Emirates National Securitisation Corporation

17 May 2005

Ensec Home Finance Pool 1 Limited US$ 350 million Floating Rate Notes due 2014.

We have been appointed as security trustee for this transaction, which represents the first securitisation of residential property in the United Arab Emirates.

The Notes have been issued by a Cayman Islands special purpose vehicle, and are ultimately backed by presold properties in the renowned Palm Jumeirah offshore residential development in Dubai and are fully cash collateralised.

Corporate Trust

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