Luxembourg TRADE REGISTRY

TRANSLATION FROM FRENCH

Ref.071357

LUXEMBOURG

TRADE AND COMPANIES REGISTRY

EXTRACT

PAM FUNDS S.A., SICAV-SIF

Registration No.:B 131642

Date of registration:24/09/2007

Name of Company:

PAM FUNDS S.A., SICAV-SIF

Legal Form:Investment company with variable capital

Registered Office

1, Bd. Royal

L-2449 LUXEMBOURG

Description of the Purpose of the Company:

The sole purpose of the Company is to invest funds held by it in and assets portfolio in the broad meaning provided by 2007 law for the purpose of spreading investment risk and to distribute to shareholders the proceeds resulting from the management of assets. The Company may take any measures and conduct any transactions that it deems useful in accomplishing and developing its purpose in the largest sense subject to the law of 2007.

Capital stock/shareholders’ equity :

Variable

Date of incorporation:19/09/2007

Duration:

Perpetual

Accounting year:

This year only, the accounting year starting 17/09/2007 shall close on 31/12/2007.

All other years: 1/01 to 31/12

Director(s)/manager(s):

Statutory signature powers: the company shall be bound either by the joint signatures of any two directors of the Company, or by the sole signature of any other person to whom signature powers have been specially delegated by the board of directors.

Governing body:Board of directors

Last Name: ETIENNEFirst name: Pierre

Function: Director

Residential or occupational address of the individual:

1, Boulevard Royal, L-2449 Luxembourg

Duration of office: Definite.Date of appointment: 19/09/2007

Until the general shareholders’ meeting to be held in: 2008

Last Name: BERGERFirst name: Michèle

Function: Director

Residential or occupational address of the individual:

1, Boulevard Royal, L-2449 Luxembourg

Duration of office: Definite.Date of appointment: 19/09/2007

Until the general shareholders’ meeting to be held in: 2008

Last Name: FASELFirst name: Fréderic

Function: Director

Residential or occupational address of the individual:

1, Boulevard Royal, L-2449 Luxembourg

Duration of office: Definite.Date of appointment: 19/09/2007

Until the general shareholders’ meeting to be held in: 2008

Last Name: HILGERFirst name: Jerry

Function: Director

Residential or occupational address of the individual:

1, Boulevard Royal, L-2449 Luxembourg

Duration of office: Definite.Date of appointment: 19/09/2007

Until the general shareholders’ meeting to be held in: 2008

Auditor:

Company name:DELOITTE S.A.

Registration no.:B 67895

Function:Auditor

Registered office of entity:

560 Rue de Neudorf, L – 2220 Luxembourg

Duration of office: Definite.Date of appointment: 19/09/2007

Until the general shareholders’ meeting to be held in: 2008

(*) proof of registration. For full details refer to file.

Certified conform copy

Luxembourg, 24/09/2007

For the manager of the Trade and Companies Registry

/s/ Claire MERGEN

[...]

CERTIFIED TRUE AND CORRECT TRANSLATION