ASSET ANALYSIS

Fleming Mercantile Inv Trust PLC
13 October 2003


ASSET ANALYSIS AS AT 30th September 2003                                 
                                                                              
    THE FLEMING MERCANTILE INVESTMENT TRUST plc                              
                                                     % funds as at 30/09/03  
    UK FTSE 100                                                            1 
    UK FTSE 250 (excluding IC's)                                          77 
    FTSE Small Cap (excluding IC's)                                       13 
    IC income and capital shares                                           0 
    Other IC's                                                             0 
    International equities                                                 0 
    Cash and Fixed Interest                                                9 
                                                                         100 


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