DP Aircraft I : Shareholder Update November 2023

Shareholder Update - November 2023	1

DP AIRCRAFT I LIMITED

Shareholder Update

November 2023

1

Shareholder Update - November 2023	2

1 | THE AVIATION MARKET

• Asian Pacific airlines transported 212% more international passengers during the first nine-months of 2023 compared to the same period 2022 reflecting 79% of pre-pandemic level for September 2023 (vs. September 2019)1
• Airlines are impacted by the Middle East conflict2
• • International demand decreased by about 5% since the attacks in Israel
  • Airlines need to reroute flights due to increased airspace closure in the region
  • Further development unknown
• Lease rates for most aircraft types are increasing after the pandemic peak but interest rates as well3
• ISHKA´s passenger aircraft remarketing update October 2023:

A low number of B787s announced for remarketing emphasises its popularity amongst operators

Source: ISHKA4

• AAPA (Association of Asia Pacific Airlines): "Asia Pacific Airlines September 2023 Traffic Results"; 31st October 2023
  2 Forbes: "Flight Times Increase As Airlines Reroute Around War Zones"; 17th November 2023
  3 ISHKA: "Lessor CEOs: High interest rates here for the 'foreseeable', while lease rates play catch-up"; 4th October 2023
  4 ISHKA: "Remarketing Watch: Secondary Aircraft Market"; October 2023 - the listed aircraft offer only a limited snapshot of the entire market based on aggregate figures of passenger and freighter aircraft on AviTrader, AeroConnect, and MyAirTrade

Shareholder Update - November 2023	3

• ISHKA´s five-year aircraft and lease rate current market values April vs November 2023

• The Company owns two B787-8s

• Values are in respect to B787-9 aircraft as there is little date available on the B787-8 variant

• Although the charts reflect 5-year- old aircraft, it might be some guideline and indicates that values are currently increasing after the strong drop due to the pandemic

• Lease rates for this type remain stable since April 2023 - contrary to most other aircraft types

Source: ISHKA5

Source: ISHKA5

• ISHKA: "Ishka View Extra: Transaction Economics report"; 8th September 2023 / ISHKA: "5-year-old aircraft values, Dubai Air Show furthers "delivery slot grabs"; 21st November 2023

Shareholder Update - November 2023	4

2 | THE LESSEE: THAI AIRWAYS INTERNATIONAL PCL

FINANCIAL & OPERATIONAL KEY FIGURES (incl. SUBSIDIARIES)6

[BILLION THB]	3Q2023	3Q2022	CHANGE	9M2023	9M2022	CHANGE	LINK
Operating Revenues	37.01	32.86	+ 13 %	115.90	65.57	+ 77 %
- Passenger and	30.92	24.46	+ 26 %	97.02	42.33	+ 129 %
excess baggage
- Freight and mail	3.46	6.43	- 46 %	11.66	18.06	- 36 %
- Other businesses	2.09	1.86	+ 13 %	6.00	4.81	+ 25 %	a)
- Other income	0.53	0.11	+ 389 %	1.22	0.37	+ 233 %
Operating Expenses	29.29	28.94	+ 1 %	86.57	66.12	+ 31 %	b)
- Fuel and oil	12.00	12.87	- 7 %	34.29	26.06	+ 32 %
- Non-fuel operating	17.29	16.07	+ 8 %	52.28	40.05	+ 31 %	c)
costs
Operating Result	4.00	0.25	+1,512 %	18.09	- 9.51
excl. One-Time
Items
Net Result	1.54	- 4.76		16.31	- 11.25
Passenger Yield	2.93	2.83	+ 4 %	3.01	2.63	+ 14 %
[THB/RPK7]
Capacity - ASK8	13,578	11,174	+ 22 %	40,083	26,153	+ 53 %
(million)
Demand - RPK	10,502	8,609	+ 22%	32,069	15,975	+ 101 %
(million)
Load Factor	77.3 %	77.0 %	+ 0 pp	80.0 %	61.1 %	+ 19 pp
Passengers (million)	3.27	2.68	+ 22 %	10.13	5.71	+ 77 %
Aircraft Utilisation	12.1	11.4	+ 6 %	12.0	9.8	+ 22 %
[Block Hours]
Number Of Aircraft	75	91	- 18 %	75	91	- 18 %
Increase in Cash &				19.05	17.79
Cash Equivalents
Current Ratio Jan-				2.22	1.49		d)
Sep (consolidated)9

Link

1. Catering, Ground Services, Cargo handling, etc.
2. Raise of results due to increase in capacity; increase in revenues outperformed increase in expenses
3. Crew expenses, aircraft maintenance, lease of aircraft, etc.
4. Important improve in liquidity and the ability to pay debt services

• Thai Airways International PCL: "Management´s Discussion and Analysis for the third quarter of 2023 ended September 30, 2023, for Thai Airways International Public Company Limited and Its Subsidiaries"28 3RD Quarter Results and Annual Reports 2018; Thai Airways (numbers include fully owned subsidiary Thai Smile)
  7 Revenue Passenger Kilometre
  8 Available Passenger Kilometre
  9 Current Ratio = Current Assets/Current Liabilities

