SUMMARY OF CONSTRUCTION EXPENSES TO DATE AND FUNDS NEEDED FOR COMPLETION BEFORE BOAT LEAVES VIRGINIA Purchase Price Superstructure Construction Fuel Purchase Hydraulic Pistons 150,000 28,000 13,500 9,900 Operating Equipment Gauges — tachs, gauges, senders and keys $335 x 2 770 oil, gauges and lines 120 x2 240 temp, gauges and wires 165 x2 330 ammeters gauges and wire 75 x 2 150 Electrical Panel 450 Raritan rudder Indicator 450 Bilge Pumps 2000ga1 Rule (2 @ $161 each) 322 Hi Water Level Alarm 110 17 Boat Hook 93 Running Lights 325 Cabin Lights (2 Q $50 each) 100 Chart light 48 Searchlight w spare globe 665 Cargo Well lights (2 @ $65 each) 130 Horn 255 Manoverboard Lights ( 2 @ $165 each) 330 Fog Bell 100 24v to 12v Convener 220 12v Deep Cycle Battery 110 12v Starling Batteries (2 @ $210 each) 420 200 amp Battery Charger 175 Fuel transfer Pump 198 2 Crash Pump 440 suction and Discharge Hose 100 2ton Chainfall 115 Tie down Straps for fuel tanks (4 @ $35 each) 140 Fire Extinguishers (4 @ $ 145 each) 580 Mounting Brackets (4 @ $62 each) 248 VHF Radio Icom 422 220 Radio Antennae and Mount 176 Radar Furuno1930 -36 mile 5,100 GPS Garmin 365 EPIRB Call 1,070 Compass 270 Life Jackets w lights,whistlos (6 @ $110 each) 660 Life Float incl float-free link and line 1,390 Life rings (2 CO $125 each) 250 Flare Kit 305 Boat Line 600' 3-strand nylon 1,055 Anchor Chain 3V % Galvanized Chain 240 Misc. Shackles 150 STEEL AND ALUMINUM TO COMPLETE MODIFICATIONS IN ST THOMAS 2 — 718* 4' X IV Steel Plate for Hinge Ramps 1,375 EFTA00616386

SUMMARY OF CONSTRUCTION EXPENSES TO DATE AND FUNDS NEEDED FOR COMPLETION BEFORE BOAT LEAVES VIRGINIA 4 - 1" x 20' Aluminum Square Stock for ramp sliders tbd 1 -4- x 20' I-Beam for Entrance Ramps tbd 1 - %" x 4" Flat bar for Hinge ramp support tbd All of the above Items are being procured and installed by Ireland Marine of Chesapeake. Virginia. Labor rates for installation is quoted at $50/hr. approx 40 hrs is projected 2,000 To this point Ireland Marine is due a wire transfer totaling $ 58, 132.00 by May 22, 2007. Including approx. labor and tbd items a wire for $ 60,000 should do. I will provide funds for any additional items that I may have missed (I'm sure I have). We will need recurring supplies like filters and hoses etc. Emad, this should give a real dose budget of expenses. Please seek approval ASAP as ticket prices will change as advance purchase narrows. Total Cost 223,640 Purchase Price (Paid in Full) Superstructure Construction (paid 50%) Balance due before 5/22/07 (150,000) (14,000) of-0-4+--4 t'd $ 59,640 Wo 7 EFTA00616387