appraisal-bell uh-1#12b54a3.cwk (wp) - aviation...

NationwideAircraft Assurance Services

TM

CERTIFIED APPRAISAL REPORT

For One

1973 Bell UH-1H Iroquois HelicopterSerial Number 73-21783

F. A. A. Registration Number N783CS

Prepared for

Charlotte County Sheriff’s Office

Effective Date of Appraisal

July 31, 2017

Prepared by

Nationwide Aircraft Assurance Services Ltd.www.aircraft-value.com

1-800-695-5110

Table of Contents

PageSECTION I Appraisal Assignment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Scope of Assignment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2Proprietary Notice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2Privacy Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2Certifications . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

SECTION IIAircraft Identification & General Information . . . . . . . . . . . . . . . . . . . . . . 4 Maintenance Records & Technical Manuals . . . . . . . . . . . . . . . . . . . . . . . . 5 Maintenance Status . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 - 6Airframe Components . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 - 7 Engine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Major Life Limited Components . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Ice & Rain Protection Systems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9Exterior Paint & Interior . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 - 10Avionics & Instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 - 11Modifications . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11Additional Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11Damage History . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11Appraisal Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12 - 14The Bell UH-1H Iroquois Helicopter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15The Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 - 16Comparable Helicopter Listings and Sales . . . . . . . . . . . . . . . . . . . . . . . . . 16 - 17Appraisal Computation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Certified Fair Market Value Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

SECTION IIIF.A.A. Certificate of Aircraft Registration . . . . . . . . . . . . . . . . . . . . . . . . . 20Photos of Subject Helicopter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 - 34

SECTION IVAppraiser Qualifications . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35

Appraisal Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 - 36Assumptions and Statement of Limiting Conditions . . . . . . . . . . . . . . . . . 36 - 38Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 - 40

SECTION I

AssignmentScope of AssignmentProprietary NoticePrivacy Statement

Certifications

APPRAISAL ASSIGNMENT

Nationwide Aircraft Assurance Services Ltd. has been retained by Charlotte County Sheriff’s Office (the “Client”) to offer its opinion of the Current Fair Market Value of one (1) 1973 Bell UH-1H Iroquois (the “Subject Helicopter”) detailed below:

Manufacturer Bell Helicopter CompanyModel UH-1H Iroquois

Manufacturer’s Serial Number 73-21783F.A.A. Registration Number N783CSModel Year 1973Engine Make & Model Lycoming T53-L-13B TurboshaftTotal Airframe Hours 3,822.7 hoursConfiguration Passenger; seating for 10 (excl. pilots)

Effective Date: July 31, 2015

This appraisal report is intended to be used by:

Charlotte County Sheriff’s Office7474 Utilities RoadPunta Gorda, FL 33985

Purpose of this appraisal: The purpose of this appraisal report is to form a professional opinion of the Fair Market Value of the Subject Helicopter in U.S. Dollars for certified asset value purposes.

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 expiration date (if) expressed in the report.

This report is not intended to be an evaluation of the mechanical condition of the helicopter, nor is any of the data herein intended to be used for evaluating the mechanical condition of the helicopter.

Appraisal Report No. 1707UH1H-7321783 Page 1


SCOPE OF ASSIGNMENT

The scope of this assignment includes:

A. The physical inspection of the Subject Helicopter identified within this report.

B. An examination of the maintenance records relative to the Subject Helicopter.

C. The appropriate research that includes many sources including the use of proprietary databases, published value information, historical sales and listing data of comparable helicopters.

D. Determination whether the market, cost, or income approach is relevant to the Subject Helicopter.

E. Determination of the Current Fair Market Value of the Subject Helicopter.

F. The preparation of this Certified Summary Appraisal Report in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP).

PROPRIETARY NOTICE

This Appraisal Report is to be held strictly confidential and is intended for the exclusive use of the Client. It may not be transmitted in any form to any other party without the express consent of the Client. Possession of this Report or a copy thereof does not carry with it the right of publication. This report may not be assigned to any third party and may not be used for any purpose by any party other than the intended users. No third party may rely upon this report which is not for the benefit of any third party.

PRIVACY STATEMENT

Nationwide Aircraft Assurance Services Ltd. is committed to respecting the privacy of our clients. We exercise care and diligence in managing, transmitting and securing the personal information of our clients. We will never release nonpublic information about our clients to third parties without said clients’ express consent except as required by federal or state law.



CERTIFICATIONS

The undersigned hereby states that;

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

B. The reported analyses, opinion, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, impartial, unbiased professional analyses, 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 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 a subsequent event directly related to the intended use of this appraisal report.

G. My analyses, opinions, and conclusions were developed, and this report has been prepared in compliance with the Uniform Standards of Professional Appraisal Practice.

H. I have made an inspection of 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 not provided any services regarding the subject property within the past 3 years.

APPRAISER:

Date Signed: August 7, 2017 Douglas E. HansonMaster Certified Aircraft Appraiser

Nationwide Aircraft Assurance Services Ltd. 11300 Lindbergh Boulevard, Suite 103Fort Myers, FL 33913 U.S.A.Telephone: 1-800-695-5110www.aircraft-value.com



Official Seal Of

Nationwide Aircraft Assurance Services Ltd.


