<PAGE>   1

                                                                    Exhibit 99.1
[LOGO]   AIRCRAFT
         INFORMATION
         SERVICES, INC.


                               Airplanes Limited
                              22 Grenville Street
                                   St. Helier
                                     Jersey

                              Airplanes U.S. Trust
                            1100 North Market Street
                              Rodney Square North
                              Wilmington, Delaware
                                      USA

                                AerFi Group plc
                                 Aviation House
                                    Shannon
                                    Ireland

                             Bankers Trust Company
                                4 Albany Street
                               New York, New York
                                      USA

                       Morgan Stanley & Co. Incorporated
                                 1585 Broadway
                               New York, New York
                                      USA

_______________________________________________________________________________


          Half Life and Adjusted Base and Current Market Value Opinion
                         204 Aircraft - AIRPLANES Fleet

                            AISI File No.: A9S001BVO

                             Date: 05 February 1999
                         Values as of: 31 January 1999






      Headquarters, 26072 Merit Circle, Suite 123, Laguna Hills, CA 92653
      TEL: 949-582-8888    FAX: 949-582-8887     E-MAIL: AISINews@aol.com
<PAGE>   2

[LOGO]   AIRCRAFT
         INFORMATION
         SERVICES, INC.



05 February 1999

Airplanes Limited
22 Grenville Street
St. Helier
Jersey

Airplanes U.S. Trust
1100 North Market Street
Rodney Square North
Wilmington, Delaware
USA

AerFi Group plc
Aviation House
Shannon
Ireland

Bankers Trust Company
4 Albany Street
New York, New York
USA

Morgan Stanley & Co. Incorporated
1585 Broadway
New York, New York
USA


Subject:  Half Life and Adjusted Base and Current Market Value Opinion -
          204 Aircraft.
          AISI File number: A9S001BVO

Dear Sirs:

In response to your request, Aircraft Information Services, Inc. (AISI) is
pleased to offer our opinion to the above addressees of the half life and
adjusted base and current market values of the Fleet of Aircraft as identified
in Table I (the 'Aircraft').

1.        Methodology and Definitions

The standard terms of reference for commercial aircraft value are 'half-life
base market value' and 'half-life current market value' of an 'average'
aircraft. Base value is a theoretical value that assumes a balanced market
while current market value is the value in the real market; both




      Headquarters, 26072 Merit Circle, Suite 123, Laguna Hills, CA 92653
      TEL: 949-582-8888    FAX: 949-582-8887     E-MAIL: AISINews@aol.com
<PAGE>   3
                                                                          [LOGO]
05 February 1999
AISI File No. A9S001BVO
Page - 2 -


assume a hypothetical average aircraft condition. AISI value definitions are
consistent with the current definitions of the International Society of
Transport Aircraft Trading (ISTAT), those of 01 January 1994. AISI is a member
of that organization and employs an ISTAT Certified and Senior Certified
Aircraft Appraiser.

AISI defines a 'base value' as that of a transaction between equally willing and
informed buyer and seller, neither under compulsion to buy or sell, for a single
unit cash transaction with no hidden value or liability, and with supply and
demand of the sale item roughly in balance. Base values are typically given for
aircraft in 'new' condition, 'average half-life' condition, or in a specifically
described condition unique to a single aircraft at a specific time. An 'average'
aircraft is an operable airworthy aircraft in average physical condition and
with average accumulated flight hours and cycles, with clear title and standard
unrestricted certificate of airworthiness, and registered in an authority which
does not represent a penalty to aircraft value or liquidity, with no damage
history and with inventory configuration and level of modification which is
normal for its intended use and age. AISI assumes average condition unless
otherwise specified in this report. 'Half-life' condition assumes that every
component or maintenance service which has a prescribed interval that determines
its service life, overhaul interval or interval between maintenance services, is
at a condition which is one-half of the total interval. It should be noted that
AISI and ISTAT value definitions apply to a transaction involving a single
aircraft, and that transactions involving more than one aircraft are often
executed at considerable and highly variable discounts to a single aircraft
price, for a variety of reasons relating to an individual buyer or seller.

AISI defines a 'current market value', which is synonymous with the older term
'fair market value' as that value which reflects the real market conditions,
whether at, above or below the base value conditions. Assumption of a single
unit sale and definitions of aircraft condition, buyer/seller qualifications and
type of transaction remain unchanged from that of base value. Current market
value takes into consideration the status of the economy in which the aircraft
is used, the status of supply and demand for the particular aircraft type, the
value of recent transactions and the opinions of informed buyers and sellers.
Current market value assumes that there is no short term time constraint to buy
or sell.

AISI encourages the use of base values to consider historical trends, to
establish a consistent baseline for long term value comparisons and future value
considerations, or to consider how actual market values vary from theoretical
base values. Base values are less volatile than current market values and tend
to diminish regularly with time. Base values are normally inappropriate to
determine near term values. AISI encourages the use of current market values to
consider the probable near term value of an aircraft.

