Interim Results

JP Morgan Fleming Mid Cap Inv PLC  
26 February 2003


                          Stock Exchange Announcement
                 JPMorgan Fleming Mid Cap Investment Trust plc
         Unaudited figures for the six months ended 31st December 2002


Performance

Your Company's net asset value per share fell by 25.7% in the six months to 31st
December 2002, whilst the FTSE 250 Index (excluding investment trusts) decreased
by 21.5%. The total return on net assets was -23.9%. This compares with a total
return of -20.3% on the benchmark index, and reflects the nervous reaction of
markets to accounting scandals in the US and the possibility of war in Iraq, and
concern about the sustainability of economic growth.

Whilst on an underlying basis the portfolio outperformed the benchmark by 0.7%,
as a result of the Investment Managers' strategy of risk-controlled stock
selection, the Company's overall performance during the period was reduced by -
4.1% as a result of its gearing.  As mentioned in the Annual Report, although
the Company's gearing has been a negative influence on performance during the
bear market of the last two and a half years, we firmly believe that it will
enhance investment returns over the long-term.

The share price fell by 33.1%, as the market declined and the Company's discount
to net asset value widened from 8.9% as at 30th June 2002 to 17.9% as at 31st
December 2002.

Revenue and Dividends

Revenue after taxation for the six months to 31st December 2002 increased to
£2,148,000 (2001: £1,792,000) with earnings per share of 5.57p (2001: 4.64p);
this reflected the portfolio's continued exposure to higher yielding cyclically
sensitive stocks.

The Board recommends an increased interim dividend of 2.75p per share (2001:
2.50p), which will be paid on 4th April 2003 to shareholders on the register at
the close of business on 7th March 2003. Whilst the Company's principal
objective remains capital growth, this increase reflects a higher level of
dividend income currently generated by the Company's portfolio.

Board of Directors

We are pleased to announce the appointment of a further Director following Sir
Richard Storey's retirement in April 2002. Jim Leng joined in January 2003 and
with his extensive business experience will be a valuable addition to the Board.
He was Chief Executive Officer of Laporte until 30th June 2001 and currently is
Deputy Chairman of Corus plc, and a non-executive Director of Pilkington and
IMI.

Alan Schroeder (Chairman)
26th February 2003



For further information, please contact:



Richard Lewis
For and on behalf of
J.P. Morgan Fleming Asset Management (UK) Limited
020 7742 3477



JPMorgan Fleming Mid Cap Investment Trust plc
Unaudited figures for the six months ended 31 December 2002
Statement of Total Return (Unaudited)
                        Six months to 31 December 2002  Six months to 31 December 2001      Year to 30 June 2002
                          Revenue     Capital     Total   Revenue   Capital       Total   Revenue   Capital     Total
                            £'000       £'000     £'000     £'000     £'000       £'000     £'000     £'000     £'000


Realised losses on              -    (17,095)  (17,095)         -  (12,026)    (12,026)         -  (14,620)  (14,620)
investments
Net change in                   -    (18,184)  (18,184)         -   (1,862)     (1,862)         -  (11,682)  (11,682)
unrealised depreciation
Other capital charges           -         (6)       (6)     -             -           -         -       (1)       (1)
Franked dividends           2,726           -     2,726     2,353         -       2,353     5,079         -     5,079
Scrip dividends                 -           -         -        17         -          17        17         -        17
Deposit interest              153           -       153       149         -         149       247         -       247
Underwriting                    -           -         -        15         -          15        15         -        15
Commissions
                          _______    ________   _______    ______   _______    ________   _______   _______   _______

Gross return                2,879    (35,285)  (32,406)     2,534  (13,888)    (11,354)     5,358  (26,303)  (20,945)
Management fee              (178)       (414)     (592)     (219)     (511)       (730)     (440)   (1,026)   (1,466)
Other administrative        (101)           -     (101)      (64)         -        (64)     (197)         -     (197)
expenses
Interest payable            (421)       (983)   (1,404)     (426)     (993)     (1,419)     (840)   (1,959)   (2,799)

                          _______     _______   _______    ______   _______     _______   _______   _______   _______

Return before taxation      2,179    (36,682)  (34,503)     1,825  (15,392)    (13,567)     3,881  (29,288)  (25,407)
Taxation                     (31)          31         -      (33)        33           -      (53)        53         -
                           ______     _______   _______    ______   _______      ______   _______   _______   _______

Total return                2,148    (36,651)  (34,503)     1,792  (15,359)    (13,567)     3,828  (29,235)  (25,407)
attributable to
ordinary shareholders
Dividend(s) on ordinary   (1,061)           -   (1,061)     (964)         -       (964)   (3,664)         -   (3,664)
shares

                           ______     _______   _______    ______   _______      ______   _______   _______   _______

Transfer to/(from)          1,087    (36,651)  (35,564)       828  (15,359)    (14,531)       164  (29,235)  (29,071)
reserves
Return per ordinary         5.57p    (95.01)p  (89.44)p     4.64p  (39.82)p    (35.18)p     9.92p  (75.78)p  (65.86)p
share
Dividends per ordinary      2.75p                           2.50p                           9.50p
share


JP Morgan Fleming Mid Cap Investment Trust plc
Unaudited figures for the six months ended 31 December 2002


BALANCE SHEET                                                        31 December     31 December         30 June
                                                                            2002            2001            2002
                                                                           £'000           £'000           £'000

Investments at valuation                                                 126,713         181,895         163,794

Net current assets                                                         6,839           1,757           5,319

Creditors (amounts falling due after more than one year)                (30,920)        (30,916)        (30,917)
                                                                         _______         _______         _______
Total net assets                                                         102,632         152,736         138,196
                                                                           =====           =====           =====
Net asset value per share                                                 266.1p          395.9p          358.3p


CASH FLOW STATEMENT
                                                                            2002            2001            2002
                                                                           £'000           £'000           £'000

Net cash inflow from operating activities                                  2,315           1,928           3,762

Net cash outflow from returns on investments and servicing               (1,324)         (1,458)         (2,806)
of finance
                                                                         
Total tax paid                                                              (72)               -            (50)

Net cash inflow from capital expenditure and financial                     2,973           7,545          11,857
investment

Total equity dividends paid on ordinary shares                           (2,700)         (1,929)         (2,893)

Net cash outflow from financing                                                -         (3,111)         (3,111)
                                                                         _______          ______          ______
Increase in cash for the period                                            1,192           2,975           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. The 2002 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
26th February 2003






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