Doric Nimrod Air One Limited - DORIC NIMROD AIR TWO LIMITED

The fair value will not constitute a guarantee of value and may not necessarily reflect the
prices at which the Asset could be, or could have been, purchased or sold at any given time,
which may be subject to significant volatility and uncertainty and depend on various factors
beyond the control of the Company, Doric and the Independent Expert Valuer. Therefore
there can be no guarantee that the Asset could ultimately be realised at the Company’s
valuation.
Furthermore, the Company’s profitability, Net Asset Value and Share price could be
adversely affected if the value of Asset that the Company records is materially higher than the
value attributed to the Asset from time to time. This may result in volatility in the Net Asset
Values and operating results that the Company report from period to period.
Risks associated with the Airbus 380-800
The Airbus 380-800 is a newly developed generation of aircraft, the first of which was
delivered in October 2007. Due to this new type of design, in particular in respect of
innovative materials and technologies, and the size of the aircraft, there is at present not
sufficient experience and data to give a complete assessment of the long-term use and
operation of the aircraft. There is a risk that the newly developed materials may be found to
be less efficient or durable than expected, thereby leading to higher maintenance and repair
costs. Under the terms of the Lease the cost of repair and maintenance of the Asset shall be
borne by Emirates. However, upon expiry or termination of the Lease, the cost of repair and
maintenance will fall upon the Company. Therefore upon expiry of the Lease, the Company
may bear higher costs and the terms of any subsequent leasing arrangement may be adversely
affected, which would reduce the overall distributions paid to the Shareholders. This may
also adversely affect the price of the Asset upon a sale.
Insurance of the Asset
The Asset will be insured by Emirates pursuant to the Lease. However, inflation, changes in
ordinances, environmental considerations and other factors may make the insurance proceeds
insufficient to repair or replace the Asset if it is damaged or destroyed. If the insurance
proceeds are insufficient to repair or replace the Asset if it is damaged or destroyed, the value
of the Shares and Shareholder returns may be adversely affected.
If the Lease is terminated, the Company will have to insure the Asset directly which will
cause it to incur additional expenses, which may negatively impact Shareholder returns.
Lease payments
During the term of the Lease, the returns on an investment in the Shares will depend in large
part on the Lease Rentals received from Emirates under the Lease. A failure by Emirates to
comply with its payment obligations under the Lease may lead to a reduction in distributions
paid on the Shares and/or in the value of the Shares and have an adverse effect on the
Company.
Upon any termination of the Lease, the Asset may be sold or leased to a new lessee. There is
a risk that any new lessee may fail to fulfil its obligations under the relevant lease agreement,
or fail to meet its payment obligations in time. Any such failure may diminish the
distributions paid on the Shares and/or the value of the Shares and adversely affect the
Company.
Upon the termination or expiry of the Lease or any future lease agreement, a further leasing
arrangement may be delayed, the achievable lease payments thereunder may fall short of the
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