I SLAND

I SLAND fl LOBAL YACHTING ATTACHMENT C Simpson Bay Financial Projections Island Global Yachtin Ltd. • • Fort Lauderdale, FL 33301 Tel: • Fax: • www.islecap.com EFTA01119790 Acquisition Bodge Due Diligence Essa JOY Acquisition Fee Lacier Fee Subtotal Greenburg Tmung Deed - Filing Fee Title Insurance Subtotal Physical Studies ATM • Testing Subtotal Oki Appraisal Closing Proration, Ueda Due Diligence Survey Travel Valuation letter Waking Capital Other Closing Costs Conveyance Tax I.00% 100,000 1.00% 100,000 50,000 50,000 4.7% 10-000 moo 20. 20,000 470,000 Total MY Acquisition Expenses 650,000 Acquit'ties Tams Simpson Bay 510.000.000 Total Asset Valuation 510.000.000 Debt Existing Debt 53,355,447 Less: Total Debt 53.355.447 Net Equity Purchase Price (100% ownership) 56.644,553 Add: WY Acquisition Expense 650,000 ICY Cash Requirement at Closing 57,294,553 EFTA01119791 Mist4171144.44 06700 e Nyap banases• 14914191tlisse Set mui SS 1191.44 Pace da 1333.447 114 la ílOMpll.u'Y nl 1.7V 1.5411 Si Was* m impeendla) 5la 5." 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Mi Cel flow 11.1 1611 itna« sn Fado hem I 1enus IN Lard La% we %n10 P• %mi w<+% 2 taai %gum in :012 milmid I. et coat I 00% ,elivicec %wee 04%4 00~ %k 4 Mes Fee Ha Y Fee 3 513 Miran Foei %%ka ty ei Aiteri Fm Ver • Vele 1 Vs 2 Var) lrem 4 Veer 3 Vim 6 Yes/ Vel Verf Vele 94.1 MI 3" MI 2019 21111 0111 1013 AU 31113 Zelf T9 %a 5.0% 50% la la la .13% 3.19% J" 3.11% 41% 1:127.431 1313.931 1A01‘1341 1.710.90 11111.71) 1917.03 2.1114.117 2.134404 2219957 2.429,416 33% 1.142.343 1.124313 1.211312 1244149 1210.717 1.124319 1.314.917 1501.931 1.447106 1490.499 15% 319.332 334.911 MIMI 367.310 Mi), 401,171 610.133 09.731 437.90U 477437 2% 12.399 544911 57,37$ 09,916 92.934 93.477 91341 101,292 1111.341 107.440 4% 12/1317 27*1/71 234433 241461 2411111 Mi n 2431% 271.774 271921 2111J13 2% 3/711 54.301 53321 37.147 39333 0.113 42.949 44437 69712 61.7.6 1% 21,173 72434 73.313 14.413 24.733 15.473 16.244 77427 2/09 21.473 ii% jol 141713 NI j, mag 024 a .119g 1.03117 ij ih r7; 4.14Z cab os17 1.1199.111 41% 1.415422 1.313491 1410.313 101179 1,707.473 1.731139 1110431 1.114296 1319170 1371.933 1.044494 L/114411. 7.211.47i ~ba 7^1510/1 1334355 ~AI 1.11114177 134.7.aeo M11A5 %•1 11114 35% 13% 195232 14949.1 4071% 197.777 43270 431.341 X31493 444.1110 214.493 41a52 34.1417 471442 124413 31 4~01 3339 »0430 240.171 313649 247294 4% 12% 41.314 121440 42432 129,212 44.117 133.0311 43•444 137.41111 46.310 141.150 143 4% 49.634 149.792 31143 114.215 33171 111,914 34 134 143441 4% 31.4111 351370 44.737 41.- 43.239 44339 47.107 47249 44.146 50 124 4% 64 310 KM 64.993 44.995 64;13 64393 64.993 64.991 140.1191 44993 13% INDI 135.779 139.714 14.1 ~ 191 14,7333 .W7 14342201 án 134.764 141337 1%217 44.774 P. 30333 39.434 40.447 43.974 47.333 24 Mi jW 24C 1~101 1.1% IJ= 33114 13413 Lig .134 495. 31•5 2011. 49% 47% 44% 43% 44% 0% 31.144 46 I 7: Wol 37377 61122 06401 71.706 7/111 111913 19564 911015 434211 I10141 9 9% 91`• 111.1% 11/91. 