Preview
EXHIBIT
CoA?
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C. E. COLLIER & ASSOCIATES, INC,
Marine Surveyors & Consultants
Post Office Box 643 Coden, Alabama 36523-0843
Phone (251) 873-4382 Fax (251) 873-4532
August 8, 2010
Encore Bank
Nine Greenway Plaza, Suite 1000
Houston, Texas 77046
Attention: Ms Annie Hames
Entrepreneux Banking
Re: File No. LOCVAUG2
A/D Motor Yacht BETTY LYN IT
Condition & Valuation Opinion
This is to certify that a the request of Encore Bank, Houston,
Texas, Condition & Valuation Opinion of the captioned all welded
aluminum construction Motor Yacht BETTY LYN 1% waa made by the
undersigned Certified Marine Surveyor on duly 17, 2010 with said
vessel located hauled and blocked at Horizon Shipbuilding, Inc.,
Bayou La Batre, Alabama, per attached pictures.
Purpose of attendance was to perform a walk-through imapection
of the subject vessel to ascertain ite present: condition as compared
to previeus inspections held June 1, 2009 and December 16, 2009; to
note its degree of refurbishing as well as pertinent particulars in
connection therewith such ag eonstruction details, capacities,
dimensions, equipment, etcetera so ag to render a current Yas is
valuation and te report findings.
ATTENDING:
There was no one in attendance, Access to vessel gained through
Horizon Shipbuilding, Inc.
Sotthig Stamens tar Sater Boxing”.
ve
EXHIBIT
% “EBS
ENBK000103
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Page 2. A/D Motor Yacht BETTY LYN IZ - File No. Locvauo2
VESSEL PARTICULARS i
official Numbex - 555036
IMO Number - 7621798
Net Tonnage - 126
Gross Tonnage - 186
Hailing Port - Houston, Texaa
Year Built - 1974
Call Sign - WYR2414
Designer/Bullder - Breaux's Bay-Craft, Inc,
Loreauvillse, Louisiana - Hull Number - Unknown
Owners - Coast Guard Vessel Documentation indicates immediate
previous owners ag:
BLYN II HOLDINGS LLC
Registered Dimensions:
Length - 116.7"
Breadth - 27.0!
Depth - 5.7!
Overall Length - 127"
ag ONVERSION CONTRIBUTIN
ESG DESL
DESIGNERS,
GNERS ARCHITECTS && BUTLDERS
ARCHITECTS BUILDERS: :
Espinosa Inc, Architecture on the Sea Tel (772) 287-4925
1320 8S, Fedexal Highway, Suite 216 Fax (772) 287-4858
Stuart, Florida 34994 info@espinogaing.com
US Westhoff & Co. Tel (913) 663-9900
Yacht Interiox Management Fax (913) 663-9949
14006 West Lo7th Street
Lenexa, Kansas 66215
Overing Yacht & Ship Designs, LLC Tel (228) 872-1881
958 Robinson Avenue Fax (228) 875-2862
Ocean Springs, Mississippi 39564 overingyachtdesigns@juno. com
Applied Marine Design, LLC Tel (251) 375-2108
Mobile, Alabama
Horizon Shipbuilding, Inc, Tel (251) 824-1660
13986 Shell Belt Road Fax (251) 824-1664
Bayou La Batre, Alabama 36509 horizonshipbuilding.com
ENBKO000104
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Page 3, A/D Motor Yacht BETTY LYN IE «= File No. LOCVAUO2
GENERAL DESCRIPTION & INTENDED USAGE:
The subject vessel is an
all welded grade 5086 and/or 6061-T6
aluminum construction, twin screw, diesel powered flybridge motor
yacht having a raked model bow, round stern, semi-vee bottom and near
full length of bull superetructure. Upon completion the vessel will
reportedly be utilized’
as an excursion charter yacht in remote areas
of Central America serving as a mother ship for large sport
fishermen,
ERTIFICATES /CLASSIFICATION:
U.S. Coast Guard Certificate of Documentation (COD)
Vessel Service - Recreational
Decumentation Issuance Date ~ November 9, 2006
Documentation Bxpiration Date - November 30, 2007
Vessel Status - Gut of Documentation.
