Appraisal Bell UH 1H SN 73 21783

Nationwide TM
Aircraft Assurance Services
CERTIFIED APPRAISAL REPORT
For One
1973 Bell UH-1H Iroquois Helicopter

Serial Number 73-21783
F. A. A. Registration Number N783CS
Prepared for
Charlotte County Sheriff’s Office
Effective Date of Appraisal
July 31, 2017
Prepared by
Nationwide Aircraft Assurance Services Ltd.

www.aircraft-value.com
1-800-695-5110
Table of Contents
Page
SECTION I
Appraisal Assignment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Scope of Assignment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Proprietary Notice . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Privacy Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Certifications . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
SECTION II
Aircraft Identification & General Information . . . . . . . . . . . . . . . . . . . . . . 4
Maintenance Records & Technical Manuals . . . . . . . . . . . . . . . . . . . . . . . . 5
Maintenance Status . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 - 6
Airframe Components . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 - 7
Engine . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Major Life Limited Components . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Ice & Rain Protection Systems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Exterior Paint & Interior . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 - 10
Avionics & Instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 - 11
Modifications . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Additional Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Damage History . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Appraisal Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12 - 14
The Bell UH-1H Iroquois Helicopter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
The Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 - 16
Comparable Helicopter Listings and Sales . . . . . . . . . . . . . . . . . . . . . . . . . 16 - 17
Appraisal Computation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Certified Fair Market Value Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
SECTION III
F.A.A. Certificate of Aircraft Registration . . . . . . . . . . . . . . . . . . . . . . . . . 20
Photos of Subject Helicopter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 - 34
SECTION IV
Appraiser Qualifications . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
Appraisal Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35 - 36
Assumptions and Statement of Limiting Conditions . . . . . . . . . . . . . . . . . 36 - 38
Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38 - 40
SECTION I
Assignment
Scope of Assignment
Proprietary Notice
Privacy Statement
Certifications
APPRAISAL ASSIGNMENT
Nationwide Aircraft Assurance Services Ltd. has been retained by Charlotte County Sheriff’s
Office (the “Client”) to offer its opinion of the Current Fair Market Value of one (1) 1973 Bell
UH-1H Iroquois (the “Subject Helicopter”) detailed below:
Manufacturer Bell Helicopter Company

Model UH-1H Iroquois
Manufacturer’s Serial Number 73-21783

F.A.A. Registration Number N783CS
Model Year 1973
Engine Make & Model Lycoming T53-L-13B Turboshaft
Total Airframe Hours 3,822.7 hours
Configuration Passenger; seating for 10 (excl. pilots)
Effective Date: July 31, 2015
This appraisal report is intended to be used by:
Charlotte County Sheriff’s Office

7474 Utilities Road
Punta Gorda, FL 33985
Purpose of this appraisal: The purpose of this appraisal report is to form a professional
opinion of the Fair Market Value of the Subject Helicopter in U.S. Dollars for certified asset
value purposes.
This aircraft appraisal report is intended to be used by the client for the purpose(s) noted. It
should not be used for any other purpose, nor should it be considered valid after the expiration
date (if) expressed in the report.
This report is not intended to be an evaluation of the mechanical condition of the helicopter, nor
is any of the data herein intended to be used for evaluating the mechanical condition of the
helicopter.
Nationwide
Appraisal Report No. 1707UH1H-7321783 Page 1

SCOPE OF ASSIGNMENT
The scope of this assignment includes:
A. The physical inspection of the Subject Helicopter identified within this report.
B. An examination of the maintenance records relative to the Subject Helicopter.
C. The appropriate research that includes many sources including the use of proprietary
databases, published value information, historical sales and listing data of comparable
helicopters.
D. Determination whether the market, cost, or income approach is relevant to the Subject
Helicopter.
E. Determination of the Current Fair Market Value of the Subject Helicopter.
F. The preparation of this Certified Summary Appraisal Report in accordance with the
Uniform Standards of Professional Appraisal Practice (USPAP).
PROPRIETARY NOTICE
This Appraisal Report is to be held strictly confidential and is intended for the exclusive use of
the Client. It may not be transmitted in any form to any other party without the express
consent of the Client. Possession of this Report or a copy thereof does not carry with it the
right of publication. This report may not be assigned to any third party and may not be used
for any purpose by any party other than the intended users. No third party may rely upon this
report which is not for the benefit of any third party.
PRIVACY STATEMENT
Nationwide Aircraft Assurance Services Ltd. is committed to respecting the privacy of our
clients. We exercise care and diligence in managing, transmitting and securing the personal
information of our clients. We will never release nonpublic information about our clients to third
parties without said clients’ express consent except as required by federal or state law.
Nationwide

CERTIFICATIONS
The undersigned hereby states that;
A. The statements of fact contained in this report are true and correct.
B. The reported analyses, opinion, and conclusions are limited only by the reported
assumptions and limiting conditions, and are my personal, impartial, unbiased
professional analyses, opinions, and conclusions.
C. I have no present or prospective interest in the property that is the subject of this
report, and I have no personal interest with respect to the parties involved.
D. I have no bias with respect to the property that is the subject of this report or to the
parties involved with the assignment.
E. My engagement in this assignment is not contingent upon developing or reporting

predetermined results.
F. My compensation for completing this assignment is not contingent upon the

development or reporting of a predetermined value or direction in value that favors
the cause of the client, the amount of the value opinion, the attainment of a
stipulated result, or the occurrence of a subsequent event directly related to the
intended use of this appraisal report.
G. My analyses, opinions, and conclusions were developed, and this report has been
prepared in compliance with the Uniform Standards of Professional Appraisal
Practice.
H. I have made an inspection of the property that is the subject of this report.
I. No one provided significant professional or personal property appraisal assistance

to the person signing this certification and report.
J. I have not provided any services regarding the subject property within the past
3 years.
APPRAISER:
Date Signed: August 7, 2017

