appraisal-hawker 800#29dbfb.cwk (wp)

NationwideAircraft Assurance Services

TM

AIRCRAFT APPRAISAL REPORT

For One

1994 Raytheon Hawker 800 Aircraft Serial Number 258263

Registration Number N826GC

Prepared for

Empyreal Jet, LLC

Effective Date of Appraisal

May 2, 2019

Prepared by

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

1-800-695-5110

Table of Contents

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

SECTION IIAircraft Identification & General Information . . . . . . . . . . . . . . . . . . . . . . . 4 Maintenance Records & Technical Manuals . . . . . . . . . . . . . . . . . . . . . . . . . 5 Maintenance Status . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 - 7Airframe Components . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 - 8 Engines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 - 10Auxiliary Power Unit (APU) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Ice & Rain Protection Systems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11Exterior Paint & Interior Furnishings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 - 12Avionics & Instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 - 14Modifications . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15Additional Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15Damage History . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15Appraisal Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16 - 20The Raytheon Hawker 800 Aircraft . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21The Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 - 22Comparable Aircraft Listings and Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 - 23Appraisal Computation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24Fair Market Value Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25

SECTION IIISubject Aircraft Photos . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 - 31

SECTION IV Appraisal Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32

Assumptions and Statement of Limiting Conditions . . . . . . . . . . . . . . . . . . 33 - 34Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 - 36

SECTION I

Appraisal AssignmentScope of AssignmentProprietary Notice Privacy Statement

Appraisal Statement

APPRAISAL ASSIGNMENT

Nationwide Aircraft Assurance Services Inc. has been retained by Empyreal Jet, LLC (the “Client”) to offer its opinion of the Fair Market Value of one (1) 1994 Raytheon Hawker 800(the “Subject Aircraft”) detailed below:

Manufacturer Raytheon Aircraft CompanyModel Hawker 800

Serial Number U.S.A. Registration Model YearEngine Make & Model Total Airframe HoursTotal Flight CyclesConfiguration

258263N826GC1994Honeywell International6,910.0 hours5,204Passenger; seating for 9 (excl. crew)

Effective Date: May 2, 2019

This appraisal report is intended to be used by:

Empyreal Jet, LLC397 N. Sam Houston Parkway, East Houston, TX 77060

Purpose of this appraisal: The purpose of this appraisal report is to provide a professional opinion of the Fair Market Value of the Subject Aircraft in U.S. Dollars.

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 aircraft, nor is any of the data herein intended to be used for evaluating the mechanical condition of the aircraft.

Appraisal Report No. 1905RH800-258263 Page 1


SCOPE OF ASSIGNMENT.

The scope of this assignment includes:

A. The collection and evaluation of information about the Subject Aircraft relative to establishing its Fair Market Value.

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

C. Determination whether the Market, Cost, or Income Approach is relevant to the Subject Aircraft.

D. Determination of the Fair Market Value of the Subject Aircraft.

E. The preparation of this Summary Appraisal Report.

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. 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 Inc. 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 our clients’ express consent except as required by federal or state law.



APPRAISAL STATEMENT

Nationwide Aircraft Assurance Services Inc. hereby states that;

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

B. The reported analyses, opinion, and conclusions are limited only by the reportedassumptions and limiting conditions, and are based upon impartial, unbiasedprofessional analyses, opinions, and conclusions.

C. We have no present or prospective interest in the property that is the subject ofthis report, and we have no personal interest with respect to the parties involved.

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

E. Our engagement in this assignment is not contingent upon developing or reportingpredetermined results.

F. Our compensation for completing this assignment is not contingent upon thedevelopment or reporting of a predetermined value or direction in value that favorsthe cause of the client, the amount of the value opinion, the attainment of astipulated result, or the occurrence of a subsequent event directly related to theintended use of this appraisal report.

G. Our analyses, opinions, and conclusions were developed, and this report has beenprepared in general compliance with the Uniform Standards of Professional AppraisalPractice (USPAP).

H. We have (not) made a personal inspection of the property that is the subject of thisappraisal report. Rather, we have relied upon specific, pertinent details about theproperty that has been provided to us by the qualified party identified in Section II,page 5, paragraph 1 of this appraisal report.

I. We have not provided any services regarding the subject property within the past3 years.

Date Signed: May 10, 2019Daniel R. WeissVice President, Appraisal Services Manager Nationwide Aircraft Assurance Services Inc. 11300 Lindbergh Boulevard, Suite 103Fort Myers, FL 33913 U.S.A.Telephone: 1-800-695-5110www.aircraft-value.com



Nationwide Aircraft Assurance Services Inc.


