AIRCRAFT APPRAISAL REPORT

EXECUTIVE SUMMARY .................................................................... 6 - 11 INTENDED USE AND USER………………………………………….… 6 SCOPE OF WORK………….………………………………………….… 6 CERTIFICATE OF APPRAISAL ……………………………………….. 8 DEFINITION OF VALUE…………………………………………………. 9- 13 AIRCRAFT SPECIFICATIONS AND EXISTING UPGRADES…….………..........………………………….…………......... 14 - 16 EVALUATION AND OTHER CONSIDERATIONS ……………………. 17 - 20 CURRENT FAIR MARKET VALUE STATEMENTS……………………. 22 VREF VALUATION METHODOLOGY................................................. 23 - 29 APPRAISAL APPROACHES……………………………………………… 24 STATEMENT OF ASSUMPTIONS/LIMITING CONDITIONS............... 30 - 32 VALUATION METHODOLOGY TERMS AND DEFINITIONS ............. 33 - 34 USPAP CERTIFICATION STATEMENT………………………………... 39 PHOTOGRAPHS/APPENDIX…...……………………………………….. 40 Ø DOCUMENTATION (on file at VREF) ATTACHMENTS: Ø Curriculum Vitae (Jason Zilberbrand, ASA, MNAA, CAA, ISA AM, AOA AM, MRAeS) Mr. John Riordan & Cessna 185, LLC/VREF22-A185F-18502286/Effective Date: September 7, 2022 Page 6 EXECUTIVE SUMMARY Introduction & Appraisal Services Request: MR. JOHN RIORDAN & CESSNA 185, LLC john.riordan12@gmail.com requested this aircraft appraisal assignment via electronic mail on August 12th, 2022. VREF has been retained to provide Mr. John Riordan & Cessna 185, LLC with a representation of Current Fair Market Value for 1973 Cessna A185F Skywagon, Serial Number 18502286, Registration Number N192JR and provide Mr. John Riordan & Cessna 185, LLC with a written Appraisal Report consistent with the guidelines established by the Uniform Standards of Professional Appraisal Practice (USPAP). This appraisal was prepared in support of the estate planning of the subject aircraft to Mr. John Riordan & Cessna 185, LLC. Intended Use/Intender User: The values reported within this report are intended to be utilized for estate planning purposes for the sole use and benefit of Mr. John Riordan & Cessna 185, LLC for determining the Current Fair Market Value via a Uniform Standards of Professional Appraisal Practice (USPAP) compliant “Desktop Appraisal” on 1973 Cessna A185F Skywagon, Serial Number 18502286, Registration Number N192JR (1973 Certificate of Airworthiness) for the purpose of estate planning and may not be assigned to any third party without the prior written consent of VREF. Scope of Work: (Valuation Assignment) For this valuation assignment, a narrative Appraisal Report has been prepared outlining the appraisal techniques and procedures utilized in evaluating the subject aircraft for certain values as requested below. This Appraisal Report includes the results of: A. An evaluation of the aircraft’s photos, equipment lists, and other data as provided by the client. B. Determination whether the Sales Comparison, Cost, or Income approach is relevant to the subject aircraft. The Cost and Income approaches were deemed to lack relevance with regard to this aircraft as this type of aircraft is priced based on market activity and numerous sales comparisons exist. No income generating information was provided to support an Income Approach valuation. No replacement cost information was provided to support a Cost Approach valuation The Sales Comparison approach was considered and used because there are like aircraft of similar utility that trade on the open market. C. Determination of Current Fair Market Value for the subject aircraft for the purpose of estate planning. D. The appropriate research that includes many sources including, but not limited to, aircraft advertised for sale, published value information and the use of proprietary databases. E. The preparation of this appraisal report. Mr. John Riordan & Cessna 185, LLC/VREF22-A185F-18502286/Effective Date: September 7, 2022 Page 7 F. The registered owner of this aircraft was established using the aircraft’s registration and FAA records as verification. It appears that the ownership does not have a bearing on the value of this aircraft. The registered owner is assumed to have full and legal title to the aircraft, and it is further assumed that the registered owner has the unconditional power to dispose of the property as it sees fit. 1973 Cessna A185F Skywagon Serial Number 18502286 Registration Number N192JR PREPARED FOR Mr. JOHN RIORDAN & CESSNA 185, LLC REPORT DATE: September 7th, 2022 AIRCRAFT VALUE REFERENCE & APPRAISAL SERVICES VREF Aircraft Valuation Reference & Appraisal Services VREF INC. 318 Half Day Rd | Suite 313 Buffalo Grove, IL 60089 Office: 844-303-VREF | www.VREF.com A review of the aircraft equipment list, history, options, modifications, and maintenance recently performed occurred on September 7th, 2022, and 1973 Cessna A185F Skywagon Aircraft, serial number 18502286 at the office of VREF Aircraft Value Reference & Appraisal Services, located in Buffalo Grove, Illinois. It is the opinion of this reviewer that the Fair Market Value of the above Aircraft on the Effective Date of September 7th, 2022, is: $555,000.00 USD Five Hundred Fifty-Five Thousand U.S. Dollars and No Cents This certificate is valid only on the signed effective date and must be accompanied by a full appraisal to be USPAP compliant. Jason Zilberbrand, ASA, MNAA, CAA, ISA AM, AOA AM, MRAeS VREF INC. VREF Aircraft Valuation Reference & Appraisal Services | 318 Half Day Rd| #313 | Buffalo Grove, IL 60089 Office: 844-303-VREF | WWW.VREF.COM Jason Zilberbrand Mr. John Riordan & Cessna 185, LLC/VREF22-A185F-18502286/Effective Date: September 7, 2022 Page 9 Appraisal Conclusions: Effective Date of Appraisal: September 7, 2022 The above value indicates Current Fair Market Value in constant 2022 U.S. dollars with no inflation factors. The following definition of CURRENT FAIR MARKET VALUE was utilized for this appraisal to include the MARKET VALUE assumption and is sanctioned by The Appraisal Foundation and the American Society of Appraisers as: The current cost, new, or a similar new property having the nearest equivalent utility as the property being appraised. Value* is the amount, relative worth, utility, or importance of an asset (not necessarily equal to price or cost). Price* is the amount a particular purchaser agrees to pay, and a particular seller agrees to accept under the circumstances surrounding their transaction. Price may not necessarily be equal to value. *Definitions from “Valuing Machinery and Equipment: The Fundamentals of Appraising Machinery and Technical Assets” Second Edition, American Society of Appraisers. Useful Life is the period of time over which property may reasonably be expected to perform the function for which it was designed. VREF’s projected Useful Life for the subject aircraft is approximately 40-years from its date of manufacture if the aircraft is operated in accordance with the aircraft’s approved maintenance and overhaul recommendations, complying with the applicable bulletins recommended by the aircraft’s manufacturer and using only parts and processes acceptable to the aircraft’s manufacturer. Resale Pricing Adjustments: Resale pricing adjustments are based on actual sales transactions and current market conditions such as overall trends in asking prices, increase or decrease in supply, demand, and sales volume. We obtain sales pricing data from owners and operators, lenders and lessors, brokers and equipment manufacturers worldwide. VREF monitors’ several indicators in the used General Aviation Market, including inventory levels, pricing levels and days on market. We believe the used General Aviation Market serves as a leading indicator of the new General Aviation Market. The General Aviation Market is cyclical in nature, largely driven by the general, domestic and world economic environment. Mr. John Riordan & Cessna 185, LLC/VREF22-A185F-18502286/Effective Date: September 7, 2022 Page 10 Actual aircraft condition, time, operation history and modifications are far more important than age. Values can vary widely based on the maintenance and modification status. Maintenance history and refurbishment restoration quality can vary values from a low to high extremes. Actual values must be determined by actual appraisals. This appraisal/valuation was developed as a service for Mr. John Riordan & Cessna 185, LLC to assist in arriving at the Current Fair Market Value of the subject 1973 Cessna A185F Skywagon. These values are intended as a guide developed by an American Society of Appraisers accredited appraiser and are not to be considered to reflect all unforeseen market variances. VREF – Trends and Market Valuation Analysis of Aircraft Values September 2022 Market Data: I found approximately (8) pre-owned Cessna A185F’s on the Global market. These (8) Cessna A185F’s represents approximately less than one (.72%) percent of the approximately 1102 Cessna A185F’s still in operation. The Cessna A185F’s started production in 1975 and ended in 1985. The Cessna A185F Skywagon’s currently listed for sale typically remains on the market for an average of an estimated 90 days. It is generally accepted that a correlation exists between the strength of the resale market and the time it takes to sell an aircraft. While most will agree that this is true, the “time on market” is also partially a function of price. Still, in a “normal market,” it usually takes approximately six to eight months to effectively market a properly priced, well-equipped and maintained aircraft. Traditionally, when 10% of the operational fleet of a particular model aircraft is for sale, it is considered normal sales activity, less than 5% is a “seller’s” market and more that 15% is a “buyer’s” market. With approximately .72% of the fleet for sale, this is within the range of what would be considered a seller’s market. VREF’s appraisal of this 1973 Cessna A185F Skywagon indicates that our conclusions are consistent with the data we reviewed. MR. JOHN RIORDAN & CESSNA 185, LLC, VREF, AMSTAT 2022 (AMSTAT Corporation), The FAA, and review of aircraft publicly listed for sale and/or other reported closings from financial institutions/manufacturers may have provided this data. It is assumed that the aircraft will be returned to service in an airworthy condition upon completion of any (if any) and all required outstanding maintenance. Sales Comparison APPROACH: The Sales Comparison Approach was determined to be efficient because of the ability to estimate an amount at which the aircraft might exchange between a willing a buyer and willing seller, neither being under compulsion and each having knowledge of all relevant facts. This approach is based upon the premise that an informed buyer would pay no more for an aircraft Mr. John Riordan & Cessna 185, LLC/VREF22-A185F-18502286/Effective Date: September 7, 2022 Page 11 than the cost of a comparable one. Actual sales prices and listed prices for aircraft for sale are used to establish the value of a hypothetical aircraft, like the one under review. The degree of similarity between each aircraft actually sold, and the hypothetical aircraft, determines the weight given to each sale. Assumptions regarding the configuration, condition, and status of the hypothetical aircraft are developed and presented. Although there are no mathematical formulas for calculating hypothetical value, it is not a guess or an unsupported estimate. Hypothetical aircraft