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DP AIRCRAFT I LIMITED
ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

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DP AIRCRAFT I LIMITED
ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
2 Page
CONTENTS
3 Fact Sheet
4 Summary
7 Highlights
8 Chairman’s Statement
10 Asset Manager’s Report
20 Directors
21 Directors’ Report
30 Report of the Audit Committee
33 Statement of Principal Risks and Uncertainties
36 Statement of Directors’ Responsibilities
37 Independent Auditor’s Report to the shareholders of DP Aircraft I Limited
43 Consolidated Statement of Comprehensive Income
44 Consolidated Statement of Financial Position
45 Consolidated Statement of Cash Flows
46 Consolidated Statement of Changes in Equity
47 Notes to the Consolidated Financial Statements
74 Company Information
75 Appendix 1 – Alternative Investment Fund Managers Directive

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DP AIRCRAFT I LIMITED
ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
3 Page
FACT SHEET
Ticker DPA
Company Number 56941
ISIN Number GG00BBP6HP33
SEDOL Number BBP6HP3
Traded Specialist Fund Segment (‘SFS’) of the London Stock Exchange
SFS Admission Date 4-Oct-13
Share Price US$ 0.045 at 31 December 2022
Profit per Share US$ 0.03 for the year ended 31 December 2022
Country of Incorporation Guernsey
Current Ordinary Shares in Issue 239,333,333
Administrator and Company Secretary Aztec Financial Services (Guernsey) Limited
Asset Manager DS Aviation GmbH & Co. KG
Auditor KPMG, Chartered Accountants
Corporate Broker Investec Bank Plc
Aircraft Registration HS-TQD
HS-TQC
Aircraft Serial Number 35320
36110
Aircraft Type and Model B787-8
Lessees Thai Airways International Public Company Limited (‘Thai Airways’)
Website www.dpaircraft.com

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DP AIRCRAFT I LIMITED
ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
4 Page
SUMMARY
COMPANY OVERVIEW
DP Aircraft I Limited (the ‘Company’) was incorporated with limited liability in Guernsey under the Companies
(Guernsey) Law, 2008 on 5 July 2013 with registered number 56941.
The Company was established to invest in aircraft. The Company is a holding company, and made its investment
in aircraft held through two wholly owned subsidiary entities, DP Aircraft Guernsey III Limited and DP Aircraft
Guernsey IV Limited (collectively and hereinafter, the ‘Borrowers’), each being a Guernsey incorporated company
limited by shares and one intermediate lessor company, DP Aircraft UK Limited (the ‘Lessor’), a UK incorporated
private limited company. The Company and its consolidated subsidiaries, DP Aircraft Guernsey III Limited, DP
Aircraft Guernsey IV Limited 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 of no par value in the capital of the Company at an issue price of US$ 1.00 per share by means of a Placing.
The Company’s shares were admitted to trading on the Specialist Fund Segment (previously the Specialist Fund
Market) of the London Stock Exchange on 4 October 2013 and the Company was listed on the Channel Islands
Securities Exchange until 27 May 2015.
On 5 June 2015, the Company offered 96,333,333 ordinary shares (the ‘New Shares’) of no-par value in the capital
of the Company at an issue price of US$ 1.0589 per share by means of a Placing. The Company’s New Shares
were admitted to trading on the Specialist Fund Segment of the London Stock Exchange on 12 June 2015.
On 13 July 2022 the Company raised gross proceeds of $750,000 through the issue of 30,000,000 new ordinary
shares in the capital of the Company at a price of US$0.025 per new ordinary share. The new ordinary shares
were admitted to trading on the Specialist Fund Segment of the London Stock Exchange on 15 July 2022.
In total there are now 239,333,333 Ordinary Shares in issue with voting rights.
In addition to the equity raised above in 2013 and 2015, the Group also utilised external debt to fund the initial
acquisition of the aircraft. Further details are given within this summary section.
INVESTMENT OBJECTIVE & POLICY
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
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 responsibility for the Company’s and Group’s activities, including portfolio and risk management.
The asset management activities of the Group are provided by DS Aviation GmbH & Co. KG (the ‘Asset Manager’).
THE ASSET MANAGER
The Asset Manager has undertaken to provide the asset management advisory services to the Company and
Group under the terms of an asset management agreement but does not undertake any regulated activities for
the purpose of the UK Financial Services and Markets Act 2000.

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DP AIRCRAFT I LIMITED
ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
5 Page
SUMMARY (CONTINUED)
ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG)
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-kilometre 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.
CORONAVIRUS (‘COVID-19’)
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.
THAI AIRWAYS INTERNATIONAL PCL (‘THAI AIRWAYS’ / ‘THAI’)
The suspension of travel due to COVID-19 in 2020 resulted in Thai Airways entering into business rehabilitation.
The Central Bankruptcy Court approved Thai’s Business Rehabilitation plan on 15 June 2021. The rehabilitation
process is currently ongoing, please refer to the Asset Manager Report on pages 10 to 19 for more details
regarding the rehabilitation process.
The Group signed a Letter of Intent (‘LOI’) dated 1 March 2021 with Thai Airways under which the parties agreed
to amend the lease terms that existed then. The actual lease agreement reflecting the terms set out in the LOI
was signed on 1 April 2022. The effective date for the lease modification was agreed by both parties as 15 June
2021.
The new lease terms provided for a power by the hour (‘PBH’) arrangement until 31 December 2022 (with rent
payable by reference to actual monthly utilisation of the Thai aircraft and engines), with scaled back monthly
fixed lease payments thereafter until October 2026 for aircraft MSN 36110 and December 2026 for aircraft MSN
35320 reflecting reduced market rates in the long-haul market. The lease term can be extended for a further 3
years to October and December 2029 respectively, with further scaled back monthly lease payments starting
from November 2026 and January 2027. The Extension Period is however subject to agreement with the Group
after consulting the Lenders. Given the uncertainty around the lease extension, the lease terms are considered
to be the period up to October and December 2026.
A corresponding agreement was reached with the lenders as detailed below.
DEKABANK DEUTSCHE GIROZENTRALE AND THREE OTHER CONSORTIUM MEMBERS (‘DekaBank’)
On 6 May 2021, subsequent to the LOI being entered into by the Group and Thai as described above, the Group
and DekaBank amended and restated the existing loan facility agreements in respect of the Thai aircraft to
accommodate the new lease terms, First Amendment and Restatement to the Loan Agreements. Repayments of
principal were deferred until after the end of the PBH arrangement (31 December 2022), and a new repayment
schedule was to be renegotiated close to the end of the PBH arrangement.
On 7 February 2023, the Group and DekaBank entered into a Second Amendment and Restatement to the Loan
Agreement in which the parties agreed on the following main terms:

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DP AIRCRAFT I LIMITED
ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
6 Page
SUMMARY (CONTINUED)
DEKABANK DEUTSCHE GIROZENTRALE AND THREE OTHER CONSORTIUM MEMBERS (‘DekaBank’)
(CONTINUED)
the total loan amount outstanding was split into two tranches:
o Facility A loan of US$ 61,144,842 made up of MSN 35320 loan of US$ 31,099,453 and MSN 36110
loan of US$ 30,045,389. The Facility A loan amortizes to a combined balloon of US$ 33,947,878
and represents the scheduled debt.
o Facility B loan of US$ 35,504,024 (non-amortizing), made up of MSN 35320 loan of US$
17,366,650 and MSN 36110 loan of US$ 18,137,374. The Facility B loan will be settled as a balloon
payment at the end of the loan term in 2026.
USD 2.36m of surplus cash generated under the PBH period was used to immediately repay debt on the
amortizing Facility A loan in February 2023, while an agreed cash reserve of US$ 500,000 per aircraft will
be retained to cover unforeseen costs going forward.
the interest rate swap currently in place for the scheduled debt was dissolved at no net gain or loss.
the MSN 35320 and MSN 36110 Facility A loans bear fixed interest rates of 6.61% and 6.89% respectively.
the MSN 35320 and MSN 36110 Facility B loans bear fixed interest rates of 5.26% and 5.42% respectively.
from the monthly fixed lease rental of US$ 510,000 per aircraft (which denotes the maximum amount
the Company can earn in operations per month), US$ 475,000 is legally restricted so that those funds are
only payable to the lenders, and US$ 35,000 per aircraft can be retained by the company to contribute
towards ongoing fixed costs of the Company.
Due to the limited liquidity position of the Group, restructuring fees associated with the second amendment and
restatement will be paid after the eventual remarketing of the aircraft, subject to surplus sales proceeds being
realised.
IMPAIRMENT
In line with each reporting date, but more relevant in light of the continuing impact of COVID-19 and market
capitalisation of US$ 10.8 million at 31 December 2022, a detailed impairment assessment of the aircraft was
undertaken. Following this review an impairment of US$ nil (31 December 2021: US$ nil) was booked against the
aircraft. See note 3 for further details regarding the impairment and comments under Highlights on page 7 where
comment regarding the difference between net asset value and market capitalisation.
DISTRIBUTION POLICY
Under normal circumstances, the Group aims to provide shareholders with an attractive total return comprising
income, from distributions through the period of the Company’s ownership of the Assets, and capital, upon any
sale of the Assets. The Company originally targeted a quarterly distribution in February, May, August, and
November of each year. The target distribution was US$ 0.0225 per share per quarter. The dividends were targets
only with no assurance or guarantee of performance or profit forecast. Investors should not place any reliance
on such target dividends or assume that the Company will make any distributions at all.
Due to the impact of COVID-19 on the aviation industry and therefore our lessor, the Board suspended the
payment of dividends from 3 April 2020 until further notice. This suspension remains in place to date. Any lease
rental payments received by the Company in respect of the Thai aircraft are expected to be applied exclusively
towards the running costs of the Company and its subsidiaries, and as a priority towards interest and principal
repayments to the DekaBank. Given this backdrop the Company feels that there is no realistic prospect of the
Company's shareholders receiving a dividend or other distribution during the remaining lease period. The Board
and its advisers will continue to consult with shareholders and its advisors in the future with a view to
determining the best course of action to take for the future of the Company.

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DP AIRCRAFT I LIMITED
ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
7 Page
HIGHLIGHTS
RESULTS FOR THE YEAR
Results for the year ended 31 December 2022 is a profit after tax of US$ 7,660,823 (profit per share US$ 0.03).
For the year ended 31 December 2021 there was a loss after tax of US$ 21,859,073 (loss per share US$ 0.10).
The results for the period ended 31 December 2022 are mainly driven by rental income earned of US$ 16,462,372
(31 December 2021: US$ 18,391,211), a provision on straight lining lease asset of US$ 1,591,516 (31 December
2021: US$ 12,508,499) and finance costs incurred of US$ 4,860,305 (31 December 2021: US$ 5,869,097).
Refer to page 43 for full details of results for the period.
NET ASSET VALUE (‘NAV’)
The NAV for the reporting period was US$ 0.18692 per share at 31 December 2022 (31 December 2021: US$
0.17366). NAV per share has increased due to the profit made during the year (see above). The NAV excluding
the financial effects of the straight-lining lease asset was US$ 0.13662 per share at 31 December 2022 (31
December 2021: US$ 0.15086).
The straight-lining lease asset represents the result of straight lining of future fixed Thai lease payments over the
lease term and will reduce to nil over time. Therefore, the NAV excluding the straight-lining lease asset is
presented to provide what the Directors consider to be a more relevant assessment of the Group’s net asset
position.
As
of
31 December
20
2
2
As at 31 December
20
2
1
US$ per
share
US$ per
share
NAV per the financial statements
44,736,121
0.
18692
36,352,122
0.17366
Less
:
Straight
-
lining lease asset
(13,525,502)
(
0.05651
)
(
4,772,296)
(
0.0228
)
Add Provision for straight lining lease asset
1,486,453
0.00621
-
-
NAV excluding straight
-
lining lease asset
32,697,072
0.13662
31,579,826
0.15086
As at 31 December 2022 the price per share was US$ 0.045 which is significantly lower than the NAV per share
above. The reason for the difference is due to the market price per share reflecting other factors such as market
sentiment that cannot be accounted for in a set of annual financial statements. The main asset in the Group, the
aircraft, has been assessed for impairment (see note 3) – with no resulting impairment for the period. Other
significant assets comprise cash and receivables whose values are considered to be reflective of fair value due to
their short-term nature. Therefore, the low share price is not indicative of a need for further impairment to the
assets of the Group.
DIVIDENDS
As previously outlined the result of the Coronavirus pandemic on global aviation and particularly on its lessees;
the company suspended dividends on 3 April 2020 until further notice to help preserve liquidity. Further details
on the impact of the COVID-19 pandemic can be found within the Summary, the Asset Manager’s Report, and
the Directors’ Report. Furthermore, in accordance with the second amended loan agreement with DekaBank,
the Group will make no dividend payments while loan deferrals remained outstanding under the amended loan
agreement.
OFFICIAL LISTING
The Company’s Shares were first admitted to trading on the Specialist Fund Segment of the London Stock
Exchange on 4 October 2013.

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DP AIRCRAFT I LIMITED
ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
8 Page
CHAIRMAN’S STATEMENT
I am pleased to present Shareholders with the Annual Report of the Group for the year ended 31 December
2022.
The profit per share for the year was US$ 0.03429 compared to a loss per share of US$ 0.10442 for the same
period last year. The net asset value per share at the year end was US$ 0.18692 compared to US$ 0.17366 at 31
December 2021.
IFRS requires rental income to be recognised on a straight-line basis over the remaining lease period and
consequently the accounting treatment has resulted in some income being recognised earlier than would
normally be the case. In addition, IFRS requires a provision to be made against that additional income which has
been estimated based on recent credit reports on Thai. Please refer to page 7 which explains the net impact of
this on the profit for the period and the NAV of US$ 0.0503 per share.
The Company raised $750,000 in equity following a successful tap issue in July. Some service providers and the
directors will continue to defer some amounts due. The focus of the Company remains the preservation of the
Group's long-term financial stability and asset values. The Company believes the 787 remains an attractive asset.
During the period we have seen an improvement in the global aviation market following the challenges resulting
from the effects of the COVID-19 pandemic on its operations. Today, the slight optimism we were experiencing
at the beginning of 2022 has continued. However, some challenges remain. The resultant pressures from the
Ukraine war have created additional pressures beyond Covid for the aviation industry not least on jet fuel price
increases. The combined situation of Covid impacting Chinese inbound tourism to Thailand and the loss of
Russian tourists following the Ukraine war has had a negative impact on tourism - Thailand’s biggest industry –
in 2022. With Covid restrictions in China being lifted there is cause for some optimism in tourism numbers from
that sector in 2023.
Our aircraft utilisation during the year was above expectation and the resulting Power by the Hour (PBH) income
was higher than expected. From 2023 our aircraft are operating on fixed monthly lease payments with Thai until
December 2026, reflecting the reduced lease rates now seen in the market.
As previously noted, the lease term on the leases may be extended by a further 3 years to October 2029 for aircraft
MSN 36110 and December 2029 for aircraft MSN 35320, with further scaled back monthly lease payments
starting from November 2026 and January 2027 respectively, and the Group retaining a right of early termination
in October and December 2026 after consultation with the Lenders. Both aircraft are being well utilised and
serving markets in the Asian region from Thai’s Bangkok hub.
Long-haul travel has picked up in nearly all markets growing the demand for wide body aircraft. Delayed
deliveries for new equipment like Boeing’s 787 and 777-8/9 are further strengthening this demand. Thai is
currently progressing through its Rehabilitation Plan and it is expected this may be successfully concluded in early
Q2 2024. Thai is also expected to raise further equity over the coming year.
This would allow us to take advantage of upcoming opportunities and manage the company into a sustainable
position. The Board and the Asset Manager remain fully committed to extract the highest possible value for
shareholders in this process.
After a significant amount of work undertaken by the Board, the Group has concluded the Loan restructuring
with the Lenders and a final balloon repayment of $69.5 million for both loans was announced in March.

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DP AIRCRAFT I LIMITED
ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
9 Page
CHAIRMAN’S STATEMENT (CONTINUED)
As previously noted, there is no realistic prospect of the Company's shareholders receiving a dividend or other
distribution prior to the end of the lease term. The key uncertainty remains the outlook for Thai and the airline
industry particularly with higher fuel prices, the impact of inflation and a slowing economy on travel demand and
the knock on effect these factors may have on aircraft values and Thai.
I would like to thank the Board and its service providers for their continued significant support over the period. I
would like to thank our Investors for their continued support in the Group. The Board and its advisers will
continue consulting with investors on an ongoing basis.
Jonathan Bridel
Chairman

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DP AIRCRAFT I LIMITED
ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
10 Page
ASSET MANAGER’S REPORT
THE AIRLINE MARKET
General overview of current airline industry situation
As COVID-19 rules are relaxed and more passengers travel, revenues are increasing. The International Air
Transport Association (IATA) predicts that the global airline industry will return to profitability in 2023, despite
continued worries about financial losses brought on by pandemics, rising prices, and cost constraints. Although
2022 presented a number of difficulties for airlines, including growing operational expenses, labour shortages,
strikes, and disruptions in major global hubs, they were nevertheless able to reduce losses due to the rise in
demand for air travel combined with significant operational cost cutting measures. Airlines are anticipated to
have a comparatively small net profit of $4.7 billion in 2023, or a net profit margin of 0.6%. This would represent
the industry's first profit since 2019, when net profits totalled $26.4 billion (3.1% net profit margin). In 2022,
airline net losses are expected to be $6.9 billion (an improvement on the $9.7 billion loss for 2022 in IATA’s June
outlook). Which in turn is significantly better than losses of $42.0 billion and $137.7 billion that were realized in
2021 and 2020 respectively.
A return to industry profitability in 2023 (Expectation)
Source: IATA Economics chart of the week, 9
th
December 2022
However, the Russian invasion of Ukraine and the subsequent sanctions imposed upon the country have brought
with them myriad challenges for the aviation industry, just as it was recovering from the crippling effects of the
Covid-19 lockdowns. As an associated result of the war between Russia and Ukraine jet fuel prices have
increased. As such costs represent between 20% to 25% of total operational costs this has presented further
financial challenges. The jet fuel price rose by more than 70% during the first 6 months of 2022, marking one of
the steepest increases since 2002, and causing unprecedent pressure in terms of cost management for the airline
industry. The cancellation of flights, the longer routes, the higher fuel costs and rising inflation are only some of
the reasons behind the increase in air ticket prices.
Covid-19's effects can still be seen in the aviation sector. The demand for flights was undoubtedly enhanced by
removing travel restrictions. Despite this rise in demand, it is still impossible to estimate the airline's overall
effects. The severe impact of the pandemic compared to other major events in history is shown in the graph
below. The total passenger numbers are slightly recovering from year to year, but it will take time to get back to
pre-Covid numbers. The chart below chart shows the total number of passenger numbers are slightly recovering
from year to year.

