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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° 3347

15 décembre 2015

SOMMAIRE

Aperture Holdings S.à r.l. . . . . . . . . . . . . . . . . .

160641

Argonaute Management S.A. . . . . . . . . . . . . . .

160630

C2 Lux S.à r.l. . . . . . . . . . . . . . . . . . . . . . . . . . .

160640

Chemical Export Trading S.A. . . . . . . . . . . . . .

160610

IRAF Orchid . . . . . . . . . . . . . . . . . . . . . . . . . . .

160611

La Luxembourgeoise de Maintenance Indus-

trielle et de Désamiantage . . . . . . . . . . . . . . . .

160640

Matroplex Trading and Investments S.A. . . . .

160629

Rassouli Family Trust (RFT) S.A. - SPF . . . . .

160628

Rassouli Family Trust (RFT) S.A. - SPF . . . . .

160628

Rassouli Family Trust (RFT) S.A. - SPF . . . . .

160629

Renewable Energy Services S.A. . . . . . . . . . . .

160610

Retail Network Holding S.A. . . . . . . . . . . . . . .

160610

Ricoh Luxembourg PSF S.à r.l. . . . . . . . . . . . .

160611

Rinnen Carrière S.à r.l. . . . . . . . . . . . . . . . . . . .

160629

SAACEL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

160655

Salhouse Holding S.à r.l. . . . . . . . . . . . . . . . . . .

160655

Salon Tropical S.à r.l. . . . . . . . . . . . . . . . . . . . .

160639

Sam Diego S.à r.l. . . . . . . . . . . . . . . . . . . . . . . . .

160639

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

160639

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

160638

S&B Minerals Participations 2 S.A. . . . . . . . .

160638

Société anonyme des Entreprises Minières

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

160656

Spanish Residential (REIT) Holdco S.à r.l. . .

160640

Springlux Topco S.à r.l. . . . . . . . . . . . . . . . . . .

160641

Stamford Holding S.à r.l. . . . . . . . . . . . . . . . . .

160653

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

160656

Tindine S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

160641

Tip Top . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

160656

Vis Europe Finance S.à r.l. société de gestion de

patrimoine familial . . . . . . . . . . . . . . . . . . . . .

160653

160609

U X E M B O U R G

Renewable Energy Services S.A., Société Anonyme.

Capital social: EUR 31.000,00.

Siège social: L-1724 Luxembourg, 17, boulevard du Prince Henri.

R.C.S. Luxembourg B 136.719.

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.

Luxembourg, le 16 octobre 2015.

Pour la Société

Référence de publication: 2015170650/11.
(150188782) Déposé au registre de commerce et des sociétés de Luxembourg, le 19 octobre 2015.

Retail Network Holding S.A., Société Anonyme.

Siège social: L-2163 Luxembourg, 20, avenue Monterey.

R.C.S. Luxembourg B 88.719.

Les comptes annuels arrêtés au 15 septembre 2011 ont été déposés au registre de commerce et des sociétés de Luxem-

bourg.

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

Luxembourg, le 14 octobre 2015.

Signature
Le mandataire

Référence de publication: 2015170651/13.
(150188524) Déposé au registre de commerce et des sociétés de Luxembourg, le 19 octobre 2015.

Chemical Export Trading S.A., Société Anonyme.

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

R.C.S. Luxembourg B 70.443.

CLÔTURE DE LIQUIDATION

Extrait

Il résulte d'un acte de clôture de liquidation reçu par le notaire Maître Martine SCHAEFFER, de résidence à Luxembourg,

en date du 8 octobre 2015, enregistré à Luxembourg Actes Civils 2, le 12 octobre 2015, 2LAC/2015/22820, aux droits de
soixante-quinze euro (75,- EUR), que la société anonyme CHEMICAL EXPORT TRADING S.A. (en liquidation), ayant
son siège social à 18, rue de l'Eau, L-1449 Luxembourg, inscrite au Registre de Commerce et des Sociétés sous le numéro
B 70.443 constitué en date du 9 juin 1999 par acte de Maître Georges d'HUART, notaire alors de résidence à Pétange,
publié au Mémorial C, numéro 649 du 26 août 1999.

La société a été mise en liquidation suivant acte du notaire instrumentaire en date du 27 mai 2015, publié au Mémorial

C, numéro 1910 du 29 juillet 2015.

Après adoption du rapport du commissaire à la liquidation et les comptes de liquidation, l'assemblée générale donne

pleine et entière décharge au liquidateur LISOLUX S.à r.l. et au commissaire à la liquidation CeDerLux-Services S.àr.l.,
ayant tous les deux le siège social à 18, rue de l'Eau, L-1449 Luxembourg, pour l'accomplissement de leur fonction con-
cernant la liquidation.

L'assemblée générale donne décharge pleine et entière aux administrateurs et au commissaire aux comptes de la société

pour l'exécution de leur mandat jusqu'à ce jour.

En conséquence l'assemblée générale prononce la clôture de la liquidation de la société CHEMICAL EXPORT TRAD-

ING S.A. (en liquidation)

Les livres et documents de la société seront conservés pendant une durée de cinq (5) ans à partir du jour de la liquidation

auprès de FIDUCENTER S.A., ayant son siège social au 18, rue de l'Eau, L-1449 Luxembourg, inscrite au RCS Luxem-
bourg sous le numéro B 62.780.

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

Luxembourg, le 20 octobre 2015.

Référence de publication: 2015171039/30.
(150190052) Déposé au registre de commerce et des sociétés de Luxembourg, le 20 octobre 2015.

160610

U X E M B O U R G

Ricoh Luxembourg PSF S.à r.l., Société à responsabilité limitée.

Capital social: EUR 11.652.000,00.

Siège social: L-8070 Bertrange, 37, rue du Puits Romain.

R.C.S. Luxembourg B 111.300.

Extrait des résolutions prises par l'assemblée générale extraordinaire tenue le 29 septembre 2015

L'assemblée a pris la décision de nommer avec effet immédiat pour une durée illimitée Madame Nicola Clare DOWN-

ING, née le 28 septembre 1974 à COLCHESTER et domiciliée à 2 Caelian Place, St Stephen's Avenue, St Albans,
Hertfordshire, AL3 4FD, comme gérant.

Pour extrait sincère et conforme
Delphine de Timary
Avocat

Référence de publication: 2015170652/15.
(150188384) Déposé au registre de commerce et des sociétés de Luxembourg, le 19 octobre 2015.

IRAF Orchid, Société à responsabilité limitée.

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

R.C.S. Luxembourg B 186.704.

In the year two thousand and fifteen, on the eighth day of October.
Before us, Maître Jean-Joseph Wagner, notary, residing in Sanem (Grand-Duchy of Luxembourg).

