<PAGE>   1


                                                                    Exhibit 99.3

                                                                AIRCLAIMS [LOGO]


Our Ref: 99201C/EP/kw


AerFi Group Plc.                                              5th February, 1999
Aviation House
Shannon
Ireland

Attention:  Mr Gerry Hastings

Dear Sirs,

                                - APG PORTFOLIO -
                     BASE VALUE AND CURRENT MARKET VALUATION
                             AS AT 5 FEBRUARY, 1999

Further to the instructions of Ms. Caroline Jones, AerFi Group Plc, we are
pleased to be able to provide our opinion of the value of each aircraft in the
portfolio of APG (Airplanes Group), under Base and Current Market Value
scenarios. The aircraft, each of which is subject to a net operating lease, are
as indicated in the attached table (ref: 99201C/MSH).

Our valuation is based on fleet details as provided by Ms. Jones on 30th
December 1998, providing the most recent utilisation information available in
respect of the aircraft and their respective engines, supplemented with
maintenance and specification data obtained or received on previous occasions
from GPA Group and GE Capital Aviation Services (GECAS).

The point of valuation is 5th February, 1999.

As requested by AerFi Group Plc, we have provided our value opinions under
CURRENT MARKET and BASE 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.
<PAGE>   2
                                                                          [LOGO]

BASE VALUE  (TO ISTAT DEFINITION)

The Base Value presented below is based on the definition 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 this instance, the Base Value of each aircraft assumes its physical condition
is average for an aircraft of its type and age, but has been adjusted to reflect
a) the actual utilisation and given maintenance status of airframe, engines and
undercarriage where possible (the 'Adjusted Base Value') and b) assuming overall
'half-life' maintenance condition.

The Base 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.


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.

As part of our valuation process, we have taken into account recent market
activity covering open market, financial and lessor sales, the perceived demand
for the types, their current market acceptability and availability, and have
considered the views of informed industry sources.
<PAGE>   3
                                                                          [LOGO]

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')
and b) under the assumption that each aircraft is in overall 'half-life'
maintenance condition (Current Market 'Half-Life' Value).

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.

Whilst the tabulated values provided under this assignment 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.
In this case we consider that a tolerance of +/- 4% may reasonably apply to the
aforementioned calculated values.

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' value opinion.

I trust the foregoing is satisfactory and to your requirements.

Yours sincerely,



/s/ Edward Pieniazek


EDWARD PIENIAZEK
Director, Consultancy & Information Services


Encl.
<PAGE>   4

                                                                    [AERFI LOGO]

BASE & CURRENT MARKET  VALUES of the AIRPLANES GROUP  PORTFOLIO

Specification/Values as at 5th February 1999



<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
                                                            BUILD                                     MTOW
  No    TYPE                    ENG.                MSN     DATE            OPERATOR                  (LB)
-----------------------------------------------------------------------------------------------------------------
<S>     <C>                    <C>                 <C>      <C>      <C>                            <C>
   1    A300B4-100             CF6-50C2R               12   May-75   Transaer International         347,222
   2    A300B4-100             CF6-50C2R               20   Dec-75   Transaer International         347,222
   3    A300B4-200             CF6-50C2               131   Dec-80   Transaer International         363,760
   4    A300B4-200             CF6-50C2               269   Aug-83   Pakistan Int Airline           363,760
   5    A300C4-200             CF6-50C2                83   May-79   MNG Cargo Airlines             363,760
   6    A320-200               CFM56-5A1              174   Feb-91   Canadian                       166,447
   7    A320-200               CFM56-5A1              175   Feb-91   Canadian                       166,447
   8    A320-200               CFM56-5A3              203   Apr-91   Air France                     166,447
   9    A320-200               CFM56-5A3              220   Jun-91   Air France                     166,447
  10    A320-200               CFM56-5A1              232   Jul-91   Canadian                       166,447
  11    A320-200               CFM56-5A1              284   Dec-91   Canadian                       166,447
  12    A320-200               CFM56-5A3              294   Jan-92   Airtours International         166,447
  13    A320-200               CFM56-5A3              301   Feb-92   Airtours International         166,447
  14    A320-200               CFM56-5A1              309   Feb-92   Canadian                       162,067
  15    A320-200               CFM56-5A1              348   Jun-92   Airtours International         162,067
  16    A320-200               CFM56-5A3              349   Jun-92   Airtours International         166,447
  17    A320-200               CFM56-5A3              404   Jan-93   Canadian                       162,067
  18    ATR42-300              PW120                  109   Aug-88   Titan                           36,825
  19    ATR42-310              PW120                  113   Oct-88   Titan                           36,825
  20    ATR42-310              PW120                  249   May-91   Idefix                          36,825
  21    ATR42-320              PW120                  284   Dec-91   ACES                            36,825
  22    B727-200Adv.           JT8D-17R             21346   Sep-80   Mexicana                       190,500
  23    B727-200Adv.           JT8D-17R             21600   Oct-80   Mexicana                       190,500
  24    B737-200Adv.           JT8D-9A              20922   Aug-74   Canadian                       117,000
  25    B737-200Adv. (Stg 3)   JT8D-9A              20958   Dec-74   Canadian                       117,000
  26    B737-200Adv. (Stg 3)   JT8D-9A              20959   Jan-75   Canadian                       117,000
  27    B737-200Adv.           JT8D-9A              21115   Oct-75   Canadian                       117,000
  28    B737-200Adv.           JT8D-17              21192   Feb-76   Aerolineas Argentina           119,500
  29    B737-200Adv.           JT8D-17              21193   Mar-76   LAPA                           119,500
  30    B737-200Adv.           JT8D-17              21196   Jun-76   LAPA                           119,500
  31    B737-200Adv.           JT8D-17              21206   Jan-76   Aerosanta                      119,500


