G LOBAL

G LOBAL YACHTING ATTACHMENT F Village Cay: Financial Projections Island Global Yachtin Ltd. • • Fort Lauderdale, FL 33301 Tel: • Fax: • www.islecap.com EFTA01119809 Acquisition Budget Due Diligence IGY Acquisition Fee Lender Fee Subtotal legal Greenberg Trawls Deed - Filing Fee Title hutmuwe Subtotal Physieal Studies Ant • Testing Subtotal 1.00% 43,333 1.00% 43,333 50.000 50.000 1000Q 10,000 Olbet Appraisal Closing Proration Lender Due Diligence Survey 'navel Valuation Letter Working Capiul Otter Closing Costs 20.000 20,000 Conveyance Tax I 65,000 Total ICY Acquisition Expenses Itt,333 Atuditition Tern Village Cay Total Asset Valuation Debt Existing Debt Less: Total Debt Net Equity Purchase Price ICY Equity Purchase Pelee (33.3% entrain) Add: IGY Acquisition Expense ICY Cub Requirement at Closing 56,4 8,336 513,000,000 513,000,000 56,4113,336 56531.664 52,193,888 313 r 52,332 22I EFTA01119810 eari 5 wee» 107 FMµ 4416,2007 . • Village Cay - Roadtown, Tortola B Expanse bah.% Mt ~0 noel Expense Lew% CODS 01 3. 2 I DM Fat (1104) 5.0% See Cores Yew III Terms% Ys 56% 11 1 • its Purchase Inte II) IAXI (COI Cm Rahr Dios MI 9.1% Ca, Pae (e0 Id% RR II OM51 132% RR illiV) 135% 6,43 36 ury ?Pi Kg< li I I". term 15 Amon IS %stuns 5 i 202u Pasty blenemelse Ftw0 Hoed/Resuanza Basel Rocca Condos _ MiNdLitmel Retires _ Dedt 5asse Shea Fug Weltolltleltant 0~ HS Sat yams Ta e ~Ind Meer Teal Gram leas Con al (we Sold Net ants Es— Piss AOsm miss Ra).1 Leas LS Lea% Swett R.F Tana Ass Yee Tod Yams Fates Ss NW (6Sere mete) Ws Few Adis» NUI tap IUD Ls Value eta raw Idea Ms Sor•sce DSC CS IS Alltr DS Debt Pa Dos Nee Cask Wm /WS atkreasea 2403 »33 A 10/7,49, W4.» 3.41W14 Lana» 43141094 65% AS% 132z00 1320111 1115,451 DVS» Dock Istd »sane lsplid hosnerd (cad Res» tiarathashOrDlopmerel 191:41 Vs 0 Veer 1 Ye 2 Ys) Vow 4 Vs 5 Yell Var 7 Vs* Vier 9 Ys 16 % of 2037 1005 an 2010 »111 »11 »13 »14 »15 »16 Tel IS 5,9% 511% 5.0% SW I" 3116 I" 3.0% 30% 20% 1.0345e 910,995 1,140,2% 7943111 1122,133 1,70,292 1.306400 134702 UAW Ia.?» 9% 414960 503,011 330.2» 371,181 jam. 390,705 606439 6».652 64.1.412 664,47 6% 306101 119304 335.271 734.690 »1,731 373,12 316697 396.235 4361» 420369 43% V% 12.413 2.6u. 173,7 n 14.370 2,769.452 15.243 • 141,569 170.116 16,651 ,13911146 .433 143.513 171,719 4177 19.419 792 Ian) in11,3 37.:442653 147 166,717 15% 1,100.357 2% 1111.635 11400 921,531 1414126 W9. 