YACVAL SA

Management of real estate and any commercial activity in the field of distribution; the company may carry out any financial, commercial, movable or immovable operation related to its purpose or likely to promote it; 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, for consideration or not, grant loans to its shareholders or third parties, or provide guarantees of all kinds to cover the commitments of its shareholders or third parties.