SWISS ELSE SA

The development, production, consulting, import and trade of products of various kinds; it may create branches in Switzerland and abroad, participate in other companies in Switzerland and abroad, acquire companies with an identical or similar purpose, or merge with such companies, acquire or sell real estate (excluding activities prohibited by the LFAIE), carry out all operations and conclude all contracts suitable for developing and expanding its purpose or relating directly or indirectly thereto; the company may grant guarantees, make loans or advances to shareholders or third parties.