EFTA00724672.pdf

The Apes Hill Club - Phase II - Summary of Cash Flow Projection 470 Acres - LML US Dollars 2006-2020 Project Net Cash Flow 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Total Residential (4.169.766) 1.091.021 34.519.323 1.080.121 3.551.695 12.697.432 35.053.865 24.252.417 20.017.138 24.936,369 26.862.606 11,526,216 1.048275 192466.711 Club Operations (2.814.314) (1.354,849) (600.663) 160.496 1.632.583 2.852.287 4.403.796 4.538.061 5295279 5.092.168 51.268.549 70.470.392 Clubhousbilotel SALE AFTER DEBT 2.764.951 4,951.486 7.716.437 Land and Community Improvements (26.587.452) (17.872.763) (14.509.819) (II .338.081) (495.000) (138.915) (395.040) (287.163) (71.624,232) Beach Resadential Development (15.872.229) (1.136063) (1.080.000) 15.056.250 (3.032.042) Total (30.757.218) (32.653.971) 18.873.441 (11,337.960) 15.298.631 11203,668 34.058.162 24.125.750 21.649.721 27.788.655 31263.402 16.064,277 9108.505 10,043,653 51.268.549 195.997.266 Cumulative (30.757,218) (63.411.189) (44,537,748) (55,875,708) (40.577.076) (29,373,409) 4.684.754 28,810,504 50,460,224 78.248,880 109.512.282 125.576.559 134.685.064 144,728,717 195.997.266 Master Debt Schedule Beginning Pnncipal Balance 20.907.371 54,323,113 44,508,000 44,256.818 32,595.818 20.524.776 Additions to Principal incl. cap interest 20,907,371 33.415.742 13.012.000 3,350.000 16.667.000 87.352,113 Interest Paid 7.5% 1,992.022 769.679 2.761.701 Reduction of Principal 22.827.113 3,601,182 28.328.000 12.071,042 20.524.776 87.352,113 Ending Principal Balance 20.907.371 54.323.113 44,508,000 44256,818 32.595,818 20.524.776 Cash Flow After Debt (9.849.847) 761,771 9,058,328 (11,589,142) 3.637,631 (2.859,396) 12.763.707 24,125.750 21,649,721 27.788.655 31.263.402 16.064.277 9.108.505 10.043.653 51.268.549 193235.565 Cumulative (9.849.847) (9,088,076) (29,748) (11.618,890) (7,981.258) (10.840.655) 1.923.052 26.048.932 47.698,523 75.187.178 106.750560 122.814.857 131.923,362 141.967.016 193.235.565 Equity Contribution 12.000.000 12.003.000 Cash Flow After Debt and Equity 2.150.153 761.771 9.058,328 (11,589.142) 3.637.631 (2.859,396) 12.763.707 24.125.750 21.649.721 27.788.655 31.263.402 16.064.277 9.108.505 10.043.653 51.268.549 205235.565 Cumulative 2.150.153 2,911,924 11,970.252 381,111 4.018.742 1,159,345 13.923.052 38.048.932 59.698,523 87.187.178 118.750560 134,814.857 143.923.362 153.967.016 205.235.565 Affiliates Payables (4.500.000) (4,500.000) Reserve (1.500,000) 1,500,000 Cash Flow alter Reserve 6.763.707 24,125,750 21.649.721 27,788,655 31.263.402 16.064.277 9.108.505 10.043.653 52.768.549 199.576.219 Landmark Dividend 30.00% 2.029.112 7237.725 6.494.916 8,336,597 9.379.021 4.819.283 2.732,551 3.013.096 15.830.565 59.872.866 LML Estimate Fees Project Management Fee 200.000 200.000 200003 200.000 200.000 200.000 200.000 200.003 200.000 200.000 2.003.000 Golf Management Fee 120,000 120,000 120000 120.000 120,000 120,000 120.000 120003 120.000 120.000 1.203.000 Residential Construction Fee 118.078 61,991 464.884 815.698 824,973 892,047 3.177671 Community Improvements Construction Fee 7.085 20.147 14,645 41.877 Clubhouse Enclave Construction Fee 622.641 674.344 391.112 543.505 385.437 587.536 374.490 170.963 3.750.027 Total 1.991.221 1.319.825 2,478,693 536,861 445,162 1.024.779 1.473.873 1,526,810 1,688,478 1,597,484 907.536 694.490 490.963 320.000 16.496.175 EFTA00724672 The Apes Hill Club - Phase II - Land and Community Improvements US Dollars 2006-2013 Community Expenses 2006 2007 2008 2009 2010 2011 2012 2013 Total Land Cost 12,364,016 12,364,016 Master Site Improvements Ph VI A 5,884,529 7,374,000 