This vessel 1s not afforded a classification certificate,
BACKGROUND :
The subject vessel was originally built as a private yacht for
Penske Racing on a rugged petroleum industry ¢rewboat hull but
dntentionally overbuilt and
with high fuel capacity to withstand the
xigors of ocean The hull bottom
crossings. for instance, is 3/4"
thickness, a full 1/4" thicker than similar ¢crewkoats currently being
produced that hold U. 8. Coast Guard Cextificates of Inspection (Cor)
and are full oceans (DP) dynamic positioning classed by the american
Bureau of Shipping. The vessel has exceptional for her length
watertight integrity with all new Pacgiflc Coast Marine watertight
doors installed.
FOUND;
The vessel ia powered by
two (2) new Caterpillar model c32
ACERT, Vv oi2 oylinder, 4 cycle,
turbocharged & aftercooled Tler 2
compliant, E-rating diesel engines, each rated at 1925/1417 HP/KW @
2300 RPM. Engines were sighted coupled to Twin Dise trangmisgions and
set atop thelr respective engine beds in the machinery space. gaid
engines will be fresh water heat exchanger cooled, fitted with wet
exhausts and pllothougs and flybridge controlled. The veasel's
maneuvering will be enhanced by an American hydraulic bow thruster
unit which was algo sighted installed forward in the hull and shown
in one of the interior photographs provided. Additionally, Quantum
hydraulic voll fin stabilizer power units were sighted installed port
and starboard.
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Page 4. A/D Motor Yacht BETTY LYN II ~ Pile No. LOCcVAU02
:
FOUND : (continued)
Shipboard electrical power is provided by two (2) new 99 kw
Kilopak 208/450 VAC, 3-phase, 60 Herts generator sets, one (1) of
which was sighted in the machinery space with the other sighted
warehoused at Theodore, Alabama previously on Decenbexr 16, 2009. As
with the propulsion engines, generator engines will be fresh water
heat exchanger cooled and fitted with wet exhausts.
As xepoxted previously, all metal work as respects this vessel
conversion ig mora or less complete together with a considerable
amount of fairing material applied in way of hull sides, exterior
sanding, priming, and etcetera,
In addition to the machiner y and equipment installations already
installed or aboard, an itemized list of items purchased either
aboard completely or in part cr warehouged at Theodore, Alabama was
provided at time of my initial attendance aboard while afloat on June
1, 2003. Said list totaled over 2.5 million dollars ($2,500, 000.06).
Individual parta, components, etcetera of said list were generally
verified during walk-through warehouse inspection of December 16,
2009, Attending were representatives of Horizon shipbuilding, Inc.,
Encore Bank Senior Vice President of Special Asseta James Plynn,
Attorney Will Gamble, Jr and the undersigned.
Pre-engineered fabricated
components of the vessel's interior
were located at that time
two (2)inside
climate controlled
contalnerg situated outside on the secure warehouse grounds with the
remaining equipment mostly erated are on pallets within the
warehouse,
inspection aboard on July 17, 2010 found the vessel essentially
the same as prior attendances, albeit a year dater. Horizon
Shipbuilding, Inc, has ingtalled dehwaidifiers and blowers throughout
to eliminate moisture and preserve the interiov. The vessel's two (2)
jet skis had bee lifted aboard and were located aft atop the boat
deck, It is the opinion of the undersigned attending surveyor that
the A/D Motox Yacht BETTY LYN IT ia in the same general condition ar
found at past inspections. The vessel and its separately stored
equipment is secure and being cared for aa much as possible under the
circumstances. .
ENBKO00106
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Page 5. A/D Motor Yacht BETTY LYN TI - File No, 1LocVAUO2
PROCEDURES & ANALYSIS;
Marine equipment generally is built for a specific and dynamic market
and can be used globally, subject to mobilization limitations, both
physical and economical. In estimating the value of a vessel or item
of marine equipment, its age, condition and equipment outfitting are
gontributing factors,
This office utilizes three approaches in detexmining the value of a
vessel or item of marine equipment, Said approaches are briefly
explained below.
