any portion of such
distribution in the form of the net proceeds actually received by the SCA, on behalf of such Shareholder, from disposing
of the securities that otherwise would have been distributed to such Shareholder in kind; provided that in the event the
SCA disposes of securities on behalf of a Shareholder, neither the SCA nor the General Partner shall, notwithstanding
any provision contained in the Governing Documents to the contrary and to the maximum extent not prohibited by
applicable law, have any liability whatsoever to such Shareholder or the SCA with respect to such disposition (including
with respect to the timing of such disposition) other than for wilful misconduct; and provided further that the distribution
to any or all of the Shareholders of the net proceeds of an Investment that otherwise could have been distributed to such
Shareholders in kind, whether at the election of such Shareholders or otherwise, shall not affect the right of the General
Partner or any other Shareholder to receive its portion of such distribution in kind. Notwithstanding any provision
contained in the Governing Documents to the contrary, any (i) expenses (including commissions and underwriting costs)

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of such disposition and (ii) gain or loss recognised upon the disposition of such securities (including any increase or
decrease in the value of such securities from the value of such securities (as determined in accordance with the Term
Sheet, article 11 and article 30.3(a)) had no election to receive proceeds of a disposition of such securities been made
and such securities been distributed to all Shareholders in accordance with paragraph 22 (Distributions in Kind) of the
Term Sheet) shall be treated as gain or loss only of those Shareholders receiving proceeds instead of securities in kind.

(c) Except as set forth in article 30.3(b), to the extent feasible, each distribution of securities by the SCA (other than

pursuant to article 10.2) shall be apportioned among the Shareholders in proportion to their respective shareholders
with respect to such securities, except to the extent a disproportionate distribution of such securities is necessary to
avoid distributing fractional shares.

(d) The General Partner shall provide at least five (5) Business Days' prior written notice to the Shareholders of any

proposed distribution of securities, which notice shall contain the proposed distribution date, a description of the secu-
rities proposed to be distributed (including any voting rights), the quantity of securities proposed to be distributed and
the equity capitalisation of the company whose securities are proposed to be distributed; provided that the General
Partner shall not be required to provide the identity of the Person whose securities are proposed to be distributed in
such notice if such disclosure is prohibited or if the General Partner determines that such disclosure might diminish the
value of or otherwise jeopardise the SCA's investment in such Person.

(e) Upon receipt from a Shareholder of an Opinion of Shareholder's Counsel at least two (2) Business Days' prior to

the proposed distribution date to the effect that a distribution of particular securities to such Shareholder would result
in such Shareholder owning securities of such Person in excess of the amount permitted under the BHCA or would
otherwise cause such Shareholder to be in violation of an applicable material law, then the SCA, at the General Partner's
election, shall either (i) dispose of such securities and distribute the net proceeds to such Shareholder in accordance with
the provisions of article 30.3(b) or (ii) only distribute to such Shareholder such securities to the extent such Shareholder
certifies that they are or the General Partner reasonably determines that they are permitted to be held by such Share-
holder and its affiliates under the BHCA or such other applicable material law ("Permitted Securities"). The "Excess
Securities" (i.e., the additional amount the SCA would have distributed to such Shareholder but for clause (ii) of the
preceding sentence) shall, at the General Partner's election, either be retained by the SCA in a segregated account or
placed into an escrow or other account under the direction and control of the SCA at such Shareholder's expense. All
future cash proceeds (including cash dividends) with respect to any Excess Securities shall be distributed to such Share-
holder when and as received by the SCA net of any out of pocket expenses incurred by the SCA in connection with such
securities (including commissions, underwriter discounts, escrow fees, costs and expenses, etc.).

(f) In the event a Shareholder or any of its affiliates disposes of any Permitted Securities previously received from the

SCA, upon request from such Shareholder, the SCA shall distribute to such Shareholder (from the segregated or escrow
account) securities that previously constituted Excess Securities but which have become Permitted Securities. Similarly,
in the event the General Partner or the relevant Shareholder learns of (i) a change in the capitalisation of a company with
respect to which the SCA holds Excess Securities or (ii) a change in the BHCA or other material applicable law or
regulation that permits such Shareholder to own additional Permitted Securities, it shall deliver notice to the other of
them, and upon such Shareholder's or the General Partner's request, the SCA shall distribute to such Shareholder those
securities which previously constituted Excess Securities but which have become Permitted Securities.

