<PAGE> 1
[AIRCRAFT INFORMATION SERVICES, INC. LOGO] Exhibit 99.1
Airplanes Limited
22 Grenville Street
St. Helier
Jersey
Airplanes U.S. Trust
1100 North Market Street
Rodney Square North
Wilmington, Delaware
USA
AerFi Group plc
Aviation House
Shannon
Ireland
Bankers Trust Company
4 Albany Street
New York, New York
USA
Morgan Stanley & Co. Incorporated
1585 Broadway
New York, New York
USA
--------------------------------------------------------------------------------
Half Life and Adjusted Base and Current Market Value Opinion
201 Aircraft - AIRPLANES Fleet
AISI File No.: A0S010BVO
Date: 18 February 2000
Values as of: 18 February 2000
Headquarters, 26072 Merit Circle, Suite 123, Laguna Hills, CA 92653
TEL: 949-582-8888 FAX: 949-582-8887 E-MAIL: [email protected]
<PAGE> 2
[AIRCRAFT
INFORMATION
SERVICES, INC.
LOGO]
18 February 2000
Airplanes Limited
22 Grenville Street
St. Helier
Jersey
Airplanes U.S. Trust
1100 North Market Street
Rodney Square North
Wilmington, Delaware
USA
AerFi Group plc
Aviation House
Shannon
Ireland
Bankers Trust Company
4 Albany Street
New York, New York
USA
Morgan Stanley & Co. Incorporated
1585 Broadway
New York, New York
USA
Subject: Half Life and Adjusted Base and Current Market
Value Opinion - 201 Aircraft.
AISI File Number: A0S010BVO
Dear Sirs:
In response to your request, Aircraft Information Services, Inc. (AISI) is
pleased to offer our opinion to the above addresses of the half life and
adjusted base and current market values as of 18 February 2000 of the Fleet of
Aircraft as identified in Table I (the "Aircraft").
1. METHODOLOGY AND DEFINITIONS
The standard terms of reference for commercial aircraft value are "half-life
base market value" and "half-life current market value" of an "average"
aircraft. Base value is a theoretical value that assumes a balanced market
while current market value is the value in the real market; both
Headquarters, 26072 Merit Circle, Suite 123, Laguna Hills, CA 92653
TEL: 949-582-8888 FAX: 949-582-8887 E-MAIL: [email protected]
<PAGE> 3
[AISI LOGO]
18 February 2000
AISI File No. A0S010BVO
Page - 2 -
assume a hypothetical average aircraft condition. AISI value definitions are
consistent with the current definitions of the International Society of
Transport Trading (ISTAT), those of 01 January 1994. AISI is a member of that
organization and employs an ISTAT Certified and Senior Certified Aircraft
Appraiser.
AISI defines a "base value" as that of a transaction between equally willing
and informed buyer and seller, neither under compulsion to buy or sell, for a
single unit cash transaction with no hidden value or liability, and with supply
and demand of the sale item roughly in balance. Base values are typically given
for aircraft in "new" condition, "average half-life" condition, or in a
specifically described condition unique to a single aircraft at a specific
time. An "average" aircraft is an operable airworthy aircraft in average
physical condition and with average accumulated flight hours and cycles, with
clear title and standard unrestricted certificate of airworthiness, and
registered in an authority which does not represent a penalty to aircraft value
or liquidity, with no damage history and with inventory configuration and level
of modification which is normal for its intended use and age. AISI assumes
average condition unless otherwise specified in this report. "Half-life"
condition assumes that every component or maintenance service which has a
prescribed interval that determines its service life, overhaul interval or
interval between maintenance services, is at a condition which is one-half of
the total interval. It should be noted that AISI and ISTAT value definitions
apply to a transaction involving a single aircraft, and that transactions
involving more than one aircraft are often executed at considerable and highly
variable discounts to a single aircraft price, for a variety of reasons
relating to an individual buyer or seller.
AISI defines a "current market value", which is synonymous with the older term
"fair market value" as that value which reflects the real market conditions,
whether at, above or below the base value conditions. Assumption of a single
unit sale and definitions of aircraft condition, buyer/seller qualifications
and type of transaction remain unchanged from that of base value. Current
market value takes into consideration the status of the economy in which the
aircraft is used, the status of supply and demand for the particular aircraft
type, the value of recent transactions and the opinions of informed buyers and
sellers. Current market value assumes that there is no short term time
constraint to buy or sell.
AISI encourages the use of base values to consider historical trends, to
establish a consistent baseline for long term value comparisons and future
value considerations, or to consider how actual market values vary from
theoretical base values. Base values are less volatile than current market
values and tend to diminish regularly with time. Base values are normally
inappropriate to determine near term values. AISI encourages the use of current
market values to consider the probable near term value of an aircraft.
