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[AIRCLAIMS LETTERHEAD]
EXHIBIT 99.3
Our Ref: 97454/AIRP0198/CMV/BV/Ep/kw
Airplanes Limited 21st January, 1998
22 Grenville Street
St Helier
Jersey
GPA Group plc
GPA House
Shannon
Ireland
Attention: Mr Gerard Hastings
Financial Accountant
Dear Sirs,
- AIRPLANES GROUP PORTFOLIO VALUATION -
BASE VALUATION AND CURRENT MARKET VALUATION
AS AT 23rd JANUARY, 1998
Further to instructions of Mr Gerard Hastings, Financial Accountant GPA Group,
we are pleased to be able to provide our opinion of the adjusted 'Base Value'
and 'Current Market Value' of each aircraft in the portfolio of GPA ATR, as
indicated in the attached table, referenced 97454/AIRP0198/BV/CMV. Our
valuation is based on the portfolio details as provided by GPA in October and
November 1997. The point of valuation is 23rd January, 1998.
Airclaims' valuation of the portfolio takes into account data supplied in the
past by GPA, as well as updated information made available in October and
November 1997, regarding the specification of the subject aircraft, including
their type and variants, years of build, engine types and variants, accumulated
airframe and engine hours and cycles, and serial/line number (where relevant).
Information has also been provided in many cases concerning the airframe and
engine maintenance status, and, where possible this has been interpreted or
extrapolated and our value opinion adjusted accordingly.
We have additionally referred to the data held in the Airclaims CASE Aviation
Database to supplement the data required for the valuation, including
cumulative airframe hours and cycles and have assumed that, unless otherwise
advised, each aircraft is a typical example of its type, model and age, and is
generally in good condition, with all airworthiness directives and significant
service bulletins complied with.
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As requested by GPA, we have provided our value opinion under BASE VALUE and
CURRENT MARKET VALUE scenarios. Airclaims believes it to be very important that
value definitions are understood by all parties and that such values are always
considered in conjunction with their definitions.
BASE VALUE (TO ISTAT DEFINITION)
The Base Values presented in the attached table are based on the definitions as
outlined by the International Society of Transport Aircraft Trading (ISTAT).
ISTAT's definition of Base Value equates in principle to the previously used
appraisal term, Fair Market Value.
The ISTAT definition is as follows:
A 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 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.
In most cases, the BASE VALUE of an aircraft assumes its physical condition is
average for an aircraft of its type and age, and its maintenance time status is
at mid-life, mid-time (or benefiting from an above average maintenance status if
it is new or nearly new, as the case may be).
In this instance, all the Base Values pertaining to the fleet have been adjusted
for maintenance status where available and appropriate.
CURRENT MARKET VALUE
In Airclaims' considered opinion the CURRENT MARKET VALUE represents that which
the aircraft could best achieve under current (i.e. today's) market conditions.
Under this scenario each value is intended to reflect what might be expected
from the result of an 'arms length, single sale' transaction conducted in an
orderly manner (for which we consider a period of up to 12 months to come to
fruition to be reasonable) between a 'willing buyer and willing seller'. The
value assumes that each aircraft is free of lease or charge, and free of any
onerous restrictions in respect of its ownership and title documentation.
- --------------------------------------------------------------------------------
GPA Group Plc
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[AIRCLAIMS LETTERHEAD]
As part of our valuation process, we have taken into account recent market
activity covering open market, financial and lessor based sales, the perceived
demand for the types, their current market acceptability and availability, and
have considered the views of informed industry sources.
Further to the above we have also taken account of the data available to us
regarding the specification of the subject aircraft, and their accumulated
airframe hours and cycles. We have also assumed that the aircraft are in good
condition with all Airworthiness Directives (ADs) and significant Service
Bulletins (SBs) complied with.
In this instance, the Current Market Value of each aircraft assumes its
physical condition is average for an aircraft of its type and age, but has been
adjusted to reflect the actual utilisation and given maintenance status of
airframe, engines and undercarriage where possible (the "Adjusted Current
Market Value") as well as under assumed "half-life" condition.
The Current Market Value also assumes that each Aircraft is under a maintenance
programme of international airworthiness standards approved by a civil aviation
authority, with all airworthiness directives (ADs) and manufacturers service
bulletins (SBs) performed in compliance with air carrier rules and regulations.
No physical inspection of the subject aircraft has been undertaken by Airclaims
in conjunction with this assignment, and no attempt made to verify the
information available to us, which is therefore assumed to be correct as given.
Abbreviations used on the tabulated valuation pages include:
Type Aircraft type, model and variant
Eng. Engine Type and Variant
MSN Manufacturers Serial Number
REGN Registration
MTOW Maximum Take-Off Weight
ADJ CMV Adjusted Current Market Value
H-L CMV Half-Life Current Market Value
ADJ BV Adjusted Base Value
H-L BV Half Life Base Value
Whilst the tabulated values are given as single figures, it must be borne in
mind that the determination of such values involves a multiplicity of
variables, and that some variation in perceived values must be expected, due to
for example, any potential inaccuracies in the data provided, and also because
the aircraft have been valued "sight unseen". In this case we consider that a
tolerance of +/- 4% may reasonably apply to the aforementioned calculated
values.
________________________________________________________________________________
97454/CMV/BV/EP/kw GPA Group Plc
06/02/1998 Page 3
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[AIRCLAIMS LETTERHEAD]
Please note that valuations given by Airclaims are valid only as at the date of
issue. Subsequent to that date there may be alterations in the world aviation
market, or in the status and physical condition of the subject aircraft or
other general factors that may affect Airclaims' valuation opinion.
I trust the foregoing is satisfactory and to your requirements.
Yours faithfully,
/s/ Edward Pieniazek
- --------------------------------------------
EDWARD PIENIAZEK
Director, Consultancy & Information Services
Encl.