value is quantified by weighing all relevant and factual comparable sales data. Adjustments are then made to the hypothetical value to determine the market value of the aircraft under review. These adjustments are based upon the configuration, condition, status and history of the aircraft, as revealed by evaluation of the aircraft and its maintenance records. This appraisal sets forth our findings and professional conclusions based upon an investigation of conditions affecting Current Fair Market Value, and is subject to the Statement of Assumptions/Limiting Conditions, Valuation Methodology Terms & Definitions, which will assist in avoiding erroneous interpretation of this appraisal. Additionally, it is important to understand the VREF Valuation Methodology used for this appraisal. VREF has no control over asset depreciation. These factors could be one or more of the following; Ø Technical Obsolescence: Changes in the operational environment, which is attributable to technological alternatives or possible successors to the Aircraft. Ø Functional Obsolescence: which is the loss in value owing due to increasing technical and operational difficulties in using the Aircraft. Ø Economic obsolescence: which is the loss in value due to economic factors external to the Aircraft themselves. Ø Physical Deterioration: which is the loss in value due to wear and tear. On-Site Evaluations and Other Considerations VREF did NOT physically evaluate the subject aircraft and its associated maintenance records. VREF Evaluation and Records Review (Normal Engagement) We do not determine airworthiness (see below) or maintenance condition. The typical evaluation and records review are for our appraisal/valuation process only. We do not investigate ownership or operator status. We will not assess prior damage or prolonged maintenance history on the subject aircraft or its components. We are doing an As Is-Where Is analysis as of the effective date of the appraisal. We do not ascertain warranty status (existence, term, expiration or payment status) of the aircraft, engines, APU (if installed) or components. We do not verify enrollment of any Engine, APU or Airframe maintenance programs. Mr. John Riordan & Cessna 185, LLC/VREF22-A185F-18502286/Effective Date: September 7, 2022 Page 12 Airworthy Condition: The term airworthiness is not defined under the U.S Code of Federal Regulations or Federal Aviation Regulations (FAR’s). Nevertheless, a clear understanding of its meaning is an essential tool for complying with the various FAR’s incorporating the concept of airworthiness. The term represents the substance of two very fundamental safety regulations, FAR 43.15(a) and 91.7(a). The first states that “persons performing required inspections do so to “determine whether the aircraft … meets all applicable airworthiness requirements.” The latter specifies, “No person may operate a civil aircraft unless it is in an airworthy condition.” From these two citations have come bodies of FAA and NTSB case law defining the term that can be summarized as follows: An aircraft is airworthy only if it is capable of a safe operation and conforms to its type certificate. If the term airworthy were interpreted to mean only to be in a condition for safe flight, at times it would be unreasonably difficult to enforce the regulations. In order to prove that a pilot operated an unairworthy aircraft or that a mechanic certified an unairworthy aircraft as airworthy, the FAA sometimes would be required to undertake an extensive test-flight program of an aircraft that did not conform to the applicable type certificate. Additionally, if airworthy meant only to be in a condition for safe flight, it would render the entire airworthiness certification procedures meaningless. That is, any modification to the original type design would be acceptable solely on the basis of a “safe to fly” evaluation. Conversely, if airworthy only meant for an aircraft to conform to its type certificate (design specifications); the concept of a continuing airworthiness program would be invalidated. In practical terms this means that the aircraft must conform to the original FAA type-design specifications, as modified by supplemental type certificates; in other words, it should be in the same configuration as it was the day it rolled off the production line or first placed in service. Additionally, alterations, maintenance and preventative maintenance performed on the aircraft must have conformed to “methods, techniques and practices prescribed in the current manufacturer’s maintenance manual or other methods, techniques and practices acceptable to the administrator” FAR 43.13(a). Source: General Aviation/Piston Operations Inspector’s Handbook, FAA Order 34500.1, and Vol. 2, 180-46-47. An Airworthiness Certificate is issued by a representative of the FAA after the aircraft has been inspected, is found to meet the requirements of the CFR’s and is in condition for safe operation. The certificate must be displayed in the aircraft so that it is legible to passengers or crew whenever the aircraft is operated. The Airworthiness Certificate is transferred with the aircraft, except when it is sold to a foreign purchaser. FAA Form 8100-2, Standard Airworthiness Certificate, is issued for aircraft type certificated n the normal, utility, acrobatic, commuter and transport categories, or for manned free balloons. Therefore, this appraisal considers the date of issuance of the Airworthiness Certificate to represent when the aircraft was manufactured Mr. John Riordan & Cessna 185, LLC/VREF22-A185F-18502286/Effective Date: September 7, 2022 Page 13 (model year). The subject aircraft date of manufacture, i.e. model year date, should be verified from the aircraft’s actual records and originally issued Airworthiness Certificate. FAA Form 8100-2 remains in effect as long as the aircraft receives the required maintenance and is properly registered in the United States. Flight safety relies, in part, on the condition of the aircraft which may be determined on inspection by mechanics, approved repair stations or manufacturers who meet specific requirements of 14 CFR Part 43. In summary, the FAA initially determines that your aircraft is in condition for safe operation and conforms to type design, then issues an Airworthiness Certificate. Source: Plane Sense (Information; US Department of Transportation (Flight Standards Service) FAA-H-8083-19 Reprinted 1999 www.faa.gov. If the appraised subject aircraft is not in airworthy condition, not capable of safe flight, VREF must conduct a new/separate appraisal analysis to address this non-airworthy condition and any value conclusions set forth herein are hereby null and void. This appraisal/valuation is not intended to be a pre-purchase or technical evaluation of the subject aircraft. However, we highly recommend all buyers perform a pre-purchase/technical evaluation prior to the acquisition of any aircraft/asset. We recommend the following items be audited and reviewed: aircraft specifications/description, equipment list, major repair and alteration status (FAA Form 337 if available). This list should include, but not limited to: component maintenance/modification records, supplemental type certificates, airframe/engine service bulletin reports, airframe/engine/accessory airworthiness directives, airframe/engine service/maintenance/overhaul records, actual airframe/engine logbook records and computerized airframe/engine records (however, not all items are always made available to VREF). This appraisal was conducted by VREF. The reader(s) of this appraisal document may contact Mr. Jason Zilberbrand, ASA, MNAA, CAA, ISA AM, AOA AM, MRAeS (Office: 844-303-8733 ext. 700) for any additional explanations or clarifications. QQQQQQQQ Mr. John Riordan & Cessna 185, LLC/VREF22-A185F-18502286/Effective Date: September 7, 2022 Page 14 AIRCRAFT SPECIFICATIONS 1973 Cessna A185F Skywagon The following are the specifications of the subject aircraft based on information provided, some information may have been provided by published sales brochures, advertisements or proprietary databases. DESCRIPTION OF SUBJECT AIRCRAFT (As-is – Where-is) Registration Number N192JR Serial Number 18502286 1973 Certificate of Airworthiness Time as of September 2022 Total Airframe Hours 7659.7 Engine Manufacturer/Model Continental IO-550D-D15B Serial Number(s) 832567-R Time Since Overhaul 295.8 TBO 2200 Prop(s): MTV-9 3-Blade Propeller, Kevlar Spinner, Model Number D/210-58, Serial Number 160907, 295.8 Time Since New. ENGINE(S): Engine Serial Number(s) was provided and reviewed. Factory Remanufactured engine IO-550 upgrade. INTEIOR DETAILS: Aircraft is in excellent condition with standard passenger seating arrangement in tan leather. The interior shows no signs of wear, with no visible defects with like new sidewalls, carpeting and headliner. Aircraft has a Factory Cargo Door. The interior was completely refurbished in 2017. EXTERIOR DETAILS: Aircraft is in excellent condition with overall Matterhorn white with gray accents. Paint has high gloss with no visible defects or deformations to the control surfaces, cowling or flaps with no visible corrosion. Aircraft was last repainted in 2017. AIRFRAME CONDITION: Serviceable as reported by others. LOGBOOKS: Limited Records were reviewed. TIRE CONDITION: Serviceable as reported by others. WINDOW CONDITION: Serviceable, as reported by others. Mr. John Riordan & Cessna 185, LLC/VREF22-A185F-18502286/Effective Date: September 7, 2022 Page 15 PANEL LAYOUT: Appears to be a modified installation. • King KLN89B IFR GPS • S-TEC 50 Autopilot with Altitude Hold • Dual King KX155 Nav / Comms • King KN64 DME • Garmin GTX327 Digital Transponder • King KMA20 TSO Audio Panel • Electronics International UGB-16 Bar Engine Analyzer • Sigtronics 4-Place Intercom • Davtron Digital Clock • Garmin GMA 35C • Garmin GTN 750 • Garmin GTN 650 • Garmin Flight stream 510 • Garmin GTX 345 • Garmin G500 • Garmin GDL 69A • Global star Sat-FI • JPI EDM-900 • Garmin 795 GPS • L3 ESI 500 System • iPad Holder EXISTING UPGRADES AND AVIONICS FOR THIS AIRCRAFT: • Factory Installed Stretcher Door • New Metal Panel, Glare Shield, Flood Lighting - 2009 • Semi-Bubble Windows - 2009 • Articulating Pilot & Co-Pilot Seats • Pilot & Co-Pilot PTT Switches • Rosen Sun visors • 800 Tires with STC 206 Wheel Pants, 10 in Tail Wheel • New Tail Handles • New Wing Tips • LED wing Tip lights • BAS Shoulder Harness 2009 • Precise Flow Air Vents • Aileron & Flap Gap Seals • Access Panels in Tail • 406 ELT • Root Vents • Dual Toe Brakes • Flashing Beacon • Door Stewarts • Sportsman STOL Kit Mr. John Riordan & Cessna 185, LLC/VREF22-A185F-18502286/Effective Date: September 7, 2022 Page 16 • P-Ponk Landing Gear STC • Quasar Wingtips • Tanis Heat • Micro VG’s • Power Monster Cross Flow Dual Exhaust The subject aircraft referred to in this report did indicate if ADS-B Out was installed and it is installed per client documentation. Note: The appraised value is the depreciated off the original cost of purchase/installation. The market expects certain optional equipment on this aircraft. In these cases, no additional value is added. This may not be a comprehensive list of installed equipment REPORTED AIRFRAME/ENGINE DAMAGE: NONE REPORTED Current Damage: NONE REPORTED