<PAGE> 4
[LOGO]
18 February 2000
AISI File No. A0S010BVO
Page -3-
AISI determines an "adjusted market value" by determining the value of known
deviations from half-life condition, which may be better or worse than
half-life condition, and to account for better or worse than average physical
condition, and the inclusion of additional equipment, or absence of standard
equipment. Our opinion of the adjusted base values of the Aircraft are derived
from information and specifications supplied by AerFi Group plc. No physical
inspection of the Aircraft or their essential records was made by AISI for the
purposes of this report.
2. VALUATION
Adjustments from half life have been applied based on the current maintenance
status of the Aircraft as indicated in the Aircraft Technical & Maintenance
Detail sheets supplied to AISI and in accordance with standard AISI methods.
Adjustments are calculated only where there is sufficient information to do so,
or where reasonable assumptions can be made.
With regard to airframe and gear maintenance, if no time between check/overhaul
(TBO) or time since check/overhaul (TSO) information was provided, and if the
total hours/cycles of the airframe do not exceed the TBO limits then the total
hours/cycles of the airframe were assumed to be the TSO. This was typical of
newer aircraft. If no information was provided and if the TSO could not be
calculated, then half life was assumed. With regard to the engines, due to the
limited information provided, all engines are considered to be in half life
condition.
All hours and cycle information provide for airframe, C Check, D Check, and
gear have been projected from the Aircraft Technical & Maintenance Detail sheet
dates to 18 February 2000 based on a daily utilization factor calculated for
each aircraft.
It is our considered opinion that the half life and adjusted base and current
market values of the Aircraft are as follows in Table I subject to the
assumptions, definitions, and disclaimers herein.
<PAGE> 5
[LOGO]
18 February 2000
AISI File No. A0S010BVO
Page -4-
Unless otherwise agreed by Aircraft Information Services, Inc. (AISI) in
writing, this report shall be for the sole use of the client/addressee. This
report is offered as a fair and unbiased assessment of the subject aircraft or
equipment. AISI has no past, present, or anticipated future interest in the
subject aircraft or equipment. The conclusions and opinions expressed in this
report are based on published information, information provided by others,
reasonable interpretations and calculations thereof and are given in good faith.
Such conclusions and opinions are judgments that reflect conditions and values
which are current at the time of this report. The values and conditions reported
upon are subject to any subsequent change. AISI shall not be liable to any party
for damages arising out of reliance or alleged reliance on this report, or for
any parties action or failure to act as a result of reliance or alleged reliance
on this report.
Sincerely,
AIRCRAFT INFORMATION SERVICES, INC.
/s/ John D. McNicol
------------------------
John D. McNicol
Vice President
Appraisals & Forecasts
<PAGE> 6
ATTACHMENT I - Airplanes Fleet
AISI File A0S010BVO
Report Dated 18 February 2000
Values as of 18 February 2000
<TABLE>
<CAPTION>
Half Life Adjusted
Current Current
Half Life Market Adjusted Market
Base Value Value Base Value Value
Serial Date of MTOW Feb 2000 Feb 2000 Feb 2000 Feb 2000
