Net Asset Value(s)

JPMorgan Fleming Mercantile IT PLC
15 February 2007


JPMORGAN ASSET MANAGEMENT (UK) LIMITED ANNOUNCES THE UNAUDITED NET ASSET VALUES
(NAVS) OF THE FOLLOWING INVESTMENT TRUSTS AS AT CLOSE OF BUSINESS ON 14TH
FEBRUARY 2007.  THESE NAVS HAVE BEEN CALCULATED IN ACCORDANCE WITH AIC
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 BID BASIS, OR IF MORE APPROPRIATE, A LAST TRADE 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 14TH
FEBRUARY 2007 WERE AS FOLLOWS:



JPMORGAN FLEMING MERCANTILE INVESTMENT TRUST PLC:                    1,428.60




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