Douglas E. Hanson Official Seal Of
Master Certified Aircraft Appraiser
Nationwide Aircraft Assurance Services Ltd. Nationwide

11300 Lindbergh Boulevard, Suite 103 Aircraft Assurance Services
Fort Myers, FL 33913 U.S.A.

Telephone: 1-800-695-5110 Nationwide Aircraft Assurance Services Ltd.
www.aircraft-value.com
Nationwide

SECTION II
Aircraft Identification & General Information

Maintenance Records & Aircraft Technical Manuals
Maintenance Status
Airframe Component
Engine
Life Limited Components
Ice Protection Systems
Exterior Paint & Interior
Avionics & Instruments
Modifications
Additional Equipment
Damage History
Appraisal Comments
The Bell UH-1H Iroquois Helicopter
The Market
Comparable Aircraft Listings & Sales
Appraisal Computation
Certified Fair Market Value Conclusion
AIRCRAFT IDENTIFICATION
& GENERAL INFORMATION
Manufacture: Bell Helicopter Company
Model: UH-1H Iroquois
Model Year 1973
Year of Manufacture 1973
Manufacturer Serial Number: 73-21783
Type Aircraft: Rotorcraft (helicopter), single engine turboshaft powered
Airworthiness Certification: Not applicable for current government usage.
Registration: Country of Registration: U.S.A.
Registration Number: N783CS
Registration Date: 09-29-2003
Expiration Date: 04-30-2018
Ownership: Government; Charlotte County FL
Total Airframe Hours : 3,822.7 hours
Total Flight Cycles: Not recorded.
Utilization: Operated as a public usage aircraft within
county government operations.
Helicopter Identification
& General Information
Summary: The subject helicopter, a Bell UH-!H Iroquois bearing the
manufacturer serial number 73-21783 was manufactured in
1973 and is currently registered in the U.S.A. as N783CS. Its
original and current FAA Standard Airworthiness Certificate
current FAA Registration is dated 09-29-2003 with an expiry
date of 04-30-2018. As a public use government owned
helicopter, it does not possess airworthiness certification. It
has accumulated a total of 3,822.7 hours of utilization on
its airframe since new. Flight operation cycles have not been
recorded. Entries within the flight operation trip log is the
method in which the airframe, engine and life limited
component times are recorded. The subject helicopter is
currently operated as a public usage aircraft within
Charlotte County Florida Government operations.
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MAINTENANCE RECORDS
& TECHNICAL MANUALS
Maintenance Records: The maintenance records for the subject helicopter were
presented to the appraiser by the current operator and
maintenance provider, Charlotte County Sheriff’s Office
at the Punta Gorda Airport located in Punta Gorda, FL.
The aircraft maintenance records consist of 1 airframe file,
1 engine file, and associated records relative to its major
life limited components, AD/SB compliance and
airworthiness release certificates.
The airframe maintenance records begin on 12-20-1974
at 0.0 hours total airframe time with record of the installation
of door lock devices and end on 06-09-2017 at 3,821.0 hours
total airframe time with record of an annual inspection.
The engine maintenance logs begin on 09-29-1983 at 623.0
hours since overhaul with record of a base line inspection
and ends on 10-17-2016 at 0.0 hours since overhaul with
record of its overhaul.
Technical Manuals: The technical manuals include the following publication:
• Pilots Operating Handbook
• Operating Checklist
Maintenance Records &
Technical Manuals Summary: The maintenance records for the subject helicopter were
inspected by the appraiser and found to be authentic,
unaltered and complete. The minimum required technical
manuals are included with the subject helicopter.
MAINTENANCE STATUS
Maintenance Program: FAA approved manufacturer’s inspection program.
Maintenance Tracking
Program: Physical record system.
Major Inspection Status: Annual Inspection
Last accomplished on 06-09-2017 at 3,821.0 hours TTAF
Next due: 06-30-2018
25 Hour Inspection
Next due: 3,846.0 hours TTAF
100 Hour Inspection
300 Hour Inspection
Airworthiness
Directives Status: Applicable ADs reported complied with.
Service Bulletin Status: Applicable SBs reported complied with.
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Pitot Static System /Altimeter
Certification Date: Not required for VFR flight operations.
Transponder
Certification Date: Currently overdue.
ELT Battery
Replacement Date: Not recorded; equipped with obsolete non-406 mhz
capable transponder.
Weight and Balance Data: Empty Weight: 6,821.0 pounds
Maximum Certificated Takeoff Weight: 9,500 pounds
Useful Load: 2,679 pounds (incl. pilots)
Maintenance Status
Summary: According to available maintenance records and reports,
this helicopter is currently serviceable. The most recent
annual/25/100/300 hour inspections were accomplished
on 06-09-2017 at 3,821.0 hours TTAF. Other than an
expired certification of the ATC transponder, there are
no inspection requirements reported overdue for compliance.
AIRFRAME COMPONENTS
Fuselage: The fuselage is considered to be in above average condition
absent of notable defects. All skins are pulled tight, rivets
flush and secure, with no evidence of damage, cracks,
material defects or surface corrosion.
Tail Boom: The tail boom is considered to be in above average condition

absent of notable defects. All skins are pulled tight, rivets
flush and secure, with no evidence of damage, cracks,
material defects or surface corrosion.
Landing Gear Skids: The subject helicopter is equipped with optional high landing
gear skids. Both skid assemblies are considered to be in
above average condition absent of notable defects including
damage, material defects or corrosion.
Engine Cowling Assembly: The engine cowling assembly is considered to be in average

