DAEL AG

The company's purpose is to establish, acquire, hold, manage, operate and dispose of hotels and staff houses in Switzerland; to acquire, hold, manage and dispose of brands, copyrights, patents, licenses and, in general, intellectual property rights of all kinds, in particular to the extent that they are related to the company's main purposes; to acquire, hold, manage, encumber and dispose of real estate in Switzerland and abroad; in general, to carry out all commercial, financial and industrial operations, including with securities or real estate, which are directly or indirectly useful for the pursuit of the main purposes; the company may, in particular, provide financing and grant guarantees and sureties for third parties; the establishment of branches in Switzerland and abroad.