CEREARAS AG

Management of real estate; may also participate in hotel complexes and manage hotels, as well as engage in trade of all kinds; may acquire and sell movable assets, concessions and rights of all kinds; may acquire, hold and sell properties. The company may participate in similar or related companies. It may establish branches and representations in Switzerland and abroad, as well as subsidiaries and branch offices in Switzerland. The company may grant loans, guarantees and other forms of financing and security for group companies, shareholders and third parties, and promote the interests of group companies.