Interim Results

Fleming Mercantile Inv Trust PLC
09 September 2002

                  THE FLEMING MERCANTILE INVESTMENT TRUST PLC
                          STOCK EXCHANGE ANNOUNCEMENT

Unaudited Results for the six months ended 31st July 2002

The stock market fell sharply during the first half of the year and our
benchmark index, the FTSE All-Share (excluding FTSE 100 constituents and
investment trusts), was down by 16.8% on a total return basis. During this
period, the Company's net asset value fell by 17.0% on a total return basis.
However, the share price on a total return basis fell less, by 7.4%, as the
discount narrowed from 12.1% as at 31st January to 2.4% as at 31st July 2002.

Technology stocks continued to perform badly as the after effects of the
technology bubble - high debt and poor demand - continued to work their way
through. Further, the UK stock market was hit by the loss of trust in the US
stock market following high profile accounting scandals at Enron and WorldCom.
The gloom was then compounded by reductions in the forecasts for economic growth
in the US.

Against this difficult background, the Company's underlying portfolio proved
resilient relative to the performance of the market.  The investment managers
held gearing at approximately 10% throughout the period at a cost to performance
in a falling market of 1.9%.  The underlying portfolio therefore outperformed
its benchmark by 1.7%, as the investment managers' focus on stock selection
within a broadly diversified portfolio continued to have a positive impact.

The largest individual positive contributor to performance was The Mersey Docks
and Harbour Company, and others which contributed positively were mainly
building or real estate related, notably Heywood Williams, Countryside
Properties, Green Property and Hammer son. The poorest individual contributors
during the half year were United Business Media, Serco, British Energy and BATM.

The UK economy continued to perform well and growth is expected to be better
balanced with manufacturing now showing some recovery and household expenditure
remaining strong, buoyed by a booming housing market.

The bear market is more than two years old and continues as investors focus on
the negative wealth effect of falling equities and also the impact on, for
example, pension funds and corporate profits in the financial sector. That said,
companies are generally meeting their profit forecasts, albeit for steady
performance rather than spectacular growth. However, the underlying current
twelve month forward yield on the Company's portfolio of 3.9% gives us
confidence for the future and we shall continue to keep the portfolio broadly
diversified across all sectors to give a good spread of exposure to the dynamic
UK medium and smaller quoted sector.

Dividends

A second interim dividend of 4.0p per share has been declared by the Board,
payable on 1st November 2002 to shareholders on the register as at the close of
business on 4th October 2002. This brings the total dividend for the year to
date to 8.0p per share. This represents an increase of 14.3% on the dividends
paid for the comparable period last year, and reflects the Board's stated
intention to equalise the dividends more evenly during the year. The Board
intends, in the absence of unforseen circumstances, to pay a total dividend for
the year to 31st January 2003 at least the same as that for the year ended 31st
January 2002, namely 17.5p

For and on behalf of The Fleming Mercantile Investment Trust plc.......020 7742
6000



Richard Lewis

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




The Fleming Mercantile Investment Trust plc
Unaudited figures for the six months ended 31 July 2002
Statement of Total Return (Unaudited)

                        Six months to 31 July 2002        Six months to 31 July 2001       Year to 31 January 2002
                          Revenue     Capital     Total   Revenue   Capital       Total   Revenue   Capital     Total
                            £'000       £'000     £'000     £'000     £'000       £'000     £'000     £'000     £'000

Realised losses on              -     (5,014)   (5,014)         -  (22,516)    (22,516)         -  (51,459)  (51,459)
investments
Net change in                   -   (152,710) (152,710)         -  (66,499)    (66,499)         -  (95,425)  (95,425)
unrealised appreciation
Net currency losses on          -         (1)       (1)         -      (14)        (14)         -         -         -
cash and short term                                            
deposits held during
the period
Other capital charges           -        (12)      (12)        -      (31)        (31)         -      (38)      (38)
                                                               
Franked investment         16,229           -    16,229    18,418         -      18,418    31,833         -    31,833
income
UK unfranked investment       709           -       709       160         -         160       633         -       633
income
Scrip dividends               281           -       281       295         -         295       762         -       762
Underwriting                    -           -         -        11         -          11        10         -        10
commissions
Deposit interest            2,328           -     2,328     3,842         -       3,842     6,197         -     6,197
                          _______    ________   _______    ______   _______    ________   _______   _______   _______

Gross return               19,547   (157,737) (138,190)    22,726  (89,060)    (66,334)  (39,435) (146,922) (104,487)
Management fee            (1,304)     (1,304)   (2,608)   (1,411)   (1,411)      2,822)   (2,704)   (2,704)   (5,408)
Other administrative        (377)           -     (377)     (267)         -       (267)     (569)         -     (569)
expenses
Interest payable          (3,270)     (3,270)   (6,540)   (3,536)   (3,536)     (7,072)   (6,800)   (6,800)  (13,600)

                          _______     _______   _______    ______   _______     _______   _______   _______   _______

Return before taxation     14,636   (162,311) (147,675)    17,512  (94,007)    (76,495)    29,362 (156,426) (127,064)
Taxation                    (439)         439         -     (586)       586           -     (998)       997       (1)
                           ______     _______   _______    ______   _______      ______   _______   _______   _______

Return after taxation      14,197   (161,872) (147,675)    16,926  (93,421)    (76,495)    28,364 (155,429) (127,065)

Dividends on ordinary    (10,866)           -  (10,866)   (9,508)         -     (9,508)  (23,770)         -  (23,770)
shares
                           ______     _______   _______    ______   _______      ______   _______   _______   _______

Transfer to/(from)          3,331   (161,872) (158,541)     7,418  (93,421)    (86,003)     4,594 (155,429) (150,835)
reserves
Return per ordinary         10.45   (119.17)p (108.72)p    12.46p  (68.78)p    (56.32)p    20.88p (114.43)p  (93.55)p
share
Dividends per ordinary      8.00p           -     8.00p     7.00p         -       7.00p    17.50p         -    17.50p
share




The Fleming Mercantile Investment Trust plc
Unaudited figures for the six months ended 31 July 2002
Statement of Total Return (Unaudited)

BALANCE SHEET                                                            31 July         31 July      31 January
                                                                            2002            2001            2001
                                                                           £'000           £'000           £'000

Investments at valuation                                                 766,770       1,053,975         932,421

Net current assets                                                       115,647          59,101         117,286

Long term loans                                                        (201,186)       (201,033)       (201,136)
                                                                         _______         _______         _______
Total net assets                                                         717,139         940,512         875,680
                                                                           =====           =====           =====
Net asset value per share                                                 528.0p          692.4p          644.7p



CASH FLOW STATEMENT
                                                                            2002            2001            2001
                                                                           £'000           £'000           £'000

Net cash inflow from operating activities                                 14,607           18700          34,086

Net cash outflow on servicing of finance
                                                                (6,491)          (5,697)         (12,199)

Total tax (paid)/recovered                                                  (16)               5               6

Net cash inflow from capital expenditure and financial
investment                                                                 1,671          56,692          62,231

Total equity dividends paid                                             (14,262)        (11,953)        (21,461)

Net cash inflow from financing                                                 -          49,174          49,229
                                                                         _______          ______          ______
(Decrease)/increase in cash for the period                               (4,491)         106,921         111,892
                                                                           =====            ====            ====


The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. Statutory accounts for the
year ended 31 January 2002 have been delivered to the Registrar of Companies.

J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED

09th September 2002






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