`IIMEMII

`IIMEMII I SLAND \MMOM YACHTING ATTACHMENT E Virgin Gorda: Financial Projections Island Global Yachtin Ltd. • • Fort Lauderdale, FL 33301 Tel: • Fax: • www.islecap.com EFTA01119805 Ilkquisidoarms - Virgin Gorda Acquisition Budget Dim Magnet IGY Acquisition Fee Lender Fee Subtotal Lail Grceriburg Tratuig Deed - Filing Fee Title Insurance Subtotal ?halal Studies ATM - Testing Subtotal 1.00% 40,000 1.00% 40,000 50,000 50,000 10 000 10,000 Appraisal Closing Proration Lender Due Diligence Storey Travel Valuation Letter Working Capital Other Closing Costs 20M00 20.000 Conveyance Tax 120%i 480,000 Total ICY Acquisition Expenses 600,000 Acqudddas Taus Virgin Gorda $16,000,000 Total Asset Valuation 516,000,000 Debt Existing Debt 59,235,000 Less. Total Debt 89,235,000 Net Equity Portliest Pnce $6,765,000 IGY Equity Purchase Price (25% ownership) $1,691,250 Add: IGY Acquisition Expense IGY Cash Requirement at Closing 52.291.250 EFTA01119806 ic 9,44.41 107 44 .44 men iReseime (444 EpeM 1.4416 1.83.4 44T12«13/1.14) Salet (100 AI Yes M Temram/ Tear Pence SA% K2% Slit 3114 14 114141 2005 Xerenteme »Oh IT« I 007 SO% MA% 756.779 21.10 le«) 7004 5.0% 116197 710165 211103 Year .1 IOH 73% 171.191 850.10 235,47 »era IOW 7" ni,175 ~AM 00.281 er 5 »11 7." W7,437 973.3% 267X0 041 Ste LTV Raz Tens) Amon Moun , Revised 9,20390 56% 9 ute3 IS 2011 Property 10444114 slips Ber« Or. Streage 00462.0 lindevelopte 400 94 22V Mace 9 cm 1710 38 10 Year Pro Forma Oa Reinue Nos Furl Wes/C4441alrg U- »me 14141 14m4 Momm Serum Mon Own T- «ten liner Ceti ol 1041 5012 fiat Ranee EaPeser Paned Adman Marktent R&M Vulaixa Irounnee RE In Admin fee Tetal Captsei eijnnie Margo 79.11 Metre Fin) %mg Fe<' 1.10411 42300 112021 132403 0240 I1700 112,1., 132.11,3 132310 I32P1) AdeasIrd 401 ISAR» 1344.216 1,414,614 1.5.47.1.4 1:734.6as 1.143,752 24~1 736430 I.n9.171 2414914 CC Mt 79% 14% 92% 100% 10 e%, I I 1% 126•3 13 3% 14)% 131% Edt Vste • 3741;725 Al» Plow here« DS 1.170.0711 1344305 ZAMA» 1.•/7,464 E.736.116 1.11»70 1415,1131 1.14376 2334171 »DOM! De« %Axe A 1.491,150 1,4)1)50 1,372,150 1.312.954) 1,253.550 I 194,1511 I.134.1%1 1303.350 1.013.930 95050 testsInarn Lean 0 p I 0 " B 0 0 051. 0 Pis 094Iss 1 Uit 122e 124 4 I sle 1 8 201(: 225? 3141t umbel/4 AI» Os 121100/1 10.441 14.144 »4311 4400 4/11.412 911051 111"026 127.5.111 14141114711 Deb Pay Derrn 11395119 Mel Cud flew I121.04* 10465) "244 154.411 433,135 01441 911351 1,40.4/4 1,172311 23,31,1 3343)24 13111.412 1,913.912 4743.866 623.010 169,933 169.103 15(1381 - 0 1 75040 7541311 730314) 750111 • ummie 3.501.174 05:026 1.712.727 1.127,14 1,791,449 2.72.41111 11AM 797.4U 43% 80143.10 I 415 146059 132400 alR5 1~4 ben/ Veer* Yew! Yew Id »12 »13 »14 1015 »4 7." 7" 5" 5" $.0% 1347347 1.141.954 1.199052 1.259,004 13215154 1041,513 1.114,419 1,170,14) 1,724647 1390179 20346 306005 371.915 331352 354333 19% 773,222 794419 520,111 144,921 10024 1%376 923364 9342966 979.493 1.411,179 • 4% 727,895 391,20 417,79) 05.05 936.21; 1,0)11127 11/71.95; 1,113.551 Bala° 1.240MS a% 06314 933mA 14124.710 149070 1,1611A22 13504» 1337,955 1.404.1153 1,475174 134551 4 1 13S9 a agar ) a 5.02 5m a awa rp 4.0.441 4.4i1Vi 4. 