RNS No 7470w
BANK OF SCOTLAND TREASURY SERVICES

FROM 23/7/97

#4,660,000 FLOATING RATE NOTES DUE 23/10/2001

FULLY PAID
(Represented by Notes to Bearer of #10,000 each)

IP 99.775%

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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