<TABLE>
Month June-00
Payment Date 15th of each month
Convention Modified Following Business Day
Current Payment Date 15-Jun-00
Current Calculation Date 9-Jun-00
Previous Payment Date 15-May-00
Previous Calculation Date 9-May-00
--------------------------------------------------------------------------------------------
1. Account Activity Summary between Calculation Dates
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Prior Deposits Withdrawals Balance on
Balance Calculation Date
9-May-00 9-Jun-00
--------------------------------------------------------------------------------------------
Expense Account 1,570,774.00 5,777,995.85 (6,638,386.14) 710,383.71
Collection Account 16,680,612.72 24,851,183.05 (18,680,612.72) 22,851,183.05
Aircraft Purchase Account 98,201.37 (98,201.37) -
Liquidity Reserve cash balance 40,145,203.00 1,640,000.00 - 41,785,203.00
--------------------------------------------------------------------------------------------
Total 58,494,791.09 32,269,178.90 (25,417,200.23) 65,346,769.76
--------------------------------------------------------------------------------------------
2. Analysis of Expenses Account Activity
--------------------------------------------------------------------------------------------
Opening Balance on Previous Calculation Date 1,570,774.00
Transfer from Collection Account on previous Payment Date 3,665,025.75
Permitted Aircraft Accrual -
Interim Transfer from Collection Account 2,000,000.00
Transfers from Aircraft Purchase Account 98,201.37
Interest Income 14,768.73
Balance on current Calculation Date
- Payments on previous payment date (737,739.13)
- Interim payments (5,900,647.01)
- Other
--------------------------------------------------------------------------------------------
Balance on current Calculation Date 710,383.71
--------------------------------------------------------------------------------------------
3. Analysis of Collection Account Activity
--------------------------------------------------------------------------------------------
Opening Balance on Previous Calculation Date 16,680,612.72
Collections during period
- Lease rentals 21,414,215.85
- Maintenance reserves 2,438,329.32
- Other leasing income 720,208.63
- Interest income 278,429.25
- Interim transfer to Expense A/C (2,000,000.00)
Transfers from Aircraft Purchase Account
Drawings under Credit or Liquidity Enhancement Facilities -
Repayment of Drawings under Credit or Liquidity Enhancement Facilities -
Transfer to Expense Account on previous Payment Date
- Required Expense Amount (3,665,025.75)
- Permitted Aircraft Modifications -
Net Swap payments on previous Payment Date (798,566.66)
Aggregate Note Payments on previous Payment Date (12,217,020.31)
--------------------------------------------------------------------------------------------
Balance on current Calculation Date 22,851,183.05
--------------------------------------------------------------------------------------------
Analysis of Liquidity Reserve Amount
First Collection Account Reserve 30,000,000.00
Cash Held
- Accrued Expenses 710,383.71
- Security Deposits 11,785,203.00 12,495,586.71
Morgan Stanley Facility 30,000,000.00
ILFC Facility
- Letter of Credit 20,000,000.00
-Security Deposits 26,954,039.00 46,954,039.00
-----------------
Liquidity Reserve Amount 119,449,625.71
-----------------
Minimum Liquidity Reserve Amount 30,000,000.00
--------------------------------------------------------------------------------------------
Page 1 of 7
<PAGE>
Current Payment Date 15-Jun-00
Current Calculation Date 9-Jun-00
Previous Payment Date 15-May-00
Previous Calculation Date 9-May-00
--------------------------------------------------------------------------------------------
Balance in Collection Account 22,851,183.05
Liquidity Reserve Amount 119,449,625.71
