<PAGE>   1
                                                                  Exhibit 99.3

                                                                        [LOGO]

Our Ref: 97215BV1/EP/kw

Airplanes Limited                                           25th February, 1997
22 Grenville Street
St Helier
Jersey

GPA Group plc
GPA House
Shannon
Ireland

Attention: Mr Richard Pierce
           GPA Group Chief Accountant


Dear Sirs,

   
                    - AIRPLANES GROUP PORTFOLIO VALUATION -
                     BASE VALUES AS AT 25TH FEBRUARY, 1997
    

Further to the instructions of Mr. Richard Pierce, Group Chief Accountant of GPA
Group, we are pleased to be able to provide our opinion of the adjusted "Base
Value" of each aircraft in the portfolio of Airplanes Group as indicated in the
attached table, reference 97215BV1. Our valuation is based on the portfolio
details as provided by GPA in January and February, 1997. The point of valuation
is 25th February, 1997.

Airclaims' valuation of the portfolio takes into account data supplied in the
past by GPA, as well as updated information made available in January and
February 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 or necessary 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 and complete 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.

As requested by GPA, we have provided our value opinion under a BASE VALUE
scenario. 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.

                Airclaims Limited, Cardinal Point, Newall Road,
                        Heathrow Airport London TW6 2AS.
             Telephone 0181 897 1066 Fax 0181 897 0300 Telex 934679
                        Cables AIRCLAIMS London Airport.
   
       Registered Head Office as above, Registered in England No. 710284,
                           VAT Reg. No. 224 1906 87.
    
<PAGE>   2
                                                                        [LOGO]


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, with much of the fleet under consideration being relatively
young, all the Base Values pertaining to the GPA fleet have been adjusted for
maintenance status where available and appropriate.

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 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.

97215BVI/EP/lew                                                   GPA Group Plc
25/02/97                                                                 Page 2
<PAGE>   3
[LOGO]

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,


Edward Pieniazek
Director, Consultancy & Information Services
    


Encl.
<PAGE>   4


     AIRCLAIMS LIMITED          

                           AIRPLANES GROUP PORTFOLIO
                                                                       [LOGO]
     BASE VALUES of the AIRPLANES GROUP PORTFOLIO
     Specification/Values as at 25th February 1997

   
<TABLE>
<CAPTION>
                                                                                                                   BASE VALUES
                                             BUILD                         MTOW       AIRFRAME                     ADJ       H-L
        TYPE        ENG     MSN     REGN     DATE        OPERATOR          (LB)    HOURS    CYCLES     AS AT        BV       BV
----------------------------------------------------------------------------------------------------------------------------------
<S>  <C>         <C>       <C>     <C>       <C>     <C>                  <C>       <C>      <C>      <C>          <C>      <C>
 1   A300B4-103  CF6-50C2R    9    RP-C8881  Dec-74            GRAND AIR  338,987   38,121   21,249   31-Oct-96    $3.19m    $3.40m
 2   A300B4-103  CF6-50C2R   12      G-GIJU  May-75            TRANSLIFT  330,693   44,440   22,495   31-Oct-96    $4.47m    $3.40m
 3   A300B4-100  CF6-50C2R   20      EI-CJK  Oct-75            TRANSLIFT  346,916   36,903   20,243   01-Feb-95    $4.10m    $3.40m
 4   A300B4-200  CF6-50C2   131      6Y-JMK  Dec-80                GECAS  363,760   31,596   18,304   31-Oct-96    $7.69m    $8.55m
 5   A300B4-200  CF6-50C2   269      AP-BEL  Aug-83                  PIA  363,760   28,564   14,484   31-Oct-96   $10.14m   $10.00m
 6   A300C4-200  CF6-50C2    83      EI-BZB  May-79  PHILIPPINE AIRLINES  363,760   33,891   19,513   31-Dec-96   $16.90m   $16.80m
 7   A320-200    CFM56-5A1  174      C-GPWG  Feb-91             CANADIAN  166,447   20,098    7,355   31-Dec-96   $30.86m   $30.77m
 8   A320-200    CFM56-5A1  175      C-FPWE  Feb-91             CANADIAN  166,447   20,029    7,394   31-Dec-96   $30.80m   $30.77m
 9   A320-200    CFM56-5A3  203      F-GLGG  May-91           AIR FRANCE  166,447   13,343    8,526   31-Dec-96   $30.80m   $31.32m
10   A320-200    CFM56-5A3  220      F-GLGH  Jun-91          AIR CHARTER  166,447   12,877    8,337   31-Dec-96   $30.99m   $31.32m
11   A320-200    CFM56-5A1  232      C-FDCA  Jul-91             CANADIAN  166,447   18,740    7,063   31-Dec-96   $31.47m   $31.22m
12   A320-200    CFM56-5A1  284      C-FLSS  Dec-91             CANADIAN  166,447   17,222    6,473   31-Dec-96   $32.26m   $32.12m
13   A320-200    CFM56-5A3  294      G-HAGT  Jan-92                       166,447   16,570    6,330   31-Dec-96   $31.08m   $32.17m
14   A320-200    CFM56-5A3  301      G-KMAM  Feb-92             PREMIAIR  166,447   16,298    6,017   30-Nov-96   $31.63m   $32.17m
15   A320-200    CFM56-5A1  309      C-FLSU  Feb-92             CANADIAN  162,067   16,651    6,315   31-Dec-96   $31.97m   $31.90m
16   A320-200    CFM56-5A1  348      F-GLGE  Jun-92       AIRTOURS INT'L  162,067    8,482    3,258   31-Dec-96   $32.93m   $32.90m
17   A320-200    CFM56-5A3  349      G-OEXC  Jun-92       AIRTOURS INT'L  166,447   14,791    5,456   31-Dec-96   $33.16m   $32.92m
18   A320-200    CFM56-5A3  404      C-FNVV  Jan-93             CANADIAN  162,067   10,853    4,111   31-Dec-96   $33.66m   $33.60m
19   ATR42-300   PW120      109      G-BUPS  Aug-88        TITAN AIRWAYS   36,825   15,007   14,290   31-Dec-96    $5.73m    $5.75m
20   ATR42-310   PW120      113      EI-CIQ  Oct-88        TITAN AIRWAYS   36,825   11,517   11,781   31-Dec-96    $5.87m    $5.85m
21   ATR42-310   PW120      249      N249AT  May-91          AMR-SIMMONS   36,825   10,766   14,032   31-Dec-96    $7.30m    $7.20m
22   ATR42-320   PW120      264    HK-3684X  Dec-91        ACES COLOMBIA   36,825   11,210   18,609   31-Oct-96    $7.45m    $7.55m

