· FAM Funds to increase exposure in Swedish market through new Government-backed pension scheme· FAM Sweden moves to larger premises to handle increasing business opportunities

Fleming Asset Management ("FAM") is to expand its presence in the Swedish market by taking advantage of the Premium Pension Authority - an initiative by the Swedish Government aimed at restructuring the entire private sector pensions market.

The government-backed earnings-related pension scheme allows both domestic and international asset managers to register their funds. Sweden's 4.2 million private sector employees aged between 18 and 62 are expected to be capable of investing some SEK 50 billion. They will then be able to choose for themselves into which funds their pension credits are to be invested.

The first choice of funds in the premium pension system is planned to take place during autumn 2000. Flemings will initially register ten of its funds for inclusion in the Premium Pension Authority. These will include several successful mainstream equity funds as well as some of more specialist funds which may appeal to more experienced investors, such as European Smaller Companies, China and Eastern Europe Funds.

Ian Thomas, Managing Director Fleming Asset Management (Sweden), said of the new FAM initiative:

"There are currently tremendous opportunities for the expansion of asset management services across the whole Nordic region and a prime example of this is the restructuring of Sweden's pension system. The launch of the Premium Pension Authority will introduce a whole new generation of savers to investment funds and so we view our participation as an integral part of Flemings' long-term strategy in Scandinavia."

Fleming Asset Management (Sweden), which services Flemings' clients in the Nordic region from its base in Stockholm, is to move to new larger premises during August. The move is necessitated by the recent and planned recruitment of additional sales, marketing and support staff. Contact details from Monday 21st August will be:

Fleming Asset Management (Sweden)
Norra Kungstornet
Kungsgatan 30
111 35 Stockholm
Sweden

Tel: +46 8 545 181 70
Fax: +46 8 545 181 77
Email: ian.rg.thomas@flemings.com

Notes to editors:

Robert Fleming Holdings, parent of Fleming Asset Management has received an offer to be acquired by The Chase Manhattan Corporation.

Flemings is a global asset management and investment banking group employing over 7,800 staff and operating in over 40 countries through two principal operating subsidiaries, Fleming Asset Management Ltd and Robert Fleming & Co Ltd.

Fleming Asset Management manages approximately US$100 billion on behalf of private investors, pension funds, companies, institutions, governments and central banks and is a leading manager of mutual funds and institutional money in both developed markets and emerging markets.

Fleming Asset Management investment management process is based on a disciplined approach to stock selection, a significant in-house research capability of over 200 investment professionals and a strong local presence in all the world's main and emerging financial markets.