<PAGE>   1
                                                               Exhibit 99.2



                                I. INTRODUCTION
                                ----------------

<PAGE>   2
                                1. INTRODUCTION
                                ---------------

In response to a request from GPA Group plc (GPA), BK Associates, Inc. is
pleased to present this report on the base values (BV) as of February 25, 1997
of the aircraft in the Airplanes Group Portfolio (Portfolio). The aircraft
include various types or models of narrow- and wide-body jets as well as
turboprop commuter aircraft. The aircraft are identified in Figure 2-1 by
aircraft type, date of manufacture, serial number, and engine model.

It should be understood that the aircraft have not been inspected for this
appraisal and their current condition and status relative to major maintenance
events was not known in some cases. GPA provided BK Associates with data on the
specifications and current maintenance status for each aircraft. These data
were used to adjust base values to account for current maintenance status.

Section 2 of this report presents the conclusions regarding the values of the
aircraft. Other sections describe the methodology used by BK Associates in
determining appraised values, discuss the factors affecting the market for
aircraft, and describe the experience and qualifications of BK Associates in
undertaking appraisals.


<PAGE>   3
                                 2. CONCLUSIONS
                                ----------------        
<PAGE>   4
                                 2. CONCLUSIONS
                                 --------------
Based upon our familiarity with airline transport aircraft, our knowledge of
their capabilities and the uses to which they are put, our knowledge of the
marketing and leasing of new or used aircraft, and our familiarity with
aircraft generally, it is our opinion that the base values as of February 25,
1997 for the aircraft in the Portfolio are as stated in Figure 2-1, expressed
in millions of dollars.

According to the International Society of Transport Aircraft Trading's (ISTAT)
definition of Base Value, to which BK Associates subscribes, 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.

The values given in Figure 2-1 are based upon certain definitions and
assumptions regarding aircraft condition, maintenance status, and market
conditions which are described more fully below and later in this report.
THESE VALUES SHOULD NOT BE USED OUTSIDE THE CONTEXT OF, OR WITHOUT KNOWLEDGE
OF THOSE ASSUMPTIONS AND DEFINITIONS.

The values given in Figure 2-1 include adjustments to account for the current
maintenance status. These adjustments are approximate, based on industry
average costs, and normally would include an adjustment for the time remaining
to a "C" check, time remaining to a "D" check, time remaining to landing gear
overhaul and time remaining to a heavy shop visit on engines. Where estimates
of time to a check were provided by months or
<PAGE>   5
   
calendar date, industry average utilization figures were used to convert to an
equivalent hourly rate. Where "C" checks and "D" checks are accomplished on
a phased basis the aircraft is assumed to be at half-time and no adjustment is
included. In many cases, sufficient relevant data were not available to make
adjustments for engines and they were assumed to be at half-time. Where data
were available adjustments were included for engines.
    

Also, no consideration has been given to cash maintenance reserve payments or
security deposits that are likely paid by the lessees on nearly all of the
aircraft in the Portfolio. These payments are intended to offset the very costs
for which the maintenance adjustments are applied to the half-time values.

BK Associates, Inc. has no present or contemplated future interest in the
aircraft, nor any interest that would preclude our making a fair and unbiased
estimate. This appraisal represents the opinion of BK Associates, Inc. and
reflects our best judgment based on the information available to us at the time
of preparation. It is not given as a recommendation, or as an inducement, for
any financial transaction and further, BK Associates assumes no responsibility
or legal liability for any action taken or not taken by the addressee, or any
other party, with regard to the appraised equipment. By accepting this
appraisal, the addressee agrees that BK Associates shall bear no such
responsibility or legal liability. This appraisal is prepared for the use of
the addressee and shall not be provided to other parties without the express
consent of the addressee.

                                BK ASSOCIATES, INC.

