Asset Analysis

Fleming Mercantile Inv Trust PLC
9 February 2004


                         ASSET ANALYSIS AS AT 31st January 2004


THE FLEMING MERCANTILE INVESTMENT TRUST plc

                                                             % funds as at 31/01/04
UK FTSE 100                                                                             1
UK FTSE 250 (excluding IC's)                                                           76
FTSE Small Cap (excluding IC's)                                                        16
IC income and capital shares                                                            0
Other IC's                                                                              0
International equities                                                                  0
Cash and Fixed Interest                                                                 7
                                                                                      100



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