No Aircraft Type Number Manufacturer Engine Type (Lbs) US Dollars US Dollars US Dollars US Dollars
-- ------------- ------ ------------ ----------- ----- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 A300-B4-100 12 May-75 CF6-50C2 347,225 $5,080,000 $5,080,000 $4,800,000 $4,800,000
2 A300-B4-100 20 Oct-75 CF6-50C2 347,225 $5,080,000 $5,080,000 $4,890,000 $4,890,000
3 A300-B4-200 131 Feb-81 CF6-50C2 363,760 $8,320,000 $8,320,000 $8,460,000 $8,460,000
4 A300-B4-200 269 Aug-83 CF6-50C2 363,760 $9,070,000 $9,070,000 $8,920,000 $8,920,000
5 A300-C4-200 83 May-79 CF6-50C2 363,760 $13,070,000 $13,070,000 $13,890,000 $13,890,000
6 A320-200 174 Apr-91 CFM56-5A1 166,446 $27,250,000 $27,250,000 $26,650,000 $26,650,000
7 A320-200 175 Apr-91 CFM56-5A1 166,446 $27,250,000 $27,250,000 $26,980,000 $26,980,000
8 A320-200 203 Sep-91 CFM56-5A3 169,754 $27,700,000 $27,700,000 $27,160,000 $27,160,000
9 A320-200 220 Sep-91 CFM56-5A3 169,754 $27,700,000 $27,700,000 $27,160,000 $27,160,000
10 A320-200 232 Oct-91 CFM56-5A1 166,446 $27,250,000 $27,250,000 $26,720,000 $26,720,000
11 A320-200 284 Mar-92 CFM56-5A1 166,446 $28,530,000 $28,530,000 $28,060,000 $28,060,000
12 A320-200 294 Apr-92 CFM56-5A3 169,754 $28,980,000 $28,980,000 $29,020,000 $29,020,000
13 A320-200 301 Apr-92 CFM56-5A3 169,754 $28,980,000 $28,980,000 $28,930,000 $28,930,000
14 A320-200 309 May-92 CFM56-5A1 166,446 $28,530,000 $28,530,000 $27,980,000 $27,980,000
15 A320-200 348 Jun-92 CFM56-5A1 169,754 $28,680,000 $28,680,000 $28,740,000 $28,740,000
16 A320-200 349 Oct-92 CFM56-5A3 169,754 $28,980,000 $28,980,000 $28,940,000 $28,940,000
17 A320-200 404 Jan-94 CFM56-5A1 166,446 $31,700,000 $31,700,000 $31,500,000 $31,500,000
18 ATR-42-300 109 Oct-88 P20 36,800 $4,780,000 $3,750,000 $4,800,000 $3,770,000
19 ATR-42-300 113 Nov-88 PW120 36,800 $4,780,000 $3,750,000 $4,810,000 $3,780,000
20 ATR-42-300 249 Jan-91 PW120 36,800 $6,340,000 $5,250,000 $6,360,000 $5,270,000
21 ATR-42-300 284 Jan-92 PW121 36,800 $6,860,000 $5,750,000 $6,780,000 $5,670,000
22 B727-200A 21346 Oct-80 JT8D-17R 190,500 $4,480,000 $4,870,000 $4,480,000 $4,870,000
23 B727-200A 21600 Nov-80 JT8D-17R 190,500 $4,480,000 $4,870,000 $4,750,000 $5,140,000
24 B737-200AH 20922 Aug-74 JT8D-9A 117,000 $4,510,000 $5,300,000 $4,550,000 $5,340,000
25 B737-200AH 20958 Jan-75 JT8D-9A 117,000 $4,750,000 $5,550,000 $4,750,000 $5,550,000
26 B737-200AH 20959 Feb-75 JT8D-9A 117,000 $4,750,000 $5,550,000 $4,750,000 $5,550,000
27 B737-200AH 21115 Dec-75 JT8D-9A 117,000 $4,750,000 $5,550,000 $4,690,000 $5,490,000
28 B737-200A 21192 Mar-76 JT8D-17 119,500 $4,210,000 $4,990,000 $4,190,000 $4,970,000
29 B737-200A 21193 Jul-76 JT8D-17 119,500 $4,210,000 $4,990,000 $3,890,000 $4,670,000
30 B737-200A 21196 Jul-76 JT8D-17 119,500 $4,210,000 $4,990,000 $3,850,000 $4,630,000
31 B737-200AH 21639 Nov-78 JT8D-9A 117,000 $5,490,000 $6,300,000 $5,010,000 $5,820,000
</TABLE>
<PAGE> 7
ATTACHMENT I - Airplanes Fleet
AISI File A0S010BVO
Report Dated 18 February 2000
Values as of 18 February 2000
<TABLE>
<CAPTION>
Half Life Adjusted
Current Current
Half Life Market Adjusted Market
Base Value Value Base Value Value
Serial Date of MTOW Feb 2000 Feb 2000 Feb 2000 Feb 2000
No Aircraft Type Number Manufacturer Engine Type (Lbs) US Dollars US Dollars US Dollars US Dollars
-- ------------- ------ ------------ ----------- ----- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
32 B737-200A 21685 Jan-79 JT8D-17 119,500 $5,010,000 $5,730,000 $5,260,000 $5,980,000
33 B737-200AH 21712 Feb-79 JT8D-9A 117,000 $5,820,000 $6,540,000 $5,770,000 $6,490,000
