DNA.L Regulatory News (DNA)

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR PUBLICATION, RELEASE, OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN, OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL. THE INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR ANY JURISDICTION IN WHICH SUCH AN OFFER OR SOLICITATION IS UNLAWFUL.

DORIC NIMROD AIR ONE LIMITED

Announcement of Asset Manager's Report

6 OCTOBER 2011

Doric Nimrod Air One Limited (the "Company"), a new Guernsey-domiciled company, is pleased to present the third quarterly Fact Sheet in respect of the period from 1 July 2011 to 30 September 2011.

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

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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.

QUARTERLY FACT SHEET

DORIC NIMROD AIR ONE LIMITED

LSE: DNA

CISX: DNA

1. The Doric Nimrod Air One Airbus A380

The Airbus A380 with manufacturer's serial number (MSN) 016 is registered in the United Arab Emirates under the registration mark A6-EDC. For the period from original delivery of the aircraft to Emirates in November 2008 until the end of August 2011, a total of 1,558 flight cycles were registered. Total flight hours were 12,548. This is equal to an average flight duration of approximately eight hours.

The lessee currently deploys its A380 fleet on thirteen different routes. From its base in Dubai, the A380 flies to Europe (London, Manchester and Paris), Asia (Bangkok, Beijing, Hong Kong, Shanghai and Seoul), North America (New York and Toronto), the Australian continent (Sydney and Auckland) and within the Middle East to Saudi Arabia (Jeddah). With Johannesburg, Kuala Lumpur, Rome and Munich four additional destinations will be added to Emirates A380 route network over the next few months. Johannesburg will be the first airport in Africa to be served by an Emirates A380 aircraft. The A380 MSN 016 is regularly in service to most of the existing destinations on all continents.

Maintenance status 

Emirates maintains its A380 aircraft fleet based on a maintenance program according to which minor maintenance checks are performed every 1,500 flight hours and more significant maintenance checks every 24 months or 12,000 flight hours, whichever comes first. The first major maintenance check of the aircraft was in November 2010 when the aircraft had almost 9,000 flight hours.  A major maintenance check (C check) is expected to fall due in the third quarter of 2012.

Inspections 

In April 2011 the scanning of the technical records was updated by the asset manager. The next inspection of the aircraft is scheduled during the aforementioned C check in 2012.

2. Market Overview

In line with the global economic outlook the prospects for the air transport markets have deteriorated over the last few months. Nevertheless, air travel continued to expand at an annual rate of more than 6 per cent until the end of July 2011. During this time period international markets generally performed stronger at a growth rate of 7.8 per cent compared to the domestic air transport markets with an average growth rate of just 4.0 per cent.

Performance between the different regions of the world continued to differ across international markets. While Latin America and even Europe achieved two-digit growth rates by the end of July 2011 the growth patterns were relatively more muted in North America and Asia/Pacific. Nevertheless, the International Air Transport Association (IATA) predicts that economic growth in the emerging markets of Asia and the Middle East will be one of the key drivers of air traffic expansion especially in the medium and longer term.

In the domestic markets these differences were even bigger. In particular the domestic markets in India and Brazil continued to expand with growth rates of over 18 per cent until July 2011. Other domestic markets like the US increased by just 2.4 per cent.

While passenger air traffic remained robust the stagnation of air freight became apparent on both international and domestic markets. On international markets the growth rate of freight air traffic was on average just 1.5 per cent by the end of July 2011. On domestic markets it was even negative. In the short term the global aviation industry continues to face some challenges and uncertainties such as the risk of a slower than anticipated economic recovery or the high level of the jet kerosene price. Nevertheless, IATA expects air traffic to expand by 4.6 per cent this year which is almost in line with the long-time trend. IATA also recently raised its net post-tax profit forecast for the global airline industry in 2011 to USD 6.9 billion, after downgrading the prediction from USD 8.6 billion to USD 4 billion in June 2011. The better than expected performance in the passenger business in the first half of 2011 contributed to the increased profitability now anticipated for this year.

IATA: Industry Outlook June/September 2011; Air Transport Market Analysis July 2011

3. Lessee - Emirates Key Financials and Outlook

The aircraft is leased to Emirates for an initial term of 12 years, with fixed lease rentals for the duration.

