PHILIPPE HOTTINGER ADVISORY SA

All advisory activities in the field of wealth management and determination of commercial and financial strategies for financial institutions, professional clients or commercial companies in Switzerland or abroad; all advice on financial instruments; all investment advice without execution mandate on client accounts. Furthermore, the company may hold participations in any Swiss or foreign companies, excluding participations in any company whose purpose is the acquisition of real estate in Switzerland. Finally, the company may establish all subsidiaries or branches in Switzerland and abroad and carry out, either on its own account or on behalf of third parties, all financial, securities, commercial and industrial transactions, directly or indirectly related to its purpose.