Final Results

JP Morgan Fleming Mid Cap Inv PLC  
23 September 2005


                          STOCK EXCHANGE ANNOUNCEMENT

                 JPMORGAN FLEMING MID CAP INVESTMENT TRUST PLC

                   PRELIMINARY ANNOUNCEMENT OF ANNUAL RESULTS



The Directors of JPMorgan Fleming Mid Cap Investment Trust plc announce the
Company's preliminary results for the year ended 30th June 2005.

Capital Performance

Despite the uncertainty created by higher interest rates and the sharp rise in
energy prices it was another good year for the UK stock market and particularly
for mid-cap stocks, as measured by the FTSE 250 index. Our strong results
reflect these favourable market conditions.

I am pleased to report the return on net assets per share was 21.8%, which
compares favourably to the benchmark's return of 20.2%. Very importantly, the
return to shareholders (share price and net dividend) was 25.6%, reflecting the
positive return on assets and the narrowing of the discount from 19.5% to 17.3%.

The objective we set our Manager is to achieve capital growth through investing
in medium-sized UK companies. The main measurement of the Manager's performance
we take as the FTSE 250 index (excluding investment trusts). This year the major
positive contributors to performance were the use of gearing in a rising equity
market and the enhancement of net asset value through share buybacks. The
positive contribution from stock selection reported in the Interim Report was
not sustained in the second half, resulting in a small adverse contribution over
the year. Encouragingly, this trend has been reversed more recently, with stock
selection contributing to outperformance in the early part of the current year.

Revenue and Dividends

Net revenue after taxation for the year was £4,383,000 (2004: £3,364,000) and
earnings per share were 12.07p (2004: 8.72p).  The Board has noted the
increasing importance of income to our shareholders, particularly to private
investors who together now own more than 65% of this company. Therefore the
Board has decided to establish a policy to increase dividends annually at least
in line with inflation, as long as normal economic conditions prevail. This
year, as a result of particularly strong earnings growth, the Board is pleased
to recommend a final dividend of 8.30p per share making a total of 11.30p (2004:
9.75p) which is an increase in the total dividend of 15.9% on last year. In line
with the decision to rebalance the split between the interim and final dividend
announced in the Interim Report, the Board expects to pay an interim dividend of
4p per share (2003: 3.00p).

Share Buy-backs

It is the present intention of the board to continue its policy of buying back
shares where appropriate to enhance net asset value per share. This policy will
be reviewed regularly in the light of market conditions. Over the course of the
year the Company repurchased a total of 3,538,000 shares, representing 9.2% of
the issued share capital, adding 1.7% to the Company's performance.

Since 30th June 2005 the Company has repurchased a further 489,000 shares
representing 1.4% of the issued share capital. This process has added a further
0.2% to the net asset value of the remaining shares. The Directors continue to
believe that this mechanism is of benefit to shareholders and therefore propose
and recommend that powers to repurchase up to 14.99% of the Company's shares for
cancellation be renewed for a further period.

Board of Directors

Alan Schroeder retired as Chairman and as a Director on 14th April 2005. I would
like to place on record our thanks to Alan for the hard work, commitment and
direction he gave to the Company. His Chairmanship did not cover an easy time in
stock markets. He was instrumental both in renegotiating the management
agreement on to a lower fixed cost basis and the introduction of a performance
fee for the benefit of shareholders.

Gordon McQueen joined the Board on 1st December 2004. Gordon has brought a new
perspective to the Board's deliberations and I have no hesitation in
recommending his election at the forthcoming Annual General Meeting. In
addition, John Emly, who retires by rotation, has continued to provide an
invaluable contribution and is recommended for re-election.

Annual General Meeting

This year's Annual General Meeting will be held on 2nd November 2005 at 12.00
noon at The Armourers' Hall, 81 Coleman Street, London EC2R 5BJ.

Change of Company Name

As a consequence of the change of our Manager's name from J.P. Morgan Fleming
Asset Management (UK) Limited to JPMorgan Asset Management Limited on 3rd May
2005, the Board propose that the Company's name be changed to JPMorgan Mid Cap
Investment Trust plc. The Board continues to be persuaded of the marketing
benefits of including the JPMorgan brand in the Company's name.

