LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN MID CAP INVESTMENT TRUST PLC

FINAL RESULTS FOR THE YEAR ENDED 30TH JUNE 2017

Legal Entity Identifier: 549300QED7IGEP4UFN49

Information disclosed in accordance with the DTR 4.1.3

CHAIRMAN'S STATEMENT

Investment Performance

I am very pleased to present my first annual statement as Chairman of the Company in a year that delivered very positive shareholder returns and when our Managers also outperformed the Company's benchmark, after the turmoil caused in the final few business days of the previous financial year following the Brexit vote. It is very pleasing that for the year ended 30th June 2017, the Company's total return on net assets was 30.4%, compared with the benchmark total return of 21.5%. Such performance generated since the negative market reaction, is testament to the abilities of our investment management team who, despite the significant market uncertainty, were able swiftly to reposition the portfolio by reducing exposure to the UK consumer, whilst sticking to their convictions and increasing exposure in areas deemed to be more immune to the impact of Brexit. Such actions made good last year's marginal underperformance and indeed increased the margin of outperformance during the course of the year. As can be seen from the performance attribution detailed in the Investment Managers' Report within the Company's Annual Report and Accounts 2017 ('Annual Report'), the vast majority of the outperformance stemmed from sound stock selection, since gearing was kept to a minimum given the continuing market headwinds affecting the UK as it negotiates its way out of the European Union.

Although the Mid Cap Indices have recovered, sentiment surrounding the UK remains fragile with the unexpected UK election result compounding an already unsettled political and economic landscape. Accordingly demand for the Company's shares, particularly from institutional investors, remains muted. As a result the Company's total return to shareholders was 23.4%, reflecting a widening by 5.1 percentage points of the discount at which the Company's shares trade to net asset value over the year.

The Company's long term performance record is now very strong over one, three and five years. The five year record coincides with the appointment of Georgina Brittain as an investment manager on our mandate, followed by the appointment of her co-manager, Katen Patel, in early 2014. This team has recorded an outperformance of just over 65 percentage points on a net asset value total return basis over five years. At a time when the asset management industry is in the spotlight in terms of its competitiveness and cost-effectiveness, the Company's consistent outperformance demonstrates the significant benefit that high performing active fund managers can deliver for investors compared to Exchange Traded Funds ('ETFs') and other passive products.

Based upon the performance record detailed above and taking all factors into account, to include other services provided to the Company and its shareholders, the Board has no hesitation in confirming that JPMF should remain as the Company's Manager and that its ongoing appointment remains in the best interests of shareholders.

The Investment Managers' report below gives more detail on the positioning of the portfolio, actions taken and performance attribution, together with their views on the outlook for the mid cap sector.

Revenue and Dividends

Revenue earnings per share for the year to 30th June 2017 were 30.88 pence, a 4.9% increase on last year. Although slightly down on the previous year, the receipt of special dividends remained a notable factor in the strength of the Company's earnings, with just under 18% of the income received arising from the payment of special dividends. The Board has decided to increase the base dividend this year by 9.5%, thus proposing a final dividend of 15.0 pence, which when added to the interim dividend paid in April of 8.0 pence, equates to a base dividend payable of 23.0 pence (2016: 21.0 pence) for the full year. The Board further has resolved again to propose the payment of a special dividend of 3.0 pence (2016: 4.5 pence). The final dividend and special dividend will be combined as one dividend and paid on 15th November 2017 to shareholders on the register at the close of business on 6th October 2017.

It is expected that the underlying base dividend receipts on the Company's portfolio in 2017/2018 will be similar to those generated in 2016/2017. We are unable to forecast the payment of special dividends but these are again expected to be a feature of the UK dividend market for the year ahead, albeit there are signs of a slowdown in such payments and it is by no means certain that the receipt of substantial special dividends will remain a feature of the UK market.

Gearing and Borrowing Facilities

The Board sets the overall gearing guidelines and reviews these at each meeting; changes in these guidelines between meetings may be undertaken by the investment managers after consultation with the Board. The Board has determined that in normal circumstances the Company's gearing range is -5% to +25%. Having been fairly neutral throughout the year under review, at the end of the Company's financial year the Company was just over 2% geared.

At the end of the reporting year, the Company had two loan facilities in place totalling £40 million, expiring in 2019 and 2020, with the option of further increasing one of the facilities by £25 million.

