Final Results

JP Morgan Fleming Mid Cap Inv PLC  
01 October 2003



                 JPMORGAN FLEMING MID CAP INVESTMENT TRUST PLC

                       LONDON STOCK EXCHANGE ANNOUNCEMENT


The Directors of JPMorgan Fleming Mid Cap Investment Trust plc announce the
Company's preliminary annual results for the year ended 30th June 2003.


Capital Performance

The year to 30th June 2003 proved to be another difficult one for UK equity
markets generally, and specifically the FTSE 250 index. The Company's benchmark
index showed a total return over the period under review of -6.0%, and the
Company produced a total return on net assets of -14.0%.

The benefit of positive underlying stock selection added 0.7% to performance in
the first six months of the financial year but disappointingly this was
outweighed by underperformance in the final six months to 30th June 2003, during
which time markets were at their most volatile.

Whilst market conditions have clearly been seriously adverse for investors over
more than two years, your Board is not satisfied with total returns earned by
the Company; as a consequence it has rigorously reviewed its position, in terms
of management, investment process and strategy, including gearing.

The investment process and its timely application has received attention as has
its management, reflecting our determination to see that target investment
performance is delivered. Following the Board's review, a revised and lower base
cost management contract has been put in place. This will be cost neutral when
target performance is attained with an appropriate incentive for outperformance
of the target. Target performance is defined as returns of 1.6% in excess of the
benchmark, excluding the impact of gearing on the net asset value performance.
With effect from 1st July 2003, the fixed basic annual management fee is 0.4%
per annum (previously 0.675%) of the Company's total assets less current
liabilities.  The new performance-related fee is calculated at 17.5% of
outperformance of the Company's NAV total return (excluding the impact of
gearing and the management fee) over the benchmark.  The maximum total fee
payable in any one year in respect of the fixed management fee and any
performance fee is capped at 1.65% of the Company's total assets less current
liabilities.  More details are given in the Company's annual report to be
published shortly. The Board feels that this new arrangement more appropriately
aligns the interests of our shareholders and the management company at this
time.

Although its impact has been negative over the last three years, your Board
remains confident that the Company's gearing will enhance investment returns
over the longer term; it is worth noting that since the trough of March 2003
gearing added almost 6% to performance over the subsequent three months - not
enough to outweigh the negative impact of the prior nine months but enough to
demonstrate its potential benefits. Overall, gearing cost the portfolio 3.4%
over the twelve months.

Revenue and Dividends

Revenue after taxation for the year was £4,366,000 (2002: £3,828,000) and
earnings per share advanced to 11.32p (2002: 9.92p), as the stocks held in the
year under review within the portfolio continued to demonstrate higher yielding
characteristics.

In accordance with its 'residual' dividend distribution policy, the Board is
recommending a final dividend of 8.00p to be paid on 7th November 2003 to
shareholders on the register at the close of business on 10th October 2003. This
will produce a total annual dividend of 10.75p, an increase of 13.2% on the
previous year. This increase reflects the high level of dividend income that has
been generated by the Company's portfolio in the year under review.

Share Price Performance

The total performance for the year was -14.1%. Whilst disappointing in itself,
the price of 268.0p on 30th June 2003 represented a substantial recovery from
its March low of 197.6p.

Outlook

Your Board remains committed to the portfolio's emphasis on the FTSE 250 index,
which outperformed the FTSE All-Share index by 3.2% over the year to 30th June
2003. The higher level of dividends received from stocks within the portfolio is
unlikely to continue and capital growth remains the principal target. Our
philosophy to build a portfolio that is concentrated on both the best of value
and growth companies, should generate worthwhile outperformance in what we hope
will be improving and less volatile conditions.

Investment Manager

Jeremy Wells, previously joint manager, was appointed Manager of the Company's
portfolio in July 2003. He has since been joined by Christopher Llewelyn, who
has over eighteen years' experience within the JPMorgan Fleming organisation.

Annual General Meeting

This year's Annual General Meeting will be held on 5th November 2003 at 12.00
noon at 10 Aldermanbury, London EC2V 7RF.



