SC 13E3

SECURITIES AND EXCHANGE COMMISSION,

WASHINGTON, D.C. 20549

SCHEDULE 13E-3

(RULE 13e-100)

TRANSACTION STATEMENT UNDER SECTION 13(e) OF THE SECURITIES EXCHANGE ACT OF 1934
AND RULE 13e-3 THEREUNDER

Oriole Homes Corp.

(Name of the Issuer)

Oriole Homes Corp.
Levy Acquisition Co.

(Name of Person(s) Filing Statement)

Oriole Homes Corp.
Class A Common Stock, par value $0.10 per share
Class B Common Stock, par value $0.10 per share

(Title of Class of Securities)

686264102 (Class A)
686264201 (Class B)

(CUSIP Number of Class of Securities)

Oriole Homes Corp.	Levy Acquisition Co.	Richard D. Levy, Harry A. Levy, Mark A. Levy
1690 S. Congress Avenue	1690 S. Congress Avenue	1690 S. Congress Avenue
Suite 200	Suite 200	Suite 200
Delray Beach, Florida 33445	Delray Beach, Florida 33445	Delray Beach, Florida 33445
(561) 274-1235	(561) 274-2000, ext. 341	(561) 274-2000, ext. 341

(Name, Address and Telephone Numbers of Persons Authorized to Receive Notices and Communications on Behalf
of Person(s) Filing Statement)

Copies to:

Dennis J. Olle	Leslie J. Croland, P.A.
Adorno & Yoss, P.A.	Edwards & Angell, LLP
2601 S. Bayshore Drive	350 East Las Olas Boulevard
Suite 1600	Suite 1150
Miami, FL 33133	Fort Lauderdale, FL 33301-4215
(305) 858-5555	(954) 727-2600

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This statement is filed in connection with (check the appropriate box):

a.	[X]	The filing of solicitation materials or an information statement subject to Regulation 14A, Regulation 14C or Rule 13e-3(c) under the Securities Exchange Act of 1934.
b.	[   ]	The filing of a registration statement under the Securities Act of 1933.
c.	[   ]	A tender offer.
d	[   ]	None of the above.

Check the following box if the soliciting materials or information statement referred to in checking box (a) are preliminary copies: [X]

Check the following box if the filing is a final amendment reporting the results of the transaction: [   ]

CALCULATION OF FILING FEE

Transaction Valuation*	Amount of Filing Fee**
$13,990,774.25	$1,287.15

*	The transaction valuation was determined based upon the sum of (a) the product of 2,837,100 shares of common stock and the merger consideration of $4.90 per share, or $13,901,790.00, and (b) the product of options to purchase 30,995 shares of common stock and the merger consideration of $4.90 per share less the applicable exercise price, or $88,984.25.
**	The amount of the filing fee, calculated in accordance with Rule 0-11 of the Securities Exchange Act of 1934, as amended, equals .000092 of the transaction valuation.

[X] Check the box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a) (2) and identify the filing with which the offsetting fee was previously paid. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.

Amount Previously Paid:    $1,287.15	Filing Party:	Oriole Homes Corp.
Form or Registration No.:    Preliminary Proxy Statement	Date Filed:	October 7, 2002

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SECTION 13E-3 TRANSACTION STATEMENT
INTRODUCTION

         This Rule 13e-3 Transaction Statement on Schedule 13E-3 (this “Schedule 13E-3”) is being filed by: (1) Oriole Homes Corp., a Florida corporation (“OHC”), the issuer of the equity securities that are the subject of the Rule 13e-3 transaction described herein, and (2) Levy Acquisition Co., a Florida corporation (“Levy Acquisition”). OHC and Levy Acquisition are referred to individually, as a “Filing Person” and collectively, as the “Filing Persons.” Levy Acquisition and the Levy Group, comprised of Richard D. Levy, Harry A. Levy, Beatrice Levy, Davida Levy, Mark A. Levy, Jo Ann M. Levy, Jo Ann Levy, Daniel H. Levy, Allison Sacks, Joel M. Levy, Robert A. Levy, David J. Levy, Elka N. Lampert Irrevocable Trust, Avraham R. Lampert Irrevocable Trust, Harry A. Levy Grandchildren’s Trust, Richard D. Levy Grandchildren’s Trust, Hapco Company, Levor Associates, and Grandco Associates is referred to as the “Acquisition Group.”

         Pursuant to an Agreement and Plan of Merger dated as of September 11, 2002 (the “Merger Agreement”), by and between Levy Acquisition and OHC, Levy Acquisition will merge into OHC (the “Merger”). As a result of the Merger, each outstanding share of OHC Class A Common Stock, par value $0.10 per share, and Class B Common Stock, par value $0.10 per share (collectively, the “Common Stock”), will be cancelled and converted into the right to receive $4.90 in cash, other than any outstanding share of Common Stock beneficially owned by the Acquisition Group. After the Merger, OHC will be a privately held corporation, 100% of which will be beneficially owned by the Acquisition Group.

         Concurrently with the filing of this Schedule 13E-3, OHC is filing a preliminary proxy statement (the “Proxy Statement”) pursuant to Section 14(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), pursuant to which the OHC board of directors is soliciting proxies from holders of outstanding shares of Common Stock in connection with the Merger. The cross-reference sheet below is being supplied pursuant to General Instructions F and G to Schedule 13E-3 and shows the location in the Proxy Statement of the information required to be included in response to the Items of this Schedule 13E-3. The information set forth in the Proxy Statement including all annexes thereto, is hereby incorporated herein by reference, and the responses to each Item in this Schedule 13E-3 are qualified in their entirety by the information contained in the Proxy Statement and the annexes thereto.

ITEM 1. SUMMARY TERM SHEET.
REGULATION M-A ITEM 1001

The information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger,” “Procedural Questions and Answers About the Merger” and “Summary Term Sheet” is incorporated herein by reference.

ITEM 2. SUBJECT COMPANY INFORMATION.
REGULATION M-A ITEM 1002

(a)	The information set forth in the Proxy Statement under the caption “Summary Term Sheet – The Companies” is incorporated herein by reference.
(b)	The information set forth in the Proxy Statement under the caption “The Annual Meeting – Record Date; Stock Entitled to Vote; Quorum; Voting at the Annual Meeting” is incorporated herein by reference.
(c) and (d)	The information set forth in the Proxy Statement under the caption “Certain Information Concerning Our Company – Price Range of Shares; Dividends; Repurchases” is incorporated herein by reference.
(e)	Not applicable.

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(f) Not applicable.

ITEM 3. IDENTITY AND BACKGROUND OF FILING PERSON.
REGULATION M-A ITEM 1003

(a)	The information set forth in the Proxy Statement under the captions “Questions and Answers About the Merger,” “Summary Term Sheet – Overview,” “Summary Term Sheet – The Companies” and “Election of Directors – Background of Management” is incorporated herein by reference.
(b)	Levy Acquisition Co. is a privately held Florida corporation incorporated on August 7, 2002 specifically to merge with and into OHC. The office of Levy Acquisition is located at 1690 South Congress Avenue, Suite 200, Delray Beach, FL 33445. During the past five years, Levy Acquisition has not been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction resulting in a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws, or finding violations with respect to such laws.
(c)	The information set forth in the Proxy Statement under the captions “Questions and Answers About the Merger,” “Summary Term Sheet – Overview,” “Summary Term Sheet – The Companies” and “Election of Directors – Background of Management” is incorporated herein by reference. During the past five years, none of Richard D. Levy, Harry A. Levy or Mark A. Levy has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction resulting in a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws, or finding violations with respect to such laws.

         Set forth below are the name, address and the present principal occupation or employment of any corporation or other organization in which such occupation or employment of each of the Filing Persons that are natural persons. Each person identified below is a United States citizen. Unless indicated otherwise, each person’s principal address and telephone number are 1690 South Congress Avenue, Suite 200, Delray Beach, FL 33445, (561) 274-1235.

         Richard D. Levy, age 72, has served as Chairman of the Board and Chief Executive Officer of OHC since January 1976. Mr. Levy has been an executive officer of OHC since its organization in 1963. Richard D. Levy has served as the President and as a director of Levy Acquisition since its formation in August 2002.

         Harry A. Levy, age 69, has served as Vice Chairman of the Board of OHC since May 1991 and as Secretary of OHC since 1968. Mr. Levy has been actively engaged in the management of family interests in hotels, office buildings and other real estate holdings for more than ten years. Harry A. Levy is the brother of Richard D. Levy. Harry A. Levy has served as Secretary and as a director of Levy Acquisition since its formation in August 2002.

         Mark Levy, age 50, has served as President and Chief Operating Officer of OHC since December 1984 and has been employed by OHC since January 1975. Mark A. Levy is the son of Richard D. Levy. Mark A. Levy has served as a director of Levy Acquisition since its formation in August 2002.

ITEM 4. TERMS OF THE TRANSACTION.
REGULATION M-A ITEM 1004

(a)(1)	Not applicable.
(a)(2)(i)	The information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger” and “Summary Term Sheet” is incorporated herein by reference.
(a)(2)(ii)	The information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger,” “Summary Term Sheet – Overview” and “The Merger Agreement – Consideration to be Offered to Our Shareholders” is incorporated herein by reference.

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(a)(2)(iii)	The information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger,” “Special Factors – Background of the Merger,” “Special Factors – Opinion of vFinance Investments, Inc.,” “Special Factors – Reasons for the Recommendations of the Special Committee and Our Board of Directors,” “Special Factors – Position of Levy Acquisition as to the Fairness of the Merger” and “Special Factors – Purposes and Plans or Proposals” is incorporated herein by reference.
(a)(2)(iv)	The information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger” and “The Annual Meeting – Required Votes” is incorporated herein by reference.
(a)(2)(v)	The information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger” “Summary Term Sheet – Effect of the Merger” “Special Factors – Purposes of the Merger and Plans or Proposals” and “Payment of Merger Consideration and Surrender of Stock Certificates” is incorporated herein by reference.
(a)(2)(vi)	Not applicable.
(a)(2)(vii)	The information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger” and “Special Factors – Material Federal Income Tax Consequences to Our Shareholders” is incorporated herein by reference.
(c)	The information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger,” “Summary Term Sheet – Effect of the Merger,” “Special Factors – Purposes of the Merger and Plans or Proposals” and “Payment of Merger Consideration and Surrender of Stock Certificates” is incorporated herein by reference.
(d)	The information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger” and “Appraisal Rights” is incorporated herein by reference.
(e)	None.
(f)	Not applicable.

ITEM 5. PAST CONTRACTS, TRANSACTIONS, NEGOTIATIONS AND AGREEMENTS REGULATION M-A
ITEM 1005

(a)(1)	None.
(a)(2)	Not applicable.
(b)and(c)	The information set forth in the Proxy Statement under the caption “Special Factors – Background of the Merger” is incorporated herein by reference.
(e)	The information set forth in the Proxy Statement under the captions “Summary Term Sheet – Support and Exchange Agreement,” “Special Factors – Background of the Merger,” “The Merger Agreement – Support and Exchange Agreement” and “Certain Relationships and Related Transactions” is incorporated herein by reference.

ITEM 6. PURPOSES OF THE TRANSACTION AND PLANS OR PROPOSALS
REGULATION M-A ITEM 1006

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(b)	The information set forth in the Proxy Statement under the captions “Summary Term Sheet – Effect of the Merger,” “Special Factors – Purposes of the Merger and Plans or Proposals” and “The Merger Agreement – Consideration to be Offered to Our Stockholders” is incorporated herein by reference.
(c)(1)-(8)	The information set forth in the Proxy Statement under the captions “Summary Term Sheet – Effect of the Merger” and “The Merger Agreement – Generally” is incorporated herein by reference.

ITEM 7. PURPOSES, ALTERNATIVES, REASONS AND EFFECTS.
REGULATION M-A ITEM 1013

(a)and(b)	The information set forth in the Proxy Statement under the captions “Special Factors – Background of the Merger,” “Special Factors – Reasons for the Recommendations of the Special Committee and Our Board of Directors,” “Special Factors– Position of Levy Acquisition as to the Fairness of the Merger” and “Special Factors – Purposes of the Merger and Plans or Proposals” is incorporated herein by reference.
(c)	The information set forth in the Proxy Statement under the captions “Special Factors – Background of the Merger,” “Special Factors – Reasons for the Recommendations of the Special Committee and Our Board of Directors” and “Special Factors – Position of Levy Acquisition as to Fairness of the Merger” is incorporated herein by reference.
(d)	The information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger,” “Summary Term Sheet – Effect of the Merger,” “Special Factors – Purposes of the Merger and Plans or Proposals,” “Special Factors – Material Federal Income Tax Consequences to Our Stockholders,” “Special Factors – Background of the Merger,” “Special Factors – Opinion of vFinance Investments, Inc.,” “Special Factors – Reasons for the Recommendation of the Special Committee and Our Board of Directors” and “Special Factors – Purposes of the Merger and Plans or Proposals” is incorporated herein by reference.

ITEM 8. FAIRNESS OF THE TRANSACTION.
REGULATION M-A ITEM 1014

(a)and(b)	Each of the Filing Persons believes that the Merger and its terms, as proposed, are fair to the shareholders of OHC (other than the Acquisition Group). For a discussion of the factors considered by the Filing Persons in determining the fairness of the Merger, see the information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger,” “Special Factors – Background of the Merger,” “Special Factors – Opinion of vFinance Investments, Inc.,” “Special Factors – Reasons for the Recommendation of the Special Committee and Our Board of Directors” and “Special Factors – Position of Levy Acquisition as to Fairness of the Merger” that is incorporated herein by reference.
(c)	The information set forth in the Proxy Statement under the captions “Questions and Answers About the Merger,” “The Annual Meeting – Required Votes,” “The Annual Meeting – Record Date; Stock Entitled to Vote; Quorum; Voting at the Annual Meeting,” “The Merger Agreement” and “Special Factors – Reasons for the Recommendation of the Special Committee and Our Board of Directors” is incorporated herein by reference.
(d)	The information set forth in the Proxy Statement under the captions “Questions and Answers About the Merger,” “Summary Term Sheet – Overview,” “Summary Term Sheet – Opinion of vFinance

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	Investments, Inc.,” “Special Factors – Background of the Merger,” “Special Factors – Reasons for the Recommendation of the Special Committee and Our Board of Directors” and “Special Factors – Position of Levy Acquisition as to the Fairness of the Merger” is incorporated herein by reference.
(e)	The information set forth in the Proxy Statement under the captions “Questions and Answers About the Merger,” “Special Factors – Background of the Merger,” “Special Factors – Reasons for the Recommendations of the Special Committee and Our Board of Directors” and “Special Factors – Position of Levy Acquisition as to the Fairness of Merger” is incorporated herein by reference.
(f)	Not applicable.

ITEM 9. REPORTS, OPINIONS, APPRAISALS AND NEGOTIATIONS.
REGULATION M-A ITEM 1015

(a)-(c) The information set forth in the Proxy Statement under the captions “Questions and Answers About the Merger,” “Special Factors – Background of the Merger,” “Special Factors – Opinion of vFinance Investments, Inc.,” “Special Factors – Reasons for Recommendations of the Special Committee and Our Board of Directors” and “Special Factors – Position of Levy Acquisition as to Fairness of the Merger” is incorporated herein by reference. The written Opinion of the vFinance Investments, Inc., dated September 11, 2002, is attached to the Proxy Statement as Annex B, and the vFinance Investments, Inc. Preliminary Valuation Analysis dated August 26, 2002 (presented to the Special Committee of the OHC Board of Directors on September 4, 2002) and the vFinance Investments, Inc. Presentation to Oriole Homes Corporation, dated September 9, 2002 (presented to the OHC Board of Directors on September 11, 2002) are attached hereto as Exhibits 1 and 2, respectively. The real property appraisals that were provided to the Special Committee of the OHC Board of Directors for review and to vFinance Investments, Inc. in connection with its valuation analysis are attached hereto as Exhibits 3 – 6, inclusive.

ITEM 10. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
REGULATION M-A ITEM 1007

(a)-(d) The information set forth in the Proxy Statement under the captions “Summary Term Sheet – Merger Financing,” “The Merger Agreement – Fees, Expenses and other Payments” and “Estimated Fees and Expenses of Merger” is incorporated herein by reference.

ITEM 11. INTEREST IN THE SUBJECT COMPANY SECURITIES.
REGULATION M-A ITEM 1008

(a)

The information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger,” “Summary Term Sheet – Overview,” “Summary Term Sheet – Shareholder Vote; Ownership of Management, Directors and other Affiliates,” “Special Factors – Background of the Merger,” “Certain Relationships and Related Transactions,” “Principal Shareholders and Security Ownership of Management” and “The Annual Meeting – Required Votes” is incorporated herein by reference.

(b)

Not applicable.

ITEM 12. THE SOLICITATION OR RECOMMENDATION.
REGULATION M-A ITEM 1012

(d) and (e) The information set forth in the Proxy Statement under the captions “Summary Term Sheet – Support

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and Exchange Agreement,” “Special Factors – Background to the Merger,” “Special Factors – Reasons for Recommendation of the Special Committee and Our Board of Directors,” “Special Factors – Position of Levy Acquisition as to the Fairness of the Merger,” “The Merger Agreement – Support and Exchange Agreement,” “The Annual Meeting – Required Votes” and “Annex C – Support and Exchange Agreement” is incorporated herein by reference.

ITEM 13. FINANCIAL STATEMENTS.
REGULATION M-A ITEM 1010

(a)	The information set forth in the Proxy Statement under the captions “Certain Information Concerning Our Company – Selected Historical Financial Data,” “Annex D – Annual Report on Form 10-K for the Fiscal Year Ended December 31, 2001” and “Annex E – Quarterly Report on Form 10-Q for the Quarter Ended June 30, 2002” is incorporated herein by reference.
(b)	Not applicable.

ITEM 14. PERSONS/ASSETS, RETAINED, EMPLOYED, COMPENSATED OR USED.
REGULATION M-A ITEM 1009

(a) and (b) The information set forth in the Proxy Statement under the captions “Questions and Answers about the Merger,” “Special Factors – Position of Levy Acquisition as to the Fairness of the Merger,” “Solicitation of Proxies” and “Annex B – Opinion of vFinance Investments, Inc.” is incorporated herein by reference.

ITEM 15. ADDITIONAL INFORMATION.
REGULATION M-A ITEM 1011

(b) The information set forth in the Proxy Statement and annexes thereto is incorporated herein by reference.

ITEM 16. EXHIBITS.
REGULATION M-A ITEM 1016

(a)	Preliminary Proxy Statement of Oriole Homes Corp., filed on October 7, 2002 is incorporated herein by reference.
(b)	Not applicable.
(c)	Opinion of vFinance Investments, Inc., dated September 11, 2002, included as Annex B to the Proxy Statement and incorporated herein by reference.
	vFinance Investments, Inc. Preliminary Valuation Analysis dated August 26, 2002 (presented to the Special Committee of the OHC Board of Directors on September 4, 2002) is attached hereto as Exhibit 1.
	vFinance Investments, Inc. Presentation to Oriole Homes Corporation, dated September 9, 2002 (presented to the OHC Board of Directors on September 11, 2002) is attached hereto as Exhibit 2.

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	Appraisal of Five Multi-Family Land Parcels (Sandpiper Isle and Sandpiper Greens), Lee County (Bonita Springs), Florida by Armalavage & Associates, Inc. dated July 3, 2002 is attached hereto as Exhibit 3.
	Appraisal of 138 Partially Developed Single-Family Lots in Equestrian Club, Wellington, Palm Beach County, FL by Roe Minor Realty Consultants dated July 9, 2002 is attached hereto as Exhibit 4.
	Appraisal of 110 Unit Condominium Development, Spring Park Terraces at Celebration, Unincorporated Osceola County, Florida by Roe Minor Realty Consultants dated July 17, 2002 is attached hereto as Exhibit 5.
	Appraisal of Remaining Units at Stonecrest, Summerville, FL by Roe Minor Realty Consultants dated July 29, 2002 is attached hereto as Exhibit 6.
(d)	Agreement and Plan of Merger, dated as of September 11, 2002, by and between Levy Acquisition Co. and Oriole Homes Corp., included as Annex A to the Proxy Statement and incorporated herein by reference.
	Support and Exchange Agreement, dated as of September 11, 2002, by and among Levy Acquisition Co. and each of the parties listed in Exhibit A thereto, included as Annex C to the Proxy Statement and incorporated herein by reference.
(f)	Not applicable.
(g)	Not applicable.

SIGNATURE

         After due inquiry and to the best of their knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

ORIOLE HOMES CORP.

/s/ Joseph Pivinski
Joseph Pivinski, Chief Financial Officer

LEVY ACQUISITION CO.

/s/ Richard D. Levy
Richard D. Levy, President

Dated: October 7, 2002

-9- EX-1 3 g78608exv1.txt PRELIMINARY VALUATION ANALYSIS Exhibit 1 Valuation Oriole Homes Corporation Company Summary: GENERAL INFORMATION: Date: 26-Aug-02 Company: Oriole Homes Corporation Ticker: OHC COMMON STOCK CLASS A (OHCA) Most Recent Price $ 4.35 Fully Diluted Shares Outstanding 1,863 COMMON STOCK CLASS B (OHCB) Most Recent Price $ 4.30 Fully Diluted Shares Outstanding 2,772 ------- MARKET CAPITALIZATION $20,026 ------- 6/30/02 ------- Shareholders' Equity $33,162 Basic Shares Outstanding 4,636 Fully Diluted Shares Outstanding 4,636 ------- BASIC BOOK VALUE PER SHARE $ 7.15 FULLY DILUTED BOOK VALUE PER SHARE 7.15 ------- vFINANCE INVESTMENTS STRICTLY CONFIDENTIAL Valuation Oriole Homes Corporation Valuation Analysis: Summary (Amounts in thousands except per share data or where otherwise noted) SUMMARY OF DISCOUNTED CASH FLOW ANALYSIS: Low Median High -------------------------------------------------------------------- $ 12,588 $ 16,041 $ 20,249 SUMMARY OF COMPARABLE COMPANIES ANALYSIS: Low Median High --------------------------------------------------------------------- $ 27,908 $ 31,397 $ 34,885 SUMMARY OF COMPARABLE TRANSACTIONS ANALYSIS: Low Median High ---------------------------------------------------------------------- $ 7,361 $ 19,371 $ 34,571 SUMMARY OF LIQUIDATION ANALYSIS: Low Median High ----------------------------------------------------------------------- $ 7,778 $ 10,546 $ 13,946 vFINANCE INVESTMENTS STRICTLY CONFIDENTIAL Valuation Oriole Homes Corporation Valuation Analysis: Summary (Amounts in thousands except per share data or where otherwise noted) 5 VALUATION METHODOLOGIES:

Low Median High --------------------------------------- 1. Summary DCF $12,588 $16,041 $20,249 2. Summary of Comparables Analysis 27,908 31,397 34,885 3. Summary of Comparable Transactions Analysis 7,361 19,371 34,571 4. Summary of Liquidation Analysis 7,778 10,546 13,946

SUMMARY;

LOW MEDIAN HIGH -------------------------------------------- VALUE BASED ON 4,635,524 SHARES OUTSTANDING $ 13,909 $ 19,339 $ 25,913 PRICE PER SHARE $ 3.00 $ 4.17 $ 5.59 -------- -------- --------

vFINANCE INVESTMENTS STRICTLY CONFIDENTIAL Valuation Oriole Homes Corporation Discounted Cash Flow Analysis: (Amounts in thousands except per share data or where otherwise noted)

PROJECTED INCOME STATEMENTS: Fiscal Year Ending, December 31 ------------------------------------------------------------- 2002 2003 2004 2005 ------------------------------------------------------------- Revenues $ 105,270 $ 48,024 $ 14,443 $ 11,617 Growth rate n.a. -54.4% -69.9% -19.6% Cost of revenues $ 93,050 $ 36,264 $ 10,577 $ 8,739 --------- --------- --------- --------- Gross profit 12,220 11,760 3,866 2,878 Gross margin 11.6% 24.5% 26.8% 24.8% Operating expenses $ 13,589 $ 7,105 $ 2,908 $ 2,659 --------- --------- --------- --------- Operating income (1,369) 4,656 958 219 % of revenue -1.3% 9.7% 6.6% 1.9% Other (Income) expense Interest (income) $ -- $ -- $ -- $ -- Interest expense 2,435 566 259 213 Other (income) expense 1,217 200 -- -- --------- --------- --------- --------- Total (income) expense 3,652 766 259 213 Taxes -- -- -- -- --------- --------- --------- --------- Net income $ (5,021) $ 3,890 $ 699 $ 7 ========= ========= ========= ========= % of revenue -4.8% 8.1% 4.8% 0.1%

vFINANCE INVESTMENTS STRICTLY CONFIDENTIAL Valuation Oriole Homes Corporation Discounted Cash Flow Analysis: (Amounts in thousands except per share data or where otherwise noted) UNLEVERED FREE CASH FLOW ANALYSIS:

Fiscal Year Ending, December 31 --------------------------------------------------------- 2002 2003 2004 2005 --------------------------------------------------------- Net Income $ (5,021) $ 3,890 $ 699 $ 7 Plus Depreciation 1,778 503 277 299 Plus Income Taxes -- -- -- -- Less CAPEX -- (600) -- -- Other income 1,952 4,048 -- -- Changes in Working Capital (21,931) 12,965 2,630 2,797 -------- -------- -------- -------- UNLEVERED FREE CASH FLOW (23,222) 20,807 3,605 3,103

vFINANCE INVESTMENTS STRICTLY CONFIDENTIAL Valuation Oriole Homes Corporation Discounted Cash Flow Analysis: (Amounts in thousands except per share data or where otherwise noted)

