<table><tr><th>From:</th><th></th></tr><tr><td>Sent:</td><td>Friday, May 31, 2013 2:38 PM</td></tr><tr><td>To:</td><td>'Cecile de Jongh'; 'JEE'</td></tr><tr><td>Cc:</td><td>'Richard Kahn'</td></tr><tr><td>Subject:</td><td>RE: AYH</td></tr></table>

How about something like =his.

Frank, Thank you very =uch for the documents however those provided do not address our =riginal request. To confirm I have relisted the items =elow. Thanks again for your assistance and as discussed feel free =o included any addition information you think would be useful. =ecile

1. The name of the person who led =our team at Island Global Yachting Acquisition, =TD.(IYG)

2. January 2007 Closing documents =o included the closing statement for the sale btw. MOF VI(Sun Resort =ntity) and IGY.

3. The contact information for =he seller.

3. The seller's records that were =resented to you and (IGY's)your team in your due diligence (i.e., =revious years financial statements 2003-2005 and the first 9 months of =span class=yiv7474977573tab> 2006, =eceivables, rent rolls) and any other pertinent documents that =ere used in the evaluation of the purchase.

3. The list of the Marina =pportunity Fund partners.

4. September 2007 Banco Popular =inance of $15,3 million loan documents:

a. Note

b. Commitment letter =o:p>

c. Property Appraisal

5. Any other information =iven to your team relative to the purchase of =YH.

From:=/b> =ecile de Jongh Imailto:ceciledejongh@yahoo.com]
Sent: =riday, May 31, 2013 4:53 AM
To: JEE

Cc: Jeanne =rennan; Richard Kahn
Subject: Fwd: =YH

We have =II of this with the exception of the Bill of =ale.

I think I should =eiterate that we need the closing docs from the 1/17/07 transfer of =itle and the later closing with Banco Popular along with the appraisal. =nbsp;Also, a copy of a canceled check(s) in the amount of $25,500,000 =rom IGY-AYH Acquisitions to MOF VI. This was a private sale (no bank =nvolvement) in 1/17 but there must be a closing statement which lists =11 costs, fees etc.

At the end of the day, I think the docs should roughly =how:

JE investment $5,100,000

AF investment $5,100,000

Banco Loan. =15,300,000

=. =nbsp; =<empty>

Purchase amt. =25,500,000

JE put in about $12,750,000 (half of the =quot;value") and later, when the Banco financing was concluded, he =ot back
about $7,650,000 from the proceeds.

The question is, how could the bank support a =15,300,000 loan on a property that, on record (based on the last deed)
=s valued at only $6 million?

Jeffrey, if you are a 50% owner and signed loan docs, =e can ask the bank for the closing =nformation.

Thoughts?

With warm regards,

Cecile

Sent from my iPhone

Begin forwarded =essage:

From: "Garrison, Frank" =lt;fgarrison@islecap.com>
May 30, 2013, 10:50:45 PM GMT-04:00
To: Cecile de =ongh <ceciledejongh@yahoo.com>Cc: "Garrison, Frank" <fgarrison@islecap.com>
FW: =YH

Cecile,

See below =hich includes both the Purchase and Sale Agreement as well as the =ctual transfer documents. The transfer documents, other than the deed, =nly recite nominal consideration. I don't know what is =ustomary in the USVI but similar documents in the U.S. depending upon =urisdiction, also recite nominal consideration on their =ace.

Frank

Frank M. =arrison

Island Capital Group LLC

One American =enter

3100 West End Ave Suite =230

Nashville, TN 37203

615-783-1021

From:=/b> =ande, Mark
Sent: Thursday, May 30, 2013 2:10 =M
To: Garrison, Frank; Jennifer Greene
Cc: Mukamal, =om
Subject: RE: AYH

The deed is for a lesser amount - $6.1million. =/span>

Bill of Sale — nominal consideration =/span>

Assignment and Assumption of Material Contracts, =lip Agreements and Leases — nominal =onsideration

Assignment of CZM Permits — nominal =onsideration

P86 Agreement - $25.5 million — =ection 2.04 (you probably already have)

This message, and any attachments hereto, is =onfidential and intended exclusively for the use of the individual or =ntity to whom it is addressed. This communication may contain =nformation that is confidential, proprietary, privileged, subject to a =onfidentiality and/or non-disclosure agreement, or otherwise exempt or =rotected from disclosure (either by contract or under applicable law). =f you are not the intended recipient, you are hereby notified that =rinting, retaining, reproducing, copying, disclosing, disseminating or =sing this message or any information contained herein (including any =eliance thereon) is strictly prohibited. If you have received this =essage in error, please contact the sender immediately and destroy the =essage (including any attachments) and any copies in their entirety, =hether in electronic or hard copy format. Nothing contained in this =-mail shall be considered a legally binding agreement, amendment or =odification of any agreement with Island Capital Group LLC or any of =ts affiliates, each of which requires a fully executed agreement to be =eceived by Island Capital Group LLC or such affiliate. =o:p>

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