Cornerstone Sheet Metal & Fabrication, Inc.Sheet-Metal & HVAC Fabrication Shop

Lukes & Lukes · Equipment Appraisal

Confidential · Cornerstone Sheet Metal & Fabrication, Inc.Subject identity withheld

March 18, 2026 · Report No. LL-2026-0142

Dennis Welch
Senior Vice President, SBA Division Manager
Frandsen Bank & Trust

Dear Mr. Welch,

At your request, Lukes & Lukes has prepared a certified appraisal of the machinery, equipment, vehicles, and tooling owned and operated by Cornerstone Sheet Metal & Fabrication, Inc.a commercial sheet-metal & HVAC fabrication shop (identity withheld in this online edition) (the “subject assets”). This appraisal has been developed and reported in conformity with the 2024 edition of the Uniform Standards of Professional Appraisal Practice (USPAP), including Standards 7 and 8 governing the development and reporting of a personal property appraisal.

The interest appraised is the fee simple interest in the subject assets, valued as is, where is, as of the effective date of March 14, 2026. The intended users of this report are Frandsen Bank & Trust, the U.S. Small Business Administration, and the borrower. The intended use is to assist the lender and the SBA in their evaluation of the subject assets as collateral in connection with a financing decision. Use of this report for any other purpose, or by any other party, is not intended and is not authorized.

Based on the investigation, analysis, and reasoning described in this report, and subject to the assumptions and limiting conditions stated herein, it is our opinion that, as of the effective date, the subject assets reflect the following values:

This report contains 122 line items, a value-weighted analysis of remaining useful life by asset category, the scope of work performed, the approaches to value considered, and the assumptions and limiting conditions on which our opinions rely. We appreciate the opportunity to be of service and welcome any questions.

Lukes & Lukes · Equipment Appraisal

Confidential · Cornerstone Sheet Metal & Fabrication, Inc.Subject identity withheld

What this report contains

1. 01Summary of Salient FactsThe assignment, intended use, and reported values at a glance04
2. 02Engagement Overview & Scope of WorkWhat we were engaged to do and how we did it05
3. 03Market Trends & Value ConsiderationsThe market context behind the opinion of value07
4. 04Valuation Approaches & MethodsApproaches considered, condition rating, and reconciliation08
5. 05Assumptions & Limiting ConditionsThe basis on which these opinions are offered10
6. 06Certification & Appraiser QualificationsOur signed certification and credentials12
7. 07Useful Life Analysis & Asset SummaryRemaining life by category, the full asset schedule, and photographs14
8. +Included With Every ReportYour 24/7 online vault and two years of asset-specific signals19

Lukes & Lukes · Equipment Appraisal

Confidential · Cornerstone Sheet Metal & Fabrication, Inc.Subject identity withheld

Summary of salient facts

Lukes & Lukes · Equipment Appraisal

Confidential · Cornerstone Sheet Metal & Fabrication, Inc.Subject identity withheld

Engagement overview & scope of work

The assignment

Lukes & Lukes was engaged by Dennis Welch of Frandsen Bank & Trust to develop an opinion of the Fair Market Value and Orderly Liquidation Value of the machinery, equipment, vehicles, and tooling of Cornerstone Sheet Metal & Fabrication, Inc.the subject business On March 12, 2026, the appraiser conducted an on-site inspection of the subject assets at the company’s facility.

About the business

Cornerstone Sheet Metal & Fabrication, Inc.The subject business is a licensed, bonded, and insured commercial sheet-metal and HVAC fabrication contractor in the Minneapolis–St. Paul metropolitan areaUpper Midwest. The company has operated for more than two decades and performs custom commercial sheet-metal work, ductwork, architectural metal, and field installation, supported by an in-house fabrication shop and a service fleet.

One report, on-site or desktop

Lukes & Lukes issues a single, unified certified report regardless of whether value is developed through an on-site inspection or a desktop analysis. The method of data collection used for a given assignment is disclosed in the Summary of Salient Facts, and where a desktop analysis relies on information furnished by others, the relevant extraordinary assumptions are stated plainly. For this assignment, the appraiser performed a personal, on-site inspection of the subject assets.

