NLETTER-1101 - Page: 7 of 13

CESSNA U-206
Most often used as work planes, this group managed to maintain their value with virtually no change.
=============================================== CESSNA 210
Values for late model planes declined, and those for earlier ones rose, with the benchmark 1974 model unchanged. Value changes ranged from a $2K increase to an $8K decrease, depending on production year. Turbo values followed suit with mixed results.
=============================================== CESSNA P-210
By the beginning of 2001, P-210's had become WAY overvalued- a fact that buyers noticed. Pressurized Centurion values have been declining ever since, and this quarter's 5% loss is probably just a normal market correction.

GRUMMAN 4-PLACE
Having previously suffered a 5% decline, Travelers, Cheetahs and Tigers surpassed our expectations by remaining unchanged in value throughout the last month. In the current market, this is a VERY good thing! If you're in the market for a Grumman 4 place
we think now may still be a good time to buy, as we expect some positive appreciation within the next few months.
============================================== EARLY MOONEYS
While most earlier Mooney models (M20A-M20G) lost 3% for the quarter, they had gained exactly that amount last period.

MOONEY 201
Having shed 4-5% in value during the previous quarter, the 201's managed to avoid any decline at all in the last month.

PIPER CHEROKEE 140
As with the 2 place Cessnas, Cherokee 140s are a favorite flight school aircraft. As such values for 140's have dropped 8% in the last 30 days.
============================================== PIPER WARRIOR
The Warrior market reflected the 140's above, with an 8% drop for the 151 models. 161's made out slightly better with a 7% decline.
==============================================

PIPER ARCHER II/III
Value changes to the Archer line reflected the Cherokee 180 changes above with a 3% overall decline. (Not really too bad in light of current market conditions.)
================================================== PIPER CHEROKEE 235/DAKOTA
Cherokee 235 values, which have been slipping for some time now, managed to remain unchanged. The newer Dakotas, however, were not as fortunate, dropping 4% in value. (Dakotas became somewhat overvalued in the spring of 2001, however, and have been slowly declining since.)

PIPER CHEROKEE SIX
In the process of analyzing the last few weeks effect on values, we expected these aircraft to appreciate. Surprisingly, just the opposite became evident as both 260's and 300's lost 5% in value. Since the previous quarter had shown an 8% gain, this decline is not as bad as it appears.

PIPER COMANCHE 250/260
Comanches have always been somewhat of a "collectors" plane, and they certainly qualify as a serious cross-country machine. That said, they maintained 100% of their previous value during this update period.

PIPER LANCE/SARATOGA
Neither Lances, Turbo Lances, Saratogas or Turbo Saratogas exhibited any appreciable change in value.

PIPER CHEROKEE 180/ARCHER I
With a 3% decline in values, Cherokee 180's weathered the current storm fairly well. With a similar depreciation in the pervious quarter, we think these aircraft may have bottomed out, and this may be a good time to buy yours.

Just because the FAA recently issued 17-year-old Christopher Patrick Cummings a pilot's certificate doesn't mean the lad's bright enough to use it responsibly. The teenage pilot and a friend borrowed a Cessna 150 last week, buzzed football fields at two north Galveston County schools near Houston and dropped rolls of paper towels and toilet paper. Police were waiting at Clover Field in Brazoria County when Cummings landed. The two teens were charged with deadly conduct and released on $30,000 bonds. On behalf of all your serious-minded pilot-aspirant peers ... thanks, Chris.