DP AIRCRAFT I LIMITED ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2025 2025 25 | Page ASSET MANAGER’S REPORT (CONTINUED) ● LOT has achieved IATA Environmental Assessment (IEnvA) certification, demonstrating progress in environmental management and sustainability practices 66 ● LOT plans to refurbish the cabins layout of its eight 787-8 starting from 2026, where Business class layout will be moderated from 2-2-2 to 1-2-1 (configuration type: Recaro CL6720 seats) and Premium economy will be refurbished to Recaro's PL3530 67 THE ASSETS Update Boeing 787 ● In 2025, Boeing received a total of 381 orders for the 787 programme, although no new orders were placed for the 787-8 variant. Of the 88 aircraft delivered, the majority were equipped with GE engines, with a smaller portion powered by Rolls-Royce engines 68 ● As of 20 March 2026, Boeing’s 787 backlog stood at approximately 1,058 aircraft, reflecting sustained demand for the platform 69 ● Qatar Airways placed a landmark order for 210 widebody aircraft, including 130 Boeing 787s, representing the largest single order for the type 70 ● Other major developments include significant orders from United Airlines, Turkish Airlines, and additional global carriers, reinforcing strong long-term demand for widebody aircraft 71 ● United Airlines has agreed with GE Aerospace to supply GEnx engines for up to 150 Boeing 787, covering its large order and future options. The deal also secures engines for previously unassigned 787s, including 787-9 and 787-10 variants 72 12 Carriers with Most 787s On Order Source: Cirium as of 20 th February 2026 73 66 LOT: „LOT POLISH AIRLINES AWARDED IATA IENVA CERTIFICATION”; 4 th June 2025 67 Cirium: “LOT to upgrade its 787-8s' interiors”: 06 th October 2025 68 Boeing: Orders and Delivery: 20 th March 2026 69 Boeing: Orders and Delivery: 20 th March 2026 70 Boeing: “Boeing and Qatar Airways Announce Historic Order for up to 210 Widebody Airplanes “: 14 th May 2025 71 Cirium: Thai to take delivery of at least 18 aircraft this year”: 23 rd January 2026 72 Cirium: “United stays with GE engines for on-order 787s”: 17 th February 2026 73 Cirium: “Monthly 787 deliveries mostly stay in single digits”: 20 th February 2026

DP AIRCRAFT I LIMITED ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2025 2025 53 | Page 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 consolidated financial statements as a whole was set at $1,110,000, determined with reference to a benchmark of group total assets of $147,180,988 of which it represents approximately 0.75% (2024: 0.75%). 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 consolidated financial statements as a whole. Performance materiality for the Group was set at 75% (2024: 75%) of materiality for the consolidated financial statements as a whole, which equates to $832,000. We applied this percentage in our determination of performance materiality because we did not identify any factors indicating an elevated level of risk. We reported to the Audit Committee any corrected or uncorrected identified misstatements exceeding $55,500, in addition to other identified misstatements that warranted reporting on qualitative grounds. Our audit of the Group was undertaken to the materiality level specified above, which has informed our identification of significant risks of material misstatement and the associated audit procedures performed in those areas as detailed above. The group team performed the audit of the Group as if it was a single aggregated set of financial information. The audit was performed using the materiality level set out above and covered 100% of total group revenue, total group profit before tax, and total group assets and liabilities. Going concern The directors have prepared the consolidated financial statements on the going concern basis as they do not intend to liquidate the Group or the Company or to cease their operations, and as they have concluded that the Group and the Company's financial position means that this is realistic. They have concluded that there is a material uncertainty that could have cast significant doubt over their ability to continue as a going concern for at least a year from the date of approval of the consolidated financial statements (the “going concern period"). An explanation of how we evaluated management’s assessment of going concern is set out in the “Material uncertainty relating to going concern” section of our report. Our conclusions based on this work: ● we consider that the directors' use of the going concern basis of accounting in the preparation of the consolidated financial statements is appropriate; and ● we have nothing material to add or draw attention to in relation to the directors’ statement in note 2a to the consolidated financial statements on the use of the going concern basis of accounting, and their identification therein of a material uncertainty over the Group’s ability to continue to use that basis for the going concern period, and found the going concern disclosure in note 2a to be acceptable. 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 above conclusions are not a guarantee that the Group and the Company will continue in operation. Fraud and breaches of laws and regulations – ability to detect Identifying and responding to risks of material misstatement due to fraud To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included: ● enquiring of management as to the Group’s policies and procedures to prevent and detect fraud as well as enquiring whether management have knowledge of any actual, suspected or alleged fraud; ● reading minutes of meetings of those charged with governance; and ● using analytical procedures to identify any unusual or unexpected relationships.

