VALINDUSTRIE SA

Any service and any activity related to the acquisition and management of participations in all financial, commercial, industrial or real estate companies; the company may, in general, carry out all operations and assume all functions, both on its own account and on behalf of third parties, which have a direct or indirect connection with its purpose, excluding any operation prohibited by the LFAIE; it may also create branches in Switzerland and abroad, take participations, found or finance companies having a direct or indirect connection with its purpose; the company may, with or without remuneration, grant loans to its shareholders or third parties, or provide guarantees of all kinds to cover the commitments of its shareholders or third parties.