AIRPLANES Group
Report toCertificateholders
Allnumbers in US$unlessotherwise stated
Payment Date: 15October 2004.
Calculation Date: 8October 2004.
(i)ACCOUNT ACTIVITY SUMMARY (Between Calculation Dates)
| Prior Balance | Deposits | Withdrawals | Balance on Calculation Date | |
| 9-Sep-04 | 8-Oct-04 | |||
| Lessee Funded Account | 0.00 | 0.00 | (0.00) | 0.00 |
| Expense Account (note ii) | 3,654,555.45 | 8,351,523.99 | (6,992,154.06) | 5,013,925.38 |
| Collection Account (note iii) | 83,630,503.92 | 72,006,246.13 | (23,630,503.92) | 132,006,246.13 |
| - Miscellaneous Reserve | - | - | ||
| - Maintenance Reserve | 60,000,000.00 | 60,000,000.00 | ||
| - Security Deposit | - | - | ||
| - Other Collections (net of interim withdrawals) | 23,630,503.92 | 72,006,246.13 | ||
| Total | 87,285,059.37 | 80,357,770.12 | (30,622,657.98) | 137,020,171.51 |
(ii)ANALYSIS OF EXPENSE ACCOUNT ACTIVITY
| Balance on preceding Calculation Date (September 9, 2004) | 3,654,555.45 |
| Transfer from Collection Account (previous Payment Date) | 8,345,444.55 |
| Transfer from Collection Account (interim deposit) | 0.00 |
| Interest Earned during period | 6,079.44 |
| Payments during period between prior Calculation Date and the relevant Calculation Date: | |
| - Payments on previous Payment Date | (2,778,537.76) |
| - Other payments | (4,213,616.30) |
| Balance on relevant Calculation Date (October 8, 2004) | 5,013,925.38 |
(iii)ANALYSIS OF COLLECTION ACCOUNT ACTIVITY
| Balance on preceding Calculation Date (September 9, 2004) | 83,630,503.92 | Note 1: Collections include (a) proceeds received in respect of the sale of three MD11 aircraft ($39 million), three DC9-32 aircraft and two DC8-71F aircraft, and (b) $5,428,044 received from GE Capital under the Tax Sharing Agreement in respect of utilisation by GE Capital of tax losses of Airplanes Group US companies for the year ended 31 December 2003. |
| Collections during period (Note 1) | 72,006,246.13 | |
| Swap receipts (previous Payment Date) | 0.00 | |
| Transfer to Expense Account (previous Payment Date) | (8,345,444.55) | |
| Transfer to Expense Account (interim withdrawal) | 0.00 | |
| Net transfer to Lessee Funded Accounts | 0.00 | |
| Aggregate Certificate Payments (previous Payment Date) | (12,689,305.21) | |
| Swap payments (previous Payment Date) | (2,595,754.16) | |
| Balance on relevant Calculation Date (October 8, 2004) | 132,006,246.13 |
Page 1 of 5
AIRPLANES Group
Report toCertificateholders
Allnumbers in US$unlessotherwise stated
(iii)ANALYSIS OF COLLECTION ACCOUNT ACTIVITY (Cont'd)
| ANALYSIS OF CURRENT PAYMENT DATE DISTRIBUTIONS | |||
| Priority of Payments | |||
| (i) | Required Expense Amount | 12,000,000.00 | |
| (ii) | a) Class A Interest | 2,755,043.93 | |
| b) Swap Payments | 2,408,097.91 | ||
| (iii) | First Collection Account Top-up | 60,000,000.00 | |
| (iv) | Minimum Hedge Payment | 0.00 | |
| (v) | Class A Minimum Principal (Note 2) | 59,857,029.67 | |
| (vi) | Class B Interest | 0.00 | |
| (vii) | Class B Minimum Principal | 0.00 | |
| (viii) | Class C Interest | 0.00 | |
| (ix) | Class D Interest | 0.00 | |
| (x) | Second Collection Account Top-up | 0.00 | |
| (xi) | Class A Principal Adjustment Amount | 0.00 | |
| (xii) | Class C Scheduled Principal | 0.00 | |
| (xiii) | Class D Scheduled Principal | 0.00 | |
| (xiv) | Modification Payments | 0.00 | |
| (xv) | Soft Bullet Note Step-up Interest | 0.00 | |
| (xvi) | Class E Minimum Interest | 0.00 | |
| (xvii) | Supplemental Hedge Payment | 0.00 | |
| (xviii) | Class B Supplemental Principal | 0.00 | |
| (xix) | Class A Supplemental Principal | 0.00 | |
| (xx) | Class D Outstanding Principal | 0.00 | |
| (xxi) | Class C Outstanding Principal | 0.00 | |
| (xxii) | Class E Supplemental Interest | 0.00 | |
| (xxiii) | Class B Outstanding Principal | 0.00 | |
| (xxiv) | Class A Outstanding Principal | 0.00 | |
| (xxv) | Class E Accrued Unpaid Interest | 0.00 | |
| (xxvi) | Class E Outstanding Principal | 0.00 | |
| (xxvii) | Charitable Trust | 0.00 | |
| Total Payments with respect to Payment Date | 137,020,171.51 | ||
| Less Collection Account Top-Ups ((iii) and (x) above) | (60,000,000.00) | ||
| 77,020,171.51 | |||
Note 2:
The class A minimum principal amount arrears are $119,619,003.24 following the payment of $59,857,029.67 on October 15, 2004.
