Final Results

Fleming Mercantile Inv Trust PLC
4 April 2002




                  THE FLEMING MERCANTILE INVESTMENT TRUST PLC

                          STOCK EXCHANGE ANNOUNCEMENT

             Unaudited Results for the year ended 31st January 2002



3rd April 2002


Performance

It has been a difficult year for many companies, with UK equity markets
suffering the first instance of back-to-back negative years since 1973-4.
Against this background, Mercantile's total return with net dividend reinvested
was -12.6% compared with -11.9% for the benchmark index, the FTSE All-Share
excluding the FTSE 100 and investment trusts.  The underperformance on a total
return basis can be attributed to the effect of our gearing which, as ever, was
unhelpful in a falling market.  However, it is encouraging to note that the
underlying performance of the portfolio was in fact 2.4% ahead of the benchmark
for the year.


Earnings and Dividends

Earnings per ordinary share increased by 18.6% for the year.  The Company
maintained a relatively high weighting in cash deposits during the year and the
deposit interest earned thereon assisted in the growth in earnings.

The Directors have declared a fourth quarterly dividend of 7.00p which together
with the three quarterly dividends already paid gives a total dividend for the
year of 17.50p per ordinary share.  This represents an increase of 18.2% over
the last year's dividends.

In order to equalise the dividends more evenly during the year, it is the
Board's intention to pay 4.00p per ordinary share for each of the first three
quarters of the financial year ending 31st January 2003.  This, however, should
not be taken as a profit forecast.


                                     - 2 -



Repayment of loan

As indicated in last year's report, we utilised some of the Company's available
cash to repay early the £25m loan with The Royal Bank of Scotland plc, which had
been due for repayment on 15th December 2001.


Share repurchases

At last year's Annual General Meeting shareholders gave the Directors authority
to repurchase the Company's shares for cancellation.  Although no such
repurchases have taken place, due to the underlying performance and the
narrowing of the discount, the Directors continue to believe that a strategy to
reduce discount volatility of the Company's shares is important and is therefore
proposing that the authority be renewed at the forthcoming Annual General
Meeting.


Outlook

Whilst UK equity markets may remain volatile in the short term, the Board
believes that the Company is well placed to take advantage of any recovery,
given its broadly diversified portfolio and the investment managers' emphasis on
stock selection.

The mid and small cap universe in which we invest is well exposed to the UK
economy, where the outlook is positive and the underlying portfolio's
prospective yield of 3.1% is attractive.




Richard Lewis
For Secretary
JPMorgan Fleming Asset Management (UK) Ltd................. 020 7742 3477





The Fleming Mercantile  Investment Trust plc

Unaudited figures for the year ended 31 January 2002


Statement of Total Return (Unaudited)


                                                     Year ended 31 January 2002        Year ended 31 January 2001

                                                    Revenue     Capital       Total   Revenue    Capital       Total
                                                      £'000       £'000       £'000     £'000      £'000       £'000


Realised  (losses)/gains on investments                   -    (51,459)    (51,459)         -    158,391     158,391
Net change in unrealised appreciation                     -    (95,425)    (95,425)         -   (56,297)    (56,297)
Currency losses on cash and short-term                    
 deposits held during the period                          -           -           -         -       (70)        (70) 
Other capital charges                                     -        (38)        (38)         -      (180)       (180)
Income from Investments                              33,228           -      33,228    30,644          -      30,644
Other Income                                          6,207           -       6,207     3,747          -       3,747
                                                    _______    ________     _______    ______    _______    ________

Gross return                                         39,435   (146,922)   (107,487)    34,391    101,844     136,235
Management fee                                      (2,704)     (2,704)     (5,408)   (2,870)    (2,870)     (5,740)
Other administrative expenses                         (569)           -       (569)     (740)          -       (740)
Interest payable                                    (6,800)     (6,800)    (13,600)   (6,089)    (6,089)    (12,178)
                                                    _______     _______     _______    ______    _______     _______

Return before taxation                               29,362   (156,426)   (127,064)    24,692     92,885     117,577
Taxation                                              (998)         997         (1)     (568)        568           -
                                                    _______     _______     _______    ______    _______     _______

Total return attributable to ordinary                28,364   (155,429)   (127,065)    24,124     93,453     117,577
shareholders


Dividends on ordinary shares                       (23,770)           -    (23,770)  (19,963)          -    (19,963)

                                                     ______     _______     _______    ______    _______      ______

Transfer to/(from) reserves                           4,594   (155,429)  (150,835)      4,161     93,453      97,614


Return per ordinary share                            20.88p   (114.43)p    (93.55)p    17.61p     68.22p      85.83p
Dividend per ordinary share




The Fleming Mercantile Investment Trust plc
Unaudited figures for the year ended 31 January 2002


BALANCE SHEET                                                                  31 January       31 January
                                                                                     2002             2001
                                                                                    £'000            £'000

Investments at valuation                                                          959,530        1,169,997


Net current assets / (liabilities)                                                117,286         (16,672)

Long term loan                                                                  (201,136)        (126,810)

                                                                                  _______          _______
Total net assets                                                                  875,680        1,026,515
                                                                                    =====            =====
Net asset value per ordinary share                                                 644.7p           755.8p


CASH FLOW STATEMENT
                                                                                     2002             2001
                                                                                    £'000            £'000

Net cash inflow from operating activities                                          34,085           24,621

Net cash outflow from returns on investments and servicing of
finance                                                                           (12,199)          (9,712)

Total tax recovered                                                                     6               61

Net cash inflow from capital expenditure and financial investment                  62,232           27,892

Equity dividends paid on ordinary shares                                         (21,461)         (17,803)

Net cash inflow/(outflow) from financing                                           49,229         (12,635)
                                                                                  _______           ______
Increase in cash for the period                                                   111,892           12,424
                                                                                    =====             ====






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
2002. These accounts, upon which the auditors issued an unqualified opinion,
have been delivered to the Registrar of Companies.





J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED
4th April 2002







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