Conversion of Securities

Fleming Asian Investment Trust PLC
17 April 2001

                    THE FLEMING ASIAN INVESTMENT TRUST PLC

                            CONVERSION OF WARRANTS

The Board announces that a valid application has been received for the
exercise of 99 warrants to subscribe for 99 ordinary shares of 25 pence each.
These shares were issued on 27th March 2001.

A block listing application sufficient for the listing of any shares issued by
the Company pursuant to the exercise of warrants was granted by the Stock
Exchange in February 1998.

Following this issue of shares, the number of shares in issue has increased to
163,632,042 and the number of warrants in issue has decreased to 33,274,458.

These shares are being issued as a result of the exercise of warrants and will
rank pari passu with the existing ordinary shares.


Chase Fleming Asset Management (UK) Limited - Secretary
17th April 2001


For further information, please contact:
Chase Fleming Asset Management (UK) Limited
Fraser Easton.................. 020 7742 3425