34 B737-200AH 21735 Jun-79 JT8D-15 119,500 $6,310,000 $7,030,000 $6,590,000 $7,310,000
35 B737-200A 22278 Mar-80 JT8D-15 122,500 $5,250,000 $5,910,000 $4,850,000 $5,510,000
36 B737-200A 22090 May-80 JT8D-15 119,500 $5,140,000 $5,800,000 $5,200,000 $5,860,000
37 B737-200A 22368 Sep-80 JT8D-15 117,000 $5,050,000 $5,710,000 $4,930,000 $5,590,000
38 B737-200A 22369 Sep-80 JT8D-15 117,000 $5,050,000 $5,710,000 $4,920,000 $5,580,000
39 B737-200A 22407 Sep-80 JT8D-17A 124,500 $5,520,000 $6,180,000 $5,460,000 $6,120,000
40 B737-200A 22397 Feb-81 JT8D-15 117,000 $5,400,000 $5,990,000 $5,310,000 $5,900,000
41 B737-200A 22453 Mar-81 JT8D-15 119,500 $5,490,000 $6,080,000 $5,920,000 $6,510,000
42 B737-200A 22633 Mar-81 JT8D-15 121,500 $5,560,000 $6,150,000 $5,840,000 $6,430,000
43 B737-200AH 22873 Jul-82 JT8D-9A 117,000 $6,830,000 $7,360,000 $6,770,000 $7,300,000
44 B737-200A 22802 Feb-83 JT8D-17A 124,500 $6,530,000 $7,010,000 $7,010,000 $7,490,000
45 B737-200A 22804 Feb-83 JT8D-17A 124,500 $6,530,000 $7,010,000 $5,910,000 $6,390,000
46 B737-200A 22803 Feb-83 JT8D-17A 124,500 $6,530,000 $7,010,000 $6,180,000 $6,660,000
47 B737-200AH 22979 Mar-83 JT8D-15 117,000 $7,560,000 $8,040,000 $7,820,000 $8,300,000
48 B737-200A 23023 Mar-83 JT8D-17A 117,000 $6,260,000 $6,740,000 $5,900,000 $6,380,000
49 B737-200A 23024 May-83 JT8D-17A 117,000 $6,260,000 $6,740,000 $6,630,000 $7,110,000
50 B737-200QC 23065 Jun-83 JT8D-17A 124,500 $7,680,000 $8,160,000 $8,160,000 $8,640,000
51 B737-200QC 23066 Dec-83 JT8D-17A 124,500 $7,680,000 $8,160,000 $7,580,000 $8,060,000
52 B737-300 23177 Apr-86 CFM56-3B1 135,000 $18,420,000 $18,420,000 $18,040,000 $18,040,000
53 B737-300 23749 May-87 CFM56-3B2 138,500 $19,730,000 $19,730,000 $20,210,000 $20,210,000
54 B737-300 23923 Apr-88 CFM56-3B2 138,500 $20,460,000 $20,460,000 $20,010,000 $20,010,000
55 B737-300 24770 Oct-90 CFM56-3B1 135,000 $21,650,000 $21,650,000 $21,080,000 $21,080,000
56 B737-300 24905 Feb-91 CFM56-3C1 136,500 $23,400,000 $23,400,000 $23,440,000 $23,440,000
57 B737-300 24907 Mar-91 CFM56-3C1 130,000 $23,110,000 $23,110,000 $23,030,000 $23,030,000
58 B737-300 25179 Feb-92 CFM56-3C1 138,500 $24,570,000 $24,570,000 $24,070,000 $24,070,000
59 B737-300 25187 Mar-92 CFM56-3C1 138,500 $24,570,000 $24,570,000 $24,000,000 $24,000,000
60 B737-300QC 23499 Jun-86 CFM56-3B1 138,500 $20,080,000 $20,080,000 $20,130,000 $20,130,000
61 B737-300QC 23500 Jun-86 CFM56-3B1 135,000 $19,920,000 $19,920,000 $19,970,000 $19,970,000
62 B737-400 24345 Jun-89 CFM56-3C1 138,500 $23,300,000 $23,300,000 $23,690,000 $23,690,000
</TABLE>
<PAGE> 8
ATTACHMENT I - Airplanes Fleet
AISI File A0S010BVO
Report Dated 18 February 2000
Values as of 18 February 2000
<TABLE>
<CAPTION>
Half Life Adjusted
Current Current
Half Life Market Adjusted Market
Base Value Value Base Value Value
Serial Date of MTOW Feb 2000 Feb 2000 Feb 2000 Feb 2000
No Aircraft Type Number Manufacturer Engine Type (Lbs) US Dollars US Dollars US Dollars US Dollars
-- ------------- ------ ------------ ----------- ----- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
63 B737-400 24493 Jul-89 CFM56-3C1 142,500 $23,480,000 $23,480,000 $22,800,000 $22,800,000
64 B737-400 24520 Dec-89 CFM56-3C1 142,500 $23,480,000 $23,480,000 $24,050,000 $24,050,000
65 B737-400 24684 Apr-90 CFM56-3C1 150,000 $24,700,000 $24,700,000 $25,030,000 $25,030,000
66 B737-400 24687 May-90 CFM56-3C1 150,000 $24,700,000 $24,700,000 $24,590,000 $24,590,000
67 B737-400 24690 Jul-90 CFM56-3C1 150,000 $24,700,000 $24,700,000 $25,250,000 $25,250,000
