Directors' Notification of Dealing in Shares

Fleming Eur Fledgeling Inv Tst PLC
27 July 2000

                       DEALINGS BY DIRECTORS


1)  NAME OF COMPANY

The Fleming European Fledgeling Investment Trust PLC

2)  NAME OF DIRECTOR

J Drossaert

3)  Please state whether notification indicates that it is in respect of
    holding of the Director named in 2 above or holding of that person's
    spouse or children under the age of 18 or in respect of a non-beneficial
    interest

Notification in respect of director

4)  Name of the registered holder(s) and, if more than one holder, the
    number of shares held by each of them. (If notified)

Crossfriars Nominees Limited

5)  Please state whether notification relates to a person(s) connected
    with the Director named in 2 above and identify the connected person(s)



6)  Please state the nature of the transaction. For PEP transactions
    please indicate whether general/single co PEP and if discretionary/non
    discretionary

Purchase of Shares by Director through Share-Plan

7)  Number of shares/amount of
    stock acquired

6.00

8)   (0.00% )
    of issued Class

9)  Number of shares/amount
    of stock disposed



10)  (0.00% )
   of issued Class

11) Class of security

Ordinary Shares of 25p

12) Price per share

442

13) Date of transaction

26-Jul-00

14) Date company informed

26-Jul-00

15) Total holding following this notification

2,334

16) Total percentage holding of issued class following this notification



     IF A DIRECTOR HAS BEEN GRANTED OPTIONS BY THE COMPANY PLEASE
                    COMPLETE THE FOLLOWING BOXES

17) Date of grant



18) Period during which or date on which exercisable



19) Total amount paid (if any) for grant of the option



20) Description of shares or debentures involved: class, number.



21) Exercise price (if fixed at time of grant) or indication that price
    is to be fixed at time of exercise



22) Total number of shares or debentures over which options held
    following this notification



23) Any additional information

Notification from Plan Manager 26 July 2000

24) Name of contact and telephone number for queries

Jonathan Latter    020 7880 3408

25) Name and signature of authorised company official responsible for
    making this notification

    Date of Notification........27-Jul-00