SECTION II

Aircraft Identification & General InformationMaintenance Records & Aircraft Technical Manuals

Maintenance StatusAirframe Component

Engine Life Limited Components

Ice Protection Systems Exterior Paint & Interior

Avionics & InstrumentsModifications

Additional EquipmentDamage History

Appraisal CommentsThe Bell UH-1H Iroquois Helicopter

The MarketComparable Aircraft Listings & Sales

Appraisal Computation Certified Fair Market Value Conclusion

AIRCRAFT IDENTIFICATION& GENERAL INFORMATION

Manufacture: Bell Helicopter CompanyModel: UH-1H IroquoisModel Year 1973Year of Manufacture 1973Manufacturer Serial Number: 73-21783Type Aircraft: Rotorcraft (helicopter), single engine turboshaft poweredAirworthiness Certification: Not applicable for current government usage.Registration: Country of Registration: U.S.A.

Registration Number: N783CSRegistration Date: 09-29-2003Expiration Date: 04-30-2018Ownership: Government; Charlotte County FL

Total Airframe Hours : 3,822.7 hoursTotal Flight Cycles: Not recorded.Utilization: Operated as a public usage aircraft within

county government operations.Helicopter Identification & General InformationSummary: The subject helicopter, a Bell UH-!H Iroquois bearing the

manufacturer serial number 73-21783 was manufactured in 1973 and is currently registered in the U.S.A. as N783CS. Its original and current FAA Standard Airworthiness Certificate current FAA Registration is dated 09-29-2003 with an expiry date of 04-30-2018. As a public use government ownedhelicopter, it does not possess airworthiness certification. It has accumulated a total of 3,822.7 hours of utilization on its airframe since new. Flight operation cycles have not been recorded. Entries within the flight operation trip log is the method in which the airframe, engine and life limited component times are recorded. The subject helicopter is currently operated as a public usage aircraft within Charlotte County Florida Government operations.



MAINTENANCE RECORDS & TECHNICAL MANUALS

Maintenance Records: The maintenance records for the subject helicopter were presented to the appraiser by the current operator and maintenance provider, Charlotte County Sheriff’s Office at the Punta Gorda Airport located in Punta Gorda, FL. The aircraft maintenance records consist of 1 airframe file, 1 engine file, and associated records relative to its major life limited components, AD/SB compliance and airworthiness release certificates. The airframe maintenance records begin on 12-20-1974 at 0.0 hours total airframe time with record of the installationof door lock devices and end on 06-09-2017 at 3,821.0 hours total airframe time with record of an annual inspection.The engine maintenance logs begin on 09-29-1983 at 623.0hours since overhaul with record of a base line inspection and ends on 10-17-2016 at 0.0 hours since overhaul with record of its overhaul.

Technical Manuals: The technical manuals include the following publication:• Pilots Operating Handbook• Operating Checklist

Maintenance Records &Technical Manuals Summary: The maintenance records for the subject helicopter were

inspected by the appraiser and found to be authentic, unaltered and complete. The minimum required technical manuals are included with the subject helicopter.

MAINTENANCE STATUS

Maintenance Program: FAA approved manufacturer’s inspection program.Maintenance Tracking Program: Physical record system.Major Inspection Status: Annual Inspection

Last accomplished on 06-09-2017 at 3,821.0 hours TTAFNext due: 06-30-201825 Hour Inspection Last accomplished on 06-09-2017 at 3,821.0 hours TTAFNext due: 3,846.0 hours TTAF100 Hour Inspection Last accomplished on 06-09-2017 at 3,821.0 hours TTAFNext due: 3,946.0 hours TTAF300 Hour Inspection Last accomplished on 06-09-2017 at 3,821.0 hours TTAFNext due: 4,146.0 hours TTAF

Airworthiness Directives Status: Applicable ADs reported complied with. Service Bulletin Status: Applicable SBs reported complied with.



Pitot Static System /Altimeter Certification Date: Not required for VFR flight operations.Transponder Certification Date: Currently overdue.ELT Battery Replacement Date: Not recorded; equipped with obsolete non-406 mhz

capable transponder. Weight and Balance Data: Empty Weight: 6,821.0 pounds

Maximum Certificated Takeoff Weight: 9,500 poundsUseful Load: 2,679 pounds (incl. pilots)

Maintenance Status Summary: According to available maintenance records and reports,

this helicopter is currently serviceable. The most recent annual/25/100/300 hour inspections were accomplished on 06-09-2017 at 3,821.0 hours TTAF. Other than anexpired certification of the ATC transponder, there are no inspection requirements reported overdue for compliance.

AIRFRAME COMPONENTS

Fuselage: The fuselage is considered to be in above average condition absent of notable defects. All skins are pulled tight, rivetsflush and secure, with no evidence of damage, cracks, material defects or surface corrosion.

Tail Boom: The tail boom is considered to be in above average condition absent of notable defects. All skins are pulled tight, rivets flush and secure, with no evidence of damage, cracks, material defects or surface corrosion.

Landing Gear Skids: The subject helicopter is equipped with optional high landing gear skids. Both skid assemblies are considered to be in above average condition absent of notable defects includingdamage, material defects or corrosion.

Engine Cowling Assembly: The engine cowling assembly is considered to be in average condition absent of excessive wear or defects. The assemblies are clean, secure and undamaged.

Access Doors & Seals: The subject helicopter is equipped with standard UH-1H interior access doors including two cockpit doors, two sliding rear cabin/cargo compartment doors and two hinged rear cabin/cargo compartment doors. All doors and door sealassemblies are considered to be in serviceable, average condition absent of significant defects. All doors open properly and fit flush with fuselage when closed. Withexception to a loose seal strip assembly on the right cockpit door, all door seals are undamaged and considered to be serviceable.



