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U X E M B O U R G

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° 3160

23 décembre 2011

SOMMAIRE

ARIA Structured Investments SICAV-SIF

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

151636

Bayerische Entwicklung S.P.F. . . . . . . . . . . .

151635

Belux Invest S.A. . . . . . . . . . . . . . . . . . . . . . . .

151637

BL . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

151636

BL Fund Selection . . . . . . . . . . . . . . . . . . . . . .

151634

Bond Absolute Return . . . . . . . . . . . . . . . . . .

151635

Cash Plus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

151659

CCR Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . .

151639

CNOOC Luxembourg S.à r.l. . . . . . . . . . . .

151672

Fonditalia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

151635

GAR Investment Managers . . . . . . . . . . . . .

151659

Global Diversified Sicav . . . . . . . . . . . . . . . . .

151637

Harmattan S.à r.l. . . . . . . . . . . . . . . . . . . . . . .

151674

IMC Asset Management Funds . . . . . . . . . .

151638

Industrial Partnership . . . . . . . . . . . . . . . . . .

151635

ING (L) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

151639

Koronea S.à r.l. . . . . . . . . . . . . . . . . . . . . . . . .

151677

Lance (SPF) SA . . . . . . . . . . . . . . . . . . . . . . . .

151669

Method Investments SICAV . . . . . . . . . . . . .

151641

NPF Soparfi B S.à r.l. . . . . . . . . . . . . . . . . . . .

151680

Pictet Global Selection Fund . . . . . . . . . . . .

151638

Pictet Global Selection Fund . . . . . . . . . . . .

151638

Pléiade . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

151634

Rocky Mountains Holding S.A., SPF . . . . . .

151638

Sculptor Investments S.à r.l. . . . . . . . . . . . .

151670

Sun Flare S.A. . . . . . . . . . . . . . . . . . . . . . . . . . .

151669

VCH Emerging Markets Profiteure . . . . . .

151637

VermögensManagement Wachstumslän-

der Balance . . . . . . . . . . . . . . . . . . . . . . . . . . .

151634

151633

U X E M B O U R G

BL Fund Selection, Société d'Investissement à Capital Variable.

Siège social: L-2449 Luxembourg, 14, boulevard Royal.

R.C.S. Luxembourg B 133.040.

Le Conseil d'Administration a l'honneur de convoquer les Actionnaires de la Sicav BL FUND SELECTION à

l'ASSEMBLEE GENERALE ORDINAIRE

qui se tiendra le 12 janvier 2012 à 15.00 heures au siège social, afin de délibérer sur l'ordre du jour suivant:

Ordre du jour:

1. Rapport du Conseil d'Administration et du Réviseur d'Entreprises agréé
2. Approbation des comptes annuels arrêtés au 30 septembre 2011
3. Affectation des résultats
4. Quitus aux Administrateurs
5. Renouvellement du mandat du Réviseur d'Entreprises agréé
6. Nominations statutaires.

Les Actionnaires sont informés que l'Assemblée n'a pas besoin de quorum pour délibérer valablement. Les résolutions,

pour être valables, doivent réunir la majorité des voix exprimées des Actionnaires présents ou représentés. Des procu-
rations sont disponibles au siège social de la Sicav.

Les Actionnaires en nom seront admis sur justification de leur identité, à condition d'avoir, au moins cinq jours francs

avant l'Assemblée, informé le Conseil d'Administration (fax: +352 49 924 2501; e-mail: ifs.fds@bdl.lu) de leur intention
d'assister à l'Assemblée.

Référence de publication: 2011177007/755/22.

Pléiade, Société d'Investissement à Capital Variable.

Siège social: L-2449 Luxembourg, 22-24, boulevard Royal.

R.C.S. Luxembourg B 42.619.

Le Conseil d'Administration a l'honneur de convoquer les Actionnaires de la Sicav PLÉIADE à

l'ASSEMBLEE GENERALE ORDINAIRE

qui se tiendra le 11 janvier 2012 à 9.30 heures au siège social, afin de délibérer sur l'ordre du jour suivant:

Ordre du jour:

Les Actionnaires sont informés que l'Assemblée n'a pas besoin de quorum pour délibérer valablement. Les résolutions,

pour être valables, doivent réunir la majorité des voix exprimées des Actionnaires présents ou représentés. Des procu-
rations sont disponibles au siège social de la Sicav.

Les Actionnaires en nom seront admis sur justification de leur identité, à condition d'avoir, au moins cinq jours francs

avant l'Assemblée, informé le Conseil d'Administration (fax: +352 49 924 2501 - ifs.fds@bdl.lu) de leur intention d'assister
à l'Assemblée.

Référence de publication: 2011177004/755/22.

VermögensManagement Wachstumsländer Balance, Fonds Commun de Placement.

Das Verwaltungsreglement des VermögensManagement Wachstumsländer Balance wurde beim Handels- und Gesell-

schaftsregister von Luxemburg hinterlegt.

Zwecks Veröffentlichung im Mémorial, Recueil des Sociétés et Associations.

Senningerberg, im Oktober 2011.

Allianz Global Investors Luxembourg S.A.

Référence de publication: 2011139257/10.
(110161658) Déposé au registre de commerce et des sociétés de Luxembourg, le 11 octobre 2011.

151634

U X E M B O U R G

Industrial Partnership, Société Anonyme.

Siège social: L-1653 Luxembourg, 2, avenue Charles de Gaulle.

R.C.S. Luxembourg B 73.500.

Die Aktionäre werden hiermit zur

AUSSERORDENTLICHEN GENERALVERSAMMLUNG

der Gesellschaft eingeladen, die am 23. Januar 2012 um 11.00 Uhr, an der Adresse des Gesellschaftssitzes, mit folgender

Tagesordnung stattfindet:

Tagesordnung:

"Beschluss über die Weiterführung der Gesellschaft gemäss Artikel 100 des Gesetzes über die Handelsgesellschaften".

Die ordentliche Generalversammlung der Gesellschaft vom 14. Dezember 2011 konnte nicht rechtmäßig über diesen

Punkt abstimmen, da die gesetzlich geforderte Aktienmehrheit nicht vertreten war.

Die ausserordentliche Generalversammlung vom 23. Januar 2012 wird rechtsgültig abstimmen, unabhängig davon, in

welcher Höhe das Kapital vertreten ist.

Der Verwaltungsrat.

Référence de publication: 2011177005/534/17.

Bayerische Entwicklung S.P.F., Société Anonyme - Société de Gestion de Patrimoine Familial.

Siège social: L-2311 Luxembourg, 3, avenue Pasteur.

R.C.S. Luxembourg B 76.529.

Le Conseil d'Administration a l'honneur de convoquer Messieurs les actionnaires par le présent avis, à

l'ASSEMBLEE GENERALE ORDINAIRE

qui aura lieu le 12 janvier 2012 à 16.00 heures au siège social, avec l'ordre du jour suivant:

Ordre du jour:

1. Approbation des rapports du Conseil d'Administration et du Commissaire aux Comptes.
2. Approbation du bilan et du compte de profits et pertes au 31 juillet 2011, et affectation du résultat.
3. Décharge à donner aux Administrateurs et au Commissaire aux Comptes pour l'exercice de leur mandat au 31

juillet 2011.

4. Nominations statutaires.
5. Divers.

LE CONSEIL D'ADMINISTRATION.

Référence de publication: 2011177006/1023/17.

Bond Absolute Return, Fonds Commun de Placement.

Le règlement de gestion de Bond Absolute Return modifié au 9 juin 2011 a été déposé au registre de commerce et

des sociétés de Luxembourg.

Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

Luxembourg, octobre 2011.

IPConcept Fund Management S.A.

Référence de publication: 2011140894/10.
(110163495) Déposé au registre de commerce et des sociétés de Luxembourg, le 13 octobre 2011.

Fonditalia, Fonds Commun de Placement.

Le règlement de gestion de FONDITALIA modifié au 15 septembre 2011 a été déposé au registre de commerce et

des sociétés de Luxembourg.

Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

FIDEURAM GESTIONS S.A.
Signature

Référence de publication: 2011145377/10.
(110168710) Déposé au registre de commerce et des sociétés de Luxembourg, le 24 octobre 2011.

151635

U X E M B O U R G

BL, Société d'Investissement à Capital Variable.

Siège social: L-2449 Luxembourg, 14, boulevard Royal.

R.C.S. Luxembourg B 45.243.

Le Conseil d'Administration a l'honneur de convoquer les Actionnaires de la Sicav BL à

l'ASSEMBLEE GENERALE ORDINAIRE

qui se tiendra le 12 janvier 2012 à 14.00 heures au siège social, afin de délibérer sur l'ordre du jour suivant:

Ordre du jour:

Les Actionnaires sont informés que l'Assemblée n'a pas besoin de quorum pour délibérer valablement. Les résolutions,

pour être valables, doivent réunir la majorité des voix exprimées des Actionnaires présents ou représentés. Des procu-
rations sont disponibles au siège social de la Sicav.

Pour pouvoir assister à la présente Assemblée, les détenteurs d'actions au porteur doivent déposer leurs actions, au

moins cinq jours francs avant l'Assemblée, auprès du siège ou d'une agence de la BANQUE DE LUXEMBOURG, Société
Anonyme à Luxembourg.

Les Actionnaires en nom seront admis sur justification de leur identité, à condition d'avoir, au moins cinq jours francs

avant l'Assemblée, informé le Conseil d'Administration (fax: +352 49 924 2501; e-mail: ifs.fds@bdl.lu) de leur intention
d'assister à l'Assemblée.

Référence de publication: 2011177008/755/25.

ARIA Structured Investments SICAV-SIF, Société en Commandite par Actions sous la forme d'une SI-

CAV - Fonds d'Investissement Spécialisé.

Siège social: L-2340 Luxembourg, 6, rue Philippe II.

R.C.S. Luxembourg B 130.369.

The meeting convened on 28

October 2011 was not quorate, as only 164,660.2433 shares out of 11,302,954.7390

were present or represented.

The board of directors of the Company has now the pleasure to invite you to the

SECOND EXTRAORDINARY GENERAL MEETING

of Shareholders of ARIA STRUCTURED INVESTMENTS SICAV-SIF which will be held at its registered office at 6, rue

Philippe II, L-2340 Luxembourg at 14.00 hours (Luxembourg time) on 13

th

January 2012 (the "Meeting").

The Meeting will be held for the same purposes as the meeting on the 28

October 2011, which was to consider and

vote upon amendments of the Company's articles of incorporation (the "Articles") as set-out in the following agenda.

Agenda:

Approval of amendments of the Articles as detailed below:

1. Amendment of article 4 of the Articles so as to change the registered office of the Company from Luxembourg

City to Bertrange.

2. Amendment of article 24 of the Articles so as to provide that general meetings of shareholders shall be convened

in accordance with the requirements set-out in the law of 10

August 1915 on commercial companies, as amended.

3. Amendment of article 30 of the Articles to clarify that distributions shall be paid in the base currency of a class of

shares.

Voting:

Resolutions on the agenda of the Extraordinary General Meeting will not require a quorum but a majority of two thirds

(2/3) of the votes cast at the Meeting. Each share entitles to one vote. You may act at the Meeting by way of proxy.

By order of the board of directors.

Référence de publication: 2011163660/27.

151636

U X E M B O U R G

Global Diversified Sicav, Société d'Investissement à Capital Variable.

Siège social: L-1930 Luxembourg, 1, place de Metz.

R.C.S. Luxembourg B 80.775.

Mesdames, Messieurs les actionnaires sont priés d'assister à

l'ASSEMBLEE GENERALE ORDINAIRE

qui sera tenue dans les locaux de la Banque et Caisse d'Epargne de l'Etat, Luxembourg à Luxembourg, 1, rue Zithe, le

2 janvier 2012 à 11.00 heures et qui aura l'ordre du jour suivant:

Ordre du jour:

1. Nomination d'administrateurs
2. Divers

Les propriétaires d'actions au porteur désirant être présents ou représentés à l'Assemblée Générale devront en aviser

la Société et déposer leurs actions au moins cinq jours francs avant l'Assemblée aux guichets de la

BANQUE ET CAISSE D'EPARGNE DE L'ETAT, LUXEMBOURG
Les propriétaires d'actions nominatives inscrits au registre des actionnaires en nom à la date de l'Assemblée sont

autorisés à voter ou à donner procuration en vue du vote. S'ils désirent être présents à l'Assemblée Générale, ils doivent
en informer la Société au moins cinq jours francs avant.

Des formulaires de procuration sont disponibles au siège social de la Société.
Les résolutions à l'ordre du jour de l'Assemblée Générale Ordinaire ne requièrent aucun quorum spécial et seront

adoptées si elles sont votées à la majorité des voix des actionnaires présents ou représentés.

LE CONSEIL D'ADMINISTRATION.

Référence de publication: 2011170161/755/23.

Belux Invest S.A., Société Anonyme.

Siège social: L-1526 Luxembourg, 23, Val Fleuri.

R.C.S. Luxembourg B 28.394.

Messieurs les actionnaires sont priés d'assister à

l'ASSEMBLEE GENERALE ORDINAIRE

des actionnaires qui aura lieu de façon exceptionnelle le 31 décembre 2011 à 10.00 heures au siège social de la société

avec l'ordre du jour suivant:

Ordre du jour:

1. Constatation et approbation du report de la date des Assemblées Générales Ordinaires ayant pour objet d'ap-

prouver les comptes annuels des exercices clôturés au 30 septembre 2009 et au 30 septembre 2010.

2. Présentation et approbation du rapport de gestion du Conseil d'Administration ainsi que des rapports de contrôle

du Commissaire relatifs aux exercices clôturés au 30 septembre 2009 et au 30 septembre 2010.

3. Approbation des bilans arrêtés au 30 septembre 2009 et au 30 septembre 2010 et des comptes de profits et pertes

y relatifs ; affectation des résultats.

4. Décharge aux Administrateurs et au Commissaire pour l'exercice de leurs mandats durant les exercices clôturés

au 30 septembre 2009 et au 30 septembre 2010.

5. Acceptation de la démission d'un Administrateur et nomination de son remplaçant.
6. Divers.

Pour prendre part à cette assemblée, Messieurs les actionnaires sont priés de déposer leurs actions au porteur cinq

jours francs au moins avant la date de la réunion de l'Assemblée Générale Ordinaire au 23, Val Fleuri à Luxembourg.

Le Conseil d'Administration.

Référence de publication: 2011169305/565/24.

VCH Emerging Markets Profiteure, Fonds Commun de Placement.

Le règlement de gestion de VCH EMERGING MARKETS PROFITEURE modifié au 18 novembre 2011 a été déposé

au registre de commerce et des sociétés de Luxembourg.

Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

151637

U X E M B O U R G

Luxembourg, novembre 2011.

IPConcept Fund Management S.A.

Référence de publication: 2011158294/10.
(110183952) Déposé au registre de commerce et des sociétés de Luxembourg, le 21 novembre 2011.

Pictet Global Selection Fund, Fonds Commun de Placement.

Le règlement de gestion consolidé de PICTET GLOBAL SELECTION FUND prenant effet au 1

janvier 2012 a été

déposé au registre de commerce et des sociétés de Luxembourg.

Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

Luxembourg, le 16 décembre 2011.

PICTET GLOBAL SELECTION FUND MANAGEMENT (LUXEMBOURG) S.A.

Référence de publication: 2011173390/10.
(110201085) Déposé au registre de commerce et des sociétés de Luxembourg, le 19 décembre 2011.

Pictet Global Selection Fund, Fonds Commun de Placement.

L’acte modificatif au règlement de gestion de PICTET GLOBAL SELECTION FUND prenant effet au 1

janvier 2012

a été déposé au registre de commerce et des sociétés de Luxembourg.

Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

Luxembourg, le 16 décembre 2011

PICTET GLOBAL SELECTION FUND MANAGEMENT (LUXEMBOURG) S.A.

Référence de publication: 2011174360/10.
(110202264) Déposé au registre de commerce et des sociétés de Luxembourg, le 20 décembre 2011.

IMC Asset Management Funds, Fonds Commun de Placement - Fonds d'Investissement Spécialisé.

Le règlement de gestion a été enregistré et déposé au registre de commerce et des sociétés de Luxembourg.
Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

IMC Asset Management Luxembourg S.A.

Référence de publication: 2011144129/8.
(110166798) Déposé au registre de commerce et des sociétés de Luxembourg, le 20 octobre 2011.

Rocky Mountains Holding S.A., SPF, Société Anonyme - Société de Gestion de Patrimoine Familial.

Siège social: L-1746 Luxembourg, 1, rue Joseph Hackin.

R.C.S. Luxembourg B 16.204.

Mesdames et Messieurs les actionnaires sont priés d'assister à

l'ASSEMBLEE GENERALE ORDINAIRE

qui se tiendra le mercredi 4 janvier 2012 à 11.00 heures au siège social avec pour

Ordre du jour:

- Lecture du rapport de gestion du Conseil d'Administration et du rapport du Commissaire aux Comptes,
- Approbation des comptes annuels au 30 juin 2011 et affectation des résultats,
- Quitus à donner aux Administrateurs et au Commissaire aux Comptes,
- Nominations statutaires,
- Fixation des émoluments du Commissaire aux Comptes.

Pour assister ou être représentés à cette assemblée, Mesdames et Messieurs les actionnaires sont priés de déposer

leurs titres cinq jours francs avant l'Assemblée au siège social.

Le Conseil d'Administration.

Référence de publication: 2011170241/755/18.

151638

U X E M B O U R G

CCR Funds, Société d'Investissement à Capital Variable.

Siège social: L-5826 Hesperange, 33, rue de Gasperich.

R.C.S. Luxembourg B 117.582.

Les actionnaires de CCR Funds (la «Société») sont priés d'assister à

l'ASSEMBLEE GENERALE EXTRAORDINAIRE

des actionnaires (l'«Assemblée») qui se tiendra au siège social de la Société, le jeudi 12 janvier 2012 à 14.00 heures et

dont l'ordre du jour sera comme suit:

Ordre du jour:

1. Décision de liquider la Société;
2. Nomination du liquidateur et détermination de ses pouvoirs;
3. Décharge à donner aux administrateurs;
4. Approbation du paiement des créanciers et distribution des actifs restant aux actionnaires, après paiement des

dettes;

5. Décision de suspendre le calcul de la valeur nette d'inventaire, les rachats, les souscriptions et les conversions;
6. Divers.

L'Assemblée ne sera régulièrement constituée et ne pourra valablement délibérer sur l'ordre du jour que si la moitié

au moins du capital est représentée. Les résolutions, pour être valables, seront approuvées par une majorité des deux
tiers au moins des voix des actionnaires présents ou représentés et votants.

Pour avoir le droit d'assister ou de se faire représenter à cette Assemblée, les propriétaires d'actions au porteur

doivent avoir déposé leurs titres cinq jours francs avant l'Assemblée dans les locaux de BNP Paribas Securities Services
- Succursale de Luxembourg, 33, rue de Gasperich, L-5826 Hesperange, où des formulaires de procuration sont dispo-
nibles.

Pour le conseil d'administration.

Référence de publication: 2011177009/755/26.

ING (L), Société d'Investissement à Capital Variable.

Siège social: L-2350 Luxembourg, 3, rue Jean Piret.

R.C.S. Luxembourg B 44.873.

The Shareholders of the ING (L) SICAV (hereinafter "the Company") are invited to attend the

EXTRAORDINARY GENERAL MEETING

(hereinafter "the Meeting") to be held on 9 January 2012 at 2.30 p.m. CET at the registered office of the Company

with the following agenda:

Agenda:

1. With effect from 20 February 2012, all references in the Articles of Incorporation to the Directive 85/611/EEC and

to the Law of 20 December 2002 relating to undertakings for collective investment (hereinafter "the 2002 Law")
shall be replaced by respectively a reference to the Directive 2009/65/EC and to the Law of 17 December 2010
relating to undertakings for collective investments (hereinafter "the 2010 Law") and all references to specific articles
of the 2002 Law shall be replaced by the relevant articles of the 2010 Law.

2. With effect from 20 February 2012, amendment of Article 5 of the Articles of Incorporation to read as follows:

"The capital of the Company shall be represented by shares of no par value and shall at any time be equal to the
total value of the net assets of the Company and its Sub-Funds. The minimum capital of the Company can not be
lower than the level provided for in Article 27 (1) of the Law of the seventeenth of December two thousand and
ten relating to undertakings for collective investment. In case where one or several Sub-Funds of the Company
hold shares that have been issued by one or several other Sub-Funds of the Company, their value will not be taken
into account for the calculation of the net assets of the Company for the purpose of the determination of the above
mentioned minimum capital. Such minimum capital must be reached within a period of six months after the date
on which the Company has been authorised as an undertaking for collective investment under Luxembourg law."

3. With effect from 20 February 2012, amendment of Article 14 of the Articles of Incorporation by addition of a final

paragraph to read as follows: "If on a Valuation Day the consolidated issues and redemptions of all the categories
of shares of a Sub-Fund result in an increase or decrease of the Sub-Funds capital the board of Directors may decide
to adjust the net asset value. Such adjustment will have as a result an increase of the net asset value in case of an
increase of capital and a decrease of the net asset value in case of a decrease of capital."

4. With effect from 20 February 2012, amendment of Article 16 bullet point (g) of the Articles of Incorporation to

read as follows: "(g) to establish the exchange parities in the context of a contribution of assets, splits or any
restructuring operation, within, by one or more Sub-Funds;".

151639

U X E M B O U R G

5. With effect from 20 February 2012, amendment of Article 16 of the Articles of Incorporation by addition of a bullet

point (h) to read as follows: "(h) in case of a merger of a Sub-Fund with another Sub-Fund of the Company or
another UCITS (or a Sub-Fund thereof), provided such suspension is in the interest of the shareholders;".

6. With effect from 20 February 2012, amendment of Article 16 of the Articles of Incorporation by addition of a bullet

point (i) to read as follows: "(i) in case of a feeder Sub-Fund of the Company, if the net asset calculation of the
master Sub-Fund or the master UCITS is suspended."

7. With effect from 20 February 2012, amendment of Article 20 paragraph (a) (1) of the Articles of Incorporation to

be read as follows: "(1) Transferable securities and money market instruments admitted to or dealt in on a regulated
market within the meaning of Directive 2004/39/EC on the Markets in Financial Instruments;"

8. With effect from 20 February 2012, amendment of Article 20 paragraph (a) of the Articles of Incorporation by

addition of a bullet point (10) to read as follows: "(10) a Sub-Fund which can, under the conditions provided for in
the law of seventeenth December two thousand and ten invest in the shares issued by one or several other Sub-
Funds of the Company."

9. With effect from 20 February 2012, amendment of Article 20 paragraph (a) of the Articles of Incorporation by

addition of a bullet point (11) to read as follows: "(11) a Sub-Fund which can be constituted as a feeder Sub-Fund
in a master UCITS or a master Sub-Fund of such UCITS."

10. With effect from 20 February 2012, amendment to the first paragraph of Article 25 of the Articles of Incorporation

to read as follows: "The annual general meeting of shareholders shall be held in Luxembourg, either at the Com-
pany's registered office or at any other location in Luxembourg, to be specified in the notice of the meeting, on
the fourth Thursday of January at 2.00 p.m. If this day is not a banking day in Luxembourg, the annual general meeting
shall be held on the next banking day. The annual general meeting may be held abroad if the board of directors,
acting with sovereign powers, decides that exceptional circumstances warrant this."

11. With effect from 20 February 2012, amendment to the fifth paragraph of Article 25 of the Articles of Incorporation

to read as follows: "It may also be called upon the request of shareholders representing at least one tenth of the
share capital."

12. With effect from 20 February 2012, amendment to the sixth paragraph of Article 25 of the Articles of Incorporation

by addition of the following wording: "The convening notice for a general meeting can provide that the quorum
and the majority will be determined in accordance with the shares issued and in circulation the fifth day preceeding
the general meeting at midnight (Luxembourg time) (the "registration date")."

