JOGNE FINANCE SA

The company's purpose is to finance tourism projects. The company may engage in any financial, commercial, industrial, movable or immovable activity, directly or indirectly related to its purpose or likely to promote its realization, conclude contracts that are intended to develop its activities or relate directly or indirectly to them, receive income in the form of interest, commissions and dividends, establish branches or subsidiaries in Switzerland and abroad, acquire participations, acquire or create identical or similar companies, participate in all companies having a direct or indirect relationship with its purpose. It may perform these operations for its own account as well as for the account of third parties. It may grant loans and provide guarantees in favor of any person, in particular its shareholders and directors.