   
                                /s/ John F. Keitz        
                                ---------------------
                                John F. Keitz
                                President
                                ISTAT Senior Certified Appraiser
    

<PAGE>   6

                                   Figure 2-1
                 AIRPLANES GROUP PORTFOLIO ADJUSTED BASE VALUES

<TABLE>
<CAPTION>
                                                 1/2 TIME      MT. ADJ.
 #     TYPE       SERNUM    YEAR      ENGINE     BASE VAL.     BASE VAL.
<S>  <C>          <C>       <C>     <C>          <C>           <C>
  1  A300B4-100       9     1974    CF6-50C2      9.300         9.429
  2  A300B4-100      12     1975    CF6-50C2      9.500         9.986
  3  A300B4-100      20     1975    CF6-50C2      9.700        10.040
  4  A300B4-200     131     1981    CF6-50C2     18.000        18.000
  5  A300B4-200     269     1983    CF6-50C2     19.250        19.250
  6  A300C4-200      83     1979    CF6-50C2     17.550        17.644
  7  A320-211       174     1991    CFM56-5A1    31.250        31.256
  8  A320-211       175     1991    CFM56-5A1    31.250        31.256
  9  A320-211       203     1991    CFM56-5A3    31.250        31.245
 10  A320-211       220     1991    CFM56-5A3    31.250        31.247
 11  A320-211       232     1991    CFM56-5A1    31.250        31.259
 12  A320-211       284     1992    CFM56-5A1    32.300        32.315
 13  A320-212       294     1992    CFM56-5A3    32.300        32.317
 14  A320-212       301     1992    CFM56-5A3    32.300        32.257
 15  A320-211       309     1992    CFM56-5A1    32.300        32.317
 16  A320-231       348     1992    CFM56-5A1    32.300        32.347
 17  A320-231       349     1992    CFM56-5A3    32.300        32.308
 18  A320-211       404     1993    CFM56-5A1    33.715        33.754
 19  B727-2A1     21346     1980    JT8D-17R      6.850         6.928
 20  B727-2A1     21600     1980    JT8D-17R      6.850         6.424
 21  B737-275     20922     1974    JT8D-9A       4.000         4.000
 22  B737-275     20958     1975    JT8D-9A       4.300         4.300
 23  B737-275     20959     1975    JT8D-9A       4.300         4.300
 24  B737-275     21115     1975    JT8D-9A       4.750         4.750
 25  B737-266     21192     1976    JT8D-17       6.605         6.605
 26  B737-266     21193     1976    JT8D-17       7.251         7.155
 27  B737-266     21196     1976    JT8D-17       7.204         6.845
 28  B737-269     21206     1976    JT8D-17       6.750         6.750
 29  B737-275     21639     1978    JT8D-9A       6.150         6.150
 30  B737-2L9     21685     1979    JT8D-17       7.567         7.567
 31  B737-275     21712     1979    JT8D-9A       6.350         6.350
 32  B737-2Q8     21735     1979    JT8D-15       7.282         7.282
 33  B737-2Q8     21960     1980    JT8D-15       7.966         7.260
 34  B737-2M8     22090     1980    JT8D-15       8.817         8.817
 35  B737-2S3     22278     1980    JT8D-15       8.295         8.295
 36  B737-2T4     22368     1980    JT8D-15       8.073         8.073
 37  B737-2T4     22369     1980    JT8D-15       8.125         8.125 