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

Windshield & Windows: The subject helicopter is equipped with two windshield
panels, three cockpit ceiling windows, two lower chin bubble
windows, two cockpit door slider windows, two two cockpit
door forward windows, two cabin post windows and two
cabin/cargo door windows. With exception to notable
abrasion scratches to the left cockpit door slider window,
all windshield and window components are considered to
be in average condition absent of significant defects.
Pitot Tube & Static Ports: The pitot tubes and static ports are considered to be in
serviceable, average condition absent of significant defects.
All components are secure, clean and unobstructed.
Antenna Assemblies: The antenna assemblies are considered to be in average

condition absent of significant defects. All antenna
components are securely attached to the fuselage and
appear to meet manufacturer specifications.
Exterior Lights: The exterior light components are considered to be in average

condition absent of significant defects. The exterior lights
include the following components:
• Standard beacon, navigation and position lights
• Landing/taxi light
• Strobe lights
Additional Equipment: The subject helicopter is equipped with a standard wire
strike protection system (WSPS) including upper and lower
wire cutters installed and a single, fuselage belly observation
mirror. Insect aerial sprayer equipment is additionally
installed on the fuselage belly. However, for the purpose
of asset valuation, it is excluded from this appraisal report.
Airframe Components
Summary: With exception to minor defects including a loose seal strip
assembly on the right cockpit door and abrasion scratches
to the left cockpit door slider window, the external airframe
components are considered to be in above average condition
for its year of production and total operating hours.
(Refer to photos Section III, pp. 21-27)
Nationwide

ENGINE
Engine Manufacture: Lycoming
Engine Type: Turboshaft
Model: T53-L-13B
Serial Number: LE-18682B
Manufacturer TBO: 2,400 hours
Fire Detection Equipped: Equipped
Chip Detection Equipped: Equipped
Modifications: None reported.
Time Since New: 3,822.0 hours
Cycles Since New: Not recorded.
Time Since Overhaul: 649.0 hours
Overhaul Date: 10-07-2016
Time Since Hot Section
Inspection: Not applicable; hot section inspections not performed.
TBO Time Remaining: 1,751 hours
Abnormal Fluid Leakage: None noted.
Known Maintenance
Problems with Engine: None reported.
Engine Summary: According to records provided, this engine is serviceable.
With a manufacturer published TBO (time before overhaul)
of 2,400 operating hours, this engine will become due for an
overhaul within the next 1,751 hours of operation. It is
therefore considered to currently have approximately
73 percent of its TBO service life remaining.
(Refer to photos Section III, pg. 28)
MAJOR LIFE LIMITED COMPONENTS

Major Life Limit Components
Summary: According to available maintenance records, the reported
major life limited components are in serviceable condition and
have an overall above average percentage of their TBO service
life remaining before overhaul or replacement is required.
Nationwide

ICE & RAIN PROTECTION SYSTEMS
Engine: Equipped
Pitot Heat: Equipped
Rotor Blades: Not equipped
Windshield: Equipped; rain wipers only
Ice Protection Systems
Summary: The ice and rain protection systems installations on this
helicopter are considered typical for its make and model
and are reported to be in serviceable condition.
EXTERIOR PAINT
Exterior Paint Colors: Standard Charlotte County Sheriffs Office livery design.
Overall white on forward fuselage, emerald green on aft
fuselage and tail boom assembly with accent stripes on both
sides of the fuselage and engine cowl assembly in gold, white,
emerald green and black. The registration markings are
painted in matching gold and black.
Age of Paint: 1 year; reapplied during 2016
Condition of Paint: Excellent.
Exterior Paint Summary: The paint on the exterior surfaces of the subject helicopter was
applied during 2016 and is considered to currently be in
excellent condition absent of notable wear, damage or paint
defects. (Refer to photos Section III, pp. 21-22, 26-28)
INTERIOR
Interior Description
& Condition: The interior furnishings consist of two cockpit pilot seats,
one observer’s seat in the forward section of the cabin/cargo
compartment, a five place sling seat in the aft cabin/cargo
compartment and a pair of two-place side-facing, bench seats
located against the right and left sides of the transmission
enclosure. The pilot seats are upholstered in original UH-1H
standard materials with additional ergonomic seat cushions
installed. All cabin/cargo compartment seats consist of
standard canvas material construction. All seats are
equipped with appropriate restraint system belts and
considered to be in serviceable condition absent of
excessive wear or damage.
Flooring within the interior consists of standard sheet metal
painted in gray with tie down cleats installed throughout. All
floor sections are considered to be in above average condition
absent of excessive wear or damage.
Nationwide

The interior ceiling and side walls consist of standard UH-1H
metal fabrication components and are considered for the most
part to be in average condition absent of excessive wear or
defects. An exception however, exists with the removal
of the typically installed ceiling headliner coverings.
Additional furnishings and equipment within the interior
include standard lighting systems, ventillation and heating
system and, a portable hand-held fire extinguisher.
Age of Interior Furnishings 44 years; original to the aircraft.
Intercom System: Equipped
Interior Summary: The interior configuration and furnishings within the subject
helicopter is original and considered typical to its make,
model and production year. The condition of the interior is
considered to be serviceable and for the most part, in average
condition. An eception however exists with the removal of its
ceiling headliner coverings.
(Refer to photos Section III, pp. 25, 30-33)
AVIONICS & INSTRUMENTS

Full InstrumentPanel: Equipped
Dual Flight Instrument Panel: Equipped
Analog or EFIS: Analog
IFR Equipped: Basic IFR equipped; not certified.
GPS Equipped: Equipped
Traffic Advisory Equipped: Not equipped
Condition of Avionics
and Instruments: All components are reported to be in serviceable condition.
INVENTORY OF AVIONICS & INSTRUMENTS

Component Manufacture Model
Airspeed Indicator - R Not listed Not listed
Airspeed Indicator - L Not listed Not listed
Altimeter - R Not listed Not listed
Altimeter - L Not listed Not listed
Attitude Indicator - R Not listed Not listed
Attitude Indicator - L Not listed Not listed
Audio Selector Panel PS Engineering PAC-24
Course Deviation Indicator - R Bendix-King Not listed
Course Deviation Indicator - L Bendix-King Not listed
Nationwide