SECTION II

Aircraft Identification & General InformationMaintenance Records & Technical Manuals

Maintenance StatusAirframe Components

EnginesAuxiliary Power UnitIce Protection Systems

Exterior Paint & InteriorAvionics & Instruments

ModificationsAdditional Equipment

Damage HistoryAppraisal Comments

The Raytheon Hawker 800 AircraftThe Market

Comparable Aircraft Listings & SalesAppraisal Computation

Fair Market Value Conclusion

AIRCRAFT IDENTIFICATION & GENERAL INFORMATION

Manufacture: Raytheon Aircraft CompanyModel: Hawker 800Model Year: 1994Year of Manufacturer: 1994Manufacturer Serial Number: 258263Type Aircraft: Fixed wing, land, multiengine turbofan powered. Airworthiness Certification: Certification Date: 11-16-1999 (most recent)

Classification: StandardCategory: Transport

Registration: Country of Registration: U.S.A.Registration Number: N826GCRegistration Date: 12-11-2017Expiration Date: 12-31-2020Ownership: LLC Corporation

Total Airframe Hours : 6,910.0 hoursTotal Flight Cycles: 5,204Utilization: Authorized to operate privately and/or commercially

in accordance with Federal Aviation AdministrationRegulations FAR Parts 91 and 135.

Aircraft Identification & General InformationSummary: The subject aircraft, Raytheon Hawker 800 bearing serial

number 258263 was manufactured in 1994 and is currently registered in the U.S.A. as N826GC. Its current FAA Standard Airworthiness Certificate was issued on 11-16-1999 and its current FAA Registration is dated12-11-2017 with an expiry date of 12-31-2020. The aircrafthas accumulated a total of 6,910.0 hours and 5,204 flightcycles on its airframe since new. Recordings from the flightmanagement systems computer and flight trip logs is themethod in which the airframe and engine times are recorded.The aircraft is currently authorized to operate privatelyand/or commercially in accordance with Federal AviationAdministration Regulations FAR Parts 91 and 135.



MAINTENANCE RECORDS & TECHNICAL MANUALS

Maintenance Records: The maintenance log records for the subject aircraft were reported to the appraiser by Mr. James Maguire. As theDirector of Maintenance for the current registered owner of the aircraft, Mr. Maguire is assumed qualified to provide information regarding the maintenance records, technical manuals and general condition of the subject aircraft as reported within this appraisal report. The aircraft maintenance records consist of eight (8) airframe logs, two (2) engine logs for each of the two engines and associated reports relative to modifications, AD/SB compliance and airworthiness release documentation. The airframe maintenance logs begin during 03-1994 and continue to present.The left engine maintenance log begins during 01-1994 and continue to present.The right engine maintenance log begins during 05-1994 and continue to present.

Technical Manuals: The aircraft operating technical manuals include the following publications:• Aircraft flight Manual• Aircraft Operating Manual• Weight & Balance Manual• Performance Manual• RVSM Manual• Ground Support Manual

Maintenance Records & Technical Manuals Summary: The maintenance records for the subject aircraft are reported

to be authentic, unaltered and complete. The minimum required technical manuals are reported to be included with the aircraft.



MAINTENANCE STATUS

Serviceability Status:Maintenance Program:Maintenance Tracking Program:Maintenance Warranty Program:

Airworthiness Directives Status:Service Bulletin Status:Periodic Inspection Status:

Landing Gear OverhaulStatus:

ADC Certification Status:

Pitot Static System /Altimeter Certification Status:

Transponder Certification Status:

ELT Battery Replacement Status:

Aircraft is reported as serviceable. FAA approved manufacturer maintenance program.

Maintenance log book and computerized tracking system.

Engines; Honeywell MSP Gold program.Avionics; Honeywell Avionics (HAPP) program.

Applicable ADs reported as complied with. Applicable SBs reported as complied with.

Phase B InspectionLast Accomplished: 11-05-2015 at 6,653.5 hours TTAF Next Due: 7,434.5 hours TTAFPhase C InspectionLast Accomplished: 03-04-2017 at 6,969.4 hours TTAF Next Due: 8,509.9 hours TTAFPhase D InspectionLast Accomplished: 09-26-2010 at 5,309.9 hours TTAF Next Due: 8,509.9 hours TTAFPhase E InspectionLast Accomplished: 05-20-2019 at 6,910.0 hours TTAF Next Due: 05-2020Phase F InspectionLast Accomplished: 05-20-2019 at 6,910.0 hours TTAF Next Due: 05-2021Phase G InspectionLast Accomplished: 05-20-2019 at 6,910.0 hours TTAF Next Due: 05-2023

Date Accomplished: 05-2019 at 6,910.0 hours TTAF Next due: 05-2026Date Accomplished: 04-15-2019Next due: 04-30-2021

Date Accomplished: 04-15-2019Next due: 04-30-2021





RVSM Certification Status:

Weight and Balance Data:

Maintenance Status Summary:

AIRFRAME COMPONENTS

Fuselage Skins:

Wing Skins:

Empennage Skins:

Control Surfaces Skins:

Engine Nacelles:

Access Doors & Seals:

Windshield & Windows:

Landing Gear Assemblies:

Pitot Tube & Static Ports:

Antenna Assemblies:

