Final Results

Fleming Mercantile Inv Trust PLC
6 April 2001



                 THE FLEMING MERCANTILE INVESTMENT TRUST PLC

                          STOCK EXCHANGE ANNOUNCEMENT

           Unaudited Results for the year ended 31st January, 2001


6th April, 2001

The Board of The Fleming Mercantile Investment Trust plc today announced its
results for the year ended 31st January, 2001.

The investment performance of the Company for the year was positive with a
total return of 13.1% on the net asset value per ordinary share over the
period to 31st January 2001, compared with the benchmark index, the FTSE
All-Share Index (excluding FTSE 100 constituents and investment trusts), which
recorded a total return of 11.6%.  The total return to shareholders was
greater at 15.3% as the discount at which the ordinary shares trade to the
discount narrowed from 17.5% to 15.9%.

The Board have previously declared that the total dividends payable for the
year will be 14.8p per ordinary share (2000: 12.3p), an increase of 20.3% over
the total dividends paid last year.

It is the Board's intention to pay 3.5 pence (2000: 3.0 p) per ordinary share
for each of the first three quarters of the current financial year. This
should not be considered a profit forecast.

Fraser Easton
For Secretary
Chase Fleming Asset Management (UK) Ltd



The Fleming Mercantile Investment Trust Plc
.................................................. 020 7742 6000



                  THE FLEMING MERCANTILE INVESTMENT TRUST PLC
             UNAUDITED FIGURES FOR THE YEAR ENDED 31ST JANAURY 2001


                                                                 2001       2000

                                                                £'000      £'000

Revenue

Income

                      Franked dividends                        29,182     24,435
                      UK unfranked investment income              200        463
                      Foreign income dividends                      -         52
                      Scrip dividends                           1,262        992
                      Deposit interest                          3,674        538
                      Underwriting commission                      73         76

Gross Revenue                                                  34,391     26,556


Less                  Administration expenses                   2,870      1,951
                      Other administrative expense                740        997
                      Interest payable                          6,089      4,271

Return before Taxation                                         24,692     19,337


Less                  Taxation                                    568        160

Return available to ordinary shareholders                      24,124     19,177

1 Restated for impact of FRS16 'Current Taxation'              ======     ======


                                                                 2001       2000

                                                                £'000      £'000
CAPITAL


                      Movement on investments                 101,844    394,331
                      Less: Expenses charged to Capital         2,870      1,951
                      Less: Interest charged to Capital         6,089      4,271

Return before Taxation                                         92,885    388,109

                      Taxation                                    568        150

Return attributable to ordinary shareholders                   93,453    388,259
                                                               ======     ======


Dividends per ordinary share                                  14.80 p    12.30 p
Dividends on ordinary shares (£'000)                           19,963     17,527


Revenue return per ordinary share                             17.61 p    13.39 p
Capital return per ordinary share                             68.22 p   271.09 p
Total return per ordinary share                               85.83 p   284.48 p




                  THE FLEMING MERCANTILE INVESTMENT TRUST PLC
             UNAUDITED FIGURES FOR THE YEAR ENDED 31ST JANUARY 2001


BALANCE SHEET


                                                                 2001       2000

                                                                £'000      £'000

Investment at valuation                                     1,169,997  1,095,390

Debtors                                                        23,953     18,064

Cash and short term deposits                                   19,130      6,776

Creditors : amounts falling due within one year              (59,755)   (51,954)

Creditors : amounts falling due after more than one year    (126,810)  (103,850)

Total net assets                                            1,026,515    964,426

                                                                =====      =====

Net asset value per ordinary share                           755.80 p   679.50 p


CASH FLOW STATEMENT


                                                                 2001       2000

                                                                £'000      £'000

Net cash inflow from operating activities                      24,621     20,211

Net cash outflow from servicing of finance                    (9,712)    (8,120)

Total tax recovered                                                61         26

Net cash inflow /(outflow) from capital
expenditure and financial investment                           27,892   (57,129)
                                                               
Total equity dividends paid                                  (17,803)   (16,405)

Net cash (outflow)/inflow from financing                     (12,635)     34,095

Increase/(decrease) in cash in the period                      12,424   (27,322)

                                                                =====      =====


The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985.  The comparative financial
information is based on the statutory accounts for the year ended 31st January
2000.  These accounts, upon which the auditors issue an unqualified opinion,
have been delivered to the Registrar of Companies.

CHASE FLEMING ASSET MANAGEMENT (UK) LTD

6th April 2001