<PAGE> 1
[AIRCLAIMS LETTERHEAD]
Our Ref: 99548/MSH/kw Exhibit 99.3
AerFi Group Plc.
Aviation House 18th February 2000
Shannon
Ireland
Attention: Mr Gerry Hastings
Dear Sirs,
- AIRPLANES PASS THROUGH TRUST PORTFOLIO -
BASE VALUE AND CURRENT MARKET VALUATION
AS AT 18TH FEBRUARY 2000
Further to the instructions of Mr Gerry Hastings, AerFi Group Plc, we are
pleased to be able to provide our opinion of the value of each aircraft in the
portfolio of Airplanes Pass Through Trust, under Base and Current Market Value
scenarios. The aircraft, each of which is subject to a net operating lease,
are as indicated in the attached table (ref: 99548/MSH).
Our valuation is based on fleet details as provided by yourselves on 10th
November 1999, providing the most recent utilisation information available in
respect of the aircraft and their respective engines, supplemented with
maintenance and specification data obtained or received on previous occasions
from GPA Group and GE Capital Aviation Services (GECAS).
The point of valuation is 18th February 2000. It should be borne in mind that
the Market Values generated on January 21st 2000, are provided with the
proviso that there are no material alterations in the market conditions
pertaining to the subject aircraft, between 21st January 2000 and 18th February
2000.
As requested by AerFi Group Plc, we have provided our value opinions under
CURRENT MARKET and BASE VALUE scenarios. Airclaims believes it to be very
important that value definitions are understood by all parties and that such
values are always considered in conjunction with their definitions.
<PAGE> 2
[LOGO]
BASE VALUE (TO ISTAT DEFINITION)
The Base Value presented below is based on the definition as outlined by the
International Society of Transport Aircraft Trading (ISTAT). ISTAT's definition
of Base Value equates in principle to the previously used appraisal term, Fair
Market Value.
The ISTAT definition is as follows:
A Base Value is the Appraiser's opinion of the underlying economic value of an
aircraft in an open, unrestricted, stable market environment with a reasonable
balance of supply and demand, and assumes full consideration of its "highest
and best use".
An aircraft's Base Value is founded in the historical trend of values and in
the projection of value trends and presumes an arm's length, cash transaction
between willing, able and knowledgeable parties, acting prudently, with an
absence of duress and with a reasonable period of time available for marketing.
In this instance, the Base Value of each aircraft assumes its physical
condition is average for an aircraft of its type and age, but has been adjusted
to reflect a) the actual utilisation and given maintenance status of airframe,
engines and undercarriage where possible (the 'Adjusted Base Value') and b)
assuming overall 'half-life' maintenance condition.
The Base Value also assumes that each Aircraft is under a maintenance programme
of international airworthiness standards approved by a civil aviation
authority, with all airworthiness directives (ADs) and manufacturers service
bulletins (SBs) performed in compliance with air carrier rules and regulations.
CURRENT MARKET VALUE
In Airclaims' considered opinion CURRENT MARKET VALUE represents that which the
aircraft could best achieve under current (i.e. today's) market conditions.
Under this scenario each value is intended to reflect what might be expected
from the result of an 'arms length, single sale' transaction conducted in an
orderly manner (for which we consider a period of up to 12 months to come to
fruition to be reasonable) between a 'willing buyer and willing seller'. The
value assumes that each aircraft is free of lease or charge, and free of any
onerous restrictions in respect of its ownership and title documentation.
As part of our valuation process, we have taken into account recent market
activity covering open market, financial and lessor sales, the perceived demand
for the types, their current market acceptability and availability, and have
considered the views of informed industry sources.
-------------------------------------------------------------------------------
99548/MEH/kw AerFi Group Plc.
18/02/2000 Page 2
<PAGE> 3
[LOGO]
Further to the above we have also taken account of the data available to us
regarding the specification of the subject aircraft, and their accumulated
airframe hours and cycles. We have also assumed that the aircraft are in good
condition with all Airworthiness Directives (ADs) and significant Service
Bulletins (SBs) complied with.
In this instance, the Current Market Value of each aircraft assumes its
physical condition is average for an aircraft of its type and age, but has been
adjusted to reflect the actual utilisation and given maintenance status of
airframe, engines and undercarriage where possible (the "Adjusted Current
Market Value") and b) under the assumption that each aircraft is in overall
"half-life" maintenance condition (Current Market "Half-Life" Value).
The Current Market Value also assumes that each Aircraft is under a maintenance
programme of international airworthiness standards approved by a civil aviation
authority, with all airworthiness directives (ADs) and manufacturers service
bulletins (SBs) performed in compliance with air carrier rules and regulations.
Whilst the tabulated values provided under this assignment are given as
single figures, it must be borne in mind that the determination of such values
involves a multiplicity of variables, and that some variation in perceived
values must be expected due to, for example, any potential inaccuracies in the
data provided. In this case we consider that a tolerance of +/-4% may
reasonably apply to the aforementioned calculated values.
Please note that valuations given by Airclaims are valid only as at the date of
issue. Subsequent to that date there may be alterations in the world aviation
market, or in the status and physical condition of the subject aircraft or
other general factors that may affect Airclaims' value opinion.