13. With effect from 20 February 2012, amendment to the fifth paragraph of Article 27 of the Articles of Incorporation

to read as follows: "The board of directors may decide, in compliance with the procedures laid down in the law of
seventeenth December two thousand and ten, to allocate the assets of any Sub-Fund to those of another Sub-Fund
within the Company or to another undertaking for collective investment organised under the provisions of Council
Directive 2009/65/EC, as amended, or to another Sub-Fund within such other undertaking for collective investment
(the "new Sub-Fund") and to redesignate the shares of the class or classes concerned as shares of the new Sub-
Fund (following a split or consolidation, if necessary, and the payment of the amount corresponding to any fractional
entitlement to shareholders). The shareholders of the Sub-Funds concerned will be notified in accordance with the
provisions of the law and, notably, in conformity with the CSSF Regulation 10-5 of the Commission de Surveillance
du Secteur Financier, as amended, at least one month before the effective date of the merger, in order to enable
shareholders to request redemption of their shares, free of charge, during such period, it being understood that
the merger will take effect five business days after the expiry of such notice period. Shareholders who have not
requested redemption will be transferred as of right to the new Sub-Fund."

14. With effect from 20 February 2012, amendment to the sixth paragraph of Article 27 of the Articles of Incorporation

to read as follows: "A merger that has a result that the Company ceases to exist needs to be decided at a general
meeting of shareholders. There shall be no quorum requirements for such general meeting of shareholders which
shall decide by resolution taken by simple majority of those present or represented and voting at such meeting.

Resolutions on the agenda of the Meeting will require a quorum of fifty percent (50%) of the shares of the Company

issued and in circulation. Should the quorum of fifty percent (50%) of the shares issued and in circulation not be met at
the Meeting, a reconvened meeting, which will validly deliberate irrespective of the number of shares represented, will
be reconvened on/or around 16 February 2012 with the same agenda as above. Resolutions at either meeting will be
passed if approved by more than two third majority votes cast.

Shareholders are invited to attend the Meeting in person. In case Shareholders cannot attend the meeting they are

kindly asked to complete and sign a proxy available at the registered office of the Company and to return it to the Legal
Department of ING Investment Management Luxembourg S.A. at 3, rue Jean Piret, L-2350 Luxembourg not later than 2
January 2012 at 5.00 p.m. Luxembourg time by fax (fax number ++ 352 26 19 68 40) followed by the original by regular
mail.

Luxembourg, on 9 December 2011.

The Board of Directors.

Référence de publication: 2011167739/755/90.

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Method Investments SICAV, Société d'Investissement à Capital Variable.

Siège social: L-2449 Luxembourg, 14, boulevard Royal.

R.C.S. Luxembourg B 165.419.

STATUTES

In the year two thousand and eleven, on the fourteenth day of December.
Before Us, Maître Cosita Delvaux, notary residing in Redange-sur-Attert.
There appeared Method Investments & Advisory Ltd, a company incorporated under the laws of England, having its

registered office at 16, Berkeley Street, W1J 8DZ London (United Kingdom), registered with the Companies House under
number 04316140;

here represented by Annick BARTHOLME, professionally residing in Luxembourg, by virtue of a power of attorney,

given in London on December 7

, 2011.

The said proxy, after having been signed ne varietur by the appearing person and the undersigned notary, will remain

attached to this notarial deed to be filed at the same time with the registration authorities.

Such appearing party, acting in its capacity as representative of the shareholder, has requested the officiating notary

to enact the following articles of incorporation of a company, which it declares to establish as follows:

1. Art. 1. Name.
1.1 There is hereby formed among the subscribers, and all other persons who will become owners of the shares

hereafter created, an investment company with variable capital (société d’investissement à capital variable) in the form of
a public limited liability company (société anonyme) under the name "Method Investments SICAV" (the Company).

1.2 Any reference to shareholders of the Company (Shareholders) in the articles of incorporation of the Company

(the Articles) will be a reference to 1 (one) Shareholder as long as the Company will have 1 (one) Shareholder.

2. Art. 2. Registered office.
2.1 The registered office of the Company is established in Luxembourg-City, Grand Duchy of Luxembourg. It may be

transferred to any other place within the Grand Duchy of Luxembourg by a resolution of the general meeting of Share-
holders of the Company (the General Meeting) deliberating in the manner provided for amendments to the Articles or
by the board of directors of the company (the Board) if and to the extent permitted by law. It may be transferred within
the boundaries of the municipality by a resolution of the Board.

2.2 The Board will further have the right to set up offices, administrative centres and agencies wherever it will deem

fit, either within or outside of the Grand Duchy of Luxembourg.

2.3 If extraordinary events of political, economic or social nature, likely to impair the normal activity at the registered

office or the easy communication between that office and foreign countries, will occur or will be imminent, the registered
office may be provisionally transferred abroad until such time as circumstances have completely returned to normal. Such
a transfer will have no effect on the nationality of the Company, which will remain a Luxembourg company. The declaration
of the provisional transfer abroad of the registered office will be made and brought to the attention of third parties by
the officer of the Company best placed to do so in the circumstances.

3. Art. 3. Duration. The Company is established for an unlimited duration.

4. Art. 4. Object of the Company.
4.1 The exclusive purpose of the Company is to invest the assets of the Company in transferable securities and other

assets permitted by law in accordance with the principle of risk diversification, within the limits of the investment policies
and restrictions determined by the Board pursuant to article 19 hereof, and with the objective of paying out to Share-
holders the profits resulting from the management of the assets of the Company, either through distributions or through
accumulation of income in the Company.

4.2 The Company may take any measures and execute any transactions that it considers expedient with regard to the

fulfilment and implementation of the object of the Company to the full extent permitted by Part I of the act dated 17
December 2010 concerning undertakings for collective investment as well as laws in relation thereto (the 2010 Act).

5. Art. 5. Share capital, Share classes.
5.1 The capital of the Company will at all times be equal to the total net assets of the Company and will be represented

by fully paid-up shares of no par value.

5.2 The minimum capital, as provided by law, is fixed at EUR 1,250,000 (one million two hundred and fifty thousand

euro) to be reached within a period of six months as from the authorisation of the Company by the Luxembourg super-
visory authority, being provided that shares of a Target Sub-fund held by a Crossinvesting Sub-fund (as defined in article
19.43 below) will not be taken into account for the purpose of the calculation of the EUR1,250,000 minimum capital
requirement. Upon the decision of the Board, the shares issued in accordance with these Articles may be of more than
one share class. The proceeds from the issue of shares of a share class, less a sales commission (sales charge) (if any), are

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U X E M B O U R G

invested in transferable securities of all types and other legally permissible assets in accordance with the investment policy
as set forth by the Board and taking into account investment restrictions imposed by law.

5.3 The initial capital is EUR300,000 (three hundred thousand Euros) divided into thirty (30) shares of no par value.
5.4 The Company has an umbrella structure, each compartment corresponding to a distinct part of the assets and

liabilities of the Company (a Sub-fund) as defined in article 181 of the 2010 Act, and that is formed for one or more share
classes of the type described in these Articles. Each Sub-fund will be invested in accordance with the investment objective
and policy applicable to that Sub-fund. The investment objective, policy (including, as the case may be, acting as a feeder
Sub-fund or master Sub-fund), as well as the risk profile and other specific features of each Sub-fund are set forth in the
prospectus of the Company (the Prospectus). Each Sub-fund may have its own funding, share classes, investment policy,
capital gains, expenses and losses, distribution policy or other specific features.

5.5 Within a Sub-fund, the Board may, at any time, decide to issue one or more share classes the assets of which will

be commonly invested but subject to different fee structures, distribution, marketing targets, currency or other specific
features, including special rights as regards the appointment of directors in accordance with article 13 of these Articles.
A separate net asset value per share, which may differ as a consequence of these variable factors, will be calculated for
each share class.

5.6 The Company may create additional share classes whose features may differ from the existing share classes and

additional Sub-funds whose investment objectives may differ from those of the Sub-funds then existing. Upon creation of
new Subfunds or share classes, the Prospectus will be updated, if necessary.

5.7 The Company is one single legal entity. However, the rights of the Shareholders and creditors relating to a Sub-

fund or arising from the setting-up, operation and liquidation of a Sub-fund are limited to the assets of that Sub-fund. The
assets of a Sub-fund are exclusively dedicated to the satisfaction of the rights of the Shareholder relating to that Sub-fund
and the rights of those creditors whose claims have arisen in connection with the setting-up, operation and liquidation
of that Sub-fund, and there will be no cross liability between Sub-funds, in derogation of article 2093 of the Luxembourg
Civil Code.

5.8 The Board may create each Sub-fund for an unlimited or limited period of time; in the latter case, the Board may,

at the expiration of the initial period of time, extend the duration of that Sub-fund one or more times. At the expiration
of the duration of a Sub-fund, the Company will redeem all the shares in the share class(es) of shares of that Sub-fund,
in accordance with article 8 of these Articles, irrespective of the provisions of article 23 of these Articles. At each
extension of the duration of a Sub-fund, the registered Shareholders will be duly notified in writing, by a notice sent to
their address as recorded in the Company’s register of Shareholders. The Company will inform the bearer Shareholders
by a notice published in newspapers to be determined by the Board, if these investors and their addresses are not known
to the Company. The Prospectus will indicate the duration of each Sub-fund and, if applicable, any extension of its duration.

5.9 For the purpose of determining the capital of the Company, the net assets attributable to each share class will, if

not already denominated in euro, be converted into euro. The capital of the Company equals the total of the net assets
of all the share classes.

6. Art. 6. Shares.
6.1 Individual, collective and global certificates may be issued; no claim can be made on the issue of physical securities.

The Board determines whether the Company issues shares in bearer and/or in registered form. If bearer share certificates
are issued, they will be issued in such denominations as the Board prescribes, and they may be imprinted with a notice
that they may not be transferred to any Restricted Person (as defined in article 10 below) or entity established by or for
a Restricted Person. The applicability of the regulations of article 10 does not, however, depend on whether certificates
are imprinted with such a notice.

6.2 All registered shares issued by the Company are entered in the register of Shareholders, which is kept by the

Company or by one or more persons designated by the Company. This register contains the names of the owners of
registered shares, their permanent residence or elected domicile as indicated to the Company, and the number of re-
gistered shares held by them.

6.3 The entry of the Shareholder’s name in the register of Shareholders evidences the Shareholder’s right of ownership

to such registered shares. The Company decides whether a certificate for such entry is delivered to the Shareholder or
whether the Shareholder receives a written confirmation of its shareholding.

6.4 If bearer shares are issued, registered shares may be converted into bearer shares and bearer shares may be

converted into registered shares at the request of the Shareholder. An exchange of registered shares into bearer shares
will be effected by cancellation of the registered share certificates, if any, after confirming that the transferee is not a
Restricted Person and by issuance of one or more bearer share certificates to replace the cancelled registered share
certificates. An entry will be made in the register of Shareholders to evidence such cancellation. An exchange of bearer
shares into registered shares will be effected by cancellation of the bearer share certificates, and, if applicable, by issuance
of registered share certificates in lieu thereof. An entry will be made in the register of Shareholders to evidence such
issuance. At the discretion of the Board, the costs of any such exchange may be charged to the Shareholder requesting
it.

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6.5 Before shares are issued in bearer form and before registered shares are converted into bearer shares, the Com-

pany may require evidence, satisfactory to the Board, that such issuance or exchange will not result in such shares being
held by a Restricted Person.

6.6 The share certificates will be signed by two members of the Board. The signatures may be handwritten, printed

or in the form of a facsimile. One of these signatures may be made by a person duly authorised to do so by the Board;
in this case, it must be handwritten. The Company may issue temporary share certificates in such form as the Board may
determine.

6.7 If bearer shares are issued, the transfer of bearer shares will be effected by delivery of the corresponding share

certificates. The transfer of registered shares is effected:

(a) if share certificates have been issued, by delivery of the certificate or certificates representing these shares to the

Company along with other instruments of transfer satisfactory to the Company, and

(b) if no share certificates have been issued, by a written declaration of transfer to be entered in the register of

Shareholders, dated and signed by the transferor and transferee, or by persons holding suitable powers of attorney to
act on their behalf. Any transfer of registered shares will be entered in the register of Shareholders. This entry will be
signed by one or more members of the Board or by one or more other persons duly authorised to do so by the Board.

6.8 Shareholders entitled to receive registered shares must provide the Company with an address to which all notices

and announcements may be sent. This address will also be entered into the register of Shareholders.

6.9 In the event that a Shareholder does not provide an address, the Company may have a notice to this effect entered

into the register of Shareholders. The Shareholder’s address will be deemed to be at the registered office of the Company
or at such other address as may be determined by the Company from time to time, until another address is provided to
the Company by that Shareholder. A Shareholder may, at any time, change the address entered in the register of Share-
holders by means of a written notification to the registered office of the Company or to such other address as may be
determined by the Company from time to time.

6.10 Damaged share certificates may be cancelled by the Company and replaced by new certificates.
6.11 If a Shareholder can prove to the satisfaction of the Company that his share certificate has been lost, damaged

or destroyed, then, at the Shareholder’s request, a duplicate share certificate may be issued under such conditions and
guarantees as the Company may determine, including but not restricted to a bond issued by an insurance company. With
the issuance of the new share certificate, which will be marked as a duplicate, the original share certificate being replaced
will become void.

6.12 The Company may, at its discretion, charge the costs of a duplicate or of a new share certificate and all reasonable

expenses incurred by the Company in connection with the issue and registration thereof or in connection with the
cancellation of the original share certificate, to the Shareholder.

6.13 The Company recognises only one owner per share. If one or more shares are jointly owned or if the ownership

of a share or shares is disputed, all persons claiming a right to those shares will appoint one owner to represent those
shares towards the Company. The failure to appoint such an attorney results in the suspension of the exercise of all rights
attached to such shares.

6.14 The Company may decide to issue fractional shares. Such fractional shares do not carry voting rights, except

where their number is so that they represent a whole share, but are entitled to participate in the net assets attributable
to the relevant share class on a pro rata basis. Certificates for bearer shares will only be issued for whole shares.

7. Art. 7. Issue of shares.
7.1 The Board is authorised, without limitation, to issue an unlimited number of fully paid up shares at any time without

reserving a preferential right to subscribe for the shares to be issued for the existing Shareholders.

7.2 The Board may impose restrictions on the frequency at which shares of a certain share class are issued; the Board

may, in particular, decide that shares of a particular share class will only be issued during one or more offering periods
or at such other intervals as provided for in the Prospectus.

7.3 Shares in Sub-funds will be issued at the subscription price. The subscription price for shares of a particular share

class of a Sub-fund corresponds to the net asset value per share of the respective share class (see articles 11 and 12, the
Net Asset Value), adjusted, as the case may be, by the then applicable dilution levy as described in the Prospectus, plus
any subscription fee, if applicable. Additional fees may be incurred if distributors and paying agents are involved in a
transaction. The relevant subscription price may be rounded up or down to the nearest unit of the currency in which it
is to be paid, as determined by the Board.

7.4 A process determined by the Board and described in the Prospectus will govern the chronology of the issue of

shares in a Sub-fund.

7.5 The subscription price is payable within a period determined by the Board, which may not exceed 5 (five) business

days from the relevant valuation day, determined as every such day on which the Net Asset Value per share for a given
share class or Sub-fund is calculated (the Valuation Day).

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7.6 The Board may confer the authority upon any of its members, any managing director, officer or other duly au-

thorised representative to accept subscription applications, to receive payments for newly issued shares and to deliver
these shares.

7.7 The Company may agree to issue shares as consideration for a contribution in kind of assets, in accordance with

Luxembourg law, in particular in accordance with the obligation to deliver a valuation report from the auditor (réviseur
d’entreprises agréé) of the Company, and provided that such assets are in accordance with the investment objectives and
policies of the relevant Sub-fund. All costs related to the contribution in kind are borne by the Shareholder acquiring
shares in this manner.

7.8 Applications for subscription are irrevocable, except -for the duration of such suspension -when the calculation of

the Net Asset Value has been suspended in accordance with article 12 of these Articles.

8. Art. 8. Redemption of shares.
8.1 Any Shareholder may request redemption of all or part of his shares from the Company, pursuant to the conditions

and procedures set forth by the Board in the Prospectus and within the limits provided by law and these Articles.

8.2 Subject to the provisions of article 12 of these Articles, the redemption price per share will be paid within a period

determined by the Board which may not exceed 5 (five) business days from the relevant Valuation Day, as determined
in accordance with the current policy of the Board, provided that any share certificates issued and any other transfer
documents have been received by the Company.

8.3 The redemption price per share for shares of a particular share class of a Sub-fund corresponds to the Net Asset

Value per share of the respective share class adjusted, as the case may be, by the then applicable dilution levy as described
in the Prospectus less any redemption fee, if applicable. Additional fees may be incurred if distributors and paying agents
are involved in a transaction. The relevant redemption price may be rounded up or down to the nearest unit of the
currency in which it is to be paid, as determined by the Board.

8.4 A process determined by the Board and described in the Prospectus will govern the chronology of the redemption

of shares in a Sub-fund.

8.5 If as a result of a redemption application, the number or the value of the shares held by any Shareholder in any

share class falls below the minimum number or value that is then determined by the Board in the Prospectus, the Company
may decide to treat such an application as an application for redemption of all of that Shareholder’s shares in the given
share class.

8.6 If, in addition, on a Valuation Day or at some time during a Valuation Day, redemption applications as defined in

this article and conversion applications as defined in article 9 of these Articles exceed a certain level set by the Board in
relation to the shares of a given share class, the Board may resolve to reduce proportionally part or all of the redemption
and conversion applications for a certain time period and in the manner deemed necessary by the Board, in the best
interest of the Company. The portion of the non-proceeded redemptions will then be proceeded by priority on the
Valuation Day following this period, these redemption and conversion applications will be given priority and dealt with
ahead of other applications (but subject always to the foregoing limit).

8.7 The Company may satisfy payment of the redemption price owed to any Shareholder, subject to such Shareholder’s

agreement, in specie by allocating assets to the Shareholder from the portfolio set up in connection with the share class
(es) equal in value to the value of the shares to be redeemed (calculated in the manner described in article 11) as of the
Valuation Day or the time of valuation when the redemption price is calculated if the Company determines that such a
transaction would not be detrimental to the best interests of the remaining Shareholders of the relevant Sub-fund. The
nature and type of assets to be transferred in such case will be determined on a fair and reasonable basis and without
prejudicing the interests of the other Shareholders in the given share class or share classes, as the case may be. The
valuation used will be confirmed by a special report of the auditor of the Company. The costs of any such transfers are
borne by the transferee.

8.8 All redeemed shares may be cancelled.
8.9 All applications for redemption of shares are irrevocable, except - in each case for the duration of the suspension

- in accordance with article 12 of these Articles, when the calculation of the Net Asset Value has been suspended or
when redemption has been suspended as provided for in this article.

9. Art. 9. Conversion of shares.
9.1 A Shareholder may convert shares of a particular share class of a Sub-fund held in whole or in part into shares of

the corresponding share class of another Subfund; conversions from shares of one share class of a Sub-fund to shares of
another share class of either the same or a different Sub-fund are also permitted, except otherwise decided by the Board.

9.2 The Board may make the conversion of shares dependent upon additional conditions.
9.3 A conversion application will be considered as an application to redeem the shares held by the Shareholder and

as an application for the simultaneous acquisition (issue) of the shares to be acquired. The conversion ratio will be
calculated on the basis of the Net Asset Value per share of the respective share class; a conversion fee may be incurred.
Additional fees may be incurred if distributors and paying agents are involved in a transaction. The prices of the conversion
may be rounded up or down to the nearest unit of the currency in which they are to be paid, as determined by the Board.

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The Board may determine that balances of less than a reasonable amount to be set by the Board, resulting from conver-
sions will not be paid out to Shareholders.

9.4 As a rule, both the redemption and the acquisition parts of the conversion application should be calculated on the

basis of the values prevailing on one and the same Valuation Day. If there are different order acceptance deadlines for
the Sub-funds in question, the calculation may deviate from this, in particular depending on the sales channel. In particular
either:

(a) the sales part may be calculated in accordance with the general rules on the redemption of shares (which may be

older than the general rules on the issue of shares), while the purchase part would be calculated in accordance with the
general (newer) rules on the issue of shares; or

(b) the sales part is not calculated until a time later in relation to the general rules on share redemption together with

the purchase part calculated in accordance with the newer (in relation to the sales part) rules on the issue of shares.

9.5 Conversions may only be effected if, at the time, both the redemption of the shares to be converted and the issue

of the shares to be acquired are simultaneously possible; there will be no partial execution of the application unless the
possibility of issuing the shares to be acquired ceases after the shares to be converted have been redeemed.

9.6 All applications for the conversion of shares are irrevocable, except -in each case for the duration of the suspension

-in accordance with article 12 of these Articles, when the calculation of the Net Asset Value of the shares to be redeemed
has been suspended or when redemption of the shares to be redeemed has been suspended as provided for in article 8.
If the calculation of the Net Asset Value of the shares to be acquired is suspended after the shares to be converted have
already been redeemed, only the acquisition part of the conversion application can be revoked during this suspension.

9.7 If, in addition, on a Valuation Day or at some time during a Valuation Day redemption applications as defined in

article 8 of these Articles and conversion applications as defined in this article exceed a certain level set by the Board in
relation to the shares issued in the share class, the Board may resolve to reduce proportionally part or all of the re-
demption and conversion applications for a certain period of time and in the manner deemed necessary by the Board, in
the best interest of the Company. The portion of the non-proceeded redemptions will then be proceeded by priority on
the Valuation Day following this period, these redemption and conversion applications will be given priority and dealt
with ahead of other applications (but subject always to the foregoing limit).

9.8 If as a result of a conversion application, the number or the value of the shares held by any Shareholder in any

share class falls below the minimum number or value that is then -if the rights provided for in this sentence are to be
applicable determined by the Board in the Prospectus, the Company may decide to treat the purchase part of the con-
version application as a request for redemption for all of the Shareholder’s shares in the given share class; the acquisition
part of the conversion application remains unaffected by any additional redemption of shares.

9.9 Shares that are converted to shares of another share class will be cancelled.

10. Art. 10. Restrictions on ownership of shares.
10.1 The Company may restrict or prevent the ownership of shares in the Company by any individual or legal entity,
(a) if in the opinion of the Company such holding may be detrimental to the Company;
(b) if it may result in a breach of any law or regulation, whether Luxembourg law or other law; or
(c) 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 individual or legal entities are to be determined by the Board and are defined
herein as Restricted Persons).

10.2 For such purposes the Company may:
(a) decline to issue any shares and decline to register any transfer of shares, where such registration or transfer would

result in legal or beneficial ownership of such shares by a Restricted Person; and

(b) at any time require any person whose name is entered in the register of Shareholders or who seeks to register

the transfer of shares in the register of Shareholders to furnish the Company 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 rests with a Restricted Person, or whether such registration will result in beneficial ownership of such shares by
a Restricted Person; and

(c) decline to accept the vote of any Restricted Person at the General Meeting; and
(d) instruct a Shareholder to sell his shares and to demonstrate to the Company that this sale was made within 10

(ten) business days of the sending of the relevant notice if the Company determines that a Restricted Person is the sole
beneficial owner or is the beneficial owner together with other persons.

If the investor does not comply with the notice, the Company may, in accordance with the procedure described below,

compulsorily redeem all shares held by such a Shareholder or have this redemption carried out:

(1) The Company provides a second notice (Purchase Notice) to the investor or the owner of the shares to be

redeemed, in accordance with the entry in the register of Shareholders; this Purchase Notice designates the shares to
be redeemed, the procedure under which the redemption price is calculated and the name of the acquirer.

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Such Purchase Notice will be sent by registered mail to the last known address or to the address listed in the Company’s

books. This Purchase Notice obliges the investor in question to send the share certificate or share certificates that
represent the shares to the Company in accordance with the information in the Purchase Notice.

Immediately upon close of business on the date designated in the Purchase Notice, the Shareholder’s ownership of

the shares which are designated in the Purchase Notice ends. For registered shares, the name of the Shareholder is
deleted from the register of Shareholders; for bearer shares, the certificate or certificates that represent the shares are
cancelled.

(2) The price at which these shares are acquired (Sales Price) corresponds to an amount determined on the basis of

the share value of the corresponding share class on a Valuation Day, or at some time during a Valuation Day, as determined
by the Board, less any redemption fees incurred, if applicable. The purchase price is, less any redemption fees incurred,
if applicable, the lesser of the share value calculated before the date of the Purchase Notice and the share value calculated
on the day immediately following submission of the share certificate(s).

