AIRCRAFT FINANCE TRUST ASSET BACKED NOTES, SERIES MONTHLY REPORT TO NOTEHOLDERS All amounts in US dollars unless otherwise stated

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1 Payment Date 15th of each month Convention Modified Following Business Day Current Payment Date July 17, 2006 Current Calculation Date July 11, 2006 Previous Calculation Date June 9, Account Activity Summary between Calculation Dates AIRCRAFT FINANCE TRUST ASSET BACKED NOTES, SERIES MONTHLY REPORT TO NOTEHOLDERS All amounts in US dollars unless otherwise stated Prior Balance on Balance Deposits Withdrawals Calculation Date Expense Account 4,910, ,790, (3,993,947.05) 3,706, Collection Account 41,775, ,137, (9,004,407.62) 42,908, Lessee Funded Account 9,860, , (4,955.01) 9,935, Total 56,546, ,008, (13,003,309.68) 56,551, Analysis of Expense Account Activity Opening Balance on Previous Calculation Date 4,910, Transfer from Collection Account on Previous Payment Date 2,621, Interim Transfer from (to) Collection Account 168, Payments on Previous Payment Date (342,656.59) Interim payments (3,651,290.46) Other - Balance on Current Calculation Date 3,706, Analysis of Expense Payments Payments from Expense Account after Previous Calculation Date and up to and including Current Calculation Date - Servicer Fees 280, Other SG&A Fees 91, Maintenance Reserve Reimburesment Payments 2,840, Aircraft Related Expenses not related to Maintenance Reserve Reimbursement Payments 781, Other - Total Payments 3,993, Analysis of Current Lease-related Receivables Period after Previous Calculation Date and up to and including Current Calculation Date Collections Due Collections Received Collection Description during Period (1) during Period (2) - Lease rentals 5,695, ,895, Maintenance Reserve 1,805, ,189, Other 129, , Interest Income 205, , Total 7,836, ,421, Analysis of Collection Account Activities Opening Balance on Previous Calculation Date 41,775, Collections during period - lease rentals 6,895, maintenance reserves 2,189, other 194, interest income 205, Drawings under Credit or Liquidity Enhancement Facilities - Repayment of Drawings under Credit or Liquidity Enhancement Facilities - Transfer to Expense Account on previous Payment Date (2,621,817.83) Net Swap receipts (payments) on previous Payment Date 651, Net Transfers from (to) Lessee Funded Accounts (59,628.99) Aggregate Note Payments on previous Payment Date (6,154,126.46) Interim Transfer from (to) Expense Account (168,834.34) Balance on Current Calculation Date 42,908, Net Transfers pursuant to Section 3.07 of the Trust Indenture - Available Collections 42,908, (1) Collections Due during Period reflects in the aggregate amounts due during the current collection period (excluding past due receivables and any credits or charges relating thereto) pursuant to each lease or other agreement with a lessee as it may have been amended or modified by any subsequent agreement in effect between the lessee and the lessor as of the Calculation Date and assuming all conditions, if any, of any such agreement are complied with. May involve estimates based on a lessee's utilization of aircraft. (2) Collections Received during Period may include payments in respect of past due receivables and prepaid rent as well as application of security and other deposits. Page 1 of 5

2 5. Analysis of Collection Account Activity (Continued) Analysis of Current Payment Date Distributions (i) Required Expense Amount 3,840, (ii) (a) Class A Interest but excluding Step-up/Additional Interest 3,508, (b) Swap Payments other than subordinated swap payments - (iii) Repayment of Primary Eligible Credit Facilities - (iv) First Collection Account top-up 33,000, (v) Class A Minimum principal payment 2,560, (vi) Class B Interest - (vii) Repayment of Secondary Eligible Credit Facilities - (viii) Second collection account top-up - (ix) Class B Minimum principal payment - (x) Class C Interest - (xi) Repayment of Tertiary Eligible Credit Facilities - (xii) Third Collection Account top-up - (xiii) Class A Supplemental principal - (xiv) Class B Supplemental principal - (xv) Class C Minimum principal payment - (xvi) Class D Interest - (xvii) Repayment of Subordinate Eligible Credit Facilities - (xviii) Fourth Collection Account top-up - (xix) Class D Minimum principal payment - (xx) Expense Accrual - (xxi) Additional and Step-up Interest (a) Additional Interest - (b) Maturity Step-up Interest - (c) Registration Step-up Interest - (xxii) Class A Scheduled principal - (xxiii) Class B Scheduled principal - (xxiv) Class C Scheduled principal - (xxv) Class D Scheduled principal - (xxvi) Reimbursement of Beneficial Interest Cure Payments - (xxvii) Sale Premium (a) Class C - (b) Class D - (xxviii) Expense Account for Modification Accruals and Refinancing Payments - (xxix) Class A Outstanding Principal Balance - (xxx) Class B Outstanding Principal Balance - (xxxi) Class C Outstanding Principal Balance - (xxxii) Class D Outstanding Principal Balance - (xxxiii) Subordinated Swap Payments - (xxxiv) Additional Servicing Obligations - (xxxv) Remainder to Beneficial Interest - 42,908, Analysis of Liquidity Reserve Amount Initial Blockage Amount Balance after Current Payment Date First Collection Account Top-up 33,000, ,000, Second Collection Account Top-up 10,000, Third Collection Account Top-up 5,000, Fourth Collection Account Top-up 4,000, Total Liquidity Reserve Amount 52,000, ,000, (33,000,000.00) Total Payments with respect to Payment Date less Collection Account Top Ups (iv), (viii), (xii), and (xviii) above 9,908, Page 2 of 5

