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Exhibit 99.5
BK ASSOCIATES, INC.
1295 NORTHERN BOULEVARD
MANHASSET, NEW YORK 11030
(516) 365-6272 O FAX (516) 365-6287
May 15, 2001
Lease Investment Flight Trust
c/o Wilmington Trust Company
1100 North Market Street
Rodney Square North
Wilmington, DE 19890
Gentlemen:
In response to your request, BK Associates, Inc. is pleased to provide
this opinion of the Base Values as of December 31, 2000 on each of 39 commercial
jet transport aircraft (the "Aircraft"), which comprise the Lease Investment
Flight Trust ("LIFT"). The Aircraft are further identified in the attached
Figure I by type, serial number, date of manufacture and engine model.
Set forth below is a summary of the methodology, considerations and
assumptions utilized in this appraisal.
BASE VALUE
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 future 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.
VALUE METHODOLOGY
As the definition suggests, Base Value is determined from historic and
future value trends and is not influenced by current market conditions. It is
often determined as a function of the original cost of the aircraft, technical
characteristics of competing aircraft, and development of new models. BK
Associates has determined from analysis of historic data, a relationship between
aircraft age and its value as a percentage of original value for the average
aircraft. These data form the basis for base value and forecast value
determinations but must be adjusted to reflect the value of engine and gross
weight options and other features of the aircraft.
Our maintenance adjusted Base Values include appropriate financial
adjustments based on our interpretation of the maintenance status data provided
by GE Capital Aviation Services ("GECAS").
LIMITING CONDITIONS AND ASSUMPTIONS
BK has not inspected the Aircraft nor their maintenance records but
relied upon information supplied by GECAS and from BK's own database. In
determining our values, the following assumptions apply to the aircraft:
1. Our maintenance adjustments are approximate, based on industry
average costs, and normally include an adjustment for the time
remaining to a "C" check, time remaining to a "D" check, time remaining
to landing gear overhaul and time remaining to a heavy shop visit on
engines. Instances where insufficient data was available we assumed a
half-time condition existed, and instances where engines were reported
at a repair facility we valued that engine as fresh or zero-time since
overhaul.
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2. The aircraft is in compliance with a civil airworthiness authority
approved airline maintenance program, with all airworthiness
directives, mandatory modifications and applicable service bulletins
currently up to industry standard.
3. The interior of the aircraft is in a standard configuration for its
specific type, with the buyer furnished equipment and options of the
types and models generally accepted and utilized in the industry.
4. The aircraft is in current flight operations.
5. The aircraft is sold for cash without seller financing.
6. The aircraft is in average or better condition.
7. No accident damage has been incurred that would affect market
values.
CONCLUSIONS
Based on the above methodology, considerations and assumptions, it is
our opinion that the current base value in U.S. dollars of each aircraft as of
December 31, 2000, including appropriate financial adjustments considering the
maintenance status of the Aircraft, is as shown in Figure I attached hereto.
BK Associates, Inc. has no present or contemplated future interest in
the Aircraft, nor any interest that would preclude our making a fair and
unbiased estimate. This appraisal represents the opinion of BK Associates, Inc.
and reflects our best judgment based on the information available to us at the
time of preparation and the time and budget constraints imposed by the client.
It is not given as a recommendation, or as an inducement, for any financial
transaction and further, BK Associates, Inc. assumes no responsibility or legal
liability for any action taken or not taken by the addressee, or any other
party, with regard to the appraised equipment. By accepting this appraisal, the
addressee agrees that BK Associates, Inc. shall bear no such responsibility or
legal liability. This appraisal is prepared for the use of the addressee and
shall not be provided to other parties without the express consent of the
addressee.
Sincerely yours,
BK ASSOCIATES, INC.
R. L. Britton
Vice President
ISTAT Senior Certified Appraiser
RLB/kf
Attachment
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FIGURE I
LEASE INVESTMENT FLIGHT TRUST ("LIFT")
AIRCRAFT PORTFOLIO
AS OF DECEMBER 31, 2000
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MAINTENANCE
ADJUSTED
AIRCRAFT SERIAL MGF. BASE VALUE
NO. TYPE NUMBER DATE ENGINE TYPE ($MIL)
--- ---- ------ ---- ----------- ------
1 A320-200 879 Dec-98 CFM56-5B4 39.760
2 A320-200 1093 Oct-99 CFM56-5B4 41.690
3 A320-200 1108 Nov-99 CFM56-5B4 41.910
4 A320-200 1152 Feb-00 CFM56-5B4 43.160
5 B737-300 23376 Nov-86 CFM56-3B2 16.540
6 B737-300 23384 Aug-87 CFM56-3B2 16.250
7 B737-300 28671 Nov-97 CFM56-3C1 31.240
8 B737-300 28672 Jan-98 CFM56-3C1 32.970
9 B737-300 29338 Jul-99 CFM56-3C1 34.670
10 B737-300 28673 Feb-98 CFM56-3C1 31.850
11 B737-300 28602 Sep-99 CFM56-3C1 34.920
12 B737-300 28606 Oct-99 CFM56-3C1 35.140
13 B737-300 28570 Mar-98 CFM56-3C1 32.320
14 B737-300 28569 Feb-98 CFM56-3C1 32.160
15 B737-400 24469 Jul-89 CFM56-3C1 22.810
16 B737-400 24512 Sep-89 CFM56-3C1 22.130
17 B737-500 28565 Nov-97 CFM56-3C1 26.500
18 B737-700 28584 Dec-98 CFM56-7B24 35.130
19 B737-700 28609 Nov-99 CFM56-7B24 37.340
20 B737-800 28591 Apr-99 CFM56-7B26 40.300
21 B737-800 28592 May-99 CFM56-7B26 40.700
22 B737-800 28628 Jun-00 CFM56-7B26 42.780
23 B747-400 28427 Mar-98 PW4056 141.040
24 B767-300ER 30112 Sep-99 CF6-80C2B6F 83.490
25 B767-300ER 26208 Sep-94 PW4060 64.440
26 B767-300ER 29618 May-00 CF6-80C2B7F 87.100
27 B767-300ER 30108 Nov-99 CF6-80C2B7F 85.230
28 B767-300ER 30110 Dec-99 CF6-80C2B7F 85.580
29 MD11F 48523 Jun-92 PW4460 74.860
30 MD82 49501 Oct-87 JT8D-217A 16.710
31 MD82 49509 Aug-89 JT8D-217A 18.460
32 MD82 49513 Apr-90 JT8D-217A 18.290
33 MD82 49515 Oct-90 JT8D-217A 17.940
34 MD82 53147 Aug-93 JT8D-217C 22.700
35 MD82 49519 Dec-90 JT8D-217A 19.920
36 MD82 49419 Aug-87 JT8D-217A 15.250
37 MD82 49511 Mar-90 JT8D-217A 17.810
38 MD82 49507 Nov-87 JT8D-217A 16.590
39 MD83 49578 Mar-88 JT8D-219 18.030
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TOTAL................................................................................... 1535.710
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