Date Accomplished: 03-15-2019Next due: 03-31-2021Last record as of 03-10-2019Empty Weight: 15,750.0 poundsMaximum Certificated Takeoff Weight: 28,000.0 pounds Useful Load: 12,050.0 pounds

According to available maintenance reports, this aircraft is currently serviceable. All applicable Airworthiness Directives (AD) and Service Bulletins (SB) have been complied with. The next Phase B inspection will be come due for compliance at 7,434.5 hours TTAF, Phase C inspection at 8,509.9 hours TTAF, Phase D inspection at 8,509.9 hours TTAF, Phase E inspection on 05-2020, Phase F inspection on 05-2021, Phase G inspection on 05-2023, landing gear overhaul on 05-2026, ADC, pitot static, altimeter, transponder and ELT battery replacement by 04-30-2021 and, RVSM certification on 03-31-2021. There are no major inspection or certification requirements reported currently due or overdue for compliance.

The fuselage skins are reported to be in excellent condition absent of significant defects. The wing skins are reported to be in above average condition absent of significant defects.The empennage skins are reported to be in above average condition absent of significant defects. The control surfaces skins are reported to be in above average condition absent of significant defects. The engine nacelles are reported to be in above average condition absent of significant defects. The cabin access doors and seal assemblies are reported to be in above average condition absent of significant defects.The windshield and side fuselage windows are reported to be in excellent condition absent of notable defects.The landing gear assemblies are reported to be in average condition absent of significant defects. The pitot tube and static ports are reported to be in above average condition absent of notable defects. The antenna assemblies are reported to be in excellent condition absent of notable defects.



Fuselage Baggage Compartment: The aft fuselage baggage compartment is reported to be in

above average condition absent of significant defects.Exterior Lights: The external light components are reported to be in above

average condition absent of significant defects. The exterior lights include the following components:• Standard navigation position lights• Landing lights• Taxi lights• Strobe lights• Recognition lights• Tail flood lights• Wing ice detection lights

Airframe ComponentsSummary: The external airframe components are reported to be in well

above average condition overall for its make, model, year of production and hours of utilization. There is no reported evidence of abnormal wear, damage or defects to the external airframe components.

ENGINES

Engine Manufacture: Honeywell International, Inc.Engine Type: TurbofanModel: TFE731-5R-1HThrust Reverser Equipped: EquippedDEEC System Equipped: EquippedManufacturer TBO: 4,200 hours of operation

Engine Position 1 (Left)Serial Number: P-91649Serviceability: Reported as serviceable.Modifications: DEEC system equipped.Engine Service Program: Honeywell MSP Gold Service Program.Time Since New: 6,953.6 hours of operation.Cycles Since New: 5,170Time Since Overhaul: 2,835.3 hours of operation.Cycles Since Overhaul: 1,818Time Since Hot Section Inspection: 773.8 hours of operation.



Cycles Since Hot section Inspection: 520Time Remaining TBO: 1,364.7 hours of operation.Known MaintenanceProblems with Engine: None reported.Engine Position 1 Summary: This engine is considered to be a standard power plant

installation to the make, model and year of production aircraft and reported to be in serviceable condition. With a manufacturer published TBO (time before overhaul) of4,200 hours of operation, this engine will become due for an overhaul within the next 1,364.7 hours of operation. It is therefore considered to currently have approximately 32.5 percent of its TBO service life remaining. This engine is enrolled in the Honeywell MSP Gold maintenance service plan in which the aircraft operator pays a fee for each hour of engine operation, essentially prepaying for all scheduled and unscheduled maintenance events including overhauls. Enrollment within the MSP Gold service plan program is considered typical among most operators of the Honeywell TFE731-5R-1H engine.

Engine Position 2 (Right)Serial Number: P-98121CServiceability: Reported as serviceable.Modifications: DEEC system equipped.Engine Service Program: Honeywell MSP Gold Service Program.Time Since New: 6,953.6 hours of operation.Cycles Since New: 5,052Time Since Overhaul: 0.0 hours of operation.Cycles Since Overhaul: 0Time Since Hot Section Inspection: 0 hours of operation.Cycles Since Hot section Inspection: 0Time Remaining TBO: 4,200.0 hours of operation.Known MaintenanceProblems with Engine: None reported.



Engine Position 2 Summary: This engine is considered to be a standard power plant installation to the make, model and year of production aircraft and reported to be in serviceable condition. With a manufacturer published TBO (time before overhaul) of4,200 hours of operation, this engine will become due for an overhaul within the next 4,200.0 hours of operation. It is therefore considered to currently have approximately 100 percent of its TBO service life remaining. This engine is enrolled in the Honeywell MSP Gold maintenance service plan in which the aircraft operator pays a fee for each hour of engine operation, essentially prepaying for all scheduled and unscheduled maintenance events including overhauls. Enrollment within the MSP Gold service plan program is considered typical among most operators of the Honeywell TFE731-5R-1H engine.

