PRINCETON MEMORIAL     14/06/1997   6:35pm


                COMMERCIAL BILLS ACTIVITY  Previous 12 Months


 DATE DRAWN    AMOUNT   DATE MATURED   FACE VALUE   INTEREST @ % (Margin incl.)

07/01/1997      9932   04/02/1997       10000          68.12         8.94
21/01/1997     59607   18/02/1997       60000         392.62         8.59
04/02/1997     19870   04/03/1997       20000         130.26         8.55
18/02/1997     49679   18/03/1997       50000         321.43         8.43
04/03/1997     19867   01/04/1997       20000         133.17         8.74
18/03/1997     49674   15/04/1997       50000         326.03         8.56
01/04/1997     19866   29/04/1997       20000         134.09         8.80
15/04/1997     19869   13/05/1997       20000         131.33         8.62
29/04/1997     19879   27/05/1997       20000         121.36         7.96


 AVERAGE PERCENT : 8.57% (based on matured bills only.)