DP AIRCRAFT I LIMITED ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2025 2025 54 | Page Independent Auditor's Report to the Members of DP Aircraft I Limited (Continued) Fraud and breaches of laws and regulations – ability to detect (continued) Identifying and responding to risks of material misstatement due to fraud (continued) As required by auditing standards, we perform procedures to address the risk of management override of controls, in particular the risk that management may be in a position to make inappropriate accounting entries. On this audit we do not believe there is a fraud risk related to revenue recognition because the Group’s revenue streams are simple in nature with respect to accounting policy choice, and are easily verifiable to external data sources or agreements with little or no requirement for estimation from management. We did not identify any additional fraud risks. We performed procedures including ● Identifying journal entries and other adjustments to test based on risk criteria and comparing any identified entries to supporting documentation; and ● incorporating an element of unpredictability in our audit procedures. Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations We identified areas of laws and regulations that could reasonably be expected to have a material effect on the consolidated financial statements from our sector experience and through discussion with management (as required by auditing standards), and from inspection of the Group’s regulatory and legal correspondence, if any, and discussed with management the policies and procedures regarding compliance with laws and regulations. As the Group is regulated, our assessment of risks involved gaining an understanding of the control environment including the entity’s procedures for complying with regulatory requirements. The Group is subject to laws and regulations that directly affect the consolidated financial statements including financial reporting legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. The Group is subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the consolidated financial statements, for instance through the imposition of fines or litigation or impacts on the Group and the Company’s ability to operate. We identified financial services regulation as being the area most likely to have such an effect, recognising the regulated nature of the Group’s activities and its legal form. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of management and inspection of regulatory and legal correspondence, if any. Therefore if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach. Context of the ability of the audit to detect fraud or breaches of law or regulation Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the consolidated 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 is from the events and transactions reflected in the consolidated 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 fraud, as this may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations. Other information The directors are responsible for the other information. The other information comprises the information included in the Annual Report but does not include the consolidated financial statements and our auditor's report thereon. Our opinion on the consolidated financial statements does not cover the other information and we do not express an audit opinion or any form of assurance conclusion thereon.

DP AIRCRAFT I LIMITED ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2025 2025 55 | Page Independent Auditor's Report to the Members of DP Aircraft I Limited (Continued) Other information (continued) In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 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 consolidated 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 Directors' responsibilities As explained more fully in their statement set out on pages 49 and 50, the directors are responsible for: the preparation of the consolidated 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 consolidated financial statements that are free from material misstatement, whether due to fraud or error; assessing the Group and Company’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 the Company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue our opinion in an auditor’s report. Reasonable assurance is a high level of assurance, but does not guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the consolidated financial statements. A fuller description of our responsibilities is provided on the FRC’s website at www.frc.org.uk/auditorsresponsibilities. The purpose of this report and restrictions on its use by persons other than the Company's members, as a body This 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. Fiona Babbe For and on behalf of KPMG Audit Limited Chartered Accountants and Recognised Auditors Guernsey 27 April 2026

DP AIRCRAFT I LIMITED 2025 ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2025 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the year ended 31 December 2025 Year ended Year ended 31 Dec 2025 31 Dec 2024 Notes US$ US$ Income Lease rental income 4 8,753,206 8,777,187 Expenses Asset management fees 22 (540,471) (478,407) General and administrative expenses 5 (1,721,419) (1,051,699) Movement in expected credit loss 11 217,506 679,655 Depreciation 9 - (440,783) __________ __________ (2,044,384) (1,291,234) Operating profit 6,708,822 7,485,953 Finance costs 6 (3,454,654) (3,872,695) Other Income 56,873 6,488 Finance income 765,973 909,949 __________ __________ Net finance costs (2,631,808) (2,956,258) Profit before tax 4,077,014 4,529,695 __________ __________ Taxation 7 (4,380) (4,635) Profit for the year 4,072,634 4,525,060 __________ __________ Total Comprehensive Income for the year 4,072,634 4,525,060 __________ __________ Earnings per Share for the year – basic and diluted 8 0.01591 0.01886 __________ __________ All income is attributable to the Ordinary Shares of the Company. The notes on pages 60 to 89 form an integral part of these financial statements. 56 Page |

DP AIRCRAFT I LIMITED 2025 ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2025 CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 31 December 2025 31 Dec 2025 31 Dec 2024 Notes US$ US$ NON-CURRENT ASSETS PPE- Aircraft & Related Components 9 123,681,799 123,681,799 Trade and other receivables 11 - 3,358,804 Restricted Cash 10 - 16,624,501 ___________ ___________ Total non-current assets 123,681,799 143,665,104 CURRENT ASSETS Trade and other receivables 11 3,302,263 3,328,210 Restricted cash 10 18,279,770 1,161,662 Cash and cash equivalents – available for use 2,009,466 1,652,645 ___________ ___________ Total current assets 23,591,499 6,142,517 ___________ ___________ TOTAL ASSETS 147,273,298 149,807,621 ___________ ___________ EQUITY Share Capital 15 212,253,746 212,253,746 Accumulated losses 16 (160,451,700) (164,524,334) ___________ ___________ TOTAL EQUITY 51,802,046 47,729,412 ___________ ___________ NON-CURRENT LIABILITIES Bank borrowings 14 - 77,088,618 Maintenance reserves provision 12 - 15,451,700 ___________ ___________ Total non-current liabilities - 92,540,318 CURRENT LIABILITIES Bank borrowings 14 77,239,573 8,096,300 Maintenance reserves provision 12 15,451,700 - Trade and other payables 13 2,779,979 1,441,591 ___________ ___________ Total current liabilities 95,471,252 9,537,891 ___________ ___________ TOTAL LIABILITIES 95,471,252 102,078,209 ___________ __________ TOTAL EQUITY AND LIABILITIES 147,273,298 149,807,621 ___________ ___________ The financial statements on pages 56 to 88 were approved by the Board of directors and were authorised for issue on 27 April 2026. They were signed on its behalf by: The notes on pages 60 to 88 form an integral part of these financial statements. Jonathan Bridel Jeremy Thompson Chairman Director 57 Page |

