T R A N S L A T I O N

PUBLIC DEED NUMBER THREE THOUSAND ElGHT HUNDRED FlFTY TWO ---- BY MEANS OF WHlCH THE DOCUMENTS BY MEANS OF WHlCH THE LEGAL

PERSONALITY IS GRANTED TO THE "PANAMANIAN ASOClATlON OF REAL

ESTA-TE BROKERS AND DEVELOPERS, WHlCH ACRONYM IS: "ACOBIR ARE

PROTOCOLlZED - ------ --- -

In the City of Panama, Seat of the Rep~iblic and of the Notarial Circuit of the same

name, on the five (5) days of the month of June, of one thousand seventy five (?975),

before me, RICARDO VALLARINO CHANIS, FOURTH PUBI-IC NOTARY OF THE

ClRCUlT OF PANAMA, holder of the personal identity card number eight-AV twenty

five - three hundred fifly three (8AV-25-353) personally appeared JAIME RENALDO

CORREA, male, married, Panamanian, of legal age, and holder of the personal

identity card number eight-fifty six-four hundred seventy six (8-56-476), neighbor of

this c.@,----, person who I know and acting as President and Legal Representative,

give to me for its protocolization, so I protocolized them, the documents by means of

which the Legal Personality is granted to the Organization named: PANAMANIAN

ASOClATlON OF REAL ESTATE BROKERS AND DEVELOPERS, which acronyrn

is "ACOBIR. - - The Protocolization requested is made and the copies requested

by the interest part will be issue ---- I warn the appearing that a copy of this Public

Deed must be registered and after reading it to them, in the presence of the

witnesses ANGELICA READY DE VILLARREAL, with personal identity number

four-sixty six-six hundred one (4-66-601), and MARlA DE CARRIZO with personal

identity number eight - one hundred eighty five - four hundred ninety two (8-185-492)

both of legal age and resídents of this city, persons known to me and qualified to

exert the position, found it al1 right, and given their approval, they al1 sign for certainty

before me, the Notary, wh o 1 g ive to faith ------- ------- ........................... -----

THlS PUBLIC DEED HAS THE NUMBER THREE THOUSAND ElGHT HUNDRED

Fl F N TH REE

-ll----__-____----l-------------- ( 3853 )-------------------------------------

APPEARS THREE ILEGIBLE SlGNATURES ---------------------------------------m----

SIGNATURE ILLEGIBLE --RICARDO VALLARlNO CH. FOURTH PUBLIC NOTARY

APPEARS A RUBBER SEAL: FOURTH PUBLIC NOTARY - REPUBLIC OF

............................................................................................................

THE ABOVE /S A TRUE TRANSLATION INTO ENGLISH, OF THE DOCUMENT

SUBMITTED TO ME IN THE SPANISH LANGUAGE.

Panama, March 29,2010.

....................................... T R A N S L A T I O N -m--------- L -------------------------m--

.................................... REPUBLlC OF PANAMA ....................... ---------------

.............................. PUBLlC REGlSTRY OF PANAMA -----------------------m-------

Page 1 ---- //DELOS// ------------- --- ............................ --------- ---- ------ NO. 325476

February 24, 201 0 .....................................................................................

----------------------------------m----- C E R T I F I E S ----------------------------------------m--

................................ IN VlEW OF REQUEST 10-85584 ...............................

***** THAT THE LEGAL PERSONALIN OF THE ------------------------m-------------------

PANAMANIAN ASOClATlON OF REAL ESTATE BROKERS AND DEVELOPERS

(ACOBI R) ***** ...................................................................................

IS REGISTERED AT FlLlNG CARD S.C. 7388, ROLL 1894, IMAGE 2 SlNCE

JUNE SEVENTEEN OF ONE THOUSAND SEVETENN FIVE. ------------------------e

THAT IT'S CONSTITUENT(S) ARE: -- -----

THAT IT'S ATTORNEY 1s. ...................................................... - ------------ ----

THAT IT9S DlRECTORS ARE: -----------------------------m--- ---- -------- --e ---- -----m--- ---- -

NO DlRECTORS AVAlMBLES ........................................................... ------

THAT IT'S OFFlCERS ARE: ..................................................................

