Final Results

JP Morgan Fleming Mid Cap Inv PLC  
01 October 2004


                          STOCK EXCHANGE ANNOUNCEMENT

                JPMORGAN FLEMING MID CAP INVESTMENT TRUST PLC

                   PRELIMINARY ANNOUNCEMENT OF ANNUAL RESULTS


The Directors of JPMorgan Fleming Mid Cap Investment Trust plc announce the
Company's preliminary results for the year ended 30th June 2004.

Capital Performance

In a much better year for UK equity markets generally, I am pleased to report a
period of outperformance by the Company, which produced a total return on net
assets of +35.6%. This compares very favourably with the benchmark index's total
return of +31.7%.

This outperformance for the year is attributable to the positive effects of the
Company's cash and gearing, which added 4.9% to performance. Disappointingly,
however, the underlying stock selection of the first nine months of the year was
not maintained as a positive in the final quarter, when nervousness pervaded the
mid cap market and investors switched into defensive stocks. For the year as a
whole, stock selection impacted negatively on performance by 1.1%, though I am
pleased to report that this has subsequently been restored as a positive.

Despite the satisfactory return on net assets, the Company's share price
increased by 21.7%; the difference was accounted for by widening of the discount
from 9.7% to 19.5%.

Referring to the revised and lower base cost management contract put in place
last year, it is worth highlighting that despite the Company's outperformance of
the benchmark, no performance fee is due for the year under review, as the
calculation specifically excludes the impact of gearing and the management fee.
The total fee for the year is therefore considerably less than would have been
payable under the previous arrangements.

Revenue and Dividends

Revenue after taxation for the year was £3,364,000 (2003: £4,366,000) and
earnings per share were 8.72p (2003: 11.32p). This reduction in earnings per
share was forecast in both my last annual and interim statements, and reflects
the reduction in revenue arising from stocks within the portfolio.

Notwithstanding the Company's residual dividend policy, the Board has decided to
smooth the impact of this year's earnings volatility on dividends payable by
utilising a proportion of revenue reserves. Accordingly, the Board has
recommended a final dividend of 7.00p to be paid on 9th November 2004 to
shareholders on the register at the close of business on 8th October 2004. This
will produce a total annual dividend of 9.75p (2003: 10.75p), which is 1.03p in
excess of the earnings per share for the year.

Board of Directors

Jim Leng, who joined the Board in January 2003, resigned as a Director with
effect from 1st May 2004 to concentrate on his other business interests. On
behalf of the Board, I should like to thank Jim for his valuable contribution to
the Board's deliberations, and I wish him well for the future.

We are pleased to welcome Mr Andrew Barker who joined the Board on 1st October
2004. He brings with him a wealth of experience over many years of the
investment industry. Andrew is currently the Chairman of The Bankers Investment
Trust, British Portfolio Trust plc, and International Biotechnology Trust plc.

Share Repurchase Facility

At last year's Annual General Meeting shareholders gave the Directors authority
to repurchase up to 14.99% of the Company's shares for cancellation. During the
year to 30th June 2004, this facility was not utilised, but since that date the
Company has repurchased 1,838,000 ordinary shares representing 4.8% of the
issued share capital. This process added 0.9% to the net asset value of the
remaining shares. The Directors continue to believe that this mechanism is of
benefit to shareholders and therefore propose and recommend that the powers to
repurchase up to 14.99% of the Company's shares for cancellation be renewed for
a further period.

Loan Facility and Gearing

As indicated in my last interim statement, on maturity of the Company's £10m
loan facility with The Royal Bank of Scotland plc on 8th July 2004, the Board
took the opportunity to reduce the overall level of gearing to below 120%. The
loan was repaid and the associated interest rate swap cancelled. On the same
date, the Company entered into a £5m revolving credit facility with Allied Irish
Bank, which bears interest at a floating rate and is due to conclude on 24th
April 2006. This provides increased flexibility in the Company's borrowing
arrangements and will enable the Company to manage its gearing level more
actively.

