Exercise of Warrants

JP Morgan Fleming Asian Inv Tst PLC
04 August 2004

                          STOCK EXCHANGE ANNOUNCEMENT

                  JPMORGAN FLEMING ASIAN INVESTMENT TRUST PLC

                              EXERCISE OF WARRANTS



The Board of JPMorgan Fleming Asian Investment Trust plc (the 'Company')
announces that 1,363 new ordinary shares of £0.25 each were allotted with effect
from 3rd August 2004 as a result of the exercise of 1,363 warrants to subscribe
for ordinary shares at 100p per share.  The total issued share capital has
therefore increased to 162,086,507 ordinary shares.


4th August 2004


For further information:


Jonathan Latter.............................................020 7742 6000
For and on behalf of
J.P. Morgan Fleming Asset Management (UK) Limited



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