Further re Subsidiary's Tax Benefits

Fleming Indian Investment Trust PLC
12 April 2000

On Thursday 6th April, 2000 the Company released an announcement concerning a
tax assessment order from the Indian Tax Authorities in respect of capital gains
tax liabilities for the financial year ended March 1997 for its subsidiary,
Fleming Indian Investment Company (Mauritius) Ltd.

Since then, the Ministry of Finance in India have clarified that the capital
gains earned by an investor from Mauritius who has been issued a certificate of
residence by the Mauritius Government would be taxable only in Mauritius and NOT
in India.  Therefore, no further action would be taken on the tax assessment
orders that had previously been issued.

The Board has been advised by the Company's tax advisers, Arthur Andersen, that
the tax assessment order will now need to be revoked.  It is anticipated that
this procedure will be clarified after the Government issues a detailed circular
on this subject next week.

The Board believe that the issue has now been appropriately addressed by the
Indian authorities and anticipate formal confirmation that the tax assessment
order is invalid in the near future.

For further information, please contact:

Linda Field                    0171 880 3426