Squeeze-Out/Sell-Out Right: Entry Into Force Of The Law On 1 October 2012

The purpose of the Law dated 21 July 2012 on the mandatory squeeze-out and sell-out (The "Law") is to introduce within Luxembourg law the provisions of (i) a squeeze-out right in favour of Majority Shareholders (as defined below in paragraph 1.1 (i)), (ii) a sell-out right in favour of minority shareholders and (iii) some obligations in terms of notification and information for companies having their registered office in Luxembourg where some or all of their Securities1:

are admitted to trading on a regulated market in one or more Member States; or have been, but are no longer, admitted to trading on a regulated market in one or more Member States, provided that the date on which the withdrawal from such a regulated market became effective does not go back more than five years, it being understood that Article 10 of the Law (Transitory provisions) provides that the squeeze-out/sell-out rights may, for a period of three years, be exercised for Securities on which the withdrawal from the regulated market goes back to 1 January 1991; or have been the subject of a public offering which gave rise to the obligation to publish a prospectus in accordance with Article 3 of Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 or for which the obligation to publish such a prospectus has not been applied in accordance with Article 4, first paragraph of this Directive, and that the beginning of the offer does not go back more than five years. Are excluded from the scope of the Law:

companies whose object is the collective investment of retail deposits, submitted to the risk-spreading principle and whose shares are, upon holders' request, redeemed directly or indirectly, against these companies' assets (such as redemption at a value equal to or close to the net asset value); and takeover bids made in conformity with Directive 2004/25/EC of the European Parliament and Council of 21 April 2004 on takeover bids, until the expiry of any delay stipulated for the exercise of post rights to such an offer, i.e. under this Directive and law three months and during a period of six months from the expiry of this delay. 1. OBLIGATIONS OF NOTIFICATION AND INFORMATION

1.1. Any holder of Securities must notify the company and the Commission de Surveillance du Secteur Financier (the"CSSF") in the event that:

it becomes a "Majority Shareholder" which is defined as any natural or legal person holding alone, or with persons acting together...