There appeared:

“INFRARED Active Real Estate III (No.1) LP”, a Limited Partnership formed under the English Limited Partnerships

Act 1907 with registration number LP15496, duly represented by its general partner, “INFRARED ACTIVE REAL ES-
TATE III GENERAL PARTNER LLP”, a limited liability company incorporated in England with registered number
OC384542, whose registered office is at 12, Charles II Street, London SW1Y 4QU, United Kingdom, acting by its managing
member INFRARED Capital Partners (Holdco) Limited,

hereby represented by Mr Giovanni Cirasa, with professional address at Luxembourg,
by a virtue of a proxy given under private seal on the seventh day of October 2015,
which shall be annexed to the present deed for the purpose of registration.
I.- The appearing party, has requested the undersigned notary to document the following:
The appearing party is the sole shareholder of the société à responsabilité limitée «IRAF Orchid», having its registered

office at 6, rue Adolphe, L-1116 Luxembourg (the “Company”), incorporated by notarial deed of May 2

, 2014, published

in the Memorial C, Recueil des Sociétés et Associations number 1779 on July 9

, 2014 and registered with the Luxembourg

Companies' register under the number B 186.704. The Articles of Association of the Company were amended for the last
time on 8

September 2015 by notarial deed held before Maître Jean-Paul Meyers acting in replacement of Maître Jean-

Joseph Wagner, not yet published in the Memorial C, Recueil des Sociétés of Luxembourg,

the Company's share capital is currently set at twelve thousand five hundred Euro (EUR 12,500) represented by twelve

thousand five hundred (12,500) shares with a par value of one Euro (EUR 1) each, all subscribed and fully paid-up; and,

the appearing party wishes to amend and restate the articles of incorporation of the Company.
II.- The appearing party, represented as above mentioned, having recognised to be fully informed of the resolutions to

be taken on the basis of the following agenda:

Agenda

1. Reclassification of the current 12,500 (twelve thousand five hundred) issued shares of the Company, having each a

nominal value of EUR 1 (one Euro), into 11,250 (eleven thousand two hundred fifty) new Class A Shares and 250 (two
hundred fifty) new Class B Shares, having each a nominal value of EUR 1 (one Euro) and subsequent amendment of Article
6 of the articles of association;

2. Amendment of article 3 (Corporate Object) of the articles of incorporation of the Company;
3. Amendment of article 19 (Representation of the Company) of the articles of incorporation of the Company;
4. Amendment and restatement of the articles of incorporation of the Company;
5. Selection and appointment of the new class A managers;
6. Selection and appointment of the new class B managers;
7. Appointment of the Chairman of the Board of Managers of the Company,
has requested the undersigned notary to document the following resolutions:

160611

U X E M B O U R G

First resolution

The sole Shareholder resolves to reclassify the current 12,500 (twelve thousand five hundred) issued shares of the

Company, having each a nominal value of EUR 1 (one Euro), into 11,250 (eleven thousand two hundred fifty) new Class
A Shares and 1,250 (one thousand two hundred fifty) new Class B Shares, having each a nominal value of EUR 1 (one
Euro).

Second resolution

As a result of the above resolution, the sole Shareholder resolves to amend the article 6 of the Company's articles of

incorporation, which will from now on read as follows:

“ Art. 6. Capital. The corporate capital is fixed at twelve thousand five hundred Euro (EUR 12,500.-) represented by

11,250 (eleven thousand two hundred fifty) new Class A Shares and 1,250 (one thousand two hundred fifty) new Class B
Shares (hereafter referred to as the “Shares”). Each Share has a nominal value of one Euro (EUR 1) each. The holders of
the Shares are together referred to as the “Shareholders”.

In addition to the corporate capital, there may be set up a premium account, into which any premium paid on any share

is transferred. The amount of said premium account is at the free disposal of the Shareholder(s). The amount of the premium
account may be used to make payment for any Shares, which the Company may redeem from its Shareholder(s), to offset
any net realized losses, to make distributions to the Shareholder(s) or to allocate funds to the legal reserve.

The Company may, without limitation, accept equity or other contributions without issuing Shares or other securities

in consideration for the contribution and may credit the contributions to one or more accounts. Decisions as to the use of
any such accounts are to be taken by the Shareholder(s) subject to the 1915 Law and these Articles.

Subject to article 19, and the provisions of the Shareholders' Agreement, all Shares will have equal rights.
The Company can proceed to the repurchase of its own shares within the limits set by the 1915 Law.”

Third resolution

The sole Shareholder decides to amend article 3 (Corporate object) of the articles of incorporation of the Company,

which shall henceforth have the following content:

“ Art. 3. Corporate Object.
3.1 The Company's object is to acquire and hold interests, directly or indirectly, in any form whatsoever, in any other

Luxembourg or foreign entities, by way of, among others, the subscription or the acquisition of any securities and rights
through participation, contribution, underwriting, firm purchase or option, negotiation or in any other way, or of financial
debt instruments in any form whatsoever, and to administrate, develop and manage such holding of interests.

3.2 The object of the Company is also to carry out all transactions pertaining directly or indirectly to the acquisition of

real estate and/or of participations in any enterprises in any form whatsoever, and the administration, management, control,
development and sale of those investments participations.

3.3 The Company may also render every assistance, whether by way of loans, guarantees or otherwise to its subsidiaries

or companies in which it has a direct or indirect interest, even not substantial, or any company being a direct or indirect
shareholder of the Company or any company belonging to the same group as the Company (hereafter referred to as the
“Connected Companies”). On an ancillary basis of such assistance, the Company may also render administrative and
marketing assistance to its Connected Companies.

3.4 For the purpose of this article, a company shall be deemed to be part of the same “group” as the Company if such

other company directly or indirectly owns, is owned by, is in control of, is controlled by, or is under common control with,
or is controlled by a Shareholder of, the Company, in each case whether beneficially or as trustee, guardian or other fiduciary.
A company shall be deemed to control another company if the controlling company possesses, directly or indirectly, all or
substantially all of the share capital of the company or has the power to direct or cause the direction of the management or
policies of the other company, whether through the ownership of voting securities, by contract or otherwise.

3.5 The Company may in particular enter into the following transactions:
(a) to borrow money in any form or to obtain any form of credit facility and raise funds through, including, but not

limited to, the issue of bonds, notes, promissory notes, certificates and other debt or equity instruments, convertible or not,
or the use of financial derivatives or otherwise;

(b) to advance, lend or deposit money or give credit to or with or to subscribe to or purchase any debt instrument issued

by any Luxembourg or foreign entity on such terms as may be thought fit and with or without security;

charge upon all or part of the undertaking, property assets (present or future) or by all or any of such methods, for the
performance of any contracts or obligations of the Company and of any of the Connected Companies, or any director,
manager or other agent of the Company or any of the Connected Companies, within the limits of any applicable law
provision; and

(d) to enter into any agreements, including, but not limited to partnership agreements, underwriting agreements, mar-

keting agreements, management agreements, advisory agreements, administration agreements, cooperation agreement and

160612

U X E M B O U R G

other services contracts, selling agreements, interest and/or currency exchange agreements and other financial derivative
agreements in relation to its object;

it being understood that the Company will not enter into any transaction which would cause it to be engaged in any

activity that would be considered as a regulated activity of the financial sector.

3.6 In addition to the foregoing, the Company may perform all legal, commercial, technical and financial transactions

and, in general, all transactions which are necessary or useful to fulfil its corporate object as well as all transactions directly
or indirectly connected with the areas described above in order to facilitate the accomplishment of its corporate object in
all areas described above.”

Fourth resolution

The sole Shareholder decides to amend article 19 (Representation of the Company) of the articles of incorporation of

the Company, which shall henceforth have the following content:

“Towards third parties, the Company shall be bound by the joint signature of any two (2) Class A Managers, or by the

signature of any person to whom such power shall be delegated by any two (2) Class A Managers.”

