1
[AISI LETTERHEAD]
EXHIBIT 99.1
23 January 1998
Airplanes Limited
22 Grenville Street
St. Helier
Jersey
Airplanes U.S. Trust
1100 North Market Street
Rodney Square North
Wilmington, Delaware
USA
GPA Group plc
GPA House
Shannon
Ireland
Bankers Trust Company
4 Albany Street
New York, New York
USA
Morgan Stanley & Co. Incorporated
1585 Broadway
New York, New York
USA
Subject: Half Life and Adjusted Base and Current Market Value Opinion - 221
Aircraft.
AISI File number: A8S007BVO
Dear Sirs:
In response to your request, Aircraft Information Services, Inc. (AISI) is
pleased to offer our opinion to the above addressees of the half life and
adjusted base and current market values of the Fleet of Aircraft as identified
in Table I (the "Aircraft").
1. METHODOLOGY AND DEFINITIONS
The historical standard term of reference for commercial aircraft value has
been "half-life fair market value" of an "average" aircraft. However, "fair
market value" could mean a fair value in the given market or a value in a
hypothetical "fair" or balanced market, and the two
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23 January 1998
AISI File No. A8S007BVO
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definitions are not equivalent. Recently, the term 'base value' has been created
to describe the theoretical balanced market condition and to avoid the
potentially misleading term 'fair market value' which has now become synonymous
with the term 'current market value' or a 'fair' value in the actual current
market. AISI value definitions are consistent with those of the International
Society of Transport Aircraft Trading (ISTAT) of 01 January 1994; AISI is a
member of that organization and employs an ISTAT Certified Senior Aircraft
Appraiser.
AISI defines a 'base value' as that of a transaction between equally willing and
informed buyer and seller, neither under compulsion to buy or sell, for a single
unit cash transaction with no hidden value or liability, and with supply and
demand of the sale item roughly in balance. Base values are typically given for
aircraft in 'new' condition, 'average half-life' condition, or in a specifically
described condition unique to a single aircraft at a specific time. An 'average'
aircraft is an operable airworthy aircraft in average physical condition and
with average accumulated flight hours and cycles, with clear title and standard
unrestricted certificate of airworthiness, and registered in an authority which
does not represent a penalty to aircraft value or liquidity, with no damage
history and with inventory configuration and level of modification which is
normal for its intended use and age. AISI assumes average condition unless
otherwise specified in this report. 'Half-life' condition assumes that every
component or maintenance service which has a prescribed interval that determines
its service life, overhaul interval or interval between maintenance services, is
at a condition which is one-half of the total interval. It should be noted that
AISI and ISTAT value definitions apply to a transaction involving a single
aircraft, and that transactions involving more than one aircraft are often
executed at considerable and highly variable discounts to a single aircraft
price, for a variety of reasons relating to an individual buyer or seller.
AISI defines a 'current market value' or 'fair market value' as that value which
reflects the real market conditions, whether at, above or below the base value
conditions. Assumption of a single unit sale and definitions of aircraft
condition, buyer/seller qualifications and type of transaction remain unchanged
from that of base value. Current market value takes into consideration the
status of the economy in which the aircraft is used, the status of supply and
demand for the particular aircraft type, the value of recent transactions and
the opinions of informed buyers and sellers. Current market value assumes that
there is no short term time constraint to buy or sell.
AISI encourages the use of base values to consider historical trends, to
establish a consistent baseline for long term value comparisons and future value
considerations, or to consider how actual market values vary from theoretical
base values. Base values are less volatile than current market values and tend
to diminish regularly with time. Base values are normally inappropriate to
determine near term values. AISI encourages the use of current market values to
consider the probable near term value of an aircraft.
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23 January 1998
AISI File No. A8S007BVO
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AISI determines an 'adjusted market value' by determining the value of known
deviations from half-life condition, which may be better or worse than half-life
condition, and to account for better or worse than average physical condition,
and the inclusion of additional equipment, or absence of standard equipment. Our
opinion of the adjusted base values of the Aircraft are derived from information
and specifications supplied by GPA Group plc. No physical inspection of the
Aircraft or their essential records was made by AISI for the purposes of this
report.
2. VALUATION
Adjustments from half life have been applied based on the current maintenance
status of the Aircraft as indicated in the Aircraft General Specification sheets
supplied to AISI and in accordance with standard AISI methods. Adjustments are
calculated only where there is sufficient information to do so, or where
reasonable assumptions can be made.
With regard to airframe and gear maintenance, if no time between check/overhaul
(TBO) or time since check/overhaul (TSO) information was provided, and if the
total hours/cycles of the airframe do not exceed the TBO limits then the total
hours/cycles of the airframe were assumed to be the TSO. This was typical of
newer aircraft. If no information was provided and if the TSO could not be
calculated, then half life was assumed.
With regard to the engines, due to the lack of information provided, all engines
are considered to be in half life condition.
All hours and cycle information provided for airframe, C Check, D Check, gear
and engines have been projected from the Aircraft General Specification sheet
dates to 23 January 1998 based on a daily utilization factor calculated for each
aircraft.
It is our considered opinion that the half life and adjusted base and current
market values of the Aircraft are as follows in Table I subject to the
assumptions, definitions, and disclaimers herein.
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23 January 1998
AISI File No. A8S007BVO
Page -4-
Unless otherwise agreed by Aircraft Information Services, Inc. (AISI) in
writing, this report shall be for the sole use of the client/addressee. This
report is offered as a fair and unbiased assessment of the subject aircraft or
equipment. AISI has no past, present, or anticipated future interest in the
subject aircraft or equipment. The conclusions and opinions expressed in this
report are based on published information, information provided by others,
reasonable interpretations and calculations thereof and are given in good faith.
