DORIC NIMROD AIR ONE LIMITED

Announcement of Asset Manager's Report

5 January 2012

Doric Nimrod Air Two Limited (the "Company"), a new Guernsey-domiciled company, is pleased to present the first quarterly Fact Sheet in respect of the period from launch on 14 July 2011 to 31 December 2011.

Doric Asset Finance Limited, the Company's Asset Manager, has provided the Company with this commentary on the Company's airplanes and a copy of their report is appended below for the benefit of shareholders.

On the invitation of the directors of the Company, the following commentary has been provided by Doric Asset Finance Limited as Asset Manager of the Company and is provided without any warranty as to its accuracy and without any liability incurred on the part of the Company, its directors and officers and service providers. The commentary is not intended to constitute, and should not be construed as, investment advice.  Potential investors in the Company should seek their own independent financial advice and may not rely on this communication in evaluating the merits of an investment in the Company.  The commentary is provided as a source of information for shareholders of the Company but is not attributable to the Company.

DORIC NIMROD AIR TWO LIMITED - LSE: DNA2 CISX:DNA2

The Company

Doric Nimrod Air Two Limited ("the Company") is a Guernsey domiciled company which listed on the Specialist Fund Market of the London Stock Exchange and the Channel Islands Stock Exchange on 14th July 2011. The purpose of the Company is to purchase multiple Airbus A380-800 aircraft, which will be leased to one or more major airlines. In the fourth quarter of 2011 the Company acquired two Airbus A380 aircraft, both leased to Emirates Airlines, the national carrier owned by the Investment Corporation of Dubai, based in Dubai, United Arab Emirates.

Investment Strategy
The Company's investment objective is to obtain income returns and a capital return for its Shareholders by acquiring, leasing and then selling aircraft. The Company will receive income from the lease and its Directors intend to target a gross distribution to shareholders of 4.5 pence per share per quarter (18p per annum).

1.   The Assets
The Company has completed the purchase of two Airbus A380 aircraft, bearing manufacturer's serial numbers (MSN) 077 and 090, both leased to Emirates Airlines ("Emirates").
As reported in the last Quarterly Fact Sheet, the delivery of MSN 077, originally planned for September 2011, was delayed by a few weeks due to a water spillage incident in the cabin. Delivery finally took place on 14th October 2011.
The first aircraft was acquired by a subsidiary of the Company, MSN 077 Limited, for a purchase price of USD 234,000,000. The senior debt financing was provided to the subsidiary by a syndicate of lenders (led by Westpac Banking Corporation and Commerzbank Aktiengesellschaft) in the amount of USD 151,047,509. Upon delivery, MSN 077 Limited also entered into an Aircraft Operating Lease with Emirates, pursuant to which the aircraft has been leased to Emirates for an initial term of 12 years, with fixed lease rentals for the duration. The debt portion of the funding will fully amortise over the initial 12 year term of the lease.

The second aircraft was acquired by another subsidiary of the Company, MSN 090 Limited, on 2nd December 2011 for a purchase price of USD 234,000,000. The purchase price was also partially financed by a syndicate of lenders (led by Australia and New Zealand Banking Group Limited and Sumitomo Mitsui Banking Corporation) in the amount of USD 146,865,575.00. On 2nd December 2011, MSN 090 Limited also entered into an Aircraft Operating Lease with Emirates for the aircraft with fixed lease rentals and for an initial term of 12 years. The long-term debt will fully amortise over the initial 12 year period, leaving the aircraft unencumbered at the conclusion of the lease.

Emirates currently deploys its A380 fleet on sixteen different routes. From its base in Dubai, the A380 flies to Europe (London, Manchester, Munich, Rome and Paris), Asia (Bangkok, Beijing, Hong Kong, Shanghai and Seoul), Africa (Johannesburg), North America (New York and Toronto), and the Australian continent (Sydney and Auckland) and within the Middle East to Saudi Arabia (Jeddah). With Kuala Lumpur, an additional destination will be added to the route network starting services
from 1st January, 2012.