Trade in Switzerland and abroad in goods of all kinds, trade and holding of real estate as well as planning and execution of all kinds of development projects, furthermore providing services of all kinds in the field of international tourism, including organization and sale of trips and specialized seminars, trade in air and bus travel as well as brokerage activities in these areas. May establish branches and subsidiaries in Switzerland and abroad and participate in other companies in Switzerland and abroad, conduct all business that is directly or indirectly related to its purpose, acquire, encumber, sell and manage real estate in Switzerland and abroad, arrange financing for its own account or for the account of third parties, and grant guarantees and warranties for subsidiaries and third parties.