DISCOUNT RATE Present value of unlevered free cash flow (1) $ (315) 15.0% Present value of terminal value (2) 20,564 ------------ Present value of enterprise $ 20,249 Present value of unlevered free cash flow (1) $ (741) 17.0% Present value of terminal value (2) 19,194 ------------ Present value of enterprise $ 18,453 Present value of unlevered free cash flow (1) $ (1,134) 19.0% Present value of terminal value (2) 17,936 ------------ Present value of enterprise $ 16,801 Present value of unlevered free cash flow (1) $ (1,498) 21.0% Present value of terminal value (2) 16,779 ------------ Present value of enterprise $ 15,281 Present value of unlevered free cash flow (1) $ (1,834) 23.0% Present value of terminal value (2) 15,714 ------------ Present value of enterprise $ 13,880 Present value of unlevered free cash flow (1) $ (2,144) 25.0% Present value of terminal value (2) 14,732 ------------ Present value of enterprise $ 12,588 (1) Free Cash Flow Forecast Period is CY 2001 - CY 2005 (2) Terminal Value is based on cash at the end of 2005 $ 35,967 and cable and recreational leases. ------------

vFINANCE INVESTMENTS STRICTLY CONFIDENTIAL Valuation Oriole Homes Corporation - -------------------------------------------------------------------------------- SUMMARY DISCOUNTED CASH FLOW ANALYSIS: (Amounts in thousands except per share data or where otherwise noted)

LOW MEDIAN HIGH --- ------ ---- Equity Value $ 12,588 $ 16,041 $ 20,249 Price per Share $ 2.72 $ 3.46 $ 4.37

vFinance Investments STRICTLY CONFIDENTIAL Valuation Oriole Homes Corporation - -------------------------------------------------------------------------------- vFinance Investments STRICTLY CONFIDENTIAL

CONSOLIDATED BALANCE SHEET 3/31/2002 12/31/2002 12/31/2003 12/31/2004 12/31/2005 ----------- ----------- ----------- ----------- ----------- Cash and cash equivalents 6,386,091 8,668,381 29,722,285 33,147,775 35,967,007 ----------- ----------- ----------- ----------- ----------- Receivables 0 0 0 0 0 Land 21,648,329 7,316,836 2,066,020 942,828 20,207 Land Development 7,596,345 3,365,536 1,459,760 503,811 1,435 Less ECTC (3,486,022) (986,769) (986,769) (986,769) (986,769) Subtotal Land Development 4,110,323 2,378,767 472,991 (482,958) (985,334) Construction 25,957,840 19,583,941 2,102,162 1,397,576 111,414 Less ECTC (2,122,660) (1,910,397) 0 0 0 ----------- ----------- ----------- ----------- ----------- Subtotal Construction 23,835,180 17,673,544 2,102,162 1,397,576 111,414 Models 1,042,836 1,143,861 1,143,861 1,143,861 0 ----------- ----------- ----------- ----------- ----------- Net Inventories 50,636,667 28,513,008 5,785,034 3,001,307 (853,713) ----------- ----------- ----------- ----------- ----------- Property and equipment, at cost 2,581,931 2,498,203 2,498,203 2,498,203 1,559,322 Less accumulated depreciation 1,902,273 2,151,928 2,303,396 2,400,359 1,477,485 ----------- ----------- ----------- ----------- ----------- 679,658 346,275 194,807 97,844 81,837 ----------- ----------- ----------- ----------- ----------- Land held for investment, at cost 0 0 0 0 0 Investment in unconsolidated joint venture 6,000,000 4,047,998 0 0 0 Other Prepaid expenses 1,349,241 1,418,870 270,000 270,000 100,000 Unamortized financing costs 499,672 52,236 0 0 0 Other assets 1,689,356 1,589,004 1,664,613 1,727,945 1,846,945 ----------- ----------- ----------- ----------- ----------- 3,538,269 3,060,110 1,934,613 1,997,945 1,946,945 ----------- ----------- ----------- ----------- ----------- Total assets 67,240,685 44,635,772 37,636,739 38,244,871 37,142,076 =========== =========== =========== =========== =========== Liabilities Mortgage notes payable 14,818,159 5,581,270 0 0 0 Accounts payable 5,561,504 4,138,021 1,288,850 1,325,509 727,430 Accrued expense 2,882,552 819,896 975,496 1,009,096 1,036,696 Customer deposits 8,683,357 3,313,287 700,000 538,855 0 ----------- ----------- ----------- ----------- ----------- Total liabilities 31,945,572 13,852,474 2,964,346 2,873,460 1,764,126 ----------- ----------- ----------- ----------- ----------- Shareholders' equity Class A common stock, par value $.10 a share Authorized: 10,000,000 shares Issued and

outstanding 1,863,149 186,315 186,315 186,315 186,315 186,315 Class B common stock, par value $.10 Authorized: 10,000,000 shares Issued and outstanding 2,762,375 at 3/31/02; 2,772,375 at 12/31/02 276,238 277,238 277,238 277,238 277,238 Additional paid-in capital 19,267,327 19,281,327 19,281,327 19,281,327 19,281,327 Retained earnings 15,565,233 11,038,418 14,927,513 15,626,531 15,633,070 ----------- ----------- ----------- ----------- ----------- Total shareholders' equity 35,295,113 30,783,298 34,672,393 35,371,411 35,377,950 ----------- ----------- ----------- ----------- ----------- Total liabilities and shareholders' equity 67,240,685 44,635,772 37,636,739 38,244,871 37,142,076 =========== =========== =========== =========== ===========

WORKING CAPITAL 12/31/2001 12/31/2002 12/31/2003 12/31/2004 12/31/2005 ----------- ----------- ----------- ----------- ----------- CURRENT ASSETS: Inventories 59,113,990 28,513,008 5,785,034 3,001,307 (853,713) Receivables 0 0 0 0 0 Prepaid expenses 1,732,764 1,418,870 270,000 270,000 100,000 Unamortized financing costs 752,970 52,236 0 0 0 Other assets 2,522,057 1,589,004 1,664,613 1,727,945 1,846,945 ----------- ----------- ----------- ----------- ----------- 64,121,781 31,573,118 7,719,647 4,999,252 1,093,232 CURRENT LIABILITIES: Accounts payable 10,054,699 4,138,021 1,288,850 1,325,509 727,430 Accrued expense 9,763,166 819,896 975,496 1,009,096 1,036,696 Mortgage notes payable 24,257,026 5,581,270 0 0 0 Customer deposits 0 3,313,287 700,000 538,855 0 ----------- ----------- ----------- ----------- ----------- 44,074,891 13,852,474 2,964,346 2,873,460 1,764,126 Current Assets 64,121,781 31,573,118 7,719,647 4,999,252 1,093,232 Current Liabilities 68,331,917 13,852,474 2,964,346 2,873,460 1,764,126 ----------- ----------- ----------- ----------- ----------- Net Working Capital (4,210,136) 17,720,644 4,755,301 2,125,792 (670,894) ----------- ----------- ----------- ----------- ----------- Change in Net Working Capital 21,930,780 (12,965,343) (2,629,509) (2,796,686) =========== =========== =========== =========== ===========

Valuation Oriole Homes Corporation - -------------------------------------------------------------------------------- COMPARABLES COMPANIES ANALYSIS: (Amounts in thousands, except per share data and where otherwise noted)

Stock Market Company Value to ---------------- Ticker Price % of Market to Book P/E Ratio Company LTM LTM LTM Net --------- Company Symbol 8/26/2002 High Value Value 2002E 2003E Value Revenue EBITDA EBIT Assets ------- ------ --------- ---- ----- ----- ----- ----- ----- ------- ------ ---- ------ Meritage Corporation MTH $ 38.00 81% $ 517,558 2.7x 7.6x 6.4x $ 727,484 0.91x 8.3x 8.9x 1.8x William Lyons Homes WLS 22.17 74% 227,398 1.5x n.a. n.a. 484,701 1.00x 19.3x 21.2x 1.2x Technical Olimpyc USA TOUS 16.23 88% 186,634 1.2x n.a. n.a. 269,881 0.44x 6.4x 7.1x 1.1x Domion Homes DHOM 20.68 79% 172,928 2.0x 7.5x 7.1x 311,091 0.73x 6.9x 7.3x 1.4x Orleans Homebuilders OHB 7.60 76% 95,021 1.7x n.a. n.a. 219,163 0.62x 8.1x 8.2x 1.2x Capital Pacific Holdings CPH 4.14 78% 62,375 0.6x n.a. n.a. 194,020 0.73x 5.4x 5.5x 0.8x Mean 79% 1.6x n.a. n.m. 0.74x 9.1x 9.7x 1.3x Median 79% 1.6x n.a. n.m. 0.73x 7.5x 7.8x 1.2x --- ---- ----- ---- ---- ---- MINIMUM 74% 0.6X 0.44X 5.4X 5.5X 0.8X Oriole Homes Corp. OHC $ 4.30 139% $ 20,079 0.6x n.a. n.a. $ 18,751 0.12x n.m. n.m. 0.6x DISCOUNT OF MINIMUMS VS MEAN -6% -61% -41% -40% -44% -33% Average Discount Min vs Mean -38%

This table shows the multiples for all the peer companies selected based on the different financial indicators. - ---------- a Company value is calculated by adding debt and subtracting cash from the market value (market cap). VFINANCE INVESTMENTS STRICTLY CONFIDENTIAL Valuation Oriole Homes Corporation - -------------------------------------------------------------------------------- COMPARABLES COMPANIES ANALYSIS: (Amounts in thousands except per share data or where otherwise noted)

FYE Six Months Ended, LTM --- ----------------- --- 12/31/2001 6/30/2002 6/30/2001 6/30/2002 ---------- --------- --------- --------- Revenue: Sales of homes $ 140,029 $ 66,352 $ 52,042 $ 154,340 Sales of land 15 11 -- 26 Other -- -- -- -- Gain on sales of PPE 105 4 96 14 Gain on sales of land -- -- -- -- Interest, rentals and other income 2,615 754 1,103 2,266 --------- -------- -------- --------- Total revenue 142,765 67,120 53,240 156,645 Costs and expenses: Cost of homes 128,461 61,276 47,470 142,267 Inventory valuation adjustments -- -- -- -- Cost of land sold 6 10 -- 17 Loss on joint ventures investments -- -- -- -- Costs relating to other operating income 10 -- 5 5 Selling, general and administrative expenses 17,281 8,215 8,041 17,455 --------- -------- -------- --------- Total expenses 145,758 69,502 55,515 159,745 --------- -------- -------- --------- EBIT (2,994) (2,381) (2,275) (3,100) ========= ======== ======== ========= Total Other (Income) Expenses -- -- -- -- --------- -------- -------- --------- EBT (2,994) (2,381) (2,275) (3,100) ========= ======== ======== ========= % of revenue -2.1% -3.5% -4.3% -2.0% Extraordinary loss (572) (261) -- (833) --------- -------- -------- --------- Net Income (3,566) (2,642) (2,275) (3,933) ========= ======== ======== ========= % of revenue -2.5% -3.9% -4.3% -2.5% EBIT (2,994) (2,381) (2,275) (3,100) Depreciation and amortization 1,805 1,454 366 2,892 --------- -------- -------- --------- EBITDA (1,189) (927) (1,909) (208) ========= ======== ======== ========= % of revenue -0.8% -1.4% -3.6% -0.1%

- ------------ a FYE stands for fiscal year ending. VFINANCE INVESTMENTS STRICTLY CONFIDENTIAL Valuation Oriole Homes Corporation - -------------------------------------------------------------------------------- COMPARABLES COMPANIES ANALYSIS: (Amounts in thousands except per share data or where otherwise noted)

Actual ------ 06/30/2002 --------- ASSETS: Cash and cash equivalents: Unrestricted cash 9,551 Restricted cash 2,583 ------- 12,135 Inventories Land 17,267 Homes completed or under construction 14,987 Model homes 1,013 ------- 33,267 Property and equipment, at cost Land 82 Buildings 457 Furniture, fixtures and equipment 1,882 ------- 2,421 Less accumulated depreciation 1,817 ------- Net PPE 604 Land held for investment, at cost -- Investment in unconsolidated joint venture 5,739 Other Prepaid expenses 762 Unamortized financing costs 187 Other assets 1,736 ------- 2,685 ------- Total assets $54,430 ======= LIABILITIES AND SHAREHOLDERS' EQUITY: Liabilities: Line of credit -- Mortgage notes payable 8,224 Accounts payable and accrued liabilities 6,728 Customer deposit 6,316 Senior notes -- ------- Total liabilities 21,268 Total shareholders' equity 33,162 ------- Total liabilities and shareholders' equity $54,430 =======

vFinance Investments STRICTLY CONFIDENTIAL Valuation Oriole Homes Corporation - -------------------------------------------------------------------------------- COMPARABLES COMPANIES ANALYSIS: (Amounts in thousands except per share data and where otherwise noted)

LIQUIDITY: Last Twelve Months Trading Volume (shares) 818 Last Three Months Trading Volume (shares) 403 Oriole shares outstanding 4,636

Source: Yahoo Finance as of July 15, 2002

Valuation at Peers' Multiples ----------------------------- YTDb Company Equity Data Multiple Value Cash Debt Value ---- -------- ----- ---- ---- ----- Revenue $ 156,645 0.73x $114,216 $ 9,551 (8,224) $115,543 EBITDA (208) 7.5x n.m. 9,551 (8,224) n.m. EBIT (3,100) 7.8x n.m. 9,551 (8,224) n.m. Book value of net assets 31,835 1.2x 38,470 9,551 (8,224) 39,797 Book value of equity 33,162 1.6x 52,645 9,551 (8,224) 53,972 Mean $ 69,771 Discount Value Per share Low 50.0% $ 34,885 $ 7.47 Median 55.0% 31,397 $ 6.72 High 60.0% 27,908 $ 5.98

vFinance Investments STRICTLY CONFIDENTIAL VALUATION ORIOLE HOMES CORPORATION - -------------------------------------------------------------------------------- ANALYSIS OF SELECTED TRANSACTIONS: (Amounts in thousands, except per share data and where otherwise noted)

Announcement Target Company Equity Date Status Company Description Value Value Revenue EBITDA - ----------------------------------------------------------------------------------------------------------------------------------- 6/22/02 Completed Fortress Group Operative Builders $ 151,519 $ 50,700 $ 280,234 $ 19,741 4/17/02 Completed Crossman Communities Operative Builders 590,354 486,200 798,356 87,396 1/19/02 Completed Rottlund Co., Inc. Operative Builders 89,917 54,069 257,653 40,404 5/10/01 Completed Hancock Communities LLC Construction Services 69,700 67,800 183,651 n.a. 10/12/00 Completed Engle Homes, Inc. Operative Builders 412,600 215,000 977,794 103,856 9/12/00 Completed Western Pacific Housing Development Operative Builders 470,500 162,700 535,019 74,800 8/28/00 Completed Washington Homes Operative Builders 104,000 81,900 486,833 32,832 1/31/00 Completed Writer Corp. Operative Builders 49,800 27,900 87,455 6,604

Company Value Equity Value Announcement Target Book --------------------------------- Date Status Company Value Revenue EBITDA Book Value - ---------------------------------------------------------------------------------------------------------------- 6/22/02 Completed Fortress Group $ 189,985 0.54x 7.7x 0.3x 4/17/02 Completed Crossman Communities 264,407 0.74x 6.8x 1.8x 1/19/02 Completed Rottlund Co., Inc. 52,145 0.35x 2.2x 1.0x 5/10/01 Completed Hancock Communities LLC 53,200 0.38x n.a. 1.3x 10/12/00 Completed Engle Homes, Inc. 207,531 0.42x 4.0x 1.0x 9/12/00 Completed Western Pacific Housing Development 118,900 0.88x 6.3x 1.4x 8/28/00 Completed Washington Homes 82,955 0.21x 3.2x 1.0x 1/31/00 Completed Writer Corp. 24,652 0.57x 7.5x 1.1x 0.51x 5.38x 1.12x -------------------------------------------- Minimum 0.21x 2.2x 0.3x Median 0.48x 6.29x 1.08x Maximum 0.88x 7.7x 1.8x -------------------------------------------- -------------------------------------------- Discount -56% -65% -75% ============================================ Minimum vs -65% Median

Transactions Equity Value - -------------------------------------------------------------------------------- TTM Sales TTM Sales - -------------------------------------------------------------------------------- High 0.88x High $ 137,755 Median 0.48x Median 75,398 Low 0.21x Low 33,463

Transactions Equity Value - -------------------------------------------------------------------------------- TTM Book Value TTM Book Value - -------------------------------------------------------------------------------- High 1.8x High $ 60,980 Median 1.1x Median 35,959 Low 0.3x Low 8,850

-------------------------------------- LOW MEDIAN HIGH -------------------------------------- Equity Value 21,157 55,678 99,367 Price per Share $ 4.56 $ 12.01 $ 21.44 -------------------------------------- Discount rate 65% $ 1.59 $ 4.18 $ 7.46 --------------------------------------

- -------------------------------------------------------------------------------- vFINANCE INVESTMENTS STRICTLY CONFIDENTIAL

Company Div Code 6/30/02 Land Land Dev ECTC Net Land Dev 1 48 Country Glen 1,417,399 412,670 (713,197) (300,527) 1 65 Addison Green 219,438 10,728 34,281 45,010 1 79 Tuscany 0 59,322 59,322 1 95 Regal Shores - CL 7 560,444 119,618 21,844 141,462 1 98 Coral Cove 17,358 8,062 (140,714) (132,652) 1 101 Terraces at Celebration 127,222 52,764 (103,507) (50,743) 1 102 Spring Park at Celebration 2,425,701 841,803 (474,925) 366,878 1 69 Naples 1,894,381 121,456 (121,456) 0 2 Stonecrest 3,901,734 3,288,626 (1,502,112) 1,786,514 12 Vizcaya 3,897,640 1,027,330 (529,405) 497,925 Other 284,235 80,631 27,857 108,488 Total 14,745,553 5,963,688 (3,442,013) 2,521,675 vFinance 6/30 BS 14,745,573 5,963,688 (3,442,014) 2,521,674 Difference (20) (0) 1 1

Construction ECTC Net Construction Models Total 3,760,367 (200,407) 3,559,960 0 4,676,832 4,676,832 477,564 (9,041) 468,523 0 732,971 732,971 80,137 (80,137) 0 0 59,322 59,322 2,165,383 (222,757) 1,942,626 0 2,644,532 2,644,532 219,165 (129,192) 89,973 0 (25,321) (25,321) 594,715 3,475 598,190 0 674,669 674,669 598,074 0 598,074 0 3,390,653 3,390,653 243,166 0 243,166 0 2,137,547 2,137,547 4,599,057 (874,971) 3,724,086 0 9,412,334 9,412,334 3,916,524 (227,095) 3,689,429 1,012,889 9,097,883 9,097,883 130,159 (56,993) 73,166 0 465,888 465,888 16,784,313 (1,797,118) 14,987,194 1,012,889 33,267,311 33,267,311 16,784,313 (1,797,118) 14,987,195 1,012,889 33,267,331 33,267,331 (0) (0) (1) 0 (20) (20)

Discounted Cash Flow Analysis: Liquidation (Amounts in thousands except per share data or where otherwise noted)

PROJECTED INCOME STATEMENTS: Fiscal Year Ending, December 31 ------------------------------- 2002 2003 ------------------------------- Revenues $ 105,270 $ 29,419 Growth rate n.a. -72.1% Cost of revenues $ 93,050 $ 21,622 ------------------------------- Gross profit 12,220 7,796 Gross margin 11.6% 26.5% Operating expenses $ 13,589 $ 5,090 ------------------------------- Operating income (1,369) 2,706 % of revenue -1.3% 9.2% Other (Income) expense Interest (income) $ -- $ -- Interest expense 2,435 417 Other (income) expense 1,217 2,995 ------------------------------- Total (income) expense 3,652 3,413 Taxes -- -- ------------------------------- Net income $ (5,021) $ (706) =============================== % of revenue -4.8% -2.4%

- -------------------------------------------------------------------------------- vFinance STRICTLY CONFIDENTIAL Discounted Cash Flow Analysis: Liquidation (Amounts in thousands except per share data or where otherwise noted) UNLEVERED FREE CASH FLOW ANALYSIS:

Fiscal Year Ending, December 31 ------------------------------- 2002 2003 ------------------------------- Net Income $ (5,021) $ (706) Plus Depreciation 1,778 603 Plus Income Taxes -- -- Other income 26 3,948 Changes in Working Capital (17,913) 11,702 ------------------------------- UNLEVERED FREE CASH FLOW (21,130) 15,546

- -------------------------------------------------------------------------------- vFinance STRICTLY CONFIDENTIAL Discounted Cash Flow Analysis: Liquidation (Amounts in thousands except per share data or where otherwise noted)

DISCOUNT RATE Present value of unlevered free cash flow (1) $ (6,618) 15.0% Present value of terminal value (2) 20,564 ---------- Present value of enterprise $ 13,946 Present value of unlevered free cash flow (1) $ (6,703) 17.0% Present value of terminal value (2) 19,194 ---------- Present value of enterprise $ 12,491 Present value of unlevered free cash flow (1) $ (6,778) 19.0% Present value of terminal value (2) 17,936 ---------- Present value of enterprise $ 11,158 Present value of unlevered free cash flow (1) $ (6,844) 21.0% Present value of terminal value (2) 16,779 ---------- Present value of enterprise $ 9,935 Present value of unlevered free cash flow (1) $ (6,903) 23.0% Present value of terminal value (2) 15,714 ---------- Present value of enterprise $ 8,811 Present value of unlevered free cash flow (1) $ (6,954) 25.0% Present value of terminal value (2) 14,732 ---------- Present value of enterprise $ 7,778 (1) Free Cash Flow Forecast Period is CY 2001 - CY 2003 ---------- (2) Terminal Value is based on cash at the end of 2003 $ 28,667 ----------

- -------------------------------------------------------------------------------- vFinance STRICTLY CONFIDENTIAL Summary Discounted Cash Flow Analysis: Liquidation (Amounts in thousands except per share data or where otherwise noted)

----------------------------------------------- LOW MEDIAN HIGH ----------------------------------------------- Equity Value $ 7,778 $ 10,546 $ 13,946 Price per Share $ 1.68 $ 2.28 $ 3.01 -----------------------------------------------

vFinance Investments STRICTLY CONFIDENTIAL - -------------------------------------------------------------------------------- Summary Discounted Cash Flow Analysis: (Amounts in thousands except per share data or where otherwise noted)

WORKING CAPITAL 12/31/01 12/31/02 12/31/03 -------- -------- -------- CURRENT ASSETS: Inventories 59,113,990 21,611,200 3,791,560 Receivables - - - Prepaid expenses 1,732,764 989,374 - Unamortized financing costs 752,970 52,236 - Other assets 2,522,057 1,589,004 716,472 ---------------------------------------- 64,121,781 24,241,814 4,508,032 CURRENT LIABILITIES: Accounts payable 10,054,699 4,138,021 922,478 Accrued expense 9,763,166 819,896 1,584,696 Mortgage notes payable 24,257,026 5,581,270 - Customer deposits - - - ---------------------------------------- 44,074,891 10,539,187 2,507,174 Current Assets 64,121,781 24,241,814 4,508,032 Current Liabilities 68,331,917 10,539,187 2,507,174 ---------------------------------------- Net Working Capital (4,210,136) 13,702,627 2,000,858 ---------------------------------------- Change in Net Working Capital 17,912,763 (11,701,769) ========================================

vFinance Investments STRICTLY CONFIDENTIAL Oriole Homes Corporation - -------------------------------------------------------------------------------- Trading Information: - -------------------------------------------------------------------------------- Total Volume Last Twelve Months: 817,800 Average Monthly Volume: 68,150 - --------------------------------------------------------------------------------

