ࡱ> hjgq`  AbjbjqPqP *f:: 90000000nT f,f,f,f,,,d52--------1111111$2hS5T10N0--N0N0100--1|0|0|0N0 0-0-1|0N01|0|000|0-, @z 'df,X0 |002052|05b05|050|0--|0\.t.~---11r0 ---52N0N0N0N0f,f,Drj000000 SIMPLE COPY Angel Sanz Iglesias NOTARY OF MADRIDAngel Sanz Iglesias NOTARY Serrano, 41 1st Floor 28001 Madrid Tel.: 575 51 13 575 31 07 Fax: 577 09 48 INCORPORATION OF THE LIMITED LIABILITY CORPORATION SOLE WHOSE CORPORATE NAME IS BEACH GUADALMINA PLAYA PARQUE DEL SOL, S.L. SOCIEDAD UNIPERSONAL.----------------------- NUMBER THREE HUNDRED AND THIRTY-NINE. --------------------- IN MADRID, on the twenty-eighth of January, two thousand five.--------- Before me, ANGEL SANZ IGLESIAS, a Notary from the Illustrious Association of Madrid, residing in this capital.----------------------------------------- APPEARS: Mr. ENRIQUE GIL CASARES SATRSTEGUI, of age, married, residing in Madrid, at calle Don Ramn de la Cruz, number 27, holder of the National Identity Card number 2.688.761-S.-------------------------------------------- HE ACTS: On behalf of the company PLAYA PARQUE DEL SOL, S.A., with registered office in Conjunto Parque del Sol, Edificio Beach (Guadalmina Baja), San Pedro de Alcntara (Marbella), with Tax Identification Code number A29093663, which was incorporated with perpetual succession, by means of a deed executed before the Notary of Madrid Mr. Jos Antonio Torrente Secorn, 1 0 0 4 6 8 2 5 2 9 on July the 1st, 1982, under number 2826 of his official records. Its articles of association were adapted to the current Joint-Stock Company Act, by virtue of a deed executed before the Notary of Madrid Mr. Jaime Recarte Casanova on November the 29th, 1993, under number 3575 of his official records, which was modified pursuant to a subsequent deed, executed before the same Notary on February the 8th, 1994, under number 479 of his official records; the company was entered in the Register of Companies of Malaga, in folio 123 and following, tome 523, book 385, 3rd section of the Company Book, sheet number 2.871-A.--- He is empowered to act herein by virtue of the resolutions adopted by the company at the meeting held by its Board of Directors at the registered office, on September 6th, 2004, as established by the certificate issued by Mr. Jos Luis Arellano Snchez, acting as Non-Director Secretary of the companys Board, as approved by the Chairmen, Mr. Jos Luis Serra Goizcueta and Mr. Luis Fernndez Ords Abarca, whose signatures I recognise and authenticate. Said certificate, which is attached hereto, establishes both the resolutions adopted and the authorisation given to the appearing party to act herein.-------------------------- 2 Angel Sanz Iglesias NOTARY OF MADRID I identify him through his aforesaid Identity Document, in accordance with section 23, subsection c), of the Notaries Organic Law, whose photograph and signature correspond to those of the appearing party.----------------------------- In my opinion, he is legally entitled to execute this deed incorporating a Limited Liability Corporation Sole and, for such purposes, he declares the following: ------------------------------------------------------------------------------------ WHEREAS: I.- The company PLAYA PARQUE DEL SOL, S.A. Sociedad Unipersonal is seized in fee simple of the following property, located in Marbella (Malaga):-------------------------------------------------------------------------- URBAN LAND.- A building site located in Urbanizacin Guadalmina s/n, with a surface area of nine thousand four hundred and eighty-seven square metres.---------------------------------------------------------------------------------------- It borders: to the north, on certain land owned by Inmobiliaria Parque del Sol Guadalmina, S.A.; to the south, on a coastal area; to the east, on certain land owned by Inmobiliaria Parque del Sol Guadalmina, S.A.; and to the west, on Calle no. 5 and certain land owned by Hermanos Goizueta (brothers Goizueta).------------------------------------------------------------------------- 3 0 0 4 6 8 2 5 2 8 REGISTRATION: It was entered in Land Registry no. 4 of Marbella, in tome 788, book 705, folio 44, property no. 33.702, 1st entry.---------------------- TITLE: It was acquired by means of a purchase, pursuant to a deed executed before the Notary of Madrid, Mr. Jos Antonio Torrente Secorun, on July the 1st, 1982.---------------------------------------------------------------------------- ENCUMBRANCES: It is free from any encumbrances or charges, as they declare.---------------------------------------------------------------------------------- LEASES: It is free from tenants or occupants.