The acquisition, holding, administration and use of participations in companies in Switzerland and abroad, excluding participations in non-listed companies with a real estate purpose. The company may establish branches and subsidiaries in Switzerland and abroad. The company may engage in all commercial, financial and other activities related to its purpose. The company may grant loans or other direct or indirect financing to its direct or indirect subsidiaries as well as to any other company of the group, including its direct or indirect shareholders and their direct or indirect subsidiaries, and may also guarantee their obligations towards third parties, including by means of pledges, assignments or transfers for the purpose of securities or guarantees of any kind, remunerated or not, even if these guarantees and securities exclusively serve the interests of the direct or indirect shareholders or other shareholders of the group. Furthermore, it may operate or associate with the companies mentioned above in cash pooling/centralization of net liquidity, including periodic balance adjustments. Finally, it may act as guarantor towards creditors for debts contracted by its direct or indirect subsidiaries as well as by any other company of the group, including its direct or indirect shareholders and their direct or indirect subsidiaries. It is worth noting that any real estate held in the context of the aforementioned activities will be exclusively used for commercial purposes.