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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° 2023

10 août 2015

SOMMAIRE

Adriana Development S.à r.l. . . . . . . . . . . . . . .

97090

Almacantar . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

97059

Angelina S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . .

97058

Avere Asset Management S.A. . . . . . . . . . . . . .

97074

AVERE ASSET Mgmt S.A. . . . . . . . . . . . . . . .

97074

Bakerloo (Lux) 2 S.à r.l. . . . . . . . . . . . . . . . . . .

97058

B&B Fund Solutions (Lux) . . . . . . . . . . . . . . . .

97058

Bimer S.à r.l. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

97060

BMVA S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

97058

BRATEX s.à r.l. . . . . . . . . . . . . . . . . . . . . . . . . .

97058

Capital Retail S.à r.l. . . . . . . . . . . . . . . . . . . . . .

97090

Colt Group S.A . . . . . . . . . . . . . . . . . . . . . . . . .

97096

Farrivulet Management S.A. . . . . . . . . . . . . . .

97101

FP Lux Investments S.A. SICAV-SIF . . . . . . .

97065

Fullgoal International Funds SICAV . . . . . . .

97077

IMAXX S.à r.l. . . . . . . . . . . . . . . . . . . . . . . . . . .

97104

JER Europe Fund III Holdings S.à r.l. . . . . . .

97068

JER Manhattan S.à r.l. . . . . . . . . . . . . . . . . . . .

97068

Magery S.à r.l. - SPF . . . . . . . . . . . . . . . . . . . . .

97060

Mala Invest S.A. . . . . . . . . . . . . . . . . . . . . . . . . .

97062

Maraton International S.A. . . . . . . . . . . . . . . .

97061

Mariko S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

97059

Marmara S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . .

97059

Mechten Aktiengesellschaft . . . . . . . . . . . . . . .

97062

Medinvest Holding S.à r.l. . . . . . . . . . . . . . . . .

97061

MNCC International S.à r.l. . . . . . . . . . . . . . . .

97062

Moxon International S.A. . . . . . . . . . . . . . . . . .

97062

Multiadvisor Sicav . . . . . . . . . . . . . . . . . . . . . . .

97060

Multiadvisor Sicav . . . . . . . . . . . . . . . . . . . . . . .

97061

Muzinich European Private Debt . . . . . . . . . .

97060

NBIM Monte S.à r.l. . . . . . . . . . . . . . . . . . . . . .

97063

NBIM Nerva S.à r.l. . . . . . . . . . . . . . . . . . . . . . .

97063

Nive II . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

97061

Opto s.à r.l. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

97063

Patron Generator S.à r.l. . . . . . . . . . . . . . . . . .

97059

Pentair Middle East Holding S.à r.l. . . . . . . . .

97063

P&M Lubri-Tec S.à r.l. . . . . . . . . . . . . . . . . . . .

97059

Renda Finance S.A. . . . . . . . . . . . . . . . . . . . . . .

97103

Sireo Immobilienfonds No. 5 Health Care I S.à

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

97067

Sireo Immobilienfonds No. 5 Health Care IX

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

97067

Sireo Immobilienfonds No. 5 Health Care VIII

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

97067

Sireo Immobilienfonds No. 5 SICAV-FIS . . . .

97067

SWM Holdco 3 . . . . . . . . . . . . . . . . . . . . . . . . . .

97103

Uniloc Luxembourg S.A. . . . . . . . . . . . . . . . . . .

97098

Universal-Investment-1 SICAV-FIS . . . . . . . .

97064

97057

U X E M B O U R G

Angelina S.A., Société Anonyme.

Siège social: L-1466 Luxembourg, 12, rue Jean Engling.

R.C.S. Luxembourg B 177.142.

Les comptes annuels au 31/12/2014 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.
Référence de publication: 2015089376/9.
(150102138) Déposé au registre de commerce et des sociétés de Luxembourg, le 15 juin 2015.

BMVA S.A., Société Anonyme.

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

R.C.S. Luxembourg B 170.448.

Le Bilan au 30.06.2013 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: 2015089408/10.
(150102448) Déposé au registre de commerce et des sociétés de Luxembourg, le 15 juin 2015.

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

Siège social: L-3839 Schifflange, 8, rue de la Gare.

R.C.S. Luxembourg B 169.524.

Signature.

Référence de publication: 2015089411/10.
(150102711) Déposé au registre de commerce et des sociétés de Luxembourg, le 15 juin 2015.

Bakerloo (Lux) 2 S.à r.l., Société à responsabilité limitée.

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

R.C.S. Luxembourg B 183.468.

Le Bilan et l’affectation du résultat au 31 décembre 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 12 juin 2015.

Référence de publication: 2015089392/11.
(150102073) Déposé au registre de commerce et des sociétés de Luxembourg, le 15 juin 2015.

B&B Fund Solutions (Lux), Société d'Investissement à Capital Variable.

Siège social: L-2180 Luxembourg, 5, rue Jean Monnet.

R.C.S. Luxembourg B 182.522.

L'assemblée générale qui s'est tenue le 11 juin 2015 a renouvelé les mandats de Messieurs MM. Guido Bühler, Emil

Stark et Oliver Schütz en tant que membres du conseil d'administration jusqu'à la prochaine assemblée générale qui se
tiendra en 2016.

PricewaterhouseCoopers S.C., a été réélu comme commissaire aux comptes, et ce jusqu'à la fin de la prochaine assemblée

générale ordinaire des actionnaires qui se tiendra en 2016.

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

CREDIT SUISSE FUND SERVICES (LUXEMBOURG) S.A.

Référence de publication: 2015089391/14.
(150102943) Déposé au registre de commerce et des sociétés de Luxembourg, le 15 juin 2015.

97058

U X E M B O U R G

Almacantar, Société Anonyme.

Siège social: L-1610 Luxembourg, 8-10, avenue de la Gare.

R.C.S. Luxembourg B 149.157.

Les comptes annuels au 31 décembre 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.
Référence de publication: 2015089369/9.
(150102638) Déposé au registre de commerce et des sociétés de Luxembourg, le 15 juin 2015.

P&M Lubri-Tec S.à r.l., Société à responsabilité limitée.

Siège social: L-9964 Huldange, 59, Duarrefstrooss.

R.C.S. Luxembourg B 176.186.

Les comptes annuels au 31.12.2014 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.

Signature.

Référence de publication: 2015089799/10.
(150102192) Déposé au registre de commerce et des sociétés de Luxembourg, le 15 juin 2015.

Patron Generator S.à r.l., Société à responsabilité limitée.

Siège social: L-2310 Luxembourg, 6, avenue Pasteur.

R.C.S. Luxembourg B 123.327.

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

Luxembourg, le 15 juin 2015.

Référence de publication: 2015089806/10.
(150102356) Déposé au registre de commerce et des sociétés de Luxembourg, le 15 juin 2015.

Marmara S.A., Société Anonyme.

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

R.C.S. Luxembourg B 79.143.

EXTRAIT

Il résulte de la décision de l'Administrateur Unique qu'en date du 20 février 2015, le siège social de la société a été

transféré de son ancienne adresse au 26-28 Rives de Clausen à L-2165 Luxembourg.

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

Luxembourg, le 15 juin 2015.

Référence de publication: 2015092362/12.
(150103054) Déposé au registre de commerce et des sociétés de Luxembourg, le 16 juin 2015.

Mariko S.A., Société Anonyme.

Siège social: L-3260 Bettembourg, 182, route de Mondorf.

R.C.S. Luxembourg B 101.091.

La société Fiduciaire Cabexco S.à r.l., avec siège social à L-8399 Windhof, 2, route d'Arlon, inscrite au Registre de

Commerce et des Sociétés de Luxembourg sous le numéro B 139.890 démissionne de son mandat de commissaire aux
comptes de la société MARIKO S.A., ayant son siège social à L-3260 Bettembourg, 182, route de Mondorf, immatriculée
au Registre de Commerce et des Sociétés de Luxembourg sous le numéro B 101.091.

Windhof, le 12 juin 2015.

Fiduciaire Cabexco S.à r.l.

Référence de publication: 2015092360/13.
(150103386) Déposé au registre de commerce et des sociétés de Luxembourg, le 16 juin 2015.

97059

U X E M B O U R G

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

Siège social: L-1940 Luxembourg, 370, route de Longwy.

R.C.S. Luxembourg B 157.636.

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: 2015092354/9.
(150103736) Déposé au registre de commerce et des sociétés de Luxembourg, le 16 juin 2015.

Multiadvisor Sicav, Société d'Investissement à Capital Variable.

Siège social: L-1445 Strassen, 4, rue Thomas Edison.

R.C.S. Luxembourg B 58.249.

Der Jahresabschluss vom 31. Dezember 2014 wurde beim Handels- und Gesellschaftsregister von Luxemburg hinterlegt.
Zwecks Veröffentlichung im Mémorial, Recueil des Sociétés et Associations.

Für Multiadvisor Sicav
DZ PRIVATBANK S.A.

Référence de publication: 2015092349/11.
(150103651) Déposé au registre de commerce et des sociétés de Luxembourg, le 16 juin 2015.

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

R.C.S. Luxembourg B 124.507.

CLÔTURE DE LIQUIDATION

Par jugement rendu en date du 14/07/2015, le Tribunal d'arrondissement de et à Luxembourg, siégeant en matière

commerciale, a déclaré closes pour absence d'actif les opérations de la liquidation de la société suivante:

- BlMER SARL, dont le siège social à L-1653 Luxembourg, 2-8, avenue Charles de Gaulle, a été dénoncé en date du 1

mars 2011

Pour extrait conforme
Maître Radocchia
Le liquidateur

Référence de publication: 2015132660/14.
(150143215) Déposé au registre de commerce et des sociétés de Luxembourg, le 4 août 2015.

Muzinich European Private Debt, Société à responsabilité limitée.

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

R.C.S. Luxembourg B 176.278.

EXTRAIT

Il résulte de la résolution de l'actionnaire unique de la Société en date du 12 juin 2015 que Monsieur John Alldis résidant

professionnellement au 145, rue du Kiem, L-8030 Strassen, Luxembourg, a été nommé en tant que gérant de la Société
avec effet au 12 juin 2015 pour une durée se terminant à l'assemblée générale annuelle qui se tiendra en 2016 et que Madame
Aiga Romanovsky a démissionné de ses fonctions de gérant avec effet au 11 juin 2015.

Le conseil de gérance est composé dès lors comme suit:
- M. Eric Green,
- M. Justin Egan,
- M. Michael Ludwig, et
- M. John Alldis.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

Luxembourg, le 16 juin 2015.

Pour la Société

Référence de publication: 2015092352/20.
(150103833) Déposé au registre de commerce et des sociétés de Luxembourg, le 16 juin 2015.

97060

U X E M B O U R G

Maraton International S.A., Société Anonyme.

Siège social: L-1116 Luxembourg, 6, rue Adolphe.

R.C.S. Luxembourg B 104.318.

Les comptes annuels au 31 décembre 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.
Référence de publication: 2015092359/9.
(150103032) Déposé au registre de commerce et des sociétés de Luxembourg, le 16 juin 2015.

Medinvest Holding S.à r.l., Société à responsabilité limitée.

Siège social: L-2121 Luxembourg, 231, Val des Bons-Malades.

R.C.S. Luxembourg B 142.932.

Les comptes consolidés au 31.12.2011 ont été déposés au registre de commerce et des sociétés de Luxembourg.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

Luxembourg, le 02.06.2015.

SG AUDIT SARL

Référence de publication: 2015092368/11.
(150102997) Déposé au registre de commerce et des sociétés de Luxembourg, le 16 juin 2015.

Nive II, Société à responsabilité limitée unipersonnelle.

Capital social: EUR 69.650,00.

Siège social: L-1118 Luxembourg, 23, rue Aldringen.

R.C.S. Luxembourg B 149.474.

Extrait des résolutions de l'associé unique en date du 8 juin 2015

L'associé unique de la Société a décidé comme suit:
- d'accepter la démission de Csaba Horvath de ses fonctions de gérant de la Société avec effet au 15 juin 2015.

Luxembourg, le 16 juin 2015.

Référence de publication: 2015092394/12.
(150103548) Déposé au registre de commerce et des sociétés de Luxembourg, le 16 juin 2015.

Multiadvisor Sicav, Société d'Investissement à Capital Variable.

Siège social: L-1445 Strassen, 4, rue Thomas Edison.

R.C.S. Luxembourg B 58.249.

Auszug aus dem Protokoll Ordentliche Generalversammlung der Multiadvisor Sicav

Die Ordentliche Generalversammlung der Multiadvisor Sicav vom 19. Mai 2015 hat folgende Beschlüsse gefasst:
Zur Wiederwahl des Verwaltungsrates stellen sich
- Herr Bernhard Singer (Vorsitzender)
- Herr Loris Di Vora (Mitglied)
- Herr Michael Marx (Mitglied)
Alle Herren mit Berufsadresse: 4, rue Thomas Edison, L-1445 Strassen.
Die genannten Herren werden einstimmig von den Aktionären, bis zur nächsten Ordentlichen Generalversammlung im

Jahr 2016, als Verwaltungsrat gewählt.

Die Aktionäre beschließen einstimmig, bis zur nächsten Ordentlichen Generalversammlung im Jahr 2016, Pricewate-

rhouseCoopers Société coopérative, 2, rue Gerhard Mercator, L-2182 Luxembourg als Wirtschaftsprüfer wieder zu wählen.

Zwecks Veröffentlichung im Mémorial, Recueil des Sociétés et Associations.

Luxembourg, den 19. Mai 2015.

Für Multiadvisor Sicav
DZ PRIVATBANK S.A.

Référence de publication: 2015092350/22.
(150103652) Déposé au registre de commerce et des sociétés de Luxembourg, le 16 juin 2015.

97061

U X E M B O U R G

Mala Invest S.A., Société Anonyme.

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

R.C.S. Luxembourg B 103.158.

Les comptes annuels au 31/12/2014 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.
Référence de publication: 2015092355/9.
(150103016) Déposé au registre de commerce et des sociétés de Luxembourg, le 16 juin 2015.

Moxon International S.A., Société Anonyme.

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

R.C.S. Luxembourg B 70.630.

Pour MOXON INTERNATIONAL S.A.
Signatures

Référence de publication: 2015092383/11.
(150103608) Déposé au registre de commerce et des sociétés de Luxembourg, le 16 juin 2015.

MNCC International S.à r.l., Société à responsabilité limitée.

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

R.C.S. Luxembourg B 72.777.

Il résulte que les adresses des gérants de la Société sont changées:
(i) l'adresse professionnelle de Monsieur Peter Diehl, gérant de la Société, est transférée du 28, avenue Charles de Gaulle

L-1653 Luxembourg au 20, rue de la Poste, L-2346 Luxembourg, avec effet au 1

avril 2015.

(ii) l'adresse professionnelle de Monsieur Damien Nussbaum, gérant de la Société, est transférée du 2-8, avenue Charles

de Gaulle L-1653 Luxembourg au 20, rue de la Poste, L-2346 Luxembourg, avec effet au 1

avril 2015

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

Luxembourg, le 15 juin 2015.

MNCC International S.à r.l.

Référence de publication: 2015092373/15.
(150103134) Déposé au registre de commerce et des sociétés de Luxembourg, le 16 juin 2015.

Mechten Aktiengesellschaft, Société Anonyme.

Siège social: L-1260 Luxembourg, 5, rue de Bonnevoie.

R.C.S. Luxembourg B 23.609.

Extrait des résolutions prises lors de l'Assemblée Générale Extraordinaire des Actionnaires le 15 juin 2015:

1) L'Assemblée décide de transférer le siège social de la Société au 5, rue de Bonnevoie, L-1260 Luxembourg, avec

effet immédiat.

2) L'Assemblée décide d'accepter la démission de la société Audit Trust S.A. (RCS Luxembourg B 63.115), ayant son

siège social au 42, rue de la Vallée, L-2661 Luxembourg, de son mandat de Commissaire aux comptes de la Société.

3) L'Assemblée décide de nommer, au poste de Commissaire aux comptes, avec effet immédiat, pour une période

débutant ce jour et venant à expiration à l'issue de l'Assemblée Générale Ordinaire Annuelle des Actionnaires de la Société
devant se tenir en 2021:

- La société Revisora S.A. (RCS Luxembourg B 145.505), ayant son siège social au 60, avenue de la Liberté, L-1930

Luxembourg.

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

MECHTEN AKTIENGESELLCHAFT

Référence de publication: 2015092366/19.
(150103296) Déposé au registre de commerce et des sociétés de Luxembourg, le 16 juin 2015.

97062

U X E M B O U R G

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

Siège social: L-5627 Mondorf-les-Bains, 5, avenue Lou Hemmer.

R.C.S. Luxembourg B 145.408.

Les comptes annuels au 31 décembre 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.
Référence de publication: 2015088306/9.
(150100842) Déposé au registre de commerce et des sociétés de Luxembourg, le 11 juin 2015.

NBIM Monte S.à r.l., Société à responsabilité limitée.

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

R.C.S. Luxembourg B 178.418.

Les comptes consolidés au 31 décembre 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.

Per Arne Eriksen
Manager

Référence de publication: 2015088256/11.
(150100365) Déposé au registre de commerce et des sociétés de Luxembourg, le 11 juin 2015.

NBIM Nerva S.à r.l., Société à responsabilité limitée.

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

R.C.S. Luxembourg B 172.917.

Per Arne Eriksen
Manager

Référence de publication: 2015088257/11.
(150100364) Déposé au registre de commerce et des sociétés de Luxembourg, le 11 juin 2015.

Pentair Middle East Holding S.à r.l., Société à responsabilité limitée.

Capital social: USD 110.000,00.

Siège social: L-2449 Luxembourg, 26, boulevard Royal.

R.C.S. Luxembourg B 159.740.

Il résulte du procès-verbal de l’assemblée générale annuelle de l’associé unique de la Société en date du 20 mai 2015

que Monsieur Michael Gerald MEYER a démissionné de sa position de gérant A de la Société avec effet au 20 mai 2015.

Il est décidé de nommer en remplacement de Monsieur Michael Gerald MEYER, Madame Julie FLAHERTY, née le 7

septembre 1966 à St-Paul, Minnesota, Etat-Unis d’Amérique et résidant professionnellement au 6425, Ranier Lane North,
MN-55311 Maple Grove, Etat-Unis d’Amérique comme gérante A de la Société avec effet au 20 mai 2015 pour une durée
indéterminée.

