CLASSIFICATION SHEET

This document relates to the following request:

January 28, 20 l 0

References: VCO/L TTY/DEDT/Q0531000 IM-A YIIA

Miya S.a r.1 - 2007 /24/58983 Miya Luxembourg Holdings S.a r.I - 2007/24/69861

I. Key topics: Convertible Preferred Equity Certificates - Holding and financing structure

2. Name of the advisor : PwC

3. Corporate group's name, or fund sponsor: Arison

4. Name of the project: Miya project

S. Amount intended to be invested: A roximativel USO 60 Mio

6. Date of im lementation: Mid 2008

2 8 JAN. 2010

To the attention of Mr Marius Kohl

Administration des Contributions Directes Bureau d'Imposition des societes VI 18, rue du Fort Wedell L - 2982 Luxembourg

January 28, 20 I 0

References: VCO/L TTY /DEDI/Q053 l 000 IM-A YHA

Miya S.a r.I - 2007/24/58983 Miya Luxembourg Holdings S.a r.I - 2007/24/69861

Restructuring

Dear Mr Kohl,

1 O MARS l.u

PriccwatcrhouscCoopcrs Societe a responsabilitc limitcc Reviscur d'entrcprises 400. route d'Esch R.P. 1443 L-1 014 Luxembourg Telephone + 352 494848-1 Facsimile+ 352 494848-2900

BUREAU D'IMPOSITION SOC. 6 ENTREE

2 8 JAN. 2010

cO

In our capacity of tax consultant of the above-mentioned client, please find below the tax treatment applicable to the transactions foreseen/implemented by our client. This letter aims at confirming the conclusions reached during our meeting held on 30 July 2008 and obtaining your comments on the Luxembourg tax treatment described in this letter in relation to operations to be carried out in Luxembourg in the future.

A. Facts

A.1 Background

1. The Arison Group is a global investment and philanthropy group. The activities of Arison group focus on finance, real estate, infrastructures, water and energy.

2. The Arison Group investigated the start up of a company specializing in the water process. This company is called Miya. In addition, it is envisioned that Miya would grow both internally and externally through the acquisition of other companies . Lastly, it is contemplated that Miya may go public in the future.

3. In the framework of the reorganization of its water division, the holding and the financing structures of the group have been reshaped in order to allow for cost­effective financing of group activities.

RCS Lu.,cmbourg B 65 477 -TVA LUl7S64447

A.2 Restructuring

4. Prior to the organization, the Arison group did not have any Luxembourg entities.

5. For your information, you will find attached in Enclosure 1 to this letter, the relevant restructuring steps from a Luxembourg income tax perspective, as well as a simplified organizational chart upon completion.

B. Tax analysis

B.l Luxembourg tax residency of Miya S.a r.I and Miya Luxembourg Holdings S.a r.l

6. According to article 159 of the Luxembourg Income Tax Law ("LITL"), capital companies that have either their registered office or their place of central administration in Luxembourg arc subject to corporate income tax on their profits. Article l 59 LITL provides that a limited liability company (societe a responsabilitc limitcc - referred as "S.a r.l") qualifies as a capital company.

7. Miya S.a r.l (hereafter referred as to "Lux 1 ")and Miya Luxembourg Holdings S.a r.l (hereafter referred as to "Lux 2") have been incorporated under the form of an S.a r.l and have their statutory seat located in Luxembourg.

8. Moreover, Lux l and Lux 2 have their place of central administration in Luxembourg to the extent that their shareholders' meetings and their board meetings are held in Luxembourg, that the main management decisions are effectively taken in Luxembourg and that their accounting are done in Luxembourg.

9. As a result, Lux 1 and Lux 2 have to be considered as fully taxable Luxembourg resident capital companies. Lux l and Lux 2 will benefit from double tax treaties concluded by Luxembourg and tax residency certificates will be issued upon request.

10. The articles of incorporation of both Lux 1 and Lux 2 arc attached in Enclosure 2.

B.2 Luxembourg tax treatment of the CPECs to be issued by Lux 1 and Lux 2

11. Based on the legal characteristics of the IA CPECs and 2A CPECs (agreements attached in Enclosure 3 to this letter) concluded respectively in one hand between Lux 1 and OibCo and in the other hand between Lux 2 and Lux l, 1 A CPECs and 2A CPECs have to be treated as debt for Luxembourg Corporate Income Tax (hereafter referred as "CIT", Municipal Business Tax (hereafter referred as "MBT") and Net Wealth Tax (hereafter referred as "NWT") perspective.

12. As a result, the return due on 1 A CPECs and 2A CPECs will be treated as interest, will be deductible from the tax base of Lux 1 and Lux 2 and will not be subject to requalification into dividends pursuant to either Article l 64(2) or 164(3) of the LITL.

(2)

13. Furthermore, the return due on IA CPECs and 2A CPECs will not be subject to withholding tax on the basis of Article 146(1)(1) or (3) of the LTTL as IA CPECs and 2A CPECs do not fall under the conditions of said provisions (sec our technical analysis on the debt characterization of the CPECs instrument provided in Enclosure 4).

B.3 Financial on-lending activity of Lux 1 and Lux 2

14. Further to Step 3 and 4 (please refer to Enclosure I), Lux I and Lux 2 will perform a financial on-lending activity.

15. Taking into account the features of the financial on-lending activity deriving from the CPEC issuances, Lux 1 and Lux 2 will be deemed to realize an appropriate and acceptable profit with respect to Article 56 and article 164 (3) of the LITL if they realize a margin (after deduction of their respective charges) in respect of their activity that will amount to at least 0,25% of the financial investments.

16. The acceptable level of the spread may be reviewed if the principal amounts of the loans and receivables involved in the fmancial on-lending activity transactions vary significantly (i.e., if the principal amount of the loans and receivables increase significantly, the spread could decrease, conversely if the principal amounts of the loans and receivable in the financial on-lending activity decrease significantly, the spread could increase).

17. In the even that the profit on that activity, as computed pursuant to standard rules, would be lower than the minimum taxable spread, it would be adjusted up to the minimum taxable spread. On the other hand, should the accounting profit deriving from the financial on-lending activity of Lux 1 and Lux 2 be higher, this higher amount would be subject to tax.

B.4 Debt-to-equity-ratio

18. It is the practice of the Luxembourg tax authorities to accept that participations held by Luxembourg companies are financed by intra-group debt up to 85%.

19. Please note that the Luxembourg thin capitalization rules will be respected at the level of the Lux 1 and Lux 2 due to the fact that the yield to be applied to the portion of the IA CPECs and 2A CPECs financing the qualifying shareholding is discounted by 15%.

(3)

B.5 Swiss Branch

B.5.1 Tax treatment of the Swiss branch of a Luxembourg company

20. As mentioned in step 5 (please refer to Enclosure 1), Lux 2 has opened a branch in Switzerland in order to especially manage the company's intellectual property and intra group financing.

21. The Swiss branch will be qualified as a permanent establishment under article 5 of the double tax treaty concluded between Luxembourg and Switzerland. As a result, profits generated by the assets allocated to and managed by the Swiss branch will be tax exempt (i .e. from a corporate income tax, municipal business tax and net wealth tax perspectives) in Luxembourg in accordance with articles 7, 23(1) and 22 of the said double tax treaty (sec our technical analysis on the tax treatment applicable to the Swiss branch provided in E nclosure 5).

B.5.2 Tax treatment of the Luxembourg head office

22. According to the above, Lux 2 will be considered as having a permanent establishment in Switzerland. Therefore, it will not be taxed on the profit realised by the branch at both CIT and MBT levels. Moreover, the assets allocated to the branch will be exempt from net wealth tax in Luxembourg.

23. In any case, further to the allocation of assets to the Swiss branch, some assets have been kept at the level of Lux 2 (head office) to finance its costs.

B.6 Application of the Luxembourg participation exemption regime to Lux l and Lux2

B.6.1 At tile level of Lux I

24. Lux I will benefit from the Luxembourg part1c1pation exemption regime in Luxembourg for its qualifying participation in Lux 2 with respect to dividends and capital gains deri vcd in relation to its qualifying pai1icipation, as Lux 1 has held a participation of at least I 0% (or with ai1 acquisition price of at least EUR 1.2 M for dividends and EUR 6 million for capital gains) in Lux 2 for an uninterrupted period of at least 12 months pursuant to Article 166 of the LITL and the Grand Ducal Regulation of 21 December 200 I for the application of Article 166 of the LITL.

25. Expenses directly linked to Lux l's exempt participation in Lux 2 could be subject to the recapture mechanism. Please ref er to Enclosure 6 for further details in this respect.

(4)

26. In addition, the participations in Lux 2 will be exempt from net wealth tax in the hands of Lux 1 since the minimum holding threshold or acquisition price, i.e., l 0% or an acquisition cost of EUR 1.2 million laid down by Article 60 of the Valuation Law~ is met.

B.6.2At the level of Lux 2

27. Lux 2 holds participations (especially incorporated in Israel, South Africa, Brasil, Canada, Croatia, Australia, Luxembourg, Romania and Mexico) which are either fully taxable resident companies, or non-resident capital companies that are fully liable in their state of residence to a tax corresponding to the Luxembourg corporate income tax, or capital companies resident of a Member State of the European Union and falling under article 2 of the amended version of the Cow1cil directive of 23 July 1990 on the common system of taxation applicable in the case of parent companies and subsidiaries of different Member States (90/435/EEC).

28. Considering the above, Lux 2 will benefit from the Luxembourg participation exemption regime with respect to dividends and capital gains derived in relation to its qualifying participations provided that it has held or commits itself to hold a participation of at least l 0% in the share capital of these subsidiaries (or with an acquisition price of at least EUR 1.2 million for dividends and EUR 6 million for capital gain), for an uninterrupted period of at least 12 months (pursuant to Article 166 of the LITL and the Grand Ducal regulation of 21 December 2001 for the application of Article 166 of the LITL). Please refer to Enclosure 6 for further details in this respect.

29. Expenses directly linked to Lux 2's exempt participations could be subject to the recapture mechanism.

30. In addition, the above-mentioned participations will be exempt from net wealth tax in the hands of Lux 2 provided the minimum holding threshold or acquisition price, i.e., 10% or an acquisition cost of EUR 1.2 million laid down by Article 60 of the Valuation Law, is met.

B. 7 Withholding tax on d ividend payments made by Lux 1 to Arison Investment GB Limited

31 . Arison Investment GB Limited (hereafter referred as to "GibCo"), is a fully taxable company resident in Gibraltar. It is intended that at least one board meeting and one shareholders meeting, per year, are effectively held in Gibraltar. Accordingly, GibCo will be considered as a company falling under the application of the Council Directive 90/435/EEC.

32. The analysis of the eligibility of Gibraltar companies to the benefit of the Council Directive 90/435/EEC is detailed in Enclosure 7.

(5)

33. Therefore, any dividend paid by Lux l to GibCo will be exempt from withholding tax in Luxembourg in application of Article 147 LITL, provided that as of the date on which the income is made available, GibCo hold or commits itself to hold, directly, for an uninterrupted period of at least 12 months, a participation of at least l 0%, or with an acquisition price of at 1.2 million in the share capital of Lux I (Please refer to Enclosure 8 for further details).

B.8 Withholding tax on dividend payments made by Lux 2 to Lux 1

34. Any dividend paid by Lux 2 to Lux I will be exempt from withholding tax in Luxembourg in application of Article 147 LITL, as Lux l has held a participation of at least 10% (or with an acquisition price of at least EUR 1.2 M) in Lux 2 for an uninterrupted period of at least 12 months (please refer to Enclosure 8 for further details).

B.9 Financing of Lux 2 to Lux 1

35. For the sake of clarity and for simplification purposes at the level of Lux l and Lux 2, for CIT, MBT and NWT purposes, debts financing Lux 1 and Lux 2 will be deemed to finance in priority first other assets than participations qualifying for the Luxembourg participation exemption regime, then participations qualifying for the Luxembourg participation exemption regime and finally the Swiss branch.

B.10 Functional currency

36. The accounts and the share capital of the Lux 1 and Lux 2 are denominated in USO. Furthermore, the majority of the transactions will also be USD denominated

37. Therefore, USO will be the functional currency of Lux l and Lux 2 for tax purposes as from the financial year 2009 and the CIT, MBT and NWT returns would be entirely established on basis of the yearly net profits converted into EUR by using the year end market EUR/USD rate, and its tax liabilities will be denominated and settled in EUR.

(6)

We remain at your disposal should you need any further information and would like to thank you for the attention that you will give to our request.

Yours sincerely,

Enclosures:

Anthony I lusianycia Senior Advisor

Enclosure I: Restructuring steps and simplified final structure Enclosure 2: Articles of association of Miya S.ar.I and Miya Luxembourg Holdings S.ar.I Enclosure 3: CPECs agreements Enclosure 4: Characteristics of CPECs Enclosure 5: Tax treatment of the Swiss Branch Enclosure 6: Application of the Luxembourg participation exemption regime Enclosure 7: Status of a company resident of Gibraltar and application of the

participation exemption regime Enclosure 8: Article 147 LlTL

This Jax agreement is based on the facts as presented to Pricewaterho11seCooper.f S.ci r.I. as al the date the advice was given. The

agreement Is dependent 011 specific facts and circumstances a11d may 1101 be appropriate lo w101her party than the one for which ii was

prepared. n 11s 1ax agreement was prepared with only the Interests of Arlso11/Mlya group /11 mind. and was 1101 planned or carried 011/ in

contemp/at/011 of any use by any other parly. PricewaterhouseCoopers S.a r .. I, its parlners. employees and or agents, neither owe nor

accept any duty of care or a11y responsibility to any other party, whether in contrnct or in tort (i11cluding witho11t limitation, negligence

or breach of stalu/olJ' duty) holl'ever arising, and shall no/ be liable In respect of a11y loss. damage or expense of whatever 110111re which

Is caused to any other party.

(7)

Enclosure 1

Proposed restructuring steps and simplified final structure

A. Restructuring steps

The relevant steps from a Luxembourg tax perspective arc the following:

Steps 1: Arison Investments USA LLC contributed shares of Canada Holding Inc. and Miya Water Holdings Ltd (Israel) and various receivables to Arison Investment GB Limited (Gibraltar) (hereafter referred as to "GibCo"), i.e. in exchange for shares.

Step 2: On April 3, 2008, GibCo acquired Miya S.a r.l (hereafter referred as to "Lux l") which in tum acquired Miya Luxembourg Holdings S.a r.I (hereafter referred as to "Lux 2") at the same date.

Step 3: On July 301\ 2008, GibCo transferred the assets received in Step 1 to Lux 1 in

exchange for a Convertible Preferred Equity Certificate (hereafter referred as to "lA CPEC"), amounting to USO 61,458,365.

Step 4: The same day, Lux 1 transferred the assets received in Step 3 to Lux 2 in exchange for a Convertible Preferred Equity Certificate (hereafter referred as to "2A CPEC") amounting to USO 61 ,408,365 ..

Step 5: In the course of the fiscal year 2008, Lux 2 opened a branch in Switzerland in order to especially manage the company's intellectual property and intra group financing.

(8)

B. Simplified structure

CPEC IA

CPEC 2A

Canada Holdings

Ari son Investments USA

LLC

Arison Investment GB Limited (Gibraltar)

Lux I

Lux 2

Miya Water Holdings (Israel)

Other shareholdings

Swiss Branch

(9)

Enclosure 2

Articles of association of Miya S.a r.l and Miya Luxembourg Holdings S.a r.I

(10)

..

Miya S. a r.I. societe a responsabilite limitee

siege social: L-1855 Luxembourg

46A, avenue J.F. Kennedy

R.C.S. Luxembourg: B 133.905

!3..E;Jglstre de Qopl)2_erc~ e_~g~s Societes B 133905 . -·· ----

Depose le : 22/04/2ooa Loaoos99so.os

CERTffif:l) 1 1~ .: t ,. ut'" t A OF THE ORIGINAL

STATUTS COORDONNES

au 2 avril 2008

tels qu'ils resultent des actes suivants re9us par:

Maltre Paul BETTINGEN, notaire de residence a Niederanven: 1) le 16 novembre 2007 (constitution), publie au Memorial C, numero 2981 du 21

decembre 2007 ;

Maitre Martine SCHAEFFER, notaire de residence a Luxembourg:

2) le 2 avril 2008, non encore publie au Memorial C.

Art. 1. Name. There is hereby formed a "Societe a responsabilite limitee", private

limited liability company under the name Miya S. a r.I. (the "Company") governed

by the present Articles of incorporation and by current Luxembourg laws, and in

particular the law of August 101h, 1915 on commercial companies (the"Law") and

the law of September 181h, 1933 and of December 281

h, 1992 on "Societe a responsabilite limitee".

Art. 2. Object. The purpose of the Company shall be the acquisition of

ownership interests, in Luxembourg or abroad, in any companies or enterprises in

any form whatsoever and the management of such ownership interests. The

Company may in particular acquire by way of subscription, purchase and exchange

or in any other manner any stock, shares and securities of whatever nature,

including bonds, debentures, certificates of deposit and other debt instruments and

more generally any securities and financial instruments issued by any public or

private entity whatsoever. It may participate in the creation, development and

control of any company or enterprise. It may further invest in the acquisition and

management of a portfolio of patents and other intellectual property rights.

The Company may borrow in any way form, except by way of public offer. It may

issue, by way of private placement only, notes, bonds and debentures and any kind

of debt or other equity securities. The Company may lend funds, including the

proceeds of any borrowings and/or issues of debt securities to its subsidiaries,

Page I

;

affiliated companies or to any other companies which form part of the same group

of companies as the Company. It may also give guarantees and grant security

interests in favour of third parties to secure its obligations or the obligations of its

subsidiaries, affiliated companies or any other companies, which form part of the

same group of companies as the Company.

The Company may further mortgage, pledge, hypothecate, transfer or otherwise

encumber all or some of its assets. The Company may generally employ any

techniques and utilise any instruments relating to its investments for the purpose of

their efficient management, including techniques and instruments designed to

protect the Company against credit risk, currency fluctuations risk , interest rate

fluctuation risk and other risks.

The Company may furthermore carry out any commercial, financial or industrial

operations and any transactions, which are or may be conducive to the above.

Art. 3. Registered office. The Company has its registered office in the City of

Luxembourg, Grand Duchy of Luxembourg.

The registered office of the Company may be transferred within the municipality

of Luxembourg by decision of the board of managers.

The registered office of the Company may be transferred to any other place in

the Grand Duchy of Luxembourg or abroad by means of a resolution of an

extraordinary general meeting of partner(s) deliberating in the manner provided by

the Law.