Component Manufacture Model
Chronometer - R Not listed Analog
Com (VHF) King KY-196A
Compass - magnetic Not listed Not listed
ELT Not listed (Not) 406 mhz capable
GPS Garmin GNC-300XL
Intercom PS Engineering PAC-24
RMI - L Not listed Not listed
RMI - R Not listed Not listed
Transponder Bendix-King KT-76A
Turn Coordinator Indicator - R Not listed Not listed
Turn Coordinator Indicator - L Not listed Not listed
Vertical Speed Indicator - R Not listed Not listed
Vertical Speed Indicator - L Not listed Not listed
Avionics & Instruments
Summary: The avionics and instrument installations are considered
to be standard for the make, model and year of production
helicopter. All components are reported to be in serviceable
condition absent of significant defects.
(Refer to photos Section III, pg. 34)
MODIFICATIONS
There are no reported major modifications to the subject
helicopter.
ADDITIONAL EQUIPMENT
Only the additional installed equipment determined to have
significant relevance to the value of the subject helicopter are
included within this appraisal report.
Equipment Item 1: High landing gear skids.
Equipment Item 2: Wire strike protection system (WSPS) including upper and
lower wire cutters.
Equipment Item 3: Fuselage belly observation mirror.
DAMAGE HISTORY
Current Damage: None noted.
Previous Damage History: None reported.
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APPRAISAL COMMENTS
The purpose of this appraisal assignment is to provide a professional opinion of the
current fair market value of the subject Bell UH-1H Iroquois helicopter bearing the manufacturer
serial number 73-21783. This report is based on information and data publicly and privately
available provided to and by Nationwide Aircraft Assurance Services Ltd.
In the course of developing this appraisal, the appraiser relied upon numerous industry
valuation guidebooks, maintenance status reports specific to the subject aircraft, interviews
with numerous brokers and industry maintenance providers who specialize in the subject
aircraft make and model, and Nationwide Aircraft Assurance Services’ own proprietary
industry valuation database.
This appraisal report is intended to be advisory only. It is important to note that since
appraisals are only estimates of fair market resale values, there can be no assurance that such
appraised values will not materially change due to future obsolescence and changing market
conditions, or lack of support by relevant manufacturers and/or suppliers.
A physical inspection the Subject Helicopter and its maintenance records was
conducted on July 31, 2017 at the Charlotte County Sheriff’ Office aircraft hangar facility
located at the Punta Gorda Airport, Punta Gorda, FL in order to gather independent
information regarding its overall condition, maintenance status, equipment, and any other
information considered germane to this appraisal. As will be detailed in the following section,
there are a number of issues which, in the opinion of the appraiser collectively have a material
impact upon the value of the Subject Helicopter. These issues are summarized below:
• Total Airframe Time. The Subject Helicopter is reported to have a total of 3,822.7
hours of utilization on its airframe. This equates to an average of approximately
87 hours per year. In comparison, among the Bell UH-1H Iroquois helicopters known
to be available for sale world wide, the average is 162 hours per year. Therefore, with
its total time less to that of the available fleet average, it is the Appraiser’s opinion
that there is positive material effect upon the value of the Subject Helicopter relative
to Total Airframe Time.
• Airframe Components. With exception to minor defects including a loose seal strip
assembly on the right cockpit door and abrasion scratches to the left cockpit door
sliding window, the condition of the Subject Helicopter external airframe components
are considered to be in above average condition for its year of production and total
operating hours. Therefore, it is the Appraiser’s opinion that there is positive
material effect upon the value of the Subject Helicopter relative to its Airframe
Components.
Nationwide

• Maintenance Status. The Subject Aircraft is currently maintained under the
manufacturer’s standard maintenance inspection program. According to available
maintenance records, the helicopter is reported to be for the most part, in serviceable
condition absent of significant defects. A single exception is evidenced with the
expired biennial certification of its ATC transponder. All Airworthiness Directives
(AD) and Service Bulletins (SB) are reported to have been complied with. The most
recent annual/25/100/300 hour inspections were accomplished on 06-09-2017 at
3,821.0 hours TTAF. Therefore, it is the Appraiser’s opinion that there is positive
material effect upon the value of the Subject Aircraft relative to its Maintenance
Status.
• Engine. The Subject Aircraft is powered by one Lycoming T53-L-13B turboshaft

engine. This engine is considered to be a standard power plant installation to the
make, model and year of production helicopter. It is reported to be in serviceable
condition absent of defects. It has been maintained I.A.W. manufacturer prescribed
standards and considered to have approximately 73 percent of its TBO life (Time
Before Overhaul) remaining. Therefore, it is the Appraiser’s opinion that there is
positive material effect upon the value of the Subject Aircraft relative to its Engine.
• Life Limited Components. Maintenance records indicate that the reported major
life limited components are in serviceable condition and have an overall above
average percentage of their TBO service life remaining before overhaul or replacement
is required. Therefore, it is the Appraiser’s opinion that there is positive material
effect upon the value of the Subject Helicopter relative to its Life Limited
Components.
• Paint & Interior. An important issue effecting all helicopters is the appearance and
condition of the paint and interior. In the case of the Subject Helicopter, paint on the
exterior surfaces of the subject helicopter was applied during 2016 in a standard
Charlotte County Sheriffs Office livery design and is considered to currently be in
excellent condition absent of notable wear, damage or paint defects.
With regard to its interior configuration and condition, the Subject Helicopter is
equipped with a total seating capacity of ten excluding the pilots in a standard
Bell UH-1H configuration. The interior is original to the helicopter and considered
to be in slightly below average condition due only to the removal of its ceiling
headliner coverings.
Therefore, it is the Appraiser’s opinion that there is positive material effect upon
the value of the Subject Helicopter relative to its Paint and negative material effect
to its Interior.
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• Avionics & Instruments. The Subject Helicopter is equipped with a 7-hole single
panel avionics and analog style instruments system. The level of installed components
on this helicopter is considered to be typical for the make and model. All installations
are reported as serviceable with no defects reported. Therefore, it is the Appraiser’s
opinion that there is neither positive nor negative material effect upon the value of
the Subject Helicopter relative to its Avionics and Instruments.
• Ice Protection Systems. The Subject Helicopter is not equipped with ice protection
systems allowing flight into known icing conditions. The limited system installed
are reported to be in serviceable condition absent of defects. Therefore, it is the
Appraiser’s opinion that there is neither positive, nor negative material effect upon
the value of the Subject Helicopter relative to Ice Protection Systems.
• Modifications. There is no reported major modifications to the Subject Helicopter.

