FOR INSTITUTIONAL USE ONLY | NOT FOR PUBLIC DISTRIBUTION

JPMorgan Mid Cap Investment Trust plc Annual General Meeting 2nd November 2015

Georgina Brittain, Portfolio Manager

Katen Patel, Assistant Portfolio Manager

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Agenda

Introduction

Performance Review

Current Portfolio

Current Performance

Key Themes

Outlook

Conclusion

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JPMorgan Mid Cap Investment Trust plc Key features

Investment objective – Capital growth from medium-sized companies in the UK

Investment policies – To specialise in FTSE 250 companies

– Use long and short-term borrowing to increase returns

Benchmark – FTSE 250 index (ex Investment Trusts)

Yield – Current yield 2.5%

Investment guidelines

Stock actives +/- 5%

Sector actives No constraints

Non-index holdings Max 15%

Gearing 95-125%

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JPMorgan Mid Cap Investment Trust plc

Source: J.P. Morgan Asset Management and Morningstar. All figures are on a total return basis. Annual Report & Accounts 24 September 2015.

Key contributors to returns for year ended 30 June 2015

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Financial year performance to 30 June 2015

Source: Datastream. Data as at 30 June 2015 rebased to 100 as at 30 June 2014, in GBP, NAV return is total return.

JPMorgan Mid Cap Investment Trust plc - 1 July 2014 to 30 June 2015

90

95

100

105

110

115

120

125

130

135

Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15

Mid Cap Inv Trust NAV

Mid Cap Inv Trust share price

FTSE 250 ex ITS

NAV 24.7%

Share Price 24.0%

FTSE 250 15.0%

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Three year performance to 30 June 2015 JPMorgan Mid Cap Investment Trust plc - 30 June 2012 to 30 June 2015

70

90

110

130

150

170

190

210

230

250

270

Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15

Mid Cap Inv Trust return to shareholders

Mid Cap Inv Trust NAV

FTSE 250 ex ITs

146%

79%

125%

Cumulative returns

Source: Source: J.P. Morgan Asset Management. Thomson Reuters Datastream. Data as at 30 June 2015 rebased to 100 as at 30 June 2015, in GBP, NAV return is total return.

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Stock level attribution

Performance attribution

Source: FactSet. The above portfolio characteristics are shown for illustrative purposes only and are subject to change without notice. The Fund is an actively managed portfolio, holdings, sector weights, allocations and leverage, as applicable are subject to change at the discretion of the Investment Manager without notice.

Major stock contributors to returns – 12 months to 30 June 2015

-1.0% -0.5% 0.0% 0.5% 1.0% 1.5%

Bank Of Georgia (o)Man Group (u)

Afren (o)Thomas Cook (o)

Soco International (o)Greggs (o)

Card Factory (o)Premier Oil (u)

CSR (o)Drax (u)

Serco (u)Amec Foster Wheeler (u)

Ashtead Group (o)Micro Focus International (o)

Howden Joinery (o)

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Stock positions

Source: FactSet. The above portfolio characteristics are shown for illustrative purposes only and are subject to change without notice. The Fund is an actively managed portfolio, holdings, sector weights, allocations and leverage, as applicable are subject to change at the discretion of the Investment Manager without notice.

Top 10 stock overweight positions as at 30 September 2015

Stock Active weight (%) Ashtead Group 4.2

Howden Joinery 3.9

Berkeley 2.9

Micro Focus International 2.9

Bellway 2.7

Onesavings Bank 2.2

Card Factory 2.1

JD Sports Fashion 2.0

Betfair 2.0

Provident Financial 1.9

… top 10 represent 32.8 % of the portfolio

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Portfolio positioning

Source: FactSet. The above portfolio characteristics are shown for illustrative purposes only and are subject to change without notice. The Fund is an actively managed portfolio, holdings, sector weights, allocations and leverage, as applicable are subject to change at the discretion of the Investment Manager without notice.

JPM Mid Cap Investment Trust plc - as at 30 September 2015

-8.0% -4.0% 0.0% 4.0% 8.0%

Industrial Engineering

Aerospace & Defence

Oil Equip., Serv. & Distn.

Nonlife Insurance

Oil & Gas Producers

Banks

Financial Services

General Retailers

Support Services

H'h' Goods & Home Construct.

Top / bottom active sector positions

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Performance since the year end

Source: Datastream. Data as at 30 September 2015, rebased to 100 as at 30 June 2015, in GBP, NAV return is total return.

JPMorgan Mid Cap Investment Trust plc - 30 June 2015 to 30 September 2015

90

95

100

105

110

115

Jun-15 Jul-15 Aug-15 Sep-15

Mid Cap Inv Trust NAV

Mid Cap Inv Trust share price

FTSE 250 ex ITS

NAV 0.1%

Share Price 10.8%

FTSE 250 -4%

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Value of completed acquisitions as % of index starting market cap

M&A activity has been a key feature

M&A is typically a Small & Mid cap phenomenon

Historically 3-5% of the index acquired p.a.

