Half Year Report JPMorgan Mid Cap Investment Trust plc...15 Glossary of Terms and Definitions 17 Information about the Company Objective JPMorgan Mid Cap Investment Trust plc (the

Half Year Report2011JPMorgan Mid Cap

Investment Trust plcHalf Year Report & Accounts for the six months ended 31st December 2011

Features

Contents

About the Company

1 Half Year Performance2 Chairman’s Statement4 Investment Managers’ Report

Investment Review

5 List of Investments7 Portfolio/Sector Analyses

Accounts

8 Income Statement9 Reconciliation of Movements inShareholders’ Funds

10 Balance Sheet11 Cash Flow Statement12 Notes to the Accounts

Shareholder Information

14 Interim Management Report15 Glossary of Terms and Definitions17 Information about the Company

Objective

JPMorgan Mid Cap Investment Trust plc (the ‘Company’) aims to achieve capitalgrowth from investment in medium-sized UK companies. The Company specialises ininvestment in FTSE 250 companies, using long and short term borrowings to increasereturns to shareholders.

Investment Policies

- To focus on FTSE 250 stocks that deliver strong capital growth and income.- To have significant exposure to the UK economy.- To seek out both value stocks and growth stocks to deliver strong performancethroughout the market cycle.- To use gearing to increase potential returns to shareholders.- To invest no more than 15% of gross assets in other UK listed investment companies(including investment trusts).

Benchmark

The FTSE 250 Index (excluding investment trusts).

Capital Structure

- UK domiciled.- Full listing on the London Stock Exchange.- At 31st December 2011, the Company’s issued share capital comprised 25,986,022ordinary shares of 25p each including 1,400,900 shares held in Treasury.

Management Company

The Company employs JPMorgan Asset Management (UK) Limited to manage itsassets.

JPMorgan Mid Cap Investment Trust plc. Half Year Report & Accounts 2011 1

Half YearPerformance to 31st December 2011

Total returns (includes dividends reinvested)

–13.9%Return to shareholders1

5.5pInterim Dividend (2010: 5.5p)

–12.8%Return on net assets2

–14.6%Benchmark return1,3

Financial Data31st December 30th June %

2011 2011 change

Shareholders’ funds (£’000) 112,578 135,572 –17.0

Number of shares in issue (excluding shares held in Treasury) 24,585,122 24,956,680 –1.5

Net asset value per share 457.9p 543.2p –15.7

Share price 380.0p 455.0p –16.5

Share price discount to net asset value per share 17.0% 16.2%

A glossary of terms and definitions is provided on page 15.

1Source: Morningstar.2Source: J.P. Morgan.3The Company’s benchmark is the FTSE 250 Index (excluding investment trusts).

JPMorgan Mid Cap Investment Trust plc. Half Year Report & Accounts 20112

Chairman’s Statement

Performance

After your Company delivered a 30% return to shareholders in the 12 months to30th June 2011, stock markets sold off aggressively in the first two months of thisreview period as the continuing financial instability in the Eurozone and politicalwrangling in Washington undermined investor sentiment. In these two months alonethe Company’s benchmark index, the FTSE 250 (excluding investment trusts) fell byover 11%. The Company outperformed over the full six month period under reviewwith the benchmark index falling by 14.6% on a total return basis, whilst theCompany’s total return on net assets faired better at –12.8%. The Company’s return toshareholders (share price and net dividend) was –13.9%, reflecting a slight wideningof the Company’s discount to 17.0%.

Revenue and Dividends

Net revenue after taxation for the six months to 31st December 2011 was £1,756,000(2010: £1,233,000) and earnings per share, calculated on the average weekly numberof shares in issue, were 7.07p (2010: 4.92p).

This is an encouraging improvement in net revenue from last year, which has been asa result of an improvement in the growth of dividends paid by the underlyingcompanies in the portfolio and the receipt of some special dividends over the period.Furthermore in the second half of the financial year there will be a reduction in theCompany’s interest payments, following the repayment of the Company’s debenturein December 2011. The Board has therefore decided to maintain the interim dividendat 5.5p (2010: 5.5p) again this year. The Board will give careful consideration to thelevel of the final dividend over the coming months having regard to the growth individends in the Company’s portfolio and in its future earnings. The interim dividendwill be paid on 5th April 2012 to shareholders on the register at the close of businesson 9th March 2012.