The Company may have offices and branches (whether or not a permanent

establishment) both in Luxembourg and abroad .

In the event that the board of managers should determine that extraordinary

political, economic or social developments 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 company. Such temporary measures

will be taken and notified to any interested parties by the board of managers of the Company.

Art. 4. Duration. The Company is established for an unlimited duration.

The life of the Company does not come to an end by death, suspension of civil

rights, bankruptcy or insolvency of any partner.

Art. 5. Capital. The capital of the Company is set at EUR 12,500.- (twelve

thousand five hundred Euro) represented by 1 ,250,000 (one million two hundred

and fifty thousand) shares with a nominal value of EUR 0.01 (one Cent) each.

Page 2

·.

The share capital of the Company may be increased or reduced by a resolution

of the general meeting of partner(s) adopted in the same manner required for

amendment of the Articles.

Art. 6. Shares. Each share of the Company confers an identical voting right and

each partner has voting rights commensurate to his shareholding.

The shares are freely transferable among the partners.

Shares may not be transferred to non-partners unless partners representing at

least three quarter of the share capital shall have agreed thereto in a general

meeting.

Furthermore it is referred to the provisions of articles 189 and 190 of the Law.

The shares are indivisible with regard to the Company, which admits only one

owner per share.

The Company shall have power to redeem its own shares. Such redemption

shall be carried out by a unanimous resolution of an extraordinary general meeting

of the partner(s), representing the entirety of the subscribed capital of the

Company.

Art. 7. Management. The Company is managed by one or several managers. In

case of plurality of managers, the managers constitute a board of managers

composed of two classes of managers (A and 8).

The manager(s) need not be partners of the Company.

The managers shall be appointed by a resolution of the general meeting of

partners taken by simple majority of the votes cast, or, in case of sole partner, by

decision of the sole partner which determines their powers, their remuneration and

the duration of their mandate. The general meeting of partners or the sole partner

(as the case may be) may, at any time and ad nutum, remove and replace any

manager.

All powers not expressly reserved by the Law or the Articles to the general

meeting of partners or to the sole partner (as the case may be) fall within the

competence of the board of managers.

Art. 8. Representation. The signature of the sole manager shall bind the

Company. In the case of plurality of managers, the Company shall be bound at any

time by the joint signature of a class A manager together with a class B manager or

by the joint signature of two managers B for any engagement under an amount

previously determined by the board of managers. The board of managers may from

time to time sub-delegate its powers for specific tasks to one or several ad hoc

agent(s) who need not be partner(s) or manager(s) of the Company.

The board of managers will determine the powers, duties and remuneration (if

any) of its agent(s), the duration of the period of representation and any other

relevant conditions of his/their agency.

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.·

Art. 9. Procedure. In case of plurality of managers, the board of managers shall

choose from among its members a chairman. It may also choose a secretary, who

need not be a manager, who shall be responsible for keeping the minutes of the

meetings of the board of managers.

The board of managers shall meet when convened by one manager.

Notice of any meeting of the board of managers shall be given to all managers in

advance of the time set for such meeting except in the event of emergency, the

nature of which is to be set forth in the minute of the meeting.

Any such notice shall specify the time and place of the meeting and the nature of

the business to be transacted.

Notice can be given to each manager by word of mouth, in writing or by fax,

cable, telegram, telex, electronic means.

The notice may be waived by the consent, in writing or by fax or any other

electronic means of communication of each manager.

The meeting will be duly held without prior notice if all the managers are present

or duly represented.

A majority of managers present in person, by proxy or by representative are a

quorum, provided that there is one class A manager and one class 8 manager

present.

Any manager may act at any meeting of managers by appointing in writing or by

fax or any other electronic means of communication, another manager as his proxy.

A manager may represent more than one manager.

Any and all managers may participate in a meeting of the board of managers by

phone, videoconference, or electronic means allowing all persons participating in

the meeting to hear each other at the same time.

Such participation in a meeting is deemed equivalent to participation in person at

a meeting of the managers.

Except as otherwise required by these Articles, decisions of the board are

adopted by at least a simple majority of the managers present or represented and

composed of at least one vote of each class of managers.

Resolutions in writing approved and signed by all managers shall have the same

effect as resolutions passed at a meeting of the board of managers.

In such cases, resolutions or decisions shall be expressly taken, either

formulated in writing by circular way, transmitted by ordinary mail, electronic mail or

fax, or by phone, teleconferencing or and other suitable telecommunication means.

A written resolution can be documented in a single document or in several

separate documents having the same content.

The deliberations of the board of managers shall be recorded in the minutes,

which have to be signed by the chairman.

Page 4

' •

Art. 10. Liability of the managers. Any manager does not contract in his

function any personal obligation concerning the commitments regularly taken by

him in the name of the Company; as a representative of the Company he is only

responsible for the execution of his mandate.

Art. 11. General meetings of partners. General meetings of partners are

convened by the board of managers, failing which by partners representing more

than half of the capital of the Company.

Written notices convening a general meeting and setting forth the agenda shall

be made pursuant to the Law and shall specify the time and place of the meeting.

If all partners are present or represented at the general meeting and state that

they have been duly informed on the agenda of the meeting, the general meeting

may be held without prior notice.

Any partner may act at any general meeting by appointing in writing another

person who need not be partner.

Resolutions at the meetings of partners are validly taken in so far as they are

adopted by partners representing more than half of the share capital of the

Company.

However, resolutions to amend the Articles shall only be taken by an

extraordinary general meeting of partner(s) at a majority in number of partners

representing at least three quarters of the share capital of the Company.

A sole partner exercises alone the powers devolved to the meeting of partners by

the provisions of the Law.

As a consequence thereof, the sole partner takes all decisions that exceed the

powers of the board of managers.

Art. 12. Annual general meeting. An annual general meeting of partners

approving the annual accounts shall be held annually, at the latest within six

months after the close of the accounting year at the registered office of the

Company or at such other place as may be specified in the notice of the meeting.

Art. 13. Financial year. The Company's financial year begins on the 1st January

and closes on the 31st December.

Art. 14. Annual accounts. At the end of each financial year, the board of

managers will draw up the annual accounts of the Company which will contain a

record of the properties of the Company together with its debts and liabilities.

Each partner may inspect annual accounts at the registered office of the

Company.

Art. 15. Supervision of the company. If the partners number exceeds twenty­

five, the supervision of the Company shall be entrusted to one or more statutory

auditor (commissaire), who may or may not be partner(s).

Each statutory auditor shall serve for a term ending on the date of the annual

general meeting of partners following appointment.

Page 5

At the end of this period, the statutory auditor(s) can be renewed in its/their

function by a new resolution of the general meeting of partners.

Where the thresholds of article 215 of the Law of 1989 on the commercial

companies are met, the Company shall have its annual accounts audited by one or

more qualified auditor (reviseurs d'entreprises) appointed by the general meeting of

partners or the sole partner (as the case may be) amongst the members of the

cdnstitut des reviseurs d'entreprises».

Notwithstanding the thresholds above mentioned, at any time, one or more

qualified auditor may be appointed by resolution of the general meeting of partners

or of the sole partner (as the case may be) that shall decide the terms and

conditions of his/their mandate.

Art. 16. Allocation of profits. The credit balance of the profit and loss account,

after deduction of the expenses, costs, amortizations, charges and provisions

represents the net profit of the Company.

Every year, five per cent (5%) of the net profit will be transferred to the legal

reserve. This deduction ceases to be compulsory when the legal reserve amounts

to ten per cent (10%) of the issued capital.

The general meeting of partners may decide, at the majority vote determined by

the Law, that the excess be distributed to the partners proportionally to the shares

they hold, as dividends or be carried forward or transferred to an extraordinary

reserve.

Art. 17. Interim dividends. Notwithstanding the provisions of article 16 of the

Articles and subject to the prior approval or ratification by the general meeting of

partners, the board of managers may decide to pay interim dividends before the

end of the current financial year, on the basis of a statement of accounts showing

that sufficient funds are available for distribution, it being understood that the

amount to be distributed may not exceed realised profits since the end of the last

financial year, increased by carried forward profits and distributable reserves, but

decreased by carried forward losses and sums to be allocated to a reserve to be

established according to the Law or the Articles.

Art. 1 B. Winding-up - liquidation. The general meeting of partners at the

majority vote determined by the Law, or the sole partner (as the case may be) may

decide the dissolution and the liquidation of the Company as well as the terms thereof.

The liquidation will be carried out by one or more liquidators, physical or legal

persons, appointed by the general meeting of partners or the sole partner (as the

case may be) which will specify their powers and determine their remuneration.

When the liquidation of the Company is closed, the assets of the Company will

be allocated to the partner(s) proportionally to the shares they hold.

Page 6

Art. 19. General provision. Reference is made to the provisions of the Law for

which no specific provision is made in these Articles.

Art. 20. Transitory measures. Exceptionally the first financial year shall begin

today and end on the 31st day of December 2008.

Suit la traduction fran!;aise du texte qui precede:

Art. 1 er . Denomination. II est constitue par les presentes une societe a responsabilite limitee sous la denomination «Miya s. a r. I.» I regie par les presents

Statuts et par les lois luxembourgeoises actuellement en vigueur et en particulier la

loi du 10 aout 1915 sur les societes commerciales (la (( Loi » ), et les lois du 18

septembre 1933 et 28 decembre 1992 su r les societes a responsabilite limitee.

Art. 2. Objet. L'objet de la Societe est !'acquisition d'interets de propriete, au

Grand-duche de Luxembourg ou a l'etranger, dans toutes societes ou entreprises,

sous quelque forme que ce soit ainsi que la gestion de ces inten~ts de propriete. La

Societe peut notamment acquerir par voie de souscription, achat ou echange ou

par tout autre moyen toutes valeurs, actions et titres/garanties de quelque nature

que ce soit en ce compris les obligations, certificats, certificats de depot et taus

autres instruments et plus generalement taus titres/garanties, instruments

financiers emis par une entite privee ou publique quelle qu'elle soit. La Societe peut

egalement participer dans la creation, le developpement et le contr61e de toute

societe ou entreprise. Elle peut egalement investir dans l'acquisition et la gestion

d'un portefeuille de brevets et autres droits de propriete intellectuelle.

La Societe peut emprunter sous quelque forme que ce soit sauf par voie d'offre

publique. Elle peut proceder, par voie de placement prive, a !'emission de creances

et obligations et autres titres representatifs d'emprunts et/ou de creances

negociables. La Societe peut preter des fonds, y compris ceux resultant des

emprunts et/ou des emissions d'obligations a ses fifiales, societes affiliees et

societes qui font partie du meme groupe de societes que la Societe. Elle peut

egalement consentir des garanties ou des sQretes au profit de tierces personnes

afin de garantir ses obligations ou les obligations de ses filiales, societes affiliees

ou societes qui font partie du meme groupe de societes que la Societe.

La Societe peut en outre gager, hypothequer, ceder ou de tout autre maniere

grever tout ou partie de ses actifs. La Societe peut en general employer toutes

techniques et uti liser tous instruments en relation avec ses investissements en vue

de leur gestion optimale, incluant les techniques et instruments en vue de proteger

la societe contre les risques de credit, de fluctuation des devises et des taux

d'interets et autres risques.

La Societe peut encore mener a bien toutes activites commerciales, financieres

ou industrielles ou toutes transactions aux fins de faciliter l'accomplissement de son

obj et.

Page 7

Art. 3. Siege social. Le siege social de la Societe est etabli dans la ville de

Luxembourg, Grand-Duche de Luxembourg.

II pourra etre transfere en tout autre lieu de la commune de Luxembourg par

decision du conseil de gerance.

II pourra etre transfere en tout autre lieu du Grand-Duche de Luxembourg OU a l'etranger par decision de l'assemblee generale extraordinaire des associes prise

dans les conditions requises par les Statuts.

La Societe pourra ouvrir des bureaux ou des succursales (permanents ou non)

au Luxembourg et a l'etranger.

Au cas ou le conseil de gerance estimerait que des evenements extraordinaires

d'ordre politique, economique ou social de nature a compromettre l'activite normale

au siege social, ou la communication aisee avec ce siege ou de ce siege avec

l'etranger, se sont produits ou sent imminents, elle pourra transferer provisoirement

le siege social a l'etranger jusqu'a cessation complete de ces circonstances

anormales; cette mesure provisoire n'aura toutefois aucun effet sur la nationalite de

la Societe laquelle, nonobstant ce transfert provisoire du siege, restera

luxembourgeoise. Pareille mesure temporaire sera prise et portee a la

connaissance des tiers par le conseil de gerance de la Societe.

Art. 4. Duree. La Societe est constituee pour une duree indeterminee.

Le deces, !'interdiction, la faillite ou la deconfiture d'un des associes ne mettent

pas fin a la Societe.

Art. 5. Capital. Le capital social est fixe a EUR 12.500,- (douze mille cinq cents

euros), represente par 1.250.000 (un million deux cent cinquante mille)) parts

sociales d'une valeur nominale de EUR 0,01 (un cent) chacune.

Le capital social de la Societe pourra etre augmente ou reduit par decision de

l'assemblee generale des associes adoptee dans les conditions requises pour la

modification des Statuts.

Art. 6. Parts sociales. Chaque part sociale confere un droit de vote identique et

chaque associe dispose de droits de vote proportionnels a sa participation au

capital social.

Les parts sociales sont librement cessibles entre associes.

Aucune cession de parts sociales entre vifs a un tiers non-associe ne peut etre

effectuee sans l'agrement donne par les associes representant au mains les trois

quarts du capital social reunis en assemblee generale.

Pour le surplus, les dispositions des articles 189 et 190 de la loi coordonnee sur

les societes commerciales s'appliqueront.

Les parts sont indivisibles a l'egard de la Societe, qui ne reconnait qu'un seul

proprietaire pour chacune d'elle.

La Societe pourra proceder au rachat de ses propres parts sociales.

Page 8

Un tel rachat ne pourra etre decide que par une resolution unanime de

l'assemblee generale extraordinaire des associes representant la totalite du capital

souscrit de la Societe.

Art. 7. Gerance. La societe sera gen~e par au moins un gerant. Dans le cas ou

plus d'un gerant serait nomme, les gerants formeront un conseil de gerance

compose au moins d'un gerant de classe A et d'un gerant de classe B.

Les gerants peuvent ne pas etre associes.

Les gerants sont designes par decision de l'assemblee generale des associes

deliberant a la majorite simple des voix, ou le cas echeant, par decision de l'associe

unique qui determine l'etendue de leurs pouvoirs, leur remuneration et la dun~e de

leur mandat. L'assemblee generale des associes ou le cas echeant, l'associe

unique, pourra a tout moment, et ad nutum revoquer et remplacer tout gerant.

Tous les pouvoirs non expressement reserves a l'assemblee generale des

associes ou le cas echeant a l'associe unique, par la Loi ou les Statuts seront de la

competence du conseil de gerance.

Art. 8. Representation. Dans le cas d'un gerant unique, la seule signature de ce

gerant liera la Societe. Dans le cas de pluralite de gerants, la Societe sera engagee

par la signature collective d'un gerant de classe A et un gerant de classe B ou par

la signature conjointe de deux gerants de classe B pour tout engagement inferieur

a un montant prealablement determine par le conseil de gerance.

Le conseil de gerance peut ponctuellement subdeleguer ses pouvoirs pour des

taches specifiques a un ou plusieurs agents ad hoc, lequel peut ne pas etre

associe(s) ou gerant(s) de la Societe.

Le conseil de gerance determine Jes responsabilites et la remuneration (s'il y a

lieu) de ce(s) agent(s), la duree de son/leurs mandat(s) ainsi que toutes autres

conditions de son/leurs mandat(s).

Art. 9. Procedure. En cas de pluralite de gerants, le conseil de gerance choisit

parmi ses membres un president. II peut egalement choisir un secretaire, lequel

n'est pas necessairement gerant, qui est responsable de la redaction du proces­

verbal de reunion du conseil de gerance ou pour d'autres fins telles que specifiees

par le conseil de gerance.

Le conseil de gerance se reunit sur convocation de l'un d'entre eux.

Une convocation a une reunion du conseil de gerance devra etre adressee a chacun des gerants avant la date fixee pour cette reunion, sauf urgence, dont la

nature devra alors figurer dans le proces-verbal de reunion.

Toute convocation devra specifier \'heure, le lieu et l'ordre du jour de la reunion.

Convocation peut etre adressee a chaque gerant oralement, par ecrit, telecopie

ou tout autre moyen electronique de communication approprie.

II peut etre renonce a la convocation par consentement ecrit, par telecopie ou

tout autre moyen electronique de communication approprie de chaque gerant.

Page 9

La reunion est valablement tenue sans convocation prealable si taus les gerants

sont presents ou dument representes.

Deux gerants presents en personne, par procuration ou par mandataire torment

le quorum, avec au mains un gerant de classe A et un gerant de classe B.

Chaque gerant peut prendre part aux reunions du conseil de gerance en

designant par ecrit un autre gerant pour le representer. Un gerant peut representer

plus d'un gerant.

Tout gerant peut assister a une reunion du conseil de gerance par telephone,

videoconterence, ou tout autre moyen de telecommunication approprie permettant

a toutes les personnes participant a la reunion de s'entendre en meme temps. Une

telle participation a une reunion est reputee equivalente a une participation en

personne a une reunion des gerants.

Sauf dispositions contraires des Statuts, les decisions du conseil de gerance

sont adoptees par majorite simple des gerants, presents ou representes composee

au mains par une voie de chaque categorie de gerants.

Une decision prise par ecrit, approuvee et signee par tous les gerants, produit

effet au meme titre qu'une decision prise a une reunion du conseil de gerance.

Dans ce cas, les resolutions ou decisions sent expressement prises, soit

formulees par ecrit par voie circulaire, par courrier ordinaire, electronique ou

telecopie, soit par telephone, teleconference ou autre moyen de telecommunication

approprie.

Une resolution ecrite peut etre documentee par un seul document OU par

plusieurs documents separes ayant le meme contenu.

Les deliberations du conseil de gerance sont transcrites par un proces-verbal,

qui est signe par le president.

Art. 10. Responsabilite des gerants. Un gerant ne contracte en raison de ses

fonctions, aucune obligation personnelle quant aux engagements regulierement

pris par lui au nom de la Societe; simple mandataire de la Societe, ii n'est

responsable que de !'execution de son mandat.

Art. 11. Assemblees generales des associes. Les assemblees generales des

associes sent convoquees par le conseil de gerance ou, a defaut, par des associes

representant plus de la moitie du capital social de la Societe.

