SUMMARY OF CONSTRUCTION EXPENSES TO DATE AND FUNDS NEEDED FOR

SUMMARY OF CONSTRUCTION EXPENSES TO DATE AND FUNDS NEEDED FOR COMPLETION BEFORE BOAT LEAVES VIRGINIA Purchase Price Superstructure Construction Fuel Purchase Hydraulic Pistons 150,000 28,000 13,500 9,900 Operating Equipment Gauges — tachs, gauges, senders and keys $335 x 2 770 oil, gauges and lines 120 x2 240 temp, gauges and wires 165 x2 330 ammeters gauges and wire 75 x 2 150 Electrical Panel 450 Raritan rudder Indicator 450 Bilge Pumps 2000ga1 Rule (2 @ $161 each) 322 Hi Water Level Alarm 110 17 Boat Hook 93 Running Lights 325 Cabin Lights (2 Q $50 each) 100 Chart light 48 Searchlight w spare globe 665 Cargo Well lights (2 ® $65 each) 130 Horn 255 Manoverboard Lights ( 2 ® $165 each) 330 Fog Bell 100 24v to 12v Convener 220 12v Deep Cycle Battery 110 12v Starling Batteries (2 @ $210 each) 420 200 amp Battery Charger 175 Fuel transfer Pump 198 2 Crash Pump 440 suction and Discharge Hose 100 2ton Chainfall 115 Tie down Straps for fuel tanks (4 © $35 each) 140 Fire Extinguishers (4 ® $ 145 each) 580 Mounting Brackets (4 ® $62 each) 248 VHF Radio Icom 422 220 Radio Antennae and Mount 176 Radar Furuno1930 -36 mile 5,100 GPS Garmin 365 EPIRB Call 1,070 Compass 270 Life Jackets w lights,whistlos (6 ® $110 each) 660 Life Float incl float-free link and line 1,390 Life rings (2 CO $125 each) 250 Flare Kit 305 Boat Line 600' 3-strand nylon 1,055 Anchor Chain 3V % Galvanized Chain 240 Misc. Shackles 150 STEEL AND ALUMINUM TO COMPLETE MODIFICATIONS IN ST THOMAS 2 — 718* 4' X IV Steel Plate for Hinge Ramps 1,375 EFTA00616386 SUMMARY OF CONSTRUCTION EXPENSES TO DATE AND FUNDS NEEDED FOR COMPLETION BEFORE BOAT LEAVES VIRGINIA 4 - 1" x 20' Aluminum Square Stock for ramp sliders tbd 1 -4- x 20' I-Beam for Entrance Ramps tbd 1 - %" x 4" Flat bar for Hinge ramp support tbd All of the above Items are being procured and installed by Ireland Marine of Chesapeake. Virginia. Labor rates for installation is quoted at $50/hr. approx 40 hrs is projected 2,000 To this point Ireland Marine is due a wire transfer totaling $ 58, 132.00 by May 22, 2007. Including approx. labor and tbd items a wire for $ 60,000 should do. I will provide funds for any additional items that I may have missed (I'm sure I have). We will need recurring supplies like filters and hoses etc. Emad, this should give a real dose budget of expenses. Please seek approval ASAP as ticket prices will change as advance purchase narrows. Total Cost 223,640 Purchase Price (Paid in Full) Superstructure Construction (paid 50%) Balance due before 5/22/07 (150,000) (14,000) of-0-4+--4 t'd $ 59,640 Wo 7 EFTA00616387