PROJECTED STATEMENT OF INCOME The purpose of this project is to provide an estimated income based upon the information provided by the appraisal and Mr.. I have personally inspected this property and have spent time with Mr. Fleihan. I am a C.H.A, and have over 25 years of Hotel General Manager experience, in properties in British Columbia, Alberta and Florida. I was sent down to Fort Lauderdale, Florida as a consultant to clean up a 180 room full facility hotel and marina. I became General Manager of the property for 3 years, my visa was denied by the U.S. govemment Oct. of 2002. I have been successful in all my endeavors and look forward in participating in this project. A projected statement of income for 56 rooms and lease of service area. 1. Projected 4 months, June - September Rooms $99.00 per day Suites $150,00 per day 2. Projected 8 months, October - May 60% oocupancy of 56 rooms =36 rooms 36 rooms @ \$850.00 per month 3. Miscellaneous 4. Total Gross Kevenue 5. Lease Restaurant, Bar and Banquets 6. Expenses Schedule of Required Equipment/Accessory Assets for the Vacation Please find a statement of income, and note the following. Deniantad ealoe for 4 months 4. Expenses have been estimated from 1.' 62 room hotel 2. 50 room motel 5. I made a few adjustments for utilities - as the triple net. FOOM RRVENUE Room Revanue Telephone Revenue 1,075,000.00 5,000.00 Commleslone ATM Commiselons Laundry/Sa:p Revenue Pop Soles Miscellaneous Revenue Lease rest, bar \& banquets TOTAL REVENUE 1,200,000.00 1,200,000.00 PAYROLL. AND RELATED Payroll 190,000,00 Vacation Pay Commiss/ans Employee Benafits/Texes 10,000.00 Employee Masls Casunl Labor Group insurance TOTAL PAYROLL \& RELATED 200,000.00 OPERATING EXPENSES Doore/LocksMindows Plumblng Repalrs/Mintanance Heatlng Repalre/Maintanance Eleolrical Repaira/Maintenance Painting/DrywallCelling TileB Small Tools Equlpment Repalrs Carpet Cleaning/Ropalrs Snow RemovaVSanding Groundskeoping/Sweeping Waote Removal Sccurlty Signage General Repairs/Maintenance Damages Recovared TOTAL REPAIRS MAINTENANCE 50,000.00 Power Heating Water/Sewar 39BO OZ88LHEEO5:XWd Conclusion As stated in the appraisal a conservative estimate of annual room revenue would be to use the areas average rate. Average daily revenue per room $57.5056rooms365days=$1,175,300,00 This projection estimates at $1,100,000.00 for room revenue