Interim Results

JP Morgan Mid Cap Invest Trust PLC 
03 March 2006


                       LONDON STOCK EXCHANGE ANNOUNCEMENT

                     JPMORGAN MID CAP INVESTMENT TRUST PLC

     UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31ST DECEMBER 2005



Performance

Over the six months to 31st December 2005 the FTSE 250 Index (excluding
investment trusts) rose by 20.7%, whilst the Company achieved a total return on
net assets of 28.5%, an outperformance of 7.8%. The return to shareholders was
better still at 33.9%, reflecting a further narrowing of the discount to 12.7%.
These results are extremely pleasing and reflect both the strong performance of
the UK stock market and, perhaps more importantly, the ongoing improvement in
the performance of the managers.


Revenue and Dividends

Revenue after taxation for the six months to 31st December 2005 was £2,185,000
(2004: £2,199,000) and earnings per share, calculated on the average weekly
number of shares in issue, were 6.34p (2004: 5.95p).

As I noted at the year end, the Board is aware of the increasing importance of
income to shareholders and, in line with the expectation expressed in my
Chairman's Statement, the Company will pay an interim dividend of 4.00p (2004:
3.00p) per share. The dividend will be paid on 5th April 2006 to shareholders on
the register at the close of business on 24th March 2006.


Loan Facilities and Gearing

Total gearing remained broadly stable, finishing the period at 112%. The Company
currently has long term loan facilities totalling £12.5m with two lenders, the
Royal Bank of Scotland plc and Allied Irish Bank, both of which mature in April
of this year. New facilities, at more favourable rates, are in the process of
negotiation.

As part of the review of the Company's debt, the Company repurchased, for
cancellation, £500,000 of its debenture stock during the half year under review.
The stock was repurchased at a price enhancing to net asset value and it is the
Board's policy to continue to repurchase and cancel stock where it is beneficial
to shareholders.


Share Buybacks

Over the course of the half year under review the Company repurchased for
cancellation 1,223,000 ordinary shares, representing 3.5% of its issued share
capital. This added 1.2% to the net asset value of the remaining shares.


Prospects

The mid cap market has outperformed the FTSE 100 Index by 40% over the last five
years. This has obviously moderated the relative case for mid caps over large
caps and, by extension, the prospects for their continued outperformance.
However, the Managers remain confident that mid cap stocks, with their generally
superior growth prospects and ongoing high level of bid activity, combined with
the positive outlook for the UK equity market generally, continue to remain
attractive.


Andrew Barker
Chairman

3rd March 2006


For further information please contact:

Andrew Norman, JPMorgan Asset Management (UK) Limited ............ 020 7742 5387



JPMorgan Mid Cap Investment Trust plc
Unaudited figures for the six months ended 31 December 2005
Income Statement
                          Six months to 31 December 2005  Six months to 31 December 2004     Year to 30 June 2005

                            Revenue     Capital     Total   Revenue   Capital      Total   Revenue   Capital     Total
                             return      return    return    return    return     return    return    return    return
                              £'000       £'000     £'000     £'000     £'000      £'000     £'000     £'000     £'000


Realised gains/(losses)
on investments                    -       4,371     4,371         -      (18)       (18)         -     5,849     5,849
Unrealised gains on
investments                       -      35,945    35,945         -    18,136     18,136         -    19,794    19,794
Other capital charges             -         (3)       (3)                 (2)        (2)         -       (4)       (4)
                                                                 -
UK dividends                  2,713           -     2,713                   -      2,653     5,374         -     5,374
                                                            2,653
Overseas dividends               20           -        20         -         -          -         7         -         7
Scrip dividends                   -           -         -       109         -        109       109         -       109
Deposit interest                 39           -        39        71         -         71       145         -       145
Underwriting commission          10           -        10         -         -          -         -         -         -
                            _______    ________   _______    ______   _______   ________   _______   _______   _______

Gross revenue and capital
returns                       2,782      40,313    43,095     2,833    18,116     20,949     5,635    25,639    31,274
Management fee                (138)       (323)     (461)     (123)     (287)      (410)     (254)     (593)     (847)
Other administrative
expenses                      (140)           -     (140)     (157)         -      (157)     (321)         -     (321)
                            _______     _______   _______    ______   _______    _______   _______   _______   _______

Net return before finance
costs and taxation            2,504      39,990    42,494     2,553    17,829     20,382     5,060    25,046    30,106
Interest payable              (319)       (907)   (1,226)     (354)     (826)    (1,180)     (677)   (1,663)   (2,340)
                            _______     _______   _______    ______   _______    _______   _______   _______   _______

