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Low Country Aircraft Appraisals AIRCRAFT APPRAISAL REPORT Client: Justin Willess Attention: Justin Re: Lancair ESP N67JD Phone: Address: 6425 Pharr Mill Rd

Harrisburgh, NC 28075-7622

This appraisal report is intended to be used by:

Justin Willess

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 financing 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 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.

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Appraisal Worksheet: 20140612N67JD

Aircraft Identification

Make: LANCAIR Model: LANCAIR ESP

Serial No: ESP-214-13 Reg. No.: N67JD Yr. Mfg.: 2008

Type of Aircraft: Single Engine Piston

Airframe Total Time: 742 Hrs.

Airframe Total Time Detail Of Calculation: Hobbs meter built into engine monitor.

Airframe Condition: Excellent

Comments On Visual Inspection: The aircraft is in immaculate condition. There is no evidence of any fluid leakage, dings or dents, all fairings and panels fit well, the windows look new. The Logbooks are easy to read and comprehensive. From the information provided in the logbooks this aircraft appears to have been well maintained from its origin. The airframe appears flawless with excellent fit and finish of all cowlings, doors, and fairings. The external surfaces are wrinkle, crease, and blemish free. There is no evidence of dings or damage to the underside of the airframe from debris. It is a beautiful aircraft given to detail in all its component parts. The painted surfaces have a high gloss appearance with good paint adhesion to the substrate. The interior of the aircraft defines a very elegant, modern, sophisticated, and executive appearance and feel.

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Log Books in Aircraft Appear: Original

Airframe Logbook Inventory and Comments: The airframe logbooks and records are comprehensive and complete. The airframe logbook first entry consists of the statement from the builder and the special airworthiness certificate issued for experimental amateur built aircraft. The last entry in the airframe logbook was dated May 10, 2014 at 726 hours airframe time for an oil change condition inspection and miscellaneous repairs.

Aircraft Registered To: APPLICANT WILLESS JUSTIN L Address: 6425 PHARR MILL RD City, State, Zip: HARRISBURG, NC 28075-7622

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Date of Registration: Pending Update

Registration Expiration Date: Pending Update

Location of Registration And Airworthiness Certificates: In Cabin

Location of Pilot’s Operating Handbook (POH): In Cabin

Location of Weight and Balance, FAA 337 Forms, Equipment List: In records

Maintenance Status

Maintenance Inspection Date: 05/10/2014

Comments: AW date 10/24/2008.

Known Airframe Maintenance Issues: None

Estimated Cost To Repair: N/A

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

Tires Condition: Good

Exterior Paint Condition: Extra Fine

Repaint Date: 09/17/13 Repainted By: Midwest Aircraft Refinishing

Paint Comments: The paint is flawless and is in excellent condition with no defects observed during the appraisal. The exterior surfaces of this aircraft are well protected by the applied coating. There is excellent adhesion between the substrate and the coating. The striping is straight and without flaw’s. All surfaces are of a high gloss with a very deep look to the paint. This further enhances the aircraft’s appearance on the ground and in the air has a very rich and elegant airplane.

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Interior Condition: Extra Fine Cabin Configuration: Passenger

Panel Layout: Excellent

Pressurized Cabin: Yes Window Condition: Good

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Interior Comments: On 09/12/2013 the interior was installed. The interior looks like it was just installed yesterday. The leather interior and carpet add to the elegant look of the aircraft. The cockpit smells of rich leather. The seats are very comfortable and formfitting with the leather covering over Temper Foam with lumbar supports. The instrument panel and interior are in like new condition. All instrument faces are clear, the flatscreen displays are scratch free and added a very professional and businesslike appearance to the cockpit.

