New York, June 21, 2012 -- Moody's Investors Service assigned A3 and Baa3 ratings, respectively, to the Class A and Class B Pass Through Certificates, Series 2012-1 (the "Certificates") of the 2012-1 Pass Through Trusts that Doric Nimrod Air Finance Alpha Limited ("Doric Alpha") will establish. The outlook is stable.

The proceeds of the Certificates and equity from Doric Alpha's publicly listed parent, Doric Nimrod Air Two Limited, will fund the purchase by the Pass Through Trustees of the separate equipment notes ("Notes") to be issued by Doric Alpha for each of four new Airbus A380-861 aircraft to be delivered in 2012. Doric Alpha will lease each of the four aircraft to Emirates (not rated), an international airline based in the Emirate of Dubai, United Arab Emirates (UAE), under separate operating lease agreements with initial ten year terms that run to beyond the scheduled maturity date of the A-tranche Certificates. The monthly rentals due under the leases will be split into a U.S. dollar component, sized to meet the scheduled interest and principal payments of the Certificates, and a Sterling component, sized to cover Doric Alpha's administrative costs and stipulated dividend payments on its parent's publicly traded equity, over the full term of the Certificates.

Assignments:

..Issuer: Doric Nimrod Air Finance Alpha Limited

....Class A Senior Secured Enhanced Equipment Trust, Assigned A3

....Class B Senior Secured Enhanced Equipment Trust, Assigned Baa3

RATINGS RATIONALE

The ratings consider (i) the credit quality of the Lessee, Emirates; (ii) Moody's opinion of the collateral protection of the Notes; (iii) the applicability of the Cape Town Convention on International Interests in Mobile Equipment and the Protocol to the Convention on International Interests in Mobile Equipment on Matters Specific to Aircraft Equipment (together "Cape Town"); (iv) the credit support provided by the liquidity facilities; and (v) certain favorable characteristics of the Notes, such as the cross-default and cross-collateralization of the related equipment notes. The ratings reflect Moody's opinion of the ability of the Pass Through Trustees to make timely payments of interest and the ultimate payment of principal on the respective final scheduled regular distribution dates for the A- and B-tranches of November 30, 2022 and May 30, 2019.

TRANSACTION STRUCTURE & TERMS

The structure and terms of the Certificates mirror those of the EETCs that U.S. airlines issue. However, since Emirates does not hold an air carrier operating certificate issued pursuant to U.S. law, Section 1110 of the U.S. Bankruptcy Code will not apply to the transaction. The operating leases will be subject to the laws of the United Kingdom, and the operating leases and equipment notes will be subject to Cape Town, which became part of UAE Federal Law, and thus part of the laws of the Emirate of Dubai, on August 1, 2008. The UAE adopted Cape Town in a manner that is intended to be favorable to creditors as it adopted Alternative A, the use of IDERAs (Irrevocable De-registration and Export Request Authorizations) and Choice of Law. However, there appears to be no record of enforcement of Cape Town in the UAE, leaving no case history from which to infer future outcomes if an enforcement of Cape Town was to be pursued for this transaction. Nevertheless, Moody's observes that Dubai law seems to support the rights of property owners, which implies that, under an event of default by Emirates, Doric Alpha, as owner of the aircraft, should be able to recover its aircraft. Moody's considers these factors in its ratings assignment.

Moody's also considered the Government of Dubai's approach to managing the restructuring of its other Decree Company, Dubai World and assumes that the Government of Dubai adopted Cape Town in good faith, such that the Trustee would be able to gain possession of the aircraft under an unexpected default by Emirates under the operating leases. In the case of the restructuring of Dubai World, the Government of Dubai modeled the resolution on U.S. bankruptcy and UK insolvency laws. Moody's approach to Cape Town in the UAE for this transaction should not be construed as a precedent for similar ratings treatment when considering ratings of new EETC issues by other non-U.S. airlines situated outside of the UAE.