AUXILIARY POWER UNIT

Manufacture: Honeywell International, Inc.Model: GTCP36-150(W)Serial Number: P-234Serviceability: Reported as serviceable.Manufacturer TBO: 10,000 hours of operation.APU Service Program: N1 Aviation Service ProgramTime Since New: 4,041.0 hours of operation.Time Since Overhaul: 4,041.0 hours of operation.Cycles Since Overhaul: Not applicableTime Since Hot Section Inspection: 459.0 hours of operation.TBO Hours Remaining: 5,959.0 hours of operation.Known MaintenanceProblems with APU: None reported.Auxiliary Power Unit Summary: This APU is considered to be a standard installation to the

make, model and year of production aircraft and reported to be in serviceable condition. With a manufacturer published TBO (time before overhaul) of 10,000 hours of operation, thisAPU will become due for an overhaul within the next 5,959.0 hours of operation. It is therefore considered to currently have approximately 59.6 percent of its TBO service life remaining.



ICE & RAIN PROTECTION SYSTEMS

Equipped for Known Icing: EquippedAirframe: EquippedEngines: EquippedWindshield: EquippedPitot Tubes, Static Ports& Stall Vanes: EquippedBrakes: EquippedIce & Rain Protection Systems Summary: This aircraft is fully equipped for flight into known icing

conditions. All installed systems are reported to be in serviceable, excellent condition absent of notable defects.

EXTERIOR PAINT

Exterior Paint Colors: Overall Matterhorn White with Blue on belly and accentstripes in Blue

Age of Paint: 2 years; applied during 2017.Condition of Paint: The exterior paint is reported to be in excellent condition. Exterior Paint Summary: The paint on the exterior surfaces was applied during

2017 in a design suitable to the make and model aircraft. The condition of the paint is reported to be excellentrelative to its age and hours of utilization.

INTERIOR

Passenger Cabin Description & Condition: The passenger cabin consists of four individual passenger

seats arranged in a typical club-style configuration and a 3-place divan couch. All seat upholstery is reported to bein excellent, recently refurbished condition absent ofnotable wear or defects.The passenger cabin ceiling headliner and side wall components consists of recently replaced upholstery reported to be in excellent condition absent of notable wear or defects. Flooring throughout the passenger cabin is covered in recently replaced carpeting reported to be in excellent condition absent of notable wear or defects.There are twelve cabin side windows installed on the aircraft. All interior window surface panels are reported to be in above average condition absent of significant defects.



Age of Interior Furnishings:Air Conditioned Cabin:Cabinetry:Lavatory/Toilet:Intercom System:Entertainment Systems:Business Systems:

Cockpit Description& Condition:

Age of Cockpit Furnishings:Interior Summary:

Additional furnishings within the main cabin compartment include a rear cabin private lavatory with a belted toilet seat, standard Hawker 800 wood laminate cabinetry, forward cabin galley refreshment center with ample storage, an Airshow 400/Adonis CD entertainment system. an Aircell ST-3100 wireless telephone, USB ports, AHSI internet, facsimile and 110 vac power outlets.1 year; refurbished "Bentley-Style" interior during 2018.EquippedEquipped; typical Hawker 800 installation.Equipped; typical Hawker 800 installation.EquippedEquipped; Airshow 400/Adonis/CD entertainment systemEquipped; Aircell ST-3100 wireless telephone and high speed internet system.

Cockpit furnishings on the subject aircraft include two pilot seats and one fold-out style jump seat. All seats are reported to be in excellent condition. In addition to the two windshield panels, the cockpit is equipped with four side fuselage windows. All interior surface panels are reported to be in above average condition absent of significant defects. The remainder of the cockpit interior furnishings are reported to be standard Hawker 800 installations reported to be in excellent condition. 1 year; full refurbishment during 2018.The interior configuration on this aircraft is considered to be generally standard for its make, model and year of production. The interior was refurbished during 2018 witha Bentley style decor. Additionally installed amenities include an Airshow 400/Adonis CD entertainment system. an Aircell ST-3100 wireless telephone, USB ports, AHSI internet, facsimile and 110 vac power outlets. The interior is reported to be in overall excellent condition relative to its age and hours of utilization. (Refer to photos Section III, pp. 26-31)



AVIONICS & INSTRUMENTS

Full Instrument Panel: EquippedDual Flight Instrument Panel: EquippedAnalog or EFIS: EFISGPS System: EquippedEGPWS System: EquippedTCAS System: EquippedADS-B out System: EquippedSatellite Data Link System: UnknownCondition of Avionicsand Instruments: All components are reported to be in serviceable condition.

