JPMorgan Mid Cap Investment Trust plc Annual General Meeting 27 October 2016 Georgina Brittain, Portfolio Manager Katen Patel, Assistant Portfolio Manager

Agenda Introduction Performance Review Current Portfolio Current Performance Key Themes Outlook Conclusion

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) 1 Yield – Current yield 2.9% (as of 21/10/16) Investment guidelines Stock actives+/- 5% Sector activesNo constraints Non-index holdingsMax 15% Gearing95-125% Source: J.P. Morgan Asset Management as of 30 September unless otherwise stated. Source: Morningstar. Prospective dividend yield is indicative and based on mid market prices, and include the declared and net prospective dividends for the current financial year. Past performance is not necessarily a reliable indicator for current and future performance. The Investment Manager (Portfolio Manager) seeks to achieve the stated targets/objectives. There can be no guarantee the objectives/targets will be met. The above portfolio characteristics are shown for illustrative purposes only and are subject to change without notice.

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 for the year ended 30 June Past performance is not necessarily a reliable indicator for current and future performance. Key contributors to returns for year ended 30 June 2016

Rolling 12 months performance Source: J.P. Morgan/Morningstar. Performance data has been calculated on NAV to NAV basis, including ongoing charges and any applicable fees, with any income reinvested, in GBP. Please note Benchmark Indices do not include fees or operating expenses and are not available for actual investment. Past performance is not necessarily a reliable indicator for current and future performance. JPMorgan Mid Cap Investment Trust plc Rolling 12 months ending 30 September 11/1212/1313/1414/1515/16 Share Price23.1%55.5%12.1%38.0%0.4% Net Asset Value23.1%45.2%11.8%23.7%4.1% FTSE 250 ex Investment Trusts25.5%33.0%5.3%12.7%8.6%

Financial year performance to 30 June 2016 Source: Datastream. Data as at 30 June 2016 rebased to 100 as of 30 June Performance data has been calculated on NAV to NAV basis, including ongoing charges and any applicable fees, with any income reinvested, in GBP. Please note Benchmark Indices do not include fees or operating expenses and are not available for actual investment. Past performance is not necessarily a reliable indicator for current and future performance. JPMorgan Mid Cap Investment Trust plc – 30 June 2015 to 30 June 2016 Cumulative returns (%)

Four year performance to 30 June 2016 Source: Datastream. Data as at 30 June 2016 rebased to 100 on 30 June Performance data has been calculated on NAV to NAV basis, including ongoing charges and any applicable fees, with any income reinvested, in GBP. Please note Benchmark Indices do not include fees or operating expenses and are not available for actual investment. Past performance is not necessarily a reliable indicator for current and future performance. JPMorgan Mid Cap Investment Trust plc - 30 June 2012 to 30 June % 69% 108% Cumulative returns (%)

Stock level attribution Performance attribution Source: FactSet as of 30 June 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. The companies/securities above are shown 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 hold positions on behalf of its clients in any or all of the aforementioned securities. Past performance is not necessarily a reliable indicator for current and future performance. Major stock contributors to returns – 12 months to 30 June 2016

Stock positions Source: FactSet, as of 30 September 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 2016 StockActive weight (%) JD Sports Fashion 4.7 Ashtead 4.5 Micro Focus International 4.3 BGEO 2.3 Card Factory 2.1 WH Smith 2.0 OneSavings Bank 1.9 Rightmove 1.7 Just Eat 1.6 Intermediate Capital Group 1.6

Portfolio positioning Source: FactSet, as of 30 September 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. The companies/securities above are shown 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 hold positions on behalf of its clients in any or all of the aforementioned securities. Past performance is not necessarily a reliable indicator for current and future performance. JPM Mid Cap Investment Trust plc - as at 30 September 2016 Top / bottom active sector positions

Performance since the financial year end Source: Datastream. Data as at 30 September 2016 rebased to 100 as of 30 June Performance data has been calculated on NAV to NAV basis, including ongoing charges and any applicable fees, with any income reinvested, in GBP. Please note Benchmark Indices do not include fees or operating expenses and are not available for actual investment. Past performance is not necessarily a reliable indicator for current and future performance. JPMorgan Mid Cap Investment Trust plc - 30 June 2016 to 30 September 2016 NAV 12.1% Share Price 15.1% FTSE % Cumulative returns (%)