Une convocation ecrite a une assemblee generale indiquant l'ordre du jour est

faite conformement a la Loi et est adressee a chaque associe. Toutes !es

convocations doivent specifier la date et le lieu de l'assemblee.

Si taus !es associes sont presents ou representes a l'assemblee generale et

indiquent avoir ete dument informes de l'ordre du jour de l'assemblee, l'assemblee

generale peut se tenir sans convocation prealable.

Tout associe peut se faire representer a toute assemblee generale en designant par ecrit un tiers qui peut ne pas etre associe.

Page 10

Les resolutions ne sont valablement adoptees en assemblees generales que

pour autant qu'elles soient prises par des associes representant plus de la moitie

du capital social.

Toutefois, les decisions ayant pour objet une modification des Statuts ne

pourront etre prises qu'a la majorite des associes representant au mains trois

quarts du capital social.

Un associe unique exerce seul les pouvoirs devolus a l'assemblee generale des

associes par les dispositions de la Loi.

En consequence, l'associe unique prend toutes les decisions excedant les

pouvoirs du conseil de gerance.

Art. 12. Assemblee generale annuelle. Une assemblee generale des associes

se reunira annuellement pour !'approbation des comptes annuels, au plus tard dans

les six mois de la cloture de l'exercice social , au siege de la Societe ou en tout

autre lieu a specifier dans la convocation de cette assemblee.

Art. 13. Exercice social. L'exercice social commence le 1 er janvier et se

termine le 31 decembre.

Art. 14. Comptes annuels. A la cloture de chaque exercice social , le conseil de

gerance etablira les comptes annuels qui contiendront l'inventaire des avoirs de la

Societe et de toutes ses dettes actives et passives.

Tout associe peut prendre communication au siege social de la Societe de

l'inventaire, du bi lan et du compte de profits et pertes.

Art. 15. Surveillance de la societe. Si le nombre des associes excede vingt­

cinq, la surveillance de la societe sera confiee a un ou plusieurs commissaire(s),

qui peut ne pas etre associe.

Chaque commissaire sera nomme pour une periode expirant a la date de

l'assemblee generale des associes suivant sa nomination.

A !'expiration de cette periode, le(s) commissaire(s) pourra/pourront etre

renouvele(s) dans ses/leurs fonction(s) par une nouvelle decision de l'assemblee

generale des associes.

Lorsque !es seuils fixes par !'article 215 de la loi de ~ 1989 sur les societes

commerciales seront atteints, la Societe confiera le contr61e de ses comptes a un

OU plusieurs reviseur(s) d'entreprises designe(s) par resolution de l'assemblee

genera!e des associes ou le cas echeant par l'associe unique, parmi les membres

de l'lnstitut des reviseurs d'entreprises.

Nonobstant les seuils ci dessus mentionnes, a tout moment, un ou plusieurs

reviseurs peuvent etre nommes par resolution de l'assemblee generale des

associes ou le cas echeant de l'associe unique, qui decide des termes et conditions

de son/leurs mandat(s).

Page 11

Art. 16. Repartition des benefices. L'excedent favorable du compte de profits

et pertes, apres deduction des frais, charges, amortissements et provisions,

constitue le benefice net de la Societe.

Chaque annee, cinq pour cent (5%) du benefice net seront affectes a la reserve

legale.

Ces prelevements cesseront d'etre obligatoires lorsque la reserve legale aura

atteint dix pour cent (10%) du capital social.

L'assemblee generale des associes peut decider, a la majorite des voix telle que

definie par la Loi, de distribuer au titre de dividendes le solde du benefice net entre

les associes proportionnellement a leurs parts sociales, ou de !'affecter au compte

report a nouveau ou a un compte de reserve speciale.

Art. 17. Dividende interimaire. Nonobstant les dispositions de !'article seize des

Statuts, et sous reserve d'une approbation prealable ou ratification de l'assemblee

generale des associes, le conseil de gerance peut decider de payer des acomptes

sur dividendes en cours d'exercice social sur base d'un etat comptable duqueJ ii

devra ressortir que des fonds suffisants sont disponibles pour la distribution, etant

entendu que les fonds a distribuer ne peuvent pas exceder le montant des

benefices realises depuis le dernier exercice social, augmente des benefices

reportes et des reserves distribuables mais diminue des pertes repartees et des

sommes a porter en reserve en vertu d'une obligation legale ou statutaire.

Art. 18. Dissolution - Liquidation. L'assemblee generale des associes, statuant

a la majorite des voix telle que fixee par la Loi, ou le cas echeant l'associe unique

peut decider la dissolution ou la liquidation de la Societe ainsi que les termes et

conditions de celle-ci.

La liquidation s'effectuera par les soins d'un ou de plusieurs liquidateurs,

personnes physiques ou morales, nommes par l'assemblee generale des associes

ou l'associe unique, le cas echeant, qui determine leurs pouvoirs et remunerations.

La liquidation terminee, les avoirs de la Societe seront attribues aux associes

proportionnellement a leur participation.

Art. 19. Disposition generale. II est renvoye aux dispositions de la Loi pour

!'ensemble des points au regard desquels les presents statuts ne contiennent

aucune disposition specifique.

Art. 20. Disposition transitoire. Exceptionnellement le premier exercice

commencera le jour de la constitution pour finir le 31 decembre 2008.

Pour statuts coordonnes

Le notaire

~ Page 12

'I)

Reglstre de Co - - mmerce et des Societes 8135522 ··----

Depose Je: 22/04/ 2008 l.D8oor::nn .. ,, ~-07

Miya Luxembourg Holdings S. a r.1.

societe a responsabilite limitee

siege social: L-1855 Luxembourg

46A1 avenue J.F. Kennedy

R.C.S. Luxembourg: B 135.522

STATUTS COORDONNES

au 2 avril 2008

tels qu'ils resultent des actes suivants re9us par:

Maitre Pauf BETTINGEN, notaire de residence a Niederanven:

A

1) le 14 decembre 2007 (constitution), publie au Memorial C, numero 404 du 15

fevrier 2008 ;

Maitre Martine SCHAEFFER, notaire de residence a Luxembourg:

2) le 2 avril 2008, non encore publie au Memorial C.

Art. 1. Name. There is hereby formed a "Societe a responsabilite limitee", private

limited liability company under the name Miya Luxembourg Holdings S. a r.I. (the

"Company") governed by the present Articles of incorporation and by current

Luxembourg laws, and in particular the law of August 10t11, 1915 on commercial

companies (the"Law") and the law of September 181h, 1933 and of December 28th,

1992 on "Societe a responsabilite limitee.

Art. 2. Object. The purpose of the Company shall be the acquisition of

ownership interests, in Luxembourg or abroad, in any companies or enterprises in

any form whatsoever and the management of such ownership interests. The

Company may in particular acquire by way of subscription, purchase and exchange

or in any other manner any stock, shares and securities of whatever nature,

including bonds, debentures, certificates of deposit and other debt instruments and

more generally any securities and financial instruments issued by any public or

private entity whatsoever. It may participate in the creation, development and

control of any company or enterprise. It may further invest in the acquisition and

management of a portfolio of patents and other intellectual property rights.

The Company may borrow in any way form, except by way of public offer. It may

issue, by way of private placement only, notes, bonds and debentures and any kind

of debt or other equity securities. The Company may lend funds, including the

proceeds of any borrowings and/or issues of debt securities to its subsidiaries,

Page I

affiliated companies or to any other companies which form part of the same group

of companies as the Company. It may also give guarantees and grant security

interests in favour of third parties to secure its obligations or the obligations of its

subsidiaries, affiliated companies or any other companies, which form part of the

same group of companies as the Company.

The Company may further mortgage, pledge, hypothecate, transfer or otherwise

encumber all or some of its assets. The Company may generally employ any

techniques and utilise any instruments relating to its investments for the purpose of

their efficient management, including techniques and instruments designed to

protect the Company against credit risk, currency fluctuations risk, interest rate

fluctuation risk and other risks.

The Company may furthermore carry out any commercial, financial or industrial

operations and any transactions, which are or may be conducive to the above.

Art. 3. Registered office. The Company has its registered office in the City of

Luxembourg, Grand Duchy of Luxembourg.

The registered office of the Company may be transferred within the municipality

of Luxembourg by decision of the board of managers.

The registered office of the Company may be transferred to any other place in

the Grand Duchy of Luxembourg or abroad by means of a resolution of an

extraordinary general meeting of partner(s) deliberating in the manner provided by

the Law.

The Company may have offices and branches (whether or not a permanent

establishment) both in Luxembourg and abroad.

In the event that the board of managers should determine that extraordinary

political, economic or social developments 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 company. Such temporary measures

will be taken and notified to any interested parties by the board of managers of the

Company.

Art. 4. Duration. The Company is established for an unlimited duration.

The life of the Company does not come to an end by death, suspension of civil

rights, bankruptcy or insolvency of any partner.

Art. 5. Capital. The capital of the Company is set at EUR 12,500.- (twelve

thousand five hundred Euro) represented by 1,250,000 (one million two hundred

and fifty thousand) shares with a nominal value of EUR 0.01 (one Cent) each.

Page 2

The share capital of the Company may be increased or reduced by a resolution

of the general meeting of partner(s) adopted in the same manner required for

amendment of the Articles.

Art. 6. Shares. Each share of the Company confers an identical voting right and

each partner has voting rights commensurate to his shareholding.

The shares are freely transferable among the partners.

Shares may not be transferred to non-partners unless partners representing at

least three-quarter of the share capital shall have agreed thereto in a general

meeting.

Furthermore it is referred to the provisions of articles 189 and 190 of the Law.

The shares are indivisible with regard to the Company, which admits only one

owner per share.

The Company shall have power to redeem its own shares. Such redemption

shall be carried out by a unanimous resolution of an extraordinary general meeting

of the partner(s), representing the entirety of the subscribed capital of the

Company.

Art. 7. Management. The Company is managed by one or several managers. In

case of plurality of managers, the managers constitute a board of managers

composed of two classes of managers (A and B).

The manager(s) need not be partners of the Company.

The managers shall be appointed by a resolution of the general meeting of

partners taken by simple majority of the votes cast, or, in case of sole partner, by

decision of the sole partner which determines their powers, their remuneration and

the duration of their mandate. The general meeting of partners or the sole partner

(as the case may be) may, at any time and ad nutum, remove and replace any

manager.

All powers not expressly reserved by the Law or the Articles to the general

meeting of partners or to the sole partner (as the case may be) fall within the

competence of the board of managers.

Art. 8. Representation. The signature of the sole manager shall bind the

Company. In the case of plurality of managers, the Company shall be bound at any

time by the joint signature of a class A manager together with a class B manager or

by the joint signature of two managers 8 for any engagement under an amount

previously determined by the board of managers. The board of managers may from

time to time sub~delegate its powers for specific tasks to one or several ad hoc

agent(s) who need not be partner(s) or manager(s) of the Company.

The board of managers will determine the powers, duties and remuneration (if

any) of its agent(s), the duration of the period of representation and any other

relevant conditions of his/their agency.

Page 3

Art. 9. Procedure. In case of plurality of managers, the board of managers shall

choose from among its members a chairman. It may also choose a secretary, who

need not be a manager, who shall be responsible for keeping the minutes of the

meetings of the board of managers.

The board of managers shall meet when convened by one manager.

Notice of any meeting of the board of managers shall be given to all managers in

advance of the time set for such meeting except in the event of emergency, the

nature of which is to be set forth in the minute of the meeting.

Any such notice shall specify the time and place of the meeting and the nature of

the business to be transacted.

Notice can be given to each manager by word of mouth, in writing or by fax,

cable, telegram, telex, electronic means.

The notice may be waived by the consent, in writing or by fax or any other

electronic means of communication of each manager.

The meeting will be duly held without prior notice if all the managers are present

or duly represented.

A majority of managers present in person, by proxy or by representative are a

quorum, provided that there is one class A manager and one class B manager

present.

Any manager may act at any meeting of managers by appointing in writing or by

fax or any other electronic means of communication, another manager as his proxy.

A manager may represent more than one manager.

Any and all managers may participate in a meeting of the board of managers by

phone, videoconference, or electronic means allowing all persons participating in

the meeting to hear each other at the same time.

Such participation in a meeting is deemed equivalent to participation in person at

a meeting of the managers.

Except as otherwise required by these Articles, decisions of the board are

adopted by at least a simple majority of the managers present or represented and

composed of at least one vote of each class of managers.

Resolutions in writing approved and signed by all managers shall have the same

effect as resolutions passed at a meeting of the board of managers.

In such cases, resolutions or decisions shall be expressly taken, either

formulated in writing by circular way, transmitted by ordinary mail, electronic mail or

fax, or by phone, teleconferencing or and other suitable telecommunication means.

A written resolution can be documented in a single document or in several

separate documents having the same content.

The deliberations of the board of managers shall be recorded in the minutes,

which have to be signed by the chairman.

Page 4

Art. 10. Liability of the managers. Any manager does not contract in his

function any personal obligation concerning the commitments regularly taken by

him in the name of the Company; as a representative of the Company he is only

responsible for the execution of his mandate.

Art. 11. General meetings of partners. General meetings of partners are

convened by the board of managers, failing which by partners representing more

than half of the capital of the Company.

Written notices convening a general meeting and setting forth the agenda shall

be made pursuant to the Law and shall specify the time and place of the meeting.

If all partners are present or represented at the general meeting and state that

they have been duly informed on the agenda of the meeting, the general meeting

may be held without prior notice.

Any partner may act at any general meeting by appointing in writing another

person who need not be partner.

Resolutions at the meetings of partners are validly taken in so far as they are

adopted by partners representing more than half of the share capital of the

Company.

However, resolutions to amend the Articles shall only be taken by an

extraordinary general meeting of partner(s) at a majority in number of partners

representing at least three-quarters of the share capital of the Company.

A sole partner exercises alone the powers devolved to the meeting of partners by

the provisions of the Law.

As a consequence thereof, the sole partner takes all decisions that exceed the

powers of the board of managers.

Art. 12. Annual general meeting. An annual general meeting of partners

approving the annual accounts shall be held annually, at the latest within six

months after the close of the accounting year at the registered office of the

Company or at such other place as may be specified in the notice of the meeting.

Art. 13. Financial year. The Company's financial year begins on the 1st January

and closes on the 31st December.

Art. 14. Annual accounts. At the end of each financial year, the board of

managers will draw up the annual accounts of the Company which will contain a

record of the properties of the Company together with its debts and liabilities.

Each partner may inspect annual accounts at the registered office of the

Company.

Art. 15. Supervision of the company. If the partners number exceeds twenty­

five, the supervision of the Company shall be entrusted to one or more statutory

auditor (commissaire), who may or may not be partner(s).

Each statutory auditor shall serve for a term ending on the date of the annual

general meeting of partners following appointment.

Page 5

At the end of this period, the statutory auditor(s) can be renewed in its/their

function by a new resolution of the general meeting of partners.

Where the thresholds of article 215 of the Law of 1989 on the commercial

companies are met, the Company shall have its annual accounts audited by one or

more qualified auditor (reviseurs d'entreprises) appointed by the general meeting of

partners or the sole partner (as the case may be) amongst the members of the

«I nstitut des reviseurs d'entreprises».

Notwithstanding the thresholds above mentioned, at any time, one or more

qualified auditor may be appointed by resolution of the general meeting of partners

or of the sole partner (as the case may be) that shall decide the terms and

conditions of his/their mandate.

Art. 16. Allocation of profits. The credit balance of the profit and loss account,

after deduction of the expenses, costs, amortizations, charges and provisions

represents the net profit of the Company.

Every year, five percent (5%) of the net profit will be transferred to the legal

reserve. This deduction ceases to be compulsory when the legal reserve amounts

to ten percent (10%) of the issued capital.

The general meeting of partners may decide, at the majority vote determined by

the Law, that the excess be distributed to the partners proportionally to the shares

they hold, as dividends or be carried forward or transferred to an extraordinary

reserve.

Art. 17. Interim dividends. Notwithstanding the provisions of article 16 of the

Articles and subject to the prior approval or ratification by the general meeting of

partners, the board of managers may decide to pay interim dividends before the

end of the current financial year, on the basis of a statement of accounts showing

that sufficient funds are available for distribution, it being understood that the

amount to be distributed may not exceed realised profits since the end of the last

financial year, increased by carried forward profits and distributable reserves, but

decreased by carried forward losses and sums to be allocated to a reserve to be

established according to the Law or the Articles.

Art. 18. Winding-up - Liquidation. The general meeting of partners at the

majority vote determined by the Law, or the sole partner (as the case may be) may

decide the dissolution and the liquidation of the Company as well as the terms

thereof.

The liquidation will be carried out by one or more liquidators, physical or legal

persons, appointed by the general meeting of partners or the sole partner (as the

case may be) which will specify their powers and determine their remuneration.

When the liquidation of the Company is closed, the assets of the Company will

be allocated to the partner(s) proportionally to the shares they hold.

Page 6

Art. 19. General provision. Reference is made to the provisions of the Law for

which no specific provision is made in these Articles.

Art. 20. Transitory measures. Exceptionally the first financial year shall begin

today and end on the 31st day of December 2008.

Suit la traduction fran~aise du texte qui precede:

Art. 1 er • Denomination. II est constitue par les presentes une societe a responsabilite limitee sous la denomination « Miya Luxembourg Holdings S. a r. I. }), regie par les presents Statuts et par les leis luxembourgeoises actuellement en

vigueur et en particulier la loi du 10 aoOt 1915 sur les societes commerciales (la

« Loi » ), et !es lois du 18 septembre 1933 et 28 decembre 1992 sur les societes a responsabilite limitee.

Art. 2. Objet. L'objet de la Societe est !'acquisition d'interets de propriete, au

Grand-Duche de Luxembourg ou a l'etranger, dans toutes societes ou entreprises,

sous quelque forme que ce soit ainsi que la gestion de ces inten3ts de propriete. La

Societe peut n.otamment acquerir par voie de souscription, achat ou echange ou

par tout autre moyen toutes valeurs, actions et titres/garanties de quelque nature

que ce soit en ce compris les obligations, certificats, certificats de depot et taus

autres instruments et plus generalement taus titres/garanties, instruments

financiers ernis par une entite privee ou publique quelle qu'elle soit. La Societe peut

egalement participer dans la creation, le developpement et le contr61e de toute

societe ou entreprise. Elle peut ega!ement investir dans !'acquisition et la gestion

d'un portefeuille de brevets et autres droits de propriete intellectuelle.