2,239,269 1,972,202 17,470,000 Master Site Improvements Ph II B 1,400,000 195,000 1,595,000 Collector Road 1,000,000 1,000,000 Golf Course 8,042,237 9,251,763 9,673,550 6,182,450 33,150,000 Golf Maintenance Building/Restrooms 40,670 1,095,000 371,000 78,429 225,000 225,000 2,035,099 Golf Clubhouse & Pool & Guard House 260,000 260,000 Spa Temporary Clubhouse 400,000 300,000 700,000 Homeowner's Maintenance Building Beach Club Expense 100,000 100,000 Plant and Tree Nursery 1,200,000 45,000 1,245,000 Equipment 256,000 152,000 1,026,000 1,434,000 Miscellaneous 120,000 Inflation on Costs & Increase over budget 18,915 70,040 62,163 151,118 Subtotal 26,587,452 17,872,763 14,509,819 11,338,081 495,000 138,915 395,040 287,163 71,624,232 cumulative 26,587,452 44,460,215 58,970,034 70,308,115 EFTA00724673 The Apes Hill Club - Phase II - Residential Cash Flow Projections 470 Acres • LML US Dollars 2006-2020 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Total Revenue Villa -Sales 3.950.000 110.000 2.764.000 8.547.000 11.047.000 8.435.700 18.940.950 23.100.232 25,817.353 25.798.756 21.763.153 150.574.113 Lots Deposits & Sales 2,487.761 9.891.894 31.297.631 7.407.150 1.230.000 11.045.000 34.321.800 31.550.000 23.663.750 24.846.938 26.089.284 10.187.100 217.018.308 Bulk Lot Sale 3.115.715 26.5/1.425 29.657.140 Other Income 308.075 308075 Total Revenue 2,487,761 13.007.609 62.097.131 7,517.150 6,994.000 19.592.000 45.368.800 39.985.700 12.604.700 48.247.169 51.906.637 35.985.856 21.763.153 397.557.666 Less Eioenses Precut Read to Saies 1% Stamp Duty (125,800) (650.407) (75.172) (69.940) (195.920) (453.688) (399.857) (426.047) (482.472) (519.066) (359.859) (217.632) (3,979859) 2% Legal (64.065) (1.281.445) (150.343) (139.880) (391.840) (907.376) (799.714) (852.094) (960.943) (1.038.133) (719,717) (135.263) (7,747.813) 3.0% Oulside Broker Commissions (123.705) (2.550.000) (225.515) (209.820) (587.760) (1.361.060) (1.199.571) (1.278.111) (1.447.415) (1.557.199) (1.079.576) (652.895) (12,272.660) Net Revenue 2,487.761 12.691.039 57.608.279 7,066.121 6.574.360 18.416.480 42.646.672 37.586.558 10.048.118 45.352.339 18.792.239 33.826.704 20.457.364 373.557.331 Cumulative 12.691.039 70.302.318 77,368:139 83.942.799 102.359.279 145.005.951 182.592.509 222.640.927 267.993.266 316.785.505 350.612.209 371.069.573 Less 1.0% Wentworth Base Fee (110.018) (565.000) (400.000) (400.000) (400.000) (426.467) (375.866) (400.481) (153.523) (187.922) (338.267) (204.574) (1,892.121) Net Revenue after wenurono 12.251.021 57.043.279 6.666.121 6.174.360 18.016.480 42.220.205 37.210.692 39.647.934 44.898,816 49304.317 33.488.437 20.252.790 368,666,213 Expenses Parcel Development Costs Lot Development Cost 5.293.763 4.763.000 5.572.571 986.000 2.315.250 1.215.506 3.199.704 3.190.704 26,527;198 Site Work for Villa Parcels 1.963.000 560.000 1.300.000 3.829000 Villa Development Cost 2.535.000 13.871.000 300.000 5921.667 12.803.377 16.175.946 17.491.123 17.833.980 14.885.514 101.823.606 Total Development Cost 5,293,763 9,261,000 20,006,571 2,586,000 2,315,250 1,215,506 9,115,371 15,994,081 16,175,946 17,491,123 17,833,980 14,885,514 132 174 104 Operating Expenses Project Level & RE G&A 1.363.761 2.960.000 3.861.000 3.000.000 1.498.336 1.573.253 1.651.915 1.821.237 2.007.911 2.108.309 2.213.725 2.324.411 2.440.631 28.824.495 Marketing & Promolion Ind above 1.124.329 1.180.545 1.239.573 1.366.629 1.506.708 1.582.044 1.661.146 1.744.203 1.831.413 13.236.591 Polo SconsorshipGoff Promo (1.058.000) (1.3/3.615) 2.862.471 500.000 960.856 Sales Staff Expenses ind. Bonus Ind. above Working Capital ind. VAT HOA Subsdy 