RNS No 5151b
DAIWA PB (CAYMAN) LIMITED
22nd October 1997

PLEASE BE ADVIED THAT THE AGREED MARGIN FOR THE DAIWA PB (CAYMAN) LTD

VARIABLE RATE NOTE, UNDATED HAS BEEN SET AT 1.05 PCT OVER 3 MONTH USD

LIBOR. THE ISIN NUMBER FOR THIS ISSUE IS XS0039847610.

THIS IS FOR THE PERIOD:-
COMMENCING 31 OCT 97
UNTIL      30 JAN 98

REGARDS
JASON HARWOOD
MERRILL LYNCH INTERNATIONAL
FRN/ICT TRADING, 5TH FLOOR
TEL 0171 867 3989
FAX 0171 573 0524

END

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