PRESIDENTI OSVALDO NfARCHENA ---------m-- ---m- ------m------ ----

VlCE PRESIDENTI WlLSON RUlZ ..........................................................

TREASURER: ALBERTO DAYAN ................................................................

SECRETARY: JUAN LUIS CH EVALlER .......................................................

VOCAL: LEOPOLDO SELLES ...................................................................

VOCAL: DAVID BTESH ......................................................................

ASSlTANT SUB TRESURER: OSVALDO M U C. ..........................................

ASSlTANT SECRETARY: JANEnE RIVERA --------------------------------------------e-

PROSECUTOR: ALVARO BOYD ------ ---- --------------- ------------- - .........................

THAT IT'S D ~ ~ T I O N 1s: PERPETUAL ---:----------------------e-----

'rHAT IT'S DOM lCl LE 1s PANAMA ......................... - ..................... --------------

LEGAL REPRESENTATIVE: ................................................... -----------------

THE PRESI DENT. ...................................................................................

ISSUED AND SIGNED IN THE PROVINCE OF PANAMA, ON FEBRUARY

TWENTY FOUR OF TWO THOUSAND TEN (2010) AT 11:14:10 A.M. ---------------

NOTE: THlS CER-TIFICA-TION PAlD STAMPS TAXES FOR THE AMOUNT OF

$30.00 - VOUCHER No. 85584 .................................................................

CERTlFlCATlON NO.: COMMON CORPORATION - 004432 .............................

DATE: Wednesday 24, February of 201 O. .....................................................

//DELOS//----- ----- - ....................................................................................

SIGNATURE ILLEGIBLE ---- JOHEL ANTONIO COCClO ---- CERTlFlER ------------

There is a rubber seal which reads: PUBLIC REGISTRY OF PANAMA --- CERTlFlCATES DEPAR'rMENT ...........................................................

------------------------------------------------------------------------------------------------------- THE ABOVE IS A TRUE TRANSíATlON INTO ENGLISH, OF THE DOCUMENT

SUBMITTED TO ME IN THE SPANISH UNGUAGE.

Panama, March 29,2010.

.............................................. CHAPTER 1 -----------------------------------------e----

.......................... LEGAL CONSTITUTION AND ADDRESS ..........................

ARTICLE lo: The "PANAMANIAN ASSOCIATION OF REAL ESTATE BROKERS

AND DEVELOPERS" (ACOBIR), is a nonprofit business association, founded in

1973 and with legal personality granted by Resolution No. 37 of May 29 of 1975;

which is governed by the following statute: ...................................................

ARTICLE 2": The address of the Association is the City of Panama, Republic of

Panama, but may open others chapters in other towns of the country. -----------------

CHAPTER 11 ..........................................................................................

The purposes of ACOBlR are: ------S ----------------------------------m- m----- --m-- - -m--- - ----

ARTICLE 3": To gather natural or legal persons engaged in the business of real

estate broker, real estate promoter, as well as other related activities. -----------------

ARTICLE 4": To promote the cultural and professional improvement of its members

through training programs and continuing studies, so they can serve better the

community and especially those who wish to acquire a home ownership. ------------

ARTICLE 5": Promote a closer relationship between partners, based on justice and

ARTICLE 6": To promote the practice of honest principies and correct methods,

following the Ethic Code of the Association, in al1 the transactions they are involve

ARTICLE 7": Offering both, the National Government and professional, academic

and cultural organizations, labor unions and civic associations, the services of

ACOBlR for the solutions of the problems faced by the community. -------------------

Specially, to' promote housing projects of general interest, which can contribute to

the search of a solution to the problem sf homelessness, substantially as a human

right; in order to systematically raise the living standard of our population on the

basis of t he con cept of sustaina ble develo pmen t. .......................................