11 Ti 11 riii 13.4% 14.7% 13.1% 119% • 1%11107 91%045 134>d 1.071.1142 1431.112 1.134101 1.2413112 1.343.414 1445447 117%341 211143.403 116.1.111 3/6.131 314.121 374131 316 III 336.121 336.1731 316.111 316.1211 334.1211 2,h 2 711 30% 321. )4,1 377r 40% 4304 4 494 61.4% 64107 514.134 671.914 711.1114 113011 971.411 Ina@ 1.114.419 1.1».213 211.147.165 1[1111251 '' 1, 4 iii 444.917 Wij» 472414 ISIS/ 131441 929.01 114500 1.115.419 1331.21) 173494.19 30.794 733.101. 34111 33.0.10 10.1140 25%0 20.354 3730 311.209 311200 471.350 33.100 33100 44.0.0 411011 100.1103 I01.1/03 . 110.230 1216.145 ~4W 451493 l 3000 1111.1111 231011 103400 %X. 719310 45.333 17.714.W) 362.717 411.114 1 *KM 911.13 1.1411 17.10197* 1541% 3.6% 10% 12% 15.5% Kl% 124% 1/1% nl% 13.5% (0.4443331 14301101 101UXO 75414 71172 77,107 11327 13422 90.609 932% 101.114 106413 113.054 261.717 141053 197314 693.144 7344111 90504 921210 1.101169 111496) 17421.976 57.1943311 331441 2111.20 774411 424.343 1191.943 1314997 1314313 1233474 lijmde lil% 43% 30% 9.4% 164% 113% 13" 141% 14.7% 17.2% 7415 EFTA01119792 ~peon 11.0 1.1•00. ]0M- 2010 prgee this Ford Indk.~/~~ 5011 O4444 1W Font MS< Mill ATM Caps/ 1~~«. Item Sun excluded 1~ orlánd Syr paw Dres1441 Dinghy IT 115 Oulisoárd GeV Cart Pin" Fuel Desk Meuse key Extension Moos Ger. 1/0.0. 40404cd Boxes (5~10 /Omer Ikon ~phy Travel IS Securer Cemew 'teem Spene.Gewamse acoang System 5442100 IrmonleS0 2~0 etelein) Finger Plet Exionoone IS per year) Front Geis fire Ls440~40 PG r•414/4 4 ~Mere OfIke Punt* 7~ Furck Up P1PX Copses Coc4« Air 0.340Itionet Up Geml* Sabroc~ Hot Valor Tents Salo of Dinprty Side of 0...103~ Bolierd mplememrd wam ~hems or,mer Doc is Controls Sorbs* Ut 40.. ~Inn RepairrIlalnienanc• Conciettersum OM Ar np ~We Root /Gm* Hosed/ ~de Floor /cm. Hou40 ~air Caws% ~Is (0~ Meuse) R. Villndos Et Trim !tom ~Ws Ite~erri 44040 ROO (Fuel Oeciti Replace 11.~~ /rum Doc.) 0~0/43 144014^4644 Yew GP« (00 01~1 (~~ ~1 2~ Cp.. 0031 Maml TOW Gaon ler 4~4 ION homo Um ~ate (~~ M plan) 21104 Sp2 3~ 2~ 2010 total 50~ 23003 25.000 104.001 20.030 20.003 2.00 7,000 4.020 ~CO 12.000 12.000 12.040 331:011 53043 7,003 7.~ 15.00 15~ 15040 16.020 t000 75,020 3.CCO 3030 3~ 3~ 3.000 15640 7.21:0 7.1110 5.000 3.000 4~ 3:0~ ~SO 6~ 6~ 10.4•3 11,003 11403 408484 10.203 14033 10.000 10~ 54~ 4~ 4035 5.000 6~ 10~ 1~ SW 4035 1~ 1~ 2.603 3~ 1~ 11~ 10~ 10.400 Om 1~ 1.~ 1.500 1.040 2.000 7~ 2.003 IWO 2.~ lom 2.030 5.040 2.000 2.444 12~1 (11010 (1.2031 (1.0 M ~CO 3.000 3.00 3.~ 3.000 153~ 3.203 3.203 3.0:0 4403 WI tm 1, 20 3 41 MI MI MIN 300002 205.140 75.100 71,000 51.100 51.000 41112.500 304~ 50n ~ale 304 400 /11r plan] 2007 23 000 !COO 2044 2560) 2061 2040 25.203 Total 44.204 31/.04• 6.033 4.040 15.00) 15.4:03 130:0 46003 3000 MO) 30:0 3.2.0) 13.~ 3.000 3.~ 5.000 6.240 10.000 10.000 10.203 1-0.020 01.240 5.0;0 5.000 5~ 5.440 2.520 2.540 10.203 14~ Om 140 2.020 7.20) 6.400 2.0:0 2603 4.004 2.2.03 2.400 (7.0301 (2.0001 MOOD) (1.0001 31:0) 3.200 1030 3.CCO 13.000 3.1:00 3003 3.000 5.000 1E0 220 142.100 24A00 3.4.~ SI SOO $1.500 15400 15000 340.004 3500:0 7.1130 7,530 !MO 7~4 000 4 000 4~ 30 311 10 203 104110 1 160 1.101 725 724 25 COO 75.000 354~ 3 40.006 MON 46~ 040.145 cpNr Impro~~te by Gelepory OOG CePtal 51461.04 Ca~ Eq.rtrrert Cagrid 3~1 Capes let Re~ IC 14~ 353.100 36.885 35.000 381.200 - 33.100 35.000 40.0:0 48,000 3416,200 453,085 75,000 10.000 541,000 EFTA01119793