Par conséquent, le conseil de gérance de la Société est maintenant composé comme suit:
- Benjamin PERIC, comme gérant A de la Société;
- Mark Charles BORIN, comme gérant A de la Société;
- Julie FLAHERTY, comme gérante A de la Société;
- Marjorie ALLO, comme gérante B de la Société; et
- Christophe MAILLARD, comme gérant B de la Société.

Le 11 juin 2015 / Le 3 février 2014.

Pour extrait conforme
Un mandataire

Référence de publication: 2015088330/23.
(150100750) Déposé au registre de commerce et des sociétés de Luxembourg, le 11 juin 2015.

97063

U X E M B O U R G

Universal-Investment-1 SICAV-FIS, Société Anonyme sous la forme d'une SICAV - Fonds d'Investissement Spé-

cialisé.

Siège social: L-5365 Münsbach, 18-20, rue Gabriel Lippmann.

R.C.S. Luxembourg B 146.032.

CLÔTURE DE LIQUIDATION

Im Jahre zweitausendfünfzehn, am neunundzwanzigsten Mai
vor dem unterzeichnenden Notar Jean-Paul MEYERS, mit dem Amtssitz in Rambrouch, Großherzogtum Luxemburg,

IST ERSCHIENEN:

Die Kapitalgesellschaft Universal-Investment-Gesellschaft mbH, welche ihren Gesellschaftssitz in Theodor-Heuss-Al-

lee 70, D-60486 Frankfurt am Main, Deutschland hat und im Register des Amtsgericht Frankfurt am Main eingetragen ist
unter der Nummer HRB 9937 hier vertreten durch:

Herrn Peter Sasse und Frau Anja Steilen, beruflich ansässig: 15, rue de Flaxweiler, L-6776 Grevenmacher gemäß

beigefügter Vollmacht der Universal-Investment-Gesellschaft mbH vom 26. Mai 2015.

Vorbenannte Vollmachten, nach „ne varietur“ Unterzeichnung durch den Komparenten und den amtierenden Notar,

bleiben gegenwärtiger Urkunde beigebogen, und mit derselben registriert zu werden.

Welche Komparentin, vertreten wie hiervor erwähnt, den amtierenden Notar ersucht, folgendes zu beurkunden:
Die Komparentin, wie vertreten ist die alleinige Aktionärin der Investmentgesellschaft mit variablem Kapital - Spezia-

lisierter Investmentfonds („société d'investissement à capital variable - Fonds d’investissement spécialisé“) „Universal-
Investment-1 SICAV-FIS“ (die „Gesellschaft“) mit Sitz in 18-20, rue Gabriel Lippmann, L-5365 Munsbach, eingetragen
im Handelsregister von und zu Luxemburg unter der Nummer B 146.032 (die „Gesellschaft“).

Die Gesellschaft wurde gemäß notarieller Urkunde am 30. April 2009 gegründet. Die Satzung wurde im Mémorial C,

Recueil des Sociétés et Associations (das „Mémorial“) am 18. Mai 2009 veröffentlicht. Die Satzung wurde seither nicht
abgeändert.

Die Komparentin ersucht den Notar weiterhin folgende Beschlüsse zu beurkunden:

Erster Beschluss

Die Komparentin beschließt, den durch den am 29. Mai 2015 erstellten Bericht des Wirtschaftsprüfers, die Gesellschaft

KPMG Luxembourg, Société coopérative, so in der vorgelegten Fassung voll und ganz anzunehmen.

Die Konten der Gesellschaft sind demzufolge komplett abgeschlossen und gänzlich von der Komparentin als gültig

erkannt worden.

Zweiter Beschluss

Die Komparentin beschließt die Investmentgesellschaft abzuwickeln und dieselbe im Wege des vereinfachten Liqui-

dationsverfahrens zu liquidieren, aufzulösen und selbst als Liquidator zu fungieren.

Die Komparentin, als Liquidator der Universal-Investment-1 SICAV-FIS erklärt, dass die Gesellschaft keine Anges-

tellten hat oder hatte, dass alle Schulden der Gesellschaft bezahlt sind und erklärt, dass sie gegenwärtig alle bekannte oder
unbekannte Vermögenswerte, Schulden, finanzielle und sonstige Verpflichtungen übernimmt. Weiterhin, dass das Ge-
samtvermögen der Gesellschaft, bezüglich der im Gesellschaftsvermögen befindlichen Kunstgegenstände in Form der
Sachauskehr, der alleinigen Anteilsinhaberin übertragen wird, welche für alle, auch eventuell noch nicht bekannte Ver-
bindlichkeiten und Verpflichtungen haftbar ist.

Die Komparentin erklärt weiterhin die Liquidation sofort abzuschließen, unbeschadet der Tatsache, dass sie allenfalls

ihren sozialen Verpflichtungen weiterhin nachkommt.

Die Gesellschaftsunterlagen der Universal-Investment-1 SICAV-FIS werden während fünf Jahren an ihrem bisherigen

Gesellschaftssitz bzw. am Gesellschaftssitz der Verwaltungsgesellschaft Universal-Investment-Luxembourg S.A. ver-
wahrt.

Dritter Beschluss

Die Komparentin beschließt zusätzlich noch allen Verwaltungsratsmitgliedern und dem Wirtschaftsprüfer der Gesell-

schaft Universal-Investment-1 SICAV-FIS volle und gänzliche Entlastung für die Ausübung ihrer bezüglichen Mandate
bis zum heutigen Tage zu erteilen.

Vierter Beschluss

Die Komparentin beschließt, dass sämtliche Bücher, Schriftstücke und Dokumente der Universal-Investment-1 SICAV-

FIS während dem gesetzlichen Zeitraum von fünf (5) Jahren an ihrem ehemaligen Gesellschaftssitz bzw. am Gesell-
schaftssitz der Verwaltungsgesellschaft Universal-Investment-Luxembourg S.A. aufbewahrt werden.

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U X E M B O U R G

Fünfter Beschluss

Die Komparentin stellt hiermit fest, dass die Liquidation der Universal-Investment-1 SICAV-FIS im vereinfachten

Verfahren völlig abgeschlossen ist.

Somit ist die Existenz der Investmentgesellschaft Universal-Investment-1 SICAV-FIS endgültig beendet.

Erklärung

Die Höhe der Kosten, Ausgaben, Honorare, Gebühren und Abgaben in welcher Form auch immer welche durch hiesige

Urkunde anfallen, werden auf etwa eintausend EURO abgeschätzt und werden von der Gesellschaft bezahlt.

Dem Notar gegenüber erklären sämtliche Geschäftsführer und Auftraggeber, einschließlich der Komparentin hiermit

ausdrücklich solidarisch einstehend mit der Gesellschaft für die Bezahlung aller Honorare und Kosten welche durch hiesige
Urkunde entstehen.

Worüber Urkunde, aufgenommen in Grevenmacher, Großherzogtum Luxemburg, am Sitz der Verwaltungsgesellschaft

Universal-Investment-Luxembourg S.A., am Datum wie eingangs erwähnt.

Und nach Vorlesung und Erklärung alles Vorstehenden an die Komparentin, dem bekannt, hat dieselbe, wie vertreten

mit dem Notar gegenwärtige Urkunde unterschrieben.

Signé: Sasse, Steilen, Jean-Paul Meyers.
Enregistré à Esch/Alzette Actes Civils, le 11 juin 2015. Relation: EAC/2015/12946. Reçu soixante-quinze euros (75,00

€).

Le Receveur ff. (signé): Monique Halsdorf.

POUR EXPEDITION CONFORME, délivrée sur papier libre, aux fins d’enregistrement auprès du R.C.S.L. et de la

publication au Mémorial C, Recueil des Sociétés et Associations.

[Signature électronique certifiée comprise dans le document transmis au R.C.S.L.]

Esch-sur-Alzette, le 11 juin 2015.

Jean-Paul MEYERS.

Référence de publication: 2015095706/77.
(150105424) Déposé au registre de commerce et des sociétés de Luxembourg, le 18 juin 2015.

FP Lux Investments S.A. SICAV-SIF, Société Anonyme sous la forme d'une SICAV - Fonds d'Investissement Spé-

cialisé.

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

R.C.S. Luxembourg B 152.292.

Im Jahr zweitausendundfünfzehn, am fünfundzwanzigsten Juni.
Vor uns, Maître Léonie Grethen, Notar, wohnhaft in Luxemburg, Fand eine außerordentliche Generalversammlung der

„FP Lux Investments S.A. SICAV-SIF“ (die „Gesellschaft“) statt, eine Aktiengesellschaft in Form einer Investmentge-
sellschaft mit variablem Kapital - spezialisierter Investmentfonds, mit Gesellschaftssitz in L-2557 Luxemburg, 7A, rue
Robert Stümper, Großherzogtum Luxemburg, eingetragen im Luxemburger Handels- und Gesellschaftsregister unter der
Nummer B 152292, gegründet am 25. März 2010 gemäß Urkunde des Notars Jean-Joseph WAGNER, mit Amtssitz in
Sanem, die im Mémorial C, Recueil des Sociétés et Associations („Mémorial“) vom 17. April 2010, Nummer 795 veröf-
fentlicht wurde. Die Gesellschaftssatzung wurde am 11. August 2014 gemäß Urkunde des amtierenden Notars, veröffent-
licht im Mémorial vom 25. August 2015, unter Nummer 2257.

Die Versammlung wird eröffnet unter dem Vorsitz von Herrn Volker Becker, Conducting Officer, mit beruflicher

Anschrift in Luxemburg, der Frau Monique Drauth, Angestellte, mit beruflicher Anschrift in Luxemburg, zum Schriftführer
bestimmte.

Die Versammlung wählte Frau Janin Söder, Angestellte, mit beruflicher Anschrift in Luxemburg, als Wahlprüfer.
Nach Bildung des Versammlungsbüros gab der Vorsitzende folgende Erklärungen ab und ersuchte den Notar, Folgendes

zu beurkunden:

I. Zweck der Versammlung ist die Niederschrift der Beschlüsse, die auf Grundlage der folgenden Tagesordnung zu

fassen sind:

1) Beschlussfassung über die Änderung von Art. 2. der Satzung im Zusammenhang mit der Verlegung des Sitzes der

Gesellschaft nach Munsbach;

2) Beschlussfassung über die Änderung von Art. 32. der Satzung im Zusammenhang mit der Verlegung des Termins

für die jährliche ordentliche Aktionärsversammlung auf den zweiten Dienstag im Juni.

(II) Die anwesenden oder vertretenen Aktionäre, deren Bevollmächtigte sowie die Anzahl ihrer Aktien sind Gegenstand

einer Anwesenheitsliste; diese Anwesenheitsliste, unterzeichnet durch die anwesenden Aktionäre, die Bevollmächtigten
der vertretenen Aktionäre und die Mitglieder des Versammlungsbüros bleibt vorliegender Urkunde beigefügt, um mit
derselben zur Registrierung eingereicht zu werden.

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U X E M B O U R G

(III) Die vom Versammlungsbüro und dem Notar paraphierten Vollmachten der vertretenen Aktionäre bleiben vorlie-

gender Urkunde beigefügt um mit dieser zur gleichen Zeit zur Registrierung eingereicht zu werden.

(IV) Die vorliegende Versammlung ist durch Einberufungsbenachrichtigung einberufen worden, die am 10. Juni 2015

mittels Brief an alle eingetragenen Aktionäre geschickt wurde.

(V) Von den einhundertvierundneunzigtausend fünfhundertsechsundneunzig Komma fünf sechs zwei (194.596,562)

ausgegebenen A Aktien und einunddreißig tausend ausgegebenen B Aktien der Gesellschaft, ist eine Gesamtzahl von
einhundertneunundsechzigtausend fünfhundertsechsundfünfzig Komma drei vier sieben (169.556,347) A Aktien und alle
B Aktien bei dieser Versammlung vertreten so dass achtundachtzig Komma neunzig Prozent (88,90 %) des ausgegebenen
Stammkapitals bei dieser Versammlung vertreten sind und die Versammlung ordnungsgemäß einberufen und zusammen-
getreten ist und rechtsgültig über alle Tagesordnungspunkte beraten kann.

Daraufhin hat die Generalversammlung im Anschluss an diesbezügliche Beratungen folgende Beschlüsse einstimmig

gefasst:

Erster Beschluss

Die Versammlung hat beschlossen den Sitz der Gesellschaft nach L-5365 Munsbach, 1c, rue Gabriel Lippmann, Ge-

meinde Schuttrange, zu verlegen und demzufolge Artikel 2 der Gesellschaftssatzung wie folgt abzuändern:

„ Art. 2. Geschäftssitz.
(1) Der Geschäftssitz des Fonds ist in der Gemeinde Schuttrange, Großherzogtum Luxemburg.
(2) Durch einfachen Beschluss des Verwaltungsrates kann der Geschäftssitz des Fonds gemäß dem jeweils anwendbaren

Recht innerhalb der Gemeinde Schuttrange verlegt werden. Ferner können Niederlassungen, Tochtergesellschaften und
Repräsentanzen entweder im Großherzogtum oder im Ausland gegründet werden.

(3) Stellt der Verwaltungsrat fest, dass außerordentliche politische, wirtschaftliche, gesellschaftliche oder militärische

Entwicklungen stattgefunden haben oder bevorstehen, welche die normale Geschäftsabwicklung des Fonds am Geschäfts-
sitz oder die reibungslose Kommunikation zwischen diesem Sitz und Personen im Ausland beeinträchtigen, kann durch
einfachen Beschluss des Verwaltungsrats der Geschäftssitz vorübergehend bis zum Ende dieser außerordentlichen Gege-
benheiten ins Ausland verlegt werden. Eine solche vorübergehende Maßnahme wird keinen Einfluss auf die luxemburgi-
sche Nationalität des Fonds haben.“

Zweiter Beschluss

Die Versammlung hat beschlossen den Termin für die jährliche ordentliche Aktionärsversammlung auf den zweiten

Dienstag im Juni zu verlegen und demzufolge Artikel 32 der Gesellschaftssatzung wie folgt abzuändern:

„ Art. 32. Aktionärsversammlungen.
(1) Die Aktionärsversammlung wird vom Verwaltungsrat einberufen. Sie wird auch auf Antrag von Aktionären, die

mindestens ein Zehntel des Aktienkapitals halten, einberufen.

(2) Die ordentliche Aktionärsversammlung findet jährlich am zweiten (2.) Dienstag im Juni um 10.00 Uhr MEZ an

einem in der Einladung zur Aktionärsversammlung anzugebenen Ort statt. Sollte dieser Tag kein Bankarbeitstag sein, ist
die ordentliche Aktionärsversammlung zur gleichen Uhrzeit am nächstfolgenden Bankarbeitstag abzuhalten.

(3) Außerordentliche Aktionärsversammlungen können an den in den jeweiligen Einberufungsmitteilungen genannten

Orten und Zeiten abgehalten werden.

(4) Aktionäre können persönlich an der Aktionärsversammlung teilnehmen oder einen bevollmächtigten Vertreter ent-

senden. Beschlüsse der Aktionäre können nur auf einer Aktionärsversammlung gefasst werden.

(5) Der Verwaltungsrat lädt die Aktionäre unter Mitteilung der Tagesordnung mindestens 8 (acht) Bankarbeitstage vor

der Aktionärsversammlung ein. Die Einladung wird per Brief an die im Aktienregister eingetragenen Adressen der im
Aktienregister eingetragenen Aktionäre versandt oder an andere von den Aktionären angegebene Adressen. Die Aufstellung
der Tagesordnung erfolgt grundsätzlich durch den Verwaltungsrat, es sei denn die Aktionärsversammlung wird durch
schriftlichen Antrag der Aktionäre einberufen. In diesen Fällen kann der Verwaltungsrat eine zusätzliche Tagesordnung
aufstellen.

(6) Die Einladung zur Aktionärsversammlung wird zudem, falls gesetzlich vorgeschrieben, im Mémorial, in einer be-

ziehungsweise in mehreren luxemburgischen Tageszeitungen und in anderen, vom Verwaltungsrat ausgewählten Tages-
zeitungen veröffentlicht.

(7) Die Aktionärsversammlung kann ohne eine förmliche Einladung stattfinden, wenn alle Aktionäre anwesend bezie-

hungsweise ordnungsgemäß vertreten sind und sich als ordnungsgemäß versammelt und über die Tagesordnung informiert
erklären.

(8) Auf einer Aktionärsversammlung dürfen nur die in der Tagesordnung enthaltenen Tagesordnungspunkte (die alle

gesetzlich vorgeschriebenen Angelegenheiten einschließen müssen) und damit zusammenhängende Angelegenheiten be-
handelt werden.

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U X E M B O U R G

(9) Der Verwaltungsrat kann Bedingungen festlegen, die die Aktionäre erfüllen müssen, um zur Aktionärsversammlung

zugelassen zu werden. Weiterhin gelten alle anwendbaren Regeln des Gesetzes vom 10. August 1915 über Handelsgesell-
schaften (das "Gesetz von 1915").

(10) Die Aktionäre einer Aktienklasse eines Teilfonds können jederzeit zu einer Aktionärsversammlung einberufen

werden, um über Angelegenheiten zu entscheiden, die ausschließlich diese Aktienklasse dieses Teilfonds betreffen. Zudem
können Aktionäre einer Aktienklasse jederzeit eine Aktionärsversammlung einberufen, um über Angelegenheiten zu ent-
scheiden, die ausschließlich diese Aktienklasse betreffen. Es gelten die Bestimmungen dieser Satzung sowie des Gesetzes
von 1915.

(11) Aktionäre, die Aktien an einem Teilfonds halten, können jederzeit Aktionärsversammlungen zur Regelung von

ausschließlich diesen Teilfonds betreffenden Angelegenheiten abhalten.“

Nachdem kein weiterer Punkt auf der Tageordnung stand, wurde die Versammlung geschlossen.

Kosten

Die Kosten, Ausgaben, Gebühren und Lasten jeglicher Form, die von der Gesellschaft getragen werden, werden auf

ungefähr eintausend vierhundert Euro (EUR 1.400,-) geschätzt.

WORAUF, diese Urkunde in Luxemburg aufgenommen wurde, am Tag, wie er am Eingang zu dieser Urkunde genannt

ist.

Nachdem die Urkunde den erschienenen Personen vorgelesen worden ist, die dem Notar durch ihren Familiennamen,

Vornamen, Familienstand und Wohnort bekannt ist, haben besagte erschiene Personen die vorliegende Urkunde zusammen
mit dem Notar unterzeichnet.

Gezeichnet: Becker, Drauth, Söder, GRETHEN.
Enregistré à Luxembourg Actes Civils 1, le 30 juin 2015. Relation: 1LAC/2015/20161. Reçu soixante-quinze (75.-)

euros.