Such conclusions and opinions are judgments that reflect conditions and values
which are current at the time of this report. The values and conditions reported
upon are subject to any subsequent change. AISI shall not be liable to any party
for damages arising out of reliance or alleged reliance on this report, or for
any parties action or failure to act as a result of reliance or alleged reliance
on this report.
Sincerely,
AIRCRAFT INFORMATION SERVICES, INC.
[SIG]
Fred E. Bearden
President
FB/JDM/jm
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TABLE I - AISI FILE A8S007BVO
JANUARY 23, 1998
FLEET VALUATION - AIRPLANES FLEET
HALF LIFE HALF LIFE ADJUSTED ADJUSTED
DATE OF BASE VALUE CURRENT MARKET VALUE BASE VALUE CURRENT MARKET VALUE
SERIAL MANUFACTURE 1998 1998 1998 1998
NO AIRCRAFT NUMBER (MM/DD/YY) MTOW ENGINE US DOLLARS US DOLLARS US DOLLARS US DOLLARS
- ---- ---------- ------ ----------- -------- --------- ----------- -------------------- ----------- --------------------
1 A300-B4-100 9* 12/26/74 347,222 CF6-50C2 $5,100,000 $5,100,000 $5,100,000 $5,100,000
2 A300-B4-100 12 05/20/75 347,222 CF6-50C2 $5,620,000 $5,620,000 $6,250,000 $6,250,000
3 A300-B4-100 20 10/01/75 347,222 CF6-50C2 $5,620,000 $5,620,000 $6,340,000 $6,340,000
4 A300-B4-200 131 02/07/81 363,700 CF6-50C2 $10,120,000 $10,120,000 $11,440,000 $11,440,000
5 A300-B4-200 269 08/11/83 363,700 CF6-50C2 $11,580,000 $11,580,000 $11,630,000 $11,630,000
6 A300-C4-200 83* 05/01/79 363,700 CF6-50C2 $14,150,000 $14,150,000 $14,150,000 $14,150,000
7 A320-200 174 04/01/91 166,446 CFM56-5A1 $29,580,000 $29,600,000 $29,670,000 $29,690,000
8 A320-200 175 04/01/91 166,446 CFM56-5A1 $29,580,000 $29,600,000 $29,690,000 $29,710,000
9 A320-200 203 09/01/91 169,753 CFM56-5A3 $29,830,000 $29,850,000 $29,630,000 $29,650,000
10 A320-200 220 09/01/91 169,753 CFM56-5A3 $29,830,000 $29,850,000 $29,630,000 $29,650,000
11 A320-200 232 10/01/91 166,446 CFM56-5A1 $29,580,000 $29,600,000 $29,320,000 $29,340,000
12 A320-200 284 03/09/92 166,446 CFM56-5A1 $31,130,000 $30,980,000 $30,920,000 $30,770,000
13 A320-200 294 04/02/92 169,753 CFM56-5A3 $31,380,000 $31,230,000 $31,250,000 $31,100,000
14 A320-200 301* 04/22/92 166,446 CFM56-5A3 $31,280,000 $31,130,000 $31,280,000 $31,130,000
15 A320-200 309 05/13/92 166,446 CFM56-5A1 $31,130,000 $30,980,000 $30,950,000 $30,800,000
16 A320-200 348* 07/17/92 169,753 CFM56-5A1 $31,230,000 $31,080,000 $31,230,000 $31,080,000
17 A320-200 349 10/30/92 169,753 CFM56-5A3 $31,380,000 $31,230,000 $31,250,000 $31,100,000
18 A320-200 404 01/01/94 166,446 CFM56-5A1 $35,460,000 $34,930,000 $35,480,000 $34,950,000
19 ATR-42-300 109 10/14/88 37,257 PW120 $5,620,000 $5,320,000 $5,700,000 $5,400,000
20 ATR-42-300 113 11/18/88 36,800 PW120 $5,610,000 $5,310,000 $5,670,000 $5,370,000
21 ATR-42-300 249 06/01/91 37,257 PW120 $7,330,000 $6,940,000 $7,320,000 $6,930,000
22 ATR-42-300 284 01/01/92 36,800 PW121 $7,980,000 $7,560,000 $7,980,000 $7,560,000
23 B727-200A 21346 10/01/80 190,500 JT8D-17R $4,760,000 $5,260,000 $4,360,000 $4,860,000
24 B727-200A 21600 11/01/80 190,500 JT8D-17R $4,760,000 $5,260,000 $4,420,000 $4,920,000
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TABLE I - AISI FILE A8S007BVO
JANUARY 23, 1998
FLEET VALUATION - AIRPLANES FLEET
HALF LIFE HALF LIFE ADJUSTED ADJUSTED
DATE OF BASE VALUE CURRENT MARKET VALUE BASE VALUE CURRENT MARKET VALUE
SERIAL MANUFACTURE 1998 1998 1998 1998
NO AIRCRAFT NUMBER (MM/DD/YY) MTOW ENGINE US DOLLARS US DOLLARS US DOLLARS US DOLLARS
-- ---------- ------ ----------- ------ ------- ----------- -------------------- ----------- --------------------
25 B737-200A 20922 08/01/74 117,000 JT8D-9A $3,500,000 $3,930,000 $3,500,000 $3,930,000
