Velcor S.A.

The purpose of the company is to engage in all financial and commercial transactions for its own account or for the account of third parties, in the purchase and sale of securities, in the acquisition, sale and management of real estate, in the acquisition of participations in any companies and in the activity as a broker on the term money and foreign exchange market. The company may conduct all business that is suitable to promote the purpose of the company or that is directly or indirectly related thereto. It may establish branches, offices or representations in Switzerland and abroad. It may conduct patent, license and other intellectual property transactions.