Robert Fleming Hldgs Int Res.

Jardine Matheson Hldgs Ld
29 November 1999





ROBERT FLEMING HOLDINGS LIMITED
INTERIM RESULTS FOR THE SIX MONTHS ENDED 30TH SEPTEMBER 1999


The following press release was issued today by the Group's 17%-owned

associate, Robert Fleming Holdings Limited.



For further information, please contact:

Forrest International Limited           Tel :[phone] office) 
David Dodwell                           Tel :[phone] (direct)


Full text of this and other Group announcements can be accessed through the
Internet at 'http://www.irasia.com/listco/sg/jml'.



         FLEMINGS REPORTS FIRST HALF INTERIM PROFITS OF £110.1 MILLION

Flemings, the international asset management and investment banking  group,

reports  profits  before tax for the six months to  30  September  1999  of

£110.1  million.   This compares with £20.8 million in the  first  half  of

1998/99, and with £70.0 million for the full year ended 30 March 1999. Other

first half highlights include:

*  Earnings per share of 43.0p (1998/99 - 6.9p).

*  Interim dividend increased to 9.5p per share (1998/99 - 8.5p).

*  Group's capital resources now in excess of £1.4 billion.

*  Annualised pre-tax return on equity increased to 20.5 per cent.  Cost
income ratio improved to 79.2 per cent.

*  Pre-tax profits performance strong in both business divisions.
Asset Management - £59.2 million; Investment Banking - £50.9 million.

*  Funds under management up by 5.5 per cent to £70.4 billion.

*  Strong recovery in Asia; enhanced earnings through the acquisition of
Jardine Fleming.

John Manser, Chairman of Flemings, said:

'We  have created a much stronger and more competitive Flemings Group  over
the  last twelve months.  This, together with a return to normal levels  of
market  activity,  particularly in Asia, and  the  acquisition  of  Jardine
Fleming, has contributed to the sharply improved first half pre-tax profits of
£110.1 million.'

'I am also pleased to announce that, following my retirement from the Board on
31 March 2000, Roddie Fleming will succeed me as Chairman.  Roddie  has spent
23 years in the firm, including six years in the Far East, and  I  am
confident  he will continue to make a valuable contribution to  the  future
development of the business.'

William Garrett, Group Chief Executive, said:

'Our strategy remains clear and focused; to build and sustain a world class
asset  management and investment banking group.  The successful integration of
Jardine  Fleming and Fleming Martin now enables us  to  deliver  global
capability to our clients, based on the local expertise and knowledge  that
our businesses have built up over many years.'


Financial Review

The profit and loss account now includes the fully consolidated results  of
Jardine  Fleming Group Limited, which was acquired on 24 March 1999.   This
has  substantially increased levels of the operating income  and  operating
expenses for the Group, compared with prior periods.

Income Analysis
Operating income for the period totalled £469.6 million (1998/99  -  £225.3
million).   Adjusting for the consolidation of Jardine Fleming,  underlying
operating income is some 45 per cent higher than the corresponding  period.
This  reflects  significantly  stronger  performances  in  both  our  asset
management and investment banking businesses.

Expense Analysis
Operating  expenses  totalled £371.8 million (1998/99  -  £202.9  million).
After adjusting for Jardine Fleming as above, underlying costs rose by some 19
per  cent,  largely  reflecting  provisions  for  performance  related
compensation.  The cost income ratio for the period improved  to  79.2  per
cent compared to 88.5 per cent for the previous year.

Taxation
The  tax charge for the period of £35.1 million represents an effective tax
rate of 31.9 per cent.


Board Changes

Roddie  Fleming,  currently Deputy Chairman, will become  Chairman  of  the
Board on 1 April 2000, succeeding John Manser on his retirement on 31 March
2000.

Sir John Craven will join the Board as a non-executive director with effect
from 1 December 1999.


Business Review

Asset Management

Profit  before  taxation for the six months amounted to £59.2  million  and
funds  under management grew to £70.4 billion (US$116.0 billion) from £66.7
billion (US$107.4 billion).

