DP AIRCRAFT I LIMITED ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2016

CONTENTS

  1. Summary

  2. Fact Sheet

  3. Highlights

  4. Chairman's Statement

  5. Asset Manager's Report

  1. Directors

  2. Directors' Report

20 Report of the Audit Committee

23 Statement of Principal Risks and Uncertainties

  1. Statement of Directors' Responsibilities

  2. Independent Auditor's Report to the members of DP Aircraft I Limited

  1. Consolidated Statement of Comprehensive Income

  2. Consolidated Statement of Financial Position

  3. Consolidated Statement of Cash Flows

  4. Consolidated Statement of Changes in Equity

  5. Notes to the Consolidated Financial Statements

59 Company Information

62 Appendix 1 - Alternative Investment Fund Managers Directive

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 makes its investment in aircraft through four wholly owned subsidiary entities, DP Aircraft Guernsey I Limited, DP Aircraft Guernsey II Limited, 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 two intermediate lessor companies, DP Aircraft Ireland Limited and DP Aircraft UK Limited (the 'Lessors'), an Irish incorporated company limited by shares and a UK incorporated private limited company respectively. The Company and its subsidiaries (the Borrowers and the Lessors) comprise 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.

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

INVESTMENT OBJECTIVE & POLICY

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 '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 in accordance with the Articles of Incorporation and have overall responsibility for the Company's activities, including portfolio and risk management while the asset management of the Group is undertaken by DS Aviation GmbH & Co. KG (the 'Asset Manager').

THE ASSET MANAGER

The Asset Manager has undertaken to provide the asset management services to the Company 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.

DISTRIBUTION POLICY

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. Four quarterly dividends have been paid during the year ended 31 December 2016 and one has been paid subsequent to the year end, each meeting the US$ 0.0225 per share target. The target dividends are targets only and should not be treated as an assurance or guarantee of performance or a profit forecast. Investors should not place any reliance on such target dividends or assume that the Company will make any distributions at all.

FACT SHEET Ticker DPA Company Number 56941 ISIN Number GG00BBP6HP33 SEDOL Number BBP6HP3 Traded Specialist Fund Segment ('SFS') of the London Stock Exchange SFM Admission Date 4-Oct-13 Share Price US$ 1.0525 at 31 December 2016 Earnings per share US$ 0.09046 for the year ended 31 December 2016 Country of Incorporation Guernsey Current Shares in Issue 209,333,333 Administrator and Company Secretary To 18 July 2016:

Fidante Partners (Guernsey) Limited From 19 July 2016:

Aztec Financial Services (Guernsey) Limited

Asset Manager DS Aviation GmbH & Co. KG Auditor KPMG, Chartered Accountants Corporate Broker Canaccord Genuity Limited Aircraft Registration LN-LNA LN-LNB HS-TQD HS-TQC Aircraft Serial Number 35304 35305

35320

36110

Aircraft Type and Model B787-8 Lessees Norwegian Air Shuttle ASA ('Norwegian' or 'NAS')

Thai Airways International Public Company Limited ('Thai Airways')

Website www.dpaircraft.com

Dp Aircraft I Ltd. published this content on 06 April 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 12 April 2017 07:10:22 UTC.

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