APPRAISAL REPORT

OF

1965 Ford Mustang

Fastback

PREPARED FOR

David Vernon

PREPARED BY

CLASSIC AUTO APPRAISER A professional automobile valuation service for all types of vehicles

CLASSIC AUTO APPRAISER P.O. Box 334, Durant, OK 74702 ~ (817) 429-9998 (580) 931-0340 (214) 274-9205

___________________________________________________________________________

April 19, 2007

David Vernon

5930-E Royal Lane #209

Dallas, Texas 75230

(972) 404-0202 david@coolingpro.net

RE: 1965 Ford Mustang Fastback

VIN #5F09A390276

Dear Mr. Vernon:

In compliance with your recent telephone request, I have appraised the above-referenced

vehicle and I have enclosed the appraisal report, which constitutes my analysis and conclusion

of the vehicle.

The stated market value as of April 19, 2007 is $34,600.00

Thank you very much for your business and if you should have any questions please don’t

hesitate to call.

Sincerely,

Don Shipman Classic Auto Appraiser

PURPOSE AND SCOPE OF REPORT

PURPOSE

The purpose of this report is to estimate the stated market value of the vehicle described

herein as of the inspection date.

STATED MARKET VALUE DEFINED

The stated market value of the vehicle is the highest price on the date of valuation that would

be agreed to by a seller, being willing to sell, and by a buyer, being willing to buy, under no

particular necessity for so doing, each dealing with the other full knowledge of all the uses

and purposes for which the property is reasonable, adaptable and available.

METHOD OF VALUATION

The value is estimated by current market data comparison supplemented by cost information.

The vehicle is compared with others for sale and that have sold in the general time period.

Adjustments are made for differences in equipment, mileage, cosmetics, sale terms and

current economic conditions at the time of inspection.

ASSUMPTIONS AND LIMITING CONDITIONS

Information provided by the owners, parties to sales and others are assumed to be reliable

although accuracy is not checked or guaranteed.

IDENTIFICATION AND DESCRIPTION OF VEHICLE

AUTHORIZED APPRAISAL

This narrative is an attempt to determine a valuation as of the inspection date.

INSPECTION DATE: April 19, 2007

INSPECTION LOCATION: Garland, Texas

VEHICLE IDENTIFICATION:

CAR MAKE: Ford

MODEL YEAR: 1965

MODEL: Mustang

BODY STYLE: Fastback

VIN NUMBER: 5F09A390276

LICENSE NUMBER: V28-XRV

EXPIRATION DATE: 2/08

ODOMETER READING: 23,115

VEHICLE DESCRIPTION:

EXTERIOR COLOR: Black with gray stripes

INTERIOR COLOR: Black

EQUIPMENT: See Attached Page

EQUIPMENT

Power Steering

Air Conditioning

Power Antenna

Custom Centerline Wheels

Front Disc Brakes

AM Radio

MECHANICAL

5.0L HO Fuel Injected V-8 with manual 5 speed transmission

ACCESSORIES

K&N Air Filter

Relocated Battery

Dual Exhaust

Tinted Windows

Traction Bars

Custom Leather Pony Style Bucket Seats

Custom Baffle Board with Kenwood KFC6969IE Coaxial 6”x9” speakers

BBE Sound Amplifier

CD Changer w/remote

Custom Auto Sound Power Supply

Autometer Gauge Set in dash (Fuel, Water)

Autometer Gauge Set on Column (RPM, Oil)

Hurst Shifter

ADDITIONAL COMMENTS

Vehicle has undergone a professional restoration and is considered to be in excellent

condition.