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DP AIRCRAFT I LIMITED
ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
11 Page
ASSET MANAGER’S REPORT (CONTINUED)
THE AIRLINE MARKET (CONTINUED)
Source: ICAO: “Effects of Novel Coronavirus (COVID-19) on Civil Aviation: Economic Impact Analysis”; 27
th
January 2023
Year 2022 outlook
The impact of COVID-19 on world scheduled passenger traffic for year 2022 (estimated results), compared to
pre-COVID 2019 levels:
Overall reduction of 25% to 26% of seats offered by airlines
Overall reduction of 1,278 to 1,281 million passengers (-28% to -29%)
Approx. USD 174 to 175 billion loss of gross passenger operating revenues of airlines
International Passenger Traffic (2022 vs. 2019)
Overall reduction of 33% to 34% of seats offered by airlines
Overall reduction of 658 to 660 million passengers (-35% to -36%)
Approx. USD 123 to 124 billion loss of gross operating revenues of airlines

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DP AIRCRAFT I LIMITED
ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
12 Page
ASSET MANAGER’S REPORT (CONTINUED)
THE AIRLINE MARKET (CONTINUED)
The below fact sheet from December 2022 is the latest version available and therefore added here. This sheet is
provided by IATA on a regular basis and shows statistics about the airline industry as of December 2022. The next
update will be available in June 2023.
Fact Sheet- December 2022
System-wide global commercial airlines 2020 2021 2022F 2023F
REVENUES, $ billion 382 506 727 779
% change y-o-y -54.4% 32.4% 43.6% 7.1%
% change vs 2019 -39.6% -13.2% -7.0%
Passenger, $ billion 189 239 438 522
Cargo, $ billion 138.5 204.2 201.4 149.4
Traffic volumes
Passenger growth, RPK, %ch y-o-y -65.8% 21.8% 69.4% 21.1%
% ch vs 2019 -58.3% -29.4% -14.5%
Cargo growth, CTK+MTK, %ch y-o-y -9.9% 18.8% -8.0% -4.1%
%ch vs 2019 7.0% -1.6% 4.8%
Cargo tonnes, millions 55.4 65.6 60.3 57.7
World economic growth, %ch y-o-y -3.5% 5.8% 2.9% 1.3%
Passenger yield, %ch y-o-y -9.1% 3.8% 8.4% -1.7%
Cargo yield %ch y-o-y 52.5% 24.2% 7.2% -22.6%
EXPENSES, $ billion 493 551 737 776
% change y-o-y -37.9% 11.8% 33.6% 5.3%
% change vs 2019 -30.6% -7.3% -2.4%
Fuel, $ billion 80 103 222 229
% of expenses 16% 19% 30% 30%
Crude oil price, Brent, $/b 41.8 70.7 103.2 92.3
Jet kerosene price, $/b 46.6 77.8 138.8 111.9
Fuel consumption, billion gallons 52 60 73 80
Non-fuel, $ billion 413 448 515 547
cents per ATK (non-fuel unit cost) 48.1 44.9 41.7 39.8
% change y-o-y 22.7% -6.7% -7.2% -4.5%
Capacity growth, atk, %ch y-o-y -44.3% 16.2% 23.7% 11.1%
%ch vs 2019 -35.3% -19.9% 59.7%
Flights, million 16.9 20.1 27.9 32.4
Break-even weight load factor, % ATK 76.8% 67.2% 68.3% 68.6%
Weight load factor achieved, % ATK 59.5% 61.7% 67.5% 68.9%
Passenger load factor achieved, % ASK 65.2% 66.9% 78.9% 81.0%
OPERATING PROFIT, $ billion -110.8 -45.1 -9.3 3.2
% margin -29.0% -8.9% -1.3% 0.4%

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DP AIRCRAFT I LIMITED
ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
13 Page
ASSET MANAGER’S REPORT (CONTINUED)
THE AIRLINE MARKET (CONTINUED)
Fact Sheet- December 2022 (continued)
Source: ICAO, IATA, The Airline Analyst, Datastream, Platts. Updated: 12/2022 Next Update: 06/2023
Financial Results
System-wide commercial
airlines EBIT margin, % revenues Net profit, $ billion global
2020 2021 2022F 2023F 2020 2021 2022F 2023F
Global -29.0% -8.9% -1.3% 0.4% -137.7 -42.0 -6.9 4.7
Regions
North America -27.3% -5.9% 2.4% 3.3% -35.1 -2.3 9.9 11.4
Europe -27.1% -9.0% -1.3% 0.6% -34.5 -12.1 -3.1 0.6
Asia-Pacific -34.3% -13.2% -8.2% -4.7% -45.0 -14.8 -10.0 -6.6
Middle East -24.3% -11.4% -1.1% 0.8% -9.4 -4.7 -1.1 0.3
Latin America -28.5% -9.1% -2.4% -0.6% -11.9 -7.0 -2.0 -0.8
Africa -16.9% -6.8% -4.2% -1.1% -1.8 -1.1 -0.6 -0.2
Sources: IATA estimates for regions. IATA forecast for 2022 and 2023.
Traffic Results
Passenger traffic (RPK) Passenger capacity (ASK)
System-wide
Global commercial
airlines
% change vs
previous year % change vs 2019
% change vs previous
year
% change vs
2019
2020 2021 2022E 2023F 2020 2021 2022E 2023F
Global -65.8% 21.8% -29.4% -14.5% -56.6% 18.7% -26.1% -
12.9%
Regions
North America -65.1% 74.7% -8.6% -2.8% -50.3% 41.1% -6.3% -1.1%
Europe -69.5% 27.5% -18.6% -11.3% -62.3% 29.8% -16.0% -10.9%
Asia-Pacific -62.0% -12.8% -55.7% -29.2% -53.8% -6.0% -48.9% -24.5%
Middle East -72.1% 8.5% -20.7% -2.2% -63.0% 21.2% -22.0% -5.5%
Latin America -62.5% 40.5% -12.6% -4.4% -59.0% 37.3% -11.4% -5.8%
Africa -68.2% 17.0% -32.3% -13.7% -62.1% 18.5% -31.1% -16.1%
Source and Note: IATA. Includes domestic and international traffic, and all commercial airlines. Historical data are subject
to revision.
Updated: 12/2022 Next Update: 06/2023
System-wide global commercial airlines 2020 2021 2022F 2023F
NET PROFIT, $ billion -137.7 -42.0 -6.9 4.7
% margin -36.0% -8.3% -1.0% 0.6%
per departing passenger, $ -76.22 -19.20 -2.02 1.11
RETURN ON INVESTED CAPITAL, % -19.3% -8.0% -1.7% 0.6%

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DP AIRCRAFT I LIMITED
ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
14 Page
ASSET MANAGER’S REPORT (CONTINUED)
THE AIRLINE MARKET (CONTINUED)
Russia-Ukraine War in brief
The escalation of the conflict between Ukraine and Russia has significant implications on the aviation industry.
Governments have adopted economic sanctions that specifically target the industry and closed large areas of air
space, fuel is trading at a historical high and fear of continued warfare is affecting the already fragile air passenger
demand. The combination of the sanctions and the air bans has forced several airline companies to either
suspend or reroute their flights. Russia’s flagship airline, Aeroflot, has announced it is halting all its international
flights, except those to Belarus, and the country’s second-biggest airline, S7, has also suspended its international
flights. GlobalData’s Tourism Demands and Flows Database shows that Turkey, China, Kazakhstan, Thailand, the
United Arab Emirates (UAE), Spain, Azerbaijan, Ukraine, Georgia and Italy are the top ten destinations in terms
of international departures from Russia by number of travellers in 2021, with the modes of transport including
air, land, sea and rail. Russia has in turn banned airlines in most of those countries from entering or flying over
Russia. Several airlines from countries not directly impacted by sanctions have also temporarily reduced flights
to/from Russia, for example in Japan and South Korea. In 2021, international traffic between Russia and the rest
of the world accounted for 5.2% of global international traffic, but only 1.3% of global total traffic. International
air traffic to and from Russia accounted for 5.7% of total European traffic in 2021.
Recovery in Airline Industry
The International Air Transport Association (IATA) announced that the air travel recovery continued through
November 2022. Total traffic in November 2022 (measured in revenue passenger kilometers or RPKs) rose 41.3%
compared to November 2021. Globally, traffic is now at 75.3% of November 2019 levels. International traffic rose
85.2% versus November 2021. The Asia-Pacific continued to report the strongest year-over-year results with all
regions showing improvement compared to the prior year. November 2022 international RPKs reached 73.7% of
November 2019 levels. Domestic traffic for November 2022 was up 3.4% compared to November 2021 with
travel restrictions in China continuing to dampen the global result. Total November 2022 domestic traffic was at
77.7% of the November 2019 level.
Asia-Pacific airlines had a 373.9% rise in November 2022 traffic compared to November 2021, which was the
strongest year-over-year rate among the regions. Capacity rose 159.2% and the load factor was up 35.9
percentage points to 79.2%.

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DP AIRCRAFT I LIMITED
ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
15 Page
ASSET MANAGER’S REPORT (CONTINUED)
THE AIRLINE MARKET (CONTINUED)
Recovery in Airline Industry
Source: IATA, Press release No: 02, 09
th
January 2023.
Outlook & Conclusion
Due to less travel restrictions around the world in 2022 compared to 2021, there was an increase in air traffic.
However, the airline industry is still struggling to get back to the 2019 levels. It is expected that the airline
industry will regain profitability for the first time post Covid-19 but not to 2019 levels.
Geographically, Russia has always been the major over fly route for Asia-Europe flights and because of the
war some flights have longer duration (or have been cancelled) than which results in greater fuel
consumption. According to IATA, Europe-Asia and Asia-North America were the most heavily impacted
markets routes.
All outlooks shared in this report are based on historic data and assumptions made by industry experts. It
should be considered as a potential guideline. From a historical point of view, the airline industry has proven
to be resilient and has recovered from all previous crises and up to the end of 2022 shows a slow growing
recovery compared to the previous year. To sum up, the airline industry has already suffered a lot from the
Covid-19 pandemic and now war in Ukraine has made the recovery more challenging.

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DP AIRCRAFT I LIMITED
ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
16 Page
ASSET MANAGER’S REPORT (CONTINUED)
THE LESSEE
Thai Airways International Public Company Limited
Overview
Thai Airways International has received court approval for its proposed amendment to its business
rehabilitation plan, paving the way for it to meet financial indicators to exit business rehabilitation.
Thai Airways International and its subsidiaries made a pre-tax loss of Bt4.96 billion ($137 million) in
the third quarter ended 30 September, as compared with a profit of Bt40 billion in the year-ago
period.
Thai Airways International is planning to recruit over 300 cabin crew to support the noteworthy
growth in travel demand.
According to data from Cirium 43 aircraft are in operation and 47 aircraft are stored.
Thai Airways International is in process of returning to service three Airbus A330s previously
earmarked for sale, to meet capacity needs, and is exploring the viability of reactivating some of its
A380s.
Year-2022 financial results (in Baht)
Consolidated Financial Statement Separate Financial Statements
2022 2021 2022 2021
Total Revenues 105.21 bn 89.98 bn 97.68 bn 88.95 bn
Revenues from Passenger
and excess baggage
73.41 bn 5.53 bn 64.86 bn 3.28 bn
Revenue from Freight and
mail
23.78 bn 10.98 bn 23.74 bn 10.91 bn
Total Expenses 94.09 bn 28.20 bn 82.78 bn 23.61 bn
Profit from operating
activities
11.12 bn 61.78 bn 14.91 bn 65.34 bn
Profit (loss) before income
tax expense
(1.68) bn 52.33 bn 1.24 bn 55.49 bn
Income tax income 1.43 bn 2.78 bn 1.45 bn 2.78 bn
Profit (loss) for the years (251.61) m 55.11 bn 2.69 bn 58.27 bn
Total Assets 198.18 bn 161.22 bn 198.29 bn 162.65 bn
Total Liabilities 269.20 bn 232.46 bn 261.79 bn 229.32 bn
Source: THAI's Financial Statements Year-2022
Thai Restructuring and Rehabilitation Process summary since 31st December 2021.
13th February 2023: Thai Airways International will resume flights to Beijing and Shanghai from
March, as it plans to ramp up frequencies to China to about one fifth of pre-pandemic levels.
13
th
December 2022: Thai Airways International has appointed Cherdchome Therdsteerasukdi as its
new chief financial officer, effective 1 February.
2nd December 2022: Thai Airways International and Singapore Airlines have signed a memorandum
of understanding (MoU) to codeshare on certain routes.
8th November 2022: Thai Airways International is again seeking bids for the outright purchase of six
used Boeing 777-200s.

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DP AIRCRAFT I LIMITED
ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
17 Page
ASSET MANAGER’S REPORT (CONTINUED)
THE LESSEE (CONTINUED)
Thai Restructuring and Rehabilitation Process summary since 31st December 2021 (continued)
21st October 2022: Thailand's Central Bankruptcy Court approved the amendments on 20 October
2022, which cover measures to shore up liquidity primarily through a capital restructuring, Thai
indicates in a same-day filing to the Stock Exchange of Thailand. This will see it increasing registered
capital amounting to a total of nearly Bt315 billion ($8.2 billion).
04th July 2022: Thai Airways is targeting to complete its debt and capital restructuring within 2024.
The airline expects their shares likely to be traded on the stock exchange in 2025 again.
Outlook & Opportunities - The “New Thai Airways”
Measures to be taken
o Thai Airways International is in process of returning to service three Airbus A330s previously
earmarked for sale, to meet capacity needs, and is exploring the viability of reactivating some of
its A380s.
o Coming to end at the amendment of favourable interim lease contract (e.g., Power-by-the Hour
contracts) and entering again into fixed rate lease contracts.
Capital raise of about USD 1.5 billion necessary to repay debt.
Fleet of 86 aircraft and five different aircraft types in 2025.
Thai expects to return to profit in 2023 and to state shareholder equity above zero by 2030.
Thailand´s economy is dependent on tourism and Thai Airways benefits from measures initiated by
the Government to stimulate tourism arrivals.
Comments & conclusions
The tourism industry in Thailand was one of the most negatively affected industries by the COVID-19
pandemic. With the globally wide-spread COVID-19 outbreak, the Thai tourism industry was heavily affected.
In 2022, the Thai government eased COVID-19 restrictions, resulting in an increase of the annual volume of
airport passengers in Thailand in 2022. The recovery of the tourism sector is expected to be further bolstered
in 2023 by the return of Chinese visitors. In 2022, the number of tourist arrivals amounted to around 11.15
million, which drastically increased from the previous year of only 0.43 million. The tourism industry in
Thailand was one of the most negatively affected industries by the COVID-19 pandemic. Furthermore, in
2022, the number of airport passengers in Thailand amounted to approximately 63 million representing a
significant increase from the previous year.
Despite the global issues, Thai Airways generated revenues of 105.21 Billion Baht by December 2022 year
end this compares to revenues of 89.98 Billion Baht during 2021. This serves to highlight the growing market
demand and the gradual improving progress of Thai Airways.
In these times of rising flight demand even though the cost is increasing, a fleet of new and efficient aircraft
is a very important factor for a successful airline operation. With the two DP Aircraft owned Rolls Royce Trent
1000 equipped 787-8’s belonging to the latest generation airframes these combine fuel efficient operations
with best-in-class passenger comfort. They are the right equipment for Thai Airways and can be flexibly used
also on most routes including those with lower demand that does not justify using a larger widebody aircraft.

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DP AIRCRAFT I LIMITED
ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
18 Page
ASSET MANAGER’S REPORT (CONTINUED)
THE ASSETS
Update B787
Up to now, 7x B787 were ordered in 2023 and 3 x B787 were delivered to customers during 2023.
During 2022, the total number of B787 orders were 139 and Boeing delivered 31 B787 in 2022.
The orderbook currently shows a backlog of 516 aircraft.
Currently, 986 aircraft are in-service and only 27 are in storage which shows the growing demand of
this type of aircraft and big importance of this aircraft type during the recovery of the airline industry
after the COVID pandemic.
Assets & Operations
Overview
Both our aircraft HS-TQC and HS-TQD are currently in regular commercial service within the international
route (mostly withing Asia-Pacific region) of Thai Air Airways and are based at Bangkok Airport. The aircraft
are equipped with overhead cabin and overhead flight crew rest to allow operation on international long-
haul routes. Thai Airways has announced its winter schedule that commenced on October 30, 2022 and ran
through March 25, 2023. The newly listed schedule connects to 34 destinations across Europe, Australia and
Asia.
Titled Engines Report
AIRCRAFT OPERATIONS Thai Airways
HS-TQC HS-TQD
Cabin Layout 24 Business Class Seats
240 Economy Class Seats
LAST PHYSICAL INSPECTION
Date 18.02.2022 18.02.2022
Place Bangkok Airport (BKK)
AIRFRAME STATUS
(31
st
January 2023)
Total Flight Hours 20,515 18,588
Total Flight Cycles 4,519 4,105
Hours/cycles ratio since delivery 4.5 4.5
As of 31
st
October 2022
HS-TQC HS-TQD
ESN 10239 ESN 10243 ESN 10244 ESN 10248
Total Time
[Flight Hours]
18,938 15,729 14,870 19,585
Total Flight
Cycles
4,139 16,175 3,389 4,197
Location On-wing On-wing (HS-TQD) On-wing (HS-TQE) In maintenance at
SEASL in Singapore

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DP AIRCRAFT I LIMITED
ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
19 Page
ASSET MANAGER’S REPORT (CONTINUED)
THE ASSETS (CONTINUED)
Asset Manager´s actions ensured asset value
Regular monitoring to make sure that the Aircraft are in service and keeping the Aircraft under the best
condition in accordance with the manufacturer’s requirement is the top priority for DS Aviation as DP
Aircraft´s Asset Manager. HS-TQD is currently in regular commercial service alongside with HS-TQC. Two
aircraft inspections were carried out on HS-TQD in January and February 2023 to make sure that the aircraft
gets back to commercial service in the best possible condition and in full compliance with all requirements of
the lease and the manufacturer manuals. DS Aviation continues to have an "on demand" contract with the
on-site service provider. Their expertise and manpower are available whenever the circumstance calls for it,
ensuring prompt and efficient support on the spot.
Comments and Conclusions
The Thai economy is anticipated to reach its pre-pandemic level in 2022 (results not yet published) when final
results become available, but due to external challenges, the rate of expansion will be slower than anticipated
in 2023. As both aircraft are in regular commercial service and Thai Airways re-enters into fixed lease rate
contracts after completing the PBH-period. The resumption of a monthly fixed lease can be considered to be
one of the satisfactory achievements from Thai Airways. In addition to the progress, Thai Airways
International has received court approval for its proposed amendment to its business rehabilitation plan,
which, amongst others consisted of the increase in registered capital of no more than 31,500 million shares
with the goal of making the capital positive to create stability in the financial position. This would result in
Thai’s securities being readmitted for trading on the stock exchange again.
Regarding the route profile of the assets, although Thai Airways announced to setting up their flight operation
in Europe, Australia and Asia, the assets are principally operating mid-range flights within Asia due to due to
the high demand for smaller passenger capacity of the 787-8 compared with the larger widebody aircraft.
Thai Airways International intend to reactivate three A330s to meet the market demand and are exploring
the viability of reactivating some of its A380s which indicates that the demand is rising quicker than expected
and the need for aircraft is strong.
As a result of the foregoing, the asset manager continues to keep a watchful eye on the assets and maintains
the on-site staff in the background to respond swiftly in case of any unforeseen events because the recovery
process is still delicate and dependent on numerous external factors.

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DP AIRCRAFT I LIMITED
ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
20 Page
DIRECTORS
Jonathan (Jon) Bridel, Non-Executive Chairman (58), appointed 10 July 2013
Jon is a Guernsey resident and is currently a non-executive director of Fair Oaks Income Fund Limited. Jon
was previously Managing Director of Royal Bank of Canada’s investment businesses in the Channel Islands
and served as a director on other RBC companies including RBC Regent Fund Managers Limited. Prior to
joining RBC, Jon served in a number of senior management positions in banking, specialising in credit and
corporate finance and private businesses as Chief Financial Officer in London, Australia and Guernsey having
previously worked at Price Waterhouse Corporate Finance in London.
Jon graduated from the University of Durham with a degree of Master of Business Administration, holds
qualifications from the Institute of Chartered Accountants in England and Wales (1987) where he is a Fellow,
the Chartered Institute of Marketing and the Australian Institute of Company Directors. Jon is a Chartered
Marketer and a Member of the Chartered Institute of Marketing, a Chartered Director and Fellow of the
Institute of Directors and a Chartered Fellow of the Chartered Institute for Securities and Investment.
Jeremy Thompson, Non-Executive Director (67), appointed 10 July 2013
Jeremy Thompson is a Guernsey resident. He acts as a non-executive director to a number of businesses
which include three private equity funds and to an Investment Manager serving the listed NextEnergy Solar
Fund Limited. In addition, Jeremy is also a non-executive director of London listed Riverstone Energy Limited.
Between 2005 and 2009 he was a director of multiple businesses within a London based private equity group.
This entailed board positions on both private, listed and SPV companies and highly successful exits. Prior to
that he was CEO of four autonomous global businesses within Cable & Wireless PLC and earlier held CEO roles
within the Dowty Group. Jeremy has studied and worked in the UK, USA and Germany.
Jeremy currently serves as chairman of the States of Guernsey Renewable Energy Team and is a commissioner
of the Alderney Gambling Control Commission. He is also an independent member of the Guernsey Tax
Tribunal panel. Jeremy is an engineering graduate of Brunel (B.Sc) and Cranfield (MBA) Universities and
attended the UK’s senior defence course (Royal College of Defence Studies). He holds the Institute of
Directors (IoD) Certificate and Diploma in Company Direction and is an associate of the Chartered Institute of
Arbitration. He completed an M.Sc in Corporate Governance in 2016 and qualified as a Chartered Company
Secretary in 2017.
Harald Brauns, Non-Executive Director (68), appointed 1 November 2019
Harald is a German banker with extensive experience in the specialised lending sector. He joined NORD/LB
Hannover, Germany in 1977 with a first engagement in the shipping segment. In 1985 he started the aircraft
finance activities for the bank from scratch. As the Global Head of Aircraft Finance, he built successively a
team of more than 40 dedicated aviation experts located in Hannover, New York and Singapore. Focused on
an asset-based business model with sophisticated solutions for selected clients, he and his team advanced to
global leaders in commercial aircraft finance with an exposure of well above US$ 10 billion split over a
portfolio of 650 aircraft assets. After more than 35 years in the aviation industry Harald retired in October
2019. He is a resident in Germany and was appointed as a non-executive director of the Company with effect
from 1 November 2019.

