ARTICLES OF ASSOCIATION

Challenger Finance Investment SAS is incorporated as a Société par Actions Simplifiée (SAS) under French law, governed by the provisions of the French Commercial Code and these Articles of Association.

The company's name is: CHALLENGER FINANCE INVESTMENT SAS. All documents, invoices, announcements, and publications issued by the company must bear the corporate name, immediately preceded or followed by the words 'Société par Actions Simplifiée' or the initials 'SAS'.

The purpose of the company is the management and administration of the CH351 International Investment Index, covering 351 companies listed on international stock exchanges; the issuance and management of preferred shares (actions de préférence) and convertible bonds (obligations convertibles); investment advisory and financial management services; and any related or ancillary activities.

The registered office is located in France. The company may expand by opening branches in any location within the European Community, by decision of the President, subject to ratification by the shareholders.

The duration of the company is ninety-nine (99) years from the date of its registration in the Trade and Companies Register (Registre du Commerce et des Sociétés), unless dissolved earlier or extended by decision of the shareholders.

The share capital is fixed at the amount stated in the company's registration documents. It may be increased or reduced by decision of the shareholders in accordance with applicable law and these Articles.

The company is authorised to issue preferred shares (actions de préférence) with a total issue amount of €150,000,000 and convertible bonds (obligations convertibles) with a total issue amount of €300,000,000, subject to the terms and conditions set out in the relevant subscription agreements and applicable regulations.

The company is managed by a President appointed by the shareholders. The President holds the broadest powers to act on behalf of the company in all circumstances. The current President and Finance Manager is Msc. Finance Mebarek El Harette.

Collective decisions of shareholders are taken in accordance with the conditions set out in the French Commercial Code and these Articles. Decisions may be taken at a general meeting or by written consultation.

The financial year begins on 1 January and ends on 31 December of each year.

The distributable profit consists of the net profit for the financial year, less any losses carried forward, plus any retained earnings. Dividends may be distributed up to four (4) times per year by decision of the President, subject to applicable legal requirements.

The company shall be dissolved upon expiry of its term, or by decision of the shareholders. In the event of dissolution, one or more liquidators shall be appointed. The net assets remaining after settlement of liabilities shall be distributed among the shareholders in proportion to their respective holdings.