Doric Nimrod 2 Regulatory News (DNA2)

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR PUBLICATION, RELEASE, OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN, OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR ANY JURISDICTION IN WHICH THE SAME WOULD BE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

Announcement of the result of the Placing

26 March 2012

Doric Nimrod Air Two Limited (the "Company"), a Guernsey-domiciled company, is pleased to announce the admission of the 100,250,000 C Shares of the Company at a price of 200p per C Share to trading on the Specialist Fund Market of the London Stock Exchange plc and to admission to listing on the Channel Islands Stock Exchange ("Admission"). Nimrod Capital LLP acted as Placing Agent to the Company. Admission is expected to commence at 8.00 a.m. on 27 March 2012 and to listing on the Channel Islands Stock Exchange at 6.00 p.m. on 27 March 2012. The Placing follows the Company's successful initial placing of 68,000,000 Ordinary Shares at an issue price of 200p per Share on 14 July 2011.

The ISIN number for the C Shares is GG00B7MBJP78 and the SEDOL code for the C Shares is B5SMNN6 (XLON - SEDOL) and B7MBJP7 (XCIE - SEDOL).

Investment objective

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 use the net proceeds of the Placing and appropriate debt financing to fund the purchase of the New Assets (comprising four Airbus A380 aircraft). The New Assets are expected to be acquired between September 2012 and November 2012. The Company intends initially to lease the New Assets to Emirates Airlines for 12 years.

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.

Once the four additional aircraft have been acquired it is anticipated that the Company will continue to target a distribution of 4.5 pence per Share per quarter, equating to 9 per cent per annum on the issue price of the C Shares.

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.

Return of capital

The Company intends to return to Shareholders net capital proceeds if and when the Company is wound-up (pursuant to a Shareholder resolution, including the Liquidation Resolution), subject to compliance with the Articles and the Companies Laws (including any applicable requirements of the solvency test contained therein).

For illustrative purposes only, based on information available as at the date of this document, at the end of each New Lease, if the proceeds from the sale of the corresponding New Asset was US$125 million (being the average market value of the New Asset as forecast by three independent aircraft value appraisal firms as at the end of the term of each relevant New Lease), and assuming US Dollar/Sterling exchange rates remain the same and the Company has not incurred any unexpected costs, Shareholders would get a capital return of 162 per cent. on the value of the Placing Proceeds.

There is, however, no guarantee that the New Assets will be sold at such sale price or that such capital return would be generated.

Asset Manager

The Company has agreements pursuant to which companies within the Doric Group have been appointed by the Company to provide various asset management and debt arrangement services to the Company. The Doric Group is a leading provider of products and services for investors in the fields of aviation, shipping, renewable energy and real estate. The Doric Group has an international presence, with offices in Germany, the United States and the United Kingdom, and a multinational team which offers access to extensive relationship networks and expert asset knowledge.

Emirates

Emirates has grown into a successful airline with a modern fleet of aircraft. Its high quality standards notwithstanding, Emirates has become one of the world's most cost-efficient airlines.

Emirates' fleet, which comprises 170 aircraft (11 of which are cargo aircraft) (as of 23 January 2012)serves 118 destinations in 70 countries. Emirates was one of the first operators of the Airbus A380 and is the largest customer for this aircraft type. Emirates currently operates 20 Airbus A380 and has ordered a further 70 A380s (as of 23 January 2012).

The Assets

The Airbus A380 is the world's largest commercial passenger aircraft. It is the first aircraft with two full length passenger decks. The New Assets will consist of four Airbus A380 aircraft, which are to be purchased by the Company (following Admission and conditional upon the raising of the necessary debt finance) pursuant to the New Purchase Agreement Assignments.

The Existing Assets consist of two Airbus A380 aircraft, which were purchased by the Company following its IPO. Each of the Existing Assets has been leased to Emirates with fixed lease rentals, for an initial term of 12 years.

The Company intends to acquire the Third Asset (also an A380 aircraft) on or around June 2012 out of the remaining equity proceeds of the Company's IPO (together with debt financing by way of a loan). The Third Asset will also be leased to Emirates on substantially similar terms as the Existing Assets.

The Leases

Upon purchase of the New Assets, the Company and Emirates will initially enter into the New Leases, one relating to each New Asset, pursuant to which the Company will lease each New Asset to Emirates.

It is expected that each New Lease will be on substantially similar terms to the Existing Leases.

Debt Financing

Following the Placing and the Acquisition, the Company will need to raise the Required Debt in order to acquire the New Assets. The Required Debt may be in the form of either the New Loans or a Bond Issue (or a combination of the two).

It is expected that any debt financing arrangements would be on terms substantially similar to the terms of the Existing Loans.

Nimrod Capital LLP

Nimrod Capital LLP acted as Placing Agent and has been appointed as the Corporate and Shareholder Advisor by the Company.

Defined terms used in this announcement shall have the same meaning as ascribed to them in the Company's Prospectus dated 12 March 2012 and the Supplementary Prospectus dated 22 March 2012.

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

Marc Gordon

+44 (0) 20 3355 6855