Interim Results

JPMorgan Fleming Mercantile IT PLC
09 September 2004


                       LONDON STOCK EXCHANGE ANNOUNCEMENT
                JPMORGAN FLEMING MERCANTILE INVESTMENT TRUST PLC

        UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31st JULY 2004


The directors of JPMorgan Fleming Mercantile Investment Trust plc announce the
Company's unaudited results for the six months ended 31st July 2004.

The stock market in the first half of the current year was unable to sustain the
strength of performance shown last year. Our benchmark index, the FTSE All Share
(excluding FTSE100 constituents and investment trusts) showed a total return of
+0.6% for the six months ended 31st July 2004 and I am disappointed to report
that during this period the Company's comparable net asset value (NAV) total
return was +0.1%. The share price total return for the fund was -4.2% reflecting
an increase in the discount to NAV to 15.3% from 11.9% at 31st January 2004.

After a strong recovery last year, stock markets this year have been stuck in a
fairly narrow range; indeed this half year has seen the lowest trading range for
30 years: 6% compared with an average of 23%. Whilst the economic data have
continued to be positive and companies generally have shown good progress, fears
of higher interest rates and oil prices have depressed investor sentiment.
Technology stocks are more affected by investor sentiment than most and the
Company's underperformance in the half year is largely a result of this. Our
successes in the portfolio were across a broad spread of sectors and we
continue, as usual, to have a well diversified portfolio.

Turning to prospects, the Company's managers do not believe that small and mid
cap stocks are expensive and they expect the economic data to continue to be
benign. As this feeds through and after this lull we should expect a positive
return from the stock market and therefore have increased the gearing from 13%
at the beginning of the year to 15%. We expect the portfolio to be well placed
in terms of its balance of new growth stocks, companies geared to economic
activity and also to benefit from corporate activity as confidence increases.

Dividends

A second interim dividend of 4.25p per share has been declared by the Board,
payable on 3rd November 2004 to shareholders on the register as at the close of
business on 1st October 2004. This brings the total dividend for the year to
date to 8.50p per share, which is the same as last year at this stage.


Hamish Leslie Melville

Chairman           9th September 2004

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

For further information, please contact:

Richard Lewis
J.P. Morgan Fleming Asset Management (UK) Limited
Telephone [phone]


JPMorgan Fleming Mercantile Investment Trust plc
Unaudited figures for the six months ended 31 July 2004
Statement of Total Return (Unaudited)

                        Six months to 31 July 2004        Six months to 31 July 2003       Year to 31 January 2004
                          Revenue     Capital     Total   Revenue   Capital       Total   Revenue   Capital     Total
                            £'000       £'000     £'000     £'000     £'000       £'000     £'000     £'000     £'000
Realised gains on
investments                     -      11,954    11,954         -    28,628      28,628         -   121,799   121,799

Net unrealised (losses)
/gains on investments           -    (22,344)  (22,344)         -   212,437     212,437         -   253,201   253,201

Net currency (losses)/
gains on  cash and
short term deposits
held during the period          -         (8)       (8)         -        20          20         -       (2)       (2)

Other capital charges           -         (7)       (7)         -       (1)         (1)         -      (19)      (19)
UK dividend income         16,222           -    16,222    15,489         -      15,489    28,112         -    28,112

UK unfranked investment
income                        138           -       138       320         -         320       493         -       493

Overseas dividends              -           -         -       232         -         232        27         -        27

Scrip dividends             1,384           -     1,384       434         -         434       616         -       616

Underwriting                  217           -       217         6         -           6       560         -       560
commissions

Deposit interest            1,554           -     1,554     2,240         -       2,240     4,242         -     4,242
                          _______    ________   _______    ______   _______    ________   _______   _______   _______

Gross return/(loss)        19,515    (10,405)     9,110    18,721   241,084     259,805    34,050   374,979   409,029

Management fee            (1,401)     (1,401)   (2,802)   (1,022)   (1,022)     (2,044)   (2,310)   (2,310)   (4,620)

Other administrative
expenses                    (361)           -     (361)     (371)         -       (371)     (707)         -     (707)

Interest payable          (3,271)     (3,271)   (6,542)   (3,270)   (3,270)     (6,540)   (6,549)   (6,549)  (13,098)
                          _______     _______   _______    ______   _______     _______   _______   _______   _______

Return/(loss) before
taxation                   14,482    (15,077)     (595)    14,058   236,792     250,850    24,484   366,120   390,604

Taxation                        -           -         -        77         -          77        71         -        71
                           ______     _______   _______    ______   _______      ______   _______   _______   _______

Return/(loss) after
taxation                   14,482    (15,077)     (595)    14,135   236,792     250,927    24,555   366,120   390,675

Dividends on ordinary
shares                   (11,545)           -  (11,545)  (11,545)         -    (11,545)  (25,469)         -  (25,469)
                           ______     _______   _______    ______   _______      ______   _______   _______   _______

Transfer to/(from)
reserves                    2,937    (15,077)  (12,140)     2,590   236,792     239,382     (914)   366,120   365,206

Return/(loss) per
ordinary share             10.66p    (11.10)p   (0.44)p    10.41p   174.33p     184.74p    18.08p   269.55p   287.63p

Dividends per ordinary
share                       8.50p           -     8.50p     8.50p         -       8.50p    18.75p         -    18.75p


JPMorgan Fleming Mercantile Investment Trust plc
Unaudited figures for the six months ended 31 July 2004


BALANCE SHEET                                                            31 July         31 July      31 January
                                                                            2004            2003            2004
                                                                           £'000           £'000           £'000

Investments at valuation                                               1,102,465         955,427       1,075,449

Net current assets                                                        42,274          75,533          81,382

Long term loans                                                        (201,373)       (201,278)       (201,325)
                                                                       _________      __________      __________
Total net assets                                                         943,366         829,682         955,506
                                                                       =========      ==========       =========
Net asset value per share                                                 694.5p          610.8p          703.5p

CASH FLOW STATEMENT                                                      31 July         31 July      31 January
                                                                            2004            2003            2004
                                                                           £'000           £'000           £'000

Net cash inflow from operating activities                                 13,642          14,300          27,746

Net cash outflow from servicing of finance                               (6,496)         (6,498)        (13,001)

Total tax recovered                                                            -              90             103

Net cash outflow from capital expenditure and financial
investment                                                              (56,940)        (52,021)        (16,801)

Total equity dividends paid                                             (19,696)        (13,583)        (25,129)

                                                                       _________      __________      __________
Decrease in cash for the period                                         (69,490)        (57,712)        (27,082)
                                                                       =========      ==========       =========


The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. Statutory accounts for the
year ended 31 January 2004 have been delivered to the Registrar of Companies.


J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED
9th September 2004



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