AREC IMMO SA

The company's purpose is the purchase, sale, construction and renovation of real estate as well as any development of these properties, including the realization of real estate promotions and brokerage related thereto or any management activities of PPE and administration. The company may also make loans, in particular to administrators or shareholders. It may carry out all financial operations related to this activity as well as all operations of a nature to promote the purpose and interest of the company. It may create branches in Switzerland and abroad, participate in other companies in Switzerland and abroad, acquire companies with similar purposes, merge with such companies, acquire or sell properties and conclude all contracts intended to develop or achieve its purpose or related thereto directly or indirectly.