La Societe peut emprunter sous quelque forme que ce soit sauf par voie d'offre

publique. Elle peut proceder, par voie de placement prive, a l'emission de creances

et obligations et autres titres representatifs d'emprunts eUou de creances

negociables. La Societe peut preter des fonds, y compris ceux resultant des

emprunts et/ou des emissions d'obligations a ses filiales, societes affiliees et

societes qui font partie du meme groupe de societes que la Societe. Elle peut

egalement consentir des garanties ou des suretes au profit de tierces personnes

afin de garantir ses obligations ou les obligations de ses filia!es, societes affiliees

ou societes qui font partie du meme groupe de societes que la Societe.

La Societe peut en outre gager, hypothequer, ceder ou de tout autre maniere

grever tout ou partie de ses actifs. La Societe peut en general employer toutes

techniques et utiliser taus instruments en relation avec ses investissements en vue

de leur gestion optimale, incluant !es techniques et instruments en vue de proteger

la societe centre les risques de credit, de fluctuation des devises et des taux

d'interets et autres risques.

La Societe peut encore mener a bien toutes activites commerciales, financieres

ou industrielles ou toutes transactions aux fins de faciliter l'accomplissement de son

obj et.

Page 7

Art. 3. Siege social. Le siege social de la Societe est etabli dans la ville de

Luxembourg. Grand-Duche de Luxembourg.

II pourra etre transfere en tout autre lieu de la commune de Luxembourg par

decision du conseil de gerance.

II pourra etre transfere en tout autre lieu du Grand-Duche de Luxembourg OU a l'etranger par decision de l'assemblee generale extraordinaire des associes prise

dans les conditions requises par les Statuts.

La Societe pourra ouvrir des bureaux ou des succursales (permanents ou non)

au Luxembourg et a l'etranger.

Au cas ou le conseil de gerance estimerait que des evenements extraordinaires

d'ordre politique, economique ou social de nature a compromettre l'activite normale

au siege social, ou la communication aisee avec ce siege ou de ce siege avec

l'etranger, se sent produits ou sont imminents, elle pourra transferer provisoirement

le siege social a l'etranger jusqu'a cessation complete de ces circonstances

anormales; cette mesure provisoire n'aura toutefois aucun effet sur la nationalite de

la Societe laquelle, nonobstant ce transfert provisoire du siege, restera

luxembourgeoise. Pareille mesure temporaire sera prise et portee a la

connaissance des tiers par le conseil de gerance de la Societe.

Art. 4. Duree. La Societe est constituee pour une duree indeterminee.

Le deces, !'interdiction, la faillite ou la deconfiture d'un des associes ne mettent

pas fin a la Societe.

Art. 5. Capital. Le capital social est fixe a EUR 12.500,- (douze mille cinq cents

euros), represente par 1.250.000 (un million deux cent cinquante mille)) parts

sociales d'une valeur nominale de EUR 0,01 (un cent) chacune.

Le capital social de la Societe pourra ~tre augmente ou reduit par decision de

l'assemblee generale des associes adoptee dans les conditions requises pour la

modification des Statuts.

Art. 6. Parts sociales. Chaque part sociale confere un droit de vote identique et

chaque associe dispose de droits de vote proportionnels a sa participation au

capital social.

Les parts sociales sent librement cessibles entre associes.

Aucune cession de parts sociales entre vifs a un tiers non-associe ne peut etre

effectuee sans l'agrement donne par les associes representant au moins les trois

quarts du capital social reunis en assemblee generale.

Pour le surplus, les dispositions des articles 189 et 190 de la loi coordonnee sur

les societes commerciales s'appliqueront.

Les parts sont indivisibles a l'egard de la Societe, qui ne reconnait qu'un seul

proprietaire pour chacune d'elle.

La Societe pourra proceder au rachat de ses propres parts sociales.

Page 8

Un tel rachat ne pourra etre decide que par une resolution unanime de

l'assemblee generale extraordinaire des associes representant la totalite du capital

souscrit de la Societe.

Art. 7. Gerance. La societe sera gen~e par au moins un gerant. Dans le cas ou

plus d'un gerant serait nomme, les gerants formeront un conseil de gerance

compose au moins d'un gerant de classe A et d'un gerant de classe B.

Les gerants peuvent ne pas etre associes.

Les gerants sont designes par decision de l'assemblee generale des associes

deliberant a la majorite simple des voix, ou le cas echeant, par decision de l'associe

unique qui determine l'etendue de leurs pouvoirs, leur remuneration et la duree de

leur mandat. L'assemblee generale des associes ou le cas echeant, l'associe

unique, pourra a tout moment, et ad nutum revoquer et remplacer tout gerant.

Taus les pouvoirs non expressement reserves a l'assemblee generale des

associes ou le cas echeant a l'associe unique, par la Loi ou les Statuts seront de la

competence du conseil de gerance.

Art. 8. Representation. Dans le cas d'un gerant unique, la seule signature de ce

gerant liera la Societe. Dans le cas de pluralite de gerants, la Societe sera engagee

par la signature collective d'un gerant de classe A et un gerant de classe B ou par

la signature conjointe de deux gerants de classe 8 pour tout engagement inferieur

a un montant prealablement determine par le conseil de gerance.

Le conseil de gerance peut ponctuellement subdeleguer ses pouvoirs pour des

taches specifiques a un ou plusieurs agents ad hoc, lequel peut ne pas etre

associe(s) ou gerant{s) de la Societe.

Le conseil de gerance determine !es responsabilites et la remuneration (s'il y a

lieu) de ce(s) agent{s), la duree de son/leurs mandat(s) ainsi que toutes autres

conditions de son/leurs mandat(s).

Art. 9. Procedure. En cas de pluralite de gerants, le conseil de gerance choisit

parmi ses membres un president. II peut egalement choisir un secretaire, lequel

n'est pas necessairement gerant, qui est responsable de la redaction du proces­

verbal de reunion du conseil de gerance ou pour d'autres fins telles que specifiees

par le conseil de gerance.

Le conseil de gerance se reunit sur convocation de l'un d'entre eux.

Une convocation a une reunion du conseil de gerance devra etre adressee a chacun des gerants avant la date fixee pour cette reunion, sauf urgence, dont la

nature devra alors figurer dans le proces-verbal de reunion.

Toute convocation devra specifier l'heure, le lieu et l'ordre du jour de la reunion.

Convocation peut etre adressee a chaque gerant oralement, par ecrit, telecopie

ou tout autre moyen electronique de communication approprie.

II peut etre renonce a la convocation par consentement ecrit, par telecopie ou

tout autre moyen electronique de communication approprie de chaque gerant.

Page 9

_,____

La reunion est valablement tenue sans convocation prealable si tous les gerants

sont presents ou dument representes.

Deux gerants presents en personne, par procuration ou par mandataire torment

le quorum, avec au moins un gerant de classe A et un gerant de classe B.

Chaque gerant peut prendre part aux reunions du conseil de gerance en

designant par ecrit un autre gerant pour le representer. Un gerant peut representer

plus d'un gerant.

Tout gerant peut assister a une reunion du conseil de gerance par telephone,

videoconference, ou tout autre moyen de telecommunication approprie permettant

a toutes les personnes participant a la reunion de s'entendre en meme temps. Une

telle participation a une reunion est reputee equivalente a une participation en

personne a une reunion des gerants.

Sauf dispositions contraires des Statuts, les decisions du conseil de gerance

sont adoptees par majorite simple des gerants, presents ou representes composee

au moins par une voie de chaque categorie de gerants.

Une decision prise par ecrit, approuvee et signee par tous les gerants, produit

effet au meme titre qu'une decision prise a une reunion du conseil de gerance.

Dans ce cas, les resolutions ou decisions sent expressement prises, soit

formulees par ecrit par voie circulaire, par courrier ordinaire, electronique ou

telecopie, soit par telephone, teleconference ou autre moyen de telecommunication

approprie.

Une resolution ecrite peut etre documentee par un seul document OU par

plusieurs documents separes ayant le meme contenu.

Les deliberations du conseil de gerance sont transcrites par un proces-verbal,

qui est signe par le president.

Art. 10. Res ponsabilite des gerants. Un gerant ne contracte en raison de ses

fonctions, aucune obligation personnelle quant aux engagements regulierement

pris par lui au nom de la Societe; simple mandataire de la Societe, ii n'est

responsable que de l'execution de son mandat.

Art. 11. Assemblees generales des associes. Les assemblees generales des

associes sont convoquees par le conseil de gerance ou, a defaut, par des associes

representant plus de la moitie du capital social de la Societe.

Une convocation ecrite a une assemblee generale indiquant l'ordre du jour est

faite conformement a la Loi et est adressee a chaque associe. T outes les

convocations doivent specifier la date et le lieu de l'assemblee.

Si tous les associes sont presents ou representes a l'assemblee generale et

indiquent avoir ete dOment informes de l'ordre du jour de l'assemblee, l'assemblee

generale peut se tenir sans convocation prealable.

Tout associe peut se faire representer a toute assemblee generale en designant

par ecrit un tiers qui peut ne pas etre associe.

Page 10

Les resolutions ne sont valablement adoptees en assemblees generales que

pour autant qu'elles soient prises par des associes representant plus de la moitie

du capital social.

Toutefois, Jes decisions ayant pour objet une modification des Statuts ne

pourront etre prises qu'a la majorite des associes representant au moins trois

quarts du capital social.

Un associe unique exerce seul les pouvoirs devolus a l'assemblee generale des

associes par les dispositions de la Loi.

En consequence, l'associe unique prend toutes les decisions excedant les

pouvoirs du conseil de gerance.

Art. 12. Assemblee generale annuelle. Une assemblee generale des associes

se reunira annuellement pour !'approbation des comptes annuels, au plus tard dans

!es six mois de la cloture de l'exercice social, au siege de la Societe ou en tout

autre lieu a specifier dans la convocation de cette assemblee.

Art. 13. Exercice social. L'exercice social commence le 1 er janvier et se

termine le 31 decembre.

Art. 14. Comptes annuels. A la cloture de chaque exercice social, le conseil de

gerance etablira les comptes annuels qui contiendront l'inventaire des avoirs de la

Societe et de toutes ses dettes actives et passives.

Tout associe peut prendre communication au siege social de la Societe de

l'inventaire, du bilan et du compte de profits et pertes.

Art. 15. Surveillance de la societe. Si le nombre des associes excede vingt­

cinq, la surveillance de la societe sera confiee a un au plusieurs commissaire(s),

qui peut ne pas etre associe.

Chaque commissaire sera nomme pour une periode expirant a la date de

l'assemblee generale des associes suivant sa nomination.

A !'expiration de cette periode, le(s) commissaire(s) pourra/pourront etre

renouvele(s) dans ses/leurs fonction(s) par une nouvelle decision de l'assemblee

generale des associes.

Lorsque les seuils fixes par !'article 215 de la loi de 1989 sur les societes

commerciales seront atteints, la Societe confiera le contr61e de ses comptes a un

OU plusieurs reviseur(s) d'entreprises designe(s) par resolution de l'assemblee

generale des associes ou le cas echeant par l'associe unique, parmi les membres

de l'lnstitut des reviseurs d'entreprises.

Nonobstant les seuils ci dessus mentionnes, a tout moment, un ou plusieurs

reviseurs peuvent etre nommes par resolution de l'assemblee generale des

associes ou le cas echeant de l'associe unique, qui decide des termes et conditions

de son/leurs mandat(s).

Page 11

Art. 16. Repartition des benefices. L'excedent favorable du compte de profits

et pertes, apres deduction des frais, charges, amortissements et provisions,

constitue le benefice net de la Societe.

Chaque annee, cinq pour cent (5%) du benefice net seront affectes a la reserve

leg ale.

Ces prelevements cesseront d'etre obligatoires lorsque la reserve legale aura

atteint dix pour cent (10%) du capital social.

L'assemblee generale des associes peut decider, a la majorite des voix telle que

definie par la Loi, de distribuer au titre de dividendes le solde du benefice net entre

les associes proportionnellement a leurs parts sociales, ou de !'affecter au compte

report a nouveau ou a un compte de reserve speciale.

Art. 17. Dividende interimaire. Nonobstant les dispositions de !'article seize des

Statuts, et sous reserve d'une approbation prealable ou ratification de l'assemblee

generale des associes, le conseil de gerance peut decider de payer des acomptes

sur dividendes en cours d'exercice social sur base d'un etat comptable duquel ii

devra ressortir que des fonds suffisants sont disponibles pour la distribution, etant

entendu que les fonds a distribuer ne peuvent pas exceder le montant des

benefices realises depuis le dernier exercice social, augrnente des benefices

reportes et des reserves distribuables mais diminue des pertes repartees et des

sommes a porter en reserve en vertu d'une obligation legale ou statutaire.

Art. 18. Dissolution - Liquidation. L'assemblee generate des associes, statuant

a la majorite des voix telle que fixee par la Loi, ou le cas echeant l'associe unique

peut decider la dissolution ou la liquidation de la Societe ainsi que les termes et

conditions de celle-ci.

La liquidation s'effectuera par les soins d'un ou de plusieurs liquidateurs,

personnes physiques ou morales, nommes par l'assemblee generate des associes

ou l'associe unique, le cas echeant, qui determine leurs pouvoirs et remunerations.

La liquidation terminee, les avoirs de la Societe seront attribues aux associes

proportionnellement a leur participation.

Art. 19. Disposition generale. II est renvoye aux dispositions de la Loi pour

!'ensemble des points au regard desquels les presents statuts ne contiennent

aucune disposition specifique.

Art. 20. Disposition transitoire. Exceptionnellement le premier exercice

commencera le jour de la constitution pour finir le 31 decembre 2008.

Pour statuts coordonnes

Le notaire

Page 12

Enclosure 3

CPECs agreements

(11)

Enclosure 3

CPECs agreements

(11 )

Miya s.a r.I. (Formerly denominated Bonaventura Holdings S.a r.I.)

Soclete a responsabllite limltee

Registered office: 46A, avenue J. F. Kennedy, L-1855 Luxembourg

Grand-Duchy of Luxembourg

Share capital: EUR 12,500

R.C.S. Luxembourg: B 133.905

CLASS 1 A CONVERTIBLE PREFERRED EQUITY CERTIFICATE

TERMS AND CONDITIONS

l/19 ~

TABLE OF CONTENTS

I. AUTHORISATION FOR 1A CONVERTIBLE PREFERRED EQUITY CERTIFICATE

11. TERMS AND CONDITIONS

1. Definitions ....................................................................................................................... 3 2. Yield ............................................................................................ .................................... 8

3. Redemption and Liquidation ..... ..................................................................................... 9

4. Conversion into Shares ............ ..................................... .................... ......................... 12

5. Withholding taxes ....................................................................................................... 14

6. Covenants and undertakings ...................................................................................... 14

7. Events of default.. ............................................................................... ........................ 15

8. Registration and transfer, 1A CPEC certificates .......................................................... 16

9. Ranking ...................................................................................................................... 17

10. No Voting Rights ........................................................................................................ 17

11. Notices ....................................................................... .............. ............... ................... 17

12. Governing law and jurisdiction .................................................................................... 18

13. Miscellaneous ........ ............. ............................ ............................................................... 18

14. Counterparts ......................................................................... ....................... 18

2/19

I. AUTHORISATION FOR CONVERTIBLE PREFERRED EQUITY CERTIFICATE

Miya S.a r.I. is a limited liability company duly incorporated under the laws of the Grand-Duchy

of Luxembourg, registered with the Luxembourg Trade and Companies Register under the

number B 133.905, having its registered office at 46A, Avenue J. F. Kennedy,L-1855

Luxembourg, Grand-Duchy of Luxembourg (the "Company"). The Company has an outstanding

share capital of EUR 12,500 (twelve thousand five hundred Euro) fully paid up, represented by

1,250,000 (one million two hundred fifty thousand) ordinary shares with a nominal value of EUR

0.01 {one Cent) each.

By virtue of resolutions of the sole manager of the Company dated 30 July 2008, the sole

manager has authorised the issuance of 61,458,365 (sixty-one million four hundred fifty-eight

thousand three hundred sixty-five) class 1A convertible preferred equity certificates), with a par

value of USO 1 (one United States Dollar} each (collectively the 1A CPECs and individually a

1A CPEC). The 1A CPECs shall be denominated in USO upon issuance thereof. The 1A

CPECs shall be exclusively issued in registered form and are convertible into Shares of the

Company.

The following are the terms and conditions of the 1A CPECs. Subject to changes in

Luxembourg law which would affect the 1A CPECs, these terms and conditions will be

applicable to each 1A CPEC, and each 1A CPEC certificate, if any, will have endorsed thereon

or attached thereto such terms and conditions, and these terms and conditions will be deemed

known and accepted by the signature of the holder(s) as constituting the applicable tenns to the

1ACPECs.

11. TERMS AND CONDITIONS

1. Definitions

1.1 As used herein, the following terms shall have the meaning set forth or as referenced

below:

Accounts means the Company's financial statements for a given Accrual Period as

computed under Luxembourg GAAP, having been approved by the Board (without

being necessarily previously approved by the shareholder(s) of the Company).

Accrual Period means, eilher the Initial Accrual Penod or any Annual Accrual Period.

9 3/19

Affiliate means in relation to any Person, such Person, such Person's Subsidiary or a

Person which directly or indirectly through one (1) or more intermediaries controls, or

is under common control with the first Person.

Annual Accrual Period means, with respect to the Initial Annual Accrual Period, the

period from (and including) the Initial Payment Date to and including the 12-month

anniversary thereof, and with respect to each successive Annual Accrual Period, the

period from (but excluding) the immediately preceding Annual Payment Date to and

including the 12-month anniversary thereof.

Annual Payment Date means each 12-month anniversary after the Initial Payment

Date.

Board means the sole manager or the board of managers of the Company (as case

may be).

Business Day means any day other than a Saturday or Sunday or another holiday on

which banking institutions in Luxembourg are required or authorised to remain closed

for business.

Conversion means, for each 1A CPEC, any conversion into Conversion Shares

pursuant to Clause 4.

Conversion Date means the earlier of the date specified for conversion of the 1A

CPECs into Conversion Shares by the Company in a notice.

Conversion Event means receipt of a Conversion Request.

Conversion Ratio means, for each 1A CPEC to be converted pursuant to Clause 4.1.

the ratio obtained by the conversion of the Par Value with the outstanding and unpaid

Yield relating to 1 (one) 1A CPEC in EUR following the exchange rate USO/EUR

applicable at the date of the holding of the extraordinary general meeting of

shareholder(s) of the Company approving the Conversion divised by the nominal

value of 1 (one) Share of the Company. If, upon the application of the Conversion

Ratio the number of Shares to be issued Is not a natural number, such number will be

rounded down to the next natural number.

