JetBrokers

Certified Appraisal

2011 Cirrus SR22 GTS, sin. 3757

Appraisal Effective Date: February 17t\ 2017

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TABLE OF CONTENTS

PAGE

3 CERTIFICATIONS

4 JETBROKERS AIRCRAFT APPRAISAL REPORT

5 AIRCRAFT IDENTIFICATION

6 & 7 MAINTENANCE STATUS

7 & 8 DELIVERY OPTIONS

8 DAMAGE HISTORY

8 & 9 ENGINE & PROPELLER

9 INSTRUMENTATION

10 AVIONICS

10 ADDITIONAL EQUIPMENT

10 DE-ICING SYSTEMS

10 thru 12 AIRCRAFT APPRAISER'S COMMENTS

13 & 14 IMAGES

15 AIRCRAFT COMPARISON CHART BASED ON NAAA DATA

16 AIRCRAFT BLUEBOOK COMPARISON CHART

17 APPRAISAL COMPUTATION

17 & 18 DEFINITIONS

19 & 20 STATEMENT OF ASSUMPTIONS AND LIMITING CONDITIONS

21 CERTIFICATE OF APPRAISAL

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CERTIFICATIONS Aircraft Appraisal Report - Nl 76CF

Conducted in conformity with the Uniform Standards Of Professional Appraisal Practice

I certify that to the best of my knowledge and belief:

A. The statement of facts contained in this report is true and correct. B. The reported analysis, opinion, and conclusions are limited only by the reported assumptions and

limiting conditions, and are my personal, impartial, unbiased professional analysis, opinions, and conclusions.

C. I have no present or prospective interest in the property that is the subject of this report, and I have no personal interest with respect to the parties involved.

D. I have no bias with respect to the property that is the subject of this report or to the parties involved with the assignment.

E. My engagement in this assignment is not contingent upon developing or reporting predetermined results.

F. My compensation for completing this assignment is not contingent upon the development or reporting ofa predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal report.

G. My analysis, opinions, and conclusions were developed, and this report has been prepared, in conformity with the current edition of the Uniform Standards of Professional Appraisal Practice.

H. I have inspected the property that is the subject of this report. I. No one provided significant professional or personal property appraisal assistance to the person signing

this certification and report. J. I have performed no services, as an appraiser or in any other capacity, regarding the property that is

the subject of this report within the three- year period immediately preceding acceptance of this assignment.

Jeremy Cox, NSCA JETBROKERS

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Appraisal Worksheet: 20170217NI 76CF

JETBROKERS AIRCRAFT APPRAISAL REPORT

Client: Re: Address:

Iowa State University

2502 Airport Drive Ames, IA 50010

This appraisal report is intended to be used by: Iowa State University

Attention: Mr. David Hurst Phone: 5152947466

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.

The purpose of this appraisal report is to form an opinion of the Market Value of the subject aircraft in U.S. Dollars for To determine the market value of the subject aircraft, prior to placing it on the market to sell 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 examination 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.

The scope of work for this assignment included:

A. A physical examination of the subject aircraft identified in the Aircraft Identification Section of this report.

B. A physical examination of the aircraft's logbooks and records. The subject aircraft is assumed to be airworthy to FAA standards and capable of being operated and flown on the effective date of the report under FAR Parts 91, 121, or 135 unless the appraiser has reason to believe that it is not. In that case an explanation is included within the report.

C. Determination whether the Sales Comparison, 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. This appraiser feels that use of the Cost or Income approaches to valuation would result in an inaccurate result.

D. Determination of Market Value of the aircraft. E. The appropriate research that included many sources including but not limited to 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.

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Maintenance Status

Maintenance Inspection Date: 07/15/2016

Comments: 10/17/2016 @458.8 Hours, FAR 91.411 & 413 ; Software target load/configuration to# 2 encoding altimeter; SB 2X-53-05Rl all c/w.

07/05/2016 @ 428.1 Hours, Annual Inspection; ELT battery replacement; Garmin Perspective Software update v0764.23 per SB 2X-42-10R2; Reefing line cutters replacement (hard-time item); Oxygen bottle, and regulator assembly hydrostatic test/overhaul; removal of nose landing gear wheel fairing to facilitate easier towing all c/w.

10/09/2015@ 378.7 Hours, Fiberglass Repair c/w (see damage history entry.)

9/23/2015 @ 377.5 Hours, Pitot tube; left flap ; right wing-tip fairing all replaced with new, and the aircraft flown under a ferry-permit from KBMI to KPEA for repair (see last entry above.)

06/01/2015 @ 365.2 Hours, Cells in battery# 2; TKS filters ; air-conditioning compressor drive bushings were all replaced new.

12/12/2014@ 309.8 Hours, Cabin air coupler replaced with new.

07/09/2014@ 250.0 Hours, the main ships battery (RG-1 lM) was replaced with new.

03/29/2013@ 235 .8 Hours, left inboard, and right outboard fuel quantity sensors, replaced with new, and calibrated.

02/17/2012@ 126.7 Hours, Propeller governor cable; landing light lens both replaced.

06/29/2011@ 56.4 Hours, Cabin air coupler replaced with new.

06/16/201 1 @ 45.3 Hours, 50 Hour Demo Maintenance Inspection c/w.

Known Airframe Maintenance Issues: NIA

Estimated Cost To Repair: N/ A

Transponder/Encoder Recertification Date: 03/31/2017

ELT Battery Due Date: 12/31/2021

~ther: The transponder installed in this aircraft does not currently meet the future air navigation requirements that)

will be implemented on 01101/2020 in the USA. It neither has ADS-B Out capability via 1090 MHz Extended Squitter, r 978 MHz Universal Access Transceiver.

The fo llowing is the Life Limited Parts Record for this aircraft:

CAPS Rocket Motor, pin. 26601-001, s/n. 0209 Scrap on 03/22/2021 CAPS Parachute, p/n. 25337-002, s/n. 0165 Scrap on 03/29/2021 CAPS Reefing Line Cutters, p/n. 26707-001 , s/n. 9351 & 9394 Scrap on 03/30/2022 Oxygen Bottle Assembly, p/n. 102N0100- l , s/n. Mar-11 Scrap 03/01/2026 ELT Batteries, p/n. 455 -0012 Scrap on 12/31/2021 EMA Controller, AAIR, p/n. 20902-001 , s/n. AJAN 11-107 Scrap on 01/31/2018 Pilot Seat Inflator Assy, AAIR, p/n. 20902-002, s/n. AAS1049X70090 Scrap on 02/01/2022 Co-Pilot Seat Inflator Assy, AAIR, p/n. 20902-002, s/n. AAS1049X70085 Scrap on 02/01/2022 C02 Detector, p/n. 24660-002, s/n. 84740 Scrap on 03/28/2018

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Service Bulletin Status: The following Service Bulletins have been complied with on the subject aircraft:

2X-27-16Rl 2X-28-10 2X-28-l 1R3 2X-42-08Rl 2X-42-10R2 2X-53-05Rl 2X-57-13R2 2X-71-04R5 2X-71-21

Flap Actuator Modification Fuel Collector Tank Drain Fuel Line Replacement Garmin Perspective Software Update Garmin Perspective Software Update Wing Walk Residue Landing Gear Bracket Torque Winterization Kit Upper Cowl Flexing

AD's Complied With: Yes Estimated Cost for AD's Compliance: NIA

Tires Condition: Good

Exterior Paint Condition: Extra Fine

Repaint Date: NI A Repainted By: Cirrus Aircraft Design at manufacture (original paint.)

Paint Comments: The subject aircraft is finished in overall cirrus white, with light, and dark accent stripes (metallic flake), which has all been clear coated. The registration numbers/letters are also in the same colors, and paint design as the accent stripes. However, they have outline shadowing incorporated into their design. The paint maintains a high luster, and is in excellent condition. There were only two places where the condition of the paint is marred: The external power socket access panel has a worn accent stripe (both edges.) The fuselage/firewall edge, at the mating point of the cowling (adjacent to the external power panel) has wear/paint loss in both the base white, and the accent stripe (approximately 1 ".)Lastly, vibration cracks were evident on the lower nose cowling bowl.

Interior Condition: Extra Fine Cabin Configuration: Passenger

Panel Layout: Good

Pressurized Cabin: No Window Condition: Good

Interior Comments: The interior is finished in light grey (platinum) leather, which is also accented with black leather. The carpet is a dark wool. The headliner, and upper sidewalls are in light grey leather. The lower sidewalk are in black leather. The interior is in excellent condition with no wear, or matting in evidence, anywhere.

