DAE prices US$300 million 1.625% Notes due 2024

Dubai, U.A.E., 1 February 2021 – Dubai Aerospace Enterprise (DAE) Ltd. today announced the pricing of US$300 million aggregate principal amount of 1.625% Notes due 2024 (the "Notes"). The Notes represent senior unsecured obligations and will be issued under DAE’s US$2.5 billion Global Medium-Term Note Program, which is rated ‘BBB-‘ by Fitch Ratings and ‘Baa3’ by Moody’s Investors Service.

The Notes will be issued by DAE Funding LLC and guaranteed by Dubai Aerospace Enterprise (DAE) Ltd. The Notes will be issued at a price of 99.427%. The Notes mature on February 15, 2024. The settlement date of the Notes is February 1, 2021. The net proceeds from the Notes will be used for general corporate purposes including redemption of certain outstanding debt securities issued by DAE Funding LLC (the “Existing Notes”).

The Notes were sold to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), and outside the United States to non-U.S. persons in accordance with Regulation S under the Securities Act.

The Notes will not be registered under the Securities Act or the securities laws of any other jurisdiction. In the United States, the Notes will be offered and sold, only to persons reasonably believed to be "qualified institutional buyers" (as defined in Rule 144A under the Securities Act) and outside the United States, to non-U.S. persons in compliance with Regulation S under the Securities Act.

This press release is neither an offer to sell nor the solicitation of an offer to buy the Notes, the Existing Notes or any other securities and shall not constitute an offer to sell or solicitation of an offer to buy, or a sale of, the Notes, the Existing Notes or any other securities in any jurisdiction in which such offer, solicitation or sale is unlawful. This press release does not constitute a notice of redemption with respect to the Existing Notes.