26 B737-200A 20958 01/01/75 117,000 JT8D-9A $3,810,000 $4,260,000 $3,810,000 $4,260,000
27 B737-200A 20959 02/04/75 117,000 JT8D-9A $3,810,000 $4,260,000 $3,720,000 $4,170,000
28 B737-200A 21115 12/01/75 117,000 JT8D-9A $3,810,000 $4,260,000 $3,390,000 $3,840,000
29 B737-200A 21192 03/01/76 119,500 JT8D-17 $4,860,000 $5,320,000 $4,570,000 $5,030,000
30 B737-200A 21193 07/01/76 119,500 JT8D-17 $4,860,000 $5,320,000 $4,540,000 $5,000,000
31 B737-200A 21196 07/01/76 119,500 JT8D-17 $4,860,000 $5,320,000 $4,560,000 $5,020,000
32 B737-200A 21206 02/26/76 115,500 JT8D-17 $4,740,000 $5,200,000 $4,300,000 $4,760,000
33 B737-200A 21639 11/01/78 117,000 JT8D-9A $4,750,000 $5,250,000 $4,830,000 $5,330,000
34 B737-200A 21685 01/01/79 119,500 JT8D-17 $6,160,000 $7,030,000 $5,720,000 $6,590,000
35 B737-200A 21712 02/01/79 117,000 JT8D-9A $5,440,000 $6,310,000 $5,300,000 $6,170,000
36 B737-200A 21735 06/01/79 119,500 JT8D-15 $5,960,000 $6,830,000 $5,940,000 $6,810,000
37 B737-200A 21960 03/01/80 117,000 JT8D-15 $6,100,000 $6,990,000 $6,090,000 $6,980,000
38 B737-200A 22090 05/01/80 117,000 JT8D-15 $6,100,000 $6,990,000 $6,110,000 $7,000,000
39 B737-200A 22278 03/19/80 122,468 JT8D-15 $6,260,000 $7,150,000 $6,170,000 $7,060,000
40 B737-200A 22368 09/01/80 117,000 JT8D-15 $6,100,000 $6,990,000 $5,760,000 $6,650,000
41 B737-200A 22369 09/01/80 117,000 JT8D-15 $6,100,000 $6,990,000 $6,290,000 $7,180,000
42 B737-200A 22396 02/01/81 119,500 JT8D-15 $6,370,000 $7,300,000 $6,780,000 $7,710,000
43 B737-200A 22397 02/01/81 117,000 JT8D-15 $6,300,000 $7,230,000 $6,500,000 $7,430,000
44 B737-200A 22407 09/01/80 124,500 JT8D-17A $6,520,000 $7,410,000 $6,720,000 $7,610,000
45 B737-200A 22453 03/01/81 119,500 JT8D-15 $6,370,000 $7,300,000 $5,910,000 $6,840,000
46 B737-200A 22632 02/01/82 117,000 JT8D-15 $6,860,000 $7,460,000 $6,420,000 $7,020,000
47 B737-200A 22633 03/01/81 121,000 JT8D-15 $6,420,000 $7,350,000 $6,950,000 $7,880,000
48 B737-200A 22802 02/01/83 124,500 JT8D-17A $7,140,000 $8,110,000 $6,850,000 $7,820,000
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TABLE I - AISI FILE A8S007BVO
JANUARY 23, 1998
FLEET VALUATION - AIRPLANES FLEET
HALF LIFE HALF LIFE ADJUSTED ADJUSTED
DATE OF BASE VALUE CURRENT MARKET VALUE BASE VALUE CURRENT MARKET VALUE
SERIAL MANUFACTURE 1998 1998 1998 1998
NO AIRCRAFT NUMBER (MM/DD/YY) MTOW ENGINE US DOLLARS US DOLLARS US DOLLARS US DOLLARS
-- ---------- ------ ----------- ------- -------- ----------- -------------------- ----------- --------------------
49 B737-200A 22803 02/14/83 124,500 JT8D-17A $7,140,000 $8,110,000 $6,820,000 $7,790,000
50 B737-200A 22804 02/01/83 124,500 JT8D-17A $7,140,000 $8,110,000 $6,720,000 $7,690,000
51 B737-200A 22873 07/01/82 117,000 IT8D-9A $6,060,000 $7,010,000 $5,760,000 $6,710,000
52 B737-200A 22979 03/01/83 117,000 JT8D-15 $6,720,000 $7,690,000 $6,660,000 $7,630,000
53 B737-200A 23023 03/30/83 117,000 JT8D-17A $6,920,000 $7,890,000 $6,810,000 $7,780,000
54 B737-200A 23024 05/01/83 117,000 JT8D-17A $6,920,000 $7,890,000 $6,440,000 $7,410,000
55 B737-200QC 23065 10/15/83 124,500 JT8D-17A $8,290,000 $9,260,000 $7,910,000 $8,880,000
56 B737-200QC 23066 12/09/83 124,500 JT8D-17A $8,290,000 $9,260,000 $7,860,000 $8,830,000
57 B737-300 23177 04/01/86 135,000 CFM56-3B1 $20,200,000 $20,980,000 $20,440,000 $21,220,000
58 B737-300 23749 05/01/87 137,000 CFM56-3B2 $21,280,000 $22,150,000 $20,970,000 $21,840,000
59 B737-300 23923 04/01/88 138,500 CFM56-3B2 $22,130,000 $23,080,000 $22,210,000 $23,160,000
60 B737-300 24770 10/01/90 135,000 CFM56-3B1 $23,370,000 $24,500,000 $22,910,000 $24,040,000
61 B737-300 24905 02/01/91 130,000 CFM56-3C1 $24,370,000 $25,580,000 $24,300,000 $25,510,000
62 B737-300 24907 03/01/91 130,000 CFM56-3C1 $24,370,000 $25,580,000 $23,800,000 $25,010,000
