Sub-paragraph 2: Subscription of shares

I. – Buy and sell orders are recorded in a register kept at the company’s registered office, failing which they are null and void. The execution price results from the matching of bid and offer. It is established and published by the management company at the end of each order registration period. All transactions give rise to an entry in the register of shareholders, which is deemed to constitute the…

The subscription price of the units is determined on the basis of the reconstitution value defined in article L. 214-109. Any difference between the subscription price and the reconstitution value of the units in excess of 10% must be justified by the management company and notified to the Autorité des marchés financiers under conditions set by order of the Minister responsible for the economy.

After hearing the auditors’ report, the Management Company proposes to the General Meeting either a reduction in the unit price, provided that it is not reduced by more than 30%, or the partial or total sale of the assets. Such disposals are deemed to meet the conditions set out in Article L. 214-114. The reports of the management company, the statutory auditors and the draft resolutions of the General Meeting…

All subscriptions are recorded in a subscription form drawn up in accordance with conditions laid down by decree. At least one quarter of the nominal value of shares subscribed for in cash must be paid up at the time of subscription and, where applicable, the full amount of the issue premium. The remainder must be paid up in one or more instalments within five years of subscription. No new shares…

Except in the case of inheritance, liquidation of community property between spouses, or transfer either to a spouse or to an ascendant or descendant, the transfer of shares to a third party, in any capacity whatsoever, may be subject to the Company’s approval by means of a clause in the Articles of Association. If an approval clause is stipulated, the Company must be notified of the request for approval, stating…