The Superintendence of Societies BOGOTÁ, COLOMBIA, by means of Car No. 411-2979 of March of 2000, 08 determine the opening of the one it processes obligatory liquidatorio of the Society BRIDGE PALM CONDOMINIUM GOLF CLUB LTDA, Designating in quality of Clearing to the Doctor RAMÓN HERACLIO BUITRAGO GONZÁLEZ.

In development of the process liquidatorio that the society in reference confronts, the clearing gentleman allows to offer the PROPERTY AND/OR PROJECT of the society for sale in reference, for that which is carried out this way a complete description of the same one:

It is a property of rural character with project to develop a country condominium.

1.2.1 Sidewalk: Chimbi.

1.2.2 Municipality: Melgar.

1.2.3 Department: Tolima.

The property is located on the north side of a highway of character veredal that connects the highway that drives to the Carmen of Apicalá of El Paso, with the highway that unites the urban headphoneses of the municipalities of Melgar and Carmen of Apicalá.

To the property you consents for the national highway of Bogotá-Girardot-Ibagué. Approximately 9 kilometers before arriving to Girardot, the variant begins to Him Spinal in the well-known place as El Paso; here he/she takes the paved highway that it drives to the urban helmet of Carmen of Apicalá, for which 4.2 kilometers are traveled approximately until finding a secondary highway located on the left margin, for where he/she strays approximately until the property in a distance of 1.7 kilometers

Although the property is located in the municipality of Melgar, the main influence is of the municipalities of Carmen of Apicalá and Girardot.

- Of Carmen of Apicalá to the property : 10.0 kilometers.

- Of El Paso to the property : 5.9 kilometers.

- Of Girardot to the property : 14.6 kilometers.

- Of Melgar to the property : 13.9 kilometers.

The specific area of localization of the property study matter, is characterized by the presence of big country properties with intensive cattle exploitations of levant and it raises; in smaller proportion agricultural exploitations are presented.

However during the last years, tourist developments have been presented, by means of the construction of closed groups of country housing of good specifications. In the sector they stand out the Country Group The Empire, Villages of San Mateo, Ski Chicalá, Valley of Guatimbol, Country Club The Prairie, The Mirador of the Lake and Serranova.

2.3.1 Roads of Access: The main access road to the property study matter, is the road El Paso-Carmen of Apicalá that comes off of the national highway Santafé of Bogotá-Girardot-Bague. It is a paved road of a roadway with two rails in good general state of conservation and maintenance.

As via secondary he/she is the highway Melgar-Carmen of Apicalá-El Paso.

2.3.2 Internal roads: The specific access to the property is carried out for via it interns from penetration to the sidewalk Chimbi, via uncovered in medium conservation state.

The region has an appropriate service of transport intermunicipal, covered by several routes from and toward the capital.

The region presents in general floors of franc-oozy texture, with good contents of organic matter; they are well in general drenados and of very good fertility, permanent agricultural aptitude that you/they require very few cares for the production of grasses and easily controllable acidity with lime in cultivations tecnificados.

2.6.1 Temperature: The sector has a temperature average of 30° C.

2.6.2 Altitude: The sector is located to 350 meters approximately s.n.m.

The sector in general presents wavy topography, with big areas of planada type river vega. This topography facilitates its exploitation for different economic fronts.

The main resource hídrico of the region constitutes it the river Sumapaz; as secondary resources they constitute it smaller gulches as the Gulch Inal and several nacederos.

They are located in the population of Carmen of Apicalá where they are warehouses of sale of inputs, deposits of materials, restaurants and cafeterias, cooperative and similar.

Of conformity with the certificate of freedom No. 366-9906 of date March of 2000, 31 the current proprietor of the property is the Society BRIDGE PALM CONDOMINIUM GOLF CLUB LTDA.

The property was acquired by means of the notarial instrument No. 1876 of date July 15 1.996 of he/she would Notice it No. 15 of the Circle of Santafé of Bogotá, D.C.

Of conformity with the given notarial instrument, the property is not affected neither benefitted by servitude some. However in the high part of the property he/she was given a land fringe to the energy for the step of a high tension line.

It is a lot of rural land, compound number "Bridge Palm", before "Villa Claudia."

FOR THE NORTH

Partly with the country property Santa Clara and partly with the Treasury María Mounts, this last of property of Rita Mariette Aljure of Camacho, before Treasury Cobos of Brown Julio Dávila.

FOR THE SOUTH

With the road that of the sidewalk of Chimbi, it drives to the highway that he/she goes to the municipality of The Carmen of Apicalá of the municipality of Melgar.