Therefore, it is the Appraiser’s opinion that there is neither positive, nor negative
material effect upon the value of the Subject Helicopter relative to Modifications.
• Additional Equipment. Additionally installed equipment on the Subject Helicopter

relative to its value* include high landing gear skids, a wire strike protection system
and a fuselage belly observation mirror. Therefore, it is the Appraiser’s opinion that
there is positive material effect upon the value of the Subject Helicopter relative to
Additional Equipment.
*Note: Insect aerial sprayer equipment is additionally installed. However, for the purpose of asset valuation,
is excluded from this appraisal report.
• Damage History. There is no current or reported previous damage to the Subject

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

THE BELL UH-1H IROQUOIS HELICOPTER
The Bell UH-1H Iroquois is a single engine turboshaft powered helicopter manufactured
from 1964 to 1973 in the U.S.A by Bell Helicopter. With a typical passenger seating capacity of
ten (excluding the pilots), the UH-1H Iroquois was designed and built during the Viet Nam War
as an enhanced performance version of the earlier production Bell UH-1D.
During its nine years of production, a total of 5,435 Bell UH-1H Iroquois were built and
delivered to customers worldwide.
There are a reported 738 UH-1H Iroquois helicopters that remain serviceable throughout
the world. Most are are operated within multiple international government military and law
enforcement agencies as well as with oil exploration, agricultural and fire fighting organizations.
Variants:
Bell UH-1A through UH-1F
Bell UH-1L through UH-1M
Bell UH-1P
Bell UH-1V
THE MARKET
Aircraft market stability and value assessment of specific aircraft types can be
attributed to a number of factors. The first of these is economic growth (or lack of) in key
markets around the world. Additionally, the operator base of specific aircraft types. Fuel and
maintenance costs when calculated against specific aircraft asset base values and revenue
forecasts. Lastly, new aerodynamic technology and advanced engineering and manufacturing
processes help make some aircraft more efficient, environmentally friendly and economical to
operate than others, thus directly affecting market demand of specific models.
Both commercial and general aviation flight activity has increased globally during the
first quarter of 2017 compared to the last 3 months of 2016. The significant increase in activity
could be an indicator of positive sentiment among industry analysts concerning the overall
economy. With continued strong growth in key industries such as business services, most
analysts are optimistic 2017 will be a good year for the general aviation industry.
The helicopter resale market began 2017 with one of the best first quarters in the past 10
years. The turnover in the turboshaft powered helicopter fleet totaled 2.7% during the first
quarter of 2017, the second best start to a year for this segment in the past three years and
equal to the same time in 2008.
Nationwide

Overall, helicopter retail transactions rose modestly in the first three months of the year,
with 2.9% of the fleet turning over in ownership. That compares to 2.1% a year ago and 1.9% in
the first quarter of 2015.
In the final analysis, newer turboshaft powered helicopters (less than 6 years old) and
premium quality older helicopters with fewer total operating hours, better cosmetics, more
advanced avionics/operating systems and clean histories should fair better in maintaining value
in the current market.
COMPARABLE HELICOPTER LISTINGS & SALES
Currently on the world wide market, there are 17 Bell UH-1H Iroquois helicopters
offered for sale with current asking prices ranging from $379.0 thousand for a 1964 production
year model with 12,359 total airframe hours to $895.0 thousand for a 1964 production year
model with 12,218 total airframe hours. Available reported world wide sales data for Bell UH-
1H Iroquois helicopters during the previous twelve month period reflect a value range of
$320.65 thousand for a 1965 production year model with 13,280 total airframe hours to $775.0
thousand for a 1971 production year model with 3,228 total airframe hours. Average price for
a factory new Bell UH-1H Iroquois during 1973 was $2.78 million.
Reasonable exposure time to the market for a 1973 Bell UH-1H Iroquois helicopter in
average overall condition, with average total airframe time, mid-time engine and life limited
components, VFR level avionics, all ADs/SBs complied with, complete maintenance records
and no damage history would be approximately 144 days if priced between $478.0 thousand
and $518.0 thousand.
Subject Helicopter Prior Sales:

The subject helicopter of this report has not been involved in a sale in the past 12
months. The current operator’s registration of the helicopter is dated September 29, 2003.
Nationwide

COMPARABLE HELICOPTER SALES CHART
Bell UH-1H Iroquois Helicopter

(This information for comparison purposes only)
Bell Helicopter Co. Subject Comp 1 Comp 2 Comp 3

UH-1H Iroquois Helicopter Helicopter Helicopter Helicopter
Model Year 1973 1969 1969 1965

Serial Number 73-21783 69-16713 69-15256 65-10133
Asking Price N/A* N/A* 699,900 N/A*
Selling Price N/A* 515,000 679,500 560,000
Days Listed N/A* 133 170 109

