Geographical/Sector analysis

Fleming Mercantile Inv Trust PLC
12 January 2004

JPMORGAN FLEMING INVESTMENT TRUST               
GEORGRAPHICAL BREAKDOWNS % OF TOTAL ASSETS 
AS AT 31st December 2003

THE FLEMING MERCANTILE INVESTMENT TRUST

                                                                                    %
United Kingdom                                                                   89.7
Cash                                                                             10.3
                                                                                  100

JPMORGAN FLEMING INVESTMENT TRUST                                
SECTOR  BREAKSDOWNS
% OF TOTAL ASSETS AS AT      31st December 2003


THE FLEMING MERCANTILE INVESTMENT TRUST

                                                                                     %
Cyclical Services                                                                 27.1
Basic Industries                                                                  19.2
Financials                                                                        16.1
Cash                                                                              10.3
Information Technology                                                             8.0
General Industrials                                                                6.6
Utilities                                                                          3.9
Non-Cyclical Consumer Goods                                                        3.5
Resources                                                                          1.8
Non-Cyclical Services                                                              1.4
Cyclical Consumer Goods                                                            1.4
Fixed Interest                                                                     0.7
                                                                                   100

                      This information is provided by RNS
            The company news service from the London Stock Exchange