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MEMORIAL

Journal Officiel

du Grand-Duché de

Luxembourg

MEMORIAL

Amtsblatt

des Großherzogtums

Luxemburg

R E C U E I L D E S S O C I E T E S E T A S S O C I A T I O N S

Le présent recueil contient les publications prévues par la loi modifiée du 10 août 1915 concernant les sociétés commerciales

et par la loi modifiée du 21 avril 1928 sur les associations et les fondations sans but lucratif.

C — N° 1892

30 septembre 2009

SOMMAIRE

BCV Strategic Fund . . . . . . . . . . . . . . . . . . . .

90815

Deka 10/2007 (3 Jahre roll-over) . . . . . . . . .

90815

DZ PRIVATBANK (Schweiz) Portfolio . . .

90815

FundSelect . . . . . . . . . . . . . . . . . . . . . . . . . . . .

90816

Goodman European Logistics Fund . . . . . .

90816

Northam Property Funds FCP-FIS . . . . . . .

90816

Private Banking World Invest . . . . . . . . . . .

90816

Private Banking World Invest . . . . . . . . . . .

90816

Sixtina SICAV SIF . . . . . . . . . . . . . . . . . . . . . .

90770

StarPlus Allocator . . . . . . . . . . . . . . . . . . . . . .

90815

90769

Sixtina SICAV SIF, Société Anonyme sous la forme d'une SICAV - Fonds d'Investissement Spécialisé.

Siège social: L-2520 Luxembourg, 5, allée Scheffer.

R.C.S. Luxembourg B 145.107.

In the year two thousand and nine, on the thirty-first day of August.
Before us Maître Léonie GRETHEN, notary residing in Luxembourg, acting in replacement of Maître Henri HEL-

LINCKX, notary residing in Luxembourg, who will be the depositary of the present deed.

Was held an extraordinary general meeting of shareholders of SIXTINA SICAV SIF, a public limited company (société

anonyme) with its registered office in Luxembourg, Grand-Duchy of Luxembourg, (the "Company") qualifying as an in-
vestment company with variable share under the form of a specialized investment fund (société d'investissement à capital
variable - fonds d'investissement spécialisé), incorporated pursuant to a deed of the replaced notary on March, 5

2009,

which was published in the Mémorial C, Recueil des Sociétés et Associations (the "Mémorial"), number 712 on April 1

, 2009.

The meeting is opened at 3 p.m. at the registered office of the Company, under the chairmanship of Mrs. Olga ZLO-

BINSKA, employee, residing professionally in Luxembourg,

who appointed as secretary Mrs Céline PARMENTIER, employee, residing professionally in Luxembourg.
The meeting elected as scrutineer, Mrs. Alexandra SCHMIT, employee, residing professionally in Luxembourg.
After the constitution of the board of the meeting, the Chairman declared and requested the notary to state that:
I. The agenda of the present meeting is the following:

Agenda

1. Amendment of Article 5 "Share Capital - Classes of Shares" of the Articles, so as to read as follows:

"Art. 5. Share capital. The capital of the Company shall be represented by shares of no par value and shall at any time

be equal to the total net assets attributed to the shares of the Company. The Board of Directors is authorized to issue,
in accordance with Article 8 hereof, an unlimited number of partly or fully paid-up shares without reserving to the existing
shareholders a preferential right to subscribe for the shares to be issued. At least 5% of the subscription amount for
partly paid-up shares must be paid-up in cash or by means of a contribution other than cash. The minimum capital as
provided by law shall be one million two hundred and fifty thousand Euro (EUR 1,250,000.). Such minimum capital must
be reached within a period of twelve months after the date on which the Company has been authorised as a collective
investment undertaking under Luxembourg law. The initial capital is thirty one thousand Euro (EUR 31,000.) divided into
thirty one (31) shares of no par value.".

2. Addition of a new Article 6 "Beneficiary Units" to the Articles, so as to read as follows:

"Art. 6. Beneficiary units. The Board of Directors may also issue beneficiary units which do not represent any part of

the share capital of the Company and which do not grant a preferential right to subscribe for the units to be issued.

Beneficiary units of whatever Portfolio or class carry no voting rights.
The beneficiary units shall bear the entitlements to dividends and liquidation proceeds as set forth in Article 27 and

29.

However, the above stipulated rights of beneficiary units may only be amended (i) if approved by the shareholders

under the conditions of quorum and majority provided for the amendment of the Articles and (ii) with the consent of all
the holders of beneficiary units.".

3. Amendment of former Article 6 "Form of Shares" of the Articles, so as to read as follows:

" Art. 7. Classes - Form of shares and Beneficiary units. The shares/beneficiary units to be issued pursuant to Article

8 hereof may, as the Board of Directors shall determine, be of different classes. The proceeds of the issue of each class
shall be invested in assets permitted by law pursuant to the investment policy determined by the Board of Directors for
the Portfolio (as defined hereinafter) established in respect of the relevant class, subject to the investment restrictions
provided by law or determined by the Board of Directors.

The Board of Directors shall establish a pool of assets constituting a portfolio (a "Portfolio") within the meaning of

Article 71 of the Law of 13 February 2007 for each class or for two or more classes in the manner described in Article
12 hereof. The Company constitutes one single legal entity. However, each pool of assets shall be invested for the exclusive
benefit of the relevant Portfolio. In addition, each Portfolio shall only be responsible for the liabilities which are attributable
to such Portfolio.

The Board of Directors may create each Portfolio for an unlimited or limited period of time; in the latter case, the

Board of Directors may, at the expiry of the initial period of time, extend the duration of the relevant Portfolio once or
several times. At expiry of the duration of the Portfolio, the Company shall redeem all the shares/beneficiary units in the
relevant class(es), in accordance with Article 9 below, notwithstanding the provisions of Article 25 below.

90770

At each prorogation of a Portfolio, the registered shareholders/unitholders shall be duly notified in writing, by a notice

sent to the registered address as recorded in the register of shareholders/unitholders of the Company. The Company
shall inform the bearer shareholders/unitholders by a notice published in newspapers to be determined by the Board of
Directors, unless these shareholders/unitholders and their addresses are known to the Company. The sales documents
for the shares/beneficiary units of the Company shall indicate the duration of each Portfolio and if appropriate, its pro-
rogation.

For the purpose of determining the capital of the Company, the net assets attributable to each class of shares shall, if

not expressed in Euro, be converted into Euro and the capital shall be the total of the net assets of all the classes attributed
to the shares.

(1) The Board of Directors shall determine whether the Company shall issue shares/beneficiary units in bearer and/

or in registered form. If bearer share/beneficiary unit certificates are to be issued, they will be issued in such denominations
as the Board of Directors shall prescribe and shall provide on their face that they may not be transferred to any Prohibited
Person or entity organized by or for a Prohibited Person (as defined in Article 11 hereinafter).

