Société Immobilière Clairval SA

The purpose of this company is the purchase, rental, resale, transformation, management, administration, operation and generally the development of real estate, the alienation of all or part of its buildings by way of sales, exchanges or contributions to companies, the rental to its own shareholders of existing apartments, premises, garages and gardens in the said buildings or their dependencies and generally all real estate, financial or commercial operations directly or indirectly related to the company's purpose. The company may carry out, either on its own account or on behalf of third parties, all financial, commercial, industrial, movable, real estate or other operations, except for operations prohibited by the LFAIE, directly or indirectly related to its company purpose. The company may acquire, hold, encumber, alienate and manage real estate in Switzerland and abroad. The company may create branches and subsidiaries in Switzerland and abroad, participate in other companies in Switzerland and abroad, acquire companies with an identical or similar purpose, or merge with such companies. The company may also grant or request loans to its shareholders, subsidiaries or related parties. The company may also carry out financing for its own account or on behalf of third parties, as well as contract guarantees and sureties for branches, subsidiaries and third parties.