The purpose of the branch will be: - the collection of commissions, the management of its own assets and the management of participations. It may, in particular, acquire by subscription, purchase, exchange or in any other manner, shares, shares or other securities, bonds, deposit certificates, deposit certificates and other debt instruments and more generally all securities and financial instruments issued by any public or private issuer. The purpose will in any case be limited to the simple management of private assets. - it may borrow, in any form, except by way of public offer. It may issue in the form of private placement only, securities, bonds, deposit certificates and all debt and/or securities. It may grant all credits including loan interest and/or by issuing securities to its affiliated entities. It may also provide guarantees in favor of third parties in order to secure its obligations or the obligations of its affiliated entities. It may also pledge, transfer, encumber or otherwise create a guarantee on some of its assets. - it may generally employ all techniques or instruments relating to its investments capable of achieving effective management of them including all techniques or instruments capable of protecting it against credit, exchange rate, interest rate and other risks. - it may acquire, transfer and manage any kind of real estate in any country or lease. - it may carry out all financial or other operations relating to its tangible or intangible property, directly or indirectly related to its purpose. - the enhancement of the know-how of the managing partner in the field of insurance. - the enumeration above is purely indicative and not exhaustive.