250.000 196.875 155.039 122.093 96.148 75.717 59.627 46.956 1002.456 Total Operating Expenses 1.363.761 1.902.000 2.517.385 3.000.000 2.622.665 3.003.798 5.950.834 3.842.905 3.636.715 3.786.501 3.950.588 1.128.241 4.319.001 44024.398 Total Expenses 6.657.527 11.163.000 22.523.956 5.586.000 2.622.665 5.319.048 7.166.340 12.958.276 19.630.796 19.962.447 21.441.710 21.962.221 19.204.516 176.198.502 Net Cash Flow Before Debt (4.169766) 1.091.021 34.519.323 1.080.121 3.551.695 12.697.432 35.053.865 24252.417 20.017.138 24.936.369 26.862.606 11.526.216 1.048.275 192.166.711 Cumulative (4.169766) (3.078.745) 31.440.578 32.520.699 36.072.394 48.769.826 83.823.691 109076.108 128.093.246 153.029.615 179.892.221 191.418.437 192.466.711 EFTA00724674 The Apes Hill Club - Phase II - Residential Assumptions 470 Acres - LML 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Total Lots Lot Assumptions Parcel J Mot lots Sold 8 48 2 58 Price per Lot $366.000 $366.000 $366.000 Avg Lot Size net 18.466 Parcel I N of lots Sold 6 25 1 3 4 39 Price per Lot $610.000 $610.000 $615.000 $500.0:0 $516000 $530.450 Avg Lot Size net 30.000 Parcel H N ol lots Sold 5 6 10 10 8 39 Price per Lot $1.105.000 $1.100.000 $1.290.000 $500.0:0 6750.000 $1.000000 $1.030.000 Avg Lot Size net 37.500 Parcel A 32 2 2 a ol lots Sold Price per Lot $1.005.000 $1.005.000 1.100.000 1.150.000 1.150.000 1.150.000 Avg Lot Size net 35.000 Parcel C N of lots Sold 2 2 I 1 7 Price per Lot $5.500.000 $5.775.000 $6.063.750 $6.366.938 $6.685.284 Avg Lot Size net 91.165 Miscellaneous (WAY) N 01 bts Sold 2 2 4 Price per Lot $615.000 $1.000.000 Avg Lot Size net 30000 Miscellaneous Premium (E.D U ) N of lots Sold 2 2 4 Price per Lot $5.600.000 $5.880.000 Avg Lot Size net 92.000 Parcel F N of lots Sold 4 4 4 2 14 Price per Lot $4.400.000 $4.620.000 $4.851.000 $5.093.550 Avg Lot Size net 46,671 Mot Lots Sold 14 105 8 8 17 20 12 5 5 5 199 Cumulative 14 119 127 135 152 172 184 189 194 199 Average Lot Sales Price not including butt sale lots 428.735 925.894 651.222 736.333 1.906.767 2.629.167 4.732.750 4.969.388 5217.857 Inflation 5% 3% EFTA00724675 The Apes Hill Club - Phase II - Residential Assumptions Villa Assumptions 3.149 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Total Treehouses $631 Sales Price $1.987.0:0 $1.987.000 $1.987.000 $2,086.350 $2.190.668 $2305.201 $2.415.211 $2.535.971 $2662.770 N 01 Treehouse Villas Sold 1 I 2 2 2 8 415 a 01 Treehouse Villa Commence Development 2 2 2 2 8 $455 Development Cost per Unit "" $1432.795 $1.432.795 $1,432,795 $1.432.795 $1.432.795 $1,432,795 $1 ,504.435 $1.579.656 $1.658.639 $1.741.571 $1.828,650 $1 ,920.082 50% Assumed %of development In Year 1 3.267 Fairway $621 Sales Price $2.030.000 $2.030.000 $2.030.000 $2.030.000 $2,131.500 $2.238.075 $2.349.979 $2,467.478 $2.590,852 $2,720,394 a ol Fairway Villas Sold 2 2 2 2 6 8 8 8 8 46 a ol Fairway Villa Developed 6 2 6 8 8 8 8 46 $425 Development Cost per Unit "" (I) $138.3.475 $138.3.475 $1,388,475 $1,388.475 $1,388.475 $1,388,475 $1,457.899 $1,530794 $1.607.333 $1.687.700 $1.772.085 $1,860.689 50% Assumed %of development In Year 1 3.655 Hilltop $680 Sales Price $2.764.000 $2.500.000 $2.500.000 $2.625.000 $2.756.250 $2.894.063 $3.038.766 $3.190.704 $3350.239 a of Hilltop Villas Sold I I 2 2 2 8 428 a 01 Hilltop Villa Developed 4 2 2 8 $449 Development Cost per Unit "" (I) $1.641.095 $1.641.095 $1.641.095 $1.641095 $1.641.095 $1.641.095 $1.723.150 $1.809.307 $1.899.773 $1.994.761 $2.094,499 $2.199.224 50% Assumed %of development In Year 1 Total Vila Sold 2 I 4 5 4 8 10 10 10 8 62 Cumulative Villas Sold 2 3 7 12 16 24 34 44 54 62 Average