NATIONAL AIRCRAFT APPRAISERS ASSOCIATION AIRCRAFT APPRAISAL REPORT Client: Scott Van Horn Attention: Scott Van Horn Company: Van Horn Auctions Phone: (949) 206-2525 Address: 26895 Aliso Creek Road B #569 N/A Aliso Viejo, CA 92656-5301 The intended users of this aircraft appraisal report are: Barry Mitnik This aircraft appraisal report should not be disseminated to anyone other than the intended users without the permission of the client. Page: 1 of 12 Appraisal Work Sheet #20070323N35497
Aircraft Identification Make: PIPER AIRCRAFT COMPANY Model: PA 31 350 - Chieftain Serial No: 31-8052039 Reg. No.: N35497 Yr. Mfg.: 1979 Type of Aircraft: Multi-Engine Turbo Piston Cabin Class Airframe Total Time: 12072 Hrs. No. Landings: N/A Cycles: N/A Airframe Condition: Average Log Books in Aircraft Appear: Original Page: 2 of 12 Appraisal Work Sheet #20070323N35497
Comments: There are 3 airframe logs, numbers 1, 2, and 4 with number 3 missing. Logbook #1 has a start date of 12/26/79 and end date of 1/26/89 with 3780.9 hours. Logbook #2 has a start date of 3/29/89 and 3787.4 hours and end date of 10/28/97 and 6687.9 hours. Logbook #3 is Missing. Being used under part 135 there are maintenance records from 2003 to present. That still leaves an unknown period from 1997 to 2003. Log book #4 starts on 6/22/05 and 10946 hours with the last entry on 10/2/06 with 11739 hours with an annual inspection. There is one log for each engine and propeller. The airframe is in generally good condition and has few dings or dents. All doors and windows align and fit well. One of the right hand gear doors has a tear at the hinge due to overspeeding with the gear down. This appraiser noted no corrosion, fluid leaks or other abnormalities while inspecting this aircraft. There is a Hobbs meter in the aircraft, which reads 3471.4 hours. The total time has been calculated and tracked in the logs. The total time shown in this report seems to be accurate, although with the missing log it is impossible to know for sure. AD notes are tracked in the logs and separately in an AD log. The aircraft documentation including weight and balance, airworthiness certificate, and registration were in the aircraft. The weight and balance was done on 9/30/06 and shows a useful load of 2275 pounds. Photographs of the airworthiness and registration can be viewed on the compact disc provided with this report. Page: 3 of 12 Appraisal Work Sheet #20070323N35497
Maintenance Status Maintenance Annual Date: 10/31/07 On Progressive Inspection: No Comments: N/L Time Life Limited Systems: No Cycle Life Limited Systems: No Comments: N/L Service Bulletin Status: N/L 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: Average Repaint Date: Unknown Repainted By: Unknown Comments: The paint was waxed recently and is adhering to the airframe very well. There are, as to be expected, some chips, scratches, nicks and abrasions. Interior Condition: Average Cabin Configuration: Passenger and Cargo Cockpit Condition: Average Panel Layout: Average Pressurized Cabin: No Window Condition: Average Comments: This aircraft has been used in a part 135 cargo and passenger operation since 2003. The interior was in the aircraft when inspected, but not permanently installed at this time. The seats were in fair condition and serviceable. The condition of the plastic and carpet is not as good. The plastic has some cracking and the carpet is stained and threadbare in some spots. None known or reported. Airframe Modifications Page: 4 of 12 Appraisal Work Sheet #20070323N35497
Damage History Current Damage: None Listed Damage Event: 5/13/05 Extent of Damage: Superficial Repairs: On 5/13/05 a piece of baggage went into #1 prop and caused superficial skin damage. This is for informational purposes only. There is no reduction in value. Engines & Props Engine Manufacturer: Lycoming Model: TIO-LTIO-540-J2BD Engine Type: Piston Turbo Engine Fire Detection: No Engine Fire Bottles: No Prop Reversers: No Prop Type: Constant Speed Propeller TBO: 2400 Hrs. Engine #1 Serial No: L-8847-61A Time Since Overhaul to New Engine Limits: 1828.1 Hrs. Engine Overhauled By: Western Skyways Recommended TBO: 2000 Hrs. Comments: Total in service time on this engine is 3969.1 Propeller Make: Hartzell Model: HC-E3YR-2ATF Number of Blades: 3 TSO/NEW: 375.6 Hrs. Date O/H: 7/18/06 Serial Number: DJ8485A Engine #2 Serial No.: RL402-68A Time Since Overhaul to New Engine Limits: 1611 Hrs. Engine Overhauled By: Western Skyways Recommended TBO: 2000 Hrs. Comments: Total in service time on this engine is 6882.6 Propeller Make: Hartzell Model: HC-E3YR-2ATF Number of Blades: 3 TSO/NEW: 371.4 Hrs. Date O/H: 7/5/06 Serial Number: DJ10189A Page: 5 of 12 Appraisal Work Sheet #20070323N35497
