PI FAYARDS SA

In Switzerland and abroad, the purchase and sale of real estate, all real estate transactions and promotions, all general business activities, construction management and real estate development; the company may carry out for its own account or for the account of third parties, all financial, commercial, industrial, movable and immovable operations, in Switzerland and abroad, directly or indirectly related to the main purpose; it may also create branches and subsidiaries, in Switzerland and abroad; it may also grant loans to its shareholders and guarantee, secure or co-sign loans granted by third parties to its shareholders.