Using the income approach method, the present value of a vessel ig
determined by its
expected future benefits by way of a discounted
cash flow analysia, This method is only used when sufficient
historical data such as income flows, expenses, and etcetera are
provided, In host cases, the information provided to the
surveyor/appraiser is biased and/or unreliable at best, therefore
said method is seldom if ever used.
Using the cost approach method, one begins with the current
replacement cost of the vessel and then deducts for the loss in value
caused by physical deterioration, functional obsolescence, and
economic cbsolescence, The logic behind this method ig the principle
of substitution, meaning, a prudent buyer will not pay more for a
vessel than the cost of acquixing a substitute vessel of equivalent
utility. After determining the vessel's current day replacement cost
and deducting an estimated residual value, said residual value is
then depreciated over the expected economic life of a similar vessel.
The remaining economic life is adjusted either up or down based on
the condition of the vessel as noted by the surveyor at time of
survey.
Using the
saigs comparison approach, data on sales and offerings of
iike- in-kind, similar and/or sister vessels is collected, analyzed,
adjusted, and applied to the subject. Some of the information gleaned
on compaxable vessels is derived by historical and ongoing ccentacts
with owners, builders, operators, buyers, sellers and brokers as well
as information maintained in our database,
ENBKOO0107
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Page 6, A/D Moter Yacht BETTY LYN If -. File No, LOCVAUO2
REFERENCE SOURCES:
This office maintaing a computer database along with paper files
regarding vessels and other marine equipment valued by our office and
that of the undersigned's previous affiliated gurveying company,
Capt. og. Paul Wright & Associates, Ind. Bayou La Batre, Alabama
which maintained data and files dating back to 1955.
My employment and apprenticeship with Capt. J. Paul wright &
Associates, Tne, began in 1975, I became the corporation's vice
president, part owner and principal surveyor after the retirement of
Captain Wright from field work in 1983 upon my obtaining membership
into The National Association of Marine Surveyors, ine. After the
passing of Captain Wright, I assumed full ownerghip of capt. J, Paul
Wright & Associates, Inc, in 1994 whereupon I subsequently started ¢.
E. Collier & Associates, Inc, As such, Cc. E. Collier & Aagsociates,
Inc, owns and maintains all historical material, data, files,
etcetera of the former Capt. J. Paul Wright & Associates, Inc,
Listings by brokerage firme such as Hall Associates (halltug. com) ,
Lee Felterman & Agsoc, LEC (isefelterman.com), Dameo Marine
(dameomarine.com) , Marcon International, Ine. {maxcon.com) ,Ocean
Marine Brokerage Service (oceanmarine. com) , shiptraders.com,
commercial .apolloduck.com, cCoustalmarineltd.com, maritimegales.com,
yachtworld.com and others were factored. Additionally, sources such
as buyers, sellers, financial inetitutions, ether marine surveyors
and boat operating company owners and/or tanagers are considered,
ENBK000108
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Page 7, A/D Motor yacht BETTY LYN II - File No. 1locvauo2
VALVATION:
It is the considered opinion of the undersigned that the pregent
day “as ie" market value of the subject M/V BETTY LYN IZ, official
Number 555036, togather with all equipment sighted on board,
warehoused and pertaining thereto is $6,000,000.00 with a new coat
fully equipped, completed and in servics value of $14,000,000.00 to
$16,000,060.00 more or less.
This report is based on walk-through inspections of the vessel
both afloat and hauled and blocked as well as related warchoused
materials and equipment to be installed and is xvendered without bias
or prejudice for the account of Encore Bank, Houston, Texas,
In accepting same it ils agreed that the extent of obligation of
this firm, with respect thereto is limited to furnishing competent
surveyors, and in making report surveyor is acting on behalf of the
person or firm requesting same and no liability, in excess of charges
for services performed shall attach to this firm, or member thereof,
as respects accuracy, errors and/or omissions thereto.