(g) Each Shareholder covenants and agrees that without the prior written consent of the General Partner, it shall not

use any information it obtains with respect to a distribution or proposed distribution by the SCA of securities in kind to
effect, at any time prior to the actual date and time of such distribution, purchases or sales of or other transactions
involving, or contracts for the purchase or sale of or other transactions involving, securities of the same class or series
as those distributed, securities convertible into or exchangeable for such securities, or derivatives of any of the foregoing
securities; provided that nothing in this article 30.3(g) shall restrict a Shareholder's investment activities with respect to
information described in this article 30.3(g) obtained from a source other than the General Partner or its affiliates. As a
condition to, and in connection with, a Shareholder receiving a distribution in kind of securities, the General Partner may
require such Shareholder to make any representations, warranties and covenants that the General Partner deems ne-
cessary, advisable or appropriate. Each Shareholder further covenants and agrees that it shall be responsible for
determining the regulations and restrictions applicable to it in connection with its direct ownership of any securities or
other investments distributed to it.

(h) The SCA shall retain, directly or indirectly, sole dominion and control over all securities referred to in this article

30.3(h) (including any securities sold in accordance with article 30.3(b) and any Excess Securities) until such time as such
securities are sold or distributed by or at the direction of the SCA, with sole discretion over voting and disposition,
including determining when to sell such securities. For all purposes of the Governing Documents (including calculations
of distributions, but not including allocations of taxable income) other than this article 30.3(h), any Shareholder electing
to receive proceeds pursuant to article 30.3(b) or otherwise pursuant to this article 30.3(h)and therefore not receiving
a distribution of securities in kind contemporaneously with the other Shareholders nonetheless shall be treated as if such
Shareholder had received a distribution of such securities in kind in accordance with article 30.3(a) contemporaneously
with the other Shareholders.

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Chapter VII. Dissolution, Liquidation

32. Causes of dissolution.
32.1. Legal incapacity or inability to act of the General Partner
The SCA shall be dissolved in the case of the General Partner's dissolution, removal, resignation, insolvency or ban-

kruptcy or for any other reason provided under applicable law where it is impossible for the General Partner to act. The
above shall not apply in the event that the General Partner is replaced by another general partner in accordance with
these Articles and the Term Sheet.

32.2. Voluntary dissolution
(a) At the proposal of the General Partner and unless otherwise provided by applicable Luxembourg laws and regu-

lations and the Articles, the SCA may be dissolved prior to the end of its term, if any, by the Shareholders by way of a
Special Resolution subject to the approval of the General Partner.

(b) In particular, the General Partner shall submit to the General Meeting the dissolution of the SCA when all invest-

ments of the SCA have been disposed of or liquidated.

32.3. Legal Grounds of Dissolution
The SCA shall be dissolved in the following cases:
(a) After a period of 12 (twelve) months following the authorisation of the SCA by the CSSF, if the share capital of the

SCA has not reached one million two hundred and fifty thousand Euro (EUR 1,250,000);

(b) In the event of cessation by the depositary of the SCA of its duties, if it has not been replaced within two (2) months

by a suitably qualified entity;

before the end of the term of the SCA in this case the following shall apply:

(i) whenever the share capital falls below the two thirds of the minimum capital indicated in article 7(b) hereof, the

question of the dissolution of the SCA shall be referred to the General Meeting by the General Partner. The General
Meeting shall decide in accordance with the conditions provided in article 39(2) of the 2007 Law;

(ii) the question of dissolution of the SCA shall further be referred to the General Meeting whenever the share capital

falls below one fourth of the minimum capital set by article 7(b) hereof; in such event, the General Meeting shall decide
in accordance with the conditions provided in article 39(3) of the 2007 Law; and

(iii) the meeting should be convened so that it is held within a period of forty (40) days from the discovery that the

net assets of the SCA have fallen below two thirds (2/3) or one fourth (1/4) of the legal minimum, as the case may be.

