Notice to Noteholders

RNS Number:4665O
Mahang Company Limited
10 December 2001



Notice to Noteholders


Mahang Company Limited
EUR 5,000,000 Leveraged Credit Linked Notes due 16 May 2006 (the "Notes")
ISIN number XS013139258.

        
We, the Company, hereby give notice that the Calculation Agent has given notice 
in accordance with the terms and conditions of the Notes (the "Conditions"), 
that a Credit Event has occurred in respect of ENRON CORPORATION, one of the 
Reference Entities in respect of the Notes.


In accordance with the Conditions, the Calculation Agent will determine a Final 
Price for the Defaulted Credit and shall adjust the Interest Bearing Amount 
accordingly.


The Interest Bearing Amount shall be adjusted in accordance with Conditions and 
with effect from the Interest Period beginning on 16 November 2001.


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

For and on behalf of
Mahang Company Limited

Niall McCallum - Director

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