Asset Analysis

Fleming Mercantile Inv Trust PLC
6 February 2003


                    ASSET ANALYSIS AS AT 31st January 2003

                 THE FLEMING MERCANTILE INVESTMENT TRUST plc

                                                      % funds as at 31/01/03
UK FTSE 100                                                                2
UK FTSE 250 (excluding IC's)                                              69
FTSE Small Cap (excluding IC's)                                           13
IC income and capital shares                                               0
Other IC's                                                                 0
International equities                                                     0
Cash and FI                                                               16

                                                                         100


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