<PAGE>   4
5 FEBRUARY 1999
AISI FILE NO. A95001BVO
PAGE -3-
                                                                          [LOGO]

AISI determines an 'adjusted market value' by determining the value of known
deviations from half-life condition, which may be better or worse than half-life
condition, and to account for better or worse than average physical condition,
and the inclusion of additional equipment, or absence of standard equipment. Our
opinion of the adjusted base values of the Aircraft are derived from information
and specifications supplied by AerFi Group plc. No physical inspection of the
Aircraft or their essential records was made by AISI for the purposes of this
report.

2.  VALUATION

Adjustments from half life have been applied based on the current maintenance
status of the Aircraft as indicated in the Aircraft Technical & Maintenance
Detail sheets supplied to AISI and in accordance with standard AISI methods.
Adjustments are calculated only where there is sufficient information to do so,
or where reasonable assumptions can be made.

With regard to airframe and gear maintenance, if no time between check/overhaul
(TBO) or time since check/overhaul (TSO) information was provided, and if the
total hours/cycles of the airframe do not exceed the TBO limits then the total
hours/cycles of the airframe were assumed to be the TSO. This was typical of
newer aircraft. If no information was provided and if the TSO could not be
calculated, then half life was assumed. With regard to the engines, due to the
limited information provided, all engines are considered to be in half life
condition.

All hours and cycle information provided for airframe, C Check, D Check, and
gear have been projected from the Aircraft Technical & Maintenance Detail sheet
dates to 31 January 1999 based on a daily utilization factor calculated for
each aircraft.

It is our considered opinion that the half life and adjusted base and current
market values of the Aircraft are as follows in Table I subject to the
assumptions, definitions, and disclaimers herein.
<PAGE>   5

                                                                          [LOGO]

05 February 1999
AISI File No. A9S001BVO
Page -4-


Unless otherwise agreed by Aircraft Information Services, Inc. (AISI) in
writing, this report shall be for the sole use of the client/addressee. This
report is offered as a fair and unbiased assessment of the subject aircraft or
equipment. AISI has no past, present, or anticipated future interest in the
subject aircraft or equipment. The conclusions and opinions expressed in this
report are based on published information, information provided by others,
reasonable interpretations and calculations thereof and are given in good faith.
Such conclusions and opinions are judgments that reflect conditions and values
which are current at the time of this report. The values and conditions reported
upon are subject to any subsequent change. AISI shall not be liable to any party
for damages arising out of reliance or alleged reliance on this report, or for
any parties action or failure to act as a result of reliance or alleged reliance
on this report.


Sincerely,

AIRCRAFT INFORMATION SERVICES, INC.


/s/ John D. McNicol
John D. McNicol
Vice President
Appraisals & Forecasts
<PAGE>   6
                         ATTACHMENT I - AIRPLANES FLEET                   [LOGO]
                               AISI File A9S001BVO
                         Report Dated 05 February 1999
                          Values as of 31 January 1999

<TABLE>
<CAPTION>

                                                                                      Half Life                        Adjusted
                                                                      Half Life     Current Market      Adjusted    Current Market
                                                                     Base Value          Value         Base Value        Value
                                                                         1999             1999            1999           1999
  No         Type        MSN     DOM          Engine      MTOW        US Dollars      US Dollars       US Dollars     US Dollars