DP AIRCRAFT I LIMITED 2025 ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2025 CONSOLIDATED STATEMENT OF CASH FLOWS For the year ended 31 December 2025 Year ended Year ended   Notes 31 Dec 2025 31 Dec 2024 US$ US$ Profit for the year 4,072,634 4,525,060 Adjusted for: Depreciation 9 - 440,783 Finance costs 6 3,454,654 3,872,695 Taxation 7 4,380 4,635 Finance income (765,973) (909,949) Movement in expected credit loss 11 (217,506) (679,655) Tax-paid (4,822) (7,411) Changes in: Movement in straight lining lease asset 11 3,486,794 3,433,767 Increase in maintenance reserves provision 12 - 622,404 Increase in trade and other payables 13 1,338,830 352,301 Decrease/(Increase) in trade and other receivables 11 115,464 (443,757) ___________ ___________ NET CASH FLOW FROM OPERATING ACTIVITIES 11,484,455 11,210,873 ___________ ___________ INVESTING ACTIVITIES Increase in Restricted cash (493,607) (956,600) Finance income 765,973 909,949 ___________ ___________ NET CASH FLOW FROM/ (USED IN) INVESTING ACTIVITIES 272,366 (46,651) ___________ ___________ FINANCING ACTIVITIES Share issue proceeds - 1,000,000 Share issue costs - (26,082) Bank loan principal repaid 14 (6,477,656) (6,035,672) Bank loan interest paid 14 (4,922,344) (5,364,328) ___________ ___________ NET CASH FLOW USED IN FINANCING ACTIVITIES (11,400,000) (10,426,082) ___________ ___________ CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 1,652,645 914,505 Increase in cash and cash equivalents 356,821 738,140 ___________ ___________ CASH AND CASH EQUIVALENTS AT END OF YEAR 2,009,466 1,652,645 ___________ ___________ The notes on pages 60 to 88 form an integral part of these financial statements. 58 Page |

DP AIRCRAFT I LIMITED 2025 ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2025 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the year ended 31 December 2025 Share capital Accumulated losses Total Equity Note US$ US$ US$ As at 1 January 2025 15 212,253,746 (164,524,334) 47,729,412 Total comprehensive income for the year Profit for the year - 4,072,634 4,072,634 ___________ ___________ _________ Total comprehensive profit - 4,072,634 4,072,634 ___________ ___________ _________ As at 31 December 2025 212,253,746 (160,451,700) 51,802,046 ___________ ___________ _________ As at 1 January 2024 211,279,828 (169,049,394) 42,230,434 Total comprehensive expenses for the year Profit for the year - 4,525,060 4,525,060 ___________ ___________ _________ Total comprehensive expense - 4,525,060 4,525,060 ___________ ___________ _________ Transactions with owners Issue of ordinary shares 15 1,000,000 - 1,000,000 Share issue costs paid (26,082) - (26,082) ___________ ___________ _________ As at 31 December 2024 212,253,746 (164,524,334) 47,729,412 ___________ ___________ _________ The notes on pages 60 to 88 form an integral part of these financial statements. 59 Page |

DP AIRCRAFT I LIMITED 2025 ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2025 1) GENERAL INFORMATION The consolidated audited financial statements (‘financial statements’) incorporate the results of DP Aircraft I Limited (the “Company”) and that of wholly owned subsidiary entities, DP Aircraft Guernsey III Limited and DP Aircraft Guernsey IV Limited (collectively, the “Borrowers”), both of which are Guernsey-incorporated companies limited by shares. The Borrowers hold their aircraft investments through intermediate lessor DP Aircraft UK Limited (the “Lessor”), a UK-incorporated private limited company . DP Aircraft Ireland MSN 35320 Limited and DP Aircraft Ireland MSN 36110 Limited, both Irish- incorporated subsidiaries, were incorporated into the Group on 21 February 2025 and 5 March 2025, respectively and remains non-operational until the final quarter of 2026. The Company and its consolidated subsidiaries, DP Aircraft Guernsey III Limited, DP Aircraft Guernsey IV Limited, DP Aircraft UK Limited, DP Aircraft Ireland MSN 35320 Limited, and DP Aircraft Ireland MSN 36110 Limited, together comprise the consolidated group (the ‘Group’). 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 256,000,000 ordinary shares 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 April 2026. 2) MATERIAL ACCOUNTING POLICY INFORMATION 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 Guidance 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. 60 Page |

