Final Results

JPMorgan American IT PLC
17 March 2008




                       LONDON STOCK EXCHANGE ANNOUNCEMENT

                     JPMORGAN AMERICAN INVESTMENT TRUST PLC

                                 FINAL RESULTS



Total Return to shareholders:           +3.5%
Total return on net assets:             +6.0%
Benchmark total return:                 +3.4%
Dividend        (S&P 500 Index)         11.00p (2006:11.00p)


CHAIRMAN'S STATEMENT

Investment Performance

The Company produced a total return on net assets in Sterling terms of 6.0% for
the year to 31st December 2007, outperforming the Sterling total return of the S
&P 500 Index (our benchmark) of 3.4%. The Company's total return to shareholders
was somewhat weaker, at 3.5%, reflecting a widening of the discount from 6.3% to
8.4%.


Our benchmark rose by 5.1% (total return) in Dollar terms over the course of the
year and, on the same basis, the Company's net asset value increased by 7.7%.
The Dollar began 2007 at a rate of 1.96 to the pound and ended at 1.99 having
been as low as 2.09 at one point. This protracted weakness of the Dollar, has
meant that, once again, for UK, Sterling based investors, returns were reduced,
this year by 1.6%. In order to protect against currency fluctuations in respect
of the Company's existing £50 million debenture, a currency hedge was put in
place on 3rd October 2001 at a $/£ rate of 1.46.


The Company's Sterling net asset value in total return terms thus exceeded that
of the benchmark index by 2.6% over the year. Performance attribution data shows
that the larger companies' portfolio outperformed by 3.2%, with the smaller
companies portfolio underperforming by 0.2%. The investment management team has
continued its policy of investing in larger, blue chip growth companies on
attractive valuations.


I am very pleased to report that this is our fifth successive year of
outperformance of our benchmark index. For the five year period to 31st December
2007 the total return on net assets in Sterling terms was 56.4% compared with a
rise of 45.3%, again in Sterling, by the S&P 500 Index over the same period. The
comparable share price return was 52.9%.


Revenue Account and Dividends

Distributable income, despite an increase in revenue received over the year,
fell from 11.28p per share to 10.70p per share, partly due to a transfer from
revenue to capital of tax relief on capitalised expenses, totalling £1.1 million
(equivalent to 2.57p per share). The Company's dividend policy has been to
distribute all, or substantially all, of the available income in each year. In
this instance, the Board is proposing to maintain last year's dividend of 11.00p
per share and, in doing so, will be drawing around £95,000 from revenue
reserves. Shareholders should note that income streams can vary significantly,
and the Company's dividend payouts are likely to reflect those variations. After
accounting for the payment of the proposed final dividend, this leaves a balance
in revenue reserves of £10.0 million (equivalent to 23.40p per share). The
dividend will be paid on 3rd May 2008 to shareholders on the register on 10th
April 2008.


Gearing

The Board of Directors sets the overall gearing strategic policy and guidelines
and reviews these at each meeting. The investment management team manages the
gearing levels actively within these agreed guidelines. At present, there is an
upper limit of 20% of shareholders' funds and this can only be increased with
Board consent. The £50 million debenture provides the potential to gear up to
around 116%. As at the year end, the Company's net gearing level (offsetting
cash and near cash against our debenture) was 97% of shareholders' funds, having
ranged between 97% and 104% during the year.


'I am very pleased to report that

Investment Manager

The Company's objective is to provide shareholders with capital growth from a
broad portfolio of North American investments. The Board has once again
thoroughly reviewed the capabilities of the Investment Manager in order to
assess whether JPMorgan Asset Management remains the most appropriate manager of
the Company's assets. In addition to scheduled Board Meetings, the Directors
have undertaken additional strategy and investment meetings with the named
investment managers, conducted comparisons with the peer group both in the UK
and the US with regard to performance, fee rates and the costs of management and
spent time reviewing the investment management operation whilst in New York for
a Board Meeting. The Board has concluded that the ongoing appointment of the
existing Investment Manager is in the best interests of shareholders.


Management of the Discount

The Company's discount widened by 2.1 percentage points over the course of the
year, finishing at 8.4%. During the year the discount traded between 6.3% and
10.7%. The Company repurchased a total of 553,500 ordinary shares (1.3% of the
shares in issue) at an average discount of 9.5%. The total cost of this
repurchase was £3.8 million and this activity enhanced the net asset value by
0.9p per share. The level of repurchases has remained relatively low as demand
for the Company's shares in the secondary market has remained stable. A
resolution to renew the authority to allow the Company to repurchase up to
14.99% of the share capital will be submitted to the Annual General Meeting.


