SANGDEL SA

In Switzerland and abroad, the acquisition, sale, holding, management, administration, construction and promotion of all real estate; the company may carry out for its own account or for the account of third parties, all financial, commercial, industrial, movable and real estate transactions (except for transactions prohibited by the LFAIE), in Switzerland and abroad, directly or indirectly related to the main purpose; it may also create branches and subsidiaries, in Switzerland and abroad; it may also grant loans to its shareholders and guarantee, secure or guarantee loans granted by third parties to its shareholders.