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AIRCLAIMS [LOGO]
Our Ref: 20308/MSH/kw EXHIBIT 99.7
AerFi Group Plc. 30th May, 2000
Aviation House
Shannon
County Clare
Ireland
Attention: Mr. Tom Ashe
Dear Sirs,
BASE VALUE OF SELECTED AIRCRAFT
AS AT 30TH APRIL 2000
Further to the instructions of Mr. Tom Ashe, AerFi Group Plc, we are pleased to
be able to provide our opinion of the value of each aircraft as defined in the
attached tables (reference 20308/MSH/AerCo and 20308/MSH/Indigo) under a Base
Value scenario.
Our valuation is based on fleet details as provided by yourselves on 13th April
2000, providing the most recent utilisation information available in respect of
the aircraft and their respective engines, supplement with maintenance and
specification data.
The point of valuation is 30th April 2000. It should be borne in mind that the
values were determined during the month of April 2000, but there has been no
material impact on the values between the generation date and the 30th April
2000.
As requested by AerFi Group Plc, we have provided our value opinions under a
BASE VALUE scenario. 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.
AIRCLAIMS LIMITED
Cardinal Point, Newall Road, Heathrow Airport, London TW62AS
Telephone (44) 020 8897 1066 Facsimile (44) 020 8897 0300
Telex 934679 http://www.airclaims.co.uk
Registered Head Office as above, Registered in England No. 710284.
VAT Reg. No. GB 224 1906 87
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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.
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.
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BASE VALUE AND ADJUSTED VASE VALUE OF SELECTED AIRCRAFT AS AT 30TH APRIL 2000
ALL VALUE IN MILLION US DOLLARS
<TABLE>
<CAPTION>
TYPE ENGINE REGN MSN MTOW OPERATOR YoB HOURS CYCLES DATE HALF LIFE MTX ADJ
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Airbus A300-B4-203 CF6-50C2 VT-EVD 240 363,765 Indian Airlines Feb-1983 34,093 19,545 Jan-2000 $6.80m $9.16m
Airbus A320-211 CFM56-5A1 EI-CTD 85 162,041 Air Europe Oct-1989 20,009 20,091 Jan-2000 $24.50m $24.72m
Airbus A320-212 CFM56-5A3 OY-CNW 299 166,450 Premiair Jan-1992 27,910 9,803 Jan-2000 $29.70m $29.34m
Airbus A320-231 V2500-A1 G-YIBM 362 166,450 Airtours
International Sep-1992 28,294 10,071 Jan-2000 $29.00m $28.89m
Airbus A320-212 CFM56-5A3 G-MONW 391 169,757 Monarch Airlines Dec-1992 26,664 10,239 Jan-2000 $28.70m $28.96m
Airbus A320-211 CFM56-5A1 C-FNVU 403 158,731 Canadian Airlines
International Jan-1993 22,362 7,932 Jan-2000 $30.60m $29.84m
Boeing 737-3Y0 CFM56-3B1(20lb) E1-BZF 24465 135,000 Philippine Airlines Jul-1989 19,884 24,262 Jan-2000 $18.10m $18.14m
Boeing 737-3Y0 CFM56-3B1(20lb) E1-BZJ 24677 135,000 Philippine Airlines Feb-1990 18,788 22,777 Jan-2000 $19.10m $19.28m
Boeing 737-3Y0 CFM56-3C1(23.5lb) TC-SUP 24908 135,500 Sun Express Feb-1991 31,252 13,922 Jan-2000 $22.40m $21.52m
Boeing 737-3Y0 CFM56-3C1(22lb) HA-LED 24909 139,500 MALEV Feb-1991 22,478 13,461 Jan-2000 $22.00m $21.99m
Boeing 737-3Y0 CFM56-3B2(23.5lb) B-2539 26068 139,000 China Southern
Airlines May-1992 22,632 17,835 Jan-2000 $22.50m $20.96m
Boeing 737-4Y0 CFM56-3C1(23.5lb) G-OBMF 23868 143,500 British Midland
Airways Sep-1988 27,187 29,113 Jan-2000 $19.20m $19.35m