Windshield & Windows: The subject helicopter is equipped with two windshield panels, three cockpit ceiling windows, two lower chin bubble windows, two cockpit door slider windows, two two cockpit door forward windows, two cabin post windows and twocabin/cargo door windows. With exception to notable abrasion scratches to the left cockpit door slider window, all windshield and window components are considered to be in average condition absent of significant defects.

Pitot Tube & Static Ports: The pitot tubes and static ports are considered to be in serviceable, average condition absent of significant defects.All components are secure, clean and unobstructed.

Antenna Assemblies: The antenna assemblies are considered to be in average condition absent of significant defects. All antenna components are securely attached to the fuselage and appear to meet manufacturer specifications.

Exterior Lights: The exterior light components are considered to be in averagecondition absent of significant defects. The exterior lights include the following components:• Standard beacon, navigation and position lights• Landing/taxi light• Strobe lights

Additional Equipment: The subject helicopter is equipped with a standard wire strike protection system (WSPS) including upper and lower wire cutters installed and a single, fuselage belly observation mirror. Insect aerial sprayer equipment is additionally installed on the fuselage belly. However, for the purpose of asset valuation, it is excluded from this appraisal report.

Airframe Components Summary: With exception to minor defects including a loose seal strip

assembly on the right cockpit door and abrasion scratches to the left cockpit door slider window, the external airframe components are considered to be in above average condition for its year of production and total operating hours. (Refer to photos Section III, pp. 21-27)



ENGINE

Engine Manufacture: LycomingEngine Type: TurboshaftModel: T53-L-13B Serial Number: LE-18682BManufacturer TBO: 2,400 hoursFire Detection Equipped: EquippedChip Detection Equipped: EquippedModifications: None reported.Time Since New: 3,822.0 hoursCycles Since New: Not recorded.Time Since Overhaul: 649.0 hoursOverhaul Date: 10-07-2016Time Since Hot SectionInspection: Not applicable; hot section inspections not performed.TBO Time Remaining: 1,751 hoursAbnormal Fluid Leakage: None noted.Known MaintenanceProblems with Engine: None reported.Engine Summary: According to records provided, this engine is serviceable.

With a manufacturer published TBO (time before overhaul) of 2,400 operating hours, this engine will become due for an overhaul within the next 1,751 hours of operation. It is therefore considered to currently have approximately 73 percent of its TBO service life remaining.(Refer to photos Section III, pg. 28)

MAJOR LIFE LIMITED COMPONENTS

Major Life Limit Components Summary: According to available maintenance records, the reported

major life limited components are in serviceable condition and have an overall above average percentage of their TBO service life remaining before overhaul or replacement is required.



ICE & RAIN PROTECTION SYSTEMS

Engine: Equipped Pitot Heat: EquippedRotor Blades: Not equipped Windshield: Equipped; rain wipers onlyIce Protection Systems Summary: The ice and rain protection systems installations on this

helicopter are considered typical for its make and model and are reported to be in serviceable condition.

EXTERIOR PAINT

Exterior Paint Colors: Standard Charlotte County Sheriffs Office livery design. Overall white on forward fuselage, emerald green on aft fuselage and tail boom assembly with accent stripes on both sides of the fuselage and engine cowl assembly in gold, white, emerald green and black. The registration markings are painted in matching gold and black.

Age of Paint: 1 year; reapplied during 2016Condition of Paint: Excellent.Exterior Paint Summary: The paint on the exterior surfaces of the subject helicopter was

applied during 2016 and is considered to currently be in excellent condition absent of notable wear, damage or paint defects. (Refer to photos Section III, pp. 21-22, 26-28)

INTERIORInterior Description & Condition: The interior furnishings consist of two cockpit pilot seats,

one observer’s seat in the forward section of the cabin/cargo compartment, a five place sling seat in the aft cabin/cargocompartment and a pair of two-place side-facing, bench seatslocated against the right and left sides of the transmissionenclosure. The pilot seats are upholstered in original UH-1Hstandard materials with additional ergonomic seat cushionsinstalled. All cabin/cargo compartment seats consist of standard canvas material construction. All seats are equipped with appropriate restraint system belts andconsidered to be in serviceable condition absent of excessive wear or damage. Flooring within the interior consists of standard sheet metal painted in gray with tie down cleats installed throughout. All floor sections are considered to be in above average condition absent of excessive wear or damage.



The interior ceiling and side walls consist of standard UH-1H metal fabrication components and are considered for the most part to be in average condition absent of excessive wear or defects. An exception however, exists with the removalof the typically installed ceiling headliner coverings.Additional furnishings and equipment within the interior include standard lighting systems, ventillation and heatingsystem and, a portable hand-held fire extinguisher.

Age of Interior Furnishings 44 years; original to the aircraft.Intercom System: EquippedInterior Summary: The interior configuration and furnishings within the subject

helicopter is original and considered typical to its make,model and production year. The condition of the interior is considered to be serviceable and for the most part, in average condition. An eception however exists with the removal of its ceiling headliner coverings. (Refer to photos Section III, pp. 25, 30-33)

AVIONICS & INSTRUMENTS

Full InstrumentPanel: EquippedDual Flight Instrument Panel: EquippedAnalog or EFIS: AnalogIFR Equipped: Basic IFR equipped; not certified.GPS Equipped: EquippedTraffic Advisory Equipped: Not equippedCondition of Avionicsand Instruments: All components are reported to be in serviceable condition.