68 B737-400 24689 Jul-90 CFM56-3C1 150,000 $24,700,000 $24,700,000 $25,220,000 $25,220,000
69 B737-400 24683 Aug-90 CFM56-3C1 150,000 $24,700,000 $24,700,000 $24,700,000 $24,700,000
70 B737-400 24691 Aug-90 CFM56-3C1 150,000 $24,700,000 $24,700,000 $24,700,000 $24,700,000
71 B737-400 24906 Feb-91 CFM56-3C1 142,500 $25,240,000 $25,240,000 $24,550,000 $24,550,000
72 B737-400 24911 Apr-91 CFM56-3C1 150,000 $25,580,000 $25,580,000 $24,930,000 $24,930,000
73 B737-400 24912 Jun-91 CFM56-3C1 142,500 $25,240,000 $25,240,000 $24,610,000 $24,610,000
74 B737-400 24917 Jun-91 CFM56-3C1 150,000 $25,580,000 $25,580,000 $25,580,000 $25,580,000
75 B737-400 25180 Jan-92 CFM56-3C1 150,000 $26,660,000 $26,660,000 $26,660,000 $26,660,000
76 B737-400 25181 Feb-92 CFM56-3C1 150,000 $26,660,000 $26,660,000 $25,900,000 $25,900,000
77 B737-400 25184 Mar-92 CFM56-3C1 150,000 $26,660,000 $26,660,000 $26,660,000 $26,660,000
78 B737-400 25190 Apr-92 CFM56-3C1 150,000 $26,660,000 $26,660,000 $26,020,000 $26,020,000
79 B737-400 25261 Apr-92 CFM56-3C1 150,000 $26,660,000 $26,660,000 $25,970,000 $25,970,000
80 B737-400 26065 May-92 CFM56-3C1 150,000 $26,660,000 $26,660,000 $25,870,000 $25,870,000
81 B737-400 26069 Nov-92 CFM56-3C1 150,000 $26,660,000 $26,660,000 $26,010,000 $26,010,000
82 B737-400 26071 Nov-92 CFM56-3C1 150,000 $26,660,000 $26,660,000 $26,010,000 $26,010,000
83 B737-400 26081 Mar-93 CFM56-3C1 150,000 $28,140,000 $28,140,000 $27,430,000 $27,430,000
84 B737-500 24897 Feb-91 CFM56-3C1 133,500 $19,660,000 $20,560,000 $19,000,000 $19,900,000
85 B737-500 25182 Feb-92 CFM56-3C1 133,500 $20,610,000 $21,560,000 $20,090,000 $21,040,000
86 B737-500 25183 Feb-92 CFM56-3C1 133,500 $20,610,000 $21,560,000 $20,110,000 $21,060,000
87 B737-500 25185 Feb-92 CFM56-3C1 133,500 $20,610,000 $21,560,000 $20,240,000 $21,190,000
88 B737-500 25186 Mar-92 CFM56-3C1 133,500 $20,610,000 $21,560,000 $19,920,000 $20,870,000
89 B737-500 25188 Mar-92 CFM56-3C1 133,500 $20,610,000 $21,560,000 $20,080,000 $21,030,000
90 B737-500 25191 Apr-92 CFM56-3C1 133,500 $20,610,000 $21,560,000 $20,140,000 $21,090,000
91 B737-500 25192 Apr-92 CFM56-3C1 133,500 $20,610,000 $21,560,000 $20,070,000 $21,020,000
92 B737-500 25289 Jun-92 CFM56-3C1 133,500 $20,610,000 $21,560,000 $20,610,000 $21,560,000
93 B737-500 25288 Jun-92 CFM56-3C1 133,500 $20,610,000 $21,560,000 $20,610,000 $21,560,000
</TABLE>
<PAGE> 9
ATTACHMENT I - Airplanes Fleet
AISI File A0S010BVO
Report Dated 18 February 2000
Values as of 18 February 2000
<TABLE>
<CAPTION>
Half Life Adjusted
Current Current
Half Life Market Adjusted Market
Base Value Value Base Value Value
Serial Date of MTOW Feb 2000 Feb 2000 Feb 2000 Feb 2000
No Aircraft Type Number Manufacturer Engine Type (Lbs) US Dollars US Dollars US Dollars US Dollars
-- ------------- ------ ------------ ----------- ----- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
94 B737-500 26075 Oct-92 CFM56-3C1 133,500 $20,610,000 $21,560,000 $20,090,000 $21,040,000
95 B747-200F 21730 Jun-79 JT9D-7Q 833,000 $33,410,000 $25,340,000 $33,410,000 $25,340,000
96 B757-200Etop 26151 Jul-92 RB211-535E4 250,000 $41,340,000 $39,750,000 $41,080,000 $39,490,000
97 B757-200Etop 26154 Sep-92 RB211-535E4 230,000 $40,140,000 $38,550,000 $40,040,000 $38,450,000
98 B757-200Etop 26156 Nov-92 RB211-535E4 240,000 $40,740,000 $39,150,000 $40,610,000 $39,020,000
99 B767-200ER 25421 Jan-92 PW4056 387,000 $49,210,000 $45,540,000 $49,660,000 $45,990,000