DATE OPEN HIGH LOW CLOSE VOLUME - ---------------------------------------------------------------------------- 12-Jul-02 3.64 3.85 3.64 3.85 10200 11-Jul-02 3.6 3.6 3.6 3.6 13500 10-Jul-02 3.6 3.6 3.6 3.6 14000 9-Jul-02 3.57 3.6 3.57 3.6 8000 8-Jul-02 3.57 3.57 3.57 3.57 5000 5-Jul-02 3.45 3.5 3.45 3.5 16400 3-Jul-02 3.6 3.6 3.5 3.5 2700 2-Jul-02 3.7 3.7 3.7 3.7 500 1-Jul-02 3.79 3.79 3.79 3.79 100 28-Jun-02 3.38 3.99 3.38 3.8 11100 27-Jun-02 3.1 3.2 3.1 3.2 2200 26-Jun-02 3.1 3.1 3 3 4200 25-Jun-02 3.1 3.1 3.1 3.1 500 24-Jun-02 3 3.15 3 3.15 10000 21-Jun-02 3.1 3.19 3.1 3.1 8000 20-Jun-02 2.9 2.99 2.9 2.99 2600 19-Jun-02 2.92 3 2.92 2.92 8200 18-Jun-02 3 3 3 3 5600 14-Jun-02 2.96 2.96 2.96 2.96 17700 13-Jun-02 2.9 2.9 2.9 2.9 22500 11-Jun-02 2.9 2.9 2.9 2.9 22000 10-Jun-02 2.8 2.8 2.8 2.8 2000 6-Jun-02 2.9 2.9 2.9 2.9 2500 30-May-02 2.82 2.82 2.82 2.82 400 29-May-02 2.82 2.82 2.82 2.82 1000 28-May-02 2.85 2.92 2.75 2.92 6000 24-May-02 2.95 2.95 2.95 2.95 200 23-May-02 3 3 3 3 400 22-May-02 3 3 3 3 3000 21-May-02 2.96 2.96 2.9 2.9 38600 20-May-02 2.96 2.96 2.96 2.96 10500 17-May-02 3.01 3.1 2.97 3.06 19200 16-May-02 2.9 3 2.82 3 24600 15-May-02 2.95 3.1 2.95 2.97 30000 14-May-02 2.95 2.95 2.95 2.95 1500 13-May-02 2.8 2.9 2.8 2.9 4000 9-May-02 2.75 2.75 2.75 2.75 100 6-May-02 2.8 2.8 2.8 2.8 3000 3-May-02 2.75 2.8 2.75 2.8 11500 2-May-02 2.75 2.75 2.75 2.75 5000 30-Apr-02 2.8 2.8 2.75 2.75 4000 29-Apr-02 2.75 2.87 2.7 2.8 16000 26-Apr-02 2.65 2.85 2.6 2.85 10500 25-Apr-02 2.7 2.7 2.65 2.7 5100 24-Apr-02 2.6 2.6 2.6 2.6 1000 23-Apr-02 2.5 2.65 2.5 2.65 4900 22-Apr-02 2.5 2.5 2.4 2.4 800 19-Apr-02 2.6 2.6 2.6 2.6 400 18-Apr-02 2.7 2.7 2.7 2.7 1000 17-Apr-02 2.6 2.6 2.55 2.6 1700 16-Apr-02 2.65 2.65 2.65 2.65 2700 15-Apr-02 2.65 2.7 2.6 2.7 4000 12-Apr-02 2.7 2.8 2.65 2.65 2000 11-Apr-02 2.65 2.65 2.6 2.6 1800 10-Apr-02 2.56 2.75 2.55 2.65 8500 9-Apr-02 2.52 2.52 2.52 2.52 500 8-Apr-02 2.55 2.75 2.55 2.62 3200 5-Apr-02 2.4 2.5 2.35 2.5 4200

4-Apr-02 2.32 2.45 2.32 2.35 6200 3-Apr-02 2.25 2.4 2.25 2.31 8600 2-Apr-02 2.3 2.4 2.2 2.2 3800 1-Apr-02 1.95 2.2 1.95 2.2 8200 25-Mar-02 1.85 2 1.85 1.9 3000 12-Mar-02 1.85 1.85 1.75 1.75 3000 28-Feb-02 1.91 2 1.9 1.95 3900 26-Feb-02 2 2.09 2 2 3000 25-Feb-02 2.05 2.1 2.05 2.1 1500 22-Feb-02 1.9 2.09 1.9 2.05 3500 21-Feb-02 1.9 2 1.9 2 1100 20-Feb-02 2 2 1.9 2 3500 19-Feb-02 1.85 2.05 1.85 1.95 1800 13-Feb-02 1.7 1.9 1.7 1.75 3400 8-Feb-02 1.75 1.8 1.75 1.8 1000 5-Feb-02 1.6 1.75 1.55 1.65 6700 1-Feb-02 1.7 1.7 1.7 1.7 100 31-Jan-02 1.8 1.8 1.8 1.8 3000 15-Jan-02 1.7 1.7 1.7 1.7 700 14-Jan-02 1.8 1.8 1.8 1.8 200 11-Jan-02 1.9 1.9 1.9 1.9 1000 7-Jan-02 2.05 2.05 2 2 700 3-Jan-02 2 2 2 2 1000 2-Jan-02 2 2.2 2 2.1 4000 31-Dec-01 1.75 1.87 1.75 1.85 6700 28-Dec-01 1.67 1.77 1.67 1.75 13500 26-Dec-01 1.6 1.6 1.12 1.57 5400 21-Dec-01 1.7 1.79 1.7 1.7 5200 20-Dec-01 1.7 1.7 1.6 1.6 300 19-Dec-01 1.7 1.75 1.7 1.75 7500 18-Dec-01 1.7 1.7 1.62 1.62 5500 14-Dec-01 1.55 1.75 1.45 1.75 12500 12-Dec-01 1.76 1.76 1.65 1.65 300 11-Dec-01 1.85 1.85 1.85 1.85 2000 6-Dec-01 1.74 1.74 1.74 1.74 1200 5-Dec-01 1.64 1.64 1.64 1.64 2000 4-Dec-01 1.8 1.8 1.5 1.55 11500 3-Dec-01 1.9 1.9 1.5 1.65 14900 30-Nov-01 1.95 1.95 1.9 1.9 4500 29-Nov-01 1.9 1.9 1.8 1.9 5100 28-Nov-01 1.95 1.95 1.95 1.95 2400 27-Nov-01 1.9 1.9 1.8 1.9 2700 26-Nov-01 1.8 1.95 1.8 1.95 1500 19-Nov-01 1.9 1.9 1.9 1.9 1900 16-Nov-01 1.9 1.9 1.9 1.9 2200 15-Nov-01 1.85 1.9 1.85 1.9 1500 14-Nov-01 1.95 1.95 1.75 1.75 8300 13-Nov-01 1.9 1.9 1.85 1.85 1900 12-Nov-01 1.85 1.85 1.85 1.85 2000 9-Nov-01 1.5 1.8 1.5 1.8 5000 8-Nov-01 1.8 1.8 1.45 1.45 16300 7-Nov-01 1.8 1.9 1.8 1.9 3000 6-Nov-01 1.6 1.7 1.5 1.7 3500 5-Nov-01 1.6 1.6 1.5 1.5 2000 2-Nov-01 1.55 1.6 1.5 1.5 6300 1-Nov-01 1.65 1.65 1.45 1.45 4000 31-Oct-01 1.88 1.88 1.5 1.55 15700 29-Oct-01 1.84 1.84 1.84 1.84 1500 26-Oct-01 1.9 1.9 1.75 1.75 4000 25-Oct-01 2 2 1.9 1.9 9600 24-Oct-01 1.95 2 1.95 2 2500 23-Oct-01 1.9 1.9 1.9 1.9 1000 22-Oct-01 1.85 1.85 1.85 1.85 1000 19-Oct-01 1.85 1.85 1.75 1.75 6000 16-Oct-01 1.75 1.75 1.75 1.75 1000 11-Oct-01 1.6 1.7 1.6 1.7 3000 5-Oct-01 1.5 1.5 1.5 1.5 1200 4-Oct-01 1.35 1.44 1.25 1.44 4300 3-Oct-01 1.25 1.45 1.25 1.45 3300 28-Sep-01 1.2 1.25 1.2 1.25 3900 26-Sep-01 1.07 1.07 1.07 1.07 2500 25-Sep-01 1.2 1.2 1.1 1.17 7500 24-Sep-01 1.2 1.2 1.2 1.2 6000 21-Sep-01 1.05 1.05 1.05 1.05 4000 20-Sep-01 1.1 1.12 1.1 1.12 4000 19-Sep-01 1.05 1.05 1 1 9000 18-Sep-01 1.5 1.5 1 1.15 14700 10-Sep-01 1.6 1.6 1.6 1.6 5000 6-Sep-01 1.7 1.7 1.7 1.7 2000 30-Aug-01 1.6 1.6 1.6 1.6 1000 24-Aug-01 1.5 1.5 1.5 1.5 3000 23-Aug-01 1.6 1.6 1.6 1.6 1500 22-Aug-01 1.65 1.7 1.65 1.65 4300 21-Aug-01 1.75 1.75 1.75 1.75 1500 20-Aug-01 1.75 1.75 1.75 1.75 1000 14-Aug-01 2.21 2.21 1.85 1.85 11300 10-Aug-01 2.21 2.21 2.21 2.21 1000 8-Aug-01 2.3 2.3 2.3 2.3 200 6-Aug-01 2.7 2.7 2.4 2.4 6500 1-Aug-01 2.74 2.74 2.72 2.73 1500 31-Jul-01 2.74 2.75 2.74 2.74 6100 30-Jul-01 2.65 2.75 2.65 2.75 4000 25-Jul-01 2.64 2.64 2.64 2.64 1100 19-Jul-01 2.6 2.6 2.6 2.6 1000 17-Jul-01 2.6 2.6 2.6 2.6 1200 16-Jul-01 2.54 2.54 2.5 2.5 1000 13-Jul-01 2.64 2.65 2.64 2.65 1600 EX-2 4 g78608exv2.txt PRESENTATION TO ORIOLE HOMES CORP. Exhibit 2 Valuation Oriole Homes Corporation - -------------------------------------------------------------------------------- Company Summary: (Amounts in thousands except per share data or where otherwise noted) General Information: Date: 9-Sep-02 Company: Oriole Homes Corporation Ticker: OHC Common Stock Class A (OHCa) Most Recent Price $ 4.20 Fully Diluted Shares Outstanding 1,863 Common Stock Class B (OHCb) Most Recent Price $ 4.15 Fully Diluted Shares Outstanding 2,772 ---------- Market Capitalization $ 19,331 ========== 06/30/2002 ---------- Shareholders' Equity $ 33,162 Basic Shares Outstanding 4,636 Fully Diluted Shares Outstanding 4,636 ---------- Basic Book Value per Share $ 7.15 Fully Diluted Book Value Per Share 7.15 ---------- VFINANCE INVESTMENTS, INC. STRICTLY CONFIDENTIAL Page 1 Valuation Oriole Homes Corporation - -------------------------------------------------------------------------------- Valuation Analysis: Summary (Amounts in thousands except per share data or where otherwise noted) Summary of Discounted Cash Flow Analysis:

Low Median High ------------------------------------------------------------------------------- $ 12,588 $ 16,041 $ 20,249

Summary of Comparable Companies Analysis:

Low Median High ------------------------------------------------------------------------------- $ 31,397 $ 34,885 $ 38,374

Summary of Comparable Transactions Analysis:

Low Median High ------------------------------------------------------------------------------- $ 7,405 $ 19,487 $ 34,779

Summary of Liquidation Analysis:

Low Median High ------------------------------------------------------------------------------- $ 18,205 $ 23,597 $ 30,384

VFINANCE INVESTMENTS, INC. STRICTLY CONFIDENTIAL Page 2 Valuation Oriole Homes Corporation - -------------------------------------------------------------------------------- Valuation Analysis: Summary (Amounts in thousands except per share data or where otherwise noted) 4 Valuation Methodologies:

Low Median High -------------------------------------------------------------- 1. Summary DCF $ 12,588 $ 16,041 $ 20,249 2. Summary of Comparables Analysis 31,397 34,885 38,374 3. Summary of Comparable Transactions Analysis 7,405 19,487 34,779 4. Summary of Liquidation Analysis 18,205 23,597 30,384

SUMMARY;

--------------------------------------------------------------------------------------------------------------- Low Median High ------------------------------------------------------ Value based on 4,635,524 shares outstanding $ 17,399 $ 23,503 $ 30,946 Price per share $ 3.75 $ 5.07 $ 6.68 ---------------------------------------------------------------------------------------------------------------

VFINANCE INVESTMENTS, INC. STRICTLY CONFIDENTIAL Page 3 Valuation Oriole Homes Corporation - -------------------------------------------------------------------------------- Discounted Cash Flow Analysis: (Amounts in thousands except per share data or where otherwise noted)

Projected Income Statements: Fiscal Year Ending, December 31 -------------------------------------------------------------- 2002 2003 2004 2005 -------------------------------------------------------------- Revenues 105,270 $ 48,024 $ 14,443 $ 11,617 Growth rate n.a. -54.4% -69.9% -19.6% Cost of revenues $ 93,050 $ 36,264 $ 10,577 $ 8,739 -------------------------------------------------------------- Gross profit 12,220 11,760 3,866 2,878 Gross margin 11.6% 24.5% 26.8% 24.8% Operating expenses $ 13,589 $ 7,105 $ 2,908 $ 2,659 -------------------------------------------------------------- Operating income (1,369) 4,656 958 219 % of revenue -1.3% 9.7% 6.6% 1.9% Other (Income) expense Interest (income) $ -- $ -- $ -- $ -- Interest expense 2,435 566 259 213 Other (income) expense 1,217 200 - - -------------------------------------------------------------- Total (income) expense 3,652 766 259 213 Taxes -- -- -- -- -------------------------------------------------------------- Net income $ (5,021) $ 3,890 $ 699 $ 7 ============================================================== % of revenue -4.8% 8.1% 4.8% 0.1%

VFINANCE INVESTMENTS, INC. STRICTLY CONFIDENTIAL Page 4 Valuation Oriole Homes Corporation - -------------------------------------------------------------------------------- Discounted Cash Flow Analysis: (Amounts in thousands except per share data or where otherwise noted) Unlevered Free Cash Flow Analysis:

Fiscal Year Ending, December 31 --------------------------------------------------------------- 2002 2003 2004 2005 --------------------------------------------------------------- Net Income $ (5,021) $ 3,890 $ 699 $ 7 Plus Depreciation 1,778 503 277 299 Plus Income Taxes -- -- -- -- Less CAPEX -- (600) -- -- Other income 1,952 4,048 -- -- Changes in Working Capital (21,931) 12,965 2,630 2,797 --------------------------------------------------------------- Unlevered Free Cash Flow (23,222) 20,807 3,605 3,103

VFINANCE INVESTMENTS, INC. STRICTLY CONFIDENTIAL Page 5 Valuation Oriole Homes Corporation - -------------------------------------------------------------------------------- Discounted Cash Flow Analysis: (Amounts in thousands except per share data or where otherwise noted)

Discount Rate Present value of unlevered free cash flow (1) $ (315) 15.0% Present value of terminal value (2) 20,564 -------- Present value of enterprise $ 20,249 Present value of unlevered free cash flow (1) $ (741) 17.0% Present value of terminal value (2) 19,194 -------- Present value of enterprise $ 18,453 Present value of unlevered free cash flow (1) $ (1,134) 19.0% Present value of terminal value (2) 17,936 -------- Present value of enterprise $ 16,801 Present value of unlevered free cash flow (1) $ (1,498) 21.0% Present value of terminal value (2) 16,779 -------- Present value of enterprise $ 15,281 Present value of unlevered free cash flow (1) $ (1,834) 23.0% Present value of terminal value (2) 15,714 -------- Present value of enterprise $ 13,880 Present value of unlevered free cash flow (1) $ (2,144) 25.0% Present value of terminal value (2) 14,732 -------- Present value of enterprise $ 12,588 (1) Free Cash Flow Forecast Period is CY 2001 - CY 2005 (2) Terminal Value is based on cash at the end of 2005 $ 35,967 --------

VFINANCE INVESTMENTS, INC. STRICTLY CONFIDENTIAL Page 6 Valuation Oriole Homes Corporation - -------------------------------------------------------------------------------- Summary Discounted Cash Flow Analysis: (Amounts in thousands except per share data or where otherwise noted)

---------------------------------------------------- Low Median High ---------------------------------------------------- Equity Value $ 12,588 $ 16,041 $ 20,249 Price per Share $ 2.72 $ 3.46 $ 4.37 ----------------------------------------------------

VFINANCE INVESTMENTS, INC. STRICTLY CONFIDENTIAL Page 7 Valuation Oriole Homes Corporation - -------------------------------------------------------------------------------- Comparables Companies Analysis: (Amounts in thousands, except per share data and where otherwise noted)

Stock Market P/E Ratio Ticker Price % of Market(a) to Book ------------------- Company Symbol 8/26/02 High Value Value 2002 E 2003 E - -------------------------------------------------------------------------------------------------------------------- Meritage Corporation MTH $ 38.00 81% $ 517,558 2.7x 7.6x 6.4x William Lyons Homes WLS 22.17 74% 227,398 1.5x n.a. n.a. Technical Olympic USA TOUS 16.23 88% 186,634 1.2x n.a. n.a. Dominion Homes DHOM 20.68 79% 172,928 2.0x 7.5x 7.1x Orleans Homebuilders OHB 7.60 76% 95,021 1.7x n.a. n.a. Capital Pacific Holdings CPH 4.14 78% 62,375 0.6x n.a. n.a.

Company Value to ---------------------------------------- Company(b) LTM LTM LTM Net Company Value Revenue EBITDA EBIT Assets - ------------------------------------------------------------------------------------------- Meritage Corporation $ 727,484 0.91x 8.3x 8.9x 1.8x William Lyons Homes 484,701 1.00x 19.3x 21.2x 1.2x Technical Olympic USA 269,881 0.44x 6.4x 7.1x 1.1x Dominion Homes 311,091 0.73x 6.9x 7.3x 1.4x Orleans Homebuilders 219,163 0.62x 8.1x 8.2x 1.2x Capital Pacific Holdings 194,020 0.73x 5.4x 5.5x 0.8x

---------------------------------------------------------------------------------------------- Mean 79% 1.6x n.a. n.m. Median 79% 1.6x n.a. n.m. Low 74% 0.6x ---------------------------------------------------------------------------------------------- Oriole Homes Corp. OHC 4.15 97% $ 19,373 0.6x n.a. n.a. $ 18,045 - -------------------------------------------------------------------------------------------------------------------------------- Discount of Low vs. Median -5% -61% - -------------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------- Mean 0.74x 9.1x 9.7x 1.3x Median 0.73x 7.5x 7.8x 1.2x Low 0.44x 5.4x 5.5x 0.8x -------------------------------------------------- Oriole Homes Corp. OHC 0.12x n.m. n.m. 0.6x - ------------------------------------------------------------------------------------ Discount of Low vs. Median -40% -28% -30% -30% - ------------------------------------------------------------------------------------ - -------------------------------------------------------------------------------- (a) Considers fully diluted outstanding shares including possible conversion of debt and preferred stock (b) Company value is calculated by adding debt and subtracting cash from the market value (market cap). - -------------------------------------------------------------------------------- VFINANCE INVESTMENTS, INC. STRICTLY CONFIDENTIAL Page 8 Valuation Oriole Homes Corporation - -------------------------------------------------------------------------------- Comparables Companies Analysis: (Amounts in thousands except per share data or where otherwise noted)

FYE(a) Six Months Ended, LTM ---------- -------------------------- ---------- 12/31/2001 6/30/2002 6/30/2001 6/30/2002 ---------- -------------------------- ---------- Revenue: Sales of homes $ 140,029 $ 66,352 $ 52,042 $ 154,340 Sales of land 15 11 -- 26 Other -- -- -- -- Gain on sales of PPE 105 4 96 14 Gain on sales of land -- -- -- -- Interest, rentals and other income 2,615 754 1,103 2,266 --------- -------- -------- --------- Total revenue 142,765 67,120 53,240 156,645 Costs and expenses: Cost of homes 128,461 61,276 47,470 142,267 Inventory valuation adjustments -- -- -- -- Cost of land sold 6 10 -- 17 Loss on joint ventures investments -- -- -- -- Costs relating to other operating income 10 -- 5 5 Selling, general and administrative expenses 17,281 8,215 8,041 17,455 --------- -------- -------- --------- Total expenses 145,758 69,502 55,515 159,745 --------- -------- -------- --------- EBIT (2,994) (2,381) (2,275) (3,100) --------- -------- -------- --------- Total Other (Income) Expenses -- -- -- -- --------- -------- -------- --------- EBT (2,994) (2,381) (2,275) (3,100) ========= ======== ======== ========= % of revenue -2.1% -3.5% -4.3% -2.0% Extraordinary loss (572) (261) -- (833) --------- -------- -------- --------- Net Income (3,566) (2,642) (2,275) (3,933) ========= ======== ======== ========= % of revenue -2.5% -3.9% -4.3% -2.5% EBIT (2,994) (2,381) (2,275) (3,100) Depreciation and amortization 1,805 1,454 366 2,892 --------- -------- -------- --------- EBITDA (1,189) (927) (1,909) (208) ========= ======== ======== ========= % of revenue -0.8% -1.4% -3.6% -0.1%

- -------------------- (a) FYE stands for fiscal year ending. VFINANCE INVESTMENTS, INC. STRICTLY CONFIDENTIAL Page 9 Valuation Oriole Homes Corporation - -------------------------------------------------------------------------------- Comparables Companies Analysis: (Amounts in thousands except per share data or where otherwise noted)

Actual ---------- ASSETS: 6/30/2002 ---------- Cash and cash equivalents: Unrestricted cash 9,551 Restricted cash 2,583 -------- 12,135 Inventories Land 17,267 Homes completed or under construction 14,987 Model homes 1,013 -------- 33,267 Property and equipment, at cost Land 82 Buildings 457 Furniture, fixtures and equipment 1,882 -------- 2,421 Less accumulated depreciation 1,817 -------- Net PPE 604 Land held for investment, at cost -- Investment in unconsolidated joint venture 5,739 Other Prepaid expenses 762 Unamortized financing costs 187 Other assets 1,736 -------- 2,685 -------- Total assets $ 54,430 ======== LIABILITIES AND SHAREHOLDERS' EQUITY: Liabilities: Line of credit -- Mortgage notes payable 8,224 Accounts payable and accrued liabilities 6,728 Customer deposit 6,316 Senior notes -- -------- Total liabilities 21,268 Total shareholders' equity 33,162 -------- Total liabilities and shareholders' equity $ 54,430 ======== balance check==> --

VFINANCE INVESTMENTS, INC. STRICTLY CONFIDENTIAL Page 10 Valuation Oriole Homes Corporation - -------------------------------------------------------------------------------- Comparables Companies Analysis: (Amounts in thousands except per share data and where otherwise noted) Liquidity: Last Twelve Months Trading Volume (shares) 903 Last Three Months Trading Volume (shares) 326 Oriole shares outstanding 4,636 Source: Yahoo Finance as of September 9, 2002

Valuation at Peers' Multiples ------------------------------------------------------------------------------------------- Year to Date Company Equity Data Multiple Value Cash Debt Value ------------------------------------------------------------------------------------------- Revenue $ 156,645 0.73x $ 114,216 $ 9,551 (8,224) $ 115,543 EBITDA (208) 7.5x n.m. 9,551 (8,224) n.m. EBIT (3,100) 7.8x n.m. 9,551 (8,224) n.m. Book value of net assets 31,835 1.2x 38,470 9,551 (8,224) 39,797 Book value of equity 33,162 1.6x 52,645 9,551 (8,224) 53,972 ---------------------------------------------------- Mean $ 69,771 ----------------------------------------------------

Discount Value Per share --------------------------------------- High 45.0% $ 38,374 $ 8.22 Median 50.0% 34,885 $ 7.47 Low 55.0% 31,397 $ 6.73

VFINANCE INVESTMENTS, INC. STRICTLY CONFIDENTIAL Page 11 Valuation Oriole Homes Corporation Analysis of Selected Transactions: (Amounts in thousands, except per share data and where otherwise noted)

Announcement Target Company Equity Date Status Company Description Value Value Revenue ---- ------ ------- ----------- ----- ----- ------- 6/22/02 Completed Fortress Group Operative Builders $ 151,519 $ 50,700 $ 280,234 4/17/02 Completed Crossman Communities Operative Builders 590,354 486,200 798,356 1/19/02 Completed Rottlund Co., Inc. Operative Builders 89,917 54,069 257,653 5/10/01 Completed Hancock Communities LLC Construction Services 69,700 67,800 183,651 10/12/00 Completed Engle Homes, Inc. Operative Builders 412,600 215,000 977,794 9/12/00 Completed Western Pacific Housing Development Operative Builders 470,500 162,700 535,019 8/28/00 Completed Washington Homes Operative Builders 104,000 81,900 486,833 1/31/00 Completed Writer Corp. Operative Builders 49,800 27,900 87,455

Company Value Equity Value ------------- ------------ Announcement Target Book Date Status Company EBITDA Value Revenue EBITDA Book Value ---- ------ ------- ------- ----- ------- ------ ---------- 6/22/02 Completed Fortress Group $19,741 $ 189,985 0.54x 7.7x 0.3x 4/17/02 Completed Crossman Communities 87,396 264,407 0.74x 6.8x 1.8x 1/19/02 Completed Rottlund Co., Inc. 40,404 52,145 0.35x 2.2x 1.0x 5/10/01 Completed Hancock Communities LLC n.a. 53,200 0.38x n.a. 1.3x 10/12/00 Completed Engle Homes, Inc. 103,856 207,531 0.42x 4.0x 1.0x 9/12/00 Completed Western Pacific Housing Development 74,800 118,900 0.88x 6.3x 1.4x 8/28/00 Completed Washington Homes 32,832 82,955 0.21x 3.2x 1.0x 1/31/00 Completed Writer Corp. 6,604 24,652 0.57x 7.5x 1.1x

High 0.88x 7.7x 1.8x Median 0.48x 6.3x 1.1x Low 0.21x 2.2x 0.3x ---- --- --- -56% -65% -75% ---- --- --- Discount low vs. median

Transactions Equity Value ------------------------------------- ------------------------- TTM Sales TTM Sales --------- ------------------------- High 0.88x High $ 137,755 Median 0.48x Median 75,398 Low 0.21x Low 33,463

Transactions Equity Value TTM Book Value TTM Book Value ----------------------------------- ------------------------- High 1.8x High $ 60,980 Median 1.1x Median 35,959 Low 0.3x Low 8,850

LOW MEDIAN HIGH -------- -------- -------- Equity Value $ 21,157 $ 55,678 $ 99,367 Price per Share $ 4.56 $ 12.01 $ 21.44 Discount rate 65% $ 7,405 $ 19,487 $ 34,779 $ 1.60 $ 4.20 $ 7.50

VFINANCE INVESTMENTS, INC. STRICTLY CONFIDENTIAL Page 12 Valuation Oriole Homes Corporation Discounted Cash Flow Analysis: Liquidation (Amounts in thousands except per share data or where otherwise noted)

