SVI CBRE File No. 07-396OR-0510 Prepared for: Mark Lande IGY-AYH ST. THOMAS HOLDINGS, LLC 717 Fifth Avenue, 18th Floor New York, NY 10022 AND Cassandra P. Webster-Hodge Assistant Vice President BANCO POPULAR VIRGIN ISLANDS St. Thomas, VI 00801 VALUATION & ADVISORY SERVICES Self Contained Appraisal Report CBRE

ALUATION Si ADVISORY SERVICES June 11, 2007 Mork Lande IGY-AYH ST. THOMAS HOLDINGS, LLC 717 Fifth Avenue — 18th Floor New Yo Phone: Fox: And Cassandra P. Webster-Hodge ifir CO box 8580 St. Thomas, VI 00801 Phone: 8+44+2716 / 340.693.2716 Fax: 8+44+2716 / 340.693.2794 RE: Appraisal Agreement American Yacht