INVENTORY OF AVIONICS & INSTRUMENTSComponent Manufacture ModelADF- 1 Honeywell DF-851ADF- 2 Honeywell DF-851Air Data Computers Honeywell Not specifiedAirspeed Indicator - standby Not specified Not specifiedAngle of Attack Indicator Safe Flight Not specifiedAltimeter - standby Meggitt Avionics ESFD Mk2Attitude Indicator - standby Meggitt Avionics ESFD Mk2Audio Selector Panel - L Honeywell AV-850AAudio Selector Panel - R Honeywell AV-850AAutopilot/AFCS Honeywell FZ-800Chronometer - L Davtron DigitalChronometer - R Davtron DigitalCockpit Voice Recorder Fairchild GA-100Com - 1 (VHF) Honeywell RNZ-850 w/8.33 spacing Com - 2 (VHF) Honeywell RNZ-850 w/8.33 spacing Com - 3 (HF) Bendix-King KHF-950 w/ selcal Compass - magnetic Not specified Not specified DME - 1 Honeywell RNZ-850DME - 2 Honeywell RNZ-850EADI Display - L Honeywell Primus II SPZ-8000EADI Display - R Honeywell Primus II SPZ-8000EGPWS Honeywell Mark VII w/windshearEHSI Display - L Honeywell Primus II SPZ-8000EHSI Display - R Honeywell Primus II SPZ-8000



Component Manufacture ModelELT Artex 406-2Flight Data Recorder Not specified Not specifiedFMS - 1 Honeywell FMZ-2000 w/dual GPSFMS - 2 Honeywell FMZ-2000 w/dual GPSIntercom Honeywell AV-850ALightning Detection System Honeywell LSZ-850Marker Beacon Honeywell AV-850AMultifunction Display Honeywell Primus II SPZ-8000Nav - 1 Honeywell RNZ-850Nav - 2 Honeywell RNZ-850Satellite Link Aircell AHSI systemTCAS System Honeywell TZC-910Transponder - 1 Honeywell RCZ-850Transponder - 2 Honeywell RCZ-850Weather Radar Honeywell WU-850Avionics & InstrumentsSummary: The avionics and instrument installations are considered

to be above average for this make, model and year of production aircraft. Additional upgraded components include a SafeFlight angle of attack indicator, Bendix-King KHF-950 HF transceiver w/selcal, dual Honeywell FMZ-2000 FMS/GPS systems, Honeywell LSZ-850 lightning detection system and a satellite data system. All components are reported to be in serviceable condition.



MODIFICATIONSOnly those modifications determined to have significant relevance to the value of the subject aircraft are included within this appraisal report.

Modification 1: Date: Not reported.STC: SA4147NMModification: Installation of Rosen windshield sun visors.

ADDITIONAL EQUIPMENT

Only the additional installed equipment determined to have significant relevance to the value of the subject aircraft are included within this appraisal report.

Equipment Item 1: Aircell ST-3100 satellite telephone system.Equipment Item 2: Passenger cabin Airshow 400/Adonis/CD entertainment

systems. Equipment Item 3: Passenger cabin AHSI internet system.Equipment Item 4: Twelve (13) personal floatation life jackets.Equipment Item 5: One (1) life raft.Equipment Item 6: Two (2) first aid kits.Equipment Item 7: One (1) defibrillator.Equipment Item 8: One (1) crash ax.Equipment Item 9: One (1) set of engine covers.

DAMAGE HISTORY

Current Damage: None reported.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 1994 Raytheon Hawker 800 aircraft bearing the manufacturer serial number 258263. This report is based on information and data publicly and privately available provided to and by Nationwide Aircraft Assurance Services Inc.

In the course of developing this appraisal, Nationwide Aircraft Assurance Services, Inc. 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.

Nationwide Aircraft Assurance Services Inc. has (not) personally inspected the Subject Aircraft. However, Nationwide Aircraft Assurance Services Inc. has gathered information regarding its history, maintenance status, equipment, and any other information considered germane to this appraisal from the Client and/or other sources believed to be reliable. As will be detailed in the following section, there are a number of issues which, in the opinion of Nationwide Aircraft Assurance Services, that collectively have a material impact upon the value of the aircraft. These issues are summarized below:

• Total Airframe Time. The Subject Aircraft is reported to have a total of 6,910.0hours of utilization on its airframe. This equates to an average of approximately276 hours per year. In comparison, among the Hawker 800 world wide aircraftfleet, the reported average utilization is 389 hours per year. Therefore, with itstotal time lower to that of the available fleet average, in the opinion of NationwideAircraft Assurance Services, there is positive material effect upon the value of theSubject Aircraft relative to its Total Airframe Time.



• Maintenance Records & Technical Manuals. The maintenance records for the Subject Aircraft are reported to be well documented and complete. There are no reported missing or altered entries within the available records. The minimum required aircraft operating technical manuals are reported to be present and complete. Therefore, in the opinion of Nationwide Aircraft Assurance Services, there is neither positive nor negative material effect upon the value of theSubject Aircraft relative to Maintenance Records & Technical Manuals.