AR'TICLE 8": May aspire to become members of ACOBIR Natural or Legal

a) Maintaining an oflice which serves as Real Estate Brokers andlor Developers. --

b) Submit a letter stating who the legal Representative is and who is the Manager

c) Submit a certification of three (3) members of the Association, which establishes

that the requirements states above are met by the applicant. .........................

d) Present a copy of the Articles of lncorporation of the Company or Pubic Registry

Certificate; copy of the Business License and License of Real Estate Broker when

e) Wie[d good moral standing. .............................................................

'The Board of Director will communicate the applicant, within a period not

exceeding sixty (60) days, if he was accepted or not as a member of the

AR-TICLE 9": There will be th ree kind of mem bers hip: ....................................

1- ACTIVE MEMBERS: Can be any natural or legal person who is engaged in the

Real Estate Bro kerage andlor Developer activity . ......................................

2- CORPORATE MEMBERS: Can be any natural or legal person, who although

not engaged in the Real Estate Brokerage andlor Develope~ actívity, show interest

in joining, in order to support the objectives and programs of the Association for the

benefit of the. community. The Corporate Members only need to meet the

requirements set out in subparagraphs c, d and e of article eighth of these statutes.

Corporate members wil\ only have voice right. ..............................................

3 - HONORARY MEMBERS: Are those people who due to their help and services

for the benefit of the Association, upon previous approval by the General

Assembly, be accorded with such distinction, according to the existing regulations.

4 - INTERNATIONAL MEMBERS: Are those natural persons, foreign or nationals

residing outside of Panama but who wish to be part of this Association. ---------------

They do not have a vote but may attend the General Assembly when they are in

the country, with voice right. For their admission, they must meet the same

requirements as for an Active Members, except that they will not require a License

of Real Estate Broker and Developer. The admission fees, as well as annuals,

shall be determined in the Respective Regulations. ................................... CHAPTER IV ................................................................................

OF THE RIGHTS AND DU'I'IES OF THE MEMBERS - SANCTIONS ----------------

ARTICLES 1 0": The RIGHTS of active MEMBERS: -------------------------------

a) Attend meeting~ with the rig ht of voice and vote. ......................................

b) Elect and be elected to a position of the Board of Directors. ........................

c) Attend meeting~ of the Board of Director~ with voice right. -----------------------

d) To benefit from al1 the activities of the Association in favor of its members and

the Country in general. ..........................................................................

e) To separate voluntarily from this Association. ..........................................

f) Be appointed as an ACOBIR representative in the province of his residence, in

accordance with Article 28-13. The CORPORATE Members have equal rights,

except the vote and to be elected to positions of the Board of Directors. -------------

ARTI CLE 1 1 O: The OBLIGATIONS of the members are: ------------------------M-----

a) Comply With these statutes, rules and Ethic Code of the Association. --------------

b) Timely payment of quotas, whether ordinary or extraordinary. ........................

c) Contribute with the objectives and purposes of the Association. ......................

ARTICLE 12": The sanctions applied to Members who do not comply with the

obligations established by these statutes are: -- ------ -- ---- .......................

a) Written warning issued by the Board of Directors, which clearly indicate the

offense. .......................................................................................

b) Suspension of the rights offered by the Association, during the period

detemined by the Board of Directors. .....................................................

c) Expulsion or disaffiliation by the Board of Director~, appealable before the

General Assembly. ....................................

ARTICLE 13": The causes that may lead to the sanctions provided in the preceding

article are as follows: ............................................................................ -

a) Failure to comply with the provisions of these statutes and regulations; ----------- b) Relapse in brea& of the foregoing; .......................................... - -------..-m-- S

c) Non payment of fees, ordinaries and extra ordinaries. ----------------------------

d) Be legally disqualified to exert this job of Real Estate Broker or Real Estate

Developer, as the case; ---- - ..................................................................

e) Committing fraudulent a&. .............................................................

9 Failing to comply with the Ethic Cede; ---------m---------- - ---------------------------m-----

The Board of Director will determine which of the sanctions will correspond to the

offender, depending on the seriousness of the offense, sticking to the regulation. ---

CHAPTER V ---------- ------ -------- ..................................................................

OF THE GENERAL ASSEMBLY ..........................................................