<CAPTION>
                                                                      --------------------     ---------------------
                                                                          BASE VALUES             MARKET VALUES
--------------------------------------------------------------------------------------------------------------------
                                       AIRFRAME                         ADJ          H-L         ADJ          H-L
  No    TYPE                    HOURS         CYCLES     AS AT          BV           BV          CMV          CMV
--------------------------------------------------------------------------------------------------------------------
<S>     <C>                     <C>           <C>      <C>            <C>          <C>         <C>          <C>
   1    A300B4-100              48,757        24,524   31-Oct-98       $3.06m       $3.00m      $3.06m       $3.00m
   2    A300B4-100              41,701        22,606   31-Oct-98       $3.22m       $3.00m      $3.22m       $3.00m
   3    A300B4-200              32,698        18,890   31-Oct-98       $8.08m       $7.40m      $8.48m       $7.80m
   4    A300B4-200              34,337        17,474   31-Oct-98       $9.61m       $8.80m      $9.26m       $8.45m
   5    A300C4-200              35,601        20,303   31-Oct-98      $14.50m      $14.50m     $14.00m      $14.00m
   6    A320-200                27,250         9,810   31-Oct-98      $28.13m      $28.07m     $29.33m      $29.27m
   7    A320-200                27,250         9,910   31-Oct-98      $27.98m      $28.02m     $29.18m      $29.22m
   8    A320-200                18,563        11,042   31-Oct-98      $27.66m      $28.17m     $28.86m      $29.37m
   9    A320-200                17,877        11,021   31-Oct-98      $29.24m      $28.57m     $30.44m      $29.77m
  10    A320-200                25,561         9,439   31-Oct-98      $28.57m      $28.47m     $29.77m      $29.67m
  11    A320-200                24,165         8,882   31-Oct-98      $29.59m      $29.37m     $30.79m      $30.57m
  12    A320-200                23,279         8,547   31-Oct-98      $29.35m      $29.37m     $30.55m      $30.57m
  13    A320-200                23,317         8,438   31-Oct-98      $29.23m      $29.37m     $30.43m      $30.57m
  14    A320-200                23,475         8,692   31-Oct-98      $29.35m      $29.10m     $30.55m      $30.30m
  15    A320-200                16,311         5,946   31-Oct-98      $30.01m      $30.05m     $31.21m      $31.25m
  16    A320-200                21,560         7,675   31-Oct-98      $29.97m      $30.07m     $31.17m      $31.27m
  17    A320-200                18,040         6,565   31-Oct-98      $30.95m      $30.70m     $32.15m      $31.90m
  18    ATR42-300               17,346        16,746   31-Aug-98       $5.66m       $5.50m      $5.51m       $5.35m
  19    ATR42-310               14,676        14,575   31-Aug-98       $5.85m       $5.70m      $5.70m       $5.55m
  20    ATR42-310               15,393        19,122   31-Aug-98       $7.03m       $6.90m      $6.88m       $6.75m
  21    ATR42-320               15,311        25,160   31-Aug-98       $7.04m       $7.15m      $6.89m       $7.00m
  22    B727-200Adv.            45,480        37,660   30-Sep-98       $2.42m       $3.20m      $3.22m       $4.00m
  23    B727-200Adv.            45,751        38,064   30-Sep-98       $3.99m       $3.20m      $4.79m       $4.00m
  24    B737-200Adv.            66,984        71,800   30-Sep-98       $2.06m       $2.75m      $2.16m       $2.85m
  25    B737-200Adv. (Stg 3)    65,459        70,978   30-Sep-98       $3.65m       $3.65m      $4.00m       $4.00m
  26    B737-200Adv. (Stg 3)    66,681        69,532   30-Sep-98       $3.85m       $3.85m      $4.10m       $4.10m
  27    B737-200Adv.            57,770        64,315   30-Sep-98       $3.53m       $2.95m      $3.63m       $3.05m
  28    B737-200Adv.            42,958        39,465   30-Sep-98       $3.41m       $3.94m      $3.51m       $4.04m
  29    B737-200Adv.            48,780        37,752   30-Sep-98       $3.83m       $3.94m      $3.93m       $4.04m
  30    B737-200Adv.            51,108        38,872   30-Sep-98       $3.75m       $3.94m      $3.85m       $4.04m
  31    B737-200Adv.            36,363        33,306   30-Sep-98       $3.74m       $3.74m      $3.84m       $3.84m
</TABLE>

<PAGE>   5


                                                                    [AERFI LOGO]

BASE & CURRENT MARKET  VALUES of the AIRPLANES GROUP  PORTFOLIO

Specification/Values as at 5th February 1999



<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
                                                            BUILD                                     MTOW
  No    TYPE                    ENG.                MSN     DATE            OPERATOR                  (LB)
------------------------------------------------------------------------------------------------------------------
<S>     <C>                    <C>                 <C>      <C>      <C>                            <C>
  32    B737-200Adv.           JT8D-9A              21639   Oct-78   Canadian                       117,000
  33    B737-200Adv.           JT8D-17              21685   Dec-78   Fornax Aircraft Leasing        119,500
  34    B737-200Adv.           JT8D-9A              21712   Jan-79   Canadian                       117,000
  35    B737-200Adv.           JT8D-15              21735   May-79   Malev                          119,500
  36    B737-200Adv.           JT8D-15              21960   Feb-80   Lan Chile                      117,000
  37    B737-200Adv.           JT8D-15              22090   Apr-80   Malev                          119,500
  38    B737-200Adv.           JT8D-15              22278   Feb-80   LAPA                           121,500
  39    B737-200Adv.           JT8D-15              22368   Sep-80   LAPA                           119,500
  40    B737-200Adv.           JT8D-15              22369   Sep-80   LAPA                           119,500
  41    B737-200Adv.           JT8D-15              22397   Jan-81   Lan Chile                      119,500
  42    B737-200Adv.           JT8D-17A             22407   Sep-80   Lan Chile                      124,500
  43    B737-200Adv.           JT8D-15              22453   Feb-81   Lithuanian Airlines            119,500
  44    B737-200Adv.           JT8D-15              22632   Feb-82   Lan Chile                      117,000
  45    B737-200Adv.           JT8D-15              22633   Feb-81   LAPA                           121,500
  46    B737-200Adv.           JT8D-17A             22802   Jul-82   Ukraine International          124,500
  47    B737-200Adv.           JT8D-17A             22803   Aug-82   Malev                          124,500
  48    B737-200Adv.           JT8D-17A             22804   Aug-82   Malev                          124,500
  49    B737-200Adv.           JT8D-9A              22873   Jul-82   Canadian                       117,000
  50    B737-200Adv.           JT8D-15              22979   Feb-83   Malev                          119,500
  51    B737-200Adv.           JT8D-17A             23023   Mar-83   PT Mandela Airlines            117,000
  52    B737-200Adv.           JT8D-17A             23024   Apr-83   Lan Chile                      117,000
  53    B737-200C/Adv.         JT8D-17A             23065   Aug-83   LAPA                           124,500
  54    B737-200C/Adv.         JT8D-17A             23066   Oct-83   Xiamen                         124,500
  55    B737-300               CFM56-3B1            23177   Mar-86   Frontier Airlines              135,000
  56    B737-300               CFM56-3B2            23749   Apr-87   Air Europa                     137,000
  57    B737-300               CFM56-3B2            23923   Mar-88   Air Europa                     138,500
  58    B737-300               CFM56-3B1            24770   Sep-90   Philippine Airlines            135,000
  59    B737-300               CFM56-3C1            24905   Jan-91   Transavia                      130,000
  60    B737-300               CFM56-3C1            24907   Feb-91   Air Asia Sdn. Bhd.             130,000
  61    B737-300               CFM56-3C1            25179   Dec-91   Air One SpA                    135,000
  62    B737-300               CFM56-3C1            25187   Feb-92   Air One SpA                    135,000