33. Liquidation.
(a) Upon the liquidation of the SCA, the assets of the SCA will be liquidated in an orderly manner and the proceeds

from the liquidation of investments will be distributed to the Shareholders in proportion to their holding of Shares.

(b) In the event of dissolution, the liquidation shall be carried out by one or more liquidators which can be the General

Partner, appointed by the General Meeting, voting by way of Special Resolution pursuant to the 2007 Law and the Articles,
and subject to the prior approval of the CSSF. Amounts which have not been claimed by Shareholders at the close of the
liquidation will be deposited in escrow with the Caisse de Consignations in Luxembourg. Should such amounts not be
claimed within the prescription period, then they may be forfeited.

and the provisions of the 1915 Law and the 2007 law.

Chapter VIII. Us matters

34. Tax allocations.
(a) All income, gains, losses and deductions of the SCA shall be allocated, for U.S. federal, state and local income tax

purposes, among the Shareholders in accordance with the allocation of such income, gains, losses and deductions among
the Shareholders, except that if any such allocation for tax purposes is not permitted by the Code or other applicable
law, the SCA's subsequent income, gains, losses and deductions shall be allocated among the Shareholders for tax purposes
so as to reflect as nearly as possible the allocation set forth herein. For the avoidance of doubt, items of expense or
deduction in respect of Performance Fee shall be allocated pursuant to paragraph 15a (Drawdowns) of the Term Sheet.

(b) If any Shareholder is treated for income tax purposes as realising ordinary income because of receipt of its Shares

(whether under Code §83 or any similar provisions of any law, rule or regulation or any other applicable law, rule,
regulation or doctrine) and the SCA is entitled to any offsetting deduction, the SCA's deduction shall be allocated among
the Shareholders in such manner as to, as nearly as possible, offset such ordinary income realised by such Shareholder.

adjustment, allocation or distribution described in U.S. Department of Treasury Reg. §1.704 1(b)(2)(ii)(d)(4), (5) or (6)
that gives rise to a negative fair market value (or that would give rise to a negative fair market value when added to
expected adjustments, allocations or distributions of the same type) that exceeds the amount such Shareholder is required
to restore, such Shareholder shall be allocated items of income and gain in an amount and manner sufficient to eliminate
such deficit balance as quickly as possible; provided that the SCA's subsequent income, gains, losses and deductions shall

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be allocated among the Shareholders so as to achieve as nearly as possible the results that would have been achieved if
this article 33(c) had not been in these Articles, except that no such allocation shall be made that would violate the
provisions or purposes of U.S. Department of Treasury Reg. §1.704 1(b).

35. Tax matters partner. The General Partner is designated the "Tax Matters Partner" (as defined in Code §6231).

36. Code §83 safe harbor election.
(a) Each Shareholder authorises and directs the SCA to elect to have the "Safe Harbor" described in the proposed

Revenue Procedure set forth in Internal Revenue Service Notice 2005 43 (the "IRS Notice") apply to any Shares trans-
ferred to a service provider by the SCA on or after the effective date of such Revenue Procedure in connection with
services provided to the SCA. For purposes of making such Safe Harbor election, the General Partner is hereby designated
as the "partner who has responsibility for federal income tax reporting" by the SCA and, accordingly, execution of such
Safe Harbor election by the General Partner constitutes execution of a "Safe Harbor Election" in accordance with Section
3.03(1) of the IRS Notice. The SCA and each Shareholder hereby agree to comply with all requirements of the Safe
Harbor described in the IRS Notice, including the requirement that each Shareholder shall prepare and file any U.S. federal
income tax returns that such Shareholder is required to file reporting the income tax effects of each "Safe Harbor SCA
Interest" issued by the SCA in a manner consistent with the requirements of the IRS Notice. A Shareholder's obligations
to comply with the requirements of this article 35 shall survive such Shareholder's ceasing to be a Shareholder of the
SCA and/or the dissolution, liquidation, winding-up and termination, and, for purposes of this article 35, to the maximum
extent not prohibited by applicable law, the SCA shall be treated as continuing in existence.