________________________________________________________________________________
97454/CMV/BV/EP/kw GPA Group Plc
06/02/1998 Page 4
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AIRCLAIMS LTD
BASE & CURRENT MARKET VALUES OF THE AIRPLANES GROUP PORTFOLIO
SPECIFICATION/VALUES AS AT 23RD JANUARY 1998
MARKET VALUES BASE VALUES
AIRFRAME ------------- -----------
BUILD MTOW -------------- ADJ H-L ADJ H-L
TYPE ENG. MSN REGN DATE OPERATOR (LB) HOURS CYCLES AS AT CMV CMV BV BV
---- ---- --- ---- ----- -------- ---- ----- ------ ----- --- --- --- ---
1 A300B4-100 CF6-50C2R 9 RP-C8881 Dec-74 OFF LEASE 338,987 38,131 21,249 31-Oct-97 $4.25m $4.25m $3.25m $3.25m
2 A300B4-100 CF6-50C2R 12 EI-TLB May-75 TRANSAER 347,222 47,601 23,997 31-Oct-97 $4.55m $4.25m $3.55m $3.25m
3 A300B4-100 CF6-50C2R 20 EI-CJK Oct-75 TRANSAER 347,222 40,260 21,847 31-Oct-97 $5.13m $4.25m $4.13m $3.25m
4 A300B4-200 CF6-50C2 131 6Y-JMK Dec-80 OFF LEASE 363,760 31,571 18,322 31-Oct-97 $10.30m $9.20m $9.19m $8.09m
5 A300B4-200 CF6-50C2 269 AP-BEL Aug-83 PIA 363,760 31,385 15,952 31-Oct-97 $9.93m $9.85m $9.51m $9.43m
6 A300C4-200 CF6-50C2 83 EI-BZB May-79 OFF LEASE 363,760 34,057 19,670 31-Oct-97 $14.00m $14.00m $15.59m $15.59m
7 A320-200 CFM56-5A1 174 C-GPWG Feb-91 CANADIAN 166,447 23,187 8,437 31-Oct-97 $31.16m $30.77m $30.22m $29.83m
8 A320-200 CFM56-5A1 175 C-FPWE Feb-91 CANADIAN 166,447 23,319 8,568 31-Oct-97 $31.06m $30.72m $30.13m $29.78m
9 A320-200 CFM56-5A3 203 F-GLGG May-91 AIR CHARTER 166,447 15,765 9,721 31-Oct-97 $29.53m $30.87m $28.60m $29.93m
10 A320-200 CFM56-5A3 220 F-GLGH Jun-91 AIR CHARTER 166,447 15,088 9,422 31-Oct-97 $30.23m $31.27m $29.29m $30.33m
11 A320-200 CFM56-5A1 232 C-FDCA Jul-91 CANADIAN 166,447 21,769 8,165 31-Oct-97 $31.67m $31.17m $30.74m $30.23m
12 A320-200 CFM56-5A1 284 C-FLSS Dec-91 CANADIAN 166,447 20,441 7,623 31-Oct-97 $31.67m $32.07m $30.73m $31.13m
13 A320-200 CFM56-5A3 294 OY-CNP Jan-92 PREMIAIR 166,447 19,596 7,333 31-Oct-97 $32.58m $32.17m $31.54m $31.13m
14 A320-200 CFM56-5A3 301 OY-CNM Feb-92 PREMIAIR 166,447 19,696 7,240 31-Oct-97 $32.17m $32.17m $31.13m $31.13m
15 A320-200 CFM56-5A1 309 C-FLSU Feb-92 CANADIAN 162,067 19,912 7,477 31-Oct-97 $31.43m $31.90m $30.39m $30.86m
16 A320-200 CFM56-5A1 348 F-GLGE Jun-92 AIR CHARTER 162,067 12,151 4,526 31-Oct-97 $32.85m $32.85m $31.81m $31.81m
17 A320-200 CFM56-5A3 349 OY-CNR Jun-92 PREMIAIR 166,447 17,832 6,453 31-Oct-97 $32.98m $32.87m $31.94m $31.83m
18 A320-200 CFM56-5A3 404 C-FNVV Jan-93 CANADIAN 162,067 14,120 5,263 31-Oct-97 $33.34m $33.60m $32.20m $32.46m
19 ATR42-300 PW120 109 G-BUPS Aug-88 TITAN AIRWAYS 36,825 15,829 15,221 31-Aug-97 $5.08m $5.10m $5.24m $5.26m
20 ATR42-310 PW120 113 G-ZAPJ Oct-88 TITAN AIRWAYS 36,825 12,639 12,885 31-Aug-97 $5.19m $5.30m $5.34m $5.46m
21 ATR42-310 PW120 249 N249AT May-91 AMR-SIMMONS 36,825 13,303 16,724 31-Aug-97 $6.37m $6.50m $6.52m $6.65m
22 ATR42-320 PW120 284 HK-3684X Dec-91 ACES COLOMBIA 36,825 13,143 21,668 31-Aug-97 $6.90m $6.75m $7.05m $6.90m
97454/AIRP0198/BV/CMV 20/01/1998
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AIRCLAIMS LTD
BASE & CURRENT MARKET VALUES OF THE AIRPLANES GROUP PORTFOLIO
SPECIFICATION/VALUES AS AT 23RD JANUARY 1998
MARKET VALUES BASE VALUES
AIRFRAME ------------- -----------
BUILD MTOW -------------- ADJ H-L ADJ H-L
TYPE ENG. MSN REGN DATE OPERATOR (LB) HOURS CYCLES AS AT CMV CMV BV BV
---- ---- --- ---- ----- -------- ---- ----- ------ ----- --- --- --- ---
23 B727-200Adv. JT8D-17R 21346 XA-MXI Sep-80 MEXICANA 190,500 42,822 35,496 30-Sep-97 $4.31m $4.70m $2.95m $3.34m
24 B727-200Adv. JT8D-17R 21600 XA-MXJ Oct-80 MEXICANA 190,500 43,405 36,230 30-Sep-97 $4.11m $4.70m $2.76m $3.34m
25 B737-200Adv. JT8D-9A 20922 C-GAPW Aug-74 CANADIAN 117,000 64,470 69,813 30-Sep-97 $3.50m $4.00m $2.49m $2.99m
26 B737-200Adv. JT8D-9A 20958 C-GBPW Dec-74 AMERICA WEST 117,000 62,860 69,522 30-Sep-97 $4.01m $4.00m $3.00m $2.99m
27 B737-200Adv. JT8D-9A 20959 N126AW Jan-75 AMERICA WEST 117,000 64,119 68,025 30-Sep-97 $3.58m $4.25m $2.52m $3.20m
28 B737-200Adv. JT8D-9A 21115 C-GEPW Oct-75 CANADIAN 117,000 55,498 62,955 30-Sep-97 $3.35m $4.25m $2.30m $3.20m