ARTICLE 14": The General Assembly is the supreme authority of the Association. -

ARTICLE 15"; The General Assembly may be convened as an Ordinary or

Extraordinary assembly. ..........................................................................

ARTICLE 16": The quorum for the General Assembly, ordinary or extraordinary, is

established with the assistance of half plus one of the ACTIVE members, after

previous notice with not less t han one wee k in advance. ...............................

ARTICLE 17": The President will convene an Ordinary Assembly, preferably once

a month ..........................................................................................

ARTICLE 18": Extraordinary General Assembly shall be convened by the

President; if he deems necessary or upon request of the Board of Directors or at

the request of 15% of the Active Members of the Association. ........................

ARTICLE 19": If the General Assembly does not achieve the statutory quorum, the

President may, at the same event, cal1 for a second call, for within the next fifteen

(15) days. In this second call, a quorum shall be formed with the Active Members

who attend the citation. --------

ARTICLE 20": The decisions of the General Assembly are taken by majority vote of

the active members present, except for those cases in which these statutes

provide otherwise. --- ----- - ....................................................................

Voting shall be by simple counting, unless these Statutes or the Assembly

indicates that it has to be nominal or secret. -- ---------------------------m-----------

ARTICLE 21 ": The General Assem bly has the following duties: ..........................

1) Approve and reform these Statutes, in accordance with the provisions of Article

4 1 . ............................... .....................................................................

2) Elect the Board of Director~; ------------- ...................................................

3) Determine the amount of ,the admission fee; ----------------------------------------m--

4) Determine the amount of the ordinary and extraordinary fees; --------------------

5) Approve the annual budgets; -----------------------------m - ---------------m--------

6) Approval of extraordinary expenses over two thousand dollars ($2,000.00); ------

7) Consideration of appeals; .................................. .....................................

8) The fusion with other associations; ------------------------------m- - ---- .......................

9) 'rhe approval of Honorary Degrees; .................................................... -------

1 9) The d issol ution of the Association; ...................................... .....................

1 1) Approve loans. ......................................................... ...........................

CHAPTER VI ................................................................ ...........................

ELECTlONS ............................................................ ................................

ARTICLE 22": The Board of Director will be elected by simple majority by secret

vote, ..............................................................................................

For its validity, it's necessary to have the vote of at least no l e s ~ than half of the

active members. ....................................................................................

ARTICLE 23": The elections for the members of the Board of Director~ will be

made during the month of November of each year, according to the regulations

about this matter approved by the Board of Directors, but this have to be sent to al1

the active members with not less than fifteen days prior to the date fixed for

nominations. For those positions with a unique nomination, voting will not be

necessary. .............................................................................................

CHAPTER VI! -------- ................................................................................

OF THE BOARD OF DlRECTORS - DUTlES ---------m---------- --- --------------------m--

ARTlCLE 24": The Board of Directors elected, will serve for a period of one year,

its members may be reelected, ----------- .....................................................

ARTICLE 25": The Board of Director will start its mandate the third week of

January of each year. ------- ---- -------- ..........................................................

ARTICLE 26": The Board of Director will consist of 9 members, namely: President,

Vice President, Secretary, Assistant Secretary, Treasurer, Assistant Treasurer,

Prosecutor 2nd two Vocals. The Ex-Presidents of the association will be

permanent advisers with voice right. ............................................................

ARTICLE 27": In the event of resignation or temporary or permanent absences

among the dignitaries who do not have replacements already established, the

Board of Director, by majority, is empowered to replace those positions with one of

the vocals. ..............................................................................................

