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.