DP AIRCRAFT I LIMITED 2025 ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 December 2025 2) MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) a) Basis of preparation (continued) Material Uncertainty relating to going concern The Board considers that a material uncertainty exists related to going concern as at the reporting date, as the refinancing of the existing Deka loans has not yet been finalised. However, the Board is currently in advanced negotiations with a reputable financial institution, and is endeavouring to complete the refinancing in the coming weeks. Notwithstanding the existence of this material uncertainty, the Board believes it is appropriate to prepare the financial statements on a going concern basis, having regard to the cash flow forecasts which incorporate the expected refinancing, operational arrangements and subsequent Group’s financial position which demonstrate that the Group has sufficient liquidity to meet its obligations as they fall due for a period of at least twelve months from the signing of the consolidated financial statements. In making this conclusion, the Board has taken into consideration that: ● The Group delivered a profit of US$4.07 million for the year and is progressing well toward refinancing its existing debt and is endeavouring to complete the refinancing in the coming weeks, with first drawdown targeted for May 2026. While the Group currently reports net current liabilities due to the reclassification of borrowings, the new facility is intended to fully cover the outstanding Deka loan and settle deferred liabilities. Liquidity is further supported by any excess Maintenance Reserves upon expiry of the Thai leases in late 2026. This surplus money will also be used to repay the amounts drawn from the loan facility plus interest incurred. ● Lease payments from Thai continue to be received in full and on time, and Thai’s operational recovery and re-listing reflect a strengthened position, although industry-wide risks remain. The new 12-year LOT leases provide enhanced long-term income visibility and materially improved lease rates. ● Transition arrangements for the aircraft at the end of the Thai leases are clearly defined, with title transfers, new security arrangements and delivery to LOT expected to proceed in an orderly manner. The Group’s Guernsey entities are expected to remain operational until at least 31 December 2027 due to potential timing of aircraft transfers and final maintenance reserve receipts. ● The Board has addressed short-term liquidity requirements through the establishment of a US$1.5 million shareholder credit facility to fund the required aircraft upgrade and to provide working capital during the completion of the refinancing and the transition of the aircraft. External geopolitical events, including the conflict in the Middle East, have not had a material impact on the Group’s aircraft operations. Overall, the Board considers the Group to be financially and operationally well positioned, with appropriate plans in place to support ongoing operations and upcoming transitions. 61 Page |

DP AIRCRAFT I LIMITED 2025 ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 December 2025 2) MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) New Accounting Standards and interpretations adopted in the reporting period The following standards and interpretations have been applied where relevant in these consolidated Financial Statements: ● IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability, effective for periods commencing 1 January 2025. The adoption of these standards has not had a material impact on the consolidated Financial Statements of the Group. New Accounting Standards and interpretations applicable to future reporting periods The following standards and amendments have been issued but are not yet effective for the current reporting period. IFRS 18 will replace IAS 1 Presentation of Financial Statements and applies for annual reporting periods beginning on or after 1 January 2027. The new accounting standard introduces the following key new requirements: ● Entities are required to classify all income and expenses into five categories in the statement of profit or loss, namely operating, investing, financing, discontinued operations and income tax categories. Entities are also required to present a newly defined operating profit subtotal. Entities’ net profit will not change. ● Management-defined performance measures (MPMs) are disclosed in a single note in the financial statements. ● Enhanced guidance is provided on how to group information in the financial statements. In addition, all entities are required to use the operating profit subtotal as the starting point for the statement of cash flows when presenting operating cash flows under the indirect method. The Group is still in the process of assessing the impact of the new accounting standard, particularly with respect to the structure of the Group’s statement of profit or loss, the statement of cash flows and the additional disclosures required for MPMs. The Group is also assessing the impact on how information is grouped in the financial statements, including for items currently labelled as ‘other’. Annual Improvements to IFRS Accounting Standards – Volume 11 comprise minor amendments intended to clarify wording and correct unintended consequences in several standards. The amendments are effective for annual reporting periods beginning on or after 1 January 2026 and are not expected to have a material impact on the Group’s financial statements. IFRS 19 Subsidiaries without Public Accountability: Disclosures permits eligible subsidiaries to apply reduced disclosure requirements while continuing to apply IFRS recognition and measurement principles. The standard is effective for annual reporting periods beginning on or after 1 January 2027 and is not expected to be applicable to the Group. These standards, amendments or interpretations, except for IFRS18, are not expected to have a material impact on the Group financial statements in the future reporting periods or on foreseeable future transactions. 62 Page |

DP AIRCRAFT I LIMITED 2025 ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 December 2025 2) MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) 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. c) 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. Items of PPE are measured at cost less accumulated depreciation and any accumulated impairment losses. If significant parts of an item of PPE have different useful lives, then they are accounted for as separate items of PPE. In accordance with IAS 36, the Company’s aircraft 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 is not recoverable and is in excess of its fair value. 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. d) Depreciation Depreciation is calculated to write off the cost of items of PPE less their residual values under the straight-line method over their estimated useful lives and is generally recognised in profit or loss. Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. 63 Page |

DP AIRCRAFT I LIMITED 2025 ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 December 2025 2) MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) e) Lease 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. f) Operating lease – Group as lessor At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. When the Group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. The Group makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, it is an operating lease. g) 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. h) Bank Borrowings and interest expense Bank borrowings are recognised initially at fair value, net of transaction costs incurred. Bank borrowings are subsequently measured 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. 64 Page |

DP AIRCRAFT I LIMITED 2025 ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 December 2025 2) MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) h) Bank Borrowings and interest expense (Continued) 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 consolidated statement of financial position and amortised to the consolidated 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 consolidated statement of comprehensive income regardless of whether the modification is substantial or not. 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 liability and of allocating interest 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. i) Restricted Cash 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. j) Maintenance Reserves Provision 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. 65 Page |