Net 70% of CFO’s expecting M&A to increase*

*Source: Liberum as at 31 August 2015

0%1%2%3%4%5%6%7%8%9%

10% FTSE 100 (LHS) FTSE 250 (LHS) Small Cap (LHS)

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0.2

0.3

0.4

100

150

200

250

300

350

400

450

500

Mar-13 Sep-13 Mar-14 Sep-14 Mar-15

Share Price (LHS)

EPSe 1 yr fwd (RHS)

HellermannTyton

Benefitting from both sides…

Cheap funding, surplus cash and a search for growth is driving activity…

Source: Thomson Datastream, J.P. Morgan Asset Management. The companies/securities above shown are for illustrative purposes only. Their inclusion should not be interpreted as a recommendation to buy or sell. J.P. Morgan Asset Management may or may not have positions on behalf of its clients in any or all of the aforementioned securities.

Leading infrastructure software provider Strong management track record of excellent shareholder returns Significantly enhancing debt-funded acquisition

A world leader in cable management solutions Structural substitution towards plastic for Autos Acquired at a 45% premium by large US peer.

Share price (EUR) EPS (EUR)

Micro Focus International

Share price (GBP) EPS (GBP)

0.60

0.70

0.80

0.90

1.00

1.10

1.20

1.30

1.40

1.50

0

200

400

600

800

1,000

1,200

1,400

1,600

Dec-10 Dec-11 Dec-12 Dec-13 Dec-14

Share Price (LHS)

EPSe 1 yr fwd (RHS)

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Consumer driving UK economic momentum

Consumer confidence at multi-year high

Considerable rise in consumers’ disposable income

Source: Barclays as at July 2015. CCI denotes Consumer Confidence Index. CPI denotes Consumer Price Index.

Gfk consumer confidence index UK average weekly earnings growth (%)

-35

0

2012 2013 2014

CCI

-8

0

8

2007 2011 2015

UK average weekly earnings growth (%, y/y) - monthlyCPI (%)

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UK consumer focus

UK household discretionary spend continues to rise…

Source: Thomson Datastream, J.P. Morgan Asset Management. The companies/securities above shown are for illustrative purposes only. Their inclusion should not be interpreted as a recommendation to buy or sell. J.P. Morgan Asset Management may or may not have positions on behalf of its clients in any or all of the aforementioned securities.

0.1

0.2

0.3

0

100

200

300

400

500

600

Dec-10 Dec-11 Dec-12 Dec-13 Dec-14

Share Price (LHS)

EPSe 1 yr fwd (RHS)

Howden

Share price (GBP) EPS (GBP)

JD Sports

Share price (GBP) EPS (GBP)

0.2

0.3

0.4

0.5

0.6

4

204

404

604

804

1,004

Dec-10 Dec-11 Dec-12 Dec-13 Dec-14

Share Price (LHS)

EPSe 1 yr fwd (RHS)

Market share gains from DIY sheds Strong returns on investment in store estate Positive cyclical drivers

Leading sports fashion retailer Strong growth driven by web and product innovation Positive cyclical drivers

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Outlook

UK economy remains well positioned

– Monetary policy set in a way that helps to sustain growth and employment

– Stable pro-business government for 5 years

– UK composite PMI close to all time highs

Stock fundamentals are attractive

– Stock valuations reasonable for level of growth

– Balance sheet strength provides attractive income or investment opportunities

– Return of M&A provides support

Continued volatility expected

– Polls still suggest no European exit

– Interest rates likely lower for longer

… well positioned for the future

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Conclusion

A volatile but excellent year for JPMorgan Mid Cap

Strong start to the current financial year

Exciting opportunities remain

… an exciting sector to be invested in

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Appendix

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Biography

Source: J.P. Morgan Asset Management. There can be no assurance that the professionals currently employed by J.P. Morgan Asset Management will continue to be employed by J.P. Morgan Asset Management or that the past performance or success of any such professional serves as an indicator of such professional's future performance or success.

… expertise, experience and the backing of a large group

Georgina Brittain Georgina Brittain, Managing Director, is a senior portfolio manager for UK smaller companies within the J.P. Morgan Asset Management European Equity Group. She is the named manager for the JPM Life UK Small Cap Equity Fund, JPMorgan Smaller Companies Investment Trust and for the JPM UK Smaller Companies Fund; She is also joint fund manager on the Pan European small cap funds. An employee since 1995, Georgina was previously an analyst in the UK Research Department. Georgina obtained an M.A. in Classics from Oxford University, and earned a Diploma in Law from City University, London. She is a qualified barrister.

Katen Patel Katen Patel, Vice president, is a portfolio manager in the Europe Small/Mid Cap Team within the J.P. Morgan Asset Management European Equity Group. He is the co-manager of the UK Smaller Companies Fund, the JPMorgan Smaller Companies Investment Trust and the JPMorgan Mid Cap Investment Trust. An employee since April 2013, he previously worked at HSBC Bank Plc in a European equity sales role. He obtained a B.Sc. in Management from the London School of Economics. Katen is a CFA charterholder.

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J.P. Morgan Asset Management

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