Fifth resolution

The sole Shareholder decides to amend and restate the articles of incorporation of the Company, which shall henceforth

have the following content:

“The following capitalized terms used in these articles of incorporation shall have the following meanings:
“Additional Funding” means, in the event that the Board of Managers determines that additional funding is required for

the conduct of the affairs of the Company in excess of the Mandatory Funding Obligation, such additional capital that the
Class A Shareholder and the Class B Shareholder may, at their discretion, provide (or procure the payment from an Associate
where such funding is to be provided by way of loans or similar funding) in proportion to their respective Shareholdings;

“AMA Termination Event” means, in relation to the Class B Shareholder, the Asset Management Agreement being

terminated by the Company in accordance with clauses 2 or 4.2 to 4.7 (inclusive) of the Asset Management Agreement;

“Asset Manager” means General Continentale Investments SA, a company governed by the laws of France, registered

with the commercial registry of the local lower court of Paris under number 303969315, whose registered office is at 60
Avenue Hoche, 75008 Paris, France, or any replacement asset manager;

“Asset Management Agreement” means the agreement between (1) Générale Continentale Investissements SA and (2)

Cerep Franklin Sàrl in respect of Générale Continentale Investissements SA's appointment as Asset Manager of Cerep
Franklin Sàrl;

“Associate” means:
(a) in relation to a company, a Subsidiary Undertaking or Parent Undertaking of the company, and any other Subsidiary

Undertaking of any Parent Undertaking of the company; and

(b) in relation to the A Shareholder also means, at any time prior to substantial completion of the Business Plan, any

company, partnership, fund or collective investment scheme that is advised by any Parent Undertaking or Associate of the
A Shareholder.

(c) In relation to the B Shareholder, includes the Asset Manager.
“Business Plan” means any business plan that may be adopted by the Company;
“Major Matters” means those matters listed below:
(a) within the Standstill Period (as defined below) (other than as specified in the Shareholders Agreement), any decision

to sell the whole, or any part, of the Property or any entity holding (directly or indirectly) the Property (it being agreed that
following the expiry of this period the Board of Managers may agree to sell the whole, or any part, of the Property);

(b) any material contracts, including changes, between the Company and the Class A Shareholder or any Associate (as

defined above) (except for the issue of further shares/shareholder loans on the same terms as existing shares and shareholder
loans in order to finance the additional funding requirements);

(c) any change to the Articles, the further issue of Shares or shareholder loans and decision to require Additional Funding

(except following an AMA Termination Event or where additional funds are required for the purpose of investment (directly
or indirectly in the Property));

(d) incurring any indebtedness or guarantee other than under any finance documents, shareholder loan agreements or

any Shareholders Agreement;

(e) entering into, amending, novating, supplementing or terminating any finance document (other than in accordance

with the Business Plan) causing the Company or any Subsidiary Undertaking to enter into any corporate transaction in-
cluding an acquisition of, or merger with, any other company (other than a group company of the Company), invest in any
other entity or business, establish a Subsidiary Undertaking or purchase any shares;

(f) the creation of any options over the Shares or the Shares of any Subsidiary Undertaking (save as connected with the

sale of the whole, or any part, of the Property);

160613

U X E M B O U R G

(g) the entering into contracts outside the ordinary course of business or making any investment or borrowing, lending

or advancing any monies (or entering into any guarantee in connection with the same) outside the Business Plan;

(h) the winding up or dissolution of the Company or any Subsidiary Undertaking before the disposal of the Property;
(i) the employment of employees and related service contracts and establishing any bonus, profit sharing, share option

or other incentive scheme for employees or Managers of the Company or any Subsidiary Undertaking;

(j) agreeing to admit any new Shareholder to the Company or any Subsidiary Undertaking;
“Mandatory Funding Amount” means the amount advanced by a Shareholder that has not, at the relevant date, been

repaid to the relevant Shareholder;

“Mandatory Funding Obligation” means the maximum aggregate equity commitment for which the Shareholders shall

be required to subscribe the amount of which is determined under the Shareholders Agreement;

“Parent Undertaking” has the meaning given to it in article 309(2) of the 1915 Law;
“Property” means the property held directly or indirectly by the Company in accordance with the Shareholders Agree-

ment;

“Shareholders Agreement” means the shareholders agreement entered into by and between, amongst others, the Com-

pany and its shareholders from time to time;

“Subsidiary Undertaking” has the meaning given to it in article 309(2) of the 1915 Law and includes, direct and indirect

Subsidiairy Undertakings, including, without limitation, Cerep Franklin Sàrl.

Chapter I - Form, Name, Registered office, Object, Duration

1. Form - Corporate name. There is hereby formed a private limited liability company (société à responsabilité limitée)

under the name “IRAF Orchid S.à r.l.”, which will be governed by the laws pertaining to such an entity (hereafter referred
to as the “Company”), and in particular by the Law of 10 August 1915 on commercial companies (loi du 10 août 1915 sur
les sociétés commerciales), as amended from time to time (hereafter referred to as the “1915 Law”), as well as by the
present articles of incorporation (hereafter referred to as the “Articles”).

2. Registered office.
2.1 The registered office of the Company is established in the municipality of Luxembourg.
2.2 It may be transferred to any other place in the Grand Duchy of Luxembourg by means of a resolution of an extraor-

dinary general meeting of its Shareholders (as defined hereafter) deliberating in the manner provided for amendments to
the Articles.

2.3 However, the Board of Managers of the Company is authorised to transfer the registered office of the Company

within the municipality of Luxembourg.

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

the normal activity at the registered office of the Company, the registered office of the Company may be temporarily
transferred abroad until such time as the situation becomes normalised; such temporary measures will however not have
any effect on the nationality of the Company, which, notwithstanding this temporary transfer of the registered office, will
remain a Luxembourg Company. The decision as to the transfer abroad of the registered office will be made by the Board
of Managers.

3. Object.
3.1 The Company's object is to acquire and hold interests, directly or indirectly, in any form whatsoever, in any other

3.2 The object of the Company is also to carry out all transactions pertaining directly or indirectly to the acquisition of

real estate and/or of participations in any enterprises in any form whatsoever, and the administration, management, control,
development and sale of those investments participations.

3.3 The Company may also render every assistance, whether by way of loans, guarantees or otherwise to its subsidiaries

3.4 For the purpose of this article, a company shall be deemed to be part of the same “group” as the Company if such

3.5 The Company may in particular enter into the following transactions:

160614

U X E M B O U R G

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

limited to, the issue of bonds, notes, promissory notes, certificates and other debt or equity instruments, convertible or not,
or the use of financial derivatives or otherwise;

(b) to advance, lend or deposit money or give credit to or with or to subscribe to or purchase any debt instrument issued

by any Luxembourg or foreign entity on such terms as may be thought fit and with or without security;

(d) to enter into any agreements, including, but not limited to partnership agreements, underwriting agreements, mar-

keting agreements, management agreements, advisory agreements, administration agreements, cooperation agreement and
other services contracts, selling agreements, interest and/or currency exchange agreements and other financial derivative
agreements in relation to its object;

it being understood that the Company will not enter into any transaction which would cause it to be engaged in any

activity that would be considered as a regulated activity of the financial sector.

