Dividend Declaration

Fleming Mercantile Inv Trust PLC
24 May 2002


                  THE FLEMING MERCANTILE INVESTMENT TRUST PLC

                             FIRST INTERIM DIVIDEND


The Directors have declared that a first interim dividend of 4.00p (net) per
share (2001: 3.50p) will be paid on 1st August 2002 to shareholders on the
register as at close of business on 5th July 2002 (XD 3rd July 2002).


24th May 2002

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



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