Seismic political event - EU referendum The opinions and views expressed here are those held by the author as at 18 October 2016, which are subject to change and are not to be taken as or construed as investment advice. Pre-referendum – 12m of preparation speaking to companies, analysts and industry experts Analysis of overseas cost and revenue, overseas debt, FX hedging policies etc. – UK domestic exposure largely maintained – Gearing significantly reduced to 1% Post-referendum – Significant repositioning of the portfolio with a reduction in domestic cyclical exposure McCarthy & Stone, Berkeley Group, Howden Joinery, Lookers – Increased exposure to overseas earners and more defensive companies Ascential, Hill & Smith, Spirax-Sarco, Saga – Gearing maintained around the neutral level

A significant shift in portfolio positioning Source: Bloomberg, Company Accounts, Company Refs. The companies above are shown for illustrative purposes only. Their inclusion should not be interpreted as a recommendation to buy or sell. The use of the above company logos is in no way an endorsement for J.P.Morgan Asset Management investment management services. JPMorgan Mid Cap Investment Trust plc - UK vs overseas revenue exposure UK Rest of World UK Rest of World

Maintained stock specific domestic exposure Masters of their own destiny - focus on structural growth or self-help 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. Past performance is not necessarily a reliable indicator for current and future performance. Just Eat Share price (GBP)EPS (GBP) JD Sports Share price (GBP)EPS (GBP) Leading sports fashion retailer Strong growth driven by web and product innovation Positive cyclical drivers Leading online takeaway food marketplace Strong track record of building scale and growing margin Driving the channel shift from traditional to online delivery

Hill & Smith Balanced with selective overseas exposure Source: Bloomberg, 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. Past performance is not necessarily a reliable indicator for current and future performance. Share price (GBP)EPS (GBP) Micro Focus International Share price (GBP)EPS (GBP) Opportunities to invest in world class companies.. Leading infrastructure software provider Strong management track record of excellent shareholder returns Significantly enhancing debt-funded acquisition Leading provider of road infrastructure and galvanizing services Well placed to grow in large international markets Opportunities for accretive M&A given strong cash generation

UK Consumer UK PMI’s UK Wages & Employment UK economic outlook Consumer and business confidence likely to be fragile Potential multi-year period of uncertainty – Lack of clarity on the outlook – Individual data points will continue to cause significant volatility but provide opportunities Effectiveness of stimulus may prove short-lived Source: Bloomberg. The opinions and views expressed here are those held by the author at the date of publication which are subject to change and are not to be taken as or construed as investment advice. Forecasts, projections and other forward looking statements are based upon current beliefs and expectations. They are for illustrative purposes only and serve as an indication of what may occur. Given the inherent uncertainties and risks associated with forecasts, projections and other forward statements, actual events, results or performance may differ materially from those reflected or contemplated.

GBP vs. USD and EUR UK Inflation Balance sheet risk UK economic outlook Expected decline in corporate investment Inflationary impact on real earnings yet to be felt Weaker sterling will benefit certain companies Source: Bloomberg (as of 19/10/2016) & Liberum. The opinions and views expressed here are those held by the author at the date of publication which are subject to change and are not to be taken as or construed as investment advice. Forecasts, projections and other forward looking statements are based upon current beliefs and expectations. They are for illustrative purposes only and serve as an indication of what may occur. Given the inherent uncertainties and risks associated with forecasts, projections and other forward statements, actual events, results or performance may differ materially from those reflected or contemplated.

Stock outlook Attractive investment opportunities remain The opinions and views expressed here are those held by the author as at 18 October 2016, which are subject to change and are not to be taken as or construed as investment advice. Forecasts, projections and other forward looking statements are based upon current beliefs and expectations. They are for illustrative purposes only and serve as an indication of what may occur. Given the inherent uncertainties and risks associated with forecasts, projections and other forward statements, actual events, results or performance may differ materially from those reflected or contemplated. Valuations are reasonable – particularly relative to other asset classes Companies continue to increase dividends to shareholders – Special dividends still remain a feature Corporate activity continues – M&A and IPO’s – Brokers taking advantage of recent market bounce to launch primary and secondary placings Portfolio repositioned for the new environment – Share price volatility expected to continue and we will look to take advantage

Appendix

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, JPMorgan Mid Cap 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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