How the work was performed

The on-site inspection gathered descriptive information for each asset, including the manufacturer, model and serial numbers, age, hours or mileage, condition and appearance, and attachments or controls that contribute to or detract from value. Where available, the appraiser also considered asset lists, purchase invoices, depreciation schedules, maintenance records, and conversations with company personnel.

The analysis weighed recent transactions and current offerings for comparable assets, along with conditions affecting demand in the industries where the assets are used. Research drew on auction-result and dealer databases, published price guides, and direct contact with parties knowledgeable about the assets. The indications were reconciled into the final opinions of value.

Assets located off-site at inspection

Certain vehicles, trailers, and field tooling were deployed to active job sites at the time of inspection. For these items, the appraiser relied on the company’s records (year, make, model, identification, hours or mileage) and on the reasonable assumption that assets in active service are in working condition consistent with the condition ratings assigned.

Grouping and identification

Similar low-value items (hand tools, fixtures, racking, and material-handling accessories) may be combined into lots or groups as appropriate to the assignment. Identification plates may be missing, altered, or obscured; reported serial and model numbers should not be relied upon for security-interest recording without independent confirmation. Ages reported as “circa” are approximate.

What is excluded

Excluded are real estate and leasehold improvements; inventory and consumables; intangibles, licenses, and software; cash and accounts; and any third-party, employee-owned, or leased assets unless specifically identified and requested. This appraisal does not address the structural, mechanical, environmental, or regulatory condition of any asset, and inclusion of an item is not an opinion of title, ownership, or the right to transfer it. No UCC or title searches were performed.

Lukes & Lukes · Equipment Appraisal

Confidential · Cornerstone Sheet Metal & Fabrication, Inc.Subject identity withheld

Market trends & value considerations

Three forces shape what used machinery and equipment is worth: the condition of the specific assets, the size of the resale market for similar items, and the direction of the industries that use them.

Condition of the assets

Each line item was reviewed and assigned a condition rating reflecting its operation and function, wear, age, hours or mileage, and how its technology fits current industry standards. Particular attention was paid to controls on machine tools, where technological change has a pronounced effect on value. These ratings are summarized in Section 04 and applied throughout the asset schedule.

Size of the resale market

Sheet-metal and HVAC fabrication is a broad, active industry. The U.S. Census Bureau classifies the subject’s primary activity within NAICS 332322 (Sheet Metal Work Manufacturing), part of the much larger Fabricated Metal Product Manufacturing group. The breadth of this market supports a moderately strong pool of buyers for general fabrication machinery, welding equipment, and roll-forming and braking equipment of the kind held by the subject.

Industry and economic trends

Demand for fabricated sheet-metal products tracks commercial construction, mechanical contracting, and industrial activity, all of which have remained resilient in the upper Midwest. Two trends bear on value. First, steel and aluminum input costs and trade policy move replacement cost, which in turn supports the cost-approach indications for newer, specialized machines. Second, automation and CNC controls continue to raise the bar for shop productivity, which gradually erodes demand for older, manually controlled equipment even when it remains serviceable. Both effects have been considered in the opinions reported on individual assets.

Valuation considerations

Unless value is reported on an in-place, in-use basis, buyers of used equipment bear the cost and risk of removal: de-installation, rigging, transport, and re-installation. These costs reduce what a buyer will pay and have been weighed by the appraiser. Value can also be depressed when a large quantity of similar assets reaches the market in a narrow window, as can occur in a liquidation. Custom, special-purpose, or installed assets may require a buyer to arrange financing, removal, and suitable plant space, lengthening the time to sell. Every effort has been made to reach supportable conclusions; some items may sell for more and others for less, and no opinion guarantees a result in any particular sale.

Lukes & Lukes · Equipment Appraisal

Confidential · Cornerstone Sheet Metal & Fabrication, Inc.Subject identity withheld

Valuation approaches & methods

Three approaches to value are recognized for machinery and equipment. All three were considered; the approaches most applicable to these assets were weighted in the final opinion.

Definitions of the values reported

Approaches considered

Reconciliation

For this assignment, as with most machinery and equipment appraisals, primary weight was given to the Sales Comparison and Cost approaches, supported by the appraiser’s direct knowledge of the relevant markets. The Income Approach was considered and found not applicable at the individual-asset level. Research sources included auction-result databases, dealer and factory price inquiries, published price guides, and conversations with company personnel and industry participants. No deduction has been made for sale or liquidation expenses, holding costs, or occupancy unless specifically noted.