All issued registered shares/beneficiary units of the Company shall be registered in the register of shareholders/uni-

tholders which shall be kept by the Company or by one or more persons designated thereto by the Company, and such
register shall contain the name of each owner of registered shares/beneficiary units, his residence or elected domicile as
indicated to the Company and the number of registered shares/beneficiary units held by him.

The inscription of the shareholder's/unitholder's name in the register of shareholders/unitholders evidences his right

of ownership on such registered shares/beneficiary units. The Company shall decide whether a certificate for such in-
scription shall be delivered to the shareholder/unitholder or whether the shareholder/unitholder shall receive a written
confirmation of his shareholding/unitholding.

If bearer shares/beneficiary units are issued, registered shares/beneficiary units may be exchanged for bearer shares/

beneficiary units and bearer shares/beneficiary units may be exchanged for registered shares/beneficiary units at the
request of the holder of such shares/beneficiary units. An exchange of registered shares/beneficiary units into bearer
shares/ beneficiary units will be effected by cancellation of the registered share/beneficiary units certificate, if any, and
issuance of one or more bearer share/beneficiary unit certificates in lieu thereof, and an entry shall be made in the register
of shareholders/unitholders to evidence such cancellation. An exchange of bearer shares/beneficiary units into registered
shares/ beneficiary units will be effected by cancellation of the bearer share/beneficiary unit certificate, and, if applicable,
by issuance of a registered share/beneficiary unit certificate in lieu thereof, and an entry shall be made in the register of
shareholders/unitholders to evidence such issuance. At the option of the Board of Directors, the costs of any such
exchange may be charged to the shareholder/unitholder requesting it.

Before shares/beneficiary units are issued in bearer form and before registered shares/beneficiary units shall be ex-

changed into bearer shares/beneficiary units, the Company may require assurances satisfactory to the Board of Directors
that such issuance or exchange shall not result in such shares/beneficiary units being held by a Prohibited Person.

The share/beneficiary unit certificates shall be signed by two directors. Such signatures shall be either manual, or

printed, or in facsimile. The certificates will remain valid even if the list of authorized signatures of the Company is modified.

However, one of such signatures may be made by a person duly authorized thereto by the Board of Directors; in the

latter case, it shall be manual. The Company may issue temporary share/beneficiary unit certificates in such form as the
Board of Directors may determine.

(2) If bearer shares/beneficiary units are issued, transfer of bearer shares/beneficiary units shall be effected by delivery

of the relevant share/beneficiary unit certificates and as the case may be, under the conditions provided in the sales
documents of the Company. Transfer of registered shares/beneficiary units shall be effected (i) if share/beneficiary unit
certificates have been issued, upon delivering the certificate or certificates representing such shares/beneficiary units to
the Company along with other instruments of transfer satisfactory to the Company and (ii) if no share/beneficiary unit
certificates have been issued, by a written declaration of transfer to be inscribed in the register of shareholders/unithol-
ders, dated and signed by the transferor and transferee, or by persons holding suitable powers of attorney to act therefore.
Any transfer of registered shares/beneficiary units shall be entered into the register of shareholders/unitholders; such
inscription shall be signed by one or more directors or officers of the Company or by one or more other persons duly
authorized thereto by the Board of Directors. Such transfer must be duly authorized by the Board of Directors.

(3) Shareholders/unitholders entitled to receive registered shares/beneficiary units shall provide the Company with an

address to which all notices and announcements may be sent. Such address will also be entered into the register of
shareholders/unitholders.

In the event that a shareholder/unitholder does not provide an address, the Company may permit a notice to this

effect to be entered into the register of shareholders/unitholders and the shareholder's/unitholder's address will be
deemed to be at the registered office of the Company, or at such other address as may be so entered into by the Company
from time to time, until another address shall be provided to the Company by such shareholder/unitholder. A shareholder/
unitholder may, at any time, change his address as entered into the register of shareholders/unitholders by means of a
written notification to the Company at its registered office, or at such other address as may be set by the Company from
time to time.

90771

(4) If any shareholder/unitholder can prove to the satisfaction of the Company that his share/beneficiary unit certificate

has been mislaid, mutilated or destroyed, then, at his request, a duplicate share/beneficiary unit certificate may be issued
under such conditions and guarantees, including but not restricted to a bond issued by an insurance company, as the
Company may determine. At the issuance of the new share/beneficiary unit certificate, on which it shall be recorded that
it is a duplicate, the original share/beneficiary unit certificate in replacement of which the new one has been issued shall
become void.

Mutilated share/beneficiary unit certificates may be cancelled by the Company and replaced by new certificates.
The Company may, at its election, charge to the shareholder/unitholder the costs of a duplicate or of a new share/

beneficiary unit certificate and all reasonable expenses incurred by the Company in connection with the issue and regis-
tration thereof or in connection with the annulment of the original share/beneficiary unit certificate.

(5) The Company recognizes only one single owner per share/beneficiary unit. If one or more shares/beneficiary units

are jointly owned or if the ownership of such share(s)/beneficiary unit(s) is disputed, all persons claiming a right to such
share(s)/beneficiary unit(s) have to appoint one single attorney to represent such share(s)/beneficiary unit(s) towards the
Company. The failure to appoint such attorney implies a suspension of all rights attached to such share(s)/beneficiary unit
(s).

(6) The Company may decide to issue fractional shares/beneficiary units. Such fractional shares/beneficiary units shall

not be entitled to vote but shall be entitled to participate in the net assets attributable to the relevant class on a pro rata
basis. In the case of bearer shares/beneficiary units, only certificates evidencing full shares/beneficiary units will be issued.".

4. Amendment of former Article 7 "Issue of Shares" of the Articles, so as to read as follows:

" Art. 8. Issue of shares and Beneficiary units. The Board of Directors is authorized without limitation to issue an

unlimited number of shares at any time without reserving the existing shareholders a preferential right to subscribe for
the shares to be issued.

The Board of Directors may impose restrictions on the frequency at which shares/beneficiary units shall be issued in

any class or Portfolio; the Board of Directors may, in particular, decide that shares/beneficiary units of any Portfolio shall
only be issued during one or more offering periods or at such other periodicity as provided for in the sales documents
for the shares/beneficiary units.

Whenever the Company offers shares/beneficiary units for subscription, the price per share at which such shares/

beneficiary units are offered is determined in the sales documents of the Company for the relevant class within the relevant
Portfolio. Such price may be increased by a percentage estimate of costs and expenses to be incurred by the Company
when investing the proceeds of the issue and by applicable sales commissions, as approved from time to time by the Board
of Directors.

Payments for the relevant shares/beneficiary units shall be made on a date defined in the sales document of the Com-

pany, or on any other date and under the terms and conditions as determined by the Board of Directors and as indicated
and more fully described in the sales documents of the Company. The modes of payment in relation to such subscriptions
shall be determined by the Board of Directors and specified and more fully described in the sales documents of the
Company.

