RNS No 4807d
BANK OF SCOTLAND TREASURY SERVICES PLC


FROM: 11.08.97

257) JPY 1,000,000,000 0.45% NOTES DUE 29-01-99

FULLY PAID
(Represented by Notes to Bearer of JPY 100,000,000 EACH)

IP 99.71%

ISSUER: J P MORGAN


A copy of the above is available for inspection from the Company
Announcements office of the Stock Exchange, London.

END
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