S-TATES AG

The company's purpose is to trade in and manage real estate, as well as provide additional services in the field of real estate management, valuation and brokerage. The company may establish branches and subsidiaries in Switzerland and abroad, participate in other companies in Switzerland and abroad, and conduct all business that is directly or indirectly related to its purpose. The company may acquire, encumber, sell and manage real estate in Switzerland and abroad. It may also provide financing for its own account or for the account of third parties, as well as provide guarantees and sureties for subsidiaries and third parties.