31.2.10.2 Securities Notice of Event Message

Chemic Bank, 25-MAR-98,

# 890, Pearl Towers, New York

Lotus Avenue,

Tokyo,

Japan.

Sub: Notice of Securities Event

Kind Attention Mr. Nomura Shikara,

Operations Head,

Securities Department.

Dear Sir/Madam,

Please be advised and informed about the securities event with details as shown below:

Table 31-15 Header

Header	Details
Our Reference	000SE01980840021
Type of Event	Coupon Interest Rate Revision
Identification of Securities affected	ISIN USFRNICI0007 IC Industries Finance Corporation Guaranteed FRN 1996
Quantity of Securities	2,000,000.00 Face Amount
Event Narrative	Interest Rate for the Period 01-OCT-97 to 31-MAR-1998 has been fixed at 8%. Coupon Number 4 to be paid on 01-APR-1998 will be USD 44.55

Other Information:

We shall confirm the final coupon amount as soon as we receive the same.

Please quote Our Reference in all further correspondence relating to above announcement.

Thanking You,

For Bank,

New York,

USA