ASSET ANALYSIS

Fleming Mercantile Inv Trust PLC
8 July 2003

ASSET ANALYSIS AS AT 30th June 2003

THE FLEMING MERCANTILE INVESTMENT TRUST plc

                                                         % funds as at 30/06/03
UK FTSE 100                                                                   4
UK FTSE 250 (excluding IC's)                                                 72
FTSE Small Cap (excluding IC's)                                              15
IC income and capital shares                                                  0
Other IC's                                                                    0
International equities                                                        0
Cash and Fixed Interest                                                       9
                                                                            100



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