INVENTORY OF AVIONICS & INSTRUMENTS

Component Manufacture Model Airspeed Indicator - R Not listed Not listedAirspeed Indicator - L Not listed Not listedAltimeter - R Not listed Not listedAltimeter - L Not listed Not listed Attitude Indicator - R Not listed Not listedAttitude Indicator - L Not listed Not listedAudio Selector Panel PS Engineering PAC-24Course Deviation Indicator - R Bendix-King Not listed Course Deviation Indicator - L Bendix-King Not listed



Component Manufacture Model Chronometer - R Not listed Analog Com (VHF) King KY-196ACompass - magnetic Not listed Not listed ELT Not listed (Not) 406 mhz capableGPS Garmin GNC-300XLIntercom PS Engineering PAC-24RMI - L Not listed Not listedRMI - R Not listed Not listedTransponder Bendix-King KT-76ATurn Coordinator Indicator - R Not listed Not listedTurn Coordinator Indicator - L Not listed Not listedVertical Speed Indicator - R Not listed Not listedVertical Speed Indicator - L Not listed Not listedAvionics & InstrumentsSummary: The avionics and instrument installations are considered

to be standard for the make, model and year of production helicopter. All components are reported to be in serviceablecondition absent of significant defects.(Refer to photos Section III, pg. 34)

MODIFICATIONSThere are no reported major modifications to the subject helicopter.

ADDITIONAL EQUIPMENTOnly the additional installed equipment determined to have significant relevance to the value of the subject helicopter are included within this appraisal report.

Equipment Item 1: High landing gear skids.Equipment Item 2: Wire strike protection system (WSPS) including upper and

lower wire cutters.Equipment Item 3: Fuselage belly observation mirror.

DAMAGE HISTORYCurrent Damage: None noted.Previous Damage History: None reported.



APPRAISAL COMMENTS

The purpose of this appraisal assignment is to provide a professional opinion of the current fair market value of the subject Bell UH-1H Iroquois helicopter bearing the manufacturer serial number 73-21783. This report is based on information and data publicly and privately available provided to and by Nationwide Aircraft Assurance Services Ltd.

In the course of developing this appraisal, the appraiser relied upon numerous industry valuation guidebooks, maintenance status reports specific to the subject aircraft, interviews with numerous brokers and industry maintenance providers who specialize in the subject aircraft make and model, and Nationwide Aircraft Assurance Services’ own proprietary industry valuation database.

This appraisal report is intended to be advisory only. It is important to note that since appraisals are only estimates of fair market resale values, there can be no assurance that such appraised values will not materially change due to future obsolescence and changing market conditions, or lack of support by relevant manufacturers and/or suppliers.

A physical inspection the Subject Helicopter and its maintenance records was conducted on July 31, 2017 at the Charlotte County Sheriff’ Office aircraft hangar facility located at the Punta Gorda Airport, Punta Gorda, FL in order to gather independent information regarding its overall condition, maintenance status, equipment, and any other information considered germane to this appraisal. As will be detailed in the following section, there are a number of issues which, in the opinion of the appraiser collectively have a material impact upon the value of the Subject Helicopter. These issues are summarized below:

• Total Airframe Time. The Subject Helicopter is reported to have a total of 3,822.7 hours of utilization on its airframe. This equates to an average of approximately 87 hours per year. In comparison, among the Bell UH-1H Iroquois helicopters known to be available for sale world wide, the average is 162 hours per year. Therefore, with its total time less to that of the available fleet average, it is the Appraiser’s opinionthat there is positive material effect upon the value of the Subject Helicopter relative to Total Airframe Time.

• Airframe Components. With exception to minor defects including a loose seal strip assembly on the right cockpit door and abrasion scratches to the left cockpit door sliding window, the condition of the Subject Helicopter external airframe components are considered to be in above average condition for its year of production and total operating hours. Therefore, it is the Appraiser’s opinion that there is positive material effect upon the value of the Subject Helicopter relative to its AirframeComponents.



• Maintenance Status. The Subject Aircraft is currently maintained under the manufacturer’s standard maintenance inspection program. According to available maintenance records, the helicopter is reported to be for the most part, in serviceable condition absent of significant defects. A single exception is evidenced with the expired biennial certification of its ATC transponder. All Airworthiness Directives (AD) and Service Bulletins (SB) are reported to have been complied with. The most

recent annual/25/100/300 hour inspections were accomplished on 06-09-2017 at 3,821.0 hours TTAF. Therefore, it is the Appraiser’s opinion that there is positive material effect upon the value of the Subject Aircraft relative to its Maintenance Status.

• Engine. The Subject Aircraft is powered by one Lycoming T53-L-13B turboshaft engine. This engine is considered to be a standard power plant installation to the make, model and year of production helicopter. It is reported to be in serviceable condition absent of defects. It has been maintained I.A.W. manufacturer prescribed standards and considered to have approximately 73 percent of its TBO life (Time Before Overhaul) remaining. Therefore, it is the Appraiser’s opinion that there is positive material effect upon the value of the Subject Aircraft relative to its Engine.

• Life Limited Components. Maintenance records indicate that the reported major life limited components are in serviceable condition and have an overall above average percentage of their TBO service life remaining before overhaul or replacement is required. Therefore, it is the Appraiser’s opinion that there is positive material effect upon the value of the Subject Helicopter relative to its Life Limited Components.