Net return before             2,185      39,083    41,268     2,199    17,003     19,202     4,383    23,383    27,766
taxation

Taxation                          -           -         -         -         -          -         -         -         -
                             ______     _______   _______    ______   _______     ______   _______   _______   _______

Total return attributable
to ordinary shareholders      2,185      39,083    41,268     2,199    17,003     19,202     4,383    23,383    27,766
                             ______     _______   _______    ______   _______    _______    ______   _______    ______

Transfer to reserves          2,185      39,083    41,268     2,199    17,003     19,202     4,383    23,383    27,766
                             ______     _______   _______    ______   _______    _______    ______   _______    ______

Return per ordinary share     6.34p     113.48p   119.82p     5.95p    45.98p     51.93p    12.07p    64.41p    76.48p




The results for the year ended 30th June 2005 and for the six months ended 31st
December 2004 have been restated in accordance with

Financial Reporting Standards 21,25 and 26.



JPMorgan  Mid Cap Investment Trust plc
Unaudited figures for the six months ended 31 December 2005
Reconciliation of Movement in Shareholders Funds


                                                       Capital     Capital      Capital
                                                    redemption     reserve      reserve
                                            Share                                           Revenue
                                          Capital      reserve    realised   unrealised     reserve      Total
                                            £'000        £'000       £'000        £'000       £'000      £'000

At 30th June 2004 (as re stated)            9,644          356     108,577       28,713       6,260    153,550
Net capital return from ordinary                -            -      21,013        2,370           -     23,383
activities
Net revenue loss from ordinary                  -            -           -            -       4,383      4,383
activities
Shares bought back and cancelled            (885)          885    (11,771)            -           -   (11,771)
Dividends appropriated in the year              -            -           -            -     (3,648)    (3,648)
                                          _______     ________     _______      _______     _______   ________
At 30th June 2004(as restated)              8,759        1,241     117,819       31,083       6,995    165,897
Net capital return from ordinary                -            -      12,935       26,148           -     39,083
activities
Net revenue loss from ordinary                  -            -           -            -       2,185      2,185
activities
Shares bought back and cancelled            (305)          305     (5,257)            -           -    (5,257)
Dividends appropriated in the year              -            -           -            -     (2,862)    (2,862)
                                          _______     ________     _______      _______     _______   ________
At 31st December 2005                       8,454        1,546     125,497       57,231       6,318    199,046
                                            =====        =====       =====        =====       =====      =====





JPMorgan  Mid Cap Investment Trust plc
Unaudited figures for the six months ended 31 December 2005


BALANCE SHEET                                                 31 December 2005    31 December 2004     30 June 2005
                                                                                        (Restated)       (Restated)
                                                                         £'000               £'000            £'000

Investments at  fair value through profit or loss                      223,976             181,483          183,574

Net current (liabilities)/assets                                      (14,729)               5,019          (6,982)
                                                                       _______             _______          _______
Total assets less current liabilities                                  209,247             186,502          176,592

Debenture stock                                                       (10,201)            (10,939)         (10,695)
Long-term loans                                                              -            (12,500)                -
                                                                       _______             _______          _______
Total net assets                                                       199,046             163,063          165,897
                                                                         =====               =====            =====
Net asset value per ordinary share                                      588.6p              449.6p           473.5p

CASH FLOW STATEMENT
                                                                          2005                2004             2005
                                                                         £'000               £'000            £'000

Net cash inflow from operating activities                                2,243               2,145            4,189

Net cash outflow from returns on investments and servicing
of finance                                                             (1,211)             (1,187)          (2,374)

Net cash (outflow)/inflow from capital expenditure and
financial investment                                                     (237)              13,908           19,458

Equity dividend paid                                                   (2,862)             (2,572)          (3,648)

Net cash outflow from financing                                        (3,258)            (14,618)         (22,021)
                                                                       _______              ______           ______
Decrease in cash for the period                                        (5,325)             (2,324)          (4,396)
                                                                         =====                ====             ====



The results for the year ended 30th June 2005 and for the six months ended 31st
December 2004 have been restated in accordance with Financial Reporting
Standards 21,25 and 26

The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. Statutory accounts for the
year ended 30 June 2005 have been delivered to the Registrar of Companies.


JPMORGAN ASSET MANAGEMENT (UK) LIMITED




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