---------------
Available Collections 142,300,808.76
===============
3. Analysis of Collection Account Activity (Continued)
--------------------------------------------------------------------------------------------
Analysis of Current Payment Date Distributions
(I) Required Expense Amount 2,827,476.50
(II) a) Class A Interest but excluding Step-up 8,425,780.12
b) Swap Payments other than subordinated swap payments 101,180.56
(iii) a) Repayment of Primary Eligible Credit Facilities -
b) First Collection Account top-up (Minimum liquidity
reserve $30 m) 30,000,000.00
(iv) Class A Minimum principal payment 938,895.27
(v) Class B Interest 1,036,173.70
(vi) Class B Minimum principal payment 447,246.86
(vii) Class C Interest 1,013,735.00
(viii) Class C Minimum principal payment -
(ix) Class D Interest 797,500.00
(x) Class D Minimum principal payment -
(xi) a) Secondary Eligible Credit Facilities (ILFC and
Morgan Stanley Facilities)
b) Second collection account top-up 89,449,625.71
(xii) Class A Scheduled principal 667,605.43
(xiii) Class B Scheduled principal 114,170.50
(xiv) Class C Scheduled principal 60,000.00
(xv) Class D Scheduled principal -
(xvi) Permitted accruals for Modifications
(xvii) Step-up interest -
(xviii) Beneficial interest -
(xix) Class A Supplemental principal 6,421,419.11
(xx) Class B Supplemental principal -
(xxi) Class D Redemption Price -
(xxii) Class C Redemption Price -
(xxiii) Class B Redemption Price -
(xxiv) Class A Redemption Price -
(xxv) Subordinated Swap payments -
(xxvi) all remaining amounts to holders of Beneficial
interests
Total Payments with respect to Payment Date 142,300,808.76
less collection Account Top Ups (iii) (b) and
(xi) (b) above 119,449,625.71
---------------
22,851,183.05
===============
---------------------------------------------------------------------------------------------
</TABLE>
Page 2 of 7
<PAGE>
<TABLE>
Current Payment Date 15-Jun-00
Current Calculation Date 9-Jun-00
Previous Payment Date 15-May-00
Previous Calculation Date 9-May-00
---------------------------------------------------------------------------------------------------------------------
4. Payments on the Notes by Subclass
---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Subclass Subclass Subclass Subclass Total
Floating Rate Notes A-2 A-3 A-4 A-5 Class A
---------------------------------------------------------------------------------------------------------------------
Applicable LIBOR 6.52250% 6.52250% 6.52250% 6.52250%
Applicable Margin 0.3500% 0.5200% 0.5400% 0.5800%
Applicable Interest Rate 6.87250% 7.04250% 7.06250% 7.10250%
Day Count Act/360 Act/360 Act/360 Act/360
Actual Number of Days 31 31 31 31
Interest Amount Payable 1,322,243.03 3,517,337.50 1,216,319.44 2,369,880.14
Step-up Interest Amount Payable NA NA NA NA
=====================================================================================================================
Total Interest Paid 1,322,243.03 3,517,337.50 1,216,319.44 2,369,880.14 8,425,780.12
---------------------------------------------------------------------------------------------------------------------
Expected Final Payment Date 15-Sep-05 15-Mar-02 15-Mar-03 15-Jun-08
Excess Amortisation Date 15-Apr-98 15-Mar-02 15-Mar-03 15-Apr-00
---------------------------------------------------------------------------------------------------------------------
Original Balance 340,000,000.00 580,000,000.00 200,000,000.00 400,000,000.00
Opening Outstanding Principal Balance 223,427,870.33 580,000,000.00 200,000,000.00 387,485,937.63 1,390,913,807.96
---------------------------------------------------------------------------------------------------------------------
Extended Pool Factors 80.38% 100.00% 100.00% 100.00%
Pool Factors 71.05% 100.00% 100.00% 95.51%
