Financial and industrial participation, direct or indirect, in companies, in Switzerland and abroad. The company may establish branches and subsidiaries in Switzerland and abroad. It may acquire, sell, operate, license and acquire patents and, in general, carry out all operations directly or indirectly related to its purpose. It may grant loans to its shareholders or to third parties, act as guarantor for loans taken out by its shareholders or third parties, guarantee its loans by issuing or pledging mortgage securities or by subscribing to any other financial commitment, pledge its assets or guarantee any claim. The company may carry out all operations which, in the opinion of its management, are favorable to its purpose or useful for the placement of its available funds. It may, in addition, acquire, hold or dispose of real estate.