The BSX Lists 2 new Fleming Redeemable Equity Linked Share issues

Hamilton, BERMUDA (14 November, 1997) €” The Listing Committee of The Bermuda Stock Exchange ("The BSX") today announced that it has approved the listing of up to 100,000 Series 1 TWI FRELS ( Fleming Redeemable Equity Linked Shares ) and up to 212,000 Series 2 POSCO FRELS. Both issues are being introduced for listing under the restricted marketed provisions of The BSX, meaning that shares may be distributed to Qualified Investors only and may not be traded in lots with an initial value of less than U.S. $100,000.

The Fleming Redeemable Equity Linked Shares have been issued by Fleming International Equity (Bermuda) Limited a company incorporated with limited liability in Bermuda on 7 July, 1997. The issuer has designed different classes of equity linked securities and applies the proceeds generated from the issuance of a particular class to hedging contracts for the purpose of funding dividends (if any) on the relevant class and payments of the Redemption Value of that class.

The Series 1 TWI FRELS are designed to provide investors with a return linked to the performance of the Taiwan Stock Exchange Capitalization Weighted Stock Index, a market capitalization weighted index composed of 382 stocks reflecting the performance of the Taiwan Stock Market. The Series 2 POSCO FRELS are related to the ordinary shares of Pohang Iron & Steel Co. Ltd., a South Korean listed Company, and are designed to provide investors with a return based on the value of these underlying shares.

Both series of these new FRELS were sponsored to listing by Matheson Investment Management (Bermuda) Limited.

"We compliment Flemings on their development of these innovative equity linked shares and are delighted to add these two new series to listing on The BSX. The listing of these FRELS fits into the Exchange's business strategy of offering enhanced visibility to Issuers developing innovative investment products for institutional investors," said Mary Sousa, Listing Manager of The BSX.

Information for each of the FRELS is available on the Bloomberg system under the tickers FLTWI1.BH equity for the Series 1 TWI FRELS and FLPOS2.BH equity for the Series 2 POSCO FRELS

For further information on any of the Fleming Redeemable Equity Linked Shares, please contact Ms. Jenny Terceira at Matheson Investment Management (Bermuda) Limited, Tel: 1-441-296- 0145 or Fax: 1-441-296-0139. e-mail: matheson@ibl.bm

For additional information on The BSX, please call Robin H. McPhee, 441-292-7212 or e-mail info@bsx.com or visit www.bsx.com.