Historical Damage NONE REPORTED Significant Events: NONE REPORTED AUTOMATIC DEPENDENT SURVEILLANCE-BROADCAST (ADS-B) The Issue: ADS-B or Automatic Dependent Surveillance-Broadcast, is a cornerstone of NextGen air traffic modernization, and the FAA has mandated that aircraft operating in airspace that now requires a Mode C transponder must be equipped with ADS-B Out by January 1, 2020. ADS-B Out transmits information about altitude, airspeed, and location derived through GPS from an equipped aircraft to ground stations and to other equipped aircraft in the vicinity. Air traffic controllers use the information to “see” participating aircraft in real time with the goal of improving traffic management. ADS-B Out is Mandated, Not ADS-B In Only ADS-B Out is mandated, and only within certain airspace. Starting January 1, 2020, you must be equipped with ADS-B Out to fly in the airspace where a Mode C transponder is required today. ADS-B Out greatly improves your visibility to other aircraft by broadcasting your aircraft’s position to other aircraft equipped with ADS-B In and to air traffic control (ATC). Go to www.faa.gov/nextgen/equipadsb/airspace to find the airspace where ADS-B will be required near you. For more information on the mandate, see 14 CDR section 91.225 at http://go.usa.gov/x97sm and section 91.227 at http://go.usa.gov/x97sg. You can also integrate ADS-B Out with ADS-B in avionics and displays. ADS-B In equipage is not required by the mandate, but it’s a great addition to your situational awareness arsenal. Mr. John Riordan & Cessna 185, LLC/VREF22-A185F-18502286/Effective Date: September 7, 2022 Page 17 EVALUATIONS AND OTHER CONSIDERATIONS 1973 Cessna A185F Skywagon VREF Data: From the current on-line version of VREF. Mr. John Riordan & Cessna 185, LLC/VREF22-A185F-18502286/Effective Date: September 7, 2022 Page 18 Mr. John Riordan & Cessna 185, LLC/VREF22-A185F-18502286/Effective Date: September 7, 2022 Page 19 Sales Comparison Chart1 (Summary chart is for appraisal comparison purposes only) Comp 1 Comp 2 Year 1973 1975 1981 Model CESSNA A185F SKYWAGON CESSNA A185F SKYWAGON CESSNA A185F SKYWAGON REG or Serial Number 18502286 18502784 18504175 Airworthiness Standard Standard Standard Asking Price NA 579,900 699,000 Exposure Time (days) NA NA Unknown Selling Price NA 579,900 699,000 Airframe Time/Cycles 7659 597 793 Engine Time (TSO) (2) 295 325 51 Options/Avionics 0 Better/Similar Better/Similar Maintenance Plan None None None Additional Equipment or Work Performed or other Extraordinary Value +/- Ground up restoration, like new condition, like new paint, and interior, highly upgraded Garmin avionics panel with GTN 750/650, G500, GDL 69A, cargo door, Factory reman IO-550 engine, and new MTV prop, Gear braces, no damage history. SOLD 8/22 low total time, excellent condition paint and interior, IO-520, new prop, Garmin G3X, GTN 750, GFC 500, Float kit, BAS, ABI wheels, damage history. SOLD 8/22, excellent condition paint, and interior, ground up overhaul. Aspen EFD 1000, Garmin G500, GTN 750, Garmin GTX 33ES with ADS-B Out, S-TEC 55X, Garmin GTS 800 Traffic System, VG's, Sportsman STOL Kit, Turbo, Cleveland Brakes, VG’s, STOL, Floats, Ski’s, no damage history. Market Specific Condition Adjustment3 -$25,000 (equipment, total time) -$140,000 (equipment, total time) Adjusted Sell/Ask Price4 0 $554,900.00 $549,000 Subject Aircraft Reconciled Appraised Market Value5 $555,000.00 Values based on exposure time of 90 days on market.6 Similar = within 5% of time or value. Columns are for information only and do not add up to the total. * See Market Value Analysis section. 1 This chart is a summary table based on asking prices. It is included to help the reader of this report understand the Sales Comparison approach methodology. Certain sales data, adjustment values, airframe & engine times in this chart are de-identified to protect source confidentiality. 2 TSO = Time Since Overhaul. TSN = Time Since New. TSHSI = Time Since Hot Section Inspection. 3 The value relationship between the marketplace and a specific aircraft. Mr. John Riordan & Cessna 185, LLC/VREF22-A185F-18502286/Effective Date: September 7, 2022 Page 20 4 This is the adjusted value of the selling or asking price of a comparison aircraft. Adjustment is to the subject aircraft. 5 The Subject Appraised Value forms the opinion of Market Value for the Subject Aircraft and is derived from the weighted average of the Comps “Adjusted Sell/Ask Price”. When using weighted average, a greater weight is given to the adjusted price of comparison aircraft more similar to the subject aircraft, with lesser weight to comparison aircraft that are less similar to the subject aircraft. (In airworthy condition) A/C 1, A/C 2 are the adjusted asking prices of comparable aircraft found listed for sale. VREF is the calculated value of the subject aircraft using the current on-line version of the VREF Database. All values based on exposure time identified elsewhere in the report. All of the above charts represent comparison of the subject aircraft to other aircraft of a similar vintage and model currently for sale. Mr. John Riordan & Cessna 185, LLC/VREF22-A185F-18502286/Effective Date: September 7, 2022 Page 21 CURRENT FAIR MARKET VALUE STATEMENT BASED ON THE ENCLOSED VALUATION, OUR APPRAISED CURRENT FAIR MARKET VALUE, FOR THIS 1973 Cessna A185F SKYWAGON, SERIAL NUMBER 18502286, and REGISTRATION NUMBER N192JR is: $555,000.00 USD The information herein has been prepared from many different sources and is believed to be correct. VREF does not warrant the accuracy of the source material. Jason Zilberbrand, ASA (117197) is an accredited senior appraiser of the American Society of Appraisers in the Machinery and Technical specialties (Aircraft). The society (ASA) has a mandatory education/recertification program for designation (senior and accredited members). I am in compliance with that program. Limitation of Liability: It is understood and agreed that in the event of any error or omission on the part of VREF. Any such liability is limited and may not in any event, exceed the amount paid to VREF for the services rendered. VREF reserves the right to recall all copies of this report to correct any omission or errors. This valuation is null and void and may not be relied upon for any purpose 30-days after the date of this appraisal. Further, VREF accepts no responsibility for usage of the form unless signed by an officer and appraiser of VREF. Unless otherwise stated, the value given in this appraisal report represents the professional opinion of value as of the 7th day of September 2022. Jason Zilberbrand, ASA, MNAA, CAA, ISA AM, AOA AM, MRAeS VREF INC PRESIDENT Accredited Senior Appraiser Machinery and Technical Specialties (Aircraft) American Society of Appraisers QQQQQQQQ Mr. John Riordan & Cessna 185, LLC/VREF22-A185F-18502286/Effective Date: September 7, 2022 Page 22 VALUATION METHODOLOGY Pursuant to the request of Mr. John Riordan & Cessna 185, LLC, VREF is pleased to provide this Aircraft Desktop Appraisal Report for the (aircraft) listed in this report. This appraisal assumes that the subject aircraft has had maintenance performed as identified, has valid serviceability (airworthiness) documentation and is maintained by the operator (or a third-party maintenance provider) under the regulatory supervision of the USA, DOT (Department of Transportation), FAA (Federal Aviation Administration) or a recognized, national regulatory authority. Values are stated in United States dollars, are rounded to the nearest significant digit and are subject to the descriptions, assumptions, parameters, limiting conditions, standards and methodologies as contained in this Appraisal Report. The purpose of the appraisal is to express an opinion of Current Fair Market Value of the subject aircraft asset as of the effective date, to serve in the determination of asset value for donation purposes, with all values representing the retail marketplace, utilizing the appropriate approach to value for the assets highest and best use, for an in-service (in-use), airworthy and operational aircraft, on a per-each basis and does not reflect any other valuation criteria (see Valuation Methodology). This aircraft was manufactured as a personal, corporate or commercial transportation vehicle, and it is assumed to have been operated within those categories. This market was used for deriving market value. No other market specific conditions were identified or considered in computing the market value assigned. The aircraft asset, which is the subject of this appraisal, was not physically evaluated (audited) by VREF for physical existence, condition, conformity, specific characteristics, verification of installed equipment, or quality determination. Therefore, no monetary value adjustments relative to these factors were considered, except for those specifically assumed and delineated in this report. A limited audit of the associated historical records was not performed in support of the appraisal process; the documents supplied by the client were not verified as to accuracy or wholeness. The appraiser has outlined various assumptions; therefore, a thorough examination of the Statement of Assumptions/ Limiting Conditions is essential. In this Aircraft Appraisal, VREF made no investigation as to the aircraft (property/asset) ownership, and has not taken into consideration any leased equipment, intangible items (operating Certificates, pending restrictions, STC’s, or Power-by-the-Hour contracts, etc.), encumbrances (including but not limited to mechanics liens) which may be outstanding or consequences from taxation. Our work contains only general information pertinent to the determination of Current Fair Market Value and the methodology utilized by VREF. Details and descriptions of the subject aircraft are included in this report where known. As previously stated, this document is in the form of an Aircraft Appraisal Report and value as of a specified date by utilizing analytical methods (an “aircraft” valuation). The extent of data collected by VREF meets or exceeds the standard industry level for this type of appraisal assignment. Data was collected by personal interview, client/operator supplied information, trade literature, sales offerings, computerized databases, published aircraft manuals, general aircraft informational books, and price guides. The aforementioned data is retained by VREF as in-house library reference materials and file notes. Mr. John Riordan & Cessna 185, LLC/VREF22-A185F-18502286/Effective Date: September 7, 2022 Page 23 Based upon VREF and the appraisers aviation expertise, knowledge of the overall new and used aircraft marketplace, this specific model of aircraft and the use to which it has been used in various areas of the world, the factors affecting market value, and our familiarity with aircraft transactions in general, forms the basis of the opinion contained in this report. Values reflect the marketplace as of the date specified in this report and subsequent events may materially impact the stated values. This report was prepared by VREF for the sole and exclusive use of its client Mr. John Riordan & Cessna 185, LLC. The material enclosed herein reflects the professional opinion of VREF pursuant to the information both