The Board

The Board has put in place procedures to ensure that the Company complies fully
with the revised Combined Code and the AIC Code on Corporate Governance.


In accordance with the Company's Articles of Association, Sarah Bates and George
Greener will retire at this year's Annual General Meeting. Sarah Bates, who was
appointed in July 2005, has proved to be a knowledgeable and well informed
contributor and will seek re-election from shareholders. Due to the pressure of
his other commitments, George Greener has indicated, sadly, his intention to
stand down as a Director of the Company and he will therefore not be seeking
re-election. The Board would like to record its gratitude to George for the
insight and guidance he has provided over his eight year tenure as a Director.


VAT on Management Fees

In 2004, JPMorgan Claverhouse Investment Trust and the AIC made a joint
application for the payment of investment trust management fees to be exempt
from VAT. In November 2007 the case was found in their favour and, therefore,
VAT is no longer being charged on management fees and the Company may be able to
seek reimbursement of some of the VAT paid in the past. In the Company's case,
this will not represent a material amount as the Company, in the past, has
recovered the vast majority of the VAT it has been charged on its management
fee. In the absence of a definitive agreement with the Manager or specific
guidance from HM Revenue and Customs as to how any reclaims will be effected, it
is not yet possible to quantify the amount or timing of any recovery.


Companies Act 2006 and new Articles of Association

It is proposed that the Company adopts new Articles of Association in order to
comply with the provisions of the Companies Act 2006 that have been brought into
effect already and those that will be effective from 1st October 2008. The new
Act is being introduced in stages and is expected to be fully enacted by 1st
October 2009.  One of the principal changes will allow the Company to use
electronic communications to send half year and annual reports to shareholders,
although shareholders will have the right to opt to continue to receive hard
copies if they wish and will continue to receive hard copy forms of proxy. The
Board is also considering whether to take advantage of new regulations which
allow companies not to post the half year report to shareholders, but instead
direct shareholders to the Company's website. Both of these measures would
reduce the Company's administrative expenses, but the Board would welcome
shareholder feedback on these possible changes.


Annual General Meeting

The Directors and I very much look forward to welcoming shareholders to the
Annual General Meeting, which will be held at Trinity House, Tower Hill, London
EC3N 4DH on Thursday 8th May 2008 at 2.30 p.m. Garrett Fish, our lead investment
manager, will make a presentation to shareholders, reviewing the year and
commenting on the outlook for the current year.


Outlook

The slowdown in the US economy foreseen in last year's report has proven more
far reaching than anticipated.  Financial markets in the US and elsewhere are
volatile and investors face a great deal of uncertainty.  We remain confident in
the Manager's ability to judge the situation accordingly.



Hamish Buchan
Chairman
17 March 2008



INVESTMENT MANAGER'S REPORT

Market Review

The US equity markets began the first half of 2007 on a solid footing as
investors remained optimistic that the broad economy could maintain sustainable
levels of growth despite the seventeen consecutive interest rate increases
undertaken by the Federal Reserve ('the Fed') over recent years. However,
heavier than expected reported losses from major financial institutions
(resulting from the severe weakness of the US housing market, exposure to
sub-prime mortgages and related derivative instruments), and higher energy and
commodity prices, all contributed to fears of a looming recession. These fears
brought levels of market volatility not seen since the bear market of the early
2000s.


Markets became increasingly volatile in early June, as optimism for US growth
prospects pushed bond yields sharply higher and the 10 Year Treasury yield
approached 5.25%. However, in early July, sub-prime contagion began its
domination of the headlines following Bear Stearns' announcement of heavy losses
on structured credit hedge funds. This was one of the initial indicators of the
problems ahead, and led to fears over credit quality in the mortgage, leveraged
and sub-investment grade loan markets, which persisted for the remainder of the
year.


Stocks fell as liquidity conditions, both in the secondary credit and inter-bank
lending markets, began to deteriorate. In order to stem further disruptions,
central banks from around the globe began to inject liquidity into the credit
markets. Expectations were now raised that the Fed would take decisive action to
avert a full blown credit crisis. The Fed delivered and lowered the Fed funds
rate by a larger than expected 0.50%, allowing equity markets to rally early in
the fourth quarter.


