File No. UMBL APR Date 4/21/ , 65 ALUMINUM RESEARCH VESSEL, AQUARIUS REPORT OF VALUE APPRAISAL

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1 PREVITI * MARINE SURVEYOR AND CONSULTANT, INC. P.O. BOX 1210 SOLOMONS, MD (410) ; marine-surveyors@spectrumsciences.com Website; File No. UMBL APR Date 4/21/ , 65 ALUMINUM RESEARCH VESSEL, AQUARIUS REPORT OF VALUE APPRAISAL This is to certify that on 4/21/09, at the request of Bruce Cornwall, I conducted an appraisal inspection of the above vessel in water [x] hauled [ ] at The University of Maryland Biological Laboratory in Solomons, Md. s of the inspection are as follows: GENERAL DATA NAME AQUARIUS PRESENT OWNER University of Maryland Biological Research Lab. BUILDER Sewart Seacraft, Berwick, La. DESIGNER Sewart VESSEL TYPE Aluminum Marine Research Vessel HULL ID # 65AL200 Hull #1336 AREA OF OPERATION Chesapeake Bay & tributaries YEAR BUILT 1964 DOCUMENTATION # [x] STATE REGISTRATION # [ ] HULL DETAIL LOA 65 LWL N/A BEAM 16 DRAFT 5, 6 BOTTOM CONFIGURATION Semi-V, hard chines, shallow keel, twin screw DISPLACEMENT 36 Net tons # BALLAST N/A # TYPE N/A BUILDING MATERIAL Aluminum SOLID [x] CORED [ ] BULKHEADS & STRUCTURAL MEMBERS Good COSMETIC CONDITION Average work boat finish for age. EXTERIOR WOODWORK CONDITION N/A HULL & DECK JOINT Welded. Good BOTTOM Not inspected. GENERAL CONDITION Good for age.

2 File No. UMBL APR Page 2 DECK & SUPERSTRUCTURE DECK CONFIGURATION Foredeck, forward side decks, large working aft deck. Raised wheelhouse, raised crew cabin. BUILDING MATERIAL Aluminum SOLID [x] CORED [ ] CORE TYPE N/A COSMELKOTE CONDITION Average STRUCTURE Aluminum framed, aluminum deck and superstructure. Working deck hydraulic 3 boomed mast and booms. GENERAL CONDITION Appeared good and serviceable

3 File No.UMBL APR Page 3 UNDERWATER MACHINERY & HARDWARE THRU-HULL MATERIAL 3 stainless steel plus sea chest CONDITION Appeared good UNDERWATER VALVES 3 ballvalves, plus 5 in sea chest CONDITION Good PROP, SHAFT, AND STRUT OR STERN BEARING CONDITION Internal portions appeared good RUDDER MATERIAL Unknown CONDITION Internal portions are good.. STEERING SYSTEM TYPE Double station, hydraulic wheel steering AUTOPILOT Yes OTHER No CONDITION Good ENGINE ROOM PORT STARBOARD MAKE Detroit YEAR Unknown MAKE Detroit YEAR Unknown MODEL # 12V-71N HOURS 8459 MODEL 12V-71N HOURS 8,450 SERIAL # HP 450 SERIAL # HP 450 FUEL: GAS [ ] DIESEL [x] FWC [x] SWC [ ] ENGINE BED CONDITION Good GENERAL CONDITION Good. Appeared serviceable. BILGE CONDITION Clean and dry, except engine room with some oil.

4 File No. UMBL APR Page 4 EXHAUST SYSTEM WET [x] DRY [ ] HOSES Good CLAMPS Good MUFFLERS Unknown VENTILATION: NATURAL VENTS & DUCTS [x] BLOWER [x] ADEQUATE [x] CONDITION All appeared good FUEL SYSTEM TANKS 4 aluminum SECURED PROPERLY Yes CONDITION Appeared good 12/32 VOLT ELECTRICAL SYSTEM GENERAL CONDITION All appeared serviceable. 50 AMP, 220 VOLT SYSTEM: GENERATOR: MAKE/MODEL: Onan 35 KW. Model #35MCGBA SERIAL #: GENERAL CONDITION All appeared good INTERIOR LAYOUT Forward crew sleeping quarters/ Steps up to large crew area with port settee starboard galley/ Starboard aft enclosed head/ Wheelhouse forward GALLEY: STOVE [x] FUEL : CNG [ ] KEROSENE [ ] ELECTRIC [x] OVEN [x] PROPANE [ ] ALCOHOL [ ] MICROWAVE [x] REFRIGERATION: 110V [x] 12V [ ] MECHANICAL [ ] CONDITION All appeared good HEAD SYSTEM: Single head with diverter valve and 100 gallon holding tank. Dockside pump out. POTABLE WATER SYSTEM: 200 gallon hot and cold pressure system is in good condition with recent tank and new plastic tubing.