DP AIRCRAFT I LIMITED 2025 ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 December 2025 2) MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) j) Maintenance Reserves Provision (continued) 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. k) 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. l) Cash and Cash equivalents 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. m) Taxation Tax is recognised in the Statement of Comprehensive Income, except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. n) Trade and other payables Trade and other payables are initially recognised at the transaction price. If there are any directly attributable transaction costs, they should be included in the initial measurement. After initial recognition, they are measured at amortised cost using the effective interest method. o) Trade and other receivables Trade and other receivables are initially recognised at the transaction price plus any directly attributable transaction costs. After initial recognition, they are measured at amortised cost using the effective interest method, adjusted for any impairments. p) Share Capital Ordinary shares are classified as equity. 66 Page |

DP AIRCRAFT I LIMITED 2025 ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 December 2025 MATERIAL ACCOUNTING POLICY INFORMATION (CONTINUED) q) Foreign currency Foreign currency transactions are translated into the functional currency at exchange rates ruling at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are retranslated at the reporting date using closing exchange rates, with resulting differences recognised in profit or loss. 3) USE OF JUDGEMENTS AND ESTIMATES The preparation of financial statements in conformity with IFRS requires that the directors make judgements and estimates about the future, that affect the application of the Group’s accounting policies and reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. Information about assumptions and estimation uncertainty at 31 December 2025 that have a significant effect of resulting in a material adjustment to the carrying amounts of assets and liabilities in the next financial year are: Assumptions and estimation uncertainties in the impairment testing of PPE and key assumptions underlying recoverable amounts and cost of disposal. Impairment of property, plant and equipment An impairment is recognised if the carrying amount of an asset exceeds its recoverable amount. Impairment losses are recognised in profit or loss. At each reporting date, the Group reviews the carrying amounts of its PPE to determine whether there is any indication of impairment. If any such indication exists, then the assets’ recoverable amount is estimated. The recoverable amount of an asset is the higher of the value in use and fair value less cost to disposal. In considering the impairment assessment of the Aircraft, the Board concluded that the fair value less costs of disposal was the recoverable amount. The fair value less costs of disposal used in the assessment is based on the full-life market value of each aircraft as determined by two independent appraisers given the aircraft have a lease with a full-life return condition attached to them. The Board considered all possible valuation ranges and concluded that the Thai Aircraft were not impaired as at 31 December 2025 given the average fair value less costs of disposal was greater than the book value of the aircraft. Two independent appraisers determined that the full life market value of each aircraft as at 31 December 2025 ranges from US$ 68.50m to US$ 75.40m. 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 and use different calculation models. This has an influence on future and current market values hence the wide range. 67 Page |

DP AIRCRAFT I LIMITED 2025 ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 December 2025 3) USE OF JUDGEMENTS AND ESTIMATES (CONTINUED) Impairment of property, plant and equipment (continued) In order to eliminate peaks in one or the other direction the Board take the average of the two 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 the aircraft this approach is considered 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 2025 (2024: US$ nil). The Board also considered if there was any indication that the accumulated impairment recognised in previous years on the 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 2025. The airframe and engines status are outlined on the asset managers report. 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. Depreciation of aircraft As described in note 2, the Group depreciates the Aircraft 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 engages independent expert valuers (appraisers) each year to provide a valuation of the Aircraft 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 1 January 2025 was US$ 130,173,016 (2024: US$ 122,852,389), carrying value as at 31 December 2025 was US$ 123,681,799 (2024: US$ 123,681,799). No depreciation has been recognised in the current period as the residual value is higher than the carrying value of the aircraft. 68 Page |

DP AIRCRAFT I LIMITED 2025 ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 December 2025 4) LEASE RENTAL INCOME

	2025	2024
	US$	US$
Straight lining rental income	8,753,206	8,777,187
Total lease rental income	8,753,206	8,777,187

For the year ended 31 December 2025, all lease rental income continued to be derived from Thai Airways International in respect of the two Boeing 787-8 aircraft that remained on lease to Thai throughout the year. Lease rentals under the existing Thai leases have been fixed at US$510,000 per aircraft per month since 31 December 2022 and will continue at this level until the respective lease expires in October 2026 (MSN 36110) and December 2026 (MSN 35320).The non-cancellable lease terms under the Thai arrangements run to these respective expiry dates, and the Group’s UK subsidiary has cancelled all extension options, resulting in both leases ending in 2026. Upon expiry, the aircraft will be 12 years old and are required to be returned by Thai in full-life condition in accordance with the lease obligations. During 2025, the Group entered into new 12-year operating lease agreements with LOT Polish Airlines for both aircraft. Under the new LOT agreements, the lease rental payments are structured over the 12-year term, with a fixed monthly rate for the first eight years, followed by a reduced fixed monthly rate for the final four years, providing rental payments of approximately US$168m in aggregate over the full term. The contracted cash lease rental payments to be received under non-cancellable operating leases at the reporting date are:

	Boeing 787-8 Serial No: 35320	Boeing 787-8 Serial No: 36110	Total
31 Dec 2025	US$	US$	US$
2026	6,393,065	6,972,097
			13,365,162
2027-2032	45,720,000	45,720,000	91,440,000
2033-2038	37,645,000	36,375,000	74,020,000
	___________	___________	_________
	89,758,065	89,067,097	178,825,162
	___________	___________	_________
31 Dec 2024	US$	US$	US$
2025	6,120,000	6,120,000	12,240,000
2026	5,758,065	5,067,097	10,825,162
	___________	___________	_________
	11,878,065	11,187,097	23,065,162
	___________	___________	_________