Airframe Modifications

Date of Modification: 2009Modification: Speed Brakes

Damage History

Current Damage: None Listed

Historical Damage: None Listed

Engine & Prop

Engine Manufacturer: Continental Model: IO-550

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Engine Type: Piston

Logbook Inventory and Comments: There is one engine logbook. The first entry is dated August 8, 2009. When the engine was installed in the aircraft. At 105 hours on the engine there’s a maintenance entry stating all six cylinders were removed and sent in for repair. The engine appears to have had comprehensive maintenance through its entire life. Many oil changes and other maintenance items are written down in the logbook.

Engine Serial No.: 829754-R Engine Total Time: 742 Hrs.

Time Since Major Overhaul: 742 Hrs. Engine Overhauled By: N/A

Recommended TBO: 1700 Hrs.

Engine Comments: There were no leaks seen during the inspection. The cowling fit secure around the engine and no damage could be seen from the inlets.

Propeller

Propeller Type: Constant Speed Serial No.: 071277

Make: MT Model: MTV-9-D/198-58a No. Blades: 3

TSO/New: 16 Date O/H: 05/20/2014

Propeller Comments: The propeller had just been installed after overhaul. The leading edge and surfaces of the propeller were clean and nick free with no damage seen.

Engine Modifications

None Known or Reported.

Known Engine(s) Issues: None known or reported

Estimated Cost to Repair: N/A

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Instrumentation

Full Panel: Yes Dual Panel: Yes

Panel Configuration: Good Panel Condition: Good

IFR Equipped: Yes EFIS Equipped: Yes

Comments: Because an electronic flight instrument system is installed there are standby conventional instruments installed to use in the event the electronic flight instrument fail. All instruments are in like new condition. Installations look like factory quality. The avionics package gives a lot a capability to this aircraft, allowing the pilot to fly any number of instrument approach procedures which adds the utility the aircraft for transportation for both business and pleasure. Avionics

Type of Avionic: AUTOPILOTS Mfg: TRUTRAK Model: SORCERER AS Quantity: 1

Mfg: TRUTRAK Model: AUTOMATIC TRIM Quantity: 1

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Mfg: TRUTRAK Model: YAW DAMPER Quantity: 1

Type of Avionic: ELT Mfg: ACK Model: ACK 450 Quantity: 1

Type of Avionic: EFIS Mfg: GRAND RAPIDS TECHNOLOGIES Model: EIS 6000 Quantity: 1

Type of Avionic: ELT (TURBINE AIRPLANES) Mfg: Dorne & Margolin Model: ELT Quantity: 1

Type of Avionic: GPS COMM Mfg: GARMIN Model: GNS 480 WAAS Quantity: 1

Type of Avionic: MARKER BEACON/AUDIO PANEL Mfg: GARMIN Model: GMA 347 Quantity: 1

Type of Avionic: MULTI FUNCTION DISPLAY Mfg: GARMIN Model: GMX 200 STANDARD Quantity: 1

Type of Avionic: SATELLITE DOWNLINK DATA Mfg: GARMIN Model: GDL 69A Quantity: 1

Type of Avionic: STANDBY HORIZON Mfg: MID CONTINENT Model: MD 4300 Quantity: 1

Type of Avionic: TRANSPONDERS Mfg: GARMIN Model: GTX 330D Quantity: 1

The avionics installed in this aircraft are considered to be Above Average when compared to other aircraft of the same make, model, and year.

Additional Equipment

Dual Controls: Yes Type: Stick of 18ver 6.12


Stall Warning System: No

Rotating Beacon: No Strobe Light: Yes

Taxi Lights: Yes Navigation Lights: Yes

Long Range Fuel: No Total Fuel Capacity: 110 Gallons

Single Point Refuel: No

Other Equipment: Dual Alternator, Dual Bus 24v system, Emergency Aux Power system for primary instruments, HID Taxi and Dual Pulsing landing lights. Pressurized with 5.5 psi cabin differential.