However, overall, the fourth quarter was the weakest of what was a precarious
year for US equities. Market participants were clearly disappointed when the Fed
cut both the Fed Funds and Discount Rate by only 0.25% at its mid-December
meeting. Expectations had been quite high that the Fed would take even stronger
measures in their efforts to rekindle inter-bank lending activity. It was at
this point that policy makers recognized the need to take action, but December's
announcement of a US government plan to slow the pace of rising property
foreclosures had little impact on investor sentiment.


Large cap stocks outperformed small caps in 2007. The S&P 500 Index returned
5.1%, in dollar total return terms, while the Russell 2000 fell 1.6%. Another
interesting point of note for 2007 was the dispersion of performance between
value and growth investing. Growth indices across the capitalisation ranges
outperformed value indices, which, being more heavily weighted to financials,
contributed to value stocks posting declines for the year. The largest
differential in total returns occurred within small caps. Small cap growth
stocks, measured by the Russell 2000 Growth Index, returned 7.1% in dollar terms
whilst small cap value stocks, measured by the Russell 2000 Value Index, fell
9.8%, a differential of 16.9 percentage points.


Overall Asset Allocation

The investment management team is led by Garrett Fish and is responsible for
managing the allocation between the two investment portfolios together with the
levels of cash and gearing within the limits set by the Board. In recent years
the team has worked closely with the Board of Directors to develop modeling
tools to assist in both allocation and gearing decisions. In 2007 the gearing
level ranged between 97% and 104% of shareholders' funds, with the level at the
year end being 97%. At regular intervals, this is adjusted within the gearing
guidelines reflecting our outlook on both risk and return for equities and
bonds. We reduced gearing significantly during the early part of the year and
for the first time in many years had a small net cash position for much of the
second half of the year.


The weighting in the smaller companies portfolio ranged between 5.7% and 8.7% of
the Company's total assets less current liabilities and at the end of the year
was 5.7%. This overall investment approach enhanced the potential returns to
shareholders and our attribution data shows that in 2007 it was the larger
companies portfolio that gave the greatest contribution towards the
outperformance of the benchmark index. The large cap outperformance was driven
more by stock selection than by sector allocation.


Detailed reports on the larger and smaller companies' portfolios are shown
below.



Large Companies Portfolio

Our investment methodology continues to focus on investing in high quality,
reasonably valued companies. This style leads us to invest in companies that
exhibit good growth characteristics with growing earnings, strong cash flows and
reasonable valuations.


The large companies portfolio provided positive returns during the year and
outperformed the S&P 500 Index. We are pleased with our results in a year when
many active managers found it difficult to beat the benchmark. We remain
confident that our portfolio of robust large companies offers an attractive
investment proposition given current attractive valuations. We also believe we
can continue to exploit other opportunities in the large cap sector.


Our overweights in information technology (+2.0%) and healthcare (+4.0%) and our
underweight in financials (-2.0%) have significantly contributed throughout the
year, backed by outstanding performance by companies such as MasterCard,
McDonald's and Medco Health Solutions.


Sector weightings of Large Cap Portfolio versus S&
P 500 as at 31st December 2007

                                Large Company                   Overweight/
Sector                          Portfolio %        S&P 500 %    Underweight %
Financials                      18.6               20.6         -2.0
Information Technology          17.7               15.7         +2.0
Health Care                     16.0               12.0         +4.0
Consumer Discretionary          10.6               10.0         +0.6
Industrials                     10.5               11.2         -0.7
Energy                          10.4               10.8         -0.4
Consumer Staples                10.0               9.5          +0.5
Telecomm Services               4.0                3.6          +0.4
Utilities                       2.2                3.5          -1.3
Materials                       0.0                3.1          -3.1

Source: Wilshire


Our overweight position in MasterCard was our major success in 2007 as the
company reported quarterly earnings that significantly surpassed Wall Street
estimates, with the stock price more than doubling during the year. Its strong
performance reflected higher gross Dollar and transaction volumes as consumers
continue to shift towards using credit and debit cards to purchase goods. Shares
of McDonald's and Yum Brands (owner of the KFC and Pizza Hut restaurant brands)
also contributed to performance as both companies shifted their focus to
revamped menu offerings and the return of capital through share repurchases and
dividends. Previously, both companies had focused on expanding their store
numbers as their first priority, over investment returns on their existing
stores. Medco Health Solutions is a pharmacy benefits manager that is profiting
from the increased focus by corporations on health care costs and the move to
more generic drugs, as several blockbuster drugs come off-patent. Medco benefits
from the move to generics as they are more profitable to their business than
branded drugs.


