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Fleming Overseas Inv (JMO)

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Wednesday 12 September, 2001

Fleming Overseas Inv

Final Results

Fleming Overseas Inv Trust PLC
12 September 2001



                                                             12 September 2001

                  THE FLEMING OVERSEAS INVESTMENT TRUST PLC


The Fleming Overseas Investment Trust plc today announced its results for the
year ended 30 June 2001.


There was a negative total return over the year of 10.1% compared with the
negative total return of 13.5% recorded by the linked benchmark: FT/S&P
Actuaries World Index ex UK Index to 31/03/01 then MSCI World Index in
Sterling Terms to 30/06/01.


Earnings per share were 5.03p against 4.50p for the previous year.


The Directors have proposed, subject to shareholder approval at the Annual
General Meeting, a final dividend of 4.20p per ordinary share, (last year
3.60p) such dividend to be paid on 27 November 2001 to shareholders on the
register of members at close of business on 2 November 2001.


The Annual Report and Accounts for the year to 30 June 2001 will be sent to
shareholders on 24 September 2001 and copies will be available to the public
at the company's registered office, Finsbury Dials, 20 Finsbury Street, London
EC2Y 9AQ after that date.


The Annual General Meeting will be held on Tuesday 30th October 2001 at 12.00
noon at 10 Aldermanbury, London, EC2R 7RF.


For further information, please contact:



Linda Field
Peter Harrison
Fleming Overseas Investment Trust plc.. 020 7742 6000




                  THE FLEMING OVERSEAS INVESTMENT TRUST PLC
             UNAUDITED FIGURES FOR THE YEAR ENDED 30TH JUNE 2001

                                                               2001        2000
                                                              £'000       £'000
REVENUE

Income

Franked dividends                                               217         795
UK interest                                                   1,125       1,259
Overseas dividends                                           10,372       8,099
Other investment income                                           -       1,899
Deposit interest                                              1,006         719
Stock lending fees                                               26          72
                                                            _______     _______
Gross Revenue                                                12,746      12,843

Less:
Management fee                                                1,562       1,615
Other administrative expenses                                   629         887
Interest payable                                              3,279       3,216
                                                            _______     _______
Return before Taxation                                        7,276       7,125

Less:  Taxation                                               2,786       2,342
                                                            _______     _______
Return available to ordinary shareholders                     4,490       4,783
                                                              =====       =====
Dividend per ordinary share                                   4.20p       3.60p


                                                               2001        2000

CAPITAL
Movements on investments                                   (78,978)     158,866
Less: Expenses charged to capital                             8,448      16,200
                                                            _______     _______
Return before taxation                                     (87,426)     142,666

Taxation                                                      1,621       1,503
                                                            _______     _______
Return attributable to ordinary shareholders               (85,805)     144,169
                                                              =====       =====

Revenue return per ordinary share                            5.03 p       4.50p
Capital return per ordinary share                          (96.07)p     135.73p
Total return per ordinary share                            (91.04)p     140.23p
                                                              =====       =====


                  THE FLEMING OVERSEAS INVESTMENT TRUST PLC
             UNAUDITED FIGURES FOR THE YEAR ENDED 30TH JUNE 2001

                                                                 2001      2000
                                                                £'000     £'000

BALANCE SHEET

Investments at valuation                                      581,156   772,403

Debtors                                                        12,358     5,334

Cash and short term deposits                                    6,559     9,463

Creditors: amounts falling due within one year                (8,207)   (8,462)

Creditors: amounts falling due after more than one year      (79,910)  (79,861)

Provision for liabilities and charges                        (10,210)   (8,609)
                                                              _______   _______
Total Net Assets (£'000)                                      501,746   690,268
                                                                =====     =====
Net asset value per ordinary share                             645.2p    725.8p


CASH FLOW STATEMENT

Net cash inflow from operating activities                       4,574     7,318

Net cash outflow from servicing of finance                    (6,508)   (6,384)

Total tax recovered                                             1,944     1,587

Net cash inflow from capital expenditure and financial        104,809    75,094
investment

Total equity dividends paid                                   (3,424)   (2,742)

Net cash outflow from financing                             (103,941) (100,719)
                                                              _______    ______
Decrease in cash for the period                               (2,546)  (25,846)
                                                                =====     =====



The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985.  The comparative financial
information is based on the statutory accounts for the year ended 30th June
2000. These accounts, upon which the auditors issued an unqualified opinion,
have been delivered to the Registrar of Companies.


J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED


12th September 2001