Purchase of Own Securities

FLEMING MERCANTILE INVESTMENT TRUST PLC
27 July 1999

                          
     THE FLEMING MERCANTILE INVESTMENT TRUST PLC
                          
   REPURCHASE OF ORDINARY SHARES FOR CANCELLATION
                          
The  Fleming  Mercantile Investment Trust  plc
announces that   yesterday  in  the  market  they
purchased   for cancellation 610,000 ordinary shares
at 433.0p per  share representing 0.43% of the
ordinary shares in issue.

The  number  of  shares repurchased to  date  now
totals 2,435,000  representing 1.68% of the shares
in  issue  at the time of commencement of the
repurchase programmer.

The  remaining  number of shares in issue following
this purchase is 142,073,762.

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