FOR THE EAST

With the property The Vanessa, of property of the Doctor Abraham Rascovsky which was also part of the Treasury Peralonso.

FOR THE OCCIDENT

Partly with the Treasury Peralonso of property of Manuel Parga Executioner and with the Condominium Four Winds.

Of conformity with the Certificate of Peace and Except for Municipal sent by the Municipal Treasurer of Melgar, the property he/she has an approximate area of 36 hectares 9,270 M² (36.927 Hec.).

4.4.1 For topography: The entirety of the area of the property has wavy topography with slopes average of 15%. Their lower point is located in the bench mark 285 meters s.n.m. and their higher point is located in the bench mark 350 meters s.n.m.

4.4.2 For use: the whole property is used for shepherding of bovine and horsy livestock.

It is a property in a trapezoidal way and regular configuration.

The property has front on the access road in an approximate longitude of 500 meters, for its south boundary.

The property is occupied in 85% by grasses; 15 remaining%, it corresponds to a small area of native forest, where additionally the nacederos of water of the property is located.

The property is arborizada by means of native forest.

The lands are rich in matter organic and good layer vegetable. The sector in general presents good retention of water that favors the maintenance of the grasses in summer times.

Approximately 80% of the property is mecanizable; the exception constitutes it the area occupied by the native forest and the nacederos of water.

Inside the property he/she is a small house of 60 M² used by the administrator, which is not representative inside the global value of the property. For this reason an independent value is not determined to the established one to the land.

6.1.1 Electric power: The property has a single connection given by the Electrificadora of the Tolima.

6.1.2 It dilutes: The property has three lakes that correspond to small nacederos and they are used the escorrentías that come from the high areas to take advantage. Additionally the property has deep well of water of 150.oo meters.

Drain: The property doesn't have any type of sewer system system. It solves the drainages of the house by means of septic well.

The property has a fence with wire of spikes it has more than enough wooden posts in medium conservation state. On the front the property has a cerramiento in close alive in limoncillo Swinglia.

The property doesn't have any internal carreteable.

At the moment the economic exploitation of the property is the cattle raising with levant heads and some equine copies.

The main economic exploitation of the area is the cattleman. As secondary exploitation the country condominiums of tourist type are observed.

Of conformity with the market investigation, the sector presents a discharge it offers for lots in condominium with values per unit among $30.000 / M² and $50.000 / M², some with ended infrastructure works and others with works in course. The offer for lots or properties of more extension is very low.

It is important to settle down that the currency to which reference is made text presently is Colombian pesos, in order to facilitating its conversion to other currency types, he/she settles down to date that the price of the dollar for Colombia fluctuates the $2250 pesos, that is to say a dollar similar to $2250 Colombian pesos.

The project Bridge Palm Condominium Golf Club has been designed on a land of 40 hectares, of which have been dedicated 55% approximately to recreational areas and 45 remaining% to private areas. Inside the recreation areas it has the project 3 hectares of native forest, 3 hectares dedicated to the 9 golf holes, putting green, 2 tennis courts, social headquarters with pool, a multiple court, 3 ornamental lakes that can be used for the sport fishing endowed with jetties and bridges. Paisajísticamente the whole condominium will be framed inside an exuberant vegetation characteristic of the region, with pedestrian paths that integrate the whole condominium.

Their lots have 1.650 M² of area on the average, what guarantees a total independence and privacy that it is required. Additionally it allows to develop complementarily in each lot their own pool, terraces, jacuzzi and to have a wide garden.

At the moment the project has the following studies:

I study Hidrogeológico and Geoeléctrico for the exploitation of underground waters carried out by the company Underground Waters Ltda., in the month of March of 1.996.

Design of nets of Aqueduct and Sewer system with a first design carried out in the month of September of 1997 and a definitive design carried out in the month of January of 1998, study made by the engineer Oscar Baquero A.

I design of the plant of realized treatment of waste waters for the engineers Juan Bernardo Boatman and Oscar Baquero A. In the month of January of 1998.

Study of floors for structures comunes, nets and realized design of pavements for the signature Espinosa Restrepo and Co. In the month of September of 1997.

I design and construction of the deep well for supply of waters and study of their hydraulic characteristics carried out by the signature Associated Perfocol in the month of September of 1997.

I design of the net electric general carried out by the signature Julio Cesar Associated García Ltda. in the month of December of 1997.

I design of the general road and realized budget of roads for the signature Ltda he/she Marries. Engineers in the month of December of 1997.