PROJECTED INCOME STATEMENTS: Fiscal Year Ending, December 31 ------------------------------- 2002 2003 --------- --------- Revenues $ 105,270 $ 29,419 Growth rate n.a. -72.1% Cost of revenues $ 93,050 $ 21,622 --------- --------- Gross profit 12,220 7,796 Gross margin 11.6% 26.5% Operating expenses $ 13,589 $ 5,090 --------- --------- Operating income (1,369) 2,706 % of revenue -1.3% 9.2% Other (Income) expense Interest (income) $ -- $ -- Interest expense 2,435 417 Other (income) expense 1,217 2,995 --------- --------- Total (income) expense 3,652 3,413 Taxes -- -- --------- --------- Net income $ (5,021) $ (706) ========= ========= % of revenue -4.8% -2.4%

VFINANCE INVESTMENTS, INC. STRICTLY CONFIDENTIAL Page 15 Valuation Oriole Homes Corporation Discounted Cash Flow Analysis: Liquidation (Amounts in thousands except per share data or where otherwise noted) UNLEVERED FREE CASH FLOW ANALYSIS:

Fiscal Year Ending, December 31 ------------------------------- 2002 2003 -------- -------- Net Income $ (5,021) $ (706) Plus Depreciation 1,778 603 Plus Income Taxes -- -- Other income 26 3,948 Changes in Working Capital (17,913) 11,702 -------- -------- UNLEVERED FREE CASH FLOW (21,130) 15,546

VFINANCE INVESTMENTS, INC. STRICTLY CONFIDENTIAL Page 16 Valuation Oriole Homes Corporation Discounted Cash Flow Analysis: Liquidation (Amounts in thousands except per share data or where otherwise noted)

DISCOUNT RATE ---- Present value of unlevered free cash flow (1) $ (5,583) 0.0% Present value of terminal value (2) 35,967 -------- Present value of enterprise $ 30,384 Present value of unlevered free cash flow (1) $ (5,773) 2.0% Present value of terminal value (2) 33,228 -------- Present value of enterprise $ 27,455 Present value of unlevered free cash flow (1) $ (5,943) 4.0% Present value of terminal value (2) 30,745 -------- Present value of enterprise $ 24,801 Present value of unlevered free cash flow (1) $ (6,097) 6.0% Present value of terminal value (2) 28,489 -------- Present value of enterprise $ 22,392 Present value of unlevered free cash flow (1) $ (6,236) 8.0% Present value of terminal value (2) 26,437 -------- Present value of enterprise $ 20,201 Present value of unlevered free cash flow (1) $ (6,361) 10.0% Present value of terminal value (2) 24,566 -------- Present value of enterprise $ 18,205 (1) Free Cash Flow Forecast Period is CY 2001 - CY 2003 (2) Terminal Value is based on cash at the end of 2003 $ 28,667 ========

VFINANCE INVESTMENTS, INC. STRICTLY CONFIDENTIAL Page 17 Valuation Oriole Homes Corporation Summary Discounted Cash Flow Analysis: Liquidation (Amounts in thousands except per share data or where otherwise noted)

LOW MEDIAN HIGH ---------- ---------- ---------- Equity Value $ 18,205 $ 23,597 $ 30,384 Price per Share $ 3.93 $ 5.09 $ 6.55

vFinance INVESTMENTS, INC. STRICTLY CONFIDENTIAL Page 18 Oriole Homes Corporation Trading Information:

DATE OPEN HIGH LOW CLOSE VOLUME ---- ---- ---- --- ----- ------ 5-Sep-02 4.25 4.25 4.25 4.25 2500 4-Sep-02 4.25 4.3 4.25 4.3 200 3-Sep-02 4.25 4.25 4.15 4.2 3500 29-Aug-02 4.35 4.35 4.35 4.35 3300 28-Aug-02 4.3 4.4 4.3 4.4 1100 27-Aug-02 4.3 4.3 4.3 4.3 5200 26-Aug-02 4.28 4.3 4.28 4.3 7000 21-Aug-02 4.31 4.31 4.21 4.21 1300 20-Aug-02 4.31 4.31 4.31 4.31 1000 Total Volume Last Twelve Months: 903,000 19-Aug-02 4.35 4.35 4.35 4.35 1000 Average Monthly Volume: 75,250 16-Aug-02 4.45 4.45 4.36 4.45 14500 14-Aug-02 4.31 4.58 4.31 4.47 16500 13-Aug-02 3 4.3 3 4.21 15400 12-Aug-02 3 3 3 3 500 9-Aug-02 3 3 3 3 2700 8-Aug-02 2.91 2.91 2.91 2.91 100 7-Aug-02 2.95 2.95 2.95 2.95 100 6-Aug-02 2.9 3 2.9 3 4400 1-Aug-02 2.95 3 2.95 3 4100 31-Jul-02 3.3 3.3 2.85 2.85 18800 26-Jul-02 3.26 3.3 3.26 3.26 10000 24-Jul-02 3.4 3.4 3.25 3.25 10900 23-Jul-02 3.52 3.52 3.4 3.4 2100 22-Jul-02 3.6 3.6 3.6 3.6 1000 18-Jul-02 3.7 3.7 3.62 3.62 2500 16-Jul-02 3.8 3.9 3.8 3.8 5300 15-Jul-02 3.8 3.8 3.8 3.8 1000 12-Jul-02 3.64 3.85 3.64 3.85 10200 11-Jul-02 3.6 3.6 3.6 3.6 13500 10-Jul-02 3.6 3.6 3.6 3.6 14000 9-Jul-02 3.57 3.6 3.57 3.6 8000 8-Jul-02 3.57 3.57 3.57 3.57 5000 5-Jul-02 3.45 3.5 3.45 3.5 16400 3-Jul-02 3.6 3.6 3.5 3.5 2700 2-Jul-02 3.7 3.7 3.7 3.7 500 1-Jul-02 3.79 3.79 3.79 3.79 100 28-Jun-02 3.38 3.99 3.38 3.8 11100 27-Jun-02 3.1 3.2 3.1 3.2 2200 26-Jun-02 3.1 3.1 3 3 4200 25-Jun-02 3.1 3.1 3.1 3.1 500 24-Jun-02 3 3.15 3 3.15 10000 21-Jun-02 3.1 3.19 3.1 3.1 8000 20-Jun-02 2.9 2.99 2.9 2.99 2600 19-Jun-02 2.92 3 2.92 2.92 8200 18-Jun-02 3 3 3 3 5600 14-Jun-02 2.96 2.96 2.96 2.96 17700 13-Jun-02 2.9 2.9 2.9 2.9 22500 11-Jun-02 2.9 2.9 2.9 2.9 22000 10-Jun-02 2.8 2.8 2.8 2.8 2000 6-Jun-02 2.9 2.9 2.9 2.9 2500 30-May-02 2.82 2.82 2.82 2.82 400 29-May-02 2.82 2.82 2.82 2.82 1000 28-May-02 2.85 2.92 2.75 2.92 6000 24-May-02 2.95 2.95 2.95 2.95 200 23-May-02 3 3 3 3 400 22-May-02 3 3 3 3 3000 21-May-02 2.96 2.96 2.9 2.9 38600 20-May-02 2.96 2.96 2.96 2.96 10500 17-May-02 3.01 3.1 2.97 3.06 19200 16-May-02 2.9 3 2.82 3 24600 15-May-02 2.95 3.1 2.95 2.97 30000 14-May-02 2.95 2.95 2.95 2.95 1500 13-May-02 2.8 2.9 2.8 2.9 4000

9-May-02 2.75 2.75 2.75 2.75 100 6-May-02 2.8 2.8 2.8 2.8 3000 3-May-02 2.75 2.8 2.75 2.8 11500 2-May-02 2.75 2.75 2.75 2.75 5000 30-Apr-02 2.8 2.8 2.75 2.75 4000 29-Apr-02 2.75 2.87 2.7 2.8 16000 26-Apr-02 2.65 2.85 2.6 2.85 10500 25-Apr-02 2.7 2.7 2.65 2.7 5100 24-Apr-02 2.6 2.6 2.6 2.6 1000 23-Apr-02 2.5 2.65 2.5 2.65 4900 22-Apr-02 2.5 2.5 2.4 2.4 800 19-Apr-02 2.6 2.6 2.6 2.6 400 18-Apr-02 2.7 2.7 2.7 2.7 1000 17-Apr-02 2.6 2.6 2.55 2.6 1700 16-Apr-02 2.65 2.65 2.65 2.65 2700 15-Apr-02 2.65 2.7 2.6 2.7 4000 12-Apr-02 2.7 2.8 2.65 2.65 2000 11-Apr-02 2.65 2.65 2.6 2.6 1800 10-Apr-02 2.56 2.75 2.55 2.65 8500 9-Apr-02 2.52 2.52 2.52 2.52 500 8-Apr-02 2.55 2.75 2.55 2.62 3200 5-Apr-02 2.4 2.5 2.35 2.5 4200 4-Apr-02 2.32 2.45 2.32 2.35 6200 3-Apr-02 2.25 2.4 2.25 2.31 8600 2-Apr-02 2.3 2.4 2.2 2.2 3800 1-Apr-02 1.95 2.2 1.95 2.2 8200 25-Mar-02 1.85 2 1.85 1.9 3000 12-Mar-02 1.85 1.85 1.75 1.75 3000 28-Feb-02 1.91 2 1.9 1.95 3900 26-Feb-02 2 2.09 2 2 3000 25-Feb-02 2.05 2.1 2.05 2.1 1500 22-Feb-02 1.9 2.09 1.9 2.05 3500 21-Feb-02 1.9 2 1.9 2 1100 20-Feb-02 2 2 1.9 2 3500 19-Feb-02 1.85 2.05 1.85 1.95 1800 13-Feb-02 1.7 1.9 1.7 1.75 3400 8-Feb-02 1.75 1.8 1.75 1.8 1000 5-Feb-02 1.6 1.75 1.55 1.65 6700 1-Feb-02 1.7 1.7 1.7 1.7 100 31-Jan-02 1.8 1.8 1.8 1.8 3000 15-Jan-02 1.7 1.7 1.7 1.7 700 14-Jan-02 1.8 1.8 1.8 1.8 200 11-Jan-02 1.9 1.9 1.9 1.9 1000 7-Jan-02 2.05 2.05 2 2 700 3-Jan-02 2 2 2 2 1000 2-Jan-02 2 2.2 2 2.1 4000 31-Dec-01 1.75 1.87 1.75 1.85 6700 28-Dec-01 1.67 1.77 1.67 1.75 13500 26-Dec-01 1.6 1.6 1.12 1.57 5400 21-Dec-01 1.7 1.79 1.7 1.7 5200 20-Dec-01 1.7 1.7 1.6 1.6 300 19-Dec-01 1.7 1.75 1.7 1.75 7500 18-Dec-01 1.7 1.7 1.62 1.62 5500 14-Dec-01 1.55 1.75 1.45 1.75 12500 12-Dec-01 1.76 1.76 1.65 1.65 300 11-Dec-01 1.85 1.85 1.85 1.85 2000 6-Dec-01 1.74 1.74 1.74 1.74 1200 5-Dec-01 1.64 1.64 1.64 1.64 2000 4-Dec-01 1.8 1.8 1.5 1.55 11500 3-Dec-01 1.9 1.9 1.5 1.65 14900 30-Nov-01 1.95 1.95 1.9 1.9 4500 29-Nov-01 1.9 1.9 1.8 1.9 5100 28-Nov-01 1.95 1.95 1.95 1.95 2400 27-Nov-01 1.9 1.9 1.8 1.9 2700 26-Nov-01 1.8 1.95 1.8 1.95 1500 19-Nov-01 1.9 1.9 1.9 1.9 1900 16-Nov-01 1.9 1.9 1.9 1.9 2200 15-Nov-01 1.85 1.9 1.85 1.9 1500 14-Nov-01 1.95 1.95 1.75 1.75 8300 13-Nov-01 1.9 1.9 1.85 1.85 1900 12-Nov-01 1.85 1.85 1.85 1.85 2000 9-Nov-01 1.5 1.8 1.5 1.8 5000 8-Nov-01 1.8 1.8 1.45 1.45 16300 7-Nov-01 1.8 1.9 1.8 1.9 3000 6-Nov-01 1.6 1.7 1.5 1.7 3500 5-Nov-01 1.6 1.6 1.5 1.5 2000 2-Nov-01 1.55 1.6 1.5 1.5 6300 1-Nov-01 1.65 1.65 1.45 1.45 4000 31-Oct-01 1.88 1.88 1.5 1.55 15700 29-Oct-01 1.84 1.84 1.84 1.84 1500 26-Oct-01 1.9 1.9 1.75 1.75 4000 25-Oct-01 2 2 1.9 1.9 9600 24-Oct-01 1.95 2 1.95 2 2500 23-Oct-01 1.9 1.9 1.9 1.9 1000 22-Oct-01 1.85 1.85 1.85 1.85 1000 19-Oct-01 1.85 1.85 1.75 1.75 6000 16-Oct-01 1.75 1.75 1.75 1.75 1000 11-Oct-01 1.6 1.7 1.6 1.7 3000 5-Oct-01 1.5 1.5 1.5 1.5 1200 4-Oct-01 1.35 1.44 1.25 1.44 4300 3-Oct-01 1.25 1.45 1.25 1.45 3300 28-Sep-01 1.2 1.25 1.2 1.25 3900 26-Sep-01 1.07 1.07 1.07 1.07 2500 25-Sep-01 1.2 1.2 1.1 1.17 7500 24-Sep-01 1.2 1.2 1.2 1.2 6000 21-Sep-01 1.05 1.05 1.05 1.05 4000 20-Sep-01 1.1 1.12 1.1 1.12 4000 19-Sep-01 1.05 1.05 1 1 9000 18-Sep-01 1.5 1.5 1 1.15 14700 10-Sep-01 1.6 1.6 1.6 1.6 5000 EX-3 5 g78608exv3.txt ARMALAVAGE & ASSOCIATES, INC. Exhibit 3 ARMALAVAGE & ASSOCIATES, INC. July 3, 2002 Oriole Homes Corporation c/o Mr. Joseph Pivinski Chief Financial Officer 1690 South Congress Avenue Suite 200 Delray Beach, Florida 33445 Re: "Updated" Appraisal Five Multi-Family Land Parcels (Sandpiper Isle and Sandpiper Greens) Pelican Landing PUD Lee County (Bonita Springs), Florida Mr. Pivinski: Pursuant to your request, I have prepared an "update" appraisal report regarding the above referenced property. The "original" appraisal report was also prepared for Oriole Homes Corp. and has an effective date of appraisal of October 28, 1999 and a date of report of December 2, 1999 (#99-2882). An "update" report (first update) was also prepared for Oriole Homes Corp. and has an effective date of appraisal of November 28, 2000 and a date of report of December 20, 2000 (#00-3095). An "update" appraisal report is an extension of a previously prepared report(s). Thus, the original appraisal report and the first update report are incorporated herein by reference. This document should not be used without reference to the original appraisal report and the first update. Collectively, the original appraisal report and the first update appraisal report are hereinafter known as the prior reports. Update reports are generally short documents that address the changes (physical and market) that have occurred among two dates of appraisal, in this instance the time frame from November 28, 2000 thru June 14, 2002. The subject property consists of five multi-family (condominium) land parcels within the Pelican Landing PUD. Three of the parcels are within the Sandpiper Isle neighborhood and two are within the Sandpiper Greens neighborhood. For appraisal purposes, the parcels are identified as Parcels "A," "E," "F," 200, and 300. The five parcels are hereinafter known as the subject property or subject parcels. Also, the terms "parcel(s)" and/or "building(s)" are interchangeable herein. The facing page presents a Pelican Landing location map with the subject neighborhoods colored "yellow." The following chart summarizes each parcel indicating the number of units planned for development by the owner as of the effective date of this appraisal. Some changes have occurred in comparison to the prior reports. Page Two July 3, 2002 Mr. Pivinski Sandpiper Isle at Pelican Landing

Parcel A Condominium III- Phase A 0.76 acre 10 units (13.2 units/ac.) Parcel E Condominium IV - Phase E 0.74 acre 10 units (13.5 units/ac.) Parcel F Condominium IV - Phase F 0.61 acre 10 units (16.4 units/ac.)

Sandpiper Greens at Pelican Landing

Parcel 200 Condominium Phase 200 0.62 acre 06 units (9.7 units/ac.) Parcel 300 Condominium Phase 300 0.82 acre 12 units (14.6 units/ac.)

The above densities are based on the land areas according to the architectural plans as provided by the client and summarized herein relative to the proposed development. The land areas are assumed accurate and linked to an Extraordinary Assumption summarized herein. The purpose of the appraisal assignment is to estimate the "as is" market value of the fee simple estate of each of the subject parcels effective June 14, 2002. The "as is" market value estimate is equal to the "as is" market value of the land for each respective parcel (individually). This appraisal report was not made on the basis of a requested minimum valuation, a specific valuation, or the approval of a loan. This appraisal assignment involves an "update" appraisal report of a previously prepared first update and previously prepared original report. The original report was a complete appraisal/summary report and was prepared in conformance with the Uniform Standards of Professional Appraisal Practice (USPAP) of The Appraisal Foundation. This second update also conforms with USPAP. A copy of the client engagement letter is included within the Addenda as Exhibit "B." The Addenda also contains multiple Exhibits as summarized within the Extraordinary Assumptions. The Extraordinary Assumptions, as summarized on the pages subsequent to this letter of transmittal, consists of five numbered paragraphs. The appraised values herein cannot be used independently from the Extraordinary Assumptions because the appraised values and the Extraordinary Assumptions are linked, and co-dependent, with each other. Stated differently, one cannot be used without the other. The estimated values herein are linked, and subject to, the owner's proposed development plans as summarized herein. Subject property photographs (updated) are also included within the Addenda as Exhibit "A." As a result of this appraisal assignment, and subject to the assumptions and limiting conditions herein, it is my opinion the "as is" market values of the fee simple estate effective June 14, 2002 are: PARCEL "A" $386,000 (Three Hundred Eighty Six Thousand Dollars) PARCEL "E" $354,000 (Three Hundred Fifty Four Thousand Dollars) Page Three July 3, 2002 Mr. Pivinski PARCEL "F" $334,000 (Three Hundred Thirty Four Thousand Dollars) PARCEL 200 $241,000 (Two Hundred Forty One Thousand Dollars) PARCEL 300 $310,000 (Three Hundred Ten Thousand Dollars) I hereby certify, I have no undisclosed interest in the subject property and my employment and compensation are not contingent upon my findings and valuation. I, Gregory F. Lynch, MAI, CCIM have inspected the subject property. This appraisal report is invalid unless having the original blue ink signature of the undersigned. This appraisal assignment is subject to the very important Extraordinary Assumptions summarized on the following pages and consisting of five numbered paragraphs. Respectfully submitted, ARMALAVAGE & ASSOCIATES, INC. /s/ Gregory F. Lynch Gregory F. Lynch, MAI, CCIM State-Certified General Real Estate Appraiser RZ0000765 EX-4 6 g78608exv4.txt ROE MINOR REALTY CONSULTANTS Exhibit 4 ROE MINOR REALTY CONSULTANTS July 9, 2002 Mr. Joseph Pivinski Oriole Homes Corporation 1690 South Congress Avenue, Suite 200 Delray Beach, Florida 33445 Re: Appraisal #2102 138 Partially Developed Single-family Lots in Equestrian Club Wellington, Palm Beach County, FL Dear Mr. Pivinski: At your request, we have completed an inspection and analysis to appraise the property referenced above. Our analyses have been prepared in conformance to the Uniform Standards of Professional Appraisal Practice (USPAP). The essential data and analytical process used in estimating our final value estimate are included within the attached report. THIS APPRAISAL IS A COMPLETE, SELF-CONTAINED APPRAISAL WITH A VALUATION DATE OF JUNE 22, 2002. The purpose of this report is to estimate the market value of the fee simple interest as of June 22, 2002. The intended use of this report is for asset evaluation by the intended user, Oriole Homes Corporation, who is also our client. The subject property is owned by Brighton at Wellington L.C. but Centerline Homes is the builder. Centerline began marketing homes on January 26, 2002; to date, they have sold 19 units for total revenue (including options and premiums) of over $10,700,000. There are ten units under construction at this time. According to Craig Perry, no water/sewer hookups have been prepaid. Please note that our value DOES NOT include the partially built homes that are on several of the lots. If we had given consideration to the partially built homes, our value would have been higher. Finally we also note that the subject lands are partially developed. Total development costs are estimated to be about $6,300,000; to date, the builder has expended over $3,400,000. Therefore, about $2,875,000 remains to be spent on the subject in order to have fully developed lots. Furthermore, about 88% of the remaining costs, or $2,525,000, will be for the amenities, common area landscaping and completing the entrance/guardhouse at the project. Thus, the subject lots are primarily developed, with only the amenities and other minor costs remaining to complete the development. BECAUSE DEVELOPMENT IS PROCEEDING EVERY DAY, THE SUBJECT "AS IS" VALUE WILL CHANGE AS MORE OF THE DEVELOPMENT WORK IS COMPLETED. OUR VALUE ESTIMATE STATED BELOW IS AS OF THE DATE OF VALUATION. Mr. Joseph Pivinski Oriole Homes Corporation Appraisal #2101 July 9, 2002 Page 2 Our final opinion of the market value of the fee simple interest of the subject property as of June 22, 2002, is therefore: MARKET VALUE "AS IS": JUNE 22, 2002 FIFTEEN MILLION EIGHT HUNDRED THOUSAND DOLLARS ($15,800,000) (At a reasonable exposure/marketing period estimated to be 6 to 12 months) PROSPECTIVE MARKET VALUE "AS IF FULLY DEVELOPED" EXCLUDING ANY PREPAID WATER/SEWER HOOKUP FEES: EXPECTED JANUARY 2003 NINETEEN MILLION FOUR HUNDRED THOUSAND DOLLARS ($19,400,000) (At a reasonable exposure/marketing period estimated to be 6 to 12 months) The above values are subject to the assumptions and limiting conditions contained in this report. Several special assumptions were necessary and we call the reader's attention to these items on page 49. Following is our complete, self-contained appraisal report that details the valuation. Respectfully submitted, /s/ CHARLES E. MINOR ----------------------------------------- Charles E. Minor, MAI State Certified General Real Estate Appraiser No. 0002252 /s/ ZILLAH L. TARKOE ---------------------------------------- Zillah L. Tarkoe, MAI State Certified General Real Estate Appraiser No. 0001800 EX-5 7 g78608exv5.txt ROE MINOR REALTY CONSULTANTS Exhibit 5 ROE MINOR REALTY CONSULTANTS July 17, 2002 Mr. Joseph Pivinski Oriole Homes Corporation 1690 South Congress Avenue, Suite 200 Delray Beach, Florida 33445 Re: Appraisal #2103 110 Unit Condominium Development Spring Park Terraces at Celebration Unincorporated Osceola County, FL Dear Mr. Pivinski: At your request, we have completed an inspection and analysis to appraise the property referenced above. Our analyses have been prepared in conformance to the Uniform Standards of Professional Appraisal Practice (USPAP). The essential data and analytical process used in estimating our final value estimate are included within the attached report. This is a complete appraisal presented in a self-contained format. The purpose of this report is to estimate the market value of the fee simple interest as of July 3, 2002. The intended use of this report is for asset evaluation by the intended user, Oriole Homes Corporation, who is also our client. Our value opinion is qualified by certain assumptions, limiting conditions and definitions, which are set forth in this report. There are extraordinary assumptions and/or special limiting conditions affecting value. As shown below, we reconciled to a final value "as is" of $3,700,000. PLEASE NOTE THAT THE SUBJECT VALUE INCLUDES THE COMPLETED CONSTRUCTION ON-SITE. ALL THE FOOTERS ARE IN PLACE AND SOME BUILDINGS ARE PARTIALLY COMPLETE. THE SUBJECT LAND IS DIVIDED AMONG THREE DISTINCT PARCELS WITHIN CELEBRATION, A DRI. AS SHOWN BY THE SUBJECT PHOTOS, DEVELOPMENT AND CONSTRUCTION ARE UNDERWAY ON ALL THREE PARCELS. DELIVERY IS SCHEDULED TO VARY FROM DECEMBER 2002/JANUARY 2003 FOR THE FIRST PARCEL UP TO LATE SUMMER/EARLY FALL 2003. WE HAVE RELIED UPON THE ESTIMATES PROVIDED TO US BY SUSAN SPRAGG OF ORIOLE HOMES. IF THE DOLLAR AMOUNT OF COMPLETED WORK VARIES FROM THAT SUPPLIED TO US, THE "AS IS" VALUE IS SUBJECT TO CHANGE. FURTHERMORE, WE NOTE THAT CONSTRUCTION CONTINUES TO PROCEED AT THE SUBJECT. THUS, THE "AS IS" VALUE WILL CHANGE WEEKLY AS MORE WORK IS COMPLETED. Based on our analysis, the market value of the subject property, as set forth, documented and qualified in the attached report is: MARKET VALUE "AS IS": JULY 3, 2002 THREE MILLION SEVEN HUNDRED THOUSAND DOLLARS ($3,700,000) (At a reasonable exposure/marketing period estimated to be 6 months) Mr. Joseph Pivinski Oriole Homes Corporation Appraisal #2103 July 17, 2002 Page 2 PROSPECTIVE MARKET VALUE UPON COMPLETION EIGHTEEN MILLION SEVEN HUNDRED THOUSAND DOLLARS ($18,000,000) (At a reasonable exposure/marketing period estimated to be 6 months) Following is our complete, self contained appraisal report that details the valuation. Respectfully submitted, /s/ CHARLES E. MINOR ------------------------------------------- Charles E. Minor, MAI State Certified General Real Estate Appraiser No. 0002252 /s/ ZILLAH L. TARKOE ------------------------------------------- Zillah L. Tarkoe, MAI State Certified General Real Estate Appraiser No. 0001800 EX-6 8 g78608exv6.txt ROE MINOR REALTY CONSULTANTS Exhibit 6 ROE MINOR REALTY CONSULTANTS July 29, 2002 Mr. Joseph Pivinski Oriole Homes Corporation 1690 South Congress Avenue, Suite 200 Delray Beach, Florida 33445 Re: Appraisal #2104 Remaining Units at Stonecrest Summerville, FL Dear Mr. Pivinski: At your request, we have completed an inspection and analysis to appraise the property referenced above. Our analyses have been prepared in conformance to the Uniform Standards of Professional Appraisal Practice (USPAP). The essential data and analytical process used in estimating our final value estimate are included within the attached report. This is a complete appraisal presented in a self-contained format. The purpose of this report is to estimate the market value of the fee simple interest as of July 10, 2002. The intended use of this report is for asset evaluation by the intended user, Oriole Homes Corporation, who is also our client. The subject is the remaining lots and land owned by Oriole Homes Corporation in Stonecrest. The entire development will probably consist of about 1,800 to 1,900 units, even though the DRI allows up to about 2,500 units. Oriole has been buying lots and land in Stonecrest since 1996. To date, Oriole has purchased lots/land for 702 units. Through the beginning of July, Oriole has closed 411 units, and they have sold (contracted) an additional 47 units. Our valuation is of the 244 available (unsold) lots and the 47 lots that have been sold but have not closed to end-users. Thus, there are 291 subject units. Please note that the subject units include both land and developed lots. The sections called Overlook 3 and Links 3, with 68 units and 52 units respectively have not been developed. Development costs for Overlook 3 and Links 3 are estimated to be $1,352,184 or $11,268 per unit. Following is a summary of the subject units contained in our valuation:

SOLD UNITS AVAILABLE UNITS TOTAL Developed 47 124 171 Undeveloped 0 120 120 TOTAL 47 244 291

Our value opinion is qualified by certain assumptions, limiting conditions and definitions, which are set forth in this report. There is an extraordinary assumption and/or special limiting condition affecting value. WE HAVE NOT INCLUDED ANY VALUE FOR PARTIALLY BUILT HOMES OR THE COMPLETED UNITS ON THE SUBJECT LOTS. THIS VALUATION, ACCORDING TO YOUR INSTRUCTIONS, IS ONLY OF THE REMAINING RESIDENTIAL LAND AND LOTS. IF THE VALUE OF THE PARTIALLY BUILT OR COMPLETED HOMES HAD BEEN INCLUDED, THIS VALUATION WOULD BE HIGHER. Finally, we note that impact fees and water/sewer hookup fees are paid at permitting. According to Mr. Rick Rogers at Stonecrest, these fees have been paid on 46 units that are either under construction or completed. Mr. Joseph Pivinski Oriole Homes Corporation Appraisal #2104 July 29, 2002 Page 2 Based on this information, the prepaid fees can be calculated as follows. While the end-user reimburses Oriole for the impact fees, the payment of this charge runs with the land. Thus, it still deserves compensation. For your convenience, we have provided a value including the prepaid fees as well as a value excluding the fees. This is reasonable due to the fact that the number of prepaid fees changes frequently. Furthermore, impact fees are scheduled to increase to over $1,500 per unit. FEE ADJUSTMENT CALCULATION

Category Fee/Unit No. Units Total - -------- -------- --------- ----- Impact Fees $1,359 46 $62,514 Water/Sewer Hookups $2,150 46 $98,900 TOTAL ADJUSTMENT $161,414

Based on our analysis, the market value of the subject property, as set forth, documented and qualified in the attached report is: MARKET VALUE "AS IS" OF THE REMAINING RESIDENTIAL LAND/LOTS EXCLUDING ANY PREPAID FEES AND BUILT OR PARTIALLY BUILT HOMES: JULY 10, 2002 SEVEN MILLION DOLLARS ($7,000,000) (At a reasonable exposure/marketing period estimated to be 6 months) MARKET VALUE "AS IS" OF THE REMAINING RESIDENTIAL LAND/LOTS INCLUDING ANY PREPAID FEES BUT EXCLUDING ANY BUILT OR PARTIALLY BUILT HOMES: JULY 10, 2002 SEVEN MILLION ONE HUNDRED SIXTY THOUSAND DOLLARS ($7,160,000) (At a reasonable exposure/marketing period estimated to be 6 months) Following is our complete, self contained appraisal report that details the valuation. Respectfully submitted, /s/ CHARLES E. MINOR ------------------------------------------- Charles E. Minor, MAI State Certified General Real Estate Appraiser No. 0002252 /s/ ZILLAH L. TARKOE -------------------------------------------- Zillah L. Tarkoe, MAI State Certified General Real Estate Appraiser No. 0001800 -----END PRIVACY-ENHANCED MESSAGE-----

EX-1

                                                                       Exhibit 1

Valuation                                              Oriole Homes Corporation

Company Summary:

GENERAL INFORMATION:

Date:                                            26-Aug-02

Company:                                 Oriole Homes Corporation

Ticker:                                             OHC

                                               
COMMON STOCK CLASS A (OHCA)

Most Recent Price                                  $  4.35
Fully Diluted Shares Outstanding                     1,863

COMMON STOCK CLASS B (OHCB)

Most Recent Price                                  $  4.30
Fully Diluted Shares Outstanding                     2,772

                                                   -------
MARKET CAPITALIZATION                              $20,026
                                                   -------

                                                   6/30/02
                                                   -------

Shareholders' Equity                               $33,162

Basic Shares Outstanding                             4,636
Fully Diluted Shares Outstanding                     4,636

                                                   -------
BASIC BOOK VALUE PER SHARE                         $  7.15
FULLY DILUTED BOOK VALUE PER SHARE                    7.15
                                                   -------




vFINANCE INVESTMENTS           STRICTLY CONFIDENTIAL

Valuation                                              Oriole Homes Corporation

Valuation Analysis:  Summary

(Amounts in thousands except per share data or where otherwise noted)



SUMMARY OF DISCOUNTED CASH FLOW ANALYSIS:

               Low                      Median                       High
            --------------------------------------------------------------------
             $ 12,588                   $ 16,041                    $ 20,249


SUMMARY OF COMPARABLE COMPANIES ANALYSIS:

               Low                      Median                       High
           ---------------------------------------------------------------------
             $ 27,908                   $ 31,397                    $ 34,885


SUMMARY OF COMPARABLE TRANSACTIONS ANALYSIS:

              Low                       Median                       High
          ----------------------------------------------------------------------
             $ 7,361                    $ 19,371                    $ 34,571


SUMMARY OF LIQUIDATION ANALYSIS:

            Low                         Median                       High
         -----------------------------------------------------------------------
            $ 7,778                     $ 10,546                    $ 13,946



vFINANCE INVESTMENTS           STRICTLY CONFIDENTIAL

Valuation                                              Oriole Homes Corporation

Valuation Analysis:  Summary

(Amounts in thousands except per share data or where otherwise noted)




5 VALUATION METHODOLOGIES:



                                                       Low          Median         High
                                                   ---------------------------------------
                                                                       
1. Summary DCF                                       $12,588       $16,041       $20,249
2. Summary of Comparables Analysis                    27,908        31,397        34,885
3. Summary of Comparable Transactions Analysis         7,361        19,371        34,571
4. Summary of Liquidation Analysis                     7,778        10,546        13,946



  SUMMARY;



                                                         LOW            MEDIAN          HIGH
                                                     --------------------------------------------
                                                                             
 VALUE BASED ON 4,635,524 SHARES OUTSTANDING           $ 13,909        $ 19,339        $ 25,913
 PRICE PER SHARE                                       $   3.00        $   4.17        $   5.59
                                                       --------        --------        --------



vFINANCE INVESTMENTS           STRICTLY CONFIDENTIAL

Valuation                                              Oriole Homes Corporation


Discounted Cash Flow Analysis:

(Amounts in thousands except per share data or where otherwise noted)



PROJECTED INCOME STATEMENTS:                 Fiscal Year Ending, December 31
                             -------------------------------------------------------------
                              2002              2003               2004             2005
                             -------------------------------------------------------------
                                                                     
Revenues                     $ 105,270         $  48,024        $  14,443        $  11,617
Growth rate                       n.a.             -54.4%           -69.9%           -19.6%
Cost of revenues             $  93,050         $  36,264        $  10,577        $   8,739
                             ---------         ---------        ---------        ---------
  Gross profit                  12,220            11,760            3,866            2,878
Gross margin                      11.6%             24.5%            26.8%            24.8%

Operating expenses           $  13,589         $   7,105        $   2,908        $   2,659
                             ---------         ---------        ---------        ---------
  Operating income              (1,369)            4,656              958              219
   % of revenue                   -1.3%              9.7%             6.6%             1.9%

Other (Income) expense
Interest (income)            $      --         $      --        $      --        $      --
Interest expense                 2,435               566              259              213
Other (income) expense           1,217               200               --               --
                             ---------         ---------        ---------        ---------
   Total (income) expense        3,652               766              259              213

Taxes                               --                --               --               --
                             ---------         ---------        ---------        ---------
  Net income                 $  (5,021)        $   3,890        $     699        $       7
                             =========         =========        =========        =========
   % of revenue                   -4.8%              8.1%             4.8%             0.1%



vFINANCE INVESTMENTS           STRICTLY CONFIDENTIAL

Valuation                                              Oriole Homes Corporation

Discounted Cash Flow Analysis:

(Amounts in thousands except per share data or where otherwise noted)

UNLEVERED FREE CASH FLOW ANALYSIS:



                                               Fiscal Year Ending, December 31
                               ---------------------------------------------------------
                                 2002            2003             2004           2005
                               ---------------------------------------------------------
                                                                  
Net Income                       $ (5,021)     $  3,890        $    699       $      7
Plus Depreciation                   1,778           503             277            299
Plus Income Taxes                      --            --              --             --
Less CAPEX                             --          (600)             --             --
Other income                        1,952         4,048              --             --
Changes in Working Capital        (21,931)       12,965           2,630          2,797
                                 --------       --------       --------        --------
UNLEVERED FREE CASH FLOW          (23,222)       20,807           3,605          3,103



vFINANCE INVESTMENTS           STRICTLY CONFIDENTIAL

Valuation                                              Oriole Homes Corporation

Discounted Cash Flow Analysis:

(Amounts in thousands except per share data or where otherwise noted)





      DISCOUNT
       RATE
                                                                                        
                     Present value of unlevered free cash flow (1)                             $       (315)
       15.0%         Present value of terminal value (2)                                             20,564
                                                                                               ------------
                     Present value of enterprise                                               $     20,249

                     Present value of unlevered free cash flow (1)                             $       (741)
       17.0%         Present value of terminal value (2)                                             19,194
                                                                                               ------------
                     Present value of enterprise                                               $     18,453

                     Present value of unlevered free cash flow (1)                             $     (1,134)
       19.0%         Present value of terminal value (2)                                             17,936
                                                                                               ------------
                     Present value of enterprise                                               $     16,801

                     Present value of unlevered free cash flow (1)                             $     (1,498)
       21.0%         Present value of terminal value (2)                                             16,779
                                                                                               ------------
                     Present value of enterprise                                               $     15,281

                     Present value of unlevered free cash flow (1)                             $     (1,834)
       23.0%         Present value of terminal value (2)                                             15,714
                                                                                               ------------
                     Present value of enterprise                                               $    13,880

                     Present value of unlevered free cash flow (1)                             $    (2,144)
       25.0%         Present value of terminal value (2)                                            14,732
                                                                                               ------------
                     Present value of enterprise                                               $    12,588

                     (1) Free Cash Flow Forecast Period is CY 2001 - CY 2005
                     (2) Terminal Value is based on cash at the end of 2005                    $    35,967
                         and cable and recreational leases.                                   ------------



vFINANCE INVESTMENTS           STRICTLY CONFIDENTIAL


Valuation                                               Oriole Homes Corporation
- --------------------------------------------------------------------------------
SUMMARY DISCOUNTED CASH FLOW ANALYSIS:
(Amounts in thousands except per share data or where otherwise noted)



                        LOW         MEDIAN         HIGH
                        ---         ------         ----
                                        
Equity Value         $ 12,588      $ 16,041      $ 20,249
Price per Share      $   2.72      $   3.46      $   4.37



vFinance Investments         STRICTLY CONFIDENTIAL

Valuation                                               Oriole Homes Corporation
- --------------------------------------------------------------------------------


vFinance Investments         STRICTLY CONFIDENTIAL



CONSOLIDATED BALANCE SHEET                        3/31/2002        12/31/2002        12/31/2003        12/31/2004        12/31/2005
                                                -----------       -----------       -----------       -----------       -----------
                                                                                                         
Cash and cash equivalents                         6,386,091         8,668,381        29,722,285        33,147,775        35,967,007
                                                -----------       -----------       -----------       -----------       -----------
Receivables                                               0                 0                 0                 0                 0

Land                                             21,648,329         7,316,836         2,066,020           942,828            20,207

Land Development                                  7,596,345         3,365,536         1,459,760           503,811             1,435
Less ECTC                                        (3,486,022)         (986,769)         (986,769)         (986,769)         (986,769)
    Subtotal Land Development                     4,110,323         2,378,767           472,991          (482,958)         (985,334)

Construction                                     25,957,840        19,583,941         2,102,162         1,397,576           111,414
Less ECTC                                        (2,122,660)       (1,910,397)                0                 0                 0
                                                -----------       -----------       -----------       -----------       -----------
    Subtotal Construction                        23,835,180        17,673,544         2,102,162         1,397,576           111,414

Models                                            1,042,836         1,143,861         1,143,861         1,143,861                 0

                                                -----------       -----------       -----------       -----------       -----------
Net Inventories                                  50,636,667        28,513,008         5,785,034         3,001,307          (853,713)
                                                -----------       -----------       -----------       -----------       -----------

Property and equipment, at cost                   2,581,931         2,498,203         2,498,203         2,498,203         1,559,322
    Less accumulated depreciation                 1,902,273         2,151,928         2,303,396         2,400,359         1,477,485
                                                -----------       -----------       -----------       -----------       -----------
                                                    679,658           346,275           194,807            97,844            81,837
                                                -----------       -----------       -----------       -----------       -----------

Land held for investment, at cost                         0                 0                 0                 0                 0

Investment in unconsolidated joint venture        6,000,000         4,047,998                 0                 0                 0

Other

    Prepaid expenses                              1,349,241         1,418,870           270,000           270,000           100,000
    Unamortized financing costs                     499,672            52,236                 0                 0                 0
    Other assets                                  1,689,356         1,589,004         1,664,613         1,727,945         1,846,945
                                                -----------       -----------       -----------       -----------       -----------
                                                  3,538,269         3,060,110         1,934,613         1,997,945         1,946,945
                                                -----------       -----------       -----------       -----------       -----------

Total assets                                     67,240,685        44,635,772        37,636,739        38,244,871        37,142,076
                                                ===========       ===========       ===========       ===========       ===========


Liabilities

    Mortgage notes payable                       14,818,159         5,581,270                 0                 0                 0
    Accounts payable                              5,561,504         4,138,021         1,288,850         1,325,509           727,430
    Accrued expense                               2,882,552           819,896           975,496         1,009,096         1,036,696
    Customer deposits                             8,683,357         3,313,287           700,000           538,855                 0
                                                -----------       -----------       -----------       -----------       -----------
    Total liabilities                            31,945,572        13,852,474         2,964,346         2,873,460         1,764,126
                                                -----------       -----------       -----------       -----------       -----------

Shareholders' equity
    Class A common stock,
       par value $.10 a share
           Authorized:
              10,000,000 shares
              Issued and


                                                                                                         
               outstanding
               1,863,149                            186,315           186,315           186,315           186,315           186,315
    Class B common stock,
       par value $.10
           Authorized:
              10,000,000 shares
              Issued and outstanding
               2,762,375 at 3/31/02;
               2,772,375 at 12/31/02                276,238           277,238           277,238           277,238           277,238

    Additional paid-in capital                   19,267,327        19,281,327        19,281,327        19,281,327        19,281,327

    Retained earnings                            15,565,233        11,038,418        14,927,513        15,626,531        15,633,070
                                                -----------       -----------       -----------       -----------       -----------

    Total shareholders' equity                   35,295,113        30,783,298        34,672,393        35,371,411        35,377,950
                                                -----------       -----------       -----------       -----------       -----------

Total liabilities and
    shareholders' equity                         67,240,685        44,635,772        37,636,739        38,244,871        37,142,076
                                                ===========       ===========       ===========       ===========       ===========





WORKING CAPITAL                                  12/31/2001        12/31/2002        12/31/2003        12/31/2004        12/31/2005
                                                -----------       -----------       -----------       -----------       -----------
                                                                                                         
CURRENT ASSETS:

Inventories                                      59,113,990        28,513,008         5,785,034         3,001,307          (853,713)
Receivables                                               0                 0                 0                 0                 0
Prepaid expenses                                  1,732,764         1,418,870           270,000           270,000           100,000
Unamortized financing costs                         752,970            52,236                 0                 0                 0
Other assets                                      2,522,057         1,589,004         1,664,613         1,727,945         1,846,945
                                                -----------       -----------       -----------       -----------       -----------
                                                 64,121,781        31,573,118         7,719,647         4,999,252         1,093,232


CURRENT LIABILITIES:

Accounts payable                                 10,054,699         4,138,021         1,288,850         1,325,509           727,430
Accrued expense                                   9,763,166           819,896           975,496         1,009,096         1,036,696
Mortgage notes payable                           24,257,026         5,581,270                 0                 0                 0
Customer deposits                                         0         3,313,287           700,000           538,855                 0
                                                -----------       -----------       -----------       -----------       -----------
                                                 44,074,891        13,852,474         2,964,346         2,873,460         1,764,126

Current Assets                                   64,121,781        31,573,118         7,719,647         4,999,252         1,093,232
Current Liabilities                              68,331,917        13,852,474         2,964,346         2,873,460         1,764,126
                                                -----------       -----------       -----------       -----------       -----------
Net Working Capital                              (4,210,136)       17,720,644         4,755,301         2,125,792          (670,894)

                                                -----------       -----------       -----------       -----------       -----------
Change in Net Working Capital                                      21,930,780       (12,965,343)       (2,629,509)       (2,796,686)
                                                ===========       ===========       ===========       ===========       ===========


Valuation                                               Oriole Homes Corporation
- --------------------------------------------------------------------------------
COMPARABLES COMPANIES ANALYSIS:
(Amounts in thousands, except per share data and where otherwise noted)



                                        Stock                    Market                                     Company Value to
                                                                                                            ----------------
                              Ticker    Price    % of   Market  to Book    P/E Ratio       Company     LTM     LTM    LTM     Net
                                                                           ---------
       Company                Symbol  8/26/2002  High    Value   Value   2002E    2003E     Value    Revenue  EBITDA  EBIT   Assets
       -------                ------  ---------  ----    -----   -----   -----    -----     -----    -------  ------  ----   ------
                                                                                         
Meritage Corporation            MTH    $  38.00   81% $ 517,558    2.7x    7.6x    6.4x  $  727,484   0.91x     8.3x   8.9x    1.8x
William Lyons Homes             WLS       22.17   74%   227,398    1.5x    n.a.    n.a.     484,701   1.00x    19.3x  21.2x    1.2x
Technical Olimpyc USA          TOUS       16.23   88%   186,634    1.2x    n.a.    n.a.     269,881   0.44x     6.4x   7.1x    1.1x
Domion Homes                   DHOM       20.68   79%   172,928    2.0x    7.5x    7.1x     311,091   0.73x     6.9x   7.3x    1.4x
Orleans Homebuilders            OHB        7.60   76%    95,021    1.7x    n.a.    n.a.     219,163   0.62x     8.1x   8.2x    1.2x
Capital Pacific Holdings        CPH        4.14   78%    62,375    0.6x    n.a.    n.a.     194,020   0.73x     5.4x   5.5x    0.8x

                            Mean                  79%              1.6x    n.a.    n.m.               0.74x     9.1x   9.7x    1.3x
                            Median                79%              1.6x    n.a.    n.m.               0.73x     7.5x   7.8x    1.2x
                                                  ---              ----                               -----     ----   ----    ----
                            MINIMUM               74%              0.6X                               0.44X     5.4X   5.5X    0.8X

Oriole Homes Corp.              OHC    $   4.30  139% $  20,079    0.6x    n.a.    n.a.  $   18,751   0.12x     n.m.   n.m.    0.6x

DISCOUNT OF MINIMUMS
  VS MEAN                                         -6%               -61%                                -41%     -40%   -44%    -33%
  Average Discount
    Min vs Mean                                  -38%


This table shows the multiples for all the peer companies selected based on the
different financial indicators.

- ----------
a   Company value is calculated by adding debt and subtracting cash from the
    market value (market cap).

VFINANCE INVESTMENTS          STRICTLY CONFIDENTIAL

Valuation                                               Oriole Homes Corporation
- --------------------------------------------------------------------------------
COMPARABLES COMPANIES ANALYSIS:
(Amounts in thousands except per share data or where otherwise noted)




                                                       FYE             Six Months Ended,              LTM
                                                       ---             -----------------              ---
                                                    12/31/2001      6/30/2002      6/30/2001       6/30/2002
                                                    ----------      ---------      ---------       ---------
                                                                                       
Revenue:
   Sales of homes                                    $ 140,029       $ 66,352       $ 52,042       $ 154,340
   Sales of land                                            15             11             --              26
   Other                                                    --             --             --              --
   Gain on sales of PPE                                    105              4             96              14
   Gain on sales of land                                    --             --             --              --
   Interest, rentals and other income                    2,615            754          1,103           2,266
                                                     ---------       --------       --------       ---------
     Total revenue                                     142,765         67,120         53,240         156,645
Costs and expenses:
   Cost of homes                                       128,461         61,276         47,470         142,267
   Inventory valuation adjustments                          --             --             --              --
   Cost of land sold                                         6             10             --              17
   Loss on joint ventures investments                       --             --             --              --
   Costs relating to other operating income                 10             --              5               5
   Selling, general and administrative expenses         17,281          8,215          8,041          17,455
                                                     ---------       --------       --------       ---------
     Total expenses                                    145,758         69,502         55,515         159,745

                                                     ---------       --------       --------       ---------
     EBIT                                               (2,994)        (2,381)        (2,275)         (3,100)
                                                     =========       ========       ========       =========

     Total Other (Income) Expenses                          --             --             --              --
                                                     ---------       --------       --------       ---------
     EBT                                                (2,994)        (2,381)        (2,275)         (3,100)
                                                     =========       ========       ========       =========
       % of revenue                                      -2.1%          -3.5%          -4.3%           -2.0%

     Extraordinary loss                                   (572)          (261)            --            (833)

                                                     ---------       --------       --------       ---------
     Net Income                                         (3,566)        (2,642)        (2,275)         (3,933)
                                                     =========       ========       ========       =========
       % of revenue                                      -2.5%          -3.9%          -4.3%           -2.5%

     EBIT                                               (2,994)        (2,381)        (2,275)         (3,100)
     Depreciation and amortization                       1,805          1,454            366           2,892
                                                     ---------       --------       --------       ---------
     EBITDA                                             (1,189)          (927)        (1,909)           (208)
                                                     =========       ========       ========       =========
       % of revenue                                      -0.8%          -1.4%          -3.6%           -0.1%

- ------------
a   FYE stands for fiscal year ending.