Airframe Time 3,822 9,458 5,389 10,128
Engine TBO Hrs. Remaining 1,751 1,607 2,270 2,185
Life Limited Components
TBO Percentage Remaining Above Avg. N/A* Above Avg. N/A*
Avionics Average Above Avg. Above Avg. N/A*
Exterior Paint Excellent Average Above Avg. Above Avg.
Interior Below Avg. Average Average Above Avg.
Damage History None None None None
Adjust** For:
Year of Manufacture 40,000 40,000 72,000

Airframe Time 24,230 5,530 23,790
Engine 9,650 (34,770) (29,080)
Life Limited Components 0 (20,200) 0
Avionics (3,300) (4,700) 0
Exterior Paint 6,000 3,000 3,000
Interior (1,200) (1,200) (3,000)
Damage History 0 0 0
Comparable Helicopter Value

Adjusted to the Subject Helicopter** 590,380 667,160 626,710
* not applicable/not available

** Adjustments are calculated on comparisons to the subject helicopter and equate to what the comparable helicopter
would be valued at if the same model year and equipped the same as the subject helicopter.
The comparable helicopters used in the analysis above were chosen do to their similarity to the subject helicopter.
This sales chart was made under the assumption that the above comparable helicopters have been accurately
reported and represent actual sales that have occurred within the past 12 months.
Nationwide

APPRAISAL COMPUTATION
[1]
Current Average Base Market Value
USD
for 1973 Bell UH-1H Helicopters $ 496,600
Add for Airframe Low Total Time $ 16,500

Add for Above Average Airframe Condition $ 6,000
Add for Maintenance Status $ 2,300
Add for Above Average Engine TBO Value $ 36,920
Add for Above Average Life Limited Components TBO Value $ 42,400
Add for Above Average Exterior Paint Condition Value $ 6,000
Add for Additional Equipment Value $ 47,530
Total Additions + $ 157,650
Deduct for Below Average Interior Condition $ 1,200
Total Deductions - $ 1,200
Based upon the above, the Current Fair Market Value of

USD
1973 Bell UH-1H Iroquois serial number 73-21783 is calculated to be: $ 653,050
Notes:
1 Current Average Base Market Value is based upon the make, model and year of production
helicopter in average overall condition, with average total airframe time, mid-time engine
and life limited components, VFR level avionics, all ADs/SBs complied with, complete
maintenance records and no damage history.
Nationwide

CERTIFIED FAIR MARKET VALUE CONCLUSION
The current fair market value presented within this appraisal report is reflective of
current market conditions, the make, model, and year of manufacture of the subject helicopter,
the current configuration and condition of the subject helicopter and the substance of
maintenance records of the subject helicopter.
The Market, Income and Cost Approaches have been considered to determine the value
of the subject helicopter. After due consideration it has been determined that the Market
Approach is the most relevant method for conducting this appraisal.
Given the current status of the subject helicopter and in consideration of the current
market environment for Bell UH-1H Iroquois helicopters, it is the opinion of the Nationwide
Aircraft Assurance Services Appraiser that 1973 Bell UH-1H Iroquois helicopter, serial number
73-21783, has a Current Fair Market Value of $653,050.00 as of July 31, 2017.
Certified Fair Market Value

as of July 31, 2017
1973 Bell UH-1H Iroquois Helicopter
Serial Number 73-21783
$653,050.00
Nationwide

SECTION III
F. A. A. Certificate of Aircraft Registration
Photos of Subject Helicopter
F. A. A. Certificate of Aircraft Registration
Nationwide

Exterior - Left Front
Exterior - Right Front
Nationwide

Exterior - Left Fuselage Side
Exterior - Right Fuselage Side
Nationwide

Exterior - Right Windshield and Cockpit Door Windows
Exterior - Left Windshield and Cockpit Door Windows
Nationwide

Exterior - Right Chin Bubble Window
Exterior - Left Chin Bubble Window
Nationwide

Interior - Right Cockpit Entry
Exterior - Left Cockpit Door Sliding Window Scratch Damage
Nationwide

Exterior - Right Tail Boom
Exterior - Left Tail Boom
Nationwide

Exterior - Right Rear Fuselage & Tail Boom
Exterior - Left Rear Fuselage & Tail Boom
Nationwide

Exterior - Right Engine Compartment
Exterior - Left Engine Compartment
Nationwide

Exterior - Main Rotor Blade Assembly
Exterior - Tail Rotor Blade Assembly
Nationwide

Interior - Right Pilot Seat
Interior - Left Pilot Seat
Nationwide

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

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

Interior - Cabin/Cargo Compartment Missing Headliner Paneling
Interior - Cabin/Cargo Compartment Flooring
Nationwide

Interior - Cockpit Ceiling Control Panel
Interior - Cockpit Instrument Panel, Avionics & Controls
Nationwide

SECTION IV
Appraiser Qualifications
Appraisal Methodology
Assumptions & Statement of Limiting Conditions
Definitions
APPRAISER QUALIFICATIONS
Douglas E. Hanson is a USPAP Endorsed Master Certified Aircraft Appraiser

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

licensed airline transport pilot. He holds a MSc Degree in Aviation Science and Technology
granted to him by the University of New South Wales, Australia. He earned his initial aircraft
appraiser certification in the U.S. from the National Aircraft Appraiser Association and is an
active member of the National Business Aviation Association (NBAA), International
Association of Professional Aircraft Appraisers (IAPAA), Aircraft Owners and Pilots
Association (AOPA), and the Experimental Aircraft Association (EAA).
APPRAISAL METHODOLOGY
In order to appraise the base and adjusted values of helicopters, Nationwide Aircraft
Assurance Services uses as a primary determinant all known and reported historical and
current market values. These values are extracted from numerous aviation industry sources and
from Nationwide Aircraft Assurance Services’ proprietary aircraft transaction database.
As a secondary consideration, Nationwide Aircraft Assurance Services addresses

