BOND PURCHASE OPTION AGREEMENT

     THIS BOND PURCHASE OPTION  AGREEMENT (the  "Agreement") is made and entered
into by and  between  Explorations  Group,  Inc.,  a Delaware  corporation  (the
"Issuer"),  and The Yankee Companies,  LLC., a Florida limited liability company
(hereinafter referred to variously as the "Holder" or "Yankees").

                                   PREAMBLE:

     WHEREAS,  the Issuer and  Yankees  entered  into a certain  revolving  loan
agreement  heretofore filed by the Issuer with the United States  Securities and
Exchange   Commission  (the   "Commission")   as  an  exhibit  to  the  Issuer's
registration  statement of Form 10-SB (hereinafter referred to as the "Revolving
Loan Agreement"), pursuant to which Yankees is entitled to purchase an aggregate
of $50,000 in the Issuer's Class A, Series A, Convertible Bonds, a form of which
has been heretofore filed by the Issuer with the Commission as an exhibit to the
Issuer's  registration  statement of Form 10-SB (hereinafter  referred to as the
"Bonds"),  such right  being  reflected  in  certificated  instruments  and,  at
Yankees' option,  subdivisions  thereof (the "Bond Purchase Options"),  upon and
subject to the terms and conditions of the Revolving Loan Agreement:

     NOW, THEREFORE, in consideration of the premises, the payment by the Holder
to or for the  benefit of the Issuer of FIVE  ($5.00)  DOLLARS,  the  agreements
herein set forth and other good and  valuable  consideration,  the  receipt  and
sufficiency  of which are  hereby  acknowledged,  the  parties  hereto  agree as
follows:

                                   WITNESSETH:

1.        Grant

         The Holder is hereby granted the right to purchase, at any time from
         April 9, 2002, until the later of April 9, 2004 or the date the
         Revolving Loan Agreement is terminated, $50,000 in principal of the
         Bonds.

2. Bond Purchase Option Certificates.

         The bond purchase option certificates (the"Bond Purchase Option
         Certificates") delivered and to be delivered pursuant to this Agreement
         shall be in the form set forth in Exhibit A attached hereto and made a
         part hereof, with such appropriate insertions, deletions,
         substitutions, and other variations as required or permitted by this
         Agreement.

3.       Exercise of Bond Purchase Option.

(a)      The Bond Purchase Options initially are exercisable at an aggregate
         exercise price of $50,000 payable by certified or official bank check
         in New York Clearing House funds.

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     This form of instrument is the exclusive  property of the Yankee Companies,
LLC., a Florida limited liability company,  and has been licensed for use by the
Parties  (as  defined  herein)  solely  for use in this  transaction.  No one is
permitted to use this form or any derivations  thereof without the prior written
permission of the Yankee Companies,  LLC., subject to such terms and conditions,
including the payment of royalties or other fees, as the Yankee Companies,  LLC.
may elect to impose on a transaction by transaction basis.

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(b) Upon  surrender  of a Bond  Purchase  Option  Certificate  with its exercise
provisions  duly  executed,  together  with  payment of the  Exercise  Price (as
hereinafter defined) for the Bonds purchased, at the Issuer's principal offices,
as reflected in the records of the  Commission  maintained on its EDGAR Internet
site, the registered holder of a Bond Purchase Option  Certificate  ("Holder" or
"Holders')  shall be entitled to receive a certificate or  certificates  for the
Bonds so purchased.

(c) The purchase rights represented by each Bond Purchase Option Certificate are
exercisable at the option of the Holder thereof, in whole or in part.

(d) In the case of the purchase of less than all the Bonds purchasable under any
Bond  Purchase  Option  Certificate,  the Issuer shall cancel said Bond Purchase
Option  Certificate  upon the surrender  thereof and shall execute and deliver a
new Bond Purchase Option Certificate of like tenor for the balance of the Bonds.

4.       Issuance of Certificates.

(a) Upon the exercise of the Bond Purchase Option, the issuance of Bond Purchase
Option  Certificate or other  securities,  properties or rights  underlying such
Bond  Purchase  Options  shall be made  forthwith and in any event such issuance
shall be made within five (5) business days  thereafter,  without  charge to the
Holder thereof,  including,  without limitations any tax which may be payable in
respect of the  issuance  thereof and such  certificates  shall  (subject to the
provisions  of  Section  5) be issued in the name of, or in such names as may be
directed by, the Holder thereof; provided, however, that the Issuer shall not be
required to pay any tax which may be payable in respect of any transfer involved
in the issuance and delivery of any such  certificates in a name other than that
of the Holder,  and the Issuer  shall not be  required to issue or deliver  such
certificates  unless or until the  person or  persons  requesting  the  issuance
thereof  shall  have paid to the  Issuer  the  amount of such tax or shall  have
established to the satisfaction of the Issuer that such tax has been paid.

