Reduction in Gearing

JPMorgan Fleming Mercantile IT PLC
19 December 2007




               JPMORGAN FLEMING MERCANTILE INVESTMENT TRUST PLC



19th December 2007


Reduction in Gearing


JPMorgan Fleming Mercantile Investment Trust plc announces that it has reduced
its gearing level to 92%.  The Managers believe that the long term outlook for
UK medium and smaller companies remains attractive, but are conscious that the
current market volatility is causing uncertainty.

For further information, please contact;



Juliet Dearlove
JPMorgan Asset Management (UK) Limited - Secretary


020 7742 6000




                      This information is provided by RNS
            The company news service from the London Stock Exchange