Final Results

Fleming Eur Fledgeling Inv Tst PLC
7 June 2001



             THE FLEMING EUROPEAN FLEDGELING INVESTMENT TRUST PLC



The Company announces its preliminary results for the year ended 31st March
2001.


The Company's net asset value per share as at 31st March 2001 was 314.9 pence
per share compared to 564.8 pence as at 31st March 2000, a decrease of 44.2%.
This compares with the Company's benchmark index, the HSBC Smaller European
Companies (ex UK) Index (in sterling terms), which decreased by 21.2% over the
same period.



Chairman Michael Hart said ' After the previous year's outstanding
performance, the year to 31st March 2001 proved to be both difficult and
disappointing. However, short-term volatility is a feature of the asset class
and performance can only be truly judged over the longer term. Over 3 and 5
years the Company has outperformed its benchmark by 71.3% and 95.3%
respectively and it is the best performing investment trust within the AITC
European Smaller Companies sector over three years.'



In accordance with the Company's policy in prior years, no dividend will be
paid.


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


7th June 2001


For further information, please contact:



Jonathan Latter

J.P. Morgan Fleming Asset Management (UK) Limited             020 7742 6000



             THE FLEMING EUROPEAN FLEDGELING INVESTMENT TRUST PLC

             UNAUDITED FIGURES FOR THE YEAR ENDED 31ST MARCH 2001


                                                               2001        2000
                                                              £'000       £'000
REVENUE

Income

Overseas dividends                                              989       1,534
Overseas interest                                               457           -
Scrip dividends                                                  78          47
Deposit interest                                                550          60
                                                            _______     _______
Gross Revenue                                                 2,074       1,641

Less:
Management fee                                                3,249       1,919
Other administrative expenses                                   397         379
Interest payable                                              3,265       1,539
                                                            _______     _______
Return before Taxation                                      (4,837)     (2,196)

Less:  Taxation                                                 225         226
                                                            _______     _______
Return available to ordinary shareholders                   (5,062)     (2,422)
                                                              =====       =====

                                                               2001        2000
CAPITAL

Return attributable to ordinary shareholders              (148,033)     233,436
                                                              =====       =====
Dividends per ordinary share                                    Nil         Nil

Revenue return per ordinary share                           (8.26)p     (3.93)9
Capital return per ordinary share                         (241.62)p     378.78p
Total return per ordinary share                           (249.88)p     374.85p
                                                              =====       =====




             THE FLEMING EUROPEAN FLEDGELING INVESTMENT TRUST PLC

             UNAUDITED FIGURES FOR THE YEAR ENDED 31ST MARCH 2001


                                                                  2001     2000
                                                                 £'000    £'000

BALANCE SHEET

Investments at valuation                                       238,703  410,796

Debtors                                                          5,073   14,425

Cash and short term deposits                                     2,265    7,889

Creditors: amounts falling due within one year                (24,187) (20,211)

Creditors: amounts falling due after more than one year       (28,914) (66,878)

Deferred taxation                                                 (19)      (5)
                                                               _______  _______
Total Net Assets (£'000)                                       192,921  346,016
                                                                 =====    =====
Net asset value per ordinary share                              314.9p   564.8p

CASH FLOW STATEMENT

Net cash outflow from operating activities                     (2,640)    (968)

Net cash outflow from servicing of finance                     (2,887)  (1,265)

Total tax recovered                                                107      422

Net cash inflow/(outflow) from capital expenditure and          26,742 (43,048)
financial investment

Net cash (outflow)/inflow from financing                      (27,304)   53,713
                                                               _______   ______
(Decrease)/increase in cash for the period                     (5,982)    8,854
                                                                 =====     ====





The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985.  The comparative financial
information is based on the statutory accounts for the year ended 31st March
2000. These accounts, upon which the auditors issued an unqualified opinion,
have been delivered to the Registrar of Companies.



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



7th June 2001