</TABLE>
<PAGE>   7

                                   Figure 2-1
                 AIRPLANES GROUP PORTFOLIO ADJUSTED BASE VALUES

<TABLE>
<CAPTION>
                                                 1/2 TIME      MT. ADJ.
 #     TYPE       SERNUM    YEAR      ENGINE     BASE VAL.     BASE VAL.
<S>  <C>          <C>       <C>     <C>          <C>           <C>
 38  B737-2T5     22396     1981    JT8D-15        9.037         9.037
 39  B737-2T5     22397     1981    JT8D-15        8.740         8.740
 40  B737-2L9     22407     1980    JT8D-17A       8.711         8.711
 41  B737-2Q8     22453     1981    JT8D-15        9.199         9.011
 42  B737-2T5     22632     1982    JT8D-15        9.196         8.758
 43  B737-2S3     22633     1981    JT8D-15        9.275        10.012
 44  B737-2T4     22802     1983    JT8D-17A      10.050        10.050
 45  B737-2T4     22803     1983    JT8D-17A      10.062        10.062
 46  B737-2T4     22804     1983    JT8D-17A      10.043        10.043
 47  B737-275     22873     1982    JT8D-9A        8.350         8.350
 48  B737-2T5     22979     1983    JT8D-15       10.201        10.201
 49  B737-291     23023     1983    JT8D-17A      10.120        10.120
 50  B737-291     23024     1983    JT8D-17A       9.925         9.925
 51  B737-2T4C    23065     1983    JT8D-17A      11.193        10.842
 52  B737-2T4C    23066     1983    JT8D-17A      10.950        11.356
 53  B737-317     23177     1986    CFM56-3B1     19.233        19.233
 54  B737-3Y0     23749     1987    CFM56-3B2     20.165        20.165
 55  B737-3Y0     23923     1988    CFM56-3B2     21.600        21.600
 56  B737-3Y0     24770     1990    CFM56-3B1     24.277        24.382
 57  B737-3Y0     24905     1991    CFM56-3C1     26.087        25.937
 58  B737-3Y0     24907     1991    CFM56-3C1     26.016        26.054
 59  B737-3Y0     25179     1992    CFM56-3C1     28.300        28.165
 60  B737-3Y0     25187     1992    CFM56-3C1     28.300        28.130
 61  B737-3Y0     26852     1992    CFM56-3B2     27.750        27.750
 62  B737-3Y0C    23499     1986    CFM56-3B1     21.550        21.550
 63  B737-3Y0C    23500     1986    CFM56-3B1     21.550        21.550
 64  B737-4Y0     24345     1989    CFM56-3C1     25.237        24.940
 65  B737-4Y0     24493     1989    CFM56-3C1     25.050        24.539
 66  B737-4Y0     24520     1989    CFM56-3C1     25.750        25.312
 67  B737-4Y0     24683     1990    CFM56-3C1     26.740        26.335
 68  B737-4Y0     24684     1990    CFM56-3C1     26.611        26.091
 69  B737-4Y0     24687     1990    CFM56-3C1     26.661        27.257
 70  B737-4Y0     24689     1990    CFM56-3C1     26.625        27.033
 71  B737-4Y0     24690     1990    CFM56-3C1     26.625        26.158
 72  B737-4Y0     24691     1990    CFM56-3C1     26.625        26.306
 73  B737-4Y0     24906     1991    CFM56-3C1     27.350        27.133
 74  B737-4Y0     24911     1991    CFM56-3C1     27.600        27.236

