Management Fee change

JPMorgan Fleming Mercantile IT PLC
20 February 2006

                JPMorgan Fleming Mercantile Investment Trust plc
                                (the 'Company')


Change to Management Fee

The Company wishes to announce a change to its management fee arrangements.
Effective from 1st February 2006, the basis on which the management fee will be
calculated will alter from 0.4 per cent. of the Company gross assets to 0.5 per
cent. of the Company's market capitalisation. The fee will continue to be paid
on a monthly basis.

Commenting on the changes to the management fee, the Chairman, Hamish Leslie
Melville said;

'The change in the fee basis announced today will result in the management
company being paid on the Company's market value. The Board of Directors believe
that this arrangement aligns more closely the interests of the Company, its
shareholders and the management company.'


20th February 2006

JPMorgan Asset Management (UK) Limited, Secretary



For further information, please contact:

Jonathan Latter
JPMorgan Asset Management (UK) Limited                          020 7742 6000


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