The seating is designed for two crew members (side-by-side) in separate adjustable chairs, and three passengers. There are three seats, and harnesses in the aft cabin (side-by-side.) The crew seats are equipped with air bag (inflating) safety harness restraints. The air bags are life limited items.

Delivery Options

Date of Modification: 04/05/2011 Modification: Precise Flight Fixed Oxygen System installed during manufacture of the aircraft, under STC # SA01708SE. This is an option sold on new Cirrus Aircraft, and is identified as the Cirrus Fixed Oxygen System, and alternatively known as the "GTS built-in oxygen option."

Date of Modification: 04/05/2011 Modification: Cirrus GTS Package Option. This includes all of the following: Cirrus Perspective by Garmin Avionics Suite- Synthetic Vision Technology- Dual AHRS- Dual WAAS GPS/Comm/Nav Radios- Keypad Controller- Garmin 12" LCD Screens- Engine & Fuel Monitoring- Garmin 347 Audio Panel- 406 MHz ELT- XM Weather and Audio- Garmin Safe Taxi

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Date of Modification: 04/05/2011 Modification: GFC700 Autopilot Including: Perspective Electronic Stability and Protection (ESP)- Vertical Navigation Mode- Underspeed/Overspeed Autopilot Protection- Hypoxia Check/Automatic Descent Mode- Blue Level Button- Autopilot Stall Protection- Autopilot Coupled Go-Around- Flight Director Perspective Plus Package including:- Garmin Yaw Damper- Perspective Enhanced Vision System Camera (EVS)- Dual Air Data Computers

Date of Modification: 04/05/2011 Modification: Certified for Flight into Known Icing, System Option. This includes: TKS Ice Protection approved for Flight Into Known Ice (FIKI)- Dual Windshield Sprayers- Dual TKS Tanks with 8 gallon Capacity- TKS Fluid Duration and Range Information- Surface Illumination Lights

Date of Modification: 04/05/2011 Modification: Air Conditioning Option

Date of Modification: 04/20/2011 Modification: Tanis Engine Heat option

Current Damage: None Listed

Historical Damage:

Damage History

Damage Event: 0912312015 Extent of Damage: Superficial Repairs: The subject aircraft struck a runway light at the Bloomington-Normal Airport (KBMI) Illinois, with 377.5 Hours total-time. Before the aircraft was ferried back to Pella Airport (KPEA) Iowa, the following work was accomplished:(!) Installed new pi tot tube bracket, p/n. 18470-001, installed new pi tot tube, p/n. 20919-001, and a new pi tot tube extension tube, p/n. 18148-001. Installed new left flap, p/n. 28946-001-01, s/n. 1320, and check rigging as required. Fitting, and installed new right wing tip assembly, pin. 18317-002-01. Installed nut plates onto right wing tip ... (2) Inspected wing attach area, and spar carry through areas for damage from wing tips impacting the ground during landing. No damage found. The following repair work was completed, and signed-off in Pella, Iowa on 10/09/2015 @ 378.7 Hours:(l) Performed a fiberglass repair per Cirrus 22 chapter 51 AMM to the bottom trailing edge of the left wing at wing station 209. Added body filler, primed, and painted repaired area with PPG Delfleet cirrus base white, and clear coat...(2) Performed a fiberglass repair per Cirrus 22 chapter 51 AMM to the bottom trailing edge, and aft outboard bottom edge on the right wing at wing station 212. Added body filler, primed, and painted repaired area with PPG Delfleet cirrus base white, and clear coat...(3) Performed a fiberglass repair per Cirrus 22 chapter 51 AMM to the bottom trailing edge of the left wing tip at wing station 219. Added body filler, primed, and painted repaired area with PPG Delfleet cirrus base white, and clear coat. Installed new wing tip stripe on both left, and right wing tips ... (4) Sanded, primed, and painted rudder bottom with PPG Delfleet cirrus base white, and clear coat... (5) Installed new tail tie down bumper, p/n. 16678-001 with CS3204 Bl/2 ... (6) Installed flap abrasion tape, and a "No Step" sticker to the left-wing flap ... (7) Replaced the master contractor in the MCU with a new contractor, p/n. 51129-003. Performed operational check, and found to be operating properly. END. It is my understanding from the owner, that no FAA Form 337 was created, and submitted for this work, because none of the work was considered to be a major repair, and was superficial, except for the parts replacements.

Engine & Propeller

Engine Manufacturer: Continental Model: 10-550-N

Engine Type: Piston

Logbook Inventory and Comments: One Engine Logbook, and One Propeller Logbook. Both are original.

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Engine Serial No.: 1004022 Engine Total Time: 461 Hrs.

Time Since Major Overhaul: 461 Hrs. Engine Overhauled By: Factory New

Recommended TBO: 2000 Hrs.

Engine Comments: This engine was produced, and tested by Teledyne Continental Motors, Inc. on 02/17/2011.Immediately after the US Certificate of Airworthiness was issued@ 1.9 Hours, Cirrus installed a Tanis TASlOO preheater, s/n. 44808 onto this engine.

At the last annual inspection which was performed on 07/05/2016@ 428.1 Hours, the cylinder compressions that were recorded, were: #1: 70/80; #2: 70/80; #3: 66/80; #4: 73/80; #5: 72/80; #6: 68/80. Also at this time, the CH48108-l oil filter was replaced, and the engine was serviced with 7 quarts of Aeroshell 15W50 oil, with 8 ounces of CAM GUARD oil additive mixed in.

URHB32E Sparking plugs are installed in this engine. They were last replaced on 11/14/2013 @ 231.6 Hours.

Propeller

Propeller Type: Constant Speed Serial No.: FP7702B

Make: Hartzell Propeller, Inc. Model: PHC-J3YF-1RF/F7693DFB No. Blades: 3

TSO/New: 457 Date O/H: NIA

Propeller Comments: This propeller was installed new on 04/11/2011 by Cirrus @ 0.0 Hours Time Since New (Propeller), and 3.5 Hours Airframe Time.Please be aware that the accumulated Propeller total-time, until replacement, will always be Aircraft/Engine Total Hours Less 3.5 Hours.

Known Engine(s) Issues: None known or reported

Estimated Cost to Repair: NIA

Instrumentation

Full Panel: Yes Dual Panel: Yes

Panel Configuration: Good Panel Condition: Good

IFR Equipped: Yes EFIS Equipped: Yes

Comments: This Aircraft is equipped, from new, with the Garmin Perspective 700 Integrated Avionics System. Information is displayed on two 12" Full-Color LCD Monitors. This was an option that cost $39,900.

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Avionics

Encoding Altimeter, #1, Make: Garmin, Model: GDC 74A

Encoding Altimeter, #2, Make: Garmin, Model: GDC 74A

Standby Altimeter, Make: United Instruments, Model: 5934 AD-3

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

Additional Equipment

Dual Controls: Yes Type: Side-Stick

Stall Warning System: Yes

Rotating Beacon: No Strobe Light: Yes

Taxi Lights: Yes Navigation Lights: Yes

Long Range Fuel: No Total Fuel Capacity: 95 U.S. Gallons

Single Point Refuel: No

Other Equipment: Synthetic Vision Camera System

De-Icing Systems

Known Ice System: Yes Ice Lights: Yes

Type of De-Ice: TKS Boots Condition: N/ A

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

Windshield De-Ice: Yes Windshield Wipers: No

Pitot Heat: Yes

Comments:

Aircraft Appraiser's Comments

The aircraft is based in Ames, Iowa. The owner of this aircraft flew the aircraft, and all logbooks to Chesterfield, to facilitate this appraisal. The subject aircraft was inspected on the apron at the Millionair FBO Facility. All logbooks for this aircraft were brought onboard for my examination.

* The Cirrus SR22 aircraft is a single-engine, low-wing monoplane, with fixed landing gear, monocoque aircraft

constructed from composite, and metal materials. The subject aircraft is a 'Generation 3' version that was built in 2011.

