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Taw Co Ld (04LR)

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Wednesday 09 January, 2002

Taw Co Ld

Notice to Noteholders

Taw Co Ld
8 January 2002

Taw Company Limited (the 'Company')
DEM 21,000,000 (of an original issue size of DEM 100,000,0000) Emerging Market 
Basket Linked Notes due 3 June 2005 (the 'Notes')
ISIN number XS008709041-0.

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')

ISIN number XS008709041-0

We, the Company, hereby give notice that the Calculation Agent has given notice 
that the Instalment Amount determined in accordance with Condition 10 of the 
terms and conditions of the Notes (the 'Conditions') on 7 January 2002, which is
the Partial Redemption Valuation Date under Condition 10 of the Notes, is DEM 
723.52 per Note of denomination DEM 25,000. The Instalment Amount is payable on 
14 January 2002, which is the Instalment Date under the Conditions.

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


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