(3) The purchase price will be made available to the previous owner of these shares in the currency determined by

the Board for the payment of the redemption price of the corresponding share class and deposited by the Company at
a bank in Luxembourg or elsewhere (corresponding to the information in the Purchase Notice) after the final determi-
nation of the purchase price following the return of the share certificate(s) as designated in the Purchase Notice and their
corresponding coupons that are not yet due. After the Purchase Notice has been provided and in accordance with the
procedure outlined above, the previous owner no longer has any claim related to all or any of these shares and the
previous owner also has no further claim against the Company or the Company’s assets in connection with these shares,
with the exception of the right to receive payment of the purchase price without interest from the named bank after
actual delivery of the share certificate(s). All income from redemptions to which Shareholders are entitled in accordance
with the provisions of this paragraph may no longer be claimed and is forfeited as regards the respective share class(es)
unless such income is claimed within a period of five years after the date indicated in the Purchase Notice. The Board is
authorised to take all necessary steps to return these amounts and to authorise the implementation of corresponding
measures for the Company.

(4) The exercise of the powers by the Company in accordance with this article may in no way be called into question

or declared invalid on the grounds that the ownership of shares was not sufficiently proven or that the actual ownership
of shares did not correspond to the assumptions made by the Company on the date of the Purchase Notice, provided
that the Company exercised the above-named powers in good faith.

10.3 Restricted Persons as defined in these Articles are neither persons who subscribe shares for the duration of their

shareholding in connection with the formation of the Company nor securities dealers who subscribe shares in the Com-
pany for distribution.

11. Art. 11. Calculation of net asset value per share.
11.1 The Company, each Sub-fund and each share class in a Sub-fund have a Net Asset Value determined in accordance

with these Articles. The reference currency of the Company is the euro. The Net Asset Value of each Sub-fund will be
calculated in the reference currency of the Sub-fund or share class, as it is stipulated in the relevant special section of the
Prospectus, and will be determined by the administrative agent on each Valuation Day as stipulated in the relevant special
section of the Prospectus, by calculating the aggregate of:

(a) the value of all assets of the Company which are allocated to the relevant Sub-fund in accordance with the provisions

of these Articles; less

(b) all the liabilities of the Company which are allocated to the relevant Subfund in accordance with the provisions of

these Articles, and all fees attributable to the relevant Sub-fund, which fees have accrued but are unpaid on the relevant
Valuation Day.

11.2 The Net Asset Value per share will be calculated in the reference currency of the relevant Sub-fund and will be

calculated by the administrative agent as at the Valuation Day of the relevant Sub-fund by dividing the Net Asset Value
of the relevant Sub-fund by the number of shares which are in issue on such Valuation Day in the relevant Sub-fund
(including shares in relation to which a Shareholder has requested redemption on such Valuation Day).

11.3 If the Sub-fund has more than one share class in issue, the administrative agent will calculate the Net Asset Value

for each share class by dividing the portion of the Net Asset Value of the relevant Sub-fund attributable to a particular
share class by the number of shares of such share class in the relevant Sub-fund which are in issue on such Valuation Day
(including shares in relation to which a Shareholder has requested redemption on such Valuation Day).

11.4 The Net Asset Value per share may be rounded up or down to the nearest unit of the currency in which the Net

Asset Value of the relevant shares are calculated.

11.5 If on any Valuation Day the aggregate transactions in shares of all Classes of a Sub-fund result in a net increase

or decrease of shares for that Sub-fund (relating to the cost of market dealing for that Sub-fund), a dilution levy may be
applicable to the relevant transactions in the shares, as further described in the Prospectus. The dilution levy may increase
the then applicable net asset value per share when the net movement results in an increase of all shares of the Sub-fund
and decrease the net asset value per share when it results in a decrease.

11.6 The assets of the Company will be deemed to include:

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(a) all cash on hand or receivable or on deposit, including accrued interest;
(b) all bills and notes payable on demand and any amounts due (including the proceeds of securities sold but not yet

collected);

securities belonging to the Company;

(d) all dividends and distributions due to the Company in cash or in kind to the extent known to the Company provided

that the Company may adjust the valuation for fluctuations in the market value of securities due to trading practices such
as trading ex-dividend or ex-rights;

(e) all accrued interest on any interest bearing securities held by the Company except to the extent that such interest

is comprised in the principal thereof;

(f) the preliminary expenses of the Company insofar as the same have not been written off; and
(g) all other permitted assets of any kind and nature including prepaid expenses.
11.7 The assets of the Company will be valued as follows:
(a) the value of any cash in hand or on deposit, notes and bills payable on demand and accounts receivable (including

reimbursements of fees and expenses payable by any undertaking for collective investment (UCI) in which the Company
may invest), prepaid expenses and cash dividends declared and interest accrued but not yet collected, will be deemed the
nominal value of these assets unless it is improbable that it can be paid and collected in full; in which case, the value will
be arrived at after deducting such amounts as the Board may consider appropriate to reflect the true value of these assets;

(b) securities and money market instruments listed on an official stock exchange or dealt on any other regulated market

will be valued at their last available price in Luxembourg on the Valuation Day and, if the security or money market
instrument is traded on several markets, on the basis of the last known price on the main market of this security. If the
last known price is not representative, valuation will be based on the fair value at which it is expected it can be sold, as
determined with prudence and in good faith by the Board;

regulated market as well as listed securities and securities or money market instruments listed on a regulated market for
which no price is available, or securities or money market instruments whose quoted price is, in the opinion of the Board,
not representative of actual market value, will be valued at their last known price in Luxembourg or, in the absence of
such price, on the basis of their probable realisation value, as determined with prudence and in good faith by the Board;

(d) securities or money market instruments denominated in a currency other than the relevant Sub-fund's valuation

currency will be converted at the average exchange rate of the currency concerned applicable on the Valuation Day;

(e) the valuation of investments reaching maturity within a maximum period of 90 days may include straight-line daily

amortisation of the difference between the principal 91 days before maturity and the value at maturity;

(f) the liquidation value of futures, spot, forward or options contracts that are not traded on stock exchanges or other

regulated markets will be equal to their net liquidation value determined in accordance with the policies established by
the Board on a basis consistently applied to each type of contract. The liquidation value of futures, spot, forward or
options contracts traded on stock exchanges or other regulated markets will be based on the latest available price for
these contracts on the stock exchanges and regulated markets on which these options, spot, forward or futures contracts
are traded by the Company; provided that if an options or futures contract cannot be liquidated on the date on which
the net assets are valued, the basis for determining the liquidation value of said contract will be determined by the Board
in a fair and reasonable manner;

(g) swaps are valued at their fair value based on the last known closing price of the underlying security;
(h) UCIs are valued on the basis of their last available net asset value in Luxembourg. As indicated below, this net asset

value may be adjusted by applying a recognised index so as to reflect market changes since the last valuation;

(i) liquid assets and money market instruments are valued at their nominal value plus accrued interest, or on the basis

of amortised costs;

(j) any other securities and assets are valued in accordance with the procedures put in place by the Board and with

the help of specialist valuers, as the case may be, who will be instructed by the Board to carry out the said valuations.

11.8 In the context of Sub-funds which invest in other UCIs, valuation of their assets may be complex in some cir-

cumstances and the administrative agents of such UCIs may be late or delay communicating the relevant net asset values.
Consequently, the administrative agent, under the responsibility of the Board, may estimate the assets of the relevant
Sub-funds as of the Valuation Day considering, among other things, the last valuation of these assets, market changes and
any other information received from the relevant UCIs. In this case, the Net Asset Value estimated for the Sub-funds
concerned may be different from the value that would have been calculated on the said Valuation Day using the official
net asset values calculated by the administrative agents of the UCIs in which the Sub-fund invested. Nevertheless, the
Net Asset Value calculated using this method will be considered as final and applicable despite any future divergence.

11.9 For the purpose of determining the value of the Company's assets, the administrative agent, having due regards

to the standard of care and due diligence in this respect, may, when calculating the Net Asset Value, completely and
exclusively rely, unless there is manifest error or negligence on its part, upon the valuations provided either (i) by the
Board, (ii) by various pricing sources available on the market such as pricing agencies (i.e., Bloomberg, Reuters, etc) or

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administrators of underlying UCIs, (iii) by prime brokers and brokers, or (iv) by (a) specialist(s) duly authorised to that
effect by the Board. In particular, for the valuation of any assets for which market quotations or fair market values are
not publicly available (including but not limited to non listed structured or creditrelated instruments and other illiquid
assets), the administrative agent will exclusively rely on valuations provided either by the Board or by third party pricing
sources appointed by the Board under its responsibility or other official pricing sources like UCIs' administrators and
others like Telekurs, Bloomberg, Reuters and will not check the correctness and accuracy of the valuations so provided.
If the Board gives instructions to the administrative agent to use a specific pricing source, the Board undertakes to make
its own prior due diligence on such agent as far as its competence, reputation, professionalism are concerned so as to
ensure that the prices which will be given to the administrative agent are reliable and the administrative agent will not,
and will not be required to, carry out any additional due diligence or testing on any such pricing source.

11.10 If one or more sources of quotation is not able to provide relevant valuations to the administrative agent, the

latter is authorised to not calculate the Net Asset Value and, consequently, not to determine subscription, redemption
and conversion prices. The administrative agent will immediately inform the Board if such a situation arises. If necessary,
the Board may decide to suspend the calculation of the Net Asset Value in accordance with the procedures described in
the Prospectus.

11.11 The liabilities of the Company will be deemed to include:
(a) all borrowings, bills and other amounts due;
(b) all administrative expenses due or accrued including but not limited to the costs of its constitution and registration

with regulatory authorities, as well as legal, audit, management, custodial, paying agency and corporate and central ad-
ministration agency fees and expenses, the costs of legal publications, prospectuses, financial reports and other documents
made available to Shareholders, translation expenses and generally any other expenses arising from the administration of
the Company;

property, including the amount of all dividends declared by the Company for which no coupons have been presented and
which therefore remain unpaid until the day these dividends revert to the Company by prescription;

(d) any appropriate amount set aside for taxes due on the date of the valuation and any other provisions of reserves

authorised and approved by the Board; and

(e) any other liabilities of the Company of whatever kind towards third parties.
11.12 The allocation of assets and liabilities of the Company between Sub-funds (and within each Sub-fund between

the different share classes) will be effected so that:

(a) the subscription price received by the Company on the issue of shares, and reductions in the value of the Company

as a consequence of the redemption of shares, will be attributed to the Sub-fund (and within that Sub-fund, the share
class) to which the relevant shares belong;

(b) assets acquired by the Company upon the investment of the subscription proceeds and income and capital appre-

ciation in relation to such investments which relate to a specific Sub-fund (and within a Sub-fund, to a specific share class)
will be attributed to such Sub-fund (or share class in the Sub-fund);

capital depreciation relating to investments made by the Company and other operations of the Company, which relate
to a specific Sub-fund (and within a Sub-fund, to a specific share class) will be attributed to such Sub-fund (or share class
in the Subfund);

(d) where the use of foreign exchange transactions, instruments or financial techniques relates to a specific Sub-fund

(and within a Sub-fund, to a specific share class) the consequences of their use will be attributed to such Sub-fund (or
share class in the Sub-fund);

(e) where assets, income, capital appreciations, liabilities, expenses, capital depreciations or the use of foreign exchange

transactions, instruments or techniques relate to more than one Sub-fund (or within a Sub-fund, to more than one share
class), they will be attributed to such Sub-funds (or share classes, as the case may be) in proportion to the extent to
which they are attributable to each such Sub-fund (or each such share class);

(f) where assets, income, capital appreciations, liabilities, expenses, capital depreciations or the use of foreign exchange

transactions, instruments or techniques cannot be attributed to a particular Sub-fund they will be divided equally between
all Sub-funds or, in so far as is justified by the amounts, will be attributed in proportion to the relative Net Asset Value
of the Sub-funds (or share classes in the Sub-fund) if the Company, in its sole discretion, determines that this is the most
appropriate method of attribution;

(g) upon payment of dividends to the Shareholders of a Sub-fund (and within a Sub-fund, to a specific share class) the

net assets of this Sub-fund (or share class in the Sub-fund) are reduced by the amount of such dividend.

11.13 For the purpose of valuation under this article:
(a) shares of the relevant Sub-fund in respect of which the Board has issued a redemption notice or in respect of which

a redemption request has been received, will be treated as existing and taken into account on the relevant Valuation Day,
and from such time and until paid, the redemption price therefore will be deemed to be a liability of the Company;

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U X E M B O U R G

(b) all investments, cash balances and other assets of any Sub-fund expressed in currencies other than the currency of

denomination in which the Net Asset Value of the relevant Sub-fund is calculated, will be valued after taking into account
the market rate or rates of exchange in force at the date and time for determination of the Net Asset Value of shares;

on such Valuation Day, to the extent practicable; and

(d) where the Board is of the view that any conversion or redemption which is to be effected will have the result of

requiring significant sales of assets in order to provide the required liquidity, the value may, at the discretion of the Board,
be effected at the actual bid prices of the underlying assets and not the last available prices. Similarly, should any sub-
scription or conversion of shares result in a significant purchase of assets in the Company, the valuation may be done at
the actual offer price of the underlying assets and not the last available price.

12. Art. 12. Frequency and temporary suspension of the calculation of share value and of the issue, redemption and

conversion of shares.

12.1 The Net Asset Value of shares issued by the Company will be determined with respect to the shares relating to

each Sub-fund by the Company as set forth in the Prospectus, but no instance less than twice monthly, as the Board may
decide.

12.2 The Company may at any time and from time to time suspend the determination of the Net Asset Value of shares

of any Sub-fund or share class, the issue of the shares of such Sub-fund or share class to subscribers and the redemption
of the shares of such Sub-fund or share class from its Shareholders as well as conversions of shares of any share class in
a Sub-fund:

(a) when one or more stock exchanges or markets, which provide the basis for valuing a substantial portion of the

assets of the Sub-fund or of the relevant share class, or when one or more foreign exchange markets in the currency in
which a substantial portion of the assets of the Sub-fund or of the relevant share class are denominated, are closed
otherwise than for ordinary holidays or if dealings therein are restricted or suspended;

(b) when, as a result of political, economic, military or monetary events or any circumstances outside the responsibility

and the control of the Board, disposal of the assets of the Sub-fund or of the relevant share class is not reasonably or
normally practicable without being seriously detrimental to the interests of the Shareholders;

Sub-fund or of the relevant share class or if, for any reason beyond the responsibility of the Board, the value of any asset
of the Sub-fund or of the relevant share class may not be determined as rapidly and accurately as required;

(d) if, as a result of exchange restrictions or other restrictions affecting the transfer of funds, transactions on behalf

of the Company are rendered impracticable or if purchases and sales of the Sub-fund's assets cannot be effected at normal
rates of exchange; and

(e) when the Board so decides, provided that all Shareholders are treated on an equal footing and all relevant laws

and regulations are applied (i) upon publication of a notice convening a General Meeting of Shareholders of the Company
or of a Sub-fund for the purpose of deciding on the liquidation, dissolution, the merger or absorption of the Company
or the relevant Sub-fund and (ii) when the Board is empowered to decide on this matter, upon their decision to liquidate,
dissolve, merge or absorb the relevant Sub-fund.

12.3 Any such suspension may be notified by the Company in such manner as it may deem appropriate to the persons

likely to be affected thereby. The Company will notify Shareholders requesting redemption of their shares of such sus-
pension.

13. Art. 13. Board of directors.
13.1 The Company will be managed by a Board of at least 3 (three) members. The directors of the Company, either

Shareholders or not, are appointed for a term which may not exceed 6 (six) years by a General Meeting and will be eligible
for re-appointment. The Board will be elected by the Shareholders at the General Meeting at which the number of
directors, their remuneration and term of office will also be determined.

13.2 When a legal entity is appointed as a director of the Company (the Legal Entity), the Legal Entity must designate

a permanent representative in order to accomplish this task in its name and on its behalf (the Representative). The
Representative is subject to the same conditions and obligations, and incurs the same liability as if he was performing this
task for his own account and on his own behalf, without prejudice to the joint liability of him and the Legal Entity. The
Legal Entity cannot revoke the Representative unless it simultaneously appoints a new permanent representative.

13.3 Members of the Board are selected by a majority vote of the shares present or represented at the relevant General

Meeting. Votes relating to shares for which the shareholder did not participate in the vote, abstain from voting, cast a
blank (blanc) or spoilt (nul) vote are not taken into account to calculate the majority.

13.4 Any member of the Board may be removed with or without cause or replaced at any time by a resolution adopted

by the General Meeting.

13.5 In the event of vacancy in the office of a director because of death, retirement or otherwise, the remaining

directors may elect, by a majority vote, a director to fill such vacancy until the next General Meeting. In the absence of
any remaining directors, a General Meeting will promptly be convened by the auditor and held to appoint new directors.

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14. Art. 14. Board meetings.
14.1 The Board will elect from among its members a chairman. It may further choose a secretary, either director or

not, who will be in charge of keeping the minutes of the meetings of the Board. The Board will meet upon call by the
chairman or any two directors, at the place indicated in the notice of meeting.

14.2 The chairman will preside at all General Meetings and all meetings of the Board. In his absence, the General

Meeting or, as the case may be, the Board will appoint another person as chairman pro tempore by vote of the majority
in number present in person or by proxy at such meeting.

14.3 Meetings of the Board are convened by the chairman or by any other two members of the Board.
14.4 The directors will be convened separately to each meeting of the Board. Written notice of any meeting of the

Board will be given to all directors at least 1 day prior to the date set for such meeting, except in emergencies, in which
case the notice of meeting may be waived. This notice may furthermore be waived by consent in writing, by telegram,
telex, telefax or other similar means of communication. No separate invitation is necessary for meetings whose date and
location have been determined by a prior resolution of the Board.

14.5 The meeting will be duly held without prior notice if all the directors are present or duly represented.
14.6 The meetings are held at the place, the day and the hour specified in the convening notice.
14.7 Any director may act at any meeting of the Board by appointing in writing or by telefax or telegram or telex

another director as his proxy.

14.8 A director may represent more than one of his colleagues, under the condition however that at least two directors

are present at the meeting.

14.9 Any director may participate in a meeting of the Board by conference call, video conference or similar means of

communications equipment whereby (i) the directors attending the meeting can be identified, (ii) all persons participating
in the meeting can hear and speak to each other, (iii) the transmission of the meeting is performed on an on-going basis
and (iv) the directors can properly deliberate, and participating in a meeting by such means will constitute presence in
person at such meeting. A meeting of the Board held by such means of communication will be deemed to be held in
Luxembourg.

14.10 The Board can validly debate and take decisions only if the majority of its members are present or duly repre-

sented. In case of a tied vote the chairman will have a casting vote.

14.11 Notwithstanding the foregoing, a resolution of the Board may also be passed in writing. Such resolution will

consist of one or several documents containing the resolutions and signed, manually or electronically by means of an
electronic signature which is valid under Luxembourg law, by each director. The date of such resolution will be the date
of the last signature.

14.12 The decisions of the Board will be recorded in minutes to be kept at the registered office of the Company and

signed by the chairman or by any two other directors. Any proxies will remain attached thereto.

14.13 Copies or extracts of such minutes which may be produced in judicial proceedings or otherwise will be signed

by the chairman or by any two other directors.

14.14 No contract or other transaction between the Company and any other company, firm or other entity will be

affected or invalidated by the fact that any one or more of the directors or officers of the Company have a personal
interest in, or are a director, associate, officer or employee of such other company, firm or other entity. Any director
who is director or officer or employee of any company, firm or other entity with which the Company will contract or
otherwise engage in business will not, merely by reason of such affiliation with such other company, firm or other entity
be prevented from considering and voting or acting upon any matters with respect to such contract or other business.

14.15 In the event that any director of the Company may have any personal and opposite interest in any transaction

of the Company, such director will make known to the Board such personal and opposite interest and will not consider
or vote upon any such transaction, and such transaction, and such director's interest therein, will be reported to the next
following annual General Meeting (the Annual General Meeting).

14.16 The preceding paragraph does not apply to resolutions of the Board concerning transactions made in the ordinary

course of business of the Company which are entered into on arm's length terms.

14.17 If, due to a conflict of interest, a quorum of the Board cannot be reached and only 2 (two) directors are in

opposition to vote, resolutions will be passed by application of the articles 14.2 and 14.10 of these Articles.

15. Art. 15. Powers of the board of directors.
15.1 The Board is vested with the broadest powers to perform all acts of disposition and administration within the

Company’s purpose, in compliance with the investment policy as determined in article 19 of these Articles, to the extent
that such powers are not expressly reserved by law or by these Articles to the General Meeting.

15.2 All powers not expressly reserved by law or by these Articles to the General Meeting lie in the competence of

the Board.

16. Art. 16. Corporate signature. Vis-à-vis third parties, the Company is validly bound by the joint signature of any two

directors or by the joint or single signature of any person(s) to whom specific signatory power has been delegated by the
Board, but only within the limits of such power.

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17. Art. 17. Delegation of powers.
17.1 The Board may delegate its powers to conduct the daily management and affairs of the Company and its powers

to carry out acts in furtherance of the corporate policy and purpose, to members of the Board or physical persons or
corporate entities which need not be members of the Board, acting under the supervision of the Board. The Board may
also delegate certain of its powers, authorities and discretions to any committee, consisting of such persons (whether a
member of the Board or not) as it thinks fit, provided that the majority of the members of the committee are members
of the Board and that no meeting of the committee will be necessary for the purpose of exercising any of its powers,
authorities or discretions unless a majority of those persons present are members of the Board.

17.2 The Board may also confer special powers of attorney.

18. Art. 18. Indemnification.
18.1 The Company will indemnify any director or officer, and his or her heirs, executors and administrators against

expenses reasonably incurred by him or her in connection with any action, suit proceeding to which he or she may be
made a party by reason of his or her being or having been a director or officer of the Company or, at its request, of any
other company of which the Company is a shareholder or creditor and from which he or she is not entitled to be
indemnified, except in relation to matters as which he or she will be finally adjudged in such action, suit or proceeding to
be liable for gross negligence or wilful misconduct.

18.2 In the event of a settlement, indemnification will be provided only in connection with such matters covered by

the settlement as to which the Company is advised by counsel that the person to be indemnified did not commit such a
breach of duty. The foregoing right of indemnification will not exclude other rights to which he or she may be entitled.

19. Art. 19. Investment policies and restrictions.
19.1 The Board is vested with the broadest powers to perform all acts of administration and disposition in the

Company’s interest. All powers not expressly reserved by law or by these Articles to the General Meeting may be
exercised by the Board.

19.2 The Board has, in particular, the power to determine the corporate policy. The course of conduct of the mana-

gement and business affairs of the Company will fall under such investment restrictions as may be imposed by the 2010
Act or be laid down in the laws and regulations of those countries where the shares are offered for sale to the public or
as will be adopted from time to time by resolutions of the Board and as will be described in any prospectus relating to
the offer of shares.

19.3 In the determination and implementation of the investment policy the Board may cause the Company to comply

with the following general investment restrictions.

19.4 The management of the assets of the Sub-funds will be undertaken within the following investment restrictions.

A Sub-fund may be subject to different or additional investment restrictions set out in the relevant special section of the
Prospectus.

