Investment Policy Announcemnt

Fleming Mercantile Inv Trust PLC
17 October 2003


                           STOCK EXCHANGE ANNOUNCEMENT

                   THE FLEMING MERCANTILE INVESTMENT TRUST PLC

                        ANNOUNCEMENT OF INVESTMENT POLICY


Following the publication by The Financial Services Authority of the Investment
Entities (Listing Rules and Conduct of Business) Instrument 2003, the Board of
The Fleming Mercantile Investment Trust plc (the 'Company') notes and announces
that it is the Company's policy to invest no more than 15% of its gross assets
in other listed investment companies (including listed investment trusts).


17 October 2003


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


For further information, please contact:

Richard Lewis ...................................020 7742 3477


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