EFTA00726540.pdf

South Padre Island Summary of Cash Flow and Profit or Loss Break Even EXHIBIT 1 2009 2010 2011 2012 2013 2014 2015 Total Cash Flow Cash Flow from Real Estate (1,00t103) (914,820) (501,828) 480,482 79,226 (140.609) 110,033 (887,516) Cash Flow from Golf (406,497) (398,002) (353.698) (276,480) (239,679) (159,213) (68,737) (1,495,807) Payables Total project cash flow (1,407,600) (1,312,822) (855,525) 204,002 (160,452) (299,822) 41,296 (2,383,323) Cumulative (1,312,822) (2,168,347) (1,964,346) (2,124,798) (2.424.620) (2.383,323) Payables Beginning Balance 500,000 250,000 Repayment of Balance (250,000) (250,000) Ending Balance 250,000 0 Cash Flow (1,562,822) (1,105,525) 204,002 (160,452) (299,822) 41,296 (2,883,323) Cumulative (1,562.822) (1,105,525) 204,002 (160,452) (299,822) 41,296 # of Units Sold 20 31 43 62 67 65 65 Cumulative # of units sold 900 951 994 1,056 1,123 1,188 1,253 South Padre Fee Construction 114,681 0 220,972 268,627 339,293 382,802 348,284 1,674,658 Project Management 120,000 120,000 120,000 120,000 120,000 120,000 120,000 840,000 Golf Management 127,590 139.612 143,800 150,000 150,000 150.000 150,000 1,011,002 362,271 259,612 484,773 538,627 609,293 652,802 618,284 3,525,661 Cash Frlom South Padre (1,303,210) (620,753) 742,629 448,840 352,980 659,580 280,066 Cumulative (1,303,210) (1,923,963) (1,181,334) (732,493) (379,513) 280,066 C:\Documents and Settings\mdoherty\My Documents\South Padre\South Padre Island - Doug's 5 Year Projection4-1-10, 3/30/2010 1 of 1 EFTA00726540 Apes Hill Club Residential Real Estate EXHIBIT 2 Summary of Sales Activity: Year 2010 Conveyed/Under Contract/Advancing to Contact Additional Projected Sales Activity Total Product: V.5.1 # u$S # L/$1 Lots 11 8,222,000 7 3,500,000 18 11,722,000 Villas 4 8,014,000 2 3,500,000 6 11,514,000 Beach 1 16,500,000 1 16,500,000 16 32,736,000 9 7,000,000 25 39,736,000 Less Direct Cost of Sales 7% (2,291,520) (490,000) (2,781,520) Proceeds 30,444,480 6,510,000 36,954,480 Bank Loan: Bank Balance 12/31/09 44,256,818 Projected Capitalized Interest 2010 2,011,110 Payment to Bank 31,053,352 (S0% of H-5,67% of Net proceeds other than beach,$15M on beach site) Projected Bank Balance 12/31/10 15,214,576 Inventory Held for Sale 75,000,000 (does not include sales in 2010) Held for Development 150,000,000 (Villas, C, F, V) EFTA00726541  The Apes Hill Club - Phase II - Summary of Cash Flow Projection 470 Acres - LML US Dollars EXHIBIT 3 Project Net Cash Flow 2006 2007 2008 2000 2010 2011 2012 2013 2014 Total._ Residential (4,169,766) 1,091.021 34519,323 1,040.121 15819.175 19.026,140 55.332,264 75,688,045 30,143,154 231.529,477 Club Operations 0 (1.916.086) (1,946.025) (683,448) 615,269 14.098,688 10.068,398 Land and Community Improvements (26,587.452) (17.872,763) (14.509.819) (11.338.081) (195.000) (855.041) (21.058,646) (2.042,051) (94.558.851) Beath Residential Development (15872,229) (1,136,063) (1.080,000) 16,600,000 Repay ant of receivables Total (30.757218) (32,653,971) 18,873,441 (11,337,960) 33,208,089 14,125,074 33,590,170 74,161,264 44,241,842 147.039,024 Cumulative (30,757.218) (63,411,189) (44,537,748) (55,875,707) (22567,618) (6,542,544) 27,047,628 101,208,890 145.450,732 NPV ©10%2005.2019 51,806,558 Master Debt Schedule Beginning Principal Banco 20.907,371 54,323.113 44.506.000 44,256,818 15214,576 Additlom to Principal incl. cap interest 20.907.371 33.415.742 13,012500 3,350000 2,011.110 72.696.223 Interest Pall 7,5% 570,547 570,547 Reduction of Principal 22.827.113 3,801,182 31,053,352 15214,576 72,696.223 Ent746/ Principal Balance 20,907.371 54,323,113 44,508,000 44,258,818 15,214,578 Acres Sold Acre Release Price Cash Flow After Debt (9.849.847) 761,771 9,058,328 (11,589.142) 2,154,737 339,951 33,590,170 74.181.284 44.241,842 142.889,075 Cumulative (9.849.847) (9084,076) (29,748) (11,618,889) (9,464,152) (9,124,201) 24.468969 98.627,233 142,848075 NPV ®10% 62591,794 NPV GLOW 2010+ 105,800,440 NPV 020%- 2010* 75,014,750 IRR 20064014 52% Equity Contra:4.60M Distributkm) 12.000.000 12,000,000 Cash Flow After Debt and Equity (1) 2,150,153 761,771 9,056,328 (11,589,142) 2,154,737 339.951 33,590.170 74,161,264 44,241,842 154,889,075 Cumulative 2,150,153 2,911,924 11,970.252 381,111 2,535,848 2,875,799 38,465569 110,627,233 154,869.075 Cash Flow after Debt and &arty 0 2575,799 33,590,170 74,161,264 44,241,842 154,869,075 Cumulative 0 2,875,799 36,465,969 110.627233 154,869.075 Reserve (2.675.799) 2.875.799 Cash Flow after Reserve (0) 33,590,170 74,161,264 47,117,641 154.869.075 Landmark Dividend 30.00% (0) 10,077.051 22.248.379 14,135,292 45.460,723 Net Present Value at 10% 31,543,885 Net Present Value at 15% 20374,146 Net Present Value at 20% 22,241,633 Apes_Hill_Club-Budpet 2010 New Release Price -Cbudia3/30/2010 EFTA00726542