46% 1.911,523 1.341,9511 1123210 2.754.116 2.401,310 2353,309 2715465 2.441,742 2376343 3,113,791 ~4 1.04.411 ;Olaf 444145 % *I TO Ea 3D% 31% 3131114 323.2211 3370» • 342,933 353201 361796 3/4,710 343,452 141330 401436 17% 140600 144111 149,162 153337 151,246 162,94 167314 172.920 1711,1111 113.4.11 5% Oh» 41.919 44.176 44,471 4534 47310 44595 30053 31,555 53,101 15% 14332 131,070 I33302 139.052 343.224 147.510 131,9% 156304 161,200 16005 11% 90637 93.3% 96.157 99.041 141,413 101073 IOIXD 111,472 114,116 HUM II% MUM 111,514 114.932 1111.11.2 171.931 125.549 129.337 13J531 137.233 141353 . • - - • - - • • - • - 111.34 145,975 171.44 WW0 »MS M133 411R717 151414 13411,443 1571464 37% 36% 33% 34% 33% 32% 31% 31% HI% 30% Up l 434141 31444 1.044493 up» Masse ErameasseatOmdomeni NM Cab flaw (7365,000) 125 LS% Ian es Moily LerTo bitnaMmyry 15% a MAO a .3 413,131 al 339.1% 11132 750111 13491.250) Amuses« I am Noma lam 16011146 ACtlijUl~ Perlis'« Ace »My) 40.030 KY Mora Frei 00% of %psi 140 66103 66303 » V (34 Floe 10/3.4731 041140 47" 494% 33% 6.6% 41% 13% 44% 7.1% NM Cash no. Ira IIRR 12,251.160) 55% 1:4000 WM) 64000 46103 66300 16~ 66300 1144171 71,229 120.714 11444 114,7% 110/105 46033 .117 47'420 87.513 329 1414.744 .41 11/1714 1~5 432443 Rare as EIS 473% 41.1% 2.1% LI% 53% 25% 4.7% 4.7% 5.7% Tedig Eld L•ld Ltlatt itte ILX0101%1M.41 goal 2 0~ ON« f me« Ours« Datcoute Seim 1 Algrre Fee a 499041) sr« 50% «teems BVI Ismeerent Club and 34 Rerun 4 tape« a immedd 1,, be 1011 05 ammrtnipthart ~sea Me IS InyesmemLIVB 140/16 EFTA01119807 Virgin Cada Yacht Harbour 2006 - 2010 Capital Projections Blue Font Indicates Revised Sun Capes Red Font indicates ATM Capox Indicates Item Sun excluded horn original Syr plan BOATYARD Bost Stands Security Light Poles SaloMktg Bobcat Forklift MARINA Mooring Buoys B dock Pedestals B dock Ice Maker OFFICE 3 ounce/ten UPS for officals) Radios • matched sot Security Cameras Generator Beck Up Water Life Safety Issues Buck's Grocery Soffit Sidewalks Fascia Caning Retail Fuel Dock Maint McVay Root Replace Upland Bldg. Dock Replacement Total Capes (Original) (excluded hems) Total Capes (CM Memo) Total Capes Mr Royal Item ICM Sun Resorts (revised 5 You plan) Sun Resorts end ATM 5 an 2007 2060 2009 2010 Total 2007 2008 2009 2010 Total 160,000 160.000 2.000 2,000 0 0 25.000 25,000 100000 100,000 12.000 12,000 2,500 2.500 5,000 5,000 3.000 3,000 5,500 5,500 1.000 1.000 5.000 5,000 • 175.875 175,875 40.000 40,000 623.000 623.000 52.000 16,003 8.750 105,683 24.317 105,616 105,611 3.500 3,500 24.000 24,000 • • 1.931.412 1.913.912 3.845,324 • • 536.8/5 0 0 0 0 536,875 0 536,875 0 0 0 536,875 Memo 2,554,412 2.083 845 169,933 0 4.601.440 Capes Improvements by Category 2007 2008 2009 2010 Deck Capital 1.931.412 1.913.912 StruCtUrsi Capital 623.003 169.933 169.933 ED/anent Capital Total Capes tot Revised IC Memo 2,554.412 2,053.845 169,933 EFTA01119808