I trust the foregoing is satisfactory and to your requirements.
Yours sincerely,
/s/ Mark Sheridan
MARK SHERIDAN
Senior Analyst
Encl.
<PAGE> 4
BASE & CURRENT MARKET VALUES of the AIRPLANES PASS THROUGH TRUST PORTFOLIO
Specification/Values as at 18th February 2000 [LOGO]
<TABLE>
<CAPTION>
BUILD
TYPE ENG. MSN DATE OPERATOR
<S> <C> <C> <C> <C> <C>
1 A300B4-100 CF6-50C2R 12 May-75 TransAer
2 A300B4-100 CF6-50C2R 20 Oct-75 TransAer
3 A300B4-200 CF6-50C2 131 Dec-80 TransAer
4 A300B4-200 CF6-50C2 269 Aug-83 Pakistan International Airlines
5 A300C4-200 CF6-50C2 83 May-79 MNG Cargo Airlines
6 A320-200 CFM56-5A1 174 Feb-91 Canadian Airlines International
7 A320-200 CFM56-5A1 175 Feb-91 Canadian Airlines International
8 A320-200 CFM56-5A3 203 May-91 Air France
9 A320-200 CFM56-5A3 220 Jun-91 Air France
10 A320-200 CFM56-5A1 232 Jul-91 Canadian Airlines International
11 A320-200 CFM56-5A1 284 Dec-91 Canadian Airlines International
12 A320-200 CFM56-5A3 294 Jan-92 Premiair
13 A320-200 CFM56-5A3 301 Feb-92 Air Belgium
14 A320-200 CFM56-5A1 309 Feb-92 Canadian Airlines International
15 A320-200 CFM56-5A1 348 Jun-92 Air Belgium
16 A320-200 CFM56-5A3 349 Jun-92 Air Belgium
17 A320-200 CFM56-5A3 404 Jan-93 Canadian Airlines International
18 ATR42-300 PW120 109 Aug-88 Titan Airways
19 ATR42-310 PW120 113 Oct-88 Titan Airways
20 ATR42-310 PW120 249 May-91 American Eagle Airlines
21 ATR42-320 PW120 284 Dec-91 ACES
22 B727-200Adv. JT8D-17R 21346 Sep-80 Mexicana
23 B727-200Adv. JT8D-17R 21600 Oct-80 Mexicana
24 B737-200Adv. (Hushkitted) JT8D-9A 20922 Aug-74 Canadian Airlines International
25 B737-200Adv. (Hushkitted) JT8D-9A 20958 Dec-74 Canadian Airlines International
26 B737-200Adv. (Hushkitted) JT8D-9A 20959 Jan-75 Canadian Airlines International
27 B737-200Adv. (Hushkitted) JT8D-9A 21115 Oct-75 Canadian Airlines International
28 B737-200Adv. JT8D-17 21192 Feb-76 Aerolineas Argentinas
29 B737-200Adv. JT8D-17 21193 Mar-76 Airplanes Finance Ltd
30 B737-200Adv. JT8D-17 21196 Jun-76 LAPA
31 B737-200Adv. (Hushkitted) JT8D-9A 21639 Oct-78 Canadian Airlines International
32 B737-200Adv. JT8D-17 21685 Dec-78 Aerosweet Airlines
33 B737-200Adv. (Hushkitted) JT8D-9A 21712 Jan-79 Canadian Airlines International
34 B737-200Adv. (Hushkitted) JT8D-15 21735 May-79 Vanguard Airlines
35 B737-200Adv. JT8D-15 22090 Apr-80 Air Kazakstan
36 B737-200Adv. JT8D-15 22278 Feb-80 LAPA
37 B737-200Adv. JT8D-15 22368 Sep-80 LAPA
38 B737-200Adv. JT8D-15 22369 Sep-80 LAPA
39 B737-200Adv. JT8D-15 22397 Jan-81 LAN Chile
40 B737-200Adv. JT8D-17A 22407 Sep-80 LAN Chile
41 B737-200Adv. JT8D-15 22453 Feb-81 Aerosweet Airlines
42 B737-200Adv. JT8D-15 22633 Feb-81 LAPA
43 B737-200Adv. JT8D-17A 22802 Jul-82 Ukraine International Airlines
44 B737-200Adv. JT8D-17A 22803 Aug-82 MALEV
45 B737-200Adv. JT8D-17A 22804 Aug-82 MALEV
46 B737-200Adv. (Hushkitted) JT8D-9A 22873 Jul-82 Canadian Airlines International
47 B737-200Adv. (Hushkitted) JT8D-15 22979 Feb-83 Vanguard Airlines
48 B737-200Adv. JT8D-17A 23023 Mar-83 Mandala Airlines
49 B737-200Adv. JT8D-17A 23024 Apr-83 LAN Peru
50 B737-200C/Adv. JT8D-17A 23065 Aug-83 LAPA
51 B737-200C/Adv. JT8D-17A 23066 Oct-83 Xiamen Airlines