Boeing 737-4Y0 CFM56-3C1(23.5lb) TC-AF1 23979 143,500 Air Algerie Dec-1988 27,812 13,303 Jan-2000 $22.00m $21.33m
Boeing 737-4Y0 CFM56-3C1(23.5lb) EC-GXR 24685 150,000 Futura Apr-1990 32,273 15,649 Jan-2000 $23.60m $23.93m
Boeing 737-4Y0 CFM56-3C1(23.5lb) TC-JDE 24904 150,000 THY-Turkish
Airlines Jan-1991 23,690 12,922 Jan-2000 $24.50m $25.01m
Boeing 737-48E CFM56-3C1(23.5lb) HL7227 25764 143,500 Asiana Airlines May-1992 14,882 21,774 Jan-2000 $22.80m $22.50m
Boeing 737-48E CFM56-3C1(23.5lb) HL7228 25765 143,500 Asiana Airlines Jun-1992 14,596 21,372 Jan-2000 $22.90m $22.68m
Boeing 737-4Y0 CFM56-3C1(23.5lb) TC-JDZ 26066 150,000 THY-Turkish
Airlines May-1992 21,983 11,655 Jan-2000 $25.50m $24.38m
Boeing 737-5Y0 CFM56-3C1(20lb) PT-MNH 26067 133,500 Nordeste Linhas
Aereas Regionais May-1992 23,919 10,786 Jan-2000 $21.70m $22.33m
Boeing 747-283B JT9D-7Q N622FF 22496 814,000 Air India Aug-1981 53,025 11,264 Jan-2000 $23.80m $23.32m*
Boeing 757-2Y0 RB211-535E4 E1-CBY 26152 230,000 Avianca Jul-1992 23,022 9,155 Jan-2000 $33.60m $33.92m
Boeing 757-2Y0 RB211-535E4 B-2831 26153 255,000 China Southwest
Airlines Jul-1992 15,650 9,081 Jan-2000 $35.10m $35.24m
Boeing 757-2Y0 RB211-535E4 G-OOOX 26158 255,000 Air 2000 Jan-1993 26,941 8,399 Jan-2000 $36.50m $37.11m
Boeing 767-3Y0ER PW4060 CC-CEY 24947 407,000 LAN Chile Jan-1991 39,993 9,884 Jan-2000 $53.80m $53.86m
Boeing 767-3Y0ER PW4060 EC-FCU 24999 407,000 Spanair Jan-1991 39,756 8,652 Jan-2000 $54.60m $53.92m
Douglas DC-8-71F(M) CFM56-2C1 N872SJ 46040 328,000 Fast Air Mar-1969 73,360 28,521 Feb-2000 $14.50m $16.00m
Douglas DC-8-71F(M) CFM56-2C1 N823BX 46064 325,000 Air Transport
International May-1969 80,668 32,475 Feb-2000 $14.50m $13.59m
Fokker 100 RB183 Tay 650-15 PT-MRX 11341 98,000 TAM Brasil Jun-1991 17,484 16,561 Dec-1999 $12.90m $11.82m
Fokker 100 RB183 Tay 650-15 PT-MQB 11350 98,000 TAM Brasil Aug-1991 20,142 21,338 Dec-1999 $12.40m $11.65m
Fokker 100 RB183 Tay 650-15 PT-MRF 11351 98,000 TAM Brasil Sep-1991 21,245 20,930 Dec-1999 $12.40m $11.39m
MD-83 JT8D-219 EC-FXY 49627 160,000 Spanair Feb-1989 39,071 19,314 Feb-2000 $17.30m $16.73m
MD-83 JT8D-219 EC-FZC 49790 160,000 Spanair Aug-1989 36,491 18,129 Feb-2000 $17.30m $16.83m
MD-83 JT8D-219 B-28023 49952 160,000 Far Eastern Air
Transport Oct-1991 25,754 20,902 Feb-2000 $18.10m $17.45m
</TABLE>
* Replaced by scrappage value
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BASE VALUE AND ADJUSTED BASE VALUE OF SELECTED AIRCRAFT AS AT 30TH APRIL 2000
ALL VALUE IN MILLION US DOLLARS
<TABLE>
<CAPTION>
TYPE ENGINE REGN MSN MTOW OPERATOR YoB HOURS CYCLES DATE HALF LIFE MTX ADJ
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Airbus A320-211 CFM56-5A1 F-GJVC 204 149,913 Air France Apr-1991 17,727 17,158 Jan-2000 $26.30m $26.30m*
Airbus A320-211 CFM56-5A1 F-GJVD 211 149,913 Air France May-1991 17,710 17,049 Jan-2000 $26.30m $26.30m*
Airbus A320-231 V2500-A1 G-BVYA 354 169,703 JMC Airlines Jul-1992 17,256 6,127 Jan-2000 $30.80m $30.80m
Airbus A320-231 V2500-A1 G-BVYC 411 169,703 JMC Airlines Feb-1993 17,514 6,147 Jan-2000 $31.60m $31.09m
Airbus A320-232 V2527-A5 G-MIDZ 934 162,040 British Midland Nov-1998 2,344 2,898 Jan-2000 $37.90m $38.48m
Airways
Airbus A320-214 CFM56-5B4/P B-2211 1041 162,040 China Northwest Jun-1999 1,338 779 Jan-2000 $40.10m $41.66m*