supplied by the specific aircraft owner or operator and that which was available at the time of preparation. VREF has relied upon oral and written information, data and documents, as provided to VREF, for all material facts. This analysis is intended to be merely advisory in nature. This report is not given for, or prepared, as an inducement to any financial transaction and any use or reliance on or decisions made, based upon the data presented is the responsibility of the user. VREF accepts no responsibility for damages, if any, suffered by any party as a result of decisions made or actions taken based on this Aircraft Appraisal Report. The analytical methodology utilized by VREF is based on the Sales Comparison Approach to value. The market or sales comparison approach is that approach to value where recent sales and offering prices of similar aircraft are analyzed to arrive at an indication of the most probable selling price of the aircraft being evaluated. The Sales Comparison (Market) Approach is the most reasonable and commonly used approach to value when appraising aircraft. Most models of aircraft have an available and active market in which to trade. For this valuation, neither the COST nor INCOME approaches were examined in detail because it is the opinion of the analyst that by utilizing either of these two approaches, the outcome would result in an inaccurate value conclusion. For further clarification, the cost approach (current cost of replacement or reproduction new) is that approach which measures value by determining the current cost of an asset and deducting for the various elements of depreciation, physical deterioration, and functional and economic obsolescence. This approach has its theoretical basis in the Principle of Substitution, which states, “The value of a thing tends to be determined by the cost of acquiring an equally desirable substitute.” The Cost Approach was determined to be deficient because of the inability to measure current cost, the full amount of obsolescence and the subjective nature of estimating an appropriate level of depreciation. This approach is normally utilized when a particular aircraft is either new (tending to minimize the error in estimating depreciation) or one, which is used for a special purpose (therefore not frequently exchanged in the market). The income approach (or investment value approach), in its simplest form, is the present worth of the future benefits (income) of ownership. It is not Mr. John Riordan & Cessna 185, LLC/VREF22-A185F-18502286/Effective Date: September 7, 2022 Page 24 generally applied to individual aviation related assets since it is difficult, if not impossible, to identify individual income streams. This approach involved estimating some level of future income and converting that income to its present worth. The Income Approach was determined to be deficient for this analysis because no information as to income generated by the subject aircraft was supplied and the subject aircraft is a single asset to which it would be subjective (if not impossible) to determine a projection of income or a rate of return (commonly referred to as a capitalization rate). As a practical matter, many aircraft operations do not contribute to the generation of revenue (income) in a manner, which can be directly measured or attributed to a specific (single) aircraft. Market value is defined as the estimated amount at which the aircraft might exchange between a willing buyer and a willing seller, neither being under compulsion and each having knowledge of all relevant facts. The market value of an aircraft, regardless of its use, can be determined through the sales comparable appraisal method. This approach is based upon the premise that an informed buyer would pay no more for an aircraft than the cost of a comparable one. Actual sales prices and listed prices for aircraft for sale are used to establish the value of a hypothetical aircraft, like the one under review. The degree of similarity between each aircraft actually sold, and the hypothetical aircraft, determines the weight given to each sale. Assumptions regarding the configuration, condition, and status of the hypothetical aircraft are developed and presented. Although there are no mathematical formulas for calculating hypothetical value, it is not a guess or an unsupported estimate. Hypothetical aircraft value is quantified by weighing all relevant and factual comparable sales data. Adjustments are then made to the hypothetical value to determine the market value of the aircraft under review. These adjustments are based upon the configuration, condition, status and history of the aircraft, as revealed by evaluation of the aircraft and its maintenance records. This procedure was used in this case. In general, Current Market Value analyses are based on quantitative elements with the traditional industry standard of the origin being at mid-life (mid-time between overhaul), when stated, with respect to the aircraft major and traditionally high cost maintenance items including but not limited to: AIRFRAME, ENGINES, COMPONENTS, AVIONICS, MODIFICATIONS, APU’S and LANDING GEAR ASSEMBLIES and then adjusting for the specific status of the subject aircraft. To estimate the value of a specific aircraft by utilizing the sales comparison approach to value, monetary value adjustments are calculated from the BASE AIRCRAFT in relation to its identified characteristics, physical deterioration (condition), obsolescence considerations (technological, functional, and economic), and maintenance overhaul, evaluation, and repair status. Unless otherwise noted in the report, the following standards and general parameters are utilized for the purpose of standardizing comparisons for the valuation process and are delineated as the BASE VALUE. Mr. John Riordan & Cessna 185, LLC/VREF22-A185F-18502286/Effective Date: September 7, 2022 Page 25 (1) That the defined BASE AIRCRAFT is airworthy, as of the specified date of manufacture, operating weights, a stipulated configuration and is normalized to half-time remaining (when appropriate and when stated) for its airframe, engine(s), propeller(s), landing gear assemblies and auxiliary power unit (when installed) to the next major overhaul or scheduled shop visit. To state simply, the identified aircraft is at a midpoint between major evaluations, maintenance (overhaul), restorations, and/or scheduled repairs. (2) It is being or will be operated within the guidelines of a recognized Airworthiness Authority (i.e. Federal Aviation Administration, Canadian Air Transportation Administration, Joint Aviation Authority, etc.) under an approved airline or airframe manufacturer’s maintenance program, which is consistent with international standards of airworthiness. (3) All required Airworthiness Directives (A.D.), mandatory modifications and applicable Service Bulletins (S.B.) are compliant to standard industry levels (except for transport category aircraft). (4) It is immediately available for revenue airliner services, commuter/ regional, corporate/executive and or private usage/operation (unless otherwise noted). (5) The flight deck (cockpit) and passenger or cargo interiors are in a typical aircraft configuration for the specific type and model, with buyer/supplier-furnished equipment and options generally utilized and accepted in the industry. (6) That the aircraft includes (when and where applicable) one complete shipset of: (a) galley inserts i.e. containers, carts (trolleys), ovens, water boilers/coffee brewers, tray carriers, etc.; (b) baggage/cargo containers or pallets consistent with the airplanes capabilities; and (c) the associated historical records, manuals, drawings and other documentation which are normally transferred with an aircraft of this category are properly documented and readily retrievable. All assets being in good commercial working order, free of damage or defects, void of significant corrosion and acceptable to the general aircraft market and buyer. (7) Adequate time has been made available to the seller or sales agent in order to maximize the sales price and conversely, sufficient time has been given to the buyer to inspect the aircraft (and records), analyze the transaction and to negotiate relevant terms. (8) That the entire sales process is accomplished strictly on a commercially reasonable fashion with the aircraft transacted on a one-by-one (or each) basis. (9) A willing and knowledgeable seller sells the aircraft to a willing and knowledgeable buyer totally void of duress, misrepresentations, or fraudulent acts, with the transaction consummated for cash with the known fact that financing is reasonably attainable for the subject aircraft from a commercial institution. Additional elements that are sometimes considered for value adjustments in the evaluation process include but are not limited to: total airframe/engine times and cycles (one takeoff and landing), the ratio of total time to total cycles, engine enhancements, engine power-by-the-hour programs (MSP/EMS/ESP/OnPoint/RRCC/VMAX/JSSI), maximum operating and or future weight increase eligibility, upgraded interior features and configuration options, increased fuel capacity, main deck cargo door, an APU installation (if no standard equipment), and certain navigational and communication systems. An aircraft’s physical condition, relative to standard industry levels for equivalent aircraft, affects market value and remarketing timespan, as does the quality of historical records, applicable documentation and the utilized record retention system. In the event greater valuation accuracy is Mr. John Riordan & Cessna 185, LLC/VREF22-A185F-18502286/Effective Date: September 7, 2022 Page 26 important, the client should strongly consider engaging a licensed and qualified technician to perform a physical evaluation of the aircraft, which may include: (a) equipment and system functional tests; (b) a test flight; (c) engine borescope evaluations; and (d) engine performance runs. The client may want the appraiser to evaluate the historical restoration costs in detail with an FAA approved repair station and to perform an audit of the corresponding historical records for the judgmental determination of physical condition, record quality, specific maintenance status, configuration desirability and consequently to determine the monetary value adjustments that correspond to these various factors. Deviations from the stated general parameters, assumptions and standards, as well as, the inclusion of creative (lease-to-purchase options) or long-term financing by the seller, can have a positive effect on the sales price. Conversely, prices are negatively impacted when an aircraft has been out-of-service for prolonged periods, improperly stored (preserved), has parts and components removed or are time expired, has significant accident history, inoperable parts, records errors and/or omissions, not currently certified as airworthy, or sold in quantity, not-in-use or on a liquidated basis. These are the assumptions and limiting conditions utilized by VREF in this aircraft appraisal. (1) Ownership interest in the subject aircraft is not known and the appraiser renders no opinion as to legal fee or title. Prevailing liens, mortgage debt, leases, special assessments, or