YAC HOLDING SA

To acquire and manage participations in all financial, commercial, industrial, movable or immovable enterprises both in Switzerland and abroad; the company may carry out any financial, commercial, movable or immovable transaction related to its purpose or likely to promote it; it may also establish branches in Switzerland and abroad, acquire participations, found or finance companies having a direct or indirect relationship with its purpose; it 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.