and DP Aircraft UK Limited comprise the consolidated Group (the ‘Group’).

Pursuant to the Company’s Prospectus dated 27 September 2013, the Company offered 113,000,000 ordinary shares

admitted to trading on the Specialist Fund Segment of the London Stock Exchange on 12 June 2015.

In total there are 209,333,333 Ordinary Shares in issue with voting rights.

In addition to the equity raised above, the Group also utilised external debt to fund the initial acquisition of the aircraft.

Further details are given within this summary section.

The Company and Group’s investment objective is to obtain income and capital returns for its Shareholders by

acquiring, leasing and then, when the Board considers it appropriate, selling aircraft (the ‘Asset’ or ‘Assets’).

The Board comprises independent non-executive Directors. The Directors of the Board are responsible for managing

the business affairs of the Company and Group in accordance with the Articles of Incorporation and have overall

The Group recognises the Paris Agreement on climate change. The Group operates NTA (New Technology Aircraft) -

specifically Boeing 787-8’s equipped with Rolls Royce Trent-1000 engines which are 20% more fuel efficient on a

revenue-per-kilometer basis than similar comparable current technology legacy aircraft. The Board has taken steps

to reduce its own travelling and maximises the use of virtual meetings within the board and with all its key service

providers. Guernsey operations benefit from the majority of its electricity consumption being sourced from verifiably

renewable sources.

COVID-19 has had a significant impact on the airline sector, and by extension the aircraft leasing sector. More

information is provided below and in the Asset Manager’s Report.

year end. As a result, the board concluded that in substance a ‘de-facto’ lease termination occurred in the year ended

31 December 2020. Therefore, no rental income has been earned from NAS in the 2021 period.

The Group has submitted claims against NAS for losses suffered but do not expect to receive any compensation due

to the related lending bank enforcing their security rights over the lease contracts after declaring an Event of Default

as detailed below.

Whilst the Irish High Court approved the survival plan for NAS and related companies on 22 April 2021, this had no

impact on the Group.

On 24 February 2021, NordLB declared an Event of Default under the relevant loan agreements with DP Aircraft

Guernsey I Limited and DP Aircraft Guernsey II Limited, which resulted in NordLB being entitled to enforce rights under

the relevant security documents. On 26 February 2021, the Group received notices of security enforcement and loan

being remitted to DP Aircraft Guernsey I Limited and DP Aircraft Guernsey II Limited as is applicable.

Due to the receivership proceedings mentioned above, and as detailed in note 3, the Directors concluded that

effective 26 February 2021 the Company no longer controlled DP Aircraft Ireland Limited and the assets and liabilities

of DP Aircraft Guernsey I Limited and DP Aircraft Guernsey II Limited. As a result, DP Aircraft Ireland Limited, and the

assets and liabilities DP Aircraft Guernsey I Limited and DP Aircraft Guernsey II Limited are no longer consolidated as

part of the Group.

Consequently, the assets and liabilities of DP Aircraft Guernsey I Limited and DP Aircraft Guernsey II Limited including

the NAS aircraft, related cash balances and NordLB loans no longer form part of these consolidated accounts with

effect from 26 February 2021. Similarly, only the income and expenses of these entities relating to the period from

Limited had entered into ISDA Swap Agreements with NordLB. Under the terms of the swap DP Aircraft Guernsey I

Limited and DP Aircraft Guernsey II Limited were fixed interest rate payers and a floating interest rate payee. The

event of default detailed above also extends to the ISDA Swap Agreements which were terminated in February 2021

and balance due on the swaps became payable as part of the loan balance.

The two aircraft were sold on 14 December 2021 and the proceeds from sale were applied against the amounts

outstanding under the loan agreements between NordLB and DP Aircraft Guernsey I Limited and DP Aircraft Guernsey

II Limited respectively. The total settled, including the amount payable under the swaps, by application of the proceeds

from sale was US$ 73,351,832. The aircraft were sold into a weak market by the security trustee and given they had

not been operational for a considerable period of time, had no lease attached and would likely require significant

reconfiguration costs if used by another airline the proceeds were insufficient to cover the loans due. There were no

fixed lease payments thereafter until 2026, reflecting the reduced rates now seen in the market. The lease term was