Le Receveur (signé): Paul Molling.

Für gleichlautende Ausfertigung, ausgestellt zwecks Veröffentlichung im Memorial C.

Luxemburg, den 7. Juli 2015.

Référence de publication: 2015112180/112.
(150120796) Déposé au registre de commerce et des sociétés de Luxembourg, le 9 juillet 2015.

Sireo Immobilienfonds No. 5 SICAV-FIS, Société Anonyme sous la forme d'une SICAV - Fonds d'Investissement

Spécialisé.

Siège social: L-1246 Luxembourg, 4A, rue Albert Borschette.

R.C.S. Luxembourg B 114.787.

Sireo Immobilienfonds No. 5 Health Care I S.à r.l., Société à responsabilité limitée.

Siège social: L-1246 Luxembourg, 4A, rue Albert Borschette.

R.C.S. Luxembourg B 128.036.

Sireo Immobilienfonds No. 5 Health Care VIII S.à r.l., Société à responsabilité limitée.

Siège social: L-1246 Luxembourg, 4A, rue Albert Borschette.

R.C.S. Luxembourg B 143.702.

Sireo Immobilienfonds No. 5 Health Care IX S.à r.l., Société à responsabilité limitée.

Siège social: L-1246 Luxembourg, 4A, rue Albert Borschette.

R.C.S. Luxembourg B 143.701.

CERTIFICATIF OF NOTARY

Luxembourg, August 3

, 2015

Concerns: Merger by absorption between,
Sireo Immobilienfonds No. 5 SICAV-FIS, an investment company with variable capital (société d’investissement à

capital variable) incorporated under the laws of Luxembourg, having its registered office at 4a rue Albert Borschette, L-1246
Luxembourg and registered with the Luxembourg trade and companies register under number B 114 787, incorporated by
a deed enacted received by Maître Jean-Joseph WAGNER, notary residing in Sanem on March 13, 2006, published in the
Mémorial C, Recueil des Sociétés et Associations number 624 of March 25, 2006, which articles of association have been
subsequently amended and for the last time by a deed received by Maître Jean-Joseph WAGNER, notary residing in Sanem,
on September 25, 2014, published in the Mémorial C, Recueil des Sociétés et Associations number 2985 of October 17,
2014, hereinafter the “Absorbing Company”,

and

97067

U X E M B O U R G

1) Sireo Immobilienfonds No. 5 Health Care I S.à r.l., a limited liability company (société à responsabilité limitée),

having its registered office at 4a rue Albert Borschette L-1246 Luxembourg and registered with the Luxembourg trade and
companies register under number B 128 036,

2) Sireo Immobilienfonds No. 5 Health Care VIII S.à r.l., a private limited liability company (société à responsabilité

limitée), having its registered office at 4a, rue Albert Borschette L-1246 Luxembourg and registered with the Luxembourg
trade and companies register under number B 143 702,

3) Sireo Immobilienfonds No. 5 Health Care IX S.à r.l., a private limited liability company (société à responsabilité

limitée), having its registered office at 4a, rue Albert Borschette L-1246 Luxembourg and registered with the Luxembourg
trade and companies’ register under number B 143 701,

all together hereinafter the “Absorbed Companies”,
The Absorbing Company and the Absorbed Companies are hereinafter collectively referred to as the “Merging Com-

panies”.

The undersigned, Me ROGER ARRENSDORFF, notary residing in Luxembourg, hereby certifies and agrees that:
(i) The undersigned notary is, pursuant to the law of 10 August 1915 on commercial companies, as amended (the “Law”),

the competent public authority to establish a certificate in application of article 273 of the Law, which guarantees that the
legal requirements of article 281 of the Law have been met.

(ii) (a) the Merging Companies have initiated a merger by absorption by which the Absorbing Company absorbs the

Absorbed Companies with effect between the Merging Companies as of July 15, 2015 (the “Merger”);

(b) the common draft terms of merger between the Absorbing Company and the Absorbed Companies was enacted by

a deed of the undersigned notary on June 3, 2015 was published in the Mémorial C, Recueil des Sociétés et Associations
(“Mémorial C”) under the number 1482 dated June 12, 2015 (the “Terms of Merger”);

(c) the publication of the Terms of Merger was completed at least one month before the publication of this document;
(d) the documents referred to in Article 267 (1) of the Law, have been made available to the shareholders of the Absorbing

Company at its registered office at least one month before the date hereof, as the Absorbed Companies’ shareholders
recognize and report;

(e) the provisions of Article 264 c) apply;
(f) the publication of the present certificate in the Mémorial C one month after the publication of the Terms of Merger

in the Mémorial C, gives effect to the Merger toward third parties.

WHEREOF, the present notarial deed was drawn up in Luxembourg, on the day indicated at the beginning of this deed.

SIGNATURE.

Référence de publication: 2015135180/59.
(150145018) Déposé au registre de commerce et des sociétés de Luxembourg, le 6 août 2015.

JER Europe Fund III Holdings S.à r.l., Société à responsabilité limitée.

Capital social: EUR 125.000,00.

Siège social: L-1931 Luxembourg, 41, avenue de la Liberté.

R.C.S. Luxembourg B 115.656.

JER Manhattan S.à r.l., Société à responsabilité limitée.

Capital social: EUR 12.500,00.

Siège social: L-1931 Luxembourg, 41, avenue de la Liberté.

R.C.S. Luxembourg B 116.035.

PROJET COMMUN DE FUSION

In the year two thousand and fifteen, the thirty-first of July,
Before Maître Danielle KOLBACH, notary residing in Redange-sur-Attert, Grand Duchy of Luxembourg,

there appeared:

(1) JER Europe Fund III Holdings S.à r.l., a private limited liability company (société à responsabilité limitée) incor-

porated and existing under the laws of the Grand Duchy of Luxembourg, having its registered office at 41, avenue de la
Liberté, L-1931 Luxembourg, Grand Duchy of Luxembourg, and registered with the Luxembourg trade and companies
register (Registre de Commerce et des Sociétés de Luxembourg) under registration number B 115.656 (the Absorbing
Company),

represented for the purpose hereof by Allen & Overy, société en commandite simple, inscrite à la liste V du Barreau de

AND

97068

U X E M B O U R G

(2) JER Manhattan S.à r.l., a private limited liability company (société à responsabilité limitée) incorporated and existing

under the laws of the Grand Duchy of Luxembourg, having its registered office at 41, avenue de la Liberté, L-1931 Lu-
xembourg, Grand Duchy of Luxembourg, and registered with the Luxembourg trade and companies register (Registre de
Commerce et des Sociétés de Luxembourg) under registration number B 116.035 (the Absorbed Company),

represented for the purpose hereof by Allen & Overy, société en commandite simple, inscrite à la liste V du Barreau de

The Absorbing Company and the Absorbed Company are collectively referred to as the Merging Companies, and each

as a Merging Company.

The proxies, after having been signed ne varietur by the proxyholder of the Absorbing Company and the Absorbed

Company, and by the undersigned notary, shall remain attached to the present deed for registration purposes.

WHEREAS:
(A) The Merging Companies have decided to initiate a simplified merger process at the end of which the Absorbing

Company intends to merge with the Absorbed Company through the absorption of the latter, the Absorbing Company
being, at the date of the Merger Plan (as this term is defined below), the sole shareholder of the Absorbed Company (the
Merger), according to the provisions of articles 278 and 279 of the law of 10 August 1915 on commercial companies, as
amended (the Law).

(B) The Merging Companies have therefore required the undersigned notary to record the terms of the following merger

plan (the Merger Plan) between them for the purpose of the completion of the Merger which the terms and conditions have
been adopted and agreed in this Merger Plan and in accordance with provisions of article 261 and seq. of the Law.

1. Characteristics of the merger.
1.1 Characteristics of the Merging Companies (article 261 (2) a) of the Law)
(a) The Absorbing Company
The Absorbing Company is a private limited liability company (société à responsabilité limitée) incorporated and exi-

sting under the laws of the Grand Duchy of Luxembourg under the corporate name “JER Europe Fund III Holdings S.à
r.l.”, pursuant to the terms of a notarial deed of Maître Henri Hellinckx, notary residing at this time in Mersch, Grand Duchy
of Luxembourg, dated 15 February 2006 and published in the Luxembourg official gazette (Journal Officiel du Grand-
Duché de Luxembourg, Mémorial C, Recueil des Sociétés et Associations) (the Official Gazette) number 1268 dated 30
June 2006.

The articles of association of the Absorbing Company have been amended several times and for the last time on 11 July

2014, pursuant to a deed of Maître Carlo Wersandt, notary residing in Luxembourg, Grand Duchy of Luxembourg, pu-
blished in the Official Gazette number 2022 dated 20 October 2014.

The registered office of the Absorbing Company is established at 41, avenue de la Liberté, L-1931 Luxembourg, Grand

Duchy of Luxembourg.

The Absorbing Company is registered with the Luxembourg trade and companies register (Registre de Commerce et

des Sociétés de Luxembourg) under registration number B 115.656.

The Absorbing Company shall act as absorbing company for the purpose of the Merger.
The share capital of the Absorbing Company, at the date of this Merger Plan, amounts to EUR 125,000 (one hundred

twenty-five thousand euro) and is represented by 1,000 (one thousand) shares having a nominal value of EUR 125 (one
hundred twenty-five euro), all of them have been entirely subscribed for and fully paid-up.

(b) The Absorbed Company
The Absorbed Company is a private limited liability company (société à responsabilité limitée) incorporated and existing

under the laws of the Grand Duchy of Luxembourg under the corporate name “JER Manhattan S.à r.l.”, pursuant to a
notarial deed of Maître Henri Hellinckx, notary public residing at this time in Mersch, Grand Duchy of Luxembourg, dated
15 February 2006, and published in the Official Gazette number 1350 dated 13 July 2006.

The articles of association of the Absorbed Company were amended on 13 November 2006, pursuant to a deed of Maître

Henri Hellinckx, notary public residing at this time in Mersch, Grand Duchy of Luxembourg, published in the Official
Gazette number 70 dated 29 January 2007.

The registered office of the Absorbed Company is established at 41, avenue de la Liberté, L-1931 Luxembourg, Grand

Duchy of Luxembourg.

The Absorbed Company is registered with the Luxembourg trade and companies register (Registre de Commerce et des

Sociétés de Luxembourg) under registration number B 116.035.

The Absorbed Company shall act as absorbed company for the purpose of the Merger.
The share capital of the Absorbed Company, at the date of this Merger Plan, amounts to EUR 12,500 (twelve thousand

five hundred euro), and is represented by 100 (one hundred) shares, having a nominal value of EUR 125 (one hundred
twenty-five euro) each, all of them have been entirely subscribed for and fully paid-up (the Shares).

1.2 Capital structure between the Absorbing Company and the Absorbed Company

97069

U X E M B O U R G

At the date of this Merger Plan, the Absorbing Company is the sole shareholder of the Absorbed Company, detaining

all the 100 (one hundred) shares, having a nominal value of EUR 125 (one hundred twenty-five euro) each, representing
the entire share capital of the latter, which amounts to EUR 12,500 (twelve thousand five hundred euro).

1.3 Date from which the operations and transactions of the Absorbed Company shall be deemed, from an accounting

perspective, having been carried out in the name and on behalf of the Absorbing Company (article 261 (2) e) of the Law)

From an accounting perspective, the Merger shall be completed and consequently be effective as from the Effective

Date as defined in section 1.6 below. Within a reasonable period of time as from the Effective Date, for accounting purposes,
the board of managers of the Absorbing Company shall prepare and approve an accounting statement as at the Effective
Date in which are recorded exclusively the assets and liabilities transferred by the Absorbed Company under this Merger
Plan.

1.4 Rights conferred by the Absorbing Company to the sole shareholder of the Absorbed Company having special rights

and to the holders of securities other than shares, or the measures proposed concerning them (article 261 (2) f) of the Law)

All the shares representing the entire share capital and voting rights of the Absorbed Company, as outlined under article

1.1 (b) of the Merger Plan above, rank pari passu in all respects, and grant the same rights, obligations and benefits to their
holders.

Therefore, the completion of the Merger shall not result in the issuance of shares of the Absorbing Company conferring

special rights or other securities conferring special rights pursuant to the completion of the Merger in accordance with
provisions of article 270 (1) of the Law.

1.5 Special advantages granted to the experts within the meaning of article 266 of the Law, to the members of the

respective board of managers, supervisory bodies and controlling bodies of the Absorbing Company and/or the Absorbed
Company (article 261 (2) g) of the Law)

No independent expert, within the meaning of article 266 of the Law, will be appointed by the Merging Companies for

the purpose of the completion of the Merger.

The Merging Companies do not have, and will not until the completion of the Merger, any supervisory bodies and

controlling bodies.

No special advantage shall be granted to the managers of the Absorbing Company (being a sole manager on the date

hereof) or the managers of the Absorbed Company (being a sole manager on the date hereof) in connection with the Merger.

1.6 Completion of the Merger between JER Europe Fund III Holdings S.à r.l. and JER Manhattan S.à r.l.
From a legal perspective, the Merger shall become effective between the Merging Companies upon expiry of a one (1)

month period following the date of publication of this Merger Plan in the Official Gazette, in accordance with provisions
of article 9 of the Law (the Effective Date) and (ii) toward third parties on the date of publication of the notarial certificate
referred to in article 273 (1) of the Law, in accordance with provisions of articles 9, paragraph 4, 273 and 279 of the Law.

The documents referred to under articles 267 (1) a) to 267 (1) c), of the Law shall be made available to the sole shareholder

of the Absorbed Company and to the shareholders or, as the case may be, the sole shareholder of the Absorbing Company,
at their respective registered office for a period of at least one (1) month before the Effective Date.

Pursuant to article 279 (c) of the Law, one or more shareholders of the Absorbing Company holding at least 5% (five

per cent) of the shares in the subscribed capital of the Absorbing Company are entitled until the Effective Date to require
that the sole shareholder, or a general meeting of the shareholders, as the case may be, of the Absorbing Company be called
in order to decide whether to approve the Merger. The sole shareholder of the general meeting of shareholders, as the case
may be, must be convened in such a manner so as to be held within one month of the request for it to be held.

The Absorbing Company shall proceed with the completion of all the formalities necessary and/or useful for the purpose

of effecting the Merger, especially in order to proceed with the universal transfer of all assets and liabilities (transmission
universelle de patrimoine) of the Absorbed Company to the benefit of the Absorbing Company.

The formalities referred to in the preceding paragraph shall include:
(i) the completion of all the legal formalities of publication with respect to the transfers made in connection with the

Merger, as required in accordance with the Law;

(ii) the performance of all declarations and formalities necessary and/or useful to confer, both with respect to the Merging

Companies and towards any third party, the ownership of the assets transferred within the scope of the Merger from the
Absorbed Company to the benefit of the Absorbing Company; and

(iii) more generally, the completion of any and all formalities necessary and/or required to make effective towards third

parties the transfer, to the exclusive benefit of the Absorbing Company, of all rights and obligations which the Absorbed
Company was the holder prior to the completion of the Merger, including the transfer, to the exclusive benefit of the
Absorbing Company, of any and all ownership rights held by the Absorbed Company prior to the completion of the Merger.

On the Effective Date, the Absorbed Company shall deliver to the Absorbing Company, without limitation, any and all

originals of deeds of incorporation and amendments thereto, corporate documents, books and other accounting documents,
property deed or abstract of title of any and all assets, and any and all supporting documents of all transactions carried out,
all documents evidencing the ownership of all securities and all agreements, archives or any other documents of any kind
whatsoever relating to assets and liabilities transferred by the Absorbed Company to the Absorbing Company as a result
of the Merger.

97070

U X E M B O U R G

Further to the completion of the Merger and in accordance with provisions of the Law, the Absorbed Company shall be

deemed having been dissolved de jure without liquidation and all of its assets and liabilities shall be transferred to the
benefit of the Absorbing Company pursuant to the universal transfer of all assets and liabilities (transmission universelle
du patrimoine) carried out as a result of the completion of the Merger, as a consequence of which all the shares representing
the entire share capital and voting rights of the Absorbed Company shall be automatically cancelled.

1.7 Description and distribution of assets and liabilities to be transmitted by the Absorbed Company to the Absorbing

Company

(a) Valuation of the assets and liabilities of the Absorbed Company
The value of the assets and liabilities transferred by the Absorbed Company to the benefit of the Absorbing Company

pursuant to the universal transfer of all assets and liabilities (transmission universelle de patrimoine) carried out as a result
of the completion of the Merger, and retained for the purpose of the completion of the Merger from an accounting per-
spective, is equal to the respective and not corrected net accounting value of these assets and liabilities.

(b) Description of the accounting and legal effects of the Merger
The Merger shall result in the universal transfer of all assets and liabilities (transmission universelle de patrimoine) of

the Absorbed Company to the benefit of the Absorbing Company as from the Effective Date.

From an accounting perspective, the Merger shall be completed as from the Effective Date.
1.8 Other effects of the Merger
The mandate of the sole manager of the Absorbed Company shall expire de jure on the Effective Date.

2. Additional terms. All fees, costs and expenses incurred in respect of the Merger and owed for the purpose of this deed

by the Absorbed Company and the Absorbing Company shall be entirely borne by the Absorbing Company.

The Absorbing Company shall comply with the Law as well as any legal and regulatory requirements applicable in the

Grand Duchy of Luxembourg, and shall make its case both on its behalf, and in the name and on behalf of the Absorbed
Company, make any and all statements and/or payments of taxes directly or indirectly incurred or caused by the completion
of the Merger.

This Merger Plan shall be filed with the Luxembourg trade and companies register (Registre de Commerce et des Sociétés

de Luxembourg), and then published in the Official Gazette, in accordance with the provisions of article 262 and 279 (1)
of the Law.

This Merger Plan is worded in English followed by a French translation. In case of discrepancies between the English

and the French versions of the Merger Plan, the French version will prevail.

In accordance with article 271 (2) of the Law, the undersigned notary declares having verified and certifies the validity,

under Luxembourg law, of the Merger Plan.

Which deed made and passed in Luxembourg, Grand Duchy of Luxembourg, on the date written above.
After having read the present deed, the proxyholder of the Absorbing Company and the Absorbed Company signed,

with the notary, the Merger Plan.

