Mand Company Limited
20 February 2002



TO: COMPANY ANNOUNCEMENTS OFFICE

Notice to Noteholder(s)

Mand Company Limited 
EUR 12,500,000 Leveraged Credit Linked Notes due 11 May 2006 ('the Notes')

ISIN number: XS0130378689


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 to
be EUR 8,800,000, brings the Tranche Losses on Default to date to EUR
11,775,000. The Interest Bearing Amount currently remains unchanged as a result.

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

FROM: MAND COMPANY LIMITED


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