(b) The Bond Purchase Option Certificates and the certificates  representing the
Bonds (and/or other securities, property or rights issuable upon exercise of the
Bond Purchase  Options)  shall be executed on behalf of the Issuer by the manual
or  facsimile  signature of the then  present  Chairman or Vice  Chairman of the
Board of  Directors  or  President  or Vice  President  of the Issuer  under its
corporate  seal  reproduced  thereon,  attested  to by the  manual or  facsimile
signature of the then present Secretary or Assistant Secretary of the Issuer.

(c) Bond Purchase  Option  Certificates  shall be dated the date of execution by
the Issuer upon initial issuance, division, exchange, substitution or transfer.

5. Restriction On Transfer of Bond Purchase Options.

(a) The Holder of a Bond Purchase Option Certificate, by its acceptance thereof,
covenants  and agrees that the Bond  Purchase  Options are being  acquired as an
investment and not with a view to the distribution thereof.


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(b)      Notwithstanding the foregoing, the Bond Purchase Options are fully
         transferable if the transfer is effected in compliance with applicable
         securities and corporate laws and in accordance with the Uniform
         Commercial Code, as adopted in the State of Delaware.

6.        Registration Rights.

       ss.6.1     Registration Under the Securities Act of 1933.

(a)      The Bond Purchase Options and the Bonds issuable upon exercise of the
         Bond Purchase Options and any of the other securities issuable upon
         exercise of the Bond Purchase Options have not been registered under
         the Securities Act of 1933, as amended (the "Securities Act") for
         public resale.

(b)      Upon exercise, in part or in whole, of the Bond Purchase
         Options,  certificates  representing  the Bond and any other
         securities  issuable  upon  exercise  of the  Bond  Purchase
         Options (collectively, the"Bond Purchase Option Securities")
         shall bear the following legend: "The securities represented
         by this  certificate  have not  been  registered  under  the
         Securities  Act of  1933,  as  amended  ("Act')  for  public
         resale,  and may not be offered or sold  except  pursuant to
         (i) an effective registration statement under the Securities
         Act,  (ii) to the  extent  applicable,  Rule 144  under  the
         Securities  Act (or any similar rule under such Act relating
         to the  disposition of  securities),  or (iii) an opinion of
         counsel, if such opinion shall be reasonably satisfactory to
         counsel to the issuer,  that an exemption from  registration
         under  such  Act  is  available,   including  the  exemption
         referred to as the 4(1)1/2 exemption."

         ss.6.2     Piggyback Registration.

(a)      If, at any time during the five year period commencing after the
         original date hereof, the Issuer proposes to register any of its
         securities under the Securities Act (other than in connection with a
         merger or pursuant to Form S-8, S-4 or comparable registration
         statement) it will give written notice by registered mail, at least
         thirty days prior to the filing of each registration statement, to
         Yankees and to all other Holders of the Bond Purchase Options, the
         Bonds and/or the Bond Purchase Option Securities of its intention to do
         so.

(b)      If Yankees or other Holders of the Bond Purchase Options, Bonds and/or
         Bond Purchase Option Securities notify the Issuer within twenty (20)
         days after receipt of any such notice of its or their desire to include
         any such securities in such proposed registration statement, the Issuer
         shall afford Yankees and such Holders of the Bond Purchase Options,
         Bonds and/or Bond Purchase Option Securities the opportunity to have
         any such Bond Purchase Options, Bonds and/or Bond Purchase Option
         Securities registered under such registration statement.

         ss.6.3     Demand Registration.