Suit la traduction française du texte qui précède:

L’an deux mille quinze, le trente-unième jour du mois de juillet,
Par-devant Maître Danielle KOLBACH, notaire de résidence à Redange-sur-Attert, Grand-Duché de Luxembourg,

ont comparu:

(1) JER Europe Fund III Holdings S.à r.l., une société à responsabilité limitée constituée et existant conformément aux

lois du Grand-Duché de Luxembourg, dont le siège social est sis 41, avenue de la Liberté, L-1931 Luxembourg, Grand-
Duché de Luxembourg, et immatriculée auprès du Registre de Commerce et des Sociétés de Luxembourg sous le numéro
d’immatriculation B 115.656 (la Société Absorbante),

représentée à l’effet des présentes par Allen & Overy, société en commandite simple, inscrite à la liste V du Barreau de

Luxembourg, elle-même représentée par Jean-Marie Bontemps, avocat, dont le domicile professionnel est sis 33, avenue
J-F Kennedy, L-1855 Luxembourg, Grand-Duché de Luxembourg, agissant en sa qualité de mandataire de la Société
Absorbante conformément aux termes d’une procuration donnée sous seing privé;

ET
(2) JER Manhattan S.à r.l., une société à responsabilité limitée, constituée et existant conformément aux lois du Grand-

Duché de Luxembourg, dont le siège social est sis 41, avenue de la Liberté, L-1931 Luxembourg, Grand-Duché de
Luxembourg, et immatriculée auprès du Registre de Commerce et des Sociétés de Luxembourg sous le numéro d’imma-
triculation B 116.035 (la Société Absorbée),

représentée à l’effet des présentes par Allen & Overy, société en commandite simple, inscrite à la liste V du Barreau de

Luxembourg, elle-même représentée par Jean-Marie Bontemps, avocat, dont le domicile professionnel est sis 33, avenue
J-F Kennedy, L-1855 Luxembourg, Grand-Duché de Luxembourg, agissant en sa qualité de mandataire de la Société
Absorbée conformément aux termes d’une procuration donnée sous seing privé.

97071

U X E M B O U R G

La Société Absorbante et la Société Absorbée sont collectivement dénommées les Sociétés Fusionnantes et chacune une

Société Fusionnante.

Les procurations, après avoir été signées ne varietur par le mandataire de la Société Absorbante et de la Société Absorbée,

ainsi que par le notaire soussigné, demeureront annexées au présent acte à l’effet d’être soumis avec lui aux formalités de
l’enregistrement.

CONSIDERANT QUE:
(A) Les Société Fusionnantes ont décidé d’entamer un processus de fusion simplifiée à l’issue de laquelle la Société

Absorbante entend fusionner avec la Société Absorbée par absorption de cette dernière dont elle est, à la date du Projet de
Fusion (tel que ce terme est défini ci-après), l’associé unique (la Fusion), en vertu des dispositions des articles 278 et 279
de la loi du 10 août 1915 sur les sociétés commerciales, telle que modifiée (la Loi).

(B) Les Sociétés Fusionnantes ont donc conjointement requis le notaire soussigné d’acter comme suit les stipulations

d’un projet de fusion (le Projet de Fusion) convenu entre elles à l’effet de la réalisation de la Fusion devant intervenir
conformément aux termes et conditions arrêtés et convenus dans le cadre du Projet de Fusion et conformément aux articles
261 et suivants de la Loi.

1. Modalités de la fusion.
1.1 Caractéristiques des Sociétés Fusionnantes (article 261 (2) a) de la Loi)
(a) La Société Absorbante
La Société Absorbante est une société à responsabilité limitée ayant été constituée et existant conformément aux lois

du Grand-Duché de Luxembourg sous la dénomination sociale «JER Europe Fund III Holdings S.à r.l.», aux termes d’un
acte notarié établi par Maître Henri Hellinckx, notaire résidant alors à Mersch, Grand-Duché de Luxembourg, en date du
15 février 2006, et publié au Journal Officiel du Grand-Duché de Luxembourg, Mémorial C, Recueil des Sociétés et
Associations (le Journal Officiel) numéro 1268 en date du 30 juin 2006.

Les statuts de la Société Absorbante ont été modifiés à plusieurs reprises et pour la dernière fois le 11 juillet 2014,

suivant acte reçu par Maître Carlo Wersandt, notaire résidant à Luxembourg, Grand-Duché de Luxembourg, publié au
Journal Officiel numéro 3022 en date du 20 octobre 2014.

Le siège social de la Société Absorbante est sis 41, avenue de la Liberté, L-1931 Luxembourg, Grand-Duché de Lu-

xembourg.

La Société Absorbante est immatriculée auprès du Registre de Commerce et des Sociétés de Luxembourg sous le numéro

d’immatriculation B 115.656.

La Société Absorbante va agir en qualité de société absorbante à l’effet de la Fusion.
Le capital social de la Société Absorbante s’élève, à la date du Projet de Fusion, à un montant total de EUR 125.000

(cent vingt-cinq mille euros), et est représenté par 1.000 (mille) parts sociales ayant une valeur nominale de EUR 125 (cent
vingt-cinq euros), toutes entièrement souscrites et libérées.

(b) La Société Absorbée
La Société Absorbée est une société à responsabilité limitée, ayant été constituée et existant conformément aux lois du

Grand-Duché de Luxembourg sous la dénomination sociale «JER Manhattan S.à r.l.», aux termes d’un acte notarié établi
par-devant Maître Henri Hellinckx, notaire résidant alors à Mersch, Grand-Duché de Luxembourg, en date du 15 février
2006, et publié au Journal Officiel (le Journal Officiel) numéro 1350 en date du 13 juillet 2006.

Les statuts de la Société Absorbée ont été modifiés le 13 novembre 2006, suivant acte reçu par Maître Henri Hellinckx,

notaire résidant alors à Mersch, Grand-Duché de Luxembourg, publié au Journal Officiel numéro 70 en date du 29 janvier
2007.

Le siège social de la Société Absorbée est sis 41, avenue de la Liberté, L-1931 Luxembourg, Grand-Duché de Luxem-

bourg.

La Société Absorbée est immatriculée auprès du Registre de Commerce et des Sociétés de Luxembourg sous le numéro

d’immatriculation B 116.035.

La Société Absorbée va agir en qualité de société absorbée à l’effet de la Fusion.
Le capital social de la Société Absorbée, s’élève, à la date du Projet de Fusion, à un montant total de EUR 12.500 (douze

mille cinq cents euros), et est représenté par 100 (cent) parts sociales d’une valeur nominale de EUR 125 (cent vingt-cinq
euros) chacune, toutes entièrement souscrites et libérées (les Parts Sociales).

1.2 Lien capitalistique entre la Société Absorbante et la Société Absorbée
A la date du Projet de Fusion, la Société Absorbante est l’associé unique de la Société Absorbée, en ce qu’elle détient

l’ensemble des 100 (cent) parts sociales, d’une valeur nominale de EUR 125 (cent vingt-cinq euros) chacune, représentant
la totalité de son capital social, lequel s’élève à EUR 12.500 (douze mille cinq cents euros).

1.3 Date à compter de laquelle les opérations de la Société Absorbée seront réputées, d’un point de vue comptable, avoir

été accomplies au nom et pour le compte de la Société Absorbante (article 261 (2) e) de la Loi)

D’un point de vue comptable, la Fusion sera réalisée et sera par conséquent effective à compter de la Date d’Effet, telle

que définie dans la section 1.6 ci-dessous. Dans une période de temps raisonnable à compter de la Date d’Effet, pour des

97072

U X E M B O U R G

besoins comptables, le conseil de gérance de la Société Absorbante devra préparer et approuver un état comptable à la Date
d’Effet dans lequel sont exclusivement enregistrés les éléments d’actif et de passif transmis par la Société Absorbée en
vertu de ce Projet de Fusion.

1.4 Avantages particuliers conférés par la Société Absorbante à l’associé unique de la Société Absorbée bénéficiant de

droits spéciaux ainsi qu’aux porteurs de titres autres que des parts sociales ou les mesures proposées à leur égard (article
261 (2) f) de la Loi)

L’ensemble des parts sociales représentant l’ensemble du capital social et des droits de vote de la Société Absorbée,

comme exposé à l’article 1.1 (b) du Projet de Fusion ci-dessus, sont d’une nature identique, de rang égal à tous égards et
confèrent à leur(s) titulaire(s) les mêmes droits, avantages et obligations.

A cet effet, la réalisation de la Fusion n’entraînera pas l’émission de parts sociales de la Société Absorbante conférant

des droits spéciaux, de quelque nature que ce soit conformément à la réalisation de la Fusion et en application des dispo-
sitions de l’article 270 (1) de la Loi.

1.5 Avantages particuliers conférés aux experts au sens de l’article 266 de la Loi, aux membres des organes d’admi-

nistration, de direction, de surveillance ou de contrôle respectifs de la Société Absorbante et/ou de la Société Absorbée
(article 261 (2) g) de la Loi)

Aucun expert indépendant, au sens de l’article 266 de la Loi, ne sera nommé par les Sociétés Fusionnantes dans le cadre

de la réalisation de la Fusion.

Les Sociétés Fusionnantes n’ont, et n’auront, jusqu’à la réalisation de la Fusion, aucun organe de contrôle ni organisme

de contrôle.

Aucun avantage particulier ne sera attribué aux gérants de la Société Absorbante (étant gérant unique à la date de celui-

ci) ou aux gérants de la Société Absorbée (étant gérant unique à la date de celui-ci), dans le cadre de la réalisation de la
Fusion.

1.6 Prise d’effet de la Fusion entre JER Manhattan S.à r.l. et JER Europe Fund III Holdings S.à r.l.
D’un point de vue juridique, la Fusion prendra effet entre les Sociétés Fusionnantes à l’expiration du délai d’un (1) mois

courant à compter de la date de publication du Projet de Fusion au Journal Officiel, en application des dispositions de
l’article 9 de la Loi (la Date d’Effet) et (ii) vis-à-vis des tiers à la date de la publication du certificat notarié visé à l’article
273 (1) de la Loi, conformément aux dispositions des articles 9, paragraphe 4, 273 et 279 de la Loi.

Les documents visés aux articles 267 (1) a) à 267 (1) c) de la Loi seront mis à disposition de l’associé unique de la

Société Absorbée et des associés, ou le cas échéant, de l’associé unique de la Société Absorbante, à leur siège social respectif
pendant un délai d’au moins un (1) mois avant la Date d’Effet. Conformément à l’article 279 (c) de la Loi, un ou plusieurs
associés de la Société Absorbante détenant au moins 5% (cinq pourcents) des parts sociales dans le capital souscrit de la
Société Absorbante peuvent requérir, jusqu’à la Date d’Effet, la convocation d’une assemblée générale des associés ou, le
cas échéant, de l’associé unique de la Société Absorbante, à l’effet de se prononcer sur la réalisation de la Fusion. L’associé
unique ou l’assemblée générale des associés, le cas échéant, devra être convoquée de manière à se tenir dans le mois suivants
la demande de convocation d’une telle assemblée.

La Société Absorbante procèdera à l’accomplissement de l’ensemble des formalités nécessaires et/ou utiles à l’effet de

donner ses pleins effets à la Fusion, et notamment à l’effet de procéder à la transmission universelle de patrimoine com-
prenant l’ensemble des éléments d’actif et de passif de la Société Absorbée au bénéfice de la Société Absorbante.

Les formalités visées au paragraphe qui précède comprendront notamment:
(i) l’accomplissement de l’ensemble des formalités légales de publicité relatives aux transferts effectués dans le cadre

de la Fusion, telles que requises par la Loi;

(ii) l’accomplissement de l’ensemble des déclarations et formalités nécessaires et/ou utiles à l’effet de conférer tant à

l’égard des Sociétés Fusionnantes que de tout tiers, la titularité des actifs ayant été transmis aux termes de la Fusion de la
Société Absorbée au bénéfice de la Société Absorbante; et

(iii) plus largement, l’accomplissement de l’ensemble des formalités nécessaires et/ou requises, à l’effet de rendre

effective aux tiers la transmission, au bénéfice exclusif de la Société Absorbante, de l’ensemble des droits et obligations
dont la Société Absorbée était titulaire préalablement à la réalisation de la Fusion, en ce compris la transmission, au bénéfice
exclusif de la Société Absorbante, de l’ensemble des droits de propriété dont la Société Absorbée était titulaire préalable-
ment à la réalisation de la Fusion.

A la Date d’Effet, la Société Absorbée remettra à la Société Absorbante, sans que cette énumération ait un quelconque

caractère limitatif, l’ensemble des originaux des actes constitutifs et modificatifs, documents sociaux, livres et autres
documents comptables, les titres de propriété ou actes justificatifs de propriété de tous les éléments d’actif, les justificatifs
de toutes opérations réalisées, l’ensemble des documents justifiant la propriété de toutes valeurs mobilières ainsi que tous
contrats, archives, pièces, autres documents quelconques et de quelque nature que ce soit relatifs aux éléments d’actif et
de passif ayant été transmis par la Société Absorbée à la Société Absorbante aux termes de la Fusion.

Suite à la réalisation de la Fusion et conformément à la Loi, la Société Absorbée sera réputée avoir été dissoute de plein

97073

U X E M B O U R G

des parts sociales représentant la totalité du capital social et des droits de vote de la Société Absorbée seront annulées de
plein droit.

1.7 Description et répartition des éléments du patrimoine actif et passif devant être transmis par la Société Absorbée à

la Société Absorbante (article 274 (1) de la Loi)

(a) Valeur de comptabilisation des éléments d’actif et de passif de la Société Absorbée
La valeur des éléments d’actif et de passif transmis par la Société Absorbée à la Société Absorbante aux termes de la

transmission universelle de patrimoine emportée par la réalisation de la Fusion, et retenue à l’effet de la réalisation comp-
table de cette dernière, correspond à la valeur comptable nette non corrigée respective de ces éléments d’actif et de passif.

(b) Description de l’effet comptable et juridique de la Fusion
La Fusion va entraîner de plein droit la transmission universelle de l’ensemble du patrimoine actif et passif de la Société

Absorbée à la Société Absorbante et ce, à compter de la Date d’Effet.

1.8 D’un point de vue comptable, la Fusion sera réalisée à partir de la Date d’Effet. Autres effets de la Fusion
Le mandat du gérant unique de la Société Absorbée prendra fin de plein droit à la Date d’Effet.

2. Mentions complémentaires. L’ensemble des frais, coûts ou dépenses entraînés au titre de la Fusion et dus en raison

du présent acte par la Société Absorbée et la Société Absorbante seront entièrement supportés par la Société Absorbante.

La Société Absorbante se conformera à la Loi ainsi qu’à l’ensemble des obligations légales et réglementaires en vigueur

au Grand-Duché de Luxembourg, et fera son affaire, tant pour son compte, qu’au nom et pour le compte de la Société
Absorbée, de procéder à l’ensemble des déclarations et/ou paiements d’impôts ou taxes, encourus, liés ou causés directement
ou indirectement par la réalisation de la Fusion.

Ce Projet de Fusion sera déposé auprès du Registre de Commerce et des Sociétés de Luxembourg pour être ensuite

publié au Journal Officiel, conformément aux dispositions des articles 262 et 279 (1) de la Loi.

Ce Projet de Fusion est rédigé en anglais suivi par la traduction française. En cas de discordances entre la version anglaise

et la version française de ce Projet de Fusion, la version française fera foi.

Conformément à l’article 271 (a) de la Loi, le notaire instrumentant déclare avoir vérifié et certifie la validité, en droit

luxembourgeois, du Projet de Fusion.

Dont acte, fait et passé à Luxembourg, Grand-Duché de Luxembourg, à la date mentionnée en tête des présentes.
Après lecture faite, le mandataire de la Société Absorbante et de la Société Absorbée a signé, avec le notaire, le Projet

de Fusion.

Signé: J.-M. BONTEMPS, D. KOLBACH.
Enregistré à Diekirch Actes Civils, le 3 août 2015. Relation: DAC/2015/12910. Reçu douze euros (EUR 12,-).

Le Receveur (signé): J. THOLL.

POUR EXPEDITION CONFORME, délivrée à la Société sur sa demande.

Redange-sur-Attert, le 4 août 2015.

Référence de publication: 2015133882/346.
(150144348) Déposé au registre de commerce et des sociétés de Luxembourg, le 5 août 2015.

Avere Asset Management S.A., Société Anonyme.

Siège social: L-1148 Luxembourg, 16, rue Jean l'Aveugle.

R.C.S. Luxembourg B 116.692.

AVERE ASSET Mgmt S.A., Société Anonyme.

Siège social: L-1148 Luxembourg, 16, rue Jean l'Aveugle.

R.C.S. Luxembourg B 147.282.

L'an deux mille quinze, le vingt juillet.
Pardevant Maître Martine SCHAEFFER, notaire de résidence à Luxembourg.