The Board of Directors may delegate to any director, manager, officer or other duly authorized agent the power to

accept subscriptions, to receive payment of the price of the new shares/beneficiary units to be issued and to deliver them.

If subscribed shares/beneficiary units are not paid for, the Company may redeem their shares/beneficiary units issued

whilst retaining the right to claim their issue fees and commissions and any difference.

The Company may agree to issue shares/beneficiary units as consideration for a contribution in kind of securities, in

compliance with the conditions set forth by Luxembourg law, in particular the obligation to deliver a valuation report
from the auditor of the Company (réviseur d'entreprises agréé) and provided that such securities comply with the in-
vestment objectives and investment policies and restrictions of the relevant Portfolio. Any costs incurred in connection
with a contribution in kind of securities shall be borne by the relevant shareholders/unitholders.".

5. Amendment of former Article 8 "Redemption of Shares" of the Articles, so as to read as follows:

" Art. 9. Redemption of shares / Beneficiary units. Any shareholder/unitholder may request the redemption of all or

part of his shares/beneficiary units by the Company, under the terms and procedures set forth by the Board of Directors
in the sales documents for the shares/beneficiary units and within the limits provided by law and these Articles.

The redemption price per share/beneficiary unit shall be paid on a date defined in the sales documents of the Company,

or on any other date and under the terms and conditions as determined by the Board of Directors and as indicated and
more fully described in the sales documents of the Company. The redemption price is determined in accordance with
such policy as the Board of Directors may from time to time determine, provided that the share/beneficiary unit certifi-
cates, if any, and the transfer documents have been received by the Company, subject to the provisions of Article 12
hereof.

The redemption price shall be equal to the net asset value per share/beneficiary unit of the relevant class within the

relevant Portfolio, as determined in accordance with the provisions of Article 12 hereof, less such charges and commis-

90772

sions (if any) at the rate provided by the sales documents for the shares/beneficiary units. The relevant redemption price
may be rounded up or down to the nearest thousandth of the pricing currency as the Board of Directors shall determine.

If as a result of any request for redemption, the number or the aggregate net asset value of the shares/beneficiary units

held by any shareholder/unitholder in any class of the relevant Portfolio would fall below such number or such value as
determined by the Board of Directors, then the Company may decide that this request be treated as a request for
redemption for the full balance of such shareholder's/unitholder's holding of shares/beneficiary units in such class.

Further, if on any given Valuation Day (as defined in Article 13 herein) redemption requests pursuant to this Article

and conversion requests pursuant to Article 10 hereof exceed a certain level determined by the Board of Directors in
relation to the number of shares/beneficiary units in issue of a specific class or in case of a strong volatility of the market
or markets on which a specific class is investing, the Board of Directors may decide that part or all of such requests for
redemption or conversion will be deferred for a period and in a manner that the Board of Directors considers to be in
the best interests of the Company. On the next Valuation Day, these redemption and conversion requests will be met
in priority to later requests.

The Company shall have the right, if the Board of Directors so determines, to satisfy payment of the redemption price

to any shareholder/unitholder who agrees, in specie by allocating to the holder investments from the portfolio of assets
set up in connection with such class or classes equal in value (calculated in the manner described in Article 12) as of the
Valuation Day, on which the redemption price is calculated, to the value of the shares/beneficiary units to be redeemed.
The nature and type of assets to be transferred in such case shall be determined on a fair and reasonable basis and without
prejudicing the interests of the other holders of shares/beneficiary units of the relevant class or classes and the valuation
used shall be confirmed by a special report of the auditor of the Company. The costs of any such transfers shall be borne
by the transferee.

All redeemed shares/beneficiary units shall be cancelled.".
6. Amendment of former Article 9 "Conversion of Shares" of the Articles, so as to read as follows:

" Art. 10. Conversion of shares / Beneficiary units. Unless otherwise determined by the Board of Directors for certain

classes or Portfolios, any shareholder/unitholder is entitled to request the conversion of whole or part of his shares/
beneficiary units of one class into shares/beneficiary units of the same or another class, within the same or another
Portfolio subject to such restrictions as to the terms, conditions and payment of such charges and commissions as the
Board of Directors shall determine.

The price for the conversion of shares/beneficiary units from one class or Portfolio into another class or Portfolio

shall be determined in the sales documents for the shares/beneficiary units. If as a result of any request for conversion
the number or the aggregate net asset value of the shares/beneficiary units held by any shareholder/unitholder in any class
would fall below such number or such value as determined by the Board of Directors, then the Company may decide
that this request be treated as a request for conversion for the full balance of such shareholder's/unitholder's holding of
shares/units in such class.

The shares/beneficiary units which have been converted into shares/beneficiary units of another class shall be cancel-

led.".

7. Amendment of former Article 10 "Restrictions on Ownership of Shares" of the Articles, so as to read as follows:

" Art. 11. Restrictions on ownership of shares / Beneficiary units. The Company may restrict or prevent the ownership

of shares/beneficiary units in the Company by any person, firm or corporate body, if in the opinion of the Company such
holding may be detrimental to the Company, if it may result in a breach of any law or regulation, whether Luxembourg
or foreign, or if as a result thereof the Company may become exposed to tax disadvantages or other financial disadvantages
that it would not have otherwise incurred (such person, firm or corporate body to be determined by the Board of
Directors being herein referred to as "Prohibited Person").

For such purposes the Company may:
A.- decline to issue any shares/beneficiary units and decline to register any transfer of a share/beneficiary units, where

it appears to it that such registry or transfer would or might result in legal or beneficial ownership of such shares/
beneficiary units by a Prohibited Person; and

B.- at any time require any person whose name is entered in, or any person seeking to register the transfer of shares/

beneficiary units on the register of shareholders/unitholders, to furnish it with any information, supported by affidavit,
which it may consider necessary for the purpose of determining whether or not beneficial ownership of such shareholder's
shares/unitholder's units rests in a Prohibited Person, or whether such registry will result in beneficial ownership of such
shares/beneficiary units by a Prohibited Person; and

C.- decline to accept the vote of any Prohibited Person at any meeting of shareholders of the Company; and
D.- where it appears to the Company that any Prohibited Person either alone or in conjunction with any other person

is a beneficial owner of shares/beneficiary units of the Company, direct such shareholder /unitholder to sell his shares/
beneficiary units and to provide to the Company evidence of the sale within thirty (30) days of the notice. If such share-
holder/unitholder fails to comply with the direction, the Company may compulsorily redeem or cause to be redeemed
from any such shareholder/unitholder all shares/beneficiary units held by such shareholder or unitholder in the following
manner:

90773

(1) The Company shall serve a second notice (the "purchase notice") upon the shareholder/unitholder holding such

shares/beneficiary units appearing in the register of shareholders/unitholders as the owner of the shares/beneficiary units
to be purchased, specifying the shares/beneficiary units to be purchased as aforesaid, the manner in which the purchase
price will be calculated and the name of the purchaser.

