Page 39 - ANNUAL REPORT COMPLETE FS
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As expressly stated in the annotations to Transfer Certificate of Title No. S-11306, regarding the
          land owned by the Club, the property cannot be subdivided and shall be used exclusively for the
          construction and maintenance thereon of a clubhouse and appropriate sports facilities for the use of
          the members of the Club. Moreover, the clubhouse to be constructed on the lot shall not occupy an
          area exceeding 30% of the lot and must have a maximum height of 15 meters measured vertically
          from the highest projection of the building proper to the natural ground level directly beneath such
          projection. The remaining 70% of the lot may be used for the construction of appropriate sports
          facilities and/or parking space.


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   Makati (Sports) Club, Inc.
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