WATFORD SA

The holding of participations in any form, in Swiss or foreign companies, any other form of investment, the acquisition by purchase, subscription or in any other way, as well as the disposal by sale, exchange, or in any other manner of securities, bonds, credits, or other values of any kind, the administration, control and development of such participations. The company may participate in the creation and development of any financial, industrial or commercial company, by means of loans, guarantees or in any other way, both in Switzerland and abroad.