• Paint & Interior. An important issue effecting all helicopters is the appearance and condition of the paint and interior. In the case of the Subject Helicopter, paint on the exterior surfaces of the subject helicopter was applied during 2016 in a standardCharlotte County Sheriffs Office livery design and is considered to currently be in excellent condition absent of notable wear, damage or paint defects.

With regard to its interior configuration and condition, the Subject Helicopter is equipped with a total seating capacity of ten excluding the pilots in a standardBell UH-1H configuration. The interior is original to the helicopter and considered to be in slightly below average condition due only to the removal of its ceiling headliner coverings.

Therefore, it is the Appraiser’s opinion that there is positive material effect uponthe value of the Subject Helicopter relative to its Paint and negative material effect

to its Interior.



• Avionics & Instruments. The Subject Helicopter is equipped with a 7-hole single panel avionics and analog style instruments system. The level of installed components on this helicopter is considered to be typical for the make and model. All installations are reported as serviceable with no defects reported. Therefore, it is the Appraiser’s opinion that there is neither positive nor negative material effect upon the value of the Subject Helicopter relative to its Avionics and Instruments.

• Ice Protection Systems. The Subject Helicopter is not equipped with ice protection systems allowing flight into known icing conditions. The limited system installed are reported to be in serviceable condition absent of defects. Therefore, it is the Appraiser’s opinion that there is neither positive, nor negative material effect upon the value of the Subject Helicopter relative to Ice Protection Systems.

• Modifications. There is no reported major modifications to the Subject Helicopter. Therefore, it is the Appraiser’s opinion that there is neither positive, nor negative material effect upon the value of the Subject Helicopter relative to Modifications.

• Additional Equipment. Additionally installed equipment on the Subject Helicopter relative to its value include high landing gear skids, a wire strike protection system and a fuselage belly observation mirror. Therefore, it is the Appraiser’s opinion that there is positive material effect upon the value of the Subject Helicopter relative to Additional Equipment.*Note: Insect aerial sprayer equipment is additionally installed. However, for the purpose of asset valuation, is excluded from this appraisal report.

• Damage History. There is no current or reported previous damage to the Subject Helicopter. Therefore, it is the Appraiser’s opinion that there is neither positive, nor negative material effect upon the value of the Subject Helicopter relative to Damage History.

• Maintenance Records and Technical Manuals. The maintenance records for the Subject Helicopter are considered to be well documented and complete. There is no evidence of missing or altered entries within the available maintenance records. Theminimum required technical manuals are included with the Subject Helicopter. Therefore, it is the Appraiser’s opinion that there is neither positive, nor negative material effect upon the value of the Subject Helicopter relative to its Maintenance Records and Technical Manuals.



*

THE BELL UH-1H IROQUOIS HELICOPTER

The Bell UH-1H Iroquois is a single engine turboshaft powered helicopter manufactured from 1964 to 1973 in the U.S.A by Bell Helicopter. With a typical passenger seating capacity of ten (excluding the pilots), the UH-1H Iroquois was designed and built during the Viet Nam War as an enhanced performance version of the earlier production Bell UH-1D.

During its nine years of production, a total of 5,435 Bell UH-1H Iroquois were built and delivered to customers worldwide.

There are a reported 738 UH-1H Iroquois helicopters that remain serviceable throughout the world. Most are are operated within multiple international government military and law enforcement agencies as well as with oil exploration, agricultural and fire fighting organizations.

Variants:Bell UH-1A through UH-1FBell UH-1L through UH-1MBell UH-1PBell UH-1V

THE MARKETAircraft market stability and value assessment of specific aircraft types can be

attributed to a number of factors. The first of these is economic growth (or lack of) in key markets around the world. Additionally, the operator base of specific aircraft types. Fuel and maintenance costs when calculated against specific aircraft asset base values and revenue forecasts. Lastly, new aerodynamic technology and advanced engineering and manufacturing processes help make some aircraft more efficient, environmentally friendly and economical to operate than others, thus directly affecting market demand of specific models.

Both commercial and general aviation flight activity has increased globally during the first quarter of 2017 compared to the last 3 months of 2016. The significant increase in activity could be an indicator of positive sentiment among industry analysts concerning the overall economy. With continued strong growth in key industries such as business services, most analysts are optimistic 2017 will be a good year for the general aviation industry.

The helicopter resale market began 2017 with one of the best first quarters in the past 10 years. The turnover in the turboshaft powered helicopter fleet totaled 2.7% during the first quarter of 2017, the second best start to a year for this segment in the past three years and equal to the same time in 2008.



Overall, helicopter retail transactions rose modestly in the first three months of the year, with 2.9% of the fleet turning over in ownership. That compares to 2.1% a year ago and 1.9% in the first quarter of 2015.

In the final analysis, newer turboshaft powered helicopters (less than 6 years old) and premium quality older helicopters with fewer total operating hours, better cosmetics, more advanced avionics/operating systems and clean histories should fair better in maintaining value in the current market.

COMPARABLE HELICOPTER LISTINGS & SALES

Currently on the world wide market, there are 17 Bell UH-1H Iroquois helicopters offered for sale with current asking prices ranging from $379.0 thousand for a 1964 production year model with 12,359 total airframe hours to $895.0 thousand for a 1964 production year model with 12,218 total airframe hours. Available reported world wide sales data for Bell UH-1H Iroquois helicopters during the previous twelve month period reflect a value range of $320.65 thousand for a 1965 production year model with 13,280 total airframe hours to $775.0 thousand for a 1971 production year model with 3,228 total airframe hours. Average price for a factory new Bell UH-1H Iroquois during 1973 was $2.78 million.

