Change in Investment Team

JPMorgan Fleming Mercantile IT PLC
30 November 2004


                JPMORGAN FLEMING MERCANTILE INVESTMENT TRUST PLC

                          Investment Management Team

The Board of the Company announces that Katy Woodhouse, who has been assistant
investment manager since 2001, will be moving from the European Equities team on
Friday 3rd December 2004 to take up a position within the Global Multi Asset
Group at JPMorgan Fleming, in New York.

Martin Hudson, who has been managing the Company's assets since 1994, will be
joined in the management of the portfolio by James Soutter. James has been a
member of JPMorgan Fleming's European Equities team since 2001 and currently
manages an Institutional UK Equity portfolio and UK Equity Income unit trusts.

The Board would like to thank Katy for her valuable contribution to the Company,
and welcomes James to the management team.

30th November 2004

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

For further information:

Richard Lewis

J.P. Morgan Fleming Asset Management (UK) Limited .............................
020 7742 6000


                      This information is provided by RNS
            The company news service from the London Stock Exchange