29 B737-200Adv. JT8D-17 21192 EI-CNP Feb-76 AEROL. ARGENTINAS 119,500 39,197 37,094 30-Sep-97 $4.97m $5.29m $3.82m $4.14m
30 B737-200Adv. JT8D-17 21193 LV- Mar-76 LAPA ARGENTINA 119,500 45,779 35,193 31-May-97 $4.40m $5.29m $3.25m $4.14m
31 B737-200Adv. JT8D-17 21196 LV-PMW Jun-76 LAPA ARGENTINA 119,500 46,888 35,351 30-Sep-97 $4.59m $5.29m $3.43m $4.14m
32 B737-200Adv. JT8D-17 21206 OB-1539 Jan-76 AERO SANTA 119,500 36,363 33,306 30-Sep-97 $5.86m $5.09m $4.71m $3.94m
33 B737-200Adv. JT8D-9A 21639 C-GGPW Oct-78 CANADIAN 117,000 48,009 54,278 30-Sep-97 $5.96m $5.15m $4.57m $3.76m
34 B737-200Adv. JT8D-17 21685 UR-BFA Dec-78 AEROSWEET 119,500 41,858 33,282 30-Sep-97 $5.49m $5.84m $4.10m $4.45m
35 B737-200Adv. JT8D-9A 21712 C-GIPW Jan-79 CANADIAN 117,000 47,436 51,648 30-Sep-97 $5.35m $5.50m $3.81m $3.97m
36 B737-200Adv. JT8D-15 21735 HA-LEA May-79 MALEV 119,500 49,199 38,923 30-Sep-97 $6.72m $5.99m $5.19m $4.46m
37 B737-200Adv. JT8D-15 21960 CC-CLD Feb-80 LAN CHILE 117,000 50,680 32,754 30-Sep-97 $6.47m $6.25m $4.79m $4.57m
38 B737-200Adv. JT8D-15 22090 HA-LEB Apr-80 MALEV 119,500 38,365 24,615 30-Sep-97 $7.07m $6.44m $5.39m $4.76m
39 B737-200Adv. JT8D-15 22278 LV-WJS Feb-80 LAPA ARGENTINA 121,500 55,466 30,209 30-Sep-97 $6.04m $6.51m $4.36m $4.83m
40 B737-200Adv. JT8D-15 22368 LV-WNA Sep-80 LAPA ARGENTINA 119,500 46,440 38,345 30-Sep-97 $6.54m $6.34m $4.86m $4.66m
41 B737-200Adv. JT8D-15 22369 LV-WNB Sep-80 LAPA ARGENTINA 119,500 45,116 37,735 30-Sep-97 $6.58m $6.34m $4.91m $4.66m
42 B737-200Adv. JT8D-15 22396 PK-RIW Dec-80 MANDALA 119,500 47,127 27,429 31-May-97 $7.12m $6.44m $5.45m $4.76m
43 B737-200Adv. JT8D-15 22397 CC-CJW Jan-81 LAN CHILE 119,500 48,335 33,040 30-Sep-97 $6.19m $6.89m $4.32m $5.02m
44 B737-200Adv. JT8D-17A 22407 CC-CEE Sep-80 LAN CHILE 124,500 45,878 31,562 30-Sep-97 $6.76m $6.70m $5.08m $5.02m
45 B737-200Adv. JT8D-15 22453 LY-GPA Feb-81 LITHUANIAN A/L 119,500 43,042 25,780 30-Sep-97 $6.05m $6.89m $4.18m $5.02m
46 B737-200Adv. JT8D-15 22632 CC-CYP Feb-82 LAN CHILE 117,000 43,369 26,467 30-Sep-97 $6.33m $7.35m $4.32m $5.34m
47 B737-200Adv. JT8D-15 22633 VP-BUG Feb-81 OFF LEASE 121,500 44,476 24,278 31-May-97 $7.46m $6.76m $5.59m $4.89m
48 B737-200Adv. JT8D-17A 22802 UR-GAD Jul-82 UKRAINE INT'L 124,500 31,504 23,892 30-Sep-97 $7.89m $7.40m $5.88m $5.39m
49 B737-200Adv. JT8D-17A 22803 HA-LEI Aug-82 MALEV 124,500 31,039 25,937 30-Sep-97 $6.97m $7.40m $4.96m $5.39m
50 B737-200Adv. JT8D-17A 22804 HA-LEM Aug-82 MALEV 124,500 32,292 26,178 30-Sep-97 $6.92m $7.40m $4.91m $5.39m
51 B737-200Adv. JT8D-9A 22873 C-GUPW Jul-82 CANADIAN 117,000 38,202 39,506 30-Sep-97 $6.10m $6.70m $4.08m $4.69m
52 B737-200Adv. JT8D-15 22979 HA-LEC Feb-83 MALEV 119,500 40,382 21,977 30-Sep-97 $7.67m $7.35m $5.48m $5.16m
53 B737-200Adv. JT8D-17A 23023 PK-RIQ Mar-83 MANDALA 117,000 31,675 25,461 30-Sep-97 $7.28m $7.45m $5.09m $5.26m
54 B737-200Adv. JT8D-17A 23024 CC-CDG Apr-83 LAN CHILE 117,000 37,173 29,785 30-Sep-97 $7.37m $7.45m $5.18m $5.26m
55 B737-200C/Adv JT8D-17A 23065 LV-WPA Aug-83 LAPA ARGENTINA 124,500 33,833 31,394 30-Sep-97 $9.07m $9.55m $6.78m $7.26m
56 B737-200C/Adv JT8D-17A 23066 B-2505 Oct-83 XIAMEN 124,500 31,550 28,907 30-Sep-97 $9.52m $9.65m $7.23m $7.36m
97454/AIRP0198/BV/CMV 20/01/1998
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AIRCLAIMS LTD
BASE & CURRENT MARKET VALUES OF THE AIRPLANES GROUP PORTFOLIO
SPECIFICATION/VALUES AS AT 23RD JANUARY 1998
MARKET VALUES BASE VALUES
------------- -----------
BUILD MTOW AIRFRAME ADJ H-L ADJ H-L
TYPE ENG. MSN REGN DATE OPERATOR (LB) HOURS CYCLES AS AT CMV CMV BV BV
---- ---- --- ---- ----- -------- ---- ----- ------ ----- --- --- --- ---
57 B737-300 CFM56-3B1 23177 N302FL Mar-86 FRONTIER AIRLINES 135,000 31,735 22,190 30-Sep-97 $18.91m $18.55m $17.38m $17.02m
58 B737-300 CFM56-3B2 23749 EC-FKJ Apr-87 AIR EUROPA 137,000 38,480 19,400 30-Sep-97 $20.57m $20.75m $19.22m $19.40m
59 B737-300 CFM56-3B2 23923 EC-FJZ Mar-88 AIR EUROPA 138,500 31,764 15,144 30-Sep-97 $21.80m $21.69m $20.62m $20.51m
60 B737-300 CFM56-3B1 24770 EI-BZN Sep-90 PHILIPPINE AIRLINES 135,000 14,945 11,433 30-Sep-97 $22.71m $22.70m $21.82m $21.82m
