Please prepare the monthly cash budget taking into account the following legal and contractual circumstances:

a.- As of June 30th 2004 the cash balance for Real Madrid was 169 million.

b.- Member dues are payable July 1st (usually 70% of the dues are collected during July, 20% in August and the remaining 10% in September)

c.- Exhibition games are prepaid (cash is received in July)

d.- TV broadcast rights are paid 50% in July and 50% in January.

e.- Current marketing contracts stipulate one payment of 50% in July and 2 payments of 25% each in January and March.

f.- Jersey royalties are received in roughly equal monthly payments throughout the year contingent on actual sales.

g.- Transfer fees according to contract but the payments agreed for each year are due in July

h.- Salary expenses:

i. Monthly minimum payment of 3,000 per player (for a total of 200,000 per month)

ii. In August and February Real Madrid has to make two payments to the Spanish Tributary Agency of 20% of the salaries as tax withholdings (for a total 40%).

iii. The main payments to players are due in two halves in July and January.

i.- Investments in the Ciudad del Real Madrid: equal monthly payments throughout the year

j.- Corporate Taxes are paid in 4 approximately equal installments in October, January, April and July.

k.- Other operating expenses: equal monthly payments throughout the year

l.- In the case that cash payments exceeded cash inflows Spanish banks would be willing to cover the

temporary cash needs at costs close to EURIBOR (European Interbank Offer Rate).