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De-Icing Systems

Known Ice System: No Ice Lights: No

Type of De-Ice: Heated Wing Boots Condition: Extra Fine

Prop De-Ice: Yes De-Ice Type: Electric

Windshield De-Ice: No Windshield Wipers: No

Pitot Heat: Yes

Comments: The deicing system consists of electrically heated strips on the leading edge of the wing and horizontal stabilizer. The system requires its own alternator for power to effectively deice the wings on an inadvertent icing encounter. With the exception of a couple next and eating strips on the leading-edge of the wing the deicing system appears new and is its excellent condition. These panels are silver in color and lay flat on the leading edge of the wing and horizontal stabilizer surface. This is the same system that is installed on the Columbia 400 certificated aircraft. There are a few spots where there are blemishes on the heat strips.

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Aircraft Appraiser’s Comments

This is a virtually flawless airplane. The aircraft is exceptional in all aspects. This aircraft was built by the original owner with assistance from the factory. This aircraft is registered for airworthiness as an experimental amateur built aircraft. Its performance far exceeds factory built aircraft and the avionic systems on this aircraft rival those that are installed in large turbine powered aircraft.

The following paragraphs describe the history of Lancair brand and the pedigree of this aircraft.

Lancair International, Inc. (pronounced ‘lance-air’) is a U.S. manufacturer of general aviation aircraft kits. They are well known for their series of high-performance single-engine aircraft that offer cruise speeds that surpass many twin-engine turboprop designs. Along with the Glasair series, the early Lancair designs were among the first kitplanes to bring modern molded composites construction to light aircraft.

The company was founded by Lance Neibauer in 1981 as a producer of composite homebuilt aircraft kits. Neibauer had been introduced to aviation by his uncle Ray Betzoldt, who had collaborated with Al Meyers to build the Meyers 200. Whenever he visited his aunt and uncle, he always took a ride in the Meyers. Hooked, he went looking for an aircraft twenty years later and found nothing that he liked, and decided to join the Experimental Aircraft Association (EAA) and design his own.

Neibauer began working on the new design after asking every builder he could find what features they were looking for in a homebuilt design. Looking to improve performance with the latest possible features, he selected the new NASA NLF 0215-F airfoil designed by Dan Somers at Langley. The NLF, short for "Natural Laminar Flow", is a series of designs that replaced the older GAW series with more forgiving laminar flow characteristics. By 1983 the aircraft's basic parameters were fixed, and Neibauer rented a shop in Santa Paula, California and started work on the design.

Intending to introduce aircraft at Oshkosh in 1984, a minor fuel leak in the wing tanks forced them to miss the show so they could fix the problem. A modified version of the prototype, with re-shaped cowling and some changes to the wing profile, emerged as the "Lancer 200" in December 1984. Equipped with a 100 hp Continental O-200 engine, the Lancer easily outflew anything powered by the same engine and generated intense interest at Oshkosh '85. However, a naming conflict forced the design to be re-christened, finally going on sale in 1985 as the Lancair 200.

The 200 was quickly replaced by the Lancair 235, equipped with the slightly more powerful Lycoming O-235. Re-engined versions quickly followed; the Lancair 320 with the 150 hp Lycoming O-320, and the Lancair 360 with the 180 hp Lycoming O-360. A new tail was introduced for the later models in order to address stability problems at low speeds with the larger engines.

The Lancair designs provided the highest performance in the single-engine GA class, and as the kit-build market was dominated by pilots looking to outperform existing "off-the-shelf" designs,

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http://en.wikipedia.org/wiki/Glasair

http://en.wikipedia.org/wiki/Turboprop

http://en.wikipedia.org/wiki/Aircraft

http://en.wikipedia.org/wiki/General_aviation

http://en.wikipedia.org/wiki/United_States

the Lancair's kits sold well. By the end of 1990 they had sold over 600 kits for the various two-seat models, giving them what Neibauer claimed was 30% of the kit-built market.

Starting in 1990, Neibauer turned his attention to a four-seat design that would retain the qualities of the earlier two-seaters. These efforts culminated in the Lancair IV, a four-seat optionally pressurized (IV-P) single-engine aircraft with a high cruise speed. The IV broke all existing speed records in February 1991 when it averaged 360.3 mph between San Francisco and Denver. Soon after the IV was introduced, Neibauer started work on a simpler fixed-gear version that emerged as the Lancair ES.