61 B737-300 CFM56-3C1 24905 PH-TSU Jan-91 TRANSAVIA AIRLINES 130,000 14,986 9,246 30-Sep-97 $24.16m $24.69m $23.50m $24.04m
62 B737-300 CFM56-3C1 24907 9M-AAA Feb-91 AIR ASIA 130,000 13,420 9,744 30-Sep-97 $23.97m $24.69m $23.31m $24.04m
63 B737-300 CFM56-3C1 25179 EI-CLZ Dec-91 AIR ONE 135,000 14,819 10,285 30-Sep-97 $25.92m $25.55m $25.27m $24.90m
64 B737-300 CFM56-3C1 25187 EI-CLW Feb-92 AIR ONE 135,000 14,715 9,676 30-Sep-97 $24.92m $25.70m $24.24m $25.02m
65 B737-300 CFM58-3B2 26852 PP-VPA Mar-92 VARIG 135,000 12,007 15,498 30-Sep-97 $24.70m $24.70m $24.02m $24.02m
66 B737-300QC CFM56-3B1 23499 N303AL May-86 AMERICA WEST 135,000 28,926 31,429 30-Sep-97 $21.58m $20.80m $20.57m $19.79m
67 B737-300QC CFM56-3B1 23500 N304AL May-86 AMERICA WEST 135,000 29,899 32,612 30-Sep-97 $20.38m $20.80m $19.37m $19.79m
68 B737-400 CFM56-3C1 24345 VT-JAG May-89 JET AIRWAYS 142,500 21,257 12,508 30-Sep-97 $24.79m $24.79m $23.35m $23.35m
69 B737-400 CFM56-3C1 24493 HL7258 Jun-89 ASIANA 142,500 17,025 18,437 30-Sep-97 $24.59m $24.79m $23.15m $23.35m
70 B737-400 CFM56-3C1 24520 HL7260 Dec-89 ASIANA 142,500 18,728 16,909 30-Sep-97 $24.65m $25.29m $23.21m $23.85m
71 B737-400 CFM56-3C1 24683 TC-AYA Jul-90 ISTANBUL AIRLINES 150,000 17,990 10,575 30-Sep-97 $25.22m $26.00m $23.91m $28.68m
72 B737-400 CFM56-3C1 24684 TC-AFK Mar-90 PEGASUS AIRLINES 150,000 24,864 9,794 30-Sep-97 $24.86m $26.00m $23.55m $28.68m
73 B737-400 CFM56-3C1 24687 VT-JAK Apr-90 JET AIRWAYS 150,000 24,237 10,743 30-Sep-97 $26.81m $26.00m $25.50m $24.68m
74 B737-400 CFM56-3C1 24689 EC-EXY Jun-90 FUTURA 150,000 24,358 11,297 30-Sep-97 $26.69m $26.00m $25.37m $24.68m
75 B737-400 CFM56-3C1 24690 SE-DRR Jun-90 NORDIC EUROPEAN 150,000 23,648 12,458 30-Sep-97 $25.28m $26.00m $23.97m $24.68m
76 B737-400 CFM56-3C1 24691 TC-AZA Jul-90 ISTANBUL AIRLINES 150,000 18,599 11,578 30-Sep-97 $25.52m $26.00m $24.21m $24.68m
77 B737-400 CFM56-3C1 24906 EC-GAZ Feb-91 AIR EUROPA 142,500 15,846 14,594 30-Sep-97 $25.87m $26.49m $24.78m $25.40m
78 B737-400 CFM56-3C1 24911 SE-DTB Mar-91 NORDIC EUROPEAN 150,000 16,971 10,560 30-Sep-97 $26.71m $28.95m $25.62m $25.86m
79 B737-400 CFM56-3C1 24912 EC-GBN May-91 AIR EUROPA 142,500 14,727 13,646 30-Sep-97 $25.98m $26.69m $24.89m $25.60m
80 B737-400 CFM56-3C1 24917 TC-JDF May-91 THY-TURKISH 150,000 17,438 9,322 30-Sep-97 $26.65m $26.95m $25.56m $25.86m
81 B737-400 CFM56-3C1 25180 EC-GOB Dec-91 FUTURA 150,000 18,444 8,223 30-Sep-97 $26.71m $27.35m $25.62m $26.26m
82 B737-400 CFM56-3C1 25181 TC-JDG Dec-91 THY-TURKISH 150,000 15,663 8,253 30-Sep-97 $27.03m $27.35m $25.94m $26.26m
83 B737-400 CFM56-3C1 25184 TC-JDH Jan-92 THY-TURKISH 150,000 15,966 8,253 30-Sep-97 $27.19m $27.65m $26.22m $26.69m
84 B737-400 CFM56-3C1 25190 TC-SUT Mar-92 SUN EXPRESS 150,000 19,516 8,390 30-Sep-97 $28.00m $27.85m $27.04m $26.89m
85 B737-400 CFM56-3C1 25261 TC-JDT Mar-92 THY-TURKISH 150,000 15,615 8,042 30-Sep-97 $27.22m $27.85m $26.26m $26.89m
86 B737-400 CFM56-3C1 26065 TC-JDY Apr-92 THY-TURKISH 150,000 15,438 7,932 30-Sep-97 $27.38m $27.95m $26.42m $26.99m
87 B737-400 CFM56-3C1 26069 HA-LEN Aug-92 MALEV 150,000 13,161 6,823 30-Sep-97 $27.85m $28.05m $26.89m $27.09m
88 B737-400 CFM56-3C1 26071 HA-LEO Aug-92 MALEV 150,000 12,872 6,464 30-Sep-97 $27.75m $28.05m $26.79m $27.09m
89 B737-400 CFM56-3C1 26081 D-ABAF Feb-93 AIR BERLIN 150,000 16,658 6,559 30-Sep-97 $28.37m $28.95m $27.48m $28.06m
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AIRCLAIMS LTD
BASE & CURRENT MARKET VALUES OF THE AIRPLANES GROUP PORTFOLIO
SPECIFICATION/VALUES AS AT 23RD JANUARY 1998
MARKET VALUES BASE VALUES
AIRFRAME --------------- ---------------
BUILD MTOW ----------------------- ADJ H-L ADJ H-L
TYPE ENG. MSN REGN DATE OPERATOR (LB) HOURS CYCLES AS AT CMV CMV BV BV
---- --------- ----- ------ ------ ---------------- ------- ------ ------ --------- ------- ------- ------- ------
90 B737-500 CFM56-3C1 24897 B-2542 Jan-91 GUANGXI AIRLINES 133,500 15,772 12,892 30-Sep-97 $22.22m $22.13m $20.87m $20.77m
91 B737-500 CFM56-3C1 25182 B-2548 Jan-92 CHINA SOUTHERN 133,500 13,532 9,553 30-Sep-97 $22.85m $23.13m $21.41m $21.70m
