Due 2002, it announced yesterday.

Funnel Finance A.E.C., an exempted company incorporated in Aruba, issued the Yen 12,800,000,000 half percent exchangeable notes after applying for a primary listing with the BSX.

The transaction was arranged by Nomura International Plc, London and sponsored by Nomura Securities (Bermuda) Limited.

The notes, as issued, constitute direct, unconditional and unsecured obligations of the issuer.

They are issued in registered form in the authorised denomination of Yen 100,000,000 (approximately $884,000) and integral multiples thereafter.

They will be exchanged as set out in the Offering Circular, for shares in one of the leading operators of convenience stores in Japan, Lawson Inc.

BUSINESS BUC