(a)      At any time during the term of this Bond Purchase Option Agreement, the
         Holders of the Bond Purchase Options, Bonds and/or Bond Purchase Option
         Securities representing a "Majority" (as hereinafter defined) of such
         securities (assuming the exercise of all of the Bond Purchase Options)

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shall have the right  (which  right is in  addition to the  registration  rights
under Section 6.2 hereof),  exercisable by written notice to the Issuer, to have
the Issuer prepare and file with the Commission, on one occasion, a registration
statement and such other documents,  including a prospectus, as may be necessary
in the  opinion of both  counsel  for the Issuer and  counsel  for  Yankees  and
Holders,  in order to comply with the provisions of the Securities Act, so as to
permit a public  offering  and sale of their  respective  Bond  Purchase  Option
Securities for nine consecutive  months by such Holders and any other Holders of
the Bond Purchase  Options,  Bonds and/or Bond Purchase  Option  Securities  who
notify the Issuer within ten days after receiving notice from the Issuer of such
request.

(b)      The Issuer covenants and agrees to give written notice of any
         registration request under this Section 6.3 by any Holder or Holders to
         all other registered Holders of the Bond Purchase Options, Bonds and
         the Bond Purchase Option Securities within ten days from the date of
         the receipt of any such registration request.

       ss.6.4     Covenants of the Issuer, With Respect to Registration.

         In connection with any registration under Section 6.2 or 6.3 hereof,
         the Issuer covenants and agrees as follows:

(a)      The Issuer shall use its best efforts to file a registration statement
         within sixty (60) days of receipt of any demand therefor, shall use its
         best efforts to have any registration statements declared effective at
         the earliest possible time, and shall furnish the Holder desiring to
         sell Bond Purchase Option Securities such number of prospectuses as
         shall reasonably be requested.

(b)      The Issuer shall pay all costs (excluding any underwriting or selling
         commissions or over charges of any broker-dealer acting on behalf of
         Holders), fees and expenses in connection with all registration
         statements filed pursuant to Sections 6.2 and 6.3(a) hereof including,
         without limitation, the Issuer's legal and accounting fees, printing
         expenses, blue sky fees and expenses.

(c)      If the Issuer shall fail to comply with the provisions of Section
         6.4(a), the Issuer shall, in addition to any other equitable or other
         relief available to the Holder(s), be liable for any or all damages due
         to loss of profit sustained by the Holder(s) requesting registration of
         its Bond Purchase Option Securities.

(d)      The Issuer will take all necessary action which may be required in
         qualifying or registering the Bond Purchase Option Securities included
         in a registration statement for offering and sale under the securities
         or blue sky laws of the state requested by the Holder.

(e)      The Issuer shall indemnify the Holder(s) of the Bond Purchase Option
         Securities to be sold pursuant to any registration statement and each
         person, if any, who controls such Holder within the meaning of Section
         15 of the Securities Act or Section 20(a) of the Securities Exchange
         Act of 1934, as amended ("Exchange Act"), against all loss, claim,
         damage, expense or liability (including all expenses reasonably
         incurred in investigating, preparing or defending against any claim
         whatsoever) to which any of them may become subject under the
         Securities Act, The Exchange Act or otherwise,

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         arising from such registration statement.

(f) Nothing  contained in this  Agreement  shall be  construed as requiring  the
Holder(s) to exercise their Bond Purchase Options prior to the initial filing of
any registration statement or the effectiveness thereof.

(g) Reserved.

(h) The Issuer shall furnish to each Holder  participating in the offering,  and
to each underwriter,  if any, a signed counterpart,  addressed to such Holder or
underwriter,  of (i) an opinion of counsel to the  Issuer,  dated the  effective
date of such  registration  statement  (and,  if such  registration  includes an
underwritten public offering, an opinion dated the date of the closing under the
underwriting  agreement),  and (ii) a "cold comfort"  letter dated the effective
date of such  registration  statement  (and,  if such  registration  includes an
underwritten  public offering,  a letter dated the date of the closing under the
underwriting  agreement) signed by the independent  public  accountants who have
issued  a  report  on  the  Issuer's  financial   statements  included  in  such
registration  statement,  in each case covering  substantially  the same matters
with  respect  to such  registration  statement  (and  the  prospectus  included
therein) and, in the case of such  accountants'  letter,  with respect to events
subsequent to the date of such financial statements,  are as customarily covered
in  opinions  of  issuer's  counsel and in  accountants'  letters  delivered  to
underwriters in underwritten public offering of securities.