ONT COMPARU:

M. Bertrand MICHAUD, administrateur de sociétés, demeurant à Luxembourg,
agissant en sa qualité de mandataire du Conseil d’Administration de la société anonyme de droit luxembourgeois dé-

nommée AVERE ASSET MANAGEMENT S.A, avec siège social au 16, rue Jean l’Aveugle, L-1148 Luxembourg, inscrite
au R.C.S. Luxembourg sous la numéro B 116.692,

constituée par acte reçu par Maître Jacques DELVAUX, alors notaire de résidence à Luxembourg, le 3 mai 2006, publié

au Mémorial C, numéro 1462 du 29 juillet 2006, et dont les statuts ont été modifiés pour la dernière fois par acte de Maître
Edouard DELOSCH, notaire de résidence à Diekirch, en date du 26 février 2013, publié au Mémorial C, numéro 1058 du
3 mai 2013;

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U X E M B O U R G

avec un capital social actuel de EUR 32.000,- (trente-deux mille euros), représenté par 300 (trois cents) actions sans

valeur nominale, toutes entièrement souscrites et libérées,

M. Bertrand MICHAUD, préqualifié, est habilité aux fins des présentes par décision du Conseil d’administration en

date du 16 juillet 2015,

dénommée ci-après «la société absorbante», d’une part.
ET,
M. Bertrand MICHAUD, administrateur de sociétés, demeurant à Luxembourg
agissant en sa qualité de mandataire du Conseil d’Administration de la société anonyme de droit luxembourgeois dé-

nommée AVERE ASSET Mgmt S.A, avec siège social au 16, rue Jean l’Aveugle, L-1148 Luxembourg, inscrite au R.C.S.
Luxembourg sous le numéro B 147.282,

constituée par acte reçu par Maître Henri HELLINCKX, notaire de résidence à Luxembourg, le 29 juin 2009, publié au

Mémorial C, numéro 1590 du 18 août 2009, et dont les statuts ont été modifiés pour la dernière fois par acte de Maître Jean
SECKLER, notaire de résidence à Junglinster en date du 2 mai 2013, publié au Mémorial C, numéro 1672 du 12 juillet
2013,

avec un capital social actuel de EUR 31.000,- (trente et un mille euros), représenté par 31.000 (trente et un mille) actions

d’une valeur nominale de EUR 1,- (un euro) par action, toutes entièrement souscrites et libérées,

M. Bertrand MICHAUD, préqualifié, est habilité aux fins des présentes par décision du Conseil d’administration en

date du 16 juillet 2015,

dénommée ci-après «la société absorbée», d’autre part,
ces deux sociétés, soumises à la Loi du 10 août 1915 sur les sociétés commerciales telle que modifiée,
Lesquels comparants, ès-qualité qu’ils agissent, ont requis le notaire instrumentant d’acter le projet de fusion qui suit:

PROJET DE FUSION

1. La société anonyme de droit luxembourgeois dénommée AVERE ASSET MANAGEMENT S.A, avec siège social

au 16, rue Jean l’Aveugle, L-1148 Luxembourg, inscrite au R.C.S. Luxembourg sous la numéro B 116.692

constituée par acte reçu par Maître Jacques DELVAUX, alors notaire de résidence à Luxembourg, le 3 mai 2006, publié

au Mémorial C, numéro 1462 du 29 juillet 2006, et dont les statuts ont été modifiés pour la dernière fois par acte d en date
Maître Edouard DELOSCH, notaire de résidence à Diekirch, en date du 26 février 2013, publié au Mémorial C, numéro
1058 du 3 mai 2013;

avec un capital social actuel de EUR 32.000,- (trente-deux mille euros), représenté par 300 (trois cents) actions sans

valeur nominale, toutes entièrement souscrites et libérées,

détient l’intégralité (100%) des actions représentant la totalité du capital social de la société anonyme de droit luxem-

bourgeois AVERE ASSET Mgmt S.A., et s’élèvant à EUR 31.000,- (trente et un mille euros), représenté par 31.000 (trente
et un mille) actions d’une valeur nominale de EUR 1,- (un euro) chacune, toutes entièrement souscrites et libérées,

et donnant droit de vote de la société anonyme de droit luxembourgeois AVERE ASSET Mgmt S.A, avec siège social

au 16, rue Jean l’Aveugle, L-1148 Luxembourg, inscrite au R.C.S. Luxembourg sous le numéro B 147.282,

constituée par acte reçu par Maître Henri HELLINCKX, notaire de résidence à Luxembourg, le 29 juin 2009, publié au

avec un capital social actuel de EUR 31.000,- (trente et un mille euros), représenté par 31.000 (trente et un mille) actions

d’une valeur nominale de EUR 1,- (un euro) par action, toutes entièrement souscrites et libérées,

aucun autre titre donnant droit de vote ou donnant des droits spéciaux n’a été émis par les sociétés prémentionnées

(encore appelées sociétés fusionnantes).

1) La société anonyme «AVERE ASSET MANAGEMENT S.A.» (encore appelée la société absorbante) entend fu-

sionner conformément aux dispositions de l’article 278 et 279 de la loi du 10 août 1915 sur les sociétés commerciales et
les textes subséquentes, avec la société anonyme «AVERE ASSET Mgmt S.A.» (encore appelée la société absorbée) par
absorption de cette dernière.

2) La date à partir de laquelle les opérations de la société absorbée sont considérées du point de vue comptable comme

accomplies pour compte de la société absorbante est fixée au 1

juillet 2015.

3) Aucun avantage particulier n’est attribué aux administrateurs, commissaires ou réviseurs des sociétés qui fusionnent.
4) La fusion prendra effet entre parties un mois après la publication du projet de fusion au Mémorial Recueil Spécial

des Sociétés et Associations, conformément aux dispositions de l’article 9 de la loi sur les sociétés commerciales.

5) Les actionnaires de la société absorbante ont le droit, pendant un mois à compter de la publication au Mémorial C du

projet de fusion, de prendre connaissance, au siège, des documents indiqués à l’article 267 (1) a) b) et c) de la loi sur les
sociétés commerciales et ils peuvent en obtenir une copie intégrale sans frais et sur simple demande.

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U X E M B O U R G

6) Un ou plusieurs actionnaires de la société absorbante, disposant d’au moins 5% (cinq pour-cent) des actions du capital

souscrit, ont le droit de requérir, pendant le même délai, la convocation d’une assemblée appelée à se prononcer sur
l’approbation de la fusion, laquelle assemblée doit alors être tenue dans le mois de la réquisition.

7) A défaut de la réquisition d’une assemblée ou du rejet du projet de fusion par celle-ci, la fusion deviendra définitive,

comme indiqué ci-avant au point 4) et entraînera de plein droit les effets prévus à l’article 274 de la loi sur les sociétés
commerciales et notamment sous son littera a).

8) Les sociétés fusionnantes se conformeront à toutes les dispositions légales en vigueur en ce qui concerne les décla-

rations à faire pour le paiement de toutes impositions éventuelles ou taxes résultant de la réalisation définitive des apports
faits au titre de la fusion, comme indiqué ci-après.

9) La présente opération est réalisée en parfaite neutralité fiscale.
10) Décharge pleine et entière est accordée aux organes de la société absorbée.
11) Les documents sociaux de la société absorbée seront conservés pendant le délai légal au siège de la société absorbante.

Formalités

La société absorbante:
- effectuera toutes les formalités légales de publicité relatives aux apports effectués au titre de la fusion,
- fera son affaire personnelle des déclarations et formalités nécessaires auprès de toutes administrations qu’il conviendra

pour faire mettre à son nom les éléments d’actif apportés,

- effectuera toutes formalités en vue de rendre opposable aux tiers la transmission des biens et droits à elle apportés.

Remise de titres

Lors de la réalisation définitive de la fusion, la société absorbée remettra à la société absorbante les originaux de tous

ses actes constitutifs et modificatifs ainsi que les livres de comptabilité et autres documents comptables, les titres de
propriété ou actes justificatifs de propriété de tous les éléments d’actif, les justificatifs des opérations réalisées, les valeurs
mobilières ainsi que tous contrats (prêts, de travail, de fiducie....), archives, pièces et autres documents quelconques relatifs
aux éléments et droits apportés.

Frais et droits

Tous frais, droits et honoraires dus au titre de la fusion seront supportés par la société absorbante.
La société absorbante acquittera, le cas échéant, les impôts dus par la société absorbée sur le capital et les bénéfices au

titre des exercices non encore imposés définitivement.

Élection de domicile

Pour l’exécution des présentes et des actes ou procès-verbaux qui en seront la suite ou la conséquence ainsi que pour

toutes justifications et notifications, il est fait élection de domicile au siège social de la société absorbante.

Pouvoirs

Tous pouvoirs sont donnés au porteur d’un original ou d’une copie des présentes pour effectuer toutes formalités et faire

toutes déclarations, significations, dépôts, publications et autres.

Le notaire soussigné déclare attester conformément aux dispositions de l’article 271 (2) de la loi sur les sociétés com-

merciales la légalité du présent projet de fusion établi en application de l’art. 278 de la loi sur les sociétés.

DONT ACTE, fait et passé à Luxembourg, date qu’en tête des présentes.
Après lecture faite aux comparants et interprétation leur donnée en une langue d’eux connue, les comparants, tous connus

du notaire instrumentant par noms, prénoms états et demeures, ont signé avec le notaire le présent acte.

Signé: B. Michaud et M. Schaeffer.
Enregistré à Luxembourg Actes Civils 2, le 24 juillet 2015. Relation: 2LAC/2015/16836. Reçu soixante-quinze euros

Eur 75.-

Le Receveur (signé): André MULLER.

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

Commerce.

Luxembourg, le 4 août 2015.

Référence de publication: 2015133520/122.
(150144598) Déposé au registre de commerce et des sociétés de Luxembourg, le 5 août 2015.

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Fullgoal International Funds SICAV, Société d'Investissement à Capital Variable.

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

R.C.S. Luxembourg B 198.506.

STATUTES

In the year two thousand and fifteen, on the eighth day of July.
Before us, Maître Henri Hellinckx, notary residing in Luxembourg, Grand Duchy of Luxembourg.

There appeared:

Fullgoal Asset Management (HK) Limited, a company incorporated under the laws of Hong Kong SAR, having its

registered office at Room 2404-5, Man Yee Building, 68 Des Voeux Road, Central, Hong Kong,

represented by Me Jil Lanners, professionally residing in Luxembourg, pursuant to a proxy dated 30 June 2015.
The proxy given, signed "ne varietur" by the appearing party and the undersigned notary, shall remain annexed to this

document to be filed with the registration authorities.

This appearing party, in the capacity in which it acts, has requested the notary to state as follows the articles of incor-

poration of a société anonyme which it intends to incorporate in Luxembourg:

ARTICLES OF INCORPORATION

1. Denomination, Duration, Corporate object, Registered office

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

a corporation in the form of a société anonyme, qualifying as a société d'investissement à capital variable with multiple
subfunds under the name of “Fullgoal International Funds SICAV” (the “Company”).

Art. 2. Duration. The Company is established for an unlimited period of time. The Company may be dissolved by a

resolution of the shareholders (the "Shareholders") adopted in the manner required for amendment of these articles of
incorporation (the "Articles of Incorporation").

Art. 3. Corporate object. The exclusive object of the Company is the collective investment of its assets in transferable

securities, money market instruments and other permissible assets such as referred to in the Act of 17 December 2010 on
undertakings for collective investment, as may be amended (the “Law”), with the purpose of offering various investment
opportunities, spreading investment risk and offering its Shareholders the benefit of the management of the Company’s
assets.

The Company may take any measures and carry on any operations deemed useful for the accomplishment and deve-

lopment of its object in the broadest sense within the framework of Part I of the Law.

Art. 4. Registered office. The registered office of the Company is established in Luxembourg, in the Grand Duchy of

Luxembourg. If permitted by and under the conditions set forth in Luxembourg laws and regulations, the board of directors
(hereafter collegially referred to as the "Board of Directors" or the “Directors” or individually referred to as a “Director”)
may decide to transfer the registered office of the Company to any other place in the Grand Duchy of Luxembourg. Wholly
owned subsidiaries, branches or other offices may be established either in Luxembourg or abroad by resolution of the Board
of Directors.

In the event that the Board of Directors determines that extraordinary political, economical, social or military develop-

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

2. Share capital, Variations of the share capital, Characteristics of the shares

Art. 5. Share capital. The capital of the Corporation shall be represented by Shares of no par value and shall be at any

time equal to the total net assets of the Company, as defined in Article 11. The minimum capital of the Company shall not
be less than the amount prescribed by the Law.

For consolidation purposes, the reference currency of the Company is the US Dollar.

Art. 6. Variations in share capital. The share capital may also be increased or decreased as a result of the issue by the

Company of new fully paid-up shares (each a "Share") or the repurchase by the Company of existing Shares from its
Shareholders.

Art. 7. Sub-Funds. The Board of Directors is authorised without limitation to issue fully paid Shares at any time in

accordance with Article 12 hereof without reserving to the existing Shareholders a preferential right to subscription of the
Shares to be issued.

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U X E M B O U R G

Shares may, as the Board of Directors shall determine, be of different sub-funds corresponding to separate portfolios of

assets (each a “Sub-Fund”) (which may, as the Board of Directors shall determine, be denominated in different currencies)
and the proceeds of the issue of the Shares of each SubFund shall be invested pursuant to Article 3 hereof in transferable
securities, money market instruments or other permitted assets corresponding to such geographical areas, industrial sectors
or monetary zones, or to such specific types of equity or debt securities and other permitted assets, as the Board of Directors
shall from time to time determine.

Each Sub-Fund is deemed to be a compartment within the meaning of the Law (in particular article 181 of the Law).
For the purpose of determining the capital of the Company, the net assets attributable to each Sub-Fund shall, if not

expressed in US Dollar, be converted into US Dollar.

Art. 8. Classes of Shares. The Board of Directors may decide, at any time, to create within each Sub-Fund different

classes of Shares (each a “Class”) which may differ, inter alia, in their denominated currency, charging structure, the
minimum investment requirements, the management fees or type of target investors, or correspond to a specific hedging
or distribution policy, such as giving right to regular dividend payments (“Distribution Shares”) or giving no right to
distributions (“Capitalisation Shares”). Fractions of Shares may be issued under the conditions as set out in the Company's
sales documents.

When the context so requires, references in these Articles of Incorporation to Sub-Fund(s) shall mean references to Class

(es) of Shares and vice-versa.

Art. 9. Form of the Shares. The Company may issue Shares of each Sub-Fund and of each Class of Shares in registered

form only.

Ownership of Shares is evidenced by entry in the register of Shareholders of the Company and is represented by con-

firmation of ownership. The Company will not issue share certificates.

All issued Shares of the Company shall be inscribed in the register of Shareholders and shall be kept at the registered

office of the Company. Such Share register shall set forth the name of each Shareholder, his residence or elected domicile,
the number of Shares held by him, the Class of Share, the amounts paid for each such Share, the transfer of Shares and the
dates of such transfers. The Share register is conclusive evidence of ownership.

Shares shall be issued only upon acceptance of the subscription and subject to payment of the subscription price, under

the conditions disclosed in the sales documents of the Company. The subscriber will, upon acceptance of the subscription
and receipt of the purchase price, receive title to the Shares purchased by him.

The transfer of a Share shall be effected by a written declaration of transfer inscribed on the register of Shareholders,

such declaration of transfer, in a form acceptable to the Company, to be dated and signed by the transferor and the transferee
or by persons holding suitable powers of attorney to act therefore. The Company may also accept as evidence of transfer
other instruments of transfer satisfactory to the Company.

Any Shareholder has to indicate to the Company an address to be maintained in the Share register. All notices and

announcements of the Company given to Shareholders shall be validly made at such address. Any Shareholder may, at any
moment, request in writing amendments to his address as maintained in the Share register. The Shareholder shall be
responsible for ensuring that its details, including its address, for the register of Shareholders are kept up to date and shall
bear any and all responsibility should any details be incorrect or invalid.

The Company will recognise only one holder in respect of each Share in the Company. In the event of joint ownership,

the Company may suspend the exercise of any right deriving from the relevant Share or Shares until one person shall have
been designated to represent the joint owners vis-à-vis the Company.

In the case of joint shareholders, the Company reserves the right to pay any redemption proceeds, distributions or other

payments to the person that has been designated to represent the joint owners.

If a conversion or a payment made by any subscriber results in the issue of a Share fraction, such fraction shall be entered

into the register of Shareholders. It shall not be entitled to vote but shall, to the extent the Company shall determine, be
entitled to a corresponding fraction of the dividend.

Art. 10. Limitation to the ownership of Shares. The Company may restrict or prevent the ownership of shares in the

Company by any person, firm or corporate body.

More specifically, the Company may restrict or prevent the ownership of shares in the Company by any “U.S. person”,

as defined hereafter.

For such purposes the Company may:
a) decline to issue any share and decline to register any transfer of a share, where it appears to it that such registry or

transfer would or might result in beneficial ownership of such share by a person which is precluded from holding shares
in the Company;

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

the Register of Shareholders to furnish it with any representations and warranties or any information, supported by affidavit,
which it may consider necessary for the purpose of determining whether or not, to what extent and under which circums-
tances, beneficial ownership of such shareholder's shares rests or will rest in a person which is precluded from holding
shares in the Company;

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U X E M B O U R G

c) decline to accept the vote of any person who is precluded from holding shares in the Company at any meeting of

shareholders of the Company, such as, but not limited to U.S. persons; and

d) where it appears to the Company that any person which is precluded from holding shares in the Company or whom

the Company reasonably believes to be precluded from holding shares in the Company, either alone or in conjunction with
any other person, is a beneficial owner of shares or is in breach of its representations and warranties or fails to make such
representations and warranties as the Board of Directors may request or where shares are held or acquired by or on behalf
of any person in circumstances which in the opinion of the Board of Directors might result in the Company incurring any
liability to taxation or suffering any other pecuniary disadvantage which the Company might not otherwise have incurred
or suffered (including any tax liabilities that might derive, inter alia, from any breach of the requirements imposed by the
Foreign Account Tax Compliance Act (“FATCA”) and related US regulations), including a requirement to register under
any securities or investment or similar laws or requirements of any country or authority, (i) direct such shareholder to
transfer his shares to a person qualified to own such shares, or (ii) require compulsorily the purchase from any such
shareholder of all or part of the shares held by such shareholder in the following manner:

1) The Company shall serve a notice (hereinafter called the “purchase notice”) upon the shareholder appearing in the

Register of Shareholders as the owner of the shares to be purchased, specifying the shares to be purchased as aforesaid, the
price to be paid for such shares, and the place at which the purchase price in respect of such shares is payable. Any such
notice may be served upon such shareholder by posting the same in a prepaid registered envelope addressed to such
shareholder at his last address known to or appearing in the books of the Company. Immediately after the close of business
on the date specified in the purchase notice, such shareholder shall cease to be the owner of the shares specified in such
notice and his name shall be removed as to such shares in the register of Shareholders.

2) The price at which the shares specified in any purchase notice shall be purchased (herein called “the purchase price”)

shall be an amount equal to the per share net asset value of shares in the Company, determined in accordance with Article
eleven hereof.

3) Payment of the purchase price will be made to the owner of such shares, except during periods of exchange restrictions,

and will be deposited by the Company with a bank in Luxembourg or elsewhere (as specified in the purchase notice) for
payment to such owner. Upon deposit of such price as aforesaid no person interested in the shares specified in such purchase
notice shall have any further interest in such shares or any of them, or any claim against the Company or its assets in respect
thereof, except the right of the shareholder appearing as the owner thereof to receive the price so deposited (without interest)
from such bank.

4) The exercise by the Company of the powers conferred by this article shall not be questioned or invalidated in any

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

Whenever used in these Articles the term “U.S. person” refers to any citizen or resident of the United States of America

or to any corporation, association or entity created under the laws of the United States of America or to any other person
included in the scope of the definition term “U.S. persons” according to the “Regulations S” enacted by the “United States
Securities Act” in 1933 and in any subsequent amendment, or according to any other future law or regulation implemented
in the United States of America to replace Regulation S as well as in the scope of the definition of “US Person” according
to FATCA.

The Board of Directors may, from time to time, amend or clarify the aforesaid meaning.

