Société d'Exploitation Hôtelière SEH SA

To operate hotels in Switzerland. It can acquire, lease, manage, and sell hotels, or stakes in the hotel industry. The company can carry out, for its own account or for third parties, any commercial, industrial, or financial operations directly or indirectly related to its purpose. The company can create branches and subsidiaries in Switzerland or abroad. It can take stakes in (and, more generally, participate in) any companies, regardless of their legal form, in Switzerland or abroad, that have a direct or indirect connection to its purpose. The company can acquire, hold, manage, and sell real estate, to the extent permitted by the federal law on the acquisition of real estate by foreigners. The company can grant loans or any other form of financing to direct or indirect shareholders, to companies in the same group, and to third parties, as well as provide securities of any kind for the direct or indirect benefit of direct or indirect shareholders, companies in the same group, and third parties, particularly in the form of guarantees, pledges, or fiduciary transfers as security on the company's assets, even if these loans, financings, or securities are granted without the company receiving any remuneration or consideration. The company can carry out any cash pooling activities on behalf of the group to which it belongs.