Annual General Meeting

This year's Annual General Meeting will be held on 3rd November 2004 at 12.00
noon at 10 Aldermanbury, London EC2V 7RF.


Alan Schroeder

Chairman                1st October 2004

For further information, please contact:

Richard Lewis

For and on behalf of

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

020 7742 6000



JPMorgan Fleming Mid Cap Investment Trust plc

Unaudited figures for the year ended 30 June  2004


Statement of Total Return (Unaudited)


                                            Year ended 30 June 2004                 Year ended 30 June 2003

                                               Revenue     Capital       Total    Revenue    Capital       Total

                                                 £'000       £'000       £'000      £'000      £'000       £'000


Realised gains/(losses) on investments               -      16,471      16,471          -   (30,144)    (30,144)
Net unrealised gains on investments                  -      22,798      22,798          -      8,927       8,927
Other capital charges                                -         (5)         (5)          -        (3)         (3)
UK dividend income                               4,406           -       4,406      5,534          -       5,534
Underwriting commission                             24           -          24          -          -           -
Scrip dividends                                    169           -         169          -          -           -
Deposit interest                                   104           -         104        321          -         321
                                               _______    ________     _______    _______    _______    ________

Gross return/(loss)                              4,703      39,264      43,967      5,855   (21,220)    (15,365)

Management fee                                   (243)       (569)       (812)      (333)      (777)     (1,110)

Other administrative expenses                    (253)           -       (253)      (252)          -       (252)

Interest payable                                 (843)     (1,967)     (2,810)      (841)    (1,962)     (2,803)

                                               _______     _______     _______    _______    _______     _______

Return/(loss) before taxation                    3,364      36,728      40,092      4,429   (23,959)    (19,530)

Taxation                                             -           -           -       (63)         63           -

                                               _______     _______     _______    _______    _______     _______

Return/(loss) attributable to ordinary
shareholders                                     3,364      36,728      40,092      4,366   (23,896)    (19,530)
                                                 

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

Dividend payable                               (2,700)           -     (2,700)    (3,086)          -     (3,086)
                                               _______     _______     _______    _______    _______     _______

                                               (3,761)           -     (3,761)    (4,147)          -     (4,147)

                                               _______     _______     _______    _______    _______     _______

Transfer (from)/to reserves                      (397)      36,728      36,331        219   (23,896)    (23,677)

                                               _______     _______     _______    _______    _______     _______


Return/(loss) per ordinary share                 8.72p      95.21p     103.93p     11.32p   (61.95)p    (50.63)p



JPMorgan Fleming Mid Cap Investment Trust plc

Unaudited figures for the year ended 30 June 2004


BALANCE SHEET                                                                     30 June          30 June
                                                                                     2004             2003
                                                                                    £'000            £'000

Investments at valuation                                                          176,656          142,890

Net current (liabilities)/assets                                                  (4,871)            2,555

Amounts falling due after more than one year                                     (20,935)         (30,926)
                                                                                  _______          _______
Total net assets                                                                  150,850          114,519
                                                                                    =====            =====
Net asset value per ordinary share                                                 391.1p           296.9p


CASH FLOW STATEMENT
                                                                                     2004             2003
                                                                                    £'000            £'000

Net cash inflow from operating activities                                           3,540            4,609

Net cash outflow from servicing of finance                                        (3,096)          (2,794)

Net cash inflow from capital expenditure and financial investment                   4,981            1,239

Equity dividends paid                                                             (4,147)          (3,761)

                                                                                  _______          _______
Increase/(decrease) in cash for the period                                          1,278            (707)
                                                                                    =====             ====



The above financial information does not constitute statutory accounts for the
year ended 30 June 2004 as defined in Section 240 of the Companies Act 1985 and
statutory accounts for this period have not yet been delivered to the Registrar.
  The auditors have not issued a report under S235 of the Companies Act 1985 on
the statutory accounts for the year ended 30 June 2004. The comparative
financial information is based on the statutory accounts for the period ended 30
June 2003. 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

1st October 2004

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