Emaar Sukuk Ltd XS0586840588 - London Stock Exchange

c103695pu010 Proof 7: 17.1.11 B/L Revision:trade their beneficial interests only through Euroclear and Clearstream, Luxembourg and theirrespective participants.While the Trust Certificates of any Series are represented by a Global Certificate, the Issuer willdischarge its payment obligation under the relevant Trust Certificates by making payments throughthe relevant clearing systems. A holder of a beneficial interest in a Global Certificate must rely on theprocedures of the relevant clearing system and its participants to receive payments under the relevantTrust Certificates. The Issuer has no responsibility or liability for the records relating to, or paymentsmade in respect of, beneficial interests in any Global Certificate.Holders of beneficial interests in a Global Certificate will not have a direct right to vote in respect ofthe relevant Trust Certificates. Instead, such holders will be permitted to act only to the extent thatthey are enabled by the relevant clearing system and its participants to appoint appropriate proxies.Trust Certificates subject to early dissolution by the IssuerAn early dissolution feature of any Trust Certificate is likely to limit its market value. During anyperiod when the Issuer may elect to dissolve Trust Certificates, the market value of those TrustCertificates generally will not rise substantially above the dissolution amount payable. This also maybe true prior to any dissolution period.Sharia RulesHSBC Amanah Central Shariah Committee and the Sharia advisory board of Standard CharteredBank have confirmed that the Transaction Documents are Sharia compliant. However, there can beno assurance that the Transaction Documents or any issue and trading of a Series of TrustCertificates will be deemed to be Sharia compliant by any other Sharia board or Sharia scholars.None of the Issuer, Emaar or the Dealers makes any representation as to the Sharia compliance ofany Series of Trust Certificates and potential investors are reminded that, as with any Sharia views,differences in opinion are possible. Potential investors should obtain their own independent Shariaadvice as to the compliance of the Transaction Documents and the issue and trading of a Series ofTrust Certificates with Sharia principles.31