</TABLE>
<PAGE>   8

                                   Figure 2-1
                 AIRPLANES GROUP PORTFOLIO ADJUSTED BASE VALUES

<TABLE>
<CAPTION>
                                                 1/2 TIME      MT. ADJ.
 #     TYPE       SERNUM   YEAR       ENGINE     BASE VAL.     BASE VAL.
<S>  <C>          <C>      <C>      <C>          <C>           <C>
 75  B737-4Y0     24912    1991     CFM56-3C1    27.900        27.762
 76  B737-4Y0     24917    1991     CFM56-3C1    27.950        27.596
 77  B737-4Y0     25180    1992     CFM56-3C1    28.700        28.227
 78  B737-4Y0     25181    1992     CFM56-3C1    28.700        28.480
 79  B737-4Y0     25184    1992     CFM56-3C1    28.900        28.821
 80  B737-4Y0     25190    1992     CFM56-3C1    29.100        28.679
 81  B737-4Y0     25261    1992     CFM56-3C1    29.100        28.926
 82  B737-4Y0     26065    1992     CFM56-3C1    29.250        29.106
 83  B737-4Y0     26069    1992     CFM56-3C1    29.750        29.681
 84  B737-4Y0     26071    1992     CFM56-3C1    29.750        29.696
 85  B737-4Y0     26081    1993     CFM56-3C1    30.500        30.309
 86  B737-5Y0     24897    1991     CFM56-3C1    21.000        20.735
 87  B737-5Y0     25182    1992     CFM56-3C1    21.950        21.950
 88  B737-5Y0     25183    1992     CFM56-3C1    21.950        21.950
 89  B737-5Y0     25185    1992     CFM56-3C1    21.950        21.789
 90  B737-5Y0     25186    1992     CFM56-3C1    21.950        21.740
 91  B737-5Y0     25188    1992     CFM56-3C1    21.950        21.950
 92  B737-5Y0     25191    1992     CFM56-3C1    22.100        21.999
 93  B737-5Y0     25192    1992     CFM56-3C1    22.100        21.931
 94  B737-5Y0     25288    1992     CFM56-3C1    22.510        22.325
 95  B737-5Y0     25289    1992     CFM56-3C1    22.510        22.319
 96  B737-5Y0     26075    1992     CFM56-3C1    23.000        22.867
 97  B747-259M    21730    1979     JT9D-7Q      37.750        37.750
 98  B757-2Y0ER   26151    1992     RB211-535E4  46.000        45.864
 99  B757-2Y0     26154    1992     RB211-535E4  43.450        43.276
100  B757-2Y0     26156    1992     RB211-535E4  43.450        43.651
101  B767-2Y0ER   25421    1992     PW4056       59.800        59.800
102  B767-3Y0ER   24948    1991     PW4060       62.300        62.078
103  B767-3Y0ER   25411    1992     PW4060       64.950        64.799
104  B767-3Y0ER   26200    1992     PW4060       67.750        67.345
105  B767-3Y0ER   26204    1992     PW4060       67.750        67.996
106  DC8-71F      45810    1967     CFM56-2C1    15.800        15.800
107  DC8-71F      45811    1967     CFM56-2C1    15.800        15.800
108  DC8-71F      45812    1967     CFM56-2C1    15.800        15.800
109  DC8-71F      45813    1967     CFM56-2C1    15.800        15.800
110  DC8-71F      45849    1967     CFM56-2C1    15.800        15.800
111  DC8-71F      45941    1968     CFM56-2C1    15.800        15.800

</TABLE>
<PAGE>   9

                                   Figure 2-1
                 AIRPLANES GROUP PORTFOLIO ADJUSTED BASE VALUES

<TABLE>
<CAPTION>
                                                 1/2 TIME      MT. ADJ.
 #     TYPE       SERNUM    YEAR      ENGINE     BASE VAL.     BASE VAL.
<S>  <C>          <C>       <C>     <C>          <C>           <C>
112  DC8-71F      45945     1968    CFM56-2C1     15.800        15.800
113  DC8-71F      45946     1968    CFM56-2C1     15.800        15.800
114  DC8-71F      45947     1968    CFM56-2C1     15.800        15.800
115  DC8-71F      45970     1968    CFM56-2C1     15.800        15.800
116  DC8-71F      45971     1968    CFM56-2C1     15.800        15.800
117  DC8-71F      45973     1968    CFM56-2C1     15.910        15.910
118  DC8-71F      45974     1968    CFM56-2C1     15.900        15.900
119  DC8-71F      45975     1968    CFM56-2C1     15.980        15.980
120  DC8-71F      45976     1968    CFM56-2C1     15.800        15.800
121  DC8-71F      45977     1968    CFM56-2C1     15.800        15.800
122  DC8-71F      45978     1968    CFM56-2C1     15.800        16.301
123  DC8-71F      45983     1968    CFM56-2C1     14.145        14.145
124  DC8-71F      45993     1968    CFM56-2C1     15.800        15.800
125  DC8-71F      45994     1968    CFM56-2C1     15.800        16.086
126  DC8-71F      45995     1968    CFM56-2C1     15.800        15.800
127  DC8-71F      45996     1968    CFM56-2C1     15.800        15.800
128  DC8-71F      45997     1968    CFM56-2C1     15.800        15.800
129  DC8-71F      45998     1968    CFM56-2C1     15.800        15.486
130  DC8-71F      46039     1969    CFM56-2C1     15.800        15.800
131  DC8-71F      46065     1969    CFM56-2C1     15.800        14.863
132  DC8-71F      46066     1969    CFM56-2C1     15.800        15.800
133  DC8-73F      46091     1970    CFM56-2C1     21.950        21.950
134  DC9-14       45736     1966    JT8D-7         1.350         1.350
135  DC9-15       45743     1966    JT8D-7B        1.176         1.176
136  DC9-15       45785     1966    JT8D-7A        1.350         1.350
137  DC9-14       45786     1967    JT8D-7B        1.450         1.450
138  DC9-15       47059     1967    JT8D-7A        1.174         1.174
139  DC9-15       47085     1967    JT8D-7A        1.177         1.177
140  DC9-15       47122     1967    JT8D-7A        1.100         1.100
141  DC9-15       47126     1968    JT8D-7A        1.150         1.150
142  DC9-32       47594     1974    JT8D-17        3.500         3.186
143  DC9-32       48125     1980    JT8D-17        6.250         5.907
144  DC9-32       48126     1980    JT8D-17        6.250         6.639
145  DC9-32       48127     1980    JT8D-17        6.250         6.517
146  DC9-32       48128     1980    JT8D-17        6.250         6.461
147  DC9-32       48129     1980    JT8D-17        6.250         6.567
148  DC9-32       48130     1980    JT8D-17        6.250         6.768 