Conversely, our underweight positions in energy and materials, as well as a nil
exposure to Apple Computer and an overweight in E-Trade Financial detracted from
our performance. Apple Computer detracted from relative performance as the
company benefited from the hype around the release of the iPhone which combined
with an increased battery life drove its share prices up 117% over the year.
E-Trade Financial detracted from our performance as they moved away from their
core business of online financial services in banking and trading and moved
into, in a very untimely fashion, the mortgage arena and in order to grow this
business, used lenient credit standards which seriously impaired their financial
health.


The table below shows the largest positive and negative stock contributors in
our portfolio performance.


Positive Contributors
                                      Price             Weighted
Stock                        Action   Performance %     Contribution %
MasterCard                   D        103.1             1.63
McDonalds                    I        49.6              1.52
Medco Health Solutions       I        82.6              0.48
Merck                        B/I      30.2              0.33
Yum Brands                   B/I      45.5              0.29

Negative Contributors
                                      Price             Weighted
Stock                        Action   Performance %     Contribution %
Apple Computer1                       117.2%            -0.68
E-Trade Financial            I/S      -65.6%            -0.47
Wyeth                        D/I      -18.5%            -0.33
Citigroup                    D        -26.1%            -0.30
Motorola                     D        -37.4%            -0.28

I - Increased; D- Decreased; S- Sold; B- Buy
Source: Wilshire
Price Performance % is based
on total return in US$
1 Not held in the portfolio
at year end.



Smaller Companies Portfolio

The smaller companies portfolio, which is managed by Eytan Shapiro and Tim
Parton, has been hit by the general decline in equity markets since late 2007
and this is likely to continue for some time. Our current asset allocation model
has positioned us at the lower end of the range of exposure to small companies,
based on relative valuation and several other variables. Investors are currently
seeking some solace in the perceived greater stability of earnings and the more
diversified overseas exposure of larger companies. It is too early to call the
end of the bear market in smaller companies, as forecast profits growth will
probably still have to be adjusted downwards. However, valuations, in our
opinion, are not overly stretched and balance sheets are in better shape in most
sectors than usual at this point in the economic cycle. Historically, small cap
growth has led the equity market out of bear markets, often with significant and
explosive gains.


Outlook

It seems likely that the fallout from last summer's turn in the credit cycle has
further to go. As analysts continue to slash S&P 500 Index earnings estimates
out to the second quarter of 2008, expectations for growth in US corporate
profits are quite gloomy. Whilst the bulk of the earnings weakness is expected
in the financial sector, its large weighting in major US equity indices and the
negative implications of diminishing capital for commercial lending activities
means that the prospects for the sector are likely to impact the market as a
whole.


Spillovers into the broad US economy are still in their early stages. Tighter
access to financing and slower profit growth should result in more corporate
restraint in the coming months. In the short term this means we could see higher
unemployment, lower levels of business investment and slower consumer spending,
particularly against the backdrop of ongoing weakness in the US housing market.


However, every cloud has a silver lining. Whilst corporate cost cutting may
impact economic growth in the near term, we see it as a vital tool in reducing
inflationary pressures and maintaining corporate profitability. As was the case
in prior profit cycles, current earnings challenges are likely to be succeeded
by an eventual rebound in profit growth, which ultimately could bode well for
stock prices. The ongoing uncertainty that exists in the credit markets and the
associated investor risk aversion has created buying opportunities. We have
therefore introduced a modest level of gearing into the portfolio. We are
adhering to the maxim of buy on fear and sell on greed, whilst being mindful not
to go in too strongly too quickly. Furthermore, the asset allocation model that
we have used over the last several years has now turned positive towards
equities versus bonds.


We have already made purchases to rebalance our position in financials, even
though there are not, as yet, any clear signals regarding the credit markets,
and we will look to increase our exposure to consumer areas when conditions seem
appropriate. We are currently overweight in aerospace/defense, software and
healthcare areas.



