NUVEL AG

The purpose of the company is to assume representations in the fields of ladies' and gentlemen's clothing as well as to trade in goods of all kinds. The company may establish branches and subsidiaries in Switzerland and abroad, participate in or merge with other companies in Switzerland and abroad, and conduct all business directly or indirectly related to its purpose. The company may acquire, hold, manage, encumber and sell real estate in Switzerland and abroad. It may also provide financing for its own account or for the account of third parties, as well as grant guarantees and warranties for subsidiaries and third parties. The company may acquire, hold, manage, use, encumber and sell intellectual property rights.