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declaration of trust

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.

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