<S>  <C>                   <C>   <C>        <C>          <C>         <C>             <C>             <C>              <C>
     1 A300-B4-100          12   May-75      CF6-50C2    347,225      $5,710,000      $5,710,000      $5,970,000       $5,970,000
     2 A300-B4-100          20   Oct-75      CF6-50C2    347,225      $5,710,000      $5,710,000      $6,210,000       $6,210,000
     3 A300-B4-200         131   Feb-81      CF6-50C2    363,760      $9,870,000      $9,870,000     $10,710,000      $10,710,000
     4 A300-B4-200         269   Aug-83      CF6-50C2    363,760     $11,330,000     $11,330,000     $11,270,000      $11,270,000
     5 A300-C4-200          83   May-79      CF6-50C2    363,759     $13,900,000     $13,900,000     $13,810,000      $13,810,000
     6 A320-200            174   Apr-91     CFM56-5A1    166,446     $27,780,000     $27,780,000     $27,670,000      $27,670,000
     7 A320-200            175   Apr-91     CFM56-5A1    166,446     $27,780,000     $27,780,000     $27,680,000      $27,680,000
     8 A320-200            203   Sep-91     CFM56-5A3    169,754     $28,310,000     $28,310,000     $27,990,000      $27,990,000
     9 A320-200            220   Sep-91     CFM56-5A3    169,754     $28,310,000     $28,310,000     $27,990,000      $27,990,000
    10 A320-200            232   Oct-91     CFM56-5A1    166,446     $27,780,000     $27,780,000     $27,700,000      $27,700,000
    11 A320-200            284   Mar-92     CFM56-5A1    166,446     $29,080,000     $29,080,000     $29,100,000      $29,100,000
    12 A320-200            294   Apr-92     CFM56-5A3    169,754     $29,610,000     $29,610,000     $29,150,000      $29,150,000
    13 A320-200            301   Apr-92     CFM56-5A3    169,754     $29,610,000     $29,610,000     $29,450,000      $29,450,000
    14 A320-200            309   May-92     CFM56-5A1    166,446     $29,080,000     $29,080,000     $28,850,000      $28,850,000
    15 A320-200            348   Jul-92     CFM56-5A1    169,754     $29,210,000     $29,210,000     $29,190,000      $29,190,000
    16 A320-200            349   Oct-92     CFM56-5A3    169,754     $29,610,000     $29,610,000     $29,540,000      $29,540,000
    17 A320-200            404   Jan-94     CFM56-5A1    166,446     $32,370,000     $32,180,000     $32,080,000      $31,890,000
    18 ATR-42-300          109   Oct-88       PW120       36,817      $5,260,000      $4,730,000      $5,310,000       $4,780,000
    19 ATR-42-300          113   Nov-88       PW120       36,817      $5,260,000      $4,730,000      $5,320,000       $4,790,000
    20 ATR-42-300          249   Jan-91       PW120       36,825      $7,060,000      $6,350,000      $7,120,000       $6,410,000
    21 ATR-42-300          284   Jan-92       PW121       36,825      $7,670,000      $6,900,000      $7,600,000       $6,830,000
    22 B727-200A         21346   Oct-80      JT8D-17R    190,500      $4,570,000      $5,210,000      $4,030,000       $4,670,000
    23 B727-200A         21600   Nov-80      JT8D-17R    190,500      $4,570,000      $5,210,000      $5,000,000       $5,640,000
    24 B737-200A         20922   Aug-74      JT8D-9A     117,000      $3,140,000      $4,650,000      $2,740,000       $4,250,000
    25 B737-200A         20958   Jan-75      JT8D-9A     117,000      $3,380,000      $4,990,000      $3,380,000       $4,990,000
    26 B737-200A         20959   Feb-75      JT8D-9A     117,000      $3,380,000      $4,990,000      $3,380,000       $4,990,000
    27 B737-200A         21115   Dec-75      JT8D-9A     117,000      $3,380,000      $4,990,000      $3,300,000       $4,910,000
    28 B737-200A         21206   Feb-76      JT8D-17     115,500      $4,280,000      $5,930,000      $4,280,000       $5,930,000
    29 B737-200A         21192   Mar-76      JT8D-17     119,500      $4,400,000      $6,050,000      $4,330,000       $5,980,000
    30 B737-200A         21193   Jul-76      JT8D-17     119,498      $4,400,000      $6,050,000      $4,090,000       $5,740,000
    31 B737-200A         21196   Jul-76      JT8D-17     119,500      $4,400,000      $6,050,000      $4,230,000       $5,880,000
</TABLE>


<PAGE>   7

                         ATTACHMENT I - AIRPLANES FLEET                   [LOGO]
                               AISI File A9S001BVO
                          Report Dated 5 February 1999
                          Values as of 31 January 1999
<TABLE>
<CAPTION>

                                                                                      Half Life                        Adjusted
                                                                      Half Life     Current Market      Adjusted     Current Market
                                                                     Base Value          Value         Base Value        Value
                                                                         1999             1999             1999           1999
  No         Type        MSN     DOM          Engine      MTOW        US Dollars      US Dollars       US Dollars     US Dollars

<S>  <C>                   <C>   <C>        <C>          <C>         <C>             <C>             <C>              <C>
    32 B737-200A         21639   Nov-78      JT8D-9A     117,000      $4,170,000      $6,000,000      $3,980,000       $5,810,000
    33 B737-200A         21685   Jan-79      JT8D-17     119,500      $5,250,000      $6,900,000      $4,730,000       $6,380,000
    34 B737-200A         21712   Feb-79      JT8D-9A     117,000      $4,530,000      $6,180,000      $4,430,000       $6,080,000
    35 B737-200A         21735   Jun-79      JT8D-15     119,500      $5,050,000      $6,700,000      $5,390,000       $7,040,000
    36 B737-200A         21960   Mar-80      JT8D-15     117,000      $5,330,000      $6,830,000      $5,730,000       $6,800,000
    37 B737-200A         22278   Mar-80      JT8D-15     122,468      $5,490,000      $6,990,000      $5,110,000       $6,610,000
    38 B737-200A         22090   May-80      JT8D-15     117,000      $5,330,000      $6,830,000      $5,710,000       $7,210,000
    39 B737-200A         22368   Sep-80      JT8D-15     117,000      $5,330,000      $6,830,000      $5,330,000       $6,830,000
    40 B737-200A         22369   Sep-80      JT8D-15     117,000      $5,330,000      $6,830,000      $5,360,000       $6,860,000
    41 B737-200A         22407   Sep-80      JT8D-17A    124,498      $5,750,000      $7,250,000      $5,780,000       $7,280,000
    42 B737-200A         22397   Feb-81      JT8D-15     116,998      $5,670,000      $7,020,000      $5,740,000       $7,090,000
    43 B737-200A         22453   Mar-81      JT8D-15     119,500      $5,750,000      $7,100,000      $5,750,000       $7,100,000
    44 B737-200A         22633   Mar-81      JT8D-15     121,500      $5,810,000      $7,160,000      $6,220,000       $7,570,000
    45 B737-200A         22632   Feb-82      JT8D-15     117,000      $6,030,000      $7,230,000      $6,460,000       $7,230,000
    46 B737-200A         22873   Jul-82      JT8D-9A     117,000      $5,580,000      $6,780,000      $5,540,000       $6,740,000
    47 B737-200A         22802   Feb-83      JT8D-17A    124,500      $6,800,000      $7,850,000      $6,340,000       $7,390,000
    48 B737-200A         22804   Feb-83      JT8D-17A    124,500      $6,800,000      $7,850,000      $6,310,000       $7,360,000
    49 B737-200A         22803   Feb-83      JT8D-17A    124,500      $6,800,000      $7,850,000      $6,540,000       $7,590,000
    50 B737-200A         22979   Mar-83      JT8D-15     117,000      $6,380,000      $7,430,000      $6,730,000       $7,780,000
    51 B737-200A         23023   Mar-83      JT8D-17A    117,000      $6,580,000      $7,630,000      $6,360,000       $7,410,000
    52 B737-200A         23024   May-83      JT8D-17A    117,000      $6,580,000      $7,630,000      $6,490,000       $7,540,000
    53 B737-200QC        23065   Oct-83      JT8D-17A    124,500      $7,950,000      $9,000,000      $7,330,000       $8,380,000
    54 B737-200QC        23066   Dec-83      JT8D-17A    124,500      $7,950,000      $9,000,000      $7,510,000       $8,560,000
    55 B737-300          23177   Apr-86     CFM56-3B1    132,276     $18,910,000     $18,910,000     $18,680,000      $18,680,000
    56 B737-300          23749   May-87     CFM56-3B2    138,500     $20,130,000     $20,130,000     $20,140,000      $20,140,000
    57 B737-300          23923   Apr-88     CFM56-3B2    138,497     $20,870,000     $20,870,000     $20,560,000      $20,560,000
    58 B737-300          24770   Oct-90     CFM56-3B1    135,000     $22,320,000     $22,320,000     $21,820,000      $21,820,000
    59 B737-300          24905   Feb-91     CFM56-3C1    130,000     $23,420,000     $23,420,000     $23,420,000      $23,420,000
    60 B737-300          24907   Mar-91     CFM56-3C1    130,000     $23,420,000     $23,420,000     $23,000,000      $23,000,000
    61 B737-300          25179   Feb-92     CFM56-3C1    138,500     $24,860,000     $24,860,000     $24,640,000      $24,640,000
    62 B737-300          25187   Mar-92     CFM56-3C1    138,500     $24,860,000     $24,860,000     $24,350,000      $24,350,000
</TABLE>