<CAPTION>

                                                                      --------------------     ---------------------
                                                                          BASE VALUES             MARKET VALUES
--------------------------------------------------------------------------------------------------------------------
                               AIRFRAME                                ADJ          H-L          ADJ          H-L
  No    TYPE                    HOURS         CYCLES     AS AT          BV           BV          CMV          CMV
--------------------------------------------------------------------------------------------------------------------
<S>     <C>                     <C>           <C>      <C>            <C>          <C>         <C>          <C>
  32    B737-200Adv.            50,914        56,092   30-Sep-98       $3.26m       $3.55m      $3.36m       $3.65m
  33    B737-200Adv.            48,659        36,138   30-Sep-98       $5.36m       $4.24m      $5.46m       $4.34m
  34    B737-200Adv.            50,325        53,420   30-Sep-98       $3.75m       $3.75m      $3.85m       $3.85m
  35    B737-200Adv.            51,065        39,981   30-Sep-98       $5.04m       $4.24m      $5.14m       $4.34m
  36    B737-200Adv.            53,514        35,268   30-Sep-98       $5.04m       $4.35m      $5.14m       $4.45m
  37    B737-200Adv.            40,674        25,922   30-Sep-98       $5.47m       $4.54m      $5.57m       $4.64m
  38    B737-200Adv.            58,270        32,481   30-Sep-98       $4.56m       $4.61m      $4.66m       $4.71m
  39    B737-200Adv.            49,210        40,647   30-Sep-98       $4.53m       $4.44m      $4.63m       $4.54m
  40    B737-200Adv.            47,981        40,129   30-Sep-98       $4.82m       $4.44m      $4.92m       $4.54m
  41    B737-200Adv.            51,116        35,666   30-Sep-98       $5.71m       $4.94m      $5.76m       $4.99m
  42    B737-200Adv.            48,732        34,208   30-Sep-98       $4.93m       $4.80m      $5.03m       $4.90m
  43    B737-200Adv.            45,380        26,904   30-Sep-98       $5.02m       $4.94m      $5.07m       $4.99m
  44    B737-200Adv.            45,993        28,930   30-Sep-98       $5.89m       $5.25m      $5.99m       $5.35m
  45    B737-200Adv.            44,871        24,647   30-Sep-98       $5.90m       $4.81m      $5.95m       $4.86m
  46    B737-200Adv.            39,026        26,877   30-Sep-98       $4.73m       $5.30m      $4.83m       $5.40m
  47    B737-200Adv.            33,331        27,246   30-Sep-98       $4.73m       $5.30m      $4.83m       $5.40m
  48    B737-200Adv.            34,684        27,508   30-Sep-98       $5.04m       $5.30m      $5.14m       $5.40m
  49    B737-200Adv.            41,130        41,257   30-Sep-98       $4.60m       $4.60m      $4.70m       $4.70m
  50    B737-200Adv.            42,580        23,217   30-Sep-98       $5.87m       $5.20m      $6.17m       $5.50m
  51    B737-200Adv.            33,661        27,215   30-Sep-98       $5.34m       $5.30m      $5.64m       $5.60m
  52    B737-200Adv.            39,726        32,211   30-Sep-98       $5.39m       $5.30m      $5.69m       $5.60m
  53    B737-200C/Adv.          36,744        33,810   30-Sep-98       $6.03m       $6.80m      $7.28m       $8.05m
  54    B737-200C/Adv.          33,559        29,784   30-Sep-98       $6.50m       $6.90m      $7.75m       $8.15m
  55    B737-300                35,077        23,664   30-Sep-98      $16.68m      $16.05m     $17.48m      $16.85m
  56    B737-300                42,482        21,323   30-Sep-98      $17.12m      $17.75m     $17.92m      $18.55m
  57    B737-300                35,639        17,615   30-Sep-98      $18.51m      $18.89m     $19.11m      $19.49m
  58    B737-300                16,612        13,292   30-Sep-98      $19.95m      $19.95m     $20.55m      $20.55m
  59    B737-300                18,569        10,879   30-Sep-98      $21.48m      $22.05m     $22.18m      $22.75m
  60    B737-300                15,930        11,074   30-Sep-98      $21.88m      $22.05m     $22.58m      $22.75m
  61    B737-300                17,030        12,336   30-Sep-98      $23.05m      $23.41m     $23.75m      $24.11m
  62    B737-300                16,826        11,728   30-Sep-98      $22.69m      $23.01m     $23.29m      $23.61m
</TABLE>

<PAGE>   6


                                                                    [AERFI LOGO]

BASE & CURRENT MARKET  VALUES of the AIRPLANES GROUP  PORTFOLIO

Specification/Values as at 5th February 1999


<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
                                                            BUILD                                     MTOW
  No    TYPE                    ENG.                MSN     DATE            OPERATOR                  (LB)
-----------------------------------------------------------------------------------------------------------------
<S>     <C>                    <C>                 <C>      <C>      <C>                            <C>
  63    B737-300QC             CFM56-3B1            23499   May-86   America West                   135,000
  64    B737-300QC             CFM56-3B1            23500   May-86   America West                   135,000
  65    B737-400               CFM56-3C1            24345   May-89   Jet Airways                    142,500
  66    B737-400               CFM56-3C1            24493   Jun-89   Asiana Airlines                142,500
  67    B737-400               CFM56-3C1            24520   Dec-89   Asiana Airlines                142,500
  68    B737-400               CFM56-3C1            24683   Jul-90   Istanbul                       150,000
  69    B737-400               CFM56-3C1            24684   Mar-90   Pegasus                        150,000
  70    B737-400               CFM56-3C1            24687   Apr-90   Jet Airways                    150,000
  71    B737-400               CFM56-3C1            24689   Jun-90   Aer Lingus                     150,000
  72    B737-400               CFM56-3C1            24690   Jun-90   Aer Lingus                     150,000
  73    B737-400               CFM56-3C1            24691   Jul-90   Istanbul                       150,000
  74    B737-400               CFM56-3C1            24906   Feb-91   Air Europa                     142,500
  75    B737-400               CFM56-3C1            24911   Mar-91   Travel Servis a.s.             150,000
  76    B737-400               CFM56-3C1            24912   May-91   Air Europa                     142,500
  77    B737-400               CFM56-3C1            24917   May-91   Turk Hava Yollari              150,000
  78    B737-400               CFM56-3C1            25180   Dec-91   Aer Lingus                     150,000
  79    B737-400               CFM56-3C1            25181   Dec-91   Turk Hava Yollari              150,000
  80    B737-400               CFM56-3C1            25184   Jan-92   Turk Hava Yollari              150,000
  81    B737-400               CFM56-3C1            25190   Mar-92   Sun Express                    150,000
  82    B737-400               CFM56-3C1            25261   Mar-92   Turk Hava Yollari              150,000
  83    B737-400               CFM56-3C1            26065   Apr-92   Turk Hava Yollari              150,000
  84    B737-400               CFM56-3C1            26069   Aug-92   Malev                          150,000
  85    B737-400               CFM56-3C1            26071   Aug-92   Malev                          150,000
  86    B737-400               CFM56-3C1            26081   Feb-93   Pegasus                        150,000
  87    B737-500               CFM56-3C1            24897   Jan-91   China Southern                 133,500
  88    B737-500               CFM56-3C1            25182   Jan-92   China Southern                 133,500
  89    B737-500               CFM56-3C1            25183   Jan-92   China Southern                 133,500
  90    B737-500               CFM56-3C1            25185   Jan-92   British Midland                133,500
  91    B737-500               CFM56-3C1            25186   Feb-92   Rio Sul                        133,500
  92    B737-500               CFM56-3C1            25188   Feb-92   China Southern                 133,500
  93    B737-500               CFM56-3C1            25191   Mar-92   Jet Airways                    133,500