The Generation 3 version was built with a lighter, stronger carbon fiber wing spar, and a larger landing gear (taller) to

allow an increased propeller arc clearance. It is also a 'GTS' option aircraft that includes a sophisticated, fully

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integrated avionics suite, as well as other systems. The options included at manufacture of the subject aircraft include:

Certified into Known Ice System that uses wing-weep, and windshield alcohol de-icing, as well electrical heat-mats

on each propeller blade, and an electrically heated pitot tube. GTS Built-in Oxygen System GTS Equipment/Model

Options (Garmin Perspective 700 Integrated Avionics Suite), Air Conditioning, Yaw Dampner Air-Bag enhancement

to the crew Shoulder Harnesses

**The comparison aircraft were found advertised on the Controller.com website.

500

~ 4 90

~

~ 480 l::. 0 !S 47 0 ~ ~

;;; 46 0 >

4 50

Ap r13

Average Value 2011 CIRRUS SR 22 GTS X

Ap r14 Apr15 Apr1 6

The Average Value chart shown above, indicates declining values. According to the statistics reported by Performance Aircraft, in Lincoln, Nebraska (flyperformance.com), the current for sale statistics for the SR22 Series is as follows:

Statistic Amount Reported Number of Aircraft Advertised for Sale 91

Average Asking Price $316,540 Average Days on Market 98

Average Total-Time 1,249 Hours Average Engine Time Since New 877

The Cirrus SR22 Series is constantly evolving through upgrades, and changes to the design, as well as equipment options that are adopted as standard. This evolution is marked by the manufacturer by combining, and then identifying each group of 'block' changes into a 'Generation' designation. The subject aircraft is identified as a 'Generation 3' aircraft. This block change was released by Cirrus in 2007. There was no 'Generation 4' release. In 2013 block change 'Generation 5' went into effect for all new production versions of the SR22. This change included a Maximum Gross Take-Off Weight (MGTOW) increase to 3,600 Lbs, which is 200 Lbs greater than the subject aircraft (a Generation 3 version.) This increase made it possible to carry three passengers in the back, with less chance of flying overloaded. This year (2017) sees the latest block change release identified as 'Generation 6.'

These evolutionary 'Generation' versions greatly affect desirability, and subsequently the resale values of older 'Generation' aircraft. This is proved by the asking prices of both, of the comparison aircraft detailed in this report. The NAAA Values for the comparatives are 27%, and 29% above the advertised asking prices. Additionally, the Blue Book Values for the comparatives are 28% above the advertised asking prices. If the NAAA Value of the subject aircraft is multiplied by 28%, then it is likely that the market value of this aircraft will be close to $500,000 (well below its appraised value.)

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!Kl

,, 70

., 60

,,

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"' " JO

" 20

" 10

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Q3 20 13 Q4 20 13 Q I 2014

-+- SR22 GI SR22 G2

SR22 Alrcran. on Market

... __ -.. -

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Q2 20 14 Q3 2014 Q4 20 14 Q I 201.5 Q2 20 1, Q3 20 1' Q4 201' Q I 2016 Q2 20 16 Q3 2016 Q4 20 16

SR22GJ _..... SR22G'

Graph produced by Perfonnance Aircraft, Lincoln, Nebraska.

The value arrived at is based on the aircraft's use as a personal, corporate, aircraft transporting passengers, or for training, which was the manufacturer's original intent.

This aircraft, NI 76CF, was personally examined on 02/16/2017 by Jeremy Cox, NCSA, member of the National Aircraft Appraisers Association, at Spirit of St. Louis (KSUS) Airport, located at Chesterfield, MO, St. Louis County.

The information contained in this report is private, confidential, and may be protected by appraiser/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 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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2011 Cirrus SR22 GTS, s/n. 3757, reg. no. N176CF

IMAGES

Interior

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2011 Cirrus SR22 GTS, sin. 3757, reg. no. N176CF

IMAGES

Center Console Center Console 2

TKS De-Ice/Anti-Ice S nthetic Vision Camera

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Aircraft Comparison Chart Based on NAAA Data (This information is for comparison purposes only)

Year Model Serial Number Asking Price Airframe Time Engine(s) SMOH Engine(s) TBO(Hrs.) Days Listed For Sale Avionics* Adjust For: Airframe Time Engine(s) SMOH

Approximate NAAA Market Value Subject Aircraft Appraised Value

Make: CIRRUS SR22 GTS G3

Aircraft #1 Aircraft #2 2011 2012 SR22-GTS SR22-GTS 3776 3757 $489,900 $499,000 367 244 367 244 2000 2000 10 31 $219,163 $219,163

$37,152 $39,972 $32,088 $34,505

$669,559 $702,056

Subject AIC 2011 SR22 GTS X 3757 NIA 461 461 2000 NIA

$667,712

* The Avionics Value Adjustment for all three aircraft, includes all-of the following Options included in this line-item:

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Certified Into Known Ice Equipment GTS Built-In Oxygen System GTS Option (includes Garmin Perspective 700 Suite) Air Conditioning

Appraisal Worksheet: 20170217N 176CF

Aircraft Blue Book Comparison Chart - Winter 2016 Volume 16-04 (See Above Chart For Aircraft Details)

(This information is for comparison purposes only)

Aircraft 1 Aircraft 2 Subject A/C

Blue Book Average Value $320,000 $340,000 $320,000

Airframe Time Calculation* $24,320 $27,880 $21,120

Engine Time** $10,445 $12,474 $8,902

Avionics*** $0 $0 $0

Book Value: $672,465 $698,054 $667,722

Book Value

*Aircraft #1 has 367 Hours TT. Aircraft #2 has 244 Hours TT. Subject Aircraft has 460.5 Hours TT **Aircraft #1has367 Hours TTSN. Aircraft #2 has 244 Hours TTSN. Subject Aircraft has 460.5 Hours TTSN ***Add for 1: Certified Flight Into Known Ice Equipment Option Add for 2: GTS Built-In Oxygen System Equipment Option Add for 3: GTS Equipment Option (includes Garmin Perspective 700) Add for 4: Air Conditioning Equipment Option Add for 5: Yaw Dampner Equipment Option

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Appraisal Computation

Average Green Airframe Value*

Additions

Add for Airframe Condition

Add for Airframe Low Total Time

Add for Annual and Mandatory Inspection

Add for Exterior Paint Value

Add for Interior Value

Add for Airframe Modifications

Add for Engine(s) Residual Value

Add for Propeller(s) Residual Value

Add for Time-Limited Components

Add for Avionics Value

Add for De-Ice Systems Value

Add for Additional Equipment

Total Additions

Deductions

Deduct for Airframe Condition

Deduct for Airframe High Total Time

Deduct for Damage History

Deduct for Airframe/Engine Maintenance Items

Deduct for Exterior Paint Value

Deduct for Interior Value

Deduct for AD's Estimated Cost for AD Compliance

Deduct for Estimated Cost to Repair Avionics

Total Deductions

Based on the above, the NAAA Value ofN176CF is:

*See Definitions

DEFINITIONS*

APPRAISAL: The act or process of developing an opinion of value; an opinion of value.

$309,600

$49,536

$37,152

$420

$12,000

$9,600

$219,163

$30,241

$0

$0

$0

$0

$0

$358,112

$0

$0

$0

$0

$0

$0

$0

$0

$0

$667,712

APPRAISER: One who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective.

ASSUMPTION: That which is taken to be true.

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CLIENT: The party or parties who engage, by employment or contract, an appraiser in a specific assignment.

CONFIDENTIAL INFORMATION: Information that is either; identified by the client as confidential when providing it to an appraiser and that is not available from any other source; or classified as confidential or private by applicable law or regulation.

EFFECTIVE DATE: The specific date that the value(s) contained within a report are valid.

EXPOSURE TIME: Estimated length of time that the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal.

EXTRAORDINARY ASSUMPTION: An assumption, directly related to a specific assignment, as of the effective date of the assignment results, which, if found to be false, could alter the appraiser's opinions or conclusions.

HYPOTHETICAL CONDITION: A condition, directly related to a specific assignment, which is contrary to what is known by the appraiser to exist on the effective date of the assignment results, but is used for the purpose of analysis.

GREEN AIRFRAME VALUE: 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.

INTENDED USE: The use or uses of an appraiser's reported appraisal or appraisal review assignment opinions and conclusions, as identified by the appraiser based on communication with the client at the time of the assignment.

INTENDED USER: The client and any other party as identified, by name or type, as users of the appraisal or appraisal review report by the appraiser based on communication with the client at the time of the assignment.

MARKET VALUE: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised, and each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U. S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.

SCOPE OF WORK: The type and extent ofresearch and analysis in an appraisal or appraisal review assignment.

*Definitions from the 2014-2015 edition of US PAP except the definitions of Market Value, Green Airframe Value, Effective Date, and USP AP Endorsed are from NAAA.

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Statement of Assumptions and Limiting Conditions

The information herein has been prepared from many sources and believed to be correct. JETBROKERS does not warrant the accuracy of the source material.