Alternative A of Cape Town mirrors the terms of Section 1110 of the U.S. Bankruptcy Code, providing a 60-day period for the mortgagee/lessee of an aircraft to affirm its obligations under an aircraft financing or lease under a default scenario for such mortgagee/lessee. IDERAs are helpful to a secured party or an aircraft owner that seeks to repossess its aircraft collateral. The parties to an aircraft financing or lease transaction and the aviation authority of the country of the aircraft's registration execute an IDERA at the inception of the transaction. The IDERA is filed with the aviation authority, in this instance the Gulf Civil Aviation Authority (GCAA). The Choice of Law option provides the transaction parties the ability to agree on the law which will govern their contractual rights and obligations, in whole or in part. The Certificates and related financing documents will be governed by the laws of the State of New York, same as all other EETCs issued by US carriers. The operating leases will also be cross-defaulted, and Doric Alpha will pledge the operating leases and the related servicing agreements as part of the security package for the Certificates. Doric Alpha's parent equity interest in it will also be part of the security package for the benefit of the certificate holders. These additional elements of the collateral package will allow the Certificate holders to deal directly with Emirates under a default by Doric Alpha, and the exercise of rights in such collateral would not be subject to UAE or Dubai law.

Amounts due under the Certificates will be subordinated to any amounts due on the separate Class A and Class B Liquidity Facilities, which Natixis, S.A., acting through its New York Branch, will provide. The liquidity facilities will be sized to fund the next four semi-annual interest payments due on the respective tranches in the event of a default by Doric Alpha. Moody's believes that the additional six months of coverage of the liquidity facilities relative to that of Enhanced Equipment Trust Certificates (EETCs) issued by U.S. carriers should mitigate potential increases in default risk in the event of any delay in the enforcement of Cape Town as adopted by the UAE.

ROLE OF A380 AIRCRAFT FOR EMIRATES AIRLINES' BUSINESS

Doric Alpha will be purchasing the aircraft pursuant to an assignment of a purchase agreement between Emirates and Airbus. Emirates currently operates 21 A380s and has 69 of this model on firm order for delivery through 2017. The A380 is a mainstay of Emirates' fleet and is an important component of its growth strategy. With its large fleet, Emirates has the leading share of the Middle East market and is unique in that it is the only carrier of scale with an all wide-body fleet. Its Middle East location provides a strong hub from which it can connect passengers from one end of its network to the other, with only one stop-over at its Dubai hub. The long reach of the A380 as well as other aircraft in its fleet, such as the Boeing B777-300ER, also place many destinations within reach of its hub, which should support its growth in upcoming years. The aircraft in the Series 2012-1 financing will be some of the youngest A380s in Emirates' fleet for at least the next two years. Moody's assesses loan-to-values (LTVs) for EETC financings using its estimates of current market value, rather than based on the maintenance-adjusted base values which issuers disclose in their offering memorandums for EETC transactions. The peak LTVs on the A- and B-tranches according to the Offering Memorandum are 49.0% and 66.4%, respectively.

A380 VALUE CONSIDERATIONS

Moody's opinion of the value of the A380 is influenced by its belief that the A380 will be relatively less liquid than other aircraft that have larger operator bases and are able to be deployed on a multitude of routes. Moreover, the A380's large size and likely fewer routes on which it can be profitably operated could limit the aircraft's appeal to potential new operators, and thus constrain the growth of the global A380 fleet over time and thus its value. Additionally, only six of the 19 operators that have ordered the aircraft have selected the Engine Alliance GP7270 power plant, with Emirates representing 90 of the 127 aircraft with this engine type. Moody's believes that the current composition of the A380 operator base and fleet (including the order book) would leave relatively few potential purchasers or lessees of an Emirates A380 at full price since it is unlikely that an existing operator of Rolls Royce-powered A380s would choose to operate a mixed-engine fleet. The potentially significant cost of converting the interior of an A380 if an aircraft was moved to a new operator also weighs on Moody's view of the market value of the aircraft. With only four aircraft comprising the collateral, Moody's did not apply an LTV benefit for cross-collateralization.