Respectfully submitted,
C. BR. COLLIER & ASSOCIATES, INC,
By: Christopher€, Collier, RAMSG Iola OMS
Certificate Muiber LOLS A
ENBKOO0109
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Preview
EXHIBIT CoA? 08/30/2013 04:13:06 PM 713-755-1451 Page 2/15 ~ C. E. COLLIER & ASSOCIATES, INC, Marine Surveyors & Consultants Post Office Box 643 Coden, Alabama 36523-0843 Phone (251) 873-4382 Fax (251) 873-4532 August 8, 2010 Encore Bank Nine Greenway Plaza, Suite 1000 Houston, Texas 77046 Attention: Ms Annie Hames Entrepreneux Banking Re: File No. LOCVAUG2 A/D Motor Yacht BETTY LYN IT Condition & Valuation Opinion This is to certify that a the request of Encore Bank, Houston, Texas, Condition & Valuation Opinion of the captioned all welded aluminum construction Motor Yacht BETTY LYN 1% waa made by the undersigned Certified Marine Surveyor on duly 17, 2010 with said vessel located hauled and blocked at Horizon Shipbuilding, Inc., Bayou La Batre, Alabama, per attached pictures. Purpose of attendance was to perform a walk-through imapection of the subject vessel to ascertain ite present: condition as compared to previeus inspections held June 1, 2009 and December 16, 2009; to note its degree of refurbishing as well as pertinent particulars in connection therewith such ag eonstruction details, capacities, dimensions, equipment, etcetera so ag to render a current Yas is valuation and te report findings. ATTENDING: There was no one in attendance, Access to vessel gained through Horizon Shipbuilding, Inc. Sotthig Stamens tar Sater Boxing”. ve EXHIBIT % “EBS ENBK000103 08/30/2013 04:13:06 PM 713-755-1451 Page 3/15 Page 2. A/D Motor Yacht BETTY LYN IZ - File No. Locvauo2 VESSEL PARTICULARS i official Numbex - 555036 IMO Number - 7621798 Net Tonnage - 126 Gross Tonnage - 186 Hailing Port - Houston, Texaa Year Built - 1974 Call Sign - WYR2414 Designer/Bullder - Breaux's Bay-Craft, Inc, Loreauvillse, Louisiana - Hull Number - Unknown Owners - Coast Guard Vessel Documentation indicates immediate previous owners ag: BLYN II HOLDINGS LLC Registered Dimensions: Length - 116.7" Breadth - 27.0! Depth - 5.7! Overall Length - 127" ag ONVERSION CONTRIBUTIN ESG DESL DESIGNERS, GNERS ARCHITECTS && BUTLDERS ARCHITECTS BUILDERS: : Espinosa Inc, Architecture on the Sea Tel (772) 287-4925 1320 8S, Fedexal Highway, Suite 216 Fax (772) 287-4858 Stuart, Florida 34994 info@espinogaing.com US Westhoff & Co. Tel (913) 663-9900 Yacht Interiox Management Fax (913) 663-9949 14006 West Lo7th Street Lenexa, Kansas 66215 Overing Yacht & Ship Designs, LLC Tel (228) 872-1881 958 Robinson Avenue Fax (228) 875-2862 Ocean Springs, Mississippi 39564 overingyachtdesigns@juno. com Applied Marine Design, LLC Tel (251) 375-2108 Mobile, Alabama Horizon Shipbuilding, Inc, Tel (251) 824-1660 13986 Shell Belt Road Fax (251) 824-1664 Bayou La Batre, Alabama 36509 horizonshipbuilding.com ENBKO000104 08/30/2013 04:13:06 PM 713-755-1451 Page 4/15 Page 3, A/D Motor Yacht BETTY LYN IE «= File No. LOCVAUO2 GENERAL DESCRIPTION & INTENDED USAGE: The subject vessel is an all welded grade 5086 and/or 6061-T6 aluminum construction, twin screw, diesel powered flybridge motor yacht having a raked model bow, round stern, semi-vee bottom and near full length of bull superetructure. Upon completion the vessel will reportedly be utilized’ as an excursion charter yacht in remote areas of Central America serving as a mother ship for large sport fishermen, ERTIFICATES /CLASSIFICATION: U.S. Coast Guard Certificate of Documentation (COD) Vessel Service - Recreational Decumentation Issuance Date ~ November 9, 2006 Documentation Bxpiration Date - November 30, 2007 Vessel Status - Gut of Documentation. This vessel 1s not afforded a classification