Final Results

Fleming Mercantile Inv Trust PLC
27 April 2004

                          STOCK EXCHANGE ANNOUNCEMENT



                  THE FLEMING MERCANTILE INVESTMENT TRUST PLC



             UNAUDITED FIGURES FOR THE YEAR ENDED 31ST JANUARY 2004





The Directors of The Fleming Mercantile Investment Trust plc announce the
Company's unaudited results for the year ended 31st January 2004.



Performance

In my first statement as Chairman, I am pleased to report a period of
outperformance for the Company. In a year when confidence returned to
stockmarkets following the end of the war in Iraq, the Company's total return
with net income reinvested was +67.5%. This compares with a return of +57.4% on
the same basis from the Company's benchmark index, the FTSE All-Share (excluding
FTSE 100 constituents and investment trusts). The total return to shareholders
was +57.5%, a reflection of the increase during the period under review of the
share price discount to net asset value from 6.0% to 11.9%.

The major factors for this outperformance were the effects of the Company's cash
/gearing and the Investment Managers' stock selection.

Earnings and Dividends

Earnings per ordinary share increased by 1.6% for the year, from 17.79p to
18.08p.

In keeping with the practice adopted in recent years to spread the total annual
dividend more evenly over the year, the first three interim dividends were each
increased to 4.25p per ordinary share.

The Directors have declared a fourth quarterly dividend of 6.00p which, together
with the three dividends already paid, gives a total dividend for the year of
18.75p per ordinary share.

This represents an increase of approximately 4.2% and reflects the Company's
policy of long-term dividend growth at least in line with inflation. If
necessary, the Board will utilise the Company's revenue reserves to maintain the
progressive dividend payments.

Board of Directors

Lawrence Banks will retire as a Director at this year's Annual General Meeting.
Lawrence has been a Director since 1982 and, on behalf of the Board, I would
like to thank him for his wise counsel and wish him well for the future.

On 1st December 2003, Dr Sandy Nairn was appointed as a Director of the Company.
Sandy is a founder, Investment Partner and Chief Executive of Edinburgh
Partners, and was previously Chief Investment Officer of Scottish Widows
Investment Partnership. Sandy is a valuable addition to the Company's Board and
I would therefore urge shareholders to vote in favour of his re-election at the
forthcoming Annual General Meeting.

Change of Company Name

The Company's name has been The Fleming Mercantile Investment Trust plc since
1982. As shareholders will be aware, Robert Fleming & Co. was acquired by Chase
Manhattan Bank in 2000, which subsequently merged with JPMorgan. Since August
2000 our Manager has been J.P. Morgan Fleming Asset Management (UK) Limited.

All of the other investment trusts managed by JPMorgan Fleming have changed
their name to reflect this new situation, and the Board believes that it is now
appropriate for the Company to do so. A resolution to this effect will be
proposed at the forthcoming Annual General Meeting.

Share Repurchases

At last year's Annual General Meeting shareholders gave the Directors authority
to repurchase the Company's shares for cancellation. Although no such
repurchases have taken place during the last year, the Directors continue to
believe that a strategy to reduce discount volatility of the Company's shares is
important. Therefore the Board is proposing that the authority be renewed at the
forthcoming Annual General Meeting.

Outlook

The Board shares the Investment Managers' cautious optimism for a year of
continued economic recovery in the UK. Our universe of small and mid cap
companies is closely linked to the fortunes of the economy, and the Board is
confident that the Investment Managers' focus on stock selection within a
diversified portfolio of such companies will continue to serve the Company well.



Hamish Leslie Melville

Chairman        27th April 2004







For further information, please contact:

Richard Lewis

For and on behalf of

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

020 7742 6000


The Fleming Mercantile Investment Trust plc

Unaudited figures for the year ended 31 January 2004



Statement of Total Return (Unaudited)


                                           Year ended 31 January 2004             Year ended 31 January 2003

                                              Revenue     Capital       Total    Revenue     Capital       Total

                                                £'000       £'000       £'000      £'000       £'000       £'000


Realised gains/(losses) on investments              -     121,799     121,799          -    (62,116)    (62,116)
Net change in unrealised gains/(losses)             -     253,201     253,201          -   (214,900)
                                                                                                     (214,900)
Currency losses on cash and short-term
deposits held during the year
                                                    -         (2)         (2)          -        (49)        (49)
Other capital charges                               -        (19)        (19)          -        (17)        (17)
Income from investments                        29,248           -      29,248     29,533           -      29,533
Other Income                                    4,802           -       4,802      5,051           -       5,051
                                              _______    ________     _______    _______    ________     _______

Gross return/(loss)                            34,050     374,979     409,029     34,584   (277,082)   (242,498)



Management fee                                (2,310)     (2,310)     (4,620)    (2,358)     (2,358)     (4,716)

Other administrative expenses                   (707)           -       (707)      (635)           -       (635)

Interest payable                              (6,549)     (6,549)    (13,098)    (6,541)     (6,541)    (13,082)

                                              _______     _______     _______    _______     _______     _______

Return/(loss) before taxation                  24,484     366,120     390,604     25,050   (285,981)   (260,931)

Taxation                                           71           -          71      (881)         881           -

                                               ______     _______     _______     ______     _______     _______

Return/(loss) after taxation                   24,555     366,120     390,675     24,169   (285,100)   (260,931)



Dividends on ordinary shares



Dividends paid                               (11,546)           -    (11,546)   (10,866)           -    (10,866)

Dividends payable                            (13,923)           -    (13,923)   (13,583)           -    (13,583)

                                               ______     _______     _______     ______     _______     _______

Transfer (from)/to reserves                     (914)     366,120     365,206      (280)   (285,100)   (285,380)


Return/(loss) per ordinary share               18.08p     269.55p     287.63p     17.79p   (209.90)p   (192.11)p



Dividends per ordinary share                   18.75p                  18.75p     18.00p                  18.00p




The Fleming Mercantile Investment  Trust plc

Unaudited figures for the year ended 31 January 2004


BALANCE SHEET                                                                  31 January       31 January
                                                                                     2004             2003
                                                                                    £'000            £'000

Investments at valuation                                                        1,075,449          667,922


Net current assets                                                                 81,382          123,611

Creditors: amounts falling due after one year                                   (201,325)        (201,233)
                                                                                  _______          _______
Total net assets                                                                  955,506          590,300
                                                                                    =====            =====
Net asset value per ordinary share                                                 703.5p           434.6p

CASH FLOW STATEMENT
                                                                                     2004             2003
                                                                                    £'000            £'000

Net cash inflow from operating activities                                          27,746           29,198



Net cash outflow from servicing of finance                                       (13,001)         (12,996)

Net cash inflow from overseas taxation                                                103                -

Net cash (outflow)/inflow from capital expenditure and financial
investments
                                                                                 (16,801)           21,163

Total equity dividends paid                                                      (25,129)         (25,128)


                                                                                  _______          _______
(Decrease)/increase in cash for the year                                         (27,082)           12,237
                                                                                    =====             ====







The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985 and is prepared on the same
basis as the comparative year. The comparative financial information is based on
the statutory accounts for the year ended 31st January 2003. These accounts,
upon which the auditors issued an unqualified opinion, have been delivered to
the Registrar of Companies.





J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED


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