92 B737-500 CFM56-3C1 25183 B-2549 Jan-92 CHINA SOUTHERN 133,500 13,405 10,312 30-Sep-97 $22.98m $23.13m $21.55m $21.70m
93 B737-500 CFM56-3C1 25185 G-OBMR Jan-92 BRITISH MIDLAND 133,500 16,900 10,763 30-Sep-97 $22.30m $23.13m $20.87m $21.70m
94 B737-500 CFM56-3C1 25186 PT-SLU Feb-92 RIO SUL 133,500 16,329 12,730 30-Sep-97 $22.25m $23.16m $20.82m $21.73m
95 B737-500 CFM56-3C1 25188 B-2550 Feb-92 CHINA SOUTHERN 133,500 13,547 10,425 30-Sep-97 $22.47m $23.16m $21.04m $21.73m
96 B737-500 CFM56-3C1 25191 VT-JAL Mar-92 JET AIRWAYS 133,500 15,741 9,524 30-Sep-97 $22.36m $23.18m $20.93m $21.75m
97 B737-500 CFM56-3C1 25192 PT-SSA Mar-92 RIO SUL 133,500 15,890 11,047 30-Sep-97 $22.10m $22.98m $20.66m $21.55m
98 B737-500 CFM56-3C1 25288 TC-JDU Apr-92 THY-TURKISH 133,500 17,150 7,091 30-Sep-97 $22.17m $22.78m $20.74m $21.35m
99 B737-500 CFM56-3C1 25289 TC-JDV Apr-92 THY-TURKISH 133,500 17,424 7,264 30-Sep-97 $22.18m $22.78m $20.75m $21.55m
100 B737-500 CFM56-3C1 26075 PT-SLN Sep-92 RIO SUL 133,500 13,924 14,150 30-Sep-97 $22.20m $22.98m $20.77m $21.55m
101 B747-200SF JT9D-7Q 21730 N621FF Apr-79 TOWER AIR 805,000 55,418 16,098 30-Sep-97 $37.33m $37.20m $37.22m $37.09m
102 B757-200 RB211-535E4-3 26151 SE-DUL Jun-92 BLUE SCANDINAVIAN 250,000 17,703 7,637 30-Sep-97 $38.17m $39.35m $36.77m $37.96m
103 B757-200 RB211-535E4-3 26154 E1-CEZ Aug-92 AVIANCA 250,000 16,452 6,476 30-Sep-97 $39.79m $39.55m $38.40m $38.16m
104 B757-200 RB211-535E4-3 26156 B-2827 Oct-92 CHINA SOUTHWEST 250,000 11,598 7,145 30-Sep-97 $40.46m $40.65m $39.07m $39.26m
105 B767-200ER PW4056 25421 PT-TAK Nov-91 TRANSBRASIL 387,000 17,561 3,609 30-Sep-97 $44.37m $44.45m $43.69m $43.76m
106 B767-300ER PW4060 24948 PT-TAE Jun-91 TRANSBRASIL 387,000 30,015 7,220 30-Sep-97 $61.70m $62.40m $59.60m $60.30m
107 B767-300ER PW4060 25411 SE-DKY Nov-91 SAS 407,000 16,950 4,384 30-Sep-97 $64.68m $63.80m $62.58m $61.70m
108 B767-300ER PW4060 26200 XA-RKI Jul-92 AEROMEXICO 407,000 19,339 4,316 30-Sep-97 $65.62m $66.30m $63.26m $63.94m
109 B767-300ER PW4060 26204 XA-RKJ Oct-92 LAN CHILE 407,000 19,176 4,490 30-Sep-97 $65.87m $66.65m $63.51m $64.29m
9
[LOGO]
AIRCLAIMS LTD
BASE & CURRENT MARKET VALUES OF THE AIRPLANES GROUP PORTFOLIO
SPECIFICATION/VALUES AS AT 23RD JANUARY 1998
MARKET VALUES BASE VALUES
------------- -----------
BUILD MTOW AIRFRAME ADJ H-L ADJ H-L
TYPE ENG. MSN REGN DATE OPERATOR (LB) HOURS CYCLES AS AT CMV CMV BV BV
---- ---- --- ---- ---- -------- ---- ----- ------ ----- --- --- --- ---
110 DC8-71F(M) CFM56-2C1 45810 PT-ABS 66 ABSA CARGO 328,000 84,744 31,742 31-OCT-97 $15.01m $15.10m $17.08m $17.16m
111 DC8-71F(M) CFM56-2C1 45811 N821BX 67 A T INTL/BAX GLOBAL 328,000 76,269 31,824 31-OCT-97 $13.59m $15.10m $15.65m $17.16m
112 DC8-71F(M) CFM56-2C1 45813 N822BX 67 A T INTL/BAX GLOBAL 328,000 78,721 32,345 31-Oct-97 $14.97m $15.00m $17.03m $17.06m
113 DC8-71F(M) CFM56-2C1 45849 HK-3786X 67 TAMPA 328,000 81,971 32,278 31-Oct-97 $15.94m $15.10m $18.00m $17.16m
114 DC8-71F(M) CFM56-2C1 45941 N8076U 67 EMERY WORLDWIDE 328,000 76,003 30,886 31-Oct-97 $15.09m $15.10m $17.15m $17.16m
115 DC8-71F(M) CFM56-2C1 45945 EC-FVA 68 OFF LEASE 328,000 77,992 31,985 31-Oct-97 $14.53m $15.10m $16.59m $17.16m
116 DC8-71F(M) CFM56-2C1 45946 N824BX 68 A T INTL/BAX GLOBAL 328,000 74,801 31,031 31-Oct-97 $14.85m $15.10m $16.91m $17.16m
117 DC8-71F(M) CFM56-2C1 45947 N8079U 68 EMERY WORLDWIDE 325,000 80,760 31,599 31-Oct-97 $14.39m $15.00m $16.45m $17.06m
118 DC8-71F(M) CFM56-2C1 45970 CC-CAX 68 FAST AIR CHILE 328,000 85,181 32,238 31-Oct-97 $14.82m $15.10m $16.88m $17.16m
119 DC8-71F(M) CFM56-2C1 45971 N827BX 68 A T INTL/BAX GLOBAL 328,000 76,356 31,287 31-Oct-97 $15.95m $15.10m $18.01m $17.16m
120 DC8-71F(M) CFM56-2C1 45973 N830BX 68 A T INTL/BAX GLOBAL 328,000 66,629 25,679 31-Oct-97 $15.03m $15.10m $17.09m $17.16m
121 DC8-71F(M) CFM56-2C1 45975 N8085U 68 EMERY WORLDWIDE 328,000 68,866 25,165 31-Oct-97 $15.11m $15.10m $17.17m $17.16m
122 DC8-71F(M) CFM56-2C1 45976 CC-CAR 68 FAST AIR CHILE 328,000 76,281 26,623 31-Oct-97 $15.69m $15.10m $17.75m $17.16m
123 DC8-71F(M) CFM56-2C1 45977 N8087U 68 EMERY WORLDWIDE 328,000 71,892 26,314 31-Oct-97 $15.87m $15.10m $17.94m $17.16m
