Investment Management Team

THE MERCANTILE INVESTMENT TRUST PLC

(the 'Company')

LONDON STOCK EXCHANGE ANNOUNCEMENT

INVESTMENT MANAGEMENT TEAM

Legal Entity Identifier: 549300BGX3CJIHLP2H42

The Board has been advised that Martin Hudson will be leaving JPMorgan Asset Management in the fourth quarter of this year and is today stepping down from his portfolio management responsibilities. The Company's portfolio will continue to be managed by Guy Anderson and Anthony Lynch.

Chairman Angus Gordon Lennox said: "Martin has worked as part of the Company's investment management team for over 25 years and we are hugely grateful for everything that he has contributed; not only is he a highly skilled investor, but he has also been an exceptional ambassador for The Mercantile. We wish him well in the future."

JPMorgan Funds Limited

Company Secretary

5th August 2019

For further information, please contact:

Jonathan Latter

JPMorgan Funds Limited 020 7742 4000