Notice to Noteholders

RNS Number:7840R
Mahang Company Limited
20 February 2002


LETTER TO: COMPANY ANNOUNCEMENTS OFFICE


Notice to Noteholders

Mahang Company Limited 
EUR 5,000,000 Leveraged Credit Linked Notes due 16 May 2006 ("the Notes")

ISIN number: XS013139258

We have received notice from the Calculation Agent under the Notes that the
Final Price determined on the Valuation Date (which fell on 14 February 2002)
with respect to the Reference Entity "ENRON CORPORATION" in accordance with the
terms and conditions of the Notes (the "Conditions") was 12 per cent.

The resulting Loss on Default, determined in accordance with the Conditions, is
EUR 4,400,000. The Interest Bearing Amount currently remains unchanged as a
result.

Terms not otherwise defined herein have the meaning given to them in the 
Conditions.


LETTER FROM: MAHANG COMPANY LIMITED


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