The company's purpose is to act as a holding company on an international level, including the acquisition of participations in Switzerland or abroad in companies of any form and the management of these participations, excluding any operations prohibited by the Federal Act on the Acquisition of Real Estate by Foreigners (LFAIE), it being specified that the company will hold participations in companies holding real estate in Switzerland which will be exclusively for commercial use. The company may, in particular, acquire by subscription, purchase, exchange or otherwise, shares, stocks, bonds, deposit certificates and other debt instruments and, more generally, all securities, titles and financial instruments issued by any public or private company. It may participate in the creation, development, management and control of any company, including the opening of branches and subsidiaries in Switzerland or abroad. It may also invest in the acquisition and management of portfolios, patents or intellectual property of any kind. The company may borrow in any form except through a public offering. It may issue, through private placement only, bonds and all sorts of securities. The company may lend funds, including the proceeds of any borrowing or debt issuance, to its subsidiaries, affiliated companies or any other company. It may also provide guarantees and secure third-party companies to guarantee the obligations of its subsidiaries, affiliated companies or any other company. The company may also pledge, transfer, mortgage or, in general, create securities on all kinds of assets. The company may, in general, use all techniques and instruments related to its investments for the purpose of efficient management, including procedures and instruments suitable for protecting the company against creditors, exchange rate risks, interest rate risks and any other risk. The company may undertake all commercial, financial or industrial operations and all real estate or movable transactions that directly or indirectly favor or relate to its purpose. The company may also engage in all commercial, financial or other activities, both in movable and immovable property, and take all actions or measures to that effect.