Issue of Debt

Fleming Mercantile Inv Trust PLC
15 February 2001

For immediate release

15 February 2001


The Fleming Mercantile Investment Trust plc

Further issue of £75,000,000 6.125 per cent. Secured Bonds due 2030


The Fleming Mercantile Investment Trust plc (the 'Company') announces the
further issue of £75,000,000 Secured Bonds due 2030 (the 'Further Tranche') to
be consolidated on issue and to form a single series and be fungible with the
existing £100,000,000 6.125 per cent. Secured Bonds due 2030.

The Further Tranche will be secured by a first floating charge over the whole
of the Company's assets, which will rank pari passu with the existing secured
bonds.

The sole lead-manager of the issue is Cazenove & Co.


The Further Tranche will be issued at a price and coupon to be determined
later today, such that the gross redemption yield on the Further Tranche at
the issue price will be a margin of 1.68per cent. over that of the 6% Treasury
Stock 2028 at the time of pricing. Accrued interest from 25 February 2001 to
the closing date will also be payable.  A second announcement later today will
state the issue price and yield on the Further Tranche, but no other details.



The Offering Circular will be dated 28 February 2001 and the closing date will
be 8 March 2001.



Application will be made to the UK Listing Authority and London Stock Exchange
to list and trade the Further Tranche.



In connection with this issue, the Company is seeking a credit rating from
Standard & Poor's, which will be announced shortly.



For further information, please contact:



On behalf of the Company   Fraser Easton ..................... 020 7742 6000

Cazenove & Co.             Francis Burkitt ................... 020 7825 9942


In connection with the issue of the Further Tranche, Cazenove & Co. may
over-allot or effect transactions which stabilise or maintain the market price
of the existing secured bonds or the Further Tranche at a level which might
not otherwise prevail.  Such stabilising, if commenced, may be discontinued at
any time.