Shareholder Update - November 2023	5

AIRLINE UPDATE10

• Thai to start daily services to Istanbul beginning of this December and introduced Sapporo as new destination during the third quarter11
• Frequencies to popular Chinese and Asian cities will be increased, such as Taipei, Shanghai and Chengdu
• Bookings from China are weak due to a weak Chinese economy and safety concerns but high demand from Europe and Australia in the fourth quarter 202312
• Nevertheless, the visa-free promotion by the Thai Government for Chinese tourist is expected to increase Thailand´s tourist numbers by about half a million or more
• Thai intends to invest in the establishment of a maintenance repair facility at U-Tapao Airport for customer airlines
• Quarterly operating profit for the fourth time in a row13
• Expected delivery of 23 aircraft until the end of 2025; including one B787-913
• The carrier expects the delivery of further two A350-900s until the end of 2023; three had already been delivered13
• Thai Airways´ identified risk factors include the weak Chinese economy, the war in Ukraine and Middle East13
• Thai is evaluating new aircraft orders and publicly criticises Rolls-Royce for too expensive engine pricing in regard to B787 and A350 aircraft14
• Competition is going to grow as nine operators have applied for an AOC (Air Operator Certificate) at Thailand´s Civil Aviation Authority; not all of them being a threat to Thai Airways as some of them will operate much smaller aircraft, cargo services only or helicopters15
• The Civil Aviation Authority of Thailand expects recovery of passenger numbers in Thailand in 2024 (previously it was anticipated to take until 2025)15
• In the third quarter 2023; foreign tourist numbers increased by 98% compared to the same quarter 2022 and reached 73% of pre-Covid levels

BUSINESS REHABILITATION

• Latest update on 28th September 2023
• Thai Airways´ debt repayment according to the plan16
• The transfer of Thai Smile into Thai expected to be completed in the first quarter 202417
• 26 decommissioned aircraft already sold or in the process of being sold18
• Sale of overseas immovable properties16
• Expected exit of Business Rehabilitation: Late 202418

1. Thai Airways International PCL: "Management´s Discussion and Analysis for the third quarter of 2023 ended September 30, 2023, for Thai Airways International Public Company Limited and Its Subsidiaries"
2. Bangkok Post: "THAI to fly to Istanbul from Dec 1"; 2nd November 2023
3. Bangkok Post: "THAI: Europe and Australia routes fully booked"; 26th October 2023
4. Ch-Aviation:"Thai Airways details incoming leased aircraft through 2025"; 16th November 2023
5. Simple Flying: "Thai Airways Is Unhappy With Rolls-Royce's Engine Pricing"; 9th November 2023
6. The Nation: "Nine new Thai airlines set to launch operations"; 20th November 2023
7. Thai Airways: "The update on the 9th progress of the implementation of the Business Rehabilitation Plan for the period from 15 June 2023 to 14 September 2023 (1st quarter of the 3rd year)"; 28th September 2023
   17 Cirium: "Thai Airways to complete transfer of Thai Smile A320s in Q1 2024"; 10th November 2023

1. Ch-Aviation:"Thai Airways details incoming leased aircraft through 2025"; 16th November 2023

Shareholder Update - November 2023	6

3 | THE ASSETS

ASSET OVERVIEW

AIRFRAME STATUS (31st October 2023)

THAI AIRWAYS

HS-TQC

HS-TQD

Total Time [Flight Hours]		23,148		21,671
Total Flight Cycles		5,322		4,991
Flight Hours : Cycle Ratio		4.35 : 1		4.34 : 1
Flight Hours during month		83		401
Cycles during month		26		105
Flight Hours : Cycle Ratio		3.19 : 1		3.82 : 1
Completed Maintenance Events 3Q23	C3-Check at 27th October 2023 at Thai´s		---
	facility in Don Muang/Bangkok
ENGINE DATA		ENGINE SERIAL NUMBER
(31st October 2023)	10239	10243	10244	10248
Total Time [Flight Hours]	21,570	16,645	17,721	20,936
Total Flight Cycles	4,942	3,482	4,235	4,478
Location	4.36 : 1	4.78 : 1	4.18 : 1	4.68 : 1
Flight Hours : Cycle Ratio	83	0	330	401
Flight Hours during month	26	0	92	105
Cycles during month	3.19 : 1	n / a	3.59 : 1	3.82 : 1
Flight Hours : Cycle Ratio	On-wing	Awaiting shop	On-wing	On-wing
		induction in SAESL;	(HS-TQE)
		scheduled for 13th
		December 2023; delay
		of induction date due
		to longer in shop time
		of previous engine