<PAGE>   8

                         ATTACHMENT I - Airplanes Fleet                   [LOGO]
                               AISI File A9S001BVO
                         Report Dated 05 February 1999
                          Values as of 5 February 1999

<TABLE>
<CAPTION>

                                                                                      Half Life                        Adjusted
                                                                      Half Life     Current Market      Adjusted     Current Market
                                                                     Base Value          Value         Base Value        Value
                                                                         1999             1999             1999           1999
  No    Type             MSN     DOM          Engine      MTOW        US Dollars      US Dollars       US Dollars     US Dollars

<S>  <C>                 <C>     <C>        <C>          <C>         <C>             <C>             <C>              <C>
  63   B737-300QC        23499   Jun-86     CFM56-3B1    138,500     $20,660,000     $20,660,000     $20,730,000      $20,730,000
  64   B737-300QC        23500   Jun-86     CFM56-3B1    135,000     $20,520,000     $20,520,000     $20,590,000      $20,590,000
  65   B737-400          24345   Jun-89     CFM56-3C1    138,497     $23,900,000     $23,900,000     $24,550,000      $24,550,000
  66   B737-400          24493   Jul-89     CFM56-3C1    142,500     $24,060,000     $24,060,000     $23,530,000      $23,530,000
  67   B737-400          24520   Dec-89     CFM56-3C1    142,500     $24,060,000     $24,060,000     $23,310,000      $23,310,000
  68   B737-400          24684   Apr-90     CFM56-3C1    150,000     $25,260,000     $25,260,000     $25,120,000      $25,120,000
  69   B737-400          24687   May-90     CFM56-3C1    150,000     $25,260,000     $25,260,000     $25,320,000      $25,320,000
  70   B737-400          24690   Jul-90     CFM56-3C1    150,000     $25,260,000     $25,260,000     $25,040,000      $25,040,000
  71   B737-400          24689   Jul-90     CFM56-3C1    150,000     $25,260,000     $25,260,000     $25,180,000      $25,180,000
  72   B737-400          24683   Aug-90     CFM56-3C1    150,000     $25,260,000     $25,260,000     $24,500,000      $24,500,000
  73   B737-400          24691   Aug-90     CFM56-3C1    150,000     $25,260,000     $25,260,000     $25,150,000      $25,150,000
  74   B737-400          24906   Feb-91     CFM56-3C1    142,500     $25,960,000     $25,960,000     $25,330,000      $25,330,000
  75   B737-400          24911   Apr-91     CFM56-3C1    150,000     $26,260,000     $26,260,000     $25,460,000      $25,460,000
  76   B737-400          24912   Jun-91     CFM56-3C1    142,500     $25,960,000     $25,960,000     $25,400,000      $25,400,000
  77   B737-400          24917   Jun-91     CFM56-3C1    150,000     $26,260,000     $26,260,000     $25,550,000      $25,550,000
  78   B737-400          25180   Jan-92     CFM56-3C1    150,000     $27,460,000     $27,460,000     $26,870,000      $26,870,000
  79   B737-400          25181   Feb-92     CFM56-3C1    150,000     $27,460,000     $27,460,000     $26,800,000      $26,800,000
  80   B737-400          25184   Mar-92     CFM56-3C1    150,000     $27,460,000     $27,460,000     $26,790,000      $26,790,000
  81   B737-400          25190   Apr-92     CFM56-3C1    150,000     $27,460,000     $27,460,000     $27,080,000      $27,080,000
  82   B737-400          25261   Apr-92     CFM56-3C1    150,000     $27,460,000     $27,460,000     $26,800,000      $26,800,000
  83   B737-400          26065   May-92     CFM56-3C1    150,000     $27,460,000     $27,460,000     $26,890,000      $26,890,000
  84   B737-400          26069   Nov-92     CFM56-3C1    149,997     $27,460,000     $27,460,000     $27,070,000      $27,070,000
  85   B737-400          26071   Nov-92     CFM56-3C1    149,997     $27,460,000     $27,460,000     $27,090,000      $27,090,000
  86   B737-400          26081   Mar-93     CFM56-3C1    150,000     $28,610,000     $28,610,000     $28,590,000      $28,590,000
  87   B737-500          24897   Feb-91     CFM56-3C1    133,500     $19,170,000     $19,170,000     $18,670,000      $18,670,000
  88   B737-500          25182   Feb-92     CFM56-3C1    133,500     $20,120,000     $20,120,000     $19,760,000      $19,760,000
  89   B737-500          25183   Feb-92     CFM56-3C1    133,497     $20,120,000     $20,120,000     $19,780,000      $19,780,000
  90   B737-500          25185   Feb-92     CFM56-3C1    133,500     $20,120,000     $20,120,000     $19,550,000      $19,550,000
  91   B737-500          25186   Mar-92     CFM56-3C1    133,500     $20,120,000     $20,120,000     $19,530,000      $19,530,000
  92   B737-500          25188   Mar-92     CFM56-3C1    133,500     $20,120,000     $20,120,000     $19,760,000      $19,760,000
  93   B737-500          25191   Apr-92     CFM56-3C1    133,497     $20,120,000     $20,120,000     $19,540,000      $19,540,000
</TABLE>