• Maintenance Status. The Subject Aircraft is currently maintained under the FAA approved manufacturer’s maintenance program and is reported to be in serviceable condition. All applicable Airworthiness Directives (AD) and Service Bulletins (SB) have been complied with. The next Phase B inspection will be become due for compliance at 7,434.5 hours TTAF, Phase C inspection at 8,509.9 hours TTAF, Phase D inspection at 8,509.9 hours TTAF, Phase E inspection on 05-2020, PhaseF inspection on 05-2021, Phase G inspection on 05-2023, landing gear overhaul on5-2026, ADC, pitot static, altimeter, transponder and ELT battery replacement

on 04-30-2021 and, RVSM certification on 03-31-2021. There are no inspectionor certification requirements reported currently due or overdue for compliance. Therefore, in the opinion of Nationwide Aircraft Assurance Services, there is positive material effect upon the value of the Subject Aircraft relative to its Maintenance Status.

• Airframe Components. The Subject Aircraft exterior airframe componentsare reported to be in well above average condition for its make, model, year of production and hours of utilization. Therefore, in the opinion of Nationwide Aircraft Assurance Services, there is positive material effect upon the value ofthe Subject Aircraft relative to its Airframe Components.

• Engines. The Subject Aircraft is powered by two Honeywell International model TFE731-5R-1H turbofan engines. These engines are considered to be standard power plant installations to the make, model and year of production aircraft. Reports indicate that the left (#1) engine is currently in serviceable condition. With a manufacturer published TBO (time before overhaul) of 4,200 hours of operation, this engine will become due for an overhaul within the next 1,364.7 hours of operation. This equates to having approximately 32.5 percent of its TBO service life remaining. This engine is enrolled in the Honeywell MSP Gold maintenance service plan in which the aircraft operator pays a fee for each hour of engine operation, essentially prepaying for all scheduled and unscheduled maintenance events including overhauls. Enrollment within the MSP Gold service plan program is considered typical among most operators of the Honeywell TFE731-5R-1H engine.



Reports indicate that the right (#2) engine is currently in serviceable condition. With a manufacturer published TBO (time before overhaul) of 4,200 hours of operation, thisengine will become due for an overhaul within the next 4,200.0 hours of operation. This equates to having 100 percent of its TBO service life remaining. This engine is enrolled in the Honeywell MSP Gold maintenance service plan in which the aircraft operator pays a fee for each hour of engine operation, essentially prepaying for all scheduled and unscheduled maintenance events including overhauls. Enrollment within the MSP Gold service plan program is considered typical among most operators of the Honeywell TFE731-5R-1H engine.

Therefore, in the opinion of Nationwide Aircraft Assurance Services, there is neither positive nor negative material effect upon the value of the Subject Aircraft relative to its Engines with consideration to their enrollment within the MSP Gold maintenance service plan.

• Auxiliary Power Unit (APU). The Subject Aircraft is equipped with one (1)Honeywell International model GTCP36-150(W) Auxiliary Power Unit (APU).Reports indicate that it is currently in serviceable condition. With a manufacturerpublished TBO (time before overhaul) of 10,000 hours of operation, this APU willbecome due for an overhaul within the next 5,959.0 hours of operation. Thisequates to having approximately 72 percent of its TBO service life remaining.Therefore, it is the Appraiser’s opinion that there is positive material effectupon the value of the Subject Aircraft relative to its APU with respect to itsremaining TBO hours of operation.

• Ice Protection Systems. The Subject Aircraft is equipped with ice protection systemsallowing flight into known icing conditions. All installed systems are reported to bein serviceable, excellent condition. Therefore, in the opinion of Nationwide AircraftAssurance Services, there is positive material effect upon the value of the SubjectAircraft relative to its Ice Protection Systems.

• Exterior Paint & Interior. An important issue effecting all aircraft is the conditionand appearance of the exterior paint and interior. In the case of the Subject Aircraft,the paint on the exterior surfaces was applied during 2017 in an attractive designsuitable to the make and model aircraft. The condition of the paint is reported tobe excellent relative to its age and hours of utilization.



With regard to its interior configuration and condition, the Subject Aircraft is equipped with a typical total passenger seating capacity of seven excluding the additional belted lavatory toilet seat and crew seats. The interior was completely refurbished during 2018 with a "Bentley-Style" decor. Additionally installed amenities include an Airshow 400/Adonis CD entertainment system, an Aircell ST-3100 wireless telephone and a high speed internet system. The interior is reported to be in overall excellent condition relative to its age and hours of utilization.

Therefore, in the opinion of Nationwide Aircraft Assurance Services, there is positive material effect upon the value of the Subject Aircraft relative to its Exterior Paint and to its Interior.

• Avionics & Instruments. The Subject Aircraft is equipped with an IFR capableavionics and dual panel EFIS instrumentation system. The level of installedcomponents on this aircraft is considered to be above average for its make, modeland year of production. Additional upgraded components include SafeFlight angleof attack indicator, Bendix-King KHF-950 HF transceiver w/selcal, dual HoneywellFMZ-2000 FMS/GPS systems, Honeywell LSZ-850 lightning detection system anda satellite data system. All components are reported to be in serviceable condition.Therefore, in the opinion of Nationwide Aircraft Assurance Services, there ispositive material effect upon the value of the Subject Aircraft relative to itsAvionics and Instruments.

