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EXHIBIT 1
APPRAISAL OF
------------------------------------------ AVERAGE
DATE OF AIRCRAFT APPRAISED
ENGINE SERIAL MANUFACTURE/ INFORMATION AIRCLAIMS VALUE AS OF
AIRCRAFT TYPE CONFIGURATION NUMBER CONVERSION SERVICES LIMITED BK ASSOCIATES APRIL 30, 2000
------------- ------------- ------ ---------- -------- ------- ------------- --------------
(U.S. $'000'S)
<S> <C> <C> <C> <C> <C> <C> <C>
A300B4-200 CF6-50C2 240 May-83 9,260 9,160 14,500 10,973
A320-200 V2500-A1 * 354 Oct-92 27,940 30,800 31,200 29,980
A320-200 V2500-A1 * 411 Mar-93 29,310 31,090 31,450 30,617
A320-200 V2527-A5 * 934 Jan-99 42,480 38,480 40,300 40,420
A320-200 CFM5-5A1 85 Feb-90 26,080 24,720 23,750 24,850
A320-200 CFM56-5A3 299 Apr-92 28,210 29,340 28,800 28,783
A320-200 V2500-A1 362 Nov-92 26,990 28,890 29,900 28,593
A320-200 CFM56-5A3 391 Feb-93 30,330 28,960 30,400 29,897
A320-200 CFM56-5A1 403 Dec-93 29,520 29,840 29,600 29,653
A321-200 V2533-A5 * 1207 Apr-00 56,450 48,860 51,000 52,103
B737-300 CFM56-3B1 * 23345 Jul-85 17,170 13,220 13,200 14,530
B737-300 CFM56-3C1 * 24834 Jun-90 22,790 21,200 22,050 22,013
B737-300 CFM56-3C1 * 24856 Aug-90 22,830 20,580 22,550 21,987
B737-300 CFM56-3B2 * 25041 Mar-91 23,550 22,710 23,450 23,237
B737-300 CFM56-3C1 * 25604 Jan-93 23,790 20,760 24,550 23,033
B737-300 CFM56-3B2 * 26440 Mar-92 23,340 22,560 24,550 23,483
B737-300 CFM56-3B1 24465 Aug-89 20,660 18,140 20,200 19,667
B737-300 CFM56-3B1 24677 Mar-90 21,710 19,280 20,950 20,647
B737-300 CFM56-3C1 24908 Mar-91 23,940 21,520 23,900 23,120
B737-300 CFM56-3C1 24909 Apr-91 22,790 21,990 22,800 22,527
B737-300 CFM56-3C1 26068 Jun-92 25,190 20,960 25,350 23,833
B737-300 CFM56-3B2 * 26442 May-92 23,840 22,100 23,250 23,063
B737-300QC CFM56-3B2 * 24021 Nov-88 22,090 22,270 20,550 21,637
B737-400 CFM56-3C1 * 24270 May-89 24,100 22,090 21,450 22,547
B737-400 CFM56-3C1 * 24271 Jun-89 24,210 22,500 22,250 22,987
B737-400 CFM56-3C1 * 24901 May-90 25,190 24,750 23,850 24,597
B737-400 CFM56-3C1 * 25594 May-92 27,360 25,710 26,800 26,623
B737-400 CFM56-3C1 * 27074 Apr-92 27,110 26,940 26,550 26,867
B737-400 CFM56-3C1 23868 Oct-88 22,550 19,350 20,250 20,717
B737-400 CFM56-3C1 23979 Jan-89 23,580 21,330 19,850 21,587
B737-400 CFM56-3C1 24685 May-90 25,060 23,930 24,500 24,497
B737-400 CFM56-3C1 24904 Feb-91 25,860 25,010 23,900 24,923
B737-400 CFM56-3C1 25764 Jun-92 25,600 22,500 25,800 24,633
B737-400 CFM56-3C1 25765 Jul-92 26,260 22,680 26,100 25,013
B737-400 CFM56-3C1 26066 Jun-92 25,720 24,380 25,500 25,200
B737-500 CFM56-3C1 * 24651 Apr-90 19,390 19,590 17,450 18,810
B737-500 CFM56-3C1 * 25768 May-95 24,020 21,880 21,400 22,433
B737-500 CFM56-3C1 * 25789 Feb-92 21,060 20,880 19,600 20,513
B737-500 CFM56-3C1 * 27153 Aug-93 21,120 20,760 19,500 20,460
B737-500 CFM56-3C1 * 27155 Mar-93 21,140 20,490 18,200 19,943
B737-500 CFM56-3C1 26067 Jun-92 21,270 22,330 19,150 20,917
B747-200 JT9D-7Q 22496 Oct-81 8,284 6,937 10,000 8,407
B757-200 PW2037 * 28486 May-99 55,600 46,210 52,150 51,320
B757-200 RB211-535E4 26152 Aug-92 40,430 33,920 40,500 38,283
B757-200 RB211-535E4 26153 Aug-92 42,180 35,240 41,100 39,507
B757-200 RB211-535E4 26158 Feb-93 43,700 37,110 41,650 40,820
B767-300ER PW4060 24947 Mar-91 59,600 53,860 58,350 57,270
B767-300ER PW4060 24999 Feb-91 60,180 53,920 56,200 56,767
DC8-71F CFM56-2C1 46040 Mar-91 14,380 16,000 12,250 14,210
DC8-71F CFM56-2C1 46064 Mar-92 15,080 13,590 13,430 14,033
F100 TAY650-15 * 11320 Apr-91 13,350 12,000 13,000 12,783
F100 TAY650-15 * 11322 Jun-91 13,480 11,490 13,050 12,673
F100 TAY650-15 11341 Aug-91 14,280 11,820 13,550 13,217
F100 TAY650-15 11350 Apr-92 13,130 11,650 14,750 13,177
F100 TAY650-15 11351 Sep-91 14,280 11,390 13,650 13,107
MD-82 JT8D-217C * 49570 Feb-88 19,180 14,610 17,750 17,180
MD-82 JT8D-219 * 49905 Oct-90 20,140 15,960 20,350 18,817
MD-82 JT8D-219 * 49931 Aug-90 20,230 16,230 20,400 18,953
MD-82 JT8D-219 * 49932 Sep-90 20,280 16,540 21,200 19,340
MD-82 JT8D-219 53245 Apr-92 22,230 18,680 22,400 21,103
MD-83 JT8D-219 49627 Apr-89 20,460 16,730 19,500 18,897
MD-83 JT8D-219 49790 Oct-89 20,810 16,830 20,050 19,230
MD-83 JT8D-219 49952 Dec-91 22,180 17,450 22,950 20,860
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1,604,324 1,462,697 1,558,580 1,541,867
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* Indicates an additional aircraft