(i) The Issuer  shall as soon as  practicable  after the  effective  date of the
registration  statement,  and in any event  within 15  months  thereafter,  make
"generally  available to its security  holders"  (within the meaning of Rule 158
under the  Securities  Act) an  earnings  statement  (which need not be audited)
complying  with Section 11(a) of the  Securities Act and covering a period of at
least  12  consecutive   months  beginning  after  the  effective  date  of  the
registration agreement.

 (j)     (1)   The Issuer shall deliver promptly to each Holder participating in
               the  offering   requesting  the   correspondence   and  memoranda
               described  below and to the managing  underwriter,  copies of all
               correspondence between the Commission and the Issuer, its counsel
               or auditors and all memoranda  relating to  discussions  with the
               Commission  or  its  staff  with  respect  to  the   registration
               statement  and  permit  the  Holder  and  underwriter  to do such
               investigation,  upon reasonable  advance notice,  with respect to
               information   contained  in  or  omitted  from  the  registration
               statement  as  it  deems  reasonably  necessary  to  comply  with
               applicable  securities laws or rules of the National  Association
               of Securities Dealers, Inc. ("NASD").

         (2)   Such  investigation  shall include  access to books,  records and
               properties,  and  opportunities  to discuss  the  business of the
               Issuer with its officers and  independent  auditors,  all to such
               reasonable  extent and at such  reasonable  times and as often as
               any such Holder shall reasonably request as it deems necessary to
               comply with applicable securities laws or NASD rules.

(k) In addition to the Bond Purchase Options, Bonds and Bond Purchase Option
Securities, upon the

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               written  request of any Holder(s) the Issuer shall include in the
               registration statement any other securities of the Issuer held by
               such  Holder(s)  as of the date of  filing  of such  registration
               statement,  including without limitation,  restricted securities,
               options,  warrants  or  any  other  securities  convertible  into
               securities with an existing public trading market.

(l)  For purposes of this  Agreement,  the term  "Majority"  in reference to the
     Holders of Bond Purchase  Options or Bond Purchase Option  Securities shall
     mean in excess  of fifty  percent  of the then  outstanding  Bond  Purchase
     Options or Bond Purchase Option Securities that:

     (1)  Are not held by the Issuer, an affiliate (for purposes hereof the term
          affiliate  not  including  Yankees,  its  officers,  members  or their
          families),  officer,  creditor,  employee  or agent  thereof or any of
          their respective  affiliates,  members of their family, persons acting
          as nominees or in conjunction therewith; or

     (2)  Have  not  been  resold  to  the  public  pursuant  to a  registration
          statement filed with the Commission under the Securities Act.

7.       Exchange and Replacement of Bond Purchase Option Certificates

(a)       Each Bond Purchase Option Certificate is exchangeable without expense,
          upon the surrender  thereof by the registered  Holder at the principal
          executive  office  of the  Issuer,  for one or more new Bond  Purchase
          Option  Certificates  of  like  tenor  and  date  representing  in the
          aggregate  the right to purchase the same number of Securities in such
          denominations as shall be designated by the Holder thereof at the time
          of such surrender.

(b)       Upon receipt by the Issuer of evidence  reasonably  satisfactory to it
          of loss, theft,  destruction or mutilation of any Bond Purchase Option
          Certificate,  and, in case of loss, theft or destruction, of indemnity
          or security  reasonably  satisfactory to it, and  reimbursement to the
          Issuer  of  all  reasonable  expenses  incidental  thereto,  and  upon
          surrender and cancellation of the Bond Purchase Option  Certificate if
          mutilated, the Issuer will make and deliver a new Bond Purchase Option
          Certificate of like tenor, in lieu thereof.

8.       Reservation and Listing of Securities.

(a)       The Issuer shall at all times  reserve and keep  available  out of its
          authorized  securities,  solely for the purpose of  issuance  upon the
          exercise of the Bond Purchase Options or conversion rights appurtenant
          to the Bonds,  such securities or rights as shall be issuable upon the
          exercise thereof.

(b)       The  Issuer  covenants  and agrees  that,  upon  exercise  of the Bond
          Purchase  Options,  Bonds and payment of the Exercise Price  therefor,
          all Bonds and other  securities  issuable upon such exercise  shall be
          duly and validly issued, fully paid, non-assessable and not subject to
          the preemptive rights of any stockholder.


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9. Notice to Bond Purchase Option Holders.

