Summary Investment and Purchase Price Analysis Property ICY Valuation NO1 Before NOI After Debt Service Debt Service Year 1 Year I NOI NO1 After Debt Service / Capx Year I Cap Rate Exit Cap Rate Debt as of Sep-06 Equity Yacht Harbor $ 8,500,000 S 844,463 S 83,234 S 64,734 9.9% 8.5% S 4.060,000 S 4.440,000 [torsi I larbor S 18,000,000 S 1,296,135 647,693 S 586,193 7.2% 8.5% S 6,523,000 S 11,477,000 Simpson Bay S 10,000.000 S 847,829 $ 518.746 S 313,246 8.5% 8.5% S 3,377,000 S 6,623,000 Village Cay S 14,000.000 S 1.117,941 S 219,858 (141,848) 8.0% 8.5% 6,925,000 S 7,075,000 Virgin Gorda 16,000,000 $ 1,117.926 S 318,926 S (217,949) 7.0% 8.5% S 9,400,000 S 6,600,000 Canyon Lake Crane Mills S 10,625,000 S 991,059 S 269,541 S (90,959) 9.3% 8.5% S 7,131,400 S 3.493.600 lakeway 8.000,000 S 827.481 S 313,379 S (305,961) 10.3% 8.5% 3,743,000 $ 4,257,000 Total 85,125,000 S 7,042.834 S 2,371,378 S 207,457 8.3% 8.5% S 41,159,400 S 43,965,600 rktelnal totems Total Value Cash (20%) wa Shares (80%) Rhoades 1,384,271 $ 276.854 73,828 Powers 1,318.871 $ 263.774 70,340 Olszewski 557,758 S 111.552 29.747 Total 3,260.901 652.180 173,915 Tender Offer Interests Total Value Cash (30%1 ICY Shares (70%) LPs $ 40,704,699 $ 12,211,410 1,899.553 Total S 40,704,699 S 12,211,410 1,899,553 Total Total Payout Total Value Casir ICY Sharel $ 43,965,600 S 12,863,590 2,073.467 EFTA01122413