Garrett Fish
Investment Manager
17 March 2008




For further information, please contact:
Andrew Norman
For and on behalf of
JPMorgan Asset Management (UK) Limited - Secretary
020 7742 6000



JPMorgan American Investment Trust plc
Unaudited figures for the year ended 31st December 2007

Income Statement



                                        (Unaudited)                              (Audited)
                               Year ended 31st December 2007           Year ended 31st December 2006
                                   Revenue      Capital         Total    Revenue     Capital      Total
                                     £'000        £'000         £'000      £'000       £'000      £'000


Gains from investments held at
fair value through profit or
loss                                     -       16,742        16,742          -       5,703      5,703
Net foreign currency (losses)/
gains                                    -       (275)*         (275)          -      1,431*      1,431
Income from investments              7,098            -         7,098      6,235           -      6,235
Other interest receivable and
similar income                         968            -           968      1,065           -      1,065
                                   _______     ________       _______    _______    ________    _______

Gross return                         8,066       16,467        24,533      7,300       7,134     14,434

Management fee                       (345)      (1,378)       (1,723)      (366)     (1,465)    (1,831)
Other administrative expenses        (450)            -         (450)      (516)           -      (516)
                                   _______      _______       _______    _______     _______    _______

Net return on ordinary
activities before finance
costs and taxation                   7,271       15,089        22,360      6,418       5,669     12,087

Finance costs                        (692)      (2,768)       (3,460)      (713)     (2,851)    (3,564)
                                   _______      _______       _______    _______     _______    _______

Net return on ordinary
activities before taxation           6,579       12,321        18,900      5,705       2,818      8,523

Taxation                           (1,974)        1,101         (873)      (821)           -      (821)
                                    ______      _______       _______     ______     _______    _______

Net return on ordinary
activities after taxation            4,605       13,422        18,027      4,884       2,818      7,702
                                     =====        =====         =====      =====       =====      =====

Return per share (note 2)           10.70p       31.18p        41.88p     11.28p       6.50p     17.78p
                                     =====        =====         =====      =====       =====      =====




*Includes £311,000 loss (2006: £3,831,000 gain) on forward FX contract.


Dividends proposed in respect of the year ended 31st December 2007 total 11.0p
per share (2006: 11.0p per share) costing £4,700,000 (2006: £4,761,000).


All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued in the year.


The 'Total' column of this statement is the profit and loss account of the
Company and the 'Revenue' and 'Capital' columns represent supplementary
information. The 'Total' column represents all the information that is required
to be disclosed in a Statement of Total Recognised Gains and Losses ('STRGL').
For this reason a STRGL has not been presented.


JPMorgan American Investment Trust plc
Unaudited figures for the year ended 31st December 2007

Reconciliation of Movements in Shareholders' Funds


                                        Called up                   Capital
                                            Share        Share   redemption     Capital     Revenue
                                          capital      premium      reserve     reserve     reserve      Total
                                            £'000        £'000        £'000       £'000       £'000      £'000

At 31st December 2005                      10,870       18,906        7,963     256,320      14,966    309,025
Repurchase and cancellation of shares        (50)            -           50     (1,295)           -    (1,295)
Total return from ordinary activities           -            -            -       2,818       4,884      7,702
Transfer of accumulated tax relief on
expenses charged to capital                     -            -            -       1,538     (1,538)          -
Dividends appropriated in the year              -            -            -           -     (3,445)    (3,445)
                                          _______     ________     ________     _______     _______   ________
At 31st December 2006                      10,820       18,906        8,013     259,381      14,867    311,987
Repurchase and cancellation of shares       (138)            -          138     (3,783)           -    (3,783)
Total return from ordinary activities           -            -            -      13,422       4,605     18,027
Dividends appropriated in the year              -            -            -           -     (4,761)    (4,761)
                                          _______     ________     ________     _______     _______   ________
At 31st December 2007                      10,682       18,906        8,151     269,020      14,711    321,470
                                            =====        =====        =====       =====       =====      =====





JPMorgan American Investment Trust plc
Unaudited figures for the year ended 31st December 2007


Balance sheet


                                                                        (Unaudited)            (Audited)
                                                                 31st December 2007   31st December 2006
                                                                              £'000                £'000
Fixed assets
Investments at fair value through profit or loss                            334,223              347,979

