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Pronouncement # 3220-2008 SETENA:

The Ministry of Environment, Energy and Telecommunications
National TechnicalSecretary of Environment (SETENA) at 9 hours 15 minutes of November 11, 2008

Residential & Condominal Project FFPI, river works, usage of soil movement and materials - BLACK STALLION HILLS.
Administrativ File # D1-1350-2008- SETENA

The Board of Directors of this Secretary is presented with the Form of Environmental Assestment D1 y the swored declaration of Environmental Commitment of the project: Residential Condominium FFPI, river works, usage of soil movement and materials - BLACK STALLION HILLS. Which is represented by Corp. Damrod CRC, S.A., and Esteban Chaverri Jimenez with the Administrative File # D1-1350-2008- SETENA

Therefore this Board of Directors decides:
During the ordinary meeting # 0163-2008 of this Secretary on November 10, 2008 on the clause # 18, to:

FIRST: To approve the swored declaration of Environmental Commitment and Matrixes of Environmental impact presented along with form D1 and submitted by the developer…

EIGHTH: The developer is told according to clauses 17, 18 & 19 of the Environmental Law that the procedure of Environmental Assestment has been fullfilled for the project and it has the following characteristics:

Name of the Proyect: Residential Condominium FFPI, river works, usage of soil movement and materials - BLACK STALLION HILLS.

Administrative File # D1-1350-2008- SETENA represented by Corporation Damrod CRC, S.A., and Esteban Chaverri Jiménez. Location Province : Guanacaste, County: Santa Cruz , District: Tamarindo, Chartographic Sheet: Villareal, Esc: 1:50.000, Coordinates: 339-341 North / 252, 254 West, Cadastral Survey # G-599884-1999 and G-105698-2006, Farm # 017160-000 and 009029-000.

PROJECT DESCRIPTION: The activity comprises the construction of a 203 lot condominium for prymary individualized filial farms with average areas of 1500 to 3000 square meters each, 11 of which will be for commercial use. Also it counts with 21.800,00 lineal meters of roads with sidewalks, curves, sanitary and pluvial water system, electric system, drinkable water and public light systems. Besides, the project will have a 135 square meters access building and security post.

Filial #15 with 2149,38 square meters will have a two-stories office complex with a floor area of about 1800 square meters. The recreation facilities of the condominium will have an area of 18220,30 square meter, and it will have 2 swimming pools, dressing facilities, bathrooms, showers, a restaurante, spa, jaccuzzi, sauna, gym, 2 tennis courts, and a court for several uses. It is also included 35 works in the river beds related to the crossing of creeks, with sewage systems and protection measurements such retaining walls and 2 small bridges.

Filial #186 located on the sourthern sections with an area of 168648,55 square meters is destined to harbor a 21 room condo-hotel on the highest part. Filial # 187 is destined for commercial use comprising a building for a casual restaurant and commercial establisments of 820 square meters, a service area of 350 meters, a barn with administrative facilities and services, corral and display grounds for 60 horses with a construction area of 2400 square meters. Soil movement will be greater that 10,000.00 cubic meters in cuts and landfills, no disposal of soil will be done outside the project and soil and waste rubble will be taken care of within the project (according to MINAE decret # 33959-MINAE Gaceta # 244 December 19, 2007). The project will have drinkable water provided by the Water and Sewage Administrative Association of Santa Rosa and Guatemala (ASADA SANTA ROSA) and 2 drilled wells (According to drilling permits IMN-DA-1884-2008 perforation # VI-184 for domestic use and irrigation, and IMN-DA-1884-2008 perforation #VI-183 for domestic use, irrigation and cattle feeding. Electricity will be supplied by COOPEGUANACASTE, RL. Rain runoff and soil use certificates are supplied by Municipalidad de Santa Cruz . Garbage collection will be done by Environmental Solutions of Guanacaste, and the treatment of waste water will be taken care by 5 treatment plants, output will be used for irrigation (waste water plants permits is added to this document).

Therefore the ENVIRONMENTAL FEASIBILITY is given to this project, and now is entering the environmental management stage providing that it will comply with the clause of fundamental environment commitment referred to in point third…