Loan Facilities and Gearing

The Company has two £5 million loan facilities with ING Bank, one expiring in July2012 and one expiring in July 2014. On 2nd December 2011, the Company redeemedits £9.5 million debenture and this will shortly be replaced with a 3 year £15 millionloan facility with Scotiabank. Such facilities give the Manager the ability to geartactically. The Board of Directors sets the overall gearing guidelines and reviewsthese at each meeting; gearing changes between meetings may be undertaken afterconsultation with the Board. At the half year, gearing was 102.0% and at the time ofwriting the Company is just over 104% geared.

Share Buybacks

During the period the Company repurchased 225,400 shares into Treasury and146,158 for cancellation at an average discount to net asset value of 16.9%. TheBoard’s objective remains to use the share repurchase authority to assist in managingany imbalance between supply and demand for the Company’s shares, therebyreducing the volatility of the discount. The Board regularly reviews the level ofdiscount at which the Company will repurchase its shares for cancellation. The total


number of ordinary shares held in Treasury as at the period end was 1,400,900. TheCompany will only repurchase shares at a discount to their prevailing net asset value,and issue shares when they trade at a premium to their net asset value, so as not toprejudice existing shareholders.

Prospects

Eurozone uncertainties continue and the UK economy is in the early stages of aperiod of deleveraging which may take several years to complete. Consequentlythe economic growth rate may therefore be lower than in the past and the degreeof volatility around this trend somewhat higher given the UK’s sensitivity toexternal shocks. It is encouraging, however, that the US economy is showing signsof recovery. Interest rates everywhere also are expected to remain low, which is ahelpful backdrop to equity markets and equities could become the preferred assetclass once again.

Valuations are the key and here in the UK they are not overly demanding.Corporate earnings and dividends are exceeding expectations. Our investmentmanagers continue to select individual companies that they believe have solidfundamentals and growth prospects, which should reward investors over thecoming years.

Andrew BarkerChairman 17th February 2012


Investment Managers’ Report

Performance and Market Background

The Company’s benchmark, the FTSE 250 (excluding Investment Trusts) fell by14.6% on a total return basis over the six months under review. This compares witha –12.8% return on the net asset value of the Company. As stock markets fell andliquidity reduced the Company’s discount widened from 16.2% to 17.0% resulting ina –13.9% return to shareholders.

After a strong start to the calendar year stock markets globally sold off sharply in Julyand August as investors priced in reduced growth prospects for the global economy.The failure to resolve, or for politicians at least to articulate a credible plan to address,Europe’s Sovereign debt crisis also weighed heavily on investor sentiment.

The high level of macro economic uncertainty meant that we kept gearing within theportfolio at low levels throughout the first half of the Company’s year.

Portfolio

Despite the difficult consumer backdrop the portfolio is overweight in the consumerservices and goods sectors, mainly due to our holdings in the bus and rail stocks andselected pub companies. We believe valuations already reflect the challengingtrading conditions and the majority of our holdings in this sector have reportedresilient trading over the last few months. The portfolio is underweight in the basicmaterials sector which includes chemical and mining stocks. We believe many ofthese stocks will find trading tough against a backdrop of slowing global growth.

Cash received from the bids for Charter and Northumbrian Water was reinvested innew positions in stocks such as IG Index (the spread betting company), Wood Group(the international energy services company) and Millennium & Copthorne (aninternational hotel operator).

Notable sales over the six month period included Meggitt on its promotion to theFTSE 100 and mining stocks such as Hochschild and Kenmare.

Outlook

Investors do not like uncertainty and the inability of politicians to present acomprehensive and decisive plan to resolve Europe’s sovereign debt crisis hasweighed on markets and adversely impacted growth. Sentiment has swung wildlyfrom hope of a resolution to complete despair as yet another European Summit failedto result in definitive action. Until this political stalemate is resolved equity marketswill remain volatile and are unlikely to make significant progress.

We take comfort, however, from the reasonable valuations of many mid cap stocks,many of which have strong balance sheets and also are trading well.

