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of 15 Appraisal Worksheet: 20100331N12345

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 Malara’s Aircraft Services and any effort to use this report as an actual and factual appraisal report is not permitted.

Pat Malara III – President, Malara’s Aircraft Services NAAA Senior Aircraft Appraiser with USPAP Endorsement


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


MALARA’S 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 client’s 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 appraiser’s 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 Malara’s 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.


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 aircraft’s 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 aircraft’s 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, Malara’s Aircraft Services NAAA Senior Aircraft Appraiser with USPAP Endorsement


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 aircraft’s 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.


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.


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 tears were observed. The cockpit windscreen has only light cleaning scratches.

All the fuselage side windows are in similar condition. The pilot’s side window, the lower aft section

of the vent door, is badly cracked and should be replaced to prevent corrosion from moisture entering

the fuselage.

Airframe Modifications Date of Modification: 08/12/1991

Modification: Brackett Induction Air Filter, STC SA 71GL.

Date of Modification: 05-02-1999

Modification: LoPresti Speed Merchants, Wheel Hub Caps, SA 01224AT.


Modification: Knots 2U, Flap Fairing, STC SA 1195GL.



Modification: Knots 2U, Aileron Flap & Stabilizer Gap Seals, STC SA 609GL.


Modification: LoPresti Speed Merchants, Main landing gear fairing, STC SA 3254SO.


Modification: TurboPlus, Intercooler, STC SA 2935NM.

Date of Modification: Unknown

Modification: RMD Wingtip Landing lights. STC SA 2356NM


Modification: Insight Instrument Corp. Graphic Engine Monitor, GEM-602, STC SA 157NE

Damage History

Current Damage: None Listed

Historical Damage: None Listed

Engines & Props

Engine Manufacturer: Lycoming Model: TIO-540-S1AD

Engine Type: Piston Turbo

Engine Fire Detection: No Engine Fire Bottles: No

Engine #1 Serial No.: L-5424-61A Engine Total Time: 3876 Hrs.

Time Since Major Overhaul: 633 Hrs. Engine Overhauled By: Mid Valley Aviation

Los Banos, CA.

Recommended TBO: 1800 Hrs.

Comments: This engine is the original engine since the aircraft was new. The aircraft still has

the original tachometer. Both the Total Airframe time and the Total Engine time are the same

figure as recorded by the tachometer.

The most recent engine major overhaul was completed on 07-01-1998, Tachometer 3243 hours

by Mid Valley Aviation. All steel parts were “magnaglo’d,” crank case was overhauled, and all

cylinders were ground to oversize according to STC SE 7674SW.


New Lycoming Factory Cylinders and overhauled turbo, s/n ISR0104, were installed on

08/21/2008 at 3816 hours. The magneto (D2000) was replaced at 3676 hours. The differential

compression test during the last annual, 02/08/2010, 3876 hours: #1) 70/80, #2) 74/80,

#3) 74/80, #4) 74/80, #5) 78/80, #6) 78/80.

Propeller

Propeller Type: Constant Speed Serial No.: DK1202E

Make: Hartzell Model: HC-E2YR-1BF No. Blades: 2

TSO: 1515 hours Date O/H: 05/09/1988

Comments: Propeller Blade Model No. F8477-2 and D52007. Both blade leading edges are

eroded, rough to touch and need dressing.

Engine Modifications


Modification: GAMI Injectors, STC SE 09445SC.

Known Maintenance Problems with Engine(s): None known.

Estimated Cost to Repair: N/A

General Engine Comments: This engine was first overhauled on 09-01-1983 at tachometer

1902 hours by Aircraft Power Systems, Chino, CA. New chrome cylinders were install during

the overhaul and were subsequently re-chromed 04-02-1987 at tachometer 2350 hours.

The second major overhaul was 01-25-1993, tachometer 2851 hours by Ajax Aviation, work

order #10429. New parts installed; cylinder assembly, rod and main bearings, lifters, camshaft,

crank rollers and bushings, connecting rod bolts, new seals and gaskets.

Instrumentation

Full Panel: Yes Dual Panel: No

Panel Configuration: Good Panel Condition: Good

IFR Equipped: Yes

Comments: The updated instrument panel is very clean. The gauges are easy to read and have no

hazing or cloudiness in the glass. All installations appear to be to factory specification.


Avionics

Type of Avionic: ADF Mfg: COLLINS

Model: ADF 650 Quantity: 1

Type of Avionic: AUTOPILOTS Mfg: CENTURY

Model: CENTURY IIIC Quantity: 1

Type of Avionic: DME Mfg: KING

Model: KN 64 Quantity: 1

Type of Avionic: GPS COMM Mfg: GARMIN

Model: GNS 530 Quantity: 1

Type of Avionic: MARKER BEACON/AUDIO PANEL Mfg: COLLINS

Model: MKR 350 Quantity: 1

Type of Avionic: NAV/COMM Mfg: COLLINS

Model: VHF 251, 760 channel Quantity: 1

Mfg: COLLINS

Model: VIR 351 Quantity: 1

Type of Avionic: TRANSPONDERS


Mfg: GARMIN

Model: GTX 330 with Mode S Quantity: 1

Type of Avionic: VOR/LOC/GS Mfg: COLLINS

Model: IND 351 A Quantity: 1

Mfg: GARMIN

Model: GI 106A Quantity: 1

The Avionics On This Aircraft Are Considered To Be: Above Average

Additional Equipment

Dual Controls: Yes Type: Yoke

Stall Warning System: Yes Stick Shaker: No

Rotating Beacon: Yes Strobe Light: Yes

Taxi Lights: Yes Navigation Lights: Yes

Long Range Fuel: Yes Total Fuel Capacity: 98 Gallons

Single Point Refuel: No

Toilet: No Lavatory: No

Galley: No Cabinetry: Yes

Other Equipment: Pilot push to talk, Portable yoke mounted Garmin 195 LCD GPS, Hamilton

Vertical Compass Card, Electric trim, double rear utility doors, duel bottle factory oxygen

system, dual side toe brakes, rear vents for all six passenger seats, forward baggage locker,

cockpit tinted visors, static wicks.

