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THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR PUBLICATION, RELEASE, OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN, OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR ANY JURISDICTION IN WHICH THE SAME WOULD BE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 JULY 2011

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

*****

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 May 2011, a total of 1,413 flight cycles were registered. Total flight hours were 11,315. 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). Emirates established the route to Shanghai in April 2011 serving the destination with three weekly flights. The airline also intends to strengthen its market position in Germany by adding Munich to its A380 destination as of January 2012. 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. 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.

2. Market Overview

The air transport market showed resilience in 2010 and resumed the growth path following the downturn that was caused by the global financial crisis. According to the data published by the International Air Transport Association (IATA), total air traffic (passenger and freight) increased by more than 10 per cent in 2010. In an updated estimate IATA reported an aggregate net profit of the global airline industry in 2010 of more than USD 18 billion; this is more than double the number that was expected in their last business outlook at year-end 2010.

In the first few months of 2011, air transport markets suffered adverse demand shocks from the earthquake and tsunami in Japan, and the turmoil in a number of MENA countries. A further increase in oil prices also had an adverse effect on costs. However, IATA and Boeing expect that air traffic can keep a growth rate at or above the historical trend of 5 per cent in the current year. In the first four months of 2011 air traffic increased by 6.8 per cent compared to the same period of 2010.

Boeing has currently released its new market outlook for the next two decades until 2030. The company assumes that passenger traffic will be buoyed by growing demand in emerging markets which will outpace the average world GDP growth and be bolstered by low-cost carriers. These drivers are expected to help keep worldwide demand for air transport at an average growth rate of 5.1 per cent per year. Furthermore, Boeing anticipates the delivery of 33,500 new airplanes by 2030, valued at more that USD 4 trillion. The worldwide airplane fleet is therefore forecast to nearly double between 2010 and 2030.

Source: Boeing Current Market Outlook 2010-2030;IATA: Industry Outlook June 2011; Air Transport Market Analysis April 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.

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.

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

4. Aircraft - A380

At the of end of May 2011 the global A380 fleet consisted of 48 planes that were operated by Emirates, Singapore Airlines, Qantas, Air France and Lufthansa. On June 17, 2011, Korean Airways became the sixth airline with an A380 in operation as its first A380 was delivered. Their A380 has already gained wide attention for its special cabin layout, with just 407 seats in three classes - compared with a typical three-class layout of 525 seats. This is the lowest seat count yet specified on the A380.

By the end of May 2011 Airbus so far delivered seven new A380 aircraft this year, of which three went to Qantas and three to Lufthansa. However, the A380 order backlog was still 186 units on May 31, 2011.

In the first five months of 2011, Airbus won firm orders from South Korean Asiana Airlines as well as from the Japanese low-cost carrier Skymark Airlines Inc. for six and four 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.