The acquisition, purchase, sale, administration and management of participations in all companies or enterprises, directly or indirectly, in Switzerland or abroad, with the proviso that if real estate were to be acquired in Switzerland, directly or indirectly, their use would be exclusively commercial. The company may establish branches and subsidiaries and may participate in other companies, both in Switzerland and abroad, and, in general, carry out any activity directly or indirectly related to its purpose. The company may acquire, hold and dispose of real estate, both in Switzerland and abroad. It may carry out, either on its own account or on behalf of third parties, all financial operations, as well as act as guarantor or surety for subsidiaries or third parties.