4/19

Conversion Request means a request by the Company for conversion of a number of

1 A CPECs in accordance with clause 4.2 (i) or a request filed by the Holders for

conversion of a number of 1A CPECs in accordance with Clause 4.2 (ii).

Conversion Shares means the shares of the Company into which the 1A CPECs are

convertible pursuant to Clause 4.

CPEC Register means the CPEC register maintained by the Company at its

registered office in respect of the 1A CPECs.

Date of Issuance means 30 July 2008.

Event of Default means one of the events specified in Clause 7.

Financial investments means the net book value of the assets and liabilities (other that the 1A CPECs) held by the Company, as recorded in its statutory seat accounts under Luxembourg GAAP, excluding the net book value of the Qualifying Shareholding(s) benefiting from the particlpation exemption.

Financial Return means the excess of revenues over outlays (including depreciation and other non-cash expenses) in a given Accrual Period generated from the Financlal Investments of the Company. For avoidance of any doubt, the Financial Return shall not be lower than USD zero.

Holders (individually a Holder) means any investor who is a holder of 1A CPECs,

such as recorded in the CPEC Register.

lnltlal Accrual Period means the period from, and including, the Date of Issuance to

and including, the Initial Payment Date.

Initial Payment Date means 30 July 2009.

Insolvent means the situation where the aggregate amount of the Company's

obligations, determined in accordance with generally accepted accounting principles

as in effect in Luxembourg, exceeds the fair marl<et value of the Company's assets.

The 1A CPECs and any other class of convertible preferred equity certificates that will

be issued after this date will not be regarded as obligations of the Company for the

purpose of computing the Company's insolvency.

Liquidation means any voluntary or involuntary or compulsory liquidation, bankruptcy,

5119

dissolution or winding up of the affairs of the Company.

Manager means the sole manager of the Company.

Mandatory Redemption Date means the 49111 anniversary date of the Date of

Issuance, or, if that is not a Business Day, the first following Business Day; such

mandatory redemption date may be renewed at the option of the Company for another

49 years by giving notice to the Holders 10 days before the 49111

anniversary date of

the Date of Issuance, or, if that is not a business day, the following business day.

Margin means 0.25 % of the Financial Investments and shall only be applied to the

Financial Investments.

Optfonal Redemption means the repurchase of 1A CPECs pursuant to Clause 3.2.

Optional Redemption Date means the date specified by the Company for Optional

Redemption, in a notice provided pursuant to Clause 3.2.

Optional Redemption Price means the price applicable for the Optional Redemption

under Clause 3.2 for any 1A CPEC, which shall be, at any time, the greater of (i) the

Par Value of a 1A CPEC plus accrued and unpaid Yield or (ii) the fair market value, on

a fully diluted basis, of the Conversion Shares into which the 1A CPEC would have

been convertible or converted pursuant to Clause 4 and any accrued unpaid Yield, if

any, on such 1A CPEC. For the avoidance of doubt, for the purpose of this calculation,

(i) the aggregate Par Value of the 1A CPECs issued and not previously redeemed is

not regarded as a liability (and is thus ignored) and (ii) the market value of the

Conversion Shares into which such 1A CPEC was to be converted shall be

determined by the Manager or by the Board, as the case may be, of the Company on

the basis of the equity value of such Conversion Shares of the Company on an arm's

length basis.

Ordinary Redemption Price means, for each 1A CPEC, a price equal to the sum of

(i) the Par Value of such 1A CPEC and of (ii) any accrued but unpaid Yield (whether or

not declared by the Manager or by the Board, as the case may be).

Par Value means, in relation to a 1A CPEC, USO 1 (one United States Dollar).

Payment Date means the Initial Payment Date, any following Annual Payment Date,

6/19

the Mandatory Redemption Date and any other date where payments based on the

redemption of 1A CPECs take place.

Penalty Rate means the rate which per annum is equal to 8%.

Qualifying Shareholdlng(s) means the shareholding(s) held by the Company

benefiting from the Luxembourg participation exemption on dividends as defined by

Article 166 L.l.R., on capital gains as defined by the Grand Ducal decree of 21

November 2001 in application to the Article 166 L.l.R, and on net wealth tax as

defined by paragraph 60 of Property and Valuation Act.

Redemption means, for each 1A CPEC, any repurchase and cancellation of 1A

CPECs pursuant to these Terms and Conditions.

Retained Earnings means retained earnings of the Company determined on an

unconsolidated basis in accordance with Local GAAP consistent with the policies and

practices of the Company.

Shares means the ordinary shares in the capital of the Company with a nominal value

of EUR 0.01 (one Cent).

Subordinated Securities means all Shares and all other capital stock of the

Company whether outstanding on the date hereof or issued in the future. For the

avoidance of doubt, general unsecured liabilities shall be deemed to rank senior in

priority to the 1 A CPECs.

Subscription Agreement means the subscription agreement entered into between the Company and Arison Investments GB Limited on 30 July 2008.

Subsidiary means in relation to any Person, a Person which is, directly or indirectly

through one (1) or more intermediaries, under the control of the first Person.

Terms and Conditions means the present terms and conditions issued by the

Company.

Unaffiliated Party means, in relation to a Person, any Person which is not an Affiliate

of the first Person.

7/19

Yield means the percentage resulting from the Financial Retum divided by the

Financial Investments minus the Margin.

Yield= Financial Return

Financial Investments

: Margin

The Yield will be applied to the total amount of the 1A CPECs, although the Yield to be

applied to the portion of the 1A CPECs financing the Qualifying Shareholding(s) will be

discounted by 15%.

1.2 Words used herein, regardless of the number used, shall be deemed and construed to

include any other number, singular or plural, as the context requires.

1.3 As used herein, unless the context requires otherwise, the words "hereof," "herein,"

and "hereunder" and words of similar import shall refer to these Terms and Conditions

as a whole and not to any particular provision of the Terms and Conditions.

1.4 The term "Including• shall be deemed to mean "including without limitation·.

1.5 Article and section headings used in these Terms and Conditions are for convenience

of reference only and shall not affect the interpretation of the Terms and Conditions.

2. YJ!!s!

2.1 Holders of the 1A CPECs shall be entitled to receive a return on the 1A CPECs

determined and payable on the dates and In the manner set forth in Clauses 2 and 3.

2.2 The return on each 1A CPEC for any Accrual Period shall be an amount equal to the

Yield. Any losses accounted for by the Company with respect to any Accrual Period

(and not yet accounted for previously pursuant to this paragraph) shall reduce the

Yield applicable to the 1A CPECs if and to the extent 1A CPEC. yield shows a

positive result.

For purposes of the foregoing paragraph, direct and indirect costs shall always include

costs resulting from or relating to the disposition or exchange of any 1A CPEC assets

or liabilities pertaining thereto, overhead costs of the Company or any provision

against the value of any 1A CPEC ..

8119

2.3 Yield shall accrue daily and shall be calculated on the basis of a 365/366 day year.

2.4 Except as provided in Clauses 3.2 and 3.3, the unpaid Yield shall be due and payable

on the Mandatory Redemption Date or, as the case may be, on another Payment Date

than the Mandatory Redemption Date but only if and to the extent the payment has

been declared by the Manager or by the Board of the Company, as the case may be;

provided, that no payment may occur, and any such declaration shall be null and void

ab initio, if (i) the Company does not have sufficient funds available to settle its

liabilities to all other ordinary or subordinated creditors, whether privileged, secured or

unsecLJred, after any such payment; (ii) the Company become Insolvent after making

such payments; (iii) such payment violate any covenant contained in or result in a

default under any agreement or other financial obligation of the Company; and (iv) the

Company does not have sufficient Retained Earnings to do such payment.

2.5 Each payment of Yield declared by the Manager or by the Board, as the case may be,

before the Mandatory Redemption Date shall be paid by the Company on a pro rata

basis to the Holders of record as their names appear on the CPEC Register on the

date of the payment, which shall be the Business Day preceding the applicable

Payment Date.

2.6 Any payments made on the 1 A CPECs shall be applied first against the Yield accrued

and unpaid with respect to the latest Accrual Period for which the Yield has not been

paid in full.

2.7 Yield which has become due and payable following Clause 2.4 above will be paid

within thirty (30) days from the date of declaration of payment by the Manager or by

the Board of the Company, as the case may be, and will in any case cease to be

payable five (5) years from such date.

3. Redemption and Liquidation

3.1 Redemption on the Mandatory Redemption Date

(a) Unless previously converted into Shares or optionally redeemed and cancelled as

specified below, the Company shall redeem on the Mandatory Redemption Date

all (but not some) of the then outstanding 1A CPECs at the Ordinary Redemption

Price, provided that the Ordinary Redemption Price of the then outstanding 1 A

CPECs will be payable only to the extent the Company will have sufficient funds

9/19

9

available to settle its liabilities to all other senior or subordinate creditors,

privileged, secured or unsecured, in each case ranking prior to the 1A CPECs,

after any such payment and only to the extent the Company will not be Insolvent

after payment of the Ordinary Redemption Price.

(b) If, for any reason, the Company shall fail to discharge its obligation to redeem the

1A CPECs on the Mandatory Redemption Date pursuant to Clause 3.1(a),

interest shall accrue on the unpaid amount at the Penalty Rate.

(c) The Ordinary Redemption Price shall be paid to the Holders on the Mandatory

Redemption Date. Payment of the Ordinary Redemption Price to any Holder on

the Mandatory Redemption Date in respect of any 1A CPEC shall be subject to

the surrender to the Company of the certificate representing such 1A CPEC, if

any.

3.2 Optional Redemption before the Mandatorv Redemption Date

(a) Upon receipt of a Conversion Request and on a Conversion Event, instead of

proceeding with the Conversion of the relevant 1A CPECs in accordance with

Clause 4.1 , if and only if the Company and the Holders mutually agree, the

Company shall declare to redeem the 1A CPECs called for Conversion at the

Optional Redemption Price, by giving notice to the Holders within 10 Business

Days following the receipt of the Conversion Request in accordance with section

(c) below.

(b} The Optional Redemption can be exercised only after the mutual agreement of

the Company and the Holders, and any such redemption may be carried out only

on a Conversion Event, and only to the extent that (i) the Company will not be

Insolvent after payment of the aggregate Optional Redemption Price of the 1A

CPECs to be redeemed (ii) the Company will have sufficient funds available to

settle its liabilities to all other ordinary or even subordinated creditors, privileged,

secured or unsecured, ranking prior to the 1A CPECs, after any such payment;

and (iii) such payment will not violate any covenant contained in or result in a

default under any agreement or other financial obligation of the Company.

(c) After mutual agreement of the Company and the Holders, the Company shall give

notice of such mutual decision to proceed with the redemption of the 1A CPECs

10/19

after the Conversion Event to each Holder of record of the 1A CPECs at such

Holder's address as recorded in the CPEC Register or the Company (as the case

may be), but no failure or defect in such notice shall affect the validity of the

Optional Redemption. Each such notice shall state: (i) the Optional Redemption

Date (which shall be no later than fourteen (14) days after issue of the notice), (ii)

the list of the 1A CPECs called for that Optional Redemption, (iii) the Optional

Redemption Price, (iv) the manner in which 1A CPECs are to be surrendered

against payment of the Optional Redemption Price and (v} that the 1A CPECs to

be redeemed will cease to accrue Yield upon the date set for redemption provided

that the Optional Redemption Price is paid or provided for on that date.

(d} If the Company redeems less than all of the then outstanding 1A CPECs, and

subject to compliance with applicable law at the moment of such Redemption, the

Company shall redeem the then outstanding 1A CPECs to be redeemed pro rata

based on the number of 1A CPECs held by each Holder. A list of the 1A CPECs

called for that partial redemption will be communicated under the form of an

official notice given to all Holders.

3.3 Redemption upon Liquidation

(a} Subject to Clauses 3.4 and in the event of any voluntary Liquidation, the Holders

shall be entitled to be paid a liquidation value equal to the sum of (i) the Par Value

for each outstanding 1A CPEC plus (ii) unpaid Yield accrued through the date

fixed for such Liquidation.

(b) For purposes of the Clause 3.3, the voluntary sale, the transfer or exchange (for

cash, shares, stock, securities or other consideration) of all or substantially all of

the assets of the Company or the consolidation or merger of the Company with

one or more other companies shall not be deemed to be a Liquidation, unless

such voluntary sale, transfer or exchange shall be in connection with a dissolution

or winding-up of the business of the Company.

(c) In this case any payment to the Holders shall only be made (i) after the payment

by the Company of all of its other obligations, and (ii} only to the extent that (a)

the Company has sufficient funds available after payment of all of its other

obligations to pari passu, senior or subordinate creditors, whether privileged,

secured or unsecured and (b) that the Company will not become Insolvent after

making such payment.

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(d) The Company shall not commence a voluntary Liquidation without the consent of

Holders representing at least 75% of the then outstanding 1A CPECs given in

writing. Such consent shall be obtained by the signature of circular resolutions

sent by the Company to each Holder with a 10 Business Days notice.

(e) Any payment due in accordance with this Clause 3.3 in respect of any 1A CPEC

shall be made to the Holders whose name appear on the CPEC Register on the

date of the Liquidation.

3.4 Other Restrictions on Redemption

(a) Before the Mandatory Redemption Date, no Holder shall have any right or

privilege to demand or sue for or otherwise make claims in respect of the

acceleration, conversion or redemption of the 1A CPECs or any portion thereof

other than in connection with a conversion pursuant to Clauses 3.2 and 4 or

Redemption upon Liquidation pursuant to Clause 3.3.

(b) The Company cannot redeem or otherwise acquire the 1A CPECs for value,

except as in the manner expressly provided for in 3 and 4.

3.5 Cancellation

Any 1A CPEC redeemed by the Company shall forthwith be cancelled and the Holder

of such redeemed 1A CPEC shall surrender its 1A CPEC certificate.

4. Conversion Into Shares

4. 1 If, at any time following the Date of Issuance, the Company shall (i) subdivide the

Shares into a larger number of Shares, (ii) combine the Shares into a smaller number

of Shares, (iii) increase or decrease the number of Shares by a reclassification of

Shares (without an increase or decrease of the Company's share capital), then the

number of Shares to be issued upon a Conversion after the occurrence of any of the

events set forth in (i) • (iii) above and the Conversion Ratio shall be adjusted so that,

after giving effect to such adjustment, the Holder shall be entitled to receive such

number of Shares as will confer the same percentage of economic rights and

equivalent rights that the Holder would have owned or have been entitled to receive

had the 1A CPEC's been converted immediately prior to the occurrence of the event

12/19

concerned. An adjustment made pursuant to this Clause 4.1 shall become effective

immediately after the effective date of the event concerned and the Company shall

promptly deliver to each Holder a new 1A CPEC or 1A CPECs reflecting such

adjustment.

4.2 At any time before the Mandatory Redemption Date, (i) the Company may request for

the Conversion into Shares of any or all of the 1A CPECs and accrued and unpaid

Yield thereon (whether or not declared by the Manager or by the Board, as the case

may be, of the Company) by filing a Conversion Request with each Holder to

exchange the 1A CPECs for Shares and (ii) each Holder may request for the

Conversion into Shares of any or all of its 1A CPECs and accrued and unpaid Yield

thereon (whether or not declared by the Manager or by the Board, as the case may

be, of the Company) by filing a Conversion Request with the Company to exchange

the 1A CPECs for Shares. The Holder(s) expressly agree to the fact that the Company

may request the Conversion as described above and in this respect, they agree to

approve in advance this possible Conversion by countersigning these Terms and

Conditions.

4.3 Subject to the provisions of these Terms and Conditions, each 1A CPEC shall be

convertible into Conversion Shares at the Conversion Ratio. Any remaining balance

due to the accrued and unpaid Yield will be allocated to the Company's share

premium account upon issuance of the Conversion Shares.

4.4 In a reasonable period of time following (i) the receipt of a Conversion Request by the

Company, and subject to the right of the Company to redeem instead of convert the

1A CPIECs In accordance with Clause 3.2, or (ii) the receipt of a Conversion Request

by the Holders, the Shares shall be delivered by the Company at the Conversion Ratio

on surrender of the 1A CPECs to be converted.

4.5 Following the delivery of the Conversion Shares, the 1A CPECs called for Conversion

shall no longer be outstanding and the Holders of such 1A CPECs shall have no rights

to anything other than the Conversion Shares and the registration of their ownership

relating to these Conversion Shares.

4.6 All expenses including any applicable depository charges, transaction or conversion

charges, stamp duty, tax, capital duty, if any, arising from the conversion and/or the

registration of Conversion Shares in the share register after conversion and/or from

13/19

the delivery of Conversion Shares or certificates thereto, shall be for the account of

the relevant Holder.

4.7 The Conversion of the 1A CPECs in accordance with the provisions of this Clause 4

shall be subject, at the time of the Conversion, to a general meeting of shareholder(s)

of the Company resolving in the manner required for the increase of the share capital,

(i) the approval of the new shareholder(s), (ii) the creation and/or issuance of the

relevant Shares by a vote of the majority of shareholders representing at least three

quarters of the share capital of the Company, or, as the case may be, by the sole

shareholder of the Company and (iii) the registration of the Holder(s) as

shareholder(s) in the share register of the Company, and, as the case may be, the

remittance thereafter to the Holder of an adequate certificate of that registration in the

share register of the Company relating to the ownership of the Conversion Shares.

Each 1A CPEC shall be considered for the purposes of the Conversion as a firm

subscription for the Share(s) to be issued upon Conversion. The Holders hereby

agree to cooperate in view of the Conversion and to execute a beneficial ownership

declaration and any other document as may be required by the Company for purposes

of the Conversion. In as far as legally required, the current shareholder(s) has/ve

decided and has/ve countersigned these terms and conditions to confirm that each

Holder is accepted as new shareholder of the Company in case any or all of such

Holder's 1A CPECs are converted into Conversion Shares. Each such new

shareholder shall accept, in as far as legally required, each other Holder as

shareholder of the Company in case such Holder's 1A CPECs are converted into

Conversion Shares.

5. Withholding taxes

All payments on the 1A CPECs shall be made by the Company free and clear of

withholding taxes, unless the withholding of a tax or other duties, assessments or

charges, of whatsoever nature, present or future, is compelled by law in which case

the payment of such taxes will be borne by the Holder.

6. Covenants and undertakings

6.1 Holders shall after conversion of 1A CPECs into Shares be entitled to participate in

the profits of the Company with the same rights as the holders of Shares in existence

before Conversion. The Company shall take all actions necessary under Clause 4 to

14/19

ensure the issuance of the Shares in exchange for converted 1A CPECs and the

registration of the Holders as shareholders upon Conversion.