US$ 3,089,103 (2024: US$ 6,575,897) of the future contracted lease rental payments are recognised as a straight lining lease asset as at year end. 69 Page |

DP AIRCRAFT I LIMITED 2025 ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 December 2025 5) GENERAL AND ADMINISTRATIVE EXPENSES

	2025	2024
	US$	US$
Administration fees	330,017	272,434
Aircraft agency fees	6,444	-
Aircraft security trustee fees	11,647	23,988
Aircraft valuation fees	4,617	(2,662)
Audit fees	165,725	155,315
Directors' fees and expenses	245,330	208,782
External accounting services	56,312	12,927
Foreign exchange	23,164	12,602
Insurance costs, including directors' insurance	47,489	56,711
Legal and professional expenses	12,334	55,186
Other expenses	13,080	27,521
Registrar fees	12,809	18,744
Regulatory and Registration fees	22,937	34,494
Company broker fees	167,900	167,900
IT and printing costs	-	7,757
	__________	__________
Total ongoing costs	1,119,805	1,051,699
	__________	__________
Restructuring costs*	601,614	-
	__________	__________
Total general and administrative expenses	1,721,419	1,051,699
	__________	__________

Restructuring costs relate to expenses incurred in connection with the negotiation of the LOT lease, *aircraft transition activities, and the bank refinancing project. 70 Page |

DP AIRCRAFT I LIMITED 2025 ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 December 2025 6) FINANCE COSTS

	2025	2024
	US$	US$
Loan interest	3,454,654	3,872,695
	__________	_________
Total finance costs	3,454,654	3,872,695

__________ _________ __________ _________ 7) TAXATION With the exception of DP Aircraft UK Limited, DP Aircraft Ireland MSN 35320 Limited and DP Aircraft Ireland MSN 36110 Limited, all companies within the Group are exempt from taxation in Guernsey and are charged an annual exemption fee of £1,600 each (2024: £1,600). DP Aircraft UK Limited is subject to taxation at the applicable rate in the United Kingdom. It recorded a tax expense of US$4,380 during the year compared to a tax expense of US$4,635 in 2024. The directors do not expect the taxation payable to be material to the Group. DP Aircraft Ireland MSN 35320 Limited and DP Aircraft Ireland MSN 36110 Limited are subject to taxation at the applicable Irish corporation tax rate. No tax expense was incurred during the year, and there was no tax payable as at the year end. A tax reconciliation has not been presented in these Financial Statements as the effective tax rate is not material and the reconciliation is not relevant to the understanding of the Company’s results for the year end. 8) EARNINGS PER SHARE

	2025	2024
	US$	US$
Profit for the year	4,072,634	4,525,060
Weighted average number of shares	256,000,001	239,989,041
	__________	__________
Earnings per Share	0.01591	0.01886
	__________	__________

71 Page |

DP AIRCRAFT I LIMITED 2025 ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 December 2025 9) PROPERTY, PLANT & EQUIPMENT – AIRCRAFT & RELATED COMPONENTS

	Aircraft	Lease Premium	Total
	US$	US$	US$
COST
As at 1 January 2025 and 31 December 2025	238,731,161	17,398,493	256,129,654
	___________	__________	__________
ACCUMULATED DEPRECIATION / AMORTISATION
As at 1 January 2025	56,209,665	8,200,047	64,409,712
Charge for the year	-	-	-
	___________	__________	__________
As at 31 December 2025	56,209,665	8,200,047	64,409,712
	___________	__________	__________
IMPAIRMENT
As at 1 January 2025	58,839,697	9,198,446	68,038,143
	___________	__________	__________
As at 31 December 2025	58,839,697	9,198,446	68,038,143
	___________	__________	__________
CARRYING AMOUNT
As at 31 December 2025	123,681,799	-	123,681,799
	___________	__________	__________

	Aircraft	Lease Premium	Total
	US$	US$	US$
COST
As at 1 January 2024 and 31 December 2024	238,731,161	17,398,493	256,129,654
	___________	__________	__________
ACCUMULATED DEPRECIATION / AMORTISATION
As at 1 January 2024	55,768,882	8,200,047	63,968,929
Charge for the year	440,783	-	440,783
	___________	__________	__________
As at 31 December 2024	56,209,665	8,200,047	64,409,712
	___________	__________	__________
IMPAIRMENT
As at 1 January 2024	58,839,697	9,198,446	68,038,143
	___________	__________	__________
As at 31 December 2024	58,839,697	9,198,446	68,038,143
	___________	__________	__________
CARRYING AMOUNT
As at 31 December 2024	123,681,799	-	123,681,799
	___________	__________	__________

72 Page |

DP AIRCRAFT I LIMITED 2025 ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 December 2025 9) PROPERTY, PLANT & EQUIPMENT – AIRCRAFT & RELATED COMPONENTS (CONTINUED) As at year end PPE is comprised of two aircraft leased to Thai Airways under an operating lease. 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 a contractual 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. 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 2025 there is no impairment charge for the year on 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. 10) RESTRICTED CASH

	2025	2024
Current assets	US$	US$
Security deposit accounts	105	101
Lease rental accounts	814,905	1,161,561
Maintenance reserves accounts	17,464,760	-
	__________	__________
	18,279,770	1,161,662
Non-current assets
Maintenance reserves accounts	-	16,624,501
	__________	__________
Total restricted cash	18,279,770	17,786,163
	__________	__________

