AIRCRAFT
INFORMATION
SERVICES, INC.



04 February 2000

Aircraft Finance Trust
c/o Wilmington Trust Company
1100 North Market Street
Rodney Square North
Wilmington, Delaware  19890

Subject: Half Life and Adjusted Base Value Appraisal for Fleet of 36 Aircraft
         The Aircraft Finance Trust ("AFT") Portfolio
         AISI File number: A0S015BVO

Ref:     (a) Data - Previous AISI Reports A9S006BVO, A9S039BVO
         (b) Data - UniCapital Fax Data 25 January 2000
         (c) Data - UniCapital Email Data 27 January 2000

Ladies and Gentlemen:

In response to your  request,  Aircraft  Information  Services,  Inc.  (AISI) is
pleased to offer our  opinion to Aircraft  Finance  Trust (AFT) of the half life
and adjusted  base values as of 31 December  1999 of the Fleet of 36 Aircraft as
identified  and  defined in Table I and  reference  (a),  (b) and (c) above (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 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



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<PAGE>

04 February 2000
AISI File No. A0S015BVO
Page - 2 -

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.

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 GECAS in above referenced (a) data. 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 to AISI by the client in the above reference
(b)  and  (c)  data  and in the  previous  AISI  reference  (a)  reports  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.

<PAGE>

04 February 2000
AISI File No. A0S015BVO
Page - 3 -

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, on aircraft where all engines total cycles equal the
total cycles of the airframe, the engine's life limit CSOs and overhaul CSOs are
assumed to be the same as the total cycles of the  airframe.  This is typical of
newer  aircraft.  Where  this  assumption  can  not be  made,  the  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 December 1999 based on a daily  utilization  factor  calculated  for
each aircraft.

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

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.



John D. McNicol

VICE PRESIDENT
APPRAISALS & FORECASTS

<PAGE>

                          TABLE I - AISI FILE A0S015BVO

                          REPORT DATE: 04 FEBRUARY 2000
                         VALUES AS OF: 31 DECEMBER 1999

                       FLEET VALUATION - THE AFT PORTFOLIO
<TABLE>
<CAPTION>

------------------------------------------------------------------------------------
                                                           Half Life      Adjusted
                                                           Base Value     Base Value
    Type      MSN    DOM    YOB     Engine     MTOW        Dec 1999       Dec 1999
                                                           USDollars      USDollars
<S>          <C>    <C>     <C>   <C>         <C>         <C>          <C>