The  acquisition of Jardine Fleming at the end of last year has enabled  us to
continue the globalisation of our businesses and management  structures under
the  banner  of Fleming Asset Management.  We are now  making  swift progress
with  introducing global systems, standards and procedures  which will provide
a solid platform for further expansion and growth.

The  period witnessed a marked turnaround in the profitability of our Asian
businesses.  The impact of cost control measures, taken during  the  recent
Asian  financial  crisis,  is now showing through  and  enabling  increased
revenues  from  higher funds under management to benefit the  bottom  line.
During  the  period,  funds under management within  our  Asian  businesses
increased  from  £15.1 billion (US$24.4 billion) to £20.7 billion  (US$34.4
billion).   Of  this  increase, net cash flows  amounted  to  £1.6  billion
(US$2.6  billion).  Investment performance has been excellent, particularly in
Japan  where  our  fund  management team has  led  the  competition  in
identifying investment value amongst a new wave of Japanese corporates.
In  Europe  and  the  UK, our pooled fund businesses  have  benefited  from
increased volumes and higher market levels, with encouraging cashflows into
our Save & Prosper range of unit trusts in the UK and strong flows into our
pan-European Flagship range based in Luxembourg.
Our  segregated  business has been awarded a number of new and  significant
Asian and specialist mandates from clients located both in Europe and Asia,
and   steps  recently  taken  to  improve  our  UK  balanced  pension  fund
performance  are  beginning to show some early indications  of  translating
into improved investment performance.
Fleming  Private Asset Management has continued to expand its  client  base
and increase funds under management, and looks set to report another record
profit  for  the year.  Our investment trust business has consolidated  its
leading position in the UK investment trust market.
At  Rowe Price-Fleming International, funds under management grew to  £21.2
billion  (US$34.8  billion)  at the end of the period  from  £20.1  billion
(US$32.4  billion)  at  the  beginning of  the  year,  and  profits  remain
satisfactory.


Investment Banking

Improved  trading  conditions for our securities  businesses  in  Asia  and
Africa,  combined with good banking profits and strong deal  flow  for  our
corporate  finance and capital markets teams, have underpinned a successful
first half with investment banking pre-tax profits of £50.9 million.


Highlights of the first half include:

Corporate Finance
*  Advice to Centrica on its acquisition of the Automobile Association.
*  Advice  to  Celltech on its merger with Chiroscience,  forming  the  UK
flagship bio-pharmaceutical company.
*  A  high  level  of activity in Asia which included our  appointment  as
adviser  in Hong Kong to Exchange Fund Investment Limited and in  India  to
the Andhra Pradesh State Electricity Board.
*  In total, 41 transactions were completed (of which 19 were cross border)
with  a  value in excess of £5.5 billion (1998/99 - 37 transactions with  a
value of £4.6 billion).

Securities
*   Better  profits  were  achieved, particularly  from  Asian  securities,
reflecting  our strong competitive position in more active markets.   Major
contributors  were Japan, Korea, Singapore and Thailand, with  Ord  Minnett
continuing to enjoy strong market conditions in Australia.
*  In Southern Africa, Fleming Martin continued to perform well.
*  Further  cost efficiencies will accrue now Jardine Fleming and  Fleming
Martin are wholly-owned.

Capital Markets
*  Capital markets had an active first half, leading 16 issues and raising
US$2.25 billion in 11 countries.
*  In  Europe,  the  major transaction was the £433 million  flotation  of
Kingston  Communications,  a client of our banking  division  for  over  10
years.  In Scandinavia, Fleming Aros managed two issues, the US$400 million
IPO  for  ISS  Group  and  US$200 million issue for  Vestas  Wind  Systems.
Following  our  first  IPO on the German Neuer Markt  last  year,  we  have
completed a further two issues, for TRIA Software and artnet.com.
*  In  Asia,  our strength in the region was confirmed by lead  management
roles  in  14  issues.  These  included the flotation  of  Pacific  Century
Insurance  in  Hong  Kong; placings for JIT Holdings  and  Keppel  Land  in
Singapore;  Synex  Technology in Taiwan; ABS  -  CBN  in  the  Philippines;
National Finance in Thailand; and Travel.com in Australia.
*  Our   structured  finance  and  fixed  income  teams  made  a   strong
contribution.   The  most notable transaction was  the  announcement  of  a
US$640 million treasury stock buyback for South African Breweries.