Any such notice may be served upon such shareholder/unitholder by posting the same in a prepaid registered envelope

addressed to such shareholder/unitholder at his last address known to or appearing in the books of the Company. The
said shareholder/unitholder shall thereupon forthwith be obliged to deliver to the Company the share/beneficiary unit
certificate or certificates representing the shares/beneficiary units specified in the purchase notice.

Immediately after the close of business on the date specified in the purchase notice, such shareholder/unitholder shall

cease to be the owner of the shares/beneficiary units specified in such notice and, in the case of registered shares/
beneficiary units, his name shall be removed from the register of shareholders/unitholders, and in the case of bearer
shares/beneficiary units, the certificate or certificates representing such shares/beneficiary units shall be cancelled.

(2) The price at which each such share/beneficiary unit is to be purchased (the "purchase price") shall be an amount

based on the net asset value per share/beneficiary unit of the relevant class on the Valuation Day specified by the Board
of Directors for the redemption of shares/beneficiary units in the Company next preceding the date of the purchase
notice or next succeeding the surrender of the share/beneficiary unit certificate or certificates representing the shares/
beneficiary units specified in such notice, whichever is lower, all as determined in accordance with Article 9 hereof, less
any service charge provided therein.

(3) Payment of the purchase price will be made available to the former owner of such shares/beneficiary units normally

in the currency fixed by the Board of Directors for the payment of the redemption price of the shares/beneficiary unitsof
the relevant class and will be deposited for payment to such owner by the Company with a bank in Luxembourg or
elsewhere (as specified in the purchase notice) upon final determination of the purchase price following surrender of the
share/beneficiary unit certificate or certificates specified in such notice and unmatured dividend coupons attached thereto.
Upon service of the purchase notice as aforesaid such former owner shall have no further interest in such shares/bene-
ficiary units or any of them, nor any claim against the Company or its assets in respect thereof, except the right to receive
the purchase price (without interest) from such bank following effective surrender of the share/beneficiary unit certificate
or certificates as aforesaid. Any funds receivable by a shareholder/unitholder under this paragraph, but not collected
within a period of six months from the date specified in the purchase notice, may not thereafter be claimed and shall be
deposit with the "Caisse de Consignations". The Board of Directors shall have power from time to time to take all steps
necessary to perfect such reversion and to authorize such action on behalf of the Company.

(4) The exercise by the Company of the power conferred by this Article shall not be questioned or invalidated in any

case, on the ground that there was insufficient evidence of ownership of shares/beneficiary units by any person or that
the true ownership of any shares/beneficiary units was otherwise than appeared to the Company at the date of any
purchase notice, provided in such case the said powers were exercised by the Company in good faith.

"Prohibited Person" as used herein does neither include any subscriber to shares of the Company issued in connection

with the incorporation of the Company while such subscriber holds such shares nor any securities dealer who acquires
shares/beneficiary units with a view to their distribution in connection with an issue of shares/beneficiary units by the
Company.

Prohibited Person does include any non well-informed investor within the meaning of article 2 of the Law of 13 February

2007.

A well-informed investor, as defined by article 2 of the Law of 13 February 2007 shall include: an institutional investor,

a professional investor or any other investor who meets the following conditions:

a) he has confirmed in writing that he adheres to the status of well-informed investor; and
b) (i) he invests a minimum of one hundred and twenty five thousand euros (EUR 125,000.00) or any equivalent in

USD in the Company, or (ii) he has been the subject of an assessment made by a credit institution within the meaning of
Directive 2006/48/EC, by an investment firm within the meaning of Directive 2004/39/EC or by a management company
within the meaning of Directive 2001/107/EC certifying his expertise, his experience and his knowledge in adequately
appraising an investment in the Company.

The conditions set forth in the paragraph above are not applicable to the directors and other persons who intervene

in the management of the Company.

Prohibited Person does further include "U.S. person" which means a person as defined in Regulation S of the United

90774

investors (as defined in Rule 501(a) under the Securities Act) who are not natural persons, estates or trusts; but shall not
include (i) any discretionary account or similar account (other than an estate or trust) held for the benefit or account of
a non U.S. Person by a dealer or other professional fiduciary organised, incorporated, or (if an individual) resident in the
United States or (ii) any estate of which any professional fiduciary acting as executor or administrator is a U.S. Person if
an executor or administrator of the estate who is not a U.S. Person has sole or shared investment discretion with respect
to the assets of the estate and the estate is governed by foreign law.".

8. Amendment of paragraph 1, item I point 1) to 6) and items II to IV, of former Article 11 "Calculation of Net Asset

Value per Share" of the Articles, so as to read as follows:

" Art. 12. Calculation of net asset value per share or beneficiary unit. The net asset value per share/beneficiary unit of

each class within each Portfolio shall be expressed in the pricing currency (as defined in the sales documents of the
Company for the shares/beneficiary unit) of the relevant class or Portfolio and shall be determined as of any Valuation
Day by dividing the net assets of the Company attributable to each class, being the value of the portion of assets less the
portion of liabilities attributable to such class, on any such Valuation Day, by the total number of shares/beneficiary units
in the relevant class then outstanding, in accordance with the valuation rules set forth below. The net asset value per
share/beneficiary unit may be rounded up or down up to the nearest ten thousandth of the relevant pricing currency as
the Board of Directors shall determine. If since the time of determination of the net asset value there has been a material
change in the quotations in the markets on which a substantial portion of the investments attributable to the relevant
class are dealt in or quoted, the Company may, in order to safeguard the interests of the shareholders/unitholders and
the Company, cancel the first valuation and carry out a second valuation.

The valuation of the net asset value of the different classes shall be made in the following manner:
I. The assets of the Company shall include:
1) all cash on hand or on deposit, including any interest accrued thereon;
2) all bills and demand notes payable and accounts receivable (including proceeds of securities sold but not delivered);
3) all bonds, time notes, certificates of deposit, shares, units, stock, debentures, debenture stocks, subscription rights,

warrants, options and other securities, financial instruments and similar assets owned or contracted for by the Company
(provided that the Company may make adjustments in a manner not inconsistent with paragraph (a) below with regards
to fluctuations in the market value of securities caused by trading ex-dividends, ex-rights, or by similar practices);

4) all stock dividends, cash dividends and cash distributions receivable by the Company to the extent information

thereon is reasonably available to the Company;

5) all interest accrued on any interest-bearing assets owned by the Company except to the extent that the same is

included or reflected in the principal amount of such asset;

6) the preliminary expenses of the Company, including the cost of issuing and distributing shares/beneficiary units of

the Company, insofar as the same have not been written off;

(...)
II. The liabilities of the Company shall include:
1) all loans, bills and accounts payable;
2) all accrued interest on loans of the Company;
3) all accrued or payable expenses (including administrative expenses, management fees, including incentive fees, cus-

todian fees, and administrative agents' fees);

4) all known liabilities, present and future, including all matured contractual obligations for payments of money or

property, including the amount of any unpaid dividends declared by the Company;