<CAPTION>
                                                                      --------------------     ---------------------
                                                                          BASE VALUES             MARKET VALUES
--------------------------------------------------------------------------------------------------------------------
                               AIRFRAME                                ADJ          H-L          ADJ          H-L
  No    TYPE                    HOURS         CYCLES     AS AT          BV           BV          CMV          CMV
--------------------------------------------------------------------------------------------------------------------
<S>     <C>                     <C>           <C>      <C>            <C>          <C>         <C>          <C>
  63    B737-300QC              32,455        33,662   30-Sep-98      $18.84m      $18.50m     $18.94m      $18.60m
  64    B737-300QC              33,457        34,804   30-Sep-98      $18.71m      $18.50m     $18.81m      $18.60m
  65    B737-400                24,002        14,611   30-Sep-98      $23.28m      $22.24m     $22.98m      $21.94m
  66    B737-400                19,252        20,451   30-Sep-98      $22.56m      $22.24m     $22.26m      $21.94m
  67    B737-400                20,821        18,813   30-Sep-98      $23.86m      $22.74m     $23.56m      $22.44m
  68    B737-400                21,605        12,087   30-Sep-98      $23.78m      $23.50m     $23.48m      $23.20m
  69    B737-400                27,285        10,723   30-Sep-98      $23.86m      $23.50m     $23.56m      $23.20m
  70    B737-400                27,354        13,148   30-Sep-98      $23.79m      $23.50m     $23.49m      $23.20m
  71    B737-400                28,107        13,748   30-Sep-98      $23.88m      $23.50m     $23.58m      $23.20m
  72    B737-400                26,705        13,717   30-Sep-98      $23.82m      $23.50m     $23.52m      $23.20m
  73    B737-400                21,197        12,700   30-Sep-98      $23.74m      $23.50m     $23.44m      $23.20m
  74    B737-400                18,833        16,858   30-Sep-98      $23.21m      $23.94m     $23.01m      $23.74m
  75    B737-400                17,258        10,835   30-Sep-98      $24.77m      $24.40m     $24.57m      $24.20m
  76    B737-400                17,835        15,970   30-Sep-98      $23.18m      $24.14m     $22.98m      $23.94m
  77    B737-400                20,493        11,052   30-Sep-98      $24.22m      $24.40m     $24.02m      $24.20m
  78    B737-400                22,062         9,889   30-Sep-98      $24.00m      $24.80m     $23.80m      $24.60m
  79    B737-400                18,559         9,944   30-Sep-98      $24.36m      $24.80m     $24.16m      $24.60m
  80    B737-400                18,969         9,994   30-Sep-98      $24.37m      $25.10m     $24.07m      $24.80m
  81    B737-400                23,415         9,944   30-Sep-98      $24.82m      $25.30m     $24.52m      $25.00m
  82    B737-400                18,870         9,778   30-Sep-98      $24.64m      $25.30m     $24.34m      $25.00m
  83    B737-400                18,639         9,655   30-Sep-98      $24.84m      $25.40m     $24.54m      $25.10m
  84    B737-400                16,169         8,244   30-Sep-98      $25.28m      $25.50m     $24.98m      $25.20m
  85    B737-400                15,782         7,855   30-Sep-98      $25.18m      $25.50m     $24.88m      $25.20m
  86    B737-400                19,507         7,650   30-Sep-98      $26.14m      $26.50m     $25.84m      $26.20m
  87    B737-500                18,624        15,185   30-Sep-98      $18.93m      $19.83m     $19.68m      $20.58m
  88    B737-500                15,788        11,341   30-Sep-98      $20.42m      $20.78m     $21.07m      $21.43m
  89    B737-500                16,327        12,760   30-Sep-98      $20.26m      $20.78m     $20.91m      $21.43m
  90    B737-500                19,012        12,697   30-Sep-98      $20.23m      $20.78m     $20.88m      $21.43m
  91    B737-500                19,019        15,690   30-Sep-98      $19.98m      $20.81m     $20.63m      $21.46m
  92    B737-500                16,124        12,461   30-Sep-98      $20.32m      $20.81m     $20.97m      $21.46m
  93    B737-500                17,615        11,402   30-Sep-98      $20.42m      $20.83m     $21.07m      $21.48m
</TABLE>

<PAGE>   7


                                                                    [AERFI LOGO]