52 B737-300 CFM56-3B1 23177 Mar-86 Frontier Airlines
53 B737-300 CFM56-3B2 23749 Apr-87 GECAS
54 B737-300 CFM56-3B2 23923 Mar-88 Air Europa
55 B737-300 CFM56-3B1 24770 Sep-90 Philippine Airlines
56 B737-300 CFM56-3C1 24905 Jan-91 GECAS
57 B737-300 CFM56-3C1 24907 Feb-91 Air Asia (Malaysia)
58 B737-300 CFM56-3C1 25179 Dec-91 Air One
59 B737-300 CFM56-3C1 25187 Feb-92 Air One
60 B737-300QC CFM56-3B1 23499 May-86 America West Airlines
61 B737-300QC CFM56-3B1 23500 May-86 America West Airlines
62 B737-400 CFM56-3C1 24345 May-89 Jet Airways (India)
63 B737-400 CFM56-3C1 24493 Jun-89 Asiana Airlines
</TABLE>
<TABLE>
<CAPTION>
BASE VALUES MARKET VALUES
MTOW ADJ H-L ADJ H-L
TYPE (LB) BV BV CMV CMV
<S> <C> <C> <C> <C> <C> <C>
1 A300B4-100 347,222 $3.82m $2.75m $4.07m $3.00m
2 A300B4-100 347,222 $3.05m $2.75m $3.30m $3.00m
3 A300B4-200 363,760 $9.16m $6.41m $9.95m $7.20m
4 A300B4-200 363,760 $8.33m $7.02m $9.16m $7.85m
5 A300C4-200 363,760 $17.92m $14.30m $18.62m $15.00m
6 A320-200 166,447 $27.53m $27.66m $26.84m $26.97m
7 A320-200 166,447 $27.49m $27.61m $26.80m $26.92m
8 A320-200 166,447 $27.78m $27.76m $27.09m $27.07m
9 A320-200 166,447 $28.36m $28.16m $27.67m $27.47m
10 A320-200 166,447 $28.06m $28.06m $27.37m $27.37m
11 A320-200 166,447 $28.96m $28.96m $28.27m $28.27m
12 A320-200 166,447 $29.08m $28.68m $28.37m $27.97m
13 A320-200 166,447 $28.29m $28.68m $27.58m $27.97m
14 A320-200 162,067 $28.41m $28.41m $27.70m $27.70m
15 A320-200 162,067 $28.79m $29.36m $28.09m $28.65m
16 A320-200 166,447 $28.98m $29.38m $28.27m $28.67m
17 A320-200 162,067 $29.72m $29.72m $28.90m $28.90m
18 ATR42-300 36,825 $4.94m $5.14m $4.15m $4.35m
19 ATR42-310 36,825 $5.41m $5.34m $4.62m $4.55m
20 ATR42-310 36,825 $6.27m $6.39m $5.62m $5.75m
21 ATR42-320 36,825 $6.33m $6.64m $5.68m $6.00m
22 B727-200Adv. 190,500 $1.62m $2.88m $1.93m $3.20m
23 B727-200Adv. 190,500 $3.08m $2.88m $3.40m $3.20m
24 B737-200Adv. (Hushkitted) 117,000 $3.35m $3.32m $3.94m $3.90m
25 B737-200Adv. (Hushkitted) 117,000 $3.66m $3.32m $4.24m $3.90m
26 B737-200Adv. (Hushkitted) 117,000 $3.51m $3.51m $3.90m $3.90m
27 B737-200Adv. (Hushkitted) 117,000 $3.51m $3.51m $3.90m $3.90m
28 B737-200Adv. 119,500 $3.09m $3.81m $3.01m $3.74m
29 B737-200Adv. 119,500 $3.54m $3.81m $3.46m $3.74m
30 B737-200Adv. 119,500 $3.32m $3.81m $3.24m $3.74m
31 B737-200Adv. (Hushkitted) 117,000 $5.36m $5.47m $4.69m $4.80m
32 B737-200Adv. 119,500 $4.61m $4.08m $4.57m $4.04m
33 B737-200Adv. (Hushkitted) 117,000 $5.66m $5.66m $5.00m $5.00m
34 B737-200Adv. (Hushkitted) 119,500 $6.63m $6.15m $5.98m $5.49m
35 B737-200Adv. 119,500 $5.12m $4.36m $5.11m $4.34m
36 B737-200Adv. 121,500 $4.53m $4.43m $4.52m $4.41m
37 B737-200Adv. 119,500 $4.22m $4.26m $4.21m $4.24m
38 B737-200Adv. 119,500 $3.97m $4.26m $3.95m $4.24m
39 B737-200Adv. 119,500 $4.51m $4.69m $4.51m $4.69m
40 B737-200Adv. 124,500 $4.46m $4.62m $4.44m $4.60m
41 B737-200Adv. 119,500 $5.82m $4.69m $5.82m $4.69m
42 B737-200Adv. 121,500 $5.38m $4.56m $5.38m $4.56m
43 B737-200Adv. 124,500 $6.60m $5.08m $6.62m $5.10m
44 B737-200Adv. 124,500 $4.19m $5.08m $4.21m $5.10m
45 B737-200Adv. 124,500 $4.25m $5.08m $4.27m $5.10m