3.6 In addition to the foregoing, the Company may perform all legal, commercial, technical and financial transactions

4. Duration. The Company is incorporated for an unlimited period.

Chapter II - Capital, Shares

5. Share capital.
5.1 The corporate capital is fixed at twelve thousand five hundred Euro (EUR 12,500.-) represented by 11,250 Class A

shares and 1,250 Class B shares (hereafter referred to as the “Shares”). Each Share has a nominal value of one Euro (EUR
1) each. The holders of the Shares are together referred to as the “Shareholders”.

5.2 In addition to the corporate capital, there may be set up a premium account, into which any premium paid on any

share is transferred. The amount of said premium account is at the free disposal of the Shareholder(s). The amount of the
premium account may be used to make payment for any Shares, which the Company may redeem from its Shareholder(s),
to offset any net realized losses, to make distributions to the Shareholder(s) or to allocate funds to the legal reserve.

5.3 The Company may, without limitation, accept equity or other contributions without issuing Shares or other securities

5.4 Subject to article 19, and the provisions of the Shareholders' Agreement, all Shares will have equal rights.
5.5 The Company can proceed to the repurchase of its own shares within the limits set by the 1915 Law.

6. Shares indivisibility. Towards the Company, the Shares are indivisible, so that only one owner is admitted per Share.

Joint co-owners have to appoint a sole person as their representative towards the Company.

7. Transfer of Shares.
7.1 In case of transfer to a non-Shareholder, all and not only some of the Shares held by each Shareholder may be

transferred in compliance with the provisions of articles 189 and 190 of the 1915 Law, without prejudice to article 7.2 and
articles 8 and 9.

7.2 Any transfer of Shares must be recorded by a notarial deed or by a private document and shall not be valid vis-à-vis

the Company or third parties until it has been notified to the Company or accepted by it in accordance with article 190 of
the 1915 Law.

8. Transfer of Shares to Associates.
8.1 Subject to the provisions of any Shareholders Agreement and article 8.2, the Class A Shareholder and the Class B

Shareholder may at any time transfer all, but not part only, of its Shares to an Associate, but only on terms that immediately
upon such transferee ceasing to be the original transferor's Associate, such Shares shall be transferred back, for such
consideration as provided in the Shareholders Agreement to the original transferor or to an Associate of that transferor in
accordance with this article. Nothing in this article shall permit a transfer of Shares to an Associate of a transferee which
is not also an Associate of the original Shareholder. In this article, the transferor shall not include a transferee pursuant to
this article and, where there has been a series of transfers pursuant to this article, the term shall refer to the original transferor.

8.2 The Class A Shareholder or the Class B Shareholder may not transfer Shares to an Associate if the other Shareholder,

acting reasonably, considers that the transferee is of a materially lower financial covenant than the transferor.

9. Transfer of Shares to a Third Party. The Class A Shareholder and the Class B Shareholder may not, unless otherwise

accepted by all the Shareholders, transfer Shares (the “Sale Shares”, and each a “Sale Share”), other than to an Associate

160615

U X E M B O U R G

pursuant to article 8 (Transfer of Shares to Associates) or pursuant to the terms of any Shareholders Agreement, at any
time prior to the date which is 12 months after the date of execution of the Shareholders' Agreement (the “Standstill Period“).
Notwithstanding anything to the contrary, the Sale Shares shall be the sale of all the Shares of the relevant Shareholder.

Chapter III - Management

10. Management.
10.1 The Company is managed by seven (7) managers who will constitute a board of managers (the “Board of Managers”,

each member individually, the “Manager” and collectively the “Managers”). The Managers do not need to be shareholders
and may be re-elected by the Shareholders.

10.2 The Managers shall be appointed and removed from time to time by the single Shareholder or, in case of plurality

of Shareholders, by the Shareholders on the following basis:

(i) the Class A Shareholder and the Class B Shareholder shall propose to the Shareholders a list of individuals for the

appointment as Managers;

(ii) among such list, the Shareholders shall appoint five (5) Managers proposed by the Class A Shareholder, who shall

be class A Managers (the “Class A Managers”) and two (2) Managers proposed by the Class B Shareholder, who shall be
the class B Managers (the “Class B Managers”); and

(iii) the Shareholders shall not remove any Manager the appointment of whom has been proposed by the Shareholder

of a specific Class in general meeting or by written resolution unless such removal has been proposed by the Shareholder
of that specific Class and replaced according to this article 10.2).

10.3 Without prejudice to article 10.2, the Managers may be removed at any time, with or without cause, by decision

of the extraordinary general meeting of the Shareholders, or written shareholders resolutions, as the case may be, taken in
compliance with articles 16 (Holding of general meetings) and 17 (Majorities).

10.4 Any decision in connection with the management of the Company shall be taken by the Board of Managers in

compliance with article 14 (Meeting of the Board of Managers).

10.5 Towards third parties, the general power of representation of the Company is granted to any two (2) Class A

Managers, acting jointly, as provided by article 12 (Representation of the Company) and pursuant to article 191bis, para-
graph 5 of the 1915 Law, any deed, agreement or generally any document executed in compliance with articles 10
(Management) and 12 (Representation of the Company) are valid and binding vis-à-vis third parties. The exercise of the
general power of representation by the Class A Managers does not require prior approval by the Board of Managers acting
collectively.

11. Powers of the Board of Managers.
11.1 In dealing with third parties, the Board of Managers, without prejudice to articles 10 (Management) and 12 (Re-

presentation of the Company), will have all powers to act in the name of the Company in all circumstances and to carry
out and approve all administration acts (actes d'administration) and disposition acts (actes de disposition) as well as all
operations consistent with the Company's object.

11.2 All powers not expressly reserved by law or by the Articles to the general meeting of Shareholders fall within the

competence of the Board of Managers.

12. Representation of the Company. Towards third parties, the Company shall be bound by the joint signature of any

two (2) Class A Managers, or by the signature of any person to whom such power shall be delegated by any two (2) Class
A Managers.

13. Delegation and agent of the Board of Managers.
13.1 Any Manager may delegate its powers for specific tasks to one or more ad hoc agents.
13.2 Any Manager will determine any such agent's responsibilities and remuneration (if any), the duration of the period

of representation and any other relevant conditions of its agency.

14. Meeting of the Board of Managers.
14.1 In case of plurality of Managers, the Board elects a Chairman from among the members of the Board of Managers

upon proposal by the Class A Shareholder. If the Chairman is unable to be present at a meeting of the Board of Managers,
he will be replaced by a Manager elected for this purpose from among the Managers present at the meeting.

14.2 In case of a Board of Managers, the meetings of the Board of Managers are convened by any Manager on notice

of not less than five (5) business days, unless a shorter period of notice is agreed or such convening requirements and
formalities are unanimously waived by all the Managers. The notice referred above shall provide for an agenda, identifying
in reasonable detail the subjects to be discussed by the Board of Managers at the meeting, and any relevant documents shall
be distributed in advance of the meeting of the Board of Managers to all Managers so as to ensure that they are received
at least three (3) business days prior to the date fixed for the meeting.

