GRADELLE SA

The acquisition, holding and exploitation of properties that exclusively constitute permanent establishments within the meaning of the Federal Act on the Acquisition of Real Estate by Foreigners (LFAIE). The company may also carry out, either on its own account or on behalf of third parties, all commercial, movable and financial transactions, in direct or indirect relation to its purpose, in any form whatsoever, including in the form of participations, excluding transactions prohibited by the Federal Act on the Acquisition of Real Estate by Foreigners (LFAIE). The company may open branches in Switzerland and abroad, found or acquire any company pursuing an analogous or complementary purpose. The company may grant loans or guarantees to its shareholders or third parties.