Conversion of Warrants

Fleming Asian Investment Trust PLC
18 May 2000

                 CONVERSION OF WARRANTS

The  Board  announces they that valid  applications  have
been  received  for  the exercise of 11,862  warrants  to
subscribe  for 11,862 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 163,626,890 and  the  number  of
warrants in issue has decreased to 33,279,610.

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
18 May 2000


For further information, please contact:
Fleming Investment Trust Management Ltd
Fraser Easton/Caroline Henry               0207 880 3431