Villa Sales Price $2.030.000 $1.919.000 $2.136.750 $2.209,400 $2108.925 $2.367.619 $2.340.023 $2,581.735 $2.579376 $2,720.394 Total Lots Sold 14 105 8 8 17 20 12 5 5 5 199 Cumulative Lots Sold 14 119 127 135 152 172 184 189 194 199 Total Lots 8. Villas Sad 14 105 10 9 21 25 16 13 15 15 10 8 261 Cumulative units Sad 14 119 129 138 159 184 200 213 228 243 253 261 Acres Sold 8 63 6 7 15 23 16 8 9 9 164 Cumulative Acres Sold 8 63 6 7 15 23 16 8 9 9 EFTA00724676 The Apes Hill Club - Phase II - Lot Sales by Parcel Site Development for Parcels (1) 2007 2008 2009 2010 2011 2012 2013 2014 2015 Parcel J 2,526,532 913,616 64,000 40.000 Parcel I 2,068,749 742,083 35,000 150,000 Parcel A 154,373 2,313,351 270,000 106,000 Parcel C 150,787 227,642 321,571 150,000 2,000,000 500,000 Parcels D&E&U 259,421 176,927 326,000 320,000 500,000 Parcel F 133,901 19,886 76,000 80,000 5,000,000 Parcel H 87,045 3,920,000 125,000 Parcel V 560,000 15,000 Club Estates Total 5,293,763 4,480,550 5,572,571 986,000 2,000,000 1,000,000 5,000,000 2016 EFTA00724677 Apes Hill Club Clubhouse Enclave Cash Flow US Dollars 2012 2013 2014 2015 2016 2017 2018 2019 2020 Total Residential Club Cash Flo% (4,085,000) (97,500) 7,100,100 8,033,918 8,982,591 6,538,208 9,158,596 9,902,972 45.533.885 Master Sites/Clubhouse (8,863.054) (6.482.354) 3.183 469 5.105 126 (23.634.003) (12,948,054) (6,579,854) 7,100,100 4,850,449 8,982,591 1,433,082 9,158,596 9,902,972 21,899,883 Cumulative (12,948,054) (19,527,908) (12,427,808) (7,577,359) 1,405,232 2,838,314 11,996,911 21,899,883 21,899,883 IRR 20% Loan Beginning Principal 13,465,976 21,386,302 15,997,106 12,426,426 4,437,949 3,359,903 Additions to Principal 12,948,054 6,579,854 19,527,908 Interest Accrued-8% 517,922 1,340,472 1,710,904 1,279,768 994,114 355,036 268,792 6,467,009 Repayment of Principal 7,100,100 4,850,449 8,982,591 1,433,082 3,628,695 25,994,917 Ending Balance 13,465,976 21,386,302 15,997,106 12,426,426 4,437,949 3,359,903 Cash Flow After Debt 5,529,902 9,902,972 15,432,873 Profit Split - 50% to Apes F 2,764,951 4,951,486 7,716,437 Equity Cash Flow (12,948,054) (6,579,854) 7,100,100 4,850,449 8,982,591 1,433,082 6,393,646 4,951,486 14,183,446 Cumulative (12,948,054) (19,527,908) (12,427,808) (7,577,359) 1,405,232 2,838,314 9,231,960 14,183,446 14,183,446 Lender IRR 16% EFTA00724678 The Apes Hill Club - Phase II - Club Operations Cash Flow Course opens 12/09 US Dollars Clubhouse opens 20132020 2007 2006 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Total Monter Rounds- Restdeni 623 2.475 3.375 4.500 5.175 5.550 5.950 6.275 6.500 6.600 6.600 Member RoLeids. Enclave 165 585 1.095 1.605 2.025 2.370 2,655 2.760 Member Guest Rounds 200 400 600 BOO 1.000 1.200 1.400 1.600 1.800 Unaccomparted Member Guest 2.500 2.500 2.500 2.500 2.500 2.500 2.500 2.500 2.500 Leasing Tennant guest 1.292 1.488 1.722 1.872 1.994 2.134 2.274 2.368 2.443 Clubhouse Enclave Rental Rounds 1.673 4.092 6.691 9.469 11.068 12.851 13,676 13.676 Authorized Guests 1,373 5.000 1.995 7.475 7.367 10.728 14.674 16.508 22.517 25.192 27.696 29.399 29.779 Revenue Inilialion Fee • Residents 550.000 1.750.000 1.400.000 560.000 640.000 720.000 450.000 400.000 6.470.000 Mallon Fee • Clubhouse Enclave 770.000 1.360.000 1.360.000 1.530.030 990.000 1.200.000 700.000 7.910.000 Transfer Income Golf Dues 220.000 247.500 347.625 491.825 1.476.000 1.823.100 2.196.063 2.530.756 2.822.776 3.067.439 3.209.613 18.432.697 Sooal Dues 319.500 339.900 372.376 403.216 430.507 450.378 463.889 2.779.767 Green Fees 222.345 1.200.000 889.128 1386.106 2.099.207 2.877.243 3.738.392 4.343.473 5.036.221 5.485.862 5.717.384 