     Nothing  contained in this Agreement  shall be construed as conferring upon
the  Holders  the  right  to  vote  or to  consent  or to  receive  notice  as a
stockholder  in respect of any  meetings  of  stockholders  for the  election of
directors  or  any  other  manner,  or as  having  any  rights  whatsoever  as a
stockholder of the Issuer;  provided however,  that, if at any time prior to the
expiration  of the Bond Purchase  Options:  (1) the Issuer takes a record of the
holders of its voting  securities for the purpose of entitling them to receive a
dividend or distribution  payable  otherwise than in cash, or a cash dividend or
distribution  payable  otherwise  than out of current or retained  earnings,  as
indicated by the accounting  treatment of such dividend or  distribution  on the
books  of the  Issuer;  or (2)  the  Issuer  offers  to all the  holders  of its
securities  any  additional  shares of capital stock of the Issuer or securities
convertible  into or exchange for shares of capital stock of the Issuer,  or any
option,  right  or  warrant  to  subscribe  therefor:   or  (3)  a  dissolution,
liquidation  or  winding  up of the  Issuer  other  than  in  connection  with a
consolidation or merger) or a sale of all or substantially  all of its property,
assets and business as an entirety shall be proposed; then the Issuer shall give
notice of such event at least  fifteen  days prior to the date fixed as a record
date or the date of closing  the  transfer  books for the  determination  of the
stockholders   entitled  to  such   dividend,   distribution,   convertible   or
exchangeable  securities  or  subscription  rights,  or entitled to vote on such
proposed  dissolution,  liquidation,  winding up or sale, specifying such record
date or the date of closing the transfer books, as the case may be.

10. Notices.

     All notices, requests, consents and other communications hereunder shall be
in writing and shall be deemed to have been duly made when delivered,  or mailed
registered or certified mail, return receipt requested:

(a)  If to the Holders, The Yankee Companies, LLC., to Crystal Corporate Center;
     2500 North Military  Trail,  Suite 225; Boca Raton,  Florida 33431,  with a
     copy to 5185 Southeast 20th Street,  Ocala, Florida 34471, and as otherwise
     listed on the books of the Issuer, or

(b)  If to the Issuer, to the address reflected in the records of the Commission
     maintained  on its EDGAR  Internet  site or to such  other  address  as the
     Issuer may designate by notice to the Holders.

11.      Supplements and Amendments.

(a)  Except as otherwise  expressly  provided  herein,  the  provisions  of this
     Agreement  may be  amended  or  waived  at any  time  only  by the  written
     agreement of the parties hereto.

(b)  Any waiver,  permit,  consent or approval of any kind or  character  on the
     part of the Issuer or the Holder of any  provisions  or  conditions of this
     Agreement must be made in writing and shall be effective only in the extent
     specifically set forth in such writing.


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12.      Successors.

     All the covenants and  provisions of this  Agreement  shall be binding upon
and  inure to the  benefit  of the  Issuer,  the  Holder  and  their  respective
successors and assigns hereunder.

13.      Governing Law; Submission to Jurisdiction.

(a)  This Agreement and each Bond Purchase Option  Certificate  issued hereunder
     shall be  deemed  to be a  contract  made  under  the laws of the  State of
     Delaware and for all purposes  shall be  construed in  accordance  with the
     laws of said  State  without  giving  effect  to the  rules  of said  State
     governing the conflicts of laws.

(b)  The Issuer and the Holder hereby agree that any action, proceeding or claim
     against it arising out of, or relating in any way to, this Agreement  shall
     be brought and enforced in the courts of the State of Florida or the United
     States District Court for the Central District of Florida,  and irrevocably
     submit to such jurisdiction, which jurisdiction shall be exclusive.

(c)  The Issuer and the Holder  hereby  irrevocably  waive any objection to such
     exclusive jurisdiction or inconvenient forum.

(d)  Any such  process  or  summons  to be served  upon any of the Issuer or the
     Holder (at the option of the party  bringing  such  action,  proceeding  or
     claim) may be served by  transmitting  a copy  thereof,  by  registered  or
     certified mail, return receipt requested,  postage prepaid, address to such
     Party at the address as set forth in Section 10 hereof.

(e)  Such mailing shall deemed  personal  service and shall be legal and binding
     upon the party so served in any action, proceeding or claim.

(f)  The Issuer and the Holder agree that the prevailing  party(ies) in any such
     action or proceeding shall be entitled to recover from the other party(ies)
     all of  its/their  reasonable  legal  costs and  expenses  relating to such
     action or proceeding  and/or  incurred in connection  with the  preparation
     therefor, including attorneys' fees.

