Purchase of Own Securities

FLEMING MERCANTILE INVESTMENT TRUST PLC
26 July 1999


   REPURCHASE OF ORDINARY SHARES FOR CANCELLATION
                                                    
The  Fleming  Mercantile Investment Trust  plc
announces that  today in the market they purchased
for cancellation 1,700,000   ordinary   shares   at
433.0p   per   share representing 1.18% of the
ordinary shares in issue.

For further information, please contact:

Fraser Easton  (Company Secretary)
Caroline Henry (Assistant Company Secretary)
Fleming Investment Trust Management Limited
0171 880 3425

Angus Gordon Lennox
Cazenove & Co - Joint Stockbrokers to the
Company
0171 588 2828

Tom Durie
HSBC Securities - Joint Stockbrokers to the Company
0171 336 2004