.: PROGRESS OF THE REFURBISHMENT

1. PROGRESS REPORT.

The works were slightly delayed in March, as rainfall was higher than average.

The following shaping modification works took place in March: the lake 16^th, the pro platform of hole 17^th, the tees of hole 14^th, the tees of hole 15^th and the green of the hole 14^th. The irrigation works were completed on hole 10^th, the northern areas of holes 11^th and 15^thand the green 18^th, and are being finished on hole 16^th and green 11^th – tees 12th. The construction of the dam and the walls on the green of hole 12^th is already made. The covering with stone is outstanding, together with some changes to be done to the waterproofing. The three bridges are presently being covered with stone, being at their last stage of construction. The area will be cleared afterwards in order to do the rest of the works.

After trying to recover the delay up until today, a matter beyond all parties’ control, the Work Management is of the opinion that works will finish 6 weeks later than scheduled.

1.2. RAIN.

The rainfall in March was 104 mm, 5 times the total recorded in February, with 10 working days lost.

Rainfall registration chart in March 2015:

The rain fell in March hindered a series of works that are being executed, such as irrigation ditches, topsoil lamination, drainage and gravel installation on greens. Most works required some extra dedication, such as cleaning and restoration in order to be able to continue the task.

1.3. EARTH MOVING.

The main area that remains outstanding is the hole 13th, with earth moving already done on the tees. Some other areas of this hole are pending, as we must wait until the topsoil lamination of the roughs is done, the existing stockpile used, and the installation, whose elements (irrigation pipes, chests, wires, sand, gravel, etc.) cannot be piled at other areas, be finished. Other small earth moving works are outstanding as the green of hole 12^th, some areas of the hole 18^th and a series of stretches nearby the bridges. This chapter is almost finished, representing 93% of the total surface.

1.4. DEMOLITION.

This chapter is almost ended, only some small stretches of buggy paths on hole 13th and between the holes 6th and 12th are pending. The fixing of the stream, which is also outstanding, will take place shortly.

1.5. SERVICES HAMPERED.

The services damaged by the works or the services in bad condition continued to be modified in March. A number of manholes on holes 12^th and 15^th also continued to be repaired.

Likewise, some services were redirected on the area of hole 14^th, such as the general irrigation pipes DN200 and the power cord for manholes. New valves substituted the damaged old ones.

1.6. WALLS.

The walls included in the modification of the project for the green of hole 12^th were finished in March. New sidewalls from the whereabouts of the old dam up to the new one were erected.

Likewise, some walls were built on the northern side of the bridge 15^th, being those of the southern area outstanding until the covering of the stone is finished.

1.7. DAM OF GREEN 12th.

The dam of the green 12th was completed in March. This new dam provides water before the green 12^th, enhancing its attractiveness and improving the existing frame, which was deteriorated and presented many filter points. The outstanding tasks at present are filling the lateral slopes, covering the stone and adjusting the waterproofing sheet.

1.8. ACCESS TO THE CLUB HOUSE.

The refurbishment of the accesses to the clubhouse was concluded in March, comprising the extension from the pro shop to the terrace area and all the paths connecting green 9^th, tee 10^th and the practice ground.

1.9. SHAPING.

The shaping works in March concentrated mainly in the modifications made by the Designer during his last inspection trip:

The green and the bunker of hole 16th were modified to reduce their height by 50 cm and bring the water of the lake closer.

The pro tee of hole 17^th was modified in order to add another platform.

The bunker of the fairway 12th and the slope of the stream 12^th were modified.

Both the back bunker of the green 11^th and the first tee platform of hole 12^th were modified.

The green and tees of the hole 14^th were modified.

1.10. DRAINAGE SYTEM.

The drainage network of the holes 11th and 12th was performed in March. The drainage of the holes 10^th, 11^th, 12^th, 15^th and 16^this finished. Some small stretches are pending next to the bridges of the holes 15^th and 17^th, together with all areas of the holes 13^th, 14^th and 18^th.

1.11. IRRIGATION.

The installation of the irrigation system of holes 11^th, 15^th and 16^th continued in March. Therefore, it was completed on the hole 10^th, the northern area of the hole 11^th, the northern side of the hole 15^th, and the green 18^th. It is being completed on the hole 16^th and the green 11^th – the tees 12^th.

1.12. BRIDGES.

The heightening of the wings to smooth the connection point of the buggy paths to the wooden board of the bridges was carried out in March. The works to cover them with stone were also started.

1.13. GREENS.

In March, some gravel was laid on the drainage of the green 16^th, after the modification made by the Designer. At present, the gravel and drainage works are finished on the holes 10^th, 11^th, 15^th 16^th, 17^th and 18^th.

With regard to the sand for the greens, the analysis of the mixed elements corrected by the contractor and received in March, showed a positive result, while the first quality analysis showed an insufficient content of organic matter. This first batch of 1000 tonnes is stored at the headquarters of Sibelco and will be laid on the greens during the coming weeks.

1.14. BUNKERS.

The slopes of the bunkers of the holes 10^th, 18^th and 15^th are being overlaid with topsoil at present.

The Designer is changing the size and morphology of the bunkers to optimize the functionality of them. These updates have increased the bunker areas in a 50% approximately versus the drawings/plans.

1.15. TEES.

The levelling and drainage of the platforms of the tees of holes 12^th and 15^th was carried out in March. Therefore, the drainage is already installed on the tees of the holes 11^th, 12^th, 15^th, 16^th and 18^th.

1.16. BUGGY PATHS.

A number of buggy paths nearby the clubhouse were completed in March and also some connecting areas between the holes 9^th, 10^th and the practice ground. Some stretches on the hole 10^th were also carried out up until the connection with the old path and some areas of the hole 15^th.

2. WORK PROGRESS ANALYSIS.

The charts in this chapter show the evolution of the different construction works included in this project. It shows the progress of the different works grouped in chapters compared with the schedule initially foreseen. It shows also the percentage of work already performed at any given certification date and the delay or advancement attached to them. Likewise, it is possible to identify other works started ahead of schedule representing an advance on what was planned.

The chart below shows the amount of work executed by the 1^st of April. At this certification date the chapters already finished are earth moving, shaping, demolition, works on lakes, the dam of green 12^th, and the accesses to the clubhouse and the bridges. Likewise, the works being executed are irrigation, drainage and overlaying of fairways and rough. March has been less productive that February and we suffered an additional 10-day delay because of the rainfall.

In view of the impossibility of recovering the time lost because of the delay in starting the works and because of the exceptionally wet year, we estimate that the course will be finished around mid September.