Jane LennardWilliam MeadonInvestment Managers 17th February 2012

Jeremy Wells

Christopher Llewelyn


ValuationCompany Sector £’000 %1

Pennon Utilities 3,829 3.3Go-Ahead Consumer Services 3,597 3.1FirstGroup Consumer Services 3,528 3.0Jardine Lloyd Thompson Financials 3,517 3.0Hiscox Financials 3,064 2.6Babcock International Industrials 2,914 2.5Derwent London Financials 2,895 2.5Cable & Wireless Communications Telecommunications 2,810 2.4Catlin Financials 2,699 2.3Travis Perkins Industrials 2,476 2.1IG Index Financials 2,421 2.1William Hill Consumer Services 2,405 2.1Imagination Technologies Technology 2,386 2.1Dunelm Consumer Services 2,382 2.1Persimmon Consumer Goods 2,359 2.0Phoenix Financials 2,244 1.9Wood (John) Oil & Gas 2,161 1.9Mitchells & Butlers Consumer Services 2,117 1.8London Stock Exchange Financials 2,021 1.7Taylor Wimpey Consumer Goods 1,985 1.7Shaftesbury Financials 1,972 1.7Balfour Beatty Industrials 1,945 1.7Petropavlovsk Basic Materials 1,945 1.7Aegis Consumer Services 1,818 1.6Marston’s Consumer Services 1,810 1.6Fenner Industrials 1,779 1.5Bellway Consumer Goods 1,743 1.5Misys Technology 1,725 1.5Daily Mail & General Consumer Services 1,722 1.5Logica Technology 1,692 1.5DS Smith Industrials 1,666 1.4Great Portland Estates Financials 1,614 1.4Barratt Developments Consumer Goods 1,587 1.4Howden Joinery Industrials 1,560 1.3Morgan Crucible Industrials 1,527 1.3Greene King Consumer Services 1,498 1.3

List of Investmentsat 31st December 2011


ValuationCompany Sector £’000 %1

Cranswick Consumer Goods 1,469 1.3Tullet Prebon Financials 1,469 1.3Centamin Egypt Basic Materials 1,436 1.2RPC Industrials 1,434 1.2CSR Technology 1,417 1.2Shanks Industrials 1,401 1.2United Business Media Consumer Services 1,390 1.2International Personal Finance Financials 1,297 1.1Millennium & Copthorne Hotels Consumer Services 1,275 1.1Sports Direct International Consumer Services 1,237 1.1Kier Industrials 1,220 1.1Laird Technology 1,212 1.0Unite Financials 1,206 1.0Bovis Homes Consumer Goods 1,174 1.0Brewin Dolphin Financials 1,124 1.0Beazley Financials 1,123 1.0African Barrick Gold Basic Materials 1,040 0.9Close Brothers Financials 1,038 0.9Soco International Oil & Gas 1,038 0.9SIG Industrials 1,035 0.9Rathbone Brothers Financials 990 0.9Cape Oil & Gas 910 0.8Supergroup Consumer Services 865 0.7Heritage Oil Oil & Gas 852 0.7Senior Industrials 830 0.7Cable & Wireless Worldwide Telecommunications 821 0.7Invensys Technology 708 0.6Hansteen Financials 642 0.6Sthree Industrials 618 0.5BTG Health Care 568 0.5Bwin.Party Digital Entertainment Consumer Services 537 0.5Exillon Energy Oil & Gas 536 0.5JPMorgan Sterling Liquidity Fund Liquidity Fund 840 0.7Net current liabilities (87) (0.1)

Total 116,078 100.0

1Based on total assets less current liabilities of £116.1m, before deducting loan facilities repayable within one year.