</TABLE>
    

GPA GROUP                                                      Page 1
<PAGE>   5


     AIRCLAIMS LIMITED          

                           AIRPLANES GROUP PORTFOLIO
                                                                       [LOGO]
     BASE VALUES of the AIRPLANES GROUP PORTFOLIO
     Specification/Values as at 25th February 1997

   
<TABLE>
<CAPTION>
                                                                                                                   BASE VALUES
                                             BUILD                         MTOW       AIRFRAME                     ADJ       H-L
        TYPE        ENG     MSN     REGN     DATE        OPERATOR          (LB)    HOURS    CYCLES     AS AT        BV       BV
----------------------------------------------------------------------------------------------------------------------------------
<S>  <C>         <C>       <C>    <C>       <C>     <C>                  <C>       <C>      <C>      <C>          <C>      <C>
 23  B727-200Adv. JT8D-17R 21346  XA-MXI    Sep-80         MEXICANA      190,500   41,022   34,055   31-Dec-96    $3.13m   $3.75m
 24  B727-200Adv. JT8D-17R 21600  XA-MXJ    Oct-80         MEXICANA      190,500   41,479   34,663   31-Dec-96    $3.19m   $3.75m
 25  B737-200Adv. JT8D-9A  20922  C-GAPW    Aug-74     AMERICA WEST      117,000   62,829   68,418   30-Nov-96    $1.96m   $2.40m
 26  B737-200Adv. JT8D-9A  20958  C-GBPW    Dec-74     AMERICA WEST      117,000   60,095   67,353   30-Nov-96    $2.37m   $2.35m
 27  B737-200Adv. JT8D-9A  20959  N126AW    Jan-75     AMERICA WEST      117,000   61,370   65,957   30-Nov-96    $2.16m   $2.60m
 28  B737-200Adv. JT8D-9A  21115  C-GEPW    Oct-75         CANADIAN      117,000   53,597   61,664   31-Dec-96    $2.56m   $2.60m
 29  B737-200Adv. JT8D-17  21192  TF-ABG    Feb-76  AIR PHILIPPINES      119,500   38,767   36,602   31-Dec-96    $3.00m   $3.59m
 30  B737-200Adv. JT8D-17  21193  5Y-BHV    Mar-76    KENYA AIRWAYS      119,500   45,837   35,314   31-Dec-96    $2.97m   $3.59m
 31  B737-200Adv. JT8D-17  21196  5Y-BHW    Jun-76    KENYA AIRWAYS      119,500   47,633   35,952   31-Dec-96    $3.13m   $3.59m
 32  B737-200Adv. JT8D-17  21206  OB-1539   Jan-76       AERO SANTA      119,500   33,773   30,461   30-Sep-96    $2.68m   $3.39m
 33  B737-200Adv. JT8D-9A  21639  C-GGPW    Oct-78         CANADIAN      117,000   46,134   52,974   31-Dec-96    $3.13m   $3.20m
 34  B737-200Adv. JT8D-17  21685  UR-BFA    Dec-78        AEROSWEET      119,500   43,987   34,106   31-Dec-96    $2.91m   $3.89m
 35  B737-200Adv. JT8D-9A  21712  C-GIPW    Jan-79         CANADIAN      117,000   45,432   50,286   31-Dec-96    $3.80m   $3.40m
 36  B737-200Adv. JT8D-15  21735  HA-LEA    May-79            MALEV      119,500   47,418   37,904   31-Dec-96    $4.57m   $3.89m
 37  B737-200Adv. JT8D-15  21960  CC-CLD    Feb-80        LAN CHILE      117,000   49,265   31,121   31-Dec-96    $4.80m   $4.00m
 38  B737-200Adv. JT8D-15  22090  HA-LEB    Apr-80            MALEV      119,500   36,881   23,774   31-Dec-96    $3.34m   $4.18m
 39  B737-200Adv. JT8D-15  22278  LV-WJS    Feb-80   LAPA ARGENTINA      121,500   53,112   28,065   31-Dec-96    $3.65m   $4.26m
 40  B737-200Adv. JT8D-15  22368  LV-WNA    Sep-80   LAPA ARGENTINA      119,500   44,218   36,366   31-Dec-96    $3.84m   $4.09m
 41  B737-200Adv. JT8D-15  22369  LV-WNB    Sep-80   LAPA ARGENTINA      119,500   42,809   35,666   31-Dec-96    $3.82m   $4.09m
 42  B737-200Adv. JT8D-15  22396  VT-EWF    Dec-80                       119,500   46,744   27,173   31-May-96    $4.87m   $4.19m
 43  B737-200Adv. JT8D-15  22397  CC-CJW    Jan-81                       119,500   46,255   31,128   31-Dec-96    $4.79m   $4.49m
 44  B737-200Adv. JT8D-17A 22407  CC-CEE    Sep-80        LAN CHILE      124,500   44,000   29,651   31-Dec-96    $4.93m   $4.45m
 45  B737-200Adv. JT8D-15  22453  LY-GPA    Feb-81   LITHUANIAN A/L      119,500   41,130   24,830   31-Oct-96    $3.95m   $4.49m
 46  B737-200Adv. JT8D-15  22632  CC-CYP    Feb-82        LAN CHILE      117,000   41,464   24,717   31-Dec-96    $4.23m   $4.80m
 47  B737-200Adv. JT8D-15  22633  VT-EWD    Feb-81                       121,500   44,081   24,002   31-May-96    $4.83m   $4.36m
 48  B737-200Adv. JT8D-17A 22802  UR-GAD    Jul-82    UKRAINE INT'L      124,500   33,757   24,802   30-Nov-96    $5.22m   $4.85m
 49  B737-200Adv. JT8D-17A 22803  HA-LEI    Aug-82            MALEV      124,500   29,095   24,844   31-Dec-96    $3.92m   $4.85m
 50  B737-200Adv. JT8D-17A 22804  HA-LEM    Aug-82            MALEV      124,500   30,372   25,098   31-Dec-96    $4.28m   $4.85m
 51  B737-200Adv. JT8D-9A  22873  C-GUPW    Jul-82         CANADIAN      117,000   36,240   38,164   31-Dec-96    $4.08m   $4.15m
 52  B737-200Adv. JT8D-15  22979  HA-LEC    Feb-83            MALEV      119,500   36,623   20,982   31-Dec-96    $5.47m   $4.75m
 53  B737-200Adv. JT8D-17A 23023  PK-RIQ    Mar-83          MANDALA      117,000   30,155   24,061   31-Dec-96    $4.84m   $4.85m
 54  B737-200Adv. JT8D-17A 23024  CC-CDG    Apr-83        LAN CHILE      117,000   35,220   27,998   31-Dec-96    $4.12m   $4.85m

