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Emaar Sukuk Limited Proof 3: 11.7.12 BASE PROSPECTUS EMAAR SUKUK LIMITED (incorporated as an exempted company in the Cayman Islands with limited liability) U.S.$2,000,000,000 Trust Certificate Issuance Programme Under the trust certificate issuance programme described in this Base Prospectus (the Programme), Emaar Sukuk Limited (in its capacity as issuer, the Issuer and, in its capacity as trustee, the Trustee), subject to compliance with all relevant laws, regulations and directives, may from time to time issue trust certificates (the Trust Certificates) in any currency agreed between the Issuer and the relevant Dealer (as defined below). Trust Certificates may only be issued in registered form. The maximum aggregate face amount of all Trust Certificates from time to time outstanding under the Programme will not exceed U.S.$2,000,000,000 (or its equivalent in other currencies calculated as described in the Programme Agreement described herein), subject to increase as described herein. The Trust Certificates may be issued on a continuing basis to one or more of the Dealers (each a Dealer and together the Dealers) specified under ‘‘General Description of the Programme’’ and any additional Dealer appointed under the Programme from time to time by the Issuer, which appointment may be for a specific issue or on an ongoing basis. References in this Base Prospectus to the relevant Dealer shall, in the case of an issue of Trust Certificates being (or intended to be) subscribed by more than one Dealer, be to all Dealers agreeing to subscribe such Trust Certificates. The Trust Certificates will be limited recourse obligations of the Issuer. An investment in Trust Certificates issued under the Programme involves certain risks. For a discussion of these risks, see ‘‘Risk Factors’’. Each Series (as defined herein) of Trust Certificates issued under the Programme will be constituted by (i) an amended and restated master trust deed (the Master Trust Deed) dated 12 July 2012 entered into between the Issuer, the Trustee, Emaar Properties PJSC (Emaar) and HSBC Corporate Trustee Company (UK) Limited as delegate of the Trustee (in such capacity, the Delegate) and (ii) a supplemental trust deed (the Supplemental Trust Deed) in relation to the relevant Series. Trust Certificates of each Series confer on the holders of the Trust Certificates from time to time (the Certificateholders) the right to receive certain payments (as more particularly described herein) arising from the assets of a trust declared by the Trustee in relation to the relevant Series (the Trust) over certain assets including, in particular, the rights, title, interest and benefit of Emaar Sukuk Limited in, to and under the Lease Assets of the relevant Series (the Relevant Lease Assets) as set out in (i) an amended and restated master lease agreement (the Master Lease Agreement) dated 12 July 2012 entered into between the Issuer, the Trustee and Emaar (in its capacity as lessee, the Lessee) and (ii) a supplemental lease agreement (as re-executed to give effect to any substitution, the Supplemental Lease Agreement) for the relevant Series (such assets being referred to as the Trust Assets for the relevant Series). Application has been made to the Dubai Financial Services Authority (the DFSA) for Trust Certificates issued under the Programme during the period of 12 months from the date of this Base Prospectus to be admitted to the official list of securities (the Official List) maintained by the DFSA and to NASDAQ Dubai for such Trust Certificates to be admitted to trading on NASDAQ Dubai. Emaar currently intends to apply for Trust Certificates issued under the Programme during the period of 12 months from the date of this Base Prospectus to be admitted to listing and trading on a European stock exchange, however, prospective investors should note that there can be no assurance that such admission to listing and trading will occur. References in this Base Prospectus to Trust Certificates being listed (and all related references) shall mean that such Trust Certificates have been admitted to trading on NASDAQ Dubai and have been admitted to the Official List. The Programme provides that Trust Certificates may be listed or admitted to trading, as the case may be, on such other or further stock exchanges or markets as may be agreed between the Issuer, Emaar and the relevant Dealer. The Issuer may also issue unlisted Trust Certificates and/or Trust Certificates not admitted to trading on any market. Notice of the aggregate face amount of Trust Certificates and any other terms and conditions not contained herein which are applicable to each Series of Trust Certificates will be set out in a final terms supplement (the applicable Final Terms) which, with respect to Trust Certificates to be listed on NASDAQ Dubai, will be delivered to the DFSA and NASDAQ Dubai. The Issuer and Emaar may agree with any Dealer that Trust Certificates may be issued with terms and conditions not contemplated by the Terms and Conditions of the Trust Certificates herein, in which event a supplemental Base Prospectus, if