14.      Entire Agreement; Modification.

     This  Agreement,  the Bonds and the Revolving Loan Agreement (to the extent
portions  thereof  are  referred  to herein)  contain  the entire  understanding
between the parties hereto with respect to the subject matter hereof and may not
be modified or amended except by a writing duly signed by the party against whom
enforcement of the modification or amendment is sought.

15.      Severability.

     If any  provision  of  this  Agreement  shall  be  held  to be  invalid  or
unenforceable,  such invalidity or  unenforceability  shall not affect any other
provision of this Agreement.

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16. Captions.

     The caption  headings of the Sections of this Agreement are for convenience
of reference only and are not intended,  nor should they be construed as, a part
of this Agreement and shall be given no substantive effect.

17. Benefits of this Agreement.

     Nothing  in this  Agreement  shall be  construed  to give to any  person or
corporation  other than the Issuer,  the Holder and their successors and assigns
any legal or equitable  right,  remedy or claim under this  Agreement;  and this
Agreement shall be for the sole and exclusive 'benefit of the Issuer, the Holder
and their successors and assigns.

18.      Counterparts.

     This  Agreement may be executed in any number of  counterparts  and each of
such counterparts shall for all purposes be deemed to be an original,  and, such
counterparts shall together constitute but one and the same instrument.


     In Witness Whereof, the Parties have executed this Agreement,  effective as
of the last date set forth below.

Signed, Sealed & Delivered
         In Our Presence
                                                      Explorations Group, Inc.
----------------------------

____________________________                By:      /s/ Michelle Tucker
                                                     Michelle Tucker, President
Dated: April 9, 2002

                                                   The Yankee Companies, LLC.
----------------------------

____________________________                By:      /s/ Leonard M. Tucker
                                                       Leonard Miles Tucker
                                                Member & Chief Executive Officer
Dated: April 9, 2002

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                        BOND PURCHASE OPTION CERTIFICATE

     The bond purchase  options  represented by this  certificate  and the other
securities  issuable  upon  exercise  thereof  may not be offered or sold except
pursuant to an effective  registration  statement  under the  Securities  Act of
1933, as amended (the  "Securities  Act") ; to the extent  applicable,  Rule 144
promulgated  under the  Securities Act (or any similar rule under the Securities
Act relating to the  disposition of securities);  or, an opinion of counsel,  if
such opinion shall be reasonably satisfactory to counsel for the Issuer, that an
exemption from registration under the Securities Act is available.

     The transfer or exchange of the bond purchase  options  represented by this
certificate is restricted in accordance with the bond purchase option  agreement
referred to herein.

                      Exercisable on or Before the Later of
        5:30 p.m., New York Time, April 9, 2004 or the Termination of the
                        Revolving Loan Agreement between
       The Yankee Companies, LLC., a Florida limited liability company and
                Explorations Group, Inc., a Delaware corporation

                             Certificate Number 0001

     This Bond Purchase Option Certificate  certifies that The Yankee Companies,
LLC.,  a Florida  limited  liability  company,  or  registered  assigns,  is the
registered  holder (the "Holder" or "Yankees") of an option to purchase,  at any
time from  April 9,  2002,  until  5:30 p.m.  New York time on the later of 5:30
p.m.,  New York Time,  April 9, 2004 or the  termination  of the Revolving  Loan
Agreement  between  the Yankee  Companies,  LLC.,  a Florida  limited  liability
company,  and Explorations Group, Inc., a Delaware  corporation (The "Expiration
Date") an  aggregate  number of $50,000 in  principal  of the Class A, Series A,
Convertible  Bonds, a form of which has been  heretofore  filed by  Explorations
Group,  Inc.,  a Delaware  corporation  (the  "Issuer")  with the United  States
Securities  and Exchange  Commission as an exhibit to the Issuer's  registration
statement on Form 10-SB (hereinafter referred to as the "Bonds").

                                     Terms:

1.       Exercise of this Bond Purchase Option shall be effected by surrender of
         this Bond Purchase Option Certificate and payment of the Exercise Price
         at an office or agency of the Issuer subject to the conditions set
         forth herein and in the Bond Purchase Option Agreement originally dated
         as of April 9, 2002, between the Issuer and The Yankee Companies, LLC.
         (the "Bond Purchase Option Agreement").