63 B737-300 25179 02/12/92 138,500 CFM56-3C1 $25,600,000 $26,900,000 $25,340,000 $26,640,000
64 B737-300 25187 03/14/92 138,500 CFM56-3C1 $25,600,000 $26,900,000 $25,340,000 $26,640,000
65 B737-300 26852* 04/20/92 135,000 CFM56-3B2 $25,260,000 $26,560,000 $25,260,000 $26,560,000
66 B737-300QC 23499 06/01/86 135,000 CFM56-3B1 $23,200,000 $23,980,000 $23,200,000 $23,980,000
67 B737-300QC 23500 06/01/86 135,000 CFM56-3B1 $23,200,000 $23,980,000 $23,210,000 $23,990,000
68 B737-400 24345 06/01/89 138,500 CFM56-3C1 $25,400,000 $26,110,000 $25,050,000 $25,760,000
69 B737-400 24493 07/14/89 142,500 CFM56-3C1 $25,560,000 $26,270,000 $25,250,000 $25,960,000
70 B737-400 24520 01/16/90 142,500 CFM56-3C1 $26,360,000 $27,140,000 $25,820,000 $26,600,000
71 B737-400 24683 08/07/90 150,000 CFM56-3C1 $26,660,000 $27,440,000 $26,320,000 $27,100,000
72 B737-400 24684 04/01/90 150,000 CFM56-3C1 $26,660,000 $27,440,000 $26,190,000 $26,970,000
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TABLE I - AISI FILE A8S007BVO
JANUARY 23, 1998
FLEET VALUATION - AIRPLANES FLEET
HALF LIFE HALF LIFE ADJUSTED ADJUSTED
DATE OF BASE VALUE CURRENT MARKET VALUE BASE VALUE CURRENT MARKET VALUE
SERIAL MANUFACTURE 1998 1998 1998 1998
NO AIRCRAFT NUMBER (MM/DD/YY) MTOW ENGINE US DOLLARS US DOLLARS US DOLLARS US DOLLARS
-- -------- ------ ----------- ------- --------- ----------- -------------------- ------------ -------------------
73 B737-400 24687 05/25/90 150,000 CFM56-3C1 $26,660,000 $27,440,000 $26,960,000 $27,740,000
74 B737-400 24689 07/03/90 150,000 CFM56-3C1 $26,660,000 $27,440,000 $26,120,000 $26,900,000
75 B737-400 24690 07/01/90 150,000 CFM56-3C1 $26,660,000 $27,440,000 $26,120,000 $26,900,000
76 B737-400 24691 08/09/90 150,000 CFM56-3C1 $26,660,000 $27,440,000 $26,290,000 $27,070,000
77 B737-400 24906 04/01/91 142,500 CFM56-3C1 $27,210,000 $28,000,000 $26,990,000 $27,780,000
78 B737-400 24911 04/01/91 150,000 CFM56-3C1 $27,510,000 $28,300,000 $27,200,000 $27,990,000
79 B737-400 24912 06/14/91 142,500 CFM56-3C1 $27,210,000 $28,000,000 $26,880,000 $27,670,000
80 B737-400 24917 06/24/91 150,000 CFM56-3C1 $27,510,000 $28,300,000 $27,150,000 $27,940,000
81 B737-400 25180 01/21/92 150,000 CFM56-3C1 $28,460,000 $29,260,000 $28,160,000 $28,960,000
82 B737-400 25181 02/03/92 150,000 CFM56-3C1 $28,460,000 $29,260,000 $28,170,000 $28,970,000
83 B737-400 25184 03/02/92 150,000 CFM56-3C1 $28,460,000 $29,260,000 $28,180,000 $28,980,000
84 B737-400 25190 04/07/92 150,000 CFM56-3C1 $28,460,000 $29,260,000 $28,320,000 $29,120,000
85 B737-400 25261 04/09/92 150,000 CFM56-3C1 $28,460,000 $29,260,000 $29,190,000 $28,990,000
86 B737-400 26065 05/01/92 150,000 CFM56-3C1 $28,460,000 $29,260,000 $28,210,000 $29,010,000
87 B737-400 26069 11/02/92 150,000 CFM56-3C1 $28,460,000 $29,260,000 $28,220,000 $29,020,000
88 B737-400 26071 11/13/92 150,000 CFM56-3C1 $28,460,000 $29,260,000 $28,230,000 $29,030,000
89 B737-400 26081 03/10/93 150,000 CFM56-3C1 $29,610,000 $30,520,000 $29,270,000 $30,180,000
90 B737-500 24897 02/26/91 133,500 CFM56-3C1 $21,020,000 $22,470,000 $20,720,000 $22,170,000
91 B737-500 25182 02/03/92 133,500 CFM56-3C1 $21,870,000 $23,370,000 $21,670,000 $23,170,000
92 B737-500 25183 02/14/92 133,500 CFM56-3C1 $21,870,000 $23,370,000 $21,720,000 $23,220,000
93 B737-500 25185 02/18/92 133,500 CFM56-3C1 $21,870,000 $23,370,000 $21,550,000 $23,050,000
94 B737-500 25186 03/11/92 133,500 CFM56-3C1 $21,870,000 $23,370,000 $21,520,000 $23,020,000
95 B737-500 25188 03/12/92 133,500 CFM56-3C1 $21,870,000 $23,370,000 $21,610,000 $23,110,000
96 B737-500 25191 04/10/92 133,500 CFM56-3C1 $21,870,000 $23,370,000 $21,570,000 $23,070,000
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TABLE I - AISI FILE A8S007BVO
