The purpose of the company is the development and sale, alone or through intermediaries, of tourist products worldwide. The company may establish branches and subsidiaries in Switzerland and abroad, represent third parties and carry out all operations and conclude contracts of any kind that may promote the purpose of the company or are directly or indirectly related to it. The company may acquire, hold, encumber and sell real estate in Switzerland and abroad in connection with its corporate purpose. The company may grant loans and other direct or indirect financing to its direct or indirect subsidiaries and to third parties, including its direct or indirect shareholders as well as the direct or indirect subsidiaries of such shareholders, including without restriction, within the framework of liquidity management activities within the group, and establish security of any kind for the benefit of these parties, including without restriction by way of pledges or transfers of the company's assets on a fiduciary basis or through guarantees of any nature, for consideration or not.