Dividend Declaration

Fleming Mercantile Inv Trust PLC
22 November 2001


                 THE FLEMING MERCANTILE INVESTMENT TRUST PLC

                            THIRD INTERIM DIVIDEND

The Directors have declared that a third interim dividend of 3.50p (net) per
share (2000: 3.00p) will be paid on 1st February 2002 to shareholders on the
register as at close of business on 4th January 2002 (XD 2nd January 2002).

22nd November 2001

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

For further information:

Richard Lewis

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