AGM Statement

Fleming Mercantile Inv Trust PLC
24 May 2001


STOCK EXCHANGE ANNOUNCEMENT

THE FLEMING MERCANTILE INVESTMENT TRUST PLC

Following the Annual General Meeting of the Company held on 23rd May 2001, the
Board is pleased to announce that all the resolutions put to shareholders were
passed, including one Special Resolution which is summarised as follows:-

1.       To allow the Company to make market purchases of and to cancel up to
20,360,413 ordinary shares;

Full details of all Resolutions are contained within the Company's Annual
Report and Accounts for the year ended 31st January 2001.

24th May 2001

For further information, please contact:

Richard Lewis
For and on behalf of
J.P. Morgan Fleming Asset Management (UK) Limited, 020 7742 3477