14.3 The Board of Managers can validly meet and take decisions if (i) a majority of Managers is present or represented

and (ii) save as otherwise provided in the Shareholders' Agreement, at least one Class A Managers and one Class B Manager,
are present at the meeting. If a quorum is not present within two hours from the time set for a meeting of the Board of

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Managers or if during the meeting a quorum ceases to be present, the Company shall immediately give notice by email to
all the Managers and the meeting shall be adjourned to the next Business Day after the date set for the meeting at the same
time and place (or such later date as all the Managers may agree but in any event no later than five (5) business days after
the date set for the meeting). If at the adjourned meeting of the Board of Managers a quorum is not present within two
hours from the time set for the meeting or if during the meeting a quorum ceases to be present, the quorum at that meeting
shall be least a majority of Managers being present or represented and comprising at least two Class A Managers both of
whom shall be ordinarily resident in Luxembourg and both of whom shall be physically present at the meeting of the Board
of Managers.

14.4 All decisions (other than those related to a Major Matter, which shall be taken in accordance with article 14.5) by

the Board of Managers require a simple majority of votes cast. In the event of a tie, the Chairman has no casting vote.

14.5 To the extent that a Major Matter is tabled to the Board, any decision in respect of that Major Matter shall, however,

be taken with the unanimous consent of all the Managers, save following an AMA Termination Event, when, for the
avoidance of doubt, the provision of Additional Funding shall only require the approval by the majority of the votes cast
by the Class A Managers present or represented at the meeting.

14.6 Any Manager may act at any meeting of the Board of Managers by appointing in writing or by telegram, fax, e-

mail or letter another Manager as his proxy.

14.7 The use of video-conferencing equipment and conference call shall be allowed provided that each participating

Manager is able to hear and to be heard by all other participating Managers whether or not using this technology, and each
participating Manager shall be deemed to be present and shall be authorised to vote by video or by telephone.

14.8 In case the urgency of the affairs of the Company prevent the Board of Managers to meet in time and require that

written resolutions be taken by the Managers, written resolutions of the Board of Managers can be validly taken if approved
in writing and signed by all the Managers. Such approval may be in a single or in several separate documents sent by fax,
e-mail, telegram or telex. These resolutions shall have the same effect as resolutions voted at the Board of Managers'
meetings, physically held.

14.10 The minutes of a meeting of the Board of Managers shall be signed either (i) by the Chairman and one Manager

or (ii) by all Managers present or represented at the meeting. Extracts shall be certified by the Chairman or by any Manager
nominated during a meeting of the Board of Managers.

Chapter IV - General meeting of shareholders

15. Powers of the general meeting of shareholder(s) - Votes.
15.1 Each Shareholder may take part in collective decisions irrespectively of the number of Shares which it owns. Each

Shareholder has voting rights commensurate with its shareholding.

15.2 In case of one Shareholder owning all the Shares, it assumes all powers conferred to the general Shareholders'

meeting and its decisions are recorded in writing.

15.3 If all the Shareholders are present or represented, they can waive any convening formalities and the meeting can

be validly held without prior notice.

16. Shareholders' decisions, holding of general meetings.
16.1 Shareholders' meetings may always be convened by any Manager, by means of a written notice to each Shareholder

notice of not less than ten (10) business days prior to the day of the general meeting, unless the Shareholders, present or
represented at such meeting, unanimously waived such convening requirements and formalities. The notice referred above
shall be sent to the addresses of the Shareholders shown in the register of Shareholders and shall specify the agenda of the
meeting. Subjects which are not specified in such notice may be announced at a later date, with due observance of the
abovementioned term.

16.2 The holding of general meetings shall not be obligatory where the number of Shareholders does not exceed twenty-

five (25). In such case, each Shareholder may receive the precise wording of the text of the resolutions or decisions to be
adopted and shall give his vote in writing.

16.3 Should the Company have more than twenty-five (25) shareholders, at least one annual general meeting must be

held each year. During such meetings the use of video-conferencing equipment and conference call shall be allowed
provided that each participating Shareholder is able to hear and to be heard by all other participating Shareholders whether
or not using this technology, and each participating Shareholder shall be deemed to be present and shall be authorised to
vote by video or by telephone.

16.4 Votes may also be cast by fax, e-mail, telegram, telex, or by phone provided in such latter event such vote is

confirmed in writing.

16.5 Unless otherwise required by Luxembourg law, a quorum:
(a) for ordinary shareholders' meetings or written resolutions of the Company, shall be, in accordance with article 194

of the 1915 Law, shareholders representing over half (1/2) of the share capital of the Company, provided that the A
Shareholder and the B Shareholder are present in person or by proxy; and

(b) for extraordinary shareholders' meetings or written resolutions of the Company deciding upon any amendment of

the Articles, shall be shareholders constituting a majority in number of the Shareholders and representing at least eighty-

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U X E M B O U R G

five percent (85%) of the share capital of the Company, provided that the A Shareholder and the B Shareholder are present
in person or by proxy.

16.6 Subject to the right or restrictions attached to any Shares, each member who (being an individual) is present in

person or by proxy or (being a corporation) is present by duly authorised representative shall have one vote for every Share
of which he or it is the holder.

16.7 Whatever the number of Shareholders, the balance sheet and profit and loss account shall be submitted to the

Shareholders for approval who also shall vote specifically as to whether discharge is to be given to the Board of Managers.

17. Majorities.
17.1 Collective decisions in ordinary general meetings of Shareholders are only validly taken insofar as Shareholders

owning more than half of the share capital adopt them, provided that the Class A Shareholder and the Class B Shareholder
are present or represented at such meeting.

17.2 Collective decisions in extraordinary general meetings of shareholders and resolutions to alter the Articles may

only be adopted by the majority (in number) of the Shareholders owning at least eighty-five percent (85%) of the Company's
share capital.

17.3 However, (i) the nationality of the Company may be changed (ii) the commitments of its Shareholders may be

increased and (iii) any resolution to be taken by the Shareholders in relation to a Major Matter may only be adopted with
the unanimous consent of all the Shareholders and in compliance with any other legal requirement, unless in case of an
AMA Termination Event, in which case the provision of Additional Funding may be resolved by the Class A Shareholder
alone, provided that such Class A Shareholder holds over half of the share capital of the JVC.

Chapter V - Business year

18. Business year.
18.1 The Company's financial year starts on the first day of January of each year and ends on the last day of December

of the same year.

18.2 At the end of each financial year, the Company's accounts are established by the Board of Managers and the latest

prepare an inventory including an indication of the value of the Company's assets and liabilities.

18.3 Each Shareholder may inspect the above inventory and balance sheet at the Company's registered office.

19. Distribution right of Shares.
19.1 The profits in respect of a financial year, after deduction of general and operating expenses, depreciations and other

charges, shall constitute the net profit of the Company in respect of that period.

19.2 From the net profit thus determined, five per cent (5%) shall be deducted and allocated to a legal reserve fund. That

deduction will cease to be mandatory when the amount of the legal reserve fund reaches ten per cent (10%) of the Company's
nominal capital.

19.3 To the extent that funds are available at the level of the Company for distribution and to the extent permitted by

law, by these Articles and subject to the provisions of the Shareholders Agreement the Board of Managers shall propose
that cash available for remittance be distributed.

19.4 The decision to distribute dividends and the determination of the amount of such a distribution will be taken by the

general meeting of shareholders or by a written resolution of the Shareholders, as the case may be, subject to the provisions
of the Shareholders Agreement.