32.995.362 Club Rental 20.000 20.600 21.218 21.855 22.510 23.165 23.881 24.597 25.335 26.095 28.878 256.156 Dues S Course Income 462,345 2,016,100 3,007371 4,069,786 5,337,217 7,063,429 8,580,712 8,742,043 9,914339 9,729,775 9,417,765 68 643981 Pro Shop Sales 111.773 376.917 334.310 436.086 539.408 647.766 811.748 935.420 1.066.879 1.158.128 1.206.285 7.628.719 Cost of Sales (35.764) (150.767) (133.724) (175.234) (215.763) (259.106) (324.699) (374.166) (426.752) (463.251) (483.314) (3.042.543) Other Expenses (77.326) (79.646) (62.035) (84.496) (87.031) (69.642) (92.331) (95.101) (97.954) (100.893) (103.920) (990.376) Pro Shop Nel (1.3181 146,504 118,551 178,355 236,614 299,018 394,717 416,151 542,173 593.984 621,052 3,595,801 Food and Beverage Sales 75.591 261.625 265.569 156.128 393.378 662.485 965.682 1.161.615 1.390.475 1.524.165 1.569.890 8.426.602 Cost of Sales (37.002) (117.731) (119.506) (70258) (177.020) (298.118) (434.557) (522.727) (625.714) (685.874) (706.450) (3.794.957) Other Expenses (54,054) (55.676) (57,346) (100.000) (118,013) (198,746) (289.705) (348.485) (417,143) (457249) (470.967) (2.567.382) FSS Net (15.4651 88.218 88.717 (14.1301 96.344 165.621 241.421 290.404 347.619 381.041 392,472 2.064.263 Total Adjusted Gross Revenue 445.562 2252.823 3.215.239 4.234.011 6.172.176 7.528.067 9.216.850 9.498.597 10.804.631 10.704.800 10.431.289 74.504.044 Expenses Course Maintenance 1.900.000 2357.000 2.218.710 2,226.271 2.353.829 2.424.444 2.497.178 2.572.093 2.649.256 2.728.733 2.810.595 26.497.110 Water Cost nickeled in Maintenance God Course Servkes 45.000 46.350 47.741 49.173 50.648 52.167 53.732 55.344 57.005 58.715 60.476 576.351 Cans. Bags. Range 150.000 154.500 159.135 163.909 168.826 173.691 179.108 184.481 190.016 195.716 201.587 1.921.169 Clubhouse Operations 120.000 123.600 127.308 127.308 275.000 283.250 291.746 300.500 309.515 318.800 328.364 2.605.393 Mess S SVelmrNng (2) 200.000 206.000 212.180 218.545 225.102 231.855 238.810 1.532.492 Spa Shonlall (3) 400.000 350303 350.000 1.100.000 GSA 346.701 359.162 369.936 381.034 392.465 404.239 416.367 428.858 441.723 454.975 468.624 4.466.085 Project Level Expense 568.925 585.993 603.573 621.680 640.330 659.540 679.328 699.706 720.697 742.318 764.568 7.286.675 Marketing 7.250 7.468 7.692 7.922 8.160 6.405 8.657 8.917 9.164 9.460 9.743 92.857 Member Expense 100.000 103.000 106.090 109.273 112.551 115.927 119.405 122.967 126.677 130.477 1.146.388 FFSE 50.000 51.500 200.000 206.000 212.180 218.545 225.102 231.855 238.810 245.975 1.679,967 Management Fees 120,000 123.600 127.308 131.127 135.061 139.113 143286 147.585 152.012 156.573 161.270 1.536.935 Taxes & Insurance - included In GSA and Protect Level Total Operating Expenses 3.259.1376 3.607.672 3.815.902 4.073.515 4.539.593 4.675.781 4,816354 4.960.536 5.509.352 5.612.632 5.770.511 50.641.423 Net Before Cap Ex S Debi (2.814,314) (1,354.849) (600.663) 160.496 1.632.583 2.852.287 4.400.796 4536.061 5.295.279 5.092.168 4.660.777 23.662.621 Capitalized Value al 10% 46.607.772 46.607.772 Total Cash Flow (2.814,314) (1,354.849) (600.663) 160.496 1.632.583 2.852.287 4.400.796 4.538.061 5.295.279 5.092.168 51.268.549 70.470.392 EFTA00724679 The Apes Hill Club Golf Assumptions 2007 2038 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Toial Full Memberships Resident Members 50% Jan club Membershp Sales 44 11 25 20 7 8 8 5 4 132 Inillabon Fee (1) $25.000 $50.000 $50.000 $50.000 $70.000 $70,000 $80.000 $80.000 $90,000 $90.000 $100.000 $100,000 $110.000 Cumulative Menters(7/1) 44 44 50 68 90 104 111 119 126 130 132 132 Average Annual Dues- Goll 8 CC $5.000 $5.000 $5.150 $5,150 $12000 $12.360 $12,731 $13.113 $13.506 $13.911 $14.329 I of Rounds per Member I 50 475.000 Clubhouse Enclave Members Membershp Sales 11 17 17 17 11 12 7 92 Initiation Fee 70.000 80.000 80.000 90.000 90.000 100.000 100.000 110.000 Cumulative Members 6 20 37 54 68 79 89 92 Annual Dues Gol1 8 CC $5.150 $12.000 $12.360 $12,731 $13.113 $13.506 $13,911 $14.329 of Rounds per Member 30 I Country Club Members (2) 1 of Additional Members 107 7 7 5 4 130 Cumulative Merril:wa(7/1) 107 II() 117 123 128 130 130 Average Annual Dues $3.000 $3.000 $3.090 $3.183 13.278 $3.377 $3,478 $3.582 Stabilization of Guesl Rounds Accompanied Guest Rounds 25% of member rounds Each Member Is allowed 8 Unaccompanied Guest 12009 -2014 is an assumed number of unaccomparied guests unaocomparved guests become restricted in 2015) Each Rents UM produces 2 (18 hole )rounds per occuped week - assumes 30% ol the units particpate in rental program and are occupied 50% ol the time. Average Rate Accompanied Guest $180 $185 $191 $197 $203 $209 $215 $221 $228 Unaccompanied Guest $225 $232 $239 $246 $253 $261 $269 $277 $285 Leasing Tenant Guest $225 $232 $239 $246 $253 $261 $269 $277 $285 Authorized Guest $162 $240 $247 $255 $262 $270 $278 $287 $295 $304 $313 Pro Shop Sales per Round $56.03 $50.42 $45.38 $40.84 $36.76 $35.00 $36.05 $37.13 $38.25 $39.39 $40.57 Pro Shop Cost of Sales 32.00% 40.00% 40.00% 40.03% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% Food 8 Beverage Sales per Round $37.89 $35.00 $36.05 $37.13 $38.25 $39.39 $40.57 $41.79 $43.05 $44,34 $45.67 Food 8 Beverage Sales per Rental Night $40.00 $41.20 $42.44 $43.71 $45.02 $46.37 $47.76 $49.19 F&B Cost of Sales 22.16% 45.00% 45.00% 45.03% 45.00% 45.00% 45.00% 45.00% 45.00% 45.00% 45.00% Inllabon 3% EFTA00724680 Apes Hill Club Clubhouse Enclave - Real Estate US Dollars Years Year 2 Year 3 Year 4 Year 5 Year 6 Year? Year 8 Year 9 Year 10 Total Revenue Short-Term Villas 5,100,000 5,355,000 5,622,750 5,903,888 21.981.638 Long-Term Villas 6,375,000 13,387,500 14,056,875 14,759,719 15,497,705 16,272,590 8,543,110 88.892.498 Estate Homes 3,570,000 3,748,500 3,935,925 4,132,721 8,678,715 9,112,650 33,178,511 Subtotal 11.475,000 22,312,500 23.428,125 24,599,531 19,630,426 24,951,305 17,655,760 144 052.647 Closing Cost - 7% (803,250) (1,561,875) (1,639,969) (1,721,967) (1,374,130) (1,746,591) (1,235,903) (10,083,685) Net Revenue 10,671,750 20,750,625 21,788,156 22,877,564 18,256,296 23,204,713 16,419,857 133,968,962 Development Cost Site Improvements Short-Term Villas 1,250,000 500,000 1,750,000 Long-Term Villas i,soo,000 1,000,000 500,000 500,000 500,000 500,000 4,500,000 Estate Homes 1,250,000 1,250,000 Inflation/Increase on Site Improvements 112,500 102,500 78,813 107,753 138,141 539,706 Subtotal Site 2,750.000 2.362,500 1,102.500 578,813 607,753 638,141 8,039.706 Unit Costs Short-Term Villas 450,000 2,835,000 2,976,750 3,125,588 2,734,889 12,122,227 Long-Term Villas 675,000 3,543,750 7,441,875 7,813,969 8,204,667 8,614,901 9,045,646 3,799,171 49,138,978 Estate Homes 1.890,000 1,984.500 2.083,725 2,187,911 2.297,307 4,824.344 2,532,781 17 800.568 Subtotal Units 1,125,000 8,268,750 12,403,125 13,023,281 13,127,468 10,912,207 13,869,990 6,331,952 79,061,773 Development Cost Total 3,875,000 10,631,250 13,505,625 13,602,094 13,735,221 11,550,348 13,869,990 6,331,952 87,101,479 Incremental Operating Expenses General & Administration 10,000 10,500 11,025 11,576 12,155 12,763 13,401 14,071 95,491 Marketing Material 150,000 75,000 78,750 82,688 86,822 91,163 95,721 100,507 760,651 Sales Team 50,000 52,500 55,125 57,881 60,775 63,814 67,005 