Eligible investments
19.5 The Company's investments may consist solely of:
(a) transferable securities and money market instruments admitted to official listing on a stock exchange in an European

Union (EU) Member State;

(b) transferable securities and money market instruments dealt in on another regulated market in an EU Member State;
(c) transferable securities and money market instruments admitted to official listing on a stock exchange or dealt in

on another market in any country of Western or Eastern Europe, Asia, Oceania, the American continents or Africa;

(d) new issues of transferable securities and money market instruments, provided that:
(i) the terms of issue include an undertaking that application will be made for admission to official listing on any stock

exchange or another regulated market referred to in subparagraphs (a), (b) and (c);

(ii) such admission is secured within a year of issue;
(e) units of undertakings for collective investment in transferable securities (UCITS) and/or other UCIs within the

meaning of the first and second indent of article 1 (2) of the UCITS directive, whether situated in an EU Member State
or not, provided that no more than 10% of the net assets of the UCITS or other UCI whose acquisition is contemplated,
can, according to their fund rules or constitutional documents, be invested in aggregate in units of other UCITS or other
UCIs;

(f) deposits with credit institutions which are repayable on demand or have the right to be withdrawn, and maturing

in no more than 12 months, provided that the credit institution has its registered office in an EU Member State or, if the
registered office of the credit institution is situated in a non-EU Member State, provided that it is subject to prudential
rules considered by the Luxembourg supervisory authority as equivalent to those laid down in EU law;

(g) financial derivative instruments, including equivalent cash-settled instruments, dealt in on a regulated market re-

ferred to in subparagraphs (a), (b) and (c); and/or financial derivative instruments dealt in over-thecounter (each an OTC
Derivative), provided that:

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(i) the underlying consists of instruments covered by this article 19.5, financial indices, interest rates, foreign exchange

rates or currencies, in which a Sub-fund may invest according to its investment objectives as stated in the Prospectus;

(ii) the counterparties to OTC Derivative transactions are first class institutions;
(iii) the OTC Derivatives are subject to reliable and verifiable valuation on a daily basis and can be sold, liquidated or

closed by an offsetting transaction at any time at their fair value at the Company's initiative;

(h) money market instruments other than those dealt in on a regulated market if the issue or issuer of such instruments

is itself regulated for the purpose of protecting investors and savings, and provided that they are:

(i) issued or guaranteed by a central, regional or local authority or central bank of an EU Member State, the European

Central Bank, the EU or the European Investment Bank, a non-EU Member State or, in the case of a federal State, by one
of the members making up the federation, or by a public international body to which one or more EU Member States
belong, or

(ii) issued by an undertaking, any securities of which are listed on a stock exchange or dealt in on regulated markets

referred to in subparagraphs (a), (b) or (c), or

(iii) issued or guaranteed by an establishment subject to prudential supervision, in accordance with criteria defined by

EU law, or by an establishment which is subject to and complies with prudential rules considered by the Luxembourg
supervisory authority to be at least as stringent as those laid down by EU law, or

(iv) issued by other bodies belonging to the categories approved by the Luxembourg supervisory authority provided

that investments in such instruments are subject to investor protection rules equivalent to that laid down in the first, the
second or the third indent and provided that the issuer is a company whose capital and reserves amount to at least EUR
10 million and which (i) represents and publishes its annual accounts in accordance with Directive 78/660/EEC, (ii) is an
entity which, within a group of companies which includes one or several listed companies, is dedicated to the financing
of the group or (iii) is an entity which is dedicated to the financing of securitisation vehicles which benefit from a banking
liquidity line.

19.6 However, each Sub-fund may:
(i) invest up to 10% of its net assets in transferable securities and money market instruments other than those referred

to under article 19.5 above; and

(ii) hold liquid assets on an ancillary basis.
Risk diversification
19.7 In accordance with the principle of risk diversification, the Company is not permitted to invest more than 10%

of the net assets of a Sub-fund in transferable securities or money market instruments of one and the same issuer. The
total value of the transferable securities and money market instruments in each issuer in which more than 5% of the net
assets are invested, must not exceed 40% of the value of the net assets of the respective Sub-fund. This limitation does
not apply to deposits and OTC Derivative transactions made with financial institutions subject to prudential supervision.

19.8 The Company is not permitted to invest more than 20% of the net assets of a Subfund in deposits made with the

same body.

19.9 The risk exposure to a counterparty of a Sub-fund in an OTC Derivative transaction may not exceed:
(i) 10% of its net assets when the counterparty is a credit institution referred to in article 19.5 (f); or
(ii) 5% of its net assets, in other cases.
19.10 Notwithstanding the individual limits laid down in articles 19.7, 19.8 and 19.9, a Sub-fund may not combine:
(i) investments in transferable securities or money market instruments issued by,
(ii) deposits made with, and/or
(iii) exposures arising from OTC Derivative transactions undertaken with a single body,
in excess of 20% of its net assets.
19.11 The 10% limit set forth in article 19.7 can be raised to a maximum of 25% in case of certain bonds issued by

credit institutions which have their registered office in an EU Member State and are subject by law, in that particular
country, to specific public supervision designed to ensure the protection of bondholders. In particular the funds which
originate from the issue of these bonds are to be invested, in accordance with the law, in assets which sufficiently cover
the financial obligations resulting from the issue throughout the entire life of the bonds and which are allocated prefe-
rentially to the payment of principal and interest in the event of the issuer's failure. Furthermore, if investments by a Sub-
fund in such bonds with one and the same issuer represent more than 5% of the net assets, the total value of these
investments may not exceed 80% of the net assets of the corresponding Sub-fund.

19.12 The 10% limit set forth in article 19.7 can be raised to a maximum of 35% for transferable securities and money

market instruments that are issued or guaranteed by an EU Member State or its local authorities, by another Organisation
for Economic Cooperation and Development (OECD) Member State, or by public international organisations of which
one or more EU Member States are members.

19.13 Transferable securities and money market instruments which fall under the special ruling given in articles 19.11

and 19.12 are not counted when calculating the 40% risk diversification ceiling mentioned in article 19.7.

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19.14 The limits provided for in articles 19.7 to 19.12 may not be combined, and thus investments in transferable

securities or money market instruments issued by the same body or in deposits or derivative instruments with this body
will under no circumstances exceed in total 35% of the net assets of a Sub-fund.

19.15 Companies which are included in the same group for the purposes of consolidated accounts, as defined in

accordance with Directive 83/349/EEC or in accordance with recognised international accounting rules, are regarded as
a single body for the purpose of calculating the limits contained in this section "Risk diversification".

19.16 A Sub-fund may invest, on a cumulative basis, up to 20% of its net assets in transferable securities and money

market instruments of the same group.

Exceptions which can be made
19.17 Without prejudice to the limits laid down in the section “Investment Prohibitions” below, the limits laid down

in articles 19.7 to 19.16 are raised to a maximum of 20% for investment in shares and/or bonds issued by the same body
if, according to the relevant special section of the Prospectus, the investment objective and policy of that Sub-fund is to
replicate the composition of a certain stock or debt securities index which is recognised by the Luxembourg supervisory
authority, on the following basis:

(i) its composition is sufficiently diversified,
(ii) the index represents an adequate benchmark for the market to which it refers,
(iii) it is published in an appropriate manner.
The above 20% limit may be raised to a maximum of 35%, but only in respect of a single body, where that proves to

be justified by exceptional market conditions in particular in regulated markets where certain transferable securities or
money market instruments are highly dominant.

19.18 The Company is authorised, in accordance with the principle of risk diversification, to invest up to 100% of the

net assets of a Sub-fund in transferable securities and money market instruments from various offerings that are issued
or guaranteed by an EU Member State or its local authorities, by another OECD Member State, or by public international
organisations in which one or more EU Member States are members. These securities must be divided into at least six
different issues, with securities from one and the same issue not exceeding 30% of the total net assets of a Sub-fund.

Investment in UCITS and/or other UCIs
19.19 A Sub-fund (other than a feeder Sub-fund) may acquire the units of UCITS and/or other UCIs referred to in

article 19.5(e), provided that no more than 20% of its net assets are invested in units of a single UCITS or other UCI.
The Board may create one or more feeder Sub-funds, with each such feeder Sub-fund being authorised to invest up to
100% of its assets in units of another eligible master UCITS (or sub-fund thereof) under the conditions set out by applicable
law and such other conditions as set out in the Prospectus. If a UCITS or other UCI has multiple compartments (within
the meaning of article 181 of the 2010 Act) and the assets of a compartment may only be used to satisfy the rights of the
investors relating to that compartment and the rights of those creditors whose claims have arisen in connection with the
setting-up, operation and liquidation of that compartment, each compartment is considered as a separate issuer for the
purposes of applying the above limit.

19.20 Investments made in units of UCIs other than UCITS may not exceed, in aggregate, 30% of the net assets of the

Sub-fund.

19.21 When a Sub-fund has acquired units of UCITS and/or other UCIs, the assets of the respective UCITS or other

UCIs do not have to be combined for the purposes of the limits laid down in articles 19.7 to 19.16 of these Articles.

19.22 When a Sub-fund (other than a feeder Sub-fund) invests in the units of UCITS and/or other UCIs that are

managed, directly or by delegation, by the same management company or by any other company with which the mana-
gement company is linked by common management or control, or by a substantial direct or indirect holding, (regarded
as more than 10% of the voting rights or share capital), that management company or other company may not charge
subscription, conversion or redemption fees on account of the Sub-fund's investment in the units of such UCITS and/or
other UCIs.

19.23 If a Sub-fund (other than a feeder Sub-fund) invests a substantial proportion of its assets in other UCITS and/or

other UCIs, the maximum level of the management fees that may be charged both to the Sub-fund itself and to the other
UCITS and/or other UCIs in which it intends to invest, will be disclosed in the relevant special section of the Prospectus.

19.24 In the annual report of the Company it will be indicated for each Sub-fund (other than a feeder Sub-fund) the

maximum proportion of management fees charged both to the Sub-fund and to the UCITS and/or other UCIs in which
the Sub-fund invests.

Tolerances and multiple compartment issuers
19.25 If, because of reasons beyond the control of the Company or the exercising of subscription rights, the limits

mentioned in this article 19 are exceeded, the Company must have as a priority objective in its sale transactions to reduce
these positions within the prescribed limits, taking into account the best interests of the Shareholders.

19.26 Provided that they continue to observe the principles of risk diversification, newly established Sub-funds may

deviate from the limits mentioned under articles 19.7 to 19.24 above for a period of six months following the date of
their initial launch.

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19.27 If an issuer of eligible investment is a legal entity with multiple compartments and the assets of a compartment

may only be used to satisfy the rights of the investors relating to that compartment and the rights of those creditors
whose claims have arisen in connection with the setting-up, operation and liquidation of that compartment, each com-
partment is considered as a separate issuer for the purposes of applying the limits set forth under articles 19.7 to 19.17
and 19.19 to 19.24 of these Articles.

Investment prohibitions
The Company is prohibited from:
19.28 acquiring equities with voting rights that would enable the Company to exert a significant influence on the

management of the issuer in question;

19.29 acquiring more than
(i) 10% of the non-voting equities of one and the same issuer,
(ii) 10% of the debt securities issued by one and the same issuer,
(iii) 10% of the money market instruments issued by one and the same issuer, or
(iv) 25% of the units of one and the same UCITS (other than a master UCITS or sub-fund thereof) and/or other UCI.
The limits laid down in paragraphs (ii), (iii) and (iv) may be disregarded at the time of acquisition if at that time the

gross amount of the debt securities or of the money market instruments, or the net amount of the securities in issue,
cannot be calculated.

Transferable securities and money market instruments which, in accordance with article 48, paragraph 3 of the 2010

Act are issued or guaranteed by an EU Member State or its local authorities, by another Member State of the OECD or
which are issued by public international organisations of which one or more EU Member States are members are exempted
from the above limits.

19.30 selling transferable securities, money market instruments and other eligible investments mentioned under sub-

paragraphs e), g) and h) of article 19.5 of these Articles short;

19.31 acquiring precious metals or related certificates;
19.32 investing in real estate and purchasing or selling commodities or commodities contracts;
19.33 borrowing on behalf of a particular Sub-fund, unless:
(i) the borrowing is in the form of a back-to-back loan for the purchase of foreign currency;
(ii) the loan is only temporary and does not exceed 10% of the net assets of the Sub-fund in question;
19.34 granting credits or acting as guarantor for third parties. This limitation does not refer to the purchase of trans-

ferable securities, money market instruments and other eligible investments mentioned under sub-paragraphs (e), (g) and
(h) of article 19.5 of these Articles that are not fully paid up.

Risk management and limits with regard to derivative instruments
19.35 The Company must employ (i) a risk-management process which enables it to monitor and measure at any time

the risk of the positions and their contribution to the overall risk profile of the portfolio and (ii) a process for accurate
and independent assessment of the value of OTC Derivatives.

19.36 Each Sub-fund will ensure that its global exposure relating to derivative instruments does not exceed the total

net value of its portfolio.

19.37 The exposure is calculated taking into account the current value of the underlying assets, the counterparty risk,

future market movements and the time available to liquidate the positions. This will also apply to the following articles.

19.38 A Sub-fund may invest, as a part of its investment policy, in financial derivative instruments provided that the

exposure to the underlying assets does not exceed in aggregate the investment limits laid down in articles 19.7 to 19.16
of these Articles. Under no circumstances will these operations cause a Sub-fund to diverge from its investment objectives
as laid down in the Prospectus and the relevant special section of the Prospectus.

19.39 When a transferable security or money market instrument embeds a derivative, the latter must be taken into

account when complying with the requirements of this article 19.

19.40 Co-management and pooling
The Board may, in the best interest of the Company and as described in more detail in the Prospectus, decide that all

or part of the assets of the Company or of a Sub-fund will be jointly managed on a separate basis with other assets of
other Shareholders, including other UCI and/or their sub-fund or that all or part of the assets of two or more Sub-fund
will be managed jointly on a separate basis or in a pool.

19.41 Indirect investments
Investments of any Sub-fund may be directly or indirectly made through whollyowned subsidiaries of the Company, in

accordance with the respective decision made by the Board and as described in detail in the Prospectus. References to
assets and investments in these Articles correspond either to investments made directly or to assets held directly for the
Company or to such investments or assets that are made or held indirectly for the Company by the above-mentioned
subsidiary.

19.42 Techniques and instruments

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U X E M B O U R G

The Company is authorised, as determined by the Board and in accordance with applicable laws and regulations, to

use techniques and instruments that deal with securities and money-market instruments and other assets permitted by
law, provided that that such techniques and instruments are used for hedging or efficient portfolio management purposes.

19.43 Cross-investments between Sub-funds
A Sub-fund (the Cross-investing Sub-fund) may invest in one ore more other Sub-funds. Any acquisition of shares of

another Sub-fund (the Target Sub-fund) by the Cross-investing Sub-fund is subject to the following conditions (and such
other conditions as may be applicable in accordance with the terms of the Prospectus):

(i) the Target Sub-fund may not invest in the Cross-investing Sub-fund;
(ii) the Target Sub-fund may not invest more than 10% of its net assets in UCITS (including other Sub-funds) or other

UCIs;

(iii) the voting rights attached to the shares of the Target Sub-fund are suspended during the investment by the Cross-

investing Sub-fund;

(iv) the value of the share of the Target Sub-fund held by the Cross-investing Sub-fund are not taken into account for

the purpose of assessing the compliance with the EUR1,250,000 minimum capital requirement; and

(v) duplication of management, subscription or redemption fees is prohibited.

20. Art. 20. Auditor.
20.1 The accounting data reported in the annual report of the Company will be examined by an auditor (réviseur

d’entreprises agréé) appointed by the General Meeting and remunerated by the Company.

20.2 The auditor fulfils all duties prescribed by the 2010 Act.

21. Art. 21. General meeting of shareholders of the Company.
21.1 The General Meeting represents, when properly constituted, the entire body of Shareholders of the Company.

Its resolutions are binding upon all the Shareholders, regardless of the share class held by them. It has the broadest powers
to order, carry out or ratify acts relating to the operations of the Company.

21.2 The Annual General Meeting will be held at the address of the registered office of the Company or at such other

place in the municipality of its registered office as may be specified in the convening notice of the meeting, on the last
Wednesday in April of each year at 10 a.m.. If such day is not a business day for banks in Luxembourg, the Annual General
Meeting will be held on the next following business day.

21.3 The Annual General Meeting may be held abroad if, in the absolute and final judgment of the Board exceptional

circumstances so require.

21.4 Other General Meetings of Shareholders may be held at such places and times as may be specified in the respective

convening notices of the meeting.

21.5 Any Shareholder may participate in a General Meeting by conference call, video conference or similar means of

communications equipment whereby (i) the Shareholders attending the meeting can be identified, (ii) all persons partici-
pating in the meeting can hear and speak to each other, (iii) the transmission of the meeting is performed on an on-going
basis and (iv) the Shareholders can properly deliberate, and participating in a meeting by such means will constitute
presence in person at such meeting.

21.6 The notice periods and quorum provided for by law will govern the notice for, and the conduct of, the General

Meetings, unless otherwise provided herein.

21.7 The Board may convene a General Meeting. They will be obliged to convene it so that it is held within a period

of one month, if Shareholders representing onetenth of the capital require it in writing, with an indication of the agenda.
One or more shareholders representing at least one tenth of the subscribed capital may require the entry of one or more
items on the agenda of any General Meeting. This request must be addressed to the Company at least 5 (five) days before
the relevant General Meeting.

21.8 Convening notices for every General Meeting will contain the agenda and be made in accordance with the re-

quirements of the act of 10 August 1915 concerning commercial companies, as amended (the 1915 Act).

21.9 Except as otherwise required by law or by these Articles, resolutions at a duly convened General Meeting will

be passed by a simple majority of those present or represented and voting. Votes relating to shares for which the
shareholder did not participate in the vote, abstain from voting, cast a blank (blanc) or spoilt (nul) vote are not taken into
account to calculate the majority.

21.10 However, resolutions to alter the Articles may only be adopted in a General Meeting where at least one half of

the share capital is represented and the agenda indicates the proposed amendments to the Articles and, as the case may
be, the text of those which concern the objects or the form of the Company. If the first of these conditions is not satisfied,
a second meeting may be convened, in the manner prescribed by the Articles, by means of notices published twice, at
fifteen days interval at least and fifteen days before the meeting in the Official Journal (Mémorial) and in two Luxembourg
newspapers. Such convening notice will reproduce the agenda and indicate the date and the results of the previous
meeting. The second meeting will validly deliberate regardless of the proportion of the capital represented. At both
meetings, resolutions, in order to be adopted, must be carried by at least two-thirds of the votes expressed at the relevant

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U X E M B O U R G

General Meeting. Votes relating to shares for which the shareholder did not participate in the vote, abstain from voting,
cast a blank (blanc) or spoilt (nul) vote are not taken into account to calculate the majority.

21.11 A Shareholder may act at any General Meeting by appointing another person who need not be a Shareholder

as its proxy in writing whether in original, by telefax, or e-mail to which an electronic signature (which is valid under
Luxembourg law) is affixed.

21.12 If all the Shareholders of the Company are present or represented at a General Meeting, and consider themselves

as being duly convened and informed of the agenda of the meeting, the meeting may be held without prior notice.

21.13 The Shareholders may vote in writing (by way of a voting bulletins) on resolutions submitted to the General

Meeting provided that the written voting bulletins include (i) the name, first name, address and the signature of the relevant
shareholder, (ii) the indication of the shares for which the shareholder will exercise such right, (iii) the agenda as set forth
in the convening notice and (iv) the voting instructions (approval, refusal, abstention) for each point of the agenda. In
order to be taken into account, the original voting bulletins must be received by the Company 72 (seventy-two) hours
before the relevant General Meeting.

21.14 The Board may determine all other conditions that must be fulfilled by Shareholders in order to attend any

meeting of Shareholders. To the extent permitted by law, the convening notice to a General Meeting may provide that
the quorum and majority requirements will be assessed against the number of shares issued and outstanding at midnight
(Luxembourg time) on the fifth day prior to the relevant meeting (the Record Date) in which case, the right of any
Shareholder to participate in the meeting will be determined by reference to his/her/its holding as at the Record Date.

21.15 The business transacted at any meeting of the Shareholders will be limited to the matters on the agenda and

transactions related to these matters.

21.16 Subject to article 19.43 above, each share of any share class is entitled to one vote, in accordance with Luxem-

bourg law and these Articles. A Shareholder may act at any meeting of Shareholders through a written proxy to another
person, who need not be a Shareholder and who may be a member of the Board.

22. Art. 22. General meetings of shareholders in a subfund or in a share class.
22.1 The Shareholders of the share classes issued in a Sub-fund may hold, at any time, General Meetings to decide on

any matters which relate exclusively to that Subfund.

22.2 In addition, the Shareholders of any share class may hold, at any time, General Meetings for any matters which

are specific to that share class.

22.3 The provisions of article 21 of these Articles apply to such General Meetings, unless the context otherwise

requires.

22.4 Subject to article 19.43 above, each share is entitled to one vote in accordance with Luxembourg law and these

Articles. Shareholders may act either in person or through a written proxy to another person who need not be a
Shareholder and may be a director.

22.5 Unless otherwise provided for by law or in these Articles, the resolutions of the General Meeting of Shareholders

of a Sub-fund or of a share class are passed by a simple majority vote of the Shareholders present or represented.

23. Art. 23. Liquidation or merger of sub-funds or share classes.
23.1 In the event that for any reason the value of the total net assets in any Sub-fund or the value of the net assets of

any share class within a Sub-fund has decreased to, or has not reached, an amount determined by the Board to be the
minimum level for such Sub-fund, or such share class, to be operated in an economically efficient manner or in case of a
substantial modification in the political, economic or monetary situation or as a matter of economic rationalisation, the
Board may decide to redeem all the shares of the relevant share class or classes at the Net Asset Value per share (taking
into account actual realisation prices of investments and realisation expenses) calculated on the Valuation Day at which
such decision will take effect. The Company will serve a notice to Shareholders of the relevant share class or classes prior
to the effective date for the compulsory redemption, which will indicate the reasons and the procedure for the redemption
operations: registered holders will be notified in writing. Unless it is otherwise decided in the interests of, or to keep
equal treatment between the Shareholders, the Shareholders of the Sub-fund or of the share class concerned may continue
to request redemption of their shares free of charge (but taking into account actual realisation prices of investments and
realisation expenses) prior to the date effective for the compulsory redemption.

23.2 Notwithstanding the powers conferred to the Board by the preceding paragraph, the General Meeting of any one

or all share classes issued in any Sub-fund will, in any other circumstances, have the power, upon proposal from the Board,
to redeem all the shares of the relevant share class or classes and refund to the Shareholders the Net Asset Value of
their shares (taking into account actual realisation prices of investments and realisation expenses) calculated on the
Valuation Day at which such decision will take effect. There will be no quorum requirements for such General Meeting
of Shareholders which will decide by resolution taken by simple majority of those present or duly represented and voting
at such meeting.

23.3 Assets which may not be distributed upon the implementation of the liquidation or merger will be deposited with

the Caisse de Consignation on behalf of the persons entitled thereto within the applicable time period..

23.4 All redeemed shares may be cancelled.

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U X E M B O U R G

23.5 Under the same circumstances as provided by the first paragraph of this article, the Board may decide to allocate

the assets of any Sub-fund to those of another existing Sub-fund within the Company or to another Luxembourg UCITS
or to another sub-fund within such other Luxembourg UCITS (the New Sub-fund) and to repatriate the shares of the
share class or classes concerned as shares of another share class (following a split or consolidation, if necessary, and the
payment of the amount corresponding to any fractional entitlement to Shareholders). Such decision will be published in
the same manner as described in the first paragraph of this article one month before its effectiveness (and, in addition,
the publication will contain information in relation to the New Sub-fund), in order to enable Shareholders to request
redemption of their shares, free of charge, during such period.

23.6 Notwithstanding the powers conferred to the Board by the preceding paragraph, a contribution of the assets and

of the liabilities attributable to any Sub-fund to another Sub-fund within the Company may in any other circumstances be
decided upon by a General Meeting of the Shareholders of the share class or classes issued in the Sub-fund concerned
for which there will be no quorum requirements and which will decide upon such an merger by resolution taken by simple
majority of those present or represented and voting at such meeting.

23.7 For the interest of the Shareholders of the relevant Sub-fund or in the event that a change in the economic or

political situation relating to a Sub-fund so justifies, the Board may proceed to the reorganisation of such Sub-fund by
means of a division into two or more Sub-funds. Information concerning the new Subfund(s) will be provided to the
relevant Shareholders. Such publication will be made one month prior to the effectiveness of the reorganisation in order
to permit Shareholders to request redemption of their shares free of charge during such one month prior period.

23.8 In accordance with the provisions of the 2010 Act, the Board may decide to merge or consolidate the Company

or a Sub-fund with, or transfer substantially all or part of the Company or a Sub-fund's assets to, or acquire substantially
all the assets of, another UCITS established in Luxembourg or another EU Member State or any sub-fund thereof. The
Board may decide to submit such merger to a decision of the Shareholders (or, for a merger involving one or more Sub-
funds, General Meeting of the Shareholders of the relevant Sub-fund(s)), such decision to be taken by the simple majority
of the votes cast by Shareholders present or represented at the relevant General Meeting. Any merger leading to ter-
mination of the Company will require the vote of Shareholders in the Company subject to the quorum and majority
requirements provided for amendment to these Articles. Information concerning the merger will be provided to the
relevant Shareholders. Such publication will be made at least thirty days prior to the effectiveness of the reorganisation
in order to permit Shareholders to request redemption of their shares free of charge during such thirty days prior period.

24. Art. 24. Financial year. The financial year of the Company commences on 1

January each year and terminates on

December of the same year.