------------------------------- LAND REGISTRY INFORMATION: During this deeds preparation stage, no document containing any Land Registry information has been delivered to me. I therefore inform the appearing party of the financial penalties he may have to assume under the provisions of section 50 of Act 13/96, of December the 30th. Should said document be delivered to me at the execution of this deed, a photocopy thereof shall be attached to this deed.------------------------- The property is valued at SEVEN MILLION TWO HUNDRED AND TWELVE THOUSAND EUROS (7,212,000.000 EUROS). ---------------------- II.- The company PLAYA PARQUE DEL SOL, S.A. has decided to 4 Angel Sanz Iglesias NOTARY OF MADRID incorporate a Limited Liability Corporation Sole, such corporation being set up pursuant to this deed in accordance with the following-------------------------------- TERMS AND CONDITIONS FIRST: The company PLAYA PARQUE DEL SOL, S.A., through its representative, states that the Private Limited Liability Company BEACH GUADALMINA PLAYA PARQUE DEL SOL, S.L. SOCIEDAD UNIPERSONAL has been incorporated, and shall be governed by the provisions of this deed, by the provisions of the Limited Liability Company Act and by its Articles of Association, which the appearing parties deliver to me, the undersigned Notary, and which I incorporate into this deed, so that they become part of my official records; said Articles are signed, approved and ratified by the Sole Shareholders representative in all its terms.-------------------------------------- SECOND.- The corporate capital, amounting to 7,212,000 EUROS, represented by 400 shares with a par value of 18,030 Euros each, numbered from 1 to 400, inclusive, is assumed by the sole shareholder, the company PLAYA PARQUE DEL SOL, S.A., such amount being paid by the latters contributing to the incorporated company, in fee simple, the property described in Whereas clause I above, which is valued at SEVEN MILLION TWO HUNDRED AND TWELVE THOUSAND EUROS (7,212,000.000 EUROS). ---------------------- 5 0 0 4 6 8 2 5 2 7 THIRD.- As decided by the company PLAYA DEL SOL, S.A. Sociedad Unipersonal, acting through its representative, the newly-incorporated company shall be managed by a Sole Director, the company PLAYA DEL SOL, S.A. being appointed to such position; in addition, as the company must be represented by an individual, Mr. Enrique Gil Casares is appointed as representative thereof, which he expressly accepts. -------------------- During the period preceding the registration of the Company in the Register of Companies, the Director shall have the powers which are generally conferred upon him by the Articles of Association and other legal provisions applicable.------------------------------------------------------------------------------------ FOURTH.- Pursuant to, and by virtue of, Act 12/1995, of May the 11th, certain Autonomic Acts and other provisions in force, it is expressly established that no person declared as incompatible shall hold any positions in this Company, insofar as is specified by the aforesaid provisions. The person appointed hereunder is not affected by this prohibition, as he expressly represents.------------------------------------------------------------------------------------ 6 Angel Sanz Iglesias NOTARY OF MADRID FIFTH.- As established by the appearing party through a certificate issued by the Central Register of Companies, which is delivered to me so that I may incorporate it into this deed, there is no other company registered under the same corporate name as the company incorporated hereunder.----------------------- SIXTH.- In accordance with the provisions of the Register of Companies Regulations, the appearing party expressly requests that this deed be partially registered, should any of its provisions, or any of the Articles of Association, or any of the facts, acts and legal dealings contained therein and subject to registration, be affected by any defects which, in the Registrars opinion, might prevent said registration.------------------------------------------------- SEVENTH.- As the company incorporated is a corporation sole, and as long as it shall maintain such corporate status, this circumstance must be expressly indicated in all its documents, correspondence, order forms and invoices, and on all the notices to be published by virtue of any legal provision or any of its Articles of Association, in accordance with section 126.1 and 2 of the current Limited Liability Company Act.