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L
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° 294
4 février 2016
SOMMAIRE
Aberdeen Global . . . . . . . . . . . . . . . . . . . . . . . .
14066
A.R.S. Groupe S.A. . . . . . . . . . . . . . . . . . . . . . .
14101
A.R.S. Immobilière S.A. . . . . . . . . . . . . . . . . . .
14101
CIG Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14066
City Car Holdings S.A. . . . . . . . . . . . . . . . . . . .
14068
Commerzbank Aktientrend Deutschland . . . .
14069
Commerzbank Rohstoff Strategie . . . . . . . . . .
14069
Derrière Les Mots Editions Sàrl . . . . . . . . . . .
14068
Digitera-Group S.A. . . . . . . . . . . . . . . . . . . . . .
14109
EC3 (Lux) S.à r.l. . . . . . . . . . . . . . . . . . . . . . . . .
14069
Entreprise Jean FORTUNATO s. à r. l. . . . . .
14071
E-Xcell Communications Sàrl . . . . . . . . . . . . .
14071
E-Xcell Communications Sàrl . . . . . . . . . . . . .
14071
Federale Fund . . . . . . . . . . . . . . . . . . . . . . . . . .
14068
Fonciem . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14073
Formax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14073
GELF Emerald (Lux) S.à r.l. . . . . . . . . . . . . . .
14072
Gelman S.A. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14072
Geovia Logistics S.A. . . . . . . . . . . . . . . . . . . . . .
14071
GER LOG 1 S.A. . . . . . . . . . . . . . . . . . . . . . . . .
14071
GER LOG 4 S.A. . . . . . . . . . . . . . . . . . . . . . . . .
14071
GER LOG 5 S.A. . . . . . . . . . . . . . . . . . . . . . . . .
14070
Ger Log 6 S.A. . . . . . . . . . . . . . . . . . . . . . . . . . .
14070
Ger Log 7 S.A. . . . . . . . . . . . . . . . . . . . . . . . . . .
14070
Ger Log 8 S.A. . . . . . . . . . . . . . . . . . . . . . . . . . .
14070
Ger Log 9 S.A. . . . . . . . . . . . . . . . . . . . . . . . . . .
14070
Global Focus S.A. . . . . . . . . . . . . . . . . . . . . . . . .
14070
Grandfin International S.A. . . . . . . . . . . . . . . .
14072
Grandfin International S.A. . . . . . . . . . . . . . . .
14072
Green Eich s.à r.l. . . . . . . . . . . . . . . . . . . . . . . .
14072
Herrmann Antonimus G.m.b.h. . . . . . . . . . . . .
14073
Iberian Capital Investors S.à r.l. . . . . . . . . . . .
14073
IF-Fund Services . . . . . . . . . . . . . . . . . . . . . . . .
14111
Infomax Investments S.à r.l. . . . . . . . . . . . . . . .
14073
Infopartners S.A. . . . . . . . . . . . . . . . . . . . . . . . .
14109
Infrastructure PPP Africa Fund S.C.A., SI-
CAV-FIS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14108
International Footwear Distributors S.à r.l.
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14112
International Fund Portfolio: . . . . . . . . . . . . . .
14108
InvestIn SICAV . . . . . . . . . . . . . . . . . . . . . . . . .
14074
KB Star Funds . . . . . . . . . . . . . . . . . . . . . . . . . .
14087
Lavipharm Group Holding . . . . . . . . . . . . . . . .
14067
Les Enfants du Vietnam Luxembourg . . . . . .
14067
Luxembourg Placement Fund . . . . . . . . . . . . .
14069
Mazout Berens S.A. . . . . . . . . . . . . . . . . . . . . . .
14101
MUGC/UGA US Corporate Bond Fund . . . . .
14069
Multi Structure Fund . . . . . . . . . . . . . . . . . . . .
14068
Nuti Luxco S.à r.l. . . . . . . . . . . . . . . . . . . . . . . .
14108
Theam Quant . . . . . . . . . . . . . . . . . . . . . . . . . . .
14107
14065
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CIG Funds, Société d'Investissement à Capital Variable.
Siège social: L-1470 Luxembourg, 80, route d'Esch.
R.C.S. Luxembourg B 176.381.
in respect of the Company and the sub-fund CIG FUNDS - CIG Asian Tortoise Fund UI
with the following share classes:
CIG Asian Tortoise Fund UI IA (EUR) - ISIN LU0820872496
CIG Asian Tortoise Fund UI ID (EUR) - ISIN LU0820872819
CIG Asian Tortoise Fund UI IA (USD) - ISIN LU0820874278
CIG Asian Tortoise Fund UI ID (USD) - ISIN LU0820874609
An
EXTRAORDINARY GENERAL MEETING
of Shareholders will be held on <i>7 MARCH 2016i> , 10:00 a.m. (Luxembourg time) at the registered office of the Man-
agement Company of CIG FUNDS at Universal-Investment-Luxembourg S.A., 15, rue de Flaxweiler, L-6776 Greven-
macher, Grand Duchy of Luxembourg for the following purposes:
1. Dissolution and liquidation of the sub-fund CIG FUNDS - CIG Asian Tortoise Fund UI as well as consequently
resolve the liquidation of the Company CIG FUNDS;
2. Appointment of Universal-Investment-Luxembourg S.A., represented by Armin Clemens, as liquidator of the Com-
pany, subject to the approval by the CSSF;
3. Resolution regarding the further custody of the books and documents of the Company for the reasonable period
defined by law of five years.
The resolutions set forth in the agenda for the EGM will require a quorum of at least 50% of the issued shares.
Shareholders who cannot personally attend the Meeting and wish to be represented are entitled to appoint a proxy to
vote for them. A proxy need not be a shareholder of the company. The proxy is available at http://www.universal-
investment.lu/Publikumsfonds/Mitteilungen or alternatively from the registered office.
If you do not expect to attend the meeting in person, please sign and date the proxy form and return it as soon as possible
by fax to the following number: 00352 47 40 66 6503 and subsequently by airmail to BROWN BROTHERS HARRIMAN
(Luxembourg) S.C.A., Corporate & Legal Administration, 80 Route d'Esch, L-1470 Luxembourg.
In order to be valid for this meeting, proxy forms and certificate of deposit of a credit institution from which it appears
that the shares are blocked until the end of the EGM should be received by 3 March 2016, 10:00 a.m. (Luxembourg time).
Only shareholders on record at the close of business on 3 March 2016, 10:00 a.m. (Luxembourg time) are entitled to vote
at the Extraordinary General Meeting of Shareholders and at any adjournments thereof.
<i>By Order of the Board of Directorsi>
Référence de publication: 2016060143/755/35.
Aberdeen Global, Société d'Investissement à Capital Variable.
Siège social: L-1855 Luxembourg, 35A, avenue J.F. Kennedy.
R.C.S. Luxembourg B 27.471.
The Board of Directors of the Company would like to invite you to attend the
ANNUAL GENERAL MEETING
of Shareholders of the Company (the "Meeting") to be held on <i>22 February 2016i> at 11.00 a.m. at the registered office
of the Company at 35a, avenue John F. Kennedy, L-1855 Luxembourg, with the following agenda:
<i>Agenda:i>
1. Approval of the annual report incorporating the Independent Auditor's report and the audited financial statements of
the Company for the financial year ended 30 September 2015.
2. Allocation of the results for the financial year ended 30 September2015.
3. Discharge to be granted to the directors and to the auditors with respect to the performance of their duties during the
financial year ended 30 September 2015.
4. Re-election of Mr. Martin Gilbert as Director until the next Annual General Meeting to be held in 2017.
5. Re-election of Mr. Christopher Little as Director until the next Annual General Meeting to be held in 2017.
6. Re-election of Mr. David Van Der Stoep as Director until the next Annual General Meeting to be held in 2017.
7. Re-election of Mr. Hugh Young as Director until the next Annual General Meeting to be held in 2017.
8. Re-election of Mr. Gary Marshall as Director until the next Annual General Meeting to be held in 2017
9. Re-election of Mr. Bob Hutcheson as Director until the next Annual General Meeting to be held in 2017.
14066
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10. Re-election of Ms. Soraya Hashimzai as Director until the next Annual General Meeting to be held in 2017.
11. Re-election of Mr. Lynn Birdsong as Director until the next Annual General Meeting to be held in 2017.
12. Re-election of Mr. Ronaldo Da Frota Nogueira as Director until the next Annual General Meeting to be held in 2017.
13. Re-election of Mr. Ian MacDonald as Director until the next Annual General Meeting to be held in 2017.
14. Re-election of KPMG Luxembourg, Société coopérative as Independent Auditor of the Company until the next
Annual General Meeting to be held in 2017.
The shareholders are advised that no quorum for the items of the agenda is required and that the decisions will be taken
at the majority vote of the shares present or represented at the Meeting. Each share is entitled to one vote. A shareholder
may act at the Meeting by person or by proxy. A copy of the form of proxy is attached and may be obtained at the above
address.
Should you not be able to attend this Meeting, kindly complete, date, sign and return the form of proxy enclosed by fax
before 18 February 2016 to Aberdeen Global Services S.A. for the attention of Luxembourg Product Management at fax
number +352 2643 3097 or by mail to the above address.
The Company's annual report and accounts are made available at www.aberdeen-asset.com within the literature section,
alternatively please contact, for shareholders outside of the UK, +352 46 40 10 820 or, for shareholders in the UK, 01224
425255 to request a copy.
By order of the Board of Directors
Dated 1 February 2015
Référence de publication: 2016059299/40.
Lavipharm Group Holding, Société Anonyme.
Siège social: L-1258 Luxembourg, 1, rue Jean-Pierre Brasseur.
R.C.S. Luxembourg B 33.244.
Messieurs les actionnaires sont convoqués par le présent avis à
l'ASSEMBLEE GENERALE EXTRAORDINAIRE
qui aura lieu le <i>25 février 2016i> à 13:00 heures au 24, rue Saint Mathieu L-2138 Luxembourg, avec l'ordre du jour
suivant :
<i>Ordre du jour:i>
1. Approbation des comptes annuels et affectation des résultats au 30/06/2010.
2. Approbation du rapport du commissaire aux comptes.
3. Décharge à donner aux administrateurs et au commissaire aux comptes.
4. Renouvellement du mandat du commissaire aux comptes.
5. Renouvellement et / ou nominations des administrateurs.
6. Divers.
<i>Le Conseil d'Administration.i>
Référence de publication: 2016060142/1267/18.
Les Enfants du Vietnam Luxembourg, Association sans but lucratif.
Siège social: L-8039 Strassen, 8, rue des Prés.
R.C.S. Luxembourg F 8.568.
Par la présente, nous avons le plaisir de vous convoquer à
l'ASSEMBLÉE GÉNÉRALE ORDINAIRE
des membres de l'Association qui se tiendra le <i>29 février 2016i> à 18:00 heures au 5, Place Winston Churchill, L-1340
Luxembourg, et qui aura pour
<i>Ordre du jour:i>
1. Présentation et approbation du rapport d'activité pour l'année 2013 et des comptes annuels de l'association pour
l'exercice clos au 31 décembre 2013 et du rapport du réviseur d'entreprises agréé y relatif ;
2. Présentation et approbation du rapport d'activité pour l'année 2014 et des comptes annuels de l'association pour
l'exercice clos au 31 décembre 2014 et du rapport du réviseur d'entreprises agréé y relatif ;
3. Décharge aux membres du Conseil d'Administration ;
4. Renouvellement des mandats, démission et nomination des membres du Conseil d'Administration ;
5. Budget de l'exercice 2016 ;
6. Montant de la cotisation annuelle 2016 ;
7. Transfert de siège ;
8. Divers.
14067
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Si vous le souhaitez, vous pouvez vous faire représenter par un mandataire. Dans cette hypothèse, vous voudrez bien
établir la procuration ci-jointe au nom de ce mandataire et l'envoyer directement au 5, Place Winston Churchill, L-1340
Luxembourg, par fax (+352 442255) et en original.
Nous vous prions de bien vouloir agréer, Mesdames, Messieurs, nos salutations les meilleures.
<i>LES ENFANTS DU VIETNAM LUXEMBOURGi>
Référence de publication: 2016060144/260/26.
Multi Structure Fund, Fonds Commun de Placement.
Das Verwaltungsreglement wurde beim Handels- und Gesellschaftsregister von Luxemburg hinterlegt.
Zwecks Veröffentlichung im Mémorial, Recueil des Sociétés et Associations.
Axxion S.A. / Banque de Luxembourg
Unterschriften
<i>Verwaltungsgesellschaft / Verwahrstellei>
Référence de publication: 2015086888/10.
(150100021) Déposé au registre de commerce et des sociétés de Luxembourg, le 10 juin 2015.
Federale Fund, Fonds Commun de Placement.
Le règlement de gestion coordonné du fonds commun de placement Federale Fund du 1
er
juin 2015 a été déposé au
registre de commerce et des sociétés de Luxembourg.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Luxembourg, le 12 juin 2015.
FEDERALE MANAGEMENT S.A.
Référence de publication: 2015092081/10.
(150103320) Déposé au registre de commerce et des sociétés de Luxembourg, le 16 juin 2015.
Derrière Les Mots Editions Sàrl, Société à responsabilité limitée.
Siège social: L-1478 Luxembourg, 13, rue d'Ethe.
R.C.S. Luxembourg B 85.797.
Le bilan au 31 décembre 2008 a été déposé au registre de commerce et des sociétés de Luxembourg.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Luxembourg, le 2 novembre 2015.
Signature
<i>LA GERANTEi>
Référence de publication: 2015192598/12.
(150216235) Déposé au registre de commerce et des sociétés de Luxembourg, le 30 novembre 2015.
City Car Holdings S.A., Société Anonyme.
Siège social: L-1882 Luxembourg, 7, rue Guillaume J. Kroll.
R.C.S. Luxembourg B 148.808.
<i>Extrait du conseil d'administration tenu en date du 30 novembre 2015i>
<i>Décisioni>
Le Conseil d'administration décide:
1. de procéder au transfert du siège social actuel, le 128, Boulevard de la Pétrusse L-2330 Luxembourg, vers le 7 rue
Guillaume J. Kroll à L-1882 Luxembourg.
2. de rendre ce transfert effectif à compter de la date de ce procès-verbal.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
<i>Un mandatairei>
Référence de publication: 2015192543/15.
(150216138) Déposé au registre de commerce et des sociétés de Luxembourg, le 30 novembre 2015.
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Commerzbank Rohstoff Strategie, Fonds Commun de Placement.
Le règlement de gestion de Commerzbank Rohstoff Strategie coordonné 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.
Commerz Funds Solutions S.A.
Mathias Turra / Dietmar Kusch
Référence de publication: 2015095022/10.
(150105073) Déposé au registre de commerce et des sociétés de Luxembourg, le 18 juin 2015.
Commerzbank Aktientrend Deutschland, Fonds Commun de Placement.
Le règlement de gestion de Commerzbank Aktientrend Deutschland coordonné 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.
Commerz Funds Solutions S.A.
Mathias Turra / Dietmar Kusch
Référence de publication: 2015095023/10.
(150105074) Déposé au registre de commerce et des sociétés de Luxembourg, le 18 juin 2015.
Luxembourg Placement Fund, Fonds Commun de Placement.
Die konsolidierten Vertragsbedingungen des Fonds Luxembourg Placement Fund, welcher von der UBS Third Party
Management Company S.A. verwaltet wird und dem Gesetz vom 17. Dezember 2010 unterliegt, wurden beim Handels-
und Gesellschaftsregister von Luxemburg hinterlegt.
Zwecks Veröffentlichung im Mémorial, Recueil des Sociétés et Associations.
UBS Fund Services (Luxembourg) S.A.
UBS Third Party Management Company S.A.
Référence de publication: 2015095707/11.
(150105287) Déposé au registre de commerce et des sociétés de Luxembourg, le 18 juin 2015.
MUGC/UGA US Corporate Bond Fund, Fonds Commun de Placement - Fonds d'Investissement Spécialisé.
Le règlement de gestion modifié de MUGC/UGA US CORPORATE BOND FUND a été déposé au registre de commerce
et des sociétés de Luxembourg.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Luxembourg, le 25 janvier 2016.
Signature.
Référence de publication: 2016056153/9.
(160015726) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 janvier 2016.
EC3 (Lux) S.à r.l., Société à responsabilité limitée.
Capital social: EUR 12.500,00.
Siège social: L-2453 Luxembourg, 6, rue Eugène Ruppert.
R.C.S. Luxembourg B 150.937.
Il convient de noter que le siège social de la Société a été transféré du 43 avenue J.F. Kennedy, L-1855 Luxembourg,
au 6, rue Eugène Ruppert, L-2453 Luxembourg avec effet au 30 novembre 2015.
POUR EXTRAIT CONFORME ET SINCERE
EC3 (LUX) S.à r.l.
Signature
<i>Un mandatairei>
Référence de publication: 2015192624/14.
(150216340) Déposé au registre de commerce et des sociétés de Luxembourg, le 30 novembre 2015.
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GER LOG 5 S.A., Société Anonyme.
Siège social: L-1233 Luxembourg, 2, rue Jean Bertholet.
R.C.S. Luxembourg B 113.079.
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: 2015197833/9.
(150221987) Déposé au registre de commerce et des sociétés de Luxembourg, le 8 décembre 2015.
Ger Log 6 S.A., Société Anonyme.
Siège social: L-1233 Luxembourg, 2, rue Jean Bertholet.
R.C.S. Luxembourg B 122.692.
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: 2015197834/9.
(150221986) Déposé au registre de commerce et des sociétés de Luxembourg, le 8 décembre 2015.
Ger Log 7 S.A., Société Anonyme.
Siège social: L-1233 Luxembourg, 2, rue Jean Bertholet.
R.C.S. Luxembourg B 125.888.
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: 2015197835/9.
(150221985) Déposé au registre de commerce et des sociétés de Luxembourg, le 8 décembre 2015.
Ger Log 8 S.A., Société Anonyme.
Siège social: L-1233 Luxembourg, 2, rue Jean Bertholet.
R.C.S. Luxembourg B 127.179.
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: 2015197836/9.
(150221984) Déposé au registre de commerce et des sociétés de Luxembourg, le 8 décembre 2015.
Ger Log 9 S.A., Société Anonyme.
Siège social: L-1233 Luxembourg, 2, rue Jean Bertholet.
R.C.S. Luxembourg B 127.178.
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: 2015197837/9.
(150221983) Déposé au registre de commerce et des sociétés de Luxembourg, le 8 décembre 2015.
Global Focus S.A., Société Anonyme Soparfi.
Siège social: L-1724 Luxembourg, 3A, boulevard du Prince Henri.
R.C.S. Luxembourg B 47.193.
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: 2015197843/9.
(150222410) Déposé au registre de commerce et des sociétés de Luxembourg, le 8 décembre 2015.
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GER LOG 4 S.A., Société Anonyme.
Siège social: L-1233 Luxembourg, 2, rue Jean Bertholet.
R.C.S. Luxembourg B 113.078.
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: 2015197832/9.