Shareholder Update - November 2023	7

HS-TQC AND HS-TQD DESTINATIONS BETWEEN 1 OCTOBER TO 20 NOVEMBER 202319

Destination	Average Flight Time	Frequency - TQC20	Frequency - TQD
Bangalore, India	3:18	1	0
Beijing, China	4:18	3	5
Chiang Mai, Thailand	0:56	3	1
Chitose, Japan	6:32	4	5
Delhi, India	3:38	4	6
Denpasar, Indonesia	3:44	2	10
Dhaka, Bangladesh	2:06	3	4
Hong Kong, China	2:15	1	0
Hyderabad, India	3:01	1	11
Islamabad, Pakistan	4:26	4	1
Jakarta, Indonesia	2:53	2	3
Kansai, Japan	5:10	0	8
Karachi, Pakistan	4:28	0	7
Kuala Lumpur, Malaysia	1:46	1	3
Lahore, Pakistan	4:06	3	1
Madras, India	2:56	0	4
Manila, Philippines	2:55	6	3
Mumbai, India	4:12	0	1
Rangoon, Myanmar	1:13	3	2
Seoul, South Korea	5:05	0	8
Singapore	2:00	3	3

THE B787 MARKET

• Boeing delivered ten B787 in September - a significant peak compared to the previous two months - and still considers its target to deliver 70 to 80 B787s in 2023 as feasible21
• B787 monthly production rate intended to increase to ten B787s per month22
• United Airlines converted 50 options for 50 B787-9s to firm orders with delivery between 2028 and 2031 and placed a new option for 50 B787s; this aircraft type is intended to replace a major part of United´s current B767 operations23
• LOT Polish Airlines will upgrade their B787-8s cabins between 2026 and 2030, indicating that this aircraft model is a significant part of its fleet24
• TAAG Angolan Airlines became a new B787 customer by ordering two B787-9s and two B787-10s with the first delivery scheduled for August 2024; the aircraft will be financed via operating leases25
• Air Canada ordered 18 B787-10s (already B787-8s and B787-9s in operation) and placed an option of additional 12 aircraft of the same type26
• Turkish Airlines agreed to lease three B787-9s from AerCap, delivery scheduled to take place between 2024 and 202627

1. Flightaware; November 22nd 2023
2. Less frequencies compared to HS-TQD due to the C3-Check taking a bit more than three weeks
3. Airliners: "Boeing-Auslieferungen im September: 787 top, 737 flop"; 11th October 2023
4. Simple Flying: "Boeing CEO: Lower Commercial Deliveries Impacted Q3 Results"; 25th October 2023
5. Cirium: "United firms options for 50 787s and 60 A321neos"; 3rd October 2023
6. Cirium: "LOT to upgrade its 787-8s' interiors"; 6th October 2023
7. Cirium: "TAAG orders four 787s"; 10th October 2023 / "TAAG 787 deliveries to begin in 2024"; 11th October 2023
8. Cirium: "Air Canada selects GEnx-1B engines to power its 787-10 fleet"; 17th October 2023
9. Cirium: "Turkish to lease 25 Max 8s and three 787-9s from AerCap"; 24th October 202327 Bangkok Post: "THAI to fly to Istanbul from Dec 1"; 2nd November 2023

Shareholder Update - November 2023	8

• Boing delivered the 1000th built B787 to Singapore Airlines on 29th October 202328
• Jetstar based in Australia will refurbish its B787-8s increasing the number of premium seats and install crew rest facilities which indicates that this aircraft type will remain in their fleet29
• B787 orders announced during the Dubai airshow mid-November 202330:

Airline	Quantity	Type	Notes
Emirates	5	B787	Variant unspecified
	20	B787‐8	Conversion of previous order for 30 B787‐9s
	10	B787‐10	Conversion of previous order for 30 B787‐9s
Ethiopian Airlines	11	B787	Variant unspecified plus 15 options
Flydubai	30	B787‐9s
Royal Air Maroc	2	B787‐9
Royal Jordanian	4	B787‐9	Includes reconfirmed order for 2 previous B787‐9s

1. Simple Flying: "Special Delivery: Singapore Airlines Accepts The 1000th Dreamliner"; 29th October 2023
2. Cirium: "Jetstar to revamp 787-8 cabins from 2025"; 10th November 2023
3. Cirium: "NETWORKS REPORT: Dubai deals and loving supply chain issues"; 17th November 2023

Shareholder Update - November 2023	9

5 | Annex

DP AIRCRAFT - FACT SHEET

Ticker			DPA
Company Number	56941
ISIN Number		GG00BBP6HP33
SEDOL Number		BBP6HP3
Traded		SFS
•	SFM Admission Date		4th October 2013
•	Share Price		USD 0.055 [6th December 2023]
Country of Incorporation		Guernsey
Current Shares in Issue	239,333,333
			Jonathan (Jon) Bridel (Chairman)
Directors		Jeremy Thompson
			Harald Brauns
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 (Date of Delivery)		HS-TQC (29th October 2014)
	HS-TQD (9th December 2014)
Aircraft Serial Number	36110; 35320
Aircraft Type and Model		B787-8
Engine Type		Rolls Royce Trent 1000
Lessee		Thai Airways International PCL
Website		http://www.dpaircraft.com

DISCLAIMER

The information in this document has been prepared by DS Aviation GmbH & Co. KG as Asset Manager to DP Aircraft I Limited (the "Company") solely to give an overview of the Company. This document is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. The document is intended for information purposes only and does not constitute investment advice. It is important to remember that past performance is not a guide to future performance. Furthermore, the value of any investment or the income deriving from them may go down as well as up and you may not get back the full amount invested.