List of Investments continuedat 31st December 2011


31st December 2011 30th June 2011Portfolio Benchmark Active Position Portfolio Benchmark Active Position

% % % % % %

Financials 27.0 20.8 6.2 23.3 19.2 4.1Consumer Services 22.6 19.1 3.5 19.5 20.6 (1.1)Industrials 17.6 25.1 (7.5) 22.5 27.8 (5.3)Consumer Goods 8.9 5.9 3.0 7.7 5.6 2.1Technology 7.9 6.2 1.7 9.0 7.1 1.9Oil & Gas 4.7 5.9 (1.2) 1.7 4.4 (2.7)Basic Materials 3.8 9.7 (5.9) 6.4 8.9 (2.5)Utilities 3.3 2.6 0.7 3.9 2.9 1.0 Telecommunications 3.1 3.0 0.1 3.2 2.0 1.2Health Care 0.5 1.7 (1.2) 1.9 1.5 0.4Liquidity fund 0.7 — 0.7 1.8 — 1.8Net current liabilities (0.1) — (0.1) (0.9) — (0.9)

100.0 100.0 100.0 100.0

Based on total assets less current liabilities of £116.1m (30th June 2011: £145.1m) before deducting loan facilities repayable within one year.

Portfolio Analysis

Sector Analysis

31st December 2011 30th June 2011% %

FTSE 250 Index companies 98.9 99.1FTSE small cap Index companies 0.5 –Liquidity fund 0.7 1.8Net current liabilities (0.1) (0.9)

Total 100.0 100.0

Based on total assets less current liabilities of £116.1m (30th June 2011: £145.1m) before deducting loan facilities repayable within one year.


Income Statementfor the six months ended 31st December 2011

(Unaudited) (Unaudited) (Audited)Six months ended Six months ended Year ended31st December 2011 31st December 2010 30th June 2011

Revenue Capital Total Revenue Capital Total Revenue Capital Total£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000

(Losses)/gains on investments held at fair value through profit or loss — (19,899) (19,899) — 25,706 25,706 — 28,009 28,009

Income from investments 2,177 — 2,177 1,637 — 1,637 3,768 — 3,768Other interest receivable and similar income 1 — 1 — — — 67 — 67

Gross return/(loss) 2,178 (19,899) (17,721) 1,637 25,706 27,343 3,835 28,009 31,844Management fee (79) (185) (264) (78) (182) (260) (166) (388) (554)Other administrative expenses (189) — (189) (157) — (157) (364) — (364)

Net return/(loss) on ordinary activities before finance costs and taxation 1,910 (20,084) (18,174) 1,402 25,524 26,926 3,305 27,621 30,926

Finance costs (148) (345) (493) (169) (394) (563) (343) (800) (1,143)

Net return/(loss) on ordinary activities before taxation 1,762 (20,429) (18,667) 1,233 25,130 26,363 2,962 26,821 29,783

Taxation (6) — (6) — — — (1) — (1)

Net return/(loss) on ordinary activities after taxation 1,756 (20,429) (18,673) 1,233 25,130 26,363 2,961 26,821 29,782

Return/(loss) per share (note 4) 7.07p (82.21)p (75.14)p 4.92p 100.17p 105.09p 11.81p 106.95p 118.76p

All revenue and capital items in the above statement derive from continuing operations. No operations were acquired ordiscontinued in the period.

The ‘Total’ column of this statement is the profit and loss account of the Company and the ‘Revenue’ and ‘Capital’ columnsrepresent supplementary information prepared under guidance issued by the Association of Investment Companies. The Totalcolumn represents all the information that is required to be disclosed in a Statement of Total Recognised Gains and Losses(‘STRGL’). For this reason a STRGL has not been presented.


Reconciliation of Movements inShareholders’ Funds

Called up CapitalSix months ended share redemption Capital Revenue31st December 2011 capital reserve reserves reserve Total(Unaudited) £’000 £’000 £’000 £’000 £’000

At 30th June 2011 6,533 3,467 120,279 5,293 135,572Repurchase of shares into Treasury — — (927) — (927)Repurchase and cancellation of the Company’s own shares (37) 37 (534) — (534)

Net (loss)/return on ordinary activities — — (20,429) 1,756 (18,673)Dividends appropriated in the period — — — (2,860) (2,860)

At 31st December 2011 6,496 3,504 98,389 4,189 112,578

Called up CapitalSix months ended share redemption Capital Revenue31st December 2010 capital reserve reserves reserve Total(Unaudited) £’000 £’000 £’000 £’000 £’000

At 30th June 2010 6,533 3,467 94,046 6,597 110,643Net return on ordinary activities — — 25,130 1,233 26,363Dividends appropriated in the period — — — (2,885) (2,885)