Following its entry into bankruptcy in 2007, Columbia Aircraft was sold to Cessna in November 2007.[7][8] Cessna produces their models as the Cessna 350 and Cessna 400.

Bartels has continued sales of the latest Lancair designs, including the IV and IV-P, ES and ES-P, and the Legacy and fixed-gear Legacy FG. The Lancair Legacy is the latest version of the original two-seaters, offering increased interior size and even higher performance. The latest kit model is the Lancair Evolution, which was unveiled at Sun 'n Fun at Lakeland Linder Regional Airport, FL on April 8, 2008. It is powered by a choice of either Lycoming TIO 540 piston engine or Pratt and Whitney turboprop

N67JD is a pressurized version of the Lancair ES, thus the ES-P model designation.

This aircraft, N67JD, was personally inspected on 05/23/20014 by Benjamin W. Du Bois II, member of the National Aircraft Appraisers Association, at Medina County Airport, located at Medina, OH, Medina County.

DEFINITION OF GREEN AIRFRAME VALUE (as used in this report)A credible value of the basic airframe with no components considered on an aircraft being traded in the retail aircraft market whole and in an airworthy condition or with airworthiness issues that are specified and considered with regards to their effect on value. On some aircraft the Green Airframe Value may be a negative number which signifies that the airframe has less value than the logical sum of its major components.

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.

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http://en.wikipedia.org/wiki/Turboprop

http://en.wikipedia.org/wiki/Lakeland_Linder_Regional_Airport

http://en.wikipedia.org/wiki/Lakeland_Linder_Regional_Airport

http://en.wikipedia.org/wiki/Sun_'n_Fun

http://en.wikipedia.org/wiki/Lancair_Evolution

http://en.wikipedia.org/wiki/Lancair_Legacy

http://en.wikipedia.org/wiki/Cessna_400

http://en.wikipedia.org/wiki/Cessna_350

http://en.wikipedia.org/wiki/Cessna

http://en.wikipedia.org/wiki/Lancair_ES

Appraisal Computation

Average Green Airframe Value $220,050

AdditionsAdd for Airframe Condition $30,513Add for Airframe Low Total Time $0Add for Annual and Mandatory Inspection $250Add for Exterior Paint Value $14,850Add for Interior Value $9,200Add for Airframe & Engine Modifications $2,800Add for Engine Residual Value $24,315Add for Propeller Residual Value $9,576Add for Time-Limited Components $0Add for Avionics Value $39,083Add for De-Ice Systems Value $20,400Add for Additional Equipment $0

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

Total Additions $150,987

DeductionsDeduct for Airframe Condition $0Deduct for Airframe High Total Time $0Deduct for Damage History $0Deduct for Airframe/Engine Maintenance Items $0Deduct for Exterior Paint Value $0Deduct for Interior Value $0Deduct for AD's Estimated Cost for AD Compliance $0Deduct for Estimated Cost to Repair Avionics $0

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

Total Deductions $0

Based on the above, the Market Value of N67JD is: $371,037

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Low Country Aircraft Appraisals

The information herein has been prepared from many sources and believed to be correct. Low Country Aircraft Appraisals 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 damage and maintenance history, along with other required inspections. AD compliance was attested to by referencing the date of last annual inspection or other appropriate 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.

The effective date of this report is 06/12/2014. The value expressed in this report is valid only on the effective date of this report. The report was written on 06/12/2014.

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 Low Country Aircraft Appraisals, if any, is limited and may not, in any event, exceed the amount paid for the appraisal. Further, Low Country Aircraft Appraisals accepts no responsibility for usage of this form unless signed by an officer of the company.

Benjamin W. Du Bois II _____________________________

Benjamin W. Du Bois IIPresident

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