</TABLE>
    

     GPA GROUP
                                     PAGE 2




<PAGE>   6

AIRCLAIMS LIMITED          

                           AIRPLANES GROUP PORTFOLIO
                                                                       [LOGO]
     BASE VALUES of the AIRPLANES GROUP PORTFOLIO
     Specification/Values as at 25th February 1997

   
<TABLE>
<CAPTION>
                                                                                                                     BASE VALUES
                                              BUILD                          MTOW       AIRFRAME                    ADJ       H-L
         TYPE          ENG     MSN    REGN    DATE          OPERATOR         (LB)    HOURS    CYCLES     AS AT       BV       BV
----------------------------------------------------------------------------------------------------------------------------------
<S> <C>             <C>       <C>    <C>     <C>     <C>                   <C>       <C>      <C>      <C>         <C>      <C>
55  B737-200C/Adv.  JT8D-17A  23065  N675MA  Aug-83                  LAPA  124,500   32,022   29.765   31-Dec-96    $6.46m   $6.75m
56  B737-200C/Adv.  JT8D-17A  23066  N676MA  Oct-83                XIAMEN  124,500   29,806   28.096   31-Dec-96    $6.81m   $6.75m
57  B737-300        CFM56-3B1 23177  EI-CHH  Mar-86     FRONTIER AIRLINES  135,000   29,319   20.890   31-Dec-96   $18.81m  $18.15m
58  B737-300        CFM56-3B2 23749  EC-FKJ  Apr-87            AIR EUROPA  137,000   35,466   17.868   31-Dec-96   $19.82m  $20.15m
59  B737-300        CFM56-3B2 23923  EC-FJZ  Mar-88            AIR EUROPA  138,500   28,690   13.636   31-Dec-96   $21.97m  $21.89m
60  B737-300        CFM56-3B1 24770  EI-BZN  Sep-90   PHILIPPINE AIRLINES  135,000   13,362    9.970   31-Dec-96   $22.83m  $22.95m
61  B737-300        CFM56-3C1 24905  PH-TSU  Jan-91    TRANSAVIA AIRLINES  130,000   12,002    7.843   30-Nov-96   $25.01m  $25.19m
62  B737-300        CFM56-3C1 24907  UR-GAE  Feb-91              AIR ASIA  130,000   11,657    8.789   31-Dec-96   $24.75m  $25.18m
63  B757-300        CFM56-3C1 25179  EI-CLZ  Dec-91               AIR ONE  135,000   12,736    8.321   30-Nov-96   $26.07m  $26.55m
64  B737-300        CFM56-3C1 25187  EI-CLW  Feb-92               AIR ONE  135,000   12,654    7.674   30-Nov-96   $25.85m  $26.25m
65  B737-300        CFM56-3B2 26852  PP-VPA  Mar-92                 VARIG  135,000    9,950   12.551   30-Nov-96   $25.98m  $25.75m
66  B737-300QC      CFM56-3B1 23499  N303AL  May-86     VANGUARD AIRLINES  135,000   25,987   29,600   31-Dec-96   $20.91m  $21.03m
67  B737-300QC      CFM56-3B1 23500  N304AL  May-86     VANGUARD AIRLINES  135,000   26,823   30,837   31-Dec-96   $20.88m  $21.03m
68  B737-400        CFM56-3C1 24345  VT-JAG  May-89           JET AIRWAYS  142,500   18,747   10.741   31-Dec-96   $24.05m  $23.94m
69  B737-400        CFM56-3C1 24493  HL-7258 Jun-89                ASIANA  142,500   16,093   16.682   30-Nov-96   $23.45m  $23.94m
70  B737-400        CFM56-3C1 24520  HL-7260 Dec-89                ASIANA  142,500   16,742   15.241   30-Nov-96   $23.62m  $24.44m
71  B737-400        CFM56-3C1 24683  TC-AYA  Jul-90  MYANMAR AIRWAYS INTL  150,000   15,785    9.445   31-Dec-96   $24.73m  $25.45m
72  B737-400        CFM56-3C1 24684  TC-AFK  Mar-90   PHILIPPINE AIRLINES  150,000   21,873    8,642   30-Nov-96   $25.15m  $25.45m
73  B737-400        CFM56-3C1 24687  D-ABAC  Apr-90   JET AIRWAYS (INDIA)  150,000   21,771    9,034   31-Dec-96   $25.48m  $25.45m
74  B737-400        CFM56-3C1 24689  EC-EXY  Jun-90                FUTURA  150,000   21,361   10,019   31-Dec-96   $25.24m  $25.45m
75  B737-400        CFM56-3C1 24690  EC-FPB  Jun-90            AER LINGUS  150,000   20,260   10,110   31-Oct-96   $25.08m  $25.45m
76  B737-400        CFM56-3C1 24691  TC-AZA  Jul-90     ISTANBUL AIRLINES  150,000   16,306    9,970   31-Dec-96   $25.06m  $25.45m
77  B737-400        CFM56-3C1 24906  EC-GAZ  Feb-91            AIR EUROPA  142,500   13,096   12,775   31-Dec-96   $26.41m  $26.49m
78  B737-400        CFM56-3C1 24911  SE-DTB  Mar-91           NORDIC EAST  150,000   15,066    8,964   30-Nov-96   $26.31m  $26.55m
79  B737-400        CFM56-3C1 24912  EC-GBN  May-91            AIR EUROPA  142,500   11,973   11,718   31-Dec-96   $26.56m  $26.49m
80  B737-400        CFM56-3C1 24917  TC-JDF  May-91           THY-TURKISH  150,000   15,060    7,966   31-Dec-96   $26.59m  $26.75m
81  B737-400        CFM56-3C1 25180  EC-FLD  Dec-91   RYAN INT'L AIRLINES  150,000   16,013    7,247   31-Dec-96   $26.70m  $27.15m
82  B737-400        CFM56-3C1 25181  TC-JDG  Dec-91   RYAN INT'L AIRLINES  150,000   13,144    6,898   31-Dec-96   $27.01m  $27.15m
83  B737-400        CFM56-3C1 25184  TC-JDH  Jan-92           THY-TURKISH  150,000   13,281    6,849   31-Dec-96   $27.27m  $27.60m
84  B737-400        CFM56-3C1 25190  TC-SUT  Mar-92           SUN EXPRESS  150,000   15,638    6,876   30-Nov-96   $27.28m  $27.60m
85  B737-400        CFM56-3C1 25261  TC-JDT  Mar-92           THY-TURKISH  150,000   13,009    6,679   31-Dec-96   $27.50m  $27.80m
86  B737-400        CFM56-3C1 26065  TC-JDY  Apr-92           THY-TURKISH  150,000   12,803    6,572   31-Dec-96   $27.65m  $27.90m