An examination 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 general condition of avionics, instrumentation and aircraft systems. No inspection plates were removed for internal examination. Further, the log books and other records were carefully examined for compliance with FAA regulations relating to damage and maintenance history, along with other required inspections.

All opinions of value presented in this report are the appraiser's professional opinion.

No equipment was operated nor was any power applied to the aircraft by the appraiser.

The following extraordinary assumptions were made: 1. All aircraft records were assumed to be authentic and unaltered unless specific comments indicate otherwise.

Signatures attesting to, and inspections detailed therein, were assumed to be entered by persons designated and appropriately licensed to make such entries.

2. The subject aircraft is assumed to be airworthy to FAA standards and capable of being operated and flown on the effective date of the report under FAR Parts 91, 121, or 13 5 unless the appraiser has reason to believe that it is not. In that case, an explanation is included within the report.

3. AD compliance was attested to by referencing the date of last annual inspection, or other appropriate inspections.

4. Components that were removed from the aircraft at the time of the appraisal will be reinstalled and in airworthy condition.

No hypothetical conclusions were made within this report.

The appraiser hereby certifies that he has no personal interest in the aircraft identified in this appraisal, nor 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 02/16/2017. The report was completed on 0212012017.

The appraiser is not responsible for the source material used in this report. The material was supplied by the client, aircraft owner, operator or some other person familiar with the aircraft. Chain of custody through the life of the aircraft has not been established. Therefore, the party supplying the records has the full responsibility for their content.

The writer of this report reserves the right to recall all copies of this report to correct any omission or error.

Page 19 of21 Appraisal Worksheet: 20170217Nl 76CF ver 2.14

In the event of error or omission, the liability of JETBROKERS, if any, is limited and may not, in any event, exceed the amount paid for the appraisal. Further, JETBROKERS accepts no responsibility for usage of this report unless signed by an officer of the company.

Page 20 of21 vcr 2.14

Jeremy Cox, NSCA Vice President

The National Aircraft Appraisers Association

Having successfully completed the NAAA USPAP Standards Course and having demonstrated the necessary skil ls, knowledge and professional integrity to accurately evaluate the condition of Fixed Wing, Helicopter and Homebuilt Aircraft, the National Aircraft Appraisers Association hereby appoints

Senior Certifiea /lircraft /lppraiser

0~11112015

Appraisal Worksheet: 20170217Nl 76CF

9 JetBrokers

<tertif icate of Jll'l'raisaf 'A "isuaf inspection an8 fog.6oolt anafl'sis was performe8 on fe.6ruary 16t\

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It is tfje opinion of tfjis appraiser tfjat tfje certifieS \'>afue of tfje a6o\'>e 'Aircra~ on fe6ruar1' 1 r:t~, 2011

was:

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Page 21 of 21 ver 2. 14

20170217Nl 76CF

Jeremy R. C. Cox NAAA Senior Certified Aircraft Appraiser

Appraisal Worksheet: 20 l 702 l 7N l 76CF

Elliott Aviation Appraisal Services

Effective Date of Appraisal: February 8, 2017

Report Prepared On: February 8, 2017

Prepared For: Mr. David Hurst C/O Flight Service Department

Ames Municipal Airport 2502 Airport Dr. Ames IA 50010

Aircraft Make: Cirrus Design Corp.

Model: SR22 (G3 GTS)

Serial Number: 3757

Registration Number: N176CF

Prepared By:

Elliott Aviation Appraisal Services James P. Becker

Accredited Senior Appraiser Machinery and Technical Specialties (Aircraft)

American Society of Appraisers (93578)

2800 McKinley Ave.

Des Moines, IA 50321 Office: 515-285-6551 Mobile: 515-360-8889

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February 8, 2017

Dear Mr. Hurst, At your request, I have appraised Cirrus Design Corp, SR22, serial number: 3757. The purpose of this Appraisal Report is to determine Market Value (MV), of this aircraft as of the effective date, for your use for liquidation purposes. For this appraisal, I have determined that the appropriate valuation is Market Value (MV), as defined elsewhere in this report. Please keep in mind that by definition, Market Value assumes an industry standard method of marketing, with a reasonable time to advertise the aircraft. If this aircraft is going to put up for auction, on an as-is basis, the sales price will be that of an Orderly Liquidation Value (OLV). You can expect to see a reduction of 10% to 15% in price in an OLV when compared to MV. Also, please be aware that although I factored a reduction in value due to the damage incident, I did not take into account any negative information regarding this aircraft that is available on the internet. When doing an internet search for the subject aircraft’s registration number, there is a website called “Katheryn’s Report” that discusses in detail the circumstances regarding the damage incident, and its aftermath. Unfortunately, this website makes some false claims. They claim that the aircraft suffered a hard landing, when there is nothing in the maintenance logbook that establishes this. Also claimed is that the aircraft was “substantially damaged”, which as an A&P mechanic, and Accredited Senior Appraiser, I vehemently dispute. This information may have an effect on the value if prospective buyers do a registration number search and see this website. Although the incident is highly exaggerated, there may not be an opportunity to refute this if the prospective buyer doesn’t follow up with the aircraft’s seller. If the registration number on the subject aircraft were to be changed, it would be more difficult for this misinformation to be obtained.

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The value based on the enclosed valuation, of this aircraft effective February 8, 2017 is:

N176CF, Serial 3757 ................$432,000 (MV)

James P. Becker Accredited Senior Appraiser Machinery and Technical Specialties (Aircraft) American Society of Appraisers (93578)

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Effectively Statement Information contained in this report is valid only on the date of issuance of this report, unless otherwise noted. The appraisal contained herein and the statement of values and limiting conditions are valid solely to the addressee.

Proprietary Notice This Appraisal Report is presented for the exclusive use of Iowa State University. It may not be transmitted in any form to any other party without the prior written consent of Elliott Aviation Appraisal Services. Possession of this Appraisal Report or a copy thereof does not permit the right of publication. This Appraisal Report may not be assigned to any third party and may not be used for any purpose, by any person or entity other than Iowa State University. No third party may rely upon this appraisal.

Privacy Statement Elliott Aviation Appraisal Services is committed to the privacy of its clients. Your personal, non-public information will never be shared with anyone who is not an employee of Elliott Aviation, except as required by law. This Appraisal Report is in compliance with the Gramm-Leach Bliley Act of 1999.

Disclaimer The client using this report as part of their purchase decision should recognize that this appraisal report is limited in scope, and that discrepancies may exist in the aircraft which were not discovered or recorded during this appraisal. This Appraisal Report is not an indicator of maintenance status or airworthiness, and is not intended to be used in lieu of an aircraft pre-purchase inspection. The information herein has been prepared from many sources and believed to be correct. Elliott Aviation Appraisal Services does not warrant the accuracy of the source material, and disclaims any and all responsibility for cause and/or circumstances that may result in loss or damages incurred by any and all parties relative to items discussed in the content of this appraisal report. Elliott Aviation Appraisal Services is indemnified by this client for this report, as outlined in the executed Letter of Engagement. Any adjustment, review, or legal consultation regarding this report is not considered part of scope of this engagement.

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Table of Contents

PAGE

Executive Summary………………..………………………………………….…….6

Statement of Assumptions & Limiting Conditions…………………………….….10

Valuation Methodology……………………………………………………….……12

Aircraft Specifications………………………………..………………………….…14

Summary…………………………………………………………..…………….…..16

USPAP Certification…………………………………………………..…………....17

Definitions…………………………………………………………………….….….19

Curriculum Vitae………………………………………….……………………...…22

Comparables …………………………………………………………………….…25

Damage Diminution Calculation…………………………………………………..27

Photographs…………………………………………………………………….…..29

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EXECUTIVE SUMMARY

Objective/Purpose Elliott Aviation Appraisal Services was retained by Iowa State University to provide an opinion of the Market Value of the subject aircraft, in compliance with the Uniform Standards of Professional Appraisal Practice (USPAP) on Cirrus Design Corp, SR22, serial number 3757, registration number: N176CF.

Intended User Iowa State University is the intended user of this Appraisal Report.

Intended Use The intended use of this Appraisal Report is to determine value for liquidation purposes.

Scope of Work: (Valuation Assignment)

For this valuation assignment, this Appraisal Report has been prepared outlining the appraisal techniques and procedures utilized in valuing the subject aircraft for the client’s intended use as indicated.

This Appraisal Report includes:

Identification of the specific aircraft to be appraised and the effective date of the valuation.