---------------------------------------------------------------------------------------------------------------------
Extension Amount - - - -
Pool Factor Amount - - - 5,445,937.63
Surplus Amortisation 952,795.04 - - 1,629,187.15
---------------------------------------------------------------------------------------------------------------------
Total Principal Distribution Amount 952,795.04 - - 7,075,124.78 8,027,919.82
---------------------------------------------------------------------------------------------------------------------
Redemption Amount
- amount allocable to principal
- amount allocable to premium
---------------------------------------------------------------------------------------------------------------------
Closing Outstanding Principal Balance 222,475,075.29 580,000,000.00 200,000,000.00 380,410,812.85 1,382,885,888.14
=====================================================================================================================
---------------------------------------------------------------------------------
Subclass Subclass Total
Floating Rate Notes B-1 B-2 Class B
----------------------------------------------------------------------------------
Applicable LIBOR 6.5225% 6.5225%
Applicable Margin 0.6500% 1.0500%
Applicable Interest Rate 7.17250% 7.57250%
Day Count Act/360 Act/360
Actual Number of Days 31 31
Interest Amount Payable 547,116.41 489,057.29
Step-up Interest Amount Payable NA NA
----------------------------------------------------------------------------------
Total Interest Paid 547,116.41 489,057.29 1,036,173.70
----------------------------------------------------------------------------------
Expected Final Payment Date 15-Mar-13 15-Mar-07
Excess Amortisation Date 15-Apr-98 15-Mar-07
----------------------------------------------------------------------------------
Original Balance 100,000,000.00 75,000,000.00
Opening Outstanding Principal Balance 88,582,919.01 75,000,000.00 163,582,919.01
----------------------------------------------------------------------------------
Extended Pool Factors 95.10% 100.00%
Pool Factors 91.10% 100.00%
----------------------------------------------------------------------------------
Extension Amount - -
Pool Factor Amount - -
Surplus Amortisation 561,417.36 -
----------------------------------------------------------------------------------
Total Principal Distribution Amount 561,417.36 - 561,417.36
----------------------------------------------------------------------------------
Redemption Amount
- amount allocable to principal
- amount allocable to premium
----------------------------------------------------------------------------------
Closing Outstanding Principal Balance 88,021,501.65 75,000,000.00 163,021,501.65
==================================================================================
----------------------------------------------------------------------------------- --------------
Subclass Subclass Total Subclass
Fixed Rate Notes C-1 C-2 Class C D-1
----------------------------------------------------------------------------------- --------------
Applicable Interest Rate 6.90000% 9.60000% 8.70000%
Day count 30/360 30/360 30/360
Number of Days 30 30 30
Interest Amount Payable 573,735.00 440,000.00 797,500.00
----------------------------------------------------------------------------------- --------------
Total Interest Paid 573,735.00 440,000.00 1,013,735.00 797,500.00
----------------------------------------------------------------------------------- --------------
Expected Final Payment Date 15-Mar-13 15-Oct-16 15-Mar-14
Excess Amortisation Date 15-Mar-13 15-Oct-16 15-Mar-10
Original Balance 100,000,000.00 55,000,000.00 110,000,000.00
Opening Outstanding Principal Balance 99,780,000.00 55,000,000.00 154,780,000.00 110,000,000.00