• Modifications. Major modifications to the Subject Aircraft include Installation ofRosen windshield sun visors. Therefore, in the opinion of Nationwide AircraftAssurance Services, there is positive material effect upon the value of the SubjectAircraft relative to Modifications.

• Additional Equipment. Additional installed equipment within the SubjectAircraft include an Aircell ST-3100 satellite telephone system, passenger cabinAirshow 400/Adonis WiFi/CD entertainment systems, passenger cabin businesssupport, an AHSI internet system, thirteen (13) personal floatation life jackets, one(1) life raft, two (2) first aid kits, one (1) defibrillator, one (1) crash ax and one (1)set of engine covers. Therefore, in the opinion of Nationwide Aircraft AssuranceServices, there is positive material effect upon the value of the Subject Aircraftrelative to Additional Equipment.



• Damage History. There is no reported current damage or previously repaireddamage to the Subject Aircraft. Therefore, in the opinion of Nationwide AircraftAssurance Services, there is neither positive nor negative material effect upon thevalue of the Subject Aircraft relative to Damage History.



THE RAYTHEON HAWKER 800 AIRCRAFT

The Raytheon Hawker 800 is a twin engine turbofan powered executive class business jet aircraft manufactured from 1994 to 2005 in the U.S.A by Raytheon Aircraft Company (later Hawker Beechcraft Corp.). With a typical passenger seating capacity of 8 to 9 (excluding the flight crew), the Hawker 800 was designed and built as an improved, enhanced performance derivative of its predecessor, the Hawker 700.

During its 12 years of production, a total of 263 Hawker 800 aircraft were built and delivered to customers worldwide before it was replaced by the improved model Hawker 800XP during 1995. There are presently 229 Hawker 800 aircraft that remain serviceable throughout the world. Most are utilized for personal transportation within air charter and corporate flight department operations as well as within a number of international government agencies. The Hawker 800 series has been voted for many years by several aviation publications as the best in its category and class, most favored for its cabin size, range and charter appeal.

The subject Hawker 800 described within this appraisal report was built in 1994 and bears the manufacturer serial number 258263. With a total of 6,910.0 hours of utilization since new, it has lower than average total time as compared to the world wide Hawker 800 fleet. The subject aircraft is equipped with well above average avionics and excellent exterior paint and interior. Its engines are enrolled within the Honeywell MSP Gold engine and avionics HAPP maintenance service plans. It has well documented maintenance and a clean damage history. All considered, the subject Hawker 800 is viewed as an excellent example of its make, model and year of manufacture.

Variants:Hawker 800Hawker 800XPHawker 800XPi

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.



General aviation flight activity has increased globally during the last 12 month period. The significant increase in activity could be an indicator of positive sentiment among businesses concerning the overall economy. With continued strong growth in key industries such as business services, most analysts are optimistic 2019 will continue to be positive for the general aviation industry.

With respect to mid-sized business jet aircraft, 2018 resulted in one of the best new and preowned sales markets for all makes and models in the past 10 years. The turnover in the small sized, business jet aircraft fleet totaled 3.2%, the best in the past seven years.

In the final analysis, newer production mid-sized business jet aircraft (less than 6 years old) and premium quality older aircraft with fewer total operating hours, high remaining TBOs on engines, excellent quality cosmetics, more advanced avionics and clean maintenance histories should fair well in maintaining value in the current market.

COMPARABLE AIRCRAFT LISTINGS & SALES

Currently on the worldwide market, there are 43 Hawker 800 aircraft offered for sale with current published asking prices ranging from $325.0 thousand for a 1995 production year model with 14,630 total airframe hours to $1.195 million for a 1995 production year model with 5,885 total airframe hours. Available reported sales data for Hawker 800 aircraft during the previous twelve month period reflect a value range of $685.0 thousand for a 1986 production year model with 13,993 total airframe hours to $1.475 million for a 1995 production year model with 7,175 total airframe hours. Average price for a factory new Hawker 800 during 1994 was $9.956 million.

Reasonable exposure time to the market for a 1994 Hawker 800 aircraft with standard equipment, average total airframe time, engines equipped with thrust reversers and enrolled in the Honeywell MSP Gold maintenance service program, mid-time APU, complete maintenance records, no history of damage and in average overall condition would be approximately 98 days if priced between $989.0 thousand and $1.407.0 million.

Subject Aircraft Prior Sales:The subject aircraft of this report has not been involved in a sale in the past 12 months.

The current registration is dated December 11, 2017 with an expiry date of December 31, 2020.



COMPARABLE AIRCRAFT SALES CHART

The Raytheon Hawker 800 Aircraft(This information for comparison purposes only)

Raytheon Aircraft Co. Subject Comp 1 Comp 2 Comp 3 Hawker 800 Aircraft Aircraft Aircraft Aircraft

Model Year 1994 1994 1993 1992

Serial Number 258263 258261 258233 258211

Asking Price N/A* N/A* N/A* N/A*

Sales Price (sold for) N/A* 1,390,000 1,230,000 975,000

Days Listed N/A* N/A* 88 N/A*

Airframe Time 6,910 8,330 12,868 11,943

Engines on Service Program Yes Yes N/A* Yes

APU TBO Remaining 5,959 4,619 N/A* 6,600

Avionics Above Avg. Above Avg. Above Avg. Above Avg.