25. Art. 25. Application of income.
25.1 The General Meeting determines, upon proposal from the Board and within the limits provided by law, how the

income from the Sub-fund will be applied with regard to each existing share class, and may declare, or authorise the Board
to declare, distributions.

25.2 For any class of shares entitled to distributions, the Board may decide to pay interim dividends in accordance

with legal provisions.

25.3 Payments of distributions to owners of registered shares will be made to such Shareholders at their addresses in

the register of Shareholders. Payments of distributions to holders of bearer shares will be made upon presentation of
the dividend coupon to the agent or agents more specifically designated by the Company.

25.4 Distributions may be paid in such a currency and at such a time and place as the Board determines from time to

time.

25.5 The Board may decide to distribute bonus stock instead of cash dividends under the terms and conditions set

forth by the Board.

25.6 Any distributions that has not been claimed within 5 (five) years of its declaration will be forfeited and revert to

the share class(es) issued in the respective Subfund.

25.7 No interest will be paid on a dividend declared by the Company and kept by it at the disposal of its beneficiary.

26. Art. 26. Custodian.
26.1 To the extent required by law, the Company will enter into a custodian agreement with a bank or credit institution

as defined by the act dated 5 April 1993 on the financial sector, as amended (the Custodian).

26.2 The Custodian will fulfil its obligations in accordance with the 2010 Act.
26.3 If the Custodian indicates its intention to terminate the custodial relationship, the Board will make every effort

to find a successor custodian within two months of the effective date of the notice of termination of the custodian
agreement. The Board may terminate the agreement with the Custodian but may not relieve the Custodian of its duties
until a successor custodian has been appointed.

27. Art. 27. Liquidation of the Company.
27.1 The Company may at any time be dissolved by a resolution of the General Meeting, subject to the quorum and

majority requirements referred to in article 29 of these Articles.

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U X E M B O U R G

27.2 If the assets of the Company fall below two-thirds of the minimum capital indicated in article 5 of these Articles,

the question of the dissolution of the Company will be referred to the General Meeting by the Board. The General
Meeting, for which no quorum will be required, will decide by simple majority of the votes of the shares represented at
the General Meeting.

27.3 The question of dissolution of the Company will further be referred to the General Meeting whenever the share

capital falls below one-fourth of the minimum capital indicated in article 5 of these Articles; in such event, the General
Meeting will be held without any voting quorum requirements and the dissolution may be decided by Shareholders holding
one-quarter of the votes of the shares represented at the meeting.

27.4 The meeting must be convened so that it is held within a period of forty days from the ascertainment that the

net assets of the Company have fallen below twothirds or one-quarter of the legal minimum, as the case may be.

27.5 If the Company is dissolved, the liquidation will be carried out by one or several liquidators appointed in accor-

dance with the provisions of the 2010 Act.

27.6 The decision to dissolve the Company will be published in the Mémorial and two newspapers with adequate

circulation, one of which must be a Luxembourg newspaper.

27.7 The liquidator(s) will realise each Sub-fund's assets in the best interests of the Shareholders and apportion the

proceeds of the liquidation, after deduction of liquidation costs, amongst the Shareholders of the relevant Sub-fund
according to their respective prorata.

27.8 Any amounts unclaimed by the Shareholders at the closing of the liquidation of the Company will be deposited

with the Caisse des Consignations in Luxembourg for a duration of thirty (30) years. If amounts deposited remain un-
claimed beyond the prescribed time limit, they will be forfeited.

28. Art. 28. Amendments to the articles. These Articles may be amended by a General Meeting subject to the quorum

and majority requirements provided for by the 1915 Act.

29. Art. 29. Definitions. Words importing a masculine gender also include the feminine gender and words importing

persons or Shareholders also include corporations, partnerships, associations and any other organised group of persons,
whether incorporated or not.

30. Art. 30. Applicable law. All matters not governed by these Articles will be determined in accordance with the 1915

Act and the 2010 Act. In case of conflict between the 1915 Act and the 2010 Act, the 2010 Act will prevail.

Transitional provisions

The first business year begins today and ends on 31 December 2012.
The first annual General Meeting will be held in 2013.

Subscription

The Articles having thus been established, the party appearing hereby declares that it subscribes to thirty (30) shares

representing the total share capital of the Company.

All these shares have been fully paid up by the shareholder by payment in cash, so that the sum of EUR300,000 (three

hundred thousand Euros) paid by the shareholder is from now on at the free disposal of the Company, evidence thereof
having been given to the officiating notary.

Statement - Costs

The notary executing this deed declares that the conditions prescribed by article 26, 26-3 and 26-5 of the 1915 Act

have been fulfilled and expressly bears witness to their fulfilment. Further, the notary executing this deed confirms that
these Articles comply with the provisions of article 27 of the 1915 Act.

The expenses, costs, remunerations and charges in any form whatsoever, which will be borne by the Company as a

result of the present deed are estimated to be approximately € 2.800.-.

Resolutions of the sole shareholder

The above named party, representing the whole of the subscribed capital, has passed the following resolutions:
1. the number of directors is set at 3 (three) and the following persons are appointed as directors of the Company

until 2016:

- Mr Marco Borsa, Chief Operating Officer, Method Investments & Advisory Ltd, whose professional address is at 16,

Berkeley Street, W1J 8DZ London (United Kingdom), born on 27 October 1975, in Cuggiono, Italy;

- Ms Annalisa Menicatti, Financial Controller and Head of Accounting, Method Investments & Advisory Ltd, whose

professional address is at Via Santa Radegonda 11, 20121 Milano, born on 6 October 1968, in Milan, Italy;

- Mr Daniel Van Hove, Managing Director, Orionis Management S.A., Managing Director, Bellatrix Asset Management

S.A., whose professional address is at 370, Route de Longwy, L-1940 Luxembourg, born on 20 August 1950, in Bukavu,
Congo.

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U X E M B O U R G

2. Deloitte S.A., with registered office at 560, Rue de Neudorf, L-2220 Luxembourg, Grand Duchy of Luxembourg,

R.C.S. Luxembourg B 67.895 is appointed as external auditor of the Company for a period ending on the date of the
annual general meeting to be held in 2016;

3. the Company's registered office will be at 14, Boulevard Royal, L-2449 Luxembourg, Grand Duchy of Luxembourg.
The undersigned notary who understands and speaks English, states herewith that at the request of the above appearing

party, the present deed is worded in English.

Whereof the present notarial deed was drawn up in Luxembourg, on the day named at the beginning of this document.
The document having been read to the person appearing, all of which is known to the notary by their surnames, names,

civil status and residences, the said person appearing signed the present deed together with the notary.

Signé: A. BARTHOLME, C. DELVAUX.
Enregistré à Redange-sur-Attert, le 15 décembre 2011. Relation: RED/2011/2745. Reçu soixante-quinze euros (75,-

€).

Le Receveur

(signé): T. KIRSCH.

POUR EXPEDITION CONFORME, délivrée aux fins de dépôt au Registre de Commerce et des Sociétés de Luxem-

bourg et aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

Redange-sur-Attert, le 15 décembre 2011.

C. DELVAUX.

Référence de publication: 2011174291/1047.
(110203183) Déposé au registre de commerce et des sociétés de Luxembourg, le 20 décembre 2011.

Cash Plus, Fonds Commun de Placement.

RECTIFICATIF

Le règlement de gestion modifié rectificatif (rectificatif du dépôt du règlement de gestion modifié au 15 septembre

2011 déposé le 16 septembre 2011 n° L 110149394.05) a été déposé au registre de commerce et des sociétés de
Luxembourg.

Pour mention aux fins de la publication au Mémorial, Recueil des Sociétés et Associations.

Oppenheim Asset Management Services S.à r.l.
Signatures

Référence de publication: 2011146877/12.
(110170226) Déposé au registre de commerce et des sociétés de Luxembourg, le 26 octobre 2011.

GAR Investment Managers, Société à responsabilité limitée.

Capital social: EUR 60.000,00.

Siège social: L-2163 Luxembourg, 35, avenue Monterey.

R.C.S. Luxembourg B 165.359.

STATUTES

In the year two thousand and eleven, on the first day of December.
Before us, Maître Léonie Grethen, notary residing in Luxembourg, Grand Duchy of Luxembourg.

THERE APPEARED:

Mr. Ramon ALFONSO MATA, Senior equity analyst, born 1

May 1962 in Barcelona, with passport number n°

A3387455700, with address in Calle San Gervasio Cassoles 88 4B, 08022 Barcelona, Spain.

here represented by David Louis, avocat à la cour, with professional address in Luxembourg, by virtue of a power of

attorney given in Luxembourg, on November 30

2011,

Such power of attorney, after having been signed ne varietur by the representative of the appearing party and the

undersigned notary, will remain annexed to this deed for the purpose of registration.

The appearing party, represented as above, has requested the undersigned notary, to state as follows the articles of

incorporation of a private limited liability company (société à responsabilité limitée), which is hereby incorporated:

I. Name - Registered office - Object - Duration

Art. 1. Name. The name of the company is "GAR Investment Managers" (the Company). The Company is a private

limited liability company (société à responsabilité limitée) governed by the laws of the Grand Duchy of Luxembourg and,
in particular, the law of 10 August 1915, on commercial companies, as amended (the Law), and these articles of incor-
poration (the Articles).

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Art. 2. Registered office.
2.1. The registered office of the Company is established in Luxembourg-city, Grand Duchy of Luxembourg. It may be

transferred within the municipality by a resolution of the board of managers of the Company (the Board). The registered
office may be transferred to any other place in the Grand Duchy of Luxembourg by a resolution of the shareholders of
the Company, acting in accordance with the conditions prescribed for the amendment of the Articles.

2.2. Branches, subsidiaries or other offices may be established in the Grand Duchy of Luxembourg or abroad by a

resolution of the Board. Where the Board determines that extraordinary political or military developments or events
have occurred or are imminent and that these developments or events may 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 regis-
tered office may be temporarily transferred abroad until the complete cessation of these circumstances. Such temporary
measures have no effect on the nationality of the Company, which, notwithstanding the temporary transfer of its registered
office, remains a Luxembourg incorporated company.

Art. 3. Corporate object.
3.1 The purpose of the Company is the holding of unlimited shares in GARIM S.C.A. SICAV-SIF, a partnership limited

by shares (société en commandite par actions) qualifying as an investment company with variable capital - specialised
investment fund (société d'investissement à capital variable - fonds d'investissement spécialisé) governed by the laws of
the Grand Duchy of Luxembourg which is further subject to the law of February 13, 2007 relating to specialised investment
funds, as amended in the capacity of general partner of that company and/or the holding of unlimited shares in any other
corporate partnership limited by shares.

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

only, shares, notes, bonds and any kind of debt and equity securities. The Company may lend funds including, without
limitation, the proceeds of any borrowings, to its subsidiaries, affiliated companies and any other companies. The Company
may also give guarantees and pledge, transfer, encumber or otherwise create and grant security over all or some of its
assets to guarantee its own obligations and those of any other company, and, generally, for its own benefit and that of
any other company or person. For the avoidance of doubt, the Company may not carry out any regulated activities of
the financial sector without having obtained the required authorisation.

3.3. The Company may use any techniques and instruments to efficiently manage its investments and to protect itself

against credit risks, currency exchange exposure, interest rate risks and other risks.

3.4. The Company may carry out any commercial, financial or industrial operations and any transactions with respect

to real estate or movable property which, directly or indirectly, favour or relate to its corporate object.

Art. 4. Duration.
4.1. The Company is formed for an unlimited duration.
4.2 The Company is not dissolved by reason of the death, suspension of civil rights, incapacity, insolvency, bankruptcy

or any similar event affecting one or several shareholders.

II. Share capital - Shares

Art. 5. Share Capital.
5.1. The share capital of the Company is set at EUR 60,000 (sixty thousand euro), represented by 600 (six hundred)

shares in registered form, having a par value of EUR 100 (one hundred euro) each, all subscribed and fully paid-up.

5.2. The share capital may be increased or decreased in one or several times by a resolution of the shareholders of

the Company, acting in accordance with the conditions prescribed for the amendment of the Articles.

Art. 6. Shares.
6.1. The shares are indivisible and the Company recognises only 1 (one) owner per share.
6.2. Shares are freely transferable among shareholders. Where the Company has a sole shareholder, shares are freely

transferable to third parties. Where the Company has more than one shareholder, the transfer of shares (inter vivos) to
third parties is subject to the prior approval of the shareholders representing at least 3/4 (three-quarters) of the share
capital. A share transfer is only binding upon the Company or third parties following a notification to, or acceptance by,
the Company in accordance with article 1690 of the Civil Code.

6.3. Each share entitles the holder thereof to a fraction of the Company's assets and profits in direct proportion to

the number of shares in existence.

6.4 A register of shareholders is kept at the registered office and may be examined by each shareholder upon request.
6.5. The Company may redeem its own shares provided that the Company has sufficient distributable reserves for

that purpose or if the redemption results from a reduction of the Company's share capital.

III. Management - Representation

Art. 7. Appointment and Removal of managers.
7.1. The Company is managed by one or more managers appointed by a resolution of the shareholders, which sets

the term of their office.

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7.2. The managers may be removed at any time (with or without cause) by a resolution of the shareholders.

Art. 8. Board of managers. If several managers are appointed, they constitute the Board. 8.1. Powers of the board of

managers

(i) All powers not expressly reserved to the shareholder(s) by the Law or the Articles fall within the competence of

the Board, who has all powers to carry out and approve all acts and operations consistent with the corporate object of
the Company.

(ii) Special and limited powers may be delegated for specific matters to one or more agents by the Board.
8.2. Procedure
(i) The Board meets upon the request of any 2 (two) managers, at the place indicated in the convening notice which,

in principle, is in Luxembourg.

(ii) Written notice of any meeting of the Board is given to all managers at least 48 (forty-eight) hours in advance, except

in case of emergency, the nature and circumstances of which are set forth in the notice of the meeting.

(iii) No notice is required if all members of the Board are present or represented and if they state to have full knowledge

of the agenda of the meeting. Notice of a meeting may also be waived by a manager, either before or after a meeting.
Separate written notices are not required for meetings that are held at times and places indicated in a schedule previously
adopted by the Board.

(iv) A manager may grant a power of attorney to another manager in order to be represented at any meeting of the

Board.

(v) The Board can validly deliberate and act only if a majority of its members is present or represented. Resolutions

of the Board are validly taken by a majority of the votes of the managers present or represented. The resolutions of the
Board are recorded in minutes signed by the chairman of the meeting or, if no chairman has been appointed, by all the
managers present or represented.

(vi) Any manager may participate in any meeting of the Board by telephone or video conference or by any other means

of communication allowing all the persons taking part in the meeting to identify, hear and speak to each other. The
participation by these means is deemed equivalent to a participation in person at a meeting duly convened and held.

(vii) Circular resolutions signed by all the managers (the Managers Circular Resolutions), are valid and binding as if

passed at a Board meeting duly convened and held and bear the date of the last signature.

8.3. Representation
(i) The Company is bound towards third parties in all matters by the joint signature of one Class A Manager and one

Class B Manager.

(ii) The Company is also bound towards third parties by the signature of any persons to whom special powers have

been delegated.

Art. 9. Sole manager.
9.1. If the Company is managed by a sole manager, any reference in the Articles to the Board or the managers is to

be read as a reference to such sole manager, as appropriate.

9.2. The Company is bound towards third parties by the signature of the sole manager.
9.2. The Company is also bound towards third parties by the signature of any persons to whom special powers have

been delegated.

Art. 10. Liability of the managers.
10.1. The managers may not, by reason of their mandate, be held personally liable for any commitments validly made

by them in the name of the Company, provided such commitments comply with the Articles and the Law.

IV. Shareholder(s)

Art. 11. General meetings of shareholders and Shareholders circular resolutions.
11.1. Powers and voting rights
(i) Resolutions of the shareholders are adopted at a general meeting of shareholders (the General Meeting) or by way

of circular resolutions (the Shareholders Circular Resolutions).

(ii) Where resolutions are to be adopted by way of Shareholders Circular Resolutions, the text of the resolutions is

sent to all the shareholders, in accordance with the Articles. Shareholders Circular Resolutions signed by all the share-
holders are valid and binding as if passed at a general meeting duly convened and held and bear the date of the last
signature.

(iii) Each share entitles to 1 (one) vote.
11.2. Notices, quorum, majority and voting procedures
(i) The shareholders are convened to General Meetings or consulted in writing at the initiative of any manager or

shareholders representing more than one-half of the share capital.

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(ii) Written notice of any General Meeting is given to all shareholders at least eight (8) calendar days in advance of the

date of the meeting, except in case of emergency, the nature and circumstances of which are set forth in the notice of
the meeting.

(iii) General Meetings are held at such place and time specified in the notices.
(iv) If all the shareholders are present or represented and consider themselves as duly convened and informed of the

agenda of the meeting, the General Meeting may be held without prior notice.

(v) A shareholder may grant a written power of attorney to another person, whether or not a shareholder, in order

to be represented at any General Meeting.

(vi) Resolutions to be adopted at General Meetings or by way of Shareholders Circular Resolutions are passed by

shareholders owning more than one-half of the share capital. If this majority is not reached at the first General Meeting
or first written consultation, the shareholders are convened by registered letter to a second General Meeting or consulted
a second time and the resolutions are adopted at the General Meeting or by Shareholders Circular Resolutions by a
majority of the votes cast, regardless of the proportion of the share capital represented.

(vii) The Articles are amended with the consent of a majority (in number) of shareholders owning at least three-

quarters of the share capital.

11.3. Shareholder's decisions
The sole shareholder assumes all powers conferred to the general meeting of shareholders.
Any reference in the Articles to the shareholders and the general meeting or to shareholder's resolutions is to be

read as a reference to such sole shareholder.

In case of plurality of shareholders, each shareholder may take part in collective decisions irrespectively of the number

of shares which he owns. Each shareholder has voting rights commensurate with his shareholding. Collective decisions
are only validly taken insofar as they are adopted by shareholders owning more than half of the share capital.

However, resolutions to change the Articles may only be adopted by the majority of the shareholders owning at least

3/4 (three-quarter) of the Company's share capital, subject to the provisions of the Law.

Any change in the nationality of the Company and any increase of a shareholder's commitment in the Company require

the unanimous consent of the shareholders.

The holding of general shareholders' meeting shall not be mandatory where the number of shareholders does not

exceed 25 (twenty-five). In such case, each shareholder shall receive the precise wording of the text of the resolutions
or decisions to be adopted and shall give his vote in writing.

Art. 12. Sole shareholder.
12.1 Where the number of shareholders is reduced to 1 (one), the sole shareholder exercises all powers conferred

by the Law to the general meeting.

12.2. Any reference in the Articles to the shareholders and the general meeting or to Shareholders Circular Resolutions

is to be read as a reference to such sole shareholder or the resolutions of the latter, as appropriate.

12.3. The resolutions of the sole Shareholder are recorded in minutes or drawn up in writing.

V. Annual accounts - Allocation of profits - Supervision

Art. 13. Financial year and Approval of annual accounts.
13.1. The financial year begins on the 1

(first) of January and ends on the 31

(thirty-first) of December of each

year.

13.2. Each year, the Board prepares the balance sheet and the profit and loss account, as well as an inventory indicating

the value of the Company's assets and liabilities, with an annex summarising the Company's commitments and the debts
of the manager(s) and shareholders towards the Company.

13.3. Each shareholder may inspect the inventory and the balance sheet at the registered office of the Company.
13.4. The balance sheet and profit and loss account are approved at the annual General Meeting or by way of Share-

holders Circular Resolutions within 6 (six) months from the closing of the financial year.

13.5. In case the number of shareholders of the Company exceeds twenty-five, the annual General Meeting of the

shareholders of the Company shall be held on the first Tuesday of May of each year at 11.00 am (Luxembourg time) at
the registered office of the Company, and if such day is not a day on which banks are opened for general business in the
city of Luxembourg (i.e. a Business Day), on the next following Business Day at the same time and place.

Art. 14. Commissaire aux comptes and Réviseur d'entreprises indépendant.
14.1. In case the number of shareholders of the Company exceeds 25 (twenty-five), the supervision of the Company

shall be entrusted to one or more statutory auditor(s) (commissaire(s) aux comptes), who may or may not be share-
holders.

14.2. The operations of the Company are supervised by one or several réviseurs d'entreprises, when so required by

the 1915 Law.

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14.3. The shareholders appoint the commissaires aux comptes, if any and réviseurs d'entreprises, if any, and determine

their number, remuneration and the term of their office, which may not exceed 6 (six) years. The commissaires aux
comptes and the réviseur d'entreprises indépendant may be re-appointed.

Art. 15. Allocation of profits.
15.1. From the annual net profits of the Company, 5% (five per cent) are allocated to the reserve required by Law.

This allocation ceases to be required when the legal reserve reaches an amount equal to 10% (ten per cent) of the share
capital.

15.2. The shareholders determine how the balance of the annual net profits is disposed of. It may allocate such balance

to the payment of a dividend, transfer such balance to a reserve account or carry it forward.

15.3. Interim dividends may be distributed, at any time, under the following conditions:
(i) interim accounts are drawn up by the Board;
(ii) these interim accounts show that sufficient profits and other reserves (including share premium) are available for

distribution; it being understood that the amount to be distributed may not exceed profits made since the end of the last
financial year for which the annual accounts have been approved, if any, increased by carried forward profits and distri-
butable reserves, and decreased by carried forward losses and sums to be allocated to the legal reserve;

(iii) the decision to distribute interim dividends must be taken by the shareholders within 2 (two) months from the

date of the interim accounts;

(iv) the rights of the creditors of the Company are not threatened, taking into account the assets of the Company;

and

(v) where the interim dividends paid exceed the distributable profits at the end of the financial year, the shareholders

must refund the excess to the Company.

VI. Dissolution - Liquidation

Art. 16.
16.1. The Company may be dissolved at any time, by a resolution of the shareholders, adopted by 1/2 (one-half) of the

shareholders holding 3/4 (three-quarters) of the share capital. The shareholders appoint one or several liquidators, who
need not be shareholders, to carry out the liquidation and determine their number, powers and remuneration. Unless
otherwise decided by the shareholders, the liquidators have the broadest powers to realise the assets and pay the liabilities
of the Company.

16.2. The surplus after the realisation of the assets and the payment of the liabilities is distributed to the shareholders

in proportion to the shares held by each of them.

VII. General provisions

Art. 17.
17.1. Notices and communications are made or waived and the Managers Circular Resolutions as well as the Share-

holders Circular Resolutions are evidenced in writing, by telegram, telefax, e-mail or any other means of electronic
communication.

17.2. Powers of attorney are granted by any of the means described above. Powers of attorney in connection with

Board meetings may also be granted by a manager in accordance with such conditions as may be accepted by the Board.

17.3. Signatures may be in handwritten or electronic form, provided they fulfil all legal requirements to be deemed

equivalent to handwritten signatures. Signatures of the Managers Circular Resolutions or the Shareholders Circular Re-
solutions, as the case may be, are affixed on one original or on several counterparts of the same document, all of which
taken together constitute one and the same document.

17.4. All matters not expressly governed by the Articles are determined in accordance with the law and, subject to

any non waivable provisions of the law, any agreement entered into by the shareholders from time to time.

Transitory provision

The first financial year begins on the date of this deed and ends on the 31

of December 2012.

Subscription and Payment

Mr. Ramon ALFONSO MATA, represented as stated above, subscribes to the 600 (six hundred) shares in registered

form, with a par value of EUR 100 (one hundred euro) each, and agrees to pay them in full by a contribution in cash in
the amount of EUR 60,000 (sixty thousand euro).

The amount of EUR 60.000 (sixty thousand euro) is at the disposal of the Company, evidence of which has been given

to the undersigned notary.

Costs

The expenses, costs, fees and charges of any kind whatsoever to be borne by the Company in connection with its

incorporation are estimated at approximately EUR 1,200.- (one thousand two hundred euro).

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Resolutions of the sole shareholder

Immediately after the incorporation of the Company, the sole shareholder of the Company, representing the entire

subscribed share capital, have passed the following resolutions:

1. The following persons are appointed as managers of the Company for an indefinite period:

(A) Class A Managers

- Mr. Ramon Alfonso Mata, Senior equity analyst, born on 1

May 1962 in Barcelona, Spain, residing at Calle San

Gervasio Cassoles 88 4B, 08022 Barcelona, Spain.