(150221988) Déposé au registre de commerce et des sociétés de Luxembourg, le 8 décembre 2015.
GER LOG 1 S.A., Société Anonyme.
Siège social: L-1233 Luxembourg, 2, rue Jean Bertholet.
R.C.S. Luxembourg B 113.075.
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: 2015197831/9.
(150221989) Déposé au registre de commerce et des sociétés de Luxembourg, le 8 décembre 2015.
Geovia Logistics S.A., Société Anonyme.
Siège social: L-1233 Luxembourg, 2, rue Jean Bertholet.
R.C.S. Luxembourg B 127.532.
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: 2015197830/9.
(150221655) Déposé au registre de commerce et des sociétés de Luxembourg, le 8 décembre 2015.
Entreprise Jean FORTUNATO s. à r. l., Société à responsabilité limitée.
Siège social: L-5880 Hesperange, 157, Ceinture Um Schlass.
R.C.S. Luxembourg B 13.591.
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: 2015197734/9.
(150222186) Déposé au registre de commerce et des sociétés de Luxembourg, le 8 décembre 2015.
E-Xcell Communications Sàrl, Société à responsabilité limitée.
Siège social: L-1160 Luxembourg, 24-26, boulevard d'Avranches.
R.C.S. Luxembourg B 78.355.
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: 2015197723/9.
(150222040) Déposé au registre de commerce et des sociétés de Luxembourg, le 8 décembre 2015.
E-Xcell Communications Sàrl, Société à responsabilité limitée.
Siège social: L-1160 Luxembourg, 24-26, boulevard d'Avranches.
R.C.S. Luxembourg B 78.355.
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: 2015197724/9.
(150222041) Déposé au registre de commerce et des sociétés de Luxembourg, le 8 décembre 2015.
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Gelman S.A., Société Anonyme.
Siège social: L-2340 Luxembourg, 40, rue Philippe II.
R.C.S. Luxembourg B 168.386.
Le bilan au 31.12.2014 a été déposé au registre de commerce et des sociétés de Luxembourg.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Luxembourg, le 7 décembre 2015.
Pour ordre
EUROPE FIDUCIAIRE (Luxembourg) S.A.
Boîte Postale 1307
L-1013 Luxembourg
Référence de publication: 2015197829/14.
(150221517) Déposé au registre de commerce et des sociétés de Luxembourg, le 8 décembre 2015.
Grandfin International S.A., Société Anonyme.
Siège social: L-2449 Luxembourg, 26, boulevard Royal.
R.C.S. Luxembourg B 104.366.
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.
Signature.
Référence de publication: 2015197844/10.
(150221446) Déposé au registre de commerce et des sociétés de Luxembourg, le 8 décembre 2015.
Grandfin International S.A., Société Anonyme.
Siège social: L-2449 Luxembourg, 26, boulevard Royal.
R.C.S. Luxembourg B 104.366.
Les comptes annuels au 31 décembre 2012 ont été déposés au registre de commerce et des sociétés de Luxembourg.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Signature.
Référence de publication: 2015197845/10.
(150221447) Déposé au registre de commerce et des sociétés de Luxembourg, le 8 décembre 2015.
Green Eich s.à r.l., Société à responsabilité limitée.
Siège social: L-2441 Luxembourg, 282, rue de Rollingergrund.
R.C.S. Luxembourg B 170.293.
Les comptes annuels du 01/01/2014 au 31/12/2014 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.
Référence de publication: 2015197846/10.
(150221254) Déposé au registre de commerce et des sociétés de Luxembourg, le 8 décembre 2015.
GELF Emerald (Lux) S.à r.l., Société à responsabilité limitée.
Capital social: EUR 12.500,00.
Siège social: L-1160 Luxembourg, 28, boulevard d'Avranches.
R.C.S. Luxembourg B 141.468.
Dépôt rectificatif du dépôt initial effectué le 03/07/2015 sous le numéro L150116409, concernant le bilan au 31 décembre
2014 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.
Référence de publication: 2015197828/10.
(150222237) Déposé au registre de commerce et des sociétés de Luxembourg, le 8 décembre 2015.
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Herrmann Antonimus G.m.b.h., Société à responsabilité limitée.
Siège social: L-8287 Kehlen, Zone Industrielle Kehlen.
R.C.S. Luxembourg B 188.346.
Le bilan au 31.12.2014 a été déposé au registre de commerce et des sociétés de Luxembourg.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Luxembourg, le 7 décembre 2015.
Pour ordre
EUROPE FIDUCIAIRE (Luxembourg) S.A.
Boîte Postale 1307
L-1013 Luxembourg
Référence de publication: 2015197868/14.
(150221492) Déposé au registre de commerce et des sociétés de Luxembourg, le 8 décembre 2015.
Iberian Capital Investors S.à r.l., Société à responsabilité limitée.
Capital social: EUR 14.000,00.
Siège social: L-2220 Luxembourg, 560A, rue de Neudorf.
R.C.S. Luxembourg B 178.528.
Le bilan au 31 décembre 2014 a été déposé au registre de commerce et des sociétés de Luxembourg.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.
Luxembourg, le 4 décembre 2015.
Référence de publication: 2015197877/10.
(150222323) Déposé au registre de commerce et des sociétés de Luxembourg, le 8 décembre 2015.
Infomax Investments S.à r.l., Société à responsabilité limitée.
Capital social: EUR 28.600,00.
Siège social: L-1882 Luxembourg, 5, rue Guillaume Kroll.
R.C.S. Luxembourg B 116.245.
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 7 décembre 2015.
Référence de publication: 2015197879/10.
(150221824) Déposé au registre de commerce et des sociétés de Luxembourg, le 8 décembre 2015.
Fonciem, Société Anonyme.
Siège social: L-1740 Luxembourg, 20, rue de Hollerich.
R.C.S. Luxembourg B 156.311.
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.
Signature.
Référence de publication: 2015197779/10.
(150221413) Déposé au registre de commerce et des sociétés de Luxembourg, le 8 décembre 2015.
Formax, Société à responsabilité limitée.
Siège social: L-9647 Doncols, 13, Duerfstrooss.
R.C.S. Luxembourg B 183.103.
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.
R&D Comptabilité SA
Référence de publication: 2015197781/10.
(150221502) Déposé au registre de commerce et des sociétés de Luxembourg, le 8 décembre 2015.
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InvestIn SICAV, Société d'Investissement à Capital Variable.
Siège social: L-2453 Luxembourg, 2-4, rue Eugène Ruppert.
R.C.S. Luxembourg B 203.322.
STATUTES
In the year two thousand and sixteen, on the eighth day of January.
Before us, Maître Henri Hellinckx, notary residing in Luxembourg, Grand Duchy of Luxembourg
THERE APPEARED:
Nykredit Portefølje Administration A/S an aktieselskab (A/S) incorporated and existing under the laws of Denmark,
having its registered office at Otto Moensteds Plads 9, DK-1780 Copenhagen, Denmark, registered with Det Centrale
Virksomhedsregister under number 16637602,
here represented by Ramya Jagaraj, professionally residing in Luxembourg, by virtue of a proxy, given in Copenhagen,
on 5
th
January 2016.
The said proxy, initialled ne varietur by the proxyholder of the appearing parties and the notary, shall remain annexed
to this deed to be filed at the same time with the registration authorities.
Such appearing parties have requested the officiating notary to enact the deed of incorporation of a public limited
company (société anonyme) qualifying as an investment company with variable share capital (société d'investissement à
capital variable) which they wish to incorporate with the following articles of association:
A. Name - Purpose - Duration - Registered office
Art. 1. Name and form. There exists a public limited company (société anonyme) qualifying as an investment company
with variable share capital (société d'investissement à capital variable) under the name InvestIn SICAV (the "Company")
which shall be governed by Part I of the Luxembourg law of 17 December 2010 relating to undertakings for collective
investment, as amended (the "2010 Law"), the law of 10 August 1915 concerning commercial companies, as amended (the
"1915 Law") to which the 2010 Law refers, as well as by the present articles of association.
Art. 2. Purpose.
2.1 The purpose of the Company is the investment of the funds available to it in transferable securities of all types and
other assets permitted by the 2010 Law, with a view to spreading investment risks and enabling its shareholders to benefit
from the results of the management thereof.
2.2 The Company may take any measures and conduct any operations it sees fit for the purpose of achieving or developing
its purpose in accordance with the 2010 Law.
Art. 3. Duration.
3.1 The Company is incorporated for an unlimited period of time.
3.2 It may be dissolved at any time with or without cause by a resolution of the general meeting of shareholders adopted
in the manner required for an amendment of these articles of association.
Art. 4. Registered office.
4.1 The registered office of the Company is established in Luxembourg City, Grand Duchy of Luxembourg.
4.2 Within the same municipality, the registered office may be transferred by means of a decision of the board of directors.
It may be transferred to any other municipality in the Grand Duchy of Luxembourg by means of a resolution of the general
meeting of shareholders, adopted in the manner required for an amendment of these articles of association.
4.3 Branches or other offices may be established either in the Grand Duchy of Luxembourg or abroad by a resolution
of the board of directors.
B. Share capital - Shares - Net asset value
Art. 5. Share capital.
5.1 The share capital of the Company shall be represented by fully paid up shares of no par value and shall at all times
be equal to the total net asset value of the Company. The share capital of the Company shall thus vary ipso iure, without
any amendment to these articles of association and without compliance with measures regarding publication and entry into
the Trade and Companies Register.
5.2 The minimum share capital of the Company may not be less than the level provided for by the 2010 Law, i.e. one
million two hundred and fifty thousand euros (EUR 1,250,000.-). Such minimum capital must be reached within a period
of six (6) months after the date on which the Company has been authorised as an undertaking for collective investment
under Luxembourg law.
5.3 The Company is incorporated with an initial share capital of thirty-one thousand euros (EUR 31,000.-) represented
by thirty-one (31) shares.
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Art. 6. Form of shares - Register of shares - Transfer of shares.
6.1 The shares of the Company are in registered form.
6.2 A register of registered shares shall be kept at the registered office of the Company, where it shall be available for
inspection by any shareholder. The register shall contain all the information required by the 1915 Law. Ownership of shares
is established by registration in said share register. Certificates of such registration shall be issued upon request and at the
expense of the relevant shareholder.
6.3 The Company will recognise only one holder per share. In case a share is owned by several persons, they shall
appoint a single representative who shall represent them towards the Company. The Company has the right to suspend the
exercise of all rights attached to that share until such representative has been appointed.
6.4 The shares are, as a rule, freely transferable in accordance with the provisions of the law subject however to Article
12 au-dessous and to any additional restriction disclosed in the prospectus of the Company (the “Prospectus”).
6.5 Any transfer of registered shares shall become effective towards the Company and third parties (i) through the
recording of a declaration of transfer into the register of shares, signed and dated by the transferor and transferee or their
representatives, and (ii) upon notification of the transfer to, or upon the acceptance of the transfer by the Company.
Art. 7. Classes of shares.
7.1 The board of directors may decide to issue one or more classes of shares for each Sub-Fund.
7.2 Each class of shares may differ from the other classes with respect to its cost structure, the initial investment required,
the currency in which the net asset value is expressed or any other feature as may be determined by the board of directors
from time to time. The board of directors may further, at its discretion, decide to change any of these characteristics as well
as the name of any class of shares. In such a case, the Prospectus shall be updated accordingly.
7.3 The board of directors may create each class of shares for an unlimited or limited duration; in the latter case, upon
expiry of the term, the board of directors may extend the duration of the relevant class of shares once or several times. At
the expiry of the duration of the class of shares, the Company shall redeem all the shares in the class of shares, in accordance
with Article 10 au-dessous.
7.4 At each extension of the duration of a class of shares, the shareholders shall be duly notified in writing, by a notice
sent to them. The Prospectus shall indicate the duration of each class and if appropriate, its extension.
7.5 There may be capitalisation and distribution shares. Whenever dividends are distributed on distribution shares, the
portion of net assets of the class of shares to be allotted to all distribution shares shall subsequently be reduced by an amount
equal to the amounts of the dividends distributed, thus leading to a reduction in the percentage of net assets allotted to all
distribution shares, whereas the portion of net assets allotted to all capitalisation shares shall remain the same.
7.6 The Company may, in the future, offer new classes of shares without the approval of the shareholders. Such new
classes of shares may be issued on terms and conditions that differ from the existing classes of shares.
Art. 8. Sub-Funds.
8.1 The board of directors may, at any time, create different sub-funds within the meaning of article 181 of the 2010
Law corresponding to a distinct part of the assets and liabilities of the Company (hereinafter referred to as a “Sub-Fund”).
In such event, it shall assign a particular name to them.
8.2 As between shareholders, each portfolio of assets corresponding to a specific Sub-Fund shall be invested for the
exclusive benefit of such Sub-Fund(s). The Company constitutes one single legal entity. However, with regard to third
parties, in particular towards the Company’s creditors, each Sub-Fund shall be exclusively responsible for all liabilities
attributable to it.
8.3 Each Sub-Fund may be created for an unlimited or limited period of time; in the latter case, Article 7.3 au-dessus
and Article 7.4 au-dessus shall apply mutatis mutandis.
8.4 For the purpose of determining the share capital of the Company, the net assets attributable to each Sub-Fund shall,
if not expressed in euro (EUR), be converted into euro (EUR) and the capital shall be the total of the net assets of all Sub-
Funds including all classes of shares.
Art. 9. Issue of shares.
9.1 The board of directors is authorised without limitation to issue an unlimited number of fully paid up shares at any
time without reserving to the existing shareholders a preferential right to subscribe for the shares to be issued.
9.2 The board of directors may impose restrictions on the frequency at which shares shall be issued in any class of shares.
The board of directors may, in particular, decide that shares of any class shall only be issued during one or more offering
periods or at such other periodicity as provided for in the Prospectus.
9.3 The board of directors may decide to issue fractional shares. Such fractional shares shall not be entitled to vote but
shall be entitled to participate in the net assets attributable to the relevant class of shares on a pro rata basis. If the sum of
the fractional shares so held by the same shareholder in the same class of shares represents one or more entire share(s),
such shareholder benefits from the corresponding voting right.
9.4 The subscription price per share shall be equal to the net asset value per share of the relevant class of shares as
determined in accordance with Article 13 au-dessous. The Company may also levy any applicable charges, expenses and
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commissions upon subscription, as provided for in the Prospectus. The subscription price may be rounded up or down to
the nearest unit of the relevant currency as the board of directors shall determine.
9.5 The subscription price per share so determined shall be payable within a maximum period of time as provided in
the Prospectus and which shall not exceed ten (10) business days as defined in the Prospectus after the relevant valuation
day as defined under Article 13 au-dessous.
9.6 The board of directors may delegate to any duly authorised agent the power to accept subscriptions, to receive
payment of the shares to be issued and to deliver them. The board of directors may also delegate to any director, manager,
or officer the power to accept subscriptions and instruct any duly authorised agent to receive payment of the shares to be
issued and deliver them.
9.7 The board of directors may reject subscription requests in whole or in part at its full discretion.
9.8 The issue of shares may be suspended under the terms of Article 14 au-dessous or at the board of director’s discretion
in the best interests of the Company notably under other exceptional circumstances.
9.9 The Company may, if a prospective shareholder requests and the board of directors so agrees, satisfy any application
for subscription of shares which is proposed to be made by way of contribution in kind. The nature and type of assets to
be accepted in any such case shall be determined by the board of directors and must correspond to the investment policy
and restrictions of the Company or the Sub-Fund being invested in. A report relating to the contributed assets must be
delivered to the Company by an approved statutory auditor (réviseur d’entreprises agréé) save as otherwise provided for
under applicable laws. All costs associated with such contribution in kind shall be borne by the shareholder making the
contribution, or by such other third party as agreed by the Company or in any other way which the board of directors
considers fair to all shareholders of the Sub-Fund.
Art. 10. Redemption of shares.
10.1 Any shareholder may request the redemption of all or part of his/her shares by the Company, under the terms,
conditions and procedures set forth by the board of directors in the Prospectus.
10.2 The redemption price per share shall be equal to the net asset value per share of the relevant class of shares on the
relevant valuation day, as determined in accordance with Article 13 au-dessous. The Company may also levy any applicable
charges, expenses and commissions upon redemption, as provided for in the Prospectus. The redemption price may be
rounded up or down to the nearest unit of the relevant currency as the board of directors shall determine.
10.3 The redemption price per share so determined shall be payable within a period of time as provided in the Prospectus
which shall in principle not exceed ten (10) business days as defined in the Prospectus after the relevant valuation day as
defined under Article 13 au-dessous.
10.4 The board of directors may delegate to any duly authorised agent the power to accept requests for redemption and
effect the payment of redemption proceeds. The board of directors may also delegate to any director, manager, or officer
the power to accept requests for redemption and instruct any duly authorised agent to effect the payment of redemption
proceeds.
10.5 When there is insufficient liquidity or in other exceptional circumstances, the board of directors reserves the right
to postpone the payment of redemption proceeds until there is sufficient liquidity or such exceptional circumstances have
ceased.
10.6 If, as a result of any request for redemption, the number or the aggregate net asset value of the shares held by any
shareholder in any class of shares would fall below such number or such value as determined by the board of directors, the
board of directors may then decide that this request shall be treated as a request for redemption for the full balance of such
shareholder's holding of shares in such class of shares.
10.7 Furthermore, if, with respect to any given valuation day, redemption requests exceed a certain percentage of the
net asset value of the Sub-Fund or class of shares as determined by the board of directors, the board of directors may decide
that part or all of such requests for redemption will be deferred until there is sufficient liquidity or other exceptional
circumstances have ceased, for a period and in a manner that the board of directors considers to be in the best interests of
the Company and its shareholders as further described in the Prospectus. Following that period, with respect to the next
relevant valuation day, these redemption requests will be met in priority to later requests, if necessary on a prorata basis
among involved shareholders.
10.8 If with respect to any given valuation day, redemption requests amount to the total number of shares in issue in
any class(es) of shares or Sub-Funds or if the remaining number of shares in issue in that Sub-Fund or class of shares after
such redemptions would represent a total net asset value below the minimum level of assets under management required
for such Sub-Fund or class of shares to be operated in an efficient manner, the board of directors may decide to terminate
and liquidate the Sub-Fund or class of shares in accordance with Article 39 au-dessous. For the purpose of determining the
redemption price, the calculation of the net asset value per share of the relevant Sub-Funds or class(es) of shares shall take
into consideration all liabilities that will be incurred in terminating and liquidating said class(es) of shares or Sub-Funds.
10.9 The redemption of shares may be suspended under the terms of Article 14 au-dessous or in other exceptional cases
where the circumstances and the best interests of the shareholders so require.
10.10 In addition, the shares may be redeemed compulsorily whenever this is required in the best interests of the Company
and notably in the circumstances provided for in the Prospectus and under Article 12 au-dessous and Article 39 au-dessous.
