Valiant Garantie AG

The company's purpose is: (a) To provide guarantees in favor of the creditors of bonds or other debt securities issued or to be issued by direct major shareholders of the company (in particular Valiant Bank AG) under the Covered Bond Program 2, regardless of whether the company receives adequate consideration. The provision of these guarantees is based on guarantee orders from the respective issuer of the bonds or debt securities; (b) To provide financial assistance, credit guarantees or other intercessions in favor of direct major shareholders of the company (in particular Valiant Bank AG), regardless of whether the company receives adequate consideration; (c) To acquire, hold, administer, realize and dispose of mortgage claims (including the mortgage bonds and other securities assigned to such mortgage claims, as well as other claims derived from or related to such mortgage claims), which are transferred to the company as security for its claims in connection with the guarantee orders and related contracts, as well as to manage and dispose of the corresponding proceeds; (d) To participate in a system that enables the storage of registered mortgage bonds with a custodian and the transfer of fiduciary rights to registered mortgage bonds to system participants (including the conclusion of the corresponding contracts); (e) To fulfill obligations under contracts entered into by the company with its direct major shareholders (in particular Valiant Bank AG) or third parties in connection with the transactions referred to in (a) to (d), and to enter into such contracts regardless of whether the company receives adequate consideration; (f) To provide liquidity to fulfill obligations towards creditors of bonds or other debt securities issued by direct major shareholders of the company (in particular Valiant Bank AG) or towards third parties under contracts related to transactions under (a) to (e) by concluding repurchase transactions with direct major shareholders of the company (in particular Valiant Bank AG) or third parties. The company may not carry out any transactions that do not directly or indirectly serve the company's purpose. In particular, it is prohibited from acquiring, holding, managing, realizing or disposing of real estate and intellectual property rights in Switzerland and abroad. It may not establish branches or subsidiaries, nor may it participate in other companies. It may not provide guarantees or other personal securities to third parties or affiliated companies of the company's major shareholders, except in connection with bonds or other debt securities issued by direct major shareholders of the company (in particular Valiant Bank AG). It may not have any employees or premises.