129 11551 1307,192 1.045407 1451116 14,132 3% 739.469 135436 1 jj°6 116371,43 Mill ILO» 13»; 301 1471,71 1.660.67/ 246%731 5,,rj 1.615,411 5.417.164 1,663,946 1,929 I 940.3316 2931.112 4.11.1 1,997# 772 73= 16.113 4.9131: 2.120.495 7-1146113 2.322.677 Isaai 111 . 2.1i:4 10 4. 74=7 52.536 14752 1,117043 33113334 :t ars 34~ 3053.741 USK; 4. 23: 41 .736, 4,4 6991,10 % 1,331,112 »2,931 2765.279 1.217 3'2 44 .1170 34 4321 • • %4 VS 30% 56% 6273,353 14% 3132141 3% 64,360 11% 333,714 13% 191,1411 0% 4,293 3% 79.412 3,143,501 463460 3,07.114 Nee Cm» IS 16.769,937) 123% R4Yna 111111 OA% -HO% 32% 124% 13.8% 1.5.2% 3.0 1,311,759% 323336 44291 363,103 299,74 4.433 111,16 • 3.11% 6396616 342,943 70,25 27%426 311.136 446I $6.$32 1,33.3% 333310 327 72,435 327403 4.533 59,57 • 1,76497 363,27 74,611 296.40 337,311 92.141 4,977 • 1324619 374.742 3 76,49 05,3» 347,636 6126 94935 1,564,0P) 353,44 79,153 314,4% 336063 5.280 97,732 1.6132» 397,564 11329 313,931 365,07 sa 14.6655 1.661460 49.»1 53,973 333419 379,71 6601 103,703 • 64% 62% 61% 65% 61% 60% 01/•4 DTI :a,7» 1,15,14 I.5.14511 41R1µ 1434a 67».19, 4,46154 6~15 1.1114,0/0 132003 1321110 3310110 132W) 1324W 1310011 132060 32,Des 112.03) I31010 1,1101.1140 ' kl% 111% 11" 52% 15% 1211% 112% 1161 140% 143% • 21411142.3 1,77435 1.313614 1.430441 1~32 1,101%0 la,» 1,11064 6767,0) 1.524,155 13.369.34.3 1/327,I% 956301 941.010 903,9» th17.19 111,739 »WY 739,555 696467 6.57.3/7 I155 132x 1 3Ix LI» 127h 2R24 21% 219' 2 6I x 1555a MIS 327.314 4115.74 141,611 240,070 111.420 931415 1,1127.632 1.1/$41/2 22.731$11. I 1, 7 101 1.41.516 327.314 416.14t 141.413 140,70 434,4» 611.11$ 1017.133 1,11.4444 109,750 316910 1311.132 1471032 10.711 $.404 (1St*, i AROM ~71 536,04 931315 1,2 .61:2 1131.W Onerreh% Sets rna Count Awash» 611ue Daste Casts MovarbOn Fee II% of ACP WWI ICY Man Fs (50•• of Mg» Few) 66000 6000 66.000 40100 SLOW 66~ »000 66.0» 66.010 66»0 It"( (:M Flow 13.595 »ID 11620,111 1011311111 4,337 Man 310,015 342.541 375,129 6.93132? Nee Cash Dow 1:135.5551 7•,sts 61001 (714,001) 0034801 »OP ~al 374.465 mom 441320 7,1740 ICY IRK 33.3% Return eaa Ewley 14% 29% •II.7% .173% sass 14.7% 163% 173% US% soles I Tens sna Law beam at DS er 3% itsowl pow% 2 thUnd Orwr - &Isms Censer. NS ac »Wm Fee • DIreetes Rat So% behneo B91 lenses Club tel Tas ACaCitt 4 lnatal a atinfired b be IOW p oseneep Wes %them lea 6•0 ISVIlehentnene flue 13% <1193.»11 1553331 43.333 11 ri IS EFTA01119811 2 i ili f ilflifN i fliffif=igg i Ili i 11. ifil "41! I e III i 1 i r I fisit. t ! iiiip:i I ti §9550§ggN5 I 1 minium ii€€€d€ I a NZtNYS4: §n§9§§§ ;Milli EFTA01119812