Conversion of Warrants

Fleming Asian Investment Trust PLC
10 February 2000

                          
               CONVERSION OF WARRANTS
                          
                          
                         
The  Board  announced today that a valid application
has been  received  for  the exercise of  2,608
warrants  to subscribe  for  2,608 ordinary shares
of 25  pence  each. These shares have been issued
today.



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 163,610,766 and
the  number  of warrants in issue has decreased to
33,295,734.



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
Liz Hayman/Helen Walker
0171 880 3431