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

reference library and computerized transaction database for the purpose of substantiating its
appraisals.
To appraise an helicopters, cross-sectional data concerning the values of helicopters in

each of several general categories is collected and analyzed. The cross-sectional data is then
Nationwide

postulated and compared with reported market values of similar helicopters at a specific point
in time. Such data typically considers the effect of deterioration of an helicopters due to age
and usage as well as the effect of obsolescence due to the evolutionary development and
implementation of new designs and materials.
The product of the analysis identifies the relationship between the value of a particular
helicopter and its characteristics, such as model designation, service configuration and useful
life relative to overhaul (TBO) requirements. Once the relationship is identified, one can then
postulate the effects of the difference between the economic circumstances at the time when the
cross-sectional data were collected and the current situation. Therefore, it is possible to
estimate the value of a particular helicopter for any specific period of time.
The variability of the data used by Nationwide Aircraft Assurance Services to

determine current, previous and future market values implies that the actual value realized will
fall within a range of values. Therefore, if a contemplated value falls within the specified
confidence range, Nationwide Aircraft Assurance Services cannot reject the hypothesis that it is
a reasonable representation of the current market situation.
ASSUMPTIONS & STATEMENTS OF LIMITING CONDITIONS
} For the purpose of this report, a personal inspection of the subject helicopter has (not) been
made by Nationwide Aircraft Assurance Services Ltd., (the “Appraiser”).
} The aircraft that is the subject of this report may be referred to as “property”, “subject
property”, “items”, “subject items”, “inventory”, “subject inventory”, “assets”, and “subject
assets” throughout this document. As these terms relate to this report, each carries the same
and therefore, interchangeable meaning.
} This Appraisal Report is intended for the exclusive use of Charlotte County Sheriff’s Office
(the “Client”). It may not be transmitted in any form to any other party without the express
consent of the Client. Possession of this Appraisal Report or a copy thereof does not carry
with it the right of publication. This Appraisal Report may not be assigned to any third party
and may not be used for any purpose by any party other than the intended users. No third
party may rely upon this Appraisal Report which is not for the benefit of any third party.
} The fee for this report is not contingent upon the value conclusion contained herein. Further,
no liability is assumed in any manner by the appraisers, employees, authorized agents, and/or
officers of Nationwide Aircraft Assurance Services or can be intimated in any manner by the
Client, or any other individuals or entities involved in or with this assignment or report.
Nationwide

} All opinions regarding the value conclusion contained herein is the Appraisers’ considered
opinion based upon all facts and data set forth in this report.
} The appraisers, employees, authorized agents, and/or officers of Nationwide Aircraft

Assurance Services do not have any financial interest in the subject helicopter appraised.
} The value concept upon which this report was based should not be considered as a
recommendation by the appraisers, employees, officers, and/or authorized agents of
Nationwide Aircraft Assurance Services as to what might result in any later application of the
chosen value concept relative to the subject aircraft. This is because value concept probability
and/or feasibility are beyond the scope of this appraisal and remain the responsibility of the
client and/or any third party users of this report for such an assessment.
} For all aspects of this report, the assigned values represent the amount a reputable and
qualified appraiser, unaffected by personal interest, bias, or prejudice, would expect from
prospective purchasers as a reasonable value, in light of all prevailing conditions, within the
defined value concept contained herein.
} Any information furnished by the Client, or any other individual or entity regarding the subject
helicopter, to the appraisers, employees, officers, and/or authorized agents of Nationwide
Aircraft Assurance Services is believed to have been reliable information and was considered to
be accurately represented and reasonably correct. However, the appraisers, employees,
officers, and/or authorized agents of Nationwide Aircraft Assurance Services do not issue any
warranties, guarantees, or other form of assurance regarding the accuracy of this information.
} Neither this assignment nor the amount of the fee paid to Nationwide Aircraft Assurance
Services was contingent upon developing or reporting a predetermined value, requested
minimum value, a direction in the value that favors the cause of the Client or any other
individuals or entities, a specific valuation, the approval of a loan, the amount of the value
estimates, or attainment of a stipulated result. Nor is compensation of any appraiser,
employee, officer, and/or authorized agent of Nationwide Aircraft Assurance Services
contingent upon any action or event resulting from the analyses, opinions, and conclusions in
this report, the use of this report, or the occurrence of a subsequent event directly related to the
intended use of this report.
} An appraisal of any type and in any format is an opinion of value and opinions vary due to
differences in perception. Subsequently, an appraisal is not a guarantee of value and should
not be perceived as such by the Client, or any other individuals or entities. Additionally, this
Nationwide

appraisal was performed under conditions that existed as of the effective date of this report.
Should any of these conditions change, such as changes in economic conditions, changes in
physical condition (physical deterioration), and changes in technology (functional
obsolescence), future value of the subject helicopter could alter substantially.
} No supplies, patents, or patented processes have been considered or included in this report.
} This report is documented as a complete appraisal and reported in a Summary format.
} This appraisal report represents the opinion of Nationwide Aircraft Assurance Services, and
is only intended to be advisory. Therefore, Nationwide Aircraft Assurance Services assumes no
responsibility or legal liability for actions taken or not taken by the Client, or any other
individuals or entities with regard to the subject helicopter. By accepting this report, the Client
agrees that Nationwide Aircraft Assurance Services shall bear no responsibility or legal liability
regarding this report.
DEFINITIONS
AD: (abbr.) Airworthiness Directive; a legally binding requirement for remedy of a specific
safety related issue on a mechanical component.
AVERAGE BASE HELICOPTER VALUE: The base market value of a particular make, model
and production year helicopter that is considered airworthy, and equipped with standard
factory furnishings, mid-time engine and life limited components and no damage history.
CBO: (abbr.) Cycles Before Overhaul; the recommended cycle interval limitation placed upon a
mechanical component by the manufacturer.
CSN: (abbr.) Cycles Since New; the total cycles since new of a mechanical component.
CSO: (abbr.) Cycles Since Overhaul; the total operating cycles of a mechanical component since
its last overhaul.
APPRAISAL: The act or process of developing an opinion of value; an opinion of value.
APPRAISER: A person who performs valuation services competently and in a manner that is
independent, impartial, and objective.
ASSUMPTION: Information that is taken to be true.
Nationwide

