Statement re C Share Conversion

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR PUBLICATION, RELEASE, OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN, OR INTO, THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR ANY JURISDICTION IN WHICH THE SAME WOULD BE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

C Share Conversion Ratio, Admission of Ordinary Shares and Total Voting Rights

18 February 2013

Doric Nimrod Air Two Limited (the "Company") announces that on 31 January 2013 all Airbus A380 aircraft proposed to be acquired pursuant to the issue of Convertible Preference Shares (SEDOL: B5SMNN6, ISIN: GG00B7MBJP78) (the "C Shares") had been acquired and leased to Emirates Airlines. Therefore all net assets attributable to the C Shares have been invested in accordance with the Company's investment policy as set out in the Company's Prospectus dated 12 March 2012 (the "Prospectus") and the directors have resolved that the Calculation Time in respect of the conversion of C shares is 31 January 2013.

The Conversion Ratio on the basis of the net asset values attributable to the Company's Ordinary Preference Shares (SEDOL: B3Z6252, ISIN: GG00B3Z62522) (the "Ordinary Shares") and attributable to the C Shares as calculated in accordance with the Articles as at 31 January 2013, was as follows:

One Ordinary Share will be received for every one C Share.

Admission of new Ordinary Shares and Total Voting Rights

Pursuant to the aforementioned Conversion applications will be made in connection with the admission of 100,250,000 Ordinary Shares to trading on the Specialist Fund Market of the London Stock Exchange and to listing on the Official List of the Channel Islands Stock Exchange. It is expected that such admissions will be effective and that dealings in the new Ordinary Shares will commence on 6 March 2013.

The C Shares will be permanently removed from trading on the Specialist Fund Market of the London Stock Exchange and from listing on the Official List of the Channel Islands Stock Exchange with effect from the opening of trading on 6 March 2013. 

Accordingly, the Company's issued share capital with effect from 6 March 2013 will be 172,750,000 Ordinary Shares. The new Ordinary Shares arising on conversion will rank pari passu with, and will have the same right as, the existing Ordinary Shares already in issue and accordingly this figure may be used by shareholders as the denominator for the calculations by which they will determine if they require to notify their interest in or a change to their interest in the Company under the FSA's disclosure and transparency rules. 

The ISIN and SEDOL for the Ordinary Shares will remain the same after conversion and the new Ordinary Shares will have the same ISIN and SEDOL as the existing Ordinary Shares.

Post conversion the Company will continue to target a distribution equivalent to the pre conversion distribution of 4.5 pence per Ordinary Share per quarter.

Further details of Conversion and the rights attaching to the C Shares and Ordinary Shares are set out in the Prospectus and defined terms used herein and not otherwise defined shall have the meaning given to them in the Prospectus.

Expected Timetable

The expected timetable for Conversion is as follows:

For further information, please contact:

Company

Doric Nimrod Air Two Limited

Anson Place, Mill Court,

La Charroterie, St Peter Port,

Guernsey GY1 1EJ

Tel: +44 (0) 1481 722260

Website: www.dnairtwo.com

Corporate & Shareholder Advisor

Nimrod Capital LLP

3 St. Helen's Place

London EC3A 6AB

Tel: +44 (0) 20 3355 6855

Website: www.nimrodcapital.com

END OF ANNOUNCEMENT

E&OE - in transmission.