• Doric Nimrod Air Two Limited

    Website: www.dnairtwo.com

    Doric Nimrod Air Two Limited (the “Company”), is a Guernsey-domiciled closed-ended company, has 72,500,000 shares in issue following a placing of shares at 200 pence each. Nimrod Capital LLP acted as Placing Agent to the Company. The Shares of the Company were admitted to trading on the Specialist Fund Market of the London Stock Exchange plc on 14th July 2011

    The ISIN number is GG00B3Z62522 and the SEDOL code for the Shares is B3Z6252. The shares trade under the mnemonic DNA2.

    Investment objective and policy

    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 seek to use the net proceeds of placings and other equity capital raisings, together with debt facilities (or instruments), to initially acquire Airbus A380-800 aircraft which will be leased to one or more major airlines.

    The Company will use the net proceeds of the Placing and three separate Loans, each of approximately US$150 million, to fund the purchase of three Airbus A380-800 aircraft. The first and second aircraft are expected to be acquired in the third and fourth quarters of 2011 respectively, and the third aircraft is expected to be acquired by June 2012 or earlier. The Company intends to initially lease the Assets to Emirates for 12 years. The Company will have the ability to acquire additional aircraft if in the view of the Board the acquisition of such additional aircraft would not have an adverse material effect on the Company’s target income distributions. As with the acquisition of the Assets, the acquisition of additional aircraft would be financed by way of a placing and a loan.

    Distribution Policy

    The Company aims to provide Shareholders with an attractive total return comprising income, from distributions through the period of the Company’s ownership of the Assets, and capital, upon the sale of the Assets.

    Income distributions

    The Company will receive income from the Lease Rentals paid by Emirates pursuant to the Leases. It is anticipated that income distributions will be made quarterly, subject to compliance with applicable laws and regulations. For the first dividend payment, which will be pro-rated to reflect the Lease Rental received from the First Asset only, the Company will target a distribution to investors of 1.5 pence per Share. Once the First Asset and the Second Asset have been acquired and leased, the Company will target a distribution to investors of 3.00 pence per Share per quarter. Once the First Asset, the Second Asset and the Third Asset have been acquired and leased, the Company will target a distribution to investors of 4.5 pence per Share per quarter (amounting to a yearly distribution of 9 per cent. based on the initial placing price of 200 pence per Share). There can be no guarantee that dividends will be paid to Shareholders and, if dividends are paid, as to the timing and amount of any such dividend.