Current assets
Derivative instrument                                                        11,863               12,174
Debtors                                                                       2,393                  610
Cash and short term deposits                                                 23,748                1,347
                                                                            _______              _______
                                                                             38,004               14,131
Current liabilities
Creditors: amounts falling due within one year                              (1,062)                (457)
                                                                            _______              _______
Net current assets                                                           36,942               13,674
                                                                            _______              _______
Total assets less current liabilities                                       371,165              361,653
Creditors: amounts falling due after more than one year                    (49,695)             (49,666)
                                                                            _______              _______
Total net assets                                                            321,470              311,987
                                                                              =====                =====
Capital and reserves
Called up share capital                                                      10,682               10,820
Share premium                                                                18,906               18,906
Capital redemption reserve                                                    8,151                8,013
Capital reserve                                                             269,020              259,381
Revenue reserve                                                              14,711               14,867
                                                                            _______              _______
Shareholders' funds                                                         321,470              311,987
                                                                              =====                =====

Net asset value per share (note 3)                                           752.4p               720.9p
                                                                              =====                =====





JPMorgan American Investment Trust plc
Unaudited figures for the year ended 31st December 2007



Cash Flow Statement


                                                                        (Unaudited)           (Audited )
                                                                 31st December 2007   31st December 2006
                                                                              £'000                £'000

Net cash  inflow from operating activities                                    5,008                4,074

Returns on investment and servicing of finance
Interest paid                                                               (3,452)              (3,533)

Capital expenditure and financial investment
Purchase of investments                                                    (84,586)            (149,756)
Sales of investments                                                        113,299              143,868
Other capital charges                                                          (26)                  (8)
                                                                            _______              _______
Net cash  inflow/(outflow) from capital expenditure and
financial investment                                                         28,687              (5,896)
Dividends paid                                                              (4,761)              (3,445)
                                                                            _______              _______
Net cash inflow / (outflow) before financing                                 25,482              (8,800)

Financing
Repurchase and cancellation of the Company's shares                         (3,117)              (1,295)
                                                                            _______              _______
Net cash outflow from financing                                             (3,117)              (1,295)
                                                                            _______              _______
Increase/(decrease) in cash for the year                                     22,365             (10,095)
                                                                              =====                =====




Notes to the Accounts

1. Accounting policies

This preliminary announcement is prepared on the basis of the accounting
policies as stated in the previous year's financial statement.


Whilst the financial information included in this preliminary announcement has
been computed in accordance with United Kingdom Generally Accepted Accounting
Practice (UK GAAP), this announcement does not itself contain sufficient
information to comply with UK GAAP. The Company expect to publish full financial
statements that comply with UK GAAP.


2. Return per share


                                       (Unaudited)                          (Audited)
                                        Year ended                         Year ended
                                31st December 2007                 31st December 2006
                                             £'000                              £'000
Return per share
is based on the
following:
Revenue return                               4,605                              4,884
Capital return                              13,422                              2,818
                                           _______                             ______
Total return                                18,027                              7,702
                                            ======                              =====

Weighted                                43,043,333                         43,306,372
average number
of shares in
issue
Revenue return                              10.70p                             11.28p
per share
Capital return                              31.18p                              6.50p
per share
                                           _______                             ______
Total return per share                      41.88p                             17.78p
                                            ======                              =====




3. Net asset value per share

                                        Net asset value            Net assets
                                        per share                  attributable
                                        2007          2006          2007          2006
                                       pence         pence         £'000         £'000

Ordinary shares                        752.4         720.9       321,470       311,987





Net asset value per share is based on the net assets attributable to the
ordinary shareholders of £321,470,000 (2006: £311,987,000) and on the 42,725,949
(2006: 43,279,449) shares in issue at the year end.


4. Status of preliminary announcement

The financial information set out in this preliminary announcement does not
constitute the Company's statutory accounts for the years ended 31st December
2006 or 2007. The financial information for the year ended 31st December 2006 is
derived from the statutory accounts for that year which have been delivered to
the Registrar of Companies. The auditors reported on those accounts; their
report was unqualified and did not contain a statement under s237 (2) or (3)
Companies Act 1985.

The statutory accounts for the year ended 31st December 2007 have not been
delivered to the Registrar of Companies, nor have the auditors yet reported on
them. The statutory accounts for the year ended 31st December 2007 will be
finalised on the basis of the information presented by the directors in this
preliminary announcement and will be delivered to the Registrar of Companies
following the approval of the accounts by the Board of Directors.


JPMORGAN ASSET MANAGEMENT (UK) LIMITED




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