St-Pierre Promotions SA

to carry out all activities in the field of real estate, in particular investment, development, management, rental and brokerage; the company may perform all operations related to this activity as well as all operations aimed at promoting the purpose and interest of the company; it may establish branches in Switzerland and abroad, participate in other companies in Switzerland and abroad, acquire companies with similar purposes, merge with such companies and conclude all contracts intended to develop or achieve its purpose or related thereto directly or indirectly; it may grant or receive loans from/in favor of its shareholders, as well as to/from all companies of the same group