Net Asset Value(s)

JPMorgan Fleming Mercantile IT PLC
16 November 2005


JPMORGAN ASSET MANAGEMENT (UK) LIMITED ANNOUNCES THE UNAUDITED NET ASSET VALUES
(NAVS) OF THE FOLLOWING INVESTMENT TRUSTS AS AT CLOSE OF BUSINESS ON 14TH
NOVEMBER 2005.  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 MID 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 15TH
NOVEMBER WERE AS FOLLOWS:


JPMORGAN FLEMING MERCANTILE INVESTMENT TRUST PLC:                         940.75



THE NET ASSET VALUES IN PENCE WITH DEBT VALUED AT FAIR VALUE AS AT MARKET CLOSE
ON 15TH NOVEMBER 2005, WERE AS FOLLOWS:



JPMORGAN FLEMING MERCANTILE INVESTMENT TRUST PLC:                         922.86


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