6.2 As long as any 1A CPEC is outstanding, the Company will not issue any Shares

having, upon or following any Liquidation, any right to payment prior to the payment in

full of the sum of (i) the Par Value for each outstanding 1A CPEC plus (ii) unpaid Yield

accrued through the date fixed for such liquidation except in case of conversion as

provided for in Clause 4.

6.3 As long as any 1A CPEC is outstanding and the Yield thereon has not been paid to

the Holder, no dividend will be paid to the holder of Shares unless a majority of 1A

CPEC holders give their prior written consent.

6.4 As long as any 1A CPEC is outstanding, no share redemption will be atlowed unless a

majority of 1A CPEC holders give their prior written consent.

7. Events of default

7.1 Each of the following events shall constitute an Event of Default:

If the Company, except as expressly permitted herein, (a) is voluntarily dissolved or

liquidated, (b) ceases or threatens to cease to carry on its business, (c) becomes

Insolvent or unable to pay its debts as they become due, (d) is unable to pay its debts

generally, or (e) has instituted against it a proceeding seeking a judgement of

bankruptcy or any other relief under collective proceedings or insolvency law or other

similar law affecting creditors' rights generally, and any such proceeding instituted or

presented against it results in a final judgement of insolvency or bankruptcy or the

entry of a final order for its winding-up or liquidation.

If the Company fails to pay the full amount of any declared Yield on the applicable

Payment Date or fails to make any payments required under Clauses 3 and 4 and

such failure continues for five (5) Business Days following such Payment Date.

7.2 If an Event of Default has occurred and is continuing for more than fifteen (15)

Business Days without being cured, then, unless this would not be consistent with a

final judgement of insolvency or bankruptcy or a final order for its winding-up or

liquidation, the Board or the Manager shall call for an extraordinary general meeting

of shareholder(s) of the Company which shall elect new manager/new members of the

Board out of a list of managers proposed by the Holders, excluding the Holders or

15119

their representatives and those managers shall serve until such Event of Default is

cured.

8. Registration and transfer. 1A CPEC certificates

8.1 The 1A CPECs shall be issued in registered form only, and the name and address of

the holder of each 1A CPEC shall be entered in the c ·PEC Register by the Company.

Except as expressly required by law, the Person in whose name the 1A CPEC is

registered in the CPEC Register shall be deemed to be the full and undivided owner

and record holder thereof for all purposes.

8.2 Upon request of a Holder, the Company shall, at the cost of such Holder, issue a

certificate evidencing one or more 1A CPECs.

8.3 The 1A CPECs are freely transferable and assignable or pledged to non­

shareholders, subject to any restrictions on transfer imposed by any agreement (as

the case may be) and only with the prior approval by the shareholders' meeting or a

written resolution representing at least three quarter of the share capital given in a

specific shareholders' meeting or written resolution and in compliance with the terms

of any shareholders' agreements, if applicable.

8.4 Following any transfer of a 1A CPEC, any upon receipt by the Company of the 1A

CPEC certificate, if any, evidencing the ownership of such 1A CPEC, the Company

shall promptly (i) amend the CPEC Register to delete the registration of the

transferring Holder and to register the new Holder and (ii) issue and deliver to the new

Holder, if so requested, a 1A CPEC certificate evidencing ownership by such Holder

of such 1A CPEC.

8.5 Each Holder shall promptly notify the Company of any mutilation, loss, theft, or

destruction of any certificate evidencing any 1A CPECs of which it Is the record

holder. The Company may, in its discretion, issue a new certificate to replace any

certificate theretofore issued by it and alleged to have been mutilated, lost, stolen or

destroyed, upon satisfactory proof of such mutilation, loss, theft or destruction.

16/19

8.6 If a 1A CPEC Holder is at the same time a shareholder of the Company, 1A CPECs

may be transferred or pledged to other shareholders or non-shareholders only if

simultaneously with and to the same Person the same proportion of Shares held by

the same transferor are transferred or pledged.

9. Ranking

The 1A CPECs shall, with respect to all payment rights, Redemption and rights of

liquidation, winding up and dissolution rank:

prior to all Subordinated Securities of the Company;

pari passu with any other present and future preferred equity certificates issued

by the Company (yield free and yield bearing) or convertible preferred equity

certificates already issued by the Company, and the Company may further on,

without the consent of the Holder, create and issue new preferred equity

certificates or convertible preferred equity certificates, whether convertible or

not, whether yield bearing or not, and determine their ranking in its sole

discretion;

junior to all other present and future obligations of the Company, whether

secured or unsecured. For the avoidance of doubt, general unsecured liabilities

shall be deemed to rank senior in priority to the 1A CPECs.

10. No Voting Rights

The Holders shall not be entitled to any voting rights in respect of the Company by

reason of their ownership of the 1A CPECs until this Conversion.

11. Notices

11 .1 All notices regarding the 1A CPECs shall be given to the Holders in writing, including

by email (with acknowledgement of receipt requested), facsimile or similar writing.

Such notices shall be given to the Person in whose name the 1A CPECs are

registered in the CPEC Register at the time when the notice is given and at the

address of such Person as It appears in the CPEC Register.

Each notice regarding the 1A CPECs shall be effective (i) if given by email, at the time

an acknowledgement of receipt of such email by the recipient is received, (ii) if given

by facsimile, at the time such facsimile is transmitted and the appropriate confirmation

is received (or, if such time is not prior to 5:00 p.m. Luxembourg time on a Business

17/19

Day, 9:00 a.m. Luxembourg time on the following Business Day), or (iii) if given by

mail, five Business Days after such communication is deposited in the mail with first

class or airmail postage prepaid.

11.2 At the request of a Holder. the Company shall provide such Holder with copies of

calculations and supporting documentation with regard to any payments made or due

under the 1A CPECs.

12. Governing law and jurisdiction

12.1 The 1A CPECs are governed by and shall be construed in accordance with the laws

of the Grand-Duchy of Luxembourg.

12.2 Claims against the Company are to be brought before any competent Court in

Luxembourg.

12.3 The Grand-Duchy of Luxembourg is the jurisdiction in which all obligations under the

1A CPECs are to be executed.

13. Miscellaneous

The terms and conditions of the 1A CPECs shall only be modified, amended or

supplemented with the written consent of the Holder(s) of the 1A CPECs.

14. Counterparts

This Agreement may be executed in any number of counterparts each of which when

executed and delivered shall be an original, but all the counterparts together shall

constitute one and the same instrument.

? 18/19

IN WITNESS WHEREOF, the Company and the Holder(s) have caused these terms and

conditions to be executed and acknowledged by their duly authorised representative on 30 July

2008 effective as of such date.

The Com n

Miya s.a .I.

By:

Title: Manager

M.J. Dijkerman

Acknowledged and accepted by:

The Holder and sole shareholder of the Company

Arison Investments GB Limited

By:

Title:

19119

Miya Luxembourg Holdings S.a r.I.

(Formerly denominated Bldson Holding S.a r.I.)

Societe a responsablllte limitee

Registered office: 46A, Avenue J . F. Kennedy L-1855 Luxembourg,

Grand-Duchy of Luxembourg

Share capital: EUR 12,500

R.C.S. Luxembourg: B 135.522

CLASS 2A CONVERTIBLE PREFERRED EQUITY CERTIFICATE

TERMS AND CONDITIONS

1119

TABLE OF CONTENTS

I. AUTHORISATION FOR 2A CONVERTIBLE PREFERRED EQUITY CERTIFICATE

II. TERMS AND CONDITIONS

1. Definitions ....................................................................................................................... 3

2. Yield ................................................................................................................................ 8

3. Redemption and Liquidation .......................................................................................... 9

4. Conversion into Shares .............................................................................................. 12

5. Withholding taxes ........................................................................... .......... ......... ......... 14

6. Covenants and undertakings ... ....................... ............................................................ 14

7. Events of default.. ....................................................................................................... 15

8. Registration and transfer, 2A CPEC certificates ............................... ........................... 16

9. Ranking ........... ..................... .......................... ............................................................ 17

10. No Voting Rights .................................................... ... ................................................. 17

11 . Notices ....... ....................................... .......... ............................................................... 17

12. Governing law and jurisdiction .................................................................................... 18

13. Miscellaneous ............................................................................ ....... ............................. 1 B

14. Gou nterparts .............................. .... .............................................................. 18

2/19

I. AUTHORISATION FOR CONVERTIBLE PREFERRED EQUITY CERTIFICATE

Miya Luxembourg Holdings S.a r.I. is a limited liability company duly incorporated under the

laws of the Grand-Duchy of Luxembourg, registered with the Luxembourg Trade and

Companies Register under the number B 135.522, having its registered office at 46A, Avenue J.

F. Kennedy, L-1855 Luxembourg, Grand-Duchy of Luxembourg (the "Company'). The

Company has an outstanding share capital of EUR 12,500 (twelve thousand five hundred Euro)

fully paid up, represented by 1,250,000 (one million two hundred fifty thousand) ordinary shares

with a nominal value of EUR 0.01 (one Cent) each.

By virtue of resolutions of the sole manager of the Company dated 30 July 2008, the sole

manager has authorised the issuance of 61,408,365 {sixty-one million four hundred eight

thousand three hundred sixty-five) class 2A convertible preferred equity certificates), with a par

value of EUR 0.01 (one Cent) each (collectively the 2A CPECs and individually a 2A CPEC).

The 2A CPECs shall be denominated in USO upon issuance thereof. The 2A CPECs shall be

exclusively issued in registered form and are convertible into Shares of the Company.

The following are the terms and conditions of the 2A CPECs. Subject to changes in

Luxembourg law which would affect the 2A CPECs, these terms and conditions will be

applicable to each 2A CPEC, and each 2A CPEC certificate, if any, will have endorsed thereon

or attached thereto such terms and conditions, and these terms and conditions will be deemed

known and accepted by the signature of the holder(s) as constituting the applicable terms to the

2ACPECs.

11. TERMS AND CONDITIONS

1. Definitions

1.1 As used herein, the following terms shall have the meaning set forth or as referenced

below:

Accounts means the Company's financial statements for a given Accrual Period as

computed under Luxembourg GAAP, having been approved by the Board (without

being necessarily previously approved by the shareholder(s) of the Company).

Accrual Period means, either the Initial Accrual Period or any Annual Accrual Period.

3/19

Affiliate means in relation to any Person. such Person, such Person's Subsidiary or a

Person which directly or indirectly through one ( 1) or more intermediaries controls, or

Is under common control with the first Person.

Annual Accrual Period means, with respect to the Initial Annual Accrual Period, the

period from (and including) the Initial Payment Date to and including the 12-month

anniversary thereof, and with respect to each successive Annual Accrual Period, the

period from (but excluding) the immediately preceding Annual Payment Date to and

including the 12-month anniversary thereof.

Annual Payment Date means each 12-month anniversary after the Initial Payment

Date.

Board means the sole manager or the board of managers of the Company (as case

may be).

Business Day means any day other than a Saturday or Sunday or another holiday on

which banking institutions in Luxembourg are required or authorised to remain closed

for business.

Conversion means, for each 2A CPEC, any conversion into Conversion Shares

pursuant to Clause 4.

Conversion Date means the earlier of the date specified for conversion of the 2A

CPECs into Conversion Shares by the Company in a notice.

Conversion Event means receipt of a Conversion Request.

Conversion Ratio means, for each 2A CPEC to be converted pursuant to Clause 4.1,

the ratio obtained by the conversion of the Par Value with the outstanding and unpaid

Yield relating to 1 {one) 2A CPEC in EUR following the exchange rate USO/EUR

applicable at the date of the holding of the extraordinary general meeting of

shareholder{s) of the Company approving the Conversion divised by the nominal

value of 1 (one) Share of the Company. If, upon the application of the Conversion

Ratio the number of Shares to be issued is not a natural number, such number will be

rounded down to the next natural number.

9 4/19

Conversion Request means a request by the Company for conversion of a number of

2A CPECs in accordance with clause 4.2 (i) or a request filed by the Holders for

conversion of a number of 2A CPECs in accordance with Clause 4.2 (ii).

Conversion Shares means the shares of the Company into which the 2A CPECs are

convertible pursuant to Clause 4.

CPEC Register means the CPEC register maintained by the Company at its

registered office in respect of the 2A CPECs.

Date of Issuance means 30 July 2008.

Event of Default means one of the events specified in Clause 7.

Financial Investments means the net book value of the assets and liabilities (other that the 2A CPECs) held by the Company, as recorded in its statutory seat accounts under Luxembourg GAAP, excluding the net book value of the Qualifying Shareholding(s) benefiting from the participation exemption.

Financial Return means the excess of revenues over outlays (including depreciation and other non-cash expenses) in a given Accrual Period generated from the Financial Investments of the Company. For avoidance of any doubt, the Financial Return shall not be lower than USO zero.

Holders (individually a Holder) means any investor who is a holder of 2A CPECs,

such as recorded in the CPEC Register.

Initial Accrual Period means the period from, and including, the Date of Issuance to

and including, the Initial Payment Date.

Initial Payment Date means 30 July 2009.

Insolvent means the situation where the aggregate amount of the Company's

obligations, determined In accordance with generally accepted accounting principles

as in effect in Luxembourg, exceeds the fair market value of the Company's assets.

The 2A CPECs and any other class of convertible preferred equity certificates that will

be issued after this date will not be regarded as obligations of the Company for the

purpose of computing the Company's insolvency.

'l 5/19

Liquidation means any voluntary or involuntary or compulsory liquidation, bankruptcy,

dissolution or winding up of the affairs of the Company.

Manager means the sole manager of the Company.

Mandatory Redemption Date means the 49111 anniversary date of the Date of

Issuance, or, if that is not a Business Day, the first following Business Day; such

mandatory redemption date may be renewed at the option of the Company for another

49 years by giving notice to the Holders 10 days before the 4911 anniversary date of

the Date of Issuance, or, if that is not a business day, the following business day.

Margin means 0.25 % of the Financial Investments and shall only be applied to the

Financial Investments.

Optional Redemption means the repurchase of 2A CPECs pursuant to Clause 3.2.

Optional Redemption Date means the date specified by the Company for Optional

Redemption, in a notice provided pursuant to Clause 3.2.

Optional Redemption Price means the price applicable for the Optional Redemption

under Clause 3.2 for any 2A CPEC, which shall be, at any time, the greater of {i) the

Par Value of a 2A CPEC plus accrued and unpaid Yield or (ii) the fair market value, on

a fully diluted basis, of the Conversion Shares into which the 2A CPEC would have

been convertible or converted pursuant to Clause 4 and any accrued unpaid Yield, if

any, on such 2A CPEC. For the avoidance of doubt, for the purpose of this calculation,

{i) the aggregate Par Value of the 2A CPECs Issued and not previously redeemed is

not regarded as a liability (and is thus ignored) and (ii) the market value of the

Conversion Shares into which such 2A CPEC was to be converted shall be

determined by the Manager or by the Board, as the case may be, of the Company on

the basis of the equity value of such Conversion Shares of the Company on an arm's

length basis.

Ordinary Redemption Price means, for each 2A CPEC, a price equal to the sum of

(i) the Par Value of such 2A CPEC and of (ii) any accrued but unpaid Yield {whether or

not declared by the Manager or by the Board, as the case may be).

Par Value means, in relation to a 2A CPEC, USO 1 (one United States Dollar).

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Payment Date means the Initial Payment Date, any following Annual Payment Date,

the Mandatory Redemption Date and any other date where payments based on the

redemption of 2A CPECs take place.

Penalty Rate means the rate which per annum is equal to 8%.

Qualifying Shareholding(s) means the shareholding(s) held by the Company

benefiting from the Luxembourg participation exemption on dividends as defined by

Article 166 L.l.R .. on capital gains as defined by the Grand Ducal decree of 21

November 2001 in application to the Article 166 L.l.R, and on net wealth tax as

defined by paragraph 60 of Property and Valuation Act.

Redemption means, for each 2A CPEC, any repurchase and cancellation of 2A

CPECs pursuant to these Terms and Conditions.

Retained Earnings means retained earnings of the Company determined on an

unconsolidated basis in accordance with Local GAAP consistent with the policies and

practices of the Company.

Shares means the ordinary shares in the capital of the Company with a nominal value

of EUR 0.01 (one Cent).

Subordinated Securities means all Shares and all other capital stock of the

Company whether outstanding on the date hereof or issued in the future. For the

avoidance of doubt, general unsecured liabilities shall be deemed to rank senior in

priority to the 2A CPECs.

Subscription Agreement means the subscription agreement entered into between the Company and Miya S.a r.I. on 30 July 2008.

Subsidiary means in relation to any Person, a Person which is, directly or Indirectly

through one (1) or more intermediaries, under the control of the first Person.

Terms and Conditions means the present terms and conditions issued by the

Company.

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Unaffiliated Party means, in relation to a Person, any Person which is not an Affiliate

of the first Person.

Yield means the percentage resulting from the Financial Return divided by the

Financial Investments minus the Margin.

Yield= Financial Return

Financial Investments

The Yield will be applied to the total amount of the 2A CPECs, although the Yield to be

applied to the portion of the 2.A CPECs financing the Qualifying Shareholding(s) will be

discounted by 15%.

1.2 Words used herein, regardless of the number used, shall be deemed and construed to

include any other number, singular or plural, as the context requires.

1.3 As used herein, unless the context requires otherwise, the words "hereof,• "herein,"

and "hereunder" and words of similar import shall refer to these Terms and Conditions

as a whole and not to any particular provision of the Terms and Conditions.

1.4 The term "including" shall be deemed to mean "including without limitation".

1.5 Article and section headings used in these Terms and Conditions are for convenience

of reference only and shall not affect the interpretation of the Terms and Conditions.

2. Yield

2.1 Holders of the 2A CPECs shall be entitled to receive a return on the 2A CPECs

determined and payable on the dates and in the manner set forth in Clauses 2 and 3.

2.2 The return on each 2A CPEC for any Accrual Period shall be an amount equal to the

Yield. Any losses accounted for by the Company with respect to any Accrual Period

(and not yet accounted for previously pursuant to this paragraph) shall reduce the

Yield applicable to the 2A CPECs if and to the extent 2A CPEC yield shows a positive

result.

For purposes of the foregoing paragraph, direct and indirect costs shall always include

costs resulting from or relating to the disposition or exchange of any 2A CPEC assets

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or liabilities pertaining thereto, overhead costs of the Company or any provision

against the value of any 2A CPEC.