46 B737-200Adv. (Hushkitted) 117,000 $6.46m $6.46m $5.85m $5.85m
47 B737-200Adv. (Hushkitted) 119,500 $7.67m $7.04m $7.48m $6.85m
48 B737-200Adv. 117,000 $4.74m $4.96m $4.98m $5.20m
49 B737-200Adv. 117,000 $5.24m $4.96m $5.48m $5.20m
50 B737-200C/Adv. 124,500 $7.29m $6.68m $7.82m $7.20m
51 B737-200C/Adv. 124,500 $6.21m $6.78m $6.73m $7.30m
52 B737-300 135,000 $16.03m $15.79m $15.84m $15.60m
53 B737-300 137,000 $18.01m $17.54m $17.72m $17.25m
54 B737-300 138,500 $17.74m $18.53m $17.34m $18.14m
55 B737-300 135,000 $19.16m $19.60m $18.66m $19.10m
56 B737-300 130,000 $21.48m $21.75m $20.98m $21.25m
57 B737-300 130,000 $21.41m $21.75m $20.91m $21.25m
58 B737-300 135,000 $22.30m $23.11m $21.80m $22.61m
59 B737-300 135,000 $21.69m $22.56m $21.19m $22.06m
60 B737-300QC 135,000 $18.25m $17.74m $17.77m $17.25m
61 B737-300QC 135,000 $18.11m $17.74m $17.62m $17.25m
62 B737-400 142,500 $20.91m $21.44m $19.61m $20.14m
63 B737-400 142,500 $20.59m $21.44m $19.29m $20.14m
</TABLE>
<PAGE> 5
BASE & CURRENT MARKET VALUES of the AIRPLANES PASS THROUGH TRUST PORTFOLIO
Specification/Values as at 18th February 2000 [LOGO]
<TABLE>
<CAPTION>
BUILD
TYPE ENG. MSN DATE OPERATOR
<S> <C> <C> <C> <C> <C>
64 B737-400 CFM56-3C1 24520 Dec-89 Asiana Airlines
65 B737-400 CFM56-3C1 24683 Jul-90 Istanbul Airlines
66 B737-400 CFM56-3C1 24684 Mar-90 Pegasus Airlines
67 B737-400 CFM56-3C1 24687 Apr-90 Jet Airways (India)
68 B737-400 CFM56-3C1 24689 Jun-90 Futura
69 B737-400 CFM56-3C1 24690 Jun-90 Corsair
70 B737-400 CFM56-3C1 24691 Jul-90 Istanbul Airlines
71 B737-400 CFM56-3C1 24906 Feb-91 Iberia
72 B737-400 CFM56-3C1 24911 Mar-91 Travel Service Airlines
73 B737-400 CFM56-3C1 24912 May-91 Iberia
74 B737-400 CFM56-3C1 24917 May-91 THY - Turkish Airlines
75 B737-400 CFM56-3C1 25180 Dec-91 Futura
76 B737-400 CFM56-3C1 25181 Dec-91 THY - Turkish Airlines
77 B737-400 CFM56-3C1 25184 Jan-92 THY - Turkish Airlines
78 B737-400 CFM56-3C1 25190 Mar-92 Sun Express
79 B737-400 CFM56-3C1 25261 Mar-92 THY - Turkish Airlines
80 B737-400 CFM56-3C1 26065 Apr-92 THY - Turkish Airlines
81 B737-400 CFM56-3C1 26069 Aug-92 MALEV
82 B737-400 CFM56-3C1 26071 Aug-92 MALEV
83 B737-400 CFM56-3C1 26081 Feb-93 Pegasus Airlines
84 B737-500 CFM56-3C1 24897 Jan-91 Guangxi Airlines
85 B737-500 CFM56-3C1 25182 Jan-92 China Southern Airlines
86 B737-500 CFM56-3C1 25183 Jan-92 Guangxi Airlines
87 B737-500 CFM56-3C1 25185 Jan-92 British Midland Airways
88 B737-500 CFM56-3C1 25186 Feb-92 Rio Sul
89 B737-500 CFM56-3C1 25188 Feb-92 China Southern Airlines
90 B737-500 CFM56-3C1 25191 Mar-92 Jet Airways (India)
91 B737-500 CFM56-3C1 25192 Mar-92 Rio Sul
92 B737-500 CFM56-3C1 25288 Apr-92 THY - Turkish Airlines
93 B737-500 CFM56-3C1 25289 Apr-92 THY - Turkish Airlines
94 B737-500 CFM56-3C1 26075 Sep-92 Rio Sul
95 B747-200SF JT9D-7Q 21730 Apr-79 Tower Air
96 B757-200 RB211-535E4 26151 Jun-92 Britannia Airways (Sweden)
97 B757-200 RB211-535E4 26154 Aug-92 Avianca
98 B757-200 RB211-535E4 26156 Oct-92 China Xinjiang Airlines
99 B767-200ER PW4056 25421 Nov-91 Avianca
100 B767-300ER PW4060 24948 Jun-91 Transbrasil
101 B767-300ER PW4060 25411 Nov-91 GECAS
