International Real Estate and Forest Holding SA

The company's purpose is: the acquisition, rental, management, brokerage and sale of real estate, land and forests; the subscription, acquisition, holding, financing, sale, management and transfer of participations in all companies, both in Switzerland and abroad, in compliance with the Federal Act on the Acquisition of Real Estate by Foreigners. Furthermore, it may: carry out any financial, commercial or industrial activity, movable or immovable, directly or indirectly related to its purpose; open branches or subsidiaries in Switzerland and abroad; participate in all companies in Switzerland and abroad having a direct or indirect connection with its purpose; grant loans or guarantees to shareholders or third parties, if it serves its interests; act as guarantor for loans subscribed by shareholders or third parties, secure these loans by issuing or pledging mortgage securities or by subscribing to any other financial commitments.