ARTICLE 28": The Board of Director~ will have the following duties: ------------------

1) Manage the interna1 and externa1 administrative affairs of the Association. -------

2) Schedule and coordinate General Assemblies, whether ordinary or

3) Execute al1 the resolutions and mandates of the General Assembly. ---------------

4) Consider applications for the admission of new Members. ------------------------

5) Appoint the Director~ of the Association that will sign the account or bank

6) Study the income and expenditures budget and submit it to the consideration of

the General Assembly for its formal approval. ---- -- --------------m

7) Approve regulations, subject to review by the General Assembly. -----------------

8) Fill the permanent vacancies that may occur in the Board of Directors. -----------

9) Suspend a member if their arrears are excessive, according to the regulations. --

lo) Apply sanctions authorized by this Statute. ----------------m-------- - ----------m---

11) Publish both internally, in the association, and externally, the activities of the

Association -- ---- -- -

12) Approve extraordinary expenditures between $1,000.00 (one thousand dollars)

to (M0 thousand dollars) $2,000.00. ........................................................

13) To appoint the ACOBIR representative in each Province, this will be the direct

contad with the administrative organism of the Association. Such representatives

shall be entitled to attend the Board of Directors meetings and will be convened for

this purpose. ......................................................................................

14) The representative will convene monthly meetings of the members of ACOBIR

in their province. ......................................................................... -------

ARTlCLE 29": The necessary quorum for holding meeting~ of the Board of

Directors will be of five (5) members. In case they don't reach the statutory

quorum, till two of the ex-presidents may replace any absent director and shall be

entitled to vote. .....................................................................................

ARTlCLE 30": Duties of the President: --m-- ---- --e---- -------m ------e- --- ---------m---------

1) Represent the Association legally. .......................................................

2) Chair meeting~ of the Board of Director~ and General Assemblies. ------------------

3) Convene the meeting~ of the Board of Director~ and Assemblies. ----------------- 4) Appoint committees. ................................................................... ----

5) To submit report of the activities of the Association both at the Assemblies and

at the meetings of The Board of Directors.

6) Sign checks and other legal documents. ...............................................

7) Jointly develop with the treasurer the annual budget for the consideration of the

Board of Directors. - ----- -- --------------------------------------------

8) Authorize extraordinary expenditures, not exceeding one thousand dollars

($~,000~00) ..........................................................................................

ARTICLE 31": The Vice President shall assist the President in the performance of

his duties and replace him in case of temporary or permanent absence. ---------------

Also, he will coordinate the public relations, and the publication of the Association

activities, both internally and externally. ....................................................

ARTlCLE 32": Duties of Secretary: ------------ - ...............................................

1) Taking minutes, notes and letters forward by the Association. ....................

2) Keeping rip the Minute Books of the General Assernblies and of the Board of

3) Keeping up to date the Mernbers record book with their adrnission histories,

suspension, etc.

4) Develop agendas for the rneetings. ............................... - -------------- -----------

5) To read out the Minutes and other docurnents whose reading is necessary. ------

6) Archiving in good order al1 Minutes, docurnents, letters and other irnportant

docurnents. ........................................................................................

7) Receive and answer correspondence as soon as possible. ..........................

1) Assist the secretary in bis functions. ..................................................... ---

2) Exert the position of the secretary in his ternporary or permanent absence. -------

2) Collection of fees and other allowances receivable. ---------------------------------

3) Jointly prepare with the Presídent, the annual budget. ................................

4) Managing the funds. ----------------------------m--- -- ----m- ..................................

5) Subrnit monthly report of incornes, expenditure and defaults. .......................

6) Sign check~ jointly with the President or designate Director. .........................

7) Present at the end of period, a complete report of his work, to the Board of

Director and the General Assembly. --

8) Notify the Prosecutor of the defaults so he can take action. -----------------------

ARTICLE 35": Duties of the Assistant Treasurer: Assist the Treasurer in the

activities that rnay be assig ned. -----------------------------------------m--

ARTlCLE 36": Duties of the Prosecutor -------m------------- -----

1) Ensi~re cdrnpliance with this statute and existing regulations. .........................

2) To communicate the sanctions imposed by the relevant organism and enforce

3) Receive complaints from Members, to investigate and present them to the Board

4) To ensure that Members fulfill their duties. ------------e------ -- ------e-- ---- -m---- ---m---

5) Verify at any time, books and documents that the Directors have on their

responsibil ity, ....................................................................................

6) Require the Members that the obligations and duties of the Association have to

be fulfilling appropriately. ...........................................................................