Airways
Airbus A321-231 V2533-A5 G-MIDM 1207 196,211 British Midland Apr-2000 0 0 Apr-2000 $46.70m $48.86m
Airways
Boeing 737-347 CFM56-3B1 (20lb) N304WA 23345 130,000 Delta Air Lines Oct-1985 40,558 28,021 Jan-2000 $13.90m $13.22m
Boeing 737-3S1 CFM56-3B2 (22lb) PP-VPF 24834 137,000 VARIG Jun-1990 31,365 18,921 Jan-2000 $20.50m $21.20m
Boeing 737-3S1 CFM56-3C1 (22lb) N311FL 24856 137,000 Frontier Airlines Aug-1990 27,585 17,976 Jan-2000 $20.50m $20.58m
Boeing 737-3M8 CFM56-3B2 (22lb) E1-TVP 25041 134,400 Virgin Express Mar-1991 21,769 13,172 Jan-2000 $21.90m $22.71m
(Ireland)
Boeing 737-3Y9 CFM56-3C1 (20lb) N999CZ 25604 135,000 China Southern Nov-1992 17,039 12,564 Jan-2000 $21.60m $20.76m
Airlines
Boeing 737-3L9 CFM56-3B2 (22lb) N310FL 26440 139,500 Frontier Airlines Feb-1992 19,095 16,856 Jan-2000 $22.50m $22.56m
Boeing 737-3L9 CFM56-3B2 (22lb) N313FL 26442 139,500 Frontier Airlines Apr-1992 18,163 17,274 Jan-2000 $22.40m $22.10m
Boeing 737-3U3 CFM56-3C1 (22lb) ZK-NGE 28733 139,500 Air New Zealand Nov-1997 2,466 838 Jan-2000 $28.50m $29.58m*
Boeing 737-3U3 CFM56-3C1 (22lb) N309FL 28734 139,500 Frontier Airlines Nov-1997 3,259 1,383 Jan-2000 $28.40m $29.30m*
Boeing 737-3M8Q CFM56-3B2 (22lb) F-GIXP 24021 135,000 L'Aeropostale Oct-1988 19,832 10,757 Jan-2000 $21.70m $22.27m
Boeing 737-405 CFM56-3C1 (23.5lb) OO-VEK 24270 149,910 Virgin Express May-1989 26,616 22,501 Jan-2000 $22.10m $22.09m
Boeing 737-405 CFM56-3C1 (23.5lb) OO-VEJ 24271 149,910 Sobelair May-1989 25,394 22,267 Jan-2000 $22.10m $22.50m
Boeing 737-4K5 CFM56-3C1 (23.5lb) EI-CUA 24901 149,940 Blue Panorama Apr-1990 34,482 12,589 Jan-2000 $24.40m $24.75m
Airlines
Boeing 737-4S3 CFM56-3C1 (22lb) SP-LLH 25594 150,000 LOT-Polish Jan-1992 24,074 11,889 Jan-2000 $25.00m $25.71m
Airlines
Boeing 737-4K5 CFM56-3C1 (23.5lb) D-AHLS 27074 149,940 Blue Panorama Apr-1992 28,413 10,124 Jan-2000 $26.10m $26.94m
Airlines
Boeing 737-505 CFM56-3C1 (20lb) LN-BRD 24651 136,000 Braathens Mar-1990 23,316 24,330 Jan-2000 $18.50m $19.59m
Boeing 737-58E CFM56-3C1 (20lb) HL7233 25768 115,500 Asiana Airlines Apr-1995 8,206 11,730 Jan-2000 $22.60m $21.88m
Boeing 737-505 CFM56-3C1 (20lb) G-GFFB 25789 127,500 British Airways Jan-1992 17,970 22,378 Jan-2000 $19.60m $20.88m
Boeing 737-505 CFM56-3C1 (20lb) B-2592 27153 133,500 Xiamen Airlines Aug-1993 16,364 13,791 Jan-2000 $21.60m $20.76m
Boeing 737-505 CFM56-3C1 (20lb) B-2593 27155 133,500 Xiamen Airlines Feb-1993 17,758 14,460 Jan-2000 $21.70m $20.49m
Boeing 757-231 PW2037 N718TW 28486 235,000 Trans World Apr-1999 1,610 563 Jan-2000 $44.30m $46.21m
Airlines
Fokker 100 RB183 Tay 650-15 PT-MRC 11320 98,500 TAM Brasil Mar-1991 22,748 23,892 Dec-1999 $11.60m $12.00m
Fokker 100 RB183 Tay 650-15 PT-MRD 11322 98,500 TAM Brasil Apr-1991 22,247 23,170 Dec-1999 $11.70m $11.49m
MD-82 JT8D-217C EC-GTO 49570 149,500 Spanair Dec-1987 28,786 23,800 Feb-2000 $14.30m $14.61m
MD-82 JT8D-219 OH-LMW 49905 149,500 Finnair Aug-1990 26,460 16,186 Feb-2000 $16.90m $15.96m
MD-82 JT8D-219 N821RA 49931 149,500 American Airlines Jul-1990 23,753 19,683 Feb-2000 $17.20m $16.23m
MD-82 JT8D-219 N822RA 49932 149,500 American Airlines Aug-1990 23,768 19,447 Feb-2000 $17.30m $16.54m
MD-82 JT8D-219 OH-LMH 53245 149,500 Finnair Feb-1992 22,849 14,028 Feb-2000 $18.70m $18.68m
</TABLE>
* excluded
