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                               BK Associates, Inc.


Morgan Stanley Aircraft Finance
C/o Wilmington Trust Company
1100 North Market Street
Rodney Square North
Wilmington, DE 19890
USA



                                                         Date: February 25, 2000



Dear Sirs,

         We refer to our report addressed to Morgan Stanley Aircraft Finance
dated November 30, 1999 containing our appraisal of a portfolio of 32 aircraft
and one engine (the "Appraisal") and to the filing of a Report on Form 10-K with
the Securities and Exchange Commission. We hereby consent to the references to
our firm in the Form 10-K and to the inclusion in the Form 10-K of the Appraisal
Values.



                                             Yours faithfully,

                                             BK Associates, Inc.

                                             /s/ R. Britton

                                             By:      R.L.Britton
                                             Title:   Vice President
                                                      ISTAT Certified Appraiser


                                             Date: February 25, 2000