PRIVATE OFFICE MANAGEMENT SA

to acquire, hold, manage and dispose of direct and indirect participations in all types of companies, in particular commercial, industrial and financial companies, excluding real estate companies, as well as the financing of affiliated companies; the company may carry out, either on its own account or on behalf of third parties, all financial, commercial, industrial, movable and immovable transactions in Switzerland and abroad, directly or indirectly related to the main purpose; it may also establish branches and subsidiaries in Switzerland and abroad.