The purchase, sale, construction, administration and management of real estate of any kind, participation in companies of the same character and the acquisition of the property in Zurich no. 3701, located at Englischviertelstrasse 52, owned by Paolo Lüthi in Melide, for the price of CHF 775,000.--, encumbered with mortgage debts totaling CHF 600,000.--. The price is paid by assuming the mortgages and paying the remaining amount of CHF 175,000.-- in cash.