BASE & CURRENT MARKET  VALUES of the AIRPLANES GROUP  PORTFOLIO

Specification/Values as at 5th February 1999


<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
                                                            BUILD                                     MTOW
  No    TYPE                    ENG.                MSN     DATE            OPERATOR                  (LB)
-----------------------------------------------------------------------------------------------------------------
<S>     <C>                    <C>                 <C>      <C>      <C>                            <C>
  94    B737-500               CFM56-3C1            25192   Mar-92   Rio Sul                        133,500
  95    B737-500               CFM56-3C1            25288   Apr-92   Turk Hava Yollari              133,500
  96    B737-500               CFM56-3C1            25289   Apr-92   Turk Hava Yollari              133,500
  97    B737-500               CFM56-3C1            26075   Sep-92   Rio Sul                        133,500
  98    B747-200SF             JT9D-7Q              21730   Apr-79   Tower Air                      805,000
  99    B757-200               RB211-535E4-3        26151   Jun-92   Brittania Airways              250,000
  100   B757-200               RB211-535E4-3        26154   Aug-92   Avianca                        250,000
  101   B757-200               RB211-535E4-3        26156   Oct-92   China Southern                 250,000
  102   B767-200ER             PW4056               25421   Nov-91   Transbrasil                    387,000
  103   B767-300ER             PW4060               24948   Jun-91   Transbrasil                    387,000
  104   B767-300ER             PW4060               25411   Nov-91   SAS                            407,000
  105   B767-300ER             PW4060               26200   Jul-92   Aeromexico                     407,000
  106   B767-300ER             PW4060               26204   Oct-92   Aeromexico                     407,000
  107   DC8-71F(M)             CFM56-2C1            45810   Mar-66   Fast Air                       328,000
  108   DC8-71F(M)             CFM56-2C1            45811   Jun-66   BAX Global                     328,000
  109   DC8-71F(M)             CFM56-2C1            45813   Jan-67   BAX Global                     328,000
  110   DC8-71F(M)             CFM56-2C1            45849   Apr-67   Tampa                          328,000
  111   DC8-71F(M)             CFM56-2C1            45945   Feb-68   Tampa                          328,000
  112   DC8-71F(M)             CFM56-2C1            45946   Feb-68   BAX Global                     328,000
  113   DC8-71F(M)             CFM56-2C1            45970   Mar-68   Aircraft Int Leasing           328,000
  114   DC8-71F(M)             CFM56-2C1            45971   Apr-68   BAX Global                     328,000
  115   DC8-71F(M)             CFM56-2C1            45973   May-68   BAX Global                     328,000
  116   DC8-71F(M)             CFM56-2C1            45976   Jun-68   Aircraft Int Leasing           328,000
  117   DC8-71F(M)             CFM56-2C1            45978   Jul-68   BAX Global                     328,000
  118   DC8-71F(M)             CFM56-2C1            45993   Jul-68   BAX Global                     328,000
  119   DC8-71F(M)             CFM56-2C1            45994   Aug-68   BAX Global                     325,000
  120   DC8-71F(M)             CFM56-2C1            45996   Sep-68   Aircraft Int Leasing           328,000
  121   DC8-71F(M)             CFM56-2C1            45997   Sep-68   Aircraft Int Leasing           328,000
  122   DC8-71F(M)             CFM56-2C1            45998   Sep-68   BAX Global                     328,000
  123   DC8-71F(M)             CFM56-2C1            46065   May-69   BAX Global                     328,000
  124   DC8-71F(M)             CFM56-2C1            46066   May-69   Tampa                          328,000

<CAPTION>
                                                                       --------------------     ---------------------
                                                                          BASE VALUES             MARKET VALUES
---------------------------------------------------------------------------------------------------------------------
                                AIRFRAME                                ADJ          H-L          ADJ          H-L
  No    TYPE                     HOURS         CYCLES     AS AT          BV           BV          CMV          CMV
---------------------------------------------------------------------------------------------------------------------
<S>     <C>                      <C>           <C>      <C>            <C>          <C>         <C>          <C>
  94    B737-500                 18,591        14,005   30-Sep-98      $19.98m      $20.63m     $20.63m      $21.28m
  95    B737-500                 20,525         8,620   30-Sep-98      $19.80m      $20.43m     $20.45m      $21.08m
  96    B737-500                 20,839         8,687   30-Sep-98      $19.88m      $20.43m     $20.53m      $21.08m
  97    B737-500                 16,684        17,133   30-Sep-98      $19.64m      $20.63m     $20.29m      $21.28m
  98    B747-200SF               57,126        16,453   30-Sep-98      $32.88m      $33.90m     $27.18m      $28.20m
  99    B757-200                 21,263         8,555   30-Sep-98      $36.00m      $35.50m     $37.10m      $36.60m
  100   B757-200                 19,504         7,795   30-Sep-98      $36.03m      $35.70m     $37.13m      $36.80m
  101   B757-200                 13,971         8,639   30-Sep-98      $37.07m      $36.80m     $38.17m      $37.90m
  102   B767-200ER               21,771         4,866   30-Sep-98      $40.61m      $40.20m     $41.36m      $40.95m
  103   B767-300ER               35,384         8,227   30-Sep-98      $57.40m      $57.45m     $55.60m      $55.65m
  104   B767-300ER               21,006         4,948   30-Sep-98      $59.14m      $58.85m     $57.34m      $57.05m
  105   B767-300ER               23,773         4,780   30-Sep-98      $61.15m      $61.00m     $58.95m      $58.80m
  106   B767-300ER               23,936         5,623   30-Sep-98      $61.49m      $61.35m     $59.29m      $59.15m
  107   DC8-71F(M)               87,680        32,480   31-Oct-98      $15.13m      $15.70m     $14.03m      $14.60m
  108   DC8-71F(M)               77,368        32,378   31-Oct-98      $15.33m      $15.70m     $14.23m      $14.60m
  109   DC8-71F(M)               80,545        33,138   31-Oct-98      $16.67m      $15.60m     $15.57m      $14.50m
  110   DC8-71F(M)               84,862        33,394   31-Oct-98      $16.25m      $15.70m     $15.15m      $14.60m
  111   DC8-71F(M)               78,895        32,334   31-Oct-98      $14.58m      $15.70m     $13.48m      $14.60m
  112   DC8-71F(M)               76,240        31,698   31-Oct-98      $16.00m      $15.70m     $14.90m      $14.60m
  113   DC8-71F(M)               87,513        33,016   31-Oct-98      $16.41m      $15.70m     $15.31m      $14.60m
  114   DC8-71F(M)               78,272        32,118   31-Oct-98      $15.35m      $15.70m     $14.25m      $14.60m
  115   DC8-71F(M)               68,504        26,436   31-Oct-98      $15.24m      $15.70m     $14.14m      $14.60m
  116   DC8-71F(M)               79,098        27,506   31-Oct-98      $15.74m      $15.70m     $14.64m      $14.60m
  117   DC8-71F(M)               77,628        30,037   31-Oct-98      $16.48m      $15.70m     $15.38m      $14.60m
  118   DC8-71F(M)               74,407        30,276   31-Oct-98      $16.10m      $15.70m     $15.00m      $14.60m
  119   DC8-71F(M)               80,405        31,719   31-Oct-98      $15.27m      $15.60m     $14.17m      $14.50m
  120   DC8-71F(M)               88,948        31,329   31-Oct-98      $16.68m      $15.70m     $15.58m      $14.60m
  121   DC8-71F(M)               85,229        29,948   31-Oct-98      $16.83m      $15.70m     $15.73m      $14.60m
  122   DC8-71F(M)               79,374        31,487   31-Oct-98      $15.33m      $15.70m     $14.23m      $14.60m
  123   DC8-71F(M)               76,294        31,760   31-Oct-98      $15.98m      $15.70m     $14.88m      $14.60m
  124   DC8-71F(M)               77,443        31,414   31-Oct-98      $15.94m      $15.70m     $14.84m      $14.60m
</TABLE>