</TABLE>
    

GPA GROUP                                                      Page 3
<PAGE>   7


     AIRCLAIMS LIMITED          

                           AIRPLANES GROUP PORTFOLIO
                                                                       [LOGO]
     BASE VALUES of the AIRPLANES GROUP PORTFOLIO
     Specification/Values as at 25th February 1997

   
<TABLE>
<CAPTION>                                                                                                      BASE VALUES
                                                                                                               ------------
                                           BUILD                     MTOW         AIRFRAME                      ADJ      H-L
     TYPE        ENG          MSN   REGN    DATE        OPERATOR      (LB)      HOURS    CYCLES     AS AT        BV       BV
----------------------------------------------------------------------------------------------------------------------------------
<S>  <C>         <C>          <C>    <C>     <C>    <C>                 <C>       <C>      <C>      <C>         <C>       <C>
87   B737-400    CFM56-3C1    26069  HA-LEN  Aug-92              MALEV  150,000   10,979    5,659   31-Dec-96   $27.79m   $27.80m
88   B737-400    CFM56-3C1    26071  HA-LEO  Aug-92              MALEV  150,000   10,776    5,331   31-Dec-96   $27.71m   $27.80m
89   B737-400    CFM56-3C1    26081  D-ABAF  Feb-93            PEGASUS  150,000   13,633    5,408   30-Nov-96   $28.85m   $29.10m
90   B737-500    CFM56-3C1    24897  B-2542  Jan-91     CHINA SOUTHERN  133,500   13,328   11,213   31-Oct-96   $21.92m   $22.08m
91   B737-500    CFM56-3C1    25182  B-2548  Jan-92     CHINA SOUTHERN  133,500   11,305    8,022   31-Dec-96   $23.12m   $23.13m
92   B737-500    CFM56-3C1    25183  B-2549  Jan-92     CHINA SOUTHERN  133,500   10,818    8,211   31-Dec-96   $23.15m   $23.13m
93   B737-500    CFM56-3C1    25185  XA-RJS  Jan-92    BRITISH MIDLAND  133,500   15,255    9,309   31-Dec-96   $22.62m   $23.13m
94   B737-500    CFM56-3C1    25186  PT-SLU  Feb-92            RIO SUL  133,500   14,321   10,649   31-Dec-96   $22.65m   $23.13m
95   B737-500    CFM56-3C1    25188  B-2550  Feb-92     CHINA SOUTHERN  133,500   10,760    6,455   31-Dec-96   $22.74m   $23.13m
96   B737-500    CFM56-3C1    25191  XA-SAS  Mar-92 JET AIRWAYS (INDIA) 133,500   13,480    7,383   31-Dec-96   $22.72m   $23.13m
97   B737-500    CFM56-3C1    25192  XA-SAC  Mar-92            RIO SUL  133,500   13,853    8,944   31-Dec-96   $22.16m   $22.78m
98   B737-500    CFM56-3C1    25288  TC-JDU  Apr-92        THY-TURKISH  133,500   14,352    5,912   31-Dec-96   $22.50m   $22.78m
99   B737-500    CFM56-3C1    25289  TC-JDV  Apr-92        THY-TURKISH  133,500   14,513    5,998   31-Dec-96   $22.51m   $22.78m
100  B737-500    CFM56-3C1    28075  PT-SLN  Sep-92            RIO SUL  133,500   13,904   12,057   31-Dec-96   $22.11m   $22.78m
101  B747-200M   JT9D-7Q      21730  EI-CEO  Apr-79          TOWER AIR  805,000   53,763   15,819   31-Oct-96   $29.94m   $28.60m
102  B757-200    RB211-535E4- 26151  XA-KWK  Jun-92  BLUE SCANDINAVIAN  250,000   14,472    6,817   31-Dec-96   $38.93m   $40.30m
103  B757-200    RB211-535E4- 26154  EI-CEZ  Aug-92            AVIANCA  250,000   13,895    5,388   31-Dec-96   $40.31m   $40.50m
104  B757-200    RB211-535E4- 26156  B-2827  Oct-92    CHINA SOUTHWEST  250,000    9,209    4,822   31-Oct-96   $40.54m   $41.60m
105  B767-200ER  PW4056       25421  EI-CEM  Nov-91        TRANSBRASIL  387,000   15,868    3,117   31-Dec-96   $49.33m   $48.40m
106  B767-300ER  PW4060       24946  PT-TAE  Jun-91        TRANSBRASIL  387,000   26,314    6,470   31-Dec-96   $65.06m   $65.40m
107  B767-300ER  PW4060       25411  EI-CLR  Nov-91                SAS  407,000   14,738    3,114   30-Apr-96   $66.05m   $66.45m
108  B767-300ER  PW4060       26200  XA-RKI  Jul-92         AEROMEXICO  407,000   16,304    3,876   31-Dec-96   $69.16m   $69.35m
109  B767-300ER  PW4060       26204  XA-RKJ  Oct-92 LAN CHILE AIRLINES  407,000   13,141    3,105   31-Dec-96   $69.27m   $69.35m

</TABLE>
    

GPA Group                            Page 4
<PAGE>   8


     AIRCLAIMS LIMITED          

                           AIRPLANES GROUP PORTFOLIO
                                                                       [LOGO]
     BASE VALUES of the AIRPLANES GROUP PORTFOLIO
     Specification/Values as at 25th February 1997

