Swap Agreement with Lloyds TSB

Fleming Emerging Mkts Inv Tst PLC
11 January 2000

                                                     
            The Fleming Emerging Markets Investment Trust

                               Gearing
                                  

The  Board  of  The  Fleming Emerging Markets Investment  Trust  plc
announce  that  the Company has  entered into a swap agreement  with
Lloyds  TSB  Bank in order to fix the interest cost of their  recent
borrowings of US$24m.

The  agreement is effective from 31st March 2000 until  31  December
2001, fixing the cost of borrowing for this period at 7.51%.


Linda Field
for and on behalf of
Fleming Investment Trust Management Limited - Company Secretary


for further information:

Linda Field   0171 880 3426