--------------------------------------------- 7 0 0 4 6 8 2 5 2 6 EXECUTION AND AUTHORISATION: Such is said and declared by the appearing party. I personally inform him of all applicable legal reserves and warnings, especially those concerning events of incompatibility and legal prohibitions, as set forth by Act 12/1995, of May the 11th, and Act 14/1995, of April the 21st, enacted by the Autonomous Community of Madrid, and any supplementary regulations. More specifically, as regards tax law, I inform the appearing party of his obligation to file this deed for settlement purposes within thirty business days, and of the tax penalties which might be imposed upon him if this deed is not duly filed; I finally inform him of his obligations arising from section S of Organic Law 15/1999, on Protection of Personal Data.-------------------------------------------------------------------------------- The appearing party, at his own request and with my consent, reads this deed and, after becoming aware of its contents, signs it with me.-------------------- And I, the Notary, ATTEST that I have identified the appearing parties, who, in my opinion, are entitled and authorised to execute this deed, that their consent has been freely given, and, more generally, I legalise all the provisions 8 Angel Sanz Iglesias NOTARY OF MADRID contained in this public deed, which conforms to all legal provisions applicable and to the express will of the appearing parties, and is issued in five folios, printed on paper which is exclusively used for notarys documents, with the State stamp duty, series 5Z, numbers 0067418, 0067417, 0067416, 0067415 and this one.---------------------------------------------------------------------------------- The appearing party has signed this deed.-------------------------------------- Signalled by ANGEL SANZ IGLESIAS.--------------------------------------- Signalled and sealed.--------------------------------------------------------------- PAYMENT OF FEE UNDER ADDITIONAL PROVISION 3, ACT 8/1983 Calculation basis: 7,212,000.00 Euros Fee numbers: 2 4 5 and 7 Fees: 2,655.54 Euros + Additional charges + VAT ANGEL SANZ IGLESIAS.- Signalled.----------------------------------------- ------------------------- DOCUMENTS ATTACHED -------------------------- ---------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------- 9 0 0 4 6 8 2 5 2 5 I, Mr. JOS LUIS ARELLANO SNCHEZ, Non-Director Secretary of the Board of the Company PLAYA PARQUE DEL SOL, S.A., hereby CERTIFY: That, on the eighth of September, two thousand four, in Madrid, at the premises located in Paseo de Pintor Rosales, number 18, the Board of Directors held a meeting which was attended by the following Directors: Mr. JOS LUIS SERRA GOIZUETA, Mr. ENRIQUE GIL CASARES SATRSTEGUI, Mr. FRANCISCO DE BORJA GOIZUETA SANZ DE HEREDIA, represented by Mr. Enrique Gil Casares Satrstegui, Mr. JUAN RODRGUEZ DE LA RA, Mr. LUIS FERNNDEZ-ORDAS ABARCA, Mr. JAVIER FERNNDEZ-ORDAS ABARCA and Mr. CARLOS LOREN BUTRAGUEO, who unanimously adopted the resolutions included in the agenda which had previously been adopted, also unanimously: FIRST.- To give power of attorney to Mr. ENRIQUE GIL CASARES SATRSTEGUI, of Spanish nationality, of age, married, residing in Madrid, at Calle Don Ramn de la Cruz number 2, holder of the National Identity Card number 2.688.761-S, so that he may represent the Company and execute such public and private documents as may be necessary to execute the deed containing the memorandum of association for the company BEACH GUADALMINA PLAYA PARQUE DEL SOL, S.L., by contributing the real property owned by PLAYA PARQUE DEL SOL, S.A., with a surface area of 9,487 m2 approximately, which was entered in the Land Registry no. 4 of Marbella, property number 33.702, valued at SEVEN MILLION TWO HUNDRED AND TWELVE THOUSAND EUROS (7,212,000.000 EUROS), whose sole shareholder is PLAYA PARQUE DEL SOL GUADALMINA, S.A., with the power to incorporate into its Articles of Association such provisions and covenants as he may deem fit. SECOND.- To give power of attorney to any of the members of the Companys Board, so that they may appear before a Notary and execute such private or public documents as may be required for the aforesaid resolutions to be entered in the Register of Companies. THIRD.- The relevant minutes of the aforesaid meeting, which were drafted on that day, include all the circumstances which are set forth in section 97 of the Register of Companies Regulations. After being read, the minutes were unanimously approved at said meeting and signed by all Directors. Angel Sanz Iglesias NOTARY OF MADRID To whom it may concern, I, the undersigned Secretary, have issued this certificate, with the approval of the Joint Chairmen, in Madrid, on September the 20th, two thousand four. 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