<PAGE>   8


                                                                    [AERFI LOGO]

BASE & CURRENT MARKET  VALUES of the AIRPLANES GROUP  PORTFOLIO

Specification/Values as at 5th February 1999


<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
                                                            BUILD                                     MTOW
  No    TYPE                    ENG.                MSN     DATE            OPERATOR                  (LB)
-----------------------------------------------------------------------------------------------------------------
<S>     <C>                    <C>                 <C>      <C>      <C>                            <C>
  125   DC8-73F(M)             CFM56-2C1            46091   Mar-70   DHL Airways                    355,000
  126   DC9-32                 JT8D-17              48125   Jan-80   Aeromexico                     108,000
  127   DC9-32                 JT8D-17              48126   Feb-80   Aeromexico                     108,000
  128   DC9-32                 JT8D-17              48127   Jun-80   Aeromexico                     108,000
  129   DC9-32                 JT8D-17              48128   Jun-80   Aeromexico                     108,000
  130   DC9-32                 JT8D-17              48129   Aug-80   Aeromexico                     108,000
  131   DC9-32                 JT8D-17              48130   Oct-80   Aeromexico                     108,000
  132   DC9-51                 JT8D-17              47742   May-77   Hawaiian Airlines              121,000
  133   DC9-51                 JT8D-17              47784   Feb-79   Hawaiian Airlines              121,000
  134   DC9-51                 JT8D-17              47796   Feb-79   Hawaiian Airlines              121,000
  135   DC9-51                 JT8D-17              48122   Sep-80   Hawaiian Airlines              121,000
  136   DHC-8-100              PW120A                 113   Jul-88   Liat                            34,500
  137   DHC-8-100              PW120A                 140   Mar-89   Liat                            34,500
  138   DHC-8-100              PW120A                 144   Mar-89   Liat                            33,900
  139   DHC-8-100              PW120A                 229   Aug-90   National Jet Systems            34,500
  140   DHC-8-100              PW121                  258   Jan-91   Allegheny Airlines              34,500
  141   DHC-8-100              PW120A                 270   Apr-91   Liat                            34,500
  142   DHC-8-300              PW123                  232   Oct-90   Schreiner Airways               41,100
  143   DHC-8-300              PW123                  244   Nov-90   Bombardier Inc                  41,100
  144   DHC-8-300              PW123                  266   Mar-91   Aeroel Airways                  43,000
  145   DHC-8-300              PW123                  267   Apr-91   Aeroel Airways                  43,000
  146   DHC-8-300              PW123                  276   May-91   Schreiner Airways               43,000
  147   DHC-8-300              PW123                  283   Jun-91   Schreiner Airways               43,000
  148   DHC-8-300              PW123                  293   Sep-91   Wideroe's Flyvessels            43,000
  149   DHC-8-300              PW123                  296   Nov-91   Brymon Airways                  43,000
  150   DHC-8-300              PW123                  298   Nov-91   Schreiner Airways               43,000
  151   DHC-8-300              PW123                  300   Nov-91   Schreiner Airways               43,000
  152   DHC-8-300              PW123                  307   Nov-91   Rheintaflug                     43,000
  153   DHC-8-300              PW123                  334   Jul-92   Brymon Airways                  43,000
  154   DHC-8-300              PW123                  342   Oct-92   Wideroe's Flyvessels            43,000
  155   DHC-8-300C             PW123                  230   Sep-90   ALM                             43,000

<CAPTION>
                                                                       --------------------    ---------------------
                                                                          BASE VALUES             MARKET VALUES
--------------------------------------------------------------------------------------------------------------------
                               AIRFRAME      AIRFRAME                  ADJ          H-L          ADJ          H-L
  No    TYPE                    HOURS         CYCLES     AS AT          BV           BV          CMV          CMV
--------------------------------------------------------------------------------------------------------------------
<S>     <C>                     <C>           <C>      <C>            <C>          <C>         <C>          <C>
  125   DC8-73F(M)              79,777        20,228   31-Oct-98      $18.39m      $18.00m     $18.39m      $18.00m
  126   DC9-32                  52,382        50,688   31-Oct-98       $2.94m       $3.50m      $3.79m       $4.35m
  127   DC9-32                  52,191        49,770   31-Oct-98       $3.46m       $3.50m      $4.31m       $4.35m
  128   DC9-32                  51,139        48,637   31-Oct-98       $3.74m       $3.50m      $4.59m       $4.35m
  129   DC9-32                  51,517        49,520   31-Oct-98       $3.38m       $3.50m      $4.23m       $4.35m
  130   DC9-32                  50,546        48,292   31-Oct-98       $3.63m       $3.50m      $4.48m       $4.35m
  131   DC9-32                  49,284        46,899   31-Oct-98       $3.76m       $3.50m      $4.61m       $4.35m
  132   DC9-51                  33,371        57,949   31-Oct-98       $2.90m       $2.60m      $3.75m       $3.45m
  133   DC9-51                  37,426        57,421   31-Oct-98       $2.82m       $2.90m      $3.67m       $3.75m
  134   DC9-51                  35,157        59,123   31-Oct-98       $3.31m       $2.90m      $4.16m       $3.75m
  135   DC9-51                  30,439        54,518   31-Oct-98       $3.42m       $3.00m      $4.42m       $4.00m
  136   DHC-8-100               20,961        36,602   31-May-98       $4.83m       $4.90m      $4.08m       $4.15m
  137   DHC-8-100               20,111        36,834   31-May-98       $5.13m       $5.20m      $4.33m       $4.40m
  138   DHC-8-100               20,005        25,909   31-May-98       $5.27m       $5.30m      $4.47m       $4.50m
  139   DHC-8-100                7,247         5,829   30-Apr-98       $6.21m       $6.20m      $5.31m       $5.30m
  140   DHC-8-100               18,574        19,711   31-May-98       $6.19m       $6.20m      $5.34m       $5.35m
  141   DHC-8-100               16,572        31,337   31-May-98       $6.25m       $6.30m      $5.40m       $5.45m
  142   DHC-8-300               12,693        11,436   30-Sep-97       $7.08m       $7.20m      $6.98m       $7.10m
  143   DHC-8-300               11,750        10,894    0-Jan-00       $7.19m       $7.20m      $7.09m       $7.10m
  144   DHC-8-300               12,018        11,061    0-Jan-00       $7.72m       $7.65m      $7.52m       $7.45m
  145   DHC-8-300               11,989        10,885    0-Jan-00       $7.61m       $7.65m      $7.41m       $7.45m
  146   DHC-8-300               10,683        10,235   30-Sep-97       $7.69m       $7.65m      $7.49m       $7.45m
  147   DHC-8-300                9,741         9,687   30-Sep-97       $7.65m       $7.70m      $7.45m       $7.50m
  148   DHC-8-300                7,906         8,568   31-May-98       $7.64m       $7.80m      $7.44m       $7.60m
  149   DHC-8-300               15,222        13,049   31-May-98       $8.13m       $8.18m      $7.93m       $7.98m
  150   DHC-8-300                9,244         9,798   30-Sep-97       $7.78m       $7.80m      $7.58m       $7.60m
  151   DHC-8-300                7,193         7,922   30-Sep-97       $7.85m       $7.80m      $7.65m       $7.60m
  152   DHC-8-300                9,115         7,617   31-May-98       $7.57m       $7.60m      $7.37m       $7.40m
  153   DHC-8-300               12,721        11,681   31-May-98       $8.58m       $8.60m      $8.28m       $8.30m
  154   DHC-8-300                6,708         7,942   31-May-98       $8.54m       $8.73m      $8.24m       $8.43m
  155   DHC-8-300C              10,046        11,215   30-Nov-98       $7.15m       $7.15m      $7.05m       $7.05m
</TABLE>

