The company's statutory capital is set at the sum of 37,500 Euros (thirty-seven thousand five hundred Euros), corresponding to 2,500 shares of 15 Euros each.

In accordance with article 48 of the law of July 24, 1867, the effective share capital may be increased by the admission of new partners and reduced by the withdrawal or exclusion of partners.

However, the capital effective may not be reduced below the sum of 3,750 Euros (three thousand seven hundred and fifty Euros) representing one tenth of the statutory capital.

The Manager will notify all the partners, on the occasion of the General Meeting approval of the accounts, of any increase or reduction in the effective capital occurring during the financial year in question.

The statutory capital may only be modified by an extraordinary decision of the community of shareholders.

In the event that the withdrawal of a partner or his exclusion should have r effect of reducing the share capital below the minimum referred to above, the Manager should first convene a Shareholders' Meeting so that it can take any measure to prevent the effective capital from being reduced below this minimum.