Final Results

JPMorgan Fleming Mercantile IT PLC
12 April 2005

                          STOCK EXCHANGE ANNOUNCEMENT

                JPMORGAN FLEMING MERCANTILE INVESTMENT TRUST PLC

             UNAUDITED FIGURES FOR THE YEAR ENDED 31ST JANUARY 2005


The Directors of JPMorgan Fleming Mercantile Investment Trust plc announce the
Company's unaudited results for the year ended 31st January 2005.


Performance

In another positive period for small and mid sized stocks in the UK, I am
pleased to report a year of outperformance for the Company. The Company's total
return with net income reinvested was +21.8%, which compares with a return of
+20.4% on the same basis from the Company's benchmark index, the FTSE All-Share
(excluding FTSE 100 constituents and investment trusts). At the interim stage,
the Company had underperformed its benchmark, largely as a result of depressed
investor sentiment towards technology stocks. However, the Company benefited
from being geared in the rising stockmarket during the second half of 2004 and
cash/gearing was the main contributor to the outperformance. The total return to
shareholders was +18.5%, which reflected the increase during the year of the
share price discount to net asset value from 11.9% to 14.6%.

It is very pleasing to report that excluding gearing, the investment manager's
have now outperformed their benchmark index for five consecutive years.

Earnings and Dividends

Earnings per share increased by 1.1% for the year, from 18.08p to 18.27p.

The Company has paid three interim dividends of 4.25p per ordinary share, and
the Directors have declared a fourth quarterly dividend of 7.00p. This gives a
total dividend of 19.75p, and represents an increase of approximately 5.3%. As
indicated in last year's annual statement, in order to maintain the progressive
dividend payments, £2,007,000 of the Company's revenue reserves have been
utilised in this respect.

Britannic Smaller Companies

On 11th February 2005, the Company announced with Britannic Smaller Companies
Trust plc the terms of the first investment trust reconstruction to use treasury
shares. Britannic Smaller chose the Company as the sole rollover option in its
scheme of liquidation.

Following the announcement, the Company bought in the market three million
shares at a discount to net asset value of 11.4% and placed them in treasury.
The repurchase had been underwritten the night before, but all shareholders were
invited, via an announcement to the market, to compete with the underwriters by
tendering shares on a discount basis.

The scheme becomes effective on 15th April 2005, and it is expected that the
Company will issue approximately 2.6 million new shares at a discount of 8.4%,
simultaneously cancelling the three million treasury shares. The discount
differential will secure the Company a small accretion in net asset value and
the transaction replaces shareholders seeking an exit with new shareholders
seeking a longer term investment. It is expected that this will benefit the
discount at which the Company's shares trade.


Board of Directors

Mr Paddy Linaker will retire as a Director at the conclusion of this year's
Annual General Meeting and will not be seeking re-election. He has had a
distinguished career and has been a Director of the Company since 1994. On
behalf of the Board, I would like to thank him for his wise counsel and wish him
well for the future.  The other Directors retiring by rotation are Lord
Rothermere and Mr Simon Keswick.

Mr Keswick has been a Director for more than ten years and although the Board
believes that he is fully independent, Mr Keswick has agreed to stand for
re-election as a Director on an annual basis in the future in order to comply
with industry best practice.

Share Repurchases

At last year's Annual General Meeting shareholders gave the Directors authority
to repurchase the Company's shares for cancellation. Although no such
repurchases have taken place during the last year, the Board is proposing that
the authority be renewed at the forthcoming Annual General Meeting, as it
remains an effective mechanism by which to reduce discount volatility of the
Company's shares.

Subsequent to the year end, three million shares have been repurchased into
treasury as part of the Britannic Smaller Companies transaction described above.

JPMorgan Fleming Asset Management

Following Katy Woodhouse's decision in December 2004 to take up a position
within the Global Multi Asset Group at JPMorgan Fleming in New York, Martin
Hudson has been assisted in the management of the portfolio by James Soutter.
The Board would like to thank Katy for her valuable contribution to the Company,
and welcomes James to the management team.