other encumbrances were disregarded, and the aircraft was valued as if free and clear (unless otherwise specifically stated). (2) All estimates of value presented in this report are the appraiser’s professional opinion. (3) This appraisal has not taken into consideration any consequences from taxation. (4) The subject aircraft is assumed to have/be: in a state of operation as indicated by the last logbook entry or other documentation (a) airworthy to FAA, FAR’s Part 91,121,135 regulations to the last logbook entry; (b) had accomplished all required maintenance performed since placed into service (including Airworthiness Directives) by and in accordance with an internationally approved maintenance program; (c) all required or OEM recommend Service Bulletins complied with (d) retained on a computerized maintenance planning system with no record deficiencies; (e) maintenance costs and specific airframe and engine status as identified; (f) upgraded avionics; (g) capable of being operated and flown on the effective date; (h) with exterior paint and interior cabin in reported “better than average” physical condition; and (i) all equipment in working order. If the aforementioned items (a) thru (h) are not in compliance, this would affect value. (5) The subject appraisal may include value adjustments for specific maintenance status and characteristics where applicable and as provided by the client/owner or operator. Unless otherwise noted it is assumed that all associated historical records are in existence, well organized and retrievable to include: aircraft, engine(s) and APU logbooks, flight logbooks, Airworthiness Directives/Service Bulletins (with method of compliance), Life Limited Part/Component documents, FAA Form 337’s, 8130’s and all other applicable regulatory documents required for certification and operation. Mr. John Riordan & Cessna 185, LLC/VREF22-A185F-18502286/Effective Date: September 7, 2022 Page 27 (6) A limited record audit was NOT performed, and the appraiser assumes that the complete record quality is adequate for certification and registration in a developed nation. Maintenance status and characteristics, which have been provided by the owner/operator, forms the basis for this report. VREF does not verify this data for accuracy. (7) The aircraft was NOT evaluated on-site, and VREF relied on data provided by the owner/operator and the appraiser assumed it was accurate. VREF does not verify this data for accuracy. (8) Various adjustments to value may not have been made because the appraiser could not confirm or quantify valuation impact without the performance of an invasive physical evaluation (inclusive of borescope, NDT and flight test) and/or a detailed historical record audit. In determining value adjustments for those cases where data was provided or known, VREF has made the assumption that the asset is in average operating condition, in average physical condition (at least equal to standard industry levels) and is at half-life overhaul status. The limitations and assumptions as stated in this article may either increase or decrease the market value of the subject aircraft (9) VREF reserves the right to reevaluate the subject aircraft if any of the above listed ASSUMPTIONS OR LIMITING CONDITIONS are materially modified. We reserve the right to make such adjustments to the estimate of value as herein reported as may be required by consideration of additional or more reliable information that may become available. (10) Warranty considerations on the subject aircraft, its engines, auxiliary power unit (APU) if installed or any components are not known, and the appraiser renders no opinion of value. There is no known methodology within the aircraft appraisal industry to calculate any value adjustment for warranted items. All facts and data set forth in this report are true and correct to the best of this appraiser’s knowledge and belief. The fee for this appraisal report is not contingent upon the values reported. There have not been any guarantees associated with this fee and no liability can be intimated or assumed in any manner. As the addressee (client) has purchased this report, we assume it is to be used by the addressee in determination of value at that point in time. Use of this report by others should be done so with the understanding that no risk or guarantees have been purchased by the owner of the report nor through the fee paid to the appraiser. Mr. John Riordan & Cessna 185, LLC/VREF22-A185F-18502286/Effective Date: September 7, 2022 Page 28 STATEMENT OF ASSUMPTIONS/LIMITING CONDITIONS While not working as a licensed airframe and powerplant mechanic, the physical condition of the property described herein was not based upon visual evaluation by the appraiser/inspector as no on-site audit was conducted. No responsibility is assumed for latent defects of any nature whatsoever, which may affect its value, nor for any expertise require disclosing such conditions. No consideration has been given to any liens or encumbrances, which may be held against the aircraft appraised. No investigation of legal fee or title to the property has been made and the claim to the property has been assumed to be valid. Neither the appraiser nor any officer or employee of VREF has any financial interest in the property appraised. All opinions regarding the values are the appraiser’s considered opinions based upon the facts and data set forth in this report. This appraisal is based upon Current Fair Market Value as defined in the “Valuation Methodology Terms & Definitions” Section of this report. This aircraft appraisal does not constitute a pre-purchase or technical evaluation. Power plant serial numbers will not be physically verified during our audit. No access panels or plates were removed for internal examination. This appraiser reserves the right to recall all copies of this report to correct any omission or error. The Current Fair Market Value approach valuation concept used in this report is one chosen and recommended by VREF. The appraisal is purchased in order to allow an opinion of value under an assumed set of circumstances as described in the scope of work, as requested and mutually agreed upon by the client and VREF. This valuation study has been made by VREF and will be kept confidential and shall not be disclosed to any third party unless any such disclosure is previously authorized in writing by VREF. It has been prepared by an experienced appraiser and is based on information, where possible, from manufacturers, sales comps, dealers, brokers, etc. The analysis and final conclusion is arrived at from many years of experience in the sale and appraisal of aircraft. For all areas of this appraisal, the assigned values represent the amount a reputable and qualified ASA accredited appraiser, unaffected by personal interest, bias or prejudice, would recommend to a prospective purchaser as a proper price or cost within the value concept and in light of prevailing conditions. Mr. John Riordan & Cessna 185, LLC/VREF22-A185F-18502286/Effective Date: September 7, 2022 Page 29 We reserve the right to include your company/firm name in our client list, but we will maintain the confidentiality of all conversations, documents provided to us, and the contents of our reports, subject to legal or administrative process or proceedings. These conditions can only be modified by written documents executed by both parties. This appraisal has been prepared in conformity with the Principles of Appraisal Practice and Code of Ethics of the American Society of Appraisers and the Uniform Standards of Professional Appraisal Practice. VREF Field Audit Conditions ( if performed): Only current maintenance, overhaul, repair and records/documentation for the subject aircraft/asset are reviewed. A limited review of the historical maintenance, overhaul, repair records/documentation for the subject aircraft/asset; is audited if that aircraft/asset has been in operation over five years from the date of the appraisal. Powerplant serial numbers will not be physically verified during our audit/evaluation. Aircraft/assets with maintenance overhaul, repair records/documentations recorded in any language other than English (the ICAO recognized aviation standard) will not be translated or reviewed by VREF. VREF will not reconstruct lost or destroyed records. However, if reconstruction is required, (it is not possible to determine reconstruction time), please allow 8-12 months. Additionally, an historical research on the complete FAA File on FAA Form 337’s (major repair and alteration) will not be conducted unless specifically required by individual requesting the valuation. If this research is requested, a 45-60 days’ time frame allowance will be required for completion of valuation assignment. Damage diminution is a very subjective concept in the aviation market. Even though most experts confirm its role in negotiating the purchase or sale of an aircraft, there is no specific technique or principles that can be applied in every case of diminution. This aircraft characteristic (damage) is one of the multitudes used during the negotiating process and is very hard to isolate its effects because every airplane has a different history and a different perception of worth. In transactions, the buyer will always be the final judge of the “value” of the aircraft including the diminution factor in his or her evaluation. As the aircraft continues to mature over time, additional evaluations, calendar time, hours, and landings will tend to lessen the overall impact of a damage incident. VREF will conduct an extremely limited analysis/review of any damage in our valuation analysis. A complete detail evaluation may be required. This evaluation/technical assessment can take 30- 60 days and will require additional compensation. VREF and Mr. John Riordan & Cessna 185, LLC hereby agree, that in the event it becomes necessary for either party to institute legal proceedings with respect to any of the parties’ obligations with regard to this matter, whether contractual or otherwise, the parties hereby agree to submit any such dispute in its entirety to binding arbitration, conducted by and under the rules and regulations of the American Arbitration Association, as their sole means of resolving the dispute between them, rather than institute any legal proceedings in any Federal District Court or Mr. John Riordan & Cessna 185, LLC/VREF22-A185F-18502286/Effective Date: September 7, 2022 Page 30 any State Court in any State and is limited and may not in any event, exceed the amount paid for the appraisal. VREF and Mr. John Riordan & Cessna 185, LLC also agree that in the event of any donation between the parties, each party hereby waives a trial by jury. The only exception being in the event one of the parties has filed a petition in bankruptcy, then and in that event, the sole forum shall be the Federal District Bankruptcy Court where the bankruptcy petition has been filed. VREF and Mr. John Riordan & Cessna 185, LLC also agree that in the event of a donation or sale including any arbitration between the parties (hereinafter “Purchase, resale and/or financing”) the prevailing party in any such donation or sale shall be entitled to its costs and reasonable attorneys’ fees from the non-prevailing