AIRCRAFT VALUATION

As tSt, we highly believe that your profit can be maximized when you purchase an Aircraft at the right price, as the profit levels gained out of operation are not quite promising whereas it is in contrast in an acqusition of an asset. It is so obvious that the same priciple is also valid when you lease an aircraft from the market, at the right lease rental and maintenance reserves. The Financial institutions, Aircraft Manufacturers, Aircraft Leasing Companies and Airlines commonly uses Aircraft Appraisals, including AVR (Aircraft Value Reference), Avitas, Avmark, Airclaims. As the given values and lease rates are applicable only to the aircraft at the half-life conditions, it is definitely required to adopt these figures to the current facts, including - the Delivery Conditions of Aircraft and - the Demand Level to the Aircraft in the Current Market Conditions. Upon your request, we form a report to analyze the value of such asset and provide our advice on the right price and lease rental of the Aircraft, you will provided the details for.

1. 2.

EXECUTIVE SUMMARY AIRCRAFT GENERAL CHARACTERISTICS a. b. c. d. e. f. g. h. i. AIRCRAFT DESCRIPTION AIRCRAFT OPERATIONAL HISTORY COMPLIANCE AIRFRAME ENGINES LANDING GEARS APU AVIONICS CABIN

3.

AIRCRAFT DELIVERY CONDITIONS a. b. c. d. e. f. g. h. COMPLIANCE AIRFRAME ENGINES LANDING GEARS APU AVIONICS CABIN AD & SB STATUS

4. ANALYSIS OF AIRCRAFT MARKET a. GENERAL OVERVIEW i. MANUFACTURER CONSIDERATIONS ii. LEASING COMPANY CONSIDERATIONS b. CURRENT AIRCRAFT AVAILABILITIES 5. AIRCRAFT CURRENT & FUTURE MARKET FIGURES a. VALUES b. LEASE RENTS & MAINTENANCE RESERVES 6. FUTURE COST OF MAINTENANCE a. b. BASIC ASSUMPTIONS COST OF MAINTENANCE

7. APPENDICES

Sample Analysis
Aircraft General Characteristics - MSN23972 DOM Operated Mar.88 (a) Factory delivery to Germania (b) Leased by Condor in Aug 1988 (c) Operated by Condor for itself and DFD Deutscher Ferienflugdienst (d) Leased to Delta Airlines in Sep 1998 (e) Leased to Aurela in June 2006 Available for the last 5.5 years and before leasing to Delta Operated in cold environment since last 6 years Estimated As of Aug 2011 53707 As of Sep 2011 28284 Good ratio for such aircraft HGW available

Price as per Delivery Conditions $4.801.746 (Subject to delivery with fresh engines) Segmented Prices HGW, 148Y Config, 1.8 fh/cyc, 3B2 engines EASA Compliance Airframe C Check D Check Engine Refurbishment E#1 E#2 Landing Gear $600.000

EASA Compliance

$300.000

TSN CSN Average fh/cyc MTOW Configuration Airframe

52507 27652 1,9 62.8tonnes 148Y C Check D Check SI

As of Feb 2012 As of Feb 2012

$300.000 fresh C Check $176.746 due in Sep13

$1.500.000 fresh engines $1.500.000 fresh engines $175.000 $250.000 $4.801.746

830 fh remainig at the delivery, C1 10636 fh remaining at the delivery Free from 45 months SI 150 days remainning for 15 months SI

APU Total

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