SAUNA LES AVANCHETS SA

The operation of a sauna, a massage parlour and a refreshment bar; the company may establish branches and subsidiaries and may participate in other companies, both in Switzerland and abroad, and in general, carry out any activity directly or indirectly related to its purpose; the company may acquire, hold and dispose of real estate, both in Switzerland and abroad; it may carry out, either on its own account or on behalf of third parties, all financial transactions as well as act as guarantor or surety for subsidiaries or third parties.