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DP AIRCRAFT I LIMITED
ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
21 Page
DIRECTORS’ REPORT
The Directors present their Annual Report and Audited Consolidated Financial Statements for DP Aircraft I
Limited for the year ended 31 December 2022.
Principal Activity and Review of the Business
The Company’s principal activity is to purchase, lease and then sell Boeing 787-8 Aircraft (the ‘Assets’). The
Company wholly owns two subsidiary entities, DP Aircraft Guernsey III Limited and DP Aircraft Guernsey IV
Limited (collectively and hereinafter, the ‘Borrowers’), each being a Guernsey incorporated company limited
by shares and one intermediate lessor company, DP Aircraft UK Limited (the ‘Lessor’), a UK incorporated
private limited company. The Company and its consolidated subsidiaries, DP Aircraft Guernsey III Limited, DP
Aircraft Guernsey IV Limited and DP Aircraft UK Limited comprise the consolidated Group (the ‘Group’).
The investment objective of the Group is to obtain income and capital returns for the Company’s shareholders
by acquiring, leasing and then, when the Board considers it appropriate, selling the Assets. The Company has
made its investments in the Assets through its subsidiaries. The Ordinary Shares of the Company are currently
trading on the Specialist Fund Segment of the London Stock Exchange.
For the year ended 31 December 2022 the Group made a profit of US$ 7,660,823 (31 December 2021: loss of
US$ 21,859,073). The loss in the prior year was the result of significantly high expected credit losses on
receivables, net losses of financial assets at fair value and loss on loss of control of assets, liabilities and
subsidiaries. There have been no such high losses in the financial year under review. As a result, the group
made a profit during the period ended 31 December 2022, see page 43 for full results for the year.
Notwithstanding the requirement for the aircraft to be parked in the past due to Trent 1000 issues there are
no incidents to bring to the attention of Shareholders concerning the operation of the Thai aircraft.
Inspections have revealed no matters of concern. The aircraft have been operational for most of the 2022
year and are currently in regular commercial use. Rolls Royce are continuing to address the Trent 1000 engine
warranty related issues which have not impacted the Company. A more detailed review of the business and
prospects is contained in detail in the Asset Manager’s Report on pages 10 to 19.
Results and Dividends
The profit for the year ended 31 December 2022 was US$ 7,660,823 (31 December 2021: loss of US$
21,859,073).
Under normal circumstances, the Company aims to provide Shareholders with an attractive total return
comprising income, from distributions through the period of the Company’s ownership of the Assets, and
capital, upon any sale of the Assets. The Company targets a quarterly distribution in February, May, August
and November of each year. The target distribution is US$ 0.0225 per Share per quarter.
On 3 April 2020, the Company announced a suspension of dividends until further notice due to the impact of
Covid-19 in global aviation and especially with long haul operations. The suspension is continuing and due to
recent developments as noted in Summary report on pages 4 to 6, there is no realistic prospect of the
Company's shareholders receiving a dividend or other distribution.
Subsequent Events
Refer to note 23 for further details regarding Subsequent Events.

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DP AIRCRAFT I LIMITED
ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
22 Page
DIRECTORS’ REPORT (CONTINUED)
Directors
The Directors of the Company, who served during the year and to date, are as shown below:
Jonathan Bridel;
Jeremy Thompson; and
Harald Brauns.
Directors’ Interests
The Directors interests in the shares of the Company as at 31 December 2022 are set out below and there
have been no changes in such interests up to the current date:
Number of
ordinary shares
31 December 2022
Number of
ordinary shares
31 December 2021
Connected parties of Jon Bridel 90,000 90,000
Jeremy Thompson 15,000 15,000
Harald Brauns - -
Principal Risks and Uncertainties
The Statement of Principal Risks and Uncertainties are as described on pages 33 to 35.
Substantial Shareholdings
The Directors note the following substantial interests in the Company’s share capital as at 31 December 2022
(10% and more shareholding):
o M&G Investments 59,633,421 shares – 24.92 %
o West Yorkshire PF 22,804,367 shares – 9.53 %
As at the date of this report there have been no significant changes in the above list of substantial
shareholdings.
The Board
The Board consists of three directors, all of whom are non-executive. Mr Bridel and Mr Thompson satisfy all
the criteria for assessing director independence set out by the Association of Investment Companies ("AIC")
and adopted by the Board. Although they have served on the Board for almost ten years, respectively, it is
the opinion of the other member of the Board that they both continue to demonstrate objective and
independent thought processes during Board meetings and in their dealings with the Asset Manager, and
therefore consider them both to be independent, despite their long service.
Jeremy Thompson was appointed as Senior Independent Director (the ‘SID’) on 1 April 2016.
During the year ended 31 December 2022 the Board had a breadth of experience relevant to the Company
and a balance of skills and experience.
The Board recognises the importance of diversity and will evaluate applicants to fill any vacant positions
regardless of gender and without prejudice. Applicants will be assessed on their broad range of skills,
expertise and industry knowledge, and business and other expertise. In view of the long-term nature of the
Company’s investments, the Board believes that a stable board composition is fundamental to run the
Company. The Board has not stipulated a maximum term of any directorship.

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DP AIRCRAFT I LIMITED
ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
23 Page
DIRECTORS’ REPORT (CONTINUED)
Board Independence and Disclosure
The Board is composed entirely of independent Directors, who meet as required without the presence of the
Asset Manager or service providers to scrutinise the achievement of agreed goals, objectives and monitor
performance. Through the Audit Committee and the Management Engagement Committee they are able to
ascertain the integrity of financial information and confirm that all financial controls and risk management
systems are robust and analyse the performance of the Asset Manager and other service providers on a
regular basis.
The Directors have challenged the Asset Manager throughout the year under review and for the purposes of
assessing compliance with the AIC Code, the Board as a whole considers that each Director is independent of
the Asset Manager and free from any business or other relationship that could materially interfere with the
exercise of their independent judgment. If required, the Board is able to access independent professional
advice. Open communication between the Asset Manager and the Board is facilitated by regular Board
meetings, to which the Asset Manager is invited to attend and update the Board on the current status of the
Company’s aircraft, along with ad hoc meetings as required.
The Board has met very frequently during the Covid and post Covid period and have been actively engaged
in negotiating revised agreements with its lending group and Thai. Jon Bridel and Jeremy Thompson have
served for nine years and together with Harald Brauns have acted independently and in the best interests of
the Company. The Board is now focused on using its experience to work with the Asset Manager to maximise
value for shareholders.
Directors
As the Company is not a FTSE 350 company, Directors were not subject to annual election by the shareholders
nor for the requirement for the external audit contract to be put out to tender every 10 years. Historically,
the Directors had offered themselves by rotation for re-election at each annual general meeting (‘AGM’). Jon
Bridel was re-elected at the AGM on 29 July 2022. Harald Brauns is offering himself for re-election at the
forthcoming AGM.
The Directors are on a termination notice of three months.
Directors’ Duties and Responsibilities
The Board of Directors has overall responsibility for the Company’s affairs and is responsible for the
determination of the investment policy of the Company, resolving conflicts and for monitoring the overall
portfolio of investments of the Company. To assist the Board in the day-to-day operations of the Company,
arrangements have been put in place for the performance of certain of the day-to-day operations of the
Company to third-party service providers, such as the Asset Manager, Administrator and Company Secretary,
under the supervision of the Board. The Board receives full details of the Company’s assets, liabilities and
other relevant information in advance of Board meetings.
The Board undertakes an annual evaluation of its own performance and the performance of its audit
committee and individual Directors. This is to ensure that they continue to act effectively and efficiently and
to fulfil their respective duties, and to identify any training requirements. The results of the most recent
evaluation have been reviewed by the Chairman and his fellow Directors. No significant corporate governance
issues arose from this review.
The Board also undertakes an annual review of the effectiveness of the Company’s system of internal controls
and the safeguarding of shareholders’ investments and the Company’s assets. A Management Engagement
Committee, chaired by Harald Brauns has been established to further this safeguarding. At each quarterly
meeting the Board will table and review a risk matrix. Issues identified as a result of this review are discussed
and action plans put in place as is necessary. There is nothing to highlight from the reviews of these reports
as at the date of this report.

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DP AIRCRAFT I LIMITED
ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
24 Page
DIRECTORS’ REPORT (CONTINUED)
Board Meetings
The Board meets at least four times a year to consider the business and affairs of the Company for the
previous quarter. Between these quarterly meetings the Board keeps in regular contact by email and video
calls as well as meeting to consider specific matters of a transactional nature. There is regular contact with
the Secretary and administrator.
The Directors are kept fully informed of investment and financial controls and other matters that are relevant
to the business of the Company. The Directors also have access, where necessary in the furtherance of their
duties, to professional advice at the expense of the Company.
The Board considers agenda items laid out in the Notice and Agenda which are formally circulated to the
Board in advance of any meeting as part of the board papers. Such items include but are not limited to;
investment performance, share price performance, review of marketing and shareholder communication.
The Directors may request any agenda items to be added that they consider appropriate for Board discussion.
In addition, each Director is required to inform the Board of any potential or actual conflict of interest prior
to Board discussion.
Board meetings are attended by representatives of the Asset Manager. The Company’s corporate brokers
also attend to assist the Directors in understanding the views of major shareholders about the Company.
Board Meeting attendance
The table below shows the attendance at Board meetings and Audit Committee meetings during the year.
Director No of board meetings
attended
No of audit committee
meetings attended
Jonathan Bridel 4 4
Jeremy Thompson 4 4
Harald Brauns 4 4
No. of meetings during the year 4 4
The Directors also attended over 20 ad-hoc Board, Management and Committee meetings in addition to the
regular quarterly meetings as shown in the above table and the Chairman attended further meetings with
various stakeholders and on management related matters. The board also attended committee meetings for
the Management Engagement Committee.
Directors’ Remuneration
The remuneration of the non-executive Directors is reviewed on an annual basis and compared with the level
of remuneration for directorships of funds with similar responsibilities and commitments.
Base annual fees are as follows:
Annual Fees Oct 22 to
Dec 22
Jan 22 to
Sept 22
Jan 21 to
Dec 21
Jonathan Bridel £61,750 £66,000 £66,000
Jeremy Thompson £49,450 £53,700 £53,700
Harald Brauns £49,450 £53,800 £53,800
Director fees have now been reduced by 10% which was the portion being deferred and possibly payable in
shares. The reduction in fees is effective 1 October 2022.

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DP AIRCRAFT I LIMITED
ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
25 Page
DIRECTORS’ REPORT (CONTINUED)
Directors’ Remuneration (continued)
In the prior year, in recognition of the extra services performed by the Directors and the significant increase
of committed time during 2021 due to the Group’s circumstances, the board earned extra fees of £65,000
which were not paid in cash but deferred to be possibly settled by the issue of shares. No additional fees were
earned by the board during the 2022 financial period.
Additional Fees 2022 2021
Jonathan Bridel - £25,000
Jeremy Thompson - £20,000
Harald Brauns - £20,000
During the current and prior year each Director received the following remuneration in the form of Directors’
fees from Group companies:
Year ended Year ended
31 December 2022 31 December 2021
£
US$
equivalent £
US$
equivalent
Jonathan Bridel (Chairman) 64,937 80,701 91,000 121,613
Jeremy Thompson (Audit Committee
Chairman)
52,637 65,503 73,700 98,493
Harald Brauns (Management
Engagement Committee Chairman)
48,229
60,064
75,050
100,298
1
65,803
206,2
68
239,750
320,404
Up to 30 September 2022, 10% of base fees and all extra fees were not paid by way of cash payments but
were deferred to be settled in the future or to be paid by way of equity. There has been no settlement of
director remuneration via the issue of equity in the current year (2021: nil) and the deferred fees remain
outstanding as at 31 December 2022 (see note 13).
There are no executive director service contracts in issue.
Remuneration Policy
All Directors of the Company are non-executive and therefore there are no incentive or performance
schemes. Each director’s appointment is subject to an appointment letter and article 24 of the Company’s
articles of association. Base remuneration is paid monthly in arrears and reflects the experience,
responsibility, time, commitment and position on the main board as well as responsibility for sitting on
subsidiary boards when required. The Chairman, Audit Chairman (SID) and other committee Chairman may
receive additional remuneration to reflect the increased level of responsibility and accountability. The
maximum amount of directors’ fees payable by the Company in any one year is currently set at £200,000 in
accordance with article 24. Remuneration may if deemed appropriate also be payable for special or extra
services if required in accordance with article 24. This is defined as work undertaken in connection with a
corporate transaction including a new prospectus to acquire, finance and lease an aircraft and/or engines,
managing a default, refinancing, sale or re-lease of aircraft and for defending a takeover bid. This may include
reasonable travel time if applicable. The board may appoint an independent consultant to review fees if it is
considered an above inflation rise may be appropriate.
Internal Controls and Risk Management Review
The Board is responsible for the Company’s system of internal control and for reviewing its effectiveness. The
Board confirms that there is an ongoing process for identifying, evaluating and monitoring the significant risks
faced by the Company.

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DP AIRCRAFT I LIMITED
ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
26 Page
DIRECTORS’ REPORT (CONTINUED)
Internal Controls and Risk Management Review (continued)
The Board carries out an annual review of internal controls including those of the administrator. The internal
control systems are designed to meet the Company’s particular needs and the risks to which it is exposed.
Accordingly, the internal control systems are designed to manage rather than eliminate the risk of failure to
achieve business objectives and by their nature can only provide reasonable and not absolute assurance
against misstatement and loss.
The Directors of the Company clearly define the duties and responsibilities of their agents and advisors. The
appointment of agents and advisers is conducted by the Board after consideration of the quality of the parties
involved and the Board monitors their ongoing performance and contractual arrangements. Each service
provider is reviewed annually, and key risks and operating matters are addressed as part of that review.
Dialogue with Shareholders
All holders of shares in the Company have the right to receive notice of, and attend, all general meetings of
the Company, during which the Directors are available to discuss issues affecting the Company. The Directors
are available to enter into dialogue with shareholders and make themselves available for such purpose when
reasonably required. The Company believes such communications to be important. Reports are provided to
the Board of Directors on shareholders’ views about the Company and any issues or concerns they might
have.
Board Policy on Tenure and Independence
The Board has not yet formed a policy on tenure. However, it does consider the independence of each
director on an annual basis during the performance evaluation process. All Directors are considered
independent.
Auditor
KPMG, Chartered Accountants have indicated their willingness to continue in office.
Going Concern
The Directors believe that it is appropriate to prepare these financial statements on the going concern basis
due to current cash flow forecasts which include fixed rentals and show that the Group has sufficient cash
and resources to cover operating costs for a period of at least 12 months from the signing of these financial
statement.
In making this conclusion, the Directors have also taken into account: -
the positive outlook for Thai Airways with both Thai aircraft in a full return to service condition and
now earning fixed rentals. There is an expectation, based on commentary by the Thai Administrator
responsible for the rehabilitation of Thai Airways, that Thai Airways will continue to be viable and will
be able to meet the terms of the revised lease agreements. This position regarding Thai’s viability is
further enhanced by the announcement on 9 August 2022 that Thai state-owned banks will provide
new loans and cash infusions to Thai. Furthermore, the Thai Government has stated that it plans to
preserve its 40% holding in Thai which may grow further but will not exceed 50%; and
the expectation that DekaBank which made loans to the Group (with certain loan concessions) will
continue supporting the Group. The loan agreement with DekaBank was amended and restated in
February 2023. Per the amended terms, monthly payments of interest and principal will be limited to net
lease rental monies available for application towards the loans of US$ 475,000 per loan and the final
balloon repayments will be settled out of proceeds from sale of the aircraft at the end of the lease term
if the loan is not refinanced. The US$ 475,000 equates to a monthly lease rental of US$ 510,000 less US$
35,000 paid to the Company as a contribution towards its costs.

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DP AIRCRAFT I LIMITED
ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
27 Page
DIRECTORS’ REPORT (CONTINUED)
Going Concern (continued)
The Directors are not aware of any material uncertainties that may cast significant doubt upon the Group’s
ability to continue as a going concern.
Viability Statement
As with previous reports the Directors regularly assess the viability of the Group with respect to the impact
of potential risks the Group faces and the Group’s current position.
The Group has been in extensive negotiations with its lenders during the year and subsequent to the year
end. In February 2023, the Group and DekaBank entered into Second Amendment and Restatement to the
Loan Agreements in which the parties agreed to new repayment schedules for the loans in place. Under the
revised repayment schedules, monthly payments of interest and principal will be limited to net lease rental
monies available for application towards the loans of US$475,000 per loan and the final balloon repayments
will be settled out of proceeds from sale of the aircraft at the end of the lease term. These new repayment
terms are in line with the lease agreements in place and so the terms are beneficial to the group.
The PBH period on the Thai Airways leases expired on 31 December 2022 and now the Group will be receiving
fixed monthly rental payments of US$510,000 per aircraft from Thai effective January 2023. This is in line
with the amended lease agreements finalised and signed on 1 April 2022. US$35,000 per aircraft of the fixed
monthly rental payments will be retained by the Group to contribute to ongoing fixed costs, the remainder
will be used to cover principal and interest payable on the DekaBank loans per above.
Both aircraft have been operational for most of the 2022 year and are currently in regular commercial use.
With both aircraft operational, this not only means the aircraft are earning revenue, but it also means that if
Thai were to default, the aircraft are in the best possible condition for either a re-lease or a sale. The viability
and therefore continuation of the Group looks positive save any major, likely force majeure, scenarios.
Mindful of the significant challenges which could still impact the airline industry, Thai Airways in particular
and the Company, the Company has extended its viability period to June 2024 assuming Thai Airways
continue to meet its lease payment obligations and certain service providers continue to defer some of their
fees as agreed. The Group is required to present a plan for refinancing or similar to the lenders before the
expiry of the current loan facilities in the last quarter of 2026. The Directors will consider their options after
the viability period.
Foremost amongst the near-term risks faced by the Group, is the successful emergence from restructuring of
Thai Airways and the recovery from Covid related restrictions to Thai‘s tourist economy. So far, the news from
Thai Airways has been positive, the Thai Administrator (Planner) responsible for the rehabilitation of Thai has
outlined that he feels that the measures taken have materially addressed major cost areas (fleet size
reduction, staff cuts, pay cuts, property rationalisation) and further that Thai have raised a reasonable
amount of capital from asset sales. The Directors note that whilst they believe that Thai Airways has a strong
possibility of successfully completing the rehabilitation, there is no guarantee of this. The Directors continue
to monitor the developments of the rehabilitation process and the impact on the Group.
The Directors regularly consider and assess the viability of the Company and take into account the Company’s
current position and the potential impact of the principal risks outlined below. The Directors have considered
the impact of the Russian invasion of Ukraine on the Group and concluded that to date there has been no
material impact on the operations of the Group serve for indirect impacts such as rising fuel costs.

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DP AIRCRAFT I LIMITED
ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
28 Page
DIRECTORS’ REPORT (CONTINUED)
Viability Statement (continued)
The Directors continue to consider that an investment in the Company should be regarded as long term in
nature and is suitable only for sophisticated investors, investment professionals, high net worth bodies
corporate, unincorporated associations and partnerships and trustees of high value trusts and private clients
(all of whom will invest through brokers), in each case, who can bear the economic risk of a substantial or
entire loss of their investment and who can accept that there may be limited liquidity in the shares.
The Directors consider that the Notes to the Financial Statements are integral to the support of the Viability
Statement.
Annual General Meeting
The next AGM of the Company will be held in Guernsey at a date that will communicated in the future at East
Wing, Trafalgar Court, Les Banques, St Peter Port, Guernsey. The meeting will be held to, inter alia; receive
the Annual Report and Audited Consolidated Financial Statements; elect and re-elect Directors; propose the
reappointment of the auditor; authorise the Directors to determine the auditor’s remuneration; approve the
Directors’ remuneration policy; authorise the Company to issue and allot new shares and approve a partial
disapplication of the pre-emption rights to allow the Company to issue new shares by way of tap issues.
Shareholders are encouraged to vote in advance by proxy. The formal notice of AGM will be issued to
shareholders in due course.
The Board continues to welcome engagement with its shareholders and those who have questions relating
directly to the business of the AGM can forward their questions to the Company Secretary by email to
DPA@aztecgroup.co.uk by no later than one week before the AGM. A Q&A reflecting the questions received
and responses provided will be made available on the Company’s website at www.dpaircraft.com as soon as
practicable following the AGM.
On 29 July 2022 at the Company's last AGM, 22.34% of total votes cast were cast against resolution 4 (to
approve the Directors’ remuneration report as set out in the 2021 Annual Report) and against resolution 5
(to approve the Directors’ Remuneration Policy for the year ending 31 December 2022 as set out in the 2021
Annual Report). The Company noted that it would reflect and continue to consult with shareholders in this
respect.
The Company has subsequently discussed the matter with shareholders who wished to engage further and
explained the reason for higher director fees in 2021 was due to the significant extra work required by the
Board to restructure lease and loan agreements resulting from the significant revenue reduction due to the
impact of the Covid pandemic on the Company’s Lessees. Notwithstanding the higher fees payable, to date
no additional fees and some annual fees have not been paid due to restrictions imposed by the Lenders as
part of the loan restructuring. The Company also highlighted that additional fees would be unlikely in 2022
notwithstanding the considerable time still invested.
The Board is thankful to all shareholders for their continuous support.
Corporate Governance
The Company is not required to comply with any particular corporate governance codes in the UK or
Guernsey, but the Directors take corporate governance seriously and will have regard to relevant corporate
governance standards in determining the Company’s governance policies including without limitation in
relation to corporate reporting, risk management and internal control procedures.
The Directors intend to comply, and ensure that the Company complies, with any obligations under the
Companies (Guernsey) Law, 2008 and the Articles to treat shareholders fairly as between themselves.