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10.11 The Company shall have the right, if the board of directors so determines, to satisfy in kind the payment of the
redemption price to any shareholder who agrees by allocating to the shareholder investments from the portfolio of assets
of the Company or the relevant Sub-Fund(s) equal to the value of the shares to be redeemed. The assets to be transferred
in such case shall be determined on a fair and reasonable basis and without prejudicing the interests of the other shareholders
of the Company or the relevant Sub-Fund(s) and the valuation used shall be confirmed by a special report of an approved
statutory auditor. All costs associated with a redemption in kind shall be borne, by the shareholder requesting the redemption
or by such other party as agreed by the Company or in any other way which the board of directors considers fair to all
shareholders of the Sub-Fund.
10.12 All redeemed shares may be cancelled.
Art. 11. Conversion of shares.
11.1 Unless otherwise determined by the board of directors for certain classes of shares or Sub-Funds, any shareholder
may request the conversion of all or part of his shares of one class into shares of the same or another class, within the same
or another Sub-Fund under the terms, conditions and procedures set forth by the board of directors in the Prospectus. The
conversion request may not be accepted until any previous transaction involving the shares to be converted has been fully
settled.
11.2 The price for the conversion of shares shall be computed by reference to the respective net asset value of the two
classes of shares, calculated at the respective valuation day as defined under Article 13 au-dessous. The Company may
also levy any applicable charges, expenses and commissions upon conversion, as provided for in the Prospectus.
11.3 If as a result of any request for conversion, the number or the aggregate net asset value of the shares held by any
shareholder in any class of shares would fall below such number or such value as determined by the board of directors, the
board of directors may then 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 of shares.
Art. 12. Restrictions and prohibitions on the ownership of shares.
12.1 The board of directors may restrict or prevent the legal or beneficial ownership of shares or prohibit certain practices
as disclosed in the Prospectus such as late trading and market timing by any person (individual, corporation, partnership
or other entity), if in the opinion of the board of directors such ownership or practices may (i) result in a breach of any
provisions of these articles of association, the Prospectus or law or regulations of any jurisdiction, or (ii) require the
Company, its management company or its investment manager to be registered under any laws or regulations whether as
an investment fund or otherwise, or cause the Company to be required to comply with any registration requirements in
respect of any of its shares, whether in the United States of America or any other jurisdiction; or (iii) may cause the Company,
its management company, its investment managers or shareholders any legal, regulatory, taxation, administrative or fi-
nancial disadvantages which they would not have otherwise incurred (such person being herein referred to as "Prohibited
Person").
For such purposes the board of directors may:
a) decline to issue any shares and to accept any transfer of shares, where it appears that such issue or transfer would or
might result in legal or beneficial ownership of such shares by a Prohibited Person;
b) require at any time any person entered in the register of shares, or any person seeking to register a transfer of shares
therein, to furnish the Company with any information, supported by affidavit, which the Company may consider necessary
for the purpose of determining whether such registry results in beneficial ownership of such shares by a Prohibited Person;
c) compulsorily redeem or cause to be redeemed all shares held by a Prohibited Person. To that end, the Company will
notify the Prohibited Person of the reasons which justify the compulsory redemption of shares, the number of shares to be
redeemed and the indicative valuation day on which the compulsory redemption will occur. The redemption price shall be
determined in accordance with Article 10.2 au-dessus; and
d) grant a grace period to the shareholder for remedying the situation causing the compulsory redemption as described
in the Prospectus and/or propose to convert the shares held by any shareholder who fails to satisfy the investor’s eligibility
requirements for such class of shares into shares of another class available for such shareholder to the extent that the
investor’s eligibility requirements would then be satisfied.
12.2 The Company reserves the right to require the Prohibited Person to indemnify the Company against any losses,
costs or expenses arising as a result of any compulsory redemption of shares due to the shares being held by, or for the
benefit of, such Prohibited Person. The Company may pay such losses, costs or expenses out of the proceeds of any
compulsory redemption and/or redeem all or part of the Prohibited Person’s shares in order to pay for such losses, costs or
expenses.
Art. 13. Net asset value.
13.1 The net asset value of the shares in every Sub-Fund or class of shares shall be determined at least twice a month
and expressed in the currency(ies) decided upon by the board of directors. The board of directors shall determine and
disclose in the Prospectus the days by reference to which the assets of the Company or Sub-Funds shall be valued (each a
“valuation day”). For each Sub-Fund and for each class of shares, the net asset value per share shall be calculated in the
relevant reference currency with respect to each valuation day by dividing the net assets attributable to such Sub-Fund or
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class of shares (which shall be equal to the assets minus the liabilities attributable to such Sub-Fund or class of shares) by
the number of shares issued and in circulation in such Sub-Fund or class of shares. The net asset value per share may be
rounded up or down to the nearest ten thousandth of the relevant currency as the board of directors shall determine.
13.2 The Company’s net asset value shall be equal at all times to the total net asset value of all its Sub-Funds.
13.3 Subject to the rules on the allocation to Sub-Funds and classes of shares of Article 13.6 au-dessous, the assets of
the Company shall include:
1) all cash on hand or on deposit, including any outstanding accrued interest;
2) all bills and any types of notes or accounts receivable, including outstanding proceeds of any disposal of financial
instruments;
3) all securities and financial instruments, including shares, bonds, notes, certificates of deposit, debenture stocks, options
or subscription rights, warrants, money market instruments and all other investments belonging to the Company;
4) all dividends and distributions payable to the Company either in cash or in the form of stocks and shares (which will
normally be recorded in the Company’s books as of the ex-dividend date, provided that the Company may adjust the value
of the security accordingly);
5) all outstanding accrued interest on any interest-bearing instruments belonging to the Company, unless this interest is
included in the principal amount of such instruments;
6) the formation expenses of the Company or a Sub-Fund, to the extent that such expenses have not already been written
off; and
7) all other assets of any kind and nature including expenses paid in advance.
13.4 Subject to the rules on the allocation to Sub-Funds and classes of shares of Article 13.6 au-dessous, the liabilities
of the Company shall include:
1) all loans, bills or accounts payable, accrued interest on loans (including accrued fees for commitment for such loans);
2) all known liabilities, whether or not already due, including all contractual obligations that have reached their term,
involving payments made either in cash or in the form of assets, including the amount of any dividends declared by the
Company but not yet paid;
3) a provision for any tax accrued to the valuation day and any other provisions authorised or approved by the Company;
and
4) all other liabilities of the Company of any kind recorded in accordance with applicable accounting rules, except
liabilities represented by shares in the Company. In determining the amount of such liabilities, the Company shall take into
account all expenses, fees, costs and charges payable by the Company including, but not limited to: management fees,
investment management fees (including performance fees), fees of the depositary, fees of the administrator and other agents
of the Company, directors’ fees and expenses, operating and administrative expenses, transaction costs, formation expenses
and extraordinary expenses, each as may be further detailed in the Prospectus.
13.5 The value of the assets of the Company shall be determined as follows:
1) The value of any cash on hand or on deposit, bills or notes payable, accounts receivable, prepaid expenses, cash
dividends and interest accrued but not yet received shall be equal to the entire nominal or face amount thereof, unless the
same is unlikely to be paid or received in full, in which case the value thereof shall be determined after making such discount
as the board of directors may consider appropriate in such case to reflect the true value thereof.
2) Transferable securities and money market instruments which are quoted, listed or traded on an exchange or regulated
market will be valued, unless otherwise provided under paragraphs 3) and 6) below, at the last available market price or
quotation, prior to the time of valuation, on the exchange or regulated market where the securities or instruments are
primarily quoted, listed or traded. Where securities or instruments are quoted, listed or traded on more than one exchange
or regulated market, the board of directors will determine on which exchange or regulated market the securities or instru-
ments are primarily quoted, listed or traded and the market prices or quotations on such exchange or regulated market will
be used for the purpose of their valuation. Transferable securities and money market instruments for which market prices
or quotations are not available or representative, or which are not quoted, listed or traded on an exchange or regulated
market, will be valued at their probable realisation value estimated with care and in good faith by the board of directors
using any valuation method approved by the board of directors.
3) Notwithstanding paragraph 2) above, where permitted under applicable laws and regulations, money market instru-
ments may be valued using an amortisation method whereby instruments are valued at their acquisition cost as adjusted
for amortisation of premium or accrual of discount on a constant basis until maturity, regardless of the impact of fluctuating
interest rates on the market value of the instruments. The amortisation method will only be used if it is not expected to
result in a material discrepancy between the market value of the instruments and their value calculated according to the
amortisation method.
4) Financial derivative instruments which are quoted, listed or traded on an exchange or regulated market will be valued
at the last available closing or settlement price or quotation, prior to the time of valuation, on the exchange or regulated
market where the instruments are primarily quoted, listed or traded. Where instruments are quoted, listed or traded on more
than one exchange or regulated market, the board of directors will determine on which exchange or regulated market the
instruments are primarily quoted, listed or traded and the closing or settlement prices or quotations on such exchange or
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regulated market will be used for the purpose of their valuation. Financial derivative instruments for which closing or
settlement prices or quotations are not available or representative will be valued at their probable realisation value estimated
with care and in good faith by the board of directors using any valuation method approved by the board of directors.
5) Financial derivative instruments which are traded ‘over-the-counter’ (OTC) will be valued daily at their fair market
value, on the basis of valuations provided by the counterparty which will be approved or verified on a regular basis inde-
pendently from the counterparty. Alternatively, OTC financial derivative instruments may be valued on the basis of
independent pricing services or valuation models approved by the board of directors which follow international best practice
and valuation principles. Any such valuation will be reconciled to the counterparty valuation on a regular basis indepen-
dently from the counterparty, and significant differences will be promptly investigated and explained.
6) Notwithstanding paragraph 2) above, shares or units in target investment funds (including, UCITS and UCI) will be
valued at their latest available official net asset value, as reported or provided by or on behalf of the investment fund or at
their latest available unofficial or estimated net asset value if more recent than the latest available official net asset value,
provided that the board of directors is satisfied of the reliability of such unofficial net asset value. The net asset value
calculated on the basis of unofficial net asset value of the target investment fund may differ from the net asset value which
would have been calculated, on the same valuation day, on the basis of the official net asset value of the target investment
fund. Alternatively, shares or units in target investment funds which are quoted, listed or traded on an exchange or regulated
market may be valued in accordance with the provisions of paragraph 2) above.
7) The value of any other asset not specifically referenced above will be the probable realisation value estimated with
care and in good faith by the board of directors using any valuation method approved by the board of directors.
13.6 Assets and liabilities of the Company will be allocated to each Sub-Fund and class of shares, as set out below and
in the Prospectus:
1) The proceeds from the issue of shares of a Sub-Fund or class of shares, all assets in which such proceeds are invested
or reinvested and all income, earnings, profits or assets attributable to or deriving from such investments, as well as all
increase or decrease in the value thereof, will be allocated to that Sub-Fund or class of shares and recorded in its books.
The assets allocated to each class of shares of the same Sub-Fund will be invested together in accordance with the investment
objective, policy and strategy of that Sub-Fund, subject to the specific features and terms of issue of each class of shares
of that Sub-Fund, as specified in the Prospectus.
2) All liabilities of the Company attributable to the assets allocated to a Sub-Fund or class of shares or incurred in
connection with the creation, operation or liquidation of a Sub-Fund or class of shares will be charged to that Sub-Fund or
class of shares and, together with any increase or decrease in the value thereof, will be allocated to that Sub-Fund or class
of shares and recorded in its books. In particular and without limitation, the costs and any benefit of a specific feature of a
class of shares will be allocated solely to the class of shares to which the specific feature relates.
3) Any assets or liabilities not attributable to a particular Sub-Fund or class of shares may be allocated by the board of
directors in good faith and in a manner which is fair to shareholders generally and will normally be allocated to all Sub-
Funds or classes of shares pro rata to their net asset value. Subject to the above, the board of directors may at any time vary
the allocation of assets and liabilities previously allocated to a Sub-Fund or class of shares.
13.7 In calculating the net asset value of each Sub-Fund or class of shares the following principles will apply:
1) Each share agreed to be issued by the Company on each valuation day will be deemed to be in issue and existing
immediately after the time of valuation on the valuation day as further described in the Prospectus. From such time and
until the subscription price is received by the Company, the assets of the Sub-Fund or class of shares concerned will be
deemed to include a claim of that Sub-Fund or class of shares for the amount of any cash or other property to be received
in respect of the issue of such shares. The net asset value of the Sub-Fund or class of shares will be increased by such
amount immediately after the time of valuation on the valuation day.
2) Each share agreed to be redeemed by the Company on each valuation day will be deemed to be in issue and existing
until and including the time of valuation on the valuation day as further described in the Prospectus. Immediately after the
time of valuation and until the redemption price is paid by the Company, the liabilities of the Sub-Fund or class of shares
concerned will be deemed to include a debt of that Sub-Fund or class of shares for the amount of any cash or other property
to be paid in respect of the redemption of such shares. The net asset value of the Sub-Fund or class of shares will be decreased
by such amount immediately after the time of valuation on the valuation day.
3) Following a declaration of dividends for distribution shares on a valuation day determined by the Company to be the
distribution accounting date, the net asset value of the Sub-Fund or class of shares will be decreased by such amount as of
the time of valuation on that valuation day.
4) Where assets have been agreed to be purchased or sold but such purchase or sale has not been completed at the time
of valuation on a given valuation day, such assets will be included in or excluded from the assets of the Company, and the
gross purchase price payable or net sale price receivable will be excluded from or included in the assets of the Company,
as if such purchase or sale had been duly completed at the time of valuation on that valuation day, unless the Company has
reason to believe that such purchase or sale will not be completed in accordance with its terms. If the exact value or nature
of such assets or price is not known at the time of valuation on the valuation day, its value will be estimated by the Company
in accordance with the valuation principles described in Article 13.5 au-dessus.
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5) The value of any asset or liability denominated or expressed in a currency other than the reference currency of the
Company or a particular Sub-Fund or class of shares will be converted, as applicable, into the relevant reference currency
at the prevailing foreign exchange rate at the time of valuation on the valuation day concerned which the board of directors
considers appropriate.
13.8 The board of directors may apply other valuation principles or alternative methods of valuation that it considers
appropriate in order to determine the probable realisation value of any asset if applying the above rules appears inappropriate
or impracticable. The board of directors may adjust the value of any asset if the board of directors determines that such
adjustment is required to reflect the fair value thereof. The net asset value may also be adjusted to reflect certain dealing
charges if need be as more fully described in the Prospectus.
13.9 Adequate provisions shall be made for unpaid administrative and other expenses of a regular or recurring nature
based on an estimated amount accrued for the applicable period. Any off-balance sheet liabilities shall duly be taken into
account in accordance with fair and prudent criteria.
13.10 In the absence of fraud, bad faith, negligence or manifest error, any decision to determine the net asset value taken
by the board of directors or by any agent appointed by the board of directors for such purpose, shall be final and binding
on the Company and all shareholders.
Art. 14. Suspension of calculation and publication of the net asset value per share, and/or the issue, redemption and
conversion of shares.
14.1 The board of directors may temporarily suspend the calculation and publication of the net asset value per share of
any class of shares in any Sub-Fund and/or where applicable, the issue, redemption and conversion of shares of any class
of shares in any Sub-Fund in the following cases:
1) when any exchange or regulated market that supplies the price of the assets of the Company or a Sub-Fund is closed
other than for ordinary holidays, or in the event that transactions on such exchange or market are suspended, subject to
restrictions, or impossible to execute in volumes allowing the determination of fair prices;
2) when the information or calculation sources normally used to determine the value of the assets of the Company or a
Sub-Fund are unavailable;
3) during any period when any breakdown or malfunction occurs in the means of communication network or IT media
normally employed in determining the price or value of the assets of the Company or a Sub-Fund, or which is required to
calculate the net asset value per share;
4) when exchange, capital transfer or other restrictions prevent the execution of transactions of the Company or a Sub-
Fund or prevent the execution of transactions at normal rates of exchange and conditions for such transactions;
5) when exchange, capital transfer or other restrictions prevent the repatriation of assets of the Company or a Sub-Fund
for the purpose of making payments on the redemption of shares or prevent the execution of such repatriation at normal
rates of exchange and conditions for such repatriation;
6) when the legal, political, economic, military or monetary environment, or an event of force majeure, prevents the
Company from being able to manage the assets of the Company or a Sub-Fund in a normal manner and/or prevent the
determination of their value in a reasonable manner;
7) when there is a suspension of the net asset value calculation or of the issue, redemption or conversion rights by the
investment fund(s) in which the Company or a Sub-Fund is invested;
8) following the suspension of the net asset value calculation and/or the issue, redemption and conversion at the level
of a master fund in which the Company or a Sub-Fund invests as a feeder fund;
9) when, for any other reason, the prices or values of the assets of the Company or a Sub-Fund cannot be promptly or
accurately ascertained or when it is otherwise impossible to dispose of the assets of the Company or a Sub-Fund in the
usual way and/or without materially prejudicing the interests of shareholders;
10) in the event of a notice to shareholders convening an extraordinary general meeting of shareholders for the purpose
of dissolving and liquidating the Company or informing them about the termination and liquidation of a Sub-Fund or class
of shares, and more generally, during the process of liquidation of the Company, a Sub-Fund or class of shares;
11) during the process of establishing exchange ratios in the context of a merger, a contribution of assets, an asset or
share split or any other restructuring transaction;
12) during any period when the dealing of the shares of the Company or Sub-Fund or class of shares on any relevant
stock exchange where such shares are listed is suspended or restricted or closed; and
13) in exceptional circumstances, whenever the board of directors considers it necessary in order to avoid irreversible
negative effects on the Company, a Sub-Fund or class of shares, in compliance with the principle of fair treatment of
shareholders in their best interests.
14.2 In the event of exceptional circumstances which could adversely affect the interests of the shareholders or where
significant requests for subscription, redemption or conversion of shares are received for a Sub-Fund or class of shares, the
board of directors reserves the right to determine the net asset value per share for that Sub-Fund or class of shares only
after the Company has completed the necessary investments or disinvestments in securities or other assets for the Sub-
Fund or class of shares concerned.
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14.3 The suspension of the calculation of the net asset value and/or, where applicable, of the issue, redemption and/or
conversion of shares, shall be published and/or communicated to shareholders as required by applicable laws and regula-
tions.
14.4 The suspension of the calculation of the net asset value and/or, where applicable, of the issue, redemption and/or
conversion of shares in any Sub-Fund or class of shares shall have no effect on the calculation of the net asset value and/
or, where applicable, of the issue, redemption and/or conversion of shares in any other Sub-Fund or class of shares.
14.5 Suspended subscription, redemption and conversion applications will be treated as deemed applications for sub-
scriptions, redemptions or conversions in respect of the first valuation day following the end of the suspension period unless
the shareholders have withdrawn their applications for subscription, redemption or conversion by written notification
received by or on behalf of the Company before the end of the suspension period.
C. General meetings of shareholders
Art. 15. Powers of the general meeting of shareholders. The shareholders exercise their collective rights in the general
meeting of shareholders. Any regularly constituted general meeting of shareholders of the Company shall represent the
entire body of shareholders of the Company. The general meeting of shareholders is vested with the powers expressly
reserved to it by the 1915 Law and by these articles of association.
Art. 16. Convening of general meetings of shareholders.