Banking
*  Commercial  banking's core activities continued  to  perform  strongly,
benefiting from good deal flow in our targeted sectors. 37 new transactions
were completed with a value of over £350 million.
*  Increase  in retail deposits to a record £1.8 billion from onshore  and
offshore activities.
*  Establishment of a Luxembourg stock-lending business.


Outlook

Since  the  half  year, a high level of activity has continued  across  the
Group.  Recent transactions include:

*  Our  pivotal role in advising Lagardere and Aerospatiale Matra  on  the
merger  of  Aerospatiale  Matra with DASA, creating  the  leading  European
aerospace and defence company by sales.
*  The proposed merger of Celltech and Medeva, creating an internationally
competitive, integrated bio-pharmaceutical group.
*  The Hong Kong Tracker Fund, a unit trust product designed to track  the
Hang Seng index, launched by Exchange Fund Investment Limited.
*  The Government of India's sale of a 16 per cent shareholding in the Gas
Authority of India, raising US$217 million.

In  addition,  we have established a US$30 million internet  joint  venture
with Cable & Wireless HKT that seeks to create a major online share trading
service in Asia.

Whilst   we  anticipate  a  slow-down  in  business  activity  around   the
Millennium, which will have some effect on our second half performance, the
outlook remains encouraging.

                               
Media enquiries: Malcolm Wallis, Director of Group Corporate Communications
Tel: [phone]


Consolidated Profit and Loss Account

                              6 months to   6 months to  12 months to
                                September     September         March
                                     1999          1998          1999
                               (unaudited)   (unaudited)     (audited)
                                     £000         £000           £000
Net interest income                28,648       17,921         36,947
Dividend income                     1,431        1,999          5,761
Net fees and commissions          365,312      169,500        398,771
Net dealing income                 46,281        6,167         34,375
Other operating income             27,915       29,663         45,694
Operating income                  469,587      225,250        521,548
Administration expenses          (358,469)    (194,674)      (443,254)
Depreciation and
amortisation                      (13,286)      (8,235)       (18,550)
Specific provisions for bad
debt                               (3,312)      (9,158)        (8,786)
General provision for
contingencies                           _         (625)             _

                                 (375,067)    (212,692)      (470,590) 
Group
operating profit                   94,520       12,558         50,958
Share of operating results
in:
Joint ventures                     14,142        3,468          9,549
Associates                          1,408        4,738          9,530
Profit on ordinary
activities before tax             110,070       20,764         70,037
Tax                               (35,112)     (11,462)       (39,156)
Profit on ordinary
activities after tax               74,958        9,302         30,881
Minority interests                 (3,020)         923            371
Profit attributable to
shareholders                       71,938       10,225         31,252
Dividends                         (15,888)     (12,304)       (37,495)
Profit retained                    56,050       (2,079)        (6,243)


Basic earnings per share             43.0p        6.9p*         21.1p
Diluted earnings per share           42.3p        6.8p          20.7p
Dividend per share                    9.5p        8.5p          25.5p

Total operating income:
Group                             469,587      225,250        521,548
Share of joint ventures            55,803       57,285        118,121
                                  525,390      282,535        639,669

*Earnings per share have been restated to comply with Financial Reporting
Standard 14.

The half year figures are non-statutory and have not been audited.  The
statutory accounts for the year ended 31 March 1999 received an unqualified
audit report and have been delivered to the Registrar of Companies.