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SAMPLE REPORT DISCLAIMER The attached report is a sample and not intended to represent any specific aircraft, appraisal period or appraisal scenario. It may be a compilation of different appraisal reports and any discrepancies in the comments and associated values used in this report are not typical. The values used in this report are not intended to be actual or representative of factual calculations and are used in this report to represent placeholders only. This report remains the property of Malaras Aircraft Services and any effort to use this report as an actual and factual appraisal report is not permitted.

Pat Malara III President, Malaras Aircraft Services NAAA Senior Aircraft Appraiser with USPAP Endorsement

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Certified Appraisal Report of N12345, A 1978 Piper 32RT-300T Lance II

Prepared for: Mr. I. M Selling

Prepared by: Malara's Aircraft Services

March 31, 2010

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MALARAS AIRCRAFT SERVICES

AIRCRAFT APPRAISAL REPORT

Client: Mr. I.M. Selling Attention: Any Bank

Company: Any Company Phone: 123-456-7890

Address: Any Street

Any Town, USA

This appraisal report is intended to be used by:

Mr. I. M. Selling Any Banker

This appraisal report is to be held strictly confidential and should not be disseminated to anyone other than the intended users without the clients permission. It is intended that this appraisal report be used to estimate the Market Value of the subject aircraft in U.S. dollars for purchase consideration purposes. For the purposes of this aircraft appraisal report the aircraft is considered to be free and clear of all liens and encumbrances, unless noted within the report. This aircraft appraisal report is intended to be used by the client for the purpose(s) noted. It should not be used for any other purpose, nor should it be considered valid after the effective date expressed in the report. The entire appraisal is based on this appraisers visual inspection of the aircraft and its records on the effective date of this report. This report is not intended to be an evaluation of the mechanical condition of the aircraft, nor is any of the data herein intended to be used for evaluating the mechanical condition of the aircraft. This appraiser urges the client and/or purchaser of this aircraft to engage an FAA licensed A&P mechanic who has knowledge of the aircraft make and model to inspect the aircraft for mechanical defects prior to completing the purchase. No responsibility is assumed for matters legal in character and Malaras Aircraft Services is not required to give testimony or attendance in court by reason of this appraisal unless previous arrangements have been/are made for such court appearance.

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Scope of Work

The scope of work for this assignment included:

A. A physical inspection of the subject aircraft identified in the Aircraft Identification Section of this report. This inspection does not include the removal of inspection plates or any cowlings for internal examination.

B. A physical inspection of the aircrafts logbooks and records.

C. Determination whether the Market, Cost, or Income approach is relevant to the subject aircraft. The Cost and Income approaches were deemed to lack relevance with regard to this aircraft as this type of aircraft is priced based on market activity.

D. Determination of Market Value of the subject aircraft.

E. The appropriate research that included many sources such as aircraft

advertised for sale, published value information, and the use of proprietary databases.

F. The preparation of this appraisal report.

G. The registered owner of the aircraft was established using the aircrafts registration and FAA records as verification. It appears that the ownership does not have a bearing on the value of this aircraft. The registered owner is assumed to have full and legal title to the aircraft, and it is further assumed that the registered owner has the unconditional power to dispose of the property as it sees fit.

Pat Malara III President, Malaras Aircraft Services NAAA Senior Aircraft Appraiser with USPAP Endorsement

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Aircraft Identification

Make: PIPER AIRCRAFT COMPANY Model: PA 32RT 300T Lance II

Serial No: 32RT-7887050 Reg. No.: N36525 Yr. Mfg.: 1978

Type of Aircraft: Single Engine Piston Turbo

Airframe Total Time: 3876 Hrs. No. Landings: N/A Cycles: N/A

Airframe Condition: Good

Log Books in Aircraft Appear: Original

Comments: This aircraft has no damage history recorded in the aircraft logbooks, and after

close inspection of the airframe, it appears that there is no evidence to suggest otherwise. This

airframe does not have more than the average time in service for its make and model. Upon

close inspection of the exterior surfaces, only minor abnormalities were observed on the

underside of aircraft surfaces. The cowling fasteners, inspection plates and door entry latch areas

show evidence of minor wear and/or abnormalities. The aircraft has no history of corrosion in the

logbooks. Moreover, the aircraft recently has been treated with an anti-corrosion material.

There are three aircraft logbooks. The airframe logbook starts on June 23, 1978 with a

tachometer reading of 2.08. The last entry was made on the last page of this logbook on

02/08/2010, 3875.86 hours. The next logbook entry will begin airframe logbook #2. The engine

logbook starts on 11/01/1978, tachometer 30.0 hours. The last entry, ironically, also ends on the

last page of the logbook on 02/08/2010, 3875.86 hours. The next engine logbook entry will

begin engine logbook #2. The propeller log book has various propeller AD notes recorded

throughout. The last entry was made during the most recent annual inspection on 02/08/2010.

Maintenance Status

Maintenance Inspection Date: 02/08/2010 On Progressive Inspection: No

Comments: This aircraft is maintained on an annual inspection basis. The logbooks indicate

that most inspections have been carried out as required. The aircrafts recording tachometer

indicates 3876 hours. The logbooks also indicate that it has never been changed. This

tachometer is the sole device used to track airframe and engine times. A hobbs meter is installed

but is not used to record times.

AD notes are tracked throughout the logbooks and in a separate attached listing.

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Many yellow tags were noted that indicate repairs to installed components. New O rings on the

left main strut, new fuel filters and a new voltage regulator were all replaced during the recent

annual inspection. A Tempest dry air pump was overhauled on 06/10/2008. Static, vacuum and

air filters were replaced on 04/21/2006. Vent hoses were repaired and a broken static wick was

also replaced on this date. New brake pads were also installed on 04/21/2006. New electric

trim cable was installed on 03/09/2005. New alternator belt was also installed on 03/09/2005.

Time Life Limited Systems: Yes Cycle Life Limited Systems: Yes

Comments: IFR Certification due, 08-14-2010

ELT battery due, 02-01-2012.

Oxygen Bottles hydrostatic test due, 02-2015.

Oil cooler hoses and fuel injectors due at next inspection, 3976 hours.

Service Bulletin Status: Some Service Bulletins may have been complied with according to the

logbooks. No official record has been recorded.

AD's Complied With: Yes Estimated Cost for AD's Compliance: $N/A

Tires Condition: Good Type Brakes: Disc Anti-Skid: No

Exterior Paint Condition: Very Good

Repaint Date: 07-19-1989 Repainted By: Kracon Aircraft-Repair Station

Paint Comments: This aircraft was stripped and re-painted in 1989. The aircraft is well

covered and protected by the paint. It was recently touched-up by a local paint shop. The touch-

up was well applied throughout except the engine cowling and spinner has some orange peel.

The paint has a wet look with a few chipped areas under the wings and fuselage. The wing

leading edges appear to have no abrasion wear. Overall the paint is in very good condition and

shows very well within 20 feet.

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Interior Condition: High Average Cabin Configuration: Passenger

Cockpit Condition: High Average Panel Layout: Good

Pressurized Cabin: No Window Condition: Average

Interior/Window Comments: The interior is 1978 original and is in average condition. The

gray velour interior is in very good condition considering its age. The leather portion of all seats and door side panels are slightly faded and worn. A good leather cleaner would bring back the luster

to the seats and upper side panels. The headliner appears to be very clean, no stains, nicks or

scratches. The velour seat covers shows less wear and has no evidence of any tears, stains or loose

stitching. The carpeting is worn and soiled and is not secured to the flooring. Replacing the carpeting

with new should be considered. The lower velour panels of all entry doors are worn and soiled

however, no rips or tear