Maintenance reserves held at reporting date, are to be used solely to cover costs related to the maintenance of the two aircraft. Maintenance reserve was moved from noncurrent to current in the year and this is now due to be received in the next 12 months. The majority of security deposits were transferred to Lease Rental Accounts in the 2023 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 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 and are now current as a result of the lease term coming to an end in 2026. 73 Page |

DP AIRCRAFT I LIMITED 2025 ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 December 2025 11) TRADE AND OTHER RECEIVABLES

	2025	2024
	US$	US$
Prepayments	73,474	50,624
Maintenance reserve receivable	345,779	484,092
Straight-lining lease asset	3,089,103	6,575,897
	__________	__________
Total trade and other receivables	3,508,356	7,110,613
Less: Expected credit loss on straight lining lease asset	(185,346)	(394,554)
Less: Expected credit loss on maintenance reserve receivable	(20,747)	(29,045)
	__________	__________
Net trade and other receivables	3,302,263	6,687,014

__________ __________ Current and non-current split as at year end is as follows:

	2025	2024
Current assets	US$	US$
Prepayments	73,474	50,624
Maintenance reserve receivable	325,031	-
Straight-lining lease asset	2,903,758	3,277,586
	__________	__________
	3,302,263	3,328,210
Non-current assets
Straight-lining lease asset	-	2,903,757
Maintenance reserve receivable	-	455,047
	-	3,358,804
	__________	__________
Trade and other receivables	3,302,263	6,687,014

__________ __________ The Group has assessed the straight-lining lease asset and maintenance provision receivables 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 2025 is US$ 185,346 (2024: US$ 394,554). For the maintenance reserve receivable, the Company has also assessed the receivable balance for impairment, as at 31 December 2025, an impairment provision of US$ 8,298 was credited to statement of comprehensive income. It has been agreed that the Group is entitled to recover unpaid maintenance reserves owed by Thai Airways from previous years amounting to US$ 553,248. This amount will be paid in eight equal instalments beginning in June 2024 and will continue every 6 months up to December 2027. The outstanding receivable as at 31 December 2025 is US$ 345,779(2024:484,092). 74 Page |

DP AIRCRAFT I LIMITED 2025 ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 December 2025 11) TRADE AND OTHER RECEIVABLES (CONTINUED) Movements in the impairment provision for trade receivables is as follows:

	2025	2024
	US$	US$
Opening provision on Straight lining lease asset	(394,554)	(1,103,254)
Expected credit loss on straight lining lease asset	209,208	708,700
	__________	__________
Closing provision on Straight lining lease asset	(185,346)	(394,554)
	__________	__________
Opening provision on maintenance reserve receivable	(29,045)	-
Expected credit loss on maintenance reserve receivable	8,298	(29,045)
	__________	__________
Closing provision on maintenance reserve	(20,747)	(29,045)
	__________	__________
Total impairment provision for trade receivables	(206,093)	(423,599)
	__________	__________

12) MAINTENANCE RESERVES PROVISION The maintenance reserves liability relates to funds received from Thai Airways reserved for covering the cost of maintenance. Effective 15 June 2021, the Group no longer receives maintenance reserves contributions from the lessee in line with the updated lease terms. In 2024, the Company was notified by Thai Airways of US$553,248 that is to be recovered following the Thai Business Rehabilitation which had previously been written off. Accordingly, the amount has been reinstated in 2024 (note 11). 13) TRADE AND OTHER PAYABLES

2025	2024
Current	US$	US$
Deferred income*	1,020,000	-
Accruals and other payables	118,655	266,204
Asset Manager fees payable (note 22)	684,337	431,651
Broker fees payable	686,601	518,701
Director fees payable (note 21)	267,044	221,251
Taxation payable	3,342	3,784
	__________	__________
	2,779,979	1,441,591
Non-current	-	-
	__________	__________
Total trade and other payables	2,779,979	1,441,591
	__________	__________

All directors, brokers fees and most of the asset manager fees have been classified as current liabilities under IFRS but these creditors have agreed the amounts are not payable within twelve months unless there is a sale of the aircraft or a refinancing enabling repayment. It is however noted that these liabilities take preference over any distributions to shareholders. *Deferred income relate to payment received by DP UK for the lease rental in advance for January 2026. 75 Page |

DP AIRCRAFT I LIMITED 2025 ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 December 2025 14) BANK BORROWINGS

	2025	2024
	US$	US$
Current liabilities: Bank interest payable and Bank
borrowings	77,239,573	8,096,300
Non-current liabilities: Bank borrowings	-	77,088,618
	__________	__________
Total liabilities	77,239,573	85,184,918
	__________	__________
The borrowings are repayable as follows:
Interest payable	150,955	158,546
Within one year	77,088,618	7,937,754
In two to five years	-	77,088,618
	__________	__________
Total Bank borrowings	77,239,573	85,184,918
	__________	__________

The table below analyses the movements in the Group’s bank borrowings:

	2025	2024
	US$	US$
Opening balance	85,026,372	92,528,231
Repayment of loan	(6,477,656)	(6,035,672)
Amortisation of deferred finance costs	(1,460,098)	(1,466,187)
	___________	___________
Principal Bank borrowings	77,088,618	85,026,372
Interest payable	150,955	158,546
	___________	___________
Total Bank borrowings	77,239,573	85,184,918
	___________	___________

The table below sets out an analysis of net debt and the movements in net debt for the year ended 31 December 2025.

