Fribourg Value Opportunities SA, Genève

In Switzerland and abroad, the acquisition, sale, holding and management of participations in all types of companies and enterprises, excluding participations in companies holding residential real estate in Switzerland, and providing all financial advice. The Company may engage in all activities directly or indirectly related to the aforementioned purpose. It may also participate in the financing, in particular by providing guarantees and securities of all kinds, of other entities of the group to which the Company belongs in the interest of the said group, and establish branches or found subsidiaries in Switzerland and abroad. The Company may also grant loans to its shareholders and/or guarantee, secure or co-sign loans granted by third parties to its shareholders.