   
<TABLE>
<CAPTION>
                                                                                                                   BASE VALUES
                                            BUILD                           MTOW       AIRFRAME                    ADJ       H-L
        TYPE        ENG      MSN   REGN     DATE          OPERATOR          (LB)    HOURS   CYCLES     AS AT       BV        BV
----------------------------------------------------------------------------------------------------------------------------------
<S>  <C>         <C>       <C>    <C>       <C>     <C>                  <C>       <C>      <C>      <C>          <C>      <C>
110  DC10-30     CF6-50C2  46976  N602DC   Nov-78               OFF LEASE  572,000  52,201  14,855   31-Dec-96   $18.01m   $17.95m
111  DC10-30     CF6-50C1  48978  N777SJ   Nov-78               OFF LEASE  572,000  55,704  13,842   31-Dec-96   $17.10m   $17.10m 
112  DC10-30F    CF6-50C2  47841  PP-VMT   Jun-80                   VARIG  580,000  52,593  13,285   30-Nov-96   $24.15m   $24.15m
113  DC10-30F    CF6-50C2  47842  PP-VMU   Aug-80                   VARIG  580,000  53,047  13,370   30-Nov-96   $23.45m   $24.15m
114  DC8-71F(M)  CFM56-2C1 45810  CC-CYQ       66              ABSA CARGO  328,000  82,240  31,108   31-Dec-96   $17.82m   $17.48m
115  DC8-71F(M)  CFM56-2C1 45811  N821BX       67 A T INTL/BURLINGTON EXP  328,000  74,371  30,983   30-Nov-96   $16.43m   $17.48m
116  DC8-71F(M)  CFM56-2C1 45812  N500MH       66         EMERY WORLDWIDE  325,000  75,396  29,862   31-Dec-96   $18.17m   $17.38m
117  DC8-71F(M)  CFM56-2C1 45813  N8228X       67 A T INTL/BURLINGTON EXP  328,000  75,278  30,669   31-Dec-96   $18.18m   $17.38m
118  DC8-71F(M)  CFM56-2C1 45849  HK-3786X     67                   TAMPA  328,000  79,436  31,283   31-Dec-96   $18.01m   $17.48m
119  DC8-71F(M)  CFM56-2C1 45941  N8076U       67         EMERY WORLDWIDE  328,000  74,591  30,289   31-Dec-96   $16.68m   $17.48m
120  DC8-71F(M)  CFM56-2C1 45945  EC-FVA       68                CARGOSUR  328,000  75,828  31,002   31-Dec-96   $17.09m   $17.48m
121  DC8-71F(M)  CFM56-2C1 45946  N824BX       68 A T INTL/BURLINGTON EXP  328,000  73,009  30,213   30-Nov-96   $16.78m   $17.48m
122  DC8-71F(M)  CFM56-2C1 45947  N8079U       68         EMERY WORLDWIDE  325,000  79,492  31,120   31-Dec-96   $17.90m   $17.38m
123  DC8-71F(M)  CFM56-2C1 45970  CC-CAX       68          FAST AIR CHILE  328,000  83,013  31,599   31-Dec-96   $17.77m   $17.48m
124  DC8-71F(M)  CFM56-2C1 45971  N827BX       68 A T INTL/BURLINGTON EXP  328,000  74,928  30,632   30-Nov-96   $17.53m   $17.48m
125  DC8-71F(M)  CFM56-2C1 45973  N783UP       68 A T INTL/BURLINGTON EXP  328,000  65,083  24,903   30-Nov-96   $17.08m   $17.48m
126  DC8-71F(M)  CFM56-2C1 45974  N8084U       68         EMERY WORLDWIDE  328,000  67,969  25,077   31-Dec-96   $17.11m   $17.48m
127  DC8-71F(M)  CFM56-2C1 45975  N8085U       68         EMERY WORLDWIDE  328,000  67,569  24,645   31-Dec-96   $17.09m   $17.48m
128  DC8-71F(M)  CFM56-2C1 45976  CC-CAR       68          FAST AIR CHILE  328,000  74,120  26,035   31-Dec-96   $16.71m   $17.48m
129  DC8-71F(M)  CFM56-2C1 45977  N8087U       68         EMERY WORLDWIDE  328,000  70,973  25,911   31-Dec-96   $16.92m   $17.48m
130  DC8-71F(M)  CFM56-2C1 45978  N825BX       68 A T INTL/BURLINGTON EXP  328,000  74,480  28,671   30-Nov-96   $17.44m   $17.48m
131  DC8-71F(M)  CFM56-2C1 45983  N8177U       68         EMERY WORLDWIDE  325,000  61,935  39,833   31-Dec-96   $17.41m   $17.38m
132  DC8-71F(M)  CFM56-2C1 45993  N828BX       68 A T INTL/BURLINGTON EXP  328,000  71,183  28,796   30-Nov-96   $17.49m   $17.48m
133  DC8-71F(M)  CFM56-2C1 45994  N829BX       60 A T INTL/BURLINGTON EXP  325,000  76,845  30,169   30-Nov-96   $17.10m   $17.38m
134  DC8-71F(M)  CFM56-2C1 45995  N8091U       68         EMERY WORLDWIDE  325,000  77,726  29,205   31-Dec-96   $18.02m   $17.38m
135  DC8-71F(M)  CFM56-2C1 45996  CC-CDS       68                FAST AIR  328,000  82,899  29,796   31-Dec-96   $17.78m   $17.48m
136  DC8-71F(M)  CFM56-2C1 45997  CC-CDU       68                FAST AIR  328,000  78,889  28,328   31-Dec-96   $18.04m   $17.48m
137  DC8-71F(M)  CFM56-2C1 45998  N826BX       68 A T INTL/BURLINGTON EXP  328,000  76,375  30,146   30-Nov-96   $18.10m   $17.48m
138  DC8-71F(M)  CFM56-2C1 46039  N870SJ       69         EMERY WORLDWIDE  328,000  73,105  28,077   31-Dec-96   $16.78m   $17.48m
139  DC8-71F(M)  CFM56-2C1 46065  N820BX       69 A T INTL/BURLINGTON EXP  328,000  72,868  30,155   30-Nov-96   $16.60m   $17.48m
140  DC8-71F(M)  CFM56-2C1 46066  HK-3785X     69                   TAMPA  328,000  72,909  29,686   31-Dec-96   $16.79m   $17.48m
141  DC8-73F(M)  CFM56-2C1 46091  N873SJ       70                     SAT  355,000  76,951  19,035   30-Nov-96   $20.97m   $20.00m

