BLACK PEARL HOLDING (BPH) SA

The company's purpose, as a holding company, is the acquisition, holding, administration, management and sale of participations in Switzerland and abroad, particularly in the fields of real estate and finance. The company may acquire and administer participations, on its own account or on behalf of third parties, in commercial or industrial enterprises, located in Switzerland or abroad, by acquiring shares, bonds, or other securities, holding claims or any other suitable form, acquiring patents and trademarks. The company may grant loans to shareholders or third parties, act as guarantor for loans subscribed by shareholders or third parties, guarantee these loans by issuing or pledging mortgage securities or by subscribing to any other financial commitment, pledge its assets to secure any claim. The company may engage in any commercial and financial activity, make any investment or other transaction directly or indirectly related to its purpose or likely to achieve it. It may carry out these transactions on its own behalf or on behalf of third parties, as a representative or agent, or have them executed on its behalf by third parties. The company may establish branches and subsidiaries in Switzerland and abroad and participate in other companies in Switzerland and abroad.