Repayment of Loan

Fleming Mercantile Inv Trust PLC
13 June 2001



                         STOCK EXCHANGE ANNOUNCEMENT

                    THE FLEMING MERCANTILE INVESTMENT TRUST PLC

The Board of the Company announces that it has today repaid its £25m loan with
The Royal Bank of Scotland plc (dated 6th January 1997), which was due to
mature on 15th December 2001.  The effective rate payable by the Company had
been fixed at 7.925% by entering into an interest rate swap agreement with
Lloyds Bank plc; this swap agreement has also been repaid as at today's date.

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


For further information:


Richard Lewis

J.P.Morgan Fleming Asset Management (UK) Ltd................ 020 7742 3477