</TABLE>

<PAGE>   10

                                   Figure 2-1
                 AIRPLANES GROUP PORTFOLIO ADJUSTED BASE VALUES

<TABLE>
<CAPTION>
                                                 1/2 TIME      MT. ADJ.
 #     TYPE       SERNUM    YEAR      ENGINE     BASE VAL.     BASE VAL.
<S>  <C>          <C>      <C>      <C>          <C>           <C>
149  DC9-51       47742     1977    JT8D-17        5.200         5.576
150  DC9-51       47784     1979    JT8D-17        6.000         6.355
151  DC9-51       47796     1979    JT8D-17        6.000         6.489
152  DC9-51       48122     1981    JT8D-17        6.550         6.754
153  DC10-30CF    47841     1980    CF6-50C2      27.300        27.300
154  DC10-30CF    47842     1980    CF6-50C2      27.300        27.300
155  DC10-30      46976     1978    CF6-50C2      21.750        21.750
156  DC10-30      46978     1978    CF6-50C2      21.750        21.750
157  F100         11266     1990    TAY650        18.000        17.826
158  F100         11284     1990    TAY650        18.000        18.171
159  F100         11285     1990    TAY650        18.000        18.131
160  F100         11304     1991    TAY650        18.700        18.529
161  F100         11305     1991    TAY650        19.100        18.913
162  F100         11309     1991    TAY650        19.100        18.837
163  F100         11319     1991    TAY650        19.100        18.850
164  F100         11336     1991    TAY650        19.300        19.325
165  F100         11339     1991    TAY650        19.300        19.333
166  F100         11347     1991    TAY650        20.200        20.200
167  F100         11348     1991    TAY650        20.200        20.200
168  F100         11371     1991    TAY650        20.400        20.218
169  F100         11374     1992    TAY650        20.700        20.280
170  F100         11375     1992    TAY650        20.700        20.296
171  F100         11382     1992    TAY650        20.700        20.305
172  F100         11384     1992    TAY650        20.700        20.428
173  MD11         48499     1991    CF6-80C2      79.500        80.324
174  MD11         48500     1992    CF6-80C2-D1   81.000        81.000
175  MD11         48501     1992    CF6-80C2-D1   82.800        82.800
176  MD82         49660     1988    JT8D-217C     18.950        18.536
177  MD82         49667     1988    JT8D-217A     18.800        18.355
178  MD83         49390     1986    JT8D-219      18.100        17.549
179  MD83         49442     1987    JT8D-219      18.500        18.008
180  MD83         49575     1987    JT8D-219      18.500        17.633
181  MD83         49620     1988    JT8D-219      19.260        18.924
182  MD83         49624     1988    JT8D-219      19.260        18.995
183  MD83         49626     1988    JT8D-219      19.260        19.104
184  MD83         49631     1989    JT8D-219      21.510        21.142
185  MD83         49672     1988    JT8D-219      19.700        18.958
</TABLE>
<PAGE>   11