124 DC8-71F(M) CFM56-2C1 45978 N825BX 68 A T INTL/BAX GLOBAL 328,000 76,035 29,400 31-Oct-97 $15.34m $15.10m $17.40m $17.16m
125 DC8-71F(M) CFM56-2C1 45983 N8177U 68 EMERY WORLDWIDE 325,000 63,390 40,456 31-Oct-97 $14.48m $15.00m $16.55m $17.06m
126 DC8-71F(M) CFM56-2C1 45993 N828BX 68 A T INTL/BAX GLOBAL 328,000 72,746 29,512 31-Oct-97 $15.37m $15.10m $17.44m $17.16m
127 DC8-71F(M) CFM56-2C1 45994 N829BX 68 A T INTL/BAX GLOBAL 325,000 78,523 30,877 31-Oct-97 $14.63m $15.00m $16.69m $17.06m
128 DC8-71F(M) CFM56-2C1 45996 CC-CDS 68 FAST AIR CHILE 328,000 65,767 30,523 31-Oct-97 $16.80m $15.10m $18.86m $17.16m
129 DC8-71F(M) CFM56-2C1 45997 CC-CDU 68 FAST AIR CHILE 328,000 81,815 29,071 31-Oct-97 $14.70m $15.10m $16.77m $17.16m
130 DC8-71F(M) CFM56-2C1 45998 N826BX 68 A T INTL/BAX GLOBAL 328,000 77,947 30,870 31-Oct-97 $14.23m $15.10m $16.29m $17.16m
131 DC8-71F(M) CFM56-2C1 46039 N801GP 69 EMERY WORLDWIDE 328,000 74,583 28,655 31-Oct-97 $15.45m $15.10m $17.52m $17.16m
132 DC8-71F(M) CFM56-2C1 46065 N820BX 69 A T INTL/BAX GLOBAL 328,000 74,426 30,943 31-Oct-97 $15.94m $15.10m $18.00m $17.16m
133 DC8-71F(M) CFM56-2C1 46066 HK-3785X 69 TAMPA 328,000 74,389 30,262 31-Oct-97 $15.30m $15.10m $17.36m $17.16m
134 DC8-73F(M) CFM56-2C1 46091 N873SJ 70 SAT 355,000 78,856 19,968 31-Oct-97 $18.65m $18.50m $19.77m $19.52m
135 DC9-14 JT8D-7B 45736 XA-LMM 66 AEROCALIFORNIA 90,700 78,843 77,038 31-Oct-97 $0.57m $0.70m $0.61m $0.74m
136 DC9-14 JT8D-7B 45786 XA-AGS 67 AEROCALIFORNIA 90,700 78,237 74,616 31-Oct-97 $0.59m $0.70m $0.63m $0.74m
137 DC9-15 JT8D-7B 45743 XA-CSL 66 AEROCALIFORNIA 90,700 84,151 87,735 31-Oct-97 $0.42m $0.70m $0.46m $0.74m
138 DC9-15 JT8D-7A 45785 XA-RRY 66 AEROCALIFORNIA 90,700 82,090 84,031 31-Oct-97 $0.48m $0.70m $0.52m $0.74m
139 DC9-15 JT8D-7A 47059 XA-RNQ 67 AEROCALIFORNIA 90,700 83,746 86,327 31-Oct-97 $0.44m $0.70m $0.47m $0.74m
140 DC9-15 JT8D-7A 47085 XA-GDL 67 AEROCALIFORNIA 90,700 83,630 86,430 31-Oct-97 $0.44m $0.70m $0.47m $0.74m
141 DC9-15 JT8D-7A 47122 XA-RKT 67 AEROCALIFORNIA 90,700 87,232 90,806 31-Oct-97 $0.34m $0.70m $0.37m $0.74m
142 DC9-15 JT8D-7A 47126 XA-LAC 68 AEROCALIFORNIA 90,700 82,463 85,021 31-Oct-97 $0.47m $0.70m $0.51m $0.74m
97454/AIRP0198/BV/CMV 20/01/1998
10
[LOGO]
AIRCLAIMS LTD
BASE & CURRENT MARKET VALUES OF THE AIRPLANES GROUP PORTFOLIO
SPECIFICATION/VALUES AS AT 23RD JANUARY 1998
MARKET VALUES BASE VALUES
AIRFRAME ------------- -----------
BUILD MTOW -------------- ADJ H-L ADJ H-L
TYPE ENG. MSN REGN DATE OPERATOR (LB) HOURS CYCLES AS AT CMV CMV BV BV
---- ---- --- ---- ----- -------- ---- ----- ------ ----- --- --- --- ---
143 DC9-32 JT8D-17 48125 XA-AMA 80 AEROMEXICO 108,000 49,785 48,462 31-Oct-97 $4.65m $4.90m $3.40m $3.65m
144 DC9-32 JT8D-17 48126 XA-AMB 80 AEROMEXICO 108,000 49,593 47,528 31-Oct-97 $4.87m $4.90m $3.62m $3.65m
145 DC9-32 JT8D-17 48127 XA-AMC 80 AEROMEXICO 108,000 48,548 46,492 31-Oct-97 $4.43m $4.90m $3.18m $3.65m
146 DC9-32 JT8D-17 48128 XA-AMD 80 AEROMEXICO 108,000 48,734 47,235 31-Oct-97 $4.46m $4.90m $3.22m $3.65m
147 DC9-32 JT8D-17 48129 XA-AME 80 AEROMEXICO 108,000 47,912 46,139 31-Oct-97 $4.55m $4.90m $3.30m $3.65m
148 DC9-32 JT8D-17 48130 XA-AMF 80 AEROMEXICO 108,000 46,682 44,329 31-Oct-97 $5.04m $4.90m $3.79m $3.65m
149 DC9-51 JT8D-17 47742 N662HA 77 HAWAIIAN 121,000 31,664 53,699 31-Oct-97 $3.52m $3.60m $2.64m $2.91m
150 DC9-51 JT8D-17 47784 N603DC 79 HAWAIIAN 121,000 35,759 53,371 31-Oct-97 $4.19m $4.20m $3.16m $3.17m
151 DC9-51 JT8D-17 47796 N661HA 79 HAWAIIAN 121,000 33,697 55,554 31-Oct-97 $3.92m $4.20m $2.89m $3.17m
152 DC9-51 JT8D-17 48122 N660HA 81 HAWAIIAN 121,000 28,967 50,840 31-Oct-97 $4.40m $4.60m $3.27m $3.48m
153 DHC-8-100 PW120A 113 V2-LDQ Jul-88 LIAT 34,500 18,874 31,972 03-Jul-97 $4.96m $5.10m $5.14m $5.28m
154 DHC-8-100 PW120A 140 V2-LDP Jan-89 LIAT 34,500 17,761 31,863 06-Jul-97 $5.32m $5.45m $5.51m $5.63m
155 DHC-8-100 PW120A 144 V2-LEF Mar-89 LIAT 33,900 11,604 9,924 07-Dec-94 $5.42m $5.55m $5.60m $5.73m
156 DHC-8-100 PW120A 229 VH-LAR Aug-90 NATIONAL JET
SYSTEMS 34,500 5,019 4,147 31-Mar-96 $6.29m $6.40m $6.53m $6.64m
157 DHC-8-100 PW121 258 EI-CHP Jan-91 USAIR EXPRESS 34,500 15,710 16,530 13-May-97 $6.36m $6.35m $6.61m $6.60m
