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Mand Company Ltd (AA09)

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Thursday 03 January, 2002

Mand Company Ltd

Stmnt re Railtrack PLC

Mand Company Limited
3 January 2002


Notice to Noteholders

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 21 December 2001) 
with respect to a Reference Obligation of the Reference Entity 'Railtrack Plc' 
in accordance with the terms and conditions of the Notes (the 'Conditions') was 
as follows:

Reference Obligation:

Primary Obligor: Railtrack Plc 
Coupon: 3.5% 
Maturity: 19 March 2009 
Amount Issued: GBP 400,000,000 
ISIN/CUSIP: XS0095053699

Dealers                           Quotations

1. Deutsche Bank AG                 70.25%
2. Lehman Brothers                     55%
3. Merrill Lynch International         70%
4. Morgan Stanley                      60%

The fifth selected Dealer was Goldman Sachs International who failed to give a 
Quotation. 

Final Price 

70.25%  (the highest value from Quotations 1 to 4)

The resulting Loss on Default determined by the Calculation Agent in accordance 
with the Conditions is EUR 2,975,000. The Interest Bearing Amount currently 
remains unchanged as a result.

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


                                                                                
                                                                             

a d v e r t i s e m e n t