PAVLO SA

The company's purpose is, in particular, the purchase, sale, brokerage, construction, transformation, operation, management, administration, and development of movable and immovable property. The company may: establish branches in Switzerland or abroad; acquire participations in all companies in Switzerland and abroad; conduct all movable and immovable property, financial and commercial transactions and perform all functions that are likely to develop the company's purpose or have a direct or indirect connection with it; grant loans to its shareholders and third parties, 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 commitment.