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DP AIRCRAFT I LIMITED
ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
29 Page
DIRECTORS’ REPORT (CONTINUED)
Directors’ Share Dealings
The Board has agreed to adopt and implement the Market Abuse Regulation for Directors’ dealings. The
Board will be responsible for taking all proper and reasonable steps to ensure compliance with the Market
Abuse Regulation.
Board Committees
The Board of Directors has established an audit committee, which operates under detailed terms of
reference, copies of which are available on request from the Company Secretary. Details of the Company
Secretary are included within the Company information on pages 74.
The Board have established a Management Engagement Committee which reviewed the performance of the
Asset Manager and the key service providers at least annually and this review includes a consideration of the
service providers’ internal controls, risk management, operational management, information technology and
their effectiveness.
Alternative Investment Fund Managers Directive (‘AIFMD’)
In July 2013 the European Alternative Investment Fund Management Directive (‘AIFMD’) came into effect
with transitional provisions until July 2014. The Company has been determined to be a ‘self-managed’
Guernsey Alternative Investment Fund (‘AIF’) and as such will be treated as a non-EU AIFM for the purposes
of the Directive. The Company has registered with the Financial Conduct Authority (and notified the Guernsey
Financial Services Commission) under the AIFMD (Marketing) Rules, 2013.
For a non-EU AIFM that has over EUR 100 million (equivalent to US$ 107 million at 31 December 2022) of net
assets under management and also utilises leverage, certain Annual Investor Disclosures are required.
For the purpose of AIFMD, the Company is a Self-Managed Alternative Investment Fund Manager with assets
above the EUR 100 million (equivalent to US$ 107 million at 31 December 2022), with leverage, threshold.
AIFMD does not prescribe use of any one particular accounting standard. However, the financial statements
must be audited by an auditor empowered by law to audit the accounts in accordance with the EU Statutory
Audit Directive.
The required disclosures for investors are contained within the Financial Conduct Authority checklist and the
Company’s compliance therewith can be found in Appendix 1 to these financial statements.
Environmental, social and governance (ESG)
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-kilometre basis than similar comparable current technology legacy aircraft. The
Board continue to implement steps to reduce its own travelling and maximises the use of virtual meetings
within the board and with all its key service providers.
Jonathan Bridel Jeremy Thompson
Director Director

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DP AIRCRAFT I LIMITED
ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
30 Page
REPORT OF THE AUDIT COMMITTEE
On the following pages, we present the Audit Committee (the ‘Committee’) Report for 2022, setting out the
Committee’s structure and composition, principal duties and key activities during the year. The Committee
has reviewed the Company’s financial reporting, the independence and effectiveness of the independent
auditor (the ‘auditor’) and the internal control and risk management systems of service providers.
The Board is satisfied that for the period under review and thereafter the Committee has recent and relevant
commercial and financial knowledge sufficient to satisfy the requirements of the Committee’s remit.
Structure and Composition
The Committee is chaired by Mr Thompson and its other members are Mr Bridel and Mr Brauns.
The Committee conducts formal meetings not less than three times a year. There were four meetings during
the period under review and multiple ad-hoc meetings. All Directors were present and forming part of the
quorum. The auditor is invited to attend those meetings at which the annual and interim reports are
considered.
Principal Duties
The role of the Committee includes:
Monitoring the integrity of the published financial statements of the Group;
Keeping under review the consistency and appropriateness of accounting policies on a year to year basis;
Satisfying itself that the annual financial statements, the interim statement of financial results and any
other major financial statements issued by the Group follow International Financial Reporting Standards
and give a true and fair view of the Group and its subsidiaries’ affairs; matters raised by the external
auditors about any aspect of the financial statements or of the Group’s internal control, are appropriately
considered and, if necessary, brought to the attention of the board, for resolution;
Monitoring and reviewing the quality and effectiveness of the auditor and their independence;
Considering and making recommendations to the Board on the appointment, reappointment,
replacement and remuneration of the Group’s auditor;
Monitoring and reviewing the internal control and risk management systems of the service providers;
and
Considering at least once a year whether there is a need for an internal audit function.
The complete details of the Committee’s formal duties and responsibilities are set out in the Committee’s
terms of reference, a copy of which can be obtained from the Secretary.
Independent Auditor
The Committee is also the forum through which the auditor reports to the Board of Directors. The Committee
reviews the scope and results of the audit, its cost effectiveness and the independence and objectivity of the
auditor, with particular regard to the terms under which it is appointed to perform non-audit services
including fees. The Committee has established pre-approval policies and procedures for the engagement of
KPMG, Ireland (‘KPMG’) to provide non-audit services. KPMG has been the independent auditor from the
date of the initial listing on the Specialist Fund Segment of the London Stock Exchange.
The audit fees proposed by the auditor each year are reviewed by the Committee taking into account the
Group’s structure, operations and other requirements during the year and the Committee make appropriate
recommendations to the Board. The Committee considers KPMG to be independent of the Company. The
Committee also met with the external auditors without the Asset Manager or Administrator being present so
as to provide a forum to raise any matters of concern in confidence.

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DP AIRCRAFT I LIMITED
ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
31 Page
REPORT OF THE AUDIT COMMITTEE (CONTINUED)
Evaluations or Assessments made during the year
The following sections discuss the assessments made by the Committee during the year:
Significant Areas of Focus for the Financial Statements
The Committee’s review of the interim and annual financial statements focused on:
Valuation of the Company’s Assets (more detail in relation to the approach is in note 3);
Assessing straight lining lease asset for impairment;
The financial statements giving a true and fair view and being prepared in accordance with International
Financial Reporting Standards and the Companies (Guernsey) Law, 2008; and
Going concern and the viability statement review.
Effectiveness of the Audit
The Committee had formal meetings with KPMG during the period under review:
Before the start of the audit to discuss formal planning, discuss any potential issues and agree the scope
that will be covered; and
After the audit work was concluded to discuss any significant matters such as those stated above.
The Board considered the effectiveness and independence of KPMG by using a number of measures,
including but not limited to:
The audit plan presented to them before the start of the audit;
The audit results report;
Changes to audit personnel;
The auditor’s own internal procedures to identify threats to independence; and
Feedback from both the Asset Manager and Administrator.
Internal Audit
There is no internal audit function. As all of the Directors are non-executive and all of the Company’s
administration functions have been delegated to independent third parties, the Audit Committee considers
that there is no need for the Company to have an internal audit function. However, this matter is reviewed
periodically.
Conclusion and Recommendation
After reviewing various reports such as the operation and risk management framework and performance
reports from the Directors and the Asset Manager and assessing the significant areas of focus for the financial
statements listed on pages 43 to 46, the Committee is satisfied that the financial statements appropriately
address the critical judgements and key estimates (both in respect to the amounts reported and the
disclosures).
The Committee is also satisfied that the significant assumptions used for assessing going concern and,
determining the value of assets and liabilities have been appropriately scrutinised, challenged and are
sufficiently robust. The independent auditor reported to the Committee that no material misstatements were
found in the course of its work. Furthermore, the Administrator confirmed to the Committee that they were
not aware of any material misstatements including matters relating to presentation.
The Committee confirms that it is satisfied that the independent auditor has fulfilled its responsibilities with
diligence and professional scepticism. Following the completion of the financial statements review process
on the effectiveness of the independent audit and the review of audit services, the Committee will
recommend that KPMG be reappointed at the next Annual General Meeting.

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DP AIRCRAFT I LIMITED
ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
32 Page
REPORT OF THE AUDIT COMMITTEE (CONTINUED)
Conclusion and Recommendation (continued)
For any questions on the activities of the Committee not addressed in the foregoing, a member of the
Committee will attend each Annual General Meeting to respond to such questions.
By order of the Audit Committee
Jeremy Thompson
Audit Committee Chairman

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DP AIRCRAFT I LIMITED
ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
33 Page
STATEMENT OF PRINCIPAL RISKS AND UNCERTAINTIES
Geopolitical and economic risks
The Company leases aircraft to a customer in Thailand exposing it to (i) Thailand’s varying economic, social,
legal and geopolitical risks, (ii) instability of Thailand markets and (iii) the impact of global health pandemics
and other global market disruptions. The Directors continue to monitor the development of COVID-19 and
are continuing to assess the impact on the Company. Exposure to Thailand’s jurisdiction may adversely affect
the Company’s future performance, position and growth potential if Thailand’s economy does not perform
well or if laws and regulations that have an adverse impact on the aviation industry are passed in Thailand.
The adequacy and timeliness of the Company’s response to emerging risks in this jurisdiction is of critical
importance to the mitigation of their potential impact on the Company.
The Geopolitical risk surrounding the Russian invasion of Ukraine and the subsequent fall-out have the
potential to impact travel and/or travellers’ willingness to travel which in turn could impact the volume of
traffic to and from Thailand.
Exposure to the commercial airline industry
As a supplier to and partner of the airline industry, the Group is exposed to the financial condition of the
airline industry as it leases its aircraft to commercial airline customers. The financial condition of the airline
industry is affected by, among other things, geopolitical events, outbreaks of communicable pandemic
diseases and natural disasters, fuel costs and the demand for air travel. To the extent that any of these factors
adversely affect the airline industry they may result in (i) downward pressure on lease rates and aircraft
values, (ii) higher incidences of lessee defaults, restructuring, and repossessions and (iii) inability to lease
aircraft on commercially acceptable terms.
Thai Airways
Thai went into debt rehabilitation on 27 May 2020 and the business rehabilitation plan was approved on 15
June 2021 by the Central Bankruptcy Court of Thailand. There is risk that the business rehabilitation plan
does not achieve the desired results, and this would have an adverse impact on the entity’s lease
arrangements with Thai Airways which is the core source of income for the Group.
The continuing impact of COVID-19 and the conflict between Russia and Ukraine has the potential to impact
Thai’s business rehabilitation plan and adversely impact the Group. This is particularly relevant for the Group
given the aircraft leased to Thai Airways is the sole source of income for the Group.
COVID-19 Impact
The COVID-19 pandemic continues to put a significant burden on the airline industry. Even as travel bans are
gradually being lifted, it may take years until capacity and numbers of passenger return to pre-COVID-19
levels. Expectations are that capacity will not return to pre-COVID-19 levels before 2024. This uncertainty as
to when capacity will return to normal levels and the possibility of further strains which could again result in
lockdowns and travel bans pose a risk to the Group.
Asset risk
The Company’s Assets as at year end comprise of two Boeing 787-8 aircraft. The Group bears the risk of selling
or re-leasing the aircraft in its fleet at the end of their lease terms or if the lease is terminated. If demand for
aircraft decreases market lease rates may fall, and should such conditions continue for an extended period,
it could affect the market value of aircraft in the fleet and may result in an impairment charge. The Directors
have engaged an asset manager with appropriate experience of the aviation industry to manage the fleet and
remarket or sell aircraft as required to reduce and address this risk. Any lasting impact of the COVID-19
situation on both aircraft demand and lease rates are at present unknown.

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DP AIRCRAFT I LIMITED
ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
34 Page
STATEMENT OF PRINCIPAL RISKS AND UNCERTAINTIES (CONTINUED)
Asset risk (continued)
There is no guarantee that, upon expiry or cessation of the leases, the Assets could be sold or re-leased for
an amount that would enable shareholders to realise a capital profit on their investment or to avoid a loss.
Costs regarding any future re-leasing of the assets would depend upon various economic factors and would
be determinable only upon an individual re-leasing event. Potential reconfiguration costs could in certain
circumstances be substantial.
Key personnel risk
The ability of the Company to achieve its investment objective is significantly dependent upon the advice of
certain key personnel at its Asset Manager DS Aviation GmbH & Co. KG; there is no guarantee that such
personnel will be available to provide services to the Company for the scheduled term of the Leases or
following the termination of the Lease. However, Key Man clauses within the Asset Management agreement
do provide a base line level of protection against this risk.
Credit risk & Counterparty risk
Credit risk is the risk that a significant counterparty will default on its contractual obligations. The Group’s
most significant counterparty is Thai Airways as lessee and provider of income and DekaBank Deutsche
Girozentrale (‘DekaBank’) as holder of the Group’s cash and restricted cash. The lessee does not maintain a
credit rating. Thai Airways is currently in the early stages of implementing a rehabilitation plan. The Moody’s
credit rating of DekaBank is Aa2 (2021: Aa2).
There is no guarantee that the business rehabilitation process of Thai Airways will be successful even though
developments to date have been positive. Failure of any material part of the business rehabilitation plan may
have an adverse impact on its ability to comply with its obligations under the amended lease agreement
entered into in 2022.
Any failure by Thai Airways to pay any amounts when due could have an adverse effect on the Group’s ability
to comply with its obligations under the DekaBank loan agreements and could result in the lenders enforcing
their security and selling the relevant Assets on the market potentially negatively impacting the returns to
investors. In mitigation, Thai Airways is an international full-service carrier and is important to Thailand’s
economy and as such it is unlikely that the Government will not provide it with the necessary support to see
it through its restructure. However, there is no guarantee and hence a significant risk remains.
Refinancing risk
The Group is required to present a plan for refinancing or similar to the lenders before the expiry of the
current loan facilities in the last quarter of 2026. There is a risk that the Group will not be able to replace the
DekaBank debt obligation with new debt before the expiry of the current loan facilities. If not able to
refinance, the Group would have to dispose the aircraft to settle the loan and there is no guarantee that the
Assets could be sold for an amount that would enable shareholders to realise a capital profit on their
investment or to avoid a loss.
Liquidity risk
In order to finance the purchase of the Assets, the Group entered into loan agreements. Pursuant to the loan
agreements, the lenders are given first ranking security over the Assets. Under the provisions of each of the
loan agreements, the Borrowers are required to comply with loan covenants and undertakings. A failure to
comply with such covenants or undertakings may result in the relevant lenders recalling the relevant loan. In
such circumstances, the Group may be required to remarket the relevant Asset (either sell or enter into a
subsequent lease) to repay the outstanding relevant loan and/or re-negotiate the loan terms with the
relevant lender.

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DP AIRCRAFT I LIMITED
ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
35 Page
STATEMENT OF PRINCIPAL RISKS AND UNCERTAINTIES (CONTINUED)
Boeing
The Company is exposed to Boeing being able to resolve any identified 787 related problems which the FAA
or other regulatory bodies designate as restricting commercial operations. At present no such restrictions
exist. The 787 is considered a latest generation aircraft type which has pioneered areas including the
extensive use of carbon fibre in its fuselage and wing construction.
Rolls Royce
The Company has exposure to Rolls Royce as suppliers of the Trent 1000 engines in terms of ongoing support.
Announcements by RR have implied that the low-pressure turbine (LPT) and other known previous engine
performance issues have been resolved. The Trent 1000 is a highly fuel-efficient engine, representing the
latest engine technology. As such the Company is exposed to any future as yet unknown performance issues.
This situation is partially mitigated by Thai using Rolls Royce Total Care and by the Asset Manager having
oversight of performance issues from both physical and desktop checks.

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DP AIRCRAFT I LIMITED
ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
36 Page
STATEMENT OF DIRECTORS’ RESPONSIBILITIES
The Directors are responsible for preparing the financial statements in accordance with the applicable
financial reporting framework. They have decided to prepare the financial statements in accordance with
International Financial Reporting Framework (‘IFRS’). The financial statements are required by law to comply
with the Companies (Guernsey) Law, 2008.
The Directors are also responsible for ensuring its Annual Report and Audited Consolidated Financial
Statement meet the requirements of the UK’s FCA Disclosure and Transparency Rules.
In preparing these financial statements, the Directors have:
selected suitable accounting policies and applied them consistently;
made judgements and estimates that are reasonable and prudent;
stated whether they have been prepared in accordance with IFRS;
assessed the Company’s ability to continue as a going concern, disclosing, as applicable, matters related
to going concern; and
used the going concern basis of accounting unless they either intend to liquidate the Company or cease
operations or have no realistic alternative but to do so.
The Directors are responsible for keeping adequate accounting records which disclose with reasonable
accuracy at any time the assets, liabilities, financial position and profit or loss of the Company and which
enable them to ensure that these financial statements comply with IFRS and the Companies (Guernsey) Law,
2008. They are also responsible for such internal controls as they determine is necessary to enable the
preparation of financial statements that are free from material misstatement, whether due to fraud or error,
and have a general responsible for safeguarding the assets of the Company, and hence for taking reasonable
steps for the prevention and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the financial information included on the
Company’s website. Legislation in Guernsey governing the preparation and dissemination of financial
statements may differ from legislation in other jurisdictions.
Signed on behalf of the Board by
Jonathan Bridel Jeremy Thompson
Director Director

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF DP AIRCRAFT I LIMITED
Report on the audit of the financial statements
Opinion
We have audited the consolidated financial statements (“the financial statements”) of DP Aircraft I
Limited (‘the Company’) and its consolidated undertakings (collectively ‘the Group’) for the year ended
31 December 2022, which comprise the consolidated statement of financial position, the consolidated
statement of comprehensive income, consolidated statement of changes in equity and consolidated
statement of cash flows and related notes, including the summary of significant accounting policies
set out in note 2. The financial reporting framework that has been applied in their preparation is
Guernsey Law, UK adopted international accounting standards and, as regards the Company
financial statements, as applied in accordance with the provisions of the Companies (Guernsey) Law
2008 and UK adopted international accounting standards.
In our opinion:
• the financial statements give a true and fair view of the state of the Group’s affairs as at 31
December 2022 and of the Group’s profit for the year then ended;
• the Group financial statements have been properly prepared in accordance with UK adopted
international accounting standards;
• the financial statements have been prepared in accordance with the requirements of the
Companies (Guernsey) Law 2008.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”)
and applicable law. Our responsibilities under those standards are further described in the Auditor’s
responsibilities for the audit of the financial statements section of our report. We believe that the audit
evidence we have obtained is a sufficient and appropriate basis for our opinion. Our audit opinion is
consistent with our report to the audit committee.
We were appointed as auditor by the directors for the year ended 31 December 2014. The period of
total uninterrupted engagement is for the eight financial years ended 31 December 2022. We have
fulfilled our ethical responsibilities under, and we remain independent of the Group in accordance with
UK ethical requirements, including the Financial Reporting Council (FRC)'s Ethical Standard as
applied to listed public interest entities.
During the year we identified a breach of certain aspects of the ethical requirements relating to the
provision of prohibited tax services to subsidiaries of the Company. Notwithstanding the
aforementioned we have concluded that our objectivity has not been compromised and the firm and
the engagement team are independent of the Company. The firm no longer provides these prohibited
services.
Conclusions relating to going concern
The directors have prepared the financial statements on the going concern basis as they do not
intend to liquidate the Group or to cease their operations, and as they have concluded that the
Group’s financial position means that this is realistic. They have also concluded that there are no
material uncertainties that could have cast significant doubt over their ability to continue as a going


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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF DP AIRCRAFT I LIMITED
(continued)
Conclusions relating to going concern (continued)
concern for at least a year from the date of approval of the financial statements (“the going concern
period”).
In auditing the financial statements, we have concluded that the directors' use of the going concern
basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the
directors' assessment of the entity’s ability to continue to adopt the going concern basis of accounting
included.
We evaluated the directors’ assessment of the entity’s ability to continue to adopt the going concern
basis of accounting. In our evaluation of the Directors’ conclusions, we considered the inherent risks
to the Group’s business model and analysed how those risks might affect the Group’s financial
resources or ability to continue operations over the going concern period.
The risk that we considered most likely to adversely affect the Group’s available financial resources
over this period is the ability of the Group’s lessee to continue to meet its contractual lease
obligations.
As this is a risk that could potentially cast significant doubt on the Group’s ability to continue as a
going concern, we considered sensitivities over the level of available financial resources indicated by
the Group’s financial forecasts taking account of reasonably possible (but not unrealistic) adverse
effects that could arise from these risks individually and collectively. We evaluated the achievability of
the actions the Directors consider they would take to improve the position should the risks materialise.
Based on the work we have performed, we have not identified any material uncertainties relating to
events or conditions that, individually or collectively, may cast significant doubt on the Group’s ability
to continue as a going concern for a period of at least twelve months from the date when the financial
statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are
described in the relevant sections of this report.
However, as we cannot predict all future events or conditions and as subsequent events may result in
outcomes that are inconsistent with judgements that were reasonable at the time they were made, the
absence of reference to a material uncertainty in this auditor's report is not a guarantee that the Group
will continue in operation.
Detecting irregularities including fraud
We identified the areas of laws and regulations that could reasonably be expected to have a material
effect on the financial statements and risks of material misstatement due to fraud, using our
understanding of the entity's industry, regulatory environment and other external factors and inquiry
with the directors. In addition, our risk assessment procedures included:
• Inquiring with the directors as to the Group’s policies and procedures regarding compliance with
laws and regulations, identifying, evaluating and accounting for litigation and claims, as well as
whether they have knowledge of non-compliance or instances of litigation or claims.
• Inquiring of directors as to the Group’s policies and procedures to prevent and detect fraud, as
well as whether they have knowledge of any actual, suspected or alleged fraud.
• Inquiring of directors regarding their assessment of the risk that the financial statements may be
materially misstated due to irregularities, including fraud.
• Reading Board and audit committee minutes.
We discussed identified laws and regulations, fraud risk factors and the need to remain alert among
the audit team.


