Dividend Declaration

JPMorgan Fleming Mercantile IT PLC
01 July 2004


                JPMORGAN FLEMING MERCANTILE INVESTMENT TRUST PLC

                             FIRST INTERIM DIVIDEND

The Directors have declared that a first interim dividend of 4.25p per share
will be paid on 2nd August 2004 to shareholders on the register as at close of
business on 9th July 2004 (XD 7th July 2004).

1st July 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


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