JPMorgan Mid Cap Investment Trust plc Annual General Meeting 7 November 2013

1 Agenda Introduction Performance Review Current Portfolio Current Performance Outlook Conclusion

2 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 IT) Yield – Current yield 2.5% Stock actives +/- 5% Sector activesNo constraints Non-index holdingsMax 15% Gearing95-125% Investment guidelines JPMorgan Mid Cap Investment Trust

3 Key contributors to returns for year ended 30 June 2013 Source: J.P. Morgan Asset Management, Xamin, Morningstar. All data on total return basis at 30 June % Contributions to total returns Benchmark32.2 Stock/sector selection Gearing/cash Investment manager contribution 21.2 Portfolio total return53.4 Fees/expenses-0.8 Return on net assets52.6 Return to shareholders61.2

4 Financial year performance to 30 June 2013 JPMorgan Mid Cap Investment Trust 1 July 2012 to 30 June 2013 Source: Datastream. Data as at 4 November 2013, rebased to 100 as at 29 June 2012, in GBP, NAV return is total return. NAV 52.6% Share Price 61.2% FTSE %

5 Results of change in manager and approach Bottom-up approach, with a growth bias High conviction approach: top 10 holdings represent 31% of portfolio Favour strong balance sheets and cash generation Importance of running winners Key focus on earnings momentum Utilisation of gearing

6 Stock level attribution Major stock contributors to returns – 12 months to 30 June 2013 Source: J.P. Morgan Asset Management, Factset. Performance attribution

7 Sector level attribution Major sector contributors to returns – 12 months to 30 June 2013 Source: J.P. Morgan Asset Management, Factset. Performance attribution

8 Stock positions Top 10 stock overweight positions as at 30 September 2013 Active weight in % Ashtead Group3.7 Thomas Cook Group3.2 easyJet2.8 International Personal Finance2.6 Sports Direct International2.6 Micro Focus International2.4 CSR2.2 Taylor Wimpey1.7 Barratt Developments1.7 TalkTalk Telecom1.7 Source: J.P. Morgan Asset Management, Factset. … top 10 represent 31% of the portfolio

9 Sector actives As at 30 September 2013 Source: J.P. Morgan Asset Management, Factset. Sector position

10 Performance since the year end – 30 June June 2013 – 1 November 2013 Source: Datastream. Data as at 4 November 2013, rebased to 100 as at 29 June 2013, in GBP, NAV return is total return. NAV 13.4% Share Price 18.3% FTSE %

11 Economic outlook UK strengths – Rule of law – Good corporate governance – Business friendly culture – Time zone – Floating currency Growth is picking up – UK consumer and business confidence both rising sharply – UK is the fastest growing developed economy Threat of systematic failure in Europe has receded Interest rates will stay lower for longer … a much improving backdrop

12 Stock outlook Balance sheet strength Good dividend outlook Special dividends and capital returns a factor Attractive mix of stocks M&A likely to return to the sector … geared into the UK economy

13 Source: J.P. Morgan Asset Management/Datastream. All series are rebased to 100 as at 31 January 1995 to 30 September All indices in sterling and include reinvested dividends. Indices do not include fees or operating expenses and are not available for actual investment. Past performance is not an indication of future performance. … UK Mid Cap stocks have produced long term equity returns amongst best in the world Long term total returns vs. global indices %

14 Conclusion A great year for JPMorgan Mid Cap New year has started well Dividend prospects good. Balance sheets strong Discount has narrowed, but still at 10% We still see many exciting opportunities … an exciting sector to be invested in

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