JANUARY 23, 1998
FLEET VALUATION - AIRPLANES FLEET
HALF LIFE HALF LIFE ADJUSTED ADJUSTED
DATE OF BASE VALUE CURRENT MARKET VALUE BASE VALUE CURRENT MARKET VALUE
SERIAL MANUFACTURE 1998 1998 1998 1998
NO AIRCRAFT NUMBER (MM/DD/YY) MTOW ENGINE US DOLLARS US DOLLARS US DOLLARS US DOLLARS
- -- -------- ------ ----------- ------ ------- ------------ -------------------- ------------ --------------------
97 B737-500 25192 04/14/92 133,500 CFM56-3C1 $21,870,000 $23,370,000 $21,550,000 $23,050,000
98 B737-500 25288 06/16/92 133,500 CFM56-3C1 $21,870,000 $23,370,000 $21,500,000 $23,000,000
99 B737-500 25289 06/12/92 133,500 CFM56-3C1 $21,870,000 $23,370,000 $21,500,000 $23,000,000
100 B737-500 26075 10/23/92 133,500 CFM56-3C1 $21,870,000 $23,370,000 $21,620,000 $23,120,000
101 B747-200F 21730 06/07/79 805,000 JT9D-7Q $36,040,000 $32,980,000 $35,080,000 $32,020,000
102 B757-200ER 26151 07/23/92 250,000 RB211-535E4 $46,630,000 $44,250,000 $46,640,000 $44,260,000
103 B757-200ER 26154 09/22/92 230,000 RB211-535E4 $45,730,000 $43,350,000 $45,250,000 $42,870,000
104 B757-200ER 26156 11/25/92 240,000 RB211-535E4 $46,180,000 $43,800,000 $46,200,000 $43,820,000
105 B767-200ER 25421 01/14/92 387,000 PW4056 $62,960,000 $55,990,000 $62,670,000 $55,700,000
106 B767-300ER 24948 07/19/91 407,000 PW4060 $67,190,000 $61,390,000 $67,220,000 $61,420,000
107 B767-300ER 25411 01/15/92 407,000 PW4060 $70,950,000 $65,140,000 $70,430,000 $64,620,000
108 B767-300ER 26200 09/01/92 407,000 PW4060 $70,950,000 $65,140,000 $70,390,000 $64,580,000
109 B767-300ER 26204 10/01/92 407,000 PW4060 $70,950,000 $65,140,000 $70,580,000 $64,770,000
110 DC8-71F 45810 05/07/67 328,000 CFM56-2C1 $15,690,000 $15,690,000 $15,750,000 $15,750,000
111 DC8-71F 45811 07/01/67 328,000 CFM56-2C1 $15,690,000 $15,690,000 $15,640,000 $15,640,000
112 DC8-71F 45813 01/26/67 328,000 CFM56-2C1 $15,690,000 $15,690,000 $15,880,000 $15,880,000
113 DC8-71F 45849 04/30/67 328,000 CFM56-2C1 $15,690,000 $15,690,000 $16,130,000 $16,130,000
114 DC8-71F 45941 12/23/67 328,000 CFM56-2C1 $15,690,000 $15,690,000 $15,300,000 $15,300,000
115 DC8-71F 45945 03/01/68 328,000 CFM56-2C1 $15,790,000 $15,790,000 $15,420,000 $15,420,000
116 DC8-71F 45946 03/14/68 328,000 CFM56-2C1 $15,790,000 $15,790,000 $15,790,000 $15,790,000
117 DC8-71F 45947 03/20/68 328,000 CFM56-2C1 $15,790,000 $15,790,000 $15,360,000 $15,360,000
118 DC8-71F 45970 03/29/68 328,000 CFM56-2C1 $15,790,000 $15,790,000 $15,810,000 $15,810,000
119 DC8-71F 45971 05/12/68 328,000 CFM56-2C1 $15,790,000 $15,790,000 $15,470,000 $15,470,000
120 DC8-71F 45973 05/20/68 328,000 CFM56-2C1 $15,790,000 $15,790,000 $15,710,000 $15,710,000
10
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TABLE I - AISI FILE A8S007BVO
JANUARY 23, 1998
FLEET VALUATION - AIRPLANES FLEET
HALF LIFE HALF LIFE ADJUSTED ADJUSTED
DATE OF BASE VALUE CURRENT MARKET VALUE BASE VALUE CURRENT MARKET VALUE
SERIAL MANUFACTURE 1998 1998 1998 1998
NO AIRCRAFT NUMBER (MM/DD/YY) MTOW ENGINE US DOLLARS US DOLLARS US DOLLARS US DOLLARS
- -- -------- ------ ----------- ------ ------ ----------- -------------------- ----------- --------------------
121 DC8-71F 45975 06/25/68 328,000 CFM56-2C1 $15,790,000 $15,790,000 $15,430,000 $15,430,000
122 DC8-71F 45976 07/26/68 328,000 CFM56-2C1 $15,790,000 $15,790,000 $16,040,000 $16,040,000
123 DC8-71F 45977 07/16/68 328,000 CFM56-2C1 $15,790,000 $15,790,000 $15,750,000 $15,750,000
124 DC8-71F 45978 07/31/68 328,000 CFM56-2C1 $15,790,000 $15,790,000 $15,870,000 $15,870,000
125 DC8-71F 45983 04/19/68 328,000 CFM56-2C1 $15,790,000 $15,790,000 $15,420,000 $15,420,000
126 DC8-71F 45993 08/06/68 328,000 CFM56-2C1 $15,790,000 $15,790,000 $15,860,000 $15,860,000
