The Board of Directors of the Network for Sustainable Financial Markets, a non-stock, non-profit corporation organized and existing under the laws of the State of Illinois (the “Company” or “NSFM”), hereby adopts the following By-Laws (the “By-Laws”):

ARTICLE I — Offices

Section 1. Principal Business Offices. The NSFM may have such principal and other business offices, either within or without the State of Illinois, as the Board of Directors (the “Board”) may from time to time designate.

Section 2. Registered Office. The NSFM shall maintain a registered agent in the State of Illinois, whose address may be, but need not be, identical with the principal office of the NSFM. The identity and address of the registered agent of the NSFM may be changed from time to time by resolution of the Board and the filing of such statements as are required by Illinois law governing nonprofit corporations.

ARTICLE II — Purpose

Section 1. Purpose. The purpose of the NSFM shall exclusively be to engage in one or more of the purposes specified in Section 501(c)(3) of the Internal Revenue Code, including the making of distributions to other organizations that qualify as exempt under Section 501(c)(3). The NSFM shall specifically seek to foster non-partisan, international collaboration between financial market professionals, academics and other on research, education and dissemination of information relating to long-term investing or development of financial market practices that promote the generation of sustainable value.

ARTICLE III — Membership

Section 1. Membership. In order to operate most efficiently, affairs and governance of the Company shall be conducted, and all corporate powers shall be exercised by or under the direction of, the Board of Directors. Participation in NSFM conferences, activities or networks, or reference to someone as an NSFM participant or member, shall not confer any legal rights of membership in the Company.

ARTICLE IV — Officers

Section 1. Officers. The officers shall consist of a President, Vice President, Secretary and Treasurer, who will be elected by the Board of Directors, from time to time, for terms of up to three years, without limit on serving successive terms. Each officer may continue in office until he or she resigns, is removed or is otherwise disqualified to serve, or a successor is elected and qualified, whichever occurs first. Any competent person of legal age shall be qualified to serve as an officer of the Company. If designated by the Board, an officer may hold up to two NSFM offices at the same time. The Board may also elect such additional officers for terms of up to three years, without limit on serving successive terms, as it determines appropriate. An officer may be removed at any time without cause, by action of the Board.