At 31st December 2010 6,533 3,467 119,176 4,945 134,121

Called up CapitalYear ended share redemption Capital Revenue30th June 2011 capital reserve reserves reserve Total(Audited) £’000 £’000 £’000 £’000 £’000

At 30th June 2010 6,533 3,467 94,046 6,597 110,643Repurchase of shares into Treasury — — (588) — (588)Net return on ordinary activities — — 26,821 2,961 29,782Dividends appropriated in the year — — — (4,265) (4,265)

At 30th June 2011 6,533 3,467 120,279 5,293 135,572


Balance Sheetat 31st December 2011

(Unaudited) (Unaudited) (Audited)31st December 31st December 30th June

2011 2010 2011£’000 £’000 £’000

Fixed assetsEquity investments held at fair value through profit or loss 115,325 144,887 143,703Investments in liquidity funds held at fair value through profit or loss 840 1,500 2,640

Total investments 116,165 146,387 146,343

Current assetsDebtors 516 550 3,270Cash and short term deposits 227 173 35

743 723 3,305Creditors: amounts falling due within one year (4,330) (3,497) (4,580)

Net current liabilities (3,587) (2,774) (1,275)

Total assets less current liabilities 112,578 143,613 145,068Creditors: amounts falling due after more than one year — (9,492) (9,496)

Net assets 112,578 134,121 135,572

Capital and reservesCalled up share capital 6,496 6,533 6,533Capital redemption reserve 3,504 3,467 3,467Capital reserves 98,389 119,176 120,279Revenue reserve 4,189 4,945 5,293

Total equity shareholders’ funds 112,578 134,121 135,572

Net asset value per share (note 5) 457.9p 534.6p 543.2p

Company registration number: 1047690.


Cash Flow Statementfor the six months ended 31st December 2011

(Unaudited) (Unaudited) (Audited)Six months ended Six months ended Year ended

31st December 31st December 30th June2011 2010 2011£’000 £’000 £’000

Net cash inflow from operating activities (note 6) 1,819 1,200 2,743Net cash outflow from returns on investments and servicing of finance (571) (501) (1,136)

Tax recovered — 5 6Net cash inflow/(outflow) from capital expenditure andfinancial investment 9,266 (661) 2,980

Dividends paid (2,860) (2,885) (4,265)Net cash (outflow)/inflow from financing (7,462) 2,942 (366)

Increase/(decrease) in cash for the period 192 100 (38)

Reconciliation of net cash flow to movement in net debtIncrease/(decrease) in cash for the period 192 100 (38)Redemption of debenture 9,500 — —Net loans drawn down (3,500) (3,000) —

Changes in net debt arising from cash flows 6,192 (2,900) (38)Net debt at the beginning of the period (9,461) (9,417) (9,417)Amortisation of issue expenses (4) (2) (6)

Net debt at the end of the period (3,273) (12,319) (9,461)

Represented by:Cash and short term deposits 227 173 35Debt falling due within one year (3,500) (3,000) —Debt falling due aftermore than one year — (9,492) (9,496)

Net debt (3,273) (12,319) (9,461)


Notes to the Accountsfor the six months ended 31st December 2011

1. Financial statements

The information contained within the financial statements in this half year report has not been audited or reviewed by theCompany’s auditors.

The figures and financial information for the year ended 30th June 2011 are extracted from the latest published accounts ofthe Company and do not constitute statutory accounts for that year. Those accounts have been delivered to the Registrar ofCompanies and included the report of the auditors which was unqualified and did not contain a statement under eithersection 498(2) or 498(3) of the Companies Act 2006.

2. Accounting policies

The accounts have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice and with theStatement of Recommended Practice ‘Financial Statements of Investment Trust Companies and Venture Capital Trusts’ issuedin January 2009.

All of the Company’s operations are of a continuing nature.

The accounting policies applied to these interim accounts are consistent with those applied in the accounts for the year ended30th June 2011.