De-Icing Systems

Known Ice System: No Ice Lights: No

Prop De-Ice: No De-Ice Type: None

Wing Tail Boots: No Boots Condition: N/A

Windshield De-Ice: No Windshield Wipers: No

Jet Intake De-Ice: No Pitot Heat: Yes


Aircraft Appraiser’s Comments

The information contained in this report is private, confidential, and may be protected by

attorney/client/work-product privilege. It is intended only for the use of the individual named

above and the privileges are not waived by virtue of this having been sent by mail. If the person

actually receiving this report or any other reader of the report is not the named recipient or the

employee or agent responsible to deliver it to the named recipient, any use, dissemination,

distribution, or copying of the communication is strictly prohibited. If you have received this

communication in error, please immediately notify us by return e-mail and/or telephone and then

destroy this original report.

This aircraft received its original airworthiness certificate on 06-23-1978. The logbooks indicate

that his aircraft may have spent most of its life in Northern California and is currently based in

Placerville, California. The aircraft records also indicate that routine maintenance is completed

when required and defects were corrected as they occurred. The current weight and balance was

not located for the aircraft, only revisions for the avionics replacement and the speed

modifications were documented. The original equipment list found in the aircraft’s Pilot’s

Operating Handbook, has not been updated and does not reflect the current panel up

grades/changes. The STC’s for the RMD wingtip landing lights and the GEM-602 engine

monitor were missing and not located with the aircraft records.

This aircraft, N12345, was personally inspected on 03/31/2010 by Pat Malara III, member

of the National Aircraft Appraisers Association, at Anywhere Airport, located at Any

Town, Any County, USA.


Appraisal Computation

Average Green Aircraft Value $34,875

Additions

Add for Airframe Condition $4,185

Add for Airframe Low Total Time $0

Add for Annual and Mandatory Inspection $1,875

Add for Exterior Paint Value $6,283

Add for Interior Value $5,244

Add for Airframe & Engine Modifications $10,117

Add for Engine(s) Residual Value $34,859

Add for Propeller(s) Residual Value $900

Add for Time-Limited Components $0

Add for Avionics Value $19,406

Add for De-Ice Systems Value $0

Add for Additional Equipment $1,000

============

Total Additions $83,869

Deductions

Deduct for Airframe Condition $0

Deduct for Airframe High Total Time $0

Deduct for Damage History $0

Deduct for Airframe/Engine Maintenance Items $0

Deduct for Exterior Paint Value $0

Deduct for Interior Value $0

Deduct for AD's Estimated Cost for AD Compliance $0

Deduct for Estimated Cost to Repair Avionics $0

============

Total Deductions $0

Based on the above, the Market Value of N12345 is: $118,744


MALARA’S AIRCRAFT SERVICES

The information herein has been prepared from many sources and is believed to be correct.

Malara’s Aircraft Services does not warrant the accuracy of the source material.

An inspection and inventory was conducted by a physical examination of the external

surfaces of the aircraft, cockpit and passenger cabin. It includes an inventory and

assessment of condition of avionics, instrumentation and aircraft systems. No inspection

plates were removed for internal inspection. Further, the logbooks and other aircraft

records were carefully examined for compliance with FAA regulations relating to

Airworthiness Directives, damage and maintenance history, along with other required

inspections.

The appraiser hereby certifies that he has no personal interest in the aircraft identified in

this appraisal or any bias toward any of the parties who may be involved in the resulting

transaction coincident to this report. The appraiser's fee is not contingent upon a

predetermined value being reported or a percentage of the value being reported.

All values expressed in this report are in U.S. Dollars unless otherwise stated.

This report was written on 03/31/2010 and is the effective date for this Aircraft Appraisal

Report. The expiration date of this report is 06/30/2010.

This appraisal report may be used for the stated purpose exclusively and only in its

entirety. Appraisal procedures, research methodology, market selection, and the resulting

value conclusions can vary with the various purposes and functions of appraisal

assignments. Therefore, this report, the markets selected, and the value conclusions are

intended solely for the stated purpose and function. They are invalid for any other purpose

or function.

In the event of error or omission, the liability of Malara’s Aircraft Services, if any, is

limited and may not, in any event, exceed the amount paid for the appraisal. Further,

Malara’s Aircraft Services accepts no responsibility for usage of this form unless signed by

an officer of the company.

Pat Malara III

____________________________

Pat Malara III

Senior Certified Aircraft Appraiser


MALARA’S

AIRCRAFT SERVICES Certificate of Appraisal

A visual inspection and log book analysis was performed March 31, 2010 on the aircraft N12345 at: Placerville Airport, located at: Placerville, California. It is the opinion of this appraiser that the fair market value of the above aircraft is:

$118,744

This appraisal is valid when accompanied by appraisal Worksheet number #20100331N12345 and signed by an Aircraft Appraiser Certified by the National Aircraft Appraisers Association.

Pat Malara III

SIGNED ___________________________________________

Pat Malara III SENIOR CERTIFIED AIRCRAFT APPRAISER