Appendix 1

RULES OF THE LA MARINA SPECIAL PLAN

THE ORGANISATION AND OPERATION OF THE DEVELOPMENT.

1. Goods and services included in the Development

The buildings constructed under the scope of the Special Plan form a Development that includes the following goods and services:

1.1. GOODS:

a) Areas of public use and domain under the Special Plan

b) Privately-owned land with buildings arranged and organised into a condominium ownership scheme

c) Lands adjacent to the sheltered water of LA MARINA, with a legal right of way of six metres in depth from the maritime-terrestrial public domain under the Coastal Law and its Regulations

d) Land intended for landscaped open spaces for the exclusive use of the owners of some of the properties included in the Development, and subject to the special plan provided

e) Land property of SOTOGRANDE, S.A., open spaces, secondary roads and parking areas of common use throughout the Development, also subject to the ownership and use plan included in this special plan

1.2. URBAN SERVICES.

SOTOGRANDE, S.A., or the Company that replaces it, shall provide the urban services listed in section 1.1 GOODS of this Special Plan.

2. Maintenance

2.1. MAINTENANCE MANAGEMENT.

The maintenance of elements and service provision for the entire MARINA DE SOTOGRANDE Development shall be performed by SOTOGRANDE S.A. or by the person or agency to which it transfers the property, pending the finalisation of the construction and sale of the entire LA MARINA DE SOTOGRANDE property complex. The maintenance therefore includes areas of public use and domain and of legal right of passage, facilities and public services and privately-owned, shared-use elements throughout the development owned by different Owners' Associations who are part of MARINA

When the construction and sale of the complex has been finalised, SOTOGRANDE S.A., or the person or agency that replaces it, may continue to take responsibility for maintenance and service provision until the expiry of the La Marina concession period (23 JULY 2057), except if SOTOGRANDE S.A., or the person or entity that replaces it, agrees to establish a Conservation Entity before this period expires, in accordance with the provisions of Urban Planning Legislation. The Conservation Entity, which shall be established when the period expires or beforehand under the agreement of SOTOGRANDE S.A., as indicated, and to which all owners in the Development shall belong (ob rem) through the respective Owners' Associations, shall be responsible for the maintenance of development works and maintenance and provision of public services as provided by law.- The maintenance of privately-owned, common-use elements in the condominium scheme shall be borne by the co-owners, except when this function is also included under the corporate purpose of the Entity's Statutes.

2.2. Service Provision.

SOTOGRANDE S.A., or the entity that replaces it, shall provide the following services to the entire COMPLEX.
1) Water supply.
2) Cleaning and waste collection.
3) Landscaping of public and private spaces.
4) Surveillance of the entire property complex.
5) Rodent control and anti-mosquito treatment.
6) Maintenance of:
- Drinking and irrigation water system, hose pipes and extinguishers.
- Plumbing system.
- Lifting stations and sewage network discharge.
- Water treatment plant.
- TV network.
- Public lighting grid.
- Security network.
- Roads and traffic signals.

Not included in this list are taxes and levies of all kinds which, in all cases, shall be borne by the owners of the private or shared goods. If new services are established in the future by SOTOGRANDE, S.A., these shall be billed separately and in proportion to the calculated area determined for these purposes.

2.3. Costs.

Purchasers of properties to be included in the entire real estate complex shall pay SOTOGRANDE S A., or the person or entity that replaces it, a fixed amount, subject to annual review, as a maintenance fee per calculated square metre.- The calculated areas for such purposes shall be the result of adding:

2.3.1. One hundred percent of the total built area of each residence.

2.3.2. Fifty percent of terrace areas.

2.3.3. Twenty-five percent of landscaped areas, whose exclusive use and enjoyment is established for other plots in each case.

Areas calculated for garages, regardless of the gross area assigned to each of them in the respective condominium subdivision; for these purposes the gross area of each of these garages shall be calculated as ten square metres.

All of this is valid while the definite fees are not established, as initially the fee assigned to each property is provisional in nature.

Costs caused by extraordinary works or repairs are not included in the fee and shall be subject to special fees to be distributed proportionately by the calculated square metres of private plots relative to the total buildable area of the property complex, which is provisionally set at 200,000 square metres, not including garage areas.

One the Conservation Entity and the condominium scheme referred to in section 2.1 above have been established, the owners of the resulting plots in the PROPERTY COMPLEX shall pay costs proportional to their respective stakes in one or the other, determined based on the ratio between the buildable area of their plots and that of the entire Development, provisionally set at 200,000 square meters, not including garages, as has been stated in the previous section.