<PAGE>   9

                         ATTACHMENT I - Airplanes Fleet                   [LOGO]
                               AISI File A9S001BVO
                          Report Dated 5 February 1999
                          Values as of 31 January 1999

<TABLE>
<CAPTION>

                                                                                      Half Life                        Adjusted
                                                                      Half Life     Current Market      Adjusted    Current Market
                                                                     Base Value          Value         Base Value        Value
                                                                         1999             1999             1999           1999
  No         Type        MSN     DOM          Engine      MTOW        US Dollars      US Dollars       US Dollars     US Dollars

<S>  <C>                   <C>   <C>        <C>          <C>         <C>             <C>             <C>              <C>
    94 B737-500          25192   Apr-92     CFM56-3C1    133,500     $20,120,000     $20,120,000     $19,540,000      $19,540,000
    95 B737-500          25289   Jun-92     CFM56-3C1    133,500     $20,120,000     $20,120,000     $19,440,000      $19,440,000
    96 B737-500          25288   Jun-92     CFM56-3C1    133,500     $20,120,000     $20,120,000     $19,460,000      $19,460,000
    97 B737-500          26075   Oct-92     CFM56-3C1    133,500     $20,120,000     $20,120,000     $19,680,000      $19,680,000
    98 B747-200F         21730   Jun-79      JT9D-7Q     833,000     $36,680,000     $31,330,000     $36,550,000      $31,200,000
    99 B757-200Etop      26151   Jul-92    RB211-535E4   250,000     $42,820,000     $40,100,000     $42,780,000      $40,060,000
   100 B757-200Etop      26154   Sep-92    RB211-535E4   230,000     $41,620,000     $38,900,000     $41,260,000      $38,540,000
   101 B757-200Etop      26156   Nov-92    RB211-535E4   239,997     $42,220,000     $39,500,000     $40,320,000      $37,600,000
   102 B767-200ER        25421   Jan-92       PW4056     387,000     $58,370,000     $50,650,000     $58,880,000      $51,160,000
   103 B767-300ER        24948   Jul-91       PW4060     406,996     $64,640,000     $57,370,000     $64,150,000      $56,880,000
   104 B767-300ER        25411   Jan-92       PW4060     407,000     $68,120,000     $60,720,000     $68,330,000      $60,930,000
   105 B767-300ER        26200   Jul-92       PW4060     407,000     $68,120,000     $60,720,000     $68,030,000      $60,630,000
   106 B767-300ER        26204   Oct-92       PW4060     407,000     $68,120,000     $60,720,000     $68,270,000      $60,870,000
   107 DC8-71F           45813   Jan-67     CFM56-2C1    328,000     $15,090,000     $15,090,000     $15,440,000      $15,440,000
   108 DC8-71F           45849   Apr-67     CFM56-2C1    328,000     $15,090,000     $15,090,000     $15,520,000      $15,520,000
   109 DC8-71F           45810   Mar-68     CFM56-2C1    328,000     $15,190,000     $15,190,000     $15,070,000      $15,070,000
   110 DC8-71F           45811   Jul-66     CFM56-2C1    328,000     $14,990,000     $14,990,000     $14,920,000      $14,920,000
   111 DC8-71F           45945   Mar-68     CFM56-2C1    328,000     $15,190,000     $15,190,000     $14,460,000      $14,460,000
   112 DC8-71F           45946   Mar-68     CFM56-2C1    328,000     $15,190,000     $15,190,000     $14,480,000      $14,480,000
   113 DC8-71F           45970   Mar-68     CFM56-2C1    328,000     $15,190,000     $15,190,000     $15,180,000      $15,180,000
   114 DC8-71F           45971   May-68     CFM56-2C1    328,000     $15,190,000     $15,190,000     $14,690,000      $14,690,000
   115 DC8-71F           45973   May-68     CFM56-2C1    328,000     $15,190,000     $15,190,000     $14,610,000      $14,610,000
   116 DC8-71F           45976   Jul-68     CFM56-2C1    328,000     $15,190,000     $15,190,000     $15,620,000      $15,620,000
   117 DC8-71F           45978   Jul-68     CFM56-2C1    328,000     $15,190,000     $15,190,000     $15,170,000      $15,170,000
   118 DC8-71F           45993   Aug-68     CFM56-2C1    328,000     $15,190,000     $15,190,000     $15,230,000      $15,230,000
   119 DC8-71F           45994   Aug-68     CFM56-2C1    328,000     $15,190,000     $15,190,000     $15,130,000      $15,130,000
   120 DC8-71F           45996   Oct-68     CFM56-2C1    328,000     $15,190,000     $15,190,000     $15,170,000      $15,170,000
   121 DC8-71F           45998   Oct-68     CFM56-2C1    328,000     $15,190,000     $15,190,000     $14,630,000      $14,630,000
   122 DC8-71F           45997   Sep-68     CFM56-2C1    328,000     $15,190,000     $15,190,000     $15,130,000      $15,130,000
   123 DC8-71F           46066   May-69     CFM56-2C1    328,000     $15,290,000     $15,290,000     $15,480,000      $15,480,000
   124 DC8-71F           46065   Jun-69     CFM56-2C1    328,000     $15,290,000     $15,290,000     $15,560,000      $15,560,000
</TABLE>


