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Morgan Stanley Aircraft Finance
Portfolio of 33 Aircraft
A Desktop Appraisal
February 2000
Prepared by The Aircraft Value Analysis Company
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The Aircraft Value Analysis Company has been requested by Morgan Stanley
Aircraft Finance to calculate the current market values of 32 aircraft and one
engine.
1. VALUATION ASSUMPTIONS
Specifications were provided for each of the 32 aircraft and single engine. Two
current values as of November 1999 are provided. The first assumes that the
aircraft are in the equivalent of half life condition. The second adjusted
current market value takes into account the hours and cycles of the aircraft and
the maintenance status where known. The quoted values are in millions of US
dollars.
2. DISCLAIMER & CONFIDENTIALITY
The figures quoted above are based on the econometric model constructed by The
Aircraft Value Analysis Company for the sole purpose of assessing the current
and future value of aircraft and major assemblies. Unless otherwise stated, it
is assumed that the aircraft is a single unit and is available for sale on a
willing seller, willing buyer basis. The information contained in this appraisal
has been prepared for the sole use of Morgan Stanley Aircraft Finance and is not
to be released to a third party without MSAFs prior consent. While every effort
has been made to ensure the accuracy of the data and figures contained in this
appraisal, The Aircraft Value Analysis Company bears no responsibility or
liability for any inaccuracies.
P.Leighton - Managing Director
2nd February 2000
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MORGAN STANLEY AIRCRAFT FINANCE
PREPARED BY THE AIRCRAFT VALUE ANALYSIS COMPANY - NOVEMBER 1999
MARKET VALUES AS OF NOVEMBER 30TH 1999 1/2 LIFE ADJUSTED
NO. TYPE ENGINE SERIAL NO DOM CURRENT VALUE CURRENT VALUE
1 A300-600R PW4158 555 Mar-90 39.1 39.05
2 A310-300 JT9D-7R4E1 409 Nov-85 16 15.2
3 A310-300 JT9D-7R4E1 410 Nov-85 16.3 15.55
4 A310-300 JT9D-7R4E1 437 Jan-87 22.3 21.8
5 A320-200 CFM56-5A3 279 Feb-92 28.8 29.5
6 A320-200 V2500-A1 393 Feb-93 29.4 30.17
7 A320-200 V2500-A1 414 May-93 29.5 30.45
8 A321-100 V2530-A5 597 May-96 39.9 39.6
9 B737-300 CFM56-3B2 24299 Nov-88 19.7 20.4
10 B737-300 CFM56-3B2 25161 Feb-92 23.5 24.9
11 B737-300 CFM56-3C1 26295 Dec-93 25.4 25.3
12 B737-300 CFM56-3C1 27635 May-95 27.2 26.2
13 B737-300F CFM56-3B2 23811 Sep-87 19.2 20.1
14 B737-300QC CFM56-3B2 23788 May-87 18.6 18.45
15 B737-400 CFM56-3C1 24234 Oct-88 20.3 21.6
16 B737-400 CFM56-3C1 25104 May-93 26.3 25.8
17 B737-400 CFM56-3C1 25371 Jan-92 25.4 25.45
18 B737-500 CFM56-3C1 25165 Apr-93 19.9 18.6
19 B747-300 CF6-80C2 24106 Apr-88 40 39.87
20 B757-200ER RB211-535E4 24260 Dec-88 30.5 32
21 B757-200ER RB211-535 24367 Feb-89 31.1 30.3
22 B757-200ER PW2037 26272 Mar-94 39 38.75
23 B767-200ER CF6-80A 23807 Aug-87 25.5 25.65
24 B767-300ER CF6-80C2B6 24798 Oct-90 46 48.7
25 B767-300ER CF6-80C2B6 26256 Apr-93 61.7 62.3
26 B767-300ER CF6-80C2B6 26260 Sep-94 65.8 66.4
27 CF6-80C2B6F - 704279 Jul-95 3.15 4.85
28 F70 TAY 620-15 11564 Dec-95 13 13.45
29 F70 TAY 620-15 11565 Feb-96 13.3 13.65
30 F70 TAY 620-15 11569 Mar-96 14.4 14.65
31 MD82 JT8D-219 49825 Mar-89 16.5 16.5
32 MD83 JT8D-219 49822 Dec-88 17.5 18.4
33 MD83 JT8D-219 49824 Mar-89 17.7 18.1
881.95 891.69
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