5) an appropriate provision for future taxes based on capital and income to the Valuation Day, as determined from

time to time by the Company, and other reserves (if any) authorized and approved by the Board of Directors, as well as
such amount (if any) as the Board of Directors may consider to be an appropriate allowance in respect of any contingent
liabilities of the Company;

6) all other liabilities of the Company of whatsoever kind and nature reflected in accordance with generally accepted

accounting principles. In determining the amount of such liabilities the Company shall take into account all expenses
payable by the Company which shall comprise formation expenses, administrative expenses, fees payable to its investment
manager and adviser, including performance fees, fees and expenses payable to its auditors and accountants, custodian
and its correspondents, domiciliary and corporate agent, registrar and transfer agent, listing agent, any paying agent, any
permanent representatives in places of registration, as well as any other agent employed by the Company, the remune-
ration of the directors (if any) and their reasonable out-of-pocket expenses, insurance coverage, and reasonable travelling
costs in connection with board meetings, fees and expenses for legal and auditing services, any fees and expenses involved
in registering and maintaining the registration of the Company with any governmental agencies or stock exchanges in the
Grand Duchy of Luxembourg and in any other country, reporting and publishing expenses, including the cost of preparing,
printing, advertising and distributing prospectuses, explanatory memoranda, periodical reports or registration statements,
and the costs of any reports to shareholders/unitholders, all taxes, duties, governmental and similar charges, and all other
operating expenses, including the cost of buying and selling assets, interest, bank charges and brokerage, postage, tele-

90775

phone and telex. The Company may accrue administrative and other expenses of a regular or recurring nature based on
an estimated amount rateably for yearly or other periods.

III. The assets shall be allocated as follows:
The Board of Directors shall establish a Portfolio in respect of each class and may establish a Portfolio in respect of

two or more classes in the following manner:

a) If two or more classes relate to one Portfolio, the assets attributable to such classes shall be commonly invested

pursuant to the specific investment policy of the Portfolio concerned. Within a Portfolio, classes may be defined from
time to time by the board so as to correspond to (i) a specific distribution policy, such as entitling to distributions
("Distribution Shares/beneficiary units") or not entitling to distributions ("Capitalization Shares/beneficiary units") and/or
(ii) a specific sales and redemption charge structure and/or (iii) a specific management or advisory fee structure, and/or
(iv) a specific distribution fee structure, and/or (v) a specific currency, and/or (vi) different minimum investment requi-
rements, and/or (vii) the use of different hedging techniques in order to protect in the base currency of the relevant
Portfolio the assets and returns quoted in the currency of the relevant class against long-term movements of their currency
of quotation; and/or (viii) any other specific features applicable to one class.

b) The proceeds to be received from the issue of shares or beneficiary units of a class shall be applied in the books of

the Company to the Portfolio established for that class, and the relevant amount shall increase the proportion of the net
assets of such Portfolio attributable to the class, and the assets and liabilities and income and expenditure attributable to
such class or classes shall be applied to the corresponding Portfolio subject to the provisions of this Article.

c) Where any asset is derived from another asset, such derivative asset shall be applied in the books of the Company

to the same Portfolio as the assets from which it was derived and on each revaluation of an asset, the increase or decrease
in value shall be applied to the relevant Portfolio.

d) Where the Company incurs a liability which relates to any asset of a particular class or Portfolio or to any action

taken in connection with an asset of a particular class or Portfolio, such liability shall be allocated to the relevant class or
Portfolio.

e) In the case where any asset or liability of the Company cannot be considered as being attributable to a particular

class or Portfolio, such asset or liability shall be allocated to all the classes or Portfolio pro rata to the net asset values
of the relevant classes or Portfolio or in such other manner as determined by the Board of Directors acting in good faith.
Each Portfolio shall only be responsible for the liabilities which are attributable to such Portfolio.

f) Upon the payment of distributions to the shareholders/unitholders of any class , the net asset value of such class

shall be reduced by the amount of such distributions.

All valuation regulations and determinations shall be interpreted and made in accordance with generally accepted

accounting principles.

In the absence of bad faith, gross negligence or manifest error, every decision in calculating the net asset value taken

by the Board of Directors or by any bank, company or other organization which the Board of Directors may appoint for
the purpose of calculating the net asset value, shall be final and binding on the Company and present, past or future
shareholders/unitholders.

IV. For the purpose of this Article:
1) shares/beneficiary units of the Company to be redeemed under Article 8 hereof shall be treated as existing and

taken into account until immediately after the time specified by the Board of Directors on the Valuation Day on which
such redemption is made and from such time and until paid by the Company the price therefore shall be deemed to be
a liability of the Company;

2) shares/beneficiary units to be issued by the Company shall be treated as being in issue as from the time specified

by the Board of Directors on the Valuation Day on which such issue is made and from such time and until received by
the Company the price therefore shall be deemed to be a debt due to the Company;

3) where on any Valuation Day the Company has contracted to:
- purchase any asset, the value of the consideration to be paid for such asset shall be shown as a liability of the Company

and the value of the asset to be acquired shall be shown as an asset of the Company;

- sell any asset, the value of the consideration to be received for such asset shall be shown as an asset of the Company

and the asset to be delivered shall not be included in the assets of the Company; provided however, that if the exact
value or nature of such consideration or such asset is not known on such Valuation Day, then its value shall be estimated
by the Company.

4) The Company may invest and manage all or any part of the assets established for two or more Portfolios (for the

purposes hereof "Participating Portfolios") on a pooled basis. Any such asset pool shall be formed by transferring to it
cash or other assets (subject to such assets being appropriate in respect of the investment policy of the pool concerned)
from each of the Participating Portfolios. Thereafter, the Company may from time to time make further transfers to each
asset pool. Assets may also be transferred back to a Participating Portfolio up to the amount of the participation of the
Portfolio concerned. The share of a Participating Portfolio in an asset pool shall be measured by reference to notional
units of equal value in the asset pool. On formation of an asset pool, the Company shall determine the initial value of
notional units (which shall be expressed in such currency as the Company may consider appropriate) and shall allocate

90776

to each Participating Portfolio notional units having an aggregate value equal to the amount of cash (or the value of other
assets) contributed. Thereafter, the value of the units shall be determined by dividing the net assets of the asset pool by
the number of notional units existing.

When additional cash or assets are contributed to or withdrawn from an asset pool, the allocation of notional units

of the Participating Portfolio concerned will be increased or reduced, as the case may be, by a number of notional units
determined by dividing the amount of cash or the value of assets contributed or withdrawn by the current value of a
Share, a unit, in such asset pool. Where a contribution is made in cash, it may be treated for the purpose of this calculation
as reduced by an amount which the Company considers appropriate to reflect fiscal charges and dealing and purchase
costs which may be incurred in investing the cash concerned; in the case of cash withdrawal, a corresponding deduction
may be made to reflect costs which may be incurred in realising securities or other assets of the asset pool.