party. QQQQQQQQ Mr. John Riordan & Cessna 185, LLC/VREF22-A185F-18502286/Effective Date: September 7, 2022 Page 31 VALUATION METHODOLOGY TERMS & DEFINITIONS GLOSSARY OF VALUATION TERMS AND DEFINITIONS AS USED IN THIS REPORT Age/Life Analysis is an arithmetic process used to calculate a property expired life and/or remaining useful life. Appraisal Date is the specific date to which the values contained within an appraisal apply. Asset is property of all kinds, both tangible and intangible. Average Life is the normally expected life of a property. Average Remaining Life is the average remaining term of service for asset(s) under investigation, usually expressed in years. Base Aircraft is the standard list of equipment and systems installed by the OEM including avionics, props, engines, landing gear, floorplan. Base Value is an open, unrestricted, stable market environment with a reasonable balance of supply and demand and assumes consideration of its "highest and best use”. Book Value is the capitalized cost of an asset less the depreciation taken for financial reporting. Chronological Age is the number of years elapsed since an asset of property was originally built. Cost Approach is one of the three recognized approaches used in appraisal analysis. This approach is based on the proposition that the informed purchaser would pay no more for a property than the cost of producing a substitute property with the same utility as the subject property. It considers that the maximum value of a property to a knowledgeable buyer would be the amount currently required to construct or purchase a new asset of equal utility. When the subject asset is not new, the current cost new for the subject must be adjusted for all forms of depreciation and obsolescence as of the date of the appraisal. Current Market Value is the price at which the property would change hands between a willing buyer and a willing seller, neither being under any compulsion to buy or sell and both having reasonable knowledge of relevant facts. (Treasury Regulation Sec. 20.2031-1[b]) The components of this concept are: 1. Price at which property would change hands 2. Between a willing buyer and willing seller 3. Neither party under compulsion to buy or sell 4. Both parties having reasonable knowledge of all relevant facts as the valuation date. 5. The sale is made to the ultimate consumer in the appropriate market level. Depreciation (Accounting) is the mathematical procedure for recovering the original cost of an asset in consistent installments over a specific period. Depreciation (Accumulated) is an account in which depreciation provisions are recorded and totaled: the total depreciation accrued to a given date. Depreciation (Appraisal) is the actual loss in value of a property from all causes including those resulting from physical deterioration, functional obsolescence, and economic obsolescence. Desktop Appraisal is an analysis of the subject aircraft that is predicated on client-supplied information. The appraiser does not physically survey the aircraft or equipment subject to the report. The desktop appraisal can be a complete or restricted report. Economic Obsolescence is a form of depreciation or loss in value caused by unfavorable external conditions. Economic Useful Life is the estimated period of time over which it is anticipated an asset may be profitably used for the purpose for which it was intended. This time span may be limited by changing factors of obsolescence and/or physical life. Mr. John Riordan & Cessna 185, LLC/VREF22-A185F-18502286/Effective Date: September 7, 2022 Page 32 Effective Age is the apparent age of an asset in comparison which a new asset of like kind. It is often calculated by deducting the Remaining Useful Life of an asset from the Normal Useful Life. Estimated Remaining Life is the period over which an asset or groups of assets are estimated to remain in use (also known as estimated remaining useful life). Fixed Assets are permanent properties synonymous with “capital assets,” usually consisting of land, buildings, machinery, and equipment permanently employed in the rendering of a service or the production of a product. Forced Liquidation Value is the estimated gross amount expressed in terms of money that could be typically realized from a property advertised and conducted public sale, with the seller being compelled to sell, as of a specific date, with a sense of immediacy on an as-is/where-is basis, without regard to the relevant marketplace. Functional Obsolescence is a form of depreciation in which the loss in value is due to factors inherent in the property itself and changes in design, materials, or process resulting in inadequacy, over capacity, excess construction, lack of functional utility, excess operating costs, etc. Future Market Values (Prospective) The most probable price in terms of cash, or other precisely revealed terms, for which the property would change hands under required and limiting conditions in an orderly manner, generally advertised, with reasonable time constraints, in an appropriate and relevant marketplace, with knowledge buyers on an as is, where is bases. Historical Cost is the initial capitalized cost of an asset at the time it was first put into service. Hypothetical Condition is contrary to what exists but is supposed for the purpose of analysis. Hypothetical conditions assume conditions contrary to known facts about physical, legal, or economic characteristics of the subject property; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis. Income Approach is one of the three recognized approaches used in appraisal analysis. This approach considers value in relation to the present worth of future benefits derived from ownership and is usually measured through the capitalization of a specific level of income. Insurable Value is the value of that portion of a property covered by insurance in accordance with the terms of the insurance policy or other agreement. Insurable Value Depreciated is the insurance replacement cost less accrued depreciation considered for insurance purposes, as of a specific date and as defined in the insurance policy or other agreement. Insurable Replacement Cost New is the replacement cost new as defined in the insurance policy less the cost new of the items specifically excluded in the policy, as of a specific date. Market or Sales Comparison Approach is one of the three recognized approaches used in appraisal analysis; this approach involves the collection of market data pertaining to the subject assets being appraised. This approach is also known as the “Comparison Sales Approach”. The primary intent of the market approach is to determine the desirability of the assets through recent sales or offerings of similar assets currently on the market in order to arrive at an indication of the most probable selling price for the assets being appraised. If the comparable sales are not exactly similar to the asset being appraised, adjustments must be made to bring them as closely in line as possible with the subject property. Market Value is similar to Current Fair Market Value except that the provision for lack of compulsion to buy or sell is removed and the assumption of a sale within a specified time frame is added. The federally accepted definition of Market Value as stated in the Definition Section of USPAP is as follows: The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: 1. Buyer and seller are typically motivated 2. Both parties are well informed or well advised, and each acting in what he considers his own best interest 3. A reasonable time is allowed for exposure in the open market 4. Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and Mr. John Riordan & Cessna 185, LLC/VREF22-A185F-18502286/Effective Date: September 7, 2022 Page 33 5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale. Mid-Life is the half way point and the amount of time left on an engine or powerplant indicating there is 50% (Fifty Percent) time remaining to an Overhaul. Normal Useful Life is the life, usually in terms of years, that an asset will endure before it deteriorates to an unusable condition. It is derived from mortality data and the study of specific assets under actual operating conditions. (See Economic Life) Orderly Liquidation Value is the estimated gross amount expressed in terms of money, which could be typically realized from a sale, as of a specific date, given a reasonable period of time to find a purchaser(s), with the seller being compelled to sell on an as-is/where-is basis, in an appropriate and relevant marketplace with knowledgeable buyers. Original Cost is the initial capitalized cost of the asset in hands of its present owner. Overhaul is a major maintenance event and is the complete disassembly of an engine, evaluation, repairs as necessary, reassembly, testing, and approval for return to service within the fits and limits specified by the manufacturer's overhaul data. Physical Deterioration is a form of depreciation where the loss in value or usefulness of an asset is attributable solely to physical causes such as wear and tear and exposure to the elements. Price is the amount or cost of an asset. (Not necessarily equal to value.) Property is the lawful right of ownership of future benefits from tangible and intangible assets. Any asset including cash, in which the title is ordinarily transferable between parties. Prospective Value is the analysis of market trends to provide support for forecasted income and expense or sell-out opinions, absorption periods, capitalization rates and discount rates as of the effective date of the appraisal. Economic trends such as growth in population, employment and future competition is analyzed. Reconciliation is the process by which the appraiser evaluates, chooses and selects from among alternative conclusions to reach a final value estimate. Remaining Economic Life is the estimated period, usually expressed in terms of year, during which property will continue to contribute value. Remaining Useful Life is the remaining physical life of the asset. It is calculated by deducting the effective age of the asset from the normal useful life. Replacement Cost (New) is the current cost, new, or a similar new property having the nearest equivalent utility as the property being appraised. Reproduction Cost (New) is the current cost of reproducing a new replica of a property with the same or closely similar materials. Residual Value in connection with a tangible asset, it is the term, which refers to the value of an asset after expiration of its normal useful life. Residual Value (Accounting) is the estimated net scrap, salvage, or trade-in value of a tangible asset at the estimated date of disposal; also called salvage value or disposal value. Residual Value (Forecast) is the estimated Current Fair Market Value in exchange as of a future date with no consideration given to the effects of inflation or deflation measured from the appraisal date; assuming the aircraft is in good condition and will continue to be maintained in good operating condition with normal preventive maintenance; and assuming the market for used aircraft of the nature at the future date will not reflect unusual conditions of supply and demand. Residual Value (Lease) is the value of the leased