2.3 Yield shall accrue daily and shall be calculated on the basis of a 365/366 day year.

2.4 Except as provided in Clauses 3.2 and 3.3, the unpaid Yield shall be due and payable

on the Mandatory Redemption Date or, as the case may be, on another Payment Date

than the Mandatory Redemption Date but only if and to the extent the payment has

been declared by the Manager or by the Board of the Company, as the case may be;

provided, that no payment may occur, and any such declaration shall be null and void

ab initio, if (i) the Company does not have sufficient funds available to settle Its

liabilities to all other ordinary or subordinated creditors, whether privileged, secured or

unsecured, after any such payment; (ii) the Company become Insolvent after making

such payments; (iii) such payment violate any covenant contained in or result in a

default under any agreement or other financial obligation of the Company; and (iv) the

Company does not have sufficient Retained Earnings to do such payment.

2.5 Each payment of Yield declared by the Manager or by the Board, as the case may be,

before the Mandatory Redemption Date shall be paid by the Company on a pro rata

basis t.o the Holders of record as their names appear on the CPEC Register on the

date of the payment, which shall be the Business Day preceding the applicable

Payment Date.

2.6 Any payments made on the 2A CPECs shall be applied first against the Yield accrued

and unpaid with respect to the latest Accrual Period for which the Yield has not been

paid in full.

2.7 Yield which has become due and payable following Clause 2.4 above will be paid

within thirty (30) days from the date of declaration of payment by the Manager or by

the Board of the Company, as the case may be, and will in any case cease to be

payable five (5) years from such date.

3. Redemption and Liquidation

3.1 Redemption on the Mandatory Redemption Date

(a) Unless previously converted into Shares or optionally redeemed and cancelled as

specified below, the Company shall redeem on the Mandatory Redemption Date

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all (but not some) of the then outstanding 2A CPECs at the Ordinary Redemption

Price, provided that the Ordinary Redemption Price of the then outstanding 2A

CPECs will be payable only to the extent the Company will have sufficient funds

available to settle its liabilities to all other senior or subordinate creditors,

privileged, secured or unsecured, in each case ranking prior to the 2A CPECs,

after any such payment and only to the extent the Company will not be Insolvent

after payment of the Ordinary Redemption Price.

{b) If, for any reason, the Company shall fail to discharge its obligation to redeem the

2A CPECs on the Mandatory Redemption Date pursuant to Clause 3.1 (a),

interest shall accrue on the unpaid amount at the Penalty Rate.

(c) The Ordinary Redemption Price shall be paid to the Holders on the Mandatory

Redemption Date. Payment of the Ordinary Redemption Price to any Holder on

the Mandatory Redemption Date in respect of any 2A CPEC shall be subject to

the surrender to the Company of the certificate representing such 2A CPEC, if

any.

3.2 Optional Redemption before the Mandatorv Redemption Date

(a) Upon receipt of a Conversion Request and on a Conversion Event, instead of

proceeding with the Conversion of the relevant 2A CPECs in accordance with

Clause 4.1, if and only if the Company and the Holders mutually agree, the

Company shall declare to redeem the 2A CPECs called for Conversion at the

Optional Redemption Price, by giving notice to the Holders within 10 Business

Days following the receipt of the Conversion Request in accordance with section

(c) below.

(b) The Optional Redemption can be exercised only after the mutual agreement of

the Company and the Holders, and any such redemption may be carried out only

on a Conversion Event, and only to the extent that (i) the Company will not be

Insolvent after payment of the aggregate Optional Redemption Price of the 2A

CPECs to be redeemed (ii) the Company will have sufficient funds available to

settle its liabilities to all other ordinary or even subordinated creditors, privileged,

secured or unsecured, ranking prior to the 2A CPECs, after any such payment;

and (iii) such payment will not violate any covenant contained in or result in a

default under any agreement or other financial obligation of the Company.

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(c) After mutual agreement of the Company and the Holders, the Company shall give

notice of such mutual decision to proceed with the redemption of the 2A CPECs

after the Conversion Event to each Holder of record of the 2A CPECs at such

Holder's address as recorded in the CPEC Register or the Company (as the case

may be), but no failure or defect in such notice shall affect the validity of the

Optional Redemption. Each such notice shall state: (I) the Optional Redemption

Date (which shall be no later than fourteen (14) days after issue of the notice), (ii)

the list of the 2A CPECs called for that Optional Redemption, (iii) the Optional

Redemption Price, (iv) the manner in which 2A CPECs are to be surrendered

against payment of the Optional Redemption Price and (v) that the 2A CPECs to

be redeemed will cease to accrue Yield upon the date set for redemption provided

that the Optional Redemption Price is paid or provided for on that date.

(d) If the Company redeems less than all of the then outstanding 2A CPECs, and

subject to compliance with applicable law at the moment of such Redemption, the

Company shall redeem the then outstanding 2A CPECs to be redeemed pro rata

based on the number of 2A CPECs held by each Holder. A list of the 2A CPECs

called for that partial redemption will be communicated under the form of an

official notice given to all Holders.

3.3 Redemption upon liquidation

(a) Subject to Clauses 3.4 and in the event of any voluntary Liquidation, the Holders

shall be entitled to be paid a liquidation value equal to the sum of (i) the Par Value

for each outstanding 2A CPEC plus (ii) unpaid Yield accrued through the date

fixed for such liquidation.

(b) For purposes of the Clause 3.3, the voluntary sale, the transfer or exchange (for

cash, shares, stock, securities or other consideration) of all or substantially all of

the assets of the Company or the consolidation or merger of the Company with

one or more other companies shall not be deemed to be a Liquidation, unless

such voluntary sale, transfer or exchange shall be in connection with a dissolution

or winding-up of the business of the Company.

(c) In this case any payment to the Holders shall only be made (i) after the payment

by the Company of all of its other obligations, and {ii) only to the extent that (a)

the Company has sufficient funds available after payment of all of its other

11/19

obligations to pari passu, senior or subordinate creditors, whether privileged,

secured or unsecured and (b) that the Company will not become Insolvent after

making such payment.

(d) The Company shall not commence a voluntary Liquidation without the consent of

Holders representing at least 75% of the then outstanding 2A CPECs given in

writing. Such consent shall be obtained by the signature of circular resolutions

sent by the Company to each Holder with a 10 Business Days notice.

(e) Any payment due in accordance with this Clause 3.3 in respect of any 2A CPEC

shall be made to the Holders whose name appear on the CPEC Register on the

date of the Liquidation.

3.4 Other Restrictions on Redemption

(a) Before the Mandatory Redemption Date, no Holder shall have any right or

privilege to demand or sue for or otherwise make claims in respect of the

acceleration, conversion or redemption of the 2A CPECs or any portion thereof

other than in connection with a conversion pursuant to Clauses 3.2 and 4 or

Redemption upon Liquidation pursuant to Clause 3.3.

(b) The Company cannot redeem or otherwise acquire the 2A CPECs for value,

except as in the manner expressly provided for in 3 and 4.

3.5 Cancellation

Any 2A CPEC redeemed by the Company shall forthwith be cancelled and the Holder

of such redeemed 2A CPEC shall surrender its 2A CPEC certificate.

4. Conversion Into Shares

4.1 If, at any time following the Date of Issuance, the Company shall (i) subdivide the

Shares into a larger number of Shares, (ii) combine the Shares into a smaller number

of Shares, (iii) increase or decrease the number of Shares by a reclassification of

Shares (without an increase or decrease of the Company's share capital), then the

number of Shares to be issued upon a Conversion after the occurrence of any of the

events set forth in (i) - (iii) above and the Conversion Ratio shall be adjusted so that,

after giving effect to such adjustment, the Holder shall be entitled to receive such

12/19

number of Shares as will confer the same percentage of economic rights and

equivalent rights that the Holder would have owned or have been entitled to receive

had the 2A CPEC's been converted immediately prior to the occurrence of the event

concerned. An adjustment made pursuant to this Clause 4.1 shall become effective

immediately after the effective date of the event concerned and the Company shall

promptly deliver to each Holder a new 2A CPEC or 2A CPECs reflecting such

adjustment.

4.2 At any time before the Mandatory Redemption Date, (i) the Company may request for

the Conversion into Shares of any or all of the 2A CPECs and accrued and unpaid

Yield thereon (whether or not declared by the Manager or by the Board, as the case

may be, of the Company) by filing a Conversion Request with each Holder to

exchange the 2A CPECs for Shares and (ii) each Holder may request for the

Conversion into Shares of any or all of its 2A CPECs and accrued and unpaid Yield

thereon (whether or not declared by the Manager or by the Board, as the case may

be, of the Company) by filing a Conversion Request with the Company to exchange

the 2A CPECs for Shares. The Holder(s) expressly agree to the fact that the Company

may request the Conversion as described above and in this respect, they agree to

approve in advance this possible Conversion by countersigning these Terms and

Conditions.

4.3 Subject to the provisions of these Terms and Conditions, each 2A CPEC shall be

convertible into Conversion Shares at the Conversion Ratio. Any remaining balance

due to the accrued and unpaid Yield will be allocated to the Company's share

premium account upon issuance of the Conversion Shares.

4.4 In a reasonable period of time following (i) the receipt of a Conversion Request by the

Company, and subject to the right of the Company to redeem instead of convert the

2A CPECs in accordance with Clause 3.2, or (ii) the receipt of a Conversion Request

by the Holders, the Shares shall be delivered by the Company at the Conversion Ratio

on surrender of the 2A CPECs to be converted.

4.5 Following the delivery of the Conversion Shares, the 2A CPECs called for Conversion

shall no longer be outstanding and the Holders of such 2A CPECs shall have no rights

to anything other than the Conversion Shares and the registration of their ownership

relating to these Conversion Shares.

13/19

4.6 All expenses including any applicable depository charges, transaction or conversion

charges, stamp duty, tax, capital duty, if any, arising from the conversion and/or the

registration of Conversion Shares in the share register after conversion and/or from

the delivery of Conversion Shares or certificates thereto, shall be for the account of

the relevant Holder.

4. 7 The Conversion of the 2A CPECs in accordance with the provisions of this Clause 4

shall be subject, at the time of the Conversion, to a general meeting of shareholder(s)

of the Company resolving in the manner required for the increase of the share capital,

(i) the approval of the new shareholder(s), (ii) the creation and/or issuance of the

relevant Shares by a vote of the majority of shareholders representing at least three

quarters of the share capital of the Company, or, as the case may be, by the sole

shareholder of the Company and (iii) the registration of the Holder(s) as

shareholder(s) in the share register of the Company, and, as the case may be, the

remittance thereafter to the Holder of an adequate certificate of that registration In the

share register of the Company relating to the ownership of the Conversion Shares.

Each 2A CPEC shall be considered for the purposes of the Conversion as a firm

subscription for the Share(s) to be issued upon Conversion. The Holders hereby

agree to cooperate in view of the Conversion and to execute a beneficial ownership

declaration and any other document as may be required by the Company for purposes

of the Conversion. In as far as legally required, the current shareholder(s) has/ve

decided and has/ve countersigned these terms and conditions to confirm that each

Holder is accepted as new shareholder of the Company in case any or all of such

Holder's 2A CPECs are converted into Conversion Shares. Each such new

shareholder shall accept, in as far as legally required, each other Holder as

shareholder of the Company in case such Holder's 2A CPECs are converted into

Conversion Shares.

5. Withholding taxes

All payments on the 2A CPECs shall be made by the Company free and clear of

withholding taxes, unless the withholding of a tax or other duties, assessments or

charges. of whatsoever nature, present or future, is compelled by law in which case

the payment of such taxes will be borne by the Holder.

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6. Covenants and undertakings

6.1 Holders shall after conversion of 2A CPECs into Shares be entitled to participate in

the profits of the Company with the same rights as the holders of Shares in existence

before Conversion. The Company shall take all actions necessary under Clause 4 to

ensure the issuance of the Shares in exchange for converted 2A CPECs and the

registration of the Holders as shareholders upon Conversion.

6.2 As long as any 2A CPEC is outstanding, the Company will not issue any Shares

having, upon or following any Liquidation, any right to payment prior to the payment in

full of tlhe sum of (i) the Par Value for each outstanding 2A CPEC plus (ii) unpaid Yield

accrued through the date fixed for such Liquidation except in case of conversion as

provided for in Clause 4.

6.3 As long as any 2A CPEC is outstanding and the Yield thereon has not been paid to

the Holder, no dividend will be paid to the holder of Shares unless a majority of 2A

CPEC holders give their prior written consent.

6.4 As long as any 2A CPEC Is outstanding, no share redemption will be allowed unless a

majority of 2A CPEC holders give their prior written consent.

7. Events of default

7.1 Each of the following events shall constitute an Event of Default:

If the Company, except as expressly permitted herein, (a) is voluntarily dissolved or

liquidated, (b) ceases or threatens to cease to carry on its business, (c) becomes

Insolvent or unable to pay its debts as they become due, (d) is unable to pay its debts

generally, or (e) has instituted against it a proceeding seeking a judgement of

bankruptcy or any other relief under collective proceedings or insolvency law or other

similar law affecting creditors' rights generally, and any such proceeding instituted or

presented against ii results in a final judgement of insolvency or bankruptcy or the

entry of a final order for its winding-up or liquidation.

If the Company fails to pay the full amount of any declared Yield on the applicable

Payment Date or fails to make any payments required under Clauses 3 and 4 and

such failure continues for five (5) Business Days following such Payment Date.

7.2 If an Event of Default has occurred and is continuing for more than fifteen (15)

Business Days without being cured, then, unless this would not be consistent with a

final judgement of insolvency or bankruptcy or a final order for its winding-up or

liquidation, the Board or the Manager shall call for an extraordinary general meeting

Q 15/19

of shareholder(s) of the Company which shall elect new manager/new members of the

Board out of a list of managers proposed by the Holders, excluding the Holders or

their representatives and those managers shall serve until such Event of Default is

cured.

8. Registration and transfer. 2A CPEC certificates

8.1 The 2A CPECs shall be issued in registered form only, and the name and address of

the holder of each 2A CPEC shall be entered in the CPEC Register by the Company.

Except as expressly required by law, the Person in whose name the 2A CPEC is

registered In the CPEC Register shall be deemed to be the full and undivided owner

and record holder thereof for all purposes.

8.2 Upon request of a Holder, the Company shall, at the cost of such Holder, issue a

certificate evidencing one or more 2A CPECs.

8.3 The 2A CPECs are freely transferable and assignable or pledged to non­

shareholders, subject to any restrictions on transfer Imposed by any agreement (as

the case may be) and only with the prior approval by the shareholders' meeting or a

written resolution representing at least three quarter of the share capital given in a

specific shareholders' meeting or written resolution and in compliance with the terms

of any shareholders' agreements, if applicable.

8.4 Following any transfer of a 2A CPEC, any upon receipt by the Company of the 2A

CPEC certificate, if any, evidencing the ownership of such 2A CPEC, the Company

shall promptly (i) amend the CPEC Register to delete the registration of the

transferring Holder and to register the new Holder and (ii} issue and deliver to the new

Holder, if so requested, a 2A CPEC certificate evidencing ownership by such Holder

of such 2A CPEC.

8.5 Each Holder shall promptly notify the Company of any mutilation, loss, theft, or

destruction of any certificate evidencing any 2A CPECs of which it is the record

holder. The Company may, ln its discretion, issue a new certificate to replace any

certificate theretofore issued by it and alleged to have been mutilated, lost, stolen or

destroyed, upon satisfactory proof of such mutilation, loss, theft or destruction.

8.6 If a 2A CPEC Holder is at the same time a shareholder of the Company, 2A CPECs

may be transferred or pledged to other shareholders or non-shareholders only if

16/19

simultaneously with and to the same Person the same proportion of Shares held by

the same transferor are transferred or pledged.

9. Ranking

The 2A CPECs shall, with respect to all payment rights, Redemption and rights of

liquidation, winding up and dissolution rank:

prior to all Subordinated Securities of the Company;

pari passu with any other present and future preferred equity certificates issued

by the Company (yield free and yield bearing) or convertible preferred equity

certificates already issued by the Company, and the Company may further on,

without the consent of the Holder, create and issue new preferred equity

certificates or convertible preferred equity certificates, whether convertible or

not, whether yield bearing or not, and determine their ranking in its sole

discretion;

junior to all other present and future obligations of the Company, whether

secured or unsecured. For the avoidance of doubt, general unsecured liabilities

shall be deemed to rank senior in priority to the 2A CPECs.

10. No Voting Rights

The Holders shall not be entitled to any voting rights in respect of the Company by

reason of their ownership of the 2A CPECs until this Conversion.

11. Notices

11.1 All notices regarding the 2A CPECs shall be given to the Holders in writing, including

by email {with acknowledgement of receipt requested), facsimile or similar writing.

Such notices shall be given to the Person in whose name the 2A CPECs are

registered in the CPEC Register at the time when the notice is given and at the

address of such Person as it appears in the CPEC Register.

Each notice regarding the 2A CPECs shall be effective (i) if given by email, at the time

an acknowledgement of receipt of such email by the recipient is received, (ii) if given

by facsimile, at the time such facsimile is transmitted and the appropriate confirmation

is received (or, if such time is not prior to 5:00 p.m. Luxembourg time on a Business

Day, 9:00 a.m. Luxembourg time on the following Business Day), or (iii) if given by

17/19

mail, five Business Days after such communication is deposited in the mail with first

class or airmail postage prepaid.

11.2 At the request of a Holder, the Company shall provide such Holder with copies of

calculations and supporting documentation with regard to any payments made or due

under the 2A CPECs.

12. Governing law and !uriadictlon

12. 1 The 2A CPECs are governed by and shall be construed in accordance with the laws

of the Grand-Duchy of Luxembourg.

12.2 Claims against the Company are to be brought before any competent Court in

Luxembourg.

12.3 The Grand-Duchy of Luxembourg is the jurisdiction in which all obligations under the

2A CPECs are to be executed.

13. Miscellaneous

The terms and conditions of the 2A CPECs shall only be modified, amended or

supplemented with the written consent of the Holder(s) of the 2A CPECs.

14. Counterparts

This Agreement may be executed in any number of counterparts each of which when

executed and delivered shall be an original, but all the counterparts together shall

constitute one and the same instrument.

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IN WITNESS WHEREOF, the Company and the Holder(s) have caused these terms and

conditions to be executed and acknowledged by their duly authorised representative on 30 July

2008 effective as of such date.

By:

Title:

. Manager

Acknowledged and accepted by:

By:

Title: R. van 't Hoeft

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Enclosure 4

Luxembourg tax treatment of the CPECs to be issued

A Main features of the IA CPECS and 2A CPECS

Features CPECs to be issued Mandatory 49 years; such date may be renewed at the option of the issuer for another redemption date 49 years.

