Devonshire Capital
November 11th 2003

Fitch Rating Affirmed F1 (tha) on All Short Term Debenture Issued by Osprey Series I Company Limited.

Fitch Rating has affirmed a national rating of A+ (tha) on the 10-year amortising debentures issued by NHA SPV Company Limited and also affirmed the rating of F1 (tha) on all series of short-term debenture rollover programs issued by Osprey Series I Company Limited. This transaction is a securitisation of Thai residential hire-purchase receivables originated by the National Housing Authority of Thailand (NHA), which in turn, financed through a commercial paper issuance of Osprey issued in November 2002.

Note: Devonshire Kiatnakin was arranger for this securitisation of a residential hire-purchase portfolio of National Housing Authority.

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