I study general of feasibility, general budget, technical report and financier carried out by the signature B.M. Associate Architects, carried out in the month of March of 1998.

I study of environmental impact carried out by the signature Ingeofor Ltda. in the month of January of 1998.

The project has the following approvals and permits in general:

It licenses environmental sent by Cortolima by means of which all the studies and designs are approved enumerated previously. And the concession of waters is authorized on deep well by a 5 year-old term it foresaw the payment of the rights of this concession.

Resolution No. 134 of 1998 for which License of Construction is granted by a term of two (2) years starting from the date (October 20 of 1998).

The following ones are the pending articles of advancing in the project.

License of sanity that will be sent by the Hospital of Melgar.

To finish some of the aforementioned studies inside these the regulation of horizontal property.

To carry out the desenglobe of the lots of merchantable private area.

The following ones are the works you advance in the land for the execution of the project:

Lateral walls of the main cover (at the moment in not well state).

Deep well for the supply of waters.

Amojonamiento of the 107 lots of private area.

Siembra of alive fences in the front of the property.

Descapote of the internal main road (at the moment it is again weedy).

1. GROSS AREA OF THE LAND 369,270.oo M²

2. AREA NATIVE FOREST 60,000.oo M²

3. AREA LAKES 4,520.oo M²

4. AREA RECREATION 8,000.oo M²

5. AREA VEHICULAR ROADS 25,000.oo M²

6. AREA PEDESTRIAN ROADS 9,320.oo M²

7. AREA PRIVATE RESULTANT 262,430.oo M²

He/she is considered a value average of sale of $27.000 / M² and an incidence of the land on the sales of 20%.

8. MERCHANTABLE PRIVATE AREA, DEAR INITIAL DE THE PROJECT. 208,627.o M²

This area established a field of Golf of 35,572 M² and an amplification, of the native forest and green areas in 22,301 M².

Being considered under the initial conditions of the project (Item 8), a value average of sale of 35,000 / M²

Next summary some of the most outstanding characteristics in the property:

- The general localization of the property, in a rural area of the Municipality of Melgar.

- The specific location of the property on a penetration road to the Sidewalk Chimbi, which is characterized by the mixed, mainly cattle and tourist vocation, near the highway Santafé of Bogotá - Ibagué.

- It distances to neighboring populations and access conditions, which are good due to the state and category of the roads.

The extrinsic characteristics of the region, as agronomic quality of the floor, meteorological conditions, topography, conditions paisajísticas and environmental, and public order situation.

The security of the sector.

- The characteristic of the land, such as location, extension, forms, proportion and topography waved in most of the area that facilitates any development type in the property.

- The potential value of the earth, that is to say the capacity producer of the floor, coming from their natural conditions and of their physical characteristics. This value is assigned, basing us primarily on the conditions that he/she offers the property for intensive agricultural uses the same as the development to medium and I release term of the project of the condominium.

- The wavy topography, they facilitate the current economic exploitation of the property, since they diminish the costs of livestock control, maintenance of the same one, siembra of grasses, supplies of water, etc.

- The chemical physical characteristics of the land that require minima cares for the production of grasses and easily controllable acidity with lime for cultivations.

- They were studied carefully, like handling conditions, all the factors unaware to the same nature of the floor, as use of the resources existent hídricos, infrastructure nets and improvements of permanent character, such as cerramientos, wells and other facilities, since they contribute to the use and better exploitation of the property.

- For goods of the present, you study and it valued the project of the condominium in independent form to the value of the land, keeping in mind the early steps and approved licenses.

- The asking prices and demand for this type of estates, inside the ac bought tual of property root in the region.

- The present evaluation refers to the transaction of the value from the property to commercial prices, expressed in money, with an eye toward determining a mercantile or hypothecary operation. The value determined in the evaluation, is the balancing price to which could be carried out a transaction in condicio normal, understood nes these as those in that the buyer and the one sells dor they operate free of pressure, like it could be a crash, forced sale and obligatory or under conditions of local speculation.

- For goods of the conformation of the price of the well sized one, among other cri terios, it has been kept in mind the recent evaluations and the transactions in the sector to the one that homogeneously belongs the property.

- Inside the value assigned to the land, all those improvements of permanent character have been involved, which contribute to the best use and exploitation of the property, such as wells, cerramientos, the house and similar.

- The final value assigned to the land was determined keeping in mind its current main vocation, that of cattle property. The value of the incidence of the project was determined with base in the development potential.