In addition to the foregoing, the Board of Directors may restrict the issue and transfer of Shares of a Class of Shares or

of a Sub-Fund to institutional investors within the meaning of the Article 174 of the Law (“Institutional Investor(s)”). The
Board of Directors may, at its discretion, delay the acceptance of any subscription application for Shares of a Class of
Shares or of a Sub-Fund reserved for Institutional Investors until such time as the Company has received sufficient evidence
that the applicant qualifies as an Institutional Investor. If it appears at any time that a holder of Shares of a Class of Shares
or of a Sub-Fund reserved to Institutional Investors is not an Institutional Investor, the Board of Directors will convert the
relevant Shares into Shares of a Class of Shares or of a Sub-Fund which is not restricted to Institutional Investors (provided
that there exists such a Class of Shares or of a Sub-Fund with similar characteristics) or compulsorily redeem the relevant
Shares in accordance with the provisions set forth above in this Article. The Board of Directors will refuse to give effect
to any transfer of Shares and consequently refuse for any transfer of Shares to be entered into the register of Shareholders
in circumstances where such transfer would result in a situation where Shares of a Class of Shares or of a Sub-Fund to
Institutional Investors would, upon such transfer, be held by a person not qualifying as an Institutional Investor. In addition
to any liability under applicable law, (i) each Shareholder who is precluded from holding Shares in the Company who holds
Shares of the Company or (ii) each Shareholder who does not qualify as an Institutional Investor who holds Shares in a
Class of Shares or of a Sub-Fund restricted to Institutional Investors, shall hold harmless and indemnify the Company, the
Board of Directors, the other Shareholders of the relevant Class of Shares or of a Sub-Fund and the Company’s agents for
any damages, losses and expenses resulting from or connected to such holding circumstances where the relevant shareholder
had furnished misleading or untrue documentation or had made misleading or untrue representations to wrongfully establish
its status as an Institutional Investor or has failed to notify the Company of its change of such status.

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U X E M B O U R G

3. Net asset value, Issue and repurchase of shares, Suspension of the calculation of the net asset value

Art. 11. Net Asset Value. The Net Asset Value per Share of each Class of Shares in each Sub-Fund of the Company

shall be determined periodically by the Company, but in any case not less than twice a month or, subject to regulatory
approval, no less than once a month, as the Board of Directors may determine (every such day for determination of the Net
Asset Value being referred to herein as the “Valuation Day”) on the basis of prices whose references are specified in the
Company's sales documents.

The Net Asset Value per Share is expressed in the reference currency of each Sub-Fund/Class and, for each Class of

Shares for all Sub-Funds, is determined by dividing the value of the total assets (including accrued income) of each Sub-
Fund properly allocable to such Class of Shares less the total liabilities of such Sub-Fund properly allocable to such Class
of Shares by the total number of Shares of such Class outstanding on any Valuation Day. The Board of Directors may also
apply dilution adjustments, swing pricing techniques as disclosed in the Company's sales document.

The valuation of the Net Asset Value per Share of the different Classes of Shares shall be made in the following manner:
A) The assets of the Company shall be deemed to include:
(1) all cash in hand or receivable or on deposit, including accrued interest;
(2) all bills and demand notes and accounts due (including the price of securities sold but not collected);
(3) all securities, shares, bonds, units/shares in undertakings for collective investment, debentures, options or subscrip-

tion rights and any other investments and securities belonging to the Company;

(4) all dividends and distributions due to the Company in cash or in kind; the Company may however adjust the valuation

to check fluctuations of the market value of securities due to trading practices such a trading ex dividend or ex rights;

(5) all accrued interest on securities held by the Company except to the extent such interest is comprised in the principal

thereof;

(6) the preliminary expenses of the Company insofar as the same have not been written off, provided that such preliminary

expenses may be written off directly from the capital of the Company;

(7) all other permitted assets of every kind and nature, including prepaid expenses.
The value of such assets shall be determined as follows:
(1) 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,
un-less in any case the same is unlikely to be paid or received in full, in which case the value thereof shall be arrived at
after making such discount as the Company may consider appropriate in such case to reflect the true value thereof.

(2) The value of such securities, financial derivative instruments and assets will be determined on the basis of the closing

or last available price on the stock exchange or any other Regulated Market as aforesaid on which these securities or assets
are traded or admitted for trading.

(3) If a security is not traded or admitted on any official stock exchange or any Regulated Market, or in the case of

securities so traded or admitted the last available price of which does not reflect their true value, the Directors are required
to proceed on the basis of their expected sales price, which shall be valued with prudence and in good faith.

(4) The financial derivative instruments which are not listed on any official stock ex-change or traded on any other

organised market are subject to reliable and verifiable valuation on a daily basis and can be sold, liquidated or closed by
an offsetting transaction at any time at their fair value at the Company's initiative. The reference to fair value shall be
understood as a reference to the amount for which an asset could be exchanged, or a liability be settled, between know-
ledgeable, willing par-ties in an arm's length transaction. The reference to reliable and verifiable valuation shall be
understood as a reference to a valuation, which does not rely only on market quotations of the counter-party and which
fulfils the following criteria:

(a) The basis of the valuation is either a reliable up-to-market value of the instrument, or, if such value is not available,

a pricing model using an adequate recognised methodology.

(b) Verification of the valuation is carried out by one of the following:
(i) an appropriate third party which is independent from the counter-party of the OTC derivative, at an adequate frequency

and in such a way that the Company is able to check it;

(ii) a unit within the Company which is independent from the department in charge of managing the assets and which

is adequately equipped for such purpose.

(5) Units or shares in undertakings for collective investments shall be valued on the basis of their last available net asset

value as reported by such undertakings.

(6) Liquid assets and money market instruments may be valued at nominal value plus any accrued interest or on an

amortised cost basis. All other assets, where practice allows, may be valued in the same manner.

(7) If any of the aforesaid valuation principles do not reflect the valuation method commonly used in specific markets

or if any such valuation principles do not seem accurate for the purpose of determining the value of the Company's assets,
the Directors may fix different valuation principles in good faith and in accordance with generally accepted valuation
principles and procedures.

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U X E M B O U R G

(8) Any assets or liabilities in currencies other than the Reference Currency of the Sub-funds will be converted using

the relevant spot rate quoted by a bank or other recognised financial institution.

If after the Net Asset Value per Share has been calculated, there has been a material change in the quoted prices on the

markets on which a substantial portion of the investments of the Company attributable to a particular Sub-Fund is dealt or
quoted, the Company may, in order to safeguard the interests of the Shareholders and the Company, cancel the first valuation
and carry out a second valuation. In the case of such a second valuation, all issues, conversions or redemptions of Shares
dealt with by the Sub-Fund for such a Valuation Day must be made in accordance with this second valuation.

B) The liabilities of the Company shall be deemed to include:
(1) all loans, bills and accounts payable;
(2) all accrued or payable administrative expenses (including but not limited to management fee, depositary fee and

corporate agents' insurance premiums fee and any other fees payable to representatives and agents of the Company, as well
as the costs of incorporation and registration, legal publications and sales documents printing, financial reports and other
documents made available to Shareholders, marketing and advertisement costs as well as costs incurred in relation to
structures which may be required by law or regulations in the jurisdictions in which the Shares are marketed);

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

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

(4) an appropriate provision for future taxes based on capital and income as at the date of the valuation and any other

reserves, authorised and approved by the Board of Directors; and

(5) all other liabilities of the Company of whatsoever kind and nature except liabilities related to Shares in the relevant

Class toward third parties. In determining the amount of such liabilities the Company may take into account all adminis-
trative and other expenses of a regular or periodical nature on an estimated figure for yearly or other periods in advance,
and may accrue the same in equal proportions over any such period.

C) The Directors shall establish a pool of assets for each Sub-Fund in the following manner:
(1) the proceeds from the allotment and issue of each Class of Shares of such Sub-Fund shall be applied in the books of

the Company to the portfolio of assets established for that Sub-Fund, and the assets and liabilities and income and expen-
diture attributable thereto shall be applied to such pool subject to the provisions of this Article;

(2) where any asset is derived from another asset, such derivative asset shall be applied in the books of the Company to

the same pool as the assets from which it was derived and on each re-evaluation of an asset, the increase or diminution in
value shall be applied to the relevant pool;

(3) where the Company incurs a liability which relates to any asset of a particular pool or to any action taken in connection

with an asset of a particular pool, such liability shall be allocated to the relevant pool;

(4) in the case where any asset or liability of the Company cannot be considered as being attributable to a particular

pool, such asset or liability shall be allocated to all the pools pro rata to the Net Asset Values of each pool;

provided that all liabilities, attributable to a pool shall be binding on that pool;
and (5) upon the record date for the determination of the person entitled to any dividend declared on any Class of Shares,

the Net Asset Value of such Class of Shares shall be reduced or increased by the amount of such dividends depending on
the distribution policy of the relevant class.

D) For the purpose of valuation under this Article:
(1) Shares of the Company to be redeemed under Article 12 hereof shall be treated as existing and taken into account

until immediately after the time specified by the Directors on the Valuation Day on which such valuation is made, and,
from such time and until paid, the price therefore shall be deemed to be a liability of the Company;

(2) Shares of the Company in respect of which subscription has been accepted but payment has not yet been received

shall be deemed to be existing as from the close of business on the Valuation Day on which they have been allotted and
the price therefore, until received by the Company, shall be deemed a debt due to the Company;

(3) all investments, cash balances and other assets of any Sub-Fund expressed in currencies other than the currency of

denomination in which the Net Asset Value per Share of the relevant Sub-Fund is calculated shall be valued after taking
into account the market rate or rates of exchange in force at the date and time for determination of the Net Asset Value of
the relevant Sub-Fund;

(4) effect shall be given on any Valuation Day to any purchases or sales of securities contracted for by the Company on

such Valuation Day, to the extent practicable; and

(5) the valuation referred to above shall reflect that the Company is charged with all expenses and fees in relation to the

performance under contract or otherwise by agents for management company services (if appointed), asset management,
custodial, domiciliary, registrar and transfer agency, audit, legal and other professional services and with the expenses of
financial reporting, notices and dividend payments to Shareholders and all other customary administration services and
fiscal charges, if any.

E) The Board of Directors may invest and manage all or any part of the pools of assets established for one or more Sub-

Fund(s) (hereafter referred to as “Participating Funds”) on a pooled basis where it is applicable with regard to their respective

97081

U X E M B O U R G

investment sectors to do so. Any such enlarged asset pool (“Enlarged Asset Pool”) shall first be formed by transferring to
it cash or (subject to the limitations mentioned below) other assets from each of the Participating Funds. Thereafter the
Directors may from time to time make further transfers to the Enlarged Asset Pool. They may also transfer assets from the
Enlarged Asset Pool to a Participating Fund, up to the amount of the participation of the Participating Fund concerned.
Assets other than cash may be allocated to an Enlarged Asset Pool only where they are appropriate to the investment sector
of the Enlarged Asset Pool concerned.

The assets of the Enlarged Asset Pool to which each Participating Fund shall be entitled, shall be determined by reference

to the allocations and withdrawals made on behalf of the other Participating Funds.

Dividends, interests and other distributions of an income nature received in respect of the assets in an Enlarged Asset

Pool will be immediately credited to the Participating Funds, in proportion to their respective entitlements to the assets in
the Enlarged Asset Pool at the time or receipt.

Art. 12. Issue, redemption and conversion of Shares. The Board of Directors is authorised to issue further fully paid-up

Shares of each Class of each Sub-Fund at any time at a price based on the Net Asset Value per Share for each Class of
Shares of each Sub-Fund determined in accordance with Article 11 hereof, as of such Valuation Day as is determined in
accordance with such policy as the Board of Directors may from time to time determine. Such price may be increased by
applicable charges, as approved from time to time by the Board of Directors and described in the Company's sales document.
Such price may be rounded upwards or downwards as the Board of Directors may resolve. During any initial offer period
to be determined by the Board of Directors and disclosed to investors, the issue price may also be based on an initial
subscription price, increased by any dilution levy and/or applicable charges (if any).

The Board of Directors may delegate to any duly authorised Director or officer of the Company or to any other duly

authorised person, the duty of accepting subscriptions and of receiving payment for such new Shares.

All new Share subscriptions shall, under pain of nullity, be entirely paid-up, and the Shares issued carry the same rights

as those Shares in existence on the date of the issuance. The subscription price shall be paid within a period as determined
by the Board of Directors and specified in the Company's sales documents.

The Company may reject any subscription in whole or in part, and the Directors may, at any time and from time to time

and in their absolute discretion without liability and without notice, discontinue the issue and sale of Shares of any Class
in any one or more Sub-Funds.

The subscription price (not including the sales commission or any other changes) may, upon approval of the Board of

Directors, and subject to all applicable laws and regulations, namely with respect to a special audit report confirming the
value of any assets contributed in kind, be paid by contributing to the Company assets acceptable to the Board of Directors
consistent with the investment policy and investment restrictions of the Company. The costs for such subscription in kind,
in particular the costs of the special audit report, will be borne by the shareholder requesting the subscription in kind or by
a third party, but will not be borne by the Company unless the Board of Directors considers that the subscription in kind
is in the interests of the Company or made to protect the interests of the Company, in which case such costs may be borne
in all or in part by the Company.

Any Shareholder may request the redemption of all or part of his Shares by the Company provided that:
(i) the Company may determine the notice period required for lodging redemption requests. Applicable notice periods

(if any) will be disclosed in the sales documents of the Company;

(ii) in the case of a request for redemption of part of his Shares, the Company may, if compliance with such request

would result in a holding of Shares of any one Class or in any one Sub-Fund with an aggregate Net Asset Value of less
than such amount or number of Shares as the Board of Directors may determine from time to time and as described in the
sales documents, redeem all the remaining Shares held by such Shareholder;

(iii) the Company may limit the total number of Shares of any Sub-Fund which may be redeemed (including conversions)

on a Valuation Day to a certain percentage as disclosed in the Company's sales documents of the Net Asset Value of such
Sub-Fund on a Valuation Day. Redemption or conversion requests exceeding the threshold determined by the Board of
Directors may be deferred as disclosed in the sales documents of the Company. Deferred redemption or conversion requests
will be dealt in priority to later requests. Unless otherwise provided for herein, in case of deferral of redemption the relevant
Shares shall be redeemed at a price based on the Net Asset Value per Share prevailing at the date on which the redemption
is effected, less any redemption charge in respect thereof and/or less any applicable dilution levy and/or less any contingent
deferred charge and/or less any other charge as foreseen by the sales documents of the Company.

The redemption proceeds shall be paid within the timeframe provided for in the sales documents of the Company and

shall be based on the price for the relevant Class of Shares of the relevant Sub-Fund as determined in accordance with the
provisions of Article 11 hereof, less any redemption charge in respect thereof and/or less any applicable dilution levy and/
or less any contingent deferred charge and/or less any other charge as foreseen by the sales documents of the Company.

If in exceptional circumstances the liquidity of the portfolio of assets maintained in respect of the Class of Shares of a

given Sub-Fund being redeemed is not sufficient to enable the payment to be made within such a period, such payment
shall be made as soon as reasonably practicable thereafter but without interest.

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U X E M B O U R G

Payment of redemption proceeds may be delayed if there are any specific statutory provisions such as foreign exchange

restrictions, or any circumstances beyond the Company's control which make it impossible to transfer the redemption
proceeds to the country where the redemption was requested.

With the consent of or upon request of the Shareholder(s) concerned, the Board of Directors may satisfy redemption

requests in whole or in part in kind by allocating to the redeeming Shareholders investments from the portfolio in value
equal to the Net Asset Value attributable to the Shares to be redeemed as described in the Company’s sales documents.
Such redemption will, be subject to a special audit report by the approved statutory auditor of the Company confirming the
number, the denomination and the value of the assets which the Board of Directors will have determined to be contributed
in counterpart of the redeemed Shares. The costs for such redemptions in kind, in particular the costs of the special audit
report, will be borne by the Shareholder requesting the redemption in kind or by a third party, but will not be borne by the
Company unless the Board of Directors considers that the redemption in kind is in the interests of the Company or made
to protect the interests of the Company, in which case such costs may be borne in all or in part by the Company. The nature
and type of assets to be transferred in such case shall be determined on a fair and reasonable basis and without prejudicing
the interests of the other holders of Shares in the relevant Sub-Fund.

Shares of the Company redeemed by the Company shall be cancelled.
Unless otherwise provided for in the sales documents of the Company, any Shareholder is entitled to request the switching

of whole or part of his Shares, provided that the Board of Directors may, in the Company's sales documents:

a) set terms and conditions as to the right and frequency of switching of Shares between Sub-Funds or between Classes

of Shares; and

b) subject switching to the payment of such charges and commissions as it shall determine.
If as a result of any request for switching, the aggregate Net Asset Value per Share of the Shares held by a Shareholder

in any Class of Shares would fall below the minimum holding amount as disclosed in the sales document as determined
by the Board of Directors, then the Company may decide that this request be treated as a request for conversion for the full
balance of such Shareholder’s holding of Shares in such Class, as stated in the sales documents.

Such a switching shall be effected on the basis of the Net Asset Value of the relevant Shares of the different Sub-Funds

or Classes of Shares, determined in accordance with the provisions of Article 11 hereof. The relevant number of Shares
may be rounded up or down to a certain number of decimal places as determined by the Board of Directors and described
in the sales documents.

Subscription, redemption and conversion requests shall be revocable under the conditions determined by the Board of

Directors and disclosed (if any) in the sales documents of the Company as well as in the event of suspension of the Net
Asset Value Calculation, as further detailed in Article 13 of these Articles of Incorporation.

Art. 13. Suspension of the calculation of the Net Asset Value and of the issue, the redemption and the conversion of

Shares. The Company may suspend the calculation of the Net Asset Value of one or more Share Classes and the issue,
redemption and conversion of any Classes of Shares in the following circumstances:

(a) during any period when, according to the opinion of the Directors, any of the principal stock exchanges or any other

Regulated Market on which any substantial portion of the Sub-f's investments of the relevant Share Class for the time being
are quoted, is closed other than for ordinary holidays, or during which dealings are restricted or suspended; or

(b) during the existence of any state of affairs which constitutes an emergency as a result of which disposal or valuation

of investments of the relevant Sub-fund by the Company is impracticable; or

of the relevant Sub-fund's investments or the current prices or values on any market or stock exchange; or

(d) during any period when the Company is unable to repatriate funds for the purpose of making payments on the

redemption of such Shares or during which any transfer of funds involved in the realisation or acquisition of investments
or payments due on redemption of such Shares cannot in the opinion of the Directors be effected at normal rates of exchange;
or

(e) if the Company is being or may be wound-up on or following the date on which notice is given of the meeting of

Shareholders at which a resolution to wind up the Company is proposed;

(f) if the calculation of the share or unit price in the respective Master Fund, in which one or more Sub-fund(s) invest

in, has been suspended; or

(g) in the event of a merger or a similar event concerning the Company and/or one or more Sub-fund(s) if deemed

necessary by the Board in the best interest of the Shareholders concerned; or

(h) in case of the suspension of the calculation of an index underlying a financial derivate investment material to a Sub-

fund.