certificate, BACKGROUND : The subject vessel was originally built as a private yacht for Penske Racing on a rugged petroleum industry ¢rewboat hull but dntentionally overbuilt and with high fuel capacity to withstand the xigors of ocean The hull bottom crossings. for instance, is 3/4" thickness, a full 1/4" thicker than similar ¢crewkoats currently being produced that hold U. 8. Coast Guard Cextificates of Inspection (Cor) and are full oceans (DP) dynamic positioning classed by the american Bureau of Shipping. The vessel has exceptional for her length watertight integrity with all new Pacgiflc Coast Marine watertight doors installed. FOUND; The vessel ia powered by two (2) new Caterpillar model c32 ACERT, Vv oi2 oylinder, 4 cycle, turbocharged & aftercooled Tler 2 compliant, E-rating diesel engines, each rated at 1925/1417 HP/KW @ 2300 RPM. Engines were sighted coupled to Twin Dise trangmisgions and set atop thelr respective engine beds in the machinery space. gaid engines will be fresh water heat exchanger cooled, fitted with wet exhausts and pllothougs and flybridge controlled. The veasel's maneuvering will be enhanced by an American hydraulic bow thruster unit which was algo sighted installed forward in the hull and shown in one of the interior photographs provided. Additionally, Quantum hydraulic voll fin stabilizer power units were sighted installed port and starboard. ENBKO00105 08/30/2013 04:13:06 PM 713-755-1451 Page 5/15 Page 4. A/D Motor Yacht BETTY LYN II ~ Pile No. LOCcVAU02 : FOUND : (continued) Shipboard electrical power is provided by two (2) new 99 kw Kilopak 208/450 VAC, 3-phase, 60 Herts generator sets, one (1) of which was sighted in the machinery space with the other sighted warehoused at Theodore, Alabama previously on Decenbexr 16, 2009. As with the propulsion engines, generator engines will be fresh water heat exchanger cooled and fitted with wet exhausts. As xepoxted previously, all metal work as respects this vessel conversion ig mora or less complete together with a considerable amount of fairing material applied in way of hull sides, exterior sanding, priming, and etcetera, In addition to the machiner y and equipment installations already installed or aboard, an itemized list of items purchased either aboard completely or in part cr warehouged at Theodore, Alabama was provided at time of my initial attendance aboard while afloat on June 1, 2003. Said list totaled over 2.5 million dollars ($2,500, 000.06). Individual parta, components, etcetera of said list were generally verified during walk-through warehouse inspection of December 16, 2009, Attending were representatives of Horizon shipbuilding, Inc., Encore Bank Senior Vice President of Special Asseta James Plynn, Attorney Will Gamble, Jr and the undersigned. Pre-engineered fabricated components of the vessel's interior were located at that time two (2)inside climate controlled contalnerg situated outside on the secure warehouse grounds with the remaining equipment mostly erated are on pallets within the warehouse, inspection aboard on July 17, 2010 found the vessel essentially the same as prior attendances, albeit a year dater. Horizon Shipbuilding, Inc, has ingtalled dehwaidifiers and blowers throughout to eliminate moisture and preserve the interiov. The vessel's two (2) jet skis had bee lifted aboard and were located aft atop the boat deck, It is the opinion of the undersigned attending surveyor that the A/D Motox Yacht BETTY LYN IT ia in the same general condition ar found at past inspections. The vessel and its separately stored equipment is secure and being cared for aa much as possible under the circumstances. . ENBKO00106 08/30/2013 04:13:06 PM 713-755-1451 Page 6/15 Page 5. A/D