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


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04 February 2000
AISI File No. A0S015BVO
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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.

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.


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04 February 2000
AISI File No. A0S015BVO
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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.

THIS  DATA HAS BEEN  ELECTRONICALLY  COPIED  AND / OR  TRANSMITTED.  AISI HAS NO
SUBSEQUENT  CONTROL  OF THIS DATA AND CAN NOT  ASSURE  THAT IT HAS  REMAINED  AS
ORIGINALLY RELEASED BY AISI. BY USE OF THIS DATA THE USER AGREES TO ABSOLVE AISI
FROM ANY  LIABILITY  FOR THE USE OF OR  RELIANCE  ON THIS DATA,  HOWSOEVER  SUCH
LIABILITY  MAY ARISE.  QUALIFIED  RECIPIENTS  MAY CONTACT AISI TO DETERMINE  THE
ACCURACY OR COMPLETENESS OF THIS DATA BY COMPARISON TO THE AISI MASTER COPY.

Sincerely,
AIRCRAFT INFORMATION SERVICES, INC.

/S/ John D. McNicol
John D. McNicol
Vice President
Appraisals & Forecasts


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<TABLE>
<CAPTION>
                                             Table I - AISI File A0S015BVO
                                             Report Date: 04 February 2000
                                            Values as of: 31 December 1999
                                          Fleet Valuation - The AFT Portfolio
------------------------------------------------------------------------------------------------------------------------
                                                                                     Half Life Base     Adjusted Base
                                                                                          Value             Value
       Type             MSN       DOM       YOB          Engine           MTOW          Dec 1999          Dec 1999
                                                                                        USDollars         USDollars
------------------------------------------------------------------------------------------------------------------------
<S>   <C>             <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>


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