Discount Management

During the year under review, the Board has been disappointed by the widening of the Company's discount, particularly against the background of strong investment performance. The Company did repurchase 159,500 shares in the year and the Board continues to monitor the discount closely with its advisers and is prepared to repurchase shares when it feels that it is appropriate, taking into account market conditions. Shares repurchased are held in Treasury for possible re-issue. Treasury shares and any new Ordinary shares will only be sold or issued respectively at a premium to net asset value.

Board of Directors

Following many years of service to the Company, Andrew Barker retired as a Director and Chairman in October 2016. I was appointed Chairman and Richard Huntingford has succeeded me as Senior Independent Director.

The process of refreshing the Board has continued with the appointment of Richard Gubbins as a Director from 1st January 2017. Richard was a senior corporate partner of Ashurst LLP, bringing both legal and corporate experience to the Board. Richard will stand for reappointment at the Annual General Meeting and I look forward to introducing him to shareholders at this event.

Gordon McQueen, our Audit Committee Chairman will be retiring from the Board at the conclusion of the Company's forthcoming Annual General Meeting. I would like to thank him for his contribution to the Board's deliberations and his wise counsel over the 13 years that he has been a member of the Board. He will be very much missed. Margaret Littlejohns will succeed Gordon in the role of Audit Committee Chairman.

The Directors conduct an assessment of the performance of the Board and its committees, as well as their own performance, each year and this is supplemented by one-to-one meetings with me. The Chairman's performance is assessed by the Senior Independent Director after he has consulted with all of the other Directors. A report is made to the Nomination and Remuneration Committee which meets annually to consider the results of the evaluation exercises. As a result of that evaluation process, I can confirm that all Directors, bar Gordon McQueen, will stand for reappointment at the forthcoming Annual General Meeting.

Annual General Meeting

This year's Annual General Meeting will be held on Tuesday, 31st October 2017 at 2.30 p.m. at 60 Victoria Embankment, London EC4Y 0JP. In addition to the formal part of the meeting, there will be a presentation from Georgina Brittain and Katen Patel, who will also answer questions on the portfolio and performance. There will be an opportunity to meet the Board, the investment managers and representatives of JPMorgan after the meeting. I look forward to welcoming as many of you as possible to this meeting.

If you have any detailed or technical questions, it would be helpful if you could raise these in advance of the meeting with the Company Secretary at 60 Victoria Embankment, London EC4Y 0JP. Shareholders who are unable to attend the Annual General Meeting are encouraged to use their proxy votes.

Prospects

The UK mid cap sector has suffered from negative comments about the impact of the UK leaving the European Union. We feel these comments are over-pessimistic and that UK companies are well placed to take advantage of new opportunities in faster growing countries outside the Eurozone area. Indeed our managers have reported on a higher level of optimism from the companies they are invested in than appears to be reflected in recent media reports.

Since the start of the new millennium, the mid cap sector has substantially outperformed the large cap indices despite the major disruptions from global financial and political events. The table below details the returns generated by the FTSE 250 indices compared to the FTSE 100 Index over one, three, five and 10 years to 30th June 2017. Moreover the sector is being recognised as a source of more reliable income which is enabling us to grow the dividend steadily as well as providing good capital returns, thus the investment case for allocating a proportion of personal portfolios to funds investing in the FTSE 250 remains strong. Furthermore, our Investment Managers have an extended record of strong outperformance of the FTSE 250 indices over five years.

While further domestic and global disruptions could increase market volatility from the low levels seen in recent years, we believe that the trend of the risk/return trade-off from your Company, together with the relatively wide discount on which the shares currently trade, will offer attractive long-term returns to both existing and new investors.

Michael Hughes

Chairman                                                                                                                                22nd September 2017

INVESTMENT MANAGERS' REPORT

Performance & Market Background

The last twelve months have seen very strong returns for the UK stock market. In part this was due to the rebound following the significant market falls in June 2016 post the Referendum, but was also in part due to the resilience of the UK economy post the vote. To date, the economy has disproved the doomsayers, (although this may be because as yet nothing has changed fundamentally, aside from a decrease in the value of sterling and an increase in volatility), and this has outweighed wider political and geopolitical concerns.

Over the year, the FTSE 250 (ex Investment Trusts) Index rose 21.5%. We are pleased to report that your Company significantly outperformed the benchmark and provided a total return on net assets of 30.4%. Frustratingly, the share price total return was notably less at 23.4%. This was due to a widening of the discount of the share price relative to the net assets, as the investment community shifted its focus into the more internationally exposed FTSE 100, rather than the FTSE 250, and the discounts on mid and small cap investment trusts widened indiscriminately.

