Final Results

Fleming Mercantile Inv Trust PLC
07 April 2003


                  THE FLEMING MERCANTILE INVESTMENT TRUST PLC

                          STOCK EXCHANGE ANNOUNCEMENT



7th April 2003

The Board of the Company today announces the preliminary results of the Company
for the year ended 31st January 2003 as follows.



Performance

This has been another difficult year for investors, with the UK equity market
suffering its largest fall since 1974. It is nevertheless disappointing to
report that the Company's total return with net income reinvested was -30.2%.
This compares with a return of -29.1% on the same basis from the Company's
benchmark index, the FTSE All-Share (excluding FTSE 100 constituents and
investment trusts).

Our cash/gearing was a major factor for this underperformance, negatively
impacting on the Company's performance by 3.4%. On an underlying basis, the
portfolio outperformed the benchmark by 2.3%.  The total return to shareholders
was -25.3%, as the share price discount to net asset value fell from 12.1% to
6.4%.



Earnings and Dividends

Earnings per ordinary share decreased by 14.8% for the year. This was largely a
result of a reduction in income from investments, as many companies responded to
the difficult market conditions by reducing or, in some instances, even
suspending their dividend payments.

As indicated in last year's Annual Report, in order to equalise the dividends
more evenly during the year the first three interim dividends were each
increased to 4.00p per ordinary share.

The Directors have declared a fourth quarterly dividend of 6.00p which together
with the three quarterly dividends already paid gives a total dividend for the
year of 18.00p per ordinary share. This represents an increase of 2.9% over the
last year's dividends.

Viscount Younger of Leckie

It is with great sadness that I have to report the death of Viscount Younger of
Leckie, a Director of the Company from 1994 until as recently as December 2002.
His insight and knowledge will be much missed by his colleagues on the Board.




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 further narrowing of the discount and
the portfolio's underlying outperformance of its benchmark, the Directors
continue to believe that a strategy to reduce discount volatility of the
Company's shares is important and are therefore proposing that the authority be
renewed at the forthcoming Annual General Meeting.

Outlook

Despite the difficult global outlook, the UK economy, to which the fortunes of
our universe of companies are closely linked, remains in good shape. Moreover,
the underlying portfolio's prospective yield of 4.6% is attractive.

The Board believes that the investment managers' emphasis on stock selection
within a diversified portfolio leaves the Company well placed to take advantage
of an equity market rally.

Simon Keswick
Chairman



Please note that the above statements may differ from the final version
published in the annual report and accounts.



For further information, please contact:

Richard Lewis
For and on behalf of
J.P. Morgan Fleming Asset Management (UK) Limited
020 7742 3477



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