Issue of £100m 6.125% Secured Bond 2030

Fleming Mercantile Inv Trust PLC
24 January 2000


                 THE FLEMING MERCANTILE INVESTMENT TRUST PLC
                                      
           ISSUE OF £100,000,000 6.125 PER CENT. SECURED BOND 2030
                                      
The  Directors of The Fleming Mercantile Investment Trust PLC (the  'Trust')
announce  the  issue of £100 million Secured Bonds due 2030  (the  'Bonds').
HSBC Bank plc is Lead Manager to the issue.

The  Board believes that current conditions in the UK fixed interest  market
offer the Trust the opportunity to raise long term fixed cost borrowings  at
attractive rates.  The proceeds will be used to redeem a portion of existing
bank debt and invest in new equities.

The Bonds will be secured by a floating charge over the whole of the Trust's
property  and undertaking, ranking pari passu in point of security with  the
existing  fixed  rate  Term Loans and immediately  behind  a  £3.85  million
Perpetual Debenture Stock of the Trust.

The  Bonds  have been priced at £98.515 per £100 nominal of the  Bonds  (the
'Issue  Price').  At this price the gross redemption yield on the  Bonds  is
6.235  per  cent. semi-annually and represents a margin of 145 basis  points
over  the yield on the 6 per cent. Treasury Stock 2028, the reference  gilt.
Payment date for the Bonds will be 25th February 2000.

The  Bonds will carry a coupon of 6.125% to be payable semi-annually on 25th
February  and 25th August.  The first payment of interest will  be  on  25th
August 2000.  The Bonds will be redeemed at par on 25th February 2030.   The
Bonds  will  initially  be available in bearer form, and  exchangeable  into
registered form after 6th April 2000.

Application has been made to the London Stock Exchange for the Bonds  to  be
admitted to the Official List.  It is expected that official dealings in the
Bonds will commence at 8.30 am on 28th February 2000.

Copies of the Offering Circular will be available from 17th February 2000 at
the  office of both The Fleming Mercantile Investment Trust plc and  Fleming
Investment  Trust  Management Limited, Finsbury Dials, 20  Finsbury  Street,
London  EC2Y  9AQ and the Companies Announcement Office of the London  Stock
Exchange.

For further information please contact:

Craig Clelland                                    0171 638 5858
Administration Director
Fleming Investment Trust Management