102 B767-300ER PW4060 26200 Jul-92 Aeromexico
103 B767-300ER PW4060 26204 Oct-92 LAN Chile
104 DC8-71F(M) CFM56-2C1 45810 66 ABSA Cargo
105 DC8-71F(M) CFM56-2C1 45811 67 Air Transport International
106 DC8-71F(M) CFM56-2C1 45813 67 Air Transport International
107 DC8-71F(M) CFM56-2C1 45849 67 TAMPA Colombia
108 DC8-71F(M) CFM56-2C1 45945 68 TAMPA Colombia
109 DC8-71F(M) CFM56-2C1 45946 68 Air Transport International
110 DC8-71F(M) CFM56-2C1 45970 68 Mas Air Cargo
111 DC8-71F(M) CFM56-2C1 45971 68 Air Transport International
112 DC8-71F(M) CFM56-2C1 45973 68 Air Transport International
113 DC8-71F(M) CFM56-2C1 45976 68 Mas Air Cargo
114 DC8-71F(M) CFM56-2C1 45978 68 Air Transport International
115 DC8-71F(M) CFM56-2C1 45993 68 Air Transport International
116 DC8-71F(M) CFM56-2C1 45994 68 Air Transport International
117 DC8-71F(M) CFM56-2C1 45996 68 LAN Chile
118 DC8-71F(M) CFM56-2C1 45997 68 GECAS
119 DC8-71F(M) CFM56-2C1 45998 68 Air Transport International
120 DC8-71F(M) CFM56-2C1 46065 69 Air Transport International
121 DC8-71F(M) CFM56-2C1 46066 69 TAMPA Colombia
122 DC8-73F(M) CFM56-2C1 46091 70 DHL Airways
123 DC9-32 JT8D-17 48125 80 Aeromexico
124 DC9-32 JT8D-17 48126 80 Aeromexico
125 DC9-32 JT8D-17 48127 80 Aeromexico
126 DC9-32 JT8D-17 48128 80 Aeromexico
</TABLE>
<TABLE>
<CAPTION>
BASE VALUES MARKET VALUES
MTOW ADJ H-L ADJ H-L
TYPE (LB) BV BV CMV CMV
<S> <C> <C> <C> <C> <C> <C>
64 B737-400 142,500 $22.23m $21.94m $20.93m $20.64m
65 B737-400 150,000 $22.59m $22.67m $21.22m $21.30m
66 B737-400 150,000 $22.95m $22.67m $21.58m $21.30m
67 B737-400 150,000 $22.42m $22.67m $21.05m $21.30m
68 B737-400 150,000 $23.17m $22.67m $21.80m $21.30m
69 B737-400 150,000 $23.10m $22.67m $21.73m $21.30m
70 B737-400 150,000 $22.50m $22.67m $21.13m $21.30m
71 B737-400 142,500 $21.66m $23.18m $20.22m $21.74m
72 B737-400 150,000 $23.21m $23.64m $21.78m $22.20m
73 B737-400 142,500 $21.84m $23.38m $20.40m $21.94m
74 B737-400 150,000 $22.81m $23.64m $21.37m $22.20m
75 B737-400 150,000 $24.20m $24.04m $22.76m $22.60m
76 B737-400 150,000 $24.23m $24.04m $22.79m $22.60m
77 B737-400 150,000 $24.02m $24.20m $22.66m $22.85m
78 B737-400 150,000 $24.31m $24.40m $22.95m $23.05m
79 B737-400 150,000 $24.40m $24.40m $23.05m $23.05m
80 B737-400 150,000 $24.41m $24.50m $23.06m $23.15m
81 B737-400 150,000 $23.66m $24.60m $22.31m $23.25m
82 B737-400 150,000 $23.98m $24.60m $22.63m $23.25m
83 B737-400 150,000 $25.35m $25.37m $24.03m $24.05m
84 B737-500 133,500 $19.60m $19.22m $20.26m $19.88m
85 B737-500 133,500 $21.38m $20.14m $22.13m $20.88m
86 B737-500 133,500 $20.67m $20.14m $21.41m $20.88m
87 B737-500 133,500 $19.72m $20.14m $20.46m $20.88m
88 B737-500 133,500 $19.26m $20.17m $20.00m $20.91m
89 B737-500 133,500 $20.33m $20.17m $21.07m $20.91m
90 B737-500 133,500 $19.42m $20.19m $20.17m $20.93m
91 B737-500 133,500 $19.65m $19.99m $20.39m $20.73m
92 B737-500 133,500 $19.71m $19.79m $20.45m $20.53m
93 B737-500 133,500 $19.95m $19.79m $20.69m $20.53m
94 B737-500 133,500 $18.80m $19.99m $19.54m $20.73m
95 B747-200SF 805,000 $31.69m $30.69m $27.51m $26.50m
96 B757-200 250,000 $35.73m $34.37m $35.07m $33.70m