19.5 The Board of Managers may also decide to pay interim dividends on the basis of a statement of accounts prepared

by the Board of Managers.

19.6 The Shareholders shall procure that the entire net cash flow from the business of the Company is distributed every

six (6) months by way of dividend, interim dividend or in such other manner as the Board may decide as in accordance
with the terms and conditions of the Shareholders' Agreement.

19.7 Any distribution or payment made by the Board of Managers shall be subject to (i) the Company having sufficient

funds available for distribution, (ii) any contractual restriction applicable to the Company or its Subsidiary Undertakings
and (iii) the Board of Managers having made reasonable and proper reserves for the working capital requirements of the
Company or its Subsidiary Undertakings as determined by the Business Plan (without requiring any additional external
financing) taking into account the costs associated with the Asset Management Agreement, it being understood that the
amount to be distributed may not exceed realized profits since the end of the last fiscal year, increased by carried forward
profits and distributable reserves, but decreased by carried forward losses and sums to be allocated to a reserve to be
established by law or by these Articles.

Chapter VI - Liquidation

20. Causes of dissolution. The Company shall not be dissolved by reason of the death, suspension of civil rights,

insolvency or bankruptcy of the single Shareholder or of one of the Shareholders.

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U X E M B O U R G

21. Liquidation.
21.1 The liquidation of the Company can only be decided if approved by a majority of the Shareholders representing

three-quarters of the Company's share capital.

21.2 The liquidation will be carried out by one or several liquidators, Shareholders or not, appointed by the Shareholders

who shall determine their powers and remuneration.

21.3 After payment of all debts of and any charges against the Company and of the expenses of the liquidation, the net

liquidation proceeds shall be distributed to the Shareholders in conformity with and so as to achieve on aggregate basis the
same economic result as the distribution rules set out in the Shareholders Agreement for dividend distributions.

Chapter VII - Applicable law

22. Applicable law. Reference is made to the provisions of the 1915 Law for all matters for which no specific provision

is made in these Articles.”

Sixth resolution

The Shareholder decides to select and appoint and, where applicable, to confirm the appointment of, amongst the list

of individuals proposed by the Class A Shareholder, the following Class A Managers of the Company, with effect as of
today and for a period ending on the date of approval of the annual accounts 2015:

- Mr Laurent Heiliger, born on 10 February 1973 at Luxembourg, professionally residing at 6, rue Adolphe, L-1116

Luxembourg, Grand Duchy of Luxembourg;

- Mrs Stéphanie Grisius, born on 27 May 1976 at Luxembourg, professionally residing at 6, rue Adolphe, L-1116

Luxembourg, Grand Duchy of Luxembourg;

- Mr Tim Thorp, born on 20 October 1964 at Lagunillas, professionally residing at 12, Charles II Street, London SW1Y

4QU, United Kingdom;

- Mr Gareth Purcell, born on 20 March 1980 at Crewe, professionally residing at 12, Charles II Street, London SW1Y

4QU, United Kingdom; and

- Mr Cedric Vallin, born on 6 January 1984 at Villeurbanne, professionally residing at 12, Charles II Street, London

SW1Y 4QU, United Kingdom.

Seventh resolution

The Shareholder decides to select and appoint, amongst the list of individuals proposed by the Class B Shareholder, the

following Class B Managers of the Company, with effect as of today and for a period ending on the date of approval of the
annual accounts 2015:

- Mrs Candice de Boni, born on 31 December 1973 at Strasbourg, professionally residing at 412F, route d'Esch, L-2086

Luxembourg, Grand Duchy of Luxembourg;

- Mrs Natalia Venturini, born on 22 May 1970 at Moscow, professionally residing at 412F, route d'Esch, L-2086 Lu-

xembourg, Grand Duchy of Luxembourg.

Eighth resolution

The Shareholders decide unanimously to appoint Mr Laurent Heiliger as Chairman of the Board of Managers.
There being no further business, the meeting was terminated.
The undersigned notary who understands and speaks English states herewith that on request of the appearing parties,

the present deed is worded in English, followed by a French version. On request of the same appearing parties and in case
of divergences between the English and the French text, the English version shall prevail.

WHEREOF, the present notarised deed was drawn up in Luxembourg, on the day named at the beginning of this deed.
The document having been read to the proxyholder of the appearing parties, who is known to the notary by his surname,

name, civil status and residence, he signed together with the notary the present original deed.

Suit la version française du texte qui précède:

L'an deux mille quinze, le huit octobre.
Par-devant Maître Jean-Joseph Wagner, notaire de résidence à Sanem.

A COMPARU:

“INFRARED Active Real Estate III (No.1) LP”, un Limited Partnership constitué et existant sous les lois du English

Limited Partnerships Act 1907 et enregistré sous le numéro LP15496, dûment représenté par son general partner, “IN-
FRARED ACTIVE REAL ESTATE III GENERAL PARTNER LLP”, une limited liability company constitué et existant
sous les lois du Royaume-Uni et enregistré sous le numéro OC384542, ayant son siège social au 12, Charles II Street,
London SW1Y 4QU, Royaume-Uni, agissant par l'intermédiaire de son managing member INFRARED Capital Partners
(Holdco) Limited,

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U X E M B O U R G

dûment représentée par Monsieur Giovanni Cirasa, demeurant professionnellement à Luxembourg, en vertu d'une pro-

curation donnée sous seing privé, datée du 07 octobre 2015, laquelle, signée ne varietur par le mandataire de la partie
comparante ainsi que par le notaire soussigné, restera annexée aux présentes pour être formalisée avec elles.

I.- La partie comparante, représentée tel que décrit plus haut, a requis le notaire instrumentant d'acter:
que celle-ci est l'associés unique d'une société à responsabilité limité constituée selon le droit luxembourgeois sous la

dénomination «IRAF Orchid», établie et ayant son siège social au 6, rue Adolphe, L-1116 Luxembourg, Grand-Duché de
Luxembourg, constituée par acte notarié le 2 mai 2014, publié au Mémorial C, Recueil des Sociétés et Associations sous
le numéro 1779 du 9 juillet 2014 et immatriculée auprès du Registre de Commerce et des Sociétés de Luxembourg sous le
numéro B 186.704.