A description and specifications of the aircraft to be appraised including all of the pertinent information that is available such as the model, year of manufacture, current aircraft maintenance condition, and current airframe and engine hours.

A discussion of the appraisal techniques considered and used in the development of the values, which include past/recent sales, current market offerings, and current market conditions, which are deemed appropriate.

A description of the sales or market comparison valuation approach utilized in this appraisal analysis.

An executive summary, which contains final values as of the effective date of the appraisal.

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Market Comparison Valuation Approach The Market Comparison Valuation Approach estimates value by comparison of aircraft both of which have sold, and others that are currently available for sale in the appropriate market. Adjustments are made for differences which affect value, such as: age of aircraft; differences in avionics and equipment; overall condition differences; and engine and airframe time variations. Each aircraft is compared to the aircraft to be appraised, and an amount is added to or subtracted from the price attained for each relevant difference, with the sum yielding an indication of value. The Market Comparison Approach is most reliable with manufactured products, when the items sold are identical to the one being appraised. The only adjustments needed would be for any intangible differences such as warranty and service, for any change in value since the sale was made and for any differences between the circumstances of the sale and the circumstances of the appraisal. Collecting and analyzing appropriate data is the essential in order to deliver an accurate market analysis. An appraiser must be able to use this information to not only to deliver an accurate value, but also a past and near future value if necessary.

Aircraft condition, airframe and engine times, cycles, operational history and age are important components in the determination of value. Current and historic maintenance quality can also affect present and future values. Additionally, avionics, equipment and refurbishment quality can also change values widely, and as a result, individual aircraft values must be determined by performing actual appraisals.

There are also many external factors that have an effect on specific aircraft market values. These can include finance availability, airworthiness directives, tax incentives, fuel prices and mandated regulatory issues such as RVSM, and noise regulations.

This Appraisal Report was developed as a service for Iowa State University to assist in arriving at the Market Value (MV), effective February 8, 2017. These values are intended as a guide and are not to be considered to reflect all unforeseen market variances.

SR22 Market Data

Cirrus Design Corp. started production of the SR22 in 2000. There have been over 4,300 of the SR22 models produced.

Currently there are 3,989 of the SR22 models still on the US FAA registry. Key appraisal items are: engine & airframe times, paint & interior condition, maintenance status, installed equipment, and avionics.

For this appraisal five comparables were used in the analysis, comparables were 2009 to 2011 model years. All comparables were the Generation 3 GTS models. It is important that current offerings are considered to help determine the market trends

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between sale dates and effective date. 19 current offerings were analyzed for this report. Adjustments included airframe times, model year, engine status, avionics, equipment, and paint & interior condition.

Currently there are 176 of the SR22 listed for sale on the Controller, a web based listing service. Trends indicate an active market with moderate hold times. Based on the current data, I would expect this aircraft to have an exposure time of 140 days. Elliott Aviation monitors several indicators in the used business aircraft market, including inventory levels, actual sales prices, bank repossessions, buyer demographics, and days on market. Each aircraft must be considered on an individual basis, depending on its unique characteristics, while considering that particular models current market condition. This appraisal sets forth my findings and professional conclusions based upon an investigation of conditions affecting Market Value, utilizing the market comparison valuation approach, and are subject to the Statement of Assumptions/Limited Conditions, Valuation Methodology Terms and Definitions, contained within.

Value Trends: Corporate aircraft, historically have maintained a large percentage of their original purchase price, and in many cases, actually appreciated in value. In the past several years, the corporate aircraft markets across the board have suffered dramatic price decreases. The values of used corporate aircraft have fallen anywhere from 25% to 60% of their peaks in 2008. Scores older corporate aircraft are being scrapped due to economic and functional obsolescence. Currently, we are seeing some signs of stability in the used corporate market; however, most markets are still very soft. The manufacturing backlog of new aircraft orders has been reduced significantly mainly due to drastic cuts in demand. Additionally, the funding traditionally available for used aircraft purchases has been considerably tightened. Finance companies have raised the qualifications for their prospective clients. Moreover, many have limited the age and types of used aircraft which qualify for their loans. The appraisal of this aircraft is in keeping with the current economic trends. Additional economic downturns or fuel supply restrictions could have significant impact on the overall aircraft market. After review of the specifications of the subject aircraft and analyzing the current and historical market for the SR22, it is my opinion that subject aircraft Market Value effective February 8, 2017 is: $432,000.

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Appraisal Conclusions & Effective Date of Appraisal February 8, 2017

SR22, Serial 3757................$432,000 (MV) Effective February 8, 2017 These values indicate constant 2017 dollars and have no inflation factors. The following definition of Market Value (MV) was utilized for this appraisal: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) Buyer and seller are typically motivated; (2) Both parties are well informed or well advised, and acting in what they consider their own best interests; (3) A reasonable time is allowed for exposure in the open market; (4) Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. * *12 CFR 34.42 (g) OCC

James P. Becker Accredited Senior Appraiser Machinery and Technical Specialties (Aircraft) American Society of Appraisers (93578)

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Statement of Assumptions & Limiting

Conditions

These are extraordinary assumptions and limiting conditions utilized by appraiser in this aircraft appraisal.

1) Ownership interest in the subject aircraft was not confirmed and the appraiser renders no opinion as to legal fee or title. Aircraft is valued as if free and clear with no consideration for any ownership encumbrances, undisclosed agreements, or liens. All estimates of value presented in this report are the appraiser’s professional opinion.

2) This appraisal has not taken into consideration any consequences, which have or will arise from sales, use or other tax liabilities.

3) The subject aircraft is assumed to be unless otherwise stated: (a) airworthy to FAA, CFR- Title 14 Part 91, regulations; (b) had accomplished all required maintenance performed since placed into service, including Airworthiness Directives and Mandatory Service Bulletins by, and in accordance with the manufacturer’s recommendations; (c) capable of being operated and flown on the effective date; (d) with exterior and interior cabin as reported physical condition; (e) aircraft current maintained on the manufacturer’s recommended maintenance program, or an FAA approved maintenance program, and (f) all equipment and avionics in working order.

4) The subject appraisal includes value adjustments for specific maintenance status

and characteristics and proposed upgrades where applicable and as provided by the client/owner or operator. A limited record audit was performed. Maintenance inspection status aircraft specifications, which have been provided by my personal examination of the subject aircraft form the basis for this report. The appraiser has relied upon this data being accurate for this valuation.

5) The appraiser has made the assumption that all items are in average operating condition, or in average physical condition (at least equal to standard industry levels) and are at half-life overhaul status, unless otherwise specifically noted. If maintenance and component life information was not attainable, mid life or half life status was assumed. The limitations and assumptions as stated in this article may either increase or decrease the market value of the subject aircraft. The appraiser reserves the right to re-evaluate the subject aircraft if any of the above listed Assumptions or Limiting Conditions are found to be materially different than as presented to appraise at time of values.

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6) All facts and data set forth in this report are true and correct to the best of the appraiser’s knowledge and belief.

7) A physical examination of the actual aircraft has been conducted by the appraiser. Information supplied by client/operator is assumed to be accurate. If such information is found to be erroneous, it may have an affect on the value of the subject aircraft. The physical condition of the property described herein was based upon my personal examination of the subject aircraft. No responsibility is assumed for latent defects of any nature whatsoever, which may affect its value.

8) The fee for this appraisal report is not contingent upon the values reported. There have not been any guarantees associated with this fee and no liability can be assumed in any manner.

9) All opinions regarding the values are the appraiser’s considered opinions based upon the facts and data set forth in this report.

10) This appraisal is based upon Market Value as defined in the Definitions section of this report.

11) The opinion of value is only for the stated effective date of this report, and only for

the stated purpose.

12) This aircraft appraisal does not constitute a pre-purchase or technical evaluation. It is highly recommended that buyers perform a pre-purchase/technical evaluation prior to the acquisition of any aircraft.

13) Aircraft data plate was physically verified.

14) For all areas of this appraisal, the assigned values represent the amount that I as

an experienced and qualified appraiser, unaffected by personal interest, bias or prejudice, would recommend to a prospective purchaser as a proper price or cost within the value concept and in light of prevailing market conditions.

15) This appraisal has been prepared in conformity with Uniform Standards of

Professional Appraisal Practice.

16) The Market Value in this report does take into account damage history to the aircraft, as minor damage was noted.