CLIENT: A party or parties who engage an appraiser for a specific assignment.
CONFIDENTIAL INFORMATION: Information that is identified as confidential by a client

when it is provided to the appraiser, which is not available from any other source.
EXTRAORDINARY ASSUMPTION: An assumption, directly related to a specific appraisal

assignment, which, if found to be false, could alter the appraiser’s opinions or conclusions.
FAIR MARKET VALUE: The price that would be agreed upon between a willing buyer and a
willing seller, with neither being required to act, and both having reasonable knowledge of the
relevant facts.
HIGHEST AND BEST USE: The reasonably probable and legal use of personal property,
which is physically possible, appropriately supported, financially feasible, and that results in
the highest value.
IAW: (abbr.) In accordance with.
IFR: (abbr.) Instrument Flight Rules.
INTENDED USE: The use or uses of an appraiser’s reported appraisal and conclusions, as
identified by the appraiser based upon communication with the client at the time of the
assignment.
INTENDED USER: The client and any other party as identified, by name or type, as users of
the appraisal report by the appraiser on the basis of communication with the client at the time
of the assignment.
LIQUIDATION VALUE: The price that would be agreed upon between a willing buyer and a
willing seller who is compelled to sell on a specific date given a reasonable period of time to
find a purchaser, in an appropriate marketplace with knowledgeable buyers, with the buyer
assuming all costs of removal, with all sales made free and clear of all liens and encumbrances.
O.E.M.: (abbr.) Original Equipment Manufacture.
SB: (abbr.) Service Bulletin; a bulletin issued by a manufacturer to remedy a mechanical concern.
STC: (abbr.) Supplemental Type Certificate; a term used for the approval that extends a type
certificate for modifications made to an airframe, engine or appliance.
Nationwide

TBO: (abbr.) Time Between Overhaul; the recommended time interval limitation placed upon a
mechanical component by the manufacturer.
TRO: (abbr.) Time Remaining Before Overhaul; the total operating time remaining before an
overhaul is due on a mechanical component.
TSN: (abbr.) Time Since New; the total operating time since new of a mechanical component.
TSO: (abbr.) Time Since Overhaul; the total operating time of a mechanical component since its
last overhaul.
TTAF: (abbr.) Total Time Airframe ; the total operating time of the airframe.
VFR: (abbr.) Visual Flight Rules.
WHOLESALE VALUE: The price agreed upon between a willing buyer who is a dealer, broker,
agent, or individual who is intending to resell the subject property, and the seller, who may or
may not be acting under a compulsion to sell on a specific date given a reasonable period of
time to find a purchaser.
Nationwide

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Aircraft Assurance Services

CERTIFIED APPRAISAL REPORT

1973 Bell UH-1H Iroquois Helicopter

Charlotte County Sheriff’s Office

Effective Date of Appraisal

July 31, 2017

Nationwide Aircraft Assurance Services Ltd.

Manufacturer Bell Helicopter Company

Manufacturer’s Serial Number 73-21783

Effective Date: July 31, 2015

This appraisal report is intended to be used by:

Charlotte County Sheriff’s Office

Appraisal Report No. 1707UH1H-7321783 Page 1

Appraisal Report No. 1707UH1H-7321783 Page 2

The undersigned hereby states that;

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

F. My compensation for completing this assignment is not contingent upon the

I. No one provided significant professional or personal property appraisal assistance

Date Signed: August 7, 2017

Nationwide Aircraft Assurance Services Ltd. Nationwide

Fort Myers, FL 33913 U.S.A.

Appraisal Report No. 1707UH1H-7321783 Page 3

Aircraft Identification & General Information

Appraisal Report No. 1707UH1H-7321783 Page 4

Appraisal Report No. 1707UH1H-7321783 Page 5

Tail Boom: The tail boom is considered to be in above average condition

Engine Cowling Assembly: The engine cowling assembly is considered to be in average

Appraisal Report No. 1707UH1H-7321783 Page 6

Antenna Assemblies: The antenna assemblies are considered to be in average

Exterior Lights: The exterior light components are considered to be in average

Appraisal Report No. 1707UH1H-7321783 Page 7

MAJOR LIFE LIMITED COMPONENTS

Appraisal Report No. 1707UH1H-7321783 Page 8

Appraisal Report No. 1707UH1H-7321783 Page 9

AVIONICS & INSTRUMENTS

INVENTORY OF AVIONICS & INSTRUMENTS

Appraisal Report No. 1707UH1H-7321783 Page 10

Appraisal Report No. 1707UH1H-7321783 Page 11

Appraisal Report No. 1707UH1H-7321783 Page 12

• Engine. The Subject Aircraft is powered by one Lycoming T53-L-13B turboshaft

Appraisal Report No. 1707UH1H-7321783 Page 13

• Modifications. There is no reported major modifications to the Subject Helicopter.

• Additional Equipment. Additionally installed equipment on the Subject Helicopter

• Damage History. There is no current or reported previous damage to the Subject

Appraisal Report No. 1707UH1H-7321783 Page 14

Appraisal Report No. 1707UH1H-7321783 Page 15

COMPARABLE HELICOPTER LISTINGS & SALES

Subject Helicopter Prior Sales:

Appraisal Report No. 1707UH1H-7321783 Page 16

Bell UH-1H Iroquois Helicopter

Bell Helicopter Co. Subject Comp 1 Comp 2 Comp 3

Model Year 1973 1969 1969 1965

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

Days Listed N/A* 133 170 109

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

Comparable Helicopter Value

* not applicable/not available