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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF DP AIRCRAFT I LIMITED
(continued)
Detecting irregularities including fraud (continued)
Firstly, the Group is subject to laws and regulations that directly affect the financial statements
including companies and financial reporting legislation. We assessed the extent of compliance with
these laws and regulations as part of our procedures on the related financial statement items,
including assessing the financial statement disclosures and agreeing them to supporting
documentation when necessary.
Secondly, the Group is subject to many other laws and regulations where the consequences of non-
compliance could have a material effect on amounts or disclosures in the financial statements, for
instance through the imposition of fines or litigation. We identified the following areas as those most
likely to have such an effect: ongoing compliance with listing rules given the regulated nature of the
Group’s activities.
Auditing standards limit the required audit procedures to identify non-compliance with these non-direct
laws and regulations to inquiry of the directors and inspection of regulatory and legal correspondence,
if any. These limited procedures did not identify actual or suspected non-compliance
We assessed events or conditions that could indicate an incentive or pressure to commit fraud or
provide an opportunity to commit fraud. As required by auditing standards, we performed procedures
to address the risk of management override of. On this audit we do not believe there is a fraud risk
related to revenue recognition.
In response to the fraud risks, we also performed procedures including:
• Identifying journal entries and other adjustments to test based on risk criteria and comparing the
identified entries to supporting documentation.
• Assessing significant accounting estimates for bias
• Assessing the disclosures in the financial statements
As the Group is regulated, our assessment of risks involved obtaining an understanding of the legal
and regulatory framework that the Group operates and gaining an understanding of the control
environment including the entity’s procedures for complying with regulatory requirements.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have
detected some material misstatements in the financial statements, even though we have properly
planned and performed our audit in accordance with auditing standards. For example, the further
removed non-compliance with laws and regulations (irregularities) is from the events and transactions
reflected in the financial statements, the less likely the inherently limited procedures required by
auditing standards would identify it.
In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as these
may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
controls. We are not responsible for preventing non-compliance and cannot be expected to detect
non-compliance with all laws and regulations.

Key audit matters: our assessment of risks of material misstatement
Key audit matters are those matters that, in our professional judgment, were of most significance in
the audit of the financial statements and include the most significant assessed risks of material
misstatement (whether or not due to fraud) identified by us, including those which had the greatest
effect on: the overall audit strategy; the allocation of resources in the audit; and directing the efforts of
the engagement team. These matters were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion
on these matters.

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF DP AIRCRAFT I LIMITED
(continued)
Key audit matters: our assessment of risks of material misstatement (continued)


Valuation of PPE – Aircraft & related components $125.5 million (2021: $126.4 million)
Refer to page 49, (accounting policy), pages 53 and 54 (significant estimates) and page 57 and 58
(financial disclosures)
The key audit matter
At 31 December 2022, the carrying
value of the Group’s aircraft portfolio,
including related components
amounted to $125.5 million or 79% of
total assets.
The Group applies the requirements
of IAS-36 Impairment of Assets (‘IAS-
36’) in order to determine whether it is
necessary to recognise an
impairment loss on any aircraft and
related assets.
There is a significant risk relating to
the valuation of aircraft given the
judgemental nature of the
assumptions and the inputs
to the
impairment model that require
consideration by the Board of
Directors.

How the matter was addressed in our audit
In relation to the audit of the impairment assessment of
aircraft and related components, the procedures we
undertook included, amongst others:

We obtained an understanding of, and tested the design and
implementation, of the key control around the impairment
assessment of aircraft and related components being the
consideration and approval by the Board of Directors of the
impairment assessment.

We inquired of the Board of Directors about plans for aircraft
disposals or other actions that may negatively impact on
aircraft recoverable amounts.

We evaluated the (i) competence, capabilities and objectivity
of experts employed by the Group to provide aircraft current
market values and (ii) the appropriateness of their work as
audit evidence. We obtained the current market value
reports of the independent valuers to validate the current
market values to the impairment model and compared to the
other independent valuers reports to determine the were
reasonable.

We evaluated the Board of Directors identification and
reasonableness of impairment indicators, and assessed the
methodology adopted in its impairment model with reference
to o
ur understanding of the Group’s business and the
requirements of IAS-
36. We assessed the calculations
underlying the impairment model by checking that the data
and assumptions input (including current market value) into
the model were in agreement with th
ose that we had
evaluated.

We assessed the adequacy of the disclosures made by the
Group regarding the impairment assessment of aircraft and
related components in the financial statements for
compliance with the relevant accounting standards.

As a result of the procedures performed, we found the
Groups judgements around current market values were
reasonable.

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF DP AIRCRAFT I LIMITED
(continued)
Our application of materiality and an overview of the scope of our audit
Materiality for the Group financial statements as a whole was set at $1.15m (2021: $0.7m),
determined with reference to a benchmark of total assets (of which it represents 0.75% (2021: 0.5%)).
In applying our judgement in determining the most appropriate benchmark, the factors, which had the
most significant impact were:
• our understanding that one of the principal considerations for investors in assessing the financial
performance is the value of the Group’s assets; and
• the stability of the Group, resulting from its nature, where the Group is in its life cycle and the
industry in which the Group operates.
In applying our judgement in determining the percentage to be applied to the benchmark, the
following qualitative factors, had the most significant impact, increasing our assessment of materiality:
• the increased stability of the business environment in which it operates
We applied Group materiality to assist us determine the overall audit strategy
Performance materiality
In line with our audit methodology, our procedures on individual account balances and disclosures
were performed to a lower threshold, performance materiality, so as to reduce to an acceptable level
the risk that individually immaterial misstatements in individual account balances add up to a material
amount across the financial statements as a whole.
Performance materiality was set at 75% (2021: 75%) of materiality for the financial statements, which
equates to $0.86m (2021: $0.5m) for the Group.
Audit misstatement posting threshold
We reported to the Audit Committee any corrected or uncorrected identified misstatements exceeding
$0.06m, in addition to other identified misstatements that warranted reporting on qualitative grounds.

Other information
The directors are responsible for the other information presented in the Annual Report together with
the financial statements. The other information comprises the information included in the Fact Sheet,
Summary, Highlights, Chairmans Statement, Asset Manager’s Report, Director’s Report, Report of the
Audit Committee, Statement of Principal Risks and Uncertainties, Company Information and Appendix
1 - Alternative Investment Fund Directive. The financial statements and our auditor’s report thereon
do not comprise part of the other information. Our opinion on the financial statements does not cover
the other information and, accordingly, we do not express an audit opinion or, except as explicitly
stated below, any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether, based on our
financial statements audit work, the information therein is materially misstated or inconsistent with the
financial statements or our audit knowledge. Based solely on that work we have not identified material
misstatements in the other information.





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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF DP AIRCRAFT I LIMITED
(continued)
We have nothing to report on other matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies (Guernsey) Law,
2008 requires us to report to you if, in our opinion:
• the Company has not kept proper accounting records; or
• the financial statements are not in agreement with the accounting records; or
• we have not received all the information and explanations, which to the best of our knowledge and
belief are necessary for the purpose of our audit.

Respective responsibilities and restrictions on use
Responsibilities of directors for the financial statements
As explained more fully in the directors’ responsibilities statement set out on page 32, the directors
are responsible for: the preparation of the financial statements including being satisfied that they give
a true and fair view; such internal control as they determine is necessary to enable the preparation of
financial statements that are free from material misstatement, whether due to fraud or error;
assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters
related to going concern; and using the going concern basis of accounting unless they either intend to
liquidate the Group or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud, other irregularities or error, and to issue an
opinion in an auditor’s report. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material
misstatement when it exists. Misstatements can arise from fraud, other irregularities or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence
the economic decisions of users taken on the basis of these financial statements.
A fuller description of our responsibilities is provided on the FRC’s website at
www.frc.org.uk/auditorsresponsibilities.
The purpose of our audit work and to whom we owe our responsibilities
Our report is made solely to the Company’s members, as a body, in accordance with section 262 of
the Companies (Guernsey) Law, 2008. Our audit work has been undertaken so that we might state to
the Company’s members those matters we are required to state to them in an auditor’s report and for
no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to
anyone other than the Company and the Company’s members, as a body, for our audit work, for this
report, or for the opinions we have formed.


Niall Naughton 27 April 2023
for and on behalf of
KPMG
Chartered Accountants, Statutory Audit Firm
1 Harbourmaster Place
IFSC
Dublin 1


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DP AIRCRAFT I LIMITED
ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
43 Page
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December 2022
Year ended Year ended
31 Dec 2022 31 Dec 2021
Note
s
US$
US$
Income
Lease rental income 4 16,462,372 18,391,211
16,462,372 18,391,211
Expenses
Asset management fees 22 (471,590) (757,254)
General and administrative expenses 5 (1,094,587) (2,640,895)
Expected credit loss on straight lining lease asset 11 (1,486,453) -
Expected credit loss write off 11 (105,063) (12,508,499)
Depreciation 9 (958,760) (175,160)
(4,116,453) (16,081,808)
Operating profit 12,345,919 2,309,403
Finance costs 6 (4,860,305) (5,869,097)
Net losses on financial assets at fair value - (8,547,935)
Loss on loss of control of assets, liabilities and subsidiary
undertaking
- (9,874,940)
Dividend income/Other Income 1,552 57,902
Finance income 194,906 21,358
Net finance costs (4,663,847) (24,212,712)
Profit/(loss) before tax 7,682,072 (21,903,309)
Taxation 7 (21,249) 44,236
Profit/(loss) for the year 7,660,823 (21,859,073)
Total Comprehensive Income/(Loss) for the period 7,660,823 (21,859,073)
Earnings per Share for the year – basic and diluted 8 0.03429 (0.10442)
All income is attributable to the Ordinary Shares of the Company.
The notes on pages 47 to 73 form an integral part of these financial statements.

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DP AIRCRAFT I LIMITED
ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
44 Page
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 December 2022
31 Dec 2022
* Restated
31 Dec 2021
* Restated
1 Jan 2021
Notes US$ US$ US$
NON-CURRENT ASSETS
PPE- Aircraft & Related Components 9 125,466,080 126,424,840 126,600,000
Trade and other receivables 11 8,935,454 4,772,296 -
Restricted Cash 10 14,979,197 14,465,329 15,547,974
Total non-current assets 149,380,731 145,662,465 142,147,974
CURRENT ASSETS
Aircraft held for sale - - 82,000,000
Investments held at fair value - - 15,630,526
Trade and other receivables 11 3,857,514 251,216 45,930
Restricted cash 10 4,175,280 2,788,517 11,890,358
Cash and cash equivalents 1,479,541 1,179,211 6,949,167
Total current assets 9,512,335 4,218,944 116,515,981
TOTAL ASSETS 158,893,066 149,881,409 258,663,955
EQUITY
Share Capital 15 211,279,828 210,556,652 210,556,652
Retained deficit 16 (166,543,707) (174,204,530) (152,345,457)
TOTAL EQUITY 44,736,121 36,352,122 58,211,195
NON-CURRENT LIABILITIES
Bank
borrowings

14
80,779,172
98,304,863
-
Maintenance provision 12 14,829,296 14,460,682 14,460,682
Total non-current liabilities 95,608,468 112,765,545 14,460,682
CURRENT LIABILITIES
Bank borrowings 14 17,707,184 136,010 180,915,582
Derivative instrument liabilities - - 4,183,715
Trade and other payables 13 841,293 627,732 892,781
Total current liabilities 18,548,477 763,742 185,992,078
TOTAL LIABILITIES 114,156,945 113,529,287 200,452,760
TOTAL EQUITY AND LIABILITIES 158,893,066 149,881,409 258,663,955
* Comparative information has been restated due to reclassification adjustments, see note 24 for further information.
The financial statements on pages 43 to 73 were approved by the Board of Directors and were authorised for
issue on 27 April 2023. They were signed on its behalf by:
Jonathan Bridel Jeremy Thompson
Chairman Director
The notes on pages 47 to 73 form an integral part of these financial statements.

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DP AIRCRAFT I LIMITED
ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
45 Page
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 December 2022
Year ended Year ended
Notes 31 Dec 2022 31 Dec 2021
US$
US$
Profit/(loss) for the year 7,660,823 (21,859,073)
Adjusted for:
Depreciation and amortisation 9 958,760 175,160
Finance costs 6 4,860,305 6,328,112
Gain on derivatives at fair value 6 - (459,015)
Loss on financial assets at fair value - 8,547,935
Taxation721,249 (44,236)
Loss on loss of control of assets, liabilities and
subsidiary undertaking
- 9,874,940
Straight lining rental income 4 (8,753,206) (4,772,296)
Expected credit loss11105,063 12,508,499
Provision on straight lining lease asset 11 1,486,453 -
Tax-paid - (54,388)
Changes in:
Increase in maintenance reserves12368,614 -
Increase/(decrease) in trade and other payables13192,312 (92,942)
Increase in
trade and other
receivables11
(607,766)
(
12,713,785
)
NET CASH FLOW
FROM
/
(USED IN)
OPERATING ACTIVITIES
6,292,607
(2,561,089)
INVESTING ACTIVITIES
Loss of control of subsidiary undertakings - (5,456,182)
Sales of investments in Norwegian - 4,069,880
Restricted cash (1,900,631) 3,348,896
NET CASH FLOW (USED IN)/ FROM INVESTING ACTIVITIES (1,900,631) 1,962,594
FINANCING ACTIVITIES
Share issue proceeds
Share issue costs
750,000
(26,824)
-
-
Bank loan principal repaid 14 - (274,173)
Bank loan interest paid 14 (4,814,822) (4,595,529)
Swap interest paid 14 - (301,759)
NET CASH FLOW USED IN FINANCING ACTIVITIES (4,091,646) (5,171,461)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 1,179,211 6,949,167
Increase/(decrease) in cash and cash equivalents 300,330 (5,769,956)
CASH AND CASH EQUIVALENTS AT END OF YEAR 1,479,541 1,179,211
The notes on pages 47 to 73 form an integral part of these financial statements.

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DP AIRCRAFT I LIMITED
ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
46 Page
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December 2022
Retained Total
Share capital deficit Equity
Note US$ US$ US$
As at 1 January 2022 210,556,652 (174,204,530) 36,352,122
Total comprehensive income for the year
Profit for the year - 7,660,823 7,660,823
Total comprehensive income - 7,660,823 7,660,823
Transactions with owners
Issue of ordinary shares
Share issue costs paid
750,000
(26,824)
-
-
750,000
(26,824)
As at 31 December 2022 211,279,828 (166,543,707) 44,736,121
As at 1 January 2021 210,556,652 (152,345,457) 58,211,195
Total comprehensive income for the year
Loss for the year - (21,859,073) (21,859,073)
Total comprehensive loss - (21,859,073) (21,859,073)
As at 31 December 2021 210,556,652 (174,204,530) 36,352,122
The notes on pages 47 to 73 form an integral part of these financial statements.

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DP AIRCRAFT I LIMITED
ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
47 Page



NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2022

1) GENERAL INFORMATION
The consolidated audited financial statements (‘financial statements’) incorporate the results of the Company
and that of wholly owned subsidiary entities, DP Aircraft Guernsey III Limited, DP Aircraft Guernsey IV Limited
(collectively and hereinafter, the ‘Borrowers’), each being a Guernsey incorporated company limited by
shares and one intermediate lessor company, DP Aircraft UK Limited (the ‘Lessor’), a UK incorporated private
limited company respectively. The Company and its subsidiaries (the Borrowers and the Lessor) comprise the
Group.
DP Aircraft I Limited (the ‘Company’) was incorporated on 5 July 2013 with registered number 56941. The
Company is admitted to trading on the Specialist Fund Segment of the London Stock Exchange.
The Share Capital of the Company comprises 239,333,333 Ordinary Shares (2021: 209,333,333) of no par
value and one Subordinated Administrative Share of no par value.
The Company’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 financial statements were approved by the Board of Directors and authorised for issue on 27 April 2023.


2) SIGNIFICANT ACCOUNTING POLICIES



a) Basis of preparation
These financial statements are prepared in accordance with International Financial Reporting Standards,
International Accounting Standards and Interpretations (‘IFRS’) issued by the International Accounting
Standards Board (‘IASB’) and the Disclosure and Transparency Rules (the ‘DTRs’) of the UK’s Financial Conduct
Authority (the ‘FCA’).
The preparation of financial statements in accordance with IFRS requires the use of certain critical accounting
estimates. It also requires the Directors to exercise judgement in applying the Company’s accounting policies.
The areas where significant judgements and estimates have been made in preparing the financial statements
and their effect are disclosed in note 3.
The financial statements are presented in United States Dollars (US$) which is also the functional currency of
the Company and its subsidiaries.
Going Concern
The Directors believe that it is appropriate to prepare these financial statements on the going concern basis
due to current cash flow forecasts which include fixed rentals and show that the Group has sufficient cash
and resources to cover operating costs for a period of at least 12 months from the signing of these financial
statement.
In making this conclusion, the Directors have also taken into account:-
● the positive outlook for Thai Airways with both Thai aircraft airworthy and earning fixed rentals. There is
an expectation, based on commentary by the Thai Administrator responsible for the rehabilitation of Thai
Airways, that Thai Airways will continue to be viable and will be able to meet the terms of the revised
lease agreements. This position regarding Thai’s viability is further enhanced by the announcement on 9
August 2022 that Thai state owned banks will provide new loans and cash infusions to Thai. Furthermore,
the Thai Government has stated that it plans to preserve its 40% holding in Thai which may grow further
but will not exceed 50%; and




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DP AIRCRAFT I LIMITED
ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
48 Page

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2022


2) SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

a) Basis of preparation (continued)

Going Concern (continued)
● the expectation that DekaBank which made loans to the Group (with certain loan concessions) will
continue supporting the Group. The loan agreement with DekaBank was amended and restated in
February 2023. Per the amended terms, monthly payments of interest and principal will be limited to net
lease rental monies available for application towards the loans of US$ 475,000 per loan and the final
balloon repayments will be settled out of proceeds from sale of the aircraft at the end of the lease term
if the loan is not refinanced. The US$ 475,000 equates to a monthly lease rental of US$ 510,000 per
aircraft less US$ 35,000 paid to the Company as a contribution towards its costs.
The Directors are not aware of any material uncertainties that may cast significant doubt upon the Group’s
ability to continue as a going concern.
New standards, interpretations and amendments effective from 1 January 2022
The below new standards, amendments to standards and interpretations are effective for annual periods
beginning on 1 January 2022 and have no material impact on the financial statements:
● Reference to the Conceptual Framework (Amendments to IFRS 3)
● Property, Plant and Equipment — Proceeds before Intended Use (Amendments to IAS 16)
● Onerous Contracts — Cost of Fulfilling a Contract (Amendments to IAS 37)
● Annual Improvements to IFRS Standards 2018–2020
New standards, interpretations and amendments in issue but not yet effective
The below new standards, amendments to standards and interpretations that are effective for annual periods
beginning after 1 January 2023 are not expected to have a material impact on the financial statements:
● Classification of Liabilities as Current or Non-Current (Amendments to IAS 1)
● Disclosure of Accounting Policies (Amendments to IAS 1)
● Definition of Accounting Estimates (Amendments to IAS 8)
● Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS
12)
● IFRS 17 Insurance Contracts


b) Basis of consolidation
The financial statements incorporate the financial statements of the Company and the subsidiary
undertakings controlled by the Company made up to 31 December each year. Control is achieved where the
Company has power over the investee, exposure or rights to variable returns from its involvement with the
investee and the ability to use its power to affect the amount of the investor’s returns.
When control of a subsidiary undertaking is lost, the assets and liabilities of that subsidiary are deconsolidated
at the date of loss of control and a resulting loss or gain on loss of control is reported in profit or loss.
The results of subsidiary undertakings acquired or disposed of during the year are included in the
consolidated statement of comprehensive income from the effective date of acquisition or up to the effective
date of disposal as appropriate.
All intra-group transactions, balances, income and expenses are eliminated on consolidation.