16.1 The general meeting of shareholders of the Company may at any time be convened by the board of directors.
16.2 It must be convened by the board of directors upon written request of shareholders representing at least ten percent
(10%) of the Company's share capital. In such case, the general meeting of shareholders shall be held within a period of
one (1) month from the receipt of such request.
16.3 The convening notice for every general meeting of shareholders shall contain at least the date, time, place, and
agenda of the meeting and shall be made through announcements published twice, with a minimum interval of eight (8)
days, and eight (8) days before the meeting, in the Mémorial C, Recueil des Sociétés et Associations and in a Luxembourg
newspaper. Notices by mail shall be sent eight (8) days before the meeting to the registered shareholders, but no proof that
this formality has been complied with need be given. Where all the shares are in registered form, the convening notices
may be made by registered letter only and shall be dispatched to each shareholder by registered mail at least eight (8) days
before the date scheduled for the meeting.
16.4 If all of the shareholders are present or represented at a general meeting of shareholders and have waived any
convening requirements, the meeting may be held without prior notice or publication.
Art. 17. Conduct of general meetings of shareholders.
17.1 The annual general meeting of shareholders shall be held each year in Luxembourg at the registered office of the
Company or at such other place in Luxembourg as may be specified in the convening notice of such meeting, on the third
Wednesday of May at 11.00 a.m. (Luxembourg time). If such day is not a business day or is a legal or banking holiday,
the annual general meeting shall be held on the next business day. Other meetings of shareholders may be held at such
place and time as may be specified in the respective convening notices.
17.2 A board of the meeting shall be formed at every general meeting of shareholders, composed of a chairman, a
secretary, and a scrutineer, who need neither be shareholders nor members of the board of directors. The board of the
meeting shall especially ensure that the meeting is held in accordance with applicable rules and, in particular, in compliance
with the rules in relation to convening, majority requirements, vote tallying and representation of shareholders.
17.3 An attendance list must be kept at all general meetings of shareholders.
17.4 Shareholders taking part in a meeting by conference call, through video conference or by any other means of
communication which allow (i) them to be identified, (ii) all persons taking part in the meeting to hear one another on a
continuous basis, and (iii) an effective participation of all such persons in the meeting, are deemed to be present for the
computation of the quorums and votes, subject to such means of communication being made available at the place of the
meeting.
17.5 A shareholder may act at any general meeting of shareholders by appointing another person as his proxy in writing
or by facsimile, electronic mail or any other similar means of communication. One person may represent several or even
all shareholders.
17.6 Each shareholder may vote at a general meeting through a signed voting form sent by post, electronic mail, facsimile
or any other means of communication to the Company’s registered office or to the address specified in the convening notice.
The shareholders may only use voting forms provided by the Company which contain at least the place, date and time of
the meeting, the agenda of the meeting, the proposals submitted for decision to the meeting, as well as for each proposal
three boxes allowing the shareholder to vote in favour of, against, or abstain from voting on each proposed resolution by
ticking the appropriate box. Voting forms which, for a proposed resolution, fail to show (i) a vote in favour or (ii) a vote
against the proposed resolution or (iii) an abstention are void with respect to such resolution. The Company shall only take
into account voting forms received prior to the general meeting to which they relate.
17.7 The board of directors may determine further conditions that must be fulfiled by shareholders for them to take part
in any general meeting of shareholders.
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Art. 18. Quorum and vote.
18.1 Each shareholder is entitled to as many votes as he holds shares subject to the rule on fractional shares in 9.3 au-
dessus.
18.2 Except as otherwise required by the 1915 Law or these articles of association, resolutions at a general meeting of
shareholders duly convened shall not require any presence quorum and shall be adopted at a simple majority of the votes
validly cast regardless of the portion of capital represented. Abstentions and nil votes shall not be taken into account.
Art. 19. Amendments of the articles of association. Except as otherwise provided herein, these articles of association
may be amended by a majority of at least two-thirds (2/3) of the votes validly cast at a general meeting at which a quorum
of more than half (1/2) of the Company’s share capital is present or represented. If no quorum is reached in a meeting, a
second meeting may be convened in accordance with the 1915 Law and these articles of association which may deliberate
regardless of the quorum and at which resolutions are taken at a majority of at least two-thirds (2/3) of the votes validly
cast. Abstentions and nil votes shall not be taken into account.
Art. 20. Adjournment of general meetings of shareholders. Subject to the provisions of the 1915 Law, the board of
directors may, during any general meeting of shareholders, adjourn such general meeting of shareholders for four (4) weeks.
The board of directors shall do so at the request of shareholders representing at least twenty percent (20%) of the share
capital of the Company. In the event of an adjournment, any resolution already adopted by the general meeting of share-
holders shall be cancelled.
Art. 21. Minutes of general meetings of shareholders.
21.1 The board of any general meeting of shareholders shall draw up minutes of the meeting which shall be signed by
the members of the board of the meeting as well as by any shareholder upon its request.
21.2 Any copy and excerpt of such original minutes to be produced in judicial proceedings or to be delivered to any
third party, shall be certified as a true copy of the original by the notary having had custody of the original deed, in case
the meeting has been recorded in a notarial deed, or shall be signed by the chairman of the board of directors or by any two
(2) of its members.
Art. 22. General meetings of a Sub-Fund or class of shares.
22.1 The shareholders of any Sub-Fund or class of shares may hold, at any time, general meetings to decide on any
matters which relate exclusively to such Sub-Fund or class of shares.
22.2 The provisions of this Chapter C shall apply, mutatis mutandis, to such general meetings.
D. Management
Art. 23. Composition and powers of the board of directors.
23.1 The Company shall be managed by a board of directors composed of at least three (3) members except in the
specific circumstances provided for under the 1915 Law.
23.2 The board of directors is vested with the broadest powers to act in the name of the Company and to take any actions
necessary or useful to fulfil the Company's corporate purpose, with the exception of the powers reserved by the 1915 Law
or by these articles of association to the general meeting of shareholders.
Art. 24. Daily management and delegation of power.
24.1 The daily management of the Company as well as the representation of the Company in connection with such daily
management may, be delegated to one or more directors, officers or other agents, being shareholders or not, acting indi-
vidually or jointly. Their appointment, removal and powers shall be determined by a resolution of the board of directors.
24.2 The Company may also grant special powers by notarised proxy or private instrument.
Art. 25. Election, removal and term of office of directors.
25.1 The directors shall be elected by the general meeting of shareholders. The general meeting of shareholders shall
determine their remuneration and term of office.
25.2 The term of office of a director may not exceed six (6) years. Directors may however be re-elected for successive
terms.
25.3 Each director is elected by the general meeting of shareholders by a simple majority of the votes validly cast.
25.4 Any director may be removed from office at any time with or without cause by the general meeting of shareholders
by a simple majority of the votes validly cast.
25.5 If a legal entity is appointed as director of the Company, such legal entity must designate a physical person as
permanent representative who shall perform this role in the name and on behalf of the legal entity. The relevant legal entity
may only remove its permanent representative if it appoints a successor at the same time. An individual may only be a
permanent representative of one (1) director of the Company and may not be a director of the Company at the same time.
Art. 26. Vacancy in the office of a director. In the event of vacancy in the office of a director because of death, legal
incapacity, bankruptcy, resignation or otherwise, this vacancy may be filled on a temporary basis and for a period of time
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not exceeding the initial mandate of the replaced director by the remaining directors until the next meeting of shareholders
which shall resolve on his permanent appointment in compliance with the applicable legal provisions.
Art. 27. Convening meetings of the board of directors.
27.1 The board of directors shall meet upon call by the chairman, or by any director. Meetings of the board of directors
shall be held at the registered office of the Company unless otherwise indicated in the notice of meeting.
27.2 Written notice of any meeting of the board of directors must be given to directors twenty-four (24) hours at least
in advance of the time scheduled for the meeting, except in case of emergency, in which case the nature and the reasons
of such emergency must be mentioned in the notice. Such notice may be omitted in case of assent of each director in writing,
by facsimile, electronic mail or any other similar means of communication, a copy of such signed document being sufficient
proof thereof. No prior notice shall be required for a board meeting to be held at a time and location determined in a prior
resolution adopted by the board of directors which has been communicated to all directors.
27.3 No prior notice shall be required in case all the members of the board of directors are present or represented at a
board meeting and waive any convening requirements or in the case of resolutions in writing approved and signed by all
members of the board of directors.
Art. 28. Conduct of meetings of the board of directors.
28.1 The board of directors shall elect among its members a chairman. It may also choose a secretary who does not need
to be a director and who shall be responsible for keeping the minutes of the meetings of the board of directors.
28.2 The chairman shall chair all meetings of the board of directors, but in her/his absence, the board of directors may
appoint another director as chairman pro tempore by vote of the majority of directors present at such meeting.
28.3 Any director may act at any meeting of the board of directors by appointing another director as his/her proxy in
writing, or by facsimile, electronic mail or any other similar means of communication, a copy of the appointment being
sufficient proof thereof. A director may represent one or more, but not all of the other directors.
28.4 Meetings of the board of directors may also be held by conference call or video conference or by any other means
of communication allowing all persons participating at such meeting to hear one another on a continuous basis and allowing
an effective participation in the meeting. The participation in a meeting by these means is equivalent to participation in
person at such meeting and the meeting is deemed to be held at the registered office of the Company.
28.5 The board of directors can deliberate or act validly only if at least a majority of the directors are present or represented
at a meeting of the board of directors.
28.6 Decisions shall be taken by a majority vote of the directors present or represented at such meeting. The chairman
shall have a casting vote.
28.7 The board of directors may, unanimously, pass resolutions by circular means when expressing its approval in
writing, by facsimile, electronic mail or any other similar means of communication. Each director may express his/her
consent separately, the entirety of the consents evidencing the adoption of the resolutions. The date of such resolutions
shall be the date of the last signature.
Art. 29. Minutes of meetings of the board of directors. The minutes of any meeting of the board of directors shall be
signed by the chairman or, in her absence, by the chairman pro tempore, or by any two (2) directors present. Copies or
excerpts of such minutes which may be produced in judicial proceedings or otherwise shall be signed by the chairman or
by any two (2) directors.
Art. 30. Conflict of interest.
30.1 Save as otherwise provided by the 1915 Law, any director who has, directly or indirectly, an interest in a transaction
submitted to the approval of the board of directors which conflicts with the Company’s interest, must inform the board of
directors of such conflict of interest and must have his declaration recorded in the minutes of the board of directors meeting.
The relevant director may not take part in the discussions on and may not vote on the relevant transaction. Any such conflict
of interest must be reported to the next general meeting of shareholders prior to such meeting taking any resolution on any
other item.
30.2 The conflict of interest rules shall not apply where the decision of the board of directors relates to current operations
entered into under normal conditions.
Art. 31. Dealing with third parties.
31.1 The Company shall be bound towards third parties in all circumstances by the joint signature of any two (2) directors,
or by the joint signature or the sole signature of any person(s) to whom such power may have been delegated by the board
of directors within the limits of such delegation.
31.2 Within the limits of the daily management, the Company shall be bound towards third parties by the signature of
any person(s) to whom such power may have been delegated, acting individually or jointly, within the limits of such
delegation.
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Art. 32. Indemnification.
32.1 Each director, officer and employee of the Company (the “Indemnified Persons”) shall be indemnified to the fullest
extent permitted by law against any liability, and against all expenses reasonably incurred or paid by him in connection
with any claim, action, suit or proceeding in which he becomes involved as a party or otherwise by virtue of his being or
having been such a director, officer or employee of the Company. The words “claim”, “action”, “suit” or “proceeding”
shall apply to all claims, actions, suits or proceedings (civil, criminal or otherwise including appeals) actual or threatened
and the words “liability” and “expenses” shall include without limitation attorneys’ fees, costs, judgments, amounts paid
in settlement and other liabilities.
32.2 No indemnification shall be provided to any director or officer (i) against any liability to the Company or its
shareholders by reason of willful misconduct, bad faith, gross negligence or reckless disregard of the duties involved in
the conduct of his office (ii) with respect to any matter as to which he shall have been finally adjudicated to have acted in
bad faith and not in the interests of the Company or (iii) in the event of a settlement, unless the settlement has been approved
by a court of competent jurisdiction.
32.3 The right of indemnification herein provided shall be severable, shall not affect any other rights to which any
director or officer may now or hereafter be entitled, shall continue as to a person who has ceased to be such director or
officer.
32.4 Expenses in connection with the preparation and representation of a defense of any claim, action, suit or proceeding
of the character described in this article shall be advanced by the Company prior to final disposition thereof upon receipt
of any undertaking by or on behalf of the officer or director, to repay such amount if it is ultimately determined that he is
not entitled to indemnification under this article.
32.5 The Company shall not indemnify the Indemnified Persons in the event of claim resulting from legal proceedings
among the Indemnified Persons.
Art. 33. Investment policy and restrictions.
33.1 The board of directors, based upon the principle of risk spreading, has the power to determine the investment
policies and strategies to be applied in respect of each Sub-Fund and the course of conduct of the management and business
affairs of the Company.
33.2 In compliance with the requirements set forth by the 2010 Law and detailed in the Prospectus, each Sub-Fund may
invest in:
(i) transferable securities or money market instruments;
(ii) shares or units of other UCITS and UCIs within the limits set forth in the Prospectus, including, where it is intended
that a Sub-Fund acts as a feeder fund, shares or units of a master fund qualified as a UCITS;
(iii) shares of other Sub-Funds to the extent permitted and under the conditions stipulated by the 2010 Law;
(iv) deposits with credit institutions, which are repayable on demand or have the right to be withdrawn and which are
maturing in no more than 12 months;
(v) financial derivative instruments;
(vi) other assets to the extent permitted by the 2010 Law.
33.3 The Company may in particular purchase the above mentioned assets on any regulated market in Europe, America,
Africa, Asia and Oceania.
33.4 The Company may also invest in recently issued transferable securities and money market instruments provided
that the terms of issue include an undertaking that application will be made for admission to official listing on a regulated
market as referred to Article 33.3 au-dessus and that such admission be secured within one year of issue.
33.5 In accordance with the principle of risk-spreading the Company is authorised to invest up to 100% of the assets
attributable to each Sub-Fund in different transferable securities and money market instruments issued or guaranteed by a
Member State of the EU, by one or more of its local authorities, by a member state of the OECD or the Group of twenty
(G20) such as the United States of America, by the Republic of Singapore or Hong Kong, or by a public international body
of which one or more Member States of the EU are members provided that if the Company uses the possibility described
above, it shall hold on behalf of each relevant Sub-Fund securities from at least six different issues. The securities from
any single issue shall not account for more than 30% of the total assets attributable to that Sub-Fund.
33.6 The board of directors, acting in the best interests of the Company, may decide, in the manner described in the
Prospectus, that (i) all or part of the assets of the Company or of any Sub-Fund be co-managed on a segregated basis with
other assets held by other investors, including other undertakings for collective investment and/or their sub-funds; or that
(ii) all or part of the assets of two or more Sub-Funds of the Company be co-managed amongst themselves on a segregated
or on a pooled basis.
33.7 Investments of each Sub-Fund of the Company may be made either directly or indirectly through wholly-owned
subsidiaries, as the board of directors may from time to time decide and as described in the Prospectus.
33.8 The Company is authorised to employ techniques and instruments relating to transferable securities and money
market instruments.
33.9 The board of directors may impose more stringent investment restrictions, as disclosed in the Prospectus.
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E. Audit and supervision
Art. 34. Auditor. The Company shall have the accounting information contained in the annual report inspected by a
Luxembourg approved statutory auditor (réviseur d'entreprises agréé) appointed by the general meeting of shareholders,
which shall determine his remuneration.
Art. 35. Depositary.
35.1 The Company will appoint a depositary which meets the requirements of the 2010 Law.
35.2 The depositary shall fulfil the duties and responsibilities as provided for by the 2010 Law. In carrying out its role
as depositary, the depositary must act solely in the interests of the investors.
F. Financial year - Annual accounts - Allocation of profits - Distributions
Art. 36. Financial year. The financial year of the Company shall begin on the first of January of each year and shall end
on the thirty-first of December of the same year.
Art. 37. Annual accounts. At the end of each financial year, the accounts are closed and the board of directors draws up
an inventory of the Company’s assets and liabilities, the balance sheet and the profit and loss accounts in accordance with
the law.
Art. 38. Distributions.
38.1 Distributions of dividends may be decided from time to time in accordance with applicable laws and the Prospectus.
38.2 Distributions may be paid in such currency and at such time and place that the board of directors shall determine
from time to time.
38.3 The board of directors may decide to distribute stock dividends in lieu of cash dividends upon such terms and
conditions as may be set forth by the board of directors and subject to the shareholder’s approval.
38.4 Any distribution that has not been claimed within five (5) years of its declaration shall be forfeited and revert to
the class(es) of shares issued by the Company or by the relevant Sub-Fund.
38.5 No interest shall be paid on a dividend declared by the Company and kept by it at the disposal of its beneficiary.
G. Dissolution - Liquidation - Merger - Amalgamation
Art. 39. Termination and liquidation of Sub-Funds or classes of shares.
39.1 In the event that for any reason the net asset value of any Sub-Fund or class of shares has decreased to, or has not
reached, an amount determined by the board of directors to be the minimum level for such Sub-Fund or class to be operated
in an efficient manner or for any reason determined by the board of directors, the board of directors may decide to terminate
such Sub-Fund or class of shares and redeem compulsorily all the shares of the relevant Sub-Fund or class at the applicable
net asset value per share for the valuation day determined by the board of directors.
39.2 The shareholders will be informed of the decision of the board of directors to terminate a Sub-Fund or class of
shares by way of a notice and/or in any other way as required or permitted by applicable laws and regulations. The notice
will indicate the reasons for and the process of the termination and liquidation.
39.3 Notwithstanding the powers conferred on the board of directors by the preceding paragraph, the shareholders of
any Sub-Fund or class of shares, as applicable, may also decide to terminate such Sub-Fund or class of shares at a general
meeting of such shareholders and have the Company redeem compulsory all the shares of the Sub-Fund or class(es) at the
net asset value per share for the applicable valuation day. The convening notice to the general meeting of shareholders of
the Sub-fund or class of shares will indicate the reasons for and the process of the proposed termination and liquidation.
39.4 Actual realisation prices of investments, realisation expenses and liquidation costs will be taken into account in
calculating the net asset value applicable to the compulsory redemption. Shareholders in the Sub-Fund or class of shares
concerned will generally be authorised to continue requesting the redemption or conversion of their shares prior to the
effective date of the compulsory redemption, unless the board of directors determines that it would not be in the best interests
of the shareholders in that Sub-Fund or class of shares or could jeopardise the fair treatment of the shareholders.
39.5 Redemption proceeds which have not been claimed by the shareholders upon the compulsory redemption will be
deposited, in accordance with applicable laws and regulations, in escrow at the “Caisse de Consignation” on behalf of the
persons entitled thereto. Proceeds not claimed within the statutory period will be forfeited in accordance with laws and
regulations.