VFINANCE INVESTMENTS          STRICTLY CONFIDENTIAL

Valuation                                               Oriole Homes Corporation
- --------------------------------------------------------------------------------
COMPARABLES COMPANIES ANALYSIS:
(Amounts in thousands except per share data or where otherwise noted)



                                                                         Actual
                                                                         ------
                                                                      06/30/2002
                                                                       ---------
                                                                    
ASSETS:
Cash and cash equivalents:
   Unrestricted cash                                                       9,551
   Restricted cash                                                         2,583
                                                                         -------
                                                                          12,135

Inventories

   Land                                                                   17,267
   Homes completed or under construction                                  14,987
   Model homes                                                             1,013
                                                                         -------
                                                                          33,267

Property and equipment, at cost
   Land                                                                       82
   Buildings                                                                 457
   Furniture, fixtures and equipment                                       1,882
                                                                         -------
                                                                           2,421
Less accumulated depreciation                                              1,817
                                                                         -------

   Net PPE                                                                   604
Land held for investment, at cost                                             --
Investment in unconsolidated joint venture                                 5,739
Other

   Prepaid expenses                                                          762
   Unamortized financing costs                                               187
   Other assets                                                            1,736
                                                                         -------
                                                                           2,685
                                                                         -------
Total assets                                                             $54,430
                                                                         =======
LIABILITIES AND SHAREHOLDERS' EQUITY:
Liabilities:

   Line of credit                                                             --
   Mortgage notes payable                                                  8,224
   Accounts payable and accrued liabilities                                6,728
   Customer deposit                                                        6,316
   Senior notes                                                               --
                                                                         -------
     Total liabilities                                                    21,268
Total shareholders' equity                                                33,162
                                                                         -------
Total liabilities and shareholders' equity                               $54,430
                                                                         =======



vFinance Investments          STRICTLY CONFIDENTIAL

Valuation                                               Oriole Homes Corporation
- --------------------------------------------------------------------------------
COMPARABLES COMPANIES ANALYSIS:
(Amounts in thousands except per share data and where otherwise noted)



LIQUIDITY:
                                            
Last Twelve Months Trading Volume (shares)       818
Last Three Months Trading Volume (shares)        403
Oriole shares outstanding                      4,636


Source: Yahoo Finance as of July 15, 2002



                                                        Valuation at Peers' Multiples
                                                        -----------------------------
                                 YTDb                        Company                                  Equity
                                 Data           Multiple      Value         Cash          Debt         Value
                                 ----           --------      -----         ----          ----         -----
                                                                                            
Revenue                       $ 156,645          0.73x      $114,216      $  9,551      (8,224)      $115,543
EBITDA                             (208)          7.5x          n.m.         9,551      (8,224)          n.m.
EBIT                             (3,100)          7.8x          n.m.         9,551      (8,224)          n.m.
Book value of net assets         31,835           1.2x        38,470         9,551      (8,224)        39,797
Book value of equity             33,162           1.6x        52,645         9,551      (8,224)        53,972

                                                              Mean                                   $ 69,771

                                                                                       Discount        Value     Per share
                                                              Low                         50.0%     $  34,885    $  7.47
                                                              Median                      55.0%        31,397    $  6.72
                                                              High                        60.0%        27,908    $  5.98


vFinance Investments          STRICTLY CONFIDENTIAL



VALUATION                                               ORIOLE HOMES CORPORATION
- --------------------------------------------------------------------------------
ANALYSIS OF SELECTED TRANSACTIONS:
(Amounts in thousands, except per share data and where otherwise noted)




Announcement                        Target                                             Company     Equity
   Date         Status              Company                       Description           Value      Value      Revenue     EBITDA
- -----------------------------------------------------------------------------------------------------------------------------------
                                                                                                    
  6/22/02     Completed   Fortress Group                       Operative Builders     $ 151,519   $ 50,700   $ 280,234   $ 19,741
  4/17/02     Completed   Crossman Communities                 Operative Builders       590,354    486,200     798,356     87,396
  1/19/02     Completed   Rottlund Co., Inc.                   Operative Builders        89,917     54,069     257,653     40,404
  5/10/01     Completed   Hancock Communities LLC              Construction Services     69,700     67,800     183,651       n.a.
 10/12/00     Completed   Engle Homes, Inc.                    Operative Builders       412,600    215,000     977,794    103,856
  9/12/00     Completed   Western Pacific Housing Development  Operative Builders       470,500    162,700     535,019     74,800
  8/28/00     Completed   Washington Homes                     Operative Builders       104,000     81,900     486,833     32,832
  1/31/00     Completed   Writer Corp.                         Operative Builders        49,800     27,900      87,455      6,604




                                                                                 Company Value      Equity Value
Announcement                       Target                           Book       ---------------------------------
   Date         Status             Company                          Value      Revenue     EBITDA    Book Value
- ----------------------------------------------------------------------------------------------------------------
                                                                                  
  6/22/02     Completed  Fortress Group                           $ 189,985     0.54x       7.7x         0.3x
  4/17/02     Completed  Crossman Communities                       264,407     0.74x       6.8x         1.8x
  1/19/02     Completed  Rottlund Co., Inc.                          52,145     0.35x       2.2x         1.0x
  5/10/01     Completed  Hancock Communities LLC                     53,200     0.38x       n.a.         1.3x
 10/12/00     Completed  Engle Homes, Inc.                          207,531     0.42x       4.0x         1.0x
  9/12/00     Completed  Western Pacific Housing Development        118,900     0.88x       6.3x         1.4x
  8/28/00     Completed  Washington Homes                            82,955     0.21x       3.2x         1.0x
  1/31/00     Completed  Writer Corp.                                24,652     0.57x       7.5x         1.1x

                                                                                0.51x      5.38x        1.12x
                                                                    --------------------------------------------
                                                                    Minimum     0.21x       2.2x         0.3x
                                                                    Median      0.48x      6.29x        1.08x
                                                                    Maximum     0.88x       7.7x         1.8x
                                                                    --------------------------------------------

                                                                    --------------------------------------------
                                                  Discount                       -56%       -65%         -75%
                                                                    ============================================
                                                  Minimum vs           -65%
                                                  Median




               Transactions                                 Equity Value
- --------------------------------------------------------------------------------
                TTM Sales                                     TTM Sales
- --------------------------------------------------------------------------------
                                                              
High                                           0.88x  High             $ 137,755
Median                                         0.48x  Median              75,398
Low                                            0.21x  Low                 33,463




               Transactions                                 Equity Value
- --------------------------------------------------------------------------------
              TTM Book Value                               TTM Book Value
- --------------------------------------------------------------------------------
                                                              
High                                            1.8x  High              $ 60,980
Median                                          1.1x  Median              35,959
Low                                             0.3x  Low                  8,850




                                          --------------------------------------
                                              LOW         MEDIAN         HIGH
                                          --------------------------------------
                                                           
                       Equity Value           21,157        55,678       99,367
                       Price per Share     $    4.56     $   12.01     $  21.44
                                          --------------------------------------
Discount rate                      65%     $    1.59     $    4.18     $   7.46
                                          --------------------------------------


- --------------------------------------------------------------------------------
vFINANCE INVESTMENTS         STRICTLY CONFIDENTIAL



Company   Div Code           6/30/02                Land        Land Dev       ECTC       Net Land Dev
                                                                        
      1         48  Country Glen                  1,417,399      412,670     (713,197)        (300,527)
      1         65  Addison Green                   219,438       10,728       34,281           45,010
      1         79  Tuscany                               0                    59,322           59,322
      1         95  Regal Shores - CL 7             560,444      119,618       21,844          141,462
      1         98  Coral Cove                       17,358        8,062     (140,714)        (132,652)
      1        101  Terraces at Celebration         127,222       52,764     (103,507)         (50,743)
      1        102  Spring Park at Celebration    2,425,701      841,803     (474,925)         366,878
      1         69  Naples                        1,894,381      121,456     (121,456)               0
      2             Stonecrest                    3,901,734    3,288,626   (1,502,112)       1,786,514
     12             Vizcaya                       3,897,640    1,027,330     (529,405)         497,925
                    Other                           284,235       80,631       27,857          108,488

                    Total                        14,745,553    5,963,688   (3,442,013)       2,521,675

                    vFinance 6/30 BS             14,745,573    5,963,688   (3,442,014)       2,521,674

                    Difference                          (20)          (0)           1                1




Construction        ECTC      Net Construction        Models         Total
                                                                
   3,760,367      (200,407)          3,559,960              0      4,676,832    4,676,832
     477,564        (9,041)            468,523              0        732,971      732,971
      80,137       (80,137)                  0              0         59,322       59,322
   2,165,383      (222,757)          1,942,626              0      2,644,532    2,644,532
     219,165      (129,192)             89,973              0        (25,321)     (25,321)
     594,715         3,475             598,190              0        674,669      674,669
     598,074             0             598,074              0      3,390,653    3,390,653
     243,166             0             243,166              0      2,137,547    2,137,547
   4,599,057      (874,971)          3,724,086              0      9,412,334    9,412,334
   3,916,524      (227,095)          3,689,429      1,012,889      9,097,883    9,097,883
     130,159       (56,993)             73,166              0        465,888      465,888

  16,784,313    (1,797,118)         14,987,194      1,012,889     33,267,311   33,267,311

  16,784,313    (1,797,118)         14,987,195      1,012,889     33,267,331   33,267,331

          (0)           (0)                 (1)             0            (20)         (20)


Discounted Cash Flow Analysis: Liquidation
(Amounts in thousands except per share data or where otherwise noted)



PROJECTED INCOME STATEMENTS:                     Fiscal Year Ending, December 31
                                                 -------------------------------
                                                      2002              2003
                                                 -------------------------------
                                                              
Revenues                                         $    105,270       $     29,419
Growth rate                                              n.a.             -72.1%
Cost of revenues                                 $     93,050       $     21,622
                                                 -------------------------------
 Gross profit                                          12,220              7,796
  Gross margin                                          11.6%              26.5%

Operating expenses                               $     13,589       $      5,090
                                                 -------------------------------
 Operating income                                      (1,369)             2,706
  % of revenue                                          -1.3%               9.2%

Other (Income) expense

Interest (income)                                $         --       $         --
Interest expense                                        2,435                417
Other (income) expense                                  1,217              2,995
                                                 -------------------------------
  Total (income) expense                                3,652              3,413

Taxes                                                      --                 --
                                                 -------------------------------
 Net income                                      $     (5,021)      $       (706)
                                                 ===============================
  % of revenue                                          -4.8%              -2.4%


- --------------------------------------------------------------------------------
vFinance                     STRICTLY CONFIDENTIAL

Discounted Cash Flow Analysis: Liquidation
(Amounts in thousands except per share data or where otherwise noted)

UNLEVERED FREE CASH FLOW ANALYSIS:



                                                 Fiscal Year Ending, December 31
                                                 -------------------------------
                                                       2002             2003
                                                 -------------------------------
                                                            
Net Income                                       $     (5,021)      $       (706)
Plus Depreciation                                       1,778                603
Plus Income Taxes                                          --                 --
Other income                                               26              3,948
Changes in Working Capital                            (17,913)            11,702
                                                 -------------------------------

UNLEVERED FREE CASH FLOW                              (21,130)            15,546


- --------------------------------------------------------------------------------
vFinance                     STRICTLY CONFIDENTIAL

Discounted Cash Flow Analysis: Liquidation
(Amounts in thousands except per share data or where otherwise noted)



DISCOUNT
  RATE
                                                                
           Present value of unlevered free cash flow (1)              $  (6,618)
  15.0%    Present value of terminal value (2)                           20,564
                                                                      ----------
           Present value of enterprise                                $  13,946

           Present value of unlevered free cash flow (1)              $  (6,703)
  17.0%    Present value of terminal value (2)                           19,194
                                                                      ----------
           Present value of enterprise                                $  12,491

           Present value of unlevered free cash flow (1)              $  (6,778)
  19.0%    Present value of terminal value (2)                           17,936
                                                                      ----------
           Present value of enterprise                                $  11,158

           Present value of unlevered free cash flow (1)              $  (6,844)
  21.0%    Present value of terminal value (2)                           16,779
                                                                      ----------
           Present value of enterprise                                $   9,935

           Present value of unlevered free cash flow (1)              $  (6,903)
  23.0%    Present value of terminal value (2)                           15,714
                                                                      ----------
           Present value of enterprise                                $   8,811

           Present value of unlevered free cash flow (1)              $  (6,954)
  25.0%    Present value of terminal value (2)                           14,732
                                                                      ----------
           Present value of enterprise                                $   7,778

           (1) Free Cash Flow Forecast Period is CY 2001 - CY 2003
                                                                      ----------
           (2) Terminal Value is based on cash at the end of 2003     $  28,667
                                                                      ----------


- --------------------------------------------------------------------------------
vFinance                     STRICTLY CONFIDENTIAL

Summary Discounted Cash Flow Analysis: Liquidation
(Amounts in thousands except per share data or where otherwise noted)



                                 -----------------------------------------------
                                     LOW             MEDIAN             HIGH
                                 -----------------------------------------------
                                                            
Equity Value                      $    7,778       $   10,546        $   13,946
Price per Share                   $     1.68       $     2.28        $     3.01
                                 -----------------------------------------------


vFinance Investments         STRICTLY CONFIDENTIAL

- --------------------------------------------------------------------------------
Summary Discounted Cash Flow Analysis:
(Amounts in thousands except per share data or where otherwise noted)



WORKING CAPITAL                            12/31/01      12/31/02      12/31/03
                                           --------      --------      --------
                                                           
CURRENT ASSETS:

Inventories                              59,113,990    21,611,200     3,791,560
Receivables                                       -             -             -
Prepaid expenses                          1,732,764       989,374             -
Unamortized financing costs                 752,970        52,236             -
Other assets                              2,522,057     1,589,004       716,472
                                        ----------------------------------------
                                         64,121,781    24,241,814     4,508,032


CURRENT LIABILITIES:

Accounts payable                         10,054,699     4,138,021       922,478
Accrued expense                           9,763,166       819,896     1,584,696
Mortgage notes payable                   24,257,026     5,581,270             -
Customer deposits                                 -             -             -
                                        ----------------------------------------
                                         44,074,891    10,539,187     2,507,174

Current Assets                           64,121,781    24,241,814     4,508,032
Current Liabilities                      68,331,917    10,539,187     2,507,174
                                        ----------------------------------------
Net Working Capital                      (4,210,136)   13,702,627     2,000,858

                                        ----------------------------------------
Change in Net Working Capital                          17,912,763   (11,701,769)
                                        ========================================


vFinance Investments         STRICTLY CONFIDENTIAL

                            Oriole Homes Corporation
- --------------------------------------------------------------------------------
Trading Information:


- --------------------------------------------------------------------------------
                                                                      
Total Volume Last Twelve Months:                                         817,800
Average Monthly Volume:                                                   68,150
- --------------------------------------------------------------------------------




     DATE         OPEN        HIGH         LOW         CLOSE      VOLUME
- ----------------------------------------------------------------------------
                                                   
     12-Jul-02        3.64        3.85         3.64        3.85       10200
     11-Jul-02         3.6         3.6          3.6         3.6       13500
     10-Jul-02         3.6         3.6          3.6         3.6       14000
      9-Jul-02        3.57         3.6         3.57         3.6        8000
      8-Jul-02        3.57        3.57         3.57        3.57        5000
      5-Jul-02        3.45         3.5         3.45         3.5       16400
      3-Jul-02         3.6         3.6          3.5         3.5        2700
      2-Jul-02         3.7         3.7          3.7         3.7         500
      1-Jul-02        3.79        3.79         3.79        3.79         100
     28-Jun-02        3.38        3.99         3.38         3.8       11100
     27-Jun-02         3.1         3.2          3.1         3.2        2200
     26-Jun-02         3.1         3.1            3           3        4200
     25-Jun-02         3.1         3.1          3.1         3.1         500
     24-Jun-02           3        3.15            3        3.15       10000
     21-Jun-02         3.1        3.19          3.1         3.1        8000
     20-Jun-02         2.9        2.99          2.9        2.99        2600
     19-Jun-02        2.92           3         2.92        2.92        8200
     18-Jun-02           3           3            3           3        5600
     14-Jun-02        2.96        2.96         2.96        2.96       17700
     13-Jun-02         2.9         2.9          2.9         2.9       22500
     11-Jun-02         2.9         2.9          2.9         2.9       22000
     10-Jun-02         2.8         2.8          2.8         2.8        2000
      6-Jun-02         2.9         2.9          2.9         2.9        2500
     30-May-02        2.82        2.82         2.82        2.82         400
     29-May-02        2.82        2.82         2.82        2.82        1000
     28-May-02        2.85        2.92         2.75        2.92        6000
     24-May-02        2.95        2.95         2.95        2.95         200
     23-May-02           3           3            3           3         400
     22-May-02           3           3            3           3        3000
     21-May-02        2.96        2.96          2.9         2.9       38600
     20-May-02        2.96        2.96         2.96        2.96       10500
     17-May-02        3.01         3.1         2.97        3.06       19200
     16-May-02         2.9           3         2.82           3       24600
     15-May-02        2.95         3.1         2.95        2.97       30000
     14-May-02        2.95        2.95         2.95        2.95        1500
     13-May-02         2.8         2.9          2.8         2.9        4000
      9-May-02        2.75        2.75         2.75        2.75         100
      6-May-02         2.8         2.8          2.8         2.8        3000
      3-May-02        2.75         2.8         2.75         2.8       11500
      2-May-02        2.75        2.75         2.75        2.75        5000
     30-Apr-02         2.8         2.8         2.75        2.75        4000
     29-Apr-02        2.75        2.87          2.7         2.8       16000
     26-Apr-02        2.65        2.85          2.6        2.85       10500
     25-Apr-02         2.7         2.7         2.65         2.7        5100
     24-Apr-02         2.6         2.6          2.6         2.6        1000
     23-Apr-02         2.5        2.65          2.5        2.65        4900
     22-Apr-02         2.5         2.5          2.4         2.4         800
     19-Apr-02         2.6         2.6          2.6         2.6         400
     18-Apr-02         2.7         2.7          2.7         2.7        1000
     17-Apr-02         2.6         2.6         2.55         2.6        1700
     16-Apr-02        2.65        2.65         2.65        2.65        2700
     15-Apr-02        2.65         2.7          2.6         2.7        4000
     12-Apr-02         2.7         2.8         2.65        2.65        2000
     11-Apr-02        2.65        2.65          2.6         2.6        1800
     10-Apr-02        2.56        2.75         2.55        2.65        8500
      9-Apr-02        2.52        2.52         2.52        2.52         500
      8-Apr-02        2.55        2.75         2.55        2.62        3200
      5-Apr-02         2.4         2.5         2.35         2.5        4200


                                                       
      4-Apr-02        2.32        2.45         2.32        2.35        6200
      3-Apr-02        2.25         2.4         2.25        2.31        8600
      2-Apr-02         2.3         2.4          2.2         2.2        3800
      1-Apr-02        1.95         2.2         1.95         2.2        8200
     25-Mar-02        1.85           2         1.85         1.9        3000
     12-Mar-02        1.85        1.85         1.75        1.75        3000
     28-Feb-02        1.91           2          1.9        1.95        3900
     26-Feb-02           2        2.09            2           2        3000
     25-Feb-02        2.05         2.1         2.05         2.1        1500
     22-Feb-02         1.9        2.09          1.9        2.05        3500
     21-Feb-02         1.9           2          1.9           2        1100
     20-Feb-02           2           2          1.9           2        3500
     19-Feb-02        1.85        2.05         1.85        1.95        1800
     13-Feb-02         1.7         1.9          1.7        1.75        3400
      8-Feb-02        1.75         1.8         1.75         1.8        1000
      5-Feb-02         1.6        1.75         1.55        1.65        6700
      1-Feb-02         1.7         1.7          1.7         1.7         100
     31-Jan-02         1.8         1.8          1.8         1.8        3000
     15-Jan-02         1.7         1.7          1.7         1.7         700
     14-Jan-02         1.8         1.8          1.8         1.8         200
     11-Jan-02         1.9         1.9          1.9         1.9        1000
      7-Jan-02        2.05        2.05            2           2         700
      3-Jan-02           2           2            2           2        1000
      2-Jan-02           2         2.2            2         2.1        4000
     31-Dec-01        1.75        1.87         1.75        1.85        6700
     28-Dec-01        1.67        1.77         1.67        1.75       13500
     26-Dec-01         1.6         1.6         1.12        1.57        5400
     21-Dec-01         1.7        1.79          1.7         1.7        5200
     20-Dec-01         1.7         1.7          1.6         1.6         300
     19-Dec-01         1.7        1.75          1.7        1.75        7500
     18-Dec-01         1.7         1.7         1.62        1.62        5500
     14-Dec-01        1.55        1.75         1.45        1.75       12500
     12-Dec-01        1.76        1.76         1.65        1.65         300
     11-Dec-01        1.85        1.85         1.85        1.85        2000
      6-Dec-01        1.74        1.74         1.74        1.74        1200
      5-Dec-01        1.64        1.64         1.64        1.64        2000
      4-Dec-01         1.8         1.8          1.5        1.55       11500
      3-Dec-01         1.9         1.9          1.5        1.65       14900
     30-Nov-01        1.95        1.95          1.9         1.9        4500
     29-Nov-01         1.9         1.9          1.8         1.9        5100
     28-Nov-01        1.95        1.95         1.95        1.95        2400
     27-Nov-01         1.9         1.9          1.8         1.9        2700
     26-Nov-01         1.8        1.95          1.8        1.95        1500
     19-Nov-01         1.9         1.9          1.9         1.9        1900
     16-Nov-01         1.9         1.9          1.9         1.9        2200
     15-Nov-01        1.85         1.9         1.85         1.9        1500
     14-Nov-01        1.95        1.95         1.75        1.75        8300
     13-Nov-01         1.9         1.9         1.85        1.85        1900
     12-Nov-01        1.85        1.85         1.85        1.85        2000
      9-Nov-01         1.5         1.8          1.5         1.8        5000
      8-Nov-01         1.8         1.8         1.45        1.45       16300
      7-Nov-01         1.8         1.9          1.8         1.9        3000
      6-Nov-01         1.6         1.7          1.5         1.7        3500
      5-Nov-01         1.6         1.6          1.5         1.5        2000
      2-Nov-01        1.55         1.6          1.5         1.5        6300
      1-Nov-01        1.65        1.65         1.45        1.45        4000
     31-Oct-01        1.88        1.88          1.5        1.55       15700
     29-Oct-01        1.84        1.84         1.84        1.84        1500
     26-Oct-01         1.9         1.9         1.75        1.75        4000
     25-Oct-01           2           2          1.9         1.9        9600
     24-Oct-01        1.95           2         1.95           2        2500
     23-Oct-01         1.9         1.9          1.9         1.9        1000
     22-Oct-01        1.85        1.85         1.85        1.85        1000
     19-Oct-01        1.85        1.85         1.75        1.75        6000



                                                       
     16-Oct-01        1.75        1.75         1.75        1.75        1000
     11-Oct-01         1.6         1.7          1.6         1.7        3000
      5-Oct-01         1.5         1.5          1.5         1.5        1200
      4-Oct-01        1.35        1.44         1.25        1.44        4300
      3-Oct-01        1.25        1.45         1.25        1.45        3300
     28-Sep-01         1.2        1.25          1.2        1.25        3900
     26-Sep-01        1.07        1.07         1.07        1.07        2500
     25-Sep-01         1.2         1.2          1.1        1.17        7500
     24-Sep-01         1.2         1.2          1.2         1.2        6000
     21-Sep-01        1.05        1.05         1.05        1.05        4000
     20-Sep-01         1.1        1.12          1.1        1.12        4000
     19-Sep-01        1.05        1.05            1           1        9000
     18-Sep-01         1.5         1.5            1        1.15       14700
     10-Sep-01         1.6         1.6          1.6         1.6        5000
      6-Sep-01         1.7         1.7          1.7         1.7        2000
     30-Aug-01         1.6         1.6          1.6         1.6        1000
     24-Aug-01         1.5         1.5          1.5         1.5        3000
     23-Aug-01         1.6         1.6          1.6         1.6        1500
     22-Aug-01        1.65         1.7         1.65        1.65        4300
     21-Aug-01        1.75        1.75         1.75        1.75        1500
     20-Aug-01        1.75        1.75         1.75        1.75        1000
     14-Aug-01        2.21        2.21         1.85        1.85       11300
     10-Aug-01        2.21        2.21         2.21        2.21        1000
      8-Aug-01         2.3         2.3          2.3         2.3         200
      6-Aug-01         2.7         2.7          2.4         2.4        6500
      1-Aug-01        2.74        2.74         2.72        2.73        1500
     31-Jul-01        2.74        2.75         2.74        2.74        6100
     30-Jul-01        2.65        2.75         2.65        2.75        4000
     25-Jul-01        2.64        2.64         2.64        2.64        1100
     19-Jul-01         2.6         2.6          2.6         2.6        1000
     17-Jul-01         2.6         2.6          2.6         2.6        1200
     16-Jul-01        2.54        2.54          2.5         2.5        1000
     13-Jul-01        2.64        2.65         2.64        2.65        1600

EX-2

                                                                       Exhibit 2


Valuation                                               Oriole Homes Corporation
- --------------------------------------------------------------------------------
Company Summary:
(Amounts in thousands except per share data or where otherwise noted)
General Information:

                                                  
Date:                                                      9-Sep-02

Company:                                             Oriole Homes Corporation

Ticker:                                                       OHC

Common Stock Class A (OHCa)
Most Recent Price                                          $   4.20
Fully Diluted Shares Outstanding                              1,863

Common Stock Class B (OHCb)
Most Recent Price                                          $   4.15
Fully Diluted Shares Outstanding                              2,772
                                                          ----------
Market Capitalization                                      $ 19,331
                                                          ==========

                                                          06/30/2002
                                                          ----------

Shareholders' Equity                                       $ 33,162

Basic Shares Outstanding                                      4,636
Fully Diluted Shares Outstanding                              4,636
                                                          ----------
Basic Book Value per Share                                 $   7.15
Fully Diluted Book Value Per Share                             7.15
                                                          ----------





VFINANCE INVESTMENTS, INC.        STRICTLY CONFIDENTIAL                  Page 1



Valuation                                               Oriole Homes Corporation
- --------------------------------------------------------------------------------
Valuation Analysis:  Summary
(Amounts in thousands except per share data or where otherwise noted)


Summary of Discounted Cash Flow Analysis:



                                     Low                            Median                       High
                              -------------------------------------------------------------------------------
                                                                                      
                                  $ 12,588                         $ 16,041                    $ 20,249



Summary of Comparable Companies Analysis:



                                     Low                            Median                       High
                              -------------------------------------------------------------------------------
                                                                                      
                                  $ 31,397                         $ 34,885                    $ 38,374



Summary of Comparable Transactions Analysis:



                                     Low                            Median                       High
                              -------------------------------------------------------------------------------
                                                                                      
                                   $ 7,405                         $ 19,487                    $ 34,779



Summary of Liquidation Analysis:



                                     Low                            Median                       High
                              -------------------------------------------------------------------------------
                                                                                      
                                  $ 18,205                         $ 23,597                    $ 30,384



VFINANCE INVESTMENTS, INC.        STRICTLY CONFIDENTIAL                  Page 2


Valuation                                               Oriole Homes Corporation
- --------------------------------------------------------------------------------
Valuation Analysis:  Summary
(Amounts in thousands except per share data or where otherwise noted)


4 Valuation Methodologies:



                                                                Low                    Median                      High
                                                            --------------------------------------------------------------
                                                                                                        