                                   Figure 2-1
                 AIRPLANES GROUP PORTFOLIO ADJUSTED BASE VALUES

<TABLE>
<CAPTION>
                                                 1/2 TIME      MT. ADJ.
 #     TYPE       SERNUM    YEAR      ENGINE     BASE VAL.     BASE VAL.
<S>  <C>          <C>       <C>     <C>          <C>           <C>
186  MD83         49709     1988    JT8D-219      19.250        19.161
187  MD83         49789     1989    JT8D-219      21.185        21.045
188  MD83         49792     1989    JT8D-219      21.800        21.804
189  MD83         49935     1990    JT8D-219      23.050        23.050
190  MD83         49936     1990    JT8D-219      23.050        22.484
191  MD83         49938     1990    JT8D-219      23.050        22.908
192  MD83         49939     1990    JT8D-219      22.307        22.241
193  MD83         49941     1990    JT8D-219      23.050        22.600
194  MD83         49943     1991    JT8D-219      24.425        24.372
195  MD83         49946     1991    JT8D-219      23.015        23.325
196  MD83         49949     1991    JT8D-219      24.330        24.083
197  MD83         49950     1991    JT8D-219      24.330        24.435
198  MD83         49951     1991    JT8D-219      24.330        24.330
199  MD83         53120     1992    JT8D-219      24.060        23.998
200  MD83         53125     1992    JT8D-219      25.700        26.018
201  MD87         49673     1988    JT8D-219      17.250        16.967
202  ATR42-300      109     1988    PW120          5.700         5.700
203  ATR42-300      113     1988    PW120          5.700         5.700
204  ATR42-300      249     1991    PW120          7.150         7.150
205  ATR42-300      284     1992    PW121          6.500         6.500
206  DHC8-102       113     1988    PW120A         4.480         4.480
207  DHC8-102       140     1989    PW120A         4.910         4.910
208  DHC8-100       144     1989    PW120A         5.400         5.400
209  DHC8-100       229     1990    PW121          7.600         7.600
210  DHC8-100       258     1991    PW121          6.550         6.550
211  DHC8-100       270     1991    PW120A         6.200         6.200
212  DHC8-300       232     1990    PW123          8.650         8.707
213  DHC8-300       244     1990    PW123          8.820         8.820
214  DHC8-300       266     1991    PW123          8.880         8.880
215  DHC8-300       267     1991    PW123          8.970         8.970
216  DHC8-300       276     1991    PW123          9.135         9.135
217  DHC8-300       283     1991    PW123          9.895         9.895
218  DHC8-300       293     1991    PW123         10.130        10.192
219  DHC8-300       296     1991    PW123          9.175         9.325
220  DHC8-300       298     1992    PW123          9.850         9.850
221  DHC8-300       300     1992    PW123         10.405        10.405
222  DHC8-300       307     1991    PW123          9.655         9.655

</TABLE>
<PAGE>   12

                                   Figure 2-1
                 AIRPLANES GROUP PORTFOLIO ADJUSTED BASE VALUES

<TABLE>
<CAPTION>
                                                 1/2 TIME      MT. ADJ.
 #     TYPE       SERNUM    YEAR      ENGINE     BASE VAL.     BASE VAL.
<S>  <C>          <C>       <C>     <C>          <C>           <C>
223  DHC8-300     334       1992    PW123          9.515         9.665
224  DHC8-300     342       1992    PW123         10.565        10.565
225  DHC8-300C    230       1990    PW123          9.985        10.110
226  DHC8-300C    242       1990    PW123          9.740         9.871
227  METROIII     705       1988    TPE331-11U     1.700         1.700
228  METROIII     711       1988    TPE331-11U     1.700         1.700
229  METROIII     712       1988    TPE331-11U     1.700         1.700
                    
                                    Total       4291.318      4279.068
</TABLE>