100 B767-300ER 24948 Jul-91 PW4060 407,000 $60,150,000 $54,940,000 $60,460,000 $55,250,000
101 B767-300ER 25411 Jan-92 PW4060 407,000 $63,230,000 $57,990,000 $63,240,000 $58,000,000
102 B767-300ER 26200 Jul-92 PW4060 407,000 $63,230,000 $57,990,000 $63,180,000 $57,940,000
103 B767-300ER 26204 Oct-92 PW4060 407,000 $63,230,000 $57,990,000 $63,280,000 $58,040,000
104 DC8-71F 45813 Jan-67 CFM56-2C1 328,000 $14,540,000 $14,540,000 $14,730,000 $14,730,000
105 DC8-71F 45849 Apr-67 CFM56-2C1 328,000 $14,540,000 $14,540,000 $14,770,000 $14,770,000
106 DC8-71F 45810 Mar-68 CFM56-2C1 328,000 $14,590,000 $14,590,000 $14,390,000 $14,390,000
107 DC8-71F 45811 Jul-66 CFM56-2C1 328,000 $14,490,000 $14,490,000 $14,390,000 $14,390,000
108 DC8-71F 45945 Mar-68 CFM56-2C1 328,000 $14,590,000 $14,590,000 $15,300,000 $15,300,000
109 DC8-71F 45946 Mar-68 CFM56-2C1 328,000 $14,590,000 $14,590,000 $14,590,000 $14,590,000
110 DC8-71F 45970 Mar-68 CFM56-2C1 328,000 $14,590,000 $14,590,000 $14,550,000 $14,550,000
111 DC8-71F 45971 May-68 CFM56-2C1 328,000 $14,590,000 $14,590,000 $14,040,000 $14,040,000
112 DC8-71F 45973 May-68 CFM56-2C1 328,000 $14,590,000 $14,590,000 $13,840,000 $13,840,000
113 DC8-71F 45976 Jul-68 CFM56-2C1 328,000 $14,590,000 $14,590,000 $14,510,000 $14,510,000
114 DC8-71F 45978 Jul-68 CFM56-2C1 328,000 $14,590,000 $14,590,000 $14,540,000 $14,540,000
115 DC8-71F 45993 Aug-68 CFM56-2C1 328,000 $14,590,000 $14,590,000 $14,440,000 $14,440,000
116 DC8-71F 45994 Aug-68 CFM56-2C1 328,000 $14,590,000 $14,590,000 $14,350,000 $14,350,000
117 DC8-71F 45996 Oct-68 CFM56-2C1 328,000 $14,590,000 $14,590,000 $14,380,000 $14,380,000
118 DC8-71F 45998 Oct-68 CFM56-2C1 328,000 $14,590,000 $14,590,000 $13,830,000 $13,830,000
119 DC8-71F 45997 Sep-68 CFM56-2C1 328,000 $14,590,000 $14,590,000 $14,510,000 $14,510,000
120 DC8-71F 46066 May-69 CFM56-2C1 328,000 $14,640,000 $14,640,000 $14,590,000 $14,590,000
121 DC8-71F 46065 Jun-69 CFM56-2C1 328,000 $14,640,000 $14,640,000 $14,830,000 $14,830,000
122 DC8-73CF 46091 Apr-70 CFM56-2C1 355,000 $16,950,000 $16,950,000 $17,440,000 $17,440,000
123 DC9-32 48125 Apr-80 JT8D-17 108,000 $5,620,000 $4,480,000 $5,230,000 $4,090,000
124 DC9-32 48126 Apr-80 JT8D-17 108,000 $5,620,000 $4,480,000 $5,150,000 $4,010,000
</TABLE>
<PAGE> 10
ATTACHMENT I - Airplanes Fleet
AISI File A0S010BVO
Report Dated 18 February 2000
Values as of 18 February 2000
<TABLE>
<CAPTION>
Half Life Adjusted
Current Current
Half Life Market Adjusted Market
Base Value Value Base Value Value
Serial Date of MTOW Feb 2000 Feb 2000 Feb 2000 Feb 2000
No Aircraft Type Number Manufacturer Engine Type (Lbs) US Dollars US Dollars US Dollars US Dollars
-- ------------- ------ ------------ ----------- ----- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
125 DC9-32 48127 Jul-80 JT8D-17 108,000 $5,620,000 $4,480,000 $5,320,000 $4,180,000
126 DC9-32 48128 Aug-80 JT8D-17 108,000 $5,620,000 $4,480,000 $5,370,000 $4,230,000
127 DC9-32 48129 Nov-80 JT8D-17 108,000 $5,620,000 $4,480,000 $5,420,000 $4,280,000
128 DC9-32 48130 Dec-80 JT8D-17 108,000 $5,620,000 $4,480,000 $5,550,000 $4,410,000
129 DC9-51 47742 May-77 JT8D-17 121,000 $4,980,000 $3,760,000 $4,940,000 $3,720,000
130 DC9-51 47796 Mar-79 JT8D-17 121,000 $5,360,000 $4,130,000 $5,290,000 $4,060,000
131 DC9-51 47784 Mar-79 JT8D-17 121,000 $5,360,000 $4,130,000 $5,040,000 $3,810,000
132 DC9-51 48122 Oct-80 JT8D-17 121,000 $5,550,000 $4,310,000 $5,780,000 $4,540,000
133 DHC8-100 113 Sep-88 PW120-A 34,500 $4,320,000 $3,990,000 $4,310,000 $3,980,000