1. Summary DCF                                              $ 12,588                 $ 16,041                    $ 20,249
2. Summary of Comparables Analysis                            31,397                   34,885                      38,374
3. Summary of Comparable Transactions Analysis                 7,405                   19,487                      34,779
4. Summary of Liquidation Analysis                            18,205                   23,597                      30,384


             SUMMARY;



             ---------------------------------------------------------------------------------------------------------------
                                                                         Low                    Median               High
                                                                      ------------------------------------------------------
                                                                                                          
             Value based on 4,635,524 shares outstanding              $ 17,399                 $ 23,503            $ 30,946
             Price per share                                          $   3.75                 $   5.07            $   6.68
             ---------------------------------------------------------------------------------------------------------------


VFINANCE INVESTMENTS, INC.        STRICTLY CONFIDENTIAL                  Page 3



Valuation                                              Oriole Homes Corporation
- --------------------------------------------------------------------------------
Discounted Cash Flow Analysis:
(Amounts in thousands except per share data or where otherwise noted)



Projected Income Statements:                                             Fiscal Year Ending, December 31
                                                           --------------------------------------------------------------
                                                             2002              2003               2004             2005
                                                           --------------------------------------------------------------
                                                                                                    
Revenues                                                    105,270          $ 48,024           $ 14,443        $ 11,617
Growth rate                                                    n.a.            -54.4%             -69.9%          -19.6%
Cost of revenues                                           $ 93,050          $ 36,264           $ 10,577        $  8,739
                                                           --------------------------------------------------------------
  Gross profit                                               12,220            11,760              3,866           2,878
Gross margin                                                  11.6%             24.5%              26.8%           24.8%

Operating expenses                                         $ 13,589          $  7,105           $  2,908        $  2,659
                                                           --------------------------------------------------------------
  Operating income                                           (1,369)            4,656                958             219
% of revenue                                                  -1.3%              9.7%               6.6%            1.9%

Other (Income) expense
Interest (income)                                          $     --          $     --           $     --        $     --
Interest expense                                              2,435               566                259             213
Other (income) expense                                        1,217               200                  -               -
                                                           --------------------------------------------------------------
Total (income) expense                                        3,652               766                259             213

Taxes                                                            --                --                 --              --

                                                           --------------------------------------------------------------
  Net income                                               $ (5,021)         $  3,890           $    699         $     7
                                                           ==============================================================
% of revenue                                                   -4.8%              8.1%               4.8%            0.1%



VFINANCE INVESTMENTS, INC.        STRICTLY CONFIDENTIAL                  Page 4



Valuation                                              Oriole Homes Corporation
- --------------------------------------------------------------------------------
Discounted Cash Flow Analysis:
(Amounts in thousands except per share data or where otherwise noted)

Unlevered Free Cash Flow Analysis:




                                                                                  Fiscal Year Ending, December 31
                                                                 ---------------------------------------------------------------
                                                                    2002               2003             2004              2005
                                                                 ---------------------------------------------------------------
                                                                                                                
                Net Income                                       $ (5,021)           $ 3,890           $ 699             $    7
                Plus Depreciation                                   1,778                503             277                299
                Plus Income Taxes                                      --                 --              --                 --
                Less CAPEX                                             --               (600)             --                 --
                Other income                                        1,952              4,048              --                 --
                Changes in Working Capital                        (21,931)            12,965           2,630              2,797
                                                                 ---------------------------------------------------------------
                Unlevered Free Cash Flow                          (23,222)            20,807           3,605              3,103



VFINANCE INVESTMENTS, INC.        STRICTLY CONFIDENTIAL                  Page 5



Valuation                                              Oriole Homes Corporation
- --------------------------------------------------------------------------------
Discounted Cash Flow Analysis:
(Amounts in thousands except per share data or where otherwise noted)




               Discount
                 Rate
                                                                                                
                               Present value of unlevered free cash flow (1)                          $   (315)
                 15.0%         Present value of terminal value (2)                                      20,564
                                                                                                      --------
                               Present value of enterprise                                            $ 20,249

                               Present value of unlevered free cash flow (1)                            $ (741)
                 17.0%         Present value of terminal value (2)                                      19,194
                                                                                                      --------
                               Present value of enterprise                                            $ 18,453

                               Present value of unlevered free cash flow (1)                          $ (1,134)
                 19.0%         Present value of terminal value (2)                                      17,936
                                                                                                      --------
                               Present value of enterprise                                            $ 16,801

                               Present value of unlevered free cash flow (1)                          $ (1,498)
                 21.0%         Present value of terminal value (2)                                      16,779
                                                                                                      --------
                               Present value of enterprise                                            $ 15,281

                               Present value of unlevered free cash flow (1)                          $ (1,834)
                 23.0%         Present value of terminal value (2)                                      15,714
                                                                                                      --------
                               Present value of enterprise                                            $ 13,880

                               Present value of unlevered free cash flow (1)                          $ (2,144)
                 25.0%         Present value of terminal value (2)                                      14,732
                                                                                                      --------
                               Present value of enterprise                                            $ 12,588

                               (1) Free Cash Flow Forecast Period is CY 2001 - CY 2005
                               (2) Terminal Value is based on cash at the end of 2005                 $ 35,967
                                                                                                      --------



VFINANCE INVESTMENTS, INC.        STRICTLY CONFIDENTIAL                  Page 6


Valuation                                              Oriole Homes Corporation
- --------------------------------------------------------------------------------
Summary Discounted Cash Flow Analysis:
(Amounts in thousands except per share data or where otherwise noted)





                                                           ----------------------------------------------------
                                                              Low                Median                 High
                                                           ----------------------------------------------------
                                                                                             
                              Equity Value                 $ 12,588             $ 16,041              $ 20,249
                              Price per Share              $   2.72             $   3.46              $   4.37
                                                           ----------------------------------------------------



VFINANCE INVESTMENTS, INC.        STRICTLY CONFIDENTIAL                  Page 7



Valuation                                              Oriole Homes Corporation
- --------------------------------------------------------------------------------
Comparables Companies Analysis:
(Amounts in thousands, except per share data and where otherwise noted)



                                                 Stock                                 Market         P/E Ratio
                                  Ticker         Price       % of        Market(a)    to Book    -------------------
           Company                Symbol        8/26/02      High         Value        Value       2002 E     2003 E
- --------------------------------------------------------------------------------------------------------------------
                                                                                         
Meritage Corporation                MTH         $ 38.00       81%      $ 517,558       2.7x         7.6x       6.4x
William Lyons Homes                 WLS           22.17       74%        227,398       1.5x         n.a.       n.a.
Technical Olympic USA              TOUS           16.23       88%        186,634       1.2x         n.a.       n.a.
Dominion Homes                     DHOM           20.68       79%        172,928       2.0x         7.5x       7.1x
Orleans Homebuilders                OHB            7.60       76%         95,021       1.7x         n.a.       n.a.
Capital Pacific Holdings            CPH            4.14       78%         62,375       0.6x         n.a.       n.a.




                                                             Company Value to
                                                   ----------------------------------------
                                   Company(b)       LTM        LTM       LTM          Net
           Company                   Value         Revenue     EBITDA    EBIT        Assets
- -------------------------------------------------------------------------------------------
                                                                      
Meritage Corporation              $ 727,484         0.91x       8.3x     8.9x         1.8x
William Lyons Homes                 484,701         1.00x      19.3x    21.2x         1.2x
Technical Olympic USA               269,881         0.44x       6.4x     7.1x         1.1x
Dominion Homes                      311,091         0.73x       6.9x     7.3x         1.4x
Orleans Homebuilders                219,163         0.62x       8.1x     8.2x         1.2x
Capital Pacific Holdings            194,020         0.73x       5.4x     5.5x         0.8x



                                  ----------------------------------------------------------------------------------------------
                                                                                             
                                  Mean                  79%                      1.6x         n.a.       n.m.
                                  Median                79%                      1.6x         n.a.       n.m.
                                  Low                   74%                      0.6x
                                  ----------------------------------------------------------------------------------------------

Oriole Homes Corp.           OHC             4.15       97%       $ 19,373       0.6x         n.a.       n.a.           $ 18,045

- --------------------------------------------------------------------------------------------------------------------------------
Discount of Low vs. Median                              -5%                      -61%
- --------------------------------------------------------------------------------------------------------------------------------



                                  --------------------------------------------------
                                                             
                                  Mean       0.74x       9.1x     9.7x         1.3x
                                  Median     0.73x       7.5x     7.8x         1.2x
                                  Low        0.44x       5.4x     5.5x         0.8x
                                  --------------------------------------------------

Oriole Homes Corp.           OHC             0.12x       n.m.     n.m.         0.6x

- ------------------------------------------------------------------------------------
Discount of Low vs. Median                    -40%       -28%     -30%         -30%
- ------------------------------------------------------------------------------------


- --------------------------------------------------------------------------------
(a) Considers fully diluted outstanding shares including possible conversion of
    debt and preferred stock
(b) Company value is calculated by adding debt and subtracting cash from the
    market value (market cap).
- --------------------------------------------------------------------------------


VFINANCE INVESTMENTS, INC.        STRICTLY CONFIDENTIAL                  Page 8



Valuation                                               Oriole Homes Corporation
- --------------------------------------------------------------------------------
Comparables Companies Analysis:
(Amounts in thousands except per share data or where otherwise noted)



                                                          FYE(a)                 Six Months Ended,                     LTM
                                                        ----------           --------------------------             ----------
                                                        12/31/2001           6/30/2002      6/30/2001               6/30/2002
                                                        ----------           --------------------------             ----------
                                                                                                        
Revenue:
 Sales of homes                                         $ 140,029             $ 66,352         $ 52,042             $ 154,340
 Sales of land                                                 15                   11               --                    26
 Other                                                         --                   --               --                    --
 Gain on sales of PPE                                         105                    4               96                    14
 Gain on sales of land                                         --                   --               --                    --
 Interest, rentals and other income                         2,615                  754            1,103                 2,266
                                                        ---------             --------         --------             ---------
 Total revenue                                            142,765               67,120           53,240               156,645
 Costs and expenses:
 Cost of homes                                            128,461               61,276           47,470               142,267
 Inventory valuation adjustments                               --                   --               --                    --
 Cost of land sold                                              6                   10               --                    17
 Loss on joint ventures investments                            --                   --               --                    --
 Costs relating to other operating income                      10                   --                5                     5
 Selling, general and administrative expenses              17,281                8,215            8,041                17,455
                                                        ---------             --------         --------             ---------
  Total expenses                                          145,758               69,502           55,515               159,745

                                                        ---------             --------         --------             ---------
  EBIT                                                     (2,994)              (2,381)          (2,275)               (3,100)
                                                        ---------             --------         --------             ---------

  Total Other (Income) Expenses                                --                   --               --                    --
                                                        ---------             --------         --------             ---------
  EBT                                                      (2,994)              (2,381)          (2,275)               (3,100)
                                                        =========             ========         ========             =========
% of revenue                                                 -2.1%                -3.5%            -4.3%                 -2.0%

   Extraordinary loss                                        (572)                (261)              --                  (833)

                                                        ---------             --------         --------             ---------
  Net Income                                               (3,566)              (2,642)          (2,275)               (3,933)
                                                        =========             ========         ========             =========
  % of revenue                                               -2.5%                -3.9%            -4.3%                 -2.5%

  EBIT                                                     (2,994)              (2,381)          (2,275)               (3,100)
  Depreciation and amortization                             1,805                1,454              366                 2,892
                                                        ---------             --------         --------             ---------
  EBITDA                                                   (1,189)                (927)          (1,909)                 (208)
                                                        =========             ========         ========             =========
   % of revenue                                              -0.8%                -1.4%            -3.6%                 -0.1%


- --------------------
(a) FYE stands for fiscal year ending.


VFINANCE INVESTMENTS, INC.        STRICTLY CONFIDENTIAL                  Page 9


Valuation                                              Oriole Homes Corporation
- --------------------------------------------------------------------------------
Comparables Companies Analysis:
(Amounts in thousands except per share data or where otherwise noted)



                                                                     Actual
                                                                    ----------
ASSETS:                                                              6/30/2002
                                                                    ----------
                                                                 
Cash and cash equivalents:
 Unrestricted cash                                                     9,551
 Restricted cash                                                       2,583
                                                                    --------
                                                                      12,135
Inventories
 Land                                                                 17,267
 Homes completed or under construction                                14,987
 Model homes                                                           1,013
                                                                    --------
                                                                      33,267
Property and equipment, at cost
 Land                                                                     82
 Buildings                                                               457
 Furniture, fixtures and equipment                                     1,882
                                                                    --------
                                                                       2,421
Less accumulated depreciation                                          1,817
                                                                    --------
Net PPE                                                                  604
Land held for investment, at cost                                         --
Investment in unconsolidated joint venture                             5,739
Other
 Prepaid expenses                                                        762
 Unamortized financing costs                                             187
 Other assets                                                          1,736
                                                                    --------
                                                                       2,685
                                                                    --------
Total assets                                                        $ 54,430
                                                                    ========
LIABILITIES AND SHAREHOLDERS' EQUITY:
 Liabilities:
 Line of credit                                                           --
 Mortgage notes payable                                                8,224
 Accounts payable and accrued liabilities                              6,728
 Customer deposit                                                      6,316
 Senior notes                                                             --
                                                                    --------
  Total liabilities                                                   21,268
Total shareholders' equity                                            33,162
                                                                    --------
Total liabilities and shareholders' equity                          $ 54,430
                                                                    ========
                                           balance check==>               --



VFINANCE INVESTMENTS, INC.        STRICTLY CONFIDENTIAL                 Page 10



Valuation                                              Oriole Homes Corporation
- --------------------------------------------------------------------------------
Comparables Companies Analysis:
(Amounts in thousands except per share data and where otherwise noted)

Liquidity:

                                                             
Last Twelve Months Trading Volume (shares)                        903
Last Three Months Trading Volume (shares)                         326
Oriole shares outstanding                                       4,636



Source: Yahoo Finance as of September 9, 2002



                                                            Valuation at Peers' Multiples
                                -------------------------------------------------------------------------------------------
                                Year to Date                   Company                                              Equity
                                    Data        Multiple        Value              Cash              Debt            Value
                                -------------------------------------------------------------------------------------------
                                                                                                
Revenue                         $ 156,645         0.73x       $ 114,216          $ 9,551            (8,224)       $ 115,543
EBITDA                               (208)         7.5x            n.m.            9,551            (8,224)            n.m.
EBIT                               (3,100)         7.8x            n.m.            9,551            (8,224)            n.m.
Book value of net assets           31,835          1.2x          38,470            9,551            (8,224)          39,797
Book value of equity               33,162          1.6x          52,645            9,551            (8,224)          53,972

                                                                       ----------------------------------------------------
                                                                          Mean                                     $ 69,771
                                                                       ----------------------------------------------------




                                                                                    Discount          Value       Per share
                                                                                    ---------------------------------------
                                                                                                         
                                                                       High           45.0%         $ 38,374        $ 8.22
                                                                       Median         50.0%           34,885        $ 7.47
                                                                       Low            55.0%           31,397        $ 6.73



VFINANCE INVESTMENTS, INC.        STRICTLY CONFIDENTIAL                 Page 11


Valuation                                               Oriole Homes Corporation

Analysis of Selected Transactions:
(Amounts in thousands, except per share data and where otherwise noted)



 Announcement                             Target                                                  Company       Equity
    Date          Status                 Company                        Description                Value        Value      Revenue
    ----          ------                 -------                        -----------                -----        -----      -------
                                                                                                        
   6/22/02      Completed    Fortress Group                          Operative Builders          $ 151,519    $ 50,700    $ 280,234
   4/17/02      Completed    Crossman Communities                    Operative Builders            590,354     486,200      798,356
   1/19/02      Completed    Rottlund Co., Inc.                      Operative Builders             89,917      54,069      257,653
   5/10/01      Completed    Hancock Communities LLC                 Construction Services          69,700      67,800      183,651
  10/12/00      Completed    Engle Homes, Inc.                       Operative Builders            412,600     215,000      977,794
   9/12/00      Completed    Western Pacific Housing Development     Operative Builders            470,500     162,700      535,019
   8/28/00      Completed    Washington Homes                        Operative Builders            104,000      81,900      486,833
   1/31/00      Completed    Writer Corp.                            Operative Builders             49,800      27,900       87,455




                                                                                                     Company Value      Equity Value
                                                                                                     -------------      ------------
 Announcement                             Target                                         Book
    Date          Status                 Company                        EBITDA           Value       Revenue   EBITDA     Book Value
    ----          ------                 -------                        -------          -----       -------   ------     ----------
                                                                                                    
   6/22/02      Completed    Fortress Group                             $19,741        $ 189,985      0.54x     7.7x         0.3x
   4/17/02      Completed    Crossman Communities                        87,396          264,407      0.74x     6.8x         1.8x
   1/19/02      Completed    Rottlund Co., Inc.                          40,404           52,145      0.35x     2.2x         1.0x
   5/10/01      Completed    Hancock Communities LLC                       n.a.           53,200      0.38x     n.a.         1.3x
  10/12/00      Completed    Engle Homes, Inc.                          103,856          207,531      0.42x     4.0x         1.0x
   9/12/00      Completed    Western Pacific Housing Development         74,800          118,900      0.88x     6.3x         1.4x
   8/28/00      Completed    Washington Homes                            32,832           82,955      0.21x     3.2x         1.0x
   1/31/00      Completed    Writer Corp.                                 6,604           24,652      0.57x     7.5x         1.1x




                                 
High               0.88x     7.7x         1.8x
Median             0.48x     6.3x         1.1x
Low                0.21x     2.2x         0.3x
                   ----      ---          ---

                    -56%     -65%         -75%
                   ----      ---          ---
         Discount low vs. median




                   Transactions                        Equity Value
    -------------------------------------        -------------------------
    TTM Sales                                            TTM Sales
    ---------                                    -------------------------
                                                       
      High                          0.88x        High            $ 137,755
      Median                        0.48x        Median             75,398
      Low                           0.21x        Low                33,463




                 Transactions                           Equity Value
                TTM Book Value                         TTM Book Value
      -----------------------------------        -------------------------
                                                         
      High                           1.8x        High             $ 60,980
      Median                         1.1x        Median             35,959
      Low                            0.3x        Low                 8,850




                                                               LOW                      MEDIAN                      HIGH
                                                             --------                  --------                   --------
                                                                                                      
                                Equity Value                 $ 21,157                  $ 55,678                   $ 99,367
                                Price per Share              $   4.56                  $  12.01                   $  21.44
Discount rate                             65%                $  7,405                  $ 19,487                   $ 34,779
                                                             $   1.60                  $   4.20                   $   7.50



VFINANCE INVESTMENTS, INC.           STRICTLY CONFIDENTIAL               Page 12

Valuation                                               Oriole Homes Corporation

Discounted Cash Flow Analysis:  Liquidation
(Amounts in thousands except per share data or where otherwise noted)



PROJECTED INCOME STATEMENTS:    Fiscal Year Ending, December 31
                                -------------------------------
                                    2002               2003
                                 ---------          ---------
                                              
Revenues                         $ 105,270          $  29,419
Growth rate                           n.a.             -72.1%
Cost of revenues                 $  93,050          $  21,622
                                 ---------          ---------
  Gross profit                      12,220              7,796
   Gross margin                       11.6%              26.5%

Operating expenses               $  13,589          $   5,090
                                 ---------          ---------
  Operating income                  (1,369)             2,706
   % of revenue                      -1.3%                9.2%

Other (Income) expense
Interest (income)                $      --          $      --
Interest expense                     2,435                417
Other (income) expense               1,217              2,995
                                 ---------          ---------
   Total (income) expense            3,652              3,413

Taxes                                   --                 --

                                 ---------          ---------
  Net income                     $  (5,021)         $    (706)
                                 =========          =========
   % of revenue                      -4.8%              -2.4%



VFINANCE INVESTMENTS, INC.           STRICTLY CONFIDENTIAL               Page 15

Valuation                                               Oriole Homes Corporation

Discounted Cash Flow Analysis:  Liquidation
(Amounts in thousands except per share data or where otherwise noted)

UNLEVERED FREE CASH FLOW ANALYSIS:



                               Fiscal Year Ending, December 31
                               -------------------------------
                                    2002              2003
                                  --------         --------
                                             
Net Income                        $ (5,021)        $   (706)
Plus Depreciation                    1,778              603
Plus Income Taxes                       --               --
Other income                            26            3,948
Changes in Working Capital         (17,913)          11,702
                                  --------         --------

UNLEVERED FREE CASH FLOW           (21,130)          15,546



VFINANCE INVESTMENTS, INC.           STRICTLY CONFIDENTIAL               Page 16

Valuation                                               Oriole Homes Corporation

Discounted Cash Flow Analysis:  Liquidation
(Amounts in thousands except per share data or where otherwise noted)



DISCOUNT
 RATE
 ----
                                                                          
            Present value of unlevered free cash flow (1)                       $ (5,583)
0.0%        Present value of terminal value (2)                                   35,967
                                                                                --------
            Present value of enterprise                                         $ 30,384

            Present value of unlevered free cash flow (1)                       $ (5,773)
2.0%        Present value of terminal value (2)                                   33,228
                                                                                --------
            Present value of enterprise                                         $ 27,455

            Present value of unlevered free cash flow (1)                       $ (5,943)
4.0%        Present value of terminal value (2)                                   30,745
                                                                                --------
            Present value of enterprise                                         $ 24,801

            Present value of unlevered free cash flow (1)                       $ (6,097)
6.0%        Present value of terminal value (2)                                   28,489
                                                                                --------
            Present value of enterprise                                         $ 22,392

            Present value of unlevered free cash flow (1)                       $ (6,236)
8.0%        Present value of terminal value (2)                                   26,437
                                                                                --------
            Present value of enterprise                                         $ 20,201

            Present value of unlevered free cash flow (1)                       $ (6,361)
10.0%       Present value of terminal value (2)                                   24,566
                                                                                --------
            Present value of enterprise                                         $ 18,205

            (1) Free Cash Flow Forecast Period is CY 2001 - CY 2003
            (2) Terminal Value is based on cash at the end of 2003              $ 28,667
                                                                                ========



VFINANCE INVESTMENTS, INC.           STRICTLY CONFIDENTIAL               Page 17

Valuation                                               Oriole Homes Corporation

Summary Discounted Cash Flow Analysis:  Liquidation
(Amounts in thousands except per share data or where otherwise noted)



                          LOW              MEDIAN             HIGH
                       ----------        ----------        ----------
                                                  
Equity Value           $   18,205        $   23,597        $   30,384
Price per Share        $     3.93        $     5.09        $     6.55



vFinance INVESTMENTS, INC.           STRICTLY CONFIDENTIAL               Page 18

                            Oriole Homes Corporation

Trading Information:



       DATE           OPEN         HIGH        LOW          CLOSE      VOLUME
       ----           ----         ----        ---          -----      ------
                                                                                                    
      5-Sep-02        4.25         4.25        4.25         4.25        2500
      4-Sep-02        4.25          4.3        4.25          4.3         200
      3-Sep-02        4.25         4.25        4.15          4.2        3500
     29-Aug-02        4.35         4.35        4.35         4.35        3300
     28-Aug-02         4.3          4.4         4.3          4.4        1100
     27-Aug-02         4.3          4.3         4.3          4.3        5200
     26-Aug-02        4.28          4.3        4.28          4.3        7000
     21-Aug-02        4.31         4.31        4.21         4.21        1300
     20-Aug-02        4.31         4.31        4.31         4.31        1000       Total Volume Last Twelve Months:      903,000
     19-Aug-02        4.35         4.35        4.35         4.35        1000       Average Monthly Volume:                75,250
     16-Aug-02        4.45         4.45        4.36         4.45       14500
     14-Aug-02        4.31         4.58        4.31         4.47       16500
     13-Aug-02           3          4.3           3         4.21       15400
     12-Aug-02           3            3           3            3         500
      9-Aug-02           3            3           3            3        2700
      8-Aug-02        2.91         2.91        2.91         2.91         100
      7-Aug-02        2.95         2.95        2.95         2.95         100
      6-Aug-02         2.9            3         2.9            3        4400
      1-Aug-02        2.95            3        2.95            3        4100
     31-Jul-02         3.3          3.3        2.85         2.85       18800
     26-Jul-02        3.26          3.3        3.26         3.26       10000
     24-Jul-02         3.4          3.4        3.25         3.25       10900
     23-Jul-02        3.52         3.52         3.4          3.4        2100
     22-Jul-02         3.6          3.6         3.6          3.6        1000
     18-Jul-02         3.7          3.7        3.62         3.62        2500
     16-Jul-02         3.8          3.9         3.8          3.8        5300
     15-Jul-02         3.8          3.8         3.8          3.8        1000
     12-Jul-02        3.64         3.85        3.64         3.85       10200
     11-Jul-02         3.6          3.6         3.6          3.6       13500
     10-Jul-02         3.6          3.6         3.6          3.6       14000
      9-Jul-02        3.57          3.6        3.57          3.6        8000
      8-Jul-02        3.57         3.57        3.57         3.57        5000
      5-Jul-02        3.45          3.5        3.45          3.5       16400
      3-Jul-02         3.6          3.6         3.5          3.5        2700
      2-Jul-02         3.7          3.7         3.7          3.7         500
      1-Jul-02        3.79         3.79        3.79         3.79         100
     28-Jun-02        3.38         3.99        3.38          3.8       11100
     27-Jun-02         3.1          3.2         3.1          3.2        2200
     26-Jun-02         3.1          3.1           3            3        4200
     25-Jun-02         3.1          3.1         3.1          3.1         500
     24-Jun-02           3         3.15           3         3.15       10000
     21-Jun-02         3.1         3.19         3.1          3.1        8000
     20-Jun-02         2.9         2.99         2.9         2.99        2600
     19-Jun-02        2.92            3        2.92         2.92        8200
     18-Jun-02           3            3           3            3        5600
     14-Jun-02        2.96         2.96        2.96         2.96       17700
     13-Jun-02         2.9          2.9         2.9          2.9       22500
     11-Jun-02         2.9          2.9         2.9          2.9       22000
     10-Jun-02         2.8          2.8         2.8          2.8        2000
      6-Jun-02         2.9          2.9         2.9          2.9        2500
     30-May-02        2.82         2.82        2.82         2.82         400
     29-May-02        2.82         2.82        2.82         2.82        1000
     28-May-02        2.85         2.92        2.75         2.92        6000
     24-May-02        2.95         2.95        2.95         2.95         200
     23-May-02           3            3           3            3         400
     22-May-02           3            3           3            3        3000
     21-May-02        2.96         2.96         2.9          2.9       38600
     20-May-02        2.96         2.96        2.96         2.96       10500
     17-May-02        3.01          3.1        2.97         3.06       19200
     16-May-02         2.9            3        2.82            3       24600
     15-May-02        2.95          3.1        2.95         2.97       30000
     14-May-02        2.95         2.95        2.95         2.95        1500
     13-May-02         2.8          2.9         2.8          2.9        4000


