Internal Rules - Section I

The difference between company and club. the club’s name, aims and registered office

ARTICLE 1

OBJECTIVE, OPENNESS OF THE REGULATIONS, IDENTITY OBJECTIVE AND REGULATIONS:

The “LOS ARQUEROS GOLF AND COUNTRY CLUB” was founded for the recreation of its members and for the practice of one or several sports, primarily golf. These regulations cover the relationships between the members and describe the different types of member. They also describe the governing and administrative bodies.

OPENNESS:

These regulations are open and shall incorporate any resolutions agreed by the Company’s General Meeting, which is the Club’s sovereign body, and its Governing Board, which is the governing and administrative body, which may
be adopted as regulations All applicable precepts contained in the Company by-laws are an integral part
of these regulations.

COMPANY AND CLUB:

For the purposes of these regulations, a distinction is made between:

THE COMPANY, the “Los Arqueros Golf and Country Club, S.A.” limited company inscribed in the Mercantile Register, which is a profit-oriented organisation owning the land and all the golf course facilities and other complementary facilities, and whose stock is the property of its various shareholders.

And,

THE CLUB, which has no independent legal character outside the Company, and comprises all the combined Company shareholders; these may be individuals, persons designated as users of the facilities by shareholders which are legal entities or community property, and family members of those shareholders admitted as members; persons using the facilities on a temporary basis as Temporary members, and persons distinguished with the title of Honorary members, all of whom are, as specified in these regulations, equally party to the resolutions and decisions of the Board, and are entitled to use the facilities belonging to the Company, either for playing golf and other sports or games, or for any other social and recreational activities.

The shares of the “Los Arqueros Golf and Country Club, S.A.” shall expressly mention these internal regulations and the date they were approved, and their complementary regulations.

ARTICLE 2

NAME AND LOGO

The golf club shall be called the “Los Arqueros Golf and Country Club” and shall have the following logo or symbol:

ARTICLE 3

FEDERATION MEMBERSHIP

The club’s purpose is the playing and promotion of the game of golf, and the practice and promotion of any other sporting and recreational activities validly agreed by the Company authorities.

As a consequence of the above, the Club shall be affiliated, through the Company, to the Royal Spanish Golf Federation and the Andalusian Golf Federation, and may also register, with a secondary nature, with any other Federations which may be necessary or recommendable for other sports or games.

ARTICLE 4

DOMICILE

The Club’s head office is located in the clubhouse on the premises, at Crta. De Ronda (A-397), Km. 44,5, Benahavís (29679), Malaga.

ARTICLE 5

LANGUAGE

The Club’s official language is Spanish, and all documents and records will be drawn up in this language.
However, given the diversity of nationalities among the members and users of the Club’s facilities, English and German will be used as second languages.

Any members wishing to receive the club documents in English or German may request this service, with the translation at their own expense. In case of doubt or interpretation, the Spanish text will prevail.