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Fleming Claverhouse (JCH)

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Friday 22 February, 2002

Fleming Claverhouse

Final Results

Fleming Claverhouse Inv Trust PLC
22 February 2002

                  THE FLEMING CLAVERHOUSE INVESTMENT TRUST PLC

                       LONDON STOCK EXCHANGE ANNOUNCEMENT

The Board announces its preliminary results for the year ended 31st December
2001.

Net asset value per share decreased by 15.2% to 422.7 pence compared to a
decrease in the Company's benchmark, the FTSE All-Share Index, of 15.4%. The
total return on net assets was     - 14.1%, compared with a total return on the
benchmark index of - 13.3%. The Company's share price decreased by 16.5% to
432.5 pence per ordinary share.

During the year the Company issued a total of 12,558,581 new ordinary shares.
The Company did not repurchase any shares for cancellation during the year.

The fourth quarterly dividend of 2.50 pence per ordinary share, which was
announced on 30th January 2002, brought the total dividend for the year to 8.50
pence, an increase of 9.0% over 2000.

The Company will hold its Annual General Meeting in Cinema 1 at The Barbican
Centre, Silk Street, London EC2Y 8DS on Wednesday 1st May 2002 at 12.00 noon.



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



22nd February 2002



For further information contact:      Jonathan Latter        020 7742 6000



The Fleming Claverhouse Investment Trust plc
Unaudited figures for the year ended 31 December 2001


Statement of Total Return (Unaudited)


                                           Year ended 31 December 2001          Year ended 31 December 2000
                                              Revenue     Capital      Total    Revenue     Capital       Total
                                                £'000       £'000      £'000      £'000       £'000       £'000

Net realised (losses)/gains on investments          -     (6,198)    (6,198)          -       8,018       8,018
Net change in unrealised appreciation               -    (53,324)   (53,324)          -    (28,359)    (28,359)
Currency gains on cash and short-term
deposits held during the period                     -           -          -          -          57          57
Other capital charges                               -           -          -          -        (12)        (12)
Income from Investment                         10,845           -     10,845      8,095           -       8,095
Other Income                                      665           -        665        561           -         561
                                              _______    ________    _______     ______     _______    ________

Gross return                                   11,510    (59,522)   (48,012)      8,656    (20,296)    (11,640)

Management fee                                (1,086)     (2,016)    (3,102)      (965)     (1,793)     (2,758)
Other administrative expenses                   (375)           -      (375)      (291)           -       (291)
Performance fee                                     -         190        190          -       (285)       (285)
Interest payable                              (1,853)     (3,441)    (5,294)    (1,359)     (2,524)     (3,883)

                                              _______     _______    _______     ______     _______     _______

Return before taxation                          8,196    (64,789)   (56,593)      6,041    (24,898)    (18,857)
Taxation                                        (126)         126          -      (107)         107           -

                                               ______     _______    _______     ______     _______      ______

Total return attributable to ordinary           8,070    (64,663)   (56,593)      5,934    (24,791)    (18,857)
shareholders

Dividends on ordinary shares

Dividends paid                                (5,239)           -    (5,239)    (3,517)           -     (3,517)
Dividends payable                             (2,079)           -    (2,079)    (1,906)           -     (1,906)
                                               ______     _______    _______     ______     _______      ______

Transfer to/(from) reserves                       752    (64,663)  (63,911)         511    (24,791)    (24,280)

Return per ordinary share                       9.83p    (78.74)p   (68.91)p      8.75p    (36.55)p    (27.80)p

Dividends per ordinary share                    8.50p                             7.80p



The Fleming Claverhouse Investment Trust plc
Unaudited figures for the year ended 31 December 2001

BALANCE SHEET                                                                 31 December      31 December
                                                                                     2001             2000
                                                                                    £'000            £'000

Investments at valuation                                                          421,481          408,096

Net current (liabilities)/assets                                                 (10,790)            3,325

Creditors: amounts falling due after one year                                    (59,181)         (59,144)

Provisions for liabilities and charges                                                  -            (190)
                                                                                  _______          _______
Total net assets                                                                  351,510          352,087
                                                                                    =====            =====
Net asset value per ordinary share                                                 422.7p           498.6p

CASH FLOW STATEMENT
                                                                                     2001             2000
                                                                                    £'000            £'000

Net cash inflow from operating activities                                           8,035            5,057

Net cash outflow from returns on investments and servicing of
finance                                                                           (5,986)          (3,246)
                                                                                  
Taxation paid                                                                        (89)                -

Net cash outflow from capital expenditure and financial investment               (73,260)         (54,238)

                                                                                
Total equity dividends paid                                                       (7,145)          (4,912)

Net cash inflow from financing                                                     73,334           63,605
                                                                                  _______           ______
(Decrease) in cash for the year                                                   (5,111)          (6,266)
                                                                                    =====             ====

The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985 and is prepared on the same
basis as the comparative year. The comparative financial information is based on
the statutory accounts for the year ended 31st December 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

22nd February 2002



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