70,355 477,455 Sales Commissions: is it incl in closing cos Subtotal 210,000 138,000 144,900 152,145 159,752 167,740 176,127 184,933 1,333,597 Total Real Estate Expenses 4,085,000 10,769,250 13,650,525 13,754,239 13,894,973 11,718,088 14,046,117 6,516,885 88,435,076 Net Cash Flow from Real Estate (4,085,000) (97,500) 7,100,100 8,033,918 8,982,591 6,538,208 9,158,596 9,902,972 45,533,885 EFTA00724681 Hotel Cottage/Lockout Loop Number of Houses Sold 6 6 6 6 24 Average Sales Price 850,000 892,500 937,125 983,981 Number of Houses Built 1 6 6 6 5 24 Development Cost per HOUS( 450.000 472,500 496,125 520,931 546,978 Hillside Cottage 1.500 Number of Cottages Sold 5 10 10 10 10 10 5 60 Average Sales Price 1.275,000 1,338,750 1,405,688 1,475,972 1,549,770 1,627,259 1,708,622 Number of Cottages Built 1 s 10 10 10 10 10 4 60 Development Cost per HOUS( 675.000 708,750 744,188 781,397 820,467 861,490 904,565 949,793 Estate House 4,000 Number of Cottages Sold 1 1 1 1 2 2 8 Average Sales Price 3.400,000 3,570,000 3,748,500 3,935,925 4,132,721 4,339,357 4,556,325 Number of Cottages Built 1 1 1 1 1 2 1 8 Development Cost per HOUS( 1,800.000 1,890,000 1,984,500 2,083,725 2,187,911 2,297,307 2,412,172 2,532,781 Inflation 5% Total Sales 11 17 17 17 11 12 7 92 LML Construction Fee 170,625 343.744 391.112 381.148 385.437 327.175 374.490 170.963 All-In Cost of Villa Including Land Allocation Land Cost of Site 10,000,000 (20 acres x 500,000) per acre Hotel Cottage 631,612 Hillside Cottage 858,696 Estate House 2,064,946 EFTA00724682 Apes Hill Club Rental Pool US Dollars Year 'ear 2014 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Total Revenue Daily Room Revenue 964,320 2,100,924 3,428,422 4,967,045 5,391,013 5,844,961 6,137.209 6,444,070 35,277,964 Weekly Room Revenue 870,000 2,842,875 5,154,188 7,840,015 10,939,556 14,495,368 16,603.785 17,433,974 76,179,761 Estate House Rental 337.995 735.588 1.199,184 1.735.743 2.823.390 3.952.746 4.150.383 14.935.029 Subtotal Rental Revenue 1.834.320 5.281,794 9.318.198 14.006.244 18.066.312 23.163.719 26.693.740 28.028.427 126.392.755 Apes Hill Club 15%of Revenue 275,148 792,269 1,397,730 2,100,937 2,709,947 3.474,558 4,004.061 4,204,264 18,958.913 Is the 15% NET Net Cash Flow to Apes Hill 275,148 792,269 1,397,730 2,100,937 2,709,947 3.474,558 4,004,061 4,204,264 18,958.913 Assumptions Occupancy Assumptions Short Term Vila - Hotel Cottage 6 12 18 24 24 24 24 24 a of Units AvaRable I 1 Year Las) - 2RIVIS pet Season ( December-April) Weeks Available 20 20 20 20 20 20 20 20 Occupancy 75% 77.50% 80.00% 8250% 85.00% 87.50% 87.50% 87.50% Price per Night per Room 5150 $473 $496 $521 $547 $574 $603 $633 Shoulder (May, August,November) Weeks Available 12 12 12 12 12 12 12 12 Occupancy 65% 6750% 70.00% 7250% 75.00% 77.50% 77.50% 77.50% Price per Night per Room $350 $368 $386 $405 5425 $447 $469 5492 Off Seasort(luneWly, September, October) Weeks Available 20 20 20 20 20 20 20 20 Occupancy 50% 5250% 55.00% 5750% 60.00% 62.50% 62.50% 62.50% Price per Night per Room $200 $210 $221 $232 $243 $255 $268 5282 Owner Occupied Weeks 0 0 0 0 0 0 0 0 Occupied Room Nights 2,755 5,729 8,921 12,331 12,768 13.205 13.205 13,205 ( If Owner Occupied assumes every unit is occupied for 4 weeks 2 in-season and 2 in shoulder) Average Occupancy 63% 66% 68% 71% 73% 76% 76% 76% Average Rate $350 $367 $384 $403 $422 $443 $465 $488 EFTA00724683 Low Term Villa - Small Cottage II of Units Available(1 Year Lag) 5 15 25 35 45 55 60 60 Season ( December-April) Weeks Available 20 20 20 20 20 20 20 20 Occupancy 75% 77.50% 80.00% 82.50% 85.00% 87.50% 87.50% 87.50% Price per Villa per Week $7.000 $7,350 $7,718 $8,103 58,509 $8,934 $9,381 59,850 Shoulder (May, August,November) Weeks Available 12 12 12 12 12 12 12 12 Occupancy 65% 6750% 70.00% 72.50% 75.00% 77.50% 77.50% 77.50% Price per Night per Room $3000 $5,250 $5,513 $5,788 56,078 $6,381 $6,700 57,036 Off SeasonEluneWly, September, October' Weeks Available 20 20 20 20 20 20 20 20 Occupancy 50% 5230% 55.00% 57.50% 60.00% 62.50% 62.50% 62.50% Price per Night per Room $3.000 $3,150 $3.308 $3,473 $3,647 $3,829 $4,020 54,221 Owner Occupied Weeks o 0 0 0 0 0 0 0 Occupied Room Nights 1,148 3,581 6,195 8.992 11,970 15,131 16.506 16,506 ( K Owner Occupied assumes every unit is occupied for 8 weeks 4 in-season and 2 in shoulder and 2 in off) Average Occupancy 63% 66% 68% 71% 73% 76% 76% 76% Average Rate $5.305 $5,558 $5,824 $6,104 $6,397 $6,706 $7,041 $7,394 Estate Houses 0 1 2 3 4 6 8 8 of Units Available11 Year Lag) - SO% Paoli Season ( December-April) Weeks Available 20 20 20 20 20 20 20 20 Occupancy 75% 7750% 80.00% 8250% 85.00% 87.50% 87.50% 87.50% Price per Villa per Week $12,000 $12,600 $13,230 $13,292 $14.586 615.315 $16,081 $16885 Shoulder (May, August,November) Weeks Available 12 12 12 12 12 12 12 12 Occupancy 65% 67.50% 70.00% 7250% 75.00% 77.50% 77.50% 77.50% Price per Night per Room $9.000 $9,450 $9.923 $10,419 $10.940 $11,487 512,061 $12,664 Off SeasonEluneWly, September, October' Weeks Available 20 20 20 20 20 20 20 20 Occupancy so% 52.50% 55.00% 5750% 60.00% 62.50% 62.50% 62.50% Price per Night per Room $6,000 $6,300 $6,615 $6,946 $7,293 $7.658 $8,041 58,443 Owner Occupied Weeks 0 0 0 0 0 0 0 0 Occupied Room Nights 0 239 496 771 1,064 1.651 2.201 2,201 (If owner occupied assumes every unit is occupied for 12 weeks 6 in-season and 3 in shoulder and 3 in off) Average Occupancy 66% 68% 71% 73% 76% 76% 76% Average Rale $9,912 $10,390 510,892 $11,419 $11,974 $12,572 $13.201 Total Occupied Room Nights 3,903 9,548 15,611 22,093 25,802 29.986 31.912 31,912 Food & Beverage per Occupied Room $40 $42 $44 $46 $49 $51 $54 $56 Food and Beverage Other Expense increase an adational 10% to account of increase volume Golf Rounds 1.673 4.092 6.691 9.469 11.058 12.851 13.676 13,676 ( 3 rounds per occupied week) EFTA00724684 Apes Hill Club Clubhouse & Master Site Improvements US Dollars Clubhouse Clubhouse Pool 2012 2013 2014 2015 2016 2017 2018 2019 2020 Year 10 Total 8,863,054 4,365,385 1,808,285 13,228,439 1,808,285 Tennis Courts 250,000 250,000 Back of House/Maintenance 2,500,000 2,500,000 Spa 4,000,000 4,000,000 Inflation/Increases 0 308,684 0 433,469 0 1,105,126 0 0 0 0 1,847,279 8,863,054 6,482,354 0 3,183,469 0 5,105,126 0 0 0 0 23,634,003 1.00 1.05 1.10 1.16 1.22 1.28 1.34 1.41 1.48 1.55 EFTA00724685 Revenue from Sales 60,000,000 50,000,000 40,000,000 30,000,000 • II ■ Revenue from Sales 20,000,000 10,000,000 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2007 is one month of sales. 2010 includes the sale of the beach site. EFTA00724686 Sources and Uses of Cash 80,000,000 60,000,000 40,000,000 20,000,000 0 08 (20,000,000) (40,000,000) 2010 2011 2 12 I 13 2014 2 5 116 117 ■ Cash From Operations ■ Capital Expenditures ■ Increase/(decrease) Bank ■ Increase/(decrease) Mortgage Debt EFTA00724687 Apes Hill Club Cash From Operations 80,000,000 70,000,000 60,000,000 50,000,000 40,000,000 30,000,000 20,000,000 10,000,000 0 SI I • ISII I I I 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 ■ Cash From Operations EFTA00724688 80,000,000 60,000,000 40,000,000 20,000,000 0 (20,000,000) (40,000,000) (60,000,000) 2006 2007 200 24 I 011 2 20 I I 201 201 • Cash From Operations • Cash Available for Use EFTA00724689