Nakheel Announcement

Notice to the holders of the U.S.$3,520,000,000 Trust Certificates due 2009 (the “Certificates”) of Nakheel Development Limited ISIN XS0277553052

Unless otherwise defined in this Notice, terms shall have the meaning ascribed to them in the Declaration of Trust dated 14 December 2006 between Nakheel Development Limited (in its capacity as Issuer and Trustee) and Nakheel Holdings-1 LLC, Nakheel Holdings-2 LLC and Nakheel Holdings-3 LLC.

Deutsche Bank AG, London Branch, in its capacity as the Transaction Administrator pursuant to the Transaction Administration Deed between, among others, the Transaction Administrator and the Nakheel Development Limited (in various capacities) dated 14 December 2006, hereby notifies theCertificateholders of the following:

1. On 14 December 2009 the Issuer published an announcement on the NASDAQ Dubai CAP and CANDI system stating that: “it will honour all obligations related to the 2009 Nakheel Development Limited Sukuk using funds that will be provided by the Dubai Financial Support Fund. In accordance with the terms of the Sukuk, the repayment will occur within the next 14 days”.

2. The Principal Paying Agent has advised the Transaction Administrator that on 14 December 2009 it received (albeit well after close of its business day) payment of the Sukuk Issue Amount, the Final Distribution Amount and the Additional Distribution Amount on the Scheduled Redemption Date pursuant to Condition 6.1. and that the Principal Paying Agent distributed the payment to the Clearing Systems on the same day (well after close of their business day).

Deutsche Bank AG, London Branch 15 December 2009 As Transaction Administrator