Labuan, 26 November 2002 - The secondary listing of USD350.0 million Exchangeable Bonds, issued by TNB Capital (L) Ltd. on the Labuan International Financial Exchange (LFX) today brings the total number of listings on the Exchange to ten.

"Today's listing expands the diversity of LFX's range of financial instruments which comprise three Shariah-compliant certificates (Sukuk), five open-ended funds, one conventional floating rate secured notes and, the latest, exchangeable bonds," said S Loganathan, General Manager of LFX.

TNB Capital (L) Ltd (TNBC), is a Labuan incorporated Special Purpose Vehicle (SPV) owned by Tenaga Nasional Berhad, a corporation listed on the Main Board of the Kuala Lumpur Stock Exchange.

The Bonds, which mature in November 2007 are exchangeable to ordinary shares of Tenaga Nasional Bhd and upon the exchange, the shares will be listed on the KLSE.

The Bonds, which had their primary listing on the Luxembourg Stock Exchange on 20 November 2002, have been assigned a BBB senior unsecured debt rating by Standard & Poor's Ratings Services.

"As an offshore exchange, LFX offers flexibility to issuers to structure the instruments that best suit their funding needs. LFX also facilitates the listing of instruments in multi-currency," Loganathan said.

TNBC intends to lend or otherwise provide the entire net proceeds from this offering to Tenaga. The proceeds will be used towards the repayment of Tenaga's foreign currency-denominated debt, maturing from 2004 onwards and for general corporate purposes.

CIMB (L) Limited , the listing sponsor, is responsible for the listing of the bonds and ensuring that TNBC complies with the post-listing obligations as prescribed by LFX's rules and regulations. CIMB and J.P. Morgan Securities Limited are joint lead managers and bookrunners for this issue.

As a web-based exchange, LFX offers market participants and investors around the world, fast and efficient access to its services.