Please note that the above statements may differ from the final version to be
published in the annual report and accounts.


Alan Schroeder
Chairman            1st October 2003


For further information please contact:
Richard Lewis
J.P. Morgan Fleming Asset Management (UK) Limited, 020 7742 3477
Secretary to the Company



JPMorgan Fleming Mid Cap Investment Trust plc
Unaudited figures for the year ended 30 June 2003

Statement of Total Return (Unaudited)


                                            Year ended 30 June 2003                 Year ended 30 June 2002
                                               Revenue     Capital       Total    Revenue    Capital       Total
                                                 £'000       £'000       £'000      £'000      £'000       £'000

Realised losses on investments                       -    (30,144)    (30,144)          -   (14,620)    (14,620)
Change in unrealised depreciation                    -       8,927       8,927          -   (11,682)    (11,682)
Other capital charges                                -         (3)         (3)          -        (1)         (1)
Franked investment income                        5,534           -       5,534      5,079          -       5,079
Underwriting commission                              -           -           -         15          -          15
Scrip dividends                                      -           -           -         17          -          17
Deposit interest                                   321           -         321        247          -         247
                                               _______    ________     _______    _______    _______    ________
Gross return                                     5,855    (21,220)    (15,365)      5,358   (26,303)    (20,945)

Management fee                                   (333)       (777)     (1,110)      (440)    (1,026)     (1,466)

Other administrative expenses                    (252)           -       (252)      (197)          -       (197)

Interest payable                                 (841)     (1,962)     (2,803)      (840)    (1,959)     (2,799)
                                               _______     _______     _______    _______    _______     _______
Return before taxation                           4,429    (23,959)    (19,530)      3,881   (29,288)    (25,407)

Taxation                                          (63)          63           -       (53)         53           -
                                               _______     _______     _______    _______    _______     _______
Return attributable to ordinary
shareholders                                    4,366    (23,896)    (19,530)      3,828   (29,235)    (25,407)

Dividend paid                                  (1,061)           -     (1,061)      (964)          -       (964)

Dividend payable                               (3,086)           -     (3,086)    (2,700)          -     (2,700)
                                               _______     _______     _______    _______    _______     _______
                                               (4,147)           -     (4,147)    (3,664)          -     (3,664)

                                               _______     _______     _______    _______    _______     _______
Transfer to/(from) reserves                        219    (23,896)    (23,677)        164   (29,235)    (29,071)
                                               _______     _______     _______    _______    _______     _______

Return per ordinary share                       11.32p    (61.95)p    (50.63)p      9.92p   (75.78)p    (65.86)p



JPMorgan Fleming Mid Cap Investment Trust plc
Unaudited figures for the year ended 30 June 2003


BALANCE SHEET                                                                     30 June          30 June
                                                                                     2003             2002
                                                                                    £'000            £'000

Investments at valuation                                                          142,890          163,794


Net current assets                                                                  2,555            5,319

Long term loan                                                                   (30,926)         (30,917)
                                                                                  _______          _______
Total net assets                                                                  114,519          138,196
                                                                                  =======          =======
Net asset value per ordinary share                                                 296.9p           358.3p


CASH FLOW STATEMENT
                                                                                     2003             2002
                                                                                    £'000            £'000

Net cash inflow from operating activities                                           4,609            3,762

Net cash outflow from servicing of finance                                        (2,794)          (2,806)

Total taxation paid                                                                     -             (50)

Net cash inflow from capital expenditure and financial investment

                                                                                    1,239           11,857

Equity dividends paid                                                             (3,761)          (2,893)

Net cash outflow from financing                                                         -          (3,111)
                                                                                  _______          _______
(Decrease)/Increase in cash for the period                                          (707)            6,759
                                                                                  =======          =======


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 period ended 30 June
2002. These accounts, upon which the auditors issued an unqualified opinion, and
did not contain a statement under either section 237 (2) or section 237 (3) of
the Companies Act 1985, have been delivered to the Registrar of Companies.


J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED
1st October 2003


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