DAE Receives Cash Proceeds from Settlement of Certain Claims

Dubai, U.A.E., 18 December 2024 – Dubai Aerospace Enterprise (DAE) Ltd ("DAE") today announced that in the last three months it has received cash proceeds totaling approximately US$201 million from settlements with selected insurance companies with respect to aircraft previously on lease to airline carriers in the Russian Federation. DAE and its relevant affiliated entities have released their claims against these insurance and reinsurance companies.

DAE has now received cumulative cash proceeds of US$319 million, including the settlement in 2023 with certain parties in respect to seven aircraft.

DAE will continue to actively pursue its litigation in the English courts under its own insurance policies. DAE will also continue its efforts to seek to mitigate its losses in respect of its aircraft that were previously leased to Russian airlines.