Interim Management Statement

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR PUBLICATION, RELEASE, OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN, OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR ANY JURISDICTION IN WHICH THE SAME WOULD BE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

Interim Management Statement for the period 14 July 2011 to 18 August 2011 (the "Period").

Overview

Doric Nimrod Air Two Limited ("DNA2" or the "Company") is a Guernsey domiciled company listed on the Specialist Fund Market of the London Stock Exchange and the Channel Islands Stock Exchange on 14 July 2011.

Investment Objectives 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 "Assets").

To pursue its investment objective, DNA2 will seek to use the net proceeds of placings and other equity capital raisings, together with debt facilities to initially acquire Airbus A380-800 aircraft which will be leased to one or more major airlines. 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 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.

Material events

The Board is not aware of any events during the Period, which would have had a material impact on the financial position of the Company.

Investor Information

The latest available information on the Company can be accessed via www.dnairtwo.com.

This document has been issued by, and is the sole responsibility of, Doric Nimrod Air Two Limited (the "Company") and is for information purposes only. It is not, and is not intended to be an invitation, inducement, offer, or solicitation, to deal in the shares of the Company. The price of shares in the Company and the income from them may go down as well as up and investors may not get back the full amount invested on disposal of shares in the Company. An investment in the Company should be considered only as part of a balanced portfolio of which it should not form a disproportionate part. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision.

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