(B) Class B Managers

- Mr. Jean-Marie Bettinger, director, born on 14 mars 1973 in Saint-Avold, France, residing at 6, rue de L'Eglise, L-7481

Tuntange, Grand Duchy of Luxembourg; and

- Mr. Rodrigo de Croÿ de Freitas-Branco, managing partner, born on 23 July 1963 in Lisbon, Portugal, residing at 59,

rue du Verger, L-2665 Luxembourg, Grand Duchy of Luxembourg.

2. The registered office of the Company is set at 35, avenue Monterey, L-2163 Luxembourg, Grand Duchy of Luxem-

bourg.

Declaration

The undersigned notary, who understands and speaks English, states that, on the request of the appearing party, this

deed is drawn up in English, followed by a French version and, in case of divergences between the English text and the
French text, the English text prevails.

WHEREOF, this deed was drawn up in Luxembourg, on the day stated above.
This deed has been read to the representative of the appearing party, and signed by the latter with the undersigned

notary.

Suit la traduction française du texte qui précède:

L'an deux mille onze, le premier jour du mois de décembre.
Par-devant Maître Léonie Grethen, notaire de résidence à Luxembourg, Grand-Duché de Luxembourg.

A COMPARU:

M. Ramon ALFONSO MATA, Senior equity analyst né le 1

mai 1962 à Barcelone, dont le numéro de passeport est

A3387455700, et dont l'adresse est située à Calle San Gervasio Cassoles 88 4B, 08022 Barcelone, Espagne,

ici représenté par David Louis, avocat à la cour, dont l'adresse professionnelle est située à Luxembourg, en vertu d'une

procuration donnée à Luxembourg le 30 novembre 2011.

Ladite procuration, après avoir été signée ne varietur par le mandataire de la partie comparante et par le notaire

soussigné, restera annexée au présent acte pour les formalités de l'enregistrement.

La partie comparante, représentée comme indiqué ci-dessus, a requis le notaire instrumentant d'acter les statuts d'une

société à responsabilité limitée qui est ainsi constituée:

I. Dénomination - Siège social - Objet - Durée

Art. 1

. Dénomination. Le nom de la société est "GAR Investment Managers" (la Société). La Société est une société

à responsabilité limitée régie par les lois du Grand-Duché de Luxembourg, et en particulier par la loi du 10 août 1915
sur les sociétés commerciales, telle que modifiée (la Loi), ainsi que par les présents statuts (les Statuts).

Art. 2. Siège social.
2.1. Le siège social de la Société est établi à Luxembourg, Grand-Duché de Luxembourg. Il peut être transféré dans la

commune par décision du conseil de gérance de la Société (le Conseil). Le siège social peut être transféré en tout autre
endroit du Grand-Duché de Luxembourg par une résolution des associés de la Société, selon les modalités requises pour
la modification des Statuts.

2.2. Il peut être créé des succursales, filiales ou autres bureaux tant au Grand-Duché de Luxembourg qu'à l'étranger

par décision du Conseil. Lorsque le Conseil estime que des développements ou événements extraordinaires d'ordre
politique ou militaire se sont produits ou sont imminents, et que ces développements ou évènements sont de nature à
compromettre les activités normales de la Société à son siège social, ou la communication aisée entre le siège social et
l'étranger, le siège social peut être transféré provisoirement à l'étranger, jusqu'à cessation complète de ces circonstances.
Ces mesures provisoires n'ont aucun effet sur la nationalité de la Société qui, nonobstant le transfert provisoire de son
siège social, reste une société luxembourgeoise.

Art. 3. Objet social.
3.1. L'objet de la Société est la détention d'actions de GARIM S.C.A. SICAV-SIF, une société en commandite par actions

sous le régime d'une société d'investissement à capital variable - fonds d'investissement spécialisé régie par les lois du
Grand-Duché de Luxembourg et plus spécifiquement par la loi du 13 février 2007 relative aux fonds d'investissement

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spécialisés, en qualité d'associé commandité de la société et/où la détention d'actions de toute autre société en com-
mandite par actions.

3.2. La Société peut emprunter sous quelque forme que ce soit, sauf par voie d'offre publique. Elle peut procéder,

uniquement par voie de placement privé, à l'émission d'actions, de billets à ordre, d'obligations et de créances et de titres
et instruments de dette toute autre nature. La Société peut prêter des fonds, y compris notamment, les revenus de tous
emprunts, à ses filiales, sociétés affiliées ainsi qu'à toutes autres sociétés. La Société peut également consentir des garanties
et nantir, céder, grever de charges ou autrement créer et accorder des sûretés sur toute ou partie de ses actifs afin de
garantir ses propres obligations et celles de toute autre société et, de manière générale, en sa faveur et en faveur de toute
autre société ou personne. En tout état de cause, la Société ne peut effectuer aucune activité réglementée du secteur
financier sans avoir obtenu l'autorisation requise.

3.3. La Société peut employer toutes les techniques et instruments nécessaires à une gestion efficace de ses investis-

sements et à sa protection contre les risques de crédit, les fluctuations monétaires, les fluctuations de taux d'intérêt et
autres risques.

3.4. La Société peut effectuer toutes les opérations commerciales, financières ou industrielles et toutes les transactions

concernant des biens immobiliers ou mobiliers qui, directement ou indirectement, favorisent ou se rapportent à son objet
social.

Art. 4. Durée.
4.1. La Société est formée pour une durée indéterminée.
4.2. La Société n'est pas dissoute en raison du décès, de la suspension des droits civils, de l'incapacité, de l'insolvabilité,

de la faillite ou de tout autre évènement similaire affectant un ou plusieurs associés.

II. Capital - Parts sociales

Art. 5. Capital.
5.1. Le capital social de la Société est fixé à EUR 60.000 (soixante mille euros), représenté par 600 (six cents) parts

sociales sous forme nominative, ayant une valeur nominale de EUR 100 (cent euro) chacune, toutes souscrites et entiè-
rement libérées.

5.2. Le capital social peut être augmenté ou réduit à une ou plusieurs reprises par une résolution des associés, adoptée

selon les modalités requises pour la modification des Statuts.

Art. 6. Parts sociales.
6.1. Les parts sociales sont indivisibles et la Société ne reconnaît qu'un (1) seul propriétaire par part sociale.
6.2. Les parts sociales sont librement cessibles entre associés. Lorsque la Société a un associé unique, les parts sociales

sont librement cessibles aux tiers. Lorsque la Société a plus d'un associé, la cession des parts sociales (inter vivos) à des
tiers est soumise à l'accord préalable des associés représentant au moins les 3/4 (trois-quarts) du capital social. Une
cession de parts sociales n'est opposable à l'égard de la Société ou des tiers, qu'après avoir été notifiée à la Société ou
acceptée par celle-ci conformément à l'article 1690 du Code Civil.

6.3. Chaque part sociale donne droit à son détenteur à une fraction des actifs et profits de la Société en proportion

directe avec le nombre de parts en cause.

6.4. Un registre des associés est tenu au siège social et peut être consulté à la demande de chaque associé.
6.5. La Société peut racheter ses propres parts sociales à condition que la Société ait des réserves distribuables suffi-

santes à cet effet ou que le rachat résulte de la réduction du capital social de la Société.

III. Gestion - Représentation

Art. 7. Nomination et Révocation des gérants.
7.1. La Société est gérée par un ou plusieurs gérants nommés par une résolution des associés, qui fixe la durée de leur

mandat.

7.2. Les gérants sont révocables à tout moment (avec ou sans raison) par une décision des associés.

Art. 8. Conseil de gérance. Si plusieurs gérants sont désignés, ils forment un conseil de gérance (le Conseil).
8.1. Pouvoirs du conseil de gérance
(i) Tous les pouvoirs non expressément réservés par la Loi ou les Statuts sont de la compétence du Conseil, qui a tous

les pouvoirs pour effectuer et approuver tous les actes et opérations conformes à l'objet social.

(ii) Des pouvoirs spéciaux et limités peuvent être délégués par le Conseil à un ou plusieurs agents pour des tâches

spécifiques.

8.2. Procédure
(i) Le Conseil se réunit sur convocation d'au moins deux (2) gérants au lieu indiqué dans l'avis de convocation qui est,

en principe, au Luxembourg.

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(ii) Il est donné à tous les gérants une convocation écrite de toute réunion du Conseil au moins 48 (quarante-huit)

heures à l'avance, sauf en cas d'urgence, auquel cas la nature et les circonstances de cette urgence sont exposées dans la
convocation à la réunion.

(iii) Aucune convocation n'est requise si tous les membres du Conseil sont présents ou représentés et s'ils déclarent

avoir parfaitement eu connaissance de l'ordre du jour de la réunion. Un gérant peut également renoncer à la convocation
à une réunion, que ce soit avant ou après ladite réunion. Des convocations écrites séparées ne sont pas exigées pour des
réunions se tenant dans des lieux et à des heures fixés dans un calendrier préalablement adopté par le Conseil.

(iv) Un gérant peut donner une procuration à un autre gérant afin de le représenter à toute réunion du Conseil.
(v) Le Conseil ne peut délibérer et agir valablement que si la majorité de ses membres sont présents ou représentés.

Les décisions du Conseil sont valablement adoptées à la majorité des voix des gérants présents ou représentés. Les
décisions du Conseil sont consignées dans des procès-verbaux signés par le président de la réunion ou, si aucun président
n'a été nommé, par tous les gérants présents ou représentés.

(vi) Tout gérant peut participer à toute réunion du Conseil par téléphone ou visioconférence ou par tout autre moyen

de communication permettant à l'ensemble des personnes participant à la réunion de s'identifier, de s'entendre et de se
parler. La participation par un de ces moyens équivaut à une participation en personne à une réunion valablement con-
voquée et tenue.

(vii) Des résolutions circulaires signées par tous les gérants (les Résolutions Circulaires des Gérants) sont valables et

engagent la Société comme si elles avaient été adoptées lors d'une réunion du Conseil valablement convoquée et tenue
et portent la date de la dernière signature.

8.3. Représentation
(i) La Société est engagée vis-à-vis des tiers en toutes circonstances par la signature conjointe d'au moins un Gérant

de Catégorie A et un Gérant de Catégorie B.

(ii) La Société est également engagée vis-à-vis des tiers par la signature de toutes personnes à qui des pouvoirs spéciaux

ont été délégués.

Art. 9. Gérant unique.
9.1. Si la société est gérée par un gérant unique, toute référence dans les statuts au Conseil ou aux gérants doit être

considérée, le cas échéant, comme renvoyant à ce gérant unique.

9.2. La société est engagée vis-à-vis des tiers par la signature du gérant unique.
9.3. La société est également engagée vis-à-vis des tiers par la signature de toute personne à qui des pouvoirs spéciaux

ont été délégués.

Art. 10. Responsabilité des gérants.
10.1. Les gérants ne contractent, à raison de leur fonction, aucune obligation personnelle concernant les engagements

régulièrement pris par eux au nom de la Société, dans la mesure où ces engagements sont conformes aux Statuts et à la
Loi.

IV. Associé(s)

Art. 11. Assemblées générales des associés et Résolutions circulaires des associés.
11.1. Pouvoirs et droits de vote
(i) Les résolutions des associés sont adoptées en assemblée générale des associés (l'Assemblée Générale) ou par voie

de résolutions circulaires (les Résolutions Circulaires des Associés).

(ii) Dans le cas où les résolutions sont adoptées par Résolutions Circulaires des Associés, le texte des résolutions est

communiqué à tous les associés, conformément aux Statuts. Les Résolutions Circulaires des Associés signées par tous
les associés sont valables et engagent la Société comme si elles avaient été adoptées lors d'une Assemblée Générale
valablement convoquée et tenue et portent la date de la dernière signature.

(iii) Chaque part sociale donne droit à un (1) vote.
11.2. Convocations, quorum, majorité et procédure de vote
(i) Les associés sont convoqués aux Assemblées Générales ou consultés par écrit à l'initiative de tout gérant ou des

associés représentant plus de la moitié du capital social.

(ii) Une convocation écrite à toute Assemblée Générale est donnée à tous les associés au moins huit (8) jours avant

la date de l'assemblée, sauf en cas d'urgence, auquel cas, la nature et les circonstances de cette urgence sont précisées
dans la convocation à ladite assemblée.

(iii) Les Assemblées Générales seront tenues au lieu et heure précisés dans les convocations.
(iv) Si tous les associés sont présents ou représentés et se considèrent comme ayant été valablement convoqués et

informés de l'ordre du jour de l'assemblée, l'Assemblée Générale peut se tenir sans convocation préalable.

(v) Un associé peut donner une procuration écrite à toute autre personne, associé ou non, afin de le représenter à

toute Assemblée Générale.

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(vi) Les décisions à adopter par l'Assemblée Générale ou par Résolutions Circulaires des Associés sont adoptées par

des associés détenant plus de la moitié du capital social. Si cette majorité n'est pas atteinte à la première Assemblée
Générale ou première consultation écrite, les associés sont convoqués par lettre recommandée à une seconde Assemblée
Générale ou consultés une seconde fois, et les décisions sont adoptées par l'Assemblée Générale ou par Résolutions
Circulaires des Associés à la majorité des voix exprimées, sans tenir compte de la proportion du capital social représenté.

(vii) Les Statuts sont modifiés avec le consentement de la majorité (en nombre) des associés détenant au moins les

3/4 (trois-quarts) du capital social.

11.3. Décisions des associés
L'associé unique exerce tous les pouvoirs conférés à l'Assemblée Générale des associés.
Toute référence dans les Statuts aux associés et à l'Assemblée Générale ou aux décisions des associés doit être

considérée, le cas échéant, comme renvoyant à cet associé unique.

En cas de pluralité d'associés, chaque associé peut prendre part aux décisions collectives indépendamment du nombre

de parts sociales qu'il détient. Chaque associé dispose de droits de vote correspondant à sa participation. Les décisions
collectives ne sont valablement prises qu'à la condition qu'elles soient adoptées par des associés détenant plus de la moitié
du capital social.

Cependant, par application des dispositions de la loi, les décisions procédant à la modification des Statuts peuvent

uniquement être adoptées par la majorité des associés détenant au moins les 3/4 (trois-quarts) du capital social de la
Société.

Tout changement relatif à la nationalité de la Société et toute augmentation des engagements d'un associé dans la

Société requiert l'unanimité des associés.

La tenue d'une Assemblée Générale des associés ne sera pas obligatoire quand le nombre d'associés n'excède pas 25

(vingt cinq). Dans ce cas, chaque associé recevra un exemplaire précis du texte des résolutions et décisions à adopter et
procédera à un vote par écrit.

Art. 12. Associé unique.
12.1. Dans le cas où le nombre des associés est réduit à 1 (un), l'associé unique exerce tous les pouvoirs conférés par

la Loi à l'Assemblée Générale.

12.2. Toute référence dans les Statuts aux associés et à l'Assemblée Générale ou aux Résolutions Circulaires des

Associés doit être considérée, le cas échéant, comme une référence à l'associé unique ou aux résolutions de ce dernier.

12.3. Les résolutions de l'associé unique sont consignées dans des procès-verbaux ou rédigées par écrit.

V. Comptes annuels - Affectation des bénéfices - Contrôle

Art. 13. Exercice social et Approbation des comptes annuels.
13.1. L'exercice social commence le 1

(premier) janvier et se termine le 31 (trente et un) décembre de chaque

année.

13.2. Chaque année, le Conseil dresse le bilan et le compte de profits et pertes, ainsi qu'un inventaire indiquant la

valeur des actifs et passifs de la Société, avec une annexe résumant les engagements de la Société ainsi que les dettes du
ou des gérants et des associés envers la Société.

13.3. Tout associé peut prendre connaissance de l'inventaire et du bilan au siège social.
13.4. Le bilan et le compte de profits et pertes sont approuvés par l'Assemblée Générale annuelle ou par Résolutions

Circulaires des Associés dans les six (6) mois de la clôture de l'exercice social.

13.5. Si le nombre des associés excède vingt-cinq, l'Assemblée Générale annuelle des associés de la Société sera tenue

le premier mardi du mois de mai de chaque année à 11.00 (heure de Luxembourg) au siège social de la Société et si ce
jour n'est pas un jour où les banques sont ouvertes à Luxembourg (i.e. Jour Ouvrable) le Jour Ouvrable suivant à la même
heure et au même endroit.

Art. 14. Commissaire aux comptes et Réviseur d'entreprises indépendant.
14.1. Si le nombre d'associés de la Société est supérieur à 25 (vingt-cinq), le contrôle de la Société doit être confié à

un ou plusieurs commissaires aux comptes, associés ou non de la Société.

14.2. Les opérations de la Société sont contrôlées par un ou plusieurs réviseurs d'entreprises, dans les cas prévus par

la Loi de 1915.

14.3. Les associés nomment les commissaires aux comptes, s'il y a lieu et les réviseurs d'entreprises, s'il y a lieu, et

déterminent leur nombre, leur rémunération et la durée de leur mandat, lequel ne peut dépasser 6 (six) ans. Les com-
missaires aux comptes et les réviseurs d'entreprises indépendants peuvent être renommés.

Art. 15. Affectation des bénéfices.
15.1. Un montant de 5% (cinq pour cent) des bénéfices nets annuels de la Société est affecté à la réserve requise par

la Loi. Cette affectation cesse d'être exigée quand la réserve légale atteint 10% (dix pour cent) du capital social.

15.2. Les associés décident de l'affectation du solde des bénéfices nets annuels. Ils peuvent allouer ce bénéfice au

paiement d'un dividende, le transférer à un compte de réserve ou le reporter.

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15.3. Des dividendes intérimaires peuvent être distribués à tout moment, aux conditions suivantes:
(i) des comptes intérimaires sont établis par le Conseil;
(ii) ces comptes intérimaires montrent que des bénéfices et autres réserves (incluant la prime d'émission) suffisants

sont disponibles pour une distribution; étant entendu que le montant à distribuer ne peut excéder le montant des bénéfices
réalisés depuis la fin du dernier exercice social dont les comptes annuels ont été approuvés, le cas échéant, augmenté
des bénéfices reportés et des réserves distribuables, et réduit par les pertes reportées et les sommes à affecter à la
réserve légale;

(iii) la décision de distribuer des dividendes intérimaires doit être adoptée par les associés dans les 2 (deux) mois

suivant la date des comptes intérimaires;

(iv) les droits des créanciers de la Société ne sont pas menacés, compte tenu des actifs de la Société; et
(v) si les dividendes intérimaires qui ont été distribué excédent les bénéfices distribuables à la fin de l'exercice social,

les associés doivent reverser l'excédent à la Société.

VI. Dissolution - Liquidation

Art. 16.
16.1. La Société peut être dissoute à tout moment, par une résolution des associés adoptée par la 1/2 (moitié) des

associés détenant les 3/4 (trois-quarts) du capital social. Les associés nomment un ou plusieurs liquidateurs, qui n'ont pas
besoin d'être associés, pour réaliser la liquidation et déterminent leur nombre, pouvoirs et rémunération. Sauf décision
contraire des associés, les liquidateurs sont investis des pouvoirs les plus étendus pour réaliser les actifs et payer les
dettes de la Société.

16.2. Le boni de liquidation après la réalisation des actifs et le paiement des dettes est distribué aux associés propor-

tionnellement aux parts sociales détenues par chacun d'entre eux.

VII. Dispositions générales

Art. 17.
17.1. Les convocations et communications, respectivement les renonciations à celles-ci, sont faites, et les Résolutions

Circulaires des Gérants ainsi que les Résolutions Circulaires des Associés sont établies par écrit, télégramme, téléfax, e-
mail ou tout autre moyen de communication électronique.

17.2. Les procurations sont données par tout moyen mentionné ci-dessus. Les procurations relatives aux réunions du

Conseil peuvent également être données par un gérant conformément aux conditions acceptées par le Conseil.

17.3. Les signatures peuvent être sous forme manuscrite ou électronique, à condition de satisfaire aux conditions

légales pour être assimilées à des signatures manuscrites. Les signatures des Résolutions Circulaires des Gérants ou des
Résolutions Circulaires des Associés, selon le cas, sont apposées sur un original ou sur plusieurs copies du même docu-
ment, qui ensemble, constituent un seul et unique document.

17.4. Pour tous les points non expressément prévus par les Statuts, il est fait référence à la Loi et, sous réserve des

dispositions légales d'ordre public, à tout accord conclu de temps à autre entre les associés.

Disposition transitoire

Le premier exercice social commence à la date du présent acte et s'achève le 31 décembre 2012.

Souscription et Libération

M. Ramon ALFONSO MATA, représenté comme indiqué ci-dessus, souscrit à 600 (six cents) parts sociales en la forme

nominative, d'une valeur de EUR 100 (cent euros) chacune, et accepte de les libérer intégralement par un apport en
numéraire d'un montant total de EUR 60.000 (soixante mille euros).

La montant de EUR 60.000 (soixante mille euros) est à la disposition de la Société, dont la preuve a été apportée au

notaire soussigné.

Frais

Les dépenses, coûts, honoraires et charges de toutes sortes qui incombent à la Société du fait de sa constitution

s'élèvent approximativement à EUR 1.200,- (mille deux cents euros).

Résolutions des associés

Immédiatement après la constitution de la Société, l'associé unique de la Société, représentant l'intégralité du capital

social souscrit, a pris les résolutions suivantes:

1. Les personnes suivantes sont nommées en tant que gérants de la Société pour une durée indéterminée:

(A) Gérant de classe A

- Mr. Ramon Alfonso Mata, Senior equity analyst, né le 1

mai 1962 à Barcelone, Espagne, résidant à Calle San Gervasio

Cassoles 88 4B, 08022 Barcelone, Espagne;

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U X E M B O U R G

(B) Gérant de classe B

- Mr. Jean-Marie Bettinger, administrateur, né le 14 mars 1973 à Saint-Avold, France, résidant à 6, rue de L'Eglise,

L-7481 Tuntange, Grand-Duché de Luxembourg; and

- Mr. Rodrigo de Croÿ de Freitas-Branco, Administrateur délégué, né le 23 juillet 1963 à Lisbonne, Portugal, résidant

à 59, rue du Verger L-2665 Luxembourg, Grand-Duché de Luxembourg.

2. Le siège social de la Société est établi 35, avenue Monterey, L-2163 Luxembourg, Grand-Duché de Luxembourg.

Déclaration

Le notaire soussigné, qui comprend et parle l'anglais, déclare que, à la requête de la partie comparante, le présent acte

est rédigé en anglais, suivi d'une traduction française et que, en cas de divergences entre le texte anglais et le texte français,
la version anglaise fait foi.

Fait et passé à Luxembourg, à la date qu'en tête des présentes.
Lecture du présent acte ayant été faite au représentant de la partie comparante, celui-ci a été signé par ce dernier

avec le notaire instrumentant.

Signé: Louis, GRETHEN.
Enregistré à Luxembourg, le 6 décembre 2011. Relation: LAC/2011/54155. Reçu soixante-quinze euros (75,00 €)

Le Receveur

(signé): SANDT.

Pour expédition conforme, délivrée aux fins de la publication au Mémorial C.

Luxembourg, le 9 décembre 2011.

Référence de publication: 2011173201/529.
(110201672) Déposé au registre de commerce et des sociétés de Luxembourg, le 19 décembre 2011.

Lance (SPF) SA, Société Anonyme - Société de Gestion de Patrimoine Familial.

Siège social: L-1449 Luxembourg, 20, rue de l'Eau.

R.C.S. Luxembourg B 144.462.

EXTRAIT

Il résulte de l’assemblée générale extraordinaire de la société anonyme «LANCE (SPF) SA.», ayant son nouveau siège

social à L-1449 Luxembourg, 20, rue de l’Eau,

inscrite au registre de commerce et des sociétés sous le numéro B 144.462,
tenue en date du 07 juillet 2011, suivant acte sous seing privé, enregistré à Esch/Alzette Actes Civils, le 14 décembre

2011, relation EAC/2011/16963,

que les associés de la prédite société ont pris les résolutions suivantes:
- transfert du siège social de l’ancienne adresse (L-1330 Luxembourg, 40, boulevard Grande-Duchesse Charlotte) à la

nouvelle adresse L-1449 Luxembourg, 20, rue de l’Eau.

Pétange, le 16 décembre 2011.

Pour extrait conforme
Le notaire

Référence de publication: 2011173303/19.
(110201629) Déposé au registre de commerce et des sociétés de Luxembourg, le 19 décembre 2011.

