Dividend Declaration

Fleming Mercantile Inv Trust PLC
03 April 2003



                  THE FLEMING MERCANTILE INVESTMENT TRUST PLC

                       FOURTH QUARTERLY INTERIM DIVIDEND


The Directors have declared that a fourth interim dividend of 6.0p (net) per
share (2001: 7.0p) will be paid on 1st May 2003 to ordinary shareholders on the
register as at close of business on 11th April 2003.  This together with the
three quarterly dividends already paid gives a total dividend for the year of
18.0p per ordinary share, which represents an increase of 2.9% over the total
dividends paid last year.


3rd April 2003

J.P. Morgan Fleming Asset Management (UK) Limited - Secretary


For further information:

Richard Lewis
J.P. Morgan Fleming Asset Management (UK) Limited................020 7742 3477


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