39.6 All redeemed shares may be cancelled.
39.7 The termination and liquidation of a Sub-Fund or class of shares shall have no influence on the existence of any
other Sub-Fund or class of shares. The decision to terminate and liquidate the last Sub-Fund existing in the Company will
result in the dissolution and liquidation of the Company.
Art. 40. Merger of the Company or its Sub-Fund.
40.1 The board of directors may decide to proceed with a merger (within the meaning of the 2010 Law) of the Company
with one or several other Luxembourg or foreign UCITS, or sub-fund thereof, where the Company is the absorbing entity.
The board of directors may also decide to proceed with a merger (within the meaning of the 2010 Law) of one or several
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Sub-Fund(s) with one or several other Sub-Fund(s) within the Company, or with one or several other Luxembourg or
foreign UCITS or sub-funds thereof. Such mergers do not require the prior consent of the shareholders.
40.2 The Company may be merged (within the meaning of the 2010 Law) into one or several other Luxembourg or
foreign UCITS, or sub-fund thereof, where the Company is the absorbed entity which, thus, ceases to exist as a result of
the merger. In such case, the general meeting of shareholders of the Company must decide on the merger and its effective
date. Such general meeting will decide by resolution taken with no quorum requirement and adopted by a simple majority
of the votes validly cast.
40.3 In all cases described in the preceding paragraphs, a merger of the Company or one or several Sub-Fund(s) shall
be subject to the conditions and procedures imposed by the 2010 Law, in particular concerning the common draft terms of
the merger to be established by the board of directors and the information to be provided to the shareholders.
40.4 The Company may absorb another Luxembourg or foreign UCI (other than a UCITS) incorporated under a corporate
form in compliance with the 1915 Law and any other applicable laws and regulations.
40.5 The board of directors may also decide to proceed, in accordance with applicable laws and regulations, with the
absorption by the Company or one or several Sub-Funds, including by way of merger or by acceptance of a contribution
in kind, of a Luxembourg or foreign UCI (other than a UCITS) constituted under a non-corporate form, or one or several
sub-funds of another Luxembourg or a foreign UCI (other than a UCITS) irrespective of its legal form.
40.6 Notwithstanding the powers conferred on the board of directors by the preceding paragraphs, the shareholders of
the Company or any Sub-Fund may also decide on any of the mergers or absorptions described above and on their effective
date thereof. The convening notice to the general meeting of shareholders will indicate the reasons for and the process of
the proposed merger or absorption.
Art. 41. Reorganisation of classes of shares.
41.1 In the event that for any reason the net asset value of a class of shares has decreased to, or has not reached an amount
determined by the board of directors (in the interests of shareholders) to be the minimum level for such class to be operated
in an efficient manner or for any other reason disclosed in the Prospectus, the board of directors may decide to re-allocate
the assets and liabilities of that class to those of one or several other classes within the Company and to re-designate the
shares of the class(es) concerned as shares of such other share class or share classes (following a split or consolidation, if
necessary, and the payment to shareholders of the amount corresponding to any fractional entitlement). The shareholder
of the class of shares concerned will be informed of the reorganisation by way of a notice and/or in any other way as required
or permitted by applicable laws and regulations.
41.2 Notwithstanding the powers conferred on the board of directors by the preceding paragraph, the shareholders may
decide on such reorganisation by resolution taken by the general meeting of shareholders of the share class concerned. The
convening notice to the general meeting of shareholders will indicate the reasons for and the process of the reorganisation.
Art. 42. Dissolution and liquidation of the Company.
42.1 The Company may at any time be dissolved in accordance with applicable laws.
42.2 Liquidation proceeds which have not been claimed by shareholders at the time of the closure of the liquidation
shall be deposited in escrow at the “Caisse de Consignation” in Luxembourg. Proceeds not claimed within the statutory
period shall be forfeited in accordance with applicable laws and regulations.
H. Final provisions - Applicable Law
Art. 43. Statement. Words importing a masculine gender also include the feminine gender and words importing persons
or shareholders also include corporations, partnerships associations and any other organised group of persons whether
incorporated or not.
Art. 44. Applicable law. All matters not governed by these articles of association shall be determined in accordance with
the 1915 Law and the 2010 Law.
<i>Transitional provisionsi>
1. The first financial year shall begin on the date of incorporation of the Company and terminate on the thirty-first of
December 2016.
2. The first annual general meeting of shareholders shall be held in 2017 to approve the Company’s annual accounts for
the first financial year.
<i>Subscription and paymenti>
The thirty-one (31) shares issued have been subscribed as follows:
Thirty-one (31) shares have been subscribed by Nykredit Portefølje Administration A/S, aforementioned, for the price
of thirty-one thousand euros (EUR 31,000.-); and
The shares so subscribed have been fully paid up by a contribution in cash so that the amount of thirty-one thousand
euros (EUR 31,000.-) is as of now available to the Company, as it has been justified to the undersigned notary.
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<i>Declarationi>
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.
<i>Expensesi>
The expenses, costs, remunerations or charges in any form whatsoever incurred by the Company or which shall be borne
by the Company in connection with its incorporation are estimated at approximately EUR 3,000.- .
<i>Resolutions of the sole shareholderi>
The incorporating shareholder, representing the entire share capital of the Company and having waived any convening
requirements, have thereupon passed the following resolutions:
1. The address of the registered office of the Company is set at 2-4 rue Eugene Ruppert, L-2453 Luxembourg, Grand
Duchy of Luxembourg;
2. The following persons are appointed as directors of the Company until the general meeting of shareholders convened
to approve the Company’s annual accounts for the first financial year;
Jim Isager LARSEN, born in Frederikshavn, Denmark on January 29
th
, 1976, professionally residing at Otto Mønsteds
Plads 9, 1780 Copenhagen, Denmark;
Michaela WINTHER, born in Randers, Denmark on April 4
th
, 1974, professionally residing at Dufourstrasse 5, 8702
Zollikon, Switzerland;
Jan Stig RASMUSSEN, born in Copenhagen on June 3
rd
, 1961, residing at 11, rue de Wecker, 6795 Grevenmacher,
Grand Duchy of Luxembourg; and
Fernand GRULMS, born in Luxembourg on April 25
th
, 1960, residing at 2, Rue Nic Flener, L-8228 Mamer, Luxem-
bourg.
3. The following person is appointed as approved statutory auditor (“réviseur d’entreprises agréé”)until the general
meeting of shareholders convened to approve the Company’s annual accounts for the first financial year:
Deloitte Audit, a société à responsabilité limitée incorporated and existing under the laws of Luxembourg, registered
with Registre de Commerce et des Sociétés under number B 67.895, having its registered office at 560, rue de Neudorf,
L-2220 Luxembourg, Grand Duchy of Luxembourg.
4. The thirty-one (31) shares subscribed by Nykredit Portefølje Administration A/S shall be shares of the share class
Institutional (I) - C - EUR of the sub-fund InvestIn SICAV - Nykredit Global Equities.
Whereof the present notarial deed was drawn up in Luxembourg, on the day specified in the beginning of this document.
The undersigned notary who understands and speaks English, states herewith that on request of the appearing parties,
this deed is worded in English.
The document having been read to the proxyholder of the appearing parties, known to the notary by name, first name
and residence, the said proxyholder of the appearing parties signed together with the notary the present deed.
Signé: P. BURGENER et H. HELLINCKX.
Enregistré à Luxembourg Actes Civils 1, le 12 janvier 2016. Relation: 1LAC/2016/887. Reçu soixante-quinze euros
(75.- EUR).
<i>Le Receveuri> (signé): P. MOLLING.
- POUR EXPEDITION CONFORME - délivrée à la société sur demande.
Luxembourg, le 21 janvier 2016.
Référence de publication: 2016056742/778.
(160017260) Déposé au registre de commerce et des sociétés de Luxembourg, le 27 janvier 2016.
KB Star Funds, Société d'Investissement à Capital Variable.
Siège social: L-2633 Senningerberg, 6B, route de Trèves.
R.C.S. Luxembourg B 203.294.
STATUTES
In the year two thousand and sixteen, on the eighth day of January.
Before us, Maître Henri Hellinckx, notary residing in Luxembourg, Grand Duchy of Luxembourg.
There appeared:
KB Asset Management, a company incorporated under the laws of the Republic of Korea, having its registered office
at Shinhan Investment Corporation 70, Yeoui-daero, Yeongeungpo-gu, Seoul, 150-712, Sourth Korea,
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represented by Me Julia Selyanskaya, avocate, professionally residing in Luxembourg, pursuant to a proxy dated 4
January 2016.
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
er
. Denomination. There exists among the subscribers and all those who become owners of shares (each a "Share")
hereafter issued, a corporation in the form of a société anonyme, qualifying as a société d'investissement à capital variable
with multiple sub-funds under the name of "KB Star Funds" (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 law 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 the municipality of Niederanven, 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 share capital of the Company shall be represented by fully paid up 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 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.
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 Sub-Fund 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 currency of denomination, charging structure, the
minimum investment requirements, the management fees or type of target investors, or correspond to a specific hedging
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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 Shares of each Sub-Fund and of each Class of Shares are in principle issued in registered
form.
If and to the extent permitted, and under the conditions provided for, by law, the Board of Directors may at its discretion
decide to issue, in addition to Shares in registered form, Shares in dematerialised form or global share certificates taking
the form of global bearer certificates deposited with a securities settlement system ("Global Share Certificates"). Under the
same conditions, holders of registered Shares may also request the conversion of their Shares into dematerialised shares.
The costs resulting from the conversion of registered shares into dematerialised Shares at the request of their holders will
be borne by the latter unless the Board of Directors decides at its discretion that all or part of these costs must be borne by
the Company.
Ownership of registered Shares is evidenced by entry in the register of Shareholders of the Company and is represented
by confirmation of ownership. The Company will not issue share certificates for registered Shares.
Ownership of Shares issued in dematerialised form or taking the form of Global Share Certificates shall be evidenced
in accordance with applicable laws and/or the provisions set forth in the sales documents of the Company, as the case may
be.
All issued registered Shares of the Company shall be inscribed in the register of Shareholders shall be kept at the
registered office of the Company. Such register of Shareholders 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 registered 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.
The transfer of dematerialised Shares or Shares taking the form of Global Share Certificates, if issued, shall be made in
accordance with applicable laws or the provisions set forth in the sales documents of the Company, as the case may be.
Any Shareholder holding registered Shares has to indicate to the Company an address to be maintained in the register
of Shareholders. 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 register
of Shareholders. 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.
Notices and announcements from the Company to holders of dematerialised Shares or Shares taking the form of Global
Share Certificates, if issued, shall be made in accordance with applicable laws or the provisions set forth in the sales
documents of the Company, as the case may be.
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 Board of Directors shall have power to impose or relax such
restrictions on any Sub-Fund or Class of Shares as it may think necessary for the purpose of ensuring that no Shares in the
Company or no Shares of any Sub-Fund in the Company are acquired or held by (a) any person in breach of any laws or
regulations of any country or governmental or regulatory authority if the Company, any Shareholder or any other person
(all as determined by the Directors) would suffer any pecuniary or other disadvantage as a result of such breach) or (b) any
person in circumstances which in the opinion of the Board of Directors might result in the Company incurring any liability
to taxation (including inter alia any liability that might derive from the Foreign Account Tax Compliance Act ("FATCA")
or suffering any other pecuniary disadvantage which the Company might not otherwise have incurred or suffered, including
a requirement to register under any securities or investment or other laws or requirements of any country or authority.
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More specifically, the Company may restrict or prevent the ownership of Shares in the Company by any person, firm
or corporate body, and without limitation, by any "U.S. person", (as defined hereafter) and any person, firm or corporate
body targeted by FATCA.
For such purposes, the Company may, at its discretion and without liability:
a) decline to issue any Share and to register any transfer of a Share, where it appears to it that such registration or transfer
would or might result in such Share being directly or beneficially owned by a person, who is precluded from holding Shares
in the Company; and/or
b) at any time require any person whose name is entered in the register of Shareholders to furnish it with any information,
supported by affidavit, which it may consider necessary for the purpose of determining whether or not beneficial ownership
of such Shareholder's Shares rests in a person who is precluded from holding Shares in the Company; and/or
c) where it appears to the Company that any person, who is precluded pursuant to this Article from holding Shares in
the Company, either alone or in conjunction with any other person, is a beneficial owner of Shares compulsorily purchase
from any such Shareholder all Shares held by such Shareholder:
In such cases enumerated under (a) to (c) above, the Company may compulsorily redeem from any such Shareholder
all shares held by such Shareholder in the following manner:
1) The Company shall serve a notice (hereinafter referred to as the "Redemption Notice") upon the Shareholder subject
to compulsory repurchase; the Redemption Notice shall specify the Shares to be repurchased as aforesaid, the Redemption
Price (as defined here below) to be paid for such Shares and the place at which this price is payable. Any such notice may
be served upon such Shareholder by registered mail, addressed to such Shareholder at his last known address or at his
address as indicated in the Share register. Shareholders holding Global Share Certificates shall thereupon forthwith be
obliged to deliver to the Company the Global Share Certificate representing the Shares specified in the Redemption Notice.
Immediately after the close of business on the date specified in the Redemption Notice, such Shareholder shall cease to be
the owner of the Shares specified in the redemption notice,
2) The price at which the Shares specified in any Redemption Notice shall be purchased (hereinafter referred to as the
"Redemption Price") shall be an amount based on the Net Asset Value per Share of the Class and the Sub-Fund to which
the Shares belong, determined in accordance with Article 11 hereof, as at the date of the Redemption Notice,
3) Subject to all applicable laws and regulations, payment of the Redemption Price will be made to the owner of such
Shares in the currency in which the Shares are denominated or in certain other currencies as may be determined from time
to time by the Board of Directors, and will be deposited by the Company with a bank in Luxembourg or elsewhere (as
specified in the Redemption Notice) for payment to such owner,
4) The exercise by the Company of the powers conferred by this Article 10 shall not be questioned or invalidated in any
case on the ground that there was insufficient evidence of ownership of Shares by any person at the date of any Redemption
Notice, provided that in such case the said powers were exercised by the Company in good faith.
The Company may also, at its discretion and without liability, decline to accept the vote of any person who is precluded
pursuant to this Article from holding Shares in the Company at any meeting of Shareholders of the Company.
Whenever used in these Articles, the term "U.S. person" shall include a national or resident of the United States of
America or any of its states, territories, possessions or areas subject to its jurisdiction (the "United States") and any part-
nership, corporation or other entity organised or created under the laws of the United States or any political subdivision
thereof. The Directors may clarify the term U.S. person in the Company's sales documents.
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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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:
i) shares or units in open-ended undertakings for collective investment, which do not have a price quotation on a regulated
market, will be valued at the actual net asset value for such shares or units as of the relevant Valuation Day, failing which
they shall be valued at the last available net asset value which is calculated prior to such Valuation Day. In the case where
events have occurred which have resulted in a material change in the net asset value of such shares or units since the last
net asset value was calculated, the value of such shares or units may be adjusted at their fair value in order to reflect, in the
reasonable opinion of the Board of Directors, such change;
ii) the value of securities (including a share or unit in a closed-ended undertaking for collective investment and in an
exchange traded fund) and/or financial derivative instruments which are listed and with a price quoted on any official stock
exchange or traded on any other organised market at the closing price. Where such securities or other assets are quoted or
dealt in or on more than one stock exchange or other organised markets, the Board of Directors shall select the principal
of such stock exchanges or markets for such purposes;
iii) shares or units in undertakings for collective investment the issue or redemption of which is restricted and in respect
of which a secondary market is maintained by dealers who, as principal market-makers, offer prices in response to market
conditions may be valued by the Board of Directors in line with such prices;
iv) the value of any cash on hand or on deposit, bills and demand notes and accounts receivable, prepaid expenses, cash
dividends and interest declared or accrued as aforesaid and not yet received shall be deemed to be the full amount thereof,
unless 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 Board of Directors may consider appropriate in such case to reflect the true value thereof;
v) the financial derivative instruments which are not listed on any official stock exchange or traded on any other organised
market will be valued in a reliable and verifiable manner on a daily basis and verified by a competent professional appointed
by the Company;
vi) swap contracts will be valued according to generally accepted valuation rules that can be verified by auditors. Asset
based swap contracts will be valued by reference to the market value of the underlying assets. Cash flow based swap
contracts will be valued by reference to the net present value of the underlying future cash flows;
vii) the value of any security or other asset which is dealt principally on a market made among professional dealers and
institutional investors shall be determined by reference to the last available price;
viii) any assets or liabilities in currencies other than the relevant currency of the concerned Sub-Fund will be converted
using the relevant spot rate quoted by a bank or other responsible financial institution;
ix) in the event that any of the securities held in the Company portfolio on the relevant day are not listed on any stock
exchange or traded on any organised market or if with respect to securities listed on any stock exchange or traded on any
other organised market, the price as determined pursuant to sub-paragraph (ii) is not, in the opinion of the Board of Directors,
representative of the fair market value of the relevant securities, the value of such securities will be determined prudently
and in good faith based on the reasonably foreseeable sales price or any other appropriate valuation principles;
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x) in the event that the above mentioned calculation methods are inappropriate or misleading, the Board of Directors
may adopt to the extent such valuation principles are in the best interests of the Shareholders any other appropriate valuation
principles for the assets of the Company; and
xi) in circumstances where the interests of the Company or its Shareholders so justify (avoidance of market timing
practices, for example), the Board of Directors may take any appropriate measures, such as applying a fair value pricing
methodology to adjust the value of the Company's assets.
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
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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
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 and/or dilution levy (if any), 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 not exceeding
10 business days after the relevant Valuation Day, 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 (if legally required), 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.
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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.
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, if required by law or regulation, 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 con-
version 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 conversion of Shares between Sub-Funds or between Classes
of Shares; and
b) subject conversions to the payment of such charges and commissions as it shall determine.
If as a result of any request for conversion, 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 conversion 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 any market or stock exchange, which is the principal market or stock exchange on which a
material part of the investments of the relevant Sub-Fund for the time being are quoted, is closed, or during which dealings
are substantially restricted or suspended;
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 not possible;
c) during any period when the publication of an index, underlying of a financial derivative instrument representing a
material part of the assets of the relevant Sub-Fund is suspended;
d) during any period when the determination of the net asset value per share of the underlying funds or the dealing of
their shares/units in which a Sub-Fund is a materially invested is suspended or restricted;
e) during any breakdown in the means of communication normally employed in determining the price of any of the
relevant Sub-Fund's investments or the current prices on any market or stock exchange;
f) during any period when remittance of monies which will or may be involved in the realisation of, or in the repayment
for any of the relevant Sub-Fund's investments is not possible;
g) from the date on which the Board of Directors decides to liquidate or merge one or more Sub-Fund(s) or Class or in
the event of the publication of the convening notice to a general meeting of Shareholders at which a resolution to wind up
or merge the Company or one or more Sub-Fund(s) or Class is to be proposed; or
h) during any period when in the opinion of the Directors of the Company there exist circumstances outside the control
of the Company where it would be impracticable or unfair towards the Shareholders to continue dealing in Shares of any
Sub-Fund of the Company.
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.