Les statuts de la Société ont été modifié pour la dernière fois en date du 08 septembre 2015 suivant acte notarié tenu par

devant Maître Jean-Paul Meyers agissant en sa qualité de notaire remplaçant de Maître Jean-Joseph Wagner, en cours de
publication au Mémorial C, Recueil des Sociétés of Luxembourg,

que le capital social est actuellement fixé à douze mille cinq cents Euro (EUR 12.500.-) représenté par douze mille cinq

cents (12.500) parts sociales ayant une valeur nominale d'un Euro (EUR 1.-) chacune, toutes entièrement souscrites et
libérées,

et que la partie comparante désire modifier et refondre les statuts de la Société.
II.- La partie comparante, représentée comme décrit ci-dessus, ayant reconnu avoir être informée des différentes réso-

lutions devant être adoptées sur base de l'agenda suivant:

1. Conversion des actuelles 12.500 (douze mille cinq cents) parts sociales de la Société, ayant chacune une valeur

nominale de 1 EUR (un Euro), en 11.250 (onze mille deux cent cinquante) parts sociales de Classe A and 1.250 (mille deux
cent cinquante) parts sociales de Classe B, ayant chacune une valeur nominale de 1 EUR (un Euro) et modification sub-
séquente de l'article 6 des statuts;

2. Modification de l'article 3 (Objet) des statuts de la Société;
3. Modification de l'article 19 (Représentation de la Société) des statuts de la Société;
4. Refonte des statuts de la Société;
5. Sélection et nomination des nouveaux gérants de Classe A;
6. Sélection et nomination des nouveaux gérants de Classe B;
7. Nomination du Président du Conseil de Gérance de la Société;
A requis le notaire instrumentant d'acter les résolutions suivantes:

Première résolution

L'Associé unique décide de convertir les actuelles 12.500 (douze mille cinq cents) parts sociales de la Société, ayant

chacune une valeur nominale de 1 EUR (un Euro), en 11.250 (onze mille deux cent cinquante) parts sociales de Classe A
and 1.250 (mille deux cent cinquante) parts sociales de Classe B, ayant chacune une valeur nominale de 1 EUR (un Euro).

Deuxième résolution

En conséquence de la résolution précédente, l'Associé unique décide de modifier l'article 6 des statuts qui aura désormais

la teneur suivante:

Art. 6. Capital social. Le capital social souscrit est fixé à douze mille cinq cents Euro (EUR 12.500) représenté par onze

mille deux cent cinquante (11.250) parts sociales de Catégorie A, et mille deux cent cinquante (1.250) parts sociales de
Catégorie B, toutes de forme nominative (ci-après définies comme les “Parts Sociales”). Chaque Part Sociale a une valeur
nominale d'un Euro (EUR 1). Les détenteurs des Parts Sociales sont définis ci-après comme les “Associés”.

Complémentairement au capital social, il pourra être établi un compte de prime d'émission sur lequel toute prime

La Société pourra, sans limite aucune, accepter tout apport de fonds propres ou toute autre contribution sans émission

de Parts Sociales ou autres titres en contrepartie de l'apport, et pourra créditer ces apports sur un ou plusieurs comptes. Les
décisions quant à l'utilisation de ces comptes devront être prises par l'(les) Associé(s) et seront régies par la Loi de 1915 et
les présents statuts.

Sous réserve des dispositions de l'article 19, et des dispositions du Pacte d'Associés toutes les Parts Sociales donnent

droit à des droits égaux.

La Société peut procéder au rachat de ses propres Parts Sociales dans les limites fixées par la Loi de 1915.

Troisième résolution

L'Associé unique décide de modifier l'article 3 (Objet) des statuts de la Société, qui aura désormais le contenu suivant:

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U X E M B O U R G

« 3. Objet.
3.1 L'objet de la Société est l'acquisition et la détention de tous intérêts, directement ou indirectement, sous quelle que

forme que ce soit, dans toutes autres entités, luxembourgeoises ou étrangères, notamment par voie de souscription ou
acquisition de toutes valeurs mobilières et tous droits par participation, apport, souscription, prise ferme ou option d'achat,
négociation ou toute autre manière, ou par voie d'instruments financiers de dettes, sous quelle que forme que ce soit, ainsi
que leur administration, leur développement et leur gestion.

3.2 La Société a également pour objet d'effectuer toutes transactions impliquant, directement ou indirectement, l'acqui-

sition d'actifs immobiliers et/ou la prise de participations dans toutes entreprises généralement quelconques, ainsi que
l'administration, la gestion, le contrôle, le développement et la vente de ces investissements participations.

3.3 La Société pourra également apporter toute assistance financière, que ce soit sous forme de prêts, d'octroi de garanties

ou autrement, à ses filiales ou aux sociétés dans lesquelles elle a un intérêt direct ou indirect, sans que celui-ci soit substantiel,
ou à toutes sociétés, qui seraient actionnaires, directs ou indirects, de la Société, ou encore à toutes sociétés appartenant au
même groupe que la Société (ci-après définies comme les “Sociétés Apparentées”). A titre accessoire de cette assistance
financière, la Société pourra également apporter à ses Sociétés Apparentées toute assistance administrative ou commerciale.

3.4 Pour les besoins de cet article, une société sera considérée comme appartenant au même “groupe” que la Société si

cette autre société, directement ou indirectement, détient, est détenue par, détient le contrôle de, est contrôlée par ou est
sous le contrôle commun avec, ou est contrôlée par un associé de la Société, que ce soit comme bénéficiaire, trustee ou
gardien ou autre fiduciaire. Une société sera considérée comme contrôlant une autre société si elle détient, directement ou
indirectement, tout ou une partie substantielle de l'ensemble du capital social de la société ou dispose du pouvoir de diriger
ou d'orienter la gestion et les politiques de l'autre société, que ce soit aux moyens de la détention de titres permettant
d'exercer un droit de vote, par contrat ou autrement.

3.5 La Société peut, en particulier, être engagée dans les opérations suivantes:
(a) conclure des emprunts sous toute forme ou obtenir toutes formes de moyens de crédit et réunir des fonds, notamment,

sans que cette liste soit limitative, par l'émission de titres, d'obligations, de billets à ordre, certificats et autres instruments
de dette ou capital, convertibles ou non, ou utiliser des instruments financiers dérivés ou autres;

(b) avancer, prêter, déposer des fonds ou donner crédit à ou avec ou de souscrire à ou acquérir tous instruments de dette,

avec ou sans garantie, émis par une entité luxembourgeoise ou étrangère, à des conditions jugées satisfaisantes;

par hypothèque ou charge sur tout ou partie d'engagements, des avoirs (présents ou futurs), ou par l'une et l'autre de ces
méthodes, pour l'exécution de tous contrats ou obligations de la Société ou de Sociétés Apparentées, ou par tout adminis-
trateur, gérant ou autre agent de la Société ou de l'une des Sociétés Apparentées, dans les limites autorisées par une
quelconque disposition légale applicable; et

(d) conclure tous contrats et notamment, sans que cette liste soit limitative, des contrats d'association, des contrats de

garantie, des accords de distribution, des contrats de gestion, des contrats de conseils, des contrats d'administration, des
contrats de coopération et autres contrats de services, des contrats de vente, des contrats d'échange d'intérêt et/ou de cours,
et autres contrats financiers dérivés en relation avec son objet;

étant entendu que la Société n'entrera dans aucune opération qui pourrait l'amener à être engagée dans toute activité

pouvant être considérées comme une activité réglementée du secteur financier.

3.6 Outre ce qui précède, la Société peut réaliser toutes transactions légales, commerciales, techniques et financières et

en général toutes transactions nécessaires ou utiles à l'accomplissement de son objet social ou en relation directe ou indirecte
avec tous les secteurs précités, de manière à faciliter l'accomplissement de celui-ci.»

Quatrième résolution

L'Associé unique décide de modifier l'article 19 (Représentation de la Société) des statuts de la Société ayant désormais

le contenu suivant:

“Vis-à-vis des tiers, la Société est valablement engagée par la signature conjointe de deux (2) Gérants de Catégorie A

ou par la signature de toute personne bénéficiant d'un pouvoir délégué conjointement par deux (2) Gérants de Catégorie
A.”