127 DC8-71F 45994 08/27/68 328,000 CFM56-2C1 $15,790,000 $15,790,000 $15,780,000 $15,780,000
128 DC8-71F 45996 10/01/68 328,000 CFM56-2C1 $15,790,000 $15,790,000 $15,300,000 $15,300,000
129 DC8-71F 45997 11/01/68 328,000 CFM56-2C1 $15,790,000 $15,790,000 $15,370,000 $15,370,000
130 DC8-71F 45998 10/22/68 328,000 CFM56-2C1 $15,790,000 $15,790,000 $15,410,000 $15,410,000
131 DC8-71F 46039 03/01/69 328,000 CFM56-2C1 $15,890,000 $15,890,000 $15,890,000 $15,890,000
132 DC8-71F 46065 06/04/69 328,000 CFM56-2C1 $15,890,000 $15,890,000 $15,820,000 $15,820,000
133 DC8-71F 46066 05/01/69 328,000 CFM56-2C1 $15,890,000 $15,890,000 $16,190,000 $16,190,000
134 DC8-73CF 46091 04/04/70 355,000 CFM56-2C1 $19,200,000 $19,200,000 $19,200,000 $19,200,000
135 DC9-14 45736 08/01/66 90,700 JT8D-7B $1,050,000 $1,050,000 $1,050,000 $1,050,000
136 DC9-14 45743 05/01/66 90,700 JT8D-7B $1,050,000 $1,050,000 $1,050,000 $1,050,000
137 DC9-15 45785 11/01/66 90,700 JT8D-7A $1,050,000 $1,050,000 $1,050,000 $1,050,000
138 DC9-15 45786 03/01/67 90,700 JT8D-7B $1,090,000 $1,090,000 $1,090,000 $1,090,000
139 DC9-15 47059 05/01/67 90,700 JT8D-7A $1,090,000 $1,090,000 $1,090,000 $1,090,000
140 DC9-15 47085 07/01/67 90,700 JT8D-7A $1,090,000 $1,090,000 $1,090,000 $1,090,000
141 DC9-15 47122 12/01/67 90,700 JT8D-7A $1,090,000 $1,090,000 $1,090,000 $1,090,000
142 DC9-15 47126 10/01/68 90,700 JT8D-7A $1,140,000 $1,140,000 $1,140,000 $1,140,000
143 DC9-32 48125 04/01/80 108,000 JT8D-17 $4,940,000 $5,290,000 $4,860,000 $5,210,000
144 DC9-32 48126 04/01/80 108,000 JT8D-17 $4,940,000 $5,290,000 $4,790,000 $5,140,000
11
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TABLE I - AISI FILE A8S007BVO
JANUARY 23, 1998
FLEET VALUATION - AIRPLANES FLEET
HALF LIFE HALF LIFE ADJUSTED ADJUSTED
DATE OF BASE VALUE CURRENT MARKET VALUE BASE VALUE CURRENT MARKET VALUE
SERIAL MANUFACTURE 1998 1998 1998 1998
NO AIRCRAFT NUMBER (MM/DD/YY) MTOW ENGINE US DOLLARS US DOLLARS US DOLLARS US DOLLARS
- -- -------- ------ ----------- ------ ------- ----------- -------------------- ----------- --------------------
145 DC9-32 48127 07/01/80 108,000 JT8D-17 $4,940,000 $5,290,000 $4,970,000 $5,320,000
146 DC9-32 48128 08/01/80 108,000 JT8D-17 $4,940,000 $5,290,000 $5,010,000 $5,360,000
147 DC9-32 48129 11/01/80 108,000 JT8D-17 $4,940,000 $5,290,000 $5,030,000 $5,380,000
148 DC9-32 48130 12/01/80 108,000 JT8D-17 $4,940,000 $5,290,000 $5,130,000 $5,480,000
149 DC9-51 47742 06/01/77 121,000 JT8D-17 $5,080,000 $5,450,000 $5,130,000 $5,500,000
150 DC9-51 47784 05/01/79 121,000 JT8D-17 $5,370,000 $5,750,000 $5,270,000 $5,650,000
151 DC9-51 47796 04/01/79 121,000 JT8D-17 $5,370,000 $5,750,000 $5,500,000 $5,880,000
152 DC9-51 48122 01/26/81 121,000 JT8D-17 $5,650,000 $6,050,000 $5,440,000 $5,840,000
153 DHC8-100 113 09/01/88 34,500 PW120-A $5,380,000 $4,300,000 $5,320,000 $4,240,000
154 DHC8-100 140 03/01/89 34,500 PW120-A $5,940,000 $4,750,000 $5,890,000 $4,700,000
155 DHC8-100 144 03/01/89 34,500 PW120-A $5,940,000 $4,750,000 $5,920,000 $4,730,000
156 DHC8-100 229 09/01/90 34,500 PW121 $6,500,000 $5,200,000 $6,520,000 $5,220,000
157 DHC8-100 258 01/01/91 34,500 PW121 $7,130,000 $5,700,000 $7,110,000 $5,680,000
158 DHC8-100 270 05/01/91 34,500 PW120-A $7,130,000 $5,700,000 $7,120,000 $5,690,000
159 DHC8-300 232 10/20/90 41,100 PW123 $8,250,000 $7,340,000 $8,240,000 $7,330,000
160 DHC8-300 244 12/01/90 41,000 PW123 $8,250,000 $7,340,000 $8,270,000 $7,360,000
161 DHC8-300 266 03/20/91 43,000 PW123 $9,360,000 $8,140,000 $9,340,000 $8,120,000
162 DHC8-300 267 04/04/91 43,000 PW123 $9,360,000 $8,140,000 $9,350,000 $8,130,000
163 DHC8-300 276 05/13/91 43,000 PW123 $9,360,000 $8,140,000 $9,350,000 $8,130,000
