Final Results

JP Morgan Fleming Asian Inv Tst PLC
14 November 2003

                          STOCK EXCHANGE ANNOUNCEMENT


                  JPMORGAN FLEMING ASIAN INVESTMENT TRUST PLC


                            PRELIMINARY ANNOUNCEMENT







14th November 2003



The Company today announces its unaudited results for the year to 30th September
2003.



The Company's total return on net assets in sterling terms was +26.9% over the
year to 30th September 2003.  This compared to a total return of +27.2% from the
Company's benchmark, the Morgan Stanley Composite Asia Free Index ex-Japan in
sterling terms, over the same period.



Earnings per share for the year amounted to 1.10p and the Directors are
recommending a dividend payment of 1.05p per share for the year.









For further information:



Philip Jones......................................................020 7742 6000

For and on behalf of

J.P. Morgan Fleming Asset Management (UK) Limited





JPMorgan Fleming Asian Investment Trust plc
Figures for the year ended 30th September 2003



Statement of Total Return

                                          Year ended 30th September 2003       Year ended 30th September 2002
                                             Revenue Capital           Total    Revenue     Capital       Total
                                               £'000        £'000      £'000      £'000       £'000       £'000


Realised (losses)/gains on investments             -      (2,102)    (2,102)          -      19,925      19,925
Net change in unrealised depreciation              -       33,751     33,751          -    (18,277)    (18,277)
Currency losses on cash and short-term
deposits held during the year                      -        (170)      (170)          -       (999)       (999)
Unrealised loss on short-term currency
contracts                                          -          (5)        (5)          -           -           -
Realised gain on currency hedge                    -            -          -          -         149         149
Other capital charges                              -         (25)       (25)          -        (39)        (39)
Income from investments                        3,944            -      3,944      3,263           -       3,263
Other income                                      91            -         91        208           -         208
                                             _______     ________    _______    _______    ________     _______

Gross return                                   4,035       31,449     35,484      3,471         759       4,230
Management fee                                 (875)            -      (875)    (1,115)           -     (1,115)
Other administrative expenses                  (435)            -      (435)      (431)           -       (431)
Interest payable                               (364)            -      (364)      (718)           -       (718)
                                             _______      _______    _______    _______     _______     _______

Return before taxation                         2,361       31,449     33,810      1,207         759       1,966
Taxation                                       (579)            -      (579)      (376)           -       (376)

                                             _______      _______    _______     ______     _______     _______

Total return attributable to ordinary          1,782       31,449     33,231        831         759       1,590
shareholders



Dividends payable on ordinary shares         (1,702)            -    (1,702)      (810)           -       (810)

                                              ______      _______    _______     ______     _______     _______

Transfer to reserves                              80       31,449     31,529         21         759         780
Return per ordinary share                      1.10p       19.40p     20.50p      0.51p       0.47p       0.98p


Dividend per ordinary share                    1.05p                              0.50p




JPMorgan Fleming Asian Investment Trust plc
Figures for the year ended 30th September 2003


BALANCE SHEET                                                          30th September     30th September
                                                                                 2003                2002
Fixed assets                                                                    £'000               £'000

Investments at valuation                                                      169,691              121,233
                                                                 
Net current assets/(liabilities)                                                2,583                (615)
                                                                  
Long term loans                                                              (20,000)                   -
                                                                
Deferred tax liability                                                          (127)                   -

                                                                              _______              _______
                                                                                                 
Total net assets                                                              152,147              120,618
                                                                             
                                                                              =======              ========
                                                                
Net asset value per ordinary share                                              93.9p                74.4p
                                                                



CASH FLOW STATEMENT
                                                                                 2003                2002
                                                                                £'000               £'000

Net cash inflow from operating activities                                       1,577               1,516

Net cash outflow from returns on investments and servicing of                   (382)               (671)
finance

Total taxation recovered                                                            3                 228

Net cash outflow from capital expenditure and financial
investment
                                                                             (17,825)            (10,850)

Equity dividends paid                                                           (810)                   -


Net cash inflow from financing                                                      -              18,761

                                                                              _______             _______

(Decrease)/Increase in cash for the year                                     (17,437)               8,984

                                                                                =====                ====







The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. The comparative financial
information is based on the statutory accounts for the year ended 30th September
2002. These accounts, upon which the auditors issued an unqualified opinion,
have been delivered to the Registrar of Companies.





J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED





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