</TABLE>
    

GPA GROUP                                                       Page 5

<PAGE>   9


     AIRCLAIMS LIMITED          

                           AIRPLANES GROUP PORTFOLIO
                                                                       [LOGO]
     BASE VALUES of the AIRPLANES GROUP PORTFOLIO
     Specification/Values as at 25th February 1997

   
<TABLE>
<CAPTION>
                                                                                                                   BASE VALUES
                                             BUILD                         MTOW       AIRFRAME                     ADJ       H-L
        TYPE       ENG.     MSN     REGN     DATE        OPERATOR          (LB)    HOURS    CYCLES     AS AT        BV       BV
----------------------------------------------------------------------------------------------------------------------------------
<S>  <C>         <C>       <C>    <C>       <C>     <C>                  <C>       <C>      <C>      <C>          <C>      <C>
142  DC9-14      JT8D-7B   45736  XA-LMM    66      AEROCALIFORNIA        90,700    76,420   75,326   31-Dec-96    $0.72m   $0.76m
143  DC9-14      JT8D-7B   45786  XA-AGS    67      AEROCALIFORNIA        90,700    75,688   72,500   31-Dec-96    $0.74m   $0.76m
144  DC9-15      JT8D-7B   45743  XA-CSL    66      AEROCALIFORNIA        90,700    81,762   85,803   31-Dec-96    $0.57m   $0.76m
145  DC9-15      JT8D-7A   45785  XA-RRY    66      AEROCALIFORNIA        90,700    79,558   82,123   31-Dec-96    $0.63m   $0.76m
146  DC9-15      JT8D-7A   47059  XA-RNQ    67      AEROCALIFORNIA        90,700    81,342   84,655   31-Dec-96    $0.58m   $0.76m
147  DC9-15      JT8D-7A   47085  XA-GDL    67      AEROCALIFORNIA        90,700    81,414   84,808   31-Dec-96    $0.58m   $0.76m
148  DC9-15      JT8D-7A   47122  XA-RKT    67      AEROCALIFORNIA        90,700    84,649   88,716   31-Dec-96    $0.49m   $0.76m
149  DC9-15      JT8D-7A   47126  XA-LAC    68      AEROCALIFORNIA        90,700    79,773   82,932   31-Dec-96    $0.62m   $0.76m
150  DC9-32      JT8D-17   47594  XA-DEJ    74          AEROMEXICO       108,000    65,739   68,451   31-Dec-96    $2.50m   $2.66m
151  DC9-32      JT8D-17   48125  XA-AMA    80          AEROMEXICO       108,000    47,524   46,511   31-Dec-96    $3.47m   $3.60m
152  DC9-32      JT8D-17   48126  XA-AMB    80          AEROMEXICO       108,000    47,500   48,716   31-Dec-96    $3.68m   $3.60m
153  DC9-32      JT8D-17   48127  XA-AMC    80          AEROMEXICO       108,000    46,335   44,652   31-Dec-96    $3.25m   $3.60m
154  DC9-32      JT8D-17   48128  XA-AMD    80          AEROMEXICO       108,000    46,497   45,338   31-Dec-96    $3.35m   $3.60m
155  DC9-32      JT8D-17   48129  XA-AME    80          AEROMEXICO       108,000    45,621   44,262   31-Dec-96    $3.47m   $3.60m
156  DC9-32      JT8D-17   48130  XA-AMF    80          AEROMEXICO       108,000    44,385   42,732   31-Dec-96    $4.13m   $3.60m
157  DC9-51      JT8D-17   47742  EI-CBG    77            HAWAIIAN       121,000    32,568   52,793   31-Dec-96    $3.16m   $3.40m
158  DC9-51      JT8D-17   47784  N603DC    79            HAWAIIAN       121,000    34,580   50,440   31-Dec-96    $4.15m   $3.80m
159  DC9-51      JT8D-17   47796  EI-CBH    79            HAWAIIAN       121,000    30,486   50,761   31-Dec-96    $3.80m   $3.80m
160  DC9-51      JT8D-17   48122  EI-CBI    81            HAWAIIAN       121,000    27,489   47,130   31-Dec-96    $4.28m   $4.15m
</TABLE>
    
<PAGE>   10


     AIRCLAIMS LIMITED          

                           AIRPLANES GROUP PORTFOLIO
                                                                       [LOGO]
     BASE VALUES of the AIRPLANES GROUP PORTFOLIO
     SPECIFICATION/VALUES AS AT 25TH FEBRUARY 1997

