Doric Nimrod Air One Limited - DORIC NIMROD AIR TWO LIMITED

are paid, as to the timing and amount of any such dividend. Any distribution of dividend to
Shareholders will be subject always to compliance with the Companies Laws.
Before recommending any dividend, the Board will consider the capital position of the
Company and the impact on such capital of paying the proposed dividend. The Company
expects to declare and pay any dividends in Sterling.
While the Company aims to generate target gross distributions of 2.25 pence per Share per
quarter (after costs and payment of fees), return targets are targets only and are based over the
term of the Company's life on the performance projections of the investment strategy and
market conditions at the time of modelling and are therefore subject to change. There is no
guarantee that any target return can be achieved. Investors should not place any reliance
on such target return in deciding whether to invest in the Company.
Return of capital
If and when the Company is wound-up (pursuant to a Shareholder resolution, including the
Liquidation Resolution) the Company intends to return to Shareholders the net capital
proceeds upon the eventual sale of the Asset subject to compliance with the Companies Laws
(including any applicable requirements of the solvency test contained therein).
While the amount that a sale of the Asset would generate is unknown, the Company, as
advised by Doric, believes that the Asset does represent an opportunity for capital growth for
Shareholders and the Company is targeting a range of potential asset sale prices depending on
market conditions.
For illustrative purposes only, on the assumption that Shareholders were to resolve to proceed
with an orderly wind-up of the Company; and at the end of the Lease, if the Asset is sold for
US$109,899,200 (the average market value of the Asset as forecast by three independent
aircraft value appraisal firms as at the end of the term of the Lease), assuming US dollar /
Sterling exchange rates are the same, and the Company has not incurred unexpected costs
Shareholders would get a capital return of 161 pence per Share. There is no guarantee that
the Asset will be sold at such sale price or that such capital return would be generated.
Doric will regularly monitor the valuation of the Asset in the market and consider the most
appropriate time for the sale of the Asset. If Doric considers that a more advantageous price
may be obtained for the sale of the Asset prior to the term of the Lease expiring, Doric will
consult with the Directors. The Directors, in their absolute discretion, may then convene a
shareholder meeting in order to propose a Liquidation Resolution to Shareholders in such
circumstances.
Borrowing powers
In addition to the Loan, the Company may, from time to time use borrowings. To this end the
Company may arrange an overdraft facility for efficient cash management. The Directors
intend to restrict borrowing other than the Loan to an amount not exceeding 15 per cent. of
the NAV of the Company at the time of drawdown. Borrowing facilities will only be drawn
down with the approval of Directors on a case by case basis. Directors may also drawdown on
the overdraft facility for extraordinary expenses determined by them, on the advice of Doric,
to be necessary to safeguard the overall investment objective. With the exception of the Loan,
the Directors have no intention as at the date of this Prospectus to use such borrowings for
structural investment purposes.
Hedging transactions and currency risk management
The Company does not currently intend to engage in hedging but reserves the right to do so in
the future if the Directors consider it appropriate to protect the Company against changes in
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