Prospects

The FTSE 250 index for mid-cap stocks has just reached another all-time high and
has out-performed the FTSE 100 index by 19.5% in this calendar year.  Our
Manager continues to believe that the outlook for mid-cap stocks is attractive,
a view which we share. Mid cap stocks offer a combination of attractive
valuation and superior growth prospects. A greater proportion of mid-caps are UK
focused which helps to insulate them from currency fluctuations and they are
less reliant on overseas markets and less influenced by overseas concerns.
Furthermore, consensus forecasts are for mid-cap stocks to deliver very strong
earnings and dividend growth in 2006 and 2007.

We also expect the high level of takeover and merger activity in the mid-cap
sector to continue which should offer further support for share prices. Whilst
mid-cap stocks typically are more volatile and carry a higher level of risk, we
believe the Company, with its diversified portfolio, is a sound way of investing
in the sector.


Andrew Barker
Chairman            23rd September 2005



For further information, please contact:

Andrew Norman
For and on behalf of
JPMorgan Asset Management (UK) Limited - Secretary
020 7742 6000





JPMorgan Fleming Mid Cap Investment Trust plc
Unaudited figures for the year ended 30 June  2005

Statement of Total Return (Unaudited)
                                            Year ended 30 June 2005                 Year ended 30 June 2004
                                               Revenue     Capital       Total    Revenue    Capital       Total
                                                 £'000       £'000       £'000      £'000      £'000       £'000

Realised gains on investments                        -       5,849       5,849          -     16,471      16,471
Unrealised gains on investments                      -      19,794      19,794          -     22,798      22,798
Other capital charges                                -         (4)         (4)          -        (5)         (5)
UK dividend income                               5,374           -       5,374      4,406          -       4,406
Overseas dividends                                   7           -           7          -          -           -
Underwriting commission                              -           -           -         24          -          24
Scrip dividends                                    109           -         109        169          -         169
Deposit interest                                   145           -         145        104          -         104
                                               _______    ________     _______    _______    _______    ________

Gross return                                     5,635      25,639      31,274      4,703     39,264      43,967
Management fee                                   (254)       (593)       (847)      (243)      (569)       (812)
Other administrative expenses                    (321)           -       (321)      (253)          -       (253)
Interest payable                                 (677)     (1,663)     (2,340)      (843)    (1,967)     (2,810)
                                               _______     _______     _______    _______    _______     _______

Return before taxation                           4,383      23,383      27,766      3,364     36,728      40,092
Taxation                                             -           -           -          -          -           -
                                               _______     _______     _______    _______    _______     _______

Return attributable to ordinary
shareholders                                     4,383      23,383      27,766      3,364     36,728      40,092

Dividend paid                                    (948)           -       (948)    (1,061)          -     (1,061)
Dividend payable                               (2,908)           -     (2,908)    (2,700)          -     (2,700)
                                               _______     _______     _______    _______    _______     _______

                                               (3,856)           -     (3,856)    (3,761)          -     (3,761)
                                               _______     _______     _______    _______    _______     _______

Transfer to/(from) reserves                        527      23,383      23,910      (397)     36,728      36,331
                                               _______     _______     _______    _______    _______     _______


Return per ordinary share                       12.07p      64.41p      76.48p      8.72p     95.21p     103.93p






JPMorgan Fleming Mid Cap Investment Trust plc
Unaudited figures for the year ended 30 June 2005


BALANCE SHEET                                                                     30 June          30 June
                                                                                     2005             2004
                                                                                    £'000            £'000

Investments at valuation                                                          183,574          176,656

Net current liabilities                                                           (9,890)          (4,871)

Amounts falling due after more than one year                                     (10,695)         (20,935)
                                                                                  _______          _______
Total net assets                                                                  162,989          150,850
                                                                                    =====            =====
Net asset value per ordinary share                                                 465.2p           391.1p


CASH FLOW STATEMENT
                                                                                     2005             2004
                                                                                    £'000            £'000

Net cash inflow from operating activities                                           4,189            3,540

Net cash outflow from servicing of finance                                        (2,374)          (3,096)

Net cash inflow from capital expenditure and financial investment                  19,458            4,981

Equity dividends paid                                                             (3,648)          (4,147)

Net cash outflow from financing                                                  (22,021)                -
                                                                                  _______          _______
(Decrease)/increase in cash for the period                                        (4,396)            1,278
                                                                                    =====             ====



The Preliminary Announcement is prepared on the same basis as set out in the
previous year's accounts.

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
2004. These accounts, upon which the auditors issued an unqualified opinion,
have been delivered to the Registrar of Companies.



JPMORGAN ASSET MANAGEMENT (UK) LIMITED
23rd September 2005




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