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AIRPLANES GroupReport toCertificateholders
Allnumbers in US$unlessotherwise stated
| (a) FLOATING RATE CERTIFICATES | A-6 | A-8 | A-9 | Class B |
| Applicable LIBOR | 1.76000% | 1.76000 | 1.76000% | 1.76000% |
| Applicable Margin | 0.34000% | 0.37500% | 0.55000% | 0.75000% |
| Applicable Interest Rate | 2.10000% | 2.13500% | 2.31000% | 2.51000% |
| Interest Amount Payable | ||||
| - Charge in current period on outstanding principal balance | 65,877.26 | 1,245,416.67 | 1,443,750.00 | 474,483.91 |
| - Charge in current period on interest arrears | N/A | N/A | N/A | 7,843.27 |
| - Accrued & unpaid interest from prior periods | N/A | N/A | N/A | 3,749,769.63 |
| 65,877.26 | 1,245,416.67 | 1,443,750.00 | 4,232,096.81 | |
| Interest Amount Payment | 65,877.26 | 1,245,416.67 | 1,443,750.00 | 0.00 |
| Step Up Interest Amount Payable (Note 3) | N/A | 303,542.54 | N/A | N/A |
| Opening Principal Balance | 37,644,148.79 | 700,000,000.00 | 750,000,000.00 | 226,844,897.35 |
| Minimum Principal Payment Amount | 37,644,148.79 | 22,212,880.88 | 0.00 | 0.00 |
| Adjusted Principal Payment Amount | 0.00 | 0.00 | 0.00 | 0.00 |
| Supplemental Principal Payment Amount | 0.00 | 0.00 | 0.00 | 0.00 |
| Total Principal Distribution Amount | 37,644,148.79 | 22,212,880.88 | 0.00 | 0.00 |
| Redemption Amount | ||||
| - amount allocable to principal | 0.00 | 0.00 | 0.00 | 0.00 |
| - premium allocable to premium | 0.00 | 0.00 | 0.00 | 0.00 |
| Outstanding Principal Balance (October 15, 2004) | 0.00 | 677,787,119.12 | 750,000,000.00 | 226,844,897.35 |
Note 3:
Step-upinterest onAirplanesGroup'ssubclass A-8 notes ispayable at point (xv) in thePriority ofPayments. To the extent that step-upinterest is not paid, it will accrue inaccordance with the terms of thesubclass A-8 notes.Availablecashflows were notsufficient to allowpayment of step-upinterest on anypayment day to date. Total step-upinterestaccrued and unpaid onAirplanesGroup'ssubclass A-8 notes atOctober 15, 2004 was $5,619,444.44. Interest on unpaid step-upinterest (alsopayable at point (xv) in thePriority ofPayments)accrued and unpaid atOctober 15, 2004 was $92,466.14.
Page 3 of 5
AIRPLANES Group
Report toCertificateholders
Allnumbers in US$unlessotherwise stated
| (b) FIXED RATE CERTIFICATES | Class C | Class D | ||||
| Applicable Interest Rate | 8.1500% | 10.8750% | ||||
| Interest Amount Payable | ||||||
| - Charge in current period on outstanding principal balance | 2,375,979.69 | 3,580,412.50 | ||||
| - Charge in current period on interest arrears | 166,390.84 | 338,032.29 | ||||
| - Accrued & unpaid interest from prior periods | 24,499,264.83 | 37,300,114.37 | ||||
| 27,041,635.36 | 41,218,559.16 | |||||
| Interest Amount Payment | 0.00 | 0.00 | ||||
| Opening Principal Balance | 349,837,500.00 | 395,080,000.00 | ||||
| Scheduled Principal Payment Amount | 0.00 | 0.00 | ||||
| Redemption Amount | 0.00 | 0.00 | ||||
| - amount allocable to principal | 0.00 | 0.00 | ||||
| - amount allocable to premium | 0.00 | 0.00 | ||||
| Actual Pool Factor | 0.9329000 | 0.9877000 | ||||
| Outstanding Principal Balance (October 15, 2004) | 349,837,500.00 | 395,080,000.00 | ||||
| Table of rescheduled Pool Factorsin the event of a partial redemption | n/a | n/a | |||
Page 4 of 5
AIRPLANES Group
Report toCertificateholders
Allnumbers in US$unlessotherwise stated
| A-6 | A-8 | A-9 | Class B | |
| Applicable LIBOR | 1.87000% | 1.87000% | 1.87000% | 1.87000% |
| Applicable Margin | 0.34000% | 0.37500% | 0.55000% | 0.75000% |
| Applicable Interest Rate | 2.21000% | 2.24500% | 2.42000% | 2.62000% |
| (a) | FLOATING RATE CERTIFICATES | ||||
| A-6 | A-8 | A-9 | Class B | ||
| Opening Principal Amount | 376.44 | 7,000.00 | 7,500.00 | 2,268.45 | |
| Total Principal Payments | (376.44) | (222.13) | 0.00 | 0.00 | |
| Closing Outstanding Principal Balance | 0.00 | 6,777.87 | 7,500.00 | 2,268.45 | |
| Total Interest Payment | 0.66 | 12.45 | 14.44 | 0.00 | |
| Total Premium | 0.00 | 0.00 | 0.00 | 0.00 | |
| (b) | FIXED RATE CERTIFICATES | ||
| Class C | Class D | ||
| Opening Principal Amount | 3,498.38 | 3,950.80 | |
| Total Principal Payments | 0.00 | 0.00 | |
| Outstanding Principal Balance | 3,498.38 | 3,950.80 | |
| Total Interest Payment | 0.00 | 0.00 | |
| Total Premium | 0.00 | 0.00 | |
Page 5 of 5