97 B757-200 250,000 $35.06m $34.57m $34.40m $33.90m
98 B757-200 250,000 $36.66m $35.67m $36.00m $35.00m
99 B767-200ER 387,000 $39.80m $37.09m $39.90m $37.20m
100 B767-300ER 387,000 $55.09m $54.28m $53.11m $52.30m
101 B767-300ER 407,000 $58.54m $55.68m $56.55m $53.70m
102 B767-300ER 407,000 $60.34m $57.61m $58.33m $55.60m
103 B767-300ER 407,000 $59.89m $57.96m $57.87m $55.95m
104 DC8-71F(M) 328,000 $14.43m $14.71m $13.33m $13.60m
105 DC8-71F(M) 328,000 $15.65m $14.71m $14.55m $13.60m
106 DC8-71F(M) 328,000 $16.71m $14.61m $15.60m $13.50m
107 DC8-71F(M) 328,000 $15.29m $14.71m $14.19m $13.60m
108 DC8-71F(M) 328,000 $15.70m $14.71m $14.59m $13.60m
109 DC8-71F(M) 328,000 $13.71m $14.71m $12.60m $13.60m
110 DC8-71F(M) 328,000 $16.20m $14.71m $15.10m $13.60m
111 DC8-71F(M) 328,000 $14.64m $14.71m $13.54m $13.60m
112 DC8-71F(M) 328,000 $13.57m $14.71m $12.46m $13.60m
113 DC8-71F(M) 328,000 $14.77m $14.71m $13.67m $13.60m
114 DC8-71F(M) 328,000 $15.13m $14.71m $14.03m $13.60m
115 DC8-71F(M) 328,000 $14.86m $14.71m $13.75m $13.60m
116 DC8-71F(M) 325,000 $14.33m $14.61m $13.22m $13.50m
117 DC8-71F(M) 328,000 $15.29m $14.71m $14.18m $13.60m
118 DC8-71F(M) 328,000 $14.58m $14.71m $13.47m $13.60m
119 DC8-71F(M) 328,000 $13.72m $14.71m $12.62m $13.60m
120 DC8-71F(M) 328,000 $15.89m $14.71m $14.78m $13.60m
121 DC8-71F(M) 328,000 $15.00m $14.71m $13.90m $13.60m
122 DC8-73F(M) 355,000 $18.54m $17.48m $18.05m $17.00m
123 DC9-32 108,000 $2.32m $3.10m $2.51m $3.30m
124 DC9-32 108,000 $3.35m $3.10m $3.55m $3.30m
125 DC9-32 108,000 $3.69m $3.10m $3.88m $3.30m
126 DC9-32 108,000 $3.20m $3.10m $3.40m $3.30m
</TABLE>
<PAGE> 6
BASE & CURRENT MARKET VALUES of the AIRPLANES PASS THROUGH TRUST PORTFOLIO
Specification/Values as at 18th February 2000 [LOGO]
<TABLE>
<CAPTION>
BUILD
TYPE ENG. MSN DATE OPERATOR
<S> <C> <C> <C> <C> <C>
127 DC9-32 JT8D-17 48129 80 Aeromexico
128 DC9-32 JT8D-17 48130 80 Aeromexico
129 DC9-51 JT8D-17 47742 77 Hawaiian Air
130 DC9-51 JT8D-17 47784 79 Hawaiian Air
131 DC9-51 JT8D-17 47796 79 Hawaiian Air
132 DC9-51 JT8D-17 48122 81 Hawaiian Air
133 DHC-8-100 PW120A 113 Jul-88 LIAT
134 DHC-8-100 PW120A 140 Jan-89 LIAT
135 DHC-8-100 PW120A 144 Mar-89 LIAT
136 DHC-8-100 PW120A 229 Aug-90 National Jet Systems
137 DHC-8-100 PW121 258 Jan-91 Allegheny Airlines
138 DHC-8-100 PW120A 270 Apr-91 LIAT
139 DHC-8-300 PW123 232 Oct-90 SABENA
140 DHC-8-300 PW123 244 Dec-90 Aerocontractors
141 DHC-8-300 PW123 266 Mar-91 Avmax Group Inc
142 DHC-8-300 PW123 267 Apr-91 Aeroel Airways
143 DHC-8-300 PW123 276 May-91 SABENA
144 DHC-8-300 PW123 283 Jun-91 SABENA
145 DHC-8-300 PW123 293 Sep-91 Wideroe's Flyveselskap
146 DHC-8-300 PW123 296 Dec-91 Brymon Airways
147 DHC-8-300 PW123 298 Mar-92 SABENA
148 DHC-8-300 PW123 300 Mar-92 SABENA
149 DHC-8-300 PW123 307 Oct-91 Rheintalflug
150 DHC-8-300 PW123 334 Sep-92 Brymon Airways
151 DHC-8-300 PW123 342 Dec-92 Wideroe's Flyveselskap
152 DHC-8-300C PW123 230 Sep-90 Air ALM
153 DHC-8-300C PW123 242 Sep-90 Air ALM
154 FOKKER 100 TAY650 11266 Aug-90 Mexicana
155 FOKKER 100 TAY650 11284 Aug-90 TAM Brasil
156 FOKKER 100 TAY650 11285 Aug-90 TAM Brasil
157 FOKKER 100 TAY650 11304 Feb-91 TAM Brasil
