Interim Results

Fleming Mercantile Inv Trust PLC
5 September 2001



                         STOCK EXCHANGE ANNOUNCEMENT



                 THE FLEMING MERCANTILE INVESTMENT TRUST PLC



          Unaudited results for the six months ended 31st July, 2001



London, 5th September, 2001


The Fleming Mercantile Investment Trust plc today announced its unaudited
interim results for the six months ended 31st July, 2001.



During the period, the Company's net asset value decreased by 8.4% to 692.4p
as at the 31st July, 2001 compared with a fall of 10.6% in the FTSE Actuaries
All-Share Index (excluding FTSE 100 Index constituents and investment trusts),
which is the Company's benchmark index.  The Company thereby produced an
outperformance of 2.2% over the benchmark index.



The directors announce that a second quarterly dividend of 3.50p per ordinary
share will be paid on 1st November 2001 to shareholders on the register as at
3rd October 2001.  This will bring the total dividends declared by the Company
to 7.00p (net) (2000: 6.00p).


R.S. Lewis
for and on behalf of
J.P. Morgan Fleming Asset Management Limited - Secretary......020 7742 3477





                 THE FLEMING  MERCANTILE INVESTMENT TRUST PLC

          UNAUDITED FIGURES FOR THE HALF YEAR ENDED  31ST JULY 2001


                                                               2001        2000
                                                              £'000       £'000

REVENUE


Income

Franked Investment income                                    18,418      15,537
UK Unfranked investment income                                  160          89
Scrip dividends                                                 295         701
Underwriting commissions                                         11          33
Deposit interest                                              3,842       1,508
                                                            _______     _______
Gross Revenue                                                22,726      17,868

Less:
Management fee                                                1,411       1,428
Other administrative expenses                                   267         356
Interest payable                                              3,536       2,974
                                                            _______     _______
Return before Taxation                                       17,512      13,110

Less:  Taxation                                                 586         235
                                                            _______     _______
Return available to ordinary shareholders                    16,926      12,875
                                                              =====       =====

                                                               2001        2000
                                                              £'000       £'000

CAPITAL


Movements on investments                                   (89,060)     102,421
Less: Expenses charged to capital                             1,411       1,428
Less: Interest charged to capital                             3,536       2,974
                                                            _______     _______
Return attributable to ordinary shareholders               (94,007)      98,019

Taxation                                                        586         235
                                                            _______     _______
Return attributable to ordinary shareholders               (93,421)      98,254
                                                              =====       =====
Dividends per ordinary share                                  7.00p       6.00p
Cost of dividends per ordinary share (£'000)                  9,508       8,010

Revenue return per ordinary share                           12.46 p      9.32 p
Capital return per ordinary share                          (68.78)p     71.14 p
Total return per ordinary share                            (56.32)p     80.46 p
                                                              =====       =====







                 THE FLEMING  MERCANTILE INVESTMENT TRUST PLC

          UNAUDITED FIGURES FOR THE HALF YEAR ENDED  31ST JULY 2001


                                                                  2001     2000
                                                                 £'000    £'000

BALANCE SHEET


Investments at valuation                                     1,082,444 1,073,295

Net current assets                                              59,101  110,466

Net non current liabilities                                  (201,033) (151,740)

                                                               _______  _______
Total net assets                                              940,512 1,032,021
                                                           
                                                                 =====    =====
Net asset value per ordinary share                              692.4p   759.8p

CASH FLOW STATEMENT
                                                                  2001     2000
                                                                 £'000    £'000

Net cash inflow from operating activities                       18,700   11,369

Net cash outflow from returns on servicing of finance          (5,697)  (3,744)

Total tax recovered                                                  5       34

Net cash inflow from capital expenditure and financial          56,692  136,795
investment

Total equity dividends paid on ordinary shares                (11,953)  (9,653)

Net cash inflow from financing                                  49,174   12,366
                                                               _______   ______
Increase in cash for the period                                106,921  147,167
                                                                 =====     ====





The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985.  Statutory accounts for the
year ended 31st January 2001 have been delivered to the Registrar of
Companies.





JP Morgan Fleming Asset Management -
5th September 2001