3. Dividends


31st December 2011 31st December 2010 30th June 2011£’000 £’000 £’000

Final dividend in respect of the year ended 30th June 2011 of 11.5p (2010: 11.5p) 2,860 2,885 2,885

Interim dividend in respect of the six months ended 31st December 2010 of 5.5p — — 1,380

2,860 2,885 4,265

An interim dividend of 5.5p has been declared in respect of the six months ended 31st December 2011, costing £1,352,000.


4. Return/(loss) per share



Return/(loss) per share is based on the following:Revenue return 1,756 1,233 2,961Capital (loss)/return (20,429) 25,130 26,821

Total (loss)/return (18,673) 26,363 29,782

Weighted average number of shares in issue 24,848,671 25,086,680 25,078,189Revenue return per share 7.07p 4.92p 11.81pCapital (loss)/return per share (82.21)p 100.17p 106.95p

Total (loss)/return per share (75.14)p 105.09p 118.76p

5. Net asset value per share

Net asset value per share is calculated by dividing shareholders’ funds by the number of shares in issue at 31st December 2011of 24,585,122 (31st December 2010: 25,086,680 and 30th June 2011: 24,956,680), excluding shares held in Treasury.

6. Reconciliation of total (loss)/return on ordinary activities before finance costs and taxation to net cash inflow from operating activities



Total (loss)/return on ordinary activities before finance costs and taxation (18,174) 26,926 30,926

Add back capital loss/(return) before finance costs and taxation 20,084 (25,524) (27,621)

Scrip dividends received as income (60) — —Decrease/(increase) in accrued income 181 29 (147)Decrease/(increase) in other debtors 20 (9) (15)Decrease in accrued expenses (46) (40) (11)Tax on unfranked investment income (1) — (1)Management fee charged to capital (185) (182) (388)

Net cash inflow from operating activities 1,819 1,200 2,743


Interim Management Report

The Company is required to make the following disclosures inits half year report.

Principal Risks and Uncertainties

The principal risks and uncertainties faced by the Companyhave not changed and fall into the following broad categories:investment and strategy; financial; accounting legal andregulatory; corporate governance and shareholder relationsand operational. Information on each of these areas is given inthe Business Review within the Annual Report and Accountsfor the year ended 30th June 2011.

Related Parties Transactions

During the first six months of the current financial year, notransactions with related parties have taken place which havematerially affected the financial position or the performance ofthe Company during the period.

Going Concern

The Directors believe, having considered the Company’sinvestment objectives, risk management policies, capitalmanagement policies and procedures, nature of the portfolioand expenditure projections, that the Company has adequate

resources, an appropriate financial structure and suitablemanagement arrangements in place to continue in operationalexistence for the foreseeable future. For these reasons, theyconsider there is sufficient evidence to continue to adopt thegoing concern basis in preparing the accounts.

Directors’ Responsibilities

The Board of Directors confirms that, to the best of itsknowledge:

(i) the condensed set of financial statements containedwithin the half year financial report has been preparedin accordance with the Accounting Standards Board’sStatement ‘Half Yearly Financial Reports’; and

(ii) the half year management report includes a fair reviewof the information required by 4.2.7R and 4.2.8R of theUK Listing Authority Disclosure and TransparencyRules.

For and on behalf of the Board

Andrew BarkerChairman 17th February 2012


Glossary of Terms and Definitions

Return to Shareholders

Total return to the investor, on a mid-market price tomid-market price basis, assuming that all dividends receivedwere reinvested, without transaction costs, into the shares ofthe Company at the time the shares were quoted ex-dividend.

Return on Net Assets

Total return on net asset value (‘NAV’) per share, on a bidvalue to bid value basis, assuming that all dividends paid outby the Company were reinvested, into the shares of theCompany at the NAV per share at the time the shares werequoted ex-dividend.

In accordance with industry practice, dividends payable whichhave been declared but which are unpaid at the balance sheetdate are deducted from the NAV when calculating the totalreturn on net assets.

BenchmarkReturn

Total return on the benchmark, on a mid-market value tomid-market value basis, assuming that all dividends receivedwere reinvested, without transaction costs, into the shares ofthe underlying companies at the time the shares were quotedex-dividend.

The benchmark is a recognised index of stocks which shouldnot be taken as wholly representative of the Company’sinvestment universe. The Company’s investment strategy doesnot ‘track’ this index and consequently, there may be somedivergence between the Company’s performance and that ofthe benchmark.