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Year ended 31 December 2022
2022
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2022


2) SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
c) Taxation
The Company and the Guernsey subsidiaries are exempt from taxation in Guernsey and are charged an annual
exemption fee of £1,200 (2021: £1,200). This is treated as an operating expense.
DP Aircraft UK Limited is subject to income tax in the United Kingdom.
Taxable profit differs from net profit as reported in the statement of comprehensive income because it
excludes items of income and expense that are taxable or deductible in other years and it further excludes
items that are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates
that have been enacted or substantially enacted by the reporting date in the relevant jurisdictions.


d) Property, Plant and Equipment (PPE) – Aircraft and Related Components
Upon delivery, aircraft (the ‘Assets’) are initially recognised at cost plus initial direct costs which may be
capitalised under IAS 16. In accounting for property, plant and equipment, the Group makes estimates about
the expected useful lives, the fair value of attached leases and the estimated residual value of aircraft. In
estimating useful lives, fair value of leases and residual value of aircraft, the Group relies upon actual industry
experience, supported by estimates received from independent appraisers.
When an aircraft is acquired with a lease attached, an evaluation of whether the lease is at fair value is
undertaken. A lease premium is recognised when it is determined that the acquired lease terms are above
fair value. Lease premiums are recognised as a component of aircraft and are amortised to profit or loss on
a straight-line basis over the term of the lease.
The two aircraft leased to Thai Airways International were acquired in 2015 and had a useful economic lease
life of 12 years at acquisition. The useful economic lease life since acquisition of 12 years is unchanged as at
year end.
The Group’s policy is to depreciate the Assets over their remaining lease life (given the intention to sell the
Assets at the end of each respective lease) to an appraised residual value at the end of the lease. Residual
values are reviewed annually at the beginning of each year, and such estimates are supported by future values
determined by three external valuations and discounted by the inflation rate incorporated into those
valuations, see note 3 for further details.
In accordance with IAS 36, the Group’s aircraft and related components that are to be held and used are
reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of
the aircraft may not be recoverable. An impairment review involves consideration as to whether the carrying
value of an aircraft including related assets is in excess of the higher of its value in use (discounted cashflows)
and its fair value less costs to sell. In such circumstances a loss is recognised as a write down of the carrying
value of the aircraft to the higher of value in use and fair value less cost to sell. The review for recoverability
has a level of subjectivity and requires the use of judgement in the assessment of estimated future cash flows
associated with the use of an item of property, plant and equipment and its eventual disposition. See note 3
for further details regarding impairment assessment.




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Year ended 31 December 2022
2022
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2022

2) SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

e) Financial Instruments
A financial instrument is recognised when the Group becomes a party to the contractual provisions of the
instrument. Regular way purchases and sales of financial assets are accounted for at trade date, i.e., the date
that the Group commits itself to purchase or sell the asset. Financial liabilities are derecognised if the Group’s
obligations, specified in the contract, expire or are discharged or cancelled. Financial assets are derecognised
if the Group’s contractual rights to the cash flows from the financial assets expire, are extinguished, or if the
Group transfers the financial assets to a third party and transfers all the risks and rewards of ownership of
the asset, or if the Group does not retain control of the asset and transfers substantially all the risk and
rewards of ownership of the asset.



Under IFRS 9, on initial recognition, a financial asset is classified as measured at:
● Amortised cost;
● Fair value through other comprehensive income (‘FVOCI’) – debt investment;
● FVOCI – equity investment; or
Fair value through profit or loss (‘FVTPL’).
The classification of financial assets under IFRS 9 is generally based on the business model in which a financial
asset is managed and its contractual cash flow characteristics. The Company only has financial assets that are
classified as amortised cost or FVTPL.
Financial assets at amortised cost are initially measured fair value plus transaction costs that are directly
attributed to its acquisition, unless it is a trade receivable without a significant financing component which is
initially measured at its transaction price.
These assets are subsequently measured at amortised cost using the effective interest method. The
amortised cost is reduced by impairment losses as detailed below.
Financial assets at amortised cost
A financial asset is measured at amortised cost if it meets both of the following conditions and is not
designated at FVTPL:
● It is held within a business model whose objective is to hold assets to collect contractual cash flows; and
● Its contractual terms give rise on specified dates to cash flows that are solely payments of principal and
interest on the principal amount outstanding.
Trade and other receivables are classified as held at amortised cost.
Cash and cash equivalents comprise cash balances held for the purpose of meeting short term cash
commitments and investments which are readily convertible to a known amount of cash and are subject to
an insignificant risk of changes in value.
Restricted cash comprises cash held by the Group, but which is ring-fenced or used as security for specific
financing arrangements, and to which the Group does not have unfettered access. Restricted cash includes
monies received in relation to maintenance provisions and security deposits.





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Year ended 31 December 2022
2022
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2022

2) SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)


e) Financial Instruments (continued)


Financial liabilities at amortised cost

Bank borrowings are recognised initially at fair value, net of transaction costs incurred. Bank borrowings are
subsequently stated at amortised cost; any difference between the proceeds (net of transaction costs) and
the redemption value is recognised through profit or loss in the consolidated statement of comprehensive
income over the period of borrowing using the effective interest rate method. Bank borrowings are classified
as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least
one year after the reporting date.
Initial direct costs related to bank borrowings are capitalised, presented net against the bank borrowings in
the statements of financial position and amortised to the statement of comprehensive income over the
period of the related loan as part of the effective interest rate.
Where loans are modified, the modification is assessed in line with IFRS 9 to determine whether the
modification is substantial. Where the modification is substantial, the existing loan is derecognised and the
new loan is recognised at fair value. Where the modification is not substantial, the existing loan is not
derecognised. Any difference arising on modification is recognised as a gain or loss within the statement of
comprehensive income regardless of whether the modification is substantial or not.
Maintenance reserves are lessee contributions to a retention account held by the lessor which are calculated
by reference to the budgeted cost of maintenance and overhaul events (the ‘supplemental rentals’). They are
intended to ensure that at all times the lessor holds sufficient funds to cover the proportionate cost of
maintenance and overhaul of the Asset relating to the life used on the airframe, engines and parts since new
or since the last overhaul. During the term of the lease, all maintenance is required to be carried out at the
cost of the lessee, and maintenance provisions are required to be released only upon receipt of satisfactory
evidence that the relevant qualifying maintenance or overhaul has been completed.
Maintenance reserves are recorded in the consolidated statement of financial position during the term of the
lease as a liability. Reimbursements will be charged against this liability as qualifying maintenance work is
performed. Maintenance reserves are restricted and not distributable until, at the end of the lease, the Group
is released from the obligation to make any further reimbursements in relation to the aircraft, and the
remaining balance of maintenance provisions, if any, is released through profit or loss as lease related income.
On termination of the lease maintenance reserves balance is also released to profit or loss as lease related
income.
Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost
using the effective interest method.

Fair value measurement
The Group measures certain financial instruments such as derivatives at fair value at the end of each reporting
period using recognised valuation techniques and following the principles of IFRS 13.
The fair value measurement of the Group’s financial assets and liabilities utilises market observable inputs as
far as possible. Inputs used in determining fair value measurements are categorised into different levels based
on how observable the inputs used in the valuation technique utilised are:




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Year ended 31 December 2022
2022
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2022






2) SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

e) Financial Instruments (continued)
Fair value measurement (continued)
● Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities;
● Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable; and
● Level 3 - Valuation techniques for which the lowest level input that is significant to the fair value
measurement is unobservable.
The classification of an item into the above levels is based on the lowest level of the inputs used that has a
significant effect on the fair value measurement of the item.

f) Share capital
Shares are classified as equity. Incremental costs directly attributable to the issue of shares are recognised as
a deduction from equity to the extent they are incremental costs directly attributable to the equity
transaction that otherwise would have been avoided.
g) Dividends
Dividends are recognised as a liability in the financial statements in the period in which they become
obligations of the Company.
h) Lease rental income
Leases relating to the Aircraft are classified as operating leases where the terms of the lease do not transfer
substantially all the risks and rewards of ownership to the lessee. Fixed rental income from operating leases
is recognised on a straight-line basis over the term of the lease. Variable rental income is accounted for on
an accrual basis. Any modifications to operating leases are accounted for as a new lease from the effective
date of the modification, considering any prepaid or accrued lease payments relating to the original lease as
part of the lease payments for the new lease.
Initial direct costs incurred in setting up a lease are capitalised to Property, Plant and Equipment and
amortised over the lease term.
i) Expenses
Expenses are accounted for on an accrual basis.

j) Finance costs and finance income

Interest expense is calculated using the effective interest rate method. The effective interest method is a
method of calculating the amortised cost of a financial asset or liability and of allocating interest income and
expense over the relevant period.
The effective interest rate is the rate that exactly discounts estimated future cash receipts or payments
(including all fees or amounts paid or received that form an integral part of the effective interest rate,
including transaction costs and other premiums or discounts) through the expected life of the financial asset
or liability.





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Year ended 31 December 2022
2022
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2022


2) SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
k) Foreign currency translation
Transactions denominated in foreign currencies are translated into US$ at the rate of exchange ruling at the
date of the transaction.
Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated into
US$ at the rate of exchange ruling at the reporting date. Foreign exchange gains or losses arising on
translation are recognised through profit or loss in the consolidated statement of comprehensive income.
l) Segmental reporting
The Directors are of the opinion that the Group is engaged in a single segment of business, being acquiring,
leasing and subsequent selling of aircraft. All significant operating decisions are based upon analysis of the
Group as one segment. The financial results from this segment are equivalent to the financial statements of
the Group as a whole.



3) SIGNIFICANT JUDGEMENTS AND ESTIMATES
The preparation of financial statements in conformity with IFRS requires that the Directors make estimates
and assumptions that affect the application of policies and reported amounts 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.
Information about assumptions and estimation uncertainty at 31 December 2022 that have a significant risk
of resulting in a material adjustment to the carrying amounts of assets and liabilities in the next financial year
are:
Significant estimates
Impairment of property, plant and equipment
As with each reporting date, but more relevant in light of the continuing impact of COVID-19, a detailed
impairment assessment of the aircraft has been undertaken.
IAS 36 requires an assessment of the aircraft carrying value versus the recoverable amount i.e., the higher of
the value in use and fair value less cost to sell. In considering the impairment of the Thai aircraft, the board
concluded that the fair value less costs to sell was the recoverable amount. The fair value less costs to sell
used in the assessment is based on the full-life market value of each aircraft as determined by 2 independent
appraisers given the aircraft have a lease with a full-life return condition attached to them. The board
considered it appropriate not to apply any discounts and adjustments for these aircraft given the specific
circumstances of these aircraft.
The board considered all possible valuation ranges and concluded that the Thai aircraft were not impaired as
at 31 December 2022 given the fair value less costs to sell was greater than the book value of the aircraft. 2
independent appraisers determined that the full life market value of the aircraft as at 31 December 2022
ranges from US$ 57.6mil to US$ 74.3 mil. Note, every appraiser has its own opinion of the market and how
the market will develop. On a specific aircraft type one appraiser might be more favourable compared to
another firm and vice versa. In addition, appraisers obtain their market information from different sources



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Year ended 31 December 2022
2022
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2022

3) SIGNIFICANT JUDGEMENTS AND ESTIMATES (CONTINUED)
Significant estimates (continued)
Impairment of property, plant and equipment (continued)
and use different calculation models. This has an influence on future and current market values hence the
wide range. Therefore, there is no wrong or right estimate of future and current market values. In order to
eliminate peaks in one or the other direction we take the average of the 2 appraisers in determining market
values for the aircraft. This approach is consistent with the approach adopted by other market participants
(lessors, lenders, etc) and is consistent with prior periods. Given the nature and life of our aircraft we consider
this approach to be reasonable. The average market value less selling costs for each aircraft is more than each
aircraft’s carrying value. Therefore, no impairment loss has been recognised during the financial year ended
31 December 2022 (31 December 2021: US$ nil).
The board also considered if there was any indication that the accumulated impairment recognised in
previous years on Thai aircraft of US$ 58,839,697 had reversed partially or in full. The board has concluded
that based on the possible ranges of the aircraft valuations, there was no reversal during the year ended 31
December 2022.
The aircraft are currently in a half-life state which means the airframe, engines, landing gear and other major
time/cycle limited components are halfway through their various overhaul and /or life cycles. Note that the
aircraft will be returned in a full-life condition on termination of the leases hence full-life market value was
used in the impairment assessment. If the Group had used the half-life market value in assessing impairment,
the aircraft would be impaired by US$ 30,003,182 (31 December 2021: US$ 24,577,855) in total.
Depreciation of aircraft
As described in note 2, the Group depreciates the Assets on a straight-line basis over the remaining lease life
and taking into consideration the estimated residual value at the end of the lease term. The Group engage
independent expert valuers (appraisers) each year to provide a valuation of the Assets and take into account
the average of the valuations provided.
Residual value estimates of the Aircraft were determined by the full life inflated base values at the end of the
leases from external valuations and discounted by the inflation rate incorporated into those valuations.
The full life inflated base value is the appraiser’s opinion of the underlying economic value of the aircraft in
an open, unrestricted, stable market environment with a reasonable balance of supply and demand and
assumes full consideration of its ‘highest and best use’. The full life inflated values used within the financial
statements match up the two lease termination dates (October 2026 and December 2026) and have been
discounted by the inflation rate incorporated into the valuations. The residual value of the aircraft does not
represent the current fair value of the aircraft.
The residual value estimates at the end of each year are used to determine the aircraft depreciation of future
periods. The residual value estimates for aircraft as at 31 December 2022 was US$ 120,247,838 (31 December
2021: US$ 121,750,421), carrying value as at 31 December 2022 was US$ 125,466,080 (31 December 2021:
US$ 126,424,840). As a result, the year ending 31 December 2023 and future aircraft depreciation charges
for aircraft, with all other inputs staying constant, will be US$ 1,343,497 (2022: US$ 958,760). The actual
aircraft depreciation charge for 2024 onwards will vary based on the residual value estimates as at 31
December 2023.



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ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2022
4) LEASE RENTAL INCOME
Year ended
Year ended
31 December 2022 31 December 2021
US$ US$
Variable rental (PBH rent) income 7,709,166 1,110,416
Fixed rental income - 12,508,499
Straight lining rental income 8,753,206 4,772,296
Total lease rental income 16,462,372 18,391,211
All lease rental income was derived from Thai Airways and the related two Boeing 787-8 aircraft leased to
them. Variable rental income only started being earned in mid-2021 subsequent to lease amendments. Also,
the aircraft were less operational in 2021 compared to 2022. As a result, variable rental income for 2021 is
less compared to 2022. Furthermore, subsequent to the lease amendment in mid-2021, the Group ceased
recognising fixed rental income and started recognising straight lining rental income hence the results as
disclosed in the table above.
The lease terms provide for a power by the hour (‘PBH’) arrangement until 31 December 2022 (i.e., rent will
be payable by reference to actual monthly utilisation of the Thai aircraft), with monthly fixed lease payments
of US$ 510,000 per month thereafter until 2026. The monthly PBH rent amount is capped at US$ 510,000.
The lease term may be extended by three years to October 2029 for aircraft MSN 36110 and December 2029
for aircraft MSN 35320 (the "Extension Period") with further scaled back monthly lease payments starting
from November 2026 and January 2027 respectively. The Extension Period is however subject to agreement
with the Group after consulting the Lenders. The lease term has been determined to be the period to October
2026 and December 2026 which is the non-cancellable term of each aircraft lease.
The contracted cash lease rental payments to be received under non-cancellable operating leases at the
reporting date are:
Boeing 787-8 Boeing 787-8
Serial No: 35320 Serial No: 36110 Total
31 Dec 2022 US$ US$ US$
2023 6,120,000 6,120,000 12,240,000
2024 6,120,000 6,120,000 12,240,000
2025 6,120,000 6,120,000 12,240,000
2026 5,758,065 5,067,097 10,825,162
>2027 - - -
24,118,065 23,427,097 47,545,162
31 Dec 2021 US$ US$ US$
2022 - - -
2023 6,120,000 6,120,000 12,240,000
2024 6,120,000 6,120,000 12,240,000
2025 6,120,000 6,120,000 12,240,000
2026 5,758,065 5,067,097 10,825,162
>2027 - - -
24,118,065 23,427,097 47,545,162


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ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2022
4) LEASE RENTAL INCOME (CONTINUED)
US$13,525,502 (31 December 2021: US$ 4,772,296) of the future contracted lease rental payments are
recognised as a straight lining lease asset as at year end.


5) GENERAL AND ADMINISTRATIVE EXPENSES
Year ended Year ended
31-Dec-22 31-Dec-21
US$ US$
Administration fees 305,896 438,198
Aircraft agency fees 12,033 12,000
Aircraft valuation fees 9,092 9,170
Aircraft security trustee fees 12,000 17,985
Audit fees 73,056 89,991
Company broker fees 167,902 167,902
Consultancy fees 8,501 -
Broker fees on sale of NAS shares - 8,140
Directors' fees and expenses 212,593 326,650
Insurance costs, including directors' insurance 100,873 71,318
Foreign exchange 4,974 21,736
IT and printing costs 22,378 6,376
Legal fees 3,157 3,326
Liquidation costs in relation to DPAG I & II - 19,488
Marketing fees - 4,175
Miscellaneous costs 8,399 6,118
Registrar fees 28,738 21,454
Regulatory fees 8,040 23,098
Restructuring fees in relation to NAS 19,664 290,278
Restructuring fees in relation to Thai 93,107 1,094,936
Tax advice fees 4,184 8,556
Total general and administrative expenses 1,094,587 2,640,895



6) FINANCE COSTS
Year ended Year ended
31 December 2022 31 December 2021
US$ US$
Loan interest payable 4,860,305 4,727,053
Loan modification adjustment - 432,976
Total finance costs at effective interest rate* 4,860,305 5,160,029
Swap interest paid - 228,277
Swap breakage costs - 939,806
4,860,305 6,328,112
Gain on derivative at fair value (note 14) - (459,015)
Total finance costs 4,860,305 5,869,097
*On liabilities measured at amortised cost.






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ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2022
7) TAXATION
With the exception of DP Aircraft UK Limited, all companies within the Group are exempt from taxation in
Guernsey and are charged an annual exemption fee of £1,200 each (2021: £1,200).
DP Aircraft UK Limited are subject to taxation at the applicable rate in the United Kingdom. The amount of
taxation during the year ended 31 December 2022 was US$ 21,249 (2021: refund of US$ 44,236). The
Directors do not expect the taxation payable to be material to the Group.
A taxation reconciliation has not been presented in these financial statements as the tax expenses is not
material. The effective tax rate based on tax charge for the year is 0.0028% (2021: (0.0021%))
8) EARNINGS PER SHARE
Year ended Year ended
31 December 2022 31 December 2021
US$ US$
Profit/(Loss) for the year 7,660,823 (21,859,073)
Weighted average number of shares 223,388,128 209,333,333
Earnings per Share 0.03429 (0.10442)

9) PROPERTY, PLANT & EQUIPMENT – AIRCRAFT & RELATED COMPONENTS
Aircraft Lease Premium Total
US$ US$ US$
COST
As at 1 January 2022 and 31 December 2022 238,731,161 17,398,493 256,129,654
ACCUMULATED DEPRECIATION / AMORTISATION
As at 1 January 2022 53,466,624 8,200,047 61,666,671
Charge for the year 958,760 - 958,760
As at 31 December 2022 54,425,384 8,200,047 62,625,431
IMPAIRMENT
As at 1 January 2022 58,839,697 9,198,446 68,038,143
Charge for the year - - -
As at 31 December 2022 58,839,697 9,198,446 68,038,143
CARRYING AMOUNT
As at 31 December 2022 125,466,080 - 125,466,080



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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2022

9) PROPERTY, PLANT & EQUIPMENT – AIRCRAFT & RELATED COMPONENTS (CONTINUED)
Aircraft Lease Premium Total
US$ US$ US$
COST
As at 1 January 2021 and 31 December 2021 238,731,161 17,398,493 256,129,654
ACCUMULATED DEPRECIATION /
AMORTISATION
As at 1 January 2021 53,291,464 8,200,047 61,491,511
Charge for the year 175,160 - 175,160
As at 31 December 2021 53,466,624 8,200,047 61,666,671
IMPAIRMENT
As at 1 January 2021 58,839,697 9,198,446 68,038,143
Charge for the year - - -
As at 31 December 2021 58,839,697 9,198,446 68,038,143
CARRYING AMOUNT
As at 31 December 2021 126,424,840 - 126,424,840
As at year end PPE is comprised of two aircraft leased to Thai Airways. Under the terms of the leases that
existed during the year, the cost of repair and maintenance of the Assets is to be borne by Thai Airways and
Thai Airways has an obligation to return the Assets in a full life condition. However, after expiry or termination
of the leases with Thai, the cost of repair and maintenance will fall upon the Group. Therefore, after expiry
or termination of the Thai leases, the Group may bear higher costs and the terms of any subsequent leasing
arrangements (including terms for repair, maintenance and insurance costs relative to those agreed under
the leases) may be less favourable, which could reduce the overall distributions paid to the shareholders.
Refer to note 3 for details regarding residual value estimates. The Group depreciates the aircraft on a straight-
line basis over the remaining lease term. The lease term has been determined to end in 2026.
As detailed in note 3, as at 31 December 2022 there is no impairment to the aircraft and there are no
indications of reversal of prior year impairment either. Refer to note 3 for further details.
The loans entered into by the Group to complete the purchase of the two Thai aircraft are cross collateralised.
Each of the loans are secured by way of security taken over each of the two aircraft.