Cinquième résolution

L'Associé unique décide de modifier et refondre les Statuts de la Société ayant désormais le contenu suivant:
“Les termes en majuscules mentionnés dans ces statuts ci-après sont définis tels qui suit:
“Affilié” signifie:
(a) concernant une société, une Entreprise Filiale ou Société mère de la société, et toute autre Entreprise Filiale de toute

Société mère de la société; et

(b) concernant l'Associé de Catégorie A, à tout moment précédant la réalisation substantielle du Plan d'Activité, tous

société, association, fonds ou investissement collectif conseillés par toute Société mère ou Affilié de l'Associé de Catégorie
A; et

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U X E M B O U R G

“Contrat de Gestion d'Actifs” signifie un contrat entre (1) Générale Continentale Investissements SA et (2) Cerep Fran-

klin Sàrl, en ce qui concerne la nomination de Générale Continentale Investissements SA en tant que Gestionnaire d'actif
de Cerep Franklin Sàrl;

“Entreprise Filiale” a la signification qui lui est donnée à l'article 309(2) de la Loi de 1915 et incluant les Entreprises

Filiales directes et indirectes, y compris, sans limitation, Cerep Franklin Sàrl;

“Evènement de Résiliation AMA” signifie, en ce qui concerne l'Associé de Catégorie B, le Contrat de Gestion d'Actifs

tel que résilié par la Société conformément aux clauses 2 ou 4.2 à 4.7 (inclus) du Contrat de Gestion d'Actif;

“Financements Additionnels” signifie, dans le cas où le Conseil de Gérance estime qu'un financement additionnel est

nécessaire pour la poursuite de l'activité de la Société tout financement additionnel en supplément de l'Obligation de
Financement, tout capital additionnel que l'Associé de Catégorie A et l'Associé de Catégorie B peuvent, en toute discrétion,
octroyer (ou faire en sorte qu'un Affilié réalise un paiement lorsqu'un tel financement est octroyé sous forme de prêt ou
autre financement équivalent) en proportion de leur détention de Parts Sociales;

“Gestionnaire d'Actif” signifie Générale Continentale Investissements SA, une société constituée selon le droit français,

enregistrée avec le registre de commerce de Paris sous le numéro d'immatriculation 303 969 315, dont le siège social est
situé au 60, avenue Hoche, 75008 Paris, France, ou tout gestionnaire d'actif remplaçant;

“Montant de Financement” signifie le montant avancé par l'Associé qui n'a pas, à la date pertinente, été remboursé à

l'Associé concerné;

“Obligation de Financement” signifie la participation financière agrégée maximale pouvant être exigée des Associés,

et dont le montant est déterminé dans le Pacte d'Associés;

“Pacte d'Associés” signifie la convention entre Associés conclue ponctuellement entre, notamment, la Société et ses

associés;

“Plan d'Activité” signifie tout plan d'activité adopté par la Société;
“Propriété” signifie la propriété détenue directement ou indirectement par la Société conformément au Pacte d'Associés;
“Société mère” a la signification qui lui est donnée à l'article 309(2) de la Loi de 1915;
“Sujets Importants” signifie les sujets énumérés ci-après:
(a) pendant la Période d'Indisponibilité (tel que définie ci-après) (autre que ceux précisés dans la Pacte d'Associés), toute

décision de vendre tout ou partie de la Propriété ou d'une entité holding détenant (directement ou indirectement) la Propriété
(étant entendu qu'à la suite de l'expiration de cette période le Conseil de Gérance peut vendre tout ou partie de la Propriété);

(b) tout contrat matériel, incluant les amendements, entre la Société et l'Associé de Catégorie A ou tout Affilié (tel que

définie ci-après) (excepté pour l'émission de parts sociales supplémentaires/prêts d'associés dans les mêmes conditions que
pour les parts sociales existantes ou les prêts d'associés existant afin de respecter les exigences de financement additionnels);

(c) toute modification des Statuts, l'émission de parts sociales supplémentaires ou de prêts d'associés ainsi que la décision

de demander des Financements Additionnels (excepte suite à l'Evènement de Résiliation AMA ou dans les cas où des fonds
supplémentaires sont requis pour d'investissement (directement ou indirectement dans la Propriété);

(d) l'endettement ou l'octroi de garanties autrement qu'en application de documents de financement, de prêts d'associés

ou de tout Pacte d'Associés;

(e) la conclusion, l'amendement, la novation, ou la terminaison de tous documents de financement (autrement que

conformément au Plan d'Activité) par lesquels la Société ou une Entreprise Filiale participe à une transaction incluant
l'acquisition ou la fusion avec une autre société (autre que la société faisant partie d'une groupe de la Société), investit dans
une autre entité ou activité, ou établit une Entreprise Filiale ou acquiert des titres;

(f) la création de toute option sur les Parts Sociales ou les Parts Sociales d'une Entreprise Filiale (sauf lorsque cela est

lié à la vente, en tout ou partie, de la Propriété);

(g) la conclusion de contrats étrangers à l'activité courante ou la réalisation de tout investissement ou emprunt, prêt ou

avance de toute somme d'argent (ou l'octroi de toute garantie y afférent) étrangers au Plan d'Activité;

(h) la dissolution ou la liquidation de la Société ou d'une Entreprise Filiale avant la disposition de la Propriété;
(i) le recrutement de salariés et la conclusion de contrats de travail y afférent prévoyant des bonus, partages de profit,

options d'actions, ou tout autre intéressement des salariés ou des Gérants de la Société ou d'une Entreprise Filiale;

(j) accepter des nouveaux Associés de la Société ou des Entreprises Filiales;

Chapitre I

- Forme, Raison sociale, Siège social, Objet, Durée

1. Forme - Raison sociale. Il existe une société à responsabilité limitée sous la dénomination “IRAF Folio S.à r.l.” régie

par les lois relatives à une telle entité (ci-après définie comme la “Société”), et en particulier la loi du 10 août 1915 relative
aux sociétés commerciales, telle que modifiée (ci-après définie comme la “Loi de 1915”), ainsi que par les présents statuts
de la Société (ci-après définis comme les “Statuts”).

2. Siège social.
2.1 Le siège social de la Société est établi dans la commune de Luxembourg.

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U X E M B O U R G

2.2 Il peut être transféré en tout autre endroit du Grand-Duché de Luxembourg par une délibération de l'assemblée

générale extraordinaire des Associés (telle que définie ci-après) délibérant comme en matière de modification des Statuts.

2.3 Toutefois, le Conseil de Gérance de la Société est autorisé à transférer le siège social de la Société à l'intérieur de la

commune de Luxembourg.

2.4 Au cas où des événements extraordinaires d'ordre militaire, politique, économique ou social de nature à compromettre

l'activité normale au siège social de la Société se seraient produits ou seraient imminents, le siège social pourra être transféré
provisoirement à l'étranger jusqu'à cessation complète de ces circonstances anormales; cette mesure provisoire n'aura
toutefois aucun effet sur la nationalité de la Société, laquelle, nonobstant ce transfert provisoire du siège, restera luxem-
bourgeoise. La décision de transférer le siège social à l'étranger sera prise par le Conseil de Gérance.

3. Objet.
3.1 L'objet de la Société est l'acquisition et la détention de tous intérêts, directement ou indirectement, sous quelle que