Conversion of Warrants

Fleming Asian Investment Trust PLC
24 February 2000

               CONVERSION OF WARRANTS
                          
The Board announces that two valid applications have
been received  for the exercise of 1,237 warrants to
subscribe for  1,237 ordinary shares of 25 pence
each. These shares were issued yesterday.

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 163,612,003 and
the  number  of warrants in issue has decreased to
33,294,497.

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

Fleming Investment Trust Management Limited - Secretary

For further information, please contact:
Fleming Investment Trust Management Ltd
Fraser Easton/Caroline Henry  0171 880 3431