STATUTES

NAME AND REGISTERED ADDRESS

The “New Club Elite Limited”, known as“Club Elite” is constituted with address in White Rose House, 28A York Place Leeds Yorkshire, UK LS1 2EX

SOCIAL AIM

Club Elite aims to plan, promote, realize and manage projects which apply to leisure time (travelling, holidays, visits to museums, art galleries, cultural places etc) with a particular but not exclusive reference to cultural and sport related activities.

With this aim it particularly intends to plan, promote, realize and manage art houses, shows, tourist hotel-complexes, restaurants, sports and watersport facilities.

DURATION

The Club’s duration is until 2053 and can be extended.

REQUISITES FOR THE MEMBERS

Persons are accepted as members, provided that theyhave the necessary moral, cultural and sport related judgement, with full coherence toward the club’s social aims, which will be evaluated by the Managing Board.

REGISTRATION

In order to become a member of Club Elite it is necessary among other things to:

a) hand in the request to the Managing Board, who will submit it to their thorough judgement before granting admission

b) paythe foreseen membership fee and the annual associative fee

c) fully accept the statutes and rules of Club Elite;

The membership fee and annual fee are established by the Managing Board.

CATEGORIES OF MEMBERSHIP

The club members are divided into the following categories:

Silver

Gold

Platinum

DEFINITIONS:

1. The “Building Complex of the Club”: is the Complex (or Unit) that was built, purchased or assigned under commercial agreements and is available at “Club Elite”.

2. The “Unit”: refers to the room of a hotel, apartment, villa, suite and/or whatever unit destined to serve as accommodation.

3. The “Weekly Unit”: refers to the use and the occupation of a Unit for the period of a week.

4. The “Certificate”: refers to the right to use the services and the hotel complexes for a minimum period of 3 days to a week per year, without any obligation to do so during consecutive years or to use other related or connected services.

5. The “Tourist Complex”: refers to one or moreUnits that are part of the same ‘certified’ programme, together with any other good or right that is connected to the mentioned Units.

6. The ‘member’ is the holder of one or more certificates.

7. “Platinum” is a category that gives the member the right to enjoy privileged additional services.

CLUB RULES:

ARTICLE 1.- The purpose of the present document is to settle the rules of “Club Elite”, under consideration of the particular ways of the usage of holidays in a Club, which is the structure of all tourist complexes at its disposal, and concretely depending on the rules that regulate each one of the mentioned tourist complexes.

ARTICLE 2.- The complexes at disposal of Club Elite are located in different geographical areas and at an international level. Periodically, the availability might vary depending on commercial agreements that will be stipulated at that time. The up-dated list of places and hotel complexes which are available can be found on the website

ARTICLE 3.- The holder of a certificate will have the possibility to choose a tourist serviceyear by year, provided its availability, in every tourist complex that is recommended at Club Elite’s ‘members’ area’. After following all the booking procedures and after having received the confirmation from the Club’s Booking Centre, the holder of a holiday certificate will have the right to: a) Occupy for a weekly period, an accommodation that corresponds to the chosen type (three-room-flat, two-room-flat, one-room-flat, hotel room - 2 pax, 3 pax, 4 pax, 6 pax). b) Cede the holiday certificate to a third party, provided that the request for this purpose is accepted by “Club Elite”, and indicating the specific personal details of the new holder.

ARTICLE 4.- The holder of a certificate will have the possibility to choose the period of time in which he/she intends to make use of his/her right, this however depending on written confirmation of availability from the Club’s reservation’s centre.

ARTICLE 5.- The holder of the “Club Elite” certificate will be able to occupy the chosen unit in accordance with the internal rules and the statutes that regularize each one of the tourist complexes that are part of the Club. The start and end dates of the period can be altered following the indications given by the chosen complex. The holder is obliged to respect the rules and laws of the complexes that he will use. The acceptance of pets will depend on the internal rules of the Statutes that apply to each one of the tourist complexes which are part of the Club.

ARTICLE 6.- The “Platinum” club members will be able to enjoy additional services: - They will be able to access the restricted area of the club’s website and service centre, where they will find special offers that are reserved to “Platinum” members, regarding travelling, stays and services of high category.–Members have the possibility to exchange their own holiday period, ceding the rights for the current year to the Club. – There is an amount to be used for the purchase of flights, stays and other services at the destinations that are at the holder’s choice among the proposals that are reserved for the members. - "Platinum" members have the privilege to reserve in periods of high season and the privilege to access apartments of luxury category. There are multiple offers and they are up-dated constantly in order to offer another great advantage with regards to travelling opportunities. Regarding partner travel agencies, the Club offers services like:plane tickets, tickets for travelling by land or boat, hotels all over the world at privileged conditions, car rental, private transfer services, excursions, shows and sport activities.

ARTICLE 7.- The holder of a “Club Elite” certificate will only be able to access the booking centre after regularly paying the corresponding annual fee. The administration will take care of issuing the bill and controlling the payment of the corresponding fee which will have to be paid into the Club’s bank account as follows: For the newly registered members: between January 1st and September 30th. The payment has to be made before the booking date of the current year. In the following years: before February 28th of the actual year. b) For the ones who registered in the last term of the year the following rules apply:

1) By paying the annual fee of the current year, the new member will be able to use the period in the last term, provided that availability has been confirmed by the “Club Elite” booking centre. 2) If the annual fee of the current year is not paid, the holiday period will only be available from the next year and after paying the corresponding fee. Late payments will automatically have the consequence of interest on arrears being charged and/or other necessary measures being taken in order to obtain payment of the due amounts, without this having to be notified for this purpose. If the certificate holder doesn’t provide payment of the fee for the current year, he/she will lose the right to use or cede to a third party for the same year; the administration will then take over the right of use. In case that the certificate holder doesn’t pay the corresponding “fees for two following years”, he will definitely lose holdership of his/her right.

ARTICLE 8.- In case of controversy, the certificate holder and co-holders will submit to the courts of the United Kingdom and renounce on any other courts.

ARTICLE 9.- All the offers that are available in the “Members’ Area” are exclusively reserved to Silver, Gold and Platinum members of the Club Elite.

ARTICLE 10.- Communications. In order for any communication to be valid, the certificate holder must send his/her communications by registered mail and to the following address:

Club Elite Edificio Apartado de Correo, 41 38687 - Playa San Juan - Tenerife – España