Val-Giu SA

Acquisition, purchase, sale, administration and management of participations in all companies or enterprises, directly or indirectly in Switzerland or abroad, excluding all operations prohibited by the LFAIE; the company may establish 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 commercial and financial activities and make all operations and conclude all contracts suitable for developing its purpose or relating directly or indirectly thereto, as well as grant loans to its shareholders; it may acquire, hold and dispose of real estate, excluding all operations prohibited by the LFAIE.