Net Asset Value(s)

JPMorgan Fleming Mercantile IT PLC
10 January 2006




JPMORGAN ASSET MANAGEMENT (UK) LIMITED ANNOUNCES THE UNAUDITED NET ASSET VALUES
(NAVS) OF THE FOLLOWING INVESTMENT TRUSTS AS AT CLOSE OF BUSINESS ON 9TH JANUARY
2006.  THESE NAVS HAVE BEEN CALCULATED IN ACCORDANCE WITH AITC RECOMMENDATIONS
(I.E. EXCLUDING CURRENT FINANCIAL YEAR REVENUE ITEMS), EXCEPT WHERE NOTED BELOW.
THE UNDERLYING INVESTMENTS OF THE INVESTMENT TRUSTS HAVE BEEN VALUED ON A LAST
TRADE BASIS, OR IF MORE APPROPRIATE, A BID MARKET BASIS.  PROVISIONS FOR
PERFORMANCE FEES, CAPITAL EXPENSES AND CAPITAL INTEREST ARE INCLUDED IN THESE
NAVS WHERE APPLICABLE.



AN ESTIMATE OF THE CURRENT REVENUE RESERVE IS INCLUDED WHERE THIS RESERVE IS IN
DEFICIT.



THE NET ASSET VALUES IN PENCE WITH DEBT VALUED AT PAR AS AT MARKET CLOSE ON 9TH
JANUARY WERE AS FOLLOWS:


JPMORGAN FLEMING MERCANTILE INVESTMENT TRUST PLC:                1032.64






THE NET ASSET VALUES IN PENCE WITH DEBT VALUED AT FAIR VALUE AS AT MARKET CLOSE
ON 9TH JANUARY 2006, WERE AS FOLLOWS:


JPMORGAN FLEMING MERCANTILE INVESTMENT TRUST PLC:                1010.89











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