Motor Yacht BETTY LYN TI - File No, 1LocVAUO2 PROCEDURES & ANALYSIS; Marine equipment generally is built for a specific and dynamic market and can be used globally, subject to mobilization limitations, both physical and economical. In estimating the value of a vessel or item of marine equipment, its age, condition and equipment outfitting are gontributing factors, This office utilizes three approaches in detexmining the value of a vessel or item of marine equipment, Said approaches are briefly explained below. Using the income approach method, the present value of a vessel ig determined by its expected future benefits by way of a discounted cash flow analysia, This method is only used when sufficient historical data such as income flows, expenses, and etcetera are provided, In host cases, the information provided to the surveyor/appraiser is biased and/or unreliable at best, therefore said method is seldom if ever used. Using the cost approach method, one begins with the current replacement cost of the vessel and then deducts for the loss in value caused by physical deterioration, functional obsolescence, and economic cbsolescence, The logic behind this method ig the principle of substitution, meaning, a prudent buyer will not pay more for a vessel than the cost of acquixing a substitute vessel of equivalent utility. After determining the vessel's current day replacement cost and deducting an estimated residual value, said residual value is then depreciated over the expected economic life of a similar vessel. The remaining economic life is adjusted either up or down based on the condition of the vessel as noted by the surveyor at time of survey. Using the saigs comparison approach, data on sales and offerings of iike- in-kind, similar and/or sister vessels is collected, analyzed, adjusted, and applied to the subject. Some of the information gleaned on compaxable vessels is derived by historical and ongoing ccentacts with owners, builders, operators, buyers, sellers and brokers as well as information maintained in our database, ENBKOO0107 08/30/2013 04:13:06 PM 713-755-1451 Page 7/15 Page 6, A/D Moter Yacht BETTY LYN If -. File No, LOCVAUO2 REFERENCE SOURCES: This office maintaing a computer database along with paper files regarding vessels and other marine equipment valued by our office and that of the undersigned's previous affiliated gurveying company, Capt. og. Paul Wright & Associates, Ind. Bayou La Batre, Alabama which maintained data and files dating back to 1955. My employment and apprenticeship with Capt. J. Paul wright & Associates, Tne, began in 1975, I became the corporation's vice president, part owner and principal surveyor after the retirement of Captain Wright from field work in 1983 upon my obtaining membership into The National Association of Marine Surveyors, ine. After the passing of Captain Wright, I assumed full ownerghip of capt. J, Paul Wright & Associates, Inc, in 1994 whereupon I subsequently started ¢. E. Collier & Associates, Inc, As such, Cc. E. Collier & Aagsociates, Inc, owns and maintains all historical material, data, files, etcetera of the former Capt. J. Paul Wright & Associates, Inc, Listings by brokerage firme such as Hall Associates (halltug. com) , Lee Felterman & Agsoc, LEC (isefelterman.com), Dameo Marine (dameomarine.com) , Marcon International, Ine. {maxcon.com) ,Ocean Marine Brokerage Service (oceanmarine. com) , shiptraders.com, commercial .apolloduck.com, cCoustalmarineltd.com, maritimegales.com, yachtworld.com and others were factored. Additionally, sources such as buyers, sellers, financial inetitutions, ether marine surveyors and boat operating company owners and/or tanagers are considered, ENBK000108 08/30/2013 