5 File No. UMBL APR Page 5 EQUIPMENT LIST 2-24,000 BTU reverse cycle air conditioning units 1-16,000 BTU reverse cycle air conditioning unit 50 amp, 250 volt shore power cord Cable Master shore power cord retrieval system 2 electric salt water wash down systems can be used for fire suppression. Hydraulic anchor windlass 3 station high bilge water alarm system 3-12 volt bilge pumps with 1 high capacity bilge pump forward Hydraulic power take off Mast with three booms, of varying capacities 2 Solas B Pack, 8 man canister life rafts 1-12 person foam life raft Complete PFD s 3 Type IV life rings with lanyards, tethers and man overboard marker lights Safety package with flares and fire extinguishers Sea8000 Loudhailer Robertson AP45 autopilot Robertson rudder angle indicator 1 Furuno Navnet Radar GPS chartplotter, open array, 1 Furuno radar with closed array Wheelhouse air conditioning/heating Furuno RD30 weather station 8 Sterns cold water immersion suites Windshield wipers Furuno WQ4267 VHF/FM radio Furuno Universal AIS FA150 2 Northstar 941X GPS chartplotters Raytheon graphic depthmeter Furuno GPS Satellite compass 2 Furuno RD 30 GPS s Hydraulic steering with outside command station Complete interior cushions Vacuum pump Television and TV antenna 2-remote control searchlights Bow roller Danforth anchor with chain 12 volt charger 32 volt charger Oil change system Icom ICM59 VHF/FM Hancock 18 double drum hoists with friction brakes and warping head Electric davit

6 File No. UMBL APR Page 6 CONCLUSION The 1964, 65 aluminum marine research vessel, AQUARIUS, was found in serviceable condition. She has been used routinely on the Chesapeake Bay & tributaries by the University of Maryland, for marine biological research. A new ship is replacing her. Structurally she appeared good with some bottom plate replacement noted. All members and most plating appeared in good clean condition. Decks are good with no negative conditions found. Detroit 12V 71 N s are in serviceable condition but dated. Onan 35KW generator appeared serviceable with approx. 12,000 hours logged. Air conditioning throughout as well as the wheelhouse and a good marine electronics package was found. All systems appeared operable. Reasonable crew accommodations exist as well as a full galley. Double drum mechanical hoists with friction brakes along with mast and triple boom arrangement with differing capacities appeared in good operable condition. Interior and exterior cosmetics are reasonable. An eventual refit should be expected, regarding engines and generator. Fuel tanks and system in general appeared good. Wiring has been upgraded and was found well executed. There are no published values for this vessel. Very few comparables were available. An approx. fair market value of approx. $80,000, is appropriate. THE FOREGOING INDEPENDENT SURVEY REPORT IS BASED UPON INSPECTION OF ALL SPACES ACCESSIBLE WITHOUT REMOVAL OF FURNITURE AND FIXED EQUIPMENT. THIS SURVEY IS NEITHER A GUARANTEE OF THE CONDITION OR VALUE OF THE VESSEL, FITTINGS, OR EQUIPMENT; NOR IS IT A GUARANTEE OF THE SEAWORTHINESS OF THIS VESSEL. IT IS THE SOLE RESPONSIBILITY OF THE MASTER OF ANY VESSEL TO DETERMINE THE SEAWORTHINESS AND SUITABILITY OF HIS VESSEL FOR ANY INTENDED VOYAGE. THE SURVEYOR SHALL NOT BE HELD LIABLE FOR ANY ERRORS OR OMISSIONS, FOR ANY HIDDEN DEFECTS, OR FOR THOSE MANIFESTING THEMSELVES AT A LATER DATE. THE USE OF THIS REPORT SHALL CONSTITUTE ACCEPTANCE OF THESE CONDITIONS. Signed without prejudice, Michael L. Previti President PREVITI*MARINE SURVEYOR & CONSULTANT, INC. MEMBER OF THE AMERICAN BOAT AND YACHT COUNCIL NATIONAL ASSOCIATION OF MARINE SURVEYORS ASSOCIATE