Portfolio

As we outlined in our last Annual Report, the post Referendum outlook for the UK led us to make a number of changes to the portfolio, in order to ensure that we had a balanced portfolio focused on secular growth companies, with increased exposure to overseas earners. The domestic focus of the Real Estate Investment Trusts (REITs) and Travel & Leisure sectors led us to move from overweight to underweight, while we increased our exposure to the Software and Industrial Engineering sectors. The impact of these and other changes over the year can be seen in the Portfolio Analysis within the Annual Report. Our current position in the Financials sector reflects the sale of a number of Real Estate holdings, and hence we moved from overweight Financials to underweight. We also sold down a significant number of positions in the Consumer Services sector, moving from a very large overweight position to the current neutral position. Conversely, our Technology position has increased notably, and we closed the large underweight in the Industrials sector and moved overweight.

Mergers & Acquisitions ('M&A') (i.e. takeovers) has long been a notable feature of the mid cap space, and your Company benefitted from three take-overs during the year - WS Atkins, Shawbrook and Paysafe (the latter not yet completed). While clearly beneficial to performance, the key contributor to our outperformance versus the benchmark over the year was stock selection. A number of our largest holdings continued to deliver very strong returns, key among them JD Sports Fashion, Ashtead, Electrocomponents and Intermediate Capital Group.

Outlook

The outlook for the UK economy is mixed. It is all too easy to paint a gloomy picture in the short term. Consumer confidence is down, consumer spending is down, GDP forecasts have recently been reduced, and business investment is down. Add to this rising inflation and rising consumer debt levels, all against the backdrop of a destabilising UK election which provided a minority Government, and a further 18 months of Brexit negotiations.

However, few of these are surprises (bar the election outcome). On the positive side, it is clear that interest rates will continue to remain at rock bottom for some time to come. Unemployment is at a 40 year low at 4.4% and the employment rate (the proportion of people of working age who are in employment) is over 75%, which is the highest figure since records began in 1971. Foreign direct investment into the UK continues to be strong; and as predicted, our weak currency is proving a boon to UK exporters.

Source: JPMAM and Morningstar.

All figures are on a total return basis.

Performance attribution analyses how the Company achieved its recorded performance relative to its benchmark.

We believe we have positioned the portfolio to take advantage of these positives, and reduced our exposure to the potential negatives. We also believe we have created a balanced portfolio to suit the uncertain economic outlook over the next few years.

While in the run up to and immediate aftermath of the Referendum the FTSE 100 outperformed the more domestically exposed FTSE 250, during the financial year the long-term trend of mid cap outperformance has been resumed. We believe this is partly due to the resilience of the UK economy as outlined above, but is also due to the fact that the FTSE 250 contains a large number of world class companies which operate in exciting niche growth areas. Despite this outperformance by the FTSE 250, valuations in both indices are on a par, yet forecast growth is greater for mid cap stocks, and balance sheets are stronger. We discussed above the M&A that we have seen, both in the Company and in the Index. This increase in M&A confirms our view - if stock markets undervalue mid and small cap companies for too long, other buyers will take advantage.

Georgina Brittain

Katen Patel

Investment Managers                                                                                                             22nd September 2017

PRINCIPAL RISKS

The Directors confirm that they have carried out a robust assessment of the principal risks facing the Company, including those that would threaten its business model, future performance, solvency or liquidity. The risks identified and the ways in which they are managed or mitigated are summarised below.

With the assistance of the Manager, the Board has completed a robust risk assessment and drawn up a risk matrix which identifies the key risks to the Company. These key risks fall broadly under the following categories:

Investment and Strategy: An inappropriate investment strategy, for example stock selection or the level of gearing, may lead to under-performance against the Company's benchmark index and peer companies, resulting in the Company's shares trading on a wider discount. The Board manages these risks through its investment restrictions and guidelines which are monitored and reported monthly. JPMF provides the Directors with timely and accurate management information, including performance data and attribution analyses, revenue estimates, liquidity reports and shareholder analyses. The Board monitors the implementation and results of the investment process with the Investment Managers, who attend all Board meetings, and reviews data which shows statistical measures of the Company's risk profile. The Investment Managers employ the Company's gearing tactically, within a strategic range set by the Board.

Investment performance could be adversely affected by the loss of one or more of the investment management team. To reduce the likelihood of such an event, the Manager ensures appropriate succession planning and adopts a team based approach as well as special efforts to retain key personnel. A change of corporate control could also negatively impact the Company. The Board holds regular meetings with senior representatives of JPMAM in order to obtain assurance that the Manager continues to demonstrate a high degree of commitment to its investment trusts business through the provision of significant resources.