------------------------------------------------------------------------------------
  A310-300    448   Feb-88  1988  CF6-80C2A2  346,125     32,140,000      32,270,000
------------------------------------------------------------------------------------
  A320-200    210   Jul-91  1991   CFM56-5A1  166,500     27,250,000      27,100,000
------------------------------------------------------------------------------------
  A320-200    221   Sep-91  1991   CFM56-5A3  169,700     27,700,000      27,650,000
------------------------------------------------------------------------------------
  A320-200    222   Oct-91  1991   CFM56-5A3  169,700     27,700,000      27,630,000
------------------------------------------------------------------------------------
  A320-200    231   Sep-91  1991   CFM56-5A1  166,500     27,250,000      27,210,000
------------------------------------------------------------------------------------
  A320-200    373   Jan-93  1993   V2500-A1   169,700     29,050,000      29,080,000
------------------------------------------------------------------------------------
  A320-200    737   Sep-97  1997   CFM56-5B4  169,700     38,440,000      39,760,000
------------------------------------------------------------------------------------
  A320-200    749   Sep-97  1997   CFM56-5B4  169,700     38,640,000      39,930,000
------------------------------------------------------------------------------------
  B737-300   28333  Aug-96  1996   CFM56-3C1  135,000     30,790,000      31,440,000
------------------------------------------------------------------------------------
  B737-300   28548  Dec-97  1997   CFM56-3C1  124,500     32,180,000      33,740,000
------------------------------------------------------------------------------------
  B737-300   28554  Dec-96  1996   CFM56-3C1  139,500     31,000,000      31,810,000
------------------------------------------------------------------------------------
  B737-300   28557  Mar-97  1997   CFM56-3C1  139,500     32,860,000      33,810,000
------------------------------------------------------------------------------------
  B737-300   28558  Apr-97  1997   CFM56-3C1  139,500     32,860,000      33,750,000
------------------------------------------------------------------------------------
  B737-300   28559  May-97  1997   CFM56-3C1  138,500     32,810,000      33,910,000
-----------------------------------------------------------------------------------
  B737-300   28561  Jun-97  1997   CFM56-3C1  135,000     32,650,000      32,890,000
------------------------------------------------------------------------------------
  B737-300   28562  Jul-97  1997   CFM56-3C1  135,000     32,650,000      32,900,000
------------------------------------------------------------------------------------
  B737-300   28563  Aug-97  1997   CFM56-3C1  135,000     32,650,000      33,940,000
------------------------------------------------------------------------------------
  B737-300   28564  Nov-97  1997   CFM56-3C1  135,000     32,650,000      33,990,000
-----------------------------------------------------------------------------------
  B737-300   28740  Jun-98  1998   CFM56-3C1  124,500     33,840,000      35,520,000
------------------------------------------------------------------------------------
  B737-400   25663  Nov-92  1992   CFM56-3C1  143,500     26,720,000      26,330,000
------------------------------------------------------------------------------------
  B737-400   25664  Nov-92  1992   CFM56-3C1  143,500     26,720,000      26,720,000
------------------------------------------------------------------------------------
  B737-400   28489  Nov-96  1996   CFM56-3C1  138,500     32,570,000      33,230,000
------------------------------------------------------------------------------------
  B737-400   28490  Nov-96  1996   CFM56-3C1  138,500     32,570,000      33,090,000
------------------------------------------------------------------------------------
  B737-400   28491  Nov-96  1996   CFM56-3C1  138,500     32,570,000      33,150,000
------------------------------------------------------------------------------------
 B767-200ER  23805  Jul-87  1987  CF6-80C2B2  351,000     35,500,000      35,440,000
------------------------------------------------------------------------------------
 B767-200ER  23806  Aug-87  1987  CF6-80C2B2  351,000     35,500,000      35,460,000
------------------------------------------------------------------------------------
 B767-300ER  25221  Aug-91  1991  CF680C2B6F  407,000     61,530,000      61,000,000
------------------------------------------------------------------------------------
 B767-300ER  25403  Jan-92  1992    PW4060    409,000     65,030,000      65,420,000
------------------------------------------------------------------------------------
 B767-300ER  29617  Mar-99  1999  CF6-80C2B7F 412,000     86,550,000      90,720,000
------------------------------------------------------------------------------------
 B767-300ER  30008  May-99  1999  CF6-80C2B7F 407,000     86,550,000      90,810,000
------------------------------------------------------------------------------------
  DC-10-30   46584  Feb-80  1980   CF6-50C2   580,000     16,970,000      15,970,000
------------------------------------------------------------------------------------
  DC-10-30   48292  Feb-82  1982   CF6-50C2   580,000     18,210,000      17,800,000
------------------------------------------------------------------------------------
    MD83     49398  Nov-86  1986   JT8D-219   160,000     19,200,000      19,510,000
------------------------------------------------------------------------------------
    MD83     49791  Sep-89  1989   JT8D-219   160,000     21,750,000      21,750,000
------------------------------------------------------------------------------------
    MD83     53198  Apr-91  1991   JT8D-219   160,000     23,510,000      23,030,000
------------------------------------------------------------------------------------
    MD83     53199  Mar-92  1992   JT8D-219   160,000     24,500,000      24,310,000
------------------------------------------------------------------------------------

                  ------------------------------------------------------------------
                                Total                 $1,251,060,000  $1,272,070,000
                  ------------------------------------------------------------------
</TABLE>