<PAGE>   9


                                                                    [AERFI LOGO]

BASE & CURRENT MARKET  VALUES of the AIRPLANES GROUP  PORTFOLIO

Specification/Values as at 5th February 1999


<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
                                                            BUILD                                     MTOW
  No    TYPE                    ENG.                MSN     DATE            OPERATOR                  (LB)
-----------------------------------------------------------------------------------------------------------------
<S>     <C>                    <C>                 <C>      <C>      <C>                            <C>
  156   DHC-8-300C             PW123                242     Nov-90   ALM                             43,000
  157   FOKKER 100             TAY650               11266   Aug-90   Mexicana                        98,000
  158   FOKKER 100             TAY650               11284   Aug-90   TAM                             98,000
  159   FOKKER 100             TAY650               11285   Aug-90   TAM                             98,000
  160   FOKKER 100             TAY650               11304   Feb-91   TAM                             98,000
  161   FOKKER 100             TAY650               11305   Mar-91   TAM                             98,000
  162   FOKKER 100             TAY650               11309   Apr-91   Mexicana                        98,000
  163   FOKKER 100             TAY650               11319   Mar-91   Mexicana                        98,000
  164   FOKKER 100             TAY650               11336   May-91                                   98,000
  165   FOKKER 100             TAY650               11339   Jun-91   Mexicana                        98,000
  166   FOKKER 100             TAY650               11347   Jul-91   TAM                             98,000
  167   FOKKER 100             TAY650               11348   Jul-91   TAM                             98,000
  168   FOKKER 100             TAY650               11371   Dec-91   TAM                             98,000
  169   FOKKER 100             TAY650               11374   Jan-92   Mexicana                        98,000
  170   FOKKER 100             TAY650               11375   Jan-92   Mexicana                        98,000
  171   FOKKER 100             TAY650               11382   Mar-92   Mexicana                        98,000
  172   FOKKER 100             TAY650               11384   Mar-92   Mexicana                        98,000
  173   MD-11                  CF6-80C2D1F          48499   Nov-91   VARIG                          618,000
  174   MD-11                  CF6-80C2D1F          48500   Feb-92   VARIG                          618,000
  175   MD-11                  CF6-80C2D1F          48501   Aug-92   VARIG                          618,000
  176   MD82                   JT8D-217C            49660   Jan-88   Aeromexico                     149,500
  177   MD83                   JT8D-219             49390   Mar-86   Eurofly Spa                    160,000
  178   MD83                   JT8D-219             49442   Mar-87   Nouvelair Tunise               160,000
  179   MD83                   JT8D-219             49575   Sep-87   TWA                            160,000
  180   MD83                   JT8D-219             49620   Apr-88   Estago Anlagan -Ver            160,000
  181   MD83                   JT8D-219             49624   Jul-88   Nouvelair Tunise               160,000
  182   MD83                   JT8D-219             49626   Oct-88   Spanair                        160,000
  183   MD83                   JT8D-219             49631   Mar-89   Eurofly Spa                    160,000
  184   MD83                   JT8D-217C            49667   Mar-88   Aeromexico                     149,500
  185   MD83                   JT8D-219             49672   Jun-88   Nouvelair Tunise               160,000
  186   MD83                   JT8D-219             49709   Oct-88   Spanair                        160,000

<CAPTION>
                                                                       --------------------    ---------------------
                                                                          BASE VALUES             MARKET VALUES
--------------------------------------------------------------------------------------------------------------------
                               AIRFRAME                                ADJ          H-L          ADJ          H-L
  No    TYPE                    HOURS         CYCLES     AS AT          BV           BV          CMV          CMV
--------------------------------------------------------------------------------------------------------------------
<S>     <C>                     <C>           <C>      <C>            <C>          <C>         <C>          <C>
  156   DHC-8-300C              10,881        11,968    1-Dec-98       $7.29m       $7.15m      $7.19m       $7.05m
  157   FOKKER 100              23,841        18,269   30-Jun-98      $14.30m      $13.82m     $12.80m      $12.32m
  158   FOKKER 100              19,137        19,999   30-Jun-98      $13.66m      $13.82m     $12.16m      $12.32m
  159   FOKKER 100              19,343        20,459   30-Jun-98      $13.64m      $13.82m     $12.14m      $12.32m
  160   FOKKER 100              15,019        14,952   30-Jun-98      $14.45m      $14.62m     $12.75m      $12.92m
  161   FOKKER 100              15,362        15,277   30-Jun-98      $14.86m      $14.72m     $13.16m      $13.02m
  162   FOKKER 100              12,666        12,853   30-Jun-98      $15.06m      $14.92m     $13.36m      $13.22m
  163   FOKKER 100              11,800        11,988   30-Jun-98      $15.20m      $14.82m     $13.50m      $13.12m
  164   FOKKER 100              20,865        16,133   30-Jun-98      $14.31m      $14.72m     $12.61m      $13.02m
  165   FOKKER 100              20,564        15,749   30-Jun-98      $14.34m      $14.82m     $12.64m      $13.12m
  166   FOKKER 100              21,555        16,600   30-Jun-98      $15.42m      $14.82m     $13.72m      $13.12m
  167   FOKKER 100              15,727        16,435   30-Jun-98      $14.63m      $14.82m     $12.93m      $13.12m
  168   FOKKER 100              13,671        14,681   30-Jun-98      $15.56m      $15.32m     $13.86m      $13.62m
  169   FOKKER 100              13,641        13,815   30-Jun-98      $15.31m      $15.42m     $13.51m      $13.62m
  170   FOKKER 100              12,970        13,075   30-Jun-98      $15.60m      $15.52m     $13.80m      $13.72m
  171   FOKKER 100              13,036        13,152   30-Jun-98      $15.59m      $15.52m     $13.79m      $13.72m
  172   FOKKER 100              12,873        13,036   30-Jun-98      $15.80m      $15.52m     $14.00m      $13.72m
  173   MD-11                   27,720         6,368   31-Oct-98      $63.80m      $64.30m     $61.00m      $61.50m
  174   MD-11                   26,398         5,764   31-Oct-98      $65.73m      $66.10m     $63.13m      $63.50m
  175   MD-11                   24,230         5,186   31-Oct-98      $66.12m      $66.60m     $63.52m      $64.00m
  176   MD82                    26,676        20,300   31-Oct-98      $16.44m      $16.20m     $17.34m      $17.10m
  177   MD83                    28,368        17,974   31-Oct-98      $14.96m      $15.75m     $15.66m      $16.45m
  178   MD83                    29,226        15,023   31-Oct-98      $14.86m      $15.50m     $15.51m      $16.15m
  179   MD83                    28,488        16,386   31-Oct-98      $16.80m      $16.50m     $17.45m      $17.15m
  180   MD83                    25,873        11,674   31-Oct-98      $15.96m      $16.40m     $16.56m      $17.00m
  181   MD83                    27,575        13,945   31-Oct-98      $16.05m      $16.20m     $16.65m      $16.80m
  182   MD83                    30,087        16,321   31-Oct-98      $16.61m      $16.20m     $17.21m      $16.80m
  183   MD83                    24,901        11,347   31-Oct-98      $16.59m      $17.00m     $16.99m      $17.40m
  184   MD83                    27,075        20,507   31-Oct-98      $15.80m      $16.90m     $16.40m      $17.50m
  185   MD83                    32,370        15,916   31-Oct-98      $16.77m      $16.20m     $17.37m      $16.80m
  186   MD83                    23,296        14,422   31-Oct-98      $16.34m      $16.40m     $16.94m      $17.00m
</TABLE>