VEHICLE CONDITION

EXTERIOR INSPECTION

POOR FAIR GOOD V. GOOD EXCELLENT

BODY X

PAINT X

TRIM X

EMBLEMS X

FRONT BUMPER X

REAR BUMPER X

UNDERCARRIAGE X X

WHEELS X

TIRES X

GLASS X

SEALS/W-STRIP X

CONV. TOP N/A

VINYL TOP N/A

HARD TOP N/A

INTERIOR INSPECTION POOR FAIR GOOD V. GOOD EXCELLENT

HEADLINER X X

SEATS X

DOOR PANELS X

DASH PAD X

INSTR. PANEL X X

REAR SHELF N/A

INTERIOR TRIM X

CARPETS X

TRUNK/BED X

ENGINE COMP. X

STATEMENT OF APPRAISAL

The undersigned hereby declares that:

1. A physical inspection of the stated vehicle appraised was performed.

2. There is no undisclosed personal interest, presently or contemplated in the

future, in the vehicle appraised or the proceeds to be derived there from.

3. Neither the employment nor the compensation for this report is contingent

upon the value estimated herein.

4. To the best of my knowledge, the statements in this report are correct and

the opinions stated are based on a full and fair consideration of all the

available facts.

5. The findings reported herein will not be revealed to anyone other than the

named recipient without permission or until required to do so by due

process of law.

6. A copy of this appraisal report is kept in our files for a period of five

years, together with original notes from which it was prepared.

7. The fee for the appraisal report is not contingent upon values reported.

8. No investigation of legal title to the appraised vehicle has been made and

owners or tenant’s claim to the property has been assumed to be valid. No

consideration has been given to liens or encumbrances that may be against

the property except as specifically stated in the appraisal report.

9. The appraiser herein, by reason of this appraisal is not required to give

testimony or attend court or any governmental hearing with reference to

the property in question without prior agreement as to fee for additional

services desired.

After having considered all the relevant factors, it is the opinion of the appraiser that the

stated market value of the subject vehicle as of the inspection date is $34,600.00.

Respectfully submitted,

Don Shipman CLASSIC AUTO APPRAISER

SUMMATION OF VALUE

Our conclusion as to dollar value is based on three or more of the following:

The overall cosmetic and mechanical condition of the inspected vehicle

The demand and available supply of comparables

Dollar amounts indicated by the value guides

The expertise of the appraiser

Opinions of dealers who have handled the model in the past, and would

market the vehicle currently

Auction results listing actual sold cars or the highest dollar bid against an

owner’s reserve

The appraised vehicle, appraised as noted is a beautiful example of a restored 1965 Ford

Mustang Fastback. Mechanically, the appraised vehicle is credited as performing with no

operational malfunctions and/or driving problems.

Additionally contained in this report are examples of comparables, when available, for

sale at the marketplace. Asking prices fluctuate depending upon the overall cosmetic

appearance and condition, originality, the mechanical history and performance, recorded

mileage, and configuration of power train, options, and accessories.

Based upon the on-site inspection of this vehicle and with consideration for all the

information and dollar amounts determined as relevant to this report, the appraiser has

determined a stated market value of:

STATED MARKET VALUE: $34,600.00

The stated market value is the opinion of the appraiser and the management of Classic

Auto Appraiser and is arrived at after careful study of information we consider reliable.

However, we assume no responsibility for errors and/or omissions.

SPECIFICATIONS

YEAR:1965 LOCATION:CLEARWATER, FL

MAKE:FORD TOLL FREE:(866) 511-0960

MODEL:MUSTANG MILEAGE:

PRICE: $32,900 EXT.COLOR: RED

CLASS: INT.COLOR: BLACK

ENGINE: 347 TRANS: AUTOMATIC

DRIVE TRAIN: RWD VIN#:

DOORS: 2 BODY:

STOCK NUMBER: 21705

DESCRIPTION 1965 FORD MUSTANG, 1965 Ford Mustang Fastback Pro Street for Sale, 302 V8 stroked to 347 Cu In, aluminum heads, aluminum Edelbrock intake, Holley dual feed double pumper carb, MSD ignition, aluminum under drive pulleys, chromed alternator, Middleton 8 quart oil pan, Afco aluminum radiator, trans cooler, auto trans w/ manual valve body, Cheetah performance shifter, Ford 9� narrowed rear end with 4 link suspension, disc brakes, reinforced chassis, adjustable shock tower braces, roll cage, custom race bucket seats with 5 point harness, custom carbon fiber gauge cluster with Autometer Ultra-Lite gauges, cowl induction hood, Shelby style lower quarter panel scoops. You Gearheads are going to love the rubber on this car...on the front are a set of pizza cutter 165SR15 tires and on the rear a massive set of 33X18.5-15LT Mickey Thompson E/T Street tires all mounted on Weld Pro Star Wheels! One of the very best things about this little trophy car is that it is a reliable street car, all street legal, and a turn key cruiser with all the power you will need and then some! Can you tame this PONY???

P.J.'S AUTO WORLD INC. CALL TOLL FREE: (866) 511-0960

1370 CLEVELAND STREET CLEARWATER, FL 33755 SPECIFICATIONS

YEAR:1965 LOCATION:CLARKFIELD, MN

MAKE:FORD PHONE:(320) 669-7245

MODEL:MUSTANG MILEAGE:

PRICE: $29,500 EXT.COLOR:

CLASS: INT.COLOR:

ENGINE: TRANS:

DRIVE TRAIN: VIN#:

DOORS: BODY:

DESCRIPTION 1965 FORD MUSTANG, FASTBACK, raven black on blk, under 800 miles on rebuilt 289 V8, auto, power steering, full restoration in 2006, new paint and chrome, no rust, all original metal and floor pans, beautiful CA showcar, owned 25yrs in CA, $29, 500 ; 320-669-7245

Private Party Contact

CLARKFIELD, MN (320) 669-7245 1965 FORD MUSTANG

$42,950

Mileage: N/A

Interior: Black

Stock No.: 3883

Exterior: White

Condition: Excellent

Dealer: Fraser Dante

Location: Roswell, Georgia

Email Dealer | Visit Dealer's Website

Dealer Notes:

original White, red stripe, San Jose car, 'A' Code, 4-speed, black interior, styled steel wheels, redline tires, www.fraserdante.com $42,950

Dealer Information:

Fraser Dante

10997 Alpharetta Highway Roswell, GA 30076 PH: 7706418354 FAX 7706418373

4/21/2007

Muscle Car 1965 Ford Mustang T5 2 Door Fastback (*) Note: (*) THE MUSTANG T5 MODELS WERE MANUFACTURED IN THE UNITED STATES FOR

EXPORT TO WEST GERMANY.

PRICING

Low Retail Average Retail Value High Retail

Base Price

$5,700 $13,000 $21,750

Options

4 Speed Transmission 10% 10% 10%

Mustang 289/225 HP Eng'a' 10% 10% 10%

Mustang Air Conditioning 20% 20% 20%

Mustang Pony Interior 10% 10% 10%

TOTAL PRICE $8,550 $19,500 $32,625

Low Retail Value

This vehicle would be in mechanically functional condition, needing only minor reconditioning. The

exterior paint, trim, and interior would show normal wear, needing only minor reconditioning. May also

be a deteriorated restoration or a very poor amateur restoration. Most usable "as-is". Some of the vehicles in this publication could be considered "Daily Drivers" and are not valued as a classic vehicle. When determining a value for a daily driver, it is recommended that the subscriber use the low retail value.

Note: This value does not represent a "parts car".

Average Retail Value

This vehicle would be in good condition overall. It could be an older restoration or a well-maintained original vehicle. Completely operable. The exterior paint, trim, and mechanics are presentable and serviceable inside and out. A "20-footer".

High Retail Value

This vehicle would be in excellent condition overall. It could be a completely restored or an extremely well maintained original vehicle showing very minimal wear. The exterior paint, trim, and mechanics are not in need of reconditioning. The interior would be in excellent condition. Note: This value does not represent a "100 Point" or "# 1" vehicle *.

* "100 Point" or "# 1" vehicle is not driven. It would generally be in a museum or transported in an

enclosed trailer to concourse judging and car shows. This type of car would be stored in a climate-regulated facility.