Dividends, interest and other distributions of an income nature earned in respect of the assets in an asset pool will be

applied to such asset pool and cause the respective net assets to increase. Upon the dissolution of the Company, the
assets in an asset pool will be allocated to the Participating Portfolios in proportion to their respective participation in
the asset pool.

The Board shall establish a portfolio of assets for each class in the following manner:
a) the proceeds from the allotment and issue of each class within the relevant Portfolio shall be applied in the books

of the Company to the pool of assets established for that class , and the assets and liabilities and income and expenditure
attributable thereto shall be applied to such pool subject to the provisions of this Article;

b) where any asset is derived from another asset, such derivative asset shall be applied in the books of the Company

to the same pool as the asset from which it was derived and on each re-evaluation of an asset, the increase or diminution
in value shall be applied to the relevant pool;

c) where the Company incurs a liability which relates to any asset of a particular pool or to any action taken in

connection with an asset of a particular pool, such liability shall be allocated to the relevant pool;

d) in the case where any asset or liability of the Company cannot be considered as being attributable to a particular

pool, such asset or liability shall be allocated to all the pools pro rata to the Net Asset Values of the relevant class(es)
within the relevant Portfolio, provided that the Board may reallocate any asset or liability previously allocated by them if
in their opinion circumstances so require; and the Board may in the books of the Company appropriate an asset or liability
from one pool of assets to another if for any reason (including, but not limited to, a creditor proceeding against certain
assets of the Company) an asset or a liability would but for such appropriation not have been borne wholly or partly in
the manner determined by the Board under this Article; provided that each Portfolio shall be exclusively responsible for
all liabilities attributed to it;

e) upon the payment, or the occurrence of the record date, if determined, for payment, of dividends to the holders

of shares/ beneficiary units in any class within a Portfolio, the Net Asset Value of such class, shall be reduced by the
amount of such dividends;

f) if there have been created, as provided in Article 5 within a Portfolio, classes, the allocations rules set forth above

shall be applicable mutatis mutandis to such classes.

Claims of third parties against the Company shall be accounted for in the relevant class.
Each Portfolio shall be liable only for its own debts and obligations.".
9. Amendment of former Article 12 "Frequency and Temporary Suspension of Calculation of Net Asset Value per

Share, of Issue, Redemption and Conversion of Shares" of the Articles, so as to read as follows:

" Art. 13. Frequency and Temporary Suspension of Calculation of Net Asset Value per Share or Beneficiary Units, of

Issue, Redemption and Conversion of Shares or Beneficiary Units. With respect to each class, the net asset value per
share/beneficiary unit and the subscription, redemption and conversion price of shares/beneficiary units shall be calculated
from time to time by the Company or any agent appointed thereto by the Company, at a frequency determined by the
Board of Directors, such date or time of calculation being referred to herein as the "Valuation Day" as more fully described
in the sales documents of the Company.

The Company may temporarily suspend the determination of the net asset value per share/beneficiary unit of any

particular class and the issue and redemption of its shares/beneficiary units from its shareholders/unitholdersas well as
the conversion from and to shares/beneficiary units of each class:

a) during any period when any of the principal stock exchanges or regulated markets on which a substantial portion

of the investments of the Company attributable to a Portfolio from time to time is quoted, or when one or more foreign
exchange markets in the currency in which a substantial portion of the assets of the Portfolio is denominated, are closed
otherwise than for ordinary holidays or during which dealings are substantially restricted or suspended;

b) political, economic, military, monetary or other emergency beyond the control, liability and influence of the Com-

pany makes the disposal of the assets of any Portfolio impossible under normal conditions or such disposal would be
detrimental to the interests of the shareholders/unitholders;

c) during any breakdown in the means of communication network normally employed in determining the price or value

of any of the investments of such Portfolio or the current price or value on any stock exchange or market in respect of
the assets attributable to such Portfolio;

90777

d) during any period when the Company is unable to repatriate funds for the purpose of making payments on the

redemption of shares/beneficiary units of such Portfolio or during which any transfer of funds involved in the realisation
or acquisition of investments or payments due on redemption of shares/beneficiary units cannot, in the opinion of the
Board of Directors, be effected at normal rates of exchange;

e) during any period when for any other reason the prices of any investments owned by the Company attributable to

such Portfolio cannot promptly or accurately be ascertained;

f) during any period when the Board of Directors so decides, provided all shareholders/unitholders are treated on an

equal footing and all relevant laws and regulations are applied (i) as soon as an extraordinary general meeting of share-
holders of the Company or a Portfolio has been convened for the purpose of deciding on the liquidation or dissolution
of the Company or a Portfolio and (ii) when the Board of Directors is empowered to decide on this matter, upon its
decision to liquidate or dissolve a Portfolio.

In circumstances where (i) one or more pricing sources fails to provide valuations to the administrative agent, which

could have a significant impact on the net asset value, or where (ii) the value of any asset(s) may not be determined as
rapidly and accurately as required, the administrative agent is authorized to postpone the net asset value calculation and
as a result may be unable to determine subscription and redemption prices. The board of directors shall be informed
immediately by the administrative agent should this situation arise. The board of directors may then decide to suspend
the calculation of the net asset value in accordance with the procedures described above.

When exceptional circumstances might adversely affect shareholders'/unitholders' interests or in the case that signi-

ficant requests for subscription, redemption or conversion are received, the Board of Directors reserves the right to set
the value of shares/beneficiary units in one or more Portfolios only after having sold the necessary securities, as soon as
possible, on behalf of the Portfolio(s) concerned. In this case, subscriptions, redemptions and conversions that are si-
multaneously in the process of execution will be treated on the basis of a single net asset value in order to ensure that
all shareholders/unitholders having presented requests for subscription, redemption or conversion are treated equally.

Any such suspension of the calculation of the net asset value shall be notified to the subscribers and shareholders/

unitholders requesting redemption, subscription or conversion of their shares/beneficiary units on receipt of their request
for subscription, redemption or conversion.

Suspended subscriptions, redemptions and conversions will be taken into account on the first Valuation Day after the

suspension ends.

Such suspension as to any class shall have no effect on the calculation of the net asset value per share/beneficiary unit,

the issue, redemption and conversion of shares/beneficiary units of any other class.

Any request for subscription, redemption or conversion shall be irrevocable except in the event of a suspension of

the calculation of the net asset value.".

10. Amendment of former Article 18 "Investment Policies and Restrictions" of the Articles, so as to read as follows:

" Art. 19. Investment Policies and Restrictions. The Board of Directors, based upon the principle of risk spreading, has

the power to determine (i) the investment policies and strategies to be applied in respect of each Portfolio, (ii) the hedging
strategy, if any, to be applied to specific classes within particular Portfolios and (iii) the course of conduct of the mana-
gement and business affairs of the Company.".

11. Amendment of the first paragraph of former Article 22 "General Meetings of Shareholders of the Company", so

as to read as follows:

"The general meeting of shareholders of the Company shall represent the entire body of shareholders of the Company.

