Sub-paragraph 1: Common provisions

Notwithstanding the provisions of Titles II and III of Book II and Title II of Book VIII of the French Commercial Code :

1° The shares are fully paid up as soon as they are issued;

2° Any contribution in kind is assessed under the responsibility of the Statutory Auditor;

3° Ordinary General Meetings may be held without a quorum being required. The same applies to Extraordinary General Meetings on second call;

4° The same natural person may simultaneously hold five offices as managing director, member of the management board or sole managing director of a SICAF. The offices of managing director, member of the management board or sole managing director held within a SICAF are not taken into account for the purposes of the cumulative holding rules set out in Book II of the Commercial Code;

5° The offices of permanent representative of a legal entity on the board of directors or supervisory board of a SICAF are not taken into account for the purposes of applying the provisions of Articles L. 225-21, L. 225-77 and L. 225-94-1 of the Commercial Code;

6° The Statutory Auditor is appointed for six financial years by the Board of Directors or the Management Board, with the approval of the Autorité des marchés financiers. The provisions of article L. 823-3-1 of the Commercial Code are applicable to SICAFs governed by the provisions of III of article L. 820-1 of the same code. The appointment of an alternate statutory auditor is not required. The statutory auditor is bound by professional secrecy with regard to the Autorité des marchés financiers.

The statutory auditor shall report as soon as possible to the Autorité des marchés financiers any fact or decision concerning a SICAF of which he has become aware in the course of his duties, which is of such a nature as to :

a) constitute a violation of the legal or regulatory provisions applicable to this company and likely to have a material impact on its financial position, results or assets and liabilities;

b) jeopardise the company's ability to continue as a going concern; or

c) Lead to the expression of reservations or the refusal to certify the accounts.

The statutory auditor may not be held liable for any information or disclosure of facts made in compliance with the obligations imposed by this article.

The Autorité des marchés financiers may also provide SICAF auditors with the information they need to perform their duties. The information transmitted shall be covered by the rule of professional secrecy.