04:13:06 PM 713-755-1451 Page 8/15 Page 7, A/D Motor yacht BETTY LYN II - File No. 1locvauo2 VALVATION: It is the considered opinion of the undersigned that the pregent day “as ie" market value of the subject M/V BETTY LYN IZ, official Number 555036, togather with all equipment sighted on board, warehoused and pertaining thereto is $6,000,000.00 with a new coat fully equipped, completed and in servics value of $14,000,000.00 to $16,000,060.00 more or less. This report is based on walk-through inspections of the vessel both afloat and hauled and blocked as well as related warchoused materials and equipment to be installed and is xvendered without bias or prejudice for the account of Encore Bank, Houston, Texas, In accepting same it ils agreed that the extent of obligation of this firm, with respect thereto is limited to furnishing competent surveyors, and in making report surveyor is acting on behalf of the person or firm requesting same and no liability, in excess of charges for services performed shall attach to this firm, or member thereof, as respects accuracy, errors and/or omissions thereto. Respectfully submitted, C. BR. COLLIER & ASSOCIATES, INC, By: Christopher€, Collier, RAMSG Iola OMS Certificate Muiber LOLS A ENBKOO0109 08/30/2013 04:13:06 PM 713-755-1451 Page 9/15 ev Ss @ fry By - ee ot i a B Gre sath AOS i mn ua ce a ee as er i en ve oe an Bai te a 7 RS 35 Eas ii cA fa aoe bs: ee i fie A/D Motor Yacht BETTY LYN [1 - 77/2010 AD Motor Yacht BETTY LYN 1 ~ 7/17/2010 Port bow quarter protila view Starboard bow quarter profile view pee Bidd rh a aa rs a Es Paes pie ae ae eH ‘ a ine see o AJD Motor Yacht BETTY LYN IL - 7/17/2010 A/D Motor Yacht BETTY LYN 11- 7/17/2010 View of starboard side propeller pocket and strut ‘iow af port side propeller pocket and strut ss ni a us i pees iD wal EA ae 5] a = a i ihe iH Ss fos eS i tesv4 Fup iE A/D Motor Yacht BETTY LYN M1 - 7/17/2010 A/D Motor Yacht BETTY IYN IL - 7/17/2010 Farward mate deek view ‘View looking aft down sterboard wing deck te fn tH ENBK000110 08/30/2013 04:13:06 PM 713-755-1451 Page 10/15 AS altel mound. | oy as ei xis hia ba ee ee eC Ge: m he Sn EN AJD Motor Yacht BETTY LYN IL - 7/17/2010 AfD Motor Yacht BETTY LYN Ti - 7/17/2010 Aft main desk view; Rudders shown center photo stacked ‘View of recessed stern cockpit deck as A - i ‘i My i le ie je es al \ wees pecanceca i nes A/D Motor Yacht BETTY LYN I1- 7/17/2010 AJD Motor Yacht BETTY LYN II - 7/17/2010 Aft main deck view ag taken from stern area View looking forward down port wing deck fez ae i We i fi. a pe WS i1H Ht i BI ae i ea coe eee oye. uy | cai iat | Ey a bi i] i see aS A/D Motor Yacht BETTY LYN II - 7/17/2010 A/D Motor Yachtberry LYN Ml - 7/17/2010 Mld deckhouse view showing temporary statrs to bridge Circuit breaker pancls ingtalled forward in deckhowse ENBKOOO111 08/30/2013 04:13:06 PM 713-755-1451 Page 11/15 soe at a ie Sea 5 te watt ie ie a nae a“ an iy ‘i na stae ea ie cea oe Sca 4 aN a : : ee a i Lae ree a ee a iy ie ES Pas nM vk a ES ae A/D Motor Yacht BETTY LYN IL- 7/17/2010 AD Motor Yacht BETTY LYN I - 7/17/2010 Aft most view atop the Dybrtdge degte View of boat deck & jot skis taken from flybridge deck om = ia if Ri te i PF Li aae i es HE oe Lda ss Ne ‘i re a oe a e fc ES as a oe ee i eee 4 9 A/D Motor Yacht BETTY LYN Hi - 7/17/2010 A/D Motor Yacht BETTY LYN II ~ 7/17/2010 View of flybridge & sigaal aiast View of flybridge deck extention sy i ig a ls BI Be mn a a i a i pa ve) aful . AJD Motor Yacht BETTY LYN I - 7/17/2010 A/D Motor Yacht BETTY LYN II - 7/(7/2010 View of covered port propulsian engine & gear ‘View of covered genevator set ENBKOO0112 08/30/2013 04:13:06 PM 713-755-1451 Page 12/15 sie se wae i a = i) JER ae fi ares ci i ea