EFIAG Covered Bond AG

The company's purpose is to a) issue privately placed and/or Swiss Exchange listed debt securities in Switzerland, particularly in Swiss francs, b) grant loans to the company's direct shareholders, which are Swiss banks, regardless of whether the company receives adequate consideration, c) acquire, hold, safekeep, manage, and dispose of mortgage claims (including the bond certificates and other securities issued for such mortgage claims as well as other claims derived from and related to such mortgage claims), which are transferred to the company as security for its claims in connection with the loans granted by it and related contracts, as well as the administration and disposal of the corresponding proceeds, d) participate in a system and conclude contracts (including, but not limited to, participant and deposit agreements) for participation in a system that enables the fiduciary transfer of bond certificates to an administrative trustee as well as the holding and transfer of fiduciary rights in bond certificates among system participants, e) fulfill obligations under contracts of the company with its direct shareholders, which are Swiss banks, their affiliated companies or third parties, which it has entered into or will enter into in connection with the transactions mentioned under a) - d), and to enter into such contracts regardless of whether the company receives adequate consideration, f) provide liquidity to fulfill obligations to creditors of bonds or other claims issued by the company or to third parties under contracts related to transactions pursuant to the preceding paragraphs a) - e), by concluding sales and/or repurchase transactions with banks, insurance companies and other third parties. g) May promote the interests of its direct shareholders, which are Swiss banks. May not carry out any transactions that cannot directly or indirectly serve the company's purpose, in particular it is prohibited from acquiring, holding, managing, utilizing or disposing of real estate and intellectual property rights in Switzerland and abroad, may not establish branches or affiliated companies and may not invest in other companies, may not have any employees and may not have any premises.