appropriate, will be made available which will describe the effect of the agreement reached in relation to such Trust Certificates. The rating of certain Series of Trust Certificates to be issued under the Programme may be specified in the applicable Final Terms. Whether or not each credit rating applied for in relation to relevant Series of Trust Certificates will be issued by a credit rating agency established in the European Union and registered under Regulation (EU) No 1060/2009 (as amended) (the CRA Regulation) will be disclosed in the applicable Final Terms. The United Arab Emirates has been assigned a credit rating of Aa2 with a stable outlook by Moody’s Investors Service Singapore Pte. Ltd. which is not established in the European Union and has not applied for registration under the CRA Regulation. The rating has been endorsed by Moody’s Investors Service Ltd. in accordance with the CRA Regulation. Moody’s Investors Service Ltd. is established in the European Union and registered under the CRA Regulation. This Base Prospectus relates to an Exempt Offer in accordance with the Markets Rules (the Markets Rules) of the DFSA. This Base Prospectus is intended for distribution only to persons of a type specified in those Rules. It must not be delivered to, or relied on by, any other person. A copy of this Base Prospectus has been approved by the DFSA in accordance with the Markets Law 2012 (the Markets Law). The DFSA does not accept any responsibility for the content of the information included in this Base Prospectus, including the accuracy or completeness of such information, nor has it determined whether the Trust Certificates are Sharia compliant. The liability for the content of this Base Prospectus lies with the Issuer and Emaar. The DFSA has also not assessed the suitability of the Trust Certificates to which this Base Prospectus relates to any particular investor or type of investor. If you do not understand the contents of this Base Prospectus or are unsure whether the Trust Certificates to which this Base Prospectus relates are suitable for your individual investment objectives and circumstances, you should consult an authorised financial adviser. Arrangers HSBC Standard Chartered Bank Dealers BofA Merrill Lynch BNP PARIBAS DBS Bank Ltd. HSBC Standard Chartered Bank The Royal Bank of Scotland The date of this Base Prospectus is 12 July 2012. The Issuer and Emaar accept responsibility for the information contained in this Base Prospectus. To the best of the knowledge of each of the Issuer and Emaar (each having taken all reasonable care to ensure that such is the case) the information contained in this Base Prospectus is in accordance with the facts and does not omit anything likely to affect the import of such information. This Base Prospectus has been prepared in accordance with the standards required by Directive 2003/71/EC (the Prospectus Directive) but has not been approved by a competent authority in the European Economic Area under the Prospectus Directive. This Base Prospectus should be read and construed together with any amendments or supplements hereto and, in relation to any Series of Trust Certificates, should be read and construed together with the applicable Final Terms. Copies of Final Terms will be available from the registered office of the Issuer and the specified office set out below of the Principal Paying Agent (as defined below) save that, if the relevant Trust Certificates are not listed on NASDAQ Dubai and neither admitted to trading on a regulated market in the European Economic Area nor offered in the European Economic Area in circumstances where a prospectus is required to be published under the Prospectus Directive, the applicable Final Terms will only be obtainable by a Certificateholder holding one or more Trust Certificates and such Certificateholder must produce evidence satisfactory to the Issuer or, as the case may be, the Principal Paying Agent as to its holding of such Trust Certificates and identity. Neither the Dealers nor the Delegate have independently verified the information contained herein. Accordingly, no representation, warranty or undertaking, express or implied, is made and no responsibility or liability is accepted by the Dealers and the Delegate as to the accuracy or completeness of the information contained in this Base Prospectus or any other information provided by the Issuer or Emaar in connection with the Programme. No Dealer nor the Delegate accepts any liability in relation to the information contained in this Base Prospectus or any other information provided by the Issuer and Emaar in connection with the Programme. No person is or has been authorised by the Issuer or Emaar to give any information or to make any representation not contained in or not consistent with this Base Prospectus or any other information supplied in connection with the Programme or the Trust Certificates and, if given or made, such information or representation must not be relied upon as having been authorised by the Issuer, Emaar, the Trustee, the Delegate or any of the Dealers.
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