Reasonable exposure time to the market for a 1973 Bell UH-1H Iroquois helicopter in average overall condition, with average total airframe time, mid-time engine and life limited components, VFR level avionics, all ADs/SBs complied with, complete maintenance records and no damage history would be approximately 144 days if priced between $478.0 thousand and $518.0 thousand.

Subject Helicopter Prior Sales:The subject helicopter of this report has not been involved in a sale in the past 12

months. The current operator’s registration of the helicopter is dated September 29, 2003.



COMPARABLE HELICOPTER SALES CHART

Bell UH-1H Iroquois Helicopter(This information for comparison purposes only)

Bell Helicopter Co. Subject Comp 1 Comp 2 Comp 3 UH-1H Iroquois Helicopter Helicopter Helicopter Helicopter

Model Year 1973 1969 1969 1965

Serial Number 73-21783 69-16713 69-15256 65-10133

Asking Price N/A* N/A* 699,900 N/A*

Selling Price N/A* 515,000 679,500 560,000

Days Listed N/A* 133 170 109

Airframe Time 3,822 9,458 5,389 10,128

Engine TBO Hrs. Remaining 1,751 1,607 2,270 2,185

Life Limited Components TBO Percentage Remaining Above Avg. N/A* Above Avg. N/A*

Avionics Average Above Avg. Above Avg. N/A*

Exterior Paint Excellent Average Above Avg. Above Avg.

Interior Below Avg. Average Average Above Avg.

Damage History None None None None

Adjust** For:

Year of Manufacture 40,000 40,000 72,000

Airframe Time 24,230 5,530 23,790

Engine 9,650 (34,770) (29,080)

Life Limited Components 0 (20,200) 0

Avionics (3,300) (4,700) 0

Exterior Paint 6,000 3,000 3,000

Interior (1,200) (1,200) (3,000)

Damage History 0 0 0

Comparable Helicopter Value Adjusted to the Subject Helicopter** 590,380 667,160 626,710

* not applicable/not available** Adjustments are calculated on comparisons to the subject helicopter and equate to what the comparable helicopter would be valued at if the same model year and equipped the same as the subject helicopter.

The comparable helicopters used in the analysis above were chosen do to their similarity to the subject helicopter. This sales chart was made under the assumption that the above comparable helicopters have been accurately reported and represent actual sales that have occurred within the past 12 months.



APPRAISAL COMPUTATION

Current Average Base Market Value for 1973 Bell UH-1H Helicopters USD $ 496,600

Add for Airframe Low Total Time $ 16,500Add for Above Average Airframe Condition $ 6,000 Add for Maintenance Status $ 2,300 Add for Above Average Engine TBO Value $ 36,920 Add for Above Average Life Limited Components TBO Value $ 42,400 Add for Above Average Exterior Paint Condition Value $ 6,000 Add for Additional Equipment Value $ 47,530

Total Additions + $ 157,650

Deduct for Below Average Interior Condition $ 1,200

Total Deductions - $ 1,200

Based upon the above, the Current Fair Market Value of 1973 Bell UH-1H Iroquois serial number 73-21783 is calculated to be: USD $ 653,050

Notes:1 Current Average Base Market Value is based upon the make, model and year of production helicopter in average overall condition, with average total airframe time, mid-time engine and life limited components, VFR level avionics, all ADs/SBs complied with, complete maintenance records and no damage history.



[1]

CERTIFIED FAIR MARKET VALUE CONCLUSION

The current fair market value presented within this appraisal report is reflective of current market conditions, the make, model, and year of manufacture of the subject helicopter, the current configuration and condition of the subject helicopter and the substance of maintenance records of the subject helicopter.

The Market, Income and Cost Approaches have been considered to determine the value of the subject helicopter. After due consideration it has been determined that the Market Approach is the most relevant method for conducting this appraisal.

Given the current status of the subject helicopter and in consideration of the current market environment for Bell UH-1H Iroquois helicopters, it is the opinion of the Nationwide Aircraft Assurance Services Appraiser that 1973 Bell UH-1H Iroquois helicopter, serial number 73-21783, has a Current Fair Market Value of $653,050.00 as of July 31, 2017.

