Doric Nimrod Air One Limited - DORIC NIMROD AIR TWO LIMITED

of assets and liabilities, income and expenses. Such estimates and associated assumptions are
generally based on historical experience and various other factors that are believed to be
reasonable under the circumstances, and form the basis of making the judgements about
attributing values of assets and liabilities that are not readily apparent from other sources.
Actual results may vary from estimates in amounts that may be material to the financial
statements.
Net Asset Value
Valuation of the Company's assets
The Company will be valued by the Administrator (following consultation with Doric and the
Auditors) annually in accordance with the appropriate standard.
In circumstances where the Directors, as advised by Doric, are of the opinion that such
standard is not appropriate or could give rise to a misleading calculation, the Directors, in
consultation with the Administrator and the Auditors shall determine an appropriate
alternative valuation method for publication in addition to the annual valuation conducted by
the Administrator.
Valuations of the Asset by the Independent Expert Valuer will be considered in any valuation
of the Company's assets.
Calculation of Net Asset Value
The Company intends to calculate the NAV and NAV per Share, as prepared by the
Administrator , annually, given the nature of the Asset.
The NAV and NAV per Share will be published in the Company's annual report and accounts.
Interim reports that are published will use the NAV from the immediately preceding annual
report and accounts immediately preceding it. The Company may also, at its discretion,
arrange for additional valuations to be carried out from time to time if market conditions
warrant. The NAV of the Company will be determined in accordance with the International
Financial Reporting Standards.
Suspension of the Calculation of Net Asset Value
The Directors may at any time, but are not obliged to, temporarily suspend the calculation of
the NAV of Shares during:
(a)
(b)
any period when, as a result of political, economic, military or monetary events or
any circumstances outside the control, responsibility and power of the Directors,
disposal or valuation of a substantial part of the Asset is not reasonably practicable
without this being seriously detrimental to the interests of the Shareholders or if in the
opinion of the Directors the NAV cannot be fairly calculated; or
any breakdown in the means of communication normally employed in determining
the value of the Asset or when for any reason the current prices on any market of a
substantial part of the Asset cannot be promptly and accurately ascertained.
Should the calculation of the NAV of the Company be suspended then an announcement
detailing such will be posted on the CISX and will be notified immediately to the London
Stock Exchange. The listing of the shares on the Official List of the CISX will be suspended
during such period.
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