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Valuation Methodology

The analytical methodology utilized in this report is based on the Market Approach to value. The Market, or Sales Comparison Approach, is that approach to value where recent sales and current offering prices of similar aircraft are analyzed to arrive at an indication of the most probable selling price of the aircraft being evaluated. Sales and current offerings were considered based on similar aircraft and timing to subject aircraft.

For this valuation, both the Cost and Income approaches to value were considered. It is my opinion that by using either of these two approaches, the outcome would result in an inaccurate valuation. For further clarification, the Cost Approach (current cost of replacement or reproduction new) is that approach which measures value by determining the current cost of an asset and deducting for the various elements of depreciation, physical deterioration, and functional and economic obsolescence. The Cost Approach was not used because of the difficulty to accurately measure current cost, the full amount of obsolescence, and the subjective nature of estimating an appropriate level of depreciation. This approach is normally utilized when a particular aircraft is either new, or one, which is used for a special purpose (such as a rare museum piece).

The Income Approach is the present worth of the future benefits (income) of ownership. It is not generally applied to individual aviation related assets since it is difficult, if not impossible, to identify individual income streams. This approach involves estimating some level of future income and converting that income to its present worth. The Income Approach was not used because the subject aircraft is a single asset to which it would be subjective, if not impossible, to determine a projection of income or a rate of return (commonly referred to as a capitalization rate). Most aircraft do not individually generate income for a business, but rather are a replaceable tool.

In general, Market Value analyses are based on standard assumptions that all major components and equipment are at mid-life (unless otherwise specified), with adjustments made for the specific status of the subject aircraft. To estimate the value of a specific aircraft by utilizing the market approach to value, monetary value adjustments are calculated from the comparable aircraft in relation to its identified characteristics, physical deterioration (condition), obsolescence considerations (functional, and economic), maintenance, engine overhaul, inspection, and repair status. The Sales Comparison approach involves the comparison of comparable recent sales (or offerings) of similar assets to the subject. If the comparable sales are not exactly like the subject, adjustments must be made to the price of the comparable sales (or offerings) to make the comparables reflect the subject property. The adjustments may be either up or down in order to estimate what the comparable would have sold for if it had the same characteristics as the subject. These adjustments are based primarily upon: Aircraft model year, airframe total time, engine time since new/overhaul, avionics, equipment, aircraft maintenance status, overall condition, and operational history.

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The following standards are general parameters and are utilized for the purpose of standardizing comparison for the valuation process:

1) That the defined aircraft is airworthy, and has the original manufacturer’s data plates installed in the airframe and engines.

2) The aircraft is being or will be operated within the guidelines of a recognized Airworthiness Authority (i.e. Federal Aviation Administration, Canadian Air Transportation Administration, Civil Aviation Authority, etc.) under an approved airline or airframe manufacturer’s maintenance program, which is consistent with international standards of airworthiness.

3) The aircraft has complete records from the date of airworthiness certification to

current. This includes complete and original engine and airframe logbooks.

4) All required Airworthiness Directives (A.D.), Mandatory Service Bulletins (S.B.),

Mandatory Service Letters (S.L.), are compliant to standard industry levels.

5) The aircraft is immediately available for use as originally designed by the manufacturer.

6) The flight deck (cockpit) and passenger interiors are in a typical aircraft configuration for the specific type and model, with equipment and options generally utilized and accepted in the industry.

Adjustments: If the comparable are not exactly like the assets being appraised, adjustments must be made to the comparable sales to bring them as close as possible to the characteristics of the subject.

Sample adjustments:

Aircraft age (manufacture and/or Airworthiness Certificate issuance date)

Paint and interior quality/condition

Modification/ Maintenance status

Overall condition

Times/cycles (engine/airframe)

Avionics specifications

Record status

Damage history and repairs

Airworthiness status

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AIRCRAFT SPECIFICATIONS

Date of Information: February 2, 2017 Date of Report: February 8, 2017

Effective Date of Report: February 8, 2017

Description of Subject Aircraft: Manufacturer: Cirrus Design Corp. Model: SR22 (G3 GTS)

Year of Manufacture: 2011 Airworthiness Date: April 20, 2011

Serial Number: 3757 Registration Number: N176CF

Total Airframe Hours: 459.1

Engine Time Since New: 459.1

Log Books: Complete.

List of Avionics: Cirrus Perspective by Garmin Avionics Suite Dual WAAS-enabled GPS Dual AHARS/ADC Garmin ESP - Electronic Stability Protection Garmin 12-inch LCD displays Garmin GMA-347 audio panel Mode S Transponder Garmin GFC-700 Digital Autopilot Yaw Damper Flight Director Garmin Active Traffic System Enhanced Ground Proximity Warning System (TAWS-B) XM WX Data link w/XM Audio Garmin Chart View. Equipment/Modifications:

AMSafe Airbag Seatbelt (front seats) TKS Certified FIKI System

Factory Air Conditioning Precise Flight Oxygen System

Interior Date of Completion: Original Exterior Date of Completion: Original Interior Condition: Excellent/Good Exterior Condition: Excellent/Good

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Aircraft Specifications Continued

Inspection Status: Annual inspection July 5, 2016 @ 428TT. Condition of Aircraft: Aircraft valued in airworthy condition. List any missing equipment: Nose wheel skirt is not currently installed on the aircraft. The flight department has the skirt in their possession. Damage History: The subject aircraft was damaged in July 2015 upon landing. Classic Aviation, an authorized Cirrus service center, performed the following repairs on September 23, 2015 and October 9, 2015 at 377.5 and 378.7 total times:

1. Installed new Pitot tube bracket P/N 18470-001. Installed new Pitot tube P/N 20919-001, and new Pitot tube extension tube P/N 18148-001.

2. Installed new flap P/N 28946-001-01, S/N 1320, and check rigging as required. 3. Fitted and installed new right wing tip assy, P/N18317-002-01. Installed nut

plates onto right wing tip. 4. Inspected wing attach area and spar carry through areas for damage from wing

tips impacting ground during landing. No damage found. 5. This aircraft has been inspected, and has been found safe for the intended flight

from KBMI to KPEA in accordance with special flight permit dated September 22, 2015.

6. Performed a fiberglass repair per Cirrus 22 chapter 51AMM to the bottom trailing edge on the L/H wing at station 209. Added body filler, primed and painted repaired area with PPG Delfleet Cirrus base white and clear coat.

7. Performed a fiberglass repair per Cirrus 22 chapter 51AMM to the bottom trailing edge and aft outboard bottom edge on the R/H wing at station 212. Added body filler, primed and painted repaired area with PPG Delfleet Cirrus base white and clear coat.

8. Performed a fiberglass repair per Cirrus 22 chapter 51AMM to the bottom trailing edge of L/H wing tip at station 219. Added body filler, primed and painted repaired area with PPG Delfleet Cirrus base white and clear coat.

9. Installed a new wing tip stripe on both left and right wing tips. 10. Sanded, primed, and painted rudder bottom with PPG Delfleet Cirrus base white

and clear coat. 11. Installed new tail tie down bumper with P/N 16678-001 with CS3204 B1/2. 12. Installed flap abrasion tape and a “No Step” sticker to the L/H wing flap. 13. Replaced the master contactor in the MCU with a new contactor P/N 51129-003.

Performed operational check and found to be operating properly. There is no 337 form for the repairs, as none was required. There is no report filed with the F.A.A. or N.T.S.B. for this incident.

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Summary

James Becker presents this Appraisal Report for the subject aircraft identified in this report. This appraisal assumes, unless otherwise noted, that the subject aircraft has had the maintenance performed as required by the manufacturer’s maintenance programs and recommendations, is in compliance with all Federal Aviation Administration Airworthiness Directives, has valid airworthiness documentation, and is maintained under the regulatory supervision of the USA, DOT (Department of Transportation), FAA (Federal Aviation Administration) or a recognized, national regulatory authority. Values are stated in United States dollars, are rounded to the nearest significant digit and are subject to the descriptions, assumptions, parameters, limiting conditions, standards, and methodologies as contained in this Appraisal Report.

The purpose of the appraisal is to express an opinion of Market Value of the subject aircraft as of the effective date for use by Iowa State University, with all values representing the retail marketplace, utilizing the appropriate approach to value for an in-service (in-use), airworthy and operational aircraft, and does not reflect any other valuation criteria (see valuation methodology).

