Final Results

JP Morgan Fleming Mid Cap Inv PLC  
05 September 2002



                             LONDON STOCK EXCHANGE ANNOUNCEMENT

                      JPMorgan Fleming Mid Cap Investment Trust plc

                  Unaudited figures for the year ended 30 June 2002



The Year Under Review

Capital Performance

In the year to 30th June 2002, the Company produced a total return on net assets
of -15.7%.  This compares with a total return over the same period of -9.4% for
the Company's benchmark, the FTSE 250 Index (excluding investment trusts).  This
underperformance reflects the portfolio's exposure during the first half of the
year to the Media, Transport and Electronic sectors and includes the adverse
impact of our gearing in a falling market.  Although our gearing has clearly
been unhelpful over the last two years, we firmly believe that it will, over the
long term, enhance investment returns and it remains one of the key advantages
that an investment trust has over other collective investment vehicles.



Share Price Performance

The total return to shareholders for the year was -19.4%.  The Company's share
price was 326.50p on 30th June 2002, a decrease of 21.2% during the year.  This
was reflected in an increase in the discount to net asset value (NAV) to 8.9% at
30th June 2002, compared with its historical low of 4.4% at the previous year
end.



Revenue and Dividends

Revenue after taxation for the year was £3,828,000 (2001: £2,921,000) and
earnings per share advanced to 9.92p (2001: 7.57p).  This increase of 31%
reflects the higher yield achieved on the portfolio, which was largely as a
result of the switch of emphasis during the year from growth to value stocks.

The Board is recommending a final dividend of 7.00p to be paid on 5th November
2002 to shareholders on the register at the close of business on 4th October
2002.  Together with the interim dividend of 2.50p already paid, this will
produce a total annual dividend of 9.50p, an increase of 35.7% on the previous
year.  This total dividend, fully covered by earnings, reflects the 'residual'
dividend policy adopted by the Board.



Outlook

Your Board remains committed to the portfolio's emphasis on the FTSE 250 Index,
which it believes will continue to outperform the large and small cap indices,
despite the likely continuation of nervousness and volatility in the immediately
foreseeable future.  We believe that with the Investment Manager's portfolio
strategy, which is research based and focused on risk-controlled stock
selection, the Company is well positioned to take advantage of market
opportunities as they arise.



Investment Manager

In July of this year, James Inglis Jones was appointed as manager of the
Company's portfolio in place of Ross Hollyman.  He was joined in the management
by Jeremy Wells, who has over fourteen years' experience within the fund
management industry, the last four within JPMorgan Fleming.

Your Board believes that the management team's blend of continuity, knowledge
and experience will serve the Company well in the future.



Board Change

I succeeded Sir Richard Storey as Chairman in April 2002 upon his retirement.
Richard Storey made a significant contribution to the Company since he joined
the Board in June 1989 and, on behalf of the Board, I wish him well in his
retirement.  We are in the process of appointing a further Director as a result.



Annual General Meeting

This year's Annual General Meeting will be held on 29th October 2002 at 12.00
p.m. at 10 Aldermanbury, London EC2V 7RF.  As in previous years, in addition to
the formal part of the meeting, there will be a presentation from the Investment
Managers who will answer questions on the portfolio and performance.  There will
also be an opportunity to meet the Board, the Investment Managers and
representatives of JPMorgan Fleming.  I look forward to seeing as many of you as
possible at this meeting.

If you have any detailed or technical questions, it would be helpful if you
could raise these in advance with the Company Secretary at Finsbury Dials, 20
Finsbury Street, London EC2Y 9AQ.  Shareholders who are unable to attend the AGM
are encouraged to use their proxy votes.



Alan Schroeder
Chairman            5th September 2002


JPMorgan Fleming Mid Cap Investment Trust plc
Unaudited figures for the year ended 30 June  2002

Statement of Total Return (Unaudited)


                                            Year ended 30 June 2002                 Year ended 30 June 2001
                                               Revenue     Capital       Total    Revenue    Capital       Total
                                                 £'000       £'000       £'000      £'000      £'000       £'000


Realised losses on investments                       -    (14,620)    (14,620)          -    (3,659)     (3,659)


Net change in unrealised appreciation                -    (11,682)    (11,682)          -   (10,028)    (10,028)
Currency gains on cash & short-term                  -           -           -          -         14          14
deposits
Other capital items                                  -         (1)         (1)          -          -           -
Income from investments                          5,096           -       5,096      4,334          -       4,334
Other Income                                       262           -         262        187          -         187
                                               _______    ________     _______     ______    _______    ________

Gross return                                     5,358    (26,303)    (20,945)      4,521  (13,673)      (9,152)

Management fee                                   (440)     (1,026)     (1,466)      (511)    (1,193)     (1,704)

Other administrative expenses                    (197)           -       (197)      (180)          -       (180)

Interest payable                                 (840)     (1,959)     (2,799)      (871)    (2,033)     (2,904)

                                               _______     _______     _______     ______    _______     _______

Return before taxation                           3,881    (29,288)    (25,407)      2,959  (16,899)     (13,940)

Taxation                                          (53)          53           -       (38)         38           -

                                               _______     _______     _______     ______    _______     _______

Return after taxation                            3,828    (29,235)    (25,407)      2,921  (16,861)     (13,940)



Dividends paid                                   (964)           -       (964)      (765)          -       (765)

Dividends payable                              (2,700)           -     (2,700)    (1,929)          -     (1,929)

                                               (3,664)           -     (3,664)    (2,694)          -     (2,694)

                                               _______     _______     _______     ______    _______     _______

Return attributable to ordinary                    164    (29,235)    (29,071)        227  (16,861)     (16,634)
shareholders
                                               _______     _______     _______     ______    _______     _______

Return per ordinary share                        9.92p    (75.78)p    (65.86)p      7.57p   (43.70)p    (36.13)p



JPMorgan Fleming Mid Cap Investment Trust plc
Unaudited figures for the year ended 30 June 2002


BALANCE SHEET                                                                     30 June          30 June
                                                                                     2002             2001
                                                                                    £'000            £'000

Investments at valuation                                                          163,794          204,488


Net current assets/(liabilities)                                                    5,319          (6,309)

Long term loan                                                                   (30,917)         (30,912)
                                                                                  _______          _______
Total net assets                                                                  138,196          167,267
                                                                                    =====            =====
Net asset value per share
Ordinary shares                                                                    358.3p           433.6p


CASH FLOW STATEMENT
                                                                                     2002             2001
                                                                                    £'000            £'000

Net cash inflow  from operating activities                                          3,762            2,496

Net cash outflow from servicing of finance                                        (2,806)          (2,913)

Total tax  paid                                                                      (50)                -

Net cash inflow/(outflow) from capital expenditure and financial
investment                                                                         11,857          (1,933)
                                                                                   

Equity dividends paid                                                             (2,893)          (2,488)

Net cash (outflow)/inflow from financing                                          (3,111)            2,123
                                                                                  _______           ______
Increase/(Decrease) in cash for the period                                          6,759          (2,715)
                                                                                    =====             ====



The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. The comparative financial
information is based on the statutory accounts for the period ended 30 June
2001. These accounts, upon which the auditors issued an unqualified opinion,
have been delivered to the Registrar of Companies.


J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED
05 September 2002






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