PANIPA SA

The purchase and sale of real estate, real estate brokerage, real estate consulting, property management and any other activity related to the real estate market in Switzerland and abroad; the company may also carry out any restructuring, construction and general contracting activities; it may provide guarantees to third parties by pledging its movable or immovable assets. The company may also carry out all those operations inherent to the object that will be deemed necessary for administration. The company may also acquire interests and other participations in companies or enterprises, both directly and indirectly. The company may conduct its business in Switzerland and abroad and may participate in other companies in Switzerland and abroad.