The suspension of the calculation of the Net Asset Value per Share of any Sub-fund shall not affect the valuation of

other Sub-funds, unless these Sub-funds are also affected.

During a period of suspension or deferral, a Shareholder may withdraw his request in respect of any Shares not redeemed

or switched, by notice in writing received by the Registrar and Transfer Agent before the end of such period.

97083

U X E M B O U R G

The Company may cease the issue, allocation, conversion and redemption of the Shares forthwith upon the occurrence

of an event causing it to enter into liquidation or upon the order of the Luxembourg supervisory authority.

The suspension of the calculation of the Net Asset Value of a Sub-Fund shall have no effect on the calculation of the

Net Asset Value per Share, the issue, redemption and conversion of Shares of any other Sub-Fund which is not suspended.

To the extent legally or regulatory required or decided by the Company, Shareholders who have requested conversion

or redemption of their Shares will be promptly notified in writing of any such suspension and of the termination thereof.
The Board of Directors may also make public such suspension in such a manner as it deems appropriate.

Suspended subscription, redemption and conversion applications may be withdrawn by written notice provided that the

Company receives such notice before the suspension ends.

Suspended subscription, redemption and conversion applications shall be executed on the first Valuation Day following

the resumption of Net Asset Value calculation by the Company.

4. General shareholders’ meetings

Art. 14. General provisions. Any regularly constituted meeting of the Shareholders of the Company shall represent the

entire body of Shareholders of the Company. Its resolutions shall be binding upon all Shareholders of the Company re-
gardless of the Class of Shares held by them. It shall have the broadest powers to order, carry out or ratify acts relating to
the operations of the Company.

Art. 15. Annual general Shareholders’ meeting. The annual general meeting of Shareholders shall be held, in accordance

with Luxembourg law, in Luxembourg at the registered office of the Company or such other place in Luxembourg as may
be specified in the notice of the meeting in Luxembourg at 11:00 a.m. (Luxembourg time) on the first Wednesday of June
in each year and for the first time in 2016. If such day is not a bank business day in Luxembourg, then the annual general
meeting shall be held on the next following bank business day.

If permitted by and under the conditions set forth in Luxembourg laws and regulations, the annual general meeting of

Shareholders may be held at another date, time or place than those set forth in the preceding paragraph, which date, time
and place are to be decided by the Board of Directors.

Other meetings of Shareholders or of holders of Shares of any specific Sub-Fund or Class may, where required or

appropriate, be held at such place and time as may be specified in the respective notices of meeting.

Art. 16. General meetings of Shareholders of Classes of Shares. The Shareholders of any Sub-Fund or any Class of

Shares may hold or be convened to, at any time, general meetings to decide on any matters which relate exclusively to such
Sub-Fund or Class of Shares.

Two or more Classes of Shares or Sub-Funds may be treated as a single Class or Sub-Fund if such Sub-Funds or Classes

would be affected in the same way by the proposals requiring the approval of holders of Shares relating to the separate
Sub-Funds or Classes.

Art. 17. Shareholders’ meetings. The quorum and time required by law shall govern the notice for and conduct of the

meetings of Shareholders of the Company, unless otherwise provided herein.

Each whole Share, regardless of the Class and of the Sub-Fund to which it belongs, is entitled to one vote, subject to

the limitations imposed by these Articles of Incorporation. A Shareholder may act at any meeting of Shareholders by
appointing another person as his proxy in writing or by cable, telegram, telex, telefax message, facsimile or any other
electronic means capable of evidencing such proxy. Fractions of Shares are not entitled to a vote.

Except as otherwise required by law or as otherwise provided herein, resolutions at a meeting of Shareholders duly

convened will be passed by simple majority of the votes cast. Votes cast shall not include votes in relation to Shares in
respect of which the Shareholders have not taken part in the vote or have abstained or have returned a blank or invalid vote.
A corporation may execute a proxy under the hand of a duly authorised officer.

If and to the extent permitted by the Board of Directors for a specific meeting of Shareholders, each Shareholder may

vote through voting forms sent by post or facsimile to the Company’s registered office or to the address specified in the
convening notice. The Shareholders may only use voting forms provided by the Company and which contain at least (i)
the name, address or registered office of the relevant Shareholder, (ii) the total number of Shares held by the relevant
Shareholder and, if applicable, the number of Shares of each Class held by the relevant Shareholder, (iii) the place, date
and time of the general meeting, (iv) the agenda of the general meeting, (v) the proposal submitted for decision of the
general meeting, as well as (vi) for each proposal three boxes allowing the Shareholder to vote in favour, against or abstain
from voting on each proposed resolution by ticking the appropriate box. Voting forms, which show neither a vote in favour,
nor against the resolution, nor an abstention shall be void. The Company will only take into account voting forms received
prior to the general meeting of Shareholders to which they relate.

The Board of Directors may determine all other conditions that must be fulfilled by Shareholders for them to take part

in any meeting of Shareholders.

Where there is more than one Class of Shares or Sub-Fund and the resolution of the general meeting is such as to change

the respective rights thereof, such resolution must, in order to be valid, be approved separately by Shareholders of such
Class of Shares or Sub-Fund in accordance with the quorum and majority requirements provided for by this Article.

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U X E M B O U R G

Art. 18. Notice to the general Shareholders’ meetings. Shareholders shall meet upon call by the Board of Directors or

upon the written request of Shareholders representing at least one tenth of the share capital of the Company. To the extent
required by law, the notice shall be published in the Mémorial Recueil des Sociétés et Associations of Luxembourg, in a
Luxembourg newspaper and in such other newspapers as the Board of Directors may decide.

Under the conditions set forth in Luxembourg laws and regulations, the notice of any general meeting of Shareholders

may provide that the quorum and the majority applicable for this general meeting will be determined by reference to the
Shares issued and outstanding at a certain date and time preceding the general meeting (the “Record Date”), whereas the
right of a Shareholder to participate at a general meeting of Shareholders and to exercise the voting right attached to his
Shares will be determined by reference to the Shares held by this Shareholder as at the Record Date.

5. Management of the company

Art. 19. Board of Directors. The Company shall be managed by a Board of Directors composed of not less than three

members who need not to be Shareholders of the Company.

Art. 20. Duration of the appointment of the Directors, renewal of the Board of Directors. The Directors shall be elected

by a general meeting of Shareholders for a period ending at the next annual general meeting and until their successors are
elected and qualify, provided, however, that a Director may be removed with or without cause and/or replaced or an
additional director appointed at any time by resolution adopted by the general meeting of Shareholders.

In the event of a vacancy in the office of a Director because of death, retirement or otherwise, the remaining Directors

may meet and may elect, by majority vote, a new Director to fill such vacancy on a provisional basis until the next general
meeting of Shareholders.

Art. 21. Committee of the Board of Directors. The Board of Directors shall choose from among its members a chairman,

and may choose from among its members one or more vice-chairmen.

It may also chose a secretary, who need not be a Director, who shall be responsible for keeping the minutes of the

meetings of the Board of Directors and of the Shareholders.

Art. 22. Meetings and deliberations of the Board of Directors. The Board of Directors shall meet upon call by the

chairman, or any two Directors, at the place indicated in the notice of meeting.

The chairman shall preside at all meetings of Shareholders and the Board of Directors, but in his absence the Shareholders

or the Board of Directors may appoint another Director by a majority vote to preside at such meetings. For general meetings
of Shareholders and in the case no Director is present, any other person may be appointed as chairman.

The Board of Directors from time to time may appoint officers of the Company, including a general manager, any

assistant managers, assistant secretaries or other officers considered necessary for the operation and management of the
Company. Any such appointment may be revoked at any time by the Board of Directors. Officers need not be Directors or
Shareholders of the Company. The officers appointed, unless otherwise stipulated herein, shall have the powers and duties
given to them by the Board of Directors.

Written notice of any meeting of the Board of Directors shall be given to all Directors at least 24 hours in advance of

the hour set for such meeting, except in circumstances of emergency, in which case the nature of such circumstances shall
be set forth in the notice of meeting. This notice may be waived by the consent in writing or by cable, telegram, telex or
facsimile transmission or any other electronic means capable of evidencing such waiver of each Director. Separate notice
shall not be required for meetings held at times and places prescribed in a schedule previously adopted by resolution of the
Board of Directors.

Any Director may act at any meetings of the Board of Directors by appointing in writing another Director as his proxy.

Directors may also cast their vote in writing or by cable, telegram, facsimile transmission or any other electronic means
capable of evidencing such vote.

Any Director may attend a meeting of the Board of Directors using teleconference or video conference means, provided

that (i) the Director attending the meeting can be identified, (ii) all persons participating in the meeting can hear and speak
to each other, (iii) the transmission is performed on an on-going basis and (iv) the Directors can properly deliberate. The
participation in a meeting by such means shall constitute presence in person at the meeting and the meeting is deemed to
be held at the registered office of the Company.

The Directors may only act duly convened meetings of the Board of Directors. Directors may not bind the Company by

their individual signature, except as specifically permitted by resolution of the Board of Directors.

The Board of Directors can deliberate or act validly only if at least half of all the Directors are present or represented at

a meeting of Directors. Decisions shall be taken by a majority of the votes of the Directors present or represented at such
meeting. The chairman shall have a casting vote.

Resolutions signed by all members of the Board of Directors will be as valid and effective as if passed at a meeting duly

convened and held. Such signatures may appear on a single document or multiple copies of an identical resolution and may
be evidenced by letters, cables, telegrams, telexes, facsimile transmission and other means capable of evidencing such
consent.

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U X E M B O U R G

The Board of Directors may delegate, under its responsibility and supervision, its powers to conduct the daily mana-

gement and affairs of the Company and its powers to carry out acts in furtherance of the corporate policy and purpose, to
natural persons or corporate entities which need not be members of the Board of Directors.

Art. 23. Minutes. The minutes of any meeting of the Board of Directors shall be signed by the chairman, or in his absence,

by the chairman pro tempore who presided at such meeting.

Copies or extracts of such minutes which may be produced in judicial proceedings or otherwise shall be signed by such

chairman, or by the secretary, or by two Directors.

Art. 24. Engagement of the Company vis-à-vis third persons. The Company shall be engaged by the signature of two

members of the Board of Directors or by the individual signature of any duly authorised officer of the Company or by the
individual signature of any other person to whom authority has been delegated by the Board of Directors.

Art. 25. Powers of the Board of Directors. The Board of Directors determines the general orientation of the management

and of the investment policy, as well as the guidelines to be followed in the management of the Company, always in
compliance with the principle of risk diversification. When any investment policies are determined and implemented, the
Board of Directors shall ensure compliance with the following provisions:

The Board of Directors may decide that investment of the Company be made (i) in transferable securities and money

market instruments admitted to or dealt in on a regulated market as defined by the Law, (ii) in transferable securities and
money market instruments dealt in on another market in a Member State (as defined by the Law) which is regulated, operates
regularly and is recognised and open to the public, (iii) in transferable securities and money market instruments admitted
to official listing on a stock exchange in Europe, Asia, Oceania (including Australia), the American continents and Africa,
or dealt in on another market in the countries referred to above, provided that such market is regulated, operates regularly
and is recognised and open to the public, (iv) in recently issued transferable securities, and money market instruments
provided the terms of the issue provide that application be made for admission to official listing in any of the stock exchanges
or other regulated markets referred to above and provided that such admission is secured within one year of issue, as well
as (v) in any other transferable securities, instruments or other assets within the restrictions as shall be set forth by the Board
of Directors in compliance with applicable laws and regulations and disclosed in the sales documents of the Company.

The Board of Directors may decide to invest up to one hundred per cent of the total net assets of each Sub-Fund of the

Company in different transferable securities and money market instruments issued or guaranteed by any Member State of
the European Union, its local authorities, a non-Member State of the European Union, as acceptable by the Luxembourg
supervisory authority and disclosed in the sales documents of the Company (including but not limited to any member state
of the Organisation for Economic Cooperation and Development (“OECD”) Singapore, or any member state of the G20,
including the People’s Republic of China), or public international bodies of which one or more of Member States of the
European Union are members, provided that in the cases where the Company decides to make use of this provision it must
hold, on behalf of the Sub-Fund concerned, securities from at least six different issues and securities from any one issue
may not account for more than thirty per cent of such Sub-Fund’s total net assets.

The Board of Directors may decide that investments of the Company be made in financial derivative instruments,

including equivalent cash settled instruments, dealt in on a regulated market as referred to in the Law and/or over-the-
counter provided that, among others, the underlying consists of instruments covered by Article 41 (1) of the Law, financial
indices, interest rates, foreign exchange rates or currencies, in which the Company may invest according to its investment
objectives as disclosed in its sales documents.

The Board of Directors may decide that investments of a Sub-Fund to be made with the aim to replicate a certain index

provided that the relevant index is recognised by the Luxembourg supervisory authority on the basis that it is sufficiently
diversified, represents an adequate benchmark for the market to which it refers and is published in an appropriate manner.

Investments of the Company may be made either directly or indirectly through wholly owned subsidiaries. When in-

vestments of the Company are made in the capital of subsidiary companies which, exclusively on its behalf, carry on only
the business of management, advice or marketing in the country where the subsidiary is located, with regard to the re-
demption of units at the request of Shareholders, Article 48 paragraphs (1) and (2) of the Law do not apply. Any reference
in these Articles to “investments” and “assets” shall mean, as appropriate, either investments made and assets beneficially
held directly or investments made and assets beneficially held indirectly through the aforesaid subsidiaries.

The Company will not invest more than 10% of the net assets of any Sub-Fund in undertakings for collective investment

as defined in Article 41 (1) e) of the Law unless specifically foreseen in the sales documents of the Company for a Sub-
Fund.

Under the conditions set forth in Luxembourg laws and regulations, any Sub-Fund may, to the widest extent permitted

by applicable Luxembourg laws and regulations, but in accordance with the provisions set forth in the sales documents,
invest in one or more Sub-Funds. The relevant legal provisions on the computation of the Net Asset Value will be applied
accordingly. In such case and subject to conditions set forth in applicable Luxembourg laws and regulations, the voting
rights, if any, attaching to the Shares held by a Sub-Fund in another Sub-Fund are suspended for as long as they are held
by the Sub-Fund concerned. In addition and for as long as these Shares are held by a Sub-Fund, their value will not be
taken into consideration for the calculation of the net assets of the Company for the purposes of verifying the minimum
capital required by the Law.

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U X E M B O U R G

Under the conditions set forth in Luxembourg laws and regulations, the Board of Directors may, at any time it deems

appropriate and to the largest extent permitted by applicable Luxembourg laws and regulations, but in accordance with the
provisions set forth in the sales documents of the Company, (i) create any Sub-Fund qualifying either as a feeder UCITS
or as a master UCITS, (ii) convert any existing Sub-Fund into a feeder UCITS Sub-Fund or (iii) change the master UCITS
of any of its feeder UCITS Sub-Funds.

The Board of Directors may invest and manage all or any part of the pools of assets established for two or more Sub-

Funds on a pooled basis, as described in Article 11, where it is appropriate with regard to their respective investment sectors
to do so.

In order to reduce operational and administrative charges while allowing a wider diversification of the investments, the

Board of Directors may decide that part or all of the assets of the Company will be co-managed with assets belonging to
other collective investment schemes or that part will be comanaged among themselves.

Art. 26. Interest. No contract or other transaction between the Company and any other company or firm shall be affected

or invalidated by the fact that any one or more of the Directors or officers of the Company is interested in, or is a Director,
associate, officer or employee of any such other company or firm.

Any Director or officer of the Company who serves as a Director, officer or employee of any company or firm with

which the Company shall contract or otherwise engage in business shall not, by reason his connection and/or relationship
with that other company or firm, be prevented from considering and voting or acting upon any matters with respect to any
such contract or other business.

In the event that any Director or officer of the Company may have any personal interest in any transaction submitted

for approval to the Board of Directors conflicting with that of the Company, that Director or officer shall make such a
conflict known to the Board of Directors and shall not consider or vote on any such transaction, and any such transaction
shall be reported to the next meeting of Shareholders.

The preceding paragraph does not apply where the decision of the Board of Directors or by the single Director relates

to current operations entered into under normal conditions.

The term "personal interest", as used above, shall not include any relationship with or interest in any matter, position or

transaction involving any entity promoting the Company or any subsidiary thereof, or any other company or entity as may
from time to time be determined by the Board of Directors at its discretion, provided that this personal interest is not
considered as a conflicting interest according to applicable laws and regulations.

Art. 27. Indemnification of the Directors. The Company may indemnify any Director, authorised officer, employee or

agent, their heirs, executors and administrators, to the extent permitted by law, for all costs and expenses borne or paid by
them in connection with any claim, action, law suit or proceedings brought against them in their capacity as Director,
authorised officer, employee or agent of the Company, except in cases where they are ultimately sentenced for gross
negligence. In the case of an out of court settlement, such indemnification shall be provided only in connection with such
matters covered by the settlement as to which the Company is advised by its counsel that the person to be indemnified did
not commit such a breach of duty. The right to such indemnification does not exclude other rights to which the director,
authorised officer, employee or agent are entitled. The rights to indemnification provided herein are separate and do not
affect the other rights to which a Director, authorised officer, employee or agent may now or later be entitled and shall be
maintained for any person who has ceased their activity as Director, authorised officer, employee or agent.

6. Auditor

Art. 28. Auditor. The general meeting of Shareholders shall appoint an approved statutory auditor (“réviseur d'entreprises

agréé”) who shall carry out the duties prescribed by the Law and serve until its successor is elected.

7. Annual accounts

Art. 29. Accounting year. The accounting year of the Company shall begin on 1 January in each year and shall end on

31 December of the same year.

The accounts of the Company shall be expressed in US Dollars or to the extent permitted by laws and regulations such

other currency, as the Board of Directors may determine. Where there shall be different Sub-Funds as provided for in
Article 7 hereof, and if the accounts within such Sub-Funds are expressed in different currencies, such accounts shall be
converted into US Dollars and added together for the purpose of determination of the accounts of the Company.

Art. 30. Distribution Policy. The Shareholders shall, upon proposal from the Directors and within the limits provided

by Luxembourg law, determine how the results of the Company shall be disposed of and other distributions shall be effected
and may from time to time declare, or authorise the Directors to declare distributions. Distributions may be made out of
investment income, capital gains or capital.