----------------------------------------------------------------------------------- --------------
Extended Pool Factors 100.00% 100.00% 100.00%
Expected Pool Factors 99.72% 100.00% 100.00%
---------------------------------------------------------------------------------- --------------
Extended Amount - - -
Expected Pool Factor Amount 60,000.00 - -
Surplus Amortisation - -
----------------------------------------------------------------------------------- --------------
Total Principal Distribution Amount 60,000.00 - 60,000.00 -
----------------------------------------------------------------------------------- --------------
Redemption Amount - - -
- amount allocable to principal - - -
- amount allocable to premium - - -
----------------------------------------------------------------------------------- --------------
Closing Outstanding Principal Balance 99,720,000.00 55,000,000.00 154,720,000.00 110,000,000.00
================================================================================================================
Page 3 of 7
<PAGE>
Current Payment Date 15-Jun-00
Current Calculation Date 9-Jun-00
Previous Payment Date 15-May-00
Previous Calculation Date 9-May-00
----------------------------------------------------------------------------------------------------------------------------
5. Floating Rate Note information for next Interest Accrual Period
Start of Interest Accrual Period 15-Jun-00
End of Interest Accrual Period 17-Jul-00
Reference Date 13-Jul-00
----------------------------------------------------------------------------------------------------------------------------
A-2 A-3 A-4 A-5 B-1 B-2
----------------------------------------------------------------------------------------------------------------------------
Applicable LIBOR 6.65125% 6.65125% 6.65125% 6.65125% 6.65125% 6.65125%
Applicable Margin 0.3500% 0.5200% 0.5400% 0.5800% 0.6500% 1.0500%
Applicable Interest Rate 7.0013% 7.1713% 7.1913% 7.2313% 7.3013% 7.7013%
Actual Pool Factor 65.43% 100.00% 100.00% 95.10% 88.02% 100.00%
===========================================================================================================================
Fixed Rate Notes C-1 C-2 D-1
-----------------------------------------------------------------------------------
Actual Pool Factor 99.72% 100.00% 100.00%
===================================================================================
6. Payments per $ 100,000 Inital Outstanding Principal Balance of Notes
---------------------------------------------------------------------------------------------------------------------------
(a) Floating Rate Notes A-2 A-3 A-4 A-5 B-1 B-2
---------------------------------------------------------------------------------------------------------------------------
Opening Outstanding Principal Balance 65,714.08 100,000.00 100,000.00 96,871.48 88,582.92 100,000.00
Total Principal Payments 280.23 - - 1,768.78 561.42 -
Closing Outstanding Principal Balance 65,433.85 100,000.00 100,000.00 95,102.70 88,021.50 100,000.00
Total Interest 388.90 606.44 608.16 592.47 547.12 652.08
Total Premium 0.0000% 0.0000% 0.0000% 0.0000% 0.0000% 0.0000%
===========================================================================================================================
(b) Fixed Rate Notes C-1 C-2 D-1
-----------------------------------------------------------------------------------
Opening Outstanding Principal Balance 99,780.00 100,000.00 100,000.00
Total Principal Payments 60.00 - -
Closing Outstanding Principal Balance 99,720.00 100,000.00 100,000.00
Total Interest 573.74 800.00 725.00
Total Premium - - -
===================================================================================
</TABLE>
Page 4 of 7
<PAGE>
Cumulative performance to Date - March 15, 2000 to June 15, 2000
<TABLE>
