The acquisition, holding, management and sale of participations in companies in Switzerland and abroad, excluding operations prohibited by the Federal Act on the Acquisition of Real Estate by Foreigners; the company is authorized to acquire, hold, manage and sell participations in other companies of any kind in Switzerland and abroad (with regard to participations in companies holding real estate located in Switzerland, such real estate may only have an exclusively commercial use, to the extent required by applicable law); the company is authorized to carry out any transaction and conclude any contract that serves directly or indirectly its purpose or is directly related thereto; the company is part of the Expedia group and is authorized to act in the interest of the Expedia group as well as in the interest of the individual companies of the Expedia group; the company is authorized to grant (directly or indirectly) loans or other forms of financing to a direct or indirect parent company or to direct or indirect subsidiaries of the company or a parent company, as well as to provide all kinds of collateral in favor of these companies, including in the form of pledges, fiduciary transfers of the company's assets or guarantees of any kind, with or without consideration; the company is authorized to establish branches and subsidiaries in Switzerland and abroad, as well as to acquire, hold, manage and sell real estate (with regard to real estate located in Switzerland, such real estate must have an exclusively commercial use, to the extent required by applicable law).