Its resolutions shall be binding upon all the shareholders/unitholders regardless of the class except if it changes the rights
of the beneficiary units stipulated in article 6. It shall have the broadest powers to order, carry out or ratify acts relating
to the operations of the Company.".

12. Amendment of former Article 23 "General Meetings of Shareholders in a Portfolio or in a Class of Shares" of the

Articles, so as to read as follows:

" Art. 24. General Meetings of Shareholders in a Portfolio or in a Class. The shareholders of the class or classes issued

in respect of any Portfolio may hold, at any time, general meetings to decide on any matters which relate exclusively to
such Portfolio.

In addition, the shareholders/unitholders of any class may hold, at any time, general meetings to decide on any matters

which relate exclusively to such class.

The provisions of Article 22, paragraphs 2, 3, 7, 8, 9, 10, 11, 12, 13, 14, 15 and 16 shall apply to such general meetings.
Each share is entitled to one vote in compliance with Luxembourg law and these Articles. Shareholders/unitholders

may act either in person or by giving a proxy in writing or by cable, telegram or facsimile transmission to another person
who needs not be a shareholder and may be a director of the Company.

Unless otherwise provided for by law or herein, resolutions of the general meeting of shareholders of a Portfolio or

of a class are passed by a simple majority of the validly cast votes, which, for the avoidance of doubt shall not include
abstention, nil vote and blank ballot paper.

90778

Any resolution of the general meeting of shareholders of the Company, affecting the rights of the holders of shares/

beneficiary units of any class vis-à-vis the rights of the holders of shares/beneficiary units of any other class or classes,
shall be subject to a resolution of the general meeting of shareholders of such class or classes in compliance with Article
68 of the law of 10 August, 1915 on commercial companies, as amended (the "Law of 10 August 1915).".

13. Amendment of former Article 24 "- Dissolution and Merger of Portfolios or Classes of Shares" of the Articles, so

as to read as follows:

" Art. 25. Dissolution and Merger of Portfolios or Classes. In the event that for any reason the value of the net assets

in any Portfolio or the value of the net assets of any class within a Portfolio has decreased to an amount determined by
the Board of Directors to be the minimum level for such Portfolio, or such class, to be operated in an economically
efficient manner, or if a change in the economical or political situation relating to the Portfolio or class concerned would
have material adverse consequences on the investments of that Portfolio or in order to proceed to an economic ratio-
nalization, the Board of Directors may -without the shareholders/unitholders approval being necessary- decide to
compulsorily redeem all the shares/beneficiary units of the relevant class or classes issued in such Portfolio at the net
asset value per share/beneficiary units (taking into account actual realization prices of investments and realization expen-
ses), calculated on the Valuation Day at which such decision shall take effect. The decision of the Board of Directors will
be published (either in newspapers to be determined by the Board of Directors or by way of a notice sent to the
shareholders/unitholders at their addresses indicated in the register of shareholders/unitholders) prior to the effective
date of the compulsory redemption and the publication will indicate the reasons for, and the procedures of, the com-
pulsory redemption operations. Unless it is otherwise decided in the interests of, or to keep equal treatment between,
the shareholders/unitholders, the shareholders/unitholders of the Portfolio or class concerned may continue to request
redemption or conversion of their shares/beneficiary units free of charge (but taking into account actual realization prices
of investments and realization expenses) prior to the date effective for the compulsory redemption.

Notwithstanding the powers conferred to the Board of Directors by the preceding paragraph, the shareholders of any

one or all classes issued in any Portfolio may at a general meeting of such shareholders, upon proposal from the Board
of Directors, redeem all the shares/beneficiary units of the relevant class or classes and refund to the shareholders/
unitholders the net asset value of their shares/beneficiary units (taking into account actual realization prices of investments
and realization expenses) calculated on the Valuation Day at which such decision shall take effect. There shall be no
quorum requirements for such general meeting of shareholders which shall decide by resolution taken by simple majority
of the validly cast votes.

Assets which may not be distributed to their beneficiaries upon the implementation of the redemption will be deposited

with the Caisse de Consignations on behalf of the persons entitled thereto.

All redeemed shares/beneficiary units shall be cancelled.
Under the same circumstances as provided in the first paragraph of this Article, the Board of Directors may decide

to allocate the assets of any Portfolio to those of another existing Portfolio within the Company or to another UCI
organized under the provisions of Part II of the Law of 20 December 2002 concerning UCI or under the law of 13 February
2007 (the "New Portfolio") and to redesignate the shares/ beneficiary units of such Portfolio as shares/beneficiary units
of the New Portfolio (following a split or consolidation, if necessary, and the payment of the amount corresponding to
any fractional entitlement to shareholders/unitholders). Such decision will be published in the same manner as described
in the first paragraph of this Article (and, in addition, the publication will contain information in relation to the New
Portfolio), one month before the date on which the merger becomes effective in order to enable shareholders/unitholders
to request redemption or conversion of their shares/beneficiary units, free of charge, during such period.

At the expiry of this period, the decision related to the contribution binds all the shareholders/unitholders who have

not exercised such right, provided that when the UCI benefiting from such contribution is of the contractual type (fonds
commun de placement), the decision only binds the shareholders/unitholders who agreed to the contribution.

The Board of Directors may also, under the same circumstances as provided above, decide to allocate the assets of,

and liabilities attributable to any portfolio to a foreign UCI.

A Portfolio may exclusively be contributed to a foreign UCI upon approval of all the shareholders/unitholders of the

classes issued in the Portfolio concerned or under the condition that only the assets of the consenting shareholders/
unitholders be contributed to the foreign UCI.

Notwithstanding the powers conferred to the Board of Directors by the preceding paragraph, a contribution of the

assets and of the liabilities attributable to any Portfolio to another Portfolio of the Company may be decided upon by a
general meeting of the shareholders of the Portfolio concerned for which there shall be no quorum requirements and
which will decide upon such a merger by resolution taken by simple majority of the validly cast votes.

A contribution of the assets and of the liabilities attributable to any Portfolio to another UCITS referred to in the fifth

paragraph of this Article or to another Portfolio within such other UCITS shall require a resolution of the shareholders
of such Portfolio taken with 50% quorum requirement of the shares in issue and adopted at a 2/3 majority of the votes
validly cast at such meeting, except when such a contribution is to be implemented with a Luxembourg UCI of the
contractual type (fonds commun de placement) or a foreign based UCI, in which case such resolutions shall be binding
only on those shareholders who have voted in favour of such contribution.

90779

In the event that the Board of Directors determine that it is required for the interests of the shareholders/unitholders

of the relevant Portfolio or that a change in the economic or political situation relating to the Portfolio concerned has
occurred which would justify it, the reorganisation of one Portfolio, by means of a division into two or more Portfolios,
may be decided by the Board of Directors. Such decision will be published in the same manner as described above and,
in addition, the publication will contain information in relation to the two or more new Portfolios. Such publication will
be made within one month before the date on which the reorganisation becomes effective in order to enable the sha-
reholders/unitholders to request redemption of their shares/beneficiary units, free of charge before the operation
involving division into two or more Portfolios becomes effective.".