158 DHC-8-100 PW120A 270 V2-LDU Apr-91 LIAT 34,500 14,276 26,433 06-Jul-97 $6.36m $6.45m $6.61m $6.70m
159 DHC-8-300 PW123 232 PH-SDU Oct-90 SCHREINER
AIRWAYS 41,100 11,125 9,878 07-Feb-97 $7.27m $7.10m $8.16m $8.01m
160 DHC-8-300 PW123 244 YR-GPV Dec-90 DAC AIR 41,100 10,820 9,895 31-Dec-96 $7.14m $7.10m $8.05m $8.01m
161 DHC-8-300 PW123 266 YR-GPX Mar-91 DAC AIR 43,000 11,274 10,275 31-Dec-96 $7.73m $7.70m $8.51m $8.47m
162 DHC-8-300 PW123 267 YR-GPW Apr-91 DAC AIR 43,000 10,810 9,733 31-Dec-96 $7.79m $7.70m $8.56m $8.47m
163 DHC-8-300 PW123 276 PH-SDT May-91 SCHREINER
AIRWAYS 43,000 10,203 9,638 10-Feb-97 $7.61m $7.70m $8.58m $8.47m
164 DHC-8-300 PW123 283 PH-SDR Jun-91 SCHREINER
AIRWAYS 43,000 5,688 5,698 31-Dec-95 $7.75m $7.75m $8.52m $8.52m
165 DHC-8-300 PW123 293 LN-WFB Sep-91 IDEROE'S
FLYVESELSKAP 43,000 4,806 5,365 30-Nov-96 $7.90m $7.85m $8.67m $8.62m
166 DHC-8-300 PW123 296 G-BRYS Dec-91 BRYMON AIRWAYS 43,000 12,484 10,069 24-Apr-97 $8.41m $8.23m $9.18m $9.00m
167 DHC-8-300 PW123 298 PH-SDM Mar-92 SCHREINER
AIRWAYS 43,000 7,728 8,316 12-Feb-97 $8.29m $8.40m $8.92m $9.03m
168 DHC-8-300 PW123 300 PH-SDP Mar-92 SCHREINER
AIRWAYS 43,000 5,673 6,408 12-Feb-97 $8.41m $8.40m $9.04m $9.03m
169 DHC-8-300 PW123 307 OE-LRW Oct-91 RHEINTALFLUG 43,000 7,319 6,281 05-May-97 $7.90m $7.65m $8.67m $8.42m
170 DHC-8-300 PW123 334 G-BRYT Sep-92 BRYMON AIRWAYS 43,000 10,356 8,624 03-Mar-97 $6.84m $8.80m $9.47m $9.43m
171 DHC-8-300 PW123 342 LN-WFA Dec-92 IDEROE'S
FLYVESELSKAP 43,000 5,432 5,291 11-Mar-97 $8.99m $8.93m $9.62m $9.56m
172 DHC-8-300C PW123 230 PJ-DHI Sep-90 ALM ANTILLEAN 43,000 6,717 5,804 30-Jun-96 $7.57m $7.55m $8.26m $8.24m
173 DHC-8-300C PW123 242 PJ-DHE Sep-90 ALM ANTILLEAN 43,000 7,347 6,578 23-Dec-96 $7.52m $7.55m $8.21m $8.24m
97454/AIRP0198/BV/CMV 20/01/1998
11
[LOGO]
AIRCLAIMS LTD
BASE & CURRENT MARKET VALUES OF THE AIRPLANES GROUP PORTFOLIO
SPECIFICATION/VALUES AS AT 23RD JANUARY 1998
MARKET VALUES BASE VALUES
AIRFRAME --------------- ---------------
BUILD MTOW -------------- ADJ H-L ADJ H-L
TYPE ENG. MSN REGN DATE OPERATOR (LB) HOURS CYCLES AS AT CMV CMV BV BV
---- ---- --- ---- ----- -------- ---- ----- ------ ----- --- --- --- ---
174 FOKKER 100 TAY650 11266 PK-JGD Aug-90 SEMPATI 98,000 21,153 15,922 31-Dec-96 $15.15m $15.37m $15.99m $16.22m
175 FOKKER 100 TAY650 11284 PT-MRA Aug-90 TAM 98,000 14,358 15,515 31-Dec-96 $15.60m $15.37m $16.45m $16.22m
176 FOKKER 100 TAY650 11285 PT-MRB Aug-90 TAM 98,000 14,349 15,707 31-Dec-96 $15.61m $15.37m $16.45m $16.22m
177 FOKKER 100 TAY650 11304 PT-MRG Feb-91 TAM 98,000 10,060 10,781 31-Dec-96 $15.69m $15.72m $16.46m $16.49m
178 FOKKER 100 TAY650 11305 PT-MRH Mar-91 TAM 98,000 10,402 11,062 31-Dec-96 $15.77m $15.82m $16.55m $16.59m
179 FOKKER 100 TAY650 11309 XA-SHI Apr-91 MEXICANA 98,000 8,729 8,797 31-Dec-96 $15.74m $16.02m $16.51m $16.79m
180 FOKKER 100 TAY650 11319 XA-SHJ Mar-91 MEXICANA 98,000 8,589 8,570 31-Dec-96 $15.58m $15.92m $16.35m $16.69m
181 FOKKER 100 TAY650 11336 PK-JGG May-91 SEMPATI 98,000 16,647 13,051 31-Dec-96 $16.22m $15.82m $16.99m $16.59m
182 FOKKER 100 TAY650 11339 PK-JGH Jun-91 SEMPATI 98,000 16,732 12,424 31-Oct-96 $16.39m $15.92m $17.17m $16.69m
183 FOKKER 100 TAY650 11347 PK-JGF Jul-91 SEMPATI 98,000 17,498 13,394 31-Oct-96 $16.71m $15.92m $16.48m $16.69m
184 FOKKER 100 TAY650 11348 PT-MRE Jul-91 TAM 98,000 10,795 11,943 31-Dec-96 $16.11m $15.92m $16.88m $16.69m
185 FOKKER 100 TAY650 11371 PT-MQC Dec-91 TAM 98,000 9,724 10,892 10-May-97 $17.12m $16.42m $17.89m $17.19m
186 FOKKER 100 TAY650 11374 XA-TCG Jan-92 MEXICANA 98,000 9,765 9,936 31-Dec-96 $16.59m $17.07m $17.04m $17.52m
187 FOKKER 100 TAY650 11375 XA-TCH Mar-92 MEXICANA 98,000 9,634 9,685 31-Dec-96 $16.72m $17.17m $17.16m $17.62m
188 FOKKER 100 TAY650 11382 XA-SGE Mar-92 MEXICANA 98,000 9,532 9,622 31-Dec-96 $16.72m $17.17m $17.17m $17.62m
189 FOKKER 100 TAY650 11384 XA-SGF Mar-92 MEXICANA 98,000 9,484 9,478 31-Dec-96 $16.89m $17.17m $17.33m $17.62m
190 MD-11 CF6-80C2D1F 48499 PP-VPN Nov-91 VARIG 618,000 22,875 5,436 31-Oct-97 $66.78m $66.25m $68.95m $68.42m
