Asset Analysis

Fleming Mercantile Inv Trust PLC
9 December 2003

ASSET ANALYSIS AS AT 30th November 2003

THE FLEMING MERCANTILE INVESTMENT TRUST plc

                                                          % funds as at 30/11/03
UK FTSE 100                                                                    1
UK FTSE 250 (excluding IC's)                                                  72
FTSE Small Cap (excluding IC's)                                               14
IC income and capital shares                                                   0
Other IC's                                                                     0
International equities                                                         0
Cash and Fixed Interest                                                       13
                                                                             100




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