3 6. Payments on the Notes by Subclass Subclass A-1 Subclass A-2 Class B Maximum Amount Maximum Amount Maximum Amount (a) Floating Rate Notes Amount Payable paid Amount Payable paid Amount Payable paid Applicable LIBOR % % % Applicable Margin % % % Applicable Interest Rate % % % Actual Number of Days Interest Amount 2,586, ,586, , , ,506, Additional Interest 301, Maturity Step-up Interest Amount 5,630, Registration Step-up Interest Amount Total Interest 8,518, ,586, , , ,506, Expected Final Payment Date May 15, 2004 June 15, 2008 May 15, 2016 Excess Amortization Date May 15, 2004 June 15, 1999 June 15, 1999 Original Balance 512,500, ,000, ,500, Opening Outstanding Principal Balance 512,500, ,852, ,994, Principal Distribution Amount Minimum Principal Amount 88,496, ,852, ,560, Supplemental Principal Amount Scheduled Principal Amount ,948, Total Principal Distribution Amount 88,496, ,852, ,560, ,948, Redemption Amount: - Amount allocable to principal Amount allocable to premium Closing Outstanding Principal Balance 512,500, ,291, ,994, Class C Class D Maximum Amount Maximum Amount (b) Fixed Rate Notes Amount Payable paid Amount Payable paid Applicable Interest Rate 8.00% 11.00% Number of Days Interest Amount 9,029, ,069, Additional Interest Maturity Step-Up Interest Registration Step-up Interest Amount Total Interest 9,029, ,069, Expected Final Payment Date July 15, 2016 August 15, 2016 Excess Amortization Date July 15, 2016 May 15, 2009 Original Balance 106,000, ,000, Opening Outstanding Principal Balance 71,070, ,472, Principal Distribution Amount Miniumum Principal Amount 6,698, ,365, Scheduled Principal Amount Total Principal Distribution Amount 6,698, ,365, Redemption Amount: Amount allocable to principal - - Amount allocable to premium - - Closing Outstanding Principal Balance 71,070, ,472, Page 3 of 5

4 7. Floating Rate Note information for next Interest Accrual Period Next Payment Date August 15, 2006 Next Calculation Date August 9, 2006 Reference Date July 13, 2006 Subclass Subclass Class A-1 A-2 B Applicable LIBOR % % % Applicable Margin % % % Applicable Interest Rate % % % 8. Payments per $100,000 Initial Outstanding Principal Balance of Notes Subclass Subclass Class (a) Floating Rate Notes A-1 A-2 B Opening Outstanding Principal Balance 100, , , Total Principal Payments Closing Outstanding Principal Balance 100, , , Total Interest Total Premium Class Class (b) Fixed Rate Notes C D Opening Outstanding Principal Balance 67, , Total Principal Payments - - Closing Outstanding Principal Balance 67, , Total Interest - - Total Premium - - Swap Payments to be made on the current Payment Date are included in the 'Analysis of Current Payment Date Distributions'. Swap Receipts to be received on the current Payment Date are considered a Collection and are included in the next Collection Period. The amount of Swap Receipts to be received on the current Payment Date are as follows: 648, Page 4 of 5

5 9. Lessee and Aircraft Summary as of Current Calculation Date Month of Month of Aircraft Engine Year of Lease Lease MSN Type Type Manufacture Current Lessee Commencement Expiration Notes 210 A CFM56-5A Air Canada Feb-96 May A CFM56-5A BH Air Mar-05 Mar A CFM56-5A Nouvelair Tunisie Jun-03 Nov A CFM56-5A Air Canada Feb-96 Mar A V2500-A Mexicana Oct-00 Oct A CF6-80C2A TAP Air Portugal Jun-05 May A CFM56-5B EuroFly Dec-04 Dec A CFM56-5B EuroFly Dec-04 Dec B ER CF6-80C2-B Bellview Jun-05 Jun B ER CF6-80C2-B Bellview May-05 May B ER CF6-80C2B6F 1991 Air Madagascar Apr-03 Apr B ER PW B.R.A. Transportes Sep-04 Sep B CFM56-3C Garuda Oct-02 Oct B CFM56-3C Garuda Oct-02 Oct B CFM56-3C Air China May-05 May B CFM56-3C Virgin Express Nov-98 Nov B CFM56-3C Pacific Airlines Apr-06 Apr B CFM56-3C Sahara Airlines Aug-05 Aug B CFM56-3C Air New Zealand Oct-02 Oct B CFM56-3C Air China Jun-05 Jun B CFM56-3C British Midland Nov-05 May B CFM56-3C Air China Jun-05 Jun B CFM56-3C Shenzhen Dec-04 Jan B CFM56-3C China Eastern Jun-97 Jun B CFM56-3C China Eastern Jul-97 Jul B CFM56-3C Virgin Nigeria Oct-05 Oct B CFM56-3C NAS Aug-02 Aug B CFM56-3C America West Jul-98 Feb-07 (1) B ER CF6-80C2B7F 1999 Aeroflot Aug-05 Aug B ER CF6-80C2B7F 1999 Alitalia Mar-99 Mar MD-83 JT8D Spanair S.A. Apr-96 Jan MD-83 JT8D Spanair S.A. Apr-96 Feb MD-83 JT8D Spanair S.A. Jun-97 Dec MD-83 JT8D Efata Papua May-06 May-11 Notes: (1) In June 2006, a letter of intent was signed with a new lessee based in Europe for a lease term of approximately 62 months. Page 5 of 5