164 DHC8-300 283* 09/01/91 43,000 PW123 $9,360,000 $8,140,000 $9,360,000 $8,140,000
165 DHC8-300 293 10/01/91 43,000 PW123 $9,360,000 $8,140,000 $9,360,000 $8,140,000
166 DHC8-300 296 10/01/91 43,000 PW123 $9,360,000 $8,140,000 $9,340,000 $8,120,000
167 DHC8-300 298 06/30/91 43,000 PW123 $9,360,000 $8,140,000 $9,380,000 $8,160,000
168 DHC8-300 300 06/30/91 43,000 PW123 $9,360,000 $8,140,000 $9,400,000 $8,180,000
12
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TABLE I - AISI FILE A8S007BVO
JANUARY 23, 1998
FLEET VALUATION - AIRPLANES FLEET
HALF LIFE HALF LIFE ADJUSTED ADJUSTED
DATE OF BASE VALUE CURRENT MARKET VALUE BASE VALUE CURRENT MARKET VALUE
SERIAL MANUFACTURE 1998 1998 1998 1998
NO AIRCRAFT NUMBER (MM/DD/YY) MTOW ENGINE US DOLLARS US DOLLARS US DOLLARS US DOLLARS
- ---- -------- ------ ----------- ------ ------------ ----------- -------------------- ----------- ---------------------
169 DHC8-300 307 12/01/91 43,000 PW123 $9,360,000 $8,140,000 $9,410,000 $8,190,000
170 DHC8-300 334 10/08/92 43,000 PW123 $10,410,000 $8,880,000 $10,430,000 $8,900,000
171 DHC8-300 342 06/30/93 43,000 PW123 $11,460,000 $9,620,000 $11,480,000 $9,640,000
172 DHC8-300C 230 10/01/90 43,000 PW123 $9,310,000 $8,400,000 $9,290,000 $8,380,000
173 DHC8-300C 242 11/01/90 43,000 PW123 $9,310,000 $8,400,000 $9,330,000 $8,420,000
174 F100 11266 08/17/90 98,000 RB183MK650-15 $14,530,000 $13,400,000 $14,530,000 $13,400,000
175 F100 11284 07/31/90 98,000 RB183MK650-15 $14,530,000 $13,400,000 $14,640,000 $13,510,000
176 F100 11285 08/01/90 98,000 RB183MK650-15 $14,530,000 $13,400,000 $14,600,000 $13,470,000
177 F100 11304 02/27/91 98,000 RB183MK650-15 $15,250,000 $14,450,000 $15,090,000 $14,290,000
178 F100 11305 04/19/91 98,000 RB183MK650-15 $15,250,000 $14,450,000 $15,030,000 $14,230,000
179 F100 11309 05/16/91 98,000 RB183MK650-15 $15,250,000 $14,450,000 $14,910,000 $14,110,000
180 F100 11319 04/05/91 98,000 RB183MK650-15 $15,250,000 $14,450,000 $14,930,000 $14,130,000
181 F100 11336 06/05/91 98,000 RB183MK650-15 $15,250,000 $14,450,000 $15,080,000 $14,280,000
182 F100 11339 07/01/91 98,000 RB183MK650-15 $15,250,000 $14,450,000 $15,090,000 $14,290,000
183 F100 11347 10/01/91 98,000 RB183MK650-15 $15,250,000 $14,450,000 $15,200,000 $14,400,000
184 F100 11348 08/06/91 98,000 RB183MK650-15 $15,250,000 $14,450,000 $14,980,000 $14,180,000
185 F100 11371 12/19/91 98,000 RB183MK650-15 $15,250,000 $14,450,000 $15,500,000 $14,700,000
186 F100 11374 01/20/92 98,000 RB183MK650-15 $16,100,000 $15,600,000 $15,730,000 $15,230,000
187 F100 11375 12/01/92 98,000 RB183MK650-15 $16,100,000 $15,600,000 $15,770,000 $15,270,000
188 F100 11382 03/01/92 98,000 RB183MK650-15 $16,100,000 $15,600,000 $15,740,000 $15,240,000
189 F100 11384 03/01/92 98,000 RB183MK650-15 $16,100,000 $15,600,000 $15,750,000 $15,250,000
190 MD11 48499 12/31/91 618,000 CF6-80C2D1F $82,090,000 $74,660,000 $81,980,000 $74,550,000
191 MD11 48500 03/01/92 618,000 CF6-80C2D1F $86,300,000 $78,360,000 $86,560,000 $78,620,000
192 MD11 48501 09/01/92 618,000 CF6-80C2D1F $86,300,000 $78,360,000 $86,430,000 $78,490,000
13
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TABLE I - AISI FILE A8S007BVO
JANUARY 23, 1998
FLEET VALUATION - AIRPLANES FLEET
HALF LIFE HALF LIFE ADJUSTED ADJUSTED
DATE OF BASE VALUE CURRENT MARKET VALUE BASE VALUE CURRENT MARKET VALUE
SERIAL MANUFACTURE 1998 1998 1998 1998
NO AIRCRAFT NUMBER (MM/DD/YY) MTOW ENGINE US DOLLARS US DOLLARS US DOLLARS US DOLLARS
- ---- -------- ------ ----------- ------ ------- ----------- -------------------- ----------- -------------------
193 MD-82 49660 03/01/88 149,500 JT8D-217 $20,260,000 $18,000,000 $19,950,000 $17,690,000
194 MD-82 49667 01/21/88 149,500 JT8D-217A $20,260,000 $18,000,000 $19,950,000 $17,690,000