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ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
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2022
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2022
10) RESTRICTED CASH
202
2
*
202
1
Restated
Current assets US$ US$
Security deposit accounts 91 90
Lease rental accounts 4,175,189 2,788,427
4,175,280 2,788,517
Non-current assets
Maintenance reserves accounts* 14,979,197 14,465,329
Total restricted cash 19,154,477 17,253,846
*The comparative maintenance reserves accounts balance has been reclassified from current to non-current, see note 24 for further
information.
Maintenance reserves collected, in line with the lease agreement, are to be used solely to cover costs related
to the maintenance of the two Thai aircraft.
The majority of security deposits were transferred to Lease Rental Accounts during the prior period and are
being used to service loan payments due to DekaBank in accordance with the DekaBank financing
arrangements. Monies received into the Lease Rental Accounts during the PBH and fixed rent period are to
be transferred into Borrower Rental Accounts and applied in a specific manner as agreed between DekaBank
and the Group.
Access to the Lease Rental Accounts, Security deposit accounts and Maintenance reserves accounts is
physically restricted by DekaBank therefore these monies are classified as restricted cash.
11) TRADE AND OTHER RECEIVABLES
2022 *2021 Restated
US$ US$
Prepayments 82,333 110,996
Rent receivable 671,586 140,220
Straight-lining lease asset 13,525,502 4,772,296
Total trade and other receivables
14,279,421
5,023,512
Less: Expected credit loss on straight lining lease asset (1,486,453) -
Net trade and other receivables 12,792,968 5,023,512
Current and non-current split as at year end is as follows:
2022 2021
Current assets US$ US$
Prepayments 82,333 110,996
Rent receivable 671,586 140,220
Straight-lining lease asset 3,103,595 -
3,857,514 251,216
Non-current assets
Straight-lining lease asset* 8,935,454 4,772,296
Trade and other receivables
12,792,968
5,023,512
*The comparative straight-lining lease asset balance has been reclassified from current to non-current, see note 24 for further
information.


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ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
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2022
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2022

11) TRADE AND OTHER RECEIVABLES (CONTINUED)
The Group has assessed the straight-lining lease asset for impairment. This balance represents the result of
straight lining of future fixed Thai lease payments over the lease term. The Group has performed an
assessment on the straight-lining lease asset taking into account current and future information relating to
the airline industry as well as the lessee specifically and concluded that the impairment provision as at 31
December 2022 is US$ 1,486,453 (31 December 2021: US$ nil). For the remaining receivables, the Group has
concluded that these are not material thus any provision, if any, would also be immaterial and so no further
assessment is necessary.
Movements in the impairment provision for trade receivables is as follows:
2022 2021
US$ US$
Opening provision - 10,111,605
Expected credit loss on straight lining lease asset 1,486,453 -
Expected credit loss on lease receivable 105,063 12,508,499
Lease receivable written off (105,063) (22,620,104)
Closing provision 1,486,453 -
In the prior year, due to amendment of the lease agreements with Thai, rental due between 1 January 2021
and 14 June 2021 of US$ 12,508,499 was provided for and fully written off during the 2021 year together
with the opening provision. In the current period the provision increased by US$ 1,486,453 and rental due
from Thai of US$ 105,063 was written off as agreed per the Engine Exchange Agreement entered into on 1
April 2022.

12) MAINTENANCE PROVISION
2022 2021
US$ US$
Maintenance provision - Thai Airways 14,829,296 14,460,682
Total maintenance 14,829,296 14,460,682
Maintenance reserves liability relates to funds received from Thai Airways reserved for covering the cost of
maintenance.

13) TRADE AND OTHER PAYABLES
2022 2021
US$ US$
Accruals and other payables 221,749 218,934
Asset Manager fees payable (note 22) 218,033 122,941
Broker fees payable 167,902 67,160
Director fees payable (note 21) 212,360 218,697
Taxation payable 21,249 -
Total trade and other payables 841,293 627,732


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Year ended 31 December 2022
2022
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2022
14) BANK BORROWINGS
US$ US$
Current liabilities: Bank interest payable and Bank borrowings 17,707,184 136,010
Non-current liabilities: Bank borrowings 80,779,172 98,304,863
Total liabilities 98,486,356 98,440,873
The borrowings are repayable as follows:
Interest payable 181,493 136,010
Within one year 17,525,691 -
In two to five years 80,779,172 98,304,863
After five years - -
Total Bank borrowings 98,486,356 98,440,873
The table below analyses the movements in the Group’s bank borrowings:
2022 2021
US$ US$
Opening balance 98,304,863 180,676,613
Loan modification adjustment - 432,976
Repayment of loan - (274,173)
Loss of control of subsidiary undertakings
- (82,530,553)
Principal Bank borrowings 98,304,863 98,304,863
Interest payable 181,493 136,010
Total Bank borrowings 98,486,356 98,440,873
The table below sets out an analysis of net debt and the movements in net debt for the year ended
31 December 2022
Cash and
cash
equivalents Principal Interest
Derivative
Instrument Net Debt
US$ US$ US$ US$ US$
At 1 January 2022 1,179,211 (98,304,863) (136,010) - (97,261,662)
Cash flows 300,330 - 4,814,822 - 5,115,152
Non cash: -
Interest charge - - (4,860,305) - (4,860,305)
At 31 December 2022 1,479,541 (98,304,863) (181,493) - (97,006,815)


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Year ended 31 December 2022
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2022
14) BANK BORROWINGS (CONTINUED)
Cash and
cash
equivalents Principal Interest
Derivative
Instrument Net Debt
US$ US$ US$ US$ US$
At 1 January 2021 6,949,167 (180,676,613) (238,969) (4,257,198) (178,223,613)
Cash flows (5,769,956) 274,173 4,595,529 301,759 (598,495)
Non cash: -
Fair value movement - - - 459,015 459,015
Termination - - - 4,664,507 4,664,507
Interest charge - - (4,727,053) (228,277) (4,955,330)
Penalty fee - - - (939,806) (939,806)
Loan modification
adjustment
- (432,976) - - (432,976)
Loss of control of
assets, liabilities and
subsidiary undertaking
- 82,530,553 234,483 - 82,765,036
At 31 December 2021 1,179,211 (98,304,863) (136,010) - (97,261,662)
DekaBank Deutsche Girozentrale
During the year ended 31 December 2015, the Company utilised the proceeds from the placing and the
proceeds of two separate loans from DekaBank Deutsche Girozentrale (‘DekaBank’) of US$ 78,500,000 each
to fund the purchase of two Boeing 787-8 aircraft. The balance on the loans on 31 December 2022 was US$
98,486,356 (31 December 2021: US$ 98,440,873).
In accordance with the Amendment and Restatement to the Loan Agreements dated 6 May 2021, repayments
of any principal were to be deferred until the end of the PBH arrangement i.e., 31 December 2022. Interest
on the non-deferred principal of the loans was to accrue at a fixed rate of 4.10 per cent and interest on the
deferred principal was to accrue at a rate per annum equal to the sum 5.0% per annum plus LIBOR/SONIA for
the applicable period (such rate to be determined by the Facility Agent).
On 7 February 2023 the Group and DekaBank entered into a Second Amendment and Restatement to the
Loan Agreements. The new terms agreed are as follows:
● the total loan amount outstanding was split into two tranches:
o Facility A loan of US$ 61,144,842 made up of MSN 35320 loan of US$ 31,099,453 and MSN
36110 loan of US$ 30,045,389. The Facility A loan amortizes to a combined balloon of US$
33,947,878 and represents the scheduled debt.
o Facility B loan of US$ 35,504,024 (non-amortizing), made up of MSN 35320 loan of US$
17,366,650 and MSN 36110 loan of US$ 18,137,374. The Facility B loan will be settled as a
balloon payment at the end of the loan term in 2026.
● the MSN 35320 and MSN 36110 Facility A loans bear fixed interest rates of 6.61% and 6.89%
respectively.
● the MSN 35320 and MSN 36110 Facility B loans bear fixed interest rates of 5.26% and 5.42%
respectively.


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Year ended 31 December 2022
2022
63 Page


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2022
14) BANK BORROWINGS (CONTINUED)
from the monthly fixed lease rental of US$ 510,000 per aircraft (which denotes the maximum amount
the Company can earn in operations per month), US$ 475,000 is legally restricted so that those funds
are only payable to the lenders, and US$ 35,000 per aircraft can be retained by the company to
contribute towards ongoing fixed costs of the Company.
The MSN 35320 loan and the MSN 36110 loan have a final maturity date of 9 December 2026 and 29 October
2026 respectively.
The two DekaBank loans (MSN 35320 loan and MSN 36110 loan referred to as the third and fourth loan)
entered into by the Group to complete the purchase of the two Thai aircraft (referred to as the third and
fourth Assets) are cross collateralised. Each of the third and fourth loan is secured by way of security taken
over the third and fourth Assets and enforce security over both Assets. This means that a default on one loan
places both of the Assets at risk. Following the enforcement of security and sale of the aircraft, the remaining
proceeds, if any, may be substantially lower than investors’ initial investment in the Company.
Also, please refer to note 23 for further details regarding amendment and restatement of the loan agreement
after 31 December 2022.

15) SHARE CAPITAL
Company’s authorised share capital is unlimited.
Year ended 31 December 2022 Subordinated
Administrative Ordinary
Share Shares Total
Issued and fully paid (no par value shares): Number Number Number
Shares as at 1 January 2022 1 209,333,333 209,333,334
Share issued during the year - 30,000,000 30,000,000
Shares as at 31 December 2022 1 239,333,333 239,333,334
US$ US$ US$
Share capital as at 1 January 2022 - 210,556,652 210,556,652
Proceeds from issue of shares 750,000 750,000
Issue cost paid - (26,824) (26,824)
Share capital as at 31 December 2022 - 211,279,828 211,279,828
Year ended 31 December 2021 Subordinated
Administrative Ordinary
Share Shares Total
Issued and fully paid (no par value shares): Number Number Number
Shares as at 1 January 2021 and 31 December 2021 1 209,333,333 209,333,334
US$ US$ US$
Share capital as at 1 January 2021 and 31 December 2021 - 210,556,652 210,556,652



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Year ended 31 December 2022
2022
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2022


15) SHARE CAPITAL (CONTINUED)
Subject to the applicable company law and the Company’s Articles of Incorporation, the Company may issue
an unlimited number of shares of par value and/or no par value or a combination of both.
The Subordinated Administrative Share is held by DS Aviation GmbH & Co. KG, (the Asset Manager).
Holders of Subordinated Administrative Shares are not entitled to participate in any dividends and other
distributions of the Company. On a winding up of the Company the holders of the Subordinated
Administrative Shares are entitled to an amount out of the surplus assets available for distribution equal to
the amount paid up, or credited as paid up, on such shares after payment of an amount equal to the amount
paid up, or credited as paid up, on the Ordinary Shares to the Shareholders. Holders of Subordinated
Administrative Shares shall not have the right to receive notice of and have no right to attend, speak and vote
at general meetings of the Company except if there are no Ordinary Shares in existence.
Without prejudice to the provisions of the applicable company law and without prejudice to any rights
attached to any existing shares or class of shares, or the provisions of the Articles of Incorporation, any share
may be issued with such preferred, deferred or other rights or restrictions, as the Company may by ordinary
resolution, subject to or in default of any such direction, as the Directors may determine.
The Directors are entitled to issue and allot C Shares. No C Shares have been issued since the Company was
incorporated.
On 13 July 2022 the Company raised gross proceeds of $750,000 through the issue of 30,000,000 new
ordinary shares in the capital of the Company at a price of US$0.025 per new ordinary share.
16) RESERVES
The movements in the Group’s reserves are shown on page 46.
Retained deficit comprises accumulated profits and losses over time and is taken to this reserve which may
be utilised for the payment of dividends if overall in a profitable position.

17) DIVIDENDS
The dividends declared and paid during the year ended 31 December 2022 are US$ nil (31 December 2021:
US$ nil).


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2022
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2022

18) INVESTMENT IN SUBSIDIARY UNDERTAKINGS
The Company’s investments in subsidiaries, all of which have been included in these consolidated financial
statements, are as follows:
Proportion of
Date of Country of ownership interest
Name Incorporation Incorporation at 31 December 2022
DP Aircraft Guernsey III Limited 21 May 2015 Guernsey 100%
DP Aircraft Guernsey IV Limited 21 May 2015 Guernsey 100%
DP Aircraft UK Limited 14 April 2015 United Kingdom 100%


19) FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
The following table details the categories of financial instruments held by the Group at the reporting date:
2022 2021
US$ US$
Cash and cash equivalents 1,479,541 1,179,211
Restricted cash 19,154,477 17,253,846
Trade and other receivables (excluding prepayments and
straight-lining lease asset) 671,586 140,220
Financial assets measured at amortised cost 21,305,604 18,573,277
Financial liabilities
Bank borrowings 98,486,356 98,440,873
Maintenance provision 14,829,296 14,460,682
Trade and other payables (excluding tax) 841,293 627,732
Financial liabilities measured at amortised cost 114,156,945 113,529,287

The primary risks arising from the Group’s financial instruments are capital management, credit risk, market
risk and liquidity risk. The principal nature of such risks is summarised below. The Group’s main financial
instruments as at year end comprised of cash and cash equivalents, restricted cash, maintenance reserves
payable and bank loans.
Capital Management
The capital managed by the Group comprises the ordinary shares and the subordinated administrative shares.
The Company is not subject to externally imposed capital requirements.
Until COVID-19 and the impact on the aircraft industry and the lessees, income distributions were generally
made quarterly, subject to compliance with Applicable Law and regulations, in February, May, August and
November of each year. The Company aimed to make a distribution to investors of US$ 0.0225 per share per
quarter.
As a result of the COVID-19 pandemic impact on global aviation and especially its lessees, the Group has
suspended dividends until further notice to help preserve liquidity. Further details on the impact of the
COVID-19 pandemic can be found within the Directors’ Report.




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Year ended 31 December 2022
2022
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2022

19) FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (CONTINUED)



Credit risk
Credit risk is the risk that a significant counterparty will default on its contractual obligations. The Group’s
main counterparty during the year was Thai Airways as lessee and provider of income. The Group, through
the Asset Manager, mitigates credit risk related to Thai Airways through regular monitoring of Thai’s use of
the aircraft, review of Thai’s financial position, performance, and prospects and through a general review of
the performance of the airline market.
The Group assesses the probability of Thai defaulting under different scenarios and the losses that would be
incurred under those different scenarios. The probability of each default scenario occurring and the related
loss that would be incurred under that scenario is determined taking into account Thai’s historic financial
position, performance and future prospects. The general performance of the Thai economy and the overall
airline industry is also considered in the assessment.
There are gross lease rentals receivable from Thai at 31 December 2022, US$ 671,586 (2021: US$ 140,220).
A full lifetime ECL was recognised for the lease rentals receivable from Thai in the prior year however no ECL
has been recognised for the balance due as at year end (see note 11). Furthermore, the Group has also
recognised a gross straight lining lease asset as at 31 December 2022 of US$ 13,525,502 (31 December 2021:
US$ 4,772,296). A provision is recognised against this straight lining lease asset as at 31 December 2022 of
US$ 1,486,453 (31 December 2021: US$ nil). Refer to note 11 for further details.
Whilst the board expect that the approved Thai rehabilitation plan will succeed, the final outcome of these
proceedings is unknown. Failure of any material part of the rehabilitation plan may have an adverse impact
on its ability to comply with its obligations under the lease (see note 4 for details re obligations of lessee).
Cash and restricted cash are all held at DekaBank. The credit rating of DekaBank is Aa2 (2021: Aa2). The
lessees do not maintain a credit rating.
The carrying amount of financial assets measured at amortised cost recorded in the financial statements
represents the Group’s maximum exposure to credit risk. The Group holds no collateral as security or any
other credit enhancements.
Market risk – interest rate risk
Interest rate risk arises on the Group’s various interest-bearing assets and liabilities from changes in the
general economic conditions of the market from time to time. The bank borrowings have the most significant
interest impact on the Group. As detailed in note 14, post year end the Group’s bank borrowings were
amended and restated. As part of the amendment and restatement, interest rates were set at fixed rates.
Therefore, the Group’s interest rate exposure is currently limited only to the restricted cash and bank
balances which earn an immaterial amount of interest. As a result, the Group has no material exposure to
interest rate risk subsequent to year end.
A 0.25% increase or decrease in interest rates on all interest-bearing financial instruments would result in an
increase or decrease in net finance costs for the year of US$ 194,177 (2021: US$ 199,680).




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Year ended 31 December 2022
2022
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2022

19) FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (CONTINUED)


The following table details the Group’s exposure to interest rate risk as at year end:
Non-interest
Fixed rate Variable rate bearing
31 December 2022 instruments instruments instruments Total
US$ US$ US$ US$
Restricted cash - 19,154,477 - 19,154,477
Trade and other receivables
(excluding prepayments and
straight-lining lease asset)
- - 671,586 671,586
Cash and cash equivalents - 1,479,541 - 1,479,541
Total financial assets - 20,634,018 671,586 21,305,604
Trade and other payables - - (820,044) (820,044)
Maintenance reserves - - (14,829,296) (14,829,296)
Bank borrowings* (62,800,839) (35,504,024) (181,493) (98,486,356)
Total financial liabilities (62,800,839) (35,504,024) (15,830,833) (114,135,696)
Total interest rate sensitivity gap (62,800,839) (14,870,006)
*Interest is charged on the deferred portion of the loan based on a variable rate and a fixed rate for the loan
portion not deferred.
Non-interest
Fixed rate Variable rate bearing
31 December 2021 instruments instruments instruments Total
US$ US$ US$ US$
Restricted cash - 17,253,846 - 17,253,846
Trade and other receivables
(excluding prepayments and
straight-lining lease asset)
- - 140,220 140,220
Cash and cash equivalents - 1,179,211 - 1,179,211
Total financial assets - 18,433,057 140,220 18,573,277
Trade and other payables
-
-
(
627,732
)
(
627,732
)
Maintenance reserves - - (14,460,682) (14,460,682)
Bank borrowings (77,208,294) (21,096,569) (136,010) (98,440,873)
Total financial liabilities (77,208,294) (21,096,569) (15,224,424) (113,529,287)
Total interest rate sensitivity gap (77,208,294) (2,663,512)
Market risk – foreign currency risk
The Group’s exposure to foreign currency risk is not significant as its cash flows are predominantly in US$
which is the functional currency of the company and subsidiaries, and presentation currency of the Group.