(b) Each Shareholder authorises the General Partner to amend this article 36 in accordance with article 37 to the

extent necessary to achieve substantially the same tax treatment with respect to any Shares transferred to a service
provider by the SCA in connection with services provided to the SCA as set forth in Section 4 of the IRS Notice (e.g.,
to reflect changes from the rules set forth in the IRS Notice in subsequent Internal Revenue Service guidance); provided
that such amendment is not materially adverse to such Shareholder (as compared with the after tax consequences that
would result if the provisions of the IRS Notice applied to all interests in the SCA transferred to a service provider by
the SCA in connection with services provided to the SCA).

Chapter IX. Final provisions

37. Amendments of these articles of association.
(a) The Articles may be amended, waived or otherwise modified only by the written consent of the General Partner

(subject to article 14.2) and the prior approval of the CSSF and, except as otherwise provided below, by the General
Meeting voting by way of Special Resolution:

(i) no amendment will be valid as to any Shareholder that alters or modifies paragraph 36 [Limited Liability of Share-

holders) of the Term Sheet (to the extent that such amendment adversely affects the limited liability of such Shareholder),
this article 36(a)(i), or that decreases such Shareholder's Commitment, other than on a pro rata basis according to
Commitments with all other Shareholders, or increases such Shareholder's Commitment, without the written consent
of such Shareholder; and

(ii) no amendment that would alter the definitions of "BHCA", "BHCA Interest," "BHCA Shareholder" or that would

alter the provisions of this article 36(a)(iv), or would alter the provisions of article 6(a) or article 30.3(b) and would
materially and adversely affect any BHCA Shareholder's interest in a manner that does not similarly materially and ad-
versely affect the other Shareholders generally, shall be valid without the consent of BHCA Shareholders representing a
majority of the Commitments held by BHCA Shareholders.

(b) The renunciation of the SIF status requires the unanimous approval of all the Shareholders and the prior approval

of the CSSF.

in this article 36 and the Term Sheet via email and/or another electronic reporting medium in lieu of providing the
Shareholders with paper copies of such amendment; provided that the General Partner may agree in writing (which
agreement shall not be a side letter or similar agreement for purposes of the Term Sheet) in its sole discretion and at
the request of any Shareholder to limit the applicability of any portion of this sentence to such Shareholder.

(d) Upon obtaining such required approvals or consents, if any, of the Shareholders or Shareholders and Parallel Fund

Shareholders, voting as a single group, holding the requisite percentage of Shares, Commitments or aggregate Commit-
ments, as applicable, and without any further action or execution by any other Person, including any Shareholder or
Parallel Fund Shareholder, the General Partner, to the extent applicable, (x) may implement and reflect any amendment
to, restatement of, waiver of or other modification to the Governing Documents in a writing executed solely by the
General Partner, including by restating the Governing Documents to incorporate any such amendments, restatements,
waivers or other modifications into a single, integrated document, and (y) shall be authorised and empowered by each
Shareholder, with full power of substitution, to execute, acknowledge, make, swear to, verify, deliver, record, file and/or
publish all instruments and documents that may be necessary, advisable or desirable to effectuate any amendment to,
restatement of, waiver of or other modification to the Governing Documents. Each Shareholder and any other party to

123503

U X E M B O U R G

the Governing Documents shall be deemed a party to and bound by any such writing executed or action taken by the
General Partner reflecting such amendment, restatement, waiver or other modification of the Governing Documents.

38. Applicable law. All matters not governed by these Articles shall be determined in accordance with the 1915 Law,

the 2007 Law and the Term Sheet.

Transitory provisions

The first accounting year shall begin on the date of the formation of the SCA and shall terminate on 31 December

2014.

The first annual General Meeting shall be held on 2 June 2015 in accordance with article 19 of the Articles.

Subscription

The share capital has been subscribed as follows:

Subscriber

Share class

Subscribed

amount

Number of

subscribed

UBS Infrastructure Debt GP, S.à r.l. . . . . . . . . . . . . . . . . . . . . . . . . . Management Share

100 Euro

Tommaso Albanese . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Ordinary Shares 30,900 Euro

309

The SCA has been incorporated with a share capital amounting to thirty one thousand Euro (EUR 31,000) represented

by one (1) management share with a nominal value of one hundred Euro (EUR 100) and three hundred and nine (309)
ordinary Shares with a nominal value of one hundred Euro (EUR 100), all subscribed and fully paid-up.