Poor performance may lead to a widening of the discount. The Board monitors the Company's premium/discount level and will seek, where deemed prudent, to address imbalances in the supply and demand of the Company's shares through a programme of share buybacks.

The Board holds a separate meeting devoted to strategy each year.

Financial: The Company is exposed to market risk, liquidity risk and credit risk. The principal financial risk facing the Company is market risk arising from uncertainty about the future prices of the Company's investments. It represents the potential loss the Company might suffer through holding investments that could fall in value either due to general market movements or stock specific events. The latter is mitigated through diversification of investments in the portfolio. The Board reviews the portfolio and its gearing on a regular basis and has set investment restrictions and guidelines for the Manager. JPMF reports its adherence to these limits once a month to the Board. Financial risks faced by the Company are further disclosed in note 21 within the Annual Report.

Accounting, Legal and Regulatory: In order to qualify as an investment trust, the Company must comply with Section 1158 of the Corporation Tax Act 2010 ('Section 1158'). Details of the Company's approval are given under 'Structure and Objective of the Company' above. Should the Company breach Section 1158, it may lose investment trust status and as a consequence capital gains within the Company's portfolio would be subject to Capital Gains Tax. The Section 1158 qualification criteria are continually monitored by JPMF and the results reported to the Board each month. The Company must also comply with the provisions of the Companies Act 2006 and, as its shares are listed on the London Stock Exchange, the UKLA Listing Rules. A breach of the Companies Act could result in the Company and/or the Directors being fined or the subject of criminal proceedings. A breach of the UKLA Listing Rules may result in the Company's shares being suspended from listing which in turn would breach Section 1158. The Board relies on the services of its Company Secretary, JPMF, and its professional advisers to ensure compliance with the Companies Act 2006 and the UKLA Listing Rules.

Corporate Governance and Shareholder Relations: Details of the Company's compliance with Corporate Governance best practice, including information on relations with shareholders, are set out in the Corporate Governance Statement within the Annual Report.

Operational and Cybercrime: Disruption to, or failure of, the Manager's accounting, dealing or payments systems or the custodian's or depositary's records could prevent accurate reporting and monitoring of the Company's financial position. On 1st July 2014, the Company appointed BNY Mellon Trust and Depositary (UK) Limited to act as its depositary, responsible for overseeing the operations of the custodian, JPMorgan Chase Bank N.A., and the Company's cash flows. Details of how the Board monitors the services provided by the Manager and its associates and the key elements designed to provide effective internal control are included in the Risk Management and Internal Control section of the Corporate Governance report within the Annual Report. The threat of cyber attack, in all its guises, is regarded as at least as important as more traditional physical threats to business continuity and security. The Company benefits directly or indirectly from all elements of JPMorgan's Cyber Security programme. The information technology controls around the physical security of JPMorgan's data centres, security of its networks and security of its trading applications are tested by independent auditors and reported every six months against the AAF Standard.

TRANSACTIONS WITH THE MANAGER AND RELATED PARTY TRANSACTIONS

Details of the management contract are set out in the Directors' Report within the Annual Report. The management fee payable to the Manager for the year was £1,655,000 (2016: £1,644,000) of which £46,000 (2016: £nil) was outstanding at the year end.

During the year £74,000 (2016: £134,000), including VAT, was payable to the Manager for administration of savings scheme products, of which £13,000 (2016: £nil) was outstanding at the year end.

Included in administration expenses in note 6 within the Annual Report are safe custody fees amounting to £4,000 (2016: £4,000) payable to JPMorgan Chase, N.A. of which £1,000 (2016: £1,000) was outstanding at the year end.

The Manager may carry out some of its dealing transactions through group subsidiaries. These transactions are carried out at arm's length. The commission payable to JPMorgan Securities Limited for the year was £38,000 (2016: £49,000) of which £nil (2016: £nil) was outstanding at the year end.

The Company also holds cash in the JPMorgan Sterling Liquidity Fund, which is managed by JPMorgan. At the year end this was valued at £10,404,000 (2016: £2,377,000). Interest amounting to £24,000 (2016: £32,000) was receivable during the year of which £nil (2016: £nil) was outstanding at the year end.

Handling charges on dealing transactions amounting to £6,000 (2016: £5,000) were payable to JPMorgan Chase, N.A. during the year of which £1,000 (2016: £1,000) was outstanding at the year end.

At the year end, total cash of £30,000 (2016: £6,580,000) was held with JPMorgan Chase, N.A. A net amount of interest of £nil (2016: £19,000) was receivable by the Company during the year from JPMorgan Chase, N.A. of which £nil (2016: £nil) was outstanding at the year end.