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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 required by law or regulations 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 10.00 am (Luxembourg time) on the last Friday of April in each year. 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.
In case of dematerialised Shares or Shares taking the form of Global Share Certificates, if issued, the right of a holder
of such Shares to attend a general Shareholders meeting and to exercise the voting rights attached to such Shares will be
determined by reference to the Shares held by this holder as at the time and date provided for by Luxembourg laws and
regulations.
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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.
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 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
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be evidenced by letters, cables, telegrams, telexes, facsimile transmission and other means capable of evidencing such
consent.
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 and investment policies. 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 deter-
mined 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),
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
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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.
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 having initiated 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 shall indemnify any Director or officer, and his heirs, executors
and administrators, against expenses reasonable incurred by him in connection with any action, suit or proceeding to which
he may be made a party by reason of his being or having been a Director or officer of the Company or, at its request, of
any other corporation of which the Company is a shareholder or creditor and from which he is not entitled to be indemnified,
except in relation to matters as to which he shall be finally adjudged in such action, suit or proceeding to be liable for gross
negligence or misconduct; in the event of a settlement, indemnification shall be provided only in connection with such
matters covered by the settlement as to which the Company is advised by counsel that the person to be indemnified did not
commit such a breach of duty. The foregoing right of indemnification shall not exclude other rights to which he may be
entitled.
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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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
of the Valuation Day at which such decision shall take effect, and/or (ii) decide upon the division of a Sub-Fund or the
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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"), the Law and the law of 6 April 2013 relating to dematerialised securities.
<i>Transitional provisionsi>
1) The first financial year shall begin on the day of the incorporation and shall end on 31 December 2016.
2) The first annual general meeting shall be held in 2017.
<i>Subscription and paymenti>
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
Share
KB Asset Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
500
USD 100
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
500
USD 50,000
All these Shares have been entirely paid up of by payments in cash, so that the sum of USD 50,000.- is forthwith at the
free disposal of the corporation, as has been proved to the notary.
<i>Statementi>
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.
<i>Expensesi>
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.-.
<i>Extraordinary general meetingi>
The single Shareholder, representing the entire subscribed capital, has taken the following resolutions.
<i>First resolutioni>
The following persons are appointed as Directors of the Company for a period ending at the next annual general meeting:
1) Mr Jae Yeop Lim, professionaly residing at 70, Yeoui-daero, Yeongdeungpo-gu, Seoul 150-712, S. Korea
2) Mr Soon-Mo Chang, professionaly residing at 70, Yeoui-daero, Yeongdeungpo-gu, Seoul 150-712, S. Korea
3) Mr Chan Hee Kang, professionaly residing at 70, Yeoui-daero, Yeongdeungpo-gu, Seoul 150-712, S. Korea and
4) Mr Gast Juncker, professionally residing at 2, place Winston Churchill, L-1340 Luxembourg.
<i>Second resolutioni>
The registered office of the Company is fixed at 6B, route de Trèves, L-2633 Senningerberg, Grand Duchy of Luxem-
bourg.
<i>Third resolutioni>
The following is elected as approved statutory auditor (réviseur d‘entreprises agréé) for a period ending at the next
annual general meeting:
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Deloitte Audit S.à r.l., 560, rue de Neudorf, L-2220 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. SELYANSKAYA et H. HELLINCKX.
Enregistré à Luxembourg Actes Civils 1, le 12 janvier 2016. Relation: 1LAC/2016/890. Reçu soixante-quinze euros
(75.- EUR).
<i>Le Receveuri> (signé): P. MOLLING.
- POUR EXPEDITION CONFORME - délivrée à la société sur demande.
Luxembourg, le 26 janvier 2016.
Référence de publication: 2016056793/765.
(160016623) Déposé au registre de commerce et des sociétés de Luxembourg, le 27 janvier 2016.
A.R.S. Immobilière S.A., Société Anonyme.
Siège social: L-9647 Doncols, 25, Bohey.
R.C.S. Luxembourg B 93.926.
Mazout Berens S.A., Société Anonyme.
Siège social: L-9647 Doncols, 36, Bohey.
R.C.S. Luxembourg B 103.208.
A.R.S. Groupe S.A., Société Anonyme.
Siège social: L-9647 Doncols, 25, Bohey.
R.C.S. Luxembourg B 94.473.
PROJET COMMUN DE FUSION
de la société Anonyme
A.R.S. IMMOBILIERE S.A.
Par absorption des sociétés Anonymes
MAZOUT BERENS S.A.
A.R.S. GROUPE S.A.
(Article 261 et suivants de la loi modifiée du 10 août 1915 sur les Sociétés Commerciales)
1. Opération projetée. Les conseils d’administration des sociétés anonymes «A.R.S. IMMOBILIERE S.A.», «MAZOUT
BERENS S.A.» et «A.R.S. GROUPE S.A.» ont décidé de présenter à leur Assemblée Générale respective un projet commun
de fusion par absorption.
La fusion projetée se fera par absorption de l'entièreté du patrimoine des sociétés anonymes «MAZOUT BERENS S.A.»
et «A.R.S. GROUPE S.A.» par la société anonyme «A.R.S. IMMOBILIERE S.A.».
- La société anonyme «MAZOUT BERENS S.A.», ayant son siège social à L-9647 DONCOLS, Bohey 36 a été con-
stituée suivant acte reçu par Maître Paul BETTINGEN, notaire alors de résidence à Wiltz, en date du 7 novembre 1994.
Les statuts ont été publiés au Mémorial C numéro 55 de 1995. Ils ont été modifiés, pour la dernière fois, par un acte reçu
par Maître Joëlle SCHWACHTGEN, notaire alors de résidence à Wiltz, en date du 28 août 2014 publié au Mémorial C
numéro 3255 du 5 novembre 2014.
Cette société est immatriculée au Registre du Commerce de Luxembourg sous le numéro B103.208
Elle sera dénommée par la suite «société absorbée n°1».
- La société anonyme «A.R.S. GROUPE S.A.», ayant son siège social à L-9647 DONCOLS, Bohey 25 a été constituée,
sous la dénomination sociale «GEBRUEDER SCHMIT, s.à.r.l. & Cie, société en commandite simple», suivant acte reçu
par Maître Léon Thomas dit Tom METZLER, notaire alors de résidence à Luxembourg-Bonnevoie, en date du 6 octobre
1983. Les statuts ont été publiés au Mémorial C numéro 283 de 1983. Ils ont été modifiés, pour la dernière fois, par un acte
reçu par Maître Paul BETTINGEN, notaire alors de résidence à Wiltz, en date du 7 novembre 1994 publiés au Mémorial
C numéro 54 de 1995.
Cette société est immatriculée au Registre du Commerce de Luxembourg sous le numéro B94.473.
Elle sera dénommée par la suite «société absorbée n°2».
- La société anonyme «A.R.S. IMMOBILIERE S.A.», ayant son siège social à L-9647
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DONCOLS, Bohey 25 a été constituée suivant acte reçu par Maître Paul BETTINGEN, notaire alors de résidence à
Wiltz, en date du 7 novembre 1994. Les statuts ont été publiés au Mémorial C numéro 55 de 1995. Us ont été modifiés,
pour la dernière fois, par un acte reçu par Maître Roger ARRENSDORFF en date du 22 décembre 1998 publié au Mémorial
C N° 245 du 8 avril 1999.
Cette société est immatriculée au Registre du Commerce de Luxembourg sous le numéro B93.926
Elle sera dénommée par la suite «société absorbante».
2. Situation juridique des sociétés absorbées et de la société absorbante.
1. «MAZOUT BERENS S.A.»: société absorbée n°1
Le capital social de la société anonyme «MAZOUT BERENS S.A.» est divisé actuellement en cent (100) actions sans
désignation de valeur nominale représentant globalement un capital de trente et un mille euros (EUR 31.000,-). Ces actions
sont entièrement libérées.
Historique de la société absorbée n°1.
- La société anonyme «MAZOUT BERENS S.A.», ayant son siège social à L-9647 DONCOLS, Bohey 36 a été con-
stituée suivant acte reçu par Maître Paul BETTINGEN, notaire alors de résidence à Wiltz, en date du 7 novembre 1994.
Les statuts ont été publiés au Mémorial C numéro 55 de 1995. A l'origine, son capital s’élevait à un million deux cent
cinquante mille francs luxembourgeois (1.250.000,-Luf) représenté par cent (100) actions d’une valeur nominale de douze
mille cinq cent francs luxembourgeois (12.500,-Luf) chacune.
- En date du 24 octobre 2001, le conseil d’administration a décidé de convertir le capital social en euros, de supprimer
la valeur nominale des actions et d’augmenter le capital social d’un montant de treize euros et trente-et-un cents (EUR
13,31). Suite à cette modification, son capital s’élève à trente-et-un mille euros (EUR 31.000,-) représenté par cent (100)
actions sans désignation de valeur nominale. Cette modification a été publiée au Mémorial C N°582 du 15 avril 2002.
- Enfin, en date du 28 août 2014, la société a transféré son siège social. La modification des statuts a eu lieu par un acte
reçu par Maître Joëlle SCHWACHTGEN, notaire alors de résidence à Wiltz et a été publiée au Mémorial C numéro 3255
du 5 novembre 2014.
2. «A.R.S. GROUPE S.A.»: société absorbée n°2
Le capital social de la société anonyme «A.R.S. GROUPE SA» est divisé actuellement en mille deux cent cinquante
(1.250) actions sans désignation de valeur nominale représentant globalement un capital de trente-et-un mille euros (EUR
31.000,-). Ces actions sont entièrement libérées.
Historique de la société absorbée n°2.
- La société anonyme «A.R.S. GROUPE S.A.», ayant son siège social à L-9647 DONCOLS, Bohey 25 a été constituée,
sous la dénomination sociale «GEBRUEDER SCHMIT, s.à.r.l. & Cie, société en commandite simple», suivant acte reçu
par Maître Léon Thomas dit Tom METZLER, notaire alors de résidence à Luxembourg-Bonnevoie, en date du 6 octobre
1983. Les statuts ont été publiés au Mémorial C numéro 283 de 1983.
A l'origine, le capital s’élevait à cinq cent mille francs luxembourgeois (500.000,-Luf) représenté par cinq cent (500)
parts sociales sans désignation de valeur nominale.
- En date du 28 décembre 1989, la société a procédé à une modification de la dénomination sociale qui est devenue
«A.R.S. Groupe, GEBRUEDER SCHMIT S.à.r.l. & Cie, société en commandite simple». La modification des statuts a eu
lieu par un acte reçu par Maître Léon Thomas dit Tom METZLER, notaire alors de résidence à Luxembourg-Bonnevoie,
et a été publiée au Mémorial C numéro N° 225 du 6 juillet 1990.
- En date du 24 septembre 1991, la société a transféré son siège social. La modification des statuts a eu lieu par un acte
reçu par Maître Léon Thomas dit Tom METZLER, notaire alors de résidence à Luxembourg-Bonnevoie, et a été publiée
au Mémorial C numéro N° 114 de 1992.
- En date du 7 novembre 1994, la société en commandite simple devient une société anonyme, sa dénomination sociale
devient «A.R.S. GROUPE S.A.» et une refonte des statuts est organisée. La modification des statuts a lieu par un acte reçu
par Maître Paul BETTINGEN, notaire alors de résidence à Wiltz et a été publié au Mémorial C N°54 de 1995.
- En date du 23 novembre 2001, le conseil d’administration a décidé de convertir le capital social en euros et d’augmenter
le capital social d’un montant de treize euros et trente-et-un cents (EUR 13,31-). Suite à cette modification, son capital
s’élève à trente-et-un mille euros (EUR 31.000,-) représenté par mille deux cent cinquante (1.250) actions sans désignation
de valeur nominale. Cette modification a été publiée au Mémorial C N°575 du 12 avril 2002.
3. «A.R.S. IMMOBILIERE S.A.»: société absorbante
Le capital social de la société anonyme «A.R.S. IMMOBILIERE S.A.» est divisé actuellement en trois mille cinq cent
(3.500) actions sans désignation de valeur nominale représentant globalement un capital de un million quatre-vingt-quatre
mille cinq cent quatre-cinq euros (EUR 1.084.545,-). Ces actions sont entièrement libérées.
Historique de la société absorbante.
- La société anonyme «A.R.S. IMMOBILIERE S.A.», ayant son siège social à L-9647 DONCOLS, Bohey 25 a été
constituée suivant acte reçu par Maître Paul BETTINGEN, notaire alors de résidence à Wiltz, en date du 7 novembre 1994.
Les statuts ont été publiés au Mémorial C numéro 55 de 1995. A l'origine, son capital s’élevait à un million deux cent
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cinquante mille francs luxembourgeois (1.250.000,-Luf) représenté par cent (100) actions d’une valeur nominale de douze
mille cinq cent francs luxembourgeois (12.500,-Luf) chacune.
- En date du 22 décembre 1998, la société a procédé à une augmentation de capital de sorte que son capital social s’élevait,
après cette modification, à quarante-trois millions sept cent cinquante mille francs (43.750.000,- Luf). La modification des
statuts a eu lieu par un acte reçu par Maître Roger ARRENSDORFF, notaire alors de résidence à Mondorf-les-Bains et a
été publié au Mémorial C numéro 245 du 8 avril 1999.
- En date du 23 novembre 2001, le conseil d’administration a décidé de convertir le capital social en euros, de supprimer
la valeur nominale des actions et d’augmenter le capital social d’un montant de dix euros et quatre-vingt-trois cents (EUR
10,83-). Suite à cette modification, son capital s’élève à un million quatre-vingt-quatre mille cinq cent quatre-cinq euros
(EUR 1.084.545,-) représenté par trois mille cinq cent (3.500) actions sans désignation de valeur nominale. Cette modifi-
cation a été publiée au Mémorial C N°575 du 12 avril 2002.
Il est mentionné que les trois sociétés existantes n’ont pas créé de parts de fondateurs ni émis d’emprunt obligataire.
Que la clôture des exercices sociaux est fixée au 31 décembre de chaque année pour chacune des trois sociétés.
Les situations actives et passives arrêtées au 31 octobre 2015 par les organes de gestion respectifs serviront de base aux
opérations de fusion.
3. Motif de la fusion projetée. La société anonyme «MAZOUT BERENS S.A.», société à absorber n°1, a pour objet:
«la société a pour objet le commerce de combustibles. La société peut effectuer toutes opérations commerciales et
financières, mobilières et immobilières qui se rattachent directement ou indirectement à son objet social ou qui peuvent
favoriser l'extension et le développement.»
La société anonyme «A.R.S. GROUPE S.A.», société à absorber n°2, a pour objet:
«La société a pour objet l'exploitation de stations d’essence avec vente d’accessoires pour automobiles, d’huiles et de
tous articles de la branche, ainsi que l'exploitation de shops avec vente de produits de tabac, de boissons alcooliques et non-
alcooliques, d’épicerie, de jouets et d’articles de souvenirs.
Elle peut faire toutes les opérations commerciales ou industrielles, financières, mobilières ou immobilières se rattachant
directement ou indirectement à cet objet ou pouvant en faciliter l'extension ou le développement.»
L’objet social de la société anonyme «A.R.S. IMMOBILIERE S.A.», société absorbante, a pour objet:
«La société a pour objet les opérations se rapportant directement ou indirectement à la prise de participations sous
quelque forme que ce soit, dans toute entreprise luxembourgeoise ou étrangère, ainsi que l'administration, la gestion, le
contrôle et le développement de ces participations.
Elle pourra notamment employer ses fonds à la création, à la gestion, à la mise en valeur et à la liquidation d’un
portefeuille se composant de tous titres et brevets de toute origine et autres droits s’attachant à ces brevets ou pouvant les
compléter, participer à la création, au développement et au contrôle de toute entreprise, acquérir par voie d’apport, de
souscription, de prise ferme ou d’option d’achat et de tout autre manière, tous titres et brevets et autres droits s’attachant
à ces brevets ou pouvant les compléter, les réaliser par voie de vente, de cession, d’échange ou autrement, faire mettre en
valeur ces affaires et brevets. Elle pourra emprunter et accorder aux sociétés auxquelles elle s’intéresse tous concours, prêts,
avances ou garanties. Elle prendra toutes les mesures pour sauvegarder ses droits et fera toutes opérations généralement
quelconques, commerciales, industrielles et financières, tant mobilières qu’immobilières, qui se rattachent à son objet ou
qui le favorisent.»
Partant du fait que les actionnaires des sociétés absorbées et de la société absorbante sont, en partie, les mêmes, que les
bénéficiaires économiques des trois sociétés sont les mêmes et que ces sociétés exercent un objet social complémentaire,
il nous semble adéquat de proposer la fusion des trois sociétés; ce qui permettrait de rationaliser les coûts au sein d’une
seule et même structure et donc de réaliser des économies d’échelle. Cette fusion permettrait également de simplifier le
processus de décision et de management au sein d’une seule entité juridique.
4. Accords préalables, entrée en jouissance, date des opérations comptables. La fusion ne deviendra définitive qu’après
réalisation des conditions suspensives énumérées in fine.
A cet égard, il est spécifié qu’aucune opération importante affectant les biens apportés n’a été effectuée dans les sociétés
absorbées, en dehors d’opérations découlant de l'exploitation normale et courante.
Les soussignés conviennent, en outre, que jusqu’à la réalisation effective de la fusion, les trois sociétés se concerteront
sur leur politique générale, et qu’en particulier, aucune d’elles ne prendra, sans l'accord de l'autre, d’engagements suscep-
tibles de modifier de façon appréciable la consistance de leurs actifs ou l'importance de leurs passifs en dehors de ceux
résultant des opérations normales d’exploitation.
La date à partir de laquelle les opérations des sociétés absorbées seront considérées du point de vue comptable comme
accomplies pour le compte de la société absorbante est le 1
er
janvier 2016.
5. Situation active et passive au 31/10/2015 des sociétés absorbées et de la société absorbante-Opération de fusion par
absorption.
