Société Immobilière Vacances à Crans-sur-Sierre No 2 SA

Purchase by Marcel Gutmann, in Sion, of a vacation apartment, namely a co-ownership share of 17/224th of the following building, located in the municipality of Lens: art. 12893, fol. 3, No 28, building under construction on a plot of approximately 1,000 m2, for the global price of CHF 79,000.-- payable in cash. The company's further purpose is the purchase, construction and operation of buildings and the administration of properties.