195 MD-83 49390 04/01/86 160,000 JT8D-219 $20,520,000 $17,900,000 $20,840,000 $18,220,000
196 MD-83 49442 04/29/87 160,000 JT8D-219 $21,370,000 $18,700,000 $21,640,000 $18,970,000
197 MD-83 49575 10/01/87 160,000 JT8D-219 $21,370,000 $18,700,000 $21,350,000 $18,680,000
198 MD-83 49620 07/01/88 160,000 JT8D-219 $22,220,000 $19,500,000 $22,030,000 $19,310,000
199 MD-83 49624 08/01/88 160,000 JT8D-219 $22,220,000 $19,500,000 $21,930,000 $19,210,000
200 MD-83 49626 10/22/88 160,000 JT8D-219 $22,220,000 $19,500,000 $21,840,000 $19,120,000
201 MD-83 49631 06/01/89 160,000 JT8D-219 $23,070,000 $20,300,000 $22,790,000 $20,020,000
202 MD-83 49672 07/01/88 160,000 JT8D-219 $22,220,000 $19,500,000 $22,170,000 $19,450,000
203 MD-83 49709 12/01/88 160,000 JT8D-219 $22,220,000 $19,500,000 $21,900,000 $19,180,000
204 MD-83 49789 09/23/89 160,000 JT8D-219 $23,070,000 $20,300,000 $22,900,000 $20,130,000
205 MD-83 49792 11/01/89 160,000 JT8D-219 $23,070,000 $20,300,000 $22,730,000 $19,960,000
206 MD-83 49935 09/26/90 160,000 JT8D-219 $24,030,000 $21,100,000 $23,580,000 $20,650,000
207 MD-83 49936 10/06/90 160,000 JT8D-219 $24,030,000 $21,100,000 $23,640,000 $20,710,000
208 MD-83 49938 12/01/90 160,000 JT8D-219 $24,030,000 $21,100,000 $23,630,000 $20,700,000
209 MD-83 49939 10/26/90 160,000 JT8D-219 $24,030,000 $21,100,000 $23,750,000 $20,820,000
210 MD-83 49941 12/01/90 160,000 JT8D-219 $24,030,000 $21,100,000 $23,730,000 $20,800,000
211 MD-83 49943 07/01/91 160,000 JT8D-219 $24,780,000 $21,900,000 $24,590,000 $21,710,000
212 MD-83 49946 07/18/91 160,000 JT8D-219 $24,780,000 $21,900,000 $24,730,000 $21,850,000
213 MD-83 49949 08/05/91 160,000 JT8D-219 $24,780,000 $21,900,000 $24,560,000 $21,680,000
214 MD-83 49950 11/01/91 160,000 JT8D-219 $24,780,000 $21,900,000 $24,660,000 $21,780,000
215 MD-83 49951 08/25/91 160,000 JT8D-219 $24,780,000 $21,900,000 $24,480,000 $21,600,000
216 MD-83 53120 07/29/92 160,000 JT8D-219 $25,770,000 $22,800,000 $25,660,000 $22,690,000
14
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TABLE I - AISI FILE A8S007BVO
JANUARY 23, 1998
FLEET VALUATION - AIRPLANES FLEET
HALF LIFE HALF LIFE ADJUSTED ADJUSTED
DATE OF BASE VALUE CURRENT MARKET VALUE BASE VALUE CURRENT MARKET VALUE
SERIAL MANUFACTURE 1998 1998 1998 1998
NO AIRCRAFT NUMBER (MM/DD/YY) MTOW ENGINE US DOLLARS US DOLLARS US DOLLARS US DOLLARS
- -- -------- ------ ----------- ------- --------- -------------- -------------------- --------------- --------------------
217 MD-83 53125 04/02/92 160,000 JT8D-219 $25,770,000 $22,800,000 $25,550,000 $22,580,000
218 MD-87 49673 12/01/88 149,000 JT8D-219 $16,810,000 $15,760,000 $16,650,000 $15,600,000
219 METRO III 705 08/01/88 16,000 TPE331-11 $1,820,000 $1,820,000 $1,820,000 $1,820,000
220 METRO III 711 03/01/88 16,000 TPE331-11 $1,820,000 $1,820,000 $1,810,000 $1,810,000
221 METRO III 712 06/01/88 16,000 TPE331-11 $1,820,000 $1,820,000 $1,820,000 $1,820,000
-------------- -------------- -------------- --------------
Totals: $4,009,060,000 $3,909,120,000 $3,980,430,000 $3,880,490,000
============== ============== ============== ==============
Note: Aircraft Data Sheets were unavailable.
15
[AISI LETTERHEAD]
AIRPLANES LIMITED
22 GRENVILLE STREET
ST. HELIER
JERSEY
AIRPLANES U.S. TRUST
1100 NORTH MARKET STREET
RODNEY SQUARE NORTH
WILMINGTON, DELAWARE
USA
GPA GROUP PLC
GPA HOUSE
SHANNON
IRELAND
BANKERS TRUST COMPANY
4 ALBANY STREET
NEW YORK, NEW YORK
USA
MORGAN STANLEY & CO. INCORPORATED
1585 BROADWAY
NEW YORK, NEW YORK
USA
________________________________________________________________________________
HALF LIFE AND ADJUSTED BASE AND CURRENT MARKET VALUE OPINION
221 AIRCRAFT - AIRPLANES FLEET
AISI FILE NO.: A8S007BVO
DATE: 23 JANUARY 1998
[AISI LETTERFOOT]