This announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 which forms part of domestic law in the United Kingdom pursuant to The European Union Withdrawal Act 2018, as amended by The Market Abuse (Amendment) (EU Exit) Regulations 2019.

6 April 2023

DORIC NIMROD AIR TWO LIMITED

(the "Company")

ASSET UPDATE: REDELIVERY CONDITION SIDE LETTER

Overview

Doric Nimrod Air Two Limited (LSE:DNA2, LEI: 213800ENH57LLS7MEM48) (the "Company") is a Guernsey domiciled company with shares admitted to trading on the Specialist Fund Segment of the London Stock Exchange's Main Market.

MSN110 Redelivery Condition Side Letter

The Company, via its wholly owned subsidiary Doric Nimrod Air Finance Alpha Limited (the "Subsidiary") has received notice from Emirates that the lessee is exercising the option to enable it to redeliver the Airbus A380-861 aircraft bearing manufacturer's serial number 110 (registration A6-EEC, the "Aircraft") in the minimum condition equivalent to "half-life" together with a cash sum, as opposed to delivery in full-life condition. In the event the aircraft is returned to the lessor, Emirates will pay the sum of USD12,000,000 to the Subsidiary, in addition to the normal monetary compensation arrangements, on or prior to the lease expiry date. The lease expiry date for the Aircraft, bearing manufacturer's serial number 110 (registration A6-EEC), is 30 November 2024.

The Board notes that the above does not preclude the Company from considering lease extension, sale or re-lease options for the Aircraft with Emirates or other counterparties.

This announcement has been released by JTC Fund Solutions (Guernsey) Limited, Company Secretary on behalf of the Company.

For further information, please contact:

For administrative and company information:

JTC Fund Solutions (Guernsey) Limited

+44 (0) 1481 702400

For shareholder information:

Nimrod Capital LLP

+44 (0) 20 7382 4565

END OF ANNOUNCEMENT

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