134 DHC8-100 140 Mar-89 PW120-A 34,500 $4,700,000 $4,350,000 $4,700,000 $4,350,000
135 DHC8-100 144 Mar-89 PW120-A 34,500 $4,700,000 $4,350,000 $4,660,000 $4,310,000
136 DHC8-100 229 Sep-90 PW121 34,500 $5,080,000 $4,710,000 $5,130,000 $4,760,000
137 DHC8-100 258 Jan-91 PW121 34,500 $5,460,000 $5,070,000 $5,440,000 $5,050,000
138 DHC8-100 270 May-91 PW120-A 34,500 $5,460,000 $5,070,000 $5,390,000 $5,000,000
139 DHC8-300 232 Oct-90 PW123 41,100 $6,740,000 $5,540,000 $6,730,000 $5,530,000
140 DHC8-300 244 Dec-90 PW123 41,000 $6,740,000 $5,540,000 $6,760,000 $5,560,000
141 DHC8-300 266 Mar-91 PW123 43,000 $7,400,000 $6,200,000 $7,410,000 $6,210,000
142 DHC8-300 267 Apr-91 PW123 43,000 $7,400,000 $6,200,000 $7,400,000 $6,200,000
143 DHC8-300 276 May-91 PW123 43,000 $7,400,000 $6,200,000 $7,410,000 $6,210,000
144 DHC8-300 298 Apr-92 PW123 43,000 $8,000,000 $6,800,000 $8,010,000 $6,810,000
145 DHC8-300 300 Apr-92 PW123 43,000 $8,000,000 $6,800,000 $8,030,000 $6,830,000
146 DHC8-300 283 Sep-91 PW123 43,000 $7,400,000 $6,200,000 $7,730,000 $6,530,000
147 DHC8-300 293 Oct-91 PW123 43,000 $7,400,000 $6,200,000 $7,410,000 $6,210,000
148 DHC8-300 296 Oct-91 PW123 43,000 $7,400,000 $6,200,000 $7,410,000 $6,210,000
149 DHC8-300 307 Dec-91 PW123 43,000 $7,400,000 $6,200,000 $7,450,000 $6,250,000
150 DHC8-300 334 Oct-92 PW123 43,000 $8,000,000 $6,800,000 $8,020,000 $6,820,000
151 DHC8-300 342 Dec-92 PW123 43,000 $8,000,000 $6,800,000 $8,060,000 $6,860,000
152 DHC8-300C 230 Oct-90 PW123 43,000 $7,800,000 $6,600,000 $7,810,000 $6,610,000
153 DHC8-300C 242 Nov-90 PW123 43,000 $7,800,000 $6,600,000 $7,800,000 $6,600,000
154 F100 11284 Jul-90 TAY650-15 98,000 $12,550,000 $11,550,000 $12,530,000 $11,530,000
155 F100 11285 Aug-90 TAY650-15 98,000 $12,550,000 $11,550,000 $12,510,000 $11,510,000
</TABLE>
<PAGE> 11
ATTACHMENT I - Airplanes Fleet
AISI File A0S010BVO
Report Dated 18 February 2000
Values as of 18 February 2000
<TABLE>
<CAPTION>
Half Life Adjusted
Current Current
Half Life Market Adjusted Market
Base Value Value Base Value Value
Serial Date of MTOW Feb 2000 Feb 2000 Feb 2000 Feb 2000
No Aircraft Type Number Manufacturer Engine Type (Lbs) US Dollars US Dollars US Dollars US Dollars
-- ------------- ------ ------------ ----------- ----- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
156 F100 11266 Aug-90 TAY650-15 98,000 $12,550,000 $11,550,000 $12,770,000 $11,770,000
157 F100 11304 Feb-91 TAY650-15 98,000 $13,650,000 $12,650,000 $13,630,000 $12,630,000
158 F100 11319 Apr-91 TAY650-15 98,000 $13,650,000 $12,650,000 $13,470,000 $12,470,000
159 F100 11305 Apr-91 TAY650-15 98,000 $13,650,000 $12,650,000 $13,640,000 $12,640,000
160 F100 11309 May-91 TAY650-15 98,000 $13,650,000 $12,650,000 $13,510,000 $12,510,000
161 F100 11336 Jun-91 TAY650-15 98,000 $13,650,000 $12,650,000 $13,850,000 $12,850,000
162 F100 11339 Jul-91 TAY650-15 98,000 $13,650,000 $12,650,000 $13,900,000 $12,900,000
163 F100 11348 Aug-91 TAY650-15 98,000 $13,650,000 $12,650,000 $13,650,000 $12,650,000
164 F100 11347 Oct-91 TAY650-15 98,000 $13,650,000 $12,650,000 $13,740,000 $12,740,000
165 F100 11371 Dec-91 TAY650-15 98,000 $13,650,000 $12,650,000 $13,590,000 $12,590,000
166 F100 11374 Jan-92 TAY650-15 98,000 $14,750,000 $13,750,000 $14,560,000 $13,560,000
167 F100 11382 Mar-92 TAY650-15 98,000 $14,750,000 $13,750,000 $14,560,000 $13,560,000
168 F100 11384 Mar-92 TAY650-15 98,000 $14,750,000 $13,750,000 $14,580,000 $13,580,000
169 F100 11375 Feb-92 TAY650-15 98,000 $14,750,000 $13,750,000 $14,580,000 $13,580,000
