Sector/Geographical Breakdown

Fleming Mercantile Inv Trust PLC
10 December 2001



SECTOR/GEOGRAPHIC BREAKDOWNS BY % AND TEN LARGEST INVESTMENTS, November 2001

THE FLEMING MERCANTILE INVESTMENT TRUST plc

                                                                        %
BY SECTOR

Cyclical Services                                                            30
Financials                                                                   18
Basic Industries                                                             16
Assets/Liabilities                                                           10
General Industrials                                                           4
Utilities                                                                     3
Information Technology                                                        5
Non Cyclical Consumer Goods                                                   5
Non Cyclical Services                                                         5
Resources                                                                     3
Cyclical Consumer Goods                                                       1

Total                                                                       100


BY TERRITORY                                                            %

Untied Kingdom                                                               88
Assets/Liabilities                                                           10
Eire                                                                          1
Israel                                                                        1

Total                                                                       100


TEN LARGEST INVESTMENTS

Enterprise Oil                                                              1.6
Haywood Williams                                                            1.5
P&O                                                                         2.0
P&O Princess Cruises                                                        2.0
EMAP                                                                        1.5
Rank                                                                        1.5
United Business                                                             1.4
British Land                                                                1.3
Carlton Communications                                                      1.3
Johnston Matthey                                                            1.4

Total                                                                      15.5