Sun Flare S.A., Société Anonyme.

Siège social: L-1653 Luxembourg, 2-8, avenue Charles de Gaulle.

R.C.S. Luxembourg B 132.093.

Following a meeting of the board of directors of the Company held on 14 December 2011, the board of directors has

resolved to convene an

EXTRAORDINARY GENERAL MEETING

of the shareholders of the Company, which will take place before a Luxembourg notary on Wednesday 11 January

2012 at 2.00 p.m. at the registered office of the Company in order notably:

Agenda:

- To dissolve the Company and launch the liquidation process; and
- To appoint a liquidator of the Company. In this respect, the board of directors suggested to appoint Mr Paul

LAPLUME, residing professionally in L-6113 Junglinster, 42, rue des Cerises.

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U X E M B O U R G

The board of directors of the Company also kindly invites all and any existing creditor of the Company to inform the

board of directors of the Company and/or Mr Paul LAPLUME as soon as possible of any claim he has against the company.
Any claim which is not declared before the date of the above mentioned extraordinary general meeting risks not to be
considered in the liquidation process.

The board of directors of the Company.

Luxembourg Corporation Company SA
By Christelle Ferry as Permanent Representative
TCG Gestion SA
By Catherine Noens as Permanent Representative
CMS Management Services SA
By Christelle Ferry as Permanent Representative

Référence de publication: 2011175988/710/26.

Sculptor Investments S.à r.l., Société à responsabilité limitée.

Capital social: EUR 12.500,00.

Siège social: L-2633 Senningerberg, 6D, route de Trèves.

R.C.S. Luxembourg B 104.243.

In the year two thousand eleven, on the nineteenth day of October, before Maître Gérard Lecuit, notary residing in

Luxembourg, Grand Duchy of Luxembourg,

was held an extraordinary general meeting (the Meeting) of the Sole Shareholder of Sculptor Investments S.à r.l., a

private limited liability company (société à responsabilité limitée) having its registered office at 2, rue Albert Borschette,
L-1246 Luxembourg, Grand Duchy of Luxembourg, registered with the Register of Commerce and Companies of Lu-
xembourg under number B 104.243, incorporated pursuant to a deed of Maître Jean-Joseph WAGNER, notary residing
in Sanem, dated 16 November 2004, published in the Mémorial C, Recueil des Sociétés et Associations C-N° 94 of 2
February 2005 (the Company). The articles of association of the Company (the Articles) have been amended for the last
time on 1 September 2010 pursuant to a deed of Maître Martine SCHAEFFER, notary residing in Luxembourg, Grand-
Duchy-of Luxembourg, published in the Mémorial C, Recueil des Sociétés et Associations C-N° 2183 of 14 October
2010.

THERE APPEARED:

Sculptor Holdings S.à r.l., a société à responsabilité limitée existing under the laws of Luxembourg, having its registered

office at L-1246 Luxembourg, 2, rue Albert Borschette, and registered with the Register of Commerce and Companies
of Luxembourg under number B 111.786 (the Sole Shareholder),

hereby represented by Mr. Cédric BRADFER, private employee, with professional address at 2, rue Albert Borschette,

L-1246 Luxembourg, Grand Duchy of Luxembourg, by virtue of a power of attorney given under a private seal.

Such power of attorney, after having been signed ne varietur by the representative of the appearing party and the

undersigned notary, will remain annexed to this deed for the purpose of registration.

The Sole Shareholder, represented as stated above, notes the provisions of articles 199 and 200-2 of the Luxembourg

law of August 10, 1915 on commercial companies, as amended (the 1915 Law), and requests the undersigned notary to
record the following:

I. The issued share capital of the Company is set at twelve thousand five hundred euro (EUR 12,500.-) represented by

a total of five hundred (500) shares, each with a nominal value of twenty-five euro (EUR 25.-);

II. The Sole Shareholder holds all the shares in the share capital of the Company;
III. The agenda of the Meeting is worded as follows:
(a) change of registered address of the Company;
(b) subsequent amendment to article 3, first and second paragraphs, of the articles of association of the Company (the

Articles) in order to reflect the change adopted under item (a) above;

First resolution

The Sole Shareholder resolves to move the registered office from its current address 2, rue Albert Borschette, L-1246

Luxembourg to 6D, EBBC, Route de Trèves, L-2633 Senningerberg, with immediate effect.

Second resolution

As a result of the above resolution, the Sole Shareholder resolves to amend the article 3, first and second paragraphs,

of the Articles, which shall henceforth read as follows:

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" Art. 3. Registered office. The Company has its registered office in the municipality of Niederanven, Grand Duchy of

Luxembourg.

The registered office of the Company may be transferred within the municipality of Niederanven by decision of the

board of managers."

Third resolution

The Sole Shareholder resolves to authorize any manager of the company, and/or any employee of MaplesFS (Luxem-

bourg) S.A., each acting individually and with full power of substitution, to make any statement and sign all documents
and do everything which is lawful, necessary or simply useful in order to proceed, in accordance with the requirements
of the Luxembourg law, to any registration with the Register of Commerce and Companies of Luxembourg and to any
publication in the official gazette of the Grand Duchy of Luxembourg (the Memorial C) in connection with the above
resolutions, with the promise ratification of all said actions taken whenever requested.

Costs

The aggregate amount of the costs, expenditures, remunerations or expenses, in any form whatsoever, which the

Company incurs or for which it is liable by reason of the present deed, is approximately seven hundred euro (EUR 700).

Declaration

The undersigned notary, who understands and speaks English, states that at the request of the appearing party this

deed is drawn up in English, followed by a French version and, in case of divergences between the English text and the
French text, the English text shall prevail.

WHEREOF, the present notarial deed was drawn up in [-], on the day indicated at the beginning of this deed.
The document having been read to the representative of the appearing party, the said representative of the appearing

party signed together with us the notary the present original deed.

Suit la traduction en langue française:

L'an deux mille onze, le dix-neuvième jour d'octobre, par-devant nous, Maître Gérard Lecuit, notaire de résidence à

Luxembourg, Grand-Duché de Luxembourg.

s'est tenue une assemblée générale extraordinaire (l'Assemblée) de l'associé unique de Sculptor Investments S.à r.l.,

une société à responsabilité limitée de droit luxembourgeois, dont le siège social est situé à L-1246 Luxembourg, 2, rue
Albert Borschette, Grand-Duché de Luxembourg, enregistré auprès du Registre du Commerce et des Sociétés sous le
numéro B 104.243, constituée suivant acte reçu par Maître Jean-Joseph WAGNER, notaire de résidence à Sanem, en date
du 16 novembre 2004, publié au Mémorial C, Recueil des Sociétés et Associations, numéro C-N° 94 du 2 février 2005
(la Société). Les statuts de la Société (les Statuts) ont été modifiés pour la dernière fois en date du 1 septembre 2010,
suivant acte reçu par Maître Martine SCHAEFFER, notaire de résidence à Luxembourg, publié au Mémorial C, Recueil
des Sociétés et Associations, numéro C-N° 2183 du 14 octobre 2010.

A COMPARU:

Sculptor Holdings S.à r.l., une société à responsabilité limitée de droit luxembourgeois, dont le siège social est situé à

L-1246 Luxembourg, 2, rue Albert Borschette, et immatriculé au Registre de Commerce et des Sociétés de Luxembourg
sous le numéro B 111.786 (l'Associé Unique),

ici représentée par Monsieur Cédric BRADFER, employé privé, demeurant professionnellement au 2, rue Albert Bor-

schette, L-1246 Luxembourg, en vertu d'une procuration donnée sous seing privé.

Ladite procuration, après avoir été signée ne varietur par le mandataire de la partie comparante et le notaire soussigné,

restera annexée au présent acte pour être soumise avec lui aux formalités de l'enregistrement.

L'Associé Unique, représenté comme déclaré ci-dessus, prend note des dispositions des articles 199 and 200-2 de la

loi luxembourgeoise du 10 août 1915 sur les sociétés commerciales, telle qu'amendée (la Loi de 1915), laquelle compa-
rante, par son mandataire, a requis le notaire instrumentaire d'acter ce qui suit:

I. Le capital social émis de la Société est fixé à douze mille cinq cents euros (EUR 12.500,-) représenté par un total de

cinq cents (500) parts sociales ayant chacune une valeur nominative de vingt-cinq euro (EUR 25,-);

II. L'Associé Unique détient la totalité des parts sociales dans le capital social de la Société;
III. L'ordre du jour de l'Assemblée est établi comme suit:
(a) modification du siège social de la Société;
(b) modification subséquente de l'article 3, premier et deuxième paragraphes, des statuts de la Société (les Statuts)

afin de refléter le changement adopté sous le point (a) ci-dessus;

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Première résolution

L'Associé Unique décide de changer l'adresse du siège social de la société du 2, rue Albert Borschette, L-1246 Lu-

xembourg au, 6D, EBBC, Route de Trèves, L-2633 Senningerberg avec effet immédiat.

Deuxième résolution

Suite à la résolution ci-dessus, l'Associé Unique décide de modifier l'article 3, premier et deuxième paragraphes, des

Statuts, afin de lui donner la teneur suivante:

« Art. 3. Siège social. Le siège social de la Société est établi dans la commune de Niederanven, Grand-Duché de

Luxembourg.

Il pourra être transféré en tout autre lieu de la commune de Niederanven par décision du conseil de gérance.»

Troisième résolution

L'Associé unique décide d'autoriser tout gérant de la Société, et/ou tout employé de MaplesFS (Luxembourg) S.A.,

chacun agissant individuellement avec pouvoir de substitution, d'effectuer toute déclaration et de signer tous les docu-
ments et faire tout ce qui est légal, nécessaire ou simplement utile afin de procéder, en conformité avec les exigences de
la loi luxembourgeoise, à toute inscription auprès du Registre du Commerce et des Sociétés de Luxembourg et à toute
publication dans la gazette officielle du Grand-Duché de Luxembourg (le Memorial C) en liaison avec les résolutions ci-
dessus, avec la promesse de ratifier toutes lesdites actions entreprises à chaque demande.

Frais

Le montant total des frais, dépenses et rémunérations quelconques incombant à la société en raison des présentes

s'élève approximativement à sept cent euros.

Déclaration

Le notaire soussigné qui comprend et parle l'anglais, constate par les présentes qu'à la requête de la partie comparante,

le présent acte est rédigé en anglais suivi d'une traduction française, et en cas de divergences entre le texte anglais et
français, la version anglaise fera foi.

Dont acte, fait et passé à Luxembourg, date qu'en tête des présentes.
Et après lecture faite et interprétation donnée au mandataire de la partie comparante, le dit mandataire a signé avec

Nous, notaire, le présent acte.

Signé: C. BRADFER, G. LECUIT.
Enregistré à Luxembourg Actes Civils, le 21 octobre 2011. Relation: LAC/2011/46663. Reçu soixante-quinze euros

(EUR 75,-)

Le Receveur ff. (signé): C. FRISING.

POUR EXPEDITION CONFORME, délivrée aux fins de publication au Mémorial, Recueil des Sociétés et Associations.

Luxembourg, le 18 novembre 2011.

Référence de publication: 2011159324/130.
(110184801) Déposé au registre de commerce et des sociétés de Luxembourg, le 22 novembre 2011.

CNOOC Luxembourg S.à r.l., Société à responsabilité limitée.

Capital social: EUR 25.064.300,00.

Siège social: L-2220 Luxembourg, 560A, rue de Neudorf.

R.C.S. Luxembourg B 161.327.

In the year two thousand and eleven, on the twenty-first of November.
Before US Maître Henri BECK, notary, residing in Echternach, Grand Duchy of Luxembourg.

There appeared:

CNOOC Hong Kong Holding Limited, a corporation governed by the laws of Hong Kong Special Administration

Region (“Hong Kong”), People’s Republic of China, having its registered office at 1401 Hutchison House, 10 Harcourt
Road, Central, Hong Kong, People’s Republic of China, and registered with the Companies Registry of Hong Kong under
number 950547, here represented by Ms. Peggy Simon, private employee, with professional address at 9 Rabatt, L-6475
Echternach, Grand Duchy of Luxembourg, by virtue of a proxy established on November 18, 2011.

The said proxy, signed “ne varietur” by the proxyholder of the company appearing and the undersigned notary, will

remain annexed to the present deed to be filed with the registration authorities.

Such appearing party, through its proxyholder, has requested the undersigned notary to state that:
I. The appearing person is the sole shareholder of the private limited liability company established in Luxembourg

under the name of “CNOOC Luxembourg S.à r.l.” (hereafter “the Company”), having its registered office at 560A, rue

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de Neudorf, L-2220 Luxembourg, registered with the Luxembourg Trade and Companies Register, under number B
161.327, incorporated pursuant to a deed of the undersigned notary on June 1

, 2011 published in the Mémorial C -

Recueil des Sociétés et Associations, number 1777, on August 4

, 2011. The articles of association have been amended

for the last time pursuant to a deed of the undersigned notary, dated June 10

, 2011, published in the Mémorial C -

Recueil des Sociétés et Associations, number 1944, on August 24

, 2011.

II. The Company’s share capital is set at twelve thousand, five hundred Euro (€ 12,500.-) represented by twelve

thousand, five hundred (12,500) shares without nominal value.

III. The sole shareholder resolved to increase the corporate capital by twenty-five million, fifty-one thousand, eight

hundred Euro (€ 25,051,800.-) to raise it from its present amount of twelve thousand, five hundred Euro (€ 12,500.-) to
twenty-five million, sixty-four thousand, three hundred Euro (€ 25,064,300.-) by creation and issue of twenty-five million,
fifty-one thousand, eight hundred (25,051,800) new shares without nominal value, vested with the same rights and obli-
gations as the existing shares.

Subscription - Payment

Thereupon CNOOC Hong Kong Holding Limited, prenamed, declared to subscribe to twenty-five million, fifty-one

thousand, eight hundred (25,051,800) new shares and have them fully paid up by a contribution in cash in the amount of
twenty-five million, fifty-one thousand, eight hundred Euro (€ 25,051,800.-), so that from now on the Company has at its
free and entire disposal this amount, as was certified to the undersigned notary.

IV. Pursuant to the above resolutions, article 6 of the articles of association is amended and shall henceforth read as

follows:

“ Art. 6. The share capital is fixed at twenty-five million, sixty-four thousand, three hundred Euro (€ 25,064,300.-)

represented by twenty-five million, sixty-four thousand, three hundred (25,064,300) shares without nominal value.

In addition to the corporate capital, there may be set up a premium account into which any premium paid on any share

in addition to its par value is transferred. The amount of the premium account may be used to provide for the payment
of any shares which the Company may redeem from its shareholders, to offset any net realised losses, to make distribu-
tions to the shareholders or to allocate funds to the legal reserve.”

V. The sole shareholder resolved to amend the share register of the Company in order to reflect the above changes

and hereby empowered and authorized any Manager of the Company to proceed on behalf of the Company to the
registration of the newly issued shares in the share register of the Company.

There being no further business before the meeting, the same was thereupon adjourned.
The undersigned notary who understands and speaks English states herewith that on request of the above appearing

party, the present deed is worded in English followed by a French translation.

On request of the same appearing party and in case of divergence between the English and the French text, the English

version will prevail.

Whereof The present notarial deed was drawn up in Echternach, on the day named at the beginning of this document.
The document having been read to the proxyholder of the company appearing, who is known to the notary by her

Surname, Christian name, civil status and residence, she signed together with Us, the notary, the present original deed.

Suit la traduction en langue française du texte qui précède:

L’an deux mille onze, le vingt et un novembre.
Par-devant Maître Henri BECK, notaire de résidence à Echternach, Grand-Duché de Luxembourg.

A comparu:

CNOOC Hong Kong Holding Limited, une société constituée selon les lois de “Hong Kong Special Administration

Region” (“Hong Kong”), ayant son siège social au 1401, Hutchison House, 10 Harcourt Road, Central, Hong Kong,
République Populaire de Chine, enregistrée auprès du registre des sociétés de Hong Kong sous le numéro 950547, ici
représentée par Madame Peggy Simon, employée privée, avec adresse professionnelle au 9 Rabatt, L-6475, Echternach,
Grand-Duché de Luxembourg, en vertu d’une procuration donnée le 18 novembre 2011.

Laquelle procuration, après avoir été signée “ne varietur” par le mandataire de la comparante et le notaire instru-

mentaire, demeurera annexée aux présentes pour être enregistrée en même temps.

Laquelle comparante, par son mandataire, a requis le notaire instrumentaire d’acter que:
I. La comparante est la seule associée de la société à responsabilité limitée établie à Luxembourg sous la dénomination

de “CNOOC Luxembourg S.à r.l.” (ci après “la Société”), ayant son siège social au 560A, rue de Neudorf, L-2220 Lu-
xembourg, inscrite auprès du Registre de Commerce et des Sociétés de Luxembourg sous le numéro B 161.327,
constituée suivant un acte reçu par le notaire instrumentaire en date du 1

juin 2011, publié au Mémorial C - Recueil

des Sociétés et Associations, numéro 1777, le 4 août 2011. Les statuts ont été modifiés pour la dernière fois par un acte
du notaire instrumentaire en date du 10 juin 2011, publié au Mémorial C - Recueil des Sociétés et Associations, numéro
1944, le 24 août 2011.

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II. Le capital social de la Société est fixé à douze mille cinq cents Euros (€ 12.500,-) représenté par douze mille cinq

cents (12.500) parts sociales sans valeur nominal.

III. L’associé unique décide d’augmenter le capital social à concurrence de vingt-cinq millions cinquante et un mille huit

cents Euros (€ 25.051.800,-) pour le porter de son montant actuel de douze mille cinq cents Euros (€ 12.500,-) à vingt-
cinq millions soixante-quatre mille trois cents Euros (€ 25.064.300,-) par la création et l’émission de vingt-cinq millions
cinquante et une mille huit cents (25.051.800) parts sociales nouvelles sans valeur nominale, ayant les mêmes droits et
obligations que les parts sociales existantes.

Souscription – Libération

Sur ce, CNOOC Hong Kong Holding Limited, prénommée, déclare souscrire aux vingt-cinq millions cinquante et une

mille huit cents (25.051.800) nouvelles parts sociales et les libérer intégralement par un apport en numéraire de vingt-
cinq millions cinquante et un mille huit cents Euros (€ 25.051.800,-) de sorte que la Société a dès maintenant à sa libre
et entière disposition cette somme ainsi qu’il en a été justifié au notaire instrumentant.

IV. Suite aux résolutions susmentionnées, l’article 6 des statuts est modifié pour avoir désormais la teneur suivante:

“ Art. 6. Le capital social est fixé à vingt-cinq millions soixante-quatre mille trois cents Euros (€ 25.064.300,-) représenté

par vingt-cinq millions soixante-quatre mille trois cents (25.064.300) parts sociales sans valeur nominale.

En plus du capital social, un compte de prime d'émission peut être établi auquel toutes les primes payées sur une part

sociale en plus de la valeur nominale seront transférées. L'avoir de ce compte de primes peut être utilisé pour effectuer
le remboursement en cas de rachat des parts sociales des associés par la Société, pour compenser des pertes nettes
réalisées, pour effectuer des distributions aux associés, ou pour être affecté à la réserve légale.”

V. L’associé unique a décidé de modifier le registre des parts sociales de la Société afin d’y refléter les modifications

qui précèdent, et donne pouvoir et autorité à tout gérant de la Société afin de procéder pour le compte de la Société à
l’inscription des parts sociales nouvellement émises dans le registre des parts sociales de la Société.

Plus rien n’étant à l’ordre du jour, la séance est levée.
Le notaire soussigné qui comprend et parle l’anglais, constate par les présentes qu’à la requête de la comparante le

présent acte est rédigé en anglais suivi d’une version française.

A la requête de la même comparante et en cas de divergences entre le texte anglais et le texte français, la version

anglaise fera foi.

Dont Procès-verbal, fait et passé à Echternach, les jour, mois et an qu’en tête des présentes.
Lecture faite et interprétation donnée au mandataire de la comparante, connu du notaire par son nom et prénom,

état et demeure, elle a signé ensemble avec nous notaire, le présent acte.

Signé: P. SIMON, Henri BECK.
Enregistré à Echternach, le 22 novembre 2011. Relation: ECH/2011/2014. Reçu soixante-quinze euros 75,00 €.

Le Receveur ff. (s.): D. SPELLER.

POUR EXPEDITION CONFORME, délivrée à demande, aux fins de dépôt au registre de commerce et des sociétés.

Echternach, le 22 novembre 2011.

Référence de publication: 2011158863/111.
(110185242) Déposé au registre de commerce et des sociétés de Luxembourg, le 22 novembre 2011.

Harmattan S.à r.l., Société à responsabilité limitée.

Siège social: L-2557 Luxembourg, 7A, rue Robert Stümper.

R.C.S. Luxembourg B 164.732.

STATUTS

L'an deux mille onze, le dix novembre.
Par-devant Maître Martine SCHAEFFER, notaire de résidence à Luxembourg, Grand-Duché de Luxembourg.

A comparu:

Madame Nathalie CLOSE, consultante, née à Bruxelles, le 27 novembre 1972, demeurant à L-1948 Luxembourg, 2,

rue Louis XIV.

Laquelle comparante a requis le notaire instrumentaire de documenter comme suit les statuts d'une société à res-

ponsabilité limitée qu'elle déclare constituer:

Art. 1

. Il est formé par les présentes une société à responsabilité limitée qui sera régie par les lois en vigueur et

notamment par celles du 10 août 1915 sur les sociétés commerciales, du 18 septembre 1933 sur les sociétés à respon-
sabilité limitée et leurs lois modificatives en particulier celle du 28 décembre 1992 relative à la société à responsabilité
limitée unipersonnelle, ainsi que par les présents statuts.

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La durée de la société est indéterminée. Elle commence à compter du jour de sa constitution.

Art. 2. La société a pour objet l'exécution de tous services se rapportant à l'exercice des professions de conseil

économique, au sens de la loi du 28 juin 1984. Ces services consistent notamment en l’exercice des activités de conseil
en stratégie, organisation et système d’information.

Elle a encore pour objet le conseil, la réalisation, l’évaluation de projets, d’études et d’analyses ainsi que toute prestation

de services connexes dans les domaines économiques, sociaux et statistiques.

D’une façon générale, elle pourra faire toutes les opérations commerciales, financières, mobilières et immobilières se

rattachant directement ou indirectement à son objet social ou qui seraient de nature à en faciliter ou développer la
réalisation.

Art. 3. La société prend la dénomination de "HARMATTAN S. à r. l.".

Art. 4. Le siège social est établi à Luxembourg.
Il peut être transféré en tout autre endroit du Grand-Duché de Luxembourg par simple décision de l'associé unique,

qui aura tous pouvoirs d'adapter le présent article.

Titre II. Capital social, Parts sociales

Art. 5. Le capital social est fixé à la somme de douze mille cinq cents euros (EUR 12.500,-) représenté par cent vingt-

cinq (125) parts sociales d'une valeur nominale de cent euros (EUR 100,-) chacune.

Chaque part donne droit à une voix dans les délibérations des assemblées générales ordinaires et extraordinaires.

Art. 6. Le capital peut être modifié à tout moment par une décision de l'associé unique et en cas de pluralité d'associés

par une délibération de l'assemblée générale extraordinaire des associés, en conformité avec l'article 16 des présents
Statuts.

Art. 7. Chaque part sociale donne droit à une fraction proportionnelle au nombre de parts existantes de l'actif social

ainsi que des bénéfices.

Art. 8. Les parts sociales sont indivisibles à l'égard de la société qui ne reconnaît qu'un seul propriétaire pour chacune

d'elles.

Les copropriétaires indivis de parts sociales sont tenus de se faire représenter auprès de la société par une seule et

même personne.

Art. 9. Dans l'hypothèse où il n'y a qu'un seul associé les parts sociales détenues par celui-ci sont librement transmis-

sibles.

Dans l'hypothèse où il y a plusieurs associés, les parts sociales détenues par chacun d'entre eux ne sont transmissibles

que moyennant l'application de ce qui est prescrit par l'article 189 de la Loi.

Art. 10. La Société ne sera pas dissoute par suite du décès, de la suspension des droits civils, de l'insolvabilité ou de la

faillite de l'associé unique ou d'un des associés.

Art. 11. Les créanciers, ayants droits ou héritiers ne pourront, pour quelque motif que ce soit, apposer des scellés sur

les biens et documents de la société.

