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Worldwide Airlease
November 1, 2007
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Desktop Valuation Report
Aviation Specialists Group, Inc. (“ASG”) has been engaged by Worldwide Airlease (“Client”) to provide a desktop
valuation setting forth ASG’s opinion as to Base Value, Current Market Value and Future Base Values for one
737-300, serial number 19900. Further aircraft information is included in the Aircraft Values section below.
This report contains the following sections:
< Desktop Valuation Assumptions < Commercial Jet Market Overview
< Value Definitions and Explanations < Covenants
< Aircraft Values < Payload-Range, Market Mass Charts
< Aircraft Profile and Market Conditions
Desktop Valuation Assumptions
By definition, in a desktop valuation the appraiser does not see the subject aircraft or review its specifications and
technical documents; consequently, he must make certain assumptions. Regarding the airplane itself, unless
specifically stated otherwise, ASG assumes:
< It is of average specification for its type and age and has no special equipment or characteristics
which would materially affect its value.
< Its utilization in terms of hours and cycles is average for its type and age.
< It is in passenger or freighter configuration as appropriate.
< It is certificated and operated under the aegis of a major airworthiness authority such as the FAA,
CAA or DGAC.
< It is in average physical condition and its maintenance records and documents are in compliance
with all applicable regulations and good industry practices. Required back to birth records are on
hand and in good order and original equipment manufacturer parts are in use throughout the aircraft.
< With regard to maintenance status, for a new aircraft the airframe, engines, landing gear and other
major life/time-limited components are new with all warranties in place and then age at an average
rate of usage until they reach half-life, half-time condition. For a mature aircraft, all such
components are in half-life, half-time condition.
< It has no history of major damage.
< It complies with applicable Airworthiness Directives and mandatory Service Bulletins.
In developing values, ASG makes two further assumptions:
< That the aircraft will be sold as a single unit or as part of a small lot. It will not be the subject of a
fleet sale which could result in a price discount.
< That the aircraft is not subject to an existing lease. ASG’s opinion of values excludes the effects of
attached lease rental streams and tax benefits, either of which can have a material effect on an
aircraft’s actual purchase price.
Value Definitions and Explanations
ASG uses the ISTAT definitions for Base Value and Current Market Value which are:
< Base Value is an 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