The purpose of the company is: the purchase and sale of all real estate, real estate development and design, brokerage and management, excluding all operations prohibited by the Federal Act on the Acquisition of Real Estate by Foreigners of December 16, 1983 (LFAIE). The company may also: a) carry out all commercial, financial or movable transactions; b) take participations in other companies; c) in general, carry out all operations having a direct or indirect connection with the company's purpose in Switzerland and abroad. The company may have subsidiaries or establish branches in Switzerland and abroad.