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Taw Co Ld (04LR)

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Friday 17 September, 1999

Taw Co Ld

Interest Bearing Notes

TAW COMPANY LIMITED
2 September 1999

NOTICE TO NOTEHOLDERS

Multiple Issuer Programme (1)
Taw Company Limited
DEM 100,000,000 Emerging Market Basket Linked Notes due 3 June 2005 (the
'Notes')

We, the Company, hereby give notice that the Calculation Agent has given notice
in accordance with Condition 10 of the Notes that a Potential Default has
occurred in respect of the Republic of Ecuador.  In accordance with Condition
6 of the Notes, payments in respect of the Instalment Basket Weight of DEM
2,500 will be temporarily suspended as a result of this event.  If a Credit
Event in respect of the Republic of Ecuador subsequently occurs, the Interest
Bearing Amount of the Notes will in accordance with Instalment Date will fall
on the tenth Payment Business Day following the Final Default Date.  In such
event on in accordance with Condition 10, Noteholders shall be due to receive an
Instalment Amount (which may be DEM 0) which shall be determined by the 
Calculation Agent on the fifth Payment Business Day preceding the Instalment
Date.  Interest, accrued or otherwise will cease to be paid in respect of the
Instalment Basket Weight of DEM 2,500.

If a default Correction Date occurs prior to a Credit Event occurring, payments
will resume in respect of the Notes.

Terms not otherwise defined herein have the meaning given to them in the 
Conditions.


                                                                                                                                      

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