<PAGE>   10

                         ATTACHMENT I - AIRPLANES FLEET                   [LOGO]
                               AISI File A9S001BVO
                          Report Dated 5 February 1999
                          Values as of 31 January 1999

<TABLE>
<CAPTION>

                                                                                      Half Life                        Adjusted
                                                                      Half Life     Current Market      Adjusted     Current Market
                                                                     Base Value          Value         Base Value        Value
                                                                         1999             1999             1999           1999
  No         Type        MSN     DOM          Engine      MTOW        US Dollars      US Dollars       US Dollars     US Dollars

<S>  <C>                   <C>   <C>        <C>          <C>         <C>             <C>             <C>              <C>
   125 DC8-73CF          46091   Apr-70     CFM56-2C1    355,000     $17,700,000     $17,700,000     $18,450,000      $18,450,000
   126 DC9-32            48125   Apr-80      JT8D-17     108,000      $5,850,000      $5,300,000      $5,610,000       $5,060,000
   127 DC9-32            48126   Apr-80      JT8D-17     108,000      $5,850,000      $5,300,000      $5,540,000       $4,990,000
   128 DC9-32            48127   Jul-80      JT8D-17     108,000      $5,850,000      $5,300,000      $5,720,000       $5,170,000
   129 DC9-32            48128   Aug-80      JT8D-17     108,000      $5,850,000      $5,300,000      $5,690,000       $5,140,000
   130 DC9-32            48129   Nov-80      JT8D-17     108,000      $5,850,000      $5,300,000      $5,770,000       $5,220,000
   131 DC9-32            48130   Dec-80      JT8D-17     108,000      $5,850,000      $5,300,000      $5,890,000       $5,340,000
   132 DC9-51            47742   May-77      JT8D-17     121,000      $5,200,000      $4,450,000      $5,240,000       $4,490,000
   133 DC9-51            47796   Mar-79      JT8D-17     121,000      $5,600,000      $4,850,000      $5,540,000       $4,790,000
   134 DC9-51            47784   Mar-79      JT8D-17     121,000      $5,600,000      $4,850,000      $5,420,000       $4,670,000
   135 DC9-51            48122   Oct-80      JT8D-17     121,000      $5,800,000      $5,050,000      $6,080,000       $5,330,000
   136 DHC8-100            113   Sep-88      PW120-A      34,500      $4,730,000      $4,140,000      $4,660,000       $4,070,000
   137 DHC8-100            140   Mar-89      PW120-A      34,500      $5,060,000      $4,510,000      $4,990,000       $4,440,000
   138 DHC8-100            144   Mar-89      PW120-A      34,500      $5,060,000      $4,510,000      $5,060,000       $4,510,000
   139 DHC8-100            229   Sep-90       PW121       34,502      $5,450,000      $4,870,000      $5,450,000       $4,870,000
   140 DHC8-100            258   Jan-91       PW121       34,500      $5,830,000      $5,240,000      $5,810,000       $5,220,000
   141 DHC8-100            270   May-91      PW120-A      34,500      $5,830,000      $5,240,000      $5,780,000       $5,190,000
   142 DHC8-300            232   Oct-90       PW123       41,100      $7,580,000      $6,820,000      $7,540,000       $6,780,000
   143 DHC8-300            244   Dec-90       PW123       41,000      $7,580,000      $6,820,000      $7,560,000       $6,800,000
   144 DHC8-300            266   Mar-91       PW123       43,000      $8,220,000      $7,400,000      $8,230,000       $7,410,000
   145 DHC8-300            267   Apr-91       PW123       43,000      $8,220,000      $7,400,000      $8,220,000       $7,400,000
   146 DHC8-300            276   May-91       PW123       43,000      $8,220,000      $7,400,000      $8,220,000       $7,400,000
   147 DHC8-300            298   Apr-92       PW123       43,000      $8,800,000      $7,930,000      $8,800,000       $7,930,000
   148 DHC8-300            300   Apr-92       PW123       43,000      $8,800,000      $7,930,000      $8,800,000       $7,930,000
   149 DHC8-300            283   Sep-91       PW123       43,000      $8,220,000      $7,400,000      $8,210,000       $7,390,000
   150 DHC8-300            293   Oct-91       PW123       43,000      $8,220,000      $7,400,000      $8,230,000       $7,410,000
   151 DHC8-300            296   Oct-91       PW123       43,000      $8,220,000      $7,400,000      $8,180,000       $7,360,000
   152 DHC8-300            307   Dec-91       PW123       43,000      $8,220,000      $7,400,000      $8,280,000       $7,460,000
   153 DHC8-300            334   Oct-92       PW123       43,000      $8,800,000      $7,930,000      $8,800,000       $7,930,000
   154 DHC8-300            342   Dec-92       PW123       43,000      $8,800,000      $7,930,000      $8,830,000       $7,960,000
   155 DHC8-300C           230   Oct-90       PW123       43,000      $8,640,000      $7,880,000      $8,700,000       $7,940,000
</TABLE>