Condition rating scale

A numerical condition code was assigned to each asset or group. The code drives both the opinion of value and the remaining-useful-life analysis in Section 07.

Lukes & Lukes · Equipment Appraisal

Confidential · Cornerstone Sheet Metal & Fabrication, Inc.Subject identity withheld

Assumptions & limiting conditions

USPAP reporting requirements

This appraisal has been developed and reported in conformity with the 2024 edition of USPAP. It is communicated as an Appraisal Report under Standards Rule 8-2(a) and presents a summary of the data, analysis, and reasoning that support the opinions of value. The depth of discussion is keyed to the intended use and intended users identified in this report.

Permitted use of this report

This report was prepared for the client and intended users stated herein and only for the stated intended use. Under USPAP, an appraisal may not be re-addressed, transferred, or assigned to another party, or relied upon for a different purpose, by changing the client name on a completed report. An appraisal ordered for a financing decision, for example, is not valid for a marital, partnership, or tax matter, and vice versa. Possession of this report does not carry the right of publication or use by anyone other than an intended user, for the intended use, without the appraiser’s written consent.

Assumptions and limiting conditions

• This appraisal is valid only for the intended use stated herein. Any other use or reliance by any party is invalid. If the report is provided to a third party, it must be provided in its entirety, including all narrative, schedules, and limiting conditions.
• An appraisal is a professional opinion, not a guarantee. Reasonable appraisers may differ. The opinions are based on the appraiser’s best judgment and are not a warranty that any asset will realize the reported value in a sale.
• The opinions are based on conditions and information current as of the effective date. No opinion is offered as to future value, and the appraiser assumes no obligation to update the report for events occurring after that date.
• Information furnished by the client or others (asset lists, invoices, hours, mileage, and similar) is assumed to be accurate and reliable. The appraiser has not audited and cannot guarantee such information.
• Liquidation values assume a competent party conducts the disposition with appropriate advertising and marketing for the situation in order to maximize recovery.
• No consideration has been given to environmental or hazardous-material conditions, which may affect marketability and value. The assets are assumed free of such conditions unless stated.
• Title, ownership, and the status of any liens or UCC filings are assumed as represented by management and were not independently verified; no opinion of title is rendered.
• The client shall notify the appraiser of any apparent error or omission within 30 days of delivery so it may be addressed before the report is relied upon. The appraiser reserves the right to correct clerical, descriptive, or calculation errors.
• The appraiser’s liability for any claim arising from this engagement is limited to the fee paid for the assignment. The appraiser is not obligated to provide testimony or attend any proceeding relating to this report unless arranged separately, in writing, at additional cost.
• Additional assumptions or conditions may be stated elsewhere in this report in connection with specific assets.

Lukes & Lukes · Equipment Appraisal

Confidential · Cornerstone Sheet Metal & Fabrication, Inc.Subject identity withheld

Appraiser’s certification

I certify that, to the best of my knowledge and belief:

• The statements of fact contained in this report are true and correct.
• The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are my personal, impartial, and unbiased professional analyses, opinions, and conclusions.
• I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved.
• I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment.
• I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.
• My engagement in this assignment was not contingent upon developing or reporting predetermined results.
• My compensation 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.
• My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice.
• I have made a personal, on-site inspection of the property that is the subject of this report.
• No one provided significant personal property appraisal assistance to the person signing this certification.

Lukes & Lukes · Equipment Appraisal

Confidential · Cornerstone Sheet Metal & Fabrication, Inc.Subject identity withheld

Jared Lukes, CMEA

Lead appraiser and CEO of Lukes & Lukes, an independent, nationwide machinery and equipment appraisal firm.

Jared Lukes develops and signs the firm’s opinions of value as a NEBB-certified Machinery & Equipment Appraiser (CMEA), reporting under USPAP. He came to appraisal from highly regulated technology, where documentation has to satisfy examiners as well as readers, and from years rebuilding customer-service operations. Both habits carry into the work: scrutiny in the report, and an engagement communicated clearly from first call to delivered report.

