Interim Management Statement

JPMorgan Fleming Mercantile IT PLC
30 May 2007

                JPMorgan Fleming Mercantile Investment Trust plc

                          Interim Management Statement

                   For the three months ended 30th April 2007

This interim management statement relates to the quarter from 1st February 2007
to 30th April 2007 and contains information that covers that period, unless
otherwise stated.

Financial performance -  Cumulative Total Return *

                         1 month      3 months       1 Year       3 Years      5 Years      10 Years

Share price              5.2%         8.5%           29.6%        132.4%       151.3%       381.6%
New asset value          3.8%         9.5%           27.8%        123.1%       155.2%       346.7%
Benchmark                2.3%         7.6%           23.9%        100.9%       120.2%       234.3%

* total return with net dividends reinvested

Source: JPMAM/Fundamental Data

Financial position
                            As at 30th April 2007          As at 29th May 2007

Total assets                £1,941.3m                           £1,890.9m
Share price                 1353.0p                              1375.0p
Net asset value             1489.74p                            1,509.63p
Discount                    9.2%                                  8.9%
Gearing                     108.4%                               108.9%


Share prices shown are closing mid

Net asset values are shown with debt at fair value

Source: JPMAM/Fundamental Data


Material events

At the Company's AGM held on 16th May 2007, all of the resolutions put to
shareholders were passed, including a Special Resolution which allows the
Company to make market purchases of up to 16,908,105 of its ordinary shares,
representing 14.99% of the Company's issued share capital.

At the conclusion of the Company's AGM, Nicholas Berry, Simon Keswick and Lord
Rothermere retired from the Board.

Material transactions

Changes to share capital
                                                             Issued Ordinary Shares of 25p

As at 31st January 2007                                      125,058,759
Shares bought back and cancelled                             7,636,560
Shares issued                                                -
As at 30th April 2007                                        117,422,199

During the quarter, the Company made market purchases of 7,636,560 of its own
shares for cancellation, representing 6.42% of the shares outstanding at the
beginning of the financial year, at an average discount of 9.38%.

Payment of dividends

On 1st February 2007 a third quarterly dividend of 4.50p per share was paid to
shareholders on the register as at the close of business on 12th January 2007.

On 1st May 2007 a fourth quarterly interim dividend of 11.50 pence per share for
the year ended 31st January 2007 was paid to shareholders on the register at the
close of business on 20th April 2007. This fourth payment brought the total
dividend for the year ended 31st January 2007 to 25.00 pence (2006: 21.75
pence).

Portfolio

Top ten holdings as at 30th April 2007

Stock name                             Sector                         Weight %

Taylor Woodrow                         Consumer goods                 3.1
GKN                                    Consumer goods                 2.4
Berkeley                               Consumer goods                 2.2
Burberry                               Consumer goods                 2.0
Persimmon                              Consumer goods                 2.0
British Energy                         Utilities                      1.9
Ladbrokes                              Consumer services              1.7
Amec                                   Industrials                    1.7
Millenium & Copthorne Hotels           Consumer services              1.7
Bellway                                Consumer goods                 1.7


Sector analysis as at 30th April 2007
                                                      Portfolio %

Consumer Services                                     24.0
Financials                                            22.7
Industrials                                           21.1
Consumer Goods                                        21.1
Oil & Gas                                             3.5
Technology                                            2.1
Utilities                                             2.1
Basic Materials                                       1.2
Telecommunications                                    0.6
Health Care                                           0.3
Cash                                                  1.3
Total                                                 100.00


By order of the Board
Jonathan Latter, for and on behalf of
JPMorgan Asset Management (UK) Limited, Secretary
30th May 2007

Registered office: Finsbury Dials, 20 Finsbury Street, London, EC2Y 9AQ

This interim management statement has been prepared solely to provide
information to meet the requirements of the UK Listing Authority's Disclosure
and Transparency Rules.

Please note that up to date information on the Company, including daily NAV and
share prices, factsheets and portfolio information can be found at
www.jpmfmercantile.com For investor information please contact the JPMorgan
helpline on Freephone 0800 40 30 30.


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