<PAGE>   11

                         ATTACHMENT I - AIRPLANES FLEET                   [LOGO]
                               AISI File A9S001BVO
                          Report Dated 5 February 1999
                          Values as of 31 January 1999

<TABLE>
<CAPTION>

                                                                                      Half Life                        Adjusted
                                                                      Half Life     Current Market      Adjusted     Current Market
                                                                     Base Value          Value         Base Value        Value
                                                                         1999             1999             1999           1999
  No         Type        MSN     DOM          Engine      MTOW        US Dollars      US Dollars       US Dollars     US Dollars

<S>  <C>                   <C>   <C>        <C>          <C>         <C>             <C>             <C>              <C>
   156 DHC8-300C           242   Nov-90       PW123       43,000      $8,640,000      $7,880,000      $8,660,000       $7,900,000
   157 F100              11284   Jul-90   RB183MK650-15   97,994     $13,510,000     $11,750,000     $13,470,000      $11,710,000
   158 F100              11285   Aug-90   RB183MK650-15   97,994     $13,510,000     $11,750,000     $13,430,000      $11,670,000
   159 F100              11266   Aug-90   RB183MK650-15   97,994     $13,510,000     $11,750,000     $13,510,000      $11,750,000
   160 F100              11304   Feb-91   RB183MK650-15   97,994     $14,290,000     $12,750,000     $14,240,000      $12,700,000
   161 F100              11319   Apr-91   RB183MK650-15   98,000     $14,290,000     $12,750,000     $14,310,000      $12,770,000
   162 F100              11305   Apr-91   RB183MK650-15   97,994     $14,290,000     $12,750,000     $14,240,000      $12,700,000
   163 F100              11309   May-91   RB183MK650-15   98,000     $14,290,000     $12,750,000     $14,120,000      $12,580,000
   164 F100              11336   Jun-91   RB183MK650-15   97,994     $14,290,000     $12,750,000     $14,730,000      $13,190,000
   165 F100              11339   Jul-91   RB183MK650-15   97,994     $14,290,000     $12,750,000     $13,950,000      $12,410,000
   166 F100              11348   Aug-91   RB183MK650-15   97,994     $14,290,000     $12,750,000     $14,220,000      $12,680,000
   167 F100              11347   Oct-91   RB183MK650-15   97,994     $14,290,000     $12,750,000     $14,590,000      $13,050,000
   168 F100              11371   Dec-91   RB183MK650-15   97,994     $14,290,000     $12,750,000     $14,240,000      $12,700,000
   169 F100              11374   Jan-92   RB183MK650-15   98,000     $15,350,000     $13,830,000     $15,130,000      $13,610,000
   170 F100              11382   Mar-92   RB183MK650-15   98,000     $15,350,000     $13,830,000     $15,200,000      $13,680,000
   171 F100              11384   Mar-92   RB183MK650-15   98,000     $15,350,000     $13,830,000     $15,210,000      $13,690,000
   172 F100              11375   Feb-92   RB183MK650-15   98,000     $15,350,000     $13,830,000     $15,250,000      $13,730,000
   173 MD11              48499   Dec-91    CF6-80C2D1F   618,000     $75,150,000     $64,750,000     $74,930,000      $64,530,000
   174 MD11              48500   Mar-92    CF6-80C2D1F   618,000     $78,950,000     $68,350,000     $78,550,000      $67,950,000
   175 MD11              48501   Sep-92    CF6-80C2D1F   618,000     $78,950,000     $68,350,000     $78,750,000      $68,150,000
   176 MD-82             49667   Jan-88     JT8D-217A    149,500     $19,170,000     $17,110,000     $18,780,000      $16,720,000
   177 MD-82             49660   Mar-88      JT8D-217    149,500     $19,170,000     $17,110,000     $19,620,000      $17,560,000
   178 MD-83             49390   Apr-86      JT8D-219    160,000     $19,600,000     $17,250,000     $19,960,000      $17,610,000
   179 MD-83             49442   Apr-87      JT8D-219    160,000     $20,370,000     $18,070,000     $20,720,000      $18,420,000
   180 MD-83             49575   Oct-87      JT8D-219    160,000     $20,370,000     $18,070,000     $20,720,000      $18,420,000
   181 MD-83             49620   Jul-88      JT8D-219    159,999     $21,110,000     $18,860,000     $20,780,000      $18,530,000
   182 MD-83             49672   Jul-88      JT8D-219    160,000     $21,110,000     $18,860,000     $21,060,000      $18,810,000
   183 MD-83             49624   Aug-88      JT8D-219    160,000     $21,110,000     $18,860,000     $20,630,000      $18,380,000
   184 MD-83             49626   Oct-88      JT8D-219    160,000     $21,110,000     $18,860,000     $21,150,000      $18,900,000
   185 MD-83             49709   Dec-88      JT8D-219    160,000     $21,110,000     $18,860,000     $20,680,000      $18,430,000
   186 MD-83             49631   Jun-89      JT8D-219    160,000     $22,000,000     $19,800,000     $21,610,000      $19,410,000
</TABLE>