All amounts in Dollar amounts
millions of US dollars expressed as a percentage
unless otherwise stated 2000 Base Case Lease Rentals
------------------------------------------------------------------------------------------------------------------------------------
Mar-00 Apr-00 May-00 Jun-00 Cummlative to Date Cummlative to Date
Actual Basecase Variance Actual BaseCase Variance
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CASH COLLECTIONS
[1] Lease Rentals 26.3 18.2 22.7 67.2 67.2 0.0 100.1% 100.0% 0.0%
[2] - Renegotiated Leases - - 0.0%
[3] - Rental Resets (0.1) 0.0 (0.1) - - 0.1%
---------------------------------------------------------------------------------------------------
[4] S[1]...Contracted Lease Rentals 26.3 18.1 22.7 67.1 67.2 (0.0) 99.9% 100.0% 0.0%
[5] Movement in Current Arrears
Balance (1.7) (0.5) (0.5) (2.7) - (2.7) -4.0% -4.0%
less Net Stress-related Costs
[6] - Bad debts - - - 0.0% 0.0%
[7] - Security deposits drawn down - - 0.0% 0.0%
[8] - Capitalised arrears - - 0.0% 0.0%
[9] - AOG (0.4) (0.3) (0.8) (1.5) (1.5) -2.2% -2.2%
[10] - Other Leasing Income - (0.6) 0.7 0.1 1.0 0.2% 0.2%
---------------------------------------------------------------------------------------------------
[12] S[6]...sub-total (0.4) (1.0) (0.2) (1.6) (3.0) 1.5 -2.3% -4.5% 2.2%
[13] [4]+[5]+[12]Net Lease Rentals 24.2 16.6 22.1 62.9 64.1 (1.3) 93.6% 95.5% -1.9%
[14] Interest Earned 0.2 0.3 0.3 0.8 0.6 0.2 1.2% 0.9% 0.3%
Maintenance Receipts 1.9 2.1 2.4 6.4 - 6.4 9.6% 0.0% 9.6%
Maintenance Payments (0.1) (5.2) (3.4) (8.7) - 8.7 -13.0% 0.0% -13.0%
---------------------------------------------------------------------------------------------------
[15] Net Maintenance 1.8 (3.1) (1.0) (2.3) - (2.3) -3.4% 0.0% -3.4%
[16]S[13]Total Cash Collections 26.3 13.8 21.3 61.3 64.7 64.7 91.3% 96.4% -5.1%
---------------------------------------------------------------------------------------------------
CASH EXPENSES
Aircraft Operating Expenses
[17] - Insurance (0.2) (0.1) (0.3) -0.4% -0.4%
[18] - Re-leasing and other overheads (0.1) (0.5) (0.6) -0.8% -0.8%
---------------------------------------------------------------------------------------------------
[19][17]+[18] subtotal (0.3) (0.1) (0.5) (0.9) (0.5) (0.5) -1.3% -0.8% -0.5%
SG&A Expenses
[20] Aircraft Servicer Fees -
- Base Fee (0.2) (0.2) (0.2) 0.6) -0.9% 0.0% -0.9%
- Rent Collected Fee (0.3) (0.2) (0.3) 0.8) -1.2% 0.0% -1.2%
- Rent Contracted Fee (0.2) (0.2) (0.2) (0.6) -0.9% 0.0% -0.9%
- Incentive Fee - - - - 0.0% 0.0% 0.0%
-------------------------------------------------------------------------------------------------
[21][20] sub-total (0.7) (0.6) (0.7) (2.0) (2.3) 0.3 -3.0% -3.4% 0.4%
[22] Other Servicer Fees (0.8) (0.1) (0.1) (1.0) (0.5) (0.3) -1.5% -0.8% -0.7%
[23][21]+[22] subtotal (1.5) (0.7) (0.8) (3.0) (2.8) 0.0 -4.5% -4.2% -0.3%
-
[24][19]+[23] Total Cash Expenses (1.8) (0.8) (1.3) (3.9) (3.4) (0.3) -5.7% -5.0% -0.7%
---------------------------------------------------------------------------------------------------
NET CASH COLLECTIONS--
[25][16] Total Cash Collections 26.3 13.8 21.3 61.3 64.7 (3.4) 91.3% 96.4% -5.1%
[26][24] Total Cash Expenses (1.8) (0.8) (1.3) (3.9) (3.4) (1.0) -5.7% -5.0% -0.7%
[27] Interest Payments (11.3) (9.8) (11.3) (32.4) (31.4) (1.0) -48.2% -46.8% -1.5%
[28] Swap Payments (0.6) (0.8) (0.1) (1.5) (2.5) -2.2% -3.8% 1.5%
[29] Exceptional Item - - 0.0% 0.0% 0.0%
---------------------------------------------------------------------------------------------------
[30]S[25]..[29]TOTAL 12.6 2.4 8.7 23.6 27.5 (3.9) 35.1% 40.9% -5.8%
==========================================================---======================================
[31] PRINCIPAL PAYMENTS
subclass A2 1.1 0.1 1.0 2.2 4.3 (2.2) 3.2% 6.4% -3.2%
subclass A3 - - - - 0.0% 0.0% 0.0%
subclass A4 - - - - 0.0% 0.0% 0.0%