3. Condominium scheme and easement

3.1. Condominium scheme

The ownership of each plot referred to in paragraph 1.1 b) of section I of this special plan shall entail an inseparable stake in the condominium scheme for the rest of the land in the entire PROPERTY COMPLEX, excluding plots for future communities, where different buildings are to be built; the legal transit easement strip; and lands intended for public domain and use, which must be transferred in accordance with the previsions of the Plan.

This remainder consists, therefore, of open spaces, and secondary roads and parking areas, where appropriate, all of which are privately owned.- The effective acquisition of this condominium right shall be suspended during the period referred to in section 2.1 above, except when the Conservation Entity is established prior to the expiry of this period. The actual fee shall be set when the period expires or when the precedent condition has been met in accordance with the provisions of the section cited above. However, the fee shall be set provisionally as the different plots are separated off and the corresponding buildings constructed; subsequently, this provisional fee shall in turn be distributed among each of the resulting plots of the condominium scheme for each building. This fee shall be provisional, as stated above, until the stated period has expired or the Conservation Entity mentioned in the previous paragraphs has been established.

3.2. Right of use and enjoyment.

During the period when acquisition of condominium rights is suspended, an exclusive right of use and enjoyment shall be established for private properties (dominant tenement) over specific portions of free spaces, and where appropriate, secondary roads and parking areas (servient tenement); they shall be specifically established as independent properties.

This right of use and enjoyment shall remain in place until the expiry of the Concession, unless the Conservation Entity is established following the completed construction and sale of the Property Complex, as per the provisions of section 2.1. In this case, the right of use and enjoyment shall also be terminated when the right of co-ownership takes effect, which shall permanently include the private use of the land to which the stated right of use and enjoyment previously applied.

3.3 Right of use and enjoyment.

The service provision referred to in section 2.2 on Service Provision above, shall be carried out by SOTOGRANDE S.A., or by the entity that replaces it, either directly or through management entrusted to third parties under the control and responsibility of their owners. However, once completed the construction and sales of the entire COMPLEX, SOTOGRANDE S.A., or the entity that replaces it, may retain the same maintenance and service provision plan until the expiry of the La Marina Concession "(Administrative Concession granted to Puerto Sotogrande. S.A. for a period of "seventy-five years", authorised by the Council of Ministers held on 23 July 1982; having been definitively approved on 28 October 1987 by the Ministry of Public Works and Transportation of the Government of Andalusia, the final act of recognition of the concession works, whose Concession is duly registered in the Property Register of this Judicial District, in volume 654, book 179, page 13, property number 11,417, 1st entry)" or an Urban Conservation Entity is established, in accordance with the planning legislation, which shall assume the obligations of providing conservation and maintenance services as provided in section 2,whose Statutes are subject to the approval of the Town Council by the owner body. All the property owners of the PROPERTY COMPLEX shall belong "ob rem" to this Conservation Entity, and their required share of the maintenance costs are established in these RULES; all this is based on a proportion of respective buildable areas, and is in accordance with the provisions of section 2.3. Costs-previous.

3.4 The transfer of ownership of land and public use and domain facilities to the Town Council derived from this SPECIAL PLAN, in compliance with the with legally required planning obligations, shall be performed by SOTOGRANDE S.A., owner of the same.

4. GENERAL COSTS OF THE ENTIRE PROPERTY COMPLEX.

The provisions of section 2 above shall apply.

As long as the CONSERVATION ENTITY has not been established, the owners of each of the resulting properties in the entire property complex shall contribute to sustaining the Development's general overhead costs with an annual fee.- This fee was initially set as of 31 December 1994 at a value of 1,200 pesetas per square metre calculated for these purposes, not including the corresponding VAT.- The FEE shall be reviewed annually based on the greater of the following indexes:

- General consumer price index (CPI).

- Salary review index of the Diverse Activities Convention for the province of Cadiz.

- This review shall be communicated to buyers when the Convention is signed or the CPI is published, applied retroactively from the beginning of the year.

- SOTOGRANDE, S.A., or the person assigned to take its place, shall distribute two semi-annual bills to buyers to pay the amounts referred to in this section.

- The delayed payment or non-payment of such bills shall accrue annual interest of 15% after 30 days have elapsed from the date of their order of payment.