a) all commercial and financial transactions related to real estate business, in particular the purchase, sale, appraisal, management and promotion of all real estate, excluding operations prohibited by the Federal Act on the Acquisition of Real Estate by Foreigners of December 16, 1983 (LFAIE); b) the execution of all mandates that may fall within the scope of a fiduciary's activity, including the incorporation, administration, management and liquidation of companies, accounting and tax advice; c) project management and consulting, in particular in the field of microelectronics. The company may also: a) carry out all securities transactions; b) take participations in other companies; c) in general, carry out all operations having a direct or indirect connection with the company's purpose in Switzerland and abroad; d) grant loans or guarantees to associates or third parties, if it serves its interests. The company may have subsidiaries or establish branches in Switzerland and abroad.