191 MD-11 CF6-80C2D1F 48500 PP-VPO Mar-92 VARIG 618,000 21,523 4,839 31-Oct-97 $68.74m $68.25m $70.87m $70.38m
192 MD-11 CF6-80C2D1F 48501 EI-CDK Aug-92 GARUDA 618,000 19,481 4,271 31-Oct-97 $69.65m $68.75m $71.79m $70.88m
97454/AIRP0198/BV/CMV 20/01/1998
12
[LOGO]
AIRCLAIMS LTD
BASE & CURRENT MARKET VALUES OF THE AIRPLANES GROUP PORTFOLIO
SPECIFICATION/VALUES AS AT 23RD JANUARY 1998
AIRFRAME
BUILD MTOW --------------
TYPE ENG. MSN REGN DATE OPERATOR (LB) HOURS CYCLES AS AT
---- ---- --- ---- ----- -------- ---- ----- ------ -----
193 MD82 JT8D-217C 49660 EI-BTX Feb-88 AEROMEXICO 149,500 23,788 18,251 31-Oct-97
194 MD83 JT8D-219 49390 EI-CMZ Mar-86 EUROFLY 160,000 26,070 16,945 31-Oct-97
195 MD83 JT8D-219 49442 EI-CBO Mar-87 NOUVELAIR TUNISIE 160,000 26,369 13,600 31-Oct-97
196 MD83 JT8D-219 49575 EI-BWD Sep-87 TWA 160,000 25,819 15,129 31-Oct-97
197 MD83 JT8D-219 49620 D-ALLV Jun-88 AERO LLYOD 160,000 23,212 10,555 31-Oct-97
198 MD83 JT8D-219 49624 EI-CGI Jul-88 NOUVELAIR TUNISIE 160,000 24,613 12,442 31-Oct-97
199 MD83 JT8D-219 49626 EC-GBA Oct-88 SPANAIR 160,000 26,505 14,177 31-Oct-97
200 MD83 JT8D-219 49631 EI-CEK MAY-89 EUROFLY 160,000 22,772 10,389 31-Oct-97
201 MD83 JT8D-217C 49667 EI-BTY Apr-88 AEROMEXICO 149,500 24,256 18,578 31-Oct-97
202 MD83 JT8D-219 49672 EI-CNO Jun-88 NOUVELAIR TUNISIE 160,000 29,456 14,427 31-Oct-97
203 MD83 JT8D-219 49709 EC-GAT Nov-88 SPANAIR 160,000 19,903 12,304 31-Oct-97
204 MD83 JT8D-219 49789 9Y-THX Sep-89 BWIA 160,000 19,013 14,351 31-Oct-97
205 MD83 JT8D-219 49792 TC-INA Oct-89 OFF LEASE 160,000 22,910 8,209 31-Oct-97
206 MD83 JT8D-219 49935 HB-IKM Sep-90 EDELWEISS AIR 160,000 26,891 9,926 31-Oct-97
207 MD83 JT8D-219 49936 TC-INB Oct-90 OFF LEASE 160,000 27,926 9,096 31-Oct-97
208 MD83 JT8D-219 49938 EC-FXA Oct-90 SPANAIR 160,000 18,566 10,937 31-Oct-97
209 MD83 JT8D-219 49939 EI-CBR Oct-90 AVIANCA 160,000 10,427 13,831 31-Oct-97
210 MD83 JT8D-219 49941 N881RA Nov-90 RENO AIR 160,000 25,326 10,829 31-Oct-97
211 MD83 JT8D-219 49943 TC-INC Jul-91 OFF LEASE 160,000 18,054 5,936 31-Oct-97
212 MD83 JT8D-219 49946 EI-CCC Sep-91 AVIANCA 160,000 11,683 14,592 31-Oct-97
213 MD83 JT8D-219 49949 N882RA Sep-91 RENO AIR 160,000 21,990 9,427 31-Oct-97
214 MD83 JT8D-219 49950 P4-MDE Oct-91 AIR ARUBA 160,000 14,272 6,360 31-Oct-97
215 MD83 JT8D-219 49951 HB-IKN Oct-91 EDELWEISS AIR 160,000 22,406 8,225 31-Oct-97
216 MD83 JT8D-219 53120 EI-CFZ Jun-92 AVIANCA 160,000 10,815 13,903 31-Oct-97
217 MD83 JT8D-219 53125 EI-CER May-92 AVIANCA 160,000 11,658 11,158 31-Oct-97
218 MD87 JT8D-219 49673 XA-SFO Nov-88 AEROMEXICO 149,500 20,503 12,870 31-Oct-97
219 METRO III TPE331- 705 ZK-NSU Aug-88 AIR NELSON 14,500 12,846 21,415 24-Feb-97
11U-621G
220 METRO III TPE331- 711 ZK-NSY May-88 AIR NELSON 14,500 12,648 21,034 24-Feb-97
11U-621G
221 METRO III TPE331- 712 ZK-NSZ Jun-88 AIR NELSON 14,500 12,487 21,024 24-Feb-97
11U-621G
MARKET VALUES BASE VALUES
------------------ ------------------
ADJ H-L ADJ H-L
CMV CMV BV BV
--- --- --- ---
193 $16.43m $17.10m $15.57m $16.24m
194 $18.16m $17.65m $16.80m $16.28m
195 $18.22m $17.25m $17.06m $16.09m
196 $17.55m $18.25m $16.40m $17.09m
197 $17.22m $18.05m $16.18m $17.01m
198 $16.67m $17.85m $15.63m $16.81m
199 $16.72m $17.85m $15.68m $16.81m
200 $18.58m $18.65m $17.50m $17.58m
201 $17.80m $18.55m $16.75m $17.51m
202 $18.53m $17.85m $17.48m $16.81m
203 $17.95m $18.05m $16.86m $16.96m
204 $19.43m $19.65m $18.36m $18.58m
205 $19.03m $19.65m $17.96m $18.58m
206 $20.02m $20.75m $19.01m $19.75m
207 $19.86m $20.75m $18.86m $19.75m
208 $20.29m $20.75m $19.29m $19.75m
209 $20.66m $20.75m $19.66m $19.75m
210 $20.10m $20.75m $19.10m $19.75m
211 $21.40m $21.60m $20.52m $20.72m
212 $21.06m $21.60m $20.17m $20.72m
213 $20.80m $21.60m $19.92m $20.72m
214 $21.54m $21.60m $20.66m $20.72m
215 $20.95m $21.60m $20.07m $20.72m
216 $22.58m $22.15m $21.42m $20.99m
217 $22.15m $22.60m $21.29m $21.74m
218 $11.96m $12.20m $12.13m $12.37m
219 $0.90m $0.90m $0.93m $0.93m
220 $0.93m $0.90m $0.96m $0.93m
221 $0.85m $0.90m $0.88m $0.93m
---------- ---------- ---------- ----------
$3,739.49m $3,772.22m $3,648.32m $3,681.05m
========== ========== ========== ==========
97454/AIRP0198/BV/CMV 20/01/1998