Titre III. Administration

Art. 12. La société est gérée par un ou plusieurs gérants, associés ou non. L'assemblée générale des associés fixe les

pouvoirs de signature.

Art. 13. Le décès d'un gérant ou sa démission, pour quelque motif que ce soit, n'entraîne pas la dissolution de la société.

Art. 14. Le ou les gérants ne contractent, en raison de leur fonction, aucune obligation personnelle relativement aux

engagements régulièrement pris par eux au nom de la société. Simples mandataires, ils ne sont responsables que de
l'exécution de leur mandat.

Art. 15. L'associé unique exerce tous pouvoirs qui lui sont conférés par l'assemblée générale des associés.
En cas de pluralité d'associés, chaque associé peut prendre part aux décisions collectives, quel que soit le nombre de

part qu'il détient. Chaque associé possède des droits de vote en rapport avec le nombre des parts détenues par lui. Les
décisions collectives ne sont valablement prises que pour autant qu'elles soient adoptées par des associés détenant plus
de la moitié du capital.

Toutefois, les résolutions modifiant les Statuts de la Société ne peuvent être adoptés que par une majorité d'associés

détenant au moins les trois quarts du capital social, conformément aux prescriptions de la Loi.

Art. 16. Les décisions collectives ne sont valablement prises que pour autant qu'elles ont été adoptées par des associés

représentant plus de la moitié du capital social.

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U X E M B O U R G

Titre IV. Exercice social, Répartition des bénéfices

Art. 17. L'année sociale commence le 1

janvier et se termine le 31 décembre de chaque année.

Art. 18. Chaque année, au 31 décembre, les comptes sont arrêtés et le ou les gérants dressent un inventaire com-

prenant l'indication des valeurs actives et passives de la société. Tout associé peut prendre communication au siège social
de l'inventaire et du bilan.

Art. 19. Les produits de la société, constatés dans l'inventaire annuel, déduction faite des frais généraux, amortissements

et charges, constituent le bénéfice net. Sur le bénéfice net, il est prélevé cinq pour cent pour la constitution d'un fonds
de réserve jusqu'à ce que celui-ci atteigne dix pour cent du capital social. Le solde est à la libre disposition de l'assemblée
générale.

Titre V. Dissolution, Liquidation

Art. 20. Lors de la dissolution de la société, la liquidation sera faite par un ou plusieurs liquidateurs, associés ou non,

nommés par les associés qui fixeront leurs pouvoirs et leurs émoluments.

Titre VI. Disposition générale

Art. 21. Pour tout ce qui n'est pas réglé par les présents statuts, l'associé unique s'en réfère aux dispositions légales

en vigueur.

Disposition transitoire

Le premier exercice social commence le jour de la constitution et se termine le 31 décembre 2012.

Souscription et Libération

Toutes les cent vingt-cinq (125) parts ont été entièrement souscrites et entièrement libérées par Madame Nathalie

CLOSE, prénommée, par apport en espèces, de sorte que la somme de douze mille cinq cents euros (EUR 12.500,-) se
trouve dès maintenant à la disposition de la Société, ce dont il a été justifié au notaire instrumentaire.

Avertissement

Le notaire instrumentaire a rendu attentif la comparantes au fait qu’avant toute activité commerciale de la Société

présentement fondée, celle-ci doit être en possession d’une autorisation de commerce en bonne et due forme en relation
avec l’objet social, ce qui est expressément reconnu par la comparantes.

Frais

L'associé unique a évalué le montant des frais, dépenses, rémunérations et charges, sous quelque forme que ce soit,

qui incombent à la société ou qui sont mis à sa charge en raison de sa constitution à environ mille deux cents euros (EUR
1.200,-).

Assemblée générale extraordinaire

Et aussitôt l'associé unique, représentant l'intégralité du capital et se considérant comme dûment convoqué, a pris les

résolutions suivantes:

1. Le siège social de la société est établi à L-2557 Luxembourg, 7A, rue Robert Stümper.
2. Est désigné gérant pour une durée indéterminée:
Madame Nathalie CLOSE, consultant, née à Bruxelles, le 27 novembre 1972, demeurant à L-1948 Luxembourg, 2, rue

Louis XIV.

La gérant a les pouvoirs les plus étendus pour engager la société en toutes circonstances par sa seule signature.

DONT ACTE, fait et passé à Luxembourg, date qu'en tête des présentes.
Et après lecture faite et interprétation donnée à la comparante, connue du notaire par ses nom, prénom, état et

demeure, elle a signé le présent acte avec le notaire.

Signé: N. Close et M. Schaeffer.
Enregistré à Luxembourg Actes Civils, le 16 novembre 2011. Relation: LAC/2011/50952. Reçu soixante-quinze euros

Eur 75,-

Le Receveur (signé): Francis SANDT.

POUR EXPEDITION CONFORME, délivrée à la demande de la prédite société, aux fins d’inscription au Registre de

Commerce.

Luxembourg, le 22 novembre 2011.

Référence de publication: 2011159045/116.
(110185251) Déposé au registre de commerce et des sociétés de Luxembourg, le 22 novembre 2011.

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Koronea S.à r.l., Société à responsabilité limitée unipersonnelle.

Siège social: L-1118 Luxembourg, 23, rue Aldringen.

R.C.S. Luxembourg B 160.408.

In the year two thousand eleven, on the eighth day of November.
Before us Maître Joseph ELVINGER, notary residing in Luxembourg, acting in replacement of Maître Gérard LECUIT,

notary residing in Luxembourg, to whom remains the present deed.

THERE APPEARED:

Mr. Boguslaw Marek WYPYCHEWICZ, director of companies, born in Kielce (Poland) on 22 April 1964, residing in

Włoszczowa (Poland), ul. Wschodnia 66, and

Mrs Małgorzata WYPYCHEWICZ, company director, born in Włoszczowa (Poland) on 18 August 1966, residing in

Włoszczowa (Poland), ul. Wschodnia 66,

both here represented by Mr Philippe AFLALO, company’s director, residing professionally in Luxembourg, 23, rue

Aldringen,

by virtue of two proxies dated on 31 October 2011.
The said proxies, after having been signed "ne varietur" by the appearing parties and the undersigned notary, will remain

annexed to the present deed for the purpose of registration.

The appearing parties, represented as stated hereabove, have requested the undersigned notary to enact the following:
- that they are the shareholders of KORONEA S.à r.l., a société à responsabilité limitée, incorporated by deed of Me

Gérard LECUIT, notary residing in Luxembourg on the 12

of April 2011, published in the Mémorial, Recueil des Sociétés

et Associations, number 1444 of July 1

, 2011. The Articles of Association have been amended for the last time by a

deed of Me Gérard LECUIT, prenamed on 21 September 2011, not yet published in the Mémorial, Recueil des Sociétés
et Associations;

- that the shareholders have taken the following resolutions:

First resolution

The shareholders decide to increase the corporate capital of the company by an amount of nine hundred eighty-three

thousand seven hundred euros (EUR 983,700.-) to bring it from its present amount of one million five hundred sixteen
thousand euros (EUR 1,516,000.-) to two million four hundred ninety-nine thousand seven hundred euros (EUR
2,499,700.-) by issuance of nine thousand eight hundred thirty-seven (9,837) new shares with a par value of one hundred
euro (EUR 100,-) each, having the same rights and obligations as the existing shares and decides to accept the subscription
and payment of the said nine thousand eight hundred thirty-seven (9,837) new shares by

(i) Mr. Boguslaw Marek WYPYCHEWICZ, prenamed for 6,003 new shares
(ii) Mrs. Malgorzata WYPYCHEWICZ, prenamed for 3,834 new shares,
by contribution in kind.

Subscription - Payment

Thereupon appeared:
1) Mr. Boguslaw Marek WYPYCHEWICZ, prenamed, represented by Mr Philippe AFLALO prenamed, by virtue of a

proxy given on 31 October 2011, who declares to subscribe for six thousand three (6,003) new shares with a par value
of one hundred euro (EUR 100) each and to have them fully paid up by contribution in kind of three hundred ten thousand
(310,000) series A shares, each with a nominal value of eight point eighty-three Polish Zloty (PLN 8.83) of “ZPUE S.A.”,
a company constituted under the laws of Poland, with its registered office at ul Jedrzejowska, 79, 29-100 WLOSZCZO-
WA, Poland, registered under the number KRS 0000052770;

2) Mrs Małgorzata WYPYCHEWICZ, prenamed, represented by Mr Philippe AFLALO prenamed, by virtue of a proxy

given on 31 October 2011, who declares to subscribe for three thousand eight hundred thirty-four (3,834) new shares
with a par value of one hundred euro (EUR 100) each and to have them fully paid up by contribution in kind of one
hundred ninety-seven thousand nine hundred ninety (197,990) shares, each with a nominal value of eight point eighty-
three Polish Zloty (PLN 8.83) of “ZPUE S.A.”, a company constituted under the laws of Poland, with its registered office
at ul Jedrzejowska, 79, 29-100 WLOSZCZOWA, Poland, registered under the number KRS 0000052770.

It results from a certificate issued by the President of Board of “ZPUE S.A”, dated on 31 October 2011, that:
“ - Mr. Boguslaw Marek Wypychewicz, director of companies, born on 22/04/1964 in Kielce, Poland, residing in

Włoszczowa, ul. Wschodnia 66, is the owner of 310,000 shares, each with nominal value of 8.83 PLN which constitute
30,44% in share capital of company “ZPUE S.A.”, a company constituted under the laws of Poland, with its registered
office at ul Jedrzejowska, 79, 29-100 WLOSZCZOWA, Poland, (The “Company”) registered under the number KRS
0000052770.

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U X E M B O U R G

- Mrs. Malgorzata Wypychewicz, director of companies, born in Włoszczowa (Poland) on 18.08.1966, residing in

Włoszczowa (Poland), ul. Wschodnia 66, is the owner of 197,990 shares, each with nominal value of 8.83 PLN, which
constitute 19,44% in share capital of company “ZPUE S.A.”, a company constituted under the laws of Poland, with its
registered office at ul Jedrzejowska, 79, 29-100 WLOSZCZOWA, Poland, (The “Company”) registered under the number
KRS 0000052770.

- such shares are fully paid-up;
- Mr Boguslaw Marek Wypychewicz, prenamed, and Mrs. Malgorzata Wypychewicz are the persons solely entitled to

the shares and possessing the power to dispose of the shares;

- none of the shares are encumbered with any pledge or usufruct, there exist no right to acquire any pledge or usufruct

on the shares and none of the shares are subject to any attachment.

- there exist no pre-emption rights nor any other rights by virtue of which any person may be entitled to demand that

one or more of the shares be transferred to him;

- according to the polish law and the articles of association of the company, such shares are freely transferable;
- all formalities subsequent to the contribution in kind of the shares of the company, required in Poland, will be effected

upon receipt of a certified copy of the notarial deed documenting the said contribution in kind;

- the company’s shares to be contributed are worth at least 4.485.551,70 PLN; this estimation being based on the

attached valuation report;

- the said estimation has not decreased till today.”
According to the said certificate, valuation report and balance sheets of the said company, the appearing parties declare

that the total amount of the company’s shares to be contributed are worth at least at 4,485,551.70 PLN.

The amount of 4,485,551.70 PLN is estimated at EUR 1,027,994.61 on basis of the exchange rate dated 7 November

2011, being 4.3634 Polish Zloty for 1.- euro.

The appearing party declares that the amount of NINE HUNDRED EIGHTY-THREE THOUSAND SEVEN HUNDRED

EUROS (983,700.- EUR) is transferred to the share capital and the surplus, being forty-four thousand two hundred ninety-
four euros and sixty-one cents (EUR 44,294.61), will be transferred to a share premium account.

Such certificate, valuation report, balance sheets and proxy, after signature ne varietur by the appearing party and the

undersigned notary, shall remain annexed to the present deed to be filed with the registration authorities.

Second resolution

As a consequence of the preceding resolution, the shareholders decide to amend article 6 of the articles of incorpo-

ration, which will henceforth have the following wording:

“ Art. 6. The Company's corporate capital is fixed at two million four hundred ninety-nine thousand seven hundred

euros (EUR 2,499,700.-) represented by twenty-four thousand nine hundred ninety-seven (24,997) shares with a par value
of ONE HUNDRED EUROS (100.- EUR) each, all fully paid-up."

There being no further business, the meeting is terminated.

Costs

The expenses, costs, fees and charges of any kind whatsoever which will have to be borne by the Company as a result

of the present deed are estimated at approximately two thousand two hundred euros (EUR 2,200.-).

The undersigned notary, who knows English, states that on request of the appearing party, the present deed is worded

in French, followed by a English version and in case of discrepancies between the English and the French text, the English
version will be binding.

WHEREOF the present notarial deed was drawn up in Luxembourg, on the day indicated at the beginning of this deed.
The document having been read to the person appearing, who is known to the notary by his surname, first name, civil

status and residence, he signed together with the notary the present original deed.

Suit la traduction française du texte qui précède:

L'an deux mil onze, le huit novembre.
Pardevant Maître Joseph ELVINGER, notaire de résidence à Luxembourg, en remplacement de son collègue, Maître

Gérard LECUIT, notaire de résidence à Luxembourg, lequel dernier restera dépositaire de la présente minute.

ONT COMPARU:

Monsieur Boguslaw Marek WYPYCHEWICZ, administrateur de sociétés, né à Kielce (Pologne) le 22 avril 1964, de-

meurant à Włoszczowa (Pologne), ul. Wschodnia 66,

Madame Małgorzata WYPYCHEWICZ, administrateur de sociétés, née à Włoszczowa (Pologne) le 18 août 1966,

demeurant à Włoszczowa (Pologne), ul. Wschodnia 66,

tous deux ici représentés par Monsieur Philippe AFLALO, administrateur de sociétés, demeurant professionnellement

à L-1118 Luxembourg, 23, rue Aldringen,

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U X E M B O U R G

en vertu de deux procurations sous seing privé, datées du 31 octobre 2011.
Lesdites procurations resteront, après avoir été signées “ne varietur” par le mandataire des comparants et le notaire

instrumentant, annexées aux présentes pour être formalisées avec elles.

Lesquels comparants, représentés comme dit ci-avant, ont requis le notaire instrumentant d'acter ce qui suit:
- Qu'ils sont les seuls associés de la société KORONEA S.à r.l., société à responsabilité limitée, constituée suivant acte

de Me Gérard LECUIT, notaire de résidence à Luxembourg en date du 12 avril 2011, publié au Mémorial Recueil des
Sociétés et Associations numéro 1444 du 1

juillet 2011. Les statuts ont été modifiés pour la dernière fois suivant acte

du notaire Gérard LECUIT, prénommé, du 21 septembre 2011, en cours de publication au Mémorial Recueil des Sociétés
et Associations.

- Qu'ils ont pris les résolutions suivantes:

Première résolution

Les associés décident d’augmenter le capital social de la société à concurrence d’un montant de neuf cent quatre-vingt-

trois mille sept cents (983.700,- EUR) pour le porter de son montant actuel de un million cinq cent seize mille Euros
(1.516.000,- EUR) à deux millions quatre cent quatre-vingt-dix-neuf mille sept cents Euros (2.499.700,- EUR) par l'émission
de neuf mille huit cent trente-sept (9.837) parts sociales nouvelles d'une valeur nominale de cent Euros (100,- EUR)
chacune, ayant les mêmes droits et obligations que les parts sociales existantes et décide d’accepter les souscriptions et
libérations de ces neuf mille huit cent trente-sept (9.837) parts sociales nouvelles par:

(i) Monsieur Boguslaw Marek WYPYCHEWICZ prénommé, pour 6.003 nouvelles parts sociales.
(ii) Madame Malgorzata WYPYCHEWICZ, prénommée, pour 3.834 nouvelles parts sociales, par apport en nature.

Souscription - Libération

Sont intervenus aux présentes:
1) Monsieur Boguslaw Marek WYPYCHEWICZ prénommé, ici représenté par Monsieur Philippe AFLALO, prénommé,

en vertu d’une procuration donnée le 31 octobre 2011, lequel déclare souscrire à six mille trois (6.003) parts sociales
nouvelles d’une valeur nominale de cent euros (100.- EUR) chacune et les libérer moyennant apport en nature de trois
cent dix mille (310.000) actions de série A, d’une valeur nominale de huit virgule quatre-vingt trois Zloty polonais (PLN
8.83) chacune de “ZPUE S.A.”, une société constituée sous les lois polonaises, ayant son siège social à ul Jedrzejowska,
79, 29-100 WLOSZCZOWA, Pologne, enregistrée sous le numéro de registre KRS 0000052770.

2) Madame Małgorzata WYPYCHEWICZ, administrateur de sociétés, née à Włoszczowa (Pologne) le 18 août 1966,

demeurant à Włoszczowa (Pologne), ul. Wschodnia 66, ici représentée par Monsieur Philippe AFLALO prénommé, en
vertu d’une procuration donnée le 31 octobre 2011, laquelle déclare souscrire à trois mille huit cent trente-quatre (3.834)
nouvelles parts sociales d’une valeur nominale de cent euros (EUR 100) chacune et de les libérer intégralement par apport
en nature de cent quatre-vingt-dix-sept mille neuf cent quatre-vingt-dix (197.990) actions de série A d’une valeur nominale
de huit virgule quatre-vingt trois Zloty polonais (PLN 8.83) chacune de “ZPUE S.A.”, une société constituée sous les lois
polonaises, ayant son siège social à ul Jedrzejowska, 79, 29-100 WLOSZCZOWA, Pologne, enregistrée sous le numéro
de registre KRS 0000052770.

Il résulte d’un certificat émis par le président du Conseil d’Administration de la société “ZPUE S.A.”, daté du 31 octobre

2011, que:

“- Monsieur Boguslaw Marek WYPYCHEWICZ, administrateur de sociétés, né à Kielce (Pologne) le 22 avril 1964,

demeurant à Włoszczowa (Pologne), ul. Wschodnia 66, est propriétaire de 310.000 actions de série A, d’une valeur
nominale de 8,83 PLN chacune représentant 30,44% du capital de “ZPUE S.A.”, une société constituée sous les lois
polonaises, ayant son siège social à ul Jedrzejowska, 79, 29-100 WLOSZCZOWA, Pologne, enregistrée sous le numéro
de registre KRS 0000052770,

- Madame Malgorzata WYPYCHEWICZ, administrateur de sociétés, née à Wloszczowa (Pologne) le 18 août 1966,

demeurant à Włoszczowa (Pologne), ul. Wschodnia 66, est propriétaire de 197.990 actions de série A, d’une valeur
nominale de 8,83 PLN chacune représentant 19,44% du capital de “ZPUE S.A.”, une société constituée sous les lois
polonaises, ayant son siège social à ul Jedrzejowska, 79, 29-100 WLOSZCZOWA, Pologne, enregistrée sous le numéro
de registre KRS 0000052770,

- ces actions apportées sont entièrement libérées;
- Monsieur Boguslaw Marek WYPYCHEWICZ prénommé et Madame Malgorzata WYPYCHEWICZ sont les seuls

ayant droit sur ces actions et ayant les pouvoirs d’en disposer;

- aucune des actions n’est grevée de gage ou d’usufruit, qu’il n’existe aucun droit à acquérir un tel gage ou usufruit et

qu’aucune des actions n’est sujette à saisie;

- il n’existe aucun droit de préemption ou d’autres droits en vertu desquels une personne pourrait avoir le droit de

s’en voir attribuer une ou plusieurs;

- selon la loi polonaise et les statuts de la société, ces actions sont librement transmissibles;
- toutes les formalités subséquentes à l’apport en nature des actions de la société, requises en Pologne, seront effec-

tuées dès réception d’une copie conforme de l’acte notarié documentant le dit apport en nature;

151679

U X E M B O U R G

- les actions apportées de la société sont estimées à 4.485.551,70 PLN, cette estimation étant basée sur un rapport

d’évaluation;

- la dite estimation n’a pas diminué jusqu’à ce jour;”
En vertu de ce certificat, rapport d’évaluation et du bilan de cette société, les parties comparantes déclarent que la

valeur totale des actions apportées est estimée au moins à 4.485.551,70 PLN.

Le montant de 4.485.551,70 PLN est estimé à EUR 1.027.994.61 sur base du taux de change du 7 novembre 2011,

étant de 4,3634 Zloty Polonais pour 1.- euro.

Les parties comparantes déclarent que la valeur de neuf cent quatre-vingt-trois mille sept cents euros (983.700,- EUR)

est transférée dans le compte capital et que la différence, étant de quarante quatre mille deux cent quatre-vingt-quatorze
euros et soixante et un cents (EUR 44.294,61) est portée à un compte de prime d’émission.

Ce certificat, rapport d’évaluation, bilan et procurations, après signature “ne varietur” par le mandataire des compa-

rants et le notaire instrumentant, resteront annexés au présent acte pour être formalisés avec lui.

Deuxième résolution

En conséquence de la résolution précédente, les associés décident de modifier l'article 6 des statuts pour lui donner

la teneur suivante:

“ Art. 6. Le capital social est fixé à deux millions quatre cent quatre-vingt-dix-neuf mille sept cents Euros (2.499.700,-

EUR) représenté par vingt-quatre mille neuf cent quatre-vingt-dix-sept (24.997) parts sociales d’une valeur nominale de
cent Euros (100,- EUR) chacune, toutes libérées intégralement.”

Plus rien n’étant prévu à l’ordre du jour, la séance est clôturée.

Frais

Les comparants ont évalué le montant des frais, dépenses, rémunérations et charges, sous quelque forme que ce soit,

qui incombent à la Société ou qui sont mis à sa charge à raison des présentes à environ deux mille deux cents euros
(2.200,- EUR).

Le notaire soussigné, qui a personnellement la connaissance de la langue anglaise, déclare que le comparant l'a requis

de documenter le présent acte en langue française, suivi d'une version anglaise, et en cas de divergence entre le texte
anglais et le texte français, le texte anglais fera foi.

DONT ACTE, fait et passé à Luxembourg, date qu'en tête des présentes.
Et après lecture faite et interprétation donnée au mandataire des comparants, connu du notaire instrumentant par son

nom, prénom usuel, état et demeure, celui-ci a signé le présent acte avec le notaire.

Signé: P. AFLALO, J. ELVINGER.
Enregistré à Luxembourg Actes Civils, le 11 novembre 2011. Relation: LAC/2011/50126. Reçu soixante-quinze euros

(EUR 75,-).

Le Receveur (signé): F. SANDT.

POUR EXPEDITION CONFORME - délivrée aux fins de publication au Mémorial, Recueil des Sociétés et Associations.

Luxembourg, le 22 novembre 2011.

Référence de publication: 2011159105/203.
(110185273) Déposé au registre de commerce et des sociétés de Luxembourg, le 22 novembre 2011.

NPF Soparfi B S.à r.l., Société à responsabilité limitée.

Capital social: EUR 12.600,00.

Siège social: L-2163 Luxembourg, 40, avenue Monterey.

R.C.S. Luxembourg B 120.084.

Il est porté à la connaissance de tiers que ING RE NPF Soparfi C S.à r.l., associé de la société émargée, a changé de

dénomination sociale en date du 4 novembre 2011 et s’appelle depuis lors NPF Soparfi C S.à r.l..

Luxembourg, le 21 novembre 2011.

Pour la société
Un mandataire

Référence de publication: 2011159202/13.
(110184944) Déposé au registre de commerce et des sociétés de Luxembourg, le 22 novembre 2011.

Editeur:

Service Central de Législation, 43, boulevard F.-D. Roosevelt, L-2450 Luxembourg

Imprimeur: Association momentanée Imprimerie Centrale / Victor Buck

151680

Document Outline

ARIA Structured Investments SICAV-SIF

Bayerische Entwicklung S.P.F.

Belux Invest S.A.

BL Fund Selection

Bond Absolute Return

Cash Plus

CCR Funds

CNOOC Luxembourg S.à r.l.

Fonditalia

GAR Investment Managers

Global Diversified Sicav

Harmattan S.à r.l.

IMC Asset Management Funds

Industrial Partnership

ING (L)

Koronea S.à r.l.

Lance (SPF) SA

Method Investments SICAV

NPF Soparfi B S.à r.l.

Pictet Global Selection Fund

Pléiade

Rocky Mountains Holding S.A., SPF

Sculptor Investments S.à r.l.

Sun Flare S.A.

VCH Emerging Markets Profiteure

VermögensManagement Wachstumsländer Balance