7) In case of conflict between two Members, first promote mediation and

8) Receive the membership application of new members, investigate them and

presented it to t he Board of Directors for thei r consideration . ............................

ARTlCLE 37": Duties of the Vocal, ----------m----------------- -- ----------- - ----------------m

1) Cooperate with others Directors in their positions and replace them when it

2) Organize and conduct seminars programs both for members of the Association

and for others. - ---- ------- ---- ----- ----- ---- ---

CHAPTER Vlll -------m---- --- ................................................... - -------M---------

ASSETS AND MEMBERSHIP FEES ---- -- ------ ------ ---- - ---------- ------ ----------------

ARTICLE 28": The Association shall have the following resources: ------------------

a) The q uotas fo r t he ad m ission of new mem bers. .....................................

b) The approved ordinary and extraordinary fees. .....................................

c) Contributioris from activities, donations or inheritances. .............................

d) Financing S ap p roved by t he General Assem b ly . ...................................

AR1-ICLE 3gQ:..Members in arrears are subject to the following sanctions: ------------

a) For late payment of three months or longer, suspension of his Memberls rights. -

b) For late payment of six months or more, disaff iliation. ..................................

c) The member who is affected by the actions listed in subparagraphs a and b,

may request to the Board of Director a reconsideration of his case and the Board of

Director will decide in no more than three weeks. ----------------

ARTICLES 40": Members who where disaffiliated due to arrears, may request their

readmission whenever they cancel al1 outstanding financia1 commitments left, plus

the admission fee in effect at the time of his new application. ........................

ARTICLE 41 O: 'rhese Statutes may be amended in two ways, narnely: -------------

a) In a single assembly by majority vote of the absolute active members. -----------

b) Simple majority of active members, whenever this occurs in two consecutive

In either case the intention to reform the Statutes must appear on the agendas of

these meetings and the rnernbers will receive them in advance, with at least one

week's notice, wit h a copy of t he amendments draft. .................................

AR-TICLE 42": The statute and its amendments will be in force starting from its

approval unless the Assem bly in which they were approved indicates othennrise. --

THE PRESENT REFORM OF THE STATUTES WAS APPROVED DURING THE

GENERAL ASSEMBLY CELEBARATED ON AUGUST 30 OF 2000 (2000). --------

BY THE BOARD OF DIRECTORS, LIC. ROBERTO DOMINGUEZ C. -

MR. FELlX CARLES - M RS. SOLVEl G E. TAP lA R. ------------------------------

VICE-PRESIDENT - SECRETARY --------- ..................................................

LIC. LUIS A;yIMENTEL - ING, JOSE A. TUI\ION

MR. JOSE ANGEL DEL VALLE - MRS. IRENE DE HALMAN ............................

VOCAL - VOCAL ------------m- ---- -------------------------------m------ m --------- S---- --------m-----

BY THE REFORM COMMITEE: ----- -- ................................ --- ------------- ------

MR. JAIME CORREA - PRESlDENT ........................................................

INCLUDE MODlFlCATlON TO ARTICLES 9, 10, 21, 28, 29, 30 AND 36;

APPROVED I N GEN ERAL ASSEM BLY OF AUG UST 3 OF 2005. ....................

-------------------------------------------------------------------------------------------------------

THE ABOVE IS A TRUE TRANSLATION INTO ENGLISH, OF THE DOCUMENT

SUBMITTED TO ME IN THE SPANISH LANGUAGE. n

Panama, March 29,2010.

-------------------r--------------------- T R A N S L A T 1 0 N A-- - ...................................... LEGAL PERSONALlTY ---------------------m----------------

By means of Attorney-in-fact, Mr. JAIME R. CORREA, in its position as President

of the Panamanian Association of Real Estate Brokers and Developers, by means

of this Ministry, request to the National Executive Organ to grant the LEGAL

PERSONALITY. .......................................................................................

To support its request he has presented the following documents, original and

copy: .................................................................................................

a. Power of Attorney and Petitioner Memorial ------------------------------------m----

e. List of the Directors of the Association, their respective identity card

numbers and its handwrifien signatures. ---- ----

Being the documentation d~i ly examined, it has been established that this entity

does not has lucrative means, but that its objectives procure the benefit of the

members. ................................................................................................