2.       Payment of the Exercise Price shall be made by certified or official
         bank check in New York Clearing House funds payable to the order of the
         Issuer.

3.       No Bond Purchase Option may be exercised after 5:30 p.m. New York time,
         on the Expiration Date, at which time all Bond Purchase Options
         evidenced hereby unless exercised prior thereto, shall thereafter be
         void.

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

                 Please Initial: The Issuer: ____ Yankees: ____

         Explorations Group, Inc. Bond Purchase Option Agreement Page 10

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4.       The rights evidenced by this Bond Purchase Option Certificate are part
         of a duly authorized issue of Bond Purchase Options pursuant to the
         Bond Purchase Option Agreement which is hereby incorporated by
         reference in and made a part of this instrument and is hereby referred
         to for a description of the rights, obligations, duties and immunities
         thereunder of the Issuer and the Holders (the words "Holders" or
         "Holder" meaning the registered holders or registered holder) of the
         Bond Purchase Options.


                                      * **

     In Witness  Whereof,  this  instrument  has been  executed  by the  Issuer,
effective as of the date set forth below.

Signed, Sealed & Delivered
         In Our Presence
                                                       Explorations Group, Inc.
----------------------------

____________________________                By:      ___________________________
                                                     Michelle Tucker, President
         [CORPORATE SEAL]
                                           Attest:  __________________________
                                                   Vanessa H. Lindsay, Secretary
Dated: April 9, 2002





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                 Please Initial: The Issuer: ____ Yankees: ____

         Explorations Group, Inc. Bond Purchase Option Agreement Page 11

<PAGE>



                            EXPLORATIONS GROUP, INC.
                       BOND PURCHASE OPTION EXERCISE FORM

Dated:   ________________

         The Undersigned hereby irrevocably elects to exercise the subject Bond
Purchase Option to the extent of purchasing $_______ in principal amount thereof
and hereby makes payment of $______, for an equivalent amount in principal of
the Bonds.

                     Instructions for Registration of Bonds

                      Please type or print in block letters

                              ---------------------
                                     (Name)

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

     -----------------------------------------------------------------------
                                    (Address)


                       Signature: _______________________

NOTICE:           The signatures to this exercise of Bond Purchase Option must
                  correspond with the name as written upon the face of the Bond
                  Purchase Option in every particular, without alteration or
                  enlargement or any change whatever.




Signature Guaranteed:



IMPORTANT:                 SIGNATURE MUST BE GUARANTEED BY A FIRM WHICH IS A
                           MEMBER OF A REGISTERED NATIONAL EXCHANGE OR BY A
                           COMMERCIAL BANK OR A TRUST COMPANY!

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

                 Please Initial: The Issuer: ____ Yankees: ____

         Explorations Group, Inc. Bond Purchase Option Agreement Page 12

<PAGE>


                            EXPLORATIONS GROUP, INC.
                      BOND PURCHASE OPTION ASSIGNMENT FORM


     FOR VALUE RECEIVED, The Yankee Companies, LLC., a Florida limited liability
company, hereby sells, assigns and transfers unto:

                     (Please type or print in block letters)

                         -------------------------------
                                     (Name)


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

         ---------------------------------------------------------------
                                    (Address)


the right to purchase Bonds represented by this Bond Purchase Option Certificate
to the extent of $_____ in principal, and does hereby irrevocably constitute and
appoint ____________________________________ attorney, to transfer the same on
the books of the Issuer with full power of substitution in the premises.

Dated: _____________________

               Signature: ________________________________________
                              Leonard Miles Tucker
                        Member & Chief Executive Officer
                           The Yankee Companies, LLC.
                       a Florida limited liability company

NOTICE:                                     The signatures to this assignment of
                                            Bond Purchase Option must correspond
                                            with the name as written upon the
                                            face of the Bond Purchase Option in
                                            every particular, without alteration
                                            or en largement or any change
                                            whatever.
Signature Guaranteed:



IMPORTANT:                 SIGNATURE MUST BE GUARANTEED BY A FIRM WHICH IS A
                           MEMBER OF A REGISTERED NATIONAL EXCHANGE OR BY A
                           COMMERCIAL BANK OR A TRUST COMPANY!

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

                 Please Initial: The Issuer: ____ Yankees: ____

         Explorations Group, Inc. Bond Purchase Option Agreement Page 13

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