Lukes & Lukes · Equipment Appraisal

Confidential · Cornerstone Sheet Metal & Fabrication, Inc.Subject identity withheld

Useful life analysis

At the client’s request, we developed the remaining useful life of the subject assets, expressed in years of probable service remaining, analyzed by category and weighted by each category’s share of total Fair Market Value.

Remaining useful life is the period from the effective date to an asset’s expected retirement from service. Age alone does not determine it: a lightly used ten-year-old machine of current technology can outlast a heavily used two-year-old machine subjected to a harsh duty cycle and deferred maintenance. The appraiser’s condition rating for each asset (Section 04) drives the remaining-life estimate, which is then aggregated by category.

Estimates assume continued maintenance and no material change in technology, regulation, or market conditions. The portfolio figure is the value-weighted average of the category lives.

Lukes & Lukes · Equipment Appraisal

Confidential · Cornerstone Sheet Metal & Fabrication, Inc.Subject identity withheld

Asset summary

All 122 line items, with condition rating (Cond), Orderly Liquidation Value (OLV), and Fair Market Value (FMV). Values in U.S. dollars. Select any highlighted row to view that item’s photographs.

Item	Qty	Description	Model	Serial / VIN	Year	Hrs/Mi	Cond	OLV	FMV
1	1	Haas Turning Center	ST-20	3100011	2014		4	$18,780	$31,300
2	1	Doosan Puma TT1800SY Dual Spindle, Dual Turret CNC Turning	Puma TT1800SY	ML0177-000938	2016		4	$15,300	$25,500
3	1	HYDMECH M20A HEAVY DUTY METAL CUTTING BANDSAW	M20A				4	$13,800	$23,000
4	1	Doosan Puma TT1800SY Dual Spindle, Dual Turret CNC Turning	Puma TT1800SY	ML0177000603	2012		4	$11,100	$18,500
5	1	Leblond MAKINO 19in x 102in Engine Lathe	19in Regal Servo Shi	U1705			4	$8,706	$14,510
6	1	OKUMA CNC VERTICAL MACHINING CENTER	GENOS M560-V	152150	2011		4	$7,950	$13,250
7	1	Haas Model VF-4 CNC Vertical Machining Center	VF-4	10175	1997		5	$6,151	$10,251
8	1	Aciera F1 Precision Universal Milling Machine	F1				4	$5,280	$8,800
9	1	Hitachi Seiki Hitec-Turn 25G High Grade CNC Turning Center	Hitec-Turn 25G	T6-25459			4	$4,726	$7,877
10	1	Romi CNC Lathe	M20	002-085617-404	2001		5	$4,536	$7,560
11	1	Hyd-Mech Model V-18, Tilt Frame Vertical Band Saw	V-18				4	$4,501	$7,501
12	1	Sheldon 13 lathe	13	28307			4	$4,488	$7,480
13	1	Torchmate Growth Series plasma cutting table	Growth Series	130335			4	$3,762	$6,270
14	1	Marvel Model 8-MARK-11 Vertical Bandsaw	8-MARK-11	825205-W			4	$3,660	$6,100
15	1	Milltronics Model MM18 CNC Vertical Machining Center	MM18	12712			4	$3,600	$6,000
16	1	Cincinnati 13" x 42" Tray Top Engine Lathe	Tray Top	1W2E5R-198		1,307 h	4	$3,120	$5,200
17	1	LEBLOND MAKINO 15in x 54in Engine Lathe	Servo Shift	15C 296			4	$2,826	$4,710
18	1	Bridgeport 2J Vertical Milling Machine	2J	BR 279549			4	$2,790	$4,650