equipment at the conclusion of the lease term. To qualify the lease as a “true lease” for tax purposes, the estimated residual value of the leased equipment at the end of the lease term must equal at least 20 percent of the original cost of the equipment, without regard to inflation. (However, the lessor is not required to book any residual for financial accounting purposes. Mr. John Riordan & Cessna 185, LLC/VREF22-A185F-18502286/Effective Date: September 7, 2022 Page 34 Salvage Value is the estimated amount, expressed in terms of money that may be expected for the whole property or a component of the whole property that is retired from service for use elsewhere. Scrap Value is the estimated amount, expressed in terms of money, that could be realized for the property, as of a specific date, if it were sold for its material content not for a productive use. Tangible Assets are any physical properties such as land, building, machinery and equipment. Useful Life is the period of time over which property may reasonably be expected to perform the function for which it was designed. Value is the amount, relative worth, utility, or importance of an asset (not necessarily equal to price or cost). The Sales Comparison Approach “Valuation Methodology” USPAP (Uniform Standards of Professional Appraisal Practice) endorsed by ASA (American Society of Appraisers – Machinery & Technical Specialties – Aircraft: VALUE: What is it worth? Value= supply, demand, condition – Value can be thought of as the sum total of quality, physical condition, maintenance status/history, and age/component times/cycles. OBSOLESCENCE FACTORS Ø Technological Obsolescence is impairment of desirability arising from rapid change of technology and process Ø Functional Obsolescence is loss in value due to functional capacity or efficiency issues. Ø Economic Obsolescence is loss in value due to external influence. Ø Physical Deterioration is a form of depreciation where the loss in value or usefulness of an asset is attributable solely to physical causes such as wear and tear and exposure to the elements The aircraft appraiser uses the sales comparison approach to indicate value by analyzing recent sales (or offering prices) of properties that are similar (i.e., comparable) to the subject property. If the comparables are not exactly like the properties being appraised, the selling prices of the comparables are adjusted to equate them to the characteristics of the properties being appraised. The basic procedure is to gather data on sales and offerings of similar aircraft, determine their comparability to the subject property, determine the appropriate units of comparison, collect and array the data, analyze and adjust the data, and apply the results to the subject. Like the cost and income approaches, the sales comparison assumes that the informed purchaser would pay no more for a property than the cost of acquiring a comparable property with the same utility. This approach focuses on the actions of actual buyers and sellers. In theory, the approach measures the loss in value from all forms of appraisal depreciation that are inherent in the individual aircraft, assuming appropriate adjustments are made to the comparables to reflect differences between them and the subject. The used market is an established means of buying and selling aircraft. The used market consists of used aircraft dealers, auctions, and public and private sales, and is usually the most reliable method of determining certain types of value for certain types of aircraft. The sales comparison approach is most reliable when there is an aircraft market providing a sufficient number of sales of comparable aircraft that can be independently verified through reliable sources. The important concepts are “active market” and “verifiable/reliable information.” An active market has truly independent transactions occurring under free market conditions. When researching market sales, the appraiser should verify that the sales are independent rather than being conducted by one seller or buyer (the latter situation could create a false appearance of an active market). There is no set number of sales that make a market. Comparable Sales and Adjustments Recent sales of aircraft identical to the subject often cannot be found. If so, it is necessary to find sales of aircraft providing comparable or equivalent utility. It should be understood that “comparables” would often be just that: comparable but not identical to the subject. If the comparable sale is not identical to the subject, the selling price of the comparable must be adjusted to indicate what the selling price of the comparable would have been if the comparable had been identical to the subject. The appraiser should remember that adjustments are made to the comparables, not to the subject property. Adjustments are made for difference Mr. John Riordan & Cessna 185, LLC/VREF22-A185F-18502286/Effective Date: September 7, 2022 Page 35 between the comparables and subject’s condition, aircraft times, cycles, specification, effective age, date of sale, circumstances of sale (level of trade or to a dealer, “as-is, where-is” condition, etc.), location environmental compliance, safety compliance, and other factors that would have affected the sale price of the comparable. When adjusting a comparable sale, the appraiser is determining how much more or how much less the comparable would have sold for if it had been identical to the subject in a given single characteristics, such as effective age. For example, if the comparables effective age was ten years, compared to the subject’s effective age of five years, the appraiser would normally make an upward adjustment to the comparables actual selling price (i.e., increase the comparables selling price) to reflect the appraiser’s opinion of what the comparables selling price would have been if its effective age (when it sold) was five years instead of its actual effective age of ten years. Comparable sales are not the only value indicators an appraiser may use. Current offerings or listings may also be considered. In and of itself, the number of comparable aircraft that are currently available in the used market may have a bearing on the value of the subject. If many comparables are being offered for sale, prices may be depressed and there may be little demand for the subject property. The appraiser should be familiar with the market applicable to the subject aircraft. This market may be local, regional, national, or in some instances international. The international market requires consideration when older aircraft are sold to operators in developing countries. Aircraft that is obsolete or unable to be operated competitively in the United States may be profitably used in developing economics where there is lower labor, raw material, or other costs. Appraisal Method (Aircraft) Market value is defined as the estimated amount at which the aircraft might exchange between a willing buyer and a willing seller, neither being under compulsion and each having knowledge of all relevant facts. The market value of an aircraft can be determined through the comparable appraisal method. This approach is based upon the premise that an informed buyer would pay no more for an aircraft than the cost of a comparable one. Actual sales prices are used to establish the value of a hypothetical aircraft, like the one under review. However actual sales data is extremely confidential and very difficult to obtain, especially the truth and actual price. The degree of similarity between each aircraft actually sold, and the hypothetical aircraft, determines the weight given to each sale. Assumptions regarding the configuration, condition and status of the hypothetical aircraft are developed and presented. Although there are no mathematical formulas for calculating hypothetical value, it is not a guess or an unsupported estimate. Hypothetical aircraft value is qualified by weighing all relevant and factual comparable sales data. Adjustments are then made to the hypothetical value to determine the market value of the aircraft under review. These adjustments are based upon the configuration, condition, status and history of the aircraft, as revealed by evaluation of the aircraft and its maintenance records. This procedure was used in every valuation conducted by VREF. Certain commercial firms publish aircraft guides, or bluebooks, which contain opinions (a representative average value) on typical prices. These reference books are useful in many ways, but their opinions (a representative average value) on values are not based upon actual and identifiable sales. The most accurate bases for an aircraft market value are comparable sales offering, including aircraft serial number, the date of sale, specific status, the seller, the buyer, and the actual price paid. The VREF Aircraft Value Reference is designed and developed as a service for the purchasers thereof to assist them in arriving at the market value of the aircraft listed herein but is intended only as a guide and is not to be considered to reflect all factors involved in the appraisal process of any particular aircraft. All prices in the Digest are considered representative average. The information herein is prepared from many sources, is edited, and believed to be correct. The publishers do not warrant the accuracy of the source material and assume no responsibility to any person or person in connection with the use of this guide. In case of error or omission, the liability of the company, if any, is limited and may not, in any event, exceed the amount paid for the service during the period covered by the guide in which the error or omission occurred. Actual sales should be used in estimating the base value of a Real aircraft. Assumptions regarding the status and configuration of the subject aircraft are made. Information regarding transaction dates, serial numbers, and the parties involved should be obtained from the FAA registry branch Oklahoma City, if obtainable. Sales prices should be obtained directly from the principals involved, or other reliable sources. Sources that provide current market offering are obtained and updated daily by Jetnet and AMSTAT Corporation (Market Scan of aircraft for sale). Appraisal points relative to any aircraft require that it have original logs maintenance records, excellent paint and interior and minor insignificant damage history. In addition, an aircraft should be no more than six months out of an annual evaluation and/or have recently completed a phase or progressive maintenance event and be in compliance with all Airworthiness Directives and Mr. John Riordan & Cessna 185, LLC/VREF22-A185F-18502286/Effective Date: September 7, 2022 Page 36 mandatory service bulletins. The engine times remaining should be of an acceptable and established limit, which is, generally speaking, mid-time on most aircraft, but could possibly vary from aircraft to aircraft. QQQQQQQQ Mr. John Riordan & Cessna 185, LLC/VREF22-A185F-18502286/Effective Date: September 7, 2022 Page 37 USPAP CERTIFICATION STATEMENT Appraisal Report # VREF22-A185F-18502286 Effective Date of Report: September 7, 2022 Report Prepared on September 7, 2022 I certify that to the best of my knowledge and belief: A. The statement of facts 