subclass A5 10.9 1.6 7.1 19.6 21.3 (1.8) 29.1% 31.8% -2.6%
subclass B1 0.6 0.6 0.6 1.8 1.7 0.1 2.6% 2.5% 0.1%
subclass B2 - - - - 0.0% 0.0% 0.0%
subclass C1 - 0.1 0.1 0.1 0.2 (0.1) 0.2% 0.2% -0.1%
subclass C2 - - - 0.0% 0.0% 0.0%
subclass D1 - - - - 0.0% 0.0% 0.0%
---------------------------------------------------------------------------------------------------
Total 12.6 2.4 8.6 23.6 27.5 (3.9) 35.1% 40.9% -5.8%
===================================================================================================
Debt Balances
subclass A2 224.7 223.5 223.4 222.5 222.5 220.4 2.1
subclass A3 580.0 580.0 580.0 580.0 580.0 580.0 -
subclass A4 200.0 200.0 200.0 200.0 200.0 200.0 -
subclass A5 400.0 389.1 387.5 380.4 380.4 378.7 1.8
subclass B1 89.7 89.1 88.5 88.0 88.0 88.0 -
subclass B2 75.0 75.0 75.0 75.0 75.0 75.0 -
subclass C1 99.9 99.8 99.8 99.7 99.7 99.7 -
subclass C2 55.0 55.0 55.0 55.0 55.0 55.0 -
subclass D1 110.0 110.0 110.0 110.0 110.0 110.0 -
------------------------------------------------------------
TOTAL 1,834.3 1,821.5 1,819.2 1,810.5 1,810.5 1,806.8 3.9
------------------------------------------------------------
</TABLE>
Page 5 of 7
<PAGE>
<TABLE>
-------------------------------------------------------------------------------------------------------------------------------
Note: Report Line Name Description
--------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
CASH COLLECTIONS
[1] Lease Rentals Assumptions per the March 1998 Prospectus
[2] - Renegotiated Leases Change in contracted rental cash flow caused by a renegotiated lease
[3] - Rental Resets Re-leasing events where new lease rate deviated from the 1998 Base Case
[4] S [1]....[3] Contracted Lease Rentals Current Contracted Lease Rentals due as at the latest Calculation Date
[5] Movement in Current Arrears Current contracted lease rentals not received as at the latest
Calculation Date, excluding Bad debts
less Net Stress related Costs
[6] - Bad debts Arrears owed by former lessees and deemed irrecoverable.
[7] - Capitalised arrears Current arrears that have been capitalised and restructured as a
Note Payable.
[8] - Security deposits drawn down Security deposits received following a lesse default
[9] - AOG Lost of rental ldue to an aircraft being off-lease and non-revenue earning
[10] - Other Leasing Income Includes lease termination payments, rental
guarantees and late payments charges
[11] - Repossession Legal and technical costs incurred in repossessing aircraft.
[12] S[6]..[11] sub-total
[13] 4]+[5]+[12] Net Lease Rentals Contracted Lease Rentals less Movement in Current Arrears Balance and
Net Stress related costs
[14] Interest Earned Interest earned on monthly cash balances
[15] Net Maintenance Maintenance Revenue Reserve received less and reimbursements to lessees.
[16] S[13]..[15] Total Cash Collections Net Lease Rentals + Interest Earned + Net Maintenance
--------------------------------------------------------------------------------------------------------------------------------
CASH EXPENSES
Aircraft Operating Expenses All operational costs related to the leasing of aircraft.
[17] - Insurance Premium for contingent insurance policies
[18] - Re-leasing and other Costs associated transferring an aircraft from one lessee to another
[19] [17]+[18] subtotal
SG&A Expenses
[20] Aircraft Servicer Fees Monthly and annual fees paid to Aircraft Servicer
- Base Fee Fixed amount per month per aircraft
- Rent Contracted Fee 1.00% of rental contracted for the month
- Rent Collected Fee 1.25% of rental received for the month
- Incentive Fee Annual fee paid to Servicer for performance above an annually agreed target
[21] [20] subtotal
[22] Other Servicer Fees Administrative Agent, trustee and professional fees paid to other
service providers.
