Devonshire Capital
November 8th 2002

PRESS RELEASE

THE FUTURE OF THAI SECURITISATION

DEVONSHIRE CAPITAL ANNOUNCES THE SUCCESSFUL LAUNCH OF "OSPREY"

THAILAND'S FIRST SEC APPROVED SECURITISATION PROGRAM FOR NHA RATED "F1(tha)"

DEVONSHIRE CAPITAL announces the successful launch of the first Thai SEC approved securitisation program for the National Housing Authority ("NHA"), one of the first publicly rated securitisation transactions in the Thai market.

"This issue represents the first time that international securitisation technology has been fully adapted to the local Thai market, thereby helping to develop the Thai debt capital markets and in turn benefit, investors, the NHA, and the future of the Thai securitisation market as a whole," said Mr. Oliver Hughes, Partner at Devonshire Capital.

OSPREY SERIES 1 Co., Ltd, ("Osprey") an asset backed conduit vehicle established for the purpose of purchasing highly rated asset backed bonds, has purchased a THB 607.9 million 10 year asset backed debenture rated "A+(tha)" by Fitch Ratings (Thailand) issued by a non related special purpose company ("SPV") of NHA.

Osprey will fund the purchase of the asset backed bonds through the issuance of short term Commercial Paper ("CP"). The CP shall have a short term rating of "F1(tha)" assigned by Fitch Ratings (Thailand) and shall be issued on a revolving basis, with a tenor of not more than 270 days. Osprey will benefit from a liquidity facility provided by Krung Thai Bank, to ensure that outstanding CP can be paid down in the event of market disruption or other unforeseeable events in the future.

NHA is utilising this financial technology so as to be able to adhere to government directives for state enterprises to lower gearing levels and raise cash without specific government support or guarantees. The proceeds from the securitisation will be used for further developments to support lower income people to acquire property and land.

"From an investors perspective, the securitisation program will provide a very highly rated alternative investment opportunity with good yields compared to other non structured fixed income securities in the market at the current time".

Devonshire Capital, a regional privately owned investment bank and the Trinity Group, a Thai licensed securities and advisory firm structured and arranged this program. Allen & Overy, Bangkok, sole legal counsel of the program, advised NHA and the arrangers.