WHAT COULD MOVE THE RATINGS UP/DOWN

Any combination of future changes in the underlying credit quality of Emirates, unexpected material changes in the value of the A380, and/or changes in the status or terms of the liquidity facilities or the credit quality of the liquidity provider could cause Moody's' to change its ratings of the Certificates.

The principal methodology used in rating Doric Nimrod Air Finance Alpha Limited was the Enhanced Equipment Trust And Equipment Trust Certificates Methodology published in December 2010. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Doric Nimrod Air Finance Alpha Limited is a limited liability company incorporated under the laws of Guernsey, whose registered office is at Anson Place, Mill Court, La Charroterie, St. Peter Port, Guernsey GY1 1EJ, Channel Islands.

EMIRATES, is a Dubai Corporation incorporated by Decree No. 2 of 1985 (as amended) by the then Crown Prince and Deputy Ruler of Dubai, His Highness Sheikh Maktoum Bin Rashid al Maktoum, the address and principal place of business of which is at the Emirates Group Headquarters, P.O. Box 686, Dubai, United Arab Emirates.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Information sources used to prepare the rating are the following : parties involved in the ratings, parties not involved in the ratings, public information, confidential and proprietary Moody's Investors Service information, and confidential and proprietary Moody's Analytics information.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history.

The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Jonathan Root VP - Senior Credit Officer Corporate Finance Group Moody'sInvestors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653David G. Staples MD - Corporate Finance Corporate Finance Group Telephone: 00971 4237 9536 Releasing Office: Moody's Investors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653(C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. ("MIS") AND ITS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND CREDIT RATINGS AND RESEARCH PUBLICATIONS PUBLISHED BY MOODY'S ("MOODY'S PUBLICATIONS") MAY INCLUDE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY'S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY'S OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS AND MOODY'S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY'S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY'S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED,DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT.

All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process. Under no circumstances shall MOODY'S have any liability to any person or entity for (a) any loss or damage in whole or in part caused by, resulting from, or relating to, any error negligent or otherwise or other circumstance or contingency within or outside the control of MOODY'S or any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication or delivery of any such information, or (b) any direct, indirect, special, consequential, compensatory or incidental damages whatsoever (including without limitation, lost profits), even if MOODY'S is advised in advance of the possibility of such damages, resulting from the use of or inability to use, any such information. The ratings, financial reporting analysis, projections, and other observations, if any, constituting part of the information contained herein are, and must be construed solely as, statements of opinion and not statements of fact or recommendations to purchase, sell or hold any securities. Each user of the information contained herein must make its own study and evaluation of each security it may consider purchasing, holding or selling.

NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY'S IN ANY FORM OR MANNER WHATSOEVER.

MIS, a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MIS have, prior to assignment of any rating, agreed to pay to MIS for appraisal and rating services rendered by it fees ranging from $1,500 to approximately $2,500,000. MCO and MIS also maintain policies and procedures to address the independence of MIS's ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Shareholder Relations -- Corporate Governance -- Director and Shareholder Affiliation Policy."

Any publication into Australia of this document is by MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657, which holds Australian Financial Services License no. 336969. This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001.

Notwithstanding the foregoing, credit ratings assigned on and after October 1, 2010 by Moody's Japan K.K. ("MJKK") are MJKK's current opinions of the relative future credit risk of entities, credit commitments, or debt or debt-like securities. In such a case, "MIS" in the foregoing statements shall be deemed to be replaced with "MJKK". MJKK is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO.

This credit rating is an opinion as to the creditworthiness or a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors. It would be dangerous for retail investors to make any investment decision based on this credit rating. If in doubt you should contact your financial or other professional adviser.