Share Price Discount/Premium to Net Asset Value

If the share price of an investment trust is lower than the netasset value (‘NAV’) per share, the shares are said to be tradingat a discount. The discount is shown as a percentage of the NAVper share. The opposite of a discount is a premium. It is morecommon for an investment trust’s shares to trade at a discountthan at a premium.

Active Position

The active position shows the difference between theCompany’s holding of an individual stock or sector versusthat stock or sector in the benchmark. A positive numberindicates an active decision by the investment manager toown more of (i.e. be overweight) that stock or sector versusthe benchmark and a negative number indicates, a decisionto hold less of (i.e be underweight) that stock or sector versusthe benchmark.


Notes

History

JPMorgan Mid Cap Investment Trust plc was launched in 1972 asCrossfriars Trust Limited. The Company changed its name to TheFleming Enterprise Investment Trust plc in 1982. It adopted its currentinvestment policy of concentrating on FTSE 250 companies in 1993.The Company changed its name to The Fleming Mid Cap InvestmentTrust plc in October 1998, JPMorgan Fleming Mid Cap Investment Trustplc in October 2001 and adopted its present name on 9th November2005.

Directors

Andrew Barker (Chairman)John EmlyMichael HughesMargaret LittlejohnsGordon McQueen

Company Numbers

Company registration number: 1047690London Stock Exchange Sedol number: 0235761 Bloomberg code: JMF LNReuters code: JMF L

Market Information

The Company’s net asset value (‘NAV’) per share is published daily viathe London Stock Exchange.

The Company’s shares are listed on the London Stock Exchange. Themarket price is shown daily in The Daily Telegraph, Financial Times,The Independent, The Scotsman, The Times, The Guardian, on BBCCeefax and on the Company’s website at www.jpmmidcap.co.uk, wherethe share price is updated every 15 minutes during trading hours.

Website

www.jpmmidcap.co.uk

Share Transactions

The Company’s shares may be dealt in directly through a stockbrokeror professional adviser acting on an investor’s behalf. They may alsobe purchased and held through the J.P. Morgan Investment Account,J.P. Morgan ISA and J.P. Morgan SIPP. These products are all availableon the online wealth manager service, J.P. Morgan WealthManager+available at www.jpmorganwealthmanagerplus.co.uk

Manager and Company Secretary

JPMorgan Asset Management (UK) Limited

Company’s Registered Office

Finsbury Dials20 Finsbury StreetLondon EC2Y 9AQTelephone number: 0207 742 4000

For company secretarial and administrative matters please contactAlison Vincent.

Custodian

JPMorgan Chase Bank, N.A.125 London WallLondonEC2M 5AJ

Registrars

Equiniti LimitedReference 1082Aspect HouseSpencer RoadLancingWest Sussex BN99 6DATelephone number: 0871 384 2030

Notifications of changes of address and enquiries regarding certificatesor dividend cheques should be made in writing to the Registrar quotingreference 1082.

Registered shareholders can obtain further details on individualholdings on the internet by visiting www.shareview.co.uk

Independent Auditors

PricewaterhouseCoopers LLPChartered Accountants and Statutory Auditors7 More London RiversideLondonSE1 2RT

Brokers

Numis Securities LimitedThe London Stock Exchange Building10 Paternoster SquareLondon EC4M 7LT

Savings Product AdministratorsFor queries on the J.P. Morgan Investment Account, J.P. Morgan ISA andJ.P. Morgan SIPP, see contact details on the back cover of this report.

Information about the Company

Financial CalendarFinancial year end 30th JuneInterim results announced FebruaryFinal results announced OctoberHalf yearly dividends on ordinary shares paid November, AprilAnnual General Meeting November

A member of the AIC


J.P. Morgan HelplineFreephone 0800 20 40 20 or +44 (0)20 7742 9995

Your telephone call may be recorded for your security

www.jpmmidcap.co.uk

Documents

Half Year Report JPMorgan Mid Cap Investment Trust plc...15 Glossary of Terms and Definitions 17 Information about the Company Objective JPMorgan Mid Cap Investment Trust plc (the