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Year ended 31 December 2022
2022
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2022

19) FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (CONTINUED)

Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting its obligations in respect of its
financial liabilities. The Group’s main financial commitments are the loans due to DekaBank as well as meeting
its ongoing operating expenses.
Liquidity risk management
In the event that the Leases are terminated as a result of a default by Thai Airways, there is a risk that the
Group will not be able to remarket the Thai Assets successfully within the remarketing period specified in the
loan agreements and that the Group will not have sufficient liquidity to comply with its obligations under the
Loan Agreements. This may lead to a suspension in distributions paid on the shares and/or a reduction in the
value of the shares and have an adverse effect on the Group and could ultimately result in the Dekabank
enforcing their security and selling the relevant Asset or Assets on the market. There can be no guarantee
that the Group will be able to re-lease the Assets on terms equivalent to the existing leases, which may have
an adverse effect on the Group and its ability to meet its investment objective and its dividend target.
Accordingly, were any or all of the Assets to be re-leased on less favourable terms, this may have an adverse
effect on the Group and its share price. The Group monitors the impact of its obligations, including the
Dekabank loan, on liquidity through cash flow forecasts which are prepared on a monthly basis.
As detailed in note 23, post year end the Group has successfully renegotiated an amendment to the Dekabank
loans and new terms were agreed. The new terms agreed change the liquidity profile of the Group compared
the analysis shown below. Under the new terms, total loan repayments will be US$ 950,000 per month (US$
475,000 for each of the two loans), see note 23 for further details.
The following table details the contractual maturity analysis of the Group’s financial liabilities as at 31
December 2022. The amounts are contractual undiscounted cash flows and therefore will not agree directly
to the balances in the statement of financial position as at 31 December 2022.
31 December 2022
Next 12 months
2-5 years After 5 years Total
US$ US$ US$ US$
Bank borrowings and interest (20,172,088) (92,309,392) - (112,481,480)
Maintenance provision - (14,829,296) - (14,829,296)
Trade and other payables (841,293) - - (841,293)
Total (21,013,381) (107,138,688) - (128,152,069)
31 December 2021 Next 12
months
2-5 years After 5 years Total
US$ US$ US$ US$
Bank borrowings and interest (4,302,804) (103,353,004) - (107,655,808)
Maintenance provision - (14,460,682) - (14,460,682)
Trade and other payables
(
627,732
)
-
-
(
627,732
)
Total (4,930,536) (117,813,686) - (122,744,222)
In addition to the bank loans, the Group may from time-to-time use borrowings. To this end the Group may
arrange an overdraft facility for efficient cash management. The Directors intend to restrict borrowings other
than the bank loans to an amount not exceeding 15 percent of the net asset value of the Group at the time
of drawdown. Borrowing facilities will only be drawn down with the approval of the Directors on a case-by-
case basis. The Directors may also draw down on an overdraft facility for extraordinary expenses determined-




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2022
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2022

19) FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (CONTINUED)

Liquidity risk (continued)
Liquidity risk management
by them, on the advice of DS Aviation, to be necessary to safeguard the overall investment objective. With
the exception of the loans, the Directors have no intention, as at the date of this report, to use such
borrowings or overdraft facility for structural investment purposes.
No right of redemption or repurchase
Shareholders have no right to have their shares redeemed or repurchased by the Company at any time.
Shareholders wishing to realise their investment in the Company would be required to dispose of their shares
on the stock market. Accordingly, the ability of shareholders to realise the Net Asset Value of, or any value in
respect of, their shares is mainly dependent on the existence of a liquid market in the shares and the market
price of such shares.
Liquidity Proposal
Although the Company does not have a fixed life, the Articles require that the Directors convene a Liquidity
Proposal Meeting to be held no later than 30 June 2026 at which a Liquidity Proposal in the form of an
ordinary resolution will be put forward proposing that the Company should proceed to an orderly wind-up at
the end of the term of the leases. In the event the Liquidity Proposal is not passed, the Directors will consider
alternatives for the Company and shall propose such alternatives at a general meeting of the shareholders,
including re-leasing the Assets, or selling the Assets and reinvesting the capital received from the sale of the
Assets in other aircraft.



20) FAIR VALUE MEASUREMENT
The accounting policies and basis of measurement in respect of financial instruments are detailed in note 2.
Financial assets and financial liabilities at amortised cost
The fair value of cash and cash equivalents, trade and other receivables (excluding prepayment and straight
lining lease asset), restricted cash and interest payable approximate their carrying amounts due to the short-
term maturities of these instruments.
Derivative instruments held at fair value
In the prior period, the Group held interest rate swaps which were valued on a recurring basis and were
categorised within level 2 of the fair value hierarchy required by IFRS 13. The interest rate swaps were
terminated in the prior period.


21) RELATED PARTY TRANSACTIONS
The Directors who served during the year received the following remuneration:
Year ended 31
December 2022
US$
Year ended 31
December 2021
US$
Jonathan Bridel (Chairman)
80,701 121,613
Jeremy Thompson (Chairman of the Audit Committee and Senior
Independent Director)
60,064 98,493
Harald Brauns (Chairman of the Management Engagement
Committee) 65,503 100,298
Total
206,268 320,404



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Year ended 31 December 2022
2022
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2022

21) RELATED PARTY TRANSACTIONS (CONTINUED)
Up to 30 September 2022, 10% of base fees and all extra fees were not paid by way of cash payments but
were deferred to be settled in the future or to be paid by way of equity. There has been no settlement of
director remuneration via the issue of equity in the current year (2021: nil) and the deferred fees remain
outstanding as at 31 December 2022 (see note 13).
Directors’ expenses totalling US$ 1,273 were paid during the year ended 31 December 2022 (2021: US$ 63),
with US$ nil due to be paid at the year-end (31 December 2021: US$ nil).
Base annual fees are as follows:
Annual Fees Oct 22 to
Dec 22
Jan 22 to
Sept 22
Jan 21 to
Dec 21
Jonathan Bridel £61,750 £66,000 £66,000
Jeremy Thompson £49,450 £53,700 £53,700
Harald Brauns £49,450 £53,800 £53,800
*Note: Directors fees were agreed in GBP, the financial statements are presented in USD
Director fees has been reduced by 10% which was the portion being deferred and possibly payable in shares.
The reduction in fees is effective 1 October 2022.
In recognition of the additional work performed in relation to the Group’s circumstances, the board have
earned extra fees of £nil (31 December 2021: £65,000) split as follows: -
Additional Fee 2022 2021
Jonathan Bridel - £25,000
Jeremy Thompson - £20,000
Harald Brauns - £20,000
*Note: Directors fees were agreed in GBP, the financial statements are presented in USD
Director’s shareholdings in the Company are detailed in the Directors’ Report and Directors’ received
dividends of US$ nil during the year (31 December 2021: US$ nil).



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Year ended 31 December 2022
2022
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2022
22) MATERIAL CONTRACTS
Asset Management Agreement
The Asset Management Agreement dated 19 September 2013, between the Group and DS Aviation was
initially amended on 5 June 2015 to reflect the acquisition of two new aircraft. A second amendment via a
side letter, effective 1 January 2021, was made to the Asset Management Agreement on 7 May 2021.
Disposal fee
The initial amendment provides a calculation methodology for the disposal fee which will only become
payable when all four of the Assets (first two currently under receivership and second two currently held by
the Group) have been sold after the expiry of the second Thai Airways lease in December 2026. The fee will
be calculated as a percentage of the aggregate net sale proceeds of the four assets, such percentage rate
depending upon the Initial Investor Total Asset Return per share being the total amount distributed to an
initial investor by way of dividend, capital return or otherwise over the life of the Company. If each of the
Assets is sold subsequent to the expiry of their respective leases, the percentage rate shall be:
● Nil if the Initial Investor Total Asset Return per Share is less than 205%;
● 1.5% if the Initial Total Asset Return per Share equals or exceeds 205% but is less than 255%;
● 2% if the Initial Total Asset Return per Share equals or exceeds 255% but is less than 305%; or
● 3% if the Initial Total Asset Return per Share equals or exceeds 305%.
In the event that any of the Assets are sold prior to the expiry of its lease the percentage hurdles set out
above will be adjusted on the following basis:
● An amount will be deducted in respect of each Asset sold prior to the expiry of its lease, equal to the net
present value of the aggregate amount of dividends per Share that were targeted to be paid but were not
paid as a result of the early divestment of the relevant Asset; and
● A further amount will be deducted, in respect of each Asset sold prior to the expiry of its lease, equal to
the amount by which the proportion of the non-dividend component of the relevant percentage hurdle
attributable to the relevant Asset would need to be reduced in order to meet its net present value.
Per the second amendment, payment of any Disposal Fee per above (if any) in connection with the sale of
any of the Assets that were under receivership is subordinated to the DekaBank loans and will only become
payable after the loans (including the deferred element) have been repaid or prepaid in full.
The disposal fee is a cash-settled payment to the Asset Manager. There is no disposal fee expected to be
payable as at 31 December 2022 (31 December 2021: US$ nil).
Management fees
The Asset Manager is paid a monthly base fee of US$ 15,085 (US$ 16,666 up to 31 December 2020) per asset
in respect of the two Assets that are currently held by the Group, increasing by 2.5 per cent per annum from
May 2021.
As consideration for the Asset Manager agreeing to a reduction of the monthly base fee in respect of the two
Assets that are currently held by the Group, the Company agreed that, when permissible as advised by the
corporate broker, the Asset Manager shall receive an allocation of shares in the Company determined to be
of a value equivalent to the reduction in the monthly base fee with respect to the two Assets. The share
allocation will be carried out using a share price for the conversion which is fair and reasonable as advised by
corporate broker.


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DP AIRCRAFT I LIMITED
ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
72 Page

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2022
22) MATERIAL CONTRACTS
Asset Management Agreement
Management fees (continued)
In the year ended 31 December 2022 Asset Management fees totalled US$ 471,590 (2021: US$ 757,254) of
which US$ 218,033 (note 13) was due at 31 December 2022 (31 December 2021: US$ 122,941).
Administration Agreement
The Administrator of the Company is Aztec Financial Services (Guernsey) Limited. Aztec Financial Services
(Guernsey) Limited and Aztec Financial Services (UK) Limited provide administration services to the
Company’s underlying subsidiaries. These administrator companies are collectively known as the
“Administrators”. Total fees charged by the Administrators during the period were US$ 305,896 (31
December 2021: US$ 438,198) of which US$ 57,711 remained payable at 31 December 2022 (31 December
2021: US$ 46,876).
The Administrators have the right to be reimbursed from the Company for any reasonable out of pocket
expenses incurred in carrying out their responsibilities.
Directors’ fees
Details of the fees paid to the Directors are included in note 21.
23) SUBSEQUENT EVENTS
On 7 February 2023, the Group and DekaBank entered into a Second Amendment and Restatement to the
Loan Agreement in which the parties agreed on the following main terms:
● the total loan amount outstanding was split into two tranches:
o Facility A loan of US$ 61,144,842 made up of MSN 35320 loan of US$ 31,099,453 and MSN
36110 loan of US$ 30,045,389. The Facility A loan amortizes to a combined balloon of US$
33,947,878 and represents the scheduled debt.
o Facility B loan of US$ 35,504,024 (non-amortizing), made up of MSN 35320 loan of US$
17,366,650 and MSN 36110 loan of US$ 18,137,374. The Facility B loan represents the
deferred debt and will be settled as a balloon payment at the end of the loan term.
● US$ 2.36m of surplus cash generated under the PBH period was used to immediately repay debt on
the amortizing Facility A loan in February 2023, while an agreed cash reserve of US$ 500,000 per
aircraft will be retained to cover unforeseen costs going forward.
● the interest rate swap currently in place for the scheduled debt was dissolved at no net gain or loss.
● the MSN 35320 and MSN 36110 Facility A loans bear fixed interest rates of 6.61% and 6.89%
respectively.
● the MSN 35320 and MSN 36110 Facility B loans bear fixed interest rates of 5.26% and 5.42%
respectively.
● from the monthly fixed lease rental of US$ 510,000 per aircraft (which denotes the maximum amount
the Company can earn in operations per month), US$ 475,000 is legally restricted so that those funds
are only payable to the lenders, and US$ 35,000 per aircraft can be retained by the company to
contribute towards ongoing fixed costs of the Company.
Due to the limited liquidity position of the Group, restructuring fees associated with the second amendment
and restatement will be paid after the eventual remarketing of the aircraft, subject to surplus sales proceeds
being realized.
DP Aircraft Guernsey I Limited and DP Aircraft Guernsey II Limited were voluntarily liquidated on 20 February
2023.


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DP AIRCRAFT I LIMITED
ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
73 Page

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 December 2022
24) PRIOR YEAR RECLASSIFICATION
In preparing these financial statements, the Group discovered that restricted cash comprising maintenance
reserves and the straight lining lease asset included in trade and other receivables were erroneously
presented as current assets when should have been reported as non-current assets given these were not
expected to be realised within 12 months after the reporting period.
The errors have been corrected by reclassifying each of the affected financial statement line items for prior
periods from current to non-current as follows:
1 January 2021 As previously
reported
Reclassification
adjustment As Restated
NON-CURRENT ASSETS US$ US$ US$
PPR – Aircraft & Related Components 126,600,000 - 126,600,000
Restricted Cash - 15,547,974 15,547,974
Total non-current assets 126,600,0000 15,547,974 142,147,974
CURRENT ASSET
Assets held for sale 82,000,000 - 82,000,000
Investment held at fair value 15,630,526 - 15,630,526
Trade and other receivables 45,930 - 45,930
Restricted Cash 27,438,332 (15,547,974) 11,890,358
Cash and cash equivalents 6,949,167 - 6,949,167
Total current assets 132,063,955 (15,547,974) 116,515,918
TOTAL ASSETS 258,663,955 - 258,663,955
31 December 2021 As previously
reported
Reclassification
adjustment As Restated
NON-CURRENT ASSETS US$ US$ US$
PPR – Aircraft & Related Components 126,424,840 - 126,424,840
Trade and other receivables
-
4,772,296
4,772,296
Restricted Cash - 14,465,329 14,465,329
Total non-current assets 126,424,840 19,237,625 145,662,465
CURRENT ASSET
Trade and other receivables 5,023,512 (4,772,296) 251,216
Restricted Cash 17,253,846 (14,465,329) 2,788,517
Cash and cash equivalents 1,179,211 - 1,179,211
Total current assets 23,456,569 (19,237,625) 4,218944
TOTAL ASSETS 149,881,409 - 149,881,409
The reclassification adjustment has no impact on retained earnings, operating profit, earnings per share or
any other primary statements.


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DP AIRCRAFT I LIMITED
ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
74 Page
COMPANY INFORMATION
Directors Jonathan Bridel
Jeremy Thompson
Harald Brauns
Registered Office East Wing
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3PP
Channel Islands
Asset Manager DS Aviation GmbH & Co. KG
Stockholmer Allee 53
44269 Dortmund
Germany
Solicitors to the Company Norton Rose Fulbright LLP
(as to English law) 3 More London Riverside
London
SE1 2AQ
United Kingdom
Advocates to the Company Mourant
(as to Guernsey law) Royal Chambers
St Julian’s Avenue
St Peter Port
Guernsey
GY1 1HP
Channel Islands
Auditor KPMG, Chartered Accountants
1 Harbourmaster Place
IFSC
Dublin 1
Ireland
Administrator and Company Secretary Aztec Financial Services (Guernsey) Limited
East Wing
Trafalgar Court
Les Banques
St Peter Port
Guernsey
GY1 3PP
Channel Islands
Corporate Broker Investec Bank plc
30 Gresham Street
London
EC2V 7QN
United Kingdom

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DP AIRCRAFT I LIMITED
ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
75 Page
THE FOLLOWING PAGES DO NOT FORM PART OF THE AUDITED FINANCIAL STATEMENTS

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DP AIRCRAFT I LIMITED
APPENDIX TO THE FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
76 Page
APPENDIX 1 – ALTERNATIVE INVESTMENT FUND MANAGERS DIRECTIVE
REGULATORY REFERENCE
AIFMD Article 23(1)
DOCUMENT NAME, PAGE AND REFERENCE
(a) a description of the investment strategy and
objectives of the AIF;
Prospectus, page 38, Information on the Company.
if the AIF is a feeder AIF, information on where the
master AIF is established;
Not applicable.
if the AIF is a fund of funds, information on where
the underlying funds are established;
Not applicable.
a description of the types of assets in which the
AIF may invest;
Prospectus, page 38, Information on the Company.
the investment techniques that the AIF, or the
AIFM on behalf of the AIF, may employ and all
associated risks;
Prospectus, page 38, Information on the Company.
Prospectus, pages 18-31, disclosure of risk factors.
any applicable investment restrictions; Prospectus, page 8.
the circumstances in which the AIF may use
leverage;
Prospectus, page 20, Risk of Debt Financing.
the types and sources of leverage permitted and
the associated risks;
Prospectus, page 20, Risk of Debt Financing.
any restrictions on the use of leverage and any
collateral and asset reuse arrangements; and
Prospectus, page 20, Risk of Debt Financing.
the maximum level of leverage which the AIFM is
entitled to employ on behalf of the AIF;
Prospectus, page 20, Risk of Debt Financing.
(b) a description of the procedures by which the AIF
may change its investment strategy or investment
policy, or both;
Prospectus, page 38, Investment Policy.
(c) a description of the main legal implications of the
contractual relationship entered into for the
purpose of investment, including information on
jurisdiction, the applicable law and the existence
or absence of any legal instruments providing for
the recognition and enforcement of judgments in
the territory where the AIF is established;
Prospectus, page 80, Part IX, Loans and Loan
Agreements.
Prospectus, page 142, Part IV, Definitions.
(d) the identity of the AIFM, the AIF's depositary, the
auditor and any other service providers and a
description of their duties and the investors'
rights;
Prospectus, page 36, Directors and Advisers.
Prospectus, page 152 (h).
(e) a description of how the AIFM complies with the
AIFMD's requirements relating to professional
liability risk;
Prospectus, page 151 (g).

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DP AIRCRAFT I LIMITED
APPENDIX TO THE FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
77 Page
APPENDIX 1 – ALTERNATIVE INVESTMENT FUND MANAGERS DIRECTIVE (CONTINUED)
REGULATORY REFERENCE
AIFMD Article 23(1)
DOCUMENT NAME, PAGE AND REFERENCE
(f) a description of:
any AIFM management function delegated by the
AIFM;
Not applicable.
any safe-keeping function delegated by the
depositary;
Not applicable.
the identify of each delegate appointed; and Not applicable.
any conflicts of interest that may arise from such
delegations;
Not applicable.
(g) a description of the AIF's valuation procedure and
of the pricing methodology for valuing assets,
including the methods used in valuing any hard-
to-value assets;
Prospectus, page 152 (i).
(h) a description of the AIF's liquidity risk
management, including the redemption rights of
investors in normal and exceptional
circumstances, and the existing redemption
arrangements with investors;
Prospectus, page 152 (j).
(i) a description of all fees, charges and expenses,
and the maximum amounts directly or indirectly
borne by investors;
Prospectus, pages 48-50, Fees and Expenses.
(j) a description of how the AIFM ensures a fair
treatment of investors;
Prospectus, page 152 (l).
whenever an investor obtains preferential
treatment or the right to obtain preferential
treatment, a description of:
that preferential treatment; Prospectus, page 152 (l).
the type of investors who obtain such preferential
treatment; and
Prospectus, page 152 (l).
where relevant, their legal or economic links with
the AIF or AIFM;
Not applicable.
(k) the latest annual report Contained in this document.
(l) the procedure and conditions for the issue and
sale of units or shares;
Prospectus, page 44, Further Issue of Shares.
(m) the latest net asset value of the AIF or the latest
market price of the unit or share of the AIF;
The Company’s shares are traded on the London
Stock Exchange so the latest share price should be
available on www.londonstockexchange.com.

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DP AIRCRAFT I LIMITED
APPENDIX TO THE FINANCIAL STATEMENTS
Year ended 31 December 2022
2022
78 Page
APPENDIX 1 – ALTERNATIVE INVESTMENT FUND MANAGERS DIRECTIVE (CONTINUED)
REGULATORY REFERENCE
AIFMD Article 23(1)
DOCUMENT NAME, PAGE AND REFERENCE
(n) where available, the historical performance of the
AIF;
Not applicable.
(o) the identity of any prime broker; Prospectus, page 152 (o).
a description of any material arrangements of the
AIF with its prime brokerage firm and the way any
conflicts of interest are managed;
Prospectus, page 152 (o).
the provision in the contract with the depositary
on the possibility of transfer and reuse of AIF
assets; and
Prospectus, page 151 (a).
information about any transfer of liability to the
prime brokerage firm that may exist; and
Prospectus, page 152 (o).
(p) a description of how and when the information
required under Art. 23(4) and Art. 23(5) of the
AIFMD will be disclosed.
Information may be disclosed in the Company’s
annual report or by the Company publishing the
relevant information on the Company’s website
(http://www.dpaircraft.com) or by the Company
issuing an announcement via a Regulatory
Information Service.
AIFMD Article 23(5)
(a) any changes to the maximum level of leverage
which the AIFM may employ on behalf of the AIF
as well as any right of the reuse of collateral or any
guarantee granted under the leveraging
arrangement;
Not applicable as no changes to the maximum level of
leverage.
(b) the total amount of leverage employed by that AIF. The leverage employed by AIF is US$ 98,462,379 as at
31 December 2022.