158 FOKKER 100 TAY650 11305 Mar-91 TAM Brasil
159 FOKKER 100 TAY650 11309 Apr-91 Mexicana
160 FOKKER 100 TAY650 11319 Mar-91 Mexicana
161 FOKKER 100 TAY650 11336 May-91 TAM Brasil
162 FOKKER 100 TAY650 11339 Jun-91 Mexicana
163 FOKKER 100 TAY650 11347 Jul-91 TAM Brasil
164 FOKKER 100 TAY650 11348 Jul-91 TAM Brasil
165 FOKKER 100 TAY650 11371 Dec-91 TAM Brasil
166 FOKKER 100 TAY650 11374 Jan-92 Mexicana
167 FOKKER 100 TAY650 11375 Mar-92 Mexicana
168 FOKKER 100 TAY650 11382 Mar-92 Mexicana
169 FOKKER 100 TAY650 11384 Mar-92 Mexicana
170 MD-11 CF6-80C2D1F 48499 Nov-91 VARIG
171 MD-11 CF6-80C2D1F 48500 Mar-92 VARIG
172 MD-11 CF6-80C2D1F 48501 Aug-92 VARIG
173 MD82 JT8D-217C 49660 Feb-88 Aeromexico
174 MD83 JT8D-219 49390 Mar-86 Eurofly
175 MD83 JT8D-219 49442 Mar-87 Avioimpex
176 MD83 JT8D-219 49575 Sep-87 Trans World Airlines
177 MD83 JT8D-219 49620 Jun-88 Aero Lloyd
178 MD83 JT8D-219 49624 Jul-88 GECAS
179 MD83 JT8D-219 49626 Oct-88 Spanair
180 MD83 JT8D-219 49631 May-89 Eurofly
181 MD83 JT8D-217C 49667 Apr-88 Aeromexico
182 MD83 JT8D-219 49672 Jun-88 Nouvelair Tunisie
183 MD83 JT8D-219 49709 Nov-88 Spanair
184 MD83 JT8D-219 49789 Sep-89 BWIA International Airways
185 MD83 JT8D-219 49792 Oct-89 Meridiana
186 MD83 JT8D-219 49935 Sep-90 Meridiana
187 MD83 JT8D-219 49936 Oct-90 Spanair
188 MD83 JT8D-219 49938 Oct-90 Spanair
189 MD83 JT8D-219 49939 Oct-90 Avianca
</TABLE>
<TABLE>
<CAPTION>
BASE VALUES MARKET VALUES
MTOW ADJ H-L ADJ H-L
TYPE (LB) BV BV CMV CMV
<S> <C> <C> <C> <C> <C> <C>
127 DC9-32 108,000 $3.34m $3.10m $3.54m $3.30m
128 DC9-32 108,000 $3.13m $3.10m $3.33m $3.30m
129 DC9-51 121,000 $2.64m $2.31m $3.52m $3.20m
130 DC9-51 121,000 $2.20m $2.55m $3.15m $3.50m
131 DC9-51 121,000 $3.26m $2.55m $4.21m $3.50m
132 DC9-51 121,000 $3.49m $2.69m $4.50m $3.70m
133 DHC-8-100 34,500 $4.48m $4.48m $3.90m $3.90m
134 DHC-8-100 34,500 $5.02m $4.67m $4.35m $4.00m
135 DHC-8-100 33,900 $5.11m $4.77m $4.43m $4.10m
136 DHC-8-100 34,500 $5.35m $5.46m $4.69m $4.80m
137 DHC-8-100 34,500 $5.50m $5.35m $4.86m $4.70m
138 DHC-8-100 34,500 $5.49m $5.45m $4.84m $4.80m
139 DHC-8-300 41,100 $7.02m $7.02m $6.25m $6.25m
140 DHC-8-300 41,100 $7.03m $7.02m $6.26m $6.25m
141 DHC-8-300 43,000 $7.59m $7.45m $6.74m $6.60m
142 DHC-8-300 43,000 $7.40m $7.45m $6.55m $6.60m
143 DHC-8-300 43,000 $7.21m $7.45m $6.36m $6.60m
144 DHC-8-300 43,000 $7.48m $7.50m $6.63m $6.65m
145 DHC-8-300 43,000 $7.49m $7.60m $6.64m $6.75m
146 DHC-8-300 43,000 $7.85m $7.98m $6.99m $7.13m
147 DHC-8-300 43,000 $7.36m $7.60m $6.51m $6.75m
148 DHC-8-300 43,000 $7.66m $7.60m $6.81m $6.75m
149 DHC-8-300 43,000 $7.32m $7.40m $6.47m $6.55m
150 DHC-8-300 43,000 $8.39m $8.38m $7.46m $7.45m
151 DHC-8-300 43,000 $8.45m $8.51m $7.52m $7.58m
152 DHC-8-300C 43,000 $7.29m $6.97m $6.52m $6.20m
153 DHC-8-300C 43,000 $6.95m $6.97m $6.18m $6.20m
154 FOKKER 100 98,000 $12.18m $11.92m $10.80m $10.54m
155 FOKKER 100 98,000 $11.92m $11.92m $10.54m $10.54m
156 FOKKER 100 98,000 $11.92m $11.92m $10.54m $10.54m
157 FOKKER 100 98,000 $12.26m $12.38m $10.92m $11.04m
158 FOKKER 100 98,000 $12.82m $12.48m $11.48m $11.14m
159 FOKKER 100 98,000 $13.33m $12.68m $11.99m $11.34m