Expenses

The appearing parties declare that the expenses, costs and fees or charges which fall to be paid by the SCA as a result

of the present deed amount approximately to one thousand six hundred Euros (EUR 1,600.-)

General meeting of the shareholders

Immediately after the incorporation of the SCA, the above-named persons, representing the entire subscribed capital

and considering themselves as duly convened, have immediately proceeded to an extraordinary general meeting of the
Shareholders of the SCA. Having first verified that it was regularly constituted, the meeting adopted the following reso-
lutions:

Resolutions

The incorporating shareholders representing the entire share capital of the SCA and considering themselves as duly

convened has thereupon passed the following resolutions:

1. The registered office of the SCA shall be at 5, rue Guillaume Kroll, L-1882 Luxembourg, Grand-Duchy of Luxem-

bourg.

2. The independent auditor of the SCA shall be Ernst&Young having its registered office at 7, rue Gabriel Lippmann,

Parc d'Activité Syrdall 2, L-5365 Munsbach, Grand Duchy of Luxembourg.

Declaration,

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

the present deed is worded in English.

Whereof the present deed is drawn up in Luxembourg on the day named at the beginning of this document.

The document having been read to the appearing party, the appearing party signed together with the notary the present

deed.

Signé: C. CONSTANTINESCU, DELOSCH.

Enregistré à Diekirch, le 09 juillet 2014. Relation: DIE/2014/8801. Reçu soixante-quinze (75.-) euros

Le Receveur (signé) pd: RECKEN.

Pour expédition conforme, délivrée aux fins de la publication au Mémorial C.

Diekirch, le 18 juillet 2014.

Référence de publication: 2014107197/1488.

(140127344) Déposé au registre de commerce et des sociétés de Luxembourg, le 22 juillet 2014.

Editeur:

Service Central de Législation, 43, boulevard F.-D. Roosevelt, L-2450 Luxembourg

Imprimeur: Association momentanée Imprimerie Centrale / Victor Buck

123504

Document Outline

1798 Consumer Equity Long/Short Fund

Alcentra Global Special Situations Luxembourg S.à r.l.

Alpen Ressourcen S.A.

Auchan Luxembourg

Ballymore Projects Sàrl

Casa4Funds S.A.

C&D Investments S.à r.l.

Cofipub S.à r.l.

Covington S.à r.l.

De Grenge Wee S. à r.l.

Douro Lux S.à r.l.

Dunedin Holdings GmbH, Zweigniederlassung Luxemburg

Eficar Fund

Energy Investments S.A.

Ensilea S.A

Etex Finance

European Sun Invest S.à r.l.

Famaury

Fortitude Resources

GMP Luxembourg S. à r.l.

La Grange Fleurie S.à r.l.

LODI Spf S.A.

Logistis Luxembourg Feeder S.A.

Longitudes (Luxembourg) S.A.

LUXAIR, Société Luxembourgeoise de Navigation Aérienne S.A.

Luxembourg China S.A.

Marsh Management Services Luxembourg S.A.

MS Promotion S.A.

Narsil S.A.

P2 German Logistics S.à r.l.

Parfon S.A.

RITS Luxembourg s.à r.l.

Romarinvest S.A.

Salon Malou

Samaral S.A.

Sama Trademark Investments B.V.

Sony Digital Reading Platform S.A.R.L.

Step

Step Luxco

Subsea 7 (Luxembourg) Sàrl

Telco Investments Europe S.à r.l.

Tiger Investment S.A.

TMK Bonds SA

Top Wash S.à r.l.

Tower 4 S.àr.l.

Tower 6 Bis S. à r. l.

Trinter S.A.

Ubs Infrastructure Debt Platform

Unifrax Luxembourg I S.à r.l.

Vactec Management S.A.

Valve HoldCo S.à r.l.

VC SolEs Invest S.à.r.l.

Verizon International Investments Luxembourg S.à r.l.

Verizon International Luxembourg S.à r.l.

Vitoria Trade Solutions S.à r.l.

VRWAY Communication S.A.

Xea S.A.

Yacuba S.A.

Z Invest