[23] [21]+[22] subtotal
[24] [19]+[23] Total Cash Expenses Aircraft Operating Expenses + SG&A Expenses
--------------------------------------------------------------------------------------------------------------------------------
NET CASH COLLECTIONS
[25] [16] Total Cash Collections line 16 above
[26] [24] Total Cash Expenses line 24 above
[27] Interest Payments Interest paid on all outstanding debt
[28] Swap payments Net swap payments (paid) /received
[29] Proceeds from Aircraft Sale Proceeds, net of fees and expenses, from the sale of aircraft
[30] S[25]..[29] Exceptional Items Includes adjustment for aircraft included in the 1998 Basecase but not
acquired by MSAF
TOTAL
--------------------------------------------------------------------------------------------------------------------------------
[31]
</TABLE>
page 6 of 7
<PAGE>
MORGAN STANLEY AIRCRAFT FINANCE
all amounts in millions of US dollars unless otherwise stated
<TABLE>
---------------------------------------------------------------------------------------
Coverage Ratios 2000
Closing Actual Base Case
---------------------------------------------------------------------------------------
<S> <C> <C>
Net Cash Collections 23.6 27.4
Add Back Interest 32.4 31.4
Add Back Swap Payments 1.5 2.5
a Net Cash Collections 57.5 61.4
b Swaps 1.5 2.5
c Class A Interest 24.0 23.1
d Class A Minimum 5.6 4.8
e Class B Interest 3.0 2.9
f Class B Minimum 1.4 1.4
g Class C Interest 3.0 3.0
h Class C Minimum - -
i Class D Interest 2.4 2.4
j Class D Minimum - -
k Class A Scheduled 1.2 0.1
l Class B Scheduled 0.2 0.2
m Class C Scheduled 0.2 0.2
n Class D Scheduled - -
o Permited Aircraft Modifications -
p Class A Supplemental 15.0 20.7
------------------------------------
Total 57.5 61.4
------------------------------------
[1] Interest Coverage Ratio
Class A 2.25 2.40
Class B 1.69 1.84
Class C 1.49 1.63
Class D 1.41 1.53
[2] Debt Coverage Ratio
Class A 1.36 1.52
Class B 1.36 1.52
Class C 1.36 1.52
Class D 1.36 1.52
</TABLE>
Loan-to-Value Ratios
<TABLE>
2000 Base Case Actual 2000 Base Case
15-Mar-00 15-Jun-00 15-Jun-00
----------------- ------------- ----------------------
<S> <C> <C> <C> <C> <C> <C>
[3] Assumed Portfolio 2,000.9 1,980.2 1,980.2
Value
[4] Adjusted Portfolio Value
Liquidity Reserve Amount
Cash 30.0 30.0 30.0
- Accrued Expenses 6.1 2.7 2.7
- Security Deposits 7.1 11.8 11.8
-------- ----------- --------------
subtotal cash 43.2 44.5 44.5
Letters of Credit 82.1 77.0 82.1
Total Liquidity 125.3 121.5 126.6
Reserve -------- ----------- --------------
[5] Total Asset Value 2,126.2 2,101.7 2,106.8
Note Balance
Class A 1,404.7 66.1% 1,382.9 65.8% 1,379.0 65.5%
Class B 164.7 73.8% 163.0 73.6% 163.0 73.2%
Class C 154.9 81.1% 154.7 80.9% 154.7 80.5%
Class D 110.0 86.3% 110.0 86.1% 110.0 85.8%
------- -------- ---------
Total 1,834.3 1,810.6 1,806.7
</TABLE>
----------
[1] Interest Coverage Ratio is equal to Net Cash Collections, before Interest
and swap payments, expressed as a ratio of the swap costs and interest
payable on each subclass of Notes plus the interest and minimum principal
payments payable on each subclass of Notes that rank senior in priority of
payment to the relevant subclass of Notes.
[2] Debt Service Ratio is equal to Net Cash Collections before interest and
swap payments, expressed as a ratio of the interest and minimum and
scheduled principal payments payable on each subclass of Notes plus the
interest and minimum and scheduled principal payments payable on each
subclass of Notes that ranks equally with or senior to the relevant
subclass of Notes in the priority of payments.
[3] Assumed Portfolio Value represents the Inital Appraised Value of each
aircraft in the Portfolio multipled by the Depreciation Factor at
Calculation date divided by the Depreciation Factor at Closing date.
[4] Adjusted Portfolio Value represents the Base Value of each aircraft in the
Portfolio as determined by the most recent Appraisal multipled by the
Depreciation Factor at Calculation date divided by the Depreciation Factor
at Closing date.
The lower of the Assumed Portfolio Value or 105% of the Adjusted Portfolio
Value is used to calculate the principal repayment amounts to Noteholders
[5] Total Asset Value is equal to Total Portfolio Value plus Liquidity Reserve
Amount minus Lessee Security Deposits.
Page 7 of 7