<TABLE>
<CAPTION>
                                                                                                                      BASE VALUES
                                             BUILD                         MTOW       AIRFRAME                     ADJ       H-L
        TYPE        ENG     MSN     REGN     DATE        OPERATOR          (LB)    HOURS    CYCLES     AS AT        BV       BV
----------------------------------------------------------------------------------------------------------------------------------
<S>  <C>         <C>       <C>    <C>       <C>     <C>                    <C>       <C>      <C>      <C>          <C>      <C>
161  DHC-8-100    PW120A    113    V2-LDQ    Jul-88                   LIAT   34,500                                  $5.45m   $5.45m
162  DHC-8-100    PW120A    140    V2-LDP    Jan-89                   LIAT   34,500                                  $5.85m   $5.85m
163  DHC-8-100    PW120A    144    V2-LEF    Mar-89                   LIAT   33,900                                  $5.95m   $5.95m
164  DHC-8-100    PW120A    229    VH-LAR    Aug-90   NATIONAL JET SYSTEMS   34,500     5,019    4,147   31-Mar-96   $6.87m   $6.80m
165  DHC-8-100    PW121     258    EI-CHP    Jan-91          USAIR EXPRESS   34,500    14,466   15,126   30-Nov-96   $6.78m   $6.80m
166  DHC-8-100    PW120A    270    V2-LDU    Apr-91                   LIAT   34,500                                  $6.90m   $8.90m
167  DHC-8-300    PW123     232    HS-SKJ    Oct-90      SCHREINER AIRWAYS   41,100                                  $8.21m   $6.25m
168  DHC-8-300    PW123     244    HS-SKK    Dec-90                DAC AIR   41,100    10,820    9,895   31-Dec-96   $8.28m   $8.25m
169  DHC-8-300    PW123     266    PT-OKA    Mar-91                DAC AIR   43,000    11,274   10,275   31-Dec-96   $8.84m   $8.80m
170  DHC-8-300    PW123     267    PT-OKB    Apr-91                DAC AIR   43,000    10,810    9,733   31-Dec-96   $8.80m   $8.80m
171  DHC-8-300    PW123     276    PT-OKC    May-91      SCHREINER AIRWAYS   43,000                                  $8.80m   $8.80m
172  DHC-8-300    PW123     283    PH-SDR    Jun-91      SCHREINER AIRWAYS   43,000                                  $8.85m   $8.85m
173  DHC-8-300    PW123     293    PH-SDS    Sep-91 WIDEROE'S FLYVESELSKAP   43,000     4,806    5,365   30-Nov-96   $8.96m   $8.95m
174  DHC-8-300    PW123     296    D-BKIS    Dec-91            CONTACT AIR   43,000    10,176    8,226   31-Dec-96   $9.37m   $9.33m
175  DHC-8-300    PW123     298    PH-SDM    Mar-92      SCHREINER AIRWAYS   43,000     5,115    5,753   31-Dec-96   $9.35m   $9.35m
176  DHC-8-300    PW123     300    PH-SDP    Mar-92      SCHREINER AIRWAYS   43,000     3,107    3,844   31-Dec-96   $9.35m   $9.35m
177  DHC-8-300    PW123     307    OE-LRW    Oct-91           RHEINTALFLUG   43,000     6,700   57,334   31-Dec-96   $8.75m   $8.75m
178  DHC-8-300    PW123     334    D-BKIR    Sep-92            CONTACT AIR   43,000    10,271    8,539   31-Oct-96   $9.74m   $9.75m
179  DHC-8-300    PW123     342    LN-WFA    Dec-92 WIDEROE'S FLYVESELSKAP   43,000     4,128    4,797   30-Nov-96   $9.88m   $9.88m
180  DHC-8-300C   PW123     230    VT-ETP    Sep-90     ANTILLEAN AIRLINES   43,000     6,173    5,445   30-Jun-95   $8.38m   $8.38m
181  DHC-8-300C   PW123     242    VT-ETQ    Sep-90     ANTILLEAN AIRLINES   43,000     7,345    6,577   20-Jun-96   $8.30m   $8.38m

    


</TABLE>

GPA GROUP                                                       Page 7
<PAGE>   11


     AIRCLAIMS LIMITED          

                           AIRPLANES GROUP PORTFOLIO
                                                                       [LOGO]
     BASE VALUES of the AIRPLANES GROUP PORTFOLIO
     Specification/Values as at 25th February 1997

   
<TABLE>
<CAPTION>
                                                                                                                   BASE VALUES
                                             BUILD                         MTOW       AIRFRAME                     ADJ       H-L
        TYPE        ENG     MSN     REGN     DATE        OPERATOR          (LB)    HOURS    CYCLES     AS AT        BV       BV
----------------------------------------------------------------------------------------------------------------------------------
<S>  <C>          <C>      <C>    <C>       <C>      <C>                  <C>       <C>      <C>      <C>          <C>      <C>
182  FOKKER 100   TAY650   11266  PK-JGD    Aug-90          SEMPATI       98,000    20,316   15,432   31-Oct-96   $17.00m   $17.62m
183  FOKKER 100   TAY650   11284  PT-MRA    Aug-90              TAM       98,000    14,358   15,515   31-Dec-96   $17.74m   $17.62m
184  FOKKER 100   TAY650   11285  PT-MRB    Aug-90              TAM       98,000    14,336   15,707   31-Dec-96   $17.81m   $17.92m
185  FOKKER 100   TAY650   11304  PT-MRG    Feb-91              TAM       98,000    10,060   10,781   31-Dec-96   $17.48m   $17.97m
186  FOKKER 100   TAY650   11305  PT-MRH    Mar-91              TAM       98,000    10,402   11,062   31-Dec-96   $17.48m   $18.07m
187  FOKKER 100   TAY650   11309  XA-SHI    Apr-91         MEXICANA       98,000     8,729    8,797   31-Dec-96   $18.18m   $18.27m
188  FOKKER 100   TAY650   11319  XA-SHJ    Mar-91         MEXICANA       98,000     8,589    8,570   31-Dec-96   $18.01m   $18.17m
189  FOKKER 100   TAY650   11336  PK-JGG    May-91          SEMPATI       98,000    15,987   12,691   31-Oct-96   $18.12m   $18.07m
190  FOKKER 100   TAY650   11339  PK-JGH    Jun-91          SEMPATI       98,000    15,744   12,325   31-Oct-96   $18.43m   $18.17m
191  FOKKER 100   TAY650   11347  PK-JGF    Jul-91          SEMPATI       98,000    16,632   13,017   31-Oct-96   $17.67m   $18.17m
192  FOKKER 100   TAY650   11348  PT-MRE    Jul-91              TAM       98,000    10,795   11,943   31-Dec-96   $17.86m   $18.17m
193  FOKKER 100   TAY650   11371  SE-DUI    Dec-91        TRANSWEDE       98,000     9,212   10,277   31-Dec-96   $18.13m   $18.67m
194  FOKKER 100   TAY650   11374  XA-TCG    Jan-92         MEXICANA       98,000     9,754    9,836   31-Dec-96   $18.85m   $19.12m
195  FOKKER 100   TAY650   11375  XA-TCH    Mar-92         MEXICANA       98,000     9,634    9,685   31-Dec-96   $18.96m   $19.22m
196  FOKKER 100   TAY650   11382  XA-SGE    Mar-92         MEXICANA       98,000     9,532    9,622   31-Dec-96   $18.96m   $19.22m
197  FOKKER 100   TAY650   11384  XA-SGF    Mar-92         MEXICANA       98,000     9,484    9,478   31-Dec-96   $19.12m   $19.22m

</TABLE>
    
<PAGE>   12


     AIRCLAIMS LIMITED          

                           AIRPLANES GROUP PORTFOLIO
                                                                       [LOGO]
     BASE VALUES of the AIRPLANES GROUP PORTFOLIO
     Specification/Values as at 25th February 1997