Certified Fair Market Valueas of July 31, 2017

1973 Bell UH-1H Iroquois HelicopterSerial Number 73-21783

$653,050.00



SECTION III

F. A. A. Certificate of Aircraft RegistrationPhotos of Subject Helicopter

F. A. A. Certificate of Aircraft Registration



Exterior - Left Front

Exterior - Right Front



Exterior - Left Fuselage Side

Exterior - Right Fuselage Side



Exterior - Right Windshield and Cockpit Door Windows

Exterior - Left Windshield and Cockpit Door Windows



Exterior - Right Chin Bubble Window

Exterior - Left Chin Bubble Window



Interior - Right Cockpit Entry

Exterior - Left Cockpit Door Sliding Window Scratch Damage



Exterior - Right Tail Boom

Exterior - Left Tail Boom



Exterior - Right Rear Fuselage & Tail Boom

Exterior - Left Rear Fuselage & Tail Boom



Exterior - Right Engine Compartment

Exterior - Left Engine Compartment



Exterior - Main Rotor Blade Assembly

Exterior - Tail Rotor Blade Assembly



Interior - Right Pilot Seat

Interior - Left Pilot Seat



Interior - Right Entry View of Rear Cabin Seating/Cargo Compartment

Interior - Left Entry View of Rear Cabin Seating/Cargo Compartment



Interior - Right Entry View of Forward Cabin Seating/Cargo Compartment

Interior - Left Entry View of Forward Cabin Seating/Cargo Compartment



Interior - Cabin/Cargo Compartment Missing Headliner Paneling

Interior - Cabin/Cargo Compartment Flooring



Interior - Cockpit Ceiling Control Panel

Interior - Cockpit Instrument Panel, Avionics & Controls



SECTION IV

Appraiser Qualifications Appraisal Methodology

Assumptions & Statement of Limiting ConditionsDefinitions

APPRAISER QUALIFICATIONS

Douglas E. Hanson is a USPAP Endorsed Master Certified Aircraft Appraiser employed by Nationwide Aircraft Assurance Services Ltd., an aircraft appraisal and aviation consulting firm with a worldwide client base. As a professional appraiser for the past 21 years Mr. Hanson has performed hundreds of general aviation and commercial aircraft inspections, appraisals and inventory audits. Special areas of expertise include diminution of value, residual value analysis, collateral audits, and liquidation audits. His client list has included some of the most respected organizations including aircraft manufacturers, financial institutions, law and accounting firms, insurance companies, corporate aviation departments and government agencies.

Mr. Hanson is a licensed aircraft maintenance engineer (LAME), and a FAA/CAA licensed airline transport pilot. He holds a MSc Degree in Aviation Science and Technology granted to him by the University of New South Wales, Australia. He earned his initial aircraft appraiser certification in the U.S. from the National Aircraft Appraiser Association and is an active member of the National Business Aviation Association (NBAA), International Association of Professional Aircraft Appraisers (IAPAA), Aircraft Owners and Pilots Association (AOPA), and the Experimental Aircraft Association (EAA).

APPRAISAL METHODOLOGY

In order to appraise the base and adjusted values of helicopters, Nationwide Aircraft Assurance Services uses as a primary determinant all known and reported historical and current market values. These values are extracted from numerous aviation industry sources and from Nationwide Aircraft Assurance Services’ proprietary aircraft transaction database.

As a secondary consideration, Nationwide Aircraft Assurance Services addresses factors that influence the market value of particular helicopters such as its maintenance status, configuration, the population of similar helicopters on the market, operation costs, costs to acquire a new helicopter and the state of demand for aviation transportation services.

Additionally, Nationwide Aircraft Assurance Services maintains an aviation industry reference library and computerized transaction database for the purpose of substantiating its appraisals.

To appraise an helicopters, cross-sectional data concerning the values of helicopters in each of several general categories is collected and analyzed. The cross-sectional data is then



postulated and compared with reported market values of similar helicopters at a specific point in time. Such data typically considers the effect of deterioration of an helicopters due to age and usage as well as the effect of obsolescence due to the evolutionary development and implementation of new designs and materials.

The product of the analysis identifies the relationship between the value of a particular helicopter and its characteristics, such as model designation, service configuration and useful life relative to overhaul (TBO) requirements. Once the relationship is identified, one can then postulate the effects of the difference between the economic circumstances at the time when the cross-sectional data were collected and the current situation. Therefore, it is possible to estimate the value of a particular helicopter for any specific period of time.

The variability of the data used by Nationwide Aircraft Assurance Services to determine current, previous and future market values implies that the actual value realized will fall within a range of values. Therefore, if a contemplated value falls within the specified confidence range, Nationwide Aircraft Assurance Services cannot reject the hypothesis that it is a reasonable representation of the current market situation.

ASSUMPTIONS & STATEMENTS OF LIMITING CONDITIONS

} For the purpose of this report, a personal inspection of the subject helicopter has (not) been made by Nationwide Aircraft Assurance Services Ltd., (the “Appraiser”).

} The aircraft that is the subject of this report may be referred to as “property”, “subject property”, “items”, “subject items”, “inventory”, “subject inventory”, “assets”, and “subject assets” throughout this document. As these terms relate to this report, each carries the same and therefore, interchangeable meaning.

} This Appraisal Report is intended for the exclusive use of Charlotte County Sheriff’s Office (the “Client”). It may not be transmitted in any form to any other party without the express consent of the Client. Possession of this Appraisal Report or a copy thereof does not carry with it 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 party other than the intended users. No third party may rely upon this Appraisal Report which is not for the benefit of any third party.

} The fee for this report is not contingent upon the value conclusion contained herein. Further, no liability is assumed in any manner by the appraisers, employees, authorized agents, and/or officers of Nationwide Aircraft Assurance Services or can be intimated in any manner by the Client, or any other individuals or entities involved in or with this assignment or report.



} All opinions regarding the value conclusion contained herein is the Appraisers’ considered opinion based upon all facts and data set forth in this report.

} The appraisers, employees, authorized agents, and/or officers of Nationwide Aircraft Assurance Services do not have any financial interest in the subject helicopter appraised.

} The value concept upon which this report was based should not be considered as a recommendation by the appraisers, employees, officers, and/or authorized agents of Nationwide Aircraft Assurance Services as to what might result in any later application of the chosen value concept relative to the subject aircraft. This is because value concept probability and/or feasibility are beyond the scope of this appraisal and remain the responsibility of the client and/or any third party users of this report for such an assessment.