<PAGE>   10


                                                                    [AERFI LOGO]

BASE & CURRENT MARKET  VALUES of the AIRPLANES GROUP  PORTFOLIO

Specification/Values as at 5th February 1999


<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------
                                                              BUILD                                       MTOW
  No    TYPE                    ENG.                 MSN      DATE          OPERATOR                      (LB)
------------------------------------------------- -------------------------------------------------------------
<S>     <C>                    <C>                 <C>        <C>        <C>                            <C>
  187   MD83                   JT8D-219             49789     Aug-89     BWIA International             160,000
  188   MD83                   JT8D-219             49792     Oct-89     Meridana SpA                   160,000
  189   MD83                   JT8D-219             49935     Sep-90     Edelweiss Air AG               160,000
  190   MD83                   JT8D-219             49936     Sep-90     Spanair                        160,000
  191   MD83                   JT8D-219             49938     Oct-90     Spanair                        160,000
  192   MD83                   JT8D-219             49939     Oct-90     Avianca                        160,000
  193   MD83                   JT8D-219             49941     Oct-90     Reno Air                       160,000
  194   MD83                   JT8D-219             49943     Jun-91     Air Liberte S.A.               160,000
  195   MD83                   JT8D-219             49946     Jul-91     Avianca                        160,000
  196   MD83                   JT8D-219             49949     Jul-91     Reno Air                       160,000
  197   MD83                   JT8D-219             49950     Aug-91     Far Eastern Air Travel         160,000
  198   MD83                   JT8D-219             49951     Aug-91     Edelweiss Air AG               160,000
  199   MD83                   JT8D-219             53120     Jan-92     Avianca                        160,000
  200   MD83                   JT8D-219             53125     Apr-92     Avianca                        160,000
  201   MD87                   JT8D-219             49673     Jul-88     Aeromexico                     149,500
  202   METRO III              TPE331-11U-621G        705     Mar-88     Air Nelson                      14,500
  203   METRO III              TPE331-11U-621G        711     May-88     Air Nelson                      14,500
  204   METRO III              TPE331-11U-621G        712     Jun-88     Air Nelson                      14,500

<CAPTION>

                                                                    -------------------     -------------------
                                                                        BASE VALUES            MARKET VALUES
---------------------------------------------------------------------------------------------------------------
                               AIRFRAME   AIRFRAME                   ADJ         H-L          ADJ         H-L
  No    TYPE                    HOURS      CYCLES       AS AT         BV          BV          CMV         CMV
---------------------------------------------------------------------------------------------------------------
<S>     <C>                     <C>        <C>        <C>           <C>         <C>         <C>         <C>
  187   MD83                    21,893     15,985     31-Oct-98     $17.52m     $18.00m     $17.92m     $18.40m
  188   MD83                    24,644      9,736     31-Oct-98     $17.11m     $18.00m     $17.51m     $18.40m
  189   MD83                    29,445     10,959     31-Oct-98     $18.30m     $18.90m     $18.80m     $19.40m
  190   MD83                    29,666     10,012     31-Oct-98     $20.07m     $18.90m     $20.57m     $19.40m
  191   MD83                    22,121     12,978     31-Oct-98     $18.80m     $18.90m     $19.30m     $19.40m
  192   MD83                    12,478     16,009     31-Oct-98     $18.98m     $18.90m     $19.48m     $19.40m
  193   MD83                    28,503     13,157     31-Oct-98     $18.13m     $18.90m     $18.63m     $19.40m
  194   MD83                    19,412      7,054     31-Oct-98     $19.32m     $19.80m     $19.82m     $20.30m
  195   MD83                    13,738     16,881     31-Oct-98     $19.90m     $19.80m     $20.40m     $20.30m
  196   MD83                    25,123     11,746     31-Oct-98     $19.15m     $19.80m     $19.65m     $20.30m
  197   MD83                    16,409      8,740     31-Oct-98     $19.37m     $19.80m     $19.87m     $20.30m
  198   MD83                    25,553      9,448     31-Oct-98     $18.74m     $19.80m     $19.24m     $20.30m
  199   MD83                    12,908     16,060     31-Oct-98     $20.87m     $20.85m     $21.22m     $21.20m
  200   MD83                    13,990     13,095     31-Oct-98     $20.60m     $20.85m     $20.95m     $21.20m
  201   MD87                    23,255     15,051     31-Oct-98     $10.67m     $11.10m     $11.72m     $12.15m
  202   METRO III               12,846     21,415     24-Feb-97      $0.83m      $0.80m      $0.78m      $0.75m
  203   METRO III               12,648     21,034     24-Feb-97      $0.82m      $0.80m      $0.77m      $0.75m
  204   METRO III               12,487     21,024     24-Feb-97      $0.76m      $0.80m      $0.71m      $0.75m
                                                                  ---------------------------------------------
                                                                  $3314.85m   $3321.02m   $3293.75m   $3299.92m
                                                                  =============================================
</TABLE>