Since this objectives do not struggle with the National Constitution neither with the

good standing legal dispositions that rules this matter, ...................................... --------------------m------ THE PRESl DENT OF THE REPUBLIC ......................... -------------------m------------- By means of bis legal faculties, -----m-- -------------m --m-------

.......................................... R E S 0 L V E ----------- - ..............................

To approve the Statutes of the Panamanian Association of Real Estate Brokers

and Developers, and recognize it's LEGAL PERSONALITY, as it is established in

Article 38 of the National Constitution and article 64 and follows of the (Illegible) ----

Every modificatipn made after to this statutes require the previous approval of the

Executive Organ - .............................................................. -

The Legal Personality granted does not cover different activities of the ones

indicated in the approved statutes. ...............................................................

This Resolution will have legal effects as soon as it is recorded at the Public

(illegible text) ........................................................................................

(Sgd.) RICARDO A. RODRlGUEZ ...............................................................

Ministry of Govern and Justice -------m---------- - ---m------ - ..................................

TtiE ABOVE IS A TRUE TRANSLATION INTO ENGLISH, OF THE DOCUMENT

SUBMIITTED TO ME IN THE SPANISH LANGUAGE.

Panama, March 29,2010.

....................................... T R A N S L A T I O N ---------------------------------m--- ---

---------------------------------------------m MlNUTE ..................................................

Of the Constituent Meeting of the PANAMANIAN ASSOClATlON OF REAL

ESTATE BROKERS AN D DEVELOP ERS. .....................................................

Upon previous summons met in the City of Panama, on Decerriber 17, 1973, the

following persons: José Arosemena, Germán Bravo, l. Roberto Eisenmann Jr.,

Samuel R, Levy , Ricardo Cucalón y Jaime R. Correa. ......................................

Being the 8:00 P.M., Mr. Jaime Correa inform the assistants that where cited, for

the purpose to start at once the ASSOClATlON OF REAL ESTATE BROKERS

AND DEVELOPERS, which we have spoken for a period of time, but because we

always cited a large group, we were unable, to reach an agreement. That based

on this experience, this group was cited, somewhat reduced, to base it, with the

assurance that the other colleagues will adhere gradually. .................................

lmmediately Mr. Correa presented the attendees a draft of the Statutes which were

discussed and after some recommendations, which held to the consequential

amendments, it was approved. ...................................................................

Mr. Ricardo Cucalón noted that it was essential for this association, so it does not

stagnate as the above tries, to choose the Board of Directors, which can give the

necessary dynamic for its success. After this he proposed the following nominee: - PRESlDENT - JAIME R. CORREA ..............................................................

TREASURER - GERMAN BRAVO ..............................................................

SECRETARY - JORGE ZUBlETA --- ............................................................

PROSECUTOR - LUIS VALLARlNO ..........................................................

ALTERNATE - JOSE GONZALEZ and ROGELIO DEL CASTILLO .....................

The previous proposition was seconded by Mr. Arosemena and was elected by

acclamation. ................................ ...........................................................

The new treasuPer, Mr. Germán Bravo, proposed to establish and admission fee of

$40.00 and a monthly fee of $15.00, payable to a monthly in arrears, but with an

additional charge of 10% for 15 days overdue.

This proposition was approved unanimously. ..................................................

Being the 1 1 :30 P.M., the President closed the meeting. .................................

The President ---- Appears signature illegi ble ---- Jaime Correa ........................

The Secretary ---- Appears signature illegible ---- Jorge Z~ibieta .........................

It is a faithful copy of its original, ..............................................................

The Secretary ---- Appears sig nature illeg ible ---- Jorge Zu bieta ..........................

------------------------------------------------.------------------------------------------.--------------- THE ABOVE IS A TRUE TRANSLATION INTO ENGUSH, OF THE DOCUMENT

SUBMITTED TO ME IN THE SPANISH LANGUAGE,

Panama, March 29,2010.