CACHIMBA

Residential Cash Flow Proforma

Residential Lot Development          %        Amount

Planning                                      $130,000

Civil Engineering                             $554,100

Soiis Engineering                             $589,100

Traffic Engineering                           $5,000

Utiiity Consultant                            $30,000

Landscape Architect                           $20,000

Special Consultants                           $17,500

Legal                                         $90,000

Printing/Delivery                             $12,000

Grading                                       $3,030,500

Water Systems                                 $700,000

Street lmprovements                           $711,000

Dry Utilities                                 $2,047,000

Landscaping                                   $402,500

Walls                                         $750,000

Entry Features                                $24,500

Development Fees                              $2,000,000

Contingency                                   $2,222,640

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Sub Total Development Costs               $13,335,840

Soft Costs

Marketing                                     $818,000

Operations                                    $657,000

Preferred Stock Repurchase                    $8,500,000

Cost of Sales                                 $4,908,000

------------------------------               -----------------

Sub Total Adminisration Cost             $14,883,000

Total Development/Administration Costs   $28,218,840

Revenue

Phase 1 (1 00 Lots) $6,500,000 03/31/2001 $65,000 Per Lot

Phase 2 (200 Lots) $14,300,000 03/31/2002 $71,500 Per Lot

Phase 3 (200 Lots) $15,700,000 03/31/2003 $78,500 Per Lot

Phase 4 (250 lots) $21,575,000 03/31/2004 $86,300 Per Lot

Phase 5 (250 Lots) $23,725,000 03/31/2005 $94,900 Per lot

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Total Lot Sales      $81,800,000