The Directors are related parties and full details of their remuneration and shareholdings can be found on pages 28 and 29 and within note 6 of the Annual Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulation.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", and applicable law). Under Company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing the financial statements, the Directors are required to:

•   select suitable accounting policies and then apply them consistently;

•   state whether applicable United Kingdom Accounting Standards, comprising FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements;

•   make judgements and accounting estimates that are reasonable and prudent; and

•   prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business, and the Directors confirm that they have done so.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements and the Directors' Remuneration Report comply with the Companies Act 2006.

The Directors are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Directors are responsible for the maintenance and integrity of the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Under applicable law and regulations the Directors are also responsible for preparing a Strategic Report, a Directors' Report and Directors' Remuneration Report that comply with that law and those regulations.

Each of the Directors, whose names and functions are listed in the Directors' Report confirm that, to the best of their knowledge the financial statements, which have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), give a true and fair view of the assets, liabilities, financial position and return or loss of the Company.

The Board confirms that it is satisfied that the annual report and accounts taken as a whole is fair, balanced and understandable and provide the information necessary for shareholders to assess the Company's position and performance, business model and strategy.

For and on behalf of the Board

Michael Hughes

Chairman

22nd September 2017

STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30TH JUNE 2017

All revenue and capital items in the above statement derive from continuing operations.

The 'Total' column of this statement is the profit and loss account of the Company and the 'Revenue' and 'Capital' columns represent supplementary information prepared under guidance issued by the Association of Investment Companies. Net return/(loss) on ordinary activities after taxation represents the profit/(loss) for the year and also Total Comprehensive Income.

STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30TH JUNE 2017

¹ This reserve forms the distributable reserve of the Company and may be used to fund distribution of profits to investors via dividend payments.

STATEMENT OF FINANCIAL POSITION AT 30TH JUNE 2017

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH JUNE 2017

1.       Accounting policies

(a)     Basis of accounting

The financial statements are prepared under the historical cost convention, modified to include fixed asset investments at fair value, and in accordance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice ('UK GAAP'), including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' (the 'SORP') issued by the Association of Investment Companies in November 2014, and updated in January 2017.

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

The financial statements have been prepared on a going concern basis. The disclosures on going concern in the Audit Committee Report within the Annual Report form part of these financial statements.

The policies applied in these financial statements are consistent with those applied in the preceding year.

The Company has elected not to prepare a Statement of Cash Flows for the current year on the basis that substantially all of its investments are liquid and carried at market value.

2.       Dividends

          Dividends paid and proposed

All dividends paid and proposed in the period have been funded from the revenue reserve.

The dividend proposed in respect of the year ended 30th June 2017 is subject to shareholder approval at the forthcoming Annual General Meeting. In accordance with the accounting policy of the Company, this dividend will be reflected in the financial statements for the year ending 30th June 2018.

(b)    Dividends for the purposes of Section 1158 of the Corporation Tax Act 2010
('Section 1158')

The requirements of Section 1158 are considered on the basis of dividends declared in respect of the financial year, shown below. The revenue available for distribution by way of dividend for the year is £7,391,000 (2016: £7,067,000). The revenue reserve after payment of the final and special dividend will amount to £6,969,000 (2016: £5,776,000).

3.  Return/(loss) per share

4.       Net asset value per share

5.     Status of results announcement

2016 Financial Information

The figures and financial information for 2016 are extracted from the Annual Report and Accounts for the year ended 30th June 2016 and do not constitute the statutory accounts for the year. The Annual Report and Accounts include the Report of the Independent Auditors which is unqualified and does not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006. The Annual Report and Accounts will be delivered to the Register of Companies in due course.

2017 Financial Information

The figures and financial information for 2017 are extracted from the published Annual Report and Accounts for the year ended 30th June 2017 and do not constitute the statutory accounts for that year. The Annual Report and Accounts has been delivered to the Registrar of Companies and included the Report of the Independent Auditors which was unqualified and did not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006.

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

22nd September 2017

For further information:

Alison Vincent,

JPMorgan Funds Limited             020 7742 4000

ENDS

A copy of the annual report will shortly be submitted to the National Storage Mechanism and will be available for inspection at www.morningstar.co.uk/uk/NSM

The annual report will shortly be available on the Company's website at www.jpmmidcap.co.uk where up-to-date information on the Company, including daily NAV and share prices, factsheets and portfolio information can also be found.

JPMORGAN FUNDS LIMITED