19	1	Daewoo Model Puma 10HC CNC Turning Center	Puma 10HC	PH100485			4	$2,715	$4,525
20	1	Amada Model HFA-330 Automatic Horizontal Bandsaw	HFA-330	330 30059			4	$2,640	$4,400
21	1	Leblond Mankino Regal 15in x 54in Engine Lathe	Regal	8C-4934-U-4377			4	$2,556	$4,260
22	1	Pandjiris Model Piper 3, Powered Tank Roller w/ Idler Roll	Piper 3				4	$2,400	$4,000
23	1	Bridgeport EZ Trak Vertical Milling Machine	EZ Trak	BR 266465E			4	$2,370	$3,950
24	1	Spartan by Marvel MFG Co. Model PA13/3, Automatic Horizont	PA13/3	EPA130779			4	$2,370	$3,950
25	1	Harrison Model M390 G/H Gap Bed Lathe	M390 G/H	G70657	2002		5	$2,280	$3,800
26	1	Okamoto ACC12-24EXB, 3-Axis CNC Surface Grinder	ACC12-24EXB	73126			4	$2,160	$3,600
27	1	Schaublin Type 70-TO Watchmakers Lathe	70-TO				4	$2,130	$3,550
28	1	Takisawa TSL-800 D, Tool Room Lathe	TSL-800 D	F9003008H			4	$1,980	$3,300
29	1	OKUMA CNC VERTICAL MACHINING CENTER	LNC-8 Cadet	C872	1993		5	$1,920	$3,200
30	1	Shop Sabre 4896 CNC Router	4896		2004		5	$1,860	$3,100
31	1	Jet MBS-10M horizontal bandsaw	MBS-10M				4	$1,848	$3,080
32	1	Milltronics Model MM-18 CNC Vertical Machining Center	MM-18	10851			4	$1,830	$3,050
33	1	Bridgeport Series 1, 2HP Vertical Milling Machine	Series 1	193373			4	$1,740	$2,900
34	1	Clausing-Colchester 13" Engine Lathe	13"				4	$1,593	$2,655
35	1	Sixis Model 101, Milling Machine Components	101				4	$1,560	$2,600
36	1	Bridgeport EZ Trak Vertical Milling Machine	EZ Trak	BR 265542E			4	$1,500	$2,500
37	1	Yang CL40100G Engine Lathe	CL40100G	A94727			4	$1,445	$2,409
38	1	Miller Model XMT 304 CC/CV DC Arc Welder with Auto-Link Au	XMT 304 CC/CV	LG270076A			4	$1,380	$2,300
39	1	Bridgeport Series 1 Vertical Milling Machine	Series 1	188796			4	$1,305	$2,175
40	1	Millermatic 255 Welder	Millermatic 255	JM398			4	$1,230	$2,050
41	1	Boss Laser Model LS2440 Co2 Laser Cutter and Engraver	LS2440				4	$1,211	$2,019
42	1	Sheldon No. 15 Engine Lathe	15	31330			4	$1,201	$2,001
43	1	Bridgeport Series II, Interact 2 CNC Vertical Milling Mach	Series II, Interact				4	$1,200	$2,000
44	1	Complete Single Phase Welding Station	Shopmaster				4	$1,200	$2,000
45	1	AMERICAN ENGINE LATHE	PACEMASTER	75605-57			4	$1,170	$1,950
46	1	Aronson HB10A-PTVR2 welding positioner	HB10A-PTVR2	73264			4	$1,155	$1,925
47	1	Hyd-Mech Model SM10CNC Single-Miter Automatic Bandsaw	SM10CNC	H-9-09-1258-D			4	$1,080	$1,800
48	1	Enco Model 110-1342 Gear Head Lathe with 8" Gap	110-1342	2-8661	1995		5	$1,050	$1,750
49	1	Lincoln SA-200F-163 Arc Welder	SA-200F-163	2945850			4	$1,050	$1,750
50	1	Amada Model HA-250B Automatic Horizontal Bandsaw	HA-250B	459763			4	$1,038	$1,730
51	1	Bridgeport J Head Vertical Milling Machine	J Head	42085			4	$1,020	$1,700
52	1	Light Machines Corporation "proLight" Benchtop Machining C	proLight	060 08DC 0637			4	$990	$1,650
53	1	NATIONAL HYDRAULIC SHEAR	NH4825	541189			4	$990	$1,650
