Holding(s) in Company

TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARESi

1. Identity of the issuer or the underlying issuerof existing shares to which voting rights areattached: ii

The Mercantile Investment Trust plc

2 Reason for the notification (please tick the appropriate box or boxes):

An acquisition or disposal of voting rights

An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which voting rights are attached

An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments

An event changing the breakdown of voting rights

YES

Other (please specify):

3. Full name of person(s) subject to thenotification obligation: iii

Chase Nominees Limited

4. Full name of shareholder(s) (if different from 3.):iv

Chase Nominees Limited

5. Date of the transaction and date onwhich the threshold is crossed orreached: v

23rd May 2019

6. Date on which issuer notified:

23rd May 2019

7. Threshold(s) that is/are crossed orreached: vi, vii

Below 3%

8. Notified details:

A: Voting rights attached to shares viii, ix

Class/type ofshares

if possible usingthe ISIN CODE

Situation previousto the triggeringtransaction

Resulting situation after the triggering transaction

NumberofShares

NumberofVotingRights

Numberof shares

Number of votingrights

% of voting rights x

Direct

Direct xi

Indirect xii

Direct

Indirect

Ordinary shares

GB00BF4JDH58

47,231,825

39,806,898

47,231,825

0

0%

B: Qualifying Financial Instruments

Resulting situation after the triggering transaction

Type of financialinstrument

Expirationdate xiii

Exercise/Conversion Period xiv

Number of votingrights that may beacquired if theinstrument isexercised/ converted.

% of votingrights

C: Financial Instruments with similar economic effect to Qualifying Financial Instruments xv, xvi

Resulting situation after the triggering transaction

Type of financialinstrument

Exercise price

Expiration date xvii

Exercise/Conversion period xviii

Number of voting rights instrument refers to

% of voting rights xix, xx

Nominal

Delta

Total (A+B+C)

Number of voting rights

Percentage of voting rights

0

0%

9. Chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held, if applicable: xxi

Chase Nominees Limited announces that J.P. Morgan Trustee & Administration Services Limited no longer has a notifiable interest in 39,806,898 Ordinary shares. These shares are held on behalf of participants in the JPMorgan investment trust savings products. J.P. Morgan Trustee & Administration Services Limited has a notifiable interest in these shares in certain circumstances and subject to certain limitations agreed with the Takeover Panel to ensure compliance with the Takeover Code. JPMorgan is entitled to exercise the voting rights attached to the Ordinary shares if the relevant plan participants do not do so.

JPMorgan was entitled to exercise the voting rights attached to these Ordinary shares in relation to the Company's Annual General Meeting held on 23rd May 2019. This entitlement has now ceased following the conclusion of the Company's 2019 Annual General Meeting.

Proxy Voting:

10. Name of the proxy holder:

N/A

11. Number of voting rights proxy holder will ceaseto hold:

N/A

12. Date on which proxy holder will cease to holdvoting rights:

N/A

13. Additional information:

N/A

14. Contact name:

Jonathan Latter

15. Contact telephone number:

020 7742 4000