The acquisition, holding, administration and use of participations in companies in Switzerland and abroad, excluding participations in non-listed companies with a real estate purpose. It may, in addition, carry out, either on its own account or on behalf of third parties, all financial, commercial or securities transactions directly or indirectly related to its corporate purpose. The company may establish branches and subsidiaries in Switzerland and abroad. Within the framework of its purpose, the company may acquire and hold Swiss real estate or shares in real estate companies holding Swiss real estate, provided they have an exclusively commercial or industrial use. In addition and always within the framework of its purpose, the company may acquire and hold all real estate located abroad or all shares in real estate companies with their registered office abroad. The company may also grant loans or other direct or indirect financing to its direct or indirect subsidiaries and to any other company of the group, including its direct or indirect shareholders and their direct or indirect subsidiaries, and may also guarantee their obligations to third parties in any way, including through pledges, assignments or transfers for security or guarantee purposes, remunerated or not, even if these guarantees and securities exclusively serve the interests of the direct or indirect shareholders or other companies of the group. Furthermore, it may operate or associate with the companies mentioned above in cash pooling/centralization of net liquidity, including periodic balance adjustments. Finally, it may act as guarantor towards creditors for debts contracted by its direct or indirect subsidiaries as well as by any other company of the group, including its direct or indirect shareholders and their direct or indirect subsidiaries.