Applicable law to timeshare contracts currently in force.

In Spain there are currently at least three specific legal regulations applicable to timeshare contracts in force today, these are:

- Law 42/1998, de 15 de diciembre, sobre derechos de aprovechamiento por turno de bienes inmuebles de uso turístico y normas tributarias.

- Roya Decree-Law 8/2012, de 16 de marzo, de contratos de aprovechamiento por turno de bienes de uso turístico, de adquisición de productos vacacionales de larga duración, de reventa y de intercambio.

-And Law 4/2012, de 6 de julio, de contratos de aprovechamiento por turno de bienes de uso turístico, de adquisición de productos vacacionales de larga duración, de reventa y de intercambio y normas tributarias.

Consequently, contracts signed between the 5th of January 1999 and the 17th of March 2012, will follow Law 42/98, whereas those contracts signed between the 18th March and the 7th July 2012 has to follow the Royal Decree-Law, being Law 4/2012 for contracts signed after the 8th July 2012.