<PAGE>   12

                         ATTACHMENT I - AIRPLANES FLEET                   [LOGO]
                               AISI File A9S001BVO
                          Report Dated 5 February 1999
                          Values as of 31 January 1999

<TABLE>
<CAPTION>

                                                                                      Half Life                        Adjusted
                                                                      Half Life     Current Market      Adjusted     Current Market
                                                                     Base Value          Value         Base Value        Value
                                                                         1999             1999             1999           1999
  No         Type        MSN     DOM          Engine      MTOW        US Dollars      US Dollars       US Dollars     US Dollars

<S>  <C>                   <C>   <C>        <C>          <C>         <C>             <C>             <C>              <C>
   187 MD-83             49789   Sep-89      JT8D-219    160,000     $22,000,000     $19,800,000     $21,740,000      $19,540,000
   188 MD-83             49792   Nov-89      JT8D-219    160,000     $22,000,000     $19,800,000     $21,580,000      $19,380,000
   189 MD-83             49935   Sep-90      JT8D-219    160,000     $22,900,000     $20,750,000     $22,850,000      $20,700,000
   190 MD-83             49936   Oct-90      JT8D-219    160,000     $22,900,000     $20,750,000     $23,270,000      $21,120,000
   191 MD-83             49939   Oct-90      JT8D-219    160,000     $22,900,000     $20,750,000     $22,940,000      $20,790,000
   192 MD-83             49938   Dec-90      JT8D-219    160,000     $22,900,000     $20,750,000     $22,630,000      $20,480,000
   193 MD-83             49941   Dec-90      JT8D-219    160,000     $22,900,000     $20,750,000     $22,900,000      $20,750,000
   194 MD-83             49943   Jul-91      JT8D-219    160,000     $23,800,000     $21,700,000     $23,550,000      $21,450,000
   195 MD-83             49946   Jul-91      JT8D-219    160,000     $23,800,000     $21,700,000     $23,780,000      $21,680,000
   196 MD-83             49949   Aug-91      JT8D-219    160,000     $23,800,000     $21,700,000     $23,440,000      $21,340,000
   197 MD-83             49951   Aug-91      JT8D-219    160,000     $23,800,000     $21,700,000     $23,320,000      $21,220,000
   198 MD-83             49950   Nov-91      JT8D-219    160,000     $23,800,000     $21,700,000     $23,620,000      $21,520,000
   199 MD-83             53125   Apr-92      JT8D-219    160,000     $24,800,000     $22,850,000     $24,670,000      $22,720,000
   200 MD-83             53120   Jul-92      JT8D-219    160,000     $24,800,000     $22,850,000     $24,920,000      $22,970,000
   201 MD-87             49673   Dec-88      JT8D-219    149,000     $15,150,000     $13,600,000     $14,810,000      $13,260,000
   202 METRO III           711   Mar-88     TPE331-11     16,000      $1,440,000      $1,250,000      $1,440,000       $1,250,000
   203 METRO III           712   Jun-88     TPE331-11     16,000      $1,440,000      $1,250,000      $1,440,000       $1,250,000
   204 METRO III           705   Aug-88     TPE331-11     16,000      $1,440,000      $1,250,000      $1,440,000       $1,250,000

TOTALS                                                            $3,645,550,000  $3,501,950,000  $3,617,540,000   $3,473,080,000
</TABLE>