54	1	OVERBECK MACHINE Twister Speed Lathe	LT-1BR	5706R			4	$966	$1,610
55	1	CLAUSING COLCHESTER ENGINE LATHE	15MCH	MCH-64-005504133			4	$960	$1,600
56	1	Forney 242 MIG Welder H21310843	242	H21310843			4	$960	$1,600
57	1	Diamond Machine Tool Co. Model 1072 Powered Shear	1072				4	$960	$1,600
58	1	Bridgeport Model 1J Vertical Milling Machine	1J	157668			4	$930	$1,550
59	1	OKUMA CNC TURNING CENTER	LB-15	0208AO 41	1984		5	$900	$1,500
60	1	Di-Acro No. 16-72, Hydra-Power Press Brake	16-72	I027			4	$870	$1,450
61	1	Levin Type ABEQ, Watchmakers Lathe	ABEQ	D05974			4	$840	$1,400
62	1	Hyd-Mech S-23A, Automatic Horizontal Band Saw	S-23A	XA0402220			4	$795	$1,325
63	1	Miller Dynasty 200	Dynasty 200				4	$792	$1,320
64	1	HARDINGE PRECISION LATHE	TFD-H	HLV-H7386-5			4	$780	$1,300
65	1	Miller 180 Auto Set Wire Welder	180 Auto Set				4	$780	$1,300
66	1	Roll-In Model SF-89, Vertical Bandsaw	SF-89				4	$780	$1,300
67	1	Clausing 2276 drill press	2276	512929			4	$759	$1,265
68	1	Clausing #4912, 10" Precision Lathe	4912	401927			4	$751	$1,251
69	1	Small Machines Inc. "ManSon" Mini-Metal Cutting Lathe	ManSon				4	$750	$1,250
70	1	Harrison Alpha 460T, Gap Bed CNC Lathe	Alpha 460T	D40012	2001		5	$750	$1,250
71	1	Grob 4V-18, Vertical Bandsaw	4V-18	1998	1974		5	$750	$1,250
72	1	Johnford SV40 Vertical Machining Center	SV40	MLB6376	2006		5	$720	$1,200
73	1	OKUMA CNC TURNING CENTER	LB-15	2079998	1991		5	$720	$1,200
74	1	Enco Model 92066, Vertical Milling Machine	92066	736938			4	$720	$1,200
75	1	Challenge Machinery Co. Model CMC-431B, Single Cornering M	CMC-431B				4	$720	$1,200
76	1	Di-Acro No. 1, 25" L Press Brake	No. 1	1791			4	$711	$1,185
77	1	VECTRA VERTICAL MILLING MACHINE	72526049	1002J142			4	$690	$1,150
78	1	ACER LATHE	DYNAMIC 1760G	96070696	1995		5	$660	$1,100
79	1	BRIDGEPORT 1hp Vertical Milling Machine	6-1155	J-104433			4	$636	$1,060
80	1	MBC Model BP-2 Welding Positioner	BP-2				4	$631	$1,051
81	1	Weeke Optimat BP 150, Point to Point CNC Router	Optimat BP 150	0-250-04-1572	1998		5	$630	$1,050
82	1	Sixis Model 101 Milling Machine Components	101				4	$630	$1,050
83	1	Miller Millermatic 350P	Millermatic 350P	LG430225B			4	$614	$1,024
84	1	Lincoln Electric Model c300 Power Wave	c300 Power Wave	U1081001589			4	$600	$1,000
85	1	MILLER 350 LX WELDER	350 LX				4	$600	$1,000
86	1	ATLAS COPCO XAS96 Air Compressors	XAS96			501 h	4	$510	$850
87	1	Powermatic 1150A drill press	1150A	7915V211			4	$379	$632
88	1	BROWN & SHARPE No 2 Surface Grinder	No 2				4	$315	$525
89	1	MADISON HORIZONTAL BANDSAW	1010A	78101010E			4	$252	$420
90	1	GROB VERTICAL BANDSAW	4V-18	1973	1974		5	$240	$400
91	1	2002 Caterpillar TH83 Telehandler	TH83	7BJ73285	2002	4,827 h	5	$13,725	$21,115
92	1	Toyota LP Powered Forklift	52 6FGCU35-BCS	60317			4	$11,538	$17,751
93	1	Petti Bone 8042 Telehandler	8042	7-649		8,256 h	4	$9,100	$14,000
94	1	2009 Toyota 7FGU35 forklift	7FGU35	70532	2009	9,150 h	4	$6,721	$10,340
