Chuard Immobilier SA

to acquire, hold, manage and dispose of direct and indirect participations in all types of companies, in particular in the real estate sector. It may carry out, either on its own account or on behalf of third parties, all financial, commercial, movable or immovable transactions directly or indirectly related to its corporate purpose and may be interested, in any form, in all companies having a direct or indirect relationship with its purpose. The company may also establish branches and subsidiaries in Switzerland and abroad. It may grant loans or guarantees to subsidiaries, shareholders or third parties.