EFTA01119805.pdf

`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 Acqudddas Taus Dim Magnet Virgin Gorda $16,000,000 IGY Acquisition Fee 1.00% 40,000 Total Asset Valuation 516,000,000 Lender Fee 1.00% Subtotal 40,000 Debt Existing Debt 59,235,000 Lail Less. Total Debt 89,235,000 Grceriburg Tratuig 50,000 Deed - Filing Fee Net Equity Portliest Pnce $6,765,000 Title Insurance Subtotal 50,000 IGY Equity Purchase Price (25% ownership) $1,691,250 ?halal Studies Add: IGY Acquisition Expense ATM - Testing 10 000 IGY Cash Requirement at Closing 52.291.250 Subtotal 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 EFTA01119806  ic 9,44.41107 44 .44 men Revised 10 Year Pro Forma iEpeM Reseime (444 1.4416 Pence SA% 041 Ste 9,20390 Property 10444114 slips 94 LTV 56% Ber« 1.83.4 K2% Raz 9 ute3 44T12«13/1.14) Slit Or. Streage 22V Tens) 00462.0 Mace Salet (100 AI Yes M 3114 Amon IS lindevelopte 9 cm Temram/ Tear 14 Moun , 2011 400 1710 38 114141 Xerenteme IT« I le«) Year .1 »era er 5 1~4 ben/ Veer* Yew! Yew Id 2005 »Oh 007 7004 IOH IOW Oa Reinue »11 »12 »13 »14 1015 »4 Nos SO% 5.0% 73% 7" 7." 7." 7" 5" 5" MA% 116197 171.191 $.0% Furl ni,175 W7,437 1347347 1.141.954 1.199052 1.259,004 13215154 756.779 710165 850.10 ~AM 973.3% 1041,513 1.114,419 1,170,14) 1,724647 Wes/C4441alrg 21.10 211103 1390179 235,47 00.281 267X0 20346 306005 371.915 331352 354333 U- »me 19% 773,222 794419 14141 520,111 144,921 10024 1%376 923364 9342966 979.493 1.411,179 14m4 • Momm 4% 727,895 391,20 417,79) Serum 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 Mon 1,475174 134551 Own a a T- «ten liner 3.501.174 05:026 44.13S9 1 agar ) 5.02 5m a awa rp 4.0.441 4.4i1Vi Ceti ol 10415012 1.712.727 1.127,14 46% 1.911,523 1.341,9511 1123210 2.754.116 2.401,310 2353,309 2715465 2.441,742 2376343 3,113,791 fiat Ranee 1,791,449 2.72.41111 ~4 1.04.411 ;Olaf 444145 % *I EaPeser TO Ea 3D% Paned 31% 3131114 Adman 323.2211 3370» • 342,933 353201 361796 3/4,710 343,452 141330 17% 140600 144111 149,162 153337 401436 Marktent 151,246 162,94 167314 172.920 1711,1111 113.4.11 5% Oh» 41.919 44.176 44,471 4534 47310 44595 R&M 15% 14332 30053 31,555 53,101 Vulaixa 131,070 I33302 139.052 343.224 147.510 131,9% 156304 161,200 11% 90637 93.3% 96.157 99.041 16005 Irounnee 141,413 101073 IOIXD 111,472 114,116 HUM II% MUM 111,514 114.932 1111.11.2 171.931 125.549 RE In . 129.337 13J531 137.233 141353 Admin fee - • Tetal Captsei - • - - • • - • 11AM 797.4U 111.34 145,975 171.44 - eijnnie Margo 43% WW0 »MS M133 411R717 151414 13411,443 1571464 37% 36% 33% 34% 33% 32% 31% 31% HI% 30% 79.11Metre Fin) 80143.10 I 415 %mg Fe<' 146059 132400 1.10411 42300 112021 132403 0240 I1700 112,1., 132.11,3 132310 I32P1) AdeasIrd 401 alR5 ISAR» CC Mt 1344.216 1,414,614 1.5.47.1.4 1:734.6as 1.143,752 24~1 736430 I.n9.171 79% 14% 92% 100% 2414914 Edt Vste 10 e%, I I 1% 126•3 13 3% 14)% 131% • 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 testsInarn Lean 1,4)1)50 1,372,150 1.312.954) 1,253.550 I 194,1511 I.134.1%1 1303.350 p I 1.013.930 95050 051. 0 0 " B 0 0 Pis 094Iss 1 Uit 122e 0 124 I sle 1 84 201(: 225? 3141t umbel/4 AI» Os 121100/1 Deb Pay Derrn 10.441 14.144 »4311 4400 4/11.412 911051 111"026 127.5.111 14141114711 Mel Cud flew 11395119 I121.04* 10465) "244 154.411 433,135 01441 911351 1,40.4/4 1,172311 23,31,1 Up l 434141 3343)24 13111.412 31444 1,913.912 - 4743.866 623.010 169,933 169.103 15(13811 1.044493 up» 75040 75413110 730314) 750111 Masse ErameasseatOmdomeni • ummie NM Cab flaw 125 (7365,000) LS% a MAO a .3 413,131 al 339.1% 11132 750111 Ian es Moily 47" 494% 33% 6.6% 41% 13% 44% 7.1% LAmuses« erTobitnaMmyry I am Noma lam 15% 13491.250) 16011146 ACtlijUl~ Perlis'« Ace »My) 40.030 KY Mora Frei 00% of %psi 140 66103 » V (34 Floe 66303 1:4000 WM) 64000 46103 66300 10/3.4731 041140 1144171 16~ 66300 46033 71,229 120.714 11444 114,7% 110/105 NM Cash no. 12,251.160) .117 47'420 87.513 329 1414.744 .41 Ira IIRR 55% 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.41goal 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 Sun Resorts (revised 5 You plan) Sun Resorts end ATM 5 an Item 2007 2060 2009 2010 Total 2007 2008 2009 2010 Total BOATYARD Bost Stands 160,000 160.000 Security Light Poles 2.000 2,000 SaloMktg 0 0 Bobcat 25.000 25,000 Forklift 100000 100,000 MARINA Mooring Buoys B dock 12.000 12,000 Pedestals B dock 2,500 2.500 Ice Maker 5,000 5,000 OFFICE 3 ounce/ten 3.000 3,000 UPS for officals) 5,500 5,500 Radios • matched sot 1.000 1.000 Security Cameras 5.000 5,000 • Generator 175.875 175,875 Beck Up Water 40.000 40,000 Life Safety Issues 623.000 623.000 Buck's Grocery Soffit 52.000 Sidewalks 16,003 Fascia 8.750 Caning 105,683 24.317 Retail 105,616 105,611 Fuel Dock 3.500 3,500 Maint McVay Root 24.000 24,000 • Replace Upland Bldg. • Dock Replacement 1.931.412 1.913.912 3.845,324 • Total Capes (Original) • 536.8/5 0 0 0 0 536,875 (excluded hems) 0 Total Capes (CM Memo) 536,875 0 0 0 536,875 Total Capes Mr Royal ICM 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