Engine Modifications None known or reported. Known Maintenance Problems with Engine(s): None Estimated Cost to Repair: $0 General Engine Comments: Engines comply with Lycoming for 2000 hour TBO. Instrumentation Full Panel: Yes Dual Panel: No Panel Configurations: Average Panel Condition: Average IFR Equipped: Yes Comments: Basic 6 co-pilot instruments Page: 6 of 12 Appraisal Work Sheet #20070323N35497
Avionics Type of Avionic: ADF Mfg: KING Model: KR 85 Type of Avionic: COMM Mfg: KING Model: KY 96 A Type of Avionic: NAV-COMM Mfg: KING Model: KX 175 B Type of Avionic: GPS Mfg: KING Model: KLN 90 B Type of Avionic: RNAV Mfg: KING Model: KNS 80 Type of Avionic: TRANSPONDERS Mfg: KING Model: KT 76 Type of Avionic: WEATHER RADAR Mfg: BENDIX Model: RDR 160 Type of Avionic: INTEGRATED FLIGHT CONTROL SYSTEMS Mfg: KING Model: KFC 200 Type of Avionic: MULTI FUNCTION DISPLAY Mfg: BENDIX Model: KMD 550 The Avionics On This Aircraft Are Considered To Be: Average. Page: 7 of 12 Appraisal Work Sheet #20070323N35497
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: No Fuel Qty: 0 Single Point Refuel: No Toilet: No Lavatory: No Galley: No Cabinetry: Yes Other Equipment: None Comments: N/L De-Icing Systems Known Ice System: Yes Ice Lights: Yes Prop De-Ice: Yes De-Ice Type: Electric Wing Tail Boots: Yes Boots Condition: High Average Windshield De-Ice: Yes Windshield Wipers: Left Only Jet Intake De-Ice: No Pitot Heat: Yes Comments: Page: 8 of 12 Appraisal Work Sheet #20070323N35497
Aircraft Appraisers Comments This aircraft received its original airworthiness certificate on 12/26/1979. The logbooks indicate that routine maintenance is completed when required, and that defects are corrected as they occur and as required under FAA part 135. It has not been hangered as a rule. Aircraft Bluebook lists a 1979 PA 31-350 at $223,000 with 7000 hours total time, mid- time engines and excellent paint and interior. The Vref Aircraft Value Guide has the same aircraft at $250,000. This aircraft also has a deduction for a lost logbook. This aircraft, N35497, was personally inspected on 3/14/07 by Tony Huckaba, member of the National Aircraft Appraisers Association at Front Range Airport, located at Watkins, Adams County, Colorado. Page: 9 of 12 Appraisal Work Sheet #20070323N35497
Appraisal Computation Average Green Aircraft Value $125,130 Additions Add for Airframe Condition $0 Add for Airframe Low Total Time $0 Add for Annual and Mandatory Inspection $2,810 Add for Exterior Paint Value $9,130 Add for Interior Value $9,940 Add for Airframe & Engine Modifications $0 Add for Engine(s) Residual Value $12,360 Add for Propeller(s) Residual Value $6,080 Add for Avionics Value $25,240 Add for De-Ice Systems Value $7,700 Add for Additional Equipment $0 ============ Total Additions $73,260 Deductions Deduct for Airframe Condition $0 Deduct for Airframe High Total Time $0 Deduct for Lost Logbook -$13,010 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 -$13,010 Based on the above, the computed retail value of N35497 is $185,380 Page: 10 of 12 Appraisal Work Sheet #20070323N35497
NATIONAL AIRCRAFT APPRAISERS ASSOCIATION The information herein has been prepared from many sources and believed to be correct. The National Aircraft Appraisers Association and do 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. All aircraft records were presumed to be authentic, unaltered, and signatures and inspections therein by persons designated and appropriately licensed. AD compliance was attested to by referencing the date of last Annual Inspection or other appropriate Inspection. In the event of error or omission, the liability of the Association, or Association Members, if any, is limited and may not, in any event, exceed the amount paid for the appraisal. Further, the National Aircraft Appraisers Association accepts no responsibility for usage of this form unless signed by an officer or current Member of the Association. Tony Huckaba Certified Senior Aircraft Appraiser Page: 11 of 12 Appraisal Work Sheet #20070323N35497
National Aircraft Appraisers Association Certificate of Appraisal A visual inspection and log book analysis was performed 3/14/07 on the aircraft N35497 at: Front Range Airport, located at: Watkins, Colorado. It is the opinion of this appraiser that the fair market value of the above aircraft is: $185,380 This appraisal is valid when accompanied by appraisal work sheet number #20070323N35497 and signed by an Aircraft Appraiser Certified by the National Aircraft Appraisers Association. SIGNED Tony Huckaba CERTIFIED AIRCRAFT APPRAISER Page: 12 of 12 Appraisal Work Sheet #20070323N35497