   
<TABLE>
<CAPTION>
                                                                                                                   BASE VALUES
                                         BUILD                           MTOW       AIRFRAME                     ADJ       H-L
     TYPE       ENG.      MSN    REGN    DATE          OPERATOR          (LB)    HOURS    CYCLES     AS AT        BV       BV
------------------------------------------------------------------------------------------------------------------------------------
<S>  <C>    <C>          <C>    <C>        <C>      <C>                   <C>       <C>      <C>      <C>          <C>      <C>
198  MD-11  CF6-80C2D1F  48499  EI-CDI  Nov-91                GARUDA   618,000   19,163    4,761   31-Dec-96   $74.08m  $72.65m
199  MD-11  CF6-80C2D1F  48500  PK-GIH  Mar-92                GARUDA   618,000   18,240    4,183   31-Dec-96   $75.22m  $75.65m
200  MD-11  CF6-80C2D1F  48501  EI-CDK  Aug-92                GARUDA   618,000   17,053    3,764   31-Dec-96   $76.16m  $76.15m
201  MD82   JT8D-217C    49660  EI-BTX  Feb-88            AEROMEXICO   149,500   21,151   16,413   31-Dec-96   $18.44m  $18.75m
202  MD83   JT8D-219     49390  9Y-THN  Mar-86                  BWIA   160,000   24,198   16,075   31-Dec-96   $17.30m  $18.00m
203  MD83   JT8D-219     49442  HB-IUL  Mar-87            BALAIR CTA   160,000   23,868   12,408   31-Dec-96   $17.61m  $18.05m
204  MD83   JT8D-219     49575  EI-BWD  Sep-87                   TWA   160,000   23,227   13,686   31-Dec-96   $18.67m  $19.05m
205  MD83   JT8D-219     49620  D-ALLV  Jun-88            AERO LLYOD   160,000   20,289    9,385   31-Dec-96   $18.72m  $19.25m
206  MD83   JT8D-219     49624  EI-CGI  Jul-88   AIR LIBERTE TUNISIE   160,000   21,770   11,101   31-Dec-96   $18.23m  $19.05m
207  MD83   JT8D-219     49626  EC-GBA  Oct-88               SPANAIR   160,000   23,853   12,482   31-Dec-96   $18.93m  $19.05m
208  MD83   JT8D-219     49631  EI-CEK  May-89               EUROFLY   160,000   20,590    9,372   31-Dec-96   $20.10m  $20.05m
209  MD83   JT8D-217C    49667  EI-BTY  Apr-88            AEROMEXICO   149,500   21,624   16,755   31-Dec-96   $19.42m  $19.75m
210  MD83   JT8D-219     49672  EC-FTU  Jun-88               SPANAIR   160,000   26,984   13,229   31-Dec-96   $18.45m  $19.05m
211  MD83   JT8D-219     49709  EC-GAT  Nov-88               SPANAIR   160,000   16,862   10,676   31-Dec-96   $18.70m  $19.25m
212  MD83   JT8D-219     49789  9Y-THX  Sep-89                  BWIA   160,000   16,568   12,846   31-Dec-96   $20.95m  $21.05m
213  MD83   JT8D-219     49792  TC-INA  Oct-89                SUNWAY   160,000   20,066    7,318   31-Dec-96   $20.73m  $21.05m
214  MD83   JT8D-219     49935  G-DCAC  Sep-90      EDELWEISS AIR AG   160,000   22,744    8,638   30-Sep-96   $21.64m  $22.25m
215  MD83   JTBD-219     49936  TC-INB  Oct-90                SUNWAY   160,000   24,589    8,029   31-Dec-96   $21.67m  $22.25m
216  MD83   JT8D-219     49938  EC-FXA  Oct-90               SPANAIR   160,000   15,809    9,164   31-Dec-96   $21.94m  $22.25m
217  MD83   JT8D-219     49939  EI-CBR  Oct-90               AVIANCA   160,000    9,463   12,634   31-Dec-96   $22.02m  $22.25m
218  MD83   JT8D-219     49941  G-DEVR  Nov-90              RENO AIR   160,000   22,497    8,536   30-Nov-96   $21.65m  $22.25m
219  MD83   JT8D-219     49943  TC-INC  Jul-91                SUNWAY   160,000   15,541    5,124   31-Dec-96   $23.41m  $23.25m
220  MD83   JT8D-219     49946  EI-CCC  Sep-91               AVIANCA   160,000    9,848   12,612   31-Dec-96   $23.08m  $23.25m
221  MD83   JT8D-219     49949  G-RJER  Sep-91              RENO AIR   160,000   19,121    7,158   30-Nov-96   $22.85m  $23.25m
222  MD83   JT8D-219     49950  P4-MDE  Oct-91             AIR ARUBA   160,000   13,252    5,591   31-Dec-96   $22.73m  $23.25m
223  MD83   JT8D-219     49951  G-GMJM  Oct-91      EDELWEISS AIR AG   160,000   18,252    6,635   31-Dec-96   $23.09m  $23.25m
224  MD83   JT8D-219     53120  EI-CFZ  Jun-92               AVIANCA   160,000    6,163    8,271   31-Aug-95   $24.13m  $24.30m
225  MD83   JT8D-219     53125  EI-CER  May-92               AVIANCA   160,000    9,993    9,575   31-Dec-96   $24.37m  $24.30m
226  MD87   JT8D-219     49673  XA-SFO  Nov-88            AEROMEXICO   149,500   18,008   11,065   31-Dec-96   $12.68m  $13.45m

</TABLE>
    
              
<PAGE>   13


     AIRCLAIMS LIMITED          

                           AIRPLANES GROUP PORTFOLIO
                                                                       [LOGO]
     BASE VALUES of the AIRPLANES GROUP PORTFOLIO
     Specification/Values as at 25th February 1997

<TABLE>
<CAPTION>
                                                                                                                 BASE VALUES
                                                BUILD                 MTOW        AIRFRAME                      ADJ         H-L
        TYPE          ENG        MSN    REGN    DATE     OPERATOR     (LB)     HOURS    CYCLES    AS AT         BV          BV
----------------------------------------------------------------------------------------------------------------------------------
<S>   <C>         <C>            <C>   <C>      <C>      <C>          <C>      <C>      <C>      <C>        <C>         <C> 
227   METRO III   TPE331-11U-6   705   ZK-NSU   Aug-88   AIR NELSON   14,500   12,627   21,058   31-Dec-96      $1.45m      $1.45m
228   METRO III   TPE331-11U-6   711   ZK-NSY       88   AIR NELSON   14,500   12,402   20,660   31-Dec-96      $1.45m      $1.45m
229   METRO III   TPE331-11U-6   712   ZK-NSZ       88   AIR NELSON   14,500   12,295   20,718   31-Dec-96      $1.45m      $1.45m

                                                                                                            $3,975.04m  $4,007.37m
</TABLE>


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