160 FOKKER 100 98,000 $12.74m $12.58m $11.40m $11.24m
161 FOKKER 100 98,000 $12.55m $12.48m $11.21m $11.14m
162 FOKKER 100 98,000 $11.86m $12.58m $10.51m $11.24m
163 FOKKER 100 98,000 $12.77m $12.58m $11.43m $11.24m
164 FOKKER 100 98,000 $12.91m $12.58m $11.56m $11.24m
165 FOKKER 100 98,000 $13.08m $13.08m $11.74m $11.74m
166 FOKKER 100 98,000 $12.43m $12.95m $11.12m $11.64m
167 FOKKER 100 98,000 $13.16m $13.05m $11.85m $11.74m
168 FOKKER 100 98,000 $13.08m $13.05m $11.77m $11.74m
169 FOKKER 100 98,000 $13.06m $13.05m $11.76m $11.74m
170 MD-11 618,000 $58.13m $59.15m $55.48m $56.50m
171 MD-11 618,000 $59.33m $61.04m $55.80m $57.50m
172 MD-11 618,000 $61.01m $61.54m $57.48m $58.00m
173 MD82 149,500 $16.00m $16.23m $15.57m $15.80m
174 MD83 160,000 $16.10m $15.74m $15.71m $15.35m
175 MD83 160,000 $15.53m $15.52m $15.21m $15.20m
176 MD83 160,000 $17.22m $16.52m $16.90m $16.20m
177 MD83 160,000 $16.18m $16.44m $15.74m $16.00m
178 MD83 160,000 $16.85m $16.24m $16.41m $15.80m
179 MD83 160,000 $16.36m $16.24m $15.91m $15.80m
180 MD83 160,000 $16.18m $16.97m $15.72m $16.50m
181 MD83 149,500 $16.78m $16.94m $16.33m $16.50m
182 MD83 160,000 $16.33m $16.24m $15.89m $15.80m
183 MD83 160,000 $16.65m $16.44m $16.20m $16.00m
184 MD83 160,000 $17.25m $17.97m $16.78m $17.50m
185 MD83 160,000 $16.91m $17.97m $16.45m $17.50m
186 MD83 160,000 $20.33m $18.89m $19.94m $18.50m
187 MD83 160,000 $20.00m $18.89m $19.61m $18.50m
188 MD83 160,000 $17.95m $18.89m $17.56m $18.50m
189 MD83 160,000 $18.85m $18.89m $18.45m $18.50m
</TABLE>
<PAGE> 7
BASE & CURRENT MARKET VALUES of the AIRPLANES PASS THROUGH TRUST PORTFOLIO
Specification/Values as at 18th February 2000 [LOGO]
<TABLE>
<CAPTION>
BUILD
TYPE ENG. MSN DATE OPERATOR
<S> <C> <C> <C> <C> <C>
190 MD83 JT8D-219 49941 Nov-90 American Airlines
191 MD83 JT8D-219 49943 Jul-91 Air Liberte
192 MD83 JT8D-219 49946 Sep-91 Avianca
193 MD83 JT8D-219 49949 Sep-91 American Airlines
194 MD83 JT8D-219 49950 Oct-91 Far Eastern Air Transport
195 MD83 JT8D-219 49951 Oct-91 Meridiana
196 MD83 JT8D-219 53120 Jun-92 Avianca
197 MD83 JT8D-219 53125 May-92 Avianca
198 MD87 JT8D-219 49673 Nov-88 Aeromexico
199 METRO III TPE331-11 705 Aug-88 Air Nelson
200 METRO III TPE331-11 711 May-88 Air Nelson
201 METRO III TPE331-11 712 Jun-88 Air Nelson
</TABLE>
<TABLE>
<CAPTION>
BASE VALUES MARKET VALUES
MTOW ADJ H-L ADJ H-L
TYPE (LB) BV BV CMV CMV
<S> <C> <C> <C> <C> <C> <C>
190 MD83 160,000 $19.34m $18.89m $18.95m $18.50m
191 MD83 160,000 $19.21m $19.86m $18.75m $19.40m
192 MD83 160,000 $19.76m $19.86m $19.30m $19.40m
193 MD83 160,000 $19.09m $19.86m $18.64m $19.40m
194 MD83 160,000 $19.68m $19.86m $19.22m $19.40m
195 MD83 160,000 $19.28m $19.86m $18.82m $19.40m
196 MD83 160,000 $20.79m $20.88m $20.27m $20.35m
197 MD83 160,000 $20.49m $20.88m $19.97m $20.35m
198 MD87 149,500 $10.66m $11.22m $9.74m $10.30m
199 METRO III 14,500 $0.50m $0.71m $0.49m $0.70m
200 METRO III 14,500 $0.64m $0.71m $0.63m $0.70m
201 METRO III 14,500 $0.61m $0.71m $0.60m $0.70m
===================================================
$3,186m $3,169m $3,064m $3,046m
===================================================
</TABLE>
