HOLDCOW SA

The acquisition of direct or indirect interests in all companies or businesses in the sense of a holding company, excluding operations prohibited by the LFAIE, with regard to real estate participations in Switzerland, this will be limited to an exclusively commercial use. The company may also carry out any other activity having a direct or indirect connection with these purposes; it may in particular create branches in Switzerland and abroad, participate in other companies in Switzerland and abroad, acquire companies with an identical or similar purpose, or merge with such companies, carry out all operations and conclude all contracts suitable for developing and expanding its purpose or relating directly or indirectly thereto.