	Cash and cash equivalents	Principal	Interest	Net Debt
	US$	US$	US$	US$
At 1 January 2025	1,652,645	(85,026,373)	(158,547)	(83,532,275)
Cash flows	356,821	6,477,656	4,922,344	11,756,821
Non cash: -
Amortisation adjustment	-	1,460,098	(1,460,098)	-
Interest charge	-	-	(3,454,654)	(3,454,654)
	__________	____________	___________	___________
At 31 December 2025	2,009,466	(77,088,619)	(150,955)	(75,230,108)
	__________	____________	___________	___________

76 Page |

DP AIRCRAFT I LIMITED 2025 ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 December 2025 14) BANK BORROWINGS (CONTINUED)

	Cash and cash equivalents	Principal	Interest	Net Debt
	US$	US$	US$	US$
At 1 January 2024	914,505	(92,528,233)	(183,992)	(91,797,720)
Cash flows	738,140	6,035,672	5,364,328	12,138,140
Non cash: -
Amortisation adjustment	-	1,466,188	(1,466,188)	-
Interest charge	-	-	(3,872,695)	(3,872,695)
	_________	____________	___________	____________
At 31 December 2024	1,652,645	(85,026,373)	(158,547)	(83,532,275)
	_________	____________	___________	____________

DekaBank 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 amortises 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 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 contractually restricted so that those funds are only payable to the lenders, while the remaining 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. 77 Page |

DP AIRCRAFT I LIMITED 2025 ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 December 2025 15) SHARE CAPITAL Company’s authorised share capital is unlimited.

Year ended 31 December 2025 Issued and fully paid (no par value shares):	Subordinated Administrative Share Number	Ordinary Shares Number	Total Number
Shares as at 1 January 2025	1	256,000,000	256,000,001
	_________	___________	__________
Shares as at 31 December 2025	1	256,000,000	256,000,001
	_________	___________	__________
	US$	US$	US$
Share capital as at 1 January 2025	-	212,253,746	212,253,746
	_________	___________	__________
Share capital as at 31 December 2025	-	212,253,746	212,253,746
	_________	___________	__________

Year ended 31 December 2024 Issued and fully paid (no par value shares):	Subordinated Administrative Share Number	Ordinary Shares Number	Total Number
Shares as at 1 January 2024	1	239,333,333	239,333,334
Shares issued during the year	-	16,666,667	16,666,667
	_________	___________	__________
Shares as at 31 December 2024	1	256,000,000	256,000,001
	_________	___________	__________
	US$	US$	US$
Share capital as at 1 January 2024	-	211,279,828	211,279,828
	-	1,000,000	1,000,000
	-	(26,082)	(26,082)
	_________	___________	__________
Share capital as at 31 December 2024	-	212,253,746	212,253,746
	_________	___________	__________

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). 78 Page |

DP AIRCRAFT I LIMITED 2025 ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 December 2025 15) SHARE CAPITAL (Continued) 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. The directors are entitled to issue and allot C Shares. No C Shares have been issued since the Company was incorporated. On 11 November 2024, the Company raised gross proceeds of US$ 1 million through the issue of 16,666,667 new ordinary shares in the capital of the Company at a price of US$0.06 per new ordinary share. 16) ACCUMULATED LOSSES The movements in the Group’s accumulated losses are shown on page 59. Accumulated losses comprise accumulated profits and losses over time. 17) DIVIDENDS The dividends declared and paid during the year ended 31 December 2025 are US$ nil (2024: US$ nil). 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. Furthermore, in accordance with the second amended loan agreement with DekaBank, the Group will make no dividend payments. 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:

Name	Date of Incorporation	Country of Incorporation	Proportion of ownership interest at 31 December 2025
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%
DP Aircraft Ireland MSN 35320 Limited	21 February 2025	Ireland	100%
DP Aircraft Ireland MSN 36110 Limited	5 March 2025	Ireland	100%

79 Page |

DP AIRCRAFT I LIMITED 2025 ANNUAL REPORT AND AUDITED CONSOLIDATED FINANCIAL STATEMENTS Year ended 31 December 2025 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) For the year ended 31 December 2025 19) FINANCIAL INSTRUMENTS AND RISK MANAGEMENT The following table details the categories of financial instruments held by the Group at the reporting date:

	2025	2024
	US$	US$
Cash and cash equivalents	2,009,466	1,652,645
Restricted cash	18,279,770	17,786,163
Trade and other receivables (excluding prepayments and straight-lining lease asset)	345,778	484,092
	___________	___________
Financial assets measured at amortised cost	20,635,014	19,922,900
	___________	___________
Financial liabilities
Bank borrowings	77,239,573	85,184,917
Maintenance reserves provision	15,451,700	15,451,700
Trade and other payables (excluding tax)	2,776,637	1,437,807
	___________	___________
Financial liabilities measured at amortised cost	95,467,910	102,074,424
	___________	___________

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 especially its lessees and also as a result of Deka bank agreement the Group has suspended dividends until further notice to help preserve liquidity. 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. 80 Page |