1. MAZOUT BERENS S.A. - société absorbée n°1
ACTIFS IMMOBILISES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
438 364,66
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II IMMOBILISATIONS CORPORELLES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
438 364,66
ACTIFS CIRCULANTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
924 266,41
II CREANCES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
636 721,77
III VALEURS MOBILIERES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0,00
IV AVOIRS EN BANQUES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
287 544,64
TOTAL ACTIF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1 362 631,07
CAPITAUX PROPRES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1 226 891,61
I. CAPITAL SOUSCRIT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
31 000,00
IV. RESERVES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 100,00
1. Réserve légale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 100,00
V. RESULTATS REPORTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 190 832,60
VI. RESULTAT DE L'EXERCICE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1 959,01
DETTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
135 739,46
135 739,46
TOTAL PASSIF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1 362 631,07
2. A.R.S. GROUPE S.A. - société absorbée n°2
ACTIFS IMMOBILISES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2 744 812,59
I IMMOBILISATIONS INCORPORELLES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0,02
II IMMOBILISATIONS CORPORELLES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 783 213,75
III IMMOBILISATIONS FINANCIERES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
961 598,82
ACTIFS CIRCULANTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 188 102,20
II CREANCES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 509 169,94
III VALEURS MOBILIERES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0,00
IV AVOIRS EN BANQUES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
678 932,26
TOTAL ACTIF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6 932 914,79
CAPITAUX PROPRES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5 830 556,16
I. CAPITAL SOUSCRIT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
31 000,00
IV. RESERVES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
178 650,00
1. Réserve légale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 100,00
2. Autres réserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
175 550,00
V. RESULTATS REPORTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 707 913,75
VI. RESULTAT DE L'EXERCICE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
-87 007,59
PROVISIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
31 550,00
31 550,00
DETTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 070 808,63 1 070 808,63
TOTAL PASSIF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6 932 914,79
3. A.R.S. IMMOBILIERE S.A. - société absorbante
ACTIFS IMMOBILISES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 094 051,66
II IMMOBILISATIONS CORPORELLES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 706 727,23
III IMMOBILSATIONS FINANCIERES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
387 324,43
ACTIFS CIRCULANTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
968 461,63
II CREANCES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
316 840,35
III VALEURS MOBILIERES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0,00
IV AVOIRS EN BANQUES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
651 621,28
TOTAL ACTIF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 062 513,29
CAPITAUX PROPRES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
789 689,29
I. CAPITAL SOUSCRIT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 084 545,00
IV. RESERVES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
66 727,24
1. Réserve légale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
66 727,24
V. RESULTATS REPORTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -455 123,85
VI. RESULTAT DE L'EXERCICE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
93 540,90
DETTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 272 824,00 3 272 824,00
TOTAL PASSIF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 062 513,29
6. Opération de fusion par absorption.
6.1. Transfert du patrimoine actif et passif des sociétés absorbées à la société absorbante
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Il est convenu que les sociétés absorbées transfèrent sous les garanties ordinaires et de droit, l'ensemble de leur actif et
de leur passif tels que les dits actifs et passifs existent au 31 octobre 2015 à la société absorbante.
Les situations active et passive des sociétés anonymes «MAZOUT BERENS S.A.» et «A.R.S. GROUPE S.A.» au 31
octobre 2015 ont été arrêtée de manière définitive par leur conseil d’administration respectif préalablement aux réunions
d’Assemblée Générale appelées à se prononcer sur l'opérai ion de fusion telle que proposée.
L’ensemble des actifs et passifs des sociétés absorbées seront estimés à la valeur comptable de ces éléments telle qu’elle
résulte des livres des sociétés anonymes «MAZOUT BERENS S.A.» et «A.R.S. GROUPE S.A.» au 31 octobre 2015.
Au terme de la fusion, le bilan de la société «A.R.S. IMMOBILIERE S.A.» s’établira comme suit:
FRAIS D'ETABLISSEMENT
-
ACTIFS IMMOBILISES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5.316.641,50
II IMMOBILISATIONS INCORPORELLES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
0,02
III IMMOBILISATIONS CORPORELLES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.928.305,64
IV IMMOBILISATIONS FINANCIERES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
388.335,84
ACTIFS CIRCULANTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.041.417,65
II CREANCES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.462.732,06
III VALEURS MOBILIERES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
960.587,41
Actions propres . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
960.587,41
IV AVOIRS EN BANQUES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.618.098,18
TOTAL ACTIF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12.358.059,15
CAPITAUX PROPRES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.847.137,06
I. CAPITAL SOUSCRIT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.146.545,00
IV. RESERVES
1. Réserve légale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
72.927,24
2. Autres réserves . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
175.550,00
V. RESULTAS REPORTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6.443.622,50
VI. RESULTAT DE L'EXERCICE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8.492,32
PROVISIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
31.550,00
31.550,00
DETTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.479.372,09
4.479.372,09
TOTAL PASSIF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12.358.059,15
Conformément à l'article 267 §1 de la loi modifiée du 10 août 1915 sur les sociétés commerciales, les comptes annuels
des trois derniers exercices comptables soit les exercices clôturés aux 31 décembre 2012, 31 décembre 2013 et 31 décembre
2014 devront être mis à la disposition des actionnaires un mois au moins avant la date de réunion des Assemblées Générales
appelée à se prononcer sur le projet de fusion.
6.2. Rapport d’échange - Rémunération des apports
Les Conseils d’Administration respectifs proposent de retenir comme méthode d’évaluation - pour déterminer le rapport
d’échange à utiliser dans le cadre de l'opération de fusion envisagée - la valeur comptable des éléments d’actifs et de passifs
tant des sociétés absorbées que de la société absorbante telle qu’elle résulte des situations comptables de chacune des trois
sociétés arrêtées au 31 octobre 2015. En d’autres termes, compte tenu du cas d’espèce, il est proposé de ne pas tenir compte
des plus ou moins values latentes éventuelles qui pourraient exister au niveau des immeubles détenus par chacune des
sociétés intervenant dans le processus de fusion.
L’opération de fusion envisagée n’a - au niveau de l'actionnariat - pas d’effet sur les bénéficiaires économiques finaux.
Il est à noter que la société détiendra 3.100 actions propres (soit 8,91% des actions) suite à l'opération de fusion.
Sur base de la situation comptable au 31 octobre 2015:
- Les fonds propres de la société «A.R.S. IMMOBILIERE S.A.» s’élèvent à 789.689,29 € et sont représentés par 3.500
actions. La valeur intrinsèque d’une action de la société absorbante s’élève donc à 225,63 €.
- Les fonds propres de la société «MAZOUT BERENS S.A.» s’élèvent à 1.226.891,61 € et sont représentés par 100
actions. La valeur intrinsèque d’une action de la société absorbée n°1 s’élève à 12.268,92 €.
- Les fonds propres de la société «A.R.S. GROUPE S.A.» s’élèvent à 5.830.556,16€ et sont représentés par 1.250 actions.
La valeur intrinsèque d’une action de la société absorbée n°2 s’élève à 4.664,44 €.
Il est donc proposé de procéder à l'opération de fusion par absorption qui aura pour effet d’augmenter le capital social
de la société absorbante «A.R.S. IMMOBILIERE S.A.» à concurrence de soixante-deux mille euros (EUR 62.000,-) pour
le porter de son montant actuel d’un million quatre-vingt-quatre mille cinq cent quarante-cinq euros (EUR 1.084.545,-) à
un million cent quarante-six mille cinq cent quarante-cinq euros (EUR 1.146.545,-) par l'émission de 31.279 actions nou-
velles sans désignation de valeur nominale.
Ces actions sont entièrement libérées par le transfert à titre universel de tous les actifs et passifs des sociétés absorbées
à la société absorbante avec effet au 1
er
janvier 2016 étant précisé que la société absorbante reprend à son compte toutes
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les opérations réalisées par les sociétés absorbées à partir du 1
er
janvier 2016 et qu’elle supporte tout le passif, ainsi que
les frais, impôts et autres charges qui résultent de la fusion.
6.3. Modalités de remise des actions, droits de vote
Les actions attribuées étant nominatives, la remise des actions se fera par inscription des actionnaires au registre des
actions de la société «A.R.S. IMMOBILIERE S.A.».
Les actions ainsi créées conféreront aux actionnaires des droits de vote et des droits aux dividendes et au boni de
liquidation éventuels. Les actions nouvelles seront de même nature et conféreront le droit de participer aux bénéfices de la
société ARS Immobilière S.A. à compter du 1
er
janvier 2016.
Les actions attribuées sont nominatives.
7. Rapports et Emoluments du Réviseur d’Entreprises. Conformément à l'article 265 (3) de la loi modifiée du 10 août
1915 sur les sociétés commerciales, il est prévu que l'ensemble des actionnaires des sociétés participantes à la fusion
renoncent aux rapports des conseils d’administration ou de direction.
Toutefois, conformément à l'article 26-1 §2 de la loi modifiée du 10 août 1915 sur les sociétés commerciales, il sera
établi un rapport relatif à l'apport en nature de tous les actifs et passifs des sociétés absorbées à la société absorbante.
Le rapport respectif prévu par l'article 26-1 §2 de la loi modifiée du 10 août 1915 sur les sociétés commerciales sera
établi par un Réviseur d’Entreprises, la société FIDUCIAIRE INTERNATIONALE SA, ayant son siège social à L-1470
Luxembourg, Route d’Esch 7 et représentée par son administrateur-délégué Monsieur Stéphan MOREAUX.
Les émoluments du Réviseur d’Entreprises seront déterminés en fonction des prestations effectuées.
8. Avantages particuliers attribués aux membres des conseils d’administrations des trois sociétés appelées à fusion-
ner. Aucun avantage particulier ne sera attribué aux membres des différents conseils d’administration.
9. Conditions suspensives. La fusion, acceptée par les membres des conseils d’administration des trois sociétés, est
expressément subordonnée à la réalisation de trois conditions suspensives ci-après:
1. Approbation par l'assemblée générale extraordinaire de la société anonyme «MAZOUT BERENS S.A.» du présent
projet de fusion, ladite assemblée ayant, en outre, à décider en conséquence de la dissolution de la société;
2. Approbation par l'assemblée générale extraordinaire de la société anonyme «A.R.S. GROUPE S.A.» du présent projet
de fusion, ladite assemblée ayant, en outre, à décider en conséquence de la dissolution de la société;
3. Approbation par l'assemblée générale extraordinaire de la société anonyme «A.R.S IMMOBILIERE S.A.» du présent
projet de fusion.
La réalisation des conditions suspensives énoncées ci-dessus pourra être constatée dans le procès-verbal de la dernière
assemblée qui sera réunie par les sociétés absorbées et par l'assemblée de la société absorbante chargée d’entériner la fusion
10. Frais et droits. Les frais et droits des présentes, et ceux qui en seront les conséquences, seront supportés par la société
absorbante; cette société acquittera également tous impôts ou taxes dûs par les sociétés absorbées au titre des périodes
antérieures à la date de réalisation de la fusion.
Fait à Bohey, le 15 janvier 2016.
<i>Pour la Société anonyme «A.R.S. IMMOBILIERE S.A.»
Le conseil d’administration
i>René SCHMIT / Arthur SCHMIT / Mario SCHMIT
<i>Administrateur-délégué / Administrateur-délégué / Administrateur
Pour la Société Anonyme «MAZOUT BERENS S.A.»
Le conseil d’administration
i>René SCHMIT / Arthur SCHMIT / A.R.S. GROUPE S.A.
<i>Administrateur-délégué / Administrateur-délégué / -
i>- / - / représentée par René SCHMIT
<i>- / - / Administrateur
Pour la Société Anonyme «A.R.S. GROUPE S.A.»
Le conseil d’administration
i>René SCHMIT / Arthur SCHMIT / MAZOUT BERENS S.A.
<i>Administrateur-délégué / Administrateur-délégué / -
i>- / - / représentée par René SCHMIT
<i>- /- / Administrateuri>
Référence de publication: 2016057833/314.
(160018643) Déposé au registre de commerce et des sociétés de Luxembourg, le 29 janvier 2016.
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Theam Quant, Société d'Investissement à Capital Variable.
Siège social: L-1855 Luxembourg, 60, avenue J.F. Kennedy.
R.C.S. Luxembourg B 183.490.
In the year two thousand and fifteen, on the twenty-ninth of December.
Before Us Maître Henri HELLINCKX, notary residing in Luxembourg, (Grand-Duchy of Luxembourg), undersigned.
Was held
an extraordinary general meeting of shareholders (the “Meeting”) of THEAM QUANT, a société d'investissement à
capital variable in the form of a public limited liability company, established and having its registered office in L-5826
Hesperange, 33, rue de Gasperich, registered with the Trade and Companies Register of Luxembourg, section B, under
number 183490, incorporated pursuant to a notarial deed dated 31 December 2013, which was published in the Mémorial
C, Recueil des Sociétés et Associations (the “Mémorial”) number 216 on 24 January 2014.
The Meeting was opened with Mrs Flore SENDEGEYA, employee, residing professionally in Hesperange, as chairman
of the Meeting.
The chairman appointed as secretary Mrs Pauline LAHURE, employee, residing professionally in Hesperange.
The Meeting elected as scrutineer Mrs Vinciane ALEXANDRE, employee, residing professionally in Hesperange.
The bureau of the Meeting (hereafter referred to as the “Bureau”) having thus been constituted, the chairman declared
and requested the notary to state:
I.- That the agenda of the Meeting is the following:
<i>Agendai>
1) Transfer of the registered office of the Company from 33, rue de Gasperich, L-5826 Hesperange to 60, avenue J.F.
Kennedy, L-1855 Luxembourg, with effect as from January 1
st
, 2016.
2) Amendment of Article 2.1 of the articles of incorporation in order to reflect the change of the registered office, with
effect as from January 1
st
, 2016. Article 2.1 to be reworded as follows:
“The registered office of the Company is established in Luxembourg, Grand Duchy of Luxembourg. (...)”
II.- That a first extraordinary general meeting of the Company was held on 24 November 2015 to deliberate on the same
agenda as hereinbefore reproduced. It appeared from the attendance list that, out of 15,427,596.771 shares in issue,
2,838,091.0837 shares were present or represented at the meeting, representing less than half of the Company's capital. As
a result of the foregoing, the meeting was not regularly constituted and could not validly deliberate on the sole item of the
agenda for lack of quorum. It was thus decided to reconvene a second meeting on this day.
III.- The present Meeting has been duly convened
- by notices containing the agenda of the Meeting published in the Mémorial number 3210 of 27 November 2015 and
number 3334 of 14 December 2015, in the Tageblatt of 27 November 2015 and 14 December 2015 and in the Luxemburger
Wort of 27 November 2015 and 14 December 2015.
- by letters sent to the shareholders by mail on December 9
th
, 2015.
The related copies of the said publications and sendings are deposited on the desk for inspection by the bureau of the
Meeting.
IV.- The shareholders present or represented, the proxies of the represented shareholders and the number of their shares
are shown on an attendance list; this attendance list signed by the shareholders present, the proxies of the represented
shareholders and by the Bureau will remain annexed to the present deed to be filed at the same time with the registration
authorities.
V.- It appears from the attendance list that, out of the 13,579,069 shares in issue, 1,249,939 shares are present or
represented at the Meeting. Pursuant to article 67-1 (2) of the law of 10 August 1915 on commercial companies, as amended,
the Meeting is regularly constituted and may validly deliberate and decide upon the sole item of the agenda of the Meeting,
whatsoever the represented part of capital.
VI.- As a result of the foregoing, the present Meeting is regularly constituted and may validly decide on the sole item
of the agenda.
After deliberation, the Meeting took the following resolutions by unanimous vote:
<i>First resolution:i>
The Meeting decides to transfer the registered office of the Company from 33, rue de Gasperich, L-5826 Hesperange
to 60, avenue J.F. Kennedy, L-1855 Luxembourg, with effect as from January 1
st
, 2016.
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<i>Second resolutioni>
The Meeting decides to amend consequently as follows the first sentence of Article 2.1 of the articles of incorporation
in order to reflect the change of the registered office, with effect as from January 1
st
, 2016:
“The registered office of the Company is established in Luxembourg, Grand Duchy of Luxembourg.”
There being no further business before the Meeting, the Meeting is thereupon adjourned.
The undersigned notary who understands and speaks English, states herewith that on request of the above appearing
persons, the present deed is worded in English.
WHEREOF, the present notarial deed was drawn up in Hesperange, on the day named at the beginning of this document.
The document having been read to the appearing parties, the appearing parties signed together with us, the notary, the
present original deed.
Signé: F. SENDEGEYA, P. LAHURE, V. ALEXANDRE et H. HELLINCKX.
Enregistré à Luxembourg A.C.1, le 4 janvier 2016. Relation: 1LAC/2016/58. Reçu soixante-quinze euros (75.- EUR).
<i>Le Receveuri> (signé): P. MOLLING.
- POUR EXPEDITION CONFORME - délivrée à la société sur demande.
Luxembourg, le 15 janvier 2016.
Référence de publication: 2016051700/69.
(160009990) Déposé au registre de commerce et des sociétés de Luxembourg, le 18 janvier 2016.
Nuti Luxco S.à r.l., Société à responsabilité limitée.
Capital social: EUR 12.510,00.
Siège social: L-1471 Luxembourg, 412F, route d'Esch.
R.C.S. Luxembourg B 181.676.
Infrastructure PPP Africa Fund S.C.A., SICAV-FIS, Société en Commandite par Actions sous la forme d'une SI-
CAV - Fonds d'Investissement Spécialisé.
Capital social: USD 41.000,00.
Siège social: L-2520 Luxembourg, 5, allée Scheffer.
R.C.S. Luxembourg B 170.873.
RECTIFICATIF
1. L'extrait de l'Assemblée Générale Extraordinaire des associés en date du 29 mai a été publié dans le Mémorial C n°
1840 du 23 juillet 2015, page 88282, sous une en-tête erronée, qu'il y a lieu de rectifier comme suit:
au lieu de :
"Infrastructure PPP Africa Fund S.C.A., SICAV-FIS, Société en Commandite par Actions sous la forme d'une SICAV-
Fonds d'Investissement Spécialisé.Capital social: USD 41.000,00. Siège social : L-2520 Luxembourg, 5, allée Scheffer.
R.C.S. Luxembourg B 170.873." (laquelle société n'est en rien concernée par ladite publication),
lire :
"Nuti Luxco S.à r.l., Société à responsabilité limitée. Capital social: EUR 12.510,00. Siège social : L-1471 Luxembourg,
412F, route d'Esch. R.C.S. Luxembourg B 181.676."
2. Le sommaire du même Mémorial C n° 1840/2015, figurant à la page 88273, doit être corrigé en conséquence, par la
suppression de la ligne "Infrastructure PPP Africa Fund S.C.A., SICAV-FIS. ... 88282" et l'ajout d'une ligne "Nuti Luxco
S.à r.l. ... 88282"
Référence de publication: 2016060137/25.
International Fund Portfolio:, Fonds Commun de Placement.
Le règlement de gestion de International Fund Portfolio modifié au 15.06.2015 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.
International Fund Management S.A. / DekaBank Deutsche Girozentrale Luxembourg S.A.
Signatures
<i>Die Verwaltungsgesellschaft / Die Depotbanki>
Référence de publication: 2015092182/11.
(150103487) Déposé au registre de commerce et des sociétés de Luxembourg, le 16 juin 2015.
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Digitera-Group S.A., Société Anonyme,
(anc. Infopartners S.A.).
Siège social: L-8399 Windhof, 11, rue de l'Industrie.
R.C.S. Luxembourg B 17.719.
L'an deux mille quinze, le seize novembre.
Par-devant Nous, Maître Martine SCHAEFFER, notaire de résidence à Luxembourg.
S'est réunie
l'assemblée générale extraordinaire des actionnaires de la société anonyme INFOPARTNERS S.A. (ci-après la «So-
ciété»), avec siège social au 11, rue de l'Industrie, L-8399 Windhof, enregistrée au Registre du Commerce et des Sociétés
de Luxembourg, sous le numéro B 17.719 et constituée suivant un acte reçu par Maître Georges d'HUART, notaire de
résidence à l'époque à Pétange, en date du 23 juillet 1980, publié au Mémorial C, Recueil des Sociétés et Associations,
numéro 214 le 17 octobre 1980.
