Asset Analysis

Fleming Mercantile Inv Trust PLC
12 January 2004

ASSET ANALYSIS AS AT 31st December 2003

THE FLEMING MERCANTILE INVESTMENT TRUST plc

                                                             % funds as at 31/12/03
UK FTSE 100                                                                             1
UK FTSE 250 (excluding IC's)                                                           74
FTSE Small Cap (excluding IC's)                                                        15
IC income and capital shares                                                            0
Other IC's                                                                              0
International equities                                                                  0
Cash and Fixed Interest                                                                10
                                                                                      100




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