Annual General Meeting

The Company's one hundred and nineteenth Annual General Meeting will be held on
Thursday 19th May 2005 at 9.30 a.m., at Trinity House, Tower Hill, London EC3N
4DH.

Outlook

The Board believes that small and mid cap companies remain good value. With
continued strength from the UK economy and the Investment Managers' strategy of
active stock selection within a diversified portfolio, we are confident that the
Company will continue to prosper.

Hamish Leslie Melville

Chairman          12th April 2005



For further information, please contact:

Richard Lewis
For and on behalf of
J.P. Morgan Fleming Asset Management (UK) Limited - Secretary
020 7742 6000




JPMorgan Fleming Mercantile Investment Trust plc
Unaudited figures for the year ended 31 January 2005

Statement of Total Return (Unaudited)

                                           Year ended 31 January 2005             Year ended 31 January 2004
                                              Revenue     Capital       Total    Revenue     Capital       Total
                                                £'000       £'000       £'000      £'000       £'000       £'000

Net realised gains on investments                   -      29,371      29,371          -     121,799     121,799
Unrealised gains on investments                     -     161,669     161,669          -     253,201     253,201
Currency losses on cash and short term
deposits held during the year                       -        (49)        (49)          -         (2)         (2)
Other capital charges                               -        (17)        (17)          -        (19)        (19)
Income from investments                        31,595           -      31,595     29,248           -      29,248
Other Income                                    3,375           -       3,375      4,802           -       4,802
                                              _______    ________     _______    _______    ________     _______

Gross return                                   34,970     190,974     225,944     34,050     374,979     409,029

Management fee                                (2,817)     (2,817)     (5,634)    (2,310)     (2,310)     (4,620)
Other administrative expenses                   (702)           -       (702)      (707)           -       (707)
Interest payable                              (6,631)     (6,631)    (13,262)    (6,549)     (6,549)    (13,098)
                                              _______     _______     _______    _______     _______     _______

Return before taxation                         24,820     181,526     206,346     24,484     366,120     390,604
Taxation                                            -           -           -         71           -          71
                                               ______     _______     _______     ______     _______     _______

Total return attributable to ordinary          24,820     181,526     206,346     24,555     366,120     390,675
shareholders

Dividends on ordinary shares

Dividends paid                               (17,319)           -    (17,319)   (11,546)           -    (11,546)
Dividends payable                             (9,508)           -     (9,508)   (13,923)           -    (13,923)
                                               ______     _______     _______     ______     _______     _______

Transfer (from)/to reserves                   (2,007)     181,526     179,519      (914)     366,120     365,206

Return per ordinary share                      18.27p     133.65p     151.92p     18.08p     269.55p     287.63p

Dividends per ordinary share                   19.75p                             18.75p




JPMorgan Fleming Mercantile Investment  Trust plc
Unaudited figures for the year ended 31 January 2005

BALANCE SHEET                                                                  31 January       31 January
                                                                                     2005             2004
                                                                                    £'000            £'000

Investments at valuation                                                        1,321,872        1,075,449

Net current (liabilities)/assets                                                 (10,426)           81,382

Creditors: amounts falling due after one year                                   (176,421)        (201,325)
                                                                                  _______          _______
Total net assets                                                                1,135,025          955,506
                                                                                    =====            =====
Net asset value per ordinary share                                                 835.6p           703.5p


CASH FLOW STATEMENT
                                                                                     2005             2004
                                                                                    £'000            £'000

Net cash inflow from operating activities                                          27,362           27,746

Net cash outflow from returns on investments and servicing of
finance                                                                          (12,990)         (13,001)

Net cash inflow from overseas taxation                                                  -              103

Net cash outflow from capital expenditure and financial investment               (64,928)         (16,801)

Total equity dividends paid                                                      (31,242)         (25,129)

Net cash inflow from financing                                                          -                -
                                                                                  _______          _______
Decrease in cash for the year                                                    (81,798)         (27,082)
                                                                                    =====             ====


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 year ended 31st January
2004. These accounts, upon which the auditors issued an unqualified opinion,
have been delivered to the Registrar of Companies. The preliminary announcement
is prepared on the same basis as the previous year's annual accounts.


J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED
12th April 2005



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