The aircraft that is the subject of this appraisal was physically examined for physical existence, condition, conformity, specific characteristics, verification of installed equipment, as part of this appraisal. Therefore, no monetary value adjustments relative to these factors were considered, except for those specifically assumed and delineated in this report. A limited audit of the associated historical records was performed in support of the appraisal process

In this appraisal assignment, no investigation was made as to the aircraft ownership, and no consideration was given for any leased equipment, intangible items (operating certificates, pending restrictions, etc.), encumbrances (including but not limited to mechanics liens) which may be outstanding or consequences from taxation. The work contains only general information pertinent to the determination of Market Value – and the methodology utilized. Details and descriptions of the subject aircraft are included in this report where known. As previously stated, this document is in the form of a Market Value Appraisal Report and value as of a specified date by utilizing analytical methods. The extent of data collected meets or exceeds the standard industry level for this type of appraisal assignment. Data was collected by personal interview, client/operator supplied information, sales offerings, and computerized databases. The aforementioned data is retained in the appraisal work file, and will be retained for a period of at least five years after preparation or at least two years after final disposition of any judicial proceeding in which the appraiser provided testimony related to the assignment, whichever period expires last, as required by USPAP.

The basis of the opinion contained in this report is based upon The Sales Comparison Approach methodology James Becker’s aviation expertise, knowledge of the overall new and used aircraft marketplace, these specific models of aircraft, the factors

17

affecting market value, and familiarity with aircraft transactions in general. Values reflect the marketplace as of the date specified in this report and subsequent events may materially impact the stated values.

Appraisal Standards

The Appraisal Standards Board (ASB) of The Appraisal Foundation develops, publishes, interprets and amends the Uniform Standards of Professional Appraisal Practice (USPAP) on behalf of appraisers and users of appraisal services. Because state and federal regulatory agencies and others will use USPAP, the ASA has adopted a publication policy to ensure that everyone is informed of interpretations of or amendments to USPAP in a regular and timely manner.

USPAP Certification This report was prepared for Iowa State University. The material enclosed herein reflects the professional opinion of James Becker pursuant to the information both supplied by the specific aircraft owner or operator and that which was available at the time of preparation. James Becker has relied upon oral and written information, data and documents, as provided, for all material facts. This analysis is intended to be merely advisory in nature. This report is not given for, or prepared, as an inducement to any financial transaction and any use or reliance on or decisions made, based upon the data presented is the responsibility of the user. I certify that, to the best of my knowledge and belief:

1) The statements of fact contained in this report are true and correct.

2) The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions.

3) I have no present or prospective interest in the aircraft that is the subject of this

report, and I have no personal interest or bias with respect to the parties involved other than stated in assumptions.

4) I have performed no services as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding the acceptance of this assignment.

18

5) I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.

6) My engagement in this assignment was not contingent upon developing or

reporting predetermined results.

7) My compensation for completing this assignment is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of subsequent event directly related to the intended use of this appraisal.

8) My analyses, opinions, and conclusions were developed, and this report has

been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice.

9) I did perform a personal examination of the aircraft that is the subject this report.

10) No person other than those identified had any significant professional input in this

Appraisal Report.

11) Iowa State University is a customer of my employer, Elliott Aviation.

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Definitions Airworthy: The definition of airworthy applies to type-certificated products (aircraft, aircraft engine, or propeller), and parts thereof. Title 49 U.S.C. section 44704(c) and 14 CFR section 21.183(a), (b), and (c) state that the two conditions that must be met for issuance of an airworthiness certificate are: (1) The product must conform to its type certificate (TC). A product conforms to its TC when its configuration and the components installed are as described in the drawings, specifications, and other data that are part of the TC, which includes any Supplemental Type Par 2 Page 3 AC 43-18 3/24/06 Certificates (STC), Airworthiness Directives (AD), and field approved alterations incorporated into the product; and (2) The aircraft (product) must be in a condition for safe operation. NOTE: If one or more of these conditions are not satisfied, the product would be considered not to be airworthy.* * Federal Aviation Administration. 24 March, 2006. Advisory circular AC N0: 43-18.

ASA: American Society of Appraisers. Auxiliary Power Unit (APU): A small self contained turbine engine located in the aircraft aft fuselage that is used as a source for supplemental electrical and hydraulic power generation. Avionics: Electronics that are used onboard for piloting an aircraft. Avionics systems enable interaction with aircraft systems including navigation, communication and flight control. Broker: An agent of an aircraft buyer, and/or seller who facilitates a transaction for a fee. Cost Approach: One of the three recognized approaches used in appraisal analysis. The appraiser starts with the current replacement cost new of the property being appraised and then deducts for the loss in value caused by physical deterioration, functional obsolescence, and economic obsolescence. The logic behind this approach is the principle of substitution; a prudent buyer will not pay more for a property than the cost of acquiring a substitute property of equivalent utility. * * Machinery and Technical Specialties Committee of the American Society of Appraisers. 2000, 2005, 2011. Valuing machinery and

equipment: the fundamentals of appraising machinery and technical assets. Third Edition. American Society of Appraisers.

Machinery and Technical Specialties Committee.

Cycles Since New (CSN): The actual number of times the aircraft has flown since the time of manufacture. Diminution in Value (Property Value Diminution): The difference between the unimpaired and impaired values of the property being appraised. This difference can be due to the increased risk and/or costs attributable to the property’s environmental condition. * * Appraisal Standards Board The Appraisal Foundation. Uniform Standards of Professional Appraisal Practice 2016-2017 Edition.

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Exposure Time: The estimated length of time the property interest being appraised would have been offered on the market prior to the hypothetical consummation of a sale at market value on the effective date of the appraisal. * * Appraisal Standards Board The Appraisal Foundation. Uniform Standards of Professional Appraisal Practice 2016-2017 Edition.

Extraordinary Assumption: An assumption directly related to a specific assignment, which, if found false, could alter the appraiser’s opinions or conclusions.). * *

Appraisal Standards Board The Appraisal Foundation. Uniform Standards of Professional Appraisal Practice 2016-2017 Edition.

Income Approach: One of three recognized approaches used in appraisal analysis.(This approach considers value in relation to the present worth of future benefits derived from ownership and is usually measured through the capitalization of a specific level of income.) The appraiser determines the present value of future economic benefits owning the property.*

* Machinery and Technical Specialties Committee of the American Society of Appraisers. 2000, 2005, 2011. Valuing machinery and

equipment: the fundamentals of appraising machinery and technical assets. Third Edition. American Society of Appraisers.

Machinery and Technical Specialties Committee.

Intended Use: The use or uses of an appraiser’s reported appraisal, appraisal review, or appraisal, appraisal review, or appraisal consulting assignment opinions and conclusions, as identified by the appraiser based on communication with the client at the time of the assignment.*

* Appraisal Standards Board The Appraisal Foundation. Uniform Standards of Professional Appraisal Practice 2016-2017 Edition.

Intended User: The client or any other party as identified, by name or type, as users of the appraisal, appraisal review, or appraisal consulting report by the appraiser on the basis of communication with the client at the time of the assignment.*

* Appraisal Standards Board The Appraisal Foundation. Uniform Standards of Professional Appraisal Practice 2016-2017 Edition.

Market Value (MV): The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) Buyer and seller are typically motivated; (2) Both parties are well informed or well advised, and acting in what they consider their own best interests; (3) A reasonable time is allowed for exposure in the open market; (4) Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. * *12 CFR 34.42 (g) OCC

OEM: Original Equipment Manufacturer.

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Orderly Liquidation Value (OLV): The estimated gross amount, expressed in terms of money, that could typically be realized from a liquidation sale, given a reasonable period of time to find a purchaser(s), with the seller being compelled to sell on an as-is, where-is basis, as of a specific date. *

* Machinery and Technical Specialties Committee of the American Society of Appraisers. 2000, 2005, 2011. Valuing machinery and equipment: the fundamentals of appraising machinery and technical assets. Third Edition. American Society of Appraisers. Machinery and Technical Specialties Committee.

Price: The amount a particular purchaser agrees to pay and a particular seller agrees to accept under the circumstances surrounding their transaction. Price may not necessarily be equal to value.* * Machinery and Technical Specialties Committee of the American Society of Appraisers. 2000, 2005, 2011. Valuing machinery and equipment: the fundamentals of appraising machinery and technical assets. Third Edition. American Society of Appraisers. Machinery and Technical Specialties Committee.

RVSM: Reduced Vertical Separation Minimum - The reduction of the standard vertical separation required between aircraft flying at levels between 29,000 ft. and 41,000 ft. from 2,000 feet to 1,000 feet. This therefore increases the number of aircraft that can safely fly in a particular volume of airspace. Older aircraft must undergo expensive modification to meet this standard.