                                                        
      9-May-02        2.75         2.75        2.75         2.75         100
      6-May-02         2.8          2.8         2.8          2.8        3000
      3-May-02        2.75          2.8        2.75          2.8       11500
      2-May-02        2.75         2.75        2.75         2.75        5000
     30-Apr-02         2.8          2.8        2.75         2.75        4000
     29-Apr-02        2.75         2.87         2.7          2.8       16000
     26-Apr-02        2.65         2.85         2.6         2.85       10500
     25-Apr-02         2.7          2.7        2.65          2.7        5100
     24-Apr-02         2.6          2.6         2.6          2.6        1000
     23-Apr-02         2.5         2.65         2.5         2.65        4900
     22-Apr-02         2.5          2.5         2.4          2.4         800
     19-Apr-02         2.6          2.6         2.6          2.6         400
     18-Apr-02         2.7          2.7         2.7          2.7        1000
     17-Apr-02         2.6          2.6        2.55          2.6        1700
     16-Apr-02        2.65         2.65        2.65         2.65        2700
     15-Apr-02        2.65          2.7         2.6          2.7        4000
     12-Apr-02         2.7          2.8        2.65         2.65        2000
     11-Apr-02        2.65         2.65         2.6          2.6        1800
     10-Apr-02        2.56         2.75        2.55         2.65        8500
      9-Apr-02        2.52         2.52        2.52         2.52         500
      8-Apr-02        2.55         2.75        2.55         2.62        3200
      5-Apr-02         2.4          2.5        2.35          2.5        4200
      4-Apr-02        2.32         2.45        2.32         2.35        6200
      3-Apr-02        2.25          2.4        2.25         2.31        8600
      2-Apr-02         2.3          2.4         2.2          2.2        3800
      1-Apr-02        1.95          2.2        1.95          2.2        8200
     25-Mar-02        1.85            2        1.85          1.9        3000
     12-Mar-02        1.85         1.85        1.75         1.75        3000
     28-Feb-02        1.91            2         1.9         1.95        3900
     26-Feb-02           2         2.09           2            2        3000
     25-Feb-02        2.05          2.1        2.05          2.1        1500
     22-Feb-02         1.9         2.09         1.9         2.05        3500
     21-Feb-02         1.9            2         1.9            2        1100
     20-Feb-02           2            2         1.9            2        3500
     19-Feb-02        1.85         2.05        1.85         1.95        1800
     13-Feb-02         1.7          1.9         1.7         1.75        3400
      8-Feb-02        1.75          1.8        1.75          1.8        1000
      5-Feb-02         1.6         1.75        1.55         1.65        6700
      1-Feb-02         1.7          1.7         1.7          1.7         100
     31-Jan-02         1.8          1.8         1.8          1.8        3000
     15-Jan-02         1.7          1.7         1.7          1.7         700
     14-Jan-02         1.8          1.8         1.8          1.8         200
     11-Jan-02         1.9          1.9         1.9          1.9        1000
      7-Jan-02        2.05         2.05           2            2         700
      3-Jan-02           2            2           2            2        1000
      2-Jan-02           2          2.2           2          2.1        4000
     31-Dec-01        1.75         1.87        1.75         1.85        6700
     28-Dec-01        1.67         1.77        1.67         1.75       13500
     26-Dec-01         1.6          1.6        1.12         1.57        5400
     21-Dec-01         1.7         1.79         1.7          1.7        5200
     20-Dec-01         1.7          1.7         1.6          1.6         300
     19-Dec-01         1.7         1.75         1.7         1.75        7500
     18-Dec-01         1.7          1.7        1.62         1.62        5500
     14-Dec-01        1.55         1.75        1.45         1.75       12500
     12-Dec-01        1.76         1.76        1.65         1.65         300
     11-Dec-01        1.85         1.85        1.85         1.85        2000
      6-Dec-01        1.74         1.74        1.74         1.74        1200
      5-Dec-01        1.64         1.64        1.64         1.64        2000
      4-Dec-01         1.8          1.8         1.5         1.55       11500
      3-Dec-01         1.9          1.9         1.5         1.65       14900
     30-Nov-01        1.95         1.95         1.9          1.9        4500
     29-Nov-01         1.9          1.9         1.8          1.9        5100
     28-Nov-01        1.95         1.95        1.95         1.95        2400
     27-Nov-01         1.9          1.9         1.8          1.9        2700
     26-Nov-01         1.8         1.95         1.8         1.95        1500
     19-Nov-01         1.9          1.9         1.9          1.9        1900
     16-Nov-01         1.9          1.9         1.9          1.9        2200
     15-Nov-01        1.85          1.9        1.85          1.9        1500
     14-Nov-01        1.95         1.95        1.75         1.75        8300



                                                        
     13-Nov-01         1.9          1.9        1.85         1.85        1900
     12-Nov-01        1.85         1.85        1.85         1.85        2000
      9-Nov-01         1.5          1.8         1.5          1.8        5000
      8-Nov-01         1.8          1.8        1.45         1.45       16300
      7-Nov-01         1.8          1.9         1.8          1.9        3000
      6-Nov-01         1.6          1.7         1.5          1.7        3500
      5-Nov-01         1.6          1.6         1.5          1.5        2000
      2-Nov-01        1.55          1.6         1.5          1.5        6300
      1-Nov-01        1.65         1.65        1.45         1.45        4000
     31-Oct-01        1.88         1.88         1.5         1.55       15700
     29-Oct-01        1.84         1.84        1.84         1.84        1500
     26-Oct-01         1.9          1.9        1.75         1.75        4000
     25-Oct-01           2            2         1.9          1.9        9600
     24-Oct-01        1.95            2        1.95            2        2500
     23-Oct-01         1.9          1.9         1.9          1.9        1000
     22-Oct-01        1.85         1.85        1.85         1.85        1000
     19-Oct-01        1.85         1.85        1.75         1.75        6000
     16-Oct-01        1.75         1.75        1.75         1.75        1000
     11-Oct-01         1.6          1.7         1.6          1.7        3000
      5-Oct-01         1.5          1.5         1.5          1.5        1200
      4-Oct-01        1.35         1.44        1.25         1.44        4300
      3-Oct-01        1.25         1.45        1.25         1.45        3300
     28-Sep-01         1.2         1.25         1.2         1.25        3900
     26-Sep-01        1.07         1.07        1.07         1.07        2500
     25-Sep-01         1.2          1.2         1.1         1.17        7500
     24-Sep-01         1.2          1.2         1.2          1.2        6000
     21-Sep-01        1.05         1.05        1.05         1.05        4000
     20-Sep-01         1.1         1.12         1.1         1.12        4000
     19-Sep-01        1.05         1.05           1            1        9000
     18-Sep-01         1.5          1.5           1         1.15       14700
     10-Sep-01         1.6          1.6         1.6          1.6        5000

EX-3

                                                                       Exhibit 3

                          ARMALAVAGE & ASSOCIATES, INC.




July 3, 2002


Oriole Homes Corporation
c/o Mr. Joseph Pivinski
Chief Financial Officer
1690 South Congress Avenue
Suite 200
Delray Beach, Florida 33445

Re:       "Updated" Appraisal
          Five Multi-Family Land Parcels
          (Sandpiper Isle and Sandpiper Greens)
          Pelican Landing PUD
          Lee County (Bonita Springs), Florida

Mr. Pivinski:

Pursuant to your request, I have prepared an "update" appraisal report regarding
the above referenced property. The "original" appraisal report was also prepared
for Oriole Homes Corp. and has an effective date of appraisal of October 28,
1999 and a date of report of December 2, 1999 (#99-2882). An "update" report
(first update) was also prepared for Oriole Homes Corp. and has an effective
date of appraisal of November 28, 2000 and a date of report of December 20, 2000
(#00-3095).

An "update" appraisal report is an extension of a previously prepared report(s).
Thus, the original appraisal report and the first update report are incorporated
herein by reference. This document should not be used without reference to the
original appraisal report and the first update. Collectively, the original
appraisal report and the first update appraisal report are hereinafter known as
the prior reports. Update reports are generally short documents that address the
changes (physical and market) that have occurred among two dates of appraisal,
in this instance the time frame from November 28, 2000 thru June 14, 2002.

The subject property consists of five multi-family (condominium) land parcels
within the Pelican Landing PUD. Three of the parcels are within the Sandpiper
Isle neighborhood and two are within the Sandpiper Greens neighborhood. For
appraisal purposes, the parcels are identified as Parcels "A," "E," "F," 200,
and 300. The five parcels are hereinafter known as the subject property or
subject parcels. Also, the terms "parcel(s)" and/or "building(s)" are
interchangeable herein.

The facing page presents a Pelican Landing location map with the subject
neighborhoods colored "yellow." The following chart summarizes each parcel
indicating the number of units planned for development by the owner as of the
effective date of this appraisal. Some changes have occurred in comparison to
the prior reports.

Page Two
July 3, 2002
Mr. Pivinski

Sandpiper Isle at Pelican Landing


                                                                             
Parcel A                Condominium III- Phase A             0.76 acre                10 units (13.2 units/ac.)
Parcel E                Condominium IV - Phase E             0.74 acre                10 units (13.5 units/ac.)
Parcel F                Condominium IV - Phase F             0.61 acre                10 units (16.4 units/ac.)


Sandpiper Greens at Pelican Landing



                                                                             
Parcel 200              Condominium Phase 200                0.62 acre                06 units (9.7 units/ac.)
Parcel 300              Condominium Phase 300                0.82 acre                12 units (14.6 units/ac.)


The above densities are based on the land areas according to the architectural
plans as provided by the client and summarized herein relative to the proposed
development. The land areas are assumed accurate and linked to an Extraordinary
Assumption summarized herein.

The purpose of the appraisal assignment is to estimate the "as is" market value
of the fee simple estate of each of the subject parcels effective June 14, 2002.
The "as is" market value estimate is equal to the "as is" market value of the
land for each respective parcel (individually). This appraisal report was not
made on the basis of a requested minimum valuation, a specific valuation, or the
approval of a loan. This appraisal assignment involves an "update" appraisal
report of a previously prepared first update and previously prepared original
report. The original report was a complete appraisal/summary report and was
prepared in conformance with the Uniform Standards of Professional Appraisal
Practice (USPAP) of The Appraisal Foundation. This second update also conforms
with USPAP.

A copy of the client engagement letter is included within the Addenda as Exhibit
"B." The Addenda also contains multiple Exhibits as summarized within the
Extraordinary Assumptions. The Extraordinary Assumptions, as summarized on the
pages subsequent to this letter of transmittal, consists of five numbered
paragraphs. The appraised values herein cannot be used independently from the
Extraordinary Assumptions because the appraised values and the Extraordinary
Assumptions are linked, and co-dependent, with each other. Stated differently,
one cannot be used without the other. The estimated values herein are linked,
and subject to, the owner's proposed development plans as summarized herein.
Subject property photographs (updated) are also included within the Addenda as
Exhibit "A."

As a result of this appraisal assignment, and subject to the assumptions and
limiting conditions herein, it is my opinion the "as is" market values of the
fee simple estate effective June 14, 2002 are:

                                   PARCEL "A"
                                    $386,000
                   (Three Hundred Eighty Six Thousand Dollars)

                                   PARCEL "E"
                                    $354,000
                   (Three Hundred Fifty Four Thousand Dollars)



Page Three
July 3, 2002
Mr. Pivinski

                                   PARCEL "F"
                                    $334,000
                  (Three Hundred Thirty Four Thousand Dollars)

                                   PARCEL 200
                                    $241,000
                    (Two Hundred Forty One Thousand Dollars)

                                   PARCEL 300
                                    $310,000
                      (Three Hundred Ten Thousand Dollars)

I hereby certify, I have no undisclosed interest in the subject property and my
employment and compensation are not contingent upon my findings and valuation.
I, Gregory F. Lynch, MAI, CCIM have inspected the subject property. This
appraisal report is invalid unless having the original blue ink signature of the
undersigned. This appraisal assignment is subject to the very important
Extraordinary Assumptions summarized on the following pages and consisting of
five numbered paragraphs.

Respectfully submitted,

ARMALAVAGE & ASSOCIATES, INC.

/s/ Gregory F. Lynch

Gregory F. Lynch, MAI, CCIM
State-Certified General Real Estate Appraiser RZ0000765

EX-4

                                                                       Exhibit 4
                          ROE MINOR REALTY CONSULTANTS




July 9, 2002


Mr. Joseph Pivinski
Oriole Homes Corporation
1690 South Congress Avenue, Suite 200
Delray Beach, Florida 33445

Re:      Appraisal #2102
         138 Partially Developed Single-family Lots in Equestrian Club
         Wellington, Palm Beach County, FL

Dear Mr. Pivinski:

At your request, we have completed an inspection and analysis to appraise the
property referenced above. Our analyses have been prepared in conformance to the
Uniform Standards of Professional Appraisal Practice (USPAP). The essential data
and analytical process used in estimating our final value estimate are included
within the attached report. THIS APPRAISAL IS A COMPLETE, SELF-CONTAINED
APPRAISAL WITH A VALUATION DATE OF JUNE 22, 2002.

The purpose of this report is to estimate the market value of the fee simple
interest as of June 22, 2002. The intended use of this report is for asset
evaluation by the intended user, Oriole Homes Corporation, who is also our
client.

The subject property is owned by Brighton at Wellington L.C. but Centerline
Homes is the builder. Centerline began marketing homes on January 26, 2002; to
date, they have sold 19 units for total revenue (including options and premiums)
of over $10,700,000. There are ten units under construction at this time.
According to Craig Perry, no water/sewer hookups have been prepaid. Please note
that our value DOES NOT include the partially built homes that are on several of
the lots. If we had given consideration to the partially built homes, our value
would have been higher.

Finally we also note that the subject lands are partially developed. Total
development costs are estimated to be about $6,300,000; to date, the builder has
expended over $3,400,000. Therefore, about $2,875,000 remains to be spent on the
subject in order to have fully developed lots. Furthermore, about 88% of the
remaining costs, or $2,525,000, will be for the amenities, common area
landscaping and completing the entrance/guardhouse at the project. Thus, the
subject lots are primarily developed, with only the amenities and other minor
costs remaining to complete the development. BECAUSE DEVELOPMENT IS PROCEEDING
EVERY DAY, THE SUBJECT "AS IS" VALUE WILL CHANGE AS MORE OF THE DEVELOPMENT WORK
IS COMPLETED. OUR VALUE ESTIMATE STATED BELOW IS AS OF THE DATE OF VALUATION.

Mr. Joseph Pivinski
Oriole Homes Corporation
Appraisal #2101
July 9, 2002
Page 2

Our final opinion of the market value of the fee simple interest of the subject
property as of June 22, 2002, is therefore:

                       MARKET VALUE "AS IS": JUNE 22, 2002
          FIFTEEN MILLION EIGHT HUNDRED THOUSAND DOLLARS ($15,800,000)
   (At a reasonable exposure/marketing period estimated to be 6 to 12 months)

           PROSPECTIVE MARKET VALUE "AS IF FULLY DEVELOPED" EXCLUDING
           ANY PREPAID WATER/SEWER HOOKUP FEES: EXPECTED JANUARY 2003
          NINETEEN MILLION FOUR HUNDRED THOUSAND DOLLARS ($19,400,000)
   (At a reasonable exposure/marketing period estimated to be 6 to 12 months)

The above values are subject to the assumptions and limiting conditions
contained in this report. Several special assumptions were necessary and we call
the reader's attention to these items on page 49. Following is our complete,
self-contained appraisal report that details the valuation.

                       Respectfully submitted,

                       /s/ CHARLES E. MINOR
                       -----------------------------------------
                       Charles E. Minor, MAI
                       State Certified General Real Estate Appraiser No. 0002252


                       /s/ ZILLAH L. TARKOE
                       ----------------------------------------
                       Zillah L. Tarkoe, MAI
                       State Certified General Real Estate Appraiser No. 0001800

EX-5

                                                                       Exhibit 5
                          ROE MINOR REALTY CONSULTANTS

July 17, 2002

Mr. Joseph Pivinski
Oriole Homes Corporation
1690 South Congress Avenue, Suite 200
Delray Beach, Florida 33445

Re:      Appraisal #2103
         110 Unit Condominium Development
         Spring Park Terraces at Celebration
         Unincorporated Osceola County, FL

Dear Mr. Pivinski:

At your request, we have completed an inspection and analysis to appraise the
property referenced above. Our analyses have been prepared in conformance to the
Uniform Standards of Professional Appraisal Practice (USPAP). The essential data
and analytical process used in estimating our final value estimate are included
within the attached report. This is a complete appraisal presented in a
self-contained format.

The purpose of this report is to estimate the market value of the fee simple
interest as of July 3, 2002. The intended use of this report is for asset
evaluation by the intended user, Oriole Homes Corporation, who is also our
client. Our value opinion is qualified by certain assumptions, limiting
conditions and definitions, which are set forth in this report. There are
extraordinary assumptions and/or special limiting conditions affecting value. As
shown below, we reconciled to a final value "as is" of $3,700,000. PLEASE NOTE
THAT THE SUBJECT VALUE INCLUDES THE COMPLETED CONSTRUCTION ON-SITE. ALL THE
FOOTERS ARE IN PLACE AND SOME BUILDINGS ARE PARTIALLY COMPLETE. THE SUBJECT LAND
IS DIVIDED AMONG THREE DISTINCT PARCELS WITHIN CELEBRATION, A DRI. AS SHOWN BY
THE SUBJECT PHOTOS, DEVELOPMENT AND CONSTRUCTION ARE UNDERWAY ON ALL THREE
PARCELS. DELIVERY IS SCHEDULED TO VARY FROM DECEMBER 2002/JANUARY 2003 FOR THE
FIRST PARCEL UP TO LATE SUMMER/EARLY FALL 2003. WE HAVE RELIED UPON THE
ESTIMATES PROVIDED TO US BY SUSAN SPRAGG OF ORIOLE HOMES. IF THE DOLLAR AMOUNT
OF COMPLETED WORK VARIES FROM THAT SUPPLIED TO US, THE "AS IS" VALUE IS SUBJECT
TO CHANGE. FURTHERMORE, WE NOTE THAT CONSTRUCTION CONTINUES TO PROCEED AT THE
SUBJECT. THUS, THE "AS IS" VALUE WILL CHANGE WEEKLY AS MORE WORK IS COMPLETED.

Based on our analysis, the market value of the subject property, as set forth,
documented and qualified in the attached report is:

                       MARKET VALUE "AS IS": JULY 3, 2002
            THREE MILLION SEVEN HUNDRED THOUSAND DOLLARS ($3,700,000)
      (At a reasonable exposure/marketing period estimated to be 6 months)

Mr. Joseph Pivinski
Oriole Homes Corporation
Appraisal #2103
July 17, 2002
Page 2

                    PROSPECTIVE MARKET VALUE UPON COMPLETION
          EIGHTEEN MILLION SEVEN HUNDRED THOUSAND DOLLARS ($18,000,000)
      (At a reasonable exposure/marketing period estimated to be 6 months)

Following is our complete, self contained appraisal report that details the
valuation.

                       Respectfully submitted,

                       /s/ CHARLES E. MINOR
                       -------------------------------------------
                       Charles E. Minor, MAI
                       State Certified General Real Estate Appraiser No. 0002252

                       /s/ ZILLAH L. TARKOE
                       -------------------------------------------
                       Zillah L. Tarkoe, MAI
                       State Certified General Real Estate Appraiser No. 0001800

EX-6

                                                                       Exhibit 6
                          ROE MINOR REALTY CONSULTANTS


July 29, 2002

Mr. Joseph Pivinski
Oriole Homes Corporation
1690 South Congress Avenue, Suite 200
Delray Beach, Florida 33445

Re:      Appraisal #2104
         Remaining Units at Stonecrest
         Summerville, FL

Dear Mr. Pivinski:

At your request, we have completed an inspection and analysis to appraise the
property referenced above. Our analyses have been prepared in conformance to the
Uniform Standards of Professional Appraisal Practice (USPAP). The essential data
and analytical process used in estimating our final value estimate are included
within the attached report. This is a complete appraisal presented in a
self-contained format.

The purpose of this report is to estimate the market value of the fee simple
interest as of July 10, 2002. The intended use of this report is for asset
evaluation by the intended user, Oriole Homes Corporation, who is also our
client. The subject is the remaining lots and land owned by Oriole Homes
Corporation in Stonecrest. The entire development will probably consist of about
1,800 to 1,900 units, even though the DRI allows up to about 2,500 units. Oriole
has been buying lots and land in Stonecrest since 1996. To date, Oriole has
purchased lots/land for 702 units. Through the beginning of July, Oriole has
closed 411 units, and they have sold (contracted) an additional 47 units.

Our valuation is of the 244 available (unsold) lots and the 47 lots that have
been sold but have not closed to end-users. Thus, there are 291 subject units.
Please note that the subject units include both land and developed lots. The
sections called Overlook 3 and Links 3, with 68 units and 52 units respectively
have not been developed. Development costs for Overlook 3 and Links 3 are
estimated to be $1,352,184 or $11,268 per unit. Following is a summary of the
subject units contained in our valuation:


                             SOLD UNITS                 AVAILABLE UNITS            TOTAL
                                                                          
Developed                    47                         124                        171
Undeveloped                  0                          120                        120
TOTAL                        47                         244                        291


Our value opinion is qualified by certain assumptions, limiting conditions and
definitions, which are set forth in this report. There is an extraordinary
assumption and/or special limiting condition affecting value. WE HAVE NOT
INCLUDED ANY VALUE FOR PARTIALLY BUILT HOMES OR THE COMPLETED UNITS ON THE
SUBJECT LOTS. THIS VALUATION, ACCORDING TO YOUR INSTRUCTIONS, IS ONLY OF THE
REMAINING RESIDENTIAL LAND AND LOTS. IF THE VALUE OF THE PARTIALLY BUILT OR
COMPLETED HOMES HAD BEEN INCLUDED, THIS VALUATION WOULD BE HIGHER.

Finally, we note that impact fees and water/sewer hookup fees are paid at
permitting. According to Mr. Rick Rogers at Stonecrest, these fees have been
paid on 46 units that are either under construction or completed.

Mr. Joseph Pivinski
Oriole Homes Corporation
Appraisal #2104
July 29, 2002
Page 2

Based on this information, the prepaid fees can be calculated as follows. While
the end-user reimburses Oriole for the impact fees, the payment of this charge
runs with the land. Thus, it still deserves compensation. For your convenience,
we have provided a value including the prepaid fees as well as a value excluding
the fees. This is reasonable due to the fact that the number of prepaid fees
changes frequently. Furthermore, impact fees are scheduled to increase to over
$1,500 per unit.

                           FEE ADJUSTMENT CALCULATION


Category                                 Fee/Unit                    No. Units                       Total
- --------                                 --------                    ---------                       -----
                                                                                           
Impact Fees                               $1,359                            46                       $62,514
Water/Sewer Hookups                       $2,150                            46                       $98,900
TOTAL ADJUSTMENT                                                                                    $161,414


Based on our analysis, the market value of the subject property, as set forth,
documented and qualified in the attached report is:


           MARKET VALUE "AS IS" OF THE REMAINING RESIDENTIAL LAND/LOTS
          EXCLUDING ANY PREPAID FEES AND BUILT OR PARTIALLY BUILT HOMES:
                                  JULY 10, 2002
                       SEVEN MILLION DOLLARS ($7,000,000)
      (At a reasonable exposure/marketing period estimated to be 6 months)

           MARKET VALUE "AS IS" OF THE REMAINING RESIDENTIAL LAND/LOTS
                           INCLUDING ANY PREPAID FEES
                BUT EXCLUDING ANY BUILT OR PARTIALLY BUILT HOMES:
                                  JULY 10, 2002
          SEVEN MILLION ONE HUNDRED SIXTY THOUSAND DOLLARS ($7,160,000)
      (At a reasonable exposure/marketing period estimated to be 6 months)

Following is our complete, self contained appraisal report that details the
valuation.

                       Respectfully submitted,

                       /s/ CHARLES E. MINOR
                       -------------------------------------------
                       Charles E. Minor, MAI
                       State Certified General Real Estate Appraiser No. 0002252

                       /s/ ZILLAH L. TARKOE
                       --------------------------------------------
                       Zillah L. Tarkoe, MAI
                       State Certified General Real Estate Appraiser No. 0001800