170 MD11 48499 Dec-91 CF6-80C2D1F 618,000 $68,100,000 $57,980,000 $66,600,000 $56,480,000
171 MD11 48500 Mar-92 CF6-80C2D1F 618,000 $71,390,000 $61,480,000 $69,880,000 $59,970,000
172 MD11 48501 Sep-92 CF6-80C2D1F 618,000 $71,390,000 $61,480,000 $70,160,000 $60,250,000
173 MD-82 49667 Jan-88 JT8D-217A 149,500 $18,730,000 $16,730,000 $19,210,000 $17,210,000
174 MD-82 49660 Mar-88 JT8D-217 149,500 $18,730,000 $16,730,000 $19,110,000 $17,110,000
175 MD-83 49390 Apr-86 JT8D-219 160,000 $18,450,000 $16,550,000 $18,830,000 $16,930,000
176 MD-83 49442 Apr-87 JT8D-219 160,000 $19,200,000 $17,350,000 $19,340,000 $17,490,000
177 MD-83 49575 Oct-87 JT8D-219 160,000 $19,200,000 $17,350,000 $19,590,000 $17,740,000
178 MD-83 49620 Jul-88 JT8D-219 159,999 $19,930,000 $18,130,000 $19,250,000 $17,450,000
179 MD-83 49672 Jul-88 JT8D-219 160,000 $19,930,000 $18,130,000 $20,240,000 $18,440,000
180 MD-83 49624 Aug-88 JT8D-219 160,000 $19,930,000 $18,130,000 $20,420,000 $18,620,000
181 MD-83 49626 Oct-88 JT8D-219 160,000 $19,930,000 $18,130,000 $19,950,000 $18,150,000
182 MD-83 49709 Dec-88 JT8D-219 160,000 $19,930,000 $18,130,000 $19,530,000 $17,730,000
183 MD-83 49631 Jun-89 JT8D-219 160,000 $20,800,000 $19,050,000 $20,220,000 $18,470,000
184 MD-83 49789 Sep-89 JT8D-219 160,000 $20,800,000 $19,050,000 $20,310,000 $18,560,000
185 MD-83 49792 Nov-89 JT8D-219 160,000 $20,800,000 $19,050,000 $20,250,000 $18,500,000
186 MD-83 49935 Sep-90 JT8D-219 160,000 $21,680,000 $19,980,000 $22,170,000 $20,470,000
</TABLE>
<PAGE> 12
ATTACHMENT I - Airplanes Fleet
AISI File A0S010BVO
Report Dated 18 February 2000
Values as of 18 February 2000
<TABLE>
<CAPTION>
Half Life Adjusted
Current Current
Half Life Market Adjusted Market
Base Value Value Base Value Value
Serial Date of MTOW Feb 2000 Feb 2000 Feb 2000 Feb 2000
No Aircraft Type Number Manufacturer Engine Type (Lbs) US Dollars US Dollars US Dollars US Dollars
-- ------------- ------ ------------ ----------- ----- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
187 MD-83 49936 Oct-90 JT8D-219 160,000 $21,680,000 $19,980,000 $22,070,000 $20,370,000
188 MD-83 49939 Oct-90 JT8D-219 160,000 $21,680,000 $19,980,000 $21,610,000 $19,910,000
189 MD-83 49938 Dec-90 JT8D-219 160,000 $21,680,000 $19,980,000 $21,210,000 $19,510,000
190 MD-83 49941 Dec-90 JT8D-219 160,000 $21,680,000 $19,980,000 $21,280,000 $19,580,000
191 MD-83 49943 Jul-91 JT8D-219 160,000 $22,560,000 $20,910,000 $22,140,000 $20,490,000
192 MD-83 49946 Jul-91 JT8D-219 160,000 $22,560,000 $20,910,000 $22,560,000 $20,910,000
193 MD-83 49949 Aug-91 JT8D-219 160,000 $22,560,000 $20,910,000 $21,890,000 $20,240,000
194 MD-83 49951 Aug-91 JT8D-219 160,000 $22,560,000 $20,910,000 $21,870,000 $20,220,000
195 MD-83 49950 Nov-91 JT8D-219 160,000 $22,560,000 $20,910,000 $22,230,000 $20,580,000
196 MD-83 53125 Apr-92 JT8D-219 160,000 $23,640,000 $22,040,000 $23,270,000 $21,670,000
197 MD-83 53120 Jul-92 JT8D-219 160,000 $23,640,000 $22,040,000 $23,340,000 $21,740,000
198 MD-87 49673 Dec-88 JT8D-219 149,000 $14,360,000 $13,360,000 $13,840,000 $12,840,000
199 METRO III 711 Mar-88 TPE331-11 16,000 $1,060,000 $750,000 $1,060,000 $750,000
200 METRO III 712 Jun-88 TPE331-11 16,000 $1,060,000 $750,000 $1,060,000 $750,000
201 METRO III 705 Aug-88 TPE331-11 16,000 $1,060,000 $750,000 $1,060,000 $750,000
-------------- -------------- -------------- --------------
TOTALS $3,479,880,000 $3,343,690,000 $3,453,400,000 $3,317,210,000
============== ============== ============== ==============
</TABLE>