Conversion - The CPECs are convertible into shares at the request of the LuxCos, or at the request of the CPECs Holders;

- Each 1 A CPEC and 2A CPEC shall be convertible into Conversion Shares at the Conversion Ratio which is the ratio obtained by the conversion of the Par Value with the outstanding and w1paid Yield relating to I (one) IA CPEC or 2A CPEC in EUR following the exchange rate USD/EUR applicable at the date of the holding of the extraordinary general meeting of shareholder(s) of the company approving the Conversion divided by the nominal value of I (one) Share of the company.

Voting rights None Ranking The CPECs rank prior to all subordinated securities and junior to all other

present and future obligation of the issue Transferability The CPECs are freely transferrable (i.e. , not stapled to the share capital of

the LuxCos); Ordinary The company shall redeem on the Mandatory Redemption Date all (but Redemption not some) of the outstanding IA CPECs or 2A CPECs at the Ordinary

Redemption Price which is a price equal to the sum of (i) the Par Value of such IA CPEC or 2A CPEC and of (ii) any accrued and unpaid Yield.

Optional Upon mutual agreement between the holder and the issuer, The CPECs Redemption may be optionally redeemed at any date prior to the mandatory

redemption date at the optional redemption price which is at any time, the greater of (i) the Par Value of the IA CPEC or 2A CPEC plus accrued and unpaid Yield or (ii) the fair market value, on a fully diluted basis, of the Conversion Shares into which the 1 A CPEC or 2A CPEC would have been convertible or converted and any accrued unpaid Yield, if any, on such IA CPEC or 2A CPEC.

Yield The CPECs yield would be equal to the percentage resulting from the financial return generated by the financial investments divided by the financial investments (all assets other than qualifying shareholdings) minus the margin (i.e., 0.25%). The yield shall be applied to the total amount of CPECs. The yield to be applied to the portion of the CPECs financing the qualifying shareholdings shall be discounted by 15%.

(12)

8 Characterization of IA CPECs and 2A CPECs as debt for Luxembourg tax purposes

1 The CPECs issued by Lux 1 and Lux 2 will be treated as debt for Luxembourg Corporate Income Tax (hereafter referred as "CIT", Municipal Business Tax (hereafter referred as "MBT') and Net Wealth Tax (hereafter referred as "NWT") perspective.

2 In this respect, the explanatory notes to the income tax reform law no. 571 of 1955 (Projet de Loi on Article 114 currently Article 97 of the Luxembourg Income Tax Law (hereafter referred as to "LITL")) points out that the distinction between debt and equity must be done on the basis of the economic characteristics of the financial instrument. In particular, based on the explanatory notes the main economic features that characterize a financial instrument as debt rather than equity arc:

• A privileged ranking over the company's shares; • A yield due even in loss-making years; and • A fixed yield as opposed to a percentage of the company's profits.

3 Considering that l A CPECs and 2A CPECs rank prior to the company's shares, do not grant the holder any right in the distributable profits of the issuers (the interest will vary depending on the financial return of the underlying financial investments) or the liquidation proceeds as long as 1 A CPECs and 2/\ CPECs arc not converted into shares, bear a interest rate even in loss-making years, have a fixed maturity date, are freely transferable and do not grant the holder any voting rights, I A CPECs and 2A CPECs will be treated as debt from a Luxembourg CIT, MBT and NWT perspective.

C Tax treatment of the return on IA CPECs and 2A CPECs (interest payments and redemption price)

C.1 Deductibility

4 Interest is normally deductible from a Luxembourg tax perspective, except if:

• The interest is due on an instrument re-qualified into equity.from a Luxembourg tax per!,pective. ln this respect, given the qualification of lA CPECs and 2A CPECs as debt from a Luxembourg tax perspective, the payments to be made under 1 A CPECs and 2A CPECs will not be treated as a non deductible dividend distribution.

• The interest expense is related to exempt income under the provisions of Article ./5 and Article 166(5) L/TL. To the extent to which the return due on lA CPECs and 2A CPECs will relate to exempt income, the provisions of Article 45 and 166(5) LITL will be applicable.

(13)

C.l Deductibility (cont'd)

• The debt exceeds the debt-to-equity ratio usually applicable in practice for the financing ofparticipations. Considering that Lux l and Lux 2 will comply with the 85/15 debt-to-equity ratio in relation to the financing of their participations (the yield to be applied to the portion of IA CPECs and 2A CPECs financing the qualifying shareholding is discounted by 15%), the return on 1 A CPECs and 2A CPECs will remain deductible and will not be re-qualified into a deemed distribution of profit.

• The interest is re-qualified into a deemed dividend distribution on the basis of Article I 64(2) or 164(3) LITL. Considering the fact that 1 A CPECs and 2A CPECs are not qualified as shares, founder shares, profit shares or jouissance shares, that they are not issued in the form of bonds or other similar securities and they do not give the holder any rights to the profits after tax or liquidation proceeds (as long as IA CPECs and 2A CPECs are not converted into shares) of Lux 1/ Lux 2, the return will not be treated as a distribution under the provisions of Article 164(2) LITL. Also, considering that the return due by Lux 11 Lux 2 on I A CPECs and 2A CPECs can be considered as acceptable with respect to Articles 56 of the LITL and 164 (3) and allow Lux 1/ Lux 2 to realize an acceptable margin, the return on 1 A CPECs and 2A CPECs will not be subject to a requalification under the provisions of Article 164(3) of the LITL.

5 As a result, the interest due on l A CPECs and 2A CPECs and the redemption price will be deductible at the level of the issuer even if it would lead to a loss (except for cases of application of Article 45 of the LITL) and will not be re-qualified into a dividend distribution at the level of Lux 11 Lux 2.

C.2 Withholding tax

6 The return due on 1 A CPECs and 2A CPECs will not be subject to withholding tax in Luxembourg. In this respect, according to Article 146 LITL, payments can be subject to withholding tax only if:

• They represent dividends and other pro.fit shares covered by Article 97(1)(1) LITL. Given the qualification of IA CPECs and 2A CPECs as debt from a Luxembourg tax perspective, the payments to be made by Lux I and Lux 2 under 1 A CPECs and 2A CPECs will not fall in the category of income covered by Article 97(1)(1) of the LITL.

• They represent the pro.fit share paid on the basis of a silent partnersh;p agreement. In the case at hand, there is no intention to create such partnership as there is no "affectio societatis" between the CPECs holders and issuers, and no intention to establish a company in the sense of article 1832 of the Civil Code.

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C.2 Witlilioldi11g tax (cout'd)

• They are paid on the basis of bonds or other similar securities that give right cumulatively to a fixed interest plus a variable interest depending on the profits distributed by the issuer, except for the case where the variable interest is granted following a temporary reduction of the fixed interest, without exceeding the initial level of the interest rate. As I A CPECs and 2A CPECs are not issued in the form of bonds or similar securities and do not give right to a percentage of Lux I/Lux 2 profits, they will not fall in the scope of this provision.

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Enclosure 5

Tax treatment applicable to the Swiss branch

In the course of the fiscal year 2008, the group opened a branch in Switzerland in order to especially manage the company's intellectual property and intra group financing.

A Qualification of the Swiss branch as permanent esta blishment

According lo the provision of Article 5 of the Double Tax Treaty concluded between Luxembourg and Switzerland (hereafter Treaty), a permanent establishment in the meaning of the Treaty may be qualified as "a fixed place of business through which the business of an enterprise (of a Luxembourg company) is wholly or partly carried on (in Switzerland)".

In this respect, a "permanent establishment" of a Luxembourg company in Switzerland may be classified especially as a branch as long as (i) the branch has a sufficient level of presence in Switzerland and (ii) a Luxembourg company actually perfonns part of its business activities through that branch. In the present case, the Swiss branch of Miya Luxembourg I loldings S.a r.I has the following resources at its disposal in Switzerland:

• office space in Switzerland (Zug); • a domiciliation agent and a branch manager; • office equipment (desks, cupboards, computers, communication equipment,

' ... );

In addition, the Swiss branch will have a bank account in Switzerland.

Based on the aforementioned level of substance in Switzerland, Miya Luxembourg Holdings S.a r.I will dispose of a Swiss permanent establishment in the sense of the Treaty.

B Tax treatment applicable to the Swiss branch

According to Article 7 of the Treaty, profits attributable to a Swiss pennanent establishment (e.g. Swiss branch) may only be taxed in Switzerland. Concurrently, Article 23( I a) of the Treaty provides that "where a resident of Luxembourg derives income or owns capital which, in accordance with the provisions of this Convention, may be taxed in Swit=erfand, Luxembourg shall exempt such income or capita/from taxation (. .. )".

In this respect, profits realized by the Swiss branch and linked to the assets and liabilities allocated to the Swiss branch may only be taxable in Switzerland according to the aforementioned Article 7 of the Treaty. Simultaneously, those profits will be exempt from any corporate income tax and municipal business tax in Luxembourg in accordance with Article 23( I) of the Treaty. Moreover, based on Article 22(2) and 23(1 a) of the Treaty, as the assets allocated to the Swiss branch may only be taxed in Switzerland, these assets will be exempt from net wealth tax in Luxembourg.

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Enclosure 6

Application of the Luxembourg participation exemption regime

Article 166 LITL and Grand Ducal regulation 21 December 2001

A Dividend income

Article 166 of the LITL provides for the exemption of the dividends if the following conditions are fulfilled:

and

• The distributing company is:

A collective entity falling under article 2 of the amended version of the Council directive of 23 July 1990 on the common system of taxation applicable in the case of parent companies and subsidiaries of different Member States (90/435/EEC); or

A Luxembourg resident capital company, which is fully taxable and does not take one of the forms listed in the Enclosure to the paragraph I 0 of article 166 of the LITL; or

A non-resident capital company that is fully liable in its state of residence to a tax corresponding to the Luxembourg corporate income tax. Regarding this condition, the Luxembourg tax authorities have set the rule that the fo reign tax must be assessed at a minimum rate of I 0,5% on a taxable basis determined similarly to the Luxembourg one;

• The beneficiary company is:

/\. Luxembourg resident collective entity, which is fully taxable and takes one of the fo rms listed in the Enclosure to the paragraph I 0 of article 166 of the LITL; or

A Luxembourg resident capital company, which is fully taxable and does not take one of the forms listed in the above-mentioned Enclosure; or

A domestic permanent establishment of a collective entity falling under article 2 of the amended version of the Council directive of 23 July 1990 on the common system of taxation applicable in the case of parent companies and subsidiaries of different Member States (90/435/EEC); or

A domestic permanent establishment of a capital company that is resident in a State with which Luxembourg has concluded a double tax treaty;

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And

A domestic permanent establishment of a capital company or of a cooperative company which is resident in a European Economic Area (EEA) Member State other than an EU Member State.

• At the date on which the income is made available, the beneficiary held or commits itself to hold, directly, for an uninterrupted period of at least 12 months a participation in the share capital of the subsidiary of at least l 0% or with an acquisition price of at least EUR 1.2 million. If the participation is held through a Luxembourg tax-transparent entity, this will be regarded as direct participation proportionally to the interest held by the Luxembourg holding company in the tax-transparent entity.

B Capital gains

The Grand-Ducal regulation of21 December 2001 for the application of Article 166 of the LITL provides that capital gains realized from the disposal of shareholdings are tax exempt if:

The subsidiary is:

• A collective entity fa] ling under article 2 of the amended version of the Council directive of 23 July 1990 on the common system of taxation applicable in the case of parent companies and subsidiaries of different Member States (90/435/EEC); or

• A Luxembourg resident capital company, which is fully taxable; or

• A non-resident capital company that is fully liable in its state of residence to a tax corresponding to the Luxembourg corporate income tax. Regarding this condition, the Luxembourg tax authorities have set the rule that the foreign tax must be assessed at a minimum rate of 10,5% on a taxable basis determined similarly to the Luxembourg one;

The beneficiary company is:

• A Luxembourg resident collective entity, which is fully taxable;

• A domestic permanent establishment of a collective entity falling under article 2 of the amended version of the Council directive of 23 July 1990 on the common system of taxation applicable in the case of parent companies and subsidiaries of different Member States (90/435/EEC); or

• A domestic permanent establishment of a capital company that is resident in a State with which Luxembourg has concluded a double tax treaty;

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And • At the date on which the alienation takes place, the beneficiary has held or

undertakes to hold the respective participation for an uninterrupted period of at least 12 months, and during this period the participation held does not fall below 10% or an acquisition price of less than EUR 6 mil I ion. If the shares arc held through a Luxembourg tax-transparent entity, this requirement must be fulfilled not by the tax transparent entity itself, but by the beneficiary, proportional to the interest held by the latter in the tax-transparent entity.

A recapture system exists, under which the exempt amount of the gain is reduced by the algebraic sum of income (mainly derived from the participation and potential write-downs in the value of the participation), to the extent that they have reduced the taxable base of that year or previous years. Basically, an effect of this rule is that the capital gain realized will become taxable up to the amount of the aggregate expenses and write-downs deducted during the respective and previous years in relation to the participation.

The purpose of the system is to avoid the taxation vacuum, which could result if the deductibility of expenses and write-downs connected to the participation was allowed whereas the income arising from the participation was tax exempt.

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Enclosure 7

Status of a company resident of Gibraltar and application of the participation exemption regime

1. Companies incorporated wider the law of Gibraltar are to be considered as falling under Article 2 of the Parent/Subsidiary Directive. Therefore, they can benefit from the participation exemption regime as per Article 166 LITL and from the net wealth tax exemption as stated in§ 60 of the Property and Securities Valuation Act.

2. Article 227(4) of the Treaty establishing the European Economic Community (the "Treaty") expressly provides that the provisions of the Treaty shall apply to the European territories for whose external relations a Member State is responsible.

3. The Government of the United Kingdom is responsible for Gibraltar's external relations. Moreover, Gibraltar was covered at the time of the accession of the United Kingdom to the European Economic Community on January 1st, 1973.

4. The European Commission confirmed to PwC Luxembourg m a letter dated January 22, 1999 that EU directives apply to Gibraltar:

"The European Union (General Direction XX! - Tax and Customs Un;on) confirms that Gibraltar, according to the provisions of Article 227 paragraph 4 of the EC Treaty, is a European Stale whose foreign relations are assumed by the United Kingdom. Accordingly, tax directives 901434, 90/435(Parent-subsidiary directive), 69/335 and 851303 are applicable to it".

5. Further, Article 2 of the EU Parent/Subsidiary Directive refers to "companies incorporated under the laws of United Kingdom". The United Kingdom Foreign and Commonwealth Office have issued on November 17, 1988 a letter on the Gibraltar companies status vis a vis the United Kingdom. The letter expressly states that "nationals", "nationals of member states" or "national of member states and overseas cowitries and territories" whenever used in the EEC Treaty are to be understood to refer to, inter alia, British Dependent Territories Citizens who acquire citizenship from connection with Gibraltar.

6. In this respect, even if Gibraltar companies are not expressly mentioned wider Article 2 of the EU Parent/Subsidiary Directive, the Unjted Kingdom considers that companies incorporated under the law of Gibraltar must be regarded as incorporated under the laws of the United Kingdom for the purpose of Article 2(a) of the Parent/Subsidiary Directive and that Gibraltar income tax is similar to its corporation tax for the purpose of Article 2(c) of the same directive EC corporate tax law, ("Commentary on the EC Direct Tax Measures and Member States Implementation", International Bureau of Fiscal Documentation "Territorial scope direct tax measures").

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7. Excluding Gibraltar companies from the scope of Article 2 of the EU Parent/Subsidiary Directive would be contrary to the confirmation received from the European Commission.

8. Therefore, Arison Investment GB Limited should be considered as covered by Article 2 of the EU Parent/Subsidiary Directive and should therefore fall under the scope of application of Article 14 7 LITL.

9. Notwithstanding the fact that companies covered by Article 2 of the EU Parent/Subsidiary Directive are not required to be fully subject to a tax similar to Luxembourg income tax, they still need to be subject to tax without the possibility of an option or being exempt. In the case at hand, Arison Investment GB Limited is an ordinary fully taxable Gibraltar company, not subject to any special regime.

10. Therefore, based on the above and to the extent that Arison Investment GB Limited is tax resident in Gibraltar, the EU Parent/Subsidiary Directive will be applicable to it for the purpose of Article 147 LITL.

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Enclosure 8

Article 147 LITL

Article 147 LITL provides for a withholding tax exemption m Luxembourg if the following conditions are met:

• The distributing company is:

- A Luxembourg resident collective entity, which is fully taxable and takes one of the forms I isted in the Enclosure to the paragraph I 0 of article 166 LITL;

• The beneficiary of the dividends is:

- A collective entity falling under article 2 of the amended version of the Council directive of 23 July 1990 on the common system of taxation applicable in the case of parent companies and subsidiaries of different Member States (90/435/EEC, hereafter the "Parent I Subsidiary Directive"); or

- A Luxembourg resident joint-stock company, which is fully taxable and does not take one of the forms listed in the above-mentioned Enclosure; or

- A collective entity that is resident in a State with which Luxembourg has concluded a double tax treaty and which is fully liable to a tax corresponding to the Luxembourg corporate income tax, or a domestic permanent establishment of such an entity ; or

- A Swiss resident joint-stock company that is subject to Swiss corporate income tax without benefiting from any exemption; or

• And

At the date on which the income is made available, the beneficiary has been holding or undertakes to hold, directly, for an uninterrupted period of at least 12 months, participation of at least 10%, or with an acquisition price of at least EUR 1.2 million in the share capital of the income debtor. If the participation is held through a tax-transparent entity falling under § 1 of article 175 LITL, this will be regarded as a direct participation, proportionally to the interest held in the tax-transparent entity.

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LE GOUVERNEMENT DU GRAND-DUCHE DE LUXEMBOURG Administration des contributions directes

Bureau d'imposition

Societes 6

For the attention of Valery Civilio PricewaterhouseCoopers 400, route d'Esch B.P. 1443 L -1014 Luxembourg

Companies involved :

Miya S.a r.I. - Tax number 2007124158983

Miya Luxembourg Holdings $.a r.I. - Tax number 2007124169861

Dear Sir,

March 10, 2010

Further to your letter dated 28 January 2010 and referenced VCO/L TTY/DEDl/005310001 M­AYHA relating to the transactions that the group Miya would like to conduct, I find the contents of said letter to be in compliance with current tax legislation and administrative practice.

It is understood that my above confirmation may only be used within the framework of the transactions contemplated by the abovementioned letter and that the principles described in your letter shall not apply ipso facto to other situations.

18, rue du Fort Wedell

Luxembourg

Tel.: (352) 40.800-3118

Fax: (352) 40.800-3100

Adresse postale

L-2982 Luxembourg

..

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