14. Amendment of former Article 26 "Distributions" of the Articles, so as to read as follows:

" Art. 27. Distributions. The general meeting of shareholders of the class or classes issued in respect of any Portfolio

shall, upon proposal from the Board of Directors and within the limits provided by law, determine how the results of
such Portfolio shall be disposed of, and may from time to time declare, or authorize the Board of Directors to declare,
distributions.

For any class entitled to distributions, the Board of Directors may decide to pay interim dividends in compliance with

the conditions set forth by law.

Payments of distributions to holders of registered shares/beneficiary units shall be made to such shareholders/uni-

tholders at their addresses in the register of shareholders/unitholders. Payments of distributions to holders of bearer
shares/ beneficiary units shall be made upon presentation of the dividend coupon to the agent or agents therefore desi-
gnated by the Company.

Distributions may be paid in such currency and at such time and place that the Board of Directors shall determine

from time to time.

For each Portfolio or class, the Board of Directors may decide on the payment of interim dividends in compliance with

legal requirements.

The Board of Directors may decide to distribute stock dividends in lieu of cash dividends upon such terms and con-

ditions as may be set forth by the Board of Directors.

Any distribution that has not been claimed within five years of its declaration shall be forfeited and revert to the

Portfolio relating to the relevant class or classes.

No interest shall be paid on a dividend declared by the Company and kept by it at the disposal of its beneficiary.".
15. Amendment of former Article 28 "Liquidation" of the Articles, so as to read as follows:

" Art. 29. Liquidation. Liquidation shall be carried out by one or several liquidators, who may be physical persons or

legal entities, appointed by the general meeting of shareholders which shall determine their powers and their compen-
sation.

The net proceeds of liquidation corresponding to each Class shall be distributed by the liquidators to the holders of

shares/beneficiary units as more fully described in the prospectus for each relevant Portfolio.".

16. Addition of a second paragraph to former Article 30 "Amendments to the Articles of Incorporation" of the Articles,

so as to read as follows:

"The rights of the unitholders stipulated in article 6 may only be amended upon approval of all the unitholders in

writing.".

17. Amendment of former Article 31 "Statement" of the Articles, so as to read as follows:

" Art. 31. Statement. Words importing a masculine gender also include the feminine gender and words importing

persons or shareholders/unitholders also include corporations, partnerships associations and any other organized group
of persons whether incorporated or not.".

18. Additional minor changes
Approval of all other minor amendments, including any format and stylistic changes as duly reflected in the draft Articles

available for inspection at the registered office of the Company.

19. Miscellaneous.
II. The shareholders present or represented, the proxies of the represented shareholders and the number of their

shares are shown on an attendance list; this attendance list, signed by the shareholders present, the proxies of the
represented shareholders and the board of the meeting will remain annexed to these Minutes.

III. Pursuant to the attendance list, all the eighteen thousand sixty-six point three three four (18,066.334) shares

outstanding, that is to say hundred per cent (100%) of the capital is present or represented.

IV. All the share capital being present or represented and the shareholders present or represented declaring that they

have had due notice and got knowledge of the agenda prior to this meeting and declare to have been duly convened.

V. Pursuant to Article 67-1 (2) of the law of 10 August 1915 on commercial companies, the present meeting may only

validly deliberate on the agenda, if at least 50% of the issued share capital is represented.

VI. Consequently, the present meeting is duly constituted and can therefore validly deliberate on the items of the

agenda.

90780

After deliberation the general meeting unanimously took the following resolutions:

First resolution

The meeting decides to amend Article 5 "Share Capital - Classes of Shares" of the Articles, so as to read as follows:

" Art. 5. Share capital. The capital of the Company shall be represented by shares of no par value and shall at any time

be equal to the total net assets attributed to the shares of the Company. The Board of Directors is authorized to issue,
in accordance with Article 7 hereof, an unlimited number of partly or fully paid-up shares without reserving to the existing
shareholders a preferential right to subscribe for the shares to be issued. At least 5% of the subscription amount for
partly paid-up shares must be paid-up in cash or by means of a contribution other than cash. The minimum capital as
provided by law shall be one million two hundred and fifty thousand Euro (EUR 1,250,000.). Such minimum capital must
be reached within a period of twelve months after the date on which the Company has been authorised as a collective
investment undertaking under Luxembourg law. The initial capital is thirty one thousand Euro (EUR 31,000.) divided into
thirty one (31) shares of no par value".".

Second resolution

The meeting decides to add a new Article 6 "Beneficiary Units" to the Articles, so as to read as follows:

" Art. 6. Beneficiary units. The Board of Directors may also issue beneficiary units which do not represent any part of

the share capital of the Company and which do not grant a preferential right to subscribe for the units to be issued.

Beneficiary units of whatever Portfolio or class carry no voting rights.
The Beneficiary Units shall bear the entitlements to dividends and liquidation proceeds as set forth in Article 27 and

29.

However, the above stipulated rights of beneficiary units may only be amended (i) if approved by the shareholders

under the conditions of quorum and majority provided for the amendment of the Articles and (ii) with the consent of all
the holders of beneficiary units.".

and subsequently to renumber the following articles.

Third resolution

The meeting decides to amend former Article 6 "Form of Shares" of the Articles, so as to read as follows:

" Art. 7. Classes - Form of shares and Beneficiary units. The shares/beneficiary units to be issued pursuant to Article

The Board of Directors shall establish a pool of assets constituting a portfolio (a "Portfolio") within the meaning of

Article 71 of the Law of 13 February 2007 for each class or for two or more classes in the manner described in Article
11 hereof. The Company constitutes one single legal entity. However, each pool of assets shall be invested for the exclusive
benefit of the relevant Portfolio. In addition, each Portfolio shall only be responsible for the liabilities which are attributable
to such Portfolio.

The Board of Directors may create each Portfolio for an unlimited or limited period of time; in the latter case, the

Board of Directors may, at the expiry of the initial period of time, extend the duration of the relevant Portfolio once or
several times. At expiry of the duration of the Portfolio, the Company shall redeem all the shares/beneficiary units in the
relevant class(es), in accordance with Article 8 below, notwithstanding the provisions of Article 24 below.

At each prorogation of a Portfolio, the registered shareholders/unitholders shall be duly notified in writing, by a notice

For the purpose of determining the capital of the Company, the net assets attributable to each class of shares shall, if

not expressed in Euro, be converted into Euro and the capital shall be the total of the net assets of all the classes attributed
to the shares.

(1) The Board of Directors shall determine whether the Company shall issue shares/beneficiary units in bearer and/

All issued registered shares/beneficiary units of the Company shall be registered in the register of shareholders/uni-

90781