For any Sub-Fund or Class of Shares, the Directors may decide to pay interim dividends in compliance with the conditions

set forth by law. Distribution Shares confer in principle on their holders the right to receive dividends declared on the
portion of the net assets of the Company attributable to the relevant Class of Shares in accordance with the provisions
below. Accumulation Shares do not in principle confer on their holders the right to dividends. The portion of the net assets

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U X E M B O U R G

of the Company attributable to accumulation Shares of the relevant Class of Shares in accordance with the provisions below
shall automatically increase the Net Asset Value of these Shares.

Dividends may further, in respect of any Class of Shares, include an allocation from an equalisation account which may

be maintained in respect of any such Class of Shares and which, in such event, will in respect of such Class of Shares, be
credited upon issue of Shares and debited upon redemption of Shares, in an amount calculated by reference to the accrued
income attributable to such Shares.

Dividends will normally be paid in the currency in which the relevant Class of Shares is expressed or, in exceptional

circumstances, in such other currency as selected by the Board of Directors and may be paid at such places and times as
may be determined by the Board of Directors. The Board of Directors may make a final determination of the rate of exchange
applicable to translate dividends into the currency of their payment.

The Board of Directors may decide that dividends be automatically reinvested for any Sub-Fund or Class of Shares

unless a Shareholder entitled to receive cash distribution elects to receive payment of such dividends. However, no dividends
will be paid if their amount is below an amount to be decided by the Board of Directors from time to time and published
in the sales documents of the Company. Such dividends will automatically be reinvested.

No distribution shall be made if as a result thereof the capital of the Company becomes less than the minimum required

by law.

Declared dividends not claimed within five years of the due date will lapse and revert to the relevant Sub-Fund or Class.

The Board of Directors has all powers and may take all measures necessary for the implement of this position. No interest
shall be paid on a dividend declared and held by the Company at the disposal of its beneficiary.

8. Dissolution and liquidation

Art. 31. Dissolution of the Company. In the event of a dissolution of the Company, liquidation shall be carried out by

one or several liquidators (who may be physical persons or legal entities) named by the meeting of Shareholders effecting
such dissolution and which shall determine their powers and their compensation. The net proceeds of liquidation corres-
ponding to each Class of Shares shall be distributed by the liquidators to the holders of Shares of each Class of Shares of
each Sub-Fund in proportion of their holding of Shares in such Class of Shares of each Sub-Fund either in cash or, upon
the prior consent of the Shareholder, in kind. Any funds to which Shareholders are entitled upon the liquidation of the
Company and which are not claimed by those entitled thereto prior to the close of the liquidation process shall be deposited
for the benefit of the persons entitled thereto to the Caisse de Consignation in Luxembourg in accordance with the Law.
Amounts so deposited shall be forfeited in accordance with Luxembourg laws.

Art. 32. Termination, division and amalgamation of Sub-Funds. The Directors may decide at any moment the termina-

tion, division and/or amalgamation of any Sub-Fund. In the case of termination of a Sub-Fund, the Directors may offer to
the Shareholders of such Sub-Fund the conversion of their Class of Shares into Classes of Shares of another Sub-Fund,
under terms fixed by the Directors.

In the event that for any reason the value of the net assets in any Sub-Fund or of any Class of Shares within a Sub-Fund

has decreased to an amount determined by the Directors from time to time to be the minimum level for such Sub-Fund or
such Class of Shares to be operated in an economically efficient manner, or if a change in the economic or political situation
relating to the Sub-Fund concerned would have material adverse consequences on the investments of that Sub-Fund, the
Directors may decide to compulsorily redeem all the Shares of the relevant Classes issued in such Sub-Fund at the Net
Asset Value per Share, taking into account actual realisation prices of investments and realisation expenses and calculated
on the Valuation Day at which such decision shall take effect.

The Company shall serve a notice to the Shareholders of the relevant Class of Shares prior to the effective date of the

redemption, which will indicate the reasons for and the procedure of the redemption operations. Unless it is otherwise
decided in the interests of, or to maintain equal treatment between the Shareholders, the Shareholders of the Sub-Fund
concerned may continue to request redemption or conversion of their Shares free of charge, taking into account actual
realisation prices of investments and realisation expenses and prior to the date effective for the compulsory redemption.

Assets which may not be distributed to their owners upon the implementation of the redemption will be deposited with

the Caisse de Consignation on behalf of the persons entitled thereto.

All redeemed Shares will be cancelled in the books of the Company.
Under the same circumstances provided for under this Article the Board of Directors may decide to reorganise a Sub-

Fund or Class by means of a division into two or more Sub-Funds or Classes.

The Board of Directors may decide to consolidate a Class of any Sub-Fund. The Board of Directors may also submit

the question of the consolidation of a Class to a meeting of holders of such Class. Such meeting will resolve on the
consolidation with a simple majority of the votes cast.

Notwithstanding the powers conferred to the Board of Directors by the preceding paragraphs, a general meeting of

Shareholders of any Sub-Fund (or Class as the case may be) may, upon proposal from the Board of Directors, (i) decide
that all Shares of such Sub-Fund shall be redeemed and the Net Asset Value of the Shares (taking into account actual
realisation prices of investments and realisation expenses) refunded to Shareholders, such Net Asset Value calculated as

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U X E M B O U R G

of the Valuation Day at which such decision shall take effect, and/or (ii) decide upon the division of a Sub-Fund or the
division, consolidation or amalgamation of Classes of Shares in the same Sub-Fund.

There shall be no quorum requirements for such general meeting of Shareholders at which resolutions shall be adopted

by simple majority of the votes cast if such decision does not result in the liquidation of the Company. Liquidation proceeds
not claimed by the Shareholders at the close of the liquidation of a Sub-Fund will be deposited at the Caisse de Consignation
in Luxembourg. If not claimed they shall be forfeited in accordance with Luxembourg Law.

Any merger of a Sub-Fund shall be decided by the Board of Directors unless the Board of Directors decides to submit

the decision for a merger to a meeting of Shareholders of the Sub-Fund concerned. No quorum is required for this meeting
and decisions are taken by the simple majority of the votes cast. In case of a merger of one or more Sub-Fund(s) where, as
a result, the Company ceases to exist, the merger shall be decided by a meeting of Shareholders for which no quorum is
required and that may decide with a simple majority of votes cast. In addition, the provisions on mergers of UCITS set
forth in the Law and any implementing regulation (relating in particular to the notification to the Shareholders concerned)
shall apply.

Art. 33. Amendment of the Articles of Incorporation. These Articles of Incorporation may be amended from time to

time by a meeting of Shareholders, subject to the quorum and majority voting requirements provided by the laws of
Luxembourg.

Art. 34. General provisions. All matters not governed by these Articles of Incorporation shall be determined in accor-

dance with the Luxembourg law dated 10 August 1915 on commercial companies as amended from time to time (the “1915
Law”) and the Law.

Transitional provisions

1) The first financial year shall begin on the day of the incorporation and shall end on 31 December 2015.
2) The first annual general meeting shall be held in 2016.

Subscription and payment

These Articles having thus been drawn up by the appearing party, the appearing party has subscribed and entirely paid-

up the following Shares:

Subscriber

Number

of Shares

Subscription

price per

Fullgoal Asset Management (HK) Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

450

USD 100

Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

450

USD 45,000

All these Shares have been entirely paid up of by payments in cash, so that the sum of forty-five thousand United States

Dollars (45,000 USD) is forthwith at the free disposal of the corporation, as has been proved to the notary.

Statement

The notary drawing up the present deed declares that the conditions set forth in Articles 26, 26-3 and 26-5 of the 1915

Law have been fulfilled and expressly bears witness to their fulfilment.

Expenses

The expenses, costs, remunerations or charges in any form whatsoever which shall be borne by the appearing party as

a result of its formation are estimated at approximately EUR 3,000.-

Extraordinary general meeting

The single Shareholder, representing the entire subscribed capital, has taken the following resolutions.

First resolution

The following persons are appointed as Directors of the Company for a period ending with the next annual general

meeting:

1) Yuk Sing (Michael) Chow, professionally residing at Room 2404-5, Man Yee Building, 68 Des Voeux Road, Central,

Hong Kong;

2) Lixin Zhang, professionally residing at Room 2404-5, Man Yee Building, 68 Des Voeux Road, Central, Hong Kong;

and

3) Thomas Albert, professionally residing at 4, rue Jean Monnet, L-2180 Luxembourg.

Second resolution

The registered office of the Company is fixed at 2, boulevard Konrad Andenauer, L-1115 Luxembourg, Grand Duchy

of Luxembourg.

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U X E M B O U R G

Third resolution

The following is elected as approved statutory auditor (réviseur d‘entreprises agréé”) for a period ending with the next

annual general meeting:

PricewaterhouseCoopers, 2, rue Gerhard Mercator, L-2182 Luxembourg, Grand Duchy of Luxembourg.
The undersigned notary who understands and speaks English, states herewith that on request of the above appearing

person, this deed, including the articles of incorporation, is worded in English.

Whereof the present notarial deed was drawn up in Luxembourg, on the day named at the beginning of this document.
The document having been read to the appearing person, known to the notary, by surname, first names, civil status and

residence, the said person appearing signed together with us, the notary, this original deed.

Signé: J. LANNERS et H. HELLINCKX.
Enregistré à Luxembourg Actes Civils 1, le 9 juillet 2015. Relation: 1LAC/2015/21510. Reçu soixante-quinze euros

(75.- EUR)

Le Receveur (signé): P. MOLLING.

- POUR EXPEDITION CONFORME - délivrée à la société sur demande.

Luxembourg, le 17 juillet 2015.

Référence de publication: 2015120147/753.
(150129720) Déposé au registre de commerce et des sociétés de Luxembourg, le 20 juillet 2015.

Adriana Development S.à r.l., Société à responsabilité limitée.

Capital social: EUR 12.500,00.

Siège social: L-1931 Luxembourg, 41, avenue de la Liberté.

R.C.S. Luxembourg B 134.785.

Capital Retail S.à r.l., Société à responsabilité limitée.

Capital social: EUR 12.500,00.

Siège social: L-1931 Luxembourg, 41, avenue de la Liberté.

R.C.S. Luxembourg B 134.778.

PROJET COMMUN DE FUSION

In the year two thousand and fifteen, the thirty-first day of July,
Before Maître Danielle KOLBACH, notary residing in Redange-sur-Attert, Grand Duchy of Luxembourg,

there appeared:

(1) Adriana Development S.à r.l., a private limited liability company (société à responsabilité limitée) incorporated and

existing under the laws of the Grand Duchy of Luxembourg, having its registered office at 41, avenue de la Liberté, L-1931
Luxembourg, Grand Duchy of Luxembourg, and registered with the Luxembourg trade and companies register (Registre
de Commerce et des Sociétés de Luxembourg) under registration number B 134785 (the Absorbing Company),

represented for the purpose hereof by Allen & Overy, société en commandite simple, inscrite à la liste V du Barreau de

AND
(2) Capital Retail S.à r.l., a private limited liability company which (société à responsabilité limitée) incorporated and

represented for the purpose hereof by Allen & Overy, société en commandite simple, inscrite à la liste V du Barreau de

Luxembourg, itself represented by Jean-Marie Bontemps, lawyer, with professional address at 33, avenue J-F Kennedy,
L-1855 Luxembourg, Grand Duchy of Luxembourg, acting in his capacity as proxyholder of the Absorbed Company
according to the terms of a proxy given under private seal; The Absorbing Company and the Absorbed Company are
collectively referred to as the Merging Companies, and each as a Merging Company.

The proxies, after having been signed ne varietur by the proxyholder of the Absorbing Company and the Absorbed

Company, and by the undersigned notary, shall remain attached to the present deed for registration purposes.

WHEREAS:
(A) The Merging Companies have decided to initiate a simplified merger process at the end of which the Absorbing

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U X E M B O U R G

Merger), according to the provisions of articles 278 and 279 of the law of 10 August 1915 on commercial companies, as
amended (the Law).

(B) The Merging Companies have therefore required the undersigned notary to record the terms of the following merger

sting under the laws of the Grand Duchy of Luxembourg under the corporate name “Adriana Development S.à r.l..”,
pursuant to the terms of a notarial deed of Maître Martine Schaeffer, notary residing in Luxembourg, Grand Duchy of
Luxembourg, dated 10 December 2007 and published in the Luxembourg official gazette (Journal Officiel du Grand-Duché
de Luxembourg, Mémorial C, Recueil des Sociétés et Associations) (the Official Gazette) number 205 dated 25 January
2008.

The articles of association of the Absorbing Company have been amended on 4 March 2008, pursuant to a deed of Maître

Henri Hellinckx, notary public residing at this time in Luxembourg, Grand Duchy of Luxembourg, published in the Official
Gazette number 1059 dated 29 April 2008.

The registered office of the Absorbing Company is established at 41, avenue de la Liberté, L-1931 Luxembourg, Grand

Duchy of Luxembourg.

The Absorbing Company is registered with the Luxembourg trade and companies register (Registre de Commerce et

des Sociétés de Luxembourg) under registration number B 134785.

The Absorbing Company shall act as absorbing company for the purpose of the Merger.
The share capital of the Absorbing Company, at the date of this Merger Plan, amounts to EUR12,500 (twelve thousand

five hundred euro) and is represented by 450 (four hundred and fifty) class A shares, and 50 (fifty) class B shares, all having
a nominal value of EUR25 (twenty-five euro), all of them have been entirely subscribed for and fully paid-up.

(b) The Absorbed Company
The Absorbed Company is a private limited liability company (société à responsabilité limitée) incorporated and existing

under the laws of the Grand Duchy of Luxembourg under the corporate name “Capital Retail S.à r.l.”, pursuant to a notarial
deed of Maître Martine Schaeffer, notary public residing at this time in Luxembourg, Grand Duchy of Luxembourg, dated
13 December 2007, and published in the Official Gazette number 206 dated 25 January 2008.

The articles of association of the Absorbed Company have never been amended.
The registered office of the Absorbed Company is established at 41, avenue de la Liberté, L-1931 Luxembourg, Grand

Duchy of Luxembourg.

The Absorbed Company is registered with the Luxembourg trade and companies register (Registre de Commerce et des

Sociétés de Luxembourg) under registration number B134778.

The Absorbed Company shall act as absorbed company for the purpose of the Merger.
The share capital of the Absorbed Company, at the date of this Merger Plan, amounts to EUR12,500 (twelve thousand

five hundred euro), and is represented by 500 (five hundred) shares, having a nominal value of EUR25 (twenty-five euro)
each, all of them have been entirely subscribed for and fully paid-up (the Shares).

1.2 Capital structure between the Absorbing Company and the Absorbed Company
At the date of this Merger Plan, the Absorbing Company is the sole shareholder of the Absorbed Company, detaining

all the 500 (five hundred) shares, having a nominal value of EUR25 (twenty-five euro) each, representing the entire share
capital of the latter, which amounts to EUR12,500 (twelve thousand five hundred euro).

1.3 Date from which the operations and transactions of the Absorbed Company shall be deemed, from an accounting

perspective, having been carried out in the name and on behalf of the Absorbing Company (article 261 (2) e) of the Law)

From an accounting perspective, the Merger shall be deemed having been completed and consequently to be effective

as from the Effective Date as defined in section 1.6 below.Within a reasonable period of time as from the Effective Date,
for accounting purposes, the board of managers of the Absorbing Company shall prepare and approve an accounting
statement as at the Effective Date in which are recorded exclusively the assets and liabilities transferred by the Absorbed
Company under this Merger Plan.

1.4 Rights conferred by the Absorbing Company to the sole shareholder of the Absorbed Company having special rights

and to the holders of securities other than shares, or the measures proposed concerning them (article 261 (2) f) of the Law)

All the shares representing the entire share capital and voting rights of the Absorbed Company, as outlined under article

1.1 (b) of the Merger Plan above, rank pari passu in all respects, and grant the same rights, obligations and benefits to their
holders.

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U X E M B O U R G

Therefore, the completion of the Merger shall not result in the issuance of shares of the Absorbing Company conferring

special rights or other securities conferring special rights pursuant to the completion of the Merger in accordance with
provisions of article 270 (1) of the Law.

1.5 Special advantages granted to the experts within the meaning of article 266 of the Law, to the members of the

respective board of managers, supervisory bodies and controlling bodies of the Absorbing Company and/or the Absorbed
Company (article 261 (2) g) of the Law)

No independent expert, within the meaning of article 266 of the Law, will be appointed by the Merging Companies for

the purpose of the completion of the Merger.

The Merging Companies do not have, and will not until the completion of the Merger, any supervisory bodies and

controlling bodies.

No special advantage shall be granted to the managers of the Absorbing Company (being a sole manager on the date

hereof) or the managers of the Absorbed Company (being a sole manager on the date hereof) in connection with the Merger.

1.6 Completion of the Merger between Adriana Development S.à r.l. and Capital Retail S.à r.l.
From a legal perspective, the Merger shall become effective between the Merging Companies upon expiry of a one (1)

The documents referred to under articles 267 (1) a) to 267 (1) c), of the Law shall be made available to the sole shareholder

Pursuant to article 279 (c) of the Law, one or more shareholders of the Absorbing Company holding at least 5% (five

per cent) of the shares in the subscribed capital of the Absorbing Company are entitled until the Effective Date to require
that the sole shareholder, or a general meeting of the shareholders, as the case may be, of the Absorbing Company be called
in order to decide whether to approve the Merger. The sole shareholder or the general meeting of shareholders, as the case
may be, must be convened in such a manner so as to be held within one month of the request for it to be held.

The Absorbing Company shall proceed with the completion of all the formalities necessary and/or useful for the purpose

The formalities referred to in the preceding paragraph shall include:
(i) the completion of all the legal formalities of publication with respect to the transfers made in connection with the

Merger, as required in accordance with the Law;

(ii) the performance of all declarations and formalities necessary and/or useful to confer, both with respect to the Merging

Companies and towards any third party, the ownership of the assets transferred within the scope of the Merger from the
Absorbed Company to the benefit of the Absorbing Company; and

(iii) more generally, the completion of any and all formalities necessary and/or required to make effective towards third

On the Effective Date, the Absorbed Company shall deliver to the Absorbing Company, without limitation, any and all

Further to the completion of the Merger and in accordance with provisions of the Law, the Absorbed Company shall be

1.7 Description and distribution of assets and liabilities to be transmitted by the Absorbed Company to the Absorbing

Company

(a) Valuation of the assets and liabilities of the Absorbed Company
The value of the assets and liabilities transferred by the Absorbed Company to the benefit of the Absorbing Company

(b) Description of the accounting and legal effects of the Merger

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The Merger shall result in the universal transfer of all assets and liabilities (transmission universelle de patrimoine) of