} For all aspects of this report, the assigned values represent the amount a reputable and qualified appraiser, unaffected by personal interest, bias, or prejudice, would expect from prospective purchasers as a reasonable value, in light of all prevailing conditions, within the defined value concept contained herein.

} Any information furnished by the Client, or any other individual or entity regarding the subject helicopter, to the appraisers, employees, officers, and/or authorized agents of Nationwide Aircraft Assurance Services is believed to have been reliable information and was considered to be accurately represented and reasonably correct. However, the appraisers, employees, officers, and/or authorized agents of Nationwide Aircraft Assurance Services do not issue any warranties, guarantees, or other form of assurance regarding the accuracy of this information.

} Neither this assignment nor the amount of the fee paid to Nationwide Aircraft Assurance Services was contingent upon developing or reporting a predetermined value, requested minimum value, a direction in the value that favors the cause of the Client or any other individuals or entities, a specific valuation, the approval of a loan, the amount of the value estimates, or attainment of a stipulated result. Nor is compensation of any appraiser, employee, officer, and/or authorized agent of Nationwide Aircraft Assurance Services contingent upon any action or event resulting from the analyses, opinions, and conclusions in this report, the use of this report, or the occurrence of a subsequent event directly related to the intended use of this report.

} An appraisal of any type and in any format is an opinion of value and opinions vary due to differences in perception. Subsequently, an appraisal is not a guarantee of value and should not be perceived as such by the Client, or any other individuals or entities. Additionally, this



appraisal was performed under conditions that existed as of the effective date of this report. Should any of these conditions change, such as changes in economic conditions, changes in physical condition (physical deterioration), and changes in technology (functional obsolescence), future value of the subject helicopter could alter substantially.

} No supplies, patents, or patented processes have been considered or included in this report.

} This report is documented as a complete appraisal and reported in a Summary format.

} This appraisal report represents the opinion of Nationwide Aircraft Assurance Services, and is only intended to be advisory. Therefore, Nationwide Aircraft Assurance Services assumes no responsibility or legal liability for actions taken or not taken by the Client, or any other individuals or entities with regard to the subject helicopter. By accepting this report, the Client agrees that Nationwide Aircraft Assurance Services shall bear no responsibility or legal liability regarding this report.

DEFINITIONS

AD: (abbr.) Airworthiness Directive; a legally binding requirement for remedy of a specific safety related issue on a mechanical component.

AVERAGE BASE HELICOPTER VALUE: The base market value of a particular make, model and production year helicopter that is considered airworthy, and equipped with standard factory furnishings, mid-time engine and life limited components and no damage history.

CBO: (abbr.) Cycles Before Overhaul; the recommended cycle interval limitation placed upon a mechanical component by the manufacturer.

CSN: (abbr.) Cycles Since New; the total cycles since new of a mechanical component.

CSO: (abbr.) Cycles Since Overhaul; the total operating cycles of a mechanical component since its last overhaul. APPRAISAL: The act or process of developing an opinion of value; an opinion of value.

APPRAISER: A person who performs valuation services competently and in a manner that is independent, impartial, and objective.

ASSUMPTION: Information that is taken to be true.



CLIENT: A party or parties who engage an appraiser for a specific assignment.

CONFIDENTIAL INFORMATION: Information that is identified as confidential by a client when it is provided to the appraiser, which is not available from any other source.

EXTRAORDINARY ASSUMPTION: An assumption, directly related to a specific appraisal assignment, which, if found to be false, could alter the appraiser’s opinions or conclusions.

FAIR MARKET VALUE: The price that would be agreed upon between a willing buyer and a willing seller, with neither being required to act, and both having reasonable knowledge of the relevant facts.

HIGHEST AND BEST USE: The reasonably probable and legal use of personal property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value.

IAW: (abbr.) In accordance with.

IFR: (abbr.) Instrument Flight Rules.

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

LIQUIDATION VALUE: The price that would be agreed upon between a willing buyer and a willing seller who is compelled to sell on a specific date given a reasonable period of time to find a purchaser, in an appropriate marketplace with knowledgeable buyers, with the buyer assuming all costs of removal, with all sales made free and clear of all liens and encumbrances.

O.E.M.: (abbr.) Original Equipment Manufacture.

SB: (abbr.) Service Bulletin; a bulletin issued by a manufacturer to remedy a mechanical concern.

STC: (abbr.) Supplemental Type Certificate; a term used for the approval that extends a type certificate for modifications made to an airframe, engine or appliance.



TBO: (abbr.) Time Between Overhaul; the recommended time interval limitation placed upon a mechanical component by the manufacturer.

TRO: (abbr.) Time Remaining Before Overhaul; the total operating time remaining before an overhaul is due on a mechanical component.

TSN: (abbr.) Time Since New; the total operating time since new of a mechanical component.

TSO: (abbr.) Time Since Overhaul; the total operating time of a mechanical component since its last overhaul.

TTAF: (abbr.) Total Time Airframe ; the total operating time of the airframe.

VFR: (abbr.) Visual Flight Rules.

WHOLESALE VALUE: The price agreed upon between a willing buyer who is a dealer, broker, agent, or individual who is intending to resell the subject property, and the seller, who may or may not be acting under a compulsion to sell on a specific date given a reasonable period of time to find a purchaser.



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