Sales Comparison Approach: This is one of the three recognized approaches used in appraisal analysis to lead to an indication of the most probable selling price of a property (also known as the market approach). This approach involves the comparison of comparable recent sales (or offerings) of similar assets to the subject. If the comparable sales are not exactly like the subject, adjustments must be made to the price of the comparable sales (or offerings) to make the comparables reflect the subject property. The adjustments may be either up or down in order to estimate what the comparable would have sold for if it had the same characteristics as the subject.* * Machinery and Technical Specialties Committee of the American Society of Appraisers. 2000, 2005, 2011. Valuing machinery and

equipment: the fundamentals of appraising machinery and technical assets. Third Edition. American Society of Appraisers.

Machinery and Technical Specialties Committee.

TBO: Engine Time Between Overhaul.

TSN: Time Since New.

TSO: Time Since Overhaul.

TTAF: Total Time Airframe.

USPAP: Uniform Standards of Professional Appraisal Practice.

Value: The monetary relationships between properties and those who buy, sell of use those properties).* *

Appraisal Standards Board The Appraisal Foundation. Uniform Standards of Professional Appraisal Practice 2016-2017 Edition.

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Curriculum Vitae

James P. Becker, ASA WORK EXPERIENCE ELLIOTT AVIATION 1993 to Present

Accredited Senior Appraiser - Des Moines, IA (2011 to Present)

Provides accurate appraisals on corporate aircraft using the appropriate approach to value.

Aircraft Research Manager – Des Moines, IA (2004 to Present) Analyzes target markets, evaluating individual aircraft, and finding suitable aircraft for resale. Identify and capitalize on market trends. Successfully negotiate optimal purchase prices with aircraft sellers and owners/brokers. Key Achievements:

Appraised and valued over 2,000 corporate aircraft.

Personal involvement with over 300 corporate aircraft purchases.

Developed and maintained extensive database of many thousands of actual aircraft sales prices.

Maintained acute awareness of target market aircraft using market indicators.

Aircraft Researcher – Des Moines, IA (1996 to 2004) Tracked the availability and history of hundreds of target market aircraft. Compiled specific and in-depth information on aircraft hours, equipment, and prices. Cultivated relationships with target market owners and pilots. Identified opportunities for the purchase, brokerage, and sale of aircraft. Coordinated and managed the pre-purchase inspection process. Valued aircraft for purchase. Key Achievements:

Identified target market aircraft, including Beechcraft King Air, Beechjet and Cessna Citations for purchase by leveraging extensive knowledge of the current markets to capitalize on viable opportunities.

Built extensive network of aircraft professionals, including owners, pilots, and brokers that resulted in early first-hand knowledge of trade-in aircraft.

Closely tracked aircraft sales prices to ascertain value of aircraft.

Accurately determine aircraft value by applying an understanding of current market pricing, availability, and trends.

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Airframe & Power Plant Technician – Omaha, NE (1993 to 1996)

Inspected and repaired corporate aircraft in accordance with the manufacturer’s maintenance program Conducted logbook, Service Bulletin, and Airworthiness Directive research.

Key Achievements:

Maintained and inspected a wide array of corporate jets and turboprops, including Citation, Hawker, Learjet, Beechjet, and King Air product lines.

Performed maintenance with accuracy and a critical emphasis on safety.

EDUCATION/ RATINGS/ CERTIFICATIONS Accredited Senior Appraiser

Machinery and Technical Specialties (Aircraft), 2011 Uniform Standards of Professional Appraisal Practice (USPAP), 2015 American Society of Appraisers, Reston, VA

Bachelor of Science in Business Administration

Major: Business Management, 1995

University of Nebraska at Omaha, Omaha, NE

Bachelor of General Studies

Major: Aviation Administration, 1994

University of Nebraska at Omaha, Omaha, NE

FAA Airframe & Power Plant License Westwood College of Aviation Technology (Colorado Aero Tech), Broomfield, CO

PUBLICATIONS

AvBuyer Magazine, March 2014. Demystifying Engine Terms King Air Magazine, July 2014. Before the Pre-buy AvBuyer Magazine, August 2014. Demystifying Paint and Interior

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King Air Magazine, March 2015. What’s Moving? An Appraisers View of the King Air Market AvBuyer Magazine, July, 2015. Economic & Functional Obsolescence. Should You Scrap Or Upgrade Your Older Aircraft? AvBuyer Magazine, August 2015. Economic & Functional Obsolescence. (Part 2): Upgrading Older Aircraft Makes Sense For Many Operators… AvBuyer Magazine, September, 2015. Economic & Functional Obsolescence. (Part 3): Can You Fly Away Smiling in an Older Airplane? King Air Magazine, March 2016. The King Air Revisited. An Appraisers View of the Market

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Comparables Set-One

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Comparables Set-Two

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Damage Diminution Calculation 1 2 3 4 5 6 7 8 9 10 Value

Item 1 – Type and Location of Damage (i.e. Pressure vessel, motion/not in motion, resulting in injury or death)

X 1

Item 2 – Severity of Damage – Value is doubled (i.e. major, minor, affect airworthiness) X 2

Item 3 – Time Since Repair (i.e. Calendar, Hours/ cycles, Inspections) x 9

Item 4 –Type of Repair- Value is doubled (i.e. Recommended per OEM, Ongoing inspections ,Change to Performance, Weight/ flight characteristics)

x 2

Item 5 – Repair Facility- Value is doubled (i.e. OEM, Large Maintenance organization, out of mechanics trunk)

x 4

Item 6 - Records (i.e. Complete, 337/ 8130/8110, misleading, missing) x 1

Item 7 – Previous Damage (i.e. what was it, repair, when, multiple times) x 1

Market Adjustment (i.e. saturation, buyer/sellers market)

Total Value 20

Total number for sale

176 Damage Assessment

2.57%

Total Operational 3,240 Market Adjustment 0%

Fleet Saturation 5.43% Percent of Diminution

2.57%

Comparable MV $443,740

Market Condition Adjustment 0-2 3-4 5-6 7-9 10-13 Total Diminution $11,404 -2.5% -1.5% 0% 1.5% 2.5%

Adjusted MV $432,000

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Damage Diminution Calculation Continued

Item 1. Type and location of damage: On a scale of 1-10, I gave this a 1. The damage to this Cirrus was very benign. The flap, Pitot tube, wing tip, and tail tie down are easily replaceable “bolt off-bolt on” items. The fiberglass repairs were fairly minor.

Item 2. Severity of damage: For this category I graded it a 1. The damage occurred during the operation of the aircraft, which in analyzing damage, is usually worse than a non-operational incident. However the repairs were fairly easily accomplished and mostly non invasive. This category is doubled in weight in the calculation.

Item 3. Time since repair: This category is a 9 on a scale of 1-10 because the repair was completed in October 2015. Often times the amount of damage diminution will be reduced as the aircraft accrues hours and time since the repair.

Item 4. Type of repair: This category rated a 1. The damage was repaired by installing new parts, and the fiberglass repairs were cosmetic and minor. This category is doubled in weight in the calculation.

Item 5. Repair facility: The quality, capabilities, and reputation of the repair facility can greatly affect the damage diminution. I rated this 2 since the repair was completed by a Cirrus authorized service center. This category is also doubled in weight in the calculation.

Item 6. Records: The quantity, quality, and accuracy of the repair incident records also play a significant role in the damage diminution calculation. I rated this 1 because the repair is extremely well documented.

Item 7. Previous damage: This was given a 1 since there were no other incidents of previous damage. This category takes in account operational history, where multiple incidents of damage can lead to a larger degree of diminution because the aircraft may have the perception of being operated in a reckless or haphazard manor.

Market Adjustment: This is a multiplier that accounts for the strength of the used aircraft market for this model. The smaller the percentage of the specific aircraft model available for sale, the less damage diminution, and vice versa. I gave this a multiplier of 0% because there are between 5% and 6% of the SR-22 fleet available for sale.

About the Damage Diminution Matrix. This was developed by several aircraft appraisers who are members of the American Society of Appraisers as a tool to analyze damage diminution. It is not used to calculate the amount of diminution per se, as it is a tool for the appraiser to break down the incident into its many facets, and thoroughly analyze the event. This concept has been used by both Bombardier and Textron Aircraft. It is planned to be a large component of the upcoming ASA aircraft appraisal course ME-301AS.

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Photographs

Subject aircraft exterior. Photo taken February 2, 2017.

Subject aircraft instrument panel. Photo taken February 2, 2017.

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Subject aircraft data plate.