Exterior Paint Excellent N/A* Above Avg. N/A*

Interior Excellent Above Avg. Average Above Avg.

Damage History None None None None

Value Adjustments** :

Year of Manufacture 0 85,400 170,800

Airframe Time 17,040 65,580 49,680

Engines 0 0 0

APU 17,690 0 (8,460)

Avionics (12,600) 53,530 103,400

Exterior Paint 0 10,500 0

Interior 48,000 96,000 48,000

Damage History 0 0 0

Comparable Aircraft Value Adjusted to the Subject Aircraft** 1,460,130 1,541,010 1,338,420

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

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



APPRAISAL COMPUTATION

Current Average Base Market Value for 1994 Raytheon Hawker 800 Aircraft USD $ 898,400

Add for Airframe Low Total Time $ 28,250Add for Well Above Average Airframe Components Condition $ 7,600 Add for Maintenance Status $ 103,550Add for Above Average Auxiliary Power Unit TBO $ 12,600 Add for Excellent Ice & Rain Protection Systems Condition $ 16,000Add for Excellent Exterior Paint Condition $ 31,000Add for Excellent Interior Condition $ 98,000Add for Above Average Avionics & Instruments $ 176,800Add for Modifications $ 15,535Add for Additional Equipment $ 142,830

Total Additions + $ 632,165

Total Deductions - $ 0

Based upon the above, the Current Fair Market Value of 1994 Raytheon Hawker 800 serial number 258263 as of May 2, 2019 is calculated to be: USD $ 1,530,565

Notes:1 Current Average Base Market Value is based upon the make, model and year of production aircraft with standard equipment, average total airframe time, engines equipped with thrust reversers and enrolled in the Honeywell MSP Gold maintenance service program, mid-time APU, complete maintenance records, no history of damage and in average overall condition.



1

FAIR MARKET VALUE CONCLUSION

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

The Market, Income and Cost Approaches have been considered to determine the value of the subject aircraft. 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 Aircraft and in consideration of the current market environment for Raytheon Hawker 800 aircraft, it is the opinion of the Nationwide Aircraft Assurance Services, Inc. that 1994 Raytheon Hawker 800, bearing the manufacturer’s serial number 258263, has a Fair Market Value of $1,530,565.00 as of May 2, 2019.

Fair Market Valueas of May 2, 2019

1994 Raytheon Hawker 800 Aircraft Mfg. Serial Number 258263

$1,530,565.00



SECTION III

Subject Aircraft Photos(Provided by Client)



Aircraft Interior - Passenger Cabin Club Style Seating



Aircraft Interior - Passenger Cabin Seat



Aircraft Interior - Forward Passenger Cabin Galley



Aircraft Interior - Rear Passenger Cabin Lavatory



Aircraft Interior - Passenger Cabin Aircell Telephone



Aircraft Interior - Crew Jump Seat

SECTION IV

Appraisal MethodologyAssumptions & Statement of Limiting Conditions

Definitions

APPRAISAL METHODOLOGY

In order to appraise the base and adjusted values of aircraft, Nationwide Aircraft Assurance Services, Inc. (NAAS) 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 NAAS’ proprietary aircraft transaction database.

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

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

To appraise an aircraft, cross-sectional data concerning the values of aircraft 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 aircraft at a specific point in time. Such data typically considers the effect of deterioration of an aircraft 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 aircraft 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 aircraft for any specific period of time.

The variability of the data used by NAAS 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 aircraft has (not) been made by Nationwide Aircraft Assurance Services, Inc. (NAAS) (‘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 Empyreal Jet, LLC (the “Client”). Itmay not be transmitted in any form to any other party without the express consent of the Client. 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 NAAS 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 NAAS do not have any financial interest in the subject aircraft 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 NAAS 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 aircraft to the appraisers, employees, officers, and/or authorized agents of NAAS 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 NAAS 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 NAAS 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 NAAS 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 aircraft 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 NAAS and is only intended to be advisory. Therefore, NAAS 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 aircraft. By accepting this report, the Client agrees that NAAS shall bear no responsibility or legal liability regarding this report.



DEFINITIONS

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

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

CBO: (abbr.) Cycles Before Overhaul; the recommended cycle interval limitation placed upon amechanical 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 sinceits 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 typecertificate for modifications made to an airframe, engine or appliance.

TBO: (abbr.) Time Between Overhaul; the published time interval limitation placed upon amechanical component by the manufacturer.

TRO: (abbr.) Time Remaining Before Overhaul; the total operating time remaining before anoverhaul 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 itslast 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.



appraisal-hawker 800#29dbfb.cwk (wp)

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