The Emirates Group companies - comprising Emirates Airlines, the airport operator Dnata and their subsidiary - had a successful business year 2010/2011. Profit rose by 42.9 per cent to a record high of USD 1.6 billion. This result marked the Group's 23rd consecutive year of profit.

In the face of many political and environmental challenges, the Group's revenue increased by 26.4 percent to USD 15.6 billion. This was mainly achievable due to the airline's ability to swiftly adjust flight schedules and redeploy aircraft to balance the network, thus optimizing revenue. The airline proved its ability to adapt to changing market conditions.

Emirates Airline's revenues grew by 25 percent from last year to reach USD 14.8 billion. The net profit of the airline alone increased to USD 1.5 billion. This positive result was mainly driven by a remarkable high passenger seat factor of 80 per cent in the business year 2010/2011 while at the same time the seat capacity was substantially increased by 13 per cent. Overall as many as 31.4 million passengers flew with Emirates Airline in the last business year - four million passengers more than in 2009/2010. Especially due to higher fuel cost and an overall growth in staff numbers the operating cost of the airline also increased by 22.7 per cent to USD 13.3 billion. Passenger yield increased by 8.5 per cent to approximately 7.6 US-cent per RPK (Revenue Passenger Kilometre) in 2010/2011.

At the same time Emirates significantly increased its order for new aircraft, adding 32 additional Airbus A380s and 30 Boeing 777-300ERs. The new orders brought the airline's total number of aircraft on order at the end of the business year to 193. Emirates took delivery of eight new aircraft during 2010/2011 including one Boeing 777-300ER and seven A380s, expanding the airline's fleet size to 148 aircraft. The current fleet of the lessee consists of 157 long haul aircraft, of which 15 A380.

Expanding its global network, the airline launched passenger services to six new destinations: Amsterdam, Prague, Al Medinah al Munawarah, Madrid, Dakar and Basra. The Emirates A380 network was further expanded during the year with three new destinations; Beijing, Hong Kong and Manchester as well as the highly anticipated reintroduction of the A380 service to New York. In the current business year the airline already announced to start operations to St. Petersburg, Ahmedabad (in India) and Dublin. A new cargo service was introduced to Sydney in September 2011.

During the business year 2010/2011 airport operator Dnata continued its international expansion by taking ownership of Alpha Flight Group Ltd, a leading caterer with operations in 61 airports globally. This acquisition means that Dnata is now the world's fourth largest air services provider.

Total equity of the Emirates Group reached a level of almost USD 5.7 billion as of the end of the business year 2010/2011.The total cash balance of the Group rose to USD 4.4 billion as of end of March 2011.

Exchange Rate: USD = AED 3.67Source: Emirates

Business figures for the first half of the current year 2011/2012 are expected to be announced sometime in November 2011.

4. Aircraft - A380

At the end of August 2011 the global A380 fleet consisted of 54 planes that were operated by Emirates, Singapore Airlines, Qantas, Air France, Lufthansa and Korean Airways.

By the end of August 2011 Airbus so far delivered 13 new A380 aircraft this year, of which four went to Lufthansa and three each to Qantas and Korean Airways. In addition two A380 aircraft were delivered to Air France and one to Singapore Airlines. However, the A380 order backlog was still 182 units on August 31, 2011. In August 2011 the Australian flag carrier Qantas announced it will defer the delivery of its final six out of a total of 20 ordered A380 aircraft until the 2018 to 2021 time frame. However, the manufacturer Airbus expects other customers to fill the available slots thus causing no disruption to the production of that aircraft type.

In the first eight months of 2011, Airbus won firm orders from South Korean Asiana Airlines as well as from the Japanese low-cost carrier Skymark Airlines Inc. each for six A380 aircraft, respectively. Skymark will become the first budget airline and the first Japanese carrier to fly the Airbus A380, which can carry up to 853 people in an all-economy class configuration. The airline is planning its international expansion and intends to use the new A380s on long-haul services between Tokyo and London, Paris and Frankfurt when deliveries start in 2014.

For further information, please contact:

For administrative and company information:

Anson Fund Managers Limited

+44 (0) 1481 722260

For shareholder information:

Nimrod Capital LLP

Richard Bolchover and Marc Gordon

+44 (0) 20 3355 6855

END OF ANNOUNCEMENT

E&OE - in transmission.