RNS No 9628h
DAIWA PB LTD


To:    Company Announcements Office

As Agent Bank, please be advised of the following rate determined on the
16-Sep-97.

Issue:              DAIWA PB (LTD) - SERIES 4
                    US$150,000,000 FRN PERPETUAL

ISIN NO:            XS0079879861
Issue Nominal:      $150,000,000
Period:             18-Sep-97           To    18-Dec-97
Number of Days:     91
Rate:               6.76875   PCT
Denomination:       $1,000    $10,000   $100,000    $1,000,000
Amount Payable      
Per Denomination:   $17.11    $171.10   $1,710.99   $17,109.90


From:
John Patten
Global Trust Services, 380B
Telephone           44 (0) 1202 347935
Facsimile           44 (0) 1202 347939


END


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