COMMERCIAL GROUP SA

The acquisition of participations, in any form, in Switzerland and abroad, regardless of whether such entities exist or are to be created, by subscription, acquisition by purchase, subscription or option, sale, exchange or contribution of securities or rights of any nature to hold, manage, control, develop and realize such participations and to carry out any commercial and financial transaction that directly or indirectly serves or is connected to its object or is likely to assist in the fulfillment of its object. The company may also lend funds in any form, grant any form of guarantee and otherwise assist in any way entities in which it has a direct or indirect interest, as well as those directly or indirectly connected to the group to which it belongs, including any shareholder, director or any other officer or agent of the company or of any entity in which it holds a direct or indirect interest or right of any kind or in which the company has invested in any other way or of which it is part of the same group of entities. The company may provide professional advice and services of a patrimonial nature to individuals, families and entities belonging to individuals or families or of which they are founders or beneficiaries within the limits and in accordance with the laws and regulations in force in Switzerland. The company may acquire and manage any real estate located in Switzerland or abroad that allows it, directly or indirectly, to fulfill its commercial purpose. Within the framework of this purpose, the company may raise funds through loans in any form or by issuing securities or debt instruments, including bonds, accepting any other form of investment or granting rights of any nature. The company may also provide, in Switzerland and abroad, any economic consulting services, including tax assistance, representation by proxy of third parties. The company may accept any mandate, carry out any operation of a fiduciary nature in accordance with the laws and regulations in force in Switzerland and, more generally, may promote and implement the incorporation, transformation and reorganization of any company, activity and any branch or business and provide any administrative services.