95	1	2009 Toyota 8FGCU25 Forklift	8FGCU25	ED4745	2009		4	$6,500	$10,000
96	1	Cat CP5000 Forklift	CP5000	DR3534			4	$5,850	$9,000
97	1	2008 Toyota Forklift		PZ7767	2008		4	$5,525	$8,500
98	1	Cat GP25K Forklift	GP25K	RR0504			4	$5,070	$7,800
99	1	1998 East End Dump Trailer		7392241	1998		5	$15,540	$22,200
100	1	2006 FORD F-350 LARIAT V-8 TURBO SUPER DUTY FX4 OFF ROAD	F-350 Lariat	1FTWW31P06EB9210	2006		5	$14,700	$21,000
101	1	**2019 Chevrolet 2500 4x4 Pickup	2500	1GC1KREY1KF21636	2019	112,988 mi	3	$14,000	$20,000
102	1	2015 Ford F350 Super Duty XL utility bed pickup truck	F350 Super Duty XL	1FDRF3HT3FEC9069	2015	137,674 mi	4	$13,090	$18,700
103	1	2019 Chevy Siverado 4x4 Pickup 1GCUYDED7KZ124362	Silverado	1GCUYDED7KZ12436	2019	108,859 mi	3	$11,550	$16,500
104	1	2013 Reitnouer MaxMiser Flatbed Trailer	MaxMiser	1RNF48A2XDR02960	2013		4	$10,850	$15,500
105	1	1999 Ford F-250 Super Duty XLT SuperCab V10 4x4	F-250 Super Duty XLT		1999	56,000 mi	5	$10,325	$14,750
106	1	2013 Chevy Silverado Pickup	Silverado	DR6216	2013		4	$7,490	$10,700
107	1	2013 Overbilt equipment trailer		1Z9HC3128DD05851	2013		4	$6,006	$8,580
108	1	1989 Ford F-250	F-250		1989	17,000 mi	5	$5,740	$8,200
109	1	Miller Trailblazer 325 Welder And Trailer	Trailblazer 325			54 h	4	$4,408	$7,600
110	1	2014 Doosan G70 generator	G70	460465ULXE53	2014	20,997 h	4	$4,019	$6,930
111	1	Katolight Generator	DR8540	DR8540			4	$2,958	$5,100
112	1	Airman PDS 185S Air Compressor	PDS 185S	B4- 6C20214		3,959 h	4	$2,900	$5,000
113	1	Airman PDS 185S Air Compressor	PDS 185S	B4- 6C22869		4,995 h	4	$2,842	$4,900
114	1	Miller Bobcat 225 Welder	Bobcat 225			5 h	4	$2,668	$4,600
115	1	Ingersoll Rand 185 CFM Portable Air Compressor	185 CFM				4	$2,658	$4,583
116	1	2011 Atlas Copco XAS185CD7 air compressor	XAS185CD7	8972426137	2011	2,396 h	4	$2,488	$4,290
117	1	2007 Caterpillar XQ20 Generator CAT00C22LXYE00601	XQ20	CAT00C22LXYE0060	2007		5	$2,320	$4,000
118	1	2001 Generac generator		2062106	2001		5	$1,978	$3,410
119	1	2006 Ingersoll Rand XPS185WJD Portable Air Compressor	XPS185WJD	FL4054	2006		5	$1,856	$3,200
120	1	Elgi Model EG 37-150 V Screw Type Air Compressor	EG 37-150 V	MTCS044225			4	$1,798	$3,100
121	1	Kohler Model 10RZ82 8KW Generator	10RZ82			219 h	4	$1,624	$2,800
122	1	Miller Bobcat 225 Welder LF319489	Bobcat 225	LF319489		183 h	4	$1,537	$2,650
Total estimated value — 122 line items								$417,668	$663,955

Lukes & Lukes · Equipment Appraisal

Confidential · Cornerstone Sheet Metal & Fabrication, Inc.Subject identity withheld

Representative asset photographs

Photographs are representative of the asset classes inspected. Identifying detail has been omitted in this sample to protect the anonymized subject business.

Lukes & Lukes · Equipment Appraisal

Confidential · Cornerstone Sheet Metal & Fabrication, Inc.Subject identity withheld

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