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 conformity with the Uniform Standards of Professional Appraisal Practice. H. I have not made a personal examination 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 performed services as an appraiser regarding the property that is the subject of this report within the three-year period immediately preceding agreeing to perform this assignment. K. Because of the appraiser’s background, experience, education and membership in professional associations, the appraiser is qualified to make appraisals of the type of property being valued. L. This appraiser understands that a substantial or gross valuation misstatement resulting from an appraisal that the appraiser knows, or reasonably should have known, would be used in connection with an IRS tax return or claim for refund, may subject the appraiser to a civil penalty under IRS IRC 6695A. M. Photographs included in this report are taken at random or may be from other sources and may or may not include all of those processed. Some photographs may be of poor quality and/or insignificant to the study. Some photographs are used for recall in correlation work. The selected photographs are an additional effort when included in the formal report and, unless otherwise noted, there are no requested criteria for those selected by the appraiser. N. This valuation study has been made by Jason Zilberbrand, ASA, MNAA, CAA, ISA AM, AOA AM, MRAeS and it will be held confidential by both he and VREF. It has been prepared by an experienced appraiser and is based on information gained where possible, from brokers, sales comparables, dealers, etc. The analysis and final conclusion are arrived at from many years of experience in the appraisal, sales, operation, and maintenance of aircraft. The final form of this report is made possible by omitting many details used in estimating, yet not considered essential to the submitted report. Due to the complexities and variables required on the many individual component items of fixed assets, itemized values of components become the guideline for justification rather than individual summaries for each conclusion. O. The writer of this report reserves the right to recall all copies of this report to correct any omission or error. P. The American Society of Appraisers (ASA) has mandatory recertification programs for members. I am in compliance with these programs. Q. Jason Zilberbrand, ASA (117197) is an accredited senior appraiser of the American Society of Appraisers in the Machinery and Technical specialties (Aircraft). The society (ASA) has a mandatory education/recertification program for designation (senior and accredited members). I am in compliance with that program. Date: September 7, 2022 Jason Zilberbrand, ASA, MNAA, CAA, ISA AM, AOA AM, MRAeS VREF INC PRESIDENT Accredited Senior Appraiser Machinery and Technical Specialties (Aircraft) American Society of Appraisers Mr. John Riordan & Cessna 185, LLC/VREF22-A185F-18502286/Effective Date: September 7, 2022 Page 38 PHOTOGRAPHS/APPENDIX Mr. John Riordan & Cessna 185, LLC/VREF22-A185F-18502286/Effective Date: September 7, 2022 Page 39 Mr. John Riordan & Cessna 185, LLC/VREF22-A185F-18502286/Effective Date: September 7, 2022 Page 40 Mr. John Riordan & Cessna 185, LLC/VREF22-A185F-18502286/Effective Date: September 7, 2022 Page 41 Mr. John Riordan & Cessna 185, LLC/VREF22-A185F-18502286/Effective Date: September 7, 2022 Page 42 Mr. John Riordan & Cessna 185, LLC/VREF22-A185F-18502286/Effective Date: September 7, 2022 Page 43 Mr. John Riordan & Cessna 185, LLC/VREF22-A185F-18502286/Effective Date: September 7, 2022 Page 44 Mr. John Riordan & Cessna 185, LLC/VREF22-A185F-18502286/Effective Date: September 7, 2022 Page 45 Mr. John Riordan & Cessna 185, LLC/VREF22-A185F-18502286/Effective Date: September 7, 2022 Page 46 Mr. John Riordan & Cessna 185, LLC/VREF22-A185F-18502286/Effective Date: September 7, 2022 Page 47 Mr. John Riordan & Cessna 185, LLC/VREF22-A185F-18502286/Effective Date: September 7, 2022 Page 48 Mr. John Riordan & Cessna 185, LLC/VREF22-A185F-18502286/Effective Date: September 7, 2022 Page 49 Mr. John Riordan & Cessna 185, LLC/VREF22-A185F-18502286/Effective Date: September 7, 2022 Page 50 Mr. John Riordan & Cessna 185, LLC/VREF22-A185F-18502286/Effective Date: September 7, 2022 Page 51 Mr. John Riordan & Cessna 185, LLC/VREF22-A185F-18502286/Effective Date: September 7, 2022 Page 52 Mr. John Riordan & Cessna 185, LLC/VREF22-A185F-18502286/Effective Date: September 7, 2022 Page 53 Mr. John Riordan & Cessna 185, LLC/VREF22-A185F-18502286/Effective Date: September 7, 2022 Page 54 American Society of Appraisers Principle of Appraisal Practice and Code of Ethics In a Society which not only permits but also encourages the private ownership of productive property and one which also engages in large and multitudinous public works, there appears, on every hand, a necessity for the appraisal of property. In fact, property appraisals are used throughout the economic, governmental, legal and social activities of such a society. As the vocation of property appraisal has developed during past decades from a business occupation into a professional, certain concepts have emerged and become clear. The word “property” is now given to physical things and also to the legal rights of ownership of tangible or intangible entities. Appraising is now considered to encompass three classes of operations, namely, 1. The estimation of the cost of producing or replacing physical property. 2. The forecasting of the monetary earning power of certain classes of property. 3. The valuation or determination of the worth of property. The American Society of Appraisers occupies a unique position among professional appraisal societies in that it recognizes and is concerned with all classes of property: real, personal, tangible, and intangible, including real estate, machinery and equipment, buildings and other structures, furnishings, works of art, natural resources, public utilities, gems and jewelry, investment securities, and so forth. It is also unique in that it recognizes the threefold character of the appraisal function. In recognizing the need for the highest professional competence among appraisers, the American Society of Appraisers actively supports recognized institutions of higher learning in their scholastic programs, which are designed to provide the necessary academic background to both appraiser aspirants and to the qualified professionals who desire to update and broaden their professional skills. The necessity for a set of authoritative principles and a code of professional ethics, broad enough to cover all classes of property as well as the complexities of the various appraisal procedures, is a pressing one. Previous statements of principles have dealt almost exclusively with real estate. Existing codes of ethics are, in large measure, couched in such general moralistic terms that they are impractical for specific application. Violation of any provision or rule of the Code should not give rise to a civil cause of action and should not create any presumption or evidence that a legal duty has been breached nor should it create any special relationship between the appraiser or any other person. This Code is designed to provide guidance to appraisers and to provide a structure for regulating conduct of members of the ASA through disciplinary actions. Violations of the Code are not designed or intended to be the basis of any civil liability. (January 1990) To meet the need for a comprehensive set of guideposts and for a specific code of ethics, the Society has prepared and presents herewith The Principles of Appraisal Practice and Code of Ethics of the American Society of Appraisers. American Society of Appraisers Authorized June 30, 1968 Revised December 1995 Uniform Standards of Professional Appraisal Practice (USPAP) Appraisal Standards Board of The Appraisal Foundation The Appraisal Standards Board (ASB) of The Appraisal Foundation develops, publishes, interprets and amends the Uniform Standards of Professional Appraisal Practice (USPAP) on behalf of appraisers and users of appraisal services. Because state and federal regulatory agencies and others will use USPAP, the ASB has adopted a publication policy to ensure that everyone is informed of interpretations of or amendments to USPAP in a regular and timely manner. Origin and History of USPAP The Appraisal Foundation bases these Standards on the original Uniform Standards of Professional Appraisal Practice developed in 1986-87 by the Ad Hoc Committee on Uniform Standards and copyrighted in 1987. Prior to the establishment of the ASB in 1989, USPAP had been adopted by major appraisal organizations in North America and had become recognized as the generally accepted standards of appraisal practice. At its organizational meeting on January 30, 1989, the ASB unanimously approved and adopted the original USPAP as the initial appraisal standards promulgated by the ASB. USPAP may be altered, amended, interpreted, supplemented, or repealed by the ASB after exposure to the appraisal profession, users of appraisal services, and the public in accordance with established rules of procedure. The purpose of these Standards is to establish requirements for professional appraisal practice, which includes appraisal, appraisal review, and consulting, as defined. The intent of these Standards is to promote and maintain a high level of public trust in professional appraisal practice. These Standards are for appraisers and users of appraisal services. To maintain a high level of professional practice, appraisers observe these Standards. However, these Standards do not in themselves establish which individuals or assignments must comply; neither The Appraisal Foundation nor its Appraisal Standards Board is a government entity with the power to make, judge, or enforce law. Individuals comply with these Standards either by choice or by requirement placed upon them, or upon the service they provide, by law, regulation, or agreement with the client or intended users to comply. It is essential that professional appraisers develop and communicate their analyses, opinions, and conclusions to intended users of their services in a manner that is meaningful and not misleading. This Uniform Standards of Professional Appraisal Practice (USPAP) reflects the current standards of the appraisal profession. The importance of the role of the appraiser places ethical obligations on those who serve in this capacity. These Standards include explanatory Comments and begin with an ETHICS RULE setting forth the requirements for integrity, impartiality, objectivity, independent judgment, and ethical conduct. In addition, these Standards include a COMPETENCY RULE that places an immediate responsibility on the appraiser prior to acceptance of an assignment as well as during the performance of an assignment. DEFINITIONS applicable to these Standards are also included. The Standards contain binding requirements. This document is not a retainer agreement. A retention agreement is always in order to be retained July 6, 2022. 1 Curriculum Vitae JASON ZILBERBRAND, ASA, MNAA, CAA, ISA AM, AOA AM, MRAeS USPAP Compliant Accredited Senior Appraiser (ASA) Machinery and Technical Specialties (Airc