The acquisition, holding, permanent management and sale of assets and liabilities, including shareholdings in companies and securities of any kind in Switzerland and abroad. It may perform any act and carry out any activity that is directly or indirectly related to its purpose. It may establish branches and subsidiaries in Switzerland and abroad and may hold shareholdings in other companies (it being specified that it may hold shareholdings in Switzerland in real estate companies if (i) the shares of the latter are listed on a stock exchange in Switzerland or if (ii) the real estate company's purpose is the acquisition of buildings for exclusively commercial use). It may acquire, hold, encumber with limited real rights, administer and dispose of real estate in Switzerland (for exclusively commercial use only) and abroad. It may grant loans or any other form of financing to affiliated companies or to third parties, as well as provide securities of any kind, for the direct or indirect benefit of affiliated companies or third parties.