Les statuts de la Société ont été modifiés en dernier lieu suivant acte reçu par le notaire instrumentaire, le 24 décembre
2013, publié au Mémorial C, Recueil des Sociétés et Associations, numéro 1004 du 18 avril 2014.
L'assemblée est ouverte sous la présidence de Monsieur Alain MAHIEU, administrateur, demeurant professionnellement
au 11, rue de l'Industrie, L-8399 Windhof (ci-après le «Président»),
qui désigne comme secrétaire Madame Corinne PETIT, employée, demeurant professionnellement au 74, avenue Victor
Hugo, L-1750 Luxembourg.
L'assemblée choisit comme scrutateur Monsieur Alain MAHIEU, prénommé.
Le Président a déclaré et a prié le notaire instrumentaire d'acter ce qui suit:
I. Le capital social de la Société s'élève à cent soixante et un mille cent trente euros et soixante-dix-neuf cent (161.130,79
EUR) représenté par trois mille cent cinquante-sept (3.157) actions sans désignation de valeur nominale.
II. Que les actionnaires présents ou représentés, les mandataires des actionnaires représentés, ainsi que le nombre d'ac-
tions qu'ils détiennent sont indiqués sur une liste de présence. Cette liste de présence, après avoir été signée par les
actionnaires présents, les mandataires des actionnaires représentés ainsi que par les membres du bureau et le notaire ins-
trumentant, restera annexée au présent procès-verbal pour être soumise avec lui à la formalité de l'enregistrement.
Resteront pareillement annexées au présent acte, les procurations des actionnaires représentés, après avoir été signées
«ne varietur» par les comparants et le notaire instrumentant.
III. Tel qu'il résulte de la liste de présence, la présente assemblée, réunissant l'intégralité du capital social, est réguliè-
rement constituée et peut délibérer valablement, telle qu'elle est constituée, sur les points portés à l'ordre du jour.
IV. Que la présente assemblée générale extraordinaire a pour ordre du jour:
1. Changement de nom de la Société en DIGITERA-GROUP S.A. et modification subséquente de l'article 1
er
des statuts
de la Société pour y refléter le changement de nom de la Société;
2. Ajout dans les Statuts des clauses relatives aux actions au porteur conformément à la loi du 14 août 2014 et modification
subséquente des articles 5 et 6 des statuts de la Société; et
3. Divers.
L'Actionnaire Unique a ensuite pris les résolutions suivantes:
<i>Première résolutioni>
L'Actionnaire Unique décide de changer la dénomination sociale de la Société en «DIGITERA-GROUP S.A.» avec
effet immédiat.
En conséquence, l'article 1
er
des statuts de la Société est modifié comme suit:
« Art. 1
er
. Il est formé par les souscripteurs et tous ceux qui deviendront propriétaires des actions ci-après créées, une
société anonyme, sous la dénomination de «DIGITERA-GROUP S.A.» (ci-après la «Société»).»
<i>Deuxième résolutioni>
L'Actionnaire Unique a décidé d'ajouter dans les statuts les clauses relatives aux actions au porteur conformément à la
loi du 14 août 2014.
En conséquence les articles 5 et 6 des statuts de la Société sont modifiés et auront désormais la teneur suivante:
« Art. 5. Le capital social est fixé à cent soixante et un mille cent trente virgule soixante-dix-neuf euros (161.130,79
EUR) représenté par trois mille cent cinquante-sept (3.157) actions sans désignation de valeur nominale.
Les actions de la société sont nominatives ou au porteur ou pour partie nominatives et pour partie au porteur au choix
des actionnaires, sauf dispositions contraires de la loi.
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Pour les actions nominatives, un registre des actionnaires de la Société sera tenu au siège social de la Société et pourra
être examiné par chaque actionnaire. Le registre contiendra le nom de chaque actionnaire, son lieu de résidence ou domicile
élu, le nombre d'actions détenu par lui, les paiements effectués pour chaque action et tous transferts d'actions et les dates
respectives de ces transferts. La propriété des actions nominatives sera établie par l'inscription au registre des actionnaires
de la Société.
Tous les certificats au porteur émis devront être immobilisés auprès d'un dépositaire désigné par l'administrateur unique
ou les membres du conseil d'administration. L'administrateur unique ou les membres du conseil d'administration informe-
ront les actionnaires de toute nomination de dépositaire ou de tout changement le concernant dans le délai de 15 jours
ouvrables. Les actes de nomination ou changement concernant les dépositaires devront être déposés et publiés conformé-
ment à l'article 11bis §1
er
, 3), d) de la Loi.
Un registre des actions au porteur sera ouvert, lequel se trouvera auprès de dépositaire et renseignera la désignation
précise de chaque actionnaire, l'indication du nombre des actions au porteur ou coupures détenues, la date du dépôt, les
transferts, l'annulation ou la conversion des actions en titres nominatifs avec leur date.
La propriété de l'action au porteur s'établit par l'inscription sur le registre des actions au porteur. A la demande écrite de
l'actionnaire au porteur, un certificat peut lui être délivré par le dépositaire constatant toutes les inscriptions le concernant
qui lui sera remis endéans 8 jours calendrier.
Les actions au porteur ne se trouvant pas en dépôt ou n'étant pas valablement inscrites dans le registre des actions au
porteur, verront leurs droits suspendus.
Les actions de la société peuvent être créées, au choix du propriétaire, en titres unitaires ou en certificats représentatifs
de plusieurs actions.
La société ne reconnaît qu'un propriétaire par action; si la propriété de l'action est indivise, démembrée ou litigieuse, les
personnes invoquant un droit sur l'action devront désigner un mandataire unique pour présenter l'action à l'égard de la
société. La société aura le droit de suspendre l'exercice de tous les droits y attachés jusqu'à ce qu'une seule personne ait été
désignée comme étant à son égard propriétaire.»
« Art. 6. Pour l'application du présent article est définie comme «cession» toute opération à titre onéreux ou gratuit
entraînant le transfert de la pleine propriété, de la nue-propriété ou de l'usufruit des valeurs mobilières émises par la Société,
à savoir: cession, transmission, échange, apport en société, fusion et opération assimilée, cession judiciaire, constitution
de trusts, nantissement, liquidation, transmission universelle de patrimoine, donation, liquidation du régime matrimonial,
dévolution successorale, sans que cette liste ne soit exhaustive.
Sont également définies comme «Action» ou «Valeur mobilière» toutes les valeurs mobilières émises par la Société
donnant accès de façon immédiate ou différée et de quelque manière que ce soit, à l'attribution d'un droit au capital et/ou
d'un droit de vote de la Société, ainsi que les bons et droits de souscription et d'attribution attachés à ces valeurs mobilières.
<i>Droit de préemptioni>
En cas de pluralité d'actionnaires, les actions de la société ne pourront être cédées, y compris entre actionnaires, qu'après
agrément préalable donné par décision collective extraordinaire prise dans les conditions du présent article.
Une demande d'agrément doit, être notifiée aux actionnaires et au conseil d'administration de la société par lettre re-
commandée avec demande d'avis de réception. Elle doit indiquer les noms, prénoms et adresse du cessionnaire, le nombre
d'actions dont la cession est envisagée, ainsi que le prix de la cession.
Le Conseil d'Administration de la Société dispose d'un délai de un (1) mois à compter de la notification de la demande
d'agrément pour consulter les Actionnaires sur l'agrément de la cession envisagée. La décision d'agrément ou de refus
d'agrément est prise par décision collective des associés à la majorité simple. La décision n'est pas motivée et, en cas de
refus, ne peut jamais donner lieu à une réclamation quelconque.
Cette décision devra être notifiée par le Conseil d'Administration au cédant avant l'expiration d'un délai de 15 jours à
compter de la décision collective des actionnaires.
En cas de refus d'agrément, le cédant aura huit (8) jours à compter de la notification de refus d'agrément adressée par le
Conseil d'administration, pour notifier à celui-ci, s'il renonce ou non à son projet de cession.
En cas de refus d'agrément du cessionnaire proposé et à moins que le cédant décide de renoncer à la cession envisagée,
le conseil d'administration est tenu, dans le délai de trois mois à compter de la notification du refus, de faire acquérir les
actions soit par un ou plusieurs actionnaires restants, soit par la société en vue d'une réduction de capital, mais en ce cas,
avec le consentement des actionnaires restants.
Si à l'expiration du délai prévu à l'alinéa précédent, l'achat n'est pas réalisé, l'agrément est considéré comme donné.
Toutefois, la prolongation du délai peut être accordée, à la demande de la société, par ordonnance de référé du Juge des
Référés du Tribunal d'arrondissement de et à Luxembourg, l'actionnaire cédant et le cessionnaire dûment appelés. Cette
ordonnance n'est pas susceptible de recours.
Dans le cas où le prix déterminé par expert n'aura pas l'agrément du cédant, celui-ci pourra renoncer à la vente, à sa
seule convenance, à seule charge d'en informer la société par lettre recommandée A.R. dans la quinzaine de la notification
du résultat de l'expertise.
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Dans le cas où les Actions cédées intéressent plusieurs actionnaires la répartition se fera au prorata de leur détention
capitalistique par rapport au nombre total d'Actions détenues par les actionnaires intéressés et dans la limite de leurs
demandes.»
Plus rien n'étant à l'ordre du jour, la séance est levée.
<i>Fraisi>
Les frais, dépenses, rémunérations et charges, sous quelque forme que ce soit, qui incombent à la Société ou qui sont
mis à sa charge à raison du présent acte sont estimés à environ mille deux cents euros (1.200.- EUR).
Dont acte, fait et passé à Luxembourg, date qu'en tête des présentes.
Et après lecture faite aux comparants, connus du notaire par noms, prénoms usuels, états et demeures, les membres du
bureau ont signé avec le notaire la présente minute.
Signé: A. Mathieu, C. Petit et M. Schaeffer.
Enregistré à Luxembourg Actes Civils 2, le 19 novembre 2015. 2LAC/2015/26221. Reçu soixante-quinze euros EUR
75,-.
<i>Le Receveuri> (signé): André MULLER.
POUR EXPEDITION CONFORME, délivrée à la demande de la prédite société.
Luxembourg, le 25 novembre 2015.
Référence de publication: 2015191090/128.
(150213589) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 novembre 2015.
IF-Fund Services, Société Anonyme.
Siège social: L-2529 Howald, 45, rue des Scillas.
R.C.S. Luxembourg B 180.355.
L'an deux mille quinze, le dix-huit novembre.
Pardevant Maître Jean SECKLER, notaire de résidence à Junglinster, (Grand-Duché de Luxembourg), soussigné,
s'est réunie
l'assemblée générale extraordinaire de la société anonyme "IF-Fund Services" ayant son siège social à L-2529 Howald,
45, rue des Scillas, inscrite auprès du Registre de Commerce et des Sociétés de Luxembourg section B numéro 180.355,
avec un capital souscrit fixé à EUR 125'000,- (cent-vingt-cinq-mille euros) représenté par 1'250 (mille-deux-cent-cin-
quante) actions d'une valeur nominale de EUR 100,- (cent euros) chacune,
constituée suivant acte reçu par Maître Jean SECKLER, notaire de résidence à Junglinster (Grand-Duché de Luxem-
bourg), en date du 17 septembre 2013, publié au Mémorial, Recueil des Sociétés et Associations C numéro 2792 du 7
novembre 2013. Les statuts n’ont pas été modifiés depuis.
La séance est ouverte sous la présidence de Madame Laure SINESI, employée, demeurant professionnellement à L-2529
Howald, 45 rue des Scillas.
La présidente désigne comme secrétaire Mademoiselle Magali BAHON, employée, demeurant professionnellement à
L-2529 Howald, 45 rue des Scillas.
L'assemblée choisit comme scrutatrice Madame Delphine DEICHTMANN, employée, demeurant professionnellement
à L-2529 Howald, 45 rue des Scillas.
Les actionnaires présents ou représentés à la présente assemblée ainsi que le nombre d'actions possédées par chacun
d'eux ont été portés sur une liste de présence, signée par les actionnaires présents et par les mandataires de ceux représentés,
et à laquelle liste de présence, dressée par les membres du bureau, les membres de l'assemblée déclarent se référer.
Ladite liste de présence, après avoir été signée "ne varietur" par les membres du bureau et le notaire instrumentant,
restera annexée au présent acte pour être formalisée avec lui.
Resteront pareillement annexées au présent acte avec lequel elles seront enregistrées, les procurations émanant des
actionnaires représentés à la présente assemblée, signées "ne varietur" par les comparantes et le notaire instrumentant.
La présidente expose et l'assemblée constate:
A) Que la présente assemblée générale extraordinaire a pour ordre du jour:
<i>Ordre du jour:i>
1. Dissolution anticipée et mise en liquidation de la société anonyme IF-Fund Services, régie par les lois du Grand-
Duché de Luxembourg, notamment par la loi modifiée du 10 août 1915 sur les sociétés commerciales et la loi modifiée du
5 avril 1993 relative au secteur financier, ainsi que par ses statuts;
2. Nomination de la société SWL S.à r.l., ayant son siège social à L-2529 Howald, 45 rue des Scillas, inscrite au Registre
de Commerce et des Sociétés de Luxembourg sous la section B, numéro 85.782, en qualité de liquidateur de la Société,
avec les pouvoirs les plus étendus prévus par les articles 144 à 148 bis de la loi modifiée du 10 août 1915 sur les sociétés
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commerciales et la faculté d’accomplir les actes prévus à l’article 145 sans devoir recourir à l’autorisation de l’assemblée
générale dans les cas où celle-ci est requise;
3. Décharge aux administrateurs et Directeurs en charge de la gestion journalière de la société, ainsi qu’au Réviseur
d’Entreprise Agréé pour l’exécution de leurs mandats jusqu’à ce jour;
4. Divers.
B) Que la présente assemblée réunissant l'intégralité du capital social est régulièrement constituée et peut délibérer
valablement, telle qu'elle est constituée, sur les objets portés à l'ordre du jour.
C) Que l'intégralité du capital social étant représentée, il a pu être fait abstraction des convocations d'usage, les action-
naires présents ou représentés se reconnaissant dûment convoqués et déclarant par ailleurs avoir eu connaissance de l'ordre
du jour qui leur a été communiqué au préalable.
Ensuite l'assemblée aborde l'ordre du jour et, après en avoir délibéré, elle a pris à l'unanimité les résolutions suivantes:
<i>Première résolutioni>
L'assemblée décide de dissoudre anticipativement la société IF-Fund Services, régie par les lois du Grand-Duché de
Luxembourg, notamment par la loi modifiée du 10 août 1915 sur les sociétés commerciales et la loi modifiée du 5 avril
1993 relative au secteur financier, ainsi que par ses statuts, et de la mettre en liquidation.
<i>Deuxième résolutioni>
L'assemblée désigne comme liquidateur SWL S.àr.l., ayant son siège social à L-2529 Howald, 45 rue des Scillas, inscrite
au Registre de Commerce et des Sociétés de Luxembourg sous la section B, numéro 85.782.
Le Liquidateur est investi des pouvoirs les plus étendus prévus par les articles 144 à 148 bis de la loi modifiée du 10
août 1915 sur les sociétés commerciales avec la faculté d’accomplir les actes prévus à l’article 145 sans devoir recourir à
l’autorisation de l’assemblée générale dans les cas où celle-ci est requise.
<i>Troisième résolutioni>
L'assemblée confère, pleine et entière décharge aux administrateurs et Directeurs en charge de la gestion journalière de
la société, ainsi qu’au Réviseur d’Entreprise Agréé, pour l’exécution de leurs mandats jusqu’à ce jour.
Plus rien n'étant à l'ordre du jour, la séance est levée.
<i>Fraisi>
Tous les frais et honoraires du présent acte, évalués à la somme de 1.000,- EUR, sont à la charge de la société.
DONT ACTE, fait et passé à Howald, date qu'en tête des présentes.
Et après lecture faite et interprétation donnée aux comparantes, toutes connues du notaire par leurs noms, prénoms
usuels, états et demeures, elles ont signé avec Nous notaire le présent acte.
Signé: Laure SINESI, Magali BAHON, Delphine DEICHTMANN, Jean SECKLER.
Enregistré à Grevenmacher Actes Civils, le 20 novembre 2015. Relation GAC/2015/10074. Reçu soixante-quinze euros
75,00 €.
<i>Le Receveuri> (signé): G. SCHLINK.
Référence de publication: 2015191074/73.
(150214243) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 novembre 2015.
International Footwear Distributors S.à r.l., Société à responsabilité limitée.
Capital social: EUR 12.500,00.
Siège social: L-2453 Luxembourg, 6, rue Eugène Ruppert.
R.C.S. Luxembourg B 108.841.
<i>Extrait des Résolutions prises par l'associé unique en date du 12 novembre 2015i>
L'associé unique décide ce qui suit:
- d'accepter la démission de Monsieur Jack CLEMONS de son mandat de gérant de la Société, et ce avec effet au 12
novembre 2015.
Luxembourg, le 12 novembre 2015.
Pour avis sincère et conforme
<i>Pour International Footwear Distributors S.à r.l.
i>Intertrust (Luxembourg) S.à r.l.
Référence de publication: 2015191968/16.
(150215298) Déposé au registre de commerce et des sociétés de Luxembourg, le 27 novembre 2015.
Editeur:
Service Central de Législation, 43, boulevard F.-D. Roosevelt, L-2450 Luxembourg
Imprimeur: Association momentanée Imprimerie Centrale / Victor Buck
14112
Aberdeen Global
A.R.S. Groupe S.A.
A.R.S. Immobilière S.A.
CIG Funds
City Car Holdings S.A.
Commerzbank Aktientrend Deutschland
Commerzbank Rohstoff Strategie
Derrière Les Mots Editions Sàrl
Digitera-Group S.A.
EC3 (Lux) S.à r.l.
Entreprise Jean FORTUNATO s. à r. l.
E-Xcell Communications Sàrl
E-Xcell Communications Sàrl
Federale Fund
Fonciem
Formax
GELF Emerald (Lux) S.à r.l.
Gelman S.A.
Geovia Logistics S.A.
GER LOG 1 S.A.
GER LOG 4 S.A.
GER LOG 5 S.A.
Ger Log 6 S.A.
Ger Log 7 S.A.
Ger Log 8 S.A.
Ger Log 9 S.A.
Global Focus S.A.
Grandfin International S.A.
Grandfin International S.A.
Green Eich s.à r.l.
Herrmann Antonimus G.m.b.h.
Iberian Capital Investors S.à r.l.
IF-Fund Services
Infomax Investments S.à r.l.
Infopartners S.A.
Infrastructure PPP Africa Fund S.C.A., SICAV-FIS
International Footwear Distributors S.à r.l.
International Fund Portfolio:
InvestIn SICAV
KB Star Funds
Lavipharm Group Holding
Les Enfants du Vietnam Luxembourg
Luxembourg Placement Fund
Mazout Berens S.A.
MUGC/UGA US Corporate Bond Fund
Multi Structure Fund
Nuti Luxco S.à r.l.
Theam Quant